Morrisons

Keeping things simple

Annual report and financial statements 2010

Contents and introduction
ConTenTs The DIreCTors’ reporT AnD busIness reVIeW 1 Highlights 2 Chairman’s statement 4 Strategic review 4 Business review 5 Market overview 6 Our strategy 8 Key Performance Indicators 10 Our business model 12 Risks and uncertainties 14 CSR/Today 16 Our people – Values in action 18 Performance review 18 Operating review 23 Financial review 26 Governance 26 Board of Directors 28 Corporate governance report 32 Directors’ remuneration report 41 General information FInAnCIAL sTATemenTs 43 Group financial statements 43 Directors’ statements of responsibilities 44 Independent auditors’ report 45 Consolidated financial statements 45 Group accounting policies 50 Consolidated statement of comprehensive income 51 Consolidated balance sheet 52 Consolidated cash flow statement 53 Consolidated statement of changes in equity 54 Notes to the Group financial statements 75 Company financial statements 75 Company accounting policies 77 Company balance sheet 78 Notes to the Company financial statements InVesTor InFormATIon 86 Five year summary of results 87 Supplementary information 88 Investor relations and financial calendar

Our business We are the UK’s fourth largest food retailer by sales with an annual turnover in excess of £15bn. We have 425 stores across Britain, ranging in size from 10,000 to 40,000 square feet. Over 10m customers visit our stores each week served by over 134,000 employees. Our strategy and vision
See page 6 to find out more

Our vision is to be the ‘Food Specialist For Everyone’. As a food specialist we differentiate ourselves from our major competitors by having: • our own manufacturing and packing facilities; • more people in-store preparing food than any other retailer; and • more specialist butchers, fishmongers and bakers in-store than our competitors.

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