HMV Group PLC Interim Results -11-
December 13 2012 - 2:00AM
UK Regulatory
The impairment recognised in respect of HMV Live of GBP10.4m has
been allocated to goodwill (GBP3.5m) and property, plant and
equipment (GBP6.9m).
Cash flows of the discontinued operations are as follows:
26 weeks to 27 October 2012 26 weeks to 29 October 2011
HMV Live Waterstone's HMV Canada HMV Total
GBPm GBPm GBPm Live GBPm
GBPm
-------------------------- --------- ------------- ----------- ------ ------
Operating cash flows (2.4) 0.6 (7.0) 2.1 (4.3)
Investing cash flows (0.6) (1.8) - (1.8) (3.6)
Financing cash flows (0.6) 1.7 6.8 (0.8) 7.7
Net cash flows excluding
disposal proceeds (3.6) 0.5 (0.2) (0.5) (0.2)
-------------------------- --------- ------------- ----------- ------ ------
Cash flows on sales were as follows:
26 weeks to 27 October 2012 26 weeks to 29 October
2011
HMV Live Waterstone's HMV Canada Total
GBPm GBPm GBPm GBPm
------------------------------ --------- ------------- ----------- ------
Gross consideration received 32.0 40.0 2.0 42.0
Cash disposed of with the
business (3.3) (1.1) (1.7) (2.8)
Overdraft disposed of with
the business - 2.3 1.7 4.0
------------------------------ --------- ------------- ----------- ------
28.7 41.2 2.0 43.2
Transaction costs incurred (3.0) (5.0) (1.6) (6.6)
------------------------------ --------- ------------- ----------- ------
Net cash flow 25.7 36.2 0.4 36.6
------------------------------ --------- ------------- ----------- ------
8. Earnings per share
Earnings per share attributable to shareholders of the Company
arises as follows:
26 weeks 26 weeks 52 weeks
to to to
27 October 29 October 28 April
2012 2011 (restated) 2012
GBPm GBPm GBPm
------------------------------------------ ------------ ----------------- ----------
Loss from continuing operations
attributable to shareholders
of the parent company (37.2) (47.9) (36.7)
Exceptional items less tax thereon
- continuing operations 2.6 9.3 22.4
Adjusted loss from continuing
operations attributable to shareholders
of the parent company (34.6) (38.6) (14.3)
------------------------------------------ ------------ ----------------- ----------
Discontinued operations profit
(loss) after tax and exceptional
items 1.1 (2.2) (43.7)
Less non-controlling interests (0.1) (1.0) (1.2)
------------------------------------------ ------------ ----------------- ----------
Profit (loss) from discontinued
operations attributable to shareholders
of the parent company 1.0 (3.2) (44.9)
Exceptional items, less tax
thereon - discontinued operations (0.6) (5.6) 33.5
------------------------------------------ ------------ ----------------- ----------
Adjusted profit (loss) from
discontinued operations attributable
to shareholders of the parent
company 0.4 (8.8) (11.4)
------------------------------------------ ------------ ----------------- ----------
Total loss attributable to shareholders
of the parent company (36.2) (51.1) (81.6)
Exceptional items less tax thereon 2.0 3.7 55.9
------------------------------------------ ------------ ----------------- ----------
Total adjusted (loss) profit
attributable to shareholders
of the parent company (34.2) (47.4) (25.7)
------------------------------------------ ------------ ----------------- ----------
26 weeks 26 weeks 52 weeks
to to to
27 October 29 October 28 April
2012 2011 2012
Number million Number million Number
million
------------------------------------- --------------- --------------- ----------
Weighted average number of Ordinary
shares -
basic 424.6 423.4 423.5
Dilutive share options 9.6 6.2 14.8
------------------------------------- --------------- --------------- ----------
Weighted average number of Ordinary
shares -
diluted 434.2 429.6 438.3
------------------------------------- --------------- --------------- ----------
26 weeks 26 weeks 52 weeks
to to to
27 October 29 October 28 April
2012 2011 2012
Pence Pence Pence
------------------------------------- --------------- --------------- ----------
Continuing operations:
Basic (8.8) (11.3) (8.7)
Diluted basic (8.6) (11.2) (8.4)
Adjusted (8.1) (9.1) (3.4)
Diluted adjusted (7.9) (9.0) (3.3)
------------------------------------- --------------- --------------- ----------
Discontinued operations:
Basic 0.3 (0.7) (10.6)
Diluted basic 0.3 (0.7) (10.2)
Adjusted 0.1 (2.0) (2.7)
Diluted adjusted 0.1 (2.0) (2.6)
------------------------------------- --------------- --------------- ----------
Total operations:
Basic (8.5) (12.0) (19.3)
Diluted basic (8.3) (11.9) (18.6)
Adjusted (8.0) (11.1) (6.1)
Diluted adjusted (7.8) (11.0) (5.9)
------------------------------------- --------------- --------------- ----------
The adjusted earnings per Ordinary Share is shown in order to
highlight the underlying performance of the Group.
Earnings per share for the discontinued operations is derived
from the (loss)/profit attributable to equity shareholders of the
Parent Company from discontinued operations of GBP1.0m (2011:
GBP3.2m loss), divided by the weighted average number of ordinary
shares in issue during the year, for both basic and diluted amounts
as per the table above.
The weighted average number of shares excludes shares held by an
Employee Benefit Trust and has been adjusted for the issue of
shares during the period. There are 9.6m dilutive share options in
issue (2011: 6.2m). At the period end 0.2m anti-dilutive share
awards were in issue (2011: 1.0m).
9. Dividends
The Board is not recommending the payment of an interim dividend
(2011: GBPnil).
10. Property, plant and equipment
During the 26 weeks ended 27 October 2012, the Group acquired
assets with a cost of GBP3.4m (2011: GBP11.6m).
Assets with a net book value of GBP0.4m were disposed of by the
Group during the 26 weeks ended 27 October 2012 (2011: GBPnil),
resulting in a net loss on disposal of GBP0.4m (2011: GBPnil).
Investments with a net book value of GBPnil (2011: GBPnil) were
disposed of by the Group, resulting in a net profit on disposal of
GBPnil (2011: GBP0.4m).
11. Inventories
Inventories primarily comprise finished goods and goods for
resale. The replacement cost of inventories is considered to be not
materially different from the balance sheet value.
The Group has continued to extend its purchase of back catalogue
inventory on a consignment basis and to develop its relationships
with key suppliers. This action has resulted in a c. GBP13.5m
reduction in cost of sales in the 26 weeks ended 27 October 2012
(2011: GBPnil).
12. Cash and cash equivalents
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