REG - Sports Direct Intl. - Final Results <Origin Href="QuoteRef">SPD.L</Origin> - Part 2
06/09/2014 16:46
- Part 2: For the preceding part double click ID:nRSQ5532Ma
52 week EBITDA 331.1 287.9
Realised profit on forward foreign exchange contracts 1.8 2.3
Taxes paid (55.7) (44.7)
Underlying 52 week free cash flow 277.2 245.5
Invested in:-
Working capital and other (110.1) (131.2)
Purchase of own shares - (21.7)
Acquisitions (including debt) (144.2) (47.0)
Net purchase of investments (4.6) 1.5
Net capital expenditure (69.1) (49.8)
Finance costs and other financing activities (7.2) (6.1)
Increase in net debt (58.0) (8.8)
The increase in working capital is predominantly in inventory to support the growth of Sports Retail and the online
business.
Pensions
The Group operates a number of closed defined benefit schemes in the Dunlop Slazenger companies. The net deficit in these
schemes decreased from £19.9m at 28 April 2013 to £15.4m at 27 April 2014.
Dave Forsey
Chief Executive
17 July 2014
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 27 APRIL 2014
Year ended Year ended
27 April 28 April
2014 2013(restated)1
Notes £'000 £'000
Revenue 2 2,705,958 2,185,580
Cost of sales (1,551,036) (1,290,822)
Gross profit 1,154,922 894,758
Selling, distribution and administrative expenses (908,843) (689,578)
Other operating income 8,583 7,199
Exceptional items 3 (5,531) 625
Operating profit 2 249,131 213,004
Other investment income 7,017 1,473
Finance income 891 1,117
Finance costs (19,853) (9,688)
Share of profit of associated undertakings and joint ventures 2,266 1,320
Profit before taxation 239,452 207,226
Taxation 4 (59,839) (55,569)
Profit for the period 2 179,613 151,657
Attributable to:
Equity holders of the Group 180,245 151,596
Non-controlling interest (632) 61
Profit for the period 2 179,613 151,657
Earnings per share attributable to the equity shareholders
Basic earnings per share 5 30.8 26.6
Diluted earnings per share 5 29.2 24.4
Underlying basic earnings per share 5 32.1 26.9
1. Restatement relates to the adoption of IAS 19 ' Employee Benefits'.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 27 APRIL 2014
Year ended Year ended
27 April 28 April
2014 2013(restated)1
Notes £'000 £'000
Profit for the period 2 179,613 151,657
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Actuarial gains/(losses) on defined benefit pension schemes 3,860 (2,818)
Taxation on items recognised in other comprehensive income (698) -
Items that will be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations (33,118) 12,436
Exchange differences on hedged contracts- recognised in the period (3,737) 15,408
Exchange differences on hedged contracts - reclassified and reported in net profit (17,909) 196
Fair value adjustment in respect of available-for-sale financial assets 57,373 1,011
Taxation on items recognised in other comprehensive income (4,170) 4,636
Other comprehensive income for the period, net of tax 1,601 30,869
Total comprehensive income for the period 181,214 182,526
Attributable to:
Equity holders of the Group 181,846 182,465
Non-controlling interest (632) 61
181,214 182,526
1. Restatement relates to the adoption of IAS 19 ' Employee Benefits'.
CONSOLIDATED BALANCE SHEET AS AT 27 APRIL 2014
ASSETS
Non-current assets
Property, plant and equipment 412,361 332,036
Intangible assets 255,109 240,420
Investments in associated undertakings and joint ventures 41,763 32,117
Available-for-sale financial assets 116,504 47,645
Deferred tax assets 31,130 47,952
856,867 700,170
Current assets
Inventories 565,479 446,962
Trade and other receivables 123,014 96,111
Derivative financial assets 4,355 17,965
Cash and cash equivalents 151,024 147,375
843,872 708,413
TOTAL ASSETS 1,700,739 1,408,583
EQUITY AND LIABILITIES
Share capital 64,060 64,060
Share premium 874,300 874,300
Treasury shares reserve (56,234) (56,234)
Permanent contribution to capital 50 50
Capital redemption reserve 8,005 8,005
Foreign currency translation reserve 5,280 38,398
Reverse combination reserve (987,312) (987,312)
Own share reserve (13,251) (64,375)
Hedging reserve (5,625) 16,021
Retained earnings 931,819 752,018
821,092 644,931
Non-controlling interests (3,538) (254)
Total equity 817,554 644,677
Non-current liabilities
Borrowings 6 6,764 245,627
Retirement benefit obligations 15,350 19,940
Deferred tax liabilities 24,046 24,978
Provisions 37,780 41,072
83,940 331,617
Current liabilities
Derivative financial liabilities 18,665 -
Trade and other payables 392,019 320,261
Borrowings 6 356,226 55,753
Current tax liabilities 32,335 56,275
799,245 432,289
Total liabilities 883,185 763,906
TOTAL EQUITY AND LIABILITIES 1,700,739 1,408,583
TOTAL EQUITY AND LIABILITIES
1,700,739
1,408,583
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 27 APRIL 2014
Year Year
ended ended
27 April 28 April
2014 2013
Notes £'000 £'000
Cash inflow from operating activities 7 222,785 159,094
Income taxes paid (55,730) (44,673)
Net cash inflow from operating activities 167,055 114,421
Cash flow from investing activities
Proceeds on disposal of property, plant and equipment - 79
Proceeds on disposal of listed investments 49,394 -
Proceeds on disposal of intangible assets - 625
Purchase of associate, net of cash acquired (8,000) (96)
Purchase of subsidiaries, net of cash acquired (15,407) (46,941)
Purchase of intangible assets (1,827) (2,282)
Purchase of property, plant and equipment (67,304) (48,247)
Purchase of listed investments (55,467) -
Investment income received 1,604 1,473
Finance income received 891 1,117
Net cash outflow from investing activities (96,116) (94,272)
Cash flow from financing activities
Finance costs paid (8,111) (7,196)
Borrowings drawn down 300,910 404,970
Borrowings repaid (348,452) (323,942)
Exercise of option over non-controlling interests (11,678) -
Purchase of own shares - (21,742)
Net cash (outflow)/inflow from financing activities (67,331) 52,090
Net increase in cash and cash equivalents including overdrafts 3,608 72,239
Cash and cash equivalents including overdrafts at beginning of period 141,674 69,435
Cash and cash equivalents including overdrafts at the period end 145,282 141,674
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 27 APRIL 2014
Treasury shares Foreign currency translation Own share reserve Retained earnings Other reserves Sub-total Non-controlling interests Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 29 April 2012 (55,839) 25,962 (57,684) 600,431 (40,480) 472,390 (505) 471,885
Credit to equity for share - based payment - - - 4,012 - 4,012 - 4,012
Vesting of share - based payments - - 14,656 (16,728) - (2,072) - (2,072)
Current tax on share schemes - - - 3,581 - 3,581 - 3,581
Deferred tax on share schemes - - - 6,297 - 6,297 - 6,297
Cost of shares acquired (395) - - - - (395) - (395)
Purchase of own shares - - (21,347) - - (21,347) - (21,347)
Non-controlling interests - acquisitions - - - - - - 190 190
Transactions with owners (395) - (6,691) (2,838) - (9,924) 190 (9,734)
Profit for the financial period - - - 151,596 - 151,596 61 151,657
Other comprehensive income
Cash flow hedges
- recognised in the period - - - - 15,408 15,408 - 15,408
- reclassified and reported in net profit - - - - 196 196 - 196
Actuarial losses on defined benefit pension schemes - - - (2,818) - (2,818) - (2,818)
Fair value adjustment in respect of available-for-sale financial assets - - - 1,011 - 1,011 - 1,011
Taxation - - - 4,636 - 4,636 - 4,636
Translation differences - Group - 11,135 - - - 11,135 - 11,135
Translation differences - associates - 1,301 - - - 1,301 - 1,301
Total comprehensive income for the period - 12,436 - 154,425 15,604 182,465 61 182,526
At 28 April 2013 (56,234) 38,398 (64,375) 752,018 (24,876) 644,931 (254) 644,677
Vesting of share - based payments - - 51,124 (51,124) - - - -
Current tax on share schemes - - - 25,500 - 25,500 - 25,500
Deferred tax on share schemes - - - (11,215) - (11,215) - (11,215)
Non-controlling interests - acquisitions - - - - - - (10,513) (10,513)
Exercise of option over non-controlling interest - - - (19,970) - (19,970) 7,861 (12,109)
Transactions with owners - - 51,124 (56,809) - (5,685) (2,652) (8,337)
Profit for the financial period - - - 180,245 - 180,245 (632) 179,613
Other comprehensive income
Cash flow hedges
- recognised in the period - - - - (3,737) (3,737) - (3,737)
- reclassified and reported in net profit - - - - (17,909) (17,909) - (17,909)
Actuarial losses on defined benefit pension schemes - - - 3,860 - 3,860 - 3,860
Fair value adjustment in respect of available-for-sale financial assets - - - 57,373 - 57,373 - 57,373
Taxation (4,868) (4,868) (4,868)
Translation differences - Group - (32,498) - - - (32,498) - (32,498)
Translation differences - associates - (620) - - - (620) - (620)
Total comprehensive income for the period - (33,118) - 236,610 (21,646) 181,846 (632) 181,214
At 27 April 2014 (56,234) 5,280 (13,251) 931,819 (46,522) 821,092 (3,538) 817,554
1. Accounting policies
The financial information, which comprises the consolidated income statement, consolidated statement of comprehensive
income, consolidated balance sheet, consolidated cash flow statement, consolidated statement of changes in equity and
related notes, does not constitute full accounts within the meaning of s435 (1) and (2) of the Companies Act 2006. The
auditors have reported on the Group's statutory accounts for the each of the years ended 27 April 2014 and 28 April 2013
which do not contain any statement under s498 of the Companies Act 2006 and are unqualified. The statutory accounts for the
year ended 28 April 2013 have been delivered to the Registrar of Companies and the statutory accounts for the year ended 27
April 2014 will be filed with the registrar in due course.
The consolidated financial statements have been prepared in accordance with IFRS as adopted for use in the European Union
(including International Accounting Standards ("IAS") and International Financial Reporting Standards Interpretations
Committee ("IFRSiC") interpretations) and with those parts of the Companies Act 2006 applicable to companies reporting
under IFRS as adopted for use in the European Union. The consolidated financial statements have been prepared under the
historical cost convention, as modified to include fair valuation of certain financial assets and derivative financial
instruments.
IAS19 (revised) 'Employee Benefits' has been adopted in the financial year. The revised standard replaces the expected
return on plan assets and the interest cost on liabilities with a net interest expense calculated by applying the discount
rate to the net defined benefit asset or liability. In addition, administration costs on pension funds are now recognised
in the profit or loss when administration services are performed. The revised standard has retrospective application. The
adoption of the revised standard has resulted in the following changes:
Income Statement:
- Pension interest income decreased by £1.9m;
- Expected return on plan assets decreased by £1.9m.
Balance sheet: No Impact
Statement of Comprehensive Income: No impact
2. Segmental analysis
IFRS 8 - 'Operating Segments' requires the Group's segments to be identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Chief Operating Decision Maker to assess performance and
allocate resources across each operating segment.
The Chief Operating Decision Maker has been identified as the Executive Directors and the operating segments are identified
as the store fascia or brand, in line with the internal reporting to the Executive Directors.
Sales and gross profit for each operating segment, as well as underlying EBITDA, are the main measures used by the
Executive Directors to assess performance.
In accordance with paragraph 12 of IFRS 8 the Group's operating segments have been aggregated into the following reportable
segments:
• Sports Retail - includes the results of the UK and International retail network of sports stores along with related
websites;
• Premium Lifestyle - includes the results of the premium retail businesses such as Republic, Cruise and USC; and
• Brands - includes the results of the Group's portfolio of internationally recognised brands such as Everlast, Lonsdale
and Dunlop.
The basis of the reportable segments has changed during the year, reflecting changes that have been made to internal
reports used to assess performance and allocate resources across each operating segment. UK Sports Retail and International
Sports Retail were previously reported as separate segments. These have now been aggregated to form the reportable segment:
Sports Retail. The prior year disclosures have been restated to reflect this change. Information regarding the Group's
reportable segments for the year ended 27 April 2014, as well as a reconciliation of reported profit for the period to
underlying EBITDA, is presented below:
Segmental information for the year ended 27 April 2014:
Retail Brands Eliminations Total
Sports Retail Premium Lifestyle Retail Total Total
£'000 £'000 £'000 £'000 £'000 £'000
Sales to external customers 2,274,365 214,066 2,488,431 217,527 - 2,705,958
Sales to other segments 203 - 203 29,938 (30,141) -
Revenue 2,274,568 214,066 2,488,634 247,465 (30,141) 2,705,958
Gross profit 974,952 86,263 1,061,215 93,707 - 1,154,922
Operating profit before foreign exchange and exceptional items 254,736 (25,729) 229,007 23,825 - 252,832
Operating profit 251,762 (25,588) 226,174 22,957 - 249,131
Investment income 7,017
Finance income 891
Finance costs (19,853)
Share of profits of associated undertakings and joint ventures 2,266
Profit before taxation 239,452
Taxation (59,839)
Profit for the period 179,613
Sales to other segments are priced at cost plus a 10% mark-up.
Other segment items included in the income statement for the year ended 27 April 2014:
Retail Brands Total
Sports Retail Premium Lifestyle Total Brands Total
£'000 £'000 £'000 £'000 £'000
Depreciation 50,549 4,689 55,238 1,725 56,963
Amortisation 1,348 687 2,035 4,797 6,832
Impairment - - - 284 284
Information regarding segment assets and liabilities as at 27 April 2014 and capital expenditure for the year then ended:
Investments in associated undertakings and joint venture 42,176 - (413) - 41,763
Other assets 1,609,024 96,601 183,103 (229,752) 1,658,976
Total assets 1,651,200 96,601 182,690 (229,752) 1,700,739
Total liabilities (893,269) (123,554) (96,114) 229,752 (883,185)
Tangible asset additions 141,328 6,978 2,961 - 151,267
Intangible asset additions 33,912 434 3,011 - 37,357
Total capital expenditure 175,240 7,412 5,972 - 188,624
2,961
-
151,267
Intangible asset additions
33,912
434
3,011
-
37,357
Total capital expenditure
175,240
7,412
5,972
-
188,624
Segmental information for the year ended 28 April 2013:
Retail Brands Eliminations Total
Sports Retail Premium Lifestyle Retail Total Total
£'000 £'000 £'000 £'000 £'000 £'000
Sales to external customers 1,833,264 143,321 1,976,585 208,995 - 2,185,580
Sales to other segments 8,288 - 8,288 33,807 (42,095) -
Revenue 1,841,552 143,321 1,984,873 242,802 (42,095) 2,185,580
Gross profit 738,281 62,655 800,936 93,822 - 894,758
Operating profit before foreign exchange and exceptional items 192,764 (1,059) 191,705 18,291 - 209,996
Operating profit 194,080 (980) 193,100 19,904 213,004
Other investment income 1,473
Finance income 1,117
Finance costs (9,688)
Share of profits of associated undertakings and joint ventures 1,320
Profit before taxation 207,226
Taxation (55,569)
Profit for the period 151,657
Sales to other segments are priced at cost plus a 10% mark-up.
Other segment items included in the income statement for the year ended 28 April 2013:
Retail Brands Total
Sports Retail Premium Lifestyle Total
£'000 £'000 £'000 £'000 £'000
Depreciation 43,521 1,906 45,427 2,493 47,920
Amortisation 81 113 194 4,482 4,676
Impairment 314 - 314 1,903 2,217
Information regarding segment assets and liabilities as at 28 April 2013 and capital expenditure for the year then ended:
Investments in associated undertakings and joint ventures 32,117 - - 32,117
Other assets 1,181,033 37,266 191,082 (32,915) 1,376,466
Total assets 1,213,150 37,266 191,082 (32,915) 1,408,583
Total liabilities (651,046) (43,914) (101,861) 32,915 (763,906)
Tangible asset additions 52,891 10,284 3,888 - 67,063
Intangible asset additions 1,460 3,447 1,823 - 6,730
Total capital expenditure 54,351 13,731 5,711 - 73,793
3,888
-
67,063
Intangible asset additions
1,460
3,447
1,823
-
6,730
Total capital expenditure
54,351
13,731
5,711
-
73,793
Geographic information
Segmental information for the Year ended 27 April 2014:
UK Non-UK Eliminations Total
£'000 £'000 £'000 £'000
Segmental revenue from external customers 2,063,724 642,234 - 2,705,958
Total capital expenditure 84,956 103,668 - 188,624
Segmental assets 1,526,405 404,086 (229,752) 1,700,739
Segmental information for the Year ended 28 April 2013:
UK Non-UK Eliminations Total
£'000 £'000 £'000 £'000
Segmental revenue from external customers 1,842,429 343,151 - 2,185,580
Total capital expenditure 59,556 14,237 - 73,793
Segmental assets 1,214,320 227,178 (32,915) 1,408,583
The following table reconciles the reported operating profit to the underlying EBITDA as it is one of the main measures
used by the chief operating decision maker when reviewing performance:
Reconciliation of operating profit to underlying EBITDA for the Year ending 27 April 2014.
Sports Retail Premium Lifestyle Brands Total
£'000 £'000 £'000 £'000
Operating profit 251,762 (25,588) 22,957 249,131
Depreciation 50,549 4,689 1,725 56,963
Impairment - - 284 284
Amortisation 1,348 687 4,797 6,832
Exceptional items 5,531 - - 5,531
Share of profit/(loss) of associated undertakings 2,679 - (413) 2,266
Reported 311,869 (20,212) 29,350 321,007
Charges for the Bonus Share Schemes 11,927 - - 11,927
Realised FX (Gain)/ Loss (2,557) (141) 868 (1,830)
Underlying EBITDA 321,239 (20,353) 30,218 331,104
Reconciliation of operating profit to underlying EBITDA for the Year ending 28 April 2013.
Sports Retail Premium Lifestyle Brands Total
£'000 £'000 £'000 £'000
Operating profit/(loss) 194,080 (980) 19,904 213,004
Depreciation 43,521 1,906 2,493 47,920
Impairment 314 - 1,903 2,217
Amortisation 81 113 4,482 4,676
Exceptional items - - (625) (625)
Share of profit/(loss) of associated undertakings 1,161 - (210) 951
Reported 239,157 1,039 27,947 268,143
Charges for the Bonus Share Schemes 22,183 - - 22,183
Realised FX Gain (1,316) (79) (988) (2,383)
Underlying EBITDA 260,024 960 26,959 287,943
3. Exceptional items
Profit on disposal of intangible assets - 625
Impairment of property, plant and equipment (5,531) -
(5,531) 625
- -
(5,531)
625
-
-
The impairment relates to assets in a newly acquired entity that were no longer required post acquisition.
4. Taxation
The effective tax rate on profit before tax for FY14 was 25.0% (FY13: 26.8%). This rate reflects depreciation on
non-qualifying assets and overseas earnings being taxed at a higher rate.
5. Earnings per share from total and continuing operations attributable to the equity shareholders
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders of the parent by the
weighted average number of ordinary shares outstanding during the year.
For diluted earnings per share, the weighted average number of shares, 585,513,537 (2013: 568,971,942), is adjusted to
assume conversion of all dilutive potential ordinary shares under the Group's bonus share schemes, being 32,676,278 (2013:
51,852,895), to give the diluted weighted average number of shares of 618,189,815 (2013: 620,824,837).
Basic and diluted earnings per share
Basic Diluted Basic Diluted
£'000 £'000 £'000 £'000
Profit for the period 180,245 180,245 151,596 151,596
Number in thousands Number in thousands
Weighted average number of shares 585,514 618,190 568,972 620,825
Pence per share Pence per share
Earnings per share 30.8 29.2 26.6 24.4
30.8
29.2
26.6
24.4
Underlying earnings per share
The underlying earnings per share reflects the underlying performance of the business compared with the prior year and is
calculated by dividing underlying earnings by the weighted average number of shares for the period. Underlying earnings is
used by management as a measure of profitability within the Group. Underlying earnings is defined as profit for the period
attributable to equity holders of the parent for each financial period but excluding the post-tax effect of certain
non-trading items.
The directors believe that the underlying earnings before exceptional items and underlying earnings per share measures
provide additional useful information for shareholders on the underlying performance of the business, and are consistent
with how business performance is measured internally. Underlying earnings is not a recognised profit measure under IFRS and
may not be directly comparable with "adjusted" profit measures used by other companies.
Underlying earnings per share (continued)
Basic £'000 Diluted £'000 Basic £'000 Diluted £'000
Profit for the period 180,245 180,245 151,596 151,596
Post tax adjustments to profit for the period for the following non-trading items:
Realised gain on forward exchange contracts (1,373) (1,373) (1,763) (1,763)
Fair value adjustment to forward foreign exchange contracts 8,395 8,395 1,476 1,476
Impairment of fixed assets 4,148 4,148 - -
Profit on sale of intangible assets - - (463) (463)
Profit on disposal of listed investments (4,060) (4,060) - -
Fair value adjustments within associated undertakings - - (273) (273)
Impairment of goodwill 284 284 2,217 2,217
Underlying profit for the period 187,639 187,639 152,790 152,790
Number in thousands Number in thousands
Weighted average number of shares 585,514 618,190 568,972 620,825
Pence per share Pence per share
Earnings per share 32.1 30.3 26.9 24.6
26.9
24.6
6. Borrowings
Non-current:
Bank and other loans 6,764 245,625
Obligations under finance leases - 2
6,764 245,627
Current:
Bank overdrafts 5,742 5,701
Bank and other loans 350,484 50,052
356,226 55,753
Total borrowings:
Bank overdrafts 5,742 5,701
Bank and other loans 357,248 295,677
Obligations under finance leases - 2
362,990 301,380
362,990
301,380
An analysis of the Group's total borrowings other than bank overdrafts is as follows:
£'000 £'000
Borrowings - Sterling 240,731 250,203
Borrowings - Other 116,517 45,476
357,248 295,679
357,248
295,679
Loans are all at rates of interest ranging between 1.15% and 2.0% over the interbank rate of the country within which the
borrowing entity resides.
At 27 April 2014 the company had access to the following unsecured working capital facilities:
· a revolving facility agreement with ten financial institutions, with HSBC Bank plc acting as Agent of £300 million.
At the year end a total of £214 million was drawn down against this facility
· a revolving facility agreement with Barclays Bank plc with an aggregate limit of £50 million. At the year end this
facility was fully drawn down
· a revolving facility agreement with Handelsbanken plc with an aggregate limit of £25 million. At the year end this
facility was fully drawn down
All of the above facilities were available until 6 March 2015.
On 28 May 2014 the company refinanced the above facilities and entered into a new committed, unsecured revolving facility
agreement with thirteen financial institutions, with Barclays Bank plc acting as Agent. This revolving facility can be
drawn to an aggregate limit of £688 million and is available until 27 September 2018.
The Group continues to operate comfortably within its banking facilities and covenants.
The carrying amounts and fair value of the borrowings are not materially different.
Net debt at 27 April 2014 was £212.0m (28 April 2013: £154.0m).
7. Cash inflow from operating activities
Profit before taxation 239,452 207,226
Net finance costs 18,962 8,571
Other investment income (7,017) (1,473)
Share of profits of associated undertakings and joint ventures (2,266) (1,320)
Operating profit 249,131 213,004
Depreciation 56,963 47,920
Amortisation 6,832 4,676
Impairment 5,815 2,217
Profit on disposal of intangibles - (625)
Defined benefit pension plan current service cost 22 14
Defined benefit pension plan employer contributions (2,708) (2,708)
Share-based payments 11,927 22,183
Operating cash inflow before changes in working capital 327,982 286,681
Increase in receivables (18,241) (6,579)
Increase in inventories (52,521) (102,026)
Decrease in payables (34,435) (18,982)
Cash inflow from operating activities 222,785 159,094
Cash inflow from operating activities
222,785
159,094
8. Acquisitions
Details of principal acquisitions for the year ended 27 April 2014 are set out below.
i. 29 April 2013 Acquired the remaining 20% of the ordinary share capital of Cruise Clothing
Limited. As this is an acquisition of a non-controlling interest it is outside the scope of IFRS 3. The difference between
the consideration paid (£1.0m) and the value of non-controlling interests at the date of acquisition (£0.6m) has been
recognised as a debit to retained earnings of £0.4m.
ii. 21 June 2013 Acquired the trading assets of Gelert out of administration for a cash
consideration of £4.7m. The primary business activity was the wholesale and retail of outdoor sporting equipment and
clothing and was acquired to complement existing business activities.
iii. 28 June 2013 Acquired 51% of the ordinary share capital of the Sports Eybl and Sports Experts
Group (EAG), a retailer with 58 stores, based in Austria for consideration of E10.5m. The primary business activity was the
sale of sporting equipment and clothing, and was acquired in order to enter new territories as part of the Group's European
expansion plan.
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