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ASOS PLC (ASC)

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Monday 18 June, 2012

ASOS PLC

REPLACEMENT - Further re: year end change

RNS Number : 5942F
ASOS PLC
18 June 2012
 



The following amendment has been made to the 'Change in accounting reference date: additional pro forma financial information' announcement released on 18 June 2012 at 12:20 under RNS No 5850F.

 

The title for table vi) should have read "Unaudited pro forma Statement of Cash Flows for the six months ended 29 February 2012" as opposed to "Unaudited pro forma Statement of Cash Flows for the year ended 29 February 2012".

 

All other information is unchanged.

 

The full amended text is shown below.

 

 

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 six months 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 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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