Resultados finales
17 de abril de 2024
Grupo INSPECS plc
("INSPECS", the "Company" or the "Group")
Resultados finales
INSPECS Group plc, a leading designer, manufacturer, and distributor of eyewear (sunglasses, optical frames, lenses and low vision products) today announces its final results for the year ended 31 December 2023.
Aspectos financieros más destacados
· Ingresos del grupo de £203.3 millones (2022: £201.0 millones)
· Group revenue on a constant exchange rate basis1 de £ 200.7 millones (2022: £ 201.0 millones)
· El beneficio bruto aumentó un 4.7 % hasta los 103.5 millones de libras esterlinas (2022: 98.9 millones de libras esterlinas)
· EBITDA subyacente ajustado1 hasta un 16.1 % hasta los 18.0 millones de libras esterlinas (2022: 15.5 millones de libras esterlinas)
· Profit before tax of £0.2m (2022: loss before tax £7.7m)
· Net debt excluding leasing reduced by £3.4m to £24.2m (2022: £27.6m)
· Cash flows from operating activities up £7.0m to £16.9m (2022: £9.9m)
Operational Highlights and Current Trading
· New 8,000sqm manufacturing facility completed and preparing for initial production later in the year
· Launch of leading brand into major global retailer delivered in 2023, with a store roll out in April 2024
· O'Neill and our sustainable proprietary-brand Botaniq secured for increased distribution into global travel retail markets
· The new team in Norville delivered significant operational improvement in 2023 and we are now focused on increasing the customer base
· Eschenbach Optik will be launching new low vision aids in H2 2024
· Gaming eyewear launching in May 2024, with direct-to-consumer sales
· Our operational efficiency drive is delivering results, with further work in progress on the amalgamation of our US operations and global supply chain
· Innovative water-soluble bag designed in 2023 launching in H1 2024
· Significant new distribution into two major US chains secured for H2 2024
· New acquisition in Norway, A-Optikk AS, trading in line with expectations
· After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging. Current momentum in the business supports delivery of market expectations for 2024
1. Constant exchange rates and Adjusted Underlying EBITDA are non-statutory measures. Please refer to note 4 for details.
Richard Peck, director ejecutivo de INSPECS Group plc, comentó:
"The Group delivered record sales in 2023 with an increased number of frames sold, despite a slower than expected end to the year. The progress that we have made in 2023 is now delivering increased distribution of our brands to both key accounts and our independent markets. Whilst consumer markets in Europe remain subdued, our businesses are continuing to perform well.
"Our Frames and Optics division delivered solid growth of £5.4m in revenue and a significant increase in operational performance despite the loss of sales to Grand Vision following its acquisition by Essilor Luxottica. This, and an adjustment in buying patterns by our major global retailers in 2023 caused by the effect of COVID, particularly affected our manufacturing business in Asia. The construction of our new, state-of-the-art 8,000sqm manufacturing facility in Vietnam has been delivered on time and on budget, and the manufacturing division is now poised for further growth in the second half of 2024. Norville, our lens manufacturing business, continues to show month on month growth with significant new independent accounts and a new key account in place for 2024.
"Our Group operates in a resilient and growing market, and we continue to refine our business model and our strategy to deliver sustained and profitable growth. After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging. Current momentum in the business supports delivery of market expectations for 2024 y I am confident that the Group is well positioned for continued success. We are excited about our future and look forward to sharing more achievements in the coming year."
Para más información, póngase en contacto con:
Grupo INSPECS plc Richard Peck (CEO) Chris Kay (director financiero)
| a través de FTI Consulting Tel: + 44 (0) 20 3727 1000 |
Peel Hunt (Asesor designado y Broker) Jorge Sellar Andrew Clark Lalit Bosé
| Tel: + 44 (0) 20 7418 8900 |
FTI Consulting (relaciones públicas financieras) Alex Beagley harriet jackson amy dorado
| Tel: + 44 (0) 20 3727 1000 |
Acerca de INSPECS Group plc
INSPECS es un proveedor líder de soluciones de gafas para el mercado mundial de gafas. El Grupo produce una amplia gama de monturas de gafas, lentes y ayudas para la baja visión, que abarcan óptica, gafas de sol y seguridad, que son "de marca" (bajo licencia o bajo marcas propias del Grupo) o "OEM" (sin marca o etiqueta privada). en nombre de clientes minoristas).
INSPECS is building a global eyewear business through its vertically integrated business model. Its continued growth is underpinned by six core pillars: increasing the penetration of its own-brand portfolio, increasing distribution, growing its travel retail markets, maximising group synergies, expanding its manufacturing capacity and scaling the research and development department as it develops new and innovative eyewear products.
El Grupo tiene operaciones en todo el mundo: con oficinas y filiales en el Reino Unido, Alemania, Portugal, Escandinavia, Estados Unidos y China (incluidos Hong Kong, Macao y Shenzhen), e instalaciones de fabricación en Vietnam, China, el Reino Unido e Italia.
Los clientes de INSPECS son minoristas ópticos y no ópticos globales, distribuidores globales y ópticos independientes. Su red de distribución cubre más de 80 países y llega aproximadamente a 75,000 puntos de venta.
Más información está disponible en: https://INSPECS.com
DECLARACIÓN DEL PRESIDENTE
There is no doubt that 2023 was a challenging year for the Group, which included a slowdown of sales in December. However, our commitment to excellence in operations, sustainability and social responsibility has been unwavering, driving us forward towards success.
I am pleased that the construction of our state-of-the-art factory in Vietnam is on time and budget, which brings a significant opportunity to scale up the Group's manufacturing capability and allows us to develop further operational efficiencies within our supply chain, a testament to our commitment to innovation and sustainability. This facility not only enhances our operational efficiencies but also underscores our responsibility towards environmental stewardship through the integration of renewable technology.
Our teams have demonstrated remarkable resilience and ingenuity through the year, despite facing subdued retail demand in Europe, the loss of customers due to competitor acquisitions and undergoing transitions within our business. Whilst our revenue was only slightly ahead of 2022, I am proud that we have achieved a commendable 16% increase in Adjusted Underlying EBITDA and a 170-basis point increase in our gross profit margin through enhanced operational efficiencies; a testament to the collective dedication and hard work of our employees.
Moreover, our commitment to making a positive impact extends beyond the confines of our factory walls. Initiatives such as gifting essential PPE to hospitals in conflict ridden zones and ensuring access to clean drinking water for communities in which we operate highlight our dedication to global welfare and sustainability.
Through 2024, our focus remains on continuing to enhance operational effectiveness while driving revenue growth through synergistic collaborations. By fostering a cohesive organisational culture and streamlining our supply chain, we aim to unlock additional efficiencies and cost savings.
Our global presence and commitment to product excellence have been instrumental in driving our achievements. We have successfully expanded into new territories and launched innovative solutions, while upholding our environmental, social and governance responsibilities.
I am confident that we are well-positioned for continued success. By remaining focused on our strategic goals, operational efficiency, innovation, and customer satisfaction, we will drive sustainable growth and deliver long-term value to our shareholders.
I extend my gratitude to our employees, customers, partners, and shareholders for their continued support. Together, we will continue to make significant strides towards a brighter future for our Company and the communities and stakeholders we serve.
petirrojo totterman
Presidente Ejecutivo
RESEÑA DEL JEFE EJECUTIVO
Having now completed my first full year as CEO I am proud to reflect on the achievements of the past year; improved Adjusted Underlying EBITDA and reduced costs, positive progress at Norville and a focus on innovation. While our performance has not met expectations, due to a slow-down in sales at the end of the year, we have continued to focus on enhancing operational performance and group opportunities, steering our strategy in the right direction.
GLOBAL PRESENCE AND PRODUCT EXCELLENCE
We are a global company, distributing to over 80 countries and producing high performing, award winning products to exceed our customers' expectations. Despite challenges faced in 2023, our dedicated teams have pursued opportunities, delivered synergies and profit optimisation initiatives to ensure the business operates efficiently and continues to deliver high performing products.
ESTRATEGIA
The Board has set out its strategy for the future to ensure we maximise opportunities and drive pace throughout the Group. With the addition of our Vietnam manufacturing site, new products, innovative hinge solutions, progression with digital visual aids and gaming eyewear we remain relevant, on trend and continue to evaluate new opportunities to drive growth.
Given the external challenges across the globe such as inflationary cost increases and subdued consumer confidence as the cost of living rose, I am encouraged by all that we have achieved. We have continued to reduce our net debt, despite the construction of our new Vietnam factory, and we successfully delivered operational efficiencies, leading to an increased Adjusted Underlying EBITDA margin of 8.9% and a reduced loss after tax of £1.0m.
GROUP PERFORMANCE
FRAMES AND OPTICS
Our Frames and Optics segment revenue grew by £5.4m in the year despite a reduction in sales to Grand Vision retail stores around the globe, following its acquisition by Essilor Luxottica, and subdued European retail demand.
The US market remained stable in 2023. Our strategy of introducing more Group brands into the US market has gained momentum, particularly O'Neill and Radley. We have moved forward with our plans to integrate Inspecs USA with Tura to streamline operations and maximise our potential sales opportunities. In the UK, Inspecs Ltd continues to focus on its existing chain business and looks to deliver further growth in the travel retail sector.
At Eschenbach, TITANFLEX has been designed and manufactured since 1988 with a focus on men's and children's collections. In 2023 the long awaited first women's collection was launched and a new revolutionary patented hinge which allows improved and sustained performance over the lifetime of the product. Eschenbach has continued its success from previous years by winning two Red Dot product design awards for Humphreys and the Mini eyewear collections which is a fantastic accolade for all involved.
Our Low Vision business, based in Europe and the US, has had a strong performance in 2023, delivering double digit growth of 12%. It has continued to invest in new technological advances in the low vision field, including a new digital magnifying aid. Our low vision aids provide poorly sighted people with the opportunity to enhance their ability to read and work, despite failing eyesight.
LENTES
I am pleased to report that our Lenses segment increased revenue by 18% and reduced its operating losses by £2.0m in the year to £(2.0)m.
Norville has seen significant change over the last year. We have a new leadership team who have successfully focused on speed and quality. Promoting the 'Made in Britain' mark is key to the 2024 strategy and will add value within the independent channels along with the key chain accounts. Norville management also contributed significant engineering and technical help to the Group in 2023, including design and development of our smart eyewear range and specialist optical products for associated businesses, such as the dental market. Our Group and customers can now benefit from our efficient UK manufacturing site, and I look forward to further opportunities and growth in 2024.
FABRICACIÓN INDUSTRIAL
Our Manufacturing (formally Wholesale) segment had a disappointing performance in December 2023 which led to an overall reduction in revenue of £3.7m. This was due to lost sales following the Grand Vision/Essilor Luxottica merger and the change in purchasing cycles following the pandemic. We expect through the hard work of management in 2023 that the Manufacturing division will have a stronger performance in 2024 and current indications show good progress.
I am pleased to say that the construction of our new facility in Vietnam is completed and we are now preparing for initial production later in the year. I would like to thank all of the team involved in the project that have delivered a world class manufacturing facility on time and budget. We are seeing significant interest from the optical industry as a result of the increased capacity and efficiency of manufacturing in Vietnam.
In February 2024 the Mido show took place in Milan. With over 40,000 attendees, it is a fantastic show for the Group to be part of. I am pleased to report that Killine received the Award for Certified Sustainable Eyewear with their 'Natura' products in the 'Frames - Rest of the World' category. Congratulations to the entire team for their dedication and hard work in developing this industry leading product.
OPPORTUNITIES AND DEVELOPMENT
The Board will continue to assess acquisition targets that will complement the Group's existing portfolio and further enhance its proposition to the market. On 22 January 2024, the Group acquired A-Optikk AS in Norway and, combining this with Eschenbach and Inspecs Scandinavia, will increase our operations in the Nordic region.
Operating in a resilient market, we are confident that our business model and strategy will enable us to capitalise on growth opportunities. The push for proprietary brand products made in Vietnam and customers looking for new suppliers following consolidation of competitors, all plays to our strengths. Our global teams continue to work hard on synergising, from product design to manufacturing and ultimately distribution.
CENTRO DE
Our focus on innovative research and development across the Group continues to evolve our business. We have focused on advancements in frames, lenses, hinges, visual aids and developing more sustainable solutions along with providing expertise to leading global technology firms.
AMBIENTAL, SOCIAL Y GOBIERNO
Our commitment to Environmental, Social, and Governance responsibilities is evident in our evolving ESG Roadmap. Our core vision of 'Always looking forward' is to build a better future, focusing on sustainability, community engagement, and employee wellbeing. Our Task Force on Climate-Related Financial Disclosures ("TCFD") analysis guides us in understanding and addressing our carbon footprint.
PANORAMA
I am pleased with the performance of the business to date and, with the opportunities that are in place for 2024, this gives me confidence in the Group achieving market expectations for 2024. As we look to the future, our focus remains on our six strategic pillars. I am confident that we are well positioned for the continued success of the Group. We are excited about the future and look forward to sharing more achievements in the coming year.
ricardo peck
Director General
RESEÑA DEL DIRECTOR FINANCIERO JEFE
Group sales for the year of £203.3m was an increase of 1% on previous year's sales of £201.0m. Our continuing work to reduce non-operational costs, without affecting the ability of the Group to drive forward in the future, has led to a 16% increase in Adjusted Underlying EBITDA.
On a constant currency basis* our sales of £200.7m were broadly flat on previous years' sales of £201.0m.
Reported profit before tax of £0.2m (FY22: loss before tax £7.7m) is after incurring non-underlying costs of £0.1m (FY22: £1.5m), exchange adjustments on borrowings of £1.3m (FY22: £(2.0)m) and net finance costs of £3.9m (FY22: £3.0m).
A partir del 1 de enero de 2023, la moneda de presentación de informes del Grupo se cambió de USD a GBP para permitir una mayor transparencia para los inversores y otras partes interesadas. En consecuencia, la información comparativa también se reexpresa en libras esterlinas.
*Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.
RENDIMIENTO FINANCIERO
FY23 000 £ | FY22 000 £ | |
Ingresos | 203,292 | 200,957 |
Beneficio bruto | 103,547 | 98,860 |
Gastos operativos subyacentes | (85,508) | (83,335) |
EBITDA subyacente ajustado | 18,039 | 15,525 |
Pagos basados en acciones | (972) | (1,398) |
depreciación y amortización | (13,039) | (13,637) |
Earnout on acquisitions | (1,140) | (1,544) |
Ajuste del precio de compra | - | (132) |
Operating profit/(loss) before non-underlying costs | 2,888 | (1,186) |
Reconciliation to reported results |
| |
Operating profit/(loss) before non-underlying costs | 2,888 | (1,186) |
Costos no subyacentes | (58) | (1,466) |
Ajustes cambiarios sobre préstamos | 1,312 | (2,044) |
Share of (loss)/profit of associate and joint venture | (12) | 19 |
Costos financieros netos | (3,915) | (2,987) |
Beneficio / (pérdida) antes de impuestos | 215 | (7,664) |
Impuesto (cargo) / crédito | (1,212) | 1,345 |
Pérdida después de impuestos | (997) | (6,319) |
INGRESOS
Total revenue for the year was £203.3m, increasing by 1% from £201.0m in 2022. On a constant currency basis, revenue remained broadly flat, from £201.0m in 2022 to £200.7m in 2023.
MARGEN BRUTO
The Group's gross profit margin overall was 50.9% compared to 49.2% in 2022, an increase of 170 basis points. The Group has been able to achieve price increases on both new and existing products in specific markets around the globe and has continued to focus on supply chain efficiencies.
ADJUSTED UNDERLYING EBITDA
The Group considers Adjusted Underlying EBITDA as one of its key operating performance indicators. Our Adjusted Underlying EBITDA increased by £2.5m, from £15.5m to £18.0m, an increase of 16%. Adjusted Underlying EBITDA margin rose from 7.7% to 8.9% during the year reflecting our increase in gross profit margin and the Group's ability to controls its day-to-day operating expenses.
LOS GASTOS DE EXPLOTACIÓN
Operating expenses increased from £100.0m to £100.7m in 2023. The Group will continue to seek operational cost savings in 2024.
Año terminado 31 de diciembre 2023 000 £ |
31 de diciembre 2022 000 £ | Cambio porcentual | |
Ingresos | 203,292 | 200,957 | 1% |
Beneficio bruto | 103,547 | 98,860 | 5% |
Distribución | 6,020 | 6,292 | - 4% |
Sueldos y salarios | 52,690 | 49,760 | 6% |
Administrativo | 41,949 | 43,994 | - 5% |
Gastos totales de operación | 100,659 | 100,046 | 1% |
The table below sets out our operating costs as a percentage of revenue.
Año terminado 31 de diciembre 2023 000 £ | Porcentaje de ingresos | Año terminado 31 de diciembre 2022 000 £ | Porcentaje de ingresos | |
Ingresos | 203,292 | - | 200,957 | - |
Beneficio bruto | 103,547 | 51% | 98,860 | 49% |
Distribución | 6,020 | 3% | 6,292 | 3% |
Sueldos y salarios | 52,690 | 26% | 49,760 | 25% |
Administración | 41,949 | 21% | 43,994 | 22% |
BENEFICIO/(PÉRDIDA) ANTES DE IMPUESTOS
In 2023, the Group made a statutory profit before tax of £0.2m (FY22: loss £7.7m), an improvement of £7.9m. The Group made an Adjusted Underlying EBITDA of £18.0m (FY22: £15.5m).
2023 £ m | 2022 £ m | |
EBITDA subyacente ajustado | 18.0 | 15.5 |
Ajustes no monetarios |
| |
1. Depreciación y amortización | (13.0) | (13.6) |
2. Purchase Price Allocation ('PPA') release on inventory | - | (0.1) |
3. Ajustes cambiarios sobre préstamos | 1.3 | (2.0) |
4. Pagos basados en acciones | (1.0) | (1.4) |
5. Earnout on acquisitions | (1.1) | (1.5) |
Subtotal | 4.2 | (3.1) |
Costos no subyacentes | (0.1) | (1.5) |
Costos financieros netos | (3.9) | (3.1) |
Beneficio / (pérdida) antes de impuestos | 0.2 | (7.7) |
KEY ITEMS IMPACTING THE CURRENT YEAR'S RESULTS ARE AS FOLLOWS:
depreciación y amortización
The Group's depreciation and amortisation charge is set out below. Amortisation costs principally arise from the capitalisation of customer relationships and order books on acquisitions.
31 diciembre | 31 diciembre | |
Depreciación | 6.1 | 6.7 |
Amortización | 6.9 | 6.9 |
Total | 13.0 | 13.6 |
Ajuste cambiario de los empréstitos
The exchange adjustment on borrowings primarily relates to intragroup loans, where the functional currency of the entities differs from the loan currency and presentational currency. This exchange adjustment also relates to the revolving credit facility held in Euros and USD.
Gastos de pago basados en acciones
The Group has an LTIP scheme in place that vests over a period of three years from the date of the grant of the option at market value and is subject to the continued employment of the individual over that period. The Group has recognised a non-cash charge of £1.0m in 2023 (FY22: £1.4m). The scheme is designed to give the equivalent of one year's salary to an individual over that three-year period.
Earnout on acquisitions
The acquisitions of EGO Eyewear and BoDe Designs in December 2021 both contain amounts due for contingent consideration, based on the performance of those businesses. In 2023, the amounts payable under the agreements amounted to £1.1m and have been charged to the profit and loss account in accordance with IFRS 3. Further contingent consideration is expected to arise in 2024 and will be subject to the performance of those businesses.
Costos financieros netos
Bank loan interest increased by £1.6m primarily due to significant global rises in interest rates during 2023. The amortisation of loan transaction costs relates to the refinancing charges that are amortised over the period of the financing facilities available to the Group. In 2023, the Group exercised its option to extend its finance facilities with HSBC until October 2025.
2023 (millones de libras esterlinas) | 2022 (millones de libras esterlinas) | |
Intereses de préstamos bancarios | 3.4 | 1.8 |
Descuento de facturas | 0.1 | 0.1 |
NIIF 16 intereses de arrendamiento | 0.5 | 0.5 |
Intereses por cobrar | (0.2) | (0.1) |
Costo financiero neto | 3.8 | 2.3 |
Amortización de los costos de transacción del préstamo | 0.1 | 0.7 |
Costos financieros netos totales | 3.9 | 3.0 |
Costos no subyacentes
The Group incurred £0.1m of non-underlying costs in 2023 (2022: £1.5m). During the year the Group incurred restructuring costs of £0.1m which relates to the integration of Inspecs USA and Tura.
AJUSTE DEL AÑO ANTERIOR
Following a review in 2023 it has been determined that deferred tax assets and liabilities should be offset if criteria relating to their legal right and intention to offset are met. In prior years, deferred tax balances arising on the acquisition of subsidiaries have been presented gross and not netted against deferred tax assets within the jurisdictions to which they relate. The effect of this prior year adjustment as at 31 December 2022 is to reduce deferred tax assets by £5.2m and reduce deferred tax liabilities by £5.2m.
FLUJO DE CAJA
During the year, the Group generated £12.7m in net cash flows from operating activities after tax and interest (2022: £4.0m). The Group has used the cash generated to continue to invest in new property, plant and equipment, and to enhance the Group's long-term growth strategy, resulting in an overall decrease in cash and cash equivalents of £2.1m. An analysis of how the Group has deployed its free cash flow in the year is set out below.
31 diciembre 2023 000 £ | 31 de diciembre 2022 000 £ | |
Efectivo y equivalentes de efectivo al inicio del año | 22,153 | 22,024 |
Efectivo neto de actividades operativas | 12,665 | 4,002 |
Efectivo neto utilizado en actividades de inversión | (6,183) | (3,447) |
Efectivo neto utilizado en actividades de financiación. | (8,835) | (3,555) |
Disminución de efectivo y equivalentes de efectivo | (2,353) | (3,000) |
Movimientos de divisas en el año | 270 | 3,129 |
Efectivo y equivalentes de efectivo, incluidos los sobregiros al final del año | 20,070 | 22,153 |
| ||
The breakdown of net cash used in investing activities is |
| |
Compra de activos fijos intangibles | (1,248) | (861) |
Compra de propiedad, planta y equipo | (4,502) | (2,639) |
Cash paid in relation to deferred consideration | (673) | - |
Purchase of shareholding in associate and joint venture | - | (55) |
Interés recibido | 240 | 108 |
Efectivo neto utilizado en actividades de inversión | (6,183) | (3,447) |
CAPITAL DE TRABAJO
The Group closely monitors its working capital position to ensure that it has sufficient resources to meet its day-to-day requirements and to fund further investing activities to supply its customer base.
Cuentas por cobrar
The Group closely monitors its receivable due days to ensure that amounts overdue more than 30 days are kept to a minimum balance.
Año terminado el 31 de diciembre de 2023 | Año terminado el 31 de diciembre de 2022 |
| |||||||||
Total | Current | <30 days overdue | >30 days overdue | Total | Current | <30 days overdue | >30 days overdue | ||||
Receivables (£m) | 24.2 | 15.2 | 3.2 | 5.8 | 22.7 | 17.0 | 3.1 | 2.6 | |||
Porcentaje | 100 | 63 | 13 | 24 | 100 | 75 | 14 | 11 | |||
Inventario
Our sales to inventory ratio increased from 4.2 to 5.0. The Group constantly monitors its working capital position, with a view to increase the sales to inventory ratio where possible.
31 diciembre 2023 | 31 de diciembre 2022 | |
Volumen de negocio | 203.3 | 201.0 |
Inventario | 40.9 | 48.2 |
Proporción de ventas a inventario | 5.0 | 4.2 |
Loan Reclassification
During the prior year, as at 31 December 2022, it was determined that INSPECS Limited, who holds the revolving credit facility on behalf of the Group, was in technical breach of its cashflow cover loan covenant. This resulted in the reclassification of the loan balance (£37.8m) to a current liability in line with IAS 1. Subsequently, the bank waived the cashflow cover and leverage covenants as at 31 December 2022. As at 31 December 2023, the Group was compliant with all its covenants. The following ratios show a significant increase as a result of this reclassification.
Ratio de activo circulante
The current asset ratio is a liquidity ratio that measures a company's ability to pay its short-term obligations, or those due within one year.
Año terminado 2023 | Año terminado | |
Activos circulantes | 97.2 | 105.1 |
Pasivo circulante | 65.9 | 107.0 |
Proporción | 1.5 | 1.0 |
Razón rápida
El índice rápido es un indicador de la posición de liquidez a corto plazo de una empresa y mide la capacidad de una empresa para cumplir con sus obligaciones a corto plazo con sus activos más líquidos.
Año terminado | Año terminado | |
Activos circulantes | 97.2 | 105.1 |
Less inventory | (40.9) | (48.2) |
56.3 | 56.9 | |
Pasivo circulante | 65.9 | 107.0 |
Proporción | 0.9 | 0.5 |
Deuda neta
The Group's opening net debt, including and excluding lease liabilities, is shown below. During the year the Group decreased its net debt excluding leases from £27.6m to £24.2m.
El Grupo tiene importantes reservas de efectivo, lo que da como resultado la posición de deuda neta que se detalla a continuación.
Año terminado | Año terminado | |
£ m | £ m | |
Efectivo en el banco | 20.1 | 22.2 |
Préstamos | (44.3) | (49.8) |
Pasivos por arrendamiento | (17.9) | (20.0) |
Deuda neta | (42.1) | (47.6) |
Deuda neta (excluidos los pasivos por arrendamiento) | (24.2) | (27.6) |
FINANCIACIÓN
The Group finances its operation through the following facilities. During the year the Group agreed to extend its facilities with HSBC to 24 October 2025. These facilities have a leverage ceiling of 2.25 and debt service cover of 1.05 and an interest cover of 3.0.
Cantidad | Expira | Dibujado en | |
Group revolving credit facility* | 29.1 | Octubre 2025 | 29.2 |
Préstamos a plazo | 7.8 | Octubre 2025 | 7.8 |
Línea de crédito rotativa EE.UU. | 7.9 | 1 año rodante | 6.5 |
Descuento de facturas | 3.0 | 1 año rodante | 0.9 |
Total | 47.8 | 44.4 |
*This facility is denominated in USD with a revaluation performed quarterly by the bank. Any drawdown in excess of the amount available is repaid during the following quarter.
LEVERAGE (USING DEBT TO EQUITY RATIO)
La posición de apalancamiento del Grupo se muestra a continuación, incluyendo y excluyendo el arrendamiento financiero:
2023 | 2022 | |
Incluye financiación de arrendamiento | 1.70 | 2.24 |
Excluyendo la financiación de arrendamiento | 1.58 | 2.07 |
Relación requerida | 2.25 | 2.25 |
El apalancamiento del Grupo se actualiza constantemente y se revisa una proyección móvil a 12 meses para garantizar el cumplimiento de los convenios del Grupo.
GANANCIAS POR ACCIÓN
Año terminado el 31 de diciembre de 2023 | Basic weighted average number of Ordinary Shares ('000) | Total (loss)/earnings 000 £ | (Pérdida)/ ganancias por acción (peniques) |
Pérdida básica por acción | 101,672 | (997) | (0.98) |
Pérdida diluida por acción | 101,672 | (997) | (0.98) |
Basic adjusted PBT per share | 101,672 | 8,136 | 8.00 |
Diluted adjusted PBT per share | 107,246 | 8,136 | 7.59 |
DIVIDENDO
The Group does not intend to pay a dividend for the year ended 31 December 2023. A dividend of £1.3m was paid during 2022 in respect of the year ended 31 December 2021.
PREOCUPACIÓN CONTINUA
The Directors have undertaken a comprehensive assessment of the Group's ability to trade out to 30 June 2025. Taking this into consideration, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue to trade throughout the review period. Therefore, the Directors continue to adopt the going concern basis in preparing the consolidated and Parent Company financial statements.
chris kay
Director Financiero
Cuenta de resultados consolidada
Por el año terminado el 31 de diciembre de 2023
Notas | 2023 | 2022 | |
Ingresos | 5 | 203,292 | 200,957 |
El costo de ventas | (99,745) | (102,097) | |
Beneficio bruto | 103,547 | 98,860 | |
Costos de distribucion | (6,020) | (6,292) | |
Gastos administrativos | (94,639) | (93,754) | |
Ganancia / (pérdida) operativa | 2,888 | (1,186) | |
Costos no subyacentes | 8 | (58) | (1,466) |
Ajuste cambiario de los empréstitos | 1,312 | (2,044) | |
Costos financieros | 9 | (4,155) | (3,095) |
Ingresos financieros | 9 | 240 | 108 |
Share of (loss)/profit of associate and joint venture | (12) | 19 | |
Beneficio / (pérdida) antes de impuestos sobre la renta | 215 | (7,664) | |
Impuesto sobre la renta (cargo) / crédito | 11 | (1,212) | 1,345 |
Pérdida del año | (997) | (6,319) | |
Atribuible a: | (997) | (6,319) | |
Ganancias por acción | |||
Basic loss for the year attributable to the equity holders of the Parent | 12 | (0.98) p | (6.21) p |
Resultado diluido del ejercicio atribuible a los accionistas de la Sociedad Dominante | 12 | (0.98) p | (6.21) p |
Estado Consolidado de
Otros ingresos integrales
Por el año terminado el 31 de diciembre de 2023
2023 | 2022 | |
Pérdida del año | (997) | (6,319) |
Otros (pérdidas) / ingresos integrales | ||
Diferencias de cambio en la conversión de operaciones en el extranjero | (3,999) | 6,228 |
Other comprehensive (loss)/income for the year, net of income tax | (3,999) | 6,228 |
Pérdida integral total del año | (4,996) | (91) |
Atribuible a: Accionistas de la Sociedad Dominante | (4,996) | (91) |
Estado de Situación Financiera Consolidado
a 31 de diciembre de 2023
Notas | 2023
| 2022 Replanteado | |
BIENES | |||
Activos no corrientes | |||
Goodwill | 55,578 | 55,578 | |
Activos intangibles | 29,813 | 36,170 | |
Propiedad, planta y equipo. | 19,001 | 17,424 | |
Activos por derecho de uso | 16,599 | 19,683 | |
Inversiones en asociadas y negocios conjuntos | 98 | 112 | |
Activos por impuestos diferidos | 17 | 2,826 | 1,835 |
123,915 | 130,802 | ||
Activos circulantes | |||
Los inventarios | 40,848 | 48,158 | |
Cuentas comerciales y otras cuentas por cobrar | 35,855 | 31,144 | |
Cuentas por cobrar de impuestos | 386 | 3,681 | |
Efectivo y equivalentes de efectivo | 20,070 | 22,153 | |
97,159 | 105,136 | ||
Los activos mantenidos para la venta | 832 | 832 | |
los activos totales | 221,906 | 236,770 | |
EQUIDAD | |||
Accionistas | |||
Llamado capital social | 1,017 | 1,017 | |
Compartir premium | 15 | 89,508 | 89,508 |
Reserva de conversión de moneda extranjera | 15 | 5,435 | 9,434 |
Reserva de opciones sobre acciones | 15 | 3,222 | 2,703 |
Reserva de fusión | 15 | 5,340 | 5,340 |
Ganancias retenidas | 15 | (1,005) | (461) |
Equidad total | 103,517 | 107,541 |
Notas | 2023
| 2022 Replanteado | |
PASIVO | |||
Pasivos no corrientes | |||
Pasivos financieros - empréstitos | |||
Préstamos y empréstitos que devengan intereses | 16 | 48,234 | 16,548 |
Consideración diferida | 14 | 652 | 1,350 |
Pasivos por impuestos diferidos | 17 | 3,647 | 4,376 |
52,533 | 22,274 | ||
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 36,375 | 39,153 | |
Pasivos por derecho de devolución | 5 | 11,297 | 10,613 |
Pasivos financieros - empréstitos | |||
Préstamos y empréstitos que devengan intereses | 24 | 13,000 | 51,746 |
Descuento de facturas | 24 | 887 | 1,490 |
Contraprestación diferida y contingente | 14 | 2,111 | 2,518 |
Impuesto a pagar | 2,186 | 1,435 | |
65,856 | 106,955 | ||
Pasivos totales | 118,389 | 129,229 | |
Total patrimonio y pasivos | 221,906 | 236,770 |
Estado Consolidado de
Cambios en el patrimonio
Por el año terminado el 31 de diciembre de 2023
Notas | Capital social exigido '000 libras esterlinas | Prima de emisión de £ '000 | Reserva de conversión de moneda extranjera en miles de libras esterlinas | Share option reserve £'000 | Ganancias retenidas £ '000 | Reserva de fusión £'000 | Patrimonio total en miles de libras esterlinas | ||
Saldo a 1 de enero de 2022 | 1,017 | 89,508 | 3,206 | 1,454 | 6,931 | 5,340 | 107,456 | ||
Cambios en el patrimonio | |||||||||
Pérdida del año | - | - | - | - | (6,319) | - | (6,319) | ||
Otro resultado integral | 15 | - | - | 6,228 | - | - | - | 6,228 | |
Pérdida integral total | - | - | 6,228 | - | (6,319) | - | (91) | ||
Pagos basados en acciones | 15 | - | - | - | 1,398 | - | - | 1,398 | |
Opciones sobre acciones canceladas | 15 | - | - | - | (149) | 149 | - | - | |
Dividendos en efectivo | 15 | - | - | - | - | (1,222) | - | (1,222) | |
Saldo al 31 de diciembre de 2022 | 1,017 | 89,508 | 9,434 | 2,703 | (461) | 5,340 | 107,541 | ||
Cambios en el patrimonio |
|
|
|
|
|
|
|
| |
Pérdida del año | - | - | - | - | (997) | - | (997) | ||
Otra pérdida integral | 15 | - | - | (3,999) | - | - | - | (3,999) | |
Pérdida integral total | - | - | (3,999) | - | (997) | - | (4,996) | ||
Pagos basados en acciones | 15 | - | - | - | 972 | - | - | 972 | |
Opciones de acciones perdidas | 15 | - | - | - | (453) | 453 | - | - | |
Saldo al 31 de diciembre de 2023 | 1,017 | 89,508 | 5,435 | 3,222 | (1,005) | 5,340 | 103,517 |
Estado Consolidado de
Flujo de caja
Por el año terminado el 31 de diciembre de 2023
Notas | 2023 | 2022 | |
flujos de efectivo por actividades operacionales | 13 | 16,914 | 9,888 |
Pago interesado | (3,647) | (2,952) | |
Impuesto pagado | (602) | (2,934) | |
Efectivo neto de actividades operativas | 12,665 | 4,002 | |
Flujos de efectivo de actividades de inversión | |||
Compra de activos fijos intangibles | (1,248) | (861) | |
Compra de propiedad, planta y equipo | (4,502) | (2,639) | |
Cash paid in relation to deferred consideration | (673) | - | |
Purchase of shareholding in associate and joint venture | - | (55) | |
Interés recibido | 240 | 108 | |
Efectivo neto utilizado en actividades de inversión | (6,183) | (3,447) | |
Flujo de caja de actividades de financiación | |||
Nuevos préstamos bancarios en el año | - | 10,334 | |
Bank loan principal repayments in year | (4,014) | (8,392) | |
Costos de transacción en el refinanciamiento de deuda | (70) | (80) | |
Movimiento en facilidad de descuento de facturas | (603) | (310) | |
Dividendos pagados a los accionistas de la Sociedad Dominante | - | (1,271) | |
Pagos de principal en arrendamientos | (4,148) | (3,836) | |
Efectivo neto utilizado en actividades de financiación. | (8,835) | (3,555) | |
Disminución de efectivo y equivalentes de efectivo | (2,353) | (3,000) | |
Efectivo y equivalentes de efectivo al inicio del año | 22,153 | 22,024 | |
Efecto de las variaciones del tipo de cambio | 270 | 3,129 | |
Efectivo y equivalentes de efectivo al final del año | 20,070 | 22,153 |
Notas
1. Información general
INSPECS Group plc es una empresa pública limitada por acciones y está constituida en Inglaterra y Gales (número de empresa 11963910). La dirección del lugar principal de negocios de la Compañía es 7-10 Kelso Place, Upper Bristol Road, Bath BA1 3AU.
The principal activity of the Group in the year was that of design, production, sale, marketing and distribution of high fashion eyewear, lenses and OEM products worldwide.
2. Políticas contables
Base de preparación
The Consolidated Financial Statements have been prepared in accordance with UK adopted international accounting standards, and those parts of the Companies Act 2006 applicable to companies reporting under UK adopted International Financial Reporting Standards ('IFRS').
Los Estados Financieros Consolidados han sido preparados sobre la base del costo histórico, excepto cuando las NIIF requieren la medición del valor razonable, como se describe a continuación en las políticas contables.
Effective from 1 January 2023, the presentational currency for the Consolidated and Parent Company Financial Statements was changed from USD to GBP to allow for greater transparency for investors and other stakeholders. Accordingly, comparative information is therefore also restated in GBP. The Consolidated Financial Statements provide comparative information in respect of the year ended 31 December 2022. Balances are presented to the nearest thousand.
Preocupación continua
The financial statements have been prepared on the going concern basis as the Directors have assessed that there is a reasonable expectation that the Group will be able to continue in operation and meet its commitments as they fall due over the going concern period to 30 June 2025.
The Board considered a base case; a downside scenario; and a reverse stress test to assess the effect of the current economic uncertainties and political landscape. The scenarios are as follows:
Caso base
· The Base Case is the Board approved budget which has been updated with the Group's trading to February 2024. The budget was prepared assuming a continuation of the current economic uncertainties and political landscape together with inflationary pressures and higher interest rates across the World.
· The budget includes the small acquisition of A-Optikk in Norway completed in January 2024.
· Our markets remain resilient and are trading in line with expectations.
· The Group expects to be able to maintain its budgeted margin throughout 2024.
· The base case includes Capital Expenditure in 2024 for the new third plant in Vietnam.
· In this base case scenario, no covenant breaches or liquidity challenges are expected.
Escenario a la baja severo pero plausible
· The Group has known forward orders for circa three months through to the end of May 2024. Therefore, our downside scenario updates the base case with an 8.5% reduction in revenue for each month from June 2024. The Directors believe that an 8.5% reduction from the base case is appropriately conservative based on the current trading position, expected falling global inflation and increasing consumer confidence. The severe but plausible downside assumes some controllable costs savings by a reduction in employee bonuses and commission and a reduction in discretionary spending in administrative costs.
· In this downside scenario, no covenant breaches or liquidity challenges are expected.
The Group has considered the severe but plausible downside scenario. The Group mitigates the risk of a long-term drop in revenue by having a diverse business that trades globally so that it is not reliant on any one region.
Reverse Stress test
· The reverse stress test updated our base case with a 26% drop in forecast revenue, whilst maintaining gross margin. This drop represents a significant reduction against actual trading in 2023 and is a reduction in revenue not previously experienced by the Group. This results in a breach in interest ratio covenant in June 2025. No other covenants were forecast to be breached in this period. The reverse stress test assumes some controllable costs saving by a reduction in employee expenses through reducing headcount, discretionary administration costs being limited to only those determined to be essential, further reducing the time period in which returns can be made allowing for a release of the right of return provision and stopping non-committed capital expenditure from November 2024 onwards.
The Group has considered the reverse stress test and focussed on the risk of not complying with covenants as opposed to liquidity issues. This is on the basis that in a reverse stress test scenario the Group would breach a covenant before cash levels were reduced such that the Group was not able to meet its obligations as they fall due.
The reverse stress test models a breach in the interest ratio covenant in June 2025. In this case the Directors have available further levers within its control to save costs and generate income. Whilst not wholly within management's control, the Group also could discuss amending or waiving covenants with the bank should an unprecedented drop in revenue occur. After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging. This gives further confidence to the achievement of the base case and when combined with the mitigations wholly within management's control the directors consider that the reverse stress test scenario is a remote possibility.
The Group's borrowings, amounting to £44.3m, contains three covenants; Leverage, Cashflow Cover and Interest Cover ratios. Compliance on these covenants is based on 12-month rolling periods for each Relevant Period. The facilities are due for renewal in October 2025 and initial discussions regarding renewal have already taken place. Formal work on the renewal is expected to take place in Q3 2024 with a view to extending the terms for a further 3 years from October 2025. The Directors are confident of a successful renewal of the facilities based on the recent granting of the 12-month extension to October 2025 combined with positive discussions with the current lenders regarding future financing beyond the going concern period.
On this basis the Board has reasonable expectations that the Group and Company has adequate resources to continue as a Going Concern to 30 June 2025. Accordingly, the directors adopt the going concern basis in preparing the financial statements.
Base de consolidación
The consolidated financial information incorporates the Financial Statements of the Group and all of its subsidiary undertakings. A subsidiary is defined as an entity over which the Group has control. Control exists when the Company has power over the investee, the company is exposed, or has rights to variable returns from its involvement with the subsidiary and the company has the ability to use its power of the investee to affect the amount of investor's returns. The Financial Statements of all Group companies are adjusted, where necessary, to ensure the use of consistent accounting policies. Acquisitions are accounted for under the acquisition method from the date control passes to the Group. On acquisition, the assets and liabilities of a subsidiary are measured at their fair values. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recorded as goodwill.
Combinaciones de negocios y fondo de comercio
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and classified as non-underlying costs.
Cuando el Grupo adquiere un negocio, evalúa los activos y pasivos financieros asumidos para su adecuada clasificación y designación de acuerdo con los términos contractuales, circunstancias económicas y condiciones pertinentes a la fecha de adquisición.
El fondo de comercio se mide inicialmente al costo (que es el exceso del total de la contraprestación transferida sobre los activos netos identificables adquiridos y los pasivos asumidos). Si el valor razonable de los activos netos adquiridos supera la contraprestación agregada transferida, el Grupo vuelve a evaluar si ha identificado correctamente todos los activos adquiridos y todos los pasivos asumidos y revisa los procedimientos utilizados para medir los montos a reconocer en la fecha de adquisición. Si la reevaluación aún resulta en un exceso del valor razonable de los activos netos adquiridos sobre la contraprestación agregada transferida, entonces la ganancia se reconoce en utilidad o pérdida.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Reconocimiento de ingresos
Revenue from the sales of goods is recognised at the point in time when control of the asset is transferred to the customer, in line with agreed incoterms. Revenue is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts, volume rebates and the right of return. Revenue in relation to royalty income is recognised over the period to which the royalty term relates. Revenue in relation to design income is recognised as the work is performed.
Derechos de devolución
Bajo NIIF 15 se reconoce una venta con derecho a devolución si el cliente recibe cualquier combinación de lo siguiente:
· Un reembolso total o parcial de cualquier contraprestación pagada;
· Un crédito que puede aplicarse contra cantidades adeudadas, o que se adeudarán, a la entidad; y
· Another product in exchange (except for in cases of a defective product being returned, or the exchanged item is of the same type, quality, condition and price).
The Group recognised a liability where it has historically accepted a right of return. The Group estimates the impact of potential returns from customers based on historical data on returns. A refund liability is recognised for the goods that are expected to be returned. A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer to the extent that these goods are not considered impaired.
Los inventarios
Los inventarios se expresan al menor entre el costo y el precio de venta estimado menos los costos de venta después de tener debidamente en cuenta los artículos obsoletos y de lento movimiento. Los inventarios se reconocen como gasto en el período en que se generan los ingresos correspondientes.
El costo se determina sobre la base del costo promedio. El costo incluye el precio de compra y otros costos directamente atribuibles para llevar el inventario a su ubicación y condición actuales.
Al final de cada período, los inventarios son evaluados por deterioro. Si un elemento del inventario está deteriorado, el inventario identificado se reduce a su precio de venta menos los costos para completarlo y venderlo y se reconoce un cargo por deterioro en el estado de resultados.
Regalías
Las regalías por pagar reflejan los saldos adeudados a los propietarios de la marca por el derecho a usar el nombre de la marca. La regalía se paga en base a un porcentaje previamente acordado de los volúmenes de ventas, con algunos acuerdos que también tienen pagos mínimos de regalías por períodos específicos. Los cánones a pagar se reconocen en el momento de la entrega de los productos objeto de dicho régimen, realizándose un devengo adicional cuando se considere que no se alcanzará el nivel de ventas necesario para cumplir con el pago mínimo.
Efectivo y equivalentes de efectivo
A efectos del estado de flujos de efectivo consolidado, el efectivo y equivalentes al efectivo comprenden el efectivo en caja y los depósitos a la vista, así como las inversiones a corto plazo de gran liquidez que son fácilmente convertibles en montos conocidos de efectivo, que están sujetas a un riesgo insignificante de cambios en valor, y tienen un vencimiento a corto plazo, generalmente dentro de los tres meses cuando se adquieren, menos los descubiertos bancarios que son reembolsables a la vista y forman parte integral de la gestión de efectivo del Grupo.
Para efectos del estado de situación financiera consolidado, el efectivo y equivalentes de efectivo comprende el efectivo en caja y en bancos, incluyendo los depósitos a plazo, y los activos de naturaleza similar al efectivo, que no están restringidos en cuanto a su uso.
Pagos basados en acciones
Los empleados (incluidos los altos ejecutivos) del Grupo reciben una remuneración en forma de pagos basados en acciones, mediante los cuales los empleados prestan servicios como contraprestación por instrumentos de capital (transacciones liquidadas en acciones).
El coste de las transacciones liquidadas mediante instrumentos de patrimonio neto se determina por el valor razonable en la fecha en que se realiza la subvención utilizando un modelo de valoración adecuado, cuyo detalle se detalla en las notas detalladas de las cuentas. Dicho coste se reconoce en el gasto por prestaciones a los empleados junto con el correspondiente incremento en la reserva de opciones sobre acciones, durante el período en el que se cumplen las condiciones de servicio y, en su caso, de desempeño (el período de consolidación).
El gasto acumulado reconocido por las transacciones liquidadas con instrumentos de patrimonio en cada fecha de reporte hasta la fecha de otorgamiento refleja la medida en que el período de otorgamiento ha expirado y la mejor estimación del Grupo de la cantidad de instrumentos de patrimonio que finalmente se otorgarán. El gasto o crédito en el estado de resultados de un período representa el movimiento en el gasto acumulado reconocido al principio y al final de ese período.
Las condiciones de desempeño del servicio no se tienen en cuenta al determinar el valor razonable de los premios en la fecha de concesión, pero la probabilidad de que se cumplan las condiciones se evalúa como parte de la mejor estimación del Grupo del número de instrumentos de patrimonio que finalmente se otorgarán. Cualesquiera otras condiciones adjuntas a una concesión, pero sin un requisito de servicio asociado, se consideran condiciones de no adquisición. Las condiciones de no adjudicación se reflejan en el valor razonable de una adjudicación y conducen a un gasto inmediato de una adjudicación a menos que también existan condiciones de servicio y/o desempeño.
No expense is recognised for awards that do not ultimately vest because service conditions have not been met. Where awards include a non-vesting condition, the transactions are treated as vested irrespective of whether the non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. If the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share, to the extent that they are dilutive.
Deferred and contingent consideration in relation to acquisitions
Deferred consideration to the previous owners arising on acquisitions are treated as part of the consideration for the acquisition, with the liability recognised on the statement of financial position at the date of the acquisition. Where the consideration is contingent on continuing employment within the Group, the charge is recognised through the Income Statement over the period to which it relates.
Taxation
Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates. Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority. Uncertainties regarding availability of tax losses, in respect of enquiries raised and additional tax measurements issued, may be measured using the expected value method or single best estimate approach, depending on the nature of the uncertainty. Tax provisions are based on management's interpretation of country-specific tax law and the likelihood of settlement. Management uses professional firms and previous experience when assessing tax risks.
Se proporciona impuesto diferido, utilizando el método del pasivo, sobre todas las diferencias temporarias al final del período sobre el que se informa entre las bases fiscales de los activos y pasivos y sus valores en libros para fines de información financiera. Se reconocen pasivos por impuestos diferidos para todas las diferencias temporarias imponibles, excepto:
· When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
· In respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Se reconocen activos por impuestos diferidos por todas las diferencias temporarias deducibles, el traslado de los créditos fiscales no utilizados y las pérdidas fiscales no utilizadas. Los activos por impuestos diferidos se reconocen en la medida en que sea probable que vaya a disponerse de ganancias fiscales contra las que puedan utilizarse las diferencias temporarias deducibles, el arrastre de créditos fiscales no utilizados y las bases imponibles negativas no utilizadas, excepto:
· When the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
· In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
El importe en libros de los activos por impuestos diferidos se revisa al final de cada período sobre el que se informa y se reduce en la medida en que ya no sea probable que se disponga de suficientes ganancias fiscales para permitir que se utilice todo o parte del activo por impuestos diferidos. Los activos por impuestos diferidos no reconocidos se reevalúan al final de cada período sobre el que se informa y se reconocen en la medida en que sea probable que se disponga de suficientes ganancias fiscales para permitir la recuperación total o parcial del activo por impuestos diferidos.
Los activos y pasivos por impuestos diferidos se miden a las tasas impositivas que se espera que se apliquen al período en que se realice el activo o se cancele el pasivo, con base en las tasas impositivas (y las leyes fiscales) que hayan sido promulgadas o sustancialmente promulgadas al final del el período del informe.
Los activos por impuestos diferidos y los pasivos por impuestos diferidos se compensan si y solo si existe un derecho exigible legalmente para compensar los activos por impuestos corrientes con los pasivos por impuestos corrientes y los impuestos diferidos se relacionan con los impuestos sobre la renta recaudados por la misma autoridad fiscal sobre la misma entidad imponible y el misma autoridad fiscal o diferentes sujetos pasivos que tengan la intención de liquidar pasivos y activos por impuestos corrientes por el importe neto, o de realizar los activos y liquidar los pasivos simultáneamente, en cada período futuro en el que se espere que importes significativos de pasivos o activos por impuestos diferidos liquidarse o recuperarse.
Monedas extranjeras
These Financial Statements are presented in GBP, which is the Group's presentational currency. Each entity in the Group determines its own functional currency and items included in the Financial Statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions.
Los activos y pasivos monetarios denominados en moneda extranjera se convierten a los tipos de cambio de la moneda funcional vigentes al final del período sobre el que se informa. Las diferencias que surgen en la liquidación o conversión de partidas monetarias se reconocen en resultados.
Las partidas no monetarias que se miden en términos de costo histórico en una moneda extranjera se convierten utilizando las tasas de cambio vigentes en las fechas de las transacciones iniciales. Las partidas no monetarias medidas a valor razonable en moneda extranjera se convierten utilizando los tipos de cambio de la fecha en que se midió el valor razonable.
The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e. translation difference on the item whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).
La moneda funcional de INSPECS Group plc es GBP. Las monedas funcionales de ciertas subsidiarias en el extranjero son monedas distintas a la GBP. Al final del período sobre el que se informa, los activos y pasivos de estas entidades se convierten a libras esterlinas al tipo de cambio vigente al final del período sobre el que se informa y sus cuentas de resultados se convierten a libras esterlinas al tipo de cambio promedio del año.
The resulting exchange differences are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss.
Para efectos del estado consolidado de flujos de efectivo, los flujos de efectivo de las subsidiarias en el exterior se convierten a las tasas de cambio promedio del año.
Costos no subyacentes
Non-underlying costs are those that in the Directors' view should be separately disclosed due to their nature to enable a full understanding of the Group's financial performance. These include income and expenditure that is considered outside of the usual course of business and therefore is separately identified to allow the users of the Financial Statements comparability versus prior periods. The main categories of costs disclosed as non-underlying are acquisition costs, restructuring costs and other professional service costs relating to the accounting integration of acquisitions.
Ajustes del año anterior
Material prior period errors are corrected retrospectively in the first set of Financial Statements authorised for issue after their discovery by restating the comparative amounts for the prior periods presented. A reconciliation between the corrected figures and those reported for key statements is provided in note 17. During the year, a prior year error has been identified in relation to the jurisdictional netting of deferred tax balances.
Normas e interpretaciones nuevas y modificadas
The following standards have been published and are mandatory for accounting periods beginning after 1 January 2023:
· New Standard IFRS 17: Insurance Contracts
· Amendments to IAS 1: Presentation of Financial Statements
· Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
· Modificaciones a la NIC 12: Impuestos a la Renta
None of the above standards have given rise to a significant change in the reported results or financial position of the Group or Company.
The following standards have been published and are mandatory for accounting periods beginning after 1 January 2024.
· Modificaciones a NIC 1: Presentación de Estados Financieros: Clasificación de Pasivos como Corrientes o No Corrientes
· Amendments to IFRS 16: Leases
· Amendments to IAS 7: Statement of Cashflows
· Amendments to IFRS 7: Financial Instruments: Disclosures
No se espera que ninguna de las nuevas normas aún no emitidas, una vez adoptadas, dé lugar a un cambio significativo en los resultados informados o en la situación financiera del Grupo o de la Compañía.
Cambios en las políticas y revelaciones contables
Effective from 1 January 2023, the presentational currency for the Consolidated and Parent Company Financial Statements was changed from USD to GBP to allow for greater transparency for investors and other stakeholders. Accordingly, comparative information is therefore also restated in GBP for this voluntary presentational change. The Consolidated Financial Statements provide comparative information in respect of the year ended 31 December 2022. Income and expenses were translated at the respective average exchange rates prevailing for the relevant period. Assets, liabilities and total equity were translated at closing exchange rates prevailing on the respective balance sheet date. It is not considered that the change in presentational currency is a material change to the users of these financial statements.
A statement of financial position for the periods ended 31 December 2023, 31 December 2022 and 31 December 2021 is shown below to aid comparability.
2023
| 2022 Replanteado | 2021 Replanteado | |
BIENES | |||
Activos no corrientes | |||
Goodwill | 55,578 | 55,578 | 56,206 |
Activos intangibles | 29,813 | 36,170 | 40,298 |
Propiedad, planta y equipo. | 19,001 | 17,424 | 18,182 |
Activos por derecho de uso | 16,599 | 19,683 | 16,482 |
Inversión en asociados | 98 | 112 | 36 |
Activos por impuestos diferidos | 2,826 | 1,835 | 2,041 |
123,915 | 130,802 | 133,245 | |
Activos circulantes | |||
Los inventarios | 40,848 | 48,158 | 41,199 |
Cuentas comerciales y otras cuentas por cobrar | 35,855 | 31,144 | 31,242 |
Cuentas por cobrar de impuestos | 386 | 3,681 | 2,566 |
Efectivo y equivalentes de efectivo | 20,070 | 22,153 | 22,024 |
97,159 | 105,136 | 97,031 | |
Los activos mantenidos para la venta | 832 | 832 | - |
los activos totales | 221,906 | 236,770 | 230,276 |
EQUIDAD | |||
Accionistas | |||
Llamado capital social | 1,017 | 1,017 | 1,017 |
Compartir premium | 89,508 | 89,508 | 89,508 |
Reserva de conversión de moneda extranjera | 5,435 | 9,434 | 3,206 |
Reserva de opciones sobre acciones | 3,222 | 2,703 | 1,454 |
Reserva de fusión | 5,340 | 5,340 | 5,340 |
Ganancias retenidas | (1,005) | (461) | 6,931 |
Equidad total | 103,517 | 107,541 | 107,456 |
|
| ||
PASIVO |
|
|
|
Pasivos no corrientes |
|
|
|
Pasivos financieros - empréstitos |
|
|
|
Préstamos y empréstitos que devengan intereses | 48,234 | 16,548 | 51,210 |
Consideración diferida | 652 | 1,350 | 2,300 |
Pasivos por impuestos diferidos | 3,647 | 4,376 | 7,944 |
| 52,533 | 22,274 | 61,454 |
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | 36,375 | 39,153 | 39,459 |
Pasivos por derecho de devolución | 11,297 | 10,613 | 8,215 |
Pasivos financieros - empréstitos |
| ||
Préstamos y empréstitos que devengan intereses | 13,000 | 51,746 | 9,835 |
Descuento de facturas | 887 | 1,490 | 1,800 |
Contraprestación diferida y contingente | 2,111 | 2,518 | - |
Impuesto a pagar | 2,186 | 1,435 | 2,057 |
| 65,856 | 106,955 | 61,366 |
Pasivos totales | 118,389 | 129,229 | 122,820 |
Total patrimonio y pasivos | 221,906 | 236,770 | 230,276 |
3. Juicios contables críticos y fuentes clave de incertidumbre en la estimación
La preparación de los Estados Financieros del Grupo requiere que la administración realice juicios, estimaciones y suposiciones que afectan los montos informados de ingresos, gastos, activos y pasivos, y sus revelaciones adjuntas, y la revelación de pasivos contingentes. La incertidumbre sobre estos supuestos y estimaciones podría dar lugar a resultados que podrían requerir un ajuste material en los valores en libros de los activos o pasivos afectados en el futuro.
Estimates involve the determination of the quantum of accounting balances to be recognised. Judgements typically involve decisions such as whether to recognise an asset or liability.
Los supuestos clave relacionados con el futuro y otras fuentes clave de incertidumbre en la estimación al final del período sobre el que se informa, que tienen un riesgo significativo de causar un ajuste material en los valores en libros de los activos y pasivos dentro del próximo ejercicio financiero, se describen a continuación:
Deterioro del fondo de comercio
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected future cash flows from the cash-generating units and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill at 31 December 2023 was £55,578,000 (2022: £55,578,000). No provision for impairment of goodwill was made as at the end of the reporting period.
Derecho de retorno
Management applies assumptions in determining the right of return liability and the associated right of return asset. These assumptions are based on analysis of historical data trends but require estimation of appropriate time periods and expected return rates. During the period, new information was identified providing a link between a returned item and the date of its original sale. Management considers this new information provides a more reliable estimate and it has therefore been used to determine the liability and associated asset required as at 31 December 2023. In addition, a change in commercial policy has been made in relation to the period over which returns are accepted, with this under the control of the Group, and this applied to the current period end position. This change in estimate arises from a refinement in methodology and has been recognised through the current year profit and loss in line with IAS 8.
The right of return liability at the period end is £11,297,000 (2022: £10,613,000) with an associated right of return asset (held within inventory) of £1,415,000 (2022: £1,596,000). If the new information and change in policy were applied to the right of return liability as at 31 December 2022, a liability of £10,989,000 and an associated inventory asset of £1,389,000 would have been recognised.
Posiciones fiscales inciertas
Las autoridades fiscales podrían impugnar e investigar los precios de transferencia o los acuerdos de domicilio fiscal del Grupo. Como negocio internacional en crecimiento, existe un riesgo inherente de que las autoridades fiscales locales de todo el mundo puedan cuestionar los acuerdos históricos de precios de transferencia entre otras entidades dentro del Grupo y las subsidiarias o sucursales en esas jurisdicciones locales, o el domicilio fiscal de las subsidiarias o sucursales que operar en esas jurisdicciones locales.
As a result, the Group has identified that it is exposed to uncertain tax positions, which it has measured using an expected value methodology. Such methodologies require estimates to be made by management including the relative likelihood of each of the possible outcomes occurring, the periods over which the tax authorities may raise a challenge to the Group's transfer pricing or tax domicile arrangements; and the quantum of interest and penalties payable in additions to the underlying tax liability. The provision held in relation to uncertain tax liabilities as at 31 December 2023 is £596,000 (2022: £584,000).
Los juicios realizados por la administración que se considera que tienen un impacto significativo en los estados financieros son los siguientes:
Reconocimiento de activos intangibles
In recognising the intangible assets arising on acquisition of subsidiary entities, the intangible assets must first be identified. This requires management judgement as to the value drivers of the acquired business and its interaction with the marketplace and stakeholders. In calculating the fair value of the identified assets, management must use judgement to identify an appropriate calculation technique and use estimates in deriving appropriate forecasts and discount rates as required. Management has used external experts to mitigate the risk of these judgements and estimates on the intangible assets identified and valued.
Impuesto diferido
Los activos por impuestos diferidos se reconocen por las pérdidas fiscales no utilizadas en la medida en que sea probable que se disponga de ganancias fiscales contra las cuales se puedan utilizar las pérdidas. Se requiere un juicio significativo de la administración para determinar la cantidad de activos por impuestos diferidos que se pueden reconocer, con base en el momento probable y el nivel de ganancias tributables futuras, junto con las estrategias de planificación tributaria futuras.
4. Non statutory measures
When reviewing performance, the Directors use alternative performance measures in order to give meaningful year on year comparison. These alternative performance measures are:
· Comparable
· EBITDA subyacente ajustado
· Beneficio ajustado antes de impuestos
· Gastos operativos subyacentes
· Revenue on a constant exchange rate basis
Whilst we recognise that the measures used are alternative (non-Generally Accepted Accounting Principles) performance measures which are not defined within IFRS, these measures are important and should be considered alongside the IFRS measures. A reconciliation to these non-GAAP performance measures is shown below:
2023 000 £ | 2022 | |
Ganancia / (pérdida) operativa | 2,888 | (1,186) |
Añadir atrás: Amortización | 6,910 | 6,893 |
Volver a agregar: Depreciación | 6,129 | 6,744 |
Comparable | 15,927 | 12,451 |
Volver a agregar: gasto de pago basado en acciones | 972 | 1,398 |
Add back: Earnout on acquisition | 1,140 | 1,544 |
EBITDA subyacente | 18,039 | 15,393 |
Agregar nuevamente: liberación de asignación de precio de compra ('PPA') en el inventario hasta el costo de ventas | - | 132 |
EBITDA subyacente ajustado | 18,039 | 15,525 |
Menos: Depreciación | (6,129) | (6,744) |
Less: Interest (excluding amortisation of loan arrangement fees) | (3,774) | (2,201) |
Beneficio ajustado antes de impuestos | 8,136 | 6,580 |
Less: Amortisation of loan arrangement fees | (141) | (786) |
Menos: Amortización | (6,910) | (6,893) |
Less: Share-based payment expense | (972) | (1,398) |
Less: Earnout on acquisition | (1,140) | (1,544) |
Less: Purchase Price Allocation ('PPA') release on inventory through cost of sales | - | (132) |
Less: Non-underlying costs | (58) | (1,466) |
Add/(less): Exchange adjustment on borrowings | 1,312 | (2,044) |
(Less)/add: Share of (loss)/profit of associate and joint venture | (12) | 19 |
Beneficio / (pérdida) antes de impuestos sobre la renta | 215 | (7,664) |
In addition, the Directors consider the revenue of the Group on a constant exchange rate basis calculated using the average exchange rates in effect for the corresponding comparative period.
5. Ingresos
Los ingresos del Grupo son atribuibles a la única actividad principal del Grupo.
a) Análisis geográfico
Los ingresos del Grupo por destino se distribuyen en las siguientes áreas geográficas:
2023 | 2022 | |
Reino Unido | 24,132 | 21,238 |
Europa (excepto Reino Unido) | 94,572 | 93,164 |
Norteamérica | 69,305 | 69,678 |
América del Sur | 1,825 | 1,125 |
Asia | 4,678 | 6,454 |
África | 515 | 442 |
Australia | 8,265 | 8,856 |
203,292 | 200,957 |
For the year ended 31 December 2023 the Group had one customer which accounted for more than 10% of the Group's revenue (2022: None). The revenue generated from this customer was £21,769,000. The revenue from this customer is generated across both the Frames & Optics and Manufacturing (previously Wholesale) reportable segments identified in note 6.
b) Derecho de devolución activos y pasivos
2023 | 2022 | |
Activo con derecho de devolución | 1,415 | 1,596 |
Derecho de devolución responsabilidad | (11,297) | (10,613) |
The right of return asset is presented as a component of inventory and the right of return liability is presented separately on the face of the Statement of Financial Position. The right of return liability is presented as a current liability as the timing of its utilisation is dependent on customer returns which varies from period to period and is outside of the Group's control.
6. Información por segmentos
El Grupo opera en tres segmentos operativos, que aplicando los criterios de agregación establecidos en la NIIF 8 Segmentos Operativos da como resultado tres segmentos de información:
· Frames and Optics product distribution
· Manufacturing (previously Wholesale) - being OEM and manufacturing distribution
· Lenses - being manufacturing and distribution of lenses
Los criterios aplicados para identificar los segmentos operativos son consistentes con la forma en que se gestiona el Grupo. En particular, las revelaciones son consistentes con la información revisada regularmente por el CEO y el CFO en su papel como Chief Operating Decision Makers, para tomar decisiones sobre los recursos que se asignarán a los segmentos y para evaluar su desempeño.
Los segmentos reportables sujetos a revelación son consistentes con el modelo organizacional adoptado por el Grupo durante el ejercicio cerrado el 31 de diciembre de 2023 y son los siguientes:
Marcos | Manufacturing (previously Wholesale) £'000 | Lentes | Total before adjustments & eliminations £'000 | Adjustments & | Total | |
Ingresos | ||||||
Externo | 178,968 | 20,169 | 4,155 | 203,292 | - | 203,292 |
Interno | 4,681 | 1,848 | 316 | 6,845 | (6,845) | - |
183,649 | 22,017 | 4,471 | 210,137 | (6,845) | 203,292 | |
El costo de ventas | (92,871) | (11,712) | (2,509) | (107,092) | 7,347 | (99,745) |
Beneficio bruto | 90,778 | 10,305 | 1,962 | 103,045 | 502 | 103,547 |
Gastos | (74,606) | (5,013) | (3,407) | (83,026) | (4,594) | (87,620) |
Depreciación | (4,826) | (698) | (556) | (6,080) | (49) | (6,129) |
Amortización | (6,248) | (643) | (19) | (6,910) | - | (6,910) |
Ganancia / (pérdida) operativa | 5,098 | 3,951 | (2,020) | 7,029 | (4,141) | 2,888 |
Ajuste cambiario de los empréstitos | 1,312 | |||||
Costos no subyacentes | (58) | |||||
Costos financieros | (4,155) | |||||
Ingresos financieros | 240 | |||||
Share of loss of associate and joint venture | (12) | |||||
Taxation | (1,212) | |||||
Pérdida del año | (997) |
Marcos | Manufacturing (previously Wholesale) £'000 | Lentes | Total before adjustments & eliminations £'000 | Adjustments & | Total | |
los activos totales | 320,836 | 64,585 | 9,672 | 395,093 | (176,013) | 219,080 |
Pasivos totales | (182,225) | (5,543) | (14,408) | (202,176) | 151,741 | (50,435) |
Activos por impuestos diferidos | 2,826 | |||||
Pasivo fiscal corriente | (2,186) | |||||
Pasivo por impuestos diferidos | (3,647) | |||||
Préstamos | (62,121) | |||||
Activos netos del grupo | 103,517 | |||||
Otras divulgaciones | ||||||
Adiciones de capital | 1,980 | 3,592 | 178 | 5,750 | - | 5,750 |
Los segmentos reportables sujetos a revelación son consistentes con el modelo organizacional adoptado por el Grupo durante el ejercicio cerrado el 31 de diciembre de 2022 y son los siguientes:
Marcos | Manufacturing (previously Wholesale) £'000 | Lentes | Total before adjustments & eliminations £'000 | Adjustments & eliminations £'000 | Total Replanteado | |
Ingresos | ||||||
Externo | 173,539 | 23,907 | 3,511 | 200,957 | - | 200,957 |
Interno | 5,180 | 4,080 | 176 | 9,436 | (9,436) | - |
178,719 | 27,987 | 3,687 | 210,393 | (9,436) | 200,957 | |
El costo de ventas | (92,040) | (15,288) | (2,830) | (110,158) | 8,061 | (102,097) |
Beneficio bruto | 86,679 | 12,699 | 857 | 100,235 | (1,375) | 98,860 |
Gastos | (74,023) | (5,035) | (4,240) | (83,298) | (3,111) | (86,409) |
Depreciación | (5,279) | (802) | (654) | (6,735) | (9) | (6,744) |
Amortización | (5,991) | (882) | (20) | (6,893) | - | (6,893) |
Ganancia / (pérdida) operativa | 1,386 | 5,980 | (4,057) | 3,309 | (4,495) | (1,186) |
Ajuste cambiario de los empréstitos | (2,044) | |||||
Costos no subyacentes | (1,466) | |||||
Costos financieros | (3,095) | |||||
Ingresos financieros | 108 | |||||
Share of profit of associate and joint venture | 19 | |||||
Taxation | 1,345 | |||||
Pérdida del año | (6,319) | |||||
los activos totales | 327,596 | 70,197 | 10,470 | 408,263 | (173,328) | 234,935 |
Pasivos totales | (179,578) | (12,523) | (12,887) | (204,988) | 151,354 | (53,634) |
Activos por impuestos diferidos | 1,835 | |||||
Pasivo fiscal corriente | (1,435) | |||||
Pasivo por impuestos diferidos | (4,376) | |||||
Préstamos | (69,784) | |||||
Activos netos del grupo | 107,541 | |||||
Otras divulgaciones | ||||||
Adiciones de capital | 2,286 | 452 | 762 | 3,500 | - | 3,500 |
Total assets are the Group's gross assets excluding deferred tax asset. Total liabilities are the Group's gross liabilities excluding loans and borrowings, current and deferred tax liabilities.
Los costos no subyacentes, así como los costos financieros netos y los impuestos no se asignan a segmentos individuales, ya que se relacionan con actividades de todo el Grupo en lugar de segmentos de informes individuales.
Los impuestos diferidos y los préstamos no se asignan a segmentos individuales ya que se gestionan a nivel de Grupo.
Las partidas ajustadas corresponden a la eliminación de todas las partidas intragrupo, incluidos los ajustes de beneficios por ventas intragrupo que se eliminan en la consolidación, junto con las partidas de pérdidas y ganancias de la Sociedad Dominante.
Las partidas ajustadas en relación con los activos y pasivos segmentarios corresponden a la eliminación de todos los saldos intragrupo e inversiones en filiales, y activos y pasivos de la Sociedad Dominante.
Adjusted Underlying EBITDA by segment
2023 | 2022 | |
Monturas y Ópticas | 17,620 | 14,772 |
Manufacturing (previously Wholesale) | 5,581 | 8,135 |
Lentes | (1,445) | (3,382) |
Ajustes y eliminaciones | (3,717) | (4,000) |
18,039 | 15,525 |
Activos operativos no corrientes
2023 | 2022 | |
Reino Unido | 7,376 | 8,117 |
Europa | 79,302 | 91,211 |
Norteamérica | 6,938 | 4,020 |
Asia | 27,375 | 25,507 |
120,991 | 128,855 |
Los activos no corrientes a estos efectos se componen de propiedades, planta y equipo, activos por derecho de uso, fondo de comercio y activos intangibles.
7. Empleados y directores
2023 | 2022 | |
Sueldos y salarios | 48,482 | 45,624 |
Costos de seguridad social | 8,809 | 7,781 |
Costos de pensión | 532 | 577 |
Gastos de pago basados en acciones | 972 | 1,398 |
58,795 | 55,380 |
The average number of employees during the year by operating segment was as follows:
2023 | 2022 | |
Monturas y Ópticas | 669 | 669 |
Manufacturing (previously Wholesale) | 928 | 961 |
Lentes | 76 | 102 |
1,673 | 1,732 |
La remuneración de los directores durante el año fue la siguiente:
2023 | 2022 | |
Salarios de los directores | 1,028 | 735 |
Directors' pension contributions | 13 | 13 |
Compartir opciones | - | - |
1,041 | 748 |
La información sobre el Director mejor pagado es la siguiente:
2023 | 2022 | |
Sueldo | 286 | 251 |
Contribuciones a las pensiones | 5 | 6 |
Compartir opciones | - | - |
Remuneración total | 291 | 257 |
The number of Directors to whom employer pension contributions were made by the Group during year is three (2022: three). This was in the form of a defined contribution pension scheme.
8. Non-underlying costs
Non-underlying costs are those that in the Directors' view should be separately disclosed by virtue of their size, nature or incidence to enable a full understanding of the Group's financial performance in the year and business trends over time. Non-underlying costs incurred during the year are as follows:
2023 | 2022 | |
Costos de reestructuración | 58 | 413 |
Costo de adquisición | - | 890 |
Otros costes de servicios profesionales | - | 163 |
58 | 1,466 |
Restructuring costs of £58,000 were incurred in the period in relation to the integration of Inspecs USA with Tura. In the comparative period, £413,000 were incurred in the period in relation to the closure of International Eyewear Limited and INSPECS Asia Limited. Acquisition costs of £890,000 were incurred during the prior period relating to prospective acquisition targets. Other professional service costs of £163,000 incurred in 2022 relate to accounting transition and valuation following the acquisition of BoDe Design GmbH and EGO Eyewear Limited in December 2021.
9. Gastos financieros e ingresos financieros
2023 | 2022 | |
Costos financieros | ||
Intereses de préstamos bancarios | 3,377 | 1,784 |
Factura descontando intereses y cargos | 136 | 76 |
Costos de transacción de préstamos | 138 | 787 |
Intereses de arrendamiento | 504 | 448 |
Costos financieros totales | 4,155 | 3,095 |
Ingresos financieros | ||
Intereses por cobrar | 240 | 108 |
10. Profit/(loss) before income tax
The profit/(loss) before income tax is stated after charging:
2023 | 2022 | |
Costo de inventarios reconocido como gasto | 73,508 | 74,415 |
Arrendamientos a corto plazo | 434 | 393 |
Depreciación - activos propios | 2,335 | 3,111 |
Depreciación: activos por derecho de uso | 3,794 | 3,633 |
Amortización - intangibles | 6,910 | 6,893 |
2023 000 £ | 2022 | |
Honorarios a pagar al auditor de la Sociedad por servicios de auditoría: | ||
Auditoría de las cuentas de la Sociedad y del Grupo | 784 | 830 |
Auditoría de las filiales | 699 | 698 |
Honorarios totales de auditoría | 1,483 | 1,528 |
Otros servicios de aseguramiento | 5 | - |
Honorarios totales no relacionados con la auditoría | 5 | - |
Retribución total del auditor | 1,488 | 1,528 |
11. Impuesto sobre la renta
Análisis del gasto fiscal:
2023 | 2022 | |
Impuesto corriente: | ||
Impuesto corriente a las ganancias del año | 88 | - |
Gasto por impuestos corrientes en el extranjero | 2,979 | 1,964 |
Ajuste con respecto a años anteriores | (135) | (820) |
Impuesto corriente total | 2,932 | 1,144 |
Impuesto diferido: | ||
Deferred tax income relating to the origination and reversal of timing differences | (1,555) | (2,396) |
Efecto de los cambios en las tasas impositivas | (62) | (87) |
Ajuste con respecto a años anteriores | (103) | (6) |
Impuesto diferido total | (1,720) | (2,489) |
Total tax charge/(credit) reported in the consolidated income statement | 1,212 | (1,345) |
Factors affecting the tax charge/(credit)
The tax credit assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:
2023 000 £ | 2022 | |
Beneficio / (pérdida) antes de impuestos sobre la renta | 215 | (7,664) |
Profit/(loss) multiplied by standard rate of corporation tax in the UK of 23.5% (2022: 19%) | 51 | (1,456) |
Efectos de: | ||
Gastos no deducibles | 202 | 946 |
Increase in provision for uncertain tax liabilities | 12 | 123 |
Pagos basados en acciones | 113 | 371 |
Tipo impositivo diferente para filiales en el extranjero | (208) | (2,478) |
Cambios en la tasa de impuestos | (58) | (87) |
Overseas tax charges | 325 | - |
Amounts not recognised for deferred tax | 603 | 2,007 |
Ajustes con respecto al año anterior | 172 | (771) |
Cargo / (crédito) de impuestos | 1,212 | (1,345) |
Movements in other comprehensive income relating to foreign exchange on consolidation are not taxable.
As a result of the increase in the UK corporation tax rate from 19% to 25% from 1 April 2023, the standard rate of corporation tax in the UK for the year ended 31 December 2023 is 23.5%
Pillar Two legislation has been enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue is lower than €750 million.
12. Ganancias por acción ('BPA')
La UPA básica se calcula dividiendo el resultado del ejercicio atribuible a los accionistas ordinarios de la Matriz entre el número medio ponderado de Acciones Ordinarias en circulación durante el ejercicio.
Diluted EPS is calculated by dividing the profit or loss attributable to ordinary equity holders of the Parent by the weighted average number of Ordinary Shares outstanding during the year plus the weighted average number of Ordinary Shares that would be issued on conversion of all the dilutive potential Ordinary Shares into Ordinary Shares, to the extent that the inclusion of such shares is not anti-dilutive. A loss has been made in the year to 31 December 2023 and the comparative period. In accordance with IAS 33, potential Ordinary Shares shall be treated as dilutive when, and only when, their conversion to Ordinary Shares would decrease earnings per share or increase loss per share from continuing operations. As a loss is made, including the dilution of potential Ordinary Shares reduces the loss per share and therefore the outstanding options should not be treated as dilutive when calculating EPS.
Basic adjusted PBT per share figures are calculated by dividing adjusted PBT for the year by the weighted average number of Ordinary Shares outstanding during the year. Diluted adjusted PBT per share figures are calculated by dividing adjusted PBT for the year by the weighted average number of Ordinary Shares plus the weighted average number of Ordinary Shares that would be issued on the conversion of all dilutive potential Ordinary Shares into Ordinary Shares. A reconciliation to adjusted PBT can be found in note 4.
The following table reflects the income and share data used in the basic and diluted EPS calculations:
Año terminado el 31 de diciembre de 2023 | Ponderado básico numero promedio de ordinario Acciones ('000) | Total (loss)/earnings (£'000) | (Pérdida) / ganancias por acción (peniques) |
Pérdida básica por acción | 101,672 | (997) | (0.98) |
Pérdida diluida por acción | 101,672 | (997) | (0.98) |
Basic adjusted PBT per share | 101,672 | 8,136 | 8.00 |
Diluted adjusted PBT per share | 107,246 | 8,136 | 7.59 |
Año terminado el 31 de diciembre de 2022 | Basic ponderado numero promedio de ordinario Acciones ('000) | Total (pérdida)/ganancias (Miles de libras esterlinas) | (Pérdida)/ |
Pérdida básica por acción | 101,672 | (6,319) | (6.21) |
Pérdida diluida por acción | 101,672 | (6,319) | (6.21) |
Basic adjusted PBT per share | 101,672 | 6,580 | 6.47 |
Diluted adjusted PBT per share | 107,554 | 6,580 | 6.12 |
13. Analysis of cash flows given in the statement of cash flows
A continuación se muestra una conciliación de la utilidad del año con el efectivo generado por las operaciones:
| 2023 | 2022 | |
Beneficio / (pérdida) antes de impuestos sobre la renta | 215 | (7,664) | |
Ajustes para: | |||
Depreciación | 6,129 | 6,744 | |
Amortización | 6,910 | 6,893 | |
Share of loss/(profit) of associate and joint venture | 12 | (19) | |
Pagos basados en acciones | 972 | 1,398 | |
Earnout on acquisitions | - | 1,544 | |
Ajuste cambiario de los empréstitos | (1,312) | 2,044 | |
Cases valuation adjustment against goodwill | - | 628 | |
Pérdida por enajenación de activos no corrientes | - | 105 | |
Costos financieros | 4,155 | 3,095 | |
Ingresos financieros | (240) | (108) | |
Cambios en el capital de trabajo | |||
Disminución / (aumento) de inventarios | 7,310 | (6,959) | |
(Aumento) / disminución de cuentas por cobrar comerciales y otras | (4,711) | 97 | |
(Disminución) / aumento de cuentas comerciales y otras cuentas por pagar | (2,526) | 2,090 | |
flujos de efectivo por actividades operacionales | 16,914 | 9,888 |
14. Deferred and contingent consideration
Deferred and contingent considerations payable relate to the acquisitions of BoDe Design GmbH and EGO Eyewear Limited. The split of the deferred and contingent consideration between each entity is as follows:
2023 | 2022 | |
Gafas EGO Limited | 652 | 1,350 |
Contraprestación diferida total no corriente | 652 | 1,350 |
2023 | 2022 | |
Gafas EGO Limited | 700 | 675 |
Contraprestación diferida actual total | 700 | 675 |
BoDe Design GmbH | 467 | 566 |
Gafas EGO Limited | 944 | 1,277 |
Contraprestación contingente actual total | 1,411 | 1,843 |
Total current deferred and contingent consideration | 2,111 | 2,518 |
The previous owners of BoDe design and EGO eyewear are entitled to earnout payments based on the performance of each entity to 31 December 2025. A charge has been recognised in the Income Statement of £1,140,000 (2022: £1,544,000) in relation to the earnout payable as a result of performance for the year to 31 December 2023.
15. Reservas
Compartir premium
This reserve records the amount above the nominal value of the sums received for shares issued, less transaction costs.
2023 | 2022 | |
Al 1 de enero y 31 de diciembre | 89,508 | 89,508 |
Reserva de conversión de moneda extranjera
This reserve records the foreign currency translation adjustments on consolidation. Effective from 1 January 2023, the presentational currency for the Consolidated Financial Statements was changed from USD to GBP. This has led to a change in the foreign currency translation reserve, which when previously presented in USD included foreign currency translation adjustments arising on the translation from the functional currency to the presentational currency.
2023 | 2022 | |
Al 1 de enero | 9,434 | 3,206 |
Otro resultado integral | (3,999) | 6,228 |
Al 31 de diciembre | 5,435 | 9,434 |
Reserva de opciones sobre acciones
The share option reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration.
2023 | 2022 | |
Al 1 de enero | 2,703 | 1,454 |
Cargo por pago basado en acciones | 972 | 1,398 |
Opciones de acciones perdidas | (453) | - |
Opciones sobre acciones canceladas | - | (149) |
Al 31 de diciembre | 3,222 | 2,703 |
The share-based payment charge for the year is recognised against the reserve as per IFRS 2 Share-Based Payments. 695,000 share options have been forfeited during the period as a result of employees leaving before the option vesting date. Upon forfeiture of share options, the related share option reserve is recycled into retained earnings, resulting in the movement of £453,000 from the share option reserve to retained earnings. During 2022, 150,000 share options were cancelled. Upon cancellation of share options, the remaining element of fair value of the option is expensed immediately through the income statement. The related share option reserve is then recycled into retained earnings, resulting in the movement of £149,000 from the share option reserve to retained earnings in 2022.
Reserva de fusión
This reserve arose on the share for share exchange between INSPECS Holdings Limited and INSPECS Group plc on 10 January 2020.
2023 | 2022 | |
Al 1 de enero y 31 de diciembre | 5,340 | 5,340 |
Ganancias retenidas
2023 | 2022 | |
Al 1 de enero | (461) | 6,931 |
Pérdida del año | (997) | (6,319) |
Opciones de acciones perdidas | 453 | - |
Opciones sobre acciones canceladas | - | 149 |
Dividendos en efectivo | - | (1,222) |
Al 31 de diciembre | (1,005) | (461) |
During the prior period, the final dividend in relation to the year ended 2021 was paid, amounting to 1.25 pence per share.
16. Pasivos financieros - préstamos
2023 | 2022 | |
Actual: | ||
Descuento de facturas | 887 | 1,490 |
préstamos bancarios | 9,650 | 48,112 |
Pasivos por arrendamiento | 3,350 | 3,634 |
13,000 | 51,746 |
2023 |
2022 | |
No corriente: | ||
préstamos bancarios | 33,733 | 186 |
Pasivos por arrendamiento | 14,501 | 16,362 |
48,234 | 16,548 |
At the balance sheet date, the available invoice discounting facility was £2,113,000 (2022: £1,510,000). The invoice discounting facility bears interest at 2.25% over base rate (2022: 2.25%). The invoice discounting facility is secured by way of fixed and floating charges over the trade receivables of INSPECS Limited. The facility has no fixed end date, with a notice period of three months.
As at 31st December 2022, it was determined the Group was in technical breach of its cashflow cover loan covenant, which resulted in the re-classification of the loan balance (£37.8m) to a current liability in line with IAS 1. Subsequently, HSBC waived the cashflow cover and leverage covenants at 31 December 2022. There is no such technical breach as of 31 December 2023.
On 27 October 2021, the Group entered a new multi-currency term loan with HSBC for $18,700,000. Repayments under this loan are £750,000 per quarter plus interest, with the liability standing at $9,491,000 as at 31 December 2023. Interest is payable at the applicable Margin Rate plus LIBOR calculated daily on a 360-day year basis. The Margin Rate is 1.90%, 2.15% or 2.40% dependent upon the Group's leverage ratio. The loan matures in October 2025, having been extended for a further 12 months during the period.
The Group also holds a multi-currency revolving credit facility loan amounting to £29,250,000 as at 31 December 2023. Interest is payable at LIBOR/EURIBOR/SONIA (depending on the currency in which funds are drawn down) plus 2.4% calculated daily on a 360-day year basis. The credit facility matures in October 2025, with this facility also having been extended for a further 12 months during the period.
A further loan is held amounting to $8,203,000 as at 31 December 2023, on which no capital repayments are required until maturity of the loan. This loan holds an interest rate of LIBOR plus 2.25%.
Remaining loans in the Group are at a fixed interest rate of 2.0% and are repayable in between one and five years. The Group's bank loans and overdrafts are secured against the business assets of the Group. The Group's lease liabilities are secured against the assets concerned.
17. Prior year adjustment - Deferred tax
Under IAS 12, deferred tax assets and liabilities should be offset if criteria relating to their legal right and intention to settle net are met. In prior years, deferred tax balances arising on the acquisition of subsidiaries have been presented gross, and not net against deferred tax assets within the jurisdictions to which they relate. It is considered that the criteria to offset these assets and liabilities under IAS 12 are met, and therefore a prior year adjustment has been made. The effect of this adjustment as at 31 December 2022 is to reduce deferred tax assets by £5,172,000 and reduce deferred tax liabilities by £5,172,000. The effect of this adjustment as at 31 December 2021 is to reduce deferred tax assets by £7,240,000 and reduce deferred tax liabilities by £7,240,000.
The reconciliation of the restated Statement of Financial Position as at 31 December 2022 is shown below:
31 diciembre 2022 £'000
| Ajuste del año anterior 000 £
| 31 de diciembre 2022 000 £ Replanteado | |
BIENES | |||
Activos no corrientes | |||
Goodwill | 55,578 | - | 55,578 |
Activos intangibles | 36,170 | - | 36,170 |
Propiedad, planta y equipo. | 17,424 | - | 17,424 |
Activos por derecho de uso | 19,683 | - | 19,683 |
Inversiones en asociadas y negocios conjuntos | 112 | - | 112 |
Activos por impuestos diferidos | 7,007 | (5,172) | 1,835 |
135,974 | (5,172) | 130,802 | |
Activos circulantes | |||
Los inventarios | 48,158 | - | 48,158 |
Cuentas comerciales y otras cuentas por cobrar | 31,144 | - | 31,144 |
Cuentas por cobrar de impuestos | 3,681 | - | 3,681 |
Efectivo y equivalentes de efectivo | 22,153 | - | 22,153 |
105,136 | - | 105,136 | |
Los activos mantenidos para la venta | 832 | - | 832 |
los activos totales | 241,942 | (5,172) | 236,770 |
EQUIDAD | |||
Accionistas | |||
Llamado capital social | 1,017 | - | 1,017 |
Compartir premium | 89,508 | - | 89,508 |
Reserva de conversión de moneda extranjera | 9,434 | - | 9,434 |
Reserva de opciones sobre acciones | 2,703 | - | 2,703 |
Reserva de fusión | 5,340 | - | 5,340 |
Ganancias retenidas | (461) | - | (461) |
Equidad total | 107,541 | - | 107,541 |
PASIVO | |||
Pasivos no corrientes | |||
Pasivos financieros - empréstitos | |||
Préstamos y empréstitos que devengan intereses | 16,548 | - | 16,548 |
Consideración diferida | 1,350 | - | 1,350 |
Pasivos por impuestos diferidos | 9,548 | (5,172) | 4,376 |
27,446 | (5,172) | 22,274 | |
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 39,153 | - | 39,153 |
Pasivos por derecho de devolución | 10,613 | - | 10,613 |
Pasivos financieros - empréstitos | |||
Préstamos y empréstitos que devengan intereses | 51,746 | - | 51,746 |
Descuento de facturas | 1,490 | - | 1,490 |
Contraprestación diferida y contingente | 2,518 | - | 2,518 |
Impuesto a pagar | 1,435 | - | 1,435 |
106,955 | - | 106,955 | |
Pasivos totales | 134,401 | (5,172) | 129,229 |
Total patrimonio y pasivos | 241,942 | (5,172) | 236,770 |
The reconciliation of the restated Statement of Financial Position as at 31 December 2021 is shown below:
2021
| Ajuste del año anterior 000 £
| 2021 Replanteado | |
BIENES | |||
Activos no corrientes | |||
Goodwill | 56,206 | - | 56,206 |
Activos intangibles | 40,298 | - | 40,298 |
Propiedad, planta y equipo. | 18,182 | - | 18,182 |
Activos por derecho de uso | 16,482 | - | 16,482 |
Inversiones en asociadas y negocios conjuntos | 36 | - | 36 |
Activos por impuestos diferidos | 9,281 | (7,240) | 2,041 |
140,485 | (7,240) | 133,245 | |
Activos circulantes | |||
Los inventarios | 41,199 | - | 41,199 |
Cuentas comerciales y otras cuentas por cobrar | 31,242 | - | 31,242 |
Cuentas por cobrar de impuestos | 2,566 | - | 2,566 |
Efectivo y equivalentes de efectivo | 22,024 | - | 22,024 |
97,031 | - | 97,031 | |
Los activos mantenidos para la venta | - | - | - |
los activos totales | 237,516 | (7,240) | 230,276 |
EQUIDAD | |||
Accionistas | |||
Llamado capital social | 1,017 | - | 1,017 |
Compartir premium | 89,508 | - | 89,508 |
Reserva de conversión de moneda extranjera | 3,206 | - | 3,206 |
Reserva de opciones sobre acciones | 1,454 | - | 1,454 |
Reserva de fusión | 5,340 | - | 5,340 |
Ganancias retenidas | 6,931 | - | 6,931 |
Equidad total | 107,456 | - | 107,456 |
|
| ||
PASIVO |
|
|
|
Pasivos no corrientes |
|
|
|
Pasivos financieros - empréstitos |
|
|
|
Préstamos y empréstitos que devengan intereses | 51,210 | - | 51,210 |
Consideración diferida | 2,300 | - | 2,300 |
Pasivos por impuestos diferidos | 15,184 | (7,240) | 7,944 |
| 68,694 | (7,240) | 61,454 |
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | 39,459 | - | 39,459 |
Pasivos por derecho de devolución | 8,215 | - | 8,215 |
Pasivos financieros - empréstitos |
| ||
Préstamos y empréstitos que devengan intereses | 9,835 | - | 9,835 |
Descuento de facturas | 1,800 | - | 1,800 |
Impuesto a pagar | 2,057 | - | 2,057 |
| 61,366 | 61,366 | |
Pasivos totales | 130,060 | (7,240) | 122,820 |
Total patrimonio y pasivos | 237,516 | (7,240) | 230,276 |
18. Contabilizar eventos relacionados con el balance
On 22 January 2024, the Group acquired the entire share capital of A-Optikk AS, a distributor based in Norway, for a nominal fee. The fair value of assets and liabilities acquired, along with associated acquisition costs are not deemed to be material to the Group as a whole.
Since the balance sheet date, but before this financial information was approved, there were no further events that the Directors consider material to the users of this financial information.
The financial information previously set out does not constitute the Group's statutory financial statements for the years ended 31 December 2023 or 2022 but is derived from those financial statements. Statutory financial statements for 2022 have been delivered to the registrar of
companies, and those for 2023 will be delivered in due course. The auditors have reported on those accounts; their report was:
i. no cualificado;
ii. did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report; and
III. no contenía una declaración bajo la Sección 498 (2) o (3) de la Ley de Sociedades de 2006.
Declaración de advertencia
This announcement contains forward looking statements which are made in good faith based on the information available at the time of its approval. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of risks and uncertainties that are inherent in any forward-looking statement which could cause actual results to differ materially from those currently anticipated. Nothing in this document should be regarded as a profits forecast.
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