Interim Results -5-
29 Mars 2012 - 8:01AM
UK Regulatory
plant and equipment (574) (411) (985) - (985)
-------- ---------- ------------ ------------- ---------
Operating profit/(loss) 485 (8,597) (8,112) (1,969) (10,081)
-------- ----------
Assets written off on
liquidation - (1,360) (1,360)
Net finance costs (2,550) - (2,550)
------------ ------------- ---------
Loss before tax (10,662) (3,329) (13,991)
Taxation (1,428) 386 (1,042)
------------ ------------- ---------
Loss after tax (12,090) (2,943) (15,033)
-------------------------------------- -------- ---------- ------------ ------------- ---------
Segmental information
4 (continued)
Clinton Birthdays Continuing Discontinued
Balance Sheet Cards Retail operations operations Group
------------------------- --------- ---------- ------------ ------------- ----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets as at 29 January
2012 108,999 24,541 133,540 - 133,540
Liabilities as at 29
January 2012 (98,575) (15,349) (113,924) - (113,924)
--------- ---------- ------------ ------------- ----------
Net assets excluding
Group borrowings 10,424 9,192 19,616 - 19,616
--------- ---------- ------------ -------------
Group borrowings (151)
----------
Net assets as at 29
January 2012 19,465
----------
Assets as at 30 January
2011 122,658 24,705 147,363 180 147,543
Liabilities as at 30
January 2011 (78,190) (12,340) (90,530) (411) (90,941)
--------- ---------- ------------ ------------- ----------
Net assets excluding
Group borrowings 44,468 12,365 56,833 (231) 56,602
--------- ---------- ------------ -------------
Group borrowings (13,559)
----------
Net assets as at 30
January 2011 43,043
----------
Assets at 31 July 2011 126,742 23,741 150,483 - 150,483
Liabilities as at 31
July 2011 (61,649) (12,334) (73,983) - (73,983)
--------- ---------- ------------ ------------- ----------
Net assets excluding
Group borrowings 65,093 11,407 76,500 - 76,500
--------- ---------- ------------ -------------
Group borrowings (53,527)
----------
Net assets at 31 July
2011 22,973
----------
5 Discontinued operations
After a period of actively seeking to sell the Birthdays Ireland
business, a decision was taken to explore alternative options. On 1
March 2011 following a petition placed before the Courts, Birthdays
(Ireland) Limited was placed into liquidation. As control of the
Company ceased at that date the results and assets were
deconsolidated and treated as discontinued in the results of the 26
weeks ended 30 January 2011.
26 weeks 26 weeks
ended ended
29 January 30 January
2012 2011
GBP'000 GBP'000
Revenue - 3,408
Expenses - (3,931)
------------ -----------
Trading loss of discontinued operations - (523)
Assets impaired - (1,620)
Provision for onerous leases - (1,500)
------------ -----------
Total loss of discontinued operations - (3,643)
------------ -----------
The cash flows of Birthdays (Ireland) Limited
operations are shown below:
Operating cash flows - 26
Investing cash flows - (4)
------------ -----------
Total cash flows - 22
------------ -----------
Balance Sheet
Property, plant and equipment - 461
Inventories - 874
Trade and other receivables - 285
------------ -----------
- 1,620
Cash and cash equivalents - 180
Trade and other payables - (295)
Deferred tax liability - (116)
------------ -----------
- 1,389
Assets impaired - (1,620)
------------ -----------
Net (liabilities)/assets of discontinued
operations (excluding inter company debt) - (231)
------------ -----------
Loss per share from discontinued operations
From discontinuing operations:
Basic and diluted loss per share(pence) - (1.76)
6 Finance costs
Continuing operations Discontinued operations
----------------------------------- -----------------------------------
26 weeks 26 weeks 52 weeks 26 weeks 26 weeks 52 weeks
ended ended ended ended ended ended
29 January 30 January 31 July 29 January 30 January 31 July
2012 2011 2011 2012 2011 2011
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Finance income:
Interest on bank
deposits 61 40 96 - - -
Other interest
received 2 8 - - - -
----------- ----------- --------- ----------- ----------- ---------
Total finance income 63 48 96 - - -
----------- ----------- --------- ----------- ----------- ---------
Finance costs:
Interest payable
on bank loans and
overdraft (1,203) (839) (2,007) - - -
Amortisation of
finance costs (919) (493) (985) - - -
Other interest
paid (5) (310) - - - -
----------- ----------- --------- ----------- ----------- ---------
Total finance costs (2,127) (1,642) (2,992) - - -
Change in fair
value of derivative
financial instruments 218 266 356 - - -
Unwinding of property
provision discount (48) (5) (10) - - -
Finance costs -
net (1,894) (1,333) (2,550) - - -
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