TIDMBAG
RNS Number : 7323Z
Barr(A.G.) PLC
22 September 2015
22 September 2015
A.G. BARR p.l.c.
INTERIM RESULTS FOR THE 6 MONTHS ENDED 25 JULY 2015
A.G. BARR p.l.c., the soft drinks Group, which produces and
markets some of the UK's leading brands, including IRN-BRU, Rubicon
and Strathmore, announces its interim results for the 6 months
ended 25 July 2015.
Key Points
-- Total turnover was GBP130.3m (2014: GBP135.7m). Adjusting for
the impact of discontinued business, turnover from ongoing
business, including the recently acquired Funkin Limited
("Funkin"), declined 2.8%
-- Adjusted* profit on ordinary activities before tax, interest
and exceptional items increased by 3.3% to GBP17.8m. Statutory
profit before tax decreased by 11.3% to GBP16.9m (2014:
GBP19.0m)
-- Free cash flow was GBP7.4m. Net debt stands at GBP19.9m
(representing a net debt/EBITDA ratio of 0.4 times)
-- The Funkin business is performing well against our pre-acquisition expectations
-- Investment in our Milton Keynes site continued during the
period with the successful commissioning of carton packaging
capability and the commencement of the warehouse capacity increase
project, due to be completed in early 2016
-- Interim dividend of 3.36p per share (2014: 3.11p), an increase of 8.0% on the prior year
Commenting on the results, Roger White, Chief Executive
said:
"We have delivered a number of significant system, business
process and operational improvement projects over the course of the
last 6 months, which will ensure we can successfully deliver our
long-term growth and efficiency ambitions. These important changes
have been made against a challenging backdrop of stretching prior
year comparatives, disappointing weather and tough market
conditions.
Our focus in the coming months will be to build our sales
momentum and continue our long-term brand investment strategy.
Market conditions across the first half have been difficult and
are forecast to remain so. The business is responding well to the
market challenges but the weather since we last updated the market
in July has been poor and, although we have recovered some sales
momentum, it is not yet at the run rate we have targeted. Assuming
a satisfactory trading performance in the key Christmas period, the
Board now expects the Company to deliver a full year result broadly
similar to that achieved last year.
As we look towards 2016 it is anticipated that the business will
return to growth and begin to see the benefits of our improved
operating platform."
For more information, please contact:
A.G. BARR 01236 852400 Instinctif Partners 020 7457 2020
Roger White, Chief Executive Justine Warren
Stuart Lorimer, Finance Matthew Smallwood
Director
*Adjusted profit is defined as statutory operating profit before
interest and tax and after adjusting for discontinued business
(GBP1.0m), income associated with the 2014 termination of the
Orangina franchise (GBP0.7m) and one-off transaction fees related
to the acquisition of the Funkin Cocktails business (GBP0.7m).
Interim Statement
A.G. BARR has been through an extremely demanding 6 months in
which we have delivered a substantial level of change and business
improvement. The period began with the closure of the Tredegar
factory and the subsequent successful clearance and sale of the
site which completed in September 2015. During the early part of
the year we also commissioned carton packaging capability at our
Milton Keynes site, increasing capacity and improving flexibility
in this important product format. The acquisition of the Funkin
cocktail mixer business also completed in the period and we are
pleased to report the business is meeting our high expectations.
Alongside all of these highly visible actions and activities we
have completed the planning and go-live of our Business Process
Redesign (BPR) project which means we are now operating our
business on a much more effective, modern and robust system and
business process platform, capable of supporting sustained future
growth.
As we reported in July, the go-live of our BPR project, despite
our significant efforts to reduce executional risk, proved to be
more challenging than anticipated. We experienced a period of
difficult internal operating conditions post go-live which
undoubtedly impacted our revenue performance and our customer
service. We have now stabilised our systems and our focus is to
realise the business benefits our new improved operating platform
offers.
Trading
The soft drinks market in the period has been impacted by
continued price deflation and very poor weather, especially in the
north of the UK. As expected, our relative revenue performance has
also been affected by the stretching prior year comparatives driven
by better than average weather, strong execution behind the Glasgow
2014 Commonwealth Games and specific brand promotional phasing
changes in the current year.
Total revenue for the period was GBP130.3m. Adjusting for the
impact of discontinued business, turnover from ongoing business,
including the recently acquired Funkin Limited ("Funkin"), declined
2.8%.
The total soft drinks market, as measured by Nielsen,
experienced a 0.6% decline in revenue during the period, with
modest growth of 1.4% in volume driven by strong performance in
water and the continued positive performance of the energy drinks
category.
We have maintained our long-term strategy of investing behind
our core brands with further significant marketing activity. The
prior year's activity was weighted to the first half in support of
the Glasgow 2014 Commonwealth Games. This year's marketing
programme sees a return to more normal phasing with greater
proportionate activity later in the year.
In the period we have continued to see gross margin improvement
benefiting from a combination of improved procurement conditions
and further delivery of supply chain savings. Operating margins
have been adversely impacted by a combination of lower volumes and
our commitment to maintaining brand and business investment.
Adjusted* profit increased by 3.3% to GBP17.8m. Statutory profit
before tax and exceptional items in the period was GBP16.9m.
In the period we have continued to support the long-term growth
of IRN-BRU, developing the brand across the UK as a whole, with
national TV and digital advertising and the development of an
exciting sponsorship plan with both the English Football League and
the Scottish Professional Football League.
The IRN-BRU brand continues to feature heavily in social media
and digital channels, with positive consumer engagement during both
our "Tartan Packs" promotion and our "Bru Planet" summer
initiative.
We announced in late August a GBP5m investment at our
Cumbernauld factory with the installation of new, high-speed glass
filling capability. The investment will lead to the discontinuation
of our returnable glass bottle system at the end of 2015. However
moving to non returnable, recyclable glass will support the
long-term development of this popular product format. The
investment will also facilitate a number of exciting brand
development projects in 2016.
In the period, we also announced phase 3 of the ongoing
investment at our Milton Keynes site. Our plans include the
building of increased warehouse capacity to improve operational
efficiency, flexibility and costs, as well as the purchase of 4
acres of development land adjacent to the site. The total expected
cost of this development phase, including the additional land for
future expansion, is GBP11m.
Our actions to drive efficiency, as well as our continued
investment in our asset base and brands, indicate our commitment to
building a platform which will effectively support significant
future growth across our whole business.
In the period we had no exceptional charges (2014: GBP2.5m).
Balance Sheet
Our balance sheet remains strong.
Intangible asset additions of GBP27.7m reflect the brand and
goodwill valuation associated with the Funkin acquisition and the
capitalisation of the investment in our BPR Project.
We also continue to invest in our tangible asset base. Cash
capital expenditure during the period amounted to GBP7.9m, a
combination of normal operational replacement and the acquisition
of additional land at our Milton Keynes site.
Working capital continues to be tightly managed. The impact of
lower receivables, a result of the Glasgow 2014 Commonwealth Games
impact on comparatives, has more than offset slightly higher
inventories.
The Group continues to benefit from strong cash-flow and low
leverage. Net debt at 25 July 2015 stood at GBP19.9m, having funded
the Funkin acquisition, the Milton Keynes land purchase and the BPR
project investment.
Free cash flow of GBP7.4m was generated in the 6 month period.
This was GBP3.8m less than in the comparable period in the prior
year, arising from the addition of Funkin, underlying trading
performance and slightly higher tax payments.
Dividend
The Board has declared an interim dividend of 3.36 pence per
share, payable on 16 October 2015 to shareholders on the register
on 2 October 2015. This represents an increase on the prior year of
8.0% and reflects the Board's confidence in the current financial
position and the future prospects of the Group.
Board Update
In April, we were very pleased to welcome David Ritchie, CEO of
Bovis Homes Group PLC, on to the Board as an independent
non-executive director and Chair of the Remuneration Committee.
Outlook
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Having delivered significant internal change over the last 6
months our focus is to return the business to sales growth. Market
conditions across the first half have been difficult and are
forecast to remain so. The business is responding well to the
market challenges but the weather since we updated the market in
July has been poor and, although we have recovered some sales
momentum, it is not yet at the run rate we have targeted. Assuming
a satisfactory trading performance in the key Christmas period, the
Board now expects the Company to deliver a full year result broadly
similar to that achieved last year.
Despite the specific challenges of the current year, our
business is well placed and we remain confident in delivering
further on our growth potential and continuing to generate
long-term shareholder value. We expect to regain sales momentum and
to see the benefits of improved operational execution as we enter
2016.
John R. Nicolson Roger A. White
Chairman Chief Executive
22 September 2015
*Adjusted profit is defined as statutory operating profit before
interest and tax and after adjusting for discontinued business
(GBP1.0m), income associated with the 2014 termination of the
Orangina franchise (GBP0.7m) and one-off transaction fees related
to the acquisition of the Funkin Cocktails business (GBP0.7m).
Consolidated Condensed Income Statement
6 months
ended 25 July
2015 6 months ended 27 July 2014
---------------- ---------------------------------------------------------------
Before
exceptional
items
Restated
(note Exceptional items (note Total
Total 3(c)) 8) Restated (note 3(c))
Note GBP000 GBP000 GBP000 GBP000
------------------------ ----- ---------------- ------------- ------------------------ ----------------------
Revenue 6 130,260 135,703 - 135,703
Cost of sales (69,068) (74,362) (2,325) (76,687)
------------------------ ----- ================ ------------- ------------------------ ----------------------
Gross profit 6 61,192 61,341 (2,325) 59,016
Other income 8 - 747 - 747
Operating expenses (43,882) (42,923) (218) (43,141)
======================== ===== ================ ============= ======================== ======================
Operating profit 8 17,310 19,165 (2,543) 16,622
Finance income 26 46 - 46
Finance costs (460) (183) - (183)
------------------------ ----- ================ ------------- ------------------------ ----------------------
Profit before tax 16,876 19,028 (2,543) 16,485
Income tax expense 9 (3,538) (4,202) 532 (3,670)
------------------------ ----- ================ ------------- ------------------------ ----------------------
Profit attributable to
equity holders 13,338 14,826 (2,011) 12,815
------------------------ ----- ---------------- ------------- ------------------------ ----------------------
Earnings per share (p)
------------------------ ----- ---------------- ============= ======================== ======================
Basic earnings per
share 10 11.57 11.09
Diluted earnings per
share 10 11.50 11.03
------------------------ ----- ---------------- ------------- ------------------------ ----------------------
Ex-div date: 1 October 2015
Record date: 2 October 2015
Consolidated Condensed Income Statement
Year ended 25 January 2015
---------------------------------------------------
Before exceptional
items Exceptional Total
Restated (note items (note Restated
3(c)) 8) (note 3(c))
Note GBP000 GBP000 GBP000
======================== ======== ================= ============= ===============
Revenue 6 260,895 - 260,895
Cost of sales (140,996) (2,910) (143,906)
------------------------ -------- ----------------- ------------- ---------------
Gross profit 6 119,899 (2,910) 116,989
Other income 8 747 - 747
Operating expenses (78,513) (376) (78,889)
======================== ======== ================= ============= ===============
Operating profit 8 42,133 (3,286) 38,847
Finance income 103 - 103
Finance costs (322) - (322)
------------------------ -------- ----------------- ------------- ---------------
Profit before tax 41,914 (3,286) 38,628
Income tax expense 9 (9,318) 687 (8,631)
------------------------ -------- ----------------- ------------- ---------------
Profit attributable
to equity holders 32,596 (2,599) 29,997
------------------------ -------- ----------------- ------------- ---------------
Earnings per share
(p)
------------------------ -------- ----------------- ------------------- ---------
Basic earnings per
share 10 26.00
Diluted earnings per
share 10 25.86
------------------------ -------- ----------------- ------------------- ---------
Consolidated Condensed Statement of Comprehensive Income
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
GBP000 GBP000 GBP000
===================================== =========== =========== ============
Profit for the period 13,338 12,815 29,997
Other comprehensive income
Items that will not be reclassified
to profit or loss
Remeasurements on defined
benefit pension plans (note
19) 4,600 (2,660) (19,770)
Deferred tax movements on
items taken direct to equity (1,434) 22 2,934
Current tax movements on items
taken direct to equity 514 544 1,121
Items that will be or have
been reclassified to profit
or loss
Effective portion of changes
in fair value of cash flow
hedges 114 (294) 67
Deferred tax movements on
items above (22) 59 (14)
Other comprehensive income
for the period, net of tax 3,772 (2,329) (15,662)
Total comprehensive income
attributable to equity holders
of the parent 17,110 10,486 14,335
------------------------------------- ----------- ----------- ------------
Consolidated Condensed Statement of Changes
in Equity
Share Share Cash flow
Share premium options hedge Retained
capital account reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
================================ ========= ========== ========= ========== ========== =========
At 25 January 2015 4,865 905 2,318 (481) 148,930 156,537
Profit for the period - - - - 13,338 13,338
Other comprehensive income - - - 92 3,680 3,772
----------------------------------- --------- ---------- --------- ---------- ---------- ---------
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Total comprehensive income
for the period - - - 92 17,018 17,110
Company shares purchased
for use by employee benefit
trusts (note 20) - - - - (1,976) (1,976)
Proceeds on disposal of shares
by employee benefit trusts
(note 20) - - - - 1,305 1,305
Recognition of share-based
payment costs - - 265 - - 265
Transfer of reserve on share
award - - (262) - 262 -
Deferred tax on items taken
direct to reserves - - (66) - - (66)
Dividends paid - - - - (10,402) (10,402)
----------------------------------- --------- ---------- --------- ---------- ---------- ---------
At 25 July 2015 4,865 905 2,255 (389) 155,137 162,773
----------------------------------- --------- ---------- --------- ---------- ---------- ---------
At 26 January 2014 4,865 905 1,826 (534) 148,174 155,236
Profit for the period - - - - 12,815 12,815
Other comprehensive income - - - (235) (2,094) (2,329)
----------------------------------- --------- ---------- --------- ---------- ---------- ---------
Total comprehensive income
for the period - - - (235) 10,721 10,486
Company shares purchased
for use by employee benefit
trusts (note 20) - - - - (1,214) (1,214)
Proceeds on disposal of shares
by employee benefit trusts
(note 20) - - - - 1,164 1,164
Recognition of share-based
payment costs - - 470 - - 470
Transfer of reserve on share
award - - (463) - 463 -
Deferred tax on items taken
direct to reserves - - 136 - - 136
Dividends paid - - - - (9,455) (9,455)
----------------------------------- --------- ---------- --------- ---------- ---------- ---------
As at 27 July 2014 4,865 905 1,969 (769) 149,853 156,823
----------------------------------- --------- ---------- --------- ---------- ---------- ---------
Consolidated Condensed Statement of Changes in Equity
Cash
Share Share flow
Share premium options hedge Retained
capital account reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
================================ ========= ========= ========= ========= ========== =========
At 26 January 2014 4,865 905 1,826 (534) 148,174 155,236
Profit for the year - - - - 29,997 29,997
Other comprehensive income - - - 53 (15,715) (15,662)
-------------------------------- --------- --------- --------- --------- ---------- ---------
Total comprehensive income
for the year - - - 53 14,282 14,335
Company shares purchased
for use by employee benefit
trusts (note 20) - - - - (2,310) (2,310)
Proceeds on disposal of shares
by employee benefit trusts
(note 20) - - - - 1,301 1,301
Recognition of share-based
payment costs - - 893 - - 893
Transfer of reserve on share
award - - (534) - 534 -
Deferred tax on items taken
direct to reserves - - 133 - - 133
Dividends paid - - - - (13,051) (13,051)
-------------------------------- --------- --------- --------- --------- ---------- ---------
At 25 January 2015 4,865 905 2,318 (481) 148,930 156,537
-------------------------------- --------- --------- --------- --------- ---------- ---------
Consolidated Condensed Statement of Financial Position
As at 25 July 2015 As at 27 July 2014 As at 25 January 2015
Note GBP000 GBP000 GBP000
---------------------------------- ----- ------------------- ------------------- ----------------------
Non-current assets
Intangible assets 14 108,266 76,349 80,917
Property, plant and equipment 15 82,090 74,688 79,663
190,356 151,037 160,580
---------------------------------- ----- ------------------- ------------------- ----------------------
Current assets
Inventories 18,029 16,115 16,761
Trade and other receivables 64,988 74,535 51,899
Derivative financial instruments 16 20 - 66
Cash and cash equivalents 10,583 11,281 25,437
Assets held for sale 12 850 - -
94,470 101,931 94,163
---------------------------------- ----- ------------------- ------------------- ----------------------
Total assets 284,826 252,968 254,743
---------------------------------- ----- ------------------- ------------------- ----------------------
Current liabilities
Loans and other borrowings 18 - - 73
Trade and other payables 58,371 63,341 51,119
Derivative financial instruments 16 508 914 666
Provisions 17 112 1,100 1,009
Current tax 2,625 3,172 3,314
61,616 68,527 56,181
---------------------------------- ----- ------------------- ------------------- ----------------------
Non-current liabilities
Loans and other borrowings 18 30,402 14,931 14,944
Derivative financial instruments 16 4,500 47 -
Deferred tax liabilities 11,777 10,854 8,612
Retirement benefit obligations 19 13,758 1,786 18,469
60,437 27,618 42,025
---------------------------------- ----- ------------------- ------------------- ----------------------
Capital and reserves attributable to equity holders
Share capital 4,865 4,865 4,865
Share premium account 905 905 905
Share options reserve 2,255 1,969 2,318
Cash flow hedge reserve (389) (769) (481)
Retained earnings 155,137 149,853 148,930
162,773 156,823 156,537
---------------------------------- ----- ------------------- ------------------- ----------------------
Total equity and liabilities 284,826 252,968 254,743
---------------------------------- ----- ------------------- ------------------- ----------------------
Consolidated Condensed Cash Flow
Statement
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
GBP000 GBP000 GBP000
======================================== =========== =========== ============
Operating activities
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Profit for the period 16,876 16,485 38,628
Adjustments for:
Interest receivable (26) (46) (103)
Interest payable 460 183 322
Depreciation of property, plant
and equipment 3,593 3,347 6,739
Impairment of property, plant and
equipment - 1,365 1,483
Amortisation of intangible assets 343 126 253
Share-based payment costs 265 470 893
Loss / (gain) on sale of property,
plant and equipment 138 (35) (119)
Operating cash flows before movements
in working capital 21,649 21,895 48,096
Increase in inventories (611) (69) (715)
Increase in receivables (11,651) (27,060) (4,424)
Increase in payables 4,045 21,730 10,208
Difference between employer pension
contributions and amounts recognised
in the income statement (379) (963) (1,368)
----------------------------------------- ----------- ----------- ------------
Cash generated by operations 13,053 15,533 51,797
Tax on profit paid (3,689) (3,383) (7,031)
----------------------------------------- ----------- ----------- ------------
Net cash from operating activities 9,364 12,150 44,766
Investing activities
Acquisition of subsidiary (net of
cash acquired) (15,757) - -
Acquisition of intangible assets (4,757) (2,368) (7,063)
Purchase of property, plant and
equipment (7,941) (2,198) (11,493)
Proceeds on sale of property, plant
and equipment 87 487 585
Interest received 26 24 60
----------------------------------------- ----------- ----------- ------------
Net cash used in investing activities (28,342) (4,055) (17,911)
Financing activities
New loans received 47,000 15,000 15,000
Loans repaid (31,500) (15,000) (15,000)
Bank arrangement fees paid (55) (80) (80)
Purchase of Company shares by employee
benefit trusts (1,976) (1,214) (2,310)
Proceeds from disposal of Company
shares by employee benefit trusts 1,305 1,164 1,301
Dividends paid (10,402) (9,455) (13,051)
Interest paid (175) (161) (283)
----------------------------------------- ----------- ----------- ------------
Net cash generated by / (used in)
financing activities 4,197 (9,746) (14,423)
Net (decrease) / increase in cash
and cash equivalents (14,781) (1,651) 12,432
----------------------------------------- ----------- ----------- ------------
Cash and cash equivalents at beginning
of period 25,364 12,932 12,932
Cash and cash equivalents at end
of period 10,583 11,281 25,364
----------------------------------------- ----------- ----------- ------------
1. General information
A.G. BARR p.l.c. ('the Company') and its subsidiaries (together
'the Group') manufacture, distribute and sell soft drinks. The
Group has manufacturing sites in the U.K. and sells mainly to
customers in the U.K. with some international sales.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the U.K.
The address of its registered office is A.G. BARR p.l.c., Westfield
House, 4 Mollins Road, Cumbernauld, G68 9HD.
This consolidated condensed interim financial information does
not comprise statutory accounts within the meaning of section 434
of the Companies Act 2006. Statutory accounts for the year ended 25
January 2015 were approved by the board of directors on 24 March
2015 and delivered to the Registrar of Companies. The comparative
figures for the financial year ended 25 January 2015 are an extract
of the Company's statutory accounts for that year. The report of
the auditor on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement
under section 498 (2) or (3) of the Companies Act 2006.
This consolidated condensed interim financial information is
unaudited but has been reviewed by the Company's Auditor.
2. Basis of preparation
This consolidated condensed interim financial information for
the six months ended 25 July 2015 has been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority (previously the Financial Services Authority) and with
IAS 34, 'Interim financial reporting' as adopted by the European
Union. The consolidated condensed interim financial information
should be read in conjunction with the annual financial statements
for the year ended 25 January 2015, which have been prepared in
accordance with IFRSs as adopted by the European Union.
Going concern basis
The Group meets its day-to-day working capital requirements
through its bank facilities. After making enquiries, the directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
The Group's forecasts and projections, taking account of reasonable
sensitivities, show that the Group should be able to operate within
available facilities. The Group therefore continues to adopt the
going concern basis in preparing its consolidated condensed interim
financial statements.
3. Accounting policies
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 25 January 2015, as
described in those annual financial statements except as noted
below.
Changes in accounting policy and disclosures
(a) New and amended standards adopted by the Group
The following revised IFRSs have been adopted in this
consolidated condensed interim financial information. The
application of these revised IFRSs has not had any material impact
on the amounts reported for the current and prior periods.
-- Annual Improvements 2010-2012 Cycle, IFRS 2, IFRS 3, IFRS 8,
IFRS 13, IAS 16, IAS 38 and IAS 24
-- Amendments to IAS 19 Defined Benefit Plans relating to
employee contributions
-- Annual Improvements 2011-2013 Cycle, IFRS 1, IFRS 3, IFRS 13
and IAS 40
(b) New standards, amendments and interpretations issued but not
effective for the financial year beginning 26 January 2015 and not
adopted early
A number of new standards and amendments to standards and
interpretations are effective for future year ends, and have not
been applied in preparing these interim financial statements. These
standards and amendments are listed in the table below:
International Accounting Standards and Interpretations Effective date
IFRS 9 Financial Instruments (as amended in 2014) 1 January 2018
IFRS 9 (2014) supersedes IFRS 9 (2009), IFRS 9
(2010) and IFRS 9 (2013)
Amendment to IFRS 7 Financial Instruments: Disclosures When IFRS 9 is
relating to transition to IFRS 9 (or otherwise first applied
when IFRS 9 is first applied)
IFRS 14 Regulatory deferral accounts 1 January 2016
Amendments to IAS 39 Financial instruments - Continuation When IFRS 9 is
of hedge accounting first applied
Amendments to IFRS 11 - Accounting for acquisitions 1 January 2016
of Interests in Joint operations
1 January 2016
Amendments to IAS 16 and IAS 38 - Clarification
of acceptable methods of depreciation and amortisation
Amendments to IAS 16 and IAS 41 - Agriculture: 1 January 2016
Bearer plants
IFRS 15 - Revenue from contracts with customers 1 January 2018
Amendment to IAS 27 Separate Financial Statements 1 January 2016
(as amended in 2011) relating to reinstating the
equity method as an accounting option for investments
in subsidiaries, joint ventures and associates
in an entity's separate financial statements
Amendments resulting from September 2014 Annual 1 January 2016
Improvements to IFRS 5 Non-current Assets Held
for Sale and Discontinued Operations, IFRS 7 Financial
Instruments: Disclosures, IAS 19 Employee Benefits
and IAS 34 Interim Financial Reporting
Amendments to IFRS 10 and IAS 28 clarify that 1 January 2016
the recognition of the gain or loss on the sale
or contribution of assets between an investor
and its associate or joint venture depends on
whether the assets sold or contributed constitute
a business
Amendments to IFRS 10, IFRS 12 and IAS 28 regarding 1 January 2016
the application of the consolidation exception
IAS 1 Presentation of Financial Statements: Amendments 1 January 2016
resulting from the disclosure initiative
Management anticipates that the application of the above
Standards and Interpretations in future periods will have no
material impact on the consolidated financial statements of the
Group.
(c) Restatement of segment reporting
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(i) In the segment reporting to 25 January 2015 a misstatement
has been noted between the gross profit for Carbonates and the
Other segments. An element totalling GBP2.3m of gross profit in
relation to Carbonates was reported within the Others segment. This
has been restated in the table below. There has been no change to
the total reported revenue or gross profit before exceptional items
or any other element of the financial statements.
(ii) In the six months to 25 July 2015 a new enterprise resource
planning system was implemented. This implementation included an
alignment of the internal management reporting and the statutory
reporting. The review concluded that some distribution costs
previously recorded within operating expenses would be more
appropriately recorded within cost of sales as this reflects more
accurately the costs incurred in manufacturing products. This has
resulted in a reduction in the gross profit of GBP3.4m in the year
to 25 January 2015 and a reduction of GBP1.8m in the six months to
25 July 2015. Operating expenses have reduced by an equivalent
amount in these periods with there being no change to the
previously reported operating profit. There has been no impact on
any other element of the financial statements.
6 months ended 27 July
2014
Still drinks
Carbonates and water Other Total
GBP000 GBP000 GBP000 GBP000
--------------- ---------------- ------------- --- ----------- --------------- ---------- ----------
Total revenue 102,612 31,638 1,453 135,703
Gross profit before exceptional
items as previously stated 53,189 9,495 490 63,174
Reclassification of distribution
costs (note ii) (2,515) 654 28 (1,833)
Restated gross profit before exceptional
items 50,674 10,149 518 61,341
------------------------------------------------ --- ----------- --------------- ---------- ----------
Year ended 25 January
2015
Still drinks
Carbonates and water Other Total
GBP000 GBP000 GBP000 GBP000
--------------- ---------------- ------------- --- ----------- --------------- ---------- ----------
Total revenue 198,249 58,218 4,428 260,895
Gross profit before exceptional
items as previously stated 102,235 17,349 3,729 123,313
Restatement of gross
profit (note i) 2,342 - (2,342) -
Reclassification of distribution
costs (note ii) (4,852) 1,338 100 (3,414)
Restated gross profit before exceptional
items 99,725 18,687 1,487 119,899
------------------------------------------------ --- ----------- --------------- ---------- ----------
4. Principal risks and uncertainties
The directors consider that the principal risks and
uncertainties which could have a material impact on the Group's
performance in the remaining 27 weeks of the financial year remain
substantially the same as those stated on pages 26-29 of the
Group's annual financial statements as at 25 January 2015, which
are available on our website, www.agbarr.co.uk.
5. Financial risk management and financial instruments
The Group's activities expose it to a variety of financial
risks: market risk (including foreign exchange risk, cash flow and
fair value interest rate risk and price risk), credit risk and
liquidity risk.
The condensed interim financial statements should be read in
conjunction with the Group's annual financial statements as at 25
January 2015 as they do not include all financial risk management
information and disclosures contained within the annual financial
statements. There have been no changes in the risk management
policies since the year end.
6. Segment reporting
The Group's management committee has been identified as the
chief operating decision-maker. The management committee reviews
the Group's internal reporting in order to assess performance and
allocate resources. The management committee has determined the
operating segments based on these reports.
The management committee considers the business from a product
perspective. This led to the operating segments identified in the
table below: there has been no change to the segments during the
period (after aggregation).
The performance of the operating segments is assessed by
reference to their gross profit before exceptional items.
Exceptional items are reported separately in note 8.
6 months ended 25 July
2015
Still drinks
Carbonates and water Other Total
GBP000 GBP000 GBP000 GBP000
---------------------- --- ----- --------- ----------- --------------- ------- --------
Total revenue 96,298 27,563 6,399 130,260
Gross profit before
exceptional items 50,150 8,196 2,846 61,192
--------------------------- --------------- ----------- --------------- ------- ========
6 months ended 27 July
2014
Still drinks
Carbonates and water Other Total
GBP000 GBP000 GBP000 GBP000
---------------------- --- ----- --------- ----------- --------------- ------- --------
Total revenue 102,612 31,638 1,453 135,703
Gross profit before exceptional
items (Restated - note 3 (c)) 50,674 10,149 518 61,341
--------------------------------------------- ----------- --------------- ------- --------
Year ended 25 January
2015
Still drinks
Carbonates and water Other Total
GBP000 GBP000 GBP000 GBP000
---------------------- --- ----- --------- ----------- --------------- ------- --------
Total revenue 198,249 58,218 4,428 260,895
Gross profit before exceptional
items (Restated - note 3(c)) 99,725 18,687 1,487 119,899
--------------------------------------------- ----------- --------------- ------- --------
There are no intersegment sales. All revenue is from external
customers.
Other segments represent the sale of Funkin cocktail solutions,
rental income for vending machines, the sale of ice-cream and other
soft drink related items. In the six months to 27 July 2014 this
segment also included income from water coolers for the Findlays 19
litre water business. This business was disposed of in the second
half of the year to 25 January 2015.
The gross profit before exceptional items from the segment
reporting is reconciled to the total profit before income tax as
shown in the consolidated condensed income statement.
All of the assets of the Group are managed by the management
committee on a central basis rather than at a segment level. As a
result no reconciliation of segment assets and liabilities to the
consolidated condensed statement of financial position has been
disclosed for any of the periods presented.
7. Seasonality of operations
Historically, approximately half the revenues and operating
profits are expected in each half of the year.
8. Operating profit
The following items have been charged to operating profit during
the period:
6 months ended 6 months Year ended
25 July 2015 ended 27 25 January
July 2014 2015
GBP000 GBP000 GBP000
---------------------- ------- --------------- ----------- ------------
Acquisition costs
(note 13) 667 - -
Inventory write down 20 51 134
Foreign exchange losses
recognised 563 351 1,063
Inventories are stated at the lower of cost and net realisable
value. Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of completing
production and selling expenses.
During the six months to 27 July 2014 the contract for the
production and selling of Orangina was terminated by the recently
formed Lucozade Ribena Suntory Group. This resulted in compensation
of GBP0.7m being received by A.G. BARR p.l.c. This has been shown
on the consolidated condensed income statement as other income.
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The following exceptional items have been charged or credited
before operating profit:
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
GBP000 GBP000 GBP000
-------------------------------------------- ------------ ----------- ------------
Redundancy costs relating to the
closure of the Tredegar manufacturing
site - 960 1,427
Impairment charges relating to the
closure of the Tredegar manufacturing
site - 1,365 1,483
Total cost of sales - 2,325 2,910
---------------------------------------------- ---------- ----------- ------------
Pension curtailment - (523) (523)
Redundancy costs for finance, telesales,
distribution, demand and supply planning
reorganisation - 741 899
Total operating
costs - 218 376
---------------------------------------------- ---------- ----------- ------------
Total exceptional
costs - 2,543 3,286
---------------------------------------------- ---------- ----------- ------------
During the six months to 27 July 2014 A.G. BARR p.l.c. announced
the closure of its manufacturing site at Tredegar. This resulted in
an impairment charge of GBP1.4m in respect of buildings and plant
at the site with a further GBP0.1m charge in the second half of the
year ended 25 January 2015. GBP3,000 of redundancy related costs
were incurred in the six months to 27 July 2014 with a further
GBP1.0m of redundancy costs provided for. A further GBP0.5m was
incurred in the second half of the year to 25 January 2015.
Redundancy, recruitment and training costs in relation to the
finance, telesales, distribution, demand and supply planning
operations within England were incurred during the six months to 27
July 2014 and year ended 25 January 2015 and treated as
exceptional.
As a result of the finance, telesales, distribution, demand and
supply planning reorganisation, a curtailment in the Group's
retirement pension plan arose in the 6 months ended 27 July 2014
and year ended 25 January 2015. This resulted in an exceptional
credit arising from the reduction in the retirement benefit
obligation following a reduction in the number of employees
remaining with the scheme. The value of this credit was
GBP0.5m.
9. Tax on profit
The interim period tax charge is accrued based on the estimated
average annual effective income tax rate of 21.0% (six months ended
27 July 2014: 22.3%; year ended 25 January 2015: 22.3%).
The Chancellor announced in his Summer Budget on 8 July 2015
that the main rate of corporation tax will be reduced to 19% from 1
April 2017 and 18% from 1 April 2020 and the future current tax
charges will reduce accordingly. These changes are contained in the
Finance Bill 2015 which is not expected to be substantively enacted
until October 2015 and at that point the changes will be reflected
in the Company's deferred tax liabilities.
10. Earnings per share
Basic earnings per share have been calculated by dividing the
earnings attributable to equity holders of the parent by the
weighted average number of shares in issue during the year,
excluding shares held by the employee share scheme trusts.
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
Profit attributable to equity
holders of the Company (GBP000) 13,338 12,815 29,997
Weighted average number of ordinary
shares in issue 115,280,958 115,516,417 115,377,541
--------------------------------------- ------------ ------------ ------------
Basic earnings per
share (pence) 11.57 11.09 26.00
---------------------------------------- ------------ ------------ ------------
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
potentially dilutive ordinary shares. These represent share options
granted to employees where the exercise price is less than the
average market price of the Company's ordinary shares during the
period. The number of shares calculated as above is compared with
the number of shares that would have been issued assuming the
exercise of the share options.
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
Profit attributable to equity
holders of the Company (GBP000) 13,338 12,815 29,997
Weighted average number of ordinary
shares in issue 115,280,958 115,516,417 115,377,541
Adjustment for dilutive
effect of share options 676,859 623,121 623,962
-------------------------------------- ------------ ------------ ------------
Diluted weighted average number
of ordinary shares in issue 115,957,817 116,139,538 116,001,503
Diluted earnings per
share (pence) 11.50 11.03 25.86
---------------------------------------- ------------ ------------ ------------
The underlying EPS figure is calculated by using profit
attributable to equity holders before exceptional items:
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
Profit attributable to equity
holders of the Company before
exceptional items (GBP000) 13,338 14,826 32,596
Weighted average number of ordinary
shares in issue 115,280,958 115,516,417 115,377,541
---------------------------------------------- --- -------------- ------------ ------------
Underlying earnings
per share (pence) 11.57 12.83 28.25
--------------------------------------------------- -------------- ------------ ------------
This measure has been included in the financial statements as it
provides a closer guide to the underlying financial performance as
the calculation excludes the effect of exceptional items.
11. Dividends paid
6 months 6 months 6 months
6 months ended ended ended Year ended
ended 25 27 July 25 July 27 July 25 January
July 2015 2014 2015 2014 2015
------------
Year ended
25 January
2015 per
per share per share share
(p) (p) (p) GBP000 GBP000 GBP000
--------------------- ----------- ---------- ------------ --------- -------------- ------------
Paid final dividend 9.01 - - 10,402 - -
Paid first interim
dividend - - 3.11 - - 3,596
Paid second interim
dividend - 8.19 8.19 - 9,455 9,455
9.01 8.19 11.30 10,402 9,455 13,051
--------------------- =========== ---------- ------------ ========= -------------- ============
An interim dividend of 3.36p (an increase of 8% on last year)
per share was approved by the board on 22 September 2015 and will
be paid on 16 October 2015 to shareholders on record as at 2
October 2015.
12. Held for sale assets
The property, plant and equipment related to the manufacturing
site at Tredegar have been presented as held for sale following the
decision to close the site. The property, plant and equipment was
sold during September 2015 (note 22).
13. Acquisition of subsidiary
On 2 February 2015, the Group acquired 100% of the share capital
of Funkin Limited ('Funkin'), a company which offers a broad range
of premium cocktail solutions including fruit purées, cocktail
mixers and syrups.
In the six months to 25 July 2015, Funkin contributed revenue of
GBP4.9m and an operating profit of GBP0.7m to the Group's results.
Had Funkin been consolidated from 26 January 2015, the consolidated
condensed income statement for the six months ended 25 July 2015
would not be materially different.
Consideration transferred
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The following table summarises the acquisition-date fair value
of each major class of consideration transferred:
GBP000
-------------------------- -------
Cash 17,511
Contingent consideration 4,500
Total consideration 22,011
-------------------------- -------
Contingent consideration
The Group has agreed to pay the former owners of Funkin a
contingent consideration based on achievement of certain financial
targets by Funkin in the two years from the date of its acquisition
by the Group. The potential undiscounted amount of all future
payments that the Group could make under the acquisition agreement
is between GBPnil and GBP4.5m.
The fair value of the contingent consideration arrangement of
GBP4.5m was estimated by assessing the expected growth of Funkin
over the two years trading post acquisition. No discount rate has
been applied to the fair value estimate of the contingent
consideration as due to the short time period the effect of
discounting has a negligible effect on the fair value.
The fair value of trade and other receivables is GBP1.4m and
includes trade receivables with a fair value of GBP1.2m. The gross
contractual amount for trade receivables due is GBP1.3m of which
GBP0.1m is expected to be uncollectible.
The fair value of the acquired identifiable intangible assets of
GBP7.2m, is provisional pending receipt of the final valuations for
those assets. A deferred tax liability of GBP1.5m has been provided
in relation to these fair value adjustments in relation to
intangible assets.
Acquisition-related costs
The Group incurred acquisition-related costs of GBP0.7m relating
to external legal fees and due diligence costs. These costs have
been included in operating costs in the consolidated condensed
income statement.
Recognised amounts of identifiable assets acquired and
liabilities assumed
GBP000
------------------------------- --------
Cash and cash equivalents 1,754
Funkin brand 6,800
Customer list 414
Property, plant and equipment 13
Inventories 657
Trade and other receivables 1,438
Trade and other payables (3,167)
Current tax liability (149)
Deferred tax liabilities (1,470)
Total identifiable net assets 6,290
------------------------------- --------
Goodwill 15,721
------------------------------- --------
None of the goodwill arising on the acquisition is expected to
be deductible for tax purposes.
The goodwill of GBP15.7m arises from a number of factors
including expected synergies through combining an experienced
senior team and obtaining greater production efficiencies through
knowledge transfer; marketing expertise; obtaining economies of
scale by cost reductions from purchasing efficiencies; price
reductions and greater volume rebates from suppliers; sales
synergies arising from introducing Funkin to A.G. BARR's route to
market and sales channels; and unrecognised assets such as the
workforce.
14. Intangible assets
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
GBP000 GBP000 GBP000
------------------ ----------- ----------- ------------
Opening net book
value 80,917 74,107 74,107
Additions 27,692 2,368 7,063
Amortisation (343) (126) (253)
Closing net book
value 108,266 76,349 80,917
------------------- ----------- ----------- ------------
The additions for periods presented represent goodwill and other
intangible assets acquired as part of the acquisition of Funkin
(note 13), internally generated software development costs and
third party consultancy costs incurred in relation to the Business
Process Redesign project.
The amortisation charge for the six months to 25 July 2015
represents GBP0.2m (six months ended 27 July 2014: nil; year ended
25 January 2015: nil) of charges in relation to the Business
Process Redesign project, GBP0.1m (six months ended 27 July 2014:
GBP0.1m; year ended 25 January 2015: GBP0.3m) of charges for the
Rubicon customer list and GBP34,000 of charges for the Funkin
customer list.
15. Property, plant and equipment
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
GBP000 GBP000 GBP000
------------------------------------------ ----------- ----------- ------------
Opening net book value 79,663 76,314 76,314
Additions 7,082 3,538 12,037
Additions acquired during acquisition
(note 13) 13 - -
Disposals (225) (452) (466)
Property, plant and equipment classified
as held for sale (note 12) (850) - -
Impairment of property, plant
and equipment - (1,365) (1,483)
Depreciation (3,593) (3,347) (6,739)
Closing net book value 82,090 74,688 79,663
------------------------------------------- ----------- ----------- ------------
The closing balance includes GBP0.6m (as at 27 July 2014:
GBP2.5m; as at 25 January 2015: GBP6.7m) of assets under
construction.
16. Financial instruments
Current assets of GBP20,000 (at 27 July 2014: GBPnil; 25 January
2015: GBP0.1m) relate to forward foreign currency contracts with a
maturity of less than 12 months and are classified as fair value
through the cash flow hedge reserve.
Current liabilities of GBP0.5m (at 27 July 2014: GBP0.9m; 25
January 2015: GBP0.7m) represents forward foreign currency
contracts with a maturity of less than 12 months and are classified
as fair value through the cash flow hedge reserve.
Non-current liabilities of GBPnil (at 27 July 2014: GBP47,000;
25 January 2015: GBPnil) relate to forward foreign currency
contracts with a maturity of more than 12 months and are classified
as fair value through the cash flow hedge reserve.
Fair value hierarchy
IFRS 7 requires all financial instruments carried at fair value
to be analysed under the following levels:
Level quoted prices (unadjusted) in active markets for identical
1: assets or liabilities
Level inputs other than quoted prices included within Level
2: 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived
from prices)
Level inputs for the asset or liability that are not based
3: on observable market data
The fair value of financial instruments that are not traded in
an active market (for example, over-the-counter derivatives) is
determined by using valuation techniques. These valuation
techniques maximise the use of observable market data where it is
available and rely as little as possible on entity specific
estimates. The fair value of the forward foreign exchange contracts
is determined using forward exchange rates at the date of the
statement of financial position, with the resulting value
discounted accordingly as relevant.
All financial instruments carried at fair value are Level 2.
Fair values of financial assets and financial liabilities
The table below sets out the comparison between the carrying
amount and fair value of all of the Group's financial instruments,
with the exception of trade and other receivables and trade and
other payables.
Carrying amount Fair value
---------------------------------------------------------
Other
financial
Fair value liabilities
- hedging Loans at amortised Level
instruments and receivables cost Total 2
As at 25 July 2015 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------- ------------- ----------------- -------------- ------- -----------
Financial assets not measured
at fair value
Cash and cash equivalents - 10,583 - 10,583 10,583
- 10,583 - 10,583 10,583
------------------------------- ------------- ----------------- -------------- ------- -----------
Financial assets measured
at fair value
Foreign exchange contracts
used for hedging - current 20 - - 20 20
20 - - 20 20
------------------------------- ------------- ----------------- -------------- ------- -----------
Financial liabilities measured
at fair value
Foreign exchange contracts used
for hedging - current 508 - - 508 508
Contingent consideration - - 4,500 4,500 4,500
508 - 4,500 5,008 5,008
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------------------------------------ ---- ------- ------- -------
Financial liabilities not measured
at fair value
Unsecured bank borrowings -
non-current - - 30,500 30,500 30,402
- - 30,500 30,500 30,402
------------------------------------ ---- ------- ------- -------
Carrying amount Fair value
---------------------------------------------------------
Other
financial
Fair value liabilities
- hedging Loans at amortised Level
instruments and receivables cost Total 2
As at 27 July 2014 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------------- ------------- ----------------- -------------- ------- -----------
Financial assets not measured
at fair value
Cash and cash equivalents - 11,281 - 11,281 11,281
- 11,281 - 11,281 11,281
--------------------------------- ------------- ----------------- -------------- ------- -----------
Financial liabilities measured
at fair value
Foreign exchange contracts
used for hedging - current 914 - - 914 914
Foreign exchange contracts
used for hedging - non-current 47 - - 47 47
961 - - 961 961
--------------------------------- ------------- ----------------- -------------- ------- -----------
Financial liabilities not
measured at fair value
Unsecured bank borrowings
- non-current - - 14,931 14,931 14,931
- - 14,931 14,931 14,931
--------------------------------- ------------- ----------------- -------------- ------- -----------
Carrying amount Fair value
---------------------------------------------------------
Other
financial
Fair value liabilities
- hedging Loans at amortised Level
instruments and receivables cost Total 2
As at 25 January 2015 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------------------- ------------- ----------------- -------------- ------- -----------
Financial assets not measured
at fair value
Foreign exchange contracts
used for hedging 66 - - 66 66
Cash and cash equivalents - 25,437 - 25,437 25,437
66 25,437 - 25,503 25,503
-------------------------------- ------------- ----------------- -------------- ------- -----------
Financial liabilities measured
at fair value
Foreign exchange contracts
used for hedging 666 - - 666 666
666 - - 666 666
-------------------------------- ------------- ----------------- -------------- ------- -----------
Financial liabilities not
measured at fair value
Unsecured bank borrowings
- current - - 73 73 73
Unsecured bank borrowings
- non-current - - 14,944 14,944 14,944
- - 15,017 15,017 15,017
-------------------------------- ------------- ----------------- -------------- ------- -----------
The carrying value of non-current borrowings is disclosed before
the deduction of the unamortised arrangement fee of GBP0.1m.
The fair values of the non-current borrowings are based on cash
flows discounted using the current variable interest rate charged
on the borrowings of 1.50% and a discount rate of 1.50%.
17. Provisions
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
GBP000 GBP000 GBP000
--------------------------------- ----------- ----------- ------------
Opening provision 1,009 396 396
Provision created in the period - 1,469 1,469
Provision released during the
period - (36) (97)
Provision utilised during the
period (897) (729) (759)
Closing provision 112 1,100 1,009
---------------------------------- ----------- ----------- ------------
18. Borrowings and loans
Movements in borrowings are analysed as follows:
6 months 6 months Year ended
ended 25 ended 27 25 January
July 2015 July 2014 2015
GBP000 GBP000 GBP000
----------------------------------------- ----------- ----------- ------------
Opening loan balance 15,073 15,000 15,000
Borrowings made 47,000 15,000 15,000
Bank overdrafts - - 73
Repayments of borrowings and
overdrafts (31,573) (15,000) (15,000)
========================================== =========== =========== ============
Closing loan balance before arrangement
fees 30,500 15,000 15,073
Unamortised arrangement fee (98) (69) (56)
Closing loan balance 30,402 14,931 15,017
------------------------------------------ ----------- ----------- ------------
The reconciliation to net debt is as follows:
As at
As at 25 27 July As at 25
July 2015 2014 January 2015
GBP000 GBP000 GBP000
========================================= ----------- --------- --------------
Closing loan balance before arrangement
fees 30,500 15,000 15,073
Cash and cash equivalents (10,583) (11,281) (25,437)
Net debt 19,917 3,719 (10,364)
------------------------------------------ ----------- --------- --------------
The undrawn facilities at 25 July 2015 are as follows:
Total facility Drawn Undrawn
GBP000 GBP000 GBP000
----------------------------- --------------- ------- --------
Revolving credit facilities 45,000 30,500 14,500
Overdraft 5,000 - 5,000
50,000 30,500 19,500
----------------------------- --------------- ------- --------
During the six months to 25 July 2015, the Group renegotiated a
GBP35m revolving credit facility.
A total arrangement fee of GBP0.1m was incurred and will be
amortised over the life of the loan facility. The revolving credit
facility will expire in January 2018. A further GBP10m revolving
credit facility was arranged in the year to 26 January 2014 and
will expire in March 2017.
The directors confirm that the Group has sufficient headroom to
enable it to meet the covenants on its existing borrowings. There
are sufficient working capital and undrawn funding facilities
available to meet the Group's ongoing requirements.
19. Retirement benefit obligations
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