Key Financial Data
The financial data included below as at and for fiscal 2009, fiscal 2008 and fiscal 2007 have been derived from our audited consolidated financial statements included in Item 18 “Financial Statements” of this annual report on Form 20-F. The financial data for these periods should be read in conjunction with the financial statements, including the notes thereto, and Item 5 “Operating and Financial Review and Prospects” of this Form 20-F. The financial data included below as at and for fiscal 2006 and fiscal 2005 have been derived from our previously published consolidated audited financial statements not included in this document.
The financial statements of the Group for fiscal 2008, fiscal 2007, fiscal 2006 and fiscal 2005 were prepared in accordance with International Financial Reporting Standards, which differs in certain respects from accounting principles generally accepted in the United States (“US GAAP”). The Group has converted the comparatives to US GAAP.
Historic per share data have been adjusted to take account of the one-for-20 reverse share split (share consolidation) undertaken as part of the move of the primary listing of the shares of the Group’s parent company, effective September 11, 2008.
Click here for historical data presented under US GAAP.
| Fiscal 2009 $m | Fiscal 2008(1) $m | Fiscal 2007(1)(2) $m | Fiscal 2006(1) $m | Fiscal 2005(1) $m | |
|---|---|---|---|---|---|
| Income statement: | |||||
| Sales | 3,344.3 | 3,665.3 | 3,559.2 | 3,154.1 | 3,004.8 |
| Cost of sales | (2,264.2) | (2,414.6) | (2,266.3) | (1,990.1) | (1,881.3) |
| Gross margin | 1,080.1 | 1,250.7 | 1,292.9 | 1,164.0 | 1,123.5 |
| Selling, general and administrative expenses | (969.2) | (1,000.8) | (979.6) | (876.8) | (797.6) |
| Impairment of goodwill | (516.9) | - | - | - | - |
| Relisting costs | (10.5) | - | - | - | - |
| Other operating income, net | 119.2 | 108.8 | 91.5 | 83.3 | 71.8 |
| Operating (loss)/income | (297.3) | 358.7 | 404.8 | 370.5 | 397.7 |
| Interest income | 3.6 | 6.3 | 16.7 | 4.3 | 3.4 |
| Interest expense | (32.8) | (28.8) | (34.2) | (20.5) | (21.6) |
| (Loss)/income before income taxes | (326.5) | 336.2 | 387.3 | 354.3 | 379.5 |
| Income taxes | (67.2) | (116.4) | (134.6) | (116.3) | (123.7) |
| Net (loss)/income | (393.7) | 219.8 | 252.7 | 238.0 | 255.8 |
| (Loss)/earnings per share | $(4.62) | $2.58 | $2.92 | $2.74 | $2.96 |
| Adjusted earnings per share(3) | $1.57 | - | - | - | - |
| Dividends per share | $1.45 | $1.45 | $1.43 | $1.19 | $1.12 |
| Balance sheet: | |||||
| Working capital | 1,675.9 | 1,776.3 | 1,723.5 | 1,211.9 | 1,127.3 |
| Total assets | 2,953.9 | 3,599.4 | 3,508.2 | 2,863.1 | 2,873.5 |
| Net assets | 1,609.7 | 2,321.2 | 2,227.9 | 2,062.9 | 1,995.8 |
| Cash and cash equivalents | 96.8 | 41.7 | 152.3 | 92.9 | 193.5 |
| Loans and overdrafts | (187.5) | (36.3) | (5.5) | (267.4) | (100.4) |
| Long term debt | (380.0) | (380.0) | (380.0) | - | (251.0) |
| Total shareholders equity | 1,609.7 | 2,321.2 | 2,227.9 | 2,062.9 | 1,995.8 |
| Common shares in issue (million) | 85.3 | 85.3 | 85.7 | 86.9 | 86.8 |
| Cash flow: | |||||
| Capital expenditure | (114.9) | (140.4) | (124.4) | (136.6) | (131.1) |
| Investment in working capital | (25.3) | (171.9) | (172.6) | (114.8) | (160.9) |
| Depreciation and amortisation | 114.5 | 113.9 | 98.4 | 83.2 | 77.6 |
| Free cash flow | 51.1 | 1.4 | 75.5 | 77.6 | 67.1 |
| Net debt(5) | (470.7) | (374.6) | (233.2) | (174.5) | (157.9) |
| Ratios: | |||||
| Operating margin | 6.9%(3) | 9.8% | 11.4% | 11.7% | 13.2% |
| Interest cover | 7.0x(3) | 12.5x | 11.8x | 18.1x | 18.4x |
| Fixed charge cover(5) | 1.5x | 1.8x | 2.0x | 2.0x | 2.2x |
| Amended fixed charge cover(6) | 1.9x | n/a | n/a | n/a | n/a |
| Dividend cover | 1.1x(3) | 1.8x | 2.3x | 2.5x | 3.1x |
| Gearing(4) | 29.2% | 21.2% | 13.9% | 11.5% | 10.9% |
| ROCE(5) | 9.6% | 17.3% | 22.4% | 22.3% | 26.3% |
| Store data: | |||||
| Stores numbers (at end of period) | |||||
| US | 1,401 | 1,399 | 1,308 | 1,221 | 1,156 |
| UK | 558 | 563 | 581 | 593 | 602 |
| Percentage (decrease)/increase in like for like sales: | |||||
| US | (9.7)% | (1.7)% | 6.2% | 7.1% | 5.9% |
| UK | (3.3)% | 2.0% | 1.2% | (8.2)% | 3.0% |
| Group | (8.2)% | (0.7)% | 4.8% | 2.4% | 5.0% |
| Number of employees (full-time equivalents) | 16,915 | 17,243 | 16,836 | 15,652 | 15,145 |
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(1) Based on audited IFRS, translated to US GAAP (defined here)
(2) 53 week year.
(3) Before charging $516.9 million impairment of goodwill and $10.5 million of relisting costs.
(4) Net debt as a percentage of total shareholders’ equity excluding goodwill.
(5) Net debt, ROCE and fixed charge cover are defined here.
(6) Calculated under the terms of the amended fixed charge cover calculation defined under the amended financing agreements.