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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 |
From Apr 2019 to Apr 2024
The Directors recognise that these uncertainties represent a material uncertainty which may cast significant doubt upon the Group's ability to continue as a going concern and therefore the Group may be unable to continue to realise assets and discharge liabilities in the normal course of business.
The Directors continue to maintain regular and constructive dialogue with the Group's banks which includes keeping them fully informed in relation to current trading.
The Directors have reviewed current trading and cashflow projections as part of their assessment of the probability of a covenant breach and after making reasonable enquiries and carefully considering the matters described above, the Directors have a reasonable expectation that the Group will be able to meet their liabilities as they fall due and will have adequate resources to continue in operational existence for the foreseeable future. The financial statements do not include the adjustments that would result if the Group were unable to continue as a going concern, which would include writing down the carrying value of assets to their recoverable amount and providing for any further liabilities that might arise.
3. Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the 52 weeks ended 28 April 2012, as described in those annual financial statements.
The Group has not adopted early the requirements of the following accounting standards and interpretations, which have an effective date after the start of these interim financial statements.
- IAS 19 Employee Benefits (Revised) (1 January 2013) - IFRS 9 Financial Instruments: Classification and Measurement (1 January 2013) - IFRS 10 Consolidated Financial Statements (1 January 2013) - IFRS 11 Joint Arrangements (1 January 2013) - IFRS 12 Disclosure of Interests in Other Entities (1 January 2013) - IFRS 13 Fair value measurement (1 January 2013)
4. Segmental information
The following tables present certain revenue and profit information regarding the Group's reportable segments. The segmental results below for the 26 weeks ended 29 October 2011 have been restated to reclassify HMV Live and aNobii as discontinued operations. Waterstone's and HMV Canada were also classified as discontinued operations as both were sold in the 26 weeks ended 29 October 2011.
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26 weeks to 27 October
2012
--------------------------------------- ------------------------------------
HMV Continuing Discontinued Total
Retail operations operations
GBPm GBPm GBPm GBPm
--------------------------------------- -------- ------------ ------------- -------
Segment revenue 288.6 288.6 25.4 314.0
--------------------------------------- -------- ------------ ------------- -------
Segment operating (loss) profit
before exceptional items (23.6) (23.6) 0.8 (22.8)
--------------------------------------- -------- ------------ ------------- -------
Operating exceptional items:
Restructuring costs (1.8) (1.8) (0.6) (2.4)
Closure costs (stores & distribution
centre) (1.5) (1.5) - (1.5)
Profit on disposal - - 11.6 11.6
Impairment loss on remeasurement
to fair value less costs to
sell - - (10.4) (10.4)
--------------------------------------- -------- ------------ ------------- -------
Total exceptional items allocated
to segments (3.3) (3.3) 0.6 (2.7)
--------------------------------------- -------- ------------ ------------- -------
Segment operating (loss) profit (26.9) (26.9) 1.4 (25.5)
Share of post-tax losses of
associates and joint ventures
not allocated to segments (0.5) - (0.5)
Exceptional gain on deemed disposal
of holding
in joint venture 1.1 - 1.1
Total operating (loss) profit (26.3) 1.4 (24.9)
Net finance costs (10.6) (0.2) (10.8)
Exceptional finance costs (0.4) - (0.4)
--------------------------------------- -------- ------------ ------------- -------
(Loss) profit before taxation (37.3) 1.2 (36.1)
Taxation 0.1 (0.1) -
--------------------------------------- -------- ------------ ------------- -------
(Loss) profit for the period (37.2) 1.1 (36.1)
--------------------------------------- -------- ------------ ------------- -------
26 weeks to 29 October
2011 (restated)
---------------------------------- -------------------------------------
HMV Continuing Discontinued
Retail operations operations Total
GBPm GBPm GBPm GBPm
---------------------------------- --- -------- ------------ ------------- --------
Segment revenue 333.7 333.7 109.6 443.3
--------------------------------------- -------- ------------ ------------- --------
Segment operating (loss)
profit before exceptional
items (33.1) (33.1) (6.8) (39.9)
Operating exceptional items:
Restructuring costs (4.7) (4.7) - (4.7)
Profit on disposal - - 5.6 5.6
Total exceptional items
allocated to segments (4.7) (4.7) 5.6 0.9
--------------------------------------- -------- ------------ ------------- --------
Segment operating (loss)
profit (37.8) (37.8) (1.2) (39.0)
--------------------------------------- -------- ------------ ------------- --------
Share of post-tax losses
of associates and joint
ventures not allocated
to segments (0.1) (0.6) (0.7)
--------------------------------------- -------- ------------ ------------- --------
Total operating loss (37.9) (1.8) (39.7)
Net finance costs (6.0)
Exceptional finance costs (4.6)
--------------------------------------- -------- ------------ ------------- --------
Loss before taxation (continuing
and discontinued) (50.3)
Taxation 0.2
--------------------------------------- -------- ------------ ------------- --------
Loss for the period (50.1)
--------------------------------------- -------- ------------ ------------- --------
52 weeks to 28
April 2012
----------------------------------- ------------
HMV Continuing Discontinued
Retail operations operations Total
GBPm GBPm GBPm GBPm
----------------------------------- -------- ------------ ------------- --------
Segment revenue 873.1 873.1 128.5 1,001.6
----------------------------------- -------- ------------ ------------- --------
Segment operating profit (loss)
before exceptional items 1.3 1.3 (8.4) (7.1)
----------------------------------- -------- ------------ ------------- --------
Operating exceptional items:
Restructuring costs (4.2) (4.2) - (4.2)
Store closure costs (2.1) (2.1) - (2.1)
Store impairment costs (2.8) (2.8) - (2.8)
Festival cancellation costs - - (0.3) (0.3)
Profit on disposal - - 5.5 5.5
Impairment loss on remeasurment
to fair value less costs to
sell - - (37.1) (37.1)
----------------------------------- -------- ------------ ------------- --------
Total exceptional items allocated
to segments (9.1) (9.1) (31.9) (41.0)
----------------------------------- -------- ------------ ------------- --------
Segment operating loss (7.8) (7.8) (40.3) (48.1)
----------------------------------- -------- ------------ ------------- --------
Exceptional items not allocated
to segments:
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