Financial Management: Analysis of JD Sports Fashion Plc and J Barbour & Son Ltd

This assessment analyzes the financial performance of JD Sports Fashion Plc and J Barbour & Son Ltd, including ratio analysis, capital structure, cost of capital, and impact on financial statements after acquisition. It also suggests recommendations for business structure improvement.

Running head: FINANICIAL MANAGEMENT
Financial Management
Name of the Student:
Name of the University:
Author’s Note

1
FINANICIAL MANAGEMENT
Executive Summary
The main purpose of this assessment is to analyze the financial performance of two companies
and also take an acquisition decision rgarding whether the management of JD Sport Fashion Plc
will purchase the enterprise of J Barbour & Son Ltd. In order to do so, the assessment will be
containing ratio analysis with result interpretation for the same, capital structure and cost of
capital related decisions of the business. The assessment will be also showing the changes which
takes place in the business and the overall impact on the profitability is also shown in the
assessment. The assessment will also show impact on the financial statements after the
acquisition process is implemented and the various disclosures which are related to the same.
Lastly, this assessment will be suggesting recommendation to the management as to how the
business structure can further be improved.

2
FINANICIAL MANAGEMENT
Table of Contents
Introduction......................................................................................................................................3
Financial Analysis of the Companies..............................................................................................3
Profitability Ratios.......................................................................................................................4
Asset Management Ratios...........................................................................................................6
Liquidity Ratios...........................................................................................................................8
Investor Relation Ratios............................................................................................................10
Cost of Capital Analysis................................................................................................................12
Purchase Price of the Business......................................................................................................14
Impact on the Financial Statements of the business......................................................................15
Share Price Movements.................................................................................................................15
Recommendation...........................................................................................................................16
Reference.......................................................................................................................................17
Appendix........................................................................................................................................19

3
FINANICIAL MANAGEMENT
Introduction
The main purpose of this assessment is to analyze the business of JD Sport Fashion Plc
which is engaged in the business of providing retail services for products like sport goods and
fashion wears. The management of JD Sport Fashion Plc is thinking of purchasing the business
of J Barbour & Son Ltd for which the business needs to analyze the performance of both the
companies and also its close competitors. The assessment will be including analysis of cost of
capital for the companies and also share prices analysis of both the companies1. The assessment
will also be showing impact on the business of JD Sport Fashion Plc after the acquisition
process. The assessment will be including various calculations which will be included in the
appendi section of the assessment.
Financial Analysis of the Companies
The financial analysis of JD Sport Fashion Plc and J Barbour & Son Ltd is to be done
considering the profit and loss statement and balance sheet results of both the companies2. In
order to analyze the financial performance of the companies, significant ratios are computed
which are based on profitability, Asset management ratios, liquidity ratios and investors relation
ratios.
1 Ongore, Vincent Okoth, and Gemechu Berhanu Kusa. "Determinants of financial performance of commercial
banks in Kenya." International Journal of Economics and Financial Issues 3, no. 1 (2013): 237-252.
2 Boons, Frank, Carlos Montalvo, Jaco Quist, and Marcus Wagner. "Sustainable innovation, business models and
economic performance: an overview." Journal of Cleaner Production 45 (2013): 1-8.

4
FINANICIAL MANAGEMENT
Profitability Ratios
The above image shows the profitability ratios which is computed for JD Sport Fashion
Plc and J Barbour & Son Ltd and close competitors for the same. The above image makes it clear
that the closest competitor for JD Sport Fashion Plc is WH Smith Plc in the industry. The gross
profit margin for JD Sport Fashion Plc is shown to be 48.9% which is lower than J Barbour &
Son Ltd and WH Smith Plc which shows that latter companies have better operational structure
and thereby earns more profits3.
The EBITDA margin which is computed also reveals that the business of J Barbour &
Son Ltd has better performance in comparison to JD Sports Fashion Plc. This might signify that
the former business has a better control and operational environment which leads to reductions in
overall operational costs of the business or the business might have a better sales figure for the
period4. This is also seen in case of results of operational profit margin. The net profit margin
which is computed for the J Barbour & Son Ltd is better which is shown to be 13.1% which is
much more than that of JD Sports Fashion Plc which is shown to be 7.5%. Even the net profit
margin for WH Smith Plc is better than JD Sports Fashion Plc and the estimate for the same is
shown to be 9.4%.
3 Delen, Dursun, Cemil Kuzey, and Ali Uyar. "Measuring firm performance using financial ratios: A decision tree
approach." Expert Systems with Applications 40, no. 10 (2013): 3970-3983.
4 Lartey, Victor Curtis, Samuel Antwi, and Eric Kofi Boadi. "The relationship between liquidity and profitability of
listed banks in Ghana." International Journal of Business and Social Science4, no. 3 (2013).

5
FINANICIAL MANAGEMENT
2013 2014 2015 2016 2017
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Profitability JD Sports Fashion Plc
Gross profit margin, % EBITDA margin, %
Operation profit margin, % Net profit margin, %
The above chart shows the profitability ratios which is achieved by the business of JD
Sports Fashion Plc for a period of five years. The chart clearly shows that the EBITDA margin
which is earned by the business is higher than the net profit margin and operational margin of the
business5. The gross profit margin is at a higher level than operational margin. The graph also
suggest that the management of JD Sports Fashion Plc needs to make improvements in the
policies of the business in order to bring about significant changes in the profitability of the
business.
5 Alshatti, Ali Sulieman. "The effect of the liquidity management on profitability in the Jordanian commercial
banks." International Journal of Business and Management 10, no. 1 (2014): 62.

6
FINANICIAL MANAGEMENT
2013 2014 2016 (16 months) 2017
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Profitability J.Barbour & Sons,Limited
Gross profit margin, % EBITDA margin, %
Operation profit margin, % Net profit margin, %
The chart which is shown above reveals the profitability ratio of J Barbour & Son Ltd.
The chart clearly reveals that the gross profit margin of the business is shown to be significantly
high than other profitability ratio of the business6. The other profitability ratio of the business is
also higher in comparison to JD Sports Fashion Plc.
Asset Management Ratios
The above image shows asset management ratios of the companies which are engaged in
sports and fashion industry. The asset turnover ratio of the JD Sports Fashion Plc is shown to be
6 Kim, Seil, Pepa Kraft, and Stephen G. Ryan. "Financial statement comparability and credit risk." Review of
Accounting Studies 18, no. 3 (2013): 783-823.

7
FINANICIAL MANAGEMENT
2.02 which is more than the industry average and it is only second to the close competitor WH
Smith Plc. The asset turnover ratio is shown to be favorable for the business of JD Sports
Fashion Plc. The return on capital employed of the business is also significant and more than the
industry average and the same is shown to be 37.2% and the same is shown to be 24.8% for J
Barbour & Sons Ltd. ROCE is one of the financial indicators for overall success of a business
and therefore, it signifies that the JD Sports Fashion Plc is meet the needs of the investors and is
in its growth phase7. The debtor days of JD Sports Fashion Plc is the best in comparison to its
competitors which is a favorable sign for the business and suggest that the business has a
superior debt collection policy8. The debtors period and creditor period suggest the overall
efficiency of a business and the efficiency of JD Sports Fashion Plc is appropriate as per current
estimates.
2013 2014 2015 2016 2017
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
JD Sports Fashion Plc - ROCE, %
7 Brooks, Raymond, and Abhik Kumar Mukherjee. Financial management: core concepts. Pearson, 2013.
8 Malkiel, Burton G. "Asset management fees and the growth of finance." Journal of Economic Perspectives 27, no.
2 (2013): 97-108.

8
FINANICIAL MANAGEMENT
The ROCE of JD Sports Fashion Plc is shown above and the chart reveals a rising trend
in the ROCE % of the business. The ROCE estimate of the business is even better than most of
the companies which are present in the industry.
2013 2014 2016 (16 months) 2017
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
J.Barbour & Sons,Limited - ROCE, %
The ROCE of J Barbour & Son Ltd is shown to be on a declining trend which suggest
that the business is not earning appropriate level of return on the amount of capital which is
employed by the business. The management of the company needs to make improvements in the
same.
Liquidity Ratios

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FINANICIAL MANAGEMENT
The figure which is depicted above shows significant liquidity ratios which are used for
the purpose of establishing the liquidity position of the business9. The current ratio of the
business is shown to be 1.33 for JD Sports Fashion Plc and the same is shown to be 5.67 for J
Barbour & Son Ltd. The industry average for current ratio is shown to be 2.40. The current ratio
is shown to be favorable for JD Sports Fashion Plc but further scope of improvements is there.
The acid test ratio of the business also shows the liquidity position of the business and can be
considered to be similar to current ratio10. Gearing ratio ad Interest Coverage ratio of a business
shows the ability of the business to service debt capital of the business. The gearing ratio for the
company is shown to be 14% and interest coverage ratio of the business is shown to be 109.39%.
The interest coverage ratio suggest that the business of JD Sports Fashion Plc have more of debt
capital and therefore such a high interest coverage ratio is shown in the chart.
2013 2014 2015 2016 2017
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
JD Sports Fashion Plc - Current & Quick Ratios
Current Ratio Acid Ratio
9 Weygandt, Jerry J., Paul D. Kimmel, and Donald E. Kieso. Financial & managerial accounting. John Wiley &
Sons, 2015.
10 Weil, Roman L., Katherine Schipper, and Jennifer Francis. Financial accounting: an introduction to concepts,
methods and uses. Cengage Learning, 2013.

10
FINANICIAL MANAGEMENT
The current ratio and acid test ratio of the business shows favorable results of the
business and the current ratio and quick ratio is shown for a period of five years11. The current
ratio and the acid test ratio of the business of the business is lower than industry average.
2013 2014 2016 (16 months) 2017
0.00
1.00
2.00
3.00
4.00
5.00
6.00
J.Barbour & Sons,Limited - Current & Quck
Ratios
Current Ratio Acid Ratio
The current ratio and acid test ratio of J Barbour & Son Ltd is shown to be on a rising
trend and the same is better than most of the companies in the industry. The chart suggest that
the overall liquidity of the business is better than most of the companies in the industry.
Investor Relation Ratios
The investors relations ratios comprise of some of the most important ratios which are
considered by potential investors before taking any investment decisions for any business. The
11 Carraher, Shawn, and Howard Van Auken. "The use of financial statements for decision making by small
firms." Journal of Small Business & Entrepreneurship 26, no. 3 (2013): 323-336.

11
FINANICIAL MANAGEMENT
ROE of JD Sports Fashion Plc shows an estimate of 32.40% which is significantly close to the
industry average. The business of J Barbour & Son Ltd shows a ROE estimate of 21.73% The
EPS and DPS of the business is shown to be lower than the averages of industry which suggest
that the business of JD Sports Fashion Plc needs to improve in this respect so that the business
can develop and grow in the industry.
2013 2014 2015 2016 2017
0.00
0.10
0.20
0.30
0.40
0.50
0.60
JD Sports Fashion Plc - EPS & DPS
EPS DPS
EPS and DPS of JD Sports Fashion Plc in shown in the above chart. The EPS is shown to
have fallen in 2017 which suggest that the business is not meeting with the expectations of the
shareholders of the business12. The dividend per share of the business has also slightly fallen
which is clearly shown in the chart above. The fall in the DPS suggest that the business has
decreased the overall dividends which the business offers to the shareholders.
12 Tayeh, Mohammad, Idries M. Al-Jarrah, and Ali Tarhini. "Accounting vs. market-based measures of firm
performance related to information technology investments." International Review of Social Sciences and
Humanities 9, no. 1 (2015): 129-145.

12
FINANICIAL MANAGEMENT
2013 2014 2016 (16 months) 2017
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
J.Barbour & Sons,Limited - EPS
The EPS of J Barbour & Son Ltd shows a positive estimate of the growth in the EPS of
the business in comparison to estimate which is shown in 2016. The growth in EPS estimate is
clearly shown in the chart above about the overall growth in EPS of the business.
Cost of Capital Analysis
Cost of Capital Analysis
The business of JD Sports Fashion Plc is considering investment appraisal techniques for
which the discounting rate which is considered by the management of the company is between
12% and 15%. The cost of capital estimates the level of risks which is associated with an
investment in a business13. The major components which are covered under cost of capital for
both the companies comprise of cost of equity and cost of debt of the business. The cost of
capital which is computed for JD Sports Fashion Plc is shown to be 8.82%. In order to compute
the cost of equity for the business, CAPM method is used. It is to be noted that CAPM method is
13 Li, Xi. "Accounting conservatism and the cost of capital: An international analysis." Journal of Business Finance
& Accounting 42, no. 5-6 (2015): 555-582.

13
FINANICIAL MANAGEMENT
considered to be unrealistic due to the fact that the method does not consider income tax effect
on cost of equity of a business14.
Capital Structure Analysis
The decision regarding capital structure of the business is considered to be one of the
most important and complex decisions which the management needs to undertake for the
purpose of setting up an efficient capital structure of the business. The analysis of the financial
statement shows that management of JD Sports Fashion Plc has more of debt capital compared to
equity capital of the business. On the other hand, the business of J Barbour & Son Ltd has more
of equity capital and lower amount of debt capital in the capital structure mix of the business15.
This fact is clearly shown in the calculations of ratios such as gearing ratio which is shown to be
more for JD Sports Fashion Plc and much less for J Barbour & Son Ltd. This signifies that the
debt capital which is used by JD Sports Fashion Plc is significantly more and the management of
the company relies more on debt capital instead of equity capital of the business. In the case of J
Barbour & Sons the gearing ratio is shown to be significantly less and the same signifies that the
management of J Barbour & Sons ltd relies more equity capital and less on the debt capital of the
business. The interest coverage ratio also reveals that the servicing of debt in JD Sports Fashion
Plc is much higher than J Barbour & Sons ltd. Th16is also signifies that the business has more of
debt capital in the capital structure mix of the business.
14 Kim, Jeong-Bon, and Byungcherl Charlie Sohn. "Real earnings management and cost of capital." Journal of
Accounting and Public Policy 32, no. 6 (2013): 518-543.
15 Zeitun, Rami, and Gary Tian. "Capital structure and corporate performance: evidence from Jordan." (2014).
16 Robb, Alicia M., and David T. Robinson. "The capital structure decisions of new firms." The Review of Financial
Studies 27, no. 1 (2014): 153-179.

14
FINANICIAL MANAGEMENT
Purchase Price of the Business
In order to compute the value of the business which the management of JD Sports
Fashion Plc wants to purchase, DCF model analysis is undertaken by the business. The
assumptions which re taken for the purpose of calculations are shown in the chart which are that
the growth rate is kept constant and working capital, of the business also needs to be kept at a
constant level. In case of DCF method, free cash flow is analyzed for the estimated periods
which is shown in the image which is shown. The appendix section of this assignment shows the
necessary calculations which are associated with the business and the acquisition plan of the
company. In case of DCF method the free cash flows are computed and identified and along with
the present values for the free cash flows of the business.
The business can finance the cost which the management needs to incur for purchasing
the enterprise of J Barbour & Sons ltd can be done by the issue of new equity shares which will
help the business to improve the capital structure of the business and also ensure that the
company is able to attain a balance between debt capital and equity capital of the business.

15
FINANICIAL MANAGEMENT
Impact on the Financial Statements of the business
The financial statements will be affected by the acquisition of J Barbour & Sons ltd as
this will add to the assets and liabilities of the business and also increase the overall assets which
the company had before acquisition. The acquisition is expected to impact certain areas
favorably for JD Sports Fashion Plc as the acquisition is anticipated to bring about improvements
in the liquidity position of the business17. Therefore, it can be said that the acquisition process
can bring about significant changes in the operational structure and performance of the business.
In addition to this, the management needs to shows the assets and equity in a consolidated
financial statements form considering all the necessary disclosure requirements for the business.
Share Price Movements
17 Scarborough, Norman M. Essentials of entrepreneurship and small business management. Pearson, 2016.

16
FINANICIAL MANAGEMENT
The overall share price movements of a business mean the fluctuations in share prices of
the business which can be in upward trend or downward trend depending on the current market
situation or occurrence of an event. In this case, the changes in share prices of business is to be
analyzed due to the acquisition which is made by the business of JD Sports Fashion Plc. The
chart which is shown above shows the overall fluctuation in the share prices of the business.
Recommendation
The recommendation which can be provided to the management of JD Sports Fashion Plc
are given below in points form:
 The business needs to undertake the acquisition of the enterprise as this will reduce the
overall competition in the market and also provide a synergy effect to the business which
will help the business to generate more revenue in future.
 The management must look to expand the business into both domestic and overseas
market and create a distinct brand name for itself. The expansion can be done by opening
new shops and business in different locations.
 The management of the company needs to improve the liquidity status and profitability of
the business in order to improve EPS and DPS of the business.
 The management needs to improve the capital structure and add more equity capital into
the capital mix to attain an efficient and balance capital mix.
 The management of JD Sports Fashion Plc needs to increase the overall investments
which the business undertakes in order to diversify the business further.

17
FINANICIAL MANAGEMENT
Reference
Alshatti, Ali Sulieman. "The effect of the liquidity management on profitability in the Jordanian
commercial banks." International Journal of Business and Management 10, no. 1 (2014): 62.
Boons, Frank, Carlos Montalvo, Jaco Quist, and Marcus Wagner. "Sustainable innovation,
business models and economic performance: an overview." Journal of Cleaner Production 45
(2013): 1-8.
Brooks, Raymond, and Abhik Kumar Mukherjee. Financial management: core concepts.
Pearson, 2013.
Carraher, Shawn, and Howard Van Auken. "The use of financial statements for decision making
by small firms." Journal of Small Business & Entrepreneurship 26, no. 3 (2013): 323-336.
Delen, Dursun, Cemil Kuzey, and Ali Uyar. "Measuring firm performance using financial ratios:
A decision tree approach." Expert Systems with Applications 40, no. 10 (2013): 3970-3983.
Kim, Jeong-Bon, and Byungcherl Charlie Sohn. "Real earnings management and cost of
capital." Journal of Accounting and Public Policy 32, no. 6 (2013): 518-543.
Kim, Seil, Pepa Kraft, and Stephen G. Ryan. "Financial statement comparability and credit
risk." Review of Accounting Studies 18, no. 3 (2013): 783-823.
Lartey, Victor Curtis, Samuel Antwi, and Eric Kofi Boadi. "The relationship between liquidity
and profitability of listed banks in Ghana." International Journal of Business and Social
Science4, no. 3 (2013).

18
FINANICIAL MANAGEMENT
Li, Xi. "Accounting conservatism and the cost of capital: An international analysis." Journal of
Business Finance & Accounting 42, no. 5-6 (2015): 555-582.
Malkiel, Burton G. "Asset management fees and the growth of finance." Journal of Economic
Perspectives 27, no. 2 (2013): 97-108.
Ongore, Vincent Okoth, and Gemechu Berhanu Kusa. "Determinants of financial performance of
commercial banks in Kenya." International Journal of Economics and Financial Issues 3, no. 1
(2013): 237-252.
Robb, Alicia M., and David T. Robinson. "The capital structure decisions of new firms." The
Review of Financial Studies 27, no. 1 (2014): 153-179.
Scarborough, Norman M. Essentials of entrepreneurship and small business management.
Pearson, 2016.
Tayeh, Mohammad, Idries M. Al-Jarrah, and Ali Tarhini. "Accounting vs. market-based
measures of firm performance related to information technology investments." International
Review of Social Sciences and Humanities 9, no. 1 (2015): 129-145.
Weil, Roman L., Katherine Schipper, and Jennifer Francis. Financial accounting: an
introduction to concepts, methods and uses. Cengage Learning, 2013.
Weygandt, Jerry J., Paul D. Kimmel, and Donald E. Kieso. Financial & managerial accounting.
John Wiley & Sons, 2015.
Zeitun, Rami, and Gary Tian. "Capital structure and corporate performance: evidence from
Jordan." (2014).

19
FINANICIAL MANAGEMENT
Appendix
Profit & Loss account 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Turnover 2,378
,694
1,82
1,65
2
1,522,
253
1,33
0,57
8
1,25
8,89
2
1,05
9,52
3
883,
669
769,
785
670,
855
592,
240
National Turnover 1,655
,537
1,40
7,86
6
1,184,
966
1,08
6,33
5
1,02
9,80
1
863,
771
801,
728
722,
221
670,
855
592,
240
Overseas Turnover 723,1
57
413,
786
337,28
7
244,
243
229,
091
195,
752
81,9
41
47,5
64
Cost of Sales -
1,215
,053
-
937,
431
-
782,70
3
-
685,
448
-
645,
404
-
538,
676
-
446,
657
-
390,
248
-
340,
309
-
300,
813
Exceptional Items pre
GP
Other Income pre GP
Gross Profit 1,163
,641
884,
221
739,55
0
645,
130
613,
488
520,
847
437,
012
379,
537
330,
546
291,
427
Administration
Expenses
-
919,2
44
-
726,
561
-
638,30
2
-
575,
832
-
554,
592
-
447,
116
-
363,
546
-
319,
499
-
293,
505
-
256,
898
Other Operating
Income/Costs pre OP
1,815 1,24
2
925 1,59
3
2,42
7
2,73
0
2,17
7
2,27
0
1,10
9
1,08
6
Exceptional Items pre
OP
-
6,419
-
25,4
96
-9,527 -
11,8
39
-
5,34
8
-
9,68
5
Operating Profit 239,7
93
133,
406
92,646 59,0
52
55,9
75
66,7
76
75,6
43
62,3
08
38,1
50
35,6
15
Other Income 1,06
8
2,82
3
-473 748 -145
Total Other Income &
Int. Received
767 388 657 582 645 1,71
4
3,44
1
-88 1,27
7
152
Exceptional Items
Profit (Loss) on Sale
of Operations
Costs of
Reorganisation
Profit (Loss) on
Disposal
Other Exceptional
Items
Profit (Loss) before
Interest paid
240,5
60
133,
794
93,303 59,6
34
56,6
20
68,4
90
79,0
84
62,2
20
39,4
27
35,7
67
Interest Received 767 388 657 582 645 646 618 385 529 297
Interest Paid -
2,192
-
2,16
3
-2,807 -
1,78
4
-
1,50
3
-
1,04
8
-455 -827 -
1,21
0
-764
Paid to Bank -
1,934
-
1,90
8
-2,542 -
1,76
7
-
1,36
7
-905 -380 -511 -
1,20
9
-758
Paid on Hire Purchase -1 -6
Paid on Leasing -3 -7 -23 -7 -19 -129
Other Interest Paid -255 -248 -242 -10 -117 -14 -75 -316
Net Interest -
1,425
-
1,77
5
-2,150 -
1,20
2
-858 -402 163 -442 -681 -467
Profit (Loss) before Tax 238,3
68
131,
631
90,496 57,8
50
55,1
17
67,4
42
78,6
29
61,3
93
38,2
17
35,0
03
Taxation - - - - - - - - - -

20
FINANICIAL MANAGEMENT
53,78
8
31,0
01
20,741 16,3
64
13,8
75
18,0
93
22,7
62
18,6
47
13,7
07
11,4
16
Profit (Loss) after Tax 184,5
80
100,
630
69,755 41,4
86
41,2
42
49,3
49
55,8
67
42,7
46
24,5
10
23,5
87
Extraordinary Items -
15,784
Minority Interests -
5,666
-
2,99
6
-1,294 -
1,32
8
-
2,45
6
-
2,50
2
17 154 -131 -38
Profit (Loss) for Period 178,9
14
97,6
34
52,677 40,1
58
38,7
86
46,8
47
55,8
84
42,9
00
24,3
79
23,5
49
Dividends -
14,50
1
-
13,8
20
-
13,260
-
12,8
71
-
12,4
08
-
11,3
38
-
9,00
2
-
5,93
7
-
4,39
2
-
3,52
4
Retained Profit(Loss) 164,4
13
83,8
14
39,417 27,2
87
26,3
78
35,5
09
46,8
82
36,9
63
19,9
87
20,0
25
EBITDA
305,5
86
192,
002
142,94
3
106,
156
88,7
95
96,0
34
98,2
64
82,2
81
56,9
74
49,8
94
EBITDA Margin, % 13% 11% 9% 8% 7% 9% 11% 11% 8% 8%
D&A
65,79
3
58,5
96 50,297
47,1
04
32,8
20
28,1
90
19,7
98
20,4
46
18,0
76
14,4
24
D&A/Fixed assets 14% 21% 18% 17% 13% 12% 13% 15% 16% 14%
Depreciation 51,39
4
38,6
92
36,804 32,5
29
27,7
07
23,0
24
18,3
38
17,0
67
15,6
69
14,3
64
Depreciation Owned
Assets
51,11
0
37,3
10
35,601 30,7
43
21,4
27
18,3
38
16,6
60
13,5
27
11,8
29
Depreciation Other
Assets
26,9
93
23
Impairment Tangibles 284 1,38
2
1,203 1,78
6
714 1,59
7
407 2,11
9
2,53
5
Audit Fee 765 460 463 407 576 513 366 211 164 148
Non-Audit Fee 111 73 83 299 192 260 143 149 95 98
Tax Advice 77 40 45 37 90 160 94 108 69 27
Non-Tax Advisory
Services
34 33 38 262 102 100 49 41 26 71
Other Auditors
Services
Non-Audit Fees paid
to Other Auditors
Total Amortization and
Impairment
14,39
9
19,9
04
13,493 14,5
75
5,11
3
5,16
6
1,46
0
3,37
9
2,40
7
60
Amortisation 7,980 9,30
4
8,433 2,73
6
2,79
8
2,45
1
1,46
0
762 362 60
Impairment 6,419 10,6
00
5,060 11,8
39
2,31
5
2,71
5
2,61
7
2,04
5
Total Operating Lease
Rentals
166,2
10
131,
324
125,17
8
115,
821
120,
164
94,8
29
82,3
48
77,2
10
72,0
60
69,3
42
Hire of Plant &
Machinery
3,224 3,10
2
2,906 2,60
5
2,76
0
2,24
3
1,71
6
1,45
9
1,25
3
923
Land & Building or
Property Rents & Other
162,9
86
128,
222
122,27
2
113,
216
117,
404
92,5
86
80,6
32
75,7
51
70,8
07
68,4
19
Research &
Development
Foreign Exchange
Gains/Losses
3,467 -
6,30
0
4,698 -
6,03
2
2,63
3
1,43
8
-568 572 698 525
Remuneration 335,7
73
267,
994
237,62
0
213,
653
208,
702
170,
803
133,
858
116,
283
102,
442
89,8
65
Wages & Salaries 301,1
37
241,
536
214,31
2
192,
490
188,
826
155,
369
122,
946
107,
464
95,3
51
83,8
90

21
FINANICIAL MANAGEMENT
Social Security Costs 29,88
1
23,3
41
20,667 19,1
75
18,6
07
14,0
18
9,71
1
8,01
0
6,61
7
5,60
1
Pension Costs 4,755 3,11
7
2,641 1,98
8
1,26
9
1,41
6
1,20
1
809 474 374
Other Staff Costs
Directors'
Remuneration
3,750 3,59
8
3,728 4,41
6
1,89
4
2,44
0
2,74
7
2,41
1
3,35
9
5,90
4
Directors' Fees 1,167 1,00
8
1,163 1,36
5
1,26
4
1,31
3
1,23
5
955 921 843
Pension Contribution 32 26 39 53 53 49 47 44 43 41
Other Emoluments 2,551 2,56
4
2,526 2,99
8
577 1,07
8
1,46
5
1,41
2
2,39
5
5,02
0
Highest Paid Director 2,762 2,72
8
1,951 3,13
7
978 1,39
3
1,49
3
1,32
1
1,57
8
4,81
9
EBITDA 305,5
86
192,
002
142,94
3
106,
156
88,7
95
94,9
66
95,4
41
82,7
54
56,2
26
50,0
39
Number of Employees 16,21
8
12,6
02
11,198 10,5
08
10,4
30
10,6
26
6,75
9
6,12
8
5,73
7
4,95
1
Balance sheet 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Fixed Assets
Tangible Assets
235,7
62
173,3
17
147,93
4
141,5
74
129,1
01
119,5
18
78,12
0
67,43
4
62,66
8
53,62
2
Land & Buildings
44,99
3
27,70
5 20,087
21,08
0
13,43
7
12,21
9 8,783 7,578 6,684 5,710
Freehold Land
Leasehold Land 7,578 6,684 5,710
Fixtures & Fittings
179,7
75
135,7
90
111,28
7
102,6
82
101,8
44
81,13
4
65,77
4
56,81
8
52,86
6
44,72
5
Plant & Vehicles 238 166 239 381 409 498 192 107 220 230
Plant
Vehicles 238 166 239 381 409 498 192 107 220 230
Other Fixed Assets
10,75
6 9,656 16,321
17,43
1
13,41
1
25,66
7 3,371 2,931 2,898 2,957
Intangible Assets
190,9
02
73,61
1
101,07
5
104,3
30
96,02
4
99,81
4
58,31
5
50,12
1
42,89
0
41,37
1
Investments
38,10
3
33,67
3 32,402
23,80
2
20,56
8
16,97
5
19,63
0
17,92
0
10,66
9 9,536
Fixed Assets
464,7
67
280,6
01
281,41
1
269,7
06
245,6
93
236,3
07
156,0
65
135,4
75
116,2
27
104,5
29
Fixed asset turnover 5.12 6.49 5.41 4.93 5.12 4.48 5.66 5.68 5.77 5.67
Current Assets
Stock & W.I.P.
348,0
07
238,3
24
225,02
0
186,1
16
146,5
69
130,3
55
84,49
0
74,56
9
58,28
7
58,66
9
Stock
W.I.P.
Finished Goods
348,0
07
238,3
24
225,02
0
186,1
16
146,5
69
130,3
55
84,49
0
74,56
9
58,28
7
58,66
9
DIO 103 92 103 98 82 87 68 69 62 70
Trade Debtors
22,67
7
14,59
2 11,719
15,84
9
12,38
6
17,73
0
13,62
6
10,53
5 2,503 2,235
Bank & Deposits 247,5 215,9 121,31 76,79 53,48 67,02 90,13 64,52 23,53 11,96

22
FINANICIAL MANAGEMENT
60 96 7 7 4 4 1 4 8 9
Other Current Assets
95,92
5
41,78
3 42,203
51,11
7
44,37
5
36,41
7
23,47
9
21,12
2
17,95
0
13,66
4
Group Loans (asset)
Directors Loans
(asset)
Other Debtors
50,39
8
11,29
7 4,465 5,751 6,413 3,804 1,955 2,179 2,550 167
Prepayments
45,52
7
30,48
6 37,738
45,36
6
37,96
2
32,61
3
21,52
4
18,94
3
15,40
0
13,49
7
Deferred Taxation
Investments 2,053
Current Assets
714,1
69
510,6
95
400,25
9
329,8
79
256,8
14
251,5
26
211,7
26
170,7
50
104,3
31
86,53
7
Current Liabilities
Trade Creditors
-
165,0
03
-
122,6
38
-
124,59
0
-
128,5
10
-
97,08
4
-
93,30
5
-
56,29
7
-
52,26
8
-
34,83
7
-
33,81
8
Short Term Loans &
Overdrafts
-
31,43
1
-
6,301 -36,713
-
30,97
0
-
7,157
-
5,547
-
2,874
-
2,712 -83 -134
Bank Overdrafts
-
30,56
5
-
6,191 -36,620
-
4,869
-
7,036
-
4,937
-
2,874
-
2,712 -83 -134
Group Loans (short
t.)
Director Loans (short
t.)
Hire Purch. & Leas.
(short t.) -503 -44 -28 -37 -49 -610
Hire Purchase (short
t.)
Leasing (short t.) -503 -44 -28 -37 -49 -610
Other Short Term
Loans -363 -66 -65
-
26,06
4 -72
Total Other Current
Liabilities
-
338,7
22
-
219,2
15
-
165,44
5
-
126,1
71
-
108,5
08
-
114,9
83
-
87,10
9
-
77,18
3
-
56,49
0
-
57,61
1
Corporation Tax
-
33,64
8
-
15,75
7 -12,931
-
11,59
6
-
8,817
-
8,861
-
12,37
0
-
10,78
9
-
8,395
-
9,147
Dividends
Accruals & Def. Inc.
(short t.)
Social Securities &
V.A.T.
-
58,51
1
-
41,71
3 -33,272
-
23,62
0
-
26,87
6
-
22,93
9
-
18,04
5
-
14,20
9
-
8,674
-
10,22
2
Other Current
Liabilities
-
246,5
63
-
161,7
45
-
119,24
2
-
90,95
5
-
72,81
5
-
83,18
3
-
56,69
4
-
52,18
5
-
39,42
1
-
38,24
2
Current Liabilities
-
535,1
56
-
348,1
54
-
326,74
8
-
285,6
51
-
212,7
49
-
213,8
35
-
146,2
80
-
132,1
63
-
91,41
0
-
91,56
3

23
FINANICIAL MANAGEMENT
Net Current Assets
(Working Capital)
179,0
13
162,5
41 73,511
44,22
8
44,06
5
37,69
1
65,44
6
38,58
7
12,92
1
-
5,026
NWC/Sales 8% 9% 5% 3% 4% 4% 7% 5% 2% -1%
Net Tangible Assets
(Liab.)
452,8
78
369,5
31
253,84
7
209,6
04
193,7
34
174,1
84
163,1
96
123,9
41
86,25
8
58,13
2
Working Capital needs
205,6
81
130,2
78
112,14
9
73,45
5
61,87
1
54,78
0
41,81
9
32,83
6
25,95
3
27,08
6
9% 7% 7% 6% 5% 5% 5% 4% 4% 5%
Total Assets
1,178,
936
791,2
96
681,67
0
599,5
85
502,5
07
487,8
33
367,7
91
306,2
25
220,5
58
191,0
66
Total Assets less Cur.
Liab.
643,7
80
443,1
42
354,92
2
313,9
34
289,7
58
273,9
98
221,5
11
174,0
62
129,1
48
99,50
3
2.018
Long Term Liabilities
Long Term Debt -2,529 -274 -374 -551 -691
-
1,182
-
1,117
-
1,347 -83
Group Loans (long t.)
Director Loans (long
t.)
Hire Purch. & Leas.
(long t.) -461 -64 -35 -35 -7 -50
Hire Purchase (long
t.)
Leasing (long t.) -461 -64 -35 -35 -7 -50
Preference Shares
Other Long Term
Loans -2,068 -210 -339 -516 -684
-
1,132
-
1,117
-
1,347 -83
Total Other Long Term
Liab.
-
53,17
9
-
40,83
4 -41,733
-
34,48
7
-
30,08
5
-
36,14
9
-
28,78
2
-
24,05
0
-
19,69
0
-
11,83
9
Accruals & Def. Inc.
(long t.)
Other Long Term
Liab.
-
53,17
9
-
40,83
4 -41,733
-
34,48
7
-
30,08
5
-
36,14
9
-
28,78
2
-
24,05
0
-
19,69
0
-
11,83
9
Provisions for Other
Liab. -9,230
-
1,209 -2,824
-
6,056
-
7,225
-
7,419
-
6,437
-
8,143
-
5,689
-
4,772
Deferred Tax -8,192 -1,804
-
4,283
-
3,852
-
1,012 -748 -379 -46
Other Provisions -1,038
-
1,209 -1,020
-
1,773
-
3,373
-
6,407
-
6,437
-
7,395
-
5,310
-
4,726
Pension Liabilities
Balance sheet
Minorities
-
26,59
2
-
18,40
5 -13,502
-
13,07
4
-
13,93
4
-
13,99
2
-
1,085
-
1,333
-
1,295
-
1,182
Long Term Liabilities
-
91,53
0
-
60,72
2 -58,433
-
54,16
8
-
51,93
5
-
58,74
2
-
37,42
1
-
34,87
3
-
26,67
4
-
17,87
6
Net assets
552,2
50
382,4
20
296,48
9
259,7
66
237,8
23
215,2
56
184,0
90
139,1
89
102,4
74
81,62
7
Shareholders Funds

24
FINANICIAL MANAGEMENT
Issued Capital 2,433 2,433 2,433 2,433 2,433 2,433 2,433 2,433 2,433 2,413
Ordinary Shares
Preference Shares
Other Shares
Total Reserves
549,8
17
379,9
87
294,05
6
257,3
33
235,3
90
212,8
23
181,6
57
136,7
56
100,0
41
79,21
4
Share Premium
Account
11,65
9
11,65
9 11,659
11,65
9
11,65
9
11,65
9
11,65
9
11,65
9
11,65
9
10,82
3
Revaluation Reserves
Profit (Loss) Account
543,2
68
378,8
98
297,16
1
257,7
44
230,5
72
207,5
03
171,9
16
125,3
41
88,38
2
68,39
1
Other Reserves -5,110
-
10,57
0 -14,764
-
12,07
0
-
6,841
-
6,339
-
1,918 -244
Shareholders Funds
552,2
50
382,4
20
296,48
9
259,7
66
237,8
23
215,2
56
184,0
90
139,1
89
102,4
74
81,62
7
Profit & Loss
account
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
Turnover 59
2,2
40
67
0,8
55
76
9,7
85
88
3,6
69
1,0
59,
52
3
1,2
58,
89
2
1,3
30,
57
8
1,5
22,
25
3
1,8
21,
65
2
2,3
78,
694
2,4
73,
842
2,5
72,
795
2,6
75,
707
2,7
82,
736
2,8
94,
045
Growth rate 13
%
15
%
15
%
20
%
19
%
6% 14
%
20
%
31
%
4% 4% 4% 4% 4%
National
Turnover
59
2,2
40
67
0,8
55
72
2,2
21
80
1,7
28
86
3,7
71
1,0
29,
80
1
1,0
86,
33
5
1,1
84,
96
6
1,4
07,
86
6
1,6
55,
537
Overseas
Turnover
47,
56
4
81,
94
1
19
5,7
52
22
9,0
91
24
4,2
43
33
7,2
87
41
3,7
86
723
,15
7
Cost of Sales -
30
0,8
13
-
34
0,3
09
-
39
0,2
48
-
44
6,6
57
-
53
8,6
76
-
64
5,4
04
-
68
5,4
48
-
78
2,7
03
-
93
7,4
31
-
1,2
15,
053
-
1,2
61,
659
-
1,3
12,
126
-
1,3
64,
611
-
1,4
19,
195
-
1,4
75,
963
CoS/Sales -
51
%
-
51
%
-
51
%
-
51
%
-
51
%
-
51
%
-
52
%
-
51
%
-
51
%
-
51
%
-
51
%
-
51
%
-
51
%
-
51
%
-
51
%
Gross Profit 29
1,4
27
33
0,5
46
37
9,5
37
43
7,0
12
52
0,8
47
61
3,4
88
64
5,1
30
73
9,5
50
88
4,2
21
1,1
63,
641
1,2
12,
182
1,2
60,
670
1,3
11,
097
1,3
63,
540
1,4
18,
082
Administration
Expenses
-
25
6,8
98
-
29
3,5
05
-
31
9,4
99
-
36
3,5
46
-
44
7,1
16
-
55
4,5
92
-
57
5,8
32
-
63
8,3
02
-
72
6,5
61
-
919
,24
4
-
1,0
39,
014
-
1,0
80,
574
-
1,1
23,
797
-
1,1
68,
749
-
1,2
15,
499
Adm exp/Sales -
43
%
-
44
%
-
42
%
-
41
%
-
42
%
-
44
%
-
43
%
-
42
%
-
40
%
-
39
%
-
42
%
-
42
%
-
42
%
-
42
%
-
42
%
Other
Operating
Income/Costs
pre OP
1,0
86
1,1
09
2,2
70
2,1
77
2,7
30
2,4
27
1,5
93
92
5
1,2
42
1,8
15
2,0
10
2,0
90
2,1
74
2,2
61
2,3
51
other/sales 0.2
%
0.2
%
0.3
%
0.2
%
0.3
%
0.2
%
0.1
%
0.1
%
0.1
%
0.1
%
0.1
%
0.1
%
0.1
%
0.1
%
0.1
%
Exceptional
Items pre OP
-
9,6
85
-
5,3
48
-
11,
83
-
9,5
27
-
25,
49
-
6,4
19

25
FINANICIAL MANAGEMENT
9 6
Operating
Profit
35
,6
15
38
,1
50
62
,3
08
75
,6
43
66,
77
6
55,
97
5
59,
05
2
92,
64
6
13
3,4
06
23
9,7
93
17
5,1
79
18
2,1
86
18
9,4
73
19
7,0
52
20
4,9
34
Fixed assets 46
4,7
67
45
5,2
33
47
3,4
42
49
2,3
80
51
2,0
75
53
2,5
58
Sales/FA 5.4
3
DA 69,
55
6
72,
33
9
75,
23
2
78,
24
2
81,
37
1
DA/Fixed
assets
15
%
CAPEX 60,
02
2
90,
54
8
94,
17
0
97,
93
7
10
1,8
54
Working
Capital needs
20
5,6
81
19
1,0
28
19
8,6
69
20
6,6
16
21
4,8
80
22
3,4
76
WC needs /
Sales
7.7
%
Changes in
WC needs
-
14,
65
3
7,6
41
7,9
47
8,2
65
8,5
95
Other Income -
14
5
74
8
-
47
3
2,8
23
1,0
68
Total Other
Income & Int.
Received
15
2
1,2
77
-
88
3,4
41
1,7
14
64
5
58
2
65
7
38
8
767
Exceptional
Items
Profit (Loss)
on Sale of
Operations
Costs of
Reorganisation
Profit (Loss)
on Disposal
Other
Exceptional
Items
Profit (Loss)
before Interest
paid
35,
76
7
39,
42
7
62,
22
0
79,
08
4
68,
49
0
56,
62
0
59,
63
4
93,
30
3
13
3,7
94
240
,56
0
Interest
Received
29
7
52
9
38
5
61
8
64
6
64
5
58
2
65
7
38
8
767
Interest Paid -
76
4
-
1,2
10
-
82
7
-
45
5
-
1,0
48
-
1,5
03
-
1,7
84
-
2,8
07
-
2,1
63
-
2,1
92
Paid to Bank -
75
8
-
1,2
09
-
51
1
-
38
0
-
90
5
-
1,3
67
-
1,7
67
-
2,5
42
-
1,9
08
-
1,9
34
Paid on Hire
Purchase
-6 -1

26
FINANICIAL MANAGEMENT
Paid on
Leasing
-
12
9
-19 -7 -23 -7 -3
Other
Interest Paid
-
31
6
-
75
-14 -
11
7
-10 -
24
2
-
24
8
-
255
Net Interest -
46
7
-
68
1
-
44
2
16
3
-
40
2
-
85
8
-
1,2
02
-
2,1
50
-
1,7
75
-
1,4
25
Profit (Loss)
before Tax
35,
00
3
38,
21
7
61,
39
3
78,
62
9
67,
44
2
55,
11
7
57,
85
0
90,
49
6
13
1,6
31
238
,36
8
Taxation -
11,
41
6
-
13,
70
7
-
18,
64
7
-
22,
76
2
-
18,
09
3
-
13,
87
5
-
16,
36
4
-
20,
74
1
-
31,
00
1
-
53,
788
Effective tax
rate
-
33
%
-
36
%
-
30
%
-
29
%
-
27
%
-
25
%
-
28
%
-
23
%
-
24
%
-
23
%
Profit (Loss)
after Tax
23,
58
7
24,
51
0
42,
74
6
55,
86
7
49,
34
9
41,
24
2
41,
48
6
69,
75
5
10
0,6
30
184
,58
0
Extraordinary
Items
-
15,
78
4
Minority
Interests
-
38
-
13
1
15
4
17 -
2,5
02
-
2,4
56
-
1,3
28
-
1,2
94
-
2,9
96
-
5,6
66
Profit (Loss)
for Period
23,
54
9
24,
37
9
42,
90
0
55,
88
4
46,
84
7
38,
78
6
40,
15
8
52,
67
7
97,
63
4
178
,91
4
Dividends -
3,5
24
-
4,3
92
-
5,9
37
-
9,0
02
-
11,
33
8
-
12,
40
8
-
12,
87
1
-
13,
26
0
-
13,
82
0
-
14,
501
Retained
Profit(Loss)
20,
02
5
19,
98
7
36,
96
3
46,
88
2
35,
50
9
26,
37
8
27,
28
7
39,
41
7
83,
81
4
164
,41
3
Depreciation 14,
36
4
15,
66
9
17,
06
7
18,
33
8
23,
02
4
27,
70
7
32,
52
9
36,
80
4
38,
69
2
51,
394
Depreciation
Owned Assets
11,
82
9
13,
52
7
16,
66
0
18,
33
8
21,
42
7
30,
74
3
35,
60
1
37,
31
0
51,
110
Depreciation
Other Assets
23 26,
99
3
Impairment
Tangibles
2,5
35
2,1
19
40
7
1,5
97
71
4
1,7
86
1,2
03
1,3
82
284
Audit Fee 14
8
16
4
21
1
36
6
51
3
57
6
40
7
46
3
46
0
765
Non-Audit Fee 98 95 14
9
14
3
26
0
19
2
29
9
83 73 111
Tax Advice 27 69 10
8
94 16
0
90 37 45 40 77
Non-Tax
Advisory
Services
71 26 41 49 10
0
10
2
26
2
38 33 34
Other
Auditors
Services

27
FINANICIAL MANAGEMENT
Non-Audit
Fees paid to
Other Auditors
Total
Amortization
and
Impairment
60 2,4
07
3,3
79
1,4
60
5,1
66
5,1
13
14,
57
5
13,
49
3
19,
90
4
14,
399
Amortisation 60 36
2
76
2
1,4
60
2,4
51
2,7
98
2,7
36
8,4
33
9,3
04
7,9
80
Impairment 2,0
45
2,6
17
2,7
15
2,3
15
11,
83
9
5,0
60
10,
60
0
6,4
19
Total
Operating
Lease Rentals
69,
34
2
72,
06
0
77,
21
0
82,
34
8
94,
82
9
12
0,1
64
11
5,8
21
12
5,1
78
13
1,3
24
166
,21
0
Hire of Plant
& Machinery
92
3
1,2
53
1,4
59
1,7
16
2,2
43
2,7
60
2,6
05
2,9
06
3,1
02
3,2
24
Land &
Building or
Property Rents
& Other
68,
41
9
70,
80
7
75,
75
1
80,
63
2
92,
58
6
11
7,4
04
11
3,2
16
12
2,2
72
12
8,2
22
162
,98
6
Research &
Development
Foreign
Exchange
Gains/Losses
52
5
69
8
57
2
-
56
8
1,4
38
2,6
33
-
6,0
32
4,6
98
-
6,3
00
3,4
67
Remuneration 89,
86
5
10
2,4
42
11
6,2
83
13
3,8
58
17
0,8
03
20
8,7
02
21
3,6
53
23
7,6
20
26
7,9
94
335
,77
3
Wages &
Salaries
83,
89
0
95,
35
1
10
7,4
64
12
2,9
46
15
5,3
69
18
8,8
26
19
2,4
90
21
4,3
12
24
1,5
36
301
,13
7
Social
Security Costs
5,6
01
6,6
17
8,0
10
9,7
11
14,
01
8
18,
60
7
19,
17
5
20,
66
7
23,
34
1
29,
881
Pension
Costs
37
4
47
4
80
9
1,2
01
1,4
16
1,2
69
1,9
88
2,6
41
3,1
17
4,7
55
Other Staff
Costs
Directors'
Remuneration
5,9
04
3,3
59
2,4
11
2,7
47
2,4
40
1,8
94
4,4
16
3,7
28
3,5
98
3,7
50
Directors'
Fees
84
3
92
1
95
5
1,2
35
1,3
13
1,2
64
1,3
65
1,1
63
1,0
08
1,1
67
Pension
Contribution
41 43 44 47 49 53 53 39 26 32
Other
Emoluments
5,0
20
2,3
95
1,4
12
1,4
65
1,0
78
57
7
2,9
98
2,5
26
2,5
64
2,5
51
Highest Paid
Director
4,8
19
1,5
78
1,3
21
1,4
93
1,3
93
97
8
3,1
37
1,9
51
2,7
28
2,7
62
EBITDA 50,
03
9
56,
22
6
82,
75
4
95,
44
1
94,
96
6
88,
79
5
10
6,1
56
14
2,9
43
19
2,0
02
305
,58
6
Number of
Employees
4,9
51
5,7
37
6,1
28
6,7
59
10,
62
6
10,
43
0
10,
50
8
11,
19
8
12,
60
2
16,
218