Thorntons PLC - Interim Results - Part 3
March 07 2000 - 2:09AM
UK Regulatory
RNS Number:7769G
Thorntons PLC
7 March 2000
PART III
THORNTONS PLC
Announcement of Interim Results
for the 28 weeks ended 8 January 2000
Notes to the Financial Statements
1. Basis of preparation of the Financial Statements
The unaudited interim financial statements, which are abridged,
have been prepared on the basis of accounting policies
set out in the 1999 Annual Report. The Balance Sheet as
at 26 June 1999, the Consolidated Profit and Loss Account
and Consolidated Cashflow Statement for the 52 weeks ended
26 June 1999 are extracts from the Annual Report 1999,
which have been delivered to the Registrar of Companies.
The auditors' report on the Annual Report was unqualified
and did not contain a statement under Section 237 of the
Companies Act 1985. FRS12 Provisions, Contingent Assets
and Contingent Liabilities', was adopted with effect from
28 June 1998 and reflected in the 1999 Annual Report as a
prior period adjustment. Subsequent to those financial statements,
it has been deemed best practice to disclose the effect of
onerous lease provisions as the net impact of the full
provision and any sublet receivables provided. We have
therefore restated the sublet receivables debtor
within provisions, in both the year ended 26 June 1999
and half year ended 9 January 1999. Further, the half year
ended 9 January 1999 profit and loss account and balance sheet
have been restated to reflect Inland Revenue guidance
on the allowability of onerous lease provisions for tax purposes.
2. Segmental analysis and Exceptional items
The Group's continuing activities arise from UK operations only.
The Belper facility was disposed for a loss of #1,055,000,
representing proceeds of #1,700,000 less assets and disposal
costs of #2,755,000. The net credit in the period for
onerous leases of #828,000 (1999 : #160,000) represents
#828,000 (1999 : #314,000) release of provisions following
exit from leases already provided, and a charge of #nil
(1999 : #154,000) for onerous lease obligations
incurred in this financial year. Reorganisation charges
in 1999 of #1,348,000 relate to Project 200
and comprised consultancy fees of #600,000 and
redundancy related payments of #748,000.
3. Interest payable & similar charges
For 28 weeks For 28 For 52
ended weeks ended weeks ended
8 January 9 January 26 June
2000 1999 1999
#'000 #'000 #'0000
Borrowings wholly
repayable within one 686 521 908
year
Unsecured loan note 1,562 1,566 2,901
interest payable
Exchange differences and 18 22 40
other interest
Interest on finance 161 118 257
lease repayments
--------------------------------
Total interest payable & 2,427 2,227 4,106
similar charges
Interest capitalised - (1,094) (1,460)
--------------------------------
Net interest payable & 2,427 1,133 2,646
similar charges --------------------------------
4. Taxation
Taxation on results before exceptionals is provided at 22.5%
(1999 : 24%) being the anticipated rate of taxation for the
full year, before adjusting for prior year tax credits.
Taxation is provided at 30% on the release of onerous lease
provisions and Project 200 Reorganisation charges; no taxation
provision is required on disposal of the Belper facility.
5. Earnings per share
Basic earnings per share have been based on the Group profit
attributable to ordinary shareholders of #7,436,000 (1999 :
#9,188,000) and the average number of shares in issue of
65,934,778 (1999 : 65,525,913).
Fully diluted earnings per share have been based on the
Group profit attributable to shareholders of #7,436,000
(1999 : #9,188,000) and the average number of fully diluted
shares of 66,380,934 (1999 : 65,965,895) in accordance
with FRS14 and the comparison between exercise price
and average mid-market price in the period.
6. Reconciliation of operating profit to operating cash flows
For 28 weeks ended 8 January 2000
Results Continuing
before Exceptional operations
exceptional items 2000
#'000 #'000 #'000
Operating profit/ 12,386 828 13,214
(loss)
Profit on disposal
of fixed assets (294) - (294)
Depreciation charges 7,616 - 7,616
Amortisation of Long
Term Incentive Plan - - -
--------------------------------------
Operating cash flows
before working 19,708 828 20,536
capital movements
Non cash movements - (828) (828)
in provisions
Cash flows relating
to previous years (528) (164) (692)
provisions
(Increase) /
decrease in stocks (1,442) - (1,442)
(Increase)/decrease
in debtors (1,350) - (1,350)
Increase in creditors 6,346 - 6,346
------------------------------------
Net cash inflow /
(outflow) from
operating activities 22,734 (164) 22,570
-----------------------------------
For 28 weeks ended 9 January 1999
Results Continuing
before Reorganisation operations
exceptional charges Onerous 1999
#'000 #'000 leases #'000
Operating profit/ 13,172 (1,348) 160 11,984
(loss)
Profit on disposal
of fixed assets (98) - - (98)
Depreciation charges 6,234 - - 6,234
Amortisation of Long
Term Incentive Plan 185 - - 185
-----------------------------------------
Operating cash flows
before working 19,493 (1,348) 160 18,305
capital movements
Non cash movements
in provisions - - (160) (160)
Cash flows relating
to previous years (395) - (169) (564)
provisions
(Increase) /
decrease in stocks 3,082 - - 3,082
(Increase)/decrease
in debtors (2,496) - - (2,496)
Increase in creditors 6,165 173 - 6,338
------------------------------------------
Net cash inflow /
(outflow) from
operating activities 25,849 (1,175) (169) 24,505
-------------------------------------------
For 52 weeks ended 26 June 1999
Results
Exceptional items
Results Reorganis- Continuing
before ation Onerous operations
exceptionals charges leases 1999
#'000 #'000 #'000 #'000
Operating profit /
(loss) 13,085 (1,348) 572 12,309
Profit on disposal of
fixed assets (376) - - (376)
Depreciation charges 12,328 - - 12,328
Amortisation of Long
Term Incentive Plan 200 - - 200
--------------------------------------
Operating cash flows
before working capital
movements 25,237 (1,348) 572 24,461
Non cash movements in
provisions - - (572) (572)
Cash flows relating to
previous years
provisions (1,112) - (324) (1,436)
(Increase)/decrease
in stocks 5,138 - - 5,138
(Increase) / decrease
in debtors 486 - - 486
Increase in creditors 1,616 - - 1,616
---------------------------------------
Net cash inflow /
(outflow) from
operating activities 31,365 (1,348) (324) 29,693
----------------------------------------
7. Interim Report
The Interim Report will be posted to all registered shareholders
in March 2000. After that date, copies for general release
will be available from the Company Secretary, Thorntons PLC,
Thornton Park, Somercotes, Alfreton, Derbyshire, DE55 4XJ.
END
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