Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

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36 / THE BUSINESS REVIEW financial review The financial statements for the Group for the 53 weeks ended 29 April 2012 are presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. In order to make a comparison to last year, all references to financial performance in respect of the income statement, cash flow and business reviews are stated on, or reconciled to, a proforma 52-week basis unless otherwise specified. Summary of results 53 weeks ended 29 April 2012 (£’m) Pro forma 52 week April 2012 (£’m) 52 weeks ended 24 April 2011 (£’m) 52 week change (%) Revenue: 1,835.8 1,807.2 1,599.2 +13.0 Underlying EBITDA 240.5 235.7 211.0 +11.7 Underlying Profit Before Tax 152.6 149.1 135.5 +10.0 Reported Profit Before Taxation 151.5 148.0 118.8 +24.6 Pence per share Pence per share Pence per share Reported EPS 18.68 18.24 14.80 +23.2 Underlying EPS 19.19 18.74 16.83 +11.4 The directors believe that underlying EBITDA, underlying profit before tax and underlying earnings per share provide the more useful information for shareholders on the underlying performance of the business than the reported numbers and are consistent with how business performance is measured internally. They are not recognised profit measures under IFRS and may not be directly comparable with “adjusted” profit measures used by other companies. EBITDA is earnings before investment income, finance income and finance costs, tax, depreciation and amortisation and, therefore, includes the Group’s share of profit of associated undertakings and joint ventures. Underlying EBITDA is calculated as EBITDA before the impact of the Bonus Share Scheme, foreign exchange, and any exceptional and other non-trading items.
37 Lee Westwood and Darren Clarke Dunlop Clothing Ambassadors
Page 1 and 2: Dave Forsey Chief Executive 19 July
Page 3 and 4: Sports Direct is the UK’s leading
Page 5 and 6: financial highlights The Financial
Page 7 and 8: Further expansion of the Internatio
Page 9 and 10: fascias As at 29 April 2012 the Gro
Page 11 and 12: Online revenue (£’m) FY09 15.1 F
Page 13 and 14: Firetrap The Group made acquisition
Page 15 and 16: onus share scheme key performance i
Page 17 and 18: Our Business Model The Group’s fi
Page 19 and 20: Key performance Indicators The Grou
Page 21 and 22: Review by business segment Retail R
Page 23 and 24: uk store portfolio 29 April 2012 24
Page 25 and 26: international store portfolio 29 Ap
Page 27 and 28: tennis cricket outdoor winter sport
Page 29 and 30: During the year we combined fashion
Page 31 and 32: 31 Eoin Morgan Slazenger Brand Amba
Page 33 and 34: Area Risk Mitigation Market Forces
Page 35: 35 Fernando Verdasco Dunlop Brand A
Page 39 and 40: Ebitda and profit before tax EBITDA
Page 41 and 42: The items adjusted for arriving at
Page 43 and 44: Cash flow and net debt Net debt dec
Page 45 and 46: Simon Bentley (aged 57) Senior Inde
Page 47 and 48: Shareholders No shareholder enjoys
Page 49 and 50: Going concern The Group’s busines
Page 51 and 52: Presentations are also given on bus
Page 53 and 54: Audit Committee Attendance at meeti
Page 55 and 56: Code of securities dealing The Comp
Page 57 and 58: Executive Bonus Share Scheme The Ex
Page 59 and 60: Directors’ emoluments An analysis
Page 61 and 62: Corporate Responsibility Report Mee
Page 63 and 64: Environment The Group is aware that
Page 65 and 66: official T-Shirt retailer for Sport
Page 67 and 68: Independent auditor’s report to t
Page 69 and 70: consolidated statement of comprehen
Page 71 and 72: consolidated cash flow statement Fo
Page 73 and 74: notes to the Financial Statements F
Page 75 and 76: Government grants and similar incom
Page 77 and 78: Employee Benefit Trust The cost of
Page 79 and 80: At each balance sheet date, there w
Page 81 and 82: Other segment items included in the
Page 83 and 84: 8. Employee costs The average month
Page 85 and 86: 13. Earnings per share from total a
Page 87 and 88:
15. Intangible assets Cost Goodwill
Page 89 and 90:
Associates The business activity of
Page 91 and 92:
The administrator of KSF appealed t
Page 93 and 94:
Contingent share awards The Executi
Page 95 and 96:
24. Retirement benefit obligations
Page 97 and 98:
The movements in the present value
Page 99 and 100:
Loans and payables (£’000) Liabi
Page 101 and 102:
Interest rate sensitivity analysis
Page 103 and 104:
30. Cash inflow from operating acti
Page 105 and 106:
35. principal subsidiary undertakin
Page 107 and 108:
company balance sheet Fixed assets
Page 109 and 110:
2. Investments Shares in Group unde
Page 111 and 112:
consolidated five year record Unaud
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Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

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