HALFORDS GROUP PLC All leases where the Group is a lessee are accounted for by recognising a right-of-use asset and a lease liability except for: ? Leases of low value assets; and ? Leases with a term of 12 months or less. i. Amounts recognised in the consolidated statement of financial position
Right-of-Use Assets
Land and Equipment
Total
buildings GBPm
GBPm
GBPm
At 3 April 2020 344.0 5.9 349.9
Additions on acquisition of subsidiary 2.7 - 2.7
Additions to right-of-use assets 12.5 0.6 13.1
Amortisation charge for the year (66.1) (3.5) (69.6)
Effect of modification of lease 5.8 - 5.8
Derecognition of right-of-use assets (6.8) (0.1) (6.9)
Impairment (12.2) - (12.2)
At 2 April 2021 279.9 2.9 282.8
Land and Equipment
Total
buildings GBPm
GBPm
GBPm
At 30 March 2019 388.5 7.8 396.3
Reclassification from intangibles 2.4 - 2.4
Additions on acquisition of subsidiary 11.1 0.3 11.4
Additions to right-of-use assets 10.0 1.9 11.9
Amortisation charge for the year (70.2) (3.4) (73.6)
Effect of modification of lease 11.6 - 11.6
Derecognition of right-of-use assets - (0.7) (0.7)
Impairment (9.4) - (9.4)
At 3 April 2020 344.0 5.9 349.9 Lease Liabilities
Land and Equipment
Total
buildings GBPm
GBPm
GBPm
At 3 April 2020 409.8 6.2 416.0
Additions on acquisition of subsidiary 2.7 - 2.7
Additions to lease liabilities 12.6 0.5 13.1
Interest expense 9.8 0.2 10.0
Effect of modification to lease 5.9 - 5.9
Lease payments (92.7) (3.2) (95.9)
Disposals to lease liabilities (6.8) - (6.8)
Foreign exchange movements (0.7) - (0.7)
At 2 April 2021 340.6 3.7 344.3
Land and Equipment
Total
buildings GBPm
GBPm
GBPm
At 30 March 2019 448.6 8.2 456.8
Additions on acquisition of subsidiary 11.0 0.2 11.2
Additions to lease liabilities 10.5 1.8 12.3
Interest expense 11.1 0.2 11.3
Effect of modification to lease 11.7 - 11.7
Lease payments (83.8) (4.2) (88.0)
Foreign exchange movements 0.7 - 0.7
At 3 April 2020 409.8 6.2 416.0
52 weeks to 53 weeks to
2 April 3 April
Lease liabilities
2021 2020
GBPm GBPm
Maturity analysis - contractual undiscounted cash flows
Less than one year 71.2 92.9
Between one and two years 68.8 76.5
Between two and three years 64.4 65.1
Between three and four years 55.1 60.4
Between four and five years 43.2 51.5
Between five and six years 28.4 41.9
Between six and seven years 19.3 27.3
Between seven and eight years 12.1 18.2
Between eight and nine years 5.3 11.1
Between nine and ten years 3.5 4.3
After ten years 3.5 5.9
Total contractual cash flows 374.8 455.2 ii. Amounts recognised in the consolidated income statement
Land and Equipment
Total
buildings GBPm
GBPm
GBPm
52 weeks ended 2 April 2021
Amortisation charge on right-of-use assets 66.1 3.5 69.6
Interest on lease liabilities 9.8 0.2 10.0
Expenses relating to short-term leases 5.6 - 5.6
Expenses relating to leases of low-value assets, excluding short-term leases of - 0.7 0.7
low-value assets
53 weeks ended 3 April 2020
Amortisation charge on right-of-use assets 70.2 3.4 73.6
Interest on lease liabilities 11.1 0.2 11.3
Expenses relating to short-term leases 2.5 - 2.5
Expenses relating to leases of low-value assets, excluding short-term leases of - 0.6 0.6
low-value assets iii. Amounts recognised in the consolidated statement of cash flows The total cash outflow for leases for the period ended 2 April 2021 was GBP95.9m (2020: GBP87.7m). 11. Prior period adjustment
Following refinements to Halfords IFRS 16 reporting process, the consolidated statement of cash flows for the 53 weeks to 3 April 2020 was adjusted to reduce the cash outflow for capital payments on leases (in financing activities) by GBP11.3m and to reduce the working capital movements across other payables, receivables and provisions (in operating activities) by the same amount to exclude from these line items amounts that had been eliminated from the balance sheet for IFRS 16 reporting purposes and should have similarly been eliminated in the operating cash flow reconciliation. These adjustments have had no impact on the reported profit or net assets of the Group. -----------------------------------------------------------------------------------------------------------------------
ISIN: GB00B012TP20
Category Code: FR
TIDM: HFD
LEI Code: 54930086FKBWWJIOBI79
Sequence No.: 111760
EQS News ID: 1208888
End of Announcement EQS News Service
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June 17, 2021 02:01 ET (06:01 GMT)
