Annual report and financial statements 2011 - Analist.nl

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96 Notes to the financial statements continued 19 Trade and other receivables Non-current Other receivables 35.2 34.6 Prepaid pension contributions – 8.0 Prepaid leasehold premiums 240.5 244.7 Other prepayments and accrued income 0.4 0.4 276.1 287.7 Current Trade receivables 99.6 93.2 Less: Provision for impairment of receivables (1.3) (4.7) Trade receivables – net 98.3 88.5 Other receivables 25.5 27.3 Prepaid pension contributions 19.0 55.3 Prepaid leasehold premiums 8.2 8.5 Other prepayments and accrued income 99.3 101.8 250.3 281.4 Trade receivables that were past due but not impaired amounted to £2.4m (last year £0.7m) and are mainly sterling denominated. The directors consider that the carrying amount of trade and other receivables approximates their fair value. 20 Cash and cash equivalents Cash and cash equivalents includes short-term deposits with banks and other financial institutions, with an initial maturity of three months or less and credit card payment received within 48 hours. The carrying amount of these assets approximates their fair value. The effective interest rate on short-term bank deposits is 0.40% (last year 0.29%); these deposits have an average maturity of nine days (last year five days). 21 Trade and other payables Current Trade and other payables 919.2 792.2 Social security and other taxes 57.2 79.4 Accruals and deferred income 371.2 282.2 1,347.6 1,153.8 Non-current Other payables 1 262.3 280.3 1 Includes the fair value of the put option over the 49% non-controlling interest in the share capital of Marks and Spencer Czech Republic a.s. £14.6m (last year £63.5m) exercisable on 4 April 2013. 2011 £m 2011 £m 2010 £m 2010 £m Marks and Spencer Group plc Annual report and financial statements 2011
97 22 Borrowings and other financial liabilities Current Bank loans and overdrafts 1 274.8 249.5 Syndicated bank facility 2 – 219.8 6.375% £308m medium-term notes 2011 3 315.1 – Finance lease liabilities 12.4 13.6 602.3 482.9 Non-current Bank loans 14.3 17.9 6.375% £308m medium-term notes 2011 3 – 314.6 5.875% £267m medium-term notes 2012 3 280.2 279.9 5.625% £400m medium-term notes 2014 3 399.7 399.5 6.250% US$500m medium-term notes 2017 4 316.8 333.8 6.125% £400m medium-term notes 2019 3 404.7 403.5 7.125% US$300m medium-term notes 2037 4 189.3 199.6 6.875% £250m puttable callable reset medium-term notes 2037 3,5 253.2 253.0 Finance lease liabilities 65.9 76.2 1,924.1 2,278.0 Total 2,526.4 2,760.9 1 Bank loans and overdrafts includes a £5.0m (last year £5.0m) loan from the Hedge End Park Limited joint venture (see notes 17 and 30). 2 Relates to a £1.2bn committed bank revolving credit facility set to mature on 26 March 2013. 3 These notes are issued under Marks and Spencer plc’s £3bn European medium-term note programme and all pay interest annually. 4 Interest on these bonds is payable semi-annually. 5 These notes include an investor put and issuer call option exercisable in December 2012. Finance leases The minimum lease payments under finance leases fall due as shown in the table on the following page. It is the Group’s policy to lease certain of its properties and equipment under finance leases. The average lease term for equipment is six years (last year six years) and 125 years (last year 125 years) for property. Interest rates are fixed at the contract rate. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent payments. The Group’s obligations under finance leases are secured by the lessors’ charges over the leased assets. 23 Financial instruments Treasury policy and financial risk management The Group operates a centralised treasury function to manage the Group’s funding requirements and financial risks in line with the Board approved treasury policies and procedures, and their delegated authorities. The Group’s financial instruments, other than derivatives, comprise borrowings, cash and liquid resources and various items, such as trade receivables and trade payables, that arise directly from its operations. The main purpose of these financial instruments is to finance the Group’s operations. Group treasury also enters into derivative transactions, principally interest rate and currency swaps and forward currency contracts. The purpose of these transactions is to manage the interest rate and currency risks arising from the Group’s operations and financing. It remains the Group’s policy not to hold or issue financial instruments for trading purposes, except where financial constraints necessitate the need to liquidate any outstanding investments. The treasury function is managed as a cost centre and does not engage in speculative trading. The principal financial risks faced by the Group are liquidity/funding, interest rate, foreign currency and counterparty risks. The policies and strategies for managing these risks are summarised on the following pages: 2011 £m 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
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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
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Try it - then buy it In November we
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27 Overview Myleene’s Makeovers
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Made to measure Shoppers in our Sky
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31 Overview Autograph Leaves collec
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33 Overview Keeping up to date We
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35 Overview Summary of results Grou
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37 Overview Capital expenditure Yea
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39 Overview Progress has begun on s
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41 Overview What is our approach to
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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 and 78: 75 Consolidated statement of financ
Page 79 and 80: 77 Consolidated cash flow informati
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: 95 16 Investment property Cost At s
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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