Sunday, September 15, 2019
Al Ghazali is an influential thinker of medieval Islam. He describes his education and his intellectual crisis, which left him so full of doubt and questions, to the extent that he he resigned from his professorship in Baghdad, and felt the need to retire from the world. However, his faith returned after years of questioning and seeking, during which he achieved direct knowledge of God in the form of the experience of the Sufis. Abu Hamid Muhammad al-GhazaliÃ¢â¬â¢s Ã¢â¬ËAl-Munqidh Min Ad-DalalÃ¢â¬â¢ successfully allows the reader a brief and revealing window into the life of a great intellectual.It is an autobiographical account of GhazaliÃ¢â¬â¢s struggle during a period of spiritual unrest in his life that begins with him as a teacher at a prestigious academic institution at the age of thirty-three, and continues through his severe journey of questioning and curiosity, and ends upon his return to his teaching career but instead being a complete God-orientated man. The book o pens with Ghazali replying to a colleague who had questioned him regarding Ã¢â¬Å"the aims and inmost nature of sciences and the perplexing depths of the religious systemsÃ¢â¬ and the reasons for GhazaliÃ¢â¬â¢s actions at this stage of his life.He is a curious man who focuses on everything using his analyzing eye. This habit and custom he describes as Ã¢â¬Å"a God-given nature, a matter of temperament, and not of my choice or contriving. Ã¢â¬ With this attitude he starts to question the different types of knowledge around him. He systematically and thoroughly deals with each science which influences manÃ¢â¬â¢s spiritual and religious state of mind, covering the four main sciences of the time: theology, authoritative instruction, philosophy and mysticism. All four continue to play significant roles today. The analysis is carried out in detail, unbiased and authoritatively.He analyzes each science like a trained surgeon and then transports his results and evaluations with ac curacy and care. Included in this book is a passage which expresses the core of his spiritual journey and can be found in section four Ã¢â¬Å"The Ways of MysticismÃ¢â¬ : Ã¢â¬Å"I learnt with certainty that it is above all the mystics who walk on the road of God; their life is the best life, their method the soundest method, their character the purest character; indeed, were the intellect of the intellectuals and the learning of the learned and the scholarship of the scholars, who are versed in the rofundities of revealed truth, bought together in the attempt to improve the life and character of the mystics, they would find no way of doing so; for to the mystics all movement and all rest, whether external or internal brings an illumination from the light of the lamp of prophetic revelation; and behind the light of prophetic revelation there is no other light on the face of the earth from which illumination may be received. Ã¢â¬ A chapter on the nature of prophecy follows this p assage, and highlights its persuasive need.He discusses the physical and rational observations, their development in humans from simple to complex, and they end where divine inspiration and revelation begin. The methodology used to explain this range of perceptions is both simple and effective and allows the reader to follow the thought pattern of the writer. A concluding chapter on GhazaliÃ¢â¬â¢s return to teaching successfully deals with possible denial of the theory that he claims the need for prophetic leadership. As an expert in each of the fields his replies to the various groups are from their own teachings, doctrines and own methodologies.
Saturday, September 14, 2019
Marks and Spencer Group plc Ã © MarketLine Page 2 Marks and Spencer Group plc Company Overview COMPANY OVERVIEW Marks and Spencer Group (M&S or Ã¢â¬Å"the companyÃ¢â¬ ) is one of the leading retailers of clothing, foods and homeware in the UK. The company operates in more than 40 countries across Europe, the Middle East, and Asia. It is headquar tered in London, the UK and employs 78,169 people. The company recorded revenues of ? 9,740. 3 million (approximately $15,158. 8 million) in the financial year ended April 2011 (FY2011)*, an increase of 2. 1% over FY2010. The operating profit of M&S was ? 836. million (approximately $1,302. 5 million) in FY2011, a decrease of 1. 8% compared to FY2010. The net profit was ? 612 million (approximately $952. 5 million) in FY2011, an increase of 16. 3% over FY2010. *The financial year ended April 2, 2011 was a 52-week period whereas the financial year ended April 3, 2010 was a 53-week period. KEY FACTS Head Office Marks and Spencer Group plc Wa terside House 35 Nor th Wharf Road London W2 1NW GBR Phone 44 20 7935 4422 Fax Web Address http://www. marksandspencer. com Revenue / turnover 9,740. 3 (GBP Mn) Financial Year End April Employees 78,169 London Ticker MKS Marks and Spencer Group plc Ã © MarketLine Page 3 Marks and Spencer Group plc Business Description BUSINESS DESCRIPTION M&S is the holding company of the Marks & Spencer Group of companies. The company is one of the UKÃ¢â¬â¢s leading retailers, with more than 21 million people visiting its stores each week. M&S offers clothing and home products, as well as foods, sourced from about 2,000 suppliers globally. It operates through both wholly owned stores and franchise stores. As of FY2011, the company operated 703 stores in the UK. M&S operates over 361 owned and franchised stores in over 42 territories. Though the company primarily repor ts its revenues in terms of geographic segments (UK and international), its operations can be categorized under two divisions: food and general merchandise. The food division concentrates on four main areas: fresh, natural, healthy food; special celebration products; authentic ready meal ranges; and exceptional ever yday food such as Ã¢â¬Å"OakhamÃ¢â¬ chicken. It operates a chain of 163 Simply Food owned stores and 202 Simply Food franchise stores in high streets, motorway service stations, railway stations and air por ts in the UK. The general merchandise division of the company is categorized into two segments: clothing and home. The clothing segment offers womenÃ¢â¬â¢s wear, menÃ¢â¬â¢s wear, lingerie, childrenÃ¢â¬â¢s wear, and accessories and footwear. Some of the prominent brands offered by this segment include Autograph, Limited Collection, Collezione, Blue Harbour, Girls Boutique, Per Una, Ceriso, Adored, and Truly you. The home segment offers homeware and home accessories, kitchen and tableware, lighting, and furniture products. In addition to selling products through regular stores, the segment also offers catalogue services. M;S offers its products and services online as well as through flagship stores, high street stores, retail park stores, M;S outlets, Simply Food stores, and Simply Food franchised stores. Marks and Spencer Group plc Ã © MarketLine Page 4 Marks and Spencer Group plc History HISTORY M;S was founded in 1884 as a stall in an open market in Leeds, the UK. Then known as MarksÃ¢â¬â¢ Penny Bazaar, it was the household goods, haberdasher y, toy, and sheet-music business of Michael Marks, a Jewish refugee from Poland. In 1894, he took Thomas Spencer as a business par tner. In 1903, M&S was registered as a private limited company. Although a clothing design depar tment had first been set up in 1938, it was not until after the Second World War that it became fully developed under a leading designer. In 1973, the company entered Canada, and bought Peoples Depar tment Stores and DÃ¢â¬â¢AllairdÃ¢â¬â¢s, a national womenÃ¢â¬â¢s wear retailer, both of which it later sold. The company also had direct retailing investments in Canada. It tried to move south of the border in 1988 with the purchase of Brooks Brothers, but the US operation never took off as the company had hoped. Five franchised stores were closed down in Turkey in 1999 when the franchise par tner Turk Petrol Holding couldnÃ¢â¬â¢t meet its bank obligations and collapsed. Later in the year, Marks and Spencer Canada, after 25 years of business, closed its 38 stores. The company sold its US clothing chain Brooks Brothers for $225 million in 2001. In 2003, M&S announced the launch of its Ã¢â¬Å"&moreÃ¢â¬ credit card. Alongside this, Marks & Spencer Financial Services was re-branded Ã¢â¬Å"Marks & Spencer Money. Ã¢â¬ In 2004, M&S completed the sale of Marks & Spencer Retail Financial Services Holdings (M&S Money) to HSBC. During the course of 2005, the company opened 31 Simply Food stores as well as closed the Lifestore project in the UK. M&S expanded the Ã¢â¬Å"Simply FoodÃ¢â¬ format with the acquisition of 28 stores on a leasehold basis from Iceland Foods for a consideration of ? 38 million (approximately $76. 3 million) in 2006. In the same year, M&S sold Kings Super Markets, its only non-M&S branded business to a US investor group consisting of Angelo, Gordon & Co, MTN Capital Par tners and Mr. Bruce Weitz for $61. 5 million in cash. In 2007, M&S and two of its long-term suppliers decided to star t the development of M&SÃ¢â¬â¢ first Ã¢â¬Å"eco-factoriesÃ¢â¬ , pioneering innovative methods of sustainable manufacturing. One factor y in Sri Lanka would make lingerie and two factories in Nor th Wales would manufacture furniture upholster y. In the same year, the company launched its own branded LCD widescreen TVs. This range was in addition to the existing collection of Sony TVs currently available at M;S. Fur ther in the year, M;S launched school wear made from recycled plastic bottles. The companyÃ¢â¬â¢s first standalone home store in Lisburn, Nor thern Ireland was launched in 2007. In the same year, M&S launched Big & Tall, an exclusive online menÃ¢â¬â¢s wear offering more than 450 items online ranging from tailoring to knitwear to casual shir ts and trousers. Also in 2007, M;S reduced saturated fat level as much as 82% in more than 500 companyÃ¢â¬â¢s products. The company reduced saturated fat levels in products including sandwiches, ready meals, crisps and savor y snacks. Marks and Spencer Group plc Ã © MarketLine Page 5 Marks and Spencer Group plc History Towards the end of 2007, a new Made to Measure shir ts ser vice was launched by M&S, which allowed customers to design a tailor-made shir t within 21 days. The company added new products to its menÃ¢â¬â¢s wear por tfolio in FY2008. M;S also launched climate control underwear featuring temperature regulating technology developed by NASA, expanded Collezione brand collection by introducing new shoes, wool and cashmere mix trousers. M;S reinvigorated its Blue Harbour brand to attract 35 to 44 year old men. Also in FY2008, the company star ted to freeze its ready meals for international sale and launched a range of 70 lines in eight countries. Later, the company also launched a 25-piece capsule collection called GD25 from Per Una. In 2008, M;S removed ar tificial colors and flavorings from its entire food and soft drinks range. In the same year, the company improved the quantity of space in a number of major out of towns and city centre stores through store extensions and also added 35 stores to its Simply Food por tfolio, including 25 BP franchised stores. A new flagship store in new Westfield Centre at White City, West London was opened at the end of 2008. To fur ther progress in Asian markets, the company opened its first 38,000 square feet store in Shanghai. M;S then entered into a par tnership with Scottish and Southern Energy, as per which M;S Energy would supply electricity and gas to domestic customers and reward them with M;S store vouchers for helping the environment by reducing their energy usage. M;S announced plans to close 10 of its Simply Food stores in 2009. The company opened Food to Go outlets in Hong Kong in the same year. Also in 2009, M;S announced plans to enter new categories in the Indian market, with the launch of luggage and footwear for men. The company introduced a Ramadan and Eid fashion collection in all the 13 stores throughout the Middle East in the UAE, Bahrain, Qatar, Kuwait and Oman in 2009. Fur ther in the year, M;S launched personalized greetings cards business online. The company also announced to open its second mainland store in Guangzhou, the capital of Guangdong province in southern China. M;S also launched a beer and cider range to complement its wine selection. M;S launched a revamped version of its website in 2009, the first major update since 2007. Fur thermore, in 2009, the company began to offer its online international deliver y service to 73 more countries as par t of a drive to grow annual sales of M;S Direct. The company began its offering within the homeware sector in 2009. M;S announced plans to open a store in Marbella, Spain by the end of 2009. In the same year, M;S and India-based Reliance Retail planned to open approximately 50 stores in India in the following five years under the banner of their joint venture company Marks ; Spencer Reliance India. Later in the year, the company outlined plans to cut costs by ? 50 million (about $150 million) by optimizing its supply chain and IT systems. M;S also announced plans to open a new store at the Swords Pavilions shopping center in the Dublin Airpor t, Ireland, in 2009. The company opened its new 22,000 square feet store at MorpethÃ¢â¬â¢s Sanderson Arcade in the same year. M&S decided to launch Ã¢â¬Å"Simply FoodÃ¢â¬ in Western Europe. Fur ther in 2009, the company a nnounced plans to sell a selected range of around 400 branded grocery and household products in all of its UK stores, following a 16-month trial in its stores in the Nor th East and South East of England. In 2010, M&S launched a new Home Energy Service division that would offer customers a suite of energy efficiency products and services. Building on the success of M&S Energy, which was servicing Marks and Spencer Group plc Ã © MarketLine Page 6 Marks and Spencer Group plc History over 125,000 homes, the company would roll-out a number of new products including bespoke energy advice, renewable energy solutions such as solar panels and heat pumps, and energy efficient heating solutions. In the same year, M&S announced a program to be the worldÃ¢â¬â¢s most sustainable retailer by 2015, launching 80 major new commitments under M;SÃ¢â¬â¢ eco and ethical plan, Plan A. The new commitments will mean that the company ensures all M&S products become Ã¢â¬ËPlan A productsÃ¢â¬â¢ with at least one sustainable quality. This program will also enable the companyÃ¢â¬â¢s 2,000 suppliers to adopt Plan A best practice and encourage M;S customers and employees to live Ã¢â¬ËgreenerÃ¢â¬â¢ lifestyles. Fur ther in 2010, M;S launched a new version of www. marksandspencer. om designed specifically for use on mobile phones and mobile devicesÃ¢â¬âthe first mobile site from a major UK high street retailer. Through this, the company aims to expand its multi-channel offering. During the same year, M;S launched England Football team suit exclusively in M;S stores, to take advantage of the football World cup spending. The company opened its new 1. 1 million square feet distribution centre at ProLogis Park Bradford in the UK in 2010. This warehouse in the UK will serve all the companyÃ¢â¬â¢s stores with furniture products and store equipment. Later in 2010, M&S launched a range of Solar PV and Solar Thermal water heating solutions. Fur thering the sustainability initiatives, the company also announced that it will use polyester made from recycled PET drinks bottles instead of virgin polymer to make more than 300 million clothing care labels a year. Towards the end of 2010, M&S announced plans to move into rail distribution to reduce its carbon footprint. More than 300,000 general merchandise products per week would move from road to rail distribution. The company also opened a new shopping center in Vilnius, Lithuania at the end of year. In April 2011, M&S opened its greenest ever store at Ecclesall Road in Sheffield. This is the first store of a number of new Sustainable Learning stores planned by the company as par t of its drive to become the worldÃ¢â¬â¢s most sustainable major retailer by 2015. The company opened 20 stores in the UK during FY2011, including 17 Simply Foods. In international, M;S opened 49 new stores and closed 15 stores. During the same period, the company entered the Egyptian market with a 28,000 square feet store in the Dandy Mega Mall in Cairo. The company, in July 2011, launched a new iPad application for its investors. This application will provide investors with latest M;S financial news. In the following month, M;S signed a traceability deal with Historic Futures. As per the deal, Historic Futures will provide the company full traceability on ever y single clothing and home product it sells. M;S is the first major retailer to commit to full traceability for non-food products. In September 2011, M;S opened a new store at Westfield, Stratford City with the latest Ã¢â¬ËOnly at Your M;SÃ¢â¬â¢ innovations and customer experiences. In the following month, M&S launched its new French website, http://www. marksandspencer. fr/, marking its first international transactional website. Marks and Spencer Group plc Ã © MarketLine Page 7 Marks and Spencer Group plc History The company, in November 2011, opened its new flagship store at 100 Avenue des Champs-elysees in Paris. M&S, in February 2012, launched its outlet format on its website at www. marksandspencer. com/outlet. M&S Outlet will permanently offer a selection of more than 1,300 quality M&S clothing products with up to 40% off the regular high street and online prices. In the same month, the company recalled four products (Crispy Prawn Wonton, Crispy Vegetable Balls, Prawn Baguette Toast, and Prawn Siu Mai Selection) from its Chinese range due to mistake in Ã¢â¬Ëuse byÃ¢â¬â¢ date. In March 2012, the company, announced plans to launch a new website for its Irish customers, http://www. marksandspencer. ie/. In April 2012, M&S announced that it will accept secondhand clothes at UK outlets in order to recycle into other fabrics or reuse overseas by the Oxfam charity in an aim to cut waste. Marks and Spencer Group plc Ã © MarketLine Page 8 Marks and Spencer Group plc Key Employees KEY EMPLOYEES Name Job Title Board Marc Bolland Chief Executive Officer Executive Board 975000 GBP Alan Stewar t Chief Finance Officer Executive Board 550000 GBP Kate Bostock Executive Director, General Merchandise Executive Board 590000 GBP John Dixon Executive Director, Food Executive Board 540000 GBP Steven Sharp Executive Director, Marketing Executive Board 655000 GBP Laura Wade-Gery Executive Director, Multi-channel E-commerce Executive Board Amanda Mellor Group Secretar y and Head of Corporate Governance Executive Board Rober t Swannell Chairman of the Board Non Executive Board Vindi Banga Director Non Executive Board Miranda Cur tis Director Non Executive Board Jeremy Darroch Director Non Executive Board 85000 GBP Steven Holliday Director Non Executive Board 85000 GBP Mar tha Lane Fox Director Non Executive Board 70000 GBP Jan du Plessis Director Non Executive Board 70000 GBP Clem Constantine Director, Proper ty Senior Management Tanith Dodge Director, Human Resources Senior Management Dominic Fr y Director, Communications and Investor Relations Senior Management Jan Heere Director, International Senior Management Nayna McIntosh Director, Store Marketing and Design Senior Management Steve Rowe Director, Retail Senior Management Darrell Stein Director, Information Technology and Logistics Senior Management Marks and Spencer Group plc Ã © MarketLine Compensation 450000 GBP Page 9 Marks and Spencer Group plc Key Employee Biographies KEY EMPLOYEE BIOGRAPHIES Marc Bolland Board: Executive Board Job Title: Chief Executive Officer Since: 2010 Mr. Bolland has been the Chief Executive Officer at Marks and Spencer Group since 2010. Previously, he was the Chief Executive Officer at Morrisons Supermarkets from 2006 to 2010. Prior to this, Mr. Bolland worked at Heineken for 20 years in various management roles, including Executive Board member and Chief Operating Officer, and responsibility for operations and business development in the US, France, Italy, Spain, the Caribbean and Latin America. He also ser ves as a Director at Manpower. Alan Stewart Board: Executive Board Job Title: Chief Finance Officer Since: 2010 Mr. Stewar t has been the Chief Finance Officer at Marks and Spencer Group since 2010. Before joining the company, he was the Chief Financial Officer at AWAS, an aircraft leasing company. Mr. Stewar t spent 10 years at HSBC Investment Bank before joining Thomas Cook in 1996, where he held various senior roles, including Chief Executive at Thomas Cook UK. Mr. Stewar t joined WH Smith in 2005 as Group Finance Director. He also ser ved as a Non Executive Director at Games Workshop Group. Kate Bostock Board: Executive Board Job Title: Executive Director, General Merchandise Ms. Bostock is the Executive Director of General Merchandise at Marks and Spencer Group. She joined the company in 2004. Previously, Ms. Bostock was the Product Director for Childrenswear at Next from 1994. She also ser ved as the Product Director for the George brand covering all areas of clothing and footwear at Asda. John Dixon Board: Executive Board Job Title: Executive Director, Food Marks and Spencer Group plc Ã © MarketLine Page 10 Marks and Spencer Group plc Key Employee Biographies Since: 2009 Mr. Dixon has been the Executive Director of Food at Marks and Spencer Group since 2009. He joined the company as a Store Management Trainee. Mr. Dixon held various senior roles at the company for over 20 years, including Executive Assistant, Chief Executive, and Director of Home and M&S Direct. Steven Sharp Board: Executive Board Job Title: Executive Director, Marketing Mr. Sharp is the Executive Director of Marketing at Marks and Spencer Group. He joined the company in 2004. Previously, Mr. Shar p served as the Marketing Director at Asda, the Bur ton Group, Booker, and Arcadia Group. Currently, he is a Non Executive Director at Adnams. Laura Wade-Gery Board: Executive Board Job Title: Executive Director, Multi-channel E-commerce Since: 2011 Ms. Wade-Gery has been the Executive Director of Multi-channel E-commerce at Marks and Spencer Group since 2011. Prior to this, she worked at Tesco and held a variety of senior roles, including Chief Executive Officer of Tesco. com and Tesco Direct. Ms. Wade-Ger y also held various roles at Gemini Consulting and Kleinwor t Benson. She has also been a Non Executive Director at Trinity Mirror since 2006. Amanda Mellor Board: Executive Board Job Title: Group Secretary and Head of Corporate Governance Ms. Mellor is the Group Secretary and Head of Cor porate Governance at Marks and Spencer Group. She joined the company in 2004 as the Head of Investor Relations. Ms. Mellor spent her early career in investment management at James Capel before becoming a Director within its Corporate Finance team. She then served at Rober t Fleming, Investment Banking prior to joining The Bur ton Group as the Director of Cor porate Relations and Investor Relations. Robert Swannell Board: Non Executive Board Job Title: Chairman of the Board Marks and Spencer Group plc Ã © MarketLine Page 11 Marks and Spencer Group plc Key Employee Biographies Since: 2011 Mr. Swannell has been the Chairman of the Board at Marks and Spencer Group since 2011. He joined the company in 2010 as a Non Executive Director. Prior to this, Mr. Swannell was a Senior Independent Director at The British Land Company, and 3i Group. He spent over 30 years in investment banking at Schroders/Citigroup. Mr. Swannell was previously the Vice Chairman at Citi Europe and Co-Chairman at CitiÃ¢â¬â¢s European Investment Bank. Vindi Banga Board: Non Executive Board Job Title: Director Since: 2011 Mr. Banga has been a Director at Marks and Spencer Group since 2011. He is currently a Par tner at Clayton Dubilier ; Rice, a private equity investment firm. Prior to this, Mr. Banga spent 33 years at Unilever, where he held several senior positions, including President of the Global Foods, Home and Personal Care businesses, and was a member of the Unilever Executive Board. He also serves as a Non Executive Director at Thomson Reuters and Maruti Suzuki India. Miranda Curtis Board: Non Executive Board Job Title: Director Since: 2012 Ms. Cur tis has been a Director at Marks and Spencer Group since February 2012. She is currently the Chairman at Waterstones, and a Non Executive Director at Liber ty Global. Ms. Cur tis has also been a Non Executive Director at National Express Group since 2008. She also serves on the Boards of the Institute for Government, the Royal Shakespeare Company, and Camfed (the leading African girlsÃ¢â¬â¢ education charity). Jeremy Darroch Board: Non Executive Board Job Title: Director Since: 2006 Mr. Darroch has been a Director at Marks and Spencer Group since 2006. He also ser ves as the Chief Executive at British Sky Broadcasting. Previously, Mr. Darroch ser ved as the Chief Financial Officer at British Sky Broadcasting. Prior to this, he was the Group Finance Director and Retail Finance Director at Dixons Retail (formerly DSG International). Marks and Spencer Group plc MarketLine Page 12 Marks and Spencer Group plc Key Employee Biographies Steven Holliday Board: Non Executive Board Job Title: Director Since: 2004 Mr. Holliday has been a Director at Marks and Spencer Group since 2004. He is the Group Chief Executive Officer at National Grid. Prior to that, Mr. Holliday served as the Director of UK and Europe and was responsible for the UK Elect ricity and Gas businesses. He is also the Chairman of the UK Business Council for Sustainable Energy. Prior to joining National Grid, Mr. Holliday was an Executive Director at British Borneo Oil and Gas. Previously, he held several senior positions at Exxon Group. Martha Lane Fox Board: Non Executive Board Job Title: Director Since: 2007 Ms. Fox has been a Director at Marks and Spencer Group since 2007. She is the UKÃ¢â¬â¢s Digital Champion, the Chairman of Race Online 2012, and a Non Executive Director at Channel 4 Television. Ms. Fox is founder and Chairman of Lucky Voice, and of her own grant-giving foundation, Antigone. She was co-founder of lastminute. com. Jan du Plessis Board: Non Executive Board Job Title: Director Since: 2008 Mr. du Plessis has been a Director at Marks and Spencer Group since 2008. He is the Chairman at Rio Tinto. Previously, Mr. du Plessis was the Chairman at British American Tobacco and a Non Executive Director at Lloyds Banking Group. He also ser ved as the Chairman at RHM from 2005 to 2007. Mr. du Plessis was previously the Group Finance Director at Richemont, a position he held until 2004. Clem Constantine Board: Senior Management Job Title: Director, Proper ty Mr. Constantine is the Director, Proper ty at Marks and Spencer Group. He joined the company in 2006. Mr. Constantine was appointed the Group Proper ty and Retail Planning Director at Arcadia Group in 1999. He was appointed to his first finance directorship in 1993, for the IS brand at the Marks and Spencer Group plc Ã © MarketLine Page 13 Marks and Spencer Group plc Key Employee Biographies Bur ton Group, and moved through several other finance directorships with variable responsibilities including systems and retail. Mr. Constantine was trained as a Char tered Accountant at Stoy Hayward, and joined Debenhams in 1989 as a Financial Analyst. Tanith Dodge Board: Senior Management Job Title: Director, Human Resources Since: 2008 Ms. Dodge has been the Director, Human Resources at Marks and Spencer Group since 2008. She was formerly the Group Human Resources Director at WH Smith since 2003. At WH Smith, Ms. Dodge was also responsible for Public Relations, Communications and Post Office Operations. Prior to this, she was the Senior Vice President Human Resources for Europe, Middle East and Africa (EMEA) at InterContinental Hotels Group. Ms. Dodge also served as the Human Resources Director at DiageoÃ¢â¬â¢s two business divisions. She was also the International Human Resources Manager at Prudential Corporation. Dominic Fry Board: Senior Management Job Title: Director, Communications and Investor Relations Mr. Fry is the Director, Communications and Investor Relations at Marks and Spencer Group. He joined the company in 2009. Prior to this, Mr. Fr y ser ved at Tulchan Communications. In 1996, he was appointed the Communications Director at J Sainsbury and ser ved in the same role at ScottishPower from 2000 to 2005. In 1989, Mr. Fr y became the Communications Director at AT&T in the UK before moving from there to head up communications at the Channel Tunnel in the mid Ã¢â¬â¢90s. He star ted his career in 1982 working in PR consultancy at Traverse-Healy ; Regester and then Charles Barker. Jan Heere Board: Senior Management Job Title: Director, International Since: 2011 Mr. Heere has been the Director, International at Marks and Spencer Group since 2011. He joined Inditex in 2002 where he held a several international roles, most recently as General Manager for Inditex Russia. During 2000Ã¢â¬â02, Mr. Heere held various senior management roles at Zara, Groupo Inmobiliario Lupaco, and Charanga. He began his career at Manpower in Spain in 1997. Nayna McIntosh Marks and Spencer Group plc Ã © MarketLine Page 14 Marks and Spencer Group plc Key Employee Biographies Board: Senior Management Job Title: Director, Store Marketing and Design Ms. McIntosh is the Director, Store Marketing and Design at Marks and Spencer Group. She joined the company in 2005. Prior to this, Ms. McIntosh was par t of the Management Team that set up the per una brand in 2001. Previously, she served as the Sales and Marketing Director for the George brand at Asda stores. Before joining George, Ms. McIntosh was at Next for four years as a Divisional Executive for the South of England. Steve Rowe Board: Senior Management Job Title: Director, Retail Since: 2008 Mr. Rowe has been the Director, Retail at Marks and Spencer Group since 2008. He joined the company in 1989 and held a variety of positions in store management, having previously worked at Topshop as a Store Manager. Mr. Rowe joined Head Office in 1992 as a Merchandiser for Menswear. In 1998, he was promoted to Category Manager in the Furniture Depar tment. In 2001, Mr. Rowe led the team developing the Home Growth Strategy, working with McKinsey Consultants, and became Head of Home categories in 2003. He was promoted to the Director of Home a year later in 2004. From 2004 to 2008, Mr. Rowe was also responsible for Beauty and New Business Development. Darrell Stein Board: Senior Management Job Title: Director, Information Technology and Logistics Mr. Stein is the Director, Information Technology and Logistics at Marks and Spencer Group. He has been working in IT for 17 years star ting his career at the company in 1990. Mr. Stein re-joined M;S in 2006 as the IT Director. From 2001 to 2006, he ser ved at Vodafone, becoming IT Director for Vodafone UK in 2004. Prior to this, Mr. Stein was VodafoneÃ¢â¬â¢s UK Network Director and Global IT Strategy and Architecture Director. From 1996 to 2001, he ser ved at Ernst & Young, leading a number of major IT and Change Programmes in the financial services, retail and utility sectors. In 1994, Mr. Stein joined Mars as a Project Manager. Marks and Spencer Group plc Ã © MarketLine Page 15 Marks and Spencer Group plc Major Products and Services MAJOR PRODUCTS AND SERVICES M&S is one of the leading retailers of clothing, foods and homeware in the UK. The companyÃ¢â¬â¢s key products and services include the following: Products: WomenÃ¢â¬â¢s wear MenÃ¢â¬â¢s wear Lingerie ChildrenÃ¢â¬â¢s wear Footwear Food and grocery items Homeware and home accessories Kitchen and tableware Lighting Furniture products Services: Credit cards Car, home, travel, and pet insurance Personal loans Brands: Autograph Limited Collection Collezione Blue Harbour Girls Boutique Per Una Ceriso Adored Truly you Marks and Spencer Group plc Ã © MarketLine Page 16 Marks and Spencer Group plc Revenue Analysis REVENUE ANALYSIS Overview The company recorded revenues of ? 9,740. 3 million (approximately $15,158. 8 million) in FY2011, an increase of 2. 1% over FY2010. For FY2011, the UK, the companyÃ¢â¬â¢s largest geographic market, accounted for 89. 7% of the total revenues. M;S generates revenues through two business divisions: food (51. 5%% of the total revenues in FY2011), and general merchandise (48. 5%). Revenues by division* During FY2011, the food division recorded revenues of ? 4,499. 4 million (approximately $7,002. 4 million), an increase of 1. 9% over FY2010. The general merchandise division recorded revenues of ? 4,233. 6 million (approximately $6,588. 8 million) in FY2011, an increase of 2% over FY2010. *The revenue breakdown by division is only for the revenues from the UK market. Revenues by geography The UK, M;SÃ¢â¬â¢ largest geographical market, accounted for 89. % of the total revenues in FY2011. Revenues from the UK reached ? 8,733 million (approximately $13,591. 2 million) in FY2011, an increase of 1. 9% over FY2010. International operations accounted for 10. 3% of the total revenues in FY2011. Revenues from international operations reached ? 1,007. 3 million (approximately $1,567. 7 million) in FY2011, an increase of 4% over FY2010 . Marks and Spencer Group plc Ã © MarketLine Page 17 Marks and Spencer Group plc SWOT Analysis SWOT ANALYSIS M&S is one of the leading retailers of clothing, foods and homeware in the UK. The company has expanded its food product offering significantly in the recent years. New products launches, focus on expanding healthy products, promotions, and competitive prices are all helping the company attract customers in a highly competitive market. However, surge in shoplifting could negatively impact the cost structure for M&S. Strengths Weaknesses Expanding food offering Strong market position in the clothing segment Geographical expansion to increase the addressable market and reduce vulnerability to mature UK market M&S etched a highly effective CSR strategy M&S legacy stores and systems are a ompetitive disadvantage Declining general merchandise division sales due to inadequate stocking Opportunities Threats Online channel continues to boom and will enable M&S to boost revenues Focus on China and India can lead to expansion in two of the fastest growing markets Surge in shoplifting losses costs the retailers and customers Weak consumer spending in the UK Rising labor c ost in the UK Strengths Expanded food offering The company has expanded its food product offering significantly in the recent years. In 2009, M&S consistently highlighted it is cheaper than Waitrose on a basket of 1,200 items by about 2%. The company, in 2009, decided to invest in its margins in order to provide its customers better value. As a result of this, M&S saw improved perceptions of value by its customers. The company, in FY2011, launched around 1,800 new products in food and positioned itself as the UKÃ¢â¬â¢s leading high quality food retailer. The key product launches of the company include Taste Italia, and Made Without Wheat range of gluten-free bread and cakes, With the success of Made Without Wheat product range, the company launched gluten-free sandwiches, sausages, stuffing, and crisp bakes. As of FY2011, the company offered 125 gluten-free products. M&S also became the UKÃ¢â¬â¢s second largest favorite health food brand with the launch of its Simply Fuller Longer range which encourages customers to manage their weight with a menu plan. The gross margin of food division increased by 20 basis points to Marks and Spencer Group plc Ã © MarketLine Page 18 Marks and Spencer Group plc SWOT Analysis 30. 8% in FY2011. This was mainly driven by better management of promotions and waste. Fur ther, in the four th quar ter of FY2012 ended March 2012, M&S launched 500 new products in the food division. The sales in this quar ter increased by 3. 1%, The companyÃ¢â¬â¢s promotions such as roast dinner for ? 5 ($7. 8), Dine In, etc offered its customers with great value solutions for special occasions. M&SÃ¢â¬â¢ food division has been performing well in a ver y competitive market and against tough competitors. By launching innovative products and with an expanded food offering, the company has been able to attract the customers in a highly competitive market. Strong market position in the clothing segment M&S has a strong market position in the clothing segment. With more than one in 10 clothing items bought from M&S, the company ranks amongst the three largest clothing retailers in the UK. According to a repor t released by Verdict (DatamonitorÃ¢â¬â¢s retail arm) in May 2012, M;S is known for its product quality. The company was ranked first with a score of 49 for its product quality above the market average of 23. According to another repor t released by Verdict in April 2012, M;S enjoys highest conversion rate of 50. 7% and is very successful in conver ting visitors to loyal main users through its varied product offer, in-store service and garment quality. This indicates that M;S is a trustwor thy brand, which all main users would return to knowing that the quality, fit, and ser vice are reliable and consistent. The retailer has recognized that its core market of predominantly mature customers has been especially hard hit by rising core costs of living, falling interest on savings and worse prospects for pensions, and in reaction has lowered its entr y prices to compete more effectively with high street/value operators and supermarkets, helping to maintain the loyalty of its main users and prevent them from shopping elsewhere. Verdict, in its repor t in March 2012, ranked, M;S seventh in the global depar tment store market with a share of 3. 2%. This market leadership enabled M;S to excel throughout the economic downturn, while other mid-market retailers are pressured from the ever expanding value players. Leading market position indicates access to a large customer base and also popularity of M;SÃ¢â¬â¢ offering in the clothing segment. Going forward, this market position would enable the company to drive revenues as consumer spending recovers. Geographical expansion to increase the addressable market and reduce vulnerability to mature UK market With a por tfolio of over 361 owned and franchised stores in 42 territories M&S continues to grow its international business. This mix of ownership models and countries enabled the company to perform well in FY2011, even when individual markets were weak. Fur ther, during FY2011, the company entered the Egyptian market with a 28,000 square feet store in the Dandy Mega Mall in Cairo. M&SÃ¢â¬â¢ international business grew by 4% in FY2011 despite tough economic situation. As an established retailer in a mature market, it is going to be hard for M;S to continually deliver significant increases in UK sales. However, in the long run, its international business offers an oppor tunity for high growth. By generating much higher volumes, it can deliver margin benefits with suppliers. With production costs rising, this will be an advantage in the UK. International expansion will enable the company to access multiple sales points for most of the product ranges. This is especially relevant for clothing and homewares segments. Also, through expansion in the international markets M;S can reduce Marks and Spencer Group plc Ã © MarketLine Page 19 Marks and Spencer Group plc SWOT Analysis vulnerability to mature UK market. The company can also par ticipate effectively in some of highest growing markets such as China and India. All these factors would enable the company to reduce the overall business risk and facilitate increased revenues. M;S etched a highly effective CSR strategy M;S has to its credit an effective corporate social responsibility (CSR) strategy. CSR has been gaining prominence not just among the stake holders and governments but the consumers as well. The company has the highest propor tion of consumers believing it to be a responsible retailer and this can largely be attributed to the success of its Plan A, a ? 200 million (approximately $320. 3 million) 100-point plan launched in 2007 with five areas of focus: climate change, fair par tnership, health, sustainable raw materials, and waste. In FY2011, the company included two more areas in its Plan A: involving customers, and making Plan A how we do business. In the last few years, initiatives launched under the Plan A banner include launching the companyÃ¢â¬â¢s first eco-store, encouraging suppliers to set-up eco-factories, removing hydrogenated fats from its ready meals, increasing the propor tion of organic food, reducing the salt content of its produce, cer tifying a larger percentage of its fish as originating from sustainable populations, and beginning to sell recycling and composting bins. It is the high profile presence of Plan A in adver tising campaigns, product labeling and store signage that gives M&S one of the best consumer perceptions of a retailer for social responsibility. The campaign works not just as a direct to consumer channel, but also because of the positive coverage it creates. Perhaps more impor tantly, it has publicized all of these initiatives extensively. In 2008, M&S launched a TV adver tising campaign focusing on its ethical, environmental and health-conscious credentials, highlighting that it only uses free range eggs and that its products are now free from ar tificial colors and flavorings. Other, more innovative, ideas have included a joint venture with Oxfam to promote the recycling of old clothes. In addition, more controversially, the retailer introduced a 5p charge for carrier bags at all of its food depar tments in 2008. Though many consumers resented this charge, it has undoubtedly boosted M&SÃ¢â¬â¢ reputation as an ethical retailer. Overall, sculpting its CSR strategy into such a high publicity campaign, divided into such clear action points and highly visible benefits, has seen the company move to the forefront of responsible retailing. In FY2011, the company launched Indigo Green, its first range of clothing made using more sustainable fabrics. In April 2012, the company announced to accept secondhand clothes at all the UK outlets except Simply Food stores, to recycle them into other fabrics or to reuse them in order to cut waste. Plan A has seen CSR become core to M;SÃ¢â¬â¢ principles in the eyes of the consumer and it has reaped the benefits of this, gaining shoppers as a result and repor tedly saving more than ? 70 million (approximately $108. 9 million) in efficiencies gained in FY2011 compared with ? 50 million (approximately $77. 8 million) in FY2010. In addition, M&S improved energy efficiency in its stores by 23% and warehouses by 24% in FY2011 compared to FY2007. It also improved the fuel efficiency of its deliver y fleets by 20% and total carbon emissions have been reduced by 13%. The company now recycles 94% of all the waste it generates from its stores, offices and warehouses. The total waste is down by more than a third. M&S also met its sustainable standards by sourcing 90% of wild fish in FY2011 (62% in FY2010) and 76% of wood in FY2011 (72% in FY2010). Marks and Spencer Group plc Ã © MarketLine Page 20 Marks and Spencer Group plc SWOT Analysis By actively promoting a productÃ¢â¬â¢s greener attributes (for example fewer, more recognizable and natural ingredients), retailers such as M;S have positioned products as improving oneÃ¢â¬â¢s personal environment while benefiting the global environment too. Many of their successes have come from emphasizing the former rather than the latter, especially as consumers often associate ethics with a sense of wellbeing. In terms of the issues that concern consumers, the sustainability of natural resources is a major fear, as are climate change and the fairness of sourcing arrangements. Consumers are also attracted to products with health benefits and there is a clear trend that consumers can be persuaded to par t with more money in return for products with a positive impact, not just to them personally, but also to wider society. Indeed, differentiating between products becomes harder and harder to achieve, Verdict expects consumers to turn to auxiliary considerations such as ethicality and sustainability to guide their choices. Consumers are no longer purely satisfied with how a product looks and functions; they want assurances over aspects such as nvironmental impact, hygiene, safety, and fairness. In light of the above mentioned trends where the customer choices are increasingly guided by the sustainability issues, M&S will benefit due to its reputation of being a responsible retailer. Weaknesses M&S legacy stores and systems are a competitive disadvantage M&S suffers some competitive disadvantages compared to Tesco, which has been able to drive earnings before interest and tax (EBIT) growth even in the mature UK market. Tesco benefits from supplier power and state-of-the-ar t IT, supply chain and systems compared with M&S legacy systems. The supermarket retailer has been able to break up the demand cur ve with metro, express and big box store formats out of town and on the high street. Moreover, Tesco stores have been carefully designed with consistent store layouts in order to facilitate store navigation. Extra back room store space has also been allocated to allow for smooth execution of its picking and distribution model. Tesco sells both own label and branded goods (food and non-food) in a bid to drive up footfall and sales conversion. M&S legacy stores are inconsistent in terms of layout. Store size tends to dictate product availability, while a lack of back room store space does not facilitate the same style supermarket pick and delivery model. The legacy systems and stores of M&S are constraining effective servicing of customer demands on a consistent basis. This is placing the company at a clear competitive disadvantage compared to a formidable opponent, Tesco. Declining general merchandise division sales due to inadequate stocking The companyÃ¢â¬â¢s general merchandise division sales declined in recent times, M&SÃ¢â¬â¢ general merchandise division sales decreased by 2. % in the four th quar ter of FY2012 ended March 2012. This was mainly due to shor tage of stock in its stores, Due to this, the company was also not able to meet customer demand for 300,000 knitwear garments under the M&S Woman label. It only sold Marks and Spencer Group plc Ã © MarketLine Page 21 Marks and Spencer Group plc SWOT Analysis 100,000 knitwear garments during this period. Fur ther, in times of high demand, inadequate stock could hamper the sales of the division and result in loss of sales to competitors. This not only affects the revenues of the company but could also result in shift of customers to its competitors. Opportunities Online channel continues to boom and will enable M&S to boost revenues Online retail sales in the UK have grown significantly over a period of time. According to Office for National Statistics, non-seasonally adjusted average weekly value for internet retail sales in the UK was ? 414 million (approximately $644. 3 million) in Februar y 2010, this increased to ? 573. 6 million (approximately $892. 7 million) in February 2012, representing an increase of 18%. Internet sales accounted for only 8% of the total retail sales (excluding fuel) in Februar y 2010. This figure increased to 10. 7% in February 2012. The growing desire for convenience is seeing shoppers buy more online, especially in the category of food and grocery. Consumers have also become savvier, using the internet more to get the best deal they can. Voucher codes, and cashback sites have been instrumental in this. Additionally, improved deliver y and fulfillment options have been encouraging consumers to shop more online. The company operates in the internet channel through M&S Direct where the products are offered through website and newly launched Ã¢â¬ËShop Your WayÃ¢â¬â¢ facility, a new ordering service that has been rolled-out in 444 stores (including 151 in Simply Foods stores) during FY2011, allowing customers to place orders either in stores, online or over the phone, for deliver y to either a nominated address or free of charge to their nearest store. M&S DirectÃ¢â¬â¢s sales increased from ? 413 million (approximately $642. 8 million) in FY2010 to ? 543 million (approximately $845. million) in FY2011, an increase of 31. 5%. Fur ther, in the first half of FY2012, M&S DirectÃ¢â¬â¢s sales increased by 11. 7% with more than three million visitors per week. Thus, by leveraging its online presence, M&S can cater to the requirements of a growing number of customers who are looking for convenience and better deals over the internet. Focus on China and India can lead to expansion in two of the fastest growing markets China and India are two economies which are recording highest growth rates which, in turn, are expected to aid the retail market growth in these two countries. AsiaÃ¢â¬â¢s retail sales are estimated to increase with China driving the growth. According to the preliminary estimation, the gross domestic product (GDP) of China was CNY47,156. 4 billion ($7,285. 7 billion) in 2011, a year-on-year increase of 9. 2% at comparable prices. The fast pace economic development in China coupled with the rise of the middle class income group and their increasing disposable income have fur ther pushed up the demand for several consumer goods. According to National Bureau of Statistics of China, the total retail sales reached CNY18,391. 9 billion (approximately $2,841. billion) in 2011, representing a year-on-year nominal growth rate of 17. 1%. Fur ther, according to industr y estimates, the countr yÃ¢â¬â¢s total retail sales are expected to increase from approximately CNY20 trillion ($3 trillion) in 2012 to approximately CNY26 trillion ($4 trillion) in 2016, representing an increase of about 30%. Strong Marks and Spencer Group plc Ã © MarketLine Page 22 Marks and Spencer Group plc SWOT Analysis underlying economic trends, population growth and the increasing wealth of individuals are key factors that contribute to the retail market expansion in China. The retail industry in India is large owing to a large population and is set to grow as several factors contribute. According to the industry sources, the retail sales in India are forecast to grow from around $411 billion in 2011 to $804 billion by 2015. The key factors behind the forecast growth include strong underlying economic growth, population expansion, increasing wealth of individuals and the rapid construction of organized retail infrastructure. Also, as middle and upper class consumer base expands, there will also be oppor tunities in IndiaÃ¢â¬â¢s second and third-tier cities. The greater availability of personal credit and a growing vehicle population are to improve mobility which will also contribute to a trend towards retail sales growth. M;S is strengthening presence in India and China as par t of its geographic expansion and for some time to come, these countries would be the key contributors to the companyÃ¢â¬â¢s international expansion strategies. The company in with par tnership with Reliance Retail, an established retailer in India, can tap into this lucrative market while expansion in China also continues. Indian and Chinese markets would provide a huge potential revenue base for M&S. Threats Surge in shoplifting losses costs the retailers and customers The UK retailers are exposed to increased costs of shoplifting. Shoplifting has assumed massive propor tions in recent times. According to industry estimates, retail crime costed UK stores ? 1. 4 billion ($2. 2 billion) in 2011. There are about two million thefts per year, which concludes to an average of more than one per minute. According to another industr y repor t, the thefts across the UK stores increased from ? 4. 2 million ($6. 5 million) in 2009 to ? 5. 1 million ($7. 9 million) in 2011, an increase of 20%. Long-term trends also show the figure is likely to continue rising. As a result, retailers have been increasing their surveillance spend. This is increasing the costs for retailers as well as for the end consumers. The shoplifting losses are adding to the costs for the retailers and the customers have also been bearing the brunt. The surge in shoplifting could negatively impact the cost structure for M&S as well. Weak consumer spending in the UK The UK market is suffering from weak consumer spending. The European debt crisis added more downward pressure to the growth prospects of the UK. According to Eurostat, the UK economy grew by 0. 7% in 2011 and is expected to grow by 0. 5% in 2012. In addition, the UK has witnessed high unemployment rate. According to the Office of National Statistics, the unemployment rate for the three months period November 2011 to January 2012 was 8. 4% with 2. 67 million unemployed people in the UK. Increasing unemployment rate is expected to fur ther put pressure on the economy of the UK. High inflation, led by the increase in VAT to 20% and public spending cuts reduced disposable Marks and Spencer Group plc MarketLine Page 23 Marks and Spencer Group plc SWOT Analysis income, leading to a fall in consumer spending on discretionary items. Consumers have been cautious with their spending especially due to soaring petrol prices, tax increases and uncer tainty over jobs. The UK is the key market for M&S. In FY2011, the UK accounted for 89. 7% of M&SÃ¢â¬â¢ total revenues. Thus, the sluggish consumer spending and high unemployment rate in the UK could affect most of the non-food retailers and lead to reduced sales volume or shrinking profit margins. Rising labor cost in the UK Labor costs are rising in the UK. In recent times, tight labor markets, increased over time, government mandated increases in minimum wages and a higher propor tion of full-time employees are resulting in an increase in labor costs, which could materially impact the companyÃ¢â¬â¢s results of operation. The National Minimum Wage (NMW) Regulations came into force in 1999 and since then the NMW rates have been increased annually. The national minimum wage increased from ? 5. 93 per hour ($9. 23 per hour) in October 2010 to ? 6. 08 per hour ($9. 46 per hour) in October 2011. Fur ther, the national minimum wage is expected to increase to ? 6. 19 per hour (9. 63 per hour) from October 2012. In FY2011, M&S employed 78,169 people. Increasing labor costs can adversely affect the companyÃ¢â¬â¢s operating costs as its wage bills would escalate. This, in turn, could impact its margins adversely. Marks and Spencer Group plc Ã © MarketLine Page 24 Marks and Spencer Group plc Top Competitors TOP COMPETITORS The following companies are the major competitors of Marks and Spencer Group plc ASDA Group Limited Debenhams plc H ; M Hennes ; Mauritz AB J Sainsbury plc NEXT plc Selfridges plc Tesco PLC Gap, Inc. , The French Connection Group Plc House of Fraser Group Plc John Lewis Par tnership plc Arcadia Group Limited Home Retail Group Plc Marks and Spencer Group plc Ã © MarketLine Page 25 Marks and Spencer Group plc Company View COMPANY VIEW A statement by Rober t Swannell, the Chairman of the Board at Marks and Spencer Group, is given below. The statement has been taken from the companyÃ¢â¬â¢s Annual Repor t for FY2011. I feel ver y privileged to be Chairman of this unique company and at such an exciting time in our evolution. Since joining Marks ; Spencer in October and assuming the role of Chairman in Januar y, I have spent much of my time getting to know the business better Ã¢â¬â meeting our employees, shareholders, customers and suppliers. I first became deeply involved with M;S during the unsolicited takeover attempt in 2004, when I led the advisory team that helped put the M;S case to its shareholders. It was then I learned first hand about this unique company: about the extraordinarily strong relationship it has with its many stakeholders and about its very special ethos. This ethos is a reflection of the high standards our customers expect from M;S Ã¢â¬â trusting us not only to deliver great value, great quality products but also to do the right thing Ã¢â¬â socially, environmentally and ethically. We know that putting Plan A at the hear t of how we do business is not just the right thing to do; it is also fundamental to our long-term success. Performance In a challenging marketplace M;S has continued to grow, with underlying profits up 12. 9% on the year. We delivered this by staying true to our heritage of quality and innovation, reminding our customers what makes M;S special. This year Marc Bolland set out a clear medium-term plan for the business, after extensive discussions with colleagues and us, the Board. This is covered in detail in MarcÃ¢â¬â¢s review. From day one, I have been struck by the passion and commitment of our people. I am delighted that this year we are paying a bonus to all employees to thank them for their energy and enthusiasm in what has been a difficult trading environment. Dividend We are committed to delivering consistent returns for our shareholders. To this end we have adopted a progressive dividend policy, with dividends broadly covered twice by earnings. We intend to pay a final dividend of 10. 8p per share (last year 9. 5p) in respect of the 2010/11 financial year. Governance Marks and Spencer Group plc Ã © MarketLine Page 26 Marks and Spencer Group plc Company View This year we returned to the traditional governance structure of a separate Chairman and Chief Executive, providing clarity between Marc Bolland and me, with regard to our respective roles. Put simply, I run the Board and Marc runs the business. The Board has a wide range of responsibilities. There are three that I think are par ticularly impor tant for the success of the business: first, to debate and agree our strategy and hold the executive team accountable for its execution; second, to ensure that we have the most talented team to execute this strategy and that we plan effectively for succession; and third, to set the tone for governance, which is par ticularly impor tant at M;S where Ã¢â¬Ëdoing the right thingÃ¢â¬â¢ is an integral par t of our ethos. My ob is to ensure the Board has the right mix of skills and talents and to ensure that it works effectively as a team towards shared goals with the right mix of enquir y and suppor t of the executive directors from the non-executive directors. During the year we commissioned a formal Board evaluation from an independent consultant, the findings of which are outlined in the Governance section. This process highligh ted the real enthusiasm of the directors in suppor ting a shared ambition: to guide M;S to the ver y best future. We know that you expect high standards from M;S; itÃ¢â¬â¢s our responsibility to learn how we can improve. This review was an impor tant par t of that journey. As stated in our 2009/10 Annual Repor t, we reviewed the senior remuneration structure this year. Following extensive shareholder consultation, we believe we now have a framework that is both relevant to todayÃ¢â¬â¢s M;S and fully aligned with our strategy. The Board Over the last year the Board has been strengthened by a series of executive appointments. In May 2010 Marc Bolland joined the business as Chief Executive, assuming the day-to-day running of the business from Sir Stuar t Rose in July. In October Alan Stewar t joined as Chief Finance Officer and in February we announced the appointment of Laura Wade-Gery as Executive Director, Multi-channel E-commerce; she will join the Board in July. Whilst the Board features some new faces, these changes have taken place around a core of executive and non-executive directors that has remained stable over recent years. I would like to pay par ticular tribute to Sir Stuar t Rose. When he became Chief Executive in 2004, M;S was at a low ebb. He restored confidence in M;S, re-established its values and built a strong business. The solid platform from which Marc is now implementing his plan is a credit to Stuar tÃ¢â¬â¢s energy and tireless commitment to M;S over the last seven years. The smooth management transition Ã¢â¬â the meticulous handover to me and the suppor t of Marc Ã¢â¬â is also a credit to Stuar t. In that connection, I would also like to thank Sir David Michels, and the Nominations ; Governance Committee he led, for managing a change of leadership over the past year that was accomplished quietly and effectively. David has decided to step down from the Board at the end of his second term in February 2012, but I am delighted that he will continue his role as Deputy Chairman until then. Marks and Spencer Group plc Ã © MarketLine Page 27 Marks and Spencer Group plc Company View I must also thank Louise Patten for the significant contribution she has made over the last five years, playing an impor tant role in each of our Board Committees. As Louise reaches the end of her second three year term on the Board, she has decided not to seek re-election at the upcoming AGM. Looking ahead Our priorities for the year ahead are clear. We have a plan and it is now our collective job to make it happen. The Board will concentrate on delivering exemplary governance at the highest level to enable our executive team to drive this strategy forward. The economy still gives us reason to be cautious. Yet in difficult times, our core values of Quality, Value, Ser vice, Innovation and Trust matter more than ever to M;S customers. These values remain at the hear t of our strategy and I therefore look forward to the future with confidence. Marks and Spencer Group plc Ã © MarketLine Page 28 Marks and Spencer Group plc Locations and Subsidiaries LOCATIONS AND SUBSIDIARIES Head Office Marks and Spencer Group plc Waterside House 35 Nor th Wharf Road London W2 1NW GBR P:44 20 7935 4422 http://www. marksandspencer. com Other Locations and Subsidiaries Marks and Spencer International Holdings Limited Great Britain GBR Marks and Spencer (Nederland) BV NLD Marks and Spencer (Ireland) Limited IRL Marks and Spencer (Asia Pacific) Limited HKG Marks and Spencer Simply Foods Limited Great Britain GBR Marks and Spencer Marinopoulos Greece SA GRC Marks and Spencer SCM Limited
During April, the business provided travel services for clients. It is now April 30, and investors wonder how well Air Sea Travel performed during its first month. They also want to know the companyÃ¢â¬â¢s financial position at the end of April and its cash flows during the month. The following data is listed in alphabetical order. Prepare the Air Sea Travel financial statements at end of April 20X6. Accounts payable |$100 |Land |$18,000 | |Accounts receivable |2,000 |Office supplies |500 | |Adjustments to reconcile net | |Payments of cash: | | | income to net cash provided | | Acquisition of land |40,000 | | by operating activities |(2,400) | Dividends |2,100 | |Cash balance at the beginning of April |0 |Rent expense |1,100 | |Cash balance at the end of April |33,300 |Retained earnings at the beginning of April | | | | | |0 | |Cash receipts: | |Retained earnings at the end of April |? | | Issuance stock |50,000 |Salary expense | 1200 | | Sale of land |22,000 |Service revenue |8,500 | |Common stock |50,000 |Utilities xpense |400 | |Dividends |2,100 | | | 1. Prepare the income statement, the statement of retained earnings, the statement of cash flows for the month ended April 30, 20X6, and the balance sheet at April 30, 20X6. 2. Answer the following questions: a. How well did Air Sea Travel perform during its first month of operations? b. Where does Air Sea Travel stand financially at the end of April? ASSETSLIABILITIES Cash33,300Account payable100 Account receivable2,000Land 18,000 Insurance stock50,000Office supplies500 Sale of land 22,000Payment of cash Common stock50,000 Acquisition of land40,000 Dividends2,100 Dividends2,100 Service revenue8,500Rent expense1,100 Salary expense1,200 Utilities expense400 Adjustment to reconcile 2,400 net income to net cash provided by operating activities 1. |Air Sea Travel Inc. | |Income Statement | |April 30, 20X6 | |Revenues |8,500 | |Expenses |2,700 | |Rent expense 1,100 | |Salary expense |1200 | |Utilities expense |400 | |Net income |5,800 | |Air Sea Travel Inc. | |Statement of Retained Earnings | |April 30, 20X6 | | | | |Beginning of Retained Earnings |0 | |Net income |5,800 | |Cash dividends |(2,100) | |Ending Retained Earnings |3,700 | |Air Sea Travel Inc. |Balance Sheet | |April 30, 20X6 | | | | |Assets | | |Cash |33,300 | |All other assets |20,500 | |Land |18,000 | |Office supplies |500 | |Account receivable |2,000 | |Total assets |53,800 | |Liabilities | | |Acount Payable |100 | |Total liabilities |100 | |StockholderÃ¢â¬â¢s equity | | |Common stock |50,000 | |Retained earnings |3,700 | |All other equity |0 | |Total liabilities and stockholderÃ¢â¬â¢s equity |53,800 | |Air Sea Travel Inc. |Statement of Cash Flows | |April 30, 20X6 | |Net cash provided by operating activities | |3,400 | |Net income |5,800 | | |Adjustments to reconcile net income to net cash provided by operating activities |(2,400) | | |Net cash used for investing activities | |(18,000) | | Sale of land |22,000 | | |Acquisition of land |(40,000) | | |Net cash provided by financing activities | |47,900 | |Issuance stock |50,000 | | |Dividends |(2,100) | | |Net change in cash | | 33,300 | |Beginning cash balance | |0 | |Ending cash balance | | 33,300 | 2. a) They performed very well, since they got profit in the end of the month. They do not pay too much salary and they donÃ¢â¬â¢t have too many depts. To be a financially well-managed company, it must generate profit, meaning there is more money coming in than going out. This looks to be well managed company since there is a lot of profit in the end of the month. Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows are all on the plus side. Nothing seems to be out of order. b) They have 33,300 retained earnings at the end of April, which means a good profit. Air and Sea Travel Case Study During April, the business provided travel services for clients. It is now April 30, and investors wonder how well Air Sea Travel performed during its first month. They also want to know the companyÃ¢â¬â¢s financial position at the end of April and its cash flows during the month. The following data is listed in alphabetical order. Prepare the Air Sea Travel financial statements at end of April 20X6. Accounts payable |$100 |Land |$18,000 | |Accounts receivable |2,000 |Office supplies |500 | |Adjustments to reconcile net | |Payments of cash: | | | income to net cash provided | | Acquisition of land |40,000 | | by operating activities |(2,400) | Dividends |2,100 | |Cash balance at the beginning of April |0 |Rent expense |1,100 | |Cash balance at the end of April |33,300 |Retained earnings at the beginning of April | | | | | |0 | |Cash receipts: | |Retained earnings at the end of April |? | | Issuance stock |50,000 |Salary expense | 1200 | | Sale of land |22,000 |Service revenue |8,500 | |Common stock |50,000 |Utilities xpense |400 | |Dividends |2,100 | | | 1. Prepare the income statement, the statement of retained earnings, the statement of cash flows for the month ended April 30, 20X6, and the balance sheet at April 30, 20X6. 2. Answer the following questions: a. How well did Air Sea Travel perform during its first month of operations? b. Where does Air Sea Travel stand financially at the end of April? ASSETSLIABILITIES Cash33,300Account payable100 Account receivable2,000Land 18,000 Insurance stock50,000Office supplies500 Sale of land 22,000Payment of cash Common stock50,000 Acquisition of land40,000 Dividends2,100 Dividends2,100 Service revenue8,500Rent expense1,100 Salary expense1,200 Utilities expense400 Adjustment to reconcile 2,400 net income to net cash provided by operating activities 1. |Air Sea Travel Inc. | |Income Statement | |April 30, 20X6 | |Revenues |8,500 | |Expenses |2,700 | |Rent expense 1,100 | |Salary expense |1200 | |Utilities expense |400 | |Net income |5,800 | |Air Sea Travel Inc. | |Statement of Retained Earnings | |April 30, 20X6 | | | | |Beginning of Retained Earnings |0 | |Net income |5,800 | |Cash dividends |(2,100) | |Ending Retained Earnings |3,700 | |Air Sea Travel Inc. |Balance Sheet | |April 30, 20X6 | | | | |Assets | | |Cash |33,300 | |All other assets |20,500 | |Land |18,000 | |Office supplies |500 | |Account receivable |2,000 | |Total assets |53,800 | |Liabilities | | |Acount Payable |100 | |Total liabilities |100 | |StockholderÃ¢â¬â¢s equity | | |Common stock |50,000 | |Retained earnings |3,700 | |All other equity |0 | |Total liabilities and stockholderÃ¢â¬â¢s equity |53,800 | |Air Sea Travel Inc. |Statement of Cash Flows | |April 30, 20X6 | |Net cash provided by operating activities | |3,400 | |Net income |5,800 | | |Adjustments to reconcile net income to net cash provided by operating activities |(2,400) | | |Net cash used for investing activities | |(18,000) | | Sale of land |22,000 | | |Acquisition of land |(40,000) | | |Net cash provided by financing activities | |47,900 | |Issuance stock |50,000 | | |Dividends |(2,100) | | |Net change in cash | | 33,300 | |Beginning cash balance | |0 | |Ending cash balance | | 33,300 | 2. a) They performed very well, since they got profit in the end of the month. They do not pay too much salary and they donÃ¢â¬â¢t have too many depts. To be a financially well-managed company, it must generate profit, meaning there is more money coming in than going out. This looks to be well managed company since there is a lot of profit in the end of the month. Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows are all on the plus side. Nothing seems to be out of order. b) They have 33,300 retained earnings at the end of April, which means a good profit.
Friday, September 13, 2019
Transatlantic Tunnel - Research Paper Example For quite some time since the Industrial Revolution, sustainable transport has almost been synonymous with train form of transport. Several modifications have taken place on the first steam engine design to more energy and speed efficient models. With advancement in technology in this information and technology age, even more fascinating models are likely to be designed to keep up with the pace of lifestyle change. Critical limitations that hinder train transport will be addressed in a more creative and a more daring manner . In this report, one such limitation presented by geographical intricacies has been discussed in detail. The Transatlantic Tunnel proposal dares to defy the ocean waters and the huge distance from America to Europe and bring these two world business centers closer than they are via a train. Top speed underwater tunnel across the Atlantic Ocean could be nearer to reality than many people would have thought. Engineering designers initially estimated that by the turn of the 21st Century, trains moving at around 5000 miles per hour could make the journey from America to Europe in less than an hour. However interesting this future engineering project appears, several issues are involved right from the design that will pass the test of time across the treacherous ocean to the huge funding demand. Should these and other factors stand in the way of the project, it remains a brilliant engineering project of this age. Among the several other challenges include time and they are seriously posing as hindrances for engineers to achieve this massive project. Resilience could on the other hand be propelled by the invaluable benefits that the project is likely to present to the world such that the project sees the light of the century. According to the documentary video Extreme Engine ering, the possibility of this unbelievable project is not out of reach of reality amid modern technology. Challenged by the success of
Thursday, September 12, 2019
Easy Jet Airlines - Essay Example The CEO - Stelios is known for exceptional decision-making and problem-solving skills (including correct analysis, comparison of alternatives, and selecting best alternative), Value driven; possesses qualities of honesty and integrity, Takes initiative and plans accordingly (includes planning, organizational, and time and conflict management skills), Holds accountability for actions, Knowledge in given field, Observant and reacts to employee/customer needs, Effectively assumes responsibility and rewards/punishes accordingly, Promotes team-building and relationship building. Stelios, founder and CEO of easyJet Airlines, want to offer low cost airlines to its customer & to become leader in airline industries. He believed that in order to be successful, it was important to be first to market and to saturate the geographic market. The main issue with the easyJet is that due to monopoly of European Airline Industry, it is very difficult to become the global leader in Airline Industry. Due to monopoly of European airlines, easyJet airlines are not able to enter in to the European countries. For that Stelios had done a lot of efforts to attract passengers towards easyJet. He offered low cost tickets, easy ticketing procedure through internet or phone call, and also he purchase some front seat tickets of an European airlines and send his employee in a uniform that is advertising for Easy Jet. It means some passengers traveling in an European airlines are advertising for Easyjet Airlines. To succeed successfully in the airline industry, a company must be led by a visionary leader with good decision making skills. The leader must be in-line with the organizational culture, promoting a favorable internal environment. In order to become the global leader, Stelios, founder & CEO of jet Airlines tries his hand in other business in 1999. Among his pet projects was the creation of a cyber cafÃ © business called easyEverything cafÃ ©. easyEverything will provide internet at lower cost (Less than a phone
Wednesday, September 11, 2019
Lose Control in Gas and Oil Industry - Term Paper Example Often, these salt producers found the oil and gas that erupted along with the salt brine to be a nuisance. However, some intrepid salt manufacturers sold it for medicinal purposes, or to burn as lighting fuel. Although the natural gas industry is purported to have begun in 1821, George Bissel and Edwin L. Drake created the first drilling rig that was ever used for the specific production of oil on August 28, 1859 near Titusville, Pennsylvania. This well, named the Drake, is considered the first intentional well drilled for oil, as other wells that were drilled at the time were for salt brine or water. (http://en.wikipedia.org/wiki/ History_of_the_petroleum_industry_in_the_United_States) The drilling for oil became a phenomenon that sparked many new enterprising companies to start their own oil-related ventures. This Ã¢â¬Å"boomÃ¢â¬ as it commonly referred to, created a need for workers on a massive scale that was not there in the past. They now needed refineries, drilling tools an d most importantly, manpower. There was so much money to be made in the drilling and production of these new wells that loss of a manÃ¢â¬â¢s 2 life became known as acceptable risk, and simply turned a blind eye to the likelihood of being injured or killed. In the oilfieldÃ¢â¬â¢s infancy, the most common cause of death for these men was the well caving in on them, fires, and explosions. It was not until the year 1900, when a Texas man by the name of Curt Hamill came up with the revolutionary idea of using mud in the hole to flush it out as they drilled, instead of water. This proved to be a remarkable act, as not only did it allow the cuttings to surface, it prevented the hole from caving in. mud is used in just about every drilling operation world wide since. (http://www.enpetroleum.com/texasoilboom.html) 2. Training and Impact on the Oil and Gas Industry In todayÃ¢â¬â¢s oil and gas industry, there is no longer an acceptable risk hazard associated with the work itself. A singl e death is not acceptable, regardless of the circumstance. Most commonly, deaths occur from either fire or unsafe work, although there are many variables in the number of recordable deaths in the oil and gas sector each year. Given todayÃ¢â¬â¢s higher standards, the oil and gas business have implemented a wide variety of standards, assessments, and analyses on each type of work performed. These new instructions have greatly improved the production, as well as significantly increased the health and safety of all employees involved. The training of potential employees is extensive, with much emphasis on safety procedures and equipment. They receive this training before they are allowed to enter a location where drilling or fracturing is taking place. Even with company specific training, there are still many other classes all potential and present employees must attend. These include but are not limited to fall hazards and protection, tripping hazards, pinch points, chemicals and the ir uses, confined space 3 training, among other certifications. Another key point in the training of new employees is the stress put on what is commonly called stop work authority. This enables any employee to stop work if any perceived or real unsafe condition exists, without repercussion. This can include shutting down a job completely, and cost the company millions of dollars. This was implemented to ensure safe procedures, and safe work
Tuesday, September 10, 2019
What Is Marriage For - Essay Example Marriage is the changeable conception and it is right to accept the modern changes that are concerning homosexual couples. The Society like the constant variable is trying to refute same-sex marriage, using different prohibitions, but it is impossible to stop the development of the world only refuting the existence of one or other situation. It is obvious that when opponents of gay marriage are defending their point of view, they, after a ritual condemnation of homosexuality and claims that gay marriage somehow inexplicably Ã¢â¬Å"threaten societyÃ¢â¬ and Ã¢â¬Å"undermine marriageÃ¢â¬ , will certainly end up with unfortunate consequences of same-sex marriage: if we allow gay marriage then people will want to legalize polygamy and marriage with pets. But arguing this position it is possible to say that same-sex marriage never results from polygamy and, in fact, we can say that if same-sex marriage is good because it allows more people to get the benefits and advantages of family life, then polygamy is undesirable because it deprives some people of the benefits and advantages. Let us explain the changing meaning of marriage from 1850-1950. What was marriage for those times? First of all, the marriage was a kind of the contract that helped to share money between families. The engagement feast was the moment that the two families finished negotiations and finally signed, witnessed, and notarized the marriage contract. Those times the marriage was not seeing by the society as a union of the two loving people.... It is obvious that when opponents of gay marriage are defending their point of view, they, after a ritual condemnation of homosexuality and claims that gay marriage somehow inexplicably Ã¢â¬Å"threaten societyÃ¢â¬ and Ã¢â¬Å"undermine marriageÃ¢â¬ , will certainly end up with unfortunate consequences of same-sex marriage: if we allow gay marriage then people will want to legalize polygamy and marriage with pets. But arguing this position it is possible to say that same-sex marriage never results polygamy and, in fact, we can say that if same-sex marriage is good because it allows more people to get the benefits and advantages of family life, then polygamy is undesirable because it deprives some people of the benefits and advantages. Let us explain the changing meaning of marriage from 1850-1950. What was marriage for those times? First of all, the marriage was a kind of the contract that helped to share money between families. According to Graff, Ã¢â¬Å"the engagement feast was the moment that the two families finished negotiations and finally signed, witnessed, and notarized the marriage contractÃ¢â¬ . (Graff, 2004). Those times the marriage was not seeing by the society as a union of the two loving people. The marriage for love was the privilege of extremely poor people who had no property and some of them had no even two different cloths. Also people used the marriage as a way to share labor. Giving several examples we can say that a fisher needed a fishwife; a butcher needed a butcher wife and so on. We can see that during the longest period of time marriage was deal. This point of view and this seeing of the concept of the marriage were common for