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Consolidated Statement of Comprehensive Income 55 Annual report and financial statements 2015/16 55 Consolidated statement of comprehensive income 52 weeks ended 31 January 2016 2016 2015 Note £m £m Revenue 1.2 16,122 16,816 Cost of sales (15,505) (16,055) Gross profit 617 761 Other operating income 72 78 Profit on disposal and exit of properties and sale of businesses 1.4, 4.5 97 135 Administrative expenses (472) (1,670) Operating profit/(loss) 1.6 314 (696) Finance costs 6.2 (112) (105) Finance income 6.2 13 7 Share of profit of joint venture (net of tax) 4.2 2 2 Profit/(loss) before taxation 217 (792) Analysed as: Underlying profit before tax 242 345 Adjustments for: Impairment and provision for onerous contracts 1.4 (87) (1,273) Profit/loss on disposal and exit of properties 1.4 131 131 44 (1,142) Pension scheme set-up costs 1.4, 8.7 (35) – (Loss)/profit on disposal of businesses 1.4, 4.5 (34) 4 Net pension interest income 1.4, 8.2 – 1 217 (792) Taxation 2.2 5 31 Profit/(loss) for the period attributable to the owners of the Company 222 (761) Other comprehensive income/(expense) Items that will not be reclassified to profit or loss: Remeasurement of defined benefit pension schemes 8.2 236 (31) Tax on defined benefit pension schemes 2.3 (47) 6 189 (25) Items that may be reclassified subsequently to profit or loss: Cash flow hedging movement 16 (9) Tax on cash flow hedging movement 2.3 (4) 2 Exchange differences on translation of foreign operations 1 – 13 (7) Other comprehensive income/(expense) for the period, net of tax 202 (32) Total comprehensive income /(expense) for the period attributable to the owners of the Company 424 (793) Earnings per share (pence) – basic 1.5 9.51 (32.63) – diluted 1.5 9.47 (32.63) WorldReginfo - a1148eca-60bc-4d48-a550-af6511cd686a 56 Wm Morrison Supermarkets PLC Financial statements Consolidated balance sheet 31 January 2016 2016 2015 Note £m £m Assets Non-current assets Goodwill and intangible assets 3.2 483 520 Property, plant and equipment 3.3 7,161 7,252 Investment property 3.5 37 68 Net pension asset 8.2 186 4 Investment in joint venture 4.2 63 68 Investments 4.3 31 31 Derivative financial assets 7.3 30 – 7,991 7,943 Current assets Stock 5.2 616 658 Debtors 5.3 192 239 Derivative financial assets 7.3 12 6 Cash and cash equivalents 6.4 488 241 1,308 1,144 Non-current assets classified as held-for-sale 3.4 – 84 1,308 1,228 Liabilities Current liabilities Creditors 5.4 (2,518) (2,221) Short term borrowings 6.3 (201) (11) Derivative financial liabilities 7.3 (17) (18) Current tax liabilities (11) (23) (2,747) (2,273) Non-current liabilities Borrowings 6.3 (2,003) (2,508) Derivative financial liabilities 7.3 (55) (50) Deferred tax liabilities 2.3 (429) (415) Net pension liabilities 8.2 – (43) Provisions 5.5 (309) (288) (2,796) (3,304) Net assets 3,756 3,594 Shareholders’ equity Share capital 6.5 234 234 Share premium 6.5 127 127 Capital redemption reserve 6.6 39 39 Merger reserve 6.6 2,578 2,578 Retained earnings and hedging reserve 6.6 778 616 Total equity attributable to the owners of the Company 3,756 3,594 The notes on pages 60 to 97 form part of these financial statements. The financial statements on pages 55 to 97 were approved by the Board of Directors on 9 March 2016 and were signed on its behalf by: Trevor Strain Chief Financial Officer WorldReginfo - a1148eca-60bc-4d48-a550-af6511cd686a Annual report and financial statements 2015/16 57 Consolidated cash flow statement 52 weeks ended 31 January 2016 2016 2015 Note £m £m Cash flows from operating activities Cash generated from operations 5.6 1,026 970 Interest paid (99) (106) Taxation (paid)/received (41) 10 Net cash inflow from operating activities 886 874 Cash flows from investing activities Interest received 4 4 Dividends received from joint venture 10.1 8 – Proceeds from the sale of property, plant and equipment 300 448 Proceeds from the sale of businesses 4.5 20 2 Purchase of property, plant and equipment and investment property (266) (385) Purchase of intangible assets (99) (135) Net cash outflow from investing activities (33) (66) Cash flows from financing activities Purchase of shares in subsidiary 4.4 (3) – Purchase of own shares for trust 6.5 (13) (8) New borrowings – 296 Net repayment of revolving credit facility (320) (256) Repayment of other borrowings (10) (550) Dividends paid 1.8 (260) (308) Net cash outflow from financing activities (606) (826) Net increase/(decrease) in cash and cash equivalents 247 (18) Cash and cash equivalents at start of period 240 258 Cash and cash equivalents at end of period 6.4 487 240 Reconciliation of net cash flow to movement in net debt in the period 2016 2015 Note £m £m Net increase/(decrease) in cash and cash equivalents 247 (18) Cash outflow from decrease in debt 330 806 Cash inflow from increase in borrowings – (296) Non-cash movements 17 (15) Opening net debt (2,340) (2,817) Closing net debt 6.4 (1,746) (2,340) WorldReginfo - a1148eca-60bc-4d48-a550-af6511cd686a 58 Wm Morrison Supermarkets PLC Financial statements Consolidated statement of changes in equity 52 weeks ended 31 January 2016 Attributable to the owners of the Company Capital Share Share redemption Merger Hedging Retained Total capital premium reserve reserve reserve earnings equity Note £m £m £m £m £m £m £m Current period At 2 February 2015 234 127 39 2,578 (22) 638 3,594 Profit for the period – – – – – 222 222 Other comprehensive income/(expense): Cash flow hedging movement – – – – 16 – 16 Exchange differences on translation of foreign operations – – – – – 1 1 Pension remeasurement 8.2 – – – – – 236 236 Tax in relation to components of other comprehensive income 2.3 – – – – (4) (47) (51) Total comprehensive income for the period – – – – 12 412 424 Purchase of trust shares 6.5 – – – – – (13) (13) Employee share option schemes: Share-based payments 1.7 – – – – – 11 11 Dividends 1.8 – – – – – (260) (260) Total transactions with owners – – – – – (262) (262) At 31 January 2016 234 127 39 2,578 (10) 788 3,756 Attributable to the owners of the Company Capital Share Share redemption Merger Hedging Retained Total capital premium reserve reserve reserve earnings equity Note £m £m £m £m £m £m £m Prior period At 3 February 2014 234 127 39 2,578 (15) 1,729 4,692 Loss for the period – – – – – (761) (761) Other comprehensive (expense)/income: Cash flow hedging movement – – – – (9) – (9) Pension remeasurement 8.2 – – – – – (31) (31) Tax in relation to components of other comprehensive income 2.3 – – – – 2 6 8 Total comprehensive expense for the period – – – – (7) (786) (793) Purchase of trust shares 6.5 – – – – – (8) (8) Employee share option schemes: Share-based payments 1.7 – – – – – 11 11 Dividends 1.8 – – – – – (308) (308) Total transactions with owners – – – – – (305) (305) At 1 February 2015 234 127 39 2,578 (22) 638 3,594 WorldReginfo - a1148eca-60bc-4d48-a550-af6511cd686a Annual report and financial statements 2015/16 59 General information Company information Basis of consolidation Wm Morrison Supermarkets PLC is a public limited company incorporated Subsidiaries (including partnerships) are all entities over which the Group in the United Kingdom under the Companies Act 2006 (Registration has control. The Group controls an entity when it has power over an number 358949). The Company is domiciled in the United Kingdom and entity, is exposed to, or has rights to, variable returns from its involvement its registered address is Hilmore House, Gain Lane, Bradford, BD3 7DL, with the entity and has the ability to affect those returns through its United Kingdom. power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated Basis of preparation from the date the control ceases. The financial statements of subsidiaries The financial statements have been prepared for the 52 weeks ended used in the consolidation are prepared for the same reporting period 31 January 2016 (2015: 52 weeks ended 1 February 2015) in accordance as the parent Company and are based on consistent accounting policies. with International Financial Reporting Standards (IFRS) and International Intra-group balances and any unrealised gains and losses or income Financial Reporting Standards Interpretation Committee (IFRS IC) and expenses arising from intra-group transactions are eliminated interpretations as adopted by the European Union and with those parts on consolidation. of the Companies Act 2006 applicable to companies reporting under As described in note 4.5 the Group disposed of its investment in IFRS. IFRS and IFRS IC interpretations are issued by the International Wm Morrison Convenience Stores Limited on 26 October 2015. Accounting Standards Board (the IASB) and must be adopted into This subsidiary has been deconsolidated from that date. European Union law, referred to as endorsement, before they become mandatory under the IAS Regulation. Foreign currencies The financial statements have been prepared on a going concern basis. Transactions in foreign currencies are recorded at the rates of exchange The financial statements are presented in pounds sterling, rounded to the at the dates of the transactions. At each balance sheet date, monetary nearest million, except in some instances, where it is deemed relevant to assets and liabilities that are denominated in foreign currency are disclose the amounts up to two decimal places. They are drawn up on the retranslated at the rates of exchange at the balance sheet date.
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