REG - Games Workshop Group - Half-year Report <Origin Href="QuoteRef">GAW.L</Origin> - Part 2
10/01/2017 07:05
- Part 2: For the preceding part double click ID:nRSJ7247Ta
declared and paid in the six
months to 29 November 2015.
Dividends of £12,837,000 were declared and paid during the year ended 29 May
2016.
5. Profit before taxation
The following costs have been incurred in the reported periods in respect of
ongoing redundancies, inventory provisions, impairments and loss-making retail
stores:
Six months to Six months to Year to
27 November 29 November 29 May
2016 2015 2016
£000 £000 £000
Redundancy costs and compensation for loss of office 345 275 536
Impairment of property, plant and equipment 16 46 28
Net charge to property provisions including closed or loss-making retail stores 197 377 562
Net inventory provision creation 235 286 1,805
6. Tax
The taxation charge for the six months to 27 November 2016 is based on an
estimate of the full year effective rate of 20.7% reflecting overseas tax
rates which are higher than the UK rate of 19.83% (2015: 24.0%, reflecting
overseas tax rates which were higher than the UK rate of 20.0%).
7. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
owners of the parent by the weighted average number of ordinary shares in
issue throughout the relevant period.
Six months to Six months to Year to
27 November 29 November 29 May
2016 2015 2016
Profit attributable to owners of the parent (£000) 10,930 4,781 13,496
------------- ------------- -------------
Weighted average number of ordinary shares in issue (thousands) 32,121 32,070 32,093
------------- ------------- -------------
Basic earnings per share (pence per share) 34.0 14.9 42.1
======== ======== ========
Basic earnings per share pre-change in accounting estimates
Basic earnings per share pre-change in accounting estimates is calculated by
dividing the profit attributable to owners of the parent, before the impact of
the change in accounting estimates, by the weighted average number of ordinary
shares in issue throughout the relevant period.
Six months to Six months to Year to
27 November 29 November 29 May
2016 2015 2016
Profit attributable to owners of the parent pre-change in accounting estimates (£000) 10,286 4,781 13,496
------------- ------------- -------------
Weighted average number of ordinary shares in issue (thousands) 32,121 32,070 32,093
------------- ------------- -------------
Basic earnings per share pre-change in accounting estimates (pence per share) 32.0 14.9 42.1
======== ======== ========
Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit
attributable to owners of the parent and the weighted average number of shares
in issue throughout the relevant period, adjusted for the dilution effect of
share options outstanding at the period end.
Six months to Six months to Year to
27 November 29 November 29 May
2016 2015 2016
Profit attributable to owners of the parent (£000) 10,930 4,781 13,496
------------- ------------- -------------
Weighted average number of ordinary shares in issue (thousands) 32,121 32,070 32,093
Adjustment for share options (thousands) 77 74 57
------------- ------------- -------------
Weighted average number of ordinary shares for diluted earnings per share (thousands) 32,198 32,144 32,150
------------- ------------- -------------
Diluted earnings per share (pence per share) 33.9 14.9 42.0
======== ======== ========
Diluted earnings per share pre-change in accounting estimates
The calculation of diluted earnings per share has been based on the profit
attributable to owners of the parent, before the impact of the change in
accounting estimates, and the weighted average number of shares in issue
throughout the relevant period, adjusted for the dilution effect of share
options outstanding at the period end.
Six months to Six months to Year to
27 November 29 November 29 May
2016 2015 2016
Profit attributable to owners of the parent pre-change in accounting estimates (£000) 10,286 4,781 13,496
------------- ------------- -------------
Weighted average number of ordinary shares in issue (thousands) 32,121 32,070 32,093
Adjustment for share options (thousands) 77 74 57
------------- ------------- -------------
Weighted average number of ordinary shares for diluted earnings per share (thousands) 32,198 32,144 32,150
------------- ------------- -------------
Diluted earnings per share pre-change in accounting estimates (pence per share) 31.9 14.9 42.0
======== ======== ========
8. Reconciliation of profit to net cash from operating activities
Six months to Six months to Year to
27 November 29 November 29 May
2016 2015 2016
£000 £000 £000
Operating profit 13,758 6,240 16,860
Depreciation of property, plant and equipment 3,156 2,611 5,305
Net impairment charge on property, plant and equipment 16 46 28
Loss on disposal of property, plant and equipment 23 8 28
Loss on disposal of intangible assets - - 39
Amortisation of capitalised development costs 1,557 1,831 3,853
Amortisation of other intangibles 604 595 1,232
Share-based payments 82 77 193
Changes in working capital:
-Increase in inventories (1,805) (1,697) (701)
-Increase in trade and other receivables (1,298) (1,004) (293)
-Increase/(decrease) in trade and other payables 3,585 (413) (198)
-(Decrease)/increase in provisions (57) 275 436
---------- ---------- ---------
Net cash from operating activities 19,621 8,569 26,782
====== ====== ======
9. Other intangible assets
27 November 29 November 29 May
2016* 2015 2016
£000 £000 £000
Net book value at beginning of period 10,501 8,262 8,262
Additions 4,479 3,566 7,362
Exchange differences 5 7 1
Disposals - - (39)
Amortisation charge (2,161) (2,426) (5,085)
---------- ---------- ----------
Net book value at end of period 12,824 9,409 10,501
====== ====== ======
*The impact of the change in accounting estimate for the amortisation of
development costs intangible assets is an increase in the net book value of
intangible assets of £1,640,000 as at 27 November 2016. There is no impact on
the net book value of intangible assets at 29 November 2015 or 29 May 2016.
10. Property, plant and equipment
27 November 29 November 29 May
2016* 2015 2016
£000 £000 £000
Net book value at beginning of period 22,621 22,719 22,719
Additions 2,348 2,551 5,193
Exchange differences 338 (17) 70
Disposals (23) (8) (28)
Charge for the period (3,156) (2,611) (5,305)
Impairment (16) (46) (28)
---------- ---------- ----------
Net book value at end of period 22,112 22,588 22,621
====== ====== ======
*The impact of the change in accounting estimate for the depreciation of
moulding tools is a decrease in the net book value of property, plant and
equipment of £375,000 as at 27 November 2016. There is no impact on the net
book value of property, plant and equipment at 29 November 2015 or 29 May
2016.
11. Provisions
Analysis of total provisions:
27 November 29 November 29 May
2016 2015 2016
£000 £000 £000
Current 838 674 823
Non-current 662 577 621
---------- ---------- ----------
1,500 1,251 1,444
====== ====== ======
Exceptional Employee
items benefits Property Total
£000 £000 £000 £000
At 31 May 2015 26 492 469 987
Charged to the income statement - 65 377 442
Exchange differences - (7) (3) (10)
Utilised (26) (1) (141) (168)
---------- ---------- ---------- ----------
At 29 November 2015 - 549 702 1,251
====== ====== ====== ======
Exceptional Employee
items benefits Property Total
£000 £000 £000 £000
At 31 May 2015 26 492 469 987
Charged to the income statement - 89 562 651
Exchange differences - 3 16 19
Utilised (26) (37) (150) (213)
--------- -------- -------- ----------
At 29 May 2016 - 547 897 1,444
Charged to the income statement - 99 197 296
Exchange differences - 53 60 113
Utilised - (47) (306) (353)
---------- ---------- ---------- ----------
At 27 November 2016 - 652 848 1,500
====== ====== ====== ======
12. Seasonality
The Group's monthly sales profile demonstrates an element of seasonality
around the Christmas period which impacts sales in the month of December.
13. Commitments
Capital expenditure contracted for at the balance sheet date but not yet
incurred is £996,000 (2015: £867,000). The committed spend includes the
replacement of the local area network for our headquarters in Nottingham and
tooling and machinery spend.
14. Related-party transactions
There were no material related-party transactions during the period.
This information is provided by RNS
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