http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20091124:RnsX9608C
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RNS Number : 9608C
Signet Jewelers Limited
24 November 2009
Signet Reports THIRd quarter results
HAMILTON, Bermuda, November 24, 2009 - Signet Jewelers Ltd ("Signet") (NYSE and
LSE: SIG), the world's largest specialty retail jeweler, today announced its
unaudited results for the 13 and 39 weeks ended October 31, 2009.
Ended October 31 2009 Ended
November 1 2008 Change
.Same store sales 13 weeks39 weeks down 1.9%down 3.4%
.Underlying operating loss(1) Underlying operating income(2) 13 weeks39 weeks $(8.1)m$80.9m $(14.2)m
$79.7m n.a.up 1.5%
.Reported (loss) before taxes.Reported income before taxes 13 weeks39 weeks $(10.5)m$69.4m $(23.6)m
$47.1m n.a.up 47.3%
.Basic & diluted (loss) per share.Basic & diluted earnings 13weeks39 weeks $(0.08)$0.55
$(0.18)$0.35 n.a.up 57.1%
per share
.Free cash inflow(3) target range increased by further $25 million to between $300 million to $350 million for fiscal
2010(4)
(1) Excluding favorable $5.0 million impact of change in US
vacation policy in fiscal 2010 see note 15.
(2) Excluding favorable $15.0 million impact of change in US
vacation policy in fiscal 2010 and non-recurring relisting
costs of $10.5 million in fiscal 2009(4) see note 15.
(3) Cash inflow from operating activities less cash used in
investing activities and amendment fees.
(4) Fiscal 2009 is the year ended January 31, 2009 and fiscal
2010 is the year ending January 30, 2010.
Terry Burman, Chief Executive, commented: "We have made further good progress
towards achieving our strategic and financial objectives for fiscal 2010.
Results for the quarter were significantly better than last year reflecting
expansion of profitable market share, as well as the continued tight control of
costs and gross merchandise margin. In addition, we now expect to achieve a
reduction in net debt of between $300 million and $350 million this year
compared to our original target of $175 million to $225 million. We have further
reinforced our operational advantages in customer service, merchandising and
marketing, which means we are well prepared for the challenges of an uncertain
marketplace.
Our positive year to date performance reinforces the strengths of our business
model and brands. However, as always, the results for the year will depend on
the very important Holiday Season, the vast majority of which is still ahead of
us."
Enquiries: Terry Burman, Chief Executive, Signet Jewelers +1 (441) 296-5872
Walker Boyd, Finance Director, Signet Jewelers +1 (441) 296-5872
Alecia Pulman, ICR, Inc. +1 (646) 277-1220
Jonathan Glass, Brunswick +44 (0) 20 7404 5959
Signet operated 1,948 specialty retail jewelry stores at October 31, 2009; these
included 1,394 stores in the US, where it trades as "Kay Jewelers", "Jared The
Galleria Of Jewelry" and under a number of regional names. At that date Signet
operated 554 stores in the UK, where it trades as "H.Samuel", "Ernest Jones" and
"Leslie Davis". Further information on Signet, including documents relevant to
this announcement, is available at www.signetjewelers.com. See also www.kay.com,
www.jared.com, www.hsamuel.co.uk and www.ernestjones.co.uk.
Conference call
A conference call will take place for all interested parties today at 8.30 a.m.
EST (1.30 p.m. GMT) with a simultaneous audio webcast and slide presentation on
www.signetjewelers.com. The slides are available to be downloaded from the
website ahead of the conference call. The call details are:
US dial-in: +1 (718) 354-1385
US 48hr replay: +1 (347) 366-9565 Access code: 8017450#
European dial-in: +44 (0) 20 7806 1951
European 48hr replay: +44 (0) 20 7111 1244 Access code: 8017450#
This release includes statements which are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements, based upon management's beliefs as well as on assumptions made by
and data currently available to management, appear in a number of places
throughout this release and include statements regarding, among other things,
our results of operation, financial condition, liquidity, prospects, growth,
strategies and the industry in which Signet operates. Our use of the words
'expects,' 'intends,' 'anticipates,' 'estimates,' 'may,' 'forecast,'
'objective,' 'plan,' or 'target,' and other similar expressions are intended to
identify forward-looking statements.
These forward-looking statements are not guarantees of future performance and
are subject to a number of risks and uncertainties, including but not limited to
general economic conditions, the merchandising, pricing and inventory policies
followed by Signet, the reputation of the Company and its brands, the level of
competition in the jewelry sector, the price and availability of diamonds, gold
and other precious metals, seasonality of Signet's business, the impact of
changes in legislation regarding consumer credit and financial market risks.
For a discussion of these and other risks and uncertainties which could cause
actual results to differ materially, see the "Risk Factors" section of the
Company's fiscal 2009 annual report on Form 20-F filed with the U.S. Securities
and Exchange Commission on April 1, 2009 and other filings made by the Company
with the Commission. Actual results may differ materially from those anticipated
in such forward-looking statements even if experience or future changes make it
clear that any projected results expressed or implied therein may not be
realized. The Company undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or circumstances.
GROUP
During the third quarter Signet continued to make good progress towards
achieving its strategic and financial objectives for fiscal 2010. These are:
Strategy
* Enhance position as strongest middle market specialty
retail jeweler
* Focus on profit and cash flow maximization to further
strengthen balance sheet
* Reduce business risk
Financial Objectives
* $100 million US cost reduction program
* Significant working capital reduction
* Reduce capital expenditure by about 50%, to some $55
million
* Revised target of $300 million to $350 million free cash
inflow, up from original target of $175 million to $225
million and revised target at end of the second quarter
of $275 million to $325 million
Progress on fiscal 2010 financial objectives
The expectations for gross merchandise margin, costs and capital expenditure in
both the US and the UK for fiscal 2010 are unchanged from the end of the second
quarter. Gross merchandise margin rate is expected to be at least at the level
of fiscal 2009 in the US, and a little below last year's level in the UK. The US
division is now anticipated to slightly exceed its cost reduction target of $100
million (excluding inflation, net bad debt and volume related costs on sales
above plan; that is on an "underlying basis") and full year sterling costs in
the UK are expected to be similar to last year. Capital expenditure in the US
and UK is forecast to be about $40 million and $15 million respectively.
The free cash flow target for fiscal 2010 is now between $300 million and $350
million compared with the range of $275 million to $325 million projected at the
time of the second quarter fiscal 2010 results announcement. The increase in
targeted free cash flow largely reflects a further $30 million benefit from
inventory management.
13 weeks ended October 31, 2009
In the 13 weeks ended October 31, 2009 same store sales decreased by 1.9%, with
a broadly consistent performance throughout the period in both markets. Total
sales fell by 2.5% to $613.7 million (13 weeks to November 1, 2008: $629.3
million) reflecting an underlying decrease of 0.2% at constant exchange rates
(see note 13). The components of the change in sales are set out below:
13 weeks ended October 31, 2009 change in sales US UK Group
% % %
Same store sales (2.4) (0.2) (1.9)
Change in store space 0.7 4.7 1.7
Change in sales at constant exchange rates (1.7) 4.5 (0.2)
Exchange translation - (9.2) (2.3)
Change in total sales as reported (1.7) (4.7) (2.5)
Operating loss decreased to $3.1 million (13 weeks to November 1, 2008: $14.2
million loss). This included the benefit of $5.0 million from a previously
announced change in US vacation policy. Central costs were $4.3 million (13
weeks to November 1, 2008: $4.1 million). The factors influencing the movement
in operating margin are set out below:
Change in operating margin US UK Group
% % %
13 weeks ended November 1, 2008 operating margin (1.3) (2.4) (2.3)
Gross merchandise margin movement 1.4 (0.1) 1.1
Expense leverage 1.0 0.2 0.7
Impact of new store square footage (0.1) - -
13 weeks ended October 31, 2009 operating margin 1.0 (2.3) (0.5)
Net financing costs declined to $7.4 million (13 weeks to November 1, 2008: $9.4
million), the decrease being primarily due to the lower level of both fixed and
variable rate borrowings. Loss before income taxes decreased to $10.5 million
(13 weeks to November 1, 2008: $23.6 million loss). There was a tax credit of
$3.5 million (13 weeks to November 1, 2008: $8.5 million), a rate of 33.3% (13
weeks to November 1, 2008: 36.0%). Net loss was $7.0 million (13 weeks to
November 1, 2008: $15.1 million loss). Basic and diluted loss per share were
$0.08 (13 weeks to November 1, 2008: $0.18 loss).
39 weeks ended October 31, 2009
In the 39 weeks ended October 31, 2009 same store sales decreased by 3.4%. Total
sales fell by 6.0% to $2,087.1 million (39 weeks to November 1, 2008: $2,220.7
million) reflecting an underlying decrease of 1.6% at constant exchange rates
(see note 13). The average US dollar rate was £1/$1.57 (39 weeks to November 1,
2008: £1/$1.92). The components of the change in sales are set out below:
39 weeks ended October 31, 2009 change in sales US UK Group
% % %
Same store sales (3.5) (3.0) (3.4)
Change in store space 1.3 3.8 1.8
Change in sales at constant exchange rates (2.2) 0.8 (1.6)
Exchange translation - (18.4) (4.4)
Change in total sales as reported (2.2) (17.6) (6.0)
Operating income increased by 38.6% to $95.9 million (39 weeks to November 1,
2008: $69.2 million), up by 34.5% at constant exchange rates (see note 13).
This included the benefits of $15.0 million from a previously announced change
in US vacation policy and a charge in fiscal 2009 of $10.5 million for
non-recurring relisting costs. Central costs were $11.8 million (39 weeks to
November 1, 2008: $12.9 million, excluding $10.5 million of relisting costs).
Excluding the impact of the change in vacation policy and the relisting costs,
operating income increased by 1.5%. Operating margin was 4.6% (39 weeks to
November 1, 2008: 3.1%). The factors influencing the movement are set out
below:
Change in operating margin US UK Group
% % %
39 weeks ended November 1, 2008 operating margin 5.4 0.3 3.1
Relisting costs - - 0.5
39 weeks ended November 1, 2008 before relisting costs 5.4 0.3 3.6
Gross merchandise margin movement 0.8 0.3 0.7
Expense leverage/(deleverage) 0.7 (1.5) 0.3
Impact of new store square footage (0.1) - -
39 weeks ended October 31, 2009 operating margin 6.8 (0.9) 4.6
Net financing costs rose to $26.5 million (39 weeks to November 1, 2008: $22.1
million), including refinancing costs of $4.0 million (39 weeks to November 1,
2008: nil). Income before income taxes rose by 47.3% to $69.4 million (39 weeks
to November 1, 2008: $47.1 million). The tax charge was $22.5 million (39 weeks
to November 1, 2008: $16.8 million), a tax rate of 32.4% (39 weeks to November
1, 2008: 35.7%). Net income increased by 54.8% to $46.9 million (39 weeks to
November 1, 2008: $30.3 million). Basic and diluted earnings per share were
$0.55 (39 weeks to November 1, 2008: $0.35).
Net debt and free cash flow
Net debt (see note 14) at October 31, 2009 was $160.7 million (November 1, 2008:
$577.8 million), reflecting some benefit from timing differences in working
capital. Group gearing (that is the ratio of net debt to shareholders' funds
excluding goodwill) at October 31, 2009 was 9.5% (November 1, 2008: 36.4%). In
the 39 weeks to October 31, 2009, there was a $310.0 million reduction in net
debt rather than the normal seasonal increase (39 weeks to November 1, 2008: up
$203.2 million) reflecting an inflow from tight management of working capital
(operating assets and liabilities) of $203.9 million (39 weeks to November 1,
2008: outflow $121.5 million), nil distribution to shareholders (39 weeks to
November 1, 2008: $107.4 million) and increased cash flow from operations of
$145.2 million (39 weeks to November 1, 2008: $120.2 million).
OPERATING REVIEW
US division (about 80% of annual sales)
13 weeks ended October 31, 2009
Total sales were down by 1.7% to $459.3 million (13 weeks to November 1, 2008:
$467.3 million). Same store sales decreased by 2.4% in the period compared to a
fall of 5.5% in the second quarter, with Jared showing some early signs of a
slowing sales decline. Reflecting changes in merchandise mix, the average unit
selling price decreased by 3.2% in the mall brands and by 7.7% in Jared, on an
underlying basis excluding the impact of the introduction of a charm bracelet
range.
Operating income of $4.8 million was reported (13 weeks to November 1, 2008:
$6.2 million loss) including the benefit of $5.0 million from the change in
vacation policy. Operating margin was 1.0% (13 weeks to November 1, 2008: -1.3%)
reflecting management action to improve gross merchandise margin and reduce
costs (see table above for the main factors influencing operating margin). Gross
merchandise margin was up 140 basis points, benefiting from lower diamond
prices, improved repair margin and favorable changes in sales mix, more than
offsetting the higher cost of gold. The economic environment adversely affected
the net bad debt to total sales ratio which was up by 110 basis points on the
comparable quarter, in line with the trend seen in recent quarters. The division
made further good progress towards achieving its fiscal 2010 target of reducing
costs on an underlying basis by $100 million, the reduction in the quarter being
$21 million.
39 weeks ended October 31, 2009
Total sales were down by 2.2% to $1,636.7 million (39 weeks to November 1, 2008:
$1,674.0 million). Same store sales decreased by 3.5%. Reflecting changes in the
merchandise mix, the average unit selling price decreased by 6.4% in the mall
brands and by 8.8% in Jared, on an underlying basis excluding the impact of the
introduction of a charm bracelet range.
Operating income was up by 23.0% to $111.6 million (39 weeks to November 1,
2008: $90.7 million) including the benefit of $15.0 million from the change in
vacation policy. Operating margin was 6.8% (39 weeks to November 1, 2008: 5.4%),
the improvement arising from management actions to increase gross merchandise
margin and reduce costs (see table above for the main factors influencing
operating margin). The reduction in costs on an underlying basis was $70
million.
There was a deterioration in net bad debt charge to 6.0% of total sales (39
weeks to November 1, 2008: 4.8%). The implications for credit card income of new
legislation continue to be reviewed. While steps to mitigate this are being
planned, the net impact on income before income taxes will be adverse and is
expected to exceed $10 million in fiscal 2011. However, as the detailed
implementation of the legislation has not yet been finalized, the extent of the
impact cannot be estimated with any degree of certainty.
Operating initiatives in fiscal 2010
Training of staff to provide high levels of customer service and product
knowledge continues to be a priority and remains a key competitive advantage.
Differentiated merchandise ranges have been further expanded ahead of the
Holiday Season. For example the Open Hearts by Jane Seymour (tm) selection has
been further developed and, following a very successful test early in 2009, the
Love's Embrace (tm) program has been launched in all stores. Given the very
uncertain outlook for the Holiday Season, a priority has been flexibility of
inventory levels and the supply chain so as to be able to respond quickly to
changes in consumers' buying behavior.
Television advertising impressions during the Holiday Season are higher than
originally planned, and are forecast to be marginally up for Jared and down
mid-single digits for Kay. Share of voice is anticipated to remain the largest
in the jewelry sector utilizing proven, successful campaigns.
The planned store numbers, by format, at January 2010, which reflect a 2%
reduction in square footage, are set out below:
Number of stores Planned at January 30, 2010 At January 31, 2009
Kay 912 926
Regional brands 250 304
Jared 178 171
UK Division (about 20% of annual sales)
13 weeks ended October 31, 2009
Total sales at constant exchange rates were up by 4.5% (see note 13) and on a
reported basis sales declined by 4.7% to $154.4 million (13 weeks to November 1,
2008: $162.0 million). Same store sales were down by 0.2% (H.Samuel down 0.2%
and Ernest Jones down 0.3%), with an improved performance by Ernest Jones being
noteworthy. The larger than normal difference between same store and total sales
was primarily due to timing differences in the UK store refurbishment program.
The diamond category performed relatively well in both Ernest Jones and
H.Samuel. The average unit selling price in H.Samuel was up by 9.6% reflecting
both merchandise mix changes and price increases. In Ernest Jones, similar
factors resulted in the average unit selling price being up by 12.0%, excluding
the impact of new charm bracelet ranges.
There was an operating loss of $3.6 million (13 weeks to November 1, 2008: $3.9
million loss). Tight control of costs and inventory was maintained, with gross
merchandise margin little changed (see table above for main factors influencing
operating margin). As previously indicated, fourth quarter gross merchandise
margin is expected to decrease due to the weakness of sterling and this impact
is anticipated to continue into fiscal 2011.
39 weeks ended October 31, 2009
Total sales at constant exchange rates were up by 0.8% (see note 13), on a
reported basis sales declined by 17.6% to $450.4 million (39 weeks to November
1, 2008: $546.7 million). Same store sales were down by 3.0% (H.Samuel down 1.6%
and Ernest Jones down 4.6%). There was an operating loss of $3.9 million (39
weeks to November 1, 2008: operating income of $1.9 million), the sales
deleverage being marginally offset by an increase in gross merchandise margin
(see table above for main factors influencing operating margin).
Operating initiatives in fiscal 2010
Training of staff to further improve levels of customer service and product
knowledge remains a priority. Exclusive key volume lines have been increased,
and over 25% of fourth quarter sales are expected to come from new merchandise.
Both H.Samuel and Ernest Jones will make increased use of customer relationship
marketing in the fourth quarter compared to last year. H.Samuel will also
utilize ten second advertisements on national television.
The planned store numbers by format at January 2010 are set out below:
Number of stores Planned at January 30, 2010 At January 31, 2009
H.Samuel 345 352
Ernest Jones 204 206
INVESTOR RELATIONS PROGRAM
Change in reporting calendar
In line with an increasing number of US retailers, Signet will, in the future,
report quarterly sales at the same time as its quarterly results but will
continue to make a Christmas Trading Statement. Therefore the next trading
statement is expected to be on January 12, 2010 followed by the fourth quarter
and full year results, which are anticipated to be announced on Thursday, March
25, 2010.
UBS Conference, Thursday, December 10, 2009
Signet will be taking part in a UBS Conference at their London offices on
Thursday, December 10, 2009. Present will be Walker Boyd, Finance Director and
Tim Jackson, Investor Relations Director.
Christmas Trading Statement
The Christmas Trading Statement is expected to be announced at 7.30 a.m. (EST)
and 12.30 p.m. (GMT) on Tuesday, January 12, 2010. There will be a conference
call for all interested parties at 8.30 a.m. (EST) (1.30 p.m. GMT and 5.30 a.m.
Pacific Time) and a simultaneous webcast available at www.signetjewelers.com.
12th Annual ICR Xchange Conference, Wednesday, January 13, 2010
Signet will be taking part in the ICR XChange Conference on Wednesday, January
13, 2010 at the St.Regis Monarch Beach Resort, Dana Point, California. Present
will be Terry Burman, Chief Executive and Walker Boyd, Finance Director. Walker
Boyd and Tim Jackson, Investor Relations Director will also be available for
meetings at the conference on Thursday, January 14, 2010.
Societe Generale Retail Conference, Tuesday, February 2, 2010
Signet will be taking part in the Societe Generale Retail Conference on Tuesday,
February 2, 2010 in Paris. Present will be Walker Boyd, Finance Director and Tim
Jackson, Investor Relations Director.
Unaudited condensed consolidated income statements
for the 39 weeks ended October 31, 2009
13 weeks ended 13 weeks 39 weeks ended 39 weeks
ended ended
October 31, November 1, October 31, November 1,
2009 2008 2009 2008
$m $m $m $m Notes
Sales 613.7 629.3 2,087.1 2,220.7 2
Cost of sales (447.9) (454.5) (1,444.3) (1,519.1)
Gross margin 165.8 174.8 642.8 701.6
Selling, general and administrative expenses (197.3) (217.3) (633.9) (708.9)
Re-listing costs - - - (10.5) 2
Other operating income, net 28.4 28.3 87.0 87.0
Operating (loss)/income, net (3.1) (14.2) 95.9 69.2 2
Interest income - 0.6 0.7 3.1
Interest expense (7.4) (10.0) (27.2) (25.2)
(Loss)/income before income taxes (10.5) (23.6) 69.4 47.1
Income taxes 3.5 8.5 (22.5) (16.8)
Net (loss)/income (7.0) (15.1) 46.9 30.3
(Loss)/earnings per share - basic $(0.08) $(0.18) $0.55 $0.35 5
- diluted $(0.08) $(0.18) $0.55 $0.35 5
All of the above relate to continuing activities attributable to equity
shareholders.
The accompanying notes are an integral part of these interim financial
statements.
Condensed consolidated balance sheets
at October 31, 2009
October 31, November 1, January 31, 2009
2009 2008 (Audited)
(Unaudited) (Unaudited)
$m $m $m
Notes
Assets
Current assets:
Cash and cash equivalents 139.6 35.5 96.8
Accounts receivable, net 730.3 718.6 825.2
Other receivables 23.9 25.8 81.8
Other current assets 52.1 44.4 45.0
Deferred tax assets - 0.3 -
Inventories 1,306.0 1,552.7 1,364.4 7
Total current assets 2,251.9 2,377.3 2,413.2
Non-current assets:
Property, plant and equipment, net of accumulated depreciation 413.6 477.7 452.1
of $585.9 million, $579.8 million and $572.6 million,
respectively
Goodwill - 529.6 -
Other intangible assets, net 24.9 23.1 23.9
Other assets 12.5 41.4 9.9
Deferred tax assets 53.9 68.0 54.8
Total assets 2,756.8 3,517.1 2,953.9 2
Liabilities and Shareholders' equity
Current liabilities:
Loans and overdrafts 20.3 233.3 187.5
Accounts payable 140.9 121.5 42.2
Accrued expenses and other current liabilities 230.7 235.3 274.8
Deferred revenue 103.0 103.6 120.1 8
Deferred tax liabilities 54.9 49.2 56.9
Income taxes payable 21.1 32.6 55.8
Total current liabilities 570.9 775.5 737.3
Non-current liabilities:
Long-term debt 280.0 380.0 380.0
Other liabilities 78.0 111.3 71.5
Deferred revenue 132.4 130.4 142.5 8
Retirement benefit obligation 8.9 2.8 12.9
Total liabilities 1,070.2 1,400.0 1,344.2
Commitments and contingencies (see note 10)
Shareholders' equity:
Common shares of $0.18 par value: authorized 500 million shares,
85.5 million shares issued and outstanding (November 1, 2008:
85.3 million shares issued and outstanding; January 31, 2009: 15.4 15.3 15.3
85.3 million shares issued and outstanding)
Additional paid-in capital 168.8 164.2 164.5
Other reserves 235.2 235.2 235.2
Treasury shares (1.2) (10.8) (10.7)
Retained earnings 1,439.2 1,841.3 1,400.9
Accumulated other comprehensive loss (170.8) (128.1) (195.5)
Total shareholders' equity 1,686.6 2,117.1 1,609.7
Total liabilities and shareholders' equity 2,756.8 3,517.1 2,953.9
The accompanying notes are an integral part of these interim financial
statements.
Unaudited condensed consolidated statements of cash flows
for the 39 weeks ended October 31, 2009
13 weeks ended 13 weeks ended 39 weeks ended
39 weeks ended
October 31, 2009 November 1, 2008 October 31, 2009
November 1, 2008
$m $m $m
$m
Cash flows from operating activities
Net (loss)/income (7.0) (15.1) 46.9
30.3
Adjustments to reconcile net income to cash flows provided by
operations:
Depreciation of property, plant and equipment 25.3 27.7 74.7
80.3
Amortization of other intangible assets 2.0 1.4 5.5
4.2
Pension expense (1.4) 0.3 (2.8)
0.8
Share-based compensation expense 1.2 0.1 4.3
0.8
Deferred taxation (1.7) 6.6 0.4
5.1
Facility amendment fees included in net income 0.6 - 4.0
-
Other non-cash movements 3.9 1.4 11.8
(1.4)
Loss on disposal of property, plant and equipment - - 0.4
0.1
Changes in operating assets and liabilities:
Decrease in accounts receivable 35.9 43.1 95.5
129.1
(Increase)/decrease in other receivables (0.4) 1.8 55.4
(5.2)
Increase in other current assets (2.4) (4.5) (16.3)
(1.8)
(Increase)/decrease in inventories (30.1) (156.9) 86.5
(147.5)
Increase in accounts payable 47.9 55.8 94.9
43.0
Increase/(decrease) in accrued expenses and other liabilities 14.8 2.1 (48.2)
(21.9)
Decrease in deferred revenue (10.9) (9.5) (28.2)
(30.5)
Decrease in income taxes payable (23.6) (28.1) (34.3)
(44.2)
Effect of exchange rate changes on currency swaps - (43.7) (1.4)
(42.5)
Net cash provided by/(used in) operating activities 54.1 (117.5) 349.1
(1.3)
Investing activities
Purchase of property, plant and equipment (9.6) (28.0) (24.4)
(91.1)
Purchase of other intangible assets (3.3) (2.7) (6.0)
(6.3)
Proceeds from sale of property, plant and equipment 0.1 - 0.1
1.0
Net cash flows used in investing activities (12.8) (30.7) (30.3)
(96.4)
Financing activities
Dividends paid - - -
(107.4)
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