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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jd Sports Fashion Plc | LSE:JD. | London | Ordinary Share | GB00BM8Q5M07 | ORD 0.05P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.65 | -0.57% | 114.00 | 114.00 | 114.05 | 114.65 | 113.50 | 114.65 | 1,176,161 | 09:03:32 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Sport Gds Stores, Bike Shops | 10.54B | 538.8M | 0.1040 | 11.02 | 5.94B |
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RNS Number : 0302E
JD Sports Fashion Plc
23 September 2008
23 September 2008
JD SPORTS FASHION PLC
INTERIM RESULTS
FOR THE TWENTY SIX WEEKS TO 02 AUGUST 2008
JD Sports Fashion Plc (the "Group"), the leading retailer of sport and athletic inspired fashion apparel and footwear, today announces
its Interim Results for the 26 weeks ended 02 August 2008 (comparative figures are shown for the 26 week period ended 28 July 2007):
HIGHLIGHTS
H1 2008 H1 2007
£000 £000 % Change
Revenue 298,952 250,495 +19%
Gross profit % 48.2% 48.0%
Operating profit (before net financing costs,
exceptional items and share of results of joint
venture) 13,040 8,459 +54%
Profit before tax and exceptional items 12,403 8,074 +54%
Exceptional items (3,287) (2,746)
Profit before tax 9,116 5,328 +71%
Basic earnings per ordinary share 12.45p 7.29p +71%
Adjusted basic earnings per ordinary share (see 15.50p 8.63p +80%
note 6)
Interim dividend payable per ordinary share 3.10p 2.50p +24%
Net cash at end of period (see note 8) 3,455 7,122
* Total Group revenue increased by 19% in the period and by 6.0% on a like for like basis (5.9% Sports Fascias; 6.7% Fashion
Fascias).
* Gross margin improved from 48.0% to 48.2%, reflecting continued efforts to improve bought in margin as well as increasing own
brand share in the Sports Fascias.
* Group profit before tax and exceptional items increased by 54% to £12.4 million (2007: £8.1 million).
* Total Group like for like sales cumulatively to 13 September 2008 now up 5.8% (5.4% Sports Fascias; 8.2% Fashion Fascias).
Peter Cowgill, Executive Chairman, said:
"We are delighted with the performance of the Group during the period. Trading has been very positive with improved like for like sales
and gross margin generating a significant increase in profit before tax and exceptional items. We continue to invest in our store portfolio,
systems and training to provide a solid platform for future growth.
"The like for like sales performance in the balance of the year will be measured against very strong comparatives from last year and
with the backdrop of challenging conditions for the consumer. Nevertheless, the Board believes that the Group is strongly positioned to
deliver on market expectations."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
Barnaby Fry
Ian Payne
EXECUTIVE CHAIRMAN'S STATEMENT
INTRODUCTION
The 26 week period to 02 August 2008 was one of like for like sales improvement in all our Fascias which has continued in the ensuing
period to date. This has driven a further significant enhancement in Group performance to date though we continue to be cautious about the
outlook for the balance of this year and for 2009. The continued strong performance has enabled us to continue with our substantial store
refurbishment programme and to open ten new stores. The results of the Fashion Fascias are improving and we expect operating profitability
to be achieved in the current year.
Our continued progress has resulted in a 54% improvement in profit before tax and exceptional items to £12.4 million (2007: £8.1
million).
Profit before tax in the period was £9.1 million (2007: £5.3 million) after a net exceptional charge of £3.3 million (2007: £2.8
million). The exceptional charge relates to the write off of the remaining goodwill from the acquisition of the Hargreaves airports stores
portfolio together with property portfolio rationalisation costs.
Profit for the period after taxation was £6.1 million (2007: £3.5 million).
SPORTS FASCIAS
The Sports Fascias have again traded very positively on a consistent basis and we are continuing to see the benefits of rationalising
and refurbishing the store portfolio. In the first half of this year we completed 20 store refurbishments (including Dublin, Bluewater and
Gateshead MetroCentre) at a cost of £7.3 million and by the year end this number will have increased to about 37 at an estimated cost of
£12.2 million. We expect this programme will continue next year and until we have achieved a consistent quality, look and feel for all of
our stores. We opened nine new stores in the half year and expect several more to be added by year end. Consequently, gross capital
investment will considerably exceed the depreciation charge in the current year.
We are continuing to develop a more sophisticated approach to merchandise planning and systems and believe that the investment in people
and training has been very worthwhile. In addition to this, a greater emphasis on footfall monitoring and conversion statistics is helping
both to develop our staff and produce sales improvement, though our success continues to have at its core a differentiated and fashionable
branded and own brand offer.
FASHION FASCIAS
We are pleased with progress in both of the Fashion Fascias, Bank and Scotts. The success of the store rationalisation programme last
year combined with a more focussed offer has led to the anticipated improvement in Scotts results.
Bank had a slower start to the year than Scotts but substantial work has been carried out to ensure that an aggressive approach was
adopted to managing terminal stock out of the business. This has resulted in a short term reduction in margin but nevertheless first half
results were in line with expectations and recent trading has been much stronger than in the equivalent period last year. Our objective with
this Fascia has always been to create a successful model before rolling it out more extensively.
The move of Scotts' and Bank's management teams to our head office in Bury was successfully completed earlier in the year.
GROUP PERFORMANCE
Revenue, gross margin and overheads
Total Group revenue increased by 19% in the period to £299.0 million (2007: £250.5 million) and by 6.0% on a like for like basis.
Revenue increased by 5.9% on a like for like basis in the Sports Fascias. The Fashion Fascias like for like sales performance was up
6.7% cumulatively in the half year period.
Group gross margin increased in the period from 48.0% to 48.2% reflecting continuing efforts to improve bought in margin and increase
own brand sales in the Sports Fascias.
Overhead ratios (excluding exceptional items), net of other operating income, improved to 43.8% of sales (2007: 44.6%), as a result of
increased turnover and improving property cost ratios. However, there have been continued planned increases in marketing and merchandising
overheads to achieve the improvement in results. We have also reclassified buying and design overheads so that they are now included within
selling and distribution overheads.
Operating profits and results
Group operating profit (before net financing costs, exceptional items and share of results of joint venture) increased to £13.0 million
(2007: £8.4 million). The Group operating profit margin (before net financing costs, exceptional items and share of results of joint
venture) for the first half of the year has therefore increased from 3.4% to 4.4%.
Although exceptional items increased slightly to £3.3 million (2007: £2.8 million), Group operating profit after exceptional items but
before share of results of joint ventures and net financing costs rose by £4.0 million to £9.7 million (2007: £5.7 million).
The exceptional items comprise:
£m
Impairment of goodwill 2.0
Loss on disposal of non-current assets 1.3
Total 3.3
The impairment of goodwill relates to the write off of the remaining balance from the acquisition of the Hargreaves airports stores
portfolio in June 2006. Although JD remains committed to airport retailing, the continuing increase in space allocated for security in
airports has already resulted in the loss of a number of the acquired stores and there is no guarantee that the concession agreements for
the remaining stores will be extended or even that they will not be terminated early. In such circumstances, we will continue to work with
the airport operators to secure alternative accommodation, though it cannot always be found economically.
Group profit before tax in the period was £9.1 million (2007: £5.3 million).
Debt reduction and working capital
Net cash at 02 August 2008 of £3.5 million was £3.6 million lower than the position at 28 July 2007 (£7.1m). However, the net cash
balance has been achieved after expenditure on acquisitions, investments and associated asset purchases since 28 July 2007 of £32.6
million.
Excluding the impact from the acquisitions, inventories have increased slightly to £59.0 million at 02 August 2008 from £56.2 million at
28 July 2007. Trade creditors continue to be paid to terms to maximise settlement discounts.
STORE PORTFOLIO
Group store numbers reduced in the period from 432 to 430 although the total retail square footage increased from 1,280,000 sq ft to
1,290,000 sq ft. The split between the Sport and Fashion Fascias is as follows:
Sport
No. of Retail ('000 sq ft)
stores
At 02 February 2008 345 1,089
New stores 9 37
Closures (9) (27)
At 02 August 2008 345 1,099
Fashion
No. of Retail ('000 sq ft)
stores
At 02 February 2008 87 191
New stores 1 3
Closures (3) (3)
At 02 August 2008 85 191
DIVIDENDS AND EARNINGS PER ORDINARY SHARE
The Board has decided to pay an interim dividend of 3.10p per ordinary share, which represents an increase of 24% over the prior year
(2007: 2.50p). The Board's current intention is that the level of increase in the final dividend will be lower than this so as to restore
the historic one-third / two-thirds split between the interim and final dividends. Whilst the Board intends to continue with a progressive
dividend policy, it also wishes to retain funding flexibility in the business to continue to allow it to make strategic acquisitions and
capital investments as such opportunities arise.
The dividend will be paid on 09 January 2009 to shareholders on the register as at close of business on 05 December 2008. A scrip
dividend alternative will be offered to all shareholders.
The adjusted basic earnings per ordinary share before exceptional items are 15.50p (2007: 8.63p).
The basic earnings per ordinary share are 12.45p (2007: 7.29p).
CURRENT TRADING AND OUTLOOK
Trading in the six weeks since the period end has continued to be encouraging with like for like sales for the full 32 week period to 13
September up by 5.4% in the Sports Fascias and by 8.2% in the Fashion Fascias. The like for like sales performance in the balance of the
year will be measured against very strong comparatives from last year and with the backdrop of challenging conditions for the consumer.
Nevertheless, the Board believes that the Group is strongly positioned to deliver on market expectations.
EMPLOYEES
Another period of progress in challenging times again could not have been achieved without the considerable commitment of all our staff
and management. The Board extends its thanks to all involved.
Peter Cowgill
Executive Chairman
23 September 2008
CONSOLIDATED INCOME STATEMENT
for the 26 weeks ended 02 August 2008
Unaudited Unaudited
26 weeks to 26 weeks 53 weeks to
02 August to 02 February
2008 28 July 2008
£000 2007 £000
£000 Restated (1)
Restated
Note (1)
revenue 2 298,952 250,495 592,240
Cost of sales (154,931) (130,179) (300,813)
gross profit 144,021 120,316 291,427
Selling and distribution (122,600) (104,915) (225,994)
expenses - normal
Selling and distribution 3 (1,242) (2,746) (8,404)
expenses - exceptional
Selling and distribution (123,842) (107,661) (234,398)
expenses
Administrative expenses - (8,915) (7,420) (22,500)
normal
Administrative expenses - 3 (2,045) - -
exceptional
Administrative expenses (10,960) (7,420) (22,500)
Other operating income 534 478 1,086
operating profit 9,753 5,713 35,615
Before exceptional items 13,040 8,459 44,019
Exceptional items 3 (3,287) (2,746) (8,404)
operating profit 9,753 5,713 35,615
Share of results of joint (245) - (145)
venture
Financial income 227 118 297
Financial expenses (619) (503) (764)
profit before tax 9,116 5,328 35,003
Income tax expense 4 (3,008) (1,812) (11,416)
profit for the period 6,108 3,516 23,587
Attributable to equity holders 6,010 3,516 23,549
of the parent
Attributable to minority 98 - 38
interest
Basic and diluted earnings per 6 12.45p 7.29p 48.79p
ordinary share
* The Consolidated Income Statements for the periods ended 28 July 2007 and 02 February 2008 have been restated to reclassify
certain costs from administrative to selling and distribution expenses.
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the 26 weeks ended 02 August 2008
The Group has no recognised gains or losses during the current or previous
period other than the results reported above.
CONSOLIDATED BALANCE SHEET
as at 02 August 2008
Unaudited Unaudited
As at As at As at
02 August 28 July 02
2008 2007 February
£000 £000 2008
£000
Note
assets
Intangible assets 43,933 20,562 41,371
Property, plant and equipment 59,308 43,294 53,622
Other receivables 5,091 2,710 5,025
Investment property 4,126 - 4,151
Equity accounted investment in 115 - 360
joint venture
total non-current assets 112,573 66,566 104,529
Inventories 66,994 56,169 58,669
Trade and other receivables 19,573 13,986 15,899
Cash and cash equivalents 8 3,640 7,374 11,969
total current assets 90,207 77,529 86,537
total assets 202,780 144,095 191,066
liabilities
Interest-bearing loans and (102) (85) (134)
borrowings
Trade and other payables (89,920) (63,871) (80,389)
Provisions (1,898) (1,590) (1,893)
Income tax liabilities (4,965) (1,884) (9,147)
total current liabilities (96,885) (67,430) (91,563)
Interest-bearing loans and (83) (167) (83)
borrowings
Other payables (13,384) (8,454) (11,839)
Provisions (3,944) (3,487) (4,726)
Deferred tax liabilities (2,588) (1,756) (46)
total non-current liabilities (19,999) (13,864) (16,694)
total liabilities (116,884) (81,294) (108,257)
total assets less total 85,896 62,801 82,809
liabilities
capital and reserves
Issued ordinary share capital 9 2,413 2,413 2,413
Share premium 9 10,823 10,823 10,823
Retained earnings 9 72,660 49,565 69,573
total equity 85,896 62,801 82,809
Attributable to equity holders 84,741 62,801 81,627
of the parent
Attributable to minority 1,155 - 1,182
interest
CONSOLIDATED CASH FLOW STATEMENT
for the 26 weeks ended 02 August 2008
Unaudited Unaudited
26 weeks 26 weeks 53 weeks to
to to 02 February
02 August 28 July 2008
2007 £000
2008 £000
£000
Note
cash flows from operating
activities
Profit for the period 6,108 3,516 23,587
Share of results of joint 245 - 145
venture
Income tax expense 4 3,008 1,812 11,416
Financial expenses 619 503 764
Financial income (227) (118) (297)
Depreciation and amortisation of
6,441 5,348 12,421
non-current assets
Impairment of non-current assets 2,045 908 2,535
Loss on disposal of non-current 3 1,242 1,892 3,015
assets
(Increase)/decrease in (8,764) (4,700) 2,955
inventories
(Increase)/decrease in trade and
(2,717) (974) 1,396
other receivables
Increase in trade and other
payables and provisions 7,637 1,141 6,877
Interest paid (619) (503) (764)
Income taxes paid (8,088) (3,220) (7,619)
net cash from operating 6,930 5,605 56,431
activities
cash flows from investing
activities
Interest received 144 118 297
Proceeds from sale of 5 1,231 1,257
non-current assets
Disposal costs of non-current (636) (1,695) (2,432)
assets
Acquisition of intangible assets - - (4,279)
Acquisition of property, plant (13,257) (8,834) (19,407)
and equipment
Acquisition of investment - - (4,160)
property
Acquisition of non- current (194) (235) (389)
other receivables
Cash consideration of
acquisitions net of (1,289) - (1,135)
cash acquired
Investment in joint venture - - (505)
Amounts loaned to joint venture - - (2,479)
net cash used in investing (15,227) (9,415) (33,232)
activities
cash flows from financing
activities
Repayment of interest-bearing
loans - (37) (18,917)
and borrowings
Payment of finance lease and
similar hire (32) (9) (19)
purchase contracts
Dividends paid - - (3,524)
net cash used in financing (32) (46) (22,460)
activities
net (decrease)/increase in cash
and
cash equivalents 8 (8,329) (3,856) 739
1. BASIS OF PREPARATION
JD Sports Fashion Plc (formerly The John David Group Plc) (the 'Company') is a company incorporated and domiciled in the United Kingdom.
The consolidated half-year financial report for the period ended 02 August 2008 represents that of the Company and its subsidiaries
(together referred to as the 'Group').
This half-year financial report is an interim management report as required by DTR 4.2.3 of the Disclosure and Transparency Rules of the
UK's Financial Services Authority and was authorised for issue by the Board of Directors on 23 September 2008.
As required by the Disclosure and Transparency Rules of the UK's Financial Services Authority, the half-year financial report has been
prepared by applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated
financial statements for the financial year ended 02 February 2008, which were prepared in accordance with International Financial Reporting
Standards as adopted by the EU.
The half-year financial report is prepared in accordance with the EU endorsed standard IAS 34 'Interim Financial Reporting'. The
comparative figures for the financial year ended 02 February 2008 are not the Group's statutory accounts for that financial year. Those
accounts have been reported on by the Group's Auditor and delivered to the Registrar of Companies. The Report of the Auditor was (i)
unqualified, (ii) did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying their
report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
The information contained in the half-year financial report for the 26-week periods ended 02 August 2008 and 28 July 2007 is unaudited.
PRIOR PERIOD RESTATEMENT
The comparatives shown in the Consolidated Income Statement for the periods ended 28 July 2007 and 02 February 2008 have been restated
to reclassify certain costs from administrative to selling and distribution expenses. Management consider that the revised presentation is a
better reflection of the nature of these costs.
2. SEGMENTAL ANALYSIS
The Group manages its business activities through two divisions - Sport and Fashion. Revenue and costs are readily identifiable for each
segment.
The divisional results for the 26 weeks to 02 August 2008 are as follows:
Unaudited Unaudited Unaudited
Sport Fashion Total
£000 £000 £000
Revenue 258,352 40,600 298,952
Operating profit/(loss) before financing
and exceptional items
16,484 (3,444) 13,040
Exceptional items (2,993) (294) (3,287)
Operating profit/(loss) 13,491 (3,738) 9,753
Share of results of joint venture (245)
Financial income 227
Financial expenses (619)
Profit before tax 9,116
Income tax expense (3,008)
Profit for the period 6,108
The Board consider that share of results of joint venture and net funding costs are cross divisional in nature and cannot be allocated
between the divisions on a meaningful basis.
The comparative divisional results for the 26 weeks to 28 July 2007 are as follows:
Unaudited Unaudited Unaudited
Sport Fashion Total
£000 £000 £000
Revenue 236,172 14,323 250,495
Operating profit/(loss) before financing
and exceptional items
10,638 (2,179) 8,459
Exceptional items (3,512) 766 (2,746)
Operating profit/(loss) 7,126 (1,413) 5,713
Financial income 118
Financial expenses (503)
Profit before tax 5,328
Income tax expense (1,812)
Profit for the period 3,516
The Board consider that net funding costs are cross divisional in nature and cannot be allocated between the divisions on a meaningful
basis.
3. EXCEPTIONAL ITEMS
Unaudited Unaudited
26 weeks 26 weeks 53 weeks to
to to 02 February
02 August 28 July 2008
2007 £000
2008 £000
£000
Loss on disposal of non-current 1,242 1,892 3,015
assets
Provision for rentals on onerous - (1,092) -
property leases
Impairment of property, plant and - 908 2,535
equipment
Lease variation costs (i) - 1,038 2,854
Selling and distribution expenses - 1,242 2,746 8,404
exceptional
Impairment of acquisition goodwill 2,045 - -
Administrative expenses - 2,045 - -
exceptional
3,287 2,746 8,404
* Lease variation costs represent the cost of varying an onerous lease to create a break option.
4. INCOME TAX EXPENSE
Unaudited Unaudited
26 weeks 26 weeks 53 weeks to
to to 02 February
02 August 28 July 2008
2007 £000
2008 £000
£000
Current tax
UK corporation tax at 28.3% (2007: 3,388 1,627 13,229
30%)
Adjustment relating to prior periods - - (251)
Total current tax charge 3,388 1,627 12,978
Deferred tax
Deferred tax (origination and
reversal of temporary differences) (380) 185 (544)
Adjustments relating to prior - - (1,018)
periods
Total deferred tax (credit)/charge (380) 185 (1,562)
Income tax expense 3,008 1,812 11,416
5. DIVIDENDS
After the balance sheet date the following dividends were proposed by the Directors. The dividends were not provided for at the balance
sheet date.
Unaudited Unaudited
26 weeks 26 weeks 53 weeks to
to to 02 February
02 August 28 July 2008
2007 £000
2008 £000
£000
3.10p per ordinary share (28 July
2007: 2.50p, 1,496 1,207 2,896
02 February 2008: 6.00p)
DIVIDENDS ON ISSUED ORDINARY SHARE CAPITAL
Unaudited Unaudited
26 weeks 26 weeks 53 weeks to
to to 02 February
02 August 28 July 2008
2007 £000
2008 £000
£000
Final dividend of 6.00p (2007:
4.80p) per qualifying ordinary share 2,896 2,317 2,317
approved in respect of prior period,
but not recognised as a liability in
that period
Interim dividend of 2.50p per
qualifying ordinary share paid in - - 1,207
respect of 53 week period ended 02
February 2008
2,896 2,317 3,524
6. EARNINGS PER ORDINARY SHARE
BASIC AND DILUTED EARNINGS PER ORDINARY SHARE
The calculation of basic and diluted earnings per ordinary share for the 26 weeks to 02 August 2008 is based on the profit for the
period attributable to equity holders of the parent of £6,010,000 (26 weeks to 28 July 2007: £3,516,000; 53 weeks to 02 February 2008:
£23,549,000) and a weighted average number of ordinary shares outstanding during the 26 weeks ended 02 August 2008 of 48,263,434 which is
unchanged from the relevant prior periods, calculated as follows:
Unaudited Unaudited
26 weeks 26 weeks 53 weeks to
to to 02 February
02 August 28 July 2008
2008 2007
Issued ordinary shares at 48,263,434 48,263,434 48,263,434
beginning of period
Weighted average number of
ordinary shares during the 48,263,434 48,263,434 48,263,434
period - basic and diluted
ADJUSTED BASIC AND DILUTED EARNINGS PER ORDINARY SHARE
Adjusted basic and diluted earnings per ordinary share has been based on the profit for the period attributable to equity holders of the
parent for each financial period but excluding the post tax effect of certain exceptional items. The Directors consider that this gives a
more meaningful measure of the underlying performance of the Group.
Unaudited Unaudited
26 weeks 26 weeks 53 weeks to
to to 02 February
02 August 28 July 2008
2007 £000
2008 £000
£000
Profit for the period attributable
to equity holders of the parent 6,010 3,516 23,549
Exceptional items excluding loss
on disposal of non-current assets 2,045 854 5,389
Tax relating to relevant (573) (207) (1,405)
exceptional items
Profit for the period attributable
to equity holders of the parent
excluding
exceptional items 7,482 4,163 27,533
Adjusted basic and diluted
earnings per ordinary share
15.50p 8.63p 57.05p
7. ACQUISTIONS
ACQUISITION OF BANK STORES HOLDINGS LIMITED
On 07 December 2007, the Group acquired the entire share capital of Bank Stores Holdings Limited for a cash consideration of £1 together
with associated fees of £135,015. Bank is a retailer of branded mens and womens fashion footwear, apparel and accessories with 49 retail
outlets across the UK.
During the 26 week period ended 02 August 2008, certain hindsight adjustments have been made to the provisional fair values of the net
assets of Bank Stores Holdings Limited as at the acquisition date, in accordance with IFRS3 'Business Combinations'.
The revised calculation of goodwill is summarised below:
Provisional fair value at Provisional
02 February 2008 fair value
£000 at
Fair value 02 August
adjustments 2008
£000 £000
UNAUDITED
Acquiree's net liabilities at
the acquisition date:
Intangible assets 5,481 - 5,481
Property, plant & equipment 8,427 - 8,427
Inventories 8,151 (246) 7,905
Cash and cash equivalents - - -
Trade and other receivables 3,169 - 3,169
Interest bearing loans and (18,796) - (18,796)
borrowings
Trade and other payables (15,913) - (15,913)
Provisions (1,117) - (1,117)
Income tax liabilities (376) (629) (1,005)
Deferred tax liabilities - (2,919) (2,919)
Net identifiable liabilities (10,974) (3,794) (14,768)
Goodwill on acquisition 11,109 3,794 14,903
Consideration paid - satisfied 135 - 135
in cash
ACQUISITION OF NICHOLAS DEAKINS LIMITED
On 11 April 2008, the Group acquired 100% of the entire issued share capital of Nicholas Deakins Limited for a cash consideration of
£1,337,000 together with associated fees of £33,000. Nicholas Deakins Limited is involved in the design, sourcing and wholesale of own-label
fashion footwear and apparel. Goodwill has been calculated at an amount of £864,000 based on a preliminary assessment of the provisional
fair value of the net assets as at the acquisition date.
8. ANALYSIS OF NET DEBT
At 02 February At 02 August 2008
2008 Cashflow £000
£000 £000
UNAUDITED
Bank balances and cash floats 11,969 (8,329) 3,640
Cash and cash equivalents 11,969 (8,329) 3,640
Interest-bearing loans and
borrowings:
Loan notes (166) - (166)
Finance leases and similar
hire (51) 32 (19)
purchase contracts
11,752 (8,297) 3,455
9. CAPITAL AND RESERVES
RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES
Ordinary Share Retained Minority Interest Total
Share Premiu Earnings £000 Equity
Capital m £000 £000
UNAUDITED £000 £000
Balance at 02 February 2008 2,413 10,823 68,391 1,182 82,809
Minority interest on - - - (125) (125)
acquisition
Total recognised income and
expense - - 6,010 98 6,108
Dividends to shareholders (see (2,896)
note 5) - - (2,896) -
Balance at 02 August 2008 2,413 10,823 71,505 1,155 85,896
Ordinary
Share Share Retained Total
Capital Premiu Earnings Equity
£000 m £000 £000
£000
UNAUDITED
Balance at 27 January 2007 2,413 10,823 48,366 61,602
Total recognised income and - - 3,516 3,516
expense
Dividends to shareholders (see - - (2,317) (2,317)
note 5)
Balance at 28 July 2007 2,413 10,823 49,565 62,801
10. RELATED PARTY TRANSACTIONS AND BALANCES
RELATED PARTY - PENTLAND GROUP PLC
Pentland Group Plc owns 57% of the issued ordinary share capital of JD Sports Fashion Plc.
Value of Value of transactions
transactions Receivable / 26 weeks to Receivable / (Payable) at
26 weeks to (Payable) at 28 July 2007 28 July 2007
02 August 2008 02 August 2008 £000 £000
£000 £000
UNAUDITED
Concession fee income - - (147) -
Purchase of inventory for (12,604) (3,323) (13,005) (2,857)
retail
Other income - - 44 -
Payments (gross including VAT) (12,780) - (14,400) -
Receipts (gross including VAT) - - 52 -
RELATED PARTY - FOCUS BRANDS LIMITED
The Company owns 49% of the issued ordinary share capital of Focus Brands Limited.
Value of Value of transactions
transactions Receivable / 26 weeks to Receivable / (Payable) at
26 weeks to (Payable) at 28 July 2007 28 July 2007
02 August 2008 02 August 2008 £000 £000
£000 £000
UNAUDITED
Purchase of inventory for (2,990) (652) - -
retail
Rental income 158 - - -
Interest income 83 - - -
Payments (gross including VAT) (2,825) - - -
Loan notes receivable - 2,563 - -
11. HALF-YEAR REPORT
The half-year report will be posted to all shareholders in mid October. Additional copies are available on application to the Company
Secretary, JD Sports Fashion Plc, Hollinsbrook Way, Pilsworth, Bury, Lancashire, BL9 8RR, or can be downloaded from our website:
www.jdplc.com.
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
* The condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by
the EU;
* The interim management report includes a fair review of the information required by:
* DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events during the first six months of the
financial year and their impact on the condensed set of financial statements; and a description of principal risks and uncertainties for the
remaining six months of the year; and
* DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six
months of the current financial year and that have materially affected the financial position or performance of the entity during that
period; and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board
Brian Small
Secretary
23 September 2008
INDEPENDENT REVIEW REPORT TO JD SPORTS FASHION PLC
INTRODUCTION
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the 26
week period ended 02 August 2008 which comprises the Consolidated Income Statement, Consolidated Balance Sheet, Consolidated Cash Flow
Statement and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial
statements.
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 Disclosure and Transparency Rules ('the DTR') of the UK's Financial Services Authority ('the UK FSA'). 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 half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for
preparing the half-yearly financial report in accordance with the DTR of the UK FSA.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The
condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 'Interim
Financial Reporting' as adopted by the EU.
OUR RESPONSIBILITY
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial
report based on our review.
SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim
Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the UK. A review
of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
half-yearly financial report for the 26-week period ended 02 August 2008 is not prepared, in all material respects, in accordance with IAS
34 as adopted by the EU and the DTR of the UK FSA.
KPMG Audit Plc
Chartered Accountants
Preston
23 September 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FKBKPABKDOCB
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