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    SGP   GB00B60BD277

SUPERDRY PLC

(SGP)
  Report
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Superdry Plc - Preliminary Results announcement -9-

09/16/2021 | 02:01am EST

As already described in the statement regarding going concern, as part of this assessment the Directors have considered an extended reverse stress test over the viability period with similar mitigations as under the going concern assessment, and have taken account of the availability of the Group's ABL.

Whilst recognising the challenging retail environment will increase the risks and costs around the future refinancing of this facility, based on current market conditions and our proven ability to manage cash during the pandemic, the Directors believe that Superdry has the appropriate plans, current assets, and mitigations in place to maximise the prospects of a successful renewal in advance of the January 2023 ABL expiry. The viability assessment therefore assumes that the Group renews on existing or better terms through the duration of the viability period.

Under the reverse stress test, which tests for the breakeven point against our borrowing facilities (liquidity and covenants are tested separately), the July 2022 (Q2 23) covenant test would breach first, in line with the going concern test. Given the assumed recovery in trading post-Covid in the Medium Term Plan, both liquidity and covenant headroom in the outer years of the plan is higher than in FY23. The reverse stress test indicated that, after taking account of the mitigating actions highlighted in the going concern assessment above, the Group would be able to operate within its funding facilities for the five-year assessment period. However, a sustained downturn as a result of the new strategy not turning the business around, or an unexpected failure to renew the ABL in January 2023, would threaten the viability of the business over this five-year assessment period.

Based on this assessment, the Directors have a reasonable expectation that the Group will have sufficient resources to continue in operation and meet its liabilities as they fall due over the period to April 2026.

Notes

1. 'Lost trading days' calculated as the simple average number of stores closed each day of the period as a percentage of total potential trading days in the period, excludes impact of restricted trading hours.

2. Full price sales mix relates to the proportion of retail sales made at RRP in full priced stores and owned websites only.

3. Cash annualised saving has been calculated based on the effective date of the lease agreement.

Group Statement of Comprehensive Income

to the members of Superdry Plc

                                                         Adjusted* Adjusting    Total    Adjusted* Adjusting    Total 
                                                    Note 2021      items        2021     2020      items        2020 
                                                         GBPm        (note 7)     GBPm       GBPm        (note 7)     GBPm 
                                                                   GBPm                              GBPm 
Revenue                                             6    556.1     -            556.1    704.4     -            704.4 
Cost of sales                                            (263.0)   -            (263.0)  (326.5)   -            (326.5) 
Gross profit                                             293.1     -            293.1    377.9     -            377.9 
Selling, general and administrative expenses             (321.6)   (19.4)       (341.0)  (412.1)   (127.0)      (539.1) 
Other gains and losses (net)                             19.3      (4.7)        14.6     9.1       1.9          11.0 
Impairment credit/(loss) on trade receivables            3.8       -            3.8      (9.2)     -            (9.2) 
Operating loss                                           (5.4)     (24.1)       (29.5)   (34.3)    (125.1)      (159.4) 
Finance income                                           -         -            -        0.2       -            0.2 
Finance expense                                          (7.2)     -            (7.2)    (7.7)     -            (7.7) 
Loss before tax                                          (12.6)    (24.1)       (36.7)   (41.8)    (125.1)      (166.9) 
Tax (expense)/credit                                10   (3.3)     3.9          0.6      6.1       17.4         23.5 
Loss for the period                                      (15.9)    (20.2)       (36.1)    (35.7)   (107.7)      (143.4) 
Attributable to: 
Owners of the Company                                    (15.9)    (20.2)       (36.1)   (35.7)    (107.7)      (143.4) 
 
Other comprehensive expense net of tax: 
Items that may be subsequently reclassified to 
profit or loss 
Currency translation differences                         12.1      -            12.1     (2.5)     -            (2.5) 
Total comprehensive expenses for the period              (3.8)     (20.2)       (24.0)   (38.2)    (107.7)      (145.9) 
Attributable to: 
Owners of the Company                                    (3.8)     (20.2)       (24.0)   (38.2)    (107.7)      (145.9) 
 
                                                         pence                  pence    pence                  pence 
                                                         per share              per      per share              per 
                                                                                share                           share 
Earnings per share: 
Basic                                               11   (19.4)                 (44.0)   (43.5)                 (174.9) 
Diluted                                             11   (19.4)                 (44.0)   (43.3)                 (174.1) 
 

* Adjusted and Adjusting Items are defined in note 22.

2021 is for the 52 weeks ended 24 April 2021 and 2020 is for the 52 weeks ended 25 April 2020.

Balance Sheet

to the members of Superdry Plc Registered number: 07063562

                                                   Group 
                                                   24 April 25 April 
                                              Note 2021     2020 
                                                   GBPm       GBPm 
ASSETS 
Non-current assets 
Property, plant and equipment                 13   29.4     41.7 
Right of use assets                           17   91.1     118.0 
Intangible assets                             14   41.7     48.4 
Investments in subsidiaries                        -        - 
Deferred tax assets                                53.8     53.3 
Derivative financial instruments              20   0.3      0.1 
Total non-current assets                           216.3    261.5 
Current assets 
Inventories                                        148.3    158.7 
Trade and other receivables                        102.3    91.6 
Derivative financial instruments              20   2.4      2.5 
Current tax receivables                            4.0      6.8 
Cash and bank balances                             38.9     307.4 
Total current assets                               295.9    567.0 
LIABILITIES 
Current liabilities 
Borrowings                                         -        270.7 
Trade and other payables                           126.5    103.3 
Provisions for other liabilities and charges       6.2      4.2 
Derivative financial instruments              20   5.7      2.1 
Lease liabilities                             17   94.1     80.1 
Total current liabilities                          232.5    460.4 
Net current assets/(liabilities)                   63.4     106.6 
Non-current liabilities 
Trade and other payables                           1.2      2.2 
Provisions for other liabilities and charges       10.0     10.8 
Derivative financial instruments              20   1.5      0.2 
Deferred liabilities                               1.1      1.4 
Lease liabilities                             17   175.5    240.8 
Total non-current liabilities                      189.3    255.4 
Net assets                                         90.4     112.7 
EQUITY 
Share capital                                 21   4.1      4.1 
Share premium                                      149.2    149.1 
Translation reserve                                6.6      (5.5) 
Merger reserve                                     (302.5)  (302.5) 
Retained earnings                                  233.0    267.5 
Total equity                                       90.4     112.7 

Group Cash Flow Statement

to the members of Superdry Plc

                                                                 Group 
 
                                                            Note 2021   2020 
                                                                 GBPm     GBPm 
Cash generated from operating activities                    18   50.1   87.5 
Tax receipt/(payment)                                            2.5    (2.2) 
Net cash generated from operating activities                     52.6   85.3 
Cash flow from investing activities 
Investments in subsidiaries                                      -      - 
Purchase of property, plant and equipment                        (6.8)  (6.4) 
Purchase of intangible assets                                    (6.8)  (7.5) 
Proceeds from disposal of assets held for sale                   -      2.4 
Net cash used in investing activities                            (13.6) (11.5) 
Cash flow from financing activities 
Dividend payments                                           12   -      (3.4) 
Proceeds of issue of share capital                               0.1    - 
Draw down of Revolving Credit Facility                           -      (30.0) 
Repayment of Revolving Credit Facility                           -      30.0 
Net interest paid                                                (7.2)  (7.5) 
Repayment of leases - principal amount                      17   (39.9) (61.1) 
Net cash used in financing activities                            (47.0) (72.0) 
Net (decrease)/increase in cash and cash equivalents        19   (8.0)  1.8 
Net cash and cash equivalents/(debt) at beginning of period 19   36.7   35.9 

(MORE TO FOLLOW) Dow Jones Newswires

September 16, 2021 02:00 ET (06:00 GMT)

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Analyst Recommendations on SUPERDRY PLC
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Financials
Sales 2022 659 M 877 M 877 M
Net income 2022 5,55 M 7,39 M 7,39 M
Net Debt 2022 221 M 294 M 294 M
P/E ratio 2022 39,8x
Yield 2022 0,27%
Capitalization 218 M 290 M 290 M
EV / Sales 2022 0,67x
EV / Sales 2023 0,59x
Nbr of Employees 3 782
Free-Float 68,3%
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Technical analysis trends SUPERDRY PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 265,00 GBX
Average target price 375,71 GBX
Spread / Average Target 41,8%
EPS Revisions
Managers and Directors
Julian Marc Dunkerton Chief Executive Officer & Non-Executive Director
Shaun Simon Wills Chief Financial Officer & Executive Director
Peter Olov Urban Sj÷lander Chairman
Silvana Bonello Chief Operating Officer
Helen A. Weir Senior Independent Non-Executive Director
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