TIDMMTC
RNS Number : 0006Q
Mothercare PLC
24 November 2016
mothercare plc
FY16/17 Half Year Results
Continued progress on six pillar strategy in challenging UK
conditions
Mothercare plc, the leading global retailer for parents and
young children, today announces half year results for the 28 week
period to 8th October 2016.
Highlights for H1 FY16/17
-- Group underlying profit before tax at GBP5.9m (H1 FY15/16 GBP7m)
-- UK turnaround progressing strongly in spite of a difficult 6 month trading period
- Sales and margin growth stalled as a result of unseasonable weather and warehouse changes
- Further improvements to intake margin offset by higher markdown
- Warehouse infrastructure and systems change; first phase completed
- Digital sales now represent c40% of total UK sales with c80%
from mobile and 1 million apps downloaded by our customers. Website
successfully replatformed
- 32 refurbishments completed, 91 now in total, representing
c60% of our store estate in the new modern format
-- Solid International performance, +7.7% in actual currency in
spite of volatile trading across the globe
- 3 new International web sites created, taking our online availability to 14 markets
- Opened 84 new stores, (closed 55); 1.8% increase in space
-- Statutory loss before tax of GBP(0.8)m (H1 FY15/16 GBP5.8m profit). Debt GBP15.6m.
Group performance
28 weeks to 28 weeks to % change
8 Oct 2016 10 Oct 2015 vs.
GBP million GBP million last year
--------------------------------------------------------------------------- ------------ ------------ ----------
UK
UK like-for-like sales(1) (0.7)% +3.8% -
Total UK sales 231.2 236.6 (2.3)%
Underlying UK loss(2) (8.8) (6.1) (44.3)%
International
International like-for-like sales(1) (2.9)% (2.3)% -
International retail sales in constant currency (0.8)% +1.8%
International retail sales in actual currency 7.1% (5.0)%
Total International sales 405.6 376.7 +7.7%
Underlying International profit(2) 20.8 21.7 (4.1)%
Group
Worldwide sales(1) 636.8 613.3 +3.8%
Total group sales 347.7 349.9 (0.6)%
--------------------------------------------------------------------------- ------------ ------------ ----------
Group underlying profit before tax(2) 5.9 7.0 (15.7)%
--------------------------------------------------------------------------- ------------ ------------ ----------
Exceptional charge & non-underlying items (6.7) (1.2) -
Group (loss)/profit before tax after exceptional and non-underlying items (0.8) 5.8 -
Underlying EPS(2) 3.4p 3.3p +3.0%
Net (debt)/cash (15.6) 27.2 -
--------------------------------------------------------------------------- ------------ ------------ ----------
Mark Newton-Jones, Chief Executive of mothercare plc, said:
"We are now in the second year of the turnaround of mothercare,
and we are continuing to make major changes in the business. We
have refurbished c60% of our UK store estate, upgraded our
distribution and online capabilities and completed the bulk of the
unprofitable store closure programme. Lastly we have seen a step
change in our digital credentials with c40% of our business now
being generated through this channel.
"The last 6 months have been challenging and, not withstanding
our progress with our strategic pillars, our sales and margin
stalled in the period. There are two factors at play here - firstly
the widely reported slowdown in sales across the high street due to
unseasonal weather through the spring/summer season, resulting in
higher markdown. Secondly, whilst our planned warehouse
infrastructure change has been successfully completed, it did mean
a reduced flow of product for 8 weeks in the summer and a one off
increase in operational costs as the systems bedded in.
"Finally, we are making good progress with the reorganisation
and focus within our International business. While sales are still
volatile across the globe, many of our markets have now returned to
growth. We are putting retail space down and exporting our
learnings and good practice from the UK into International online,
which has grown by +46% in local currency.
"While conditions in the first half have been challenging, the
second half has started in line with our plans and the business is
well prepared for the important peak season. We expect to make
further progress in the second half which will partially compensate
for the effect of the headwinds experienced in H1.
"We continue to see opportunities to further develop and improve
our business both here in the UK and in our international markets.
Our vision remains clear: to be the leading global retailer for
parents and young children."
Investor and analyst enquiries to:
mothercare plc
Mark Newton-Jones, Chief Executive Officer 01923 206455
Richard Smothers, Chief Financial Officer 01923 206455
Helen Gunter, Director of Corporate Communications 01923 206381
Media enquiries to:
MHP Communications
John Olsen/Simon Hockridge 020 3128 8100
Notes:
1 - UK like-for-like sales are defined as sales from stores that
have been trading continuously from the same space for at least a
year and include online sales.
International retail sales are the estimated total retail sales
of overseas franchise and joint venture partners to their
customers. International like-for-like sales are the estimated
franchisee retail sales at constant currency from stores that have
been trading continuously from the same selling space for at least
a year and include online sales on a similar basis.
Total International sales are International retail sales plus
International Wholesale sales. Worldwide sales are total
International sales plus total UK sales. International stores refer
to overseas franchise and joint venture stores.
2 - Underlying profit before tax refers to PBT before
exceptional and non-underlying items. Underlying EPS is calculated
on the basis of underlying profit.
3 - This announcement contains certain forward-looking
statements concerning the Group. Although the Board believes its
expectations are based on reasonable assumptions, the matters to
which such statements refer may be influenced by factors that could
cause actual outcomes and results to be materially different. The
forward-looking statements speak only as at the date of this
document and the Group does not undertake any obligation to
announce any revisions to such statements, except as required by
law or by any appropriate regulatory authority.
4 - Mothercare plc will release its Q3 Trading Update for the 13
weeks to 7 January 2017 on Thursday 12 January 2017.
CHIEF EXECUTIVE'S REVIEW
Overview
In a challenging first half, we have remained focused on
delivering an improved offer for both our UK customers and our
International partners.
We continue to make good progress against each of the six
strategic pillars and the business is positioned well to navigate
the future UK and global economic uncertainties.
1. Becoming a digitally led business
o Online sales +6.9%, accounting for c40% of UK retail sales
(36% H1 FY15/16)
o Mobile now c80% of total online sales
o Launch of new responsive website improving conversion and
check out
o Upgraded app driving improved performance and conversion with
over 1 million downloaded
o Over 3m customers on UK database
2. Supported by a modern retail estate and great service
o Closed 6 underperforming stores; opened 2 new
o 32 refurbishments completed, 91 now in total, representing
c60% of store estate in the new modern format
o iPads in store driving c44% of online sales
3. Offering style, quality and innovation in product
o 50 H&T exclusive products launched, bringing total to 134
exclusive products (+35% H1 FY15/16)
o 20% of product now at 'best' end range
4. Stablise and recapture gross margin
o Underlying bought in margin, up year on year
o Full price sales at 65% (69% H1 FY15/16)
o Deeper discounts to clear seasonal stock
o UK gross margin down (59)bps
5. Running a lean organization while investing for the future
o Development of our warehousing infrastructure; first phase
completed
o Tight control of costs`
6. Expanding further internationally
o Space + 1.8% with 1,339 stores in 56 countries
o Opened 84 new stores (closed 55); store portfolio actively
managed
o Launched websites in three new markets; 14 markets now
online
GROUP RESULTS
Global retail space across all of our markets was + 0.6% year on
year with the UK declining by 1.7% to 1.5m sq.ft and International
up 1.8% at 3.06m sq.ft. We now have 166 stores in the UK and in
International we operate 1,339 stores in 56 countries
28 weeks to 28 weeks to % change
8 Oct 2016 10 Oct 2015 vs. last year
GBPmillion GBPmillion
--------------------------------------- ------------ ------------ --------------
Underlying International profit(2) 20.8 21.7 (4.1)%
Underlying UK loss(2) (8.8) (6.1) (44.3)%
Corporate expenses (3.7) (4.9) +22.4%
Underlying profit from operations(2) 8.3 10.7 (22.4)%
Underlying net finance costs (1.9) (1.8) -
Share based payments (0.5) (1.9) -
Underlying profit before tax(2) 5.9 7.0 (15.7)%
Exceptional items (10.7) (1.5) -
Non-cash foreign currency adjustments 4.5 0.8 -
Amortisation of intangibles (0.5) (0.5) -
Reported (loss)/profit before
tax (0.8) 5.8 -
--------------------------------------- ------------ ------------ --------------
Worldwide sales were +3.8% at GBP637 million with total UK sales
down (2.3)% and total International sales +7.7%. Group sales, which
reflect our UK sales and reported revenues or receipts from our
International partners, were down (0.6%) at GBP348 million.
Underlying Group profit before tax was down (15.7)% at GBP5.9m.
UK losses increased to a loss of GBP(8.8)m, while International
profits were GBP20.8m. Other Group expenses improved with corporate
costs of GBP(3.7)m, finance costs of GBP(1.9)m and share based
payments of GBP(0.5)m.
After a charge of GBP(10.7)m for exceptional items (including
property, warehousing costs, write down of International stock and
provision for China JV receivables), a credit of GBP4.5m for
non-cash foreign currency adjustments and a GBP(0.5)m charge for
amortisation of intangibles, the reported loss for the half year
was GBP(0.8)m (H1 FY15/16: GBP5.8m profit).
Our balance sheet remains strong with net assets of GBP62.3m,
but with net debt of GBP(15.6)m compared with a cash balance of
GBP27.2m last year, reflecting our investment programme in the UK
store estate and infrastructure.
UK
We are confident with our investment programme in the UK but we
have seen a softening in our UK performance in line with the rest
of the market due to poor weather, impacting both sales and margin,
as customers responded to heavier discounts. In addition, planned
changes to our warehouse infrastructure had an adverse impact on
sales as well as costs. It is still too early to determine whether
consumer confidence has materially shifted post the EU referendum
in June, but we remain committed to ensuring we have the
appropriate offer for our customers.
H1 FY2016/17 H1 FY2015/16
28 weeks to 28 weeks to % change
8 Oct 2016 10 Oct 2015 vs. last year
------------------------------------ ------------- ------------- --------------
UK like-for-like sales growth (0.7)% +3.8% -
UK online sales GBP83.4m GBP78.1m +6.9%
UK retail sales (including online) GBP214.6m GBP219.1m (2.1)%
UK wholesale sales GBP16.6m GBP17.5m (5.0)%
Total UK sales GBP231.2m GBP236.6m (2.3)%
Underlying loss GBP(8.8)m GBP(6.1)m (44.3)%
------------------------------------ ------------- ------------- --------------
Becoming a digitally led business
We continue to achieve good growth in our online business, which
now accounts for c40% of our total UK retail sales (+36% H1
FY15/16). The trend towards mobile continues with mobile now c80%
of total online sales. Click and Collect now accounts for c43% of
online orders and c27% of online sales.
We launched our new responsive website during the half,
improving speed, presentation, the customer journey and a smoother
check out process. In the first full period since it went live, we
have seen strong sales +20% LFL. The mothercare app has also been
upgraded, leading to improvements in performance and
conversion.
Supported by a modern retail estate
We continue to make progress with our store strategy, closing
underperforming stores, opening new sites and transitioning to one
third of stores in town and two thirds out of town. We closed 6
stores in the period as we come towards the end of our current
closure strategy. We do, however, continue to review our store
portfolio strategy, to ensure it remains relevant for customers. To
date, c60% of the store estate (91 stores) are now in the new
format. Our omnichannel customer strategy continues to progress
well with 44% of our online sales now from iPads in store. In our
refitted stores, every customer advisor has an iPad and one in two
customer advisers in our other stores.
Further improvements continue to be made to support our
omnichannel strategy including the start of a roll out of customer
Wi-Fi pre-Christmas.
Offering style, quality and innovation in product
We have maintained our price architecture, with an average of
20% of all three product categories now in the 'best' tier and
continued to focus on introducing new brands and exclusive
ranges.
In Home and Travel, 20% of products now at 'best'; launched 50
new exclusive products, bringing the total to 134 exclusive
products (+35% H1 FY15/16), including Chicco feeding range, Orla
Kiely Gro bags and GB strollers.
In Toys, we continue to make further progress towards growing
our brands which are now 18% of the mix and also increasing
exclusivity. During the period, we introduced 10 new brands
including the very popular pre-school TV licenses, Paw Patrol,
Peppa Pig and Thomas the Tank Engine; and 20 exclusive
products.
In Clothing and Footwear we have continued to focus on quality,
choice and range with both external brands and our own brand
product. We rebranded Baby K to My K to reflect a broader age
group; grew our newborn and baby categories including the Heritage
and Peter Rabbit ranges.
Stabilize and recapture gross margin
This has been a difficult period as poor weather resulted in
lower sales, higher stocks and more discounting. This resulted in
UK gross margin decline in the first half of (59)bps, although
buying margin continued to progress. During the period, 65% of the
product mix was sold at full price (69% H1 FY15/16).
Running a lean organization while investing for the future
We continue to make improvements in our cost base with improved
efficiencies in stores.
We also initiated investment in our technology infrastructure
which in the long term, will improve our ability to manage product
and stock through the business both in the UK and
Internationally.
We started the investment in our warehousing during the period,
to build the optimal platform for an improved shopping experience
for our customers, as well as improving efficiencies. This initial
phase had an impact on sales as we managed the flow of stock
through our supply chain and some one-off costs that are recorded
as exceptionals.
International
Trading for many of our International partners continues to be
volatile, although many of our markets did return to growth in the
period.
We have some positive currency tailwinds albeit the impact to
our profit is limited due to our hedging strategy.
Favourable currency movements meant International sales have
grown by 7.1% in actual currencies at GBP399.9 million while
constant currencies delivered a (0.8)% fall. Wholesale sales were
+73.8% at GBP5.7m and total International sales were +7.7% at
GBP406m.
Underlying profits for our International business were GBP20.8
million, with currency moves having a negligible impact during the
half year.
In line with our new approach to trading with our International
partners, we wrote down the value of stock in International. This,
along with a provision for China JV receivables, was recorded as
exceptional costs.
International accounts for 66% of worldwide space and 64% of
worldwide sales.
28 weeks to 28 weeks to % change
8 Oct 2016 10 Oct 2015 vs. last year
------------------------------- ------------ ------------ --------------
International like-for-like
sales growth (2.9)% (2.3)% -
International retail sales:
constant currency (0.8)% +1.8% -
International retail sales:
actual currency +7.1% (5.0)% -
International retail sales GBP399.9m GBP373.4m +7.1%
International wholesale sales GBP5.7m GBP3.3m +73.8%
Total International sales GBP405.6m GBP376.7m +7.7%
Underlying profit GBP20.8m GBP21.7m (4.1)%
------------------------------- ------------ ------------ --------------
Expanding further internationally
Space was +1.8% year on year as we added net 29 stores. We
continue to work proactively with our partners to develop their
store portfolio and opened 84 new stores whilst closing 55. Our new
store concept is now in 9 countries. Online continues to present a
significant opportunity and although only representing c2% of
International e-commerce sales, it grew by c46% (26% in constant
currency), in the half. We launched websites in three new
countries: Malaysia, Belarus and Turkey. We now have 14 markets
internationally online.
International like-for-like sales were down (2.9)% with Europe,
Russia, Middle East and Asia, all weaker. While markets are still
volatile, many, including China, have now returned to growth.
Outlook
We are in the second year of our turnaround and continue to make
good progress against each of the six strategic pillars. While
conditions in the first half have been challenging, the second half
has started in line with our plans and the business is well
prepared for the important peak season. We expect to make further
progress in the second half which will partially compensate for the
effect of the headwinds experienced in H1.
FINANCIAL REVIEW
RESULTS SUMMARY
Group underlying profit before tax was GBP5.9 million, for the
28 weeks to 8 October 2016, (H1 FY2015/16: GBP7.0 million profit).
Underlying profit excludes exceptional items and other
non-underlying items which are analysed below. Exceptional items
include costs relating to previously announced activity on
property, development of warehousing, restructuring of
international operations and a provision for China JV receivables.
After exceptional and non-underlying items, the Group recorded a
pre-tax loss of GBP(0.8) million (H1 FY2015/16: profit of GBP5.8
million).
Income statement
GBP million 28 weeks 28 weeks 52 weeks
to to 10 to
8 October October 26 March
2016 2015 2016
------------------------------------------ ----------- --------- ----------
Revenue 347.7 349.9 682.3
Underlying profit from operations before
interest and share based payments 8.3 10.7 25.8
Share based payments (0.5) (1.9) (3.0)
Net finance costs (1.9) (1.8) (3.2)
------------------------------------------ ----------- --------- ----------
Underlying profit before tax 5.9 7.0 19.6
Exceptional items (10.7) (1.5) (10.2)
Non-cash foreign currency adjustments 4.5 0.8 1.2
Amortisation of intangible assets (0.5) (0.5) (0.9)
------------------------------------------ ----------- --------- ----------
(Loss)/profit before tax (0.8) 5.8 9.7
------------------------------------------ ----------- --------- ----------
Underlying EPS - basic 3.4p 3.3p 9.6p
EPS - basic 0.2p 2.8p 3.8p
------------------------------------------ ----------- --------- ----------
Profit from operations before share based payments includes all
of the Group's trading activities, but excludes the share based
payment charge to the income statement in accordance with IFRS 2
(see next page).
Results by segment
The primary segments of Mothercare plc are the UK business and
the International business.
GBP million - Revenue 28 weeks 28 weeks 52 weeks
to to to 26 March
8 October 10 October 2016
2016 2015
----------------------- ----------- ------------ -------------
UK 231.2 236.6 459.7
International 116.5 113.3 222.6
----------------------- ----------- ------------ -------------
Total 347.7 349.9 682.3
----------------------- ----------- ------------ -------------
GBP million - Underlying profit 28 weeks 28 weeks 52 weeks
to to to 26 March
8 October 10 October 2016
2016 2015
------------------------------------------ ----------- ------------ -------------
UK (8.8) (6.1) (6.4)
International 20.8 21.7 40.3
Corporate (3.7) (4.9) (8.1)
------------------------------------------ ----------- ------------ -------------
Underlying profit from operations before
share based payments 8.3 10.7 25.8
Share based payments (0.5) (1.9) (3.0)
Net finance costs (1.9) (1.8) (3.2)
------------------------------------------ ----------- ------------ -------------
Underlying profit before tax 5.9 7.0 19.6
------------------------------------------ ----------- ------------ -------------
UK sales were significantly impacted by poorer weather over the
summer resulting in higher stocks and then deeper discounts. We
continued to see benefits from refitted stores and cost savings
from closed stores. A planned change in our warehousing facilities
had some impact on stockholding and missed sales along with a
number of one-off exceptional costs. Losses in the UK increased to
GBP(8.8) million from GBP(6.1) million last year.
International retail sales in constant currency were down (0.8)%
with mixed performance across the regions. In particular, we saw
China return to growth in the period but continued softening in the
Middle East. Overall, International sales increased by 2.8% on a
reported basis and 7.7% on a total basis, benefitting from currency
tailwinds as sterling devalued, this tailwind having limited
benefit to the profit and loss as it was mostly hedged.
International profit was GBP20.8 million.
Corporate expenses represent board and company secretarial costs
and other head office costs including audit, professional fees,
insurance and head office property.
Like-for-like sales, total International sales and worldwide
sales
UK 'Like-for-like sales' are defined as sales for stores that
have been trading continuously from the same selling space for at
least a year and include Direct in Home and Direct in Store.
International retail sales are the estimated retail sales of
overseas franchisees and joint ventures and associates to their
customers (rather than Mothercare sales to franchisees as included
in the statutory or reported sales numbers). Total International
sales are International retail sales plus International wholesale
sales. Group worldwide sales are total International sales plus
total UK sales. Group worldwide sales and reported sales are
analysed as follows:
GBP million Reported sales Worldwide sales*
------------------------------------------------ ----------- ---------------------------------
28 weeks 28 weeks % 52 weeks 28 weeks 28 weeks % 52 weeks
ended ended ended ended ended ended
8 October 10 October 26 March 8 October 10 October 26
2016 2015 2016 2016 2015 March
2016
------------------ ----------- ------------ --------- ---------- ----------- ------------ ------- ----------
UK retail sales 214.6 219.1 (2.1%) 426.1 214.6 219.1 (2.1%) 426.1
UK wholesale
sales 16.6 17.5 (5.0%) 33.6 16.6 17.5 (5.0%) 33.6
------------------ ----------- ------------ --------- ---------- ----------- ------------ ------- ----------
Total UK sales 231.2 236.6 (2.3%) 459.7 231.2 236.6 (2.3%) 459.7
------------------ ----------- ------------ --------- ---------- ----------- ------------ ------- ----------
International
retail
sales 110.8 110.0 0.7% 215.9 399.9 373.4 7.1% 683.0
International
wholesale
sales 5.7 3.3 73.8% 6.7 5.7 3.3 73.8% 6.7
------------------ ----------- ------------ --------- ---------- ----------- ------------ ------- ----------
Total
International
sales 116.5 113.3 2.8% 222.6 405.6 376.7 7.7% 689.7
------------------ ----------- ------------ --------- ---------- ----------- ------------ ------- ----------
Group sales /
Group
worldwide sales 347.7 349.9 (0.6%) 682.3 636.8 613.3 3.8% 1,149.4
------------------ ----------- ------------ --------- ---------- ----------- ------------ ------- ----------
* Estimated
Analysis of worldwide sales movement
GBP million - Worldwide sales
---------------------------------------------- -------
Sales for 28 weeks ended 10 October 2015 613.3
Currency impact 29.8
---------------------------------------------- -------
Proforma sales for 28 weeks ended 10 October
2015 643.1
Decrease in UK LFL (1.4)
Decrease in UK space (4.2)
Decrease in international LFL (11.2)
Increase in international space 7.9
Increase in wholesale 2.6
Sales for 28 weeks ended 8 October 2016 636.8
---------------------------------------------- -------
Sales in the 28 weeks ended 8 October 2016 were higher by
GBP23.5 million primarily as a result of a favourable currency
impact of GBP29.8 million due to the devaluation of sterling.
Including the currency impact, international sales have
increased by GBP26.5 million driven by an increase in space, offset
by reduced like for like sales mainly in Middle East/North
Africa.
UK sales have fallen by GBP(5.6) million due to a fall in LFL
sales, compounded by a decrease in UK space as a result of planned
store closures.
Analysis of profit movement
GBP million - Underlying profit before tax
------------------------------------------------- ------
Underlying profit for 28 weeks ended 10 October
2015 7.0
Currency impact 0.1
------------------------------------------------- ------
Proforma underlying profit for 28 weeks ended
10 October 2015 7.1
Decrease in International volumes (1.1)
UK space impact 1.1
UK sales and margin (1.2)
Increase in costs 0.0
Underlying profit before tax for 28 weeks ended
8 October 2016 5.9
------------------------------------------------- ------
On a proforma basis (i.e. excluding the currency impact)
underlying profit has fallen from GBP7.1 million to GBP5.9 million.
This is driven by lower international volumes and reduced UK sales
and margin, partly offset by the benefits of UK store closures. UK
sales and margin were predominantly adverse due to poor seasonal
weather impacting sales and resulting in high markdowns to clear
stock.
Foreign exchange
The main exchange rates used to translate the consolidated
income statement and balance sheet are set out below:
28 weeks ended 28 weeks ended 52 weeks ended
8 October 2016 10 October 26 March 2016
2015
Average:
Russian rouble 88.95 89.38 95.40
Indonesian rupiah 18,186 20,720 20,418
Saudi riyal 5.17 5.77 5.68
Emirati Dirham 5.03 5.64 5.54
Closing:
Russian rouble 81.58 94.67 98.09
Indonesian rupiah 16,889 20,787 18,959
Saudi riyal 4.87 5.75 5.43
Emirati Dirham 4.77 5.58 5.32
------------------- ---------------- --------------- ---------------
The principal currencies that impact our results are the Russian
rouble, Indonesian rupiah and Saudi riyal. The net effect of
currency translation caused worldwide sales and underlying
operating profit from ongoing operations to increase by GBP29.8
million and GBP0.1 million respectively compared with 2016 as shown
overleaf:
Underlying
Worldwide Sales Operating
GBP million profit
GBP million
----------------------------- ------------------ ---------------
Saudi riyal 6.5 -
Emirati Dirham 4.6 -
Indonesian rupiah 1.9 -
Russian rouble 0.6 (0.4)
Other Middle East countries 4.2 0.1
Other currencies 12.0 0.4
----------------------------- ------------------ ---------------
29.8 0.1
----------------------------- ------------------ ---------------
The profit impacts are limited by our hedging strategy on
royalty receipts.
In addition to the translation exposure, the Group is also
exposed to movements on certain of its transactions, principally
movements in the US dollar. These exposures are largely hedged and
therefore do not significantly impact underlying profit.
Share based payments
Underlying profit before tax also includes a share based
payments charge of GBP(0.5) million (H1 FY2015/16: GBP(1.9) million
charge) in relation to the Company's long-term incentive
schemes.
Financing and taxation
Financing represents interest receivable on bank deposits,
interest payable on borrowings, the amortisation of costs relating
to bank facility fees and the net interest charge on the
liabilities/assets of the pension scheme (see note 5).
The underlying tax credit comprises corporation taxes incurred
and a deferred tax charge. The total tax credit was GBP1.2 million
(H1 FY2015/16: charge of GBP(1.0) million) - see note 6.
Non-underlying items
Underlying profit before tax excludes the following
non-underlying items (see note 4):
Exceptional items:
-- Costs relating to previously announced activity on property
and retail restructuring programmes;
-- Costs relating to the planned development of warehouses in the UK;
-- Costs relating to the International stock obsolescence charge; and
-- Costs relating to the joint venture trade receivable provision.
Other non-underlying items:
-- The revaluation of monetary assets and liabilities held in
foreign currencies and the revaluation of outstanding forward
contracts which have not yet been matched to the purchase of stock.
These revaluation adjustments are reported as non-underlying items
so as the Group reports its underlying performance consistently
with its cash flows, reflecting the hedging which is in place;
and
-- Amortisation of intangible assets (excluding software).
Earnings per share and dividend
Basic underlying earnings per share were 3.4 pence compared to
3.3 pence in the 28 weeks to 10 October 2015.
28 weeks ended 28 weeks 52 weeks
8 October ended ended 26
2016 10 October March 2016
2015
Million Million Million
------------------------------------------------ ------------- ------------ ------------
Weighted average number of shares
in issue 170.8 170.7 170.6
Dilution- option schemes 4.2 9.0 6.0
Diluted weighted average number of
shares in issue 175.0 179.7 176.6
Number of shares at period end 170.9 170.8 170.9
GBP million GBP million GBP million
------------------------------------------------ ------------- ------------ ------------
Profit for basic and diluted earnings
per share 0.4 4.8 6.4
Exceptional items and other non-underlying
items (note 4) 6.7 1.2 9.9
Tax effect of above items (1.3) (0.3) 0.1
Underlying earnings 5.8 5.7 16.4
------------------------------------------------ ------------- ------------ ------------
Pence Pence Pence
------------------------------------------------ ------------- ------------ ------------
Basic profit per share 0.2 2.8 3.8
Basic underlying earnings per share 3.4 3.3 9.6
Diluted profit per share 0.2 2.7 3.6
Diluted underlying earnings per share 3.3 3.2 9.3
------------------------------------------------ ------------- ------------ ------------
The Board has concluded that given the cash investment required
to deliver the current strategy the Company will not pay an interim
dividend for 2016/17. The total dividend for the period is nil
pence per share (2015/16: nil pence per share).
Pensions
The Mothercare defined benefit pension schemes were closed with
effect from 30 March 2013. Details of the income statement net
charge, total cash funding and net assets and liabilities are as
follows:
GBP million 28 weeks 28 weeks 52 weeks ending
ending 8 ending 10 26 March
October 2016 October 2015 2016
-------------------------------------- -------------- -------------- ----------------
Income statement
Running costs (1.6) (1.5) (2.7)
Net (interest on liabilities)/return
on assets (1.3) (1.5) (2.7)
-------------------------------------- -------------- -------------- ----------------
Net charge (2.9) (3.0) (5.4)
-------------------------------------- -------------- -------------- ----------------
Cash funding
Regular contributions (2.4) (1.6) (2.2)
Deficit contributions (3.6) (5.4) (8.9)
-------------------------------------- -------------- -------------- ----------------
Total cash funding (6.0) (7.0) (11.1)
-------------------------------------- -------------- -------------- ----------------
Balance sheet
Fair value of schemes' assets 329.4 288.4 287.5
Present value of defined benefit
obligations (435.9) (341.8) (361.9)
-------------------------------------- -------------- -------------- ----------------
Net liability (106.5) (53.4) (74.4)
-------------------------------------- -------------- -------------- ----------------
The running costs of the Mothercare defined benefit pension
schemes have risen from GBP(1.5) million in the 28 weeks to 10
October 2015 to GBP(1.6) million in the 28 weeks to 8 October 2016
due to an increased PPF levy in the year.
In consultation with the independent actuaries to the schemes,
the key market rate assumptions used in the valuation and their
sensitivity to a 0.1% movement in the rate are shown below.
H1 H1 H1 H1 FY2016/17
FY2016/17 FY2015/16 FY2016/17 Impact on scheme
Sensitivity liabilities
GBP million
----------- ----------- ----------- ------------- ------------------
Discount
rate 2.6% 3.95% +/- 0.1% - 8.9/+ 8.9
Inflation
- RPI 3.2% 3.05% +/- 0.1% + 6.9/- 6.9
----------- ----------- ----------- ------------- ------------------
Inflation
- CPI 2.1% 1.95% +/- 0.1% + 6.9/- 6.9
----------- ----------- ----------- ------------- ------------------
Cash flow
Underlying free cash flow was an outflow of GBP(25.3) million
with cash generated from operations of GBP0.8 million.
Capital expenditure of GBP25.1 million reflected the continued
investment in store refurbishment and IT infrastructure and was
materially higher than in the 28 weeks ended 10 October 2015 as the
investment strategy was implemented.
Working capital was an outflow of GBP(6.8) million, reflecting
higher stocks partially offset by higher payables.
Other movements include movements in provisions, amortisation of
lease incentives and lease incentives received.
28 weeks 28 weeks 52 weeks
ended 8 ended 10 ended 26
October October March 2016
2016 2015
GBP million GBP million GBP million
---------------------------------------- ------------ ------------ ------------
Underlying profit from operations
before interest and share based
payments 8.3 10.7 25.8
----------------------------------------- ------------ ------------ ------------
Depreciation and amortisation 9.6 8.9 17.5
Retirement benefit schemes (4.4) (5.5) (8.4)
Change in working capital (6.8) 2.0 -
Other movements (5.9) 2.7 0.9
----------------------------------------- ------------ ------------ ------------
Cash generated from operations 0.8 18.8 35.8
Capital expenditure (25.1) (16.6) (39.2)
Interest and tax paid (1.0) (0.6) (2.2)
----------------------------------------- ------------ ------------ ------------
Underlying Free cashflow (25.3) 1.6 (5.6)
Exceptional (2.1) (4.3) (12.9)
----------------------------------------- ------------ ------------ ------------
Free cashflow (27.4) (2.7) (18.5)
Net bank loans 30.0 - -
Issue of ordinary share capital - 0.4 0.4
Exchange differences (1.7) (2.0) 0.1
----------------------------------------- ------------ ------------ ------------
Cash and cash equivalents at beginning
of period 13.5 31.5 31.5
Net cash and cash equivalents
at end of period 14.4 27.2 13.5
Borrowings (30.0) - -
Statutory net (debt)/cash at end
of period (15.6) 27.2 13.5
----------------------------------------- ------------ ------------ ------------
Balance sheet
The balance sheet includes identifiable intangible assets
arising on the acquisition of the Early Learning Centre of GBP5.2
million and goodwill of GBP26.8 million. These assets are allocated
to the International business.
8 October 10 October 26 March
2016 2015 2016
GBP million GBP million GBP million
---------------------------------- ------------ ------------ ------------
Goodwill and other intangibles 54.8 46.5 53.9
Property, plant and equipment 77.0 56.0 69.4
Retirement benefit obligations
(net of tax) (88.4) (42.8) (58.1)
Net (borrowings)/cash (15.6) 27.2 13.5
Derivative financial instruments 21.7 2.9 11.2
Other net assets/(liabilities) 12.8 8.3 (0.8)
Net assets 62.3 98.1 89.1
------------------------------------ ------------ ------------ ------------
Share capital and premium 146.4 146.4 146.4
Reserves (84.1) (48.3) (57.3)
------------------------------------ ------------ ------------ ------------
Total equity 62.3 98.1 89.1
------------------------------------ ------------ ------------ ------------
Shareholders' funds amount to GBP62.3 million, a reduction of
GBP35.8 million in the year driven predominantly by an increase of
GBP45.6 million in the defined benefit obligation (net of deferred
tax).
Going concern
The Directors have reviewed the going concern principle in the
light of guidance provided by the FRC. The Group's objective with
respect to managing capital is to maintain a balance sheet
structure that is both efficient in terms of providing long-term
returns to shareholders and safeguards the Group's ability to
continue as a going concern. As appropriate, the Group can choose
to adjust its capital structure by varying the amounts of dividends
paid to shareholders, returns of capital to shareholders, issuing
new shares or varying the level of capital expenditure.
The Group's business activities and the factors likely to affect
its future development are set out in the principal risks and
uncertainties of the annual report. The financial position of the
Group, its cash flows, liquidity position and borrowing facilities
are set out in the financial review. At the end of the 28 weeks
ended 8 October 2016 the Group had a net debt of GBP15.6 million,
representing GBP30 million of the revolving credit facility offset
by GBP14.4 million of cash. This is within the Group's facilities,
which are in place until May 2018 and with sufficient headroom
against covenants.
The Directors have reviewed the Group's latest forecasts and
projections, which have been sensitivity-tested for reasonably
possible adverse variations in performance. This indicates the
Group will operate within the terms of its borrowing facilities and
covenants for the foreseeable future. To the extent that future
trading is worse than a reasonably possible downside, which the
Directors do not consider a likely scenario, then there are
mitigating actions available which includes reducing some
discretionary costs and non-essential capital expenditure and would
enable the Group to continue to operate within the terms of the
borrowing facilities and covenants for the foreseeable future.
Based on this, the Directors have a reasonable expectation that the
Company and the Group have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, the
financial statements are therefore prepared on the going concern
basis.
Capital additions
Total capital additions for the 28 week period was GBP19.4
million (H1 FY2015/16: GBP12.8 million), of which GBP4.0 million
was for software intangibles and GBP15.4 million for tangible fixed
assets. Landlord contributions of GBP0.9 million (H1 FY2015/16:
GBP3.5 million) were received, partially offsetting the GBP19.4
million outflow. Net capital expenditure after landlord
contributions was GBP18.5 million (H1 FY2015/16: GBP9.3 million).
The increase was primarily due to the store refurbishment and
infrastructure investment programmes.
Treasury policy and financial risk management
The Board approves treasury policies and senior management
directly controls day-to-day operations within these policies. The
major financial risk to which the Group is exposed relates to
movements in foreign exchange rates and interest rates. Where
appropriate, cost effective and practicable, the Group uses
financial instruments and derivatives to manage the risks.
No speculative use of derivatives, currency or other instruments
is permitted.
Foreign currency risk
All International sales to franchisees are invoiced in Pounds
sterling or US dollars.
International reported sales represent approximately 34% of
Group sales. Total International sales in the 28 week period
represent approximately 64% of Group network sales. The Group
therefore has some currency exposure on these sales, but they are
used to offset or hedge in part the Group's US dollar denominated
product purchases. The Group policy is that all material exposures
are hedged by using forward currency contracts. To help mitigate
against the currency impact on royalty receipts, the Group has
hedged against its major market currency exposure.
Interest rate risk
The Group has drawn down GBP30.0 million on the Revolving Credit
Facility. The RCF attracts an interest rate of 2.5% above
LIBOR.
Shareholders' funds
Shareholders' funds amount to GBP62.3 million, a reduction of
GBP35.8 million in the 52 week period. This represents GBP0.36 per
share compared to GBP0.52 per share at the year end.
Post balance sheet events
There have been no post balance sheet events.
Condensed income statement
For the 28 weeks ended 8 October 2016
28 weeks ended 8 October 28 weeks ended 52 weeks
2016 10 October 2015 ended
(unaudited) (unaudited) 26 March
2016
Non-underlying Non-underlying
Underlying(1) (2) Total Underlying(1) (2) Total Total
Note GBP million GBP million GBP million GBP GBP GBP GBP
million million million million
---------------- ------ --------------- --------------- --------------- --------------- --------------- ----------- ----------
Revenue 347.7 - 347.7 349.9 - 349.9 682.3
Cost of sales (320.1) (0.5) (320.6) (318.1) - (318.1) (622.1)
---------------- ------ --------------- --------------- --------------- --------------- --------------- ----------- ----------
Gross
profit/(loss) 27.6 (0.5) 27.1 31.8 - 31.8 60.2
Administrative
expenses (19.8) (5.3) (25.1) (22.5) (2.3) (24.8) (42.8)
---------------- ------ --------------- --------------- --------------- --------------- --------------- ----------- ----------
Profit/(loss)
from
retail
operations 7.8 (5.8) 2.0 9.3 (2.3) 7.0 17.4
Other
exceptional
items 4 - (0.9) (0.9) - 1.1 1.1 (3.4)
Share of
results of
joint ventures
and
associates - - - (0.5) - (0.5) (1.1)
---------------- ------ --------------- --------------- --------------- --------------- --------------- ----------- ----------
Profit/(loss)
from
operations 7.8 (6.7) 1.1 8.8 (1.2) 7.6 12.9
Net finance
costs 5 (1.9) - (1.9) (1.8) - (1.8) (3.2)
---------------- ------ --------------- --------------- --------------- --------------- --------------- ----------- ----------
Profit/(loss)
before
taxation 5.9 (6.7) (0.8) 7.0 (1.2) 5.8 9.7
Taxation 6 (0.1) 1.3 1.2 (1.3) 0.3 (1.0) (3.3)
---------------- ------ --------------- ---------------
Profit/(loss) for the
period attributable to
equity holders of the
parent 5.8 (5.4) 0.4 5.7 (0.9) 4.8 6.4
------------------------ --------------- --------------- --------------- --------------- --------------- ----------- ----------
Profit per
share
Basic 8 3.4p 0.2p 3.3p 2.8p 3.8p
Diluted 8 3.3p 0.2p 3.2p 2.7p 3.6p
---------------- ------ --------------- --------------- --------------- --------------- --------------- ----------- ----------
All results relate to continuing operations.
(1) Before items described in note 2 below.
(2) Includes exceptional property costs, costs of developing
warehousing and restructuring international operations and other
non-underlying items of amortisation of intangible assets
(excluding software) and the impact of non-cash foreign currency
adjustments under IAS 39 and IAS 21 as set out in note 4 to the
financial statements.
Condensed statement of comprehensive income/(expense)
For the 28 weeks ended 8 October 2016
28 weeks 28 weeks 52 weeks
ended ended ended
8 October 10 October 26 March
2016 2015 2016
(unaudited) (unaudited)
GBP million GBP million GBP million
------------------------------------------- --------- ------------- -------------- ------------
Profit for the period 0.4 4.8 6.4
Items that will not be reclassified
subsequently to the income statement:
Actuarial (loss)/gain on defined
benefit pension schemes (35.1) 23.8 1.1
Income tax relating to items
not reclassified 4.8 (4.8) (1.5)
(30.3) 19.0 (0.4)
------------------------------------------- --------- ------------- -------------- ------------
Items that may be reclassified
subsequently to the income statement:
Exchange differences on translation
of foreign operations (1.7) (0.9) (0.4)
Cash flow hedges: gains /(losses)
arising in the period 17.1 (8.9) 4.2
Deferred tax on cash flow hedges (1.4) 1.2 (0.3)
14.0 (8.6) 3.5
------------------------------------------- --------- ------------- -------------- ------------
Other comprehensive (expense)/income
for the period (16.3) 10.4 3.1
------------------------------------------- --------- ------------- -------------- ------------
Total comprehensive (expense)/income
for the period wholly attributable
to equity holders of the parent (15.9) 15.2 9.5
-------------------------------------------------- ------------- -------------- ----------------
Condensed balance sheet
As at 8 October 2016
8 October 10 October 26 March
2016 2015 2016
(unaudited) (unaudited)
Note GBP million GBP million GBP million
--------------------------------------- ----- ------------- -------------- ------------
Non-current assets
Goodwill 26.8 26.8 26.8
Intangible assets 28.0 19.7 27.1
Property, plant and equipment 10 77.0 56.0 69.4
Investments in joint ventures - 3.9 -
Deferred tax asset 6 24.8 19.6 20.3
Derivative financial instruments 13 2.2 - 0.2
158.8 126.0 143.8
--------------------------------------- -----
Current assets
Inventories 125.8 112.5 101.8
Trade and other receivables 75.0 66.9 75.9
Cash and cash equivalents 14.4 27.2 13.5
Current tax asset 0.9 0.7 0.3
Derivative financial instruments 13 20.4 2.9 12.1
--------------------------------------- -----
236.5 210.2 203.6
--------------------------------------- ----- ------------- -------------- ------------
Total assets 395.3 336.2 347.4
--------------------------------------- ----- ------------- -------------- ------------
Current liabilities
Trade and other payables (147.5) (124.2) (130.1)
Derivative financial instruments 13 (0.9) - (1.1)
Short term provisions (9.0) (26.3) (14.6)
(157.4) (150.5) (145.8)
--------------------------------------- -----
Non-current liabilities
Trade and other payables (21.3) (21.8) (22.1)
Borrowings 11 (30.0) - -
Retirement benefit obligations 12 (106.5) (53.4) (74.4)
Long term provisions (17.8) (12.4) (16.0)
--------------------------------------- -----
(175.6) (87.6) (112.5)
--------------------------------------- ----- ------------- -------------- ------------
Total liabilities (333.0) (238.1) (258.3)
--------------------------------------- ----- ------------- -------------- ------------
Net assets 62.3 98.1 89.1
--------------------------------------- ----- ------------- -------------- ------------
Equity attributable to equity holders
of the parent
Share capital 85.4 85.4 85.4
Share premium account 61.0 61.0 61.0
Own shares (0.3) (0.4) (0.3)
Translation reserve (1.2) - 0.5
Hedging reserve 14.3 3.9 9.7
Retained deficit (96.9) (51.8) (67.2)
--------------------------------------- -----
Total equity 62.3 98.1 89.1
--------------------------------------- ----- ------------- -------------- ------------
Condensed statement of changes in equity
For the 28 weeks ended 8 October 2016
Share Share Own Translation Hedging Retained Total
capital premium shares reserve reserve deficit equity
account
GBP GBP GBP GBP GBP GBP GBP
million million million million million million million
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
Balance at 26 March 2016 85.4 61.0 (0.3) 0.5 9.7 (67.2) 89.1
Other comprehensive (expense)/income
for the period - - - (1.7) 15.7 (30.3) (16.3)
Profit for the period - - - - - 0.4 0.4
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
Total comprehensive (expense)/income
for the period - - - (1.7) 15.7 (29.9) (15.9)
Removal from equity to inventories
during the period - - - - (11.1) - (11.1)
Credit to equity for equity-settled
share-based payments - - - - - 0.3 0.3
Deferred tax on share-based
payments - - - - - (0.1) (0.1)
Balance at 8 October 2016
(unaudited) 85.4 61.0 (0.3) (1.2) 14.3 (96.9) 62.3
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
For the 28 weeks ended 10 October 2015
Share Share Own Translation Hedging Retained Total
capital premium shares reserve reserve deficit equity
account
GBP GBP GBP GBP GBP GBP GBP
million million million million million million million
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
Balance at 28 March 2015 85.2 60.8 (0.4) 0.9 6.8 (75.6) 77.7
Other comprehensive (expense)/income
for the period - - - (0.9) (7.7) 19.0 10.4
Profit for the period - - - - - 4.8 4.8
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
Total comprehensive (expense)/income
for the period - - - (0.9) (7.7) 23.8 15.2
Removal from equity to inventories
during the period - - - - 3.2 - 3.2
Transfer between reserves - - - - 1.6 (1.6) -
Credit to equity for equity-settled
share-based payments - - - - - 1.4 1.4
Deferred tax on share-based
payments - - - - - 0.2 0.2
Issue of equity shares 0.2 0.2 - - - - 0.4
Balance at 10 October 2015
(unaudited) 85.4 61.0 (0.4) - 3.9 (51.8) 98.1
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
For the 52 weeks ended 26 March 2016
Share Share Own Translation Hedging Retained Total
capital premium shares reserve reserve deficit equity
account
GBP GBP GBP GBP GBP GBP GBP
million million million million million million million
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
Balance at 28 March 2015 85.2 60.8 (0.4) 0.9 6.8 (75.6) 77.7
Other comprehensive (expense)/income
for the period - - - (0.4) 3.9 (0.4) 3.1
Profit for the period - - - - - 6.4 6.4
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
Total comprehensive (expense)/income
for the period - - - (0.4) 3.9 6.0 9.5
Removal from equity to inventories
during the period - - - - (1.0) - (1.0)
Issue of equity shares 0.2 0.2 0.1 - - - 0.5
Credit to equity for equity-settled
share-based payments - - - - - 2.4 2.4
Balance at 26 March 2016
(audited) 85.4 61.0 (0.3) 0.5 9.7 (67.2) 89.1
-------------------------------------- --------- --------- --------- ------------ --------- --------- ---------
Condensed cash flow statement
For the 28 weeks ended 8 October 2016
28 weeks 28 weeks 52 weeks
ended ended ended
Note 8 October 10 October 26 March
2016 2015 2016
(unaudited) (unaudited)
GBP million GBP million GBP million
----------------------------------------------- ------ ------------- ------------- ------------
Net cash flow from operating activities 15 (1.9) 11.1 21.9
----------------------------------------------- ------ ------------- ------------- ------------
Cash flows from investing activities
Interest received - - 0.2
Purchase of property, plant and equipment (21.1) (13.5) (27.8)
Purchase of intangibles - software (4.0) (3.1) (11.4)
Net cash received on disposal of joint - 2.8 -
venture
Net cash used in investing activities (25.1) (13.8) (39.0)
----------------------------------------------- ------ ------------- ------------- ------------
Cash flows from financing activities
Interest paid (0.4) - (1.4)
Bank loans raised 30.0 - -
Issue of ordinary share capital - 0.4 0.4
Net cash raised in financing activities 29.6 0.4 (1.0)
----------------------------------------------- ------ ------------- ------------- ------------
Net increase/(decrease) in cash and
cash equivalents 2.6 (2.3) (18.1)
----------------------------------------------- ------ ------------- ------------- ------------
Cash and cash equivalents at beginning
of period 13.5 31.5 31.5
Effect of foreign exchange rate changes (1.7) (2.0) 0.1
----------------------------------------------- ------
Net cash and cash equivalents at end
of period 14.4 27.2 13.5
----------------------------------------------- ------ ------------- ------------- ------------
Notes
1 General information
The Group's business activities, together with factors likely to
affect its future development, performance and position are set out
in the Chief Executive's review and the financial review and
include a summary of the Group's financial position, its cash flows
and borrowing facilities and a discussion of why the Directors
consider that the going concern basis is appropriate.
The results for the 28 weeks ended 8 October 2016 are unaudited
but have been reviewed by the Group's auditor, whose report forms
part of this document. The information for the 52 weeks ended 26
March 2016 included in this report does not constitute statutory
accounts as defined in section 434 of the Companies Act 2006. A
copy of the statutory accounts for that period has been delivered
to the Registrar of Companies. The auditor's report on those
accounts was not qualified or modified, did not draw attention to
any matters by way of emphasis and did not contain statements under
section 498(2) or (3) of the Companies Act 2006.
2 Accounting Policies and Standards
The annual financial statements of Mothercare plc are prepared
in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union. The condensed set of
financial statements included in this half yearly report has been
prepared in accordance with IAS 34 'Interim Financial Reporting' as
adopted by the European Union.
Taxation
The taxation charge for the 28 week period is calculated by
applying the best estimate of the average annual effective tax rate
expected for the full year to the profit for the period and
recognise a tax credit only to the extent that the resulting tax
asset is more than likely not to reverse.
Profit from retail operations
Profit from retail operations represents the profit generated
from normal retail trading, prior to any gains or losses on
property transactions and impairment charges. It also includes the
volatility arising from non-cash foreign currency adjustments under
IAS 39 'Financial Instruments: Recognition and Measurement' and IAS
21 'The Effects of Changes in Foreign Exchange Rates'.
Underlying earnings
The Company believes that underlying profit before tax and
underlying earnings provides additional useful information for
shareholders. The term underlying earnings is not a defined term
under IFRS and may not therefore be comparable with similarly
titled profit measurements reported by other companies. It is not
intended to be a substitute for, or superior to, IFRS measures of
profit. A reconciliation of this alternative measure to the
statutory measure required by IFRS is disclosed in note 3. The
adjustments made to reported results are as follows:
Exceptional items
Due to their significance or one-off nature, certain items have
been classified as exceptional. The gains and losses on these
discrete items, such as property costs, impairment charges,
restructuring costs and other non-operating items can have a
material impact on the absolute amount of and trend in the profit
from operations and the results for the period. Therefore any gains
and losses on such items are analysed as non-underlying on the face
of the income statement. Further details of the exceptional items
are provided in note 4.
Non-cash foreign currency adjustments
Since January 2014 the Group has adopted hedge accounting on its
foreign currency contracts. The adjustment made by the Group
ensures that it reports its underlying performance consistently
with cash flows, reflecting the economic hedging which is in place.
In addition, foreign currency monetary assets and liabilities are
revalued to the closing balance sheet rate under IAS21 "The Effects
of Changes in Foreign Exchange Rates".
Amortisation of intangible assets
The average estimated useful life of identifiable intangible
assets is 10 to 20 years for trade names and 5 to 10 years for
customer relationships. The amortisation of these intangible assets
does not reflect the underlying performance of the business.
Retirement benefits
In consultation with the independent actuaries to the schemes,
the valuation of the pension obligation has been updated to reflect
current market discount rates, current market values of investments
and actual investment returns, and also to consider whether there
have been any other events that would significantly affect the
pension liabilities. The impact of these changes in assumptions and
events has been estimated in arriving at the valuation of the
pension obligation.
3 Segmental information
IFRS 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reported to the Group's board in order to allocate
resources to the segments and assess their performance. The Group's
reporting segments under IFRS 8 are UK and International.
UK comprises the Group's UK store and wholesale operations,
catalogue and web sales. The International business comprises the
Group's franchise and wholesale revenues outside the UK. The
unallocated corporate expenses represent board and company
secretarial costs and other head office costs including audit,
professional fees, insurance and head office property.
28 weeks ended 8 October 2016
(unaudited)
-------------------------------------------------------------
Unallocated
Corporate
UK International Expenses Consolidated
GBP million GBP million GBP million GBP million
--------------------- ---------------------- ------------ ---------------- ------------ ---------------
Revenue
External sales 231.2 116.5 - 347.7
--------------------------------------------- ------------ ---------------- ------------ ---------------
Result
Segment result (underlying) (8.8) 20.8 (3.7) 8.3
--------------------------------------------- ------------ ---------------- ------------
Share-based payments (underlying) (0.5)
Non-cash foreign currency adjustments
(non-underlying) 4.5
Amortisation of intangible assets
(non-underlying) (0.5)
Exceptional items (10.7)
----------------------------------------------------------- ---------------- ------------ ---------------
Profit from operations 1.1
Finance cost (1.9)
----------------------------------------------------------- ---------------- ------------ ---------------
Loss before taxation (0.8)
Taxation 1.2
Profit for the period 0.4
----------------------------------------------------------- ---------------- ------------ ---------------
28 weeks ended 10 October 2015
(unaudited)
-------------------------------------------------------------
Unallocated
Corporate
UK International Expenses Consolidated
GBP million GBP million GBP million GBP million
--------------------- ---------------------- ------------ ---------------- ------------ ---------------
Revenue
External sales 236.6 113.3 - 349.9
--------------------------------------------- ------------ ---------------- ------------ ---------------
Result
Segment result (underlying) (6.1) 21.7 (4.9) 10.7
--------------------------------------------- ------------ ---------------- ------------
Share-based payments (underlying) (1.9)
Non-cash foreign currency adjustments
(non-underlying) 0.8
Amortisation of intangible assets
(non-underlying) (0.5)
Exceptional items (1.5)
----------------------------------------------------------- ---------------- ------------ ---------------
Profit from operations 7.6
Finance cost (1.8)
----------------------------------------------------------- ---------------- ------------ ---------------
Profit before taxation 5.8
Taxation (1.0)
Profit for the period 4.8
----------------------------------------------------------- ---------------- ------------ ---------------
52 weeks ended 26 March 2016
-------------------------------------------------------------
Unallocated
Corporate
UK International Expenses Consolidated
GBP million GBP million GBP million GBP million
--------------------------------------- ------------ ---------------- ------------ ---------------
Revenue
External sales 459.7 222.6 - 682.3
---------------------------------------- ------------ ---------------- ------------ ---------------
Result
Segment result (underlying) (6.4) 40.3 (8.1) 25.8
---------------------------------------- ------------ ---------------- ------------
Share-based payments (underlying) (3.0)
Non-cash foreign currency adjustments
(non-underlying) 1.2
Amortisation of intangible assets
(non-underlying) (0.9)
Exceptional items (10.2)
---------------------------------------- ------------ ---------------- ------------ ---------------
Profit from operations 12.9
Finance costs (including GBP0.8m non-underlying) (3.2)
------------------------------------------------------ ---------------- ------------ ---------------
Profit before taxation 9.7
Taxation (3.3)
Profit for the period 6.4
------------------------------------------------------ ---------------- ------------ ---------------
Corporate expenses not allocated to UK or International
represent board and company secretarial costs and other head office
costs including audit, professional fees, insurance and head office
property.
4 Exceptional and non-underlying items
Due to their significance or one-off nature, certain items have
been classified as exceptional or non-underlying as follows:
28 weeks 28 weeks 52 weeks ended
ended ended
8 October 10 October 26 March 2016
2016 2015
(unaudited) (unaudited)
GBP million GBP million GBP million
------------------------- ------------------------ ------------- -------------- ---------------
Exceptional items:
Restructuring costs included in cost
of sales (4.5) (0.3) (0.3)
Restructuring costs and property impairment
included in administrative expenses (1.3) (0.2) (6.5)
Property related costs in other exceptional
items (0.9) (0.8) (0.1)
Joint venture trade receivable provision
in administrative expenses (4.0) - -
Impairment of investment in and receivables
due from joint venture/associate in
other exceptional items - - (3.3)
Loss on disposal of joint ventures - (0.2) -
in other exceptional items
Total exceptional items: (10.7) (1.5) (10.2)
Other non-underlying items:
Non-cash foreign currency adjustments
under IAS39 and IAS21 4.5 0.8 1.2
Amortisation of intangibles (0.5) (0.5) (0.9)
Exceptional and non-underlying items
before tax (6.7) (1.2) (9.9)
--------------------------------------------------- ------------- -------------- ---------------
Restructuring costs included in cost of sales
During the 28 weeks ended 8 October 2016 a charge of GBP4.5
million was recognised. GBP3.6 million was related to costs
associated to the international restructure. Towards the end of
FY2015/16, the Group recognised that significant challenges exist
within the current International business model requiring a wide
range restructure. At H1 FY2016/17, GBP3.2 million of the
restructure costs relate to a one-off increase in the stock
provision to reflect the alignment of our international trading
strategy with the UK, i.e. more full price sales, less discounting
and tighter management of stocks. GBP0.9 million was related to the
planned development of warehouses in the UK and consists of
incremental labour and warehouse storage costs.
In H1 FY2015/16, a GBP0.3 million charge related to the store
restructuring programme.
Restructuring costs and property impairment included in
administration expenses
During the 28 weeks ended 8 October 2016 a charge of GBP1.3
million was recognised. The majority of this amount related to head
office redundancies. No further costs are expected.
In H1 FY2015/16, a GBP0.2 million charge related to business
restructuring in the central functions.
Property related costs in other exceptional items
During the 28 weeks ended 8 October 2016 a charge of GBP0.9
million was recognised. A GBP0.4 million charge related to
accelerated depreciation for stores refurbished by FY2016/17 and H1
FY2017/18. The remaining GBP0.5 million charge related to asset
write-downs for stores refurbished or closed.
In H1 FY2015/16, a GBP2.1 million charge was recognised in
respect of asset write-downs for those stores refurbished by H1
FY2015/16 and accelerated depreciation for stores refurbished by
FY2015/16. This is partly offset by a net benefit of GBP1.3 million
recognised in relation to movements in store closure and related
provisions.
Joint venture trade receivable provision in administration
expenses
Due to the challenging economic conditions and performance over
the past 12 months in China, the Group took a prudent approach and
provided for all outstanding debt at FY2015/16, GBP4.0 million.
5 Net finance costs
28 weeks 28 weeks 52 weeks
ended ended ended
8 October 10 October 26 March
2016 2015 2016
(unaudited) (unaudited)
GBP million GBP million GBP million
---------------------------------------- --- ------------- ------------- ------------
Interest on pension liabilities/return
on assets 1.3 1.5 2.7
Other net interest 0.6 0.3 0.5
--------------------------------------------- ------------- ------------- ------------
Net finance costs 1.9 1.8 3.2
--------------------------------------------- ------------- ------------- ------------
6 Taxation
28 weeks 28 weeks 52 weeks
ended ended ended
8 October 10 October 26 March
2016 2015 2016
(unaudited) (unaudited)
GBP million GBP million GBP million
----------------------------------------------- --- ------------- ------------- ------------
Current tax - Overseas tax and UK corporation
tax 0.0 0.3 1.8
Deferred tax - UK tax charge for timing
differences (1.2) 0.7 1.5
----------------------------------------------------
Total tax (credit)/charge (1.2) 1.0 3.3
----------------------------------------------------
The deferred tax charge arises on UK temporary differences.
The net deferred tax asset at 8 October 2016 is GBP24.8 million
(H1 FY2015/16: GBP19.6 million) including GBP18.1 million of
deferred tax assets in relation to retirement benefit obligations
(H1 FY2015/16: GBP10.6 million).
In recent years the UK Government has steadily reduced the rate
of UK corporation tax, with the latest rates substantively enacted
by the balance sheet date being 20% with effect from 1 April 2015,
19% effective from 1 April 2017 and 17% effective from 1 April
2020. The closing deferred tax assets and liabilities have been
calculated at 17%, on the basis that this is the rate at which
those assets and liabilities are expected to unwind.
7 Dividends
In April 2012 the Group announced that the dividend would not be
resumed until there was a marked improvement in the Group's
results. Accordingly, there will be no dividend for the first half
of the year.
8 Earnings per share
28 weeks 28 weeks 52 weeks
ended ended ended
8 October 10 October 26 March
2016 2015 2016
(unaudited) (unaudited)
million million million
-------------------------------------------- --- ------------- ------------- ------------
Weighted average number of shares in
issue for the purpose of basic earnings
per share 170.8 170.7 170.6
Dilution - option schemes 4.2 9.0 6.0
-------------------------------------------------
Weighted average number of shares in
issue for the purpose of diluted earnings
per share 175.0 179.7 176.6
-------------------------------------------------
GBP million GBP million GBP million
-------------------------------------------- --- ------------- ------------- ------------
Profit for basic and diluted earnings
per share 0.4 4.8 6.4
Exceptional and other non-underlying
items 6.7 1.2 9.9
Tax effect of above items (1.3) (0.3) 0.1
-------------------------------------------------
Underlying earnings 5.8 5.7 16.4
------------------------------------------------- ------------- ------------- ------------
Pence Pence Pence
-------------------------------------------- ---
Basic earnings per share 0.2 2.8 3.8
Basic underlying earnings per share 3.4 3.3 9.6
Diluted earnings per share 0.2 2.7 3.6
Diluted underlying earnings per share 3.3 3.2 9.3
------------------------------------------------- ------------- ------------- ------------
9 Seasonality of the Early Learning Centre
Sales for the Early Learning Centre are more heavily weighted
towards the second half of the year, with approximately 46% of
annual sales forecast to occur in the third quarter (mid-October to
early January).
10 Property, plant and equipment
Capital additions of GBP19.4 million were made during the period
(H1 FY2015/16: GBP12.8 million). The increase over H1 FY2015/16 is
primarily driven by the store refurbishment programme.
11 Bank loans and overdrafts
As at 8 October 2016, the Group had drawn down GBP30.0 million
of the Revolving Credit Facility. The RCF attracts an interest rate
of 2.5% above LIBOR.
12 Retirement benefit schemes
The Group updated its accounting for pensions under IAS 19 as at
8 October 2016. This involved rolling forward the assumptions from
the prior year end and updating for changes in market rates in the
first half. For the UK schemes, based on the actuarial assumptions
from the last full actuarial valuations carried out in March 2014,
a liability of GBP106.5 million (H1 FY2015/16: GBP53.4 million) has
been recognised. This represents a material increase since the year
end, primarily as a result of lower gilt and corporate bond
yields.
13 Financial instruments' fair value disclosures
The Group held the following financial instruments at fair value
at 8 October 2016. The fair value of foreign currency forward
contracts is measured using quoted foreign exchange rates and yield
curves from quoted rates matching the maturities of the contracts,
and they therefore are categorised within level 2 of the fair value
hierarchy set out in IFRS 7.
Fair value Fair value Fair value
measurements measurements measurements
at 8 October at 10 October at 26 March
2016 2015 2016
(unaudited) (unaudited)
GBP million GBP million GBP million
------------------------------------ -------------- --------------- --------------
Non-current financial assets:
Derivative financial instruments:
Forward foreign currency contracts 2.2 - 0.2
Current financial assets:
Derivative financial instruments:
Forward foreign currency contracts 20.4 2.9 12.1
Current financial liabilities:
Derivative financial instruments:
Forward foreign currency contracts (0.9) - (1.1)
-------------------------------------
21.7 2.9 11.2
------------------------------------ -------------- --------------- --------------
The derivative financial assets and liabilities whose fair
values include the use of level 2 inputs are obtained from the
banks or financial instruments with which the derivatives have been
transacted, subject to adjustment for own credit risk if
necessary.
The valuations incorporate the following inputs:
-- interest rates and yield curves at commonly quoted intervals; and
-- observable credit spreads.
The Directors consider that the carrying value amounts of
financial assets and financial liabilities recorded at amortised
cost in the financial statements are approximately equal to their
fair values.
14 Share-based payments
An expense is recognised for share-based payments based on the
fair value of the awards at the date of grant, the estimated number
of shares that will vest and the vesting period of each award. The
total net charge for share-based payments under IFRS 2 is GBP0.5
million (H1 FY2015/16: GBP1.9 million) of which GBP0.3 million (H1
FY2015/16: GBP1.4 million) will be equity settled. The assumptions
used to measure the fair values of the share-based payments are in
line with those previously published.
15 Notes to the cash flow statement
28 weeks 28 weeks 52 weeks
ended ended ended
8 October 10 October 26 March
2016 2015 2016
(unaudited) (unaudited)
GBP million GBP million GBP million
------------------------------------------------ ------------- ------------- --------------
Profit from retail operations 2.0 7.0 17.4
Adjustments for:
Depreciation of property, plant and
equipment 7.0 7.0 13.3
Amortisation of intangible assets 3.1 2.5 5.1
Impairment of property, plant and equipment
and intangible assets - 1.5 1.5
Losses on disposal of property, plant
and equipment and intangible assets - 1.4 4.2
(Profit)/loss on non-underlying non-cash
foreign currency adjustments (4.5) (0.8) (1.2)
Equity settled share-based payments 0.5 1.9 3.0
Movement in provisions (3.7) (4.5) (13.9)
Cash payments for other exceptional
items - (0.3) 2.8
Amortisation of lease incentives (3.0) (2.2) (4.1)
Lease incentives received 0.9 3.5 5.3
Payments to retirement benefit schemes (6.0) (7.0) (11.1)
Charge to profit from operations in
respect of retirement benefit schemes 1.6 1.5 2.7
------------------------------------------------ ------------- ------------- --------------
Operating cash flow before movement
in working capital (2.1) 11.5 25.0
Increase in inventories (22.9) (23.3) (12.9)
(Increase)/decrease in receivables 1.3 1.9 (1.1)
Increase in payables 22.4 21.7 13.3
------------------------------------------------ ------------- ------------- --------------
Cash used in/(generated) from operations (1.3) 11.8 24.3
------------------------------------------------ ------------- ------------- --------------
Income taxes paid (0.6) (0.7) (2.4)
------------------------------------------------ ------------- ------------- --------------
Net cash (outflow)/inflow from operating
activities (1.9) 11.1 21.9
------------------------------------------------ ------------- ------------- --------------
Analysis of net debt
26 March Foreign 8 October
2016 Cash flow exchange 2016
GBP million GBP million GBP million GBP million
--------------------------- ------------ ------------ ------------ ------------
Cash and cash equivalents 13.5 2.6 (1.7) 14.4
---------------------------- ------------ ------------ ------------ ------------
Borrowings - (30.0) - (30.0)
---------------------------- ------------ ------------ ------------ ------------
Net (debt)/cash 13.5 (27.4) (1.7) (15.6)
---------------------------- ------------ ------------ ------------ ------------
16 Related party transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Group and its
joint ventures and associates are disclosed below.
Trading transactions:
Joint ventures and associates Revenue from Amounts owed by related
related parties parties (net of provisions)
GBP million GBP million
-------------------------------- ----------------- -----------------------------
28 weeks ended 8 October 2016
(unaudited) 6.4 4.0
28 weeks ended 10 October 2015
(unaudited) 4.6 2.2
52 weeks ended 26 March 2016 8.9 4.8
-------------------------------- ----------------- -----------------------------
Income earned from related parties includes royalty income on
retail sales of related parties to their customers, plus sales of
goods to related parties made at the Group's usual list price.
The amounts owed by related parties relate to the China JV
(GBP8.1 million) and the Ukraine JV (GBP1.4 million).
A provision of GBP5.5 million (H1 FY2015/16: GBP1.0 million) has
been made for doubtful debts in respect of the amounts owed by
related parties.
The amounts outstanding are unsecured and will be settled in
cash.
17 Post balance sheet events
There have been no post balance sheet events.
Risks and uncertainties
The Board continually assesses and monitors the key risks of the
business. The principal risks and uncertainties which could impact
the Company's long-term performance are summarised below:
-- The anticipated turnaround of the Group's UK business may not
be achievable if it fails to implement effectively key aspects of
its new strategic plan such as IT, store and infrastructure
transformation.
-- The Group may be affected by challenging economic conditions
and political developments affecting the UK and International
markets in which it operates.
-- The Group's brands and reputation are key to its success both
in the UK and internationally; any damage to the Group's brands or
concerns relating to its products (including their quality or
safety) could have an adverse effect on the business.
-- The Group is dependent on a small number of franchise
partners that make up a significant proportion of its International
business.
-- The Group's results of operations may be affected by both
transactional and translational foreign exchange risk.
-- The Group's future success depends on the performance of its
key senior management and the ability to attract and retain high
quality and highly skilled personnel.
-- The Group's business is dependent on its ability to source
products successfully from its suppliers, most of which are based
outside the UK. The Group relies on its manufacturers, suppliers
and distributors to comply with employment, environmental and other
laws.
-- The Group relies on its ability to improve existing products
and successfully develop and launch new innovative products.
-- The Group supplies and sources its products and operates in a
number of countries in which bribery and corruption pose
significant risks.
-- Any unauthorised access or disclosure of confidential
information stored or obtained by the Group, either by criminal
cyber-attack or a speculative loner, could have a negative effect
on its business.
-- The Group has exposure to the trading performance of its
Joint Ventures in China and Ukraine, including share of profits and
recoverability of debt.
Certain statements in this report are forward looking. Although
the Group believes that the expectations reflected in these
statements are reasonable, we can give no assurance that these
expectations will prove to have been correct. As these statements
contain risks and uncertainties, actual results may differ from
those expressed or implied. We undertake no obligation to update
any forward looking statements whether as a result of new
information, future events or otherwise.
Responsibility statement
We confirm that to the best of our knowledge:
(a) The condensed set of financial statements has been prepared
in accordance with IAS 34 "Interim Financial Reporting";
(b) The interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first 28 weeks of the year and description of principal
risks and uncertainties for the remaining 24 weeks of the year);
and
(c) The interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein).
By order of the Board
Mark Newton-Jones Richard Smothers
Chief Executive Chief Financial Officer
23 November 2016
Independent review report to Mothercare plc
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
28 weeks ended 8 October 2016 which comprises the condensed income
statement, the condensed balance sheet, the condensed statement of
changes in equity, the condensed statement of comprehensive income,
the condensed cash flow statement and related notes 1 to 17. We
have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
Company those matters we are required to state to it in an
independent review 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 formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34 "Interim
Financial Reporting" as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the 28 weeks ended 8
October 2016 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London, UK
23 November 2016
Shareholder information
Financial calendar
2017
------------------------------------------------------- -------------
Preliminary announcement of results for the 52 weeks End May
ending 25 March 2017
Issue of report and accounts Mid-June
Annual General Meeting Mid-July
Announcement of interim results for the 28 weeks ended End November
7 October 2017
------------------------------------------------------- -------------
Registered office and head office
Cherry Tree Road, Watford, Hertfordshire WD24 6SH
Telephone 01923 241000
www.mothercareplc.com
Registered number 1950509
Group General Counsel and Company Secretary
Daniel Talisman
Registrars
Administrative enquiries concerning shareholders in Mothercare
plc for such matters as the loss of a share certificate, dividend
payments or a change of address should be directed, in the first
instance, to the registrars:
Equiniti Limited
Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA
Telephone 0371 384 2013 (calls to this number are charged at 8p
per minute plus network extras)
Overseas +44 (0)121 415 7042
www.equiniti.com
Share dealing service
A postal share dealing service is available through the
Company's registrars for the purchase and sale of Mothercare plc
shares. Further details can be obtained from Equiniti on 0371 384
2030. Online and telephone services are also available through the
Company's registrars - www.shareview.co.uk and 03456 037 037. Lines
are open 08:30 to 17:30, Monday to Friday.
The Company's stockbrokers are:
J.P. Morgan Cazenove & Co Limited
25 Bank Street
Canary Wharf,
London E14 5JP
Telephone 020 7742 4000
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London EC4M 7LT
Telephone 020 7260 1000
ShareGift
Shareholders with a small number of shares, the value of which
makes it uneconomic to sell them, may wish to consider donating
them to charity through ShareGift, a registered charity
administered by The Orr Mackintosh Foundation. The share transfer
form needed to make a donation may be obtained from the Mothercare
plc registrars, Equiniti Limited.
Further information about ShareGift is available from
www.sharegift.org or by telephone on
020 7930 3737.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BJBLTMBBTBFF
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November 24, 2016 02:01 ET (07:01 GMT)
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