RNS Number:1998M
Games Workshop Group PLC
22 January 2008
GAMES WORKSHOP GROUP PLC
HALF-YEARLY REPORT
Games Workshop Group PLC ("Games Workshop" or the "Group") announces its
half-yearly results for the six months to 2 December 2007.
Highlights:
* Revenue at �54.6m (2006: �54.6m)
* Pre-exceptional gross margin at 69.9% (2006: 70.9%)
* Exceptional items - cost reduction programme �(0.6)m (2006: �nil)
* Pre-exceptional operating profit up �0.6m to �1.1m (2006: �0.5m)
* Operating profit at �0.5m (2006: �0.5m)
* (Loss)/earnings per share of (0.4)p (2006: 0.2p)
Tom Kirby, Chairman, and Mark Wells, Chief Executive of Games Workshop, said:
"These half-year results are encouraging; we have re-established constant
currency sales growth in the UK, the Americas and Asia Pacific, our gross
margins remain strong, and our cost reduction programme is delivering the
overhead reductions we expected.
We remain a growth business and are now getting benefits from the efforts our
staff have been making. There is still much to do, and we are united in our
determination to do it."
For further information, please contact:
Games Workshop Group PLC Today only: 01756 770 376
Tom Kirby, Chairman Thereafter: 0115 900 4001
Mark Wells, Chief Executive 0115 900 4001
Michael Sherwin, Finance Director 0115 900 4001
Investor relations website investor.games-workshop.com
General website www.games-workshop.com
Rawlings Financial PR Limited Tel: 01756 770 376
Catriona Valentine
FIRST HALF HIGHLIGHTS
Six months to Six months to
2 December 26 November
2007 2006
Revenue �54.6m �54.6m
Pre-exceptional operating profit �1.1m �0.5m
Exceptional items - cost reduction programme �(0.6)m -
Operating profit �0.5m �0.5m
(Loss)/profit before tax �(0.2)m �0.1m
Basic (loss)/earnings per share (0.4)p 0.2p
INTERIM MANAGEMENT REPORT
Preamble
Our half-yearly report does not usually have a Chairman's preamble. The reason
it does this time is because for the first time this is the Chairman's preamble
alone and not that of the Chairman and Chief Executive. In late November 2007
the board invited long-time Head of Sales, Mark Wells, to take on the role of
CEO. This move recognises Mark's increasing influence and allows him to take
control of the day to day affairs of the business giving me more time to spend
with senior staff in general, helping them, and him, achieve the long-term
ambitions we all share.
Getting the business back on track after several difficult years has been, and
continues to be, hard work. Progress towards top line growth has not been as
fast as any of us would like, but progress there has been. We remain a growth
business and are now getting benefits from the efforts our staff have been
making. There is still much to do, and we are united in our determination to do
it.
T H F Kirby
Chairman
Results
These half-year results are encouraging; we have re-established constant
currency sales growth in the UK, the Americas and Asia Pacific, our gross
margins remain strong and our cost reduction programme is delivering the
overhead reductions we expected. We still have work to do in Continental Europe
to re-establish sales growth. However, we believe that the right managerial and
operational steps are being taken.
In the UK and the Americas our constant currency sales growth has been driven by
higher sales to independent retailers and stronger internet sales, while sales
through our Hobby stores have remained flat as we have restructured the store
chains. In Continental Europe most of the sales decline has been from sales to
independent retailers and we are beginning to see some improved performance from
our Hobby stores.
We have opened five Hobby stores and closed 18 during the period, leaving us
with 335 at the end of November 2007.
The pre-exceptional gross margin, at 69.9%, remains strong. We believe this to
be sustainable.
Compared to November 2006, sterling has strengthened by 8.5% against the US
dollar and weakened by 1.2% against the euro. We have shown below our sales
progression in constant currency terms so that readers can better understand the
figures.
Cost reduction programme
Our cost reduction programme, announced in May 2007, has three key areas:
* Closing loss-making stores
* Rationalisation of the manufacturing and supply chain
* Simplification of the support infrastructure
In the first half of this year we have shut over half of the stores identified
for closure, nine in the Americas, four in the UK, four in Continental Europe
and one in Asia Pacific.
We have closed our tool making facility at Wisbech, UK and this activity has
been relocated to our Nottingham site. Our programme to rationalise inventory
management is being rolled out across our UK Hobby stores and it is also being
introduced in the Americas.
We have completed the removal of the former divisional management structures and
service centres have been established in Nottingham to remove unnecessary
duplication of back office functions. The service centres support the IT,
accounting, HR, production planning and supplier development functions across
the majority of the Group's activities.
We still expect the cost reduction programme to result in annualised cost
reductions of �7m.
The costs associated with this programme are shown as exceptional costs.
Prospects
The principal risks and uncertainties for the balance of the year lie in the
ability of each of our individual sales businesses to establish and maintain
sales growth. Our gross margins are strong, our costs and working capital are
under control, so sales delivery remains an area of key focus.
Nevertheless these half-year results are encouraging, and the directors firmly
believe that the prospects for the business remain very good.
Dividend
We are using the cash which would have otherwise been applied in paying
dividends this year to finance the cost reduction programme described above. The
board remains confident in the future growth and profitability of the Group and
will resume paying dividends when appropriate.
Statement of directors' responsibilities
The directors confirm that this condensed set of financial statements has been
prepared in accordance with IAS 34 as adopted by the European Union, and that
the interim management report herein includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8.
The directors of Games Workshop Group PLC are listed in the annual report for
the 53 weeks to 3 June 2007, with the exception of M N Wells who was appointed
to the board on 3 December 2007. A list of the current directors is maintained
on the investor relations website at investor.games-workshop.com.
By order of the board
M N Wells
Chief Executive
M Sherwin
Finance Director
REVENUE BY GEOGRAPHICAL AREA OF SALES OPERATION IN
LOCAL CURRENCY
Six months to Six months to
2 December 2007 26 November
2006
Continental Europe Euro28.6m Euro32.0m
United Kingdom �18.8m �17.0m
The Americas US$24.2m US$22.9m
Asia Pacific Aus$9.2m Aus$8.9m
CONSOLIDATED INCOME STATEMENT
Restated Restated
Six months to Six months to 53 weeks to
2 December 26 November 3 June
2007 2006 2007
Notes �000 �000 �000
Revenue 2 54,630 54,620 111,041
Cost of sales (16,695) (15,888) (32,694)
---------- ---------- ----------
Gross profit 37,935 38,732 78,347
Operating expenses (38,062) (38,742) (81,845)
Other operating income -
royalties receivable 670 466 1,423
---------- ---------- ----------
Operating profit/(loss) 2 543 456 (2,075)
-------------------------------------------------------------------------------
Operating profit -
pre-exceptional 1,104 456 1,953
Exceptional items - cost
reduction programme (561) - (4,028)
-------------------------------------------------------------------------------
Finance income 163 107 326
Finance costs (898) (436) (1,110)
---------- ---------- ---------
(Loss)/profit before taxation (192) 127 (2,859)
Tax 4 77 (51) (622)
---------- ---------- ---------
(Loss)/profit attributable to
equity shareholders (115) 76 (3,481)
========== ========== =========
Basic (loss)/earnings per
ordinary share 5 (0.4)p 0.2p (11.2)p
Diluted (loss)/earnings per
ordinary share 5 (0.4)p 0.2p (11.2)p
The restatement of the prior period results is to reflect the reclassification
of certain costs from cost of sales to operating expenses following the
establishment of the service centres (Nov 2006: �406,000; May 2007: �787,000).
There are also reclassifications from cost of sales (Nov 2006: �110,000; May
2007: �216,000) and operating expenses (Nov 2006: �106,000; May 2007: �226,000)
to revenue following the standardisation of trading terms to independent
retailers within Europe. Although these reclassifications are not material, they
are being reclassified to aid comparison to the current period.
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Six months to Six months to 53 weeks to
2 December 26 November 3 June
2007 2006 2007
�000 �000 �000
(Loss)/profit attributable to equity
shareholders (115) 76 (3,481)
Exchange differences on translation of
foreign operations 107 (473) (614)
Cash flow hedges:
- fair value (losses)/gains (219) 122 (88)
- transferred to the income
statement 29 (26) (86)
Tax on items recognised directly
in equity 52 (29) 52
---------- ---------- ----------
Total recognised expense for the
period (146) (330) (4,217)
========== ========== ==========
CONSOLIDATED BALANCE SHEET
As at As at As at
2 December 26 November 3 June
2007 2006 2007
Notes �000 �000 �000
Non-current assets
Goodwill 2,355 2,412 2,390
Other intangible assets 9 5,545 4,375 4,963
Property, plant and equipment 10 27,053 28,859 27,986
Trade and other receivables 1,122 1,015 1,204
Deferred tax assets 2,420 2,075 2,314
---------- ---------- ----------
38,495 38,736 38,857
---------- ---------- ----------
Current assets
Inventories 11,623 12,824 11,260
Trade and other receivables 12,691 11,766 8,351
Current tax assets 1,515 1,496 1,056
Financial assets - derivative
financial instruments - 304 24
Cash and cash equivalents 6,722 5,669 6,103
---------- ---------- ----------
32,551 32,059 26,794
---------- ---------- ----------
Total assets 71,046 70,795 65,651
---------- ---------- ----------
Current liabilities
Financial liabilities - 8 (6,889) (8,417) (6,461)
borrowings
Financial liabilities -
derivative (463) (19) (120)
financial instruments
Trade and other payables (15,208) (14,841) (13,889)
Current tax liabilities (218) (122) (38)
Provisions 11 (1,459) (397) (3,225)
---------- ---------- ----------
(24,237) (23,796) (23,733)
---------- ---------- ----------
Net current assets 8,314 8,263 3,061
---------- ---------- ----------
Non-current liabilities
Financial liabilities - 8 (15,004) (9,989) (9,820)
borrowings
Other non-current liabilities (842) (757) (958)
Provisions 11 (1,173) (951) (1,283)
---------- ---------- ----------
(17,019) (11,697) (12,061)
---------- ---------- ----------
Net assets 29,790 35,302 29,857
========== ========== ==========
Capital and reserves
Called up share capital 15 1,556 1,556 1,556
Share premium account 15 7,822 7,822 7,822
Other reserves 15 (1,103) (1,069) (1,210)
Retained earnings 15 21,515 26,993 21,689
---------- ---------- ----------
Total shareholders' equity 29,790 35,302 29,857
========== ========== ==========
CONSOLIDATED CASH FLOW STATEMENT
Six months to Six months to 53 weeks to
2 December 26 November 3 June
2007 2006 2007
Notes �000 �000 �000
Cash flows from operating
activities
Cash generated from operations 6 623 782 10,341
UK corporation tax paid (3) (458) (503)
Overseas tax paid (142) (1,057) (1,345)
---------- ---------- ----------
Net cash from operating
activities 478 (733) 8,493
---------- ---------- ----------
Cash flows from investing
activities
Purchases of property, plant
and equipment (2,887) (3,306) (5,813)
Proceeds on disposal of
property, plant and equipment 9 26 13
Purchases of other intangible
assets (802) (260) (951)
Expenditure on product
development (1,138) (1,391) (2,937)
Interest received 162 114 336
---------- ---------- ----------
Net cash from investing
activities (4,656) (4,817) (9,352)
---------- ---------- ----------
Cash flows from financing
activities
Proceeds from borrowings 5,190 3,070 2,908
Repayment of principal under
finance leases (6) (34) (41)
Equity dividends paid - (4,364) (5,904)
Interest paid (792) (504) (1,113)
---------- ---------- ----------
Net cash from financing
activities 4,392 (1,832) (4,150)
---------- ---------- ----------
Effects of foreign exchange
rates (24) (125) (107)
---------- ---------- ----------
Net increase/(decrease) in
cash and cash equivalents 190 (7,507) (5,116)
========== ========== ==========
Opening cash and cash
equivalents (344) 4,772 4,772
---------- ---------- ----------
Closing cash and cash
equivalents 7 (154) (2,735) (344)
========== ========== ==========
NOTES TO THE FINANCIAL INFORMATION
1. Basis of preparation
The half-year results for the six months to 2 December 2007 and for the
comparative six months to 26 November 2006 are unaudited and do not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
Statutory accounts for the 53 weeks to 3 June 2007 have been delivered to the
Registrar of Companies. The auditors' report on those accounts was unqualified,
did not contain an emphasis of matter paragraph and did not contain any
statement under section 237 of the Companies Act 1985.
The financial information has been prepared in accordance with the accounting
policies under International Financial Reporting Standards ('IFRS') detailed in
the financial statements for the 53 weeks to 3 June 2007 which are expected to
be followed in the full financial statements for the year ending 1 June 2008.
This half-yearly report has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34 'Interim
Financial Reporting' as adopted by the European Union.
Changes to accounting standards and interpretations and their likely impact on
the Group's future accounting policies are set out below:
IFRS 7 'Financial instruments: disclosures' is effective for accounting periods
beginning on or after 1 January 2007, and will therefore be applicable for the
year ending 1 June 2008, and IFRS 8 'Operating segments', effective for
accounting periods beginning on or after 1 January 2009, will be applicable in
the year ending May 2010. These amendments to disclosure requirements will have
no effect on the Group's reported results. The Group does not consider that any
other standards or interpretations issued by the IASB, but not yet applicable,
will have a significant impact on the Group's results.
The half-yearly report is available to shareholders and members of the public on
the Company's website at investor.games-workshop.com.
2. Segmental analysis
Six months to 2 December 2007
Rest
of Design
Continental United The Asia the Central/ Service and Royalty
Europe Kingdom Americas Pacific world unallocated centres development income Group
�000 �000 �000 �000 �000 �000 �000 �000 �000 �000
Total gross
segment sales
by operation 19,705 18,822 12,192 3,911 - - - - - 54,630
------- ------- ------- ------ ------ ------- ------ ------- ------ ------
Total gross
segment sales
by location of
customers 20,092 16,681 13,497 4,208 152 - - - - 54,630
------- ------- ------- ------ ------ ------- ------ ------- ------ ------
Pre-exceptional
operating
profit/
segment result
by location of
customers 3,520 2,817 346 192 75 (2,854) (2,158) (1,504) 670 1,104
Exceptional
items (20) (322) (89) - - (130) - - - (561)
------- ------- ------- ------ ------ ------- ------ ------- ------ ------
Operating
profit/
segment result
by location of
customers 3,500 2,495 257 192 75 (2,984) (2,158) (1,504) 670 543
------- ------- ------- ------ ------ ------- ------ ------- ------ ------
Restated
Six months to 26 November 2006
Rest
of Design
Continental United The Asia the Central/ Service and Royalty
Europe Kingdom Americas Pacific world unallocated centres development income Group
�000 �000 �000 �000 �000 �000 �000 �000 �000 �000
Total
gross
segment
sales by
operation 21,734 16,947 12,348 3,591 - - - - - 54,620
------- ------- ------- ------- ------ ------- ------ ------- ------ ------
Total
gross
segment
sales by
location of
customers 23,165 14,414 13,178 3,752 111 - - - - 54,620
------- ------- ------- ------- ------ ------- ------ ------- ------ ------
Operating
profit/
segment
result by
location of
customers 4,271 2,047 440 74 56 (2,801) (2,261) (1,836) 466 456
------- ------- ------- ------- ------ ------- ------ ------- ------ ------
Restated
53 weeks to 3 June 2007
Rest
of Design
Continental United The Asia the Central/ Service and Royalty
Europe Kingdom Americas Pacific world unallocated centres development income Group
�000 �000 �000 �000 �000 �000 �000 �000 �000 �000
Total gross
segment sales
by operation 44,832 34,051 24,540 7,618 - - - - - 111,041
------- ------- ------- ------- ------ ------- ------ ------- ------ -------
Total gross
segment sales
by location of
customers 45,600 30,481 26,640 8,121 199 - - - - 111,041
------- ------- ------- ------- ------ ------- ------ ------- ------ -------
Pre-exceptional
operating
profit/segment
result by
location of
customers 8,930 5,347 (515) 376 97 (5,179) (4,895) (3,631) 1,423 1,953
Exceptional
items (800) (2,084) (1,120) (24) - - - - - (4,028)
------- ------- ------- ------- ------ ------- ------ ------- ------ ------
Operating
(loss)/segment
result by
location of
customers 8,130 3,263 (1,635) 352 97 (5,179) (4,895) (3,631) 1,423 (2,075)
------- ------- ------- ------- ------ ------- ------ ------- ------ ------
The restatement of prior periods is to disclose costs for IT, accounting,
payroll, HR, production planning and supplier development services as costs
relating to the service centres and to reflect these changes in the allocation
of operating profits to the geographic segments. This is following the
establishment of service centres covering these areas in the six months to 2
December 2007.
3. Dividends
No dividend was paid in the six months to 2 December 2007. In addition, no
interim dividend is proposed for the year ending 1 June 2008 (2006: 4.95p).
4. Tax
The taxation credit for the six months to 2 December 2007 is based on an
estimate of the full year effective rate of 40% (2006: 40%) for the year ending
1 June 2008.
5. (Loss)/earnings per share
Basic (loss)/earnings per share is calculated by dividing the (loss)/profit
attributable to equity shareholders by the weighted average number of ordinary
shares in issue throughout the relevant period, excluding ordinary shares
purchased by the Company and held as treasury shares.
Six months to Six months to 53 weeks to
2 December 26 November 3 June
2007 2006 2007
(Loss)/profit attributable to
equity shareholders (�000) (115) 76 (3,481)
---------- ---------- ---------
Weighted average number of
ordinary shares in issue
(thousands) 31,117 31,116 31,116
---------- ---------- ---------
Basic (loss)/earnings per
share (pence per share) (0.4) 0.2 (11.2)
========== ========== =========
Diluted (loss)/earnings per share
The calculation of diluted (loss)/earnings per share has been based on the
(loss)/profit attributable to equity shareholders and the weighted average
number of shares in issue during the relevant period, excluding treasury shares,
adjusted for the dilution effect of share options outstanding at the end of the
period.
Six months to Six months to 53 weeks to
2 December 26 November 3 June
2007 2006 2007
(Loss)/profit attributable
to equity shareholders
(�000) (115) 76 (3,481)
---------- ---------- ---------
Weighted average number of
ordinary shares in issue
(thousands) 31,117 31,116 31,116
Adjustment for share options
(thousands) - 293 -
---------- ---------- ---------
Weighted average number of
ordinary shares in issue for
diluted (loss)/earnings per
share (thousands) 31,117 31,409 31,116
---------- ---------- ---------
Diluted (loss)/earnings per
share (pence per share) (0.4) 0.2 (11.2)
========== ========== =========
There is no impact on the diluted EPS for the six months to 2 December 2007 and
the 53 weeks to 3 June 2007 for the share options in existence as, due to
losses, these options are anti-dilutive.
6. Reconciliation of (loss)/profit attributable to equity shareholders to
net cash from operations
Six months to Six months to 53 weeks to
2 December 26 November 3 June
2007 2006 2007
�000 �000 �000
(Loss)/profit attributable to
equity shareholders (115) 76 (3,481)
Tax (77) 51 622
Depreciation of property, plant
and equipment 3,377 3,294 6,925
Impairment loss on property,
plant and equipment - - 306
Loss on disposal of property,
plant and equipment 116 29 95
Amortisation of capitalised
development costs 1,009 1,237 2,525
Amortisation of other intangibles 372 348 720
Finance income (163) (107) (326)
Finance costs 898 436 1,168
Net fair value losses/(gains) on
derivative financial instruments 61 (24) 88
Share-based payments 79 60 42
Exchange losses/(gains) on
borrowings - 63 (58)
Changes in working capital:
- (Increase)/decrease in inventories (437) (611) 901
- (Increase)/decrease in trade and
other receivables (3,988) (3,134) 128
- Increase/(decrease) in trade and
other payables 1,393 (767) (2,326)
- (Decrease)/increase in provisions (1,902) (169) 3,012
---------- ---------- ----------
Net cash from operating activities 623 782 10,341
========== ========== ==========
The cash outflow relating to exceptional items in the six months to 2 December
2007 was �2,088,000.
7. Cash and cash equivalents
Cash and cash equivalents and bank overdrafts include the following for the
purposes of the cash flow statement:
2 December 26 November 3 June
2007 2006 2007
�000 �000 �000
Cash and cash equivalents 6,722 5,669 6,103
Bank overdraft (6,876) (8,404) (6,447)
---------- ---------- ----------
(154) (2,735) (344)
========== ========== ==========
8. Financial liabilities - borrowings
2 December 26 November 3 June
2007 2006 2007
�000 �000 �000
Current
Bank overdraft 6,876 8,404 6,447
Obligations under finance leases 13 13 14
---------- ---------- ----------
6,889 8,417 6,461
---------- ---------- ----------
Non-current
Bank loans 15,000 9,971 9,811
Obligations under finance leases 4 18 9
---------- ---------- ----------
15,004 9,989 9,820
---------- ---------- ----------
Total borrowings 21,893 18,406 16,281
========== ========== ==========
9. Other intangible assets
2 December 26 November 3 June
2007 2006 2007
�000 �000 �000
Net book value at beginning of period 4,963 4,320 4,320
Additions 1,957 1,651 3,888
Exchange differences 6 (11) -
Amortisation charge (1,381) (1,585) (3,245)
--------- ---------- ----------
Net book value at end of period 5,545 4,375 4,963
========= ========== ==========
10. Property, plant and equipment
2 December 26 November 3 June
2007 2006 2007
�000 �000 �000
Net book value at beginning of period 27,986 29,475 29,475
Additions 2,569 2,882 6,031
Exchange differences - (149) (181)
Disposals (125) (55) (108)
Charge for the period (3,377) (3,294) (6,925)
Impairment loss - - (306)
---------- ---------- ----------
Net book value at end of period 27,053 28,859 27,986
========== ========== ==========
11. Provisions
Employee
benefits Property Total
�000 �000 �000
As at 29 May 2006 615 896 1,511
Charged/(credited) to the income
statement 29 (75) (46)
Exchange differences (6) (8) (14)
Utilised (1) (102) (103)
---------- ---------- ----------
As at 26 November 2006 637 711 1,348
========== ========== ==========
Employee
Redundancy benefits Property Total
�000 �000 �000 �000
As at 29 May 2006 - 615 896 1,511
Charged to the
income statement 1,573 293 1,374 3,240
Exchange differences - (4) (14) (18)
Increase in provision -
discount unwinding - - 27 27
Utilised (17) (16) (219) (252)
---------- ---------- ---------- ----------
As at 3 June 2007
and 4 June 2007 1,556 888 2,064 4,508
Charged to the income
statement 415 44 35 494
Exchange differences 29 28 (4) 53
Utilised (1,657) (42) (724) (2,423)
---------- ---------- ---------- ----------
As at 2 December 2007 343 918 1,371 2,632
========== ========== ========== ==========
12. Seasonality
The Group's monthly sales profile demonstrates an element of seasonality around
the Christmas period. This impacts sales in the months of September and
December.
13. Related-party transactions
There were no material related-party transactions during the period.
14. Exceptional items
The exceptional item relates to the cost reduction programme announced in May
2007. As part of this programme, in the six months to 2 December 2007, �42,000
has been incurred in closing loss making stores, �356,000 in rationalising the
manufacturing and supply chain and �163,000 in simplifying the support
infrastructure. There were no exceptional items in the six months to 26 November
2006.
Continuing Continuing Six months to Six months to
pre-exceptional exceptional 2 December 26 November
items 2007 2006
�000 �000 �000 �000
Revenue 54,630 - 54,630 54,620
Cost of sales (16,434) (261) (16,695) (15,888)
---------- --------- ---------- ---------
Gross profit 38,196 (261) 37,935 38,732
Operating expenses (37,762) (300) (38,062) (38,742)
Other operating
income-royalties
receivable 670 - 670 466
---------- --------- ---------- ---------
Operating
profit/(loss) 1,104 (561) 543 456
========== ========= ========== =========
Continuing Continuing 53 weeks to
pre-exceptional exceptional 3 June
items 2007
�000 �000 �000
Revenue 111,041 - 111,041
Cost of sales (32,472) (222) (32,694)
---------- --------- ----------
Gross profit 78,569 (222) 78,347
Operating expenses (78,039) (3,806) (81,845)
Other operating income-royalties
receivable 1,423 - 1,423
---------- --------- ----------
Operating profit/(loss) 1,953 (4,028) (2,075)
========== ========= ==========
15. Consolidated statement of changes in shareholders' equity
Other reserves Retained earnings
---------------------------------- ---------------------------
Called
up Share Capital Profit
share premium redemption Translation Other Hedging Treasury and Total
capital account reserve reserve reserve reserve shares loss equity
�000 �000 �000 �000 �000 �000 �000 �000 �000
As at 29 May 2006 1,556 7,822 101 353 (1,050) 60 (49) 31,143 39,936
Exchange
adjustments - - - (473) - - - - (473)
Profit for the
period - - - - - - - 76 76
Dividends paid - - - - - - - (4,364) (4,364)
Share-based payments - - - - - - - 60 60
Current tax - - - - - (29) - - (29)
Cash flow hedges:
- fair value gains
in the period - - - - - 122 - - 122
- transferred to
net profit - - - - - (26) - - (26)
-------- ------- ---------- ---------- -------- ------ -------- ------ ------
As at 26
November 2006 1,556 7,822 101 (120) (1,050) 127 (49) 26,915 35,302
======== ======= ========== ========== ======== ====== ======== ====== ======
Other reserves Retained earnings
---------------------------------- ---------------------------
Called
up Share Capital Profit
share premium redemption Translation Other Hedging Treasury and Total
capital account reserve reserve reserve reserve shares loss equity
�000 �000 �000 �000 �000 �000 �000 �000 �000
As at 29 May 2006 1,556 7,822 101 353 (1,050) 60 (49) 31,143 39,936
Exchange
adjustments - - - (614) - - - - (614)
Loss for the year - - - - - - - (3,481) (3,481)
Dividends paid - - - - - - - (5,904) (5,904)
Share-based payments - - - - - - - 42 42
Current tax - - - - - 26 - - 26
Deferred tax - - - - - 26 - - 26
Cash flow hedges:
- fair value losses
in the period - - - - - (88) - - (88)
- transferred to
net profit - - - - - (86) - - (86)
-------- ------- ---------- ---------- -------- ------ -------- ------ ------
As at 3 June 2007
and 4 June 2007 1,556 7,822 101 (261) (1,050) (62) (49) 21,800 29,857
Exchange
adjustments - - - 107 - - - - 107
Loss for the period - - - - - - - (115) (115)
Shares vested - - - - - - 49 (49) -
Share-based payments - - - - - - - 79 79
Deferred tax - - - - - 52 - - 52
Cash flow hedges:
- fair value losses
in the period - - - - - (219) - - (219)
- transferred to
net profit - - - - - 29 - - 29
-------- ------- ---------- ---------- -------- ------ -------- ------ ------
As at 2 December
2007 1,556 7,822 101 (154) (1,050) (200) - 21,715 29,790
======== ======= ========== ========== ======== ====== ======== ====== ======
This information is provided by RNS
The company news service from the London Stock Exchange
END
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