25th Oct 2012 07:00
25 October 2012
ASOS plc
Global Online Fashion Store
Unaudited pro forma results for the year ended 31 August 2012
On 26 April 2012, ASOS plc announced that it had changed its accounting reference date from 31 March to 31 August. This announcement contains unaudited pro forma consolidated financial information for the Company for the years to 31 August 2012 and 31 August 2011.
Unaudited summary results table
£'000 | Year to 31 August 2012
| Year to 31 August 2011 | Change |
Group revenues1 | 552,854 | 403,008 | 37% |
Retail sales | 537,887 | 389,094 | 38% |
UK retail sales | 205,258 | 186,748 | 10% |
International retail sales | 332,629 | 202,346 | 64% |
Gross profit | 282,857 | 197,622 | 43% |
Retail gross margin | 49.8% | 47.2% | 260bps |
Gross margin | 51.2% | 49.0% | 220bps |
Profit before tax and exceptional items | 44,473 | 31,696 | 40% |
Profit before tax | 40,010 | 12,631 | 217% |
Diluted underlying earnings per share2 | 39.6 | 27.9 | 42% |
Diluted earnings per share3 | 35.6 | 10.9 | 227% |
Net funds4 | 27,884 | 4,183 | 567% |
1Includes retail sales, delivery receipts and third party revenues
2Underlying earnings per share has been calculated using profit after tax but before exceptional items
3Earnings per share has been calculated using profit after tax including exceptional items of £4.5m (2011: £19.1m)
4Cash and cash equivalents less bank borrowings
Split of pro forma group revenues by quarter
a) Year ended 31 August 2012
£'000s | Q1 | YOY% | Q2 | YOY% | Q3 | YOY% | Q4 | YOY% | YTD 2011/12 | YOY% |
| |||||||||||
UK retail sales | 49,942 | 5% | 59,025 | 12% | 46,437 | 8% | 49,854 | 15% | 205,258 | 10% |
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US retail sales | 12,144 | 190% | 10,993 | 73% | 13,351 | 78% | 13,097 | 65% | 49,585 | 91% |
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EU retail sales | 28,911 | 55% | 27,935 | 18% | 30,224 | 27% | 30,678 | 22% | 117,748 | 29% | ||||||||||||
ROW retail sales | 36,123 | 233% | 37,848 | 113% | 43,912 | 71% | 47,413 | 53% | 165,296 | 94% |
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International retail sales | 77,178 | 129% | 76,776 | 61% | 87,487 | 54% | 91,188 | 42% | 332,629 | 64% |
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Total retail sales | 127,120 | 57% | 135,801 | 35% | 133,924 | 34% | 141,042 | 31% | 537,887 | 38% |
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Group revenues | 130,692 | 53% | 139,234 | 34% | 137,760 | 34% | 145,168 | 31% | 552,854 | 37% | ||||||||||||
b) Year ended 31 August 2011
£'000s | Q1 | YOY% | Q2 | YOY% | Q3 | YOY% | Q4 | YOY% | YTD 2010/11 | YOY% |
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UK retail sales | 47,383 | 23% | 52,857 | 20% | 43,087 | 20% | 43,421 | 1% | 186,748 | 16% |
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US retail sales | 4,186 | 254% | 6,365 | 227% | 7,480 | 176% | 7,919 | 144% | 25,950 | 186% |
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EU retail sales | 18,647 | 79% | 23,576 | 105% | 23,714 | 68% | 25,110 | 77% | 91,047 | 81% |
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ROW retail sales | 10,847 | 241% | 17,778 | 265% | 25,703 | 363% | 31,021 | 295% | 85,349 | 298% | ||||||||||||
International retail sales | 33,680 | 128% | 47,719 | 161% | 56,897 | 154% | 64,050 | 153% | 202,346 | 151% |
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Total retail sales | 81,063 | 53% | 100,576 | 62% | 99,984 | 71% | 107,471 | 58% | 389,094 | 61% |
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Group revenues | 85,151 | 49% | 104,201 | 56% | 102,960 | 65% | 110,696 | 52% | 403,008 | 56% |
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Unaudited pro forma Consolidated Statement of Comprehensive Income
Year to 31 August 2012 | Year to 31 August 2011 |
| ||||||
Before exceptional items | Exceptional items | Total | Before exceptional items | Exceptional items | Total | |||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||
Revenue | 552,854 | - | 552,854 | 403,008 | - | 403,008 | ||
Cost of sales | (269,997) | - | (269,997) | (205,386) | - | (205,386) | ||
Gross profit | 282,857 | - | 282,857 | 197,622 | - | 197,622 | ||
Distribution expenses | (79,076) | - | (79,076) | (48,107) | (2,258) | (50,365) | ||
Administrative expenses | (158,199) | (4,463) | (162,662) | (117,446) | (16,807) | (134,253) | ||
Operating profit | 45,582 | (4,463) | 41,119 | 32,069 | (19,065) | 13,004 | ||
Share of post tax losses of joint venture | - | - | - | 47 | - | 47 | ||
Finance income | - | - | - | 12 | - | 12 | ||
Finance expense | (1,109) | - | (1,109) | (432) | - | (432) | ||
Profit before tax | 44,473 | (4,463) | 40,010 | 31,696 | (19,065) | 12,631 | ||
Income tax (expense)/credit | (11,576) | 1,103 | (10,473) | (9,204) | 5,338 | (3,866) | ||
Profit for the period and total comprehensive income attributable to owners of the parent | 32,897 | (3,360) | 29,537 | 22,492 | (13,727) | 8,765 | ||
Earnings per share1 | ||||||||
Basic | 38.1 | 11.7 | ||||||
Diluted | 35.6 | 10.9 | ||||||
Underlying earnings per share2 | ||||||||
Basic | 42.5 | 30.0 | ||||||
Diluted | 39.6 | 27.9 | ||||||
1 Earnings per share is calculated in accordance with IAS 33 'Earnings per share' and includes exceptional items
2 Underlying earnings per share excludes exceptional items
Unaudited pro forma Segmental Analysis
Year to 31 August 2012 | ||||||
UK | USA | EU | RoW | Total | ||
£'000 | £'000 | £'000 | £'000 | £'000 | ||
Retail sales | 205,258 | 49,585 | 117,748 | 165,296 | 537,887 | |
Delivery receipts | 7,119 | 1,047 | 1,610 | 1,832 | 11,608 | |
Third party revenues | 3,288 | 13 | 29 | 29 | 3,359 | |
Total revenue | 215,665 | 50,645 | 119,387 | 167,157 | 552,854 | |
Cost of sales | (113,042) | (19,960) | (59,926) | (77,069) | (269,997) | |
Gross profit | 102,623 | 30,685 | 59,461 | 90,088 | 282,857 | |
Distribution costs | (19,531) | (14,729) | (18,666) | (26,150) | (79,076) | |
Segment result | 83,092 | 15,956 | 40,795 | 63,938 | 203,781 | |
Administrative expenses before exceptional items | (158,199) | |||||
Operating profit before exceptional items | 45,582 | |||||
Exceptional items | (4,463) | |||||
Finance expense | (1,109) | |||||
Profit before tax | 40,010 | |||||
| ||||||
Year to 31 August 2011 | ||||||
UK | USA | EU | RoW | Total | ||
£'000 | £'000 | £'000 | £'000 | £'000 | ||
Retail sales | 186,748 | 25,950 | 91,047 | 85,349 | 389,094 | |
Delivery receipts | 7,277 | 596 | 2,089 | 1,895 | 11,857 | |
Third party revenues | 2,057 | - | - | - | 2,057 | |
Total revenue | 196,082 | 26,546 | 93,136 | 87,244 | 403,008 | |
Cost of sales | (104,610) | (11,567) | (46,930) | (42,279) | (205,386) | |
Gross profit | 91,472 | 14,979 | 46,206 | 44,965 | 197,622 | |
Distribution costs before exceptional items | (16,360) | (7,372) | (11,233) | (13,142) | (48,107) | |
Segment result | 149,515 | |||||
Administrative expenses before exceptional items | (117,446) | |||||
Operating profit before exceptional items | 32,069 | |||||
Exceptional items | (19,065) | |||||
Share of post tax losses of joint venture | 47 | |||||
Finance income | 12 | |||||
Finance expense | (432) | |||||
Profit before tax | 12,631 | |||||
Unaudited pro forma Analysis of Operating Expenses (excluding exceptional items)
31 August 2012 £'000
| 31 August 2011 £'000
| |
Distribution costs | (79,076) | (48,107) |
Payroll and staff costs | (50,070) | (38,574) |
Warehousing | (32,702) | (27,155) |
Marketing | (21,233) | (14,680) |
Production | (3,780) | (3,015) |
Technology costs | (8,023) | (8,355) |
Other operating costs | (32,167) | (19,656) |
Depreciation | (10,224) | (6,011) |
Total operating costs | (237,275) | (165,553) |
Unaudited pro forma Analysis of Exceptional Items
31 August 2012£'000
| 31 August 2011£'000 | ||
Dual site decollation costs1 | (228) | (7,245) | |
Pre go-live occupancy and employee costs | - | (8,795) | |
Vacant property costs | (1,435) | - | |
Impairment of assets | (2,800) | (3,025) | |
Total exceptional items | (4,463) | (19,065) |
1Included within dual site decollation costs for the year to 31 August 2012 are delivery costs of £nil (2011: £2.3m) which have been
classified within distribution expenses in the statement of comprehensive income. The remaining exceptional costs have been included within administrative expenses
Unaudited Key Performance Indicators
a) KPIs as at 31 August 2012
Year to 31 August 2012 International | ||||||
KPIs | UK | USA | EU | RoW | Total | Group Total |
Average basket value1 | £64.57 | £57.53 | £60.85 | £59.16 | £59.58 | £61.89 |
Growth | - | (4%) | (11%) | (15%) | (12%) | (6%) |
Average units per basket | 2.29 | 2.27 | 2.39 | 2.47 | 2.41 | 2.35 |
Growth | (2%) | (1%) | (10%) | (15%) | (11%) | (5%) |
Average selling price per unit1 | £28.16 | £25.30 | £25.44 | £23.90 | £24.75 | £26.29 |
Growth | 1% | (3%) | - | (1%) | (1%) | (1%) |
Number of orders ('000) | 6,279 | 1,216 | 2,984 | 3,071 | 7,271 | 13,550 |
Growth | 11% | 107% | 58% | 131% | 91% | 43% |
Unique visitors ('000)2 | 18,800 | |||||
Growth | 69% | |||||
Total visits ('000)2 | 12,864 | 5,947 | 12,867 | 13,568 | 32,382 | 45,246 |
Growth | 5% | 52% | 34% | 47% | 42% | 29% |
Active customers ('000)3 | 2,254 | 573 | 1,217 | 952 | 2,742 | 4,996 |
Growth | 6% | 89% | 57% | 105% | 78% | 36% |
1Including VAT
2During August
3As at 31 August, defined as having shopped with ASOS during the last 12 months
b) Historic unique visitors and active customer information
At 28 February 2011 | At 31 August 2011 | At 29 February 2012 | At 31 August 2012 | |
Unique visitors ('000)1 | 9,200 | 11,100 | 15,600 | 18,800 |
Active customers ('000)2 | 3,026 | 3,661 | 4,272 | 4,996 |
1During the relevant month
2As at the end of the relevant month, defined as having shopped with ASOS during the last 12 months
Unaudited pro forma Analysis of Earnings per Share
31 August 2012 | 31 August 2011 | |
No. of shares | No. of shares | |
Weighted average share capital | ||
Weighted average shares in issue for basic earnings per share | 77,488,212 | 74,967,953 |
Effect of dilutive options | 5,551,275 | 5,695,825 |
Weighted average shares in issue for diluted earnings per share | 83,039,487 | 80,663,778 |
31 August 2012 | 31 August 2011 | |
£'000 | £'000 | |
Earnings | ||
Underlying earnings attributable to shareholders | 32,897 | 22,492 |
Exceptional items net of related taxation | (3,360) | (13,727) |
Earnings attributable to shareholders | 29,537 | 8,765 |
31 August 2012 | 31 August 2011 | |
pence | pence | |
Basic earnings per share | ||
Underlying earnings per share1 | 42.5 | 30.0 |
Exceptional items net of taxation | (4.4) | (18.3) |
Earnings per share2 | 38.1 | 11.7 |
31 August 2012 | 31 August 2011 | |
Pence | pence | |
Diluted earnings per share | ||
Underlying earnings per share1 | 39.6 | 27.9 |
Exceptional items net of taxation | (4.0) | (17.0) |
Earnings per share2 | 35.6 | 10.9 |
1Underlying earnings per share has been calculated using profit after tax but before exceptional items
2Earnings per share has been calculated using profit after tax and exceptional items
Unaudited pro forma Consolidated Statement of Financial Position
31 August 2012 | 31 August 2011 | |
£'000 | £'000 | |
Non-current assets | ||
Goodwill | 1,060 | 1,060 |
Other intangible assets | 22,176 | 12,426 |
Property, plant and equipment | 27,293 | 26,212 |
Deferred tax asset | 8,111 | 16,346 |
58,640 | 56,044 | |
Current assets | ||
Inventories | 100,263 | 66,561 |
Trade and other receivables | 19,066 | 14,991 |
Derivative financial assets | - | 192 |
Current tax asset | 425 | 4,903 |
Cash and cash equivalents | 27,884 | 14,183 |
147,638 | 100,830 | |
Assets of disposal group classified as held-for-sale | - | 2,800 |
Current liabilities | ||
Trade and other payables | (100,291) | (75,796) |
Revolving credit facility | - | (10,000) |
(100,291) | (85,796) | |
Net current assets | 47,347 | 17,834 |
Net assets | 105,987 | 73,878 |
Equity attributable to owners of the parent | ||
Called up share capital | 2,854 | 2,672 |
Share premium | 6,105 | 5,634 |
Employee Benefit Trust reserve | (2,464) | (2,389) |
Hedging reserve | - | 192 |
Retained earnings | 99,492 | 67,769 |
Total equity | 105,987 | 73,878 |
Unaudited pro forma Analysis of Fixed Asset Additions
31 August 2012 £'000
| 31 August 2011 £'000
| |
IT | 14,832 | 12,883 |
Office fixtures and fit-out | 2,437 | 1,324 |
Warehouse | 3,786 | 18,270 |
Total | 21,055 | 32,477 |
Unaudited pro forma Consolidated Statement of Cash Flows
31 August | 31 August | |
2012 | 2011 | |
£'000 | £'000 | |
Operating profit | 41,119 | 13,004 |
Adjusted for: | ||
Operating exceptional items | 4,463 | 19,065 |
Depreciation of property, plant and equipment | 5,743 | 3,502 |
Amortisation of other intangible assets | 4,481 | 2,509 |
Increase in inventories | (33,702) | (12,621) |
(Increase)/decrease in trade and other receivables | (4,075) | 412 |
Increase in trade and other payables | 27,901 | 26,954 |
Share-based payments charges | 953 | 1,105 |
Income taxes received/(paid) | 1,883 | (3,930) |
Net cash generated from operating activities before exceptional items | 48,766 | 50,000 |
Cash outflow relating to exceptional operating items | (1,695) | (16,008) |
Net cash generated from operating activities | 47,071 | 33,992 |
Investing activities | ||
Payments to acquire other intangible assets | (14,500) | (21,996) |
Payments to acquire property, plant and equipment | (7,154) | (10,481) |
Finance income | - | 12 |
Net cash outflow used in investing activities | (21,654) | (32,465) |
Financing activities | ||
Proceeds from issue of ordinary shares | 463 | 1,094 |
Purchase of shares by Employee Benefit Trust | (1,337) | (1,349) |
(Repayment)/drawdown of revolving credit facility | (10,000) | 10,000 |
Finance expense | (842) | (432) |
Net cash (used in)/generated from financing activities | (11,716) | 9,313 |
Net increase in cash and cash equivalents | 13,701 | 10,840 |
Opening cash and cash equivalents | 14,183 | 3,343 |
Closing cash and cash equivalents | 27,884 | 14,183 |
Unaudited pro forma Analysis of Net Debt
31 August 2012 £'000 | 31 August 2011 £'000
| ||
Net movement in cash and cash equivalents | 13,701 | 10,840 | |
Repayment/(drawdown) of revolving credit facility | 10,000 | (10,000) | |
Net movement in net funds | 23,701 | 840 | |
Opening net funds | 4,183 | 3,343 | |
Closing net funds | 27,884 | 4,183 | |
Closing net funds comprises: | |||
Cash and cash equivalents | 27,884 | 14,183 | |
Drawings under revolving credit facility | - | (10,000) | |
Net funds | 27,884 | 4,183 |
Unaudited pro forma Consolidated Statement of Changes in Equity
| Called up share capital | Share premium | Hedging reserve | Retained earnings1 | Employee Benefit Trust reserve | Total equity | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
Balance as at 1 September 2010 | 2,633 | 4,579 | 57 | 47,329 | (2,187) | 52,411 | |
Shares allotted in the year | 39 | 1,055 | - | - | - | 1,094 | |
Net purchase of shares by Employee Benefit Trust | - | - | - | - |
(1,349) |
(1,349) | |
Transfer of shares from Employee Benefit Trust on exercise | - | - | - | (1,147) | 1,147 | - | |
Share based payments charge | - | - | - | 1,105 | - | 1,105 | |
Profit for the year and total comprehensive income | - | - | - | 8,765 | - | 8,765 | |
Deferred tax on share options | - | - | - | 5,760 | - | 5,760 | |
Current tax on items taken directly to equity |
| - | - | - |
5,957 | - |
5,957 |
Derivative financial assets | - | - | 135 | - | - | 135 | |
Balance as at 31 August 2011 | 2,672 | 5,634 | 192 | 67,769 | (2,389) | 73,878 |
Shares allotted in the year | 182 | 471 | - | - | - | 653 | |
Net purchase of shares by Employee Benefit Trust | - | - | - | - | (1,337) | (1,337) | |
Transfer of shares from Employee Benefit Trust on exercise | - | - | - | (1,262) | 1,262 | - | |
Share based payments charge | - | - | - | 953 | - | 953 | |
Profit for the year and total comprehensive income | - | - | - | 29,537 | - | 29,537 | |
Deferred tax on share options | - | - | - | (8,047) | - | (8,047) | |
Current tax on items taken directly to equity |
| - | - | - | 10,542 | - | 10,542 |
Derivative financial assets | - | - | (192) | - | - | (192) | |
Balance as at 31 August 2012 | 2,854 | 6,105 | - | 99,492 | (2,464) | 105,987 |
1Retained earnings includes the share-based payments reserve
Related Shares:
ASOS