Preliminary Results
13 Abril 2006 - 9:14AM
UK Regulatory
RNS Number:5129B
Shoprite Group PLC
13 April 2006
SHOPRITE GROUP P.L.C.
PRELIMINARY RESULTS TO 31 DECEMBER 2005
Chairman's Statement
Group turnover, including concession sales, for the period ended 31 December
2005 amounted to #65.8m, an increase of approximately 20% by comparison to the
previous period. This yielded an operating loss of #82,000, by comparison to an
operating profit of #292,000 for the same period last year. A key component of
this reduction was the depreciation on the #3,000,000 acquisition of the former
Safeway superstore in Chester Street, Douglas.
Grocery retailing
The significant increase in turnover has been achieved through a continued focus
on our product range and partly from the acquisition. Customer response to
product range initiatives during the year, such as the introduction of the
Tchibo range, has been very encouraging.
As mentioned in my interim statement, the Group made a strategic decision to
acquire the former Safeway superstore in the town centre of Douglas from Wm
Morrison Supermarkets PLC to consolidate our position as the leading grocery
retailer on the island.
Whilst the Chester Street store has brought additional revenue to the group, the
format and operational issues of the store are significantly different to the
rest of the Group. Transitioning the Chester Street store to our "every day low
price" offering and cost base continues into 2006 and we anticipate once this is
complete that the Chester Street store will make a positive contribution to the
performance of the supermarket division.
Motor retailing
Motor retailing has performed well and has provided an important contribution to
Group results.
We continue to benefit from the ongoing new model development programme
announced by Mercedes Benz, and believe that this will provide encouraging sales
opportunities in the future.
Property
Our property division has continued to operate with continued high occupancy
levels in both the Village Walk Shopping Centre and the Summerhill Village
complex.
Financing
With the planned investment in the stores there has been an increase in net
debt, leading to higher net interest charges.
Outlook
Isle of Man consumers benefit from a highly competitive grocery market and we do
not expect this to change in 2006. With the continued development and upgrading
of our retail infrastructure, and in particular the implementation of the cost
and profitability review of the Chester Street store we believe that Shoprite is
well placed to maintain and enhance its market position in the Isle of Man.
I would like to take this opportunity to thank all colleagues throughout the
Group for their hard work and loyalty during the year and for their support in
facing the challenges ahead.
Deryck Nicholson
Chairman
13 April 2006
Group profit and loss account (unaudited)
52 weeks ended 52 weeks ended
31 December 2005 1 January 2005
#000 #000
Turnover including concession sales 65,820 54,937
Concession sales (9,386) (7,192)
Turnover excluding concession sales 56,434 47,745
Operating (loss)/profit (82) 292
Net interest payable (776) (546)
Loss on ordinary activities before taxation (858) (254)
Taxation - -
Loss on ordinary activities after taxation (858) (254)
Dividends on ordinary shares - -
Retained loss transferred from reserves (858) (254)
Loss per share
(basic and fully diluted) (1.127)p (0.334)p
Group balance sheet(unaudited)
As at 31 December 2005 1 January 2005
#000 #000 #000 #000
Fixed assets
Tangible fixed assets 22,680 20,328
Investment properties 7,145 6,722
Investment land held
for development 1,900 1,850
Other investments 2 2
31,727 28,902
Current assets
Stock 5,395 5,311
Debtors and other receivables 1,941 1,551
Cash at bank and in hand 1,291 49
Cash held in blocked deposit 150 150
8,777 7,061
Creditors:amounts falling due
within one year (9,932) (8,336)
Net current liabilities (1,155) (1,275)
Total assets less current liabilities
30,572 27,627
Creditors:amounts falling due
after more than one year (10,504) (7,174)
Net assets 20,068 20,453
Capital and reserves
Share capital 3,809 3,809
Reserves 16,259 16,644
Equity shareholders' funds 20,068 20,453
Group cash flow statement
52 weeks ended 52 weeks ended
31 December 2005 1 January 2005
#000 #000
Cash inflow from operating
Activities 2,211 931
Returns on investments and
Servicing of finance (719) (504)
Taxation - -
Capital expenditure and
Financial investment (3,479) (1,887)
Financing 3,285 2,448
Increase in cash in period 1,298 988
Reconciliation of net cash flow to movement in net debt
31ST December 2005 1st January 2005
#000 #000 #000 #000
Increase in cash in period 1,298 988
Cash inflow from net increase in
debt and HP and lease financing (3,285) (2,448)
Change in net debt resulting
from cash flows (1,987) (1,460)
Other non cash changes
Net inception of HP and finance
Leases (240) (387)
Movement in net debt in the
Period (2,227) (1,847)
Net debt brought forward (9,060) (7,213)
Net debt carried forward (11,287) (9,060)
Reconciliation of operating profit
to operating cash flows
31 December 2005 1 January 2005
#000 #000
Operating (loss)/profit (82) 292
Depreciation 1,350 1,088
Loss/(surplus) on fixed assets 17 (23)
Increase in stock (84) (812)
(Increase)/decrease in operating debtors (390) 115
Increase in operating creditors 1,400 271
Net cash inflow from operating activities 2,211 931
Group reconciliation of movements
in shareholders' funds
52 weeks ended 52 weeks ended
31 December 2005 1 January 2005
#000 #000
Loss for the period after taxation (858) (254)
Other recognised gains 473 738
Opening balance 20,453 19,969
Closing balance 20,068 20,453
NOTES
1. Loss per share is calculated on the loss after tax of #858,000 (1 January
2005: loss #254,000) and an average of 76,149,106 ordinary shares in issue
(1 January 2005: 76,149,106).
2. The financial information set out in this statement does not constitute the
company's statutory accounts for the 52 weeks ended 31 December 2005 and 52
weeks ended 1 January 2005. The auditors have reported on the 2004 accounts
their report was unqualified. The statutory accounts for the 52 weeks ended
31 December 2005 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement.
3. A copy of the full report and accounts will be submitted to the AIM Team
and copies will also be despatched to shareholders.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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