Interim Results
Dunelm Group plc
07 March 2007
7 March 2007
Dunelm Group plc
Interim Results Announcement
Dunelm Group plc, the leading out-of-town specialist homewares retailer,
announces its maiden Interim Results for the 26 weeks to 30 December 2006.
Financial Highlights
• Sales up 13.2% to £178.4m (2005: £157.6m)
• Like-for-like sales increase of 5.0%
• Underlying operating profit up 9.2% to £23.7m* (2005: £21.7m)
• Operating profit of £19.7m (2005: £21.7m)
• Underlying profit before taxation of £21.9m* (2005: £22.1m)
• Profit before taxation of £17.9m (2005: £22.1m)
• Underlying EPS of 7.7p* (2005: 7.6p)
• EPS of 5.9p (2005: 7.6p)
• 0.8p interim dividend per share**
Business Highlights
• Successful IPO completed in October 2006
• Strong performance in a subdued market, with consistent like-for-like
sales growth from August 2006
• Continued focus on 'Simply Value For Money' proposition
• Two new superstores opened in Stevenage and Colchester
• On track for total of six new stores in the current financial year,
strong pipeline for next
• Investment in new central warehouse in Stoke and roll-out of new IT
systems (SAP)
• Good sales momentum since half year (LFL + 4.1% in last nine weeks)
* excludes non-recurring costs of transfer to new warehouse (£1.0m) and IPO
(£3.0m)
** reflects the period post IPO
- 2 -
Commenting, Will Adderley, Chief Executive of Dunelm, said:
"Following our successful flotation in October, we are pleased to report a
robust set of maiden interim results.
"In the first half, we achieved total sales growth of 13.2%, and like-for-like
sales growth of 5.0%. At the same time, we have made significant strategic
progress, continuing to expand our presence through new store openings, further
improving our specialist homewares offering and developing our infrastructure.
"Trading in the second half has started well, with sales for the 9 weeks to 3
March up 10.0%, and up 4.1% on a like-for-like basis, and we are confident of
being able to meet our expectations for the year as a whole. Clearly, however,
this confidence needs to be tempered by the risk of demand being impacted by
macroeconomic factors.
"We continue to have a very clear focus on our customer and our offer. Putting
this with our strong management team and a determination to grow, we continue to
work towards our long-term target of 150 superstores across the UK."
For further information please contact:
+---------------------------------------------------------+--------------------+
|Dunelm Group plc | 0116 2644 356|
+---------------------------------------------------------+--------------------+
|Will Adderley, Chief Executive | |
+---------------------------------------------------------+--------------------+
|David Stead, Finance Director | |
+---------------------------------------------------------+--------------------+
| | |
+---------------------------------------------------------+--------------------+
| | |
+---------------------------------------------------------+--------------------+
|Hogarth Partnership | 020 7357 9477|
+---------------------------------------------------------+--------------------+
|John Olsen/James Longfield/ Fiona Noblet | |
+---------------------------------------------------------+--------------------+
Notes to Editors
Dunelm is amongst the top 10 retailers operating in the £12bn UK homewares
market. The Group has 83 stores, branded Dunelm Mill, of which 66 are
out-of-town superstores and 17 are high street shops. The majority of the stores
are located in the Midlands or north-west of England. Dunelm employs over 5,000
full and part time staff, the vast majority of whom work in the stores.
Dunelm was founded in 1979 as a market stall business, selling ready made
curtains. The first shop was opened in Leicester in 1984 and over the following
years the business developed into a successful chain of high street shops in the
Midlands specialising in soft furnishings. The first Dunelm superstore was
opened in 1991, leading to the Company's move into the broader homewares market.
The superstores provide an average of 28,000 sq ft of selling space and offer an
extensive range of up to 18,000 products across a broad spectrum of categories,
including bedding, curtains, gifts and seasonal items, cushions, bathroom
products, kitchenware, quilts, pillows and rugs. Dunelm also specialises in
offering a wide range of fabrics, made to measure curtains and a frequently
changing series of special buys. The directors are passionate about ensuring
that all ranges live up to Dunelm's philosophy of offering customers "Simply
Value for Money".
Last year Dunelm also introduced an on-line store, to be found at
www.dunelm-mill.com. Currently over 5,000 products are available through the
website.
Dunelm listed on the London Stock Exchange in October 2006 (DNLM.L) and has a
current market capitalisation of over £400 million.
- 3 -
CHAIRMAN'S STATEMENT
As we report our first set of interim results as a listed company I would like
to welcome all our new shareholders to Dunelm.
We successfully floated the Company in October last year and we have been very
pleased by the reception from investors both at the time of the IPO and in the
months since. The purpose of the IPO was and is to support the business in
delivering its long-term growth objectives.
That we are able to report a robust set of maiden interim results, and
significant strategic progress during the period, is a particular credit to the
management team who have remained fully focused on the business despite the
increase in workload created by the IPO process.
In the first half, we achieved total sales growth of 13.2%, and like-for-like
sales growth of 5.0%. This represents a good performance given the relatively
subdued prevailing market conditions. At the same time, we have continued to
make progress with our plans to expand Dunelm's presence beyond our traditional
territory of the Midlands and the North West, have further developed our
specialist homewares offering, and have taken important steps forward with our
physical and IT infrastructure.
The Directors have approved an interim dividend of 0.8p per share, which
reflects the period since our October flotation. This will be payable on 25
April to shareholders on the register at the close of business on 10 April. As
indicated at the time of the IPO, the Company intends to operate a progressive
dividend policy, with dividend cover in the range 2.5 to 3.0 times.
We have achieved a great deal during the period and, as well as the management,
I would like to thank all Dunelm employees for their significant contribution to
our continued success. Following the IPO we have introduced an Employee Share
Option Scheme, allowing our staff to share in the benefits of Dunelm's continued
growth and aligning their interests with those of our shareholders.
The period under review has been an exciting one for Dunelm. We are in a strong
position to drive the next stage of growth for the benefit of the business and
its shareholders, and we look to the future with considerable confidence.
- 4 -
CHIEF EXECUTIVE'S REVIEW
Dunelm's trading strategy is to offer customers everyday good value and
unrivalled choice across a wide range of homewares, with knowledgeable and
friendly staff and in convenient locations. Our philosophy is summed up in our
customer promise to offer 'Simply Value For Money'.
The homewares market remained relatively subdued in 2006. For Dunelm, trading
began to pick up from August and our like-for-like sales growth was consistently
strong from that point onwards.
Financials
During the period, sales grew by 13.2% to £178.4m (2005: £157.6m), with a
like-for-like increase of 5.0%.
Product gross margins continued to increase in the period and were up by 0.4
percentage points, one of the contributory factors being the continuing strength
of sterling against the US dollar.
Underlying operating profit rose by 9.2% to £23.7m (2005: £21.7m). Underlying
operating profit comprises reported operating profit, adjusted by adding back
non-recurring costs in respect of the IPO (£3.0m) and the transition to our new
central warehouse (£1.0m).
We have previously indicated that operating costs would increase as a result of
changes in the business - specifically, occupancy of the new warehouse has
incurred rental costs from July 2006 and we have been incurring amortisation
charges from our new IT investments since April 2006. These new operating costs
amounted to £1.5m in the first half and are charged in full within underlying
operating profit.
Trading performance in our business tends to be weighted in favour of the first
half of the financial year. This is because sales in like-for-like stores tend
to be a little higher in the first half (52% of the total in the last financial
year), with costs evenly spread; and buying margin tends to be lower in the
second half, as this includes the majority of our winter and summer sale
activity.
One of the core strengths of Dunelm is our low cost operating model. This is
reflected in our underlying operating margin of 13.3% in the first half, which
we believe is in the top tier of UK retailers.
Reported profit before tax was £17.9m, compared to £22.1m in the equivalent
period last year. This reduction was anticipated at the time of the IPO. In
addition to the non-recurring costs relating to the IPO and warehouse transition
(£4.0m) referred to above, it reflects:
• non-comparable financing costs in the period arising from the Group's
new capital structure (£0.8m)
• foreign exchange loss arising mainly from forward contracts and dollar
cash balances which became devalued as the dollar fell further against
sterling (£1.0m)
We have recently reviewed our policy towards foreign currency management. Since
only a relatively small proportion of our purchases are made directly in
dollars, we have decided that we will not pursue an active hedging strategy for
the time being. Therefore, we do not intend to take out forward currency
contracts beyond those currently outstanding, all of which will expire by June
2007.
Profit after tax reflects the projected full year effective tax rate of 34.2%,
driven by disallowable IPO costs. Disregarding IPO costs, the projected
effective rate is 31.8%.
Underlying earnings per share (ie before non-recurring costs) were 7.7p.
- 5 -
Dunelm is a highly cash generative business. Cash generated from operations was
£16.5m. This includes not only funding the non-recurring costs, but also
increased stock levels to ensure continuity of supply during the period of
transitioning to the new central warehouse, as detailed further below.
Net debt at the period end was £42.5m. In January 2007 we repaid, ahead of
schedule, £10m of the Group's £50m revolving loan facility.
In our IPO prospectus, we included a three year financial record under IFRS
accounting principles and policies. This interim statement has been prepared on
the same basis. We are also required to provide an analysis of the impacts of
the transition to IFRS. Such analysis is shown below.
Strategy
At the time of IPO, we laid out our strategy for growth under four key headings.
We have made encouraging progress in all of these:
New Store openings
During the period we opened new stores in Stevenage (freehold) and Colchester
(leasehold) and relocated our Swansea store to a new (and larger) freehold unit.
We therefore ended the period with 83 stores, of which 66 are out of town
superstores. Customer response has been very positive at all three locations and
the stores have traded in line with expectations.
The availability of good sites, and our ability to secure these, remains key to
our growth, and we have recently strengthened and expanded our property team. We
anticipate achieving four further superstore openings in this financial year
including Bradford and Perth.
We have a strong pipeline for next financial year, with two new superstore
locations already committed and several others in advanced negotiations.
Specialist Offer
Our 'Simply Value For Money' proposition remains at the heart of all we do, and
we are constantly striving to improve the offer for customers.
Recently, for example, we have reached an agreement with Dorma, a long-standing
supplier, for them to provide exclusive designs of Dorma-branded bed linen. We
have also continued to increase our depth of range, for example introducing more
products into our kitchen offer and even adding to our plain dye bed linen
range. In response to specific customer demand we have extended our range of
storage products.
Equally, we are prepared to act quickly if a part of our offer is not performing
satisfactorily. We have identified that the dynamics of the bed market are
significantly different from furnishings and accessories; accordingly, we have
recently withdrawn from selling beds in our stores.
Another key part of our specialist proposition is value added service. We
continue to offer customers a variety of options to have curtains and blinds
made to their specifications; and we have introduced a home measuring service in
several parts of the country to assist further with complex purchases.
Infrastructure
From the beginning of July, our new warehouse facility at Stoke became
operational. This is a leasehold unit with 250,000 sq ft of floor space. The
Stoke facility will shortly become our sole central warehouse, although for a
temporary period we have been continuing to use our previous warehouse at Burton
as an additional bulk storage location.
- 6 -
We will close the Burton warehouse in the current trading period and seek to
realise value from the freehold.
Whilst developing our Stoke operation, our over-riding priority has been to
ensure continuity of supply to our shops. In achieving this we took the decision
to invest substantially in extra central stock levels. This is a temporary
situation and stocks will be managed down over the coming months, but it has
ensured that the transfer has been completed smoothly and stock availability has
remained good throughout.
In addition, we have continued to invest in our IT infrastructure, following the
successful initial implementation of core SAP modules in early 2006. During the
period we rolled out more elements of SAP stock management functionality across
the business. This process is expected to be largely completed by the end of the
current financial year.
The combination of the new warehouse and upgraded IT systems gives us an
infrastructure capable of supporting the business through the next phase of its
growth. The availability of improved management information should also help us
to manage stock levels more tightly going forward.
Longer Term Opportunities
Whilst the current business model will remain the main growth driver of the
business, we continue to explore other avenues for growth. In particular, we
have continued to expand our online store following the launch of our
transactional website in January 2006. The range of products available online
has been increased to over 5,000. We saw a substantial increase in sales through
the site in the run-up to Christmas, but our online business remains a very
small part of the total at this stage. We will continue to invest prudently in
this new channel.
Outlook
Trading in the second half has started well, with sales for the 9 weeks to 3
March up 10.0%, and up 4.1% on a like-for-like basis (albeit against soft
comparatives). Comparatives continue to be reasonably soft for the remainder of
the current financial year.
Given current performance and market conditions, we remain confident of being
able to meet our expectations for the year as a whole. Clearly, however,
confidence needs to be tempered by the risk of demand being impacted by
macro-economic factors.
We continue to have a very clear focus on our customer and our offer. Putting
this with our strong management team and a determination to grow, we continue to
work towards our long-term target of 150 superstores across the UK.
- 7 -
Consolidated Income Statement
For the 26 weeks ended 30 December 2006
Note 26 weeks ended 26 weeks ended 52 weeks ended
30 December 31 December 1 July 2006
2006 2005
£000 £000 £000
Revenue 2 178,434 157,551 315,187
Cost of sales (147,424) (129,954) (264,599)
---------------- ------ ------------ ------------ ----------
Gross profit 31,010 27,597 50,588
Administrative
expenses ongoing (7,317) (5,894) (12,438)
Administrative expenses
non
recurring (re IPO and
warehouse
transition) (4,015) - -
---------------- ------ ------------ ------------ ----------
Total administrative
expenses (11,332) (5,894) (12,438)
Other operating
income 28 16 -
---------------- ------ ------------ ------------ ----------
EBITDA* (before non
recurring
costs) 28,661 25,387 46,475
Non recurring costs (4,015) - -
Depreciation and
amortisation (4,940) (3,668) (8,325)
---------------- ------ ------------ ------------ ----------
Operating profit 19,706 21,719 38,150
Financial income 103 510 808
Financial expenses (1,947) (133) (919)
---------------- ------ ------------ ------------ ----------
Profit before
taxation 17,862 22,096 38,039
Taxation 3 (6,108) (6,871) (11,839)
---------------- ------ ------------ ------------ ----------
Profit for the
period 11,754 15,225 26,200
---------------- ------ ------------ ------------ ----------
---------------- ------ ------------ ------------ ----------
Earnings per ordinary
share -
basic 5 5.9 p 7.6 p 13.1 p
---------------- ------ ------------ ------------ ----------
Earnings per ordinary
share -
diluted 5 5.8 p 7.6p 13.0 p
---------------- ------ ------------ ------------ ----------
Dividend proposed per
ordinary
share 6 0.8 p - -
---------------- ------ ------------ ------------ ----------
Dividend paid per
ordinary
share 6 25.0 p - 3.7p
---------------- ------ ------------ ------------ ----------
All activities relate to continuing operations. All profit is attributable to
equity shareholders.
* Earnings before interest, tax, depreciation and amortisation.
- 8 -
Consolidated Balance Sheet
As at 30 December 2006
30 December 31 December 1 July
2006 2005 2006
£000 £000 £000
Non current assets
Intangible assets 3,893 2,130 3,665
Property, plant and equipment 67,392 60,787 61,490
Deferred tax asset 3,037 2,522 2,815
------------------- ----------- ----------- -----------
Total non current assets 74,322 65,439 67,970
------------------- ----------- ----------- -----------
Current assets
Inventories 66,471 50,194 56,345
Trade and other receivables 11,336 8,817 10,024
Cash and cash equivalents 7,551 19,769 2,964
Assets held for sale 5,998 - 5,998
------------------- ----------- ----------- -----------
Total current assets 91,356 78,780 75,331
------------------- ----------- ----------- -----------
------------------- ----------- ----------- -----------
Total assets 165,678 144,219 143,301
------------------- ----------- ----------- -----------
Current liabilities
Interest-bearing loans and borrowings (67) (309) (150)
Trade and other payables (63,641) (57,748) (53,484)
Provisions (36) (112) (58)
------------------- ----------- ----------- -----------
Total current liabilities (63,744) (58,169) (53,692)
------------------- ----------- ----------- -----------
Non current liabilities
Interest-bearing loans and borrowings (50,000) - -
Deferred tax liabilities (806) (575) (543)
------------------- ----------- ----------- -----------
Total non current liabilities (50,806) (575) (543)
------------------- ----------- ----------- -----------
------------------- ----------- ----------- -----------
Total liabilities (114,550) (58,744) (54,235)
------------------- ----------- ----------- -----------
Net assets 51,128 85,475 89,066
------------------- ----------- ----------- -----------
Equity
Issued capital 2,006 2,000 2,000
Share premium 267 - -
Retained earnings 48,855 83,475 87,066
------------------- ----------- ----------- -----------
Total equity attributable to equity
holders of the parent 51,128 85,475 89,066
------------------- ----------- ----------- -----------
- 9 -
Consolidated Cash Flow Statement
For the 26 weeks ended 30 December 2006
26 weeks ended 26 weeks ended 52 weeks ended
30 December 31 December 1 July
2006 2005 2006
£000 £000 £000
Cash flows from operating activities
Profit before
taxation 17,862 22,096 38,039
Adjusted for:
Finance income (103) (510) (808)
Finance costs 1,947 133 919
Depreciation
and
amortisation 4,940 3,668 8,325
Share based
payment
expense 35 15 31
Loss / (profit) on disposal of property,
plant and
equipment (6) 17 3
------------------- ----------- ----------- -----------
Operating cash flows before
movement in
working
capital 24,675 25,419 46,509
(Increase) in
stocks (10,126) (5,072) (11,224)
(Increase) in
debtors (1,312) (1,288) (2,636)
Increase in
creditors 8,771 5,505 2,523
(Decrease) in
provisions (22) (32) (54)
------------------- ----------- ----------- -----------
Cash generated
from
operations 21,986 24,532 35,118
Interest paid (141) (3) (57)
Interest
received 113 437 983
Tax paid (5,497) (4,444) (11,910)
------------------- ----------- ----------- -----------
Net cash generated from operating
activities 16,461 20,522 24,134
------------------- ----------- ----------- -----------
Cash flows from investing activities
Proceeds on disposal of property, plant
and equipment 6 6 1
Acquisition of property plant and
equipment (10,750) (10,759) (21,256)
Acquisition of
intangible
assets (317) (1,799) (4,176)
------------------- ----------- ----------- -----------
Net cash utilised in investing
activities (11,061) (12,552) (25,431)
------------------- ----------- ----------- -----------
Cash flows from financing activities
Proceeds from
the issue of
share capital 273 - -
Proceeds from
new bank loan 50,000 - -
Repayment of
finance lease
liabilities (83) (256) (392)
(Loss)/ gain
on foreign
exchange (1,003) 2 -
Dividends paid (50,000) - (7,400)
------------------- ----------- ----------- -----------
Net cash utilised in financing
activities (813) (254) (7,792)
------------------- ----------- ----------- -----------
Net increase/(decrease) in cash
and cash
equivalents 4,587 7,716 (9,089)
Cash and cash equivalents at the
beginning of
the period 2,964 12,053 12,053
------------------- ----------- ----------- -----------
Cash and cash equivalents at the
end of the
period 7,551 19,769 2,964
------------------- ----------- ----------- -----------
- 10 -
Notes to the interim results
1 Basis of preparation
Dunelm Group plc ('the Company') and its subsidiary companies ('the Group') have
previously prepared consolidated financial statements in accordance with UK
Generally Accepted Accounting Practice ('UK GAAP'). Following admission to the
London Stock Exchange, in common with all companies listed within the European
Union ('EU'), the Group is now required to prepare its financial statements in
accordance with International Financial Reporting Standards as adopted by the EU
('Adopted IFRS').
The Group will therefore prepare consolidated financial statements for the 52
weeks ending 30 June 2007 under Adopted IFRS. The interim statement for the 26
weeks ended 30 December 2006 has been prepared in accordance with the
recognition and measurement principles of Adopted IFRS. The Group's date of
transition to IFRS is 3 July 2005, being the start of the period which has been
presented as comparative information.
The Adopted IFRSs that will be effective in the annual financial statements for
the 52 weeks ending 30 June 2007 are still subject to change and to additional
interpretations and therefore cannot be determined with certainty. Accordingly,
the accounting policies for that period will be determined finally only when the
financial statements are prepared for the 52 weeks ending 30 June 2007.
The comparative figures for the 52 weeks ended 1 July 2006 do not constitute
statutory accounts for the purposes of section 240 of the Companies Act 1985. A
copy of the statutory accounts for the 52 weeks ended 1 July 2006, prepared
under UK GAAP, has been delivered to the Registrar of Companies and contained an
unqualified auditors' report which made no statement under sections 237(2) or
(3) of the Companies Act 1985.
The Group has adopted IFRS 1 from 3 July 2005. IFRS 1 'First Time adoption of
IFRS' establishes the transitional requirements for the preparation of financial
information in accordance with IFRS for the first time. The general principle is
to establish accounting policies under IFRS then to apply these retrospectively
at the date of transition to determine the opening balance sheet. IFRS 1 permits
a number of first time adoption exemptions, none of which are relevant to the
Group.
An explanation of how the transition to Adopted IFRS has affected the reported
financial position and results is provided below, including reconciliations of
the Group's balance sheet and consolidated income statement for the interim
period to 31 December 2005, the 52 weeks ended 1 July 2006 and the transition
balance sheet as at 3 July 2005.
The implementation of Adopted IFRS represents an accounting change only and does
not affect the operations or cash flows of the Group.
The interim statements are prepared under the historical cost convention except
for share based payments and derivative financial instruments which are stated
at their fair value. In addition assets classified as held for sale are valued
at the lower of net book value and fair value less costs to sell.
The accounting policies that have been used in the preparation of the Interim
Results are detailed below.
The presentation of the interim statements requires the Directors to make
judgements, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical experiences and
various other factors that are believed to be reasonable under the
circumstances. Actual results may differ from these estimates.
2 Segmental reporting
The Group has only one class of business, retail, and operates entirely in the
UK market.
- 11 -
Notes to the interim results continued
3 Taxation
The taxation charge for the interim period has been calculated on the basis of
the estimated effective tax rate for the full year of 34.2%, or 31.8% excluding
non-deductible one off IPO costs of £3 million (26 weeks ended 31 December 2005:
31.1% based on full year actual effective rate). The estimated underlying
effective rate excluding IPO costs is higher than the actual rate for financial
year 2006 due to increased ineligible depreciation and a reduction in non
taxable tenant to tenant lease incentives.
4 Share Capital
On 2 October 2006 the Company's share capital was sub divided from 2,000,000 £1
ordinary shares in issue to 200,000,000 1p ordinary shares. Outstanding share
options were adjusted correspondingly.
For the purpose of the interim financial statements, all calculations of
earnings per share and all dividends are expressed as if the new share
denomination had always been in place.
5 Earnings per share
Basic earnings per share is calculated by dividing the profit for the period
attributable to equity shareholders by the weighted average number of ordinary
shares in issue during the period.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. These represent share options granted to employees where the exercise
price is less than the average market price of the Company's ordinary shares
during the period.
Weighted average numbers of shares:
26 weeks ended 26 weeks 52 weeks
30 December
2006 ended 31 ended 1 July
December
2005 2006
000 000 000
Weighted average number of
shares in issue during the
period 200,108 200,000 200,000
Impact of share options 2,285 1,508 1,508
------------------------------ -------- -------- --------
Number of shares for
diluted earnings per share 202,393 201,508 201,508
------------------------------ -------- -------- --------
In addition to standard earnings per share, an adjusted earnings per share
calculation is provided below which excludes non recurring costs (net of tax).
The earnings used for the standard and adjusted calculations, together with the
resultant basic earnings per share are shown below:
- 12 -
Notes to the interim results continued
26 weeks ended 26 weeks 52 weeks
30 December
2006 ended 31 ended 1 July
December
2005 2006
£000 £000 £000
Profit for the period 11,754 15,225 26,200
Non recurring costs (net of
tax) 3,700 - -
---------------------------- -------- -------- --------
Profit for the period
excluding one off costs 15,454 15,225 26,200
---------------------------- -------- -------- --------
Basic earnings per share -
standard 5.9 p 7.6p 13.1 p
Basic earnings per ordinary
share - adjusted 7.7 p 7.6p 13.1p
---------------------------- -------- -------- --------
6 Dividends
On the 2 October 2006 the Group declared an interim dividend of 25p per share.
This was paid on the 5 October 2006.
The directors have approved a second interim dividend of 0.8p per ordinary share
which equates to £1.6 million. The dividend will be paid on 25 April 2007 to
shareholders on the share register at the close of business on 10 April 2007.
No dividend was paid during the 26 week period ended 31 December 2005.
7 Analysis of movement in reserves
Share Share Retained Total
capital premium earnings Equity
£'000 £'000 £'000 £'000
As at 2 July 2005 2,000 - 68,235 70,235
Profit for the period - - 15,225 15,225
Employee share option scheme - - 15 15
Dividends paid - - - -
------------------------ --------- --------- --------- ---------
As at 31 December 2005 2,000 - 83,475 85,475
Profit for the period - - 10,975 10,975
Employee share option scheme - - 16 16
Dividends paid - - (7,400) (7,400)
------------------------ --------- --------- --------- ---------
As at 1 July 2006 2,000 - 87,066 89,066
Profit for the period - 11,754 11,754
Shares issued 6 267 - 273
Employee share option scheme - - 35 35
Dividends paid - - (50,000) (50,000)
------------------------ --------- --------- --------- ---------
As at 30 December 2006 2,006 267 48,855 51,128
------------------------ --------- --------- --------- ---------
8 Announcement
The interim report was approved by the Board on 7 March 2007 and copies are
available from the registered office at Fosse Way, Syston, Leicester, LE7 1NF or
from the website at www.dunelm-mill.co.uk
- 13 -
Independent review report by KPMG Audit Plc to Dunelm Group plc
Introduction
We have been engaged by the company to review the financial information set out
on pages 7 to 12 and we have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the company for
our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual financial statements except where any changes, and the reasons
for them, are disclosed.
As disclosed in note 1 to the financial information, the next annual financial
statements of the Group will be prepared in accordance with IFRSs as adopted by
the European Union. The accounting policies that have been adopted in preparing
the financial information are consistent with those that the directors currently
intend to use in the next annual financial statements. There is, however, a
possibility that the directors may determine that some changes to these policies
are necessary when preparing the full annual financial statements for the first
time in accordance with those IFRSs as adopted by the European Union.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
Review of interim financial information issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of Group management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review is substantially less in scope than an audit
performed in accordance with International Standards on Auditing (UK and
Ireland) and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the 26 weeks ended
30 December 2006.
KPMG Audit Plc
Chartered Accountants
1 Waterloo Way
Leicester
LE1 6LP
7 March 2007
- 14 -
Transition to International Financial reporting Standards
Introduction
The interim results have been prepared in accordance with the accounting
policies below.
Following is an explanation of the differences between UK GAAP and IFRS for the
Group and contain reconciliations of the Group's balance sheet and consolidated
income statement for the 26 week period ended 31 December 2005, the financial
statements for the 52 week period ended 2 July 2006 and opening balance sheet at
3 July 2005 (the Group's date of transition).
Explanations of Significant Differences between UK GAAP and IFRS Which Affect
the Group
The most significant changes in the Group's accounting policies and presentation
as a result of the adoption of IFRS are set out below:
1 Leases (IAS 17)
Under UK GAAP, operating lease incentives (principally premiums received and
rent free periods) were recognised in the profit and loss account over the
period to the first rent review. In accordance with IAS 17, lease incentives
will now be recognised in the income statement over the shorter of the full term
of the lease and the first break clause that is controlled by the company. As a
result there will be a reduction in reported profits and an increase in
liabilities (deferred income).
Where leases for land and buildings provide for fixed rent review dates and
amounts, the Group accounts for such reviews by recognising, on a straight line
basis, the total implicit minimum lease payments over the non cancellable period
of the lease term.
2 Share based payments (IFRS 2)
Under IFRS 2, the charge recognised in the income statement for share options,
long term incentive plans and other share based payments will be based on the
'fair value' of the awards, calculated using an option pricing model. This
contrasts to UK GAAP, where the charge recognised was based on the 'intrinsic
value' of awards, being the difference between the market value of the shares at
the date of the award and the option exercise price. Since this was typically
nil the UK GAAP charge was nil.
The Group has applied the fair value model to all grants of equity instruments
that had not vested as at 3 July 2005.
For equity-settled share based payments, the fair value determined at the date
of grant is expensed through the income statement on a straight line basis over
the vesting period, based on the Group's estimate of the number of shares that
will eventually vest. Fair value is measured by use of a binomial model.
3 Cash flow statements (IAS 7)
Under Adopted IFRS, cash flows are classified by three types of activity;
operating, investing and financing. Cash includes cash equivalents but this has
not had an impact on the Group's reported results. These headings are different
to those used under UK GAAP and there are therefore reclassifications within the
cash flow statement.
4 Financial instruments, recognition and measurement (IAS 39)
Under Adopted IFRS foreign exchange forward contracts are recognised at their
initial fair value and subsequently re-measured to fair value at future balance
sheet dates. Changes in fair value are taken to the income statement in the
period in which they arise. This differs to UK GAAP where no values were
attributed to the contracts. Therefore under Adopted IFRS where an asset is
recognised, profit will be increased and where a liability is recognised profit
will be reduced.
- 15 -
5 Income tax (IAS 12)
IAS 12 takes a balance sheet approach to deferred tax whereby deferred tax is
recognised in the balance sheet by applying the appropriate tax rate to the
temporary differences arising between the carrying value of assets and
liabilities and their tax base. This contrasts to UK GAAP (FRS 19), which
considers timing differences arising in the profit and loss account. Adjustments
made to the financial statements on the transition to Adopted IFRS typically
result in related adjustments to deferred tax, particularly with regard to lease
incentives.
6 Foreign exchange disclosures
Presentation adjustments have been made for foreign exchange gains and losses
which were previously recognised in cost of sales under UK GAAP but which may be
classified as financial income / expenses under Adopted IFRS.
- 16 -
IFRS Accounting Policies
The following notes detail the accounting policies that the Group has applied to
its interim financial results for the period ended 30 December 2006.
The Accounting Standards adopted by the European Union (EU) that will be
effective in the annual financial statements for the year ending 30 June 2007
are still subject to change and additional interpretation and therefore cannot
be determined with certainty. Accordingly, the accounting policies for this
accounting period will be determined finally only when the annual financial
statements are prepared for the year ending 30 June 2007.
Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the
Company has the power, directly or indirectly, to govern the financial and
operating policies of an entity so as to obtain benefits from its activities. In
assessing control, potential voting rights that presently are exercisable or
convertible are taken into account. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control
commences until the date that control ceases.
Transactions eliminated on consolidation
Intragroup balances, and any unrealised gains and losses or income and expenses
arising from intragroup transactions, are eliminated in preparing the
consolidated financial statements.
Revenue
Revenue represents the proceeds from sales of goods and related services. It
excludes sales between Group companies and is after deducting returns, discounts
given and VAT. For the majority of sales, revenue is recognised at the point of
sale with the exception of custom made products, where revenue is recognised at
the point that the goods are collected, and gift vouchers, where revenue is
recognised when the vouchers are redeemed.
Foreign currencies
Transactions in foreign currencies are recorded at the prevailing rate at the
date of the transaction. Monetary assets and liabilities denominated in foreign
currency are translated at the rates ruling at the balance sheet date. Resulting
exchange gains or losses are recognised in the income statement for the period.
Derivative financial instruments
Derivative financial instruments comprise forward contracts for foreign
currencies. They are recognised at fair value. The gain or loss on
re-measurement to fair value is recognised immediately in the income statement.
Where a derivative financial instrument is used to hedge economically the
foreign exchange exposure of a recognised monetary asset or liability, no hedge
accounting is applied.
Intangible assets
These comprise software development and implementation costs, and are written
off over three years from date of implementation.
- 17 -
IFRS Accounting Policies continued
Property, plant and equipment
Owned assets
Items of property, plant and equipment are stated at cost less accumulated
depreciation (see below) and impairment losses.
Where parts of an item of property, plant and equipment have different useful
lives, they are accounted for as separate items of property, plant and
equipment.
Leased assets
Leases in which the Group assumes substantially all the risks and rewards of
ownership of the leased asset are classified as finance leases. Lease payments
are accounted for as described below.
Depreciation
Depreciation is charged to the income statement on a straight-line basis over
the estimated useful lives of each part of an item of property, plant and
equipment. Land is not depreciated. The estimated useful lives are as follows:
• computer equipment 3 years
• freehold buildings 50 years
• fixtures and fittings 4 years
• motor vehicles 4 years
• office equipment 5 years
• plant and machinery 5 years
• leasehold improvements over the period of the lease
The residual value, if significant, is reassessed annually.
Current assets
Trade and other receivables
Trade and other receivables are stated net of impairment provisions.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is
based on the first-in first-out principle and includes expenditure incurred in
acquiring the inventories and bringing them into the business. Net realisable
value is the estimated selling price in the ordinary course of business.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank
overdrafts that are repayable on demand and form an integral part of the Group's
cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
- 18 -
IFRS Accounting Policies continued
Assets classified as held for sale
A non-current asset is classified as held for sale if its carrying amount will
be recovered principally through sale rather than through continuing use, it is
available for immediate sale and sale is highly probable within one year.
Assets held for sale are valued at the lower of net book value and fair value
net of costs to sell.
Borrowings and borrowing costs
All loans and borrowings are recognised at fair value.
Borrowings are classed as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least twelve
months from the balance sheet date.
Impairment
The carrying amounts of the Group's assets, other than inventories and deferred
tax assets, are reviewed at each balance sheet date to determine whether there
is any indication of impairment. If any such indication exists, the asset's
recoverable amount is estimated.
The recoverable amount is the greater of net selling price and value in use.
In assessing value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For
an asset that does not generate largely independent cash inflows, the
recoverable amount is determined for the cash-generating unit to which the asset
belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Impairment losses are
recognised in the income statement.
Provisions
A provision is recognised in the balance sheet when the Group has a present
legal or constructive obligation as a result of a past event, and it is probable
that an outflow of economic benefits will be required to settle the obligation.
A provision for onerous contracts is recognised when the expected benefit to be
derived by the Group from a contract is lower than the unavoidable costs of
meeting its obligations under the contract.
Expenses
Property leases
Lease incentives received are recognised in the income statement evenly over the
shorter of the full term of the lease and the first break clause that is
controlled by the Group.
Where leases for land and buildings provide for fixed rent review dates and
amounts, the Group accounts for such reviews by recognising, on a straight line
basis, the total implicit minimum lease payments over the non-cancellable period
of the lease term.
Finance leases
Minimum lease payments are apportioned between the finance charge and the
reduction of the outstanding liability. The finance charge is allocated to each
period during the lease term so as to produce a constant periodic rate of
interest on the remaining balance of the liability.
Financing income/ expense
Financing income/expense comprises interest payable on borrowings calculated
using the effective interest rate method, interest receivable on funds invested,
foreign exchange gains and losses and gains and losses on forward exchange
contracts.
- 19 -
IFRS Accounting Policies continued
Retirement benefits
The Group operates a defined contribution pension plan using a third party
provider. Obligations for the contributions to this plan are recognised as an
expense in the income statement as incurred.
Share-based payment transactions
The Group operates an employee share save scheme open to all employees with over
6 months service, enabling them to save money which may be used after three
years to acquire shares in the company at a predetermined price.
The Group also operates two other share option schemes enabling certain
employees to acquire shares of the Company.
The fair value of options granted is recognised as an employee expense with a
corresponding increase in equity. Fair value is measured at grant date and
spread over the period during which the employees become unconditionally
entitled to the options. Fair value has been measured using the binomial model,
taking into account the terms and conditions upon which the options were
granted.
Dividends
Dividends are recognised as a liability in the period in which they are
approved.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax
is recognised in the income statement except to the extent that it relates to
items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the balance sheet date, and
any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for
temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which the asset can be
utilised. Deferred tax assets are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
- 20 -
Restatement of financial information to IFRS
Consolidated income statement
For the 52 weeks ended 1 July 2006
As previously Fixed rent Property lease Forward Share based Foreign IFRS
reported under reviews incentives exchange payments Exchange
UK GAAP contracts
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 315,187 - - - - 315,187
Cost of sales (263,543) (170) (694) - - (192) (264,599)
----------- --------- ------ ------- ------- ------- ------- --------
Gross profit 51,644 (170) (694) - - (192) 50,588
Administrative (12,407) - - - (31) - (12,438)
expenses
Other operating - - - - - - -
income --------- ------ ------- ------- ------- ------- --------
-----------
Operating 39,237 (170) (694) - (31) (192) 38,150
profit
Financial 790 - - (174) - 192 808
income
Financial (57) - - (862) - - (919)
expenses --------- ------ ------- ------- ------- ------- --------
-----------
Profit before 39,970 (170) (694) (1,036) (31) - 38,039
tax
Taxation (12,411) 51 209 312 - - (11,839)
----------- --------- ------ ------- ------- ------- ------- --------
Profit for the 27,559 (119) (485) (724) (31) - 26,200
period --------- ------ ------- ------- ------- ------- --------
-----------
- 21 -
Consolidated balance sheet
As at 1 July 2006
As previously Fixed rent Property lease Forward Share based Other IFRS
reported under reviews incentives exchange payments
UK GAAP contracts
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Non current
assets
Intangible 3,665 - - - - - 3,665
assets
Property, plant
and
equipment 61,490 - - - - - 61,490
Deferred tax - 199 2,378 259 - (21) 2,815
-------------- -------- ------ -------- -------- -------- ------ -------
Total non
current 65,155 199 2,378 259 - (21) 67,970
assets -------- ------ -------- -------- -------- ------ -------
--------------
Current assets
Inventories 56,345 - - - - - 56,345
Trade and other
receivables 10,024 - - - - - 10,024
Cash and cash
equivalents 2,964 - - - - - 2,964
Assets held for 5,998 - - - - - 5,998
sale -------- ------ -------- -------- -------- ------ -------
--------------
Total current 75,331 - - - - - 75,331
assets -------- ------ -------- -------- -------- ------ -------
--------------
-------------- -------- ------ -------- -------- -------- ------ -------
Total assets 140,486 199 2,378 259 - (21) 143,301
-------------- -------- ------ -------- -------- -------- ------ -------
Current
liabilities
Interest
bearing loans
and
borrowings (150) - - - - - (150)
Trade and other
payables (44,035) (662) (7,925) (862) - - (53,484)
Provisions (58) - - - - - (58)
-------------- -------- ------ -------- -------- -------- ------ -------
Total current
liabilities (44,243) (662) (7,925) (862) - - (53,692)
-------------- -------- ------ -------- -------- -------- ------ -------
Non current
liabilities
Interest
bearing loans
and
borrowings - - - - - - -
Deferred tax
liabilities (543) - - - - - (543)
-------------- -------- ------ -------- -------- -------- ------ -------
Total non
current (543) - - - - - (543)
liabilities -------- ------ -------- -------- -------- ------ -------
--------------
-------------- -------- ------ -------- -------- -------- ------ -------
Total (44,786) (662) (7,925) (862) - - (54,235)
liabilities -------- ------ -------- -------- -------- ------ -------
--------------
-------------- -------- ------ -------- -------- -------- ------ -------
Net assets 95,700 (463) (5,547) (603) - (21) 89,066
-------------- -------- ------ -------- -------- -------- ------ -------
Equity
Issued capital 2,000 - - - - - 2,000
Retained 93,700 (463) (5,547) (603) - (21) 87,066
earnings -------- ------ -------- -------- -------- ------ -------
--------------
Total equity
attributable
to equity
holders of the
parent 95,700 (463) (5,547) (603) - (21) 89,066
-------------- -------- ------ -------- -------- -------- ------ -------
- 22 -
Consolidated income statement
For the 26 week period ended 31 December 2005
UK GAAP Fixed rent Property Forward Share based Foreign IFRS
reviews lease exchange payments Exchange
incentives contracts
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 157,551 - - - - - 157,551
Cost of sales (129,534) (95) (396) - - 71 (129,954)
------------ ------- ------ ------- ------- ------- ------- --------
Gross profit 28,017 (95) (396) - - 71 27,597
Administrative
expenses (5,792) - - - (15) (87) (5,894)
Other
operating
income - - - - - 16 16
------------ ------- ------ ------- ------- ------- ------- --------
Operating 22,225 (95) (396) - (15) - 21,719
profit
Financial 436 - - 74 - - 510
income
Financial (26) - - (107) - - (133)
expenses ------- ------ ------- ------- ------- ------- --------
------------
Profit before 22,635 (95) (396) (33) (15) - 22,096
tax
Taxation (7,028) 28 119 10 - - (6,871)
------------ ------- ------ ------- ------- ------- ------- --------
Profit for the 15,607 (67) (277) (23) (15) - 15,225
period ------- ------ ------- ------- ------- ------- --------
------------
- 23 -
Consolidated balance sheet
As at 31 December 2005
UK GAAP Fixed rent Property lease Forward Share based Other IFRS
reviews incentives exchange payments
contracts
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Non current
assets
Intangible 2,130 - - - - - 2,130
assets
Property, plant
and
equipment 60,787 - - - - - 60,787
Deferred tax - 176 2,289 (42) - 99 2,522
--------------- ------- ------- -------- -------- -------- ------ -------
Total non
current 62,917 176 2,289 (42) - 99 65,439
assets ------- ------- -------- -------- -------- ------ -------
---------------
Current assets
Inventories 50,194 - - - - - 50,194
Trade and other
receivables 8,676 - - 141 - - 8,817
Cash and cash
equivalents 19,769 - - - - - 19,769
Assets held for - - - - - - -
sale ------- ------- -------- -------- -------- ------ -------
---------------
Total current 78,639 - - 141 - - 78,780
assets ------- ------- -------- -------- -------- ------ -------
---------------
--------------- ------- ------- -------- -------- -------- ------ -------
Total assets 141,556 176 2,289 99 - 99 144,219
--------------- ------- ------- -------- -------- -------- ------ -------
Current
liabilities
Interest bearing
loans and
borrowings (309) - - - - - (309)
Trade and other
payables (49,529) (587) (7,632) - - - (57,748)
Provisions (112) - - - - - (112)
--------------- ------- ------- -------- -------- -------- ------ -------
Total current
liabilities (49,950) (587) (7,632) - - - (58,169)
--------------- ------- ------- -------- -------- -------- ------ -------
Non current
liabilities
Interest bearing
loans and
borrowings - - - - - - -
Deferred tax
liabilities (455) - - - - (120) (575)
--------------- ------- ------- -------- -------- -------- ------ -------
Total non
current (455) - - - - (120) (575)
liabilities ------- ------- -------- -------- -------- ------ -------
---------------
--------------- ------- ------- -------- -------- -------- ------ -------
Total (50,405) (587) (7,632) - - (120) (58,744)
liabilities ------- ------- -------- -------- -------- ------ -------
---------------
Net assets 91,151 (411) (5,343) 99 - (21) 85,475
--------------- ------- ------- -------- -------- -------- ------ -------
Equity
Issued capital 2,000 - - - - - 2,000
Retained 89,151 (411) (5,343) 99 - (21) 83,475
earnings ------- ------- -------- -------- -------- ------ -------
---------------
Total equity
attributable to
equity holders
of the
parent 91,151 (411) (5,343) 99 - (21) 85,475
--------------- ------- ------- -------- -------- -------- ------ -------
- 24 -
Consolidated balance sheet
As at 3 July 2005
As previously Fixed rent Property lease Forward Share based Other IFRS
reported under reviews incentives exchange payments
UK GAAP contracts
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Non current
assets
Intangible - - - - - - -
assets
Property, plant
and
equipment 54,050 - - - - - 54,050
Deferred tax - 148 2,171 (53) - - 2,266
-------------- --------- -------- -------- -------- -------- ------ -------
Total non
current assets 54,050 148 2,171 (53) - - 56,316
-------------- --------- -------- -------- -------- -------- ------ -------
Current assets
Inventories 45,121 - - - - - 45,121
Trade and other
receivables 7,388 - - 175 - - 7,563
Cash and cash
equivalents 12,053 - - - - - 12,053
Assets held for - - - - - - -
sale --------- -------- -------- -------- -------- ------ -------
--------------
Total current
assets 64,562 - - 175 - - 64,737
-------------- --------- -------- -------- -------- -------- ------ -------
-------------- --------- -------- -------- -------- -------- ------ -------
Total assets 118,612 148 2,171 122 - - 121,053
-------------- --------- -------- -------- -------- -------- ------ -------
Current
liabilities
Interest
bearing loans
and
borrowings (469) - - - - - (469)
Trade and
other payables (42,019) (492) (7,234) - - - (49,745)
Provisions (144) - - - - - (144)
-------------- --------- -------- -------- -------- -------- ------ -------
Total current
liabilities (42,632) (492) (7,234) - - - (50,358)
-------------- --------- -------- -------- -------- -------- ------ -------
Non current
liabilities
Interest
bearing loans
and
borrowings (73) - - - - - (73)
Deferred tax
liabilities (366) - - - - (21) (387)
-------------- --------- -------- -------- -------- -------- ------ -------
Total non
current
liabilities (439) - - - - (21) (460)
-------------- --------- -------- -------- -------- -------- ------ -------
Total
liabilities (43,071) (492) (7,234) - - (21) (50,818)
-------------- --------- -------- -------- -------- -------- ------ -------
Net assets 75,541 (344) (5,063) 122 - (21) 70,235
-------------- --------- -------- -------- -------- -------- ------ -------
Equity
Issued capital 2,000 - - - - 2,000
Retained
earnings 73,541 (344) (5,063) 122 - (21) 68,235
-------------- --------- -------- -------- -------- -------- ------ -------
Total equity
attributable
to equity
holders of the
parent 75,541 (344) (5,063) 122 - (21) 70,235
-------------- --------- -------- -------- -------- -------- ------ -------
- 25 -
Group statement of recognised income and expense
52 weeks ended 26 weeks ended
1 July 2006 31 December
2005
£'000 £'000
Share based payments 31 15
--------------------- ------------------- ----------------
Net income recognised directly in
reserves 31 15
Profit for the financial period 26,200 15,225
--------------------- ------------------- ----------------
Total recognised income and expense
for the period 26,231 15,240
--------------------- ------------------- ----------------
Analysis of movement in reserves
Share capital Retained Total equity
earnings
£'000 £'000 £'000
As at 3 July 2005 (UK GAAP) 2,000 73,541 75,541
Rent reviews - (492) (492)
Lease incentives - (7,234) (7,234)
Forward contracts - 175 175
Share based payments - - -
Tax - 2,245 2,245
------------------- ------------ ------------- --------------
As at 3 July 2005 restated
(IFRS) 2,000 68,235 70,235
Profit for the period - 15,225 15,225
Employee benefits - 15 15
Equity dividend - - -
------------------- ------------ ------------- --------------
As at 31 December 2005 2,000 83,475 85,475
Profit for the period - 10,975 10,975
Employee benefits - 16 16
Equity dividend - (7,400) (7,400)
------------------- ------------ ------------- --------------
As at 1 July 2006 2,000 87,066 89,066
------------------- ------------ ------------- --------------
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