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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hmv Grp | LSE:HMV | London | Ordinary Share | GB0031575722 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
On 7 August 2012 the Group completed the sale of Hammersmith Apollo Limited ('HAL'), the company which owns and operates the Hammersmith Apollo, to Stage C Limited for a total cash consideration of GBP32.0m. The disposal was conditional upon shareholder approval, banking approvals and the purchaser securing regulatory approvals, all of which conditions were satisfied prior to completion. The company was sold on a cash-free, debt-free basis, except for the inclusion of certain advance ticket receipt monies. Transaction costs incurred by the Group totalled GBP3.0m. The result reported below is provisional, subject to final agreement of the completion balance sheet which is expected to be finalised in the second half of the year.
The Board remains committed to the sale of the remainder of the HMV Live division, which is classified as a disposal group held for sale and as a discontinued operation. An impairment charge of GBP10.4m has been recognised on the remeasurement of the disposal group to fair value less costs to sell.
On 11 June 2012 the Group sold is stake in its associate, aNobii Limited, to J Sainsbury's plc for GBP1.
In the prior year, the Group disposed of HMV Canada for GBP2.0m and the Waterstone's group of companies for GBP53.0m. The results of these businesses are included in the comparative information as discontinued operations.
The results of the discontinued operations are as follows:
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26 weeks to 27 October
2012
------------------------------------------ -----------------------
HMV Live
GBPm
------------------------------------------ -----------------------
Revenue 25.4
Expenses (24.6)
------------------------------------------ -----------------------
Profit before tax and exceptional
items 0.8
Exceptional items:
Restructuring cost (0.6)
Profit on disposal of discontinued
operation 11.6
Impairment recognised on remeasurement
to
fair value less costs to sell (10.4)
------------------------------------------ -----------------------
Operating profit 1.4
Finance costs (0.2)
Profit before tax from discontinued
operations 1.2
Tax charge (0.1)
------------------------------------------ -----------------------
Profit for the period from discontinued
operations 1.1
------------------------------------------ -----------------------
The tax charge in the current period all relates to ordinary activities.
26 weeks to 29
October 2011
------------------------------- --------------- -------- --------------------------------
HMV
Waterstone's Canada HMV Live aNobii Total
GBPm GBPm GBPm GBPm GBPm
------------------------------- --------------- -------- ----------- --------- --------
Revenue 56.1 22.3 31.2 - 109.6
Expenses (63.8) (24.8) (27.8) - (116.4)
------------------------------- --------------- -------- ----------- --------- --------
(Loss) profit before tax
and exceptional items (7.7) (2.5) 3.4 - (6.8)
Share of associates losses - - - (0.6) (0.6)
------------------------------- --------------- -------- ----------- --------- --------
Operating (loss) profit (7.7) (2.5) 3.4 (0.6) (7.4)
------------------------------- --------------- -------- ----------- --------- --------
Net finance costs - - (0.4) - (0.4)
Profit (loss) on disposal
of discontinued operation 11.5 (5.9) - - 5.6
------------------------------- --------------- -------- ----------- --------- --------
Profit (loss) before tax
from discontinued operations 3.8 (8.4) 3.0 (0.6) (2.2)
------------------------------- --------------- -------- ----------- --------- --------
There was no tax charge or credit in relation to discontinued operations in the prior year.
The profit on disposal is calculated as follows:
26 weeks 26 weeks to
to 27 October 29 October 2011
2012
HMV Live Waterstone's HMV Canada Total
GBPm GBPm GBPm GBPm
------------------------------- --------------- ------------- ----------- -------
Net cash consideration
received 32.0 53.0 2.0 55.0
Disposal costs incurred - (5.0) (1.6) (6.6)
Net assets disposed of (20.4) (38.0) (3.8) (41.8)
Foreign exchange recycled
from the translation reserve - 1.5 (2.5) (1.0)
------------------------------- --------------- ------------- ----------- -------
11.6 11.5 (5.9) 5.6
------------------------------- --------------- ------------- ----------- -------
Disposal costs incurred on the sale of Hammersmith Apollo of GBP3.0m were charged in the year ended 29 April 2012 as part of the remeasurement to fair value less costs to sell.
The major classes of assets and liabilities disposed of were as follows:
26 weeks to 27 October 2012 26 weeks to 29 October
2011
HMV Waterstone's HMV Canada Total
Live GBPm GBPm GBPm
GBPm
------ ------------- ----------- --------
Intangible assets 11.1 - - -
Property, plant and equipment 0.6 25.6 8.0 33.6
Current income tax asset - - 1.8 1.8
Inventories 0.1 86.9 32.9 119.8
Trade and other receivables 8.9 47.2 1.1 48.3
Cash 3.3 1.1 1.7 2.8
--------------------------------------- ------ ------------- ----------- --------
24.0 160.8 45.5 206.3
Interest bearing loans and borrowings
- overdraft - (2.3) (1.7) (4.0)
Interest bearing loans and borrowings
- finance lease - (4.0) - (4.0)
Deferred income tax liability - (0.3) - (0.3)
Provisions - (4.4) - (4.4)
Trade and other payables (3.6) (110.8) (40.0) (150.8)
Current income tax payable - (1.0) - (1.0)
(3.6) (122.8) (41.7) (164.5)
--------------------------------------- ------ ------------- ----------- --------
Net assets disposed of 20.4 38.0 3.8 41.8
--------------------------------------- ------ ------------- ----------- --------
The major classes of assets and liabilities of the remainder of the HMV Live division, classified as a disposal group held for sale were as follows:
26 weeks to 27 October 2012
HMV Live
GBPm
--------------------------------------- ---------
Intangible assets 4.6
Property, plant and equipment 5.6
Investments in associates and
joint ventures 2.7
Inventories 0.4
Trade and other receivables 5.2
Cash 1.5
--------------------------------------- ---------
Assets classified as held for
resale 20.0
--------------------------------------- ---------
Interest bearing loans and borrowings
Deferred income tax liability (0.6)
Provisions (0.6)
Trade and other payables (7.8)
Current income tax payable (0.2)
Liabilities classified as held
for resale (9.2)
--------------------------------------- ---------
Net assets of disposal group 10.8
--------------------------------------- ---------
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