ber of different figures. But using the table either beneath the Cash Flow Statement or notes 25 (page 44 of accounts) to the financial statements we can see a section called "Analysis and reconciliation of debt". This combines all the company's cash and debt into one net figure, allowing us to see that Peacocks has in total £15,299 of Net Debt in 2002 whereas this figure was up to £16,652 in 2001. (These would not be the same figures used further on for the Gearing ratio due to them including short-term borrowings).
             Profit before tax was up 25.2% to £16.0 million (2001: £12.1 million). This is including property profits and exceptional items. The company accounts give 32.2% as the increase because they do not include these two entries.
             Operating profits for year ended 31 March 2002 were £17.8 million. This was an increase of £3.0 million (20.5%) on the previous year.
             Profit Ratios Gross Profit margin 17.97% 17.65% 1.81%
             Expenses to Sales Ratio 11.50% 11.63% -1.12%
             Gross Profit is the difference between the
             ...