Essay on Financial Reporting

57107 Words Nov 18th, 2010 229 Pages
Keeping things simple

Annual report and financial statements 2010

Contents and introduction
ConTenTs The DIreCTors’ reporT AnD busIness reVIeW 1 Highlights 2 Chairman’s statement 4 Strategic review 4 Business review 5 Market overview 6 Our strategy 8 Key Performance Indicators 10 Our business model 12 Risks and uncertainties 14 CSR/Today 16 Our people – Values in action 18 Performance review 18 Operating review 23 Financial review 26 Governance 26 Board of Directors 28 Corporate governance report 32 Directors’ remuneration report 41 General information FInAnCIAL sTATemenTs 43 Group financial statements 43 Directors’ statements of responsibilities 44 Independent auditors’ report 45 Consolidated financial statements 45 Group
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Information can be quickly and easily downloaded or viewed on-screen as PDFs. Visit www.morrisons.co.uk/ annualreport10

Wm Morrison Supermarkets PLC

Annual report and financial statements 2010

1 Highlights The Morrisons approach is simple Our unique offer of high quality, fresh food at great prices continues to attract customers. We have made considerable progress in our strategy to be the ‘food specialist for everyone’ as we focus on the provenance, quality and freshness of food served by experts who know their trade.

Financial highlights

£15.4
Group turnover
2010 2009

bn
£15.4bn £14.5bn

+6.0%
2010 2009

Like-for-like sales (ex-fuel, ex-VAT)
+6.0% +8.2%

£767
2010 2009

m
£767m £636m

Underlying profit before tax

20.5
2010 2009

pence
20.5p 16.7p

Underlying earnings per share

£924
Net debt
2010 2009 www.morrisons.co.uk/annualreport10

m
£924m

8.2
2010 2009

pence
8.2p 5.8p

Total dividend per share

£642m

Annual report and financial statements 2010

2 Chairman’s statement
HigHligHts 2009/10 Strong financial performance • Profit before tax £858m • Underlying profit increased 21% • Underlying basic earnings per share 20.5p See page 18 for more on Operating results

Dividend growth once again • Total dividend for the year 8.2p • Increase of 41% from 2009 • Dividend cover 2.5 times Board changes • New CEO Dalton Philips, March 2010 • Two new

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