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18 Jun 2012 12:20
18 June 2012
ASOS plc ("ASOS or the "Company")
Change in accounting reference date: additional pro forma financial information
ASOS, the AIM-quoted Global Online Fashion Store, announced on 26 April 2012 that it has changed its accounting reference date and financial year end from 31 March to 31 August, and on that date released selected unaudited pro forma consolidated financial information for the Company for the three years ended 31 August 2011.
This announcement contains supplementary unaudited pro forma consolidated financial information for the Company for the two years ended 31 August 2011, to complement the information released on 26 April 2012. Also included is unaudited proforma consolidated financial information for the six month periods ended 29 February 2012 and 28 February 2011.
For further information:
ASOS plc
Nick Robertson, Chief Executive Tel: 020 7756 1017
Nick Beighton, Finance Director
Greg Feehely, Head of Investor Relations
Website: www.asos.com
College Hill
Matthew Smallwood / Justine Warren / Jamie Ramsay Tel: 020 7457 2020
JPMorgan Cazenove
Luke Bordewich / Gina Gibson Tel: 020 7742 4000
Numis Securities
Alex Ham Tel: 020 7260 1000
ASOS PLC
Additional unaudited pro forma information for the years ended 31 August 2011 and 31 August 2010
i) Unaudited pro forma segmental sales, gross profit and distribution costs
Year to 31 August 2011 | UK | US | EU | ROW | Total |
Retail sales | 186,748 | 25,950 | 91,047 | 85,349 | 389,094 |
Delivery receipts | 7,277 | 596 | 2,089 | 1,895 | 11,857 |
Third party revenues | 2,057 | - | - | - | 2,057 |
Total revenue | 196,082 | 26,546 | 93,136 | 87,244 | 403,008 |
Gross profit | 91,472 | 14,979 | 46,206 | 44,965 | 197,622 |
Distribution costs | (16,360) | (7,372) | (11,233) | (13,142) | (48,107) |
Year to 31 August 2010 | UK | US | EU | ROW | Total |
Retail sales | 161,161 | 9,088 | 50,231 | 21,453 | 241,933 |
Delivery receipts | 7,843 | 607 | 3,572 | 2,041 | 14,063 |
Third party revenues | 2,903 | - | - | - | 2,903 |
Total revenue | 171,907 | 9,695 | 53,803 | 23,494 | 258,899 |
Gross profit | 84,485 | 5,820 | 27,679 | 13,465 | 131,449 |
Distribution costs | (12,662) | (1,113) | (5,148) | (2,792) | (21,715) |
ii) Unaudited pro forma operating expenses by type
Year to 31 August 2011 | Year to 31 August 2010 | |
Distribution cost | (48,107) | (21,715) |
Payroll and other staff costs | (38,574) | (30,390) |
Warehousing | (27,155) | (20,122) |
Marketing | (14,680) | (12,355) |
Production | (3,015) | (2,094) |
Technology | (8,355) | (4,081) |
Other operating costs | (19,656) | (12,358) |
Depreciation and amortisation | (6,011) | (4,022) |
Total operating expenses | (165,553) | (107,137) |
iii) Unaudited key performance indicators
Year to 31 August 2011 | UK | USA | EU | ROW | Group |
Average basket value1 | £64.77 | £59.92 | £68.19 | £69.75 | £65.85 |
Growth | - | (7%) | (16%) | (30%) | (4%) |
Average units per basket | 2.33 | 2.30 | 2.67 | 2.90 | 2.47 |
Growth | (8%) | (10%) | (19%) | (31%) | (9%) |
Average selling price per unit1 | £27.85 | £26.06 | £25.56 | £24.09 | £26.63 |
Growth | 9% | 3% | 4% | - | 6% |
Number of orders | 5,641 | 587 | 1,892 | 1,329 | 9,449 |
Growth | 28% | 264% | 118% | 511% | 67% |
Total visits2 | 12,280 | 3,912 | 9,598 | 9,247 | 35,037 |
Growth | 11% | 124% | 74% | 236% | 66% |
Year to 31 August 2010 | UK | USA | EU | ROW | Group |
Average basket value1 | £64.45 | £64.30 | £81.05 | £100.31 | £68.36 |
Growth | 13% | (4%) | 12% | 29% | 15% |
Average units per basket | 2.53 | 2.55 | 3.30 | 4.17 | 2.71 |
Growth | - | (13%) | 3% | 19% | 3% |
Average selling price per unit1 | £25.47 | £25.24 | £24.59 | £24.07 | £25.22 |
Growth | 12% | 10% | 9% | 9% | 11% |
Number of orders | 4,420 | 161 | 866 | 218 | 5,665 |
Growth | 17% | 180% | 57% | 177% | 27% |
Total visits3 | 11,060 | 1,749 | 5,522 | 2,756 | 21,087 |
Growth | 34% | 201% | 106% | 125% | 66% |
1 Including VAT 2 During August 2011 3 During August 2010
ASOS PLC
Unaudited pro forma financial information for the six month periods ended 29 February 2012 and 28 February 2011
i) Unaudited pro forma segmental sales, gross profit and distribution costs
Six months to 29 February 2012 | UK | US | EU | ROW | Total |
Retail sales | 108,967 | 23,137 | 56,846 | 73,971 | 262,921 |
Delivery receipts | 3,861 | 451 | 797 | 803 | 5,912 |
Third party revenues | 1,066 | 5 | 10 | 12 | 1,093 |
Total revenue | 113,894 | 23,593 | 57,653 | 74,786 | 269,926 |
Gross profit | 53,882 | 14,727 | 28,640 | 39,941 | 137,190 |
Distribution costs | (10,135) | (5,673) | (10,058) | (10,682) | (36,548) |
Six months to 28 February 2011 | UK | US | EU | ROW | Total |
Retail sales | 100,240 | 10,551 | 42,223 | 28,625 | 181,639 |
Delivery receipts | 3,591 | 252 | 1,453 | 1,309 | 6,605 |
Third party revenues | 1,108 | - | - | - | 1,108 |
Total revenue | 104,939 | 10,803 | 43,676 | 29,934 | 189,352 |
Gross profit | 48,344 | 5,694 | 20,859 | 15,360 | 90,257 |
Distribution costs | (8,477) | (2,392) | (5,619) | (4,084) | (20,572) |
ii) Unaudited key performance indicators
Six months to 29 February 2012 | UK | USA | EU | ROW | Group |
Average basket value1 | £66.03 | £60.22 | £63.54 | £61.82 | £64.16 |
Growth | 1% | (3%) | (14%) | (27%) | (6%) |
Average units per basket | 2.18 | 2.19 | 2.32 | 2.51 | 2.28 |
Growth | (6%) | (5%) | (17%) | (27%) | (9%) |
Average selling price per unit1 | £30.28 | £27.47 | £27.37 | £24.65 | £28.15 |
Growth | 7% | 3% | 3% | 1% | 3% |
Number of orders | 3,218 | 521 | 1,389 | 1,326 | 6,454 |
Growth | 11% | 124% | 71% | 250% | 49% |
Total visits2 | 13,948 | 5,514 | 12,223 | 10,813 | 42,498 |
Growth | 2% | 80% | 39% | 97% | 37% |
1 Including VAT 2 During February 2012
Six months to 28 February 2011 | UK | USA | EU | ROW | Group |
Average basket value1 | £65.55 | £61.81 | £74.06 | £84.52 | £68.60 |
Growth | - | (8%) | (13%) | (15%) | (1%) |
Average units per basket | 2.32 | 2.31 | 2.79 | 3.45 | 2.50 |
Growth | (7%) | (7%) | (15%) | (13%) | (5%) |
Average selling price per unit1 | £28.29 | £26.76 | £26.58 | £24.47 | £27.39 |
Growth | 7% | (1%) | 3% | (2%) | 4% |
Number of orders | 2,911 | 233 | 813 | 379 | 4,336 |
Growth | 37% | 349% | 122% | 399% | 66% |
Total visits2 | 13,680 | 3,072 | 8,821 | 5,482 | 31,055 |
Growth | 25% | 166% | 98% | 230% | 71% |
1 Including VAT 2 During February 2011
iii) Unaudited pro forma Statement of Comprehensive Income
Six months to 29 February 2012 £'000
| Six months to 28 February 2011 £'000 | |
Revenue | 269,926 | 189,352 |
Cost of Sales | (132,736) | (99,095) |
Gross profit | 137,190 | 90,257 |
Operating costs excluding exceptional items | (113,391) | (74,456) |
Operating profit before exceptional items | 23,799 | 15,801 |
Share of post-tax gains of joint venture | - | 63 |
Net finance costs | (665) | (145) |
Profit before tax and exceptional items | 23,134 | 15,719 |
Exceptional items | (1,508) | (11,535) |
Profit before tax | 21,626 | 4,184 |
Income tax expense | (5,751) | (1,272) |
Profit after tax | 15,875 | 2,912 |
iv) Unaudited pro forma operating expenses by type
Six months to 29 February 2012 | Six months to 28 February 2011 | |
Distribution cost | (36,548) | (20,572) |
Payroll and other staff costs | (25,340) | (18,913) |
Warehousing | (15,064) | (11,413) |
Marketing | (10,872) | (6,496) |
Production | (1,832) | (1,458) |
Technology | (3,685) | (3,723) |
Other operating costs | (15,551) | (9,223) |
Depreciation and amortisation | (4,499) | (2,658) |
Total operating expenses | (113,391) | (74,456) |
v) Unaudited pro forma Statement of Financial Position as at 29 February 2012
29 February 2012 £'000
| |
Goodwill | 1,060 |
Property, plant and equipment and other intangible assets | 46,267 |
Deferred tax asset | 10,813 |
Non-current assets | 58,140 |
Assets classified as held-for-sale | 2,800 |
Working capital | 14,351 |
Net funds | 12,718 |
Provisions | (1,082) |
Current tax asset | 2,051 |
Net current assets | 30,838 |
Net assets | 88,978 |
vi) Unaudited pro forma Statement of Cash Flows for the year ended 29 February 2012
Six months to 29 February 2012 £'000
| |
Operating profit | 22,291 |
Exceptional items | 1,508 |
Operating profit before exceptional items | 23,799 |
Depreciation and amortisation | 4,499 |
Working capital | (7,363) |
Share-based payment charges | 420 |
Tax received | 1,622 |
Cash inflow from operating profit before exceptional items | 22,977 |
Operating cash outflow relating to exceptional items | (458) |
Cash inflow from operating profit | 22,519 |
Capital expenditure | (12,128) |
Proceeds from issue of ordinary shares | 268 |
Purchase of own shares by Employee Benefit Trust | (1,458) |
Repayment of drawing under revolving credit facility | (5,000) |
Net interest paid | (666) |
Total cash inflow | 3,535 |
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