TIDMCPR
RNS Number : 1128G
Carpetright PLC
26 June 2012
Carpetright plc
Preliminary Results Announcement for the 52 weeks ended 28 April
2012
Carpetright plc, Europe's leading specialist and floor covering
retailer, today announces its preliminary results for the 52 weeks
to 28 April 2012.
Headlines
Group
-- Total Group Revenue decreased by 3.1% to GBP471.5 (2011: GBP486.8m).
-- Underlying 1 profit before tax of GBP4.0m (2011: GBP16.9m)
-- Profit before tax of GBP13.5m (2011: GBP6.6m)
-- Underlying earnings per share of 4.5p (2011: 18.0p)
-- Basic earnings per share of 16.4p (2011: 6.8p)
-- No final dividend (2011: Nil)
-- Net debt reduced by GBP46.6m to GBP19.1m (2011: GBP65.7m), significantly better than previous guidance.
UK
-- Total revenue decreased by 3.8% to GBP381.6m (2011: GBP396.6m), with like-for-like sales down 0.2% (first half
decline of 2.4%; second half increase of 1.9%).
-- Gross margin reduced by 330 bps to 58.9% reflecting higher levels of promotional discount (first half down 430
bps; second half down 210 bps).
-- Costs reduced by GBP6.7m, a 2.9% decline in the year.
-- Underlying 1 operating profit of GBP2.8m (2011: GBP17.8m)
-- The number of stores decreased by 49 to 490 in the year.
The Rest of Europe
-- Total reported revenue decreased by 0.3% to GBP89.9m (2011: GBP90.2m). In local currency this was a decline of
2.0% with like-for-like sales down 1.2%
-- Underlying 1 reported operating profit increased to GBP5.2m (2011: GBP3.4m)
-- The number of stores increased by 2 to 142
1. 'Underlying' excludes exceptional items
Lord Harris, Chairman commented :
"In my statement last year I said I expected the coming year
would be challenging, with an extended period of economic
uncertainty and fragile consumer confidence, and this proved to be
the case. As a result, the Group faced difficult trading conditions
leading to a reduction in sales volume, but we remain profitable
and continue to generate strong operating cash flows."
Darren Shapland, Chief Executive commented:
"I am excited to have joined Carpetright as its Chief Executive.
Whilst it has been seven years since I was previously in an
executive role here, Carpetright is a business I know well.
Notwithstanding the on-going challenges of the difficult consumer
environment, I have been encouraged by what I have seen so far in
the six weeks since becoming Chief Executive."
Outlook
Looking forward, fragile consumer confidence continues to
produce a weak and volatile floor coverings market. We are
encouraged to see a positive impact from the self-help actions
taken during the year, whilst recognising within our plans that
economic conditions will remain difficult. The Group is well
positioned to deliver future profitable sales growth once consumer
demand improves.
For further enquiries please contact:
Carpetright plc
Darren Shapland, Chief Executive
Neil Page, Group Finance Director
Tel: 01708 802000
Citigate Dewe Rogerson
Kevin Smith / Lindsay Noton
Tel: 020 7638 9571
There will be a presentation today at 9.00am to analysts and
investors at Deutsche Bank AG London, Winchester House, 1 Great
Winchester Street, London, EC2N 2DB.
A "listen only" dial in facility will also be available: The
dial in number is +44 (0) 1452 560 297 with the passcode
93776594#
A copy of this trading statement will be available on our
website www.carpetright.plc.uk today from 7.00am
Notes
1. All sales figures are quoted after deducting VAT.
2. Underlying' excludes exceptional items and related tax.
3. Like-for-like sales calculated as this year's net sales
divided by last year's net sales for all stores that are at least
12 months old at the beginning of our financial year. Stores closed
during the year are excluded from both years. No account is taken
of changes to store size or introduction of third party
concessions. Sales from insurance and house building contracts are
supplied through the stores and included in their figures.
4. Certain statements in this report are forward looking.
Although the Group believes that the expectations reflected in
these forward looking statements are reasonable, it can give no
assurance that these expectations will prove to have been correct.
Because these statements contain risks and uncertainties, actual
results may differ materially from those expressed or implied by
these forward looking statements. We undertake no obligation to
update any forward looking statements whether as a result of new
information, future events or otherwise.
Business Review
Our business in the UK has been operating in a very difficult
market, but has remained profitable with underlying operating
profits down 84.3% to GBP2.8m. We were encouraged by a return to
growth in like-for-like sales in the second half of the financial
year, an improving gross margin and the results of our continuous
programme of cost reduction.
In this environment, customers are looking harder than ever for
value before making their purchasing decisions. Based on our
experience, we are adapting our ranges and promotional activity to
continue to offer the best prices, whilst simultaneously working
with our suppliers to reduce the level of margin investment.
The underlying operating profits in the Rest of Europe have
increased by 52.9% to GBP5.2m. The Netherlands and Belgium
businesses are continuing to gain market share as competitors
struggle in the current economic conditions. In this climate our
focus has been similar to the UK business as we look to improve our
range, operational efficiency and reduce costs. As part of this we
took the decision to consolidate our European Central Support
Office functions into the Netherlands and this will deliver a full
year saving of GBP0.5m per annum.
The previously announced actions taken in our business in the
Republic of Ireland delivered an improvement in underlying
performance. The product range continues to be refined and adapted
to align it more closely to the local market, and promotional
campaigns have also been restructured. It is encouraging to report
three consecutive quarters of like-for-like growth and this,
combined with actions taken on reducing costs, has halved the
losses over the last 12 months.
In common with many other businesses, we consider it appropriate
to reduce our debt requirements in an uncertain economic
environment with tighter credit conditions. In addition to the
business continuing to create strong operating cash flows, we have
completed the sale and leaseback of nine freehold properties from
which we trade. Of these, four were located in the UK, four in
Belgium and one in the Netherlands. The combined net proceeds were
GBP32.0m, realising a profit on disposal of GBP14.5m. This was a
significant factor in the reduction of the net debt during the year
by GBP46.6m to GBP19.1m (2011: GBP65.7m).
Our Strategy
The Group remains committed to delivering long term sustainable
growth in earnings per share and cash flow through the following
five strategies:
1. Improving and developing our flooring product ranges and services.
2. Developing our bed proposition.
3. Managing and investing in our store portfolio.
4. Reaching more customers through additional channels.
5. Ongoing focus on cost control and cash management.
1. Improving and developing our flooring product ranges and
services
We believe the foundations of Carpetright's success rests on the
provision of market leading product choice which offers great
value, backed by excellent customer service. As well as our
experience over many years, this view is supported by externally
conducted market research which indicates that Carpetright benefits
from both strong brand recognition and a reputation for being the
'first choice' for fitted carpet.
In the UK, the roll out of our new laminate offering has
continued and, as at the end of April 2012, this was available in
185 stores. We expect this will provide an extra area of sales
growth, supported by the strength of our value and service
proposition.
To increase our understanding and to monitor performance against
our key customer objectives, we introduced a mystery shopper
programme during the first half of the year. Initial results have
enabled us to identify areas of service which we can improve and
will deliver a better sales performance. These are being addressed
through a coaching and development programme. As we enter the new
financial year, we have also increased the sales related incentives
which enable the store teams to gain a higher reward on delivering
great service.
In the Rest of Europe, we continued to introduce new products,
and adapted our promotional offer to suit consumer demand. Our
growth in laminate sales, a product area where we have had a low
market share historically, has been encouraging. This has been
achieved through the introduction of a comprehensive range, with a
competitive offer supported by our high service standards.
2. Developing our bed proposition
Beds provide an important complementary revenue stream to our
core floor coverings business. We have developed and expanded the
bed business during the year, and at the end of April 2012 our bed
offer 'Sleepright by Carpetright' was trading from 272 stores
(2011: 238). This area of the business delivered an increase in
sales of 13.2% in the year and now represents 6.1% of UK sales
revenue (2011: 5.1%). We believe this business has significant
further growth potential in the coming year and we will be focusing
on range development, improving customer awareness of our bed offer
and reducing delivery times.
3. Managing and investing in our store portfolio
At the end of April we had 490 stores trading in the UK. During
the last year, we opened 12 new stores and closed 61 stores,
inclusive of the 16 concessions in Focus DIY, following that
business entering administration. This resulted in a net store
decline of 49 stores and translated to a reduction in net space of
244k sq ft, a decrease of 5.4% since the start of the year.
We continue to see an increasing trend for customers to use the
internet to complete a significant proportion of pre-purchase
research online. With growing numbers of customers prepared to
travel further to make their single physical store visit to
complete their purchase we believe that, over time, this will
result in a shift in the required geographic density of our store
estate. With leases on 88 stores due to expire in the next five
years there is a natural opportunity to further reshape the
portfolio in a cost effective way, reducing the size of the store
footprint and lowering our ongoing rent roll.
During the second half we began a programme of store
refurbishments to update and refresh our UK estate. This has
involved improving natural light, updating signage, replacing floor
coverings and upgrading in-store lighting. The response to an
initial trial of 34 stores was encouraging with sales up around 10%
compared to the rest of the like-for-like estate, delivering a pay
back on the investment within one year. The new format is now in 62
stores and we are currently developing our plans for the
continuation of this programme in the coming year.
In the Rest of Europe, we opened three new stores during the
year and closed one store. This translated into a net increase of
12k sq ft of selling space, to a total of 1,570k sq ft in 142
stores (2011: 140).
Two of the new locations were 'sample only' stores, building on
the successful trial opening of a similar store in the prior year.
This new smaller format is expected to provide an opportunity for
future growth in the store estate.
4. Reaching more customers through additional channels
In the UK, the internet has become a vital research tool for
many of our customers and we continued to invest in our online
presence during the year. On a weekly basis we are now achieving an
average of over 70,000 unique visitors to our website, a 16%
increase on the prior year and this has produced corresponding
increases in both sample requests and appointment leads. We are
investing in a larger team, recruiting individuals with the
necessary skills and experience to ensure we maximise the
opportunity. We have also focused activity to improve our
conversion to sales ratio with the opening of a call centre manned
by knowledgeable Carpetright people and by improved follow up at
store level. This demonstrates the importance of having an
effective and integrated multi-channel proposition.
We have continued to focus on gaining additional sales through
the insurance replacement business. This has proved to be a
challenge as we understand there has been a reduction in insurance
renewals associated with the current economic conditions and a
structural change in the procurement of goods and services by the
agents of the insurers. The volume of business through this channel
is currently small relative to the Group's total revenue, although
we believe it offers an opportunity for profitable sales
growth.
5. Ongoing focus on cost control and cash management
We are committed to an ongoing focus on cost control. This
ensures we have an appropriate cost base for the current economic
conditions.
We have a flexible sourcing policy and work closely with our
suppliers to ensure we achieve the most competitive product
costs.
We anticipate inflationary pressures to come from energy and
business rates but expect to offset these with favourable
negotiations with landlords, maintaining a flexible approach to
matching store staff costs to the level of sales and continuing our
programme of tendering for all non-merchandise goods and
services.
The cash generative nature of the business has been supplemented
by the sale and leaseback of nine freehold properties, enabling the
year end net debt to be reduced by GBP46.6m to GBP19.1m. We intend
to continue to reduce the level of debt within the Group.
Overview
Total sales decreased by 3.1% to GBP471.5m, reflecting the tough
consumer environment in all the geographic markets where we
operate. During the year, the Group opened 15 stores and closed 62
which gave a net decrease of 47 stores and a total store base of
632. Total store space declined by 3.8% to 5.8 million square
feet.
Weak consumer demand was a significant contributor to the
decline in underlying operating profit to GBP8.0m, a decrease of
62.2% on the prior year. Underlying net finance charges were
GBP0.3m lower at GBP4.0m. These combined to generate an underlying
profit before tax of GBP4.0m, a decrease of 76.3% on the prior
year.
Exceptional items generated a surplus of GBP9.5m (2011: a charge
of GBP10.3m), being net property profits partially offset by a
combination of restructuring costs, non-cash store impairment and
onerous lease charges.
As a result, profit before tax increased by 104.5% to GBP13.5m
(2011: GBP6.6m). Basic earnings per share increased by 141.2% to
16.4p reflecting the increase in post tax earnings.
The combination of cash flow from continued underlying
profitability, effective management of working capital, the control
of capital expenditure and proceeds from the disposal of freehold
properties, enabled net debt to be reduced by GBP46.6m to GBP19.1m
(2011: GBP65.7m). The cash flow strength of the Group is
highlighted by the fact that in the past three years net debt has
been reduced by over 80% from GBP97.1m as at April 2009, in the
most demanding of consumer environments.
A summary of the reported financial results for the year ended
28 April 2012 is set out below:
2012 2011
-------------------------------- ---------
GBPm GBPm Change
-------------------------------- ------- ------- ---------
Revenue 471.5 486.8 (3.1%)
Underlying(1) operating profit 8.0 21.2 (62.3%)
Net finance charges (4.0) (4.3) 7.0%
Underlying(1) profit before
tax 4.0 16.9 (76.3%)
Exceptional items 9.5 (10.3)
Profit before tax 13.5 6.6 104.5%
Earnings per share (pence)
- underlying(1) 4.5 18.0 (75.0%)
- basic 16.4 6.8 141.2%
Dividends per share (pence) Nil 8.0
Net debt (19.1) (65.7) GBP46.6m
-------------------------------- ------- ------- ---------
1. Where this review makes reference to "Underlying" these
relate to profit/earnings before exceptional items.
Performance by Business
For year to 28 April 2012
Year on Year Movement
---------------------------- ------ ----------------------------------------------
Total
---------------------------- ---------- --------------- -----------------
GBPm Reported Local Currency Like-for-like(2)
---------------------------- ------ ---------- --------------- -----------------
Revenue
UK 381.6 (3.8%) (0.2%)
Rest of Europe 89.9 (0.3%) (2.0%) (1.2%)
---------------------------- ------ ----------
Total Revenue 471.5 (3.1%)
---------------------------- ------ ----------
Underlying Operating
Profit(1)
UK 2.8 (84.3%)
Rest of Europe 5.2 52.9% 65.0%
---------------------------- ------ ----------
Total Underlying Operating
Profit 8.0 (62.3%)
---------------------------- ------ ----------
Underlying Operating
Profit %
UK 0.7% (3.8ppts)
Rest of Europe 5.8% 2.0ppts
---------------------------- ------ ----------
Total Underlying Operating 1.7% (2.7ppts)
Profit %
---------------------------- ------ ---------- --------------- -----------------
1. Underlying operating profit is operating profit before
exceptional items.
2. Like-for-like sales growth - calculated as this year's net
sales divided by last year's net sales for all stores that are at
least 12 months old at the beginning of our financial year. Stores
closed during the year are excluded from both years. No account is
taken of changes to store size or the introduction of third party
concessions. Sales from insurance and housebuilders' contracts are
supplied through the stores and included in their figures.
UK - Performance Review
The key financial results for the UK were:
2012 2011
--------------------- --------- ----------
GBPm GBPm Change
--------------------- --------- --------- --------- --------- --------- ----------
Revenue 381.6 396.6 (3.8%)
Like-for-like sales (0.2%) (6.0%)
Gross Profit 224.8 246.5 (8.8%)
Gross Profit % 58.9% 62.2% (3.3ppts)
Costs (222.0) (228.7) (2.9%)
Underlying Operating Profit 2.8 17.8 (84.3%)
Underlying Operating Profit % 0.7% 4.5% (3.8ppts)
------------------------------------------------------ --------- --------- ----------
The UK portfolio is now as follows:
Store Numbers Sq Ft ('000)
------------------------------------------
30 April 28 April 30 April 28 April
2011 Openings Closures 2012 2011 2012
--------------------- --------- --------- --------- --------- --------- ----------
Standalone 495 12 (33) 474 4,410 4,241
Concessions 44 - (28) 16 104 29
--------------------- --------- --------- --------- --------- --------- ----------
Total 539 12 (61) 490 4,514 4,270
--------------------- --------- --------- --------- --------- --------- ----------
Total UK revenue decreased 3.8% in the year to GBP381.6m. This
performance can be attributed to three key factors:
i) the underlying retail flooring performance was down 2.7%;
ii) the focus on developing our bed offer and introducing it
into more stores contributed 0.6% to growth;
iii) a fall in sales to the insurance and house builder
businesses accounted for 1.7% of the decline.
After taking into account the movement in the number of stores
the like-for-like sales for the year declined by 0.2%, with the
first half down 2.4%, predominantly offset by a stronger second
half, being an increase of 1.9%.
Gross profit declined by 8.8% to GBP224.8m, representing 58.9%
of sales, a decrease of 3.3 percentage points. This movement is a
combination of:
i) the decline in the underlying floor covering margin with
demand higher in periods of stronger promotional activity,
particularly in the first half of the year, contributing an adverse
movement of 3.2 percentage points;
ii) a decline in the insurance business resulted in a change in
the overall sales mix. This accounted for an increase of 0.3
percentage points (as this part of the business operates on a lower
gross margin than retail floor coverings);
iii) the impact of fuel inflation on delivery costs accounted
for an adverse movement of 0.4 percentage points.
The total UK cost base decreased by 2.9% compared with the prior
year to GBP222.0m (2011: GBP228.7m). Store payroll costs continue
to be managed closely to the volume of sales and reduced by 7.5% to
GBP57.6m (2011: GBP62.3m). Store occupancy costs fell 1.7% to
GBP127.5m (2011: GBP129.7m) due to a reduction in the number of
stores, successful rent negotiations and reduced depreciation,
although this was partially offset by increased utility and
business rates inflation. The underlying rent in like-for-like
stores decreased marginally by 0.2% (2011: 0.4%), reflecting a
continued weakening of the property market in the current economic
climate. Marketing and central support costs were up 0.3% at
GBP36.9m (2011: GBP36.8m), primarily the result of one-off income
received in the prior year relating to a successful VAT reclaim.
The underlying movement was a decline of 2.7% with the largest
element being the reduction in management and administrative
headcount.
Underlying operating profit decreased by 84.3% to GBP2.8m.
Rest of Europe - Performance Review
The key financial results for the Rest of Europe were:
2012 2011 Change Change
----------------------
GBPm GBPm (Reported) (Local Currency)
---------------------- ------- ------- ----------- -----------------
Revenue 89.9 90.2 (0.3%) (2.0%)
Like-for-like sales (1.2%) (4.0%)
Gross Profit 51.2 51.5 (0.6%) (2.1%)
Gross Profit % 57.0% 57.1% (0.1ppts)
Costs (46.0) (48.1) 4.4% 6.7%
Underlying Operating
Profit 5.2 3.4 52.9% 65.0%
Underlying Operating
Profit % 5.8% 3.8% 2.0ppts
---------------------- ------- ------- ----------- -----------------
The Rest of Europe portfolio is now as follows:
Store Numbers Sq Ft ('000)
------------------------------------------
30 April 28 April 30 April 28 April
2011 Openings Closures 2012 2011 2012
--------------------- --------- --------- --------- --------- --------- ---------
Netherlands 92 2 - 94 1,079 1,094
Belgium 28 - - 28 334 329
Republic of Ireland 20 1 (1) 20 145 147
--------------------- --------- --------- --------- --------- --------- ---------
Total 140 3 (1) 142 1,558 1,570
--------------------- --------- --------- --------- --------- --------- ---------
Gross profit margin decreased marginally to 57.0% (2011: 57.1%),
primarily due to the impact of the mix effect of selling more
laminate at a lower than average margin, partially offset by
improved rebates and effective management of the promotional mix.
Reported operating costs decreased by 4.4% to GBP46.0m. In local
currency terms, costs decreased by 6.7% despite inherent
inflationary increases. The reduction came as a result of the
negotiated salary and rent reductions, and the consolidation of
central support functions. This reflects the tight management
control and focus on achieving efficiencies within the whole
operation.
The net result was an underlying operating profit of GBP5.2m, an
increase of 52.9%. In local currency terms, the underlying profit
increased by 65.0%.
Group Financial Review
Net Finance Costs and Taxation
Net finance charges were GBP4.0m (2011: GBP4.3m) reflecting
lower average net debt and a reduction in the margin rates on
borrowing. The effective tax rate on profits is 18.7% (2011:
30.4%). This decrease arises primarily from the impact of a change
in tax rates and the release of previously held deferred tax
provisions.
Exceptional Items
The Group recorded a net surplus of GBP9.5m (2011: charge of
GBP10.3m) in the year.
(Charge)/Gain
-------------------------------------- ----------------
2012 2011
--------------------------------------
GBPm GBPm
-------------------------------------- ------- -------
Profit on disposal of properties 13.4 0.5
Store impairment charge (1.0) (2.0)
Onerous lease charge (0.3) (8.8)
Restructuring costs (2.1) -
Write off of unamortised refinancing (0.5) -
fees
9.5 (10.3)
-------------------------------------- ------- -------
We have continued to trade our property portfolio. In the year a
profit of GBP13.4m was achieved (2011: profit of GBP0.5m). Of this,
GBP14.5m was realised from the sale and leaseback of freehold
properties from which we continue to operate. In the UK and the
Netherlands these transactions were five individual stores sold to
property investors. A group of four stores were sold to a single
investor by way of the disposal of our Belgian property holding
company, Infradis.
We have reviewed the carrying value of the store assets in our
balance sheet, consistent with the approach in previous years. The
models used to value these assets include a number of assumptions
relating to market growth and inflationary expectations. The tests
have led to a net impairment charge of GBP1.0m (2011: GBP2.0m).
In addition, there are seven leased properties which had
previously been used as retail stores where an onerous lease
provision has been made on the basis of the difference between the
expected cash inflows and outflows and the re-assessment of
previous positions.
In this difficult retail environment, the Group has focused on
organisational changes aimed at enhancing our efficiency and
leveraging our strengths to provide a solid framework for growth.
This has involved a reduction in management headcount in the UK and
the consolidation of our offices in Europe at a cost of GBP2.1m.
Given the irregular nature and amounts associated with business
restructuring these have been treated as exceptional items.
The unamortised costs associated with the previous refinancing,
which amounted to GBP0.5m, were written off as an exceptional
item.
Earnings per Share
Basic earnings per share increased to 16.4 pence (2011: 6.8
pence), reflecting a similar increase in post tax earnings.
Underlying earnings per share decreased to 4.5 pence (2011: 18.0
pence).
Dividend
The Board has decided not to pay a final dividend (2011: nil
pence), resulting in no full year dividend (2011: 8.0 pence).
Balance Sheet and Cash Flow
The Group had net assets of GBP70.7m (2011: GBP67.0m) at the end
of the year, an increase of GBP3.7m since 30 April 2011. The cash
generative nature of the business remains one of the strengths of
the Group, with operating cash flow of GBP29.1m in the year (2011:
GBP32.1m). The decrease was predominantly attributable to the
reduction in underlying profitability, partially offset by
improving working capital management, of which GBP4.5m related to
the timing of the April payroll falling on the first working day of
the following financial year.
Cash flow
2012 2011
----------------------------------------
GBPm GBPm
---------------------------------------- ------- -------
Underlying operating profit 8.0 21.2
Depreciation and other non-cash items 14.8 15.3
Exceptional items (1.6) -
(Increase)/Decrease in stock (0.4) 2.9
(Increase)/Decrease in working capital 8.3 (7.3)
---------------------------------------- ------- -------
Operating cash flow 29.1 32.1
Net interest paid (4.9) (4.9)
Corporation tax paid (3.0) (2.7)
Net capital receipts/(expenditure) 22.8 (9.5)
---------------------------------------- ------- -------
Free cash flow 44.0 15.0
Dividends paid - (10.8)
Other 2.6 1.4
---------------------------------------- ------- -------
Movement in net debt 46.6 5.6
Opening net debt (65.7) (71.3)
---------------------------------------- ------- -------
Closing net debt (19.1) (65.7)
---------------------------------------- ------- -------
Net capital receipts/(expenditure) was an inflow of GBP22.8m
(2011: outflow of GBP9.5m). This can be broken down into the
following principal categories:
2012 2011
--------------------------------------------
GBPm GBPm
-------------------------------------------- ------ ------
Capital expenditure (6.9) (9.7)
Purchase of freehold properties (3.7) (0.7)
Proceeds from freehold property disposals 32.0 -
Proceeds from leasehold property disposals 1.4 0.9
22.8 (9.5)
-------------------------------------------- ------ ------
After the repayment of borrowings, net debt decreased by
GBP46.6m to GBP19.1m at the year end (2011: GBP65.7m).
Property
The Group owns a significant property portfolio, most of which
is used for trading purposes. This portfolio is estimated by
management to have a market value of GBP86.4m at the year end
(2011: GBP134.0m), compared to a net book value of GBP83.3m
recorded in the financial statements (2011: GBP112.3m). The
movement in the year is predominantly the result of sale and
leaseback transactions.
Pensions
The IAS 19 valuation as at 28 April 2012 was a net deficit of
GBP4.3m in relation to defined benefit pension arrangements (2011:
GBP4.0m). The Carpetright scheme closed to future accrual on 30
April 2010. Plan assets increased to GBP18.3m (2011: GBP17.4m)
driven by higher market values and additional Company contributions
agreed with the pension trustees following the triennial valuation
in April 2008. The present value of plan liabilities increased to
GBP22.6m (2011: GBP21.4m) driven principally by a reduction in the
discount rate to 4.6% (2011: 5.3%).
Current liquidity
At the year end the Group held cash balances of GBP9.6m (2011:
GBP8.3m) in a combination of Sterling, Euros and Polish Zlotys.
Gross bank borrowings at the balance sheet date were GBP26.0m
(2011: GBP70.9m) of which GBP5.4m is term based with the balance of
GBP20.6m being drawn down from overdraft and revolving credit
facilities. The Group had further undrawn, committed facilities of
GBP40.6m at the balance sheet date.
In June 2011, the Group completed a refinancing arrangement of
its principal facilities, split between amortising term loans, a
revolving credit facility and overdrafts in a mixture of Sterling
and Euro currencies. The term loans and revolving credit facilities
mature in July 2015. As at 28 April 2012, the facilities provided
debt capacity of around GBP66m. Arrangement fees and legal costs
are amortised over the period to June 2014, although paid in cash
at the outset. The facilities contain financial covenants which are
tested on a quarterly basis.
Outlook
Whilst the UK consumer environment is expected to remain
difficult for all retailers in the discretionary spend sector, the
move back into positive UK like-for-like sales in the second half
was encouraging. While it is far too early to call the beginnings
of a broader recovery, this performance gives some cause for
optimism on the core UK floor coverings business. We have
established a GBP23m revenue bed business in just three years and
believe there is significant scope for us to grow this further, as
we continue to develop the range, improve the proposition and
introduce beds to more stores. In the Rest of Europe, we expect the
economic conditions will remain challenging.
Against this backdrop, we will continue to drive the business
towards long term growth by focusing on improving our product
ranges and services, growing margins, focusing on cost reduction,
reducing debt and promoting the reach of our brand. As a
consequence, we believe the Group is well placed to capitalise on a
strong value offer supported by a superior service proposition,
when consumer demand in our sector improves.
Consolidated income statement
for 52 weeks ended 28 April 2012
Group 52 weeks to Group 52 weeks to
Notes 28 April 2012 30 April 2011 (restated)
----- ---------------------------------- ----------------------------------
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
Revenue 2 471.5 471.5 486.8 486.8
Cost of sales (195.5) (195.5) (188.8) (188.8)
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
Gross profit 2 276.0 276.0 298.0 298.0
Administration expenses (270.2) (3.4) (273.6) (280.2) (10.8) (291.0)
Other operating income 2.2 13.4 15.6 3.4 0.5 3.9
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
Operating profit 2 8.0 10.0 18.0 21.2 (10.3) 10.9
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
Finance costs (5.1) (0.5) (5.6) (5.4) - (5.4)
Finance income 1.1 - 1.1 1.1 - 1.1
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
Profit before tax 4.0 9.5 13.5 16.9 (10.3) 6.6
Tax 4 (1.0) (1.5) (2.5) (4.8) 2.8 (2.0)
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
Profit for the financial
period attributable to equity
shareholders of the Company 3.0 8.0 11.0 12.1 (7.5) 4.6
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
Basic earnings per share
(pence) 5 4.5 11.9 16.4 18.0 (11.2) 6.8
Diluted earnings per share
(pence) 5 16.4 6.9
------------------------------- ----- ------------ ----------- ------- ------------ ----------- -------
All material items in the income statement arise from continuing
operations.
Consolidated statement of comprehensive income
for 52 weeks ended 28 April 2012
Group Group
52 weeks 52 weeks
to to
28 April 30 April
2012 2011
Notes GBPm GBPm
------------------------------------------------------- ----- --------- ---------
Profit for the financial period 11.0 4.6
Actuarial (loss)/gain on defined benefit pension
scheme (0.9) 0.4
Exchange (loss)/gain in respect of hedged equity
investments (7.5) 2.4
Tax on components of other comprehensive income 4 - (0.4)
------------------------------------------------------- ----- --------- ---------
Other comprehensive (expense)/income for the period (8.4) 2.4
------------------------------------------------------- ----- --------- ---------
Total comprehensive income for the period attributable
to equity shareholders of the Company 2.6 7.0
------------------------------------------------------- ----- --------- ---------
The notes on pages 16 to 20 form an integral part of this
consolidated financial information.
Consolidated balance sheet
as at 28 April 2012
Group Group
2012 2011
Notes GBPm GBPm
------------------------------------------------- ----- ------- -------
Assets
Non-current assets
Intangible assets 61.4 65.8
Property, plant and equipment 119.6 147.4
Investment property 20.7 26.1
Investment in subsidiary undertakings - -
Deferred tax assets 2.6 2.9
Trade and other receivables 0.9 1.1
------------------------------------------------- ----- ------- -------
Total non-current assets 205.2 243.3
------------------------------------------------- ----- ------- -------
Current assets
Inventories 38.3 38.7
Trade and other receivables 24.1 32.8
Current tax assets - -
Cash and cash equivalents 9.6 8.3
------------------------------------------------- ----- ------- -------
Total current assets 72.0 79.8
------------------------------------------------- ----- ------- -------
Total assets 2 277.2 323.1
------------------------------------------------- ----- ------- -------
Liabilities
Current liabilities
Trade and other payables (109.2) (105.3)
Obligations under finance leases (0.1) (0.1)
Borrowings and overdrafts (9.5) (21.3)
Current tax liabilities (1.0) (2.1)
------------------------------------------------- ----- ------- -------
Total current liabilities (119.8) (128.8)
------------------------------------------------- ----- ------- -------
Non-current liabilities
Trade and other payables (33.8) (35.4)
Obligations under finance leases (2.6) (2.9)
Borrowings (16.5) (49.6)
Derivative financial instruments - (0.1)
Provisions for liabilities and charges (6.4) (9.1)
Deferred tax liabilities (23.1) (26.2)
Retirement benefit obligations (4.3) (4.0)
------------------------------------------------- ----- ------- -------
Total non-current liabilities (86.7) (127.3)
------------------------------------------------- ----- ------- -------
Total liabilities 2 (206.5) (256.1)
------------------------------------------------- ----- ------- -------
Net assets 70.7 67.0
------------------------------------------------- ----- ------- -------
Equity
Share capital 0.7 0.7
Share premium 16.3 15.4
Treasury shares (0.3) (0.3)
Other reserves 54.0 51.2
------------------------------------------------- ----- ------- -------
Total equity attributable to equity shareholders
of the Company 70.7 67.0
------------------------------------------------- ----- ------- -------
Consolidated statements of cash flow
for 52 weeks ended 28 April 2012
Group Group
52 weeks 52 weeks
to to
28 April 30 April
2012 2011
Notes GBPm GBPm
---------------------------------------------------------- ----- --------- ---------
Cash flows from operating activities
Profit/(loss) before tax 13.5 6.6
Adjusted for:
Depreciation and amortisation 2 14.6 15.5
(Profit) on property disposals (4.6) (0.5)
(Profit) on Property subsidiary disposal (8.8) -
Dividend received from subsidiaries - -
Exceptional non-cash items 2.3 10.8
Other non-cash items 0.2 (0.2)
Net finance costs 4.0 4.3
---------------------------------------------------------- ----- --------- ---------
Operating cash flows before movements in working
capital 21.2 36.5
(Increase)/decrease in inventories (0.4) 2.9
Decrease in trade and other receivables 7.9 5.9
Increase/(decrease) in trade and other payables 0.4 (13.2)
---------------------------------------------------------- ----- --------- ---------
Cash generated by operations 29.1 32.1
Interest paid (4.9) (5.0)
Corporation taxes paid (3.0) (2.7)
---------------------------------------------------------- ----- --------- ---------
Net cash generated from operating activities 21.2 24.4
---------------------------------------------------------- ----- --------- ---------
Cash flows from investing activities
Purchases of intangible assets (0.1) (0.5)
Purchases of property, plant and equipment and investment
property (12.0) (9.9)
Proceeds on disposal of property, plant and equipment
and investment property 22.1 0.9
Proceeds on property subsidiary disposal 12.8 -
Interest received - 0.1
---------------------------------------------------------- ----- --------- ---------
Net cash generated from/(used) in investing activities 22.8 (9.4)
---------------------------------------------------------- ----- --------- ---------
Cash flows from financing activities
Purchase of Treasury shares by Employee Benefit
Trust - (0.1)
Issue of new shares 0.9 -
Repayment of borrowings (42.9) (13.2)
New loans advanced - 12.5
Intercompany loans - -
Dividends paid to Group shareholders - (10.8)
---------------------------------------------------------- ----- --------- ---------
Net cash used in financing activities (42.0) (11.6)
---------------------------------------------------------- ----- --------- ---------
Net increase in cash and cash equivalents in the
period 2.0 3.4
Cash and cash equivalents at the beginning of the
period (0.7) (5.0)
Exchange differences 0.2 0.9
---------------------------------------------------------- ----- --------- ---------
Cash and cash equivalents at the end of the period 1.5 (0.7)
---------------------------------------------------------- ----- --------- ---------
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.
Consolidated statement of changes in equity
for 52 weeks ended 28 April 2012
Group
Capital
Share Share Treasury redemption Translation Hedging Retained
capital premium shares reserve reserve reserve earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------------------------- -------- -------- -------- ----------- ----------- -------- --------- ------
At 1 May 2010 0.7 15.4 (0.2) 0.1 10.2 (1.2) 46.2 71.2
Total comprehensive
income/(expense)
for the financial period - - - - 2.4 1.1 3.5 7.0
Purchase of own shares by
Employee
Benefit Trust - - (0.1) - - - - (0.1)
Share based payments and related
tax - - - - - - (0.3) (0.3)
Dividends paid to Group
shareholders - - - - - - (10.8) (10.8)
--------------------------------- -------- -------- -------- ----------- ----------- -------- --------- ------
At 30 April 2011 0.7 15.4 (0.3) 0.1 12.6 (0.1) 38.6 67.0
--------------------------------- -------- -------- -------- ----------- ----------- -------- --------- ------
Total comprehensive
income/(expense)
for the financial period - - - - (7.5) 0.1 10.0 2.6
Issue of new shares - 0.9 - - - - - 0.9
Share-based payments and related
tax - - - - - - 0.2 0.2
--------------------------------- -------- -------- -------- ----------- ----------- -------- --------- ------
At 28 April 2012 0.7 16.3 (0.3) 0.1 5.1 - 48.8 70.7
--------------------------------- -------- -------- -------- ----------- ----------- -------- --------- ------
Notes to the accounts
1 Accounting policies
Basis of preparation
The financial statements of the Group are made up to the
Saturday nearest to 30 April. The financial year for 2012
represents the 52 weeks ended 28 April 2012. The comparative
financial year for 2011 was 52 weeks ended 30 April 2011.
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) and
International Financial Reporting Interpretations Committee (IFRIC)
interpretations endorsed by the European Union, together with those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS.
The information is derived from the full Group financial
statements for the 52 week period to 28 April 2012 and does not
constitute full accounts within the meaning of section 435 of the
Companies Act 2006. 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 498(2) or (3) of
the Companies Act 2006, will be delivered to the Registrar of
Companies and posted to shareholders in due course.
The financial information for the 52 weeks to 30 April 2011 is
derived from the Annual Report for that year which has been
delivered to the Registrar of Companies. The independent auditors
reported on those accounts, their report was unqualified and did
not contain a statement under either section 498(2) or (3) of the
Companies Act 2006.
Foreign exchange rates
Financial assets and liabilities and foreign operations are
translated at the following rates of exchange:
Euro Euro Zloty Zloty
2012 2011 2012 2011
------------- ----- ----- ----- -----
Average rate 1.16 1.18 4.90 4.70
Closing rate 1.23 1.12 5.12 4.42
------------- ----- ----- ----- -----
2 Segmental analysis
The operating segments have been determined based on reports
reviewed by the Board that are used to make strategic decisions.
From 1 May 2011 the Netherlands, Belgium and the Republic of
Ireland were managed as a combined business by a single management
team who had no other responsibilities, in the previous financial
year the Republic of Ireland was combined with the UK. Prior year
data in the statements that follow have been restated to reflect
the change in reporting structure. The impact of the restatement is
to reduce revenue in the UK by GBP7.9m and increase underlying
operating profits by GBP3.4m, Europe moves by equal and opposite
amounts. Information is presented to the Board of Carpetright plc
(the Chief Operating Decision Maker) on a combined basis. As a
result it is considered that the combined business forms a single
reportable operating segment under IFRS 8.
The reportable operating segments derive their revenue primarily
from the retail of floor coverings and beds. Central costs of the
Group are incurred principally in the UK and are immaterial. As
such these costs are included within the UK segment. Sales between
segments are carried out at arm's length.
The segment information provided to the Board for the reportable
segments for the 52 weeks ended 28 April 2012 is as follows:
52 weeks to 28 April 52 weeks to 30 April
2012 2011 (restated)
------------------------- -------------------------
UK Europe Group UK Europe Group
GBPm GBPm GBPm GBPm GBPm GBPm
--------------------------------- -------- ------ ------- -------- ------ -------
Gross revenue 387.1 89.9 477.0 402.2 90.2 492.4
Inter-segment revenue (5.5) - (5.5) (5.6) - (5.6)
--------------------------------- -------- ------ ------- -------- ------ -------
Revenues from external customers 381.6 89.9 471.5 396.6 90.2 486.8
--------------------------------- -------- ------ ------- -------- ------ -------
Gross profit 224.8 51.2 276.0 246.5 51.5 298.0
--------------------------------- -------- ------ ------- -------- ------ -------
Underlying operating profit 2.8 5.2 8.0 17.8 3.4 21.2
Exceptional items 10.5 (0.5) 10.0 (5.1) (5.2) (10.3)
--------------------------------- -------- ------ ------- -------- ------ -------
Operating profit 13.3 4.7 18.0 12.7 (1.8) 10.9
Finance income 1.1 - 1.1 1.1 - 1.1
Intercompany interest (0.7) 0.7 - (0.3) 0.3 -
Finance costs (5.2) (0.4) (5.6) (5.3) (0.1) (5.4)
--------------------------------- -------- ------ ------- -------- ------ -------
Profit before tax 8.5 5.0 13.5 8.2 (1.6) 6.6
Tax (1.6) (0.9) (2.5) (0.5) (1.5) (2.0)
--------------------------------- -------- ------ ------- -------- ------ -------
Profit for the financial
period 6.9 4.1 11.0 7.7 (3.1) 4.6
--------------------------------- -------- ------ ------- -------- ------ -------
Segment assets:
Segment assets 217.7 100.6 318.3 248.5 112.1 360.6
Inter-segment balances (20.2) (20.9) (41.1) (26.0) (11.5) (37.5)
--------------------------------- -------- ------ ------- -------- ------ -------
Balance sheet total assets 197.5 79.7 277.2 222.5 100.6 323.1
--------------------------------- -------- ------ ------- -------- ------ -------
Segment liabilities:
Segment liabilities (197.3) (50.3) (247.6) (224.8) (68.8) (293.6)
Inter-segment balances 20.8 20.3 41.1 11.5 26.0 37.5
--------------------------------- -------- ------ ------- -------- ------ -------
Balance sheet total liabilities (176.5) (30.0) (206.5) (213.3) (42.8) (256.1)
--------------------------------- -------- ------ ------- -------- ------ -------
Other segmental items:
Depreciation and amortisation 12.0 2.6 14.6 12.4 3.1 15.5
Additions to non-current
assets 7.3 1.4 8.7 11.6 1.5 13.1
--------------------------------- -------- ------ ------- -------- ------ -------
Carpetright plc is domiciled in the UK. The Group's revenue from
external customers in the UK is GBP381.6m (2011: GBP396.6m) and the
total revenue from external customers from other countries is
GBP89.9m (2011: GBP90.2m). The total of non-current assets (other
than financial instruments and deferred tax assets) located in the
UK is GBP162.9m (2011: GBP187.6m) and the total of those located in
other countries is GBP74.4m (2011: GBP90.3m).
Carpetright's trade has historically shown no distinct pattern
of seasonality with trade cycles more closely following economic
indicators such as consumer confidence and mortgage approvals.
3 Exceptional items
Group Group
2012 2011
Notes GBPm GBPm
----------------------------------------------- ------ ----- ------
Property profits:
UK and the Netherlands 4.6 0.5
Sale of Belgian property subsidiary 8.8 -
UK impairment of property, plant and equipment (1.0) (2.0)
Onerous lease provision (0.3) (8.8)
Central support office restructuring (2.1) -
Write off of unamortised refinancing fees (0.5) -
------------------------------------------------------- ----- ------
9.5 (10.3)
------------------------------------------------------ ----- ------
In order to facilitate the sale of properties in Belgium, the
Group sold a subsidiary that owned those properties during the
year. There were no other assets or liabilities owned by the
subsidiary at the time of the sale. Cash proceeds have been
allocated to '(Profit)/loss on Property subsidiary disposal' in the
cash flow statement.
The onerous lease provision relates to 20 properties in the UK
and Republic of Ireland that are not trading and are either empty
or leased at below the passing rent. The provision covers the
period until full cost recovery is expected.
4 Tax
Group Group
2012 2011
(i) Analysis of the charge in the period GBPm GBPm
----------------------------------------- ----- -----
UK current tax 0.9 2.0
Overseas current tax 1.1 1.5
----------------------------------------- ----- -----
Total current tax 2.0 3.5
----------------------------------------- ----- -----
UK deferred tax 0.7 (1.4)
Overseas deferred tax (0.2) (0.1)
----------------------------------------- ----- -----
Total deferred tax 0.5 (1.5)
----------------------------------------- ----- -----
Total tax charge in the income statement 2.5 2.0
----------------------------------------- ----- -----
The tax charge for the year includes a charge of GBP3.1m in
respect of exceptional items (2011: credit GBP1.7m). In addition,
the impact of the change in tax rates on deferred tax liability has
resulted in an exceptional tax credit of GBP1.6m (2011: GBP1.1m
credit).
Group Group
2012 2011
(ii) Reconciliation of profit before tax to total tax GBPm GBPm
--------------------------------------------------------- ----- -----
Profit before tax 13.5 6.6
--------------------------------------------------------- ----- -----
Tax charge at UK Corporation Tax rate of 26% (2011: 28%) 3.5 1.8
Adjusted for the effects of:
Overseas tax rates (0.2) (0.2)
Fall in UK tax rates (1.6) (1.1)
Non-qualifying depreciation 0.6 0.6
Other permanent differences 0.9 0.6
Losses recognised (0.6) -
Gains not subject to tax (1.1) -
Capital gains 1.7 -
Adjustments in respect of prior periods (0.7) 0.3
--------------------------------------------------------- ----- -----
Total tax charge in the income statement 2.5 2.0
--------------------------------------------------------- ----- -----
The weighted average annual effective tax rate for the period is
18.7% (2011: 30.4%). The decrease arises primarily from one-off tax
charges in the prior year not recurring, the decrease in UK tax
rates, the disproportionate effect of permanently disallowable
items on the reduced level of profit and one-off gains not subject
to tax.
Group Group
(iii) Tax on items taken directly to or transferred from 2012 2011
equity GBPm GBPm
------------------------------------------------------------------- ----- -----
Deferred tax on actuarial gains, recognised in other comprehensive
income - 0.4
Total tax recognised in equity - 0.4
------------------------------------------------------------------- ----- -----
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 Equity Trust (Jersey) Limited (see note 25) 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
exerciseprice is less than the average market price of the
Company's ordinary shares during the period, represent potentially
dilutive ordinary shares.
52 weeks ended 28 52 weeks ended 30
April 2012 April 2011
------------------------------ ------------------------------
Weighted Weighted
average Earnings average Earnings
number per number per
Earnings of shares share Earnings of shares share
GBPm Millions Pence GBPm Millions Pence
--------------------------------- -------- ---------- -------- -------- ---------- --------
Basic earnings per share 11.0 67.2 16.4 4.6 67.2 6.8
Effect of dilutive share options - 0.3 - 0.1 0.4 0.1
--------------------------------- -------- ---------- -------- -------- ---------- --------
Diluted earnings per share 11.0 67.5 16.4 4.7 67.6 6.9
--------------------------------- -------- ---------- -------- -------- ---------- --------
Reconciliation of earnings per share excluding post tax profit
on exceptional items:
52 weeks ended 28 52 weeks ended 30
April 2012 April 2011
------------------------------ ------------------------------
Weighted Weighted
average Earnings average Earnings
number per number per
Earnings of shares share Earnings of shares share
GBPm Millions Pence GBPm Millions Pence
---------------------------------------- -------- ---------- -------- -------- ---------- --------
Basic earnings per share 11.0 67.2 16.4 4.6 67.2 6.8
Adjusted for the effect of exceptional
items:
Exceptional items (9.5) - (14.1) 10.3 - 15.3
Tax thereon 3.1 - 4.6 (1.7) - (2.5)
Exceptional tax benefit from tax rate
change (1.6) - (2.4) (1.1) - (1.6)
---------------------------------------- -------- ---------- -------- -------- ---------- --------
Underlying earnings per share 3.0 67.2 4.5 12.1 67.2 18.0
---------------------------------------- -------- ---------- -------- -------- ---------- --------
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 excluding exceptional items and related
tax.
6 Dividends
2012 2011
Pence Pence
per 2012 per 2011
Group and Company share GBPm share GBPm
----------------------------------- ------ ----- ------ -----
Prior year final dividend paid - - 8.0 5.4
Current year interim dividend paid - - 8.0 5.4
----------------------------------- ------ ----- ------ -----
- - 16.0 10.8
----------------------------------- ------ ----- ------ -----
The directors decided that no final dividend will be paid (2011:
No final dividend paid). This results in no dividend in the year to
28 April 2012 (2011: 8.0 pence; GBP5.4m).
7 Group movement in cash and net debt
Group
2011 2012
------ ----- ------------ ------------ ------
Cash Exchange
Total flow differences Revaluation Total
GBPm GBPm GBPm GBPm GBPm
-------------------------------------------------------- ------ ----- ------------ ------------ ------
Cash and cash equivalents in the balance
sheet 8.3 9.6
Bank overdrafts (9.0) (8.1)
-------------------------------------------------------- ------ ----- ------------ ------------ ------
Cash and cash equivalents in the cash
flow statement (0.7) 2.0 0.2 - 1.5
Borrowings
------ ------
Current borrowings (12.3) (1.4)
Non-current borrowings (49.6) (16.5)
------ ------
(61.9) 42.9 1.1 - (17.9)
Obligations under finance leases
------ ------
Current obligations under finance leases (0.1) (0.1)
Non-current obligations under finance
leases (2.9) (2.6)
------ ------
(3.0) - - 0.3 (2.7)
Derivative financial instruments (0.1) - - 0.1 -
-------------------------------------------------------- ------ ----- ------------ ------------ ------
Net debt (65.7) 44.9 1.3 0.4 (19.1)
-------------------------------------------------------- ------ ----- ------------ ------------ ------
2010 2011
------ ------ ------------ ------------ ------
Cash Exchange
Total flow differences Revaluation Total
GBPm GBPm GBPm GBPm GBPm
-------------------------------------------------------- ------ ------ ------------ ------------ ------
Cash and cash equivalents in the balance
sheet 8.3 8.3
Bank overdrafts (13.3) (9.0)
-------------------------------------------------------- ------ ------ ------------ ------------ ------
Cash and cash equivalents in the cash
flow statement (5.0) 3.4 0.9 - (0.7)
Borrowings
------ ------
Current borrowings (8.9) (12.3)
Non-current borrowings (53.3) (49.6)
------ ------
(62.2) 0.7 (0.4) - (61.9)
Obligations under finance leases
------ ------
Current obligations under finance leases (0.1) (0.1)
Non-current obligations under finance
leases (2.9) (2.9)
------ ------
(3.0) - - - (3.0)
Derivative financial instruments (1.1) - - 1.0 (0.1)
-------------------------------------------------------- ------ ------ ------------ ------------ ------
Net debt (71.3) 4.1 0.5 1.0 (65.7)
-------------------------------------------------------- ------ ------ ------------ ------------ ------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFFDRAIEFIF
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