REG - Sports Direct Intl. - Half-year Report <Origin Href="QuoteRef">SPD.L</Origin> - Part 2
08/12/2016 08:15
- Part 2: For the preceding part double click ID:nRSH2616Ra
website and app, which was a new level
for the Group's collaboration with Nike.
Marketing of third party brands
Consistent with elevation of the sports retail proposition, in Sports Retail, the Group has moved towards clean, brand- and
category-led campaigns, in contrast to our previous focus on offer-led campaigns. Our key third party brand partners are
supporting this elevation with greater marketing assets in-store and online, and we have collaborated on the first major
co-branded campaigns which were launched in November 2016. These included the exclusive style of Nike CR7 football boot,
which is only available in SportsDirect.com stores, and the adidas Ace 17 football boot.
The Group has consistently applied the same principals across the Premium Lifestyle fascias and we are working closely with
third party brand partners to deliver brand-led campaigns, and best-in-class visual merchandising.
Marketing of Group Brands
The Group has elevated the marketing of the Group's Brands, consistent with our priority and the marketing of our third
party brands. The Group enhanced a number of brand profiles with ambassadors including launching the Little Mix co-branded
range in November 2016; launching a Slazenger swimwear range by Becky Adlington in November 2016; and, Karrimor winning a
total of six awards at the Men's and Women's Running awards, which included gold for the Best High Visibility Product, Best
Support Shoe and Best Newcomer Shoe.
3. Improving stakeholder engagement
We have recognised the need to improve communications with stakeholders, and today we have stated a Company engagement
approach which outlines how the Company intends to engage with the financial community and media. This can be found on the
Company's website.
The Group intends to consider the recommendations of the Company's forthcoming Corporate Governance Review as the basis of
developing a plan in accordance with our principles of being very open, very prudent and very compliant in our approach to
engagement and communications. On completion of the Corporate Governance Review, we expect to progressively assess our
approach and identify how we can improve it in the best interests of all stakeholders.
Mike Ashley
Chief Executive
8 December 2016
Reconciliation of reported to underlying results
EBITDA PBT
Note FY17 H1 FY16 H1 FY17 H1 FY16 H1
£m £m £m £m
Operating profit 80.0 131.3
Depreciation 63.6 37.7
Amortisation 5.2 3.0
Impairment - 0.3
Share of profit of associated undertakings - 1.5
Reported EBITDA/PBT 148.8 173.8 140.2 187.3
Realised FX gain/(loss) (18.6) 9.7 (18.6) 9.6
IAS 39 foreign exchange fair value adjustment on forward currency contracts - - 55.8 (1.3)
Gain on disposal of listed investments and fair value movement on derivative agreements 4 - - (119.7) (53.6)
Exceptional items 3 13.9 24.1 13.9 24.1
Impairment - - 0.3
Share scheme charge 1.2 10.9 - -
Underlying EBITDA/PBT 145.3 218.5 71.6 166.4
Fair value movement in derivative agreements represents the movement in fair value of equity options in the period.
Underlying EBITDA by Business Segment
FY17 H1 FY16 H1
£m £m
UK Sports Retail 139.3 204.1 (31.7%)
International Sports Retail (10.7) 2.4 -
Premium Lifestyle (0.4) (5.1) (92.2%)
Brands 17.1 17.1 -
Group Underlying EBITDA 145.3 218.5 (33.5%)
Foreign exchange
The Group manages the impact of currency movements through the use of forward fixed rate currency purchase and sales
contracts and written option contracts. The Group's strategy is to hold or hedge up to five years of anticipated Euro
denominated on-line sales and US dollar purchases. Both forwards and options are used as part of our overall risk
management strategy, but only forward contracts are used as part of our hedging strategy. This hedging strategy has been
approved by the board. Holding an option as well as a forward, whilst increasing risk, allows the business to achieve a
better contracted rate for the forward. The group has an ongoing requirement to purchase USD and to sell Euros, and
therefore these option arrangements have a direct relationship to the Group's future business needs. Should the Group wish
to mitigate its potential losses on options these can be closed out without the need to cancel the forward.
Recent changes to our approach to managing foreign exchange exposure to USD/GBP movements is included in the Overview of
Financial Performance.
Following the outcome of the EU referendum, we are aware of the associated market volatility and in particular material
changes to sterling / dollar and sterling/Euro exchange rates, and the lack of transparency as to how those rates will move
in the short to medium term. These factors are likely to impact US dollar purchases and therefore profitability for which
the Company is currently not hedged beyond FY17.
There is also a potential exposure in relation to the Euro forward sales contracts and written option arrangements that the
Group is party to, although we would highlight that the contracted rates on the forward contracts are favourable to
underlying Euro/sterling rates experienced during FY16, and therefore the impact on reported underlying earnings in the
half year to date has been limited.
As at 23rd October 2016 the Group was party to E1,140m of Euro sale forward contracts that qualify for hedge accounting and
E1,140m of written option contracts that do not.
The forward contracts will be covered by our forecast Euro denominated on-line sales over the 54 month period of cover in
place. Sales that we make over and above the covered amount, and existing surplus Euros within the business will mitigate
the risk associated with the written options.
If sterling depreciates by 10% against the Euro (by reference to October 2016 rates), a fair value loss of £100m would be
recognised in the income statement in relation to these option contracts.
The realised exchange gain of £18.6m (FY16 H1: £9.7m loss) included in administration costs has arisen from the translation
of Dollar and Euro denominated assets and liabilities at the period end rate or date of realisation.
The exchange loss of £55.8m (FY16 H1: £1.3m gain) included in finance costs substantially represents the increase in the
mark-to-market liability made for the Group's unhedged written option contracts as at 23 October 2016. A number of the
forward contracts outstanding at 23 October 2016 qualify for hedge accounting and the fair value loss on these contracts
has been debited to equity through the Consolidated Statement of Comprehensive Income. The Sterling exchange rate with the
US Dollar was $1.440 at 24 April 2016 and $1.223 at 23 October 2016. The sterling exchange rate with the Euro was 1.283 at
24 April 2016 and 1.123 at 23 October 2016.
The fair value of outstanding foreign exchange contracts (hedged and unhedged) are included within the derivative financial
assets balance of £51.5m and derivative financial liability balance of £206.7m. The derivative financial liability has
increased significantly during the period due to the increase in the mark-to market liability made for the Group's forward
and written option contracts as at 23 October 2016.
Given the potential impact of commodity prices on raw material costs, the Group may hedge certain input costs, including
cotton, crude oil and electricity.
Taxation
The effective tax rate on profit before tax for FY17 H1 was 33.3% (FY16 H1: 21.3%). The underlying effective tax rate for
FY17 H1 was 28.7% (FY16 H1: 22.0%). The difference between the prevailing corporate tax rate of 20% and the effective rate
reflects depreciation on non-qualifying assets, unrelieved overseas losses and the derecognition of deferred tax assets
following the appraisal of our International Retail business. We expect the full year underlying effective tax rate to be
broadly similar.
Strategic investments
During the period the Group disposed of its remaining 9,920,000 shares in JD Sports and on 23 October 2016 held no shares
in the company.
On 5 May 2016 the maturity date of the Put Option put in place on 23 January 2015 referencing 128,927,113 ordinary shares
of Debenhams (10.5% of the share capital of Debenhams plc) was extended by 12 months.
The Group no longer holds an economic interest in Dicks Sporting Goods Inc. and continues to hold an economic interest in
Iconix Brand Group Inc. of c.12%.
The Group continues to hold an interest in Findel plc representing 29.90% of the issued share capital; MySale Group plc,
representing 4.8% of the issued share capital; and, Highland Group Holdings Limited representing 11.11% of the issued share
capital.
These stakes allow us to develop a relationship and potentially develop commercial partnerships with the relevant party and
assist in building relationships with key suppliers and brands.
The fair value of equity derivative agreements is included within the derivative financial assets balance of £51.5m and
derivative financial liability balance of £206.7m.
Cash flow and net debt
The Group has a working capital facility of £788m. The facility is available until September 2018 and is not secured
against any of the Group's fixed assets.
The Group continues to operate well within its banking covenants and the Board remains comfortable with the Group's
available headroom.
Net debt decreased during the period to £72.0m (24 April 2016: £99.6m), which is 0.23 times the last 12 months historic
underlying EBITDA (FY16 H1: 0.1 times)
Capital expenditure amounted to £287.0m (FY16 H1: £92.3m), including the acquisition of the Oxford Street site. The Group
expects FY17 capital expenditure to be c. £480m, including freehold property acquisitions and the acquisition of a
corporate plane as described in the Chairman's Statement.
The analysis of net debt at 23 October 2016 and at 24 April 2016 is as follows:
At 23 October 2016 At 24 April 2016
£m £m
Cash and cash equivalents 188.0 233.8
Borrowings (260.0) (333.4)
Net debt (72.0) (99.6)
Cash Flow
26 weeks ended 23 October 2016£m 26 weeks ended 25 October 2015£m
Underlying EBITDA (pre share scheme costs) 145.3 218.5
Realised gain on forward foreign exchange contracts 18.6 (9.7)
Taxes paid (34.4) (33.7)
Underlying free cash flow 129.5 175.1
Invested In:
Working capital
Inventory (14.1) (116.0)
Receivables, Payables & Other 55.2 17.7
Acquisitions (including debt) - (9.2)
Net proceeds from investments 160.5 19.4
Investment income received 0.5 2.1
Purchase of freehold properties (261.0) (39.7)
Other capital expenditure (26.0) (52.6)
Disposal of freehold property - 44.0
Finance costs and other financing activities (3.9) (1.4)
Purchase of own shares (13.1) -
Net decrease in net debt 27.6 39.4
Areas of estimation and judgement
Areas of estimation and management judgement that impact on the presentation of the groups reported results are as
follows:
1. Depreciation - we have reviewed depreciation periods across our International Sports Retail stores business and have
reduced these to better align to store lease terms. We have also adjusted our estimates of the useful life of certain
assets and the threshold at which we capitalise assets. These revisions, combined with revaluations and impairments of
assets in the period has resulted in an additional depreciation charge of £23.5m to the income statement in the half year.
2. Inventory provisions - we have undertaken a review of the risks we consider impact on the levels of inventory
provisions required. This has resulted in an increase in overall provisions against inventory and an increased charge in
the period. The key risk considered relates to the groups relationships with major third party brands, and the impact
that third party brand supplier behaviour has on the obsolescence risk of the groups own brand products. We have also
refreshed the methodology used to calculate the detailed provisions.
3. Onerous leases -- we have re-assessed the risks facing our European retail business, and revised downwards the
forecast future performance expectations. As a result of this, we have increased the level of onerous lease provisions in
the period. The methodology applied in calculating the provision is unchanged and is consistent with that applied across
the group as a whole. The impact of this increase is a £15.6m charge to operating costs in the period.
4. Forward currency contracts - judgements are applied in determining whether forward currency contracts qualify for
hedge accounting. In this context in many cases forward contracts and written options are entered into at the same time
with the same counterparty. However, they are managed separately and are separate legal contracts. Eligibility for hedge
accounting includes an assessment of the business purpose of the contracts entered into, the assessed level of counterparty
credit risk which can impact hedge effectiveness, and ensuring that the forecast transactions against which the contracts
are hedging are considered highly probable.
Further details on the impact of the above estimates and judgements on reported underlying earnings and profit before tax
is described in more detail in the Chief Executives statement.
Share Schemes
Management believes that the Share Schemes have been instrumental in the strength of the Group's ongoing performance.
The 2011 Share Scheme was a four year scheme based upon achieving underlying EBITDA (before the costs of the scheme) of
£215m in FY12, £250m in FY13, £260m in FY14 and £300m in FY15 coupled with the individual participating eligible employee's
satisfactory personal performance. All of the above targets have now been met and 4m shares vested in September 2015.
Another c. 17m shares (including the Executive Share Scheme) are due to vest in the summer of 2017, subject to the
individual participating employee's continued satisfactory personal performance.
The success of the scheme is demonstrated by ongoing improvements in operational and financial performance including
various internal KPIs since the scheme's introduction.
Going concern
The Group is profitable, highly cash generative and has considerable financial resources. The Group is able to operate
comfortably within its banking facilities and covenants, which run until September 2018.
As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the
continued uncertain economic outlook. The Group's forecasts and projections, taking account of reasonable possible changes
in trading performance, show that the Group should be able to operate within the level of the current facility.
Additionally, the Directors have also considered the Group's reliance upon its key stakeholders, including customers and
suppliers and found no over reliance on any particular stakeholder. The Directors are therefore confident that the Group
will continue in operational existence for the foreseeable future. On this basis, the Directors continue to adopt the going
concern basis for the preparation of the interim financial statements.
Risks, systems and controls
The Board believes that the principal risks and uncertainties for the remaining six months of the current financial year
are:
• Disruption or other adverse events affecting the Group's relationship with any of its key brands or brand suppliers which could have an adverse effect on the Group's business.
• The possibility of a deterioration of the economy both in the UK and worldwide and a reduction in consumer confidence and retail spending, which could impact on the performance of the business.
• The Group operates internationally. The majority of foreign contracts relating to the sourcing and sales of Group branded goods are denominated in US Dollars and the Euro, thus leaving exposure to foreign exchange risk. Our approach to managing these risks is set out under foreign exchange earlier in this statement.
• The sports retail industry is highly competitive and the Group currently competes at international, national and local levels with a wide variety of retailers of varying sizes who may have competitive advantages. New competitors may enter the market.
Funding and liquidity for the Group's operations are provided through bank loans, overdraft facilities and shareholders'
funds.
The Group maintains a system of controls to manage the business and to protect its assets. We continue to invest in people,
systems and IT to manage the Group's operations and to ensure that the Group is financed effectively and efficiently.
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
• The condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU;
• The interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events during the first 26 weeks
of the financial year and their impact on the condensed set of financial statements; and a description of the principal
risks and uncertainties for the remaining 26 weeks of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first
26 weeks of the current financial year and that have materially affected the financial position or performance of the
entity during that period; and any changes in the related party transactions described in the last annual report that could
do so.
No material related party transactions have taken place in the first six months of the current financial year that have
materially affected the financial position or performance of the Group during that period and there have been no changes in
related party transactions described in the last annual report that could have a material effect on the financial position
or performance of the Group in the current period.
The directors of Sports Direct International plc are listed in the Group's 2016 Annual Report and Financial Statements, but
please note that since this time, Dave Forsey and Matt Pearson have resigned.
On behalf of the Board
Mike Ashley
Chief Executive
8 December 2016
INDEPENDENT REVIEW REPORT TO THE MEMBERS OF SPORTS DIRECT INTERNATIONAL PLC
FOR THE 26 WEEKS ENDED 23 OCTOBER 2016
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report
of Sports Direct International plc for the 26 weeks ended 23 October 2016 which comprises the Consolidated income
statement, the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the
Consolidated cash flow statement, the Consolidated statement of changes in equity and the related notes. We have read the
other information contained in the half-yearly financial report which comprise the Key highlights, Chairman's statement,
the Overview of Financial Performance and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company's members, as a body, in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the
Entity''. Our review work has been undertaken so that we might state to the company those matters we are required to state
to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company, and the company's members as a body, for our review work, for
this report, or for the conclusion we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
As disclosed in Note 1, the annual financial statements of the group are prepared in accordance with IFRS as adopted by the
European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared
in accordance with International Accounting Standard 34, ''Interim Financial Reporting,'' as adopted by the European
Union.
Our Responsibility
Our responsibility is to express a conclusion on the condensed set of financial statements in the half-yearly financial
report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of
Interim Financial Information Performed by the Independent Auditor of the Entity''. 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 Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial
statements in the half-yearly financial report for the 26 weeks ended 23 October 2016 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
8 December 2016
UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE 26 WEEKS ENDED 23 OCTOBER 2016
26 weeks 26 weeks 52 weeks
ended ended ended
23 October 2016 25 October 2015 26 April
2016
Notes £'000 £'000 £'000
Continuing operations:
Revenue 2 1,637,698 1,433,668 2,904,325
Cost of sales (975,678) (790,151) (1,619,681)
Gross profit 662,020 643,517 1,284,644
Selling, distribution and administrative expenses (576,177) (492,405) (1,021,844)
Other operating income 8,045 4,222 11,137
Exceptional items 3 (13,887) (24,059) (50,759)
Operating profit 2 80,001 131,275 223,178
Investment income 4 146,324 54,808 148,148
Investment costs 5 (26,122) - -
Finance income 4 1,676 3,362
Finance costs 6 (60,020) (2,046) (15,330)
Share of profit of associated undertakings and joint ventures - 1,539 2,449
Profit before taxation 140,187 187,252 361,807
Taxation (46,741) (39,771) (82,826)
Profit for the period 2 93,446 147,481 278,981
Attributable to:
Equity holders of the Group 92,465 145,424 277,415
Non-controlling interests 981 2,057 1,556
Profit for the period 2 93,446 147,481 278,981
Earnings per share from total and continuing operations attributable to the equity shareholders
Pence per share Pence per share Pence per share
Basic earnings per share 7 15.6 24.5 46.8
Diluted earnings per share 7 15.2 23.1 45.5
Underlying basic earnings per share 7 8.5 21.8 35.5
The accompanying notes form an integral part of this interim financial report.
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 26 WEEKS ENDED 23 OCTOBER 2016
26 weeks 26 weeks 52 weeks
ended ended ended
23 October 2016 25 October 2015 24 April
2016
Notes £'000 £'000 £'000
Profit for the period 2 93,446 147,481 278,981
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Actuarial (losses)/gains on defined benefit pension schemes (8,779) 2,055 (5)
Taxation on items not reclassified 1,711 (432) 34
Items that will be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 70,810 (12,122) 12,404
Exchange differences on hedged contracts - recognised in the period (91,497) (6,852) (5,685)
Exchange differences on hedged contracts - reclassified and reported in net profit (5,864) (31,931) (63,679)
Exchange differences on hedged contracts - taxation taken to reserves 14,189 - 16,376
Fair value adjustment in respect of available for sale financial assets - recognised in the period 26,633 80,700 115,281
Fair value adjustment in respect of available for sale financial assets - reclassified in the period (129,298) (36,460) (106,168)
Taxation on items subsequently reclassified - 8,125 (1,837)
Other comprehensive income for the period, net of tax (122,095) 3,083 (33,279)
Total comprehensive income for the period (28,649) 150,564 245,702
Attributable to:
Equity holders of the Parent (29,630) 148,507 244,136
Non-controlling interests 981 2,057 1,556
(28,649) 150,564 245,702
The accompanying notes form an integral part of this interim financial report.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 23 OCTOBER 2016
23 October 2016 25 October 2015 24 April
2016
Notes £'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 833,648 443,375 585,876
Intangible assets 216,352 216,554 208,569
Investments in associated undertakings and joint ventures 18,422 48,121 16,635
Available-for-sale financial assets 73,016 212,743 193,355
Deferred tax assets 71,996 43,748 43,984
1,213,434 964,541 1,048,419
Current assets
Inventories 716,255 633,058 702,158
Trade and other receivables 290,808 212,663 292,589
Derivative financial assets 51,519 62,849 82,527
Cash and cash equivalents 187,976 163,308 234,163
1,246,558 1,071,878 1,311,437
TOTAL ASSETS 2,459,992 2,036,419 2,359,856
EQUITY AND LIABILITIES
Share capital 64,060 64,060 64,060
Share premium 874,300 874,300 874,300
Treasury shares (69,382) (56,234) (56,234)
Permanent contribution to capital 50 50 50
Capital redemption reserve 8,005 8,005 8,005
Foreign currency translation reserve 97,650 2,314 26,840
Reverse combination reserve (987,312) (987,312) (987,312)
Own share reserve (33,726) (33,726) (33,726)
Hedging reserve (75,092) 40,013 8,080
Retained earnings 1,458,295 1,380,031 1,482,331
1,336,848 1,291,501 1,386,394
Non-controlling interests (1,835) (1,175) (1,666)
(1,8
Total equity 1,335,013 1,290,326 1,384,728
Non-current liabilities
Borrowings 8 259,839 182,812 333,063
Retirement benefit obligations 21,621 11,718 13,065
Deferred tax liabilities 20,433 38,092 21,590
Provisions 85,151 45,834 66,802
387,044 278,456 434,520
Current liabilities
Derivative financial liabilities 206,652 7,081 61,704
Trade and other payables 453,950 422,193 426,741
Borrowings 8 118 814 769
Current tax liabilities 77,215 37,549 51,394
737,935 467,637 540,608
Total liabilities 1,124,979 746,093 975,128
TOTAL EQUITY AND LIABILITIES 2,459,992 2,036,419 2,359,856
The accompanying notes form an integral part of this interim financial report.
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE 26 WEEKS ENDED 23 OCTOBER 2016
26 weeks 26 weeks 52 weeks
ended ended ended
23 October 2016 25 October 2015 24 April
2016
Notes £'000 £'000 £'000
Cash inflow from operating activities 9 205,122 110,613 135,589
Income taxes paid (34,376) (33,735) (69,881)
Net cash inflow from operating activities 170,746 76,878 65,708
Cash flow from investing activities
Proceeds on disposal of property, plant and equipment - 44,000 44,000
Proceeds on disposal of listed investments 179,143 56,367 181,342
Purchase of associate, net of cash acquired - (9,218) (9,078)
Purchase of subsidiaries, net of cash acquired - - (24,013)
Purchase of intangible assets - (29) (124)
Purchase of property, plant and equipment (287,029) (92,230) (206,977)
Purchase of listed investments (18,639) (36,988) (89,213)
Investment income received 499 2,050 2,778
Finance income received 4 326 3,362
Net cash outflow from investing activities (126,022) (35,722) (97,923)
Cash flow from financing activities
Finance costs paid (3,888) (1,739) (7,720)
Borrowings drawn down 90,039 117,182 267,390
Borrowings repaid (163,575) (71,258) (71,258)
Purchase of own shares (13,148) - -
Net cash outflow from financing activities (90,572) 44,185 188,412
Net (decrease) / increase in cash and cash equivalents including overdrafts (45,848) 85,341 156,197
Cash and cash equivalents including overdrafts at beginning of period 233,702 77,505 77,505
Cash and cash equivalents including overdrafts at the period end 187,854 162,846 233,702
The accompanying notes form an integral part of this interim financial report.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 26 WEEKS ENDED 23 OCTOBER 2016
Treasury shares Foreign currency translation Own share reserve Retained earnings Other reserves Total attributable to owners of the parent Non-controlling interests Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 26 April 2015 (56,234) 14,436 (13,251) 1,181,511 37,899 1,164,361 (2,810) 1,161,551
Share-based payments - - - 6,482 - 6,482 - 6,482
Vesting of Share-based payments - - 8,963 (8,963) - - - -
Current tax on share schemes - - - 5,407 - 5,407 - 5,407
Deferred Tax on share schemes - - - (3,818) - (3,818) - (3,818)
Purchase of own shares - - (29,438) - - (29,438) - (29,438)
Non-controlling Interest - acquisition (422) (422)
Transactions with owners - - (20,475) (892) - (21,367) (422) (21,789)
Profit for the financial period - - - 145,424 - 145,424 2,057 147,481
Dividends received - - - - - - - -
Cashflow hedges - recognised in the period - - - - (6,852) (6,852) - (6,852)
- reclassification - - - - (31,931) (31,931) - (31,931)
Actuarial losses on defined benefit pension schemes - - - 2,055 - 2,055 - 2,055
Fair value adjustment in respect of available for sale financial assets - - - 44,240 - 44,240 - 44,240
Taxation on items taken to comprehensive income - - - 7,693 - 7,693 - 7,693
Translation differences - group - (12,122) - - - (12,122) - (12,122)
Total comprehensive income - (12,122) - 199,412 (38,783) 148,507 2,057 150,564
At 25 October 2015 (56,234) 2,314 (33,726) 1,380,031 (884) 1,291,501 (1,175) 1,290,326
Treasury shares Foreign currency translation Own share reserve Retained earnings Other reserves Total attributable to owners of the parent Non-controlling interests Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 24 April 2016 (56,234) 26,840 (33,726) 1,482,331 (32,817) 1,386,394 (1,666) 1,384,728
Share-based payments - - - 666 - 666 - 666
Deferred Tax on share schemes - - - (2,211) - (2,211) - (2,211)
Purchase of own shares (13,148) - - - - (13,148) - (13,148)
Changes to non-controlling Interest - - - (5,223) - (5,223) (1,150) (6,373)
Transactions with owners (13,148) - - (6,768) - (19,916) (1,150) (21,066)
Profit for the financial period - - - 92,465 - 92,465 981 93,446
Cash flow hedges - recognised in the period - - - - (91,497) (91,497) - (91,497)
- reclassification - - - - (5,864) (5,864) - (5,864)
- taxation - - - 14,189 14,189 - 14,189
Actuarial losses on defined benefit pension schemes - - - (8,779) - (8,779) - (8,779)
Fair value adjustment in respect of available for sale financial assets - - - (102,665) - (102,665) -
- More to follow, for following part double click ID:nRSH2616RcRecent news on Frasers
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AnnouncementREG - Frasers Group PLC - Transaction in Own Shares
AnnouncementREG - Frasers Group PLC - Transaction in Own Shares
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