Where is income in this income statement? How could I calculate return on shareholders equity using this information? should I invest in this business? (analysis) 
The following table shows the reconciliation of the key income statement alternative performance measures to the most directly comparable measures reported in accordance with IFRS CONTINUING OPERATIONS EM UNLESS OTHERWISE STATED IFRS REPORTED YEAR ENDED 31 MARCH 2020 ADJUSTING ADJUSTED ITEMS REPORTED IFRS REPORTED YEAR ENDED 31 MARCH 2019 ADJUSTING ADJUSTED ITEMS REPORTED 2 882 2 755 2 755 35 69 296 (28) 2 882 331 (28) 28 28 236 (26) 30 240 (59) 296 35 Revenue Operating profit Net finance expense Share of profit after tax of joint ventures Profit before tax Income tax expense Profit for the year Basic earnings per share (pence) Diluted earnings per share (pence) Effective tax rate expense % 69 (8) 331 (59) 272 (51) 245 (6) 305 (26) 30 309 (65) 244 52.8p 52.0p 21.0% 27 181 63 52.8p 52.1p 17.1% 5.8p 5.7p 0.8% 58.6p 57.8p 17.9% 39.2p 38.6p 24.4% 13.6p 13.4p (3.4%) The following table shows the reconciliation of the adjusting items impacting adjusted profit for the year in the current and comparative year: YEAR ENDED 31 MARCH 2020 2019 CONTINUING OPERATIONS NOTES EM EM Exceptional costs included in operating profit 8 24 58 Amortisation of acquired intangible assets 18 11 11 Total excluded from adjusted profit before tax 35 69 Tax credit on adjusting items 11 (8) (6) Total excluded from adjusted profit for the year 27 63 Cash flow measure The Group also presents an alternative cash flow measure, 'adjusted free cash flow' which is defined as cash generated from continuing operations, after net interest and tax paid, after capital expenditure and excluding the impact of exceptional items. The following table shows the reconciliation of adjusted free cash flow: YEAR ENDED 31 MARCH 2020 2019 CONTINUING OPERATIONS Adjusted operating profit 331 305 Adjusted for: Depreciation and adjusted amortisation 161 141 Share-based payments charge 14 18 Changes in working capital and other non-cash movements 2 (16) Net retirement benefit obligations (21) (25) Capital expenditure (166) (130) Net interest and tax paid (74) (81) Adjusted free cash flow! 247 212 1 IFRS 16 Leases was adopted in the year without restating comparatives. Lease payments are now classified as financing rather than operating cash flows increasing adjusted free cash flow by 34 million 2 Total depreciation of 145 million and amortisation of 35 million less 8 million of accelerated depreciation recognised in exceptional items and E11 million of amortisation of acquired intangible assets. EM EM Parent Company balance sheet AT 31 MARCH 2020 EM 2019 EM NOTES 9 1 ASSETS Fixed assets Tangible fixed assets Intangible assets Investments in subsidiary undertakings Total NNN 4 4 1 079 1 070 1 075 1 092 Current assets Debtors Cash at bank 3 1 592 1 541 1 541 (1 318) 4 1 592 (1 320) (1) 271 5 223 Creditors - amounts falling due within one year Borrowings Net current assets Total assets less current liabilities Creditors - amounts falling due after more than one year Borrowings Net assets 1298 1363 (2) 4 (2) 5 (9) 1 352 1296 7 117 117 406 406 Capital and reserves Called up share capital Share premium account Capital redemption reserve Retained earnings Total shareholders' funds 8 8 821 765 1 352 1 296 The Company recognised profit for the year of 199 million (2019 - 108 million). 10
