RBS 2007 Annual Report Download - page 217

The per share data in the table below have been restated for the effect of the bonus issue of ordinary shares in May 2007.
Other financial data based upon IFRS 2007 2006 2005 2004
Earnings per ordinary share – pence 76.4 64.9 56.5 52.5
Diluted earnings per ordinary share – pence (1) 75.7 64.4 56.1 52.0
Adjusted earnings per ordinary share – pence 78.7 66.7 58.6 56.7
Dividends per ordinary share – pence 32.2 25.8 20.2 17.5
Dividend payout ratio (2) 43% 45% 41% 35%
Share price per ordinary share at year end – £ 4.44 6.64 5.85 5.84
Market capitalisation at year end – £bn 44.4 62.8 56.1 55.6
Net asset value per ordinary share – £ 4.47 3.86 3.38 3.09
Return on average total assets (3) 0.63% 0.74% 0.73% 0.94%
Return on average ordinary shareholders’ equity (4) 18.8% 18.5% 17.5% 18.3%
Adjusted return on average ordinary shareholders’ equity (5) 19.9% 19.0% 18.2% 18.9%
Average owners’ equity as a percentage of average total assets 3.7% 4.4% 4.5% 5.9%
Risk asset ratio – Tier 1 7.3% 7.5% 7.6% 7.0%
Risk asset ratio – Total 11.2% 11.7% 11.7% 11.7%
Ratio of earnings to combined fixed charges and preference share dividends (6)
– including interest on deposits 1.44 1.62 1.67 1.88
– excluding interest on deposits 5.74 6.12 6.05 7.43
Ratio of earnings to fixed charges only (6)
– including interest on deposits 1.46 1.64 1.69 1.94
– excluding interest on deposits 6.53 6.87 6.50 9.70
Notes:
(1) All the convertible preference shares have a dilutive effect in 2007, 2006 and 2005 and as such have been included in the computation of diluted earnings per share. In 2004
their effect was anti-dilutive.
(2) Dividend payout ratio represents the interim dividend paid and current year final dividend proposed as a percentage of profit attributable to ordinary shareholders before
discontinued operations, integration costs, amortisation of purchased intangibles and net gain on sale of strategic investments and subsidiaries (net of tax).
(3) Return on average total assets represents profit attributable to ordinary shareholders as a percentage of average total assets.
(4) Return on average ordinary shareholders’ equity represents profit attributable to ordinary shareholders expressed as a percentage of average ordinary shareholders’ equity.
(5) Adjusted return on average ordinary shareholders’ equity represents profit attributable to ordinary shareholders before discontinued operations, integration costs, amortisation of
purchased intangibles and net gain on sale of strategic investments and subsidiaries expressed as a percentage of average ordinary shareholders’ equity.
(6) For this purpose, earnings consist of income before tax and minority interests, plus fixed charges less the unremitted income of associated undertakings (share of profits less
dividends received). Fixed charges consist of total interest expense, including or excluding interest on deposits and debt securities in issue, as appropriate, and the proportion
of rental expense deemed representative of the interest factor (one third of total rental expenses).
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RBS Group • Annual Report and Accounts 2007
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