----------------------------------------------- --------------- ---------------
(6.6) (5.0)
(Credit)/charge for taxation on (loss)/profit
for the period (11.1) 2.3
----------------------------------------------- --------------- ---------------
Notes continued
UK corporation tax is calculated at 26 per cent (2011: 28 per cent) of the estimated assessable profit for the period. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
The (credit)/charge for the period can be reconciled to the (loss)/profit for the period before taxation per the consolidated income statement as follows:
53 weeks ended 52 weeks ended
31 March 2012 26 March 2011
GBP million GBP million
------------------------------------------------ --------------- ---------------
(Loss)/profit for the period before
taxation (102.9) 8.8
(Loss)/profit for the period before
taxation multiplied by the standard
rate of corporation tax in the UK of
26% (2011: 28%) (26.7) 2.5
Effects of:
Expenses not deductible for tax purposes 15.4 1.0
Change in tax rate 0.2 1.0
Impact of overseas tax rates (0.2) (0.7)
Utilisation of tax losses not previously
recognised against capital gains 0.3 (0.1)
Adjustment in respect of prior periods (2.0) (1.4)
Impact of write off of prior year deferred 1.9 -
tax asset
------------------------------------------------ --------------- ---------------
(Credit)/charge for taxation on (loss)/profit
for the period (11.1) 2.3
------------------------------------------------ --------------- ---------------
In addition to the amount credited to the income statement, deferred tax relating to retirement benefit obligations amounting to GBP4.1 million has been credited directly to other comprehensive income (2011: charge of GBP4.3 million).
6. Dividends
53 weeks ended 52 weeks ended
31 March 2012 26 March 2011
pence pence
per share GBP million per share GBP million
------------------------------------- ----------- ------------- ----------- -------------
Amounts recognised as distributions
to equity holders in the period
Final dividend for the prior period 11.9p 10.1 11.3p 9.9
Interim dividend for the current
period 2.0p 1.8 6.4p 5.6
11.9 15.5
------------------------------------- ----------- ------------- ----------- -------------
In line with the announcement made with the trading statement on 12 April 2012, the Company will not pay any dividend until the 'Transformation and Growth' plan is delivering benefits and accordingly no final dividend has been declared for the 53 weeks ended 31 March 2012.
7. Earnings per share
53 weeks ended 52 weeks ended
31 March 2012 26 March 2011
million million
------------------------------------------- --------------- ---------------
Weighted average number of shares
in issue 87.2 85.8
Dilution - option schemes (for underlying
result only) 1.7 1.8
------------------------------------------- --------------- ---------------
Diluted weighted average number of
shares in issue 88.9 87.6
------------------------------------------- --------------- ---------------
GBP million GBP million
------------------------------------------- --------------- ---------------
Earnings for basic and diluted earnings
per share (91.8) 6.5
Exceptional and other non-underlying
items (note 3) 104.5 19.7
Tax effect of above items (11.1) (5.0)
Underlying earnings 1.6 21.2
------------------------------------------- --------------- ---------------
pence pence
------------------------------------------- --------------- ---------------
Basic earnings per share (105.2) 7.6
Basic underlying earnings per share 1.8 24.7
Diluted earnings per share (105.2) 7.4
Diluted underlying earnings per share 1.8 24.2
------------------------------------------- --------------- ---------------
Notes continued
8. Reconciliation of cash flow from operating activities
53 weeks ended 52 weeks ended
31 March 2012 26 March 2011
GBP million GBP million
(Loss)/profit from retail operations (6.9) 11.0
Adjustments for:
Depreciation of property, plant and
equipment 16.2 16.6
Amortisation of intangible assets -
software 4.6 4.1
Amortisation of intangible assets -
other 2.0 2.3
Impairment of property, plant and equipment 9.4 -
(Loss)/profit on disposal of property,
plant and equipment (23.0) 0.9
(Profit)/loss on non-underlying non-cash
foreign currency adjustments (2.0) 13.8
Equity-settled share-based payments 0.5 2.6
Movement in property provisions 12.7 (5.7)
Movement in other provisions - (0.1)
Amortisation of lease incentives (5.2) (5.9)
Lease incentives received 3.5 9.6
Payments to retirement benefit schemes (8.0) (4.6)
Charge to profit from operations in
respect of retirement benefit schemes 1.9 3.5
Operating cash flow before movement
in working capital 5.7 48.1
Decrease/(increase) in inventories 18.5 (23.9)
(Increase) in receivables (9.8) (4.8)
(Decrease)/increase in payables (12.9) 13.7
Cash generated from operations 1.5 33.1
--------------------------------------------- --------------- ---------------
Income taxes received/(paid) 4.1 (6.0)
--------------------------------------------- --------------- ---------------
Net cash flow from operating activities 5.6 27.1
--------------------------------------------- --------------- ---------------
27 March Cashflow Foreign exchange 31 March
2011 2012
GBP million GBP million GBP million GBP million
--------------------------- ------------ ------------ ----------------- ------------
Cash and cash equivalents 15.3 (12.8) (0.7) 1.8
Net overdraft - (1.9) - (1.9)
--------------------------- ------------ ------------ ----------------- ------------
(Debt)/net cash and cash
equivalents 15.3 (14.7) (0.7) (0.1)
--------------------------- ------------ ------------ ----------------- ------------
Risks and uncertainties
The principal risks and uncertainties which could impact the company's long-term performance remain those detailed on pages 31 and 32 of the company's 2011 Annual Report and Accounts and which are summarised below:
-- Failure to deliver 'Transformation and Growth' plan
-- Shortfall in LFL sales, particularly in the UK
-- Macro-economic conditions, especially in the Euro-zone
-- Additional cash funding to support International joint ventures
-- UK store rationalisation programme falls behind schedule
-- Changes in customer demand
-- Failure to react to competition
-- Risk of loss of reputation
-- Logistics, distribution or IT systems failure
-- Organisational change and headcount reduction
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