Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

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72 / FINANCIAL STATEMENTS AND NOTES consolidated statement of changes in equity For the 53 weeks ended 29 April 2012 Treasury shares (£’000) Foreign currency translation (£’000) Own share reserve (£’000) Retained earnings (£’000) Other reserves (£’000) Sub total (£’000) Noncontrolling interests (£’000) At 25 April 2010 (85,088) 40,633 (6,094) 338,251 (29,370) 258,332 1,383 259,715 Issue of ordinary shares - - - - 5 5 - 5 Share-based payments - - - 10,623 - 10,623 - 10,623 Non-controlling interests - acquisitions - - - - - - (44) (44) Transactions with owners - - - 10,623 5 10,628 (44) 10,584 Profit for the financial period - - - 84,173 - 84,173 (950) 83,223 Other comprehensive income Cash flow hedges - recognised in the period - - - - (4,801) (4,801) - (4,801) - reclassified and reported in net profit - - - - (13,100) (13,100) - (13,100) Actuarial losses on defined benefit pension schemes - - - 2,077 - 2,077 - 2,077 Fair value adjustment in respect of available-for-sale financial assets - - - 1,531 - 1,531 - 1,531 Taxation - - - 4,276 - 4,276 - 4,276 Translation differences - Group - (12,656) - - - (12,656) - (12,656) Translation differences - associates - 286 - - - 286 - 286 Total comprehensive income for the period - (12,370) - 92,057 (17,901) 61,786 (950) 60,836 At 24 April 2011 (85,088) 28,263 (6,094) 440,931 (47,266) 330,746 389 331,135 Issue of ordinary shares - - - - 5 5 - 5 Share-based payments - - - 20,643 - 20,643 - 20,643 Deferred tax on share schemes - - - 14,176 - 14,176 - 14,176 Non-controlling interests - acquisitions - - - - - - (327) (327) Transactions with owners - - - 34,819 5 34,824 (327) 34,497 Profit for the financial period - - - 106,198 - 106,198 (567) 105,631 Other comprehensive income Market value of shares transferred to EBT 51,590 - (51,590) - - - - - Difference between cost and market value of shares transferred to EBT Cash flow hedges (22,341) - - 22,341 - - - - - recognised in the period - - - - (1,305) (1,305) - (1,305) - reclassified and reported in net profit - - - - 8,086 8,086 - 8,086 Actuarial losses on defined benefit pension schemes - - - (5,501) - (5,501) - (5,501) Fair value adjustment in respect of available-for-sale financial assets - - - 160 - 160 - 160 Taxation - - - 1,483 - 1,483 - 1,483 Translation differences - Group - 80 - - - 80 - 80 Translation differences - associates - (2,381) - - - (2,381) - (2,381) Total comprehensive income for the period 29,249 (2,301) (51,590) 124,681 6,781 106,820 (567) 106,253 At 29 April 2012 (55,839) 25,962 (57,684) 600,431 (40,480) 472,390 (505) 471,885 The Company holds 42,000,000 ordinary shares in Treasury. The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries and associates. The accompanying accounting policies and notes form part of these financial statements. Total (£’000)
notes to the Financial Statements For the 53 weeks ended 29 April 2012 1. Accounting policies The consolidated financial statements of Sports Direct International plc (the “Company”) and its subsidiaries (together the “Group”) have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”). Basis of preparation The consolidated financial statements have been prepared in accordance with IFRS as adopted for use in the European Union (including International Accounting Standards (“IAS”) and International Financial Reporting Standards Committee (“IFRSC”) interpretations) and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS as adopted for use in the European Union. The consolidated financial statements have been prepared under the historical cost convention, as modified to include fair valuation of certain financial assets and derivative financial instruments. Consolidation The consolidated financial statements consolidate the revenues, costs, assets, liabilities and cash flows of the Company and its subsidiaries, being those entities in relation to which the Company has the power to govern the financial and operating policies, generally achieved by a share of more than 50% of the voting rights. On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of fair value of the consideration transferred over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of fair value of consideration transferred below the fair values of the identifiable net assets acquired is credited to the consolidated income statement in the period of acquisition. The non-controlling interest is stated at the non-controlling interest’s proportion of the fair values of the assets, liabilities and contingent liabilities recognised. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Associates and joint ventures Associates are entities over which the Group has significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. A joint venture is an entity in which the Group holds an interest on a long-term basis and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. The Group’s share of the results of associates and joint ventures is included in the Group’s consolidated income statement using the equity method of accounting. Investments in associates and joint ventures are carried in the Group’s consolidated balance sheet at cost plus post acquisition changes in the Group’s share of the net assets of the associates and joint ventures, less any impairment in value. The carrying values of investments in associates and joint ventures include acquired goodwill. If the Group’s share of losses in an associate or joint venture equals or exceeds its investment in the associate or joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the associate or joint venture. Unrealised gains arising from transactions with associates and joint ventures are eliminated to the extent of the Group’s interest in the entity. Investments Available-for-sale investments are initially recognised at fair value. Where fair value is different to cost, this is recognised in the income statement on initial recognition. Subsequent gains and losses arising from changes in fair value are recognised in other comprehensive income through the statement of comprehensive income, until the security is disposed or de-recognised at which time the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to the income statement as a reclassification adjustment in the consolidated income statement for the period. If an available-for-sale investment is determined to be impaired, the cumulative loss that had been recognised in other comprehensive income is reclassified from equity to profit or loss. Acquisitions For business combinations achieved in stages, the Group remeasures its previously held equity interest in the acquiree at its acquisition date fair value and recognises the resulting gain or loss, if any, in profit or loss or other comprehensive income, as appropriate. Goodwill Goodwill arising on consolidation is recognised as an asset and reviewed for impairment at least annually or when a change in circumstances or situation indicates that the goodwill has suffered an impairment loss. Any impairment is recognised immediately in the income statement. Gains and losses on the disposal of a business include the amount of goodwill relating to that business. When the non-controlling interest of an existing subsidiary is acquired the carrying value of the non-controlling interests in the balance sheet is eliminated. Any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid is recognised directly in equity. Other intangible assets Brands, trade marks and licences that are internally generated are not recorded on the balance sheet. Acquired brands, trade marks and licences are initially carried on the balance sheet at cost. The fair value of brands, trade marks and licences that are acquired by virtue of a business combination is determined at the date of acquisition and is subsequently assessed as being the deemed cost to the Group. 73 No amortisation is charged on brands, trade marks or perpetual / renewable licences with an indefinite life as the Group believes that the value of these brands and trade marks can be maintained indefinitely. The Group carries out an impairment review of indefinite life intangibles, at least annually, or when a change in circumstances or situation indicates that those intangibles have suffered an impairment loss.
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Dave Forsey Chief Executive 19 July
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Sports Direct is the UK’s leading
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financial highlights The Financial
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Further expansion of the Internatio
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fascias As at 29 April 2012 the Gro
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Online revenue (£’m) FY09 15.1 F
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Firetrap The Group made acquisition
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onus share scheme key performance i
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Our Business Model The Group’s fi
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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 and 36: 35 Fernando Verdasco Dunlop Brand A
Page 37 and 38: 37 Lee Westwood and Darren Clarke D
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: consolidated cash flow statement Fo
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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