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MORRISON (WM)

(MRW GB0006043169 GBX)

Value 271.200

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Updated18/05 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	2.53b

Key People

Dalton Philips	Chief Executive Officer
Richard Pennycook	Financial Director
Martyn Jones	Director
Mark Gunter	Director
Johanna Waterous	Non Executive Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	10.16%
Invesco Asset Management Ltd.	5.35%

Director Deals

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

	AR 2008	AR 2009	AR 2010	AR 2011	AR 2012
Fiscal Year End	31/01/2008	31/01/2009	31/01/2010	31/01/2011	31/01/2012
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	12,969	14,528	15,410	16,479	17,663
Cost of Goods Sold (COGS) incl. D&A	12,151	13,615	14,348	15,331	16,446
COGS excluding D&A	11,869	13,325	14,044	15,019	16,106
Depreciation & Amortization Expense	282	290	304	312	340
Depreciation	282	290	304	302	319
Amortization of Intangibles	0	0	0	10	21
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	818	913	1,062	1,148	1,217
Selling, General & Administrative Expense	268	281	224	323	329
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	268	281	224	323	329
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	79	50	66	82	91
Non-Operating Interest Income	36	25	7	3	8
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	7	8	8	1	1
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	46	44	45	35	39
Gross Interest Expense	54	48	50	42	51
Interest Capitalized	8	4	5	7	12
Pretax Income	612	655	858	874	947
Income Tax	58	195	260	242	257
Income Tax - Current Domestic	104	135	178	275	272
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	-46	60	82	-33	-15
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	554	460	598	632	690
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	554	460	598	632	690
Preferred Dividends	0	0	0	0	0
Net Income available to Common	554	460	598	632	690
Operational EPS	20.85	17.36	22.57	23.46	26.06
EPS (basic)	20.79	17.39	22.80	23.93	26.68
EPS (diluted)	20.67	17.16	22.37	23.43	26.03
EBITDA	832	922	1,142	1,137	1,228
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	282	290	304	312	340

Balance Sheet £1K

	AR 2008	AR 2009	AR 2010	AR 2011	AR 2012
Fiscal Year End	31/01/2008	31/01/2009	31/01/2010	31/01/2011	31/01/2012
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	265	327	316	232	243
Cash Only	191	327	245	228	241
Short-Term Investments	74	0	71	4	2
Total Accounts Receivable	124	180	156	215	237
Accounts Receivables, Net	92	102	145	197	191
Accounts Receivables, Gross	94	105	148	201	196
Bad Debt/Doubtful Accounts	-2	-3	-3	-4	-5
Other Receivables	32	78	11	18	46
Inventories	442	494	577	638	759
Finished Goods	434	481	577	638	759
Work in Progress	0	0	0	0	0
Raw Materials	8	13	0	0	0
Progress Payments & Other	0	0	0	0	0
Other Current Assets	79	65	45	53	83
Prepaid Expenses	1	1	2	0	0
Miscellaneous Current Assets	78	64	43	53	83
Total Current Assets	910	1,066	1,094	1,138	1,322
Net Property, Plant & Equipment	6,205	6,587	7,180	7,557	7,943
Property, Plant & Equipment - Gross	7,679	8,343	9,234	9,883	10,568
Buildings	6,142	6,390	6,862	7,042	7,378
Land & Improvements	0	0	0	0	0
Machinery & Equipment	1,143	1,376	1,619	1,820	2,011
Construction in Progress	0	228	192	137	250
Leases	394	349	561	884	929
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	1,474	1,756	2,054	2,326	2,625
Buildings	566	681	797	885	977
Land & Improvements	0	0	0	0	0
Machinery & Equipment	820	998	1,162	1,316	1,495
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	282	323	229	232	291
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	282	323	229	232	291
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	0	0	0	184	303
Net Goodwill	0	0	0	7	34
Net Other Intangibles	0	0	0	177	269
Other Assets	239	250	257	38	0
Deferred Charges	239	250	257	38	0
Tangible Other Assets	0	0	0	0	0
Total Assets	7,766	8,300	8,808	9,194	9,904
ST Debt & Curr. Portion LT Debt	77	0.70	213	0	109
Short Term Debt	75	0	213	0	109
Current Portion of Long Term Debt	2	0.70	0	0	0
Accounts Payable	1,152	1,443	1,350	1,400	1,409
Income Tax Payable	97	108	94	172	163
Other Current Liabilities	527	472	495	514	622
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	527	472	495	514	622
Total Current Liabilities	1,853	2,023.70	2,152	2,086	2,303
Long-Term Debt	774	1,049	1,027	1,052	1,592
Long-Term Debt excl. Capitalized Leases	773	1,049	1,027	1,045	1,585
Non-Convertible Debt	773	1,049	1,027	1,045	1,585
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	1	0	0	7	7
Provision for Risks & Charges	207	161	117	92	95
Deferred Taxes	424	472	515	499	464
Deferred Taxes - Credit	554	546	563	544	509
Deferred Taxes - Debit	-130	-74	-48	-45	-45
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	0	-0.00	0	0	8
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0	-0.00	0	0	8
Deferred Income	0	0	0	0	0
Total Liabilities	3,388	3,779.70	3,859	3,774	4,507
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0.30	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0.30	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	4,378	4,520	4,949	5,420	5,397
Common Stock Par/Carry Value	269	263	265	266	253
Additional Paid-In Capital/Capital Surplus	57	60	92	107	107
Retained Earnings	4,046	4,223	4,627	5,067	5,051
ESOP Debt Guarantee	0	-44	-44	-31	-21
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	6	12	3	5	-12
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	6	6	6	19
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	4,378	4,520.30	4,949	5,420	5,397
Liabilities & Shareholders' Equity	7,766	8,300	8,808	9,194	9,904

Cash Flow £1K

	AR 2008	AR 2009	AR 2010	AR 2011	AR 2012
Fiscal Year End	31/01/2008	31/01/2009	31/01/2010	31/01/2011	31/01/2012
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	554	460	598	632	690
Depreciation, Depletion & Amortization	282	290	304	312	340
Depreciation and Depletion	282	290	304	302	319
Amortization of Intangible Assets	0	0	0	10	21
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	-242	-49	-66	35	-31
Funds from Operations	594	701	836	979	999
Extraordinaries	0	0	0	0	0
Changes in Working Capital	35	118	-93	-76	-65
Receivables	-60	-44	36	-75	-49
Inventories	-74	-52	-83	-61	-117
Accounts Payable	169	214	-46	60	101
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	629	819	743	903	934
Capital Expenditures	402	678	906	592	796
Capital Expenditures (Fixed Assets)	402	678	906	494	724
Capital Expenditures (Other Assets)	0	0	0	98	72
Net Assets from Acquisitions	0	0	0	-3	-74
Sale of Fixed Assets & Businesses	94	22	7	8	4
Purchase/Sale of Investments	0	0	0	0	-31
Purchase of Investments	0	0	0	0	-31
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	-308	-656	-899	-587	-897
Cash Dividends Paid - Total	-108	-131	-159	-220	-301
Common Dividends	-108	-131	-159	-220	-301
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	17	-143	34	16	-368
Repurchase of Common & Preferred Stk.	0	-146	0	0	-368
Sale of Common & Preferred Stock	17	3	34	16	0
Proceeds from Stock Options	0	0	34	16	0
Other Proceeds from Sale of Stock	17	3	0	0	0
Issuance/Reduction of Debt, Net	-270	173	199	-129	616
Change in Current Debt	-1	-73	0	0	0
Change in Long-Term Debt	-269	246	199	-129	616
Issuance of Long-Term Debt	0	250	200	25	1,102
Reduction in Long-Term Debt	-269	-4	-1	-154	-486
Other Funds	0	74	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0	74	0	0	0
Net Financing Cash Flow	-361	-27	74	-333	-53
Exchange Rate Effect	0	0	0	0	0
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	-40	136	-82	-17	-16
Free Cash Flow	119	10	-322	189	-91

Analysis Data

	2008	2009	2010	2011	2012
Fiscal Year End	2008-01-31	2009-01-31	2010-01-31	2011-01-31	2012-01-31
Valuation
Market Capitalisation	8,031.35	7,120.73	7,664.04	7,017.12	7,409.55
Price/Earnings	14.38	15.57	12.68	11.03	10.97
Price/Sales	0.61	0.49	0.49	0.42	0.43
Price/Book Value	1.83	1.58	1.55	1.29	1.37
Price/Cash Flow	12.74	8.86	10.40	7.88	8.30
Enterprise Value/EBIT	15.63	12.63	10.33	9.62	10.38
Enterprise Value/EBITDA	10.34	8.66	7.58	6.98	7.50
Enterprise Value/Sales	0.66	0.55	0.56	0.48	0.52
Total Debt/Enterprise Value	0.10	0.13	0.14	0.13	0.18
Total Debt/EBITDA	1.02	1.14	1.09	0.93	1.39
EPS (basic)	20.79	17.39	22.80	23.93	26.68
EPS (diluted) as stated	20.67	17.16	22.37	23.43	26.03
Profitability
Gross Margin (%)	6.31	6.28	6.89	6.97	6.89
Operating Margin (%)	4.24	4.35	5.44	5.01	5.03
Pretax Margin (%)	4.72	4.51	5.57	5.30	5.36
Net Margin (%)	4.27	3.17	3.88	3.84	3.91
Return on Assets (%)	7.25	5.73	6.99	7.02	7.23
Return on Equity (%)	13.34	10.34	12.63	12.19	12.76
Return on Avg. Total Capital (%)	10.89	8.52	10.17	9.98	10.17
Return on Avg. Invested Capital (%)	11.25	8.58	10.36	10.15	10.25
Efficiency
Revenue/Employee	0.15	0.12	0.12	0.12	0.13
Receivables Turnover	123.75	95.58	91.73	88.84	78.15
Days of Sales Outstanding (DSO) (%)	2.95	3.82	3.98	4.11	4.67
Inventory Turnover	30.01	29.09	26.79	25.24	23.54
Days of Inventory on Hand (DIO)	12.16	12.55	13.62	14.46	15.50
Total Asset Turnover	1.70	1.81	1.80	1.83	1.85
Working Capital Turnover	0.00	0.00	0.00	0.00	0.00
Liquidity
Current Ratio	0.49	0.53	0.51	0.55	0.57
Quick Ratio	0.25	0.28	0.24	0.24	0.24
Capital Structure
Debt-to-Total Equity (%)	19.44	23.22	25.06	19.41	31.52
Debt-to-Total Capital (%)	16.27	18.85	20.04	16.25	23.96
Debt-to-Total Assets (%)	10.96	12.65	14.08	11.44	17.17
Interest Coverage	10.19	13.17	16.76	19.64	17.41

Market data

Name	Latest	Var
FTSE 100	5,267.62(c)	+0.00%
FTSE 250	10,431.90(c)	+0.00%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,855.79	-0.51%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var

Name	Latest	Var

Buys

Name	Latest	Var
AVIVA	264.90(c)	-1.05%
RED EMPEROR RES	14.88(c)	-17.36%
LLOYDS GRP.	25.95(c)	-6.15%
BP	391.95(c)	-1.18%
VODAFONE GRP.	164.30(c)	-0.96%

Sells

Name	Latest	Var
LLOYDS GRP.	25.95(c)	-6.15%
RED EMPEROR RES	14.88(c)	-17.36%
PV CRYSTALOX	9.45(c)	+121.31%
BARCLAYS	176.10(c)	-3.19%
AVIVA	264.90(c)	-1.05%

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.

MORRISON (WM)

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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