Annual report & review 2006 - Shopic.com

Summary directors’ report
Summary Financial Statements and Report
of the Auditors
The directors have pleasure in presenting the summary
Group financial statements of Musgrave Group Plc
for the year ended 31 December 2006, representing a
summary of the information presented to shareholders
in the full consolidated financial statements which are to
be annexed to the company’s annual return.
The auditors, PricewaterhouseCoopers, have issued
an unqualified audit report under Section 193 of the
Companies Act 1990, in respect of the Group financial
statements of Musgrave Group Plc for the year ended
31 December 2006.
44
Principal Activities and Review of the
Business
The principal activity of the Group remains the wholesale
and retail distribution of food and general merchandise.
A review of the business, for the year ended 31 December
2006 of recent events and of likely future developments,
is included in the Chairman’s statement on page 7, the
Group CEO’s interview on pages 8 to 13 and the Review
of 2006 on pages 14 to 21.
Profits, Dividends and Reserves
Profit after tax for the financial year amounted to
€60.7 million. Aggregate interim dividends of 19.8 cent
(2005: 18.9 cent) per share amounting to €11.8 million
(2005: €11.2 million) were paid during the year. The
directors propose a final dividend of 6.6 cent (2005:
6.3 cent) amounting to €3.9 million (2005: €3.7 million).
The proposed dividend will be submitted for approval at
the 2007 Annual General Meeting.
Events since the year-end
There have been no significant events affecting the
Group since the year-end.
Directors
The names of the persons who are currently or were
directors for the entire year ended 31 December 2006
are as follows:
Left to right: Donal Horgan, Martin Hyson,
Frank Coghlan, Padraic Liston, Ken Byrne, Tim Kenny,
Philip Mackeown, Noel Keeley, Chris Martin,
Hugh Mackeown, Stuart Musgrave, Peter Musgrave,
Seamus Scally, Peter Lacy
H N Mackeown
P J Musgrave
C N Martin
K Byrne
F P Coghlan
D Horgan
M J Hyson
N Keeley
T Kenny
P Lacy (appointed
20 September 2006)
P Liston
P Mackeown (appointed
7 December 2006)
S Musgrave
S Scally
M Taylor (resigned
10 November 2006)
Directors’ Responsibilities
The directors are responsible for the presentation
of financial statements for each accounting period
which comply with the provisions of company law and
professional guidelines for good practice, applying
certain estimates and informed judgements that are
reasonable and prudent. The Group maintains systems
of internal control which have been designed to give
reasonable assurance that transactions are executed in
Musgrave Group Plc Annual Report & Review 2006