REG - Brown (N.) Group PLC - Half Yearly Report <Origin Href="QuoteRef">BWNG.L</Origin> - Part 3
14/10/2015 07:01
- Part 3: For the preceding part double click ID:nRSN1685Cb
- - 0.6
Net loss attributable to discontinued operations (0.2) - (10.4)
The effect of the contribution of the discontinued operations on the group's cash flows have not been disclosed as they are not considered to be significant.
7. Derivative financial instruments
At the balance sheet date, details of outstanding forward foreign exchange contracts that the group has committed to are as follows:
26 weeks to 26 weeks to 52 weeks to
29-Aug-15 30-Aug-14 28-Feb-15
£m £m £m
Notional Amount - Sterling contract value 30.9 24.0 33.9
Fair value of asset/(liability) recognised 0.3 (0.5) 1.1
Changes in the fair value of assets recognised, being non-hedging currency derivatives, amounted to a charge of £0.8m (H1 FY15, credit of £1.1m) to income in the period.
The fair value of foreign currency derivatives contracts is their market value at the balance sheet date. Market values are based on the duration of the derivative instrument together with the quoted market data including interest rates, foreign exchange rates and market volatility at the balance sheet date.
The financial instruments that are measured subsequent to initial recognition at fair value are all grouped into Level 2 (H1 FY15, same). Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or the liability, either directly (ie as prices) or indirectly (ie derived from prices). There were no transfers between Level 1 and Level 2 during the period (H1 FY15, same).
8. Taxation
The taxation charge for the 26 weeks ended 29 August 2015 is based on the estimated effective tax rate for the full year of 20.0%. (H1 FY15, 21.7%)
Notes to the unaudited condensed consolidated financial statements
9. Earnings per share
Earnings 26 weeks to 26 weeks to 52 weeks to
29-Aug-15 30-Aug-14 28-Feb-15
£m £m £m
Total net profit attributable to equity holders of the parent for the purpose of basic and diluted earnings per share 15.4 33.4 49.4
Adjustments to exclude loss for the period from discontinued operations 0.2 - 10.4
Total net profit attributable to equity holders of the parent for the purpose of basic
and diluted earnings per share excluding discontinued operations 15.6 33.4 59.8
Fair value adjustment to financial instruments (net of tax) 0.6 (0.9) (2.1)
Total net profit attributable to equity holders of the parent for the purpose of basic and diluted adjusted earnings per share excluding discontinued operations 16.2 32.5 57.7
Number of shares 26 weeks to 26 weeks to 52 weeks to
29-Aug-15 30-Aug-14 28-Feb-15
No. ('000s) No. ('000s) No. ('000s)
Weighted average number of shares in issue for the purpose of basic earnings per share 282,177 281,252 281,612
Effect of dilutive potential ordinary shares:
Share options 298 1,010 856
Weighted average number of shares in issue for the purpose of diluted earnings per share 282,475 282,262 282,468
Earnings per share from continuing and discontinued operations
Basic 5.46 p 11.88 p 17.54 p
Diluted 5.45 p 11.83 p 17.49 p
Earnings per share from continuing operations
Basic 5.53 p 11.88 p 21.23 p
Diluted 5.52 p 11.83 p 21.17 p
Adjusted earnings per share from continuing operations
Basic 5.74 p 11.56 p 20.49 p
Diluted 5.74 p 11.51 p 20.43 p
Earnings per share from discontinued operations
Basic (0.07) p - p (3.69) p
Diluted (0.07) p - p (3.68) p
Notes to the unaudited condensed consolidated financial statements
10. Tangible & intangible assets
Additions to tangible fixed assets during the period of £8.0m (H1 FY15, £2.8m) primarily relate to warehousing. Depreciation of £3.1m (H1 FY15, £2.9m) was charged during the period.
Additions to intangible fixed assets during the period of £23.9m (H1 FY15, £28.0m) primarily relate to new IT system development. Amortisation of £9.1m (H1 FY15, £7.3m) was charged during the period.
11. Trade and other receivables
29-Aug-15 30-Aug-14 28-Feb-15
£m £m £m
Amount receivable for the sale of goods and services 606.8 609.5 627.9
Allowance for doubtful debts (38.2) (44.4) (40.5)
568.6 565.1 587.4
Other debtors and prepayments 20.5 26.0 22.5
589.1 591.1 609.9
Movement in the allowance for doubtful debts
Balance at the beginning of the period 40.5 50.2 50.2
Amounts charged to the income statement 46.3 49.5 91.8
Amounts written off (48.6) (55.3) (101.5)
Balance at the end of the period 38.2 44.4 40.5
As part of the decision to enhance our P&L disclosure referred to in note 4 we now report a gross bad debt charge as opposed to the historical disclosure of net bad debt. All the prior year comparatives have been adjusted accordingly.
Notes to the unaudited condensed consolidated financial statements
12. Dividends
The directors have declared and approved an interim dividend of 5.67p per share (H1 FY15, 5.67p). This will be paid on 8 January 2016 to shareholders on the register at the close of business on 11 December 2015.
Responsibility statement
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 26 weeks 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 26 weeks 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 26 weeks 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
Angela Spindler Craig Lovelace
Chief Executive Chief Financial Officer
14 October 2015
Independent review report to N Brown 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 29 August 2015 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated cash flow statement, the condensed consolidated statement of changes in equity and 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 1, 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 inquiries, 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 29 August 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.
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