Six months ended 30 September 2014
Equity attributable to equity holders of the parent
Share Share Own Capital Special Foreign Retained Total
capital premium share reserve reserves exchange earnings
account reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April
2013 2,992 11,835 (2,937) 154 1,467 224 64,974 78,709
Total comprehensive
income for the
period - - - - - (453) 5,077 4,624
Charge for employee
share-based payments - - - - - - 627 627
Exercise of share
options 2 17 - - - - (358) (339)
Own shares - - 344 - - - - 344
Ordinary dividends
paid - - - - - - (2,932) (2,932)
As at 30 September
2013 2,994 11,852 (2,593) 154 1,467 (229) 67,388 81,033
Total comprehensive
income for the
period - - - - - 17 3,525 3,542
Charge for employee
share-based payments - - - - - - (546) (546)
Exercise of share
options 6 109 - - - - (1,103) (988)
Own shares - - 917 - - - - 917
As at 31 March
2014 3,000 11,961 (1,676) 154 1,467 (212) 69,264 83,958
Total comprehensive
expense for the
period - - - - - (347) (410) (757)
Charge for employee
share-based payments - - - - - - 90 90
Exercise of share
options - - - - - - 66 66
Own shares - - 35 - - - - 35
Ordinary dividends
paid - - - - - - (2,966) (2,966)
As at 30 September
2014 3,000 11,961 (1,641) 154 1,467 (559) 66,044 80,426
========= ========= ========= ========= ========== ========== ========== ========
Consolidated cash flow statement
Six months ended 30 September 2014
Unaudited Unaudited Audited
six months six months year ended
30 Sept 2014 30 Sept 31 Mar 2014
GBP'000 2013 GBP'000
GBP'000
Operating (loss)/profit for
the period (1,218) 7,065 13,717
Adjustments for:
Depreciation of property, plant
and equipment 3,462 3,365 9,870
Amortisation of intangible
assets 1,027 639 1,428
Profit on sale of property,
plant and equipment (4) (11) (13)
Effects of foreign exchange 51 479 (40)
Share-based payments charge 107 627 127
Operating cash flows before
movements in working capital 3,425 12,164 25,089
(Increase)/decrease in inventories (5,581) 2,322 1,931
(Increase)/decrease in receivables (389) (3,139) 558
Increase/(decrease) in payables 498 (5,016) (377)
Cash (used in)/generated by
operations (2,047) 6,331 27,201
Corporation taxes paid (873) (3,192) (7,749)
Interest paid (5) (20) (30)
Net cash (outflow)/inflow from
operating activities (2,925) 3,119 19,422
-------------- ------------ ------------------
Investing activities:
Interest received 13 25 35
Dividend received from associate - - 441
Purchases of property, plant
and equipment (6,074) (9,009) (13,199)
Proceeds from sale of property,
plant and equipment 9 31 44
Acquisition of intangible fixed
assets (484) (1,954) (3,023)
Purchase of subsidiary undertaking, (7,271) - -
net of cash acquired
Net cash used in investing
activities (13,807) (10,907) (15,702)
-------------- ------------ ------------------
Financing activities:
Dividends paid (2,966) (2,932) (2,932)
Settlement of share awards (131) (333) (493)
Disposal of own shares - 338 1,261
Net cash used in financing
activities (3,097) (2,927) (2,164)
-------------- ------------ ------------------
Net (decrease)/increase in
cash and cash equivalents (19,829) (10,715) 1,556
Cash and cash equivalents at
beginning of period 23,414 21,858 21,858
Cash and cash equivalents at
end of period 3,585 11,143 23,414
============== ============ ==================
Notes to the condensed financial statements
Six months ended 30 September 2014
1. General information
Mulberry Group plc is a company incorporated in the United
Kingdom under the Companies Act 2006. The half year results and
condensed consolidated financial statements for the six months
ended 30 September 2014 (the interim financial statements) comprise
the results for the Company and its subsidiaries (together referred
to as the Group) and the Group's interest in associates.
The information for the year ended 31 March 2014 does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor's
report on those accounts was not qualified, did not include a
reference to any matters to which the Auditor drew attention by way
of emphasis without qualifying the report and did not contain
statements under section 498(2) or (3) of the Companies Act
2006.
The interim financial statements for the six months ended 30
September 2014, have not been reviewed or audited.
2. Significant accounting policies
The accounting policies and methods of computation followed in
the interim financial statements are consistent with those as
published in the Group's Annual Report and Financial Statements for
the year ended 31 March 2014, except for the adoption of the
following standards which have had no quantitative impact on the
financial statements:
-- IFRS 12: Disclosure of Interests in Other Entities
At the date of approval of these financial statements, the
following Standards and Interpretations which have not been applied
in these financial statements were in issue but not yet
effective:
-- IFRS 9: Financial Instruments
The Directors do not expect that the adoption of this Standard
will have a material impact on the financial statements of the
Group in future periods. Beyond the information above, it is not
practicable to provide a reasonable estimate of the effect of these
Standards until a detailed review has been completed.
The Annual Report and Financial Statements are available from
the Group's website (www.mulberry.com) or from the Company
Secretary at the Company's registered office, The Rookery,
Chilcompton, Bath, England, BA3 4EH.
3. Going concern
Mulberry (LSE:MUL)
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