Marks and Spencer 2008 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2008 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

31 Foreign exchange rates Weighted average sales rate Weighted average profit rate Balance sheet rate
2008 2007 2008 2007 2008 2007
Euro 1.40 1.48 1.41 1.47 1.26 1.47
US dollar 2.01 1.88 2.01 1.88 1.99 1.96
Hong Kong dollar 15.62 14.77 15.61 14.77 15.52 15.31
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 1 January 2008. Interest was charged on the loan at 5.25% until 31 December 2007 and 5.5% thereafter.
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
2008 2007
£m £m
Salaries and short-term benefits 8.1 9.6
Post-employment benefits 0.4 0.4
Termination benefits 0.4 –
Share-based payments 12.3 6.7
Total 21.2 16.7
Key management includes the Directors, the Group Secretary and only those members of key management who are members of
the Executive Committee. 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.
E Other related party transactions
Supplier transactions occurred during the year between the Group and a company controlled by a close family member of
Kate Bostock, who became a director during the year. These transactions amounted to £5.4m during the year (last year £5.2m)
with an outstanding trade payable of £0.1m at 29 March 2008 (last year £0.2m). The company was a supplier prior to Kate’s
employment by the Group.
marksandspencer.com/annualreport08 MARKS AND SPENCER GROUP PLC 91
About us
Key performance
indicators Business review Financial review Governance Financial statements
Shareholder
information