CONTINUED STRATEGIC PROGRESS DESPITE SIGNIFICANT H1 HEADWINDS SUPPLY ARRANGEMENTS IN FINAL STAGES OF TRANSITION
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- Charles Richard
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1 23 July 2018 convenience retailer McColl s Retail Group plc ( McColl s or the Group ) today announces its Interim Results for the 26 week period ended 27 May CONTINUED STRATEGIC PROGRESS DESPITE SIGNIFICANT H1 HEADWINDS SUPPLY ARRANGEMENTS IN FINAL STAGES OF TRANSITION Financial highlights: Total revenue up 19.2% to 601.7m (: 504.8m) driven by the successful acquisition of c.300 convenience stores Like-for-like (LFL) sales 1 down 2.7% in H1 with availability impacted by supply chain disruption following the failure of Palmer & Harvey (P&H) Gross margin 25.0% (: 25.4%), also affected by the disruption including the temporary impacts on supply terms Adjusted EBITDA 2 slightly down at 16.0m (: 16.5m) Profit before tax 2.3m (: 4.5m), following 3.5m of downward adjusting items 3 (: 2.3m) and 2.4m of property profits (: 0.0m) Basic earnings per share 1.3p (: 2.8p); Adjusted earnings per share 4 which includes the benefit of property profits 5 were 4.7p (: 5.0p) Net debt 112.6m (: 110.8m), ahead of expectations due to strong cash performance, particularly an improvement in working capital Interim dividend per share maintained at 3.4p (: 3.4p) Operational and strategic highlights: Implemented interim distribution solution following P&H administration, and completed the transition of over 1,000 stores to Morrisons supply, ahead of schedule Relaunched the Safeway brand at McColl s, with c.400 supermarket quality fresh, chilled and ambient lines, driving an increase in own brand participation, which is up around five percentage points year-on-year in Morrisons supplied stores Good progress towards our strategic target for grocery 6 to be our largest sales category, now representing 33% of sales (: 29%) Continued to invest in the estate through our refresh programme, with 27 fully refitted stores opened in H1 bringing our total to 54, with average sales uplifts exceeding 5% Acquired three new convenience stores in H1, with a strong pipeline for H2, whilst continuing to optimise the estate through the closure/disposal of under-performing stores Jonathan Miller, Chief Executive, said: I am incredibly proud of our team and the extraordinary efforts they have shown in dealing with one of the most challenging six months the business has ever faced. During the first half we experienced unprecedented supply chain disruption following the collapse of P&H last November. This temporary upheaval has inevitably impacted sales and margin performance in the c.700 stores that were formerly supplied by P&H, and has also had knock-on effects on the rest of the estate. However, the switch to Morrisons supply in the 1,300 stores intended for this year has been accelerated, and will now be completed in early August, ahead of schedule. At the same time we have relaunched the Safeway brand at McColl s, providing our customers with a more competitive and higher quality food offer. We will therefore have a progressively stronger and simpler operational position with a more compelling offer as we move through the second half and into We will also continue to improve the quality of our estate, through more store refreshes and acquisitions, and to invest in our customer proposition in what remains a competitive environment. As the convenience sector continues to grow, we remain confident that our clear strategy will allow us to make further progress and deliver sustainable returns for shareholders.
2 Current trading update and outlook In the early part of H2 we have seen an improvement in sales performance as we begin to emerge from the worst period of supply chain disruption and we have also benefitted from a period of better weather. Total LFL sales for the seven week period ending 15 July 2018 were down 0.8%. We look forward to completing the transition of 1,300 stores to Morrisons supply shortly, which will allow us to refocus on day-to-day operations, including improving availability and rebuilding trade in those stores most affected by the disruption. In light of the challenges we have faced in H1, and planned H2 recovery, we now expect the 2018 full year adjusted EBITDA to be at a similar level to the prior year. Looking further ahead, to 2019 and beyond, it will remain important to manage intense cost pressures in the business, whilst also investing in the customer offer to maintain our competitive position. The business uses a number of non-statutory measures (for example, LFL, adjusted EBITDA and adjusted EPS) because management believe that these placed with equal prominence alongside other statutory measures help to better explain the underlying performance of the business and its key dynamics. These are kept under continuous review and are defined and used consistently, or explained otherwise. 1 Like-for-like sales reflect sales from stores that have traded throughout the current and prior financial periods, and sales include VAT but exclude sales of fuel, lottery, mobile phone top up and travel tickets. 2 Adjusted EBITDA (defined in note 6) is stated before adjusting items and property gains and losses. 3 Current year adjusting items relate to the costs associated with the administration of P&H, the store closure programme and a health & safety fine (see note 5). 4 Adjusted earnings per share is stated before adjusting items. Details of the calculation of earnings per share can be found in note 9. 5 Excluding property profits, adjusted earnings per share were 3.0p (: 5.0p). 6 Grocery sales include beers, wines and spirits. For a full definition of grocery sales see glossary of terms. Results presentation A copy of this announcement is available at A meeting for analysts will be held today at 9.30am at Numis Securities, London Stock Exchange, 10 Paternoster Square, London EC4M 7LS. Access will be by invitation only. All presentation materials will be available on our website. Enquiries Please visit or for further information, please contact: McColl s Retail Group plc Media enquiries: Jonathan Miller, Chief Executive Headland Simon Fuller, Chief Financial Officer Lucy Legh, Rob Walker, Ewa Lewszyk Naomi Kissman, Head of Investor Relations +44 (0) (0) Notes to editors McColl's is a leading neighbourhood retailer, with an estate of around 1,600 managed convenience stores and newsagents. We operate McColl's branded convenience stores as well as newsagents branded Martin's across the UK, except in Scotland where we operate under our heritage brand, RS McColl. Our dedicated colleagues serve over five million customers every week, and we are the largest operator of Post Offices in the UK, with c.600 in-store counters/branches.
3 Chief Executive s Statement In the first half of the year our sales grew almost 20% to over 600m as we continued to benefit from the major acquisition in. However, we have faced significant trading headwinds in the first half of the year as we have dealt with unprecedented supply chain disruption, as well as a prolonged period of relatively poor weather and a continuing competitive backdrop. Managing unprecedented supply chain disruption On the second day of our financial year we received the news that P&H, supplier of tobacco, ambient groceries and fresh food to c.700 of our newsagents and smaller convenience stores, was entering into administration with deliveries ceasing immediately. We worked quickly to establish an interim supply solution for these stores, drawing on the support of our long-standing wholesale supplier Nisa, and our new, long-term partner Morrisons. Within days, with Morrisons support, we were able to fully re-establish tobacco supply. Within a week we were also able to extend our relationship with Nisa. Their support included direct wholesale delivery to a small number of additional stores, as well as supplying increased volumes of ambient groceries to support a hub and spoke solution for the remaining stores. In addition we put in place a further direct to store supply solution for fresh and frozen lines. We already had plans in place to transition c.1,300 stores to Morrisons wholesale supply over the course of 2018, starting with our larger, Nisa supplied stores. However, we immediately began to explore opportunities to rework our rollout programme and accelerate the transition of stores formerly supplied by P&H. We experienced further disruption in March when Fresh to Store, which was part of our interim supply chain solution, entered into administration, requiring us to set up an additional hub and spoke operation to supply chilled food to a large number of stores. The team has shown enormous resolve and resilience during this challenging time. Our operations colleagues have worked in all weathers, including during periods of heavy snowfall earlier in the year to ensure that we maintained supply to affected stores. The disruption was felt most keenly in those stores formerly supplied by P&H but there was also a knock-on impact in other stores, particularly those that have served as hubs, and more broadly as our field management teams focused their attention on managing the disruption. I m delighted that our transition to Morrisons supply is now largely complete, well ahead of schedule. Within a few weeks all 1,300 stores that we had planned to transition by the end of the year will be supplied by Morrisons for both fresh and ambient products 1, and we are very grateful for their fantastic support. The accelerated rollout was a great achievement by both the McColl s and Morrisons teams, enabling us to move through the second half of the year with a progressively stronger, simpler and more secure supply chain which will allow us to fully focus on our strategic and customer plans. As we progress through the second half of the year, delivering a strong performance in core shopping trip measures such as availability will be key to restoring customer confidence in affected stores. Sales held back by relatively poor weather and planned range rationalisation Whilst dealing with the disruption brought about by the collapse of a major supplier, the extreme weather events driven by the Beast from the East presented a further challenge, as did a prolonged period of poorer weather compared to a warm spring last year. The stores we acquired from the Co-op during continue to perform in line with our original business case. However, as we have progressed our plans to improve their profitability, by applying the McColl s model and removing unprofitable sales through range rationalisation they have begun, as anticipated, to make a negative contribution to LFL sales. We expect this to continue into the second half as we annualise the integration of all the acquired stores. However, we remain confident that there is a significant opportunity to grow sales in the future, particularly when these stores transition to Morrisons supply and benefit from the higher quality and competitiveness of the Safeway range. 1 The c.300 stores we acquired from the Co-op are under a separate contract with Nisa until 2020.
4 Strategic objectives Despite the challenges we have faced in the first half of the year we have continued to make progress with our strategy, which is focused on enhancing our offer and capturing growth in the convenience channel. As previously described, there are three key elements to our strategy: Growing convenience offer; Increased neighbourhood presence; and Excellent customer service. Growing convenience offer Safeway range driving higher own brand participation We have taken a significant step forward in growing our convenience offer having relaunched the Safeway brand at McColl s. The initial range of around 400 products is now available exclusively in over 1,000 McColl s stores and is receiving good feedback. We have spoken to hundreds of customers, using both exit interviews and in-depth focus groups. Our research has shown that the Safeway brand has strong credentials and that our customers are pleased to be able to access supermarket quality products in their neighbourhood store. The chilled and fresh products, most of which are manufactured in Morrisons own factories, are particularly popular, with freshness and Britishness being two attributes that resonate strongly with our core customers. Whilst it s early days, we are seeing a higher own brand participation year-on-year in stores that have the Safeway range, as customers are seeing an opportunity to trade into good value, high quality own brand products. This is particularly evident in some key grocery lines where we have been able to either provide a more competitive price point e.g. free range eggs (sales up 48% and volume up 100%), a new alternative to the brand leader e.g. microwave rice, or a higher quality own brand product e.g. minced beef (sales up 68%). Whilst this may introduce a level of short-term price deflation in certain categories, it provides McColl s with a more sustainable long-term value proposition. In recent weeks, as we near the end of the rollout programme, we have begun to increase the marketing activity, and have started to trial some new initiatives, to support Safeway, including dedicated promotional fixtures and tasting events. With the transition largely complete, in the second half of the year we will focus on establishing Safeway with McColl s customers as well as exploring opportunities to develop the range. Further progress towards our strategic target for grocery to be our largest sales category Grocery sales were up 37% in the first half of the year and now represent 33% of total sales compared to 29% in H1, driven by the stores we acquired last year. We expect to make further progress towards our target for grocery to be our biggest sales category as the Safeway range becomes more established over the months ahead. Whilst grocery sales have grown strongly, the robustness of our tobacco supply chain has supported a strong performance in what remains our largest category. We have maintained excellent availability and have also benefitted, in value terms, from manufacturer price increases and duty rises. Food-to-go remains a focus for us and a category where we see significant opportunity. Our sales were up 33% in the first half of the year as we ve continued to expand our offer. We opened two new Subway partnerships in the first half of the year, a key element of our food-to-go strategy. Just last month we also opened our first Fresh Forward Subway in Buxton, our 21 st concession. This new concept includes Subway s latest design features and highlights the freshness and quality of the ingredients. Investment in Project Refresh continues to improve our existing estate We have made good progress with our refresh programme that began at the end of In the first half of the year we completed 27 stores in addition to the 27 already trading, bringing our total to 54 and over 10% of our current planned programme. These now have a more modern, cleaner look and feel, with more refrigeration for fresh food and more space dedicated to new and growing categories including food-to-go. They are very popular with local customers and are trading well, delivering good sales uplifts across the store and particularly in chilled food and fresh produce. We plan to complete a further 50+ refreshes in the second half of the year. We are now also testing a refresh-lite concept, developing a less capital-intensive model utilising some of the best elements of the full refresh concept, but appropriate for some of our stores that require less extensive changes.
5 Increased neighbourhood presence Having resumed our single-store acquisition programme towards the end of last year, we have acquired a further three convenience stores in the first half of the year. We plan to acquire 10+ more in the second half. There remains a large number of attractive opportunities, and we expect to continue our acquisition programme in At the same time we have continued to review our portfolio, to ensure that it is fit for the future, closing or disposing of stores that we don t believe will deliver long-term sustainable returns. In the first half of the year we closed or disposed of 32 stores, the majority of which were poorer performing newsagents and small convenience stores that were part of the closure programme announced in late. With lower footfall and therefore reduced opportunity to drive additional sales in these stores, we do not believe they will make a positive contribution to the Group in the long term. Increasing our neighbourhood presence is also about strengthening our brand and connecting with the communities we serve. The appointment of our first ever Customer Director, Tim Fairs, in January, was an important step in helping us do that. In his first few months in the business Tim has led a number of new initiatives, including a price cuts campaign to improve our competitive position and a Safeway Max trial that showcases the new range in a variety of ways, such as dedicated promotional space in store, taste testing events and leaflet drops. He has also developed a strong customer plan for the months ahead that will support broader engagement with customers and the communities we serve. Our refresh programme is also presenting a good opportunity for us to strengthen our links with local communities. On each opening day we invite customers to come and visit their new, improved store hosting a family fun day with goodie bags and face painting. We also make charitable donations to support local community projects or groups for every refreshed store. Excellent customer service Providing excellent customer service remains a strategic priority and we re delighted that once again, the annual him! convenience tracking programme, which interviews over 20,000 customers of UK convenience stores, has shown that McColl s is rated very highly for colleague friendliness and helpfulness, and also shows an improved performance against all of the metrics that are important to our customers. Our new customer plan will enable us to further improve the shopping experience at McColl s. Our market-leading, profitable services proposition is attracting more customers and we continue to grow and develop our offer. We opened 21 new Post Offices in the first half of the year, firmly cementing our position as the largest operator of this valuable service in the UK. Many of these have opened in stores we acquired last year where we continue to explore opportunities to bring the best of McColl s services proposition. We are also trialling self-service units in a small number of our Post Offices. These units are designed to be simple and easy for customers to use to post letters, pay bills and top-up their mobile phones. Parcel collection and returns also continue to grow rapidly. We now have 675 Collect+ points and 185 Amazon lockers, as parcel collection becomes an increasingly popular element of our neighbourhood convenience offer. Looking ahead The grocery and wholesale sectors have continued to evolve, and convenience remains an attractive channel as the demand for smaller and more frequent shops continues to grow. Recently published IGD forecasts show that total convenience sales are expected to increase by around 18% over the next five years. Despite the significant one-off challenges we have experienced in the first half of the year, as we ve dealt with the fallout from a major supplier failure, we have made continued strategic progress. We remain convinced our strategy is the right one to deliver long-term sustainable returns. We have entered the second half of the year with a strengthened supply chain and a higher quality and more competitive offer, and we can refocus on day-to-day operations, including improving availability and rebuilding trade in those stores most affected by the disruption. With a strong customer plan, centred on Safeway, the continuation of our major refresh programme and more acquisitions planned in the months ahead, we are confident that we will begin to see increased momentum as we move through the second half of the year and into 2019.
6 Financial review The Group has delivered a robust financial performance for the 26 week period ended 27 May 2018, despite unprecedented supply chain disruption and significant trading headwinds. Strong revenue growth, but LFL impacted by supply chain disruption and poorer weather Total revenue increased by 19.2% to 601.7m (: 504.8m) driven by the c.300 stores we acquired in. Within this, food categories such as chilled and fresh produce were up 48% and 45% respectively. LFL sales were down 3.1% in the second quarter, giving a total LFL decrease of 2.7% for the 26 weeks to 27 May LFL sales were impacted throughout the first half of the year by the collapse of P&H, wholesale supplier for c.700 of our newsagents and smaller convenience stores. These stores were most directly impacted, but the rest of the estate also felt the effects, as a network of larger stores were set up as hubs to supply stores with no direct distribution, and our field teams prioritised managing the disruption. Poorer weather provided a further headwind, both in the form of heavy snowfall in the winter months and lower temperatures in Spring. The latter resulted in a significant drag on LFL sales in Q2 as we lapped strong year-on-year comparatives following a prolonged period of warm weather last year. Two year LFL sales were down 1.7% in Q2, an improvement on Q1 where they were down 3.5%. In addition, the c.300 stores we acquired during the course of have begun to annualise and make a negative contribution to LFL sales performance. This follows the planned removal of unprofitable sales resulting from over-ranging in some categories. Whilst this impact on LFL sales will continue in the short term it will support more profitable growth in the future as we set out in our original business case. LFL sales in recently acquired or converted stores (excluding the major acquisition) continued to be positive and were up by 0.6% for the year to date. Gross margin growth held back by temporary supply arrangements and strong tobacco sales In the first half of the year gross margin decreased to 25.0%, (: 25.4%), following the supply chain disruption. This was partly driven by the temporary impacts on trading terms as we put in place an interim solution. Excluding these short term impacts, gross margin was slightly up, with growth tempered by strong tobacco sales (which are lower margin) as this part of our supply chain was most robust following the collapse of P&H. We expect gross margin to continue to progress over time as a result of an increasingly favourable mix and improved supply terms, partly offset by investment in price to improve our competitive position. In terms of overall value, total gross profit increased by 17.0% to 150.1m (: 128.3m). Operating profit Operating profit after adjusting items decreased to 6.4m (: 7.7m). Operating profit before adjusting items increased by 1.0m to 9.9m, supported by annualisation of the major acquisition and 2.4m of property profits (: 0.0m) following the sale and leaseback of a further 11 freehold stores. There remains significant appetite for sale and leaseback deals from a number of interested parties and, as we said earlier in the year, this programme will continue to realise cash to reinvest in the business. Adjusting items of c. 3.5m comprised 1.4m relating to the supply chain disruption, including the cost of implementing an interim supply solution ( 0.7m of which relates to a more expensive short-term distribution model for tobacco), 1.5m relating to the store closure programme announced last year and 0.6m relating to a health & safety fine (see note 5). In addition, it is noted that we are one of a number of companies that is in ongoing discussions with HMRC relating to a review of National Living Wage and working hours. This may lead to a further adjustment in the full year, the impacts of which cannot be reliably quantified at present. Whilst administrative expenses grew 18.2% year-on-year, driven by the major acquisition in and annual wage inflation, as a percentage of sales they fell slightly from 26.0% to 25.8%, as the larger business benefitted from fixed cost economies of scale.
7 Adjusted EBITDA down slightly Adjusted EBITDA decreased slightly to 16.0m (: 16.5m), held back by weaker sales and a slightly reduced margin principally as a result of the impacts of the supply chain disruption which have not been included in adjusting items. Net finance costs impacted by higher level of borrowings following the major acquisition Net finance costs increased to 4.0m (: 3.2m), as a result of increased borrowings following the major acquisition last year. Profit before tax impacted by adjusting items Profit before tax for the period was 2.3m (: 4.5m), a fall of 2.2m, reflecting a higher level of adjusting items following the supply chain disruption and increased finance expense, partly offset by 2.4m of property profits (: 0.0m). Taxation The tax charge for the period was 0.9m (: 1.3m), representing a rate of 36.4% (: 28.3%). The comparable effective tax rate in 2018 excluding the impact of non-deductible adjusting items was 21.4%. The difference between the current statutory rate of 19.0% and the effective tax rate excluding the impact of non-deductible adjusting items of 2.4% in the period is due principally to the depreciation of assets not qualifying for tax relief. Adjusted earnings per share slightly down, but supported by property profits Basic earnings per share were 1.3p (: 2.8p). Adjusted earnings per share, stated before adjusting items, were broadly flat at 4.7p (: 5.0p). Excluding property profits, adjusted earnings per share were 3.0p (: 5.0p). Dividend Based on the continued strong cash generation of the Group, the Board has declared an interim dividend of 3.4 pence per share (: 3.4 pence). The interim dividend will be paid on 7 September 2018 to those shareholders on the register at the close of business on 10 August Balance sheet and net debt Shareholders funds at the end of the period were 147.1m (: 133.5m). The book value of goodwill and other intangibles, property, plant and equipment increased by 38.3m to 350.8m (: 312.5m), reflecting the increased scale of the Group following the major acquisition. Net debt at the end of the period was 112.6m (: 110.8m) (see note 11). This is better than initial management expectations as a result of a strong performance on working capital, largely driven by improved supplier terms as the business has both grown and accelerated the change to a new wholesale supplier. The combined accounting surplus (based on corporate bond yields) on the two defined benefit pension schemes operated by the Group improved to 10.5m (: 4.0m), as a result of a strong return on assets. In June we completed the triennial actuarial review of our pension schemes. The review concluded that the combined deficit of our two pension schemes on an actuarial basis was broadly similar to that at the previous valuation. Therefore only a minor incremental cash contribution will be made in the current review period. Cash flow and capital expenditure Net cash provided by operating activities increased to 37.7m (: 34.0m), predominantly driven by improvements to working capital due to improved supplier terms, and benefits from a positive stock to trade payables working capital cycle. We also benefitted from a reduced number of stock days reflecting changes in the mix of our sales, as we grew our fresh and chilled offer. Gross capital expenditure was 10.0m. Net capital expenditure, including property proceeds from the sale and leaseback of 11 freehold properties, reduced to 4.0m (: 96.9m) in the period, reflecting a lower, stable capital expenditure level following the major acquisition last year. Continued strategic focus and investment will drive sustainable profit growth Whilst the financial performance of the business has been significantly impacted by H1 headwinds, the right building blocks have been put in place to drive a higher margin, food-based convenience store
8 business in the longer term. This will require continued focus and targeted investment, but will ultimately ensure that ongoing cost pressures such as the living wage can be mitigated. Cautionary statement Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward-looking statements. They appear in a number of places throughout this announcement and include statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake any obligation to update or revise any forwardlooking statements, whether as a result of new information, future developments or otherwise.
9 McColl s Retail Group plc Statement of Directors responsibilities 26 week period ended 27 May 2018 Responsibility statement We confirm that to the best of our knowledge: (a) The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting ; (b) The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months of the year); and (c) The interim management report includes a fair review of the information required by DTR.4.2.8R (disclosure of related parties transactions and changes therein). By order of the Board, Chief Executive Jonathan Miller Chief Financial Officer Simon Fuller Date: 22 July 2018
10 Consolidated income statement for the 26 week period ended 27 May 2018 Note 26 weeks to 27 May weeks to 28 May 52 weeks to 26 November (audited) Revenue 4 601, ,787 1,131,777 Cost of sales before adjusting items (450,891) (376,533) (841,370) Gross profit before adjusting items 150, , ,407 Adjusting items in cost of sales 5 (694) - - Gross profit 150, , ,407 Administrative expenses (155,424) (131,458) (286,889) Other operating income 4 12,093 12,067 24,757 Profits/(losses) arising on propertyrelated items 2, ,110 Operating profit before adjusting items 6 9,884 8,876 31,385 Adjusting items 5 (3,520) (1,210) (6,351) Operating profit 6,364 7,666 25,034 Finance income Finance costs (4,035) (2,115) (5,200) Finance costs classified as adjusting 5 - (1,107) (1,521) Net finance cost (4,026) (3,153) (6,628) Profit before tax 2,338 4,513 18,406 Income tax expense 7 (850) (1,278) (4,214) Profit for the period 1,488 3,235 14,192 Adjusted earnings per share (pence) Earnings per share (pence) The above results were derived from continuing operations.
11 Consolidated statement of comprehensive income for the 26 week period ended 27 May weeks to 27 May weeks to 28 May 52 weeks to 26 November (audited) Profit for the period 1,488 3,235 14,192 Items that will not be reclassified subsequently to profit or loss Actuarial (loss)/gain on defined benefit pension schemes before tax (406) (2,875) 3,039 Income tax effect Arising from the origination of and reversal of current and deferred tax differences (49) 409 (517) Other comprehensive (loss)/gain for the period (323) (2,369) 2,522 Total comprehensive income for the period 1, ,714
12 Consolidated statement of financial position as at 27 May 2018 Note 27 May May 26 November (audited) Assets Non-current assets Property, plant and equipment 101,122 97, ,565 Intangible assets 249, , ,899 Deferred tax assets Retirement benefit asset 13,073 9,884 13,609 Investments Total non-current assets 363, , ,281 Current assets Inventories 75,037 65,704 75,965 Trade and other receivables 43,105 38,661 39,810 Cash and cash equivalents 39,283 27,802 14,273 Assets classified as held for sale 436 4, Total current assets 157, , ,629 Total assets 521, , ,910 Equity and liabilities Current liabilities Trade and other payables (198,485) (167,084) (165,469) Income tax liability (653) (1,253) (2,633) Provisions (5,014) (3,097) (4,508) Liabilities directly associated with assets classified as held for sale (471) (3,375) (830) Total current liabilities (204,623) (174,809) (173,440) Net current liabilities (46,762) (37,866) (42,811) Non-current liabilities Loans and borrowings 10 (148,676) (133,806) (152,968) Other payables (9,721) (3,205) (12,121) Provisions (692) (276) (593) Deferred tax liabilities (8,475) (7,876) (8,528) Retirement benefit obligations (2,531) (5,864) (3,352) Total non-current liabilities (170,095) (151,027) (177,562) Total liabilities (374,718) (325,836) (351,002) Net assets 147, , ,908
13 Consolidated statement of financial position (continued) as at 27 May May May 26 November (audited) Equity Share capital (115) (115) (115) Share premium (12,579) (12,579) (12,579) Retained earnings (134,379) (120,846) (133,214) Equity attributable to owners of the Company (147,073) (133,540) (145,908) These condensed financial statements of McColl's Retail Group plc registered number were approved and authorised for issue by the Board on 22 July 2018 and signed on its behalf by: Simon Fuller Director
14 Consolidated statement of changes in equity for the 26 week period ended 27 May 2018 Share capital Share premium Retained earnings Total equity At 27 November (audited) , , ,908 Profit for the period 1,488 1,488 Other comprehensive expense - - (323) (323) Total comprehensive income - - 1,165 1,165 At 27 May , , ,073 Share capital Share premium Retained earnings Total equity At 28 May , , ,540 Profit for the period ,957 10,957 Other comprehensive income - - 4,891 4,891 Total comprehensive income ,848 15,848 Dividends - - (3,916) (3,916) Share based payment transactions At 26 November (audited) , , ,908
15 Consolidated statement of cash flows for the 26 week period ended 27 May 2018 Note 26 weeks to 27 May weeks to 28 May 52 weeks to 26 November (audited) Cash flows from operating activities Profit for the period 1,488 3,235 14,192 Adjustments to cash flows from non-cash items Depreciation and amortisation 7,842 7,599 15,636 Profit on disposal of property, plant and equipment (2,409) (13) (489) Finance income (9) (69) (93) Finance costs 4,035 3,222 6,721 Share based payment transactions Income tax expense ,278 4,214 Impairment losses ,044 15,252 41,363 Working capital adjustments Decrease/(increase) in inventories 928 (10,443) (20,924) Increase in trade and other receivables (3,300) (1,656) (3,969) Increase in trade and other payables 30,751 33,115 40,561 Decrease in retirement benefit obligation net of actuarial changes (691) (384) (1,633) Increase in provisions ,089 Cash generated from operations 40,337 36,639 58,487 Income taxes paid (2,628) (2,593) (4,267) Net cash flow from operating activities 37,709 34,046 54,220 Cash flows from investing activities Interest received Acquisitions of property, plant and equipment (8,755) (17,842) (25,655) Proceeds from sale of property, plant and equipment 5, ,622 Acquisition of businesses, net of cash acquired (1,219) (79,892) (122,409) Net cash flows from investing activities (4,012) (96,899) (140,349)
16 Consolidated statement of cash flows (continued) for the 26 week period ended 27 May 2018 Note 26 weeks to 27 May weeks to 28 May 52 weeks to 26 November (audited) Cash flows from financing activities Interest paid (3,935) (2,920) (6,327) Repayment of bank borrowing 11 (4,500) - (37,000) New bank borrowing - 98, ,500 Payment of finance lease creditors (187) (700) (2,506) Interest payment to finance lease creditors (65) (195) (274) Dividends paid 8 - (7,832) (11,748) Net cash flows from financing activities (8,687) 86,898 96,645 Net increase in cash and cash equivalents 25,010 24,045 10,516 Cash and cash equivalents at beginning of period 14,273 3,757 3,757 Cash and cash equivalents at end of period 39,283 27,802 14,273
17 Notes to the financial statements for the 26 week period ended 27 May General information The Group is a public company limited by share capital, incorporated and domiciled in United Kingdom. The address of its registered office is: McColl s Retail Group plc McColl s House Ashwells Road Brentwood Essex CM15 9ST United Kingdom Principal activity The Group engages in one principal area of activity, as an operator of convenience and newsagent stores. 2 Significant accounting policies Basis of preparation The interim financial statements for the 26 week period ended 27 May 2018 have 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. They have been prepared in accordance with the recognition and measurement criteria of IFRS. They do not include all the information required for full annual financial statements to comply with IFRS, and should be read in conjunction with the consolidated financial statements of the Group as at and for the period ended 26 November as applied in the Group's Annual Report and Accounts (the Annual Report ). The accounting policies applied by the Group in these consolidated results are the same as those applied by the Group in its Annual Report for the period ended 26 November. The Annual Report is available at: The financial information for the period ended 27 May 2018 does not constitute statutory accounts as defined in section 434 of the Companies Act The Group has filed statutory accounts for the period ended 26 November. The Auditor has reported on these accounts; their report was unqualified, did not include a reference to any matters to which the Auditor drew attention by way of emphasis of matter and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
18 Notes to the financial statements for the 26 week period ended 27 May Significant accounting policies (continued) Basis of measurement The consolidated financial information has been prepared on a historical cost basis, except for the net defined benefit pension asset or liability (refer to individual accounting policy for details). Going concern In making their going concern assessment the Directors have considered the Group's business activities, its financial position, the market in which it operates and the factors likely to affect its future development. The Directors have reviewed the Group's forecasts, taking into account a range of sensitivities, and how they impact headroom against its bank facilities, and its ability to meet its capital investment and operational needs. The Group has net current liabilities of 46,762,000 at the period end. The Directors have additionally considered this position to determine if it presents any going concern issues. The Group is profitable and cash generative and is supported by the revolving credit facility alongside a term loan. The current facility drawn as at 27 May 2018 is 150,000,000 against the combined facility, and therefore there is sufficient headroom to meet the Group's debts as they fall due. The Directors believe the Group is in a strong financial position due to its profitable operations and strong cash generation and that the Group has adequate resources to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the condensed financial statements. Changes in accounting policy New standards, interpretations and amendments not yet effective The following newly issued but not yet effective standards, interpretations and amendments, which have not been applied in these financial statements, will or may have an effect on the Group financial statements in future: IFRS 15 'Revenue from Contracts with Customers' IFRS 15 is effective for periods beginning on or after 1 January The standard establishes a principles based approach for revenue recognition and is based on the concept of recognising revenue for obligations only when they are satisfied and the control of goods or services is transferred. It applies to all contracts with customers, except those in the scope of other standards. It replaces the separate models for goods, services and construction contracts under the current accounting standards. The Directors believe that the adoption of IFRS 15 will not have a material impact on its consolidated results. IFRS 16 'Leases' IFRS 16 represents a significant change in the accounting and reporting of leases for lessees as it provides a single lessee accounting model, and as such, requires lessees to recognise assets and liabilities for all leases unless the underlying asset has a low value or the lease term is 12 months or less. Accounting requirements for lessors are substantially unchanged from IAS 17. The Group has carried out preliminary work to assess the accounting impacts of the change. From work performed to date, it is expected that implementation of the new standard will have a substantial impact on the consolidated results of the Group. The Group continues to assess the full impact of IFRS 16, however, the impact will depend on the facts and circumstances at the time of adoption and upon transition choices adopted. It is therefore not yet practicable to provide a reliable estimate.
19 Notes to the financial statements for the 26 week period ended 27 May Significant accounting policies (continued) IFRS 9 'Financial Instruments' IFRS 9 replaces IAS 39. The standard is effective from 1 January 2018 and introduces: new requirements for the classification and measurement of financial assets and financial liabilities; a new model based on expected credit losses for recognising provisions; and provides for simplified hedge accounting by aligning hedge accounting more closely with an entity's risk management methodology. An assessment has been carried out and the Directors believe that the adoption of IFRS 9 will not have a material impact on its consolidated results. In addition to the above new standards or amendments, there are additional new standards and amendments which will not be applicable to the Group and as such have not been listed. None of the other standards, interpretations and amendments which are effective for periods beginning after 27 November and which have not been adopted early, are expected to have a material effect on the financial statements. Revenue recognition Revenue represents the amounts receivable for goods and services sold through retail outlets in the period which fall within the Group s principal activities, stated net of value added tax. Revenue is shown net of returns. Revenue is recognised when the significant risks and rewards of goods and services have been passed to the buyer and can be measured reliably. Commission from the sale of lottery tickets, travel tickets, electronic phone top-ups and franchise income is recognised net within revenue, when transactions deriving commissions are completed, as the Group acts as an agent. Revenue is derived entirely from the United Kingdom. Cost of sales Cost of sales consists of all direct costs to the point of sale including warehouse and transportation costs. Supplier incentives, rebates and discounts are recognised as a credit to cost of sales in the period in which the stock to which the discounts apply is sold. The accrued value at the reporting date is included in prepayments and accrued income. Adjusting items Adjusting items relate to costs or incomes that derive from events or transactions that do not fall within the normal activities of the Group, and are excluded from the Group s adjusted profit before tax measure due to their size and nature in order to better reflect management s view of the performance of the Group. The adjusted profit before tax measure (profit before adjusting items) is not a recognised profit measure under IFRS and may not be directly comparable with adjusted profit measures used by other companies. Details of adjusting items are set out in note 5. Other operating income Post Office, rental income and ATM commissions are recognised in the consolidated income statement when the services to which they relate are earned.
20 Notes to the financial statements for the 26 week period ended 27 May Significant accounting policies (continued) Tax The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the income statement, except when it relates to items charged to equity or other comprehensive income, in which case the current tax is also dealt with in equity or other comprehensive income respectively. Deferred tax is accounted for on the basis of temporary differences arising from differences between the tax base and accounting base of assets and liabilities. Deferred tax is recognised for all temporary differences, except to the extent where a deferred tax liability arises from the initial recognition of goodwill or from the initial recognition of an asset or a liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit. It is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only to the extent that the Directors consider that, on the basis of all available evidence, it is probable that there will be suitable future taxable profits from which the future reversal of the underlying differences can be deducted. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income, in which case the deferred tax is also dealt with in equity or other comprehensive income respectively. Business combinations On acquisition, the assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identifiable net assets acquired, including separately identifiable assets, is recognised as goodwill. Any discount on acquisition, i.e. where the cost of acquisition is below the fair values of the identifiable net assets acquired, is credited to the income statement in the period of acquisition. Gains and losses on disposal of any fixed assets are determined by comparing proceeds with the asset s carrying amount and are recognised within operating profit. Non-current assets held for sale Non-current assets are classified as assets held for sale only if available for immediate sale in their present condition, a sale is highly probable and expected to be completed within one period from the date of classification. Such assets are measured at the lower of the carrying amount and fair value less costs to sell and are not depreciated or amortised. Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is recognised as an asset on the Group s balance sheet in the year in which it arises. Goodwill is not amortised but is tested for impairment at least annually and is stated at cost less any provision for impairment. Any impairment is recognised in the income statement and is not reversed in a subsequent period.
21 Notes to the financial statements for the 26 week period ended 27 May Significant accounting policies (continued) Borrowings All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in finance costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Defined benefit pension obligation The Group operates two defined benefit pension schemes in addition to several defined contribution schemes, which require contributions to be made to separately administered funds. Defined benefit scheme surpluses and deficits are measured at: -The fair value of plan assets at the reporting date; less -Scheme liabilities calculated using the projected unit credit method discounted to its present value using yields available on high quality corporate bonds that have maturity dates approximating to the terms of the liabilities; plus -Unrecognised past service costs; less -The effect of minimum funding requirements agreed with scheme trustees. A surplus is recognised where the Group has an unconditional right to the economic benefits in the form of future contribution reductions or refunds. Any difference between the interest income on scheme assets and that actually achieved on assets, and any changes in the liabilities over the year due to changes in assumptions or experience within the scheme, are recognised in other comprehensive income in the period in which they arise. Costs are recognised separately as operating and finance costs in the income statement. Operating costs comprise the current service cost, any income or expense on settlements or curtailments and past service costs where the benefits have vested. Past service costs are recognised directly in income unless the changes to the pension scheme are conditional on the employees remaining in service for a specified period of time. In this case, the past service costs are amortised on a straight line basis over the vesting period. Finance items comprise the interest on the net defined benefit asset or liability.
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