RNS Number:7768G
Thorntons PLC
7 March 2000
PART II
THORNTONS PLC
Announcement of Interim Results
for the 28 weeks ended 8 January 2000
Consolidated Profit and Loss Account
Unaudited results for 28 weeks ended 8 January 2000
For 28 weeks ended 8 January 2000
Result Continuing
Notes before Exceptional operations
exceptionals Items 2000
#'000 #'000 #'000
Turnover 2 94,332 - 94,332
Cost of sales - (41,912) - (41,912)
-------------------------------------
Gross profit - 52,420 - 52,420
-------------------------------------
Selling and -
distribution costs (34,371) 828 (33,543)
Administration -
expenses (5,771) - (5,771)
Other operating -
income 108 - 108
-----------------------------------
Operating profit 2
- continuing
operations 12,386 828 13,214
-----------------------------------
Exceptional items
Loss on disposal
of Belperm facilily - - (1,055) (1,055)
------------------------------------
Release of
European provision
provision -
discontinued - - - -
-----------------------------------
- (1,055) (1,055)
------------------------------------
Profit on ordinary -
activities before
interest 12,386 (227) 12,159
Interest
receivable and
similar income - 118 - 118
Interest payable
and similar charges 3 (2,427) - (2,427)
-------------------------------------
Profit on ordinary
ordinary activities
before taxation 10,077 (227) 9,850
Taxation 4 (2,166) (248) (2,414)
------------------------------------
Profit on ordinary
activities after
taxation - 7,911 (475) 7,436
Dividends - (1,283) - (1,283)
------------------------------------
Retained profit for
the period - 6,628 (475) 6,153
-----------------------------------
Basic earnings 5
per ordinary
share (pence) 12.00 (0.72) 11.28
-----------------------------------
Fully diluted earnings
per ordinary
share (pence) 5 11.92 (0.72) 11.20
-----------------------------------
Dividend per ordinary
share (pence) 1.95 - 1.95
-----------------------------------
For 28 weeks ended 9 January
1999
Contin-
Results Exceptional items uing
before Onerous oper-
except- Reorganisation leases ations
1999
notes tionals charges (restated)(restated)
Turnover 2 87,760 - - 87,760
Cost of sales - (39,321) (402) - (39,723)
---------------------------------------------
Gross profit - 48,439 (402) - 48,037
--------------------------------------------
Selling and
distribution costs - (28,950) (233) 160 (29,023)
Administration
expenses - (6,492) (713) - (7,205)
Other operating -
income 175 - - 175
------------------------------------------
Operating profit 2
- continuing
operations 13,172 (1,348) 160 11,984
------------------------------------------
Exceptional items
Loss on disposal
of Belper facility - - - -
Release of
European provision
provision -
discontinued - 803 - 803
----------------------------------------
- 803 - 803
----------------------------------------
Profit on ordinary -
activities before
interest 13,172 (545) 160 12,787
Interest
receivable and
similar income - 89 - - 89
Interest payable 3
and similar charges (1,133) - - (1,133)
Profit on ordinary -
activities before
taxation 12,128 (545) 160 11,743
Taxation 4 (2,922) 415 (48) (2,555)
-----------------------------------------
Profit on ordinary
activities after 9,206 (130) 112 9,188
taxation
Dividends - (1,263) - - (1,263)
------------------------------------------
Retained profit for
the period 7,943 (130) 112 7,925
-----------------------------------------
Basic earnings 5
per ordinary 14.05 (0.20) 0.17 14.02
share (pence) -----------------------------------------
Fully diluted
earnngs per ordinary
share (pence) 5 13.96 (0.20) 0.17 13.93
------------------------------------------
Dividend per ordinary
share (pence) 1.95 - - 1.95
------------------------------------------
Consolidated Profit and Loss Account (continued)
Unaudited results for 28 weeks ended 8 January 2000
For 52 weeks ended 26 June 1999
Cont-
Results Exceptional Items inuing
before Reorganisation Onerous oper-
ations
exceptionals charges leases 1999
#'000 #'000 #'000 #'000
Turnover 141,267 - - 41,267
Cost of sales (66,802) (402) - (67,204)
-------------------------------------------
Gross profit 74,465 (402) - 74,063
--------------------------------------------
Selling and
distribution costs (51,869) (233) 572 (51,530)
Administration
expenses (9,843) (713) - (10,556)
Other operating income 332 - - 332
-------------------------------------------
Operating profit -
continuing operations 13,085 (1,348) 572 12,309
-------------------------------------------
Exceptional items - - - -
Release of European
provision -
discontinued - 803 - 803
--------------------------------------------
- 803 - 803
-------------------------------------------
Profit on ordinary
activities before
interest 13,085 (545) 572 13,112
Interest receivable
and similar income 74 - - 74
Interest payable (2,646) - - (2,646)
and similar charges ---------------------------------------------
Profit on ordinary
activities before
taxation 10,513 (545) 572 10,540
Taxation (768) 415 (172) (525)
---------------------------------------------
Profit on ordinary
activities after
taxation 9,745 (130) 400 10,015
Dividends (4,465) - - (4,465)
---------------------------------------------
Retained profit for
the period 5,280 (130) 400 5,550
---------------------------------------------
--------------------------------------------
Basic earnings per
ordinary share
(pence) 14.84 (0.20) 0.61 15.25
---------------------------------------------
---------------------------------------------
Fully diluted earnings
per ordinary share
(pence) 14.74 (0.20) 0.61 15.15
---------------------------------------------
Dividend per ordinary
share (pence) 6.80 - - 6.80
--------------------------------------------
Consolidated Balance Sheet
As at 26 June 1999
As at 8 As at 9 As at 26
January January 1999 June 1999
2000 (restated)
#'000 #'000 #'000
Fixed assets
Tangible assets 104,897 104,459 109,157
Investments - purchase 290 305 290
of own shares ------------------------------------
105,187 104,764 109,447
-------------------------------------
Current assets
Stocks 13,170 13,784 11,728
Debtors: amounts falling
due after one year 351 1,652 452
Debtors: amounts falling
due within one year 11,147 11,141 9,605
Cash at bank and in hand 2,651 5,140 2,941
-------------------------------------
27,319 31,717 24,726
-------------------------------------
Bank loans, overdrafts
and finance leases (978) (3,204) (11,966)
falling due within one
year
Other creditors falling
due within one year (31,405) (33,735) (25,647)
-------------------------------------
(32,383) (36,939) (37,613)
--------------------------------------
Net current liabilities (5,064) (5,222) (12,887)
--------------------------------------
Total assets less
current liabilities 100,123 99,542 96,560
Bank loans and finance
leases falling due after
one year (41,188) (40,998) (41,704)
Other creditors falling
due after one year (1,711) (2,339) (2,114)
Restructuring provisions (782) (2,357) (1,480)
Onerous lease provision
net of sublet receivables (2,122) (3,681) (3,114)
-------------------------------------
Net assets 54,320 50,167 48,148
-------------------------------------
Capital and reserves
Share capital 6,645 6,617 6,644
Share premium 12,250 11,903 12,232
Revaluation reserve 505 887 729
Profit and loss account 34,920 30,760 28,543
-----------------------------------
Equity shareholders' 54,320 50,167 48,148
funds -----------------------------------
Net debt 39,515 39,062 50,729
Gearing 72.7% 77.8% 105.4%
Net assets per share 81.75p 75.82p 72.47p
-------------------------------------
Consolidated Statement of Total Recognised Gains and Losses
For 28
For 28 weeks For 52
weeks ended weeks
ended 9 January ended
8 January 1999 26 June
2000 (restated) 1999
#'000 #'000 #'000
Profit after tax
attributable to shareholders 7,436 9,188 10,015
- as reported
Revaluation surplus realised 224 - 158
on property disposals -----------------------------
Total recognised gains and
losses in the period - as
reported 7,660 9,188 10,173
Prior period adjustments - - (2,767) (2,767)
FRS12 ------------------------------
Total recognised gains and
losses since last Annual 7,660 6,421 7,406
Report -----------------------------
Historical cost results
There was no material difference between the result as disclosed in
the Consolidated Profit and Loss Account and the result on an
unmodified historical cost basis.
Movements in shareholders' funds
For 28 weeks
For 28 weeks ended For 52 weeks
ended 9 January ended
8 January 1999 26 June 1999
2000 (restated)
#'000 #'000 #'000 #'000 #'000 #'000
Profit after tax
attributable to 7,436 9,188 10,01
shareholders
Dividends (1,283) (1,263) (4,465)
-----------------------------------------
Retained profit
attributable to 6,153 7,925 5,550
shareholders
New share capital issued 19 - 569
------------------------------------------
6,119
Net increase in 6,172 8,138
shareholders' funds
Opening shareholders'
funds as reported 48,148 44,796 44,796
Prior period
adjustments - FRS12 - (2,767) (2,767)
------------------------------------------
Opening shareholders'
funds - as restated 48,148 42,029 42,029
-----------------------------------------
Closing shareholders'
funds 54,320 50,167 48,148
-----------------------------------------
Consolidated Cash Flow Statement
Unaudited results for 28 weeks ended 8 January 2000
For 28 weeks For 28 weeks For 52 weeks
ended ended ended
8 January 2000 9 January 26 June 1999
1999
#'000 #'000 #'000 #'000 #'000 #'000
Notes
Cash inflow from
operating 6 22,570 24,505 29,693
activities
Returns on
investments and
servicing of
finance (2,375) (2,071) (3,978)
Taxation (8) (622) (2,872)
Capital expenditure
and financial (5,608) (26,690) (37,066)
investment
Equity dividends
paid (3,198) (3,013) (4,297)
------------------------------------------
Cash inflow/(outflow)
before use of liquid
resources and financing 11,381 (7,891) (18,520)
Management of (152) 9,525 (11,596)
liquid resources
Financing - Issue 19 213 569
of shares
Financing -
(decrease)/
increase in debt (11,772) 2,431 10,529
--------------------------------------------
(11,753) 2,644 11,098
--------------------------------------------
(Decrease) /
increase in cash in (524) 4,278 4,174
the period
Reconciliation of
net cash flow to
movement in net debt
(Decrease) /
increase in cash in (524) 4,278 (4,174)
the period
Cash flow from
decrease/
(increase) in debt 11,772 (2,431) (10,529)
Cash flow from
increase/
(decrease) in
liquid resources 152 (9,525) (11,596)
---------------------------------------------
Change in net debt
resulting from
cashflow 11,400 (7,678) (17,951)
Inception of
finance leases (425) (1,326) (2,696)
Termination of
finance leases 157 - -
Translation
difference 82 47 23
-----------------------------------------------
Movement in net
debt in the period 11,214 (8,957) (20,624)
Net debt at
beginning of period (50,729) (30,105) (30,105)
----------------------------------------------
Net debt at end of
period (39,515) (39,062) (50,729)
-----------------------------------------------
Analysis of Net Debt
Group: For the 28 weeks Other
ended 8 January 2000 At 26 Cash non- At 8
June 1999 Flow cash Exchange January
changes Movement 2000
#'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 2,941 (524) - 82 2,499
Overdrafts - - - - -
----------------------------------------
2,941 (524) - 82 2,499
Debt due within one year (11,100) 11,100 - - -
Debt due after one year (39,574) - - - (39,574)
Finance leases (2,996) 672 (268) - (2,592)
---------------------------------------
(53,670) 11,772 (268) - (42,166)
---------------------------------------
Cash on deposit - 152 - - 152
---------------------------------------
Total net debt (50,729) 11,400 (268) 82 (39,515)
--------------------------------------
Other At
At non- 9
27 June Cash cash Exchange January
Group: For the 28 weeks 1998 Flow changes Movement 1999
ended 9 January 1999
#'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 385 2,707 - - 3,092
Overdrafts (1,618) 1,571 - 47 -
---------------------------------------
(1,233) 4,278 - 47 3,092
Debt due within one year - (2,700) - - (2,700)
Debt due within one year (39,574) - - - (39,574)
Finance leases (871) 269 (1,326) - (1,928)
----------------------------------------
(40,445) (2,431) (1,326) - (44,202)
----------------------------------------
Cash on deposit 11,573 (9,525) - - 2,048
----------------------------------------
Total net debt (30,105) (7,678) (1,326) 47 (39,062)
----------------------------------------
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