REG - Fuller,Smith &Turner - Half Year Results <Origin Href="QuoteRef">FSTA.L</Origin> - Part 2
18/11/2016 07:05
- Part 2: For the preceding part double click ID:nRSR5170Pa
SMITH & TURNER P.L.C.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. HALF YEAR REPORT
Basis of preparation
The half year financial statements for the 26 weeks ended 24 September 2016
have been reviewed by the auditor and prepared in accordance with the
Disclosure and Transparency Rules ("DTRs") of the Financial Conduct Authority
and with International Accounting Standard ("IAS") 34, Interim Financial
Reporting, as adopted by the European Union and should be read in conjunction
with the Annual Report and Financial statements for the 52 weeks ended 26
March 2016, which have been prepared in accordance with International
Financial Reporting Standards ("IFRS") as adopted by the European Union.
The half year financial statements do not constitute full accounts as defined
by Section 434 of the Companies Act 2006. The figures for the 52 weeks ended
26 March 2016 are derived from the published statutory accounts. Full accounts
for the 52 weeks ended 26 March 2016, including an unqualified auditor's
report which did not make any statement under Section 498 of the Companies Act
2006, have been delivered to the Registrar of Companies.
The Directors have reviewed current performance and forecasts, combined with
expenditure commitments
and made appropriate enquiries. On the basis of the strong cash flows
generated by the business and the
significant headroom available on the bank facilities the Directors are
confident that the Group has adequate resources to continue in operational
existence for the foreseeable future and, accordingly, consider that it is
appropriate to continue to adopt the going concern basis of accounting in
preparing the financial statements.
The half year financial statements were approved by the Directors on 17
November 2016.
Adoption of New Standards and Interpretations
There have been no further new accounting standards or interpretations issued
in the 26 weeks ended 24
September 2016 .The accounting policies adopted are consistent with those
applied in the 52 weeks ended
26 March 2016, which were published as part of the accounts for that year and
which are available from the
Group's website, www.fullers.co.uk.
Taxation
Taxes on income in the interim periods are accrued using the tax rate that is
expected to be applicable to total annual earnings for the full year in each
tax jurisdiction based on substantively enacted or enacted tax rates at the
interim date.
2. SEGMENTAL ANALYSIS
Unaudited - 26 weeks Managed Pubs and Hotels Tenanted The Fuller's Unallocated1 Total
ended 24 September 2016 Inns Beer Company
£m £m £m £m £m
Revenue:
Segment revenue 130.8 15.6 74.8 - 221.2
Inter-segment sales - - (23.6) - (23.6)
Revenue from third parties 130.8 15.6 51.2 - 197.6
Segment result 18.0 6.6 3.9 (2.3) 26.2
Operating exceptional items (1.5)
Operating profit 24.7
Profit on disposal of properties 0.5
Net finance costs (3.8)
Profit before tax 21.4
Other segment information
Capital expenditure on property plant and equipment 16.3 1.0 1.8 - 19.1
Business Combinations 9.2 - 0.3 - 9.5
Depreciation and amortisation 7.4 0.8 1.9 - 10.1
Impairment of property - - - - -
Unaudited - 26 weeks Managed Pubs and Hotels Tenanted The Fuller's Unallocated1 Total
ended 26 September 2015 Inns Beer Company
£m £m £m £m £m
Revenue:
Segment revenue 121.9 16.1 63.0 - 201.0
Inter-segment sales - - (23.3) - (23.3)
Revenue from third parties 121.9 16.1 39.7 - 177.7
Segment result 17.0 6.7 3.6 (2.8) 24.5
Operating exceptional items (1.6)
Operating profit 22.9
Profit on disposal of properties 1.6
Net finance costs (3.3)
Profit before tax 21.2
Other segment information
Capital expenditure on property plant and equipment 42.9 3.1 1.2 - 47.2
Business Combinations 6.2 - - - 6.2
Depreciation and amortisation 6.3 0.8 1.7 - 8.8
Impairment of property - - - - -
1 Unallocated expenses represent primarily the salary and costs of central
management.
Audited - 52 weeks ended Managed Pubs and Hotels Tenanted The Fuller's Unallocated1 Total
26 March 2016 Inns Beer Company
£m £m £m £m £m
Revenue:
Segment revenue 238.4 31.5 126.8 - 396.7
Inter-segment sales - - (46.2) - (46.2)
Revenue from third parties 238.4 31.5 80.6 - 350.5
Segment result 30.9 13.4 7.6 (5.0) 46.9
Operating exceptional items (3.9)
Operating profit 43.0
Profit on disposal of properties 2.9
Net finance costs (6.7)
Profit before tax 39.2
Other segment information
Capital expenditure on property plant and equipment 60.9 2.2 2.9 - 66.0
Business Combinations 7.3 4.7 2.7 - 14.7
Depreciation and amortisation 13.0 1.6 3.5 - 18.1
Impairment of property 1.2 0.2 - - 1.4
Reversal of impairment of property (0.5) (0.1) - - (0.6)
1 Unallocated expenses represent primarily the salary and costs of central
management.
3. EXCEPTIONAL ITEMS
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
24 September 26 September 26 March
2016 2015 2016
£m £m £m
Amounts included in operating profit:
Acquisition costs (0.6) (0.5) (1.1)
Reorganisation costs (0.6) - -
Deemed remuneration on future purchase of shares in The Stable (0.3) (1.3) (2.2)
Impairment of properties - - (1.4)
Reversal of impairment on property - - 0.6
Onerous lease provision release - 0.2 0.2
Total exceptional items included in (1.5) (1.6) (3.9)
operating profit
Profit on disposal of properties 0.5 1.6 2.9
Exceptional finance costs:
Finance charge on net pension liabilities (note 10) (0.4) (0.4) (0.8)
Movement in fair value of financial instruments - - 0.1
Total exceptional finance costs (0.4) (0.4) (0.7)
Total exceptional items before tax (1.4) (0.4) (1.7)
Exceptional tax:
Change in corporation tax rate (note 5) 1.0 - 1.9
Profit on disposal of properties - (0.3) (0.5)
Other items 0.2 0.2 0.8
Total exceptional tax 1.2 (0.1) 2.2
Total exceptional items (0.2) (0.5) 0.5
(0.1)
2.2
Total exceptional items
(0.2)
(0.5)
0.5
Acquisition costs of £0.6 million during the 26 weeks ended 24 September 2016
(26 September 2015:
£0.5 million, 26 March 2016: £1.1 million) relate to transaction costs on pub
acquisitions. In the 52 weeks ended 31 March 2016 the costs related to pub
acquisitions and business acquisitions.
The reorganisation costs of £0.6 million incurred in the period, were
principally incurred within The Fuller's
Beer Company and relate to staff.
Deemed remuneration on the future purchase of shares in The Stable relates to
the remuneration element of the increase in the estimated value of the option
remaining on The Stable group of companies. The original option was over 49%
of the shares, but during the current period, the Group exercised the option
to purchase an additional 25% of the shares for £2.7 million, taking its
shareholding to 76%. The current estimate of the amount payable for the
remaining 24% is £3.4 million, of which £2.8 million is accrued at the balance
sheet date, with the balance to be accrued over the remaining period to 28
March 2018.
There was no property impairment charge during the 26 weeks ended 24 September
2016 (26 September 2015: nil, 26 March 2016: £1.4 million). In the 52 weeks
ended 26 March 2016, there was a write down of licensed properties to their
recoverable value. The reversal of impairment credit of £0.6 million during
the 52 weeks ended 26 March 2016 related to the write back of previously
impaired licensed properties to their recoverable value.
The onerous lease provision release of £0.2 million in the prior period
relates to provisions made in respect of leasehold properties which are
trading at a loss and which the Directors do not expect to become profitable
in the future.
The profit on disposal of properties was £0.5 million during the year ended 24
September 2016 and relates to the disposal of two licensed properties. In the
52 weeks ended 26 March 2016, five properties were disposed generating a
profit of £2.9 million.
The cash impact of operating exceptional items before tax for the 26 weeks
ended 24 September 2016 was £1.0 million cash outflow (26 September 2015: £0.5
million cash outflow, 26 March 2016: £1.1 million cash outflow).
4. FINANCE COSTS
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
24 September 26 September 26 March
2016 2015 2016
£m £m £m
Interest expense arising on:
Financial liabilities at amortised cost - loans and debentures 3.1 2.7 5.7
Financial liabilities at amortised cost - preference shares 0.1 0.1 0.1
Total interest expense for financial liabilities 3.2 2.8 5.8
Unwinding of discounts on provisions 0.2 0.1 0.2
Finance costs before exceptional items 3.4 2.9 6.0
Finance charge on net pension liabilities (note 3) 0.4 0.4 0.8
Movement in fair value of financial instruments (note 3) - - (0.1)
3.8 3.3 6.7
5. TAXATION
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
24 September 26 September 26 March
2016 2015 2016
£m £m £m
Tax on profit on ordinary activities
Current income tax:
Corporation tax 5.2 5.1 9.3
Total current income tax 5.2 5.1 9.3
Deferred tax:
Origination and reversal of temporary differences (0.5) (0.6) (1.2)
Change in corporation tax rate (1.0) - (1.9)
Total deferred tax (1.5) (0.6) (3.1)
Total tax charged in the Income Statement 3.7 4.5 6.2
Tax relating to items charged/(credited) to Statement of Comprehensive Income
Deferred tax:
Change in corporation tax rate 0.3 - 0.6
Tax charge/(credit) on valuation gains/(losses) of financial assets and liabilities (0.2) 0.1 -
Tax charge/(credit) on actuarial (losses)/gains on pension scheme (3.3) - 0.1
Tax (credit)/charge included in the Statement of Comprehensive Income (3.2) 0.1 0.7
Tax relating to items charged/(credited) directly to equity
Deferred tax:
Reduction in deferred tax liability due to indexation - (0.2) -
Share-based payments - - 0.1
Current tax:
Share-based payments - (0.1) (0.4)
Tax charge/(credit) in the Statement of Changes in Equity - (0.3) (0.3)
The taxation charge is calculated by applying the Directors' best estimate of
the annual effective tax rate
to the profit for the period.
The Finance Act 2016 received Royal Assent during the 26 weeks to 24 September
2016. The impact is the
reduction of the UK corporation tax rate from 18% to 17% from 1 April 2020.
During the 52 weeks ended 26 March 2016, the Finance Act 2015 received Royal
Assent. The main impact
was the reduction of the UK corporation tax rate from 20% to 19% from 1 April
2017 and the reduction from 19% to 18% from 1 April 2020. The impact in the 52
weeks to 26 March 2016 was an exceptional credit to the Income Statement of
£1.9 million, and a charge to the Statement of Comprehensive Income of £0.6
million.
6. EARNINGS PER SHARE
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
24 September 26 September 26 March
2016 2015 2016
£m £m £m
Profit attributable to equity shareholders 17.7 16.5 32.8
Exceptional items net of tax 0.2 0.5 (0.5)
Adjusted earnings attributable to equity shareholders 17.9 17.0 32.3
Number Number Number
Weighted average share capital 55,171,000 55,296,000 55,356,000
Dilutive outstanding options and share awards 799,000 722,000 764,000
Diluted weighted average share capital 55,970,000 56,018,000 56,120,000
40p 'A' and 'C' ordinary share Pence Pence Pence
Basic earnings per share 32.08 29.84 59.25
Diluted earnings per share 31.62 29.45 58.45
Adjusted earnings per share 32.44 30.74 58.35
Diluted adjusted earnings per share 31.98 30.35 57.56
4p 'B' ordinary share
Basic earnings per share 3.21 2.98 5.93
Diluted earnings per share 3.16 2.95 5.85
Adjusted earnings per share 3.24 3.07 5.84
Diluted adjusted earnings per share 3.20 3.03 5.76
For the purposes of calculating the number of shares to be used above, 'B'
ordinary shares have been treated as one tenth of an 'A' or 'C' ordinary
share. The earnings per share calculation is based on earnings from continuing
operations and on the weighted average ordinary share capital which excludes
shares held by trusts relating to employee share options and shares held in
treasury of 1,779,926 (26 September 2015: 1,687,868 and 26 March 2016:
1,628,444).
Diluted earnings per share are calculated using the same earnings figure as
for basic earnings per share, divided by the weighted average number of
ordinary shares outstanding during the period plus the weighted average number
of ordinary shares that would be issued on the conversion of all the dilutive
potential ordinary shares into ordinary shares.
Adjusted earnings per share are calculated on profit before tax excluding
exceptional items and on the same weighted average ordinary share capital as
for the basic and diluted earnings per share. An adjusted earnings per share
measure has been included as the Directors consider that this measure better
reflects the underlying earnings of the Group.
7. DIVIDENDS
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
24 September 26 September 26 March
2016 2015 2016
£m £m £m
Declared and paid during the period
Final dividend paid in the period 6.1 5.6 5.6
Interim dividend paid in the period - - 3.9
Equity dividends paid 6.1 5.6 9.5
Dividends on cumulative preference 0.1 0.1 0.1
shares (note 4)
Dividends per 40p 'A' and 'C' ordinary share declared in respect of the period Pence Pence Pence
Interim 7.25 6.90 6.90
Final - - 11.00
7.25 6.90 17.90
The pence figures are for the 40p 'A' and 'C' ordinary shares. The 4p 'B'
ordinary shares carry dividend rights of one tenth of those applicable to the
40p 'A' ordinary shares. Own shares held in the employee share trusts do not
qualify for dividends as the trustees have waived their rights. Dividends are
also not paid on own shares held as treasury shares.
The Directors have declared an interim dividend of 7.25p (2015: 6.90p) for the
40p 'A' and 'C' ordinary shares, and 0.725p (2015: 0.690p) for the 4p 'B'
ordinary shares, with a total estimated cost to the Company of £4.0 million
(2015: £3.8 million).
8. PROPERTY, PLANT AND EQUIPMENT
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
24 September 26 September 26 March
2016 2015 2016
£m £m £m
Net book value at start of period 533.8 471.9 471.9
Additions 17.4 47.2 69.2
Acquisitions 6.5 6.2 13.6
Disposals (0.6) (1.3) (2.3)
Transfer to assets held for sale (1.5) - (0.5)
Impairment loss net of reversals - - (0.8)
Depreciation provided during the period (9.7) (8.8) (17.3)
Net book value at end of period 545.9 515.2 533.8
533.8
During the 26 weeks ended 24 September 2016, the Group recognised a charge of
£nil (26 September 2015: £nil, 26 March 2016: £0.8 million) in respect of the
write down in value of licenced properties purchased in recent years where
their asset values exceeded either fair value less costs to sell or their
value in use.
9. ANALYSIS OF NET DEBT
Unaudited - 26 weeks At At
26 March 24 September
ended 24 September 2016 2016 Cash flows Non cash1 2016
£m £m £m £m
Cash and cash equivalents:
Cash and short term deposits 6.2 2.3 - 8.5
6.2 2.3 - 8.5
Debt:
Bank loans2 (177.0) (6.5) (0.1) (183.6)
Other loans (0.2) - - (0.2)
Debenture stock (25.9) - - (25.9)
Preference shares (1.6) - - (1.6)
Total borrowings (204.7) (6.5) (0.1) (211.3)
Net debt (198.5) (4.2) (0.1) (202.8)
(0.1)
(202.8)
1 Non-cash movements relate to the amortisation of arrangement fees,
arrangement fees accrued and corporate acquisitions.
2 Bank Loans net of arrangement fees.
Unaudited - 26 weeks At At
28 March 26 September
ended 26 September 2015 2015 Cash flows Non cash1 2015
£m £m £m £m
Cash and cash equivalents:
Cash and short term deposits 5.1 2.0 - 7.1
5.1 2.0 - 7.1
Debt:
Bank loans2 (140.0) (30.5) (0.1) (170.6)
Other loans (0.2) - - (0.2)
Debenture stock (25.9) - - (25.9)
Preference shares (1.6) - - (1.6)
Total borrowings (167.7) (30.5) (0.1) (198.3)
Net debt (162.6) (28.5) (0.1) (191.2)
(191.2)
Audited - 52 weeks At At
28 March 26 March
ended 26 March 2016 2015 Cash flows Non cash1 2016
£m £m £m £m
Cash and cash equivalents:
Cash and short term deposits 5.1 1.1 - 6.2
5.1 1.1 - 6.2
Debt:
Bank loans2 (140.0) (36.2) (0.8) (177.0)
Other loans (0.2) 0.2 (0.2) (0.2)
Debenture stock (25.9) - - (25.9)
Preference shares (1.6) - - (1.6)
Total borrowings (167.7) (36.0) (1.0) (204.7)
Net debt (162.6) (34.9) (1.0) (198.5)
(198.5)
1 Non-cash movements relate to the amortisation of arrangement fees,
arrangement fees accrued and corporate acquisitions.
2 Bank Loans net of arrangement fees.
10. RETIREMENT BENEFIT OBLIGATIONS
Unaudited Unaudited Audited
At At At
24 September 26 September 26 March
2016 2015 2016
The amount included in the Balance Sheet £m £m £m
arising from the Group's obligations in
respect of its defined benefit retirement plan
Fair value of scheme assets 108.7 94.5 96.0
Present value of scheme liabilities (150.1) (118.7) (119.5)
Deficit in the scheme (41.4) (24.2) (23.5)
Key financial assumptions used in the valuation
of the Scheme
Rate of increase in salaries n/a n/a n/a
Rate of increase in pensions in payment 2.90% 3.15% 3.05%
Discount rate 2.30% 3.75% 3.55%
Inflation assumption - RPI 2.90% 3.15% 3.05%
Inflation assumption - CPI 1.90% 2.15% 2.05%
2.15%
2.05%
Mortality assumptions
The mortality assumptions used in the valuation of the Scheme as at 24
September 2016 are as set out in the financial statements for the 52 weeks
ended 26 March 2016.
At 24 September At 26 September At 26 March
2016 2015 2016
£m £m £m
Assets in the Scheme
Corporate bonds 22.8 19.1 19.3
Equities 53.6 45.5 47.3
Property 1.0 0.9 1.0
Absolute return fund 26.7 26.9 25.8
Cash 0.9 0.9 1.4
Annuities 3.7 1.2 1.2
Total market value of assets 108.7 94.5 96.0
Unaudited Unaudited Audited
At At At
24 September 26 September 26 March
2016 2015 2016
£m £m £m
Movement in deficit during period
Deficit in scheme at beginning of the period (23.5) (24.4) (24.4)
Movement in period:
Current service cost (0.2) - (0.2)
Net interest cost (0.4) (0.4) (0.8)
Net actuarial gains/(losses) (17.9) (0.1) 0.7
Contributions 0.6 0.7 1.2
Deficit in Scheme at end of the period (41.4) (24.2) (23.5)
(23.5)
11. BUSINESS COMBINATIONS
On 27 May 2016, the Group purchased an additional 25% of the shares in The
Stable Pizza & Cider Limited for £2.7 million, bringing the Group's interest
in The Stable Pizza & Cider Limited to 76%. The Group, also paid £0.3 million
to the company that formerly held the import and distribution rights to Sierra
Nevada products, which had previously been recognised as contingent
consideration. One new pub was acquired in the period for £6.5 million.
12. PRINCIPAL RISKS AND UNCERTAINTIES
In the course of normal business, the Group continually assesses and takes
action to mitigate the various risks encountered that could impact the
achievement of its objectives. Systems and processes are in place to enable
the Board to monitor and control the Group's management of risk, which are
detailed in the Corporate Governance Report of the Annual Report and Financial
Statements 2016. The principal risks and uncertainties and their associated
mitigating and monitoring controls which may affect the Group's
performance in the next six months are consistent with those detailed on pages
22 and 23 of the Annual Report and Financial Statements 2016, and are
available on the Fuller's website, www.fullers.co.uk.
Following the publishing of the results for the 52 weeks ended 26 March 2016,
the UK voted to leave the EU in the referendum on 23 June 2016. The Group is
facing increasing headwinds in the light of the political and economic
uncertainty following this outcome as highlighted in the Chief Executive's
Review. The exact nature, process and timing of the UK's exit from the EU are
unknown and could impact freedom of movement of EU nationals; cause
fluctuations in foreign exchange rates; lead to changes to input prices and
interest rates; and precipitate a slowdown in the UK economy; all of which may
impact the Group. The Group continues to plan for the potential outcomes of
the UK's exit from the EU, in order to limit any negative impacts on the
Group's operations and financial performance.
Health, safety and well-being of employees and customers remains top of the
Group's strategic priorities.
Managing a large portfolio of houses and sites increases the complexities of
ensuring the highest health and safety standards are adhered to. The Group's
headquarters and sole brewing facility are located at the Griffin Brewery,
therefore safety at this site is key and any disaster would seriously impact
profitability.
Fuller's has a wide portfolio of brands and has established a reputation for
offering premium products. The way in which we respond to changes in consumer
demand is crucial, failure to anticipate these changes and innovate will
result in declining market share for the Group. There is a risk that
contamination of our products at source or outlet could damage reputation of
the brand and impact customers' perceptions of Fuller's as a premium position
company. This positioning is key to the success of the business and any change
to this would significantly impact the Group's performance.
The success and future of the Group is determined by its key management and
staff who adhere to a strong set of values. Should key management leave the
Group, or employees fail to uphold Fuller's key principles, this could
jeopardise delivery of the Group's strategy.
Fuller's operates in a highly regulated sector and changes in government
policy could result in a decline in trade.
The Group is increasingly reliant on its information systems, with any
prolonged failure resulting in disruption to operations. Data and systems
security is also vital, as any loss of data could result in reputational
damage to the Group.
13. SHAREHOLDERS' INFORMATION
Shareholders holding 40p 'C' ordinary shares are reminded that they have 30
days from 18 November 2016 should they wish to convert those 'C' shares to 'A'
shares. The next available opportunity after that will be June 2017. For
further details please contact the Company's registrars, Computershare on 0370
899 4096.
14. HALF YEAR REPORT
Copies of the half year report are being sent to shareholders and will be
available from the Company's registered office: Griffin Brewery, Chiswick,
London, W4 2QB and the Company's website www.fullers.co.uk.
15. STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm, to the best of their knowledge, that this condensed set
of financial statements gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the issuer or the undertakings
included in the consolidation as a whole and has been prepared in accordance
with IAS 34,
Interim Financial Reporting, as adopted by the European Union. The interim
management report herein includes a fair review of the information required by
DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six
months and their impact on the financial statements and a description of the
principal risks and uncertainties for the remaining six months of the
financial year; and
· disclosure of material related party transactions in the first six months
and any material changes to related party transactions.
By order of the Board
Michael Turner
James Douglas
Chairman
Finance Director
17 November 2016
INDEPENDENT REVIEW REPORT TO THE MEMBERS OF FULLER, SMITH & TURNER P.L.C.
Introduction
We have reviewed the condensed set of financial statements in the half yearly
financial report of
Fuller, Smith & Turner P.L.C. for the twenty six weeks ended 24 September 2016
which comprises the Condensed Group Income Statement, Condensed Group
Statement of Comprehensive Income,
Condensed Group Balance Sheet, Condensed Group Statement of Changes in Equity,
Condensed Group
Cash Flow Statement and the related explanatory notes. We have read the other
information contained in the half yearly financial report which comprises the
Chairman's Statement and Chief Executive's Review, 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's
members 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 International Financial Reporting Standards 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 twenty six weeks ended 24 September 2016 is not
prepared, in all material respects, in accordance with International
Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and the Disclosure and
Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Grant Thornton UK LLP
Auditor
London
17 November 2016
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