REG - B&M European - FY22 Interim Results
11/11/2021 07:00
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RNS Number : 0080S B&M European Value Retail S.A. 11 November 2021
11 November 2021
B&M European Value Retail S.A.
FY22 Interim Results Announcement
Strong sales and profit growth versus pre-pandemic levels
B&M European Value Retail S.A. ("the Group"), the UK's leading variety
goods value retailer, today announces its interim results for the 26 weeks to
25 September 2021.
HIGHLIGHTS
· Group revenues increased by +1.2% on prior year to £2,268.0m
(+1.4% constant currency(1)) or +26.8% on a two-year basis versus H1 FY20
· B&M UK fascia(2) revenue up +1.3% on prior year, with
like-for-like(3) ("LFL") revenues decreasing by (5.0)%
o On a two-year basis vs H1 FY20, LFL revenues were +16.8% as sales
densities remained significantly higher than pre-pandemic levels
· Gross margin in the B&M UK business was particularly strong,
driven by a change in the sales mix towards General Merchandise and high
sell-through across Spring/Summer seasonal ranges leading to limited markdown
activity
· Group adjusted EBITDA(4) of £282.2m on a pre-IFRS16 basis versus
£295.6m(5 )in the prior year, or £255.7m in the prior year on a comparable
basis when reflecting the voluntary charge relating to business rates
subsequently made in H2 FY21
o On a two-year basis versus H1 FY20, Group adjusted EBITDA(4) increased
+86.4% due to higher sales densities and a favourable sales mix
· Group statutory profit before tax (post-IFRS16) increased +2.4%
to £241.4m (H1 FY21: £235.6m(5)) and Group adjusted profit before tax(4)
(pre-IFRS16) decreased by (6.2)% to £238.0m (H1 FY21: £253.6m(5))
· Statutory diluted earnings per share of 19.0p (H1 FY21: 18.7p)
and adjusted diluted earnings per share(4) of 18.7p (H1 FY21: 20.1p)
· 14 gross new B&M UK store openings and 9 store closures in H1
FY22
· More challenging trading conditions in Heron Foods as average
transaction values for grocery shopping normalise to pre-pandemic levels, but
satisfactory earnings through careful cost control and cash discipline
· Strong strategic and financial progress in France, with 100 out
of 104 stores trading as B&M and adjusted EBITDA(4) of £11.4m (H1 FY21:
£2.7m)
· Group cash generated from operations was £201.7m (H1 FY21:
£403.2), reflecting a strong EBITDA performance and the impact of an earlier
build of inventory compared to the prior period
· Ordinary half year dividend(6) increased by 16.3% to 5.0p per
share (H1 FY21: 4.3p), to be paid on 17 December 2021
· Good stock availability heading into peak trading having
deliberately taken delivery of imported General Merchandise earlier than
normal, with supply chains across the Group remaining robust
· Ongoing evaluation of current leverage and cash position, in line
with our capital allocation framework
Simon Arora, Chief Executive, said,
"The Group has performed strongly throughout the first half of our financial
year, with customers continuing to be drawn to our value for money offer .
We have responded decisively to supply chain challenges by leveraging our
strong supplier relationships and we have improved in-store execution. As a
consequence, we are fully stocked heading into the Golden Quarter, with stores
already showcasing our excellent Christmas ranges. To colleagues across the
Group, I express my gratitude for their dedication, skill and commitment,
which have made these results possible.
Although the pathway to a 'new normal' remains uncertain and the industry
faces a number of supply and inflationary pressures as we enter the second
half of the financial year, we are very confident that the B&M Group is
well positioned to navigate these and will continue to be successful both in
the UK and in France."
Financial Results (unaudited)
H1 FY22 H1 FY21 Change
Number of stores
Group 1,097 1,059 +3.6%
B&M UK 686 657 +4.4%
Heron Foods 307 299 +2.7%
France 104 103 +1.0%
Total Group revenues £2,268.0m £2,242.1m +1.2%
B&M UK £1,909.5m £1,885.4m +1.3%
Heron Foods £203.1m £216.2m (6.1)%
France £155.4m £140.6m +10.6%
Total Group revenues at constant currency(1) - - +1.4%
Group adjusted EBITDA(4) £282.2m £295.6m(5) (4.6)%
B&M UK £257.4m £274.7m (6.3)%
Heron Foods £13.4m £18.3m (26.7)%
( )
France £11.4m £2.7m +324.9%
Group adjusted EBITDA(4) margin % 12.4% 13.2% (75) bps
Group adjusted profit before tax(4) £238.0m £253.6m (6.2)%
Group statutory profit before tax £241.4m £235.6m +2.4%
Adjusted diluted EPS(4) 18.7p 20.1p (7.2)%
Statutory diluted EPS 19.0p 18.7p +1.7%
Ordinary dividends(6) 5.0p 4.3p +16.3%
1. Constant currency comparison involves restating the prior year Euro
revenues using the same exchange rate as that used to translate the current
year Euro revenues.
2. References in this announcement to the B&M business includes
the B&M fascia stores in the UK except for the 'B&M Express' fascia
stores. References in this announcement to the Heron Foods business includes
both the Heron Foods fascia and B&M Express fascia convenience stores in
the UK.
3. One-year like-for-like revenues relate to the B&M UK estate
only (excluding wholesale revenues) and include each store's revenue for that
part of the current period that falls at least 14 months after it opened
compared with its revenue for the corresponding part of FY21. This 14 month
approach has been adopted as it excludes the two month halo period which new
stores experience following opening. Two-year like-for-like revenues also
relate to the B&M UK estate only, and includes each store's revenue for
that part of the current period that falls at least 26 months after it opened
compared with its revenue for the corresponding part of FY20.
4. The Directors consider adjusted figures to be more reflective of
the underlying business performance of the Group and believe that this measure
provides additional useful information for investors on the Group's
performance. Further details can be found in notes 3 and 4. Adjusted figures
exclude the impact of IFRS16.
5. In the prior year, H1 FY21 Group adjusted EBITDA of £295.6m did
not include a charge relating to business rates amounting to approximately
£40m. Subsequent to the H1 FY21 reporting period, the Group announced it
would forgo the UK Government business rates relief, with this amount being
charged in H2 FY21. Further details can be found in note 3.
6. Dividends are stated as gross amounts before deduction of
Luxembourg withholding tax which is currently 15%.
7. Net capital expenditure includes the purchase of property, plant
and equipment, intangible assets and proceeds of sale of any of those items.
These exclude IFRS16 lease liabilities.
8. Net debt was £654.6m at the period end. This reflects £746.9m of
gross debt netted against £92.3m of cash.
Analyst & Investor webcast & conference call
An Analyst & Investor only webcast and conference call in relation to
these FY22 Interim Results will be held today at 9.45am (UK).
The conference call can be accessed live via a dial-in facility on:
UK & International: +44 330 336 9128
US: +1 929 477 0402
Confirmation code: 5209689
A simultaneous audio webcast and presentation will be available via the
B&M corporate website at www.bandmretail.com (http://www.bandmretail.com)
Enquiries
B&M European Value Retail S.A.
For further information please contact +44 (0) 151 728 5400 Ext 5763
Simon Arora, Chief Executive
Alex Russo, Chief Financial Officer
Jonny Armstrong, Head of Investor Relations
Investor.relations@bandmretail.com
Media
For media please contact +44 (0) 207 379 5151
Sam Cartwright, Maitland
bmstores-maitland@maitland.co.uk (mailto:bmstores-maitland@maitland.co.uk)
This announcement contains statements which are or may be deemed to be
'forward-looking statements'. Forward-looking statements involve risks and
uncertainties because they relate to events and depend on events or
circumstances that may or may not occur in the future. All forward-looking
statements in this announcement reflect the Company's present view with
respect to future events as at the date of this announcement. Forward-looking
statements are not guarantees of future performance and actual results in
future periods may and often do differ materially from those expressed in
forward-looking statements. Except where required by law or the Listing Rules
of the UK Listing Authority, the Company undertakes no obligation to release
publicly the results of any revisions to any forward-looking statements in
this announcement that may occur due to any change in its expectations or to
reflect any events or circumstances arising after the date of this
announcement.
Notes to editors
B&M European Value Retail S.A. is a variety retailer with 686 stores in
the UK operating under the "B&M" brand, 307 stores under the "Heron Foods"
and "B&M Express" brands, and 104 stores in France operating under both
the "Babou" and "B&M" brands as at 25 September 2021. It was admitted to
the FTSE 100 index on 21 September 2020.
The B&M Group was founded in 1978 and listed on the London Stock Exchange
in June 2014. For more information please visit www.bmstores.co.uk
(http://www.bmstores.co.uk)
OVERVIEW OF FY22 INTERIM RESULTS
The Group performed strongly throughout the first half of the financial year,
executing its plans well and navigating a number of widely reported supply
chain challenges impacting the retail industry. In the core B&M UK
business, the two-year like-for-like sales performance suggests that many of
the new customers acquired during FY21 have been retained. Gross margin
performance was particularly strong due to a favourable sales mix and limited
end-of-season markdown activity across General Merchandise categories, whilst
performance in Grocery was also pleasing.
The Heron Foods business had a more challenging period, as average basket
spend normalised versus the 'stockpiling' seen at the start of the pandemic
last year. Despite ongoing volatility in trading patterns, performance has
been satisfactory and should improve over H2 FY22 as footfall gradually
recovers.
In France, the strong momentum from FY21 has continued and it has been another
six months of good progress against the strategic and financial objectives for
this year.
Financial performance
The Group financial statements have been prepared in accordance with IFRS16,
however underlying figures presented before the impact of IFRS16 continue to
be reported where they are relevant to understanding the performance of the
Group.
Group revenues for the 26 weeks ended 25 September 2021 grew by +1.2% to
£2,268.0m and by +1.4% on a constant currency basis(1). On a two-year basis
versus H1 FY20, Group revenues were +26.8% higher.
B&M UK
In the B&M UK fascia(2) business, revenues grew by +1.3% to £1,909.5m (H1
FY21: £1,885.4m). On a one-year basis, like-for-like(3) ("LFL") sales
decreased (5.0)%, which was relatively consistent across H1 with Q1 (4.4)% and
Q2 (5.6)% despite the weekly volatility of the prior year comparatives.
Two-year LFL sales in H1 were +16.8%, representing a significant increase in
pre-pandemic store sales densities.
In addition to strong LFL performance versus H1 FY20, the new store opening
programme also contributed to revenue growth, with the annualisation of 43
gross new stores opened last year plus 14 gross new openings in H1 FY22. The
performance of recent openings continues to be very strong, with both the FY21
and H1 FY22 cohorts of new stores delivering a higher store contribution
margin than the company average. New stores do not require a maturity period
to achieve profitability, due to the disruptive nature of the retail offer and
a capital light model, making the new store payback economics highly
attractive.
B&M UK revenues also included £24.0m of wholesale revenues (H1 FY21:
£20.4m), the majority of which represented sales made to the associate Centz
Retail Holdings Limited, a chain of 38 variety goods stores in the Republic of
Ireland.
Gross margins improved 153 bps year-on-year to 37.3% (H1 FY21: 35.8%), which
was above initial expectations at the start of the year. The performance of
higher margin General Merchandise and Seasonal categories was particularly
strong, with high sell-through rates leading to limited end of season
markdowns. Although there were favourable tailwinds in terms of consumer
demand once again in H1 FY22, the improved execution of categories such as
Homewares and Gardening has supported the sales mix shift seen in the B&M
UK business since the start of FY21.
Operating costs, excluding depreciation and amortisation, increased by 13.8%
to £454.8m (H1 FY21: £399.7m), representing 23.8% of revenues. On a
comparable basis versus H1 FY20, when operating costs were 24.6% of revenues,
this is an improvement of 76 bps. In H1 FY21, the B&M UK business
initially recognised the benefit of UK Government business rates relief,
amounting to c.£37m of operating costs not included in the prior year figure
above. In December 2020 the business decided to forgo this relief, meaning a
full year business rates charge was incurred in H2 FY21.
Transport and distribution costs, store colleague costs and rent were all
managed effectively as a percentage of revenues despite the slightly negative
LFL sales performance, as the business worked hard to retain much of the
operating leverage delivered in the prior year. The business has a
long-standing shipping partner for goods sourced out of Asia, with freight
rates fixed at contracted rates and service levels and availability remaining
strong throughout H1.
Adjusted EBITDA(4) decreased by (6.3)% to £257.4m (H1 FY21: £274.7m), with
adjusted EBITDA(4 )margin decreasing by (109) bps to 13.5% (H1 FY21:
14.6%). When compared to H1 FY20, adjusted EBITDA(4 )has increased 87.4%
with a margin expansion of 405 bps over that two-year period, driven by higher
sales densities, a sales mix shift towards General Merchandise and unusually
limited markdown activity versus pre-pandemic levels as noted above.
Heron Foods
The discount convenience chain, Heron Foods(2), generated revenues of £203.1m
(H1 FY21: £216.2m). This performance was satisfactory given the elevated
comparatives from H1 FY21 and average transaction values normalising.
Adjusted EBITDA(4) decreased by (26.7)% to £13.4m (H1 FY21: £18.3m) with an
adjusted EBITDA(4) margin of 6.6%, down (186) bps year-on-year (H1 FY21:
8.5%). On a two-year basis versus H1 FY20, the adjusted EBITDA(4) margin has
remained stable, actually improving slightly by 6 bps.
France
In France, revenues increased by 10.6% to £155.4m (H1 FY21: £140.6m). This
represented a strong performance given there were 6 weeks of 'soft lockdown'
restrictions in force at the start of the financial year. These restrictions
were lifted in full on 19 May 2021, with encouraging LFL revenue growth since
then.
Gross margin increased by 390 bps to 45.8% (H1 FY21: 41.9%), driven by a
strong performance of General Merchandise categories such as Homewares and
Seasonal, alongside the ongoing reduction in Clothing and Footwear sales.
Adjusted EBITDA(4) increased significantly to £11.4m (H1 FY21: £2.7m),
representing an adjusted EBITDA(4) margin of 7.3%.
At the end of H1 FY22 the French estate consisted of 104 stores in total, of
which 100 were under the B&M banner. The performance of the re-branded
locations continues to be encouraging, and the local team remain focused on
maintaining recent momentum in H2 FY22, subject to any potential Covid-19
restrictions which may be re-introduced.
Group
Group adjusted EBITDA(4) decreased (4.6)% to £282.2m (H1 FY21: £295.6m(5)),
representing an adjusted EBITDA(4) margin of 12.4% (H1 FY21: 13.2%), a
reduction of just (75) bps year-on-year despite the prior period not having UK
business rates charges. When compared to pre-pandemic levels of H1 FY20,
Group adjusted EBITDA(4) has increased 86.4% with a margin expansion of 398
bps over that two-year period.
Depreciation and amortisation expenses, excluding the impact of IFRS16, grew
by 6.7% to £32.1m (H1 FY21: £30.1m). This was due to continued investment
in new stores across all fascias, with 38 more stores year-on-year across the
Group at the end of H1.
In relation to finance costs, excluding IFRS16, the adjusted net interest
charge increased slightly to £12.0m (H1 FY21: £11.9m). The IFRS16 lease
interest charge for the period was £29.9m (H1 FY21: £30.6m).
The Group's adjusted profit before tax(4) decreased by (6.2)% to £238.0m (H1
FY21: £253.6m), whilst statutory profit before tax increased by 2.4% to
£241.4m (H1 FY21: £235.6m). The impact of IFRS16 on the Group interim
financial statements was to decrease profit before tax by £6.6m.
Capital expenditure, cashflow and leverage
Group net capital expenditure(7), excluding IFRS16 right-of-use asset
additions, was £43.0m (H1 FY21: £31.5m). This included £12.2m spent on 23
new stores opened in the first half across the Group (H1 FY21: £14.2m on 20
stores), £18.4m on maintenance works to ensure that our existing store estate
and warehouses are appropriately invested (H1 FY21: £9.0m), and a total of
£12.4m on infrastructure projects and 3 opportunistic freehold acquisitions
to support the continued growth of the business (H1 FY21: £8.3m).
Cash generated from operations was £201.7m (H1 FY21: £403.2), reflecting a
strong EBITDA performance and the impact on working capital of an earlier
build of inventory compared to the prior period.
The Group remains comfortably within its stated leverage ceiling of 2.25x,
with a net debt(8) to last-twelve-months adjusted EBITDA(4) ratio of 1.1x at
the end of H1 FY22 (H1 FY21: 0.7x), calculated on a pre-IFRS16 basis. The
current leverage and cash position continues to be evaluated in line with the
Group's capital allocation framework.
Dividend
An Ordinary interim dividend of 5.0p(6) per Ordinary Share will be paid on 17
December 2021 to shareholders on the register at 19 November 2021. The
ex-dividend date will be 18 November 2021. The dividend payment will be
subject to a deduction of Luxembourg withholding tax of 15%.
Shareholders and Depository Interest holders can obtain further information on
the methods of receiving their dividends on our website www.bandmretail.com
(http://www.bandmretail.com) or by visiting the website of our Registrar,
Capita Asset Services at www.capitashareportal.com
(http://www.capitashareportal.com) .
Strategic performance
Whilst the macroeconomic backdrop has continued to be uncertain, with a number
of well-documented challenges being experienced by the sector, the Group has
remained focused on delivering its strategic priorities. In this regard, H1
FY22 has been another period of strong execution and pleasing progress across
all four strategic pillars as outlined below.
1. Delivering great value to our customers
B&M is all about providing consistently great value on the things
customers buy regularly for their homes and families. Only the best sellers
are stocked in any category, so there is always something that shoppers will
want or need that can be bought quickly, cheaply and conveniently in store.
Alongside great value, B&M also offers constant newness with typically 100
new lines added each week, predominantly across General Merchandise
categories. This remains a crucial part of the appeal of B&M, as
customers often make impulse purchases in store regardless of their initial
reason for visiting. The combination of "Big Brands, Big Savings" alongside
increasingly popular own-branded General Merchandise ranges, such as Homewares
and Seasonal, makes for a compelling customer proposition.
Last year, B&M saw a number of new customers discover the brand. In
particular, the socio-economic profile of these customers included large
numbers of middle-income households, suggesting the appeal of value retailing
was broadening to encompass slightly more affluent consumers who may not need
a bargain, but certainly enjoy a bargain.
The strong two-year LFL sales performance of +16.8% in H1 FY22, which was
broad based across a number of product categories, would suggest that many of
those new shoppers from FY21 are continuing to shop with B&M.
Spring/Summer seasonal ranges were particularly successful this year. At the
very start of the financial year, a combination of favourable Spring weather
and Covid-related restrictions led to early demand for Gardening products.
Demand remained strong through the Summer months even after the lifting of
restrictions, such that the sell-through of General Merchandise ranges was
high. End of season markdown activity was therefore limited and further
contributed to a gross margin out-performance for the first half as a whole.
These factors create an exciting opportunity for B&M to hold on to market
share gains over the past two years, and take further steps to cement its
position as a destination store for value for money General Merchandise.
2. Investing in new stores
The Group remains committed to investing in new stores across all its
geographies and fascias.
In the core B&M UK business, 14 gross new stores were opened across the
UK. The business continues to be selective in its store estate, regarding
quality as important as quantity.
There were 9 closures in H1 FY22, of which 2 were relocations, meaning that
there was a net increase of 5 stores overall. The closed stores were typically
opened over a decade ago and were in catchments where a larger, more modern
store had been opened in a prior financial year and which is delivering
materially superior returns.
Looking ahead to H2 FY22, the new store pipeline remains healthy. There is a
risk, however, that up to 5 stores included in the original expectation of 45
gross new stores for FY22 may now fall into early FY23, due to the current
moratorium on tenant evictions until 25 March 2022. Longer term, the
business still has a long runway of growth from the current base of 686
B&M fascia stores to the stated UK store target of 950 stores. Moreover,
given the sustained increase in sales densities in existing stores versus
pre-pandemic levels, this rollout target appears conservative.
Heron Foods opened 8 gross new stores and closed 7 stores in H1 FY22, bringing
the total to 307. These closures included 3 stores that had been
unprofitable since opening, and 4 relocations where there was an opportunity
to move to a more attractive site within the same local catchment area.
Heron Foods remains on track to achieve 15 gross new stores in the financial
year as a whole. The pace of rollout in Heron Foods will always be slower
than that of the core B&M UK fascia due to the geographical clustering of
locations required to support convenience food retailing. Notwithstanding
those constraints, the Heron Foods store estate has the potential to be
multiple times larger than its current size over the longer term, and the
Group is committed to carefully expanding its UK footprint.
In France, the operational priority has been very much on converting the
existing Babou portfolio, rather than pursuing a rollout of new stores. In
that regard, a further 45 stores were re-branded during H1 FY22 such that at
the end of the period only 4 out of the total of 104 stores in France remained
under the "Babou" brand.
3. Developing the international business
In France, H1 FY22 has been another period of pleasing operational execution
by the local team. For the first 6 weeks of the financial year, the business
operated under lockdown restrictions imposed by the French Government during
which only essential goods could be sold. Despite this, France has delivered
strong sales growth, a step-up in adjusted EBITDA(4) quantum and margin, and
significant progress against its strategic priorities.
The evolution of the product offer towards that of B&M is now well
advanced. As planned, Clothing & Footwear ranges were reduced further
and represented only c.14% of the sales mix in H1 FY22. Much like in the UK,
the performance of General Merchandise categories such as Homewares was very
strong, such that the business was awarded "Best Store for Home Decoration
& Gifts" in the annual "Best Store Chain in France" survey of 655,000
shoppers and despite the B&M brand being new in the market. Synergies
from working alongside the UK buying teams and leveraging the B&M supply
chain are now well embedded.
The product range changes have complemented the successful programme of
re-brands, as noted above. When re-branding the store fascia, the internal
layout has also been made more akin to that of a B&M store in the UK,
facilitating an improved customer experience and better store standards. The
remaining 4 stores branded "Babou" will all be converted before the end of the
calendar year.
With strong foundations now in place, the upcoming Golden Quarter takes on
particular importance for the French team. Notwithstanding the potential for
Covid-related restrictions to return, the Group is optimistic that recent
momentum will be sustained and another strong performance will be delivered in
the second half.
Performance in H1 FY22 has reaffirmed the Groups conviction that its
aspirations for the French business are achievable. This includes delivering
a 7% adjusted EBITDA margin for the business. Achieving this will require a
clear focus, and as such no other international geographies are currently
being evaluated so as to not risk management distraction.
4. Investing in people and infrastructure
The Group operates an in-house Transport and Distribution operation, which is
well invested and scalable. As such, whilst there have been minor instances
of labour shortages and some cost inflation in this part of the business, the
Group's cost structure and business model are such that these costs are not as
significant as at some competitors, particularly those multi-channel retailers
with significant online operations.
The existing network of five main B&M UK Distribution Centres remains
adequate to service the sustained increase in sales volumes versus
pre-pandemic levels. With productivity at the Bedford facility targeted to
improve, no large-scale capital investment in additional capacity is
anticipated in the near term, albeit there will be investment in a new
Warehouse Management System to underpin the continued growth of the B&M UK
business.
Given the sustained demand for larger, higher ticket General Merchandise items
over the past two years the business has been evaluating what opportunities
may exist to access new customers and incremental revenue streams. As such,
B&M is planning an online trial where a curated range of products will be
made available for home delivery, with an anticipated launch date in calendar
year 2022.
Developing colleagues remains an integral part of the Group's success, for
example through the "Step Up" programme for store managers and a "Warehouse to
wheels" initiative aimed at offering training opportunities for warehouse
colleagues to become HGV drivers.
The Group created over 550 new retail jobs in H1 FY22 through its new store
opening programme in the UK. It currently has over 1,500 colleagues working
under the Government's "Kickstart" programme which aims to help long-term
unemployed people get back into work in their local communities, and a further
141 colleagues enrolled on to various apprenticeships.
On 9 November 2021, Paula MacKenzie was welcomed to the Board as a
Non-Executive Director. Paula brings with her a wealth of retail knowledge
and experience, and will contribute significantly to the ongoing growth of the
Group. Following the appointment, female representation at Board level is
now 43%, demonstrating the Board's commitment to diversity and inclusion.
Outlook
Having performed strongly in H1 FY22, the B&M UK fascia business will
annualise even higher comparatives from FY21 in H2. In the first six weeks
of Q3, one-year LFL sales have been (8.9)%, with the prior year six week
period seeing highly elevated sales due to unusually early Christmas
trading. On a two-year basis versus pre-pandemic levels of FY20, LFL sales
have been +14.7%. Inventory levels and in-store availability remain good,
having taken receipt of imported goods earlier than normal in direct response
to the well-reported supply chain constraints and shipping disruption in both
Asia and the UK. As such, the business remains focused on maintaining a very
strong two-year performance for the second half of the financial year.
In terms of gross margin, although the return of Seasonal markdown activity
did not materialise as expected in H1, it is too early to accurately predict
the extent to which this remains a feature in H2. It will largely be
determined by demand levels for Seasonal products seen over the peak Christmas
period, and this will be a key driver of the full year outturn. Like the
retail sector as a whole, the Group faces a number of potential cost headwinds
and inflationary pressures heading into 2022, but considers itself well
positioned to navigate these challenges due to its agile business model,
strong supplier relationships and customer value proposition. Given the strong
adjusted EBITDA(4) margin of 12.4% delivered in H1, the Group is confident of
maintaining profit margins materially above historical levels.
The new store pipeline for the B&M fascia in the UK remains healthy,
although there is a risk that up to 5 stores included in the original
expectation of 45 gross new stores for FY22 may be delayed until next
financial year. The Heron Foods business remains on track to open 15 gross
new stores this financial year, whilst in France we will continue to focus on
strong operational execution and laying the foundations for future growth.
Environmental, Social & Governance
The Group recognises the rising importance of Environmental, Social &
Governance ("ESG") considerations to all stakeholders. The Board and
Executive Management team continue to evaluate what the most appropriate
metrics and targets for a growth retailer such as B&M are, and to develop
an appropriate strategy. These include, but are not limited to:
· Reporting under the requirements of the Task Force for
Climate-related Financial Disclosures in FY22;
· Disclosing Scope 1, 2 and 3 carbon emissions and setting a long
term science based target for each;
· Ongoing rollout of LED lighting and Building Energy Management
Systems in stores to reduce our carbon footprint; and
· Having a positive impact on society through extending the reach
of B&M's value-for-money proposition to even more customers and creating
job opportunities across the Group.
Alongside this work, the Group has continued to play a key role in helping
customers navigate the economic impact of the pandemic on households with
limited budgets by offering value for money across a range of products. It
has also supported the regeneration of local communities through the opening
of 38 new stores and creation of over 550 new retail jobs. The Group
continues to invest in training, diversity and inclusion, as in part seen
above under the "Investing in people and infrastructure" section.
The Group looks forward to sharing the results of its ongoing ESG strategy
review in more detail as part of its FY22 Preliminary Results in June 2022.
Principal Risks and Uncertainties
There are a number of risks and uncertainties which could have a material
negative impact on the Group's performance over the remainder of the current
financial year. These could cause actual results to materially differ from
historical or expected results. The Board does not believe that these risks
and uncertainties are materially different to those published in the Annual
Report for the year ended 27 March 2021.
These risks comprise all those associated with the Covid-19 pandemic,
disruption in the supply chain, high levels of competition, the broader
economic environment and market conditions, failure to comply with laws and
regulations, inherent risks in international expansion, failure to maintain
and invest in key infrastructure, disruption to key IT systems, cyber security
and business continuity, fluctuations in commodity prices and cost inflation,
key management reliance, availability of suitable new stores and failure of
stock management controls.
Detailed explanations of these risks are set out on pages 24 to 32 of the
Annual Report 2021 which is available at
https://www.bandmretail.com/investors/presentations/year/2021
(https://www.bandmretail.com/investors/presentations/year/2021)
Response to voting at the 2021 Annual General Meeting ("AGM")
At the AGM in July 2021, all proposed resolutions were passed with strong
shareholder support. The Board did, however, note that the vote in favour of
the resolution to approve the Directors' Remuneration Report fell just below
the 80% level, and invited shareholders to provide feedback. In response, a
number of shareholders have since acknowledged the Board's willingness to
consider their views during the consultation process prior to the AGM, and
have expressed their continued support for the Board's overall approach to
Remuneration. The Board remains committed to shareholder engagement and will
continue to seek feedback from shareholders as part of an ongoing open and
constructive dialogue.
Simon Arora
Chief Executive
11 November 2021
Consolidated statement of Comprehensive Income
26 weeks ended 26 weeks ended
25 September 2021 26 September 52 weeks ended
2020 27 March
2021
Note £'000 £'000 £'000
Revenue 2 2,267,981 2,242,112 4,801,425
Cost of sales (1,419,925) (1,440,592) (3,031,455)
Gross profit 848,056 801,520 1,769,970
Administrative expenses (565,326) (518,926) (1,156,556)
Operating profit 282,730 282,594 613,414
Share of profits of investments in associates 600 - 1,795
Profit on ordinary activities before interest and tax 283,330 282,594 615,209
Finance costs on lease liabilities (29,918) (30,577) (61,411)
Other finance costs (12,139) (16,414) (28,654)
Finance income 92 33 295
Profit on ordinary activities before tax 241,365 235,636 525,439
Income tax expense 5 (50,791) (48,460) (97,335)
Profit for the period 190,574 187,176 428,104
Other comprehensive income for the period
Items that may be subsequently reclassified to profit or loss:
Exchange differences on retranslation of subsidiaries and associates 296 (52) (1,222)
Fair value movements recorded in the hedging reserve 18,167 (10,235) (20,393)
Tax effect of other comprehensive income (3,452) 1,859 4,509
Total comprehensive income for the period 205,585 178,748 410,998
Earnings per share
Basic earnings attributable to ordinary equity holders (pence) 4 19.0 18.7 42.8
Diluted earnings attributable to ordinary equity holders (pence) 4 19.0 18.7 42.7
All comprehensive income is from continuing operations and is fully
attributable to owners of the parent in all presented periods.
The accompanying accounting policies and notes form an integral part of these
financial statements.
Consolidated statement of Financial Position
Note 25 September 2021 26 September 2020
£'000 £'000 27 March
Assets 2021
£'000
Non-current
Goodwill 6 920,768 922,502 920,729
Intangible assets 6 118,642 118,882 118,240
Property, plant and equipment 7 350,008 312,383 336,364
Right-of-use assets 8 1,057,604 1,067,737 1,070,581
Investments accounted for using the equity method 5,079 5,700 4,479
Other receivables 7,208 7,680 7,084
Deferred tax asset 33,688 22,091 32,242
2,492,997 2,456,975 2,489,719
Current
Cash and cash equivalents 92,330 438,763 217,682
Inventories 886,903 695,904 605,126
Trade and other receivables 68,750 49,198 42,160
Other current financial assets 16,042 4,462 3,767
Income tax receivable 5,941 - -
1,069,966 1,188,327 868,735
Total assets 3,562,963 3,645,302 3,358,454
Equity
Share capital 9 (100,123) (100,073) (100,082)
Share premium (2,476,160) (2,474,858) (2,475,108)
Retained earnings (188,120) (378,324) (127,585)
Hedging reserve (7,216) (904) 7,499
Legal reserve (10,010) (10,010) (10,010)
Merger reserve 1,979,131 1,979,131 1,979,131
Foreign exchange reserve (7,109) (7,983) (6,813)
(809,607) (993,021) (732,968)
Non-current liabilities
Interest-bearing loans and borrowings 10 (698,650) (705,113) (723,736)
Lease liabilities (1,137,177) (1,143,393) (1,138,634)
Other liabilities - (483) -
Deferred tax liabilities (36,592) (26,327) (27,476)
Provisions (8,003) (788) (4,511)
(1,880,422) (1,876,104) (1,894,357)
Current liabilities
Interest-bearing loans and borrowings 10 (42,177) (55,076) (6,875)
Trade and other payables (644,310) (532,558) (524,260)
Lease liabilities (171,511) (160,985) (162,735)
Other financial liabilities - (6,115) (16,141)
Income tax payable (5,796) (14,256) (12,511)
Provisions (9,140) (7,187) (8,607)
(872,934) (776,177) (731,129)
Total liabilities (2,753,356) (2,652,281) (2,625,486)
Total equity and liabilities (3,562,963) (3,645,302) (3,358,454)
The accompanying accounting policies and notes form an integral part of this
financial information. The condensed financial statements were approved by the
Board of Directors on 10 November 2021 and signed on their behalf by:
S. Arora, Chief Executive Officer.
Consolidated statement of Changes in Shareholders' Equity
Share capital Share Retained Hedging Legal Merger Foreign Total
premium earnings reserve reserve reserve exchange Share-
reserve holders'
equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 28 March 2020 100,058 2,474,318 244,829 9,280 10,010 (1,979,131) 8,035 867,399
Ordinary dividend payments to owners - - (54,035) - - - - (54,035)
Effect of share options 15 540 354 - - - - 909
Total for transactions with owners 15 540 (53,681) - - - - (53,126)
Profit from continuing operations - - 187,176 - - - - 187,176
Other comprehensive income - - - (8,376) - - (52) (8,428)
Total comprehensive income for the period - - 187,176 (8,376) - - (52) 178,748
Balance at 26 September 2020 100,073 2,474,858 378,324 904 10,010 (1,979,131) 7,983 993,021
Ordinary dividend payments to owners - - (43,032) - - - - (43,032)
Special dividend payments to owners - - (450,330) - - - - (450,330)
Effect of share options 9 250 800 - - - - 1,059
Total for transactions with owners 9 250 (492,562) - - - - (492,303)
Profit from continuing operations - - 240,928 - - - - 240,928
Other comprehensive income - - 895 (8,403) - - (1,170) (8,678)
Total comprehensive income for the period - - 241,823 (8,403) - - (1,170) 232,250
Balance at 27 March 2021 100,082 2,475,108 127,585 (7,499) 10,010 (1,979,131) 6,813 732,968
Ordinary dividend payments to owners - - (130,107) - - - - (130,107)
Effect of share options 41 1,052 68 - - - - 1,161
Total for transactions with owners 41 1,052 (130,039) - - - - (128,946)
Profit for the period - - 190,574 - - - - 190,574
Other comprehensive income - - - 14,715 - - 296 15,011
Total comprehensive income for the period - - 190,574 14,715 - - 296 205,585
Balance at 25 September 2021 100,123 2,476,160 188,120 7,216 10,010 (1,979,131) 7,109 809,607
Consolidated statement of Cash Flows
26 weeks ended 26 weeks ended 52 weeks ended
25 September 2021 26 September 27 March
2020 2021
Note £'000 £'000 £'000
Cash flows from operating activities
Cash generated from operations 11 201,653 403,211 944,048
Income tax paid (59,221) (60,241) (117,422)
Net cash flows from operating activities 142,432 342,970 826,626
Cash flows from investing activities
Purchase of property, plant and equipment (48,227) (30,708) (86,606)
Purchase of intangible assets (1,476) (418) (1,312)
Business disposal net of cash disposed - 9,074 9,074
Disposal of interest in associate company - - 316
Proceeds from the sale of property, plant and equipment 6,783 6,159 6,448
Finance income received 92 33 295
Dividends received from associates - - 2,186
Net cash flows from investing activities (42,828) (15,860) (69,599)
Cash flows from financing activities
Newly issued corporate bonds net of bonds repaid 10 - 150,000 150,000
New group bank facilities net of bank facilities repaid 10 - (82,430) (82,121)
Net receipt/(repayment) of Group revolving bank loans 20,000 (120,000) (120,000)
Net repayment of Heron bank facilities (673) (1,089) (5,150)
Net (repayment)/receipt of government backed loan in France (8,371) 45,695 22,762
Net repayment of French bank facilities 10 (1,637) (288) (1,164)
Repayment of the principal in relation to right-of-use assets (63,179) (51,577) (140,790)
Payment of interest in relation to right-of-use assets (29,918) (30,577) (61,411)
Fees on refinancing 10 - (10,835) (10,797)
Other finance costs paid (11,955) (10,991) (23,186)
Receipt from exercise of employee share options - 30 30
Dividends paid to owners of the parent (130,107) (204,123) (697,485)
Net cash flows from financing activities (225,840) (316,185) (969,312)
Effects of exchange rate changes on cash and cash equivalents 884 561 2,690
Net (decrease)/increase in cash and cash equivalents (125,352) 11,486 (209,595)
Cash and cash equivalents at the beginning of the period 217,682 427,277 427,277
Cash and cash equivalents at the end of the period 92,330 438,763 217,682
Cash and cash equivalents comprise:
Cash at bank and in hand 92,330 438,763 217,682
Overdrafts - - -
92,330 438,763 217,682
Notes to the financial information
1 General information and basis of preparation
The results for the first half of the financial year have not been audited and
are prepared on the basis of the accounting policies set out in the Group's
last set of consolidated accounts released by the ultimate controlling party,
B&M European Value Retail S.A. (the "company"), a company listed on the
London Stock Exchange and incorporated in Luxembourg.
The financial information has been prepared in accordance with the Disclosure
and Transparency Rules of the Financial Conduct Authority (DTR) and with
International Accounting Standard (IAS) 34 'Interim Financial Reporting' as
endorsed by the European Union.
The Group's trade is general retail, with trading taking place in the UK and
France.
The principal accounting policies have remained unchanged from the prior
financial information for the Group for the period to 27 March 2021.
The financial statements for B&M European Value Retail S.A. for the period
to 27 March 2021 have been reported on by the Group auditor and delivered to
the Luxembourg Registrar of Companies. The audit report was unqualified.
The financial information is presented in pounds sterling and all values are
rounded to the nearest thousand (£'000), except when otherwise indicated.
This consolidated financial information does not constitute statutory
financial statements.
Basis of consolidation
This Group financial information consolidates the financial information of the
company and its subsidiary undertakings, together with the Group's share of
the net assets and results of associated undertakings, for the period from 28
March 2021 to 25 September 2021. Acquisitions of subsidiaries are dealt with
by the acquisition method of accounting. The results of companies acquired
are included in the consolidated statement of comprehensive income from the
acquisition date.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
· Power over the investee (i.e. existing rights that give it the
current ability to direct the relevant activities of the investee)
· Exposure, or rights, to variable returns from its involvement with
the investee, and
· The ability to use its power over the investee to affect its returns
When the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
· The contractual arrangement with the other vote holders of the
investee
· Rights arising from other contractual arrangements
· The Group's voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of
the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the statement of
comprehensive income from the date the Group gains control until the date the
Group ceases to control the subsidiary, excluding the situations as outlined
in the basis of preparation.
Going concern
As a value retailer, the Group is well placed to withstand volatility within
the economic environment. The Group's forecasts and projections, which are
prepared through to March 2023 and take into account reasonably possible
changes in trading performance show that the Group will trade within its
current banking facilities for that period.
The Group refinanced in July 2020 and the current banking facilities do not
mature until April 2025, with the current high yield bonds maturing in July
2025.
The Covid-19 pandemic has not had a material impact on this assessment, with
our UK stores remaining open and able to continue to trade profitably. Whilst
the French stores have had to close due to a national lockdown between 3 April
2021 and 19 May 2021, when open they have traded successfully and that segment
has returned a positive result for the year and is expected to continue to
grow successfully. The French stores do not make up a significant proportion
of the Group (see note 2).
After making enquiries and considering severe but plausible downside scenarios
the Directors are confident that the Group has adequate resources to remain a
going concern even in those circumstances.
Accordingly they continue to adopt the going concern basis in preparing these
financial statements.
Critical judgments and key sources of estimation uncertainty
There are no significant changes to the items listed in the 2021 Annual
Report.
2 Segmental information
IFRS 8 ('Operating segments') requires the Group's segments to be identified
on the basis of internal reports about the components of the Group that are
regularly reviewed by the chief operating decision maker to assess performance
and allocate resources across each reporting segment.
The chief operating decision maker has been identified as the executive
directors who monitor the operating results of the retail segments for the
purpose of making decisions about resource allocation and performance
assessment.
For management purposes, the Group is organised into three operating segments,
UK B&M, UK Heron and France B&M (previously France Babou) segments
comprising the three separately operated business units within the Group.
Items that fall into the corporate category, which is not a separate segment
but is presented to reconcile the balances to those presented in the main
statements, include those related to the Luxembourg or associate entities,
Group financing, corporate transactions, any tax adjustments and items we
consider to be adjusting (see note 3).
The average euro rate for translation purposes was €1.1648/£ during the
period, with the period end rate being €1.1673/£ (March 2021: €1.1203/£
and €1.1691; September 2020: €1.1161/£ and €1.0935/£ respectively).
26 week period to 25 September 2021 UK UK France Corporate
B&M Heron B&M Total
£'000 £'000 £'000 £'000 £'000
Revenue 1,909,499 203,083 155,399 - 2,267,981
EBITDA (note 3) 257,877 13,403 11,387 9,540 292,207
EBITDA (IFRS 16) (note 3) 339,371 19,070 27,370 9,540 395,351
Depreciation and amortisation (83,970) (11,054) (16,997) - (112,021)
Net finance expense (23,592) (1,158) (6,102) (11,113) (41,965)
Income tax (expense)/credit (42,896) (1,271) (1,274) (5,350) (50,791)
Segment profit/(loss) 188,913 5,587 2,997 (6,923) 190,574
Total assets 2,855,545 286,676 359,524 61,218 3,562,963
Total liabilities (1,588,165) (119,804) (257,446) (787,941) (2,753,356)
Capital expenditure* (38,557) (4,120) (7,026) - (49,703)
26 week period to 26 September 2020 UK UK France Corporate Total
B&M Heron B&M
£'000 £'000 £'000 £'000 £'000
Revenue 1,885,390 216,168 140,554 - 2,242,112
EBITDA (note 3) 276,053 18,291 2,680 (6,057) 290,967
EBITDA (IFRS 16) (note 3) 352,611 23,621 17,539 (6,057) 387,714
Depreciation and amortisation (78,211) (10,478) (16,431) - (105,120)
Net finance expense (24,228) (1,329) (6,186) (15,215) (46,958)
Income tax (expense)/credit (50,144) (2,244) 1,534 2,394 (48,460)
Segment profit/(loss) 200,028 9,570 (3,544) (18,878) 187,176
Total assets 2,929,493 295,742 390,167 29,900 3,645,302
Total liabilities (1,463,060) (121,246) (258,759) (809,216) (2,652,281)
Capital expenditure* (20,561) (5,267) (5,298) - (31,126)
52 week period to 27 March 2021 UK UK France Corporate Total
B&M Heron B&M
£'000 £'000 £'000 £'000 £'000
Revenue 4,077,564 414,777 309,084 - 4,801,425
EBITDA (note 3) 592,186 24,567 11,111 (4,954) 622,910
EBITDA (IFRS 16) (note 3) 758,082 35,014 42,314 (4,954) 830,456
Depreciation and amortisation (160,710) (20,386) (34,151) - (215,247)
Net finance expense (48,411) (2,527) (12,668) (26,164) (89,770)
Income tax (expense)/credit (106,896) (1,890) 1,239 10,212 (97,335)
Segment profit/(loss) 442,065 10,211 (3,266) (20,906) 428,104
Total assets 2,687,274 282,204 347,927 41,049 3,358,454
Total liabilities (1,476,745) (117,425) (239,863) (791,453) (2,625,486)
Capital expenditure* (65,203) (13,174) (9,541) - (87,918)
* Capital expenditure includes both tangible and intangible capital
Revenue is disaggregated geographically as follows:
Period to 26 weeks ended 25 September 2021 26 weeks ended 52 weeks ended 27 March
26 September 2020 2021
£'000 £'000 £'000
Revenue due to UK operations 2,112,582 2,101,558 4,492,341
Revenue due to French operations 155,399 140,554 309,084
Overall revenue 2,267,981 2,242,112 4,801,425
The Group operates a small wholesale operation, with the relevant
disaggregation of revenue as follows:
Period to 26 weeks ended 25 September 2021 26 weeks ended 52 weeks ended 27 March
26 September 2020 2021
£'000 £'000 £'000
Revenue due to sales made in stores 2,243,961 2,221,699 4,754,031
Revenue due to wholesale activities 24,020 20,413 47,394
Overall revenue 2,267,981 2,242,112 4,801,425
3 Reconciliation of non-IFRS measures from the statement of
comprehensive income
The Group reports a selection of alternative performance measures as detailed
below. The Directors believe that these measures provide additional
information that is useful to the users of the accounts.
EBITDA, adjusted EBITDA and adjusted profit are non-IFRS measures and
therefore we provide a reconciliation of these amounts to the statement of
comprehensive income below.
Period to 26 weeks ended 25 September 2021 26 weeks ended 52 weeks ended 27 March
26 September 2020 2021
£'000 £'000 £'000
Profit on ordinary activities before interest and tax 283,330 282,594 615,209
Add back depreciation and amortisation 112,021 105,120 215,247
EBITDA (IFRS 16) 395,351 387,714 830,456
Exclude effects of IFRS 16 on administrative expenses (103,144) (96,747) (207,546)
EBITDA 292,207 290,967 622,910
Reverse the effect of ineffective derivatives (10,250) 6,242 6,775
Foreign exchange on intercompany balances 194 (1,569) 3,219
Release of exceptional French stock provision - - (6,505)
Adjusted EBITDA 282,151 295,640 626,399
Pre IFRS 16 depreciation and amortisation (32,135) (30,127) (62,413)
Net adjusted finance costs (see below) (12,047) (11,863) (23,841)
Adjusted profit before tax 237,969 253,650 540,145
Adjusted tax (50,858) (52,171) (105,644)
Adjusted profit for the period 187,111 201,479 434,501
All adjusted profit for the period is fully attributable to owners of the
parent.
Adjusted EBITDA (IFRS 16) and Adjusted Profit (IFRS 16) are calculated as
follows. These are the statements of adjusted profit that includes the effects
of IFRS 16.
Period to 26 weeks ended 25 September 2021 26 weeks ended 52 weeks ended 27 March
26 September 2020 2021
£'000 £'000 £'000
Adjusted EBITDA (above) 282,151 295,640 626,399
Include effects of IFRS 16 on EBITDA 103,144 96,747 207,546
Adjusted EBITDA (IFRS 16) 385,295 392,387 833,945
Depreciation and amortisation (112,021) (105,120) (215,247)
Interest costs related to lease liabilities (29,918) (30,577) (61,411)
Net adjusted other finance costs (12,047) (11,863) (23,841)
Adjusted profit before tax (IFRS 16) 231,309 244,827 533,446
Adjusted tax (48,351) (50,481) (106,617)
Adjusted profit for the period (IFRS 16) 182,958 194,346 426,829
Net adjusted finance costs reconcile to finance costs in the statement of
comprehensive income as follows;
Period to 26 weeks ended 25 September 2021 26 weeks ended 52 weeks ended 27 March
26 September 2020 2021
£'000 £'000 £'000
Other finance costs from the statement of comprehensive income (12,139) (16,414) (28,654)
Add back one-off costs of refinancing - 4,518 4,518
Finance income from the statement of comprehensive income 92 33 295
Net adjusted finance costs (12,047) (11,863) (23,841)
Adjusting items are the effects of derivatives, one off refinancing fees,
foreign exchange on the translation of intercompany balances and the effects
of revaluing or unwinding balances related to the acquisition of subsidiaries.
Adjusted tax represents the tax charge per the statement of comprehensive
income as adjusted only for the effects of the adjusting items detailed above.
All adjusting items are considered to relate to the corporate segment.
In December 2020 the Group announced that we would voluntarily repay the
business rates relief granted to B&M by the Government for FY21. At the
half year to September 2020 the additional rates that would have been accrued
totalled £39.9m (£37.1m B&M, £2.8m Heron).
In order to aid comparability we present key statistics for the half year to
September 2020 adjusted for these business rates as follows:
As Reported Adjustment Revised
£'000 £'000 £'000
Profit before tax 235,636 (39,911) 195,725
Profit after tax 187,176 (32,328) 154,848
Adjusted EBITDA 295,640 (39,911) 255,729
Adjusted profit before tax 253,650 (39,911) 213,739
Adjusted profit after tax 201,479 (32,328) 169,151
Adjusted EBITDA and related measures are not measures of performance or
liquidity under IFRS and should not be considered in isolation or as a
substitute for measures of profit, or as an indicator of the Group's operating
performance or cash flows from operating activities as determined in
accordance with IFRS.
4 Earnings per share
Basic earnings per share amounts are calculated by dividing the net profit for
the financial period attributable to ordinary equity holders of the parent by
the weighted average number of ordinary shares outstanding at each period end.
Diluted earnings per share amounts are calculated by dividing the net profit
attributable to ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during each year plus the weighted
average number of ordinary shares that would be issued on conversion of any
dilutive potential ordinary shares into ordinary shares.
Adjusted (and adjusted (IFRS 16)) basic and diluted earnings per share are
calculated in the same way as above, except using adjusted profit attributable
to ordinary equity holders of the parent, as defined in note 3.
There are share option schemes in place which have a dilutive effect on all
periods presented. The increase in the number of shares used in the
calculation of the basic earnings per share is due to the exercise of some of
these options.
The following reflects the income and share data used in the earnings per
share computations:
Period to 25 September 2021 26 September 2020
27 March
2021
£'000 £'000 £'000
Profit for the period attributable to owners of the parent 190,574 187,176 428,104
Adjusted profit for the period attributable to owners of the parent 187,111 201,479 434,501
Adjusted (IFRS 16) profit for the period attributable to owners of the parent 182,958 194,346 426,829
Thousands Thousands Thousands
Weighted average number of ordinary shares for basic loss per share 1,000,894 1,000,627 1,000,695
Effect of dilution:
Employee share options 1,740 1,220 1,382
Weighted average number of ordinary shares adjusted for the effect of dilution 1,002,634 1,001,847 1,002,077
Pence Pence Pence
Basic earnings per share 19.0 18.7 42.8
Diluted earnings per share 19.0 18.7 42.7
Adjusted basic earnings per share 18.7 20.1 43.5
Adjusted diluted earnings per share 18.7 20.1 43.4
Adjusted IFRS 16 basic earnings per share 18.3 19.4 42.7
Adjusted IFRS 16 diluted earnings per share 18.2 19.4 42.6
Diluted earnings per share after adjusting for waived rates relief for the 26
weeks to 26 September 2020 (see note 3) were 15.5p (adjusted diluted earnings
per share: 16.9p).
5 Taxation
The continuing tax charge for the interim period has been calculated on the
basis of the corporation tax rate for the full year of 19% (UK) and 28.5%
(France) and then adjusted for allowances and non-deductibles in line with the
prior year.
6 Intangible assets
Goodwill Software Brands Other Total
£'000 £'000 £'000 £'000 £'000
Cost or valuation
At 28 March 2020 921,911 10,010 115,274 1,113 1,048,308
Additions - 418 - - 418
Disposals - - - - -
Effect of retranslation 591 6 93 25 715
At 26 September 2020 922,502 10,434 115,367 1,138 1,049,441
Additions - 894 - - 894
Disposals - - - - -
Effect of retranslation (1,773) (18) (277) (74) (2,142)
At 27 March 2021 920,729 11,310 115,090 1,064 1,048,193
Additions - 1,476 - - 1,476
Disposals - - - - -
Effect of retranslation 39 - 7 2 48
At 25 September 2021 920,768 12,786 115,097 1,066 1,049,717
Accumulated amortisation / impairment
At 28 March 2020 - 6,095 606 - 6,701
Charge for the period - 1,132 202 - 1,334
Disposals - - - - -
Effect of retranslation - 6 16 - 22
At 26 September 2020 - 7,233 824 - 8,057
Charge for the period - 1,038 199 - 1,237
Disposals - - - - -
Effect of retranslation - (14) (56) - (70)
At 27 March 2021 - 8,257 967 - 9,224
Charge for the period - 888 194 - 1,082
Disposals - - - - -
Effect of retranslation - - 1 - 1
At 25 September 2021 - 9,145 1,162 - 10,307
Net book value at 25 September 2021 920,768 3,641 113,935 1,066 1,039,410
Restated net book value at 27 March 2021 920,729 3,053 114,123 1,064 1,038,969
Net book value at 26 September 2020 922,502 3,201 114,543 1,138 1,041,384
Impairment reviews of the B&M UK, Heron and B&M France segments were
carried out at the year end, see the 2021 annual report for further details.
Management have judged that there are no identifiable triggers for a further
impairment test in any of the three segments to be carried out. Full
impairment tests will next be carried out at the Groups next year end date of
26 March 2022.
7 Property, plant and equipment
Land and buildings Motor Vehicles Plant, Total
fixtures and equipment
£'000 £'000 £'000 £'000
Cost or valuation
At 28 March 2020 85,803 15,900 380,432 482,135
Additions 6,230 1,383 23,095 30,708
Disposals (3,427) (257) (2,849) (6,533)
Effect of retranslation - 1 861 862
At 26 September 2020 88,606 17,027 401,539 507,172
Additions 11,479 3,214 41,205 55,898
Disposals (306) (830) (3,153) (4,289)
Effect of retranslation - (1) (2,730) (2,731)
At 27 March 2021 99,779 19,410 436,861 556,050
Additions 16,525 1,190 30,512 48,227
Disposals (4,301) (155) (2,478) (6,934)
Effect of retranslation - - 49 49
At 25 September 2021 112,003 20,445 464,944 597,392
Accumulated depreciation
At 28 March 2020 19,470 5,085 145,382 169,937
Charge for the period 2,024 1,516 23,877 27,417
Disposals (198) (219) (2,440) (2,857)
Effect of retranslation - - 292 292
At 26 September 2020 21,296 6,382 167,111 194,789
Charge for the period 2,149 2,234 25,357 29,740
Disposals (244) (590) (2,981) (3,815)
Effect of retranslation - - (1,028) (1,028)
At 27 March 2021 23,201 8,026 188,459 219,686
Charge for the period 2,243 1,338 26,348 29,929
Disposals (215) (128) (1,906) (2,249)
Effect of retranslation - - 18 18
At 25 September 2021 25,229 9,236 212,919 247,384
Net book value at 25 September 2021 86,774 11,209 252,025 350,008
Net book value at 27 March 2021 76,578 11,384 248,402 336,364
Net book value at 26 September 2020 67,310 10,645 234,428 312,383
8 Right of use assets
Land and buildings Motor vehicles Plant, Total
fixtures and equipment
£'000 £'000 £'000 £'000
Net book value
At 28 March 2020 1,061,273 17,866 7,479 1,086,618
Additions 54,420 57 1,799 56,276
Modifications 2,642 2 - 2,644
Disposals (3,927) (19) (47) (3,993)
Impairment (1,134) - - (1,134)
Depreciation (71,513) (3,062) (1,795) (76,370)
Foreign exchange 3,781 6 (91) 3,696
As at 26 September 2020 1,045,542 14,850 7,345 1,067,737
Additions 98,265 2,706 1,228 102,199
Modifications 4,037 - - 4,037
Disposals (8,874) (36) (62) (8,972)
Impairment (4,008) - - (4,008)
Depreciation (74,274) (3,072) (1,803) (79,149)
Foreign exchange (11,181) (18) (64) (11,263)
As at 27 March 2021 1,049,507 14,430 6,644 1,070,581
Additions 63,871 157 423 64,451
Modifications 10,283 - - 10,283
Disposals (6,931) - (20) (6,951)
Depreciation (76,509) (2,881) (1,620) (81,010)
Foreign exchange 239 - 11 250
As at 25 September 2021 1,040,460 11,706 5,438 1,057,604
The vast majority of the Group's leases are in relation to the property
comprising the store and warehouse network for the business. The other leases
recognised are trucks, trailers, company cars, manual handling equipment and
various fixtures and fittings. The leases are separately negotiated and no
subgroup is considered to be individually significant nor to contain
individually significant terms.
The Group recognises a lease term appropriate to the business expectation of
the term of use for the asset which usually assumes that all extension clauses
are taken, and break clauses are not, unless the business considers there is a
good reason to recognise otherwise.
9 Share capital
Nominal value Number of shares
Allotted, called up and fully paid £'000
B&M European Value Retail S.A. Ordinary shares of 10p each;
At 28 March 2020 100,058 1,000,582,898
Shares issued due to exercise of employee share options 15 150,249
26 September 2020 100,073 1,000,733,147
Shares issued due to exercise of employee share options 9 86,541
At 27 March 2021 100,082 1,000,819,688
Shares issued due to exercise of employee share options 41 407,148
At 25 September 2021 100,123 1,001,226,836
Ordinary Shares
Each ordinary share ranks pari passu with each other ordinary share and each
share carries one vote.
In addition to the issued share capital, the company has an authorised but
unissued share capital of 2,970,995,386 ordinary shares.
The outstanding share options can be summarised as follows;
25 September 2021 26 September 2020 27 March
2021
Vested, available to exercise 112,901 285,027 87,046
Not vested, not subject to conditions (in holding) 712,600 346,876 357,664
Not vested, subject to conditions 2,282,682 2,286,801 2,292,268
Total outstanding share options 3,108,183 2,918,704 2,736,978
For the dilutive effect of these see note 4.
10 Financial liabilities - borrowings
25 September 2021 26 September 2020 27 March
2021
£'000 £'000 £'000
Current
Revolving facility bank loan 20,000 - -
French government backed loan facility 13,493 46,639 -
France other loan facilities 3,042 3,572 3,298
Heron loan facilities 5,642 4,865 3,577
42,177 55,076 6,875
Non-current
High yield bond notes 397,224 396,421 396,860
Term facility bank loan 296,721 295,830 296,257
French government backed loan facility - - 21,810
France loan facilities 4,705 7,350 6,071
Heron loan facilities - 5,512 2,738
698,650 705,113 723,736
Refinancing
In the prior year on 13 July 2020 the Group refinanced their main facilities
by repaying the previously existing £250m high yield bond notes, the £300m
term loan and the €92m acquisition facility, and drawing down a new main
facility of £300m and issuing £400m of high yield bonds. The maturity dates
on the new facilities are April 2025 and July 2025 respectively.
The previously held £150m revolving loan facility has also been replaced by a
£155m revolving loan facility which was not drawn on the date of the
refinancing.
£100m of the high yield bonds issued were purchased by a related party. See
note 13 for further details.
The carrying values given above include fees incurred on the refinancing which
are to be amortised over the terms of those facilities. More details of these
are given below.
In the prior year the following fees were expensed through other finance costs
in relation to the loans and bonds which have been repaid.
£'000
Remaining unamortised fees associated with the repaid term loan 845
Remaining unamortised fees associated with the repaid acquisition loan 65
Remaining unamortised fees associated with the repaid high yield bonds 983
Early repayment charge associated with the corporate bonds 2,578
Breakage fees 47
Total fees expensed through other finance costs 4,518
The following fees were incurred on refinancing and have been capitalised
within the debt balance, to be amortised over the term of the debt to which it
relates.
£'000
Capitalised fees relating to the term loan facility 4,348
Capitalised fees relating to the high yield bonds 3,742
Total fees capitalised within the debt balances 8,090
The figure on the cashflow of £10.8m includes the above £8.1m capitalised
fees, £2.6m early repayment/breakage charges and £0.1m of fees associated
with an earlier extension of the acquisition facility.
French government backed loan
In the prior year, in April 2020, the French government mandated that our
France stores were required to close as part of their response to the Covid-19
pandemic. As a mitigation they introduced government backed loans to assist
the company's affected by this measure. As a precaution and due to the
uncertainty over the progression of the virus and the impact on trade, the
Group's French entity took a €51m loan under this scheme.
The loan had an initial maturity of 1 year, which is interest free but
attracts a guarantor's fee of 0.5%.
The loan was refinanced in February 2021 such that €25.5m was repaid with
the remainder retained in order to cover continuing uncertainty over further
measures in relation to the pandemic.
The retained element has a maturity of April 2022, attracts a guarantor's fee
of 1.0% with an additional average interest rate margin of 0.2%. The balances
are held with a range of banks.
In September 2021 a further repayment was made reducing the outstanding
balance to €15.8m.
The loan is only for use in the French business, in respect to their working
capital cash flows, and as such the cash balance remains in that entity and
did not impact the Group refinancing decisions taken in that period.
Other loan details
The French loan facilities are held in Euros. All other borrowings are held in
sterling.
The term facility bank loan and high yield bonds have a book value lower than
the cash amount that is outstanding due to the allocation of fees to these
facilities on their inception.
The gross cash values of these facilities are £300m for the term facility
bank loan (Sept 20, Mar 21: £300m) and £400m for the high yield bonds (Sept
20, Mar 21: £400m). All other loans have book value equal to the gross cash
value.
The current applicable interest rates and maturities on the Group's loans are
as follows;
Interest rate Maturity
Revolving facility loan 1.75% + LIBOR Oct-21
Term facility bank loan A 2.00% + LIBOR Apr-25
High yield bond notes 3.625% Jul-25
Heron loan facilities - Melton 2.25% + LIBOR Jul-22
Heron loan facilities - Term 2.50% + LIBOR Dec-21
France - Government Guaranteed 1.1-1.34% Apr-22
France - BNP Paribas 0.75-0.76% Jul 23-Sep 24
France - Caisse d'Épargne 0.75-1.51% Feb 22-Oct 24
France - CIC 0.71-1.20% Nov 22-Jun 25
France - Crédit Agricole 0.39-0.81% Aug 23-Jan 28
France - Crédit Lyonnais 0.68-0.74% Nov 24-Apr 25
France - Société Générale 0.63% Jun-23
The term loan A and the high yield bond notes have carrying values which
include transaction fees allocated on inception.
The Group is currently undergoing a process to transition from LIBOR based
floating rates to SONIA based floating rates. This is not expected to have a
material impact on the accounts.
11 Reconciliation of profit before tax to cash generated from
operations
26 weeks ended 26 weeks ended 26 September 2020 52 weeks ended 27 March
25 September 2021 2021
£'000 £'000 £'000
Profit before tax 241,365 235,636 525,439
Adjustments for:
Net interest expense 41,965 46,958 89,770
Depreciation of property, plant and equipment 29,929 27,417 57,157
Depreciation of right of use assets 81,010 76,370 155,519
Impairment of right of use assets - - 5,142
Amortisation of intangible assets 1,082 1,334 2,571
(Gain)/loss on sale and leaseback (100) 142 142
Loss on disposal of property, plant and equipment 520 387 571
Charge on share options 1,161 879 1,937
Change in inventories (281,721) (106,445) (20,350)
Change in trade and other receivables (27,154) 3,519 8,985
Change in trade and other payables 120,424 111,143 105,898
Change in provisions 4,022 (371) 6,287
Share of profit from associates (600) - (1,795)
(Profit)/loss resulting from fair value of financial derivatives (10,250) 6,242 6,775
Cash generated from operations 201,653 403,211 944,048
.
12 Financial instruments
The fair value of the financial assets and liabilities of the Group are not
materially different from their carrying value. Refer to the table below.
As at 25 September 26 September 27 March
2021 2020 2021
Financial assets: £'000 £'000 £'000
Fair value through profit and loss
Forward foreign exchange contracts 6,917 1,015 2,416
Fair value through other comprehensive income
Forward foreign exchange contracts 9,125 3,447 1,351
Loans and receivables
Cash and cash equivalents 92,330 438,763 217,682
Trade receivables 22,377 17,073 13,298
Other receivables 15,149 15,667 6,376
As at 25 September 26 September 27 March
2021 2020 2021
Financial liabilities £'000 £'000 £'000
Fair value through profit and loss
Fuel price swap - 827 -
Forward foreign exchange contracts - 2,957 5,748
Fair value through other comprehensive income
Forward foreign exchange contracts - 2,331 10,393
Amortised cost
Lease liabilities 1,308,688 1,304,378 1,301,369
Interest-bearing loans and borrowings 740,827 760,189 730,611
Trade payables 477,741 400,226 352,707
Other payables 7,242 5,265 5,925
Financial instruments at fair value through profit and loss
The financial assets and liabilities through profit or loss reflect the fair
value of those foreign exchange forward contracts and fuel swaps that are
intended to reduce the level of risk for expected sales and purchases.
The forward foreign exchange and fuel derivative contracts have been valued by
the issuing bank, using a mark to market method. The bank has used various
inputs to compute the valuations and these include inter alia the relevant
maturity date and strike rates, the current exchange rate, fuel prices and
LIBOR levels.
The Group's financial instruments are either carried at fair value or have a
carrying value which is considered a reasonable approximation of fair value.
13 Related party transactions
The Group has transacted with the following related parties over the periods:
Multi-lines International Company Limited, a supplier, and Centz Retail
Holdings, a customer, are associates of the Group.
Ropley Properties Ltd, Triple Jersey Ltd, TJL UK Ltd, Rani Investments,
Fulland Investments Limited, Golden Honest International Investments Limited,
Hammond Investments Limited, Joint Sino Investments Limited and Ocean Sense
Investments Limited, all landlords of properties occupied by the Group, and
Rani 1 Holdings Limited, Rani 2 Holdings Limited and SSA Investments,
bondholders and beneficial owners of equipment hired to the Group, are
directly or indirectly owned by director Simon Arora, his family, or his
family trusts (together, the Arora related parties).
There was a significant new related party transaction in the prior period as
SSA Investments participated in the Corporate Bonds issued by the Group in
July 2020 by purchasing £100m of these 3.625% bonds with a five year
maturity. In December 2020 and February 2021, the bonds were transferred to
Rani 2 Holdings Limited (£50m) and Rani 1 Holdings Limited (£50m), also
related parties, respectively.
The following tables set out the total amount of trading transactions with
related parties included in the statement of comprehensive income;
26 weeks ended 26 weeks ended 52 weeks ended
25 September 2021 26 September 2020 27 March
£'000 £'000 2021
£'000
Sales to associates of the Group
Centz Retail Holdings Limited 23,597 18,924 44,938
Home Focus Group Limited - 962 1,050
Total sales to related parties 23,597 19,886 45,988
26 weeks ended 26 weeks ended 52 weeks ended
25 September 2021 26 September 2020 27 March
£'000 £'000 2021
£'000
Purchases from associates of the Group
Multi-lines International Company Ltd 137,812 98,267 230,472
Purchases from parties related to key management personnel
Fulland Investments Limited 106 - 107
Golden Honest International Investments Limited 101 - 44
Hammond Investments Limited 101 - 102
Joint Sino Investments Limited 101 - 102
Multi-Lines International (Properties) Ltd - 242 364
Ocean Sense Investments Limited 106 - 107
SSA Investments - - 150
Total sales to related parties 138,327 98,509 231,448
The Group previously held 20% of the ordinary share capital of Home Focus
Group Ltd, a company incorporated in Republic of Ireland and whose principal
activity is retail sales. This holding was sold in December 2020 for €350k,
which was equal to the carrying value at the time.
The IFRS 16 Lease figures in relation to the following related parties, which
are all related to key management personnel, are as follows;
Depreciation Interest Total Right of use Lease Net
charge charge charge asset liability liability
£'000 £'000 £'000 £'000 £'000 £'000
Period ended 25 September 2021
Rani Investments 44 29 73 566 (735) (169)
Ropley Properties 780 416 1,196 8,961 (12,966) (4,005)
TJL UK Limited 500 273 773 11,744 (13,724) (1,980)
Triple Jersey Limited 4,466 1,851 6,317 60,840 (75,597) (14,757)
5,790 2,569 8,359 82,111 (103,022) (20,911)
Period ended 26 September 2020
Rani Investments 42 31 73 654 (820) (166)
Ropley Properties 830 464 1,294 11,464 (14,459) (2,995)
TJL UK Limited 371 207 578 8,864 (10,341) (1,477)
Triple Jersey Limited 4,407 2,073 6,480 69,910 (84,971) (15,061)
5,650 2,775 8,425 90,892 (110,591) (19,699)
Period ended 27 March 2021
Rani Investments 86 61 147 610 (742) (132)
Ropley Properties 1,635 903 2,538 9,714 (13,219) (3,505)
TJL UK Limited 870 485 1,355 12,243 (13,975) (1,732)
Triple Jersey Limited 8,823 4,026 12,849 63,909 (77,573) (13,664)
11,414 5,475 16,889 86,476 (105,509) (19,033)
The following tables set out the total amount of trading balances with related
parties outstanding at the period end.
Trade receivables 25 September 2021 26 September 2020 27 March
£'000 £'000 2021
£'000
With associates of the Group
Centz Retail Holdings Limited 7,632 5,972 7,564
With parties related to key management personnel
Rani Investments - 13 -
Ropley Properties Ltd - 113 -
Triple Jersey Ltd - 400 -
Total trade receivables 7,632 6,498 7,564
Trade payables 26 weeks ended 26 weeks ended 52 weeks ended
25 September 2021 26 September 2020 27 March
£'000 £'000 2021
£'000
With associates of the Group
Multi-lines International Company Ltd 21,838 12,900 7,439
With parties related to key management personnel
Ropley Properties Ltd 11 - 371
Triple Jersey Ltd 94 - 1,066
Total sales to related parties 21,943 12,900 8,876
Outstanding trade balances at the balance sheet dates are unsecured and
interest free and settlement occurs in cash. There have been no guarantees
provided or received for any related party trade receivables or payables.
The business has not recorded any impairment of trade receivables relating to
amounts owed by related parties in any of the presented periods. This
assessment is undertaken through examining the financial position of the
related party and the market in which the related party operates.
The future lease commitments on the related party properties are;
26 weeks ended 26 weeks ended 52 weeks ended
25 September 2021 26 September 2020 27 March
£'000 £'000 2021
£'000
Not later than one year 17,075 16,397 16,444
Later than one year and not later than two years 15,485 16,713 15,796
Later than two years and not later than five years 39,334 41,474 39,730
Later than five years 54,632 63,581 59,264
126,526 138,165 131,234
Further details regarding the Group's associates and transactions with key
management personnel are disclosed in the annual report.
14 Commitments
There are no significant capital commitments as at the half year end.
15 Post balance sheet events
An interim dividend of 5.0 pence per share (£50.1m), has been proposed.
16 Directors
The directors that served during the period were:
Peter Bamford (Chairman)
S Arora (CEO)
A Russo (CFO)
R McMillan
T Hall
C Bradley
G Petit (Resigned 29 July 2021)
Paula MacKenzie was appointed as a Non-Executive Director on 9 November 2021.
Responsibility statement of the Directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge:
•the condensed set of financial statements has been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU;
•the interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
By order of the Board
Simon
Arora
Alex Russo
Chief
Executive Chief
Financial Officer
11 November 2021
REPORT OF THE REVISEUR D'ENTREPRISES AGREE
ON THE REVIEW OF CONDENSED CONSOLIDATED INTERIM
FINANCIAL INFORMATION
Introduction
We have reviewed the accompanying condensed consolidated statement of
financial position of B&M European Value Retail S.A. as at 25 September
2021, the related condensed consolidated statements of comprehensive income,
changes in equity and cash flows for the 26 week period then ended, and notes
to the interim financial information ("the condensed consolidated interim
financial information"). The Board of Directors is responsible for the
preparation and presentation of these condensed consolidated interim financial
information in accordance with IAS 34 "Interim Financial Reporting" as adopted
by the European Union. Our responsibility is to express a conclusion on this
condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on
Review Engagements 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" as adopted, for Luxembourg, by the
Institut des Réviseurs d'Entreprises. A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying condensed consolidated interim financial
information as at 25 September 2021 is not prepared, in all material
respects, in accordance with IAS 34 "Interim Financial Reporting" as adopted
by the European Union.
Luxembourg, 11 November 2021
KPMG Luxembourg
Société
coopérative
Cabinet de
révision agréé
Thierry Ravasio
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