MIRA
INFORM REPORT
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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NEXT PLC |
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Registered Office : |
Desford Road, Enderby Leicester, LE19 4AT |
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Country : |
United Kingdom |
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Financials (as on) : |
28.01.2012 |
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Date of Incorporation : |
09.04.2002 |
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Com. Reg. No.: |
04412362 |
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Legal Form : |
Public Parent |
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line of business
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Retailer offering products in clothing, footwear, accessories and home products. |
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No. of Employees : |
28,685 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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United Kingdom |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED KINGDOM - ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).
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Source
: CIA |
Company name & address
NEXT
PLC 
Desford Road
Enderby
Leicester, LE19 4AT
United Kingdom
Tel: 0845 456 7777
Fax: 0116 284 8998
Website: www.nextplc.co.uk
Employees: 28,685
Company Type: Public Parent
Corporate Family: 231 Companies
Traded: London
Stock Exchange (LON): NXT
Quoted Status: Quoted
Company
Incorporation Date: 09-Apr-2002
Auditor: Ernst & Young LLP
Financials in: USD (Millions)
Fiscal Year End: 29-Jan-2011
Reporting Currency: British Pound Sterling
Annual Sales: 5,529.0
Net Income: 760.3
Total Assets: 2,815.7
Market Value: 9,442.0
(05-Oct-2012)
Business Description
Next plc is a United Kingdom based retailer offering products in clothing, footwear, accessories and home products. The Company distributes through three channels: Next Retail, a chain of more than 500 stores in the United Kingdom and Eire; Next Directory, a home shopping catalogue and Website with around three million customers and international Websites serving approximately 50 countries, and Next International, with approximately 200 stores globally. Other group businesses include NEXT Sourcing, which designs, sources and buys NEXT branded products; Lipsy, which designs and sells its own branded younger women’s fashion products through retail, Internet and wholesale channels. During the year ended January 31, 2012, the Company sold its customer services management business, Ventura, to The Capita Group plc. For the six months ended 28 July 2012, NEXT plc revenues increased 5% to L1.64B. Net income before extraordinary items increased 11% to L186.2M. Revenues reflect Next Directory segment increase of 13% to L551.7M, Retail Sales-International Retail increase of 13% to L37.9M, Online Sales increase of 13% to L551.7M. Net income benefited from Other gains/ (osses) decrease from L300K (expense) to L900K (income).
Industry
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Industry |
Retail (Apparel) |
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ANZSIC 2006: |
4251 - Clothing Retailing |
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NACE 2002: |
5242 - Retail sale of clothing |
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NAICS 2002: |
44811 - Men's Clothing Stores |
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UK SIC 2003: |
52424 - Retail sale of other men's clothing |
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UK SIC 2007: |
4771 - Retail sale of clothing in specialised stores |
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US SIC 1987: |
5611 - Men's and Boys' Clothing and Accessory Stores |
Key Executives
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Name |
Title |
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Simon Adam Wolfson |
Executive Director and Chief Executive |
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Andrew J. R. McKinlay |
Company Secretary |
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Kevin Montgomery |
Head of Technical Services |
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Dawn Doory |
Head of Brand Customer Service |
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Diviesh Joshi |
Technical Specialist |
Significant Developments
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* number of significant developments within
the last 12 months |
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News
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Title |
Date |
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EVANS ABOVE |
14-Oct-2012 |
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United Kingdom : LGP appoints
Hammerson's Neil crawford as retail development manager |
6-Oct-2012 |
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LGP appoints Hammerson's Neil
Crawford as Retail Development Manager |
5-Oct-2012 |
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Maynard joins Tessera |
1-Oct-2012 |
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Event Brief of Interim 2012 Next
PLC Earnings Presentation - Final |
27-Sep-2012 |
Financial Summary
As of 28-Jul-2012
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Key Ratios |
Company |
Industry |
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Current Ratio (MRQ) |
1.41 |
2.53 |
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Quick Ratio (MRQ) |
0.95 |
1.32 |
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Debt to Equity (MRQ) |
4.26 |
0.33 |
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Sales 5 Year Growth |
0.94 |
8.49 |
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Net Profit Margin (TTM) % |
12.87 |
9.11 |
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Return on Assets (TTM) % |
24.71 |
14.81 |
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Return on Equity (TTM) % |
336.93 |
28.29 |
Stock Snapshot
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Traded: London Stock Exchange (LON): NXT |
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As of 5-Oct-2012 Financials in: GBP |
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Registered No.(UK): 04412362
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6246515
2 - Balance Sheet Item Exchange
Rate: USD 1 = GBP 0.6365305
Location
Desford Road
Enderby
Leicester, LE19 4AT
Leicestershire County
United Kingdom
Tel: 0845
456 7777
Fax: 0116 284 8998
Website: www.nextplc.co.uk
Quote Symbol - Exchange
NXT - London Stock
Exchange (LON)
Sales GBP(mil): 3,453.7
Assets GBP(mil): 1,792.3
Employees: 28,685
Fiscal Year End: 29-Jan-2011
Industry: Retail
(Apparel)
Registered Address:
Desford Road
Enderby Leicester,
LE19 4AT
United Kingdom
Incorporation Date: 09-Apr-2002
Company Type: Public
Parent
Quoted Status: Quoted
Registered No.(UK): 04412362
Executive Director and Chief Executive: Simon Adam
Wolfson
Industry
Codes
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ANZSIC 2006 Codes: |
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4251 |
- |
Clothing Retailing |
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4310 |
- |
Non-Store Retailing |
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6999 |
- |
Other Professional, Scientific and Technical Services Not Elsewhere Classified |
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4260 |
- |
Department Stores |
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3712 |
- |
Clothing and Footwear Wholesaling |
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NACE 2002 Codes: |
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5242 |
- |
Retail sale of clothing |
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5142 |
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Wholesale of clothing and footwear |
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7487 |
- |
Other business activities not elsewhere classified |
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5261 |
- |
Retail sale via mail order house |
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5212 |
- |
Other retail sale in non-specialised stores |
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NAICS 2002 Codes: |
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44811 |
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Men's Clothing Stores |
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424340 |
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Footwear Merchant Wholesalers |
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448130 |
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Children's and Infants' Clothing Stores |
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454113 |
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Mail-Order Houses |
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561990 |
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All Other Support Services |
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424330 |
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Women's, Children's, and Infants' Clothing and Accessories Merchant Wholesalers |
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448120 |
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Women's Clothing Stores |
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452112 |
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Discount Department Stores |
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US SIC 1987: |
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5611 |
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Men's and Boys' Clothing and Accessory Stores |
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5641 |
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Children's and Infants' Wear Stores |
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5137 |
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Women's, Children's, and Infants' Clothing and Accessories |
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7389 |
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Business Services, Not Elsewhere Classified |
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5961 |
- |
Catalog and Mail-order Houses |
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5311 |
- |
Department Stores |
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5139 |
- |
Footwear |
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5621 |
- |
Women's Clothing Stores |
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UK SIC 2003: |
||
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52424 |
- |
Retail sale of other men's clothing |
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52422 |
- |
Retail sale of children's and infants' clothing |
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5142 |
- |
Wholesale of clothing and footwear |
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7487 |
- |
Other business activities not elsewhere classified |
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5261 |
- |
Retail sale via mail order house |
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52423 |
- |
Retail sale of other women's clothing |
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51423 |
- |
Wholesale of footwear |
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5212 |
- |
Other retail sale in non-specialised stores |
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UK SIC 2007: |
||
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4771 |
- |
Retail sale of clothing in specialised stores |
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4642 |
- |
Wholesale of clothing and footwear |
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4719 |
- |
Other retail sale in non-specialised stores |
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4791 |
- |
Retail sale via mail order houses or via Internet |
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8299 |
- |
Other business support service activities n.e.c. |
Business
Description
Next plc is a United Kingdom based retailer offering products in clothing, footwear, accessories and home products. The Company distributes through three channels: Next Retail, a chain of more than 500 stores in the United Kingdom and Eire; Next Directory, a home shopping catalogue and Website with around three million customers and international Websites serving approximately 50 countries, and Next International, with approximately 200 stores globally. Other group businesses include NEXT Sourcing, which designs, sources and buys NEXT branded products; Lipsy, which designs and sells its own branded younger women’s fashion products through retail, Internet and wholesale channels. During the year ended January 31, 2012, the Company sold its customer services management business, Ventura, to The Capita Group plc. For the six months ended 28 July 2012, NEXT plc revenues increased 5% to L1.64B. Net income before extraordinary items increased 11% to L186.2M. Revenues reflect Next Directory segment increase of 13% to L551.7M, Retail Sales-International Retail increase of 13% to L37.9M, Online Sales increase of 13% to L551.7M. Net income benefited from Other gains/ ( osses) decrease from L300K (expense) to L900K (income).
More Business Descriptions
Exciting, beautifully designed, excellent quality clothing, footwear, accessories and home products.
High street retail, home shopping and customer services management
Clothing, Furniture & Housewares Retailer, Catalog Sales & E-Commerce
Representative Office
Our aim is to supply you with quality prescription glasses direct to your door with a service level that you would expect from Next. You will find that in addition to stylish glasses direct to your home we offer a wide range of quality lenses for general wear or specific activities such as outdoor pursuits or driving. Most of our lenses come with an easy to clean anti-reflection coating as standard so you will not see the cost of your eyewear increasing as you progress through the ordering process. The price you see is the price that you pay. Our sun wear lenses offer full 100% UVA and UVB protection and have been selected to be added to our range because of the added performance benefits they will give you above the standard tinted lenses that you may be accustomed to. We are also offering you a lens specifically designed for computer use should you have difficulty with your vision clarity when using your computer.
Next plc (Next) operates a chain of retail stores. The company sells apparel, footwear and accessories and home products through its subsidiaries. The company distributes its products through four channels, namely, Next Retail, Next Directory, Nest Sourcing and Next International. The company operates 536 retail stores in the UK. In addition to its stores, the company sells its products through direct mail catalog and website in 48 countries, which include Germany, the US, Australia, Eire, Poland and Russia. The company carries out its operations through six reportable segments, namely, Next Retail, Next Directory, Next International, Next Sourcing, Lipsy and Property Management. The Next Retail segment of the company sells moderately priced clothing and accessories for men, women and children. It also offers electrical and electronic appliances, furniture, and other home products. Through the segment, the company operates more than 536 stores, which include 43 Home standalone stores in the UK. For the fiscal year ended January 2011, the Next Retail segment reported revenue of £2,191.4m, indicating a decrease of 1.38% over revenue in 2010. This segment contributed 64% of the group’s total revenue.The company’s Next Directory segment sells its merchandise through a direct mail catalog and a transactional website. The product offerings under this segment include women's wear, menswear, children's wear, home products, accessories and jewellery. The Directory customers increased 9.6% as compared to that in 2011. For the fiscal year ended January 2011, the Next Directory segment reported revenue of £1,088.7m, reflecting an increase of 16.38% over revenue in 2010. This segment contributed 31.8% of the group’s total revenue.Next International retail segment carries out its operations through franchise partners. The company operates more than 164 franchise stores in 30 countries. For the fiscal year ended January 2011, the Next International segment reported revenue of £76.3m, showing an increase of 13.37% over revenue in 2010. This segment contributed 2.2% of the group’s total revenue.The Next Sourcing segment designs, sources, purchases, merchandises the Next group's products. It has operations China, Hong Kong, Sri Lanka, Bangladesh, Turkey and the UK It also owns and operates garment manufacturing facilities in Sri Lanka. For the fiscal year ended January 2011, the Next Sourcing segment reported revenue of £7.5m, indicating an increase of 82.93% over revenue in 2010. This segment contributed 0.2% of the group’s total revenue.The Lipsy segment designs and sells women’s fashion products through retail, Internet and wholesale channels. Lipsy operates a total of 49 stores, which include 17 standalone and 32 separate stores within NEXT stores. For the fiscal year ended January 2011, the Lipsy segment reported revenue of £54.9m, reflecting an increase of 22.82% over revenue in 2010. This segment contributed 1.6% of the group’s total revenue.The Other and the Property Management division conducts third party distribution through Choice and Cotton Trader companies. Choice is an associate company that operates discount stores. Cotton Traders sells its own brands. For the fiscal year ended January 2011, the Property Management and Others segment reported revenue of £22.3m, indicating a decrease of 7.08% over revenue in 2010. This segment contributed 0.6% of the group’s total revenue.In 2012, the company opened 12 new stores, which include a large concept store in Shoreham.
NEXT plc (Next), along with its subsidiaries, operate retail stores in Europe, the Middle East and Asia. The company sells quality fashion products and accessories for men, women and children along with a wide range of home products. The company distributes its products through four main channels, namely, Next Retail, Next Directory, NEXT Sourcing and Next International. The company operates a total of 536 retail stores in the UK. In addition to its stores, the company sells its merchandise in 48 countries through a direct mail catalog and website. Next is headquartered in Enderby, Leicester, the UK.The company focuses on expanding its services across various regions by opening new stores. In 2012, the company opened 12 new stores, which include large a concept store in Shoreham. It also plans to open large concept stores near Ipswich and Warrington. Next commenced its online operations in Russia. In 2012, the company announced plans to start operations across 15 new markets in the Middle East. Lipsy, a reportable segment of Next, started its online operations and plans to open 55 more stores.The company reported revenues of (British Pounds) GBP 3,441.10 million during the fiscal year ended January 2012, an increase of 4.35% over 2011. The operating profit of the company was GBP 607.90 million during the fiscal year 2012, an increase of 7.25% over 2011. The net profit of the company was GBP 474.90 million during the fiscal year 2012, an increase of 18.40% over 2011.
Retail clothing stores.
Brand/Trade
Names
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Next |
Ventura |
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Club 24 |
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Financial
Data
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Financials in: |
GBP(mil) |
1 Year Growth |
|
Revenue: |
3,453.7 |
4.3% |
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Net Income: |
474.9 |
10.4% |
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Assets: |
1,792.3 |
3.5% |
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Long Term Debt: |
652.5 |
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Total Liabilities: |
1,631.5 |
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Working Capital: |
0.2 |
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Date of Financial Data: |
29-Jan-2011 |
Market
Data
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Quote Symbol: |
NXT |
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Exchange: |
London Stock Exchange (LON) |
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Currency: |
GBP |
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Stock Price: |
35.6 |
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Stock Price Date: |
10-05-2012 |
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52 Week Price Change %: |
45.7 |
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Market Value (mil): |
5,835,570.0 |
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SEDOL: |
3208986 |
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ISIN: |
GB0032089863 |
Subsidiaries
|
Company |
Percentage Owned |
Country |
|
Lipsy Limited |
100% |
UK |
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NEXT Sourcing Ltd |
100% |
HONG KONG SAR |
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NEXT Manufacturing (Pvt) Ltd |
100% |
SRI LANKA |
|
NEXT Group Plc |
100% |
UK |
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NEXT Retail Ltd |
100% |
UK |
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The Next Directory |
100% |
UK |
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NEXT Distribution Ltd |
100% |
UK |
Major Shareholders
BlackRockInc., (14.05%); FMR LLC (13.00%)
Key
Corporate Relationships
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Auditor: |
Ernst & Young LLP |
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Bank: |
Goldman Sachs International |
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Auditor: |
Ernst & Young LLP, Ernst & Young LLP, Ernst & Young LLP |
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Auditors: |
Deloitte |
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Investment Managers: |
Investec Asset Management, Legal & General Investment Management Ltd, BlackRock, Standard Life Investment Ltd, Unigestion (UK) Ltd, Threadneedle Asset Management Ltd |
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Solicitors: |
Simmons & Simmons |
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Actuaries: |
Towers Watson |
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Custodian: |
BNY Mellon Asset Servicing |
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Performance Measurement: |
BNY Mellon Asset Servicing |
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|
GBP(mil) |
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Audit Fees: |
0.2 |
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Non Audit Fees: |
0.4 |
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Audit Fiscal Year: |
01-28-2012 |
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Next Plc (Next) is a
specialty retailer of apparels, footwear, related accessories and home
improvement products. The company leverages on its strong operational
efficiency, efficient support divisions and large store network. However,
geographic concentration and increase in trade receivables remain a matter of
major concerns to the company. It also faces challenges amidst the sluggish
global economy, increasing manpower cost and intense competition, which might
hamper the company’s growth. Nevertheless, increasing online shopping,
strategic investments and sourcing activities from low cost countries ensure a
future growth of the company.
Strengths
Next benefits
through its large store network which provides a significant competitive
advantage The company is a UK based retailer offering beautifully designed,
excellent quality clothing, footwear, accessories and home products. The
company distributes its products through three main channels, which include
Next Retail, Next Directory, and Next International. As of January 2012, the
company’s Next Retail segment has 536 stores with 6,475 thousand sq ft.
During the year, the company opened 12 new stores (closed 15 stores) and 14
Home stand alone stores. Currently, the company has 43 Home stand-alone stores
and it continues to grow this business. Next International operates 164 stores
in 30 countries. Next has 26 wholly owned and joint venture overseas stores.
The company has
strong support divisions which help it to efficiently operate its core
functions and also provide a new revenue source for the company. To support its
core business, Next has established NEXT Sourcing and Lipsy divisions. With
operations in the China, India, Sri Lanka, Bangladesh and Turkey, NEXT Sourcing
provides services such as sourcing, buying, designing, merchandising and
quality control. Additionally, the company’s Lipsy division designs and sells
its own branded younger women’s fashion products through retail, internet and
wholesale channels. Currently, Lipsy operates 49 stores, 17 are stand-alone and
32 are either separate stores carved out of a NEXT property or integral within
a NEXT store and thereby leveraging staff, systems and services. On the other
hand, the company’s Ventura division which was sold during the year offers
customer support and call center services. The division operates through its
call centers in India and the UK. For the fiscal year ended 2011, the
company’s generated £7.5m from its NEXT Sourcing division, £7.5m from its
Lipsy division, and £64.8m from its sold Ventura division. Besides, the
company's large portfolio of product and service offerings enables the company
to cater to a wide customer base across the regions it operates and provides
strength to its balance sheet.
The company’s
operational efficiency improved as compare to its previous year increasing it
shareholders confidence and offering positive outlook for its activities. For
the fiscal year ended January 2012, the company reported revenues of
£3,441.10m, an increase of 4.35% over 2011. Besides, the company’s operating
profit increased by 7.25% over 2011 to £607.90m for the fiscal year 2012.
Additionally, the company’s net profit was £474.90m for the fiscal year
2012, an increase of 18.40% over 2011. Increase in the company’s operating
margin represents its ability to control costs efficiently, which helps it in
posting sound financial performance. Besides, the increase in operational
efficiency can be attributed to the significant growth in Next Directory
segment. This strong growth provides the company with the necessary cash to
pursue its expansion strategies. Despite the weak market conditions, the Next
Directory segment generated revenues of £1,088.7m in fiscal year ended 2012.
As of fiscal year ended January 2012, Next Directory has a home shopping
catalogue and website with more than 3 million active customers and Next Retail
operates a chain of 536 stores in the UK and Eire. The growth in revenues is
due to the increasing usage of internet and expansion of product categories.
The provision of credit on Next Directory accounts may also have added an
advantage in the current consumer environment.
Weaknesses
Trade receivables
carry a risk of turning into bad debts. In the fiscal year 2012, the trade
receivables of Next, have increased to £699.1m from £534.6m in the fiscal
year 2011. Trade receivables represent the money owed to the company by its
customers. This shows the company carries its business on credit to a large
extent. Credit sales carry risk with them, as there is every chance of a credit
sale turning into a bad debt. The company could engage in cash sales rather
than credit sales to reduce the risk. Besides, the company’s total inventory
increased considerably to £371.9m from £368.3m. This shows that the company
is not effectively able to turn its inventory into sales. If the company is not
able to reduce its excess inventory in future then, it may negatively affect
its operating margins and net profitability.
Next is a
geographically diversified company; but, it has revenue concentration in the UK
region. Overdependence of the company on a single region subjects it to the
geographically associated risks of that particular region. The company has a
network of over 164 overseas stores; the contribution from these stores was
limited to a mere 10% in Middle East, Asia and other European countries. The
company generates approximately 90% from its UK operations. Thus, the company
is over dependent on the domestic market for its revenue. As a result, the
company's financial results are vulnerable to general regulatory, legal,
economic, demographic, competitive and other conditions in these regions. This
could negatively impact the company's operations. Limited geographical presence
is a serious cause of concern to the company as it could hamper its financial
position.
Opportunities
During the year, the
company continued its investment in its stores, upgrading and expanding the
stores where required. In August 2011, the company opened a new large concept
store in Shoreham. This store consists of a Fashion and a Home shop, sitting
side-by-side, on one stand-alone site with its own car park. The Home part of the
shop carries an extended range which includes light DIY products and a small
garden centre. Additionally, the company identified 19 other sites around the
UK where it has plans to open similar stores. Next will open at least two more
in the year ahead, one near Ipswich the other near Warrington. Besides, the
company opened 12 new Next Retail stores and 14 Home stand alone stores. This
increased the company’s floor space to 6,475 thousand sq ft and 536 stores.
These strategic investments offer new growth opportunities to the company.
Rising Demand for Online Shopping
The company has the
opportunity to reap benefits from the rising popularity of web-based stores.
With an increase in interactive methods and limitless content, the retail
e-commerce is growing at a faster rate. According to Forrester, online growth
is forecast to be 10%, 9% and 8% for 2011, 2012 and 2013, respectively.
According to Internet World Stats as on December, 2011, the internet
penetration in the world population stood at 32.72% with a growth rate of more
than 440% since the last decade. North America’s penetration rate is 78.6%.
Such web-based store concept provides consumers the convenience of shopping
from home, doing away with the time consuming journey and saving on the transportation
cost. Thus, web sales are expected to register substantial growth in the future
as e-commerce continues to capture market share from physical stores. NEXT
operates its direct mail catalogue and transactional website under its NEXT
Directory division. It offers a wide range of products through this website.
These sites function as retail outlets for online consumers and serve as
additional brand building vehicles to the company. The online retail format
also offers the company low operating costs compared to the physical formats.
It also has a growing international website capability in more than 30
countries worldwide. Thus, increasing broadband usage offers huge potential for
the company to increase its online customer base and generate higher revenues.
Sourcing from Low Cost Countries
Next has set up its
division NEXT Sourcing that sources and purchases merchandises at low cost from
global vendors. Next Sourcing is the largest single supplier to NEXT. It has
offices in China, India, Sri Lanka, Bangladesh and Turkey. With the cost
advantage offered by these countries, the company could further increase its
sourcing activities from these regions. By outsourcing the manufacturing part
as well, the company could focus on other activities such as designing and
brand building. The company worked to re-source product from new, cheaper
sources of supply and negotiated hard with its existing supply base. The low
cost offered by these nations helps NEXT save costs thereby generating higher
margins. These lowered costs could be passed on to the customers through
discounted pricing. Thus, with the low cost countries proving their low cost
and high quality capabilities, offers a huge opportunity for NEXT to capitalize
on their operations to generate higher revenues.
Threats
The global recovery
is threatened by the intensifying strain on the Euro area. Financial conditions
have deteriorated, and downside risks have escalated. Global output is
projected to expand 3.25% in 2012, showing a downward revision of about 0.75%,
relative to the September 2011 world economic outlook. Eurozone economy grew
1.6% in 2011 and is expected to grow -0.5% and 0.8% in 2012 and 2013
respectively. Emerging and developing economies grew 6.2% in 2011, and are
projected to grow 5.4% and 5.9% in 2012 and 2013 respectively. The South Korean
government slashed its growth forecast for 2012 and retreated from its
ambitious growth plan due to weakening consumption and persistent risk stemming
from slumps in major economies. South Korean economy is expected to grow 3.7%
in 2012, down from 4.5% as projected in June 2011. The US economy grew 1.8% in
2011 and 1.8% growth is projected for 2012. The Chinese economy grew 9.2% in
2011 and is expected to grow only 8.2% and 8.8% in 2012 and 2013 respectively.
Such sluggish economy could affect the group’s business prospects.
Next operates in a
highly competitive retail market. With the large retail chains widening their
product offerings to cater a broader customer segment as well as increase their
margins, the competition has increased for specialty retailers. Product
diversification has transformed many specialty retailers into a general
retailer offering a variety of products which were once exclusive to a
particular retail format. As a result, the competition among all the retail
formats is at its peak with the hard discounters taking the biggest market
share. In the premium apparel segment too, the specialty stores now have to
compete with the supermarkets and hypermarkets that have started offering
branded premium apparels. Thus, NEXT, apart from domestic supermarkets and
apparel specialty stores, faces competition from major retailers such as Marks
and Spencer Group plc, Arcadia Group Limited, Debenhams plc, John Lewis
Partnership Plc, and others. With the store network, these retailers pose a
major threat for the company. Its competitors have larger and substantially
greater financial, marketing and other resources than the company, thereby
having better access to merchandise and deeper market penetration. To make a
mark in the retailing industry, the retailer might be forced to differentiate
its product offerings by reducing its price and increase its marketing
activities, which might affect its profitability.
Manpower costs
throughout the globe have been rising. With the shortage of talented manpower
and increasing government mandated minimum wages, the labor costs in the
developing countries also have been witnessing an increase. For instance
recently, the UK government planned to increase minimum wage by 2.5% from
£5.93 an hour in October 2010 to £6.08 in 2011 (effective from October 2011).
It is further expected to increase in the next few years. The company with
58,706 employee base is bound to come under pressure due to the pay hikes. If it
fails to comply with future price hikes, it may face labor strike that may
result in huge losses, apart from tarnishing its brand image.
Corporate Structure News
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Leicester |
United Kingdom |
Retail (Apparel) |
5,529.0 |
28,685 |
|
|
Subsidiary |
London |
United Kingdom |
Apparel and Accessories |
93.5 |
432 |
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Business Services |
312.2 |
51 |
|
|
Subsidiary |
Leicester |
United Kingdom |
Retail (Apparel) |
5,360.0 |
43,469 |
|
|
Subsidiary |
Dublin |
Ireland |
Retail (Apparel) |
6,222.2 |
42,977 |
|
|
UK Branch/Trading address |
Birmingham |
United Kingdom |
Retail (Apparel) |
5,360.0 |
450 |
|
|
UK Branch/Trading address |
St Albans |
United Kingdom |
Retail (Apparel) |
5,360.0 |
300 |
|
|
UK Branch/Trading address |
Cardiff |
United Kingdom |
Retail (Apparel) |
5,360.0 |
300 |
|
|
UK Branch/Trading address |
Brierley Hill |
United Kingdom |
Retail (Apparel) |
5,360.0 |
275 |
|
|
UK Branch/Trading address |
Bristol |
United Kingdom |
Retail (Apparel) |
5,360.0 |
200 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
200 |
|
|
UK Branch/Trading address |
Glasgow |
United Kingdom |
Retail (Grocery) |
5,360.0 |
200 |
|
|
UK Branch/Trading address |
Batley |
United Kingdom |
Retail (Apparel) |
5,360.0 |
200 |
|
|
UK Branch/Trading address |
Canterbury |
United Kingdom |
Retail (Apparel) |
5,360.0 |
200 |
|
|
UK Branch/Trading address |
Bromley |
United Kingdom |
Retail (Apparel) |
5,360.0 |
200 |
|
|
UK Branch/Trading address |
Norwich |
United Kingdom |
Retail (Apparel) |
5,360.0 |
190 |
|
|
UK Branch/Trading address |
Southampton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
180 |
|
|
UK Branch/Trading address |
Milton Keynes |
United Kingdom |
Retail (Apparel) |
5,360.0 |
180 |
|
|
UK Branch/Trading address |
Plymouth |
United Kingdom |
Retail (Apparel) |
5,360.0 |
165 |
|
|
UK Branch/Trading address |
Nottingham |
United Kingdom |
Retail (Apparel) |
5,360.0 |
150 |
|
|
UK Branch/Trading address |
Edinburgh |
United Kingdom |
Retail (Apparel) |
5,360.0 |
150 |
|
|
UK Branch/Trading address |
Tamworth |
United Kingdom |
Retail (Apparel) |
5,360.0 |
150 |
|
|
UK Branch/Trading address |
Cheltenham |
United Kingdom |
Retail (Apparel) |
5,360.0 |
150 |
|
|
UK Branch/Trading address |
Bradford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
150 |
|
|
UK Branch/Trading address |
Derby |
United Kingdom |
Retail (Apparel) |
5,360.0 |
140 |
|
|
UK Branch/Trading address |
Chelmsford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
135 |
|
|
UK Branch/Trading address |
Reading |
United Kingdom |
Retail (Apparel) |
5,360.0 |
130 |
|
|
UK Branch/Trading address |
Cambridge |
United Kingdom |
Retail (Apparel) |
5,360.0 |
130 |
|
|
UK Branch/Trading address |
Pontyclun |
United Kingdom |
Retail (Apparel) |
5,360.0 |
124 |
|
|
UK Branch/Trading address |
Stockton-On-Tees |
United Kingdom |
Retail (Apparel) |
5,360.0 |
120 |
|
|
UK Branch/Trading address |
Newtownabbey |
United Kingdom |
Retail (Apparel) |
5,360.0 |
120 |
|
|
UK Branch/Trading address |
Preston |
United Kingdom |
Retail (Apparel) |
5,360.0 |
120 |
|
|
UK Branch/Trading address |
Peterborough |
United Kingdom |
Retail (Apparel) |
5,360.0 |
120 |
|
|
UK Branch/Trading address |
Halifax |
United Kingdom |
Retail (Apparel) |
5,360.0 |
120 |
|
|
UK Branch/Trading address |
Manchester |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Brighton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Basingstoke |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Bristol |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Coventry |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Chester |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Wolverhampton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Ashton-Under-Lyne |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Leicester |
United Kingdom |
Retail (Apparel) |
5,360.0 |
100 |
|
|
UK Branch/Trading address |
Huddersfield |
United Kingdom |
Retail (Apparel) |
5,360.0 |
97 |
|
|
UK Branch/Trading address |
Telford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
95 |
|
|
UK Branch/Trading address |
Inverness |
United Kingdom |
Retail (Apparel) |
5,360.0 |
90 |
|
|
UK Branch/Trading address |
Bolton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
86 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
85 |
|
|
UK Branch/Trading address |
Greenford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
85 |
|
|
UK Branch/Trading address |
Newry |
United Kingdom |
Retail (Apparel) |
5,360.0 |
85 |
|
|
UK Branch/Trading address |
Swansea |
United Kingdom |
Retail (Apparel) |
5,360.0 |
80 |
|
|
UK Branch/Trading address |
Glasgow |
United Kingdom |
Retail (Apparel) |
5,360.0 |
80 |
|
|
UK Branch/Trading address |
Sheffield |
United Kingdom |
Retail (Apparel) |
5,360.0 |
80 |
|
|
UK Branch/Trading address |
Bolton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
80 |
|
|
UK Branch/Trading address |
Nottingham |
United Kingdom |
Retail (Apparel) |
5,360.0 |
80 |
|
|
UK Branch/Trading address |
Oldbury |
United Kingdom |
Retail (Apparel) |
5,360.0 |
80 |
|
|
UK Branch/Trading address |
Welwyn Garden City |
United Kingdom |
Retail (Apparel) |
5,360.0 |
80 |
|
|
UK Branch/Trading address |
Colchester |
United Kingdom |
Retail (Apparel) |
5,360.0 |
75 |
|
|
UK Branch/Trading address |
Aberdeen |
United Kingdom |
Retail (Apparel) |
5,360.0 |
75 |
|
|
UK Branch/Trading address |
Oxford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
75 |
|
|
UK Branch/Trading address |
Enfield |
United Kingdom |
Retail (Apparel) |
5,360.0 |
75 |
|
|
UK Branch/Trading address |
Nottingham |
United Kingdom |
Retail (Apparel) |
5,360.0 |
74 |
|
|
UK Branch/Trading address |
High Wycombe |
United Kingdom |
Retail (Apparel) |
5,360.0 |
74 |
|
|
UK Branch/Trading address |
Hereford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
71 |
|
|
UK Branch/Trading address |
Ilford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Shrewsbury |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Hartlepool |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Londonderry |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Swansea |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Stratford-Upon-Avon |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Mansfield |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Ellesmere Port |
United Kingdom |
Retail (Apparel) |
5,360.0 |
70 |
|
|
UK Branch/Trading address |
Broadstairs |
United Kingdom |
Retail (Apparel) |
5,360.0 |
66 |
|
|
UK Branch/Trading address |
St Helens |
United Kingdom |
Retail (Apparel) |
5,360.0 |
65 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
65 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
65 |
|
|
UK Branch/Trading address |
Sutton Coldfield |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Jersey |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Ipswich |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Uxbridge |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Northampton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Malvern |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Castleford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Aylesbury |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Dundee |
United Kingdom |
Retail (Apparel) |
5,360.0 |
60 |
|
|
UK Branch/Trading address |
Carmarthen |
United Kingdom |
Retail (Apparel) |
5,360.0 |
55 |
|
|
UK Branch/Trading address |
Taunton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
55 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Epsom |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Borehamwood |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Liverpool |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Poole |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Hitchin |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Exeter |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Banbury |
United Kingdom |
Retail (Apparel) |
5,360.0 |
50 |
|
|
UK Branch/Trading address |
Middlesbrough |
United Kingdom |
Retail (Apparel) |
5,360.0 |
45 |
|
|
UK Branch/Trading address |
Maidenhead |
United Kingdom |
Retail (Apparel) |
5,360.0 |
44 |
|
|
UK Branch/Trading address |
Newbury |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
Burnley |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
Leamington Spa |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
Carlisle |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
Walton-On-Thames |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
Sutton Coldfield |
United Kingdom |
Retail (Apparel) |
5,360.0 |
40 |
|
|
UK Branch/Trading address |
Southport |
United Kingdom |
Retail (Apparel) |
5,360.0 |
36 |
|
|
UK Branch/Trading address |
Haywards Heath |
United Kingdom |
Retail (Apparel) |
5,360.0 |
35 |
|
|
UK Branch/Trading address |
Craigavon |
United Kingdom |
Retail (Apparel) |
5,360.0 |
35 |
|
|
UK Branch/Trading address |
Swindon |
United Kingdom |
Retail (Apparel) |
5,360.0 |
35 |
|
|
UK Branch/Trading address |
Chichester |
United Kingdom |
Retail (Apparel) |
5,360.0 |
34 |
|
|
UK Branch/Trading address |
Coleraine |
United Kingdom |
Retail (Apparel) |
5,360.0 |
33 |
|
|
UK Branch/Trading address |
West Bromwich |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Kirkcaldy |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Aldershot |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Wolverhampton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Swindon |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Newcastle |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Stevenage |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Guernsey |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Newark |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Huntingdon |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Kendal |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
Dumfries |
United Kingdom |
Retail (Apparel) |
5,360.0 |
30 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
26 |
|
|
UK Branch/Trading address |
Loanhead |
United Kingdom |
Retail (Apparel) |
5,360.0 |
25 |
|
|
UK Branch/Trading address |
Barnsley |
United Kingdom |
Retail (Apparel) |
5,360.0 |
25 |
|
|
UK Branch/Trading address |
Norwich |
United Kingdom |
Retail (Apparel) |
5,360.0 |
25 |
|
|
UK Branch/Trading address |
Eastleigh |
United Kingdom |
Retail (Apparel) |
5,360.0 |
25 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
25 |
|
|
UK Branch/Trading address |
Leatherhead |
United Kingdom |
Retail (Apparel) |
5,360.0 |
22 |
|
|
UK Branch/Trading address |
Sheffield |
United Kingdom |
Retail (Apparel) |
5,360.0 |
20 |
|
|
UK Branch/Trading address |
Guildford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
20 |
|
|
UK Branch/Trading address |
Shrewsbury |
United Kingdom |
Retail (Apparel) |
5,360.0 |
20 |
|
|
UK Branch/Trading address |
Clydebank |
United Kingdom |
Retail (Apparel) |
5,360.0 |
20 |
|
|
UK Branch/Trading address |
Ashton-Under-Lyne |
United Kingdom |
Retail (Apparel) |
5,360.0 |
20 |
|
|
UK Branch/Trading address |
Kirkcaldy |
United Kingdom |
Retail (Apparel) |
5,360.0 |
17 |
|
|
UK Branch/Trading address |
Epping |
United Kingdom |
Retail (Apparel) |
5,360.0 |
17 |
|
|
UK Branch/Trading address |
Wigan |
United Kingdom |
Retail (Apparel) |
5,360.0 |
16 |
|
|
UK Branch/Trading address |
Woking |
United Kingdom |
Retail (Apparel) |
5,360.0 |
15 |
|
|
UK Branch/Trading address |
Preston |
United Kingdom |
Retail (Apparel) |
5,360.0 |
15 |
|
|
UK Branch/Trading address |
Dunfermline |
United Kingdom |
Retail (Apparel) |
5,360.0 |
15 |
|
|
UK Branch/Trading address |
Oldham |
United Kingdom |
Retail (Apparel) |
5,360.0 |
15 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
5,360.0 |
15 |
|
|
UK Branch/Trading address |
Rhyl |
United Kingdom |
Retail (Apparel) |
5,360.0 |
13 |
|
|
UK Branch/Trading address |
Bedford |
United Kingdom |
Retail (Apparel) |
5,360.0 |
10 |
|
|
UK Branch/Trading address |
Eastbourne |
United Kingdom |
Retail (Apparel) |
5,360.0 |
10 |
|
|
UK Branch/Trading address |
Bath |
United Kingdom |
Retail (Apparel) |
5,360.0 |
10 |
|
|
UK Branch/Trading address |
Buxton |
United Kingdom |
Retail (Apparel) |
5,360.0 |
10 |
|
|
UK Branch/Trading address |
Lincoln |
United Kingdom |
Retail (Apparel) |
5,360.0 |
10 |
|
|
UK Branch/Trading address |
Antrim |
United Kingdom |
Retail (Apparel) |
5,360.0 |
7 |
|
|
UK Branch/Trading address |
Hayle |
United Kingdom |
Retail (Apparel) |
5,360.0 |
7 |
|
|
UK Branch/Trading address |
Bournemouth |
United Kingdom |
Retail (Apparel) |
5,360.0 |
5 |
|
|
UK Branch/Trading address |
Livingston |
United Kingdom |
Retail (Apparel) |
5,360.0 |
3 |
|
|
UK Branch/Trading address |
Bexleyheath |
United Kingdom |
Retail (Apparel) |
5,360.0 |
3 |
|
|
UK Branch/Trading address |
Keighley |
United Kingdom |
Retail (Apparel) |
5,360.0 |
3 |
|
|
UK Branch/Trading address |
Kingston Upon Thames |
United Kingdom |
Retail (Apparel) |
5,360.0 |
1 |
|
|
UK Branch/Trading address |
Stoke-On-Trent |
United Kingdom |
Retail (Apparel) |
5,360.0 |
|
|
|
UK Branch/Trading address |
Belfast |
United Kingdom |
Retail (Apparel) |
5,360.0 |
|
|
|
UK Branch/Trading address |
Croydon |
United Kingdom |
Retail (Apparel) |
5,360.0 |
|
|
|
UK Branch/Trading address |
Scunthorpe |
United Kingdom |
Retail (Apparel) |
5,360.0 |
|
|
|
UK Branch/Trading address |
Cwmbran |
United Kingdom |
Retail (Apparel) |
5,360.0 |
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Miscellaneous Transportation |
568.8 |
4,786 |
|
|
Subsidiary |
Leicester |
United Kingdom |
Real Estate Operations |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Investment Services |
|
|
|
|
UK Branch/Trading address |
Leicester |
United Kingdom |
Retail (Catalog and Mail Order) |
|
916 |
|
|
Subsidiary |
Leicester |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Investment Services |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Investment Services |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
|
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Leicester |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
UK Branch/Trading address |
Liverpool |
United Kingdom |
Retail (Apparel) |
|
275 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
|
200 |
|
|
UK Branch/Trading address |
Warrington |
United Kingdom |
Retail (Apparel) |
|
150 |
|
|
UK Branch/Trading address |
Waltham Cross |
United Kingdom |
Retail (Apparel) |
|
130 |
|
|
UK Branch/Trading address |
Liverpool |
United Kingdom |
Retail (Apparel) |
|
125 |
|
|
UK Branch/Trading address |
Romford |
United Kingdom |
Retail (Apparel) |
|
125 |
|
|
UK Branch/Trading address |
Walsall |
United Kingdom |
Retail (Apparel) |
|
90 |
|
|
UK Branch/Trading address |
Harrogate |
United Kingdom |
Retail (Apparel) |
|
90 |
|
|
UK Branch/Trading address |
Sunderland |
United Kingdom |
Retail (Apparel) |
|
90 |
|
|
UK Branch/Trading address |
Birmingham |
United Kingdom |
Retail (Apparel) |
|
81 |
|
|
UK Branch/Trading address |
Bournemouth |
United Kingdom |
Retail (Apparel) |
|
80 |
|
|
UK Branch/Trading address |
Inverness |
United Kingdom |
Retail (Apparel) |
|
80 |
|
|
UK Branch/Trading address |
Chester |
United Kingdom |
Retail (Apparel) |
|
72 |
|
|
UK Branch/Trading address |
Coventry |
United Kingdom |
Retail (Apparel) |
|
60 |
|
|
UK Branch/Trading address |
Birkenhead |
United Kingdom |
Retail (Apparel) |
|
59 |
|
|
UK Branch/Trading address |
Windsor |
United Kingdom |
Retail (Apparel) |
|
58 |
|
|
UK Branch/Trading address |
Peterborough |
United Kingdom |
Retail (Apparel) |
|
55 |
|
|
UK Branch/Trading address |
Belfast |
United Kingdom |
Retail (Apparel) |
|
55 |
|
|
UK Branch/Trading address |
Grimsby |
United Kingdom |
Retail (Apparel) |
|
50 |
|
|
UK Branch/Trading address |
Worthing |
United Kingdom |
Retail (Apparel) |
|
50 |
|
|
UK Branch/Trading address |
Edinburgh |
United Kingdom |
Retail (Apparel) |
|
50 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
|
49 |
|
|
UK Branch/Trading address |
Stafford |
United Kingdom |
Retail (Apparel) |
|
48 |
|
|
UK Branch/Trading address |
Durham |
United Kingdom |
Retail (Apparel) |
|
45 |
|
|
UK Branch/Trading address |
Bolton |
United Kingdom |
Retail (Apparel) |
|
44 |
|
|
UK Branch/Trading address |
Falkirk |
United Kingdom |
Retail (Apparel) |
|
41 |
|
|
UK Branch/Trading address |
Maidstone |
United Kingdom |
Retail (Apparel) |
|
40 |
|
|
UK Branch/Trading address |
Barnstaple |
United Kingdom |
Retail (Apparel) |
|
40 |
|
|
UK Branch/Trading address |
Swansea |
United Kingdom |
Retail (Apparel) |
|
40 |
|
|
UK Branch/Trading address |
Preston |
United Kingdom |
Retail (Apparel) |
|
35 |
|
|
UK Branch/Trading address |
Macclesfield |
United Kingdom |
Retail (Apparel) |
|
32 |
|
|
UK Branch/Trading address |
Gatwick |
United Kingdom |
Retail (Apparel) |
|
30 |
|
|
UK Branch/Trading address |
Salisbury |
United Kingdom |
Retail (Apparel) |
|
30 |
|
|
UK Branch/Trading address |
Perth |
United Kingdom |
Retail (Apparel) |
|
30 |
|
|
UK Branch/Trading address |
Southport |
United Kingdom |
Retail (Apparel) |
|
30 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
|
25 |
|
|
UK Branch/Trading address |
Dunstable |
United Kingdom |
Retail (Apparel) |
|
20 |
|
|
UK Branch/Trading address |
Dorchester |
United Kingdom |
Retail (Apparel) |
|
20 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
|
19 |
|
|
UK Branch/Trading address |
Fleet |
United Kingdom |
Retail (Apparel) |
|
15 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
|
4 |
|
|
UK Branch/Trading address |
Tunbridge Wells |
United Kingdom |
Retail (Apparel) |
|
3 |
|
|
UK Branch/Trading address |
Luton |
United Kingdom |
Retail (Apparel) |
|
|
|
|
UK Branch/Trading address |
Middlesbrough |
United Kingdom |
Retail (Apparel) |
|
|
|
|
UK Branch/Trading address |
Greenhithe |
United Kingdom |
Retail (Apparel) |
|
|
|
|
UK Branch/Trading address |
Croydon |
United Kingdom |
Retail (Apparel) |
|
|
|
|
UK Branch/Trading address |
Ellesmere Port |
United Kingdom |
Retail (Apparel) |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Arcadia Group Ltd. |
London, United Kingdom |
2,375 |
Private |
|
Debenhams Plc |
London, United Kingdom |
8,735 |
Public |
|
H & M Hennes & Mauritz AB |
Stockholm, Sweden |
94,000 |
Public |
|
John Lewis Partnership Plc |
London, United Kingdom |
78,700 |
Private |
|
Marks and Spencer Group Plc |
London, United Kingdom |
81,208 |
Public |
Board of Directors
|
|
|
|||||||||
|
Independent Non-Executive Chairman of the Board |
Chairman |
|||||||||
|
|||||||||||
|
Group Product Director, Executive Director |
Director/Board Member |
|
||||||||
|
|||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
||||||||
|
|||||||||||
|
Director |
Director/Board Member |
|
||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
||||||||
|
|||||||||||
|
Senior Independent Non-Executive Director |
Director/Board Member |
|
||||||||
|
|||||||||||
|
Director |
Director/Board Member |
|
||||||||
|
|||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
Reuters |
|
|||||||
|
|||||||||||
|
Group Property Director, Executive Director |
Director/Board Member |
Reuters |
|
|||||||
|
|||||||||||
Executives
|
|
|
||||||
|
Executive Director and Chief Executive |
Chief Executive Officer |
||||||
|
||||||||
|
Head of Brand Customer Service |
Division Head Executive |
|
|||||
|
General Manager |
Division Head Executive |
|
|||||
|
Team Leader |
Operations Executive |
|
|||||
|
|
||||||||
|
Company Secretary |
Company Secretary |
|
|||||
|
||||||||
|
Human Resources Director |
Human Resources Executive |
|
|||||
|
Senior Human Resources Officer |
Human Resources Executive |
|
|||||
|
|
||||||||
|
Human Resources Manager |
Human Resources Executive |
|
|||||
|
|
||||||||
|
Sales Director |
Sales Executive |
|
|||||
|
Director of Retail Marketing |
Marketing Executive |
|
|||||
|
PR Manager |
Public Relations Executive |
|
|||||
|
PR Manager |
Public Relations Executive |
|
|||||
|
Head of Technical Services |
Network Management Executive |
|
|||||
|
Network and Voice Manager |
Network Management Executive |
|
|||||
|
Technical Specialist |
Engineering/Technical Executive |
|
|||||
|
System Engineer |
Engineering/Technical Executive |
|
|||||
|
Barrister, Assistant General Counsel |
Legal Executive |
|
|||||
|
Project Manager-Infrastructure-Instore Systems |
Other |
|
|||||
|
Project Manager |
Other |
|
|||||
|
Womnenswear non clothing buying Manager |
Other |
|
|||||
|
Technology Buyer |
Other |
|
|||||
|
Head Of Online Development |
Other |
|
|||||
|
Mens and Womens Sportswear Buyer |
Other |
|
|||||
Directors
and Shareholders Report
|
Main Office Address: |
Tel: 0845 456 7777 |
Annual Return Date: 08 Jun 2012 |
|
Individual Directors |
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
|
|
Current |
13 Jun 1951 |
The Old Vicarage 33 Ermine Street, Thundridge, |
19 Jan 2005 |
NA |
Current:2 |
|
|
|
Current |
27 Mar 1963 |
Desford Road, Enderby, |
09 Sep 2002 |
NA |
Current:2 |
|
|
|
Current |
05 Oct 1957 |
25 Mount Sion, |
01 Jun 2010 |
NA |
Current:3 |
|
|
|
Current |
23 Aug 1944 |
33 Rutland Court, Rutland Gardens, |
09 Sep 2002 |
NA |
Current:3 |
|
|
|
Current |
15 Mar 1952 |
Pinesgate Lower Bristol Road, |
01 Jun 2007 |
NA |
Current:8 |
|
|
|
Current |
27 Oct 1967 |
Aspley House, Bedford Road, |
09 Sep 2002 |
NA |
Current:20 |
|
|
|
Current |
29 Feb 1952 |
Mole Ridge, St Marys Road, |
13 May 2004 |
NA |
Current:3 |
|
|
|
Current |
27 Sep 1950 |
Next Plc, Desford Road, |
09 Sep 2002 |
NA |
Current:7 |
|
|
|
Current |
16 Aug 1953 |
Hepworth House, Claypit Lane, |
09 Sep 2002 |
NA |
Current:18 |
|
|
|
Previous |
21 Mar 1945 |
32 Springfield Road, |
09 Sep 2002 |
31 Oct 2002 |
Current:1 |
|
|
|
Previous |
02 Feb 1943 |
20 Victoria Road, Draycott, |
09 Sep 2002 |
17 May 2006 |
Current:5 |
|
|
|
Previous |
04 Sep 1933 |
113 Cranmer Court, Whiteheads Grove, |
09 Sep 2002 |
13 May 2004 |
Current:0 |
|
|
|
Previous |
04 Jan 1945 |
Fernwood House Clayton Road, |
09 Sep 2002 |
13 May 2008 |
Current:6 |
|
|
|
Previous |
01 Mar 1934 |
Hawthorn House, Thorndown Lane, |
09 Sep 2002 |
13 May 2004 |
Current:0 |
|
|
|
Previous |
26 Sep 1950 |
Next Plc Desford Road, Enderby, |
25 Jun 2003 |
18 May 2010 |
Current:2 |
|
|
|
Corporate Directors |
|
|||||||||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
|||||||
|
Swift Incorporations Limited |
Previous |
26 Church Street, |
09 Apr 2002 |
24 Apr 2002 |
|
|||||||
|
Instant Companies Limited |
Previous |
1 Mitchell Lane, |
09 Apr 2002 |
25 Apr 2002 |
|
|||||||
|
Precis Company Services Limited |
Previous |
Level 1 Exchange House, Primrose Street, |
24 Apr 2002 |
09 Sep 2002 |
|
|||||||
|
Peregrine Secretarial Services Limited |
Previous |
Level 1 Exchange House, Primrose Street, |
25 Apr 2002 |
09 Sep 2002 |
|
|||||||
|
Individual Secretaries |
||||||||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|||||
|
Current |
11 Aug 1958 |
Next Plc, Desford Road, |
31 Oct 2003 |
NA |
Current:23 |
|
||||||
|
Previous |
13 Jan 1958 |
The Pines, 60 Kneeton Road, |
09 Sep 2002 |
31 Oct 2003 |
Current:12 |
|
||||||
|
Corporate Secretaries |
|||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
|
Swift Incorporations Limited |
Previous |
26 Church Street, |
09 Apr 2002 |
24 Apr 2002 |
|
|
Office Organization And Services Limited |
Previous |
Level 1 Exchange House, Primrose Street, |
24 Apr 2002 |
09 Sep 2002 |
|
|
Shareholders |
|||||
|
OneSource currently does not provide shareholding
information for this company. |
|||||
|
|
NEXT plc Declares
Interim Dividend
Sep 13, 2012
NEXT plc announced that the Board of Director has declared an interim dividend
is being increased by 3.5p to 31p, an increase of 12.7%. This will be paid on
January 2, 2013 to shareholders on the register at November 23, 2012. The
shares will trade ex-dividend from November 21.
NEXT plc Raises FY
2013 Profit Before Tax Guidance; Updates EPS Guidance
Aug 01, 2012
NEXT plc announced that for fiscal 2013, it expects profit before tax to be in
a range of GBP575-620 million and basic earnings per share (EPS) to be in a
range of 7%-15%.
News
|
EVANS ABOVE |
14-Oct-2012 |
|
United
Kingdom : LGP appoints Hammerson's Neil crawford as retail development
manager |
06-Oct-2012 |
|
LGP appoints Hammerson's
Neil Crawford as Retail Development Manager |
05-Oct-2012 |
|
Maynard
joins Tessera |
01-Oct-2012 |
|
Event Brief
of Interim 2012 Next PLC Earnings Presentation - Final |
27-Sep-2012 |
|
Preliminary
2012 Myer Earnings Release Presentation - Final |
27-Sep-2012 |
|
'People
like what they see ... but we can not stand still' |
26-Sep-2012 |
|
BRIEF:
Waterloo man arrested following chase |
25-Sep-2012 |
|
Date
announced for the highly anticipated Next mid season sale 2012 |
22-Sep-2012 |
|
£1,500 OF
SHOES TO BE WON! |
21-Sep-2012 |
Articles
Annual
Profit & Loss
Financials
in: USD (mil)
Except
for share items (millions) and per share items (actual units)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.624652 |
0.648767 |
0.635548 |
0.557193 |
0.499706 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Turnover (UK) |
5,196.0 |
5,026.8 |
- |
5,537.8 |
6,326.9 |
|
Turnover (Exports) |
312.8 |
296.7 |
- |
333.6 |
335.2 |
|
Total Turnover |
5,508.8 |
5,323.5 |
5,359.9 |
5,871.4 |
6,662.1 |
|
Cost of Sales |
3,835.4 |
3,768.7 |
3,791.4 |
4,240.9 |
4,762.8 |
|
Gross Profit |
1,673.4 |
1,554.8 |
1,568.6 |
1,630.5 |
1,899.3 |
|
Depreciation |
190.2 |
182.5 |
192.4 |
209.1 |
216.9 |
|
Other Expenses |
715.6 |
675.0 |
737.5 |
773.7 |
839.5 |
|
Other Income |
27.9 |
7.6 |
8.7 |
51.3 |
47.4 |
|
Interest Paid |
58.0 |
37.5 |
44.7 |
138.6 |
100.5 |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
-10.0 |
|
Discontinued Operations |
0.0 |
0.0 |
- |
- |
- |
|
Profit Before Taxes |
927.7 |
849.9 |
795.1 |
769.6 |
996.8 |
|
Tax Payable / Credit |
232.6 |
232.0 |
222.3 |
227.0 |
288.6 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
216.3 |
1,997.6 |
170.7 |
191.1 |
218.9 |
|
Profit After Taxes |
478.8 |
-1,379.7 |
402.0 |
351.4 |
489.3 |
|
Audit Fees |
0.3 |
0.3 |
- |
0.3 |
0.9 |
|
Non Audit Fees |
0.6 |
0.5 |
- |
0.8 |
0.2 |
|
Number of Employees |
56,304 |
58,706 |
55,122 |
59,088 |
61,751 |
|
Wages |
859.5 |
912.2 |
940.4 |
1,025.5 |
1,193.7 |
|
Social Security Costs |
59.6 |
67.5 |
64.4 |
74.5 |
88.5 |
|
Pensions |
- |
- |
0.0 |
- |
1.9 |
|
Other Pension Costs |
9.8 |
22.2 |
62.3 |
21.9 |
45.2 |
|
Employees Remuneration |
928.8 |
1,001.9 |
1,067.1 |
1,121.9 |
1,327.4 |
|
Directors Emoluments |
4.0 |
3.7 |
3.8 |
4.2 |
4.5 |
|
Other Costs |
3.1 |
3.8 |
3.9 |
0.8 |
2.3 |
|
Directors Remuneration |
7.1 |
7.5 |
7.7 |
5.1 |
8.6 |
|
Highest Paid Director |
2.4 |
2.7 |
2.7 |
1.5 |
2.4 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.636531 |
0.631154 |
0.624064 |
0.731582 |
0.504236 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Total Tangible Fixed Assets |
914.2 |
938.6 |
924.9 |
837.6 |
1,210.9 |
|
Intangible Assets |
71.6 |
73.7 |
76.0 |
75.7 |
71.8 |
|
Investments |
136.4 |
136.4 |
44.4 |
25.4 |
8.7 |
|
Total Fixed Assets |
1,122.2 |
1,148.7 |
1,045.2 |
938.8 |
1,291.5 |
|
Total Stocks Work In Progress |
584.3 |
583.5 |
495.1 |
435.6 |
632.8 |
|
Trade Debtors |
937.9 |
845.0 |
1,031.8 |
833.7 |
949.6 |
|
Inter-Company Debtors |
1.9 |
2.1 |
1.1 |
2.1 |
1.2 |
|
Director Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Debtors |
158.5 |
175.9 |
153.3 |
198.7 |
222.3 |
|
Total Debtors |
1,098.3 |
1,022.9 |
1,186.3 |
1,034.5 |
1,173.1 |
|
Cash and Equivalents |
88.6 |
78.1 |
171.5 |
65.3 |
111.1 |
|
Other Current Assets |
19.6 |
6.5 |
13.8 |
115.4 |
25.0 |
|
Total Current Assets |
1,790.8 |
1,691.0 |
1,866.6 |
1,650.8 |
1,941.9 |
|
Total Assets |
2,913.0 |
2,839.7 |
2,911.9 |
2,589.6 |
3,233.4 |
|
Trade Creditors |
303.4 |
309.8 |
280.4 |
279.9 |
347.1 |
|
Bank Overdraft |
11.9 |
16.2 |
7.5 |
63.3 |
74.8 |
|
Inter-Company Creditors |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Director Loans (Current Liability) |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Finance Lease (Current Liability) |
0.2 |
0.3 |
0.6 |
0.5 |
0.8 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.2 |
0.3 |
0.6 |
0.5 |
0.8 |
|
Total Short Term Loans |
0.0 |
182.2 |
0.0 |
102.5 |
406.6 |
|
Social Security/VAT |
96.8 |
92.7 |
97.6 |
59.6 |
112.6 |
|
Corporation Tax |
161.5 |
171.7 |
175.5 |
117.4 |
183.2 |
|
Other Current Liabilities |
592.6 |
546.8 |
653.1 |
504.8 |
942.4 |
|
Total Current Liabilities |
1,166.3 |
1,319.6 |
1,214.8 |
1,128.1 |
2,067.5 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.6 |
0.8 |
1.0 |
1.4 |
2.8 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.6 |
0.8 |
1.0 |
1.4 |
2.8 |
|
Other Long Term Loans |
0.0 |
- |
0.0 |
0.0 |
1,070.3 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
- |
- |
- |
|
Other Long Term Liabilities |
1,353.1 |
1,092.9 |
1,177.4 |
1,087.0 |
95.4 |
|
Total Long Term Liabilities |
1,353.7 |
1,093.7 |
1,178.4 |
1,088.3 |
1,168.5 |
|
Deferred Taxation |
24.2 |
37.1 |
5.9 |
46.7 |
44.8 |
|
Other Provisions |
18.9 |
21.1 |
299.0 |
112.4 |
109.5 |
|
Total Provisions |
43.0 |
58.1 |
304.9 |
159.1 |
154.3 |
|
Issued Capital |
26.6 |
28.7 |
30.6 |
26.9 |
39.9 |
|
Share Premium Accounts |
1.3 |
1.3 |
1.1 |
1.0 |
1.4 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
2,770.3 |
2,824.4 |
2,588.2 |
2,104.1 |
2,726.7 |
|
Other Reserves |
-2,448.3 |
-2,486.1 |
-2,405.8 |
-1,917.8 |
-2,925.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.3 |
0.1 |
-0.2 |
|
Total Shareholders Funds |
349.9 |
368.2 |
214.1 |
214.2 |
-157.1 |
|
Net Worth |
278.2 |
294.5 |
138.1 |
138.5 |
-228.9 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.624652 |
0.648767 |
0.635548 |
0.557193 |
0.499706 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
Annual Ratios
Financials in: USD (mil)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.636531 |
0.631154 |
0.624064 |
0.731582 |
0.504236 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Current Ratio |
1.54 |
1.28 |
1.54 |
1.46 |
0.94 |
|
Liquidity Ratio |
1.03 |
0.84 |
1.13 |
1.08 |
0.63 |
|
Stock Turnover |
9.25 |
9.38 |
10.82 |
10.27 |
10.43 |
|
Credit Period (Days) |
63.32 |
56.36 |
70.32 |
68.05 |
52.50 |
|
Working Capital by Sales |
11.55% |
6.79% |
12.17% |
11.69% |
-1.90% |
|
Trade Credit by Debtors |
0.32 |
0.37 |
0.27 |
0.34 |
0.37 |
|
Return on Capital |
52.12% |
57.47% |
46.81% |
40.10% |
84.73% |
|
Return on Assets |
31.25% |
30.76% |
27.28% |
22.63% |
30.55% |
|
Profit Margin |
16.84% |
15.97% |
14.83% |
13.11% |
14.96% |
|
Return on Shareholders Funds |
260.22% |
237.26% |
371.08% |
273.64% |
- |
|
Borrowing Ratio |
4.57% |
67.72% |
6.61% |
121.13% |
-679.55% |
|
Equity Gearing |
12.01% |
12.97% |
7.35% |
8.27% |
-4.86% |
|
Debt Gearing |
0.23% |
0.27% |
0.70% |
0.99% |
-468.89% |
|
Interest Coverage |
16.01 |
22.69 |
17.79 |
5.55 |
9.92 |
|
Sales by Tangible Assets |
5.91 |
5.83 |
5.79 |
5.34 |
5.45 |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Employed per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.1 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Employee Remuneration by Sales |
16.86% |
18.82% |
19.91% |
19.11% |
19.92% |
|
Creditor Days (Cost of Sales Based) |
29.42 |
29.19 |
27.02 |
31.63 |
26.84 |
|
Creditor Days (Sales Based) |
20.48 |
20.66 |
19.11 |
22.85 |
19.19 |
Annual
Income Statement
Financials
in: USD (mil)
Except
for share items (millions) and per share items (actual units)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.624652 |
0.648767 |
0.635548 |
0.557193 |
0.499706 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
5,508.8 |
5,083.0 |
5,359.9 |
5,871.4 |
6,662.1 |
|
Revenue |
5,508.8 |
5,083.0 |
5,359.9 |
5,871.4 |
6,662.1 |
|
Total Revenue |
5,508.8 |
5,083.0 |
5,359.9 |
5,871.4 |
6,662.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
3,835.4 |
3,595.4 |
3,791.4 |
4,240.9 |
4,762.8 |
|
Cost of Revenue, Total |
3,835.4 |
3,595.4 |
3,791.4 |
4,240.9 |
4,762.8 |
|
Gross Profit |
1,673.4 |
1,487.6 |
1,568.6 |
1,630.5 |
1,899.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
715.6 |
620.1 |
737.5 |
766.9 |
611.2 |
|
Total Selling/General/Administrative Expenses |
715.6 |
620.1 |
737.5 |
766.9 |
611.2 |
|
Depreciation |
- |
- |
- |
- |
216.9 |
|
Depreciation/Amortization |
- |
- |
- |
- |
216.9 |
|
Investment Income -
Operating |
-2.4 |
-2.8 |
-1.4 |
5.2 |
-3.6 |
|
Interest/Investment Income - Operating |
-2.4 |
-2.8 |
-1.4 |
5.2 |
-3.6 |
|
Interest Expense (Income) - Net Operating Total |
-2.4 |
-2.8 |
-1.4 |
5.2 |
-3.6 |
|
Other Unusual Expense (Income) |
-14.7 |
- |
- |
- |
- |
|
Unusual Expense (Income) |
-14.7 |
- |
- |
- |
- |
|
Other, Net |
1.8 |
-3.4 |
-1.1 |
- |
- |
|
Other Operating Expenses, Total |
1.8 |
-3.4 |
-1.1 |
- |
- |
|
Total Operating Expense |
4,535.6 |
4,209.4 |
4,526.3 |
5,013.0 |
5,587.3 |
|
|
|
|
|
|
|
|
Operating Income |
973.2 |
873.7 |
833.6 |
858.4 |
1,074.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-40.3 |
-34.7 |
-43.3 |
-88.1 |
-83.4 |
|
Interest Expense, Net Non-Operating |
-40.3 |
-34.7 |
-43.3 |
-88.1 |
-83.4 |
|
Interest Income -
Non-Operating |
0.8 |
1.4 |
1.3 |
2.3 |
8.6 |
|
Investment Income -
Non-Operating |
7.2 |
2.3 |
4.9 |
-3.1 |
-3.2 |
|
Interest/Investment Income - Non-Operating |
8.0 |
3.7 |
6.1 |
-0.7 |
5.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-32.3 |
-31.0 |
-37.1 |
-88.8 |
-78.0 |
|
Other Non-Operating Income (Expense) |
-13.1 |
-5.1 |
-1.4 |
- |
- |
|
Other, Net |
-13.1 |
-5.1 |
-1.4 |
- |
- |
|
Income Before Tax |
927.7 |
837.6 |
795.1 |
769.6 |
996.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
232.6 |
231.7 |
222.3 |
227.0 |
288.6 |
|
Income After Tax |
695.1 |
605.9 |
572.7 |
542.5 |
708.2 |
|
|
|
|
|
|
|
|
Minority Interest |
0.2 |
0.3 |
0.2 |
0.2 |
0.4 |
|
Net Income Before Extraord Items |
695.3 |
606.2 |
572.9 |
542.7 |
708.6 |
|
Discontinued Operations |
65.0 |
12.0 |
- |
- |
- |
|
Total Extraord Items |
65.0 |
12.0 |
- |
- |
- |
|
Net Income |
760.3 |
618.3 |
572.9 |
542.7 |
708.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
695.3 |
606.2 |
572.9 |
542.7 |
708.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
760.3 |
618.3 |
572.9 |
542.7 |
708.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
168.4 |
180.7 |
193.1 |
193.8 |
209.9 |
|
Basic EPS Excl Extraord Items |
4.13 |
3.35 |
2.97 |
2.80 |
3.38 |
|
Basic/Primary EPS Incl Extraord Items |
4.51 |
3.42 |
2.97 |
2.80 |
3.38 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
760.3 |
618.3 |
572.9 |
542.7 |
708.6 |
|
Diluted Weighted Average Shares |
172.7 |
185.3 |
196.2 |
194.0 |
212.5 |
|
Diluted EPS Excl Extraord Items |
4.03 |
3.27 |
2.92 |
2.80 |
3.33 |
|
Diluted EPS Incl Extraord Items |
4.40 |
3.34 |
2.92 |
2.80 |
3.33 |
|
Dividends per Share - Common Stock Primary Issue |
1.44 |
1.20 |
1.04 |
0.99 |
1.10 |
|
Gross Dividends - Common Stock |
233.1 |
206.2 |
192.4 |
190.6 |
215.3 |
|
Interest Expense, Supplemental |
40.3 |
34.7 |
43.3 |
88.1 |
83.4 |
|
Depreciation, Supplemental |
190.2 |
182.5 |
192.4 |
209.1 |
216.9 |
|
Total Special Items |
-5.3 |
14.2 |
18.7 |
11.1 |
- |
|
Normalized Income Before Tax |
922.4 |
851.8 |
813.8 |
780.7 |
996.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-3.8 |
3.9 |
5.2 |
3.3 |
- |
|
Inc Tax Ex Impact of Sp Items |
228.8 |
235.6 |
227.6 |
230.3 |
288.6 |
|
Normalized Income After Tax |
693.7 |
616.2 |
586.2 |
550.4 |
708.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
693.8 |
616.5 |
586.4 |
550.6 |
708.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.12 |
3.41 |
3.04 |
2.84 |
3.38 |
|
Diluted Normalized EPS |
4.02 |
3.33 |
2.99 |
2.84 |
3.33 |
|
Amort of Intangibles, Supplemental |
1.4 |
1.4 |
1.4 |
0.5 |
0.0 |
|
Rental Expenses |
323.5 |
315.2 |
306.2 |
341.2 |
343.4 |
|
Normalized EBIT |
965.5 |
885.1 |
850.9 |
874.7 |
1,071.2 |
|
Normalized EBITDA |
1,157.1 |
1,069.0 |
1,044.8 |
1,084.4 |
1,288.2 |
|
Current Tax - Domestic |
256.3 |
252.0 |
238.2 |
226.3 |
294.6 |
|
Current Tax - Foreign |
4.3 |
4.3 |
6.0 |
5.9 |
5.8 |
|
Current Tax - Other |
-20.2 |
-20.5 |
-3.5 |
-5.6 |
-35.6 |
|
Current Tax - Total |
240.5 |
235.8 |
240.7 |
226.7 |
264.8 |
|
Deferred Tax - Domestic |
-12.5 |
-8.6 |
-23.6 |
-6.6 |
23.8 |
|
Deferred Tax - Other |
5.1 |
4.8 |
5.2 |
7.0 |
- |
|
Deferred Tax - Total |
-7.4 |
-3.9 |
-18.4 |
0.4 |
23.8 |
|
Income Tax - Total |
233.1 |
232.0 |
222.3 |
227.0 |
288.6 |
|
Interest Cost - Domestic |
40.7 |
41.8 |
39.8 |
46.5 |
45.0 |
|
Service Cost - Domestic |
14.7 |
15.4 |
13.4 |
17.2 |
19.8 |
|
Prior Service Cost - Domestic |
- |
- |
- |
- |
0.0 |
|
Expected Return on Assets - Domestic |
-51.4 |
-42.9 |
-36.3 |
-47.7 |
-45.4 |
|
Domestic Pension Plan Expense |
4.0 |
14.3 |
16.8 |
16.0 |
19.4 |
|
Defined Contribution Expense - Domestic |
6.7 |
6.3 |
6.0 |
4.5 |
3.6 |
|
Total Pension Expense |
10.7 |
20.7 |
22.8 |
20.5 |
23.0 |
|
Discount Rate - Domestic |
5.00% |
5.70% |
5.70% |
6.50% |
6.15% |
|
Compensation Rate - Domestic |
3.10% |
3.60% |
3.60% |
3.80% |
5.00% |
|
Pension Payment Rate - Domestic |
3.10% |
3.60% |
3.60% |
3.80% |
3.50% |
|
Total Plan Interest Cost |
40.7 |
41.8 |
39.8 |
46.5 |
45.0 |
|
Total Plan Service Cost |
14.7 |
15.4 |
13.4 |
17.2 |
19.8 |
|
Total Plan Expected Return |
-51.4 |
-42.9 |
-36.3 |
-47.7 |
-45.4 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.636531 |
0.631154 |
0.624064 |
0.731582 |
0.504236 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
88.6 |
78.1 |
171.5 |
65.3 |
111.1 |
|
Short Term Investments |
19.6 |
6.5 |
13.8 |
115.4 |
25.0 |
|
Cash and Short Term Investments |
108.2 |
84.6 |
185.2 |
180.7 |
136.0 |
|
Accounts Receivable -
Trade, Gross |
1,116.5 |
1,017.3 |
1,031.8 |
833.7 |
1,168.1 |
|
Provision for Doubtful
Accounts |
-178.6 |
-172.4 |
-198.2 |
-160.2 |
-218.5 |
|
Trade Accounts Receivable - Net |
939.8 |
847.0 |
834.7 |
675.5 |
950.7 |
|
Other Receivables |
16.3 |
15.4 |
15.5 |
43.3 |
27.4 |
|
Total Receivables, Net |
956.1 |
862.4 |
850.2 |
718.9 |
978.1 |
|
Inventories - Finished Goods |
563.8 |
565.9 |
477.0 |
417.9 |
- |
|
Inventories - Raw Materials |
11.2 |
8.2 |
8.7 |
9.7 |
- |
|
Inventories - Other |
9.3 |
9.3 |
9.5 |
8.1 |
- |
|
Total Inventory |
584.3 |
583.5 |
495.1 |
435.6 |
632.8 |
|
Prepaid Expenses |
142.2 |
160.5 |
137.8 |
132.3 |
164.0 |
|
Total Current Assets |
1,790.8 |
1,691.0 |
1,668.4 |
1,467.5 |
1,911.0 |
|
|
|
|
|
|
|
|
Buildings |
13.0 |
13.2 |
13.3 |
11.3 |
16.5 |
|
Land/Improvements |
115.5 |
117.7 |
121.1 |
103.1 |
147.2 |
|
Machinery/Equipment |
2,202.6 |
2,143.1 |
1,979.0 |
1,601.5 |
2,124.8 |
|
Property/Plant/Equipment - Gross |
2,331.1 |
2,273.9 |
2,113.4 |
1,715.9 |
2,288.4 |
|
Accumulated Depreciation |
-1,416.9 |
-1,335.3 |
-1,188.5 |
-878.2 |
-1,077.5 |
|
Property/Plant/Equipment - Net |
914.2 |
938.6 |
924.9 |
837.6 |
1,210.9 |
|
Goodwill - Gross |
66.8 |
67.3 |
70.7 |
67.9 |
71.8 |
|
Accumulated Goodwill Amortization |
- |
- |
-2.6 |
0.0 |
0.0 |
|
Goodwill, Net |
66.8 |
67.3 |
68.1 |
67.9 |
71.8 |
|
Intangibles - Gross |
9.4 |
9.5 |
9.6 |
8.2 |
0.0 |
|
Accumulated Intangible Amortization |
-4.6 |
-3.2 |
-1.8 |
-0.4 |
0.0 |
|
Intangibles, Net |
4.9 |
6.3 |
7.9 |
7.8 |
0.0 |
|
LT Investment - Affiliate Companies |
9.6 |
8.1 |
6.4 |
4.8 |
5.8 |
|
LT Investments - Other |
71.6 |
40.1 |
38.0 |
20.6 |
3.0 |
|
Long Term Investments |
81.2 |
48.2 |
44.4 |
25.4 |
8.7 |
|
Pension Benefits - Overfunded |
55.1 |
88.3 |
0.0 |
- |
- |
|
Other Long Term Assets, Total |
55.1 |
88.3 |
0.0 |
- |
- |
|
Total Assets |
2,913.0 |
2,839.7 |
2,713.7 |
2,406.3 |
3,202.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
303.4 |
309.8 |
280.4 |
279.9 |
347.1 |
|
Accrued Expenses |
120.5 |
115.2 |
105.6 |
62.5 |
112.6 |
|
Notes Payable/Short Term Debt |
11.9 |
198.4 |
7.5 |
165.8 |
481.3 |
|
Current Portion - Long Term Debt/Capital Leases |
0.2 |
0.3 |
0.6 |
0.5 |
0.8 |
|
Income Taxes Payable |
161.5 |
171.7 |
175.5 |
117.4 |
183.2 |
|
Other Payables |
432.2 |
437.6 |
495.1 |
327.5 |
478.1 |
|
Other Current Liabilities |
136.7 |
86.7 |
150.0 |
21.6 |
109.1 |
|
Other Current liabilities, Total |
730.4 |
696.0 |
820.6 |
466.5 |
770.5 |
|
Total Current Liabilities |
1,166.3 |
1,319.6 |
1,214.8 |
975.3 |
1,712.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,024.5 |
746.6 |
834.7 |
777.5 |
1,070.3 |
|
Capital Lease Obligations |
0.6 |
0.8 |
1.0 |
- |
- |
|
Total Long Term Debt |
1,025.1 |
747.4 |
835.7 |
777.5 |
1,070.3 |
|
Total Debt |
1,037.2 |
946.0 |
843.8 |
943.8 |
1,552.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
24.2 |
37.1 |
5.9 |
38.3 |
32.5 |
|
Deferred Income Tax |
24.2 |
37.1 |
5.9 |
38.3 |
32.5 |
|
Minority Interest |
0.0 |
0.2 |
-0.3 |
-0.1 |
0.2 |
|
Reserves |
18.9 |
21.1 |
21.5 |
17.9 |
18.6 |
|
Pension Benefits - Underfunded |
- |
0.0 |
79.3 |
94.5 |
90.8 |
|
Other Long Term Liabilities |
328.7 |
346.3 |
342.8 |
310.8 |
466.6 |
|
Other Liabilities, Total |
347.5 |
367.4 |
443.5 |
423.2 |
576.1 |
|
Total Liabilities |
2,563.1 |
2,471.7 |
2,499.6 |
2,214.1 |
3,391.5 |
|
|
|
|
|
|
|
|
Common Stock |
26.6 |
28.7 |
30.6 |
26.9 |
39.9 |
|
Common Stock |
26.6 |
28.7 |
30.6 |
26.9 |
39.9 |
|
Additional Paid-In Capital |
1.3 |
1.3 |
1.1 |
1.0 |
1.4 |
|
Retained Earnings (Accumulated Deficit) |
540.6 |
550.4 |
300.1 |
217.6 |
-126.7 |
|
ESOP Debt Guarantee |
-221.7 |
-219.6 |
-125.3 |
-66.6 |
-108.7 |
|
Translation Adjustment |
3.1 |
7.3 |
7.5 |
13.3 |
5.2 |
|
Other Equity, Total |
3.1 |
7.3 |
7.5 |
13.3 |
5.2 |
|
Total Equity |
349.9 |
368.1 |
214.1 |
192.2 |
-189.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,913.0 |
2,839.7 |
2,713.7 |
2,406.3 |
3,202.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
168.7 |
181.2 |
191.2 |
197.1 |
201.0 |
|
Total Common Shares Outstanding |
168.7 |
181.2 |
191.2 |
197.1 |
201.0 |
|
Employees |
28,685 |
28,744 |
35,619 |
36,973 |
39,345 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
2.6 |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
4.6 |
3.2 |
1.8 |
0.4 |
0.0 |
|
Total Long Term Debt, Supplemental |
1,377.5 |
1,112.4 |
835.3 |
776.1 |
- |
|
Long Term Debt Maturing within 1 Year |
66.0 |
238.8 |
0.6 |
86.9 |
- |
|
Long Term Debt Maturing in Year 2 |
188.5 |
40.4 |
107.9 |
86.9 |
- |
|
Long Term Debt Maturing in Year 3 |
158.4 |
137.9 |
107.9 |
86.9 |
- |
|
Long Term Debt Maturing in Year 4 |
158.4 |
137.9 |
107.9 |
86.9 |
- |
|
Long Term Debt Maturing in Year 5 |
158.4 |
137.9 |
107.9 |
86.9 |
- |
|
Long Term Debt Maturing in Year 6 |
- |
- |
134.3 |
113.9 |
- |
|
Long Term Debt Maturing in Year 7 |
- |
- |
134.3 |
113.9 |
- |
|
Long Term Debt Maturing in Year 8 |
- |
- |
134.3 |
113.9 |
- |
|
Long Term Debt Maturing in 2-3 Years |
346.9 |
178.4 |
215.8 |
173.8 |
- |
|
Long Term Debt Maturing in 4-5 Years |
316.8 |
275.9 |
215.8 |
173.8 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
647.7 |
419.4 |
403.0 |
341.7 |
- |
|
Total Capital Leases, Supplemental |
0.8 |
1.3 |
1.8 |
1.9 |
- |
|
Capital Lease Payments Due in Year 1 |
0.2 |
0.3 |
0.6 |
0.5 |
- |
|
Capital Lease Payments Due in Year 2 |
0.2 |
0.3 |
0.3 |
0.2 |
- |
|
Capital Lease Payments Due in Year 3 |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in Year 5 |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.3 |
0.5 |
0.5 |
0.5 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.3 |
0.4 |
0.4 |
0.5 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.2 |
0.4 |
- |
|
Total Operating Leases, Supplemental |
2,804.6 |
2,901.0 |
1,977.4 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
326.0 |
325.3 |
354.0 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
321.4 |
294.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
306.8 |
294.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
288.9 |
294.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
271.6 |
294.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 6 |
191.0 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 7 |
191.0 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 8 |
191.0 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 9 |
191.0 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 10 |
191.0 |
- |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
628.2 |
588.6 |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
560.5 |
588.6 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
1,289.8 |
1,398.5 |
1,623.4 |
- |
- |
|
Pension Obligation - Domestic |
778.6 |
703.3 |
762.1 |
532.8 |
- |
|
Plan Assets - Domestic |
848.5 |
803.4 |
693.5 |
445.3 |
- |
|
Funded Status - Domestic |
69.9 |
100.1 |
-68.6 |
-87.5 |
- |
|
Unfunded Plan Obligations |
14.8 |
11.9 |
10.7 |
7.0 |
- |
|
Total Funded Status |
55.1 |
88.3 |
-79.3 |
-94.5 |
- |
|
Discount Rate - Domestic |
5.00% |
5.70% |
5.70% |
6.50% |
- |
|
Compensation Rate - Domestic |
3.10% |
3.60% |
3.60% |
3.80% |
- |
|
Pension Payment Rate - Domestic |
3.10% |
3.60% |
3.60% |
3.80% |
- |
|
Prepaid Benefits - Domestic |
69.9 |
100.1 |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-14.8 |
-11.9 |
-79.3 |
-94.5 |
- |
|
Net Assets Recognized on Balance Sheet |
55.1 |
88.3 |
-79.3 |
-94.5 |
- |
|
Equity % - Domestic |
41.30% |
48.10% |
48.90% |
46.00% |
- |
|
Real Estate % - Domestic |
3.70% |
3.60% |
3.70% |
3.80% |
- |
|
Other Investments % - Domestic |
- |
- |
- |
7.00% |
- |
|
Total Plan Obligations |
793.4 |
715.2 |
772.8 |
539.8 |
- |
|
Total Plan Assets |
848.5 |
803.4 |
693.5 |
445.3 |
- |
Annual
Cash Flows
Financials in: USD (mil)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.624652 |
0.648767 |
0.635548 |
0.557193 |
0.499706 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
963.4 |
873.7 |
833.6 |
858.4 |
1,074.8 |
|
Depreciation |
191.6 |
183.9 |
193.7 |
209.6 |
216.9 |
|
Depreciation/Depletion |
191.6 |
183.9 |
193.7 |
209.6 |
216.9 |
|
Discontinued Operations |
4.6 |
12.3 |
- |
- |
- |
|
Unusual Items |
9.4 |
14.2 |
18.7 |
11.1 |
10.0 |
|
Equity in Net Earnings (Loss) |
-1.6 |
-1.7 |
-0.8 |
-1.1 |
-1.4 |
|
Other Non-Cash Items |
25.8 |
14.2 |
12.3 |
23.0 |
12.8 |
|
Non-Cash Items |
38.3 |
39.0 |
30.2 |
33.0 |
21.4 |
|
Accounts Receivable |
-150.2 |
-44.7 |
9.4 |
-79.3 |
-27.8 |
|
Inventories |
-5.8 |
-91.4 |
15.3 |
1.8 |
-74.6 |
|
Other Assets |
-10.2 |
-63.0 |
-50.7 |
-23.2 |
1.0 |
|
Accounts Payable |
45.1 |
18.0 |
48.9 |
31.0 |
63.6 |
|
Other Operating Cash Flow |
-230.4 |
-218.7 |
-181.3 |
-226.0 |
-238.7 |
|
Changes in Working Capital |
-351.4 |
-399.8 |
-158.3 |
-295.6 |
-276.6 |
|
Cash from Operating Activities |
841.9 |
696.7 |
899.2 |
805.5 |
1,036.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-201.9 |
-185.9 |
-155.1 |
-216.4 |
-358.8 |
|
Capital Expenditures |
-201.9 |
-185.9 |
-155.1 |
-216.4 |
-358.8 |
|
Acquisition of Business |
- |
- |
0.0 |
-25.3 |
0.0 |
|
Sale of Business |
100.9 |
0.0 |
- |
- |
- |
|
Sale of Fixed Assets |
3.0 |
2.9 |
0.6 |
0.5 |
0.8 |
|
Other Investing Cash Flow |
-14.4 |
-29.9 |
0.0 |
- |
- |
|
Other Investing Cash Flow Items, Total |
89.5 |
-27.0 |
0.6 |
-24.8 |
0.8 |
|
Cash from Investing Activities |
-112.4 |
-212.9 |
-154.5 |
-241.2 |
-358.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-30.3 |
-31.9 |
-49.1 |
-87.4 |
-71.8 |
|
Financing Cash Flow Items |
-30.3 |
-31.9 |
-49.1 |
-87.4 |
-71.8 |
|
Cash Dividends Paid - Common |
-216.3 |
-199.8 |
-170.7 |
-191.1 |
-218.9 |
|
Total Cash Dividends Paid |
-216.3 |
-199.8 |
-170.7 |
-191.1 |
-218.9 |
|
Sale/Issuance
of Common |
108.2 |
47.8 |
53.0 |
7.0 |
47.6 |
|
Repurchase/Retirement
of Common |
-636.8 |
-495.2 |
-221.9 |
-99.1 |
-1,026.2 |
|
Common Stock, Net |
-528.6 |
-447.5 |
-168.8 |
-92.1 |
-978.6 |
|
Issuance (Retirement) of Stock, Net |
-528.6 |
-447.5 |
-168.8 |
-92.1 |
-978.6 |
|
Short Term
Debt Issued |
- |
- |
- |
- |
0.0 |
|
Short Term Debt, Net |
- |
- |
- |
- |
0.0 |
|
Long Term
Debt Issued |
245.4 |
0.0 |
- |
- |
- |
|
Long Term
Debt Reduction |
-0.3 |
-79.5 |
-74.0 |
-0.9 |
-1.2 |
|
Long Term Debt, Net |
61.0 |
97.7 |
-192.0 |
-234.2 |
408.8 |
|
Issuance (Retirement) of Debt, Net |
61.0 |
97.7 |
-192.0 |
-234.2 |
408.8 |
|
Cash from Financing Activities |
-714.2 |
-581.4 |
-580.6 |
-604.8 |
-860.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
0.2 |
-5.5 |
10.4 |
0.0 |
|
Net Change in Cash |
15.5 |
-97.4 |
158.6 |
-30.2 |
-181.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
62.6 |
157.7 |
2.4 |
32.8 |
218.5 |
|
Net Cash - Ending Balance |
78.1 |
60.3 |
161.0 |
2.7 |
36.6 |
|
Cash Interest Paid |
38.3 |
33.3 |
50.5 |
89.9 |
81.2 |
|
Cash Taxes Paid |
230.4 |
218.7 |
181.3 |
226.0 |
238.7 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.624652 |
0.648767 |
0.635548 |
0.557193 |
0.499706 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sale of Goods |
5,253.5 |
4,850.6 |
4,906.3 |
5,344.5 |
6,004.5 |
|
Rendering of
Services |
230.4 |
208.5 |
429.7 |
499.6 |
628.2 |
|
Rental Income |
9.9 |
10.6 |
9.9 |
12.0 |
13.2 |
|
Royalties |
15.0 |
13.3 |
14.0 |
15.3 |
16.2 |
|
Total Revenue |
5,508.8 |
5,083.0 |
5,359.9 |
5,871.4 |
6,662.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
3,835.4 |
3,595.4 |
3,791.4 |
4,240.9 |
4,762.8 |
|
Distribution Costs |
393.3 |
344.0 |
365.2 |
420.7 |
471.5 |
|
Administrative |
322.3 |
276.1 |
372.3 |
346.2 |
139.7 |
|
Depreciation |
- |
- |
- |
- |
216.9 |
|
Fair valu Losses |
- |
- |
- |
0.9 |
3.4 |
|
Foreign Exchange
Derivatives |
- |
- |
- |
5.9 |
-4.6 |
|
Other Gains |
1.8 |
-3.4 |
-1.1 |
- |
- |
|
Exceptional Items |
-5.0 |
- |
- |
- |
- |
|
Share of Profit |
-2.4 |
-2.8 |
-1.4 |
-1.6 |
-2.4 |
|
Finance Income -
Exceptional |
-9.8 |
- |
- |
- |
- |
|
Total Operating
Expense |
4,535.6 |
4,209.4 |
4,526.3 |
5,013.0 |
5,587.3 |
|
|
|
|
|
|
|
|
Interest
Receivable |
0.8 |
1.4 |
1.3 |
2.3 |
8.6 |
|
Interest Payable |
-40.3 |
-34.7 |
-43.3 |
-88.1 |
-83.4 |
|
Premium paid on
repurchase of corporate |
-13.1 |
-5.1 |
-1.4 |
- |
- |
|
Swap gain on bond
repurchases |
11.7 |
4.3 |
4.2 |
- |
- |
|
Other fair value
movements |
-4.5 |
-2.0 |
0.6 |
- |
- |
|
Unrealised P/L on
int. rate swaps |
- |
- |
- |
47.4 |
13.8 |
|
FV Adj. on bond
hedged int. rate swaps |
- |
- |
- |
-50.4 |
-17.0 |
|
Net Income
Before Taxes |
927.7 |
837.6 |
795.1 |
769.6 |
996.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
232.6 |
231.7 |
222.3 |
227.0 |
288.6 |
|
Net Income After
Taxes |
695.1 |
605.9 |
572.7 |
542.5 |
708.2 |
|
|
|
|
|
|
|
|
Minority Interest |
0.2 |
0.3 |
0.2 |
0.2 |
0.4 |
|
Net Income
Before Extra. Items |
695.3 |
606.2 |
572.9 |
542.7 |
708.6 |
|
Discontinued
Operations |
65.0 |
12.0 |
- |
- |
- |
|
Net Income |
760.3 |
618.3 |
572.9 |
542.7 |
708.6 |
|
|
|
|
|
|
|
|
Income Available
to Com Excl ExtraOrd |
695.3 |
606.2 |
572.9 |
542.7 |
708.6 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
760.3 |
618.3 |
572.9 |
542.7 |
708.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
168.4 |
180.7 |
193.1 |
193.8 |
209.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
4.13 |
3.35 |
2.97 |
2.80 |
3.38 |
|
Basic EPS Including ExtraOrdinary Item |
4.51 |
3.42 |
2.97 |
2.80 |
3.38 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
760.3 |
618.3 |
572.9 |
542.7 |
708.6 |
|
Diluted Weighted Average Shares |
172.7 |
185.3 |
196.2 |
194.0 |
212.5 |
|
Diluted EPS Excluding ExtraOrd Items |
4.03 |
3.27 |
2.92 |
2.80 |
3.33 |
|
Diluted EPS Including ExtraOrd Items |
4.40 |
3.34 |
2.92 |
2.80 |
3.33 |
|
DPS-Ordinary Shares |
1.44 |
1.20 |
1.04 |
0.99 |
1.10 |
|
Gross Dividends - Common Stock |
233.1 |
206.2 |
192.4 |
190.6 |
215.3 |
|
Normalized
Income Before Taxes |
922.4 |
851.8 |
813.8 |
780.7 |
996.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-3.8 |
- |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
228.8 |
235.6 |
227.6 |
230.3 |
288.6 |
|
Normalized
Income After Taxes |
693.7 |
616.2 |
586.2 |
550.4 |
708.2 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
693.8 |
616.5 |
586.4 |
550.6 |
708.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.12 |
3.41 |
3.04 |
2.84 |
3.38 |
|
Diluted Normalized EPS |
4.02 |
3.33 |
2.99 |
2.84 |
3.33 |
|
Interest Expense |
40.3 |
34.7 |
43.3 |
88.1 |
83.4 |
|
Rental Expense |
323.5 |
315.2 |
306.2 |
341.2 |
343.4 |
|
Depreciation |
190.2 |
182.5 |
192.4 |
209.1 |
216.9 |
|
Amortisation of Intangible Assets |
1.4 |
1.4 |
1.4 |
0.5 |
0.0 |
|
UK Corporation
Taxation |
256.3 |
252.0 |
238.2 |
226.3 |
294.6 |
|
Over Provision for
Previous Year |
-20.2 |
-15.1 |
-3.5 |
-5.6 |
-35.6 |
|
Overseas Taxation |
4.3 |
4.3 |
6.0 |
5.9 |
5.8 |
|
Adjustment in
respect of P.Y |
0.0 |
-5.4 |
- |
- |
- |
|
Current Tax - Total |
240.5 |
235.8 |
240.7 |
226.7 |
264.8 |
|
Origination &
Reversal of Temp. Diff. |
-12.5 |
-8.6 |
-23.6 |
-6.6 |
23.8 |
|
Prior Years
Deferred Tax |
5.1 |
4.8 |
5.2 |
7.0 |
- |
|
Deferred Tax - Total |
-7.4 |
-3.9 |
-18.4 |
0.4 |
23.8 |
|
Income Tax - Total |
233.1 |
232.0 |
222.3 |
227.0 |
288.6 |
|
Service Cost - Funded - Pension |
13.9 |
14.6 |
12.7 |
16.2 |
18.8 |
|
Past Service Cost - Funded - Pension |
- |
- |
- |
- |
0.0 |
|
Interest Cost - Funded - Pension |
40.0 |
41.2 |
39.3 |
45.8 |
44.4 |
|
Exptd. Ret. on Assets - Funded - Pension |
-51.4 |
-42.9 |
-36.3 |
-47.7 |
-45.4 |
|
Service Cost - Unfunded - Pension |
0.8 |
0.8 |
0.6 |
1.1 |
1.0 |
|
Interest Cost - Unfunded - Pension |
0.6 |
0.6 |
0.5 |
0.7 |
0.6 |
|
Domestic Pension Plan Expense |
4.0 |
14.3 |
16.8 |
16.0 |
19.4 |
|
Defined Contribution Schemes |
6.7 |
6.3 |
6.0 |
4.5 |
3.6 |
|
Total Pension Expense |
10.7 |
20.7 |
22.8 |
20.5 |
23.0 |
|
Discount Rate - Pension |
5.00% |
5.70% |
5.70% |
6.50% |
6.15% |
|
Compensation Rate - Pension |
3.10% |
3.60% |
3.60% |
3.80% |
5.00% |
|
Pension Payment Rate |
3.10% |
3.60% |
3.60% |
3.80% |
3.50% |
|
Rate of Return - Equity - Pension |
6.95% |
7.70% |
7.70% |
8.15% |
7.30% |
|
Rate of Return - Bonds- Pension |
3.95% |
4.85% |
4.80% |
6.40% |
6.05% |
|
Rate of Return - Gilts - Pension |
2.65% |
4.15% |
4.15% |
4.85% |
- |
|
Rate of Return - Property - Pension |
5.55% |
6.25% |
6.25% |
7.90% |
7.05% |
|
Rate of Return - Insurance - Pension |
5.00% |
5.70% |
0.00% |
- |
- |
|
Rate of Return - Others - Pension |
2.65% |
4.25% |
4.15% |
4.85% |
4.75% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.636531 |
0.631154 |
0.624064 |
0.731582 |
0.504236 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
11.2 |
8.2 |
8.7 |
9.7 |
- |
|
Finished Goods |
563.8 |
565.9 |
477.0 |
417.9 |
- |
|
Development Stock |
9.3 |
9.3 |
9.5 |
8.1 |
- |
|
Inventories |
- |
- |
- |
- |
632.8 |
|
Trade Debtors
Gross |
1,116.5 |
1,017.3 |
1,031.8 |
833.7 |
1,168.1 |
|
Provision for Bad
Debts |
-178.6 |
-172.4 |
-198.2 |
-160.2 |
-218.5 |
|
Due Associated |
1.9 |
2.1 |
1.1 |
2.1 |
1.2 |
|
Other Debtors |
16.3 |
15.4 |
15.5 |
43.3 |
27.4 |
|
Prepayments |
142.2 |
160.5 |
137.8 |
132.3 |
164.0 |
|
Other Financial
Assets |
19.6 |
6.5 |
13.8 |
115.4 |
25.0 |
|
Short Term Deposit |
16.7 |
4.6 |
100.5 |
2.9 |
1.2 |
|
Cash & Bank |
72.0 |
73.5 |
71.0 |
62.5 |
109.9 |
|
Total Current
Assets |
1,790.8 |
1,691.0 |
1,668.4 |
1,467.5 |
1,911.0 |
|
|
|
|
|
|
|
|
Investment in
Associate |
9.6 |
8.1 |
6.4 |
4.8 |
5.8 |
|
Other Investments |
1.6 |
1.6 |
1.6 |
1.4 |
2.0 |
|
Other Financial
Assets |
70.1 |
38.5 |
36.4 |
19.3 |
1.0 |
|
Defined benefit
pension surplus |
55.1 |
88.3 |
0.0 |
- |
- |
|
Goodwill |
66.8 |
67.3 |
70.7 |
67.9 |
71.8 |
|
Amortisation of
Goodwill |
- |
- |
-2.6 |
0.0 |
0.0 |
|
Brand Names &
Trademarks |
6.3 |
6.3 |
6.4 |
5.5 |
0.0 |
|
Customer
Relationship |
3.1 |
3.2 |
3.2 |
2.7 |
0.0 |
|
Accumulated
Amortisation |
-4.6 |
-3.2 |
-1.8 |
-0.4 |
0.0 |
|
Freehold Property |
115.5 |
117.7 |
121.1 |
103.1 |
147.2 |
|
Long Term
Leasehold |
13.0 |
13.2 |
13.3 |
11.3 |
16.5 |
|
Plant &
Fittings |
2,202.6 |
2,143.1 |
1,979.0 |
1,601.5 |
2,124.8 |
|
Depreciation |
-1,416.9 |
-1,335.3 |
-1,188.5 |
-878.2 |
-1,077.5 |
|
Total Assets |
2,913.0 |
2,839.7 |
2,713.7 |
2,406.3 |
3,202.5 |
|
|
|
|
|
|
|
|
Bank Overdrafts |
11.9 |
16.2 |
7.5 |
63.3 |
74.8 |
|
Unsecured Bank
Loan |
0.0 |
182.2 |
0.0 |
102.5 |
406.6 |
|
Trade Creditors |
303.4 |
309.8 |
280.4 |
279.9 |
347.1 |
|
Obligations under
Finance Leases |
0.2 |
0.3 |
0.6 |
0.5 |
0.8 |
|
Taxation and
Social Security |
96.8 |
92.7 |
97.6 |
59.6 |
112.6 |
|
Share Based
Payment Liability |
23.7 |
22.5 |
8.0 |
2.9 |
0.0 |
|
Other Creditors |
432.2 |
437.6 |
495.1 |
327.5 |
478.1 |
|
Other Financial
Liabilities |
136.7 |
86.7 |
150.0 |
21.6 |
109.1 |
|
Corporation Tax |
161.5 |
171.7 |
175.5 |
117.4 |
183.2 |
|
Total Current
Liabilities |
1,166.3 |
1,319.6 |
1,214.8 |
975.3 |
1,712.3 |
|
|
|
|
|
|
|
|
Finance Leases |
0.6 |
0.8 |
1.0 |
- |
- |
|
Corporate Bonds |
1,024.5 |
746.6 |
834.7 |
777.5 |
1,070.3 |
|
Total Long Term
Debt |
1,025.1 |
747.4 |
835.7 |
777.5 |
1,070.3 |
|
|
|
|
|
|
|
|
Retirement
Benefits |
- |
0.0 |
79.3 |
94.5 |
90.8 |
|
Provision for
Vacant Property |
18.9 |
21.1 |
21.5 |
17.9 |
18.6 |
|
Deferred Tax |
24.2 |
37.1 |
5.9 |
38.3 |
32.5 |
|
Other Financial
Liabilities |
6.9 |
4.1 |
7.1 |
3.3 |
24.4 |
|
Share based
payment liability |
16.7 |
21.9 |
27.1 |
8.7 |
- |
|
Other creditors
and accruals |
305.1 |
320.4 |
308.6 |
298.8 |
442.3 |
|
Minority Interest |
0.0 |
0.2 |
-0.3 |
-0.1 |
0.2 |
|
Total Liabilities |
2,563.1 |
2,471.7 |
2,499.6 |
2,214.1 |
3,391.5 |
|
|
|
|
|
|
|
|
Share Capital |
26.6 |
28.7 |
30.6 |
26.9 |
39.9 |
|
Share Premium |
1.3 |
1.3 |
1.1 |
1.0 |
1.4 |
|
Capital Redemption
Reserve |
20.4 |
18.7 |
17.3 |
13.9 |
19.4 |
|
ESOP Reserve |
-221.7 |
-219.6 |
-125.3 |
-66.6 |
-108.7 |
|
Fair Value Reserve |
18.1 |
-5.1 |
8.2 |
95.1 |
22.4 |
|
Foreign Currency
Revaluation |
3.1 |
7.3 |
7.5 |
13.3 |
5.2 |
|
Other Reserves |
-2,268.2 |
-2,287.6 |
-2,313.5 |
-1,973.5 |
-2,863.3 |
|
Profit & Loss |
2,770.3 |
2,824.4 |
2,588.2 |
2,082.1 |
2,694.8 |
|
Total Equity |
349.9 |
368.1 |
214.1 |
192.2 |
-189.0 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
2,913.0 |
2,839.7 |
2,713.7 |
2,406.3 |
3,202.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary
Shares |
168.7 |
181.2 |
191.2 |
197.1 |
201.0 |
|
Total Common
Shares Outstanding |
168.7 |
181.2 |
191.2 |
197.1 |
201.0 |
|
Accumulated Goodwill Amortization |
- |
- |
2.6 |
0.0 |
0.0 |
|
Accumulated Intangible Amortisation |
4.6 |
3.2 |
1.8 |
0.4 |
0.0 |
|
Full-Time Employees |
28,685 |
28,744 |
35,619 |
36,973 |
39,345 |
|
Long Term Debt Maturing within 1 Year |
66.0 |
238.8 |
0.6 |
- |
- |
|
Long Term Debt Maturing in Year1- 2 |
188.5 |
40.4 |
- |
- |
- |
|
Long Term Debt Maturing in Year2- 5 |
475.2 |
413.8 |
- |
- |
- |
|
Long Term Debt - Maturing After 5 Years |
647.7 |
419.4 |
- |
- |
- |
|
Long Term Debt Maturing Within 5 Years |
- |
- |
431.7 |
434.4 |
- |
|
Long Term Debt Maturing Within 8 Years |
- |
- |
403.0 |
341.7 |
- |
|
Total Long Term Debt, Supplemental |
1,377.5 |
1,112.4 |
835.3 |
776.1 |
- |
|
Capital Leases Maturing within 1 Year |
0.2 |
0.3 |
0.6 |
0.5 |
- |
|
Capital Lease Payments Due in 1-2 Year 2 |
0.2 |
0.3 |
0.3 |
- |
- |
|
Capital Leases Maturing 2-5 Years |
0.5 |
0.6 |
0.6 |
1.0 |
- |
|
Capital Leases Maturing After 5 Years |
0.0 |
0.0 |
0.2 |
0.4 |
- |
|
Total Capital Leases |
0.8 |
1.3 |
1.8 |
1.9 |
- |
|
Optg leases-year 1 |
326.0 |
325.3 |
354.0 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
321.4 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
306.8 |
- |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
288.9 |
- |
- |
- |
- |
|
Operating Lease Due in 5 Years |
271.6 |
1,177.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 10 |
954.9 |
- |
- |
- |
- |
|
Operating Leases - Remaining Payments |
334.9 |
- |
- |
- |
- |
|
Optg leases-year 5+ |
- |
1,398.5 |
1,623.4 |
- |
- |
|
Total Operating Leases |
2,804.6 |
2,901.0 |
1,977.4 |
- |
- |
|
PV of Obligation - Funded - Pension |
778.6 |
703.3 |
762.1 |
532.8 |
- |
|
FV of Plan Assets - Funded - Pension |
848.5 |
803.4 |
693.5 |
445.3 |
- |
|
Funded Status - Funded - Pension |
69.9 |
100.1 |
-68.6 |
-87.5 |
- |
|
PV of Obligation - Unfunded - Pension |
14.8 |
11.9 |
10.7 |
7.0 |
- |
|
Total Funded Status |
55.1 |
88.3 |
-79.3 |
-94.5 |
- |
|
Discount Rate - Pension |
5.00% |
5.70% |
5.70% |
6.50% |
- |
|
Compensation Rate - Pension |
3.10% |
3.60% |
3.60% |
3.80% |
- |
|
Pension Payment Rate |
3.10% |
3.60% |
3.60% |
3.80% |
- |
|
Rate of Return - Equity - Pension |
6.95% |
7.70% |
7.70% |
8.15% |
- |
|
Rate of Return - Bonds- Pension |
3.95% |
4.85% |
4.80% |
6.40% |
- |
|
Rate of Return - Gilts - Pension |
2.65% |
4.15% |
4.15% |
4.85% |
- |
|
Rate of Return - Property - Pension |
5.55% |
6.25% |
6.25% |
7.90% |
- |
|
Rate of Return - Insurance - Pension |
5.00% |
5.70% |
0.00% |
- |
- |
|
Rate of Return - Others - Pension |
2.65% |
4.25% |
4.15% |
4.85% |
- |
|
Liabilities - Funded - Pension |
- |
- |
-68.6 |
-87.5 |
- |
|
Liabilities - Unfunded - Pension |
-14.8 |
-11.9 |
-10.7 |
-7.0 |
- |
|
Prepaid Benefits - Domestic |
69.9 |
100.1 |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet |
55.1 |
88.3 |
-79.3 |
-94.5 |
- |
|
Equities % - Pension |
41.30% |
48.10% |
48.90% |
46.00% |
- |
|
Bonds % - Pension |
11.60% |
11.20% |
25.90% |
40.10% |
- |
|
Gilts % - Pension |
11.50% |
7.20% |
2.50% |
3.10% |
- |
|
Property % - Pension |
3.70% |
3.60% |
3.70% |
3.80% |
- |
|
Other % - Pension |
10.60% |
9.40% |
19.00% |
7.00% |
- |
|
Inurance contract % - Pension |
21.30% |
20.50% |
0.00% |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.624652 |
0.648767 |
0.635548 |
0.557193 |
0.499706 |
|
Auditor |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Operating Profit |
963.4 |
873.7 |
833.6 |
858.4 |
1,074.8 |
|
Depreciation |
191.6 |
183.9 |
193.7 |
209.6 |
216.9 |
|
Discontinued
Operations |
4.6 |
12.3 |
- |
- |
- |
|
Impairment |
2.2 |
3.5 |
10.1 |
0.0 |
- |
|
Loss on Disposal |
7.2 |
10.6 |
8.7 |
11.1 |
10.0 |
|
Share Option
Charge |
26.9 |
18.2 |
14.8 |
16.0 |
17.6 |
|
Interest from
Associates |
-1.6 |
-1.7 |
-0.8 |
-1.1 |
-1.4 |
|
Exchange Movements |
-1.1 |
-4.0 |
-2.5 |
7.0 |
-4.8 |
|
Stocks |
-5.8 |
-91.4 |
15.3 |
1.8 |
-74.6 |
|
Debtors |
-150.2 |
-44.7 |
9.4 |
-79.3 |
-27.8 |
|
Creditor |
45.1 |
18.0 |
48.9 |
31.0 |
63.6 |
|
Pension
contributions less income statem |
-10.2 |
-63.0 |
-50.7 |
-23.2 |
1.0 |
|
Corporation Tax |
-230.4 |
-218.7 |
-181.3 |
-226.0 |
-238.7 |
|
Cash from
Operating Activities |
841.9 |
696.7 |
899.2 |
805.5 |
1,036.6 |
|
|
|
|
|
|
|
|
(Decrease)/increase
in capital accruals |
-14.4 |
- |
- |
- |
- |
|
Disposal of Fixed
Asset |
3.0 |
2.9 |
0.6 |
0.5 |
0.8 |
|
Capital
Expenditure |
-201.9 |
-185.9 |
-155.1 |
-216.4 |
-358.8 |
|
Payment of
deferred consideration |
0.0 |
-29.9 |
0.0 |
- |
- |
|
Outflow on
Acquisition of Sunbsidiary |
- |
- |
0.0 |
-25.3 |
0.0 |
|
Net proceeds from
disposal of subsidiary |
100.9 |
0.0 |
- |
- |
- |
|
Cash from
Investing Activities |
-112.4 |
-212.9 |
-154.5 |
-241.2 |
-358.0 |
|
|
|
|
|
|
|
|
Shares Purchased |
-466.0 |
-341.6 |
-160.2 |
-99.1 |
-1,026.2 |
|
Purchase of Shares
ESOT |
-170.8 |
-153.7 |
-61.7 |
0.0 |
0.0 |
|
Disposal of ESOT |
108.2 |
47.8 |
53.0 |
7.0 |
47.6 |
|
Net proceeds from
bond issue and tender |
245.4 |
0.0 |
- |
- |
- |
|
Unsecured Bank
Loans |
-184.1 |
177.3 |
-118.0 |
-233.3 |
410.0 |
|
Repurchase of
corporate bonds |
0.0 |
-79.1 |
-73.3 |
0.0 |
- |
|
Interest Paid |
-38.3 |
-33.3 |
-50.5 |
-89.9 |
-81.2 |
|
Interest Received |
8.0 |
1.4 |
1.4 |
2.5 |
8.8 |
|
New Finance Lease |
-0.3 |
-0.5 |
-0.6 |
-0.9 |
-1.2 |
|
Dividends Paid |
-216.3 |
-199.8 |
-170.7 |
-191.1 |
-218.9 |
|
Investment by
Minority Interest |
- |
- |
- |
0.0 |
0.6 |
|
New Short Term
Borrowings |
- |
- |
- |
- |
0.0 |
|
Cash from
Financing Activities |
-714.2 |
-581.4 |
-580.6 |
-604.8 |
-860.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
0.2 |
-5.5 |
10.4 |
0.0 |
|
Net Change in
Cash |
15.5 |
-97.4 |
158.6 |
-30.2 |
-181.9 |
|
|
|
|
|
|
|
|
Cash in the Beginning |
62.6 |
157.7 |
2.4 |
32.8 |
218.5 |
|
Cash in the End |
78.1 |
60.3 |
161.0 |
2.7 |
36.6 |
|
Cash Interest Paid |
38.3 |
33.3 |
50.5 |
89.9 |
81.2 |
|
Cash Taxes Paid |
230.4 |
218.7 |
181.3 |
226.0 |
238.7 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1 |
2,588.4 |
4.78% |
5,508.8 |
4.35% |
1.70% |
0.94% |
|
Operating Income1 |
409.5 |
7.54% |
973.2 |
7.25% |
8.32% |
3.68% |
|
Income Available to Common Excl Extraord Items1 |
293.8 |
10.83% |
695.3 |
10.42% |
12.82% |
5.55% |
|
Basic EPS Excl Extraord Items1 |
1.82 |
17.57% |
4.13 |
18.49% |
18.23% |
12.04% |
|
Capital Expenditures2 |
59.8 |
-48.29% |
201.9 |
4.56% |
1.50% |
-2.06% |
|
Cash from Operating Activities2 |
391.4 |
24.06% |
841.9 |
16.35% |
5.43% |
0.98% |
|
Free Cash Flow |
329.4 |
65.96% |
628.1 |
20.64% |
6.80% |
2.07% |
|
Total Assets3 |
2,960.2 |
6.47% |
2,913.0 |
3.45% |
1.75% |
3.37% |
|
Total Liabilities3 |
2,716.5 |
4.37% |
2,563.1 |
4.58% |
0.24% |
3.38% |
|
Total Long Term Debt3 |
1,030.9 |
3.09% |
1,025.1 |
38.33% |
4.68% |
4.20% |
|
Employees3 |
- |
- |
28685 |
-0.21% |
-8.11% |
-6.03% |
|
Total Common Shares Outstanding3 |
164.9 |
-4.54% |
168.7 |
-6.89% |
-5.05% |
-5.76% |
|
1-ExchangeRate: GBP to USD Average for Period |
0.633702 |
 |
0.624652 |
 |
 |
 |
|
2-ExchangeRate: GBP to USD Average for Period |
0.633702 |
 |
0.624652 |
 |
 |
 |
|
3-ExchangeRate: GBP to USD Period End Date |
0.637868 |
 |
0.636531 |
 |
 |
 |
|
Key Ratios |
|||||
|
 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
24-Jan-2009 |
26-Jan-2008 |
|
Profitability |
|||||
|
Gross Margin |
30.38% |
29.27% |
29.26% |
27.77% |
28.51% |
|
Operating Margin |
17.67% |
17.19% |
15.55% |
14.62% |
16.13% |
|
Pretax Margin |
16.84% |
16.48% |
14.83% |
13.11% |
14.96% |
|
Net Profit Margin |
12.62% |
11.93% |
10.69% |
9.24% |
10.64% |
|
Financial
Strength |
|||||
|
Current Ratio |
1.54 |
1.28 |
1.37 |
1.50 |
1.12 |
|
Long Term Debt/Equity |
2.93 |
2.03 |
3.90 |
4.05 |
-5.66 |
|
Total Debt/Equity |
2.96 |
2.57 |
3.94 |
4.91 |
-8.21 |
|
Management
Effectiveness |
|||||
|
Return on Assets |
23.81% |
22.55% |
21.08% |
17.91% |
22.22% |
|
Return on Equity |
190.90% |
214.98% |
265.57% |
1,335.10% |
753.40% |
|
Efficiency |
|||||
|
Receivables Turnover |
5.97 |
6.14 |
6.45 |
6.42 |
6.80 |
|
Inventory Turnover |
6.47 |
6.89 |
7.68 |
7.41 |
7.92 |
|
Asset Turnover |
1.89 |
1.89 |
1.97 |
1.94 |
2.09 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) |
13.25 |
. |
Enterprise Value2 |
10,006.3 |
|
Price/Sales (TTM) |
1.66 |
. |
Enterprise Value/Revenue (TTM) |
1.82 |
|
Price/Book (MRQ) |
37.81 |
. |
Enterprise Value/EBITDA (TTM) |
8.60 |
|
Market Cap as of 05-Oct-20121 |
9,441.9 |
. |
|
|
|
1-ExchangeRate: GBP to USD on 5-Oct-2012 |
0.618047 |
|
|
|
|
2-ExchangeRate: GBP to USD on 28-Jul-2012 |
0.637868 |
|
|
|
Annual Ratios
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Current Market
Multiples |
|
|
Market Cap/Earnings (TTM) |
13.16 |
|
Market Cap/Equity (MRQ) |
37.55 |
|
Market Cap/Revenue (TTM) |
1.66 |
|
Market Cap/EBIT (TTM) |
9.34 |
|
Market Cap/EBITDA (TTM) |
7.86 |
|
Enterprise Value/Earnings (TTM) |
14.39 |
|
Enterprise Value/Equity (MRQ) |
41.07 |
|
Enterprise Value/Revenue (TTM) |
1.82 |
|
Enterprise Value/EBIT (TTM) |
10.21 |
|
Enterprise Value/EBITDA (TTM) |
8.60 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves
as a reference to assess SC’s credit risk and to set the amount of credit to be
extended. It is calculated from a composite of weighted scores obtained from
each of the major sections of this report. The assessed factors and their
relative weights (as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.