Annual report and financial statements 2011 - Analist.nl

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76 Consolidated statement of changes in equity Ordinary share capital £m Share premium account £m Capital redemption reserve £m Hedging reserve £m Other reserve 1 £m Retained earnings 2 £m Total £m Noncontrolling interest £m At 29 March 2009 394.4 236.2 2,202.6 62.6 (5,970.5) 5,156.4 2,081.7 18.9 2,100.6 Profit/(loss) for the year – – – – – 526.3 526.3 (3.3) 523.0 Other comprehensive income: Foreign currency translation – – – 0.1 – (17.5) (17.4) – (17.4) Actuarial losses on retirement benefit schemes – – – – – (251.6) (251.6) – (251.6) Tax on retirement benefit schemes – – – – – 71.7 71.7 – 71.7 Cash flow and net investment hedges – fair value movement in equity – – – 38.0 – 14.1 52.1 – 52.1 – reclassified and reported in net profit 3 – – – (119.8) – – (119.8) – (119.8) – amount recognised in inventories – – – 4.8 – – 4.8 – 4.8 Tax on cash flow and net investment hedges – – – 25.9 – – 25.9 – 25.9 Total comprehensive income – – – (51.0) – 343.0 292.0 (3.3) 288.7 Transactions with owners: Dividends – – – – – (236.0) (236.0) – (236.0) Transactions with non-controlling shareholders – – – – – – – 1.7 1.7 Shares issued on exercise of employee share options 1.1 11.3 – – – – 12.4 – 12.4 Purchase of own shares held by employee trusts – – – – – (19.0) (19.0) – (19.0) Charge for share-based payments – – – – – 28.5 28.5 – 28.5 Deferred tax on share schemes – – – – – 9.0 9.0 – 9.0 At 3 April 2010 395.5 247.5 2,202.6 11.6 (5,970.5) 5,281.9 2,168.6 17.3 2,185.9 At 4 April 2010 395.5 247.5 2,202.6 11.6 (5,970.5) 5,281.9 2,168.6 17.3 2,185.9 Profit/(loss) for the year – – – – – 612.0 612.0 (13.4) 598.6 Other comprehensive income: Foreign currency translation – – – (0.7) – (15.7) (16.4) – (16.4) Actuarial gains on retirement benefit schemes – – – – – 286.0 286.0 – 286.0 Tax on retirement benefit schemes – – – – – (78.0) (78.0) – (78.0) Cash flow and net investment hedges – fair value movement in equity – – – (60.4) – 2.6 (57.8) – (57.8) – reclassified and reported in net profit 3 – – – 42.1 – – 42.1 – 42.1 – amount recognised in inventories – – – (11.2) – – (11.2) – (11.2) Tax on cash flow and net investment hedges – – – 7.3 – 12.1 19.4 – 19.4 Total comprehensive income – – – (22.9) – 819.0 796.1 (13.4) 782.7 Transactions with owners: Dividends – – – – – (247.5) (247.5) – (247.5) Recognition of financial liability 4 – – – – (71.9) – (71.9) – (71.9) Shares issued on exercise of employee share options 0.7 7.7 – – – – 8.4 – 8.4 Purchase of own shares held by employee trusts – – – – – (12.0) (12.0) – (12.0) Charge for share-based payments – – – – – 31.7 31.7 – 31.7 Deferred tax on share schemes – – – – – 0.1 0.1 – 0.1 At 2 April 2011 396.2 255.2 2,202.6 (11.3) (6,042.4) 5,873.2 2,673.5 3.9 2,677.4 1 The ‘Other reserve’ was originally created as part of the capital restructuring that took place in 2002. It represents the difference between the nominal value of the shares issued prior to the capital reduction by the Company (being the carrying value of the investment in Marks and Spencer plc) and the share capital, share premium and capital redemption reserve of Marks and Spencer plc at the date of the transaction. The reserve also includes discretionary distributions to the Marks & Spencer UK Pension Scheme of £499.8m (last year £571.7m) (see note 12). 2 Includes a cumulative £19.1m gain (last year £34.8m gain) in the currency reserve. 3 Amounts reclassified and reported in net profit have all been recorded in cost of sales. 4 Following the Group’s payment of an interim dividend in relation to 2010/11, the associated distribution of £71.9m became payable to the Marks & Spencer UK Pension Scheme and has been recognised as a liability (see note 12). Total £m Marks and Spencer Group plc Annual report and financial statements 2011
77 Consolidated cash flow information Consolidated statement of cash flows Cash flows from operating activities Cash generated from operations 28 1,385.2 1,349.7 Tax paid (185.3) (120.7) Net cash generated from operating activities 1,199.9 1,229.0 Cash flows from investing activities Acquisition of subsidiaries, net of cash acquired – (5.4) Purchase of property, plant and equipment (327.3) (352.0) Proceeds from sale of property, plant and equipment 3.5 20.9 Purchase of intangible assets (126.5) (77.5) Purchase of current financial assets (44.3) (118.3) Interest received 4.1 2.7 Net cash used in investing activities (490.5) (529.6) Cash flows from financing activities Interest paid (146.4) (163.4) Cash inflow from borrowings 18.4 30.7 Repayment of syndicated bank facility (217.5) (529.4) Issue of medium-term notes – 397.2 Redemption of medium-term notes – (200.4) Monetisation of derivative assets 32.8 – Decrease in obligations under finance leases (15.7) (17.0) Payment of liability to the Marks & Spencer UK Pension Scheme (67.9) (68.0) Equity dividends paid (247.5) (236.0) Shares issued on exercise of employee share options 8.4 12.4 Purchase of own shares by employee trust (12.0) (19.0) Net cash used in financing activities (647.4) (792.9) Net cash inflow/(outflow) from activities 62.0 (93.5) Effects of exchange rate changes (1.2) (2.1) Opening net cash 202.7 298.3 Closing net cash 29 263.5 202.7 Reconciliation of net cash flow to movement in net debt Opening net debt (2,068.4) (2,490.8) Net cash inflow/(outflow) from activities 62.0 (93.5) Increase in current financial assets 44.3 118.3 Decrease in debt financing 249.9 386.9 Partnership liability to the Marks & Spencer UK Pension Scheme (non-cash) (71.9) – Exchange and other non-cash movements (116.8) 10.7 Movement in net debt 167.5 422.4 Closing net debt 29 (1,900.9) (2,068.4) Notes Notes 52 weeks ended 2 April 2011 £m 52 weeks ended 2 April 2011 £m 53 weeks ended 3 April 2010 £m 53 weeks ended 3 April 2010 £m Strategy Performance & Marketplace Operating review Financial review Governance Financial statements & other information To find out more visit marksandspencer.com/annualreport2011 Financial statements
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Annual report and financial stateme
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What’s in this report? P04 Read a
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How we’re governed Group Board Th
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05 Overview Investment in our UK bu
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07 Overview Total investment in our
Page 11 and 12:
09 Overview Do Your Thing In April
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11 Overview Underlying Group profit
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13 Overview Consumer confidence ind
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Our campaigns highlight how we adap
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Lingerie and Beauty Value lingerie
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Fun fashion Our Autograph striped s
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We are never complacent and we cont
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Terribly Clever In September we lau
Page 27 and 28: Try it - then buy it In November we
Page 29 and 30: 27 Overview Myleene’s Makeovers
Page 31 and 32: Made to measure Shoppers in our Sky
Page 33 and 34: 31 Overview Autograph Leaves collec
Page 35 and 36: 33 Overview Keeping up to date We
Page 37 and 38: 35 Overview Summary of results Grou
Page 39 and 40: 37 Overview Capital expenditure Yea
Page 41 and 42: 39 Overview Progress has begun on s
Page 43 and 44: 41 Overview What is our approach to
Page 45 and 46: 43 Overview Ensuring the Board is r
Page 47 and 48: Accountability 45 Overview We belie
Page 49 and 50: 47 Overview Risk description Mitiga
Page 51 and 52: Governance report Our Pensions 49 O
Page 53 and 54: Audit Committee 51 Overview Chairma
Page 55 and 56: 53 Chairman’s introduction PART 1
Page 57 and 58: 55 Chairman’s introduction For ex
Page 59 and 60: 57 Chairman’s introduction Deputy
Page 61 and 62: 59 Chairman’s introduction Execut
Page 63 and 64: 61 Chairman’s introduction Contra
Page 65 and 66: 63 Chairman’s introduction PART 2
Page 67 and 68: 65 Chairman’s introduction Share
Page 69 and 70: 67 Chairman’s introduction Direct
Page 71 and 72: 69 Overview A special resolution wi
Page 73 and 74: 71 Overview treatment regardless of
Page 75 and 76: Independent auditors’ report to t
Page 77: 75 Consolidated statement of financ
Page 81 and 82: 79 1 Accounting policies continued
Page 83 and 84: 81 1 Accounting policies continued
Page 85 and 86: 83 3 Expense analysis Underlying £
Page 87 and 88: 85 7 Income tax expense A. Tax char
Page 89 and 90: 87 10 Employees A. Aggregate remune
Page 91 and 92: 89 11 Retirement benefits continued
Page 93 and 94: 91 12 Marks & Spencer UK Pension Sc
Page 95 and 96: 93 14 Intangible assets Goodwill £
Page 97 and 98: 95 16 Investment property Cost At s
Page 99 and 100: 97 22 Borrowings and other financia
Page 101 and 102: 99 23 Financial instruments continu
Page 103 and 104: 101 23 Financial instruments contin
Page 105 and 106: 103 25 Deferred tax Deferred tax is
Page 107 and 108: 105 29 Analysis of net debt A. Reco
Page 109 and 110: 107 Company statement of financial
Page 111 and 112: 109 C5 Investments continued B. Pri
Page 113 and 114: Shareholder information 111 Overvie
Page 115 and 116: Index A Page Accountability 45 Acco
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