MIRA INFORM REPORT

 

 

Report Date :           

17.11.2011

 

IDENTIFICATION DETAILS

 

Name :

JOHN LEWIS PARTNERSHIP PLC

 

 

Registered Office :

171 Victoria Street, London, SW1E 5NN

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

29.01.2011

 

 

Date of Incorporation :

23.04.1929

 

 

Com. Reg. No.:

00238937

 

 

Legal Form :

Private Parent Company

 

 

Line of Business :

Department Stores

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Kingdom 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Company name & address 

 

John Lewis Partnership Plc

171 Victoria Street

Carlisle Place

London, SW1E 5NN

United Kingdom

Tel:       020 7828 1000

Fax:      44-8454-049050

Web:    www.johnlewispartnership.co.uk

 

           

Synthesis

 

Employees:                  74,800

Company Type:             Private Parent

Corporate Family:          195 Companies

Quoted Status:             Non-quoted Company

Incorporation Date:         23-Apr-1929

Auditor:                        PricewaterhouseCoopers LLP    

Financials in:                 USD (Millions)

Fiscal Year End:            29-Jan-2011

Reporting Currency:       British Pound Sterling

Annual Sales:               11,347.4  1

Net Income:                   196.4

Total Assets:                 7,837.4  2

 

 

Business Description     

 

John Lewis Partnership plc is a United Kingdom-based company. The Company is engaged in retailing. Retail business includes 28 John Lewis full line department stores, one smaller scale John Lewis At Home, and 219 Waitrose supermarkets, and four Waitrose convenience stores. It has three segments: John Lewis,Waitrose, and Corporate and others. Corporate and others includes corporate and shared services overheads, finance transformation costs and Greenbee operations. John Lewis plc is the subsidiary of the Company. For the fiscal year ended 29 January 2011, John Lewis Partnership Plc's revenues increased 9% to £7.36B. Net income increased 20% to £127.4M. Total revenue reflects an increase in income from John Lewis and higher income from Waitrose business segment. Net income reflects an increase in gross profit & other operating income and decrease in finance costs. Company operating segments are John Lewis, Waitrose and Corporate & other.

 

Industry

Industry            Retail (Department and Discount)

ANZSIC 2006:    4260 - Department Stores

NACE 2002:      5212 - Other retail sale in non-specialised stores

NAICS 2002:     45211 - Department Stores

UK SIC 2003:    5212 - Other retail sale in non-specialised stores

US SIC 1987:    5311 - Department Stores

 

           

Key Executives   

 

Name

Title

Kim Lowe

Managing Director - John Lewis, Glasgow, Non-Executive Director

Marisa L. Cassoni

Finance Director, Director

Margaret Casely-Hayford

Company Secretary, Director - Legal Services

Paul Coby

Director, IT

Andrew Murphy

Director - Retail Operations

 

 

News

 

Title

Date

Leader of the high street's quiet success
Daily Telegraph (UK) (1092 Words)

14-Nov-2011

London to get third Westfield centre
Daily Telegraph (UK) (218 Words)

10-Nov-2011

Apprentices' awards shortlist 10 finalists
Western Mail (Wales) (597 Words)

8-Nov-2011

2 for 1 on hot drinks at John Lewis Cardiff
South Wales Echo (UK) (145 Words)

8-Nov-2011

John Lewis Pet Insurance Voted top for Dog Insurance by Which?
Associated Press (559 Words)

4-Nov-2011

 

 

 

Registered No.(UK): 00238937

Parent Registered No.(UK): 00233462

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6487665

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6311538

 

 

Corporate Overview

 

Location

171 Victoria Street

Carlisle Place

London, SW1E 5NN

London County

United Kingdom

Tel:       020 7828 1000

Fax:      44-8454-049050

web:    www.johnlewispartnership.co.uk


           

Sales GBP(mil):             7,361.8

Assets GBP(mil):           4,946.6

Employees:                   74,800

Fiscal Year End:            29-Jan-2011

Industry:                        Retail (Department and Discount)

           

Registered Address:

171 Victoria Street

London, SW1E 5NN

United Kingdom

 

Incorporation Date:                     23-Apr-1929

Company Type:                         Private Parent

Quoted Status:                          Not Quoted

Registered No.(UK):                   00238937

Parent Registered No.(UK):         00233462

Managing Director, Director:        Simon Fowler

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Employment Opportunities

·         Executives

·         Financial Information

·         Home Page

·         News Releases

·         Products/Services

 

Contents

·         Industry Codes

·         Business Description

·         Brand/Trade Names

·         Financial Data

·         Subsidiaries

·         Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

4279     -          Other Store-Based Retailing Not Elsewhere Classified

4260     -          Department Stores

4110     -          Supermarket and Grocery Stores

 

NACE 2002 Codes:

5211     -          Retail sale in non-specialised stores with food, beverages or tobacco predominating

5212     -          Other retail sale in non-specialised stores

 

NAICS 2002 Codes:

45211   -          Department Stores

445110  -          Supermarkets and Other Grocery (except Convenience) Stores

452990  -          All Other General Merchandise Stores

 

US SIC 1987:

5311     -          Department Stores

5411     -          Grocery Stores

5399     -          Miscellaneous General Merchandise Stores

 

UK SIC 2003:

5212     -          Other retail sale in non-specialised stores

5211     -          Retail sale in non-specialised stores with food, beverages or tobacco predominating

 

Business Description

John Lewis Partnership plc is a United Kingdom-based company. The Company is engaged in retailing. Retail business includes 28 John Lewis full line department stores, one smaller scale John Lewis At Home, and 219 Waitrose supermarkets, and four Waitrose convenience stores. It has three segments: John Lewis,Waitrose, and Corporate and others. Corporate and others includes corporate and shared services overheads, finance transformation costs and Greenbee operations. John Lewis plc is the subsidiary of the Company. For the fiscal year ended 29 January 2011, John Lewis Partnership Plc's revenues increased 9% to £7.36B. Net income increased 20% to £127.4M. Total revenue reflects an increase in income from John Lewis and higher income from Waitrose business segment. Net income reflects an increase in gross profit & other operating income and decrease in finance costs. Company operating segments are John Lewis, Waitrose and Corporate & other.

 

More Business Descriptions

John Lewis Partnership PLC is one of the United Kingdom's top retail businesses with more than 25 John Lewis department stores and nearly 175 Waitrose supermarkets. It is one of the nation’s largest worker co-ownerships. Virtually all of the 63,000-person staff are partners in the business. Originating more than 75 years ago, John Lewis Partnership provides customers a variety of audio and TV, electrical, fashion, furniture, gifts and flowers, home and garden, nursery, sports and leisure and toy goods. John Lewis Partnership PLC maintains its head office in Edinburgh, Midlothian. (Updated by OneSource Information Services)

 

Holding company of retail stores group whose business comprises department stores, Waitrose supermarkets and ancillary manufacturing activities

 

Brand/Trade Names

·         Waitrose

·         John Lewis

·         Greenbee

 

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

7,361.8

Net Income:

127.4

Assets:

4,946.6

Long Term Debt:

902.6

 

Total Liabilities:

2,874.2

 

Working Capital:

0.1

 

 

 

Date of Financial Data:

29-Jan-2011

 

1 Year Growth

9.3%

NA

NA

 

Subsidiaries

Company

Percentage Owned

Country

John Lewis plc

100%

UK

 

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

Bank:

Royal Bank Of Scotland PLC

 

Auditor:

PricewaterhouseCoopers LLP, PricewaterhouseCoopers LLP, PricewaterhouseCoopers LLP

Auditors:

PwC

Investment Managers:

Baillie Gifford & Co., Coller Capital Ltd., Lansdowne Partners Ltd., J.P. Morgan Asset Management, Pantheon Ventures Ltd., M&G Investments, Record Currency Management Ltd., Schroder Investment Management Ltd., Walter Scott & Partners Ltd., State Street Global Advisors United Kingdom Ltd., TT International, Western Asset Management Co.Ltd., Baillie Gifford & Co., Coller Capital Ltd., J.P. Morgan Asset Management, Pantheon Ventures Ltd., M&G Investments, Record Currency Management Ltd., Schroder Investment Management Ltd., Walter Scott & Partners Ltd., State Street Global Advisors United Kingdom Ltd., TT International, Western Asset Management Co.Ltd.

Solicitors:

Eversheds LLP

Actuaries:

Towers Watson

Custodian:

JPMorgan Worldwide Securities Services

 

Auditor History

PricewaterhouseCoopers LLP

29-Jan-2011

PricewaterhouseCoopers LLP

31-Jan-2010

PricewaterhouseCoopers LLP

31-Jan-2009

PricewaterhouseCoopers LLP

26-Jan-2008

PricewaterhouseCoopers LLP

27-Jan-2007

 

 

 

GBP(mil)

Audit Fees:

0.7

Non Audit Fees:

0.4

Audit Fiscal Year:

01-29-2011

 

 

 

 

 

Strengths/Weaknesses (SWOT)

 

Helpful 
to achieving the objective

Harmful 
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        Greenbee Services

·        Employee Ownership

·        Strong Foothold in the UK

·        Broad Product Portfolio

Weaknesses

·        Product Recalls

·        Limited Geographic Concentration

External Origin
(attributes of the environment)

Opportunities

·        Growing Demand for Private Label Products

·        New Store Openings

·        Increase in Online Shopping

Threats

·        Growing Competitive Environment

·        Slowdown in Europe

·        Increasing Manpower Costs

 

Overview

John Lewis Partnership Plc (John Lewis) is a retailer which engages in operating a chain of departmental and supermarkets stores across the UK. It operates 28 department stores and three at home stores in the UK under the brand name of John Lewis and a chain of 237 supermarket and four convenience stores in the UK under the brand name of Waitrose. It sells both food and non-food items. The partnership’s strong foothold in the UK market, broad product portfolio, employee ownership and Greenbee services gives competitive edge over its competitors. Its limited geographic concentration and recent product recalls reamin a concern for the company. In addition, the increasing manpower costs, intense competition in the sector and the slowdown of European economy may impact its performance. But, its future growth is triggered by growing demand for private label products, new store openings and the increasing online retailing.

 

Strengths

 

Greenbee Services

The partnership’s Greenbee, direct services business, provides selected services to its customers and for their homes. It is operated by the partnership’s subsidiary namely, John Lewis Plc. Under this business, the partnership offers services including insurance, travel, phone and broadband, and partnership cards. Insurance services includes covering personal health, home, pets, personal belongings, wedding and life cover policies. It provides insurance services through Greenbee Insurance which changed its name to John Lewis Insurance in 2010. Travel service comprises of holidays trips, hotel bookings, flight bookings, honeymoon packages, car hiring and travel insurance. Greenbee Phone and Broadband service offers competitive packages for both phone and broadband connection. These services proved successful with customers as demonstrated by the high renewal rates experienced. Thus providing such services takes the Partnership into new markets.

 

Employee Ownership

John Lewis is the largest employee co-operative in the UK and has over 72,000 employees. This generates a sense of belongingness for the employees, which acts as a motivating factor for them to work harder. Its co-ownership model creates a culture of healthy competition by sharing information openly, fosters a long term approach by making management accountable to partners and rewards partners fairly for their individual contribution to its collective success.However, it has disadvantages as well. Even though, the decision making process becomes lengthier with the involvement of too many management committees and boards, the partner’s energy, innovation and sense of commitment drive the success and the sustainability of the business. Thus, being an employee ownership, John Lewis enhances its position as an outstanding retailer.

 

Strong Foothold in the UK

The partnership engages in the retail business in the UK. The partnership operates a store network of 31 John Lewis Shops in the UK which comprises 28 department stores and three at home stores in the UK under the brand name of John Lewis. It operates a chain of 237 supermarket and four convenience stores in the UK under the brand name of Waitrose. It ranks among the UK’s top ten retail businesses. Recently, the partnership’s two of the strongest retail brands in the UK - John Lewis was voted the UK’s Favourite Retailer and Waitrose the UK’s Top Food Retailer. Waitrose is the seventh largest supermarket chain in the UK with 3.5% market share in 2009. Such strong foothold in the UK market makes the partnership a tough competitor in comparison to its close business rivals. With its strong market presence, it is well placed to widen its market share and customer base.

 

Broad Product Portfolio

Broad product portfolio facilitates the partnership to widen its customer base thus, increasing its market share. It also insulates the partnership from risk associated with overdependence on a particular product line. It also helps to earn higher revenues as it provides balanced avenues for revenue generation. The deep and wide selection of products include both food and non-food items. Food items comprise of baked foods, fresh fruits and vegetables, wines, bacon, sausages, ice cream, wines, cheeses and honey. Non-food items includes consumer electronic items, groceries, household items, consumer household electrical appliances, apparel, footwear, furniture, home furnishings, gifts, toys and related accessories. It principally operates through two segments namely John Lewis and Waitrose. The John Lewis segment offers about 350,000 product lines which include home furnishings, sofas, bedroom furniture, kitchenware, electronic items, electronic household goods, computers and laptops, sports and leisurely items, fashion apparel, gifts, toys and related accessories. The Waitrose segment stores stocks over 18,000 product line comprising of beef, chicken, fresh fruits and vegetables, bacon, sausages, ice cream, wines, cheeses and honey. This Waitrose segments operates Leckford Estate produces crops, milk, meat, fruit and vegetables for sale in our supermarkets. Thus the partnership’s broad portfolio of products helps the partnership to reduce the impact of market volatility in one particular product segment and provides economic stability.

 

Weaknesses

 

Product Recalls

Recently, the partnership’s segment Waitrose recalled a certain date code of its own brand Natural Roasted Peanuts as they may be contaminated with small pieces of rubber. It recalled Waitrose Natural Roasted Peanuts, 250g. In 2009, this segment also recalled some of its Low Saturated Fat Chicken Tikka Masala with Pilau Rice (400g), as some packs may contain Chicken Korma with Pilau Rice, which contains nuts (cashew nut puree) that is not mentioned on the label. The product is a possible health risk for anyone with an allergy to nuts. A widespread product recall could result in significant losses due to the cost of recall, the destruction of product inventory, and lost sales due to the unavailability of the product for a period of time. The company could also suffer losses from a significant product liability judgment against it. A significant product recall or product liability case could also result in a loss of consumer confidence in its products, which could have a material adverse effect on the company’s business results and the value of its brands.

 

Limited Geographic Concentration

John Lewis has been one of the most prominent brands in the UK. However, it operates only 28 John Lewis department stores and three at home stores in the UK and 237 Waitrose supermarkets and four Waitrose convenience stores which is far lesser than its competitors like Carrefour and Wal-Mart. John Lewis operations are also limited to the UK market which restricts its revenue source. A wide geographically located store network helps the retailers to diversify the risks associated with a particular market. It also helps generate economies of scale from their large scale operations. However, John Lewis lacks these benefits due to its geographical concentration.

 

Opportunities

 

Growing Demand for Private Label Products

The company stands to benefit from the increasing demand for private label products. As shoppers are seeking out cheaper deals for their food and drink supplies, private label products are accounting of ever larger proportion of sales. The Confederation of the Food and Drink Industries of the EU (CIAA), in its latest Data & Trends report, noted a shift in consumer spending towards private label goods. According to the report, the penetration of the private label reached 48% in traditional retailers, and 94% in discounters. In the UK, almost every Top 30 retailer saw an increase in private label share. The UK also has one of the most advanced private label markets in the world (valued at around $100 billion). Improvements in packaging and quality have helped to remove the stigma attached to buying store brands. Carrefour too markets and distributes various private label products. Thus, the company can leverage its broad product offerings to garner higher market share and increase its profitability.

New Store Openings

 

The partnership remains committed to growth through seeking new stores and formats in previously unaddressed catchments and by taking its brands to new customers, including in overseas markets. In the first half of 2010, the company opened nine new branches representing an additional 75,000 sq ft (1.7%) of selling space. Three of these new shops are in the convenience format, including a new small-format branch in Cambridge. Further, the company in the second half of the year plans to open 15 branches including eight convenience stores. As a result Waitrose welcomed 1,100 new Partners to its existing portfolio. The company’s Waitrose under partnerships with Boots opened 11 stores which offer ‘food for now’ and another three where customers can buy Waitrose ‘food for later’ with seven Waitrose shops currently offering Boots health and toiletries ranges. During fiscal 2010, Waitrose invested GBP 303 million, mainly on 25 new stores acquired or built during the year and John Lewis invested GBP 112 million, mostly on the new stores in Cardiff and Poole, and Magna Park, the division’s new distribution centre in Milton Keynes. Thus, new store openings, by the partnership provide a strong opportunity to increase its market share and customer base. It also presents a choice to the partnership for its consolidation and expansion in the UK markets makes it more competitive when compared to its close business rivals.

 

Increase in Online Shopping

The rising popularity of online shopping offers a huge growth potential for the company. With life getting busier and Internet penetration getting deeper, the retailing industry is undergoing a change favorable to the industry. Worth just £365m in 2000, UK online food & grocery sales have grown rapidly to reach £4.7bn in 2010. With a fifth of consumers doing their weekly food & grocery shop online in 2010, it is now seen as the norm. The enhancements being made by the major players to improve their propositions and consumers increased desire for convenience has seen spend per head on online food & grocery increase from £280 in 2000 to £675 in 2010. By 2014, online sales will make up 5.2% of total food & grocery spends, with consumers using multiple channels to buy their groceries. The partnership operates e-commerce websites namely, www.greenbee.com, www.johnlewis.com and www.waitrose.com. These websites sells its stores merchandise. They also provide information about various products, their prices, stores and various services offered by the partnership. It also operates John Lewis Direct (internet retail) and Waitrose Direct (internet retail, mail order and wholesale including export). Thus the rising popularity of online shopping allows the company to share the cost advantage with the end customers as the middlemen get eliminated.

 

Threats

 

Growing Competitive Environment

 

The high growth potential in the retailing industry has been encouraging many players to venture into the lucrative market. Many business houses have diversified into this industry while the exiting ones have expanded their product offerings to attract a wider customer base. The industry has also been witnessing consolidation with the larger ones acquiring the domestic retailers to increase their market presence. John Lewis competes with various discount stores and supermarkets apart from independent retail stores. The major competitors include ASDA Stores Limited, Tesco PLC, Morrisons and Sainsburry’s. With the strong financial arm and store network, these retailers pose a major threat for the partnership. Thus John Lewis will be required to spend heavily on its marketing and branding activities apart from offering discounts on its products to attract customers. This may have a major impact on its profitability.

 

Slowdown in Europe

The company could lose out on revenues due to the declining sales in the UK retail market, owing to the economic slowdown. The consumers in the UK find their purchasing power diminishing and are left with lower disposable incomes. There has been a decline in their shopping activities with major purchases being restricted to essentials. According to The European Union's statistics agency – Eurostat, the retail sales index dropped by 2.3% and 1.4% in the Eurozone and EU27, respectively for the year ended April 2009, compared to the previous year. Further, sales of food, drinks and tobacco fell by 1.2% and 0.4% in both the regions, respectively. The non-food sector in the Eurozone and EU27 decreased by 2.5% and 0.9% respectively. Further, growth in Eurozone contracted by 3.9% during 2009 and is expected to grow by a mere 1% in 2010. Further, the company expects tougher market conditions with the prospect of tax rises, low wage inflation and general economic uncertainty exerting pressure on household spending. Thus, the economic slowdown in the region could directly impact the business operations of the company.

 

Increasing Manpower Costs

The company's profit margins could be adversely affected due to the increasing wage rates in the UK. The manpower costs throughout the globe have been on a rise over the past few years. With the shortage of talented manpower and increasing government mandated minimum wages, the labor costs in the developing countries too have been witnessing a major uptrend. In the UK, the government increased the minimum wage rate from GBP 5.73 per hour in October 2008 to GBP 5.93 an hour in October 2010. It is further expected to increase in the next few years. Such rising manpower costs might increase the operational cost and reduce the profitability of the company, as it has 72,000 partners. Compliance with these government mandated wage hikes would add up new costs to the company, resulting in lower profitability.

 

 

Corporate Family

Corporate Structure News:

 

John Lewis Partnership Plc

John Lewis Partnership Plc 
Total Corporate Family Members: 195 
Excluded Small Branches and/or Trading Addresses: 165 (Available via export) 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

John Lewis Partnership Plc

Parent

London

United Kingdom

Retail (Department and Discount)

11,347.4

74,800

John Lewis PLC

Subsidiary

London

United Kingdom

Retail (Department and Discount)

11,347.4

74,800

Waitrose Ltd.

Subsidiary

Bracknell

United Kingdom

Retail (Grocery)

7,244.4

44,800

Findlater Mackie Todd & Co. Ltd.

Subsidiary

London

United Kingdom

Retail (Specialty)

 

 

Waitrose Card Services Ltd.

Subsidiary

London

United Kingdom

Commercial Banks

 

 

Hampreston Estates Ltd.

Subsidiary

London

United Kingdom

Construction Services

 

 

John Lewis Transport Ltd.

Subsidiary

Welwyn Garden City

United Kingdom

Rental and Leasing

 

800

Jonelle Ltd.

Subsidiary

Stockbridge

United Kingdom

Fish and Livestock

 

180

Peter Jones Ltd.

Subsidiary

Ilkley

United Kingdom

Nonclassifiable Industries

 

8

John Lewis Properties PLC

Subsidiary

London

United Kingdom

Construction Services

65.4

 

Jlp Scotland Ltd.

Subsidiary

Aberdeen

United Kingdom

Business Services

0.0

 

Leckford Mushrooms Ltd.

Subsidiary

London

United Kingdom

Crops

 

 

Suburban & Provincial Stores Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

Jonelle Jewellery Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

Suburban & Provincial Contracts Ltd.

Subsidiary

London

United Kingdom

Construction Services

 

 

Cavendish Textiles Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

John Lewis Pt Holdings Ltd.

Subsidiary

London

United Kingdom

Commercial Banks

 

 

John Lewis Building Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

Jlp Victoria Ltd.

Subsidiary

London

United Kingdom

Commercial Banks

 

 

Buy. Com Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

John Lewis Overseas Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

Bainbridge & Co. Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

Cole Brothers, Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

John Lewis Card Services Ltd.

Subsidiary

London

United Kingdom

Commercial Banks

 

 

Bonds (Norwich) Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

John Lewis Construction Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

Herbert Parkinson Ltd.

Subsidiary

Darwen

United Kingdom

Textiles - Non Apparel

31.7

261

John Lewis Car Finance Ltd.

Subsidiary

London

United Kingdom

Miscellaneous Financial Services

14.7

 

John Lewis Foundation

Affiliates

London

United Kingdom

Nonclassifiable Industries

0.1

 

John Lewis Partnership Pensions Trust

Affiliates

London

United Kingdom

Investment Services

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Charlie Mayfield

 

Chairman of the Board

Chairman

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Charlie Mayfield serves as Executive Chairman of the Board of John Lewis Partnership PLC since March 2007. He is Member of the Board since 2001. He joined the Partnership in 2000 as Head of Business Development, responsible for business strategy and development for both John Lewis and Waitrose. He joined the Board as Development Director in 2001 and was responsible for developing the Partnership's online strategy including the purchase of Buy.com UK (now johnlewis.com) and negotiating the Partnership's stake in Last Mile Solutions (now called Ocado). He become Managing Director of John Lewis in 2005. He became Deputy Chairman in February 2007 prior to taking up his appointment as Chairman. He began his career as an officer in the Scots Guards. He joined SmithKline Beecham in 1992 and became Marketing Manager for the Lucozade brand, before moving to McKinsey & Co in 1996, where he worked with consumer and retail organisations.

David M. Barclay

 

Non-Executive Independent Deputy Chairman of the Board

Vice-Chairman

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. David M. Barclay is Non-Executive Independent Deputy Chairman of the Board of John Lewis Partnership PLC since March 2007. He joined the Board as a Non-Executive Director in 2006. He also holds nonexecutive directorships with VT Group plc, Gartmore Group Ltd and Wessex Water Services Limited. He is also the Chairman of the Remuneration Committee. David has spent most of his career in investment banking. He started out in the Civil Service, and then became Head of Corporate Finance for NatWest Markets. He then moved to Dresdner Kleinwort Wasserstein where he rose to become Vice Chairman. He is also a non-executive director of VT Group plc and Wessex Water Services Limited.

Johnny Aisher

 

Non-Executive Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Johnny Aisher is Non-Executive Director of John Lewis Partnership PLC. He is Clerk to the Partnership Council since 2004 and a Member of the Board since 1999. He joined the Partnership in 1985 as a graduate trainee at John Lewis Oxford Street, later becoming department manager in Jones Brothers and then John Lewis Kingston. He moved into IT in 1994 as a Systems Advisor for department stores, then Analyst and Project Manager for credit systems, before transferring to Waitrose in 2001 as Office and Personnel Systems Manager and until 2004 as Manager of the Waitrose Information Systems team. Throughout his career until becoming Clerk he has been an elected council and committee member in several branches and for the Partnership, also serving as a director of the Pensions Trust Board from 1993-2005.

David Anderson

 

Non-Execuitve Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. David Anderson has been appointed as Non-Executive Independent Director of John Lewis Partnership PLC with effect from 7 February 2011. He is a non-executive director of NFU Mutual Insurance Society, Chairman of the think tank Mutuo and the first Chairman of the newly formed Reclaim Fund. He is a former Chief Executive of Co-operative Financial Services ('CFS'), part of The Co-operative Group, the UK's consumer co-operative. In 2008 he led CFS' merger with the Britannia Building Society which created the UK's most diversified financial mutual. Mr. Anderson was Chief Executive of Job Centre Plus from 2003-2005, before which he spent 19 years with the Yorkshire Building Society including seven years as Chief Executive from 1996 to 2003.

Anne Buckley

 

Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Anne Buckley serves as Director of John Lewis Partnership PLC. She is Registrar, Group F, Waitrose since 2005 and a Member of the Board since 2003 and joined the Partnership 1985. She joined the Partnership as a weekend assistant at Waitrose Harpenden in 1985, becoming a full-time 'A' Level Trainee the following year. Over the next 15 years she worked in various Waitrose branches as a section manager, before moving to Personnel in 2001. She became Assistant Group Personnel Manager in Waitrose in March 2002 and was appointed Registrar, Waitrose Group 'F' in October 2005. Throughout her career she has been a keen participant in the Partnership's democracy, including being a Waitrose Councillor for six years and, since 1998, a Partnership Councillor. She was elected to the Board in 2003, and is also a member of the Partnership Council's Pay and Benefits Committee, and has served as Chairman for three years.

Marisa L. Cassoni

 

Finance Director, Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Marisa L. Cassoni is Finance Director, Director of John Lewis Partnership PLC since 2006. Also holds non-executive directorships with WSP Group plc, GFI Group Inc and The Peabody Trust and is a member of the Accounting Standards Board. She brings financial experience: she was Group Finance Director at Britannic Assurance plc from 1998 to 2001 and Group Finance Director of Prudentials UK division from 1994 to 1998. A qualified chartered accountant since 1975, she holds non-executive directorships of NASDAQ-listed GFI, and WSP Group, and chairs the audit committees of the latter two. She also sits on the Accounting Standards Board and is a Governor of the Peabody Trust.

Simon Fowler

 

Managing Director, Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Simon Fowler is Managing Director, Director of John Lewis Partnership PLC. He is Managing Director, John Lewis, Oxford Street since February 2011. Member of the Board since May 2010. Joined the Partnership 1986.

Sarah Hogg

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Baroness Lady Sarah Hogg is Non-Executive Independent Director of John Lewis Partnership PLC with effect from 7 February 2011. She is currently Chairman of the Financial Reporting Council and Senior Independent Director of BG Group. She is also a lead independent director of HM Treasury and a Senior Adviser to the FSA. Other positions include Chairman of 3i from 2001-2010 and Deputy Chairman of GKN from 2003-2006. Lady Hogg was also head of the Prime Minister's Policy Unit from 1990-1995 and previously worked as a financial and economic journalist. She was Economics Editor at the Times, Sunday Times, Telegraph and Sunday Telegraph and spent 13 years on the staff of the Economist.

Baroness Hogg

 

Non-Executive Director

Director/Board Member

 

 

Tracey Killen

 

Director - Personnel, Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Tracey Killen is Director of Personnel of John Lewis Partnership PLC since April 2007, when she joined the Board. She joined the Partnership 1982. She is responsible for all areas of personnel policy within the Partnership, including the identification and development of future talent. She joined the Partnership as an 'A' Level Trainee at John Lewis Bristol in 1982. She was appointed Department Manager, Stationery, in 1988 before moving to perfumery the following year. She became Staff Manager in 1992, and in 1995 transferred to John Lewis High Wycombe as Merchandise Manager. Later that year she was appointed General Manager, John Lewis Bristol and became General Manager John Lewis Cribbs Causeway in 1998. She was promoted to Managing Director, John Lewis Cribbs Causeway in 2000 and became Personnel Director in July 2002. She took up her appointment as the Partnership's Personnel Director in April 2007.

Patrick Lewis

 

Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Patrick Lewis is Director of John Lewis Partnership PLC. He is Partners’ Counsellor since February 2009 when he joined the Board. He joined the Partnership 1994.

Kim Lowe

 

Managing Director - John Lewis, Glasgow, Non-Executive Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Kim Lowe is Managing Director-John Lewis, Glasgow, Non-Executive Director of John Lewis Partnership PLC. She is Managing Director, John Lewis, Glasgow since June 2010. Member of the Board since July 2007. Joined the Partnership 1982.

Andrew Charles Mayfield

 

Director

Director/Board Member

 

 

Andrew Moys

 

Director-Communications

Director/Board Member

 

 

Mark Price

 

Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Mark Price is Director of John Lewis Partnership PLC. He is Managing Director, Waitrose since April 2007. Joined the Board 2005. He joined the Partnership in 1982 as a graduate trainee. He held numerous posts before being appointed Managing Director, John Lewis, High Wycombe and in 1995 became the first Managing Director at John Lewis, Cheadle. He left Cheadle in 1998 and transferred to Waitrose as Marketing Director. He was appointed Director of Selling & Marketing in 2000 additionally taking responsibility for retail operations. In January 2005 he was appointed Development Director when he became a member of the Partnership Board. In March 2007 he became Managing Director, Partnership Development taking on additional executive responsibilities which support the Chairman. He took up the appointment of Managing Director, Waitrose in April 2007.

Tony Probert

 

Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Tony Probert serves as Director of John Lewis Partnership PLC., since May 2010. He is a Branch Manager, Waitrose Farnham since 2005. Joined the Partnership 1977.

Andy Street

 

Managing Director, Executive Director

Director/Board Member

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Andy Street serves as Managing Director, Executive Director of John Lewis Partnership PLC. He is Managing Director, John Lewis since February 2007 and a Member of the Board since 2002. He joined the Partnership in 1985 as a trainee after graduating from Oxford University. After initial postings in the John Lewis department stores, he became Assistant to the Director of Research and Expansion in 1988. He then ran one of the Partnership's production facilities before returning to the department store as Managing Director, John Lewis Milton Keynes in 1993. He was the first Managing Director of John Lewis Bluewater from 1998 to 2000 when he moved to Head Office as Supply Chain Director, John Lewis. He was appointed to the Partnership Board as Director of Personnel in 2002. He became Managing Director, John Lewis in February 2007.



, University of Oxford

 

Executives

 

Name

Title

Function

 

Dino Rocos

 

Director - Operations

Division Head Executive

 

Simon Fowler

 

Managing Director, Director

Managing Director

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Simon Fowler is Managing Director, Director of John Lewis Partnership PLC. He is Managing Director, John Lewis, Oxford Street since February 2011. Member of the Board since May 2010. Joined the Partnership 1986.

Kim Lowe

 

Managing Director - John Lewis, Glasgow, Non-Executive Director

Managing Director

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Kim Lowe is Managing Director-John Lewis, Glasgow, Non-Executive Director of John Lewis Partnership PLC. She is Managing Director, John Lewis, Glasgow since June 2010. Member of the Board since July 2007. Joined the Partnership 1982.

Andy Street

 

Managing Director, Executive Director

Managing Director

 

 

Reuters Biography (John Lewis Partnership Plc)

Mr. Andy Street serves as Managing Director, Executive Director of John Lewis Partnership PLC. He is Managing Director, John Lewis since February 2007 and a Member of the Board since 2002. He joined the Partnership in 1985 as a trainee after graduating from Oxford University. After initial postings in the John Lewis department stores, he became Assistant to the Director of Research and Expansion in 1988. He then ran one of the Partnership's production facilities before returning to the department store as Managing Director, John Lewis Milton Keynes in 1993. He was the first Managing Director of John Lewis Bluewater from 1998 to 2000 when he moved to Head Office as Supply Chain Director, John Lewis. He was appointed to the Partnership Board as Director of Personnel in 2002. He became Managing Director, John Lewis in February 2007.



, University of Oxford

Andrew Murphy

 

Director - Retail Operations

Operations Executive

 

 

Margaret Casely-Hayford

 

Company Secretary, Director - Legal Services

Company Secretary

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Margaret Casely-Hayford is Company Secretary and Director of Legal Services of John Lewis Partnership PLC.

Marisa L. Cassoni

 

Finance Director, Director

Finance Executive

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Marisa L. Cassoni is Finance Director, Director of John Lewis Partnership PLC since 2006. Also holds non-executive directorships with WSP Group plc, GFI Group Inc and The Peabody Trust and is a member of the Accounting Standards Board. She brings financial experience: she was Group Finance Director at Britannic Assurance plc from 1998 to 2001 and Group Finance Director of Prudentials UK division from 1994 to 1998. A qualified chartered accountant since 1975, she holds non-executive directorships of NASDAQ-listed GFI, and WSP Group, and chairs the audit committees of the latter two. She also sits on the Accounting Standards Board and is a Governor of the Peabody Trust.

Rachel Osborne

 

Finance Director

Finance Executive

 

 

Andrew Chapman

 

Pension Investment Manager

Investment Executive

 

 

Paul Fountain

 

Deputy Head of Pensions

Investment Executive

 

 

Dinesh Visavadia

 

Head of Pensions

Investment Executive

 

 

Tracey Killen

 

Director - Personnel, Director

Human Resources Executive

 

 

Reuters Biography (John Lewis Partnership Plc)

Ms. Tracey Killen is Director of Personnel of John Lewis Partnership PLC since April 2007, when she joined the Board. She joined the Partnership 1982. She is responsible for all areas of personnel policy within the Partnership, including the identification and development of future talent. She joined the Partnership as an 'A' Level Trainee at John Lewis Bristol in 1982. She was appointed Department Manager, Stationery, in 1988 before moving to perfumery the following year. She became Staff Manager in 1992, and in 1995 transferred to John Lewis High Wycombe as Merchandise Manager. Later that year she was appointed General Manager, John Lewis Bristol and became General Manager John Lewis Cribbs Causeway in 1998. She was promoted to Managing Director, John Lewis Cribbs Causeway in 2000 and became Personnel Director in July 2002. She took up her appointment as the Partnership's Personnel Director in April 2007.

Andrew Moys

 

Director-Communications

Corporate Communications Executive

 

 

Charlotte Cool

 

Head of Public Affairs

Public Relations Executive

 

 

Paul Coby

 

Director, IT

Information Executive

 

 

 

 

Directors and Shareholders Report

 

Main Office Address:
171 Victoria Street
Carlisle Place
London
United Kingdom SW1E 5NN

Tel: 020 7828 1000
Fax: 44-8454-049050
URL:http://www.johnlewispartnership.co.uk/

Annual Return Date: 27 Jun 2011
Total Issued Capital (GBP 000):75,059

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Anthony Phillip 
Probert

Current

04 Jul 1959

171 Victoria Street, London, 
London , London SW1E 5NN

01 May 2010

NA

Current:1
Previous:0
Disqualifications:0

 

Marisa Luisa
Cassoni

Current

27 Dec 1951

171 Victoria Street, London, 
London , London SW1E 5NN

26 Jun 2006

NA

Current:35
Previous:9
Disqualifications:0

 

Patrick 
Lewis

Current

09 Jul 1965

171 Victoria Street, 
London , London SW1E 5NN

02 Feb 2009

NA

Current:3
Previous:2
Disqualifications:0

 

Johnny Wilfried 
Aisher

Current

24 Feb 1962

171 Victoria Street, 
London , London SW1E 5NN

27 May 1999

NA

Current:3
Previous:1
Disqualifications:0

 

Tracey Anne
Killen

Current

25 Apr 1961

171 Victoria Street, 
London , London SW1E 5NN

30 Apr 2007

NA

Current:2
Previous:0
Disqualifications:0

 

Kim Michelle
Lowe

Current

06 Jun 1963

171 Victoria Street, 
London , London SW1E 5NN

19 Jul 2007

NA

Current:1
Previous:0
Disqualifications:0

 

David 
Anderson

Current

23 Oct 1955

171 Victoria Street, London, 
London , London SW1E 5NN

07 Feb 2011

NA

Current:3
Previous:1
Disqualifications:0

 

Simon Jeffrey 
Fowler

Current

25 Apr 1965

171 Victoria Street, London, 
London , London SW1E 5NN

01 May 2010

NA

Current:2
Previous:0
Disqualifications:0

 

Sarah Elizabeth Mary 
Hogg

Current

14 May 1946

Kettlethorpe Hall,
Lincoln, Lincolnshire LN1 2LD

07 Feb 2011

NA

Current:3
Previous:9
Disqualifications:0

 

Andrew Charles 
Mayfield

Current

25 Dec 1966

171 Victoria Street, 
London , London SW1E 5NN

24 Sep 2001

NA

Current:10
Previous:3
Disqualifications:0

 

Mark Ian 
Price

Current

02 Mar 1961

171 Victoria Street, 
London , London SW1E 5NN

30 Jan 2005

NA

Current:3
Previous:6
Disqualifications:0

 

Andrew John
Street

Current

11 Jun 1963

171 Victoria Street, 
London , London SW1E 5NN

30 Dec 2002

NA

Current:4
Previous:2
Disqualifications:0

 

Anne Margaret 
Buckley

Current

19 Jan 1968

171 Victoria Street, 
London , London SW1E 5NN

22 May 2003

NA

Current:1
Previous:0
Disqualifications:0

 

David Martin
Barclay

Current

23 Jan 1954

Gartmore House 8 Fenchurch Place, 
London , London EC3M 4PB

21 Aug 2006

NA

Current:4
Previous:5
Disqualifications:0

 

Vera Stephanie 
Shirley

Previous

16 Sep 1933

47 Thames House, Phyllis Court Drive, 
Henley-On-Thames, Oxfordshire RG9 2NA

02 Oct 1999

24 Sep 2001

Current:2
Previous:9
Disqualifications:0

 

David Arthur
Stevens

Previous

06 Jan 1940

3 Walkers Mill, Dunkirk Mills Inchbrook, 
Stroud, Gloucestershire GL5 5HH

27 Jun 1992

31 Jan 1997

Current:0
Previous:2
Disqualifications:0

 

Jane Elizabeth 
Tozer

Previous

16 Oct 1947

Jpmorgan Asset Management (Uk) Limited 20 Finsbury, 
London , London EC2Y 9AQ

21 Aug 2006

20 Aug 2010

Current:7
Previous:9
Disqualifications:0

 

Kenneth David 
Temple

Previous

09 Jun 1947

171 Victoria Street, 
London , London SW1E 5NN

23 May 1996

04 Jun 2007

Current:4
Previous:3
Disqualifications:0

 

Kathryn Jill 
Green

Previous

07 Aug 1955

171 Victoria Street, 
London , London SW1E 5NN

09 Sep 2004

10 May 2005

Current:0
Previous:2
Disqualifications:0

 

Ian David 
Alexander

Previous

21 Mar 1950

35 Tytherton Road, 
Upper Holloway, London N19 4PZ

27 Jun 1992

27 Nov 2005

Current:0
Previous:13
Disqualifications:0

 

Ian Raymond
Bassett

Previous

20 Oct 1937

7 Holles Close, 
Hampton, Middlesex TW12 3EB

27 Jun 1992

22 May 1997

Current:0
Previous:2
Disqualifications:0

 

David Stuart 
Ramsey

Previous

06 Aug 1939

61 High Street, Langford, 
Biggleswade, Bedfordshire SG18 9RU

27 Jun 1992

04 Jun 1998

Current:0
Previous:2
Disqualifications:0

 

Alastair 
Mckay

Previous

10 Feb 1946

171 Victoria Street, 
London , London SW1E 5NN

25 May 2000

23 Feb 2007

Current:1
Previous:9
Disqualifications:0

 

Christopher Luke 
Mayhew

Previous

25 Jun 1953

Pets At Home, Epsom Avenue Stanley Green Trading Estate, 
Wilmslow, Cheshire SK9 3RN

01 Feb 1993

24 Dec 2004

Current:3
Previous:14
Disqualifications:0

 

Dudley Richard 
Cloake

Previous

24 Oct 1943

8 Pageant Crescent, 
Rotherhithe, London SE16 5FZ

20 Feb 1997

30 Dec 2002

Current:2
Previous:8
Disqualifications:0

 

David Leonard 
Felwick

Previous

09 Nov 1944

171 Victoria Street, 
London , London SW1E 5NN

27 Jun 1992

03 Sep 2004

Current:4
Previous:11
Disqualifications:0

 

Stephen Charles 
May

Previous

05 Sep 1937

10 Cheyne Gardens, 
London , London SW3 5QU

27 Jun 1992

07 Mar 1997

Current:2
Previous:6
Disqualifications:0

 

Brian Anthony 
O'Callaghan

Previous

13 Jun 1942

Redwood House Orchard Place, South View Road, 
Crowborough, East Sussex TN6 1GA

27 Jun 1992

28 Jan 2000

Current:0
Previous:11
Disqualifications:0

 

Martin Norman 
Whitell

Previous

31 Jan 1951

171 Victoria Street, 
London , London SW1E 5NN

19 Jul 2007

01 May 2010

Current:0
Previous:1
Disqualifications:0

 

David Ernest
Young

Previous

08 Mar 1942

Gable Cottage, 
Henley-On-Thames, Oxfordshire RG9 2JX

27 Jun 1992

11 Mar 2002

Current:2
Previous:12
Disqualifications:0

 

Evelyn Anne 
Strouts

Previous

06 Oct 1952

171 Victoria Street, 
London , London SW1E 5NN

26 May 2005

04 Jun 2007

Current:0
Previous:1
Disqualifications:0

 

Stuart 
Hampson

Previous

07 Jan 1947

Pankridge Farm, Chinnor Road Bledlow Ridge, 
High Wycombe, Buckinghamshire HP14 4AE

27 Jun 1992

01 Apr 2007

Current:0
Previous:15
Disqualifications:0

 

Cedric Christopher 
Stephens

Previous

13 Apr 1946

Flat 6 2 Bolsover Street, 
London , London W1P 7HG

23 May 1996

22 May 1997

Current:0
Previous:1
Disqualifications:0

 

Timothy 
Leader

Previous

25 Feb 1953

10 Langwood Close, Eaton Socon St Neots, 
St. Neots, Cambridgeshire PE19 3QN

22 May 1997

27 May 1999

Current:0
Previous:1
Disqualifications:0

 

Kim 
Mcgarth

Previous

03 Oct 1958

76A Stapleton Road, Tooting, 
Tooting, London SW17 8AU

22 May 1997

27 Mar 1999

Current:0
Previous:1
Disqualifications:0

 

David St John 
Jones

Previous

11 Nov 1960

171 Victoria Street, 
London , London SW1E 5NN

27 May 1999

01 May 2010

Current:1
Previous:2
Disqualifications:0

 

Monty Robert Emilyn 
Peach

Previous

08 Mar 1943

Ricehead, 
Alston, Cumbria CA9 3DB

04 Jun 1998

22 May 2003

Current:0
Previous:1
Disqualifications:0

 

Irene Felicity
Miller

Previous

20 Jan 1952

Flat 1 26 Gloucester Square, 
Paddington, London W2 2TB

31 Mar 1997

30 Sep 1999

Current:0
Previous:1
Disqualifications:0

 

Andrew 
Slater

Previous

21 Jul 1952

171 Victoria Street, 
London , London SW1E 5NN

NA

23 May 1996

Current:0
Previous:3
Disqualifications:0

 

Steven Derek 
Esom

Previous

NA

4 Ashdown Way, Kingwood, 
Henley-On-Thames, Oxfordshire RG9 5WD

11 Mar 2002

24 Apr 2007

Current:0
Previous:10
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

There are no corporate directors for this company.

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Margaret Henrietta Augusta 
Casely-Hayford

Current

19 Nov 1954

171 Victoria Street, 
London , London SW1E 5NN

28 Apr 2006

NA

Current:31
Previous:2
Disqualifications:0

 

Brian James 
Pritchard

Previous

NA

The Chase, Garden Close Lane, Wash Common, 
Newbury, Berkshire RG14 6PP

27 Jun 1992

09 May 2001

Current:0
Previous:29
Disqualifications:0

 

Terence Frank 
Neville

Previous

23 Feb 1946

171 Victoria Street, 
London , London SW1E 5NN

10 May 2001

27 Apr 2006

Current:1
Previous:34
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

There are no corporate secretaries for this company.

 

 

Shareholders

OneSource currently does not provide shareholding information for this company.

 

Significant Developments

There were no significant developments matching your query for KeyID 42245529

 

 

Annual Profit & Loss

 

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)   

 

 

 

29-Jan-2011

31-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

51 Weeks

52 Weeks

53 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635292

0.558389

0.499706

0.539226

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

Turnover (UK)

-

-

11,223.7

12,111.5

11,824.7

Turnover (Exports)

-

-

0.0

0.0

0.0

Total Turnover

11,347.4

10,600.8

11,223.7

12,111.5

11,824.7

Cost of Sales

7,520.0

7,021.0

7,513.4

8,019.9

8,293.2

Gross Profit

3,827.4

3,579.8

3,710.3

4,091.6

3,531.5

Depreciation

332.2

298.9

324.3

338.8

306.4

Other Expenses

3,247.4

3,047.1

3,437.7

3,352.2

2,967.2

Other Income

92.3

89.7

330.4

100.7

107.2

Interest Paid

106.8

140.1

98.7

80.0

79.6

Exceptional Income

1.5

0.3

0.0

-362.4

-287.8

Discontinued Operations

0.0

0.0

0.0

-0.4

-1.9

Profit Before Taxes

567.1

482.6

504.3

397.6

304.1

Tax Payable / Credit

70.9

76.8

86.1

118.9

103.1

Extraordinary Items/Debits

-299.8

-238.2

0.0

-18.2

0.0

Dividends

-

-

-

1.6

0.4

Profit After Taxes

196.4

167.6

418.2

259.0

200.6

Audit Fees

1.1

0.5

1.3

1.9

1.1

Non Audit Fees

0.6

1.1

0.9

0.4

0.4

Number of Employees

74,800

70,000

-

68,430

67,100

Wages

1,574.8

1,480.3

1,626.1

1,730.6

1,516.2

Social Security Costs

126.4

142.9

132.0

174.3

122.8

Other Pension Costs

565.2

421.5

449.7

537.1

491.6

Employees Remuneration

2,266.5

2,044.7

2,207.8

2,442.0

2,130.6

Directors Remuneration

6.1

5.6

5.4

7.6

6.6

Highest Paid Director

1.5

1.4

1.5

1.8

1.5

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

29-Jan-2011

31-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.631154

0.624064

0.717437

0.504236

0.510334

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

Land & Buildings

4,816.1

4,435.6

-

-

-

Fixtures & Fittings

923.5

998.1

-

-

-

Plant & Vehicles

0.0

0.0

-

-

-

Total Tangible Fixed Assets

5,739.6

5,433.7

4,428.0

5,992.8

5,622.2

Intangible Assets

176.5

148.2

118.6

132.7

120.1

Investments

65.6

135.2

30.2

62.1

38.6

Total Fixed Assets

5,981.7

5,717.2

4,576.8

6,187.6

5,780.9

Stocks

667.3

638.1

490.1

682.6

682.3

Work in Progress

1.3

1.3

1.0

1.4

2.7

Total Stocks Work In Progress

668.6

639.4

491.1

684.0

685.0

Trade Debtors

124.5

105.1

63.8

80.3

92.7

Inter-Company Debtors

0.0

0.0

0.0

7.1

9.0

Director Loans

0.0

0.0

0.0

0.0

0.0

Other Debtors

209.6

163.4

191.9

332.4

162.2

Total Debtors

334.1

268.6

255.8

419.8

263.9

Cash and Equivalents

812.3

897.3

275.4

241.2

486.0

Other Current Assets

40.6

21.8

32.6

27.4

2.9

Total Current Assets

1,855.6

1,827.1

1,054.9

1,372.4

1,437.9

Total Assets

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

Trade Creditors

672.6

574.0

444.5

679.2

639.4

Bank Overdraft

-

185.2

-

115.8

101.7

Inter-Company Creditors

-

-

0.0

9.1

11.0

Director Loans (Current Liability)

-

-

-

0.0

0.0

Hire Purchase (Current Liability)

0.0

0.0

0.0

0.0

0.0

Finance Lease (Current Liability)

1.3

1.1

0.8

1.4

2.5

Total Finance Lease/Hire Purchase (Current Liability)

1.3

1.1

0.8

1.4

2.5

Total Short Term Loans

261.9

-

-

0.0

196.0

Accruals/Deferred Income (Current Liability)

306.3

310.2

133.5

194.9

181.6

Social Security/VAT

224.0

187.8

120.3

238.8

235.1

Corporation Tax

0.0

2.7

24.9

0.0

37.0

Other Current Liabilities

568.3

462.3

388.2

626.5

530.8

Total Current Liabilities

2,034.4

1,723.4

1,112.3

1,865.8

1,935.2

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

-

-

-

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

44.4

45.7

40.7

59.7

59.4

Total Hire Purchase Loans (Long Term Liability)

44.4

45.7

40.7

59.7

59.4

Other Long Term Loans

1,385.7

1,328.1

763.6

825.2

786.7

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

67.0

79.5

72.5

Other Long Term Liabilities

759.9

1,529.5

0.0

0.0

0.0

Total Long Term Liabilities

2,190.0

2,903.2

871.3

964.4

918.6

Deferred Taxation

150.0

0.0

0.0

89.4

81.7

Other Provisions

178.9

186.4

1,246.8

1,292.5

1,042.1

Total Provisions

328.9

186.4

1,246.8

1,381.9

1,123.8

Issued Capital

1.0

1.0

0.8

9.5

9.4

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

3,272.4

2,722.0

2,380.3

3,323.4

3,218.9

Other Reserves

10.1

7.7

19.7

14.1

12.1

Minority Interests (Balance Sheet)

-0.6

-0.6

-0.6

-0.8

-0.8

Total Shareholders Funds

3,283.5

2,730.6

2,400.8

3,347.0

3,240.4

Net Worth

3,107.0

2,582.4

2,282.2

3,214.4

3,120.3

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

29-Jan-2011

31-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

51 Weeks

52 Weeks

53 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635292

0.558389

0.499706

0.539226

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

29-Jan-2011

31-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

51 Weeks

52 Weeks

53 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.631154

0.624064

0.717437

0.504236

0.510334

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

Current Ratio

0.91

1.06

0.95

0.74

0.74

Liquidity Ratio

0.58

0.69

0.51

0.37

0.39

Stock Turnover

17.79

16.88

17.45

17.55

18.24

Credit Period (Days)

3.82

3.56

2.72

2.44

2.71

Working Capital by Sales

-1.50%

0.96%

-0.67%

-4.11%

-3.98%

Trade Credit by Debtors

5.40

5.46

6.96

8.46

6.90

Return on Capital

10.24%

8.44%

8.52%

6.92%

6.08%

Return on Assets

7.58%

6.51%

6.84%

5.21%

4.45%

Profit Margin

5.00%

4.55%

4.49%

3.28%

2.57%

Return on Shareholders Funds

18.10%

17.99%

16.04%

11.77%

9.92%

Borrowing Ratio

54.50%

60.41%

35.28%

31.46%

37.09%

Equity Gearing

41.90%

36.20%

42.63%

44.27%

44.89%

Debt Gearing

46.03%

53.20%

35.24%

27.53%

27.12%

Interest Coverage

5.31

3.44

5.11

4.97

3.82

Sales by Tangible Assets

2.07

1.99

1.94

2.00

2.22

Average Remuneration per Employee

0.0

0.0

-

0.0

0.0

Profit per Employee

0.0

0.0

-

0.0

0.0

Sales per Employee

0.2

0.2

-

0.2

0.2

Capital Employed per Employee

0.1

0.1

-

0.1

0.1

Tangible Assets per Employee

0.1

0.1

-

0.1

0.1

Total Assets per Employee

0.1

0.1

-

0.1

0.1

Employee Remuneration by Sales

19.97%

19.29%

19.67%

20.16%

18.02%

Creditor Days (Cost of Sales Based)

31.17

29.31

28.28

31.19

26.63

Creditor Days (Sales Based)

20.65

19.41

18.93

20.66

18.68

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal 
30-Jan-2010

Reclassified Normal 
31-Jan-2009

Restated Normal
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

10,596.5

11,223.7

12,111.5

10,545.1

    Gross Revenue

12,649.1

-

-

-

-

    Sales Returns and Allowances

-178.8

-

-

-

-

    Excise Tax Receipts

-1,122.9

-

-

-

-

Revenue

11,347.4

10,596.5

11,223.7

12,111.5

10,545.1

Total Revenue

11,347.4

10,596.5

11,223.7

12,111.5

10,545.1

 

 

 

 

 

 

    Cost of Revenue

7,520.0

7,018.2

7,513.4

8,019.9

7,019.3

Cost of Revenue, Total

7,520.0

7,018.2

7,513.4

8,019.9

7,019.3

Gross Profit

3,827.4

3,578.3

3,710.3

4,091.6

3,525.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

3,056.4

2,889.9

3,037.7

3,185.7

2,778.4

Total Selling/General/Administrative Expenses

3,056.4

2,889.9

3,037.7

3,185.7

2,778.4

    Minimum Pension Liability Adjustment

189.4

155.6

175.9

198.9

156.3

    Other, Net

-82.8

-80.4

-82.2

-83.2

-67.9

Other Operating Expenses, Total

106.7

75.2

93.7

115.7

88.5

Total Operating Expense

10,683.0

9,983.4

10,644.7

11,321.2

9,886.2

 

 

 

 

 

 

Operating Income

664.3

613.2

579.0

790.3

658.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-99.4

-76.0

-83.1

-79.6

-78.3

    Interest Expense, Net Non-Operating

-99.4

-76.0

-83.1

-79.6

-78.3

        Interest Income - Non-Operating

4.3

6.0

20.1

14.2

14.3

        Investment Income - Non-Operating

-298.6

-235.5

-2.3

-359.6

-287.1

    Interest/Investment Income - Non-Operating

-294.3

-229.6

17.7

-345.4

-272.8

    Interest Income (Expense) - Net Non-Operating

-3.4

-63.3

-9.3

32.4

-

Interest Income (Expense) - Net Non-Operating Total

-397.1

-368.8

-74.7

-392.6

-351.1

Income Before Tax

267.3

244.4

504.3

397.6

307.8

 

 

 

 

 

 

Total Income Tax

70.9

76.8

86.1

118.9

105.5

Income After Tax

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Net Income Before Extraord Items

196.4

167.6

418.2

278.8

202.3

    Discontinued Operations

-

-

-

-18.2

-1.3

Total Extraord Items

-

-

-

-18.2

-1.3

Net Income

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Diluted Net Income

196.4

167.6

418.2

260.6

201.0

Dividends per Share - Common Stock Primary Issue

0.00

0.00

-

-

-

Gross Dividends - Common Stock

0.0

0.0

-

-

-

Interest Expense, Supplemental

85.2

76.0

83.1

77.4

77.1

Depreciation, Supplemental

332.2

298.8

324.3

338.8

306.4

Total Special Items

12.3

30.1

8.4

-

-

Normalized Income Before Tax

279.6

274.4

512.7

397.6

307.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.3

9.4

1.4

-

-

Inc Tax Ex Impact of Sp Items

74.2

86.2

87.6

118.9

105.5

Normalized Income After Tax

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Amort of Intangibles, Supplemental

37.0

38.4

37.6

35.4

27.1

Rental Expenses

164.9

153.6

153.5

159.5

158.2

Normalized EBIT

676.7

643.2

587.4

790.3

658.9

Normalized EBITDA

1,045.8

980.4

949.3

1,164.5

992.3

    Current Tax - Domestic

95.9

89.1

86.5

67.2

101.3

    Current Tax - Other

-17.6

-15.6

-21.3

-7.6

-9.5

Current Tax - Total

78.3

73.5

65.2

59.6

91.8

    Deferred Tax - Domestic

-16.5

-3.3

11.6

59.2

13.7

    Deferred Tax - Other

9.1

6.6

9.3

-

-

Deferred Tax - Total

-7.4

3.3

21.0

59.2

13.7

Income Tax - Total

70.9

76.8

86.1

118.9

105.5

Interest Cost - Domestic

246.0

251.1

268.5

235.1

190.5

Service Cost - Domestic

185.0

152.2

172.1

196.5

186.2

Expected Return on Assets - Domestic

-249.9

-212.4

-258.8

-267.6

-221.4

Other Pension, Net - Domestic

4.5

3.5

3.8

3.2

-

Domestic Pension Plan Expense

185.6

194.3

185.5

167.3

155.2

Defined Contribution Expense - Domestic

1.7

1.4

0.5

0.6

0.3

Total Pension Expense

187.3

195.7

186.1

167.9

155.5

Discount Rate - Domestic

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Rate of Return - Domestic

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Domestic

3.85%

3.75%

4.50%

4.45%

3.95%

Pension Payment Rate - Domestic

3.15%

3.25%

3.50%

3.45%

2.95%

Total Plan Interest Cost

246.0

251.1

268.5

235.1

190.5

Total Plan Service Cost

185.0

152.2

172.1

196.5

186.2

Total Plan Expected Return

-249.9

-212.4

-258.8

-267.6

-221.4

Total Plan Other Expense

4.5

3.5

3.8

3.2

-

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
26-Jan-2008

Reclassified Normal 
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.631154

0.624064

0.717437

0.504236

0.510334

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

133.4

134.8

92.8

142.6

152.1

    Short Term Investments

678.9

762.6

182.6

98.6

333.9

Cash and Short Term Investments

812.3

897.3

275.4

241.2

486.0

        Accounts Receivable - Trade, Gross

126.1

106.4

65.2

-

-

        Provision for Doubtful Accounts

-1.6

-1.3

-1.4

-

-

    Trade Accounts Receivable - Net

124.5

105.1

63.8

87.5

101.7

    Other Receivables

113.0

71.6

60.5

85.9

53.1

Total Receivables, Net

237.5

176.7

124.3

173.3

154.8

    Inventories - Finished Goods

659.3

630.2

483.1

672.7

670.1

    Inventories - Work In Progress

1.3

1.3

1.0

1.4

2.7

    Inventories - Raw Materials

8.1

7.9

7.0

9.9

12.1

Total Inventory

668.6

639.4

491.1

684.0

685.0

Prepaid Expenses

123.6

91.8

69.6

266.5

109.1

    Other Current Assets

13.6

21.8

32.6

7.3

2.9

Other Current Assets, Total

13.6

21.8

32.6

7.3

2.9

Total Current Assets

1,855.6

1,827.1

993.0

1,372.4

1,437.9

 

 

 

 

 

 

        Land/Improvements

5,372.7

5,121.6

4,048.4

5,436.3

5,075.3

        Machinery/Equipment

2,495.4

2,386.1

1,893.4

2,495.9

2,333.4

        Construction in Progress

365.8

143.4

198.9

280.2

285.9

    Property/Plant/Equipment - Gross

8,234.0

7,651.1

6,140.7

8,212.4

7,694.6

    Accumulated Depreciation

-2,494.3

-2,217.4

-1,712.8

-2,219.6

-2,072.4

Property/Plant/Equipment - Net

5,739.6

5,433.7

4,428.0

5,992.8

5,622.2

    Intangibles - Gross

378.2

313.9

231.8

263.0

218.9

    Accumulated Intangible Amortization

-201.7

-165.7

-113.2

-130.3

-98.8

Intangibles, Net

176.5

148.2

118.6

132.7

120.1

Note Receivable - Long Term

65.6

68.1

61.9

62.1

38.6

    Deferred Income Tax - Long Term Asset

0.0

67.1

30.2

0.0

-

Other Long Term Assets, Total

0.0

67.1

30.2

0.0

-

Total Assets

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

Accounts Payable

672.6

574.0

444.5

688.4

650.4

Accrued Expenses

489.4

452.7

241.7

424.0

410.3

Notes Payable/Short Term Debt

261.9

185.2

105.7

115.8

101.7

Current Portion - Long Term Debt/Capital Leases

1.3

1.1

0.8

1.4

198.5

    Customer Advances

40.9

45.3

12.1

9.7

6.5

    Income Taxes Payable

0.0

2.7

24.9

0.0

37.0

    Other Payables

153.1

128.2

125.2

194.6

155.2

    Other Current Liabilities

415.3

334.1

255.9

431.9

375.6

Other Current liabilities, Total

609.2

510.4

418.2

636.2

574.3

Total Current Liabilities

2,034.4

1,723.4

1,210.8

1,865.8

1,935.2

 

 

 

 

 

 

    Long Term Debt

1,385.7

1,328.1

763.6

833.5

795.0

    Capital Lease Obligations

44.4

45.7

40.7

59.7

59.4

Total Long Term Debt

1,430.1

1,373.7

804.3

893.2

854.3

Total Debt

1,693.2

1,560.1

910.7

1,010.4

1,154.5

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

150.0

0.0

0.0

89.4

81.7

Deferred Income Tax

150.0

0.0

0.0

89.4

81.7

Minority Interest

0.6

0.6

0.6

0.8

0.8

    Reserves

178.9

186.4

130.7

193.8

177.9

    Pension Benefits - Underfunded

655.9

1,449.5

1,017.5

1,098.7

864.1

    Other Long Term Liabilities

103.9

80.0

67.0

79.5

72.5

Other Liabilities, Total

938.8

1,715.8

1,215.3

1,372.0

1,114.6

Total Liabilities

4,553.9

4,813.6

3,230.9

4,221.2

3,986.6

 

 

 

 

 

 

    Common Stock

1.0

1.0

0.8

1.2

1.2

Common Stock

1.0

1.0

0.8

1.2

1.2

Additional Paid-In Capital

-

2.2

2.0

2.8

2.7

Retained Earnings (Accumulated Deficit)

3,282.6

2,727.4

2,398.0

3,334.8

3,228.3

Total Equity

3,283.5

2,730.6

2,400.8

3,338.7

3,232.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

0.6

0.6

0.6

0.6

0.6

Total Common Shares Outstanding

0.6

0.6

0.6

0.6

0.6

    Shares Outstanding - Preferred Stock Primary Issue

3.7

3.7

3.7

3.7

3.7

    Shares Outstanding - Preferred Stock Issue 2

0.5

0.5

0.5

0.5

0.5

Total Preferred Stock Outstanding

4.2

4.2

4.2

4.2

4.2

Employees

74,800

70,000

68,700

68,200

66,800

Accumulated Intangible Amort, Suppl.

201.7

165.7

113.2

130.3

98.8

Deferred Revenue - Current

40.9

45.3

12.1

9.7

6.5

Deferred Revenue - Long Term

102.2

77.9

65.0

76.0

68.6

    Interest Costs

-45.8

-51.4

-46.8

-69.2

-71.1

Total Capital Leases, Supplemental

45.6

46.8

41.5

61.1

61.9

Capital Lease Payments Due in Year 1

3.2

3.4

3.1

4.4

4.3

Capital Lease Payments Due in Year 2

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in Year 3

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in Year 4

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in Year 5

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in 2-3 Years

5.9

6.6

5.9

8.5

8.4

Capital Lease Payments Due in 4-5 Years

5.9

6.6

5.9

8.5

8.4

Cap. Lease Pymts. Due in Year 6 & Beyond

76.5

81.6

73.6

108.9

111.9

Total Operating Leases, Supplemental

3,462.2

3,214.3

2,549.1

3,445.0

3,387.4

Operating Lease Payments Due in Year 1

165.9

143.3

105.8

141.2

130.5

Operating Lease Payments Due in Year 2

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 3

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 4

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 5

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 6

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 7

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 8

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 9

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 10

-

-

-

109.8

107.4

Operating Lease Pymts. Due in 2-3 Years

312.1

275.8

202.1

262.2

246.2

Operating Lease Pymts. Due in 4-5 Years

312.1

275.8

202.1

262.2

246.2

Oper. Lse. Pymts. Due in Year 6 & Beyond

2,672.1

2,519.5

2,039.1

2,779.5

2,764.5

Pension Obligation - Domestic

4,545.6

4,525.2

3,253.2

4,753.7

4,383.4

Plan Assets - Domestic

3,907.1

3,122.1

2,260.8

3,686.8

3,546.7

Funded Status - Domestic

-638.5

-1,403.1

-992.4

-1,067.0

-836.7

Unfunded Plan Obligations

17.4

46.5

25.1

31.7

27.4

Total Funded Status

-655.9

-1,449.5

-1,017.5

-1,098.7

-864.1

Discount Rate - Domestic

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Rate of Return - Domestic

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Domestic

3.85%

3.75%

4.50%

4.45%

3.95%

Pension Payment Rate - Domestic

3.15%

3.25%

3.50%

3.45%

2.95%

Accrued Liabilities - Domestic

-655.9

-1,449.5

-1,017.5

-1,067.0

-836.7

Other Assets, Net - Domestic

365.7

912.6

570.2

255.8

11.0

Net Assets Recognized on Balance Sheet

-290.3

-537.0

-447.3

-811.1

-825.7

Equity % - Domestic

74.00%

71.00%

73.00%

64.00%

69.00%

Debt Securities % - Domestic

13.00%

14.00%

15.00%

20.00%

16.00%

Real Estate % - Domestic

8.00%

8.00%

11.00%

13.00%

14.00%

Other Investments % - Domestic

5.00%

7.00%

1.00%

3.00%

1.00%

Total Plan Obligations

4,563.1

4,571.6

3,278.3

4,785.5

4,410.8

Total Plan Assets

3,907.1

3,122.1

2,260.8

3,686.8

3,546.7

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal
30-Jan-2010

Updated Normal 
26-Jan-2008

Reclassified Normal
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

267.3

244.4

504.3

397.6

307.8

    Depreciation

332.2

298.8

324.3

338.6

306.2

Depreciation/Depletion

332.2

298.8

324.3

338.6

306.2

    Amortization of Intangibles

37.0

38.4

37.6

35.4

27.1

Amortization

37.0

38.4

37.6

35.4

27.1

    Discontinued Operations

-

-

-

-0.8

-2.2

    Unusual Items

-1.5

3.3

-227.1

-0.4

-15.9

    Other Non-Cash Items

397.1

368.8

302.8

425.0

351.1

Non-Cash Items

395.5

372.1

75.8

423.8

332.9

    Accounts Receivable

-65.5

-38.1

135.6

-183.7

-24.5

    Inventories

-35.5

-73.5

-13.3

3.2

-48.6

    Accounts Payable

203.6

185.8

-72.7

88.3

138.7

    Other Liabilities

13.9

-9.0

58.0

-10.8

48.8

    Other Operating Cash Flow

-509.7

-260.2

-376.3

-445.3

-340.1

Changes in Working Capital

-393.2

-194.9

-268.6

-548.3

-225.7

Cash from Operating Activities

638.8

758.7

673.4

647.2

748.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-690.4

-645.6

-651.5

-682.6

-675.2

    Purchase/Acquisition of Intangibles

-67.1

-52.2

-70.2

-46.8

-44.0

Capital Expenditures

-757.4

-697.8

-721.7

-729.4

-719.2

    Sale of Business

-

-

-

1.6

0.0

    Sale of Fixed Assets

5.7

11.2

16.1

33.6

49.0

    Other Investing Cash Flow

4.8

8.5

22.7

15.2

14.1

Other Investing Cash Flow Items, Total

10.5

19.7

38.9

50.4

63.1

Cash from Investing Activities

-747.0

-678.2

-682.9

-679.0

-656.1

 

 

 

 

 

 

    Other Financing Cash Flow

-118.2

-16.5

-87.2

-59.6

-64.5

Financing Cash Flow Items

-118.2

-16.5

-87.2

-59.6

-64.5

        Repurchase/Retirement of Preferred

-0.3

-0.3

-0.4

-0.4

-0.4

    Preferred Stock, Net

-0.3

-0.3

-0.4

-0.4

-0.4

Issuance (Retirement) of Stock, Net

-0.3

-0.3

-0.4

-0.4

-0.4

        Long Term Debt Issued

233.7

447.2

204.9

-

-

        Long Term Debt Reduction

-2.3

-3.3

-2.9

-174.1

-94.8

    Long Term Debt, Net

231.4

443.9

202.0

-174.1

-94.8

Issuance (Retirement) of Debt, Net

231.4

443.9

202.0

-174.1

-94.8

Cash from Financing Activities

112.8

427.0

114.4

-234.1

-159.7

 

 

 

 

 

 

Net Change in Cash

4.6

507.6

104.9

-266.0

-67.5

 

 

 

 

 

 

Net Cash - Beginning Balance

685.0

191.6

113.2

392.4

431.2

Net Cash - Ending Balance

689.6

699.2

218.1

126.5

363.7

Cash Interest Paid

3.1

1.1

35.8

80.0

85.1

Cash Taxes Paid

42.4

63.6

15.0

116.7

98.5

 

spacebar

 

© 1983-2011 Reuters Research Inc. All Rights Reserved.

Published by OneSource Information Services, Inc., November, 2011.

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal 
30-Jan-2010

Reclassified Normal 
31-Jan-2009

Restated Normal 
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

-

10,596.5

11,223.7

12,111.5

10,545.1

    Gross Sales

12,649.1

-

-

-

-

    Adjustment for Sale or Return Sales

-178.8

-

-

-

-

    Value Added Tax

-1,122.9

-

-

-

-

Total Revenue

11,347.4

10,596.5

11,223.7

12,111.5

10,545.1

 

 

 

 

 

 

    Cost of Sales

7,520.0

7,018.2

7,513.4

8,019.9

7,019.3

    Other Operating Income

-82.8

-80.4

-82.2

-83.2

-67.9

    Branch Operating Expenses

2,391.8

2,363.0

2,446.1

2,447.0

2,175.0

    Administrative Expenses

664.6

526.9

591.5

738.6

603.5

    Pension Costs

189.4

155.6

175.9

198.9

156.3

Total Operating Expense

10,683.0

9,983.4

10,644.7

11,321.2

9,886.2

 

 

 

 

 

 

    Interest Payable

-81.1

-71.9

-79.5

-77.4

-77.1

    Amortisation of Issue Cost of Bonds

-1.7

-1.7

-0.5

-0.6

-0.6

    Preference Dividends

-0.5

-0.5

-0.5

-0.6

-0.6

    SIP Dividends

-2.0

-1.9

-2.5

-1.0

0.0

    Premium Paid on Bond Redemption

-14.2

0.0

-

-

-

    Adjustments to Fair Value

-0.2

-0.8

-5.9

-0.4

-1.3

    Net Finance cost from Retirement Scheme

-7.2

-63.3

-9.7

0.0

-

    Interest Receivable

4.2

5.8

19.9

14.0

14.1

    Adjustment to Fair Value

1.4

3.3

0.0

3.2

0.0

    Preference Dividends

0.2

0.2

0.2

0.2

0.2

    Net Finance Incom from Retirement Scheme

3.9

0.0

0.4

32.4

-

    Share of Interest Income of Associate

-

-

-

-16.0

-33.4

    Dilution of Interest

-

0.0

228.2

16.0

33.4

    Partnership Bonus

-299.8

-238.1

-224.6

-362.4

-285.8

Net Income Before Taxes

267.3

244.4

504.3

397.6

307.8

 

 

 

 

 

 

Provision for Income Taxes

70.9

76.8

86.1

118.9

105.5

Net Income After Taxes

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Net Income Before Extra. Items

196.4

167.6

418.2

278.8

202.3

    Discontinued Operation

-

-

-

-18.2

-1.3

Net Income

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Diluted Net Income

196.4

167.6

418.2

260.6

201.0

DPS-Deferred Ordinary Shares

0.00

0.00

-

-

-

Gross Dividends - Common Stock

0.0

0.0

-

-

-

Normalized Income Before Taxes

279.6

274.4

512.7

397.6

307.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

74.2

86.2

87.6

118.9

105.5

Normalized Income After Taxes

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Depreciation

332.2

298.8

324.3

338.8

306.4

Amortisation of Intangible

37.0

38.4

37.6

35.4

27.1

Rental Expenses

164.9

153.6

153.5

159.5

158.2

Interest Expenses

85.2

76.0

83.1

77.4

77.1

    Current Tax - Corporation Tax

95.9

89.1

86.5

67.2

101.3

    Current Tax - Prior Year Corporation Tax

-17.6

-15.6

-21.3

-7.6

-9.5

Current Tax - Total

78.3

73.5

65.2

59.6

91.8

    Deferred Tax - Origination/Reversal

-16.5

-3.3

11.6

59.2

13.7

    Deferred tax -prior years

9.1

6.6

9.3

-

-

Deferred Tax - Total

-7.4

3.3

21.0

59.2

13.7

Income Tax - Total

70.9

76.8

86.1

118.9

105.5

Current service Cost

185.0

152.2

172.1

196.5

186.2

Interest Cost

246.0

251.1

268.5

235.1

190.5

Expected Rate of Ret. - Pension

-249.9

-212.4

-258.8

-267.6

-221.4

Other - Pension

4.5

3.5

3.8

3.2

-

Domestic Pension Plan Expense

185.6

194.3

185.5

167.3

155.2

Defined Contribution Scheme

1.7

1.4

0.5

0.6

0.3

Total Pension Expense

187.3

195.7

186.1

167.9

155.5

Discount Rate - Pension

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Return on Assets - Pension

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Pension

3.85%

3.75%

4.50%

4.45%

3.95%

Pensions Payment Rate

3.15%

3.25%

3.50%

3.45%

2.95%

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
26-Jan-2008

Reclassified Normal
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.631154

0.624064

0.717437

0.504236

0.510334

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

8.1

7.9

7.0

9.9

12.1

    Work In Progress

1.3

1.3

1.0

1.4

2.7

    Finished Goods and Goods For Resale

659.3

630.2

483.1

672.7

670.1

    Trade Debtors

-

-

-

80.3

92.7

    Trade Debtors

126.1

106.4

65.2

-

-

    Impaired

-1.6

-1.3

-1.4

-

-

    Other Debtors

86.0

71.6

60.5

65.8

53.1

    Due From Associate Undertaking

-

-

0.0

7.1

9.0

    Prepayments and Accrued Income

123.6

91.8

69.6

266.5

109.1

    Current Tax Receivables

26.9

0.0

0.0

20.0

0.0

    Derivative Financial Instruments

13.6

21.8

32.6

7.3

2.9

    Cash at Bank and in Hand

133.4

134.8

92.8

142.6

152.1

    Short Term Deposit

678.9

762.6

182.6

98.6

333.9

Total Current Assets

1,855.6

1,827.1

993.0

1,372.4

1,437.9

 

 

 

 

 

 

    Computer Software

306.6

273.0

191.1

245.5

188.3

    Work in Progress

71.6

40.9

40.7

17.5

30.6

    Accumulated Intangible Amortization

-201.7

-165.7

-113.2

-130.3

-98.8

    Land and Buildings

5,372.7

5,121.6

4,048.4

5,436.3

5,075.3

    Fixtures and Fittings

2,495.4

2,386.1

1,893.4

2,495.9

2,333.4

    Assets in Course of Construction

365.8

143.4

198.9

280.2

285.9

    Depreciation

-2,494.3

-2,217.4

-1,712.8

-2,219.6

-2,072.4

    Trade and Other Receivable

65.6

68.1

61.9

62.1

38.6

    Deferred Tax

0.0

67.1

30.2

0.0

-

Total Assets

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

    Bank Overdraft and Other Borrowings

261.9

185.2

105.7

115.8

101.7

    Loans

-

-

-

0.0

196.0

    Trade Creditors

672.6

574.0

444.5

679.2

639.4

    Amount Associate Undertaking

-

-

0.0

9.1

11.0

    Other Creditors

153.1

128.2

125.2

194.6

155.2

    Other Taxation and Social Security

224.0

187.8

120.3

238.8

235.1

    Accruals

265.4

264.9

121.4

185.2

175.2

    Deferred Income

40.9

45.3

12.1

9.7

6.5

    Partnership Bonus

279.0

220.5

157.4

324.3

271.2

    Corporation Tax

-

-

-

0.0

37.0

    Finance Lease

1.3

1.1

0.8

1.4

2.5

    Taxes Payable

0.0

2.7

24.9

-

-

    Provision

134.7

109.8

98.5

107.7

102.3

    Derivative Financial Insturments

1.6

3.8

0.0

0.0

2.2

Total Current Liabilities

2,034.4

1,723.4

1,210.8

1,865.8

1,935.2

 

 

 

 

 

 

    Bonds

1,294.3

1,257.7

718.4

797.8

786.7

    5% Cumulative Preference Stock

5.9

5.9

0.7

1.0

1.0

    7.5% Cumulative Preference Stock

0.8

0.8

5.2

7.3

7.3

    SIP Shares

84.8

63.6

39.3

27.4

0.0

    Finance Lease

44.4

45.7

40.7

59.7

59.4

Total Long Term Debt

1,430.1

1,373.7

804.3

893.2

854.3

 

 

 

 

 

 

    Accruals

1.7

2.1

2.1

3.6

3.9

    Deferred Income

102.2

77.9

65.0

76.0

68.6

    Provisions

178.9

186.4

130.7

193.8

177.9

    Deferred Tax

150.0

0.0

0.0

89.4

81.7

    Pensions

655.9

1,449.5

1,017.5

1,098.7

864.1

    Minority Interest

0.6

0.6

0.6

0.8

0.8

Total Liabilities

4,553.9

4,813.6

3,230.9

4,221.2

3,986.6

 

 

 

 

 

 

    Deferred Ordinary Shares

1.0

1.0

0.8

1.2

1.2

    Capital Redemption Reserve

-

8.0

7.0

9.9

9.8

    Capital Reserve

-

2.2

2.0

2.8

2.7

    Hedge Reserve

-

-2.6

10.7

1.4

-0.4

    Other Reserve

10.1

-

-

-

-

    Profit and Loss Account

3,272.4

2,722.0

2,380.3

3,323.4

3,218.9

Total Equity

3,283.5

2,730.6

2,400.8

3,338.7

3,232.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

    S/O-Deferred Ordinary Shares

0.6

0.6

0.6

0.6

0.6

Total Common Shares Outstanding

0.6

0.6

0.6

0.6

0.6

    S/O-5% Cumm. Pref. Stock

3.7

3.7

3.7

3.7

3.7

    S/O-7.5% Cumm. Pref. Stock

0.5

0.5

0.5

0.5

0.5

Total Preferred Shares Outstanding

4.2

4.2

4.2

4.2

4.2

Accumulated Intangible Amortization

201.7

165.7

113.2

130.3

98.8

Deferred Income - Current

40.9

45.3

12.1

9.7

6.5

Deferred Income - Long Term

102.2

77.9

65.0

76.0

68.6

Full-Time Employees

74,800

70,000

68,700

68,200

66,800

Capital Leases Maturing within 1 Year

3.2

3.4

3.1

4.4

4.3

Capital Leases Maturing within 5 Years

11.7

13.3

11.7

17.1

16.9

Operating Leases Maturing After 5 Years

76.5

81.6

73.6

108.9

111.9

Interest

-45.8

-51.4

-46.8

-69.2

-71.1

Total Capital Leases, Supplemental

45.6

46.8

41.5

61.1

61.9

Operating Leases Maturing within 1 Year

165.9

143.3

105.8

141.2

130.5

Operating Leases Maturing within 5 Years

624.3

551.5

404.2

524.4

492.4

Operating Lease Maturing 5-10 Years

-

-

-

549.1

536.9

Operating Leases Remaining Maturities

2,672.1

2,519.5

2,039.1

2,230.3

2,227.6

Total Operating Leases, Supplemental

3,462.2

3,214.3

2,549.1

3,445.0

3,387.4

Projected Benefit Obligation - Pension

4,545.6

4,525.2

3,253.2

4,753.7

4,383.4

FV of Plan Assets - Pension

3,907.1

3,122.1

2,260.8

3,686.8

3,546.7

Funded Status - Pension

-638.5

-1,403.1

-992.4

-1,067.0

-836.7

Unfunded Benefit Obligation

17.4

46.5

25.1

31.7

27.4

Total Funded Status

-655.9

-1,449.5

-1,017.5

-1,098.7

-864.1

Discount Rate - Pension

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Return on Assets- Pension

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Pension

3.85%

3.75%

4.50%

4.45%

3.95%

Pensions Payment Rate

3.15%

3.25%

3.50%

3.45%

2.95%

Liability - Pension

-655.9

-1,449.5

-1,017.5

-1,067.0

-836.7

Acturial Gain/Loss - Pension

365.7

912.6

570.2

255.8

11.0

Net Assets Recognized on Balance Sheet

-290.3

-537.0

-447.3

-811.1

-825.7

Equity % - Pension

74.00%

71.00%

73.00%

64.00%

69.00%

Bonds % - Pension

13.00%

14.00%

15.00%

20.00%

16.00%

Property % - Pension

8.00%

8.00%

11.00%

13.00%

14.00%

Other % - Pension

5.00%

7.00%

1.00%

3.00%

1.00%

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal 
30-Jan-2010

Updated Normal 
26-Jan-2008

Reclassified Normal 
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

267.3

244.4

504.3

397.6

307.8

    Depreciation

332.2

298.8

324.3

338.6

306.2

    Amortisation of Intangible

37.0

38.4

37.6

35.4

27.1

    Net Finance Cost

97.3

130.8

78.3

62.6

65.3

    Partnership Provision

299.8

238.1

224.6

362.4

285.8

    Disposal of Property Plant and Equipment

-1.5

3.3

1.1

-0.4

-15.9

    Profit on Disposal of Associate

-

0.0

-228.2

-

-

    Increase in Stocks

-35.5

-73.5

-13.3

3.2

-48.6

    Increase in Debtors

-65.5

-38.1

135.6

-183.7

-24.5

    Increase in Creditors

203.6

185.8

-72.7

88.3

138.7

    Pension

0.9

-16.4

32.6

-20.8

7.8

    Movement in Provisions

12.9

7.4

25.4

10.0

41.0

    Partnership Bonus Paid For Previous Year

-233.1

-195.6

-325.4

-307.8

-221.1

    Interest Paid

-3.1

-1.1

-35.8

-20.8

-20.6

    Taxation

-42.4

-63.6

-15.0

-116.7

-98.5

    Discontinued Operations

-

-

-

-0.8

-2.2

    Special Contribution to the Pension Sche

-231.2

0.0

-

-

-

Cash from Operating Activities

638.8

758.7

673.4

647.2

748.3

 

 

 

 

 

 

    Capital Expenditures

-690.4

-645.6

-651.5

-682.6

-675.2

    Purchase of Intangible

-67.1

-52.2

-70.2

-46.8

-44.0

    Sale of Tangible Assets

5.7

11.2

16.1

33.6

49.0

    Sale of Business

-

-

-

1.6

0.0

    Finance Income Received

4.8

8.5

22.7

15.0

14.5

    Discontinued Operation

-

-

-

0.2

-0.4

Cash from Investing Activities

-747.0

-678.2

-682.9

-679.0

-656.1

 

 

 

 

 

 

    Finance costs Paid on Bonds

-118.2

-16.5

-87.2

-59.2

-64.5

    Payments of Capital Element of Finance

-0.6

-0.9

-1.8

-1.6

-2.0

    Premium Paid on Options

-

-

-

-0.4

0.0

    Payments to SIP shareholders

-1.7

-2.4

-1.1

-

-

    Payments to Preference Shareholders

-0.3

-0.3

-0.4

-0.4

-0.4

    Increase in Borrowings

233.7

447.2

204.9

-

-

    Loan Repayments

-

-

-

-172.5

-92.7

Cash from Financing Activities

112.8

427.0

114.4

-234.1

-159.7

 

 

 

 

 

 

Net Change in Cash

4.6

507.6

104.9

-266.0

-67.5

 

 

 

 

 

 

Cash at Start

685.0

191.6

113.2

392.4

431.2

Cash at End

689.6

699.2

218.1

126.5

363.7

    Cash Interest Paid

3.1

1.1

35.8

80.0

85.1

    Cash Taxes Paid

42.4

63.6

15.0

116.7

98.5

                


Financial health

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jul-2011

Quarter
Ending
Yr Ago

Annual
Year End
29-Jan-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

5,864.8

5.36%

11,347.4

9.31%

6.75%

7.41%

Operating Income1

180.8

-23.21%

664.3

10.60%

2.96%

8.89%

Income Available to Common Excl Extraord Items1

108.7

-10.19%

196.4

19.62%

-2.93%

7.44%

Capital Expenditures2

372.2

47.59%

757.4

10.80%

10.47%

11.62%

Cash from Operating Activities2

70.7

-

638.8

-14.06%

8.62%

4.43%

Free Cash Flow

-305.2

-

-122.0

-

-

-

Total Assets3

8,078.8

7.40%

7,837.4

5.07%

9.07%

7.24%

Total Liabilities3

4,678.3

6.58%

4,553.9

-4.32%

10.53%

7.78%

Total Long Term Debt3

1,524.1

-7.65%

1,430.1

5.28%

26.08%

10.81%

Employees3

-

-

74800

6.86%

3.13%

3.26%

Total Common Shares Outstanding3

0.6

0.00%

0.6

0.00%

0.00%

0.00%

1-ExchangeRate: GBP to USD Average for Period

0.616542

 

0.648767

 

 

 

2-ExchangeRate: GBP to USD Average for Period

0.616542

 

0.648767

 

 

 

3-ExchangeRate: GBP to USD Period End Date

0.609199

 

0.631154

 

 

 

Key Ratios

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Profitability

Gross Margin

33.73%

33.77%

33.06%

33.78%

33.44%

Operating Margin

5.85%

5.79%

5.16%

6.52%

6.25%

Pretax Margin

2.36%

2.31%

4.49%

3.28%

2.92%

Net Profit Margin

1.73%

1.58%

3.73%

2.30%

1.92%

Financial Strength

Current Ratio

0.91

1.06

0.82

0.74

0.74

Long Term Debt/Equity

0.44

0.50

0.34

0.27

0.26

Total Debt/Equity

0.52

0.57

0.38

0.30

0.36

Interest Coverage

195.91

9.69

62.17

-

-

Management Effectiveness

Return on Assets

2.64%

2.43%

5.95%

3.72%

3.04%

Return on Equity

6.75%

6.22%

13.71%

8.36%

6.90%

Efficiency

Receivables Turnover

56.59

67.51

70.98

72.74

73.61

Inventory Turnover

11.88

11.87

12.04

11.54

11.23

Asset Turnover

1.53

1.54

1.60

1.61

1.59

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Financial Strength

Current Ratio

0.91

1.06

0.82

0.74

0.74

Quick/Acid Test Ratio

0.52

0.62

0.33

0.22

0.33

Working Capital1

-178.7

103.7

-217.9

-493.4

-497.3

Long Term Debt/Equity

0.44

0.50

0.34

0.27

0.26

Total Debt/Equity

0.52

0.57

0.38

0.30

0.36

Long Term Debt/Total Capital

0.29

0.32

0.24

0.21

0.19

Total Debt/Total Capital

0.34

0.36

0.28

0.23

0.26

Interest Coverage

195.91

9.69

62.17

-

-

Effective Tax Rate

26.53%

31.42%

17.08%

29.89%

34.28%

Total Capital1

4,976.8

4,290.7

3,311.5

4,349.2

4,386.7

 

 

 

 

 

 

Efficiency

Asset Turnover

1.53

1.54

1.60

1.61

1.59

Inventory Turnover

11.88

11.87

12.04

11.54

11.23

Days In Inventory

30.71

30.74

30.33

31.63

32.49

Receivables Turnover

56.59

67.51

70.98

72.74

73.61

Days Receivables Outstanding

6.45

5.41

5.14

5.02

4.96

Revenue/Employee2

155,936

154,165

127,155

175,993

166,798

Operating Income/Employee2

9,129

8,921

6,559

11,483

10,422

EBITDA/Employee2

14,202

13,826

10,660

16,921

15,697

 

 

 

 

 

 

Profitability

Gross Margin

33.73%

33.77%

33.06%

33.78%

33.44%

Operating Margin

5.85%

5.79%

5.16%

6.52%

6.25%

EBITDA Margin

9.11%

8.97%

8.38%

9.61%

9.41%

EBIT Margin

5.85%

5.79%

5.16%

6.52%

6.25%

Pretax Margin

2.36%

2.31%

4.49%

3.28%

2.92%

Net Profit Margin

1.73%

1.58%

3.73%

2.30%

1.92%

COGS/Revenue

66.27%

66.23%

66.94%

66.22%

66.56%

SG&A Expense/Revenue

26.94%

27.27%

27.06%

26.30%

26.35%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

2.64%

2.43%

5.95%

3.72%

3.04%

Return on Equity

6.75%

6.22%

13.71%

8.36%

6.90%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-199.34

101.33

-61.49

-133.19

50.27

Operating Cash Flow/Share 2

1,072.84

1,262.54

856.35

1,047.99

1,291.93

1-ExchangeRate: GBP to USD Period End Date

0.631154

0.624064

0.717437

0.504236

0.510334

2-ExchangeRate: GBP to USD Average for Period

0.631154

0.624064

0.717437

0.504236

0.510334

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal 
30-Jan-2010

Reclassified Normal 
31-Jan-2009

Restated Normal
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

10,596.5

11,223.7

12,111.5

10,545.1

    Gross Revenue

12,649.1

-

-

-

-

    Sales Returns and Allowances

-178.8

-

-

-

-

    Excise Tax Receipts

-1,122.9

-

-

-

-

Revenue

11,347.4

10,596.5

11,223.7

12,111.5

10,545.1

Total Revenue

11,347.4

10,596.5

11,223.7

12,111.5

10,545.1

 

 

 

 

 

 

    Cost of Revenue

7,520.0

7,018.2

7,513.4

8,019.9

7,019.3

Cost of Revenue, Total

7,520.0

7,018.2

7,513.4

8,019.9

7,019.3

Gross Profit

3,827.4

3,578.3

3,710.3

4,091.6

3,525.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

3,056.4

2,889.9

3,037.7

3,185.7

2,778.4

Total Selling/General/Administrative Expenses

3,056.4

2,889.9

3,037.7

3,185.7

2,778.4

    Minimum Pension Liability Adjustment

189.4

155.6

175.9

198.9

156.3

    Other, Net

-82.8

-80.4

-82.2

-83.2

-67.9

Other Operating Expenses, Total

106.7

75.2

93.7

115.7

88.5

Total Operating Expense

10,683.0

9,983.4

10,644.7

11,321.2

9,886.2

 

 

 

 

 

 

Operating Income

664.3

613.2

579.0

790.3

658.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-99.4

-76.0

-83.1

-79.6

-78.3

    Interest Expense, Net Non-Operating

-99.4

-76.0

-83.1

-79.6

-78.3

        Interest Income - Non-Operating

4.3

6.0

20.1

14.2

14.3

        Investment Income - Non-Operating

-298.6

-235.5

-2.3

-359.6

-287.1

    Interest/Investment Income - Non-Operating

-294.3

-229.6

17.7

-345.4

-272.8

    Interest Income (Expense) - Net Non-Operating

-3.4

-63.3

-9.3

32.4

-

Interest Income (Expense) - Net Non-Operating Total

-397.1

-368.8

-74.7

-392.6

-351.1

Income Before Tax

267.3

244.4

504.3

397.6

307.8

 

 

 

 

 

 

Total Income Tax

70.9

76.8

86.1

118.9

105.5

Income After Tax

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Net Income Before Extraord Items

196.4

167.6

418.2

278.8

202.3

    Discontinued Operations

-

-

-

-18.2

-1.3

Total Extraord Items

-

-

-

-18.2

-1.3

Net Income

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Diluted Net Income

196.4

167.6

418.2

260.6

201.0

Dividends per Share - Common Stock Primary Issue

0.00

0.00

-

-

-

Gross Dividends - Common Stock

0.0

0.0

-

-

-

Interest Expense, Supplemental

85.2

76.0

83.1

77.4

77.1

Depreciation, Supplemental

332.2

298.8

324.3

338.8

306.4

Total Special Items

12.3

30.1

8.4

-

-

Normalized Income Before Tax

279.6

274.4

512.7

397.6

307.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.3

9.4

1.4

-

-

Inc Tax Ex Impact of Sp Items

74.2

86.2

87.6

118.9

105.5

Normalized Income After Tax

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Amort of Intangibles, Supplemental

37.0

38.4

37.6

35.4

27.1

Rental Expenses

164.9

153.6

153.5

159.5

158.2

Normalized EBIT

676.7

643.2

587.4

790.3

658.9

Normalized EBITDA

1,045.8

980.4

949.3

1,164.5

992.3

    Current Tax - Domestic

95.9

89.1

86.5

67.2

101.3

    Current Tax - Other

-17.6

-15.6

-21.3

-7.6

-9.5

Current Tax - Total

78.3

73.5

65.2

59.6

91.8

    Deferred Tax - Domestic

-16.5

-3.3

11.6

59.2

13.7

    Deferred Tax - Other

9.1

6.6

9.3

-

-

Deferred Tax - Total

-7.4

3.3

21.0

59.2

13.7

Income Tax - Total

70.9

76.8

86.1

118.9

105.5

Interest Cost - Domestic

246.0

251.1

268.5

235.1

190.5

Service Cost - Domestic

185.0

152.2

172.1

196.5

186.2

Expected Return on Assets - Domestic

-249.9

-212.4

-258.8

-267.6

-221.4

Other Pension, Net - Domestic

4.5

3.5

3.8

3.2

-

Domestic Pension Plan Expense

185.6

194.3

185.5

167.3

155.2

Defined Contribution Expense - Domestic

1.7

1.4

0.5

0.6

0.3

Total Pension Expense

187.3

195.7

186.1

167.9

155.5

Discount Rate - Domestic

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Rate of Return - Domestic

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Domestic

3.85%

3.75%

4.50%

4.45%

3.95%

Pension Payment Rate - Domestic

3.15%

3.25%

3.50%

3.45%

2.95%

Total Plan Interest Cost

246.0

251.1

268.5

235.1

190.5

Total Plan Service Cost

185.0

152.2

172.1

196.5

186.2

Total Plan Expected Return

-249.9

-212.4

-258.8

-267.6

-221.4

Total Plan Other Expense

4.5

3.5

3.8

3.2

-

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jul-2011

29-Jan-2011

31-Jul-2010

30-Jan-2010

01-Aug-2009

Period Length

26 Weeks

26 Weeks

26 Weeks

26 Weeks

26 Weeks

UpdateType/Date

Updated Normal
30-Jul-2011

Updated Normal
29-Jan-2011

Updated Normal
31-Jul-2010

Reclassified Normal
31-Jul-2010

Reclassified Normal
31-Jul-2010

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.616542

0.635667

0.662196

0.612434

0.657748

 

 

 

 

 

 

    Net Sales

5,864.8

6,182.5

5,182.5

5,936.0

4,711.8

Revenue

5,864.8

6,182.5

5,182.5

5,936.0

4,711.8

Total Revenue

5,864.8

6,182.5

5,182.5

5,936.0

4,711.8

 

 

 

 

 

 

    Cost of Revenue

3,957.4

4,051.0

3,478.7

3,840.9

3,205.0

Cost of Revenue, Total

3,957.4

4,051.0

3,478.7

3,840.9

3,205.0

Gross Profit

1,907.4

2,131.5

1,703.7

2,095.1

1,506.8

 

 

 

 

 

 

    Other Operating Expense

1,774.3

1,712.4

1,536.3

1,703.2

1,356.9

    Other, Net

-47.7

-30.5

-51.8

-38.4

-42.0

Other Operating Expenses, Total

1,726.6

1,681.9

1,484.5

1,664.8

1,314.9

Total Operating Expense

5,684.0

5,732.9

4,963.2

5,505.7

4,520.0

 

 

 

 

 

 

Operating Income

180.8

449.6

219.3

430.3

191.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-50.3

-46.4

-39.0

-41.6

-34.7

    Interest Expense, Net Non-Operating

-50.3

-46.4

-39.0

-41.6

-34.7

        Investment Income - Non-Operating

-1.3

-305.8

-12.7

-246.9

2.3

    Interest/Investment Income - Non-Operating

-1.3

-305.8

-12.7

-246.9

2.3

    Interest Income (Expense) - Net Non-Operating

17.4

1.6

-0.8

-29.1

-28.3

Interest Income (Expense) - Net Non-Operating Total

-34.2

-350.7

-52.4

-317.6

-60.7

Income Before Tax

146.6

99.0

166.9

112.7

131.2

 

 

 

 

 

 

Total Income Tax

38.0

15.9

54.2

31.8

44.5

Income After Tax

108.7

83.1

112.7

80.8

86.7

 

 

 

 

 

 

Net Income Before Extraord Items

108.7

83.1

112.7

80.8

86.7

Net Income

108.7

83.1

112.7

80.8

86.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

108.7

83.1

112.7

80.8

86.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

108.7

83.1

112.7

80.8

86.7

 

 

 

 

 

 

Diluted Net Income

108.7

83.1

112.7

80.8

86.7

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

50.3

46.4

39.0

41.6

34.7

Depreciation, Supplemental

196.6

173.2

159.2

151.5

147.6

Normalized Income Before Tax

146.6

99.0

166.9

112.7

131.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

38.0

15.9

54.2

31.8

44.5

Normalized Income After Tax

108.7

83.1

112.7

80.8

86.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

108.7

83.1

112.7

80.8

86.7

 

 

 

 

 

 

Amort of Intangibles, Supplemental

24.2

17.3

19.6

20.9

17.6

Normalized EBIT

180.8

449.6

219.3

430.3

191.9

Normalized EBITDA

401.6

640.1

398.1

602.7

357.1

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
26-Jan-2008

Reclassified Normal 
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.631154

0.624064

0.717437

0.504236

0.510334

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

133.4

134.8

92.8

142.6

152.1

    Short Term Investments

678.9

762.6

182.6

98.6

333.9

Cash and Short Term Investments

812.3

897.3

275.4

241.2

486.0

        Accounts Receivable - Trade, Gross

126.1

106.4

65.2

-

-

        Provision for Doubtful Accounts

-1.6

-1.3

-1.4

-

-

    Trade Accounts Receivable - Net

124.5

105.1

63.8

87.5

101.7

    Other Receivables

113.0

71.6

60.5

85.9

53.1

Total Receivables, Net

237.5

176.7

124.3

173.3

154.8

    Inventories - Finished Goods

659.3

630.2

483.1

672.7

670.1

    Inventories - Work In Progress

1.3

1.3

1.0

1.4

2.7

    Inventories - Raw Materials

8.1

7.9

7.0

9.9

12.1

Total Inventory

668.6

639.4

491.1

684.0

685.0

Prepaid Expenses

123.6

91.8

69.6

266.5

109.1

    Other Current Assets

13.6

21.8

32.6

7.3

2.9

Other Current Assets, Total

13.6

21.8

32.6

7.3

2.9

Total Current Assets

1,855.6

1,827.1

993.0

1,372.4

1,437.9

 

 

 

 

 

 

        Land/Improvements

5,372.7

5,121.6

4,048.4

5,436.3

5,075.3

        Machinery/Equipment

2,495.4

2,386.1

1,893.4

2,495.9

2,333.4

        Construction in Progress

365.8

143.4

198.9

280.2

285.9

    Property/Plant/Equipment - Gross

8,234.0

7,651.1

6,140.7

8,212.4

7,694.6

    Accumulated Depreciation

-2,494.3

-2,217.4

-1,712.8

-2,219.6

-2,072.4

Property/Plant/Equipment - Net

5,739.6

5,433.7

4,428.0

5,992.8

5,622.2

    Intangibles - Gross

378.2

313.9

231.8

263.0

218.9

    Accumulated Intangible Amortization

-201.7

-165.7

-113.2

-130.3

-98.8

Intangibles, Net

176.5

148.2

118.6

132.7

120.1

Note Receivable - Long Term

65.6

68.1

61.9

62.1

38.6

    Deferred Income Tax - Long Term Asset

0.0

67.1

30.2

0.0

-

Other Long Term Assets, Total

0.0

67.1

30.2

0.0

-

Total Assets

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

Accounts Payable

672.6

574.0

444.5

688.4

650.4

Accrued Expenses

489.4

452.7

241.7

424.0

410.3

Notes Payable/Short Term Debt

261.9

185.2

105.7

115.8

101.7

Current Portion - Long Term Debt/Capital Leases

1.3

1.1

0.8

1.4

198.5

    Customer Advances

40.9

45.3

12.1

9.7

6.5

    Income Taxes Payable

0.0

2.7

24.9

0.0

37.0

    Other Payables

153.1

128.2

125.2

194.6

155.2

    Other Current Liabilities

415.3

334.1

255.9

431.9

375.6

Other Current liabilities, Total

609.2

510.4

418.2

636.2

574.3

Total Current Liabilities

2,034.4

1,723.4

1,210.8

1,865.8

1,935.2

 

 

 

 

 

 

    Long Term Debt

1,385.7

1,328.1

763.6

833.5

795.0

    Capital Lease Obligations

44.4

45.7

40.7

59.7

59.4

Total Long Term Debt

1,430.1

1,373.7

804.3

893.2

854.3

Total Debt

1,693.2

1,560.1

910.7

1,010.4

1,154.5

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

150.0

0.0

0.0

89.4

81.7

Deferred Income Tax

150.0

0.0

0.0

89.4

81.7

Minority Interest

0.6

0.6

0.6

0.8

0.8

    Reserves

178.9

186.4

130.7

193.8

177.9

    Pension Benefits - Underfunded

655.9

1,449.5

1,017.5

1,098.7

864.1

    Other Long Term Liabilities

103.9

80.0

67.0

79.5

72.5

Other Liabilities, Total

938.8

1,715.8

1,215.3

1,372.0

1,114.6

Total Liabilities

4,553.9

4,813.6

3,230.9

4,221.2

3,986.6

 

 

 

 

 

 

    Common Stock

1.0

1.0

0.8

1.2

1.2

Common Stock

1.0

1.0

0.8

1.2

1.2

Additional Paid-In Capital

-

2.2

2.0

2.8

2.7

Retained Earnings (Accumulated Deficit)

3,282.6

2,727.4

2,398.0

3,334.8

3,228.3

Total Equity

3,283.5

2,730.6

2,400.8

3,338.7

3,232.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

0.6

0.6

0.6

0.6

0.6

Total Common Shares Outstanding

0.6

0.6

0.6

0.6

0.6

    Shares Outstanding - Preferred Stock Primary Issue

3.7

3.7

3.7

3.7

3.7

    Shares Outstanding - Preferred Stock Issue 2

0.5

0.5

0.5

0.5

0.5

Total Preferred Stock Outstanding

4.2

4.2

4.2

4.2

4.2

Employees

74,800

70,000

68,700

68,200

66,800

Accumulated Intangible Amort, Suppl.

201.7

165.7

113.2

130.3

98.8

Deferred Revenue - Current

40.9

45.3

12.1

9.7

6.5

Deferred Revenue - Long Term

102.2

77.9

65.0

76.0

68.6

    Interest Costs

-45.8

-51.4

-46.8

-69.2

-71.1

Total Capital Leases, Supplemental

45.6

46.8

41.5

61.1

61.9

Capital Lease Payments Due in Year 1

3.2

3.4

3.1

4.4

4.3

Capital Lease Payments Due in Year 2

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in Year 3

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in Year 4

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in Year 5

2.9

3.3

2.9

4.3

4.2

Capital Lease Payments Due in 2-3 Years

5.9

6.6

5.9

8.5

8.4

Capital Lease Payments Due in 4-5 Years

5.9

6.6

5.9

8.5

8.4

Cap. Lease Pymts. Due in Year 6 & Beyond

76.5

81.6

73.6

108.9

111.9

Total Operating Leases, Supplemental

3,462.2

3,214.3

2,549.1

3,445.0

3,387.4

Operating Lease Payments Due in Year 1

165.9

143.3

105.8

141.2

130.5

Operating Lease Payments Due in Year 2

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 3

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 4

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 5

156.1

137.9

101.1

131.1

123.1

Operating Lease Payments Due in Year 6

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 7

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 8

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 9

-

-

-

109.8

107.4

Operating Lease Payments Due in Year 10

-

-

-

109.8

107.4

Operating Lease Pymts. Due in 2-3 Years

312.1

275.8

202.1

262.2

246.2

Operating Lease Pymts. Due in 4-5 Years

312.1

275.8

202.1

262.2

246.2

Oper. Lse. Pymts. Due in Year 6 & Beyond

2,672.1

2,519.5

2,039.1

2,779.5

2,764.5

Pension Obligation - Domestic

4,545.6

4,525.2

3,253.2

4,753.7

4,383.4

Plan Assets - Domestic

3,907.1

3,122.1

2,260.8

3,686.8

3,546.7

Funded Status - Domestic

-638.5

-1,403.1

-992.4

-1,067.0

-836.7

Unfunded Plan Obligations

17.4

46.5

25.1

31.7

27.4

Total Funded Status

-655.9

-1,449.5

-1,017.5

-1,098.7

-864.1

Discount Rate - Domestic

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Rate of Return - Domestic

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Domestic

3.85%

3.75%

4.50%

4.45%

3.95%

Pension Payment Rate - Domestic

3.15%

3.25%

3.50%

3.45%

2.95%

Accrued Liabilities - Domestic

-655.9

-1,449.5

-1,017.5

-1,067.0

-836.7

Other Assets, Net - Domestic

365.7

912.6

570.2

255.8

11.0

Net Assets Recognized on Balance Sheet

-290.3

-537.0

-447.3

-811.1

-825.7

Equity % - Domestic

74.00%

71.00%

73.00%

64.00%

69.00%

Debt Securities % - Domestic

13.00%

14.00%

15.00%

20.00%

16.00%

Real Estate % - Domestic

8.00%

8.00%

11.00%

13.00%

14.00%

Other Investments % - Domestic

5.00%

7.00%

1.00%

3.00%

1.00%

Total Plan Obligations

4,563.1

4,571.6

3,278.3

4,785.5

4,410.8

Total Plan Assets

3,907.1

3,122.1

2,260.8

3,686.8

3,546.7

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jul-2011

29-Jan-2011

31-Jul-2010

30-Jan-2010

01-Aug-2009

UpdateType/Date

Updated Normal 
30-Jul-2011

Updated Normal 
29-Jan-2011

Updated Normal 
31-Jul-2010

Updated Normal 
30-Jan-2010

Updated Normal 
01-Aug-2009

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.609199

0.631154

0.638529

0.624064

0.603191

 

 

 

 

 

 

    Cash & Equivalents

664.3

812.3

682.2

897.3

552.2

Cash and Short Term Investments

664.3

812.3

682.2

897.3

552.2

    Trade Accounts Receivable - Net

316.3

334.1

274.2

268.6

243.5

    Other Receivables

0.0

26.9

25.8

0.0

0.0

Total Receivables, Net

316.3

361.1

300.1

268.6

243.5

Total Inventory

700.9

668.6

598.6

639.4

570.8

    Other Current Assets

8.2

13.6

18.5

21.8

30.2

Other Current Assets, Total

8.2

13.6

18.5

21.8

30.2

Total Current Assets

1,689.8

1,855.6

1,599.3

1,827.1

1,396.7

 

 

 

 

 

 

Property/Plant/Equipment - Net

6,090.5

5,739.6

5,362.2

5,433.7

5,537.9

Intangibles, Net

232.1

176.5

149.2

148.2

154.5

Note Receivable - Long Term

66.5

65.6

65.6

68.1

77.1

    Deferred Income Tax - Long Term Asset

-

0.0

0.0

67.1

118.0

Other Long Term Assets, Total

-

0.0

0.0

67.1

118.0

Total Assets

8,078.8

7,837.4

7,176.3

7,544.3

7,284.3

 

 

 

 

 

 

Accounts Payable

1,384.1

1,634.9

1,090.6

1,420.7

1,067.0

Notes Payable/Short Term Debt

392.0

261.9

158.5

185.2

105.8

Current Portion - Long Term Debt/Capital Leases

1.5

1.3

0.9

1.1

1.0

    Income Taxes Payable

20.7

0.0

0.0

2.7

44.3

    Other Current Liabilities

140.0

136.3

121.5

113.6

123.7

Other Current liabilities, Total

160.7

136.3

121.5

116.3

167.9

Total Current Liabilities

1,938.3

2,034.4

1,371.6

1,723.4

1,341.7

 

 

 

 

 

 

    Long Term Debt

1,478.8

1,385.7

1,531.5

1,328.1

1,386.0

    Capital Lease Obligations

45.3

44.4

43.1

45.7

47.7

Total Long Term Debt

1,524.1

1,430.1

1,574.6

1,373.7

1,433.7

Total Debt

1,917.6

1,693.2

1,734.0

1,560.1

1,540.5

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

113.1

150.0

80.0

0.0

0.0

Deferred Income Tax

113.1

150.0

80.0

0.0

0.0

Minority Interest

0.7

0.6

0.6

0.6

0.7

    Reserves

193.4

178.9

190.8

186.4

174.6

    Pension Benefits - Underfunded

786.8

655.9

889.4

1,449.5

1,545.1

    Other Long Term Liabilities

122.0

103.9

81.0

80.0

83.6

Other Liabilities, Total

1,102.1

938.8

1,161.1

1,715.8

1,803.2

Total Liabilities

4,678.3

4,553.9

4,187.9

4,813.6

4,579.3

 

 

 

 

 

 

    Common Stock

1.0

1.0

0.9

1.0

1.0

Common Stock

1.0

1.0

0.9

1.0

1.0

Additional Paid-In Capital

2.3

-

2.2

2.2

2.3

Retained Earnings (Accumulated Deficit)

3,397.2

3,282.6

2,985.3

2,727.4

2,701.6

Total Equity

3,400.5

3,283.5

2,988.4

2,730.6

2,704.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

8,078.8

7,837.4

7,176.3

7,544.3

7,284.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

0.6

0.6

0.6

0.6

0.6

Total Common Shares Outstanding

0.6

0.6

0.6

0.6

0.6

    Shares Outstanding - Preferred Stock Primary Issue

3.7

3.7

3.7

3.7

3.7

    Shares Outstanding - Preferred Stock Issue 2

0.5

0.5

0.5

0.5

0.5

Total Preferred Stock Outstanding

4.2

4.2

4.2

4.2

4.2

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal
30-Jan-2010

Updated Normal 
26-Jan-2008

Reclassified Normal
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

267.3

244.4

504.3

397.6

307.8

    Depreciation

332.2

298.8

324.3

338.6

306.2

Depreciation/Depletion

332.2

298.8

324.3

338.6

306.2

    Amortization of Intangibles

37.0

38.4

37.6

35.4

27.1

Amortization

37.0

38.4

37.6

35.4

27.1

    Discontinued Operations

-

-

-

-0.8

-2.2

    Unusual Items

-1.5

3.3

-227.1

-0.4

-15.9

    Other Non-Cash Items

397.1

368.8

302.8

425.0

351.1

Non-Cash Items

395.5

372.1

75.8

423.8

332.9

    Accounts Receivable

-65.5

-38.1

135.6

-183.7

-24.5

    Inventories

-35.5

-73.5

-13.3

3.2

-48.6

    Accounts Payable

203.6

185.8

-72.7

88.3

138.7

    Other Liabilities

13.9

-9.0

58.0

-10.8

48.8

    Other Operating Cash Flow

-509.7

-260.2

-376.3

-445.3

-340.1

Changes in Working Capital

-393.2

-194.9

-268.6

-548.3

-225.7

Cash from Operating Activities

638.8

758.7

673.4

647.2

748.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-690.4

-645.6

-651.5

-682.6

-675.2

    Purchase/Acquisition of Intangibles

-67.1

-52.2

-70.2

-46.8

-44.0

Capital Expenditures

-757.4

-697.8

-721.7

-729.4

-719.2

    Sale of Business

-

-

-

1.6

0.0

    Sale of Fixed Assets

5.7

11.2

16.1

33.6

49.0

    Other Investing Cash Flow

4.8

8.5

22.7

15.2

14.1

Other Investing Cash Flow Items, Total

10.5

19.7

38.9

50.4

63.1

Cash from Investing Activities

-747.0

-678.2

-682.9

-679.0

-656.1

 

 

 

 

 

 

    Other Financing Cash Flow

-118.2

-16.5

-87.2

-59.6

-64.5

Financing Cash Flow Items

-118.2

-16.5

-87.2

-59.6

-64.5

        Repurchase/Retirement of Preferred

-0.3

-0.3

-0.4

-0.4

-0.4

    Preferred Stock, Net

-0.3

-0.3

-0.4

-0.4

-0.4

Issuance (Retirement) of Stock, Net

-0.3

-0.3

-0.4

-0.4

-0.4

        Long Term Debt Issued

233.7

447.2

204.9

-

-

        Long Term Debt Reduction

-2.3

-3.3

-2.9

-174.1

-94.8

    Long Term Debt, Net

231.4

443.9

202.0

-174.1

-94.8

Issuance (Retirement) of Debt, Net

231.4

443.9

202.0

-174.1

-94.8

Cash from Financing Activities

112.8

427.0

114.4

-234.1

-159.7

 

 

 

 

 

 

Net Change in Cash

4.6

507.6

104.9

-266.0

-67.5

 

 

 

 

 

 

Net Cash - Beginning Balance

685.0

191.6

113.2

392.4

431.2

Net Cash - Ending Balance

689.6

699.2

218.1

126.5

363.7

Cash Interest Paid

3.1

1.1

35.8

80.0

85.1

Cash Taxes Paid

42.4

63.6

15.0

116.7

98.5

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jul-2011

29-Jan-2011

31-Jul-2010

30-Jan-2010

01-Aug-2009

Period Length

26 Weeks

52 Weeks

26 Weeks

52 Weeks

26 Weeks

UpdateType/Date

Updated Normal 
30-Jul-2011

Updated Normal 
29-Jan-2011

Updated Normal 
31-Jul-2010

Updated Normal 
30-Jan-2010

Updated Normal 
01-Aug-2009

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.616542

0.648767

0.662196

0.635548

0.657748

 

 

 

 

 

 

Net Income/Starting Line

146.6

267.3

166.9

244.4

131.2

    Depreciation

196.6

332.2

159.2

298.8

147.6

Depreciation/Depletion

196.6

332.2

159.2

298.8

147.6

    Amortization of Intangibles

24.2

37.0

19.6

38.4

17.6

Amortization

24.2

37.0

19.6

38.4

17.6

    Unusual Items

-0.5

-1.5

0.5

3.3

1.1

    Other Non-Cash Items

34.2

397.1

52.4

368.8

60.7

Non-Cash Items

33.7

395.5

52.9

372.1

61.7

    Accounts Receivable

30.7

-65.5

-10.9

-38.1

-8.5

    Inventories

-8.1

-35.5

25.4

-73.5

12.2

    Accounts Payable

-21.4

203.6

-22.7

185.8

68.3

    Other Liabilities

-15.9

13.9

6.3

-9.0

3.5

    Other Operating Cash Flow

-315.6

-509.7

-473.3

-260.2

-223.8

Changes in Working Capital

-330.4

-393.2

-475.1

-194.9

-148.4

Cash from Operating Activities

70.7

638.8

-76.6

758.7

209.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-299.4

-690.4

-210.2

-645.6

-393.0

    Purchase/Acquisition of Intangibles

-72.8

-67.1

-24.6

-52.2

-30.0

Capital Expenditures

-372.2

-757.4

-234.8

-697.8

-423.0

    Sale of Fixed Assets

0.5

5.7

0.6

11.2

0.6

    Other Investing Cash Flow

2.3

4.8

3.2

8.5

4.3

Other Investing Cash Flow Items, Total

2.8

10.5

3.8

19.7

4.9

Cash from Investing Activities

-369.5

-747.0

-231.0

-678.2

-418.1

 

 

 

 

 

 

    Other Financing Cash Flow

-40.7

-118.2

-85.8

-16.5

0.0

Financing Cash Flow Items

-40.7

-118.2

-85.8

-16.5

0.0

        Repurchase/Retirement of Preferred

-0.2

-0.3

-0.2

-0.3

-0.2

    Preferred Stock, Net

-0.2

-0.3

-0.2

-0.3

-0.2

Issuance (Retirement) of Stock, Net

-0.2

-0.3

-0.2

-0.3

-0.2

        Long Term Debt Issued

116.0

233.7

229.5

447.2

435.6

        Long Term Debt Reduction

-2.6

-2.3

-2.1

-3.3

-2.9

    Long Term Debt, Net

113.4

231.4

227.4

443.9

432.7

Issuance (Retirement) of Debt, Net

113.4

231.4

227.4

443.9

432.7

Cash from Financing Activities

72.5

112.8

141.5

427.0

432.5

 

 

 

 

 

 

Net Change in Cash

-226.3

4.6

-166.1

507.6

224.2

 

 

 

 

 

 

Net Cash - Beginning Balance

725.7

685.0

671.1

191.6

185.2

Net Cash - Ending Balance

499.4

689.6

505.0

699.2

409.4

Cash Interest Paid

1.9

3.1

0.3

1.1

9.9

Cash Taxes Paid

-1.8

42.4

18.1

63.6

24.9

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal 
30-Jan-2010

Reclassified Normal 
31-Jan-2009

Restated Normal 
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

-

10,596.5

11,223.7

12,111.5

10,545.1

    Gross Sales

12,649.1

-

-

-

-

    Adjustment for Sale or Return Sales

-178.8

-

-

-

-

    Value Added Tax

-1,122.9

-

-

-

-

Total Revenue

11,347.4

10,596.5

11,223.7

12,111.5

10,545.1

 

 

 

 

 

 

    Cost of Sales

7,520.0

7,018.2

7,513.4

8,019.9

7,019.3

    Other Operating Income

-82.8

-80.4

-82.2

-83.2

-67.9

    Branch Operating Expenses

2,391.8

2,363.0

2,446.1

2,447.0

2,175.0

    Administrative Expenses

664.6

526.9

591.5

738.6

603.5

    Pension Costs

189.4

155.6

175.9

198.9

156.3

Total Operating Expense

10,683.0

9,983.4

10,644.7

11,321.2

9,886.2

 

 

 

 

 

 

    Interest Payable

-81.1

-71.9

-79.5

-77.4

-77.1

    Amortisation of Issue Cost of Bonds

-1.7

-1.7

-0.5

-0.6

-0.6

    Preference Dividends

-0.5

-0.5

-0.5

-0.6

-0.6

    SIP Dividends

-2.0

-1.9

-2.5

-1.0

0.0

    Premium Paid on Bond Redemption

-14.2

0.0

-

-

-

    Adjustments to Fair Value

-0.2

-0.8

-5.9

-0.4

-1.3

    Net Finance cost from Retirement Scheme

-7.2

-63.3

-9.7

0.0

-

    Interest Receivable

4.2

5.8

19.9

14.0

14.1

    Adjustment to Fair Value

1.4

3.3

0.0

3.2

0.0

    Preference Dividends

0.2

0.2

0.2

0.2

0.2

    Net Finance Incom from Retirement Scheme

3.9

0.0

0.4

32.4

-

    Share of Interest Income of Associate

-

-

-

-16.0

-33.4

    Dilution of Interest

-

0.0

228.2

16.0

33.4

    Partnership Bonus

-299.8

-238.1

-224.6

-362.4

-285.8

Net Income Before Taxes

267.3

244.4

504.3

397.6

307.8

 

 

 

 

 

 

Provision for Income Taxes

70.9

76.8

86.1

118.9

105.5

Net Income After Taxes

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Net Income Before Extra. Items

196.4

167.6

418.2

278.8

202.3

    Discontinued Operation

-

-

-

-18.2

-1.3

Net Income

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

196.4

167.6

418.2

278.8

202.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

196.4

167.6

418.2

260.6

201.0

 

 

 

 

 

 

Diluted Net Income

196.4

167.6

418.2

260.6

201.0

DPS-Deferred Ordinary Shares

0.00

0.00

-

-

-

Gross Dividends - Common Stock

0.0

0.0

-

-

-

Normalized Income Before Taxes

279.6

274.4

512.7

397.6

307.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

74.2

86.2

87.6

118.9

105.5

Normalized Income After Taxes

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

205.4

188.2

425.1

278.8

202.3

 

 

 

 

 

 

Depreciation

332.2

298.8

324.3

338.8

306.4

Amortisation of Intangible

37.0

38.4

37.6

35.4

27.1

Rental Expenses

164.9

153.6

153.5

159.5

158.2

Interest Expenses

85.2

76.0

83.1

77.4

77.1

    Current Tax - Corporation Tax

95.9

89.1

86.5

67.2

101.3

    Current Tax - Prior Year Corporation Tax

-17.6

-15.6

-21.3

-7.6

-9.5

Current Tax - Total

78.3

73.5

65.2

59.6

91.8

    Deferred Tax - Origination/Reversal

-16.5

-3.3

11.6

59.2

13.7

    Deferred tax -prior years

9.1

6.6

9.3

-

-

Deferred Tax - Total

-7.4

3.3

21.0

59.2

13.7

Income Tax - Total

70.9

76.8

86.1

118.9

105.5

Current service Cost

185.0

152.2

172.1

196.5

186.2

Interest Cost

246.0

251.1

268.5

235.1

190.5

Expected Rate of Ret. - Pension

-249.9

-212.4

-258.8

-267.6

-221.4

Other - Pension

4.5

3.5

3.8

3.2

-

Domestic Pension Plan Expense

185.6

194.3

185.5

167.3

155.2

Defined Contribution Scheme

1.7

1.4

0.5

0.6

0.3

Total Pension Expense

187.3

195.7

186.1

167.9

155.5

Discount Rate - Pension

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Return on Assets - Pension

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Pension

3.85%

3.75%

4.50%

4.45%

3.95%

Pensions Payment Rate

3.15%

3.25%

3.50%

3.45%

2.95%

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

31-Jul-2010

30-Jan-2010

01-Aug-2009

31-Jan-2009

Period Length

26 Weeks

26 Weeks

26 Weeks

26 Weeks

26 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
31-Jul-2010

Reclassified Normal 
31-Jul-2010

Reclassified Normal 
31-Jul-2010

Reclassified Normal 
30-Jan-2010

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.635667

0.662196

0.612434

0.657748

0.610076

 

 

 

 

 

 

    Turnover

6,182.5

5,182.5

5,936.0

4,711.8

5,452.9

Total Revenue

6,182.5

5,182.5

5,936.0

4,711.8

5,452.9

 

 

 

 

 

 

    Cost of Sales

4,051.0

3,478.7

3,840.9

3,205.0

3,622.8

    Other Operating Income

-30.5

-51.8

-38.4

-42.0

-37.9

    Other Operating Expenses

1,712.4

1,536.3

1,703.2

1,356.9

1,551.4

Total Operating Expense

5,732.9

4,963.2

5,505.7

4,520.0

5,136.4

 

 

 

 

 

 

    Interest Payable

-46.4

-39.0

-41.6

-34.7

-

    Premium paid on bond redemption

0.0

-13.9

0.0

0.0

-

    Fair value measurements and other

0.2

-0.3

-0.8

0.0

-

    Net Finance cost from Retirement Scheme

-4.4

-2.9

-32.3

-31.0

-

    Interest Receivable/Finance Income

2.5

1.8

3.3

2.7

11.6

    Fair value measurements and other

0.0

1.5

1.0

2.3

-

    Net finance income arising on defined

3.5

0.3

0.0

0.0

-

    Finance costs

-

-

-

-

-45.7

    Dilution of Interest

-

-

0.0

-

208.8

    Partnership Bonus

-306.0

0.0

-247.0

0.0

-205.5

Net Income Before Taxes

99.0

166.9

112.7

131.2

285.7

 

 

 

 

 

 

Provision for Income Taxes

15.9

54.2

31.8

44.5

26.1

Net Income After Taxes

83.1

112.7

80.8

86.7

259.6

 

 

 

 

 

 

Net Income Before Extra. Items

83.1

112.7

80.8

86.7

259.6

Net Income

83.1

112.7

80.8

86.7

259.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

83.1

112.7

80.8

86.7

259.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

83.1

112.7

80.8

86.7

259.6

 

 

 

 

 

 

Diluted Net Income

83.1

112.7

80.8

86.7

259.6

DPS-Deferred Ordinary Shares

0.00

0.00

0.00

0.00

-

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

-

Normalized Income Before Taxes

99.0

166.9

112.7

131.2

285.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

15.9

54.2

31.8

44.5

26.1

Normalized Income After Taxes

83.1

112.7

80.8

86.7

259.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

83.1

112.7

80.8

86.7

259.6

 

 

 

 

 

 

Depreciation

173.2

159.2

151.5

147.6

252.3

Amortisation of Intangible

17.3

19.6

20.9

17.6

18.0

Interest Expenses

46.4

39.0

41.6

34.7

-

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
26-Jan-2008

Reclassified Normal
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.631154

0.624064

0.717437

0.504236

0.510334

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

8.1

7.9

7.0

9.9

12.1

    Work In Progress

1.3

1.3

1.0

1.4

2.7

    Finished Goods and Goods For Resale

659.3

630.2

483.1

672.7

670.1

    Trade Debtors

-

-

-

80.3

92.7

    Trade Debtors

126.1

106.4

65.2

-

-

    Impaired

-1.6

-1.3

-1.4

-

-

    Other Debtors

86.0

71.6

60.5

65.8

53.1

    Due From Associate Undertaking

-

-

0.0

7.1

9.0

    Prepayments and Accrued Income

123.6

91.8

69.6

266.5

109.1

    Current Tax Receivables

26.9

0.0

0.0

20.0

0.0

    Derivative Financial Instruments

13.6

21.8

32.6

7.3

2.9

    Cash at Bank and in Hand

133.4

134.8

92.8

142.6

152.1

    Short Term Deposit

678.9

762.6

182.6

98.6

333.9

Total Current Assets

1,855.6

1,827.1

993.0

1,372.4

1,437.9

 

 

 

 

 

 

    Computer Software

306.6

273.0

191.1

245.5

188.3

    Work in Progress

71.6

40.9

40.7

17.5

30.6

    Accumulated Intangible Amortization

-201.7

-165.7

-113.2

-130.3

-98.8

    Land and Buildings

5,372.7

5,121.6

4,048.4

5,436.3

5,075.3

    Fixtures and Fittings

2,495.4

2,386.1

1,893.4

2,495.9

2,333.4

    Assets in Course of Construction

365.8

143.4

198.9

280.2

285.9

    Depreciation

-2,494.3

-2,217.4

-1,712.8

-2,219.6

-2,072.4

    Trade and Other Receivable

65.6

68.1

61.9

62.1

38.6

    Deferred Tax

0.0

67.1

30.2

0.0

-

Total Assets

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

    Bank Overdraft and Other Borrowings

261.9

185.2

105.7

115.8

101.7

    Loans

-

-

-

0.0

196.0

    Trade Creditors

672.6

574.0

444.5

679.2

639.4

    Amount Associate Undertaking

-

-

0.0

9.1

11.0

    Other Creditors

153.1

128.2

125.2

194.6

155.2

    Other Taxation and Social Security

224.0

187.8

120.3

238.8

235.1

    Accruals

265.4

264.9

121.4

185.2

175.2

    Deferred Income

40.9

45.3

12.1

9.7

6.5

    Partnership Bonus

279.0

220.5

157.4

324.3

271.2

    Corporation Tax

-

-

-

0.0

37.0

    Finance Lease

1.3

1.1

0.8

1.4

2.5

    Taxes Payable

0.0

2.7

24.9

-

-

    Provision

134.7

109.8

98.5

107.7

102.3

    Derivative Financial Insturments

1.6

3.8

0.0

0.0

2.2

Total Current Liabilities

2,034.4

1,723.4

1,210.8

1,865.8

1,935.2

 

 

 

 

 

 

    Bonds

1,294.3

1,257.7

718.4

797.8

786.7

    5% Cumulative Preference Stock

5.9

5.9

0.7

1.0

1.0

    7.5% Cumulative Preference Stock

0.8

0.8

5.2

7.3

7.3

    SIP Shares

84.8

63.6

39.3

27.4

0.0

    Finance Lease

44.4

45.7

40.7

59.7

59.4

Total Long Term Debt

1,430.1

1,373.7

804.3

893.2

854.3

 

 

 

 

 

 

    Accruals

1.7

2.1

2.1

3.6

3.9

    Deferred Income

102.2

77.9

65.0

76.0

68.6

    Provisions

178.9

186.4

130.7

193.8

177.9

    Deferred Tax

150.0

0.0

0.0

89.4

81.7

    Pensions

655.9

1,449.5

1,017.5

1,098.7

864.1

    Minority Interest

0.6

0.6

0.6

0.8

0.8

Total Liabilities

4,553.9

4,813.6

3,230.9

4,221.2

3,986.6

 

 

 

 

 

 

    Deferred Ordinary Shares

1.0

1.0

0.8

1.2

1.2

    Capital Redemption Reserve

-

8.0

7.0

9.9

9.8

    Capital Reserve

-

2.2

2.0

2.8

2.7

    Hedge Reserve

-

-2.6

10.7

1.4

-0.4

    Other Reserve

10.1

-

-

-

-

    Profit and Loss Account

3,272.4

2,722.0

2,380.3

3,323.4

3,218.9

Total Equity

3,283.5

2,730.6

2,400.8

3,338.7

3,232.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

7,837.4

7,544.3

5,631.7

7,560.0

7,218.8

 

 

 

 

 

 

    S/O-Deferred Ordinary Shares

0.6

0.6

0.6

0.6

0.6

Total Common Shares Outstanding

0.6

0.6

0.6

0.6

0.6

    S/O-5% Cumm. Pref. Stock

3.7

3.7

3.7

3.7

3.7

    S/O-7.5% Cumm. Pref. Stock

0.5

0.5

0.5

0.5

0.5

Total Preferred Shares Outstanding

4.2

4.2

4.2

4.2

4.2

Accumulated Intangible Amortization

201.7

165.7

113.2

130.3

98.8

Deferred Income - Current

40.9

45.3

12.1

9.7

6.5

Deferred Income - Long Term

102.2

77.9

65.0

76.0

68.6

Full-Time Employees

74,800

70,000

68,700

68,200

66,800

Capital Leases Maturing within 1 Year

3.2

3.4

3.1

4.4

4.3

Capital Leases Maturing within 5 Years

11.7

13.3

11.7

17.1

16.9

Operating Leases Maturing After 5 Years

76.5

81.6

73.6

108.9

111.9

Interest

-45.8

-51.4

-46.8

-69.2

-71.1

Total Capital Leases, Supplemental

45.6

46.8

41.5

61.1

61.9

Operating Leases Maturing within 1 Year

165.9

143.3

105.8

141.2

130.5

Operating Leases Maturing within 5 Years

624.3

551.5

404.2

524.4

492.4

Operating Lease Maturing 5-10 Years

-

-

-

549.1

536.9

Operating Leases Remaining Maturities

2,672.1

2,519.5

2,039.1

2,230.3

2,227.6

Total Operating Leases, Supplemental

3,462.2

3,214.3

2,549.1

3,445.0

3,387.4

Projected Benefit Obligation - Pension

4,545.6

4,525.2

3,253.2

4,753.7

4,383.4

FV of Plan Assets - Pension

3,907.1

3,122.1

2,260.8

3,686.8

3,546.7

Funded Status - Pension

-638.5

-1,403.1

-992.4

-1,067.0

-836.7

Unfunded Benefit Obligation

17.4

46.5

25.1

31.7

27.4

Total Funded Status

-655.9

-1,449.5

-1,017.5

-1,098.7

-864.1

Discount Rate - Pension

5.65%

5.70%

6.90%

6.30%

5.30%

Expected Return on Assets- Pension

7.70%

7.80%

8.20%

7.60%

7.30%

Compensation Rate - Pension

3.85%

3.75%

4.50%

4.45%

3.95%

Pensions Payment Rate

3.15%

3.25%

3.50%

3.45%

2.95%

Liability - Pension

-655.9

-1,449.5

-1,017.5

-1,067.0

-836.7

Acturial Gain/Loss - Pension

365.7

912.6

570.2

255.8

11.0

Net Assets Recognized on Balance Sheet

-290.3

-537.0

-447.3

-811.1

-825.7

Equity % - Pension

74.00%

71.00%

73.00%

64.00%

69.00%

Bonds % - Pension

13.00%

14.00%

15.00%

20.00%

16.00%

Property % - Pension

8.00%

8.00%

11.00%

13.00%

14.00%

Other % - Pension

5.00%

7.00%

1.00%

3.00%

1.00%

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

29-Jan-2011

31-Jul-2010

30-Jan-2010

01-Aug-2009

31-Jan-2009

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
31-Jul-2010

Updated Normal 
30-Jan-2010

Updated Normal 
01-Aug-2009

Updated Normal 
31-Jan-2009

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.631154

0.638529

0.624064

0.603191

0.717437

 

 

 

 

 

 

    Inventories

668.6

598.6

639.4

570.8

491.1

    Trade Debtors

334.1

274.2

268.6

243.5

193.9

    Current tax receivable

26.9

25.8

0.0

0.0

0.0

    Derivative Financial Instruments

13.6

18.5

21.8

30.2

32.6

    Cash & Equivalents

812.3

682.2

897.3

552.2

275.4

Total Current Assets

1,855.6

1,599.3

1,827.1

1,396.7

993.0

 

 

 

 

 

 

    Intangible

176.5

149.2

148.2

154.5

118.6

    Plant Property and Equipment

5,739.6

5,362.2

5,433.7

5,537.9

4,428.0

    Deferred tax asset

0.0

0.0

67.1

118.0

30.2

    Trade and Other Receivable

65.6

65.6

68.1

77.1

61.9

Total Assets

7,837.4

7,176.3

7,544.3

7,284.3

5,631.7

 

 

 

 

 

 

    Bank Overdraft and Other Borrowings

261.9

158.5

185.2

105.8

105.7

    Trade Creditors

1,634.9

1,090.6

1,420.7

1,067.0

980.9

    Corporation Tax

0.0

0.0

2.7

44.3

24.9

    Finance Lease

1.3

0.9

1.1

1.0

0.8

    Provision

134.7

115.7

109.8

119.0

98.5

    Derivative Instrument

1.6

5.8

3.8

4.6

0.0

Total Current Liabilities

2,034.4

1,371.6

1,723.4

1,341.7

1,210.8

 

 

 

 

 

 

    Borrowings

1,385.7

1,531.5

1,328.1

1,386.0

763.6

    Finance Lease

44.4

43.1

45.7

47.7

40.7

Total Long Term Debt

1,430.1

1,574.6

1,373.7

1,433.7

804.3

 

 

 

 

 

 

    Trade and Other Payable

103.9

81.0

80.0

83.6

67.0

    Provisions

178.9

190.8

186.4

174.6

130.7

    Deferred tax liabilities

150.0

80.0

0.0

0.0

0.0

    Pensions

655.9

889.4

1,449.5

1,545.1

1,017.5

    Minority Interest

0.6

0.6

0.6

0.7

0.6

Total Liabilities

4,553.9

4,187.9

4,813.6

4,579.3

3,230.9

 

 

 

 

 

 

    Deferred Ordinary Shares

1.0

0.9

1.0

1.0

0.8

    Capital Redemption Reserve

-

7.8

8.0

8.3

-

    Capital Reserve

-

2.2

2.2

2.3

-

    Other Reserve

10.1

-

-

-

19.7

    Hedge Reserve

-

-4.7

-2.6

-3.1

-

    Profit and Loss Account

3,272.4

2,982.2

2,722.0

2,696.5

2,380.3

Total Equity

3,283.5

2,988.4

2,730.6

2,704.9

2,400.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

7,837.4

7,176.3

7,544.3

7,284.3

5,631.7

 

 

 

 

 

 

    S/O-Deferred Ordinary Shares

0.6

0.6

0.6

0.6

0.6

Total Common Shares Outstanding

0.6

0.6

0.6

0.6

0.6

    S/O-5% Cumm. Pref. Stock

3.7

3.7

3.7

3.7

3.7

    S/O-7.5% Cumm. Pref. Stock

0.5

0.5

0.5

0.5

0.5

Total Preferred Shares Outstanding

4.2

4.2

4.2

4.2

4.2

 

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

29-Jan-2011

30-Jan-2010

31-Jan-2009

26-Jan-2008

27-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
30-Jan-2010

Reclassified Normal 
30-Jan-2010

Updated Normal 
26-Jan-2008

Reclassified Normal 
26-Jan-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.635548

0.558389

0.499706

0.539226

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

267.3

244.4

504.3

397.6

307.8

    Depreciation

332.2

298.8

324.3

338.6

306.2

    Amortisation of Intangible

37.0

38.4

37.6

35.4

27.1

    Net Finance Cost

97.3

130.8

78.3

62.6

65.3

    Partnership Provision

299.8

238.1

224.6

362.4

285.8

    Disposal of Property Plant and Equipment

-1.5

3.3

1.1

-0.4

-15.9

    Profit on Disposal of Associate

-

0.0

-228.2

-

-

    Increase in Stocks

-35.5

-73.5

-13.3

3.2

-48.6

    Increase in Debtors

-65.5

-38.1

135.6

-183.7

-24.5

    Increase in Creditors

203.6

185.8

-72.7

88.3

138.7

    Pension

0.9

-16.4

32.6

-20.8

7.8

    Movement in Provisions

12.9

7.4

25.4

10.0

41.0

    Partnership Bonus Paid For Previous Year

-233.1

-195.6

-325.4

-307.8

-221.1

    Interest Paid

-3.1

-1.1

-35.8

-20.8

-20.6

    Taxation

-42.4

-63.6

-15.0

-116.7

-98.5

    Discontinued Operations

-

-

-

-0.8

-2.2

    Special Contribution to the Pension Sche

-231.2

0.0

-

-

-

Cash from Operating Activities

638.8

758.7

673.4

647.2

748.3

 

 

 

 

 

 

    Capital Expenditures

-690.4

-645.6

-651.5

-682.6

-675.2

    Purchase of Intangible

-67.1

-52.2

-70.2

-46.8

-44.0

    Sale of Tangible Assets

5.7

11.2

16.1

33.6

49.0

    Sale of Business

-

-

-

1.6

0.0

    Finance Income Received

4.8

8.5

22.7

15.0

14.5

    Discontinued Operation

-

-

-

0.2

-0.4

Cash from Investing Activities

-747.0

-678.2

-682.9

-679.0

-656.1

 

 

 

 

 

 

    Finance costs Paid on Bonds

-118.2

-16.5

-87.2

-59.2

-64.5

    Payments of Capital Element of Finance

-0.6

-0.9

-1.8

-1.6

-2.0

    Premium Paid on Options

-

-

-

-0.4

0.0

    Payments to SIP shareholders

-1.7

-2.4

-1.1

-

-

    Payments to Preference Shareholders

-0.3

-0.3

-0.4

-0.4

-0.4

    Increase in Borrowings

233.7

447.2

204.9

-

-

    Loan Repayments

-

-

-

-172.5

-92.7

Cash from Financing Activities

112.8

427.0

114.4

-234.1

-159.7

 

 

 

 

 

 

Net Change in Cash

4.6

507.6

104.9

-266.0

-67.5

 

 

 

 

 

 

Cash at Start

685.0

191.6

113.2

392.4

431.2

Cash at End

689.6

699.2

218.1

126.5

363.7

    Cash Interest Paid

3.1

1.1

35.8

80.0

85.1

    Cash Taxes Paid

42.4

63.6

15.0

116.7

98.5

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

29-Jan-2011

31-Jul-2010

30-Jan-2010

01-Aug-2009

31-Jan-2009

Period Length

52 Weeks

26 Weeks

52 Weeks

26 Weeks

52 Weeks

UpdateType/Date

Updated Normal 
29-Jan-2011

Updated Normal 
31-Jul-2010

Updated Normal 
30-Jan-2010

Updated Normal 
01-Aug-2009

Reclassified Normal 
01-Aug-2009

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648767

0.662196

0.635548

0.657748

0.558389

 

 

 

 

 

 

Net Income

267.3

166.9

244.4

131.2

504.3

    Depreciation

332.2

159.2

298.8

147.6

324.3

    Amortisation of Intangible

37.0

19.6

38.4

17.6

37.6

    Net Finance Cost

97.3

52.4

130.8

60.7

78.3

    Partnership Provision

299.8

0.0

238.1

0.0

224.6

    Disposal of Property Plant and Equipment

-1.5

0.5

3.3

1.1

1.1

    Increase in Stocks

-35.5

25.4

-73.5

12.2

-13.3

    Profit on Disposal of Associate

-

-

0.0

-

-228.2

    Increase in Debtors

-65.5

-10.9

-38.1

-8.5

135.6

    Increase in Creditors

203.6

-22.7

185.8

68.3

-72.7

    Pension

0.9

-7.2

-16.4

-3.2

32.6

    Movement in Provisions

12.9

13.6

7.4

6.7

25.4

    Net taxation paid

-42.4

-18.1

-63.6

-24.9

-15.0

    Special contribution to the Pension Sch

-231.2

-226.5

-

-

-

    Partnership Bonus Paid For Previous Year

-233.1

-228.3

-195.6

-189.0

-325.4

    Interest Paid

-3.1

-0.3

-1.1

-9.9

-35.8

Cash from Operating Activities

638.8

-76.6

758.7

209.8

673.4

 

 

 

 

 

 

    Capital Expenditures

-690.4

-210.2

-645.6

-393.0

-651.5

    Purchase of Intangible

-67.1

-24.6

-52.2

-30.0

-70.2

    Sale of Tangible Assets

5.7

0.6

11.2

0.6

16.1

    Sale of Subsidiary

-

-

-

-

0.0

    Finance Income Received

4.8

3.2

8.5

4.3

22.7

    Discontinued Operation

-

-

-

-

0.0

Cash from Investing Activities

-747.0

-231.0

-678.2

-418.1

-682.9

 

 

 

 

 

 

    Finance costs Paid on bonds

-118.2

-85.8

-16.5

0.0

-87.2

    Payments of Capital Element of Finance

-0.6

-0.5

-0.9

-0.6

-1.8

    Payments to Preference Shareholders

-0.3

-0.2

-0.3

-0.2

-0.4

    Payments to SIP shareholders

-1.7

-1.7

-2.4

-2.3

-1.1

    Cash Inflow from Borrowings

233.7

229.5

447.2

435.6

204.9

Cash from Financing Activities

112.8

141.5

427.0

432.5

114.4

 

 

 

 

 

 

Net Change in Cash

4.6

-166.1

507.6

224.2

104.9

 

 

 

 

 

 

Cash at Start

685.0

671.1

191.6

185.2

113.2

Cash at End

689.6

505.0

699.2

409.4

218.1

    Cash Interest Paid

3.1

0.3

1.1

9.9

35.8

    Cash Taxes Paid

42.4

18.1

63.6

24.9

15.0

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual  

           

            

 

External Revenue   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

4,103.0

36.2 %

3,803.6

35.9 %

4,167.5

37.1 %

4,632.7

38.3 %

4,059.3

38.5 %

Waitrose

7,244.4

63.8 %

6,792.9

64.1 %

7,056.2

62.9 %

7,478.8

61.7 %

6,485.8

61.5 %

John Lewis Other

-

-

-

-

-

-

-

-

23.7

0.2 %

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

11,347.4

100 %

10,596.5

100 %

11,223.7

100 %

12,111.5

100 %

10,545.1

100 %

Consolidated Total

11,347.4

100 %

10,596.5

100 %

11,223.7

100 %

12,111.5

100 %

10,545.1

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

Total Revenue   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

4,103.0

36.2 %

3,803.6

35.9 %

4,167.5

37.1 %

4,632.7

38.3 %

4,059.3

38.5 %

Waitrose

7,244.4

63.8 %

6,792.9

64.1 %

7,056.2

62.9 %

7,478.8

61.7 %

6,485.8

61.5 %

John Lewis Other

-

-

-

-

-

-

-

-

64.2

0.6 %

Unallocated

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

11,347.4

100 %

10,596.5

100 %

11,223.7

100 %

12,111.5

100 %

10,545.1

100 %

Intersegment Sales

-

-

-

-

-

-

-

-

-40.4

-0.4 %

Consolidated Total

11,347.4

100 %

10,596.5

100 %

11,223.7

100 %

12,111.5

100 %

10,545.1

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

 

Depreciation   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

125.2

37.7 %

114.1

38.2 %

133.4

36.9 %

135.5

36.2 %

114.4

34.3 %

Waitrose

188.2

56.7 %

166.3

55.7 %

203.1

56.1 %

211.5

56.6 %

182.9

54.9 %

John Lewis Other

-

-

-

-

-

-

-

-

1.3

0.4 %

Unallocated

18.8

5.7 %

18.4

6.2 %

25.4

7 %

27.0

7.2 %

36.0

10.8 %

Segment Total

332.2

100 %

298.8

100 %

361.9

100 %

374.0

100 %

333.3

100 %

Consolidated Total

332.2

100 %

298.8

100 %

361.9

100 %

374.0

100 %

333.3

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

Operating Income/Loss   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

305.8

46 %

259.1

42.3 %

261.3

45.1 %

399.2

46.7 %

330.8

50.2 %

Waitrose

423.7

63.8 %

419.8

68.5 %

384.1

66.3 %

455.5

53.3 %

328.1

49.8 %

John Lewis Other

-

-

-

-

-

-

-

-

0.4

0.1 %

Unallocated

-65.2

-9.8 %

-65.8

-10.7 %

-66.4

-11.5 %

0.0

0 %

0.0

0 %

Segment Total

664.3

100 %

613.2

100 %

579.0

100 %

854.7

100 %

658.9

100 %

Consolidated Total

664.3

100 %

613.2

100 %

579.0

100 %

854.7

100 %

658.9

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

 

Operating Margin (%)  

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

7.5

-

6.8

-

6.3

-

8.6

-

8.2

-

Waitrose

5.8

-

6.2

-

5.4

-

6.1

-

5.1

-

John Lewis Other

-

-

-

-

-

-

-

-

0.6

-

Segment Total

5.9

-

5.8

-

5.2

-

7.1

-

6.2

-

Consolidated Total

5.9

-

5.8

-

5.2

-

7.1

-

6.2

-

Interest Income - Non-Operating   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Waitrose

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Unallocated

9.6

100 %

9.3

100 %

20.4

100 %

17.4

100 %

14.3

100 %

Segment Total

9.6

100 %

9.3

100 %

20.4

100 %

17.4

100 %

14.3

100 %

Consolidated Total

9.6

100 %

9.3

100 %

20.4

100 %

17.4

100 %

14.3

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

 

Interest Expense - Operating   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Waitrose

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Unallocated

106.8

100 %

140.0

100 %

98.7

100 %

80.0

100 %

79.6

100 %

Segment Total

106.8

100 %

140.0

100 %

98.7

100 %

80.0

100 %

79.6

100 %

Consolidated Total

106.8

100 %

140.0

100 %

98.7

100 %

80.0

100 %

79.6

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

Income Before Tax   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

305.8

114.4 %

259.1

106.1 %

261.3

51.8 %

399.2

100.4 %

330.8

107.5 %

Waitrose

423.7

158.5 %

419.8

171.8 %

384.1

76.2 %

455.5

114.5 %

328.1

106.6 %

John Lewis Other

-

-

-

-

-

-

-

-

0.4

0.1 %

Unallocated

-462.3

-173 %

-434.6

-177.8 %

-141.1

-28 %

-457.1

-114.9 %

-351.1

-114 %

Segment Total

267.3

100 %

244.4

100 %

504.3

100 %

397.6

100 %

307.8

100 %

Consolidated Total

267.3

100 %

244.4

100 %

504.3

100 %

397.6

100 %

307.8

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

 

Pre-Tax Margin (%)  

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

7.5

-

6.8

-

6.3

-

8.6

-

8.2

-

Waitrose

5.8

-

6.2

-

5.4

-

6.1

-

5.1

-

John Lewis Other

-

-

-

-

-

-

-

-

0.6

-

Segment Total

2.4

-

2.3

-

4.5

-

3.3

-

2.9

-

Consolidated Total

2.4

-

2.3

-

4.5

-

3.3

-

2.9

-

Total Income Tax   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Waitrose

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Unallocated

70.9

0 %

76.8

100 %

86.1

100 %

118.9

100 %

105.5

100 %

Segment Total

0.0

0 %

76.8

100 %

86.1

100 %

118.9

100 %

105.5

100 %

Consolidated Total

0.0

0 %

76.8

100 %

86.1

100 %

118.9

100 %

105.5

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

 

Income After Tax   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

310.1

157.9 %

259.1

154.6 %

261.3

62.5 %

399.2

143.2 %

330.8

163.5 %

Waitrose

423.7

215.8 %

419.8

250.5 %

384.1

91.9 %

455.5

163.4 %

328.1

162.1 %

John Lewis Other

-

-

-

-

-

-

-

-

0.4

0.2 %

Unallocated

-537.5

-273.7 %

-511.4

-305.2 %

-227.3

-54.3 %

-575.9

-206.6 %

-456.6

-225.7 %

Segment Total

196.4

100 %

167.6

100 %

418.2

100 %

278.8

100 %

202.3

100 %

Consolidated Total

196.4

100 %

167.6

100 %

418.2

100 %

278.8

100 %

202.3

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

Net Profit Margin (%)  

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

7.6

-

6.8

-

6.3

-

8.6

-

8.2

-

Waitrose

5.8

-

6.2

-

5.4

-

6.1

-

5.1

-

John Lewis Other

-

-

-

-

-

-

-

-

0.6

-

Segment Total

1.7

-

1.6

-

3.7

-

2.3

-

1.9

-

Consolidated Total

1.7

-

1.6

-

3.7

-

2.3

-

1.9

-

 

Equity In Affiliates   USD (mil)

 

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

0.0

0 %

0.0

0 %

0.0

0 %

Waitrose

0.0

0 %

0.0

0 %

0.0

0 %

Unallocated

0.0

0 %

-16.0

100 %

-33.4

100 %

Segment Total

0.0

0 %

-16.0

100 %

-33.4

100 %

Consolidated Total

0.0

0 %

-16.0

100 %

-33.4

100 %

Exchange Rate: GBP to USD

0.558389

 

0.499706

 

0.539226

 

Total Assets   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

2,531.7

32.3 %

2,487.4

33 %

2,113.9

37.5 %

3,059.1

40.5 %

2,801.9

38.8 %

Waitrose

3,993.0

50.9 %

3,640.2

48.3 %

2,959.4

52.5 %

4,081.6

54 %

3,917.8

54.3 %

John Lewis Other

-

-

-

-

-

-

-

-

24.5

0.3 %

Unallocated

1,312.7

16.7 %

1,416.7

18.8 %

558.4

9.9 %

419.2

5.5 %

499.1

6.9 %

Segment Total

7,837.4

100 %

7,544.3

100 %

5,631.7

100 %

7,560.0

100 %

7,218.8

100 %

Consolidated Total

7,837.4

100 %

7,544.3

100 %

5,631.7

100 %

7,560.0

100 %

7,218.8

100 %

Exchange Rate: GBP to USD

0.631154

 

0.624064

 

0.717437

 

0.504236

 

0.510334

 

 

Operating Return on Assets (%)  

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

12.4

-

10.6

-

9.6

-

12.9

-

12.5

-

Waitrose

10.9

-

11.7

-

10.1

-

11.1

-

8.8

-

John Lewis Other

-

-

-

-

-

-

-

-

1.6

-

Unallocated

-5.1

-

-4.7

-

-9.3

-

0.0

-

0.0

-

Segment Total

8.7

-

8.3

-

8.0

-

11.2

-

9.6

-

Consolidated Total

8.7

-

8.3

-

8.0

-

11.2

-

9.6

-

Total Liabilities   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

741.0

16.3 %

652.0

13.5 %

460.5

14.3 %

803.4

19 %

719.7

18.1 %

Waitrose

777.6

17.1 %

727.8

15.1 %

584.3

18.1 %

744.1

17.6 %

701.7

17.6 %

John Lewis Other

-

-

-

-

-

-

-

-

6.3

0.2 %

Unallocated

3,034.6

66.6 %

3,433.1

71.3 %

2,185.6

67.7 %

2,673.0

63.3 %

2,564.4

64.3 %

Segment Total

4,553.2

100 %

4,813.0

100 %

3,230.4

100 %

4,220.4

100 %

3,985.8

100 %

Consolidated Total

4,553.2

100 %

4,813.0

100 %

3,230.4

100 %

4,220.4

100 %

3,985.8

100 %

Exchange Rate: GBP to USD

0.631154

 

0.624064

 

0.717437

 

0.504236

 

0.510334

 

 

Purchase of Fixed Assets   USD (mil)

 

29-Jan-11

30-Jan-10

31-Jan-09

26-Jan-08

27-Jan-07

John Lewis Retail

184.2

24.3 %

175.9

25.1 %

250.9

34.7 %

347.8

51.1 %

143.0

20.9 %

Waitrose

545.7

71.8 %

477.5

68.2 %

418.9

57.9 %

315.0

46.3 %

499.2

72.9 %

John Lewis Other

-

-

-

-

-

-

-

-

0.9

0.1 %

Unallocated

29.6

3.9 %

46.9

6.7 %

54.1

7.5 %

17.2

2.5 %

42.8

6.3 %

Segment Total

759.4

100 %

700.3

100 %

723.9

100 %

680.0

100 %

685.1

100 %

Consolidated Total

759.4

100 %

700.3

100 %

723.9

100 %

680.0

100 %

685.1

100 %

Exchange Rate: GBP to USD

0.648767

 

0.635548

 

0.558389

 

0.499706

 

0.539226

 

Employees  

 

29-Jan-11

30-Jan-10

John Lewis Retail

28,100.0

-

27,200.0

-

Waitrose

44,800.0

-

41,100.0

-

Unallocated

1,900.0

-

1,700.0

-

Segment Total

74,800.0

-

70,000.0

-

Consolidated Total

74,800.0

-

70,000.0

-

 

 

Business Segments

 

Financials in: As Reported (mil)

 

           Interim  

            

 

External Revenue   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

1,850.6

31.6 %

2,393.4

38.7 %

1,722.3

33.2 %

2,279.8

38.4 %

1,552.6

33 %

Waitrose

4,014.2

68.4 %

3,789.1

61.3 %

3,460.2

66.8 %

3,656.2

61.6 %

3,159.3

67 %

Corporate and other Group

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

5,864.8

100 %

6,182.5

100 %

5,182.5

100 %

5,936.0

100 %

4,711.8

100 %

Consolidated Total

5,864.8

100 %

6,182.5

100 %

5,182.5

100 %

5,936.0

100 %

4,711.8

100 %

Exchange Rate: GBP to USD

0.616542

 

0.635667

 

0.662196

 

0.612434

 

0.657748

 

Total Revenue   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

1,850.6

31.6 %

2,393.4

38.7 %

1,722.3

33.2 %

2,279.8

38.4 %

1,552.6

33 %

Waitrose

4,014.2

68.4 %

3,789.1

61.3 %

3,460.2

66.8 %

3,656.2

61.6 %

3,159.3

67 %

Corporate and other Group

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

5,864.8

100 %

6,182.5

100 %

5,182.5

100 %

5,936.0

100 %

4,711.8

100 %

Consolidated Total

5,864.8

100 %

6,182.5

100 %

5,182.5

100 %

5,936.0

100 %

4,711.8

100 %

Exchange Rate: GBP to USD

0.616542

 

0.635667

 

0.662196

 

0.612434

 

0.657748

 

 

Operating Income/Loss   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

25.6

14.2 %

257.5

57.3 %

52.4

23.9 %

235.8

54.8 %

30.9

16.1 %

Waitrose

178.7

98.8 %

231.4

51.5 %

193.0

88 %

239.2

55.6 %

182.9

95.3 %

Corporate and other Group

-23.5

-13 %

-39.3

-8.7 %

-26.1

-11.9 %

-44.7

-10.4 %

-21.9

-11.4 %

Segment Total

180.8

100 %

449.6

100 %

219.3

100 %

430.3

100 %

191.9

100 %

Consolidated Total

180.8

100 %

449.6

100 %

219.3

100 %

430.3

100 %

191.9

100 %

Exchange Rate: GBP to USD

0.616542

 

0.635667

 

0.662196

 

0.612434

 

0.657748

 

Operating Margin (%)  

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

1.4

-

10.8

-

3.0

-

10.3

-

2.0

-

Waitrose

4.5

-

6.1

-

5.6

-

6.5

-

5.8

-

Segment Total

3.1

-

7.3

-

4.2

-

7.2

-

4.1

-

Consolidated Total

3.1

-

7.3

-

4.2

-

7.2

-

4.1

-

 

Interest Income - Non-Operating   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Waitrose

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Corporate and other Group

26.9

100 %

6.0

100 %

3.6

100 %

4.2

100 %

5.0

100 %

Segment Total

26.9

100 %

6.0

100 %

3.6

100 %

4.2

100 %

5.0

100 %

Consolidated Total

26.9

100 %

6.0

100 %

3.6

100 %

4.2

100 %

5.0

100 %

Exchange Rate: GBP to USD

0.616542

 

0.635667

 

0.662196

 

0.612434

 

0.657748

 

Interest Expense - Operating   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Waitrose

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Corporate and other Group

61.1

100 %

50.7

100 %

56.0

100 %

74.8

100 %

65.7

100 %

Segment Total

61.1

100 %

50.7

100 %

56.0

100 %

74.8

100 %

65.7

100 %

Consolidated Total

61.1

100 %

50.7

100 %

56.0

100 %

74.8

100 %

65.7

100 %

Exchange Rate: GBP to USD

0.616542

 

0.635667

 

0.662196

 

0.612434

 

0.657748

 

 

Interest Income (Expense) - Net Non-Operating   USD (mil)

 

29-Jan-11

31-Jul-10

30-Jan-10

John Lewis Retail

0.0

0 %

0.0

0 %

-

-

Waitrose

0.0

0 %

0.0

0 %

-

-

Corporate and other Group

-

-

-

-

0.0

0 %

Segment Total

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: GBP to USD

0.635667

 

0.662196

 

0.612434

 

Income Before Tax   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

25.6

17.5 %

257.5

38 %

52.4

31.4 %

235.8

209.3 %

30.9

23.5 %

Waitrose

178.7

121.9 %

231.4

34.1 %

193.0

115.7 %

239.2

212.3 %

182.9

139.4 %

Corporate and other Group

-57.7

-39.4 %

189.1

27.9 %

-78.5

-47.1 %

-362.3

-321.6 %

-82.6

-62.9 %

Segment Total

146.6

100 %

678.0

100 %

166.9

100 %

112.7

100 %

131.2

100 %

Consolidated Total

146.6

100 %

678.0

100 %

166.9

100 %

112.7

100 %

131.2

100 %

Exchange Rate: GBP to USD

0.616542

 

0.635667

 

0.662196

 

0.612434

 

0.657748

 

 

Pre-Tax Margin (%)  

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

1.4

-

10.8

-

3.0

-

10.3

-

2.0

-

Waitrose

4.5

-

6.1

-

5.6

-

6.5

-

5.8

-

Segment Total

2.5

-

11.0

-

3.2

-

1.9

-

2.8

-

Consolidated Total

2.5

-

11.0

-

3.2

-

1.9

-

2.8

-

Total Assets   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

2,698.0

33.4 %

2,531.7

32.3 %

2,411.2

33.6 %

2,487.4

33 %

2,562.5

35.2 %

Waitrose

4,299.6

53.2 %

3,993.0

50.9 %

3,621.9

50.5 %

3,640.2

48.3 %

3,739.4

51.3 %

Corporate and other Group

1,081.3

13.4 %

1,312.7

16.7 %

1,143.3

15.9 %

1,416.7

18.8 %

982.3

13.5 %

Segment Total

8,078.8

100 %

7,837.4

100 %

7,176.3

100 %

7,544.3

100 %

7,284.3

100 %

Consolidated Total

8,078.8

100 %

7,837.4

100 %

7,176.3

100 %

7,544.3

100 %

7,284.3

100 %

Exchange Rate: GBP to USD

0.609199

 

0.631154

 

0.638529

 

0.624064

 

0.603191

 

 

Operating Return on Assets (%)  

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

1.0

-

10.2

-

2.3

-

9.3

-

1.3

-

Waitrose

4.2

-

5.8

-

5.5

-

6.4

-

5.3

-

Corporate and other Group

-2.2

-

-3.0

-

-2.4

-

-3.1

-

-2.4

-

Segment Total

2.3

-

5.8

-

3.2

-

5.6

-

2.9

-

Consolidated Total

2.3

-

5.8

-

3.2

-

5.6

-

2.9

-

Total Liabilities   USD (mil)

 

30-Jul-11

29-Jan-11

31-Jul-10

30-Jan-10

01-Aug-09

John Lewis Retail

753.8

16.1 %

741.0

16.3 %

606.4

14.5 %

652.0

13.5 %

516.4

11.3 %

Waitrose

857.2

18.3 %

777.6

17.1 %

723.4

17.3 %

727.8

15.1 %

801.6

17.5 %

Corporate and other Group

3,066.7

65.6 %

3,034.6

66.6 %

2,857.5

68.2 %

3,433.1

71.3 %

3,260.7

71.2 %

Segment Total

4,677.6

100 %

4,553.2

100 %

4,187.3

100 %

4,813.0

100 %

4,578.7

100 %

Consolidated Total

4,677.6

100 %

4,553.2

100 %

4,187.3

100 %

4,813.0

100 %

4,578.7

100 %

Exchange Rate: GBP to USD

0.609199

 

0.631154

 

0.638529

 

0.624064

 

0.603191

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.90

UK Pound

1

Rs.80.30

Euro

1

Rs.68.48

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.