Final Results - Year Ended 31 March 2000, Part 2

Great Universal Stores PLC 8 June 2000 PART 2 THE GREAT UNIVERSAL STORES PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2000 2000 1999 £m £m TURNOVER - continuing operations 5,658.4 5,466.6 Cost of sales (3,436.1) (3,260.3) --------- --------- GROSS PROFIT 2,222.3 2,206.3 Net operating expenses (including amortisation of goodwill £79.4m (1999 £72.6m)) (1,801.6) (1,668.3) --------- --------- OPERATING PROFIT - continuing operations 420.7 538.0 Share of operating profit of BL Universal PLC (joint venture) 33.9 31.9 Share of operating profit of associated 11.3 22.1 undertakings Profit on sale of fixed asset investments 11.1 - --------- --------- TRADING PROFIT 477.0 592.0 Loss on termination of business - (14.3) --------- --------- PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 477.0 577.7 Net interest (97.4) (127.3) --------- --------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 379.6 450.4 Tax on profit on ordinary activities UK (66.6) (88.2) Overseas (37.9) (39.2) --------- --------- (104.5) (127.4) --------- --------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 275.1 323.0 Dividends (207.2) (207.2) --------- --------- RETAINED PROFIT FOR THE YEAR 67.9 115.8 --------- --------- PROFIT BEFORE AMORTISATION OF GOODWILL, EXCEPTIONAL ITEMS AND TAXATION (Note 1) 447.9 513.6 --------- --------- BASIC AND DILUTED EARNINGS PER SHARE 27.4p 32.1p BASIC AND DILUTED EARNINGS PER SHARE BEFORE EXCEPTIONAL ITEMS AND AMORTISATION OF GOODWILL 34.5p 38.8p DIVIDENDS PER SHARE - Interim 6.2p 6.2p - Final 14.4p 14.4p --------- --------- - Total 20.6p 20.6p --------- --------- THE GREAT UNIVERSAL STORES PLC DIVISIONAL ANALYSIS FOR THE YEAR ENDED 31 MARCH 2000 Turnover Profit before taxation 2000 1999 2000 1999 £m £m £m £m Experian 955.9 898.5 200.6 193.7 Argos 2,057.0 1,812.1 137.4 117.0 Home Shopping - United Kingdom & Ireland 1,684.2 1,787.5 21.0 106.3 - Continental Europe 336.5 373.7 25.1 29.5 Burberry 229.8 206.9 21.7 10.7 South African Retailing 169.7 152.1 46.0 43.1 Finance Division (Note 2) 225.3 235.8 66.5 113.5 Property - - 33.9 31.9 --------- --------- --------- --------- 5,658.4 5,466.6 552.2 645.7 --------- --------- Central costs (6.9) (4.8) Net interest (97.4) (127.3) --------- --------- Profit before amortisation of goodwill, exceptional items and taxation 447.9 513.6 Profit on sale of fixed asset investments by Experian 11.1 - Loss on termination of business - (14.3) VAT refunds - 23.7 Amortisation of goodwill (principally Argos) (79.4) (72.6) --------- --------- Profit before taxation 379.6 450.4 --------- --------- The divisional analysis is now shown before central costs; prior year figures are shown on a comparable basis. In the opinion of the directors, this provides a clearer presentation of divisional profitability. In 1999 central costs benefited from income relating to property disposals. THE GREAT UNIVERSAL STORES PLC GEOGRAPHICAL ANALYSIS FOR THE YEAR ENDED 31 MARCH 2000 Turnover Profit before taxation 2000 1999 2000 1999 £m £m £m £m United Kingdom & Ireland 4,324.1 4,148.8 309.8 406.1 Continental Europe 478.7 504.4 35.6 36.6 North America 676.5 653.6 147.4 148.6 Rest of World 179.1 159.8 52.5 49.6 --------- --------- --------- --------- 5,658.4 5,466.6 545.3 640.9 --------- --------- Net interest (97.4) (127.3) --------- --------- Profit before amortisation of goodwill, exceptional items and taxation 447.9 513.6 Profit on sale of fixed asset investments by Experian 11.1 - Loss on termination of business - (14.3) VAT refunds - 23.7 Amortisation of goodwill (principally Argos) (79.4) (72.6) --------- --------- Profit before taxation 379.6 450.4 --------- --------- THE GREAT UNIVERSAL STORES PLC CONSOLIDATED BALANCE SHEET AT 31 MARCH 2000 2000 2000 1999 1999 (restated) (restated) (note 3) (note 3) £m £m £m £m FIXED ASSETS Goodwill 1,437.6 1,503.5 Other intangible assets 139.1 123.4 Tangible assets 834.7 799.0 Investment in joint venture Share of gross assets 535.0 526.9 Share of gross liabilities (405.6) (416.7) -------- -------- 129.4 110.2 Loans to joint venture 81.5 210.9 138.8 249.0 Investments in associated undertakings 38.4 32.6 Other investments 15.0 8.4 --------- --------- 2,675.7 2,715.9 --------- --------- CURRENT ASSETS Stocks 528.6 501.7 Debtors - due within one year 1,525.7 1,714.3 - due after more than 311.0 537.5 Securitised receivables 909.7 413.9 Less: non-recourse borrowings (877.7) 32.0 (400.0) 13.9 Investments 33.7 32.7 Bank balances and cash 388.5 253.6 ______ ______ 2,819.5 3,053.7 CREDITORS Amounts falling due within one year (1,683.8) (2,654.9) --------- --------- NET CURRENT ASSETS 1,135.7 398.8 --------- --------- TOTAL ASSETS LESS CURRENT LIABILITIES 3,811.4 3,114.7 Creditors - amounts falling due after more than one year (1,207.2) (594.0) Provisions for liabilities and charges (137.9) (123.7) --------- --------- NET ASSETS 2,466.3 2,397.0 --------- --------- CAPITAL AND RESERVES Called up share capital 251.5 251.4 Share premium account 0.4 - Revaluation reserve 280.9 308.2 Profit and loss account 1,933.5 1,837.4 --------- --------- SHAREHOLDERS' FUNDS 2,466.3 2,397.0 --------- --------- THE GREAT UNIVERSAL STORES PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2000 2000 1999 £m £m Cash flow from operating activities Operating profit 420.7 538.0 VAT refunds - (23.7) -------- -------- 420.7 514.3 Depreciation and amortisation charges 299.4 270.0 Change in working capital - proceeds of securitisation 477.7 400.0 - other (50.2) (143.9) -------- -------- 1,147.6 1,040.4 Dividends received from associated undertakings 6.7 10.0 Returns on investments and servicing of finance (62.2) (109.0) Taxation (80.8) (203.8) Capital expenditure (263.8) (272.0) Financial investment 61.4 58.3 Acquisitions and disposals (6.1) (2,230.8) Dividends paid (207.2) (203.3) -------- -------- Cash inflow/(outflow) before management of liquid resources and financing 595.6 (1,910.2) Management of liquid resources (120.9) 652.3 Financing - issue of shares 0.5 - - change in debt and lease financing (411.8) 1,246.0 -------- -------- INCREASE/(DECREASE) IN CASH 63.4 (11.9) -------- -------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Increase/(decrease) in cash 63.4 (11.9) Cash outflow/(inflow) from movement in debt and lease financing 411.8 (1,246.0) Cash outflow/(inflow) from movement in liquid resources 120.9 (652.3) -------- -------- Movement in net debt resulting from cash flows 596.1 (1,910.2) New finance leases (9.3) (10.4) Exchange movements 29.3 (34.1) -------- -------- Movement in net debt 616.1 (1,954.7) Net (debt)/cash at beginning of year (1,669.8) 284.9 -------- -------- NET DEBT AT END OF YEAR (1,053.7) (1,669.8) -------- -------- THE GREAT UNIVERSAL STORES PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 MARCH 2000 2000 1999 £m £m Profit on ordinary activities after taxation 275.1 323.0 Revaluation of properties 14.3 11.8 Currency translation differences (19.9) (26.5) -------- -------- Total recognised gains and losses for the year 269.5 308.3 Prior year adjustment (Note 3) (12.1) - -------- -------- Total recognised gains and losses since last annual report 257.4 308.3 -------- -------- RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS FOR THE YEAR ENDED 31 MARCH 2000 2000 1999 £m £m Profit on ordinary activities after taxation 275.1 323.0 Dividends (207.2) (207.2) -------- -------- 67.9 115.8 Goodwill credited/(charged) to reserves 6.5 (2.5) Shares issued under option schemes 0.5 - Other recognised gains and losses relating to the year (net) (5.6) (14.7) -------- -------- 69.3 98.6 Opening shareholders' funds 2,397.0 2,310.5 -------- -------- 2,466.3 2,409.1 Prior year adjustment (Note 3) - (12.1) -------- -------- Closing shareholders' funds 2,466.3 2,397.0 -------- -------- The goodwill items relate to acquisitions by Experian prior to the adoption of FRS 10. THE GREAT UNIVERSAL STORES PLC ANALYSIS OF NET BORROWINGS AT 31 MARCH 2000 2000 1999 £m £m Cash and other liquid resources 392.1 208.4 Debt due within one year (272.7) (1,339.2) Finance leases (23.9) (42.2) Debt due after more than one year (1,149.2) (496.8) -------- -------- Net debt at end of the year (1,053.7) (1,669.8) Non-recourse borrowings (877.7) (400.0) -------- -------- Net borrowings at end of the year (1,931.4) (2,069.8) -------- -------- NOTES 1. Group results for the year : 2000 1999 £m £m Profit before amortisation of goodwill, exceptional items and taxation 447.9 513.6 Profit on sale of fixed asset investments 11.1 - Loss on termination of business - (14.3) VAT refunds - 23.7 Amortisation of goodwill (79.4) (72.6) -------- -------- Profit before taxation 379.6 450.4 -------- -------- The profit of £11.1m in the year to 31 March 2000 on the sale of fixed asset investments by Experian relates to the disposal of internet related investments in the US. In the year to 31 March 1999, an exceptional credit within cost of sales of £23.7m relating to the refund of previously overpaid VAT in the UK Home Shopping Division was recognised along with an exceptional charge of £14.3m in respect of the closure of Argos Holland. The charge for the amortisation of goodwill relates primarily to Argos. The goodwill on acquisition is being amortised over 20 years and the charge for 1999 covered the period from acquisition to the end of the financial year. 2. The Group balance sheet discloses securitised receivables and the related non-recourse borrowings using a linked presentation. As a consequence of the adoption of the linked presentation, the Finance Division's turnover and profit before taxation for the year ended 31 March 2000 have been reduced by financing costs of £43.4m. As the initial securitisation programme was completed on 25 March 1999, there was no equivalent adjustment in the financial statements for the year ended 31 March 1999 as the amount involved was not material. 3. The Group's share of the profits of its associated undertaking, First American Real Estate Solutions (FARES), is stated on a revised basis following the introduction of new US accounting rules which impact on the timing of profit recognition on certain contracts of that undertaking. As these new rules are consistent with UK generally accepted accounting principles and are prudent, the Group has decided to adopt them. The effect on profit for the year ended 31 March 2000 and the previous year is not material, but a prior year adjustment has been made with the investment in FARES and revenue reserves reduced by £12.1m. 4. The financial information set out in this announcement does not constitute the Group's statutory financial statements for the year ended 31 March 2000 but is taken from those financial statements, which have received an unqualified report by the auditors and will be delivered to the Registrar of Companies. 5. The proposed final dividend is payable on 31 August 2000 to shareholders on the register at the close of business on 4 August 2000.

Companies

Gusbourne (GUS)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today