MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	NEXT PLC

Formerly Known As :	· NEXT GROUP PLC · BRONZEJASPER PUBLIC LIMITED COMPANY

Registered Office :	Desford Road, Enderby, Leicester, LE19 4AT

Country :	United Kingdom

Financials (as on) :	25.01.2014

Date of Incorporation :	09.04.2002

Com. Reg. No.:	04412362

Legal Form :	Public limited with Share Capital

Line of Business :	· EA group engaged in the retailer offering exciting, beautyfully designed, excellent quality, footwear, accessories and home products. · Holding Companies including Head Offices · Activities of head offices

No. of Employees :	52,533

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company Identification

Company Name	NEXT PLC
Address	DESFORD ROAD, ENDERBY LEICESTER LE19 4AT United Kingdom
Telephone	+44 084 4844 8888
Fax	-
Website	www.nextplc.co.uk

Company Number	04412362
Foundation	09/04/2002
Status	Active

Basic Information

Legal form

Public limited with Share Capital

Foundation

09/04/2002

Company No.

04412362

Previous Names

Date of Change Previous Name

22/11/2002 NEXT GROUP PLC

11/09/2002 BRONZEJASPER PUBLIC LIMITED COMPANY

Management

Directors
Name	Address:	Date of birth	Nationality	Appointment date
Mr Robert John Orr Barton	Desford Road, Enderby, Leicester LE19 4AT	23/08/1944	British	09/09/2002
Mr Jonathan Donald Sherlock Dawson	Desford Road, Enderby, Leicester LE19 4AT	29/02/1952	British	13/05/2004
Mr Simon Adam Lord Wolfson Of Aspley Guise	Next Plc Desford Road, Enderby, Leicester LE19 4AT	27/10/1967	British	09/09/2002
Mr Stephen David Barber	Desford Road, Enderby, Leicester LE19 4AT	15/03/1952	British	01/06/2007
Mr Francis William Salway	Desford Road, Enderby, Leicester LE19 4AT	05/10/1957	British	01/06/2010
Mr David Wilson Keens	Desford Road, Enderby, Leicester LE19 4AT	16/08/1953	British	09/09/2002
Ms Caroline Mary Helen Goodall	Desford Road, Enderby, Leicester LE19 4AT	22/05/1955	British	01/01/2013
Mr Michael William Law	Desford Road, Enderby, Leicester LE19 4AT	17/06/1961	British	01/07/2013
Ms Jane Margaret Shields	Desford Road, Enderby, Leicester LE19 4AT	24/10/1963	British	01/07/2013

Company Secretary
Name	Address:	Appointment date
Seonna Anderson	Next Plc Desford Road, Enderby, Leicester LE19 4AT	03/02/2014

Other Known address

10-12 Queen Street, St Helier, Jersey, Channel Islands JE2 4WD

104 Corporation Street, Birmingham, West Midlands B2 4UQ

109-110 Fishergate, Preston, Lancashire PR1 2AH

113-115 Lewisham High Street, London, London SE13 6AT

15-16 The Elmsleigh Centre, Staines, Middlesex TW18 4QB

152-153 Commercial Street, Newport, Gwent NP20 1JQ

16 Market Place, Cirencester, Gloucestershire GL7 2NW

1c Ravenside Retail Park, Ravenside Close, London N18 3HA

2 St Johns Precinct, Workington, Cumbria CA14 3BD

227 High Street, Epping, Essex CM16 4BP

24 Queens Square, Crawley, West Sussex RH10 1HA

3 Friargate, Preston, Lancashire PR1 2AU

33 Murray Road, Workington, Cumbria CA14 2AB

40-46 Donegal Place, Belfast BT1 5BB

5 Times Square, High Street, Sutton, Surrey SM1 1LF

50-51 Long Row, Nottingham, Nottinghamshire NG1 6JB

62-63 Spindles Shopping Centre Uppe, Mall, Oldham, Lancashire OL1 1HD

88-92 Moorgate, London EC2M 6SE

Carr Wood Road, Castleford, West Yorkshire WF10 4SB

Central 12 Retail Park, Derby Road, Southport, Merseyside PR9 0TQ

Desford Road, Enderby, Leicester, Leicestershire LE19 4AT

East Street, Chichester, West Sussex PO19 1HA

Fosse Park Shopping Centre, Fosse Park Avenue, Leicester, Leicestershire LE19 1HY

Gallagher Retail Park, Cheltenham, Gloucestershire GL51 9RR

Gyle Avenue South Gyle Broadway, Edinburgh, Midlothian EH12 9JY

Princess Alice Drive, Sutton Coldfield, West Midlands B73 6RB

Room 11, Pier 2, South Terminal, London Gatwick Airport, Gatwick, West Sussex RH6 0NN

The Maybird Centre, Birmingham Road, Stratford-upon-avon, Warwickshire CV37 0HZ

The Peacocks Centre, Woking, Surrey GU21 6GH

Unit 1, Pydar Street, Truro, Cornwall TR1 2BD

Unit 1, The Avenue at Mearns, Newton Mearns, Glasgow, Lanarkshire G77 6EY

Unit 34 Street Stephens Centre Fere, Hull, North Humberside HU1 3UJ

Watling Street, Bletchley, Milton Keynes, Buckinghamshire MK1 1BN

Company relationships

Company No.	Name	Status	Country
Affiliated companies
03045421	NEXT DISTRIBUTION LIMITED	Active	United Kingdom
05188107	NEXT SOURCING (UK) LIMITED	Non Trading	United Kingdom
06056341	VENTURA NETWORK DISTRIBUTION LIMITED	Non Trading	United Kingdom
07218431	AGRATECH LIMITED	Non Trading	United Kingdom
09189080	PROJECT DONCASTER LIMITED	Active	United Kingdom
00866802	BRECON DEBT RECOVERY LIMITED	Non Trading	United Kingdom

05728110	LIPSY LIMITED	Active	United Kingdom
02570797	NEXT BRAND LIMITED	Active	United Kingdom
02570808	THE NEXT DIRECTORY LIMITED	Active	United Kingdom
02958128	NEXT FINANCIAL SERVICES LIMITED	Non Trading	United Kingdom
00123434	NEXT NEAR EAST LIMITED	Non Trading	United Kingdom
00497131	NEXT PENSION TRUSTEES LIMITED	Non Trading	United Kingdom
02570546	NEXT PROPERTIES LTD	Non Trading	United Kingdom
04521150	NEXT RETAIL LIMITED	Active	United Kingdom
00452053	PAIGE GROUP LIMITED(THE)	Non Trading	United Kingdom
02570801	V.C.S.M. LIMITED	Active	United Kingdom
01210373	VENTURA GROUP LIMITED	Non Trading	United Kingdom
Subsidiary companies
00035161	NEXT GROUP PLC	Active	United Kingdom

Business activities

Main activity
Principal Activity	EA group engaged in the retailer offering exciting, beautyfully designed, excellent quality, footwear, accessories and home products.
SIC03	Holding Companies including Head Offices
SIC07	Activities of head offices

Economic data

Turnover and Employees

Date of Accounts	Turnover	Employees
31/01/2012	GBP 3,441,100,000	88,467
26/01/2013	GBP 3,562,800,000	82,808
25/01/2014	GBP 3,740,000,000	52,533

Supplementary Data

BANKS

Bank Name Bank Branch Sort Code

NATIONAL WESTMINSTER BANK PLC ---

AUDITOR

Auditor name

ERNST & YOUNG LLP

EVENTS

County Court Judgments (CCJs)
Date	Amount	Court	Case number	Status	Date paid
02/11/2009	GBP 2269	DERBY	9DE05164	Satisfied	21/01/2010
26/09/2012	GBP 2190	NORTHAMPTON CCMCC	2YL15315	Judgement	-

COMPANY HISTORY

Date	Action
26/05/2010	New Board Member Mr N.G. Brookes appointed
27/05/2010	Mr N.G. Brookes has left the board
27/05/2010	New Board Member Mr D.W. Keens appointed
22/06/2010	New Board Member Mr F.W. Salway appointed
05/07/2010	New Accounts Filed
15/07/2010	Annual Returns
15/07/2010	New Accounts Filed
01/03/2011	Annual Returns
20/05/2011	New Accounts Filed
20/05/2011	New Accounts Filed
04/07/2011	Annual Returns
20/04/2012	New Accounts Filed
21/05/2012	New Accounts Filed
13/07/2012	Annual Returns
11/01/2013	New Board Member Ms C.M. Goodall appointed
29/04/2013	New Accounts Filed
27/05/2013	New Accounts Filed
27/05/2013	New Accounts Filed
05/06/2013	Mr A.J. Varley has left the board
28/06/2013	Annual Returns
04/07/2013	New Board Member Ms J.M. Shields appointed
04/07/2013	New Board Member Mr M.W. Law appointed
05/02/2014	Mr A.J. McKinlay has resigned as company secretary
06/02/2014	New Company Secretary S. Anderson appointed
23/05/2014	Ms C. Cross has left the board
07/06/2014	New Accounts Filed
12/06/2014	Mr C.E. Angelides has left the board
19/07/2014	Annual Returns

Accounts

PROFIT AND LOSS

	25/01/2014 56 GBP Group: Yes	26/01/2013 56 GBP Group: Yes	31/01/2012 52 GBP Group: Yes	29/01/2011 56 GBP Group: Yes
Turnover	3,740,000,000	3,562,800,000	3,441,100,000	3,453,700,000
Export	-	243,500,000	195,400,000	-
Cost of Sales	2,499,900,000	2,437,000,000	2,395,800,000	2,445,000,000
Gross Profit	1,240,100,000	1,125,800,000	1,045,300,000	1,008,700,000
Wages And Salaries	531,900,000	510,100,000	536,900,000	591,800,000
Directors Emoluments	21,320,000	5,240,000	4,470,000	4,910,000
Operating Profit	722,800,000	695,100,000	601,800,000	574,800,000
Depreciation	117,000,000	116,400,000	118,800,000	120,700,000
Audit Fees	472,000,000	450,000	450,000	180,000
Interests Payments	28,300,000	29,000,000	36,200,000	24,300,000
Pre Tax Profit	695,200,000	666,500,000	579,500,000	551,400,000
Taxation	-142,000,000	-157,900,000	-145,300,000	-150,500,000
Profit After Tax	553,200,000	508,600,000	434,200,000	400,900,000
Dividends Payable	164,800,000	147,700,000	135,100,000	129,600,000
Retained Profit	388,400,000	360,900,000	299,100,000	271,300,000

BALANCE SHEET

	25/01/2014 56 GBP Group: Yes	26/01/2013 56 GBP Group: Yes	31/01/2012 52 GBP Group: Yes	29/01/2011 56 GBP Group: Yes
Tangible Assets	632,100,000	641,000,000	668,700,000	678,500,000
Intangible Assets	44,400,000	44,800,000	45,600,000	46,500,000
Total Fixed Assets	676,500,000	685,800,000	714,300,000	725,000,000
Stock	385,600,000	331,800,000	371,900,000	368,300,000
Trade Debtors	703,600,000	622,200,000	597,000,000	533,300,000
Cash	273,300,000	136,300,000	56,400,000	49,300,000
Other Debtors	104,400,000	95,900,000	102,100,000	112,300,000
Miscellaneous Current Assets	1,200,000	21,600,000	12,500,000	4,100,000
Total Current Assets	1,468,100,000	1,207,800,000	1,139,900,000	1,067,300,000
Trade Creditors	194,800,000	189,200,000	193,100,000	195,500,000
Bank Loans and Overdraft	2,600,000	5,400,000	7,600,000	10,200,000
Other Short Term Finance	184,000,000	202,400,000	109,200,000	169,900,000
Miscellaneous Current Liabilities	453,100,000	419,000,000	432,500,000	457,300,000
Total Current Liabilities	834,500,000	816,000,000	742,400,000	832,900,000
Bank Loans and Overdrafts LTL	1,026,500,000	797,400,000	896,700,000	737,200,000
Other Long Term Finance	195,800,000	191,000,000	193,700,000	473,800,000
Total Long Term Liabilities	1,023,900,000	792,000,000	889,100,000	727,000,000

CAPITAL AND RESERVES

	25/01/2014 56 GBP Group: Yes	26/01/2013 56 GBP Group: Yes	31/01/2012 52 GBP Group: Yes	29/01/2011 56 GBP Group: Yes
Called Up Share Capital	0	0	0	18,100,000
P and L Account Reserve	0	0	0	1,782,600,000
Revaluation Reserve	0	0	0	0
Sundry Reserves	286,200,000	285,600,000	222,700,000	-1,568,300,000
Shareholders Funds	286,200,000	285,600,000	222,700,000	232,400,000

OTHER FINANCIAL ITEMS

	25/01/2014 56 GBP Group: Yes	26/01/2013 56 GBP Group: Yes	31/01/2012 52 GBP Group: Yes	29/01/2011 56 GBP Group: Yes
Net Worth	241,800,000	240,800,000	177,100,000	185,900,000
Working Capital	633,600,000	391,800,000	397,500,000	234,400,000
Total Assets	2,144,600,000	1,893,600,000	1,854,200,000	1,792,300,000
Total Liabilities	1,858,400,000	1,608,000,000	1,631,500,000	1,559,900,000
Net Assets	286,200,000	285,600,000	222,700,000	232,400,000

CASH FLOW

	25/01/2014 56 GBP Group: Yes	26/01/2013 56 GBP Group: Yes	31/01/2012 52 GBP Group: Yes	29/01/2011 56 GBP Group: Yes
Net Cash Flow from Operations	614,800,000	659,000,000	525,900,000	452,000,000
Net Cash Flow before Financing	512,200,000	573,300,000	455,700,000	313,900,000
Net Cash Flow from Financing	-371,800,000	-491,100,000	-446,100,000	-377,200,000
Increase in Cash	137,000,000	79,900,000	7,100,000	-57,700,000

MISCELLANEOUS

25/01/2014

GBP

Group: Yes

26/01/2013

GBP

Group: Yes

31/01/2012

GBP

Group: Yes

29/01/2011

GBP

Group: Yes

Capital Employed

1,310,100,000

1,077,600,000

1,111,800,000

959,400,000

FINANCIAL RATIOS

Name	25/01/2014	26/01/2013	31/01/2012	29/01/2011
Pre Tax Profit Margin	18.59 %	18.71 %	16.84%	15.97%
Current Ration	1.76	1.48	1.54	1.28
Sales or Net Working Capital	5.90	9.09	8.66	14.73
Gearing	358.67 %	279.20 %	402.65 %	317.21 %
Equity	13.63 %	15.45 %	12.31 %	13.31 %
Creditor Days	18.95	19.32	20.42	20.60
Debtor Days	68.47	63.56	63.15	56.20
Liquidity or Acid test	1.29	1.07	1.03	0.83
Return on Capital Employed	53.06 %	61.85%	52.12%	57.47 %
Return on Total Assets Employed	32.41 %	35.19%	31.25 %	30.76 %
Current Debt Ratio	2.91 %	2.85 %	3.33 %	3.58 %
Total Debt Ratio	6.49 %	5.63 %	7.32 %	6.71 %
Stock Turnover Ratio	10.31 %	9.31 %	10.80%	10.66%
Return on Net Assets Employed	242.90 %	233.36 %	260.21 %	237.26 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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%)

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