중간 결과
월 19 2024
즉시 출시
DFS Furniture plc("DFS" 및 "그룹")
중간 결과 발표
RESILIENT PERFORMANCE DESPITE CHALLENGING MARKET ENVIRONMENT
DFS Furniture plc, the market-leading retailer of living room and upholstered furniture in the United Kingdom, today announces its interim results for the 26 week period ended 24 December 2023 (H1 FY24). Prior year comparative period is the 26 weeks ended 25 December 2022 (H1 FY23).
£ m | 1 회계연도 24분기 | 1 회계연도 23분기 | 변화 |
총 판매1,3 | 666.2 | 705.6 | (5.6의 %) |
수익1 | 505.1 | 544.5 | (7.2의 %) |
매출 총 이익 | 56.0% | 53.8% | +2.2%pt |
Underlying PBT(A)1,2,3 | 8.7 | 7.1 | +1.6 |
보고된 PBT | 0.9 | 6.8 | (5.9) |
기본 기초 EPS1,3 | 2.8p | 2.2p | +0.6피 |
Reported basic EPS | 0.2p | 2.1p | (1.9p) |
주당 중간 배당금 | 1.1p | 1.5p | (0.4p) |
순 은행 부채3 | 133.9 | 135.6 | (1.7) |
이점3 | SR 1.6x | SR 1.7x | (0.1x) |
1 Continuing operations excludes the discontinued International operation which ceased trading in FY23
2 PBT(A) - Profit before tax, excluding brand amortisation
3 Definitions and reconciliations of KPIs including Alternative Performance Measures ("APMs") are provided at the end of this statement in note 13 to the condensed consolidated financial statements
전략적 및 운영 하이라이트:
? Good progress on our Cost to Operate programme. Gross margin improvement from 53.8% in H1 FY23 to 56.0% in the current period and operating costs £11.5m lower (£22m gross savings more than offsetting inflation and interest rate headwinds)
? Despite a more challenging and volatile than expected upholstery market, with order volumes down c-10% year on year versus -5% assumed in formulating our profit guidance in September, the Group has continued its long track record of market share gains reaching a record level of 38.5% driven by the strength of our brands, scale and retail proposition
? Continued improvement in customer NPS measures, with both brands continuing to grow established customer scores significantly
재무 요약:
? Resilient underlying profit performance, PBT(A)1,2,3 £8.7m, up £1.6m on H1 FY23 despite weaker than expected market demand
? Reported profit before tax of £0.9m, after deducting expected non-underlying costs of £7.1m (£4.2m cash cost), including costs associated with closure of one our factories and September's refinancing
? Group order intake down -1.1% year on year, outperforming the wider market
? Gross sales3 down to a greater extent as expected, -5.6% year on year (£39.4m) due to the unwind of an elevated opening order bank at the start of the prior year resulting in a higher level of delivered sales in the comparator period
? Revenue from continuing operations1 down -7.2% year on year; higher than the gross sales reduction due to Bank of England base rate changes increasing the cost of providing interest free credit (IFC) which we partially mitigated through amending our IFC proposition
? Gross margin rate (+220 bps) and lower operating costs more than mitigated the revenue decline and impact of cost inflation on PBT(A)
? Net bank debt3 reduced from the FY23 year end position of £140.3m to £133.9m and leverage reduced from 1.9x to 1.6x (H1 FY23 £135.6m and 1.7x)
? Interim dividend of 1.1p approved by the Board
Current trading and FY24 outlook:
? After a solid start to January, market demand has weakened significantly over the last two months, with market order volumes down c16% year on year across January and February (H1 -10%)
? The group has not been immune to this and today we provide updated guidance for the year ending 30 June 2024 (53 weeks)
? Revenues expected to be in the range of £1,000m-£1,015m and PBT(A) to be in the range of £20-25m, excluding risk of Red Sea delays which we continue to monitor closely
? This represents a £60-£65m reduction in revenue guidance, partially mitigated to a £10m reduction in PBT(A) guidance, supported by strong progress on costs and gross margins
? The guidance assumes H2 market volumes broadly consistent with H1 year on year, in a range of -8% to -10%, supported by weaker Q4 comparatives and a level of pent up demand following the weak January and February. We remain cautious about consumer confidence starting to improve and benefit demand until FY25
? H2 group year on year order intake of -2% to -4% (H1 -1.1%) is based on our assumptions for H2 market volumes and our spring trading plans
? If the Red Sea issues continue through to our year end, potential delivery delays could result in up to £4m of profit being deferred into our following financial year
그룹 CEO인 Tim Stacey는 다음과 같이 말했습니다.
"I want to thank our colleagues for their dedication toward providing a first class service to our customers. Whilst the current macroeconomic situation has presented many challenges, we are pleased to have extended our market leadership while reporting a resilient profit performance through the first half.
As a result of weaker market demand we have lowered our FY24 profit guidance to £20-£25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. This reflects Revenue guidance reducing by £60-65m, partially mitigated by good progress on our Cost to Operate programme.
We remain confident in both our long-term growth strategy and the capability to deliver on our objectives. We remain well positioned to improve our profit margins without market recovery and remain confident in delivering our 8% PBT target when the market recovers."
Refer to note 13 to the financial statements for definitions and reconciliations of Alternative Performance Measures.
FY24 Interim Results Presentation
A webcast for analysts and investors will be held at 9.00am (UK time) today to announce the H1 FY24 results. Webcast link (Password: DFS2024): https://vimeo.com/event/4135214
A copy of the presentation will be made available at: https://www.dfscorporate.co.uk/
문의 :
DFS(Teneo로 문의)
팀 스테이시(그룹 CEO)
존 팰런(그룹 CFO)
Phil Hutchinson(투자자 관계)
테 네오
제임스 메이시 화이트
제시카 리드
아요 산고보왈레
+44 (0)20 7353 4200
DFS 퍼니쳐 PLC 소개
The Group is the clear market-leading retailer of living room furniture in the United Kingdom. Our Group purpose is to bring great design and comfort into every living room, in an affordable, responsible and sustainable manner. We operate an integrated physical and digital retail network of living room furniture showrooms and websites in the United Kingdom and Republic of Ireland, trading through our leading brands, DFS and Sofology. We attract customers through our targeted and national marketing activities and our reputation for high quality products and service, breadth of product offer and favourable consumer financing options. We fulfil orders for our exclusive product ranges through our own UK finished goods factories, and through manufacturing partners located in the UK, Europe and Far East, and delivered with care through our expert final-mile delivery service "The Sofa Delivery Company Limited".
FY24 Interims CEO statement
살펴보기
The Group entered the financial year with record market share and operations in good shape but within a very weak upholstery market heavily impacted by the cost of living crisis, a subdued housing market and relatively weak consumer confidence levels. Following a detailed cost review, in September we announced a £50m annualised cost efficiency programme to be delivered over the next three years, whilst continuing to pursue our strategy to profitably grow our market share in the upholstery sector and grow our presence in other furniture categories.
Market demand in the period was weaker than the assumption we had used in preparing our profit guidance at the start of the year and we believe market order volumes are currently at record low levels. The Group has, however, continued to increase market share whilst improving gross margins and reducing operating costs, which has enabled us to report year on year underlying profit growth.
The current macroeconomic situation remains challenging and market demand has weakened into H2. As a result of weaker market demand we have lowered our FY24 PBT(A) guidance to £20-£25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. The updated guidance includes a reduction in Revenues of £60-65m, which we have partially mitigated to a £10m reduction in PBT(A) as a result of good progress on our Cost to Operate programme. If our shipping partners continue to avoid using the Red Sea shipping route, delays to customer deliveries will result in up to £4m of profit being deferred into the following financial year.
The Group is well positioned for the future - customer service NPS scores are strong and continue to improve, costs are well controlled and reducing and we have line of sight to improved profit margins as we deliver our cost efficiency plans. As the market recovers, our market share, well invested asset base and P&L operating leverage puts us in a great shape to deliver our 8% PBT target and, given our negative working capital cycle, generate good levels of free cash flow when market demand recovers.
Market size update:
Market order volumes in the prior year were at very low levels, c-15%* below pre-pandemic levels based on our proprietary banking transaction data. At the start of the current period we had planned for market order volumes to be down a further -5% year on year given the weak macro outlook at the time. Actual market demand has been weaker, down -c10%* in volume terms in the first half, with exceptionally low footfall in the September-October period driven by record hot weather conditions proving a significant drag on performance.
*Proprietary Barclaycard and CACI banking data
Our three areas of focus:
Below is an update on the three areas of focus I announced in September 2023.
성장
The Group has grown market share in value terms in the period from 38% at the end of FY23 to c38.5%* continuing our long track record of growing market share across the economic cycle due to the strength of our brands, scale and retail proposition. Market share has continued to be taken from independent retailers. Across the remainder of the sector we have seen general retailers pick up share, particularly at low to mid price points.
매출 총 이익
We have made solid progress increasing our gross margin rate towards our pre-pandemic historical level of 58%. We have now achieved growth in the last three half yearly reporting periods growing margins from a low of 52.7% in FY22 to 56.0% in this period.
Cost to operate efficiencies
During the first six months of our three year Cost to Operate programme we have made good progress as we target c£50m of savings across our cost base. H1 operating costs^ reduced £11.5m year on year, with £22.1m gross savings more than offsetting inflation of c£7.0m and £3.6m of higher interest charges on our debt facilities. These savings have come from improved operational performance as well as starting to realise some savings from our Cost to Operate programme. Further details are provided in the Financial Review.
^Sales, distribution, administration, depreciation, amortisation and interest, excluding brand amortisation
An update on our pillars and platforms strategy:
기둥:
The market share gains described above have been driven by the DFS brand, the largest in the Group. The brand benefits from a well invested retail estate and digital assets that support the customer across their buying journey and from strong, unique brand partnerships. In the period we have partnered with the Ted Baker brand, launching three ranges and initial sales levels have surpassed expectations.
The Sofology brand, which has a higher average price point, has not been able to match DFS's share gains in this environment but good operational cost control has ensured brand profit contribution levels were maintained year on year. We are in the process of adapting the brand's price proposition to ensure it is best positioned for this market environment.
I'm pleased to say that both brands have achieved growth in their NPS scores to good levels. DFS's NPS established customer scores have improved by +62%, and are now nearly back to pre-pandemic levels. Sofology has also achieved strong levels of improvement with its established customer score improving to record levels over the last few months. Operationally both brands are now in a much better position recovering the ground lost through the pandemic period when customer orders were significantly delayed.
In relation to our non-upholstery 'Home' strategic initiative we have developed a drop ship solution and a new warehouse management system, providing the foundations to support growth. Due to the weak market demand in the upholstery segment we took the decision to defer investing in marketing to build awareness and drive future sales growth and instead focus our resources on optimising the profitability in our core business over the short term. The profitability of our Home offer has, however, increased year on year as we operate with improved gross margins and lower operating costs. We remain committed to driving sales growth in the Home product category in the future.
플랫폼 :
Our key platforms sourcing & manufacturing, technology & data, logistics and people & culture support our pillar brands and all play a key role in supporting our growth, be it across the top line or through improving the efficiency of our cost base. We are obtaining and making more use of data to drive insight and improved decision making across our business. Our fully integrated two man delivery service is market leading, our sourcing strategy has helped deliver three half year periods of gross margin rate improvement and through our People plan our colleagues remain highly engaged to drive us forward.
Sourcing & Manufacturing: As previously disclosed we entered a consultation process in September for the potential closure of the smallest of our three manufacturing sites and one of our wood mills. We concluded this process and ceased manufacturing at these sites in October. These types of decisions are never easy and we understand the impact it can have on our colleagues. Following a consultation with 215 colleagues, we were able to retain 44 colleagues through providing employment elsewhere in the Group, including at our recently formed sewing hub. We supported the remaining workforce through a comprehensive and meaningful outplacement support service. The ranges that were produced by the manufacturing site that has closed have been redistributed across our existing supplier base and this has contributed to reducing our cost of goods.
Technology & Data: To help mitigate the high interest rate environment on our profit margins we have recently expanded the capabilities of our Intelligent Lending Platform which we initially launched with our DFS brand, and developed it for our Sofology brand. This will enable Sofology to work with a wider Group of lenders, resulting in cost synergies.
These cost savings, in addition to retail price increases that were implemented in the second half of the prior year supported a further improvement in our gross margin rate from 55.0% in the second half of the prior year to 56.0% in the first half of this period.
Operating Costs and Logistics: Despite absorbing significant levels of cost inflation, our operating costs have reduced £11.5m year on year due to improved operational performance and we are starting to see the benefits of some of our 'operate for less' cost initiative projects. Our final mile logistics business, The Sofa Delivery Company, is performing well having completed the integration of the two discrete delivery arms of DFS and Sofology. Sofa orders for both brands are stored and delivered through the same infrastructure and resources and we are seeing consistently higher van fill rates, reduced delivery failure rates and improved post-delivery NPS scores year on year.
ESG: The Group is guided by our purpose to bring great design and comfort into every home in an
affordable, responsible and sustainable manner. We have developed policies and targets to help reduce our impact on the environment covering key elements of the materials that make up the sofas we sell, for example leather, textiles and timber along with targets covering inclusivity & diversity and our impact on local communities.
Highlights from the first half of FY24 include meeting our 10% target of an absolute reduction in Scope 1 emissions measured against our 2018/19 baseline. This has been achieved in part due to lower delivered volumes but also through various initiatives, such as moving to gas alternatives across our real estate and the consolidation of our delivery fleets into The Sofa Delivery Company. AI route planning tools as well as the investment in our teams with driver efficiency training have delivered great results and we are incrementally shifting our company cars and service vehicles to hybrid and electric models.
We have also made a significant amount of progress in developing our carbon reduction roadmap and remain on track to submit our net zero strategy to the Science Based Targets Initiative for approval in June. Over the past six months, we have engaged our manufacturing partners and raw material suppliers in our roadmap planning and many have shared their commitment to our net zero ambition.
Our colleagues remain highly engaged, and we've seen positive results from our colleague engagement survey, with the overall NPS engagement score increasing 14 points from March to September 2023. We've also made good progress in developing our inclusive culture where everyone is welcome, adding further Colleague Networks, bringing our total to five across Gender, Sexuality, Religion, Race and Disability. Finally, our Workforce Disclosure Initiative score has also increased from 73% to 80%, well above the UK average of 71% and the consumer discretionary sector of 60%.
시야:
Since our trading update on 19 January, market demand during the winter sale period has weakened by c-6%ppt compared to the H1 average and we have experienced a corresponding step back in the Group's order intake performance.
Today we provide some updated guidance for the 53 week period ending 30 June 2024. Order intake and delivery lead times are the two key sensitivities to our FY24 profit performance.
We expect revenues to be in the range of £1,000-1,015m and PBT(A) to be in the range of £20-25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. The £10m reduction in our PBT(A) guidance represents a resilient profit performance given the £60-65m reduction in Revenue, supported by the strong progress on costs and margins.
연간 안내 | 2023년 XNUMX월 | 2024월 XNUMX |
수익 | 1,060만 ~ 1,080만 파운드 | 1,000만 ~ 1,015만 파운드 |
PBT(A)3 excl. Red Sea risk* | 30만 ~ 35만 파운드 | £20-25m |
현금 투자 | 25만 ~ 30만 파운드 | £ 25m |
Non underlying costs (cash) | 4만 ~ 5만 파운드 | £ 5m |
*If Red Sea delays continue, we expect up to £4m of profit to be deferred into FY25
Whilst forecasting future market demand remains challenging, we expect overall H2 market demand will be broadly consistent with H1, in a range of -8% to -10%. This is partly supported by a relatively weak Q4 in the prior year and some potential for pent up demand following the especially weak market during the winter sale period. We are also confident that our commercial plan will be stronger year on year through Easter and Q4, as we annualise price rises and changes to interest free credit in the prior year. Based on these assumptions, the Group's year on year order intake performance** is forecast to be in the range of -2% to -4% for H2 overall, slightly below the H1 level of -1.1%.
Year end net bank debt is expected to be around £150-155m. As previously guided, this is artificially elevated due to around £15m of temporary working capital outflows that occur in the 53rd week of this financial period.
As with our previous guidance, the PBT(A) range of £20-25m assumes that issues in the Red Sea are resolved, with no delays to delivery lead times. If the Red Sea issues are not resolved ahead of our year end, then we expect delays to customer delivery lead times will result in up to £4m of profit being deferred into FY25.
**Calculated on a 26 week vs 26 week basis (i.e. excludes FY24 order intake in the 27th week in the second half of this 53 week financial period)
결론 :
I want to thank our colleagues for their dedication toward providing a first class service to our customers. Whilst the current macroeconomic situation has presented many challenges, we are pleased to have extended our market leadership while reporting a resilient profit performance through the first half.
As a result of weaker market demand we have lowered our FY24 profit guidance to £20-£25m, excluding the potential risk of Red Sea delays which we continue to monitor closely. This reflects Revenue guidance reducing by £60-65m, partially mitigated by good progress on our Cost to Operate programme.
We remain confident in both our long-term growth strategy and the capability to deliver on our objectives. We remain well positioned to improve our profit margins without market recovery and remain confident in delivering our 8% PBT target when the market recovers.
팀 스테이시
대표이사
월 19 2024
재무 검토
H1 FY24 reported profit before tax was £0.9m (H1 FY23: £6.8m), after the deduction of expected non-underlying operating costs of £7.1m (H1 FY23: £0.4m non-underlying profit).
H1 FY24 underlying profit before tax and brand amortisation (PBT(A))1 was £8.7m, slightly ahead of prior year (H1 FY23: £7.1m). This represents a resilient profit performance despite the tough market conditions, supported by planned improvements in gross margin rate, lower operating costs and market share gains, which offset the profit impact of a year on year decline in revenues.
Non-underlying costs of £7.1m include the costs associated with the planned closure in the period of the smallest of our UK manufacturing facilities and one of our wood mills. The closures have enabled us to consolidate volumes within other UK Group manufacturing sites and further leverage our buying scale with our external supplier partners, lowering operating costs and improving the net profitability of the Group. Cash outflow for the period on non-underlying costs was £4.2m, with the full year expectation remaining in line with the previous guidance of £5m.
Trading conditions proved to be more volatile and weaker than anticipated across the period, with H1 market order volumes down c-10% year on year, versus the -5% reduction assumed in our previous guidance. Although we have not been immune to the weaker demand, the reduction in Group order intake of -1.1% year on year was lower than the reduction across the market, resulting in further market share gains. Proprietary data2 for H1 shows we increased market share to 38.5% (38% at FY23 close). We remain in a favourable position for future growth when market volumes begin to recover.
순 은행 부채1 decreased from £140.3m at the end of FY23, to £133.9m at the end of H1 FY24, and leverage1 decreased from 1.9x at the end of FY23 to 1.6x. Over the medium term we remain committed to managing leverage within our target range of 0.5-1.0x.
수익 및 총매출액
1 회계연도 24분기 | 전년 대비 | 1 회계연도 23분기 | |
총 판매 | 666.2 | -5.6 % | 705.6 |
DFS | 525.6 | -5.7 % | 557.2 |
소포학 | 140.6 | -5.3 % | 148.4 |
수익 | 505.1 | -7.2 % | 544.5 |
그룹총매출1, which are recognised on delivery of orders to customers, decreased by -5.6% to £666.2m (H1 FY23: £705.6m), with both retail brands reporting a reduction on H1 FY23. As expected, this was a higher rate of decline than order intake over the same period as a result of the higher order bank at the start of the comparative period converting into sales in H1 FY23.
Market demand was volatile within the period, with the Group experiencing year on year order intake growth in July and August, a challenging September and October driven by very low footfall during unseasonably warm weather, followed by an improvement in November and December. A shift in product mix towards models with shorter lead times also meant that we were able to deliver more orders to customers and convert these to gross sales in the period.
Group average order values have increased year on year as a result of range innovation and targeted price increases in March 2023, which fed through to deliveries from May 2023 onwards.
H1 FY24 Group revenue of £505.1m was 7.2% lower than H1 FY23. This is a higher rate of decline than gross sales due to increased interest free credit costs, primarily as a result of the higher Bank of England base rates. This impact was partially mitigated by changing our everyday interest free credit customer proposition to a maximum of 36 months. We note that this cost will start to reduce when reductions in base rates are instigated by the Bank of England.
매출 총 이익
H1 FY24 Gross profit of £283.0m decreased by £9.9m (3.4%) year on year, driven by lower revenues.
Gross margin rate improved to 56.0% for H1 FY24 (H1 FY23: 53.8%, H2 FY23: 55.0%), an increase of 220bps year on year. The margin improvement has been achieved as a result of the benefits of reduced freight rates, targeted price increases on orders placed from March 2023 onwards, and cost of goods improvements partly as a result of benefits from the closure of our smallest factory and one of our woodmills part way through the period. These benefits were partially offset by adverse hedged foreign exchange movements and the increased cost of interest free credit.
We have now recorded three consecutive half year periods of year on year gross margin rate growth, and we expect this trend to continue through H2 FY24.
Selling, distribution, administration, and property costs
H1 FY24 selling, distribution, administration and property costs totalled £209.5m (H1 FY23: £224.7m), a decrease of £15.2m (6.8%), representing a % cost of revenue of 41.5% (FY23: 39.9%).
The reduction in delivered volumes contributed £4.0m to the decrease in costs. We also took the decision to flex our marketing spend down by £3.9m in response to the tougher market conditions, prioritising spend against our core upholstery business. Other cost reductions of £14.3m were delivered from across retail operations, The Sofa Delivery Company, property costs and central overheads. This was driven by a combination of better service levels and cost management disciplines, alongside good early progress on our cost efficiencies programme, all of which helped to mitigate total inflationary cost increases of c3.1% (£7.0m).
감가상각, 상각 및 이자
H1 FY24 Depreciation of £38.9m decreased by £1.3m year on year, supported by the benefits of retail property lease regears and the rationalisation of our legacy warehouse estate into fewer, larger distribution centres. Amortisation has increased £1.0m year on year due to continued investment in our IT systems.
H1 FY24 Finance costs of £20.3m increased £4.3m year on year, largely due to increased interest rates on the Group's borrowings as a result of the higher Bank of England base rate, and to a lesser extent from a higher average drawn balance during the period. The higher drawn balance on the Group's borrowings is due to working capital balances normalising during FY23, principally as the higher order bank and therefore higher customer deposit levels reduced to be in line with more historical levels.
이익 및 주당 순이익
H1 FY24 reported profit before tax for the period was £0.9m (H1 FY23: £6.8m). Underlying profit before tax and brand amortisation (PBT(A))1 was £8.7m compared to £7.1m in H1 FY23, with margin rate improvement and cost savings mitigating the profit impact of the year on year revenue reduction.
£7.1m of non-underlying costs were incurred in the period which related to the closure of the Group's smallest UK manufacturing facility and one of our woodmills (£5.7m), and costs associated with refinancing the Group's borrowing facilities (£1.9m), partially offset by the annual review and release of lease guarantee creditors no longer required in relation to properties leased by a former subsidiary entity (£0.5m).
Underlying basic earnings per share from continuing operations was 2.8 pence (H1 FY23: 2.2p). H1 FY24 basic earnings per share from continuing operations was 0.2 pence (H1 FY23: 2.3p).
The tax charge recognised in the interim financial statements has been calculated using the expected effective tax rate for FY24 of 24.0% (FY23: 21.3%). This is lower than the applicable UK Corporation Tax rate of 25.0% (FY22: 20.5%), primarily due to the availability of the fully expensing rules on capital expenditure.
Cash flow, net debt and dividends
Refinancing of our debt facilities was completed in September 2023, which increased the total amount of funds available from £215m to £250m and diversified the lending group. The new facilities were secured at competitive rates and consist of £200m from existing banking partners which runs to September 2027 (with a 16 month extension option) and £50m from the addition of US private placement notes, with redemption dates split equally between September 2028 and September 2030.
순 은행 부채1 decreased from £140.3m at the end of the prior year to £133.9m at the end of the current period. This includes a timing benefit of £6.9m in relation to the FY23 final dividend which was paid post period end in H1 FY24 and pre period end in H1 FY23.
H1 FY24 Cash capex was £14.7m (H1 FY23: £19.6m) and included the opening of the new DFS Greenwich store, six store refits, and technology related investments to further strengthen our customer proposition, mid and back office functions. We expect annual cash capex investment for FY24 to be at the lower end of the £25-£30m range previously communicated.
H1 FY24 return on capital employed (ROCE)1 was 14.8% (H1 FY23: 13.5%) as a result of slightly higher profit on a last twelve months basis, with capital employed remaining stable. We expect returns to grow over time given i) our anticipated improved profitability as our product, property and operating cost reductions continue to be delivered and market volumes recover and ii) our negative working capital model.
이점1 decreased from 1.9x at the end of FY23 to 1.6x for H1 FY24. Based on the revised FY24 profit guidance described in the CEO's report, our year end net bank debt is expected to be in the range of £150m-£155m and leverage in the range of 2.0x to 2.1x. This includes the impact of a temporary £15m working capital outflow in the final week of this extended 53 week financial period. Excluding the temporary working capital outflow, leverage will be in the range of 1.8x-1.9x. Over the medium term we remain committed to returning leverage to within our target range of 0.5-1.0x.
Aligned to our capital distribution policy, the Board has declared an interim dividend for FY24 of 1.1 pence per share, at a total cost of £2.5m. This dividend will be paid on 30 May 2024 to shareholders on the register on 19 April 2024.
존 팰론
최고 재무담당자(CFO)
월 19 2024
1 Definitions and reconciliations of KPIs including Alternative Performance Measures ("APMs") are provided at the end of this statement in note 13 to the condensed consolidated financial statements
2 Proprietary Barclaycard banking data
주요 위험 및 불확실성
그룹의 비즈니스 모델, 미래 성과, 지급 능력 또는 유동성을 위협할 수 있는 주요 위험은 2023년 연례 보고서에 설명된 것과 일치합니다. 요약은 다음과 같습니다.
위험 | 영향 |
재무 위험 및 유동성 | The geopolitical and macroeconomic environment or other events (such as a future pandemic or expansion of the Ukraine war into other territories) may impact the Group's working capital requirements, its ability to access debt or equity financing, the cost of that financing, or the price of purchases in foreign currencies. |
규제 | The Group is subject to increasing levels of compliance requirements in many of its activities from regulatory and other authorities, including the Financial Conduct Authority for its consumer finance offering, the Information Commissioner's Office in relation to data protection and Health and Safety Executive and local authorities for the health and safety of its colleagues and customers. The Group also generates revenue from the sale of product aftercare insurance, a form of general insurance add-on product. |
| A cyber-attack, ransomware or data breach could result in business disruption, and loss or corruption of customer data, which could adversely impact our reputation and customer confidence. Our website and IT infrastructure are key elements of our strategy. A failure to review and innovate in this competitive area could impact achievement of the Group's growth plans. |
공급망 및 제조 탄력성 | Disruption across our supply chain, including shortages of critical materials, reliance on key manufacturing sites and logistics constraints could result in supply shortages or delays. |
거시 경제 불확실성 | The Group's products represent a significant discretionary spend for customers and demand is heavily influenced by factors affecting the economic environment in which the Group operates including (but not limited to): consumer confidence, employment levels, real income, the availability of credit and the level of housing market activity. |
환경, | Key stakeholders, including customers, colleagues, investors and regulators, as well as the media, are increasingly focused on the Group's policies and management regarding Environmental, Social and Governance ('ESG') risks. The Group is also required to meet increasing non-financial reporting and disclosure requirements. |
노동력 부족으로 인한 숙련공 유지 | There has been increased pressure within the UK labour market in general with low levels of unemployment, high levels of vacancies and shortages of skilled workers across all sectors. The Group needs to attract, retain and develop the right talent and required capabilities to achieve targeted business performance and delivery of our strategy. |
Consumer Proposition and industry | The reputation of, and value associated with, the Group's brands and product offering is central to the success of the business. Failure to maintain a well-designed, high-quality product range that is priced attractively could compromise the success of the Group. |
변환 | The Group undertakes a number of significant investment or business change projects that are key to successfully executing its strategy. |
책임 성명서
우리는 우리가 아는 한 다음을 확인합니다.
? the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK;
? the interim management report includes a fair review of the information required by:
(a) 회계연도의 첫 4.2.7개월 동안 발생한 중요한 사건과 요약된 재무제표에 미치는 영향을 나타내는 공개 지침 및 투명성 규칙의 DTR XNUMXR 나머지 XNUMX개월 동안의 주요 위험 및 불확실성에 대한 설명 그리고
(b) 공개 지침 및 투명성 규칙의 DTR 4.2.8R, 현재 회계 연도의 처음 XNUMX개월 동안 발생하고 해당 기간 동안 기업의 재무 상태 또는 성과에 중대한 영향을 미친 특수관계자 거래입니다. 그리고 그렇게 할 수 있는 지난 연례 보고서에 설명된 특수관계자 거래의 모든 변경.
이사회의 명령으로
Tim Stacey John Fallon
Chief Executive Officer Chief Financial Officer
월 19 2024
DFS FURNITURE PLC에 대한 독립 검토 보고서
결론
We have been engaged by DFS Furniture plc ("the Company") to review the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 24 December 2023 which comprises Condensed Consolidated Income Statement, Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Changes in Equity, Condensed Consolidated Cash Flow Statement and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 24 December 2023 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").
결론 근거
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
검토는 감사에 관한 국제 표준(영국)에 따라 수행되는 감사보다 범위가 상당히 적으며 결과적으로 우리가 감사에서 식별될 수 있는 모든 중요한 사항을 알게 될 것이라는 확신을 얻을 수 없습니다. 따라서 우리는 감사의견을 표명하지 아니합니다.
계속기업에 관한 결론
이 보고서의 결론 근거 섹션에 설명된 것과 같이 감사에서 수행된 것보다 덜 광범위한 검토 절차를 기반으로, 이사가 다음의 계속기업 기준을 부적절하게 채택했다고 믿을 만한 사항은 없습니다. 회계 또는 이사가 적절하게 공개되지 않은 계속 기업과 관련된 중요한 불확실성을 식별했습니다.
이 결론은 ISRE(UK) 2410에 따라 수행된 검토 절차를 기반으로 합니다. 그러나 미래의 사건이나 조건으로 인해 그룹이 계속 기업으로서 존속하는 것이 중단될 수 있으며 위의 결론이 그룹이 계속될 것이라는 보장은 아닙니다. 작동 중.
이사의 책임
반기 재무 보고서는 이사의 책임이며 이사의 승인을 받았습니다. 이사들은 영국 FCA의 DTR에 따라 반기 재무 보고서를 준비할 책임이 있습니다.
주석 1에서 공시한 바와 같이 그룹의 연간 재무제표는 영국이 채택한 국제 회계 기준에 따라 작성됩니다.
이사는 영국에서 사용하기 위해 채택된 IAS 34에 따라 반기 재무 보고서에 포함된 요약 재무제표를 준비할 책임이 있습니다.
요약 재무제표를 준비할 때 이사는 계속 기업으로서의 존속 능력을 평가하고 해당되는 경우 계속 기업과 관련된 사항을 공시하며 이사가 청산을 의도하지 않는 한 회계의 계속 기업 기준을 사용할 책임이 있습니다. 그룹을 만들거나 운영을 중단하거나 그렇게 하는 것 외에는 현실적인 대안이 없습니다.
우리의 책임
우리의 책임은 우리의 검토를 바탕으로 반기 재무제표에 요약 재무제표에 대한 결론을 회사에 표명하는 것입니다. 계속기업에 관한 우리의 결론을 포함하여 우리의 결론은 이 보고서의 결론근거 부분에 기술된 바와 같이 감사절차보다 덜 광범위한 절차에 기초하고 있습니다.
검토 작업의 목적과 책임을 지고 있는 대상
This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.
Gill Hopwood-Bell
KPMG LLP를 대신하여
공인 회계사
1 소버린 스퀘어
소버린 스트리트
리즈
LS1 4DA
월 19 2024
미감사 요약연결손익계산서
| 26년 24월 2023일까지 XNUMX주 | 26년 25월 2022일까지 XNUMX주 | 52주 ~ 25년 2023월 XNUMX일 | |||||||||
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| 비 기초 | |
| 비 기초 | | | 비 기초 | | |||
주의 사항 | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |||
지속적인 운영 |
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총 판매 | 3 | 666.2 | - | 666.2 | 705.6 | - | 705.6 | 1,423.6 | - | 1,423.6 | ||
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수익 | 3 | 505.1 | - | 505.1 | 544.5 | - | 544.5 | 1,088.9 | - | 1,088.9 | ||
매출원가 |
| (222.1) | - | (222.1) | (251.6) | - | (251.6) | (496.7) | - | (496.7) | ||
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매출 총 이익 |
| 283.0 | - | 283.0 | 292.9 | - | 292.9 | 592.2 | - | 592.2 | ||
판매 및 유통 비용 |
| (175.2) | - | (175.2) | (187.3) | - | (187.3) | (364.6) | - | (364.6) | ||
관리비 |
| (34.3) | (5.2) | (39.5) | (37.4) | 0.4 | (37.0) | (70.2) | 0.5 | (69.7) | ||
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감가상각비 차감 전 영업이익 |
| 73.5 | (5.2) | 68.3 | 68.2 | 0.4 | 68.6 | 157.4 | 0.5 | 157.9 | ||
감가 상각 |
| (38.9) | - | (38.9) | (40.2) | - | (40.2) | (80.5) | - | (80.5) | ||
상각 |
| (6.6) | - | (6.6) | (5.6) | - | (5.6) | (11.6) | - | (11.6) | ||
손상 |
| - | - | - | - | - | - | (2.0) | - | (2.0) | ||
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영업 이익 | 4 | 28.0 | (5.2) | 22.8 | 22.4 | 0.4 | 22.8 | 63.3 | 0.5 | 63.8 | ||
금융 수입 |
| 0.3 | - | 0.3 | - | - | - | 0.2 | - | 0.2 | ||
재정 비용 | 5 | (20.3) | (1.9) | (22.2) | (16.0) | - | (16.0) | (34.3) | - | (34.3) | ||
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과세 전 소득 |
| 8.0 | (7.1) | 0.9 | 6.4 | 0.4 | 6.8 | 29.2 | 0.5 | 29.7 | ||
과세 | 6 | (1.5) | 1.2 | (0.3) | (1.0) | (0.1) | (1.1) | (6.6) | (0.1) | (6.7) | ||
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계속영업으로 인한 기간 동안의 이익 |
| 6.5 | (5.9) | 0.6 | 5.4 | 0.3 | 5.7 | 22.6 | 0.4 | 23.0 | ||
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(손실)/중단영업이익 |
| - | - | - | (0.6) | - | (0.6) | (0.3) | 3.5 | 3.2 | ||
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해당 기간 동안의 이익 |
| 6.5 | (5.9) | 0.6 | 4.8 | 0.3 | 5.1 | 22.3 | 3.9 | 26.2 |
주당 법정 순이익 |
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Basic | 7 |
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- from continuing operations |
| 2.8p | (2.6:XNUMX)p | 0.2p | 2.2p | 0.1p | 2.3p | 9.6p | 0.2p | 9.8p | ||
- from discontinued operations |
| - | - | - | (0.2:XNUMX)p | - | (0.2:XNUMX)p | (0.2:XNUMX)p | 1.5p | 1.3p | ||
금액 |
| 2.8p | (2.6:XNUMX)p | 0.2p | 2.0p | 0.1p | 2.1p | 9.4p | 1.7p | 11.1p | ||
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희석 | 7 |
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- from continuing operations |
| 2.8p | (2.6:XNUMX)p | 0.2p | 2.2p | 0.1p | 2.3p | 9.5p | 0.2p | 9.7p | ||
- from discontinued operations |
| - | - | - | (0.2:XNUMX)p | - | (0.2:XNUMX)p | (0.2:XNUMX)p | 1.5p | 1.3p | ||
금액 |
| 2.8p | (2.6:XNUMX)p | 0.2p | 2.0p | 0.1p | 2.1p | 9.3p | 1.7p | 11.0p |
미감사 요약연결포괄손익계산서
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
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해당 기간 동안의 이익 | 0.6 | 5.1 | 26.2 |
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기타 포괄 손익 |
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후속적으로 당기손익으로 재분류되거나 재분류될 수 있는 항목: |
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현금흐름위험회피의 공정가치 변동의 유효부분 | 1.7 | (3.0) | (8.7) |
당기손익으로 재분류된 현금흐름위험회피의 공정가치 순변동 |
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매출원가로 인정 | (0.1) | (9.3) | (13.7) |
후속적으로 당기손익으로 재분류되거나 재분류될 수 있는 항목에 대한 법인세 | (0.5) | 3.0 | 5.9 |
당기 기타포괄손익/(비용) 법인세 차감 후 금액 | 1.1 | (9.3) | (16.5) |
해당 기간 총 포괄 손익 | 1.7 | (4.2) | 9.7 |
지배기업의 소유주에게 귀속되는 기간의 총포괄손익 |
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- from continuing operations | 1.7 | (3.6) | 6.5 |
- from discontinued operations | - | (0.6) | 3.2 |
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1.7 | (4.2) | 9.7 |
미감사 요약 연결 대차대조표
| 24 12월 | 25 12월 | 6월 25 2023 | |
| 주의 사항 | £ m | £ m | £ m |
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비유동 자산 |
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재산, 식물 및 장비 | 10 | 92.5 | 107.9 | 97.4 |
자산 사용권 | 10 | 318.8 | 314.8 | 312.6 |
무형 자산 | 10 | 536.4 | 534.8 | 536.7 |
기타 금융 자산 | - | 0.1 | - | |
이연 법인세 자산 | 16.6 | 14.1 | 15.5 | |
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964.3 | 971.7 | 962.2 | ||
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유동 자산 |
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재고 | 52.1 | 56.5 | 55.8 | |
기타 금융 자산 | - | 8.2 | 0.7 | |
매출 채권 및 기타 채권 | 10.5 | 21.2 | 11.1 | |
유동 법인세 자산 | 2.2 | 5.7 | 2.7 | |
현금및현금성자산(은행 당좌차월 제외) | 13.7 | 34.4 | 26.7 | |
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78.5 | 126.0 | 97.0 | ||
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총자산 | 1,042.8 | 1,097.7 | 1,059.2 | |
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유동 부채 |
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은행 당좌 대월 | (3.6) | - | - | |
매입채무 및 기타부채 | (232.0) | (260.7) | (224.9) | |
리스 부채 | (88.3) | (83.3) | (84.1) | |
식량 | 11 | (6.7) | (12.3) | (6.2) |
기타금융부채 | (4.1) | (2.5) | (6.7) | |
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(334.7) | (358.8) | (321.9) | ||
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비유동 부채 |
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이자부 대출 및 차입금 | (142.1) | (168.8) | (165.8) | |
리스 부채 | (325.4) | (333.5) | (327.3) | |
식량 | 11 | (6.6) | (6.0) | (6.9) |
기타금융부채 | (0.4) | (0.6) | (0.2) | |
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(474.5) | (508.9) | (500.2) | ||
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총 부채 | (809.2) | (867.7) | (822.1) | |
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순자산 | 233.6 | 230.0 | 237.1 | |
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지배기업의 주주에게 귀속되는 자본 |
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주식 자본 | 24.1 | 24.1 | 24.1 | |
프리미엄 공유 | 40.4 | 40.4 | 40.4 | |
합병준비금 | 18.6 | 18.6 | 18.6 | |
자본상환준비금 | 359.6 | 359.6 | 359.6 | |
자기 주식 | (10.1) | (6.1) | (10.1) | |
종업원복지신탁이 보유한 주식 | (6.0) | (6.6) | (6.6) | |
현금 흐름 헤지 준비금 | (3.2) | 5.2 | (4.9) | |
이익 잉여금 | (189.8) | (205.2) | (184.0) | |
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총 자본 | 233.6 | 230.0 | 237.1 | |
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감사받지 않은 연결 자본변동표
공유 자본 | 공유 프리미엄 | 합병준비금 | 자본상환준비금 |
국고 | 직원 복지 신탁 주식 | 현금 흐름 헤징 | 잉여금 수입 | 금액 공평 | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |
26 년 2022 월 XNUMX 일 잔액 | 25.9 | 40.4 | 18.6 | 357.8 | (4.9) | (6.9) | 17.5 | (179.5) | 268.9 |
해당 기간 동안의 이익 | - | - | - | - | - | - | - | 5.1 | 5.1 |
기타포괄손익/(비용) | - | - | - | - | - | - | (12.3) | 3.0 | (9.3) |
해당 기간 총 포괄 손익 | - | - | - | - | - | - | (12.3) | 8.1 | (4.2) |
배당 | - | - | - | - | - | - | - | (8.7) | (8.7) |
자사주 매입 | - | - | - | - | (26.9) | - | - | - | (26.9) |
직원복리후생신탁 발행주식 | - | - | - | - | - | 0.3 | - | (0.3) | - |
주식기준보상 정산 | - | - | - | - | - | - | - | (0.2) | (0.2) |
공유 기반 지불 | - | - | - | - | - | - | - | 1.1 | 1.1 |
취소를 위해 구매한 주식 | (1.8) | - | - | 1.8 | 25.7 | - | - | (25.7) | - |
25 년 2022 월 XNUMX 일 잔액 | 24.1 | 40.4 | 18.6 | 359.6 | (6.1) | (6.6) | 5.2 | (205.2) | 230.0 |
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25 년 2023 월 XNUMX 일 잔액 | 24.1 | 40.4 | 18.6 | 359.6 | (10.1) | (6.6) | (4.9) | (184.0) | 237.1 |
해당 기간 동안의 이익 | - | - | - | - | - | - | - | 0.6 | 0.6 |
기타포괄손익/(비용) | - | - | - | - | - | - | 1.7 | (0.6) | 1.1 |
해당 기간 총 포괄 손익 | - | - | - | - | - | - | 1.7 | - | 1.7 |
배당 | - | - | - | - | - | - | - | (6.9) | (6.9) |
직원복리후생신탁 발행주식 | - | - | - | - | - | 0.6 | - | (0.6) | - |
공유 기반 지불 | - | - | - | - | - | - | - | 1.7 | 1.7 |
24 년 2023 월 XNUMX 일 잔액 | 24.1 | 40.4 | 18.6 | 359.6 | (10.1) | (6.0) | (3.2) | (189.8) | 233.6 |
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감사되지 않은 요약 연결 현금 흐름표
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
해당 기간 동안의 이익 | 0.6 | 5.1 | 26.2 |
다음에 대한 조정 : |
| ||
소득세 비용 | 0.3 | 1.2 | 7.1 |
금융 수입 | (0.3) | - | (0.2) |
재정 비용 | 20.3 | 16.1 | 34.3 |
Non-underlying financing costs | 1.9 | - | - |
유형 자산의 감가 상각 | 11.3 | 10.8 | 22.1 |
사용권 자산의 감가상각 | 27.6 | 29.4 | 58.4 |
무형 자산의 상각 | 6.6 | 5.6 | 11.6 |
자산 손상 | - | - | 2.0 |
자산, 플랜트 및 장비 판매 수익 | (0.9) | (0.7) | (0.8) |
(Gain)/loss on disposal of right of use assets | (0.7) | 0.7 | (1.2) |
주식기준보상 정산 | - | (0.2) | (0.3) |
공유 기반 지불 비용 | 1.7 | 1.1 | 1.8 |
Foreign exchange impact on cash flow hedges | - | - | 1.4 |
매출채권 및 기타수취채권의 감소 | 0.6 | 3.1 | 13.2 |
재고 감소 | 3.7 | 7.9 | 8.6 |
매출채권 및 기타채무의 증가/(감소) | 0.2 | (20.1) | (55.8) |
충당금 증가/(감소) | 0.2 | (0.8) | (6.0) |
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세전 영업활동 순현금 | 73.1 | 59.2 | 122.4 |
납부한 세금 | (1.5) | 0.7 | (0.7) |
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영업 활동으로 인한 순 현금 | 71.6 | 59.9 | 121.7 |
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투자 활동 |
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자산, 플랜트 및 장비 판매 수익 | 2.9 | 0.7 | 1.3 |
받은이자 | 0.3 | - | 0.2 |
유형자산의 취득 | (8.3) | (13.0) | (20.4) |
기타 무형 자산의 취득 | (6.4) | (6.6) | (14.5) |
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투자 활동에 사용 된 순 현금 | (11.5) | (18.9) | (33.4) |
| |||
금융 활동 |
| ||
이자 지급 | (10.2) | (3.8) | (10.5) |
리스부채에 대한 이자 | (12.4) | (11.8) | (23.5) |
리스 부채의 지불 | (31.1) | (35.4) | (61.6) |
(Repayment)/drawdown of borrowings | (23.0) | 75.0 | 72.0 |
자사주 매입 | - | (26.9) | (30.9) |
보통 배당금 지급 | - | (8.7) | (12.1) |
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금융 활동에 사용 된 순 현금 | (76.7) | (11.6) | (66.6) |
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현금 및 현금 등가물 순 (감소) / 증가 | (16.6) | 29.4 | 21.7 |
기간 초기 현금 및 현금성 자산 | 26.7 | 5.0 | 5.0 |
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기말현금 및 현금등가물(당좌차월 포함) | 10.1 | 34.4 | 26.7 |
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1. Basis of preparation
DFS Furniture plc("회사") 및 그 자회사(통칭하여 "그룹")에 대한 이 감사되지 않은 요약 연결 중간 재무제표는 19년 2024월 XNUMX일에 발표하도록 승인되었습니다.
요약연결중간재무제표는 IAS 34에 따라 작성되었습니다. 중간 재무보고 영국에서 사용하기 위해 채택되었으며 26년 24월 2023일에 종료된 26주, 25년 2022월 52일에 종료된 25주, 2023년 XNUMX월 XNUMX일에 종료된 XNUMX주에 대한 결과를 포함합니다.
The condensed consolidated interim financial statements do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed consolidated interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 25 June 2023 which were prepared in accordance with international accounting standards ('UK-adopted IFRS').
The statutory accounts for the 52 weeks ended 25 June 2023 have been reported on by the Company's auditor and delivered to the Registrar of Companies. The auditor's report for those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. The auditor's review report for the 26 weeks ended 24 December 2023 is attached.
관심가는
요약 연결재무제표는 계속기업 기준으로 작성되었으며, 이사들은 다음과 같은 이유로 적정하다고 판단합니다.
The Group has a £200.0m revolving credit facility and £50.0m of senior secured notes. The £200.0m revolving credit facility is held with a syndicate of banks and matures in September 2027, with the option of a 16 month extension. The senior secured notes comprise two tranches: £25.0m maturing in September 2028 and £25.0m maturing in September 2030. At 13 March 2024, £72.0m of the revolving credit facility remained undrawn, and £2.2m of the Group's overdraft facility was utilised.
Covenants applicable to the revolving credit facility are: 3.0x net debt / EBITDA and 1.5x fixed charge cover, and are assessed on a six-monthly basis at June and December.
The Directors have prepared cash flow forecasts for the Group covering a period of at least twelve months from the date of approval of these interim condensed consolidated financial statements (the 'going concern assessment period'), which indicate that the Group will be in compliance with these covenants. These forecasts include a number of assumptions in relation to: market size and the Group's order intake volumes; inflationary impacts on gross margin and other costs; sector-wide manufacturing and supply chain capacities; and achievement of cost savings in line with the Group's strategic plans.
The Directors have also prepared severe but plausible downside sensitivity scenarios which cover the same going concern assessment period as the base case. These scenarios include significantly reduced customer spending, impacts on gross margin and other costs from inflationary cost pressures, and a combination of these scenarios. The Directors have also performed reverse stress-testing analysis to confirm that circumstances resulting in a covenant breach were beyond those considered plausible.
1. 준비의 기초 (계속되는)
As part of this analysis, the Directors have considered mitigating actions within the Group's control which could reduce the impact of these severe but plausible downside scenarios. These mitigating actions include reducing discretionary operating expenditure, a pause on expansionary capital investment, a reduction or pause in dividend payments, and other measures to protect cash balances. These forecast cash flows, considering the ability and intention of the Directors to implement mitigating actions should they need to, indicate that there remains sufficient headroom in the forecast period for the Group to operate within the committed facilities and to comply with all relevant banking covenants during the going concern assessment period.
이사들은 현재의 경제 및 정치 환경의 영향을 예측하는 데 내재된 불확실성을 포함하여 위에 언급된 모든 요소를 고려했으며, 그룹이 모든 책임을 계속해서 이행할 수 있는 충분한 자원을 가지고 있다고 확신합니다. 예측 가능한 미래 및 이 요약 연결 중간재무제표 승인일로부터 최소 XNUMX개월. 따라서 요약 연결재무제표는 계속기업 기준으로 작성되었습니다.
2. Principal accounting policies
As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the accounting policies adopted in preparing the condensed consolidated interim financial statements are consistent with the policies in the Group's financial statements for the 52 weeks ended 25 June 2023. These are consistent with IFRS, as issued by the International Accounting Standards Board and adopted by the UK Endorsement Board for use in the United Kingdom. There are no new standards, amendments to existing standards or interpretations that are effective for the first time in the period ended 24 December 2023 that have a material impact on the Group's results.
3. Segmental Analysis
The Group's operating segments under IFRS 8 have been determined based on management accounts reports reviewed by the Group Leadership Team. Segment performance is assessed based upon brand contribution. Brand contribution is defined as underlying EBITDA (being earnings before interest, tax, depreciation, amortisation and non-underlying items) excluding property costs and central administration costs.
그룹은 소매 브랜드를 기반으로 운영 성과를 검토하고 관리하며 식별된 보고 부문과 비즈니스 활동의 성격은 다음과 같습니다.
DFS: the retailing of upholstered furniture and related products through DFS branded stores and websites.
Sofology: the retailing of upholstered furniture and related products through Sofology branded stores and website.
Other: the manufacture of upholstered furniture and the supply of contract logistics.
3. Segmental analysis (계속되는)
Segment revenue - continuing operations
External gross sales | 내부판매 | 총매출액 | |||||||
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | 26주 24 12월 | 26주 25 12월 | 52주 6월 25 | 26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | 2023 | 2022 | 2023 | 2023 | 2022 | 2023 | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |
| |||||||||
DFS | 525.6 | 557.2 | 1,125.5 | - | - | - | 525.6 | 557.2 | 1,125.5 |
소포학 | 140.6 | 148.4 | 298.1 | - | - | - | 140.6 | 148.4 | 298.1 |
기타 세그먼트 | - | - | - | 102.0 | 105.6 | 215.6 | 102.0 | 105.6 | 215.6 |
제거 | - | - | - | (102.0) | (105.6) | (215.6) | (102.0) | (105.6) | (215.6) |
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총 판매 | 666.2 | 705.6 | 1,423.6 | - | - | - | 666.2 | 705.6 | 1,423.6 |
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
총 세그먼트 총 매출 | 666.2 | 705.6 | 1,423.6 |
감면: 부가가치세 및 기타 판매세 | (105.3) | (112.1) | (226.2) |
적음: 무이자 신용 및 애프터케어 서비스 비용 | (55.8) | (49.0) | (108.5) |
| |||
수익 | 505.1 | 544.5 | 1,088.9 |
그 중 : |
| ||
가구 판매 | 466.6 | 518.1 | 1,033.3 |
애프터케어 제품 판매 | 38.5 | 26.4 | 55.6 |
| |||
수익 | 505.1 | 544.5 | 1,088.9 |
Segment profit - continuing operations
26년 24월 2023일까지 XNUMX주 - 계속 운영 | DFS | 소포학 | 기타 | 제거 | 금액 |
£ m | £ m | £ m | £ m | £ m | |
|
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|
| |
수익 | 397.0 | 108.1 | 102.0 | (102.0) | 505.1 |
매출원가 | (190.2) | (49.3) | (27.4) | 44.8 | (222.1) |
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매출 총 이익 | 206.8 | 58.8 | 74.6 | (57.2) | 283.0 |
판매 및 유통 비용(재산 비용 제외) | (113.1) | (29.9) | (59.0) | 41.9 | (160.1) |
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브랜드 기여도(세그먼트 이익) | 93.7 | 28.9 | 15.6 | (15.3) | 122.9 |
재산 비용 |
|
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|
| (15.1) |
기본 관리 비용 |
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| (34.3) |
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기본 EBITDA |
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| 73.5 |
26년 25월 2022일까지 XNUMX주 - 계속 운영 | DFS | 소포학 | 기타 | 제거 | 금액 |
£ m | £ m | £ m | £ m | £ m | |
수익 | 428.4 | 116.1 | 105.6 | (105.6) | 544.5 |
매출원가 | (213.7) | (54.8) | (29.7) | 46.6 | (251.6) |
매출 총 이익 | 214.7 | 61.3 | 75.9 | (59.0) | 292.9 |
판매 및 유통 비용(재산 비용 제외) | (116.3) | (32.7) | (64.2) | 44.0 | (169.2) |
브랜드 기여도(세그먼트 이익) | 98.4 | 28.6 | 11.7 | (15.0) | 123.7 |
재산 비용 | (18.1) | ||||
기본 관리 비용 | (37.4) | ||||
기본 EBITDA | 68.2 | ||||
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3. 세그먼트 분석 (계속되는)
52년 25월 2023일까지 XNUMX주 - 계속 운영 | DFS | 소포학 | 기타 | 제거 | 금액 |
£ m | £ m | £ m | £ m | £ m | |
| |||||
수익 | 858.5 | 230.4 | 215.6 | (215.6) | 1,088.9 |
매출원가 | (424.8) | (106.8) | (61.6) | 96.5 | (496.7) |
매출 총 이익 | 433.7 | 123.6 | 154.0 | (119.1) | 592.2 |
판매 및 유통 비용(재산 비용 제외) | (229.0) | (64.5) | (129.3) | 88.4 | (334.4) |
브랜드 기여도(세그먼트 이익) | 204.7 | 59.1 | 24.7 | (30.7) | 257.8 |
재산 비용 | (30.2) | ||||
기본 관리 비용 | (70.2) | ||||
기본 EBITDA | 157.4 | ||||
|
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
기본 EBITDA | 73.5 | 68.2 | 157.4 |
Non-underlying operating profit items | (5.2) | 0.4 | 0.5 |
감가상각 및 상각 | (45.5) | (45.8) | (94.1) |
| |||
영업 이익 | 22.8 | 22.8 | 63.8 |
순 금융 비용 | (20.0) | (16.0) | (34.1) |
비기본금융비용 | (1.9) | - | - |
| |||
과세 전 소득 | 0.9 | 6.8 | 29.7 |
4. Operating profit - continuing operations
그룹 영업 이익은 충전/(크레딧) 후 명시됩니다.
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
유형자산 감가상각비(사용권자산 감가상각비 포함) | 38.9 | 40.2 | 80.5 |
무형 자산의 상각 | 6.6 | 5.6 | 11.6 |
장애 | - | - | 2.0 |
유형자산 처분순익 | (0.9) | (0.7) | (0.8) |
Net (gain)/loss on disposal of right of use assets | (0.7) | 0.7 | (1.2) |
비용으로 인식된 재고자산의 원가 | 220.2 | 264.1 | 509.1 |
재고자산을 순실현가능가치로 기록 | 0.4 | (1.8) | 2.0 |
기타 매출원가 | 1.5 | (10.7) | (14.4) |
조항의 해제 | (1.8) | - | (0.9) |
정부보조금 수령(사업자요금 감면) | - | (0.2) | (0.2) |
운용리스 임대 | 1.5 | 0.2 | 0.2 |
| |||
기본이 아닌 항목: |
| ||
구조 조정 비용 | 5.7 | - | - |
임대보증 조항 해제 | (0.5) | (0.4) | (0.5) |
| |||
5.2 | (0.4) | (0.5) | |
|
Restructuring costs of £5.7m includes redundancy and operational costs associated with the closure of the Group's smallest UK factory. The release of the lease guarantee provision relates to the property provisions detailed in note 11.
5. Finance expense - continuing operations
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
선순위 회전 신용 시설에 대한 이자 지급 | 6.3 | 4.0 | 10.4 |
선순위 담보 채권에 대한 이자 지급 | 1.3 | - | - |
은행 수수료 | 0.3 | 0.3 | 0.4 |
충당금 할인 해제 | 0.1 | - | 0.1 |
리스부채에 대한 이자 | 12.3 | 11.7 | 23.4 |
| |||
총 금융 비용 | 20.3 | 16.0 | 34.3 |
Non-underlying finance costs of £1.9m relate to the refinancing of the Group's borrowing facilities in September 2023. This includes the write off of unamortised underwriting fees associated with the old revolving credit facility and professional fees incurred in relation to the arrangement of the new facilities.
6. 과세
반기재무제표에 인식된 법인세는 53년 30월 2024일까지의 24.0주 동안의 예상유효세율 52%(25년 2023월 19.1일까지의 XNUMX주: XNUMX%)를 기준으로 산정되었습니다.
7. 주당순이익
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
펜스 | 펜스 | 펜스 | |
| |||
주당 기본이익/(손실) |
| ||
- from continuing operations | 0.2 | 2.3 | 9.8 |
- from discontinued operations | - | (0.2) | 1.3 |
| |||
총 기본 주당 수익 | 0.2 | 2.1 | 11.1 |
| |||
희석주당순이익/(손실) |
| ||
- from continuing operations | 0.2 | 2.3 | 9.7 |
- from discontinued operations | - | (0.2) | 1.3 |
| |||
총희석주당이익 | 0.2 | 2.1 | 11.0 |
| |||
| |||
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
모회사의 주주에게 귀속되는 이익 |
| ||
- from continuing operations | 0.6 | 5.7 | 23.0 |
- from discontinued operations | - | (0.6) | 3.1 |
| |||
0.6 | 5.1 | 26.1 | |
| |||
| |||
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
그렇지 않습니다. | 그렇지 않습니다. | 그렇지 않습니다. | |
| |||
기본주당순이익의 가중평균주식수 | 230,565,203 | 244,862,812 | 235,470,857 |
종업원주식보상의 희석효과 | 823,593 | 1,200,789 | 1,783,365 |
|
| ||
희석주당이익의 가중평균주식수 | 231,388,796 | 246,063,601 | 237,254,222 |
|
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7. 주당순이익 (계속되는)
기본 주당 순이익
기본주당이익과 희석주당이익은 지배기업의 보통주에 귀속되는 기간의 이익을 비기초항목의 영향을 제외하고 조정한 가중평균 보통주주식수로 나누어 계산하고 있습니다. 위의 주식은 각각 기본 및 희석 주당 이익에 사용됩니다.
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
£ m | £ m | £ m | |
| |||
지속적인 운영 |
| ||
모회사의 주주에게 귀속되는 이익 | 0.6 | 5.7 | 23.0 |
Non-underlying items loss/(profit) after tax | 5.9 | (0.3) | (0.4) |
| |||
모회사의 주주에게 귀속되는 기초 이익 | 6.5 | 5.4 | 22.6 |
| |||
중단 된 운영 |
| ||
모회사의 주주에게 귀속되는 이익 | - | (0.6) | 3.1 |
Non-underlying items loss/(profit) after tax | - | - | (3.5) |
| |||
모회사의 주주에게 귀속되는 기초 이익 | - | (0.6) | (0.4) |
| |||
| |||
26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
2023 | 2022 | 2023 | |
펜스 | 펜스 | 펜스 | |
| |||
기본 기본 주당 순이익 |
| ||
- from continuing operations | 2.8 | 2.2 | 9.6 |
- from discontinued operations | - | (0.2) | (0.2) |
| |||
총 기본 기본 주당 수익 | 2.8 | 2.0 | 9.4 |
| |||
기본 희석 주당 순이익 |
| ||
- from continuing operations | 2.8 | 2.2 | 9.5 |
- from discontinued operations | - | (0.2) | (0.2) |
| |||
총 기본 희석주당순이익 | 2.8 | 2.0 | 9.3 |
8. 배당금
보통주당 펜스 |
| 26주 24 12월 | 26주 25 12월 | 52주 6월 25 | |
| 2023 | 2022 | 2023 | ||
| £ m | £ m | £ m | ||
|
|
| |||
FY22 최종보통배당 | 3.7p | - | 8.7 | 8.7 | |
FY23 중간보통배당 | 1.5p | - | - | 3.5 | |
FY23 최종보통배당 | 3.0p | 6.9 | - | - | |
| |||||
6.9 | 8.7 | 12.2 | |||
|
|
|
The directors have declared an interim dividend for the period ending 30 June 2024 of 1.1p per ordinary share to be paid on 30 May 2024. DFS Furniture plc shares will trade ex-dividend from 18 April 2024 and the record date will be 19 April 2024.
9. Financial instruments
모든 파생상품은 관찰된 시장 데이터를 기반으로 하는 기법을 사용하여 평가되기 때문에 IFRS 2 요구사항에 따라 수준 7로 분류됩니다.
이사들은 그룹 금융 상품의 각 범주의 공정 가치가 그룹 대차대조표의 장부 가치와 동일하다고 생각합니다.
10. Capital expenditure
재산, 식물 | 사용권 | 만질 수 없는 | |
장비 | 유산 | 자산 | |
£ m | £ m | £ m | |
|
|
| |
25년 2023월 XNUMX일 기준 순 장부가 | 97.4 | 312.6 | 536.7 |
추가 | 8.3 | 20.7 | 6.4 |
재측정 | - | 13.5 | - |
폐기 | (1.9) | (0.4) | (0.1) |
감가상각, 상각 및 손상 | (11.3) | (27.6) | (6.6) |
24년 2023월 XNUMX일 현재 순 장부가액 | 92.5 | 318.8 | 536.4 |
재산, 식물 | 사용권 | 만질 수 없는 | |
장비 | 유산 | 자산 | |
£ m | £ m | £ m | |
|
|
| |
26년 2022월 XNUMX일 기준 순 장부가 | 105.9 | 338.0 | 533.8 |
추가 | 13.0 | 9.2 | 6.6 |
재측정 | - | (1.7) | - |
폐기 | (0.2) | (1.3) | - |
감가상각, 상각 및 손상 | (10.8) | (29.4) | (5.6) |
25년 2022월 XNUMX일 현재 순 장부가액 | 107.9 | 314.8 | 534.8 |
11. 조항
| 보장하다 | 비즈니스 재산 | 기타 식량 | 금액 |
| £ m | £ m | £ m | £ m |
|
|
|
|
|
25 년 2023 월 XNUMX 일 잔액 | 7.5 | 4.6 | 1.0 | 13.1 |
기간 동안의 조항 | 1.2 | 0.4 | 3.6 | 5.2 |
기간중 사용처분 | - | (0.1) | (3.1) | (3.2) |
기간 내 출시 | (1.4) | (0.4) | - | (1.8) |
|
|
|
| |
24 년 2023 월 XNUMX 일 잔액 | 7.3 | 4.5 | 1.5 | 13.3 |
|
|
|
| |
Current | 5.0 | 0.5 | 1.2 | 6.7 |
비유류 | 2.3 | 4.0 | 0.3 | 6.6 |
|
|
|
| |
7.3 | 4.5 | 1.5 | 13.3 | |
| 보장하다 | 비즈니스 재산 | 기타 식량 | 금액 |
| £ m | £ m | £ m | £ m |
|
|
|
|
|
26 년 2022 월 XNUMX 일 잔액 | 8.7 | 4.0 | 6.4 | 19.1 |
기간 동안의 조항 | 5.2 | 1.2 | - | 6.4 |
기간중 사용처분 | (5.1) | (0.1) | (1.6) | (6.8) |
기간 내 출시 | - | (0.4) | - | (0.4) |
25 년 2022 월 XNUMX 일 잔액 | 8.8 | 4.7 | 4.8 | 18.3 |
Current | 6.2 | 1.7 | 4.4 | 12.3 |
비유류 | 2.6 | 3.0 | 0.4 | 6.0 |
8.8 | 4.7 | 4.8 | 18.3 | |
그룹은 실내 장식 제품에 대한 장기 보증을 제공하며 회계 기준에 따라 보고일 이전에 인도된 제품에 대해 이러한 보증을 이행하는 예상 미래 비용에 대한 충당금이 유지됩니다. 이 충당금을 계산할 때 추정의 핵심 영역은 향후 클레임 수, 클레임당 평균 비용 및 클레임이 발생할 것으로 예상되는 기간입니다(거의 모든 클레임은 배송 후 XNUMX년 이내에 발생함).
재산 조항은 대부분이 2025년에 만료되는 이전 자회사에 제공되는 임대 보증에 따른 잠재적 의무와 예상되는 임대 만료 및 갱신에 따른 그룹 자산의 마모 비용과 관련이 있으며, 이는 주로 계약 후 XNUMX년 이상 사용될 것입니다. 보고 날짜.
Other provisions relate to payment of refunds to customers for payment protection insurance policies and other regulatory costs, costs associated with the Group's exit from the Netherlands and Spain and costs associated with the closure of the Group's smallest factory and woodmill.
12. Net debt
| 25 6월 2023 | 현금 흐름 | 기타 비현금 | 24 12월 2023 |
| £ m | £ m | £ m | £ m |
|
|
|
|
|
손에 든 현금, 은행 | 26.7 | (13.0) | - | 13.7 |
은행 당좌 대월 | - | (3.6) | - | (3.6) |
|
|
| ||
현금 및 현금성 자산 | 26.7 | (16.6) | - | 10.1 |
시니어 회전 신용 시설 | (165.8) | 23.0 | 50.7 | (92.1) |
수석 보안 메모 | - | - | (50.0) | (50.0) |
리스 부채 | (411.4) | 31.1 | (33.4) | (413.7) |
|
|
| ||
총 순 부채 | (550.5) | 37.5 | (32.7) | (545.7) |
| 26 6월 2022 | 현금 흐름 | 기타 비현금 변경 | 25 12월 2022 | |
| £ m | £ m | £ m | £ m | |
| |||||
손에 든 현금, 은행 |
| 17.3 | 17.1 | - | 34.4 |
은행 당좌 대월 |
| (12.3) | 12.3 | - | - |
| |||||
현금 및 현금성 자산 |
| 5.0 | 29.4 | - | 34.4 |
시니어 회전 신용 시설 |
| (93.5) | (75.0) | (0.3) | (168.8) |
리스 부채 |
| (445.4) | 35.4 | (6.8) | (416.8) |
| |||||
총 순 부채 |
| (533.9) | (10.2) | (7.1) | (551.2) |
13. 대체 성능 측정
그룹의 재무 성과를 보고할 때 이사들은 영국이 채택한 국제재무보고기준("IFRS")에 정의되거나 지정된 것 외에 여러 가지 대체 성과 측정법("APM")을 사용합니다.
The Directors consider that these APMs provide useful additional information to support understanding of underlying trends and business performance. In particular, APMs enhance the comparability of information between reporting periods by adjusting for non-underlying items. APMs are therefore used by the Group's Directors and management for internal performance analysis, planning and incentive setting purposes in addition to external communication of the Group's financial results.
그룹에서 사용하는 APM 및 보고된 IFRS 척도와의 관계에 대한 이해를 돕기 위해 정의 및 수치 조정이 아래에 제시되어 있습니다.
APM의 정의는 비즈니스마다 다를 수 있으므로 그룹의 APM은 다른 법인이 보고한 유사한 APM과 직접 비교할 수 없습니다.
APM 용어집 및 정의
APM | 정의 | 이론적 해석 |
총 판매 | Amounts payable by external customers for goods and services supplied by the Group, including the cost of interest free credit and aftercare services (for which the Group acts as an agent), delivery charges and value added and other sales taxes. | IFRS 수익과 달리 고객이 그룹의 무이자 신용 제공을 받는 정도에 의해 영향을 받지 않는 전체 판매 실적의 주요 척도입니다. |
브랜드 기여 | 총 이익에서 판매 및 유통 비용을 뺀 값입니다. 재산 및 관리 비용은 제외됩니다. | 공유 그룹 비용을 제외하므로 브랜드가 제어할 수 있는 이익의 척도입니다. |
조정 EBITDA | Earnings before interest, taxation, depreciation and amortisation adjusted to exclude impairments. | 일반적으로 사용되는 이익 척도. |
기본이 아닌 항목 | 그룹의 근본적인 성과를 나타내지 않는다고 이사들이 생각하는 본질적으로 비정상적이거나 반복되지 않는 크기의 중요한 항목. | 이러한 항목을 명확하고 별도로 식별하면 기본 거래 성과를 쉽게 이해할 수 있습니다. |
기본 EBITDA | Earnings before interest, taxation, depreciation and amortisation from continuing operations, adjusted to exclude impairments and non-underlying items. | 기본 거래 실적을 반영하는 이익 측정. |
13. 대체 성능 측정 (계속되는)
세금 및 브랜드 상각 전 기본 이익 PBT(A) | 인수한 Sofology 및 Dwell 브랜드와 관련된 비기초 항목 및 할부 상환액에 대해 조정된 계속 운영의 세전 이익.
| 투자자와 애널리스트가 널리 사용하는 이익 척도. |
기본 주당 순이익 | 비기초 항목에 대해 조정된 계속 영업의 주당 세후 이익. | 기본이 아닌 항목을 제외하면 주당 순이익의 주요 투자자 척도를 매년 쉽게 비교할 수 있습니다. |
순 은행 부채 | 미상각 발행 비용을 다시 추가하고 현금 및 현금 등가물(은행 당좌 대월 포함)을 뺀 이자부 대출에 인출된 잔액. | 보고 기간의 가용 유동성 및 현금 흐름 생성 평가를 지원하는 그룹의 현금 부채 측정. |
현금 EBITDA | 세전 영업 활동에서 발생한 순현금, 운전 자본의 이동 감소, 임대 의무에 따른 충당금 잔고 및 지급액, 세전 비기초 항목 추가. | 운전 자본 이동의 시간 차이를 반영하도록 정규화된 비즈니스의 기본이 아닌 영업 현금 창출 측정. |
Underlying free cash flow to equity holders | The change in net bank debt for the period after adding back dividends, acquisition related consideration, shared based transactions and non-underlying cash flows. | Measure of the underlying cash return generated for shareholders in the period and a key financial target for Executive Director remuneration. |
Leverage (gearing) | 지난 XNUMX개월 동안 현금 EBITDA에 대한 기말 순 은행 부채의 비율입니다. | 투자자와 애널리스트가 널리 사용하는 영업 현금 창출에 대한 차입금의 상대적 수준을 나타내는 주요 척도. |
사용된 자본에 대한 기본 수익률(기본 ROCE) | 지속적인 활동으로 인한 기본 세후 영업 이익으로 다음 합계의 백분율로 표시됩니다. 재산, 공장 및 장비, 컴퓨터 소프트웨어, 자산 사용권 및 운전 자본. | 그룹이 사업에 대한 투자에 대해 달성한 세후 수익을 나타냅니다. |
LTM 22월 XNUMX일 | 지난 52개월/25주는 2022년 XNUMX월 XNUMX일에 종료되었습니다(감사되지 않은 추정 기간). | 특정 KPI(예: 레버리지)는 XNUMX년 단위로 평가할 때만 의미가 있습니다. |
LTM 23월 XNUMX일 | 지난 52개월/24주는 2023년 XNUMX월 XNUMX일에 종료되었습니다(감사되지 않은 추정 기간). | 특정 KPI(예: 레버리지)는 XNUMX년 단위로 평가할 때만 의미가 있습니다. |
13. 대체 성능 측정 (계속되는)
IFRS 조치에 대한 조정
EBITDA |
| 1 회계연도 24분기 | 1 회계연도 23분기 | FY23 | |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
계속영업 영업이익 | 22.8 | 22.8 | 63.8 | ||
감가 상각 | 38.9 | 40.2 | 80.5 | ||
상각 | 6.6 | 5.6 | 11.6 | ||
장애 | - | - | 2.0 | ||
계속 운영으로 인한 EBITDA | 68.3 | 68.6 | 157.9 |
기본 EBITDA |
| 1 회계연도 24분기 | 1 회계연도 23분기 | FY23 | |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
계속 운영으로 인한 EBITDA | 68.3 | 68.6 | 157.9 | ||
기본 운영 항목이 아닌 항목 | 5.2 | (0.4) | (0.5) | ||
계속 운영의 기본 EBITDA | 73.5 | 68.2 | 157.4 |
세금 및 브랜드 상각 전 기본 이익 - PBT(A) |
| 1 회계연도 24분기 | 1 회계연도 23분기 | FY23 | |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
계속영업으로 인한 세전이익 | 0.9 | 6.8 | 29.7 | ||
기본이 아닌 항목 | 7.1 | (0.4) | (0.5) | ||
브랜드 이름 상각 | 0.7 | 0.7 | 1.4 | ||
세금 및 브랜드 상각 전 기본 이익 | 8.7 | 7.1 | 30.6 |
순 은행 부채 |
|
| 1 회계연도 24분기 | 1 회계연도 23분기 | FY23 |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
이자부 대출 및 차입금 | 142.1 | 168.8 | 165.8 | ||
미상각 발행 비용 | 1.9 | 1.2 | 1.2 | ||
현금 및 현금 등가물(은행 당좌차월 포함) | (10.1) | (34.4) | (26.7) | ||
순 은행 부채 | 133.9 | 135.6 | 140.3 |
순은행부채의 움직임 |
|
| 1 회계연도 24분기 | 1 회계연도 23분기 | FY23 |
|
|
| £ m | £ m | £ m |
|
|
|
|
| |
순 은행 부채 마감 | (133.9) | (135.6) | (140.3) | ||
덜: 순 은행 부채 열기 | 140.3 | 90.0 | 90.0 | ||
순은행부채의 움직임 | 6.4 | (45.6) | (50.3) |
13. 대체 성능 측정 (계속되는)
Underlying free cash flow to equity holders |
| LTM 23월 XNUMX일 | LTM 22월 XNUMX일 | FY23 |
|
| £ m | £ m | £ m |
순은행부채의 움직임 | 6.4 | (45.6) | (50.3) | |
배당 | - | 8.7 | 12.1 | |
자사주 매입 | - | 26.9 | 30.9 | |
Non-underlying cash items included in cash flow statement | 4.2 | - | 0.3 | |
Underlying free cash flow to equity holders | 10.6 | (10.0) | (7.0) | |
들어오지 못하게 하다: | ||||
운전 자본 유출 | (4.7) | 9.9 | 40.0 | |
Operating result from discontinued operations | - | 0.4 | (3.6) | |
Underlying free cash flow to equity holders excluding operating result from discontinued operations and working capital outflow |
|
|
|
|
이점 |
| LTM 23월 XNUMX일 | LTM 22월 XNUMX일 | FY23 |
|
| £ m | £ m | £ m |
|
|
|
| |
순은행부채(A) | 133.9 | 135.6 | 140.3 | |
세전 영업활동 순현금 | 136.3 | 140.4 | 121.7 | |
다시 추가 : | ||||
세전 비기초 항목 | 3.2 | 11.5 | (4.3) | |
적게: |
| |||
매출채권 및 기타채권의 변동 | (10.7) | 7.9 | (13.2) | |
재고 이동 | (4.4) | (7.0) | (8.6) | |
거래 및 기타 미지급금의 이동 | 35.5 | 19.5 | 55.8 | |
조항의 이동 | 5.0 | (2.7) | 6.0 | |
리스 부채의 지불 | (57.3) | (63.3) | (23.5) | |
임대차 이자 지급 | (24.1) | (24.3) | (61.6) | |
현금 EBITDA (B) | 83.5 | 82.0 | 72.3 | |
레버리지(A/B) |
| SR 1.6x | SR 1.7x | SR 1.9x |
계속 운영에서 사용된 자본에 대한 기본 수익 |
| LTM 23월 XNUMX일 | LTM 22월 XNUMX일 | FY23 |
|
| £ m | £ m | £ m |
|
|
|
| |
계속영업 영업이익 | 63.8 | 73.2 | 63.8 | |
기본 운영 항목이 아닌 항목 | 5.1 | 0.2 | (0.5) | |
세전 신고 | 68.9 | 73.4 | 63.3 | |
유효 세율 |
| 23.1% | 19.1% | 22.6% |
세금 조정 수익 (A) | 53.0 | 59.4 | 49.0 | |
재산, 식물 및 장비 | 92.5 | 107.9 | 97.4 | |
ROU 자산 | 318.8 | 314.8 | 312.6 | |
컴퓨터 소프트웨어 | 22.4 | 19.4 | 22.0 | |
433.7 | 442.1 | 432.0 | ||
재고 | 52.1 | 56.5 | 55.8 | |
매출 채권 | 5.6 | 9.7 | 7.7 | |
선불 | 4.4 | 11.2 | 3.0 | |
미지급 소득 | 0.2 | 0.3 | 0.1 | |
기타 채권 | 0.3 | - | 0.3 | |
계정으로 지급금 수령 | (28.4) | (49.5) | (39.1) | |
매입 채무 | (109.4) | (110.8) | (97.6) | |
유동 자산 | (75.2) | (82.6) | (69.8) | |
총자본(B) | 358.5 | 359.5 | 362.2 | |
계속 운영의 기본 ROCE(A/B) |
| 14.8% | 16.5% | 13.5% |
본 중간보고서, 증권거래소 공시 전문 및 결과발표는 회사 홈페이지 www.dfscorporate.co.uk
This interim report contains statements that constitute forward-looking statements relating to the business, financial performance and results of the Company and the industry in which the Company operates. These statements may be identified by words such as "may", "will", "shall", "anticipate", "believe", "intend", "project", "goal", "expectation", "belief", "estimate", "plan", "target", or "forecast" and similar expressions for the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their context. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. All statements regarding the future are subject to inherent risks and uncertainties and various factors that would cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this interim report or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future. The forward-looking statements in this interim report speak only as at the date of this interim report and the Company expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations in regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this interim report or to update or to keep current any other information contained in this interim report or to provide any additional information in relation to such forward-looking statements. Undue reliance should not therefore be placed on such forward-looking statements.
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