TIDMBOK
RNS Number : 3963M
Booker Group PLC
13 October 2016
13 October 2016
Booker Group plc
Interim Results
for the 24 weeks ended 9 September 2016
Booker Group is the UK's leading food wholesaler. This
announcement contains the interim results of Booker Group plc
('Booker') for the 24 weeks ended 9 September 2016.
Financial Highlights
-- Total sales GBP2.5bn, +13%
-- Booker like-for-like non tobacco sales up 0.1% and tobacco
sales down 5.6% due to the "display ban"
-- Operating pro t GBP81.4m, +9%
-- Profit before tax GBP81.0m, +9%
-- Profit after tax GBP67.8m, +12%
-- Basic earnings per share up 11% at 3.83 pence
-- Net cash of GBP105.7m
-- Interim dividend of 0.63 pence per share, up 11%
-- As previously indicated, we intend to make a special return to shareholders in July 2017
Operational Highlights
-- Our plan to Focus, Drive and Broaden Booker Group continues to make progress
-- Customer satisfaction was strong as we continue to improve
choice, prices and service for our customers
-- We made good progress on the catering and retail sides of the business
-- The integration of Londis and Budgens is going well
-- India is performing as expected
-- Booker internet sales up 10% to GBP506m (excluding Budgens and Londis)
Outlook
The Group's trading in the first four weeks of the current half
year is ahead of the same period last year. We anticipate that the
challenging consumer and market environment will persist through
the coming year and the UK's food market remains very competitive.
We will continue to deliver our plans to focus, drive and broaden
the business to provide our customers with better choice, prices
and service. Booker Group remains on course to meet its
expectations for the year ending 24 March 2017.
Commenting on the results, Charles Wilson, Chief Executive of
Booker, said:
"This was a good half. Our plans to Focus, Drive and Broaden the
business remain on track. We strive to improve choice, prices and
service for our catering, retail and small business customers.
Londis and Budgens joined the Group last September and the
turnaround of the businesses is going well. We look forward to
helping our customers prosper in the second half."
Booker Group plc will announce its Quarter 3 Trading Update for
the 16 weeks to 30 December 2016 on 12 January 2017.
For further information contact:
Tulchan Communications (PR adviser to Booker Group plc)
020 7353 4200
Susanna Voyle
Samantha Chiene
A presentation for analysts will be held at 08.30am on Thursday
13 October 2016 at Investec's offices
Webcast
http://www.investis-live.com/booker-group/57e8ffc6994a7c09001a3a8a/82d1h
For further details please call Charlotte Evans at Tulchan
Communications on 0207 353 4200.
Chairman's Statement
I am pleased to report on a good performance for the 24 weeks to
9 September 2016. The Booker plan to Focus, Drive and Broaden the
business is working well. Both the catering and retail sides of the
business had a good half.
Financial Results
Sales for the 24 week period were GBP2.5bn, an increase of 12.6%
with like-for-like non tobacco sales up 0.1% and tobacco sales down
5.6%. Tobacco sales continued to be depressed by the ban on small
stores displaying tobacco products. Half year profit before tax was
GBP81.0m (2015: GBP74.1m), up 9.3%. Basic earnings per share
increased 11.0% to 3.83 pence (2015: 3.45 pence).
Focus
We continue to improve cash management and operational
efficiency. The Group has a strong net cash position of
GBP105.7m.
Drive
Booker continues to 'drive' sales by further improving choice,
prices and service. Overall customer satisfaction was good.
Like-for-like non-tobacco sales showed an increase of 0.1%.
The drive into the catering market is working with like-for-like
sales to caterers having increased by 1.8%. Customer satisfaction
was 90.3% and we have a trial in Norwich to improve choice and
offer customers same day delivery.
Like-for-like sales to retailers have decreased by 2.8%. The
decline was primarily due to the tobacco display ban. Premier, our
retail symbol group, continued to grow and now has 3,358 outlets
(2015: 3,203 outlets). The integration of Londis and Budgens is
going well. The cost of the businesses was GBP40m. We have already
generated GBP28m of cash from Londis and Budgens. Sales have been
turned from declining at 20% in week 1 to growing 15% in week 24.
In addition we now have 52 Family Shopper "local discount stores".
These are branded stores operated by independent retailers.
Booker was voted the UK's best Cash & Carry Wholesaler in a
survey of independent retailers conducted by him!, the retail
research consultancy.
Broaden
Booker.co.uk sales grew to GBP506m, up 10% versus the same
period last year.
Booker Direct, Ritter Courivaud, Chef Direct and Classic are
developing as planned. During the half we started to supply
Carluccio's and Prezzo.
Our Indian business continues to make progress.
We will continue to make progress through focusing, driving and
broadening the Booker Group.
Interim Dividend
Booker's strategy to drive and broaden its business is working
in a challenging environment. As a result the Board has declared an
interim dividend of 0.63 pence per share (2015: 0.57 pence) to be
paid on 25 November 2016 to shareholders on the register at the
close of business on 28 October 2016. The ex-dividend date will be
27 October 2016.
Special Returns to Shareholders
In July 2012 Booker Group plc issued GBP124m of shareholder
equity to acquire Makro in the UK. Since that time we have made
three special annual returns, which in aggregate total
c.GBP180m.
As previously indicated, we intend to return a similar annual
amount as in previous years to shareholders in July 2017. An update
on this will be provided at the 2017 Final Results announcement in
May 2017, in light of circumstances prevailing at that time. This
return to shareholders would be made by way of a special
dividend.
Outlook
The Group's trading in the first four weeks of the current half
year is ahead of the same period last year. We anticipate that the
challenging consumer and market environment will persist through
the coming year and the UK's food market remains very competitive.
We will continue to deliver our plans to focus, drive and broaden
the business to provide our customers with better choice, prices
and service. Booker Group remains on course to meet its
expectations for the year ending 24 March 2017.
Stewart Gilliland
Chairman
Disclaimer
This announcement may include "forward-looking statements" with
respect to certain of Booker Group plc's ('Booker') plans and its
current goals and expectations relating to its future financial
condition, performance and results. These forward-looking
statements sometimes contain words such as 'anticipate', 'target',
'expect', 'intend', 'plan', 'goal', 'believe', 'may', 'might',
'will', 'could' or other words of similar meaning. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties because they relate to future events and
circumstances which may be beyond Booker's control, including,
among other things, UK domestic and global economic and business
conditions, market-related risks such as fluctuations in interest
rates and exchange rates, the policies and actions of regulatory
authorities, the impact of competition, the possible effects of
inflation or deflation, the impact of tax and other legislation and
regulations in the jurisdictions in which Booker operates, as well
as the other risks and uncertainties set forth in this announcement
and our presentation of interim results for the 24 weeks ended 9
September 2016, released on 13 October 2016. As a result, Booker's
actual future financial condition, performance and results may
differ materially from those expressed or implied by the plans,
goals and expectations set forth in any forward-looking statements,
and persons receiving this announcement should not place reliance
on forward-looking statements.
Booker expressly disclaims any obligation or undertaking (except
as required by applicable law) to update the forward-looking
statements made in this announcement or any other forward-looking
statements it may make or to reflect any change in Booker's
expectation with regard thereto or any changes in events,
conditions or circumstances on which any such statement is based.
Forward-looking statements made in this announcement are current
only as of the date on which such statements are made.
All oral or written forward-looking statements attributable to
the Directors of Booker or persons acting on their behalf are
qualified in their entirety by these cautionary statements.
None of the statements in this announcement are, nor are any
intended to be, a profit forecast and none should be interpreted to
mean that the profits or earnings per share of Booker in the
current or any future financial period necessarily is or will be
above or below the equivalent figure for any previous period.
Condensed consolidated financial statements
Consolidated income statement
24 weeks 24 weeks 52 weeks
ended ended ended
9 September 11 September 25 March
2016 2015 2016
Note GBPm GBPm GBPm
Revenue 2,524.4 2,241.2 4,991.5
Cost of sales (2,397.3) (2,127.4) (4,737.9)
---------- ---------- ----------
Gross profit 127.1 113.8 253.6
Administrative
expenses - normal (45.7) (38.8) (98.5)
Administrative
expenses - exceptional - - (2.3)
---------- ---------- ----------
Administrative
expenses (45.7) (38.8) (100.8)
Analysis of operating
profit
Operating profit
before exceptional
items 81.4 75.0 155.1
Exceptional items - - (2.3)
---------- ---------- ----------
Operating profit 81.4 75.0 152.8
Finance costs 2 (1.2) (1.2) (2.6)
Finance income 2 0.8 0.3 0.6
---------- ---------- ----------
Profit before tax 81.0 74.1 150.8
Tax 3 (13.2) (13.3) (23.0)
---------- ---------- ----------
Profit for the
period attributable
to owners of the
Group 67.8 60.8 127.8
====== ====== ======
Earnings per share
(Pence)
Basic 4 3.83p 3.45p 7.24p
====== ====== ======
Diluted 4 3.80p 3.41p 7.15p
====== ====== ======
Consolidated statement of comprehensive income
24 weeks 24 weeks 52 weeks
ended ended ended
9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
Profit for the period 67.8 60.8 127.8
Items that will not
be reclassified to
profit or loss
Remeasurements of
the pension scheme (28.4) (16.1) (23.0)
Tax on pension scheme
remeasurements 4.5 3.3 3.1
---------- ---------- ----------
Total other comprehensive
expense (23.9) (12.8) (19.9)
---------- ---------- ----------
Total comprehensive
income for the period
attributable to the
owners of the Company 43.9 48.0 107.9
====== ====== ======
Consolidated balance sheet
Note 9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
ASSETS
Non-current assets
Property, plant
and equipment 7 214.7 208.3 229.8
Intangible assets
and goodwill 466.2 439.3 466.7
Investment in joint
ventures 1.4 1.7 1.5
Deferred tax assets 31.8 33.3 25.3
---------- ---------- ----------
714.1 682.6 723.3
Current assets
Inventories 348.9 312.5 354.1
Trade and other
receivables 182.8 111.9 180.9
Cash and cash equivalents 105.7 118.1 127.4
---------- ---------- ----------
637.4 542.5 662.4
---------- ---------- ----------
Total assets 1,351.5 1,225.1 1,385.7
---------- ---------- ----------
LIABILITIES
Current liabilities
Trade and other
payables (688.0) (577.3) (677.9)
Tax liabilities (30.6) (24.8) (21.2)
---------- ---------- ----------
(718.6) (602.1) (699.1)
Non-current liabilities
Other payables (25.5) (26.5) (26.0)
Retirement benefit
liabilities 8 (58.5) (36.1) (29.6)
Provisions 9 (40.0) (25.6) (40.8)
---------- ---------- ----------
(124.0) (88.2) (96.4)
---------- ---------- ----------
Total liabilities (842.6) (690.3) (795.5)
---------- ---------- ----------
Net assets 508.9 534.8 590.2
====== ====== ======
EQUITY
Share capital 17.7 17.7 17.7
Share premium 6 1.9 41.4 44.0
Merger reserve 260.8 260.8 260.8
Capital redemption
reserve 6 179.5 122.8 122.8
Other reserve 6 - 14.0 14.0
Share option reserve 13.9 11.3 12.4
Retained earnings 35.1 66.8 118.5
---------- ---------- ----------
Total equity attributable
to equity holders 508.9 534.8 590.2
====== ====== ======
Consolidated cash flow statement
24 weeks 24 weeks 52 weeks
ended ended ended
9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
Cash flows from operating
activities
Profit before tax 81.0 74.1 150.8
Depreciation 12.0 9.7 23.5
Amortisation 0.5 0.5 1.2
Net finance costs 0.4 0.9 2.0
(Profit)/loss on disposal
of property, plant and
equipment (0.2) 0.1 0.1
Equity settled share
based payments 2.0 3.1 6.9
Decrease in inventories 5.2 15.6 4.0
(Increase)/decrease
in debtors (1.9) 12.6 (7.7)
Increase/(decrease)
in creditors 9.6 (8.0) 19.8
Contributions to pension
scheme - - (0.8)
Decrease in provisions (1.2) (0.4) (5.7)
---------- ---------- ----------
107.4 108.2 194.1
Net interest received/(paid) 0.5 - (0.2)
Tax paid (5.5) (8.0) (18.8)
---------- ---------- ----------
Net cash flows from
operating activities 102.4 100.2 175.1
Cash flows from investing
activities
Acquisition of property,
plant and equipment (11.3) (11.0) (25.2)
Acquisition of subsidiary - - (44.5)
Acquisition of intangible
asset - (1.0) (1.0)
Investment in joint
venture 0.1 (0.3) (0.1)
Sale of property, plant
and equipment 14.6 - 0.3
---------- ---------- ----------
Net cash flows from
investing activities 3.4 (12.3) (70.5)
---------- ---------- ----------
Cash flows from financing
activities
Proceeds from issue
of ordinary shares 0.6 0.3 2.9
Dividends paid (71.4) (55.2) (61.9)
Redemption of shares (56.7) (61.9) (65.2)
---------- ---------- ----------
Net cash flows from
financing activities (127.5) (116.8) (124.2)
---------- ---------- ----------
Net decrease in cash
and cash equivalents (21.7) (28.9) (19.6)
Cash and cash equivalents
at the start of the
period 127.4 147.0 147.0
---------- ---------- ----------
Cash and cash equivalents
at the end of the period 105.7 118.1 127.4
====== ====== ======
Reconciliation to net cash
24 weeks 24 weeks 52 weeks
ended ended ended
9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
Net decrease in cash
and cash equivalents (21.7) (28.9) (19.6)
Opening net cash 127.4 147.0 147.0
---------- ---------- ----------
Closing net cash 105.7 118.1 127.4
====== ====== ======
Consolidated statement of changes in equity
24 weeks ended Capital Share
9 September Share Share Merger redemption Other option Retained
2016 capital premium reserve reserve reserve reserve earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
At 26 March
2016 17.7 44.0 260.8 122.8 14.0 12.4 118.5 590.2
Profit for the
period - - - - - - 67.8 67.8
Remeasurements
of the pension
scheme - - - - - - (28.4) (28.4)
Tax on pension
scheme
remeasurements - - - - - - 4.5 4.5
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total
comprehensive
income for the
period - - - - - - 43.9 43.9
Dividends to
shareholders - - - - - - (71.4) (71.4)
Issue B shares - (42.7) - - (14.0) - - (56.7)
Redeem B shares - - - 56.7 - - (56.7) -
Share options
exercised - 0.6 - - - (0.5) 0.5 0.6
Share based
payments - - - - - 2.0 - 2.0
Tax on share
schemes - - - - - - 0.3 0.3
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total
transactions
with owners - (42.1) - 56.7 (14.0) 1.5 (127.3) (125.2)
17.7 1.9 260.8 179.5 - 13.9 35.1 508.9
At 9 September ====== ====== ====== ====== ====== ====== ====== ======
2016
24 weeks ended Capital Share
11 September Share Share Merger redemption Other option Retained
2015 capital premium reserve reserve reserve reserve earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
At 27 March
2015 17.6 41.2 260.8 60.9 75.8 11.2 130.6 598.1
Profit for the
period - - - - - - 60.8 60.8
Remeasurements
of the pension
scheme - - - - - - (16.1) (16.1)
Tax on pension
scheme
remeasurements - - - - - - 3.3 3.3
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total
comprehensive
income for the
period - - - - - - 48.0 48.0
Dividends to
shareholders - - - - - - (55.2) (55.2)
Issue B shares - - - - (61.8) - - (61.8)
Redeem B shares - - - 61.9 - - (61.9) -
Share options
exercised 0.1 0.2 - - - (3.0) 3.0 0.3
Share based
payments - - - - - 3.1 - 3.1
Tax on share
schemes - - - - - - 2.3 2.3
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
0.1 0.2 - 61.9 (61.8) 0.1 (111.8) (111.3)
At 11 September
2015 17.7 41.4 260.8 122.8 14.0 11.3 66.8 534.8
====== ====== ====== ====== ====== ====== ====== ======
52 weeks ended Capital Share
25 March 2016 Share Share Merger redemption Other option Retained
capital premium reserve reserve reserve reserve earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
At 27 March
2015 17.6 41.2 260.8 60.9 75.8 11.2 130.6 598.1
Profit for the
period - - - - - - 127.8 127.8
Remeasurements
of the pension
scheme - - - - - - (23.0) (23.0)
Tax on pension
scheme
remeasurements - - - - - - 3.1 3.1
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total
comprehensive
income for the
period - - - - - - 107.9 107.9
Dividends to
shareholders - - - - - - (65.2) (65.2)
Issue B shares - - - - (61.8) - - (61.8)
Redemption of B
shares - - - 61.9 - - (61.9) -
Share options
exercised 0.1 2.8 - - - (5.7) 5.7 2.9
Share based
payments - - - - - 6.9 - 6.9
Tax on share
schemes - - - - - - 1.4 1.4
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
0.1 2.8 - 61.9 (61.8) 1.2 (120.0) (115.8)
At 25 March
2016 17.7 44.0 260.8 122.8 14.0 12.4 118.5 590.2
====== ====== ====== ====== ====== ====== ====== ======
Notes to the condensed financial statements
1. General information
Reporting entity
Booker Group plc (the 'Company') is a public limited company
incorporated in the United Kingdom (Registration number 05145685).
The Company's ordinary shares are traded on the London Stock
Exchange. These condensed consolidated interim financial statements
('interim financial statements') as at and for the 24 weeks ended 9
September 2016 comprise the Company and its subsidiaries (together
referred to as the 'Group'). The financial statements are presented
in Sterling and rounded to the nearest hundred thousand.
Statement of compliance
These interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting', as adopted by
the EU. As required by the Disclosure and Transparency Rules of the
Financial Conduct Authority, these condensed set of financial
statements have been prepared applying the accounting policies that
were applied in the preparation of the Group's published
consolidated financial statements for the 52 weeks ended 25 March
2016. They do not include all the information required for a
complete set of IFRS financial statements and should be read in
conjunction with the consolidated financial statements of the Group
as at and for the 52 weeks ended 25 March 2016.
These interim financial statements were approved by the
Company's Board on 12 October 2016.
Risks and uncertainties
The Board has considered the principal risks and uncertainties
for the remaining half of the financial year and determined that
the risks and uncertainties presented in the 2016 Annual Reports
still remain.
Going concern
The Directors' assessment of the Group's ability to continue as
a going concern is based on cash flow forecasts for the Group,
covering a period of at least 12 months from the date of approval
of these interim financial statements, and the committed borrowing
and debt facilities of the Group. In August 2015, the Group
negotiated an unsecured bank facility of GBP120m for a period of 5
years.
These forecasts include consideration of future trading
performance, working capital requirements and the principal risks
facing the Group. Having reassessed the principal risks, the
Directors consider it appropriate to adopt the going concern basis
of accounting in preparing the interim financial statements.
Accounting policies
The accounting policies applied by the Group in these condensed
consolidated interim financial statements are the same as those
applied in the Group's published consolidated financial statements
for the period ended 25 March 2016 except for the application of
relevant new standards.
A number of new standards and amendments to existing standards
are effective for the financial period ending 24 March 2017. None
of these have had a material impact and accordingly the 25 March
2016 and 11 September 2015 comparatives have not been restated. A
number of amendments to standards and interpretations have been
issued during the period, which are either not yet endorsed, or are
endorsed but not yet effective, and accordingly the Group has not
yet adopted them.
Judgements and estimates
In preparing the condensed consolidated financial statements,
management are required to make accounting judgements, assumptions
and estimates. The judgements, assumptions and estimation methods
are consistent with those disclosed in the published consolidated
financial statements for the period ended 25 March 2016.
Seasonality
The Group's operations are mainly unaffected by seasonal
factors. It should be noted that, in line with internal management
reporting, the first half consists of 24 weeks whilst the second
half consists of 28 weeks.
2. Finance income and expense
24 weeks 24 weeks 52 weeks
ended ended ended
9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
Interest on bank loans
and overdrafts (0.3) (0.3) (0.8)
Unwinding of discount
on provisions (0.4) (0.6) (1.3)
Net pension charge (0.5) (0.3) (0.5)
---------- ---------- ----------
Finance costs (1.2) (1.2) (2.6)
Bank interest receivable 0.3 0.3 0.6
Gain on financial instrument 0.5 - -
---------- ---------- ----------
Finance income 0.8 0.3 0.6
Net finance costs (0.4) (0.9) (2.0)
====== ====== ======
3. Tax
Tax of GBP13.2m on the profit before taxation for the 24 weeks
ended 9 September 2016 is based on an effective rate of 16.3%,
which has been calculated by reference to the projected charge for
the full financial year. The rate for the 24 weeks ended 11
September 2015 and 52 weeks ended 25 March 2016 was 17.9% and 15.3%
respectively.
Reductions in the UK corporation tax rate from 20% to 19%
(effective from 1 April 2017) was substantively enacted on 26
October 2015, and a further reduction to 17% (effective from 1
April 2020) announced in the budget on 16 March 2016 was
substantively enacted on 6 September 2016. The deferred tax asset
at 9 September 2016 has been calculated based on these rates.
4. Earnings per share
24 weeks ended 24 weeks ended 52 weeks ended
9 September 11 September 25 March 2016
2016 2015
Weighted Earnings Weighted Earnings Weighted
average per average per average Earnings
Earnings shares share Earnings shares share Earnings shares per
share
Number Number Number
GBPm m Pence GBPm m Pence GBPm m Pence
Basic
earnings 67.8 1,769.6 3.83 60.8 1,760.9 3.45 127.8 1,765.2 7.24
Share
options - 15.6 (0.03) - 23.5 (0.04) - 22.4 (0.09)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Diluted
earnings 67.8 1,785.2 3.80 60.8 1,784.4 3.41 127.8 1,787.6 7.15
====== ====== ====== ====== ====== ====== ====== ====== ======
5. Dividends
24 weeks 24 weeks 52 weeks
Declared and paid ended ended ended
during the period 9 September 11 September 25 March
2016 2015 2016
per GBPm GBPm GBPm
share
Final dividend 3.14
for 2014/15 pence - 55.2 55.2
Interim dividend 0.57
for 2015/16 pence - - 10.0
Final dividend 4.03 71.4 - -
for 2015/16 pence
---------- ---------- ----------
71.4 55.2 65.2
====== ====== ======
6. Return of Capital
On 20 July 2015 the Company issued 1,766,091,414 B shares
totalling GBP61.8m, utilising GBP61.8m from the other reserve. On
21 July 2015 the Company redeemed 1,764,571,053 B shares for 3.5
pence per share (a total of GBP61.8m) and the shares were
cancelled. The 1,520,361 remaining B shares were classified as a
financial liability until they were redeemed on 29 April 2016 for
3.5 pence per share. Following the redemption, such B shares were
cancelled.
On 18 July 2016 the Company issued 1,773,369,892 B shares
totalling GBP56.7m, utilising GBP14.0m and GBP42.7m from the other
reserve and share premium account respectively. On 19 July 2016 the
Company redeemed 1,769,234,092 B shares for 3.2 pence per share (a
total of GBP56.6m) and the shares were cancelled. The 4,135,800
remaining B shares have been classified as a financial liability
and are expected to be redeemed on 27 April 2017 for 3.2 pence per
share. Following the redemption, such B shares will be
cancelled.
7. Property, plant and equipment
24 weeks 24 weeks 52 weeks
Net book value ended ended ended
9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
At start of period 229.8 207.1 207.1
Additions 11.3 11.0 25.2
Acquired - - 21.4
Disposal proceeds (14.6) - (0.4)
Profit/(loss) on
disposal 0.2 (0.1) -
Depreciation charge (12.0) (9.7) (23.5)
---------- ---------- ----------
At end of period 214.7 208.3 229.8
====== ====== ======
8. Retirement benefit liabilities
24 weeks 24 weeks 52 weeks
ended ended ended
9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
Total market value of
assets 752.4 602.1 685.2
Present value of scheme
liabilities (810.9) (638.2) (714.8)
---------- ---------- ----------
Deficit in the scheme (58.5) (36.1) (29.6)
====== ====== ======
Movement in the scheme
At start of period (29.6) (19.7) (19.7)
Net asset acquired - - 12.8
Employer contributions - - 0.8
Pension scheme remeasurements (28.4) (16.1) (23.0)
Net pension finance charge (0.5) (0.3) (0.5)
---------- ---------- ----------
At end of period (58.5) (36.1) (29.6)
====== ====== ======
The principal assumptions adopted for the valuation at 9
September 2016 are the same as those adopted at 25 March 2016,
other than changes to the discount rate (from 3.50% to 2.50%) and
RPI inflation (from 3.00% to 2.90%) which are in line with market
indicators.
9. Provisions
24 weeks 24 weeks 52 weeks
ended ended ended
9 September 11 September 25 March
2016 2015 2016
GBPm GBPm GBPm
At start of period 40.8 25.4 25.4
Acquired - - 19.8
Unwinding of discount 0.4 0.6 1.3
Credited to income
statement - exceptionals - - (4.0)
Credited to income
statement - - (0.3)
Utilised (1.2) (0.4) (1.4)
---------- ---------- ----------
At end of period 40.0 25.6 40.8
====== ====== ======
10. Acquisition
On 14 September 2015, the Group acquired the entire share
capital of Musgrave Retail Partners GB Limited and its'
subsidiaries ('Budgens and Londis') for GBP40.0m on a cash/debt
free basis with a normalised working capital level.
No further adjustments have been made in the period.
Responsibility statement of the Directors in respect of the
half-yearly financial report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with IAS34 'Interim Financial Reporting' as adopted
by the EU;
-- the interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
24 weeks of the financial year and their impact on the condensed
set of financial statements; and a description of the principal
risks and uncertainties for the remaining 28 weeks of the year;
and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first 24
weeks of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
By order of the Board
Charles Wilson Jonathan Prentis
Chief Executive Finance Director
12 October 2016
Independent review report to Booker Group plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
24 weeks ended 9 September 2016 which comprises the consolidated
income statement, consolidated statement of comprehensive income,
consolidated balance sheet, consolidated statement of changes in
equity, the consolidated cash flow statement and the related
explanatory notes. We have read the other information contained in
the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with
IAS34 'Interim Financial Reporting' as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the UK. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the 24 weeks ended 9
September 2016 is not prepared, in all material respects, in
accordance with IAS34 as adopted by the EU and the DTR of the UK
FCA.
Stuart Burdass
For and on behalf of KPMG LLP
Chartered Accountants
1 St Peter's Square
Manchester
M2 3AE
12 October 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UURNRNUARAAA
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