Change of financial year end

RNS Number : 0853C

ASOS PLC

26 April 2012

 



ASOS plc

("ASOS or the "Company")

Change in Accounting Reference Date

ASOS, the AIM-quoted Global Online Fashion Store, announces that it has changed its accounting reference date and financial year end from 31 March to 31 August. The Board has taken this decision to enable the Company's external reporting period to align with the buying seasons in the fashion industry.

 As a result of this change the Company's reporting calendar will be as follows:

·      Audited results for the 5 month period to 31 August 2012 to be announced by the end of October 2012.

·      Unaudited results for the 6 month period to 28 February 2013 to be announced by the end of April 2013.

·      Audited results for the 12 month period to 31 August 2013 to be announced by the end of October 2013.

Attached to this announcement is unaudited pro forma consolidated financial information for the Company for the three years ended 31 August 2011.

26 April 2012

For further information:

ASOS plc	Tel: [phone]
Nick Robertson, Chief Executive
Nick Beighton, Finance Director
Greg Feehely, Head of Investor Relations
Website: www.asos.com
College Hill	Tel: [phone]
Matthew Smallwood / Justine Warren / Jamie Ramsay
JPMorgan Cazenove	Tel: [phone]
Luke Bordewich / Gina Gibson
Numis Securities	Tel: [phone]
Alex Ham

ASOS PLC

Unaudited pro forma quarterly retail sales

Unaudited pro forma retail sales by quarter for the financial year ended 31 August 2011

£'000s	Q1	YOY%	Q2	YOY%	Q3	YOY%	Q4	YOY%	2010/11	YOY%
UK sales	47,383	23%	52,857	20%	43,087	20%	43,421	1%	186,748	16%
International sales	33,680	128%	47,719	161%	56,897	154%	64,050	153%	202,346	151%
-     US sales	4,186	254%	6,365	227%	7,480	176%	7,919	144%	25,950	186%
-     EU sales	18,647	79%	23,576	105%	23,714	68%	25,110	77%	91,047	81%
-     ROW sales	10,847	241%	17,778	265%	25,703	363%	31,021	295%	85,349	298%
Total retail sales	81,063	53%	100,576	62%	99,984	71%	107,471	58%	389,094	61%

Unaudited pro forma retail sales by quarter for the financial year ended 31 August 2010

£'000s	Q1	YOY%	Q2	YOY%	Q3	YOY%	Q4	YOY%	2009/10	YOY%
UK sales	38,381	21%	43,963	14%	35,940	25%	42,877	22%	161,161	20%
International sales	14,773	118%	18,296	73%	22,390	106%	25,313	137%	80,772	108%
-     US sales	1,184	78%	1,949	95%	2,706	174%	3,249	267%	9,088	157%
-     EU sales	10,408	102%	11,482	38%	14,137	72%	14,204	82%	50,231	70%
-     ROW sales	3,181	231%	4,865	301%	5,547	242%	7,860	301%	21,453	273%
Total retail sales	53,154	38%	62,259	27%	58,330	47%	68,190	49%	241,933	40%

Unaudited pro forma retail sales by quarter for the financial year ended 31 August 2009

£'000s	Q1	YOY%	Q2	YOY%	Q3	YOY%	Q4	YOY%	2008/09	YOY%
UK sales	31,813	99%	38,648	85%	28,806	47%	35,048	31%	134,315	62%
International sales	6,780	251%	10,549	325%	10,843	198%	10,661	102%	38,833	192%
-     US sales	667	361%	1,000	453%	989	322%	886	149%	3,542	287%
-     EU sales	5,152	242%	8,336	315%	8,233	177%	7,813	86%	29,534	176%
-     ROW sales	961	249%	1,213	317%	1,621	282%	1,962	177%	5,757	239%
Total retail sales	38,593	116%	49,197	111%	39,649	71%	45,709	43%	173,148	80%

ASOS PLC

Unaudited pro forma Statement of Comprehensive Income

Year ended 31 August 2011

	H1 £'000	H2 £'000	FY £'000	H1 Growth %	H2 Growth %	FY Growth %
Revenue	189,352	213,656	403,008	53%	58%	56%
Cost of Sales	(99,095)	(106,291)	(205,386)	56%	66%	61%
Gross profit	90,257	107,365	197,622	50%	51%	50%
Administrative expenses excluding exceptional items	(74,456)	(91,097)	(165,553)	55%	55%	55%
Operating profit before exceptional items	15,801	16,268	32,069	30%	33%	32%
Share of post-tax gains/(losses) of joint venture	63	(16)	47
Net finance costs	(145)	(275)	(420)
Profit before tax and exceptional items	15,719	15,977	31,696	30%	31%	31%
Exceptional items	(11,535)	(7,530)	(19,065)
Profit before tax	4,184	8,447	12,631	(65%)	(30%)	(48%)
Income tax expense	(1,272)	(2,594)	(3,866)
Profit after tax	2,912	5,853	8,765	(66%)	(32%)	(49%)
Diluted underlying EPS			27.9p			27%

ASOS PLC

Unaudited pro forma Statement of Comprehensive Income

Year to 31 August 2010

	H1 £'000	H2 £'000	FY £'000	H1 Growth %	H2 Growth %	FY Growth %
Revenue	123,861	135,038	258,899	28%	43%	35%
Cost of Sales	(63,560)	(63,890)	(127,450)	28%	33%	31%
Gross profit	60,301	71,148	131,449	28%	53%	41%
Administrative expenses	(48,183)	(58,954)	(107,137)	21%	41%	31%
Operating profit	12,118	12,194	24,312	65%	161%	103%
Share of post tax gains/(losses) of joint venture	5	(50)	(45)
Net finance income	1	7	8
Profit before tax	12,124	12,151	24,275	65%	159%	102%
Income tax expense	(3,507)	(3,567)	(7,074)
Profit after tax	8,617	8,584	17,201	66%	157%	101%
Diluted underlying EPS			22.0p			100%

Year to 31 August 2009

	H1 £'000	H2 £'000	FY £'000	H1 Growth %	H2 Growth %	FY Growth %
Revenue	96,819	94,338	191,157	108%	53%	77%
Cost of Sales	(49,668)	(47,959)	(97,627)	124%	68%	92%
Gross profit	47,151	46,379	93,530	94%	40%	63%
Administrative expenses	(39,815)	(41,713)	(81,528)	85%	45%	62%
Operating profit	7,336	4,666	12,002	164%	10%	71%
Share of post tax losses of joint venture	(78)	(74)	(152)
Net finance income	86	92	178
Profit before tax	7,344	4,684	12,028	147%	5%	62%
Income tax expense	(2,141)	(1,349)	(3,490)
Profit after tax	5,203	3,335	8,538	156%	6%	65%
Diluted underlying EPS			11.0p			63%

ASOS PLC

Unaudited pro forma Statement of Financial Position at 31 August 2011

	31 August 2011 £'000
Goodwill	1,060
Property, plant and equipment and other intangible assets	38,638
Deferred tax asset	16,346
Non-current assets	56,044
Assets classified as held-for-sale	2,800
Working capital	5,756
Net funds	4,183
Derivative financial assets	192
Current tax asset	4,903
Net current assets	17,834
Net assets	73,878

ASOS PLC

Unaudited pro forma Statement of Cash Flows for the Year Ended 31 August 2011

	31 August  2011  £'000
Operating profit	13,004
Exceptional items	19,065
Operating profit before exceptional items	32,069
Depreciation and amortisation	6,011
Working capital	14,745
Share-based payment charges	1,105
Tax paid	(3,930)
Cash inflow from operating profit before exceptional items	50,000
Operating cash outflow relating to exceptional items	(16,008)
Cash inflow from operating profit	33,992
Capital expenditure	(32,477)
Proceeds from issue of ordinary shares	1,094
Purchase of own shares by Employee Benefit Trust	(1,349)
Drawdown of revolving credit facility	10,000
Net interest paid	(420)
Total cash inflow	10,840

 

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