Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

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94 / FINANCIAL STATEMENTS AND NOTES notes to the Financial Statements For the 53 weeks ended 29 April 2012 23. Borrowings Non-current: 29 April 2012 (£’000) 24 April 2011 (£’000) Bank and other loans 213,758 194,917 Obligations under finance leases 829 1,265 Current: 214,587 196,182 Bank overdrafts 9,239 11,876 Bank and other loans 51 1,335 Obligations under finance leases 13 8 Total borrowings: 9,303 13,219 Bank overdrafts 9,239 11,876 Bank and other loans 213,809 196,252 Obligations under finance leases 842 1,273 An analysis of the Group’s total borrowings other than bank overdrafts is as follows: 223,890 209,401 29 April 2012 (£’000) 24 April 2011 (£’000) Borrowings — Sterling 178,516 157,772 Borrowings — Other 36,135 39,753 214,651 197,525 Loans are all on commercial variable rates of interest ranging between 1.5% and 2.0% over the interbank rate of the country within which the borrowing entity resides. On 7 March 2011, Sports Direct International plc and certain subsidiaries (the “Borrowers”) entered into a committed revolving facility agreement with ten financial institutions, with HSBC bank PLC acting as Agent (the “Revolving Facility”). The Revolving Facility is available to any of the Borrowers and may be drawn to an aggregate limit of £220 million. It is capable of being utilised by way of cash advances and / or currency borrowings. The Revolving Facility is available until 6 March 2014. The Group is required to observe certain covenants, including undertakings relating to delivery of financial statements, and certain negative covenants, including in relation to creation of security and disposal of assets. The Revolving Facility is unsecured. The Group continues to operate comfortably within its banking facilities and covenants. The Group has a £50m working capital facility with Mike Ashley which can be drawn down on request. This facility was agreed at market terms at its inception. The carrying amounts and fair value of the borrowings are not materially different. Net debt at 29 April 2012 was £145.2m (24 April 2011: £148.9m).
24. Retirement benefit obligations The Group’s defined benefit pension obligations relate to Dunlop Slazenger Group Holdings Limited (“DSGHL”), which was acquired on 28 January 2004. DSGHL operates a number of plans worldwide, the largest of which is of the funded defined benefit type. The Scheme is closed to new members. The amounts for the current and previous four periods following the acquisition of DSGHL are as follows: 29 April 2012 (£’000) 24 April 2011 (£’000) 25 April 2010 (£’000) 26 April 2009 (£’000) 27 April 2008 (£’000) Total fair value of plan assets 40,105 36,858 33,149 27,440 32,706 Present value of plan liabilities (59,423) (53,044) (52,888) (39,764) (44,411) Net plan obligations (19,318) (16,186) (19,739) (12,324) (11,705) Experience adjustments on plan liabilities (5,539) 869 (12,645) 5,887 4,652 Experience adjustments on plan assets 38 1,208 4,461 (6,336) (2,969) The cumulative amount of actuarial gains and losses recognised in other comprehensive income as at 29 April 2012 was an actuarial loss of £10,701,000 (2011: actuarial loss of £5,200,000).There were no unrecognised actuarial gains or losses or past service costs as at 24 April 2011 or 29 April 2012. Amounts recognised in the income statement are as follows: 53 weeks ended 29 April 2012 (£’000) 52 weeks ended 24 April 2011 (£’000) Current service cost 7 9 Interest on retirement benefit obligations 2,526 2,564 Expected return on plan assets (2,277) (2,133) 256 440 The current service cost is included within cost of sales. The interest on retirement benefit obligations and the expected return on plan assets are included within finance costs and finance income, respectively. Amounts recognised in other comprehensive income is as follows: 53 weeks ended 29 April 2012 (£’000) 52 weeks ended 24 April 2011 (£’000) Actual less expected return on assets 38 1,208 Actuarial gains / (losses) relating to plan liabilities (5,539) 869 (5,501) 2,077 The actual return on plan assets for the 53 weeks ended 29 April 2012 was a gain of £2,315,000 (2011: gain of £3,341,000). 95
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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
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Review by business segment Retail R
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uk store portfolio 29 April 2012 24
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international store portfolio 29 Ap
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tennis cricket outdoor winter sport
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During the year we combined fashion
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31 Eoin Morgan Slazenger Brand Amba
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Area Risk Mitigation Market Forces
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35 Fernando Verdasco Dunlop Brand A
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37 Lee Westwood and Darren Clarke D
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Ebitda and profit before tax EBITDA
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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
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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
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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
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Page 87 and 88: 15. Intangible assets Cost Goodwill
Page 89 and 90: Associates The business activity of
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Page 93: Contingent share awards The Executi
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Page 101 and 102: Interest rate sensitivity analysis
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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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