Further re: year end change

RNS Number : 5850F

ASOS PLC

18 June 2012

 



18 June 2012

ASOS plc ("ASOS or the "Company")

Change in accounting reference date: additional pro forma financial information

ASOS, the AIM-quoted Global Online Fashion Store, announced on 26 April 2012 that it has changed its accounting reference date and financial year end from 31 March to 31 August, and on that date released selected unaudited pro forma consolidated financial information for the Company for the three years ended 31 August 2011.

This announcement contains supplementary unaudited pro forma consolidated financial information for the Company for the two years ended 31 August 2011, to complement the information released on 26 April 2012. Also included is unaudited proforma consolidated financial information for the six month periods ended 29 February 2012 and 28 February 2011.

For further information:

ASOS plc                                                                                    

Nick Robertson, Chief Executive                                                   Tel: [phone]

Nick Beighton, Finance Director                                                               

Greg Feehely, Head of Investor Relations

Website: www.asos.com 

College Hill

Matthew Smallwood / Justine Warren / Jamie Ramsay                   Tel: [phone]

JPMorgan Cazenove 

Luke Bordewich / Gina Gibson                                                      Tel: [phone]

Numis Securities    

Alex Ham                                                                                   Tel: [phone]

ASOS PLC

Additional unaudited pro forma information for the years ended 31 August 2011 and 31 August 2010

i) Unaudited pro forma segmental sales, gross profit and distribution costs

Year to 31 August 2011	UK	US	EU	ROW	Total
Retail sales	186,748	25,950	91,047	85,349	389,094
Delivery receipts	7,277	596	2,089	1,895	11,857
Third party revenues	2,057	-	-	-	2,057
Total revenue	196,082	26,546	93,136	87,244	403,008
Gross profit	91,472	14,979	46,206	44,965	197,622
Distribution costs	(16,360)	(7,372)	(11,233)	(13,142)	(48,107)

Year to 31 August 2010	UK	US	EU	ROW	Total
Retail sales	161,161	9,088	50,231	21,453	241,933
Delivery receipts	7,843	607	3,572	2,041	14,063
Third party revenues	2,903	-	-	-	2,903
Total revenue	171,907	9,695	53,803	23,494	258,899
Gross profit	84,485	5,820	27,679	13,465	131,449
Distribution costs	(12,662)	(1,113)	(5,148)	(2,792)	(21,715)

ii) Unaudited pro forma operating expenses by type

	Year to 31 August 2011	Year to 31 August 2010
Distribution cost	(48,107)	(21,715)
Payroll and other staff costs	(38,574)	(30,390)
Warehousing	(27,155)	(20,122)
Marketing	(14,680)	(12,355)
Production	(3,015)	(2,094)
Technology	(8,355)	(4,081)
Other operating costs	(19,656)	(12,358)
Depreciation and amortisation	(6,011)	(4,022)
Total operating expenses	(165,553)	(107,137)

iii) Unaudited key performance indicators

Year to 31 August 2011	UK	USA	EU	ROW	Group
Average basket value1	£64.77	£59.92	£68.19	£69.75	£65.85
Growth	-	(7%)	(16%)	(30%)	(4%)
Average units per basket	2.33	2.30	2.67	2.90	2.47
Growth	(8%)	(10%)	(19%)	(31%)	(9%)
Average selling price per unit1	£27.85	£26.06	£25.56	£24.09	£26.63
Growth	9%	3%	4%	-	6%
Number of orders	5,641	587	1,892	1,329	9,449
Growth	28%	264%	118%	511%	67%
Total visits2	12,280	3,912	9,598	9,247	35,037
Growth	11%	124%	74%	236%	66%

Year to 31 August 2010	UK	USA	EU	ROW	Group
Average basket value1	£64.45	£64.30	£81.05	£100.31	£68.36
Growth	13%	(4%)	12%	29%	15%
Average units per basket	2.53	2.55	3.30	4.17	2.71
Growth	-	(13%)	3%	19%	3%
Average selling price per unit1	£25.47	£25.24	£24.59	£24.07	£25.22
Growth	12%	10%	9%	9%	11%
Number of orders	4,420	161	866	218	5,665
Growth	17%	180%	57%	177%	27%
Total visits3	11,060	1,749	5,522	2,756	21,087
Growth	34%	201%	106%	125%	66%

¹ Including VAT        ² During August 2011      ³ During August 2010

ASOS PLC

Unaudited pro forma financial information for the six month periods ended 29 February 2012 and 28 February 2011

i) Unaudited pro forma segmental sales, gross profit and distribution costs

Six months to 29 February 2012	UK	US	EU	ROW	Total
Retail sales	108,967	23,137	56,846	73,971	262,921
Delivery receipts	3,861	451	797	803	5,912
Third party revenues	1,066	5	10	12	1,093
Total revenue	113,894	23,593	57,653	74,786	269,926
Gross profit	53,882	14,727	28,640	39,941	137,190
Distribution costs	(10,135)	(5,673)	(10,058)	(10,682)	(36,548)

Six months to 28 February 2011	UK	US	EU	ROW	Total
Retail sales	100,240	10,551	42,223	28,625	181,639
Delivery receipts	3,591	252	1,453	1,309	6,605
Third party revenues	1,108	-	-	-	1,108
Total revenue	104,939	10,803	43,676	29,934	189,352
Gross profit	48,344	5,694	20,859	15,360	90,257
Distribution costs	(8,477)	(2,392)	(5,619)	(4,084)	(20,572)

ii) Unaudited key performance indicators

Six months to 29 February 2012	UK	USA	EU	ROW	Group
Average basket value1	£66.03	£60.22	£63.54	£61.82	£64.16
Growth	1%	(3%)	(14%)	(27%)	(6%)
Average units per basket	2.18	2.19	2.32	2.51	2.28
Growth	(6%)	(5%)	(17%)	(27%)	(9%)
Average selling price per unit1	£30.28	£27.47	£27.37	£24.65	£28.15
Growth	7%	3%	3%	1%	3%
Number of orders	3,218	521	1,389	1,326	6,454
Growth	11%	124%	71%	250%	49%
Total visits2	13,948	5,514	12,223	10,813	42,498
Growth	2%	80%	39%	97%	37%

¹ Including VAT          ² During February 2012

Six months to 28 February 2011	UK	USA	EU	ROW	Group
Average basket value1	£65.55	£61.81	£74.06	£84.52	£68.60
Growth	-	(8%)	(13%)	(15%)	(1%)
Average units per basket	2.32	2.31	2.79	3.45	2.50
Growth	(7%)	(7%)	(15%)	(13%)	(5%)
Average selling price per unit1	£28.29	£26.76	£26.58	£24.47	£27.39
Growth	7%	(1%)	3%	(2%)	4%
Number of orders	2,911	233	813	379	4,336
Growth	37%	349%	122%	399%	66%
Total visits2	13,680	3,072	8,821	5,482	31,055
Growth	25%	166%	98%	230%	71%

¹ Including VAT       ² During February 2011

iii) Unaudited pro forma Statement of Comprehensive Income

	Six months to 29 February 2012 £'000	Six months to 28 February 2011 £'000
Revenue	269,926	189,352
Cost of Sales	(132,736)	(99,095)
Gross profit	137,190	90,257
Operating costs excluding exceptional items	(113,391)	(74,456)
Operating profit before exceptional items	23,799	15,801
Share of post-tax gains of joint venture	-	63
Net finance costs	(665)	(145)
Profit before tax and exceptional items	23,134	15,719
Exceptional items	(1,508)	(11,535)
Profit before tax	21,626	4,184
Income tax expense	(5,751)	(1,272)
Profit after tax	15,875	2,912

iv) Unaudited pro forma operating expenses by type

	Six months to 29 February 2012	Six months  to 28 February 2011
Distribution cost	(36,548)	(20,572)
Payroll and other staff costs	(25,340)	(18,913)
Warehousing	(15,064)	(11,413)
Marketing	(10,872)	(6,496)
Production	(1,832)	(1,458)
Technology	(3,685)	(3,723)
Other operating costs	(15,551)	(9,223)
Depreciation and amortisation	(4,499)	(2,658)
Total operating expenses	(113,391)	(74,456)

v) Unaudited pro forma Statement of Financial Position as at 29 February 2012

	29 February 2012 £'000
Goodwill	1,060
Property, plant and equipment and other intangible assets	46,267
Deferred tax asset	10,813
Non-current assets	58,140
Assets classified as held-for-sale	2,800
Working capital	14,351
Net funds	12,718
Provisions	(1,082)
Current tax asset	2,051
Net current assets	30,838
Net assets	88,978

vi) Unaudited pro forma Statement of Cash Flows for the year ended 29 February 2012

	Six months to 29 February  2012  £'000
Operating profit	22,291
Exceptional items	1,508
Operating profit before exceptional items	23,799
Depreciation and amortisation	4,499
Working capital	(7,363)
Share-based payment charges	420
Tax received	1,622
Cash inflow from operating profit before exceptional items	22,977
Operating cash outflow relating to exceptional items	(458)
Cash inflow from operating profit	22,519
Capital expenditure	(12,128)
Proceeds from issue of ordinary shares	268
Purchase of own shares by Employee Benefit Trust	(1,458)
Repayment of drawing under revolving credit facility	(5,000)
Net interest paid	(666)
Total cash inflow	3,535

 

END

 

 

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