REG - Halfords Group PLC - Interim Results and Strategy Update <Origin Href="QuoteRef">HFD.L</Origin> - Part 3
12/11/2015 07:01
- Part 3: For the preceding part double click ID:nRSL4304Fb
2015 (2014: 5.50 pence per share), which is expected
to be £11.1m (2014: £10.7m) and will be paid on 22 January 2016 to those
shareholders on the share register at the close of business on 18 December
2015.
11. Earnings Per Share
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares in
issue during the period. The weighted average number of shares excludes shares
held by the Employee Benefit Trust and has been adjusted for the
issue/repurchase of shares during the period.
For diluted earnings per share the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. These represent share options granted to employees where the exercise
price is less than the average market price of the Company's ordinary shares
during the 26 weeks to 2 October 2015.
26 weeks to 26 weeks to 53 weeks to
2 October 2015 26 September 2014 3 April2015
Unaudited Unaudited
Number Number Number
m m m
Weighted average number of shares in issue 199.1 199.1 199.1
Less: shares held by the Employee Benefit Trust (4.7) (5.0) (4.9)
Weighted average number of shares for calculating basic earnings per share 194.4 194.1 194.2
Weighted average number of dilutive share options 1.2 4.0 3.2
Total number of shares for calculating diluted earnings per share 195.6 198.1 197.4
26 weeks to 26 weeks to 53 weeks to
2 October 2015 26 September 2014 3 April2015
Unaudited Unaudited
£m £m £m
Basic earnings attributable to equity shareholders 37.4 39.2 65.8
Non-recurring items:
Operating (income)/expenses - (0.2) 0.3
Tax charge on non-recurring items - 0.1 (0.1)
Underlying earnings before non-recurring items 37.4 39.1 66.2
Basic earnings per share 19.2p 20.2p 33.8p
Diluted earnings per share 19.1p 19.8p 33.3p
Basic earnings per share before non-recurring items 19.2p 20.1p 34.1p
Diluted earnings per share before non-recurring items 19.1p 19.7p 33.5p
The alternative measure of earnings per share is provided because it reflects
the Group's underlying performance by excluding the effect of non-recurring
items.
12. Capital Expenditure - Tangible and Intangible Assets
Unaudited
£m
Net book value at 28 March 2014 437.4
Additions 12.5
Assets acquired through business combination 13.8
Disposals (0.5)
Depreciation, amortisation, impairments and other movements (12.4)
Net book value at 26 September 2014 450.8
Unaudited
£m
Net book value at 3 April 2015 460.6
Additions 19.5
Disposals (0.1)
Depreciation, amortisation, impairments and other movements (14.4)
Net book value at 2 October 2015 465.6
13. Analysis of Movements in the Group's Net Debt in the Period
At 28 March 2014 Cash flow Other non-cash changes At 26 September 2014
Unaudited Unaudited Unaudited
£m £m £m £m
Cash in hand and at bank (4.7) (22.6) - (27.3)
Debt due after one year (84.0) 52.0 (0.3) (32.3)
Total net debt excluding finance leases (88.7) 29.4 (0.3) (59.6)
Finance leases due within one year (0.3) 0.2 (0.3) (0.4)
Finance leases due after one year (10.6) - 0.3 (10.3)
Total finance leases (10.9) 0.2 - (10.7)
Total net debt (99.6) 29.6 (0.3) (70.3)
At 3 April 2015 Cash flow Other non-cash changes At 2 October 2015
Unaudited Unaudited Unaudited
£m £m £m £m
Cash in hand and at bank 0.1 (3.9) - (3.8)
Debt due after one year (50.7) 4.0 (0.3) (47.0)
Total net debt excluding finance leases (50.6) 0.1 (0.3) (50.8)
Finance leases due within one year (0.6) 0.7 (0.7) (0.6)
Finance leases due after one year (10.6) - (0.4) (11.0)
Total finance leases (11.2) 0.7 (1.1) (11.6)
Total net debt (61.8) 0.8 (1.4) (62.4)
Non-cash changes comprise finance costs in relation to the amortisation of
capitalised debt issue costs of £0.3m, new finance lease liabilities of £1.1m
and changes in classification between amounts due within and after one year.
Cash and cash equivalents at the period end consist of £18.1m of liquid
assets, £5.1m of cash held in Trust and £27.0m of bank overdrafts.
14. Share Capital
Number of sharesm Sharecapital£m Sharepremiumaccount£m
As at 28 March 2014 and 26 September 2014 199.1 2.0 151.0
Number of sharesm Sharecapital£m Sharepremiumaccount£m
As at 3 April 2015 and 2 October 2015 199.1 2.0 151.0
During the 26 weeks to 2 October 2015, there were 53,410 new shares authorised
but have yet to be issued. During the 26 weeks to 26 September 2014 there were
no movements in the Company share capital. The shares held in treasury are
used to meet options under the Company's share options schemes.
15. Contingent liability
The Group's banking arrangements include the facility for the bank to provide
a number of guarantees in respect of liabilities owed by the Group during the
course of its trading. In the event of any amount being immediately payable
under the guarantee, the bank has the right to recover the sum in full from
the Group. The total amount of guarantees in place at 2 October 2015 amounted
to £3.9m.
Where right of set off is included within the Group's banking arrangements,
credit balances may be offset against the indebtedness of other Group
companies.
16. Seasonality
In general, the Group's results are not seasonal with revenue in the first
half broadly similar to that of the second, however sales of certain products
tend to fluctuate by season. For example, sales of children's cycles peak in
the Christmas season and sales of adult cycles tend to peak in the summer.
17. Related Party Transactions
There were no (2014: nil) related party transactions during the 26 weeks to 2
October 2015.
Responsibility statement of the Directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge:
● the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
● the interim management report includes a fair review of the information required by:
a DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
b DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board
Jill McDonald, Chief Executive Jonny Mason, Chief Financial Officer
11 November 2015
INDEPENDENT REVIEW REPORT TO HALFORDS GROUP PLC
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the 26 weeks ended 2
October 2015 which comprises the Condensed Consolidated Income Statement,
Condensed Consolidated Statement of Comprehensive Income, Condensed
Consolidated Statement of Financial Position, Condensed Consolidated Statement
of Changes in Equity, Condensed Consolidated Statement of Cash Flows and the
related explanatory notes. We have read the other information contained in
the half-yearly financial report 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 in accordance with the terms of our
engagement to assist the company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority
("the UK FCA"). Our review has been undertaken so that we might state to the
company those matters we are required to state to it in this 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 for our review work,
for this report, or for the conclusions we have reached.
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 DTR of the UK FCA.
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the EU. The condensed set of
financial statements included in this half-yearly financial report has been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU.
Our responsibility
Our responsibility is to express to the company 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 issued by the Auditing
Practices Board for use in the UK. 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 26 weeks ended 2 October 2015 is not prepared, in all
material respects, in accordance with IAS 34 as adopted by the EU and the DTR
of the UK FCA.
Peter Meehan
for and on behalf of KPMG LLP
Chartered Accountants
One Snowhill
Snow Hill Queensway
Birmingham
B4 6GH
11 November 2015
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Halfords
See all newsREG-Halfords Group PLC Halfords Group PLC: Director/PDMR Shareholding
AnnouncementREG-Halfords Group PLC Halfords Group PLC: Total Voting Rights
AnnouncementREG-Halfords Group PLC Halfords Group PLC: Total Voting Rights
AnnouncementREG-Halfords Group PLC Halfords Group PLC: Total Voting Rights
AnnouncementREG-Halfords Group PLC Halfords Group PLC: Director/PDMR Shareholding
Announcement