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MORRISON (WM)

(MRW GB0006043169 GBX)

Value 291.600

Change Today -1.40

Updated08/02 16:35

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PROFILE

Registered Number	358949
Registered Address	Hilmore House Gain Lane Bradford West Yorkshire BD3 7DL
Phone Number	+44 (0) 845 6115000
Fax Number
Website	http://www.morrisons.co.uk
Activities	Operates and manages supermarket chains
Country of Register	GB
Currency	GBX
Short Name	MORRISON (WM)
First Day Traded	24/11/2003
Industrial Sector	Food Retailers & Wholesalers
Number of shares	2.66b

Key People

Richard Pennycook	Financial Director
Martyn Jones	Director
Mark Gunter	Director
Johanna Waterous	Non Executive Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	10.47%
Invesco Asset Management Ltd.	5.26%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/01/2007	31/01/2008	31/01/2009	31/01/2010	31/01/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	12,461.50	12,969	14,528	15,410	16,479
Cost of Goods Sold (COGS) incl. D&A	11,825.50	12,151	13,615	14,348	15,331
COGS excluding D&A	11,548.20	11,869	13,325	14,044	15,019
Depreciation & Amortization Expense	277.30	282	290	304	312
Depreciation	277.30	282	290	304	302
Amortization of Intangibles	0	0	0	0	10
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	636.00	818	913	1,062	1,148
Selling, General & Administrative Expense	271.80	268	281	224	323
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	271.80	268	281	224	323
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	55.10	79	50	66	82
Non-Operating Interest Income	20.70	36	25	7	3
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	11.70	7	8	8	1
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	59.30	46	44	45	35
Gross Interest Expense	65.40	54	48	50	42
Interest Capitalized	6.10	8	4	5	7
Pretax Income	369	612	655	858	874
Income Tax	121.40	58	195	260	242
Income Tax - Current Domestic	114.50	104	135	178	275
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	6.90	-46	60	82	-33
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	247.60	554	460	598	632
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	247.60	554	460	598	632
Preferred Dividends	0	0	0	0	0
Net Income available to Common	247.60	554	460	598	632
Operational EPS	9.62	20.85	17.36	22.57	23.46
EPS (basic)	9.32	20.79	17.39	22.80	23.93
EPS (diluted)	9.31	20.67	17.16	22.37	23.43
EBITDA	641.50	832	922	1,142	1,137
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	277.30	282	290	304	312

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/01/2007	31/01/2008	31/01/2009	31/01/2010	31/01/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	231.10	265	327	316	232
Cash Only	231.10	191	327	245	228
Short-Term Investments	0	74	0	71	4
Total Accounts Receivable	85.60	124	180	156	215
Accounts Receivables, Net	78.20	92	102	145	197
Accounts Receivables, Gross	79.90	94	105	148	201
Bad Debt/Doubtful Accounts	-1.70	-2	-3	-3	-4
Other Receivables	7.40	32	78	11	18
Inventories	367.90	442	494	577	638
Finished Goods	360.80	434	481	577	638
Work in Progress	0	0	0	0	0
Raw Materials	7.10	8	13	0	0
Progress Payments & Other	0	0	0	0	0
Other Current Assets	81.40	79	65	45	53
Prepaid Expenses	1.20	1	1	2	0
Miscellaneous Current Assets	80.20	78	64	43	53
Total Current Assets	766	910	1,066	1,094	1,138
Net Property, Plant & Equipment	6,117.40	6,205	6,587	7,180	7,557
Property, Plant & Equipment - Gross	7,564.80	7,679	8,343	9,234	9,883
Buildings	6,211.40	6,142	6,390	6,862	7,042
Land & Improvements	0	0	0	0	0
Machinery & Equipment	897.20	1,143	1,376	1,619	1,820
Construction in Progress	0	0	228	192	137
Leases	456.20	394	349	561	884
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	1,447.40	1,474	1,756	2,054	2,326
Buildings	691.40	566	681	797	885
Land & Improvements	0	0	0	0	0
Machinery & Equipment	676.40	820	998	1,162	1,316
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	259.60	282	323	229	232
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	259.60	282	323	229	232
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	0	0	0	0	184
Net Goodwill	0	0	0	0	7
Net Other Intangibles	0	0	0	0	177
Other Assets	227.90	239	250	257	38
Deferred Charges	227.90	239	250	257	38
Tangible Other Assets	0	0	0	0	0
Total Assets	7,521.50	7,766	8,300	8,808	9,194
ST Debt & Curr. Portion LT Debt	253.10	77	0.70	213	0
Short Term Debt	250.70	75	0	213	0
Current Portion of Long Term Debt	2.40	2	0.70	0	0
Accounts Payable	1,002.80	1,152	1,443	1,350	1,400
Income Tax Payable	100	97	108	94	172
Other Current Liabilities	499	527	472	495	514
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	499	527	472	495	514
Total Current Liabilities	1,854.90	1,853	2,023.70	2,152	2,086
Long-Term Debt	768.60	774	1,049	1,027	1,052
Long-Term Debt excl. Capitalized Leases	765.40	773	1,049	1,027	1,045
Non-Convertible Debt	765.40	773	1,049	1,027	1,045
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	3.20	1	0	0	7
Provision for Risks & Charges	342.80	207	161	117	92
Deferred Taxes	477.60	424	472	515	499
Deferred Taxes - Credit	628.20	554	546	563	544
Deferred Taxes - Debit	-150.60	-130	-74	-48	-45
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	0	0	-0.00	0	0
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0	0	-0.00	0	0
Deferred Income	0	0	0	0	0
Total Liabilities	3,594.50	3,388	3,779.70	3,859	3,774
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0.30	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0.30	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	3,927	4,378	4,520	4,949	5,420
Common Stock Par/Carry Value	267.70	269	263	265	266
Additional Paid-In Capital/Capital Surplus	41.50	57	60	92	107
Retained Earnings	3,661.30	4,046	4,223	4,627	5,067
ESOP Debt Guarantee	-43.50	0	-44	-44	-31
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0	6	12	3	5
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	6	6	6
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	3,927	4,378	4,520.30	4,949	5,420
Liabilities & Shareholders' Equity	7,521.50	7,766	8,300	8,808	9,194

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/01/2007	31/01/2008	31/01/2009	31/01/2010	31/01/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	247.60	554	460	598	632
Depreciation, Depletion & Amortization	277.30	282	290	304	312
Depreciation and Depletion	277.30	282	290	304	302
Amortization of Intangible Assets	0	0	0	0	10
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	5.60	-242	-49	-66	35
Funds from Operations	530.50	594	701	836	979
Extraordinaries	0	0	0	0	0
Changes in Working Capital	64.70	35	118	-93	-76
Receivables	-3.30	-60	-44	36	-75
Inventories	31.50	-74	-52	-83	-61
Accounts Payable	36.50	169	214	-46	60
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	595.20	629	819	743	903
Capital Expenditures	257.20	402	678	906	592
Capital Expenditures (Fixed Assets)	257.20	402	678	906	494
Capital Expenditures (Other Assets)	0	0	0	0	98
Net Assets from Acquisitions	0	0	0	0	-3
Sale of Fixed Assets & Businesses	158.30	94	22	7	8
Purchase/Sale of Investments	0	0	0	0	0
Purchase of Investments	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-98.90	-308	-656	-899	-587
Cash Dividends Paid - Total	-98.30	-108	-131	-159	-220
Common Dividends	-98.30	-108	-131	-159	-220
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	5	17	-143	34	16
Repurchase of Common & Preferred Stk.	0	0	-146	0	0
Sale of Common & Preferred Stock	5	17	3	34	16
Proceeds from Stock Options	0	0	0	34	16
Other Proceeds from Sale of Stock	5	17	3	0	0
Issuance/Reduction of Debt, Net	-307.20	-270	173	199	-129
Change in Current Debt	-44.20	-1	-73	0	0
Change in Long-Term Debt	-263	-269	246	199	-129
Issuance of Long-Term Debt	0	0	250	200	25
Reduction in Long-Term Debt	-263	-269	-4	-1	-154
Other Funds	0	0	74	0	0
Other Uses	0	0	0	0	0
Other Sources	0	0	74	0	0
Net Financing Cash Flow	-400.50	-361	-27	74	-333
Exchange Rate Effect	0	0	0	0	0
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	95.80	-40	136	-82	-17
Free Cash Flow	239.70	119	10	-322	189

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-01-31	2008-01-31	2009-01-31	2010-01-31	2011-01-31
Valuation
Market Capitalisation	8,050.40	8,031.35	7,120.73	7,664.04	7,017.12
Price/Earnings	32.27	14.38	15.57	12.68	11.03
Price/Sales	0.64	0.61	0.49	0.49	0.42
Price/Book Value	2.05	1.83	1.58	1.55	1.29
Price/Cash Flow	13.43	12.74	8.86	10.40	7.88
Enterprise Value/EBIT	24.13	15.63	12.63	10.33	9.62
Enterprise Value/EBITDA	13.70	10.34	8.66	7.58	6.98
Enterprise Value/Sales	0.71	0.66	0.55	0.56	0.48
Total Debt/Enterprise Value	0.12	0.10	0.13	0.14	0.13
Total Debt/EBITDA	1.59	1.02	1.14	1.09	0.93
EPS (basic)	9.32	20.79	17.39	22.80	23.93
EPS (diluted) as stated	9.31	20.67	17.16	22.37	23.43
Profitability
Gross Margin (%)	5.10	6.31	6.28	6.89	6.97
Operating Margin (%)	2.92	4.24	4.35	5.44	5.01
Pretax Margin (%)	2.96	4.72	4.51	5.57	5.30
Net Margin (%)	1.99	4.27	3.17	3.88	3.84
Return on Assets (%)	3.27	7.25	5.73	6.99	7.02
Return on Equity (%)	6.54	13.34	10.34	12.63	12.19
Return on Avg. Total Capital (%)	4.99	10.89	8.52	10.17	9.98
Return on Avg. Invested Capital (%)	5.29	11.25	8.58	10.36	10.15
Efficiency
Revenue/Employee	0.15	0.15	0.12	0.12	0.12
Receivables Turnover	142.74	123.75	95.58	91.73	88.84
Days of Sales Outstanding (DSO) (%)	2.56	2.95	3.82	3.98	4.11
Inventory Turnover	30.82	30.01	29.09	26.79	25.24
Days of Inventory on Hand (DIO)	11.84	12.16	12.55	13.62	14.46
Total Asset Turnover	1.64	1.70	1.81	1.80	1.83
Working Capital Turnover	0.00	0.00	0.00	0.00	0.00
Liquidity
Current Ratio	0.41	0.49	0.53	0.51	0.55
Quick Ratio	0.21	0.25	0.28	0.24	0.24
Capital Structure
Debt-to-Total Equity (%)	26.02	19.44	23.22	25.06	19.41
Debt-to-Total Capital (%)	20.65	16.27	18.85	20.04	16.25
Debt-to-Total Assets (%)	13.58	10.96	12.65	14.08	11.44
Interest Coverage	5.57	10.19	13.17	16.76	19.64

Market data

Name	Latest	Var
FTSE 100	5,875.93(c)	-0.24%
FTSE 250	11,161.88(c)	-0.28%
DOW INDUSTRIALS	12,883.95(c)	+0.04%
HONG KONG HANG SENG INDIC	21,018.46	+0.00%
Nikkei 225	8,831.93(c)	-2.04%

Name	Latest	Var
RECKITT BEN. GP	3,479.00(c)	+2.87%
ESSAR ENERGY WI	135.80(c)	+2.34%
AMEC	1,071.00(c)	+2.29%
ASHMORE	390.40(c)	+1.85%
SMITHS GROUP	1,015.00(c)	+1.81%

Name	Latest	Var
WEIR GRP.	1,984.00(c)	-3.22%
INTL POWER	333.00(c)	-2.83%
CENTRICA	294.50(c)	-2.71%
SAGE GRP.	295.60(c)	-2.70%
BHP BILLITON	2,130.00(c)	-2.29%

Buys

Name	Latest	Var
LLOYDS GRP.	35.78(c)	+1.47%
GULF KEYSTONE	316.25(c)	+1.69%
VODAFONE GRP.	173.60(c)	-0.77%
GLAXOSMITHKLINE	1,392.50(c)	-0.96%
BARCLAYS	233.60(c)	-1.35%

Sells

Name	Latest	Var
BARCLAYS	233.60(c)	-1.35%
LLOYDS GRP.	35.78(c)	+1.47%
COSALT	1.40(c)	+64.71%
BP	489.75(c)	+0.67%
MOTIVE TV	0.21(c)	+2.44%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

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MORRISON (WM)

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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