Resultados provisionales
19 de marzo de 2024
Liberación inmediata
DFS Furniture plc ("DFS" y el "Grupo")
Anuncio de resultados provisionales
RESILIENT PERFORMANCE DESPITE CHALLENGING MARKET ENVIRONMENT
DFS Furniture plc, the market-leading retailer of living room and upholstered furniture in the United Kingdom, today announces its interim results for the 26 week period ended 24 December 2023 (H1 FY24). Prior year comparative period is the 26 weeks ended 25 December 2022 (H1 FY23).
£ m | 1S del año fiscal 24 | 1S del año fiscal 23 | Cambios |
Ventas brutas1,3 | 666.2 | 705.6 | (5.6%) |
Ingresos1 | 505.1 | 544.5 | (7.2%) |
Margen bruto | 56.0% | 53.8% | +2.2% puntos |
Underlying PBT(A)1,2,3 | 8.7 | 7.1 | +1.6 |
PBT informado | 0.9 | 6.8 | (5.9) |
EPS subyacente básico1,3 | 2.8p | 2.2p | + 0.6p |
Reported basic EPS | 0.2p | 2.1p | (1.9p) |
Dividendo a cuenta por acción | 1.1p | 1.5p | (0.4p) |
Deuda bancaria neta3 | 133.9 | 135.6 | (1.7) |
Apalancamiento 3 | 1.6x | 1.7x | (0.1x) |
1 Continuing operations excludes the discontinued International operation which ceased trading in FY23
2 PBT(A) - Profit before tax, excluding brand amortisation
3 Definitions and reconciliations of KPIs including Alternative Performance Measures ("APMs") are provided at the end of this statement in note 13 to the condensed consolidated financial statements
Aspectos destacados estratégicos y operativos:
? Good progress on our Cost to Operate programme. Gross margin improvement from 53.8% in H1 FY23 to 56.0% in the current period and operating costs £11.5m lower (£22m gross savings more than offsetting inflation and interest rate headwinds)
? Despite a more challenging and volatile than expected upholstery market, with order volumes down c-10% year on year versus -5% assumed in formulating our profit guidance in September, the Group has continued its long track record of market share gains reaching a record level of 38.5% driven by the strength of our brands, scale and retail proposition
? Continued improvement in customer NPS measures, with both brands continuing to grow established customer scores significantly
Resumen financiero:
? Resilient underlying profit performance, PBT(A)1,2,3 £8.7m, up £1.6m on H1 FY23 despite weaker than expected market demand
? Reported profit before tax of £0.9m, after deducting expected non-underlying costs of £7.1m (£4.2m cash cost), including costs associated with closure of one our factories and September's refinancing
? Group order intake down -1.1% year on year, outperforming the wider market
? Gross sales3 down to a greater extent as expected, -5.6% year on year (£39.4m) due to the unwind of an elevated opening order bank at the start of the prior year resulting in a higher level of delivered sales in the comparator period
? Revenue from continuing operations1 down -7.2% year on year; higher than the gross sales reduction due to Bank of England base rate changes increasing the cost of providing interest free credit (IFC) which we partially mitigated through amending our IFC proposition
? Gross margin rate (+220 bps) and lower operating costs more than mitigated the revenue decline and impact of cost inflation on PBT(A)
? Net bank debt3 reduced from the FY23 year end position of £140.3m to £133.9m and leverage reduced from 1.9x to 1.6x (H1 FY23 £135.6m and 1.7x)
? Interim dividend of 1.1p approved by the Board
Current trading and FY24 outlook:
? After a solid start to January, market demand has weakened significantly over the last two months, with market order volumes down c16% year on year across January and February (H1 -10%)
? The group has not been immune to this and today we provide updated guidance for the year ending 30 June 2024 (53 weeks)
? Revenues expected to be in the range of £1,000m-£1,015m and PBT(A) to be in the range of £20-25m, excluding risk of Red Sea delays which we continue to monitor closely
? This represents a £60-£65m reduction in revenue guidance, partially mitigated to a £10m reduction in PBT(A) guidance, supported by strong progress on costs and gross margins
? The guidance assumes H2 market volumes broadly consistent with H1 year on year, in a range of -8% to -10%, supported by weaker Q4 comparatives and a level of pent up demand following the weak January and February. We remain cautious about consumer confidence starting to improve and benefit demand until FY25
? H2 group year on year order intake of -2% to -4% (H1 -1.1%) is based on our assumptions for H2 market volumes and our spring trading plans
? If the Red Sea issues continue through to our year end, potential delivery delays could result in up to £4m of profit being deferred into our following financial year
Tim Stacey, director ejecutivo del grupo, dijo:
"I want to thank our colleagues for their dedication toward providing a first class service to our customers. Whilst the current macroeconomic situation has presented many challenges, we are pleased to have extended our market leadership while reporting a resilient profit performance through the first half.
As a result of weaker market demand we have lowered our FY24 profit guidance to £20-£25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. This reflects Revenue guidance reducing by £60-65m, partially mitigated by good progress on our Cost to Operate programme.
We remain confident in both our long-term growth strategy and the capability to deliver on our objectives. We remain well positioned to improve our profit margins without market recovery and remain confident in delivering our 8% PBT target when the market recovers."
Refer to note 13 to the financial statements for definitions and reconciliations of Alternative Performance Measures.
FY24 Interim Results Presentation
A webcast for analysts and investors will be held at 9.00am (UK time) today to announce the H1 FY24 results. Webcast link (Password: DFS2024): https://vimeo.com/event/4135214
A copy of the presentation will be made available at: https://www.dfscorporate.co.uk/
Consultas:
DFS (consultas vía Teneo)
Tim Stacey (CEO del grupo)
John Fallon (director financiero del grupo)
Phil Hutchinson (Relaciones con inversores)
téneo
James Macey-Blanco
jessica reid
Ayo Sangobowale
44 0 20 7353 4200
Acerca de DFS Furniture plc
The Group is the clear market-leading retailer of living room furniture in the United Kingdom. Our Group purpose is to bring great design and comfort into every living room, in an affordable, responsible and sustainable manner. We operate an integrated physical and digital retail network of living room furniture showrooms and websites in the United Kingdom and Republic of Ireland, trading through our leading brands, DFS and Sofology. We attract customers through our targeted and national marketing activities and our reputation for high quality products and service, breadth of product offer and favourable consumer financing options. We fulfil orders for our exclusive product ranges through our own UK finished goods factories, and through manufacturing partners located in the UK, Europe and Far East, and delivered with care through our expert final-mile delivery service "The Sofa Delivery Company Limited".
FY24 Interims CEO statement
General
The Group entered the financial year with record market share and operations in good shape but within a very weak upholstery market heavily impacted by the cost of living crisis, a subdued housing market and relatively weak consumer confidence levels. Following a detailed cost review, in September we announced a £50m annualised cost efficiency programme to be delivered over the next three years, whilst continuing to pursue our strategy to profitably grow our market share in the upholstery sector and grow our presence in other furniture categories.
Market demand in the period was weaker than the assumption we had used in preparing our profit guidance at the start of the year and we believe market order volumes are currently at record low levels. The Group has, however, continued to increase market share whilst improving gross margins and reducing operating costs, which has enabled us to report year on year underlying profit growth.
The current macroeconomic situation remains challenging and market demand has weakened into H2. As a result of weaker market demand we have lowered our FY24 PBT(A) guidance to £20-£25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. The updated guidance includes a reduction in Revenues of £60-65m, which we have partially mitigated to a £10m reduction in PBT(A) as a result of good progress on our Cost to Operate programme. If our shipping partners continue to avoid using the Red Sea shipping route, delays to customer deliveries will result in up to £4m of profit being deferred into the following financial year.
The Group is well positioned for the future - customer service NPS scores are strong and continue to improve, costs are well controlled and reducing and we have line of sight to improved profit margins as we deliver our cost efficiency plans. As the market recovers, our market share, well invested asset base and P&L operating leverage puts us in a great shape to deliver our 8% PBT target and, given our negative working capital cycle, generate good levels of free cash flow when market demand recovers.
Market size update:
Market order volumes in the prior year were at very low levels, c-15%* below pre-pandemic levels based on our proprietary banking transaction data. At the start of the current period we had planned for market order volumes to be down a further -5% year on year given the weak macro outlook at the time. Actual market demand has been weaker, down -c10%* in volume terms in the first half, with exceptionally low footfall in the September-October period driven by record hot weather conditions proving a significant drag on performance.
*Proprietary Barclaycard and CACI banking data
Our three areas of focus:
Below is an update on the three areas of focus I announced in September 2023.
Crecimiento
The Group has grown market share in value terms in the period from 38% at the end of FY23 to c38.5%* continuing our long track record of growing market share across the economic cycle due to the strength of our brands, scale and retail proposition. Market share has continued to be taken from independent retailers. Across the remainder of the sector we have seen general retailers pick up share, particularly at low to mid price points.
Márgenes brutos
We have made solid progress increasing our gross margin rate towards our pre-pandemic historical level of 58%. We have now achieved growth in the last three half yearly reporting periods growing margins from a low of 52.7% in FY22 to 56.0% in this period.
Cost to operate efficiencies
During the first six months of our three year Cost to Operate programme we have made good progress as we target c£50m of savings across our cost base. H1 operating costs^ reduced £11.5m year on year, with £22.1m gross savings more than offsetting inflation of c£7.0m and £3.6m of higher interest charges on our debt facilities. These savings have come from improved operational performance as well as starting to realise some savings from our Cost to Operate programme. Further details are provided in the Financial Review.
^Sales, distribution, administration, depreciation, amortisation and interest, excluding brand amortisation
An update on our pillars and platforms strategy:
Pilares:
The market share gains described above have been driven by the DFS brand, the largest in the Group. The brand benefits from a well invested retail estate and digital assets that support the customer across their buying journey and from strong, unique brand partnerships. In the period we have partnered with the Ted Baker brand, launching three ranges and initial sales levels have surpassed expectations.
The Sofology brand, which has a higher average price point, has not been able to match DFS's share gains in this environment but good operational cost control has ensured brand profit contribution levels were maintained year on year. We are in the process of adapting the brand's price proposition to ensure it is best positioned for this market environment.
I'm pleased to say that both brands have achieved growth in their NPS scores to good levels. DFS's NPS established customer scores have improved by +62%, and are now nearly back to pre-pandemic levels. Sofology has also achieved strong levels of improvement with its established customer score improving to record levels over the last few months. Operationally both brands are now in a much better position recovering the ground lost through the pandemic period when customer orders were significantly delayed.
In relation to our non-upholstery 'Home' strategic initiative we have developed a drop ship solution and a new warehouse management system, providing the foundations to support growth. Due to the weak market demand in the upholstery segment we took the decision to defer investing in marketing to build awareness and drive future sales growth and instead focus our resources on optimising the profitability in our core business over the short term. The profitability of our Home offer has, however, increased year on year as we operate with improved gross margins and lower operating costs. We remain committed to driving sales growth in the Home product category in the future.
plataformas:
Our key platforms sourcing & manufacturing, technology & data, logistics and people & culture support our pillar brands and all play a key role in supporting our growth, be it across the top line or through improving the efficiency of our cost base. We are obtaining and making more use of data to drive insight and improved decision making across our business. Our fully integrated two man delivery service is market leading, our sourcing strategy has helped deliver three half year periods of gross margin rate improvement and through our People plan our colleagues remain highly engaged to drive us forward.
Sourcing & Manufacturing: As previously disclosed we entered a consultation process in September for the potential closure of the smallest of our three manufacturing sites and one of our wood mills. We concluded this process and ceased manufacturing at these sites in October. These types of decisions are never easy and we understand the impact it can have on our colleagues. Following a consultation with 215 colleagues, we were able to retain 44 colleagues through providing employment elsewhere in the Group, including at our recently formed sewing hub. We supported the remaining workforce through a comprehensive and meaningful outplacement support service. The ranges that were produced by the manufacturing site that has closed have been redistributed across our existing supplier base and this has contributed to reducing our cost of goods.
Technology & Data: To help mitigate the high interest rate environment on our profit margins we have recently expanded the capabilities of our Intelligent Lending Platform which we initially launched with our DFS brand, and developed it for our Sofology brand. This will enable Sofology to work with a wider Group of lenders, resulting in cost synergies.
These cost savings, in addition to retail price increases that were implemented in the second half of the prior year supported a further improvement in our gross margin rate from 55.0% in the second half of the prior year to 56.0% in the first half of this period.
Operating Costs and Logistics: Despite absorbing significant levels of cost inflation, our operating costs have reduced £11.5m year on year due to improved operational performance and we are starting to see the benefits of some of our 'operate for less' cost initiative projects. Our final mile logistics business, The Sofa Delivery Company, is performing well having completed the integration of the two discrete delivery arms of DFS and Sofology. Sofa orders for both brands are stored and delivered through the same infrastructure and resources and we are seeing consistently higher van fill rates, reduced delivery failure rates and improved post-delivery NPS scores year on year.
ESG: The Group is guided by our purpose to bring great design and comfort into every home in an
affordable, responsible and sustainable manner. We have developed policies and targets to help reduce our impact on the environment covering key elements of the materials that make up the sofas we sell, for example leather, textiles and timber along with targets covering inclusivity & diversity and our impact on local communities.
Highlights from the first half of FY24 include meeting our 10% target of an absolute reduction in Scope 1 emissions measured against our 2018/19 baseline. This has been achieved in part due to lower delivered volumes but also through various initiatives, such as moving to gas alternatives across our real estate and the consolidation of our delivery fleets into The Sofa Delivery Company. AI route planning tools as well as the investment in our teams with driver efficiency training have delivered great results and we are incrementally shifting our company cars and service vehicles to hybrid and electric models.
We have also made a significant amount of progress in developing our carbon reduction roadmap and remain on track to submit our net zero strategy to the Science Based Targets Initiative for approval in June. Over the past six months, we have engaged our manufacturing partners and raw material suppliers in our roadmap planning and many have shared their commitment to our net zero ambition.
Our colleagues remain highly engaged, and we've seen positive results from our colleague engagement survey, with the overall NPS engagement score increasing 14 points from March to September 2023. We've also made good progress in developing our inclusive culture where everyone is welcome, adding further Colleague Networks, bringing our total to five across Gender, Sexuality, Religion, Race and Disability. Finally, our Workforce Disclosure Initiative score has also increased from 73% to 80%, well above the UK average of 71% and the consumer discretionary sector of 60%.
Pronóstico:
Since our trading update on 19 January, market demand during the winter sale period has weakened by c-6%ppt compared to the H1 average and we have experienced a corresponding step back in the Group's order intake performance.
Today we provide some updated guidance for the 53 week period ending 30 June 2024. Order intake and delivery lead times are the two key sensitivities to our FY24 profit performance.
We expect revenues to be in the range of £1,000-1,015m and PBT(A) to be in the range of £20-25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. The £10m reduction in our PBT(A) guidance represents a resilient profit performance given the £60-65m reduction in Revenue, supported by the strong progress on costs and margins.
Orientación para todo el año | Septiembre 2023 | Marzo 2024 |
Ingresos | £ 1,060m- £ 1,080m | £ 1,000m- £ 1,015m |
PBT(A)3 excl. Red Sea risk* | £ 30m- £ 35m | £ 20-25 millones |
Gastos de capital en efectivo | £ 25m- £ 30m | 25m |
Non underlying costs (cash) | £ 4m- £ 5m | 5m |
*If Red Sea delays continue, we expect up to £4m of profit to be deferred into FY25
Whilst forecasting future market demand remains challenging, we expect overall H2 market demand will be broadly consistent with H1, in a range of -8% to -10%. This is partly supported by a relatively weak Q4 in the prior year and some potential for pent up demand following the especially weak market during the winter sale period. We are also confident that our commercial plan will be stronger year on year through Easter and Q4, as we annualise price rises and changes to interest free credit in the prior year. Based on these assumptions, the Group's year on year order intake performance** is forecast to be in the range of -2% to -4% for H2 overall, slightly below the H1 level of -1.1%.
Year end net bank debt is expected to be around £150-155m. As previously guided, this is artificially elevated due to around £15m of temporary working capital outflows that occur in the 53rd week of this financial period.
As with our previous guidance, the PBT(A) range of £20-25m assumes that issues in the Red Sea are resolved, with no delays to delivery lead times. If the Red Sea issues are not resolved ahead of our year end, then we expect delays to customer delivery lead times will result in up to £4m of profit being deferred into FY25.
**Calculated on a 26 week vs 26 week basis (i.e. excludes FY24 order intake in the 27th week in the second half of this 53 week financial period)
Conclusión:
I want to thank our colleagues for their dedication toward providing a first class service to our customers. Whilst the current macroeconomic situation has presented many challenges, we are pleased to have extended our market leadership while reporting a resilient profit performance through the first half.
As a result of weaker market demand we have lowered our FY24 profit guidance to £20-£25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. This reflects Revenue guidance reducing by £60-65m, partially mitigated by good progress on our Cost to Operate programme.
We remain confident in both our long-term growth strategy and the capability to deliver on our objectives. We remain well positioned to improve our profit margins without market recovery and remain confident in delivering our 8% PBT target when the market recovers.
tim stacey
CEO
19 de marzo de 2024
REVISIÓN FINANCIERA
H1 FY24 reported profit before tax was £0.9m (H1 FY23: £6.8m), after the deduction of expected non-underlying operating costs of £7.1m (H1 FY23: £0.4m non-underlying profit).
H1 FY24 underlying profit before tax and brand amortisation (PBT(A))1 was £8.7m, slightly ahead of prior year (H1 FY23: £7.1m). This represents a resilient profit performance despite the tough market conditions, supported by planned improvements in gross margin rate, lower operating costs and market share gains, which offset the profit impact of a year on year decline in revenues.
Non-underlying costs of £7.1m include the costs associated with the planned closure in the period of the smallest of our UK manufacturing facilities and one of our wood mills. The closures have enabled us to consolidate volumes within other UK Group manufacturing sites and further leverage our buying scale with our external supplier partners, lowering operating costs and improving the net profitability of the Group. Cash outflow for the period on non-underlying costs was £4.2m, with the full year expectation remaining in line with the previous guidance of £5m.
Trading conditions proved to be more volatile and weaker than anticipated across the period, with H1 market order volumes down c-10% year on year, versus the -5% reduction assumed in our previous guidance. Although we have not been immune to the weaker demand, the reduction in Group order intake of -1.1% year on year was lower than the reduction across the market, resulting in further market share gains. Proprietary data2 for H1 shows we increased market share to 38.5% (38% at FY23 close). We remain in a favourable position for future growth when market volumes begin to recover.
Deuda bancaria neta1 decreased from £140.3m at the end of FY23, to £133.9m at the end of H1 FY24, and leverage1 decreased from 1.9x at the end of FY23 to 1.6x. Over the medium term we remain committed to managing leverage within our target range of 0.5-1.0x.
Ingresos y ventas brutas
1S del año fiscal 24 | YoY | 1S del año fiscal 23 | |
Ventas brutas | 666.2 | - 5.6% | 705.6 |
DFS | 525.6 | - 5.7% | 557.2 |
sofología | 140.6 | - 5.3% | 148.4 |
Ingresos | 505.1 | - 7.2% | 544.5 |
Ventas brutas del grupo1, which are recognised on delivery of orders to customers, decreased by -5.6% to £666.2m (H1 FY23: £705.6m), with both retail brands reporting a reduction on H1 FY23. As expected, this was a higher rate of decline than order intake over the same period as a result of the higher order bank at the start of the comparative period converting into sales in H1 FY23.
Market demand was volatile within the period, with the Group experiencing year on year order intake growth in July and August, a challenging September and October driven by very low footfall during unseasonably warm weather, followed by an improvement in November and December. A shift in product mix towards models with shorter lead times also meant that we were able to deliver more orders to customers and convert these to gross sales in the period.
Group average order values have increased year on year as a result of range innovation and targeted price increases in March 2023, which fed through to deliveries from May 2023 onwards.
H1 FY24 Group revenue of £505.1m was 7.2% lower than H1 FY23. This is a higher rate of decline than gross sales due to increased interest free credit costs, primarily as a result of the higher Bank of England base rates. This impact was partially mitigated by changing our everyday interest free credit customer proposition to a maximum of 36 months. We note that this cost will start to reduce when reductions in base rates are instigated by the Bank of England.
Beneficio bruto
H1 FY24 Gross profit of £283.0m decreased by £9.9m (3.4%) year on year, driven by lower revenues.
Gross margin rate improved to 56.0% for H1 FY24 (H1 FY23: 53.8%, H2 FY23: 55.0%), an increase of 220bps year on year. The margin improvement has been achieved as a result of the benefits of reduced freight rates, targeted price increases on orders placed from March 2023 onwards, and cost of goods improvements partly as a result of benefits from the closure of our smallest factory and one of our woodmills part way through the period. These benefits were partially offset by adverse hedged foreign exchange movements and the increased cost of interest free credit.
We have now recorded three consecutive half year periods of year on year gross margin rate growth, and we expect this trend to continue through H2 FY24.
Selling, distribution, administration, and property costs
H1 FY24 selling, distribution, administration and property costs totalled £209.5m (H1 FY23: £224.7m), a decrease of £15.2m (6.8%), representing a % cost of revenue of 41.5% (FY23: 39.9%).
The reduction in delivered volumes contributed £4.0m to the decrease in costs. We also took the decision to flex our marketing spend down by £3.9m in response to the tougher market conditions, prioritising spend against our core upholstery business. Other cost reductions of £14.3m were delivered from across retail operations, The Sofa Delivery Company, property costs and central overheads. This was driven by a combination of better service levels and cost management disciplines, alongside good early progress on our cost efficiencies programme, all of which helped to mitigate total inflationary cost increases of c3.1% (£7.0m).
Depreciación, amortización e intereses
H1 FY24 Depreciation of £38.9m decreased by £1.3m year on year, supported by the benefits of retail property lease regears and the rationalisation of our legacy warehouse estate into fewer, larger distribution centres. Amortisation has increased £1.0m year on year due to continued investment in our IT systems.
H1 FY24 Finance costs of £20.3m increased £4.3m year on year, largely due to increased interest rates on the Group's borrowings as a result of the higher Bank of England base rate, and to a lesser extent from a higher average drawn balance during the period. The higher drawn balance on the Group's borrowings is due to working capital balances normalising during FY23, principally as the higher order bank and therefore higher customer deposit levels reduced to be in line with more historical levels.
Utilidades y ganancias por acción
H1 FY24 reported profit before tax for the period was £0.9m (H1 FY23: £6.8m). Underlying profit before tax and brand amortisation (PBT(A))1 was £8.7m compared to £7.1m in H1 FY23, with margin rate improvement and cost savings mitigating the profit impact of the year on year revenue reduction.
£7.1m of non-underlying costs were incurred in the period which related to the closure of the Group's smallest UK manufacturing facility and one of our woodmills (£5.7m), and costs associated with refinancing the Group's borrowing facilities (£1.9m), partially offset by the annual review and release of lease guarantee creditors no longer required in relation to properties leased by a former subsidiary entity (£0.5m).
Underlying basic earnings per share from continuing operations was 2.8 pence (H1 FY23: 2.2p). H1 FY24 basic earnings per share from continuing operations was 0.2 pence (H1 FY23: 2.3p).
The tax charge recognised in the interim financial statements has been calculated using the expected effective tax rate for FY24 of 24.0% (FY23: 21.3%). This is lower than the applicable UK Corporation Tax rate of 25.0% (FY22: 20.5%), primarily due to the availability of the fully expensing rules on capital expenditure.
Cash flow, net debt and dividends
Refinancing of our debt facilities was completed in September 2023, which increased the total amount of funds available from £215m to £250m and diversified the lending group. The new facilities were secured at competitive rates and consist of £200m from existing banking partners which runs to September 2027 (with a 16 month extension option) and £50m from the addition of US private placement notes, with redemption dates split equally between September 2028 and September 2030.
Deuda bancaria neta1 decreased from £140.3m at the end of the prior year to £133.9m at the end of the current period. This includes a timing benefit of £6.9m in relation to the FY23 final dividend which was paid post period end in H1 FY24 and pre period end in H1 FY23.
H1 FY24 Cash capex was £14.7m (H1 FY23: £19.6m) and included the opening of the new DFS Greenwich store, six store refits, and technology related investments to further strengthen our customer proposition, mid and back office functions. We expect annual cash capex investment for FY24 to be at the lower end of the £25-£30m range previously communicated.
H1 FY24 return on capital employed (ROCE)1 was 14.8% (H1 FY23: 13.5%) as a result of slightly higher profit on a last twelve months basis, with capital employed remaining stable. We expect returns to grow over time given i) our anticipated improved profitability as our product, property and operating cost reductions continue to be delivered and market volumes recover and ii) our negative working capital model.
Apalancamiento 1 decreased from 1.9x at the end of FY23 to 1.6x for H1 FY24. Based on the revised FY24 profit guidance described in the CEO's report, our year end net bank debt is expected to be in the range of £150m-£155m and leverage in the range of 2.0x to 2.1x. This includes the impact of a temporary £15m working capital outflow in the final week of this extended 53 week financial period. Excluding the temporary working capital outflow, leverage will be in the range of 1.8x-1.9x. Over the medium term we remain committed to returning leverage to within our target range of 0.5-1.0x.
Aligned to our capital distribution policy, the Board has declared an interim dividend for FY24 of 1.1 pence per share, at a total cost of £2.5m. This dividend will be paid on 30 May 2024 to shareholders on the register on 19 April 2024.
John Fallon
Director Financiero
19 de marzo de 2024
1 Definitions and reconciliations of KPIs including Alternative Performance Measures ("APMs") are provided at the end of this statement in note 13 to the condensed consolidated financial statements
2 Proprietary Barclaycard banking data
PRINCIPALES RIESGOS E INCERTIDUMBRES
Los principales riesgos que podrían amenazar el modelo de negocio, el desempeño futuro, la solvencia o la liquidez del Grupo se mantienen consistentes con los descritos en el Informe Anual 2023. A continuación se proporciona un resumen:
Riesgo | Impacto |
Riesgo financiero y liquidez | The geopolitical and macroeconomic environment or other events (such as a future pandemic or expansion of the Ukraine war into other territories) may impact the Group's working capital requirements, its ability to access debt or equity financing, the cost of that financing, or the price of purchases in foreign currencies. |
Regulador | The Group is subject to increasing levels of compliance requirements in many of its activities from regulatory and other authorities, including the Financial Conduct Authority for its consumer finance offering, the Information Commissioner's Office in relation to data protection and Health and Safety Executive and local authorities for the health and safety of its colleagues and customers. The Group also generates revenue from the sale of product aftercare insurance, a form of general insurance add-on product. |
cibernético | A cyber-attack, ransomware or data breach could result in business disruption, and loss or corruption of customer data, which could adversely impact our reputation and customer confidence. Our website and IT infrastructure are key elements of our strategy. A failure to review and innovate in this competitive area could impact achievement of the Group's growth plans. |
Resiliencia de la cadena de suministro y la fabricación | Disruption across our supply chain, including shortages of critical materials, reliance on key manufacturing sites and logistics constraints could result in supply shortages or delays. |
Incertidumbre macroeconómica | The Group's products represent a significant discretionary spend for customers and demand is heavily influenced by factors affecting the economic environment in which the Group operates including (but not limited to): consumer confidence, employment levels, real income, the availability of credit and the level of housing market activity. |
Ambiental, | Key stakeholders, including customers, colleagues, investors and regulators, as well as the media, are increasingly focused on the Group's policies and management regarding Environmental, Social and Governance ('ESG') risks. The Group is also required to meet increasing non-financial reporting and disclosure requirements. |
Retención de trabajadores calificados debido a la escasez de mano de obra | There has been increased pressure within the UK labour market in general with low levels of unemployment, high levels of vacancies and shortages of skilled workers across all sectors. The Group needs to attract, retain and develop the right talent and required capabilities to achieve targeted business performance and delivery of our strategy. |
Consumer Proposition and industry | The reputation of, and value associated with, the Group's brands and product offering is central to the success of the business. Failure to maintain a well-designed, high-quality product range that is priced attractively could compromise the success of the Group. |
| The Group undertakes a number of significant investment or business change projects that are key to successfully executing its strategy. |
DECLARACIÓN DE RESPONSABILIDAD
Lo confirmamos a nuestro leal saber y entender:
? the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK;
? the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R de las Reglas de Transparencia y Orientación de Divulgación, que es una indicación de eventos importantes que han ocurrido durante los primeros seis meses del año financiero y su impacto en el conjunto condensado de estados financieros; y una descripción de los principales riesgos e incertidumbres para los seis meses restantes del año; y
(b) DTR 4.2.8R de las Reglas de Transparencia y Orientación sobre Información a Revelar, siendo transacciones con partes relacionadas que han tenido lugar en los primeros seis meses del año financiero en curso y que han afectado materialmente la situación financiera o el desempeño de la entidad durante ese período; y cualquier cambio en las transacciones con partes relacionadas descritas en el último informe anual que pudieran hacerlo.
Por orden de la Junta
Tim Stacey John Fallon
Chief Executive Officer Chief Financial Officer
19 de marzo de 2024
INFORME DE REVISIÓN INDEPENDIENTE A DFS FURNITURE PLC
Conclusión
We have been engaged by DFS Furniture plc ("the Company") to review the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 24 December 2023 which comprises Condensed Consolidated Income Statement, Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Changes in Equity, Condensed Consolidated Cash Flow Statement and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 24 December 2023 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").
Base para la conclusión
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK. 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. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Una revisión tiene un alcance sustancialmente menor que una auditoría realizada de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) y, en consecuencia, no nos permite obtener la seguridad de que tendremos conocimiento de todos los asuntos importantes que podrían identificarse en una auditoría. En consecuencia, no expresamos una opinión de auditoría.
Conclusiones relativas a la empresa en marcha
Con base en nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección Bases de la conclusión de este informe, nada ha llamado nuestra atención que nos haga creer que los directores han adoptado de manera inapropiada la base de negocio en marcha de contabilidad, o que los directores han identificado incertidumbres materiales relacionadas con el negocio en marcha que no han sido adecuadamente reveladas.
Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con ISRE (Reino Unido) 2410. Sin embargo, eventos o condiciones futuras pueden causar que el Grupo deje de continuar como un negocio en marcha, y las conclusiones anteriores no son una garantía de que el Grupo continuará en la operación.
Responsabilidades de los directores
El informe financiero semestral es responsabilidad de los administradores y ha sido aprobado por ellos. Los directores son responsables de preparar el informe financiero semestral de acuerdo con el DTR de la FCA del Reino Unido.
Como se indica en la nota 1, los estados financieros anuales del Grupo se preparan de acuerdo con las normas contables internacionales adoptadas en el Reino Unido.
Los directores son responsables de preparar el conjunto resumido de estados financieros incluidos en el informe financiero semestral de acuerdo con la NIC 34 adoptada para su uso en el Reino Unido.
Al preparar el conjunto resumido de estados financieros, los directores son responsables de evaluar la capacidad del Grupo para continuar como empresa en funcionamiento, revelando, según corresponda, las cuestiones relacionadas con la empresa en funcionamiento y utilizando el principio contable de empresa en funcionamiento a menos que los directores tengan la intención de liquidar el Grupo o cesar sus operaciones, o no tienen otra alternativa realista que hacerlo.
Nuestra responsabilidad
Nuestra responsabilidad es expresar a la Compañía una conclusión sobre el conjunto resumido de estados financieros en el informe financiero semestral basado en nuestra revisión. Nuestra conclusión, incluidas nuestras conclusiones relacionadas con la empresa en funcionamiento, se basan en procedimientos que son menos extensos que los procedimientos de auditoría, como se describe en la sección Bases de la conclusión de este informe.
El propósito de nuestro trabajo de revisión y a quién debemos nuestras responsabilidades.
This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.
Gill Hopwood-Bell
por y en nombre de KPMG LLP
Contadores Públicos
1 plaza soberana
calle soberana
Leeds
LS1 4DA
19 de marzo de 2024
Cuenta de resultados consolidada condensada no auditada
| 26 semanas hasta el 24 de diciembre de 2023 | 26 semanas hasta el 25 de diciembre de 2022 | 52 semanas hasta el 25 de junio de 2023 | |||||||||
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| No subyacente | |
| No subyacente | | | No subyacente | | |||
Note | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |||
Operaciones continuas |
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Ventas brutas | 3 | 666.2 | - | 666.2 | 705.6 | - | 705.6 | 1,423.6 | - | 1,423.6 | ||
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Ingresos | 3 | 505.1 | - | 505.1 | 544.5 | - | 544.5 | 1,088.9 | - | 1,088.9 | ||
El costo de ventas |
| (222.1) | - | (222.1) | (251.6) | - | (251.6) | (496.7) | - | (496.7) | ||
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Beneficio bruto |
| 283.0 | - | 283.0 | 292.9 | - | 292.9 | 592.2 | - | 592.2 | ||
Costos de venta y distribución |
| (175.2) | - | (175.2) | (187.3) | - | (187.3) | (364.6) | - | (364.6) | ||
Gastos administrativos |
| (34.3) | (5.2) | (39.5) | (37.4) | 0.4 | (37.0) | (70.2) | 0.5 | (69.7) | ||
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Utilidad operativa antes de depreciación y amortización |
| 73.5 | (5.2) | 68.3 | 68.2 | 0.4 | 68.6 | 157.4 | 0.5 | 157.9 | ||
Depreciación |
| (38.9) | - | (38.9) | (40.2) | - | (40.2) | (80.5) | - | (80.5) | ||
Amortización |
| (6.6) | - | (6.6) | (5.6) | - | (5.6) | (11.6) | - | (11.6) | ||
Discapacidad |
| - | - | - | - | - | - | (2.0) | - | (2.0) | ||
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Beneficio operativo | 4 | 28.0 | (5.2) | 22.8 | 22.4 | 0.4 | 22.8 | 63.3 | 0.5 | 63.8 | ||
Ingresos financieros |
| 0.3 | - | 0.3 | - | - | - | 0.2 | - | 0.2 | ||
Gastos financieros | 5 | (20.3) | (1.9) | (22.2) | (16.0) | - | (16.0) | (34.3) | - | (34.3) | ||
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Beneficio antes de impuestos |
| 8.0 | (7.1) | 0.9 | 6.4 | 0.4 | 6.8 | 29.2 | 0.5 | 29.7 | ||
Taxation | 6 | (1.5) | 1.2 | (0.3) | (1.0) | (0.1) | (1.1) | (6.6) | (0.1) | (6.7) | ||
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Beneficio del período de operaciones continuadas |
| 6.5 | (5.9) | 0.6 | 5.4 | 0.3 | 5.7 | 22.6 | 0.4 | 23.0 | ||
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(Pérdida)/ganancia del período por operaciones discontinuadas |
| - | - | - | (0.6) | - | (0.6) | (0.3) | 3.5 | 3.2 | ||
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Beneficio del período |
| 6.5 | (5.9) | 0.6 | 4.8 | 0.3 | 5.1 | 22.3 | 3.9 | 26.2 |
Ganancias legales por acción |
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Basic | 7 |
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- from continuing operations |
| 2.8p | (2.6) p | 0.2p | 2.2p | 0.1p | 2.3p | 9.6p | 0.2p | 9.8p | ||
- from discontinued operations |
| - | - | - | (0.2) p | - | (0.2) p | (0.2) p | 1.5p | 1.3p | ||
Total |
| 2.8p | (2.6) p | 0.2p | 2.0p | 0.1p | 2.1p | 9.4p | 1.7p | 11.1p | ||
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Diluido | 7 |
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- from continuing operations |
| 2.8p | (2.6) p | 0.2p | 2.2p | 0.1p | 2.3p | 9.5p | 0.2p | 9.7p | ||
- from discontinued operations |
| - | - | - | (0.2) p | - | (0.2) p | (0.2) p | 1.5p | 1.3p | ||
Total |
| 2.8p | (2.6) p | 0.2p | 2.0p | 0.1p | 2.1p | 9.3p | 1.7p | 11.0p |
Estado de resultados integrales condensado consolidado no auditado
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
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Beneficio del período | 0.6 | 5.1 | 26.2 |
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Otro resultado integral |
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Partidas que se reclasifican o pueden reclasificarse posteriormente a resultados: |
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Porción efectiva de cambios en el valor razonable de las coberturas de flujos de efectivo | 1.7 | (3.0) | (8.7) |
Variación neta del valor razonable de las coberturas de flujos de efectivo reclasificadas a resultados |
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Reconocido en el costo de ventas | (0.1) | (9.3) | (13.7) |
Impuesto a las ganancias sobre elementos que son o pueden ser reclasificados posteriormente a resultados | (0.5) | 3.0 | 5.9 |
Otros ingresos / (gastos) integrales del período, neto de impuestos sobre la renta | 1.1 | (9.3) | (16.5) |
Resultado integral total del período | 1.7 | (4.2) | 9.7 |
Resultado integral total del período atribuible a los propietarios de la controladora |
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- from continuing operations | 1.7 | (3.6) | 6.5 |
- from discontinued operations | - | (0.6) | 3.2 |
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1.7 | (4.2) | 9.7 |
Balance general consolidado condensado no auditado
| 24 diciembre | 25 diciembre | 25 junio 2023 | |
| Note | £ m | £ m | £ m |
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Activos no corrientes |
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Propiedad, planta y equipo. | 10 | 92.5 | 107.9 | 97.4 |
Activos por derecho de uso | 10 | 318.8 | 314.8 | 312.6 |
Activos intangibles | 10 | 536.4 | 534.8 | 536.7 |
Otros activos financieros | - | 0.1 | - | |
Activos por impuestos diferidos | 16.6 | 14.1 | 15.5 | |
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964.3 | 971.7 | 962.2 | ||
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Activos circulantes |
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Los inventarios | 52.1 | 56.5 | 55.8 | |
Otros activos financieros | - | 8.2 | 0.7 | |
Cuentas comerciales y otras cuentas por cobrar | 10.5 | 21.2 | 11.1 | |
Activos por impuestos corrientes | 2.2 | 5.7 | 2.7 | |
Efectivo y equivalentes de efectivo (excluidos los descubiertos bancarios) | 13.7 | 34.4 | 26.7 | |
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78.5 | 126.0 | 97.0 | ||
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los activos totales | 1,042.8 | 1,097.7 | 1,059.2 | |
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Pasivo circulante |
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sobregiro bancario | (3.6) | - | - | |
Acreedores comerciales y otros pasivos | (232.0) | (260.7) | (224.9) | |
Pasivos por arrendamiento | (88.3) | (83.3) | (84.1) | |
Provisiones | 11 | (6.7) | (12.3) | (6.2) |
Otros pasivos financieros | (4.1) | (2.5) | (6.7) | |
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(334.7) | (358.8) | (321.9) | ||
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Pasivos no corrientes |
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Préstamos y empréstitos que devengan intereses | (142.1) | (168.8) | (165.8) | |
Pasivos por arrendamiento | (325.4) | (333.5) | (327.3) | |
Provisiones | 11 | (6.6) | (6.0) | (6.9) |
Otros pasivos financieros | (0.4) | (0.6) | (0.2) | |
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(474.5) | (508.9) | (500.2) | ||
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Pasivos totales | (809.2) | (867.7) | (822.1) | |
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Activos netos | 233.6 | 230.0 | 237.1 | |
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Patrimonio atribuible a los accionistas de la controladora |
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Capital social | 24.1 | 24.1 | 24.1 | |
Compartir premium | 40.4 | 40.4 | 40.4 | |
Reserva de fusión | 18.6 | 18.6 | 18.6 | |
Reserva de amortización de capital | 359.6 | 359.6 | 359.6 | |
Acciones del Tesoro | (10.1) | (6.1) | (10.1) | |
Acciones en poder del fideicomiso de beneficios para empleados | (6.0) | (6.6) | (6.6) | |
Reserva de cobertura de flujo de efectivo | (3.2) | 5.2 | (4.9) | |
Ganancias retenidas | (189.8) | (205.2) | (184.0) | |
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Equidad total | 233.6 | 230.0 | 237.1 | |
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Estado de cambios en el patrimonio neto condensado consolidado no auditado
Compartir capital | Compartir producto de más alta calidad. | Reserva de fusión | Reserva de amortización de capital |
Tesorería | Acciones fiduciarias de beneficios para empleados | Cobertura de flujo de efectivo | retenido ganancias | Total equidad | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |
Saldo al 26 de junio de 2022 | 25.9 | 40.4 | 18.6 | 357.8 | (4.9) | (6.9) | 17.5 | (179.5) | 268.9 |
Beneficio del período | - | - | - | - | - | - | - | 5.1 | 5.1 |
Otros ingresos / (gastos) integrales | - | - | - | - | - | - | (12.3) | 3.0 | (9.3) |
Resultado integral total del período | - | - | - | - | - | - | (12.3) | 8.1 | (4.2) |
Dividendos | - | - | - | - | - | - | - | (8.7) | (8.7) |
Compra de acciones propias | - | - | - | - | (26.9) | - | - | - | (26.9) |
Acciones de fideicomiso de beneficios para empleados emitidas | - | - | - | - | - | 0.3 | - | (0.3) | - |
Liquidación de pagos basados en acciones | - | - | - | - | - | - | - | (0.2) | (0.2) |
Pagos basados en acciones | - | - | - | - | - | - | - | 1.1 | 1.1 |
Acciones compradas para cancelación | (1.8) | - | - | 1.8 | 25.7 | - | - | (25.7) | - |
Saldo al 25 de diciembre de 2022 | 24.1 | 40.4 | 18.6 | 359.6 | (6.1) | (6.6) | 5.2 | (205.2) | 230.0 |
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Saldo al 25 de junio de 2023 | 24.1 | 40.4 | 18.6 | 359.6 | (10.1) | (6.6) | (4.9) | (184.0) | 237.1 |
Beneficio del período | - | - | - | - | - | - | - | 0.6 | 0.6 |
Otros ingresos / (gastos) integrales | - | - | - | - | - | - | 1.7 | (0.6) | 1.1 |
Resultado integral total del período | - | - | - | - | - | - | 1.7 | - | 1.7 |
Dividendos | - | - | - | - | - | - | - | (6.9) | (6.9) |
Acciones de fideicomiso de beneficios para empleados emitidas | - | - | - | - | - | 0.6 | - | (0.6) | - |
Pagos basados en acciones | - | - | - | - | - | - | - | 1.7 | 1.7 |
Saldo al 24 de diciembre de 2023 | 24.1 | 40.4 | 18.6 | 359.6 | (10.1) | (6.0) | (3.2) | (189.8) | 233.6 |
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Estado de flujo de efectivo consolidado condensado no auditado
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
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Beneficio del período | 0.6 | 5.1 | 26.2 |
Ajustes para: |
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Ingreso por gastos de impuesto | 0.3 | 1.2 | 7.1 |
Ingresos financieros | (0.3) | - | (0.2) |
Gastos financieros | 20.3 | 16.1 | 34.3 |
Non-underlying financing costs | 1.9 | - | - |
Depreciación de propiedades, planta y equipo | 11.3 | 10.8 | 22.1 |
Depreciación de activos por derecho de uso | 27.6 | 29.4 | 58.4 |
Amortización de activos intangibles | 6.6 | 5.6 | 11.6 |
Deterioro de activos | - | - | 2.0 |
Ganancia por venta de propiedades, planta y equipo | (0.9) | (0.7) | (0.8) |
(Gain)/loss on disposal of right of use assets | (0.7) | 0.7 | (1.2) |
Liquidación de pagos basados en acciones | - | (0.2) | (0.3) |
Gastos de pago basados en acciones | 1.7 | 1.1 | 1.8 |
Foreign exchange impact on cash flow hedges | - | - | 1.4 |
Disminución de cuentas por cobrar comerciales y otras | 0.6 | 3.1 | 13.2 |
Disminución de inventarios | 3.7 | 7.9 | 8.6 |
Aumento / (disminución) de cuentas comerciales y otras cuentas por pagar | 0.2 | (20.1) | (55.8) |
Aumento / (disminución) de provisiones | 0.2 | (0.8) | (6.0) |
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Efectivo neto de actividades operativas antes de impuestos | 73.1 | 59.2 | 122.4 |
Impuesto pagado | (1.5) | 0.7 | (0.7) |
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Efectivo neto de actividades operativas | 71.6 | 59.9 | 121.7 |
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Actividades de inversión |
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Ingresos por venta de propiedades, planta y equipo | 2.9 | 0.7 | 1.3 |
Interés recibido | 0.3 | - | 0.2 |
Adquisición de propiedades, planta y equipo | (8.3) | (13.0) | (20.4) |
Adquisición de otros activos intangibles | (6.4) | (6.6) | (14.5) |
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Efectivo neto utilizado en actividades de inversión | (11.5) | (18.9) | (33.4) |
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Actividades de financiación |
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Pago interesado | (10.2) | (3.8) | (10.5) |
Intereses pagados sobre pasivos por arrendamiento | (12.4) | (11.8) | (23.5) |
Pago de pasivos por arrendamiento | (31.1) | (35.4) | (61.6) |
(Repayment)/drawdown of borrowings | (23.0) | 75.0 | 72.0 |
Compra de acciones propias | - | (26.9) | (30.9) |
Dividendos ordinarios pagados | - | (8.7) | (12.1) |
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Efectivo neto utilizado en actividades de financiación. | (76.7) | (11.6) | (66.6) |
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(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (16.6) | 29.4 | 21.7 |
Efectivo y equivalentes de efectivo al comienzo del período | 26.7 | 5.0 | 5.0 |
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Efectivo y equivalentes de efectivo (incluidos descubiertos bancarios) al final del período | 10.1 | 34.4 | 26.7 |
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1. Basis of preparation
Estos estados financieros intermedios resumidos consolidados no auditados de DFS Furniture plc ("la Compañía") y sus subsidiarias (en conjunto, "el Grupo") fueron aprobados para su publicación el 19 de marzo de 2024.
Los estados financieros intermedios condensados consolidados han sido preparados de acuerdo con la NIC 34 Información financiera intermedia tal como se adoptó para su uso en el Reino Unido, y comprende los resultados de las 26 semanas que terminaron el 24 de diciembre de 2023, las 26 semanas que terminaron el 25 de diciembre de 2022 y las 52 semanas que terminaron el 25 de junio de 2023.
The condensed consolidated interim financial statements do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed consolidated interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 25 June 2023 which were prepared in accordance with international accounting standards ('UK-adopted IFRS').
The statutory accounts for the 52 weeks ended 25 June 2023 have been reported on by the Company's auditor and delivered to the Registrar of Companies. The auditor's report for those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. The auditor's review report for the 26 weeks ended 24 December 2023 is attached.
Preocupación continua
Los estados financieros intermedios resumidos consolidados se preparan sobre la base de negocio en marcha, lo que los directores creen que es apropiado por las siguientes razones.
The Group has a £200.0m revolving credit facility and £50.0m of senior secured notes. The £200.0m revolving credit facility is held with a syndicate of banks and matures in September 2027, with the option of a 16 month extension. The senior secured notes comprise two tranches: £25.0m maturing in September 2028 and £25.0m maturing in September 2030. At 13 March 2024, £72.0m of the revolving credit facility remained undrawn, and £2.2m of the Group's overdraft facility was utilised.
Covenants applicable to the revolving credit facility are: 3.0x net debt / EBITDA and 1.5x fixed charge cover, and are assessed on a six-monthly basis at June and December.
The Directors have prepared cash flow forecasts for the Group covering a period of at least twelve months from the date of approval of these interim condensed consolidated financial statements (the 'going concern assessment period'), which indicate that the Group will be in compliance with these covenants. These forecasts include a number of assumptions in relation to: market size and the Group's order intake volumes; inflationary impacts on gross margin and other costs; sector-wide manufacturing and supply chain capacities; and achievement of cost savings in line with the Group's strategic plans.
The Directors have also prepared severe but plausible downside sensitivity scenarios which cover the same going concern assessment period as the base case. These scenarios include significantly reduced customer spending, impacts on gross margin and other costs from inflationary cost pressures, and a combination of these scenarios. The Directors have also performed reverse stress-testing analysis to confirm that circumstances resulting in a covenant breach were beyond those considered plausible.
1. Base de preparación (continuado)
As part of this analysis, the Directors have considered mitigating actions within the Group's control which could reduce the impact of these severe but plausible downside scenarios. These mitigating actions include reducing discretionary operating expenditure, a pause on expansionary capital investment, a reduction or pause in dividend payments, and other measures to protect cash balances. These forecast cash flows, considering the ability and intention of the Directors to implement mitigating actions should they need to, indicate that there remains sufficient headroom in the forecast period for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the going concern assessment period.
Los directores han considerado todos los factores señalados anteriormente, incluida la incertidumbre inherente al pronosticar el impacto del entorno económico y político actual, y confían en que el Grupo tiene los recursos adecuados para continuar cumpliendo con todos los pasivos a medida que vencen para el futuro previsible y al menos doce meses a partir de la fecha de aprobación de los presentes estados financieros intermedios resumidos consolidados. En consecuencia, los estados financieros intermedios resumidos consolidados se preparan sobre la base de empresa en funcionamiento.
2. Principal accounting policies
As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the accounting policies adopted in preparing the condensed consolidated interim financial statements are consistent with the policies in the Group's financial statements for the 52 weeks ended 25 June 2023. These are consistent with IFRS, as issued by the International Accounting Standards Board and adopted by the UK Endorsement Board for use in the United Kingdom. There are no new standards, amendments to existing standards or interpretations that are effective for the first time in the period ended 24 December 2023 that have a material impact on the Group's results.
3. Segmental Analysis
The Group's operating segments under IFRS 8 have been determined based on management accounts reports reviewed by the Group Leadership Team. Segment performance is assessed based upon brand contribution. Brand contribution is defined as underlying EBITDA (being earnings before interest, tax, depreciation, amortisation and non-underlying items) excluding property costs and central administration costs.
El Grupo revisa y administra el desempeño de sus operaciones sobre la base de marcas minoristas, y los segmentos reportables identificados y la naturaleza de sus actividades comerciales son los siguientes:
DFS: the retailing of upholstered furniture and related products through DFS branded stores and websites.
Sofology: the retailing of upholstered furniture and related products through Sofology branded stores and website.
Other: the manufacture of upholstered furniture and the supply of contract logistics.
3. Segmental analysis (continuado)
Segment revenue - continuing operations
External gross sales | Ventas internas | Ventas brutas totales | |||||||
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | 26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | 26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | 2023 | 2022 | 2023 | 2023 | 2022 | 2023 | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |
| |||||||||
DFS | 525.6 | 557.2 | 1,125.5 | - | - | - | 525.6 | 557.2 | 1,125.5 |
sofología | 140.6 | 148.4 | 298.1 | - | - | - | 140.6 | 148.4 | 298.1 |
Otros segmentos | - | - | - | 102.0 | 105.6 | 215.6 | 102.0 | 105.6 | 215.6 |
Eliminaciones | - | - | - | (102.0) | (105.6) | (215.6) | (102.0) | (105.6) | (215.6) |
|
|
|
|
| |||||
Ventas brutas | 666.2 | 705.6 | 1,423.6 | - | - | - | 666.2 | 705.6 | 1,423.6 |
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
Ventas brutas totales segmentos | 666.2 | 705.6 | 1,423.6 |
Menos: valor agregado y otros impuestos a las ventas | (105.3) | (112.1) | (226.2) |
Menos: costos de crédito sin intereses y servicios posteriores | (55.8) | (49.0) | (108.5) |
| |||
Ingresos | 505.1 | 544.5 | 1,088.9 |
De los cuales: |
| ||
Venta de muebles | 466.6 | 518.1 | 1,033.3 |
Venta de productos para el cuidado posterior | 38.5 | 26.4 | 55.6 |
| |||
Ingresos | 505.1 | 544.5 | 1,088.9 |
Segment profit - continuing operations
26 semanas hasta el 24 de diciembre de 2023 - operaciones continuas | DFS | sofología | Otro | Eliminaciones | Total |
£ m | £ m | £ m | £ m | £ m | |
|
|
|
|
| |
Ingresos | 397.0 | 108.1 | 102.0 | (102.0) | 505.1 |
El costo de ventas | (190.2) | (49.3) | (27.4) | 44.8 | (222.1) |
|
|
|
|
| |
Beneficio bruto | 206.8 | 58.8 | 74.6 | (57.2) | 283.0 |
Costos de venta y distribución (excluyendo costos de propiedad) | (113.1) | (29.9) | (59.0) | 41.9 | (160.1) |
|
|
|
|
| |
Contribución de marca (beneficio del segmento) | 93.7 | 28.9 | 15.6 | (15.3) | 122.9 |
Costos de propiedad |
|
|
|
| (15.1) |
Gastos administrativos subyacentes |
|
|
|
| (34.3) |
|
|
|
|
| |
EBITDA subyacente |
|
|
|
| 73.5 |
26 semanas hasta el 25 de diciembre de 2022 - operaciones continuas | DFS | sofología | Otro | Eliminaciones | Total |
£ m | £ m | £ m | £ m | £ m | |
Ingresos | 428.4 | 116.1 | 105.6 | (105.6) | 544.5 |
El costo de ventas | (213.7) | (54.8) | (29.7) | 46.6 | (251.6) |
Beneficio bruto | 214.7 | 61.3 | 75.9 | (59.0) | 292.9 |
Costos de venta y distribución (excluyendo costos de propiedad) | (116.3) | (32.7) | (64.2) | 44.0 | (169.2) |
Contribución de marca (beneficio del segmento) | 98.4 | 28.6 | 11.7 | (15.0) | 123.7 |
Costos de propiedad | (18.1) | ||||
Gastos administrativos subyacentes | (37.4) | ||||
EBITDA subyacente | 68.2 | ||||
|
3. Segmental analysis (continuado)
52 semanas hasta el 25 de junio de 2023 - operaciones continuas | DFS | sofología | Otro | Eliminaciones | Total |
£ m | £ m | £ m | £ m | £ m | |
| |||||
Ingresos | 858.5 | 230.4 | 215.6 | (215.6) | 1,088.9 |
El costo de ventas | (424.8) | (106.8) | (61.6) | 96.5 | (496.7) |
Beneficio bruto | 433.7 | 123.6 | 154.0 | (119.1) | 592.2 |
Costos de venta y distribución (excluyendo costos de propiedad) | (229.0) | (64.5) | (129.3) | 88.4 | (334.4) |
Contribución de marca (beneficio del segmento) | 204.7 | 59.1 | 24.7 | (30.7) | 257.8 |
Costos de propiedad | (30.2) | ||||
Gastos administrativos subyacentes | (70.2) | ||||
EBITDA subyacente | 157.4 | ||||
|
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
EBITDA subyacente | 73.5 | 68.2 | 157.4 |
Non-underlying operating profit items | (5.2) | 0.4 | 0.5 |
Depreciación y amortización | (45.5) | (45.8) | (94.1) |
| |||
Beneficio operativo | 22.8 | 22.8 | 63.8 |
Gastos financieros netos | (20.0) | (16.0) | (34.1) |
Gasto financiero no subyacente | (1.9) | - | - |
| |||
Beneficio antes de impuestos | 0.9 | 6.8 | 29.7 |
4. Operating profit - continuing operations
El beneficio operativo del grupo se establece después del cargo/(abono):
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
Depreciación de activos tangibles (incluida la depreciación de activos por derecho de uso) | 38.9 | 40.2 | 80.5 |
Amortización de activos intangibles | 6.6 | 5.6 | 11.6 |
Deficiencias | - | - | 2.0 |
Ganancia neta por disposición de propiedad, planta y equipo | (0.9) | (0.7) | (0.8) |
Net (gain)/loss on disposal of right of use assets | (0.7) | 0.7 | (1.2) |
Costo de inventarios reconocido como gasto | 220.2 | 264.1 | 509.1 |
Amortización de inventarios a valor neto realizable | 0.4 | (1.8) | 2.0 |
Otros costos de ventas | 1.5 | (10.7) | (14.4) |
Liberación de provisiones | (1.8) | - | (0.9) |
Subvenciones del gobierno recibidas (desgravación de tasas comerciales) | - | (0.2) | (0.2) |
Alquileres de arrendamiento operativo | 1.5 | 0.2 | 0.2 |
| |||
Elementos no subyacentes: |
| ||
Costos de reestructuración | 5.7 | - | - |
Liberación de provisión de garantía de arrendamiento | (0.5) | (0.4) | (0.5) |
| |||
5.2 | (0.4) | (0.5) | |
|
Restructuring costs of £5.7m includes redundancy and operational costs associated with the closure of the Group's smallest UK factory. The release of the lease guarantee provision relates to the property provisions detailed in note 11.
5. Finance expense - continuing operations
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
Intereses por pagar sobre la línea de crédito rotativa senior | 6.3 | 4.0 | 10.4 |
Intereses pagaderos sobre notas senior garantizadas | 1.3 | - | - |
comisiones bancarias | 0.3 | 0.3 | 0.4 |
Relájese de descuento en provisiones | 0.1 | - | 0.1 |
Intereses sobre pasivos por arrendamiento | 12.3 | 11.7 | 23.4 |
| |||
Gasto financiero total | 20.3 | 16.0 | 34.3 |
Non-underlying finance costs of £1.9m relate to the refinancing of the Group's borrowing facilities in September 2023. This includes the write off of unamortised underwriting fees associated with the old revolving credit facility and professional fees incurred in relation to the arrangement of the new facilities.
6. Fiscalidad
El cargo fiscal reconocido en los estados financieros intermedios se ha calculado sobre la base de la tasa impositiva efectiva esperada para las 53 semanas hasta el 30 de junio de 2024 del 24.0 % (52 semanas hasta el 25 de junio de 2023: 19.1 %).
7. Ganancia por acción
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
penique | penique | penique | |
| |||
Ganancias / (pérdidas) básicas por acción |
| ||
- from continuing operations | 0.2 | 2.3 | 9.8 |
- from discontinued operations | - | (0.2) | 1.3 |
| |||
Ganancias básicas totales por acción | 0.2 | 2.1 | 11.1 |
| |||
Ganancias / (pérdidas) diluidas por acción |
| ||
- from continuing operations | 0.2 | 2.3 | 9.7 |
- from discontinued operations | - | (0.2) | 1.3 |
| |||
Ganancias por acción diluidas totales | 0.2 | 2.1 | 11.0 |
| |||
| |||
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
Beneficio atribuible a los accionistas de la sociedad dominante |
| ||
- from continuing operations | 0.6 | 5.7 | 23.0 |
- from discontinued operations | - | (0.6) | 3.1 |
| |||
0.6 | 5.1 | 26.1 | |
| |||
| |||
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
No. | No. | No. | |
| |||
Número promedio ponderado de acciones para la utilidad básica por acción | 230,565,203 | 244,862,812 | 235,470,857 |
Efecto dilutivo de los premios de pagos basados en acciones de los empleados | 823,593 | 1,200,789 | 1,783,365 |
|
| ||
Número promedio ponderado de acciones para ganancias por acción diluidas | 231,388,796 | 246,063,601 | 237,254,222 |
|
|
|
7. Ganancia por acción (continuado)
Ganancias por acción subyacentes
Las ganancias por acción básicas subyacentes y las ganancias por acción diluidas subyacentes se calculan dividiendo la ganancia del período atribuible a los accionistas ordinarios de la empresa matriz, ajustada para excluir el efecto de los elementos no subyacentes, entre el mismo número promedio ponderado de acciones ordinarias. acciones anteriores utilizadas para las ganancias por acción básicas y diluidas, respectivamente.
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
Operaciones continuas |
| ||
Beneficio atribuible a los accionistas de la sociedad dominante | 0.6 | 5.7 | 23.0 |
Non-underlying items loss/(profit) after tax | 5.9 | (0.3) | (0.4) |
| |||
Beneficio ordinario atribuido a los accionistas de la sociedad dominante | 6.5 | 5.4 | 22.6 |
| |||
Operaciones discontinuadas |
| ||
Beneficio atribuible a los accionistas de la sociedad dominante | - | (0.6) | 3.1 |
Non-underlying items loss/(profit) after tax | - | - | (3.5) |
| |||
Beneficio ordinario atribuido a los accionistas de la sociedad dominante | - | (0.6) | (0.4) |
| |||
| |||
26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
2023 | 2022 | 2023 | |
penique | penique | penique | |
| |||
Utilidad básica subyacente por acción |
| ||
- from continuing operations | 2.8 | 2.2 | 9.6 |
- from discontinued operations | - | (0.2) | (0.2) |
| |||
Ganancias por acción básicas subyacentes totales | 2.8 | 2.0 | 9.4 |
| |||
Utilidad por acción diluida subyacente |
| ||
- from continuing operations | 2.8 | 2.2 | 9.5 |
- from discontinued operations | - | (0.2) | (0.2) |
| |||
Ganancias por acción diluidas subyacentes totales | 2.8 | 2.0 | 9.3 |
8. Dividendos
Peniques por acción ordinaria |
| 26 semanas para 24 diciembre | 26 semanas para 25 diciembre | 52 semanas para 25 junio | |
| 2023 | 2022 | 2023 | ||
| £ m | £ m | £ m | ||
|
|
| |||
Dividendo ordinario complementario del ejercicio 22 | 3.7p | - | 8.7 | 8.7 | |
Dividendo ordinario a cuenta del ejercicio 23 | 1.5p | - | - | 3.5 | |
Dividendo ordinario complementario del ejercicio 23 | 3.0p | 6.9 | - | - | |
| |||||
6.9 | 8.7 | 12.2 | |||
|
|
|
The directors have declared an interim dividend for the period ending 30 June 2024 of 1.1p per ordinary share to be paid on 30 May 2024. DFS Furniture plc shares will trade ex-dividend from 18 April 2024 and the record date will be 19 April 2024.
9. Financial instruments
Todos los derivados se clasifican como Nivel 2 según los requisitos de la NIIF 7, ya que se valoran utilizando técnicas basadas significativamente en los datos de mercado observados.
Los Administradores consideran que los valores razonables de cada categoría de los instrumentos financieros del Grupo son iguales a sus valores contables en el balance del Grupo.
10. Capital expenditure
Planta de la propiedad | Derecho de uso | Intangible | |
Y equipamiento | activo | activos | |
£ m | £ m | £ m | |
|
|
| |
Valor neto contable a 25 de junio de 2023 | 97.4 | 312.6 | 536.7 |
Adiciones | 8.3 | 20.7 | 6.4 |
Remediciones | - | 13.5 | - |
Disposiciones | (1.9) | (0.4) | (0.1) |
Depreciación, amortización y deterioro | (11.3) | (27.6) | (6.6) |
Valor neto contable a 24 de diciembre de 2023 | 92.5 | 318.8 | 536.4 |
Planta de la propiedad | Derecho de uso | Intangible | |
Y equipamiento | activo | activos | |
£ m | £ m | £ m | |
|
|
| |
Valor neto contable a 26 de junio de 2022 | 105.9 | 338.0 | 533.8 |
Adiciones | 13.0 | 9.2 | 6.6 |
Remediciones | - | (1.7) | - |
Disposiciones | (0.2) | (1.3) | - |
Depreciación, amortización y deterioro | (10.8) | (29.4) | (5.6) |
Valor neto contable a 25 de diciembre de 2022 | 107.9 | 314.8 | 534.8 |
11. Disposiciones
| Garantía | Propiedades | Otro provisiones | Total |
| £ m | £ m | £ m | £ m |
|
|
|
|
|
Saldo al 25 de junio de 2023 | 7.5 | 4.6 | 1.0 | 13.1 |
Provisiones realizadas durante el período | 1.2 | 0.4 | 3.6 | 5.2 |
Provisiones utilizadas durante el período | - | (0.1) | (3.1) | (3.2) |
Lanzado durante el período | (1.4) | (0.4) | - | (1.8) |
|
|
|
| |
Saldo al 24 de diciembre de 2023 | 7.3 | 4.5 | 1.5 | 13.3 |
|
|
|
| |
Current | 5.0 | 0.5 | 1.2 | 6.7 |
No corriente | 2.3 | 4.0 | 0.3 | 6.6 |
|
|
|
| |
7.3 | 4.5 | 1.5 | 13.3 | |
| Garantía | Propiedades | Otro provisiones | Total |
| £ m | £ m | £ m | £ m |
|
|
|
|
|
Saldo al 26 de junio de 2022 | 8.7 | 4.0 | 6.4 | 19.1 |
Provisiones realizadas durante el período | 5.2 | 1.2 | - | 6.4 |
Provisiones utilizadas durante el período | (5.1) | (0.1) | (1.6) | (6.8) |
Lanzado durante el período | - | (0.4) | - | (0.4) |
Saldo al 25 de diciembre de 2022 | 8.8 | 4.7 | 4.8 | 18.3 |
Current | 6.2 | 1.7 | 4.4 | 12.3 |
No corriente | 2.6 | 3.0 | 0.4 | 6.0 |
8.8 | 4.7 | 4.8 | 18.3 | |
El Grupo ofrece una garantía a largo plazo sobre sus productos de tapicería y de acuerdo con la normativa contable se mantiene una provisión por el coste futuro esperado del cumplimiento de estas garantías sobre los productos que han sido entregados antes de la fecha de cierre. Al calcular esta provisión, las áreas clave de estimación son el número de reclamos futuros, el costo promedio por reclamo y el período esperado durante el cual surgirán los reclamos (casi todos los reclamos surgen dentro de los dos años posteriores a la entrega).
Las provisiones de propiedad se relacionan con las obligaciones potenciales bajo las garantías de arrendamiento ofrecidas a las antiguas subsidiarias, la mayoría de las cuales vencen en 2025, y los costos por desgaste de las propiedades del Grupo en función de los vencimientos y renovaciones de arrendamiento anticipados, que se utilizarán predominantemente más de cinco años desde el fecha de reporte.
Other provisions relate to payment of refunds to customers for payment protection insurance policies and other regulatory costs, costs associated with the Group's exit from the Netherlands and Spain and costs associated with the closure of the Group's smallest factory and woodmill.
12. Net debt
| 25 de junio de 2023 | Flujo de fondos | Otros no monetarios | 24 de diciembre 2023 |
| £ m | £ m | £ m | £ m |
|
|
|
|
|
Efectivo en mano, en el banco | 26.7 | (13.0) | - | 13.7 |
sobregiro bancario | - | (3.6) | - | (3.6) |
|
|
| ||
Efectivo y equivalentes de efectivo | 26.7 | (16.6) | - | 10.1 |
Facilidad de crédito revolvente sénior | (165.8) | 23.0 | 50.7 | (92.1) |
Notas garantizadas senior | - | - | (50.0) | (50.0) |
Pasivos por arrendamiento | (411.4) | 31.1 | (33.4) | (413.7) |
|
|
| ||
Deuda neta total | (550.5) | 37.5 | (32.7) | (545.7) |
| 26 de junio de 2022 | Flujo de fondos | Otros cambios no monetarios | 25 de diciembre 2022 | |
| £ m | £ m | £ m | £ m | |
| |||||
Efectivo en mano, en el banco |
| 17.3 | 17.1 | - | 34.4 |
sobregiro bancario |
| (12.3) | 12.3 | - | - |
| |||||
Efectivo y equivalentes de efectivo |
| 5.0 | 29.4 | - | 34.4 |
Facilidad de crédito revolvente sénior |
| (93.5) | (75.0) | (0.3) | (168.8) |
Pasivos por arrendamiento |
| (445.4) | 35.4 | (6.8) | (416.8) |
| |||||
Deuda neta total |
| (533.9) | (10.2) | (7.1) | (551.2) |
13. Medidas alternativas de desempeño
Al informar sobre el rendimiento financiero del Grupo, los Directores hacen uso de una serie de medidas de rendimiento alternativas ("APM") además de las definidas o especificadas en las Normas Internacionales de Información Financiera ("NIIF") adoptadas en el Reino Unido.
The Directors consider that these APMs provide useful additional information to support understanding of underlying trends and business performance. In particular, APMs enhance the comparability of information between reporting periods by adjusting for non-underlying items. APMs are therefore used by the Group's Directors and management for internal performance analysis, planning and incentive setting purposes in addition to external communication of the Group's financial results.
A fin de facilitar la comprensión de las APM utilizadas por el Grupo, y su relación con las medidas IFRS reportadas, las definiciones y conciliaciones numéricas se establecen a continuación.
Las definiciones de APM pueden variar de un negocio a otro y, en consecuencia, las APM del Grupo pueden no ser directamente comparables con APM similares reportadas por otras entidades.
Glosario y definiciones de APM
APM | Definición | Razón fundamental |
Ventas brutas | Amounts payable by external customers for goods and services supplied by the Group, including the cost of interest free credit and aftercare services (for which the Group acts as an agent), delivery charges and value added and other sales taxes. | Medida clave del rendimiento general de las ventas que, a diferencia de las NIIF, los ingresos no se ven afectados por la medida en que los clientes aceptan la oferta de crédito sin intereses del Grupo. |
Contribución de la marca | Utilidad bruta menos los costos de venta y distribución, excluyendo los costos de propiedad y administración. | Medida de la ganancia controlable por la marca, ya que excluye los costos compartidos del Grupo. |
EBITDA ajustado | Earnings before interest, taxation, depreciation and amortisation adjusted to exclude impairments. | Una medida de beneficio de uso común. |
Elementos no subyacentes | Elementos que son de tamaño material, inusuales o de naturaleza no recurrente que los directores creen que no son indicativos del desempeño subyacente del Grupo. | La identificación clara y separada de dichos elementos facilita la comprensión del rendimiento comercial subyacente. |
EBITDA subyacente | Earnings before interest, taxation, depreciation and amortisation from continuing operations, adjusted to exclude impairments and non-underlying items. | Medida de beneficio que refleja el rendimiento comercial subyacente. |
13. Medidas de desempeño alternativas (continuado)
Utilidad subyacente antes de impuestos y amortización de marca PBT(A) | Utilidad antes de impuestos de operaciones continuas ajustada por elementos no subyacentes y amortización asociada con las marcas adquiridas de Sofology y Dwell.
| Medida de beneficio ampliamente utilizada por inversores y analistas. |
Ganancias por acción subyacentes | Ganancias por acción después de impuestos de operaciones continuas ajustadas por elementos no subyacentes. | La exclusión de elementos no subyacentes facilita las comparaciones año tras año de la medida clave del inversionista de las ganancias por acción. |
Deuda bancaria neta | Saldo dispuesto de préstamos que devengan intereses, más los costes de emisión pendientes de amortizar, menos el efectivo y sus equivalentes (incluidos los descubiertos bancarios). | Medida del endeudamiento de efectivo del Grupo que respalda la evaluación de la liquidez disponible y la generación de flujo de efectivo en el período del informe. |
EBITDA en efectivo | Efectivo neto de las actividades de operación antes de impuestos, menos movimientos de capital de trabajo y provisiones, saldos y pagos realizados por obligaciones de arrendamiento, adicionando partidas no subyacentes antes de impuestos. | Medida de la generación de efectivo operativo no subyacente del negocio, normalizada para reflejar las diferencias temporales en los movimientos del capital de trabajo. |
Underlying free cash flow to equity holders | The change in net bank debt for the period after adding back dividends, acquisition related consideration, shared based transactions and non-underlying cash flows. | Measure of the underlying cash return generated for shareholders in the period and a key financial target for Executive Director remuneration. |
Apalancamiento (apalancamiento) | La relación entre la deuda bancaria neta al final del período y el EBITDA en efectivo de los doce meses anteriores. | Medida clave que indica el nivel relativo de endeudamiento a la generación de caja operativa, ampliamente utilizada por inversores y analistas. |
Rendimiento subyacente del capital empleado (ROCE subyacente) | Utilidad operativa subyacente después de impuestos de actividades continuas, expresada como un porcentaje de la suma de: propiedad, planta y equipo, software de computadora, activos por derecho de uso y capital de trabajo. | Representa la rentabilidad después de impuestos que obtiene el Grupo por la inversión que ha realizado en su negocio. |
ULM Dic-22 | Últimos doce meses/52 semanas finalizados el 25 de diciembre de 2022 (período pro forma no auditado). | Ciertos KPI (por ejemplo, el apalancamiento) solo son significativos cuando se evalúan sobre la base de un año completo. |
ULM Dic-23 | Últimos doce meses/52 semanas finalizados el 24 de diciembre de 2023 (período pro forma no auditado). | Ciertos KPI (por ejemplo, el apalancamiento) solo son significativos cuando se evalúan sobre la base de un año completo. |
13. Medidas de desempeño alternativas (continuado)
Conciliaciones a medidas IFRS
anual |
| 1S del año fiscal 24 | 1S del año fiscal 23 | FY23 | |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
Beneficio operativo de operaciones continuas | 22.8 | 22.8 | 63.8 | ||
Depreciación | 38.9 | 40.2 | 80.5 | ||
Amortización | 6.6 | 5.6 | 11.6 | ||
Deficiencias | - | - | 2.0 | ||
EBITDA de operaciones continuas | 68.3 | 68.6 | 157.9 |
EBITDA subyacente |
| 1S del año fiscal 24 | 1S del año fiscal 23 | FY23 | |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
EBITDA de operaciones continuas | 68.3 | 68.6 | 157.9 | ||
Elementos operativos no subyacentes | 5.2 | (0.4) | (0.5) | ||
EBITDA subyacente de operaciones continuas | 73.5 | 68.2 | 157.4 |
Beneficio subyacente antes de impuestos y amortización de marca - PBT(A) |
| 1S del año fiscal 24 | 1S del año fiscal 23 | FY23 | |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
Beneficio antes de impuestos de operaciones continuadas | 0.9 | 6.8 | 29.7 | ||
Elementos no subyacentes | 7.1 | (0.4) | (0.5) | ||
Amortización de marcas | 0.7 | 0.7 | 1.4 | ||
Beneficio subyacente antes de impuestos y amortización de marca | 8.7 | 7.1 | 30.6 |
Deuda bancaria neta |
|
| 1S del año fiscal 24 | 1S del año fiscal 23 | FY23 |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
Préstamos y empréstitos que devengan intereses | 142.1 | 168.8 | 165.8 | ||
Costos de emisión no amortizados | 1.9 | 1.2 | 1.2 | ||
Efectivo y equivalentes de efectivo (incluidos sobregiros bancarios) | (10.1) | (34.4) | (26.7) | ||
Deuda bancaria neta | 133.9 | 135.6 | 140.3 |
Movimiento de la deuda bancaria neta |
|
| 1S del año fiscal 24 | 1S del año fiscal 23 | FY23 |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
Deuda bancaria neta de cierre | (133.9) | (135.6) | (140.3) | ||
Menos: Deuda bancaria neta inicial | 140.3 | 90.0 | 90.0 | ||
Movimiento de la deuda bancaria neta | 6.4 | (45.6) | (50.3) |
13. Medidas de desempeño alternativas (continuado)
Underlying free cash flow to equity holders |
| ULM Dic-23 | ULM Dic-22 | FY23 |
|
| £ m | £ m | £ m |
Movimiento de la deuda bancaria neta | 6.4 | (45.6) | (50.3) | |
Dividendos | - | 8.7 | 12.1 | |
Compra de acciones propias | - | 26.9 | 30.9 | |
Non-underlying cash items included in cash flow statement | 4.2 | - | 0.3 | |
Underlying free cash flow to equity holders | 10.6 | (10.0) | (7.0) | |
Excluir: | ||||
Salida de capital de trabajo | (4.7) | 9.9 | 40.0 | |
Operating result from discontinued operations | - | 0.4 | (3.6) | |
Underlying free cash flow to equity holders excluding operating result from discontinued operations and working capital outflow |
|
|
|
|
Apalancamiento |
| ULM Dic-23 | ULM Dic-22 | FY23 |
|
| £ m | £ m | £ m |
|
|
|
| |
Deuda bancaria neta (A) | 133.9 | 135.6 | 140.3 | |
Efectivo neto de actividades operativas antes de impuestos | 136.3 | 140.4 | 121.7 | |
Agregar nuevamente: | ||||
Elementos no subyacentes antes de impuestos | 3.2 | 11.5 | (4.3) | |
Menos: |
| |||
Movimiento de cuentas por cobrar comerciales y otras | (10.7) | 7.9 | (13.2) | |
Movimiento de inventarios | (4.4) | (7.0) | (8.6) | |
Movimiento de cuentas comerciales y otras cuentas por pagar | 35.5 | 19.5 | 55.8 | |
Movimiento de provisiones | 5.0 | (2.7) | 6.0 | |
Pago de pasivos por arrendamiento | (57.3) | (63.3) | (23.5) | |
Pago de intereses sobre arrendamientos | (24.1) | (24.3) | (61.6) | |
EBITDA en efectivo (B) | 83.5 | 82.0 | 72.3 | |
Apalancamiento (A/B) |
| 1.6x | 1.7x | 1.9x |
Rentabilidad subyacente del capital empleado de operaciones continuas |
| ULM Dic-23 | ULM Dic-22 | FY23 |
|
| £ m | £ m | £ m |
|
|
|
| |
Beneficio operativo de operaciones continuas | 63.8 | 73.2 | 63.8 | |
Elementos operativos no subyacentes | 5.1 | 0.2 | (0.5) | |
declaración antes de impuestos | 68.9 | 73.4 | 63.3 | |
Tasa efectiva de impuestos |
| 23.1% | 19.1% | 22.6% |
Declaración ajustada de impuestos (A) | 53.0 | 59.4 | 49.0 | |
Propiedad, planta y equipo. | 92.5 | 107.9 | 97.4 | |
Activos de ROU | 318.8 | 314.8 | 312.6 | |
Software de ordenador | 22.4 | 19.4 | 22.0 | |
433.7 | 442.1 | 432.0 | ||
Los inventarios | 52.1 | 56.5 | 55.8 | |
Cuentas por cobrar comerciales | 5.6 | 9.7 | 7.7 | |
Prepagos | 4.4 | 11.2 | 3.0 | |
Ingresos acumulados | 0.2 | 0.3 | 0.1 | |
Otros ingresos | 0.3 | - | 0.3 | |
Pagos recibidos a cuenta | (28.4) | (49.5) | (39.1) | |
Comercio a pagar | (109.4) | (110.8) | (97.6) | |
Capital de trabajo | (75.2) | (82.6) | (69.8) | |
Capital total empleado (B) | 358.5 | 359.5 | 362.2 | |
ROCE subyacente de operaciones continuas (A/B) |
| 14.8% | 16.5% | 13.5% |
Este informe intermedio, el texto completo del anuncio de Bolsa y la presentación de resultados se pueden encontrar en la página web de la Compañía en www.dfscorporate.co.uk
This interim report contains statements that constitute forward-looking statements relating to the business, financial performance and results of the Company and the industry in which the Company operates. These statements may be identified by words such as "may", "will", "shall", "anticipate", "believe", "intend", "project", "goal", "expectation", "belief", "estimate", "plan", "target", or "forecast" and similar expressions for the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their context. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. All statements regarding the future are subject to inherent risks and uncertainties and various factors that would cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this interim report or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future. The forward-looking statements in this interim report speak only as at the date of this interim report and the Company expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations in regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this interim report or to update or to keep current any other information contained in this interim report or to provide any additional information in relation to such forward-looking statements. Undue reliance should not therefore be placed on such forward-looking statements.
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