MIRA
INFORM REPORT
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Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
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Name : |
DEBENHAMS PLC |
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Formerly Known
as: |
Debenhams Retail Holdings Ltd. |
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Registered Office : |
10 Brock
Street, Regent's Place, London, NW1 3FG |
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Country : |
United Kingdom |
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Financials (as on) : |
31.08.2013 |
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Date of Incorporation : |
10.05.2005 |
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Com. Reg. No.: |
05448421 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
Engaged
in sale of fashion clothing (including womenswear, childrenswear, menswear),
accessories, cosmetics and products for use in the home. Subject trades from department stores in the United
Kingdom |
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No. of Employees : |
8,086 |
RATING & COMMENTS
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MIRAs 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 : |
No Complaints |
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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 September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 second largest economy in Europe after Germany.
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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an
asset purchase program of up to 375 billion (approximately $605 billion) as of
December 2012. 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). In 2012, weak consumer spending and
subdued business investment weighed on the economy. GDP fell 0.1%, and the
budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued
to increase.
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Source : CIA |
Company name & address
Debenhams Plc
10 Brock Street,
Regent's Place
London, NW1 3FG
United Kingdom
Tel: 020 7408 4444
Fax: 020 7408 3366
Web: www.debenhams.com
synthesis
Employees: 8,086
Company Type: Public Parent
Corporate Family: 64 Companies
Traded: London Stock Exchange
(LON): DEB
Quoted Status: Quoted
Company
Incorporation
Date: 10-May-2005
Auditor: PricewaterhouseCoopers
LLP
Financials in: USD (Millions)
Fiscal Year End: 31-Aug-2013
Reporting
Currency: British Pound Sterling
Annual Sales: 3,566.6 1
Net Income: 199.9
Total Assets: 3,304.7 2
Market Value: 1,755.4
(06-Dec-2013)
Business
Description
Debenhams plc is
a United Kingdom-based holding company. The principal activities of the Company
and its subsidiaries are the sale of fashion clothing and accessories,
cosmetics and products for use in the home. The Company trades from department
stores in the United Kingdom, the Republic of Ireland and Denmark, on the
Internet and has international franchise stores. The Company brand trades
through 239 stores in 28 countries and is available online in 67 countries.
Customers can also shop through smartphones, tablet computers and other mobile
devices as well as more traditional sales channels, such as catalogues and by
telephone. The Company own 11 Debenhams stores in the Republic of Ireland and
six in Denmark which trade as Magasin du Nord. For the fiscal year ended 31
August 2013, Debenhams Plc revenues increased 2% to L2.28B. Net income
increased 2% to L127.9M. Revenues reflect UK segment increase of 2% to L1.9B,
International segment increase of 5% to L386.3M, United Kingdom segment increase
of 2% to L1.9B, Denmark segment increase of 11% to L157.8M, Rest of the world
segment increase of 4% to L94.2M. Dividend per share remained flat at L0.03.
Industry
Industry
Department Stores
ANZSIC 2006: 4260 - Department Stores
ISIC Rev 4:
4719 - Other retail sale in non-specialized stores
NACE Rev 2:
4719 - Other retail sale in non-specialised stores
NAICS 2012: 45211 - Department Stores
UK SIC 2007: 4719 - Other retail sale in non-specialised
stores
US SIC 1987: 5311 - Department Stores
Key
Executives
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Name |
Title |
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Michael John Todkill Sharp |
Chief Executive Officer |
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Simon Herrick |
Chief Financial Officer, Director |
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Paul Eardley |
Company Secretary |
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Ed Watson |
Director, Public Relations |
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Adam Creasey |
Trading Director - Global Sourcing |
financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6398886
2 - Balance Sheet
Item Exchange Rate: USD 1 = GBP 0.6453782
Corporate
Overview
Location
10 Brock Street,
Regent's Place
London, NW1 3FG
London County
United Kingdom
Tel: 020 7408 4444
Fax: 020 7408 3366
Web: www.debenhams.com
Quote Symbol -
Exchange
DEB - London Stock Exchange (LON)
Sales GBP(mil): 2,282.2
Assets GBP(mil): 2,132.8
Employees: 8,086
Fiscal Year End: 31-Aug-2013
Industry: Retail
(Department and Discount)
Registered Address:
10 Brock Street
Regent S Place
London, NW1 3FG
United Kingdom
Incorporation
Date: 10-May-2005
Company Type: Public Parent
Quoted Status: Quoted
Previous Name: Debenhams Retail Holdings Ltd.
Registered
No.(UK): 05448421
Chief Executive Officer:
Michael John
Todkill Sharp
Industry Codes
ANZSIC 2006
Codes:
4260 - Department
Stores
4251 - Clothing
Retailing
4259 - Other
Personal Accessory Retailing
ISIC Rev 4 Codes:
4719 - Other
retail sale in non-specialized stores
4771 - Retail
sale of clothing, footwear and leather articles in specialized stores
NACE Rev 2 Codes:
4719 - Other
retail sale in non-specialised stores
4771 - Retail
sale of clothing in specialised stores
NAICS 2012 Codes:
45211 - Department
Stores
448130 - Children's
and Infants' Clothing Stores
448120 - Women's
Clothing Stores
448110 - Men's
Clothing Stores
448150 - Clothing
Accessories Stores
448190 - Other
Clothing Stores
US SIC 1987:
5311 - Department
Stores
5632 - Women's
Accessory and Specialty Stores
5641 - Children's
and Infants' Wear Stores
5621 - Women's
Clothing Stores
5611 - Men's
and Boys' Clothing and Accessory Stores
5699 - Miscellaneous Apparel and Accessory
Stores
UK SIC 2007:
4719 - Other
retail sale in non-specialised stores
4771 - Retail
sale of clothing in specialised stores
Business Description
Debenhams plc is
a United Kingdom-based holding company. The principal activities of the Company
and its subsidiaries are the sale of fashion clothing and accessories,
cosmetics and products for use in the home. The Company trades from department
stores in the United Kingdom, the Republic of Ireland and Denmark, on the
Internet and has international franchise stores. The Company brand trades
through 239 stores in 28 countries and is available online in 67 countries.
Customers can also shop through smartphones, tablet computers and other mobile
devices as well as more traditional sales channels, such as catalogues and by
telephone. The Company own 11 Debenhams stores in the Republic of Ireland and six
in Denmark which trade as Magasin du Nord. For the fiscal year ended 31 August
2013, Debenhams Plc revenues increased 2% to L2.28B. Net income increased 2% to
L127.9M. Revenues reflect UK segment increase of 2% to L1.9B, International
segment increase of 5% to L386.3M, United Kingdom segment increase of 2% to
L1.9B, Denmark segment increase of 11% to L157.8M, Rest of the world segment
increase of 4% to L94.2M. Dividend per share remained flat at L0.03.
More Business Descriptions
Leading
international department store group and key product categories including
womenswear, menswear, childrenswear, home and health and beauty and offers its
customers.
Retail in
womenswear, childrenswear, menswear, products for the home and cosmetics
Department Stores
Retail in
womenswear, childrenswear, menswear, products for the home and cosmetics. FTSE
2012
Debenhams plc
(Debenhams) is a UK-based operator of department stores chain. The company
offers various products such as men’s wear, women’s wear, children’s
wear, lingerie, cosmetics, accessories and home ware among others. The company
markets its own private label brands as well as third party brands through its
stores and website. The company operates through two reportable segments,
namely, UK and International. Under its UK segment, the company markets and
distributes its merchandise through 154 stores which also include Desire by
Debenhams stores in the UK. The segment also comprises online sales to the UK
customers. The company’s department stores offer various product categories
such as women’s wear, men’s wear, children’s wear, health and beauty,
accessories, lingerie, home and food services. It also provides services such
as personal shopping, hairdressing and beauty treatments and celebration gift
services. In the fiscal year 2012, the company opened two new stores in the UK
and it also modernized 18 stores in the country. For the fiscal year ended
September 2012, the UK segment reported revenue of £1,860.3m, indicating an
increase of 0.5% over £1,850.6m of 2011. The segment contributed 83.4% of the
company’s total revenue in 2012.The International segment comprises the sales
in countries outside the UK. The company has 11 self owned stores in the
Republic of Ireland and six stores in Denmark. The company also operates 68
international franchise stores in 25 countries. The company has international
franchise stores in Bahrain, Cyprus, the Czech Republic, Iceland, India,
Indonesia, Jordan, Kuwait, Moldova, Indonesia, Philippines, Qatar, Romania,
Saudi Arabia, Turkey, UAE and Iran. In the fiscal year 2012, the company opened
seven franchise stores and closed three stores. For the fiscal year ended
September 2012, the International segment reported revenue of £369.5m,
indicating an increase of 2.8% over £359.2m of 2011. The segment contributed
16.6% of the company’s total revenue in 2012.The company also operates an
online store - www.debenhams.com.
The online website features personal finance products in addition to Debenhams
account card, quotes for home, car, travel, wedding or pet insurance. It offers
information on wedding gowns, mens’ formal hire, wedding stationery and gift
list service through the wedding section. The company has its own exclusive
designer line under the banner - Designers at Debenhams. Designers at Debenhams
include Jonathan Saunders, Jonathan Kelsey, Preen, Roksanda Ilincic, Jasper
Conran, Erickson Beamon, Jeff Banks, FrostFrench, Ben de Lisi, Julien
Macdonald, Henry Holland, Betty Jackson, Melissa Odabash, Eric Van Peterson,
Janet Reger, John Rocha, Jane Packer, Pearce Fionda, Lisa Stickley and Matthew
Williamson among others. It has designers for womenswear, menswear,
childrenswear, accessories, health and beauty, and homeware. The company’s
private label and exclusive brands include Collection, Mantaray, Maine New
England and others. The company also offers third party brands such as Levi
Strauss, Nike, Ben Sherman, Chanel and Estee Lauder. Geographically, the
company operates in four regions, namely, the UK, Republic of Ireland, Denmark
and Rest of world. In 2012, the UK region contributed 83.42% of the company’s
total revenue followed by Denmark with 6.40%, the Republic of Ireland with
6.12%, and Rest of world with 4.05% of the company’s total revenue.
Debenhams plc (Debenhams) is a department store
chain operator. The company’s product portfolio includes menswear, women’s
wear, children’s wear, lingerie, cosmetics, accessories and homeware among
others. The company offers products under various international brands; and
private label and exclusive brands including Mantaray, Maine, New England and
Red Herring among others. The company has an exclusive designer line under the
banner - Designers at Debenhams including Julien Macdonald, John Rocha and
Jasper Conran. The company markets its merchandise through about 171
company-owned stores in the UK, the Republic of Ireland and Denmark. It also
has around 68 international franchise stores in India, Vietnam, Romania, Turkey
and Egypt among other countries. Debenhams is headquartered in London, the
UK.The company reported revenues of (British Pounds) GBP 2,229.80 million
during the fiscal year ended September 2012, an increase of 0.91% over 2011.
The operating profit of the company was GBP 175.00 million during the fiscal
year 2012, a decrease of 4.74% from 2011. The net profit of the company was GBP
125.30 million during the fiscal year 2012, an increase of 6.91% over 2011.
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Resource
Management
Suzanne is
responsible for the development of the brand and product strategy that underpins
the second pillar “Delivering a compelling customer proposition. During the past year Suzanne has also
assumed responsibility for the sourcing and supply chain functions. Richard
Cristofoli joined Debenhams as Marketing Director in 2011, the first senior
marketing appointment to the executive committee. Richard has been instrumental
in the changes we have made to communicating the proposition, another key tenet
of the second pillar of our strategy. Nikki Zamblera has been HR Director since
2004. In a business that employs 30,000 people, attracting, retaining and
rewarding our people is of paramount importance.
Sales
and Distribution
It is not just
the senior team which has been strengthened. We are investing in people across
the business, including the teams in buying and merchandising, marketing,
customer analytics, systems and logistics. Highlights of the year Overall I was
very pleased with our performance which I believe is evidence that the strategy
is starting to work. In particular I was delighted with our like-for-like sales
performance. At 1.6%, this was by far the strongest like-for-like sales since
Debenhams became a public company in 2006.
With Debenhams's
strong brand equity, it can expect sales growth in the near future. For the
fiscal year ended 2012, the company reported £250.6m of revenue through online
sales with an increase of 39.8% over £179.2m of previous fiscal. Currently,
the company delivers online products to 66 countries and plans to expand in 30
more countries. It has country specific website in Ireland, launched in Germany
in march 2012 and has plans to increase it over a period of time. According to
industry expert, the increase in online purchasing consist of convenience,
access to broad range of products and better value for money.
For the fiscal
year ended 2012, the company reported £250.6m of revenue through online sales
with an increase of 39.8% over £179.2m of previous fiscal. Currently, the
company delivers online products to 66 countries and plans to expand in 30 more
countries. It has country specific website in Ireland, launched in Germany in
march 2012 and has plans to increase it over a period of time. According to
industry expert, the increase in online purchasing consist of convenience,
access to broad range of products and better value for money. The market is
expected to grow at a compound average growth rate (CAGR) of 10% from 2009 to
2013.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats
Highly
Competitive Environment |
Overview
Debenhams is a
department store group, offering women's wear, men's wear, accessories, health
and beauty, homewares, lingerie and children’s wear. It offers a unique mix
of its own exclusive brands and international brands. The company's
differentiated service offerings and broad product and brand portfolio are its
strengths. Furthermore, strong growth opportunities through key business
initiatives and increasing online presence ensures a strong future for the
company. It also faces challenges due to the intense competitive market,
growing counterfeit products and fast changing fashion trends and pricing
pressure.
Strengths
Store Network
The company has
widespread network of stores and also operates through online website. The
company maintains a organizational structure with 154 stores in the UK, 11
stores in the Republic of Ireland and six stores in Denmark. It also operates
68 international franchise stores in 25 countries, including Armenia,
Azerbaijan, Bahrain, Cyprus, Czech Republic, Egypt, Hungary,Georgia, Iceland,
India, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Malaysia, Malta,
Philippines, Qatar, Romania, Saudi Arabia, Russia, Turkey, Pakistan, United
Arab Emirates and Vietnam. In fiscal year 2012, the company entered into two
new markets, namely, Russia and Pakistan and it also opened new stores in the
Philippines, India and Iran. The company plans to open seven new stores both in
existing markets such as Saudi Arabia, Indonesia, Malta and the UAE and and new
markets including Georgia, Bulgaria and Libya. The company also has 14 stores
in pipeline for subsequent three years. The company also offers its products
online via, www.debenhams.com
and www.debenhams.ie
and also via iPhone, iPad and Android apps. In 2012, the company's online sales
grew by 39.8%. This wide network of stores and online network helps the company
to serve a large number of customers.
Brand Portfolio
The company
leverages on its brand portfolio consisting of company-owned and international
brands, to cater to cost conscious consumers and brand conscious consumers,
respectively, to fuel its sales growth. It has a broad portfolio of more than
100 designers and own brands. The company's exclusive and own brands comprise
Maine New England, Collection, Mantaray and Red Herring. The international brands
consist of Chanel, Clarins, Denby, Levi's, Nike, Reebok, Caterpillar, Ikon,
Radley and Ben Sherman, among others; and the concession brands include Wallis,
Warehouse, Oasis and Tripp luggage among others. Debenhams also offers designer
brands such as John Rocha, Matthew Williamson, Jonathan Kelsey, Julien
Macdonald, Pearce Fionda, Lisa Stickley, Jonathan Saunders, Marios Schwab,
Melissa Odabash, Preen, Yukari Sweeney and Roksanda Ilincic among others. For
the fiscal year ended 2012, the company's international brands generated 30.6%
of total sales revenue followed by core brands with 28.9%,
Concessions/consignment with 23.3% and 17.2% from designers brands. Through
these diversified brand offerings, Debenhams is able to meet the demands of a
broad customer segment.
Product Portfolio
The company
leverages its extensive product offerings to tap the immense market potential
in the retail department store domain. The company offers a broad range of
products categorizing into women's wear, lingerie, men's wear, kids wear,
shoes, beauty, home and furnishing, electrical, gift and toys, and designer.
Women's wear include clothing, shoes and accessories, and sportswear such as
t-shirts, coats, dresses, tops, jumpers, trousers, jackets, leggings, shirts,
jeans, blouses, shorts, handbags, purses, hats, fascinators, jewellery,
watches, scarves and gloves among others. Men's wear consists of clothing,
shoes and boots, accessories and sportswear such as shirts, shorts, socks,
trousers, suits, bags, belts and sunglasses among others. The beauty products
include perfume and aftershave, make up, skincare, sun protection and tanning,
hair products, gift sets, male grooming, beauty accessories and beauty
electricals. Electrical products comprise small appliances such as coffee
machine, food and drink preparations, toasters and others; home and furniture
products comprise bedding, towels, cookware, glassware, cutlery and lighting
among others. It's children's wear category comprises trousers, shorts, jeans,
tops, shirts, nightwear, shoes, chinos, boots, hats, gloves and scarves. The
company's lingerie product category comprises nightwear, shapewear, thermals,
plus size lingerie and mastectomy bras among others. Debenhams offers boots,
high heels, slippers, formal and casual shoes under shoes category. For the
fiscal year ended September 1, 2012, Health and beauty contributed 22.8% of the
company's total revenue followed by women's wear with 17.6%, accessories with
14.0%, men's wear with 13.8%, home and furniture with 11.5%, children's wear
with 9.9%, lingerie, 6.3%; food services with 3.4%, sports and leisure with
0.5% and other with 0.2% of the company's total revenue. In addition to
merchandise retailing, the company also offers variety of value added services
to its customers. This helps to generate higher sales through word-of-mouth
marketing, which plays a major role in driving new customers to a store. These
services differentiate Debenhams from other retailers and generate a loyal and
satisfied customer base. To enhance and retain its customer base, the company
also offers an array of services including professional shopping advice, face
and body treatments by professionals and nail bars at its stores, helping the
customers plan for the entire wedding and other services.
Weaknesses
Geographical Concentration: the UK
The company's confined operations expose it to the
risks associated with limited geographical operations, while also limiting its
growth. Although Debenhams has presence in Republic of Ireland, Denmark and
Rest of world, its overwhelming dependence on the UK market to generate revenue
exposes it to associated risks and drawbacks. The company generates the
majority of its revenue from the UK, exposing it to the increased risk of
market volatility. For the fiscal year ended September 2012, the company
generated 83.42% of its revenue from the UK, followed by Denmark with 6.40%,
Republic of Ireland with 6.12% and Rest of world with 4.05%. This concentration
made the company more vulnerable than other competitors, which have greater
geographical presence and diversified products offerings. Retail sector in the
UK has matured and started facing saturation. Job cuts in public sector will
make 2013 an another tough year for the economy. Consumer spending is expected
to slow in the country because of high inflation in household expenditure and
low growth in wages. Debenhams has to strategically increase its presence in
other geographies to sustain its revenue growth and profitability.
Opportunities
Emerging Markets
Debenhams could
be significantly benefited from expanding its business in new emerging markets.
The company can focus its attention to emerging economies and is opening new
stores in India and the Philippines. Growth in the East Asia and Pacific region
(especially China) as well as South Asia (especially India) has been resilient.
China and India, with its huge population base and increasing per capita
income, has significant demand potential. In future China's GDP is expected to
grow at a double digit growth rate and India’s GDP growth is expected to be
increase at substantial rate. Economic growth, combined with high and young
population and high per capita consumption, could lead to increased demand in
the future. Additionally, factors like growing affluence, increasing
brand-consciousness and low penetration of organized retailers in these
countries make them attractive destinations for global retailers.
Growing Opportunities in E-Retailing
Online shopping,
also called e-retailing, has been witnessing a strong growth in the recent
years, mostly due to the rising internet penetration and the user-friendly
shopping interface created by the retailers. With brand promotions and
attractive features in its website, Debenhams could attract more customers and
generate higher revenue. With Debenhams's strong brand equity, it can expect
sales growth in the near future. For the fiscal year ended 2012, the company
reported £250.6m of revenue through online sales with an increase of 39.8%
over £179.2m of previous fiscal. Currently, the company delivers online
products to 66 countries and plans to expand in 30 more countries. It has
country specific website in Ireland, launched in Germany in march 2012 and has
plans to increase it over a period of time. According to industry expert, the
increase in online purchasing consist of convenience, access to broad range of
products and better value for money. The market is expected to grow at a
compound average growth rate (CAGR) of 10% from 2009 to 2013. Further,
according to Internet World Stats, the internet penetration in the world
population stood at 27.5% in Asia, 63.2% in Europe in 2012. Besides, during
2000- June 2012, internet penetration recorded 3,606.7% growth in Asia and
39.4% in Europe. The rising popularity of e-retailing has encouraged more and
more customers to shop online and place their orders through credit cards,
thereby avoiding the time consuming journey and billing queues.
Key Business Initiatives
The company has
undertaken various business initiatives to expand its business and increase its
market share. Currently, the company is modernizing its stores and it
modernized 18 stores in 2012 and plans to modernize remaining stores by
Christmas 2014. In 2012, the company added up to 18 pipeline stores in the UK
over the next five years; while for international franchised stores it has
pipeline of 21 stores. The company plans to increase its franchised stores to
150 in next five years. In January 2012, the company launched Nautica, an
American lifestyle brand, in its 21 Debenhams stores in the UK. For the growth
in revenue generation, the company installed kiosks at its stores. Debenhams
launched third edition of home catalog featuring living, kitchen, dining, sound
and vision, bed and bath, and electricals. In December 2012, the company
launched new clothing label, namely, Made by Great Britons. During the year,
the company opened new stores in Sofia, Bulgaria: first store in Georgia;
Indonesia; and first Russian store in Moscow. In July 2012, Debenhams launched
first foreign language website in Germany.
Threats
Highly Competitive Environment
The company faces
high competition from several retail formats prevalent in the industry. With
large retail chains widening their product offerings to cater to a broader
customer segment as well as increase their margins, the competition has
increased in the industry. The product diversification has transformed many
specialty retailers into general retailers, 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 away the biggest market share. In the premium apparel
segment, in addition to specialty stores, the company now has to compete with supermarkets
and hypermarkets, which have started offering branded premium apparels. Thus,
to make a mark in the retailing industry, the company may be forced to
differentiate its product offerings by reducing its price and increasing its
marketing activities. Key competitors of the company include Marks and Spencer
Group plc, N Brown Group plc, Arcadia Group Limited, John Lewis Partnership
Plc, Matalan Retail Limited, New Look Group plc, and Selfridges Retail Limited,
among others.
Fast Changing Fashion Trends and Pricing Pressure
Debenhams could
get affected by rapidly changing fashion trends. An inherent characteristic of
the fashion industry is the short life cycle of products, dependence on trends,
the seasonality of sales and the susceptibility to abnormal changes in weather
conditions. Its business depends principally on the customer preferences and
the changing trends. The company has to adapt quickly to these changes to
increase or maintain its business in the competitive apparel industry. The
company's business could be at risk as it manufactures its clothes well in
advance and the trends may change by the time the merchandise reach the
customers. Presently, all the retail players are facing the pricing pressure
throughout the supply chain which includes introduction of new or enhanced
products at lower price; reduction of wholesale prices on existing products;
increase in the retailer demands for allowances, incentives and other forms of
economic support and control over production and operating expenses. These
aspects could adversely affect the company's business.
Growing Counterfeit Products
The company's
business could be adversely affected due to the huge influx of counterfeit
products across the globe. Such high penetration of counterfeit merchandise may
lower the sales of the company and adversely affect its profit margins.
Moreover, as the customers end up buying counterfeit products bearing the
look-alike brand labels, the low quality of these counterfeits affects the
consumer confidence and also tarnishes the brand image of the genuine company.
With global annual sales of around $500 billion, the sales of counterfeit goods
are expected to cross $2 trillion in sales by 2026. Besides, since 1982, the
global trade in illegitimate goods has increased from $5.5 billion to about
$600 billion annually. The company is prone to these challenges and any under
performance of the counterfeit products will have a major effect on the
company's revenues.
|
Corporate
Family |
Corporate
Structure News: |
|
|
Debenhams Plc |
|
Debenhams Plc |
|
|
Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
London |
United Kingdom |
Department Stores |
3,566.6 |
8,086 |
|
|
Subsidiary |
Dublin |
Ireland |
Department Stores |
231.7 |
1,742 |
|
|
Subsidiary |
København K |
Denmark |
Department Stores |
237.3 |
895 |
|
|
UK Branch/Trading address |
Stoke-On-Trent |
United Kingdom |
Grocery Stores |
3,566.6 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
18.4 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
7.8 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
3.3 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
3.2 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
2.4 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
2.1 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
2.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
1.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
0.0 |
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
Middlesbrough |
United Kingdom |
Clothing and Apparel Stores |
3,179.3 |
26,936 |
|
|
Subsidiary |
Kobenhavn, København |
Denmark |
Department Stores |
224.2 |
350 |
|
|
UK Branch/Trading address |
Dundee |
United Kingdom |
Grocery Stores |
3,179.3 |
200 |
|
|
UK Branch/Trading address |
Nuneaton |
United Kingdom |
Grocery Stores |
3,179.3 |
3 |
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Pensions and Funds |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Non-store Retail |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Accounting and Tax Preparation |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Pensions and Funds |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
|
|
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
148.1 |
|
|
|
UK Branch/Trading address |
Stirling |
United Kingdom |
Grocery Stores |
|
|
|
|
UK Branch/Trading address |
Uxbridge |
United Kingdom |
Grocery Stores |
|
|
|
|
UK Branch/Trading address |
Aberdeen |
United Kingdom |
Grocery Stores |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Residential and Commercial Building Construction |
|
|
|
|
Subsidiary |
Jersey |
United Kingdom |
Holding Companies |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
Edinburgh |
United Kingdom |
Investment Services |
|
|
|
|
Subsidiary |
Dublin |
Ireland |
Clothing and Apparel Stores |
|
|
|
|
Subsidiary |
Coventry |
United Kingdom |
Real Estate Agents and Brokers |
|
|
Competitors
Report
|
CompanyName |
Location |
Employees |
Ownership |
|
Alliance Boots Ltd. |
Pontypool, United Kingdom |
115,000 |
Private |
|
Arcadia Group Ltd. |
London, United Kingdom |
2,044 |
Private |
|
Burberry Group plc |
London, United Kingdom |
8,867 |
Public |
|
Harvey Nichols Group Ltd. |
London, United Kingdom |
1,800 |
Private |
|
House Of Fraser (Stores) Ltd. |
Worcester, United Kingdom |
17,384 |
Private |
|
John Lewis Partnership Plc |
London, United Kingdom |
81,900 |
Public |
|
Marks and Spencer Group Plc |
London, United Kingdom |
57,518 |
Public |
|
Mothercare plc |
Watford, United Kingdom |
3,959 |
Public |
|
N Brown Group plc |
Manchester, United Kingdom |
3,254 |
Public |
|
NEXT plc |
Leicester, United Kingdom |
28,301 |
Public |
|
Selfridges Retail Ltd. |
Leicester, United Kingdom |
1,942 |
Private |
Executive report
|
Board of
Directors |
|
|
|
|
||||||||||
|
Non-Executive Independent Chairman of the Board |
Chairman |
|
||||||||||
|
|||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Non-Executive Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Chief Executive Officer |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Executives |
|
|
|
|
||||||||||||
|
Chief Executive Officer |
Chief Executive Officer |
|
||||||||||||
|
|||||||||||||||
|
Menswear Director |
Division Head Executive |
|
|
|||||||||||
|
Manager-Swansea |
Division Head Executive |
|
|
|||||||||||
|
Deputy Company Secretary |
Company Secretary |
|
|
|||||||||||
|
Company Secretary |
Company Secretary |
|
|
|||||||||||
|
|||||||||||||||
|
Head of Treasury and Personal Finance |
Finance Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Chief Financial Officer, Director |
Finance Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Director of Finance and Planning |
Finance Executive |
|
|
|||||||||||
|
Trading Director - Global Sourcing |
Investment Executive |
|
|
|||||||||||
|
Group Trading Director |
Investment Executive |
|
|
|||||||||||
|
Facilities Controller |
Controller |
|
|
|||||||||||
|
Director-HR |
Human Resources Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Director-Marketing |
Marketing Executive |
|
|
|||||||||||
|
Mgr-PR-Scotland |
Public Relations Executive |
|
|
|||||||||||
|
Director, Public Relations |
Public Relations Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Director, Investor Relations |
Investor Relations Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Director-Retail |
Merchandise Management Executive |
|
|
|||||||||||
|
Senior Independent Director |
Other |
|
|
|||||||||||
|
|||||||||||||||
Directors
and Shareholders Report
|
Main Office Address: |
Tel: 020
7408 4444 |
Annual Return Date: 10
May 2013 |
|
Individual Directors |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
22 Mar 1957 |
10 Brock Street, Regent's Place, |
09 May 2006 |
NA |
Current:15 |
|
|
|
Current |
07 Mar 1961 |
17 Rochester Row, Westminster, |
01 Aug 2009 |
NA |
Current:2 |
|
|
|
Current |
27 Jun 1961 |
91 Wimpole Street, |
09 May 2006 |
NA |
Current:1 |
|
|
|
Current |
16 Mar 1970 |
10 Brock Street, Regent's Place, |
04 Oct 2012 |
NA |
Current:1 |
|
|
|
Current |
08 Mar 1962 |
10 Brock Street, Regent's Place, |
08 Jan 2013 |
NA |
Current:1 |
|
|
|
Current |
31 Jan 1956 |
10 Brock Street, Regent's Place, |
01 Jan 2010 |
NA |
Current:2 |
|
|
|
Current |
28 Feb 1949 |
150 Armley Road, |
09 May 2006 |
NA |
Current:4 |
|
|
|
Current |
13 Jun 1963 |
2180 Century Way, Thorpe Park, |
01 Nov 2011 |
NA |
Current:15 |
|
|
|
Current |
30 Nov 1958 |
North Park, Newcastle Upon Tyne, |
01 Oct 2010 |
NA |
Current:3 |
|
|
|
Current |
07 Sep 1960 |
74 Denbigh Street, |
01 Aug 2009 |
NA |
Current:5 |
|
|
|
Previous |
04 Jun 1952 |
2 City Place, Beehive Ring Road, |
09 May 2006 |
01 Aug 2009 |
Current:2 |
|
|
|
Previous |
08 Jul 1969 |
130 Dronninggaards Alle, |
28 Oct 2005 |
13 Feb 2006 |
Current:0 |
|
|
|
Previous |
NA |
2 Lichfield Road, |
09 May 2006 |
16 Apr 2009 |
Current:1 |
|
|
|
Previous |
27 Jun 1961 |
25 Chester Row, London, |
09 May 2006 |
10 Jan 2012 |
Current:1 |
|
|
|
Previous |
11 Apr 1959 |
The Registry, 34 Beckenham Road, |
09 May 2006 |
30 Apr 2010 |
Current:5 |
|
|
|
Previous |
26 Jan 1964 |
41 Manor Road, |
09 May 2006 |
01 Sep 2012 |
Current:6 |
|
|
|
Previous |
22 Jul 1962 |
111 Strand, |
12 May 2005 |
03 Jun 2009 |
Current:1 |
|
|
|
Previous |
11 Oct 1949 |
91 Wimpole Street, |
09 May 2006 |
31 Mar 2010 |
Current:5 |
|
|
|
Previous |
NA |
52 Kensington Place, |
12 May 2005 |
03 Jun 2009 |
Current:1 |
|
|
|
Previous |
18 Jan 1956 |
Rua Franca 83, |
12 May 2005 |
17 Apr 2007 |
Current:0 |
|
|
|
Previous |
01 Aug 1962 |
91 Wimpole Street, |
04 Feb 2008 |
30 Nov 2008 |
Current:0 |
|
|
|
Previous |
16 Oct 1957 |
91 Wimpole Street, |
09 May 2006 |
04 Sep 2011 |
Current:0 |
|
|
|
Previous |
NA |
195A Kingston Road, |
31 Mar 2009 |
31 Mar 2009 |
Current:0 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Directors |
|
|
|
There are no corporate directors for this company. |
|
|
|
Individual Secretaries |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
13 Sep 1960 |
Hedgerow, Orchard Way, |
15 Oct 2007 |
NA |
Current:12 |
|
|
|
Previous |
27 Jun 1961 |
25 Chester Row, London, |
12 May 2005 |
09 May 2006 |
Current:1 |
|
|
|
Previous |
10 Apr 1956 |
91 Wimpole Street, |
09 May 2006 |
15 Oct 2007 |
Current:5 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Secretaries |
|
|
|
There are no corporate secretaries for this company. |
|
|
Significant
Developments
Debenhams Plc Declares
Final Dividend Oct 24, 2013
Debenhams Plc
announced that the board has recommended a final dividend of GBP0.024 per share
which will be paid to shareholders who are on the register at close of business
on December 6, 2013 with a payment date of January 10, 2014 taking the total
dividend for the year to GBP0.034 (2012: GBP0.033).
Debenhams Plc
Declares Interim Dividend Apr 18, 2013
Debenhams Plc
announced that the board has resolved to pay an interim dividend of 1.0 pence
per share. Ex-dividend date is June 5, 2013 . Record date is of June 7, 2013
and Payment date is July 5, 2013.
Debenhams Plc
Issues H1 2013 Profit Guidance In Line With Analysts' Estimates-Conference Call
Mar 04, 2013
Debenhams Plc
announced that the overall impact of the sales loss, additional promotional
activity and lower margin guidance, is that the Company now believe profit
before tax for the first half of 2013 will be in the region of GBP120 million.
According to I/B/E/S Estimates, analysts were expecting the Company to report
EPS of GBP120 million for first half of 2013.
Annual
Profit & Loss
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639889 |
0.635419 |
0.623497 |
0.639819 |
0.642791 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Turnover (UK) |
2,962.9 |
2,927.7 |
2,970.0 |
2,813.0 |
- |
|
Turnover (Exports) |
603.7 |
581.5 |
574.2 |
500.3 |
- |
|
Total Turnover |
3,566.6 |
3,509.2 |
3,544.2 |
3,313.3 |
2,980.1 |
|
Cost of Sales |
3,081.9 |
3,033.4 |
3,068.3 |
2,874.1 |
2,568.0 |
|
Gross Profit |
484.6 |
475.7 |
475.9 |
439.2 |
412.1 |
|
Depreciation |
131.9 |
129.7 |
133.9 |
132.7 |
136.7 |
|
Other Expenses |
222.1 |
200.3 |
181.2 |
152.7 |
128.7 |
|
Operating Profit |
262.5 |
275.4 |
294.6 |
- |
283.5 |
|
Other Income |
2.3 |
1.9 |
6.3 |
21.1 |
2.0 |
|
Interest Paid |
24.2 |
28.2 |
43.8 |
88.3 |
97.5 |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
-0.6 |
0.0 |
|
Profit Before Taxes |
240.7 |
249.1 |
257.1 |
218.7 |
187.9 |
|
Tax Payable / Credit |
40.8 |
51.9 |
69.1 |
67.1 |
40.0 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
64.7 |
60.6 |
20.7 |
0.0 |
3.7 |
|
Profit After Taxes |
135.2 |
136.6 |
167.3 |
151.6 |
144.2 |
|
Audit Fees |
0.3 |
0.3 |
0.3 |
0.5 |
0.5 |
|
Non Audit Fees |
0.5 |
0.3 |
0.3 |
0.3 |
1.1 |
|
Number of Employees |
30,163 |
30,117 |
30,624 |
30,417 |
27,766 |
|
Wages |
527.6 |
528.9 |
541.5 |
527.5 |
- |
|
Social Security Costs |
33.4 |
34.5 |
36.2 |
37.4 |
- |
|
Pensions |
0.3 |
0.3 |
0.4 |
0.4 |
- |
|
Other Pension Costs |
5.6 |
3.1 |
20.2 |
26.1 |
- |
|
Employees Remuneration |
566.7 |
566.6 |
597.9 |
590.9 |
499.7 |
|
Directors Emoluments |
2.3 |
2.5 |
3.4 |
3.3 |
- |
|
Other Costs |
0.1 |
1.7 |
1.1 |
2.7 |
- |
|
Directors Remuneration |
2.7 |
4.5 |
4.9 |
6.5 |
8.6 |
|
Highest Paid Director |
1.2 |
1.5 |
1.7 |
2.3 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.645378 |
0.63335 |
0.617093 |
0.646266 |
0.613083 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Total Tangible Fixed Assets |
1,072.4 |
1,044.6 |
1,028.4 |
1,046.2 |
1,091.5 |
|
Intangible Assets |
1,358.1 |
1,365.6 |
1,390.6 |
1,309.4 |
1,370.0 |
|
Investments |
145.2 |
166.1 |
165.1 |
182.4 |
146.1 |
|
Total Fixed Assets |
2,575.7 |
2,576.3 |
2,584.0 |
2,538.0 |
2,607.6 |
|
Stocks |
554.6 |
524.7 |
520.7 |
456.9 |
441.9 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
554.6 |
524.7 |
520.7 |
456.9 |
441.9 |
|
Trade Debtors |
30.7 |
33.0 |
36.5 |
30.9 |
36.5 |
|
Inter-Company Debtors |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Debtors |
90.6 |
86.1 |
80.4 |
82.6 |
76.2 |
|
Total Debtors |
121.3 |
119.0 |
116.8 |
113.6 |
112.7 |
|
Cash and Equivalents |
41.8 |
69.5 |
47.0 |
107.5 |
307.0 |
|
Other Current Assets |
11.3 |
12.3 |
1.9 |
13.8 |
15.5 |
|
Total Current Assets |
729.0 |
725.5 |
686.4 |
691.8 |
877.0 |
|
Total Assets |
3,304.7 |
3,301.8 |
3,270.5 |
3,229.8 |
3,484.7 |
|
Trade Creditors |
534.6 |
502.6 |
464.9 |
463.9 |
448.2 |
|
Bank Overdraft |
4.5 |
14.8 |
10.0 |
0.0 |
- |
|
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) |
2.8 |
3.5 |
2.1 |
5.9 |
6.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
2.8 |
3.5 |
2.1 |
5.9 |
6.0 |
|
Total Short Term Loans |
245.4 |
239.7 |
260.3 |
838.5 |
145.0 |
|
Accruals/Deferred Income (Current Liability) |
168.1 |
184.9 |
173.9 |
158.6 |
140.3 |
|
Social Security/VAT |
37.8 |
39.0 |
43.6 |
48.9 |
39.0 |
|
Corporation Tax |
39.2 |
48.9 |
70.8 |
58.0 |
55.5 |
|
Other Current Liabilities |
117.1 |
114.5 |
134.0 |
102.9 |
160.0 |
|
Total Current Liabilities |
1,149.6 |
1,147.9 |
1,159.6 |
1,676.7 |
994.0 |
|
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 |
- |
|
Leasing (Long Term Liability) |
4.8 |
7.1 |
2.3 |
62.8 |
- |
|
Total Hire Purchase Loans (Long Term Liability) |
4.8 |
7.1 |
2.3 |
62.8 |
- |
|
Other Long Term Loans |
360.7 |
386.5 |
394.1 |
0.0 |
- |
|
Accruals/Deferred Income (Long Term Liability) |
- |
- |
- |
- |
0.0 |
|
Other Long Term Liabilities |
504.8 |
522.3 |
523.6 |
453.7 |
1,577.1 |
|
Total Long Term Liabilities |
870.3 |
915.9 |
920.0 |
516.5 |
1,577.1 |
|
Deferred Taxation |
91.6 |
102.2 |
120.1 |
129.7 |
127.7 |
|
Other Provisions |
39.8 |
92.2 |
1.9 |
128.0 |
92.2 |
|
Total Provisions |
131.4 |
194.4 |
122.0 |
257.6 |
219.9 |
|
Issued Capital |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Share Premium Accounts |
1,058.1 |
1,078.2 |
1,106.6 |
1,056.7 |
1,113.9 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
100.6 |
-15.6 |
-24.5 |
-272.6 |
-891.6 |
|
Other Reserves |
-5.4 |
-19.1 |
-13.5 |
-5.3 |
471.2 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
1,153.4 |
1,043.7 |
1,068.9 |
778.9 |
693.7 |
|
Net Worth |
-204.7 |
-321.9 |
-321.7 |
-530.4 |
-676.3 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639889 |
0.635419 |
0.623497 |
0.639819 |
0.642791 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
Annual Ratios
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.645378 |
0.63335 |
0.617093 |
0.646266 |
0.613083 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Current Ratio |
0.63 |
0.63 |
0.59 |
0.41 |
0.88 |
|
Liquidity Ratio |
0.15 |
0.17 |
0.14 |
0.14 |
0.44 |
|
Stock Turnover |
638.00 |
671.00 |
675.00 |
718.00 |
707.00 |
|
Credit Period (Days) |
317.00 |
342.00 |
379.00 |
344.00 |
427.00 |
|
Working Capital by Sales |
-1,189.00% |
-1,200.00% |
-1,347.00% |
-3,003.00% |
-374.00% |
|
Trade Credit by Debtors |
1,742.00 |
1,523.00 |
1,275.00 |
1,499.00 |
1,227.00 |
|
Return on Capital |
1,107.00% |
1,160.00% |
1,207.00% |
1,394.00% |
791.00% |
|
Return on Assets |
722.00% |
757.00% |
779.00% |
670.00% |
565.00% |
|
Profit Margin |
675.00% |
710.00% |
725.00% |
660.00% |
631.00% |
|
Return on Shareholders Funds |
2,069.00% |
2,395.00% |
2,384.00% |
2,779.00% |
2,840.00% |
|
Borrowing Ratio |
-30,204.00% |
-20,240.00% |
-20,791.00% |
-17,103.00% |
-2,233.00% |
|
Equity Gearing |
3,490.00% |
3,161.00% |
3,268.00% |
2,412.00% |
1,991.00% |
|
Debt Gearing |
-178.58% |
-122.27% |
-123.22% |
-11.84% |
- |
|
Interest Coverage |
994.00 |
884.00 |
587.00 |
248.00 |
193.00 |
|
Sales by Tangible Assets |
330.00 |
337.00 |
342.00 |
314.00 |
286.00 |
|
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 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employee Remuneration by Sales |
1,589.00% |
1,614.00% |
1,687.00% |
1,784.00% |
1,677.00% |
|
Creditor Days (Cost of Sales Based) |
6,385.00 |
6,027.00 |
5,580.00 |
5,951.00 |
6,076.00 |
|
Creditor Days (Sales Based) |
5,518.00 |
5,210.00 |
4,831.00 |
5,162.00 |
5,236.00 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639889 |
0.635419 |
0.623497 |
0.639819 |
0.642791 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,566.6 |
3,509.2 |
3,544.2 |
3,313.3 |
2,980.1 |
|
Revenue |
3,566.6 |
3,509.2 |
3,544.2 |
3,313.3 |
2,980.1 |
|
Total Revenue |
3,566.6 |
3,509.2 |
3,544.2 |
3,313.3 |
2,980.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
3,081.9 |
3,033.4 |
3,068.3 |
2,874.1 |
2,568.0 |
|
Cost of Revenue, Total |
3,081.9 |
3,033.4 |
3,068.3 |
2,874.1 |
2,568.0 |
|
Gross Profit |
484.6 |
475.7 |
475.9 |
439.2 |
412.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
219.3 |
198.0 |
179.2 |
148.9 |
128.7 |
|
Total Selling/General/Administrative Expenses |
219.3 |
198.0 |
179.2 |
148.9 |
128.7 |
|
Amortization of Intangibles |
2.8 |
2.4 |
2.1 |
- |
- |
|
Depreciation/Amortization |
2.8 |
2.4 |
2.1 |
- |
- |
|
Restructuring Charge |
- |
- |
0.0 |
2.8 |
0.0 |
|
Other Unusual Expense (Income) |
- |
- |
0.0 |
-9.1 |
0.0 |
|
Unusual Expense (Income) |
- |
- |
0.0 |
-6.3 |
0.0 |
|
Total Operating Expense |
3,304.0 |
3,233.8 |
3,249.6 |
3,016.8 |
2,696.7 |
|
|
|
|
|
|
|
|
Operating Income |
262.5 |
275.4 |
294.6 |
296.5 |
283.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-21.3 |
-25.0 |
-36.2 |
-68.8 |
-90.7 |
|
Interest Capitalized -
Non-Operating |
2.2 |
- |
- |
- |
- |
|
Interest Expense, Net Non-Operating |
-19.1 |
-25.0 |
-36.2 |
-68.8 |
-90.7 |
|
Interest Income -
Non-Operating |
2.3 |
1.9 |
6.3 |
4.5 |
2.0 |
|
Investment Income - Non-Operating |
-5.2 |
-3.1 |
-7.5 |
-10.6 |
0.0 |
|
Interest/Investment Income - Non-Operating |
-2.8 |
-1.3 |
-1.3 |
-6.1 |
2.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-21.9 |
-26.3 |
-37.5 |
-74.9 |
-88.7 |
|
Other Non-Operating Income (Expense) |
- |
- |
0.0 |
-3.0 |
-6.8 |
|
Other, Net |
- |
- |
0.0 |
-3.0 |
-6.8 |
|
Income Before Tax |
240.7 |
249.1 |
257.1 |
218.7 |
187.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
40.8 |
51.9 |
69.1 |
67.1 |
40.0 |
|
Income After Tax |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
Net Income |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,255.1 |
1,282.0 |
1,286.8 |
1,286.8 |
950.8 |
|
Basic EPS Excl Extraord Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Basic/Primary EPS Incl Extraord Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
Diluted Weighted Average Shares |
1,255.1 |
1,282.0 |
1,286.8 |
1,286.8 |
950.8 |
|
Diluted EPS Excl Extraord Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Diluted EPS Incl Extraord Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Dividends per Share - Common Stock Primary Issue |
0.05 |
0.05 |
0.05 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
65.5 |
65.8 |
61.7 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
19.1 |
23.1 |
35.3 |
77.7 |
97.5 |
|
Interest Capitalized, Supplemental |
-2.2 |
- |
- |
- |
- |
|
Depreciation, Supplemental |
131.9 |
129.7 |
133.9 |
132.7 |
136.7 |
|
Total Special Items |
0.3 |
0.3 |
0.2 |
9.1 |
0.3 |
|
Normalized Income Before Tax |
241.0 |
249.4 |
257.3 |
227.7 |
188.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.1 |
0.1 |
0.0 |
2.7 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
40.8 |
52.0 |
69.1 |
69.7 |
40.0 |
|
Normalized Income After Tax |
200.1 |
197.4 |
188.1 |
158.0 |
148.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
200.1 |
197.4 |
188.1 |
158.0 |
148.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Diluted Normalized EPS |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Amort of Intangibles, Supplemental |
15.9 |
14.5 |
13.6 |
14.5 |
12.6 |
|
Rental Expenses |
323.3 |
320.4 |
332.5 |
296.8 |
261.4 |
|
Normalized EBIT |
262.9 |
275.7 |
294.8 |
305.6 |
283.8 |
|
Normalized EBITDA |
410.7 |
419.9 |
442.3 |
452.8 |
433.1 |
|
Current Tax - Domestic |
57.4 |
68.3 |
93.7 |
74.2 |
61.9 |
|
Current Tax - Other |
-16.9 |
-14.0 |
-2.6 |
-0.3 |
-16.3 |
|
Current Tax - Total |
40.5 |
54.3 |
91.1 |
73.9 |
45.6 |
|
Deferred Tax - Other |
0.3 |
-2.4 |
-22.0 |
-6.9 |
-5.6 |
|
Deferred Tax - Total |
0.3 |
-2.4 |
-22.0 |
-6.9 |
-5.6 |
|
Other Tax |
- |
- |
- |
1.7 |
-15.2 |
|
Income Tax - Total |
40.8 |
51.9 |
69.1 |
68.8 |
24.7 |
|
Interest Cost - Domestic |
46.3 |
48.6 |
47.8 |
45.3 |
48.5 |
|
Expected Return on Assets - Domestic |
-63.9 |
-67.0 |
-49.2 |
-48.6 |
-60.8 |
|
Domestic Pension Plan Expense |
-17.7 |
-18.4 |
-1.4 |
-3.3 |
-12.3 |
|
Total Pension Expense |
-17.7 |
-18.4 |
-1.4 |
-3.3 |
-12.3 |
|
Discount Rate - Domestic |
4.60% |
4.70% |
5.75% |
5.00% |
5.45% |
|
Compensation Rate - Domestic |
3.30% |
2.90% |
3.30% |
3.20% |
3.30% |
|
Pension Payment Rate - Domestic |
- |
- |
- |
3.10% |
3.30% |
|
Total Plan Interest Cost |
46.3 |
48.6 |
47.8 |
45.3 |
48.5 |
|
Total Plan Expected Return |
-63.9 |
-67.0 |
-49.2 |
-48.6 |
-60.8 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.645378 |
0.63335 |
0.617093 |
0.646266 |
0.613083 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
41.8 |
24.2 |
8.6 |
63.3 |
257.1 |
|
Short Term Investments |
0.0 |
45.3 |
38.4 |
44.3 |
49.9 |
|
Cash and Short Term Investments |
41.8 |
69.5 |
47.0 |
107.5 |
307.0 |
|
Accounts Receivable -
Trade, Gross |
31.8 |
33.8 |
36.8 |
31.1 |
36.5 |
|
Provision for Doubtful
Accounts |
-1.1 |
-0.8 |
-0.3 |
-0.2 |
-1.0 |
|
Trade Accounts Receivable - Net |
30.7 |
33.0 |
36.5 |
30.9 |
35.6 |
|
Other Receivables |
1.7 |
3.6 |
2.1 |
1.7 |
1.5 |
|
Total Receivables, Net |
32.4 |
36.6 |
38.6 |
32.6 |
37.0 |
|
Inventories - Finished Goods |
554.6 |
524.7 |
520.7 |
456.9 |
441.9 |
|
Total Inventory |
554.6 |
524.7 |
520.7 |
456.9 |
441.9 |
|
Prepaid Expenses |
88.9 |
82.4 |
78.3 |
80.9 |
74.7 |
|
Other Current Assets |
11.3 |
12.3 |
1.9 |
13.8 |
15.5 |
|
Other Current Assets, Total |
11.3 |
12.3 |
1.9 |
13.8 |
15.5 |
|
Total Current Assets |
729.0 |
725.5 |
686.4 |
691.8 |
876.1 |
|
|
|
|
|
|
|
|
Land/Improvements |
581.1 |
570.5 |
582.9 |
620.8 |
650.8 |
|
Machinery/Equipment |
1,435.0 |
1,392.8 |
1,326.1 |
1,201.2 |
1,176.2 |
|
Property/Plant/Equipment - Gross |
2,016.0 |
1,963.2 |
1,908.9 |
1,822.0 |
1,827.0 |
|
Accumulated Depreciation |
-943.6 |
-918.6 |
-880.6 |
-775.8 |
-735.5 |
|
Property/Plant/Equipment - Net |
1,072.4 |
1,044.6 |
1,028.4 |
1,046.2 |
1,091.5 |
|
Goodwill, Net |
1,269.0 |
1,292.3 |
1,327.5 |
1,266.8 |
1,336.2 |
|
Intangibles - Gross |
189.3 |
163.6 |
142.4 |
106.0 |
90.4 |
|
Accumulated Intangible Amortization |
-100.3 |
-90.3 |
-79.4 |
-63.4 |
-56.6 |
|
Intangibles, Net |
89.1 |
73.3 |
63.0 |
42.6 |
33.8 |
|
LT Investments - Other |
1.7 |
3.0 |
4.2 |
12.1 |
14.4 |
|
Long Term Investments |
1.7 |
3.0 |
4.2 |
12.1 |
14.4 |
|
Note Receivable - Long Term |
26.0 |
30.5 |
29.7 |
26.6 |
- |
|
Pension Benefits - Overfunded |
7.1 |
0.0 |
6.3 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
107.4 |
131.4 |
122.7 |
142.4 |
131.5 |
|
Other Long Term Assets |
2.9 |
1.3 |
2.3 |
1.4 |
0.3 |
|
Other Long Term Assets, Total |
117.5 |
132.6 |
131.3 |
143.7 |
131.8 |
|
Total Assets |
3,304.7 |
3,301.8 |
3,270.5 |
3,229.8 |
3,483.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
534.6 |
502.6 |
464.9 |
463.9 |
448.2 |
|
Accrued Expenses |
198.5 |
220.6 |
215.5 |
205.5 |
178.3 |
|
Notes Payable/Short Term Debt |
248.2 |
254.5 |
270.3 |
838.5 |
145.0 |
|
Current Portion - Long Term Debt/Capital Leases |
4.5 |
3.5 |
2.1 |
5.9 |
6.0 |
|
Customer Advances |
7.4 |
3.3 |
1.9 |
2.0 |
1.0 |
|
Income Taxes Payable |
39.2 |
48.9 |
70.8 |
58.0 |
55.5 |
|
Other Payables |
105.2 |
103.1 |
110.2 |
93.3 |
120.5 |
|
Other Current Liabilities |
11.9 |
11.4 |
23.8 |
9.6 |
42.9 |
|
Other Current liabilities, Total |
163.8 |
166.7 |
206.8 |
162.9 |
219.9 |
|
Total Current Liabilities |
1,149.6 |
1,147.9 |
1,159.6 |
1,676.7 |
997.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
360.7 |
386.5 |
394.1 |
0.0 |
1,048.5 |
|
Capital Lease Obligations |
4.8 |
7.1 |
2.3 |
62.8 |
70.3 |
|
Total Long Term Debt |
365.5 |
393.6 |
396.4 |
62.8 |
1,118.8 |
|
Total Debt |
618.2 |
651.6 |
668.8 |
907.2 |
1,269.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
91.6 |
102.2 |
120.1 |
129.7 |
127.7 |
|
Deferred Income Tax |
91.6 |
102.2 |
120.1 |
129.7 |
127.7 |
|
Reserves |
1.7 |
1.7 |
1.9 |
3.1 |
0.3 |
|
Pension Benefits - Underfunded |
38.1 |
90.5 |
0.0 |
124.9 |
87.4 |
|
Other Long Term Liabilities |
504.8 |
522.3 |
523.6 |
453.7 |
458.3 |
|
Other Liabilities, Total |
544.6 |
614.5 |
525.5 |
581.6 |
546.1 |
|
Total Liabilities |
2,151.3 |
2,258.2 |
2,201.6 |
2,450.8 |
2,790.0 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Additional Paid-In Capital |
1,058.1 |
1,078.2 |
1,106.6 |
1,056.7 |
1,113.9 |
|
Retained Earnings (Accumulated Deficit) |
97.3 |
-17.7 |
-25.4 |
-279.1 |
-390.2 |
|
Translation Adjustment |
-7.1 |
-12.9 |
-2.4 |
- |
- |
|
Other Comprehensive Income |
5.0 |
-4.1 |
-10.0 |
1.2 |
-30.2 |
|
Other Equity, Total |
-2.2 |
-17.1 |
-12.5 |
1.2 |
-30.2 |
|
Total Equity |
1,153.4 |
1,043.7 |
1,068.9 |
778.9 |
693.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,304.7 |
3,301.8 |
3,270.5 |
3,229.8 |
3,483.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,263.0 |
1,263.2 |
1,286.8 |
1,286.8 |
1,286.8 |
|
Total Common Shares Outstanding |
1,263.0 |
1,263.2 |
1,286.8 |
1,286.8 |
1,286.8 |
|
Treasury Shares - Common Stock Primary Issue |
23.9 |
23.6 |
- |
- |
- |
|
Employees |
8,086 |
8,355 |
8,735 |
9,019 |
8,601 |
|
Accumulated Intangible Amort, Suppl. |
100.3 |
90.3 |
79.4 |
63.4 |
56.6 |
|
Deferred Revenue - Current |
7.4 |
3.3 |
1.9 |
2.0 |
1.0 |
|
Total Long Term Debt, Supplemental |
618.2 |
651.6 |
668.8 |
907.2 |
1,269.8 |
|
Long Term Debt Maturing within 1 Year |
252.7 |
258.0 |
272.4 |
844.4 |
151.0 |
|
Long Term Debt Maturing in Year 2 |
2.8 |
2.7 |
1.5 |
3.6 |
1,054.0 |
|
Long Term Debt Maturing in Year 3 |
120.9 |
130.3 |
131.6 |
19.8 |
21.6 |
|
Long Term Debt Maturing in Year 4 |
120.9 |
130.3 |
131.6 |
19.8 |
21.6 |
|
Long Term Debt Maturing in Year 5 |
120.9 |
130.3 |
131.6 |
19.8 |
21.6 |
|
Long Term Debt Maturing in 2-3 Years |
123.7 |
133.0 |
133.1 |
23.3 |
1,075.6 |
|
Long Term Debt Maturing in 4-5 Years |
241.8 |
260.6 |
263.3 |
39.5 |
43.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Costs |
- |
- |
0.0 |
-15.5 |
-25.6 |
|
Total Capital Leases, Supplemental |
7.6 |
10.6 |
4.4 |
68.7 |
76.3 |
|
Capital Lease Payments Due in Year 1 |
2.8 |
3.5 |
2.1 |
12.5 |
12.7 |
|
Capital Lease Payments Due in Year 2 |
1.2 |
1.8 |
1.5 |
17.9 |
22.3 |
|
Capital Lease Payments Due in Year 3 |
1.2 |
1.8 |
0.3 |
17.9 |
22.3 |
|
Capital Lease Payments Due in Year 4 |
1.2 |
1.8 |
0.3 |
17.9 |
22.3 |
|
Capital Lease Payments Due in Year 5 |
1.2 |
1.8 |
0.3 |
17.9 |
22.3 |
|
Capital Lease Payments Due in 2-3 Years |
2.4 |
3.6 |
1.7 |
35.8 |
44.6 |
|
Capital Lease Payments Due in 4-5 Years |
2.4 |
3.6 |
0.5 |
35.8 |
44.6 |
|
Total Operating Leases, Supplemental |
7,924.5 |
8,147.0 |
8,378.6 |
7,663.6 |
7,582.3 |
|
Operating Lease Payments Due in Year 1 |
312.1 |
310.1 |
316.0 |
282.4 |
255.3 |
|
Operating Lease Payments Due in Year 2 |
322.4 |
311.7 |
316.8 |
281.6 |
263.1 |
|
Operating Lease Payments Due in Year 3 |
322.4 |
311.7 |
316.8 |
281.6 |
263.1 |
|
Operating Lease Payments Due in Year 4 |
322.4 |
311.7 |
316.8 |
281.6 |
263.1 |
|
Operating Lease Payments Due in Year 5 |
322.4 |
311.7 |
316.8 |
281.6 |
263.1 |
|
Operating Lease Pymts. Due in 2-3 Years |
644.9 |
623.4 |
633.5 |
563.2 |
526.3 |
|
Operating Lease Pymts. Due in 4-5 Years |
644.9 |
623.4 |
633.5 |
563.2 |
526.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
6,322.6 |
6,590.0 |
6,795.6 |
6,254.9 |
6,274.5 |
|
Pension Obligation - Domestic |
1,074.7 |
1,012.1 |
887.4 |
935.4 |
884.1 |
|
Plan Assets - Domestic |
1,043.7 |
921.6 |
893.7 |
810.5 |
796.6 |
|
Funded Status - Domestic |
-31.0 |
-90.5 |
6.3 |
-124.9 |
-87.4 |
|
Total Funded Status |
-31.0 |
-90.5 |
6.3 |
-124.9 |
-87.4 |
|
Discount Rate - Domestic |
4.60% |
4.70% |
5.75% |
5.00% |
5.45% |
|
Compensation Rate - Domestic |
3.30% |
2.90% |
3.30% |
3.20% |
3.30% |
|
Pension Payment Rate - Domestic |
- |
2.80% |
3.20% |
3.10% |
3.30% |
|
Prepaid Benefits - Domestic |
- |
- |
6.3 |
- |
- |
|
Accrued Liabilities - Domestic |
-31.0 |
-90.5 |
- |
-124.9 |
-87.4 |
|
Net Assets Recognized on Balance Sheet |
-31.0 |
-90.5 |
6.3 |
-124.9 |
-87.4 |
|
Equity % - Domestic |
- |
- |
- |
47.16% |
47.22% |
|
Debt Securities % - Domestic |
- |
- |
- |
46.75% |
44.53% |
|
Real Estate % - Domestic |
- |
- |
- |
3.88% |
4.12% |
|
Other Investments % - Domestic |
- |
- |
0.63% |
2.21% |
4.13% |
|
Total Plan Obligations |
1,074.7 |
1,012.1 |
887.4 |
935.4 |
884.1 |
|
Total Plan Assets |
1,043.7 |
921.6 |
893.7 |
810.5 |
796.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639889 |
0.635419 |
0.623497 |
0.639819 |
0.642791 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
240.7 |
249.1 |
188.0 |
151.6 |
147.9 |
|
Depreciation |
131.9 |
129.7 |
133.9 |
132.7 |
136.9 |
|
Depreciation/Depletion |
131.9 |
129.7 |
133.9 |
132.7 |
136.9 |
|
Amortization of Intangibles |
15.9 |
14.5 |
13.6 |
14.5 |
12.6 |
|
Amortization |
15.9 |
14.5 |
13.6 |
14.5 |
12.6 |
|
Unusual Items |
- |
- |
0.0 |
-10.6 |
0.0 |
|
Other Non-Cash Items |
-0.2 |
-10.4 |
150.9 |
156.9 |
187.2 |
|
Non-Cash Items |
-0.2 |
-10.4 |
150.9 |
146.3 |
187.2 |
|
Accounts Receivable |
-4.5 |
-7.4 |
-7.4 |
6.9 |
-11.4 |
|
Inventories |
-39.9 |
-18.1 |
-40.7 |
-17.2 |
-52.0 |
|
Accounts Payable |
32.5 |
51.0 |
-9.3 |
30.6 |
-46.7 |
|
Other Operating Cash Flow |
-65.0 |
-91.3 |
-109.2 |
-141.6 |
-128.2 |
|
Changes in Working Capital |
-76.9 |
-65.8 |
-166.6 |
-121.3 |
-238.2 |
|
Cash from Operating Activities |
311.5 |
317.1 |
319.8 |
323.8 |
246.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-177.7 |
-159.6 |
-151.2 |
-122.7 |
-119.8 |
|
Purchase/Acquisition of Intangibles |
-30.6 |
-27.1 |
-31.6 |
-17.5 |
-11.7 |
|
Capital Expenditures |
-208.3 |
-186.6 |
-182.8 |
-140.2 |
-131.5 |
|
Acquisition of Business |
- |
- |
0.0 |
-14.2 |
0.0 |
|
Sale of Fixed Assets |
- |
- |
20.2 |
0.3 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
8.0 |
0.0 |
- |
|
Other Investing Cash Flow Items, Total |
- |
- |
28.2 |
-13.9 |
0.0 |
|
Cash from Investing Activities |
-208.3 |
-186.6 |
-154.6 |
-154.1 |
-131.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
8.8 |
-15.7 |
659.0 |
-23.1 |
-28.0 |
|
Financing Cash Flow Items |
8.8 |
-15.7 |
659.0 |
-23.1 |
-28.0 |
|
Cash Dividends Paid - Common |
-64.7 |
-60.6 |
-20.7 |
0.0 |
-3.7 |
|
Total Cash Dividends Paid |
-64.7 |
-60.6 |
-20.7 |
0.0 |
-3.7 |
|
Sale/Issuance of
Common |
- |
- |
- |
0.0 |
502.8 |
|
Repurchase/Retirement
of Common |
-39.2 |
-31.6 |
0.0 |
- |
0.0 |
|
Common Stock, Net |
-39.2 |
-31.6 |
0.0 |
0.0 |
502.8 |
|
Issuance (Retirement) of Stock, Net |
-39.2 |
-31.6 |
0.0 |
0.0 |
502.8 |
|
Long Term Debt
Reduction |
-24.4 |
-3.5 |
-880.0 |
-332.1 |
-288.7 |
|
Long Term Debt, Net |
-24.4 |
-3.5 |
-880.0 |
-332.1 |
-288.7 |
|
Issuance (Retirement) of Debt, Net |
-24.4 |
-3.5 |
-880.0 |
-332.1 |
-288.7 |
|
Cash from Financing Activities |
-119.6 |
-111.4 |
-241.7 |
-355.3 |
182.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
-0.5 |
1.6 |
0.0 |
- |
|
Net Change in Cash |
-16.4 |
18.6 |
-74.9 |
-185.5 |
297.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
54.1 |
35.9 |
111.5 |
294.1 |
-4.5 |
|
Net Cash - Ending Balance |
37.7 |
54.5 |
36.6 |
108.6 |
292.8 |
|
Cash Interest Paid |
20.2 |
21.7 |
42.2 |
77.5 |
90.9 |
|
Cash Taxes Paid |
45.8 |
70.2 |
77.9 |
68.9 |
39.4 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639889 |
0.635419 |
0.623497 |
0.639819 |
0.642791 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue |
3,566.6 |
3,509.2 |
3,544.2 |
3,313.3 |
2,980.1 |
|
Total Revenue |
3,566.6 |
3,509.2 |
3,544.2 |
3,313.3 |
2,980.1 |
|
|
|
|
|
|
|
|
Amortization in COR/COGS |
13.1 |
- |
- |
- |
- |
|
Cost of Sales - Balancing value |
3,068.8 |
- |
- |
- |
- |
|
Cost of Sales |
- |
3,033.4 |
3,068.3 |
2,859.4 |
2,568.0 |
|
Cost of Sales - Exceptional |
- |
- |
0.0 |
14.7 |
0.0 |
|
Amortisation of Intangibles |
0.3 |
0.3 |
0.3 |
- |
- |
|
Distribution Costs |
151.9 |
127.2 |
112.3 |
86.1 |
70.5 |
|
Amortisation of Intangibles(1) |
2.5 |
2.0 |
1.8 |
- |
- |
|
Administrative expenses |
67.4 |
70.8 |
66.9 |
62.8 |
58.2 |
|
Exceptional administrative expenses Rest |
- |
- |
0.0 |
2.8 |
0.0 |
|
Costs on acquisition of Magasin (Retail) |
- |
- |
- |
1.6 |
0.0 |
|
Other exceptional income Bargain purchas |
- |
- |
0.0 |
-10.6 |
0.0 |
|
Total Operating Expense |
3,304.0 |
3,233.8 |
3,249.6 |
3,016.8 |
2,696.7 |
|
|
|
|
|
|
|
|
Interest Capitalized |
2.2 |
- |
- |
- |
- |
|
Other financing charges |
0.0 |
- |
- |
- |
- |
|
Interest payable on financial leases |
-0.2 |
- |
- |
- |
- |
|
Interest Payable |
-16.9 |
-18.6 |
-26.0 |
-68.8 |
-90.7 |
|
Amortisation of issue costs on loans |
- |
-4.6 |
-9.3 |
- |
- |
|
Amortisation of Issue Costs on Loans |
- |
- |
- |
-8.9 |
-6.8 |
|
Charges Arising from Ineffective Hedges |
-5.2 |
-3.1 |
-7.5 |
-10.6 |
0.0 |
|
Amortisation of issue costs on loans |
-4.2 |
-1.9 |
-1.0 |
0.0 |
- |
|
Interest on bank deposits |
0.6 |
0.2 |
1.0 |
4.5 |
2.0 |
|
Discount arising on debt repurchase |
- |
- |
0.0 |
5.9 |
0.0 |
|
Other Finance Income |
1.7 |
1.7 |
5.3 |
0.0 |
- |
|
Net Income Before Taxes |
240.7 |
249.1 |
257.1 |
218.7 |
187.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
40.8 |
51.9 |
69.1 |
67.1 |
40.0 |
|
Net Income After Taxes |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
Net Income |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,255.1 |
1,282.0 |
1,286.8 |
1,286.8 |
950.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Basic EPS Including ExtraOrdinary Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
199.9 |
197.2 |
188.0 |
151.6 |
147.9 |
|
Diluted Weighted Average Shares |
1,255.1 |
1,282.0 |
1,286.8 |
1,286.8 |
950.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Diluted EPS Including ExtraOrd Items |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
DPS-Ordinary Shares |
0.05 |
0.05 |
0.05 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
65.5 |
65.8 |
61.7 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
241.0 |
249.4 |
257.3 |
227.7 |
188.2 |
|
|
|
|
|
|
|
|
Taxation credit on exceptional items |
- |
- |
0.0 |
2.7 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
40.8 |
52.0 |
69.1 |
69.7 |
40.0 |
|
Normalized Income After Taxes |
200.1 |
197.4 |
188.1 |
158.0 |
148.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
200.1 |
197.4 |
188.1 |
158.0 |
148.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Diluted Normalized EPS |
0.16 |
0.15 |
0.15 |
0.12 |
0.16 |
|
Interest Capitalized |
-2.2 |
- |
- |
- |
- |
|
Amortisation of issue costs on loans |
19.1 |
- |
- |
- |
- |
|
Interest Costs |
- |
23.1 |
35.3 |
77.7 |
97.5 |
|
Depreciation |
131.9 |
129.7 |
133.9 |
132.7 |
136.7 |
|
Amortisation of Intangible |
15.9 |
14.5 |
13.6 |
14.5 |
12.6 |
|
Rental Expense |
323.3 |
320.4 |
332.5 |
296.8 |
261.4 |
|
UK Corporation Tax |
57.4 |
- |
- |
- |
- |
|
UK Corporation Tax |
- |
68.3 |
93.7 |
74.2 |
61.9 |
|
Adjustment in Respect of Prior Periods |
-16.9 |
- |
- |
- |
- |
|
Adjustment |
- |
-14.0 |
-2.6 |
-0.3 |
-16.3 |
|
Current Tax - Total |
40.5 |
54.3 |
91.1 |
73.9 |
45.6 |
|
Origination and reversal of timing diff. |
-6.9 |
- |
- |
- |
- |
|
Pension Cost Relief in Excess of Pension |
4.5 |
- |
- |
- |
- |
|
Adjustment in Respect of Prior Periods |
2.7 |
- |
- |
- |
- |
|
Origination and reversal of timing diff. |
- |
-6.0 |
-20.9 |
-9.8 |
-13.2 |
|
Pension cost relief |
- |
4.6 |
0.3 |
0.9 |
6.5 |
|
Adjustment |
- |
-0.9 |
-1.4 |
2.0 |
1.1 |
|
Deferred Tax - Total |
0.3 |
-2.4 |
-22.0 |
-6.9 |
-5.6 |
|
Prior years tax |
- |
- |
- |
1.7 |
-15.2 |
|
Income Tax - Total |
40.8 |
51.9 |
69.1 |
68.8 |
24.7 |
|
Interest Cost - Pension |
46.3 |
48.6 |
47.8 |
45.3 |
48.5 |
|
Expected Return on Assets - Pension |
-63.9 |
-67.0 |
-49.2 |
-48.6 |
-60.8 |
|
Domestic Pension Plan Expense |
-17.7 |
-18.4 |
-1.4 |
-3.3 |
-12.3 |
|
Total Pension Expense |
-17.7 |
-18.4 |
-1.4 |
-3.3 |
-12.3 |
|
Compensation Rate - Pension |
3.30% |
2.90% |
3.30% |
3.20% |
3.30% |
|
Deferred Payments-Pension |
3.30% |
2.90% |
3.30% |
- |
- |
|
Pension Payment Rate - Pension |
3.00% |
2.80% |
3.20% |
3.10% |
3.30% |
|
Discount Rate - Pension |
4.60% |
4.70% |
5.75% |
5.00% |
5.45% |
|
Rate of Return - Equity - Pension |
- |
0.00% |
0.00% |
8.20% |
9.00% |
|
Rate of Return - Bond - Pension |
- |
0.00% |
0.00% |
5.00% |
4.40% |
|
Rate of Return - Property |
- |
0.00% |
0.00% |
7.30% |
8.00% |
|
Rate of Return - Cash & Other - Pension |
- |
0.00% |
0.00% |
3.80% |
4.30% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.645378 |
0.63335 |
0.617093 |
0.646266 |
0.613083 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Inventories |
554.6 |
524.7 |
520.7 |
456.9 |
441.9 |
|
Trade Debtors |
31.8 |
33.8 |
36.8 |
31.1 |
36.5 |
|
Doubt Debts |
-1.1 |
-0.8 |
-0.3 |
-0.2 |
-1.0 |
|
Other receivables |
1.7 |
3.6 |
2.1 |
1.7 |
1.5 |
|
Prepayments and Accrued Income |
88.9 |
82.4 |
78.3 |
80.9 |
74.7 |
|
Derivative Financial Instruments |
11.3 |
12.3 |
1.9 |
13.8 |
15.5 |
|
Short Term Deposit |
0.0 |
45.3 |
38.4 |
44.3 |
49.9 |
|
Cash at Bank and in Hand |
41.8 |
24.2 |
8.6 |
63.3 |
257.1 |
|
Total Current Assets |
729.0 |
725.5 |
686.4 |
691.8 |
876.1 |
|
|
|
|
|
|
|
|
Goodwill |
1,269.0 |
1,292.3 |
1,327.5 |
1,266.8 |
1,336.2 |
|
License and Trade Mark |
11.2 |
11.4 |
11.7 |
11.1 |
4.4 |
|
Software |
157.0 |
152.2 |
130.8 |
94.9 |
86.0 |
|
Purchased Software |
21.2 |
- |
- |
- |
- |
|
Acc Amort Licenses & Trademarks |
-4.6 |
- |
- |
- |
- |
|
Acc Amort Software |
-81.2 |
- |
- |
- |
- |
|
Acc Amort Purchased Software |
-14.4 |
- |
- |
- |
- |
|
Accumulated Amortisation |
- |
-90.3 |
-79.4 |
-63.4 |
-56.6 |
|
Freehold |
2.5 |
2.5 |
2.6 |
78.3 |
83.2 |
|
Long Leasehold |
11.9 |
11.2 |
10.9 |
17.8 |
18.6 |
|
Short Leasehold |
566.6 |
556.7 |
569.4 |
524.7 |
549.0 |
|
Vehicles, Fixtures & Equipment |
1,435.0 |
1,392.8 |
1,326.1 |
1,201.2 |
1,176.2 |
|
Acc Depr Freehold |
-0.3 |
- |
- |
- |
- |
|
Acc Depr Long Leasehold |
-1.5 |
- |
- |
- |
- |
|
Acc Depr Short Leasehold |
-197.6 |
- |
- |
- |
- |
|
Acc Depr Vehicles, Fixtures & Equipment |
-744.2 |
- |
- |
- |
- |
|
Depreciation |
- |
-918.6 |
-880.6 |
-775.8 |
-735.5 |
|
Available-for-sale investments |
1.7 |
3.0 |
4.2 |
12.1 |
14.4 |
|
Deferred tax assets |
107.4 |
131.4 |
122.7 |
142.4 |
131.5 |
|
Derivative Financial Instruments |
2.9 |
1.3 |
2.3 |
1.4 |
0.3 |
|
Other receivables |
26.0 |
30.5 |
29.7 |
26.6 |
- |
|
Retirement benefit surplus |
7.1 |
0.0 |
6.3 |
0.0 |
0.0 |
|
Total Assets |
3,304.7 |
3,301.8 |
3,270.5 |
3,229.8 |
3,483.7 |
|
|
|
|
|
|
|
|
Term Loan Facility |
248.2 |
254.5 |
270.3 |
838.5 |
145.0 |
|
Lease Obligations |
4.5 |
3.5 |
2.1 |
5.9 |
6.0 |
|
Funding Debt |
- |
- |
- |
- |
0.0 |
|
Trade payables |
534.6 |
502.6 |
464.9 |
463.9 |
448.2 |
|
Other Creditors |
105.2 |
103.1 |
110.2 |
93.3 |
120.5 |
|
Other Taxation and Social Security |
37.8 |
39.0 |
43.6 |
48.9 |
39.0 |
|
Accruals and Deferred Income |
160.7 |
181.6 |
171.9 |
156.6 |
139.3 |
|
Deferred Income |
7.4 |
3.3 |
1.9 |
2.0 |
1.0 |
|
Current tax liabilities |
39.2 |
48.9 |
70.8 |
58.0 |
55.5 |
|
Provisions |
8.7 |
8.4 |
10.0 |
6.8 |
3.4 |
|
Derivative Financial Instruments |
3.3 |
3.0 |
13.8 |
2.8 |
39.5 |
|
Total Current Liabilities |
1,149.6 |
1,147.9 |
1,159.6 |
1,676.7 |
997.4 |
|
|
|
|
|
|
|
|
Bank overdraft and borrowings |
360.7 |
386.5 |
394.1 |
0.0 |
1,048.5 |
|
Lease Obligations |
4.8 |
7.1 |
2.3 |
62.8 |
70.3 |
|
Total Long Term Debt |
365.5 |
393.6 |
396.4 |
62.8 |
1,118.8 |
|
|
|
|
|
|
|
|
Derivative Financial Instruments |
5.7 |
14.1 |
6.8 |
11.6 |
13.0 |
|
Deferred tax liabilities |
91.6 |
102.2 |
120.1 |
129.7 |
127.7 |
|
Other non-current liabilities |
499.1 |
508.3 |
516.8 |
442.1 |
445.3 |
|
Provisions For Liabilties and Charges |
1.7 |
1.7 |
1.9 |
3.1 |
0.3 |
|
Retirement benefit obligations |
38.1 |
90.5 |
0.0 |
124.9 |
87.4 |
|
Total Liabilities |
2,151.3 |
2,258.2 |
2,201.6 |
2,450.8 |
2,790.0 |
|
|
|
|
|
|
|
|
Share capital |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Share Premium Account |
1,058.1 |
1,078.2 |
1,106.6 |
1,056.7 |
1,113.9 |
|
Merger Reserve |
1,860.8 |
1,896.1 |
1,946.1 |
1,858.2 |
2,454.3 |
|
Reverse acquisition reserve |
-1,859.2 |
-1,894.5 |
-1,944.4 |
-1,856.7 |
-1,957.2 |
|
Hedging Reserve |
5.0 |
-4.1 |
-10.0 |
1.2 |
-30.2 |
|
Other reserves |
- |
- |
- |
-8.0 |
4.2 |
|
Translation Reserve |
-7.1 |
-12.9 |
-2.4 |
- |
- |
|
Fair value Reserve |
-4.8 |
-3.6 |
-2.6 |
- |
- |
|
Retained earnings |
100.6 |
-15.6 |
-24.5 |
-272.6 |
-891.6 |
|
Total Equity |
1,153.4 |
1,043.7 |
1,068.9 |
778.9 |
693.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,304.7 |
3,301.8 |
3,270.5 |
3,229.8 |
3,483.7 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
1,263.0 |
1,263.2 |
1,286.8 |
1,286.8 |
1,286.8 |
|
Total Common Shares Outstanding |
1,263.0 |
1,263.2 |
1,286.8 |
1,286.8 |
1,286.8 |
|
T/S-Ordinary Shares |
23.9 |
23.6 |
- |
- |
- |
|
Acc Amort Licenses & Trademarks |
4.6 |
- |
- |
- |
- |
|
Acc Amort Software |
81.2 |
- |
- |
- |
- |
|
Acc Amort Purchased Software |
14.4 |
- |
- |
- |
- |
|
Accumulated Intangible Amortisation |
- |
90.3 |
79.4 |
63.4 |
56.6 |
|
Deferred Income |
7.4 |
3.3 |
1.9 |
2.0 |
1.0 |
|
Full-Time Employees |
8,086 |
8,355 |
8,735 |
9,019 |
8,601 |
|
Long Term Debt Maturing Within 1 Year |
252.7 |
258.0 |
272.4 |
844.4 |
151.0 |
|
Long Term Debt Maturing Within 2 Year |
2.8 |
2.7 |
1.5 |
3.6 |
1,054.0 |
|
Long Term Debt Maturing Within 5 Year |
362.7 |
390.9 |
394.9 |
59.3 |
64.8 |
|
Total Long Term Debt, Supplemental |
618.2 |
651.6 |
668.8 |
907.2 |
1,269.8 |
|
Capital Lease Maturing Within 1 Year |
2.8 |
3.5 |
2.1 |
12.5 |
12.7 |
|
Capital Lease Maturing within 2 years |
- |
- |
1.5 |
- |
- |
|
Capital Lease Maturing Within 5 Year |
4.8 |
7.1 |
0.8 |
71.6 |
89.2 |
|
Interest Costs |
- |
- |
0.0 |
-15.5 |
-25.6 |
|
Total Capital Leases, Supplemental |
7.6 |
10.6 |
4.4 |
68.7 |
76.3 |
|
Operating Lease Maturing Within 1 Year |
312.1 |
310.1 |
316.0 |
282.4 |
255.3 |
|
Operating Lease Maturing Within 5 Year |
1,289.8 |
1,246.9 |
1,267.1 |
1,126.3 |
1,052.5 |
|
Remaining Maturities |
6,322.6 |
6,590.0 |
6,795.6 |
6,254.9 |
6,274.5 |
|
Total Operating Leases, Supplemental |
7,924.5 |
8,147.0 |
8,378.6 |
7,663.6 |
7,582.3 |
|
PV of Benefit Obligation - Pension |
1,074.7 |
1,012.1 |
887.4 |
935.4 |
884.1 |
|
FV of Plan Assets - Pension |
1,043.7 |
921.6 |
893.7 |
810.5 |
796.6 |
|
Funded Status - Pension |
-31.0 |
-90.5 |
6.3 |
-124.9 |
-87.4 |
|
Total Funded Status |
-31.0 |
-90.5 |
6.3 |
-124.9 |
-87.4 |
|
Compensation Rate - Pension |
3.30% |
2.90% |
3.30% |
3.20% |
3.30% |
|
Deferred Pension Payment Rate - Pension |
3.30% |
- |
- |
- |
- |
|
Pension Payment Rate - Pension |
3.00% |
2.80% |
3.20% |
3.10% |
3.30% |
|
Discount Rate - Pension |
4.60% |
4.70% |
5.75% |
5.00% |
5.45% |
|
Rate of Return - Equity - Pension |
- |
0.00% |
0.00% |
8.20% |
9.00% |
|
Rate of Return - Bond - Pension |
- |
0.00% |
0.00% |
5.00% |
4.40% |
|
Rate of Return - Property- Pension |
- |
0.00% |
0.00% |
7.30% |
8.00% |
|
Rate of Return - Cash & Other - Pension |
- |
0.00% |
0.00% |
3.80% |
4.30% |
|
Assets - Pension |
- |
- |
6.3 |
- |
- |
|
Liability - Pension |
-31.0 |
-90.5 |
- |
-124.9 |
-87.4 |
|
Net Assets Recognized on Balance Sheet |
-31.0 |
-90.5 |
6.3 |
-124.9 |
-87.4 |
|
Delegated liability fund |
- |
- |
16.45% |
- |
- |
|
Delegated growth fund |
- |
- |
78.59% |
- |
- |
|
Legacy holdings |
- |
- |
4.33% |
- |
- |
|
Equity % - Pension |
- |
- |
- |
47.16% |
47.22% |
|
Bond % - Pension |
- |
- |
- |
46.75% |
44.53% |
|
Property% - Pension |
- |
- |
- |
3.88% |
4.12% |
|
Cash & Other % - Pension |
- |
- |
0.63% |
2.21% |
4.13% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Aug-2013 |
01-Sep-2012 |
03-Sep-2011 |
28-Aug-2010 |
29-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639889 |
0.635419 |
0.623497 |
0.639819 |
0.642791 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
240.7 |
249.1 |
188.0 |
151.6 |
147.9 |
|
Depreciation |
131.9 |
129.7 |
133.9 |
132.7 |
136.9 |
|
Employee options granted during the fina |
2.3 |
2.5 |
- |
- |
- |
|
Net movements in provisions |
0.5 |
-1.6 |
- |
- |
- |
|
Taxation |
- |
- |
69.1 |
67.1 |
40.0 |
|
Amortization of Intangibles |
15.9 |
14.5 |
13.6 |
14.5 |
12.6 |
|
Loss on disposal of property, plant and |
0.3 |
0.3 |
0.2 |
0.6 |
0.3 |
|
Profit on sale of available-for-sale inv |
- |
- |
-3.2 |
0.0 |
- |
|
Net movements in provisions |
- |
- |
1.6 |
2.8 |
2.0 |
|
Difference between pension credit and co |
-33.9 |
-33.2 |
-14.1 |
-15.6 |
-23.3 |
|
Interest Expense |
24.2 |
28.2 |
43.8 |
88.3 |
97.5 |
|
Interest Income |
-2.3 |
-1.9 |
-6.3 |
-10.5 |
-2.0 |
|
Net movement in other long-term receivab |
5.6 |
-4.1 |
0.2 |
-1.7 |
0.0 |
|
Net movement in other non-current liabil |
0.3 |
4.6 |
53.2 |
19.7 |
73.4 |
|
Increase in inventories |
-39.9 |
-18.1 |
-40.7 |
-17.2 |
-52.0 |
|
Increase in trade and other receivables |
-4.5 |
-7.4 |
-7.4 |
6.9 |
-11.4 |
|
Increase in trade and other payables |
32.5 |
51.0 |
-9.3 |
30.6 |
-46.7 |
|
Interest Received |
0.6 |
0.3 |
10.7 |
4.2 |
1.7 |
|
Finance costs |
-20.2 |
-21.7 |
-42.2 |
-77.5 |
-90.9 |
|
Tax paid |
-45.8 |
-70.2 |
-77.9 |
-68.9 |
-39.4 |
|
Employee Options Granted |
- |
- |
2.2 |
2.0 |
0.5 |
|
Fair value losses/ (gains) on derivative |
3.1 |
-4.9 |
4.3 |
4.8 |
-0.9 |
|
Bargain purchase credit on acquisition o |
- |
- |
0.0 |
-9.1 |
0.0 |
|
Transaction costs on acquisition of Maga |
- |
- |
0.0 |
-1.6 |
0.0 |
|
Cash from Operating Activities |
311.5 |
317.1 |
319.8 |
323.8 |
246.4 |
|
|
|
|
|
|
|
|
Proceeds from sale of finance leases |
- |
- |
20.2 |
0.0 |
- |
|
Purchase of property, plant and equipmen |
-177.7 |
-159.6 |
-151.2 |
-122.7 |
-119.8 |
|
Proceeds from sale of property, plant an |
- |
- |
0.0 |
0.3 |
0.0 |
|
Purchase of intangible assets |
-30.6 |
-27.1 |
-31.6 |
-17.5 |
-11.7 |
|
Proceeds from sale of available-for-sale |
- |
- |
8.0 |
0.0 |
- |
|
Acquisition of Subsidiary |
- |
- |
0.0 |
-14.2 |
0.0 |
|
Cash from Investing Activities |
-208.3 |
-186.6 |
-154.6 |
-154.1 |
-131.5 |
|
|
|
|
|
|
|
|
Repurchase of term loan facility |
- |
- |
-879.9 |
-249.6 |
-233.4 |
|
Repurchase of term loan facility |
-20.8 |
0.0 |
0.0 |
-81.7 |
-55.2 |
|
Dividends paid |
-64.7 |
-60.6 |
-20.7 |
0.0 |
-3.7 |
|
Issue of Ordinary Share Capital |
- |
- |
- |
0.0 |
502.8 |
|
Share Issue Costs |
- |
- |
0.0 |
-7.3 |
-22.9 |
|
Purchase of Own Shares |
- |
- |
- |
- |
0.0 |
|
Purchase of treasury shares |
-39.2 |
-31.6 |
0.0 |
- |
- |
|
Share option receipts |
0.2 |
0.0 |
- |
- |
- |
|
Drawdown/ (repayment) of facility) |
9.4 |
-15.7 |
665.6 |
0.0 |
- |
|
Finance lease payments |
-3.6 |
-3.5 |
-0.2 |
-0.8 |
-0.2 |
|
Debt issue costs |
-0.8 |
0.0 |
-6.6 |
-15.8 |
-5.1 |
|
Cash from Financing Activities |
-119.6 |
-111.4 |
-241.7 |
-355.3 |
182.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
-0.5 |
1.6 |
0.0 |
- |
|
Net Change in Cash |
-16.4 |
18.6 |
-74.9 |
-185.5 |
297.3 |
|
|
|
|
|
|
|
|
Cash at the Beginning |
54.1 |
35.9 |
111.5 |
294.1 |
-4.5 |
|
Cash at the End |
37.7 |
54.5 |
36.6 |
108.6 |
292.8 |
|
Cash Interest Paid |
20.2 |
21.7 |
42.2 |
77.5 |
90.9 |
|
Cash Taxes Paid |
45.8 |
70.2 |
77.9 |
68.9 |
39.4 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
UK Pound |
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 SCs 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.