Morrison(Wm.)Supermarkets PLC 2018/19 Financial Statements - restated for IFRS16 (1062E)
02 Luglio 2019 - 08:00AM
UK Regulatory
TIDMMRW
RNS Number : 1062E
Morrison(Wm.)Supermarkets PLC
02 July 2019
News Release
Release date: 2nd July 2019
2018/19 Financial Statements - restated for IFRS 16
As previously announced, Morrisons is adopting the fully
retrospective approach to the new IFRS 16 lease standard.
At the 2018/19 preliminary results, we outlined the impact of
IFRS 16. It will have no economic effect on the business or cash
flow. It does however impact the way assets, liabilities and the
income statement are presented.
Our first Financial Statements to be prepared under IFRS 16 will
be the 2019/20 interims, to be reported on 12 September. Ahead of
those results, we are today publishing first half and full year
restated 2018/19 results on a post-IFRS 16 basis.
Morrisons is predominantly a freehold business, and we own 86%
of our stores, which means the impact of the new lease accounting
standard on profit is relatively low. As previously announced,
restated 2018/19 profit before tax and exceptionals is GBP10m lower
under IFRS 16, falling from GBP406m to GBP396m (2.5%). This move
comprises GBP103m lower rent, GBP58m higher depreciation and GBP55m
higher finance costs.
Operating profit before exceptionals increases by GBP45m, to
GBP510m, and operating margin by 25 basis points, to 2.9%.
On the balance sheet, the Group will be recognising lease
liabilities of GBP1,397m and corresponding right-of-use assets of
GBP745m. The net result is restated net assets for 2018/19 of
GBP4,325m, GBP306m lower than the previously reported position.
Full details of the post-IFRS 16 2018/19 Financial Statements
can be found here:
https://www.morrisons-corporate.com/investor-centre/
Morrisons is hosting an IFRS 16 seminar for sell-side analysts
at 11.00am UK time today.
Enquiries:
Wm Morrison Supermarkets plc
Trevor Strain - Group Chief Finance and Commercial Officer 0845 611 5000
Andrew Kasoulis - Investor Relations Director 0778 534 3515
Media Relations
Wm Morrison Supermarkets plc: Julian Bailey 0796 906 1092
Citigate Dewe Rogerson: Simon Rigby 0203 926 8522
Kevin Smith 0203 926 8509
- ENDS -
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END
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