RNS Number:8981A
Monsoon PLC
26 July 2007
Monsoon
Preliminary results for year to
26th May 2007
Highlights
2007 2006 Percentage
#000 #000 change
Turnover 530,540 485,340 9%
Operating profit before
exceptional items 47,655 58,085 -18%
Profit before tax and
exceptional items 48,683 57,987 -16%
Exceptional Items (2,580) (4,530)
Profit before tax 46,103 53,457 -14%
Basic earnings per share 17.18p 19.93p -14%
Commenting on the results Peter Simon, the Chairman, said: "These are clearly
very disappointing results and were caused by a number of factors - some within
our control and others beyond it.
"We believe we have now identified all the issues that have caused this and are
working hard to address them. In the coming year we will focus closely on our
brands - product, merchandising and sourcing - to ensure we meet the challenge
of ever-tougher competition. All of this work will hopefully come to fruition in
the long-term but the current trading outlook gives us little cause for
immediate optimism."
Enquiries:
Maitland 020 7379 5151
Neil Bennett
Tom Siveyer
CHAIRMAN'S STATEMENT
Overview
In last year's Chairman's Statement, I noted that the year ending 27th May 2006
was the most challenging year in the Company's history. Unfortunately, the year
ending 26th May 2007 has been even more disappointing.
During the year we made two statements on the outcome for the financial year. In
January 2007 at our interims, we announced that we expected profits to be circa
#55 million. In March, we announced that difficult trading had reduced our
expectations for profits and that they would be between #46 and #49 million. In
the event, the Group achieved a profit before tax of #46.1 million after
exceptional items in the year to May 26th 2007, a decline of 14% on the previous
year.
Profits in the year were #48.7 million before tax and exceptional items, a
decrease of 16% on last year. We incurred an exceptional item of #2.6 million
for dual running costs relating to the distribution change compared with an
exceptional charge of #4.5 million in 2006 relating to the pre-opening costs for
the 43 stores acquired from Etam. Total sales increased from #485.3 million to
#530.5 million, an increase of 9%.
There are many reasons for the outcome of this financial year, some directly or
indirectly within our control. Suffice to say that difficult trading in the high
street generally has been compounded by a series of issues within the Group that
have driven up costs and impacted sales growth. We are tackling these issues.
However, we are conscious of the fact that we are facing a deteriorating
economic environment and rising interest rates that make our task all the more
challenging.
Distribution Centre
In January 2007 we opened a new 251,000 sq ft distribution centre to cater for
our significant expanded store portfolio. Unfortunately we experienced severe
difficulties from the outset as insufficient time was set aside for the training
of personnel and trialling of the new systems amongst other issues. The Monsoon
brand was affected and as previously announced, we have subsequently delayed the
migration of the Accessorize brand into the same distribution centre until
January 2008. Whilst this will add to our running costs (we will be running two
distribution centres from this month when we had originally anticipated one), we
anticipate that the Accessorize migration will go more smoothly next year.
Nevertheless, given the scale of the issues we have had to address, we
anticipate that it will not be before Autumn 2008 before they have all been
resolved and both brands will be in one fully functioning distribution centre.
Head Office
By May 2008, we are planning to move into a 125,000 sq ft new head office
building in Notting Hill, West London, bringing our two existing offices
together under one roof. This move is intended to bring the group closer
together operationally as well as physically and we believe that it will deliver
significant management benefits.
Board and Management
This year there were a number of changes to our Board and senior management.
Mark McMenemy, the Group Finance Director left on 2 March 2007, and Rose Foster,
Chief Executive for whom we are currently looking for a replacement, left at the
end of March. In the meantime Steve Back, the former Chief Executive Officer of
Somerfield Plc has joined the Group's operating board and taken responsibility
for Group Finance and Logistics. During the year the Board also appointed an
independent non-executive director, Vinod Dhawan, one of India's most respected
businessmen and Vice Chairman of India's Apparel Export Promotion Council,
(Ministry of Textiles, Govt of India). Steve and Vinod have already made a
significant contribution to the group in the short time since their arrival and
I look forward to working with them.
In addition, as part of these changes, I have taken on a number of additional
responsibilities within the International business which have entailed a
significant increase in the time and commitment that I have been devoting to
Group affairs.
Outlook
I am disappointed to report that the start of the current year has witnessed a
further deterioration in trading. Total sales for the seven weeks to 15 July
2007 are 5% down on the same period last year, while like-for-like sales are
down 13%.
Priorities for the year ahead will be to improve further the performance of both
brands. We will focus closely on our product, merchandising and buying to
achieve our targets.
The International business has been affected by the strength of sterling and
also the performance of Accessorize. Whilst we continue to expand the
International business we are still concerned about exposure to more volatile
revenue streams from some of the higher risk territories in which we are
expanding.
Although Monsoon and Accessorize face increased and tougher competition from all
sectors in the UK, and international markets we believe, with the right cost
base and a determined focus on our customer, as well as maintaining the point of
difference that our brands project, innovative marketing, systems and services
working better to support all parts of the company, we will be successful in the
long term. However, there are no quick fixes and the outlook for the current
year remains uncertain.
I would personally like to thank our teams and partners of Monsoon, but most of
all our customers for their support during the year.
Peter Simon
Chairman
26 July 2007
REVIEW OF RESULTS AND BUSINESS OBJECTIVES
Presentation of Accounts
Within the Group Financial Results, the Consolidated Profit and Loss Statement
is presented in a columnar format to improve the clarity of information in light
of the exceptional charge pre taxation of #2.6m (2006: #4.5m) in the year.
Group results
During the year to 26 May 2007, turnover increased by 9% from #485.3m to
#530.5m. Like-for-like sales were down 6% compared to last year. Operating
profit before exceptional items decreased by 18% from #58.1m to #47.7m. Profit
after tax and exceptional items was down 14% from #35.4m to #30.6m. Basic
earnings per share decreased 14%, from 19.93p to 17.18p.
No dividend will be paid for the year (2006: #nil).
The group's key financial and other performance indicators during the year were
as follows:
2007 2006 Change
#m #m %
Group turnover 530.5 485.3 9
Operating profit before exceptional items 47.7 58.1 (18)
Profit after tax and exceptional items 30.6 35.4 (14)
Earnings per share 17.18p 19.93p (14)
Average number of employees 4,588 3,790 21
UK & Eire
Turnover increased by 8% from #430.7m to #464.3m and like-for-like sales
decreased by 6%. Operating profits after exceptional items decreased by 16% from
#41.2m to #34.6m.
During the year, 21 stores were opened and 12 stores were closed, inclusive of 2
resites. Of these 21 stores, 7 were Monsoon, 3 were Accessorize and 11 were Dual
stores. Dual stores are adjacent Monsoon and Accessorize stores which are joined
internally. As at 26 May 2007 we have 406 stores in the UK and Eire: 149
Monsoon; 151 Accessorize; 106 Dual stores; and 4 concessions.
International
Turnover, which represents the sale of merchandise to, and royalty income from
franchisees, and the net retail sales of our subsidiary stores, increased by 21%
from #54.6m to #66.2m. International operating profits reduced, by 15% from
#12.4m to #10.6m.
Like-for-like retail sales were down 8% in sterling, and excluding exchange rate
movements like-for-like sales were down 5%.
In total, 105 stores were opened and 24 stores were closed. As at 26 May 2007
there were 439 stores in 46 countries.
Business objectives
The Group's business objective is to continue to build our brand.
The strategy to achieve this growth is to:
*continue to develop and improve our product in order to exploit the full
potential of the Group's existing and established Brands: Monsoon and
Accessorize;
*grow sales in the UK and Eire by both increasing square footage and by
delivering strong sales densities in existing stores;
*establish the Monsoon and Accessorize brands internationally and become
the most successful retailer of accessories worldwide by developing and
supporting our network of franchise partners and, where appropriate, making
direct investment;
*continue to develop the full potential of our employees so that our
customer service is perceived to be of the highest standard;
*develop our infrastructure and to modernise our processes; and
*reduce our operating costs in order to be a lean but responsive
organisation capable of delivering our strategy effectively and hence
deliver improved and sustainable profits.
CONSOLIDATED PROFIT AND LOSS ACCOUNT(1)
Before
exceptional Exceptional
items items Total Total
52 weeks 52 weeks 52 weeks 52 weeks
to 26 May to 26 May to 26 May to 27 May
2007 2007 2007 2006
Note #000 #000 #000 #000
Turnover 2 530,540 - 530,540 485,340
Cost of sales (216,819) - (216,819) (205,875)
-------- --------- -------- -------
Gross profit 313,721 - 313,721 279,465
Distribution costs (4,438) - (4,438) (1,965)
Administrative expenses 3 (263,805) (2,580) (266,385) (225,175)
Other operating income 8 2,177 - 2,177 1,230
-------- --------- -------- --------
Operating profit 2/3/4 47,655 (2,580) 45,075 53,555
Interest receivable and
similar income 9 1,252 - 1,252 546
Interest payable and similar
charges 10 (224) - (224) (644)
-------- --------- -------- --------
Profit on ordinary
activities before taxation 48,683 (2,580) 46,103 53,457
Tax on profit on ordinary
activities 11 (16,311) 774 (15,537) (18,079)
-------- --------- -------- --------
Profit for the year 32,372 (1,806) 30,566 35,378
-------- --------- -------- --------
Earnings per share - basic 12 17.18p 19.93p
Earnings per share - diluted 12 17.17p 19.91p
(1) Results relate wholly to continuing activities.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
-------- --------
Profit for the financial year 30,566 35,378
Currency translation differences on
net investment in overseas subsidiaries (217) (18)
-------- --------
Total recognised gains and losses in the year 30,349 35,360
-------- --------
CONSOLIDATED AND COMPANY BALANCE SHEETS
Group Company
At 26 May 2007 Note 2007 2006 2007 2006
#000 #000 #000 #000
------- ------- ------ -------
Fixed assets
Intangible assets 13 2,368 2,547 - -
Tangible assets 14 121,272 126,020 - -
Investments 15 - 9,509 245,484 245,484
------- ------- ------- -------
123,640 138,076 245,484 245,484
Current assets
Stocks 16 54,976 63,461 - -
Debtors 17 33,262 28,968 4,883 4,882
Cash at bank and in hand 25 80,656 34,806 - -
------- ------- ------- -------
168,894 127,235 4,883 4,882
Creditors: amounts
falling due within one year 18 (86,106) (94,233) (7,689) (4,225)
------- ------- ------- -------
Net current
assets/(liabilities) 82,788 33,002 (2,807) (657)
------- ------- ------- -------
Total assets less
current liabilities 206,428 171,078 242,678 246,141
Creditors: amounts
falling due after more one year 19 (5,025) - - -
Provisions for
liabilities and charges 21 (1,946) (2,041) - -
------- ------- ------- -------
Net assets 199,457 169,037 242,678 246,141
------- ------- ------- -------
Capital and reserves
Called up share capital 22 17,797 17,787 17,797 17,787
Share premium reserve 23 1,138 1,077 1,138 1,077
Merger reserve 23 5,271 5,271 227,766 227,766
Capital redemption reserve 23 143 143 143 143
Profit and loss account 23 175,108 144,759 (4,166) (632)
------- ------- ------- -------
Shareholders' funds 27 199,457 169,037 242,678 246,141
------- ------- ------- -------
The financial statements were approved by the Board of Directors on 25 July 2007
and were signed on its behalf by:
Peter Simon
Director
Mark Vandenberghe
Director
CONSOLIDATED CASH FLOW STATEMENT
52 weeks 52 weeks
to 26 May to 27 May
Note 2007 2006
#000 #000
--------- ---------
Net cash inflow from operating
activities 28 91,718 49,140
Returns on investments and
servicing of finance 29 689 (98)
Taxation (24,599) (18,393)
Capital expenditure and financial
investment 29 (9,505) (73,915)
Acquisitions and disposals 29 - (1,500)
--------- ---------
Net cash inflow/ (outflow)
before management of liquid resources 58,303 (44,766)
Financing 29 71 484
Management of liquid resources 29 (36,200) 25,310
--------- ---------
Increase/ (Decrease) in net cash
in the period 22,174 (18,972)
--------- ---------
Reconciliation of net cash flow to movement in net funds
Increase/ (Decrease) in net cash in the period 22,174 (18,972)
Cash inflow/(outflow) from management of
liquid resources 36,200 (25,310)
--------- ---------
Increase/ (Decrease) in net funds resulting
from cash flows 58,374 (44,282)
Inception of finance leases (5,991) -
--------- ---------
Translation differences (218) (18)
--------- ---------
Movement in net funds in the period 52,165 (44,300)
Net funds at the start of the period 5,912 50,212
--------- ---------
Net funds at the end of the period 30 58,077 5,912
--------- ---------
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks ended 26 May 2007
1 Principal accounting policies
Basis of accounting and change in accounting policy
The financial statements have been prepared under the historical cost accounting
rules and in accordance with applicable United Kingdom accounting standards,
which have been applied consistently. Comparative figures are provided for the
52 week period ended 27 May 2006.
As required by FRS 18, accounting policies are periodically reviewed to ensure
that they continue to be the most appropriate for the Group.
During the year the Group adopted FRS 20 "Share based payment", the Group's
accounting policy being set out in the following section of the financial
statements. All equity settled instruments which fall within the scope of the of
FRS 20 had vested by the Group's application date and accordingly fall within
the transitional exemptions of FRS 20. The Group has continued to apply UITF 17
in connection with these instruments. Accordingly the implementation of FRS 20
has not required the restatement of prior period amounts and has had no impact
on the current period.
Basis of consolidation
The consolidated financial statements include the financial statements of the
Company and all its subsidiary undertakings which the Group has a controlling
interest in up to 26 May 2007. Monsoon Plc assume control of these companies on
the basis that they are 100% owned with the group controlling all of the voting
rights. The only exception to this is Monsoon Accessorize India Private Limited,
where 97.5% of the share capital of the company is owned, with 97.5% of the
voting rights. controlled. Monsoon Accessorize India Private Limited has been
fully consolidated on the basis that the group owns the majority of the voting
rights. The acquisition method of accounting has been adopted. Under this
method, the results of subsidiary undertakings acquired or disposed of in the
period are included in the consolidated profit and loss account from the date of
acquisition or up to the date of disposal.
Prior to the period ended 29 May 1999, goodwill arising on consolidation was
written off to reserves in the year of acquisition. As permitted by FRS 10, this
goodwill has not been reinstated in the balance sheet and remains written off to
reserves. Goodwill arising on subsequent acquisitions is capitalised and
amortised over its useful economic life.
Under section 230(4) of the Companies Act 1985 the Company is exempt from the
requirement to present its own profit and loss account.
Goodwill
Goodwill is the difference between the cost of an acquired entity and the
aggregate of the fair value of that entity's identifiable assets and
liabilities.
Positive goodwill is capitalised, classified as an asset on the balance sheet
and amortised on a straight line basis over its useful economic life, which is
no more than 20 years. It is reviewed for impairment at the end of the first
full financial year following the acquisition and in other periods if events or
changes in circumstances indicate that the carrying value may not be
recoverable.
If a subsidiary, or business is subsequently sold or closed, any goodwill
arising on acquisition that was written off directly to reserves is taken into
account in determining the profit or loss on sale or closure.
Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation and accumulated
impairment losses.
Depreciation is provided to write off the cost less the estimated residual value
of tangible fixed assets over the estimated useful economic lives as follows:
Short leasehold - life of lease
Motor vehicles - straight line over 5 years
Fixtures, fittings & equipment - straight line over 3 to 10 years
The cost of trademarks is being written off over 10 years on a straight line
basis, subject to reviews for impairment on an annual basis.
The carrying values of tangible fixed assets are reviewed for impairment when
events or changes in circumstances indicate that the carrying value may not be
recoverable.
Investments
Fixed asset investments are stated at cost less any provision for impairment.
This is subject to review for impairment on an annual basis.
Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange
ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated using the rate of exchange
ruling at the balance sheet date and the gains or losses on translation are
included in the profit and loss account.
The results, assets and liabilities of overseas subsidiary undertakings are
translated at the closing exchange rates. Gains and losses arising on the
retranslation of opening net assets are taken to reserves.
Leases
Operating lease rentals are charged to the profit and loss account on a straight
line basis over the period of the lease.
Assets held under finance leases, which are leases where substantially all the
risks and rewards of ownership of the asset have passed to the group are
capitalised in the balance sheet and are depreciated over the shorter of the
lease term and the asset's useful lives. The capital elements of future
obligations under leases are included as liabilities in the balance sheet. The
interest elements of the rental obligations are charged in the profit and loss
account over the periods of the leases and represent a constant proportion of
the balance of capital repayments outstanding.
Rent-free periods and reverse premiums
Benefits received and receivable as incentives to sign leases are spread on a
straight line basis over the lease term or, if shorter than the full lease term,
over the period to the review date on which the rent is first expected to be
adjusted to the prevailing market rate.
Post-retirement benefits
The Group operates a defined contribution pension scheme. The assets of the
scheme are held separately from those of the group in an independently
administered fund. The amount charged against profits for this scheme represents
the contributions payable to the scheme in respect of the accounting period.
Contributions to personal pensions for employees and directors are charged
against profits as incurred.
Stocks
Stocks are stated at the lower of cost and net realisable value. The cost of
stock is determined on a weighted average cost basis.
Deferred taxation
Deferred taxation is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events have occurred at that date that will result in an obligation to pay more,
or right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar
fair value adjustments) of fixed assets, or gains on disposal of fixed assets
that have been rolled over into replacement assets, only to the extent that, at
the balance sheet date, there is a binding agreement to dispose of the assets
concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable
gain will be rolled over into replacement assets and charged to tax only where
the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors
consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences can
be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.
Turnover and other income
Turnover represents the amounts net of trade discounts (excluding value added
tax and its overseas equivalents) derived from the provision of goods and
services to third party customers and franchisees, and the royalty income from
franchisees. Income from licenses and sub-let properties are accrued on a time
basis and are recognised within 'other operating income'.
Cost of sales and expenses
Cost of sales consists of all costs to the point of sale including warehouse and
transportation costs. All other costs are treated as administrative expenses
including pre-opening costs for new stores which are expensed as incurred.
Financial instruments
Financial assets are recognised when the Group has rights or other access to
economic benefits. Such assets consist of cash and contractual rights to receive
cash. Financial liabilities are recognised when there is an obligation to
transfer benefits and that obligation is a contractual liability to deliver
financial assets to another entity. Financial assets and liabilities are offset
only when a legal right of set-off exists for a determinate monetary amount.
Equity settled transactions policy
The cost of equity-settled transactions with employees is measured by reference
to the fair value at the date at which they are granted and is recognised as an
expense over the vesting period, which ends on the date on which the relevant
employees become fully entitled to the award. Fair value is determined by an
external valuer using an appropriate pricing model. In valuing equity-settled
transactions, no account is taken of any vesting conditions, other than
conditions linked to the price of the shares of the company (market conditions).
No expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition, which are treated
as vesting irrespective of whether or not the market condition is satisfied,
provided that all other performance conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated,
representing the extent to which the vesting period has expired and management's
best estimate of the achievement or otherwise of non-market conditions, number
of equity instruments that will ultimately vest or in the case of an instrument
subject to a market condition, be treated as vesting as described above. The
movement in cumulative expense since the previous balance sheet date is
recognised in the income statement, with a corresponding entry in equity.
Where the terms of an equity-settled award are modified or a new award is
designated as replacing a cancelled or settled award, the cost based on the
original award terms continues to be recognised over the original vesting
period. In addition, an expense is recognised over the remainder of the new
vesting period for the incremental fair value of any modification, based on the
difference between the fair value of the original award and the fair value of
the modified award, both as measured on the date of the modification.No
reduction is recognised if this difference is negative.
Where an equity-settled award is cancelled, it is treated as if it had vested on
the date of cancellation, and any cost not yet recognised in the income
statement for the award is expensed immediately. Any compensation paid up to the
fair value of the award at the cancellation or settlement date is deducted from
equity, with any excess over fair value being treated as an expense in the
income statement.
The Group has taken advantage of the transitional provisions of FRS 20 in
respect of equity-settled transactions.
The Group has no cash settled arrangements within the scope of FRS 20.
2 Segmental information
In the opinion of the directors, the Group operates in only one class of
business, being the sale of women's, men's and children's clothing and
accessories, homeware and gifts. The analysis by destination is as follows:
UK & Eire International Total Total
2007 2006 2007 2006 2007 2006
#000 #000 #000 #000 #000 #000
Group turnover
Turnover by
destination 464,309 430,743 66,231 54,597 530,540 485,340
Inter-segment sales 40,448 37,062 (40,448) (37,062) - -
-------- -------- -------- -------- -------- ------
Turnover by origin 504,757 467,805 25,783 17,535 530,540 485,340
-------- -------- -------- -------- -------- ------
The 'International' segment consists of all countries outside of the UK & Eire.
International profits therefore represent the combined results of the subsidiary
businesses together with revenues from our franchise partners.
Operating profit after Net assets
exceptional items
2007 2006 2007 2006
#000 #000 #000 #000
---------- --------- --------- ---------
UK & Eire 34,471 41,192 133,888 168,510
International 10,604 12,363 7,267 5,466
---------- --------- --------- ---------
Total 45,075 53,555 141,155 173,976
---------- --------- --------- ---------
UK and Eire operating profit before exceptional items is #37.2m (2006: #45.7m)
The net assets of UK and Eire exclude net interest bearing financial assets of
#58.3m in 2007 and net interest bearing financial liabilities of #4.9m in 2006.
3 Operating profit and exceptional items
During the year #2.6m was incurred relating to start up and dual running costs
of the new distribution centre. An exceptional charge of #4.5m was incurred in
the prior year relating to one off pre-opening costs of 43 stores that were
acquired from Arcadia Group Plc.
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
---------- -----------
Operating profit before exceptional items 47,655 58,085
Exceptional items:
Start-up and Dual running costs (2,580) -
Pre-opening costs - (4,530)
---------- -----------
Operating profit after exceptional items 45,075 53,555
---------- -----------
4 Operating Profit
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
---------- -----------
Operating profit is stated after charging /
(crediting)
Auditors' remuneration
- audit(1) (see note 5) 223 141
Depreciation of tangible fixed assets 25,999 21,225
Amortisation of intangible fixed assets 256 254
Loss /(Gain) on disposal of fixed assets 1,349 (647)
Loss on disposal of investments (see note 15) 509 -
Operating leases - land and buildings 74,315 65,883
Exchange (gains)/losses (1,156) 916
---------- -----------
(1) Company audit: #10k; 2006: #10k
5 Auditors' remuneration
The remuneration of the auditors is further analysed as follows:
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
---------- -----------
Audit of the financial
statements 136 124
Other fees to auditors
- local statutory audits for subsidiaries 37 12
- other services 50 5
---------- -----------
Total 223 141
---------- -----------
6 Staff numbers and costs
The average number of persons employed by the Group (including directors) during
the year, analysed by category, was as follows:
Number of employees
52 Weeks 52 Weeks
to 26 May to 27 May
2007 2006
Retail and distribution 3,910 3,255
Design and buying 230 153
Administration 448 382
----------- -------
4,588 3,790
----------- -------
The aggregate payroll costs of these persons were as follows:
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
----------- -----------
Wages and salaries 79,241 70,718
Social security costs 5,469 4,879
Other pension costs 670 581
----------- -----------
85,380 76,178
----------- -----------
7 Directors' emoluments
Highest paid director All
52 Weeks 52 Weeks 52 Weeks 52 Weeks
to 26 May to 27 May to 26 May to 27 May
2007 2006 2007 2006
#000 #000 #000 #000
Salaries 1,228 329 2,049 1,162
Bonus - 100 248 529
------- --- ------- ------- --------
Aggregate emoluments 1,228 429 2,297 1,691
Gain made on exercise
of share options - 948 320 948
Company pension contributions 60 74 137 155
------- ------- ------- --------
Total 1,288 1,451 2,804 2,794
------- ------- ------- --------
Two directors are members of defined contribution pension schemes (2006: 4).
8 Other operating income
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
Rent receivable 1,005 824
Other income 1,172 406
----------- ----------
2,177 1,230
----------- ----------
9 Interest receivable and similar income
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
Bank interest 1,252 546
----------- ----------
10 Interest payable and similar charges
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
Bank overdraft interest 46 537
Other interest 89 107
Finance charges payable under finance leases 89 -
----------- -----------
224 644
----------- -----------
11 Taxation
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
UK Corporation tax at 30% (2006: 30%) 15,029 14,771
Under/(over) provision prior years (406) 18
Overseas taxation 1,009 1,456
------------ -----------
Total Current Tax 15,632 16,245
------------ -----------
Deferred taxation
(95) 1,834
Origination and reversal of timing ------------ -----------
differences (Note 21)
Tax on profit on ordinary activities 15,537 18,079
------------ -----------
2007 2006
Factors affecting tax charge for the period #000 #000
Profit on ordinary activities before tax 46,103 53,457
Profit on ordinary activities multiplied by
standard rate of corporation
tax in the UK of 30% (2006: 30%) 13,831 16,037
Effects of:
Net expenses not deductible for taxation
purposes and other adjustments to
accounting profit and loss 2,453 2,159
Deccelerated/ (Accelerated) capital allowances 200 (1,311)
Difference in tax rate on overseas earnings (1,596) (832)
Other short-term timing differences 220 (529)
Adjustment in respect to prior periods (406) 18
Taxable Gains 150 -
Unrelieved losses 780 703
------------ -----------
Current tax charge for the period 15,632 16,245
------------ -----------
Factors that may affect future tax charges
There are no additional factors to those that affected the charge for the
period. The Finance Bill 2007 included changes to the standard rate of UK
Corporation tax as from 1 April 2008 from the current rate of 30% to 28%. This
Bill received it's third reading in June 2007 and so is now "substantively
enacted".
The consolidated accounts show a deferred tax liability at #1,789,000 as at 26
May 2007 based on the current tax rate at 30%. On the assumption that all of
this deferred tax reversed after 1 April 2008, the impact on the deferred tax
liability as a result of this change would be a reduction of approximately
#119,000.
12 Earnings per share
The calculation of basic earnings per ordinary share is based on profit for the
year after tax of #30.6m (2006: #35.4m) and on 177,935,931 ordinary shares
(2006: 177,488,272), being the weighted average number of shares in issue during
the period ended 26 May 2007.
The calculation of diluted earnings per share is based on #30.6m (2006: #35.4m)
being the profit for the year after taxation and 178,033,013 ordinary shares of
10p each (2006: 177,646,422) being the weighted average number of shares used
for the calculation of earnings per share above increased by the dilutive effect
of potential ordinary shares from employees' share option schemes of 97,082
shares (2006: 158,150).
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
Pence Pence
----------- ----------
Basic earnings per share 17.18 19.93
Diluted earnings per share 17.17 19.91
----------- ----------
13 Intangible fixed assets
Goodwill Trademarks Total
#000 #000 #000
------- --------- --------
Group
Cost
At the beginning of period 2,512 786 3,298
Additions - 77 77
------- --------- --------
At end of period 2,512 863 3,375
------- --------- --------
Amortisation
At the beginning of period 519 232 751
Charge for period 174 82 256
------- --------- --------
At end of period 693 314 1,007
------- --------- --------
Net book value
At 26 May 2007 1,819 549 2,368
------- --------- --------
At 27 May 2006 1,993 554 2,547
------- --------- --------
Trademarks are amortised over 10 years. Goodwill arising from investment in
subsidiaries is capitalised and amortised over a period not more than 20 years
as permitted within the provisions of FRS 10, 'Goodwill & Intangible Assets'.
The following amortisation periods have been adopted: 10 years for Ireland and
20 years for Russia and France. The Company has no intangible fixed assets
14 Tangible fixed assets
Short Fixtures,
leasehold fittings and Motor
premises equipment vehicles Total
#000 #000 #000 #000
Group
Cost
At beginning of period 68,174 106,259 74 174,507
Currency translation differences 10 14 - 24
Additions 7,271 15,715 21 23,007
Disposals (1,368) (4,604) - (5,972)
--------- --------- ------- -------
At end of period 74,087 117,384 95 191,566
--------- --------- ------- -------
Depreciation
At beginning of period 14,447 33,996 44 48,487
Currency translation differences - - - -
Charge for period 6,847 19,145 7 25,999
Disposals (678) (3,514) - (4,192)
--------- --------- ------- -------
At end of period 20,616 49,627 51 70,294
--------- --------- ------- -------
Net book value
At 26 May 2007 53,471 67,758 43 121,272
--------- --------- ------- -------
At 27 May 2006 53,727 72,263 30 126,020
--------- --------- ------- -------
Included in the amounts for fixtures and fittings above are the following
amounts held under finance leases:
Group
#000
Cost
At 27 May 2006 -
Additions 5,991
-------
At 26 May 2007 5,991
-------
Depreciation:
At 27 May 2006 -
Depreciation provided during the period 150
-------
At 26 May 2007 150
-------
Net book value
At 26 May 2007 5,841
-------
At 27 May 2006 -
-------
The Company has no tangible fixed assets.
15 Investments
Group
The Group disposed of its 7.8% stake in GUM Trade House, a listed entity, with a
brought forward book value of #9.5m. (2006: #9.5m). The investment was
originally purchased for $17.8m, and sale proceeds were $17.8m. The movement in
the exchange rate has led to a loss on the sale of #0.5m.
Shares in
subsidiary
undertakings
#000
Company
Cost and net book value
At 26 May 2007 and 27 May 2006 245,484
Class and Percentage
Subsidiary Country of percentage of voting
undertakings incorporation of shares held rights
Monsoon Holdings Limited England & Wales Ordinary shares 100% 100%
'A'Ordinary shares 100% N/A
Monsoon Accessorize Limited*
Monsoon Accessorize
International Limited* England & Wales Ordinary shares 100% 100%
Monsoon Co-ordination
Services Limited* Hong Kong Ordinary shares 100% 100%
Monsoon Twilight Inc
(Delaware)* USA Capital stock 100% 100%
Monsoon Accessorize
Ireland Limited* Ireland Ordinary shares 100% 100%
Monsoon Accessorize
Ireland (Holdings)Limited* Ireland Ordinary shares 100% 100%
Conran Properties Limited* Ireland Ordinary shares 100% 100%
Monsoon Accessorize
(Asia)Limited* Hong Kong Ordinary shares 100% 100%
Veter LLC* Russia Ordinary shares 100% 100%
Monsoon Accessorize
Holdings (Cyprus) Limited* Cyprus Ordinary shares 100% 100%
Monsoon Accessorize
(Cyprus)Limited* Cyprus Ordinary shares 100% 100%
Monsoon Accessorize SARL* France Ordinary shares 100% 100%
Monsoon Accessorize Japan
Kabushiki Kaisha* Japan Ordinary shares 100% 100%
Monsoon Accessorize GmbH* Germany Ordinary shares 100% 100%
Monsoon Accessorize
India Private Limited#* India Ordinary shares 97.5% 97.5%
* indirect holding
# new company established in the year
Monsoon Holdings Limited, Monsoon Accessorize Ireland (Holdings) Limited, and
Monsoon Accessorize (Cyprus) Limited act as holding companies for other
subsidiaries within the Group. Monsoon Accessorize Holdings (Cyprus) Limited is
a financing company. All the remaining subsidiary undertakings are involved in
the clothing and accessories retail business.
16 Stocks
Group Company
2007 2006 2007 2006
#000 #000 #000 #000
Goods for resale 54,976 63,461 - -
-------- -------- ------- -------
17 Debtors
Group Company
2007 2006 2007 2006
#000 #000 #000 #000
------- -------- -------- -------
Trade debtors 14,305 12,580 - -
Amounts owed by Group undertakings - - 4,882 4,882
Other debtors 1,041 2,677 - -
Rent deposits 2,320 2,320 - -
Prepayments and accrued income 15,596 11,391 - -
------- -------- -------- -------
33,262 28,968 4,882 4,882
------- -------- -------- -------
Rent deposits relate to properties in France. These deposits are due after more
than one year (2006: #2,320k).
18 Creditors: amounts falling due within one year
Group Company
2007 2006 2007 2006
#000 #000 #000 #000
Bank overdraft 16,588 28,894 - -
Obligations under finance leases
(see note 20) 966 - - -
Trade creditors 21,090 17,805 - -
Amounts owed to subsidiary
undertakings - - 6,351 3,720
Corporate taxes 370 9,337 - -
Other taxes and social security 5,825 2,896 - -
Other creditors 14,725 7,913 - 3
Accruals and deferred income 26,542 27,388 1,338 502
------- -------- ------- -------
86,106 94,233 7,689 4,225
------- -------- ------- -------
19 Creditors: amounts falling due after more than one year
Group Company
2007 2006 2007 2006
#000 #000 #000 #000
Obligations under finance leases
(see note 20) 5,025 - - -
------- -------- ------ -------
20 Obligations under leases
Amounts due under finance leases:
Group
2007 2006
#000 #000
Amounts payable:
Within one year 966 -
In two to five years 5,025 -
------------ -----------
5,991 -
------------ -----------
The finance lease relates to fixed assets held at the lease for the Group's new
distribution centre.
21 Provisions for liabilities and charges
Deferred
taxation
#000
Group
At beginning of period 2,041
Credit for the period (88)
Adjustments in respect to prior periods (7)
------------
Subtotal (95)
------------
At the end of period 1,946
------------
The amounts provided for deferred taxation, which represent the full potential
liability, are set out below:
2007 2006
#000 #000
Difference between accumulated depreciation
and amortisation and capital allowances 2,126 2,480
Other timing differences (180) (439)
--------- --------
1,946 2,041
--------- --------
The Group has an unrecognised deferred tax asset of #803k (2006: #803k) in
respect of capital losses. In accordance with the Group accounting policy for
deferred tax the asset is not being recognised since it is not probable that
suitable chargeable gains will arise which would enable the losses to be
utilised. The Company has no deferred taxation, provided or not provided.
22 Called up share capital
2007 2006
#000 #000
Authorised 241,000,000 ordinary shares of 10p each 24,100 24,100
--------- ---------
Allotted, called up and fully paid
177,970,068 (2006: 177,872,991)
ordinary shares of 10p each 17,797 17,787
--------- ---------
During the year, 97,077 options were exercised. This increased share capital by
#10k and share premium by #61k. The exercise price of the shares was 72.5p.
Options to subscribe under various schemes for ordinary shares are as follows:
Number Number Number Number of
of of of options options
Date Subscription Exercisable persons persons outstanding outstanding
granted price(p) from 2007 2006 2007 2006
Executive
Scheme Directors 07/09/01 72.50 07/09/04 - 1 - 194,159(1)
97,077 options were exercised during the period, and 97,082 options lapsed
during the period as a result of the expiry of Rose Foster's service agreement.
The weighed average share price at the date of exercise for the options
exercised was #3.91.
Directors' Share-option Plan
A share option scheme for the benefit of the executive directors' was in place
during the current and the prior year. However, the Board considers that the
granting of share options is no longer an effective means of remuneration. The
Group operates a long-term cash incentive plan based on financial results.
Vesting conditions of the scheme were as follows:
Options granted under the 'Monsoon Share Option Scheme' were subject to the
achievement of a three year performance condition. If the group achieved EPS
growth of 33% then a grant of 25% of the scheme would be made, if EPS grew by
46% then 50% would be granted, growth of 61% would attract a 75% grant and for
the maximum grant of 100% an EPS growth of 77% would need to be achieved.
No options were granted to the current directors during the period. All issued
options were either exercised or lapsed during the period.
(1) Weighted average remaining contractual life of 31 months.
23 Reserves
Profit
Share Capital and
premium Merger redemption loss Total
reserve reserve reserve account reserves
Group #000 #000 #000 #000 #000
At beginning of period 1,077 5,271 143 144,759 151,250
Retained profit for period - - - 30,566 30,566
Share issue 61 - - - 61
Exchange differences on
retranslation of net assets
of overseas subsidiaries - - - (217) (217)
--------- -------- --------- -------- --------
At end of period 1,138 5,271 143 175,108 181,660
--------- -------- --------- -------- --------
Cumulative goodwill of #222.5m (2006: #222.5m) arising on acquisitions has been
written off against the merger reserve.
Profit
Share Capital and
premium Merger redemption loss Total
reserve reserve reserve account reserves
Company #000 #000 #000 #000 #000
At beginning of period 1,077 227,766 143 (632) 228,354
Retained loss for period - - - (3,534) (3,534)
Share Issue 61 - - - 61
--------- -------- ---------- -------- --------
At end of period 1,138 227,766 143 (4,166) 224,881
--------- -------- ---------- -------- --------
The Company's loss on ordinary activities after taxation for the financial year
was #3.5m (2006: loss #1.9m).
24 Commitments
Capital Commitments 2007 2006
#000 #000
Contracted for but not provided for in the financial
statements 3,170 3,894
--------- -----------
Lease commitments
Annual commitments under non-cancellable operating leases are as follows:
2007 2006
Land and Land and
Buildings buildings
Group #000 #000
Operating leases which expire:
Within one year 6,323 4,158
In the second to fifth years inclusive 16,843 12,748
Over five years 56,227 48,739
--------- -----------
79,393 65,645
--------- -----------
Bank guarantees
There is a bank guarantee in favour of HM Customs and Excise to cover a duty
deferment facility. As at 26 May 2007 this amounted to #2m (2006: #3m). The only
other bank guarantees are cross-guarantees between Monsoon Plc, Monsoon Holdings
Limited, Monsoon Accessorize Limited and Monsoon Accessorize Ireland Limited.
25 Financial instruments
Financial assets
The interest rate and currency profiles of the Group's financial assets and
liabilities, excluding short-term debtors and creditors, at the end of the year
are shown below:
2007 2007 2007 2006 2006 2006
Floating Non-interest Floating Non-interest
rate bearing Total rate bearing Total
Currency #000 #000 #000 #000 #000 #000
Sterling 48,417 15,542 63,959 11,362 6,689 18,051
Euro 5,868 5,387 11,255 3,238 4,053 7,291
US dollar 4,018 72 4,090 7,273 11,938 16,891
Other 1,829 1,843 3,672 2,082 - 2,082
------- --------- ------- ------- -------- --------
60,132 22,844 82,976 23,955 22,680 44,315
------- --------- ------- ------- -------- --------
Floating rate financial assets comprise cash deposits on money market deposits
on call and two day rates. Sterling and euro denominated bank balances earn
interest at a rate linked to LIBOR. US dollar-denominated bank balances earn
interest at a rate linked to the US prime rate.
The financial assets on which no interest is earned represent primarily the
Group's current account Euro, US Dollar and Sterling bank facilities of #22.2m
(2006 - #10.9m) together with the investment in GUM Trade House (2006 - #9.5m),
which was disposed of during the year.
Currency exposures
Functional currency Net foreign currency monetary assets/ (liabilities)
of group operations
Sterling Euro US Dollar Other Total
#000 #000 #000 #000 #000
2007
Sterling - 3,967 (802) 6 3,171
Euro 6,328 - - - 6,328
Other 235 - 1,141 - 1,376
-------- ------- --------- --------- ---------
Total 6,563 3,967 339 6 10,875
-------- ------- --------- --------- ---------
2006
Sterling - 2,204 2,601 (20) 4,785
Euro 10,284 - - - 10,284
Other - - - - -
-------- ------- --------- --------- ---------
Total 10,284 2,204 2,601 (20) 15,069
-------- ------- --------- --------- ---------
When directors consider it necessary, appropriate instruments are utilised to
limit risk exposure to foreign currency movements.
Within the Group, the principal differences on exchange arising, which are taken
to the profit and loss account, relate to purchases made by Group companies in
currencies other than reporting currencies.
Fair values of financial assets & financial liabilities
Book value Fair value Book value Fair value
2007 2007 2006 2006
#000 #000 #000 #000
Primary financial instruments
Investments - - 9,509 5,549
Cash and short-term deposits 80,656 80,656 34,806 34,806
Rent deposits 2,320 2,320 2,320 2,320
Finance lease liabilities (5,991) (5,991) - -
Overdraft (16,588) (16,588) (28,894) (28,894)
--------- --------- --------- ---------
Total 60,397 60,397 17,741 13,781
--------- --------- --------- ---------
For all other financial assets and financial liabilities the carrying value is
equal to book value. Market values have been used to determine the fair value of
the above financial instruments.
Borrowing facilities
The group has borrowing facilities available to it. The undrawn facilities at 26
May 2007 were #26.0m (2006: #10.4m). There are no expiry clauses.
Interest rate risk
The group incurs interest charges on its overdraft where there are insufficient
funds to offset any overdrawn balance. A group offset facility is in place to
minimise exposure.
Credit risk
Operating an international franchise business exposes the group to potentially
volatile revenue streams and the risk of financial loss due to a counterparty's
failure to honour its obligations. This arises principally in the relation to
the sale of goods and provision of services. Credit controls are in place to
minimise any such losses. The concentration of risk is with trading receivables
due from the franchisees.
Liquidity risk
The maturity profile of the Group's financial liabilities at the year end are as
follows:
2007 2006
#000 #000
In one year or less 17,554 28,894
------------ -----------
In two to five years 5,025 -
------------ -----------
Total 22,579 28,894
------------ -----------
The overdraft is comprised of #15,939k (2006: #28,894k ) held in sterling, and
#649k (2006: #0) held in euros. The remainder of the Group's financial
liabilities are comprised of one finance lease, deominated in sterling.
The overdraft is subject to a right of set-off against positive cash balances.
Interest is only payable on the overdraft when the overall net cash position is
in overdraft. Interest will then be payable at the Bank of England base rate
plus 0.1%.
26 Post-retirement benefits
The Group operates a defined contribution pension scheme. The assets of the
scheme are held separately from those of the Group in an independently
administered fund. The amount charged against profits for this scheme represents
the contributions payable to the scheme in respect of the accounting period
totalled #0.7m (2006 - #0.6m). At the year end #50k was unpaid and accrued
(2006: #164k).
27 Reconciliation of shareholders' funds
2007 2006
#000 #000
Shareholders' funds at start of period 169,037 133,193
Total gains recognised in the period 30,349 35,360
Issue of shares 71 484
------------ -----------
Shareholders' funds at end of period 199,457 169,037
------------ -----------
28 Reconciliation of operating profit to net cash inflow from operating
activities
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
Operating profit 45,075 53,555
Depreciation charge 25,999 21,216
Loss /(Gain) on disposal of fixed
assets 1,349 (647)
Loss on disposal of listed investments 509 -
Amortisation of intangible assets 256 254
Decrease/ (Increase) in stocks 8,485 (22,077)
Increase in debtors (3,955) (484)
Increase/(Decrease) in creditors 14,000 (2,677)
------------ -----------
Net cash inflow from operating activities 91,718 49,140
------------ -----------
29 Analysis of cash flows from headings netted in the cash flow statement
52 weeks 52 weeks
to 26 May to 27 May
2007 2006
#000 #000
Returns on investment and servicing of finance
Interest received 913 546
Interest paid (224) (644)
--------- -----------
Net cash (outflow)/inflow from returns
on investment and servicing of finance 689 (98)
--------- -----------
Capital expenditure and financial investment
Sale of listed investments 9,000 -
Purchase of tangible fixed assets (18,835) (74,423)
Currency translation differences (23) 18
Sale of tangible fixed assets 430 602
Purchase of intangible fixed assets (77) (112)
--------- -----------
Net cash outflow from capital
expenditure and financial investment (9,505) (73,915)
--------- -----------
Acquisition and disposals
Purchase of overseas businesses - (1,500)
--------- -----------
Financing
Issue of ordinary share capital 71 484
--------- -----------
Management of liquid resources
(Decrease)/increase in short-term deposits 36,200 (25,310)
--------- -----------
Significant non-cash movement
During the period the Group entered into a finance lease for the fixtures and
fittings in their new distribution centre.
Cash and liquid resources
Cash, for the purpose of the cash flow statement, comprises cash in hand and
deposits repayable on demand, less overdrafts payable on demand. Liquid
resources comprise term deposits of less than one year (other than cash) and
investments in money market managed funds, which are disposable without
curtailing or disrupting the business and are either readily convertible into
known amounts of cash at or close to their carrying values or traded in an
active market.
Exceptional item cash flow
The cash outflow arising from the exceptional items was #2.6m, (2006: #6.5m).
30 Analysis of net funds
At Other non-
beginning Exchange cash At end of
of period Cashflow movement movements period
#000 #000 #000 #000 #000
Cash at hand and in bank 10,874 9,868 (218) - 20,524
Overdrafts (28,894) 12,306 - - (16,588)
-------- -------- -------- --------- ---------
(18,020) 22,174 (218) - 3,936
Liquid resources 23,932 36,200 - - 60,132
Finance leases - - - (5,991) (5,991)
-------- -------- -------- --------- ---------
Total 5,912 58,374 (218) (5,991) 58,077
-------- -------- -------- --------- ---------
Cash at bank and in hand consist of mainly balances in Sterling, Euros and US
dollars, which are currencies in which the Company trades.
31 Related party disclosures
The following related party transactions occurred during the period:
(i) Hartley SIPP re P Simon (formerly Monsoon Executive Pension Scheme)
Six retail properties were leased to the Group by Hartley SIPP (formerly Monsoon
Executive Pension Scheme) , of which Peter Simon is a member. The aggregate
rentals payable by the Group amounted to #346,082 (2006: #334,185). The amounts
prepaid at 26 May 2007 totalled #22,023 (2006: #21,500).
(ii) Stoneham Properties Limited
During the period the Group was charged rent on 87 Lancaster Road to the value
of #229,803 (2006: #228,736) by Stoneham Properties Limited, which as at 26 May
2007 was a subsidiary of Sycamore Holdings Limited. The amount prepaid at 26 May
2007 was #17,889 (2006: #17,692). The Group part occupies this property and
sublets the unoccupied floors to unrelated tenants at a small profit. Sycamore
Holdings Limited is owned by Fleming Family and Partners AG (Liechtenstein) in
its capacity as trustee of one of Peter Simon's family trusts.
(iii) Wymore Limited
The Group leases its head office from Wymore Limited and paid rent during the
period of #1,520,421 (2006: #1,373,738) The amount prepaid at 26 May 2007 was
#123,667 (2006: #106,256). Wymore Limited is owned by Credit Suisse Trust
Limited in its capacity as trustee of one of Peter Simon's family trusts.
(iv) Creditor due to Peter Simon
At 26 May 2007 there was a creditor due to Peter Simon for payment of
remuneration and expenses of #594,655 (2006: #616,930).
(v) New Head Office
The Group has signed Heads of Terms with Nottingdale Limited, a company owned by
Credit Suisse Trust Limited in its capacity as trustee of one of Peter Simon's
family trusts, for the lease of a new Head Office. The Head Office is expected
to be ready for occupation in 2008. During the period #300k was paid for
leasehold improvements.
(vi) Ibiza Franchise
The franchise partner for Ibiza is Camilla Simon, daughter of Peter Simon.
Transactions with the franchisee are carried out at arms length. During the
year, the Group invoiced the franchisee #99,653 (2006: #86,753) for stock and
#52,166 (2006: #34,516) for royalty. The debtor balance as at 26 May 2007 was
#24,057 (2006: #59,791).
(vii) Trade Supplier
Vinod Dhawan was appointed as a non-executive director of Monsoon Plc during the
period. Vinod Dhawan is a director of V.K. International Export House which is a
supplier to the Group.
Since the appointment of Vinod Dhawan the group made purchases of #1,154,051
from V.K. International Export House Ltd. The creditor balance as at 26 May 2007
was #320,259.
32 Events since Balance date
0n 4 June 2007 the Group agreed heads of terms to purchase the regional Russian
franchise business, Briz LLC for consideration of #7.8m.
33 Ultimate controlling party
As at 26 May 2007 the directors consider that Fleming Family and Partners AG
(Liechtenstein), in its capacity as trustee of the Beauchamp Trust (the owner of
Balmain Limited), is the ultimate controlling party of the Company. Peter
Simon is a beneficiary of the Beauchamp Trust and accordingly is interested in
the shares owned indirectly by the Beauchamp Trust.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR IIFSRDRIRFID
Monsoon (LSE:MSN)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Monsoon (LSE:MSN)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
