Annual report & review 2006 - Shopic.com

More documents

Recommendations

Info

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
accordance with management’s authorisation, that assets are safeguarded, that fraud is prevented and that proper financial records are maintained. Political Donations The Electoral Act 1997 requires companies to disclose all political donations to any individual party of more than €5,079 in value made during the year. The directors have satisfied themselves that no such donations in excess of this amount have been made. On behalf of the Board Chris Martin Group Chief Executive Officer Secretary and Registered Office Tim Kenny Ballycurreen Airport Road Cork, Ireland (Registered number: 105820) Auditors PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock, North Wall Quay, Dublin 1 Bankers AIB Bank Bank of Ireland Barclays Bank BNP Paribas IIB Bank National Irish Bank Rabobank Ulster Bank Solicitors Arthur Cox Earlsfort Centre Earlsfort Terrace Dublin 2, Ireland Tim Kenny Group Finance Director 45 Musgrave Group Plc Annual Report & Review 2006
Page 1 and 2: Annual report & review 2006
Page 3 and 4: Musgrave at a glance 4 Our Chairman
Page 5 and 6: Musgrave at a glance hoW Do We SouR
Page 7 and 8: Our Chairman’s statement WoRkING
Page 9 and 10: Interview with our Group CEO Making
Page 11 and 12: Interview with our Group CEO orderi
Page 13 and 14: Interview with our Group CEO exciti
Page 15 and 16: Review of 2006 This is a year in wh
Page 17 and 18: Our business is all about respondin
Page 19 and 20: Review of 2006 Our innovative Marke
Page 21 and 22: Review of 2006 Our business in Grea
Page 23 and 24: Different & better - retailers & lo
Page 29 and 30: Budgens Virginia Quay Providing a h
Page 33 and 34: Different & better - consumers & co
Page 39 and 40: to meet international best practice
Page 41 and 42: Musgrave Group head office, Cork 41
Page 43: Responsibility charitable support A
Page 47 and 48: Our board of directors peter Musgra
Page 49 and 50: Results Turnover amounted to €4,5
Page 51 and 52: Finance review Taxation The effecti
Page 53 and 54: Summary financial statements CONSOL
Page 55 and 56: Summary financial statements Notes
Page 57 and 58: Summary financial statements 5 Taxa
Page 59 and 60: Summary financial statements 10 Ban
Page 61 and 62: Summary financial statements 15 Rec
Page 63 and 64: Summary financial statements Analys
Page 65 and 66: Summary financial statements Moveme
Page 67 and 68: Printed on Hello silk, fully recycl

Annual report & review 2006 - Shopic.com

Create successful ePaper yourself

Delete template?

Save as template?