Kingfisher : Full Year Results - Part 2 PDF

Consolidated income statement

Reconciliation of non-GAAP adjusted pre-tax profit:

Adjusted pre-tax profit

Exchange differences on lease

liabilities

2019/20
exceptional	Exceptional
Total	items	items	Total
11,513	11,685	-	11,685
(7,258)	(7,367)	-	(7,367)
4,255	4,318	-	4,318
(3,170)	(2,800)	(174)	(2,974)
(841)	(799)	(63)	(862)
36	27	27	54
-	-	(57)	(57)
3	1	-	1
283	747	(267)	480
(198)	(196)	-	(196)
18	16	-	16
(180)	(180)	-	(180)
103	567	(267)	300
(95)	(170)	63	(107)
8	397	(204)	193
0.4p	9.1p
0.4p	9.0p
19.1p	19.8p
19.0p	19.7p
544	574
-	(7)
Exceptional items	(441)	(267)
Profit before taxation	103	300

2018/19 restated(note 13)

£ millions

Sales

Cost of sales

Gross profit

Selling and distribution expenses Administrative expenses

Other income

Other expenses

Share of post-tax resultsof joint ventures and associates

Operating profit

Finance costsFinance income Net finance costs

Profit before taxation

Income tax expense

Profit for the year

Earnings per share

Basic

Diluted Adjusted basicAdjusted diluted

Notes3

Before exceptional items11,513 (7,258)

4,255

(2,772) (398)

(790) (51)

21 15

- 3

Exceptional items- - -

- -

3

717 (434)

(191) (7)

18

-

5

(173)

6

544 (136)

(7) (441)

408

41 (400)

7

4

The Directors propose no final dividend for the year ended 31 January 2020.

Before

Consolidated statement of comprehensive income

2018/19
restated
£ millions	Notes	2019/20	(note 13)
Profit for the year	8	193
Actuarial gains on post-employment benefits	9	42	78
Inventory cash flow hedges - fair value gains	20	85
Tax on items that will not be reclassified	(24)	(53)
Total items that will not be reclassified subsequently to
profit or loss	38	110
Currency translation differences
Group	(134)	(46)
Joint ventures and associates	(1)	-
Other cash flow hedges
Fair value losses	(3)	(2)
Losses transferred to income statement	3	2
Total items that may be reclassified subsequently to profit
or loss	(135)	(46)
Other comprehensive (loss)/income for the year	(97)	64
Total comprehensive (loss)/income for the year	(89)	257

Consolidated statement of changes in equity

£ millions

At 1 February 2019

Profit for the year- - - 8Other comprehensive

income/(loss) for the year- - - 22

Total comprehensive

income/(loss) for the year

Inventory cash flow hedges - gains transferred to inventories

Share-based compensation Own shares issued under share schemes

Purchase of own shares for ESOP trust

Dividends

Tax on equity items

At 31 January 2020

£ millions

At 1 February 2018

Profit for the year Other comprehensive income for the year

Total comprehensive income for the year

Inventory cash flow hedges - gains transferred to inventories

Share-based compensation - - - 15 - - 15 New shares issued under

share schemes - - - 2 - - 2 Own shares issued under

share schemes

Purchase of own shares for cancellation

Dividends

Tax on equity items

At 31 January 2019

NotesShare capital332

Share premium2,228

Own shares held

(25)

Retained earnings3,192

-

-

-

30

- - - - - - 332

- - -

- - 12

- 11

(12)

• - (10)

8

- - 2,228

-

• - (227)

- (23)

- 2,994

2019/20
Capital
redemption	Other	Total
reserve	reserves	equity
43	379	6,149
-	-	8
-	(119)	(97)
-	(119)	(89)
-	(40)	(40)
-	-	11
-	-	-
-	-	(10)
-	-	(227)
-	8	8
43	228	5,802

2018/19 restated(note 13)NotesShare capital 340 - - -

Share premium 2,228 - - -

Own shares held (29)

- - -

Retained earnings 3,311 193 46

239

Capital redemption reserve 35 - - -

-

-

-

-

-

8

(8) - - 332

-

- - - - 2,228

4 - - - (25)

3,192

(140)

(231)

(4)

-

- 8 - - 43

Other reserves 378

Total equity 6,263

18 64

18 257

(22) (22)

-

- (140) - (231)

5 379

-

5 6,149

Consolidated balance sheet

At 31 January 2020

2018/19	2017/18
restated	restated
£ millions	Notes	2019/20	(note 13)	(note 13)
Non-current assets
Goodwill	2,416	2,436	2,437
Other intangible assets	339	371	355
Property, plant and equipment	2,988	3,302	3,536
Right-of-use assets	1,916	2,017	2,218
Investment property	8	8	20
Investments in joint ventures and associates	16	15	19
Post-employment benefits	9	404	320	214
Deferred tax assets	12	13	39
Other receivables	27	41	55
8,126	8,523	8,893
Current assets
Inventories	2,485	2,574	2,701
Trade and other receivables	293	406	501
Derivative assets	14	26	41
Current tax assets	9	1	-
Cash and cash equivalents	189	229	230
Assets held for sale	196	89	-
3,186	3,325	3,473
Total assets	11,312	11,848	12,366
Current liabilities
Trade and other payables	(2,210)	(2,415)	(2,630)
Borrowings	(43)	(1)	(127)
Lease liabilities	(306)	(308)	(309)
Derivative liabilities	(43)	(21)	(79)
Current tax liabilities	(78)	(118)	(140)
Provisions	(65)	(27)	(15)
Liabilities directly associated with assets held for sale	(88)	-	-
(2,833)	(2,890)	(3,300)
Non-current liabilities
Other payables	(5)	(6)	(2)
Borrowings	(93)	(139)	(4)
Lease liabilities	(2,221)	(2,318)	(2,482)
Derivative liabilities	(3)	(2)	-
Deferred tax liabilities	(189)	(192)	(171)
Provisions	(39)	(37)	(29)
Post-employment benefits	9	(127)	(115)	(115)
(2,677)	(2,809)	(2,803)
Total liabilities	(5,510)	(5,699)	(6,103)
Net assets	5,802	6,149	6,263
Equity
Share capital	332	332	340
Share premium	2,228	2,228	2,228
Own shares held in ESOP trust	(23)	(25)	(29)
Retained earnings	2,994	3,192	3,311
Capital redemption reserve	43	43	35
Other reserves	228	379	378
Total equity	5,802	6,149	6,263

The financial statements were approved by the Board of Directors on 16 June 2020 and signed on its behalf by:

Thierry Garnier

Chief Executive Officer

Bernard Bot

Chief Financial Officer

Consolidated cash flow statement

Year ended 31 January 2020

2018/19
restated
£ millions	Notes	2019/20	(note 13)
Operating activities
Cash generated by operations	10	1,052	1,243
Income tax paid	(155)	(132)
Net cash flows from operating activities	897	1,111
Investing activities
Purchase of property, plant and equipment and intangible assets	(342)	(332)
Disposal of property, plant and equipment, investment property, assets held
for sale and intangible assets	188	45
Interest received	12	11
Interest element of lease rental receipts	1	3
Principal element of lease rental receipts	5	6
Advance payments on right-of-use assets	(3)	(4)
Dividends received from joint ventures and associates	1	5
Net cash flows used in investing activities	(138)	(266)
Financing activities
Interest paid	(35)	(19)
Interest element of lease rental payments	(165)	(174)
Principal element of lease rental payments	(319)	(312)
Repayment of bank loans	(1)	(1)
Issue of fixed term debt	-	139
Repayment of fixed term debt	-	(134)
Receipt on financing derivatives	-	37
New shares issued under share schemes	-	2
Purchase of own shares for ESOP trust	(10)	-
Purchase of own shares for cancellation	-	(140)
Ordinary dividends paid to equity shareholders of the Company	(227)	(231)
Net cash flows from financing activities	(757)	(833)
Net increase in cash and cash equivalents	2	12
Cash and cash equivalents at beginning of year	229	230
Exchange differences	(36)	(13)
Cash and cash equivalents at end of year	195	229

Cash and cash equivalents at the end of the year include £6m of cash included within assets held for sale on the balance sheet (2018/19: £nil).