Marks and Spencer 2009 Annual Report Download - page 89
Download and view the complete annual report
Please find page 89 of the 2009 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.-
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
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
 |
 |
8
5
1 Accounting policies continued
C. Depreciation of property, plant and equipment Depreciation is
provided so as to write down the assets to their residual values over
their estimated useful lives as set out above. The selection of these
residual values and estimated lives requires the exercise of
management judgement. See note 14 for further details.
D. Post-retirement benefits The determination of the pension cost
and defined benefit obligation of the Group’s defined benefit pension
schemes depends on the selection of certain assumptions which
include the discount rate, inflation rate, salary growth, mortality and
expected return on scheme assets. Differences arising from actual
experiences or future changes in assumptions will be reflected in
subsequent periods. See note 11 for further details.
E. Refunds and loyalty scheme accruals Accruals for sales returns
and loyalty scheme redemption are estimated on the basis of
historical returns and redemptions and these are recorded so as to
allocate them to the same period as the original revenue is recorded.
These accruals are reviewed regularly and updated to reflect
management’s latest best estimates, however, actual returns and
redemptions could vary from these estimates.
Non-GAAP performance measures
The directors believe that the adjusted profit and earnings per share
measures provide additional useful information for shareholders on
the underlying performance of the business. These measures are
consistent with how underlying business performance is measured
internally. The adjusted profit before tax measure is not a recognised
profit measure under IFRS and may not be directly comparable with
adjusted profit measures used by other companies. The adjustments
made to reported profit before tax are to exclude the following:
– exceptional income and charges – These are one-off
in nature and therefore create significant volatility in reported
earnings; and
– profits and losses on the disposal of properties – These can
vary significantly from year to year, again creating volatility in
reported earnings.