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Financial Review

CONSOLIDATED STATEMENT OF TOTAL COMPREHENSIVE INCOME

Year to 31 August 2016 Year to 31 August 2015 (restated)
Notes Before
exceptional
items
£m
Exceptional
items
(Note 4)
£m
After
exceptional
items
£m
Before
exceptional
items
£m
Exceptional
items
(Note 4)
£m
After
exceptional
items
£m
Continuing operations
Revenue 3 1,444.9 - 1,444.9 1,143.0 - 1,143.0
Cost of sales (722.7) - (722.7) (569.9) - (569.9)
Gross profit 722.2 - 722.2 573.1 - 573.1
Distribution expenses (216.0) - (216.0) (168.2) - (168.2)
Administrative expenses (443.2) (20.9) (464.1) (358.8) 6.3 (352.5)
Operating profit 4 63.0 (20.9) 42.1 46.1 6.3 52.4
Finance income 6 0.7 - 0.7 0.3 - 0.3
Profit before tax 63.7 (20.9) 42.8 46.4 6.3 52.7
Income tax expense 7 (12.3) 4.2 (8.1) (10.4) (1.3) (11.7)
Profit from continuing operations 51.4 (16.7) 34.7 36.0 5.0 41.0
Discontinued operations
Loss before tax from discontinued operations 8 (3.6) (6.5) (10.1) (5.2) - (5.2)
Tax on discontinued operations 7 0.3 (0.5) (0.2) 1.0 - 1.0
Loss after tax from discontinued operations (3.3) (7.0) (10.3) (4.2) - (4.2)
Profit for the year attributable to owners of the parent company 48.1 (23.7) 24.4 31.8 5.0 36.8
Net translation movements offset in reserves (1.4) - (1.4) (0.1) - (0.1)
Net fair value gains on derivative financial assets 19 (82.3) - (82.3) 4.1 - 4.1
Income tax relating to the items 7 16.2 - 16.2 - - -
Other comprehensive (loss)/income for the year1 (67.5) - (67.5) 4.0 - 4.0
Total comprehensive (loss)/income for the year attributable to owners of the parent company (19.4) (23.7) (43.1) 35.8 5.0 40.8
Earnings per share from continuing and discontinued operations attributable to the owners of the parent during the year:
Basic earnings per share
From continuing operations 9 61.9p (20.1p) 41.8p 43.4p 6.0p 49.4p
From discontinued operations 9 (3.9p) (8.5p) (12.4p) (5.0p) - (5.0p)
Total 58.0p (28.6p) 29.4p 38.4p 6.0p 44.4p
Diluted earnings per share
From continuing operations 9 61.8p (20.1p) 41.7p 43.4p 6.0p 49.4p
From discontinued operations 9 (4.0p) (8.4p) (12.4p) (5.0p) - (5.0p)
Total 57.8p (28.5p) 29.3p 38.4p 6.0p 44.4p

1 All items of other comprehensive income may subsequently be reclassified to profit or loss.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 August 2016

Note 31 August 2016
£m
31 August 2015
£m
Non-current assets
Goodwill 10 1.1 1.1
Other intangible assets 11 112.4 75.1
Property, plant and equipment 12 77.2 64.4
Derivative financial assets 19 - 0.2
Deferred tax asset 15 13.3 -
204.0 140.8
Current assets
Inventories 257.7 193.8
Trade and other receivables 13 15.0 18.0
Derivative financial assets 19 - 6.1
Cash and cash equivalents 18 173.3 119.2
446.0 337.1
Current liabilities
Trade and other payables 14 (370.7) (232.5)
Current tax liability (2.9) (3.6)
Deferred tax liability 15 - (1.2)
Derivative financial liability 19 (55.0) -
(428.6) (237.3)
Net current assets 17.4 99.8
Non-current liabilities
Deferred tax liability 15 - (3.3)
Derivative financial liability 19 (21.0) -
(21.0) (3.3)
Net assets 200.4 237.3
Equity attributable to owners of the parent
Called up share capital 16 2.9 2.9
Share premium 6.9 6.9
Employee Benefit Trust reserve (2.6) (3.6)
Hedging reserve (60.0) 6.3
Translation reserve (1.5) (0.3)
Retained earnings 254.7 225.1
Total equity 200.4 237.3

Notes 1 to 25 are an integral part of the financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year to 31 August 2016

Note Year to
31 August 2016
£m
Year to
31 August 2015
(restated)
£m
Operating profit from continued operations 42.1 52.4
Loss before tax from discontinued operations (10.1) (5.2)
Operating profit 32.0 47.2
Adjusted for:
Depreciation of property, plant and equipment 4 10.5 8.3
Amortisation of other intangible assets 4 21.2 14.8
Loss on disposal of non-current assets from continuing operations 4 0.8 4.9
Loss on disposal of non-current assets from discontinued operations 4.3 -
Increase in inventories (63.8) (32.1)
Decrease in trade and other receivables 4.2 2.3
Increase in trade and other payables 128.7 47.6
Share-based payments charge 20 4.5 2.2
Other non-cash items (1.7) 0.8
Income tax paid (10.0) (2.8)
Net cash generated from operating activities 130.7 93.2
Investing activities
Payments to acquire other intangible assets (55.7) (32.5)
Payments to acquire property, plant and equipment (23.5) (17.9)
Finance income 0.8 0.3
Net cash used in investing activities (78.4) (50.1)
Financing activities
Net cash inflow relating to Employee Benefit Trust 0.7 0.9
Finance expense (0.1) (0.1)
Net cash generated from financing activities 0.6 0.8
Net increase in cash and cash equivalents 52.9 43.9
Opening cash and cash equivalents 119.2 74.3
Effect of exchange rates on cash and cash equivalents 1.2 1.0
Closing cash and cash equivalents 18 173.3 119.2

Notes