TIDMDNLM
RNS Number : 7486J
Dunelm Group plc
14 September 2016
14 September 2016
Dunelm Group plc ("Dunelm")
Preliminary Results for the 52 weeks to 2 July 2016
Delivering on our plans and increasing sales, profits and
dividends
Dunelm Group plc, the UK's leading homewares retailer, today
announces its preliminary results for the 52 weeks to 2 July
2016.
Financial summary
The comparative period represented 53 weeks; therefore, to aid
comparability, results for the 52 week period to 27 June 2015 are
also presented.
52 weeks 53 week 52 weeks Year on
ended 2 ended ended 27 year change
July 2016 4 July June 2015 (52 weeks)
2015
---------------------- ----------- ---------- ----------- -------------
Total revenues GBP880.9m GBP835.8m GBP822.7m 7.1%
---------------------- ----------- ---------- ----------- -------------
Like-for-like
growth +2.5% +5.8% -
---------------------- ----------- ---------- ----------- -------------
Gross margin 49.8% 49.2% 49.2% +60bps
---------------------- ----------- ---------- ----------- -------------
Operating profit GBP129.3m GBP122.5m GBP121.3m +6.6%
---------------------- ----------- ---------- ----------- -------------
Profit before
tax GBP128.9m GBP122.6m GBP121.4m +6.2%
---------------------- ----------- ---------- ----------- -------------
Basic EPS 50.5p 47.5p 47.0p +7.4%
---------------------- ----------- ---------- ----------- -------------
Fully diluted
EPS 50.3p 47.3p 46.8p +7.5%
---------------------- ----------- ---------- ----------- -------------
Ordinary dividends 25.1p 21.5p +16.7%
---------------------- ----------- ---------- ----------- -------------
Special distribution 31.5p 70.0p
---------------------- ----------- ---------- ----------- -------------
Total distribution 56.6p 91.5p
---------------------- ----------- ---------- ----------- -------------
Free cash flow(1) GBP110.4m GBP87.0m +26.9%
---------------------- ----------- ---------- ----------- -------------
(1) defined as net cash from operating activities less cash
utilised in investing activities
Highlights
-- Another strong year, maintaining our record of growing sales
and profit every year since IPO in 2006
-- Continued delivery across all three areas of the growth
strategy:
o In-store like-for-like growth of 1.0% (52 week basis);
o 23.2% growth in home delivery sales (52 week basis), now
accounting for 7.0% of total revenue (FY15: 6.1%);
o Six new openings in the year (including two relocations),
increasing footprint to 152 superstores; nine new stores
contractually committed.
-- Progress on eight key initiatives to support the growth
strategy and to build a world class operating model in a low cost
environment:
o New warehouse opened in Stoke, doubling capacity and providing
cost reduction opportunities
o Improved productivity within stores to reinvest into helping
customers, improving service, driving sales and to mitigate the
cost of introducing the National Living Wage
o Reduction in stock holding by GBP16.5m (12.4%) through
improved retail disciplines
-- Strong free cashflow, up 26.9% to GBP110.4m
-- Special distribution during the period of 31.5p per share
(GBP63.8m)
-- Recommended final dividend of 19.1p per share (FY15: 16.0p),
increasing the full year dividend to 25.1p (FY15: 21.5p), an
increase of 16.7% for the full year
John Browett, Chief Executive, commented:
"The business has performed well over the year. Shoppers tell us
that they genuinely appreciate the unrivalled depth and value of
the Dunelm homewares offer. This has meant we have further cemented
our leading position through market share gains, driving sales and
profits growth, and increasing returns to shareholders, including a
16.7% increase in total ordinary dividends and a special
distribution of 31.5p per share.
"My first year as Chief Executive has been extremely busy and
we're working hard on initiatives across the business. Not least,
we are investing in our stores to make them much easier to shop,
whilst making sure our vast range of product maintains the value
for money proposition which lies at the very heart of the Dunelm
offer.
"We remain particularly focused on extending the Dunelm offer to
more customers and have opened six new superstores in the year.
This will be ramped up in the current year with nine planned
openings, three of which are in the London area where we are
excited by the clear opportunity for growth.
"We continue to outperform the homewares market, and despite
potential challenges to the economy over the coming months and the
dampening effect on footfall of recent hot weather, we believe that
Dunelm's competitive position can come into its own, and are
confident of continuing to deliver our growth ambitions."
There will be a presentation for analysts at 9.30am this morning
at UBS, 100 Liverpool Street, London EC2M 2RH. If you have not
already registered for attendance then please contact Isabelle
Grainger at MHP Communications on isabelle.grainger@mhpc.com.
A conference call will be held for those who are unable to
attend. Please preregister using the link below and allow plenty of
time to dial in
https://cossprereg.btci.com/prereg/key.process?key=PQQF9LKGJ
For further information please contact:
Dunelm Group plc 0116 2644439
John Browett, Chief Executive
Keith Down, Chief Financial Officer
MHP Communications 020 3128 8100
John Olsen / Simon Hockridge / Gina dunelm@mhpc.com
Bell
For photography, please contact MHP Communications
Notes to Editors
Dunelm is market leader in the GBP11.6bn UK homewares market.
The Group currently operates 157 stores, of which 152 are
out-of-town superstores and five are located on high streets. There
is also an online store, to be found at www.dunelm.com.
Dunelm's "Simply Value for Money" customer proposition offers
industry-leading choice of quality products at keen prices, with
high levels of availability and supported by friendly service. Core
ranges include many exclusive designs and premium brands such as
Dorma, and are supported by a frequently changing series of special
buys. The superstore format provides an average of 30,000 sq. ft.
of selling space with over 26,000 products across a broad spectrum
of categories, extending from the Group's home textiles heritage
(bedding, curtains, cushions, quilts and pillows) to a complete
homewares offer including kitchenware and dining, lighting, wall
art, furniture and rugs. Dunelm is one of the few national
retailers to offer an authoritative selection of curtain fabrics on
the roll, and owns a specialist UK facility dedicated to producing
made-to-measure curtains.
Dunelm was founded in 1979 as a market stall business, selling
ready-made curtains. The first shop was opened in Leicester in 1984
and over the following years the business developed into a
successful chain of high street shops before expanding into broader
homewares categories following the opening of the first Dunelm
superstore in 1991.
Dunelm has been listed on the London Stock Exchange since
October 2006 (DNLM.L) and has a current market capitalisation of
approximately GBP1.8bn.
CHAIRMAN'S STATEMENT
I am pleased to report another year of good progress for Dunelm.
On a consistent 52-week basis, we grew our total sales by 7.1%,
driven by the opening of six new stores, 1% growth in our
like-for-like store sales and 23.2% growth in our home delivery
sales. We converted this revenue growth into 6.2% growth (5.1%
growth on a 53-week basis) in pre-tax profits and 7.5% growth (6.3%
growth on a 53-week basis) in earnings per share, notwithstanding
our sustained investment in the business.
This profit growth, coupled with strong cash flow, allows us to
propose a 19.4% increase in the final dividend, which would
increase the full year dividend by 16.7%. In addition, we paid a
special dividend of 31.5 pence per share during the year, bringing
the total dividend proposed for the year to 56.6 pence per share,
some GBP115m in shareholder distributions. In view of the scale of
the special dividends in recent years, the Board has refined our
dividend policy to provide a slightly higher ordinary dividend
pay-out ratio, the details of which are included in the Chief
Financial Officer's report.
Dunelm has become the UK's leading homewares retailer by
offering customers an unrivalled proposition through our national
network of 152 superstores and website, providing an extensive
choice of good quality, great value products, backed up by the
knowledge and expertise of nearly 9,000 colleagues. Let me thank
all our colleagues for their tremendous contribution to our
continuing success. We really appreciate their hard work and
dedication.
Our Chief Executive, John Browett, describes in the following
report the key initiatives which our teams are implementing to
further strengthen our business and support future growth. These
initiatives, which represent a considerable investment in the
business, include exciting new store designs, investment in our
online shop and its supporting infrastructure, and improved supply
chain and warehousing which will improve product availability and
efficiency. In addition, we shall continue to invest in our people
with increased training and talent development programmes. In
short, we aim to give our customers even more reasons to shop at
Dunelm and to make Dunelm a better place for our colleagues to
work.
We have successfully navigated a year of considerable change in
our Board, with John Browett formally taking the CEO reins in
January 2016, Keith Down becoming our new CFO in December 2015 and
two new Non-Executive Directors, William Reeve and Peter Ruis,
joining our Board. John has also strengthened our Executive team
with a number of new appointments, which are central to delivering
our plans. We are pleased to have brought in strong new leadership
whilst maintaining Dunelm's distinct business principles and
culture, which have sustained our growth since the business was
founded by Bill and Jean Adderley in 1979. We are proud of our
culture which is exemplified by our Deputy Chairman, Will
Adderley.
The competitive landscape in retail continues to change at a
fast pace with the growth of new competition, especially online.
Our operating model has allowed us to gain market share in times of
uncertainty, and post-Brexit, we are confident the same
opportunities exist now. We have ambitious plans to continue to
grow our business and we intend to grasp the opportunities to
further strengthen our competitive position. We remain confident in
the Dunelm proposition and look forward to reporting further
progress.
Andy Harrison
Chairman
14 September 2016
CHIEF EXECUTIVE'S REVIEW
One of the great things about Dunelm is that we are able to
offer tremendous value for money for our customers and an
unrivalled range whilst remaining a low cost retailer. In the last
year we have continued to strengthen our offer and expand our store
base, allowing us to further increase market share and enhance our
market leading position. We are confident that our ambitious plans
will bring further improvements for customers and underpin our
prospects, even if the market proves to be difficult.
Customers love what we do: our wide product ranges are suitable
for all budgets and tastes. Our prices are always competitive or
market leading. We have fantastic colleagues in our stores, in the
supply chain and our support centre who give great service. We have
high on-shelf availability in-store and online. Indeed, our offer
is unmatched by our competitors.
Our low cost model is a critical part of making our business
work for customers. Our store costs are low because we have built a
network of stores that work for customers but have been rented on
sensible terms. We have modern IT systems that are cost effective
and easy to upgrade. By running a defined contribution pension
scheme we have clear costs and no legacy liabilities. We always
endeavour to run a lean operation so we can invest more in lower
prices and better products.
Last year, we continued to improve the shopping trip for our
customers. We have improved our ranges, have become more
competitive on price, made our stores easier to shop and launched a
vastly improved website. I think almost all our customers have
noticed the work we have done to clear the aisles, put the product
back into logical places and run our promotions much more tightly
and effectively. These may seem like small things, but through
customer feedback we know they make a major difference.
The improvements in the customer offer are paid for by running
our business more effectively. We continue to work on developing
our IT platform to provide more efficient processes as well as a
better customer experience in-store and online. Our internal "Keep
it Simple" programme looks at activity in our head office to ensure
that we are eliminating unnecessary work or improving broken
processes. Last year, we invested heavily in our logistics
infrastructure to enable better customer service at lower costs in
the future. The store teams have also made great progress in
simplifying their operation to free up hours to serve
customers.
In the year ahead it may be that the economy proves to be
difficult. However, even if there are short term problems, life
continues and for a business like Dunelm this is almost sure to
bring new opportunities. Our 'Simply Value for Money' proposition
becomes even more appealing if consumers feel under financial
pressure. In addition, our business is not significantly reliant on
big-ticket purchases; our average basket size remains around
GBP30.
Dunelm is a strong business due to the level of profit and cash
flow generated, combined with its low leverage, even including our
lease liabilities. None of that changes because of Brexit. Indeed,
in uncertain times our strengths become even more of an advantage.
It should mean that we can expand faster and offer even more to our
customers.
At the end of my first year, I'd like to express what a
tremendous privilege it is to work with all of our colleagues at
Dunelm and I want to thank them for all their effort, enthusiasm
and dedication to making Dunelm a great place to shop and work. It
is hard to get everything right every day, but it is both
pleasurable and rewarding to find a company which is always trying
to do the right thing.
Growth Strategy
When we reported our half year results in February, we
reiterated our commitment to our three-part growth strategy;
growing like-for-like sales, rolling out new stores and growing our
home delivery channel. We also identified eight key initiatives
that I believe will enable us to achieve this and will be the key
method by which we improve our business substantially for our
customers and shareholders over the medium term.
Online
Whilst we continue to work towards increasing our store estate
to 200 stores, we still believe in a multi-channel world for
homewares and continue to see online as a critical part of our
shopping trip.
We are working on making our website easier to access; for
example allowing customers to browse and order in-store. We want to
make the range and relevant content broader and provide an improved
site experience. We also want to provide greater convenience
through an increase in collection points, times and
availability.
We have also made progress in multiple other areas. The
integration of our one-man fulfilment process into our Stoke
distribution centre is a significant step towards broader
fulfilment options. We have grown our email database to over two
million customers, an increase of 18%. We have an online Made to
Measure service, and are building a more comprehensive solution,
due to be launched later this year.
Over the coming year, we are looking to extend our range through
a new DSV (drop shipped vendor) service. We are also rolling out
tablet devices and associated chip and pin payment options in-store
and are working towards a full Click and Collect service.
London
As part of our challenge to find 50 new stores to reach our 200
target, we recognise that London and the South East will provide a
significant proportion of this opportunity.
Encouragingly, we have legally committed to nine new stores in
the coming year, of which three are within the M25; an excellent
result given that we have only eight stores currently in this
area.
We are also focussing on improving the capability of our
colleagues in the region and will be looking to increase our online
participation in London, aided by the increased store presence.
Store Operations
We have reviewed all activities carried out in-store and found
several opportunities to help our colleagues work more effectively.
As a result, we have reduced hours worked on certain tasks in the
business, partially to mitigate the cost of introducing the
National Living Wage, but more importantly to reinvest back into
helping customers, improving service and driving sales.
We see this as a continual process, with several rounds of
improvements that will allow us to continue to reinvest in wages
and service.
Store Format
Our customers love our stores, but they do tell us that we could
make them easier to shop, particularly in terms of navigation and
making our displays more attractive.
We are trialling several new category merchandising initiatives,
and are particularly pleased with the work that we have done around
rugs, lighting and the till area. We will continue to roll these
out across the estate in the coming year.
We also continue to improve the store format design as we open
new stores. Our recent openings in Nottingham and Sheffield in
particular reflect a lighter, more open environment with lower
shelving and easier navigation. We are aiming to refit around 15
stores in FY17 in this new format, as well as using the format in
our new store openings.
Made to Measure
Made to Measure is a service that differentiates us from most of
our competitors. We manufacture the majority of our curtains
ourselves and offer great value for money.
We are trialling new operations in-store and developing a
greater understanding of how investment in service, presentation
and range can enhance our offer. We are looking to improve our
manufacturing performance by creating more efficiency in our
processes. We are also working on a new IT system to manage
customer orders and make things easier for customers.
Furniture
Dunelm continues to develop its furniture offer across all
channels. We are working hard to deliver new ranges, with better
quality and greater choice. We are trialling new formats in-store
using room-sets and new ways to display products. We are also
working on an improved service model and our new POS system will
help our colleagues to sell our entire range in-store.
Supply Chain
We have successfully opened our new warehouse in Stoke, which
doubles our capacity and provides a purpose built platform for
reducing costs over time. We are correspondingly reducing our third
party storage requirements which are costly and inefficient.
We are near the end of the process of moving our one-man
delivery operation into Stoke, which is a precursor to moving to a
click and collect offer. This will enhance the attractiveness of
our online offer by providing greater choice and ease to
customers.
We will look to further integrate our e-commerce and
direct-to-store distribution over time. This will enable improved
availability, productivity and a cleaner end of season
clearance.
Stock Management
To meet customer expectations, we rely on having full ranges
available in-store which previously resulted in a high stock
holding. We are working towards reducing the amount of stock that
we hold whilst improving availability. This will make us more
efficient and enable us to reinvest in the customer offer.
We have reduced our stock holding by GBP16.5m (12.4%) during the
course of the year by focussing on sensible retail disciplines such
as reducing minimum order quantities, reducing pack sizes and
through the better use of order replenishment systems. In-store we
have focused on better stock management, both on shelf and back of
house, by enhancing stock control processes.
Although we believe we can reduce stock levels further in time,
we consider this to be business as usual and stock management will
therefore no longer form one of our strategic initiatives in
FY17.
Product
Great product is the lifeblood of our business. We have started
work on a new strategic initiative (replacing stock management) to
further improve our product ranges. We see major opportunities in
product design, innovation and sourcing.
The work on product should enable us to grow by appealing to a
broader set of customers across more categories. Our sourcing work
should also improve our value for money proposition.
Enablers
While our key initiatives are the focus for improving the
business for customers, there are several initiatives we are
working on to make the business more effective. This work ranges
from 'Keep it Simple' changes in the Store Support Centre and
Contact Centre, to developing our IT systems to support the key
initiatives and customer offer. We could also talk at length about
the use of better customer insight, service and sales training in
stores and investment in skills and training across the
company.
At Dunelm we are always looking for opportunities and working on
making our business better for customers and a more fulfilling
place to work. The agenda is always ambitious.
Outlook
Whatever the market brings us, our strategy remains unchanged.
Indeed, we may be able to achieve more in a difficult economy. We
can't forecast what will happen to the broader market but we know
we will be busy improving our company, through our self-help
initiatives and also by continuing to roll-out and reinvest in our
stores.
As we have seen in previous years, hot weather can have a
dampening effect on footfall, so the start to the new financial
year has inevitably seen some impact here. However, the weather is
outside of our control and our job is to trade through such
periods.
Encouragingly, we believe that we continue to outperform the
homewares market as a whole and therefore are confident of
continuing to deliver on our growth ambitions, including new store
openings which should number at least nine this year. We have the
key infrastructure in place, the right team, a great heritage and a
continued focus on product and people.
John Browett
Chief Executive
14 September 2016
CHIEF FINANCIAL OFFICER'S REVIEW
The year ended 2 July 2016 was a 52 week accounting period but
the comparative year ended 4 July 2015 was a 53 week accounting
period. The additional 53rd week last year contributed GBP13.1m of
revenue and GBP1.2m of operating profit. Unless otherwise stated,
reference to 2015 or the comparative year relates to this 53 week
period.
Revenue
Group revenue for FY16 was GBP880.9m (FY15: GBP835.8m), an
increase of 5.4% for the full financial year and 7.1% on a 52 week
basis. Like-for-like ('LFL') sales grew by 2.5% on a 52 week basis
as a result of growth in both in-store LFL sales (+1.0%) and Home
Delivery sales (+23.2%). Over the financial year as a whole, Home
Delivery sales represented 7.0% of total business (FY15: 6.1%).
Our store expansion programme continued with six new openings in
the year (of which two were relocations). We also closed our high
street store in Coalville leaving a portfolio of 152 superstores
and five stores in high street locations.
Gross Margin
Gross margin increased by 60 basis points to 49.8% (FY15:
49.2%). Gross margin in FY15 was impacted by a high level of
markdown needed to clear excess stocks (particularly furniture). In
FY16, however, we improved our product life cycle management, stock
turn and absolute stock levels. We also benefitted from cost
reductions due to increasing scale and a small increase in direct
sourcing to 21%.
Operating Costs
Operating costs in FY16 grew by 7.1% compared with the prior
year, an increase of GBP20.5m, or by 9.1% on a 52 week basis, an
increase of GBP25.7m. The main drivers of this increase were:
-- Store portfolio growth - six new store openings and two closures;
-- Multi-channel fulfilment - the value of business through this
channel rose by 23.2% compared with the previous year;
-- Warehousing infrastructure - we invested GBP3.0m in
transition costs associated with the opening of our new
Distribution Centre ('DC') in Stoke. This DC will significantly
increase our ability to deliver multi-channel fulfilment operations
and negates the need to operate additional third party storage
facilities;
-- Store labour - the increase in the National Living Wage has
been offset by productivity savings;
-- IT capability - recognising the importance of IT in our
business, we have again significantly increased the scale and
capability of our internal IT function. We have also seen the first
year of amortisation relating to our web re-platform;
-- Marketing - increased spend on digital marketing to replace
loss of natural search following web re-platform; and
-- Administration - we have invested in the Board and Executive
team to support the continued growth of the business.
Looking ahead, a number of these cost drivers will continue to
apply in the new financial year as we open new stores, look to
refit 15 stores into our new format, grow our home delivery
business further and continue to invest in IT and management to
support our key initiatives.
Operating Profit
Group operating profit for the financial year was GBP129.3m
(FY15: GBP122.5m), an increase of GBP6.8m (5.6%). On a 52 week
basis operating profit increased by GBP8.0m, an increase of 6.6%.
Operating profit margin was 14.7% (FY15: 14.7%). In the year the
business invested in operating costs (described above) to enhance
key infrastructure and capabilities to deliver future growth.
EBITDA
Earnings before interest, tax, depreciation and amortisation
were GBP154.3m (FY15: GBP144.2m, GBP142.6m on a 52 week basis).This
represents an increase of 7.0% on the previous financial year, or
8.2% on a 52 week basis. The EBITDA margin achieved was 17.5% of
sales (FY15: 17.3%). FY15 EBITDA margin on a 52 week basis was
17.3%.
Financial Items
The Group incurred a net financial expense of GBP0.4m in FY16
(FY15: GBP0.1m income). Interest and amortisation of costs arising
from the Group's revolving credit facility amounted to GBP1.6m
(FY15 GBP0.7m). These costs were partially offset by interest
earned on cash deposits GBP0.2m (FY15: GBP0.5m) and gains of
GBP1.0m (FY15: GBP0.3m) resulting from foreign exchange differences
on the translation of dollar denominated assets and
liabilities.
As at 2 July 2016 the Group held $90.5m (FY15: $91.5m) in US
dollar forward contracts representing approximately 61% of the
anticipated US dollar spend over the next financial year. Surplus
US dollar cash deposits amounted to $1.6m (FY15: $3.2m).
Profit before Tax
After accounting for interest and foreign exchange impacts,
profit before tax for the financial year amounted to GBP128.9m
(FY15: GBP122.6m), an increase of 5.1%. On a comparable 52 week
basis this represents an increase of 6.2% over FY15.
Taxation
The tax charge for the year was 20.6% of profit before tax,
compared with 21.6% in the prior year. This reflects the reduction
in the headline rate of corporation tax from 20.75% in FY15 to
20.0% this year. The tax charge is expected to trend approximately
75-80 bps above the headline rate of corporation tax going forward,
principally due to depreciation charged on non-qualifying capital
expenditure.
Profit after Tax and EPS
Profit after tax was GBP102.3m (FY15: GBP96.1m), an increase of
6.5%.
Basic earnings per share (EPS) for the 52 weeks ended 2 July
2016 was 50.5p (FY15: 47.5p), an increase of 6.3%. Fully diluted
EPS increased by 6.3% to 50.3p (FY15: 47.3p). This is a rise of
7.5% on a comparable 52 week basis (FY15 52 week: 46.8p).
Operating Cash Flow
Dunelm continues to deliver strong cash returns. In FY16 the
Group generated GBP148.2m (FY15: GBP118.2m) of net cash from
operating activities, an increase of 25.4%.
Year-end working capital decreased by GBP18.3m compared with the
previous year-end. This reflects our drive to improve product life
cycle management and increase stock turn. At the end of the year
the Group had GBP16.5m lower inventories than the prior year
despite the investment in new stores. Trade and Other Payables due
within one year increased by GBP7.4m primarily as a result of an
increase in the capital creditor as a result of the completion of
our new DC in Stoke at the end of the year.
Capital Expenditure
Gross capital expenditure in the financial year was GBP42.5m
compared with GBP31.5m in FY15. Significant investments were made
in the opening of our second distribution centre in Stoke
(GBP11.9m), IT infrastructure (GBP7.2m) and in acquiring the
Fogarty brand (GBP4.8m). In addition we invested GBP18.0m in the
continued growth and development of the store portfolio with the
addition of six new superstores and seven major refits.
We expect higher capital expenditure in the next financial year
of approximately GBP50m to support the business' growth strategy.
We expect to open more new stores (requiring an average investment
of GBP1.2m per store), we plan to carry out a number of major store
refits (approximately GBP20m in total), and will continue to invest
in IT systems development (estimated at GBP6m) and supply chain
improvements (estimated at GBP5m). We will also consider freehold
store acquisitions on an opportunistic basis, with FY17 having
already seen the purchase of a freehold property in Shoreham for
GBP5.5m.
Banking Agreements and Net Debt
The Group has in place a GBP150m syndicated Revolving Credit
Facility ('RCF') which matures in 2020. The terms of the RCF are
consistent with normal practice and include covenants in respect of
leverage (net debt to be no greater than 2.5× EBITDA) and fixed
charge cover (EBITDA to be no less than 1.5× fixed charges), both
of which were met comfortably as at 2 July 2016.
In addition the Group maintains GBP20m of uncommitted overdraft
facilities with two syndicate partner banks.
Net debt at 2 July 2016 was GBP79.3m (0.51x historical EBITDA)
compared with GBP73.6m in FY15 (0.51× historical EBITDA). Daily
average net debt in FY16 was approximately GBP50.0m. This compares
with an average of GBP75.4m in FY15 from the date of the special
distribution (20 March 2015) following the inception of our
RCF.
Capital and Dividend Policy
During FY15, the Board adopted a new policy on capital
structure, targeting an average net debt level (excluding lease
obligations and short-term fluctuations in working capital) of
between 0.25× and 0.75× historical EBITDA. This policy provides the
flexibility to continue to invest in the Group's growth strategy
and to take advantage of investment opportunities as and when they
arise, for example freehold property acquisitions. At the year end,
net debt/EBITDA was 0.51× (FY15: 0.51× ).
The Board's policy on dividends in FY15 was that ordinary
dividend cover (by which we mean the Group's earnings per share
divided by the total amount paid to shareholders by way of ordinary
dividend) should be between 2 and 2.5x in the full year in respect
of which the dividend is paid. The Board has decided to move the
targeted range of dividend cover to a range of 1.75 and 2.25x,
reflecting the strong cash generation in the business and the
Board's confidence in the growth prospects of the business.
The Board will consider further special distributions in the
future if average net debt over a period consistently falls below
the minimum target of 0.25× EBITDA, subject to known and
anticipated investment plans at the time.
The Group's full capital and dividend policy is available on our
website at www.dunelm.com.
Dividend and Special Dividend Paid
Reflecting the capital and dividend policy, an interim dividend
of 6.0p per share was paid in March 2016 (FY15: 5.5p). It is
proposed to pay a final dividend of 19.1 per share (FY16: 16.0p),
subject to shareholder approval. The total dividend of 25.1p
represents an increase of 16.7% over the previous year, giving a
dividend cover of 2.0× (FY15: 2.2×). The final dividend will be
paid on 25 November 2016 to shareholders on the register at the
close of business on 4 November 2016.
During the year, the Group returned excess capital of GBP63.8m
(31.5p per share) to shareholders in the form of a special
dividend.
In total the Group returned GBP108.4m to shareholders by way of
dividend in the year, the equivalent of 53.5p per share.
Distributable Reserves
During the current financial year, the Group undertook a capital
restructuring exercise which facilitated the payment of dividends
from subsidiary undertakings to Dunelm Group plc of GBP359m.
Consequently the parent company has retained earnings of GBP242.8m
as at 2 July 2016.
Share Buy-back
During the year, the Group invested GBP7.8m to buy 841,359
shares to hold in treasury in line with its policy to purchase
shares in the market to satisfy the future exercise of options
granted under incentive plans and other share schemes. At the
year-end, 846,455 shares were held in treasury, equivalent to
approximately 42% of options outstanding. Over time, we expect to
increase our holding in treasury to be equivalent to approximately
60% of outstanding options.
Since the year end GBP4.2m has been invested to purchase an
additional 500,000 shares into treasury.
Tax Policy
The Group has a straight forward and transparent tax policy. The
aim is to comply with all relevant tax legislation and pay all
taxes due, in full and on time as well as actively managing tax
affairs and only to engage in tax planning where this is aligned
with commercial and economic activity and does not lead to an
abusive result. We would normally expect our corporation tax charge
to be higher than the statutory tax rate. HMRC has recently renewed
the Group's low-risk tax status. Further details of the Group's tax
policy are available on our website, www.dunelm.com.
During the year, total tax contributions paid to HMRC during the
year in the form of corporation tax, property taxes, PAYE and NIC's
and VAT were GBP140.8m (FY15: GBP122.7m).
Treasury Management
The Group Board has established an overall Treasury Policy,
day-to-day management of which is delegated to me as Chief
Financial Officer. The policy aims to ensure the following:
-- Effective management of all clearing bank operations
-- Access to appropriate levels of funding and liquidity
-- Effective monitoring and management of all banking covenants
-- Optimal investment of surplus cash within an approved risk/return profile
-- Appropriate management of foreign exchange exposures and cash flows
Key Performance Indicators
In addition to the traditional financial measures of sales and
profits, the Directors review business performance each month using
a range of other KPIs. These include measures shown below:
Sales growth
2016 * 7.1%
------------------------------------------- ----------
2015 * 12.7%
2014 7.8%
------------------------------------------- ----------
Like for like store sales growth
2016 * 1.0%
------------------------------------------- ----------
2015 * 3.4%
2014 -0.2%
------------------------------------------- ----------
Home delivery sales growth
2016 * 23.2%
------------------------------------------- ----------
2015 * 55.0%
2014 68.6%
------------------------------------------- ----------
Gross margin change
2016 * 60bps
------------------------------------------- ----------
2015 * -30bps
2014 80bps
------------------------------------------- ----------
Operating margin
2016 14.7%
------------------------------------------- ----------
2015 * 14.7%
2014 15.9%
------------------------------------------- ----------
Earnings per share (diluted)
2016 50.3p
------------------------------------------- ----------
2015 * 46.8p
2014 43.7p
------------------------------------------- ----------
Dividend per share
2016 25.1p
------------------------------------------- ----------
2015 21.5p
2014 20.0p
------------------------------------------- ----------
Total distributions per share
2016 56.6p
------------------------------------------- ----------
2015 91.5p
2014 20.0p
------------------------------------------- ----------
EBITDA
2016 GBP154.3m
------------------------------------------- ----------
2015 * GBP142.6m
2014 GBP137.3m
------------------------------------------- ----------
New store openings
2016 6
------------------------------------------- ----------
2015 12
2014 12
------------------------------------------- ----------
* 2015 is treated as a 52 week period for
these measures, rather than 53 weeks
Keith Down
Chief Financial Officer
14 September 2016
CONSOLIDATED INCOME STATEMENT
For the 52 weeks ended 2 July 2016
Note 2016 2015
52 weeks 53 weeks
GBP'm GBP'm
----------- -----------
Revenue 1 880.9 835.8
Cost of sales (442.4) (424.6)
--------------------------------------- ----- ----------- -----------
Gross profit 438.5 411.2
Operating costs 3 (309.2) (288.7)
--------------------------------------- ----- ----------- -----------
Operating profit 2 129.3 122.5
Financial income 5 1.2 0.8
Financial expenses 5 (1.6) (0.7)
--------------------------------------- ----- ----------- -----------
Profit before taxation 128.9 122.6
Taxation 6 (26.6) (26.5)
---------------------------------------
Profit for the period attributable
to owners of the parent 102.3 96.1
--------------------------------------- ----- ----------- -----------
Earnings per Ordinary Share - basic 8 50.5p 47.5p
Earnings per Ordinary Share - diluted 8 50.3p 47.3p
--------------------------------------- ----- ----------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 52 weeks ended 2 July 2016
2016 2015
52 weeks 53 weeks
GBP'm GBP'm
----------- -----------
Profit for the period 102.3 96.1
Other comprehensive income/(expense):
Items that may be subsequently reclassified
to profit or loss:
Movement in fair value of cash flow
hedges 10.3 1.0
Transfers of cash flow hedges to
inventory (2.9) 1.7
Deferred tax on hedging movements (1.3) (0.6)
Other comprehensive income for the
period, net of tax 6.1 2.1
--------------------------------------------------- ----------- -----------
Total comprehensive income for the
period attributable to owners of
the parent 108.4 98.2
--------------------------------------------------- ----------- -----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 2 July 2016
Note 2 July 4 July
2016 2015
GBP'm GBP'm
Non-current assets
Intangible assets 9 18.6 13.1
Property, plant and equipment 10 168.9 158.9
Deferred tax assets 0.6 1.9
Derivative financial instruments 0.8 -
Total non-current assets 188.9 173.9
------------------------------------- ----- -------- --------
Current assets
Inventories 116.6 133.1
Trade and other receivables 19.2 18.0
Derivative financial instruments 6.8 -
Cash and cash equivalents 14.9 16.2
Total current assets 157.5 167.3
------------------------------------- ----- -------- --------
Total assets 346.4 341.2
------------------------------------- ----- -------- --------
Current liabilities
Trade and other payables (95.4) (88.0)
Liability for current tax (12.8) (12.5)
Derivative financial instruments - (0.3)
Total current liabilities (108.2) (100.8)
------------------------------------- ----- -------- --------
Non-current liabilities
Bank loans (94.2) (89.8)
Trade and other payables (41.4) (42.4)
Deferred tax liabilities (0.8) -
Provisions (2.0) (3.1)
Derivative financial instruments (0.2) -
Total non-current liabilities (138.6) (135.3)
------------------------------------- ----- -------- --------
Total liabilities (246.8) (236.1)
------------------------------------- ----- -------- --------
Net assets 99.6 105.1
------------------------------------- ----- -------- --------
Equity
Issued share capital 2.0 2.0
Share premium account 1.6 1.6
Capital redemption reserve 43.2 43.2
Hedging reserve 5.9 (0.2)
Retained earnings 46.9 58.5
Total equity attributable to equity
holders of the Parent 99.6 105.1
------------------------------------- ----- -------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the 52 weeks ended 2 July 2016
Note 2016 2015
52 weeks 53 weeks
GBP'm GBP'm
Profit before taxation 128.9 122.6
Adjustment for net financing costs 0.4 (0.1)
----------- -----------
Operating profit 129.3 122.5
Depreciation and amortisation 2 25.3 21.5
Impairment charge on non-current
assets 10 - 0.1
(Profit)/loss on disposal of non-current
assets 2 (0.3) 0.1
----------- -----------
Operating cash flows before movements
in working capital 154.3 144.2
Decrease/(increase) in inventories 16.5 (17.6)
(Increase)/decrease in receivables (1.2) 1.5
Increase in payables 3.0 16.2
----------- -----------
Net movement in working capital 18.3 0.1
Share-based payments expense 1.4 0.3
----------- -----------
174.0 144.6
Interest received 5 0.1 0.5
Tax paid (25.9) (26.9)
----------- -----------
Net cash generated from operating
activities 148.2 118.2
Cash flows from investing activities
Proceeds on disposal of property,
plant and equipment 10 2.0 -
Acquisition of property, plant and
equipment 10 (29.6) (25.3)
Acquisition of intangible assets 9 (10.2) (5.9)
------------------------------------------- ----- ----------- -----------
Net cash used in investing activities (37.8) (31.2)
Cash flows from financing activities
Proceeds from re-issue of treasury
shares 1.3 0.8
Purchase of treasury shares (7.8) -
Drawdowns on revolving credit facility 39.0 127.0
Repayments of revolving credit facility (35.0) (36.0)
Loan transaction costs - (1.3)
Interest paid 5 (1.6) (0.1)
Ordinary dividends paid 7 (44.6) (41.5)
Special dividends / distributions
to shareholders 7 (63.8) (141.7)
------------------------------------------- ----- ----------- -----------
Net cash flows used in financing
activities (112.5) (92.8)
------------------------------------------- ----- ----------- -----------
Net decrease in cash and cash equivalents (2.1) (5.8)
Foreign exchange revaluations 0.8 0.3
Cash and cash equivalents at the
beginning of the period 16.2 21.7
Cash and cash equivalents at the
end of the period 14.9 16.2
------------------------------------------- ----- ----------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 52 weeks ended 2 July 2016
Issued Share Capital
share premium redemption Hedging Retained Total
Note capital account reserve reserve earnings equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
--------------------------- ----- --------- --------- ------------ --------- ---------- --------
As at 28 June 2014 2.0 1.6 43.2 (2.3) 145.2 189.7
Profit for the period - - - - 96.1 96.1
Fair value gains of
cash flow hedges - - - 1.0 - 1.0
Loss on cash flow hedges
transferred to inventory - - - 1.7 - 1.7
Deferred tax on hedging
movements - - - (0.6) - (0.6)
--------------------------- ----- --------- --------- ------------ --------- ---------- --------
Total comprehensive
income for the period - - - 2.1 96.1 98.2
Issue of treasury shares - - - - 0.8 0.8
Share based payments - - - - 0.3 0.3
Deferred tax on share
based payments - - - - (0.8) (0.8)
Current tax on share
options exercised 6 - - - - 0.1 0.1
Ordinary dividends
paid 7 - - - - (41.5) (41.5)
Special distributions
to shareholders 7 - - - - (141.7) (141.7)
--------------------------- ----- --------- --------- ------------ --------- ---------- --------
Total transactions with
owners, recorded directly
in equity - - - - (182.8) (182.8)
---------------------------------- --------- --------- ------------ --------- ---------- --------
As at 4 July 2015 2.0 1.6 43.2 (0.2) 58.5 105.1
Profit for the period - - - - 102.3 102.3
Fair value gains of
cash flow hedges - - - 10.3 - 10.3
Gains on cash flow
hedges transferred
to inventory - - - (2.9) - (2.9)
Deferred tax on hedging
movements - - - (1.3) - (1.3)
--------------------------- ----- --------- --------- ------------ --------- ---------- --------
Total comprehensive
income for the period - - - 6.1 102.3 108.4
Purchase of treasury
shares - - - - (7.8) (7.8)
Issue of treasury shares - - - - 1.3 1.3
Share based payments - - - - 1.4 1.4
Deferred tax on share
based payments - - - - (0.6) (0.6)
Current tax on share
options exercised 6 - - - - 0.2 0.2
Ordinary dividends
paid 7 - - - - (44.6) (44.6)
Special dividends 7 - - - - (63.8) (63.8)
--------------------------- ----- --------- --------- ------------ --------- ---------- --------
Total transactions with
owners, recorded directly
in equity - - - - (113.9) (113.9)
--------- --------- ------------ --------- ---------- --------
As at 2 July 2016 2.0 1.6 43.2 5.9 46.9 99.6
--------------------------- ----- --------- --------- ------------ --------- ---------- --------
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
For the 52 weeks ended 2 July 2016
1 Segmental reporting
The Group has one reportable segment, in accordance with IFRS 8
- Operating Segments, which is the retail of homewares in the
UK.
Customers access our offer across multiple channels and often
their journey involves more than one channel. Therefore internal
reporting focuses on the Group as a whole and does not identify
individual segments.
The Chief Operating Decision Maker is the Executive Board of
Directors of Dunelm Group plc. Internal management reports are
reviewed by them on a monthly basis. Performance of the segment is
assessed based on a number of financial and non-financial KPI's as
well as on profit before taxation.
Management believe that these measures are the most relevant in
evaluating the performance of the segment and for making resource
allocation decisions.
All material operations of the reportable segment are carried
out in the UK. The Group's revenue is driven by the consolidation
of individual small value transactions and as a result Group
revenue is not reliant on a major customer or group of
customers.
2 Operating profit
Operating profit is stated after charging/(crediting) the
following items:
2016 2015
52 53
weeks weeks
GBP'm GBP'm
--------------------------------- ----- ---- ---- ---- -------- --------
Cost of inventories
included in cost of
sales 439.9 421.3
Amortisation of intangible
assets 5.6 2.0
Depreciation of owned
property, plant and
equipment 19.7 19.5
Impairment charge on
non-current assets - 0.1
(Profit)/loss on disposal of property,
plant and equipment and intangible
assets (0.3) 0.1
Operating lease rentals 41.3 38.9
Net foreign exchange
gains (1.8) (0.3)
---------------------------------------------------------- -------- --------
3 Operating costs
2016 2015
52 53
weeks weeks
GBP'm GBP'm
Selling and distribution
costs 273.9 262.6
Administrative expenses 35.3 26.1
309.2 288.7
---------------------------------------------- -------- --------
4 Employee numbers and costs
The average monthly number of people employed by the Group
(including Directors) was:
2016 2016 2015 2015
52 52 53 53
weeks weeks weeks weeks
Number Full Number Full
of time of time
heads equivalents heads equivalents
Selling 8,035 4,757 7,757 4,425
Distribution 439 431 382 377
Administration 494 487 417 410
8,968 5,675 8,556 5,212
-------------------------- -------- ------------- -------- -------------
The aggregate remuneration of all employees including Directors
comprises:
2016 2015
52 53
weeks weeks
GBP'm GBP'm
------------------------------- ----- ---- ---- ---- -------- --------
Wages and salaries including
bonuses and termination benefits 120.0 109.5
Social security costs 7.0 6.5
Share-based payment
expense 1.4 0.3
Other pension costs 1.5 1.3
129.9 117.6
---------------------------------------------------- -------- --------
5 Financial income and expense
2016 2015
52 53
weeks weeks
GBP'm GBP'm
------------------------------ ---- ---- ---- ---- -------- --------
Finance income
Interest on bank deposits 0.1 0.5
Foreign exchange gains
(net) 1.1 0.3
1.2 0.8
-------------------------------------------------- -------- --------
Finance expenses
Interest on bank borrowings (1.3) (0.6)
Amortisation of issue
costs of bank loans (0.3) (0.1)
(1.6) (0.7)
-------------------------------------------------- -------- --------
Net finance (expense)/income (0.4) 0.1
------------------------------------------------------ -------- --------
6 Taxation
2016 2015
52 53
weeks weeks
GBP'm GBP'm
--------------------------- ---- ---- ---- ---- -------- --------
Current taxation
UK corporation tax charge
for the period 26.6 26.3
Adjustments in respect
of prior periods (0.2) (0.3)
26.4 26.0
----------------------------------------------- -------- --------
Deferred taxation
Origination of temporary
differences - 0.2
Adjustments in respect
of prior periods - 0.3
Impact of change in 0.2 -
tax rate
0.2 0.5
----------------------------------------------- -------- --------
Total tax expense 26.6 26.5
--------------------------------------------------- -------- --------
The tax charge is reconciled with the standard rate of UK
corporation tax as follows:
2016 2015
52 53
weeks weeks
GBP'm GBP'm
-------------------------------- ---- ---- ---- ---- -------- --------
Profit before taxation 128.9 122.6
UK corporation tax at standard
rate of 20.00% (2015: 20.75%) 25.8 25.4
Factors affecting the
charge in the period:
Non-deductible expenses 1.1 1.1
Loss on disposal of (0.3) -
non-qualifying assets
Adjustments in respect (0.2) -
of prior periods
Effect of change in 0.2 -
standard rate of corporation
tax
Tax charge 26.6 26.5
-------------------------------------------------------- -------- --------
The taxation charge for the period as a percentage of profit
before tax is 20.6% (2015: 21.6%).
A reduction in the UK corporation tax from 20% to 19% (effective
from1 April 2017) was substantively enacted on 26 March 2016, and a
further reduction to 18% (effective from 1 April 2020) was
substantively enacted on the same day.
Further changes were announced in the Chancellor's budget on 16
March 2016 reducing the UK corporation tax by a further 1% to 17%
from 1 April 2020. As this further change had not been enacted at
the balance sheet date the effect is not included in the financial
statements.
7 Dividends and Special Distributions to Shareholders
The dividends set out in the table below relate to the 1p
Ordinary Shares.
2016 2015
52 53
weeks weeks
GBP'm GBP'm
-------------------------- ------ ----- ----- ---- -------- --------
Final for the period
ended 28 June 2014 - paid 15.0p - 30.4
Interim for the period
ended 4 July 2015 - paid 5.5p - 11.1
Final for the period - paid 16.0p 32.4 -
ended 4 July 2015
Interim for the period - paid 6.0p 12.2 -
ended 2 July 2016
Special dividend for - paid 31.5p 63.8 -
the period ended 2 July
2016
108.4 41.5
-------------------------------------------------- -------- --------
The Directors are proposing a final dividend of 19.1p per
Ordinary Share for the period ended 2 July 2016 which equates to
GBP38.6m. The dividend will be paid on 25 November 2016 to
shareholders on the register at the close of business on 4 November
2016.
In the prior year, the Group made a special distribution to
shareholders by way of a B/C share scheme. The amount paid to
shareholders on 10 March 2015 was 70p per share, which equated to
GBP141.7m.
8 Earnings per share
Basic earnings per share is calculated by dividing the profit
for the period attributable to equity holders of the company by the
weighted average number of Ordinary Shares in issue during the
period excluding ordinary shares purchased by the company and held
as treasury shares.
For diluted earnings per share, the weighted average number of
Ordinary Shares in issue is adjusted to assume conversion of all
dilutive potential 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.
Weighted average numbers of shares:
2016 2015
52 53
weeks weeks
'000 '000
-------------------------- ---- ---- ---- ---- -------- --------
Weighted average number of
shares in issue during the
period 202,456 202,217
Impact of share options 795 982
Number of shares for
diluted earnings per
share 203,251 203,199
-------------------------------------------------- -------- --------
2016 2015
52 53
weeks weeks
GBP'm GBP'm
Profit for the period 102.3 96.1
Earnings per Ordinary
Share - basic 50.5p 47.5p
Earnings per Ordinary
Share - diluted 50.3p 47.3p
-------------------------------------------------- -------- --------
9 Intangible Assets
Software Rights Total
development to
and brands
licences
GBP'm GBP'm GBP'm
-------------------------- ------------- -------- ------
Cost
At 28 June 2014 14.1 5.0 19.1
Additions 5.8 - 5.8
At 4 July 2015 19.9 5.0 24.9
Additions 6.4 4.8 11.2
Disposals (0.1) - (0.1)
At 2 July 2016 26.2 9.8 36.0
----------------------------- ------------- -------- ------
Accumulated amortisation
At 28 June 2014 4.8 5.0 9.8
Charge for the financial
period 2.0 - 2.0
At 4 July 2015 6.8 5.0 11.8
Charge for the financial
period 5.3 0.3 5.6
At 2 July 2016 12.1 5.3 17.4
----------------------------- ------------- -------- ------
Net book value
At 28 June 2014 9.3 - 9.3
At 4 July 2015 13.1 - 13.1
At 2 July 2016 14.1 4.5 18.6
----------------------------- ------------- -------- ------
All additions were acquired and do not include any internal
development costs.
All amortisation is included within operating costs in the
income statement.
During the year, the Group acquired the rights to the Fogarty
brand which will be amortised over a 15 year period.
10 Property, plant and equipment
Land Leasehold Plant Fixtures Total
and improvements and and
buildings machinery fittings
GBP'm GBP'm GBP'm GBP'm GBP'm
-------------------------- ----------- -------------- ----------- ---------- ------
Cost
At 28 June 2014 80.0 101.9 3.6 66.2 251.7
Additions 4.3 11.8 0.4 9.2 25.7
Disposals - (0.2) - (0.9) (1.1)
At 4 July 2015 84.3 113.5 4.0 74.5 276.3
Additions - 21.8 0.6 8.9 31.3
Disposals (0.8) (3.6) - (3.0) (7.4)
At 2 July 2016 83.5 131.7 4.6 80.4 300.2
--------------------------- ----------- -------------- ----------- ---------- ------
Accumulated depreciation
At 28 June 2014 9.0 40.4 2.2 47.2 98.8
Charge for the financial
period 1.3 7.5 0.7 10.0 19.5
Disposals - (0.1) - (0.9) (1.0)
Impairment 0.1 - - - 0.1
At 4 July 2015 10.4 47.8 2.9 56.3 117.4
Charge for the financial
period 1.4 8.4 0.5 9.4 19.7
Disposals (0.4) (2.5) - (2.9) (5.8)
At 2 July 2016 11.4 53.7 3.4 62.8 131.3
--------------------------- ----------- -------------- ----------- ---------- ------
Net book value
At 28 June 2014 71.0 61.5 1.4 19.0 152.9
At 4 July 2015 73.9 65.7 1.1 18.2 158.9
At 2 July 2016 72.1 78.0 1.2 17.6 168.9
--------------------------- ----------- -------------- ----------- ---------- ------
All depreciation expense and impairment charge have been
included within operating costs in the income statement.
11 Basis of preparation
The annual report and financial statements for the period ended
2 July 2016 were approved by the Board of Directors on 14 September
2016 along with this preliminary announcement, but have not yet
been delivered to the Registrar of Companies.
The financial information contained in this preliminary
announcement does not constitute the Group's statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
The auditor's report on the statutory accounts for the period
ended 2 July 2016 was unqualified and did not contain a statement
under section 498 of the Companies Act 2006.
The statutory accounts of Dunelm Group plc for the period ended
4 July 2015 have been delivered to the Registrar of Companies. The
auditor's report on the statutory accounts for the period ended 4
July 2015 was unqualified and did not contain a statement under
section 498 of the Companies Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKNDFLNKEFF
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September 14, 2016 02:00 ET (06:00 GMT)
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