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wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077MARKS AND SPENCER GROUP PLC 8899
Executive Team Your Board Financial
Review Governance Financials
Shareholder
Information
31 FOREIGN EXCHANGE RATES
Weighted average Weighted average
sales rate profit rate Balance sheet rate
2007 2006 2007 2006 2007 2006
Euro 1.48 1.47 1.47 1.47 1.47 1.43
US dollar 1.88 1.78 1.88 1.79 1.96 1.74
Hong Kong dollar 14.77 13.85 14.77 13.89 15.31 13.48
32 RELATED PARTY TRANSACTIONS
A Subsidiaries
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are
not disclosed in this note. Transactions between the Company and its subsidiaries are disclosed in the Company’s separate financial
statements.
B Hedge End joint venture
A loan of £5.0m was received from the joint venture on 9 October 2002. It is repayable on five business days’ notice and
was renewed on 31 December 2005. Interest was charged on the loan at 5%.
C Marks & Spencer Pension Scheme
Details of other transactions and balances held with the Marks & Spencer Pension Scheme are set out in note 11.
D Key management compensation 2007 2006
£m £m
Salaries and short-term benefits 9.6 12.0
Post-employment benefits 0.4 0.7
Termination benefits –1.6
Share-based payments 6.7 4.7
TToottaall16.7 19.0
Key management in the comparative period included the directors, the Group Secretary, and the highest level of senior
management. In 2006/07, a new Executive Committee (ExCo) was formed and so key management for 2007 includes the directors,
the Group Secretary and only those members of key management who are members of ExCo. If ExCo had been formed in the prior
year, the comparative total key management compensation would have been £12.3m. Further information about the remuneration
of individual directors is provided in the Remuneration report.
During the year, key management have purchased goods at the Group’s usual prices less a 20% discount. This discount is available
to all staff employed directly by the Group in the UK.
Interest-free loans outstanding to key management, which includes no directors, at 31 March 2007 were £nil (last year £13,678).