REG - Games Workshop Group - Half-yearly report and trading update <Origin Href="QuoteRef">GAW.L</Origin> - Part 2

Games WorkshopAnnouncement

08/01/2016 07:10

- Part 2: For the preceding part double click  ID:nRSH2191La 

4,642          12,215         
                                                                                        -------------  -------------  -------------  
 Weighted average number of ordinary shares in issue (thousands)                        32,070         31,971         31,975         
 Adjustment for share options (thousands)                                               74             81             50             
                                                                                        -------------  -------------  -------------  
 Weighted average number of ordinary shares for diluted earnings per share (thousands)  32,144         32,052         32,025         
                                                                                        -------------  -------------  -------------  
 Diluted earnings per share - pre-exceptional items (pence per share)                   14.9           14.5           38.1           
                                                                                        ========       ========       ========       
                                                                                                                                       
 
 
7.     Reconciliation of profit to net cash from operating activities 
 
                                                         Six months to  Six months to  Year to     
                                                         29 November    30 November    31 May      
                                                         2015           2014           2015        
                                                         £000           £000           £000        
                                                                                                   
 Operating profit                                        6,240          6,237          16,477      
 Depreciation of property, plant and equipment           2,611          2,446          4,991       
 Net impairment charge on property, plant and equipment  46             37             9           
 Loss on disposal of property, plant and equipment       8              124            33          
 Loss on disposal of intangible assets                   -              -              24          
 Amortisation of capitalised development costs           1,831          2,335          4,728       
 Amortisation of other intangibles                       595            696            1,362       
 Share-based payments                                    77             94             232         
 Changes in working capital:                                                                       
 -(Increase)/decrease in inventories                     (1,697)        (350)          882         
 -(Increase)/decrease in trade and other receivables     (1,004)        88             (242)       
 -Decrease in trade and other payables                   (413)          (2,215)        (395)       
 -Increase/(decrease) in provisions                      275            (1,701)        (2,522)     
                                                         ----------     ----------     ----------  
 Net cash from operating activities                      8,569          7,791          25,579      
                                                         ======         ======         ======      
                                                                                                   
                                                                                                         
 
 
8.     Other intangible assets 
 
                                        29 November  30 November  31 May      
                                        2015         2014         2015        
                                        £000         £000         £000        
                                                                              
 Net book value at beginning of period  8,262        8,683        8,683       
 Additions                              3,566        2,372        5,695       
 Exchange differences                   7            6            (2)         
 Disposals                              -            -            (24)        
 Amortisation charge                    (2,426)      (3,031)      (6,090)     
                                        ----------   ----------   ----------  
 Net book value at end of period        9,409        8,030        8,262       
                                        ======       ======       ======      
 
 
9.     Property, plant and equipment 
 
                                        29 November  30 November  31 May      
                                        2015         2014         2015        
                                        £000         £000         £000        
                                                                              
 Net book value at beginning of period  22,719       21,027       21,027      
 Additions                              2,551        2,914        6,753       
 Exchange differences                   (17)         46           (2)         
 Disposals                              (8)          (134)        (59)        
 Charge for the period                  (2,611)      (2,446)      (4,991)     
 Impairment                             (46)         (37)         (9)         
                                        ----------   ----------   ----------  
 Net book value at end of period        22,588       21,370       22,719      
                                        ======       ======       ======      
 
 
10.   Provisions 
 
Analysis of total provisions: 
 
              29 November  30 November  31 May      
              2015         2014         2015        
              £000         £000         £000        
                                                    
 Current      674          1,279        529         
 Non-current  577          569          458         
              ----------   ----------   ----------  
              1,251        1,848        987         
              ======       ======       ======      
 
 
                                             Exceptional  Employee                            
                                             Items        benefits    Property    Total       
                                             £000         £000        £000        £000        
                                                                                              
 As at 1 June 2014                           2,470        568         488         3,526       
                                                                                              
 Charged to the income statement             -            18          56          74          
 Exchange differences                        -            (3)         14          11          
 Decrease in provision - discount unwinding  -            -           (4)         (4)         
 Utilised                                    (1,640)      (46)        (73)        (1,759)     
                                             ----------   ----------  ----------  ----------  
 As at 30 November 2014                      830          537         481         1,848       
                                             ======       ======      ======      ======      
                                                                                              
                                             Exceptional  Employee                            
                                             Items        benefits    Property    Total       
                                             £000         £000        £000        £000        
                                                                                              
 As at 1 June 2014                           2,470        568         488         3,526       
 (Credited)/charged to the income statement  (42)         (3)         236         191         
 Exchange differences                        44           (26)        8           26          
 Utilised                                    (2,446)      (47)        (263)       (2,756)     
                                             ----------   ----------  ----------  ----------  
 As 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)       
                                             ----------   ----------  ----------  ----------  
 As at 29 November 2015                      -            549         702         1,251       
                                             ======       ======      ======      ======      
 
 
11.   Seasonality 
 
The Group's monthly sales profile demonstrates an element of seasonality
around the Christmas period which impacts sales in the month of December. 
 
12.   Commitments 
 
Capital expenditure contracted for at the balance sheet date but not yet
incurred is £867,000 (2014: £3,302,000). The committed spend includes the
replacement of the local area network in Nottingham and tooling and machinery
spend. 
 
13.   Related-party transactions 
 
There were no material related-party transactions during the period. 
 
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