Esquema 4. Reacción de 2 con dietiléntriamina para obtener un compuesto bifuncional 12
B. SISTEMA LUMÍNICO
5. RESULTADOS Y CONCLUSIONES
Profit by channel £m £m £m £m £m £m
Retail/Wholesale 137.7 137.7 219.5 286.9 335.6 393.5
Licensing 82.2 82.2 81.6 90.0 92.5 66.8
Adjusted operating profit2 219.9 219.9 301.1 376.9 428.1 460.3
Retail/Wholesale analysis % % % % % %
Gross margin 59.7 61.0 64.9 68.1 70.6 70.2
Adjusted operating expenses as a percentage of sales2 48.1 48.3 49.3 51.7 52.8 52.7
Adjusted operating margin2 11.6 12.7 15.6 16.4 17.8 17.5
Licensing analysis % % % % % %
Licensing operating margin 84.3 84.3 82.9 82.9 84.6 84.3
Summary profit analysis £m £m £m £m £m £m
Adjusted operating profit2 219.9 219.9 301.1 376.9 428.1 460.3
Net finance (charge)/income2 (5.1) (5.1) (3.2) (0.7) (0.3) 0.7
Adjusted profit before taxation2 214.8 214.8 297.9 376.2 427.8 461.0
Adjusting items (48.8) (3.4) (2.2) (10.2) (77.1) (16.6)
Profit/(loss) before taxation 166.0 211.4 295.7 366.0 350.7 444.4
Taxation (83.8) (58.8) (83.2) (100.6) (91.5) (112.1)
Discontinued operations – (70.4) (6.2) (0.3) – –
Non-controlling interest (0.8) (0.8) 2.1 (1.8) (4.9) (9.8)
Attributable profit 81.4 81.4 208.4 263.3 254.3 322.5
Retail/Wholesale revenue by product division £m £m £m £m £m £m
Accessories5 419.6 416.6 563.3 689.4 729.1 816.1
Womens 415.5 373.4 456.6 582.5 618.2 684.0
Mens 288.5 249.4 325.9 410.5 464.2 520.8
Childrens/Other 58.8 48.2 57.1 66.2 72.6 78.4
Beauty – – – – 5.2 151.3
Retail/Wholesale revenue by destination £m £m £m £m £m £m
Asia Pacific 282.7 282.7 457.1 652.5 745.3 870.3
EMEIA3 467.8 480.2 559.3 661.6 680.7 811.5
Americas 324.8 324.7 386.5 434.5 463.3 568.8
Spain 107.1 – – – – –
Financial KPIs
Total revenue growth4 +1% N/A +24% +23% +8% +17%
Growth in accessories revenue4, 5 +10% N/A +32% +22% +8% +12%
Growth in retail revenue4 +15% N/A +32% +31% +12% +15%
Number of stores 440 312 417 444 469 497
Number of stores in Emerging Markets 111 111 136 154 173 193
Retail/Wholesale gross margin 59.7% 61.0% 64.9% 68.1% 70.6% 70.2%
Adjusted retail/wholesale operating margin2 11.6% 12.7% 15.6% 16.4% 17.8% 17.5%
Adjusted diluted EPS growth2 +16% +16% +39% +26% +14% +8%
1 The results for the year to 31 March 2010 have been re-presented to show the results of the discontinued Spanish operations separately.
2 Excludes the impact of adjusting items.
3 EMEIA comprises Europe, Middle East, India and Africa. As a result of an internal reorganisation, the Europe and Rest of World divisions were integrated to form EMEIA, effective from 1 April 2013. The results for the years ended 31 March 2010 to 31 March 2013 have been re-presented to reflect this organisational change.
4 Growth rate is year-on-year underlying change, i.e. at constant exchange rates.
5 The Accessories revenue for the year ended 31 March 2013 has been restated to exclude Beauty retail sales.
160
Five Year Summary
Continuing operations Year to 31 March
Revenue by channel 2010
£m 20101
Retail/Wholesale 1,182.4 1,087.6 1,402.9 1,748.6 1,889.3 2,250.6
Licensing 97.5 97.5 98.4 108.6 109.4 79.2
Total revenue 1,279.9 1,185.1 1,501.3 1,857.2 1,998.7 2,329.8
Profit by channel £m £m £m £m £m £m
Retail/Wholesale 137.7 137.7 219.5 286.9 335.6 393.5
Licensing 82.2 82.2 81.6 90.0 92.5 66.8
Adjusted operating profit2 219.9 219.9 301.1 376.9 428.1 460.3
Retail/Wholesale analysis % % % % % %
Gross margin 59.7 61.0 64.9 68.1 70.6 70.2
Adjusted operating expenses as a percentage of sales2 48.1 48.3 49.3 51.7 52.8 52.7
Adjusted operating margin2 11.6 12.7 15.6 16.4 17.8 17.5
Licensing analysis % % % % % %
Licensing operating margin 84.3 84.3 82.9 82.9 84.6 84.3
Summary profit analysis £m £m £m £m £m £m
Adjusted operating profit2 219.9 219.9 301.1 376.9 428.1 460.3
Net finance (charge)/income2 (5.1) (5.1) (3.2) (0.7) (0.3) 0.7
Adjusted profit before taxation2 214.8 214.8 297.9 376.2 427.8 461.0
Adjusting items (48.8) (3.4) (2.2) (10.2) (77.1) (16.6)
Profit/(loss) before taxation 166.0 211.4 295.7 366.0 350.7 444.4
Taxation (83.8) (58.8) (83.2) (100.6) (91.5) (112.1)
Discontinued operations – (70.4) (6.2) (0.3) – –
Non-controlling interest (0.8) (0.8) 2.1 (1.8) (4.9) (9.8)
Attributable profit 81.4 81.4 208.4 263.3 254.3 322.5
Retail/Wholesale revenue by product division £m £m £m £m £m £m
Accessories5 419.6 416.6 563.3 689.4 729.1 816.1
Womens 415.5 373.4 456.6 582.5 618.2 684.0
Mens 288.5 249.4 325.9 410.5 464.2 520.8
Childrens/Other 58.8 48.2 57.1 66.2 72.6 78.4
Beauty – – – – 5.2 151.3
Retail/Wholesale revenue by destination £m £m £m £m £m £m
Asia Pacific 282.7 282.7 457.1 652.5 745.3 870.3
EMEIA3 467.8 480.2 559.3 661.6 680.7 811.5
Americas 324.8 324.7 386.5 434.5 463.3 568.8
Number of stores in Emerging Markets 111 111 136 154 173 193
Retail/Wholesale gross margin 59.7% 61.0% 64.9% 68.1% 70.6% 70.2%
Adjusted retail/wholesale operating margin2 11.6% 12.7% 15.6% 16.4% 17.8% 17.5%
Adjusted diluted EPS growth2 +16% +16% +39% +26% +14% +8%
1 The results for the year to 31 March 2010 have been re-presented to show the results of the discontinued Spanish operations separately.
2 Excludes the impact of adjusting items.
3 EMEIA comprises Europe, Middle East, India and Africa. As a result of an internal reorganisation, the Europe and Rest of World divisions were integrated to form EMEIA, effective from 1 April 2013. The results for the years ended 31 March 2010 to 31 March 2013 have been re-presented to reflect this organisational change.
4 Growth rate is year-on-year underlying change, i.e. at constant exchange rates.
5 The Accessories revenue for the year ended 31 March 2013 has been restated to exclude Beauty retail sales.
Year to 31 March
Adjusted earnings per share – diluted1 35.1 48.9 61.6 70.0 75.4
Earnings per share – diluted 18.4 46.9 59.3 57.0 72.1
Diluted weighted average number of ordinary shares (millions) 441.9 444.0 444.3 446.5 447.3
Dividend per share (on a paid basis) 12.2 15.5 22.0 26.0 29.8
Year to 31 March
Net Cash Flow 2010
£m 2011
£m 2012
£m 2013
£m 2014
£m
Adjusted operating profit1 219.9 301.1 376.9 428.1 460.3
Discontinued operations – (2.1) 2.5 – –
Restructuring spend (26.7) (20.3) (8.6) (1.0) (0.7)
Depreciation and amortisation 52.3 62.6 87.6 111.2 123.7
Employee share scheme costs 18.1 28.3 31.8 24.9 25.4
Proceeds on equity swap contracts – – – – 15.7
Decrease/(increase) in inventories 81.4 (58.0) (61.8) (39.2) (68.2)
Decrease/(increase) in receivables 50.3 (8.1) (17.4) (32.0) (73.8)
Increase in payables 36.0 68.0 70.1 17.6 42.3
Other non-cash items 0.2 (5.1) 1.4 13.4 10.8
Cash flow from operations 431.5 366.4 482.5 523.0 535.5
Capital expenditure (69.9) (108.4) (153.1) (175.9) (154.0)
Payment to terminate licence relationship – – – (144.1) –
Proceeds from sale of assets held for sale – – – 0.1 –
Capital contributions from JV partners 7.4 7.0 4.9 0.4 0.7
Acquisitions (2.0) (51.9) (23.5) (1.0) (2.6)
Net interest (5.0) (3.2) (0.6) 0.9 0.8
Tax paid (51.3) (98.1) (108.2) (99.0) (111.1)
Free cash flow 310.7 111.8 202.0 104.4 269.3
Dividends (52.5) (68.7) (99.2) (113.5) (130.7)
ESOP trust purchases/other (3.5) (5.6) (60.0) (45.4) (18.8)
Exchange difference (0.3) (1.6) (2.4) 12.8 (13.9)
Total movement in net cash 254.4 35.9 40.4 (41.7) 105.9
Net cash 262.0 297.9 338.3 296.6 402.5
As at 31 March
Intangible assets 64.6 114.7 133.1 210.2 195.4
Property, plant and equipment 256.1 281.8 328.8 409.1 398.4
Inventories 166.9 247.9 311.1 351.0 419.8
Trade and other receivables 139.4 147.7 167.5 199.5 273.7
Trade and other payables (226.7) (367.8) (429.3) (447.8) (507.2)
Taxation (including deferred taxation) (13.5) 16.9 39.1 45.3 47.4
Net cash 262.0 297.9 338.3 296.6 402.5
Other net assets (45.3) (5.4) 2.8 (11.1) (22.0)
Net assets 603.5 733.7 891.4 1,052.8 1,208.0
1 Excludes the impact of adjusting items.
Five Year Summary
Report on the parent Company financial statements Our opinion
In our opinion the parent Company financial statements:
·
give a true and fair view of the state of the Company’s affairs as at 31 March 2014;·
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and·
have been prepared in accordance with the requirements of the Companies Act 2006.This opinion is to be read in the context of what we say in the remainder of this report.
What we have audited
The parent Company financial statements, which are prepared by Burberry Group plc, comprise the Company Balance Sheet as at 31 March 2014; and the notes to the parent Company financial statements, which include a summary of significant accounting policies and other explanatory information.
The financial reporting framework that has been applied in their preparation comprises applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.
Certain disclosures required by the financial reporting framework have been presented elsewhere in the Annual Report, rather than in the notes to the financial statements. These are cross-referenced from the financial statements and are identified as audited.
What an audit of financial statements involves
We conducted our audit in accordance with International Standards on Auditing (UK & Ireland) (‘ISAs (UK & Ireland)’).
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of:
·
whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed;·
the reasonableness of significant accounting estimates made by the directors; and·
the overall presentation of the financial statements.In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited parent Company financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on other matters prescribed by the Companies Act 2006 In our opinion:
·
the information given in the Strategic Report and the Directors’ Report for the financial year for which the parent Company financial statements are prepared is consistent with the parent Company financial statements; and·
the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006.162
Independent Auditors’ Report to the Members of Burberry Group plc
Report on the parent Company financial statements Our opinion
In our opinion the parent Company financial statements:
·
give a true and fair view of the state of the Company’s affairs as at 31 March 2014;·
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and·
have been prepared in accordance with the requirements of the Companies Act 2006.This opinion is to be read in the context of what we say in the remainder of this report.
What we have audited
The parent Company financial statements, which are prepared by Burberry Group plc, comprise the Company Balance Sheet as at 31 March 2014; and the notes to the parent Company financial statements, which include a summary of significant accounting policies and other explanatory information.
The financial reporting framework that has been applied in their preparation comprises applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.
Certain disclosures required by the financial reporting framework have been presented elsewhere in the Annual Report, rather than in the notes to the financial statements. These are cross-referenced from the financial statements and are identified as audited.
What an audit of financial statements involves
We conducted our audit in accordance with International Standards on Auditing (UK & Ireland) (‘ISAs (UK & Ireland)’).
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of:
·
whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed;·
the reasonableness of significant accounting estimates made by the directors; and·
the overall presentation of the financial statements.In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited parent Company financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on other matters prescribed by the Companies Act 2006 In our opinion:
·
the information given in the Strategic Report and the Directors’ Report for the financial year for which the parent Company financial statements are prepared is consistent with the parent Company financial statements; and·
the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006.Other matters on which we are required to report by exception Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion:
·
we have not received all the information and explanations we require for our audit; or·
adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or·
the parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns.We have no exceptions to report arising from this responsibility.
Directors’ remuneration
Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors’ remuneration specified by law have not been made. We have no exceptions to report arising from this responsibility.
Other information in the Annual Report
Under ISAs (UK & Ireland), we are required to report to you if, in our opinion, information in the Annual Report is:
·
materially inconsistent with the information in the audited parent Company financial statements; or·
apparently materially incorrect based on, or materially inconsistent with, our knowledge of the parent Company acquired in the course of performing our audit; or·
is otherwise misleading.We have no exceptions to report arising from this responsibility.
Responsibilities for the financial statements and the audit Our responsibilities and those of the directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 110, the directors are responsible for the preparation of the parent Company financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the parent Company financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the parent Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other matter
We have reported separately on the Group financial statements of Burberry Group plc for the year ended 31 March 2014.
Andrew Kemp Senior Statutory Auditor
for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London, 20 May 2014
Independent Auditors’ Report to the Members of Burberry Group plc
Note
As at 31 March 2014
£m
As at 31 March 2013
£m Fixed assets
Investments C 2,219.3 2,203.7
2,219.3 2,203.7 Current assets
Debtors receivable within one year D 0.4 0.4
Debtors receivable after one year D 395.5 424.0
Derivative assets maturing within one year – 11.8
Derivative assets maturing after one year 0.5 0.2
Cash at bank and in hand 1.2 0.3
397.6 436.7
Creditors – amounts falling due within one year E (198.5) (377.9)
Derivative liabilities maturing within one year (0.4) –
Net current assets 198.7 58.8
Total assets less current liabilities 2,418.0 2,262.5
Creditors – amounts falling due after more than one year E (1,424.6) (1,435.9)
Derivative liabilities maturing after one year (0.9) (0.7)
Provisions for liabilities (1.4) (1.4)
Net assets 991.1 824.5
Capital and reserves
Called up share capital F 0.2 0.2
Share premium account F 204.8 203.6
Capital reserve F 0.9 0.9
Hedging reserve F 4.1 4.1
Profit and loss account F 781.1 615.7
Total shareholders’ funds F 991.1 824.5
The financial statements on pages 164 to 168 were approved by the Board on 20 May 2014 and signed on its behalf by:
Sir John Peace Carol Fairweather
Chairman Chief Financial Officer
164