REG - Sports Direct Intl. - Interim Results for the 26 weeks to 26 October 14 <Origin Href="QuoteRef">SPD.L</Origin> - Part 2
11/12/2014 07:11
- Part 2: For the preceding part double click ID:nRSK4503Za
(8,111)
Borrowings drawn down 51,336 181,692 300,910
Borrowings repaid (118,730) (247,408) (348,452)
Exercise of option over non-controlling interests - (11,678)
Net cash outflow from financing activities (72,106) (69,624) (67,331)
Net (decrease) / increase in cash and cash equivalents including overdrafts (41,880) 12,574 3,608
Cash and cash equivalents including overdrafts at beginning of period 145,282 141,674 141,674
Cash and cash equivalents including overdrafts at the period end 103,402 154,248 145,282
The accompanying notes form an integral part of this interim financial report.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 26 WEEKS ENDED 26 OCTOBER 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 28 April 2013 (56,234) 38,398 (64,375) 752,018 (24,876) 644,931 (254) 644,677
Share-based payments - - - 1,000 - 1,000 - 1,000
Vesting of Share-based payments - - 51,124 (51,124) - - - -
Current Tax on share schemes - - - 30,362 - 30,362 - 30,362
Deferred Tax on share schemes - - - (14,890) - (14,890) - (14,890)
Non-controlling interest - acquisition - - - - - - (11,645) (11,645)
Non-controlling interest - disposal - - - - - - (152) (152)
Transactions with owners - - 51,124 (34,652) - 16,472 (11,797) 4,675
Profit for the financial period - - - 107,559 - 107,559 (261) 107,298
Cashflow hedges - recognised in the period - - - - (7,593) (7,593) - (7,593)
- reclassification - - - - (8,907) (8,907) - (8,907)
Actuarial gains on defined benefit pension schemes - - - 4,589 - 4,589 - 4,589
Fair value adjustment in respect of available for sale financial assets - - - 17,903 - 17,903 - 17,903
Taxation on items taken to comprehensive income - - - (1,087) - (1,087) - (1,087)
Translation differences - group - (14,768) - - - (14,768) - (14,768)
Total comprehensive income - (14,768) - 128,964 (16,500) 97,696 (261) 97,435
At 27 October 2013 (56,234) 23,630 (13,251) 846,330 (41,376) 759,099 (12,312) 746,787
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 27 April 2014 (56,234) 5,280 (13,251) 931,819 (46,522) 821,092 (3,538) 817,554
Share-based payments - - - 2,655 - 2,655 - 2,265
Transactions with owners - - - 2,655 - 2,655 - 2,655
Profit for the financial period - - - 114,629 - 114,629 665 115,294
Cashflow hedges - recognised in the period - - - - 26,860 26,860 - 26,860
- reclassification - - - - 23,623 23,623 - 23,623
Actuarial gains on defined benefit pension schemes - - - (1,304) - (1,304) - (1,304)
Fair value adjustment in respect of available for sale financial assets - - - (6,783) - (6,783) - (6,783)
Taxation on items taken to comprehensive income - - - (10,327) - (10,327) - (10,327)
Translation differences - group - 13,465 - - - 13,465 - 13,465
Total comprehensive income - 13,465 - 96,215 50,483 160,163 665 160,828
At 26 October 2014 (56,234) 18,745 (13,251) 1,030,689 3,961 983,910 (2,873) 981,037
The Company holds 42,137,508 ordinary shares in Treasury. The foreign currency translation reserve is used to record
exchange differences arising from the translation of the financial statements of foreign subsidiaries and associates.
At 26 October 2014, the Sports Direct Employee Benefit Trust held 6,070,490 shares.
The credit for the share based payment charge does not equal the charge per the income statement as it excludes amounts
recognised in the balance sheet in relation to the expected national insurance contributions for the shares and a transfer
of accrued national insurance contributions in respect of previous years' charges which had previously been recognised in
equity. The amount transferred is not material to the interim financial statements.
NOTES TO THE FINANCIAL INFORMATION FOR THE 26 WEEKS ENDED 26 OCTOBER 2014
1. General information and basis of preparation
The results for the first half of the financial year have not been audited and are prepared on the basis of the accounting
policies set out in the Group's 2014 Annual Report and Financial Statements. The financial information in the Group's
Annual Report and Financial Statements is prepared in accordance with International Financial Reporting Standards as
adopted by the European Union ("IFRS").The Interim Results have been prepared in accordance with International Accounting
Standard (IAS) 34 - "Interim Financial Reporting" as endorsed by the European Union and the Disclosure and Transparency
Rules of the Financial Conduct Authority (DTR). The principal accounting policies have remained unchanged from the prior
financial information for the 52 weeks ended 27 April 2014. This consolidated financial information for the period does not
constitute statutory financial statements within the meaning of s434 of the Companies Act 2006.
The summary of results for the 52 weeks ended 27 April 2014 is an extract from the published Annual Report and Financial
Statements which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The audit
report was unqualified and did not contain a statement under s498 (2) or s498 (3) of the Companies Act 2006.
2. Segmental analysis
Operating segments
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:
1. Sports Retail - includes the results of the UK and International retail network of sports stores along with related
websites;
2. Premium Lifestyle - includes the results of the premium retail businesses such as Cruise, Flannels, USC and Van
Mildert; and
3. Brands - includes the results of the Group's portfolio of internationally recognised brands such as Everlast,
Lonsdale, Dunlop and Slazenger.
The basis of the reportable segments changed in the 2014 Annual Report, 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 period ended 26 October 2014, as well as a reconciliation of reported profit for the period to
underlying EBITDA, is presented below:
Segmental information for the 26 weeks ended 26 October 2014:
Retail Brands
Sports Retail Premium Lifestyle Total Retail Total Eliminations Total
£'000 £'000 £'000 £'000 £'000 £'000
Sales to external customers 1,230,886 99,926 1,330,812 102,086 - 1,432,898
Sales to other segments 12 - 12 13,247 (13,259) -
Revenue 1,230,898 99,926 1,330,824 115,333 (13,259) 1,432,898
Gross profit 548,080 38,428 586,508 43,779 - 630,217
Operating profit/(loss) before foreign exchange and exceptional items 160,577 (9,445) 151,132 11,245 - 162,377
Operating Profit 166,855 (9,508) 157,347 11,463 - 168,810
Investment income 1,263
Finance income 6,343
Finance costs (28,327)
Share of profits of associated undertakings and joint ventures 1,643
Profit before taxation 149,732
Taxation (34,438)
Profit for the period 115,294
Reconciliation of operating profit to underlying EBITDA for the 26 week period ending 26 October 2014.
Sports Retail Premium Lifestyle Brands Total
£'000 £'000 £'000 £'000
Operating profit/(loss) 166,855 (9,508) 11,463 168,810
Depreciation 26,791 1,300 969 29,060
Amortisation 757 344 2,852 3,953
Share of profit/(loss) of associated undertakings 1,593 - 50 1,643
Charges for the Bonus Share Schemes 6,057 - - 6,057
Reported EBITDA 202,053 (7,864) 15,334 209,523
Exceptional items (14,149) - - (14,149)
Realised FX (Gain)/Loss 7,871 63 218 7,716
Underlying EBITDA 195,775 (7,801) 15,116 203,090
Sales to other segments are priced at cost plus a 10% mark-up.
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