Financial Report 2011 Financial Report 2011 Financial Report 2011 - 1 2 Financial Report 2011 - 1 Consolidated Financial Statements Management’s discussion and analysis year ended December 31‚ 2011 Consolidated Financial Statements year ended December 31‚ 2011 Notes Statutory Auditors’ report on the Consolidated Financial Statements 4 19 25 108 Financial Report 2011 - 3 1 Consolidated Financial Statements Management’s discussion and analysis year ended December 31
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Like-for-like UK sales +0.3%: Food +2.1%; General Merchandise -1.8% International sales +5.8% Multi-channel sales +18% Underlying profit before tax1 £705.9m (last year £714.3m) Underlying basic earnings per share1 34.9p (last year 34.8p) Full year dividend 17.0p per share (last year 17.0p) Net debt £1.86bn (last year £1.90bn) Statutory results: • • Profit before tax £658.0m (last year £780.6m) Basic earnings per share 32.5p (last year 38.8p) Marc Bolland‚ Chief Executive‚ said: “Marks & Spencer
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Deriving the Dividend Discount Model in the Intermediate Microeconomics Class Stephen Norman Jonathan Schlaudraff Karianne White Douglas Wills* May 2012 Abstract This paper shows that the dividend discount model can be derived using the basic intertemporal consumption model that is introduced in a typical intermediate microeconomic course. This result will be of use to instructors who teach microeconomics to finance students in that it demonstrates the value of utility maximization in obtaining
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ORDINARY BUSINESS 1. To receive‚ consider and adopt the Statement of Profit & Loss for the year ended 31 March 2012 and the Balance Sheet as at that date and the Reports of the Directors and the Auditors thereon. To confirm the Interim Dividend and declare Final Dividend on Equity Shares. To appoint a Director in place of Mr. N Sitaram‚ who retires by rotation and being eligible‚ offers himself for re-appointment. To appoint a Director in place of Prof. Anurag Kumar‚ who retires by rotation and being
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DIVIDEND POLICY DETERMINANTS: AN INVESTIGATION OF THE INFLUENCES OF STAKEHOLDER THEORY by Mark E. Holder‚ Frederick W. Langrehr‚ J. Lawrence Hexter There is considerable debate on how dividend policy affects firm value. Some researchers believe that dividends increase shareholder wealth (Gordon‚ 1959)‚ others believe that dividends are irrelevant (Miller and Scholes‚ 1978)‚ and still others believe that dividends decrease shareholder wealth (Litzenberger and Ramaswamy‚ 1979). Financial management
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we know how to value options on a stock paying a dividend yield‚ we know how to value options on stock indices and currencies." Explain this statement. A stock index is similar to a stock paying a dividend yield‚ only if the dividend yield is the dividend yield of the index. Currencies are similar to a stock paying a dividend yield‚ the dividend yield being the foreign risk-free interest rate. 15.3) A stock index is currently 300‚ the dividend yield on the index is 3% per annum‚ and the risk-free
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TO: Board of Directors‚ Linear Technologies FROM: Mr. Paul Coghlan CFO‚ Linear Technologies RE: Dividend Policy Summary: Based on the financials to date and the forward looking capital investments required Linear should increase their dividend payout by $0.01 per share. Entering the fourth quarter of 2003 the market seems to show continued signs of improvement. The company has shown steady growth and revenues are forecasted to exceed 2002’s by 19%. The forecast shows net income coming in
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STATEMENT OF THE PROBLEM Although this case presents several different issues to consider‚ the underlying problem is the correct implementation of Eastboro’s dividend policy. Eastboro was founded as a manufacturer of machine parts‚ and has traditionally paid a fairly substantial dividend. However‚ in recent years‚ the core focus of the company has shifted toward technology in the fields of computer-aided design and manufacturing‚ highlighted by its latest development‚ Artificial Workforce. This
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Dividend Policy Vinod Kothari Corporations earn profits – they do not distribute all of it. Part of profit is ploughed back or held back as retained earnings. Part of the profit gets distributed to the shareholders. The part that is distributed is the dividend. The ratio of the actual distribution or dividend‚ and the total distributable profits‚ is called dividend payout ratio. How much of its profits should a corporation distribute? There are several considerations that apply in answering this
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‘The sums available for payment of a dividend depends on a company being able to satisfy both a profit and loss (realised profits) test and a balance sheet test’- Explain the profit and loss test and the balance sheet test and consider the accuracy of the above statement in relation to both public and private companies. Paying a dividend is the usual way for a company to distribute a share of its profits among the shareholders. A dividend is an amount payable to a shareholder
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