Annual report and financial statements 2009
A measure of the impact human activities have on the environment in terms of the amount of greenhouse gases produced, measured in units of carbon dioxide.
This is an independent public body which conducts in-depth inquiries into mergers, markets and the regulation of major regulated industries.
A possible obligation arising from events not wholly within the control of the Group. The liability is not recognised if the outcome is uncertain or cannot be reliably measured.
The understanding and management of the relationship between the Group and the economy, environment and communities within which we operate.
Department for Environment, Food and Rural Affairs. The UK Government department tasked with issues such as the environment, food rural development, the countryside, wildlife, animal welfare and sustainable development.
Financial instruments that derive their value from an underlying price or index, such as an interest rate, a foreign exchange rate, an index of prices/rates or a commodity price.
This is the distance used to transport goods from distribution centres to stores.
These are external sales from manufacturing sites either entirely owned by the Group.
Underlying profit after tax from continuing operations attributable to equity shareholders divided by total value of dividends declared during the year.
The range of calorie, fat, sugar and salt controlled foods, which have been specifically designed to help maintain a controlled diet without compromising on taste.
Earnings before interest, tax, depreciation and amortisation.
Electronic Point of Sale
Food and Agriculture Organisation of the United Nations is a specialised agency that leads international efforts to improve agricultural productivity and better the lives of rural populations.
A lease that transfers substantially all the risks and rewards of ownership from the lessor to the lessee.
The 100 largest companies, by market capitalisation, listed on the London Stock Exchange.
The number of people who visit our stores.
Generally accepted accounting principles (and practices).
Leading market research agency providing business insight through quantitative and qualitative research surveys.
Reducing the exposure to risk of loss resulting from fluctuations in exchange rates, commodity prices, interest rates, etc. Typical tools include forward foreign exchange contracts and interest rate swaps.
IFRS are standards, interpretations and the framework for the preparation and presentation of financial statements adopted by the International Accounting Standards Board.
Institute of Grocery Distribution. A membership service that provides research, information, and education for the food and grocery industry.
A financial instrument where two parties agree to exchange an interest rate obligation for a predetermined amount of time. These are used by the Group to convert floating rate debt to fixed rates.
Key Performance Indicators. Measures used by the Board of Directors to monitor the performance and development of the Group.
(London Interbank Offered Rate) This is the rate that banks can borrow funds from other banks in the London interbank market and is fixed on a daily basis, and is the world’s most widely used benchmark for short term interest rates.
Measuring sales on the same basis as the previous year, excluding the impact of new store openings or store disposals. Also excluded is the impact of major refurbishments and extensions.
The number of litres of fuel sold.
Incentive schemes available to certain employees to encourage a mutual financial goal.
The percentage of the market or market segment that is being serviced by Morrisons.
Our unique range of fresh food counters that bring a personal service into the supermarket.
Management Information Systems covers the application of people, technologies and procedures, collectively the information systems, to business problems.
Moody’s Investors Service is among the world’s most respected and widely utilised sources for credit ratings, research and risk analysis.
The Nielsen Company is a global information and media company with leading market positions in marketing and media information.
Office of Fair Trading. A government body which is the UK’s consumer and competition authority.
An unavoidable lease commitment for a property that is no longer in use by the business. The lease commitment is reduced by the expected future rental income where the Group has sublet the property.
Our tactical recovery programme between 2007 and 2010.
A range of genuine organic products that don’t cost the earth. Organic farming prohibits the use of artificial fertilisers, pesticides, growth regulators and additives in livestock feed. The International Federation of Organic Agriculture Movements (IFOAM) accredits national organic certifying bodies.
The assets and business of Safeway Plc which were acquired on 8 March 2004.
The level of sales generated per square foot of selling space.
Indicates how certain balances would shift should a key assumption move while others remain constant. In effect, shows how dependent the balances are on certain factors.
Statement of recognised income and expense.
Premium products that are prepared from the very best ingredients.
Global retail market information group who have a panel of some 25,000 homes in the UK.
UK Generally Accepted Accounting Principles (and practices).
The extent to which the upstream suppliers and downstream buyers are owned by the Group.