FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
52 weeks ended | 53 weeks ended | ||
2 April 2022 | 3 April 2021 | ||
Total | Total | ||
Notes | £m | £m | |
Revenue | 2, 3 | 10,885.1 | 9,155.7 |
Share of result in associate - Ocado Retail Limited | 3, 5, 29 | (18.6) | 64.2 |
Operating profit/(loss) | 2, 3, 5 | 572.2 | (30.7) |
Finance income | 5, 6 | 33.9 | 57.4 |
Finance costs | 5, 6 | (214.4) | (236.1) |
Profit/(loss) before tax | 4, 5 | 391.7 | (209.4) |
Income tax (expense)/credit | 7 | (82.7) | 8.2 |
Profit/(loss) for the year | 309.0 | (201.2) | |
Attributable to: | |||
Owners of the parent | 306.6 | (198.0) | |
Non-controlling interests | 2.4 | (3.2) | |
309.0 | (201.2) | ||
Earnings/(loss) per share | |||
Basic earnings/(loss) per share | 8 | 15.7p | (10.1p) |
Diluted earnings/(loss) per share | 8 | 15.1p | (10.1p) |
Reconciliation of profit before tax and adjusting items: | |||
Profit/(loss) before tax | 391.7 | (209.4) | |
Adjusting items | 5 | 131.2 | 259.7 |
Profit before tax and adjusting items - non-GAAP measure | 522.9 | 50.3 | |
Adjusted earnings per share - non-GAAP measure | |||
Adjusted basic earnings per share | 8 | 21.7p | 1.4p |
Adjusted diluted earnings per share | 8 | 20.9p | 1.4p |
124 Marks and Spencer Group plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
52 weeks ended | 53 weeks ended | ||||
2 April 2022 | 3 April 2021 | ||||
Notes | £m | £m | |||
Profit/(loss) for the year | 309.0 | (201.2) | |||
Other comprehensive income/(expense): | |||||
Items that will not be reclassified subsequently to profit or loss | |||||
Remeasurements of retirement benefit schemes | 11 | 357.0 | (1,352.0) | ||
Tax (charge)/credit on retirement benefit schemes | (127.6) | 256.5 | |||
Loss on disposal of investment held at fair value through | (3.7) | ||||
other comprehensive income ("FVOCI") | 16 | - | |||
225.7 | (1,095.5) | ||||
Items that may be reclassified subsequently to profit or loss | |||||
Foreign currency translation differences | |||||
- movements recognised in other comprehensive income | (13.5) | (27.7) | |||
- reclassified and reported in profit or loss | (0.5) | 3.7 | |||
Cash flow hedges | |||||
- fair value movements recognised in other comprehensive income | 21 | 91.3 | (215.5) | ||
- reclassified and reported in profit or loss | 21 | (10.5) | 26.5 | ||
Tax (charge)/credit on cash flow hedges | (14.7) | 37.0 | |||
52.1 | (176.0) | ||||
Other comprehensive income/(expense) for the year, net of tax | 277.8 | (1,271.5) | |||
Total comprehensive income/(expense) for the year | 586.8 | (1,472.7) | |||
Attributable to: | |||||
Owners of the parent | 584.4 | (1,469.5) | |||
STATEMENTSFINANCIAL | |||||
Non-controlling interests | 2.4 | (3.2) | |||
586.8 | (1,472.7) | ||||
Annual Report & Financial Statements 2022 125
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at | As at | |||
2 April 2022 | 3 April 2021 | |||
Notes | £m | £m | ||
Assets | ||||
Non-current assets | ||||
Intangible assets | 14 | 192.5 | 232.0 | |
Property, plant and equipment | 15 | 4,902.3 | 5,058.6 | |
Investment property | 15.0 | 15.2 | ||
Investments in joint ventures and associates | 29 | 810.9 | 825.8 | |
Other financial assets | 16 | 4.5 | 9.7 | |
Retirement benefit asset | 11 | 1,043.9 | 639.2 | |
Trade and other receivables | 17 | 270.6 | 261.4 | |
Derivative financial instruments | 21 | 21.4 | 0.3 | |
7,261.1 | 7,042.2 | |||
Current assets | ||||
Inventories | 5 | 706.1 | 624.6 | |
Other financial assets | 16 | 17.6 | 18.4 | |
Trade and other receivables | 17 | 217.1 | 209.6 | |
Derivative financial instruments | 21 | 43.6 | 32.8 | |
Current tax assets | - | 35.4 | ||
Cash and cash equivalents | 18 | 1,197.9 | 674.4 | |
2,182.3 | 1,595.2 | |||
Total assets | 9,443.4 | 8,637.4 | ||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 19 | 1,960.9 | 1,599.0 | |
Partnership liability to the Marks & Spencer UK Pension Scheme | 12 | 71.9 | 124.9 | |
Borrowings and other financial liabilities | 20 | 247.2 | 432.8 | |
Derivative financial instruments | 21 | 3.2 | 96.0 | |
Provisions | 22 | 53.6 | 43.1 | |
Current tax liabilities | 34.0 | - | ||
2,370.8 | 2,295.8 | |||
Non-current liabilities | ||||
Retirement benefit deficit | 11 | 5.7 | 7.8 | |
Trade and other payables | 19 | 188.2 | 192.3 | |
Partnership liability to the Marks & Spencer UK Pension Scheme | 12 | 120.4 | 68.6 | |
Borrowings and other financial liabilities | 20 | 3,561.0 | 3,659.9 | |
Derivative financial instruments | 21 | 0.4 | 10.7 | |
Provisions | 22 | 91.8 | 74.2 | |
Deferred tax liabilities | 23 | 187.2 | 42.3 | |
4,154.7 | 4,055.8 | |||
Total liabilities | 6,525.5 | 6,351.6 | ||
Net assets | 2,917.9 | 2,285.8 | ||
Equity | ||||
Issued share capital | 24 | 19.7 | 489.2 | |
Share premium account | 910.6 | 910.4 | ||
Capital redemption reserve | 2,680.4 | 2,210.5 | ||
Hedging reserve | 21 | 17.6 | (54.8) | |
Cost of hedging reserve | 21 | 3.6 | 4.6 | |
Other reserve | (6,542.2) | (6,542.2) | ||
Foreign exchange reserve | (73.9) | (59.9) | ||
Retained earnings | 5,897.9 | 5,325.2 | ||
Equity attributable to owners of the parent | 2,913.7 | 2,283.0 | ||
Non-controlling interests | 4.2 | 2.8 | ||
Total equity | 2,917.9 | 2,285.8 |
The financial statements were approved by the Board and authorised for issue on 24 May 2022. The financial statements also comprise notes 1 to 32.
Steve Rowe, Chief Executive Officer | Eoin Tonge, Chief Financial Officer |
126 Marks and Spencer Group plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary | Share | Capital | Foreign | Non- | |||||||||
share | premium | redemption | Hedging | Cost of | Other | exchange | Retained | Total | controlling | ||||
capital | account | reserve | reserve | hedging | reserve¹ | reserve | earnings2 | interest | Total | ||||
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||
As at 29 March 2020 | 487.6 | 910.4 | 2,210.5 | 68.6 | 5.7 (6,542.2) | (35.9) | 6,597.8 | 3,702.5 | 6.0 | 3,708.5 | |||
Loss for the year | - | - | - | - | - | - | - | (198.0) | (198.0) | (3.2) | (201.2) | ||
Other comprehensive | |||||||||||||
(expense)/income: | |||||||||||||
Foreign currency translation | |||||||||||||
- movements recognised in | |||||||||||||
other comprehensive income | - | - | - | - | - | - | (27.7) | - | (27.7) | - | (27.7) | ||
- reclassified and reported | |||||||||||||
in profit or loss | - | - | - | - | - | - | 3.7 | - | 3.7 | - | 3.7 | ||
Remeasurements of | |||||||||||||
retirement benefit schemes | - | - | - | - | - | - | - | (1,352.0) | (1,352.0) | - | (1,352.0) | ||
Tax credit on retirement | |||||||||||||
benefit schemes | - | - | - | - | - | - | - | 256.5 | 256.5 | - | 256.5 | ||
Cash flow hedges | |||||||||||||
- fair value movement in other | |||||||||||||
comprehensive income | - | - | - | (214.2) | (1.3) | - | - | - | (215.5) | - | (215.5) | ||
- reclassified and reported | |||||||||||||
in profit or loss | - | - | - | 26.5 | - | - | - | - | 26.5 | - | 26.5 | ||
Tax on cash flow hedges | - | - | - | 36.8 | 0.2 | - | - | - | 37.0 | - | 37.0 | ||
Other comprehensive | |||||||||||||
(expense)/income | - | - | - (150.9) | (1.1) | - | (24.0) (1,095.5) (1,271.5) | - | (1,271.5) | |||||
Total comprehensive | |||||||||||||
(expense)/income | - | - | - (150.9) | (1.1) | - | (24.0) (1,293.5) (1,469.5) | (3.2) (1,472.7) | ||||||
FINANCIAL | |||||||||||||
Cash flow hedges | |||||||||||||
recognised in inventories | - | - | - | 33.9 | - | - | - | - | 33.9 | - | 33.9 | ||
Tax on cash flow hedges | |||||||||||||
recognised in inventories | - | - | - | (6.4) | - | - | - | - | (6.4) | - | (6.4) | STATEMENTS | |
of employee share options | 1.6 | - | - | - | - | - | - | (1.6) | - | - | - | ||
Transactions with owners: | |||||||||||||
Shares issued in respect | |||||||||||||
Purchase of own shares | |||||||||||||
held by employee trusts | - | - | - | - | - | - | - | (0.8) | (0.8) | - | (0.8) | ||
Credit for share-based payments | - | - | - | - | - | - | - | 19.3 | 19.3 | - | 19.3 | ||
Deferred tax on share schemes | - | - | - | - | - | - | - | 4.0 | 4.0 | - | 4.0 | ||
As at 3 April 2021 | 489.2 | 910.4 | 2,210.5 | (54.8) | 4.6 | (6,542.2) | (59.9) | 5,325.2 | 2,283.0 | 2.8 | 2,285.8 | ||
Annual Report & Financial Statements 2022 127
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
Ordinary | Share | Capital | Foreign | Non- | |||||||
share | premium | redemption | Hedging | Cost of | Other | exchange | Retained | Total | controlling | ||
capital | account | reserve | reserve | hedging | reserve¹ | reserve | earnings2 | interest | Total | ||
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
As at 4 April 2021 | 489.2 | 910.4 | 2,210.5 | (54.8) | 4.6 | (6,542.2) | (59.9) | 5,325.2 | 2,283.0 | 2.8 | 2,285.8 |
Profit for the year | - | - | - | - | - | - | - | 306.6 | 306.6 | 2.4 | 309.0 |
Other comprehensive | |||||||||||
income/(expense): | |||||||||||
Foreign currency translation | |||||||||||
- movements recognised in | - | - | - | - | - | - | (13.5) | - | (13.5) | - | (13.5) |
other comprehensive income | |||||||||||
- reclassified and reported | - | - | - | - | - | - | (0.5) | - | (0.5) | - | (0.5) |
in profit or loss | |||||||||||
Remeasurements of | - | - | - | - | - | - | - | 357.0 | 357.0 | - | 357.0 |
retirement benefit schemes | |||||||||||
Tax charge on retirement | - | - | - | - | - | - | - | (127.6) | (127.6) | - | (127.6) |
benefit schemes | |||||||||||
Loss on disposal of | - | - | - | - | - | - | - | (3.7) | (3.7) | - | (3.7) |
investments held at FVOCI | |||||||||||
Cash flow hedges | |||||||||||
- fair value movement in other | - | - | - | 92.1 | (0.8) | - | - | - | 91.3 | - | 91.3 |
comprehensive income | |||||||||||
- reclassified and reported | - | - | - | (10.5) | - | - | - | - | (10.5) | - | (10.5) |
in profit or loss | |||||||||||
Tax on cash flow hedges | - | - | - | (14.5) | (0.2) | - | - | - | (14.7) | - | (14.7) |
Other comprehensive | |||||||||||
income/(expense) | - | - | - | 67.1 | (1.0) | - | (14.0) | 225.7 | 277.8 | - | 277.8 |
Total comprehensive | |||||||||||
income/(expense) | - | - | - | 67.1 | (1.0) | - | (14.0) | 532.3 | 584.4 | 2.4 | 586.8 |
Cash flow hedges | - | - | - | 6.5 | - | - | - | - | 6.5 | - | 6.5 |
recognised in inventories | |||||||||||
Tax on cash flow hedges | - | - | - | (1.2) | - | - | - | - | (1.2) | - | (1.2) |
recognised in inventories | |||||||||||
Transactions with owners: | |||||||||||
Transactions with | - | - | - | - | - | - | - | (1.7) | (1.7) | (1.0) | (2.7) |
non-controlling shareholders | |||||||||||
Shares issued in respect | 0.4 | 0.2 | - | - | - | - | - | (0.3) | 0.3 | - | 0.3 |
of employee share options | |||||||||||
Buy back and cancellation | (469.9) | - | 469.9 | - | - | - | - | - | - | - | - |
of own shares3 | |||||||||||
Credit for share-based payments | - | - | - | - | - | - | - | 38.8 | 38.8 | - | 38.8 |
Deferred tax on share schemes | - | - | - | - | - | - | - | 3.6 | 3.6 | - | 3.6 |
As at 2 April 2022 | 19.7 | 910.6 | 2,680.4 | 17.6 | 3.6 | (6,542.2) | (73.9) | 5,897.9 | 2,913.7 | 4.2 | 2,917.9 |
- The "other reserve" was originally created as part of the capital restructuring that took place in 2002. It represents the difference between the nominal value of the shares issued prior to the capital reduction by the Company (being the carrying value of the investment in Marks and Spencer plc) and the share capital, share premium and capital redemption reserve of Marks and Spencer plc at the date of the transaction.
- Included within retained earnings is the fair value through other comprehensive income reserve.
- On 8 July 2021, the Company reduced the nominal value of its 1,957,779,626 ordinary shares in issue at that date from £0.25 to £0.01. The reduction was completed by subdividing each £0.25 ordinary share in issue into one ordinary share of £0.01 and one deferred share of £0.24. All deferred shares were then bought back for total aggregate consideration of £0.01 and cancelled. The Company's issued share capital remains unchanged and each shareholder's proportionate interest in the share capital of the Company remains unchanged. Aside from the change in nominal value, the rights attaching to the ordinary shares (including voting and dividend rights and rights on a return of capital) remain unchanged.
128 Marks and Spencer Group plc
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Marks & Spencer Group plc published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2022 10:51:06 UTC.