Final Results
2004年5月27日 - 4:02PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:1362Z
Big Food Group PLC
27 May 2004
27 May 2004
THE BIG FOOD GROUP PLC
PRELIMINARY RESULTS
FOR THE FIFTY THREE WEEKS TO 2 APRIL 2004
HIGHLIGHTS
* Total net sales #5.15 billion (2003: #5.06 billion)
* Operating profit #75.3 million (2003: #62.4 million)*, an increase of 20.7%.
* Profit before tax #50.1 million (2003: #37.1 million)*, an increase of 35.0%.
* Reported operating profit #52.7 million (2003: #27.2 million)
* Reported profit before tax #27.6 million (2003: #14.5 million)
* Earnings per share 8.4p (2003: 3.5p) and adjusted earnings per share 15.2p (2003: 9.3p)
* Final dividend 1.9p (2003: 1.5p) Total dividend for the year 3.0p (2003: 2.5p)
* Good progress on Strategic Initiatives in face of increasing competition
* Before goodwill amortisation and exceptional items
Commenting on the statement Chief Executive Bill Grimsey said:
"Despite an increasingly competitive grocery trading environment, in which
structural change has accelerated markedly in recent months, the Group has
delivered a 35% increase in pre-tax profits. During the year we successfully
launched many of the initiatives trialled last year to build a strong, fully
integrated food group. Importantly, we are realising planned returns from the
strategic investments we have already made. We are now picking up the pace of
investment in order to compete more effectively in the future."
Enquiries:
The Big Food Group
Bill Grimsey, Chief Executive 020 7796 4133 on 27 May 2004
Bill Hoskins, Finance Director
Hudson Sandler
Andrew Hayes 020 7796 4133
Noemie de Andia
THE BIG FOOD GROUP PLC
PRELIMINARY RESULTS
FOR THE FIFTY THREE WEEKS TO 2 APRIL 2004
Summary
Despite an increasingly competitive grocery trading environment, in which
structural change has accelerated markedly in recent months, the Group has
delivered a 35% increase in pre-tax profits before goodwill amortisation and
exceptional items. During the year we successfully launched many of the
initiatives trialled last year to build a strong, fully integrated food group.
Importantly, we are realising planned returns from the strategic investments we
have already made. We are now picking up the pace of investment in order to
compete more effectively in the future.
A number of the Company's Strategic Initiatives gathered real momentum during
the year. Iceland completed 100 refits in the new formats which re-enforce the
continued development of our convenience offer. Booker continued its Premier
expansion, adding 454 independent retailers and becoming the third largest
independent fascia with 1,455 members. Growth at Woodward Foodservice responded
to the investments in people and products and total sales increased by 24%.
Results
Sales for the fifty three weeks were #5,151.6 million (2003: #5,060.9 million
for 52 weeks).
Operating profit, before amortisation of goodwill and exceptional items,
increased from #62.4 million to #75.3 million. The much stronger first half was
followed by an improved second half performance:-
H1 H2 Year
# million # million # million
2003/4 27.4 47.9 75.3
2002/3 18.2 44.2 62.4
Profit before tax, amortisation of goodwill and exceptional items was #50.1
million compared with #37.1 million in the preceding year.
Earnings per share were 8.4p (2003: 3.5p) and adjusted earnings per share (as
shown in note 6 to the accounts) were 15.2p (2003: 9.3p)
Dividend
A final dividend is proposed of 1.9p (2003: 1.5p) bringing the total dividend
for the year to 3.0p (2003: 2.5p). The final dividend is payable on 23 July
2004 to shareholders on the register on 25 June 2004.
Sales
Net sales for the 53 weeks were # 5,151.6 million and arose from the Business
Units as follows:
# million
Booker 3,488.4
Woodward 119.2
Iceland 1,544.0
5,151.6
Like for like sales for the same period showed all parts of the group in
positive territory and were as follows:
%
Group 1.5
Booker 1.2 *
- tobacco 1.9 *
- non tobacco 0.7
Woodward 26.6
Iceland 0.7
* phonecards and e-top up have been excluded from like for like sales in
accordance with the practice adopted in the interim report and accounts.
Analysis of the Business Units was as follows:
Booker
Booker grew sales in an increasingly competitive environment for its independent
retail customers.
The Spend and Save scheme, introduced at the start of the year to link
transparently discounts on sales to volume, succeeded in restoring growth in
tobacco sales and has maintained the momentum in non tobacco sales. Alcohol
sales, in particular, performed well. Overall, sales to the retail sector were
more buoyant than those to the catering sector, which experienced a decline
towards the end of the year. Within retail, convenience stores and off licenses
were ahead of the previous year while declines were experienced in CTNs and
forecourts. In catering, sales gains to the take-away sector were achieved but
year on year declines were experienced in sales to the contract sector (i.e.
schools and nursing homes).
During the year Booker successfully pursued its strategic initiatives. Premier
customers grew from 1001 to 1455 and our like for like sales to these stores
grew by 8%. Premier is the fastest growing symbol group fascia in the UK and is
now in third place ranked by store numbers. Drop shipment, which enables direct
delivery to customers from suppliers, has made a useful contribution to sales
growth, now covering approximately 28 suppliers and 1,300 customers. Category
business plans have been implemented for 2 product ranges - soft drinks and
beverages. This has resulted in a rationalisation of ranges accompanied by
higher sales and we plan to replicate this approach across most categories this
year. Internet sales have now been introduced at 40 branches as Booker makes
increasing use of electronic trading with both customers and suppliers. Four
branches were closed during the year and 5 branches were refurbished.
Woodward Foodservice
Woodward enjoyed excellent growth during the year as it continued to implement
its development phase with significant investments being made to support its
development into a national operator with a full product range. Two additional
ambient distribution centres were opened in Kingswinford and Bellshill to
provide a full national service and further space was added for frozen products
in the south-east. The speciality fish processing centre in Birmingham was
relocated to state of the art premises from the beginning of the year. 55
territory sales managers were recruited and gains were made across all segments
of the business, especially national accounts, although it is anticipated the
full benefit of this investment will be realised in 2005/06.
Iceland
With 748 well located high street stores and 3.4 million customers a week,
Iceland is well placed to continue the development of its convenience offers.
This included the acceleration of its store refit programme, completing 100
conversions during the year. Together with 3 new stores, there were 142 stores
in the new format at the end of the financial year. The returns being achieved
from this programme are very encouraging. This success has offset the impact
of increased competition and price deflation on stores awaiting renewal. As
these market trends increase in intensity, we are accelerating the
implementation of our strategic initiatives including store re-fits to improve
our competitive position. It is expected that a further 150 stores will be
converted during 2004/5.
New product development has also become a priority with almost 300 new products
becoming available during the year. Home Shopping sales have grown from the
store pick model supported by an enhanced web site and CD-ROM. We launched our
new "Mums Are Heroes" national television advertising campaign last October to
increase our share of spend across a key range of products from our core
customers.
As announced on 11 March 2004, Andrew Clarke has joined the Company as Iceland
managing director. He previously held senior management positions with Asda
having started his career with Morrisons.
Central Functions
Our integrated food group strategy is designed to support our customer facing
business units with more efficient and lower cost support platforms. During the
year significant investment was made to implement these strategic initiatives
including :-
* The Finance Shared Service Centre was completed at Deeside and the
separate accounts departments at Booker and Woodward were closed.
* In logistics, radio frequency picking has been installed at Booker
distribution centres and sales based order systems are being enhanced at
Iceland and introduced at Booker.
* A co-managed inventory programme is now shared with 25 suppliers.
* As increased investment in information systems is committed to all areas of
the Group, a new third party data centre has been established and further
tranches of hardware will be transferred or installed as the systems are
commissioned.
* An HR system based on SAP technology was developed during the year and the
first payroll application was transferred to it and became operational at
the end of the period.
* The roll out of a group wide performance management programme and leadership
development to support succession planning were achieved during the year.
* Our SAP Master Data project is the key IT platform that supports the roll out
of many of our strategic initiatives and the first elements of this important
initiative were completed by the end of the year.
In today's increasingly competitive trading environment it is imperative to
invest in central strategic initiatives that improve efficiency and cost
effectiveness.
Operating profit before goodwill amortisation and exceptional items
By Business Unit, operating profit performance was as follows:
2002/3 2003/4
# million # million
Booker 56.9 57.6
Woodward (2.6) (6.4)
Iceland 8.1 24.1
62.4 75.3
Booker operating profit and margin were at similar levels to last year. Gross
margin was improved against the previous year across all product categories as a
result of improved buying terms including a number of e-auctions. Branch costs
included additional rents arising from the sale and leaseback completed in the
prior year but were otherwise controlled at similar levels. The cost of
strategic initiatives increased by approximately #3.2 million, particularly in
IS development costs which are necessary to transform the computer systems
environment and to support the commercial development of the business.
Woodward Foodservice performance was, as expected, influenced by the step change
in costs in line with our strategic investment plans necessary to drive growth.
These included the new distribution centres during the year and the additional
territory sales managers.
Iceland operating profit has returned approximately to the levels seen two years
ago but after carrying the additional rents of # 4.9 million p.a. arising from
the sale and leaseback in June 2002. Gross margins have improved across all
product categories although additional buying benefits, including e-auction, are
continually invested in the price proposition. Branch costs have been well
controlled although property rents, including the impact of the sale and
leaseback, and utility costs have both risen well above average inflation.
Cash Flow
# million
Operating profit before amortisation of goodwill 75.3
Depreciation and amortisation 67.9
143.2
Interest (23.1)
Tax 1.4
Dividends (8.4)
113.1
Working capital (8.4)
Capital expenditure (84.0)
Fixed asset disposals 19.2
Provisions (2.4)
Prior period exceptional costs (5.5)
Other (4.2)
Net cash flow 27.8
Net debt 28 March 2003 (282.6)
Net debt at 2 April 2004 (254.8)
The company has generated net cash inflows of #27.8 million and the average net
debt during the year was #251 million. As a result of the step up in the
Iceland refit programme, capital expenditure of #84.0 million exceeded the
depreciation charge. This was mitigated, in part, by property disposals of
#19.2 million including the former Booker branch in Reading.
Restructuring 2004/05
The Company will embark on further efficiency measures throughout the branch
operations and distribution network. Consequently, we are announcing today the
proposed closure of our distribution centres at Didcot serving Booker and
Bellshill serving Iceland. The service provided from these centres is being
transferred to our remaining 7 distribution centres. This follows the Company's
proposal to close the distribution centre at Nuneaton managed by a third party
operator. Additionally, the Booker and Iceland business units are implementing
changes to their operations structures to ensure that consistent ways of working
at branch level are in place to improve customer service whilst meeting the
increased costs imposed by the higher level of national minimum wage from
October 2004. Overall, these measures are expected to result in pre-tax
exceptional items of approximately #12 million in 2004/5 including a cash cost
of approximately #8 million. The annual net benefit is expected to be in excess
of #2 million from 2005/6. The Company also expects to sell non trading
property for cash proceeds of approximately #4 million, generating a profit on
disposal of approximately #2 million.
Outlook
The Company operates in the attractive neighbourhood and high street convenience
segment of the grocery market and the foodservice sector. These parts of the
market are growing and we have a leading position with over 2,000 stores and a
nationwide capability to service the catering sector through Booker and
Woodward. We have demonstrated that our strategic investment plans deliver
good returns from the presence we have in these markets.
The Company has previously commented upon the increasingly competitive grocery
market which does impact directly on Iceland, particularly on stores awaiting
renewal, and indirectly on Booker. For the 6 weeks to 14 May 2004 Group like
for like sales have been down 0.8% over the prior year period, with Iceland down
1.9% and Booker down 1.5 %. However, the Company continues to enjoy robust
margins and is vigorously controlling costs in the light of the sales
performance and the Company's profit expectations for the current year
therefore remain unchanged. As a result of the increased investment activity,
particularly in Iceland, the Company expects a similar overall level of
profitability in the first half to that achieved in the equivalent period last
year with year on year progress thereafter. Our priority is to recapture the
sales growth potential inherent to our business model.
The Company will continue to invest in its strategic initiatives through the
Iceland refit programme; IS support for Premier and catering growth in Booker;
and the revenue driving costs which are necessary to take Woodward to critical
sales mass. All of these measures taken together underpin our commitment to
providing a progressive and efficient integrated Group able to compete
profitably in a rapidly changing trading environment.
Presentation to Analysts
A presentation to analysts will be made today at 9.15am for 9.30am at The
Smeaton Vaults, The Brewery, Chiswell Street, London, EC1.
Group Profit and Loss Account
For the 53 weeks ended 2 April 2004
53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
Total Total
Note #m #m
Turnover 1 5,151.6 5,060.9
Cost of sales (4,965.7) (4,890.4)
---------------- ----------------
Gross profit 185.9 170.5
Administrative expenses (133.2) (143.3)
Operating profit before goodwill and
operating exceptional items 1 75.3 62.4
Goodwill amortisation (22.6) (22.2)
Operating exceptional items (net) 2 - (13.0)
Operating profit 1 52.7 27.2
Profit on disposal of fixed assets 2 0.1 17.8
---------------- ----------------
Profit on ordinary activities before interest and taxation
52.8 45.0
Interest payable (net) 3 (25.2) (30.5)
---------------- ----------------
Profit on ordinary activities before taxation 27.6 14.5
Tax on profit on ordinary activities 4 - (2.8)
---------------- ----------------
Profit for the financial period 27.6 11.7
Dividends 5 (9.7) (8.3)
---------------- ----------------
Retained profit for the period 17.9 3.4
================ ================
Pence Pence
Earnings per ordinary share - basic 6 8.4 3.5
- adjusted 6 15.2 9.3
- diluted 6 8.3 3.5
All operations in the current and prior period are continuing.
Group statement of total recognised gains and losses
For the 53 weeks ended 2 April 2004
53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Profit for the financial period 27.6 11.7
Exchange movements 1.9 0.6
-------------- --------------
Total recognised gains for the period 29.5 12.3
============== ==============
Group reconciliation of movement in shareholders' funds
For the 53 weeks ended 2 April 2004
53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Total recognised gains and losses 29.5 12.3
Dividends paid and proposed (9.7) (8.3)
New share capital allotted 0.3 -
--------------- ---------------
Net increase in shareholders' funds 20.1 4.0
Shareholders' funds at the beginning of the period 406.5 402.5
--------------- ---------------
Shareholders' funds at the end of the period 426.6 406.5
=============== ===============
Balance Sheets
At 2 April 2004
Group Company
2 April 2004 28 March 2003 2 April 2004 28 March 2003
#m #m #m #m
Fixed assets
Intangible assets 360.8 383.4 - -
Tangible assets 492.9 483.8 - -
Investments 10.9 9.1 10.9 9.1
-------------- -------------- -------------- --------------
864.6 876.3 10.9 9.1
-------------- -------------- -------------- --------------
Current assets
Stocks 325.8 290.8 - -
Debtors due within one year 135.0 138.9 611.8 621.4
Short-term deposits 14.3 14.6 - -
Cash at bank and in hand 55.1 43.8 - -
-------------- -------------- -------------- --------------
530.2 488.1 611.8 621.4
Creditors due within one year (643.2) (635.6) (12.3) (10.2)
-------------- -------------- -------------- --------------
Net current (liabilities) / assets (113.0) (147.5) 599.5 611.2
-------------- -------------- -------------- --------------
Total assets less current liabilities 751.6 728.8 610.4 620.3
Creditors due after one year (268.4) (267.2) (144.8) (144.3)
Provisions for liabilities and charges (56.6) (55.1) - -
-------------- -------------- -------------- --------------
426.6 406.5 465.6 476.0
============== ============== ============== ==============
Capital and reserves
Called-up share capital 34.3 34.3 34.3 34.3
Share premium account 18.0 17.7 18.0 17.7
Merger reserve 330.4 330.4 330.4 330.4
Profit and loss account 43.9 24.1 82.9 93.6
-------------- -------------- -------------- --------------
Equity shareholders' funds 426.6 406.5 465.6 476.0
============== ============== ============== ==============
Group Cash Flow Statement
For the 53 weeks ended 2 April 2004
53 weeks ended 52 weeks ended
Note 2 April 2004 28 March 2003
#m #m
Cash flow from operating activities 7 126.9 95.7
Servicing of finance 8 (23.1) (29.5)
Taxation refunded 1.4 4.8
Capital expenditure and financial investment 8 (67.9) 58.9
Equity dividends paid (8.4) (8.3)
----------------- -----------------
Cash inflow before use of liquid resources and financing 28.9 121.6
Management of liquid resources:
Net inflow/(outflow) from short-term deposits 0.3 (10.0)
Financing 8 16.5 (143.8)
----------------- -----------------
Increase/(decrease) in cash for the period 45.7 (32.2)
================= =================
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash for the period 9 45.7 (32.2)
Cash (inflow)/outflow from debt and lease financing 9 (16.2) 143.8
Cash (inflow)/outflow from liquid resources 9 (0.3) 10.0
Non-cash movements 9 (1.4) -
----------------- -----------------
Movement in net debt in the period 27.8 121.6
Net debt at start of period 9 (282.6) (404.2)
----------------- -----------------
Net debt at end of period 9 (254.8) (282.6)
================= =================
Notes to the Accounts
At 2 April 2004
Basis of Preparation and Accounting Policies
The preliminary accounts have been prepared on the basis of the accounting
policies set out in the Group's statutory accounts for the period ended 28 March
2003.
These statements do not constitute statutory accounts within the meaning of
section 240 of the Companies Act 1985. The accounts for the 52 weeks ended 28
March 2003 have been extracted from the full accounts, which have been filed
with the Registrar of Companies. The accounts for the 53 weeks ended 2 April
2004 will be filed following the Company's AGM. The Auditors' Report on both
periods' accounts was unqualified and did not contain any statement under
section 237 of the Companies Act 1985.
1. Segmental analysis of continuing operations
Turnover Profit before tax Net Turnover Profit before Net assets
assets tax
53 weeks 53 weeks ended 52 weeks 52 weeks ended
ended 2 April ended 28 March
2 April 2004 2 April 28 March 2003 28 March
2004 2004 2003 2003
#m #m #m #m #m #m
Wholesale 3,488.4 57.6 59.9 3,455.4 56.9 81.3
Foodservice 119.2 (6.4) 31.1 95.9 (2.6) 24.9
Retail 1,544.0 24.1 273.4 1,509.6 8.1 244.6
------------ ------------- --------- ------------ ------------- ----------
5,151.6 75.3 364.4 5,060.9 62.4 350.8
============ ============
Goodwill amortisation (22.6) (22.2)
Operating exceptional items
Wholesale 0.5 (5.8)
Foodservice - -
Retail (0.5) (7.2)
------------ ------------
Operating profit 52.7 27.2
Profit on disposal of fixed
assets (note 2) 0.1 17.8
Net interest payable (note 3) (25.2) (30.5)
Other net assets/(liabilities) 62.2 55.7
------------- --------- ------------- ----------
27.6 426.6 14.5 406.5
============= ========= ============= ==========
The goodwill amortisation relates principally to the wholesale business. #nil
(2003:#20.2m) of the profit on disposal of fixed assets relates to the wholesale
business and the balance to the retail business.
All operations are continuing and are carried out in the United Kingdom and the
Republic of Ireland.
Other net assets/(liabilities) comprise: goodwill, investments, corporation and
deferred tax, net borrowings, interest and dividends payable.
Notes to the Accounts
At 2 April 2004 (continued)
2. Exceptional items (net) 53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Contract settlements (4.3) -
Corporate development 0.8 -
Asset write-down 2.2 1.1
Onerous lease provision 1.1 2.2
Integration and strategic review costs - 7.1
Business closures - 2.1
Other 0.2 0.5
------------ ------------
Total operating exceptional items - 13.0
============ ============
Profit on disposal of fixed assets (0.1) (17.8)
============ ============
Contract settlements principally relate to the settlement of a supplier dispute arising from the termination
of an organic vegetable contract.
Corporate development costs are mainly in respect of the proposal to acquire Londis (Holdings) Limited.
The asset write-down and provision for onerous leases are the result of an evaluation of store unit
profitability.
Integration and strategic review costs are principally related to the creation of a Finance Shared Service
Centre and comprise professional fees, together with some reorganisation and redundancy costs and related
asset write-downs.
Business closures include the Sovereign confectionery business and the Home Shopping pick centres.
The profit on sale of fixed assets in the prior period relates principally to the sale and leaseback of 31
properties as part of the re-financing programme, coupled with a gain on disposal of a Booker branch at
Reading, less #7.2m of losses on disposal of other fixed assets.
3. Interest payable (net) 53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Interest receivable and similar income (1.3) (2.2)
--------------- ---------------
Interest payable
Interest on bank loans and overdrafts 9.4 12.0
Loan note interest 15.3 11.4
Finance charges payable under finance leases 0.5 0.9
Unwinding of discount on provisions 1.0 1.2
Other interest payable 0.3 2.0
--------------- ---------------
Total interest payable 26.5 27.5
--------------- ---------------
Exceptional costs
Interest rate swap closure costs - 5.2
--------------- ---------------
25.2 30.5
=============== ===============
Notes to the Accounts
At 2 April 2004 (continued)
4. Tax on profit on ordinary activities 53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Current tax
UK corporation tax (7.9) -
Overseas corporation tax 1.0 0.9
--------------- ---------------
(6.9) 0.9
Deferred tax
Origination and reversal of timing differences 6.9 1.9
-------------- --------------
- 2.8
============== ==============
Reconciliation of the current taxation (credit)/charge
Tax on total profits at 30% (UK standard rate) 8.3 4.3
Goodwill amortisation not allowed for tax 6.8 6.6
Expenses not deductible for tax purposes 2.9 3.3
Depreciation in excess of capital allowances (5.9) (1.0)
Other short-term timing differences (1.0) (0.9)
Overseas tax rate 0.3 0.1
Unrecognised losses arising in the year - 4.3
Utilisation of previously unrelieved losses (3.4) (7.8)
Property profits covered by capital losses - (8.0)
Prior year adjustments (14.9) -
-------------- --------------
Current tax (credit)/charge (6.9) 0.9
============== ==============
The taxation attributable to exceptional items is a credit of #0.0m (2003:
#3.3m).
5. Dividends 53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Interim dividend on ordinary equity shares 3.6 3.3
Final dividend on ordinary equity shares 6.1 5.0
------------ ------------
9.7 8.3
============ ============
Notes to the Accounts
At 2 April 2004 (continued)
6. Earnings per ordinary share
Basic and diluted
The basic and diluted earnings per share are calculated based on the following data:
53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Profit for the financial period 27.6 11.7
============ ============
No. (m) No. (m)
Basic weighted average number of shares 328.2 331.6
Dilutive potential ordinary shares - employee options 5.3 0.5
------------ ------------
Diluted weighted average number of shares 333.5 332.1
============ ============
The basic weighted average excludes shares held in the employee share trust, as required by FRS14. The effect of
this is to reduce the average by 14,958,513 (2003: 11,426,458).
Adjusted
Adjusted earnings per share are presented in addition to the basic required by FRS14 since, in the opinion of the
directors, this represents a clearer period-on-period comparison of the earnings of the Group. The adjusted items
are the exclusion of goodwill amortisation, exceptional items and associated tax.
53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
Pence Pence
Basic earnings per share 8.4 3.5
Goodwill amortisation 6.8 6.7
Exceptional items - 0.1
Associated tax - (1.0)
------------- -------------
Adjusted earnings per share 15.2 9.3
============= =============
Notes to the Accounts
At 2 April 2004 (continued)
7. Reconciliation of operating profit to operating cash flows 53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Operating profit 52.7 27.2
Operating exceptional items - 13.0
-------------- --------------
Operating profit before operating exceptional items 52.7 40.2
Depreciation 66.9 73.3
Amortisation of goodwill 22.6 22.2
Amortisation of investments 1.0 4.5
Exceptional costs (5.5) (5.6)
(Increase)/decrease in stocks (36.0) 5.8
(Increase)/decrease in debtors (11.3) 4.4
Increase/(decrease) in creditors 38.9 (44.6)
Cash flow relating to provisions (2.4) (4.5)
-------------- --------------
Net cash inflow from operating activities 126.9 95.7
============== ==============
8. Analysis of cash flows 53 weeks ended 52 weeks ended
2 April 2004 28 March 2003
#m #m
Servicing of finance
Net interest paid (22.6) (23.5)
Interest element of finance lease rental payments (0.5) (0.8)
Interest rate swap closure costs - (5.2)
-------------- --------------
Net cash outflow for servicing of finance (23.1) (29.5)
============== ==============
Capital expenditure and financial investment
Purchase of tangible fixed assets (84.0) (68.7)
Sale of tangible fixed assets 19.2 130.0
Purchase of shares for ESOP (3.1) (2.4)
-------------- --------------
Net cash (outflow)/inflow for capital expenditure and financial
investment
(67.9) 58.9
============== ==============
Financing
Issue of share capital 0.3 -
Proceeds from new borrowings 22.9 260.4
Repayment of borrowings - (396.4)
Capital element of finance lease repayments (6.7) (7.8)
-------------- --------------
Net cash inflow/(outflow) from financing 16.5 (143.8)
============== ==============
Notes to the Accounts
At 2 April 2004 (continued)
9. Analysis of net debt At 28 March Cash flow Non-cash At 2 April
2003 movements 2004
#m #m #m #m
Cash at bank and in hand 43.8 11.3 - 55.1
Overdrafts (41.2) 34.4 - (6.8)
------------- ------------ ------------ -------------
2.6 45.7 - 48.3
Debt due within one year (26.6) (24.2) - (50.8)
Debt due after one year (266.5) 1.3 (1.4) (266.6)
Finance leases (6.7) 6.7 - -
------------- ------------ ------------ -------------
(297.2) 29.5 (1.4) (269.1)
Liquid resources - short-term deposits 14.6 (0.3) - 14.3
------------- ------------ ------------ -------------
(282.6) 29.2 (1.4) (254.8)
============= ============ ============ =============
10. Pensions
FRS 17 Disclosures for the 53 weeks to 2 April 2004
The Group has continued to account for pensions in accordance with SSAP 24. However, FRS17 "
Retirement Benefits" requires the following transitional disclosures:
Independent qualified actuaries have updated the results of the most recent actuarial valuations for
the defined benefit scheme from 30 June 2001 to 2 April 2004.
The main financial assumptions used in the valuation of the liabilities of the Company's pension
scheme under FRS 17 are:
2 April 2004 28 March 2003 29 March 2002
Discount rate 5.50% 5.30% 5.80%
Rate of increase in salaries 4.25% 4.00% 4.00%
Pension increases 2.75% 2.50% 2.50%
Inflation 2.75% 2.50% 2.50%
The assets in the scheme and the expected rates of return were:
Long term Long term Long term
rate of rate of rate of
return Market return Market return Market
expected value expected value expected value
2 April 2 April 28 March 28 March 29 March 29 March
2004 2004 2003 2003 2002 2002
#m #m #m
Equity 8.00 % 265.9 6.00% 230.9 6.75% 364.4
Bonds 5.50 % 210.1 5.70% 182.3 5.50% 147.4
Other 4.00 % 1.9 3.75% 10.6 4.75% 12.7
-------- --------- ---------
Total market value of assets 477.9 423.8 524.5
======== ========= =========
Notes to the Accounts
At 2 April 2004 (continued)
10. Pensions (continued)
The following amounts were measured in accordance
with the requirements of FRS17:
At 2 April 2004 At 28 March 2003 At 29 March 2002
#m #m #m
Total market value of assets 477.9 423.8 524.5
Present value of scheme liabilities (670.0) (644.3) (560.4)
----------- ----------- -----------
Deficit in the scheme (192.1) (220.5) (35.9)
Related deferred tax asset 57.6 66.2 10.8
----------- ----------- -----------
Net pension liability (134.5) (154.3) (25.1)
=========== =========== ===========
The effect on the balance sheet and profit and loss account if FRS 17 had been implemented
during the period are shown below.
Net assets and reserves At 2 April 2004 At 28 March 2003 At 29 March 2002
#m #m #m
Net assets excluding net pension 426.6 410.8 411.1
liability under SSAP 24
Net pension liability (134.5) (154.3) (25.1)
------------ ------------ ------------
Net assets including net pension
liability under FRS 17 292.1 256.5 386.0
============ ============ ============
Profit and loss reserve excluding 43.9 28.4 14.6
net pension liability under SSAP 24
Net pension liability (134.5) (154.3) (25.1)
------------ ------------ ------------
Profit and loss account including
net pension reserve under FRS 17 (90.6) (125.9) (10.5)
============ ============ ============
Notes to the Accounts
At 2 April 2004 (continued)
10. Pensions (continued)
53 weeks ended 52 weeks
2 April 2004 ended
#m 28 March 2003
#m
Profit and loss account
Amounts charged to operating profit
Current service cost - defined benefit scheme 1.9 4.8
Curtailment and settlement cost (0.3) -
----------- -----------
1.6 4.8
=========== ===========
Amounts charged/(credited) to net interest payable
Expected return on pension scheme's assets (24.4) (32.9)
Interest on pension scheme's liabilities 33.8 32.1
------------ ------------
9.4 (0.8)
============ ============
Amounts to be recorded in the statement of total recognised gains and
losses
Difference between actual and expected return on assets 47.0 (121.2)
Experience gains/(losses) on liabilities 13.7 -
Change in actuarial assumptions (30.4) (68.7)
------------ ------------
Actuarial gain/(loss) 30.3 (189.9)
============ ============
Movements in deficit during the period
Deficit in the scheme at start of period (220.5) (36.0)
Total operating charge (1.6) (4.8)
Employer contributions 9.1 9.4
Total financing (charges)/income (9.4) 0.8
Actuarial gain/(loss) 30.3 (189.9)
------------ ------------
Deficit in the scheme at end of period (192.1) (220.5)
============ ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Big Food Grp. (LSE:BFP)
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