Page 13


(Photo captioned: The new distribution centre at Magna Park supports a far more efficient supply chain for John Lewis)

Return on invested capital

Return on invested capital (note 8, page 6) was 7.7% an improvement of 0.9% on last year’s 6.8% and reflects increased returns from the investment decisions made across the Partnership.

(Graph of Return on invested capital (%))

Profit for the year

Profit for the year was £106.5m, down by £127.0m (54.4%) on last year which included the non-cash gain on the disposal of our shareholding in Ocado, of £127.4m.

(Graph of Profit for the year (£m))

Net assets

Net assets decreased by £18.3m (1.1%) to £1,704.5m. Investments in new stores, extensions and refurbishments, distribution and new information technology systems (£214m) has been offset by an increase in the pension fund deficit (£175m). Additionally, long term borrowings rose as a result of the £275m Bond issued in March 2009 which has led to an increased cash position at year end.

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