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To the Members of Wm Morrison Supermarkets PLC

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To the Members of Wm Morrison Supermarkets PLC Wm Morrison Supermarkets PLC Supermarkets Morrison Wm Annual Report and Financial Statements 2019/20 Food makers and shopkeepers Wm Morrison Supermarkets PLC Annual Report and Financial Statements 2019/20 WorldReginfo - 9eac5a70-241d-4711-9340-0d4caeff5eb1 Living our purpose Our core purpose is the reason the business exists and underpins everything we do. To make food we’re where everyone’s and provide all proud of effort is worthwhile As food makers and shopkeepers, Food is at our heart. Our manufacturing Our colleagues are our biggest asset. we make and provide food capability and Market Street are unique Food makers and shopkeepers, with talent points of difference coming up through the organisation, surrounded by experience and know how Farming apprenticeship fund Market Street £2m 92% We’ve opened up £2m of of our customers shop our government apprenticeship Market Street. It is a key levy fund to develop the next reason for customers generation of farmers. choosing to shop at Morrisons. Financial highlights Profit before tax, exceptional items Group revenue Group like-for-like (LFL) sales (exc. fuel)* and net retirement benefit interest1 £17.5bn (0.8)% £408m +3.0% 2019/20 17.5 2019/20 (0.8)% 2019/20 408 2018/19 17.7 2018/19 4.8% 2018/192 396 2017/181 17.3 2017/18 2.8% 2017/183 374 2016/17 16.3 2016/17 1.9% 2016/17 337 2015/16 16.1 2015/161 (2.0)% 2015/164 242 1 2017/18 Group revenue on a 53 week basis. 1 2015/16 does not include wholesale 1 Referred to as ‘profit before tax and exceptionals*’. contribution to LFL sales. 2 Restated following the application of IFRS 16. 3 £369m 52 week equivalent. 4 2015/16 profit before tax and exceptionals* excluding £60m one-offs was £302m. Free cash flow* Net debt* Total dividend £238m £2,458m 8.77p 2019/20 238 2019/20 1,082 2,458 2019/201 6.67p 8.77p 2018/191 281 2018/19 997 2,394 2018/192 6.60p 12.60p 2017/18 350 2017/18 973 2,386 2017/183 6.09p 10.09p 2016/17 670 2016/17 1,194 2016/17 5.43p 2015/16 854 2015/16 1,746 2015/16 5.00p 1 Restated following application of IFRS 16. Net debt excluding lease liabilities Ordinary Special Lease liabilities 1 Including 2.00p special interim dividend. 2019/20, 2018/19 and 2017/18 on a post-IFRS 16 basis, 2 Including 6.00p special dividend. 2016/17 and 2015/16 on a pre-IFRS 16 basis. 3 Including 4.00p special dividend. Throughout the Directors’ report and Strategic report: Unless otherwise stated, 2019/20 refers to the 52 week period ended 2 February 2020 and 2018/19 refers to the 52 week period ended 3 February 2019. 2019 and 2020 refer to calendar years. WorldReginfo - 9eac5a70-241d-4711-9340-0d4caeff5eb1 Strategic report Strategic report Our business model 2 Chair’s statement 4 Chief Executive’s statement 6 Seven priorities in action 8 Governance Morrisons sites and brand 12 Our customers 14 Our colleagues 16 Working with suppliers 18 Financial statements Financial Our shareholders 20 Supporting communities 23 so more and can afford to Protecting the environment 24 more people enjoy eating well Risk 27 Governance To grow sustainably, we must continue We invest in the products that really Corporate governance report 31 to listen and respond to societal changes matter to our customers, ensuring they information Investor and serve more and more customers are at the right price and always available Directors’ remuneration report 46 better every day Directors’ report 67 Financial statements Independent auditors’ report 70 Locally-produced products Consolidated income statement 78 Consolidated statement 78 Our Nation’s Local Food Maker of comprehensive income events help us to identify local Consolidated statement of financial position 79 suppliers who can work and grow Consolidated statement of cash flows 80 with us to supply Morrisons stores Consolidated statement of changes in equity 81 in their area. General information 82 Notes to the Group financial statements 85 Company statement of financial position 127 Company statement of changes in equity 128 Company accounting policies 129 Notes to the Company financial statements 132 Related undertakings 147 Investor information Five year summary 149 Supplementary information 151 Glossary 152 Investor relations and financial calendar 155 Information at your fingertips 157 Non-financial highlights Business highlights Customer satisfaction index Colleague engagement index • Significant investments in price, service, and Market Street are improving the vs baseline +1.0% pts +18% pts 77% shopping trip for customers Jan 20 118 2019/20 77% • £1.1bn disposal proceeds target exceeded Jan 19 120 2018/19 76% following sale of our Camden store Jan 18 112 2017/18 78% and site Jan 17 105 2016/17 76% • Morrisons store on Amazon Prime Now Jan 16 103 2015/16 76% extended to eight cities, supplied from Measured at January each year. Colleague engagement index as measured Movement vs Jan 15 baseline (index at 100). in the annual ‘Your Say’ survey. 17 Morrisons stores across the UK • A further 44 Fresh Look store improvements complete, bringing the total to around 350 since the start of Alignment of highlights to our stakeholder ambitions: the programme Customers Suppliers Colleagues Shareholders All • New overseas export wholesale supply partner, CP Lotus in China • ‘Nutmeg’ clothing launched online in February 2020 * Alternative Performance Measures as defined in the Glossary on pages 152 to 154. Wm Morrison Supermarkets PLC Annual Report and Financial Statements 2019/20 1 WorldReginfo - 9eac5a70-241d-4711-9340-0d4caeff5eb1 Our business model Our core purpose: To make and provide food we’re all proud of, where everyone’s effort is worthwhile, so more and more people can afford to enjoy eating well. Resources and relationships Our business is different in many ways … Customers Food maker Distributor • Around 12 million customer transactions every week Our food making skills provide By controlling the whole supply chain, customers with products that are we know where our food comes from fresh, good quality, great value and can provide our customers with and made by us what they want, when they want it Colleagues • Over 98,000 friendly and skilled colleagues, supported by a high quality management team Sites • 492 conveniently located supermarkets • 18 manufacturing sites, eight distribution centres and an increasing digital presence We are a diverse team, united by our Our national distribution network Brand ways of working and our food maker moves the food we make and buy • A well-loved brand becoming and shopkeeper credentials • Our stores are serviced by seven regional more relevant and accessible • Over half of the fresh food we sell we distribution centres and one national to more customers make ourselves distribution centre • Online delivery service available • Every day, our skilled food makers on Market • This network supports our growth through to over 90% of British households Street make fresh food for our customers other channels • Stores across Britain giving the • We make fresh food in our manufacturing • Technology simplifies the links between brand national reach sites across the UK sites and stores • Our automated production lines increase productivity and efficiency, and reduce waste • We work with our suppliers to carefully source Financial strength the products we do not make ourselves • A strong balance sheet, with a largely freehold estate, low debt and a net pension surplus • Continued generation of significant and sustainable levels of free cash flow … delivering through our seven priorities … 1 To be more competitive 2 To serve customers better 3 Find local solutions 4 Develop popular and useful services 5 To simplify and speed up the organisation 6 To make the core supermarkets strong again 7 Naturally digital p8 For more detail 2 Wm Morrison Supermarkets PLC Annual Report and Financial Statements 2019/20 WorldReginfo - 9eac5a70-241d-4711-9340-0d4caeff5eb1 Strategic report Governance Financial statements Financial Outcomes Wholesaler Retailer Customers • An improving shopping trip information Investor Through stores, manufacturing, online Understanding our customers power informed by listening and our wholesale partners, we can the decisions we make. Customers love • More customers, buying more leverage our brand to achieve meaningful our brand and see us as competitive from us, more often and sustainable capital light growth and locally relevant • Customers can get what they want, when they want it p14 For more detail Colleagues • Engaged and motivated colleagues • Colleagues sharing in the success of the business • A fair day’s pay for a fair day’s work p16 For more detail Suppliers • Establishing lasting relationships We are a wholesaler, providing products We sell the products we make and buy, • Working together with simplified terms to retail partners and wholesale customers in our stores and online • Ways of working that comply with the Groceries Supply Code of Practice • We aim to make our brands more popular and • Listening informs the improvements we make accessible, and to increase volume through • We have a Morrisons price list, providing p18 For more detail our existing assets good quality fresh food and great value • We leverage the strength of our brands • Our shopkeepers care deeply about service Shareholders and manufacturing capability to deliver • Our ‘More’ Card helps us to understand and good quality products at great value serve our customers better, by tailoring offers • A strong balance sheet • We have the Safeway brand which we provide for them • A cash generative
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