REG - Sports Direct Intl. - Preliminary Results for Year Ended 30 April 2017 <Origin Href="QuoteRef">SPD.L</Origin> - Part 3

FrasersAnnouncement

20/07/2017 07:06

- Part 3: For the preceding part double click  ID:nRST5703Lb 

                      
 Bank overdrafts       69.5               0.5                
 Bank and other loans  317.3              333.4              
                       386.8              333.9              
 
 
An analysis of the Group's total borrowings other than bank overdrafts is as
follows: 
 
                        30 April 2017(£m)  24 April 2016(£m)  
 Borrowings - Sterling  310.0              320.0              
 Borrowings - Other     7.3                13.4               
                        317.3              333.4              
 
 
Loans are currently at a rate of interest of 1.15% over the interbank rate of
the country within which the borrowing entity resides. 
 
The Group's Working Capital Facility is at £788m (FY16: £788m). The facility
is available until September 2018 and is not secured against any of the
Group's fixed assets. The overdraft is part of a Group cash pooling
arrangement. 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 30 April 2017 was £182.1m (24 April 2016: £99.7m). 
 
7. CASH INFLOW FROM OPERATING ACTIVITIES 
 
                                                          53 weeks ended     52 weeks ended     
                                                          30 April 2017(£m)  24 April 2016(£m)  
 Profit before taxation                                   281.6              361.8              
 Net finance (income)/costs                               (9.4)              11.9               
 Investment income                                        (111.3)            (148.1)            
 Share of profits of associated undertakings              (0.8)              (2.4)              
 Operating profit                                         160.1              223.2              
 Depreciation                                             140.6              89.2               
 Amortisation                                             7.3                6.4                
 Impairment                                               17.3               58.5               
 Profit on disposal of property, plant & equipment        1.8                (13.5)             
 Profit on disposal of subsidiary                         (79.9)             -                  
 Defined benefit pension plan employer contributions      (2.4)              (2.7)              
 Share-based payments                                     2.8                7.1                
 Operating cash inflow before changes in working capital  247.6              368.2              
 Increase in receivables                                  (118.0)            (97.0)             
 Decrease / (increase) in inventories                     60.0               (155.4)            
 Increase in payables                                     79.6               19.8               
 Cash inflows from operating activities                   269.2              135.6              
 
 
8. POST BALANCE SHEET EVENTS 
 
On 21 April 2017, the Group announced that it has approval to acquire certain
assets of Eastern Outfitters LLC, comprising the businesses of Bob's Stores
and Eastern Mountain Sports pursuant to a s.363 sale process, following the
filing by Eastern Outfitters LLC (the parent company of Bob's Stores and
Eastern Mountain Stores) under Chapter 11 in the US. The businesses to be
acquired include (following closures) approximately 50 retail stores in the US
under the Bob's Stores and Eastern Mountain Stores fascias selling
predominantly sports and casual wear, and outdoor and camping equipment and
clothing. The acquisition subsequently completed on 18 May 2017. 
 
The Company announced on 28 April 2017 that it has instructed Citigroup Global
Markets Limited in relation to an irrevocable non-discretionary share buyback
programme to purchase the Company's shares during the closed period commencing
on 30 April 2017 and ending on 20 July 2017. In line with IAS32 the Company
recognised the full redemption amount of £163.5m which is considered to be
immaterially different to the present value at year end. If the contract
expires without full delivery, the amount of the financial liability
attributable to the undelivered shares is reclassified to equity reversing the
original recognition. As at 18 July 2017, £94.1m of shares have been
repurchased under the closed period share buyback program. 
 
On 13 July 2017 the Group announced that it has acquired 44m shares in GAME
Digital plc, equivalent to a 25.75% of the share capital of the Group. 
 
The Group acquired material strategic stakes directly and/or indirectly
through derivative financial instruments and/or physical share purchases - as
at 19 July 2017 the Group holds the following material stakes: 
 
·      Debenhams plc 18.22%; 
 
·      Iconix Brand Group plc 13.25% 
 
·      Finish Line Inc 37.05% 
 
This information is provided by RNS
The company news service from the London Stock Exchange