TIDMDEB
RNS Number : 8823E
Debenhams plc
14 April 2011
14 April 2011
DEBENHAMS PLC
HALF YEAR RESULTS FOR 26 WEEKS TO 26 FEBRUARY 2011
Financial Highlights
-- Group gross transaction value up 3.2%
-- Group like-for-like sales flat including VAT (down 1.5%
excluding VAT)
-- Group gross margin up 20 basis points
o Debenhams (excluding Magasin) gross margin up 30 basis
points
o Magasin du Nord gross margin up 240 basis points*
-- Headline profit before tax and exceptionals** in line with
market expectations, up 4.5% to GBP129.2m
-- Earnings per share up 14.5% from 6.2p to 7.1p
-- Recommencement of dividends with interim dividend of 1.0p per
share
-- Net debt reduced by GBP165.2 million during half to
GBP351.6m
-- Strong de-leveraging since the year end; net debt to
EBITDA*** improved from 1.8x to 1.3x
* Magasin du Nord: H1 11 26 weeks vs. H1 10 16 weeks
** After adding back amortisation on capitalised bank fees of
GBP3.9m (H1 10: GBP3.1m) and exceptional items of GBPnil (H1 10:
GBP6.0m)
*** EBITDA on last 12 months' basis
Operating Highlights
-- Good sales performance from own bought ranges
-- Market share gains in key categories including women's
casualwear and childrenswear*
-- Designers at Debenhams portfolio extended through new
launches including Edition, Diamond by Julien Macdonald and men's J
Jeans by Jasper Conran
-- Solid performance by Magasin du Nord with like-for-like sales
up 9.3% (constant currency)
-- Debenhams Direct sales up by 82.4%
-- Continued investment in the business: new store opened in
Bath, 5 store refits completed, construction of a new distribution
centre underway
-- Brand marketing campaign launched, focusing on Designers at
Debenhams
* Source: Kantar Worldpanel Fashion, 24 weeks to 20 February
2011 vs. 2010
Rob Templeman, Chief Executive of Debenhams, said:
"We are pleased with the performance of the business in the
first half. The trading environment has been difficult but our
focus on profit and cash generation has continued to deliver
returns. Debenhams has now produced six consecutive halves of
pre-tax profit growth in what has been a consistently challenging
retail climate.
"Looking forward, there are some encouraging signs that
commodity prices such as cotton may fall which could be positive
for both consumers and retailers in terms of pricing. In the
short-term, whilst we will continue to benefit from the
contribution of Magasin and lower interest rates, we are planning
for no real change in consumer confidence. We will continue to
ensure that our focus on offering our customers outstanding choice,
quality and value remains at the forefront of our decision
making.
"We continue to believe that our investments in infrastructure,
the building of a seamless multi-channel business and the
continuing improvements to the store experience through our
refurbishment programme will serve us well, particularly when the
retail environment begins to improve."
FINANCIAL SUMMARY
H1 11 H1 10 % change
-------------------------------------- ------------ ------------ ----------
Group gross transaction value
(incl. Magasin) GBP1,463.0m GBP1,417.2m +3.2%
-------------------------------------- ------------ ------------ ----------
Gross transaction value (excl.
Magasin) GBP1,328.8m GBP1,329.0m -
-------------------------------------- ------------ ------------ ----------
Statutory revenue GBP1,222.3m GBP1,187.8m +2.9%
-------------------------------------- ------------ ------------ ----------
Group like-for-like sales - incl.
VAT Flat
-------------------------------------- ------------ ------------ ----------
Group like-for-like sales - excl.
VAT -1.5%
-------------------------------------- ------------ ------------ ----------
Group gross margin(a) - incl.
Magasin +20bps
-------------------------------------- ------------ ------------ ----------
Gross margin(a) - excl. Magasin +30bps
-------------------------------------- ------------ ------------ ----------
Operating profit before exceptionals GBP137.7m GBP146.6m -6.1%
-------------------------------------- ------------ ------------ ----------
Headline profit before tax and
exceptionals(b) GBP129.2m GBP123.6m +4.5%
-------------------------------------- ------------ ------------ ----------
Reported profit before tax and
exceptionals GBP125.3m GBP120.5m +4.0%
-------------------------------------- ------------ ------------ ----------
Earnings per share 7.1p 6.2p +0.9p
-------------------------------------- ------------ ------------ ----------
Interim dividend per share 1.0p 0p +1.0p
-------------------------------------- ------------ ------------ ----------
26-02-11 27-02-10
-------------------------------------- ------------ ------------ ----------
Net debt GBP351.6m GBP511.5m GBP159.9m
-------------------------------------- ------------ ------------ ----------
Net debt : EBITDA (last 12 months) 1.3x 1.8x 0.5x
-------------------------------------- ------------ ------------ ----------
(a) Gross margin: gross transaction value less cost of goods
sold, as a percentage of gross transaction value
(b) After adding back GBP3.9m of amortisation on capitalised
bank fees (H1 10: GBP3.1m) and exceptional items of GBPnil (H1 10:
GBP6.0m)
Enquiries
Investors and analysts
Debenhams plc
Rob Templeman, Chief Executive
Chris Woodhouse, Finance Director
Lisa Williams, Investor Relations 020 7408 3304, 07908
483841
Press
Financial Dynamics
Jonathon Brill 020 7269 7170
Caroline Stewart 020 7269 7227
A presentation for investors and analysts will be held today at
8:30am in the Ground Floor Auditorium at Bank of America Merrill
Lynch, 2 King Edward Street, London EC1A 1HQ. A webcast of this
presentation will be available at www.debenhamsplc.com from noon
today.
High resolution images are available for media to view and
download free of charge from www.prshots.com/Debenhams.
FIRST HALF FINANCIAL PERFORMANCE
Debenhams recorded a creditable financial performance in the
first half despite the difficult market conditions, the impact of
bad weather in the important Christmas trading period and GBP5
million of dual running costs associated with the investment in a
new distribution centre.
Group gross transaction value for the period grew by 3.2% to
GBP1,463.0 million. Excluding Magasin, gross transaction value was
flat at GBP1,328.8 million.
Group like-for-like sales were flat in the first half on a VAT
inclusive basis and declined by 1.5% excluding VAT. The impact of
severe winter weather during the December peak trading period is
estimated to be a drag of 2% on like-for-like sales for the
half.
Gross margin on a Group basis was 20 basis points higher than
last year in the period. This includes Magasin which has a lower
gross margin due to its higher mix of concession sales. Excluding
Magasin, gross margin increased by 30 basis points in the half
versus last year. Although Magasin's gross margin increased by 240
basis points in the half, its contribution to Group gross margin in
this period is impacted by the comparison of 26 weeks this year
versus 16 weeks last year due to the timing of the acquisition.
Gross margin gains were driven by stronger own bought sales versus
concessions and tight markdown management, offset by
well-documented input price inflation.
Magasin has continued to perform well. Like-for-like sales
increased by 9.3% on a Danish kroner basis and by 3.9% on a
sterling basis. The programme to introduce selected Debenhams' own
bought ranges into the Danish stores has continued and this has
contributed to the 240 basis points increase in gross margin for
Magasin compared with the first half of last year.
The Group continues to manage operating costs extremely tightly.
Total operating expenses increased by around 4% in the first half,
in line with the increase in gross transaction value plus the GBP5
million of dual running costs. The interest charge decreased
significantly from GBP26.1 million in the first half of last year
to GBP12.4 million this year due mainly to lower interest rates
associated with the new bank facilities, reduced net debt and the
restructuring of the Lloyds finance leases.
Headline profit before tax and exceptionals for the first half,
which adds back amortisation on capitalised debt fees of GBP3.9
million (H1 2010 GBP3.1 million), was GBP129.2 million, compared
with GBP123.6 million last year, an increase of 4.5% and in line
with market consensus. As noted above, profitability was impacted
in the first half by approximately GBP5 million related to the dual
running costs associated with the new distribution centre at
Sherburn. Reported profit before tax and exceptional items was 4.0%
higher than a year ago at GBP125.3 million.
Basic earnings per share increased by 14.5% to 7.1 pence
compared with 6.2 pence for the first half of last year,
benefitting from lower interest charges and a reduction in the tax
rate.
Further investment was made in the Group's business during the
half resulting in capital investment of GBP45.6 million. Capital
expenditure guidance for the year remains in the region of GBP120
million with the bulk of the investment in the new Sherburn DC
being made in the second half as well as a further six store
refits.
The business was strongly cash generative in the half with cash
inflow from operating activities before financing and after capital
expenditure of GBP154.3 million (H1 2010: GBP154.5 million). Net
debt at the end of the half was GBP351.6 million. This was an
improvement of GBP159.9 million over the position at the end of the
first half last year (27 February 2010) and GBP165.2 million better
than at the end of the last financial year (29 August 2010). Lower
net debt resulted in a significant improvement in the gearing ratio
(net debt to last 12 months' EBITDA) during the half from 1.8 times
to 1.3 times.
The board today announced its intention to reinstate dividend
payments with immediate effect. The initial target dividend cover
is three times earnings. This will result in an interim dividend
per share for 2011 of 1.0 pence (2010: nil) to be paid on 8 July
2011 (see timetable below). The scrip alternative is not being
offered with this dividend.
STRATEGY UPDATE AND OPERATING REVIEW
Debenhams has continued to deliver on the strategy set out two
years ago to focus on measures to expand margins and gain market
share whilst continuing to invest in the future development of the
business. This involves four key areas: multi-channel development,
product strategy, space strategy and balance sheet management.
Multi-channel development
Building a seamless, customer-centric multi-channel business is
a key priority for Debenhams.
Debenhams Direct delivered another strong performance during the
first half with sales increasing by 82.4% to GBP92.3 million.
Customers are increasingly taking advantage of multi-channel access
points such as instore ordering and collect from store, both of
which grew significantly during the half.
New multi-channel access points introduced during the first half
include an app for iPhones, online video through Debenhams TV and
the ongoing roll-out of self-service order kiosks. A euro
denominated website, debenhams.ie, was launched in time for the
peak trading period in the Republic of Ireland. Multi-channel
marketing has also increased with the new additions of SMS and
mobile coupons.
Since the end of the half, mobile access has been expanded with
further apps for Android and Nokia smartphones. A Beauty Club app,
which ties in with the successful health and beauty loyalty scheme,
will launch in the third quarter. International delivery is also
being expanded from the existing seven countries to 40 countries by
the end of this calendar year. Other developments include the
trialling of an instore "online shop" during the second half and
further expansion in product categories which will provide
Debenhams' customers with real choice but with limited stock risk
for the Group.
Product strategy
Debenhams' product strategy is centred on its multi-category,
multi-brand offer which gives customers a unique selection of
private label brands, Designers at Debenhams brands, international
brands and concessions. Focus is very much on the development of
higher margin private label and Designer brands which provide a key
differentiator from competitors.
Further progress has been made in market share during the half.
Encouragingly, the most recently available market share data
(Kantar Worldpanel Fashion, 24 weeks to 20 February 2011 vs. 2010)
has shown growth in some of the areas which have been identified as
strong market share opportunities suggesting this strategy is
showing early signs of success. This includes women's casualwear
(up 50 basis points) and childrenswear (up 20 basis points). Total
fashion market share was maintained during the half with menswear
and total womenswear both stable. Debenhams' share of the premium
health and beauty market has also increased strongly, up from 26.8%
to 28.1% (source: NPD Health and Beauty report 52 weeks to 26
February 2011).
Own bought sales (comprising private label, Designers at
Debenhams and international brands) continued to outperform
concessions during the half. Overall, own bought sales accounted
for 82.1% of total sales, up from 81.4% in the first half of the
previous year (excluding Magasin). The target own bought sales
participation remains 85%. Designers at Debenhams brands delivered
the strongest performance with sales up 5.7% on last year.
A number of new brands were introduced during the half. These
include Edition, an exciting new concept within Designers at
Debenhams featuring some of the fashion industry's leading young
designers, in the first instance Jonathan Saunders, Preen and
Jonathan Kelsey. Also new in womenswear is Diamond by Julien
Macdonald which brings Julien's unique designs to a younger
customer. In menswear, J Jeans is a new addition to Jasper Conran's
collection.
The clothing sector has experienced significant input price
inflation during the past six months, driven by a sharp rise in the
cost of cotton and other materials. This has resulted in a need for
Debenhams to increase selling prices for the spring summer season
in addition to the increase in UK VAT which rose from 17.5% to
20.0% from January 2011. Like-for-like selling prices have
increased by around 8% although the introduction of new entry price
points in some key ranges, such as women's casualwear, alongside
careful management of the range architecture have reduced the
overall impact of higher prices. Management estimates that the
pricing elasticity associated with this level of price increase is
1:0.5 (meaning a 1% change in price would result in a 0.5% change
in volume in the opposite direction). The supply chain continues to
be managed extremely closely to ensure that there is sufficient
flexibility should this estimate need to be adjusted.
Stock levels are firmly under control. Whilst headline stock
levels increased by 13.6%, principally driven by earlier intake to
ensure continuity of supply over Chinese New Year, expansion of
Debenhams Direct and cost price increases, underlying stock density
declined by 2.4% during the first half. Terminal stock at the end
of the period was at a record low of 2.5%.
A new brand marketing campaign was launched for the spring
summer season. The TV, press, digital and social media campaign,
which is also reflected in store windows, capitalises on Designers
at Debenhams, our key differentiator. Other marketing activities
include sponsorship of TV programme "Neighbours".
Space strategy
Although there are indications of a tentative recovery in the
retail property market, the new store contracted pipeline continues
to be limited. A new 83,000 square feet department store was opened
in Bath during the first half. In the second half, new stores will
open in Wakefield and Fareham, together adding 84,000 square feet
of trading space. Discussions are underway relating to more than 30
new store opportunities.
Improving the experience of customers in all Debenhams stores is
continuing through the store refit programme. Five stores were
refitted during the first half and another six will commence during
the second half. The priority is older stores in large city centres
and locations where Debenhams is the only department store in the
market. The refits are generating good sales and margin uplifts and
a strong return on capital performance. A further 20 stores are
planned to be refitted during the 2012 financial year.
As well as the store estate, investment is being made in new
logistics capacity which will provide the ability to handle the
expected multi-channel expansion as well as proving cost
efficiencies over the longer-term. Operations at the new 667,000
square feet Sherburn distribution centre will commence by the end
of the 2011 calendar year. The impact of the dual running costs
associated with this project on operating profit are in the region
of GBP10 million in each of financial years 2011 and 2012 and GBP5
million in financial year 2013. The impact in the first half is
estimated to be some GBP5 million.
Sales for Debenhams' international franchise store division
increased by 8.5% to GBP35.7 million. One store was opened during
the first half in Armenia taking the total at the end of the period
to 61 stores in 24 countries. A further store has opened in Hungary
since the end of the half.
Balance sheet management
Net debt has continued to reduce, ending the half at GBP351.6
million, a reduction of GBP165.2 million since the start of the
current financial year and GBP159.9 million lower than at the same
point last year. The leverage ratio has fallen to 1.3 times from
1.8 times at the start of the first half.
On 30 November 2010, the Group repaid GBP150 million of debt
cancelling its existing GBP806 million bank facility and drawing
the GBP650 million forward start facility negotiated in July 2010.
The new facility includes a GBP400 million revolving credit
facility that enhances the Group's ability to manage working
capital efficiently and minimise interest costs of borrowings held
alongside surplus cash. The Group will further benefit from the
lower fees payable under the smaller facility.
During the first quarter of the year, the Group cancelled long
leases on nine stores and at the same time entered into new sale
and leaseback contracts on those stores. The combination of the
cancellation of the existing finance leases and the new sale and
leaseback transactions generated a net cash inflow of GBP36.6
million and reduced net debt by GBP79.2 million
OUTLOOK
Looking forward, there are some encouraging signs that commodity
prices such as cotton may fall which could be positive for both
consumers and retailers in terms of pricing. In the short term,
whilst we will continue to benefit from the contribution of Magasin
and lower interest rates, we are planning for no real change in
consumer confidence. We will continue to ensure that our focus on
offering our customers outstanding choice, quality and value
remains at the forefront of our decision making.
We continue to believe that our investments in infrastructure,
the building of a seamless multi-channel business and the
continuing improvements to the store experience through our
refurbishment programme will serve us well, particularly when the
retail environment begins to improve.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties for the remainder of the
year are unchanged from those detailed in the Group's Annual Report
and Accounts for 2010 (see pages 46 to 49 of that document). The
risks which are most relevant to the second half of the financial
year are: a consistent fall in customer spending as a result of
economic downturn, inflation or deflation; competitive pressures in
existing markets influencing customer behaviour; sustained supplier
cost price increases due to rising cost of raw materials, labour
etc; and inability to predict or fulfil customer demands or
preferences.
BOARD OF DIRECTORS
Mark Rolfe joined the board as a non-executive director on 1
October 2010.
The board of directors as at 14 April 2011 is as follows: Nigel
Northridge (chairman), Rob Templeman (chief executive), Michael
Sharp (deputy chief executive), Chris Woodhouse (finance director),
Adam Crozier (non-executive director), Martina King (non-executive
director), Dennis Millard (non-executive director), Mark Rolfe
(non-executive director) and Sophie Turner Laing (non-executive
director).
DIVIDEND TIMETABLE
The following timetable applies to the interim dividend of 1.0
pence per share which the board has today resolved to pay.
Ex-dividend date 1 June 2011
Record date 3 June 2011
Dividend payment date 8 July 2011
Notes to Editors
Debenhams is an iconic British department store group which was
established over 200 years ago. Debenhams has a strong presence in
key product categories including womenswear, menswear,
childrenswear, home and health and beauty and offers its customers
a unique and differentiated mix of exclusive own bought brands
including Designers at Debenhams, international brands and
concessions.
Debenhams has 167 stores in the UK, the Republic of Ireland and
Denmark as well as 62 international franchise stores in 25
countries. Debenhams products are also available online at
www.debenhams.com and www.debenhams.ie and through iPhone, Android
and Nokia apps.
Designers at Debenhams include Ted Baker, Jeff Banks, Jasper
Conran, Erickson Beamon, FrostFrench, Henry Holland, Roksanda
Ilincic, Betty Jackson, Jonathan Kelsey, Ben de Lisi, Julien
Macdonald, Melissa Odabash, Jane Packer, Pearce Fionda, Preen,
Janet Reger, John Rocha, Jonathan Saunders, Lisa Stickley, Eric Van
Peterson and Matthew Williamson.
Statements made in this announcement that look forward in time
or that express management's beliefs, expectations or estimates
regarding future occurrences and prospects are "forward-looking
statements" within the meaning of the United States federal
securities laws. These forward-looking statements reflect
Debenhams' current expectations concerning future events and actual
results may differ materially from current expectations or
historical results. Neither the content of the Company's website
nor the content of any website accessible from hyperlinks on the
Company's website (or any other website) is (or is deemed to be)
incorporated into or forms (or is deemed to form) part of this
announcement.
Independent review report to Debenhams plc
Introduction
We have been engaged by the Company to review the interim
condensed consolidated financial information in the half-yearly
financial report for the 26 weeks ended 26 February 2011, which
comprises the consolidated income statement, the consolidated
statement of comprehensive income, the consolidated balance sheet,
the consolidated statement of changes in equity, the consolidated
cash flow statement and related notes. We have read the other
information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review. This report, including the
conclusion, has been prepared for and only for the Company for the
purpose of the Disclosure and Transparency Rules of the Financial
Services Authority and for no other purpose. We do not, in
producing this report, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown
or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the interim condensed consolidated
financial information in the half-yearly financial report for the
26 weeks ended 26 February 2011 is not prepared, in all material
respects, in accordance with International Accounting Standard 34
as adopted by the European Union and the Disclosure and
Transparency Rules of the United Kingdom's Financial Services
Authority.
PricewaterhouseCoopers LLP Chartered Accountants London
14 April 2011
Consolidated Income Statement
For the 26 weeks ended 26 February 2011
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
to to to
26 February 27 February 28 August
Note 2011 2010 2010
GBPm GBPm GBPm
---------------------------- ----- ------------- ------------- -----------
Revenue 2,3 1,222.3 1,187.8 2,119.9
Cost of sales (1,027.1) (1,001.2) (1,838.9)
Analysed as:
Cost of sales before
exceptional items (1,027.1) (991.1) (1,829.5)
Exceptional cost of sales 4 - (10.1) (9.4)
---------------------------- ----- ------------- ------------- -----------
Gross profit 195.2 186.6 281.0
Distribution costs (37.6) (28.9) (55.1)
Administrative expenses (19.9) (23.7) (43.0)
Analysed as:
Administrative expenses
before exceptional items (19.9) (21.2) (40.2)
Exceptional administrative
expenses 4 - (2.5) (2.8)
---------------------------- ----- ------------- ------------- -----------
Other exceptional income 4 - 6.6 6.8
Operating profit 3 137.7 140.6 189.7
Analysed as:
Operating profit before
exceptional items 137.7 146.6 195.1
Exceptional items 4 - (6.0) (5.4)
---------------------------- ----- ------------- ------------- -----------
Interest receivable and
similar income 5 3.7 4.4 6.7
Interest payable and
similar charges 6 (16.1) (30.5) (56.5)
Profit before taxation 125.3 114.5 139.9
Taxation 7 (33.8) (34.4) (42.9)
Analysed as:
Taxation before exceptional
items 7 (33.8) (36.3) (44.6)
Taxation credit on
exceptional items - 1.9 1.7
---------------------------- ----- ------------- ------------- -----------
Profit for the financial
period attributable to
equity shareholders 91.5 80.1 97.0
Earnings per share attributable to the equity shareholders
Pence
Pence per Pence per per
share share share
--------------------------------- ------------ ---------- ------------- --------
Basic 9 7.1 6.2 7.5
Diluted 9 7.1 6.2 7.5
----------------------------------------------- ---------- ------------- --------
The notes on pages 15 to 21 form an integral part of this
condensed consolidated interim financial information.
Consolidated Statement of Comprehensive Income
For the 26 weeks ended 26 February 2011
Audited
Unaudited Unaudited 52
26 weeks 26 weeks weeks
to 26 to 27 to 28
February February August
Note 2011 2010 2010
GBPm GBPm GBPm
------------------------------------------ ------- ---------- ---------- --------
Profit for the financial period 91.5 80.1 97.0
Other comprehensive income
Actuarial gains/(losses) recognised
in the pension schemes 11 62.0 13.1 (37.1)
Deferred tax movement on actuarial
(gains)/losses (17.9) (3.7) 7.8
Change in the value of available-for-sale
investments 0.1 (0.3) (6.8)
Currency translation differences 2.6 (3.4) (1.0)
Cash flow hedges
- net fair value (losses)/gains (5.6) 21.3 24.0
- tax on net fair value losses/(gains) 1.5 (6.0) (6.5)
- reclassified and reported in net profit - 3.8 6.8
- tax on items reclassified and reported
in net profit - (1.1) (1.9)
- recycled and adjusted against the cost
of inventory (2.4) (0.5) (4.3)
- tax on items recycled against the cost
of inventory 0.6 0.1 1.2
Total other comprehensive income/(expense) 40.9 23.3 (17.8)
Total comprehensive income for the period 132.4 103.4 79.2
The notes on pages 15 to 21 form an integral part of this
condensed consolidated interim financial information.
Consolidated Balance Sheet
At 26 February 2011
Unaudited Unaudited Audited
26 February 27 February 28 August
Note 2011 2010 2010
GBPm GBPm GBPm
------------------------- ----- -------------- -------------- ------------
ASSETS
Non-current assets
Intangible assets 10 847.1 841.6 846.2
Property, plant and
equipment 10 618.4 668.2 676.1
Available-for-sale
investments 7.7 8.5 7.8
Derivative financial
instruments 1.1 3.6 0.9
Other receivables 17.8 17.5 17.2
Deferred tax assets 77.7 75.4 92.0
1,569.8 1,614.8 1,640.2
------------------------- ----- -------------- -------------- ------------
Current assets
Inventories 325.6 286.9 295.3
Trade and other
receivables 71.7 72.5 73.4
Derivative financial
instruments 1.2 10.3 8.9
Cash and cash
equivalents 14 35.4 92.4 69.5
433.9 462.1 447.1
------------------------- ----- -------------- -------------- ------------
LIABILITIES
Current liabilities
Bank overdraft and
borrowings 14 (143.7) (2.3) (545.7)
Derivative financial
instruments (10.0) (5.6) (1.8)
Trade and other payables (496.1) (483.8) (494.2)
Current tax liabilities (51.3) (50.3) (37.5)
Provisions for
liabilities and
charges (6.6) (5.9) (4.4)
(707.7) (547.9) (1,083.6)
------------------------- ----- -------------- -------------- ------------
Net current liabilities (273.8) (85.8) (636.5)
------------------------- ----- -------------- -------------- ------------
Non-current liabilities
Bank overdraft and
borrowings 14 (243.3) (601.6) (40.6)
Derivative financial
instruments (1.2) (4.4) (7.5)
Deferred tax liabilities (81.1) (79.0) (83.8)
Other non-current
liabilities (318.0) (280.7) (285.7)
Provisions for
liabilities and
charges (1.4) (0.5) (2.0)
Retirement benefit
obligations 11 (14.6) (35.9) (80.7)
(659.6) (1,002.1) (500.3)
------------------------- ----- -------------- -------------- ------------
NET ASSETS 636.4 526.9 503.4
SHAREHOLDERS' EQUITY
Share capital 12 0.1 0.1 0.1
Share premium 682.9 682.9 682.9
Merger reserve 1,200.9 1,504.7 1,200.9
Reverse acquisition
reserve (1,199.9) (1,199.9) (1,199.9)
Hedging reserve (5.1) (0.9) 0.8
Other reserves (2.5) (1.1) (5.2)
Retained earnings (40.0) (458.9) (176.2)
TOTAL EQUITY 636.4 526.9 503.4
The notes on pages 15 to 21 form an integral part of this
condensed consolidated interim financial information.
Consolidated Statement of Changes in Equity
At 26 February 2011
Share
capital
and Reverse
Share Merger acquisition Hedging Other Retained
premium reserve reserve reserve reserves earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 28
August 2010 683.0 1,200.9 (1,199.9) 0.8 (5.2) (176.2) 503.4
Profit for the
financial period - - - - - 91.5 91.5
Actuarial gain on
pension schemes - - - - - 62.0 62.0
Deferred tax
movement on
pension schemes - - - - - (17.9) (17.9)
Change in the value
of
available-for-sale
investments - - - - 0.1 - 0.1
Currency
translation
differences - - - - 2.6 - 2.6
Cash flow hedges
- net fair value
gains (net of
tax) - - - (4.1) - - (4.1)
- recycled and
adjusted against
the cost of
inventory (net of
tax) - - - (1.8) - - (1.8)
Total
comprehensive
income and
expense for the
financial period - - - (5.9) 2.7 135.6 132.4
Share-based payment
charge - - - - - 0.6 0.6
Total transactions
with owners - - - - - 0.6 0.6
Balance at 26
February 2011 683.0 1,200.9 (1,199.9) (5.1) (2.5) (40.0) 636.4
-------------------- -------- -------- ------------ -------- --------- --------- -------
Balance at 29
August 2009 683.0 1,504.7 (1,199.9) (18.5) 2.6 (546.6) 425.3
Profit for the
financial period - - - - - 80.1 80.1
Actuarial gain on
pension schemes - - - - - 13.1 13.1
Deferred tax
movement on
pension schemes - - - - - (3.7) (3.7)
Change in the value
of
available-for-sale
investments - - - - (0.3) - (0.3)
Currency
translation
differences - - - - (3.4) - (3.4)
Cash flow hedges
- net fair value
gains (net of
tax) - - - 15.3 - - 15.3
- reclassified and
reported in net
profit (net of
tax) - - - 2.7 - - 2.7
- recycled and
adjusted against
the cost of
inventory (net of
tax) - - - (0.4) - - (0.4)
-------------------- -------- -------- ------------ -------- --------- --------- -------
Total
comprehensive
income and
expense for the
financial period - - - 17.6 (3.7) 89.5 103.4
Share-based payment
charge - - - - - 0.6 0.6
Discount arising on
repurchase of term
loan facility (net
of tax) - - - - - (2.4) (2.4)
-------------------- -------- -------- ------------ -------- --------- --------- -------
Total transactions
with owners - - - - - (1.8) (1.8)
Balance at 27
February 2010 683.0 1,504.7 (1,199.9) (0.9) (1.1) (458.9) 526.9
Share
capital
and Reverse
Share Merger acquisition Hedging Other Retained
premium reserve reserve reserve reserves earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------ -------- -------- ------------ -------- --------- --------- -------
Balance at 29
August 2009 683.0 1,504.7 (1,199.9) (18.5) 2.6 (546.6) 425.3
Profit for the
financial
period - - - - - 97.0 97.0
Actuarial loss on
pension schemes - - - - - (37.1) (37.1)
Deferred tax
movement on
pension schemes - - - - - 7.8 7.8
Change in the
value of
available-for
sale-investments - - - - (1.0) - (1.0)
Currency
translation
differences - - - - (6.8) - (6.8)
Cash flow hedges
- net fair value
gains (net of
tax) - - - 17.5 - - 17.5
- reclassified
and reported in
net profit (net
of tax) - - - 4.9 - - 4.9
- recycled and
adjusted against
the cost of
inventory (net
of tax) - - - (3.1) - - (3.1)
Total
comprehensive
income and
expense for the
financial year - - - 19.3 (7.8) 67.7 79.2
Share-based
payment charge - - - - - 1.3 1.3
Redemption of
preference
shares - (303.8) - - - 303.8 -
Discount arising
on repurchase of
term loan
facility (net of
tax) - - - - - (2.4) (2.4)
Total
transactions
with owners - (303.8) - - - 302.7 (1.1)
Balance at 28
August 2010 683.0 1,200.9 (1,199.9) 0.8 (5.2) (176.2) 503.4
------------------ -------- -------- ------------ -------- --------- --------- -------
The notes on pages 15 to 21 form an integral part of this
condensed consolidated interim financial information.
Consolidated Cash Flow Statement
For the 26 weeks ended 26 February 2011
Audited
Unaudited Unaudited 52
26 weeks 26 weeks weeks
to 26 to 27 to 28
February February August
Note 2011 2010 2010
GBPm GBPm GBPm
---------------------------------------- --- ----- ---------- ---------- --------
Cash flows from operating activities
Cash generated from operations 13 187.3 203.9 299.2
Interest received 6.5 1.6 2.7
Interest paid (13.4) (29.1) (49.6)
Tax paid (24.1) (21.7) (44.1)
Transaction costs on acquisition
of Magasin - (0.3) (1.0)
Net cash generated from operating
activities 156.3 154.4 207.2
Cash flows from investing activities
Acquisition of subsidiary (net of
cash acquired) - (9.8) (9.1)
Purchase of property, plant and
equipment (41.0) (36.1) (78.5)
Purchase of intangible assets (4.6) (3.2) (11.2)
Proceeds from sale of property, plant and
equipment 10 12.6 - 0.2
-
---------------------------------------- --- ----- ---------- ---------- --------
Net cash used in investing activities (33.0) (49.1) (98.6)
Cash flows from financing activities
Repayment of term loan facility (548.6) (159.7) (159.7)
Repurchase of term loan facility - (39.1) (52.3)
Draw down of new facility 14 385.0 - -
Share issue costs - (4.7) (4.7)
Finance lease payments (1.1) - (0.5)
Debt issue costs (0.8) - (10.1)
Net cash used in financing activities (165.5) (203.5) (227.3)
Net decrease in cash and cash equivalents 14 (42.2) (98.2) (118.7)
Cash and cash equivalents at beginning
of financial period 69.5 188.2 188.2
Revaluation of cash and cash equivalents 0.8 - -
Cash and cash equivalents at end
of financial period 14 28.1 90.0 69.5
The notes on pages 15 to 21 form an integral part of this
condensed consolidated interim financial information.
1 Basis of preparation
This Interim Report has been prepared in accordance with the
Disclosure and Transparency Rules of the UK Financial Services
Authority, International Financial Reporting Standards (IFRSs) and
International Financial Reporting Interpretations Committee (IFRIC)
as adopted by the European Union (EU). The accounting policies
applied are consistent with those described in the Annual Report
and Financial Statements 2010 except as described below. The
Interim Report has been prepared in accordance with IAS 34 'Interim
Financial Reporting' and should be read in conjunction with the
Annual Report and Financial Statements 2010.
The Group's interim condensed consolidated financial information
is not audited and does not constitute statutory financial
statements as defined in Section 434 of the Companies Act 2006.
Comparative figures for the 52 weeks ended 28 August 2010 have been
extracted from the Group's 2010 Annual Report and Financial
Statements, on which the auditors gave an unqualified opinion and
did not include a statement under Section 498 of the Companies Act
2006. The full financial statements for those 52 weeks have been
filed with the Registrar of Companies.
The following new standards and interpretations are mandatory
for the first time for the 53 weeks beginning 29 August 2010;
however these have no significant impact on the Group:
-- IFRS 2 amendment 'Share-based Payments - Group settled
share-based payment transactions'
-- IAS 32 amendment 'Presentation on classification of rights
issue'
-- Annual improvements to IFRSs (2009)
-- IFRIC 18 'Transfers of assets from customers'
-- IFRIC 19 'Extinguishing financial liabilities with equity
instruments'
The following new standards and interpretations have been issued
but are not effective for the 53 weeks beginning 29 August 2010 and
have not been adopted early:
International Accounting Standards (IFRS) Effective date
IFRS 9 Financial Instruments 1 January 2013
IAS 24 amendment Related Party Disclosures 1 January 2011
Annual improvements (2010) 1 January 2011
IFRIC Interpretations
IFRIC 14 Prepayments on a Minimum Funding 1 January 2011
amendment Requirement
2 Gross transaction value
Revenue from concession and consignment sales are required to be
shown on a net basis, being the commission received rather than the
gross value achieved on the sale. Management believes that gross
transaction value, which presents revenue on a gross basis before
adjusting for concessions, consignments, staff discounts and the
cost of loyalty points, represents a good guide to the overall
activity of the Group.
26 weeks 26 weeks 52 weeks
to to to
26 February 27 February 28 August
2011 2010 2010
GBPm GBPm GBPm
------------------------- ------------- ------------- -----------
Gross transaction value 1,463.0 1,417.2 2,564.3
3 Segmental information
IFRS 8 requires disclosure of the operating segments which are
reported to the Chief Operating Decision Maker ("CODM"). The CODM
has been identified as the executive management board, which
includes the executive directors and other key management. It is
the executive management board that has responsibility for planning
and controlling the activities of the Group.
The Group's reportable segment is Retail. The operating segment
Magasin is not a reportable segment as it does not exceed 10 per
cent of Group revenues, profits or gross assets; however this
information has been presented voluntarily within the segmental
analysis below. The segments are reported to the CODM to operating
profit level, using the same accounting policies as applied to the
Group accounts.
Retail Magasin Total
Segmental analysis of results GBPm GBPm GBPm
-------- --------
26 weeks ended 26 February 2011
Gross transaction value 1,328.8 134.2 1,463.0
Concessions, consignments, staff discounts
and loyalty schemes (180.5) (60.2) (240.7)
-------------------------------------------- -------- -------- --------
External revenue 1,148.3 74.0 1,222.3
Operating profit 128.4 9.3 137.7
-------------------------------------------- -------- -------- --------
26 weeks ended 27 February 2010
Gross transaction value 1,329.0 88.2 1,417.2
Concessions, consignments, staff discounts
and loyalty schemes (190.5) (38.9) (229.4)
-------------------------------------------- -------- -------- --------
External revenue 1,138.5 49.3 1,187.8
Operating profit before exceptional
items 143.5 3.1 146.6
Exceptional items (4.2) (1.8) (6.0)
-
Operating profit after exceptional
items 139.3 1.3 140.6
-------------------------------------------- -------- -------- --------
Year ended 28 August 2010
Gross transaction value 2,373.2 191.1 2,564.3
Concessions, consignments, staff discounts
and loyalty schemes (356.9) (87.5) (444.4)
-------------------------------------------- -------- -------- --------
External revenue 2,016.3 103.6 2,119.9
Operating profit before exceptional
items 193.6 1.5 195.1
Exceptional items (3.6) (1.8) (5.4)
-------------------------------------------- -------- -------- --------
Operating profit/(loss) after exceptional
items 190.0 (0.3) 189.7
-------------------------------------------- -------- -------- --------
4 Exceptional items
Exceptional items comprise the following (the operating segment
of each item is shown in brackets):
26 weeks 52 weeks
26 weeks to 27 to 28
to 26 February February August
Note 2011 2010 2010
------
GBPm GBPm GBPm
---------------------------- ------ ----------------- ---------- ---------
Exceptional cost of sales
Restructuring costs
(Retail) a - (10.1) (9.4)
Exceptional administrative
expenses
Restructuring costs
(Magasin) b - (1.8) (1.8)
Costs on acquisition of
Magasin (Retail) c - (0.7) (1.0)
---------------------------- ------ ----------------- ---------- ---------
- (2.5) (2.8)
Other exceptional income
Bargain purchase credit -
Magasin (Retail) d - 6.6 6.8
Net exceptional items - (6.0) (5.4)
a Restructuring costs included in cost of sales represent the
amount incurred for redundancies within the Republic of
Ireland.
b Restructuring costs recognised in administrative expenses
represent the amount incurred in respect of restructuring costs in
Magasin.
c This amount represents the total directly attributable
transaction costs on the acquisition of Magasin included in
exceptional administrative expenses.
d This amount represents the bargain purchase credit on
acquisition of Magasin.
5 Interest receivable and similar income
26 weeks 52 weeks
to 26 26 weeks to to 28
February 27 February August
2011 2010 2010
GBPm GBPm GBPm
Interest on bank deposits 0.4 0.6 2.9
Discount arising on debt repurchase - 3.8 3.8
Other financing income 3.3 - -
Interest receivable and similar
income 3.7 4.4 6.7
6 Interest payable and similar charges
26 weeks 26 weeks 52 weeks
to to to
26 February 27 February 28 August
2011 2010 2010
GBPm GBPm GBPm
------------- -------------
Bank loans and overdrafts 11.6 22.4 41.7
Charge arising from recycling of
cash flow hedge - 3.8 6.8
Amortisation of issue costs on
loans 3.9 3.1 5.7
Interest payable on finance leases - 1.2 2.3
Other financing charges 0.6 - -
Interest payable and similar
charges 16.1 30.5 56.5
7 Taxation
The taxation charge for the 26 weeks ended 26 February 2011 is
based on an estimated effective tax rate for the full year of 26.9%
(52 weeks ended 28 August 2010: 30.7%). This is lower than the
standard rate of corporation tax (27.6% blended rate) due to
adjustments in respect of prior periods and the utilisation of
brought forward losses.
The Group is currently assessing the impact of the recent
changes to the corporate tax rate announced in the 2011 Budget.
8 Dividends
The Company did not pay a final dividend in respect of the 52
weeks ended 28 August 2010. The directors are proposing to pay an
interim dividend in respect of the 26 weeks ended 26 February 2011
of 1.0 pence per share (27 February 2010: nil pence) which will
absorb an estimated GBP12.9 million of shareholders' funds (27
February 2010: GBPnil million). It will be paid on 8 July 2011 to
shareholders who are on the register of members at close of
business on 3 June 2011. The scrip alternative is not being offered
with this dividend.
9 Earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
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. The Group has one class of
dilutive potential ordinary shares; those share options granted to
employees where the exercise price is less than the market price of
the Company's ordinary shares during the period.
26 weeks to 26 weeks to 52 weeks to
Basic and diluted earnings 26 February 27 February 28 August
per share 2011 2010 2010
Basic Diluted Basic Diluted Basic Diluted
GBPm GBPm GBPm GBPm GBPm GBPm
-------------------- -------- -------- --------- -------- --------- -------- --------
Profit for the financial
period after taxation 91.5 91.5 80.1 80.1 97.0 97.0
Number Number Number Number Number Number
m m m m m m
------------------------------ -------- --------- -------- --------- -------- --------
Weighted average number of
shares 1,286.8 1,286.8 1,286.8 1,286.8 1,286.8 1,286.8
Shares held by ESOP
(weighted) (weighted) (0.4) (0.4) (1.0) (1.0) (0.9) (0.9)
Shares issuable (weighted) - 0.5 - - - 0.2
Adjusted weighted average
number of shares 1,286.4 1,286.9 1,285.8 1,285.8 1,285.9 1,286.1
Pence Pence Pence Pence Pence Pence
per per per per per per
share share share share share share
------------------------------ -------- --------- -------- --------- -------- --------
Earnings per share 7.1 7.1 6.2 6.2 7.5 7.5
10 Tangible and intangible assets and commitments
Tangible and intangible
assets
26 February 27 February 28 August
2011 2010 2010
GBPm GBPm GBPm
-------------------------------- ------------ ------------ ----------
Opening net book amount 1,522.3 1,509.1 1,509.1
Additions 41.6 47.6 112.0
Foreign currency revaluation 2.2 0.7 (4.0)
Disposals (55.4) (0.1) (0.6)
Depreciation and amortisation (45.2) (47.5) (94.2)
Closing net book amount 1,465.5 1,509.8 1,522.3
Capital commitments contracted but not provided for by the Group
amounted to GBP19.3 million (28 August 2010: GBP3.9 million; 27
February 2010: GBP8.1 million). During the period the Group
disposed of the long leases on nine stores and entered into sale
and leaseback agreements on these stores. The net book amount
disposed of was GBP55.3 million. Net cash proceeds after
extinguishing the finance lease obligation of GBP42.7 million were
GBP36.6 million.
11 Defined benefit pension plans
The Group operates defined benefit type pension schemes, being
the Debenhams Executive Pension Plan and the Debenhams Retirement
Scheme, the assets of which are held in separate
trustee-administered funds.
Both pension schemes were closed for future service accrual from
31 October 2006. The closure to future accrual will not affect the
pensions of those who have retired or the deferred benefits of
those who have left service or opted out before 31 October 2006.
Future pension arrangements are provided through a money purchase
stakeholder plan or a defined contribution scheme for the employees
in the Republic of Ireland.
Actuarial valuations of the Group's pension schemes using the
projected unit basis were carried out at 31 March 2008 and are
updated as at each relevant period-end for the purposes of IAS 19
'Employee benefits' by Towers Watson Limited, a qualified
independent actuary. Relevant data obtained by the actuary from
this valuation has been used when calculating the IAS 19 'Employee
benefits' valuation at 26 February 2011, 28 August 2010 and 27
February 2010.
The major assumptions used by the actuary are given below. The
mortality assumptions remain consistent with those disclosed in the
Group's 2010 Annual Report and Financial Statements.
26 February 27 February 28 August
2011 2010 2010
% pa % pa % pa
----------------------------------- ------------ ------------ ----------
Inflation assumption 3.60 3.50 3.20
General salary and wage increase 3.60 3.50 3.20
Rate of increase in pension
payments and deferred payments 3.60 3.50 3.20
Pension increase rate 3.50 3.50 3.10
Discount rate 5.65 5.70 5.00
The movement in the net pension deficit is as follows:
26 February 27 February 28 August
2011 2010 2010
GBPm GBPm GBPm
----------------------------------- ------------ ------------ ----------
Fair value of scheme assets 562.4 509.1 523.8
Defined benefit obligation (577.0) (545.0) (604.5)
Net pension deficit (14.6) (35.9) (80.7)
Deficit at the start of the
period (80.7) (53.6) (53.6)
Contributions 3.7 3.6 7.9
Net interest credit 0.4 1.0 2.1
Net actuarial gains/(losses) on
change of assumptions 62.0 13.1 (37.1)
Deficit at the end of the period (14.6) (35.9) (80.7)
12 Share capital
GBP Number
-------------------------------------------- -------- --------------
Issued and fully paid - Ordinary shares of
GBP0.0001 each
At 26 February 2011, 28 August 2010 and 27
February 2010 128,680 1,286,806,299
13 Cash generated from operations
26 weeks 26 weeks 52 weeks
to to to
26 February 27 February 28 August
2011 2010 2010
GBPm GBPm GBPm
----------------------------------- ------------- ------------- -----------
Profit for the financial period 91.5 80.1 97.0
Taxation 33.8 34.4 42.9
Depreciation and amortisation
(note 10) 45.2 47.5 94.2
Loss on disposal of property,
plant and equipment 0.1 0.1 0.4
Bargain purchase credit on
acquisition of Magasin (net of
transaction costs incurred) - (5.9) (5.8)
Employee options granted during
the year 0.6 0.6 1.3
Fair value losses on derivative
instruments 1.2 0.7 3.1
Net movements in provisions for
liabilities and charges 1.6 2.9 1.8
Interest income (note 5) (3.7) (4.4) (6.7)
Interest expense (note 6) 16.1 30.5 56.5
Difference between pension charge
and contributions paid (4.1) (4.6) (10.0)
Net movement in other long-term
debtors (0.1) - (1.1)
Net movement in other non-current
liabilities 32.3 7.7 12.6
Changes in working capital
Increase in inventories (29.8) (2.7) (11.0)
(Increase)/decrease in trade and
other receivables (2.7) 1.9 4.4
Increase in trade and other
payables 5.3 15.1 19.6
Cash generated from operations 187.3 203.9 299.2
14 Analysis of changes in net debt
At At
28 August Non cash 26 February
2010 Cash flow movements 2011
GBPm GBPm GBPm GBPm
------------------------- ----------- ---------- ----------- -------------
Analysis of net debt
Cash and cash
equivalents 69.5 (34.9) 0.8 35.4
Bank overdrafts - (7.3) - (7.3)
------------------------- ----------- ---------- ----------- -------------
Cash and cash
equivalents and bank
overdrafts 69.5 (42.2) 0.8 28.1
Debt due within one year (541.9) 414.4 (7.6) (135.1)
Debt due after one year - (250.0) 7.9 (242.1)
Finance lease
obligations due within
one year (3.8) 1.1 1.4 (1.3)
Finance lease
obligations due after
one year (40.6) - 39.4 (1.2)
(516.8) 123.3 41.9 (351.6)
During the period the Group repaid its term loan facility and
cancelled its existing Revolving Credit Facility due to otherwise
expire in April 2011. At the same time the Group drew down a new
term loan of GBP250.0 million, under its forward start facility
signed in July 2010. At 26 February 2011 the Group had drawn an
additional GBP135.0 million Revolving Credit Facility under the
same agreement.
15 Related parties
There have been no significant related party transactions during
the period.
16 Financial information
Copies of the statutory accounts are available from the
Company's registrars, Equiniti Limited, Aspect House, Spencer Road,
Lancing, West Sussex, BN99 6DA (Tel: 0871 384 2766), and at the
Company's registered office, 1 Welbeck Street, London, W1G 0AA.
Statement of Directors' Responsibilities
The directors confirm that, to the best of their knowledge,
these condensed consolidated interim financial statements have been
prepared in accordance with IAS 34 as adopted by the European
Union. The interim management report includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R, namely:
-- an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of financial statements and a description of the
principal risks and uncertainties for the remaining six months of
the financial year; and
-- material related party transactions in the first 26 weeks of
the financial year and any material changes in the related party
transactions described in the last Annual Report.
The directors of Debenhams plc are listed on page 6 of this
interim report.
By order of the board
Paul Eardley
Company Secretary
14 April 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IJMLTMBJBBFB
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