MIRA
INFORM REPORT
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Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
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Name : |
MOTHER CARE PLC |
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Registered Office : |
Cherry |
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Country : |
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Financials (as on) : |
30.03.2013 |
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Date of Incorporation : |
26.09.1985 |
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Legal Form : |
Public Parent |
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Line of Business : |
Retailer, Franchisor and Wholesaler of products for
mothers-to-be, babies and children under the Mothercare
and Early Learning Centre brands. |
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No. of Employees : |
3,959 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
The
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Source
: CIA |
Company name & address
MOTHERCARE PLC
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Business Description
Mothercare plc is a retailer,
franchisor and wholesaler of products for mothers-to-be, babies and children
under the Mothercare and Early Learning Centre
brands. It offers products for mothers-to-be, babies and children up to the age
of eight. It offers maternity and children’s
clothing, furniture and home furnishings, bedding, feeding, bathing, travel
equipment and toys. It has two segments:
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
4771 -
Retail sale of clothing, footwear and leather articles in specialized stores |
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NACE Rev 2: |
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NAICS 2012: |
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US SIC 1987: |
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Key Executives
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Name |
Title |
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Chief Executive, Executive Director |
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Director, Chief Financial Officer |
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Steve Abse |
Director of Marketing , Central Operations
and Customer Services |
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Group General Counsel, Company Secretary |
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Richard Godfray |
Director of Information Technology |
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Significant Developments
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*
number of significant developments within the last 12 months
News
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Financial Summary
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As of 30-Mar-2013 |
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Stock Snapshot
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Traded: |
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As of 18-Oct-2013
Financials in: GBP |
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ANZSIC 2006 Codes: |
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4251 |
- |
Clothing Retailing |
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4211 |
- |
Furniture Retailing |
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4279 |
- |
Other Store-Based Retailing Not Elsewhere Classified |
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4243 |
- |
Toy and Game Retailing |
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4310 |
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Non-Store Retailing |
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ISIC Rev 4 Codes: |
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4771 |
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Retail sale of clothing, footwear and leather articles in specialized
stores |
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4759 |
- |
Retail sale of electrical household appliances, furniture, lighting
equipment and other household articles in specialized stores |
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4719 |
- |
Other retail sale in non-specialized stores |
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4763 |
- |
Retail sale of sporting equipment in specialized stores |
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4791 |
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Retail sale via mail order houses or via Internet |
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NACE Rev 2 Codes: |
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4771 |
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Retail sale of clothing in specialised
stores |
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4791 |
- |
Retail sale via mail order houses or via Internet |
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4764 |
- |
Retail sale of sporting equipment in specialised
stores |
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4759 |
- |
Retail sale of furniture, lighting equipment and other household
articles in specialised stores |
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4719 |
- |
Other retail sale in non-specialised stores |
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NAICS 2012 Codes: |
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44813 |
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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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452990 |
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All Other General Merchandise Stores |
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451120 |
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Hobby, Toy, and Game Stores |
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448120 |
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Women's Clothing Stores |
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442110 |
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Furniture Stores |
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US SIC 1987: |
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5641 |
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Children's and Infants' Wear Stores |
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5712 |
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Furniture Stores |
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5945 |
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Hobby, Toy, and Game Shops |
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5399 |
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Miscellaneous General Merchandise Stores |
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5961 |
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Catalog and Mail-order Houses |
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5621 |
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Women's Clothing Stores |
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4771 |
- |
Retail sale of clothing in specialised
stores |
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4791 |
- |
Retail sale via mail order houses or via Internet |
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4764 |
- |
Retail sale of sporting equipment in specialised
stores |
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4719 |
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Other retail sale in non-specialised stores |
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47599 |
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Retail sale of furniture, lighting equipment and other household
articles (other than musical instruments) n.e.c.,
in specialised stores |
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Mothercare plc is a retailer,
franchisor and wholesaler of products for mothers-to-be, babies and children
under the Mothercare and Early Learning Centre
brands. It offers products for mothers-to-be, babies and children up to the
age of eight. It offers maternity and children’s
clothing, furniture and home furnishings, bedding, feeding, bathing, travel
equipment and toys. It has two segments: |
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More Business Descriptions
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Worldwide internet and catalogue business, provides wide range of
products formothers-to-be and children up to eight
years old with maternity and children's clothing , accessories, furniture,
home furnishings, feeding, bathing, travel equipment |
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A holding and investment company whose subsidiaries are engaged in the
operation of retail stores |
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Holding Company; Maternity Wear, Babies & Pre-School Children's
Apparel & Toys Retailer |
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A holding and investment company whose subsidiaries are engaged in the
operation of retail stores |
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Representative Office |
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Mothercare Plc (Mothercare)
is a multi-channel retailer and wholesaler of products for mothers,
mothers-to-be, children and babies. The company offers products such as
maternity products, pushchairs, nursery furniture, cribs and Moses baskets,
cots, travel cots, mattresses, bedding products, feeding products, clothing
and footwear, bath and changing products, toys and gifts. As of March 2012,
the company operates a total of 1,324 stores worldwide in 61 countries
comprising 433 stores in European countries, 290 stores in Asian countries,
309 in Middle East and Africa, 255 stores in the |
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Mothercare plc (Mothercare)
is a specialized retailer of products related to mothers, babies and children
upto the age of eight. It offers a range of
children clothing, furniture and home furnishings, as well as feeding, bathing,
travel equipment and toys for children up to eight years of age. Its products
include maternity products, pushchairs, nursery furniture, cribs and moses baskets, cots and cot-beds, travel cots,
mattresses, highchairs, bedding products, feeding products, clothing and
footwear, bath and changing products, child safety products, and toys and
gifts. The company also sells its products online through the website,
mothercare.com. Mothercare is headquartered in
Watford, Hertfordshire, the UK.The company reported
revenues of (British Pounds) GBP 749.40 million during the fiscal year ended
March 2013, a decrease of 7.79% from 2012. The operating loss of the company
was GBP 17.80 million during the fiscal year 2013, as compared to an
operating loss of GBP 102.50 million during 2012. The net loss of the company
was GBP 22.00 million during the fiscal year 2013, as compared to a net loss
of GBP 91.80 million during 2012. |
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Mothercare is a specialist retailer of products for
mothers-to-be babies and children up to the age of eight. Mothercare
opened its first store in 1961 in |
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Quote Symbol: |
MTC |
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Exchange: |
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Currency: |
GBP |
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Stock Price: |
4.0 |
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Stock Price Date: |
10-18-2013 |
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52 Week Price Change %: |
56.2 |
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Market Value (mil): |
356,453.4 |
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SEDOL: |
0906744 |
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ISIN: |
GB0009067447 |
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Company |
Percentage Owned |
Country |
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Early Learning Centre Ltd |
100% |
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Mothercare Procurement Limited |
100% |
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Mothercare ( |
100% |
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Mothercare UK Ltd |
100% |
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Major
Shareholders |
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M&G Investment Management Ltd (14.64%); DC Thomson & Company Ltd
(10.51%); Fidelity International Limited (7.97%); Allianz
Global Investors (7.40%); Aberdeen Asset Managers Limited (6.82%); Capital
Group of Companies (5.92%) |
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Auditor: |
Deloitte LLP |
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Auditor: |
Deloitte LLP, Deloitte LLP, Deloitte LLP |
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Auditor History |
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Deloitte LLP |
30-Mar-2013 |
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Deloitte LLP |
31-Mar-2012 |
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Deloitte LLP |
29-Mar-2011 |
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Deloitte LLP |
26-Mar-2011 |
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Deloitte LLP |
27-Mar-2010 |
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GBP(mil) |
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Audit Fees: |
0.3 |
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Non Audit Fees: |
0.1 |
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Audit Fiscal Year: |
03-30-2013 |
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Besides, the company opened 24 new stores in Europe, 19
new stores in Middle East and Africa and 56 new stores in |
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Mothercare PLC (Mothercare)
is a specialist retailer of products for mothers, mothers-to-be, babies and
children up to the age of eight. The company comprises two retail brands,
namely, Mothercare and Early Learning Centre. The
company leverages its wide operational network and broad product portfolio to
advance its business growth objectives. However, competitive environment and
changing consumer preferences could have an adverse impact on the operations of
the company.
Strengths
The company's wide operational network could help it cater to its customers
in an effective and efficient manner. The company operates across Europe,
Asia-Pacific, Latin America, the Middle East and
Mothercare leverages its wide range of product
portfolio to tap immense market potentials. The company offers a wide range of
maternity and children's clothing, furniture and home furnishings, bedding,
feeding, bathing, travel equipment and toys offer a competitive advantage to
the company. The company offers its products under two primary brands, namely, Mothercare and Early Learning Centre. Under Mothercare brand, the company operates as a specialist
retailer offering products for mothers, mothers-to-be, babies and children up
to the age of eight years. Its products and services are marketed through
retail, wholesale and Internet operations. Under Mothercare,
the company offers a broad range of maternity and children’s
clothing; bedding, feeding, bathing, travel equipment; furniture and home furnishings
for babies and young children; and toys. The company, through Early Learning
Centre, designs and retails toys and other children's products principally for
the zero to six year age group. It offers educational books and toys, and
others. ELC’s product portfolio are categorized
into baby and toddler toys, outdoor toys and furniture, dolls’
houses and toy dolls, action figures and playsets,
vehicles and construction, dressing up and pretend play, learning and books,
art music and creative play, and puzzles, games and gifts.
Weaknesses
High debt burden could have a major impact on the operational
performance of the company as a major portion of the company's earnings would
be diverted towards servicing its debt obligations. The company reported an
increase in the debt to equity ratio of 128.87% in 2013 over the previous
year's figure of 30.12%. The increase in the debt to equity ratio of the
company signifies that the company's debt increased substantially, which means
that the company would incur more interest expenditure and it would have a
negative effect on the overall profitability. Moreover, the company's total
long-term debt increased to £46.5m in 2013 from £20m in 2012. With such high
levels of debt, the company would have to dedicate a significant portion of its
cash flow from operations to service interest and principal payments which
could have been used for other expansion activities.
The company’s declined inventory turnover
hampers its profitability and increases its inventory cost. For the fiscal year
ended March 2013, the company reported inventory turnover ratio of 6.29, as
compared to 7.75 in 2012. As of March 31, 2013, the value of the company's
inventory totaled to £110.6m, as compared to £99.1m in 2012. Decline in
inventory turnover reflects that the company would require 57.99 days to sell
its inventory on hand, as compared to 47.07 days in 2012. The increase in days
of inventory on hand indicates the company’s weak
sales or ineffective buying. The declining inventory turnover ratio affects the
company‘s performance and raises its inventory cost
such as warehouse and material handling cost.
Opportunities
With the rising trend of e-retail business, there is huge potential for
the company to increase its profitability through the direct-to-customer
segment. Now, more and more customers prefer to shop online and place their
orders through credit cards, thereby avoiding the time consuming journey and
billing queues. The rising popularity of online retailing concept could provide
ample of growth opportunities for the company to leverage upon. The company
through its
The company has undertaken certain business initiatives to advance its
business growth objectives. In the fiscal year 2013, the company made
investments in its joint ventures and associates to accelerate growth in
international business. In line with this, the company made additional
investments in Mothercare-Goodbaby China Retail
Limited with £1.1m, Rhea Retail Private Limited with £0.5m and Juno Retail Private
Limited with £0.2m. Besides, the company opened 24 new stores in Europe, 19
new stores in Middle East and Africa and 56 new stores in
Threats
The company operates in a highly competitive environment and faces
intense competition from various retailers that offers the similar products as
the company. Such competition may increase the company’s
operational costs in the form of increased expenditure in marketing and
branding activities. It may also be required to offer products at a discount to
attract customers, lowering its margins. The retailing industry has high growth
potential, which is encouraging many players to venture into the lucrative
market. Many business houses have diversified into this industry, while the
existing ones have expanded their product offerings to attract a wider customer
base. Some of its major competitors include Bed Bath & Beyond Inc., Jacques
Vert plc, Hamleys of London
Limited, Toys R Us, LTD. and Olivers Babycare Ltd. Some of the competitors of the company have
greater financial, marketing and other resources, which enables them to pursue
more vigorous marketing and expansion activities. Intense competition could
have a material adverse impact on the operations of the company.
The company’s business depends on customer
preferences, changing consumer demands and changing trends. The company has to
adapt quickly to these changes to increase its business in the competitive
specialty retail industry with products for mothers, mothers-to-be, children
and babies. The consumers’ purchasing decisions are
highly subjective and could be influenced by various factors such as brand
image, marketing programs and product design. The company should anticipate and
respond to these changing consumer preferences in a timely manner. Although the
company focuses on innovation and creativity to stay abreast of emerging
lifestyle and trends influencing its business, failure to identify and respond
to changes in consumer preferences and the rapidly changing fashion trends
could hinder the sales of company’s products and
brands, affecting its business.
Corporate
Family
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
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Clothing and Apparel Stores |
1,184.2 |
3,959 |
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Subsidiary |
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Clothing and Apparel Wholesale |
43.5 |
745 |
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UK Branch/Trading address |
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Clothing and Apparel Stores |
1,184.2 |
25 |
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UK Branch/Trading address |
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Clothing and Apparel Stores |
1,184.2 |
25 |
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UK Branch/Trading address |
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Clothing and Apparel Stores |
1,184.2 |
10 |
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UK Branch/Trading address |
Redhill |
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Clothing and Apparel Stores |
1,184.2 |
7 |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Store Retailers |
967.1 |
8,784 |
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Subsidiary |
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Grocery Stores |
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1,000 |
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Subsidiary |
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Beer, Wine, and Liquor Stores |
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2 |
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UK Branch/Trading address |
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Miscellaneous Store Retailers |
967.1 |
26 |
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UK Branch/Trading address |
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Clothing and Apparel Stores |
967.1 |
11 |
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Subsidiary |
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Publishing |
0.5 |
7 |
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Subsidiary |
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Miscellaneous Professional Services |
0.0 |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
Mumbai, |
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Clothing and Apparel Manufacturing |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Store Retailers |
276.3 |
732 |
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Subsidiary |
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Miscellaneous Professional Services |
0.8 |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Subsidiary |
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Miscellaneous Professional Services |
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Competitors
Report
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CompanyName |
Location |
Employees |
Ownership |
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Bed Bath & Beyond Inc. |
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57,000 |
Public |
Executive report
Board of Directors
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Non-Executive Chairman of the Board |
Chairman |
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Chairman |
Chairman |
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Non-Executive Independent Director |
Director/Board Member |
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Chief Executive, Executive Di ector |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Senior Independent Non-Executive Director |
Director/Board Member |
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Director, Chief Financial Officer |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Executives
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Chief Executive, Executive Director |
Chief Executive Officer |
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Group Brand and Marketing Director |
Division Head Executive |
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Sourcing Programme Manager |
Division Head Executive |
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Group People Director |
Division Head Executive |
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Managing Director - International |
Managing Director |
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Managing Director-UK |
Managing Director |
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Director of Marketing , Central Operations and Customer Services |
Operations Executive |
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Retail Operations Director |
Operations Executive |
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Group General Counsel, Company Secretary |
Company Secretary |
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Interim CFO |
Finance Executive |
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Director, Chief Financial Officer |
Finance Executive |
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Head of Group Pensions |
Benefits & Compensation Executive |
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Head of Human Resources Retail |
Human Resources Executive |
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Group HR Director |
Human Resources Executive |
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Director of HR |
Human Resources Executive |
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Head of Customer and Market Insight |
Customer Service Executive |
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Brand and Commercial Director |
Marketing Executive |
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Director of Marketing |
Marketing Executive |
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Consumer Press Officer |
Public Relations Executive |
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Head-Public Relations |
Public Relations Executive |
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Director - Investor Relations |
Investor Relations Executive |
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Director of Information Technology |
Information Executive |
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Director of Product and Sourcing |
Product Management Executive |
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Commercial Director, |
Commercial Executive |
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Head of Replenishment and Supply Chain |
Logistics Executive |
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Head of Corporate Responsibility |
Other |
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Group Head of Reporting and Control |
Other |
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Directors
and Shareholders Report
|
Main Office Address: |
Tel: 01923 241000 |
Annual Return Date: 26 Jul 2013 |
Individual Directors
|
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|
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|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
|
|
Current |
29 Oct 1947 |
Cherry |
17 Jul 2008 |
NA |
Current:1 |
|
|
|
Current |
06 Dec 1963 |
|
01 Jan 2011 |
NA |
Current:2 |
|
|
|
Current |
25 May 1971 |
Avebury, |
25 Mar 2013 |
NA |
Current:4 |
|
|
|
Current |
25 Nov 1946 |
(Mothercare) Cherry |
15 Aug 2011 |
NA |
Current:3 |
|
|
|
Current |
31 Aug 1957 |
The Ridings, 30 Hurstwood, |
02 Jul 2012 |
NA |
Current:18 |
|
|
|
Current |
24 Jul 1964 |
|
30 Apr 2012 |
NA |
Current:4 |
|
|
|
Current |
01 Jun 1962 |
Cherry |
01 Jan 2013 |
NA |
Current:1 |
|
|
|
Current |
21 Feb 1964 |
Cherry |
01 Jun 2013 |
NA |
Current:1 |
|
|
|
Previous |
05 Jul 1947 |
2 Worts Causeway, |
01 Aug 2002 |
31 Oct 2011 |
Current:23 |
|
|
|
Previous |
15 Feb 1940 |
The Long House, Lower Weddington Ash, |
26 Jul 1992 |
20 Jul 2000 |
Current:0 |
|
|
|
Previous |
30 Jun 1931 |
|
26 Jul 1992 |
10 Jul 1996 |
Current:4 |
|
|
|
Previous |
31 Dec 1946 |
Cherry |
02 Aug 2004 |
31 May 2013 |
Current:5 |
|
|
|
Previous |
04 Apr 1969 |
|
30 Jul 2003 |
13 Aug 2010 |
Current:0 |
|
|
|
Previous |
13 Feb 1955 |
Tagair |
NA |
25 May 2000 |
Current:0 |
|
|
|
Previous |
29 May 1938 |
|
26 Jul 1992 |
25 Oct 1993 |
Current:4 |
|
|
|
Previous |
09 May 1957 |
22 Firs Walk, Tewin Wood, |
04 Mar 2003 |
28 Dec 2005 |
Current:0 |
|
|
|
Previous |
08 Aug 1959 |
Bottrells House, |
02 Dec 2002 |
17 Nov 2011 |
Current:2 |
|
|
|
Previous |
02 Dec 1954 |
Beckwood, Greenhead Ghyll, |
28 Mar 2003 |
31 Dec 2012 |
Current:3 |
|
|
|
Previous |
14 Jul 1932 |
|
26 Jul 1992 |
10 Jul 1996 |
Current:2 |
|
|
|
Previous |
17 Mar 1941 |
|
15 Jan 1996 |
31 Oct 2002 |
Current:6 |
|
|
|
Previous |
23 Apr 1955 |
10 |
18 Apr 1994 |
17 Jan 1997 |
Current:11 |
|
|
|
Previous |
31 Jan 1942 |
|
24 Nov 1994 |
18 Jul 2003 |
Current:1 |
|
|
|
Previous |
30 Aug 1963 |
The Old Vicarage, High Street, |
30 Jan 2006 |
20 Jul 2012 |
Current:0 |
|
|
|
Previous |
14 Feb 1945 |
|
26 Jan 1994 |
10 Jul 1997 |
Current:5 |
|
|
|
Previous |
10 Mar 1947 |
Oxleaze, Wellow, |
26 Jul 1992 |
NA |
Current:1 |
|
|
|
Previous |
10 Jul 1950 |
Unit 60 The Runnings, |
23 Aug 1993 |
28 May 1999 |
Current:8 |
|
|
|
Previous |
25 Feb 1944 |
|
11 Feb 1993 |
NA |
Current:0 |
|
|
|
Previous |
17 Sep 1943 |
|
07 Mar 1997 |
18 Nov 2004 |
Current:0 |
|
|
|
Previous |
19 Oct 1953 |
Llechwen Hall Hotel, Llanfabon, |
NA |
11 Oct 1993 |
Current:0 |
|
|
|
Previous |
03 May 1958 |
11 Poppy Walk, St James Road, |
17 Apr 2001 |
03 Mar 2003 |
Current:6 |
|
|
|
Previous |
16 Jul 1960 |
|
17 Jan 1997 |
14 Jul 2002 |
Current:39 |
|
|
|
Previous |
09 Dec 1955 |
|
26 Jul 1992 |
29 Sep 1999 |
Current:1 |
|
|
Corporate Directors
There are no
corporate directors for this company.
Individual Secretaries
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|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
|
|
Current |
07 May 1962 |
Cherry |
30 Aug 2010 |
NA |
Current:36 |
|
|
|
Previous |
10 Apr 1956 |
|
26 Jul 1992 |
13 Jan 1999 |
Current:5 |
|
|
|
Previous |
01 Oct 1954 |
|
13 Jan 1999 |
30 Aug 2010 |
Current:1 |
|
|
|
|
|
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|
|
|
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|
|
|
|
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Corporate Secretaries
There are no corporate secretaries for this company.
|
|
Shareholders
OneSource currently does not
provide shareholding information for this company.
|
Mothercare PLC Announces No Dividend May 23, 2013
|
|
Mothercare PLC Sees FY 2013 In Line With Market
Expectations Apr 11, 2013
|
|
Mothercare PLC Does Not Declare Dividend Nov 22, 2012
|
|
Mothercare PLC Announces Appointment Of Chief Financial Officer Nov 21, 2012
|
news
annual profit & loss
|
Financials
in: USD (mil) Except
for share items (millions) and per share items (actual units) |
|
|
30-Mar-2013 |
31-Mar-2012 |
29-Mar-2011 |
26-Mar-2011 |
27-Mar-2010 |
|
Period Length |
52 Weeks |
53 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.632825 |
0.626752 |
0.643621 |
0.644005 |
0.628176 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Total Turnover |
1,184.2 |
1,296.7 |
1,233.0 |
1,232.3 |
1,220.0 |
|
Cost of Sales |
1,100.3 |
1,229.2 |
1,146.2 |
1,145.5 |
1,081.5 |
|
Gross Profit |
83.9 |
67.5 |
86.9 |
86.8 |
138.5 |
|
Depreciation |
25.0 |
25.8 |
25.8 |
25.8 |
27.5 |
|
Other Expenses |
63.7 |
78.8 |
69.8 |
69.7 |
86.4 |
|
Other Income |
0.3 |
1.8 |
0.2 |
0.2 |
0.0 |
|
Interest Paid |
6.2 |
2.2 |
1.1 |
1.1 |
1.1 |
|
Exceptional Income |
-48.4 |
-152.4 |
-2.5 |
-2.5 |
0.8 |
|
Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit Before Taxes |
-34.0 |
-164.2 |
13.7 |
13.7 |
51.7 |
|
Tax Payable / Credit |
0.8 |
-17.7 |
3.6 |
3.6 |
14.2 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.0 |
19.0 |
24.1 |
24.1 |
21.0 |
|
Profit After Taxes |
-34.8 |
-165.5 |
-14.0 |
-14.0 |
16.6 |
|
Audit Fees |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Non Audit Fees |
0.2 |
0.3 |
0.5 |
0.5 |
0.2 |
|
Number of Employees |
6,226 |
6,943 |
7,440 |
7,440 |
7,452 |
|
Wages |
122.0 |
136.9 |
- |
136.5 |
138.8 |
|
Social Security Costs |
7.1 |
8.5 |
8.5 |
8.5 |
8.9 |
|
Pensions |
0.1 |
0.1 |
0.3 |
0.1 |
0.3 |
|
Other Pension Costs |
7.9 |
3.7 |
146.4 |
9.8 |
28.8 |
|
Employees Remuneration |
137.0 |
149.0 |
154.9 |
154.8 |
176.5 |
|
Directors Emoluments |
1.7 |
2.0 |
2.0 |
1.9 |
2.4 |
|
Other Costs |
0.4 |
9.7 |
9.9 |
9.9 |
11.6 |
|
Directors Remuneration |
2.2 |
11.7 |
12.1 |
12.0 |
14.3 |
|
Highest Paid Director |
0.9 |
8.0 |
- |
8.1 |
10.4 |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
|||||
|
|
30-Mar-2013 |
31-Mar-2012 |
29-Mar-2011 |
26-Mar-2011 |
27-Mar-2010 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.626037 |
0.621678 |
0.670938 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Total Tangible Fixed Assets |
105.6 |
137.4 |
145.5 |
146.5 |
140.0 |
|
Intangible Assets |
70.5 |
77.9 |
171.1 |
172.3 |
156.3 |
|
Investments |
45.1 |
43.9 |
27.6 |
27.8 |
14.3 |
|
Total Fixed Assets |
221.2 |
259.2 |
344.2 |
346.6 |
310.6 |
|
Stocks |
167.8 |
157.8 |
185.3 |
186.6 |
136.1 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
167.8 |
157.8 |
185.3 |
186.6 |
136.1 |
|
Trade Debtors |
56.3 |
77.4 |
81.5 |
82.0 |
59.3 |
|
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 |
31.9 |
41.6 |
18.4 |
18.5 |
26.7 |
|
Total Debtors |
88.1 |
118.9 |
99.8 |
100.5 |
86.0 |
|
Cash and Equivalents |
26.7 |
2.9 |
24.4 |
24.6 |
57.4 |
|
Other Current Assets |
12.6 |
0.0 |
0.0 |
0.0 |
21.0 |
|
Total Current Assets |
295.2 |
279.6 |
309.6 |
311.7 |
300.5 |
|
Total Assets |
516.4 |
538.8 |
653.8 |
658.4 |
611.1 |
|
Trade Creditors |
106.7 |
113.0 |
123.8 |
124.7 |
88.1 |
|
Bank Overdraft |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inter-Company Creditors |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Current Liability) |
0.0 |
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) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Short Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Current Liability) |
65.8 |
69.6 |
68.0 |
68.5 |
76.8 |
|
Social Security/VAT |
7.0 |
6.8 |
9.6 |
9.7 |
9.4 |
|
Corporation Tax |
0.8 |
0.2 |
1.6 |
1.6 |
2.1 |
|
Other Current Liabilities |
45.8 |
51.7 |
19.6 |
19.8 |
18.9 |
|
Total Current Liabilities |
226.1 |
241.4 |
222.7 |
224.2 |
195.2 |
|
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 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
42.6 |
46.2 |
51.6 |
52.0 |
39.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
42.6 |
46.2 |
51.6 |
52.0 |
39.0 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
70.5 |
31.8 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
113.2 |
78.0 |
51.6 |
52.0 |
39.0 |
|
Deferred Taxation |
0.0 |
0.0 |
- |
0.0 |
- |
|
Other Provisions |
118.3 |
103.6 |
71.6 |
72.1 |
96.0 |
|
Total Provisions |
118.3 |
103.6 |
71.6 |
72.1 |
96.0 |
|
Issued Capital |
67.2 |
70.5 |
70.8 |
71.3 |
65.7 |
|
Share Premium Accounts |
9.4 |
9.9 |
9.4 |
9.5 |
7.3 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
-26.7 |
-42.2 |
160.9 |
162.0 |
143.4 |
|
Other Reserves |
9.0 |
77.5 |
66.9 |
67.4 |
64.4 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
58.9 |
115.7 |
308.0 |
310.1 |
280.8 |
|
Net Worth |
-11.7 |
37.9 |
136.9 |
137.9 |
124.5 |
|
|
|||||
Annual Cash Flows
Financials in: USD (mil)
Financial glossary
|
|
30-Mar-2013 |
31-Mar-2012 |
29-Mar-2011 |
26-Mar-2011 |
27-Mar-2010 |
|
Period Length |
52 Weeks |
53 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.632825 |
0.626752 |
0.643621 |
0.644005 |
0.628176 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
Annual
Ratios
Financials in: USD (mil)
|
|
30-Mar-2013 |
31-Mar-2012 |
29-Mar-2011 |
26-Mar-2011 |
27-Mar-2010 |
|
Period Length |
52 Weeks |
53 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.626037 |
0.621678 |
0.670938 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Current Ratio |
1.31 |
1.16 |
1.39 |
1.39 |
1.54 |
|
Liquidity Ratio |
0.56 |
0.50 |
0.56 |
0.56 |
0.84 |
|
Stock Turnover |
678.00 |
805.00 |
671.00 |
684.00 |
839.00 |
|
Credit Period (Days) |
1,807.00 |
2,225.00 |
2,391.00 |
2,346.00 |
1,895.00 |
|
Working Capital by Sales |
608.00% |
301.00% |
699.00% |
685.00% |
921.00% |
|
Trade Credit by Debtors |
189.00 |
146.00 |
152.00 |
152.00 |
148.00 |
|
Return on Capital |
-1,123.00% |
-5,405.00% |
320.00% |
326.00% |
1,165.00% |
|
Return on Assets |
-632.00% |
-2,983.00% |
211.00% |
215.00% |
793.00% |
|
Profit Margin |
-287.00% |
-1,266.00% |
111.00% |
111.00% |
424.00% |
|
Return on Shareholders Funds |
-5,541.00% |
-13,887.00% |
448.00% |
456.00% |
1,725.00% |
|
Borrowing Ratio |
-36,494.00% |
12,185.00% |
3,769.00% |
3,769.00% |
3,138.00% |
|
Equity Gearing |
1,140.00% |
2,148.00% |
4,710.00% |
4,710.00% |
4,595.00% |
|
Debt Gearing |
-364.94% |
121.85% |
37.69% |
37.69% |
31.38% |
|
Interest Coverage |
-551.00 |
-7,350.00 |
1,257.00 |
1,257.00 |
4,643.00 |
|
Sales by Tangible Assets |
1,077.00 |
924.00 |
855.00 |
871.00 |
816.00 |
|
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 |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Capital Employed per Employee |
0.0 |
0.0 |
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 |
1,157.00% |
1,149.00% |
1,256.00% |
1,256.00% |
1,447.00% |
|
Creditor Days (Cost of Sales Based) |
3,685.00 |
3,429.00 |
3,909.00 |
3,835.00 |
3,175.00 |
|
Creditor Days (Sales Based) |
3,424.00 |
3,251.00 |
3,633.00 |
3,564.00 |
2,815.00 |
Annual income statement
Financials in: USD
(mil)
Except for share items
(millions) and per share items (actual units)
|
|
30-Mar-2013 |
31-Mar-2012 |
26-Mar-2011 |
27-Mar-2010 |
28-Mar-2009 |
|
Period Length |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.632825 |
0.626752 |
0.644005 |
0.628176 |
0.590376 |
|
Auditor |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,184.2 |
1,296.7 |
1,232.3 |
1,220.0 |
1,225.7 |
|
Revenue |
1,184.2 |
1,296.7 |
1,232.3 |
1,220.0 |
1,225.7 |
|
Total Revenue |
1,184.2 |
1,296.7 |
1,232.3 |
1,220.0 |
1,225.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,100.0 |
1,226.0 |
1,145.5 |
1,081.5 |
1,078.3 |
|
Cost of Revenue, Total |
1,100.0 |
1,226.0 |
1,145.5 |
1,081.5 |
1,078.3 |
|
Gross Profit |
84.2 |
70.7 |
86.8 |
138.5 |
147.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
54.4 |
44.0 |
55.1 |
60.3 |
56.9 |
|
Labor & Related Expense |
0.2 |
-0.3 |
3.4 |
22.9 |
12.9 |
|
Total Selling/General/Administrative Expenses |
54.5 |
43.7 |
58.5 |
83.3 |
69.8 |
|
Investment Income -
Operating |
2.2 |
5.1 |
2.8 |
0.8 |
0.7 |
|
Interest/Investment Income - Operating |
2.2 |
5.1 |
2.8 |
0.8 |
0.7 |
|
Interest Expense (Income) - Net Operating Total |
2.2 |
5.1 |
2.8 |
0.8 |
0.7 |
|
Restructuring Charge |
6.6 |
15.2 |
5.6 |
0.0 |
- |
|
Impairment-Assets Held for Use |
20.4 |
98.3 |
0.0 |
- |
- |
|
Loss (Gain) on |
21.8 |
36.1 |
-0.3 |
-1.6 |
3.6 |
|
Other Unusual Expense (Income) |
6.8 |
35.9 |
5.9 |
3.7 |
1.7 |
|
Unusual Expense (Income) |
55.6 |
185.4 |
11.2 |
2.1 |
5.3 |
|
Total Operating Expense |
1,212.3 |
1,460.2 |
1,218.0 |
1,167.7 |
1,154.0 |
|
|
|
|
|
|
|
|
Operating Income |
-28.1 |
-163.5 |
14.3 |
52.4 |
71.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-6.2 |
-2.1 |
-0.8 |
-0.6 |
-0.8 |
|
Interest Expense, Net Non-Operating |
-6.2 |
-2.1 |
-0.8 |
-0.6 |
-0.8 |
|
Interest Income -
Non-Operating |
0.3 |
1.4 |
0.2 |
0.0 |
0.7 |
|
Interest/Investment Income - Non-Operating |
0.3 |
1.4 |
0.2 |
0.0 |
0.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
-5.8 |
-0.6 |
-0.6 |
-0.6 |
-0.2 |
|
Income Before Tax |
-34.0 |
-164.2 |
13.7 |
51.7 |
71.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.8 |
-17.7 |
3.6 |
14.2 |
20.2 |
|
Income After Tax |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
Net Income |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
88.5 |
87.2 |
85.8 |
84.4 |
83.5 |
|
Basic EPS Excl Extraord Items |
-0.39 |
-1.68 |
0.12 |
0.45 |
0.61 |
|
Basic/Primary EPS Incl Extraord
Items |
-0.39 |
-1.68 |
0.12 |
0.45 |
0.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
Diluted Weighted Average Shares |
88.5 |
87.2 |
87.6 |
86.5 |
86.2 |
|
Diluted EPS Excl Extraord Items |
-0.39 |
-1.68 |
0.12 |
0.43 |
0.60 |
|
Diluted EPS Incl Extraord
Items |
-0.39 |
-1.68 |
0.12 |
0.43 |
0.60 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.03 |
0.28 |
0.27 |
0.25 |
|
Gross Dividends - Common Stock |
0.0 |
2.9 |
24.4 |
23.2 |
21.2 |
|
Interest Expense, Supplemental |
6.2 |
2.1 |
0.8 |
1.1 |
0.7 |
|
Depreciation, Supplemental |
25.0 |
25.8 |
25.8 |
24.0 |
29.3 |
|
Total Special Items |
77.4 |
203.1 |
18.9 |
0.6 |
10.5 |
|
Normalized Income Before Tax |
43.5 |
38.9 |
32.6 |
52.4 |
82.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
27.1 |
71.1 |
5.0 |
0.2 |
3.0 |
|
Inc Tax Ex Impact of Sp Items |
27.9 |
53.4 |
8.5 |
14.3 |
23.1 |
|
Normalized Income After Tax |
15.6 |
-14.4 |
24.1 |
38.0 |
58.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
15.6 |
-14.4 |
24.1 |
38.0 |
58.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.18 |
-0.17 |
0.28 |
0.45 |
0.70 |
|
Diluted Normalized EPS |
0.18 |
-0.17 |
0.27 |
0.44 |
0.68 |
|
Amort of Intangibles, Supplemental |
8.8 |
10.5 |
9.9 |
8.6 |
8.0 |
|
Rental Expenses |
87.7 |
108.2 |
109.9 |
114.8 |
125.0 |
|
Normalized EBIT |
51.5 |
44.7 |
36.0 |
53.8 |
82.8 |
|
Normalized EBITDA |
85.3 |
81.1 |
71.7 |
86.4 |
120.1 |
|
Current Tax - Domestic |
2.2 |
-3.4 |
12.6 |
13.5 |
14.2 |
|
Current Tax - Other |
0.5 |
-3.8 |
-1.2 |
-2.4 |
0.0 |
|
Current Tax - Total |
2.7 |
-7.2 |
11.3 |
11.1 |
14.2 |
|
Deferred Tax - Domestic |
-1.7 |
-10.4 |
-7.8 |
0.6 |
7.6 |
|
Deferred Tax - Other |
-0.2 |
-0.2 |
0.0 |
2.4 |
-1.7 |
|
Deferred Tax - Total |
-1.9 |
-10.5 |
-7.8 |
3.0 |
5.9 |
|
Income Tax - Total |
0.8 |
-17.7 |
3.6 |
14.2 |
20.2 |
|
Interest Cost - Domestic |
20.9 |
21.5 |
21.9 |
18.1 |
19.3 |
|
Service Cost - Domestic |
3.8 |
3.7 |
4.5 |
3.3 |
4.2 |
|
Expected Return on Assets - Domestic |
-19.3 |
-21.9 |
-21.0 |
-16.2 |
-22.0 |
|
Curtailments & Settlements - Domestic |
-5.2 |
-0.3 |
0.0 |
- |
- |
|
Domestic Pension Plan Expense |
0.2 |
3.0 |
5.4 |
5.3 |
1.5 |
|
Total Pension Expense |
0.2 |
3.0 |
5.4 |
5.3 |
1.5 |
|
Discount Rate - Domestic |
4.60% |
4.90% |
5.50% |
5.60% |
6.50% |
|
Compensation Rate - Domestic |
- |
3.30% |
3.50% |
4.70% |
4.20% |
|
Pension Payment Rate - Domestic |
3.30% |
3.20% |
3.40% |
3.60% |
3.10% |
|
Total Plan Interest Cost |
20.9 |
21.5 |
21.9 |
18.1 |
19.3 |
|
Total Plan Service Cost |
3.8 |
3.7 |
4.5 |
3.3 |
4.2 |
|
Total Plan Expected Return |
-19.3 |
-21.9 |
-21.0 |
-16.2 |
-22.0 |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
30-Mar-2013 |
31-Mar-2012 |
26-Mar-2011 |
27-Mar-2010 |
28-Mar-2009 |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Restated |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.621678 |
0.670938 |
0.698153 |
|
Auditor |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
26.7 |
2.9 |
24.6 |
57.4 |
35.5 |
|
Cash and Short Term Investments |
26.7 |
2.9 |
24.6 |
57.4 |
35.5 |
|
Accounts Receivable -
Trade, Gross |
59.0 |
77.7 |
84.3 |
61.9 |
51.7 |
|
Provision for Doubtful
Accounts |
-2.7 |
-2.5 |
-2.3 |
-2.5 |
-2.9 |
|
Trade Accounts Receivable - Net |
56.3 |
77.4 |
82.0 |
59.3 |
48.8 |
|
Other Receivables |
5.5 |
11.3 |
5.6 |
6.7 |
7.4 |
|
Total Receivables, Net |
61.7 |
88.7 |
87.7 |
66.0 |
56.3 |
|
Inventories - Finished Goods |
167.8 |
157.8 |
186.6 |
136.1 |
134.8 |
|
Total Inventory |
167.8 |
157.8 |
186.6 |
136.1 |
134.8 |
|
Prepaid Expenses |
26.4 |
30.2 |
12.9 |
20.0 |
21.6 |
|
Other Current Assets |
12.6 |
- |
0.0 |
21.0 |
10.5 |
|
Other Current Assets, Total |
12.6 |
- |
0.0 |
21.0 |
10.5 |
|
Total Current Assets |
295.2 |
279.6 |
311.7 |
300.5 |
258.7 |
|
|
|
|
|
|
|
|
Buildings |
152.5 |
193.8 |
189.2 |
168.4 |
152.5 |
|
Land/Improvements |
12.0 |
16.2 |
19.3 |
21.9 |
21.9 |
|
Machinery/Equipment |
- |
333.9 |
329.1 |
297.8 |
278.2 |
|
Construction in
Progress |
1.8 |
17.2 |
3.9 |
2.5 |
2.9 |
|
Other
Property/Plant/Equipment |
162.2 |
- |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
328.5 |
561.1 |
541.4 |
490.7 |
455.5 |
|
Accumulated Depreciation |
-222.9 |
-423.7 |
-394.9 |
-350.7 |
-323.1 |
|
Property/Plant/Equipment - Net |
105.6 |
137.4 |
146.5 |
140.0 |
132.3 |
|
Goodwill - Gross |
104.1 |
- |
- |
- |
- |
|
Accumulated Goodwill Amortization |
-63.4 |
- |
- |
- |
0.0 |
|
Goodwill, Net |
40.7 |
42.7 |
110.3 |
102.2 |
98.3 |
|
Intangibles - Gross |
92.7 |
102.1 |
97.6 |
77.7 |
66.6 |
|
Accumulated Intangible Amortization |
-62.8 |
-66.9 |
-35.7 |
-23.5 |
-15.2 |
|
Intangibles, Net |
29.9 |
35.2 |
61.9 |
54.1 |
51.4 |
|
LT Investment - Affiliate Companies |
12.1 |
15.9 |
16.7 |
2.5 |
1.0 |
|
Long Term Investments |
12.1 |
15.9 |
16.7 |
2.5 |
1.0 |
|
Pension Benefits - Overfunded |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
32.9 |
28.0 |
11.1 |
11.8 |
1.1 |
|
Other Long Term Assets, Total |
32.9 |
28.0 |
11.1 |
11.8 |
1.1 |
|
Total Assets |
516.4 |
538.8 |
658.4 |
611.1 |
542.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
106.7 |
113.0 |
124.7 |
88.1 |
84.4 |
|
Accrued Expenses |
72.8 |
76.4 |
78.2 |
86.1 |
68.2 |
|
Notes Payable/Short Term Debt |
5.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
3.0 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
0.8 |
0.2 |
1.6 |
2.1 |
3.0 |
|
Other Current Liabilities |
40.5 |
48.7 |
19.8 |
18.9 |
20.2 |
|
Other Current liabilities, Total |
41.3 |
48.9 |
21.4 |
21.0 |
23.2 |
|
Total Current Liabilities |
226.1 |
241.4 |
224.2 |
195.2 |
175.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
70.5 |
31.8 |
0.0 |
- |
- |
|
Capital Lease Obligations |
- |
- |
- |
0.0 |
0.1 |
|
Total Long Term Debt |
70.5 |
31.8 |
0.0 |
0.0 |
0.1 |
|
Total Debt |
75.9 |
34.9 |
0.0 |
0.0 |
0.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Income Tax |
- |
- |
- |
0.0 |
0.0 |
|
Reserves |
24.9 |
19.7 |
11.6 |
13.9 |
19.6 |
|
Pension Benefits - Underfunded |
93.5 |
83.9 |
60.5 |
82.1 |
36.4 |
|
Other Long Term Liabilities |
42.6 |
46.2 |
52.0 |
39.0 |
28.1 |
|
Other Liabilities, Total |
161.0 |
149.8 |
124.0 |
135.0 |
84.1 |
|
Total Liabilities |
457.6 |
423.0 |
348.3 |
330.3 |
260.0 |
|
|
|
|
|
|
|
|
Common Stock |
67.2 |
70.5 |
71.3 |
65.7 |
62.7 |
|
Common Stock |
67.2 |
70.5 |
71.3 |
65.7 |
62.7 |
|
Additional Paid-In Capital |
9.4 |
9.9 |
9.5 |
7.3 |
6.2 |
|
Retained Earnings (Accumulated Deficit) |
-17.3 |
38.7 |
243.7 |
219.1 |
227.5 |
|
Treasury Stock - Common |
-0.9 |
-3.3 |
-14.5 |
-13.3 |
-15.2 |
|
Translation Adjustment |
0.5 |
0.0 |
0.2 |
1.9 |
1.7 |
|
Other Equity, Total |
0.5 |
0.0 |
0.2 |
1.9 |
1.7 |
|
Total Equity |
58.9 |
115.7 |
310.1 |
280.8 |
282.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
516.4 |
538.8 |
658.4 |
611.1 |
542.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
88.7 |
88.6 |
88.5 |
88.1 |
87.6 |
|
Total Common Shares Outstanding |
88.7 |
88.6 |
88.5 |
88.1 |
87.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
- |
- |
- |
- |
|
Employees |
3,959 |
4,350 |
4,650 |
4,486 |
4,653 |
|
Number of Common Shareholders |
23,454 |
24,098 |
24,616 |
24,598 |
24,985 |
|
Accumulated Goodwill Amortization Suppl. |
63.4 |
- |
- |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
62.8 |
66.9 |
35.7 |
23.5 |
15.2 |
|
Total Long Term Debt, Supplemental |
- |
34.9 |
0.0 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
- |
3.0 |
0.0 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
31.8 |
0.0 |
- |
- |
|
Total Operating Leases, Supplemental |
585.9 |
710.9 |
802.8 |
810.5 |
830.8 |
|
Operating Lease Payments Due in Year 1 |
89.8 |
103.8 |
116.6 |
111.0 |
111.4 |
|
Operating Lease Payments Due in Year 2 |
67.4 |
77.9 |
85.5 |
85.4 |
85.2 |
|
Operating Lease Payments Due in Year 3 |
67.4 |
77.9 |
85.5 |
85.4 |
85.2 |
|
Operating Lease Payments Due in Year 4 |
67.4 |
77.9 |
85.5 |
85.4 |
85.2 |
|
Operating Lease Payments Due in Year 5 |
67.4 |
77.9 |
85.5 |
85.4 |
85.2 |
|
Operating Lease Pymts. Due in 2-3 Years |
134.9 |
155.7 |
170.9 |
170.9 |
170.3 |
|
Operating Lease Pymts. Due in 4-5 Years |
134.9 |
155.7 |
170.9 |
170.9 |
170.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
226.4 |
295.6 |
344.4 |
357.7 |
378.7 |
|
Pension Obligation - Domestic |
449.7 |
429.9 |
395.7 |
375.7 |
251.5 |
|
Plan Assets - Domestic |
356.2 |
346.0 |
335.2 |
293.6 |
215.1 |
|
Funded Status - Domestic |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Total Funded Status |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Discount Rate - Domestic |
4.60% |
4.90% |
5.50% |
5.60% |
6.50% |
|
Compensation Rate - Domestic |
- |
3.30% |
3.50% |
4.70% |
4.20% |
|
Pension Payment Rate - Domestic |
3.30% |
3.20% |
3.40% |
3.60% |
3.10% |
|
Accrued Liabilities - Domestic |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Net Assets Recognized on Balance Sheet |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Equity % - Domestic |
36.07% |
38.93% |
45.49% |
49.34% |
42.94% |
|
Debt Securities % - Domestic |
32.58% |
29.04% |
27.50% |
32.74% |
32.29% |
|
Real Estate % - Domestic |
8.99% |
11.27% |
12.52% |
12.64% |
15.51% |
|
Other Investments % - Domestic |
22.36% |
- |
- |
- |
- |
|
Total Plan Obligations |
449.7 |
429.9 |
395.7 |
375.7 |
251.5 |
|
Total Plan Assets |
356.2 |
346.0 |
335.2 |
293.6 |
215.1 |
Annual
Cash Flows
Financials in: USD (mil)
Financial Glossary
|
|
30-Mar-2013 |
31-Mar-2012 |
26-Mar-2011 |
27-Mar-2010 |
28-Mar-2009 |
|
Period Length |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.632825 |
0.626752 |
0.644005 |
0.628176 |
0.590376 |
|
Auditor |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
20.2 |
-11.0 |
17.1 |
52.1 |
77.6 |
|
Depreciation |
25.0 |
25.8 |
25.8 |
24.0 |
29.3 |
|
Depreciation/Depletion |
25.0 |
25.8 |
25.8 |
24.0 |
29.3 |
|
Amortization of Intangibles |
8.8 |
10.5 |
9.9 |
8.6 |
8.0 |
|
Amortization |
8.8 |
10.5 |
9.9 |
8.6 |
8.0 |
|
Unusual Items |
9.6 |
7.2 |
1.4 |
1.8 |
4.1 |
|
Other Non-Cash Items |
-47.4 |
-27.6 |
20.5 |
0.2 |
-37.9 |
|
Non-Cash Items |
-37.8 |
-20.4 |
21.9 |
1.9 |
-33.9 |
|
Accounts Receivable |
13.4 |
-15.6 |
-7.5 |
-4.6 |
-3.9 |
|
Inventories |
-18.5 |
29.5 |
-37.1 |
-11.5 |
-25.2 |
|
Accounts Payable |
3.5 |
-15.3 |
21.3 |
21.5 |
16.1 |
|
Other Operating Cash Flow |
-4.0 |
5.4 |
-9.3 |
-12.3 |
-8.8 |
|
Changes in Working Capital |
-5.5 |
4.0 |
-32.6 |
-6.8 |
-21.9 |
|
Cash from Operating Activities |
10.7 |
8.9 |
42.1 |
79.8 |
59.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-20.9 |
-34.6 |
-25.8 |
-29.8 |
-29.6 |
|
Purchase/Acquisition of Intangibles |
-4.7 |
-5.1 |
-12.9 |
-8.8 |
-9.0 |
|
Capital Expenditures |
-25.6 |
-39.7 |
-38.7 |
-38.5 |
-38.6 |
|
Acquisition of Business |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
3.5 |
3.7 |
5.1 |
3.8 |
0.0 |
|
Purchase of Investments |
-2.8 |
-9.1 |
-16.3 |
-3.0 |
-0.5 |
|
Other Investing Cash Flow |
0.0 |
1.4 |
0.2 |
0.0 |
0.7 |
|
Other Investing Cash Flow Items, Total |
0.6 |
-4.0 |
-11.0 |
0.8 |
0.2 |
|
Cash from Investing Activities |
-25.0 |
-43.7 |
-49.7 |
-37.7 |
-38.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-6.6 |
-2.1 |
-0.9 |
-0.8 |
-0.7 |
|
Financing Cash Flow Items |
-6.6 |
-2.1 |
-0.9 |
-0.8 |
-0.7 |
|
Cash Dividends Paid - Common |
0.0 |
-19.0 |
-24.1 |
-21.0 |
-18.5 |
|
Total Cash Dividends Paid |
0.0 |
-19.0 |
-24.1 |
-21.0 |
-18.5 |
|
Sale/Issuance of
Common |
0.0 |
0.5 |
1.9 |
1.4 |
1.9 |
|
Repurchase/Retirement
of Common |
- |
- |
-2.2 |
0.0 |
-1.9 |
|
Common Stock, Net |
0.0 |
0.5 |
-0.3 |
1.4 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.5 |
-0.3 |
1.4 |
0.0 |
|
Long Term Debt Issued |
47.4 |
31.9 |
0.0 |
- |
- |
|
Long Term Debt
Reduction |
- |
- |
0.0 |
-0.2 |
-0.7 |
|
Long Term Debt, Net |
47.4 |
31.9 |
0.0 |
-0.2 |
-0.7 |
|
Issuance (Retirement) of Debt, Net |
47.4 |
31.9 |
0.0 |
-0.2 |
-0.7 |
|
Cash from Financing Activities |
40.8 |
11.3 |
-25.3 |
-20.5 |
-19.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.4 |
-1.1 |
-3.1 |
0.3 |
2.7 |
|
Net Change in Cash |
28.0 |
-24.6 |
-36.0 |
21.8 |
3.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
-0.2 |
24.4 |
59.8 |
39.5 |
38.5 |
|
Net Cash - Ending Balance |
27.8 |
-0.2 |
23.8 |
61.3 |
42.0 |
|
Cash Interest Paid |
4.4 |
2.1 |
0.9 |
0.8 |
0.7 |
|
Cash Taxes Paid |
4.0 |
-6.5 |
9.3 |
12.3 |
8.8 |
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Mar-2013 |
31-Mar-2012 |
26-Mar-2011 |
27-Mar-2010 |
28-Mar-2009 |
|
Period Length |
52 Weeks |
53 Weeks |
52 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) |
0.632825 |
0.626752 |
0.644005 |
0.628176 |
0.590376 |
|
Auditor |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
1,184.2 |
1,296.7 |
1,232.3 |
1,220.0 |
1,225.7 |
|
Total Revenue |
1,184.2 |
1,296.7 |
1,232.3 |
1,220.0 |
1,225.7 |
|
|
|
|
|
|
|
|
Non Cash Foreign Currency
Adjustment |
-10.9 |
- |
- |
- |
- |
|
Amortization in COR/COGS |
1.6 |
- |
- |
- |
- |
|
Cost of Sales |
1,109.3 |
1,226.0 |
1,120.5 |
1,076.1 |
1,092.2 |
|
Restructuring Charges/Provisions |
0.3 |
- |
- |
- |
- |
|
Restructuring costs in cost of
sales |
- |
3.2 |
0.0 |
- |
- |
|
Cost of Sales/Non Underlying |
- |
0.0 |
25.0 |
5.4 |
-13.9 |
|
Share Based Payments |
0.2 |
-0.3 |
3.4 |
22.9 |
12.9 |
|
Administrative |
54.4 |
44.0 |
55.1 |
60.3 |
56.9 |
|
Restructuring Cost |
6.3 |
11.3 |
5.6 |
0.0 |
- |
|
Plant & Equip impairment in
Admin Expens |
2.8 |
6.1 |
0.0 |
- |
- |
|
Administrative/Non Underlying |
- |
17.4 |
5.6 |
3.2 |
0.0 |
|
Profit on Disposal of Property
Interests |
21.8 |
36.1 |
-0.3 |
-1.6 |
3.6 |
|
Share of restructuring cost in
associate |
- |
0.6 |
0.0 |
- |
- |
|
Share of results of joint ventures
and a |
2.2 |
5.1 |
2.8 |
0.8 |
0.7 |
|
Onerous lease provision |
6.8 |
18.3 |
0.0 |
- |
- |
|
Goodwill and intangible assets impairmen |
0.0 |
87.8 |
0.0 |
- |
- |
|
Impairment of investment in
associate |
17.5 |
4.5 |
0.0 |
- |
- |
|
Exceptional Unwinding Cost |
- |
0.2 |
0.3 |
0.5 |
1.7 |
|
Total Operating Expense |
1,212.3 |
1,460.2 |
1,218.0 |
1,167.7 |
1,154.0 |
|
|
|
|
|
|
|
|
Interest Payable |
-6.2 |
-2.1 |
-0.8 |
-0.6 |
-0.7 |
|
Unwinding of Discount on
Provisions |
- |
- |
- |
0.0 |
-0.2 |
|
Interest Receivable |
0.3 |
1.4 |
0.2 |
0.0 |
0.7 |
|
Net Income Before Taxes |
-34.0 |
-164.2 |
13.7 |
51.7 |
71.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.8 |
-17.7 |
3.6 |
14.2 |
20.2 |
|
Net Income After Taxes |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
Net Income |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
88.5 |
87.2 |
85.8 |
84.4 |
83.5 |
|
Basic EPS Excluding ExtraOrdinary
Items |
-0.39 |
-1.68 |
0.12 |
0.45 |
0.61 |
|
Basic EPS Including ExtraOrdinary
Items |
-0.39 |
-1.68 |
0.12 |
0.45 |
0.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-34.8 |
-146.5 |
10.1 |
37.6 |
51.3 |
|
Diluted Weighted Average Shares |
88.5 |
87.2 |
87.6 |
86.5 |
86.2 |
|
Diluted EPS Excluding ExtraOrd
Items |
-0.39 |
-1.68 |
0.12 |
0.43 |
0.60 |
|
Diluted EPS Including ExtraOrd
Items |
-0.39 |
-1.68 |
0.12 |
0.43 |
0.60 |
|
DPS-Ordinary Shares |
0.00 |
0.03 |
0.28 |
0.27 |
0.25 |
|
Gross Dividends - Common Stock |
0.0 |
2.9 |
24.4 |
23.2 |
21.2 |
|
Normalized Income Before Taxes |
43.5 |
38.9 |
32.6 |
52.4 |
82.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
27.9 |
53.4 |
8.5 |
14.3 |
23.1 |
|
Normalized Income After Taxes |
15.6 |
-14.4 |
24.1 |
38.0 |
58.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
15.6 |
-14.4 |
24.1 |
38.0 |
58.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.18 |
-0.17 |
0.28 |
0.45 |
0.70 |
|
Diluted Normalized EPS |
0.18 |
-0.17 |
0.27 |
0.44 |
0.68 |
|
Interest Payable |
6.2 |
- |
- |
- |
- |
|
Interest Expense |
- |
2.1 |
0.8 |
1.1 |
0.7 |
|
Rental Expense |
87.7 |
108.2 |
109.9 |
114.8 |
125.0 |
|
Depreciation |
25.0 |
25.8 |
25.8 |
24.0 |
29.3 |
|
Amortisation of Intangibles |
8.8 |
10.5 |
9.9 |
8.6 |
8.0 |
|
Current Tax |
2.2 |
-3.4 |
12.6 |
13.5 |
14.2 |
|
Adjustment in Respect of Prior
Periods |
0.5 |
-3.8 |
-1.2 |
-2.4 |
0.0 |
|
Current Tax - Total |
2.7 |
-7.2 |
11.3 |
11.1 |
14.2 |
|
Deferred Tax - Current Year |
-1.7 |
-10.4 |
-7.8 |
0.6 |
7.6 |
|
Change in tax rate in respect of
Prior y |
0.0 |
-0.8 |
0.9 |
0.0 |
- |
|
Adjustment in Respect of Prior
Periods |
-0.2 |
0.6 |
-0.9 |
2.4 |
-1.7 |
|
Deferred Tax - Total |
-1.9 |
-10.5 |
-7.8 |
3.0 |
5.9 |
|
Income Tax - Total |
0.8 |
-17.7 |
3.6 |
14.2 |
20.2 |
|
Current Service Cost - Pension |
3.8 |
3.7 |
4.5 |
3.3 |
4.2 |
|
Interest Cost - Pension |
20.9 |
21.5 |
21.9 |
18.1 |
19.3 |
|
Expected Return on Assets - Pension |
-19.3 |
-21.9 |
-21.0 |
-16.2 |
-22.0 |
|
Curtailments & Settlements - Domestic |
-5.2 |
-0.3 |
0.0 |
- |
- |
|
Domestic Pension Plan Expense |
0.2 |
3.0 |
5.4 |
5.3 |
1.5 |
|
Total Pension Expense |
0.2 |
3.0 |
5.4 |
5.3 |
1.5 |
|
Discount Rate - Pension |
4.60% |
4.90% |
5.50% |
5.60% |
6.50% |
|
Pension Payment Rate - Pension |
3.30% |
3.20% |
3.40% |
3.60% |
3.10% |
|
Salary Increase Rate - Pension |
- |
3.30% |
3.50% |
4.70% |
4.20% |
|
Expected Rate of Return - Pension |
- |
6.00% |
7.00% |
7.20% |
7.20% |
|
Rate of Return - Equities - Pension |
- |
7.30% |
8.30% |
8.60% |
8.30% |
|
Rate of Return - Bonds - Pension |
- |
4.70% |
5.10% |
5.40% |
5.80% |
|
Rate of Return - Property - Pension |
- |
5.30% |
6.30% |
6.60% |
7.20% |
|
Rate of Return-Alternative Assets- Pens |
- |
6.30% |
7.30% |
7.50% |
7.20% |
|
Rate of Return - Other Assets - Pension |
- |
4.70% |
5.10% |
5.40% |
5.80% |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
30-Mar-2013 |
31-Mar-2012 |
26-Mar-2011 |
27-Mar-2010 |
28-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.621678 |
0.670938 |
0.698153 |
|
Auditor |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Goods |
167.8 |
157.8 |
186.6 |
136.1 |
134.8 |
|
Trade Debtors |
- |
2.2 |
0.0 |
- |
- |
|
Trade Receivables, Gross |
59.0 |
77.7 |
84.3 |
61.9 |
51.7 |
|
Provision for Doubtful Debts |
-2.7 |
-2.5 |
-2.3 |
-2.5 |
-2.9 |
|
Prepay./Accrued |
26.4 |
30.2 |
12.9 |
20.0 |
21.6 |
|
Other Debtors |
5.5 |
11.3 |
5.6 |
6.7 |
4.7 |
|
VAT Receivable |
- |
- |
- |
0.0 |
2.7 |
|
Current tax assets |
1.5 |
- |
- |
0.0 |
0.0 |
|
Cash and cash equivalents |
26.7 |
2.9 |
24.6 |
57.4 |
35.5 |
|
Currency Derivative Assets |
11.1 |
- |
0.0 |
21.0 |
10.5 |
|
Total Current Assets |
295.2 |
279.6 |
311.7 |
300.5 |
258.7 |
|
|
|
|
|
|
|
|
Goodwill |
- |
42.7 |
110.3 |
102.2 |
98.3 |
|
Goodwill, Gross |
104.1 |
- |
- |
- |
- |
|
Accumulated Goodwill Amortisation |
-63.4 |
- |
- |
- |
0.0 |
|
Freehold Prop. |
12.0 |
16.2 |
19.3 |
21.9 |
21.9 |
|
Leasehold Prop. |
152.5 |
193.8 |
189.2 |
168.4 |
152.5 |
|
Fix/Fitt./Equip. |
- |
333.9 |
329.1 |
297.8 |
278.2 |
|
Asset in Constr. |
1.8 |
17.2 |
3.9 |
2.5 |
2.9 |
|
Acc Depr Freehold
Prop |
-3.8 |
- |
- |
- |
- |
|
Acc Depr Leasehold
Improvements |
-112.9 |
- |
- |
- |
- |
|
Acc Depr Fix/Fitt./Equip. |
-106.2 |
- |
- |
- |
- |
|
Acc Depr
Construction in Progress |
0.0 |
- |
- |
- |
- |
|
Depreciation |
- |
-423.7 |
-394.9 |
-350.7 |
-323.1 |
|
Fix/Fitt./Equip.,
Gross |
162.2 |
- |
- |
- |
- |
|
Investments in joint ventures |
12.1 |
10.8 |
5.1 |
2.5 |
1.0 |
|
Investment in associate |
0.0 |
5.1 |
11.6 |
- |
- |
|
Software Under Development , Gross |
0.3 |
- |
- |
- |
- |
|
Trade Name |
43.7 |
45.9 |
46.0 |
37.6 |
35.8 |
|
Customer Relationships |
8.6 |
9.1 |
9.2 |
8.5 |
7.9 |
|
Intangible Assets - Software |
40.1 |
47.1 |
42.5 |
31.6 |
22.9 |
|
AccAmort
Brand/Patent/Market/Art Intang. |
-29.3 |
- |
- |
- |
- |
|
Acc Amort Customer
Relationships |
-7.7 |
- |
- |
- |
- |
|
Acc Amort Software |
-25.8 |
- |
- |
- |
- |
|
Acc Amort Software
Under Development |
0.0 |
- |
- |
- |
- |
|
Accumulated Intangible Amortisation |
- |
-66.9 |
-35.7 |
-23.5 |
-15.2 |
|
Deferred tax asset Current assets |
32.9 |
28.0 |
11.1 |
11.8 |
1.1 |
|
Pension Benefits |
- |
- |
- |
0.0 |
0.0 |
|
Total Assets |
516.4 |
538.8 |
658.4 |
611.1 |
542.9 |
|
|
|
|
|
|
|
|
Borrowings |
- |
3.0 |
0.0 |
- |
- |
|
Borrowings |
5.3 |
- |
- |
- |
- |
|
Obligations Under Finane
Leases |
- |
- |
- |
0.0 |
0.0 |
|
Trade and other payables |
106.7 |
113.0 |
124.7 |
88.1 |
84.4 |
|
Payroll/Other 1 |
2.7 |
3.7 |
3.2 |
6.3 |
3.2 |
|
Accrual/Deferred |
65.8 |
69.6 |
68.5 |
76.8 |
65.0 |
|
VAT Payable |
4.2 |
3.2 |
6.4 |
3.1 |
0.0 |
|
Lease Incentives |
7.6 |
7.6 |
6.4 |
5.5 |
3.2 |
|
Derivatives |
0.5 |
2.1 |
4.3 |
0.0 |
- |
|
Current tax liabilities |
0.8 |
0.2 |
1.6 |
2.1 |
3.0 |
|
Short Term Provisions |
32.5 |
39.0 |
9.0 |
13.4 |
17.0 |
|
Total Current Liabilities |
226.1 |
241.4 |
224.2 |
195.2 |
175.7 |
|
|
|
|
|
|
|
|
Borrowings |
70.5 |
31.8 |
0.0 |
- |
- |
|
Finance Lease |
- |
- |
- |
0.0 |
0.1 |
|
Total Long Term Debt |
70.5 |
31.8 |
0.0 |
0.0 |
0.1 |
|
|
|
|
|
|
|
|
Lease Incentives |
42.6 |
46.2 |
52.0 |
39.0 |
28.1 |
|
Retirement benefit obligations |
93.5 |
83.9 |
60.5 |
82.1 |
36.4 |
|
Deferred Tax |
- |
- |
- |
0.0 |
0.0 |
|
Long-term provisions |
24.9 |
19.7 |
11.6 |
13.9 |
19.6 |
|
Total Liabilities |
457.6 |
423.0 |
348.3 |
330.3 |
260.0 |
|
|
|
|
|
|
|
|
Share Capital |
67.2 |
70.5 |
71.3 |
65.7 |
62.7 |
|
Share premium account |
9.4 |
9.9 |
9.5 |
7.3 |
6.2 |
|
Other reserve |
9.4 |
80.9 |
81.7 |
75.7 |
72.8 |
|
Own shares |
-0.9 |
-3.3 |
-14.5 |
-13.3 |
-15.2 |
|
Translation Reserve |
0.5 |
0.0 |
0.2 |
1.9 |
1.7 |
|
Retained earnings |
-26.7 |
-42.2 |
162.0 |
143.4 |
154.7 |
|
Total Equity |
58.9 |
115.7 |
310.1 |
280.8 |
282.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
516.4 |
538.8 |
658.4 |
611.1 |
542.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
88.7 |
88.6 |
88.5 |
88.1 |
87.6 |
|
Total Common Shares Outstanding |
88.7 |
88.6 |
88.5 |
88.1 |
87.6 |
|
T/S-Ordinary Shares |
0.0 |
- |
- |
- |
- |
|
Accumulated Goodwill Amortisation |
63.4 |
- |
- |
0.0 |
0.0 |
|
AccAmort Brand/Patent/Market/Art Intang. |
29.3 |
- |
- |
- |
- |
|
Acc Amort Customer Relationships |
7.7 |
- |
- |
- |
- |
|
Acc Amort Software |
25.8 |
- |
- |
- |
- |
|
Acc Amort Software Under Development |
0.0 |
- |
- |
- |
- |
|
Accumulated Intangible Amortisation |
- |
66.9 |
35.7 |
23.5 |
15.2 |
|
Full-Time Employees |
3,959 |
4,350 |
4,650 |
4,486 |
4,653 |
|
Number of Common Shareholders |
23,454 |
24,098 |
24,616 |
24,598 |
24,985 |
|
LT Debt due in 1 Year |
- |
3.0 |
0.0 |
- |
- |
|
Long Term Debt - Remaining Maturities |
- |
31.8 |
0.0 |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
34.9 |
0.0 |
- |
- |
|
Operating Lease Maturing within 1 Year |
89.8 |
103.8 |
116.6 |
111.0 |
111.4 |
|
Operating Lease Maturing within 5 Years |
269.7 |
311.4 |
341.8 |
341.8 |
340.6 |
|
Operating Lease Remaining Maturities |
226.4 |
295.6 |
344.4 |
357.7 |
378.7 |
|
Total Operating Leases, Supplemental |
585.9 |
710.9 |
802.8 |
810.5 |
830.8 |
|
Defined Benefit Obligation - Pension |
449.7 |
429.9 |
395.7 |
375.7 |
251.5 |
|
FV of Plan Assets - Pension |
356.2 |
346.0 |
335.2 |
293.6 |
215.1 |
|
Funded Status - Pension |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Total Funded Status |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Discount Rate - Pension |
4.60% |
4.90% |
5.50% |
5.60% |
6.50% |
|
Pension Payment Rate - Pension |
3.30% |
3.20% |
3.40% |
3.60% |
3.10% |
|
Salary Increase Rate - Pension |
- |
3.30% |
3.50% |
4.70% |
4.20% |
|
Expected Rate of Return - Pension |
- |
6.00% |
7.00% |
7.20% |
7.20% |
|
Rate of Return - Equities - Pension |
- |
7.30% |
8.30% |
8.60% |
8.30% |
|
Rate Of Return - Bonds - Pension |
- |
4.70% |
5.10% |
5.40% |
5.80% |
|
Rate of Return - Property - Pension |
- |
5.30% |
6.30% |
6.60% |
7.20% |
|
Rate of Return-Alternative Assets- Pensi |
- |
6.30% |
7.30% |
7.50% |
7.20% |
|
Rate of Return - Other Assets - Pension |
- |
4.70% |
5.10% |
5.40% |
5.80% |
|
Liability - Pension |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Net Assets Recognized on Balance Sheet |
-93.5 |
-83.9 |
-60.5 |
-82.1 |
-36.4 |
|
Equities % - Pension |
36.07% |
38.93% |
45.49% |
49.34% |
42.94% |
|
Bonds % - Pension |
32.58% |
29.04% |
27.50% |
32.74% |
32.29% |
|
Property % - Pension |
8.99% |
11.27% |
12.52% |
12.64% |
15.51% |
|
Alternative Assets % - Pension |
22.36% |
15.51% |
14.44% |
4.57% |
7.52% |
|
Other Assets % - Pension |
- |
5.25% |
0.05% |
0.71% |
1.73% |
Annual
Cash Flows
Financials in: USD (mil)
|
|
30-Mar-2013 |
31-Mar-2012 |
26-Mar-2011 |
27-Mar-2010 |
28-Mar-2009 |
|
Period Length |
52 Weeks |
53 Weeks |
52 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) |
0.632825 |
0.626752 |
0.644005 |
0.628176 |
0.590376 |
|
Auditor |
Deloitte LLP |
Deloitte LLP |
Deloitte LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit/Operations |
20.2 |
-11.0 |
17.1 |
52.1 |
77.6 |
|
Depreciation |
25.0 |
25.8 |
25.8 |
24.0 |
29.3 |
|
Amortisation of
intangible assets - Soft |
8.8 |
10.5 |
6.4 |
5.3 |
4.4 |
|
Amortisation of
intangible assets - Othe |
- |
- |
3.6 |
3.3 |
3.6 |
|
Impairment of property, plant and equipm |
3.0 |
6.1 |
0.0 |
- |
- |
|
(Losses)/prots on
disposal of property, |
6.6 |
1.1 |
1.4 |
1.6 |
4.1 |
|
Losses on disposal of intangible assets |
- |
- |
0.0 |
0.2 |
0.0 |
|
Payments to retirement beneft
schemes |
-11.4 |
-12.8 |
- |
- |
- |
|
Loss on non-underlying non-cash foreign |
-10.9 |
-3.2 |
21.4 |
2.1 |
-20.0 |
|
Equity-settled share-based payments |
1.3 |
0.8 |
4.0 |
4.1 |
4.2 |
|
Prov. Re-Organinsation of Distri. Netwok |
- |
- |
- |
- |
0.0 |
|
Movement in provisions |
-24.3 |
-12.8 |
-8.9 |
-8.0 |
-5.3 |
|
Movement in integration provisions |
- |
- |
0.0 |
-5.3 |
-17.4 |
|
Re-Organisation of
Distribution Network |
- |
- |
- |
- |
0.0 |
|
Movement in other provisions |
- |
- |
-0.2 |
0.2 |
-0.5 |
|
Amortisation of
lease incentives |
-7.7 |
-8.3 |
-9.2 |
-5.4 |
-3.7 |
|
Lease incentives received |
5.5 |
5.6 |
14.9 |
16.2 |
11.2 |
|
Payments to retirement beneft
schemes |
- |
- |
-8.1 |
-9.7 |
-8.5 |
|
Charge to profit from operations in resp |
0.2 |
3.0 |
6.4 |
5.9 |
2.0 |
|
Increase in inventories |
-18.5 |
29.5 |
-37.1 |
-11.5 |
-25.2 |
|
Decrease/ ( ncrease)
in receivables) |
13.4 |
-15.6 |
-7.5 |
-4.6 |
-3.9 |
|
Increase/ ( ecrease)
in payables) |
3.5 |
-15.3 |
21.3 |
21.5 |
16.1 |
|
Other Operating Cash Flow |
0.0 |
-1.1 |
- |
- |
- |
|
Income taxes (paid)/received) |
-4.0 |
6.5 |
-9.3 |
-12.3 |
-8.8 |
|
Cash from Operating Activities |
10.7 |
8.9 |
42.1 |
79.8 |
59.1 |
|
|
|
|
|
|
|
|
Interest received |
0.0 |
1.4 |
0.2 |
0.0 |
0.7 |
|
Purchase of property, plant and equipmen |
-20.9 |
-34.6 |
-25.8 |
-29.8 |
-29.6 |
|
Purchase of intangibles software |
-4.7 |
-5.1 |
-8.1 |
-8.8 |
-9.0 |
|
Purchase of intangibles other |
- |
- |
-4.8 |
0.0 |
- |
|
Proceeds from sale of property, plant an |
3.5 |
3.7 |
5.1 |
3.8 |
0.0 |
|
Investments in joint ventures and associ |
-2.8 |
-9.1 |
-16.3 |
-3.0 |
-0.5 |
|
Acquisition of a Subsidiary |
- |
- |
- |
- |
0.0 |
|
Cost of Acquisition |
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-25.0 |
-43.7 |
-49.7 |
-37.7 |
-38.5 |
|
|
|
|
|
|
|
|
Facility fees paid |
-2.2 |
0.0 |
- |
- |
- |
|
Interest paid |
-4.4 |
-2.1 |
-0.9 |
-0.8 |
-0.7 |
|
Repayment of obligations under fnance le |
- |
- |
0.0 |
-0.2 |
-0.7 |
|
Equity dividends paid |
0.0 |
-19.0 |
-24.1 |
-21.0 |
-18.5 |
|
Issue of ordinary share capital |
0.0 |
0.5 |
1.9 |
1.4 |
1.9 |
|
Purchase of own shares |
- |
- |
-2.2 |
0.0 |
-1.9 |
|
Bank loans raised |
47.4 |
31.9 |
0.0 |
- |
- |
|
Cash from Financing Activities |
40.8 |
11.3 |
-25.3 |
-20.5 |
-19.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.4 |
-1.1 |
-3.1 |
0.3 |
2.7 |
|
Net Change in Cash |
28.0 |
-24.6 |
-36.0 |
21.8 |
3.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
-0.2 |
24.4 |
59.8 |
39.5 |
38.5 |
|
Net Cash - Ending Balance |
27.8 |
-0.2 |
23.8 |
61.3 |
42.0 |
|
Cash Interest Paid |
4.4 |
2.1 |
0.9 |
0.8 |
0.7 |
|
Cash Taxes Paid |
4.0 |
-6.5 |
9.3 |
12.3 |
8.8 |
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 (?) |
570.4 |
- |
1,184.2 |
-7.79% |
-0.74% |
2.06% |
|
Operating Income1 (?) |
12.0 |
- |
-28.1 |
- |
- |
- |
|
Income Available to Common Excl Extraord
Items1 (?) |
3.2 |
- |
-34.8 |
- |
- |
- |
|
Basic EPS Excl Extraord Items1 (?) |
0.04 |
- |
-0.39 |
- |
- |
- |
|
Capital Expenditures2 (?) |
25.6 |
- |
25.6 |
-34.94% |
-12.52% |
-4.51% |
|
Cash from Operating Activities2 (?) |
10.7 |
- |
10.7 |
21.43% |
-48.61% |
-33.38% |
|
Free Cash Flow (?) |
-14.3 |
- |
-14.3 |
- |
- |
- |
|
Total Assets3 (?) |
516.4 |
0.59% |
516.4 |
0.59% |
-6.01% |
-0.50% |
|
Total Liabilities3 (?) |
457.6 |
13.51% |
457.6 |
13.51% |
10.82% |
14.67% |
|
Total Long Term Debt3 (?) |
70.5 |
132.50% |
70.5 |
132.50% |
- |
241.58% |
|
Employees3 (?) |
- |
- |
3959 |
-8.99% |
-4.08% |
-1.38% |
|
Total Common Shares Outstanding3 (?) |
88.7 |
0.02% |
88.7 |
0.02% |
0.20% |
0.31% |
|
1-ExchangeRate: GBP to USD Average for Period |
0.632934 |
 |
0.632825 |
 |
 |
 |
|
2-ExchangeRate: GBP to USD Average for Period |
0.632825 |
 |
0.632825 |
 |
 |
 |
|
3-ExchangeRate: GBP to USD Period End Date |
0.659136 |
 |
0.659136 |
 |
 |
 |
|
Key Ratios |
|||||
|
 |
30-Mar-2013 |
31-Mar-2012 |
26-Mar-2011 |
27-Mar-2010 |
28-Mar-2009 |
|
Profitability |
|||||
|
Gross Margin (?) |
7.11% |
5.45% |
7.04% |
11.35% |
12.02% |
|
Operating Margin (?) |
-2.38% |
-12.61% |
1.16% |
4.29% |
5.85% |
|
Pretax Margin (?) |
-2.87% |
-12.66% |
1.11% |
4.24% |
5.83% |
|
Net Profit Margin (?) |
-2.94% |
-11.30% |
0.82% |
3.08% |
4.19% |
|
Financial Strength |
|||||
|
Current Ratio (?) |
1.31 |
1.16 |
1.39 |
1.54 |
1.47 |
|
Long Term Debt/Equity (?) |
1.20 |
0.28 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity (?) |
1.29 |
0.30 |
0.00 |
0.00 |
0.00 |
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
-6.48% |
-24.56% |
1.59% |
5.98% |
8.32% |
|
Return on Equity (?) |
-39.46% |
-69.15% |
3.41% |
12.23% |
15.36% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
15.55 |
14.75 |
16.06 |
18.33 |
21.13 |
|
Inventory Turnover (?) |
6.64 |
7.14 |
7.12 |
7.33 |
7.72 |
|
Asset Turnover (?) |
2.21 |
2.17 |
1.94 |
1.94 |
1.99 |
|
Market Valuation USD (mil) |
||||
|
|
589.9 |
. |
Price/Sales (TTM)(?) |
0.48 |
|
|
0.52 |
. |
Price/Book (MRQ)(?) |
9.18 |
|
|
7.20 |
. |
Market Cap1 (?) |
576.1 |
|
1-ExchangeRate: GBP to USD on 18-Oct-2013 |
0.618685 |
|
|
|
|
2-ExchangeRate: GBP to USD on 30-Mar-2013 |
0.659136 |
|
|
|
Annual ratios
|
Financials in: USD (mil) Except for share items
(millions) and per share items (actual units) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Current Market Multiples |
|
|
Market Cap/Earnings (TTM) (?) |
-16.17 |
|
Market Cap/Equity (MRQ) (?) |
9.19 |
|
Market Cap/Revenue (TTM) (?) |
0.48 |
|
Market Cap/EBIT (TTM) (?) |
17.22 |
|
Market Cap/EBITDA (TTM) (?) |
8.47 |
|
|
-17.64 |
|
|
10.02 |
|
|
0.52 |
|
|
18.79 |
|
|
9.24 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.