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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Debenhams | LSE:DEB | London | Ordinary Share | GB00B126KH97 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.83 | 1.80 | 1.90 | 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
TIDMDEB
RNS Number : 5568J
Debenhams plc
05 December 2018
5 December 2018
Debenhams plc: Annual Report and Associated Documents
In compliance with LR 9.6.3, the following documents have been submitted to the National Storage Mechanism at: http://www.morningstar.co.uk/uk/NSM:-
1. Annual Report & Accounts 2018 2. Notice of Annual General Meeting to be held on 10 January 2019 3. Form of Proxy
In compliance with DTR 6.3.5(3) the above documents (excluding the Form of Proxy) are available on the Debenhams plc website, www.debenhamsplc.com. Copies may also be obtained direct from the Company Secretary at the Company's registered office, 10 Brock Street, Regent's Place, London NW1 3FG.
A condensed set of Debenhams plc financial statements and information on important events that have occurred during the year and their impact on the financial statements were included in the Company's preliminary announcement on 25 October 2018. That information, together with the following principal risks and uncertainties and the directors' responsibility statement constitutes the requirements of DTR 6.3.5(2) (b).
Principle Risks and Uncertainties
Hot Features
Premium
ñ ñ ñ
Competition for Customers Business Strategy and Supply Chain and Key
Transformation Suppliers
Risk Risk Risk
* Inability to predict accurately or fulfil customer * Failure to deliver Debenhams' redesigned strategic * Adverse events influencing either the sustainability
preferences or demand through competitive, economic priorities of the supply chain or Debenhams' relationship with
and profitable channels any of its major suppliers, service providers,
international partners, designers, or concessionaire
* This is an increasing risk due to the importance of s
* This is an increasing risk given the ongoing market fully delivering the strategy
conditions faced
* This is an increasing risk due to the potential of
reduced access to credit insurance for our supply
base
Potential Impact Potential Impact Potential Impact
* Sales will be lower, market share will be reduced and * Could significantly delay or prevent the achievement * Place pressure on margins and profitability or
the Group may be forced to rely on additional of Debenhams' business plan and could have a material require the Group to divert financial and management
markdowns or promotional sales to dispose of excess adverse effect on Debenhams' business, financial resources from more beneficial uses
or slow-moving inventory or may experience inventory condition or results of operations
shortfalls on popular merchandise
* Additional unplanned costs required to transfer
operations between providers or additional
* Channel shifts away from stores to online could lead operational costs from a new provider
to higher operational costs within the online channel
and lower profitability, or even impairment, of store
assets * Changes in exclusivity arrangements with designers or
any decline in their popularity
* The loss of a number of key concession partners
Examples of Mitigation Examples of Mitigation Examples of Mitigation
* Making shopping onfidence-boosting, sociable and fun * Debenhams is reviewing and updating its business * Debenhams fosters close and collaborative
is at the heart of Debenhams' strategy, which is change roadmap to ensure its project portfolio relationships with its suppliers. Both parties work
outlined on pages 10 to 19 focuses on the five key strategic areas outlined on towards the objective of optimising sustainable
pages 10 to 19 fulfilment and costs, which is measured regularly by
management through KPIs. You can read more about how
* In developing its strategy, the Group takes into the Group builds relationships with our suppliers on
consideration market, trend and customer research, * Management supplies detailed updates on progress page 22
with the customer insight team providing valuable within the transformation programme, which are
intelligence on any changes in customer priorities closely reviewed by the board to ensure that
management is focused on key priorities, cost control * Debenhams continues to develop its supplier base to
and benefit realisation mitigate the potential of cost-price inflation
* An understanding of customers and their needs is without compromising the quality of its products. In
developed by listening to their views, market addition, the sourcing division has been strengthened
intelligence and reviewing KPIs which ensures that * The UK exiting the European Union may lead to loss of to include additional expertise which assists with
pricing is competitive and promotional activity is access to the free movement of goods, services, sourcing decisions, production consolidation and lead
appropriate people and capital, making this a risk that is time reduction, amongst other things
closely monitored
* The UK exiting the European Union may generate * Loss of supplier confidence impacts on quality or
foreign exchange rate volatility, lead to delays at * The volume and complexity of change being implemented availability of key product
ports, or changes to trade agreements and duty rates, ,
which could impede the organisation's ability to its importance to the business plan, and our reliance
compete effectively, meaning this is a risk that is on third party specialist resource to support
carefully monitored delivery make this a risk that is monitored carefully
ó ñ 'ó
Economic Environment Financial, Liquidity Systems Availability
and Credit and Cyber Security
Risk Risk Risk
* Continuing adverse economic conditions * Exposure to market rates, liquidity and credit risks * Systems failure, external attack of systems, or data
have an adverse impact of the Group's financial inaccuracy
position or performance
* Inability to continue smooth operations following a
* This is an increasing risk due to the recent fall in major incident
profitability and the reduction in credit insurance
available for Debenhams' suppliers
Potential Impact Potential Impact Potential Impact
* A decline in sales on discretionary purchases leading * A material reduction in cash and liquidity could * Failure in the stability, integrity or availability
to a reduction in profit alongside a material adverse affect the financial position and/or performance of of information systems could adversely affect
effect on Debenhams' results the Group Debenhams' business operations and results or could
cause inappropriate decisions to be made using wrong,
missing or ambiguous information
* Hinder ability to adjust rapidly to changing market
conditions and impact earnings and cash flow
* Cyber attack resulting in reduced availability of
Debenhams' systems, loss of reputation and customer
trust, and regulatory fines
Examples of Mitigation Examples of Mitigation Examples of Mitigation
* The board conducts strategic business reviews which * Committed funding lines are regularly reviewed for * A robust systems infrastructure is required to
ensure that management is focused on key priorities headroom and refinanced significantly in advance of support the delivery of our strategic objectives
and cost control. These reviews also focus on the expiry. Current facilities expire in June 2020 and which are outlined on page 7
Group's strategy to make shopping confidence-boosting, July 2021
sociable and fun
* Information systems developments are key enablers and
* Regular cash and liquidity forecasting supports critical to ensure we can compete effectively, and
* The continued volatility of the consumer environment proactive management of cash flows to meet the these are monitored through a business change roadmap
make this a risk that is monitored carefully Group's obligations as they fall due
* The overall governance framework has been further
* Hedging policies are in place to manage interest and enhanced, and includes committees that focus on areas
exchange rate risk to minimise the impact of any such as general data protection regulation and
material market movements payment card industry compliance
* Further details on financial risks are included in * A business continuity policy and processes, ensure an
the notes to the financial statements effective framework is in place to enable the swift
recovery and continuation of normal business
operations, and this has been improved through the
introduction of a new data centre
* This continues to be an area of high management focus
given the rising levels of cybercrime globally and
the increasing reliance on information assets
'ñ "ó "ñ
Property Legal and Regulatory Key Personnel
Risk Risk Risk
* An adverse impact on performance from * Events that negatively impact the reputation of, or * Loss of key management or other personnel Debenhams
property-related events, such as store closures, value associated with, Debenhams' brand depends upon
business rates or rental increases
* This is an increasing risk given the ongoing market
* This is an increasing risk due the potential for conditions faced
additional store closures, and associated costs of
exit, following the comprehensive review of the UK
portfolio
Potential Impact Potential Impact Potential Impact
* Significant alterations in rental terms could have a * Loss of stakeholder trust and confidence, including * Significantly delay or prevent the achievement of
material adverse effect on the business an adverse effect on Debenhams' ability to attract Debenhams' business plan
and retain third party brands, suppliers, designers,
concessions and franchisees
* Disputes over store modernisations may lead to * Material adverse effect on Debenhams' business,
reinstatement costs and termination of leases may financial condition or results of operations
lead to unexpected dilapidation costs being incurred * Material adverse effect on Debenhams' business,
financial condition or profitability
Examples of Mitigation Examples of Mitigation Examples of Mitigation
* Debenhams has a specialist property team which * Forums exist to focus on specific areas of * In order to attract and retain talent, both
manages all aspects of leasehold property, incl legislation, with business policies and procedures i succession and personal development plans are in
uding n place throughout the Group. In addition, target-led,
cost renegotiations, communication of the store place to ensure roles and responsibilities are performance-related incentive schemes exist
modernisation programme, lease renewals and adh understood across the Group
erence
to all legal obligations under the lease * The UK decision to exit the European Union could
* Debenhams has specialist teams in place to monitor impact on the availability of talent in the job
changes to legislation and standards, further market and the eligibility for individuals to work in
supported by membership of key industry bodies to certain jurisdictions, making this a risk that is
enhance awareness monitored carefully
* All suppliers are expected to adhere to Debenhams'
own supplier code of conduct, which is underpinned b
y
Debenhams' robust policy on compliance that includes
a focus on social and ethical standards
* The uncertainty around the likely changes to UK
legislation following the UK decision to exit the
European Union mean this is a risk which is being
monitored closely
Directors' Responsibility Statement
The 2018 Annual Report contains the following statements regarding responsibility for the financial statements in compliance with DTR 4.1.12:
The directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The directors consider that the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and Company's performance, business model and strategy.
Each of the directors, whose names and functions are detailed on pages 44 and 45 of the 2018 Annual Report confirms that to the best of their knowledge:
-- The Company's Financial Statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS101 'Reduced Disclosure Framework', and applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the Company;
-- The Group Financial Statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
-- The Directors' report includes a fair review of the development and performance of the business and the position of the Company and the Group, together with a description of the principal risks and uncertainties that it faces.
The Directors of Debenhams plc are listed in the 2018 Annual Report and on the Debenhams plc website, www.ir.debenhams.com.
For further information, please contact:-
Sarah Carne
Deputy Company Secretary, Tel: 020 3549 6000
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSUVRORWOAURAA
(END) Dow Jones Newswires
December 05, 2018 08:05 ET (13:05 GMT)
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