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EDINBURGH SCHOOL OF BUSINESs RESEARCH PROPOSAL FINANCIAL ANALYSIS OF MORRISON SUPERMARKET In fulfilment of the requirements for the award

of POST GRADUATE DIPLOMA LEADING TO MBA Submited by

APARNA SHIWAKOTI(REG NO: 11401)


College Director: Mr Nitin Gupta Date: 2009/1/25
Sr. No CONTENETS 1 2 3 4 5 6 7 8 Introduction Morrisons Supermarket Research Methodologies. Research Approaches. Organization of the Report Report Writing Research Timeline and Limitation Bibliography. . . . . . . Page No.

INTRODUCTION
The purpose of this assignment is to analyse the financial performance of Morrisons supermarket over the past five years and critically examine the reasons for variations in the financial performance measures. In addition the companys external environment and the internal environment will be examined by carrying out a PETSTEL and SWOT analysis which will provide the frame work for any supportive evidence in the financial analysis. The financial figures were compiled from company reports obtained from appropriate sources( give reference here) over the five year period Feb 2005-Feb2009.

Morrisons
The history of Morrisons evolved in the year 1899 when it was first launched by William Morrison as an egg and butter merchant Rawson Market in Bradford, (England) under the name of WM Morrison LTD. It was then overtaken by his son Ken Morrison at the age of 26 in the year 1956 and in the year 1958 he opened his first self service store in Bradford were the customers doesnt have to ask for the prices of the product rather the prices were printed on the products and had 3 checkouts to help the customers. After the success of the store came up the first supermarket under the Brand name of Morrison in the year 1961 named VICTORIA in the Girlington district of Bradford, the place was the former cinema then converted into a 5000 sq ft of space store with the car parking area for the customers as they could not afford to buy the place near the city centre due to the funding reasons. They used the van from the Jowett Bradford to promote their products and in the year 1967 they became Private Limited Company and were listed on the London Stock Exchange. The shares offered were 174 times than the subscribed one as more than 80000 investors were interested in the share. Morrisons started their first distribution centre at Wakefield in 1988. It was the year 1999 when Morrisons celebrated as the centenary year for opening the 100 store. (en.wikipedia.org/wiki/Morrisons) After that in the year 2004 they went for the acquisition of Safeway under which they planned to take over 479 store in British Supermarket but things went wrong as the operation managers changed their accounting system 6 weeks before which resulted in the serious loos of finance to Morrisons. They dropped the idea of transforming the Safeway into their own store and at the end went to transform 50 of the stores into the brand of Morrisons. At present Morrisons are the fourth largest Supermarket in the u.k behind others such a Tesco, Asda and Sainsburys . Morrisons has 403 stores working under its Brand with 124000 employees and 114000 employees in the stores placed in United Kingdom and serving over 9 million customers every week with one sole view point or as stated in their mission statement:

Mission statement:
to provide all our customers with the very best value for money wherever they live (www.morrisons.co.uk/.../About-Morrisons/Company-history1)

OBJECTIVES OF MORRISONS SUPERMARKET

Deliver an ever improving quality shopping expensive for customers with great products at
fair prices.

To exceed customer exceptions for healthy, safe, fresh and tasty food, making their lives
easier every day.

To maintain own-brand products and suppliers To manage the significant environment effects over which stores direct control To ensure all colleagues have opportunities to develop their abilities and are rewarded for
their contribution to the success of business.

Morrisons deals with every aspect of the commercial house hold including Fresh Vegetables, Fruits, Meat production and transport. They have their own factory under the name of Farmers Boy producing Pizzas, Pies, Cooked meat and Sausages as well as packing Cheese and Bacon. In addition Morrisons also operates several in-built Pharmacy products and wide range of medicines and they have their own Prescription collection counters. The company also provides the facility of Gas Stations, Dry cleaning and Photo processing. In total Morrisons operate 498 store out of which 311 stores are safeway stores and 187 stores are Morrison stores. In the process of running these stores the company has to constantly examine the external environment in which it operates in order to identify the opportunities and threats(PESTEL) and combine them with an internal analysis of its own strengths and weaknesses (SWOT) to formulate objectives and strategies to achieve their stated objectives and plan for growth and expansion. In identifying the threats it would be useful to conduct an analysis of the immediate business/competitive environment by applying Porters Five force analysis but this is beyond the scope of this report

www.morrisons.co.uk/Corporate/Investors/Financial-Reports
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Analysis of the External Environment-PESTEL

POLITICAL FACTOR: Increasing globalization, presents a challenge as well as an opportunity to Morrisons. The challenge will be to compete against unknown forces and to source the best quality/financially available products from world over.Morrisons can enter the markets of emerging companies through joint ventures or partnership to explore these new markets, although it doesnt have any plans on the horizon to do so. The ongoing investigation of price fixing amongst the big retailers within the U.K. can have some negative impact to the industry in general and Morrisons in particular, as it at the forefront allegation. Although Morrison is very well established among consumers, these allegations can lead to a negative public image as the consumers might feel cheated. In the U.K. the government is to decrease the rate of corporation tax from 30% to 28% which will save big companies. ECONOMIC FACTOR: The rapidly increasing global food crisis has increased food prices all over the world, which will result in rising purchasing costs for Morrisons. This will have an impact on the margins of the organization and might lead to passing over the cost of consumers by increasing prices of most things in the supermarket. Furthermore, rising fuel costs will have implication right throughout the supply chain of Morrisons leading to an overall situation of increasing prices. The credit crunch can have a two way impact on Morrisons as it also runs a financial services company with HBDS. The credit crunch might decrease the purchasing power of consumers and though they will still buy the essentials they may be more cautions. They may also spend less on luxury items, something that has a greater profit margin for Morrisons. As for the Morisons bank is concerned, the credit crunch directly affects its ability to provide credit especially as it not an established name in the financial services industry. SOCIAL FACTOR: Nowadays there seems to be more emphasis on fresh, easy style cooking. These serve an opportunity for Morrisons to encourage new recipes and unfussy eating. There has been a huge emphasis by the government to promote healthy eating, primarily due to the increasing level of obesity within the U.K. This has lead to many consumers to shift towards healthier food. This presents an opportunity to Morrisons to stock up with more healthy food or create healthier foods at a cheaper price than other manufacturers so as to benefit from this new trend.

TECHNOLOGICAL FACTOR: The Internet phenomenons seem to be ever growing within western countries competitors like Tesco use their own online delivery model successfully. One of the downsides of supermarket shopping is the queuing system
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customers often find themselves in at the checkout. Self checkout machines employed by Asda and Tesco can help solve this problem, especially for customers who have to queue up for very few items. Furthermore, self checkout machines could help in Morrisons opening stores for 24 hours which might help boost sales. Although not yet popular, RFID( Radio Frequency Identification Device) technology can be used for significant benefits to the supply chain of Morrisons. If adopted, this technology will lead to fewer inventories for the supermarket firms leading to a learner, more profitable organization. ENVIRONMENTAL FACTORS:

A lot of emphasis western companies has been on the role of big companies is reducing carbon footprint and increasing energy efficiency. This is just not a energy efficiency. This is just not a backburner issue anymore and every firm will have to prove they are reducing their impact on the environment, meaning on green issues. Other important ethical issues, like sale of organic food and the ethical treatment of animals, clearly effect Morrisons on various levels. The growing importance of such issues means that they will have to cater to those consumers as well as to consumers governed by price. This is a sensitive issue as they will have to balance their public stand on environment without losing consumers due to the increase in prices.

LEGAL FACTOR: With ever stringent laws on food and drinks, Morrisons will have to follow more and more packaging and labelling policies to deal with these, which will be an additional financial burden on the company. Due to its in financial services, there is ever more legal scrutiny in the operations of Morrisons.

The SWOT for Morrisons are as follows

STRENGTH Leading supermarket retailer in the UK

WEAKNESS Lack of sufficient non-food product segment

Extensive range of fresh food products and services

Growing popularity of convenience stores

Vertically integrated operation OPPORTUNITY Merger with Safeway

Lack of presence in the internet online shopping market THREATS

Slowdown in the UK economy

Growing market for organic food

Corporate governance regulations

Growing demand for pharmacy products

Increasing competition

Strengths
Strength of Morrisons has been viewed under different categories and each one has its own influence and significance on the Morrisons survival in this modern and competitive world. Morrisons being the fourth largest Supermarket has got big Geographical area to work on and after the acquisition of the safeway stores it has got more than 311 store under itself means that much more market share. Apart from this Morrisons had the edge over many off its competitors by providing the customers with fresh foods rather than the packaged food. Its fresh food counters and in store butchers allows and advise the customers, cut and prepare the meat according to the choice of the customers. The most and foremost thing that provides the Morrison that stability in itself is the integrated operation in the food sector rather than the scattered one. The company business is a joint venture of 4 different divisions which includes WM Morrison Produce dealing with sorting and packaging of fresh fruits and vegetables; BOS BROTHERS which deals with the Export of fruits and flowers in UK; NEEROCK which is the meat processing centre looking over the slaughtering and processing of Beef, Pork and Lamb and FARMERS BOY which is the companies own-lable fresh food production. Collectively these provided the company a ferm hold on the business and the market as the company has to overlook one major concern FOOD. www.morrisons.co.uk/Corporate/Investors/Financial-Reports
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Weakness
After the strength comes the Weakness of the company, and the biggest weakness is the one of the strengths of the company which is the integrated market. As Morrisons is only focused on the food sale and not the nonfood items its losing out on the bigger market share which its competitors are going after, its biggest competitors like TESCO and ASDA are going for the concept of the convenient store were the customers get each and every item from food to non-food items thus acquiring the larger market share and having much more customers coming into the store. The increase popularity for online shopping among the customers and lack of online shopping facility for Morrisons have made the customers to go for the different supermarkets which has got much better online Facility. This caused in low customer rate for Morrisons and hampers the profit rate for the company as the customers moves in the rapidly growth trend of convenient shopping. A major weakness that plagued Morrisons immediately after the take over of Safeway was the poor supply chain that existed under Safeway. There were delays and non supply of goods which left the store shelves empty in so many places that the CEO had to issue a statement apologising to the customers through the media. This was given the priority and was eventually sorted.

Table: SWOT Analysis Strengths Weakn

Income Statements Fiscal year end

2009 (m) 01-Feb09 12 IFRS

2008 (m) 03-Feb08 12 IFRS

2007 (m) 04-Feb07 12 IFRS

2006 (m) 29-Jan06 12 IFRS

2005 (m) 30-Jan05 12 IFRS

Duration (months) Accounting format Operating Income Group turnover & share of J.V. Share of J.V sales Group turnover Gross profit Other operating income Net other gains -

14,528. 00

12,969.0 0 -

12,461.5 0 12,461.5 0 636 20.5 38.5 12,114. 80 2,977.8 0 12,103. 70 3,011.7 0

14,528. 00 913 37 2

12,969.0 0 818 30 32

Total operating income

14,567. 00

13,031.0 0

12,520.5 0

12,114. 80

12,103. 70

Operating Expenses (by function) Cost of sales Selling, marketing & distribution Administrative expenses Research & development Depreciation (property, plant & equipment) Amortisation of intangibles Impairment of goodwill One-off items (by function) Other operating costs (by function) Total operating expenses (by function) Operating profit (as calculated) Operating profit (as stated) EBIT (as calculated) Interest & other financial income Interest & other financial expense Net interest Share of profit from associates One-off items (previously exceptionals) Profit on ordinary activities 13,615.00 12,151.00 11,825.50 9,137.00 9,092.00 -

-281 -290 -

-268 -289

-271.8

-256.9 -259.2

-281.9

13,896.00 671 671

12,419.00 612 612

12,097.30 423.2 423.2

-103.2 3,240.70 12,377.70 -262.9 -262.9

-40 2,755.50 11,847.50 256.2 256.2

671 157 -173 -16 -

612 159 -159 0 -

423.2 20.7 -74.9 -54.2

-262.9 21 -73.2 -52.2 2.2 -

256.2 21.1 -86.5 -65.4 2.2

655

612

369

-312.9

193

before tax Tax Profit on ordinary activities after tax Profit attributable to minority interests Profit attributable to equity shareholders Ordinary dividends Other dividends Retained profit EPS basic EPS diluted Dividend per share -195 460 -58 554 -121.4 247.6 62.6 -250.3 -88 105

460

554

247.6

-250.3

105

-131 329 17.39 17.16 5.8 -

-108 446 20.79 20.67 4.8

-98.3 149.3 9.32 9.31 4

-97.8 -348.1 -9.46 -9.46 3.7

-87.7

17.3 4.14 4.12 3.7

Balance Sheet Fiscal year end Duration (months)

2009 (m) 01-Feb09 12

2008 (m) 03-Feb08 12 IFRS

2007 (m) 04-Feb07 12 IFRS

2006 (m) 29-Jan06 12 IFRS

2005 (m) 30-Jan05 12 IFRS

Accounting IFRS format Non-Current Assets Intangible assets Goodwill Total intangible assets Property, plant and equipment Retirement benefit assets 250 6,587.0 0 250

239 239 6,205.00 -

227.9

103.2 0 6,143.9 0 103.2 5,708.1 0 -

227.9 6,117.40 -

Deferred tax assets Assets held for sale Available-forsale financial assets Derivative financial assets Financial assets held at fair value through P&L Financial assets held to maturity Trade and other receivables Investments in JVs/associates Other noncurrent asset investments Total noncurrent assets Current Assets Inventories Trade and other receivables Cash and cash equivalents Assets held for sale Available-forsale financial assets Derivative financial assets Financial assets held at fair value through P&L Financial assets held to maturtiy Available for sale assets Other fair value assets

81 -

43 -

19.1 -

36.4 -

37

242

239

240.5

443.1

78.4 449

7,160.0 0

6,726.00

6,604.90

6,623.4 0

6,375.7 0

494 245 327 -

442 199 265 4 -

367.9 150.6 231.1 16.4 -

399.4 157.4 135.3 128.6 -

424.6 224.2 93.5 582.5

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Other current assets Total current assets Total assets Equity Share capital Share premium account Revaluation reserve Other reserves Retained earnings Equity shareholders funds Minority interests Total equity

1,066.0 0 8,226.0 0

910 7,636.00

766 7,370.90

820.7 7,444.1 0

1,324.8 0 7,700.5 0

263 60 2,596.0 0 1,601.0 0 4,520.0 0 4,520.0 0 -

269 57 -

267.7 41.5 -

267.3 36.9 2,578.3 0 766.1 3,648.6 0 3,648.6 0 -

265.8 20.1

2,584.00 1,468.00 4,378.00 4,378.00

2,578.30 1,039.50 3,927.00 3,927.00

2,578.3 0 1,141.7 0 4,005.9 0

4,005.9 0

Non-Current Liabilities Long term borrowings Deferred tax liabilities Derivative financial instruments Financial liabilities held at fair value through P&L Other financial instruments Retirement benefit obligations Other liabilities/provisions 1,049.00 -472 -774 -424 -768.6 -477.6 1,022.70 -422.6 1,016.70 -501.6

-49 -112

-68 -139

-197.9 -144.9

-416.2 -127.2

-408.1 -55.8

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Total noncurrent liabilities Current Liabilities

1,682.00

1,405.00

1,589.00

1,988.70

1,982.20

-1 Short term borrowings Trade creditors Current tax payables Derivative financial instruments Financial liabilities held at fair value through P&L Other financial instruments Other liabilities/provisions Total current liabilities Net current assets Total assets less current liabilities Total liabilities Pension surplus/deficit (including prepayment) Pension surplus/deficit (excluding prepayment) -

-77

-253.1

-296.6

-274.7

1,443.00 -108 -

-1,152.0 0 -97

1,002.80 -100 -0.7

1,202.60 -39 -

1,123.30 -0.5 -

-472 2,024.00 -958 6,202.0 0 8,226.00 -49

-527 1,853.00 -943 5,783.00 7,636.00 -68

-498.3 1,854.90 1,088.90 5,516.00 7,370.90 -197.9

-268.6 1,806.80 -986.1 5,637.3 0 7,444.10 -416.2

-313.9 1,712.40 -387.6 5,988.1 0 7,700.50 -408.1

THE ENTIRE SECTION ABOVE SHOWN IN GREEN SHOULD BE IN THE APPENDIX NOT IN THE MAIN BODY OF THE REPORT.

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Ratios Analysis

1. Current ratio = current assets current liabilities 2009 2008 2007 2006 1066 2024 =0.53t 906 1853 =0.49t 766 1855 =0.41t 692.1 1806.8 =0.38t

2005 1324.80 171240 =0.41times

2. Quick Ratio=current assets inventory liabilities 1066 494 2024 0.28 t 906 442 1853 0.25t 766 368 1855 0.21t 692.1- 399.4 1806.8 0.16t 1324.80 424.60 1712.40 0.52times

Debt to Equity = total liabilities Equity 3258 4378 = 0.744t 3444 3927 = 0.877t 3795.5 3648.6 = 1.04t 7700.50 4005.90 = 1.9 times

3706 4520 = 0.82t 4

Gross profit Ratio = Gross profit sales 100%

Year 2009
913 =6.28%

2008
81812969 = 6.31% 636

2007

= 5.10%

Year 2006
2977.80 = 24.58% 5

2005
3011.7 = 24.88%

Pre tax Ratio = pre tax Profit Sales 100% 2008 612 = 4.72% 2005 2007 369 = 2.96%

Year 2009 655 = 4.51% Year 2006

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(312 .9 = 2.58% 6 Sales of Assets = Sales 12969 7636 = 1.7t 12462 7371 = 1.7t

193 = 1.6%

14528 8226 = 1.78t

12114.8 7444.1 = 1.63t

12103.7 7700.50 = 1.57Times

Return on Assets = pre tax profit 612 76363 = 8.01% 369 7371 = 5.01% 312.9100% 7444.1 = (4.2) % 193 7700.5 = 2.51%

655 8226 = 7.96% 8

Return on Equity = pre tax profit equity 655100% 4520 612100% 4378 369100% 3927 312.9100% 3648.6 193100% 4005.9

=14.49%

= 13.98%

= 9.4%

=8.58%

= 4.82%

Inventory Turnover = Cost of goods sold Inventory 12151 442 =27.49 11826 36 =32.14 9137 399.4 =22.88 9092 424.6 =21.41

13615 494 =56.27 10

Inventory Turnover Days=

365Inventory Turnover

365 27.56 =13.24days 11

365 27.49 =13.28days

365 32.14 =11.36days

365 29.99 =12.17days

365 21.41 =17.05days

Accounts Receivable Turnover= 14528 245 =59.30 12969 199 =65.71 12462 150.60 =82.75

SalesAccts Receivable 12114.8 157.4 =76.55 12103.70 224.20 =53.99

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Collection Period= 365 59.30 365 65.17

365A/R Turnover 365 82.75 365 76.99 365 53.99

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=6.15days 13

=5.60days

=4.41days = 11826 -1003 = (11.8)

=4.47days

=6.67days

Account payable Turnover 13615 -1443 = (9.94) 12151 -1152 = (10.55)

Cost of goods soldAccts.Payable 9137 -1202.6 = (7.6) 9092 -1123.3 = (8.09)

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Accounts Payable Days= 365 9.44 365 10.55 =34.6days

365Accts payable Turnover 365 11.8 365 7.6 365 8.09 =45.12days

=38.66days

=30.93days =48.03days

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Gearing Ratio =Non current liabilitiesShare Capital+all reserves+non C.L100%

1682 4541 = 0.37%

1405 4258 =0.32 %

1589 4435 = 0.35%

1988.70 28039 =0.07%

1982.20 4826.3 =0.41%

Your calculations of ratios are not in any logical order. They are all over the place. Please start with PROFITABILITY RATIOS THEN WORK YOUR WAY THROUGH LOGICAL ORDER AS SHOWN IN MY PRINTED HANDOUT.

Summary of Ratios
2009 Current Ratio: Quick Ratio: Debt to Equity: 0.53 0.28 0.82 2008 0.49 0.25 0.744 6.31% 4.72% 1.7 2007 0.41 0.21 0.877 5.10% 2.96% 1.7
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2006 0.38 0.61 1.04 24.58% 2.58% 1.63

2005 0.41 0.0052 1.9 24.88% 1.6% 1.57

Gross Profit Ratio: 6.28% Pre-tax Ratio: Sales of Assets: 4.51% 1.78

Return on Assets: 7.96% Operating Ratio: 4.62%

8.01% 4.72% 13.98% 27.49 13.28 65.17 5.60 10.55 34.6 32%

5.01% 3.39% 9.4% 32.14 11.36 82.75 4.41 11.8 30.93 35%

-4.2% 2.1% 8.58% 22.88 12.17 76.55 4.47 7.6 48.03 7%

2.51% 2.11% 4.82% 21.41 17.05 53.99 6.76 8.09 45.12 4%

Return on Equity: 14.49% Inventory Turnover: 27.56 Inventory T. Days: 13.24 Accts. Receivable T.59.30 Collection Period 6.15 Accts.Payable T. 9.44 Accts.Payable days38.66 Gearing Ratio: 37%

AGAIN arrange the above in logical hierarchical order.

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Analysis of five years Ratios Current ratios show the ability to meet the short term obligation. The company financial position in year 2009 is better than others but it is not good in whole because its current ratio is less than one in every year. Its current ratio is less than one which also shows that company has not enough assets to pay the current liabilities. Debt to equity ratio which tells us that how the firm finances its operation with debt to the shareholders equity. For this company in year 2005 and 2006 for every one pound of shareholders equity the fictitious uses 1.9 and 1.04 respectively which is not good but in year 2008&2009 it has been improved. Gross profit in every unit of sales is very high in year 2005 in comparison of the other years because the sale cost is low and administrative expenses is also totally cut in year 2005. This profit is slightly reducing in year 2009 even the effect of economic crisis in the world which is good sign for the company. It has been also increased by 23.73% in year 2008 in comparison of the year 2007. The operating profit and pre tax profit slightly different in year 2005. It is negative in the year 2006 which shows the 202.8% reduce in operating profit .But it reached in very good position in 2007. The pre tax is slightly reduced in the year 2009 due to economic factors and other expenses. The assets turnover ratio which indicates the amount of sales generation from the investment in assets. The generation of sales from the investment is assets is in increasing trend but it is same in year 2008 and 2007.Even the sales is different due to slightly increase in assets. In 2009 also the assets turnover is increased by 4.71% which shows proper utilization of assets decreased by 267.3% in the year 2006 which is very bad for the company but it becomes able to improve its position very successfully in the year 2007 thats increase by 219.28%. It is due to change in sales cost marketing, administrative and other expenses. The return on equity is in the increasing position every year which is positive for shareholders. It is also increased in the year 2009 by 3.46%even the company is slow down because of its increase in profit due to extra cost & expenses. The inventory turnover of the company in 2006 increased by 1.47 times even the inventory turnover days decreased by 4.48 days which is the sign of successful of company in year 2006. But in year 2008 & 2009 inventory turnover has been decreased due to change in cost of sales and inventory as a result inventory turnover is also increased. The
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number of turning the inventory into sales in year is increased in comparison of 2009 and also the inventory turnover days are slightly reduce which is good indicator. Account receivable turnover of the company in year 2007 is high due to with the collection period e.g. time to convicting receivable in to cash is less in comparison of other years. The collection period in 2009 has been increased by 0.55 days which is less in comparison of 2007 to 2008. In 2008 due to economic crisis the company had to face the great problem to convert receivable into cash which has been improved in year 2009. The accounts payable turnover of 2006 is less in comparison of other year because of the accounts payable days in 2007 is also less in other year. The time of paying to creditors is increased by 4.06 days due to increase in collection period. Eventually gearing shows the dependency of the company on the borrowing. The company has low gearing in year 2006.But in 2005 the company dependency on borrowing was 41%.Similarlly in 2007 the borrowing increased by 2.8% in comparison of 2006 and in the year 2008 the borrowing of the company decrease by 3% due to increase in long term debt and noncurrent liabilities and reserve the borrowing of the company has been increased by 5% which is 37% that is less than 50% and gearing is having less than 50% is not bad for the company.

Again the discussions should start with profitability ratios and then move on to other lower ranking ratios

REFERNCES & Bibliography


1. Wikipedia
2. www.morrisons.co.uk/Corporate/Investors/Financial-Reports

3. 4.

en.wikipedia.org/wiki/Morrisons (www.morrisons.co.uk/.../About-Morrisons/Company-history1
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5. Kimmel, Weygandt and Kieso (Financial Accounting tools for business decision making) Third Edition

FINAL COMMENTS:

Your report is reasonably good, better than I expected. FORMATTING IS ALL OVER THE PLACE, page numbers should be sorted out. Main headings and sub headings need to be changed as I have indicated. Once the entire report is done then you can sort out the content page. Since your analysis is not in correct order I cannot make any comments or correct them.

Please tidy up the report as I have indicated and then resend your file then I will correct your analysis.

If you want to speak to me then phone me at 01413318653, 10.00-17.00, except Tuesday 9.00-13.00 and Friday 9.00-13.00hrs

Soma

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