REG - Burberry Group PLC - Burberry Group plc Interim Results
11/11/2021 07:00
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RNS Number : 0217S Burberry Group PLC 11 November 2021
11 November 2021
Burberry Group plc
Interim results for 26 weeks ended 25 September 2021
Strong start to growth and acceleration phase
"We have made strong progress in the half. Full-price sales are growing at a
double-digit percentage, driving margin expansion and strong free cash
generation. We are seeing an acceleration in performance in countries less
impacted by travel restrictions and we remain confident of achieving our
medium-term goals. I would like to thank Marco Gobbetti for his vision and
leadership of Burberry's transformation. We are very excited that Jonathan
Akeroyd is joining as our new CEO in April to build on the strong foundations
to accelerate growth and deliver further value for our shareholders." - Gerry
Murphy, Chair
· H1 FY22 revenues back at pre COVID-19 levels (CER) with
adjusted operating profit ahead vs LLY*
o Within comparable store sales growth of 1% vs LLY*, full-price gained 18%
o Full-price performance driving gross margin and adjusted operating margin
increases vs LLY*
· Americas, Mainland China and South Korea delivered strong
double-digit growth vs LLY* while other regions were under pressure from
reduced tourist levels
· Core product categories: leather saw double-digit growth in
full-price comparable sales vs LLY with outerwear strengthening in the period
· New store concept driving higher-spending customer recruitment.
We now have 15 stores in the new format with around 50 new concept stores
planned globally by end FY22
· Digital performing well with full-price sales almost doubling
vs LLY*
· Set industry-leading commitments around climate including
pledge to be Climate Positive by 2040 and support global conservation efforts
· Strong cash generation with cash conversion over 100%. Interim
dividend reinstated at 11.6p, 3% ahead of FY20 levels and recommenced the
share buyback with £150m planned
Period end 25 Sept 26 Sept % change
£ million 2021 2020 Reported FX CER*
Revenue 1,213 878 +38% +45%
Retail comparable store sales vs LY** +37% (25%)
Retail full-price comparable store sales vs LLY** +18%
Adjusted operating profit** 196 51 3.8x 4.2x
Adjusted operating profit margin** 16.2% 5.8%
Adjusted diluted EPS (pence)** 33.5 4.6 7.3x 8.1x
Reported*** operating profit 207 88 2.4x
Reported operating profit margin 17.1% 10.0%
Reported diluted EPS (pence) 35.7p 12.2p 2.9x
Free cash flow** 104 (45)
Dividend (pence) 11.6p 0.0
*LLY is compared with equivalent period in FY20 results at CER
** See page 17 for definitions of alternative performance measures
*** Reported refers to statutory measures directly from the financial
statements
Outlook
· Maintaining our medium-term guidance for high single-digit top
line growth and meaningful margin accretion* and confirm that we are
comfortable with current year market expectations
*Guidance is quoted at constant exchange rates (CER) with the base year in
FY20
The financial information contained herein is unaudited.
All metrics and commentary in the Interim Review exclude adjusting items
unless stated otherwise.
Constant exchange rates (CER) removes the effect of changes in exchange rates
compared to the prior period. This takes into account both the impact of the
movement in exchange rates on the translation of overseas subsidiaries'
results and also on foreign currency procurement and sales through the Group's
UK supply chain.
The following alternative performance measures are presented in this
announcement: CER, comparable sales, adjusted profit measures, free cash flow,
cash conversion, net debt and adjusted EBITDA. The definitions of these
alternative performance measures are set out in the Appendix on page 17.
Certain financial data within this announcement have been rounded.
Enquiries
Investors and analysts 020 3367 4458
Julian Easthope VP, Investor Relations julian.easthope@burberry.com (mailto:julian.easthope@burberry.com)
Media 020 3367 3764
Andrew Roberts VP, Corporate Relations andrew.roberts@burberry.com
· There will be a live webcast presentation today at 9.30am (UK
time) for investors and analysts
· The presentation can be viewed live on the Burberry website
www.burberryplc.com (http://www.burberryplc.com)
· The supporting slides and an indexed replay will be available
on the website later in the day
· Burberry will update on third quarter trading on 19 January
2022
Certain statements made in this announcement are forward-looking statements.
Such statements are based on current expectations and are subject to a number
of risks and uncertainties that could cause actual results to differ
materially from any expected future results in forward-looking statements.
Burberry Group plc undertakes no obligation to update these forward-looking
statements and will not publicly release any revisions it may make to these
forward-looking statements that may result from events or circumstances
arising after the date of this document. Nothing in this announcement should
be construed as a profit forecast. All persons, wherever located, should
consult any additional disclosures that Burberry Group plc may make in any
regulatory announcements or documents which it publishes. All persons,
wherever located, should take note of these disclosures. This announcement
does not constitute an invitation to underwrite, subscribe for or otherwise
acquire or dispose of any Burberry Group plc shares, in the UK, or in the US,
or under the US Securities Act 1933 or in any other jurisdiction.
Burberry is listed on the London Stock Exchange (BRBY.L) and is a constituent
of the FTSE 100 index. ADR symbol OTC:BURBY.
BURBERRY, the Equestrian Knight Device, the Burberry Check, and the Thomas
Burberry Monogram and Print are trademarks belonging to Burberry.
www.burberryplc.com
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Twitter: @BurberryCorp
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GROUP H1 FY22 FINANCIAL HIGHLIGHTS
Revenue
· Revenue £1,213m +45% CER, +38% reported
· Retail comparable store sales +37% (Q1: +90%; Q2: +6%)
Adjusted profit
· Adjusted operating profit £196m, 4.2x CER, 3.8x reported
· Adjusted operating profit includes a £5m profit from the disposal
of a property
· Gross margin increased +130bps CER (+120bps reported). In line with
our elevation strategy, gross margin benefited from a higher mix of full-price
sales and product elevation driving higher average prices
· Operating expenses impacted by higher investment and cost
normalisation as guided
· Adjusted diluted EPS 33.5p, up 7.3x
Reported profit measures
· Reported operating profit £207m, up 2.4x at reported rates against
H1 FY21 after adjusting items credit of £11m (H1 FY21: £37m credit) largely
due to COVID-19 related rent concessions
· Diluted EPS 35.7p, 2.9x reported
Cash measures:
· Free cash inflow of £104m (H1 FY21: £45m outflow) with cash
conversion over 100%
· Cash net of overdrafts and borrowings of £846m at 25 September
2021 (27 March 2021: £919m). The £73m cash outflow reflects the higher than
usual dividend payment in the half of £172m, being a full year dividend paid
in respect of the prior year.
· Interim dividend of 11.6p declared (H1 FY21: nil)
· Share buyback of £150m to be completed in H2 2022
Summary income statement
Period ended 25 Sept 26 Sept % change % change CER
£ million 2021 2020 Reported FX
Revenue 1,213 878 38 45
Cost of sales* (372) (280)
Gross profit* 841 598 41 48
Gross margin %* 69.3% 68.1% +120bps +130bps
Operating expenses* (645) (547) 18 22
Opex as a % of sales* 53.2% 62.3%
Adjusted operating profit* 196 51 3.8x 4.2x
Adjusted operating margin %* 16.2% 5.8%
Adjusting operating items 11 37
Operating profit 207 88 2.4x
Operating margin 17.1% 10.0%
Net finance (charge)(**) (16) (15)
Profit before taxation 191 73
Taxation (46) (25)
Attributable profit 145 48
Adjusted profit before taxation* 180 36
Adjusted diluted EPS (pence)* 33.5p 4.6p
Reported diluted EPS (pence) 35.7p 12.2p
Weighted average number of diluted ordinary shares (millions) 406.3 404.7
Adjusted EBITDA* 341 180 1.9x
* Excludes adjusting items. **Includes adjusting finance charge of nil (H1
FY21: nil).
BUSINESS AND FINANCIAL REVIEW
FY22 marks the first year of the growth and acceleration phase of our
strategy. In this chapter, our focus is on leveraging our unique brand equity
to deliver sustainable, high-quality growth, while continuing our efforts to
do well by doing right.
Despite a continuing challenging external environment, in H1 FY22 we drove a
material enhancement in the quality of our revenue streams. Our strategy to
exit mainline and digital markdowns and the deliberate tight management of our
outlet business resulted in a significant shift towards full-price sales.
Within comparable store sales growth of 1% vs LLY, full-price sales advanced
18%, growing a double-digit percentage across Q1 and Q2. Regionally,
full-price sales almost doubled in the Americas, South Korea grew almost 80%,
and Mainland China was up over 40% even as wide-reaching regional lockdowns
and extreme weather impacted our performance in August in particular.
The improved quality of our revenue streams has enhanced our financial
metrics, underpinning exceptional free cash conversion of over 100% in the
half and an improvement in gross margin of 130bp at CER despite significant
pressures from Brexit duties and channel mix. We also saw an 11.2% point
increase in the adjusted operating margin CER vs LY and a 120bps increase
against LLY.
Growth has been supported by strong, localised marketing campaigns,
particularly in markets less impacted by travel restrictions. In the Americas,
we launched a dedicated product capsule designed by Peter Saville and hosted
events like the takeover of Miami's Goodtime Hotel to support our Summer
Monogram capsule. In South Korea, building on our efforts to strengthen the
brand over the last years, we signed a new brand ambassador, singer and actor
Cha Eun-woo, and introduced exciting customer activations such as the
immersive outerwear experience that went live on Jeju Island today. In
Mainland China, we drove engagement and performance through a culturally
relevant programme of activities, including a dedicated capsule collection and
campaign for Chinese Valentine's Day, and a series of unexpected partnerships
with local Chinese artists for our summer monogram collection.
Our programme of brand activities has continued to generate strong reach and
engagement globally and we have found new ways to excite our customers. We
partnered with multiplayer game 'Blankos Block Party' to create our first
in‐game NFT and released a limited‐edition Burberry 'Blanko' named Sharky
B, plus a range of accessories inspired by the Monogram capsule; all 750 units
of the NFT sold out within 30 seconds. For the launch of our Summer Monogram
capsule in July, we excited consumers with several unexpected experiences,
including an interactive augmented reality brand filter on TikTok which
generated 3.7bn views - an industry and platform first.
In product, we made further progress in our core categories; leather goods and
outerwear. In leather, we continued to build performance by strengthening our
Women's handbags pillars, delivering a programme of 70+ pop-ups for Olympia
and expanding the Lola family, as well as introducing our new shape, the
Rhombi, as part of our SS22 Runway collection. As a result, in H1 FY22,
leather delivered double-digit full-price sales growth vs LLY. In outerwear,
we have launched a dedicated campaign including a brand film, strong
storytelling on key social media platforms, including a Tik Tok takeover, as
well as activations across physical and digital channels. We have innovated
and elevated our DK fabric, developing a new lightweight Gabardine, and
applied it to more casual styles to create a DK down, with details such as
special quilting techniques, cashmere linings and leather details.
At the same time, we continued to elevate the customer experience. Our new
store concept roll out is progressing well, with 15 stores completed so far,
and a total of around 50 new concept stores planned globally by year end FY22.
These stores are resonating very well with our customers, attracting
high-spending clientele. We strengthened the integration between our offline
and online channels by launching regional pilots to enhance content sharing
tools for our sales associates. We enhanced product discovery on our website
by launching an 'Outerwear Hub' as part of our outerwear campaign - a section
of the Burberry.com website dedicated to the collection. As a result, we have
seen good traction with full-price performance on our digital channels, almost
doubling our sales in H1 vs LLY and DD growth vs LY.
Guided by our purpose and values, we continued to drive positive change for
our environment, our people and our communities. We remain on track to become
carbon neutral and source 100% renewable electricity across our own operations
by the end of FY22. In June, we pledged to become Climate Positive by 2040,
setting a new industry standard that goes beyond net zero. At COP 26 in
Glasgow this month, we announced our biodiversity strategy to protect, restore
and regenerate nature. This includes a significant five-year investment in the
LEAF Coalition, the largest ever public-private initiative to finance the
protection of tropical forests, and a partnership with The Savory Institute to
help regenerate the world's grasslands and the livelihoods of their
inhabitants.
We continued to make strong progress against our D&I ambition, widening
the scope of our internal council, expanding company-wide training and
implementing focused action plans for every function and region. As part of
this, we hosted events and workshops with partners, and provided resources for
all colleagues to drive allyship while celebrating key moments including
Pride, Black History Month and LGBT+ History Month. We also expanded our
strategic partnerships and are proud to be the lead sponsor of the inaugural
British Diversity Awards in March 2022. Meanwhile, our Cultural Advisory
Council of external leaders continues to help us shape our strategy as all
founding members renew their involvement for a second term.
We also extended our support for our communities, expanding our education
programmes globally. and made a further donation to the UNICEF COVID-19
Vaccines Appeal via the Burberry Foundation, enabling more equitable
distribution of the vaccine around the world.
First half financial performance
· H1 FY22 saw revenues recover back to FY20 levels at constant
exchange rates. We continue to execute on our strategy to elevate the brand by
exiting markdowns in mainline and digital stores resulting in a mid
single-digit headwind to the 1% comparable store sales growth achieved in H1
FY21 against LLY and 37% vs LY. Total sales increased 45% at CER and 38%
reported to £1,213m. This was driven by strong mainline and digital
full-price sales - up 49% against LY and in line with our plan of enhancing
the quality of sales in the business.
FY22 vs LY FY22 vs LLY
Q1 Q2 H1 Q1 Q2 H1
Comparable store sales growth 90% 6% 37% 1% flat 1%
Comparable full-price sales growth 121% 10% 49% 26% 10% 18%
· Comparable store sales vs LLY were 1% ahead with the group seeing
similar trends in both Q1 FY22 and Q2 FY22. We saw double-digit full-price
comparable store sales growth in each month during H1 FY22 vs LLY, except for
August, caused by the COVID-19 related travel restrictions imposed in the APAC
region. This was especially impactful in Mainland China, reducing footfall
materially, leading to an adverse effect on revenues. We saw good recovery in
September.
· In total, we saw 37% growth in retail comparable sales compared
with LY with 4% from space and 69% increase in wholesale revenue. This led to
a 45% increase in revenue at CER and 38% reported revenue increase to £1,213m
(H1 FY21 £878m).
· Group adjusted operating profit increased more than fourfold in the
half at CER against the COVID-19 impacted prior year and is now materially
ahead of the equivalent period prior to COVID at CER. Gross margin increased
in the period by 130bps CER and 120bps reported benefitting from the higher
mix of full-price sales and the product elevation that saw higher average
prices in H1. These benefits were more than enough to offset the headwinds
from the channel mix, Brexit duties and stock provisions. Operating expenses
excluding adjusted items increased by 22% against last year at CER, in line
with our guidance of higher investment and cost normalisation post the end of
the pandemic. This resulted in operating expenses moving to 53% of sales at
reported rates. The cost savings programme delivered £20m of savings and we
have now achieved the £55m of annualised savings guided previously, bringing
cumulative savings to £205m and providing a completely restructured cost
base, which now forms the foundation for commercial investment and the
opportunity to deliver future margin accretion.
· Reported operating profit increased 2.4x including £11m of
adjusting credits compared with a £37m credit in H1 FY21. FX was a £62m
revenue headwind in H1 FY22 and £20m on adjusted operating profit.
· There was a £104m of free cash inflow in the half (H1 FY21 £45m
outflow). Working capital absorbed £27m of cash (H1 FY21 £75m) with
inventory increasing £31m (H1 FY21 £34m) in line with normal patterns ahead
of the festive season. Capital expenditure amounted to £39m (H1 FY21 £61m).
Overall, the group saw a £73m cash outflow in H1 FY22 after the full year
dividend payment - in line with typical seasonal patterns.
Revenue analysis
Revenue by channel
Period ended 25 Sept 26 Sept % change
£ million 2021 2020 Reported FX CER
Retail 944 704 34 41
Retail comparable store sales growth 37% (25%)
Wholesale 249 156 60 69
Licensing 20 18 10 13
Revenue 1,213 878 +38 +45
Retail
· Retail sales +41% at CER; +34% reported
· Impact of space +4%
H1 FY22 comparable store sales increased +37% (Q1 FY22: +90%; Q2 FY22: +6%)
against the COVID-19 impacted prior year half. Taking H1 FY20 as a base,
comparable store sales growth was up 1% and was similar over both quarters. We
had a strong underlying performance driven by our focus on full-price sales
increasing 18% in the half with 26% in Q1 FY22 and 10% in Q2 FY22 vs LLY.
Comparable store sales by region:
FY22 vs LY FY22 vs LLY
Q1 Q2 H1 Q1 Q2 H1
Group 90% 6% 37% 1% flat 1%
Asia Pacific 27% -5% 9% 7% 3% 5%
EMEIA 146% 25% 58% -38% -25% -31%
Americas 341% 16% 92% 34% 42% 38%
Asia Pacific H1 FY22 +5% (Q1 FY22: +7%; Q2 FY22: +3%) vs LLY
· Asia Pacific growth saw a good underlying performance in Mainland
China and South Korea driven by new and younger customers .
o Mainland China saw growth around 30% in the half vs LLY. Q2 was affected
by travel restrictions in August, with July and September comparable store
sales growth at similar levels to Q1
o South Korea remained strong throughout the period with H1 comparable store
sales up more than 40% vs LLY, with acceleration in Q2
o South Asia Pacific fell materially, affected by continued COVID-19 related
travel restrictions with average store closures of c.14% in the half. The
region saw a deterioration in Q2 FY22
o Japan also fell, impacted by significantly lower tourist arrivals caused
by COVID-19 outbreaks, with a state of emergency announced and travel
restrictions following the Olympics
EMEIA H1 FY22 -31% (Q1 FY22: -38%; Q2 FY22: -25%) vs LLY
· EMEIA improved QoQ in comparable store sales now that most of the
stores are fully open. However, trading remains more challenging as compared
with LLY due to limited tourist flows with c.50% of annual sales typically
from tourists and higher in our second quarter prior to COVID-19.
Encouragingly, local customers were positive across the major territories with
the region seeing a sequential improvement QoQ in trading compared with LLY.
Americas H1 FY22 +38% (Q1 FY22: +34%; Q2 FY22: +42%) vs LLY
· Americas saw a continued strong performance with H1 FY22 full-price
sales almost doubling
o Q2 FY22 saw a sequential improvement in comparable store sales, helped by
a smaller markdown headwind
o The region continues to benefit from strong sales to new and younger
customers
Total group digital sales continue to see strong full-price sales growth
compared with LLY that almost doubled in the half and up a double-digit
percentage vs LY, although total sales have been affected by reduced
markdowns. Growth has slowed in the period as revenue transferred to physical
stores as lockdowns eased through the half.
By product
· Full-price sales saw growth against LLY for all major categories in
the half and in Q2.
· Outerwear saw improving momentum in the half with Q2 full-price
sales increasing by 12%. Within this Jackets, Downs, Coats and Quilts grew
around 50% while rainwear remains more challenging.
· Leather saw a strong Q1 with the Olympia campaign, with total
full-price sales in the half up double-digits.
· Menswear performed well in H1 FY22 with full-price sales up 14% due
to good traction in jersey wear and trousers, with shoes an especially strong
performer. Womenswear was more challenging in the half with full-price sales
up modestly although it saw a good performance in trousers and knitwear, but
challenges in rainwear. Across ready-to-wear our house codes continue to
resonate strongly and outperformed in the period.
Store footprint
The transformation of our distribution continued as we addressed high priority
programmes:
· In H1 FY22 we opened 15 stores and closed 11 stores.
· Key openings included 5 mainline stores in Mainland China with 3 in
the new format and our new concept store in Sloane Street, London.
· We are now operating 15 stores in the new design with 8 in South
Korea, 4 in Mainland China and one each in the Americas, Japan and EMEIA. We
continue to plan a target of around 50 stores in the new format by the end of
FY22. We have also made the decision to accelerate the refurbishments of
flagships to the new concept.
Wholesale
Wholesale revenue increased 69% at CER in H1 FY22 and increased 3% CER vs LLY.
This was a little ahead of our original guidance due to a strong order book.
All regions saw strong demand.
Licensing
Licensing revenue increased 13% at CER with sales starting to recover.
Operating profit analysis
Adjusted operating profit
Period ended 25 Sept 26 Sept % change
2021 2020
£ million
Reported FX CER
Revenue 1,213 878 38% 45%
Cost of sales* (372) (280)
Gross profit* 841 598 41% 48%
Gross margin %* 69.3% 68.1% 120bps 130bps
Operating expenses* (645) (547) 18% 22%
Opex as a % of sales* 53.2% 62.3%
Adjusted operating profit 196 51 3.8x 4.2x
Adjusted operating margin % 16.2% 5.8%
*Excludes adjusting items
Adjusted operating profit increased 4.2x at CER and margin is ahead of
pre-COVID levels.
· Gross margin increased 130bps at CER and 120bps reported.
· Adjusted operating expenses increased by 22% against last year at
CER.
Adjusted operating profit amounted to £196m including a £20m FX headwind in
H1 FY22.
Adjusting items(*)
Adjusting items were a credit of £11m (H1 FY21: £37m credit).
Adjusting items* 25 Sept 26 Sept
2021
2020
Period ended
£ million
The impact of COVID-19
Inventory provisions (recognised in cost of sales) 6 7
Rent concessions 9 26
Government grants 1 -
Store impairments - 23
Receivable impairments - 2
COVID-19 adjusting items 16 58
Restructuring costs (5) (22)
Revaluation of deferred consideration liability - 1
Adjusting items 11 37
The major adjusting items are as follows:
· Impact of the COVID-19 pandemic: we saw a total credit of £16m
from COVID-19 related adjustments with £6m in cost of sales as part of an
inventory provision reversal, £9m of rent concessions and £1m of Government
grants.
· Restructuring costs: incurred £5m bringing the combined total
of our cost programmes to £133m and cumulative cost savings of £205m,
achieving guidance.
Profit before tax*
After a net finance charge of £16m (H1 FY21 £15m), adjusted profit before
tax was £180m (H1 FY21 £36m) and reported profit before tax was £191m (H1
FY21 £73m).
*For detail on adjusting items see note 4 of Condensed Consolidated Interim
Financial Statements
Taxation
The effective tax rate on H1 FY22 adjusted profit was 24.1% (H1 FY21: 50.9%,
FY21: 25.4%). This was down from the 50.9% in H1 FY21 which was affected by
the geographical mix of profits and the impact of prior year adjustments on a
relatively low profit base. The effective tax rate on H1 FY22 reported profit
before taxation was also 24.1% (H1 FY21: 33.6%, FY21: 23.3%).
The effective tax rate on adjusted profit for FY22 is estimated to be around
22% (FY21: 25.4%) due to the normalisation of trading geographically post the
COVID-19 outbreak.
Cash flow
Free cash inflow* was £104m in the half (H1 FY21 outflow of £45m).
The major components were:
· Cash generated from operating activities increased to £323m from
£101m
o A working capital outflow of £27m (H1 FY21: £75m) due to normal seasonal
patterns.
· Capital expenditure of £39m (H1 FY21: £61m).
Cash net of overdrafts at 25 September 2021 was £1,143m, compared to £1,216m
at 27 March 2021. At 25 September 2021 borrowings were £297m from the bond
issue leaving cash net of overdrafts and borrowings of £846m (27 March 2021:
£919m). With lease liabilities of £1,070m, net debt in the period was £224m
(27 March 2021: £101m). Net Debt / Adjusted EBITDA was 0.3x on a rolling 12
months period, below our target range of 0.5x to 1.0x hence the announcement
of accelerated store investments and the recommencement of the share buyback
programme.
*For a definition of free cash flow and net debt see page 18.
Period ended 25 Sept 27 March
£ million 2021 2021
Adjusted EBITDA - rolling 12 months 834 673
Cash net of overdrafts (1,143) (1,216)
Bond 297 297
Lease debt 1,070 1,020
Net Debt 224 101
Net Debt/Adjusted EBITDA 0.3x 0.1x
APPENDIX
Detailed guidance for FY22*
Item Financial impact
Markdown policy As guided, we will be exiting markdowns in digital and mainline stores in
FY22, leading to a mid single-digit headwind against our comparable store
sales in FY22 vs LY with mid single-digit impact in Q3 and low single-digit
impact in Q4
Wholesale Full year wholesale is expected to be up mid 30% and H2 to increase by around
15%
Impact of retail space on revenues For the FY, space is expected to contribute low single-digit percentage with
H2 also up low single-digit percentage on a 52 week basis
Gross margin To remain broadly unchanged YoY at CER
Tax We expect the adjusted tax rate to be around 22%
Cash flow Capex is expected to be in the region of £160m including around 50 stores
refurbished in the new format. This is below previous guidance of £180m to
£190m due to efficiencies in delivered projects and the phasing of investment
Currency At 29 October spot rates, the impact of year-on-year exchange rate movements
is expected to be a c.£100m headwind on revenue and c.£40m headwind on
adjusted operating profit
Dividend We have resumed payment of the interim dividend at 11.6p per share, an
increase of 3% over H1 FY20
Calendar Please note that FY22 is a 53 week calendar year with an extra week in Q4. CER
growth rates will be adjusted to be on a 52 week basis.
*Guidance assumes constant exchange rates, a stable economic environment and
current tax legislation
Exchange rates
Forecast effective rates for FY22 Actual average exchange rates
29 October 2021 25 June 2021 H1 FY22 H1 FY21 FY21
£1=
Euro 1.17 1.17 1.16 1.12 1.12
US Dollar 1.38 1.39 1.39 1.26 1.30
Chinese Renminbi 8.88 9.00 8.98 8.87 8.85
Hong Kong Dollar 10.75 10.82 10.79 9.79 10.08
Korean Won 1,602 1,577 1,583 1,525 1,514
Retail/wholesale revenue by destination
Period ended 25 Sept 26 Sept % change
£ million 2021 2020 Reported FX CER
Asia Pacific 522 439 19 23
EMEIA 361 251 44 49
Americas 310 170 83 100
Total 1,193 860 39 46
Retail/wholesale revenue by product division
Period ended 25 Sept 26 Sept % change
£ million 2021 2020 Reported FX CER
Accessories 435 301 44 52
Women's 330 242 36 43
Men's 347 258 35 41
Children's & other 81 59 39 47
Total 1,193 860 39 46
Store portfolio
Directly-operated stores
Stores Concessions Outlets Total Franchise stores
At 27 March 2021 214 145 56 415 44
Additions 7 8 15 -
Closures (3) (8) (11) (2)
At 25 September 2021 218 145 56 419 42
Store portfolio by region
Directly-operated stores
Stores Concessions Outlets Total Franchise stores
At 25 September 2021
Asia Pacific 102 93 22 217 7
EMEIA 54 43 18 115 35
Americas 62 9 16 87 -
Total 218 145 56 419 42
Adjusted operating profit*
Period ended 25 Sept 26 Sept % change % change
2021 2020 Reported FX CER
£ million
Retail/wholesale 178 34 5.2x 5.8x
Licensing 18 17 8% 10%
Adjusted operating profit 196 51 3.8x 4.2x
Adjusted operating margin 16.2% 5.8%
*For additional detail on adjusting items see note 4 of Condensed Consolidated
Interim Financial Statements
Profit before tax reconciliation
Period ended 25 Sept 26 Sept % change % change CER
2021 2020 Reported FX
£ million
Adjusted profit before tax 180 36 5.0x 5.5x
Adjusting items*
Impact of COVID-19 16 58
Restructuring costs (5) (22)
Revaluation of deferred consideration liability - 1
Profit before tax 191 73 2.6x
Alternative performance measures
Alternative performance measures (APMs) are non-GAAP measures. The Board uses
the following APMs to describe the Group's financial performance and for
internal budgeting, performance monitoring, management remuneration target
setting and for external reporting purposes.
APM Description and purpose GAAP measure reconciled to
Constant Exchange Rates (CER) This measure removes the effect of changes in exchange rates compared to the Results at reported rates.
prior period. It incorporates both the impact of the movement in exchange
rates on the translation of overseas subsidiaries' results and also on foreign
currency procurement and sales through the Group's UK supply chain.
Comparable sales The year-on-year change in sales from stores trading over equivalent time Retail Revenue:
periods and measured at constant foreign exchange rates. It also includes
online sales. This measure is used to strip out the impact of permanent store
openings and closings, or those closures relating to refurbishments, allowing
Period ended 25 Sept 2021 26 Sept 2020
a comparison of equivalent store performance against the prior period. The
measurement of comparable sales has not excluded stores temporarily closed as YoY%
a result of the COVID-19 outbreak. Comparable sales 37%* (25%)
Change in space 4% (4%)
FX (7%) (1%)
Retail revenue 34% (30%)
Full-price sales:
*Includes full-price comp +49%
Full-price comparable store sales are sales from items sold at full retail
price in our own mainline retail network and online.
Comparable sales vs LLY The change in sales over two years measured at constant foreign exchange Retail Revenue:
rates. It also includes online sales. The measurement of comparable sales has
not excluded stores temporarily closed as a result of the COVID-19 outbreak.
This measure reflects the two year comparable store growth rates.
%change 25 Sept 2021
Comparable sales 1%
Change in space (1%)
FX (6%)
Retail revenue (6%)
Adjusted Profit Adjusted profit measures are presented to provide additional consideration of Reported Profit:
the underlying performance of the Group's ongoing business. These measures
remove the impact of those items which should be excluded to provide a A reconciliation of reported profit before tax to adjusted profit before tax
consistent and comparable view of performance. is included in the income statement on page 21. The Group's accounting policy
for adjusted profit before tax is set out in note 2 to the financial
statements.
*Includes full-price comp +49%
Comparable sales vs LLY
The change in sales over two years measured at constant foreign exchange
rates. It also includes online sales. The measurement of comparable sales has
not excluded stores temporarily closed as a result of the COVID-19 outbreak.
This measure reflects the two year comparable store growth rates.
Retail Revenue:
%change 25 Sept 2021
Comparable sales 1%
Change in space (1%)
FX (6%)
Retail revenue (6%)
Adjusted Profit
Adjusted profit measures are presented to provide additional consideration of
the underlying performance of the Group's ongoing business. These measures
remove the impact of those items which should be excluded to provide a
consistent and comparable view of performance.
Reported Profit:
A reconciliation of reported profit before tax to adjusted profit before tax
is included in the income statement on page 21. The Group's accounting policy
for adjusted profit before tax is set out in note 2 to the financial
statements.
Free Cash Flow Free cash flow is defined as net cash generated from operating activities less Net cash generated from operating activities:
capital expenditure plus cash inflows from disposal of fixed assets and
including cash outflows for lease principal payments and other lease related
items.
Period ended 25 Sept 2021 26 Sept 2020
£m
Net cash generated from operating activities 224 78
Capex (39) (61)
Lease principal and related cash flows (89) (62)
Proceeds from disposal 8 -
Free cash flow 104 (45)
Cash Conversion Cash conversion is defined as free cash flow pre-tax as a percentage of Net cash generated from operating activities:
adjusted profit before tax. It provides a measure of the Group's effectiveness
in converting its profit into cash.
Period ended 25 Sept 2021 26 Sept 2020
£m
Free cash flow 104 (45)
Tax paid 84 10
Free cash flow before tax 188 (35)
Adjusted profit before tax 180 36
Cash conversion 104% n/a
Net Debt Net debt is defined as the lease liability recognised on the balance sheet Cash net of overdrafts:
plus borrowings less cash net of overdrafts.
Period ended 25 Sept 2021 27 Mar 2021
£m
Cash net of overdrafts 1,143 1,216
Lease liability (1,070) (1,020)
Borrowings (297) (297)
Net debt (224) (101)
Adjusted EBITDA Adjusted EBITDA is defined as operating profit, excluding adjusting operating Reconciliation from operating profit to adjusted EBITDA:
items, depreciation of property, plant and equipment, depreciation of right of
use assets and amortisation of intangible assets. Any depreciation or
amortisation included in adjusting operating items are not double-counted.
Period ended 25 Sept 2021 26 Sept 2020
£m
Operating profit 207 88
Adjusted operating items (11) (37)
Amortisation of intangible assets 18 15
Depreciation of property, plant and equipment 38 31
Depreciation of right-of-use assets 89 83
Adjusted EBITDA 341 180
Cash Conversion
Cash conversion is defined as free cash flow pre-tax as a percentage of
adjusted profit before tax. It provides a measure of the Group's effectiveness
in converting its profit into cash.
Net cash generated from operating activities:
Period ended 25 Sept 2021 26 Sept 2020
£m
Free cash flow 104 (45)
Tax paid 84 10
Free cash flow before tax 188 (35)
Adjusted profit before tax 180 36
Cash conversion 104% n/a
Net Debt
Net debt is defined as the lease liability recognised on the balance sheet
plus borrowings less cash net of overdrafts.
Cash net of overdrafts:
Period ended 25 Sept 2021 27 Mar 2021
£m
Cash net of overdrafts 1,143 1,216
Lease liability (1,070) (1,020)
Borrowings (297) (297)
Net debt (224) (101)
Adjusted EBITDA
Adjusted EBITDA is defined as operating profit, excluding adjusting operating
items, depreciation of property, plant and equipment, depreciation of right of
use assets and amortisation of intangible assets. Any depreciation or
amortisation included in adjusting operating items are not double-counted.
Reconciliation from operating profit to adjusted EBITDA:
Period ended 25 Sept 2021 26 Sept 2020
£m
Operating profit 207 88
Adjusted operating items (11) (37)
Amortisation of intangible assets 18 15
Depreciation of property, plant and equipment 38 31
Depreciation of right-of-use assets 89 83
Adjusted EBITDA 341 180
Related parties
Related party disclosures are given in note 20 of the Condensed Consolidated
Interim Financial Statements.
Principal Risks
As at H1 FY22, the principal risks and uncertainties that the Group faces for
the remaining 27 weeks of the financial year are consistent with those
previously reported. There continues to be uncertainty regarding further
impacts of COVID-19, and international responses to the pandemic. However,
these do not result in material changes to the Group risk profile. The
principal risks are summarised below:
Strategic and Financial Risks
Execution of Strategy: Focused execution of the strategy through our four
strategic pillars (Product, Communication, Distribution and Digital) and their
supporting enablers (Operational Excellence and Inspired People) is key to
sustainable long-term shareholder value. Success depends on our ability to
further cement our luxury positioning, increasing the value and relevance of
our brand to luxury consumers globally. Inability to successfully execute the
projects that underpin these strategies could result in under-delivery on the
expected growth, productivity and efficiency targets. This could have a
significant impact on the value of the business and market confidence.
Image and Reputation: The Group carefully safeguards its image and reputation.
Unfavourable incidents, unethical behaviour or erroneous media coverage
relating to the Group's senior executives, products, practices or supply chain
operations could damage the Group's reputation and negatively impact the value
of the brand.
Global Chinese Consumer Spending: Global Chinese consumer spending patterns
may significantly change having an immediate adverse impact on Group sales.
Any significant change to Chinese consumer spending habits globally due to
changes in the economic, regulatory, social or political environment in China,
including a further health emergency or a natural disaster, may adversely
impact the domestic consumer group's disposable income or confidence.
Volatility in foreign exchange rates: Volatility in foreign exchange rates
could have a significant impact on the Group's reported results. Burberry is
exposed to uncertainty through foreign exchange movements. Major events such
as the COVID-19 pandemic continue to impact foreign exchange rates, which in
turn could cause significant change in our Group reported results.
Operational Risks
Cyber-attack: This may result in a system outage, impacting core operations
and/or results in a major data loss leading to reputational damage and
financial loss. A cyber risk-aware workforce and the Group's technology
environment are critical to success. A robust control environment helps
decrease the risks to core business operations and/or major data loss.
People: Inability to attract, motivate, develop and retain our people to
perform to the best of their ability in order to meet our strategic
objectives.
Technology and IT Operations: IT operations fail to support critical
processes across the Group, including Retail and Digital, as well as Group
functions, such as Supply Chain and Finance.
Business Interruption: A major incident impacts countries where the Group
operates, has its main locations or where its suppliers are located, and
significantly interrupts the business. This could be caused by a wide range of
events at a country level, including geopolitical tensions, natural
catastrophe, pandemic or changes in regulations, through to localised issues,
such as fire, terrorism or quality control failures.
Compliance Risks
Regulatory Risk and Ethical/Environmental Standards: The Group's operations
are subject to a broad spectrum of national and regional laws as well as
regulations in the various jurisdictions in which we operate. These include
product safety, trademarks, bribery and corruption, competition, data,
corporate governance, employment, tax, trade compliance and employee and
customer health and safety. Changes to laws and regulations, or a major
compliance breach, could have a material impact on the business.
Sustained breaches of Burberry's intellectual property (IP) rights or
allegations of infringement by Burberry: Sustained breaches of Burberry's IP
rights or allegations of infringement by Burberry pose risk to the brand.
Counterfeiting, copyright, trade mark and design infringement in the
marketplace could reduce the demand for genuine Burberry merchandise and
impact the luxury positioning of the brand.
Sustainability and Climate Change: The success of our business over the long
term will depend on the social and environmental sustainability of our
operations, the resilience of our supply chain and our ability to manage any
potential climate change impacts on our business model and performance.
External Risks
COVID-19 impact: The timing of a return to sustained growth following the
COVID-19 pandemic continues to remain uncertain. There remains a risk that the
recovery from the spread of the COVID-19 pandemic slows due to a resurgence
of cases. In response to COVID-19, we have continued to update planning
scenarios based on a range of assumptions and potential outcomes. This risk
remains of further significant impact on our future operations, cash flows and
viability beyond the range of assumptions that have been used to develop the
planning scenarios.
Macro-Economic and Political instability: The Group operates in a wide range
of markets and is exposed to changing economic, regulatory, social and
political developments that may impact consumer demand, disrupt operations
and impact profitability. Adverse macroeconomic conditions or country-specific
changes to the operating or regulatory environment, natural disaster, global
health emergency or civil unrest may impact the spending habits of key
consumer groups and lead to increased operational costs.
Further impact from the UK's withdrawal from the EU: Various scenarios could
impact the Group's financial position, operating model and people.
CONDENSED Group income statement - UNAUDITED
Note 26 weeks to 25 September 26 weeks 52 weeks
2021
£m to 26 September 2020 to 27
£m March
2021
£m
Revenue 3 1,212.6 877.7 2,343.9
Cost of sales (365.4) (273.3) (681.4)
Gross profit 847.2 604.4 1,662.5
Net operating expenses (639.7) (516.3) (1,141.4)
Operating profit 207.5 88.1 521.1
Financing
Finance income 1.1 1.5 3.1
Finance expense (17.1) (16.4) (33.3)
Other financing charge (0.3) (0.4) (0.7)
Net finance expense 5 (16.3) (15.3) (30.9)
Profit before taxation 191.2 72.8 490.2
Taxation 6 (46.0) (24.5) (114.3)
Profit for the period 145.2 48.3 375.9
Attributable to:
Owners of the Company 144.9 49.3 375.7
Non-controlling interest 0.3 (1.0) 0.2
Profit for the period 145.2 48.3 375.9
Earnings per share
Basic 7 35.8p 12.2p 93.0p
Diluted 7 35.7p 12.2p 92.7p
£m £m £m
Reconciliation of adjusted profit before taxation:
Profit before taxation 191.2 72.8 490.2
Adjusting operating items:
Cost of sales 4 (6.5) (6.6) (22.3)
Net operating expenses 4 (5.0) (30.6) (102.9)
Adjusting financing items 4 0.3 0.4 0.7
Adjusted profit before taxation - non-GAAP measure 180.0 36.0 365.7
Adjusted earnings per share - non-GAAP measure
Basic 7 33.7p 4.6p 67.5p
Diluted 7 33.5p 4.6p 67.3p
Dividends per share
Proposed interim (not recognised as a liability at period end) 8 11.6p - -
Final (not recognised as a liability at 27 March 2021) 8 N/A N/A 42.5p
CONDENSED Group statement of comprehensive income - UNAUDITED
26 weeks to 25 September 26 weeks 52 weeks
2021
£m to 26 September 2020 to 27
£m March
2021
£m
Profit for the period 145.2 48.3 375.9
Other comprehensive income(1):
Cash flow hedges - 0.4 -
Foreign currency translation differences 4.0 4.3 (51.4)
Actuarial gains on post-employment benefit plans - - 1.0
Tax on other comprehensive income:
Cash flow hedges - (0.1) -
Foreign currency translation differences (0.2) 0.3 2.4
Actuarial gains on post-employment benefit plans - - (0.2)
Other comprehensive income for the period, net of tax 3.8 4.9 (48.2)
Total comprehensive income for the period 149.0 53.2 327.7
Total comprehensive income attributable to:
Owners of the Company 148.7 54.3 327.7
Non-controlling interest 0.3 (1.1) -
149.0 53.2 327.7
1. All items included in other comprehensive income, with the exception of
Actuarial gains on post-employment benefit plans, may subsequently be
reclassified to profit and loss in a future period.
CONDENSED Group Balance Sheet - UNAUDITED
Note As at 27 March
2021
As at 25 September 2021 As at 26 September 2020
£m
£m
£m
ASSETS
Non-current assets
Intangible assets 9 233.5 253.4 237.0
Property, plant and equipment 10 277.1 295.4 280.4
Right-of-use assets 11 874.5 824.7 818.1
Investment properties - 2.6 2.4
Deferred tax assets 6 158.1 153.8 137.1
Trade and other receivables 12 47.4 49.6 45.0
1,590.6 1,579.5 1,520.0
Current assets
Inventories 13 434.2 485.4 402.1
Trade and other receivables 12 300.2 279.4 276.9
Derivative financial assets 1.2 5.0 2.2
Income tax receivables 56.1 73.9 39.7
Cash and cash equivalents 14 1,197.2 1,199.5 1,261.3
1,988.9 2,043.2 1,982.2
Total assets 3,579.5 3,622.7 3,502.2
LIABILITIES
Non-current liabilities
Trade and other payables 15 (94.4) (103.5) (99.4)
Lease liabilities (852.7) (867.2) (809.6)
Borrowings 18 (297.4) (296.7) (297.1)
Deferred tax liabilities 6 (0.8) (0.1) (0.8)
Retirement benefit obligations (1.0) (1.9) (1.0)
Provisions for other liabilities and charges 16 (32.7) (30.8) (31.8)
(1,279.0) (1,300.2) (1,239.7)
Current liabilities
Trade and other payables 15 (442.6) (410.1) (392.9)
Bank overdrafts 17 (54.2) (61.6) (45.4)
Lease liabilities (217.6) (224.8) (210.0)
Borrowings 18 - (299.1) -
Derivative financial liabilities (3.3) (1.9) (2.6)
Income tax liabilities (25.8) (29.2) (27.9)
Provisions for other liabilities and charges 16 (20.8) (18.9) (24.0)
(764.3) (1,045.6) (702.8)
Total liabilities (2,043.3) (2,345.8) (1,942.5)
Net assets 1,536.2 1,276.9 1,559.7
EQUITY
Capital and reserves attributable to owners of the Company
Ordinary share capital 19 0.2 0.2 0.2
Share premium account 223.9 221.2 223.0
Capital reserve 41.2 41.1 41.1
Hedging reserve 4.7 5.0 4.7
Foreign currency translation reserve 200.1 249.9 196.4
Retained earnings 1,062.7 756.0 1,091.2
Equity attributable to owners of the Company 1,532.8 1,273.4 1,556.6
Non-controlling interest in equity 3.4 3.5 3.1
Total equity 1,536.2 1,276.9 1,559.7
CONDENSED Group STATEMENT OF CHANGES IN EQUITY - UNAUDITEd
Attributable to owners
of the Company
Ordinary share capital Share premium account Other reserves Retained earnings Total Non-controlling interest Total equity
£m
£m
£m
£m
£m
£m
£m
Balance as at 28 March 2020 0.2 220.8 291.0 702.2 1,214.2 4.6 1,218.8
Profit for the period - - - 49.3 49.3 (1.0) 48.3
Other comprehensive income:
Cash flow hedges - losses deferred in equity - - (0.2) - (0.2) - (0.2)
Cash flow hedges - losses transferred to income - - 0.6 - 0.6 - 0.6
Foreign currency translation differences - - 4.4 - 4.4 (0.1) 4.3
Tax on other comprehensive income - - 0.2 - 0.2 - 0.2
Total comprehensive income for the period - - 5.0 49.3 54.3 (1.1) 53.2
Transactions with owners:
Employee share incentive schemes
Equity share awards - - - 4.2 4.2 - 4.2
Tax on share awards - - - 0.3 0.3 - 0.3
Exercise of share options - 0.4 - - 0.4 - 0.4
Balance as at 26 September 2020 0.2 221.2 296.0 756.0 1,273.4 3.5 1,276.9
Balance as at 27 March 2021 0.2 223.0 242.2 1,091.2 1,556.6 3.1 1,559.7
Profit for the period - - - 144.9 144.9 0.3 145.2
Other comprehensive income:
Cash flow hedges - losses deferred in equity - - (0.1) - (0.1) - (0.1)
Cash flow hedges - losses transferred to income - - 0.1 - 0.1 - 0.1
Foreign currency translation differences - - 4.0 - 4.0 - 4.0
Tax on other comprehensive income - - (0.2) - (0.2) - (0.2)
Total comprehensive income for the period - - 3.8 144.9 148.7 0.3 149.0
Transactions with owners:
Employee share incentive schemes
Equity share awards - - - 5.8 5.8 - 5.8
Exercise of share options - 0.9 - - 0.9 - 0.9
Purchase of own shares
Held by ESOP trusts - - - (7.3) (7.3) - (7.3)
Dividends paid in the year 8 - - - (171.9) (171.9) - (171.9)
Balance as at 25 September 2021 0.2 223.9 246.0 1,062.7 1,532.8 3.4 1,536.2
Condensed group statement of cash flows - unaudited
Note 26 weeks to 25 September Restated 26 weeks 52 weeks
2021
£m to 26 September 2020 to 27 March
2021
£m
£m
Cash flows from operating activities
Operating profit 207.5 88.1 521.1
Amortisation of intangible assets 17.7 14.8 32.9
Depreciation of property, plant and equipment 38.0 30.7 71.4
Depreciation of right-of-use assets 89.6 83.5 172.4
COVID-19 related rent concessions (9.0) (26.3) (54.1)
Impairment charge of intangible assets 9 - 0.8 8.8
Net impairment charge/(reversal) of property, plant and equipment 10 0.4 (3.2) (7.5)
Net impairment charge/(reversal) of right-of-use assets 11 2.0 (15.5) (33.7)
Profit on disposal of property, plant and equipment, intangible assets and (22.7)
investment properties
(5.1) -
Loss/(gain) on disposal of right-of-use assets 0.4 - (1.1)
Loss on derivative instruments 1.7 0.6 3.8
Charge in respect of employee share incentive schemes 6.7 4.2 12.1
Payment from settlement of equity swap contracts - (1.5) (1.5)
(Increase)/decrease in inventories (31.3) (34.3) 20.9
Increase in receivables (26.2) (23.1) (39.0)
Increase/(decrease) in payables and provisions 30.2 (17.8) (7.2)
Cash generated from operating activities 322.6 101.0 676.6
Interest received 0.9 1.4 2.9
Interest paid (15.3) (15.3) (30.1)
Taxation paid (84.3) (9.6) (58.0)
Net cash generated from operating activities 223.9 77.5 591.4
Cash flows from investing activities
Purchase of property, plant and equipment (25.7) (39.9) (72.9)
Purchase of intangible assets (13.7) (20.9) (41.9)
Proceeds from sale of property, plant and equipment and investment properties 27.2
7.7 -
Initial direct costs of right-of-use assets (4.0) (0.4) (2.9)
Net cash outflow from investing activities (35.7) (61.2) (90.5)
Cash flows from financing activities
Dividends paid in the period (171.9) - -
Payment of deferred consideration for acquisition of non-controlling interest 15 - (2.6) (2.6)
Proceeds from borrowings 18 - 595.1 595.1
Repayment of borrowings 18 - (300.0) (599.8)
Payment of lease principal (84.7) (61.7) (152.2)
Payment to acquire additional interest in subsidiary from non-controlling - (1.7)
interest
-
Issue of ordinary share capital 0.9 0.4 2.2
Purchase of own shares by ESOP trusts (7.3) - (0.1)
Net cash (outflow)/ inflow from financing activities (263.0) 231.2 (159.1)
Net (decrease)/increase in cash and cash equivalents (74.8) 247.5 341.8
Effect of exchange rate changes 1.9 3.1 (13.2)
Cash and cash equivalents at beginning of period 1,215.9 887.3 887.3
Cash and cash equivalents at end of period 1,143.0 1,137.9 1,215.9
Cash and cash equivalents as per the Balance Sheet 14 1,197.2 1,199.5 1,261.3
Bank overdrafts 17 (54.2) (61.6) (45.4)
Cash net of overdrafts 1,143.0 1,137.9 1,215.9
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Corporate information
Burberry Group plc and its subsidiaries (the Group) is a global luxury goods
manufacturer, retailer and wholesaler. The Group also licenses third parties
to manufacture and distribute products using the 'Burberry' trademarks. All of
the companies which comprise the Group are controlled by Burberry Group plc
(the Company) directly or indirectly.
2. Accounting policies and Basis of preparatioN
Basis of preparation
These condensed consolidated interim financial statements are unaudited but
have been reviewed by the auditors and their report to the Company is set out
on page 42. They were approved by the Board of Directors on 10 November 2021.
These condensed consolidated interim financial statements do not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the 52 weeks to 27 March 2021 were approved by
the Board of Directors on 21 May 2021 and have been filed with the Registrar
of Companies. The report of the auditors on the statutory accounts for the 52
weeks to 27 March 2021 was unqualified, did not contain an emphasis of matter
paragraph and did not contain a statement under Section 498 of the Companies
Act 2006.
A restatement of £14.6 million has been made to the condensed Group Statement
of Cash Flows for the 26 weeks to 26 September 2020 following the correction
of the reporting of the movement in capital accruals. The impact is to
increase the purchase of property plant and equipment and intangible assets
within cash flows from investing activities, with a corresponding reduction in
decrease in payables and provisions within cash flows from operating
activities.
These condensed consolidated interim financial statements for the 26 weeks to
25 September 2021 have been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34,
'Interim Financial Reporting' as adopted by the UK. This report should be read
in conjunction with the Group's financial statements for the 52 weeks to 27
March 2021, which have been prepared in accordance with International
Financial Reporting Standards (IFRSs). The annual financial statements of the
Group for the 53 weeks to 2 April 2022 will be prepared in accordance with UK
adopted international accounting standards.
Going concern
The impact of the COVID-19 pandemic on the global economy and the operating
activities of many businesses, including the luxury market, has resulted in a
volatile climate and continued uncertainty. The further impact of this
pandemic on the Group is uncertain at the date of signing these financial
statements.
In considering the appropriateness of adopting the going concern basis in
preparing the financial statements, the Directors have assessed the potential
cash generation of the Group and considered a range of downside scenarios
similar to scenarios considered for the most recent annual assessment. This
assessment covers the period of a minimum of 12 months from the date of
signing the condensed consolidated interim financial statements. The Directors
have also considered the forecast for the period up to the subsequent
financial year end, March 2023, for any indicators that the going concern
basis of preparation is not appropriate.
The scenarios considered by the Directors include a severe but plausible
downside and a reverse stress test which determines how much revenue could
reduce by while still providing funding to cover other principal risks.
Further mitigating actions within management control would be taken under each
scenario, including working capital reduction measures and limiting capital
expenditure but these were not incorporated into the downside modelling.
The Directors have also considered the Group's current liquidity and available
facilities. As at 25 September 2021, the Group balance sheet reflects cash net
of overdrafts and borrowings of £846 million, while cash net of overdrafts is
£1,143 million. In addition the Group has access to a £300 million Revolving
Credit Facility (RCF), which is currently undrawn and not relied upon for the
purpose of this going concern assessment. The Group is in compliance with the
covenants for the RCF and the borrowings raised via the bond issued in
September 2020 are not subject to covenants. Details of cash, overdrafts,
borrowings and facilities are set out in notes 14, 17 and 18 of these
financial statements.
In all the scenarios assessed, taking into account liquidity and available
resources and before the inclusion of any mitigating actions within management
control, the Group was able to maintain sufficient liquidity to continue
trading. On the basis of the assessment performed, the Directors consider it
is appropriate to continue to adopt the going concern basis in preparing the
condensed consolidated interim financial statements for the period ended 25
September 2021.
Accounting policies
The accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those followed
in the preparation of the Group's annual consolidated financial statements for
the 52 weeks ended 27 March 2021, with the exception of the following:
IFRS 16 Leases
The extension of the COVID-19-Related Rent Concessions amendment to IFRS 16
Leases to 30 June 2022 has been applied for the period ended 25 September
2021.
The Group has not early adopted any standard, interpretation or amendment that
has been issued but is not yet effective. Several amendments apply for the
first time for the period ended 25 September 2021, but do not have an impact
on the condensed consolidated interim financial statements of the Group.
Key sources of estimation uncertainty
Preparation of the condensed consolidated interim financial statements in
conformity with IFRS requires that management make certain estimates
and assumptions that affect the measurement of reported revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities.
If in the future such estimates and assumptions, which are based on
management's best estimates at the date of the financial statements, deviate
from actual circumstances, the original estimates and assumptions will be
updated as appropriate in the period in which the circumstances change.
Estimates are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be
reasonable under the circumstances. The key areas where the estimates and
assumptions applied have a significant risk of causing a material adjustment
to the carrying value of assets and liabilities are consistent with those
applied in the Group's financial statements for the 52 weeks to 27 March 2021,
as set out on pages 231 to 233 of those financial statements.
For details of changes to significant estimates for impairment of property,
plant and equipment and right-of-use assets in the current period, refer to
note 10. There have been no changes to the significant estimates relating to
inventory provisioning or uncertain tax positions in the period.
Key judgements in applying the Group's accounting policies
Judgements are those decisions made when applying accounting policies which
have a significant impact on the amounts recognised in the Group's financial
statements. Key judgements that have a significant impact on the amounts
recognised in the condensed consolidated interim financial statements for the
26 weeks to 25 September 2021 include:
Impairment charge/reversals
Value-in-use estimates are used as part of impairment testing for intangible
assets, property, plant and equipment and right-of-use assets. Value-in-use
calculations require judgement surrounding key inputs including the future
revenues, the margins achieved and the discount rates applied. Consideration
is applied to the key inputs noted with sensitivity analysis performed across
material asset balances to ensure the value-in-use estimate is robust to
changes in the underlying assumptions.
Other judgements are consistent with those applied in the Group's financial
statements for the 52 weeks to 27 March 2021.
Translation of the results of overseas businesses
The results of overseas subsidiaries are translated into the Group's
presentation currency of Sterling each month at the weighted average exchange
rate according to the phasing of the Group's trading results. The weighted
average exchange rate is used, as it is considered to approximate the actual
exchange rates on the dates of the transactions. The assets and liabilities of
such undertakings are translated at period end exchange rates. Differences
arising on the retranslation of the opening net investment in subsidiary
companies, and on the translation of their results, are taken directly to the
foreign currency translation reserve within equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign
operation are treated as assets and liabilities of the foreign operation and
translated at the closing rate.
The principal exchange rates used were as follows:
Average rate Closing rate
26 weeks to 25 September 2021 26 weeks to 52 weeks to As at As at As at
27 March
25 September 2021
27 March
26 September 2020
2021 26 September 2020
2021
Euro 1.16 1.12 1.12 1.17 1.09 1.17
US Dollar 1.39 1.26 1.30 1.37 1.27 1.38
Chinese Yuan Renminbi 8.98 8.87 8.85 8.84 8.67 9.02
Hong Kong Dollar 10.79 9.79 10.08 10.66 9.85 10.72
Korean Won 1,583 1,525 1,514 1,611 1,497 1,558
Adjusted profit before taxation
In order to provide additional consideration of the underlying performance of
the Group's ongoing business, the Group's results include a presentation of
Adjusted operating profit and Adjusted profit before taxation (adjusted PBT).
Adjusted PBT is defined as profit before taxation and before adjusting items.
Adjusting items are those items which, in the opinion of the Directors, should
be excluded in order to provide a consistent and comparable view of the
performance of the Group's ongoing business. Generally, this will include
those items that are largely one-off and material in nature as well as income
or expenses relating to acquisitions or disposals of businesses or other
transactions of a similar nature, including the impact of changes in fair
value of expected future payments or receipts relating to these transactions.
Adjusting items are identified and presented on a consistent basis each year
and a reconciliation of adjusted PBT to profit before tax is included in the
financial statements. Adjusting items and their related tax impacts, as well
as adjusting taxation items, are added back to/deducted from profit
attributable to owners of the Company to arrive at adjusted earnings per
share. Refer to note 4 for further details of adjusting items.
3. Segmental analysis
The Chief Operating Decision Maker has been identified as the Board of
Directors. The Board reviews the Group's internal reporting in order to
assess performance and allocate resources. Management has determined the
operating segments based on the reports used by the Board. The Board
considers the Group's business through its two channels to market, being
retail/wholesale and licensing.
Retail/wholesale revenues are generated by the sale of luxury goods through
Burberry mainline stores, concessions, outlets and digital commerce as well as
Burberry franchisees, prestige department stores globally and multi-brand
specialty accounts. The flow of global product between retail and wholesale
channels and across our regions is monitored and optimised at a corporate
level and implemented via the Group's inventory hubs situated in Europe and
the US.
Licensing revenues are generated through the receipt of royalties from global
licensees of beauty products, eyewear and from licences relating to the use of
non-Burberry trademarks in Japan.
The Board assesses channel performance based on a measure of adjusted
operating profit. This measurement basis excludes the effects of adjusting
items. The measure of earnings for each operating segment that is reviewed by
the Board includes an allocation of corporate and central costs. Interest
income and charges are not included in the result for each operating segment
that is reviewed by the Board.
Retail/Wholesale Licensing Total
26 weeks 26 weeks 26 weeks 26 weeks 26 weeks 26 weeks
to 25 September to 26 September to 25 September to 26 September to 25 September to 26 September
2021
2020
2021
2020
2021
2020
£m
£m
£m
£m
£m
£m
Retail 943.5 703.8 - - 943.5 703.8
Wholesale 249.1 155.8 - - 249.1 155.8
Licensing - - 20.0 18.4 20.0 18.4
Total segment revenue 1,192.6 859.6 20.0 18.4 1,212.6 878.0
Inter-segment revenue(1) - - - (0.3) - (0.3)
Revenue from external customers 1,192.6 859.6 20.0 18.1 1,212.6 877.7
Adjusted operating profit 178.0 34.2 18.0 16.7 196.0 50.9
Adjusting items(2) 11.2 36.8
Finance income 1.1 1.5
Finance expense (17.1) (16.4)
Profit before taxation 191.2 72.8
Retail/Wholesale Licensing Total
52 weeks to 27 March 2021 £m £m £m
Retail 1,909.9 - 1,909.9
Wholesale 396.0 - 396.0
Licensing - 39.1 39.1
Total segment revenue 2,305.9 39.1 2,345.0
Inter-segment revenue(1) - (1.1) (1.1)
Revenue from external customers 2,305.9 38.0 2,343.9
Adjusted operating profit 361.4 34.5 395.9
Adjusting items(2) 124.5
Finance income 3.1
Finance expense (33.3)
Profit before taxation 490.2
1. Inter-segment transfers or transactions are entered into under the normal
commercial terms and conditions that would be available to unrelated third
parties.
2. Refer to note 4 for details of adjusting items.
Additional revenue analysis
All revenue is derived from contracts with customers. The Group derives Retail
and Wholesale revenue from contracts with customers from the transfer of goods
and related services at a point in time. Licensing revenue is derived over the
period the licence agreement gives the customer access to the Group's
trademarks.
Revenue by product division 26 weeks 26 weeks 52 weeks
to 25 September to 26 September 2020 to 27
2021
£m £m March
2021
£m
Accessories 434.9 301.2 840.9
Women's 329.6 241.7 652.6
Men's 347.0 257.4 667.6
Children's/Other 81.1 59.3 144.8
Retail/Wholesale 1,192.6 859.6 2,305.9
Licensing 20.0 18.1 38.0
Total 1,212.6 877.7 2,343.9
Revenue by destination 26 weeks 26 weeks 52 weeks
to 25 September to 26 September 2020 to 27
2021
£m £m March
2021
£m
Asia Pacific 521.8 439.4 1,203.2
EMEIA(1) 360.9 250.7 628.0
Americas 309.9 169.5 474.7
Retail/Wholesale 1,192.6 859.6 2,305.9
Licensing 20.0 18.1 38.0
Total 1,212.6 877.7 2,343.9
1. EMEIA comprises Europe, Middle East, India and Africa.
Due to the seasonal nature of the business, Group revenue is usually expected
to be higher in the second half of the year than in the first half. While some
of the Group's operating costs are also higher in the second half of the year,
such as contingent rentals and sales related employee costs, most of the
operating costs, in particular salaries and fixed rentals, are phased more
evenly across the year. As a result, adjusted operating profit is expected to
be higher in the second half of the financial year.
4. Adjusting items
26 weeks 26 weeks 52 weeks
to 25 September to 26 September to 27
2021
2020
£m
£m March
2021
£m
Adjusting operating items
Impact of COVID-19:
Impairment reversal relating to retail cash generating units - (23.0) (46.6)
Impairment reversal relating to inventory (6.5) (6.6) (22.3)
Impairment reversal relating to receivables - (2.6) (5.2)
COVID-19 related rent concessions (9.0) (26.3) (54.1)
Furlough grant income (1.3) - (8.5)
Other adjusting items:
Gain on disposal of property - - (18.7)
Restructuring costs 4.8 22.1 29.8
Revaluation of deferred consideration liability 0.5 (0.8) 0.4
Total adjusting operating items (11.5) (37.2) (125.2)
Adjusting financing items
Finance charge on deferred consideration liability 0.3 0.4 0.7
Total adjusting financing items 0.3 0.4 0.7
26 weeks 26 weeks 52 weeks
to 25 September to 26 September to 27
2021
2020
£m
£m March
2021
£m
Analysis of adjusting operating items:
Included in Cost of sales (Impairment reversal relating to inventory) (6.5) (6.6) (22.3)
Included in Net operating expenses (5.0) (30.6) (102.9)
Total adjusting operating items (11.5) (37.2) (125.2)
26 weeks 26 weeks 52 weeks
to 25 September to 26 September to 27
2021
2020
£m
£m March
2021
£m
Total adjusting items (pre-tax) (11.2) (36.8) (124.5)
Tax on adjusting items 2.6 6.2 21.5
Total adjusting items (post-tax) (8.6) (30.6) (103.0)
Impact of COVID-19
COVID-19 has impacted both business operations and financial markets
worldwide. COVID-19 has also had a significant impact on the financial results
of the Group during the current period and previous financial year.
As at the beginning of the financial year ending 27 March 2021, the Group had
balances relating to COVID-19 impairment charges that had previously been
charged as adjusting items in prior periods, as they were considered to be
material and one-off in nature. £235.9 million COVID-19 impairment charges
were recognised in relation to impairments of retail cash generating units
(£156.5 million), receivables (£11.1 million) and to inventory provisions
(£68.3 million).
At 25 September 2021, these impairments and provisions have been reviewed and
the assumptions updated where appropriate, to reflect management's latest
expectations. The impact of changes in assumptions has been presented as an
update to the adjusting item charge. Further details regarding the approach
applied to measure these updates are set out below for each of the specific
adjusting items.
Other items, where they are considered one-off in nature and directly related
to the impact of COVID-19, have been presented as adjusting items. Income
recorded in the period following application of the temporary COVID-19 Related
Rent Concession amendment to IFRS 16 has been presented as an adjusting item.
This is considered appropriate given that the amendment to IFRS 16 is only
applicable for a limited period of time and it is explicitly related to
COVID-19. Grant income recorded in the period, relating to government furlough
arrangements worldwide, has also been presented as an adjusting item, as it is
also explicitly related to COVID-19, and the arrangements are expected to last
for a limited period of time. In aggregate these items give rise to a material
amount of income in the period. Further details of these adjusting items are
set out below.
All other financial impacts of COVID-19 are included in adjusted operating
profit. As a result, additional costs recorded in the period, including masks,
other personal protection equipment, hand sanitisers, production
inefficiencies due to social distancing, operating costs of retail stores
during closure and the cost of voluntary payment of UK rates, have not been
separately presented as adjusting items. These additional costs are not
considered to be one-off in nature, and in some cases the discrete impact of
COVID-19 on these costs cannot be reliably measured. Hence it is considered
more appropriate to include these additional costs in adjusted operating
profit.
Impairment of retail cash generating units
During the 26 weeks to 25 September 2021, the impairment provisions remaining
have been reassessed, using management's latest expectations, with no charge
or reversal recorded (last half year: £23.0 million net reversal; last full
year: £46.6 million net reversal). There was no related tax charge (last half
year: £4.9 million; last full year: £5.2 million) recognised in the period.
Any charges or reversals which did not arise from the reassessment of the
original impairment adjusting item, had they arisen, would not have been
included in this adjusting item. Refer to notes 10 and 11 for details of
impairment of retail cash generating units.
Impairment of inventory
During the 26 weeks to 25 September 2021, reversals of inventory provisions,
relating to inventory which had been provided for as an adjusting item at the
previous year end and has either been sold, or is now expected to be sold, at
a higher net realisable value than had been assumed when the provision had
been initially estimated, of £6.5 million (last half year: £6.6 million;
last full year £22.3 million) have been recorded and presented as an
adjusting item. A related tax charge of £1.4 million (last half year: £1.1
million; last full year £4.8 million) has also been recognised in the period.
All other charges and reversals relating to inventory provisions have been
recorded in adjusted operating profit. Refer to note 13 for details of
inventory provisions.
Impairment of receivables
During the 26 weeks to 25 September 2021, the expected credit loss rates have
been reassessed, taking into account the experience of losses incurred during
the period and changes in market conditions at 25 September 2021 compared to
the previous year end. As a result of this reassessment, management has made
no changes to the expected credit loss rates and there has been no adjustment
recorded. Last half year a reversal of £2.6 million (last full year: £5.2
million), resulting from the reduction in credit loss rate assumption, was
recorded as an adjusting item. There was no related tax charge (last half
year: £0.6 million; last full year £1.1 million) recognised in the period.
All other charges and reversals relating to impairment of receivables, arising
from changes in the value and aging of the receivables portfolio, have been
included in adjusted operating profit. Refer to note 12 for details of
impairment of receivables.
COVID-19-related rent concessions
Eligible rent forgiveness amounts have been treated as negative variable lease
payments, resulting in a credit of £9.0 million (last half year: £26.3
million; last full year: £54.1 million) for the 26 weeks to 25 September 2021
being recorded in net operating expenses. This income has been presented as an
adjusting item, as set out above. A related tax charge of £1.9 million (last
half year: £4.3 million; last full year £9.6 million) has also been
recognised in the current period.
COVID-19-related furlough grant income
The Group has recorded grant income of £1.3 million (last half year £nil;
last full year £8.5 million) within selling and distribution costs in net
operating expenses for the 26 weeks to 25 September 2021, relating to
government support for retention of employees on furlough, as a result of
COVID-19. These grants related to income received from a number of government
arrangements worldwide. None of the income related to UK based employees. This
income has been presented as an adjusting item, as set out above. A related
tax charge of £0.3 million (last half year: £nil; last full year £2.2
million) has also been recognised in the current period.
Restructuring costs
Restructuring costs of £4.8 million (last half year: £22.1 million; last
full year: £29.8 million) were incurred in the current period, arising
primarily as a result of the organisational efficiency programme announced in
July 2020 that included the creation of three new business units to enhance
product focus, increase agility and elevate quality and the further streamline
of office-based functions and facilities. The costs for the 26 weeks to 25
September 2021 principally relate to redundancies and consulting costs and
these costs are recorded in operating expenses. They are presented as an
adjusting item, in accordance with the Group's accounting policy, as the
anticipated cost of the restructuring is considered material and discrete in
nature. A related tax credit of £1.0 million (last half year: £4.7
million; last full year: £6.0 million) has also been recognised in the
current period.
Items relating to the deferred consideration liability
On 22 April 2016, the Group entered into an agreement to transfer the economic
right of the non-controlling interest in Burberry Middle East LLC to the Group
in exchange for consideration of contingent payments to be made to the
minority shareholder over the period to 2023.
A charge of £0.5 million in relation to the revaluation of this balance has
been recognised in net operating expenses for the 26 weeks to 25 September
2021 (last half year: credit of £0.8 million; last full year: charge of £0.4
million). A financing charge of £0.3 million in relation to the unwinding of
the discount on the non-current portion of the deferred consideration
liability has also been recognised for the 26 weeks to 25 September 2021 (last
half year: £0.3 million; last full year: £0.6 million). These movements are
unrealised.
On 19 September 2018, the Group acquired Burberry Manifattura S.R.L.
Consideration for the acquisition included a future performance related
deferred consideration payment which has been made subsequent to the period
end on 5 October 2021. Refer to note 23 for details of post balance sheet
events. A financing charge of £0.1 million in relation to the unwinding of
the discount on the non-current portion of the deferred consideration
liability has been recognised for the 26 weeks to 25 September 2021 (last half
year: £0.1 million; last full year: £0.1 million). This movement is
unrealised.
No tax has been recognised on either of these items, as the future payments
are not considered to be deductible for tax purposes. These items are
presented as adjusting items in accordance with the Group's accounting policy,
as they arise from changes in the value of the liability for expected future
payments relating to the purchase of a non-controlling interest in the Group
and acquisition of a subsidiary respectively.
Adjusting items relating to prior periods
Gain on disposal of property
During the 52 weeks to 27 March 2021, the Group completed the sale of an owned
property in France for cash proceeds of £27.2 million resulting in a net gain
on disposal of £23.0 million, recorded within administrative expenses in net
operating expenses. A profit of £18.7 million was presented as an adjusting
item, after deducting incremental costs of £4.3 million relating to employee
profit sharing agreements. This charge was recognised as an adjusting item, in
accordance with the Group's accounting policy, as this profit from asset
disposal is considered to be material and one-off in nature. A related tax
charge of £4.6 million was also recognised in the year.
5. FiNANCING
26 weeks 26 weeks 52 weeks
to 27
to 25 September to 26 September 2020
2021
March
£m £m
2021
£m
Bank interest income - amortised cost 0.2 0.3 0.6
Other finance income - amortised cost 0.2 0.2 0.5
Finance income - amortised cost 0.4 0.5 1.1
Bank interest income - fair value through profit and loss 0.7 1.0 2.0
Finance income 1.1 1.5 3.1
Interest expense on lease liabilities (12.9) (12.4) (24.9)
Interest expense on overdrafts (0.1) (0.1) (0.2)
Interest expense on borrowings (2.0) (1.9) (4.7)
Bank charges (1.8) (0.8) (1.7)
Other finance expense (0.3) (1.2) (1.8)
Finance expense (17.1) (16.4) (33.3)
Finance charge on deferred consideration liability (0.3) (0.4) (0.7)
Net finance expense (16.3) (15.3) (30.9)
6. Taxation
The interim tax charge has been calculated by applying the estimated weighted
average tax rate applicable to the Group's full year forecast adjusted profit
before tax to the actual adjusted profit before tax in the interim
period. Tax on prior year adjustments and remeasurement of tax balances due
to changes in tax rates have been recorded as identified in the period. The
resulting effective tax rate on adjusted profit before tax in the period is
24.1% (last half year: 50.9%; last full year: 25.4%). Tax on adjusting items
has been recognised at the prevailing tax rates as appropriate. The resulting
effective tax rate on reported profit before taxation is 24.1% (last half
year: 33.6%; last full year: 23.3%). The effective tax rate on adjusted
profit before tax for the full year is estimated to be 22.0%.
26 weeks 26 weeks 52 weeks
to 27
to 25 September to 26 September 2020
2021
March
£m £m
2021
£m
Current Tax
Current tax on income for the period 58.2 5.0 92.4
Adjustments in respect of prior years 6.6 2.0 (4.2)
Total Current Tax 64.8 7.0 88.2
Deferred Tax
Origination and reversal of temporary differences (17.8) 10.6 15.8
Impact of changes to tax rates (3.4) - (0.3)
Adjustments in respect of prior years 2.4 6.9 10.6
Total Deferred Tax (18.8) 17.5 26.1
Total tax charge on profit 46.0 24.5 114.3
Total taxation recognised in the condensed group income statement comprises:
26 weeks 26 weeks 52 weeks
to 27
to 25 September to 26 September 2020
2021
March
£m £m
2021
£m
Tax on adjusted profit before taxation 43.4 18.3 92.8
Tax on adjusting items (note 4) 2.6 6.2 21.5
Total taxation charge 46.0 24.5 114.3
Deferred Taxation
The major deferred tax assets/(liabilities) recognised by the Group and
movements during the period are as follows:
Capital allowances Unrealised inventory profit and other inventory provisions Share schemes Derivative instruments Unused tax losses Leases Other Net deferred tax asset
£m
£m
£m £m £m £m £m £m
Balance as at 27 March 2021 16.7 61.6 3.9 (0.9) 1.1 35.0 18.9 136.3
Effect of foreign exchange rates 0.1 0.8 - - - 0.2 0.2 1.3
Credited/(charged) to the Income Statement 3.2 22.7 0.2 - - (4.9) (2.4) 18.8
Credited to equity - - - 0.9 - - - 0.9
Balance as at 25 September 2021 20.0 85.1 4.1 - 1.1 30.3 16.7 157.3
An increase in the UK's main corporation tax rate from 19% to 25% was
substantially enacted within the period to take effect from 1 April 2023. A
remeasurement of those UK deferred tax assets and liabilities which are
forecast to be utilised after this date has been recorded in the period,
resulting in a £3.4 million credit to the condensed group income statement.
7. Earnings per share
The calculation of basic earnings per share is based on profit or loss
attributable to owners of the Company for the period divided by the weighted
average number of ordinary shares in issue during the period. Basic and
diluted earnings per share based on adjusted profit before taxation are also
disclosed to indicate the underlying profitability of the Group.
26 weeks 26 weeks 52 weeks
to 25 September to 26 September 2020 to 27
2021
£m £m March
2021
£m
Attributable profit for the period before adjusting items(1) 136.3 18.6 272.7
Effect of adjusting items(1) (after taxation) 8.6 30.7 103.0
Attributable profit for the period 144.9 49.3 375.7
1. Refer to note 4 for details of adjusting items.
The weighted average number of ordinary shares represents the weighted average
number of Burberry Group plc ordinary shares in issue throughout the period,
excluding ordinary shares held in the Group's ESOP trusts and treasury shares
held by the Company or its subsidiaries.
Diluted earnings per share is based on the weighted average number of ordinary
shares in issue during the period. In addition, account is taken of any
options and awards made under the employee share incentive schemes, which will
have a dilutive effect when exercised.
26 weeks 26 weeks 52 weeks
to 25 September to 26 September 2020 to 27
2021
Millions Millions March
2021
Millions
Weighted average number of ordinary shares in issue during the period 404.3 403.9 404.1
Dilutive effect of the employee share incentive schemes 2.0 0.8 1.0
Diluted weighted average number of ordinary shares in issue during the period 406.3 404.7 405.1
26 weeks 26 weeks 52 weeks
to 25 September to 26 September 2020 to 27
2021
Pence Pence March
2021
Pence
Earnings per share
Basic 35.8 12.2 93.0
Diluted 35.7 12.2 92.7
Adjusted earnings per share - non-GAAP measure
Basic 33.7 4.6 67.5
Diluted 33.5 4.6 67.3
8. Dividends paid to owners of the Company
The interim dividend of 11.6p (last half year: nil) per share has been
approved by the Board of Directors after 25 September 2021. Accordingly, this
dividend has not been recognised as a liability at the period end.
The interim dividend will be paid on 28 January 2022 to Shareholders on the
Register at the close of business on 17 December 2021.
The ex-dividend date is 16 December 2021 and the final day for dividend
reinvestment plan ('DRIP') elections is 7 January 2022.
A dividend of 42.5p (last half year: nil) was paid during the period to 25
September 2021 in relation to the year ended 27 March 2021.
9. Intangible assets
Goodwill at 25 September 2021 is £105.6 million (last half year: £110.5
million; last full year: £105.2 million). There were no additions to goodwill
in the period (last half year: £nil).
In the period there were additions to other intangible assets of £13.7
million (last half year: £20.7 million) and disposals with a net book value
of £nil (last half year: £nil).
Capital commitments contracted but not provided for by the Group amounted to
£2.5 million (last half year: £4.6 million).
Impairment testing
Assets that have an indefinite useful economic life are not subject to
amortisation and are tested annually for impairment.
Goodwill is the only intangible asset category with an indefinite useful
economic life included within total intangible assets at 25 September 2021.
Management has performed a review for indicators of impairment as at 25
September 2021 and concluded that there are no indicators at this time. The
annual impairment test will be performed at 2 April 2022.
The impairment charge for other intangible assets for the 26 weeks to 25
September 2021 is £nil (last half year: £0.8 million).
10. Property, plant and equipment
In the period there were additions to property, plant and equipment of £34.4
million (last half year: £28.8 million) and disposals with a net book value
of £0.2 million (last half year: £nil).
The additions of £34.4 million (last half year: £28.8 million) includes
£25.7 million (last half year: £39.9 million) arising as a result of
investing cash outflows and £8.7 million (last half year: £11.1 million)
movement in capital expenditure accruals.
Capital commitments contracted but not provided for by the Group amounted to
£38.6 million (last half year: £23.9 million).
Impairment testing
During the current period, management reviewed their assumptions relating to
the impact of COVID-19 on the impairment of retail cash generating units and
reviewed these units for any indication of impairment or impairment reversal.
Where indicators of impairment have been identified a full impairment analysis
was carried out and if the value-in-use was less than the carrying value of
the cash generating unit, an impairment of property, plant and equipment and
right-of-use asset was recorded. The pre-tax cash flow projections used for
this review were based on financial plans of expected revenues and costs of
each retail cash generating unit, approved by management, and extrapolated
beyond the current year to the lease end dates using growth rates and
inflation rates appropriate to each store's location. The pre-tax discount
rates used in these calculations were between 10.2% and 17.5% (last half year:
between 9.5% and 14.2%) based on the Group's weighted average cost of capital
adjusted for country-specific borrowing costs, tax rates and risks.
During the 26 weeks to 25 September 2021, an impairment charge of £2.2
million (last half year: net impairment reversal of £23.0 million) was
recorded as a result of a review of impairment of retail store assets. A
charge of £0.2 million was recorded against property, plant and equipment
(last half year: net impairment charge of £1.5 million and a reversal of
£5.5 million) and a charge of £2.0 million was recorded against right-of-use
assets (last half year: charge of £10.3 million and a reversal of £29.3
million). Refer to note 11 for further details of right-of-use assets. The
net impairment reversal relating to the change in assumptions of the impact of
COVID-19 on the impairment charge of £23.0 million recorded last year was
presented as an adjusting item. Refer to note 4 for details of adjusting
items.
Management has considered the potential impact of changes in assumptions on
the impairment recorded against the Group's retail assets. Given the
significant uncertainty regarding the impact of COVID-19 on the Group's retail
operations and on the global economy, management have considered sensitivities
to the impairment charge as a result of changes to the estimate of future
revenues achieved by the retail stores. The sensitivities applied are an
increase or decrease in revenue of 10% from the estimate used to determine the
impairment charge. It is estimated that a 10% decrease/increase in revenue
assumptions for the 53 weeks to 2 April 2022, with no change to subsequent
forecast revenue growth rate assumptions, would result in a £17 million
increase / £10 million decrease in the impairment charge of retail store
assets in the 26 weeks to 25 September 2021.
The impairment charge recorded in property, plant and equipment related to 3
retail cash generating units (last half year: net impairment reversal related
to 22 retail cash generating units-) for which the total recoverable amount at
the balance sheet date is £nil. (last half year: £31.9 million).
In addition, an impairment charge of £0.2 million (last half year: £0.8
million) was recognised in relation to non-retail assets. As a result the
total net impairment charge for property, plant and equipment was £0.4
million (last half year: net impairment reversal of £3.2 million).
11. RIGHT OF USE ASSETS
In the period there were additions to right-of-use assets of £124.2million
(last half year: £32.9 million). Depreciation of right-of-use assets of
£89.6 million (last half year: £83.5 million) is included within net
operating expenses.
Impairment testing
As a result of the assessment of retail cash generating units for impairment,
an impairment charge of £2.0 million (last half year: net impairment reversal
of £19.0 million) was recorded for impairment of right-of-use assets. Refer
to note 10 for further details of impairment assessment of retail cash
generating units.
In addition, an impairment charge of £nil (last half year: impairment charge
of £3.5 million) was recognised in relation to vacant office premises.
12. Trade and other receivables
As at 25 September As at 26 September As at
2021
2020
27 March
£m
£m
2021
£m
Non-current
Other financial receivables(1) 43.5 43.6 40.9
Other non-financial receivables(2) 1.1 2.0 1.4
Prepayments 2.8 4.0 2.7
Total non-current trade and other receivables 47.4 49.6 45.0
Current
Trade receivables 153.7 171.3 154.8
Provision for expected credit losses (9.0) (13.4) (7.9)
Net trade receivables 144.7 157.9 146.9
Other financial receivables(1) 32.3 31.8 33.1
Other non-financial receivables(2) 53.9 38.7 48.5
Prepayments 59.5 41.2 39.6
Accrued income 9.8 9.8 8.8
Total current trade and other receivables 300.2 279.4 276.9
Total trade and other receivables 347.6 329.0 321.9
1. Other financial receivables include rental deposits and other sundry
debtors.
2. Other non-financial receivable relates to indirect taxes, other taxes and
duties and statutory employee furlough receivables.
The net charge for impairment of financial receivables in the period was £1.8
million (last half year: reversal of £2.2 million; last full year: charge of
£4.1 million). None of this net charge has been presented as an adjusting
item (last half year: £2.6 million; last full year: charge of £5.2 million).
Refer to note 4 for details of adjusting items.
13. Inventories
Inventory provisions of £110.3 million (last half year: £158.8 million; last
full year: £116.6 million) are recorded, representing 20.2% (last half year:
24.6%; last full year 22.5%) of the gross value of inventory. The provisions
reflect management's best estimate of the net realisable value of inventory,
where this is considered to be lower than the cost of the inventory.
As at 28 March 2020, £68.3 million of the provision was included in cost of
sales as a result of the estimated reduction in net realisable value of
inventory due to COVID-19 and was presented as an adjusting item. In the
current period, £4.5 million of the provision (last half year: £nil; last
full year: £3.9 million) has been utilised, where inventory previously
provided for had been sold below cost in the current year and is recognised in
cost of sales.
An additional £6.5 million (last half year: £6.6 million; last full year:
£22.3 million) has been released upon re-assessment of the provision, where
inventory previously provided for has been sold, or is now expected to be
sold, for a higher net realisable value than has been estimated last year as
performance during the current period has exceeded, and is expected to
continue to exceed, the assumptions made at 27 March 2021. This reversal is
presented as an adjusting item. Refer to note 4 for details of adjusting
items.
14. Cash and cash equivalents
As at 25 September As at 26 September As at
2021
2020
27 March
£m
£m
2021
£m
Cash and cash equivalents held at amortised cost 188.8 195.3 189.8
Cash at bank and in hand
Short-term deposits 113.4 155.5 159.4
302.2 350.8 349.2
Cash and cash equivalents held at fair value through profit and loss 895.0 848.7 912.1
Short-term deposits
Total 1,197.2 1,199.5 1,261.3
Cash and cash equivalents classified as fair value through profit and loss
relate to deposits held in low volatility net asset value money market funds.
The cash is available immediately and, since the funds are managed to achieve
low volatility, no significant change in value is anticipated. The funds are
monitored to ensure there are no significant changes in value.
15. Trade and other payables
As at 25 As at 26 As at
September
September
27 March
2021
2020
2021
£m
£m
£m
Non-current
Other payables(1) 8.4 8.4 7.9
Deferred income and non-financial accruals 14.9 8.0 14.2
Contract liabilities 67.2 73.8 70.4
Deferred consideration(2) 3.9 13.3 6.9
Total non-current trade and other payables 94.4 103.5 99.4
Current
Trade payables 143.7 121.7 129.3
Other taxes and social security costs 56.4 61.0 52.2
Other payables(1) 17.8 6.2 12.6
Accruals 191.0 200.9 169.1
Deferred income and non-financial accruals 7.5 4.6 6.6
Contract liabilities 12.5 13.5 13.4
Deferred consideration(2) 13.7 2.2 9.7
Total current trade and other payables 442.6 410.1 392.9
Total trade and other payables 537.0 513.6 492.3
1. Other payables are comprised of COVID-19 rent deferrals, interest and
employee related liabilities.
2. Deferred consideration relates to the acquisition of Burberry Manifattura
S.R.L. on 19 September 2018 and of the economic right to the non-controlling
interest in Burberry Middle East LLC on 22 April 2016. The change in the
deferred consideration liability in the period arises as a result of a
financing cash outflow and non-cash movements. There were no payments made in
the 26 weeks to 25 September 2021 (last half year: £2.6 million; last full
year: £2.6 million). Refer to note 23 for further details on events after the
balance sheet date.
Contract liabilities
Retail contract liabilities relate to unredeemed balances on issued gift cards
and similar products, and advanced payments received for sales which have not
yet been delivered to the customer, which are all considered current.
Licensing contract liabilities relate to deferred revenue arising from the
upfront payment for the Beauty licence which is being recognised in revenue
over the term of the licence on a straight-line basis reflecting access to the
trademark over the licence period to 2032.
As at 25 As at 26 As at
September
2021 September 2020 27 March 2021
£m
£m £m
Retail contract liabilities 6.0 7.0 6.8
Licensing contract liabilities 73.7 80.3 77.0
Total contract liabilities 79.7 87.3 83.8
16. Provisions for other liabilities and charges
Property obligations Other Total
£m
costs
£m
£m
Balance as at 27 March 2021 41.6 14.2 55.8
Effect of foreign exchange rate changes 0.1 0.1 0.2
Created during the period 1.7 0.2 1.9
Discount unwind 0.1 - 0.1
Utilised during the period (0.2) (0.7) (0.9)
Released during the period (0.2) (3.4) (3.6)
Balance as at 25 September 2021 43.1 10.4 53.5
Balance as at 26 September 2020 39.6 10.1 49.7
As at 25 September As at 26 September As at
2021
2020
27 March
£m
£m
2021
£m
Analysis of total provisions:
Non-current 32.7 30.8 31.8
Current 20.8 18.9 24.0
Total 53.5 49.7 55.8
17. Bank overdrafts
Included within bank overdrafts is £54.2 million (last half year: £60.7
million; last full year: £45.4 million) representing balances on cash pooling
arrangements in the Group.
The Group has a number of committed and uncommitted arrangements agreed with
third parties. At 25 September 2021, the Group held bank overdrafts of £nil
(last half year: £0.9 million; last full year: £nil) excluding balances on
cash pooling arrangements.
The fair value of overdrafts approximates the carrying amount because of the
short maturity of these instruments.
18. Borrowings
On 26 July 2021, the Group entered into a new £300 million multi-currency
sustainability linked revolving credit facility (RCF) with a syndicate of
banks replacing the previous £300 million RCF that had been in place since
2014. In March 2020, the Group drew down on the original facility in full, the
facility was repaid in full in June 2020. At 25 September 2021, there were
£nil outstanding drawings. The Group is in compliance with the financial and
other covenants within the facility and has been in compliance throughout the
financial period.
On 14 May 2020, Burberry Limited issued commercial paper with a face value of
£300 million, issued at a discount with zero coupon, and a maturity of 17
March 2021. The commercial paper was issued under a £300 million facility the
Group agreed under the UK Government sponsored COVID Corporate Finance
Facility (CCFF). An increase to the Group's CCFF of £300 million to £600
million was made available from 29 May 2020 however no further commercial
paper was issued. The CCFF was repaid in full on 10 February 2021 and the
facility expired on 23 March 2021.
On 21 September 2020, Burberry Group plc issued medium term notes with a face
value of £300 million and 1.125% coupon maturing on 21 September 2025 (the
sustainability bond). Proceeds from the sustainability bond will allow the
Group to finance projects which support the Group's sustainability agenda.
There are no financial penalties for not using the proceeds as anticipated.
Interest on the sustainability bond is payable semi-annually. The fair value
of the bond at 25 September 2021 is £297.1 million (last half year £296.7
million), all movements on the bond are non-cash.
19. Share capital and reserves
Allotted, called up and fully paid share capital Number £m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 28 March 2020 404,705,886 0.2
Allotted on exercise of options during the period 30,333 -
As at 26 September 2020 404,736,219 0.2
As at 27 March 2021 404,864,359 0.2
Allotted on exercise of options during the period 64,529 -
As at 25 September 2021 404,928,888 0.2
Other reserves
Own shares purchased by the Company, as part of a share buy-back programme,
are classified as treasury shares and their cost offset against retained
earnings. When treasury shares are cancelled, a transfer is made from retained
earnings to the capital redemption reserve, equivalent to the nominal value of
the shares purchased and subsequently cancelled. The cost of shares purchased
by employee share ownership trusts (ESOP trusts) are offset against retained
earnings, as the amounts paid reduce the profits available for distribution by
the Company.
As at 25 September 2021 the amount held against retained earnings in relation
to shares purchased by ESOP trusts was £14.5 million (last half year: £15.5
million). As at 25 September 2021, the Company held no treasury shares (last
half year: none) and ESOP trusts held 0.8 million (last half year: 1.0
million) shares in the Company, with a market value of £14.9 million (last
half year: £14.9 million). In the 26 weeks to 25 September 2021 the ESOP
trusts and the Company have waived their entitlement to dividends of £0.2
million (last half year: £nil).
20. Related party transactions
The Group's significant related parties are disclosed in the Annual Report for
the 52 weeks to 27 March 2021. There were no material changes to these related
parties in the period. Other than total compensation in respect of key
management, no material related party transactions have taken place during the
current period.
21. Fair value disclosure for financial instruments
The Group's principal financial instruments comprise derivative instruments,
cash and cash equivalents, borrowings (including overdrafts), deferred
consideration, trade and other receivables and trade and other payables
arising directly from operations.
The fair value of the Group's financial assets and liabilities held at
amortised cost approximate their carrying amount due to the short maturity of
these instruments with the exception of £13.2 million (last half year: £13.8
million) held in non-current other receivables relating to an interest-free
loan provided to a landlord in Korea. At 25 September 2021, the discounted
fair value of the loan is £14.2 million (last half year: £16.0 million).
The fair value of the sustainability bond is considered to approximate its
book value due to the proximity of its date of issue to the balance sheet
date, refer to note 18.
The measurements for financial instruments carried at fair value are
categorised into different levels in the fair value hierarchy based on the
inputs to the valuation technique used. The different levels are defined as
follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Group can access at the measurement date.
Level 2: inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly or indirectly.
Level 3: includes unobservable inputs for the asset or liability.
Observable inputs are those which are developed using market data, such as
publicly available information about actual events or transactions. The Group
has an established framework with respect to measurement of fair values,
including level 3 fair values. The Group regularly reviews any significant
inputs which are not derived from observable market data and considers, where
available, relevant third-party information to support the conclusion that
such valuations meet the requirements of IFRS. The classification level in the
fair value hierarchy is also considered periodically and, if required,
financial instruments are transferred on the date of the event or change in
circumstances that caused the transfer.
The fair value of those cash and cash equivalents measured at fair value
through profit and loss, principally money market funds, is derived from their
net asset value which is based on the value of the portfolio investment
holdings at the balance sheet date. This is considered to be a level 2
measurement.
The fair value of forward foreign exchange contracts and equity swap contracts
is considered to be a level 2 measurement, it is based on a comparison of the
contractual and market rates and, in the case of forward foreign exchange
contracts, after discounting using the appropriate yield curve as at the
balance sheet date.
The fair value of the contingent payment component of deferred consideration
is considered to be a level 3 measurement and is derived using a present value
calculation, incorporating observable and non-observable inputs. This
valuation technique has been adopted as it most closely mirrors the
contractual arrangement.
22. Contingent liabilities
The Group is subject to claims against it and to tax audits in a number of
jurisdictions which arise in the ordinary course of business. These typically
relate to Value Added Taxes, sales taxes, customs duties, corporate taxes,
transfer pricing, payroll taxes, various contractual claims, legal proceedings
and other matters. Where appropriate, the estimated cost of known obligations
have been provided in these financial statements in accordance with the
Group's accounting policies. The Group does not expect the outcome of current
similar contingent liabilities to have a material effect on the Group's
financial condition.
23. Post Balance sheet Events
On 5 October 2021 the Group paid £8.9million to the former owners of Burberry
Manifattura. This was the final settlement of the deferred consideration
which was agreed as part of the acquisition of the business in 2018.
The balance was paid in full as the conditions upon which the payment was due
were met.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that the condensed consolidated interim financial
statements have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the UK and that the
Interim Management Report and condensed consolidated interim financial
statements include a fair review of the information required by Disclosure and
Transparency Rules 4.2.7 and 4.2.8, namely:
- an indication of important events that have occurred during the
first 26 weeks of the financial year and their impact on the condensed
consolidated interim financial statements, and a description of the principal
risks and uncertainties for the remaining 27 weeks of the financial year; and
- material related party transactions in the first 26 weeks of the
financial year and any material changes in the related party transactions
described in the last Annual Report.
The Directors of Burberry Group plc are consistent with those listed in the
Burberry Group plc Annual Report for the 52 weeks to 27 March 2021.
A list of current directors is maintained on the Burberry Group plc website:
www.burberryplc.com
(file:///C:/Users/apaiva/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/S2HAW9SC/www.burberryplc.com)
.
By order of the Board
Marco Gobbetti
Chief Executive Officer
10 November 2021
Julie Brown
Chief Operating and Financial Officer
10 November 2021
INDEPENDENT REVIEW REPORT TO BURBERRY GROUP PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the 26 week period ended 25
September 2021 which comprise the condensed group income statement, the
condensed group statement of comprehensive income, the condensed group balance
sheet, the condensed group statement of changes in equity, the condensed group
statement of cash flows and the related explanatory notes 1 to 23.
We have read the other information contained in the half yearly financial
report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set of
financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the 26 week period ended 25 September 2021 is not
prepared, in all material respects, in accordance with UK adopted
International Accounting Standard 34 and the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board. A review of interim financial information consists of
making enquiries, 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 (UK) 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.
As disclosed in note 2, the annual financial statements of the group will be
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion is based on procedures that are
less extensive than audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK and
Ireland) "Review of Interim Financial Information Performed by the Independent
Auditor of the Entity" issued by the Auditing Practices Board. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our work, for this report, or for the conclusions
we have formed.
Ernst & Young LLP
London
10 November 2021
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