TIDMMKS
RNS Number : 8041O
Marks & Spencer Group PLC
03 June 2020
Marks and Spencer Group plc (the "Company")
Annual Report and Financial Statements 2020
In compliance with Listing Rule 9.6.1, the Company announces
that the following documents have today been submitted to the UK
Listing Authority, and will shortly be available for inspection via
the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism:
-- Annual Report and Financial Statements 2020;
-- Notice of Annual General Meeting of the Company, which will
be broadcast from Waterside House, 35 North Wharf Road, London W2
1NW at 11am on Friday 3 July 2020; and
-- Proxy forms for the 2020 Annual General Meeting.
In accordance with DTR 6.3.5(3) the Annual Report and Financial
Statements 2020 and the Notice of Annual General Meeting are
accessible on corporate.marksandspencer.com/investors .
A condensed set of Marks and Spencer Group plc financial
statements and information on important events that have occurred
during the year and their impact on the financial statements were
included in the Company's preliminary results announcement on 20
May 2020. That information together with the information set out
below which is extracted from the Annual Report and Financial
Statements constitute the requirements of DTR 6.3.5 which is to be
communicated via an RIS in unedited full text. This announcement is
not a substitute for reading the full Annual Report and Financial
Statements. Page and note references in the text below refer to
page numbers in the Annual Report and Financial Statements 2020. To
view the preliminary results announcement, visit the Company
website: corporate.marksandspencer.com/investors .
For further information, please contact:
Group Secretariat: +44 (0)20 3934 3043
Additional Information
Principal risks and uncertainties
Below are details of our principal risks and uncertainties and
the mitigating activities in place to address them. It is
recognised that the Group is exposed to risks wider than those
listed. However, we have disclosed those we believe are likely to
have the greatest impact on our business at this moment in time and
those that have been the subject of debate at recent Board or Audit
Committee meetings.
DESCRIPTION & CONTEXT MITIGATING ACTIVITIES
TRADING PERFORMANCE RECOVERY
A failure of our Food and/or * Continued to strengthen capabilities of our senior
Clothing & Home business to effectively leadership teams in both Food and Clothing & Home
and rapidly respond to the pressures through targeted recruitment.
of an increasingly competitive
and changing retail environment,
including the impact of Covid-19, * Established operating model consisting of a family of
would adversely impact customer accountable businesses who share M&S brand values,
experience, operational efficiency colleagues and support functions, technology and
and business performance. customer data.
M&S competes with a diverse range
of retailers - in both Food and
Clothing & Home - in an increasingly * Managing directors for each of these businesses who
challenged sector faced with have full accountability for their performance
continued cost and pricing pressures, including for marketing, supply chain, finance and
shifts in consumer behaviours technology.
and broader macroeconomic uncertainties.
Delivering the right product
ranges that appeal to our customers, * Individual Business Boards to enable executive
clear and simple pricing architecture oversight and effective governance of each business.
and availability are critical
to the growth of our business
In addition, Covid-19 has had, * Continued delivery against business-specific
and continues to have, a significant transformation plans incorporating discipline around
negative impact on our trading cost, prices, availability, value, ranges, broadening
performance in line with UK retail customer appeal and promotions across both
more widely. Managing the growth businesses.
in surplus stock resulting from
the lockdown is an area of business
focus. * Development, ongoing update and monitoring of
Delays in implementing the targeted business- specific planning for the business restore
transformational improvements, as future stages of the lockdown are communicated.
or the business recovery plans This includes development of a clear strategy to
in response to Covid-19, across manage the wide-ranging implications of the lockdown
the business could negatively period on all aspects of the Clothing & Home supply
impact business performance. chain and inventory management.
* Planned improvements to online trading by delivering
both the Ocado online launch in Food and our online
ambitions for Clothing & Home.
--------------------------------------------------------------
BUSINESS TRANSFORMATION
A failure to execute our business * Adoption of a 'Never the Same Again' approach to all
transformation and cultural change aspects of business operations and prioritisation of
initiatives with pace, consistency the most critical improvement initiatives.
and cross-business buy-in will
impede our ability to improve
operational efficiency and competitiveness. * Comprehensive review of all operational and capital
The business has continued to expenditure to allocate spending to those activities
deliver the range of projects aligned to the transformation agenda and stop others
underpinning the transformation, in view of Covid-19 priorities and recovery.
including:
* The reshaping, modernising and effective management
of a UK store estate that is fit for the future, with * Maintenance of programme governance principles for
the right stores in the right space, improved all ongoing projects.
integration between online and store sales and
shopping facilities expected by our target customer
groups. * Periodic independent audit reviews of key programme
delivery and reporting to the Audit Committee.
* Modernising our supply chain and logistics activities
to improve speed, operational effectiveness and * Maintaining momentum to deliver ongoing initiatives
availability and to reduce costs. to transform our supply chain capabilities in all
parts of the business. For example, in Food the
Vangarde supply chain programme has demonstrated
* Delivering our Digital First ambitions to improve improvements to food waste levels and availability.
customer experience, reduce costs and work smarter
across the business.
* Continued focus on the store estate transformation
with new initiatives like redevelopment of existing
In response to Covid-19, we will sites to make effective use of space, resetting
need to re-evaluate priorities rental rates with landlords and delivery of new
and their delivery, including format stores.
acceleration of initiatives to
respond to permanent changes
in customer behaviours or to
change our own working practices,
balancing delivery of the transformation
with strict cash management disciplines
and rapidly reacting to the consequences
of the pandemic.
A pause or delay to key components
of the business improvement programme
because of the virus response
or other reasons may delay delivery
of the transformation objectives.
--------------------------------------------------------------
LIQUIDITY AND FUNDING
Significantly reduced trading * Continued use of the existing committed facilities
over an extended and currently available to the business, including the GBP1.1bn
undetermined timeframe, combined revolving credit facility.
with an inability to effectively
manage expenditure against revised
targets, could impact the business's * Immediate measures implemented to manage cash and
ability to operate within and liquidity, including:
secure additional committed credit
facilities.
Availability of, and access to, * Freezing of discretionary spend
appropriate sources of funding
is required for core business
operations and the successful * Significant reduction in capital spending
and timely delivery of our transformation
plan. In addition, cash management
has additional complexity as * Dividend deferral
a consequence of the ongoing
trading restrictions during lockdown,
the associated reduction in cash * Temporary furlough of colleagues
generation and planning for the
impact of furloughing, deferral
of tax payments and other emergency * Enhanced controls over spending
measures.
Brexit adds a further dimension
to this risk because of the potential * Confirmation of our eligibility under the UK
impact on currency movements, government's CCFF scheme
corporate bond rates, changes
in credit regulations and the
extent of government support * Use of the business rates holiday, tax payment
of credit markets. deferral and other government support measures
An inability to maintain appropriate
short- and longer-term funding
to meet business needs (both * Formal agreement received from the syndicate of
operational and strategic), make lending banks to relax or waive covenant conditions
payments on debt and to effectively for our revolving credit facility.
manage associated risks, such
as significant fluctuations in
foreign currency or interest * Close monitoring and stress testing of projected cash
rate changes, may have an adverse and debt capacity, financial covenants and other
impact on business viability rating metrics.
and performance.
* Regular dialogue with the market and rating agencies.
* Review of counterparty credit risk and limits in line
with our risk appetite and treasury policy.
--------------------------------------------------------------
BREXIT
An inability to quickly identify * A cross-business working party is in place to
and effectively respond to the undertake scenario planning including financial and
challenges of a post-Brexit environment operational impact assessments and to consider and
could have a significant impact drive readiness requirements.
on performance across our business.
The potential implications of
the UK's exit from the European * Each of our family of businesses has undertaken a
Union are significant and include: risk assessment to prioritise and plan for the
* Deterioration in customer sentiment. operational changes they will need. Teams have
continued to progress planning during the current
pandemic lockdown.
* Operational complexity and cost due to restrictions
on the movement of goods and stricter border controls
(including the movement of goods between Great * Updates are provided to the Board and Audit Committee
Britain and Northern Ireland). outlining risks and actions being undertaken.
* Costs passed through from our suppliers. * We are engaged with the government and industry
bodies to represent M&S's views, including the UK
Border Development Group with access to the
* Continuity of supply and supplier viability. Department for Environment, Food & Rural Affairs
(Defra), HM Revenue & Customs (HMRC) and the Food
Standards Agency (FSA) to support operational
* Import and export duties. planning.
* Volatility in currency and corporate bond rates.
* Tightening of the labour market.
* Additional regulatory responsibilities and costs.
* Increased complexity and cost in our international
operations, including our franchise activities.
While an orderly exit following
the end of the transitional period
would allow business planning
to more effectively address the
consequences of change against
a defined timeframe, the level
of change required as part of
any deal is yet unclear. A no
deal outcome would have a more
immediate and negative impact.
The focus on the response to
Covid-19 and the possibility
that the government may not seek
an extension of the transitional
period may mean there is an increased
risk of a 'no deal' departure
and the consequential ability
to implement the necessary measures
on a timely basis.
--------------------------------------------------------------
FOOD ONLINE
A failure to effectively execute * M&S nominated directors are part of the Ocado Retail
the launch of M&S products for Board and participate in leadership forums.
Ocado Retail would significantly
impact the achievement of our
strategy to take our food online * The establishment and continued operation of a
in a profitable, scalable and dedicated M&S programme team, supported by senior
sustainable way. leadership, to oversee all aspects of project
The investment in Ocado Retail delivery including commercial agreements, product
is part of our strategy for improving range, and establishment of ongoing operating
our online reach and capability. processes.
To achieve this, we are committed
to providing M&S product ranges
and to have established new product * Joint working group in place with Ocado Group Plc and
development capabilities for Ocado Retail to establish the systems, processes and
Ocado Retail by the beginning ways of working to coordinate sourcing, product
of September 2020. development, product ranging, customer data and
Activities include: marketing.
* Finalisation of all commercial agreements with
suppliers.
* Regular remote communication continues under lockdown
with the Board, senior management and the delivery
* Delivery of a range of M&S products to allow a teams.
seamless transition for Ocado customers on launch.
* Establishing data and technology interfaces with
Ocado Retail.
* Developing operating procedures and ways of working
between the two businesses.
An inability to establish effective
operating protocols in advance
of the launch date, whether related
to the impact of Covid-19 or
other factors, could delay delivery
of the expected benefits from
our investment in Ocado Retail.
--------------------------------------------------------------
FOOD SAFETY & INTEGRITY
Failure to prevent or effectively * Oversight from Customer and Brand Protection
respond to a food safety incident, Committee.
or to maintain the integrity
of our products, could impact
business performance, customer * Food Safety Policy and Standards are in place, with
confidence and our brand. clear accountability set at all levels.
Food safety and integrity remain
vital for our business. We need
to manage the potential risks * Defined Terms of Trade, manufacturing standards,
to customer health and consumer specifications for "from farm to fork" and standard
confidence that face all food operating procedures (stores, support centre and
retailers. supply chain).
This includes considering how
external pressures on the food
industry and wider economic and * New food initiatives assessed for food safety risks.
environmental changes could impact
the availability and integrity
of our food, the ability to operate * Qualified and capable technical team, with continuing
all routine controls, our reputation professional development programme.
and shareholder value.
Many of these external pressures,
including the impact of Covid-19, * Store, supplier and depot audit programmes, including
inflationary costs, labour quality unannounced visits and raw material testing, adapted
and availability, increased regulatory to be managed remotely where site visits are not
scrutiny, animal disease, and possible.
the unknown impact of Brexit,
are, to a large degree, outside
our control but are nevertheless * Introduction of modified processes, including
monitored. enhanced monitoring of quality and customer
complaints, to mitigate risk during the Covid-19
lockdown and ongoing assessment of the need for
further change.
* Quarterly review of our control framework.
* Established processes for the development and legal
sign-off for product packaging.
* Documented and tested crisis management plan.
* Membership of the Food Industry Intelligence Network
at Board and Operating Committee level.
--------------------------------------------------------------
CORPORATE COMPLIANCE & RESPONSIBILITY
Failure to deliver against our * A Code of Conduct is in place and has recently been
legal, regulatory, social and reviewed and updated. This is underpinned by policies
environmental commitments would and procedures, including human rights, modern
undermine our reputation as a slavery, global sourcing, data protection,
responsible retailer, may result anti-bribery and corruption, health & safety, food
in legal exposure or regulatory safety, national minimum wage, equal pay, cyber and
sanctions, and could negatively data security. An annual self-assessment compliance
impact our ability to operate process is also in place.
and/or remain relevant to our
customers.
The increasingly broad and stringent * Immediate crisis response capability (via the Crisis
legal and regulatory framework Management team) when required on a reactive basis -
for retailers creates pressure more recently for Covid-19.
on both business performance
and market sentiment requiring
continual improvements in how * Mandatory induction briefings and annual training for
we operate as a business to maintain relevant colleagues on key regulations.
compliance.
More recently, the requirements
triggered by the Covid-19 o utbreak, * Oversight from committees and steering groups such as
including in relation to safety for fire, health and safety or food safety.
and social distancing, have in
a short time frame necessitated
immediate changes to operating * In-house regulatory legal team, including specialist
procedures in our distribution solicitors, which conducts 'horizon scanning' on new
network, stores and support centres. and emerging regulatory and legislative changes.
In addition, the expectations
of our customers and other stakeholders
(including regulators) are increasingly * Dedicated non-legal regulatory issue leaders and
demanding. The environmental advisers to drive compliance against key risk areas
impact of food, packaging and within the business. This includes, for example,
the sustainability of clothing GSCOP (Groceries Supply Code of Practice) compliance
are all increasingly relevant. in Food or ethical sourcing in Clothing & Home.
Speed in responding to evolving
expectations is vital to maintaining
a positive business perception. * Proactive engagement with regulators, legislators,
Non-compliance may result in trade bodies and policy makers.
fines, criminal prosecution for
M&S or colleagues, litigation,
additional investment to rectify * Simplified Plan A operating model with a lean central
breaches, disruption or cessation team responsible for setting the framework and
of business activity, as well establishing sustainability priorities in each of our
as have an impact on our reputation family of businesses.
and financial results.
* Published, monitored and reported commitments in
relation to environmental and social issues in line
with regulatory requirements.
* Established auditing and monitoring systems.
* Customer contact centre insight and analysis of live
social media issues.
--------------------------------------------------------------
BUSINESS CONTINUITY & RESILIENCE
Failures or resilience issues * A dedicated Business Continuity team.
at key business locations could
result in major business interruption.
In particular, a major incident * An established Group Crisis Management process -
at our Castle Donington e-commerce which was invoked and has operated throughout the
distribution centre may have Covid-19 outbreak.
a significant impact on our ability
to fulfil online orders. More
broadly, an inability to effectively * Business continuity plans, incorporating remote
respond to global events, such working requirements, are in place for key activities
as pandemic or supply chain disruption, across our operations, including offices, depots and
would significantly impact business IT sites. These were invoked and, where needed,
performance. refined during lockdown.
As our sole online Clothing &
Home fulfilment centre, the effective
operation of our Castle Donington * Group Incident Reporting & Management Procedures in
depot is vital. A major incident place and used to escalate incidents on site. These
leading to a sustained period also include critical third parties.
offline would impact sales and
potentially hinder the growth
of M&S.com. * Store and sourcing office business continuity
In addition to Castle Donington, assessments and visits, where appropriate.
the loss of other locations such
as the dedicated warehouses that
store beers, wines & spirits * Insurance cover to mitigate the impact of remediation
or frozen goods in the UK or and business interruption.
support facilities, such as for
IT, could impact business operations.
While the response to Covid-19 * Mechanisms to validate the existence of key supplier
has highlighted positives in arrangements.
the business's ability to continue
operating in extreme circumstances,
it has also underlined the risk * Ongoing contingency planning for Brexit.
associated with our global supply
chains. The reliance on China
and the interdependency of sourcing * Enhanced capabilities at Castle Donington to manage
locations, in addition to the technology failure.
concentration of supply from
individual countries such as
Bangladesh, highlight the potential * Engagement with external stakeholders including
impact of globally disruptive Retail Business Continuity Association and
events. Beyond supply chain, government-led initiatives.
the implications on trading both
in the UK and International are
also a risk. * Membership of the National Counter Terrorism
Information exchange.
--------------------------------------------------------------
INFORMATION SECURITY
Failure to adequately prevent * Dedicated Information Security function, comprising a
or respond to a data breach or multi-disciplinary operation of information security
cyber-attack could adversely specialists and support services and capabilities,
impact our reputation, result with a 24/7 Security Operation Centre.
in significant fines, business
disruption, loss of stakeholder
confidence, and/or loss of information * Continued focus on improving controls, policies, and
for our customers, employees procedures in line with our environment and threat
or business. landscape, including heightened areas of risk due to
The increasing sophistication Covid-19.
and frequency of cyber-attacks
in the retail industry, coupled
with the Data Protection Act * Maintained focus on scanning our threat environment.
(DPA), highlight the escalating
information security risk facing
all businesses. Our reliance * Established third-party assurance programme.
on a number of third parties
hosting critical services and
holding M&S and customer data * Focused security assurance, overall operational rigor
also means the information security and security hygiene around significant change
risk profile is changeable. activities.
This risk also increases as we
develop our digital capabilities.
For example our dependency on * Network of Data Protection Compliance Managers in
the availability of, and access priority business areas to oversee and address
to, insightful data across our compliance.
business and/or with the increasing
shift online.
In addition, the risk of a data * Mandatory information security and data protection
breach or misuse is impacted training for colleagues, including responsibilities
by Covid-19 as there is the potential for the use of personal data.
for:
* An increase in targeted phishing campaigns.
* Corporate Security team with a focus on improving the
physical security environment.
* New risks linked to working from home and the usage
of personal devices.
* Increased reliance on third parties supporting
critical support services.
--------------------------------------------------------------
TECHNOLOGY CAPABILITY
A failure to improve our technology * Delivery against our technology transformation
capabilities, reduce dependency programme continues and is underpinned with a defined
on legacy systems and enhance technology operating model, project governance
digital capability could limit principles and agile methodology.
our ability to keep pace with
customer expectations and competitors,
enable business transformation * Cross-channel technology investment strategy in place
and grow profitably. and aligned to the family of businesses, reviewed
The digital world continues to quarterly to track benefits realisation of core
evolve at an unrelenting pace, projects.
enabling competitive advantage,
influencing consumer behaviours
or expectations and increasing * Improvements to our IT infrastructure, increased
demands on IT infrastructure. bandwidth and deployment of a unified communication
As demonstrated during the Covid-19 and collaboration tool, which underpinned the rapid
lockdown, our business resilience move to remote working during the Covid-19 lockdown.
is increasingly dependent on
the reliability and effectiveness
of our technology infrastructure * Continued investment in in-store technology and
and capability. digital capabilities to enhance both customer and
We are clear on our aim to be colleague experience.
Digital First and continue to
plan and invest to support this
objective. * Prioritisation of technology initiatives which is
While a focus on improving the fully aligned with our operating and capital
existing IT infrastructure has expenditure targets.
begun to deliver improvements
in capability, flexibility and
cost efficiency, further work * Continued collaboration with our principal technology
is required to enable the business services partner, TCS, and other strategic
to move with pace to meet customer partnerships, such as Microsoft, to drive our Digital
and colleague needs. First ambition.
We also need to continue to develop
the skills and capabilities of
our colleagues in order to drive * Expansion of the Decoded programme and investment in
beneficial and effective use data analytics expertise to improve digital people
of the technological changes skills.
that are made.
* Investment in dedicated resource focused on
technology risk and assurance maturity and roll-out
of a structured IT control methodology.
--------------------------------------------------------------
THIRD-PARTY MANAGEMENT
An inability to successfully * Inclusion of third-party management risks as part of
manage and leverage our strategic the Crisis Management team oversight of the Covid-19
third-party relationships, or response.
a critical failure of a key supplier
or partner, could impact delivery
of our transformation initiatives, * Clear procurement and supplier management policies in
our ability to operate effectively place, including dedicated relationship partners for
and efficiently or, in some circumstances, strategic suppliers.
our brand and reputation.
Our business is dependent on
a range of significant third-party * Defined service level agreements and key performance
relationships that span products indicators for key contracts.
and services, franchise operations,
joint ventures, investments and
our banking and services partners. * Dedicated procurement and commercial teams.
A critical failure of a key supplier
or partner could have a significant
impact on operational activities, * Key supplier business contingency planning including
our transformation and/or customer targeted reviews by our Business Continuity team.
experience - any of which could
negatively impact operating profit.
The scale and impact of Covid-19, * Structured governance and business monitoring
both in the UK and internationally, processes for investments, other partnering and
has heightened the possibility franchise agreements.
of disruption or failure in the
important group of third-party
companies that form part of the * Integrated business planning processes to support
extended operations of our business. franchise and joint venture reviews.
* Regular review of franchise and joint venture markets
and new opportunities.
* Third-party self-assessment processes to confirm
compliance with expected standards and policies.
--------------------------------------------------------------
TALENT, CULTURE & CAPABILITY
An inability to maintain efficient * Investment in external hires to strengthen capability
processes and complete, accurate and address identified skills gaps.
people metrics could impact our
ability to effectively target
our resources and people agenda * Investment in internal talent through structured
to focus on attracting, engaging, identification of critical and senior roles.
developing and motivating colleagues
and developing skills for the
future. This could also impact * Leadership development programmes to enhance
the pace of operational and cultural leadership capability and colleague engagement.
transformation across the business.
The need to engage, motivate
and connect with our colleagues * Improved new starter experience to ensure effective
across a multi-generational, onboarding, engagement and retention of new
diverse workforce and drive Digital colleagues.
First skills and mindset is key
to delivering productivity and
supporting the transformation * A Business Involvement Group which is actively
of our business while driving involved in colleague engagement and representation
customer loyalty through a differentiated throughout the business, including at Board meetings.
service proposition.
An inability to maintain the
necessary change management capabilities * Development of a robust performance management system
could constrain our transformation that will measure achievement against business
objectives. This, combined with objectives and behaviours, with a clear link to
the cultural challenge of managing reward.
talent, performance and succession
could result in increased resource
management and development costs. * A total reward review, with benchmarking of all pay
and benefit components and transparency on fair pay,
including gender, ethnicity, disability and age.
* Creation of a network of external allies to champion
our inclusion and diversity agenda.
* Change management capability considered a specific
leadership skill requiring investment through
training, toolkits and methodology.
* Planned investment in an HR information system.
* Delivery of a digital-specific apprenticeship
programme driving digital literacy and capability
building.
--------------------------------------------------------------
BRAND, LOYALTY & CUSTOMER EXPERIENCE
An inability to evolve our brand * Chief Digital & Data Officer in post to head Insights
appeal, customer experience and and Loyalty programmes and the recently created
Sparks loyalty programme will Digital & Data team focusing on loyalty, data science,
impact our success in retaining digital product, customer growth and innovation.
and attracting customers and
expanding the business.
Consumer lifestyles and attitudes * Brand, marketing and product teams aligned with the
continue to evolve at pace in operating model to better address the specific needs
an increasingly diversified and of our family of businesses.
competitive retail environment.
A failure to anticipate and keep
up with customer expectations * Improved online search functionality, enhanced
would impact future trading performance. end-to-end journey across M&S.com and stores for
In addition, the uncertainty Click & Collect, and greater personalised digital
of the duration of Covid-19 and products and marketing.
its longer-term impact on consumer
behaviour, shopping habits and
spending power, is unknown, making * Investment in capability to measure customer
our ability to plan and rapidly experience through introduction of an end-to-end and
react more important than ever. multichannel net promoter score programme, supported
Evolving our Sparks programme by third-party expertise.
in a way that resonates with
our customers and helps inform
business decisions remains a * Completion of a review of our Sparks loyalty
key objective. Combined with programme to inform next steps.
coordinating improvements across
customer experience and personalisation
through meaningful measures of * Proactive monitoring of social media to observe and
customer experience, data-driven respond to trends in customer experience.
marketing strategies and embedding
Digital First behaviours, these
are key enablers to being a customer-centric * Initiatives launched in response to the Covid-19
business. lockdown to continue making product available safely
to customers, for example the range of M&S food boxes,
expansion of Mobile Pay Go payment facility,
introduction of M&S E-Gift Cards and shifting focus
to contactless home delivery.
* Targeted use of celebrity engagement and high-impact
sponsorship of ITV's 'Britain's Got Talent'.
--------------------------------------------------------------
The risks listed do not comprise all those associated with Marks
& Spencer and are not presented in any order of priority. In
addition to the risks disclosed, a wide range of lesser impacting
risks and uncertainties that Marks & Spencer is exposed to, or
could be exposed to in the near future, are actively monitored and
managed. These less material risks are kept in view in case their
likelihood or impact should show signs of increasing.
Further information on the financial risks we face and how they
are managed is provided on pages 152 to 162.
Directors' Responsibility Statement
The 2020 Annual Report contains the following statements
regarding responsibility for the financial statements in compliance
with DTR 4.1.12. Responsibility is for the full Annual Report and
Financial Statements 2020 and not the condensed statements required
to be set out in the Annual Financial Report announcement.
The directors are responsible for the maintenance and integrity
of the Company's website. Legislation in the UK governing the
preparation and dissemination of financial statements may differ
from legislation in other jurisdictions. Each of the directors,
whose names and functions are listed on pages 46 and 47 of the
Annual Report, confirm that, to the best of their knowledge:
- The Group financial statements, prepared in accordance with
the applicable set of accounting standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company and the undertakings included in the
consolidation taken as a whole.
- The Management Report includes a fair review of the
development and performance of the business and the position of the
Company and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face.
- The Annual Report, taken as a whole, is fair, balanced and
understandable, and provides the necessary information for
shareholders to assess the Group's performance, business model and
strategy.
The Directors of Marks and Spencer Group plc are listed in the
Group's 2020 Annual Report, and on the Group's website:
corporate.marksandspencer.com/investors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACSKKNBKFBKKPAK
(END) Dow Jones Newswires
June 03, 2020 04:30 ET (08:30 GMT)
Grafico Azioni Marks And Spencer (LSE:MKS)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Marks And Spencer (LSE:MKS)
Storico
Da Apr 2023 a Apr 2024
