1. Presented by Nicolas Geldhof

2. Company presentation  Headquarters: City of Westminster, London  Foundation: Michael Marks & Thomas Spencer 1884 – Leeds, UK  Shops: all around the world: 43 countries in the UK : 766 stores largest store at Marble Arch, London, Oxford street: 16 000m²

3. Stores around the world (excl. UK)

4. Store at Marble Arch, London

5. Business  Marks & Spencer plc  public limited company  Listed on the London Stock Exchange and the FTSE 100  First British retailer to achieve 1 billion GBP pre-tax profit

6.  Values are quoted in the stock's local currency: British pound. FINANCIAL RESULTS FOR THE LAST 5 YEARS

7. Balance sheet (1) Balance Sheet:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Assets: Non-Current Assets: Property, Plant & Equipment: 5,033.704,789.904,662.204,722.004,834.00 Intangible Assets:695.00584.30527.70452.80400.30 Investment Properties:15.8015.9016.0022.4024.80 Investments:15.5014.4013.0011.5013.80 Other Financial Assets:68.3047.2024.80135.90257.00 Other Non-Current Assets: 471.50361.50458.70288.40338.40 6,299.805,813.205,702.405,633.005,868.30

8. Balance sheet (2) Balance Sheet:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Assets: Current Assets: Inventories:767.30681.90685.30613.20536.00 Trade and Other Receivables: 245.00253.00251.90281.40285.20 Cash at Bank & In Hand: 193.10196.10470.20405.80422.90 Current Asset Investments: n/a Other Current Assets:62.50329.10234.30219.80145.70 1,267.901,460.101,641.701,520.201,389.80

9. Balance sheet (3) Balance Sheet:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Assets: Other Assets:n/a Total Assets:7,567.707,273.307,344.107,153.207,258.10

10. Balance sheet (4) Balance Sheet:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Liabilities: Current Liabilities: Borrowings:558.70327.70602.30482.90942.80 Other Current Liabilities: 1,679.601,677.701,607.901,407.601,364.10 2,238.302,005.402,210.201,890.502,306.90 Net Current Assets: c n/a

11. Balance sheet (5) Balance Sheet:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Liabilities: Non-Current Liabilities: Borrowings:1,727.301,948.101,924.102,278.002,117.90 Provisions:246.70219.70218.50152.00265.70 Other Non-Current Liabilities: 869.00321.30313.90646.80467.00 2,843.002,489.102,456.503,076.802,850.60

12. Balance sheet (6) Balance Sheet:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Liabilities: Total Liabilities:5,081.304,494.504,666.704,967.305,157.50 Net Assets:2,486.402,778.802,677.402,185.902,100.60

13. Balance sheet (7) Capital & reserves: Share Capital:403.50401.40396.20395.50394.40 Share Premium Account:315.10294.30255.20247.50236.20 Other Reserves:(4,330.40)(3,896.90)(3,851.10)(3,508.80)(3,705.30) Retained Earnings:6,117.205,991.405,873.205,281.905,156.40 Shareholders Funds:2,505.402,790.202,673.502,168.602,081.70 Minority Interests / Other Equity: (19.00)(11.40)3.9017.3018.90 Total Equity:2,486.402,778.802,677.402,185.902,100.60

14. Income statement (1) Income Statement:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Revenue:10,026.809,934.309,740.309,536.609,062.10 Operating Profit / (Loss):756.00746.50836.90852.00870.70 Net Interest:(191.70)(88.50)(56.30)(149.30)(164.50) Profit Before Tax:564.30658.00780.60702.70706.20 Profit after tax from continuing operations: 458.00489.60598.60523.00506.80

15. Income statement (2) Income Statement:30/03/201331/03/201202/04/201103/04/201028/03/2009 (Millions) Discontinued Operations: Profit after tax from discontinuing operations: n/a Profit for the period:458.00489.60598.60523.00506.80 Attributable to: Equity holders of parent company: 466.70513.10612.00526.30508.00 Minority Interests / Other Equity: (8.70)(23.50)(13.40)(3.30)(1.20) Total Dividend Paid: c 17.00 c 15.00 c 17.80 Retained Profit / (Loss) for the Financial Year: c n/a

16. Income statement (3) Income Statement:30/03/201331/03/201202/04/201103/04/201028/03/2009 Earnings per Share: Basic:29.20p32.50p38.80p33.50p32.30p Diluted:29.00p32.20p38.40p33.20p32.30p Adjusted:32.70p34.90p34.80p33.00p28.00p Dividend per Share:17.00p 15.00p17.80p

17. Summary  Non-current assets: + 8 %Non-current liabilities:+ 14 %  Current assets:- 13 %Current liabilities:+ 12 %  Total assets+ 4 % Total liabilities:+13 %  Profit % of revenue:  2013:458.00 / 10 026.80=4.6%  2012:489.60 / 9 9934.30=4,92%

18. Financial ratios (1) Liquidity ratios CCurrent ratio = current assets / current liabilities == 1 267.90 / 2 238.30 == 0.566…=> lower than 1 QQuick ratio = current assets – inventories / current liabilities == 1 267.90 – 767.30 / 2 238.30 == 0.224…=> lower than 1 WWorking capital = current assets – current liabilities == 1 267.90 – 2 238.30 == - 970.40=> negative

19. Financial ratios (2) Leverage ratios DDebt ratio = total liabilities / total assets == 5 081.30 / 7 567.70 == 0.67=> debts can be payed by selling assets

20. Financial ratios (3) Profitability sustainability ratios SSales Growth = current period – previous period sales / previous period sales == 10 026.80 – 9 934.30 / 9 934.30 == 0.9 %=> small growth

21. Conclusion …  Considering the difficult economical situation, M & S is a financial healthy company. The only problem is that they have invested perhaps too much in new properties. Therefore, they had to borrow a lot and this is negative for their financial situation. Thank you for your attention!