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Annual Report and Financial Statements 2007

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Annual Report and Financial Statements 2007 Marks and Spencer Group plc Annual report and financial statements 2007 plc Annual report Marks and Spencer Group Annual report and financial statements www.marksandspencer.com 2007 We are one of the UK’s leading retailers, with over 15.8 million people visiting our stores each week. We offer stylish, high quality, great value clothing and home products, and outstanding quality foods, all responsibly sourced from suppliers we trust. We employ over 75,000 people and have 520 UK stores, as well as an expanding international business. Clothing & Home Food International UK sales (exc. VAT) £4,002.8m (+9.6%) UK sales (exc. VAT) £3,974.7m (+9.7%) Sales (exc. VAT) £610.6m (+16.8%) We are the UK’s largest clothing retailer Food accounts for 49.8% of our UK Our international business accounts for with a market share of 11.1% (source: business and we have a market share 7.1% of Group turnover and has grown TNS Worldpanel) and sales accounting of 4.3% (source: TNS Worldpanel). In to 219 franchise stores in 34 territories for 44.8% of our UK business. In 2006/07, we launched a range of 120 worldwide as well as eight wholly- womenswear we expanded our ‘Nutritionally Balanced’ ready meals owned stores in Hong Kong and 13 in ‘Autograph’ range and the fast fashion which are free from artificial colours, the Republic of Ireland. During the year, choice in ‘Limited Collection’; in flavours and hydrogenated fats and we entered four new territories and menswear, ‘Blue Harbour’ remains the follow government salt, fat and sugar opened 36 new stores including our UK’s biggest men’s casualwear brand; guidelines. ‘Eat Well’ accounts for largest ever franchise store in Dubai at we grew our lingerie market share to around 30% of food sales and some 52,000 sq ft. In May 2007, we opened 26.1%, offering clearly defined brands; 1,300 products. Simply Food grew from our first store in Taiwan under a joint and in childrenswear we reversed our 144 stores to 205 across the UK, venture with President Chain Store poor performance with stronger ranges. including franchise stores in BP Corporation. Home, representing 5.4% of our UK Connect forecourts, motorway service business, has had two years of strong stations, railway stations and airports. growth helped by outstanding value and strong demand in furniture. read more on pages 12-15 >> read more on pages 16-19 >> read more on page 24 >> WHAT’S INSIDE... 02 2007 performance 27 Your Board 90 Company balance sheet 03 Chairman’s foreword 28 Financial review 91 Company statement of changes 04 Executive team 31 Group Director’s report in shareholders’ equity 06 Chief Executive’s 35 Corporate governance 91 Company cash flow statement business review statement 92 Company notes to the financial 08 Our marketplace 44 Remuneration report statements 09 Our brand 51 Auditors’ report 94 Group financial record 10 Plan A 52 Consolidated income statement 97 UK store portfolio 12 Product – Clothing and home 52 Consolidated statement 98 Shareholder information 16 Product – Food of recognised income 100 Glossary 20 Service and expense 101 Index 20 Our people 53 Consolidated balance sheet 20 Our customers 54 Consolidated cash flow 22 Environment information 24 International 55 Notes to the financial 25 Online statements 26 Looking ahead 90 Company income statement www.marksandspencer.com/annualreport2007 MARKS AND SPENCER GROUP PLC 1 Our plan We’ve achieved a lot in the last three years. We are now building on Executive Team that progress through a relentless focus on our core business, while also laying the foundations for future growth. Our aim is to become a more customer-focused, faster moving and flexible business, offering a wide choice of quality goods and services. Everything we do has one key goal: building a sustainable business for the long term, generating shareholder value through consistent, profitable growth while making sure that our customers can always trust us to do the right thing. We will do this by continuing to focus on Product, Service and Your Board Environment: offering great products, in great looking stores with great customer service. In addition, we have begun to pursue new routes to growth through the acquisition of new space; new food formats; new product areas such Review Financial as home technology; our new website and international expansion. And we continue to manage our impact on society and the environment with great care, through our ‘eco plan’, Plan A. Governance Financial We believe this will all make M&S a better business. We’ve a long way to go before we are truly a world-class retailer again, but we are on the right track. Product Service Environment s We aim to provide a wide We have been investing in our We are opening new stores choice of great value, quality people to ensure that we meet and modernising our existing food, clothing and home our customers’ expectations portfolio to ensure we provide Information S hareholder products, which are all sourced of consistently great service, an exciting shopping and made responsibly. no matter when or where experience in the right place, they visit us. in the right space. continued on page 12 >> continued on page 20 >> continued on page 22 >> 2 MARKS AND SPENCER GROUP PLC www.marksandspencer.com/annualreport2007 2007 performance Group revenue Group operating profit Group profit before tax (£m) £m 2004/05 2005/06 2006/07 £m 2004/05 2005/06 2006/07 I UK Retail 7,034.7 7,275.0 7,977.5 I UK Retail 588.4 790.1 956.5 I International Retail 455.8 522.7 610.6 I International Retail 60.7 65.7 87.5 Total 7,490.5 7,797.7 8,588.1 Total 649.1 855.8 1,044.0 965.2 751.4 556.1 2004/05 2005/06 2006/07 2004/05 2005/06 2006/07 2004/05 2005/06 2006/07 Earnings per share (p) Group gross margin Net cash generated (£m) 40.4 550.5 31.4 38.9% 231.1 19.2 2005/06: 38.3% 2004/05: 34.7% (104.5) 2004/05 2005/06 2006/07 2004/05 2005/06 2006/07 Fixed charge cover Average weekly footfall CO2 emissions This is an indication of the Group’s ability The number of people visiting our The figures below are estimates of to pay its interest and rental obligations. stores increased by an average of the carbon emissions from our UK 500,000 each week. and Irish stores and offices, delivery vehicles and business travel. From next year these figures will also 15.8m include the carbon produced by our warehouses and refrigeration gas leakage. 5.9 times 15.3m 14.9m 2005/06: 4.9 times 296,000 2004/05: 4.1 times tonnes 2004/05 2005/06 2006/07 2005/06: 404,000 tonnes The profit measures above are from continuing operations and stated before property disposals and exceptional items. KPI = Key Performance Indicator www.marksandspencer.com/annualreport2007 MARKS AND SPENCER GROUP PLC 3 2006/07 was a good year for M&S with strong Chairman’s foreword growth across the business. Our challenge Last year, in my first year as your Chairman, we made good progress and is to sustain this were able to begin to talk realistically about recovery. But we know this is just the start and no-one underestimates the effort now needed to achieve performance in the face Executive Team of fierce competition and sustainable growth in a highly competitive retail sector. fast-changing consumer Stuart and his team remain focused on getting the basics right as they look trends. to expand the business. That means remaining true to our values – quality, value, service, innovation and trust – and constantly improving product, service and our stores, whilst controlling costs. This attention to detail lies behind our much improved results in 2006/07, our higher share price and a 28.7% increase in earnings per share to 40.4p (last year 31.4p). On the strength of these results, we propose a record final dividend of 12.0p, up 30.4%. Our new funding arrangement for the defined benefit pension scheme deficit uses part of our property portfolio to secure payments over the next 15 years. This has put an already good scheme on a sustainable, safer footing, balancing the interests of pension scheme members and investors. Your Board Plan A, our ‘eco plan’, illustrates a different kind of sustainability and builds directly on our strengths as an ethical company. In keeping with Plan A, this report is produced by carbon neutral printers on 100% recycled paper. At the Annual General Meeting (AGM), we are proposing that we use our website as the main way to communicate with shareholders, sending out reports only to those who tell us they want a paper copy. Review Financial Good governance remains a priority. We have a Board with the right blend of Your dividend skills to support and challenge the executive team. Martha Lane Fox joined as a non-executive director on 1 June 2007, bringing considerable business experience as well as knowledge of the online sector. Jack Keenan is retiring 18.3p after the AGM. I would like to thank him for his contribution to M&S during Total dividend the past six years. The executive management changes, which Stuart describes in his review, provide us with an effective structure to take us Governance Financial onto the next stage of our growth. 6.3p Our remuneration policy – set out on page 44 – is closely tied to shareholder interests.
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