It operates from over 10 manufacturing sites across Britain. We will be guided each year by the principles of our capital allocation framework in assessing the uses of free cash flow. The Group has performed an impact assessment and believes that the interpretation will not have a material impact on the consolidated financial statements as sales and purchases involving advanced consideration in a foreign currencies are negligible. Develop popular and useful services Popular and useful services help make Morrisons a place customers want to go, and provide capital light profit growth. We also continue to improve key local events, with particular focus on different demographics and seasons. Supplying tobacco to McColl's earlier than initially planned also had a slight impact on working capital. The proposed final ordinary dividend is 4.
As previously stated, we further simplified in-store structures during the year, removing some managerial roles and replacing them with more front-line colleagues dedicated to serving customers. I was in constant dred of finding that my bank account had been emptied or that one day someone would come knocking at the door saying I owed money. A greater focus on cost, yield and volume, assisted by investment in technology and improved digital capability, has improved productivity and capacity utilisation. The Group will apply the modified retrospective approach for transition, including no requirement to restate comparative amounts. The interpretation clarifies the date to be used in determining the initial exchange rate for transactions, relating to advance payments or receipts in a foreign currency, to be the date the related non-monetary asset or liability is first recognised. The rationale behind the decision was the need for Morrisons to attract a wider national customer base, capitalising on its expanded geographical spread following the acquisition of Safeway.
To be more competitive Broader, stronger Morrisons is becoming more differentiated for customers. Excluding fuel: Percentage change in year-on-year total reported sales excluding fuel. Goldman Sachs estimates that the three major listed supermarkets - Tesco, Morrisons, and J Sainsbury - will need to close one in five stores to protect their profits. Improving capability across Morrisons means we need fewer managers and are able to invest in more front-line colleagues to serve our customers. Our new 'MyMorri' website provides colleagues with all the information they need on a single digital communication platform and is proving very popular, with over 95% of colleagues using it since the recent launch.
The normalised tax rate for the year excluding the impact of property transactions, business disposals and tax rate changes was 23. This measure is used by the Directors as it provides a better reflection of the normalised tax charge for the Group. Further to this policy decision, it was announced in late 2004 that the 114 smaller 'Safeway Compact' stores would be sold off to rival supermarket chain in a two-part deal worth £260. Expect a lot more red ink as the Big Four supermarkets try to catch up with consumers, now more interested in smaller, local stores and the discounters Aldi and Lidl. To reinvigorate its new national image, Morrisons appointed the Dutchman the Chief Operating Officer of , as its new Chief Executive. In May 2013 Morrisons announced a partnership with to use its technology systems and distribution infrastructure to help launch its own online service. As a food maker and shopkeeper, we have a unique opportunity to differentiate ourselves and build a great-value Morrisons price list, category by category.
Supermarket focus Mr Higginson emphasised that Morrisons remained focused on its core business of supermarkets - a good thing, according to some analysts, who said that could allow the firm to differentiate its brand. Part of the Bristol depot has been sold off to Gist. Following on from this in January 2016 Morrisons bosses announced that a further 7 stores would be closing to help optimise their existing assets and address areas of underperformance. The supermarket chain faces a huge potential payout to employees whose personal data was compromised when Andrew Skelton, an internal auditor, posted the names, bank account details, salaries and national insurance details of nearly 100,000 employees online. Number of employees 125,000 2014 Website Wm Morrison Supermarkets plc, trading as Morrisons, is the fourth largest chain of behind , and in the United Kingdom, headquartered in , West Yorkshire, England. These stated ratios may therefore differ slightly to those calculated by the numbers in this report due to rounding as numbers in the financial statements are presented in round millions. More recently, the Court of Appeal for an assault on another member of staff by a director at its Christmas drinks.
Consider making these standard for all promotions or where new roles and responsibilities are offered. The Group has an ongoing legal case brought by a number of current and former colleagues relating to employee data theft in the 52 weeks ended 1 February 2015. Colleagues are differentiating Morrisons offer for customers, helped by our new automated ordering system and other productivity initiatives which are beginning to free up more time. Distribution Morrisons distribution centre, , In 2005 Morrisons purchased part of the collapsed Rathbones Bakeries, which supplied Morrisons bread, for £15. In addition, fluctuations in commodity prices and foreign exchange rates could impact the Group's profitability.
Customers tell us how friendly our colleagues are, and our customer satisfaction scores once again improved, showing growth on growth there too. Many of these are extensions of former kiosks and allow customers a new convenience-store service on an existing Morrisons site. We are growing sales and profit, and expect that growth to continue to be meaningful and sustainable in the future. Although Markit has made every effort to ensure this data is correct, nevertheless no guarantee is given to the accuracy or completeness. This measure is used by the Directors as it provides key information on underlying trends and performance of the Group, including a normalised tax charge.
If you continue to use this site, we'll assume that you're happy to receive all cookies. In our recent 'Your Say' survey, the number of colleagues who said they received a fair day's pay has increased by 25% in the last three years. The impact assessment also covered areas which require further specific consideration such as customer loyalty schemes, rights of return and wholesale supply arrangements and concluded that there is no material impact on the current accounting policies for revenue recognition applied by the Group, which are disclosed in notes to the financial statements. It gives access to online learning, company information and updates, the colleague handbook, and payslips. We introduced over 750 new local products. This measure is used by the Directors as it provides key information on underlying cost of financing excluding the impact of exceptional items. Store formats The traditional format of Morrisons superstores is called Market Street.