REG - ASOS PLC - Final Results <Origin Href="QuoteRef">ASOS.L</Origin> - Part 2
20/10/2015 07:00
- Part 2: For the preceding part double click ID:nRST7448Ca
8,294 5,860
Amortisation of other intangible assets 14,760 9,501
Loss on disposal of non-current assets 4,893 150
Increase in inventories (32,111) (18,352)
Decrease/(increase) in trade and other receivables 2,300 (1,844)
Increase in trade and other payables 47,615 33,522
Share-based payments charge/(credit) 2,245 (2,813)
Other non-cash items 637 (297)
Income tax paid (2,837) (3,714)
Net cash generated from operating activities 93,056 68,659
Investing activities
Payments to acquire other intangible assets (32,470) (32,627)
Payments to acquire property, plant and equipment (17,926) (29,750)
Finance income 339 296
Acquisition of subsidiary, net of cash acquired - 182
Net cash used in investing activities (50,057) (61,899)
Financing activities
Proceeds from issue of ordinary shares - 563
Net cash inflow/(outflow) relating to Employee Benefit Trust 912 (3,914)
Finance expense (87) (65)
Net cash generated/(used in) from financing activities 825 (3,416)
Net increase in cash and cash equivalents 43,824 3,344
Opening cash and cash equivalents 74,340 71,139
Effect of exchange rates on cash and cash equivalents 1,027 (143)
Closing cash and cash equivalents 119,191 74,340
Notes to the financial information
For the year to 31 August 2015
1. Preparation of the audited condensed consolidated financial information
a) Basis of preparation
The condensed consolidated financial information for the year to 31 August
2015 has been prepared in accordance with the recognition and measurement
criteria of International Financial Reporting Standards ("IFRS") as adopted
for use in the European Union and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS. The accounting policies applied
are consistent with those set out in the ASOS Plc Annual Report and Accounts
for the year ended 31 August 2014.
The financial information contained within this preliminary announcement for
the years to 31 August 2015 and 31 August 2014 does not comprise statutory
financial statements within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year to 31 August 2014 have been filed with
the Registrar of Companies and those for the year to 31 August 2015 will be
filed following the Company's annual general meeting. The auditors' report on
the statutory accounts for each of the years to 31 August 2015 and 31 August
2014 is unqualified, does not draw attention to any matters by way of
emphasis, and does not contain any statement under section 498 of the
Companies Act 2006.
Going concern
The Directors have reviewed current performance and forecasts, combined with
expenditure commitments, including capital expenditure. After making
enquiries, the Directors have a reasonable expectation that the Group has
adequate financial resources to continue its current operations, including
contractual and commercial commitments for the foreseeable future. For this
reason, they have continued to adopt the going concern basis in preparing the
financial statements.
In preparing the preliminary announcement, the Directors have also made
reasonable and prudent judgements and estimates and prepared the preliminary
announcement on the going concern basis. The preliminary announcement and
management report contained herein give a true and fair view of the assets,
liabilities, financial position and profit and loss of the Group.
Changes to accounting standards
There have been no changes to accounting standards during the year which have
had or are expected to have any significant impact on the Group.
2. Segmental analysis
IFRS 8 'Operating Segments' requires operating segments to be determined based
on the Group's internal reporting to the Chief Operating Decision Maker. The
Chief Operating Decision Maker has been determined to be the Executive Board
and has determined that the primary segmental reporting format of the Group is
geographical by customer location, based on the Group's management and
internal reporting structure.
The Executive Board assesses the performance of each segment based on revenue
and gross profit after distribution expenses, which excludes administrative
expenses.
Year to 31 August 2015
UK US EU RoW Total
£'000 £'000 £'000 £'000 £'000
Retail sales 473,884 119,530 293,983 232,549 1,119,946
Delivery receipts 11,496 3,660 5,085 5,426 25,667
Third party revenues 4,403 755 17 - 5,175
Internal revenues 39 - 336 3,067 3,442
Total segment revenue 489,822 123,945 299,421 241,042 1,154,230
Eliminations (39) - (336) (3,067) (3,442)
Total revenue 489,783 123,945 299,085 237,975 1,150,788
Cost of sales (260,709) (49,301) (151,783) (114,196) (575,989)
Gross profit 229,074 74,644 147,302 123,779 574,799
Distribution expenses (52,825) (38,382) (40,761) (36,713) (168,681)
Segment result 176,249 36,262 106,541 87,066 406,118
Administrative expenses (365,157)
Net other income 6,299
Operating profit 47,260
Finance income 353
Finance expense (81)
Profit before tax 47,532
Internal revenues relate largely to sale of stock by ASOS.com to ASOS
(Shanghai) Commerce Co. Limited.
Year to 31 August 2014
UK US EU RoW Total
£'000 £'000 £'000 £'000 £'000
Retail sales 372,241 92,311 256,385 234,358 955,295
Delivery receipts 7,412 1,773 3,162 3,604 15,951
Third party revenues 4,224 - - - 4,224
Internal revenues 111 - - 7,654 7,765
Total segment revenue 383,988 94,084 259,547 245,616 983,235
Eliminations (111) - - (7,654) (7,765)
Total revenue 383,877 94,084 259,547 237,962 975,470
Cost of sales (207,853) (40,137) (126,460) (116,013) (490,463)
Gross profit 176,024 53,947 133,087 121,949 485,007
Distribution expenses (39,618) (28,804) (37,062) (41,819) (147,303)
Segment result 136,406 25,143 96,025 80,130 337,704
Administrative expenses (294,108)
Net other income 3,050
Operating profit 46,646
Finance income 312
Finance expense (57)
Profit before tax 46,901
Due to the nature of its activities, the Group is not reliant on any
individual major customers.
No analysis of the assets and liabilities of each operating segment is
provided to the Chief Operating Decision Maker in the monthly management
accounts therefore no measure of segments assets or liabilities is disclosed
in this note. There are no material non-current assets located outside the
UK.
3. Net other income
Net other income recognised during the year to 31 August 2015 relates to final
business interruption reimbursements as a result of the fire in our main
distribution hub in June 2014. Amounts recognised during the year to 31 August
2014 related to insurance reimbursements related to stock loss and other
incremental costs plus a portion of business interruption losses.
Year to 31 August 2015 Year to 31 August 2014
£'000 £'000
Stock loss and other incremental costs - (8,486)
Insurance reimbursements 6,299 11,536
Total 6,299 3,050
At 31 August 2014, the Group disclosed a contingent asset in relation to these
expected final business interruption reimbursements. This contingent asset no
longer exists as at 31 August 2015 as a result of the reimbursements received
above.
4. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
the owners of the parent company by the weighted average number of ordinary
shares in issue during the year. Own shares held by the Employee Benefit Trust
and Capita Trust are eliminated from the weighted average number of ordinary
shares.
Diluted earnings per share is calculated by dividing the profit attributable
to the owners of the parent company by the weighted average number of ordinary
shares in issue during the period, adjusted for the effects of potentially
dilutive share options.
Year to 31 August 2015 Year to 31 August 2014
No. of shares No. of shares
Weighted average share capital
Weighted average shares in issue for basic earnings per share 82,963,517 82,845,587
Weighted average effect of dilutive options 70,742 279,864
Weighted average shares in issue for diluted earnings per share 83,034,259 83,125,451
Year to 31 August 2015 Year to 31 August 2014
£'000 £'000
Earnings
Underlying earnings attributable to owners of the parent 36,866 36,950
Year to 31 August 2015 Year to 31 August 2014
Pence Pence
Earnings per share
Basic earnings per share 44.4 44.6
Diluted earnings per share 44.4 44.5
5. Reconciliation of cash and cash equivalents
Year to 31 August 2015 Year to 31 August 2014
£'000 £'000
Net movement in cash and cash equivalents 43,824 3,344
Opening cash and cash equivalents 74,340 71,139
Effect of exchange rates on cash and cash equivalents 1,027 (143)
Closing cash and cash equivalents 119,191 74,340
The Group has a £20m revolving loan credit facility which includes an
ancillary £10m guaranteed overdraft facility and which is available until
October 2018.
This information is provided by RNS
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