RNS Number:1939F
Carpetright PLC
27 June 2006
Carpetright plc
Preliminary Results Announcement for the year ended 29 April 2006
Carpetright plc, Europe's leading specialist carpet and floor coverings retailer
trading within the UK, Republic of Ireland, Belgium, The Netherlands and Poland,
today makes its preliminary announcement of its audited results for the 52 weeks
ended 29 April 2006.
Highlights
Group
* Total Group sales #451.4 million, down 2.4% (2005: #462.5 million)
* Second half total Group sales increased by 4.1% to #235.9 million (2005:
#226.6 million)
* Profit before tax #64.2 million, down 11.4% (2005: #72.5 million)
* Underlying pre tax profit * fell 7.8% to #56.7 million (2005: #61.5
million)
* Second half underlying pre tax profit * increased by 16.5% to
#34.6 million (2005: #29.7 million)
* Basic earnings per share 65.0p, down 8.5% (2005: 71.0p)
* Underlying earnings * per share fell 6.4% to 57.5p (2005: 61.4p)
* Strong cash generation with operating cash flow of #86.4 million
* Recommended final dividend of 30.0p giving a total of 49.0p, up 4.3%
UK and Republic of Ireland
* Like-for-like sales decline of 2.8%
* Underlying operating profit * fell 8.8% to #55.1 million (2005: #60.4
million)
* Underlying operating margin * of 13.8%
* Gross margin improved to 60.6% (2005: 59.9%)
* Store expansion plans on track, with 67 stores opened in the year
* Good profits and cash flow from the development of the property portfolio
Rest of Europe
* Like-for-like sales growth of 6.9% (excluding fitting income)
* Operating profit grew 20.0% to #3.6 million (2005: #3.0 million)
* Operating margin of 6.7% (2005: 5.6%)
* Store expansion plans accelerating, with ten stores opened, including two
in Poland
* 'Underlying' excludes exceptional items and tax thereon
Lord Harris, Chairman and Chief Executive, said:
"There is no doubt that 2006 has been a difficult year for Carpetright, but I am
delighted nevertheless with the progress we have made. Early in the year the
Group opened its 500th store and in March we opened our first store in Poland.
We are now trading from 538 stores and we continue to expand across Europe."
"Following a difficult first half we have delivered a significant improvement in
our second half sales and operating profits. The development of our property
portfolio continues to produce good cash-flow and profits which, combined with
strong underlying operating cash-flow, allows us to increase our dividend by
4.3%."
"Although customers remain cautious I am confident that the Group is well placed
to grow in our existing markets and continues to look at opportunities to
develop in new markets. Our strategy of providing a comprehensive offer with
the widest product range, best prices and excellent customer service will enable
us to continue to expand our business and deliver sustainable growth for
shareholders."
For further enquiries please contact:
Carpetright plc
Lord Harris of Peckham, Chairman and Chief Executive
Ian Kenyon, Group Finance Director
Telephone 020 7638 9571 (until 2pm), 01708 525522 (thereafter)
Citigate Dewe Rogerson
Sara Batchelor / Fiona Mulcahy
Telephone 020 7638 9571
There will be a presentation to analysts and investors at 9.00am today at the
office of Deutsche Bank, Winchester House, 1 Great Winchester St, EC2N 2DB.
A copy of the preliminary results and presentation to analysts can be found on
our website www.carpetright.plc.uk today at 7.00am and 9.00am, respectively.
Certain statements made in this announcement are forward looking statements.
Such statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual events or results to differ
materially from any expected future events or results referred to in these
forward looking statements.
Overview of Group financial performance
2006 2005 % change
Key Financial Results #'m #'m
Group sales 451.4 462.5 (2.4%)
Underlying operating profit *
- UK and Republic of Ireland ("UK & RoI") 55.1 60.4 (8.8%)
- Rest of Europe 3.6 3.0 20.0%
- Total 58.7 63.4 (7.4%)
Interest (2.0) (1.9) (5.3%)
Underlying pre tax profit* 56.7 61.5 (7.8%)
Exceptional items 7.5 11.0 (31.8%)
Profit before taxation 64.2 72.5 (11.4%)
Underlying earnings* per share (pence) 57.5 61.4 (6.4%)
Basic earnings per share (pence) 65.0 71.0 (8.5%)
Dividend per share (pence) 49.0 47.0 4.3%
* Note - Where this review makes reference to underlying operating profit /
earnings and tax these relate to operating profits / earnings before exceptional
items.
Carpetright has continued to make good progress against its core financial
objectives despite difficult market conditions particularly in the first half of
the year.
Group sales fell by 2.4% in the year to #451.4 million. Like-for-like sales in
the UK & RoI fell by 2.8% reflecting the weak nature of the UK retail market.
In Europe underlying like-for-like product sales grew by 6.9% as the benefits of
actions taken in prior years became apparent to customers who are now enjoying
outstanding choice, service and value.
Underlying operating profit fell to #58.7 million, a reduction of 7.4% on last
year. This reflects a continuing improvement in the Rest of Europe's result
offset by a reduction in profits for the UK & RoI due to the weak market
throughout 2005. The underlying operating margin reduced to 13.0% (2005: 13.7%)
due to the fall in UK & RoI profits.
The interest charge increased to #2.0 million, versus #1.9 million last year.
The Group recorded a profit on the disposal of UK property assets of #7.5
million. During the year, as part of the ongoing strategy, the Group continued
to actively manage its store base to mitigate future rental increases. The
profit on the disposal of property is recorded as an exceptional item by virtue
of materiality although the Board anticipates that property profits will
continue to be achieved on an ongoing basis.
Group profit before taxation decreased by 11.4% to #64.2 million with basic
earnings per share down 8.5% to 65.0 pence. Underlying earnings per share fell
by 6.4% to 57.5 pence.
Net debt reduced by #8.7 million to #29.2 million reflecting the strength of the
Group's underlying cash flow.
UK and Republic of Ireland Operational Review
Financial results
2006 2005 Change
UK & RoI - Key Financial Results #'m #'m
Sales 397.7 409.2 (2.8%)
Gross profit 241.2 245.2 (1.6%)
Gross margin % 60.6% 59.9% 0.7pp
Underlying operating profit 55.1 60.4 (8.8%)
Underlying operating margin % 13.8% 14.7% (0.9pp)
The business achieved an underlying operating profit of #55.1 million, a
reduction of 8.8% compared to last year. The business made a further #7.5
million (2005 : #11.0 million) exceptional profit from the disposal of
property.
Sales for the year declined by 2.8% to #397.7 million (2005: #409.2 million).
Like-for-like store sales declined by 2.8%. Sales from net new space
contributed growth of 2.8% although this was offset by the impact of the closure
of the Allders concessions in February and March 2005.
The like-for-like sales performance was very different across the two halves
which was a mirror image of the performance in the year ending 30 April 2005.
The first half saw a decline in like-for-like sales of 7.1% (2005 : 3.0%
increase) whilst the second half improved by 1.9% (2005 : 5.4% decline).
Trading performance at product level was mixed. Carpet sales, including
underlay and associated products, increased by 4.3% whilst laminate sales were
down 38%. This reflects the market changes towards carpet at the expense of
laminate. Sales of ordered cut-length carpets were strong with more orders
coming through at higher average prices.
Overall we believe that the business is continuing to grow market share and we
remain focused on delivering a strong promotional programme providing customers
with outstanding choice and value. This programme was supported by an increased
investment in advertising during the year. We estimate that our market share
increased by approximately 2% over the year to around 28% at the year-end.
Despite the slowdown in sales the business has continued to improve its gross
margin which increased by 0.7 percentage points to 60.6%. This increase
reflects further buying scale improvements, appropriate management of
promotional pricing, together with reductions in stock losses. The improved
sales volume in the second half contributed to better rebates from the suppliers
which enabled us to deliver higher margins in the second half. These factors
should allow us to continue to improve gross margin during the coming year by
0.5 to 0.75 percentage points.
Operating costs rose by 0.7% during the year to #186.1 million. The costs as a
percentage of sales increased to 46.8% (2005: 45.2%). The major increases were
in rent, rates and advertising. We announced last year that we expected our new
distribution network to result in reduced distribution costs. However, during
the year we have focused our attention on improved customer service rather than
cost reduction and this has, in our opinion, helped us to improve sales. We now
have a stable platform from which to drive efficiencies. Looking ahead there
remain significant cost challenges in the areas of rents, rates and energy costs
which will continue to drive up our overall costs, pre new space, by an
estimated 5% to 6%. Where appropriate we will continue to reduce our property
costs through our relocation programme.
Underlying operating margin was 13.8% (2005: 14.7%). This still represents a
good performance for the business which we intend to increase as market
conditions improve towards our target of 15.0%.
Store portfolio development
We continue to develop our store portfolio and have opened 67 stores during the
year. The store make-up is now :
Sq ft
UK & RoI Store Base April 2005 Openings Closures April 2006 Target (Thousands)
April 2006
Large (> 6,000 sq ft) 345 27 (18) 354 350 3,476
Small (< 6,000 sq ft) 28* 20 (2) 46 100 241
Concessions 30* 20 (10) 40 100 105
403 67 (30) 440 550 3,822
* Includes a reclassification of three stores compared to 2005 accounts
Our medium term target of 450 stores and 100 concessions remains unchanged. We
have established a strong pipeline of store openings for next year, including
the expansion of our concession business within House of Fraser. We will
continue to close and relocate some of our larger stores on A1 parks in favour
of smaller, cheaper stores.
The Republic of Ireland remains an important market for us and we had 19 stores
trading at the year-end. We opened two in the year and we plan to open a
further six in the current financial year.
Product
Our product offer remains a key competitive advantage. We offer a wide range
especially in carpets and vinyl. During the year there has been a gradual
switch back to carpets from laminate and we have focused our attention on
improving our carpet ranges for the customer. We have rebranded many of our "
cut-length" carpets and have introduced new products that reflect changing
consumer choice. In the current year we expect colour and texture to become
more important.
The laminate market declined in 2005 by an estimated 16%. As the market
contracts, we have continued to reduce our ranges in laminate and have instead
focused on continued range improvements in both vinyl and rugs. We will look to
develop our rug sales further in the current year.
Service
We continue to invest in the three key service areas :
* The in-store experience
* The effectiveness of the supply chain
* The quality of the fitting service
In the stores we have continued to improve the layouts with the introduction of
designated areas for carpet and vinyl remnants. We have simplified the carpet
ranges and reduced the laminate ranges. We continue to train our staff in
customer service with a focus on providing customers with the best value product
that meets their needs.
During the year we have focused significant attention on the supply chain to
ensure our new distribution centre is fast, efficient and reliable. The
operation has improved throughout the year and we are delighted with the current
performance levels and the overall service we are offering our customers.
We continue to encourage the third-party floor covering fitters, to whom we
subcontract work, to be assessed and, if necessary, trained through a programme
run in association with the Flooring Industry Training Association. This is an
ongoing process as new fitters are always being introduced as our business
expands. Since inception 1,751 fitters have been through the programme and over
300 were assessed in the past year.
All three elements of service have contributed to an improvement in our customer
service which is measured through the number of complaints we receive. We have
seen these reduce steadily over the last three years with a 2.8% reduction in
the past year. Whilst there are no reliable industry statistics for complaints,
we believe we are significantly better than the competition and will continue to
target further improvements.
IT systems investment
During the year we completed the first phase of a major investment which is
replacing the core central and store IT systems. The investment totals #27
million with the capital outlay spread over four years. The benefits include
lower operating costs and improved management information.
In the first phase we successfully implemented SAP, a leading software package,
as our new central system covering buying and finance and received the "SAP
quality award" for the quality of the implementation. We are now developing the
new store system which will replace the existing, old, system. We anticipate
commencing the roll-out during the second half of the current year and expect to
complete the roll-out during 2008.
People
Providing outstanding customer service is only possible with the right people
and we recognise that our people are key to our success. We employ 3,562 staff
within the UK & RoI and seek to offer an attractive remuneration package
supported with appropriate training and development.
In April we launched a new Group Personal Pension Plan which is a defined
contribution plan open to all employees who have over three months' service.
The Company matches the employees' contributions up to a maximum of 5%. We are
very pleased with the level of support this has enjoyed. In addition the
Company offers other benefits many of which are focused on rewarding long
service.
During the current year we intend to focus more attention on our store
management so that we retain the strongest level of management in each store and
will continue our policy of recruiting the best employees in our market.
The Company has a policy of equal opportunities which applies in relation to
recruitment of all new employees and to the management of existing personnel.
We offer all our staff training relevant to their roles and believe this
benefits customer service.
Summary and prospects
The last year has been challenging but we have made significant progress. The
UK & RoI store base has been expanded, gross margins have improved and our
investments in distribution and information systems have been implemented
successfully. However, cost pressures, particularly in the areas of rent, rates
and energy, continue to increase our overall costs. We remain well placed to
continue the growth seen in the second half into the current year and are
confident that we will continue to achieve our objectives. Specifically we will
be looking to :
* Open approximately 60 new stores including 20 concessions
* Improve market share
* Deliver further improvements in customer service
* Ensure our new IT store system is implemented successfully
Rest of Europe Operational Review
Financial Results
2006 2005 Change
Rest of Europe - Key Financial Results #'m #'m
Sales 53.7 53.3 0.8%
Gross profit 29.7 27.8 6.8%
Gross margin % 55.3% 52.1% 3.2pp
Underlying operating profit 3.6 3.0 20.0%
Underlying operating margin % 6.7% 5.6% 1.1pp
The business recorded an underlying operating profit of #3.6 million, an
increase of 20% on last year. Included within the result are Polish start-up
costs amounting to #0.2 million.
Underlying like-for-like product sales grew by 6.9% with all product categories
growing. The prior year revenue comparative was affected by changes to revenue
recognition in respect of fitters' charges and product sales in accordance with
the Group's accounting policy.
Gross margin improved by 3.2 percentage points on total sales and by 1.8
percentage points on product sales due to the reduction in fitters charges
within sales as well as better supplier rebates. Costs rose by 5.2% to #26.1
million due primarily to the growth in sales and store numbers coupled with the
Polish start up costs.
The underlying margin increased to 6.7% (2005: 5.6%) and we are confident that
this will continue to improve towards our target of 10%. We expect Poland to
become profitable once we have around ten stores.
Store portfolio development
The store expansion programme accelerated during the year with ten stores
opening and one closure. The portfolio is as follows :
Sq ft
Rest of Europe Store Base April 2005 Openings Closures April 2006 Target (Thousands)
April 2006
Netherlands 61 7 - 68 80 836
Belgium 28 1 (1) 28 30 347
Poland - 2 - 2 20 23
89 10 (1) 98 130 1,206
The plans for the current year include further expansion within Belgium, The
Netherlands and Poland and we are targeting another 12 stores across these
countries.
The sublet and modernisation programme was substantially completed during the
year and this helped to improve the look and feel of the stores whilst at the
same time adding complementary tenants. The business will now follow a
refurbishment cycle similar to the UK & RoI which requires a minimal amount of
ongoing capital investment.
Poland
The decision to enter the Polish market was taken following a review of several
Central European options. In summary the key reasons for choosing Poland are :
* The market is worth #600 million and is predicted to grow by 40% over
the next five years;
* There are 39 million inhabitants, with large markets in the bigger cities;
* The retail parks are well developed but there is minimal presence of
specialist flooring retailers;
* There is access to a plentiful, well educated, industrious workforce who
can deliver excellent customer service;
Our two stores are located in prime sites on retail parks in Gdansk and Warsaw.
The stores are branded "Carpetright" offering a take-away range of carpets,
vinyl, laminate and rugs. We will develop the cut-length offer over the current
year.
Following the success of the initial stores we intend to open a further six
stores in the current year with a medium term target of 20 stores located in the
major towns.
People
We employ 529 staff in the Rest of Europe and enjoy high levels of loyalty due
to the benefits we offer in terms of remuneration and training. Our people are
a key source of differentiation from the competition and we ensure that they
receive appropriate ongoing training. Within Poland we have engaged a Polish
General Manager who has recruited his own teams in both stores and these teams
have been trained and supported by resource from the UK, Belgium and The
Netherlands.
Summary and prospects
The performance in the Rest of Europe over the last year has been very strong
and the proposition has become well established with customers.
We will continue to expand the business in the current year and are looking to:
* Open approximately 12 new stores including six in Poland
* Grow market share in the three existing countries
* Improve the operating margin towards our target of 10%
* Explore the possibility of opening stores within new, appropriate markets.
FINANCIAL REVIEW
Financial results
2006 2005 % Change
Taxation rate %
- Underlying 31.4 31.0 (0.4pp)
- Effective 31.2 32.0 0.8pp
Earnings per share (pence)
- Underlying 57.5 61.4 (6.4%)
- Basic 65.0 71.0 (8.5%)
Dividend per share (pence)
- Proposed and paid 49.0 47.0 4.3%
- Cover including property profits 1.33 1.51 (11.9%)
- Cover excluding property profits 1.17 1.31 (10.7%)
Net debt (#'m) 29.2 37.9 23.0%
Pension deficit (#'m) 1.5 2.4 37.5%
Interest cover (times) 33.1 39.2 (15.6%)
Taxation
The effective tax rate on profits is 31.2% (2005: 32.0%). The ongoing effective
rate is expected to remain slightly higher than the combined statutory rate for
the Group due to a number of disallowable items in relation to the Group's
freehold properties and other small items.
Earnings per share
Basic earnings per share has reduced by 8.5% to 65.0 pence. This represents a
reduction in post tax earnings of 10.5% offset by a reduction in the average
number of shares of 2.0%. Underlying earnings per share (which removes the
effect of exceptional items) reduced by 6.4% to 57.5 pence.
Dividend
The Board is proposing a final dividend of 30.0p per share (2005: 28.0p), an
increase of 7.1%, bringing the full year dividend to 49.0p (2005: 47.0p) an
increase of 4.3%. Dividend cover, based on basic earnings per share is 1.33
times (2005: 1.51 times). This is below the Group's stated policy to maintain
dividend cover at 1.5 times but reflects the Board's confidence in the Group's
ongoing cash generating ability.
Cash-flow and net debt
Summary cash-flow 2006 2005
#'m #'m
Operating cash inflows 86.4 72.9
Net interest paid (1.7) (1.7)
Taxation paid (12.9) (18.6)
Dividends (31.9) (31.9)
Payment for tangible and intangible assets (35.5) (33.2)
Proceeds on disposal of tangible assets 19.0 17.0
Termination costs of New Carpet Express - (1.5)
Free cash-flow 23.4 3.0
Purchase of own shares (9.3) (8.5)
Purchase of Mays Holdings Ltd (5.2) -
Other (0.2) (0.2)
Movement in net debt 8.7 (5.7)
Opening net debt (37.9) (32.2)
Closing net debt (29.2) (37.9)
Net debt reduced year-on-year by #8.7 million to #29.2 million. This was after
funding the acquisition of Mays (#5.2 million net of cash acquired) and
settlement of the share buyback undertaken in April 2005 (#9.3 million). The
Group continues to be highly cash generative.
Net interest payable increased to #2.0 million (2005: #1.9 million) due to
higher average net debt levels resulting from the share buyback and acquisition
of Mays early in the year. Interest is covered 33.1 times (2005: 39.2 times) by
profits before taxation.
Accounting changes - Adoption of International Financial Reporting Standards
(IFRS)
Carpetright has adopted IFRS in the current year and, as a result, has restated
the comparative financial information for the year ended 30 April 2005. All
comparatives have been restated on a consistent basis, with the exception of IAS
32 and IAS 39, as the Group took the option to defer implementation until 1 May
2005. Details of the restatement are included in Note 11.
The key areas of change are :
- recognition of all employee benefit-related obligations, principally
pensions and save as you earn (SAYE) share based payments
- recognition of lease incentives received over the entire term of the lease
rather than up to the first market rent review
- tangible and intangible assets are reviewed for indications of impairment
at a cash generating unit level with any impairment charge taken through
the income statement
- goodwill is no longer amortised but is subject to annual impairment
- financial instruments are included at fair value
- recognition of additional deferred tax liabilities and assets on temporary
differences - principally rollover relief
The overall impact of these changes in 2006 is a reduction in underlying profit
before taxation of #1.6 million (2005: #0.8 million).
Calendar
Carpetright will issue its next trading announcement covering the 13 weeks to 29
July 2006 on 8 August 2006. The pre first half closing announcement will be
made on 24 October 2006 and this will cover the first 25 weeks of the financial
year. The first half closes on 28 October 2006.
CARPETRIGHT PLC
PRELIMINARY STATEMENTS
Period ended 29 April 2006
Consolidated income statement
for the period ended 29 April 2006
2006 2005
Note #m #m
Revenue 2 451.4 462.5
Cost of sales (180.5) (189.5)
Gross profit 2 270.9 273.0
Other operating income 9.2 13.3
Administrative expenses (213.9) (211.9)
Operating profit 2 66.2 74.4
Operating profit before exceptional items 58.7 63.4
Exceptional items: 3 - -
Profit on disposal of property, plant and equipment and 7.5 13.0
investment property
Goodwill impairment on termination of business - (0.5)
Loss on disposal and termination of business - (1.5)
Interest payable (2.5) (2.5)
Interest receivable 0.5 0.6
Profit before taxation 64.2 72.5
Taxation 4 (20.1) (23.2)
Profit for the financial period 44.1 49.3
Attributable to:
Equity holders of the parent 8 44.1 49.1
Minority interest - 0.2
44.1 49.3
pence pence
Note
Basic earnings per share 5 65.0 71.0
Diluted earnings per share 5 65.1 70.9
Dividend per share paid and proposed 6 49.0 47.0
All material items in the income statement arise from continuing operations.
Statement of recognised income and expense
for the period ended 29 April 2006
Note 2006 2005
#m #m
Profit for the financial period 44.1 49.3
Actuarial gain on defined benefit pension scheme 8 0.9 0.2
Fair value (losses)/gains taken to equity in respect of cash flow hedges:
On first time adoption of IAS 32 and IAS 39 8 (0.1) -
Current year 8 0.2 -
Exchange differences in respect of hedged equity investments 8 0.8 (0.2)
Taxation on items taken directly to or transferred from equity included in 8 (0.3) (0.1)
this statement
Net gains/(losses) recognised directly in equity 1.5 (0.1)
Total recognised income and expense for the financial period 45.6 49.2
Attributable to:
Equity holders of the parent 45.6 49.0
Minority interest -
0.2
45.6 49.2
Consolidated balance sheet
at 29 April 2006
Note 2006 2005
#m #m
Assets
Non-current assets
Intangible assets 34.3 23.1
Property, plant and equipment 122.0 133.6
Investment property 21.3 -
Deferred taxation asset 1.0 1.1
Derivative financial instruments 0.1 -
Trade and other receivables 1.7 -
Total non-current assets 180.4 157.8
Current assets
Inventories 32.6 29.8
Trade and other receivables 25.7 25.6
Cash and cash equivalents 7 9.3 5.2
(ii)
Total current assets 67.6 60.6
Total assets 248.0 218.4
Liabilities
Current liabilities
Trade and other payables (124.1) (110.4)
Borrowings and overdrafts (13.3) (19.7)
Current taxation liabilities (8.9) (5.4)
Total current liabilities (146.3) (135.5)
Non-current liabilities
Obligation under finance leases 7 (4.4) (2.1)
(ii)
Borrowings 7 (20.0) (21.2)
(ii)
Provisions (0.1) (0.1)
Deferred taxation liabilities (19.7) (16.2)
Retirement benefit obligation (1.5) (2.4)
Total non-current liabilities (45.7) (42.0)
Total liabilities (192.0) (177.5)
Net assets 56.0 40.9
Equity
Share capital 8 0.7 0.7
Share premium 8 14.8 14.1
Treasury shares 8 (0.1) (0.1)
Other reserves 8 40.6 26.2
Total equity: attributable to equity holders of the parent 8 56.0 40.9
Consolidated cash flow statement
for the period ended 29 April 2006
Note 2006 2005
#m #m
Cash flows from operating activities
Profit before taxation 64.2 72.5
Adjusted for:
Depreciation of property, plant and equipment 2 12.1 11.8
Depreciation of investment property 2 0.4 -
Amortisation of intangible assets 2 1.1 0.4
Impairment of goodwill 2 - 0.5
Share-based payments 2 0.4 0.1
Profit on disposal of property, plant and equipment and investment property (7.5) (13.0)
Loss on disposal and termination of business - 1.5
Net interest payable 2.0 1.9
Operating cash flows before movements in working capital 72.7 75.7
(Increase)/decrease in inventories (1.9) 3.5
Increase in trade and other receivables (5.3) (1.9)
Increase/(decrease) in trade and other payables 20.9 (4.4)
Cash generated by operations 86.4 72.9
Interest paid (2.4) (1.9)
Interest received 0.7 0.2
Corporation taxes paid (12.9) (18.6)
Net cash generated from operating activities 71.8 52.6
Cash flows from investing activities
Proceeds on disposal of property, plant and equipment and investment property 19.0 17.0
Purchases of intangible assets (8.5) (5.8)
Purchases of property, plant and equipment (20.9) (27.4)
Purchases of investment property (6.1) -
Acquisition of shares in subsidiary net of cash acquired 9 (5.2) -
Expenditure on disposal and termination of business - (1.5)
Net cash used in investing activities (21.7) (17.7)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital to satisfy share option scheme exercises 0.7 -
Purchase of own shares (1) (9.3) (8.5)
Repayment of borrowings (1.5) (6.5)
Receipt of funds from finance company 3.7 -
Repayment of obligation under finance leases (0.7) -
Dividends paid to shareholders 6 (31.9) (31.9)
Net cash used in financing activities (39.0) (46.9)
Net increase/(decrease) in cash and cash equivalents in the period 7 (i) 11.1 (12.0)
Cash and cash equivalents at the beginning of the period 7 (4.2) 7.7
(ii)
Exchange differences (0.1) 0.1
Cash and cash equivalents at the end of the period 7 6.8 (4.2)
(ii)
(1) The cash outflow for the period ended 29 April 2006 includes a #9.3 million
payment for shares bought back from the market before 30 April 2005, but not
paid for until the period ended 29 April 2006.
For the purposes of the cash flow statement, cash and cash equivalents are
reported net of overdrafts repayable on demand. Overdrafts are excluded from
the definition of cash and cash equivalents disclosed in the balance sheet.
Notes to the accounts
1 Basis of preparation
Carpetright plc, ("the Company") is a company incorporated in England and Wales.
The Company and its subsidiaries ("the Group") has previously prepared its
financial statements under United Kingdom Generally Accepted Accounting
Principles ("UK GAAP"). Following a directive issued by the European Union
("EU") in July 2002, the Group is required to prepare its consolidated financial
statements in accordance with International Financial Reporting Standards
("IFRS") adopted by the EU. The financial statements have been prepared for the
first time in accordance with IFRS effective at the period end as adopted by the
EU, International Financial Reporting Interpretations Committee ("IFRIC")
interpretations and with those parts of the Companies Act 1985 (as amended)
applicable to companies reporting under IFRS. They comply with Article 4 of the
EU International Accounting Standards ("IAS") regulation (EC1606/2002). The
disclosures required by IFRS 1: First Time Adoption of International Financial
Reporting Standards ("IFRS 1") concerning the transition from UK GAAP to IFRS
are given in note 11 of these accounts. These disclosures include an
explanation of the exemptions offered by IFRS 1 which the Group elected to
adopt.
The consolidated financial statements have been prepared on the historical cost
basis except for the valuation of derivative financial instruments. The
principal accounting policies followed are the same as those published by the
Group on 27 September 2005 and are available on the Group's website,
www.carpetright.plc.uk (with the exception of the application of IAS 32:
Financial Instruments Presentation (Revised 2005) ("IAS 32") and IAS 39:
Financial Instruments Recognition and Measurement ("IAS 39")). Note 10 of these
accounts describes the Group's treatment of these items in relation to IAS 32
and IAS 39.
The information is derived from the full Group financial statements for the 52
week period to 29 April 2006 and does not constitute full accounts within the
meaning of section 240 of the Companies Act 1985. The Group's Annual Report and
Financial Statements, on which the auditors have given an unqualified report
which does not contain a statement under section 237(2) or (3) of the Companies
Act 1985, will be delivered to the Registrar of Companies in due course and
posted to shareholders in July 2006.
2 Segmental analysis
The Group's primary reporting segment is geographic, as this is the basis on
which the Group is organised and managed. The Group does not report a secondary
segment on the basis of business operations because business operations
throughout the Group are the same. The geographical sectors are: United Kingdom
& Republic of Ireland ("UK & RoI"), Poland, Belgium and The Netherlands ("Rest
of Europe"). Central costs are incurred principally in the UK and are
immaterial. As such these costs are included within the UK & RoI segment.
Segment revenue, expense and result include transfers between geographical
segments. Such transfers are priced at arm's length and are eliminated on
consolidation.
Analysis by geography:
2006 2005
UK & RoI Rest of Group UK & RoI Rest of Group
Europe Europe
#m #m #m #m #m #m
Gross Revenue 400.7 53.7 454.4 411.8 53.3 465.1
Inter-segmental sales (3.0) - (3.0) (2.6) - (2.6)
Segment Revenue (by origin and destination) 397.7 53.7 451.4 409.2 53.3 462.5
Gross profit 241.2 29.7 270.9 245.2 27.8 273.0
Operating profit (before exceptional items) 55.1 3.6 58.7 60.4 3.0 63.4
Segment result: 62.6 3.6 66.2 71.4 3.0 74.4
operating profit (after exceptional items)
Net interest payable (2.0) (1.9)
Profit before taxation 64.2 72.5
Taxation (20.1) (23.2)
Profit for the financial period 44.1 49.3
Other non-cash expenses:
Depreciation of property, plant and equipment 9.9 2.2 12.1 9.5 2.3 11.8
Depreciation of investment property 0.1 0.3 0.4 - - -
Amortisation of intangible assets 1.1 - 1.1 0.4 - 0.4
Impairment of goodwill - - - 0.5 - 0.5
Share-based payments 0.4 - 0.4 0.1 - 0.1
Segment assets:
Gross assets (by origin and destination) (1) 163.1 74.8 237.9 151.9 64.2 216.1
Inter-segment balances (0.4) - (0.4) (4.0) - (4.0)
Total segment assets 162.7 74.8 237.5 147.9 64.2 212.1
Segment liabilities:
Gross liabilities (by origin and destination) 110.0 15.0 125.0 100.9 15.8 116.7
(1)
Inter-segment balances - (0.4) (0.4) - (4.0) (4.0)
Total segment liabilities 110.0 14.6 124.6 100.9 11.8 112.7
Capital expenditure:
Capital expenditure (by origin and 30.8 4.3 35.1 23.6 9.5 33.1
destination)
(1) Segment assets and liabilities exclude interest bearing balances as well as
income taxation assets and liabilities.
3 Exceptional items
The #7.5m profit for the period ended 29 April 2006 was in respect of the
disposal of property, plant and equipment and investment property (2005: #11.0m
profit that comprises a #13.0m profit on disposal of property, plant and
equipment, offset by #0.5m goodwill impairment and #1.5m loss on the disposal
and termination of New Carpet Express Limited.)
Taxation of #2.4m (2005: #4.4m) has been charged to the income statement in
respect of exceptional items.
4 Taxation
2006 2005
#m #m
(i) Analysis of the charge in the period
UK current taxation
Current period 16.5 18.2
Adjustments in respect of prior periods - (0.3)
16.5 17.9
Foreign current taxation
Current period 0.2 0.2
Adjustments in respect of prior periods - -
0.2 0.2
Total current taxation 16.7 18.1
UK deferred taxation
Current period 2.6
3.6
Adjustments in respect of prior periods - (0.1)
2.6
3.5
Foreign deferred taxation
Current period
0.8 1.6
Adjustments in respect of prior periods - -
0.8
1.6
Total deferred taxation 3.4 5.1
Total taxation 20.1 23.2
The estimated effective tax rates on the profits of the Group are as follows:
2006 2005
% %
Underlying tax rate 31.4 31.0
Effective tax rate 31.2 32.0
The effective tax rate is defined as the actual taxation paid as a proportion of
the accounting profit before taxation. The underlying tax rate is defined as the
effective tax rate after adjusting for, when relevant, profits or losses on
disposal of property, plant and equipment including investment property,
termination of businesses and taxation adjustments in respect of one-off items
and prior periods.
5 Earnings per share
Basic earnings per share is calculated by dividing earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue
during the period, excluding those held by a discretionary trust in respect of
the Group's LTIP, which are treated as cancelled.
In order to compute diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all potentially
dilutive ordinary shares. Those share options granted to employees and
executive Directors where the exercise price is less than the average market
price of the Company's ordinary shares during the period, represent potentially
dilutive ordinary shares.
2006 2005
Weighted Weighted
average average
number of Earnings per number of Earnings per
Earnings shares share Earnings shares share
#m 'm Pence #m 'm Pence
Basic earnings per share 44.1 67.8 65.0 49.1 69.2 71.0
Effect of dilutive share options 0.1 0.1 0.1 - 0.1 (0.1)
Diluted earnings per share 44.2 67.9 65.1 49.1 69.3 70.9
Reconciliation of earnings per share excluding post tax exceptional items:
2006 2005
Weighted Weighted
average average
number of Earnings per number of Earnings per
Earnings shares share Earnings shares share
#m 'm Pence #m 'm Pence
Basic earnings per share 44.1 67.8 65.0 49.1 69.2 71.0
Less effect of exceptional items:
Goodwill impairment on termination of - - - 0.5 - 0.8
business
Profit on disposal of property plant (7.5) - (11.1) (13.0) - (18.9)
and equipment and investment
property
Loss on disposal and termination of - - - 1.5 - 2.2
business
Taxation 2.4 - 3.6 4.4 - 6.3
Underlying earnings per share 39.0 67.8 57.5 42.5 69.2 61.4
The Directors have presented an additional measure of earnings per share based
on underlying earnings. This is in accordance with the practice adopted by most
major retailers. Underlying earnings is defined as profit before exceptional
items and related taxation.
6 Dividends
2006 2005
Pence per share #m Pence per share #m
Prior year final dividend paid 28.0 19.0 27.0 18.8
Current year interim dividend paid 19.0 12.9 19.0 13.1
47.0 31.9 46.0 31.9
The Directors propose a final dividend in respect of the period ended 29 April
2006 of 30.0p per share (2005: 28.0p) which is not included as a liability in
these financial statements. Subject to approval by the shareholders at the
Annual General Meeting, the proposed dividend will be paid on 22 September 2006
to shareholders who are on the register of members on 8 September 2006.
This would take the 2006 interim and final dividend payments to 49.0p (2005:
47.0p).
7 Net debt
Net debt incorporates the Group's borrowings, bank overdrafts and obligations
under finance leases, less cash and cash equivalents.
i) Reconciliation of net debt
2006 2005
#m #m
Net debt at the beginning of the period (37.9) (32.2)
Net increase/(decrease) in cash and cash equivalents 11.1 (12.0)
(Increase)/decrease in borrowings and obligations under finance leases (1.5) 6.5
Exchange differences (0.9) (0.2)
Net debt at the end of the period (29.2) (37.9)
ii) Components of net debt
2005 2006
Cash flow Exchange
movement
#m #m #m #m
Cash and cash equivalents per the balance sheet 5.2 4.1 - 9.3
Bank overdrafts (9.4) 7.0 (0.1) (2.5)
Cash and cash equivalents per the cash flow statement (4.2) 11.1 (0.1) 6.8
Borrowings (10.3) (0.2) (0.3) (10.8)
Borrowings (non-current) (21.2) 1.7 (0.5) (20.0)
Obligation under finance leases (0.1) (0.7) - (0.8)
Obligation under finance leases (non-current) (2.1) (2.3) - (4.4)
Net debt (37.9) 9.6 (0.9) (29.2)
8 Total Equity
Other Reserves
Note Capital
Share Share Treasury redemption Translation Hedging Retained
capital premium shares reserve reserve reserve earnings Total
#m #m #m #m #m #m #m #m
At 1 May 2004 0.7 14.1 - 0.1 - - 26.6 41.5
Actuarial gain on defined benefit - - - - - - 0.2 0.2
pension scheme
Exchange differences in respect of - - - - (0.2) - - (0.2)
hedged equity investments
Taxation on items taken directly - - - - - - (0.1) (0.1)
to or transferred from equity
through the SORIE
Profit for the financial - - - - - - 49.1 49.1
period
Total recognised income and - - - - (0.2) - 49.2 49.0
expense for the financial period
Share-based payments net of - - - - - - 0.1 0.1
taxation
Dividends 6 - - - - - - (31.9) (31.9)
Purchase of own shares by employee - - (0.1) - - - 0.1 -
share trust
Purchase of own shares - - - - - - (17.8) (17.8)
At 30 April 2005 0.7 14.1 (0.1) 0.1 (0.2) - 26.3 40.9
Fair value gains taken to equity - - - - - - (0.1) (0.1)
in respect
of cash flow hedges on first time
adoption of IAS 32 and IAS 39
Restated balance at 1 May 2005 0.7 14.1 (0.1) 0.1 (0.2) - 26.2 40.8
- - - - -
Actuarial gain on defined - - - - - - 0.9 0.9
benefit pension scheme
Change in fair value of cash - - - - - 0.2 - 0.2
flow hedges
Exchange differences in respect - - - - 0.8 - - 0.8
of hedged equity investments
Taxation on items taken directly - - - - - - (0.3) (0.3)
to or transferred from equity
through the SORIE
Profit for the financial - - - - - - 44.1 44.1
period
Total recognised income and - - - - 0.8 0.2 44.7 45.7
expense for the financial period
Share-based payments net of - - - - - - 0.7 0.7
taxation
Dividends 6 - - - - - - (31.9) (31.9)
Issue of ordinary share capital to - 0.7 - - - - - 0.7
satisfy share option scheme
exercises
At 29 April 2006 0.7 14.8 (0.1) 0.1 0.6 0.2 39.7 56.0
9 Acquisition of subsidiary
On 29 June 2005, the Group acquired 100% of the issued share capital of Mays
Holdings Limited for a cash consideration of #6.5m. Directly attributable
acquisition costs were immaterial. Mays Holdings Limited is the parent of a
group of companies with three actively trading stores whose principal activity
is that of selling floor coverings both wholesale and retail. The transaction
has been accounted for by the purchase method of accounting.
From the date of acquisition to 29 April 2006, the acquisition contributed #5.3m
to turnover and #0.4m to profit for the period.
It contributed #0.4m to the Group's net operating cash flow.
No significant separable intangible assets were acquired. The difference
between the fair value of the consideration paid and the fair value of the net
assets acquired is recognised as goodwill. The goodwill paid relates to the
impact on revenue of the geographic location of the stores.
Fair value
and
accounting
policy Fair
Book value alignment value
#m #m #m
Property, plant and equipment 0.2 - 0.2
Inventories 0.9 (0.1) 0.8
Trade and other receivables 0.2 0.2
Cash and cash equivalents 1.3 1.3
Trade and other payables (0.2) (0.2)
Current taxation liabilities (0.3) (0.3)
Provisions (0.1) (0.1)
Net assets acquired 2.0 (0.1) 1.9
Purchased goodwill 4.6
Total cost of investment 6.5
Satisfied by :
Cash consideration 6.5
Net cash outflow arising on acquisition of shares in subsidiary:
Cash consideration 6.5
Cash and cash equivalents acquired (1.3)
Cash flow on acquisition of shares in subsidiary net of cash acquired 5.2
If the acquisition of Mays Holdings Limited had been completed on the first day
of the financial period its contribution to Group revenue and profit for the
period would have been #6.4m and #0.4m respectively.
Post acquisition all of the assets and liabilities of Mays Holdings Limited were
transferred to the Company.
10 Financial instruments
Adoption of IAS 32 and IAS 39 and comparative information
The Group elected to apply the exemption in IFRS 1 paragraph 36A to defer the
adoption of IAS 32 and IAS 39 to 1 May 2005. Accordingly the comparative
information for financial risk management is presented under UK GAAP. If the
Group had adopted IAS 32 and IAS 39 at 1 May 2004 interest rate swaps held at
that date would have been capitalised to the balance sheet through reserves and
the movement in fair value would have been posted to the income statement for
the period ended 30 April 2005. Hedge documentation in compliance with IAS 32
and IAS 39 was put in place at 1 May 2005.
11 Transition to IFRS
The notes below explain the way that IFRS has been adopted by the Group and the
analysis shows a reconciliation of profit and
net assets reported under UK GAAP as at 30 April 2005 to the revised net assets
and profit under IFRS as reported in these financial statements. A
reconciliation of net assets is provided from UK GAAP to IFRS at the transition
date, being 2 May 2004.
i) IFRS 1 voluntary exemptions applied:
IFRS 1 permits companies adopting IFRS to take certain exemptions from the full
retrospective application of IFRS at the date of transition. The Group elected
to adopt the following voluntary exemptions:
a) IFRS 3 Business Combinations
The Group elected not to apply IFRS 3 Business Combinations retrospectively
prior to the transition date. The effect of this is that goodwill arising on
acquisitions prior to this date is carried at book value as stated under UK GAAP
at the date of transition, net of impairment.
b) IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 21 stipulates that on transition to IFRS the cumulative translation
difference included in reserves should be classified as a separate component of
equity. IFRS 1 allows first time adopters the option of not applying this
policy retrospectively, effectively resetting the cumulative translation
difference for all foreign entities back to zero at the date of transition. The
Group elected to adopt this option.
c) IAS 32 Financial Instruments: Presentation (Revised 2005) and IAS 39
Financial Instruments: Recognition and Measurement
IFRS 1 offered the option of deferring the application of IAS 32 and IAS 39.
The Group elected to take this exemption and accordingly is required to comply
with IAS 32 and IAS 39 for the first time for the period commencing 1 May 2005.
Comparative information is presented in accordance with UK GAAP.
d) IAS 16 Property, Plant and Equipment
The Group elected to reclassify the fair value of revalued property, plant and
equipment on acquisition of the Belgian and Dutch subsidiaries as deemed cost,
where deemed cost is the amount used as a surrogate for cost or depreciated
cost.
e) IAS 19 Employee Benefits
Under IAS 19 the cumulative actuarial loss at the date of transition is
recognised in reserves. The amended version of IAS 19 issued in December 2004
allows companies to recognise actuarial gains and losses immediately in the
SORIE. The Group has early adopted this amendment.
ii) Other transitional provisions and elections made:
a) IFRS 2 Share-Based Payments
In accordance with the transitional provisions of IFRS 2 the Group has accounted
for equity-settled share-based payments granted after 7 November 2002, that had
not vested at 1 January 2005 in compliance with the provisions of IFRS 2.
b) IAS 19 Employee Benefits
The Group elected to recognise movements in actuarial gains and losses, post
transition to IFRS, directly in equity through the SORIE.
iii) Explanation of adjustments on transition to IFRS:
General
Since the date of the IFRS press release issued by the Group on 27 September
2005, certain changes have been made to the transitional and comparative IFRS
adjustments as announced. These changes have arisen due to further
interpretation of IFRS and due to changes in the bases of estimation.
a) Reclassification in the income statement:
Certain items presented below operating profit under UK GAAP are reported within
operating profit under IFRS. The IFRS reclassification reported in the 2005
income statement relates to the transfer of the profit on disposal of property,
plant and equipment net of losses on disposal and termination of business from
below the operating profit line to within operating profit.
b) Reclassification on the balance sheet:
Software and software development costs classified as tangible fixed assets
under UK GAAP are reclassified to intangible assets where they meet the
recognition criteria within IAS 38 Intangible Assets.
iii) Explanation of adjustments on transition to IFRS (continued)
c) Share-based payments
Under UK GAAP the Group recognised an expense in respect of the difference
between the exercise price and the market price of the contingent right to
shares or share options. Under IFRS a cost is recognised in respect of the fair
value of the award at grant date. This cost is accrued over the period that
benefits are derived from the service of employees and over the vesting period.
d) Pensions
In accounting for the defined benefit pension scheme under IAS 19 as opposed to
SSAP 24 the net defined benefit pension obligation is capitalised on transition
to IFRS together with the associated deferred taxation asset (which is offset
against the Group's deferred taxation liabilities). Actuarial gains and losses
are recognised in full in the SORIE. The Group is unable to identify its share
of the assets and liabilities of a multi-employer pension scheme in respect of
its Dutch employees and accordingly accounts for this scheme as a defined
contribution scheme in compliance with IAS 19.
e) Operating lease incentives
SIC 15 Operating Lease Incentives stipulates that lease incentives represent a
reduction in lease income or lease expense, which is spread over the lease term,
unlike UK GAAP which recognises lease incentives over the period to the first
rent review.
f) Finance leases
Due to the nature of the properties the Group leases, leased premises have a
life span of between 25 and 50 years. Buildings leased for 25 years or more may
be subject to a finance lease test under IFRS, in which the land and buildings
elements of the lease payments are separated and the minimum lease payments of
the land and buildings elements are compared to the relative fair values of the
bifurcated land and buildings. The land element is classified as an operating
lease. The Group does not have any leases of land where title to the land
passes to the Group at the end of the lease. The buildings element is
classified as an operating or finance lease by applying the classification
criteria in IAS 17 Leases. As a result of performing this test, the Group has
capitalised certain leases previously accounted for as operating leases.
g) Goodwill
Under UK GAAP goodwill is capitalised and amortised over its useful life whereas
IFRS replaces amortisation with impairment reviews. An impairment test is
carried out at least at each reporting date or more frequently if conditions
suggest that the carrying value might be impaired.
h) Taxation
In accordance with IAS 12 Taxation, deferred taxation has been recognised on
fair value adjustments to acquired assets and on rollover relief.
i) Dividends
IAS 10 Events After the Balance Sheet Date, dictates that dividends declared
after the balance sheet are non-adjusting events. As a consequence they are not
accrued at year end, although the proposed dividend is disclosed in these
accounts.
j) Impairment of property, plant and equipment
At each balance sheet date, the Group reviews its assets for indications of
impairment. Where such indications exist an impairment test is performed by
comparing the asset's recoverable amount (the greater of the asset's net selling
price and its value in use) to its carrying amount. Any excess of the carrying
amount over the recoverable amount is charged to the income statement as an
impairment loss. If the asset under review does not generate cash flows that
are independent from other assets, the impairment test is performed on the cash
generating unit to which the asset belongs. The cash generating unit represents
the lowest level at which cash flows are independently generated. The
illustrative examples in IAS 36 Impairment of Assets suggest that for retailers
this is at the individual store level. Impairment reviews were carried out at
store level on transition to IFRS (as opposed to at an income generating unit
level under UK GAAP). This resulted in a number of stores being impaired to
zero.
k) Other
IAS 2 Inventory, stipulates that inventory expensed to cost of sales includes
all costs associated with purchasing, converting and bringing inventory into its
present location and condition. This includes volume related rebates received
from suppliers. The IFRS adjustment reclassifies rebates from net operating
expenses to cost of sales and accounts for the impact on the balance sheet of
supplier contributions to the valuation of inventory.
The reconciliation from UK GAAP to IFRS of profit, and recognised income and
expense for the period ended 30 April 2005 is presented below:
Net (loss)/ Total
Reconciliation of summary income gain recognised
statement and SORIE for the period ended Profit for recognised income and
30 April 2005 Operating Profit before the financial directly in expense for
profit taxation period the SORIE the period
#m #m #m #m #m
Reported under UK GAAP 62.5 72.4 52.1 (0.2) 51.9
Adjusted for:
Share-based payments (0.1) (0.1) (0.1) - (0.1)
Pensions 0.1 - - 0.1 0.1
Lease incentives (1.0) (1.0) (0.6) - (0.6)
Finance leases 0.1 (0.1) (0.1) - (0.1)
Deferred taxation - - (3.2) - (3.2)
Depreciation on impaired stores 0.1 0.1 0.1 - 0.1
Other 0.3 0.3 0.2 - 0.2
(0.5) (0.8) (3.7) 0.1 (3.6)
Goodwill 0.9 0.9 0.9 - 0.9
Reclassification of profit on disposal of property, 11.5 - - - -
plant and equipment and loss on termination of
business
Total IFRS adjustments 11.9 0.1 (2.8) 0.1 (2.7)
Reported under IFRS 74.4 72.5 49.3 (0.1) 49.2
The reconciliation from UK GAAP to IFRS of equity as at 30 April 2005 (the date
of the last UK GAAP financial statements) and 2nd May 2004 (the date of
transition to IFRS) is presented below:
Reconciliation of equity at 30 April 2005 and 2 May 2004 respectively 2005 2004
Total Total
#m #m
Net assets reported under UK GAAP 42.5 40.3
Adjusted for:
Changes to assets
Deferred income in respect of lease incentives 0.3 0.2
Finance leases 1.6 1.7
Goodwill 0.9 -
Impairment of stores' property, plant & equipment (0.8) (0.9)
Valuation of inventory (1.1) (1.3)
Prepayments (0.4) (0.5)
Changes to liabilities
Pensions (1) (2) (1.7) (1.8)
Trade and other payables in respect of lease incentives (2) (4.8) (4.1)
Finance Leases (2) (1.9) (1.9)
Deferred taxation (13.2) (10.0)
Dividends 19.0 18.8
Other (2) 0.5 0.8
Total IFRS adjustments (1.6) 1.0
Net assets reported under IFRS 40.9 41.3
(1) The deferred taxation asset on pensions is offset against other deferred taxation liabilities
(2) Net of taxation
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PUUQAQUPQGRQ
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