SUPERDRY PLC This is primarily due to the level of overseas losses in relation to which no tax benefit has been recognised, movements in amounts recognised in respect of leases, and the creation of a provision for uncertain tax positions.
Post 24 April 2021, Finance Bill 2021 substantively enacted provisions to increase the main rate of UK corporation tax to 25% from 01 April 2023. This was not enacted on the balance sheet date, 24 April 2021. Deferred tax balances relating to the UK as at 24 April 2021 have been measured at a rate of 19%. If we were to restate the deferred tax assets at 24 April 2021 using the 25% future rate, the maximum potential impact would be an increase to the deferred tax asset recognised by c.GBP12.8m.
11. Earnings per share
Group
2021 2020
GBPm GBPm
Earnings
Loss for the period attributable to owners of the Company (36.1) (143.4)
No. No.
Number of shares at year-end 82,041,820 82,010,788
Weighted average number of ordinary shares - basic 82,028,188 82,001,955
Effect of dilutive options and contingent shares - 387,495
Weighted average number of ordinary shares - diluted 82,028,188 82,389,450
Basic earnings per share (pence) (44.0) (174.9)
Diluted earnings per share (pence) (44.0) (174.1) Adjusted earnings per share
Group
2021 2020
GBPm GBPm
Earnings
Adjusted (loss)/profit for the period attributable to the owners of the Company (15.9) (35.7)
No. No.
Weighted average number of ordinary shares - basic 82,028,188 82,001,955
Weighted average number of ordinary shares - diluted 82,028,188 82,389,450
Adjusted basic earnings per share (pence) (19.4) (43.5)
Adjusted diluted earnings per share (pence) (19.4) (43.3) As at 24 April 2021, 1,528,214 other share options were outstanding that could potentially dilute basic EPS in the future but were not included in the calculation of diluted EPS as they are antidilutive for the periods presented. There is no dilutive effect from the FSP scheme (note 9).
Due to the loss-making position of the Group at the year end, all potential ordinary shares are antidilutive.
There were no share-related events after the balance sheet date that may affect earnings per share.
12. Dividends
Group and Company
2021 2020
GBPm GBPm
Equity - ordinary shares
Interim for the 52 weeks to 24 April 2021 - nil (2020: 2.0p per share) - 1.6
Final dividend for the 52 weeks to 25 April 2020 - nil (2020: 2.2p per share) - 1.8
Total dividends paid - 3.4 Given the ongoing uncertainty and in order to maintain liquidity, the Board did not propose an interim dividend and has made the decision not to recommend a final dividend for 2021.
13. Property, plant and equipment
Movements in the carrying amount of property, plant and equipment were as follows:
Group
Land and Leasehold Furniture, fixtures and Computer Total
buildings improvements fittings equipment GBPm
GBPm GBPm GBPm GBPm
52 weeks ended 24 April 2021
Cost
At 26 April 2020 5.3 213.5 66.4 30.1 315.3
Exchange differences - (2.6) (0.8) (0.3) (3.7)
Additions - 2.3 3.5 1.0 6.8
Disposals - (8.3) (2.0) (0.2) (10.5)
At 24 April 2021 5.3 204.9 67.1 30.6 307.9
Accumulated depreciation and
impairments
At 26 April 2020 1.0 190.1 55.2 27.3 273.6
Exchange differences - (2.4) (0.8) (0.3) (3.5)
Disposals - (8.2) (2.0) (0.2) (10.4)
Depreciation charge 0.1 9.5 5.1 0.8 15.5
Net impairment charges and - 2.8 0.5 - 3.3
reversals
At 24 April 2021 1.1 191.8 58.0 27.6 278.5
Net book value at 24 April 2021 4.2 13.1 9.1 3.0 29.4 The above plant, property and equipment net impairment movement of GBP3.3m constitutes part of the total net impairment of GBP10.7m in 2021 (2020: GBP136.8m) and relates to an impairment review performed on store assets. This impairment has been included within adjusting items in the year.
Group
Land and Leasehold Furniture, fixtures and Computer Total
buildings improvements fittings equipment GBPm
GBPm GBPm GBPm GBPm
52 weeks ended 25 April 2020
Cost
At 28 April 2019 5.3 212.5 63.6 27.8 309.2
Exchange differences - 2.2 0.5 0.2 2.9
Additions - 1.6 2.7 2.2 6.5
Disposals - (2.8) (0.4) (0.1) (3.3)
Reclassified as held for sale - - - - -
At 25 April 2020 5.3 213.5 66.4 30.1 315.3
Accumulated depreciation and
impairments
At 28 April 2019 0.5 164.7 46.3 23.6 235.1
Exchange differences - 1.6 0.4 0.2 2.2
Depreciation charge 0.1 13.3 6.7 3.4 23.5
Net impairment charges and 0.4 13.1 2.2 0.2 15.9
reversals
Disposals - (2.6) (0.4) (0.1) (3.1)
At 25 April 2020 1.0 190.1 55.2 27.3 273.6
Net book value at 25 April 2020 4.3 23.4 11.2 2.8 41.7 Of the above impairment of GBP15.9m, GBP15.5m constitutes part of the total impairment of GBP136.8m in 2020 and relates to an impairment review performed on retail store assets, for further details on this please see note 2. This impairment has been included within adjusting expenses in the year. The remaining GBP0.4m relates to impairment of land during the year as a result of a revaluation triggered by the land sale in 2019. This land impairment has been included within adjusted expenses in the year as the disposal was undertaken through the normal course of business.
14. Intangible assets
Group
Trademarks Website and software Lease Distribution agreements Goodwill Total
GBPm GBPm premiums GBPm GBPm GBPm
GBPm
52 weeks ended 24 April 2021
Cost
At 26 April 2020 4.3 54.2 14.3 15.7 21.5 110.0
Exchange differences - - - (0.8) - (0.8)
Additions 1.0 6.0 - - - 7.0
Disposals - - (0.1) - - (0.1)
At 24 April 2021 5.3 60.2 14.2 14.9 21.5 116.1
Accumulated amortisation
At 26 April 2020 2.9 31.1 14.3 13.3 - 61.6
Exchange differences - - - (0.2) - (0.2)
Amortisation charge 0.4 10.3 - 0.3 - 11.0 (MORE TO FOLLOW) Dow Jones Newswires
September 16, 2021 02:00 ET (06:00 GMT)
