TIDMJDW

RNS Number : 6509N

Wetherspoon (JD) PLC

01 October 2021

01 October 2021

J D WETHERSPOON PLC

PRELIMINARY RESULTS

(For the 52 weeks ended 25 July 2021)

 
 FINANCIAL HIGHLIGHTS                                           Var % 
 
 Before exceptional items (pre-IFRS 16) 
       Like-for-like sales                                      -38.4% 
       Revenue GBP772.6m (2020: GBP1,262.0m)                    -38.8% 
       Loss before tax -GBP154.7m (2020: -GBP34.1m)            -353.7% 
       Operating (loss)/profit -GBP105.1m (2020: GBP7.2m)     +ve to -ve 
       Losses per share (including shares held in trust) 
        -110.3p (2020: -27.6p)                                 -300.0% 
       Free cash outflow per share -67.8p (2020: -54.2p)        -23.2% 
       Full year dividend 0.0p (2020: 0.0p)                   unchanged 
 
 Before exceptional items (post-IFRS 16) 
       Loss before tax -GBP167.2m (2020: -GBP44.7m)            -274.0% 
       Operating (loss)/profit -GBP100.4m (2020: GBP17.0m)    +ve to -ve 
       Losses per share (including shares held in trust) 
        -119.2p (2020: -35.5p)                                 -256.1% 
 
 
 After exceptional items* (post-IFRS 16) 
      Loss before tax -GBP194.6m (2020: -GBP105.4m)             -84.6% 
      Operating (loss)/profit -GBP109.3m (2020: 3.8m)         +ve to -ve 
      (Losses)/Earnings per share (including shares held 
       in trust) -147.4p (2020: -89.9p)                         -64.0% 
 
 

*Exceptional items as disclosed in account note 4.

Commenting on the results, Tim Martin, the Chairman of J D Wetherspoon plc, said:

"Like-for-like sales in the first nine weeks of the current financial year were 8.7% lower than the same weeks in August and September 2019, before the pandemic started. In the last four weeks of the period, like-for-like sales were minus 6.4%.

"Excluding airport pubs, where like-for-like sales declined by 47.3%, like-for-like sales declined by 7.1% in the first nine weeks, and by 4.9% in the last four.

"Total employee numbers averaged 39,025 in the financial year, which increased to 42,003 for the week ending 20 September 2021.

"On average, Wetherspoon has received a reasonable number of applications for vacancies, as indicated by the increase in employee numbers, but some areas of the country, especially "staycation" areas in the West Country and elsewhere, have found it hard to attract staff.

"During the pandemic, the pressure on pub managers and staff has been particularly acute, with a number of nationwide and regional pub closures and reopenings, often with very little warning, each of which resulted in different regulations.

"In the last year, the country moved, in succession, from lockdown, to 'Eat Out to Help Out', to curfews, to firebreaks, to pints with a substantial meal only, to different tier systems and to further lockdowns.

"Pub management teams, and indeed the entire hospitality industry, had an almost impossible burden in trying to communicate often conflicting and arbitrary rules to customers.

"One of the most surprising statistics has been the apparent low level of transmission of the virus in pubs.

"For example, in more than 50 million customer visits, recorded in the second half of 2020, before the introduction of vaccines, Wetherspoon had zero outbreaks of the virus, as defined by the health authorities, among customers.

"Yet there has clearly been a high level of transmission in some other environments, including private parties, weddings, production facilities, university halls of residence and homes.

"Pubs have been at the forefront of business closures during the pandemic, at great cost to the industry - but at even greater cost to the Treasury.

"In spite of these obstacles, Wetherspoon is cautiously optimistic about the outcome for the financial year, on the basis that there is no further resort to lockdowns or onerous restrictions.

"The biggest threat to the pub industry, and also, inter alia, to restaurants, theatres, cinemas, airlines and travel companies, relates to the precedent set by the government for the use of lockdowns and draconian restrictions, imposed under emergency powers. This threat, which is also a threat to civil society and democracy, has been regularly articulated by many commentators, including the former Supreme Court judge Lord Sumption."

Enquiries:

   John Hutson                         Chief Executive Officer      01923 477777 
   Ben Whitley                          Finance Director                  01923 477777 
   Eddie Gershon                     Company spokesman         07956 392234 

Photographs are available at: www.newscast.co.uk

Notes to editors

1. J D Wetherspoon owns and operates pubs throughout the UK. The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices. The pubs are individually designed and the Company aims to maintain them in excellent condition.

   2.         Visit our website jdwetherspoon.com 

3. The financial information set out in the announcement does not constitute the company's statutory accounts for the periods ended 25 July 2021 or 26 July 2020. The financial information for the period ended 26 July 2020 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498(2) or (3) of the Companies Act 2006. Statutory accounts for 2020 will be delivered to the registrar of companies in due course. The auditors have reported on those accounts: their report was unquali ed, contained an emphasis of matter highlighting a materiality uncertainly related to going concern and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. This announcement has been prepared solely to provide additional information to the shareholders of J D Wetherspoon, in order to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the directors in good faith using information available up until the date that they approved this statement. Forward-looking statements should be regarded with caution because of inherent uncertainties in economic trends and business risks.

4. The annual report and financial statements 2021 has been published on the Company's website on 01 October 2021.

   5.         The current financial year comprises 53 trading weeks to 31 July 2022. 
   6.         The next trading update will be issued on 10 November 2021. 

CHAIRMAN'S STATEMENT

Financial performance

Summary accounts for the years ended July 1984-2021

 
 
Financial   Total      Total       Profit/(loss)  Profit/(loss)  Earnings      Earnings       Free cash   Free cash 
year        number of  sales                                                                  flow        flow 
            Pubs 
            (Sites) 
                                   before tax     before tax     per share     per share                  per share 
                                   and            and            before        before 
                                   exceptional    exceptional    exceptional   exceptional 
                                   items          items          items         items 
                                   (Pre-IFRS16)   (Post-IFRS16)  (Pre-IFRS16)  (Post-IFRS16) 
                       GBP000      GBP000         GBP000         pence         pence          GBP000      pence 
1984        1          818         (7)            -              0             - 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1985        2          1,890       185            -              0.2           - 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1986        2          2,197       219            -              0.2           - 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1987        5          3,357       382            -              0.3           - 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1988        6          3,709       248            -              0.3           - 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1989        9          5,584       789            -              0.6           -              915         0.4 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1990        19         7,047       603            -              0.4           -              732         0.4 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1991        31         13,192      1,098          -              0.8           -              1,236       0.6 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1992        45         21,380      2,020          -              1.9           -              3,563       2.1 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1993        67         30,800      4,171          -              3.3           -              5,079       3.9 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1994        87         46,600      6,477          -              3.6           -              5,837       3.6 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1995        110        68,536      9,713          -              4.9           -              13,495      7.4 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1996        146        100,480     15,200         -              7.8           -              20,968      11.2 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1997        194        139,444     17,566         -              8.7           -              28,027      14.4 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1998        252        188,515     20,165         -              9.9           -              28,448      14.5 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
1999        327        269,699     26,214         -              12.9          -              40,088      20.3 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2000        428        369,628     36,052         -              11.8          -              49,296      24.2 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2001        522        483,968     44,317         -              14.2          -              61,197      29.1 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2002        608        601,295     53,568         -              16.6          -              71,370      33.5 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2003        635        730,913     56,139         -              17.0          -              83,097      38.8 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2004        643        787,126     54,074         -              17.7          -              73,477      36.7 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2005        655        809,861     47,177         -              16.9          -              68,774      37.1 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2006        657        847,516     58,388         -              24.1          -              69,712      42.1 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2007        671        888,473     62,024         -              28.1          -              52,379      35.6 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2008        694        907,500     58,228         -              27.6          -              71,411      50.6 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2009        731        955,119     66,155         -              32.6          -              99,494      71.7 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2010        775        996,327     71,015         -              36.0          -              71,344      52.9 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2011        823        1,072,014   66,781         -              34.1          -              78,818      57.7 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2012        860        1,197,129   72,363         -              39.8          -              91,542      70.4 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2013        886        1,280,929   76,943         -              44.8          -              65,349      51.8 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2014        927        1,409,333   79,362         -              47.0          -              92,850      74.1 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2015        951        1,513,923   77,798         -              47.0          -              109,778     89.8 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2016        926        1,595,197   80,610         -              48.3          -              90,485      76.7 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2017        895        1,660,750   102,830        -              69.2          -              107,936     97.0 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2018        883        1,693,818   107,249        -              79.2          -              93,357      88.4 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2019        879        1,818,793   102,459        -              75.5          -              96,998      92.0 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2020        872        1,262,048   (34,095)       (44,687)       (27.6)        (35.5)         (58,852)    (54.2) 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
2021        861        772,555     (154,676)      (167,166)      (110.3)       (119.2)        (83,284)    (67.8) 
----------  ---------  ----------  -------------  -------------  ------------  -------------  ----------  ---------- 
 

Notes

Adjustments to statutory numbers

1. Where appropriate, the earnings per share (EPS), as disclosed in the statutory accounts, have been recalculated to take account of share splits, the issue of new shares and capitalisation issues.

2. Free cash flow per share excludes dividends paid which were included in the free cash flow calculations in the annual report and accounts for the years 1995-2000.

3. The weighted average number of shares, EPS and free cash flow per share include those shares held in trust for employee share schemes.

4. Before 2005, the accounts were prepared under UKGAAP. All accounts from 2005 to date have been prepared under IFRS.

5. Apart from the items in notes 1-4, all numbers are as reported in each year's published accounts.

6. From financial year 2020 data is based on both pre-IFRS16 numbers and post-IFRS16 numbers following the transition from IAS17 to IFRS16.

7. Free cash flow is defined in note 8 and in the Company's accounting policies. The calculation of free cash flow can be found on the cash flow statement.

Financial outcome

It is very difficult to interpret, in a meaningful way, financial results for the last year, since pubs were closed nationally for a period of around 19 weeks. In addition, there were regional lockdowns and a bewildering range of national and local restrictions, which applied to different areas at different times.

Comparisons are also problematical in respect of the previous financial year, which was itself affected by lockdowns and restrictions.

Bearing in mind these caveats, we have presented comparisons between the two years, as we normally do.

Total sales in the financial year were GBP772.6m, a decrease of 38.8%. Like-for-like sales decreased by 38.4%. Bar sales decreased by 42.2%, food sales by 37.4%, slot/fruit machine sales by 52.5% and hotel room sales by 27.1%.

The unaudited pre-IFRS16 operating loss, before exceptional items, was GBP105.1m (2020: GBP7.2m profit). The operating margin, before exceptional items, was -13.6% (2020: 0.6%).

The unaudited pre-IFRS16 loss before tax and exceptional items increased to -GBP154.7m (2020: -GBP34.1m), including property losses of GBP2.3m (2020: GBP0.6m). Losses per share, including shares held in trust by the employee share scheme, before exceptional items, were -110.3p (2020: -27.6p).

Total capital investment was GBP62.7m (2020: GBP171.6m). GBP24.1m was invested in new pubs and pub extensions (2020: GBP41.0m), GBP20.0m in existing pubs and IT (2020: GBP32.1m) and GBP16.9m in freehold reversions, where Wetherspoon was already a tenant (2020: GBP98.5m).

Pre-tax exceptional items totalled GBP27.5m (2020: GBP60.7m). There was a GBP1.7m loss on disposal, an impairment charge of GBP4.1m, expenditure in relation to Covid-19 of GBP2.8m, head office restructuring costs of GBP6.2m and GBP12.7m of interest costs relating to ineffective interest rate swaps. The total cash effect of exceptional items, which related to head office restructuring and Covid-19 costs, was an outflow of GBP8.9m.

Free cash outflow, after capital payments of GBP22.3m for existing pubs (2020: GBP44.3m), GBP7.7m for share purchases for employees (2020: GBP11.1m) and payments of tax and interest, increased by GBP1.6m to -GBP60.5m (2020: -GBP58.9m). Free cash outflow per share was -67.8p (2020: -54.2p).

The effect of IFRS16 on a hypothetical leasehold pub

In order to illustrate the differences between old and new accounting, the example below shows how a leasehold pub would be affected. The following assumptions have been made:

n a 25-year lease, at a rent of GBP100k per annum, rising by 7.5% at each five-year rent review

n capital development costs of GBP1m funded by equity, without debt

n GBP30k of capital reinvestment per annum from year 6 to year 25

n pub EBITDA profits of GBP160k per annum

n head office costs and tax excluded from calculations

 
 Year                      1        5     10       15       20       25     Total 
                      GBP000   GBP000   GBP000   GBP000   GBP000   GBP000   GBP000 
-------------------  -------  -------  -------  -------  -------  -------  ------- 
 Pub EBITDAR             260      260      268      276      284      294    6,904 
===================  =======  =======  =======  =======  =======  =======  ======= 
 Accounting Profit 
  pre IFRS16 
  (before head 
  office costs 
  & corporation 
  tax)                   100      100      100      100      100      100    2,500 
===================  =======  =======  =======  =======  =======  =======  ======= 
 Accounting Profit 
  post IFRS16 
  (before head 
  office costs 
  & corporation 
  tax)                    60       65       81      101      125      154    2,500 
=================== 
 Cash earnings           160      160      130      130      130      130    3,400 
 
 

As the table illustrates, "cash earnings" are the same in both examples, however accounting earnings vary greatly.

Pre-IFRS16 treatment results in stable accounting profit of GBP100k, reflecting stable cash earnings, whereas post-IFRS16 treatment gives rise to erratic accounting profits, which vary from GBP60k to GBP154k, over the term of the lease.

As a result, it will be difficult for investors to understand the performance of the business, using IFRS16 accounting standards, at any given point in the lease, from an examination of the profit and loss account.

In appendix 1, below, we have provided profit and loss, balance sheet and cash flow statements, using pre-IRFS 16 accounting methodology, for those who find the new accounting too complex or unhelpful.

Dividends and return of capital

No interim dividend was paid in March 2021. The board is not proposing a final dividend payment for the year. There were no share buybacks in the financial year.

Financing

As at 25 July 2021, the company's total net debt, excluding derivatives, was GBP845.5m (2020: GBP817.0m), an increase of GBP28.5m. Year-end net-debt-to-EBITDA ratio was -27.32 times (2020: 9.48 times).

The company has an agreement with its lenders which waives its debt covenants until October 2022 and replaces it with a minimum liquidity requirement of GBP75m. At the year end liquidity was GBP240.4m.

There has been an increase in total finance facilities to GBP1,083.0m (2020: GBP993.0m), as a result of government-backed "CLBILS" loans, which are due for repayment by August 2023.

As previously reported, the company has fixed its LIBOR interest rates in respect of GBP770m until March 2029. The weighted average cost of the swaps was 2.42% for FY21, reducing to 1.61% in the current financial year. The annual cost of the swaps is illustrated in the table below:

 
 Swap Value    Start Date    End Date     Weighted Average % 
------------  ------------  -----------  ------------------- 
 GBP770m       02-Jul-18     29-Jul-21    2.42% 
 GBP770m       30-Jul-21     30-Jul-23    1.61% 
 GBP770m       31-Jul-23     30-Jul-26    1.10% 
 GBP770m       31-Jul-26     30-Jun-28    1.33% 
 GBP770m       01-Jul-28     29-Mar-29    1.32% 
 

In April 2021, the company conducted a non-pre-emptive placing of 6.95% of the company's issued ordinary share capital to raise GBP94m, which was supported by a number of institutional investors. The proceeds were used to strengthen the company's balance sheet, working capital and liquidity.

Property

The company opened five pubs during the year and sold or closed 16, resulting in a trading estate of 861 pubs at the financial year end.

The average development cost for a new pub (excluding the cost of freeholds) was GBP2.1m, compared with GBP2.3m a year ago. The full-year depreciation charge, excluding depreciation for "right-of-use" assets (a new charge to the profit and loss account, post-IFRS16) was GBP76.4m (2020: GBP79.3m).

10 years ago, the company's freehold/leasehold split was 43.4%/56.6%. As at 25 July 2021, as a result of investment in freehold reversions (relating to pubs where the company was previously a tenant) and freehold pub openings, the split was 66.3%/33.7%. As at 25 July 2021, the net book value of the property, plant and equipment of the company was GBP1.4 billion, including GBP1.1 billion of freehold and long-leasehold property. The properties have not been revalued since 1999.

Taxation

The current corporation tax credit for the year is GBP0.4m (2020: a GBP2.6m credit). The rate of corporation tax recovered on current year losses is 0.2%. The 'accounting' tax credit, which appears in the income statement, is GBP20.7m (2020: GBP6.2m).

The accounting tax credit comprises two parts: the actual current tax credit (the 'cash' tax) and the deferred tax credit (the 'accounting' tax). The tax losses arising in the financial year will be carried forward for use against profits in future years, meaning that the cash tax benefit will be received in future years. Therefore, a 'deferred tax' benefit is created which will reverse in future years when the cash tax benefit of the losses is realised.

The company is seeking a refund of excise duty from HMRC, totalling GBP524k, in relation to goods sent to the Republic of Ireland, when Wetherspoon pubs first opened in that country. The company has been charged excise duty on the same goods twice, as they were purchased in the UK, and excise duty was paid in full. Irish excise duty was then paid in addition.

Owing to a paperwork error, in the early days of our business in the Republic, which the company has sought to rectify, it has been unable to reclaim this duty, even though it is transparently clear that the duty has been paid. We believe this is a draconian and unfair outcome, and that companies trying to set up businesses abroad, already a difficult process, should receive a greater level of cooperation.

Scotland Business Rates

Business rates are supposed to be based on the value of the building, rather than the level of trade of the tenant. This should mean that the rateable value per square foot is approximately the same for comparable pubs in similar locations. However, as a result of the valuation approach adopted by the government "Assessor" in Scotland, Wetherspoon often pays far higher rates per square foot than its competitors.

This is highlighted (in the tables below) by assessments for the Omni Centre, a modern leisure complex in central Edinburgh, where Wetherspoon has been assessed at more than double the rate per square foot of the average of its competitors, and for The Centre in Livingston (West Lothian), a modern shopping centre, where a similar anomaly applies.

As a result of applying valuation practice from another era, which assumed that pubs charged approximately the same prices, the raison d'être of the rating system - that rates are based on property values, not the tenants trade- has been undermined

 
 Omni Centre, Edinburgh 
 Occupier Name         Rateable Value (RV)   Customer Area (ft(2))   Rates per square foot 
                      --------------------  ----------------------  ---------------------- 
 Playfair (JDW)        GBP218,750            2,756                   GBP79.37 
                      --------------------  ----------------------  ---------------------- 
 Unit 9 (vacant)       GBP48,900             1,053                   GBP46.44 
                      --------------------  ----------------------  ---------------------- 
 Unit 7 (vacant)       GBP81,800             2,283                   GBP35.83 
                      --------------------  ----------------------  ---------------------- 
 Frankie & Benny's     GBP119,500            2,731                   GBP43.76 
                      --------------------  ----------------------  ---------------------- 
 Nando's               GBP122,750            2,804                   GBP43.78 
                      --------------------  ----------------------  ---------------------- 
 Slug & Lettuce        GBP108,750            3,197                   GBP34.02 
                      --------------------  ----------------------  ---------------------- 
 The Filling Station   GBP147,750            3,375                   GBP43.78 
                      --------------------  ----------------------  ---------------------- 
 Tony Macaroni         GBP125,000            3,427                   GBP36.48 
                      --------------------  ----------------------  ---------------------- 
 Unit 6 (vacant)       GBP141,750            3,956                   GBP35.83 
                      --------------------  ----------------------  ---------------------- 
 Cosmo                 GBP200,000            7,395                   GBP27.05 
                      --------------------  ----------------------  ---------------------- 
 Average (exc JDW)     GBP121,800            3,358                   GBP38.55 
                      --------------------  ----------------------  ---------------------- 
 
 
 The Centre, Livingston 
 Pub Name                 Rateable Value (RV)   Customer Area (ft(2))   Rates per square foot 
                         --------------------  ----------------------  ---------------------- 
 The Newyearfield (JDW)   GBP165,750            4,090                   GBP40.53 
                         --------------------  ----------------------  ---------------------- 
 Paraffin Lamp            GBP52,200             2,077                   GBP25.13 
                         --------------------  ----------------------  ---------------------- 
 Wagamama                 GBP67,600             2,096                   GBP32.25 
                         --------------------  ----------------------  ---------------------- 
 Nando's                  GBP80,700             2,196                   GBP36.75 
                         --------------------  ----------------------  ---------------------- 
 Chiquito                 GBP68,500             2,221                   GBP30.84 
                         --------------------  ----------------------  ---------------------- 
 Ask Italian              GBP69,600             2,254                   GBP30.88 
                         --------------------  ----------------------  ---------------------- 
 Pizza Express            GBP68,100             2,325                   GBP29.29 
                         --------------------  ----------------------  ---------------------- 
 Prezzo                   GBP70,600             2,413                   GBP29.26 
                         --------------------  ----------------------  ---------------------- 
 Harvester                GBP98,600             3,171                   GBP31.09 
                         --------------------  ----------------------  ---------------------- 
 Pizza Hut                GBP111,000            3,796                   GBP29.24 
                         --------------------  ----------------------  ---------------------- 
 Hot Flame                GBP136,500            4,661                   GBP29.29 
                         --------------------  ----------------------  ---------------------- 
 Average (exc JDW)        GBP82,340             2,721                   GBP30.40 
                         --------------------  ----------------------  ---------------------- 
 

Similar issues are evident in Galashiels, Arbroath, Wick, Anniesland - and indeed most Wetherspoon pubs in Scotland. In effect, the application of the rating system in Scotland discriminates against businesses like Wetherspoon, which have lower prices, and encourages businesses to charge higher prices. As a result, consumers are likely to pay higher prices, which cannot be the intent of rating legislation.

VAT equality

As we have previously stated, the government would generate more revenue and jobs if it were to create tax equality among supermarkets, pubs and restaurants. Supermarkets pay virtually no VAT in respect of food sales, whereas pubs pay 20%. This has enabled supermarkets to subsidise the price of alcoholic drinks, widening the price gap, to the detriment of pubs and restaurants.

Pubs also pay around 20 pence a pint in business rates, whereas supermarkets pay only about 2 pence, creating further inequality.

Pubs have lost 50% of their beer sales to supermarkets in the last 35 or so years. It makes no sense for supermarkets to be treated more leniently than pubs, since pubs generate far more jobs per pint or meal than do supermarkets, as well as far higher levels of tax. Pubs also make an important contribution to the social life of many communities and have better visibility and control of those who consume alcoholic drinks.

Tax equality is particularly important for residents of less affluent areas, since the tax differential is more important there - people can less afford to pay the difference in prices between the on and off trade.

As a result, in these less affluent areas, there are often fewer pubs, coffee shops and restaurants, with less employment and increased high-street dereliction.

Tax equality would also be in line with the principle of fairness in applying taxes to different businesses.

In July 2020, the chancellor, Rishi Sunak, announced a temporary reduction in VAT to 5% in respect of food and non-alcoholic drinks sales. As a result, the company lowered its pricing on a wide range of products, including food, soft drinks and real ale. If the chancellor decides to make these VAT reductions permanent, the company intends to retain lower prices indefinitely.

How pubs contribute to the economy

Wetherspoon and other pub and restaurant companies have always generated far more in taxes than are earned in profits. Wetherspoon generated total taxes in FY19, before the pandemic, of GBP763.6m. This equated to one pound in every thousand of UK government revenue.

In FY21, mainly as a result of the lockdown, total taxes paid to the government declined from the 2019 level of GBP763.6m to GBP37.0m, net of furlough payments - yet the company made a positive contribution to the Treasury, even in these dire circumstances.

The table below shows the tax revenue generated by the company, its staff and customers in the last 10 years. Each pub, on average, generated GBP6.3m in tax during that period:

 
                     2021     2020     2019    2018    2017    2016    2015    2014    2013    2012    TOTAL 
                                                                                                        2012 
                                                                                                        to 2021 
                     GBPm     GBPm     GBPm    GBPm    GBPm    GBPm    GBPm    GBPm    GBPm    GBPm    GBPm 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 VAT                 93.8     244.3    357.9   332.8   323.4   311.7   294.4   275.1   253.0   241.2   2,727.6 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Alcohol 
  duty               70.6     124.2    174.4   175.9   167.2   164.4   161.4   157.0   144.4   136.8   1,476.3 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 PAYE and 
  NIC                101.5    106.6    121.4   109.2   96.2    95.1    84.8    78.4    70.2    67.1    930.5 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Business 
  rates              1.5      39.5     57.3    55.6    53.0    50.2    48.7    44.9    46.4    43.9    441.0 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Corporation 
  tax                -        21.5     19.9    26.1    20.7    19.9    15.3    18.4    18.4    18.2    178.4 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Corporation 
  tax credit 
  (historic 
  capital 
  allowances)        -        -        -       -       -       -       -2.0    -       -       -       -2.0 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Fruit/slot 
  Machine 
  duty               4.3      9.0      11.6    10.5    10.5    11      11.2    11.3    7.2     3.3     89.9 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Climate 
  change levies      7.9      10.0     9.6     9.2     9.7     8.7     6.4     6.3     4.3     1.9     74.0 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Stamp duty          1.8      4.9      3.7     1.2     5.1     2.6     1.8     2.1     1.0     0.8     25.0 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Sugar tax           1.3      2.0      2.9     0.8     -       -       -       -       -       -       7.0 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Fuel duty           1.1      1.7      2.2     2.1     2.1     2.1     2.9     2.1     2.0     1.9     20.2 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Carbon tax          -        -        1.9     3.0     3.4     3.6     3.7     2.7     2.6     2.4     23.3 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Premise 
  licence 
  and TV licences    0.5      1.1      0.8     0.7     0.8     0.8     1.6     0.7     0.7     0.5     8.2 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Landfill 
  tax                -        -        -       1.7     2.5     2.2     2.2     1.5     1.3     1.3     12.7 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Furlough 
  Tax 
  Rebate             -213.0   -124.1   -       -       -       -       -       -       -       -       -337.1 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Eat out 
  to help 
  out                -23.2    -        -       -       -       -       -       -       -       -       -23.2 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 Local Government 
  Grants             -11.1    -        -       -       -       -       -       -       -       -       -11.1 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 TOTAL TAX           37.0     440.7    763.6   728.8   694.6   672.3   632.4   600.5   551.5   519.3   5.6bn 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 TAX PER 
  PUB (GBP000)       43       533      871     825     768     705     673     662     632     617     6.3m 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 TAX AS % 
  OF NET SALES       4.8%     34.9%    42.0%   43.0%   41.8%   42.1%   41.8%   42.6%   43.1%   43.4%   39.7% 
                    -------  -------  ------  ------  ------  ------  ------  ------  ------  ------  --------- 
 

Note - this table is prepared on a cash basis.

Worker Directors

Almost all thoughtful investors and commentators understand that it is important to retain the architecture and culture of successful businesses, characteristics which have usually been developed over many years - and are often referred to as the "DNA" of a company.

Unfortunately, the UK corporate governance system, in practice, has little regard for DNA, which is often diluted, or even destroyed, by frequent changes of directors, and by under-representation of executives and workers.

As Wetherspoon has previously argued, the pattern of a low level of executive representation and non-executives who stay, on average, for short tenures, is bound to have a deleterious effect on DNA.

In the pub industry, in recent decades, companies like Fuller's and Young's, which have generally had "non-compliant" boards, have fared far better than their larger PLC brethren- many of which have disappeared- with their ever-changing rota of directors.

This issue becomes particularly acute as long-serving directors, in any company, approach or pass retirement age.

If the nine-year maximum tenure rule, the basis of corporate governance lore, were to be strictly applied at Wetherspoon, the chairman and two of four non-executives, would be immediately replaced by "independents", destabilising the company and jeopardising DNA.

Wetherspoon has sought to counteract the negative effects of corporate governance by encouraging long-serving directors, and is planning the promotion of a number of "worker directors", who are experienced pub or area managers, to board positions.

It is hoped that the creation of more experience of the 'front line' at board level will help to protect the DNA of the business for future generations.

For a number of years, the Wetherspoon annual report has included a critique of corporate governance rules which, as indicated above, the company feels are often irrational and counter-productive. This critique, summarised in the 2019 annual report, has been reproduced in appendix 2.

Further progress

As always, the company has tried to improve as many areas of the business as possible, on a week-to-week basis, rather than aiming for 'big ideas' or grand strategies.

Frequent calls on pubs by senior executives, the encouragement of criticism from pub staff and customers and the involvement of pub and area managers, among others, in weekly decisions, are the keys to success.

Wetherspoon paid GBP22.8m in respect of bonuses and free shares to employees in the year, of which 99.6% was paid to staff below board level and 89.8% was paid to staff working in our pubs.

As previously reported, the company was recognised as a Top Employer UK, in 2020, by The Top Employers Institute, for the 17th consecutive year.

Wetherspoon has been the biggest corporate sponsor of 'Young Lives vs Cancer' (previously CLIC Sargent), having raised a total of GBP18.8m since 2002. During the pandemic, our contributions have been reduced, but great efforts are being made to increase our level of support in the current financial year.

Bonuses and Free Shares

As indicated above, Wetherspoon has, for many years (see table below), operated a bonus and share scheme for all employees. Before the pandemic, these awards increased, as earnings increased for shareholders.

 
 Financial year    Bonus and free shares   (Loss)/Profit after tax(1)   Bonus and free shares as % of profits 
                   GBPm                    GBPm 
----------------  ----------------------  ---------------------------  -------------------------------------- 
 2006              17                      40                           41% 
 2007              19                      47                           41% 
 2008              16                      36                           45% 
 2009              21                      45                           45% 
 2010              23                      51                           44% 
 2011              23                      52                           43% 
 2012              24                      57                           42% 
 2013              29                      65                           44% 
 2014              29                      59                           50% 
 2015              31                      57                           53% 
 2016              33                      57                           58% 
 2017              44                      77                           57% 
 2018              43                      84                           51% 
 2019              46                      80                           58% 
 2020              33                      (30)                         - 
 2021              23                      (136)                        - 
 Total             454                     641                          49.3%(2) 
----------------  ----------------------  ---------------------------  -------------------------------------- 
 

(1) (Loss)/Profit is Pre-IFRS16 and before exceptional items

(2) Excludes 2020 and 2021

Length of Service

The attraction and retention of talented pub and kitchen managers is important for any hospitality business. As the table below demonstrates, the retention of managers has improved, even during the pandemic.

 
              Average pub       Average kitchen 
 Financial     manager length    manager length 
  year         of service        of service 
              (Years)           (Years) 
-----------  ----------------  ---------------- 
 2012         9.0               5.1 
 2013         9.1               6.0 
 2014         10.0              6.1 
 2015         10.1              6.1 
 2016         11.0              7.1 
 2017         11.1              8.0 
 2018         12.0              8.1 
 2019         12.2              8.1 
 2020         12.9              9.1 
 2021         13.6              9.6 
 

Food Hygiene Ratings

Wetherspoon has always emphasised the importance of hygiene standards.

We now have 787 pubs rated on the Food Standards Agency's website (see table below). The average score is 4.97, with 98.4% of the pubs achieving a top rating of five stars. We believe this to be the highest average rating for any substantial pub company.

In the separate Scottish scheme, which records either a 'pass' or a 'fail', all of our 61 pubs have passed.

 
                                       Pubs with 
                                        highest 
 Financial    Total          Average    Rating 
  Year         Pubs Scored    Rating    % 
-----------  -------------  --------  ---------- 
 2012         647            4.72      - 
 2013         771            4.85      87.0 
 2014         824            4.91      92.0 
 2015         858            4.93      94.1 
 2016         836            4.89      91.7 
 2017         818            4.89      91.8 
 2018         807            4.97      97.3 
 2019         799            4.97      97.4 
 2020         781            4.96      97.0 
 2021         787            4.97      98.4 
 

ESG matters

It is in the company's interest to run an ethical and sustainable business. Initiatives that have been undertaken include:

n the replacement of plastic straws with 100% biodegradable and 100% recyclable paper straws and wrappers.

n the availability of complimentary water fountains in all pubs, as part of the nationwide 'Refill' scheme.

n the conversion of used cooking oil to biodiesel for agricultural use.

n the cessation of single-use portion pots in the kitchens.

n the cessation of the use of cling film in pubs.

n the segregation of waste into seven recycling streams including glass, tin/cans, cooking oil, paper/cardboard, plastic, lightbulbs and general waste. Any remaining non-recyclable waste is sent to waste-to-energy power plants which reduce CO2 and the use of fossil fuels. No waste is sent to landfill.

n the inclusion of calories on menus. For many years, Wetherspoon has included the number of calories for each item on its menu. In recent years, the number of units of alcohol has also been included . In these cases, Wetherspoon may have been the first substantial company to take the initiative, before any legislative requirement.

n the introduction of customer allergen screens in most pubs and detailed allergen information on the company's website.

n the introduction of 'Good Food Talks', so that visually impaired customers can listen to the menu through a fully accessible website and iOS mobile app.

n the introduction of guaranteed-hours contracts, which apply to 96% of hourly paid staff - a small percentage of employees prefer flexible contracts, with no minimum hours, and they are entitled to receive exactly the same benefits as those on a guaranteed-hours contract.

n the establishment of three network groups to support employees at all levels:

-- Women

-- LGBTQIA+

-- Race and ethnic diversity

n the establishment of an apprenticeship programme which offers 10 different qualifications.

n a complementary meal and a drink for employees working a shift of four hours or longer.

n a staff discount for all employees, which may be used on and off duty, in our pubs and hotels.

n a reduction of 47% in greenhouse gas emissions, adjusted for sales, between 2014 and 2019, confirmed by energy consultants ISTA. Initiatives include the installation of Cheetah energy management systems, which reduce energy consumption in kitchen ventilation, LED lighting and other measures.

n from October 2022, all electricity supplied to Wetherspoon pubs in the UK being generated from 100% renewable sources.

n membership of Zero Carbon Forum, a non-profit making organisation, which is helping the hospitality industry in compliance matters and in implementing a plan to achieve net zero carbon emissions.

n investment in the restoration of old buildings- an area in which the company has won many design awards. There have been awards in recent years for The Caley Picture House in Edinburgh, The Royal Victoria Pavilion in Ramsgate, The Iron Duke in Wellington (Somerset), The Greenwood Hotel in Northolt, The Velvet Coaster in Blackpool and The Old Swanne Inne in Evesham. Apart from these examples, there have been a large number of design awards in earlier years.

Property litigation

As previously reported, Wetherspoon agreed on an out-of-court settlement with developer Anthony Lyons, formerly of property leisure agent Davis Coffer Lyons, in 2013 and received approximately GBP1.25m from Mr Lyons.

The payment relates to litigation in which Wetherspoon claimed that Mr Lyons had been an accessory to frauds committed by Wetherspoon's former retained agent Van de Berg and its directors Christian Braun, George Aldridge and Richard Harvey. Mr Lyons denied the claim - and the litigation was contested.

The claim related to properties in Portsmouth, Leytonstone and Newbury. The Portsmouth property was involved in the 2008/9 Van de Berg case itself.

In that case, Mr Justice Peter Smith found that Van de Berg, but not Mr Lyons (who was not a party to the case), fraudulently diverted the freehold from Wetherspoon to Moorstown Properties Limited, a company owned by Simon Conway. Moorstown leased the premises to Wetherspoon. Wetherspoon is still a leaseholder of this property - a pub called The Isambard Kingdom Brunel.

The properties in Leytonstone and Newbury (the other properties in the case against Mr Lyons) were not pleaded in the 2008/9 Van de Berg case. Leytonstone was leased to Wetherspoon and trades today as The Walnut Tree public house. Newbury was leased to Pelican plc and became Café Rouge.

As we have also reported, the company agreed to settle its final claim in this series of cases and accepted GBP400,000 from property investor Jason Harris, formerly of First London and now of First Urban Group. Wetherspoon alleged that Harris was an accessory to frauds committed by Van de Berg. Harris contested the claim and has not admitted liability.

Before the conclusion of the above cases, Wetherspoon also agreed on a settlement with Paul Ferrari of London estate agent Ferrari Dewe & Co, in respect of properties referred to as the 'Ferrari Five' by Mr Justice Peter Smith.

Press corrections

Wetherspoon has been the subject of a number of inaccurate media stories on a variety of different subjects. After complaining to the organisations concerned, the company obtained corrections and/or apologies from a number of publications, including:

   Daily Express                       The Daily Telegraph 
   Daily Mail                              The Guardian 
   Daily Mirror                           The Independent 
   Daily Star                              The Times 
   Sky News                              Forbes 

The company has published a special edition of Wetherspoon News which includes details of the apologies and corrections which can be found on the Company's website ( https://www.jdwetherspoon.com//media/files/pdf-documents/wetherspoon-news/does-truth-matter_.pdf ).

Current trading and outlook

Like-for-like sales in the first nine weeks of the current financial year were 8.7% lower than the same weeks in August and September 2019, before the pandemic started. In the last four weeks of the period, like-for-like sales were minus 6.4%.

Excluding airport pubs, where like-for-like sales declined by 47.3%, like-for-like sales declined by 7.1% in the first nine weeks, and by 4.9% in the last four.

Total employee numbers averaged 39,025 in the financial year, which increased to 42,003 for the week ending 20 September 2021.

On average, Wetherspoon has received a reasonable number of applications for vacancies, as indicated by the increase in employee numbers, but some areas of the country, especially "staycation" areas in the West Country and elsewhere, have found it hard to attract staff.

During the pandemic, the pressure on pub managers and staff has been particularly acute, with a number of nationwide and regional pub closures and reopenings, often with very little warning, each of which resulted in different regulations.

In the last year, the country moved, in succession, from lockdown, to 'Eat Out to Help Out', to curfews, to firebreaks, to pints with a substantial meal only, to different tier systems and to further lockdowns.

Pub management teams, and indeed the entire hospitality industry, had an almost impossible burden in trying to communicate often conflicting and arbitrary rules to customers.

One of the most surprising statistics has been the apparent low level of transmission of the virus in pubs.

For example, in more than 50 million customer visits, recorded in the second half of 2020, before the introduction of vaccines, Wetherspoon had zero outbreaks of the virus, as defined by the health authorities, among customers.

Yet there has clearly been a high level of transmission in some other environments, including private parties, weddings, production facilities, university halls of residence and homes.

Pubs have been at the forefront of business closures during the pandemic, at great cost to the industry - but at even greater cost to the Treasury.

In spite of these obstacles, Wetherspoon is cautiously optimistic about the outcome for the financial year, on the basis that there is no further resort to lockdowns or onerous restrictions.

The biggest threat to the pub industry, and also, inter alia, to restaurants, theatres, cinemas, airlines and travel companies, relates to the precedent set by the government for the use of lockdowns and draconian restrictions, imposed under emergency powers. This threat, which is also a threat to civil society and democracy, has been regularly articulated by many commentators, including the former Supreme Court judge Lord Sumption (please see appendix 3 below).

   Appendix 1 - Unaudited   primary financial statements (pre-IFRS16 accounting) 

The following unaudited financial statements are included to aid understanding.

Pre-IFRS16 income statement (before exceptional items):

 
                             52 weeks      52 weeks 
                                ended         ended 
                              25 July       26 July 
                                 2021          2020 
                               GBP000        GBP000 
-------------------------  ----------  ------------ 
 Revenue                      772,555     1,262,048 
 Operating costs            (877,645)   (1,254,896) 
-------------------------  ----------  ------------ 
 Operating (loss)/profit    (105,090)         7,152 
 Property (losses)/gains      (2,323)         (641) 
 Finance income                   188           161 
 Finance costs               (47,451)      (40,767) 
-------------------------  ----------  ------------ 
 Loss before tax            (154,676)      (34,095) 
 Income tax credit             19,149         4,158 
-------------------------  ----------  ------------ 
 Loss for the period        (135,527)      (29,937) 
 

Pre-IFRS16 income statement reconciliation (before exceptional items):

 
                                52 weeks   52 weeks 
                                   ended      ended 
                                 25 July    26 July 
                                    2021       2020 
                                  GBP000     GBP000 
----------------------------  ----------  --------- 
 Loss for the period 
  before IFRS16                (135,527)   (29,937) 
 Operating costs                  49,582     58,503 
 Amortisation and 
  Depreciation 
 
        *    ROU Assets         (44,936)   (49,059) 
 
        *    Lease Premiums           86        368 
 Disposal of leases                2,200      1,125 
 Finance income                      407        451 
 Finance costs                  (19,829)   (21,980) 
 Income tax credit                 1,546      2,012 
----------------------------  ----------  --------- 
 Loss for the period           (146,471)   (38,517) 
----------------------------  ----------  --------- 
 

Pre-IFRS16 cash flow statement:

 
                         52 weeks    52 weeks 
                            ended       ended 
                          25 July     26 July 
                             2021        2020 
                           GBP000      GBP000 
---------------------  ----------  ---------- 
 Net cash flows 
  from operating 
  activities             (52,854)     (2,108) 
 Net cash flow 
  from investing 
  activites              (57,726)   (188,361) 
 Net cash flow 
  from financing 
  activities             (18,463)     321,970 
 Net change in 
  cash and cash 
  equivalents           (129,043)     131,501 
 Opening cash and 
  cash equivalents        174,451      42,950 
 Closing cash and 
  cash equivalents         45,408     174,451 
 Free cash flow          (83,284)    (58,852) 
 Free cash flow 
  per ordinary share 
  (p)                      (67.8)      (54.2) 
 

Pre-IFRS16 balance sheet:

 
                                   As at         As at 
                                 25 July       26 July 
                                    2021          2020 
                                  GBP000        GBP000 
--------------------------  ------------  ------------ 
 Non-current assets 
 Property, plant 
  and equipment                1,420,515     1,439,467 
 Intangible assets                 5,358         8,895 
 Investment property              10,533        11,527 
 Other non-current 
  assets                           7,434         7,520 
 Deferred tax assets                   -             - 
--------------------------  ------------  ------------ 
 Total non-current 
  assets                       1,443,840     1,467,409 
--------------------------  ------------  ------------ 
 
 Current assets 
 Inventories                      26,853        23,095 
 Receivables                      34,477        36,387 
 Current income 
  tax receivables                      -         7,672 
 Cash and cash 
  equivalents                     45,408       174,451 
--------------------------  ------------  ------------ 
 Total current 
  assets                         106,738       241,605 
--------------------------  ------------  ------------ 
 Total assets                  1,550,578     1,709,014 
--------------------------  ------------  ------------ 
 
 Current liabilities 
 Borrowings                      (7,610)       (7,610) 
 Trade and other 
  payables                     (287,758)     (267,677) 
 Current income                  (1,454)             - 
  tax liabilities 
 Provisions                      (4,725)       (4,759) 
--------------------------  ------------  ------------ 
 Total current 
  liabilities                  (301,547)     (280,046) 
--------------------------  ------------  ------------ 
 
 Non-current liabilities 
 Borrowings                    (883,272)     (983,828) 
 Derivative financial 
  instruments                   (37,643)      (82,194) 
 Deferred tax liabilities       (16,546)      (26,521) 
 Provisions                      (1,488)       (1,488) 
 Other liabilities               (9,738)       (9,738) 
--------------------------  ------------  ------------ 
 Total non-current 
  liabilities                  (948,687)   (1,103,769) 
--------------------------  ------------  ------------ 
 Total liabilities           (1,250,244)   (1,383,815) 
--------------------------  ------------  ------------ 
 Net assets                      300,344       325,199 
--------------------------  ------------  ------------ 
 
 Shareholders' 
  equity 
 Share capital                     2,575         2,408 
 Share premium 
  account                        143,294       143,294 
 Capital redemption 
  reserve                          2,337         2,337 
 Other reserve                   234,579       141,002 
 Hedging reserve                (15,403)      (66,577) 
 Currency translation 
  reserve                          1,851         7,089 
 Retained earnings              (68,889)        95,646 
--------------------------  ------------  ------------ 
 Total shareholders' 
  equity                         300,344       325,199 
--------------------------  ------------  ------------ 
 
   Appendix 2 -   Corporate Governance, Extract from J D Wetherspoon Annual Report 2019 

The underlying ethos of corporate governance is to comply with the guidelines or to explain why you do not.

The original creators of the rules must have realised that business success takes many forms, so a rigid structure, applicable to all companies cannot be devised - hence the requirement to explain non-compliance.

Wetherspoon has always explained its approach. For example, in 2016, our approach to corporate governance was summed up in the annual report as follows:

"..I have said that many aspects of current corporate governance advice, as laid out in the Combined Code, are deeply flawed..."

I then went on to say:

"I believe that the following propositions represent the views of sensible shareholders:

The Code itself is faulty, since it places excessive emphasis on meetings between directors and shareholders and places almost no emphasis on directors taking account of the views of customers and employees which are far more important, in practice, to the future well-being of any company. For example, in the UK Corporate Governance Code (September 2014), there are 64 references to shareholders, but only three to employees and none to customers - this emphasis is clearly mistaken.

n The average institutional shareholder turns over his portfolio twice annually, so it is advisable for directors to be wary of the often perverse views of 'Mr Market' (in the words of Benjamin Graham), certainly in respect of very short-term shareholders.

n A major indictment of the governance industry is that modern annual reports are far too long and often

unreadable. They are full of semiliterate business jargon, including accounting jargon and are cluttered with badly written and incomprehensible governance reports.

n It would be very helpful for companies, shareholders and the public, if the limitations of corporate governance systems were explicitly recognised. Common sense, management skills and business savvy are more important to commercial success than board structures. All of the major banks and many supermarket and pub companies have suffered colossal business and financial problems, in spite of, or perhaps because of, their adherence to inadvisable governance guidelines.

n There should be an approximately equal balance between executives and non-executives. A majority of executives is not necessarily harmful, provided that non-executives are able to make their voices heard.

n It is often better if a chairman has previously been the chief executive of the company. This encourages chief executives, who may wish to become a chairman in future, to take a long-term view, avoiding problems of profit-maximisation policies in the years running up to the departure of a chief executive.

n A maximum tenure of nine years for non-executive directors is not advisable, since inexperienced boards, unfamiliar with the effects of the 'last recession' on their companies, are likely to reduce financial stability.

n An excessive focus on achieving financial or other targets for executives can be counter-productive. There's no evidence that the type of targets preferred by corporate governance guidelines actually works and there is considerable evidence that attempting to reach ambitious financial targets is harmful.

n As indicated above, it is far more important for directors to take account of the views of employees

and customers than of the views of institutional shareholders. Shareholders should be listened to with respect, but caution should be exercised in implementing the views of short-term shareholders. It should also be understood that modern institutional shareholders may have a serious conflict of interest, as they are often concerned with

their own quarterly portfolio performance, whereas corporate health often requires objectives which liefive, 10 or 20 years in the future. "

I also quoted Sam Walton of Walmart in the 2014 annual report. He said:

"What's really worried me over the years is not our stock price, but that we might someday fail to take care of our customers or that our managers might fail to motivate and take care of our (employees)....Those challenges are more real than somebody's theory that we're heading down the wrong path....As business leaders, we absolutely cannot afford to get all caught up in trying to meet the goals that some ... institution ... sets for us. If we do that, we take our eye off the ball.... If we fail to live up to somebody's hypothetical projection for what we

should be doing, I don't care. We couldn't care less about what is forecast or what the market says we ought to do. "

It is, therefore, very disappointing that one large institutional shareholder does not appear, by its actions, to support the central tenet of our stance on the issue of governance, which is that experience is extremely important and that the so-called 'nine-year rule' is perverse and counterproductive.

This shareholder failed to support the re-election of two of our non-executive directors at last year's AGM. I arranged a meeting for all of our main institutional shareholders in April 2019, to further explain our position, which the shareholder in question failed to attend. I then arranged a further meeting with the shareholder at their offices

in May 2019.

Following the meeting there was no confirmation that the shareholder would support the re-election of our long-serving non-executive directors. As a result, three of our four non-executives, in the best interests of the Company, offered to leave, on a rotational basis.

The Company contacted all of its main shareholders to inform them of this proposal. The shareholder in question agreed. However, a number of other shareholders expressed their discontent with the proposed resignations.

The executive board and I strongly feel that these sorts of board changes disrupt and weaken the Company. I wrote to the shareholder on

9 September 2019 to ask them to reconsider their position, but have not received a reply.

Wetherspoon has had harmonious relationships with almost all of its shareholders over many years and has complied with the corporate governance requirement for explanation. Judging from the absence of any adverse comment, our approach has generally been accepted by investors.

Appendix 3 - Tyranny of the Covid experts: finger-wagging SAGE scientist Jeremy Farrar penned a book about how he's the only person Boris Johnson should ever have listened to, Jonathan Sumption, The Mail on Sunday, 31 July 2021

Professor Sir Jeremy Farrar is a distinguished epidemiologist, a member of the Sage scientific committee, the director of the Wellcome Trust health research charity and an influential government adviser. He is also the most hawkish of lockdown hawks, and he has written a book with journalist Anjana Ahuja, called Spike. It is a revealing read.

Spike is basically about Farrar himself: how he saw it all coming, how he personally forced the Chinese government to release the genetic sequence of the Covid-19 virus that allowed scientists to develop a vaccine, how he warned the world of imminent doom, how the Government could have saved lives by treasuring his words more, and how he risked assassination by the Chinese ('If anything happens to me, this is what you need to know', he told friends).

The talk is all of wars, battle plans, and people heading for precipices. All this is a bit melodramatic and self-obsessed for my taste. but Farrar is a distinguished scientist who means well. He is terrifyingly sincere and really does have the interest of mankind at heart. Therein lies the problem.

There are few more obsessive fanatics than the technocrat who is convinced that he is reordering an imperfect world for its own good.

If Spike is largely about its author, it also tells us much about those who have been in charge of our lives through Covid-19.

Farrar represents most of what has gone wrong. His main target is the British Government. But he actually agrees with nearly everything they have done.

Farrar's complaint is that they did not do it quickly or brutally enough when he suggested it, and stopped doing it before he gave them the all-clear.

His views about how governments should deal with public health crises are broadly the same as those of Dominic Cummings. Both men are frustrated autocrats who believed that from Day One we needed 'a command-and-control structure'. He speaks well of Chinese methods of disease control.

'Panic was called for,' in March 2020, he says at one point. At another, he tells us that at a time when governments were panicking all over Europe, there was not enough panic in Britain.

This is all very odd. It does not seem to have occurred to Farrar that the jerky, ill-considered and inconsistent improvisations that passed for policy-making in the Johnson Government, and which he rightly criticises, were the direct result of the panic that he recommends.

The great object is of course to ensure that 'the science' is applied. No ifs, no buts and no delay. In Farrar's world, this is easy as there is only one science, namely his own.

He is convinced he's right and the Government should listen to no one else. Challenge from other scientists is normally regarded as fundamental to scientific advance. But for Farrar disagreement is a 'hurdle'. It just gets in his way.

So, serious scientists such as Professors Carl Heneghan, Karol Sikora and Sunetra Gupta, who have had the temerity to offer opinions differing from his own, are dismissed as being 'responsible for a number of unnecessary deaths', although Farrar has had a great deal of influence on Government policy and they have had almost none.

This kind of attitude to colleagues is, frankly, unworthy of a scientist of Sir Jeremy's eminence.

Anders Tegnell, the Swedish state epidemiologist, is dismissed in a brief footnote, although Sweden is a standing repudiation of much that Farrar stands for. Sweden has avoided a lockdown, yet has done much better than the UK.

Like many technocrats, Farrar believes in coercion. Otherwise, people might not do what he wants. 'You cannot tell people to stay at home only if they feel like it,' he says.

This is an obtuse misunderstanding of the argument against coercion. The point is that people differ widely in their vulnerability to Covid-19. It causes serious illness among the old and those with severe underlying conditions, but the symptoms are mild for nearly everyone else.

We therefore have to be able to make our own risk assessments. It is simply untrue that the vulnerable would ignore advice 'if they felt like it'. People have a basic sense of self-preservation.

This was Sage's consistent advice right up to the first lockdown. Farrar denies it, but the record speaks for itself.

On March 10 and 13, the minutes record that Sage advised guidance on isolation, selectively directed to the old and vulnerable.

On March 13, they said that the public should be treated as 'rational actors, capable of taking decisions for themselves and managing personal risk.' Farrar participated in both meetings.

Of course, selective coercion would be impractical, as he points out. But universal coercion is pointless, inefficient and wasteful.

It treats people as if all were vulnerable, when only some are. Instead of spending several times the cost of the NHS on paying young, healthy people who were at negligible risk not to work, we should have been pouring resources into protecting the vulnerable.

Interestingly, Farrar accepts that lockdowns only push infections and associated deaths into a future period after they are lifted.

He also appears to accept it would have been intolerable to lock down the whole population until a vaccine was developed and everyone had received it, which would have taken at least 18 months and possibly never happen.

His preferred course seems to be a series of lockdowns starting each time that we look like approaching the intensive care capacity of the NHS. In other words, very much what we have had. However, Farrar has wagged his finger every time that restriction has been lifted.

In theory, we can switch lockdown on and off like a malfunctioning internet router, but in practice it seems that the time is never ripe. We only have to look around us to see that lockdowns have failed to halt the virus, either here or anywhere else in the world. The problem is in the concept, not the application.

This brings me to the most remarkable feature of this book, which is Farrar's brushing aside of the appalling collateral consequences of lockdowns: other illnesses which go untreated such as cancer or accelerate like dementia, impacts on education, equality and public debt, not to speak of the worst recession in 300 years.

Farrar regards all this as a regrettable but unavoidable result of desirable measures, and not as reasons for questioning whether they were ever desirable in the first place.

In keeping with this blinkered approach, he refers to the collateral disasters as consequences of Covid-19. They are not. They are manmade consequences of the policy responses he has been advocating.

I shall resist the temptation to apply to him the criticism he gratuitously and unfairly applied to Messrs Sikora, Heneghan and Gupta.

Entirely missing from Farrar's worldview is any conception of the complexity of the moral judgments involved. Of course public health matters, but it is not all that matters.

Interaction with other human beings is a fundamental human need. Criminalising it is a sustained assault on our humanity. Doing so without assessing the wider consequences is irresponsible folly.

Sir Jeremy Farrar adopts the current habit of using 'libertarian' as a word of abuse.

But I am proud to be a libertarian. Personal autonomy is a basic condition of human happiness and creativity. I am a libertarian because the opposite of liberty is despotism.

INCOME STATEMENT for the 52 weeks ended 25 July 2021

 
 J D Wetherspoon plc, company number: 
  1709784 
                                  52 weeks      52 weeks      52 weeks      52 weeks      52 weeks      52 weeks 
                                     ended         ended         ended         ended         ended         ended 
                                   25 July       25 July       25 July       26 July       26 July       26 July 
                                      2021          2021          2021          2020          2020          2020 
                                    Before   Exceptional         After        Before   Exceptional         After 
                               exceptional         items   exceptional   exceptional         items   exceptional 
                                     items         (note         items         items         (note         items 
                                                      4)                                        4) 
                                    GBP000        GBP000        GBP000        GBP000        GBP000        GBP000 
------------------------      ------------  ------------  ------------  ------------  ------------  ------------ 
 Revenue                   1       772,555             -       772,555     1,262,048             -     1,262,048 
 Other operating income                  -        15,541        15,541             -        15,890        15,890 
 Operating costs                 (872,913)      (24,482)     (897,395)   (1,245,084)      (29,091)   (1,274,175) 
------------------------      ------------  ------------  ------------  ------------  ------------  ------------ 
 Operating (loss)/profit   2     (100,358)       (8,941)     (109,299)        16,964      (13,201)         3,763 
 Property (losses)/gains   3         (123)       (5,839)       (5,962)           484      (47,476)      (46,992) 
 Finance income            6           595             -           595           612             -           612 
 Finance costs             6      (67,280)      (12,690)      (79,970)      (62,747)             -      (62,747) 
------------------------      ------------  ------------  ------------  ------------  ------------  ------------ 
 Loss before tax                 (167,166)      (27,470)     (194,636)      (44,687)      (60,677)     (105,364) 
 Income tax credit         7        20,695       (7,114)        13,581         6,170         1,633         7,803 
                              ------------  ------------  ------------  ------------  ------------  ------------ 
 Loss for the period             (146,471)      (34,584)     (181,055)      (38,517)      (59,044)      (97,561) 
------------------------      ------------  ------------  ------------  ------------  ------------  ------------ 
 
 Loss per ordinary 
  share (p) 
  - Basic                  8       (119.2)        (28.2)       (147.4)        (35.5)        (54.4)        (89.9) 
  - Diluted                8       (119.2)        (28.2)       (147.4)        (35.5)        (54.4)        (89.9) 
------------------------      ------------  ------------  ------------  ------------  ------------  ------------ 
 

STATEMENT OF COMPREHENSIVE INCOME for the 52 weeks ended 25 July 2021

 
                                                       Notes    52 weeks    52 weeks 
                                                                   ended       ended 
                                                                 25 July     26 July 
                                                                    2021        2020 
                                                                  GBP000      GBP000 
----------------------------------------------------  ------  ----------  ---------- 
 Items which will be reclassified subsequently 
  to profit or loss: 
 Interest-rate swaps: gain/(loss) taken to 
  other comprehensive income                                      44,551    (33,122) 
 Interest-rate swaps: gain/(loss) reclassification                11,707           - 
  to the income statement 
 Tax on items taken directly to other comprehensive 
  income                                                 7       (5,084)       7,275 
 Currency translation differences                                (3,510)       1,293 
----------------------------------------------------  ------  ----------  ---------- 
 Net (loss)/gain recognised directly in other 
  comprehensive income                                            47,664    (24,554) 
 Loss for the period                                           (181,055)    (97,561) 
----------------------------------------------------  ------  ----------  ---------- 
 Total comprehensive loss for the period                       (133,391)   (122,115) 
----------------------------------------------------  ------  ----------  ---------- 
 

CASH FLOW STATEMENT for the 52 weeks ended 25 July 2021

 
 J D Wetherspoon plc, company 
  number: 1709784 
                                      Notes               Free cash               Free cash 
                                                               flow                    flow 
                                               52 weeks    52 weeks    52 weeks    52 weeks 
                                                  ended       ended       ended       ended 
                                                25 July     25 July     26 July     26 July 
                                                   2021        2021        2020        2020 
                                                 GBP000      GBP000      GBP000      GBP000 
-----------------------------------  ------  ----------  ----------  ----------  ---------- 
 Cash flows from operating 
  activities 
 Cash generated from operations         9        25,208      25,208      75,665      75,665 
 Interest received                                  187         187          59          59 
 Interest paid                                 (48,428)    (48,428)    (29,914)    (29,914) 
 Corporation tax paid                             7,673       7,673    (10,971)    (10,971) 
 Lease interest                                (19,942)    (19,942)    (18,080)    (18,080) 
                                                                     ----------  ---------- 
 Net cash flow from operating 
  activities                                   (35,302)    (35,302)      16,759      16,759 
-----------------------------------  ------  ----------  ----------  ----------  ---------- 
 
 Cash flows from investing 
  activities 
 Reinvestment in pubs                          (19,692)    (19,692)    (43,370)    (43,370) 
 Reinvestment in business 
  and IT projects                               (2,620)     (2,620)       (926)       (926) 
 Investment in new pubs and 
  pub extensions                               (21,131)           -    (50,408)           - 
 Freehold reversions and 
  investment properties                        (16,858)           -    (98,467)           - 
 Proceeds of sale of property, 
  plant and equipment                             2,575           -       4,810           - 
                                                                     ----------  ---------- 
 Net cash flow from investing 
  activities                                   (57,726)    (22,312)   (188,361)    (44,296) 
-----------------------------------  ------  ----------  ----------  ----------  ---------- 
 
 Cash flows from financing 
  activities 
 Equity dividends paid                 11             -           -     (8,371)           - 
 Purchase of own shares for                           -           -     (6,456)           - 
  cancellation 
 Purchase of own shares for 
  share-based payments                          (7,684)     (7,684)    (11,125)    (11,125) 
 Loan issue cost                       10         (434)       (434)     (1,323)     (1,323) 
 Advances under private placement      10             -           -      98,000           - 
 (Repayment)/advances under 
  bank loans                           10     (195,000)           -     100,000           - 
 Advances under CLBILS                 10       100,033           -           -           - 
 Advances under asset-financing        10             -           -      16,152           - 
 Lease principal payments                      (17,552)    (17,552)    (18,867)    (18,867) 
 Issue of share capital                          91,523           -     137,995           - 
 Asset-financing principal 
  payments                             10       (6,901)           -     (2,902)           - 
-----------------------------------  ------  ----------  ----------  ----------  ---------- 
 Net cash flow from financing 
  activities                                   (36,015)    (25,670)     303,103    (31,315) 
-----------------------------------  ------  ----------  ----------  ----------  ---------- 
 
 Net change in cash and cash 
  equivalents                          10     (129,043)                 131,501 
-----------------------------------  ------  ----------  ----------  ----------  ---------- 
 Opening cash and cash equivalents              174,451                  42,950 
 Closing cash and cash equivalents               45,408                 174,451 
-----------------------------------  ------              ---------- 
 Free cash flow                         8                  (83,284)                (58,852) 
-----------------------------------  ------  ----------  ----------  ----------  ---------- 
 Free cash flow per ordinary 
  share                                 8                   (67.8)p                 (54.2)p 
 

Free cash flow is a measure not required by accounting standards; a definition is provided in the accounting policies.

BALANCE SHEET as at 25 July 2021

 
 J D Wetherspoon plc, company number: 
  1709784 
                                         Notes       25 July       26 July 
                                                        2021          2020 
                                                                  Restated 
                                                      GBP000        GBP000 
--------------------------------------  ------  ------------  ------------ 
 Assets 
 
 Non-current assets 
 Property, plant and equipment            13       1,423,826     1,442,778 
 Intangible assets                        12           5,358         8,895 
 Investment property                      14          10,533        11,527 
 Right-of-use assets                                 468,538       532,584 
 Deferred tax assets                       7               -             - 
 Lease assets                                          9,890        11,115 
--------------------------------------  ------ 
 Total non-current assets                          1,918,145     2,006,899 
--------------------------------------  ------  ------------  ------------ 
 
 
 Current assets 
 Lease assets                                          1,638         1,736 
 Inventories                                          26,853        23,095 
 Receivables                                          16,427        32,176 
 Current income tax receivables                        1,187        10,313 
 Cash and cash equivalents                            45,408       174,451 
 Total current assets                                 91,513       241,771 
                                                              ------------ 
 Total assets                                      2,009,658     2,248,670 
--------------------------------------  ------  ------------  ------------ 
 
 Current liabilities 
 Borrowings                                          (7,610)       (7,610) 
 Trade and other payables                          (259,791)     (255,085) 
 Provisions                                          (3,004)       (3,038) 
 Lease liabilities                                  (65,219)      (65,343) 
 Total current liabilities                         (335,624)     (331,076) 
--------------------------------------  ------  ------------  ------------ 
 
 Non-current liabilities 
 Borrowings                                        (883,272)     (983,828) 
 Derivative financial instruments                   (37,643)      (82,194) 
 Deferred tax liabilities                  7        (16,546)      (26,521) 
 Lease liabilities                                 (458,596)     (507,803) 
 Total non-current liabilities                   (1,396,057)   (1,600,346) 
--------------------------------------  ------  ------------  ------------ 
 Total liabilities                               (1,731,681)   (1,931,422) 
--------------------------------------  ------  ------------ 
 Net assets                                          277,977       317,248 
--------------------------------------  ------  ------------  ------------ 
 
 Shareholders' equity 
 
 Share capital                                         2,575         2,408 
 Share premium account                               143,294       143,294 
 Capital redemption reserve                            2,337         2,337 
 Other reserves                                      234,579       141,002 
 Hedging reserve                                    (15,403)      (66,577) 
 Currency translation reserve                          1,851         7,089 
 Retained earnings                                  (91,256)        87,695 
--------------------------------------  ------  ------------ 
 Total shareholders' equity                          277,977       317,248 
--------------------------------------  ------  ------------  ------------ 
 

STATEMENT OF CHANGES IN EQUITY

 
 J D Wetherspoon plc, company number: 
  1709784 
 
                      Notes     Share       Share      Capital      Other    Hedging      Currency    Retained       Total 
                                          premium 
                              capital     account   redemption   Reserves    reserve   translation    earnings 
                                                       reserve                             reserve 
                               GBP000      GBP000       GBP000     GBP000     GBP000        GBP000      GBP000      GBP000 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 At 28 July 2019                2,102     143,294        2,329          -   (40,730)         5,370     204,447     316,812 
 
 Total 
  comprehensive 
  income                            -           -            -          -   (25,847)         1,719    (97,987)   (122,115) 
 Loss for the 
  period                            -           -            -          -          -             -    (97,561)    (97,561) 
 Interest-rate 
  swaps: 
  cash flow hedges                  -           -            -          -   (33,122)             -           -    (33,122) 
 Tax on items taken 
  directly to 
  comprehensive 
  income                7           -           -            -          -      7,275             -           -       7,275 
 Currency 
  translation 
  differences                       -           -            -          -          -         1,719       (426)       1,293 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 
 Issued share 
  capital 
  restated                        314     137,681            -          -          -             -           -     137,995 
 Purchase of own 
  shares 
  for cancellation                (8)           -            8          -          -             -     (6,456)     (6,456) 
 Share-based 
  payment 
  charges                           -           -            -          -          -             -      10,705      10,705 
 Tax on share-based 
  payment               7           -           -            -          -          -             -       (197)       (197) 
 Purchase of own 
  shares 
  for share-based 
  payments                          -           -            -          -          -             -    (11,125)    (11,125) 
 Dividends             11           -           -            -          -          -             -     (8,371)     (8,371) 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 
 As at 26 July 2020 
  as previously 
  reported                      2,408     280,975        2,337          -   (66,577)         7,089      91,016     317,248 
 Effect of 
  restatements                      -   (137,681)            -    141,002          -             -     (3,321)           - 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 At 26 July 2020 
  restated                      2,408     143,294        2,337    141,002   (66,577)         7,089      87,695     317,248 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 Total 
  comprehensive 
  income                            -           -            -          -     51,174       (5,238)   (179,327)   (133,391) 
                                                                                                    ---------- 
 Loss for the 
  period                            -           -            -          -          -             -   (181,055)   (181,055) 
 Interest-rate 
  swaps: 
  cash flow hedges                  -           -            -          -     44,551             -           -      44,551 
 Interest-rate 
  swaps: 
  Interest-rate 
  swaps: 
  amount 
  reclassified 
  to the income 
  statement                         -           -            -          -     11,707             -           -      11,707 
 Tax on items taken 
  directly to 
  comprehensive 
  income                7           -           -            -          -    (5,084)             -           -     (5,084) 
 Currency 
  translation 
  differences                       -           -            -          -          -       (5,238)       1,728     (3,510) 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 
 Issued share 
  capital 
  (net of expenses)               167           -            -     93,577          -             -     (2,221)      91,523 
 Share-based 
  payment 
  charges                           -           -            -          -          -             -      10,267      10,267 
 Tax on share-based 
  payment                           -           -            -          -          -             -          16          16 
 Purchase of own 
  shares 
  for share-based 
  payments                          -           -            -          -          -             -     (7,684)     (7,684) 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 At 25 July 2021                2,575     143,294        2,337    234,579   (15,403)         1,851    (91,256)     277,977 
-------------------  ------  --------  ----------  -----------  ---------  ---------  ------------  ----------  ---------- 
 

The currency translation reserve contains the accumulated currency gains and losses on the long-term financing and balance sheet translation of the overseas branch. The currency translation difference reported in retained earnings is the retranslation of the opening reserves in the overseas branch at the current period end's currency exchange rate.

As at 25 July 2021, the company had distributable reserves of GBP129.8m.

On 20 January 2021 the company raised gross proceeds of GBP93.7m via a share placement. The placing shares were issued for non-cash consideration by way of a 'cash box' structure, involving a newly incorporated Jersey subsidiary of the company ('JerseyCo'). This structure involved the issue of ordinary and preference shares by JerseyCo to the investment bank advising the company in respect of the placement. These preference and ordinary shares were subsequently acquired by the company and the preference shares redeemed by JerseyCo. The acquisition by the company of the ordinary shares in JerseyCo held by the investment bank resulted in the company securing over 90% of the equity share capital of JerseyCo. The company was able therefore, to rely on section 612 of the Companies Act 2006, this provides relief from the requirements under Section 610 of the Companies Act 2006 to create a share premium account. Therefore, no share premium was recorded in relation to the placing shares. The premium over the nominal value of the placing shares was credited to an 'other reserve'. This other reserve is determined to be distributable for the purposes of the Companies Act 2006.

Within the period the company reclassified the net proceeds from the share placement completed on 30 April 2020 which had been structured in exactly the same way as the more recent placement. This reclassification was to move these net proceeds from the share premium to other reserves. The financial statements for last financial year have been restated as a result.

NOTES TO THE FINANCIAL STATEMENTS

   1.      Revenue 
 
                               52 weeks    52 weeks 
                                  ended       ended 
                                25 July     26 July 
                                   2021        2020 
                                 GBP000      GBP000 
----------------------------  ---------  ---------- 
 Bar                            440,119     761,065 
 Food                           283,192     452,150 
 Eat out to help out scheme      23,248           - 
 Slot/fruit machines             17,059      35,931 
 Hotel                            8,592      11,780 
 Other                              345       1,122 
----------------------------  ---------  ---------- 
                                772,555   1,262,048 
----------------------------  ---------  ---------- 
 
   2.      Operating (loss)/profit - analysis of costs by nature 
 
 This is stated after charging/(crediting):        52 weeks               52 weeks 
                                                      ended                  ended 
                                                    25 July                26 July 
                                                       2021                   2020 
                                                     GBP000                 GBP000 
-----------------------------------------------  ----------  --------------------- 
 Variable concession rental payments                  2,801                  4,609 
 Short term leases                                      784                    204 
 Cancelled principal payments                      (10,933)                (6,127) 
 Repairs and maintenance                             64,020                 75,861 
 Net rent receivable                                (1,873)                (1,484) 
 Share-based payments (note 5)                       10,267                 10,705 
 Depreciation of property, plant and equipment 
  (note 13)                                          73,193                 75,386 
 Amortisation of intangible assets (note 
  12)                                                 3,151                  3,806 
 Depreciation of investment properties (note 
  14)                                                    44                     79 
 Depreciation of right-of-use assets                 44,532                 49,059 
-----------------------------------------------  ----------  --------------------- 
 
 Included in cost of sales is GBP292.7m (2020: GBP449.2m) 
  relating to cost of inventory recognised as expense. 
 Analysis of continuing operations                 52 weeks               52 weeks 
                                                      ended                  ended 
                                                    25 July                26 July 
                                                       2021                   2020 
                                                     GBP000                 GBP000 
-----------------------------------------------  ----------  --------------------- 
 Revenue                                            772,555              1,262,048 
 Cost of sales                                    (844,574)            (1,217,521) 
-----------------------------------------------  ----------  --------------------- 
 Gross profit                                      (72,019)                 44,527 
 Administration costs                              (37,280)               (40,764) 
-----------------------------------------------  ---------- 
 Operating (loss)/profit after exceptional 
  items                                           (109,299)                  3,763 
-----------------------------------------------  ----------  --------------------- 
 
 
 Auditor's remuneration                            52 weeks               52 weeks 
                                                      ended                  ended 
                                                    25 July                26 July 
                                                       2021                   2020 
                                                     GBP000                 GBP000 
-----------------------------------------------  ----------  --------------------- 
 Fees payable for the audit of the financial 
  statements 
 - Standard audit fees                                  303                    171 
 - Additional audit work (for previous year             100                      - 
  audit) 
 
 Fees payable for other services: 
 - Audit related services                                33                     27 
 Total auditor's fees                                   436                    198 
-----------------------------------------------  ----------  --------------------- 
 
   3.      Property gains and losses 
 
                                    52 weeks      52 weeks      52 weeks      52 weeks      52 weeks      52 weeks 
                                       ended         ended         ended         ended         ended         ended 
                                     25 July       25 July       25 July       26 July       26 July       26 July 
                                        2021          2021          2021          2020          2020          2020 
                                      Before   Exceptional         After        Before   Exceptional         After 
                                 exceptional         items   exceptional   exceptional         items   exceptional 
                                       items         (note         items         items         (note         items 
                                                        4)                                        4) 
                                      GBP000        GBP000        GBP000        GBP000        GBP000        GBP000 
------------------------------  ------------  ------------  ------------  ------------  ------------  ------------ 
 Disposals 
 Fixed assets                          1,548         1,592         3,140         1,002         2,769         3,771 
 Leases                              (2,200)             -       (2,200)       (1,125)             -       (1,125) 
 Additional costs of 
  disposal                               775           115           890           258           684           942 
------------------------------  ------------  ------------  ------------                ------------ 
                                         123         1,707         1,830           135         3,453         3,588 
 Impairments 
 Property, plant and 
  equipment (note 13)                      -         1,999         1,999             -        28,602        28,602 
 Intangible assets (note 
  12)                                      -             -             -             -        10,699        10,699 
 Right-of-use assets                       -         2,133         2,133             -         4,722         4,722 
------------------------------  ------------  ------------  ------------ 
                                           -         4,132         4,132             -        44,023        44,023 
 Other 
 Other property gains                      -             -             -         (619)             -         (619) 
------------------------------  ------------  ------------  ------------                ------------ 
                                           -             -             -         (619)             -         (619) 
 
 Total property losses/(gains)           123         5,839         5,962         (484)        47,476        46,992 
------------------------------                              ------------  ------------  ------------  ------------ 
 
 

Non-exceptional property losses, excluding disposal of lease assets, were GBP2,323,000 in the period (2020: GBP1,260,000).

   4.      Exceptional items 
 
                                                 52 weeks   52 weeks 
                                                    ended      ended 
                                                  25 July    26 July 
                                                     2021       2020 
                                                   GBP000     GBP000 
---------------------------------------------   ---------  --------- 
 Exceptional operating items 
 Gaming machine settlement                              -   (15,890) 
 Local government support grants                 (11,123)          - 
 Duty drawback                                    (4,418)          - 
 Exceptional operating income                    (15,541)   (15,890) 
----------------------------------------------  ---------  --------- 
 
 Equipment                                          3,753      6,167 
 Stock losses                                       4,158      5,862 
 Staff costs                                       15,692     17,062 
 Other                                                879          - 
 Exceptional operating costs                       24,482     29,091 
----------------------------------------------  ---------  --------- 
 Total exceptional operating loss                   8,941     13,201 
----------------------------------------------  ---------  --------- 
 
 Exceptional property losses 
 Disposal programme 
 Loss on disposal of pubs                           1,707      3,453 
 Impairment of property plant and equipment             -      4,698 
----------------------------------------------  ---------  --------- 
                                                    1,707      8,151 
 Other property losses 
 Impairment of property, plant and equipment        1,999     23,904 
 Impairment of intangible assets                        -     10,699 
 Impairment of right-of-use assets                  2,133      4,722 
----------------------------------------------  ---------  --------- 
                                                    4,132     39,325 
 
 Total exceptional property losses                  5,839     47,476 
----------------------------------------------  ---------  --------- 
 
 Other exceptional items 
 Exceptional finance costs                         12,690          - 
---------------------------------------------   ---------  --------- 
                                                   12,690          - 
 Exceptional tax 
 Exceptional tax Items                             10,385      4,252 
 Tax effect on exceptional items                  (3,271)    (5,885) 
---------------------------------------------- 
                                                    7,114    (1,633) 
 
 Total exceptional items                           34,584     59,044 
----------------------------------------------  ---------  --------- 
 
 
 

Stock and duty drawback

A provision of GBP4,158,000 (2020: GBP5,862,000) was made for perished stock, as a result of the closure during the financial period 2020/21. A credit of GBP4,418,000 for duty drawback were received for perished stock during the closure periods.

Exceptional equipment

The company has recognised GBP3,753,000 (2020: GBP6,167,000) for personal protective equipment and hygiene products relating to the Covid-19 pandemic.

Local government support grants

The company has recognised GBP11,123,000 income of local government support grants in the UK and the Republic of Ireland relating to the Covid-19 pandemic. These are recognised on receipt.

4. Exceptional items (continued)

Staff costs

The company has recognised an exceptional charge of GBP15,692,000, which included GBP9,513,000 of payments made by the company to staff over and above the furlough grants received and associated taxes, and GBP6,179,000 of redundancy and restructuring payments.

Disposal programme

The company has offered several of its sites for sale. At the end of the period, one further site (2020: eight) sites had been sold.

In the table on the previous page, the costs classified under the 'exceptional property losses - disposal programme' relate to the loss on disposal of this sold site.

Other property losses

Property impairment relates to pubs that are unlikely to generate sufficient cash flows in the future to support their carrying value. In the year, a total impairment charge of GBP4,132,000 (2020: GBP39,325,000) was incurred in respect of the impairment of assets as required under IAS 36. There was GBPNil reversal of impairments recognised in the year (2020: GBPNil).

Exceptional finance costs

The company has recognised an exceptional charge of GBP12,690,000, GBP11,707,000 of which relates to a reclassification due to hedge accounting. The remaining GBP983,000 is related to covenant-waiver fees.

Taxation

The exceptional tax charge of GBP7,114,000 relates to the creation of a deferred tax asset in respect of tax losses arising

from exceptional expenditure (GBP2,546,000 credit), a previous year adjustment to current and deferred tax in relation to items recognised as exceptional in a prior period (GBP725,000 credit) and the impact of the change in UK tax rate on the deferred tax balance (GBP10,385,000 charge).

   5.      Employee benefits expenses 
 
                                              52 weeks    52 weeks 
                                                 ended       ended 
                                               25 July     26 July 
                                                  2021        2020 
                                                GBP000      GBP000 
------------------------------------------  ----------  ---------- 
 Wages and salaries                            520,339     565,032 
 Employee support grants                     (208,986)   (131,539) 
 Social security costs                          23,380      31,710 
 Other pension costs                             7,877       8,308 
 Share-based payments                           10,267      10,705 
 Redundancy and restructuring costs (note        6,179           - 
  4) 
                                               359,056     484,216 
------------------------------------------  ----------  ---------- 
 
 
 Directors' emoluments                                2021     2020 
                                                    GBP000   GBP000 
-------------------------------------------------  -------  ------- 
 Aggregate emoluments                                1,709    1,547 
 Aggregate amount receivable under long-term 
  incentive schemes                                    181      173 
 Company contributions to money purchase pension 
  scheme                                               178      165 
                                                     2,068    1,885 
-------------------------------------------------  -------  ------- 
 

Employee support grants disclosed above are amounts claimed by the company under the coronavirus job retention schemes in the UK and the Republic of Ireland.

5. Employee benefits expenses (continued)

 
                                2021     2020 
                              Number   Number 
---------------------------  -------  ------- 
 Full-time equivalents 
 Managerial/administration     4,586    4,696 
 Hourly paid staff            18,736   20,952 
--------------------------- 
                              23,322   25,648 
---------------------------  -------  ------- 
 
                                2021     2020 
                              Number   Number 
---------------------------  -------  ------- 
 Total employees 
 Managerial/administration     4,703    4,792 
 Hourly paid staff            34,322   38,427 
--------------------------- 
                              39,025   43,219 
---------------------------  -------  ------- 
 

The totals above relate to the monthly average number of employees during the year, not the total of employees at the end of the year.

 
 Share-based payments                            52 weeks   52 weeks 
                                                    ended      ended 
                                                  25 July    26 July 
                                                     2021       2020 
----------------------------------------------  ---------  --------- 
 Shares awarded during the year (shares)          852,261    568,821 
 Average price of shares awarded (pence)              957      1,542 
 Market value of shares vested during the 
  year (GBP000)                                     9,169     14,097 
 Total obligation of the share based payments 
  scheme (GBP000)                                  14,608     14,999 
----------------------------------------------  ---------  --------- 
 
 

The shares awarded as part of the above schemes are based on the cash value of the bonuses at the date of the awards. These awards vest over three years, with their cost spread over their three-year life. The share-based payment charge above represents the annual cost of bonuses awarded over the past three years. All awards are settled in equity.

The company operates two share-based compensation plans. In both schemes, the fair values of the shares granted are determined by reference to the share price at the date of the award. The shares vest at a GBPNil exercise price - and there are

no market-based conditions to the shares which affect their ability to vest.

   6.      Finance income and costs 
 
                                                  52 weeks   52 weeks 
                                                     ended      ended 
                                                   25 July    26 July 
                                                      2021       2020 
                                                    GBP000     GBP000 
-----------------------------------------------  ---------  --------- 
 Finance costs 
 Interest payable on bank loans and overdrafts      21,903     21,292 
 Amortisation of bank loan issue costs (note 
  10)                                                1,746      1,541 
 Interest payable on swaps                          18,228     14,522 
 Interest payable on asset-financing                   664        503 
 Interest payable on private placement               4,907      2,909 
 Finance costs excluding lease interest             47,448     40,767 
 
 Interest payable on leases                         19,832     21,980 
 Total finance costs                                67,280     62,747 
 
 Bank interest receivable                            (188)      (161) 
 Lease interest receivable                           (407)      (451) 
 Total finance income                                (595)      (612) 
 
 Net finance costs before exceptional items         66,685     62,135 
-----------------------------------------------  ---------  --------- 
 
 Exceptional finance costs (note 4)                 12,690          - 
 
 Net finance costs after exceptional items          79,375     62,135 
-----------------------------------------------  ---------  --------- 
 
   7.      Income tax expense 
   (a)   Tax on loss on ordinary activities 

The standard rate of corporation tax in the UK is 19.0%. The company's profits for the accounting period are taxed

at a rate of 19.0% (2020: 19.0%).

 
                                    52 weeks      52 weeks      52 weeks      52 weeks      52 weeks      52 weeks 
                                       ended         ended         ended         ended         ended         ended 
                                     25 July       25 July       25 July       26 July       26 July       26 July 
                                        2021          2021          2021          2020          2020          2020 
                                      Before   Exceptional         After        Before   Exceptional         After 
                                 exceptional         items   exceptional   exceptional         items   exceptional 
                                       items         (note         items         items         (note         items 
                                                        4)                                        4) 
                                      GBP000        GBP000        GBP000        GBP000        GBP000        GBP000 
------------------------------  ------------  ------------  ------------  ------------  ------------  ------------ 
 Taken through income 
 statement 
 Current income tax: 
 Current income tax charge             (380)             -         (380)       (2,827)       (7,502)      (10,329) 
 Previous period adjustment                -         1,836         1,836           227             -           227 
------------------------------  ------------  ------------  ------------ 
 Total current income tax              (380)         1,836         1,456       (2,600)       (7,502)      (10,102) 
 
 Deferred tax: 
 Origination and reversal 
  of temporary differences          (19,158)       (2,546)      (21,704)       (3,660)         1,617       (2,403) 
 Prior year deferred tax 
  (credit)/charge                    (1,157)       (2,561)       (3,718)            90             -            90 
 Impact of change in UK 
  tax rate                                 -        10,385        10,385             -         4,252         4,252 
                                ------------  ------------  ------------ 
 Total deferred tax                 (20,315)         5,278      (15,037)       (3,570)         5,869         2,299 
 
 Tax charge/(credit)                (20,695)         7,114      (13,581)       (6,170)       (1,633)       (7,803) 
------------------------------  ------------  ------------  ------------  ------------  ------------  ------------ 
 
                                    52 weeks      52 weeks      52 weeks      52 weeks      52 weeks      52 weeks 
                                       ended         ended         ended         ended         ended         Ended 
                                     25 July       25 July       25 July       26 July       26 July       26 July 
                                        2021          2021          2021          2020          2020          2020 
                                      Before   Exceptional         After        Before   Exceptional         After 
                                 exceptional         items   exceptional   exceptional         items   Exceptional 
                                       items         (note         items         items         (note         Items 
                                                        4)                                        4) 
                                      GBP000        GBP000        GBP000        GBP000        GBP000        GBP000 
------------------------------  ------------  ------------  ------------  ------------  ------------  ------------ 
 Taken through equity 
 Current tax                               6             -             6         (226)             -         (226) 
 Deferred tax                           (22)             -          (22)           423             -           423 
------------------------------                ------------ 
 Tax (credit)/charge                    (16)             -          (16)           197             -           197 
------------------------------  ------------  ------------  ------------  ------------  ------------  ------------ 
 
                                    52 weeks      52 weeks      52 weeks      52 weeks      52 weeks      52 weeks 
                                       ended         ended         ended         ended         ended         ended 
                                     25 July       25 July       25 July       26 July       26 July       26 July 
                                        2021          2021          2021          2020          2020          2020 
                                      Before   Exceptional         After        Before   Exceptional         After 
                                 exceptional         items   exceptional   exceptional         items   exceptional 
                                       items         (note         items         items         (note         items 
                                                        4)                                        4) 
                                      GBP000        GBP000        GBP000        GBP000        GBP000        GBP000 
------------------------------  ------------  ------------  ------------  ------------  ------------  ------------ 
 Taken through comprehensive 
  income 
 Deferred tax charge on 
  swaps                                6,241             -         6,241       (5,720)             -       (5,720) 
 Impact of change in UK 
  tax rate                           (1,157)             -       (1,157)       (1,555)             -       (1,555) 
                                              ------------ 
 Tax charge/(credit)                   5,084             -         5,084       (7,275)             -       (7,275) 
------------------------------  ------------  ------------  ------------  ------------  ------------  ------------ 
 
   7.             Income tax expense (continued) 
   (b)   Reconciliation of the total tax charge 

The taxation charge for the 52 weeks ended 25 July 2021 is based on the pre-exceptional loss before tax of GBP167.2m and the estimated effective tax rate before exceptional items for the 52 weeks ended 25 July 2021 of 12.4% (2020: 13.8%).

This comprises a pre-exceptional current tax rate of 0.2% (2020: 5.8%) and a pre-exceptional deferred tax charge of 12.2%

(2020: 8.0% charge).

The UK standard weighted average tax rate for the period is 19.0% (2020: 19.0%). The current tax rate is lower than the UK standard weighted average tax rate, owing to tax losses in the period.

 
                                                52 weeks      52 weeks      52 weeks      52 weeks 
                                                   ended         ended         ended         ended 
                                                 25 July       25 July       26 July       26 July 
                                                    2021          2021          2020          2020 
                                                  Before         After        Before         After 
                                             exceptional   exceptional   exceptional   exceptional 
                                                   items         items         items         items 
                                                  GBP000        GBP000        GBP000        GBP000 
------------------------------------------  ------------  ------------  ------------  ------------ 
 (Loss) before income tax                      (167,166)     (194,636)      (44,687)     (105,364) 
 
 Loss multiplied by the UK standard 
  rate of                                       (31,762)      (36,981)       (8,491)      (20,019) 
 corporation tax of 19.0% (2020: 
  19.0%) 
 Abortive acquisition costs and disposals              -             -             6             6 
 Expenditure not allowable                         1,791         4,680            86           216 
 Other allowable deductions                         (18)          (18)          (35)          (35) 
 Non-qualifying depreciation                       7,029         7,029            83         5,122 
 Capital gains - effect of reliefs                   728           728           603           603 
 Share options and SIPs                              955           955           622           622 
 Deferred tax on balance-sheet-only 
  items                                                -             -          (67)          (67) 
 Effect of different tax rates and 
  unrecognised losses in overseas 
  companies                                        1,740         1,524           706         1,180 
 Adjust current year deferred tax 
  movement to average of 19% to 25%                    -        10,385             -         4,252 
 Previous year adjustment - current 
  tax                                                  -         1,836           227           227 
 Previous year adjustment - deferred 
  tax                                            (1,158)       (3,719)            90            90 
------------------------------------------  ------------  ------------  ------------  ------------ 
 Total tax expense reported in the 
  income statement                              (20,695)      (13,581)       (6,170)       (7,803) 
------------------------------------------  ------------  ------------  ------------  ------------ 
 
   7.      Income tax expense (continued) 
   (c)   Deferred tax 

The deferred tax in the balance sheet is as follows:

The main rate of corporation tax is currently 19% but this will increase to 25% from 1 April 2023. The rate increase has been substantively enacted and therefore the deferred tax balances have been recognised at the rate they are expected to reverse.

Deferred tax liabilities

 
 
                                              Accelerated   Other temporary     Total 
                                         tax depreciation       differences 
                                                   GBP000            GBP000    GBP000 
----------------------------------     ------------------  ----------------  -------- 
 At 26 July 2020                                   36,217             6,739    42,956 
 Previous year movement posted 
  to the income statement                         (1,177)           (2,542)   (3,719) 
 Movement during year posted 
  to the income statement                           3,411                11     3,422 
 Impact of tax rate change posted 
  to the income statement                          12,142             1,328    13,470 
 At 25 July 2021                                   50,593             5,536    56,129 
-------------------------------------  ------------------  ----------------  -------- 
 

Deferred tax assets

 
                                           Share      Tax losses   Interest-rate     Total 
                                           based    and interest           swaps 
                                        payments        capacity 
                                                         carried 
                                                         forward 
                                          GBP000          GBP000          GBP000    GBP000 
---------------------------------     ----------  --------------  --------------  -------- 
 At 26 July 2020                             818               -          15,617    16,435 
 Previous year movement posted 
  to the income statement                      -               -               -         - 
 Movement during year posted 
  to the income statement                   (33)          27,383         (2,224)    25,126 
 Movement during year posted 
  to comprehensive income                      -               -         (6,241)   (6,241) 
 Movement during year posted 
  to equity                                   22               -               -        22 
 Impact of change in tax rate 
  posted to income statement                   -           1,982           1,103     3,085 
 Impact of change in tax rate 
  posted to comprehensive income               -               -           1,157     1,157 
 At 25 July 2021                             807          29,365           9,412    39,584 
------------------------------------  ----------  --------------  --------------  -------- 
 

The company has recognised deferred tax assets of GBP39.6m (2020: GBP16.4m), which are expected to offset against future profits. This includes a deferred tax asset of GBP29.4m (2020: GBPNil) in respect of UK tax losses and current-year interest restrictions capable of reactivation in future periods. This is on the basis that it is probable that profits will arise in the foreseeable future, enabling the assets to be utilised.

Deferred tax assets and liabilities have been offset as follows:

 
                                                   2021   Restated 
                                                              2020 
                                                 GBP000     GBP000 
-----------------------------------------     ---------  --------- 
 Deferred tax liabilities                        56,129     42,956 
 Offset against deferred tax assets            (30,172)      (818) 
 Offset against deferred tax assets 
  (restated)                                    (9,412)   (15,617) 
------------------------------------------ 
 Deferred tax liabilities                        16,546     26,521 
--------------------------------------------  ---------  --------- 
 
 Deferred tax assets                             39,584     16,435 
 Offset against deferred tax liabilities       (30,172)      (818) 
 Offset against deferred tax liabilities 
  (restated)                                    (9,412)   (15,617) 
------------------------------------------ 
 Deferred tax asset                                   -          - 
--------------------------------------------  ---------  --------- 
 

As at 25 July 2021, the company had a potential deferred tax asset of GBP9.1m (2020: GBP4.9m) relating to capital losses and tax losses in the Republic of Ireland. A deferred tax asset has not been recognised, as there is insufficient certainty of recovery.

On 3 March 2021, the chancellor confirmed that the UK rate of corporation tax will increase to 25% from 1 April 2023. Deferred tax has been calculated at the rate of taxation for the peiod that the deferred tax items are expected reverse.

In accordance with IAS 12, the deferred tax asset and liability must be offset where there is a right of offset, this has been applied in the period and the prior year balance restated. This results in a reduction in the prior year deferred tax asset of GBP15,617,000 and the corresponding reduction in the deferred tax liability.

   8.      Earnings and free cash flow per share 
   (a)     Weighted average number of shares 

Earnings per share are based on the weighted average number of shares in issue of 124,668,915 (2020: 108,550,647), including those held in trust in respect of employee share schemes. Earnings per share, calculated on this basis, are usually referred to as 'diluted', since all of the shares in issue are included.

Accounting standards refer to 'basic earnings' per share - these exclude those shares held in trust in respect of

employee share schemes.

During a period where a company makes a loss, accounting standards require that 'dilutive' shares (for the company, those

held in trust in respect of employee share schemes) not be included in the earning per share calculation, because they will

reduce the reported loss per share; consequently, all per-share measures in the current period are based on the number of

shares in issue less shares held in trust of 122,827,248 (2020: 106,554,289).

From financial year 2021, the weighted average number of shares held in trust for employee share schemes has been adjusted to exclude those shares which are expected to vest, yet remain in trust.

Weighted average number of shares

 
 Weighted average number of shares               52 weeks      52 weeks 
                                                    ended         ended 
                                                  25 July       26 July 
                                                     2021          2020 
-------------------------------------------  ------------  ------------ 
 Shares in issue (used for diluted EPS)       124,668,915   108,550,647 
 Shares held in trust                         (1,841,667)   (1,996,358) 
 Shares in issue less shares held in trust 
  (used for basic EPS)                        122,827,248   106,554,289 
-------------------------------------------  ------------  ------------ 
 
 
 (b) Earnings per share 
 
 
 52 weeks ended 25 July 2021                       Loss   Basic EPS   Diluted 
                                                                          EPS 
                                                 GBP000       pence     pence 
-------------------------------------------  ----------  ----------  -------- 
 Earnings (loss after tax)                    (181,055)     (147.4)   (147.4) 
 Exclude effect of exceptional items 
  after tax                                      34,584        28.2      28.2 
-------------------------------------------  ---------- 
 Earnings before exceptional items            (146,471)     (119.2)   (119.2) 
 Exclude effect of property gains/(losses)          123         0.1       0.1 
 Underlying earnings before exceptional 
  items                                       (146,348)     (119.1)   (119.1) 
-------------------------------------------  ----------  ----------  -------- 
 
 
 52 weeks ended 25 July 2021 - pre-IFRS16          Loss   Basic EPS   Diluted 
  unaudited                                                               EPS 
                                                 GBP000       pence     pence 
-------------------------------------------  ----------  ----------  -------- 
 Earnings (loss after tax)                    (170,111)     (138.5)   (138.5) 
 Exclude effect of exceptional items 
  after tax                                      34,584        28.2      28.2 
-------------------------------------------  ---------- 
 Earnings before exceptional items            (135,527)     (110.3)   (110.3) 
 Exclude effect of property gains/(losses)        2,323         1.9       1.9 
 Underlying earnings before exceptional 
  items                                       (133,204)     (108.4)   (108.4) 
-------------------------------------------  ----------  ----------  -------- 
 
 
 52 weeks ended 26 July 2020                      Loss   Basic EPS   Diluted 
                                                                         EPS 
                                                GBP000       pence     pence 
-------------------------------------------  ---------  ----------  -------- 
 Earnings (loss after tax)                    (97,561)      (89.9)    (89.9) 
 Exclude effect of exceptional items 
  after tax                                     59,044        54.4      54.4 
-------------------------------------------  --------- 
 Earnings before exceptional items            (38,517)      (35.5)    (35.5) 
 Exclude effect of property (losses)/gains       (484)       (0.4)     (0.4) 
 Underlying earnings before exceptional 
  items                                       (39,001)      (35.9)    (35.9) 
-------------------------------------------  ---------  ----------  -------- 
 

8. Earnings and free cash flow per share (continued)

   (c)     Free cash flow per share 

The calculation of free cash flow per share is based on the net cash generated by business activities and available for investment in new pub developments and extensions to current pubs, after funding interest, corporation tax, lease principal payments, loan issues costs, all other reinvestment in pubs open at the start of the period and the purchase of own shares under the employee Share Incentive Plan ('free cash flow'). It is calculated before taking account of proceeds from property disposals, inflows and outflows of financing from outside sources and dividend payments and is based on the weighted average number of shares in issue, including those held in trust in respect of the employee share scheme.

 
                                    Free   Basic free     Diluted 
                                    cash                     free 
                                    flow    cash flow   cash flow 
                                            per share   per share 
                                  GBP000        pence       pence 
-----------------------------  ---------  -----------  ---------- 
 52 weeks ended 25 July 2021    (83,284)       (67.8)      (67.8) 
 52 weeks ended 26 July 2020    (58,852)       (54.2)      (54.2) 
-----------------------------  ---------  -----------  ---------- 
 
   (d)    Owners' earnings per share 

Owners' earnings measures' those earnings attributable to shareholders from current activities adjusted for significant non-cash items and one-off items. Owners' earnings are calculated as pre-IFRS16 profit before tax, exceptional items, depreciation and

amortisation and property gains and losses less reinvestment in current properties and cash tax. Cash tax is defined as the current year's current tax charge. The weighted average number of shares in issue used in this metric is disclosed above (see note 8a).

 
 52 weeks ended 25 July 2021 - unaudited      Owners'         Basic   Diluted 
                                             Earnings   Owners' EPS   Owners' 
                                                                          EPS 
                                               GBP000         pence     pence 
-----------------------------------------  ----------  ------------  -------- 
 Loss before tax and exceptional 
  items (Pre-IFRS16 income statement)       (154,676)       (125.9)   (125.9) 
 Exclude depreciation and amortisation         76,388          62.2      62.2 
 Less reinvestment in current properties     (19,962)        (16.3)    (16.3) 
 Exclude property gains and losses              2,323           1.9       1.9 
 Less cash tax (note 7a)                          380           0.3       0.3 
 Owners' earnings                            (95,547)        (77.8)    (77.8) 
-----------------------------------------  ----------  ------------  -------- 
 
 
 52 weeks ended 26 July 2020 - unaudited      Owners'         Basic     Diluted 
                                             earnings   owners' EPS     owners' 
                                                                            EPS 
                                               GBP000         pence       pence 
-----------------------------------------  ----------  ------------  ---------- 
 Loss before tax and exceptional 
  items (Pre-IFRS16 income statement)        (34,095)        (32.0)      (31.4) 
 Exclude depreciation and amortisation         79,271          74.4        73.0 
 Less reinvestment in existing pubs          (32,062)        (29.5)      (30.1) 
 Exclude property gains and losses                641           0.6         0.6 
 Less cash tax                                  2,827           2.7         2.7 
 Owners' earnings                              16,582          16.1        14.8 
-----------------------------------------  ----------  ------------  ---------- 
 
 

8. Earnings and free cash flow per share (continued)

 
 Analysis of additions by type                     52 weeks   52 weeks 
                                                      ended      ended 
                                                    25 July    26 July 
                                                       2021       2020 
-----------------------------------------------   ---------  --------- 
 Reinvestment in existing pubs                       19,962     32,062 
 Investment in new pubs and pub extensions           24,051     41,047 
 Lease premium                                        1,800          - 
 Freehold reversions and investment properties       16,858     98,463 
                                                     62,671    171,572 
 -----------------------------------------------  ---------  --------- 
 
 Analysis of additions by category                 52 weeks   52 weeks 
                                                      ended      ended 
                                                    25 July    26 July 
                                                       2021       2020 
-----------------------------------------------   ---------  --------- 
 Property, plant and equipment (note 
  13)                                                58,139    164,450 
 Intangible assets (note 12)                              4      1,047 
 Investment properties (note 14)                      4,528      6,075 
                                                     62,671    171,572 
 -----------------------------------------------  ---------  --------- 
 

These additions tables have been inserted to reconcile the total fixed asset additions during the period to the reinvestment in existing pubs metric used in the owners' earnings calculation.

9. Cash used in/generated from operations

 
                                                  Unaudited*    52 weeks   52 weeks 
                                                    52 weeks 
                                                       ended       ended      ended 
                                                     25 July     25 July    26 July 
                                                        2021        2021       2020 
                                                      GBP000      GBP000     GBP000 
-----------------------------------------------  -----------  ----------  --------- 
 Loss for the period                               (170,111)   (181,055)   (97,561) 
 Adjusted for: 
 Tax (note 7)                                       (12,035)    (13,581)    (7,803) 
 Share-based charges (note 2)                         10,267      10,267     10,705 
 Loss on disposal of property, plant and 
  equipment (note 3)                                   3,140       3,140      3,771 
 Disposal of capitalised leases (note 3)                   -     (2,200)    (1,125) 
 Net impairment charge (note 3)                        2,000       4,132     44,023 
 Interest receivable (note 6)                          (188)       (188)      (161) 
 Interest payable (note 6)                            45,702      45,702     39,226 
 Lease interest receivable (note 6)                        -       (407)      (451) 
 Lease interest payable (note 6)                           -      19,832     21,980 
 Exceptional finance costs (note 6)                   12,690      12,690          - 
 Amortisation of bank loan issue costs 
  (note 6)                                             1,746       1,746      1,541 
 Depreciation of property, plant and equipment 
  (note 13)                                           73,193      73,193     75,386 
 Amortisation of intangible assets (note 
  12)                                                  3,151       3,151      3,806 
 Depreciation on investment properties 
  (note 14)                                               44          44         79 
 Aborted properties costs                                628         628         33 
 Cancelled principal payments                              -    (10,993)    (6,127) 
 Amortisation of right-of-use assets                       -      44,532     49,059 
-----------------------------------------------  -----------  ----------  --------- 
                                                    (29,773)      10,633    136,381 
 Change in inventories                               (3,758)     (3,758)        622 
 Change in receivables                                 1,910      15,748   (17,052) 
 Change in payables                                   20,081       2,585   (44,286) 
 Cash flow from operating activities                (11,540)      25,208     75,665 
-----------------------------------------------  -----------  ----------  --------- 
 

*This column shows the cash generated from operations as it would have been reported, before the introduction of IFRS16.

10. Analysis of change in net debt

 
                                         26 July        Cash      Other       25 July 
                                            2020       flows    changes          2021 
                                        Restated 
                                          GBP000      GBP000     GBP000        GBP000 
---------------------------------   ------------  ----------  ---------  ------------ 
 Borrowings 
 Cash and cash equivalents               174,451   (129,043)          -        45,408 
 Asset-financing obligations 
  - due before one year                  (7,610)           -          -       (7,610) 
----------------------------------  ------------  ----------  ---------  ------------ 
 Current net borrowings                  166,841   (129,043)          -        37,798 
 
 Bank loans - due after one year       (870,572)      95,401    (1,700)     (776,871) 
 Asset-financing obligations 
  - due after one year                  (15,534)       6,901          -       (8,633) 
 Private placement - due after 
  one year                              (97,722)           -       (46)      (97,768) 
----------------------------------  ------------  ----------  ---------  ------------ 
 Non-current net borrowings            (983,828)     102,302    (1,746)     (883,272) 
 
 Net debt                              (816,987)    (26,741)    (1,746)     (845,474) 
----------------------------------  ------------  ----------  ---------  ------------ 
 
 Derivatives 
 Interest-rate swaps liability 
  - due after one year                  (82,194)           -     44,551      (37,643) 
                                                                         ------------ 
 Total derivatives                      (82,194)           -     44,551      (37,643) 
----------------------------------  ------------  ----------  ---------  ------------ 
 
 Net debt after derivatives            (899,181)    (26,741)     42,805     (883,117) 
----------------------------------  ------------  ----------  ---------  ------------ 
 
 Leases 
 Lease assets - due before one 
  year                                     1,736     (1,323)      1,225         1,638 
 Lease assets - due after one 
  year                                    11,115           -    (1,225)         9,890 
 Lease obligations - due before 
  one year                              (65,343)      18,875   (18,751)      (65,219) 
 Lease obligations - due after 
  one year                             (507,803)           -     49,207     (458,596) 
 Net lease liabilities                 (560,295)      17,552     30,456     (512,287) 
----------------------------------  ------------  ----------  ---------  ------------ 
 
 Net debt after derivatives and 
  lease liabilities                  (1,459,476)     (9,189)     73,261   (1,395,404) 
----------------------------------  ------------  ----------  ---------  ------------ 
 

The cash movement on bank loans is the addition of four loans under the Coronavirus Large Business Interruption Scheme (CLBILS) which total GBP100,033,332; this is offset by a loan repayment of the revolving facility of GBP195,000,000. Both of these cash movements are disclosed in the cash flow statement as advances under CLBILS and (repayment)/advances under bank loans, respectively. This cash movement on bank loans is also made up of a cash payment of loan issue costs of GBP434,000, which is also disclosed in the cash flow statement.

Management considered whether to account for the CLBILS loans as government grants, as the rate of interest is lower than that achieved on other facilities. However, in the absence of a reliable estimate of a market rate of borrowing at the time, these have been accounted for within borrowings.

The cash movement on asset-financing of GBP6,901,000 is disclosed in the cash flow statement as asset-financing principal payments.

Lease obligations represent long term payables and lease assets represent long term receivables, and are therefore both disclosed in the table above.

The non-cash movement in bank loans and the private placement relate to the amortisation of loan issue costs.

The amortisation charge for the year of GBP1,746,000 is disclosed in note 6. These are arrangement fees paid in respect of new borrowings and are charged to the income statement over the expected life of the loans.

The movement in interest-rate swaps relates to the change in the 'mark to market' valuations for the year for swaps subject to hedge accounting.

The non-cash movement in lease liabilities is analysed in the table below.

10. Analysis of change in net debt (continued)

 
 Non-cash movement in net lease liabilities       25 July 
                                                     2021 
 
                                                   GBP000 
----------------------------------------------  --------- 
 Recognition of new leases                       (12,162) 
 Remeasurements of existing lease liabilities      15,602 
 Remeasurements of existing lease assets                - 
 Disposal of leases                                15,790 
 Cancelled principal payments                      10,993 
 Exchange differences                                 233 
 Non-cash movement in net lease liabilities        30,456 
----------------------------------------------  --------- 
 

52 weeks ended 26 July 2020

 
                                                        28 July     IFRS16       Cash     Other      26 July 
                                                           2019                                         2020 
                                                                 migration      flows   changes     Restated 
                                                         GBP000     GBP000     GBP000    GBP000       GBP000 
Borrowings 
Cash and cash equivalents                                42,950          -    131,501         -      174,451 
Asset-financing creditor - due before one year          (3,287)          -   (13,250)     8,927      (7,610) 
Current net borrowings                                   39,663          -    118,251     8,927      166,841 
 
Bank loans - due after one year                       (770,076)          -   (98,998)   (1,498)    (870,572) 
Asset-financing creditor - due after one year           (6,607)          -          -   (8,927)     (15,534) 
Private placement - due after one year                        -          -   (97,679)      (43)     (97,722) 
Non-current net borrowings                            (776,683)          -  (196,677)  (10,468)    (983,828) 
 
Net debt                                              (737,020)          -   (78,426)   (1,541)    (816,987) 
 
Derivatives 
Interest-rate swaps asset - due after one year              321          -          -     (321)            - 
Interest-rate swaps liability - due after one year     (49,393)          -          -  (32,801)     (82,194) 
Total derivatives                                      (49,072)          -          -  (33,122)     (82,194) 
 
Net debt after derivatives                            (786,092)          -   (78,426)  (34,663)    (899,181) 
 
Leases 
Lease assets - due before one year                            -      1,583    (1,056)     1,209        1,736 
Lease assets - due after one year                             -     11,853          -     (738)       11,115 
Lease obligations - due before one year                       -   (61,252)     19,923  (24,014)     (65,343) 
Lease obligations - due after one year                        -  (570,052)          -    62,249    (507,803) 
Net lease liabilities                                         -  (617,868)     18,867    38,706    (560,295) 
 
Net debt after derivatives and lease liabilities      (786,092)  (617,868)   (59,559)     4,043  (1,459,476) 
 

10. Analysis of change in net debt (continued)

52 weeks ended 26 July 2020

 
                                                 26 July 
Non-cash movement in net lease liabilities          2020 
                                                Restated 
                                                  GBP000 
Recognition of new leases                       (45,776) 
Remeasurements of existing leases liabilities    (7,207) 
Remeasurements of existing leases assets             471 
Disposal of lease                                 85,115 
Cancelled principal payments                       6,127 
Exchange differences                                (24) 
Non-cash movement in net lease liabilities        38,706 
 

The table below calculates a ratio between net debt, being borrowing less cash and cash equivalents, and earnings before interest, tax, and depreciation (EBITDA). The numbers in this table are all before the effect of IFRS16.

 
                                                   Unaudited 
                                                    52 weeks    52 weeks 
                                                       ended       ended 
                                                     25 July     26 July 
                                                        2021        2020 
                                                      GBP000      GBP000 
Loss before tax (income statement)                 (154,676)    (34,095) 
Interest                                              47,260      40,606 
Depreciation and amortisation                         76,474      79,639 
Earnings before interest, tax and depreciation 
 (EBITDA)                                           (30,942)      86,150 
 
Net debt / EBITDA                                     -27.32        9.48 
 

11. Dividends paid and proposed

 
                                                    52 weeks  52 weeks 
                                                       ended     ended 
                                                     25 July   26 July 
                                                        2021      2020 
                                                      GBP000    GBP000 
Declared and during the year: 
 
Dividends on ordinary shares: 
- final for 2018/19: 8.0p (2017/18: 8.0p)                  -     8,371 
- interim for 2019/20: 0.0p (2018/19: 4.0p)                -         - 
- final for 2019/20: 0.0p (2018/19: 8.0p)                  -         - 
                                                           -     8,371 
 
Proposed for approval by shareholders at the AGM: 
- final for 2020/21: 0.0p (2019/20: 0.0p)                  -         - 
                                                           -         - 
 
Dividend per share                                         -        8p 
Dividend cover                                             -         - 
 

Dividend cover is calculated as profit after tax and exceptional items over dividend paid. Dividend cover has not been shown for previous year and current year, as the company reported a loss in both periods.

12. Intangible assets

 
                                      Computer        Assets     Total 
                                      software         under 
                                           and 
                                   development  construction 
                                        GBP000        GBP000    GBP000 
Cost: 
At 28 July 2019                         70,217         4,429    74,646 
Additions                                  466           581     1,047 
Transfers                                4,206       (4,206)         - 
Disposals                             (41,472)             -  (41,472) 
At 26 July 2020                         33,417           804    34,221 
Additions                                    -             4         4 
Transfers                                  804         (804)         - 
Disposals                              (1,474)             -   (1,474) 
At 25 July 2021                         32,747             4    32,751 
 
 
Accumulated amortisation and 
 impairment: 
At 28 July 2019                       (51,576)             -  (51,576) 
Provided during 
 the period                            (3,806)             -   (3,806) 
Impairment loss                       (10,699)             -  (10,699) 
Disposals                               40,755             -    40,755 
At 26 July 2020                       (25,326)             -  (25,326) 
Provided during 
 the period                            (3,151)             -   (3,151) 
Exchange differences                       (1)             -       (1) 
Disposals                                1,085             -     1,085 
At 25 July 2021                       (27,393)             -  (27,393) 
 
Net book amount at 25 
 July 2021                               5,354             4     5,358 
Net book amount 
 at 26 July 2020                         8,091           804     8,895 
Net book amount 
 at 28 July 2019                        18,641         4,429    23,070 
 

The majority of intangible assets relates to computer software and software development. Examples include the development costs of the SAP accounting and property-maintenance systems and bespoke J D Wetherspoon apps.

13. Property, plant and equipment

 
                                    Freehold     Short-    Equipment,        Assets      Total 
                                         and 
                              long-leasehold  leasehold      fixtures         under 
                                    property   property  and fittings  construction 
                                      GBP000     GBP000        GBP000        GBP000     GBP000 
Cost: 
At 28 July 2019                    1,229,172    327,159       656,261        69,051  2,281,643 
Additions                             97,419      2,464        24,608        39,959    164,450 
Transfers                             11,804      1,675         9,412      (22,891)          - 
Exchange differences                     685         39           120           505      1,349 
Disposals                            (6,012)    (6,290)       (5,669)             -   (17,971) 
Reclassification                      30,038   (30,038)             -             -          - 
At 26 July 2020                    1,363,106    295,009       684,732        86,624  2,429,471 
Additions                             14,783        132        11,251        31,973     58,139 
Transfers from investment 
 property                              5,768          -             -             -      5,768 
Transfers                             41,023      4,164         8,385      (53,572)          - 
Exchange differences                 (1,357)      (144)         (426)       (1,157)    (3,084) 
Disposals                            (2,623)    (4,385)       (3,631)             -   (10,639) 
Reclassification                       7,842    (7,842)             -             -          - 
At 25 July 2021                    1,428,542    286,934       700,311        63,868  2,479,655 
 
 
Accumulated depreciation and 
 impairment: 
At 28 July 2019               (253,825)  (176,452)  (466,395)       -    (896,672) 
Provided during the 
 period                        (19,675)   (10,826)   (44,885)       -     (75,386) 
Exchange differences               (47)       (77)      (162)       -        (286) 
Impairment loss                (17,631)    (4,122)    (6,849)       -     (28,602) 
Disposals                         2,051      6,298      5,904       -       14,253 
Reclassification               (18,170)     18,170          -       -            - 
At 26 July 2020               (307,297)  (167,009)  (512,387)       -    (986,693) 
Provided during the 
 period                        (20,281)   (10,499)   (42,413)       -     (73,193) 
Transfers from investment 
 property                         (290)          -          -       -        (290) 
Exchange differences                282         23        249       -          554 
Impairment loss                 (1,631)      (368)          -       -      (1,999) 
Disposals                           874      2,405      2,513       -        5,792 
Reclassification                (4,090)      4,090          -       -            - 
At 25 July 2021               (332,433)  (171,358)  (552,038)       -  (1,055,829) 
 
Net book amount at 
 25 July 2021                 1,096,109    115,576    148,273  63,868    1,423,826 
Net book amount 
 at 26 July 2020              1,055,809    128,000    172,345  86,624    1,442,778 
Net book amount 
 at 28 July 2019                975,347    150,707    189,866  69,051    1,384,971 
 

Impairment of property, plant and equipment

In assessing whether a pub has been impaired, the book value of the pub is compared with its anticipated future cash flows and fair value. Assumptions are used about sales, costs and profit, using a pre-tax discount rate for future years of 8.7% (2020: 8%).

If the value, based on the higher of future anticipated cash flows and fair value, is lower than the book value, the difference

is written off as property impairment.

As a result of this exercise, a net impairment loss of GBP1,999,000 (2020: GBP28,602,000) was charged to property losses in the income statement, as described in note 4. The assets impaired in the year had a recoverable value of GBP4,974,000 at year end.

14. Investment property

The company owns three (2020: three) freehold properties with existing tenants - and these assets have been classified

as investment properties. During the year, the company developed one of its investment properties into a pub.

The property has been transferred to property, plant and equipment. During this year, the company has purchased an additional investment property.

 
                                   GBP000 
Cost: 
At 28 July 2019                     5,767 
Additions                           6,075 
At 26 July 2020                    11,842 
Additions                           4,528 
Transfer to property, 
 plant and equipment              (5,768) 
At 25 July 2021                    10,602 
 
 
Accumulated amortisation: 
At 28 July 2019                     (236) 
Provided during 
 the period                          (79) 
At 26 July 2020                     (315) 
Provided during 
 the period                          (44) 
Transfer to property, 
 plant and equipment                  290 
At 25 July 2021                      (69) 
 
Net book amount at 25 
 July 2021                         10,533 
Net book amount 
 at 26 July 2020                   11,527 
Net book amount 
 at 28 July 2019                    5,531 
 

Rental income received in the period from investment properties was GBP397,000 (2020: GBP 641,000 ).

Operating costs, excluding depreciation, incurred in relation to these properties amounted to GBP12 ,000 (2020: GBP 38,000 ).

At the year end, two investment properties were independently valued at GBP5,400,000. The third investment property was purchased during the period and, the value at purchase price paid of GBP4,528,000 is deemed a reasonable fair value of this property. The total fair value of all of our investment properties at the year end is GBP9,928,000.

15. Going concern

The directors have made enquiries into the adequacy of the Company's financial resources, through a review of the Company's budget and medium-term financial plan, including capital expenditure plans and cash flow forecasts.

The Company has modelled a range of scenarios, with the base forecast being one in which, over the next 12 months, sales broadly recover to pre-Covid levels. More cautious scenarios have been analysed, including ones with significant reductions to revenue, these have been prepared with reference to the actual cash outflows in the previous lockdown periods.

The directors are satisfied that the Company has sufficient liquidity to withstand adjustments to the base forecast, as well as the downside scenarios. The length of the liquidity period, in relation to each outcome, depends on those actions which the Company chooses to take (eg the extent to which cash expenditure is reduced) and also on the level of government financial support (eg reduced business rates) which the Company might receive.

Material uncertainty, which may cast significant doubt over the Company's ability to continue as a going concern, has resulted from the impact of the Covid-19 virus on the economy and the hospitality industry and it is also not clear when public confidence and self-imposed social distancing measures will allow trading to return to 'normal' pre Covid levels.

The Company has agreed with its lenders to replace existing financial covenant tests with a minimum liquidity covenant for the period up to and including July 2022. There is material uncertainty, which may cast significant doubt over the Company's ability to continue as a going concern, beyond this date about whether financial covenant tests will be satisfied or whether further waivers will be agreed on by lenders. The Company will remain in regular dialogue with its lenders throughout the period.

In addition, the directors have noted the range of possible additional liquidity options available to the Company, should they be required.

As a result, the directors have satisfied themselves that the Company will continue in operational existence for the foreseeable future. For this reason, the Company continues to adopt the going-concern basis in preparing its financial statements.

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(END) Dow Jones Newswires

October 01, 2021 02:00 ET (06:00 GMT)

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