Sports Direct Is The UK's Leading Sports Retailer - Sports Direct ...

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The dilapidations provision is the best estimate of the present value of expenditure expected to be incurred by the Group in order to restore its leasehold premises to the condition required under the lease agreements at the end of the lease discounted at 7% per annum. The provision is expected to be utilised over the period to the end of each specific lease. The provision in respect of onerous lease contracts represents the net cost of fulfilling the Group’s obligations over the terms of these contracts discounted at 7% per annum. The provision is expected to be utilised over the period to the end of each specific lease. The unwinding of the discount on provision passes through the income statement. 29. finanCial instruments (a) financial assets and liabilities by category The carrying values of financial assets and liabilities, which are principally denominated in Sterling or US dollars, were as follows: loans and receivables available for sale financial assets non-financial assets total assets – 2009 £’000 £’000 £’000 £’000 Property, plant and equipment - - 295,795 295,795 Intangible assets - - 221,958 221,958 Investments in associated undertakings and joint ventures - - 32,379 32,379 Available-for-sale financial assets - 5,467 - 5,467 Deferred tax assets - - 15,468 15,468 Inventories - - 262,263 262,263 Trade and other receivables 60,985 - 50,947 111,932 Cash and cash equivalents 32,358 - - 32,358 93,343 5,467 878,810 977,620 assets - 2008 £’000 £’000 £’000 £’000 Property, plant and equipment - - 322,792 322,792 Intangible assets - - 185,010 185,010 Investments in associated undertakings and joint ventures - - 28,452 28,452 Available-for-sale financial assets - 65,714 - 65,714 Deferred tax assets - - 29,110 29,110 Inventories - - 218,763 218,763 Trade and other receivables 64,396 - 30,085 94,481 Cash and cash equivalents 25,418 - - 25,418 89,814 65,714 814,212 969,740 Sports Direct International PLC Annual Report 2009 59
notes to the finanCial statements for the 52 weeks ended 26 april 2009 Continued loans and payables liabilities at fair value through profit and loss non-financial liabilities total liabilities – 2009 £’000 £’000 £’000 £’000 Other payables 2,656 - - 2,656 Non-current borrowings 4,713 - - 4,713 Retirement benefit obligations - - 12,324 12,324 Deferred tax liabilities - - 33,490 33,490 Provisions - - 36,419 36,419 Derivative financial liabilities (Current) - 34,993 - 34,993 Trade and other payables 106,962 - 102,777 209,739 Current borrowings 458,899 - - 458,899 Current tax liabilities 30,705 - - 30,705 liabilities – 2008 603,935 34,993 185,010 823,938 Other payables 2,829 - - 2,829 Non-current borrowings 14,255 - - 14,255 Derivative financial liabilities (Non-current) - 14,744 - 14,744 Retirement benefit obligations - - 11,705 11,705 Deferred tax liabilities - - 26,422 26,422 Provisions - - 22,910 22,910 Derivative financial liabilities (Current) - 32,894 - 32,894 Trade and other payables 87,123 - 120,475 207,598 Current borrowings 476,400 - - 476,400 Current tax liabilities 31,574 - - 31,574 Carrying values do not materially differ from fair value. (b) derivatives: foreign currency forward purchase contracts 612,181 47,638 181,512 841,331 The most significant exposure to foreign exchange fluctuations relates to purchases made in foreign currencies, principally the US dollar. The Group’s policy is to reduce the risk associated with purchases denominated in foreign currencies by using forward fixed rate currency purchase contracts, taking into account any foreign currency cash flows. The foreign exchange contracts do not meet the criteria for treatment as an effective hedge and accordingly any gain or loss is recognised immediately in the income statement. The carrying values of forward foreign currency purchase contracts were as follows: 26 april 2009 27 april 2008 £’000 £’000 Fair value of derivative financial instruments - liabilities 34,993 47,638 60 Financial Statements
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sports direct is the UK’s leading
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Contents Chairman’s statement Chi
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Dave Forsey Chief Executive overvie
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Brands division Total Brands revenu
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The Group historically hedged the r
Page 12 and 13: Basis of reportinG The financial st
Page 14 and 15: strateGiC investments During the Ye
Page 16 and 17: simon Bentley Acting Non-Executive
Page 18 and 19: The Board may refuse to register a
Page 20 and 21: auditors Grant Thornton UK LLP has
Page 22 and 23: The Board provides corporate govern
Page 24 and 25: share dealinG Code The Company has
Page 26 and 27: the performanCe share plan The Perf
Page 28 and 29: v a l u e o f h y p o t h e t i C a
Page 30 and 31: direCtors’ responsiBilities The d
Page 32 and 33: During 2008/09 a customer service h
Page 34 and 35: finanCial statements report of the
Page 36 and 37: Continuing operations: Consolidated
Page 38 and 39: assets non-current assets 52 weeks
Page 40 and 41: 1. aCCountinG poliCies The consolid
Page 42 and 43: Borrowings and borrowing costs Borr
Page 44 and 45: 4. seGmental analysis primary repor
Page 46 and 47: secondary reporting format — geog
Page 48 and 49: 10. finanCe inCome 52 weeks ended 2
Page 50 and 51: 14. property, plant and equipment f
Page 52 and 53: Value in use calculations are based
Page 54 and 55: 17. availaBle-for-sale finanCial as
Page 56 and 57: 21. share Capital authorised 26 apr
Page 58 and 59: 25. BorrowinGs Non-current: 26 apri
Page 60 and 61: The assumptions used to determine t
Page 64 and 65: The sterling principal amounts of f
Page 66 and 67: adjustments to fair value for prior
Page 68 and 69: 34. Capital Commitments The Group h
Page 70 and 71: eport of the independent auditor to
Page 72 and 73: 1. aCCountinG poliCies notes to the
Page 74 and 75: 7. reserves share premium account t
Page 76 and 77: egistrar and transfer office Capita
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