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

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adjustments to fair value for prior year acquisitions and minor acquisitions Carrying values at acquisition provisional fair value adjustment fair value of net assets acquired £’000 £’000 £’000 Intangible assets 450 - 450 Inventories 200 - 200 Trade and other receivables 113 - 113 Trade and other payables (374) - (374) Deferred tax liability - (6,402) (6,402) 389 (6,402) (6,013) The provisional acquisition accounting for Everlast has been adjusted to reflect the effective rate of taxation for this company at the point of acquisition. It is the Group’s policy to make material adjustments and revisions retrospectively. The adjustment to deferred taxation has been processed through the current year. Cash flows arising from the acquisition are as follows: 26 april 2009 Cash consideration 790 Net cash outflow in the cash flow statement 790 The goodwill is attributable to the premium paid to strengthen the Group’s existing business segments of retail and brand, which is in line with the Group’s strategy. purchase of minority interests Lonsdale Sport 23 December 2008 (1) This was an additional acquisition which takes the cumulative holding up to 100% date of acquisition percentage of equity acquired £’000 nature of activity 20 Wholesale Carrying values at acquisition Minority interests 340 Cash flows arising from the acquisition are as follows: £’000 340 26 april 2009 Cash consideration 5,818 Net cash outflow in the cash flow statement 5,818 £’000 Sports Direct International PLC Annual Report 2009 63
notes to the finanCial statements for the 52 weeks ended 26 april 2009 Continued 32. Cash inflows from operatinG aCtivities 52 weeks ended 26 april 2009 52 weeks ended 27 april 2008 £’000 £’000 Profit before taxation 10,656 118,873 Net finance costs 7,706 39,636 Derecognition of available-for-sale financial assets 53,156 - Profit on disposal of available-for-sale financial assets (1,035) (41,367) Investment income (172) (2,507) Share of profit of associated undertakings and joint ventures (2,482) (5,020) Operating profit 67,829 109,615 Depreciation 45,542 35,583 Amortisation charge 2,944 2,023 Impairment charge 30,514 1,394 Loss on disposal of intangibles 195 155 Loss on disposal of subsidiary undertakings 1 1,883 Defined benefit pension plan current service cost 395 69 Defined benefit pension plan employer contributions (1,225) (1,110) Operating cash inflow before changes in working capital 146,195 149,612 (Increase)/decrease in receivables (9,788) 6,395 (Increase)/decrease in inventories (43,500) 23,511 Increase/(decrease) in payables 24,563 (119,999) Cash inflows from operating activities 117,470 59,519 33. operatinG lease arranGements As at 26 April 2009 the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: Land and buildings 26 april 2009 27 april 2008 £’000 £’000 Within one year 74,997 73,902 In the second to fifth years inclusive 271,461 276,695 After five years 364,245 387,053 710,703 737,650 The Group sub-lets certain stand-alone retail stores which are no longer operated by the Group. The property rental income earned during the 52 weeks ended 26 April 2009 was £3,157,000 (2008: £2,744,000). As at 26 April 2009, the Group had contracts with sub-tenants for the following future minimum lease rentals: Land and buildings 26 april 2009 27 april 2008 £’000 £’000 Within one year 6,307 3,458 In the second to fifth years inclusive 17,991 7,901 After five years 24,240 6,356 64 Financial Statements 48,538 17,715
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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
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Basis of reportinG The financial st
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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 62 and 63: The dilapidations provision is the
Page 64 and 65: The sterling principal amounts of f
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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