TIDMLOOK
RNS Number : 1936L
Lookers PLC
09 September 2021
9 September 2021
LOOKERS plc ("Lookers" or the "Group")
Unaudited Interim Results for the six months ended 30 June
2021
Record H1 performance against tough backdrop; repayment of CJRS
receipts for H1 2021, and new Board appointments
Lookers plc, one of the leading UK motor retail and aftersales
service groups, today announces its unaudited interim results for
the six months ended 30 June 2021 ("H1" or the "period").
Highlights
-- H1 trading exceptionally strong despite closure of the
showrooms throughout Q1. Trading underpinned by robust consumer
demand and an improved omni-channel customer proposition, resulting
in ongoing outperformance of the UK new retail car market
(+17.4ppts) and a market share of 6.7%. Excellent used unit growth
(LFL +38.3%) combined with strong margins.
-- Revenue of GBP2,153.2m (2020: GBP1,570.6m) with all divisions
showing growth versus last year.
-- Record H1 with underlying profit before tax of GBP50.3m
(2020: Underlying loss before tax GBP36.5m). Statutory profit
before tax of GBP50.7m (2020: Statutory loss before tax
GBP50.4m).
-- Given the strong H1 performance and the Group's ongoing
corporate responsibility agenda, the Board has voluntarily
undertaken to repay all CJRS grants received for H1 (GBP4.1m)
before the end of H2.
-- Strong cash generation with net cash of GBP33.0m at 30 June
2021 (31 December 2020: Net Debt GBP40.7m) driven by strong trading
performance, continued working capital control and cost discipline.
Property portfolio equivalent to 77.8p per share (2020: 80.4p per
share).
-- The Board intends to resume dividend payments as soon as
possible and will next review the position when releasing its 2021
full year results.
Financial Summary
H1 2020
H1 2021 (restated)* Variance FY 2020
Underlying**
Revenue GBP2,153.2m GBP1,570.6m 37.1% GBP3,699.9m
Underlying profit / (loss)
before tax GBP50.3m (GBP36.5m) 237.8% GBP14.1m
Underlying earnings / (loss)
per share 10.44p (7.58p) 237.7% 2.93p
Statutory
Profit / (loss) before tax GBP50.7m (GBP50.4m) 200.6% GBP2.0m
Basic earnings / (loss)
per share 6.33p (13.05p) 148.5% (1.05p)
Net cash / (debt) *** GBP33.0m (GBP11.0m) 400.0% (GBP40.7m)
------------------------------ ------------- --------- ------------
*The figures shown for H1 2020 reflect the adjustments to the
interim results for 2020, consistent with those included within the
full year 2020 audited results and H1 2021 unaudited results. A
reconciliation of these adjustments is presented in Note 1.
** Underlying profit before tax is profit before tax and
non-underlying items. Underlying earnings per share is the earnings
/ (loss) per share after tax and before non-underlying items (see
Note 17).
*** Bank loans and overdrafts less cash and cash equivalents,
excluding stocking loans, vehicle rental liabilities and lease
liabilities under IFRS 16 (see Note 17).
Board Changes and Outlook
-- Separately announcing today, the completion of Board
restructuring with the appointment of Ian Bull as Non-Executive
Chairman and Oliver Laird as CFO.
-- Trading during July and August remained strong, exceeding
expectations, primarily driven by unprecedented used vehicle
margins. Order take also remained robust and the Group has a strong
order book for September and the remainder of 2021.
-- Given the ongoing and well documented new and used vehicle
supply restrictions, combined with uncertainty resulting from
COVID-19, there remains considerable variation in vehicle delivery
dates and availability and in this context the Board believes it is
right to retain its cautious approach.
-- Notwithstanding this, the Group remains well positioned for
the remainder of 2021 and beyond. Therefore, current expectations
for underlying profit before tax for 2021 remain unchanged after
having committed to fully repay all CJRS grants received for the
current financial year before the end of 2021.
Mark Raban, Chief Executive Officer, said:
"We have delivered a record performance in H1 despite
significant COVID-19 related disruption. Demand has continued to be
strong as we see a sustained preference for car-based travel
amongst consumers. We have been able to capture this demand and
outperform the market through continued improvements to our
omni-channel customer experience which allows customers to purchase
cars with us however they wish.
The rapid growth of electric vehicles continues apace, and we
are well positioned to maximise this exciting growth opportunity
alongside our other strategic growth pillars. Whilst we are mindful
of various short-term pressures, particularly around supply, with a
refreshed Board, a restructured business and an enhanced digital
proposition, there is much to look forward to."
Details of results webcast
There will be a webcast at 9 :30am UK time today for analysts
and institutional investors. To register please contact MHP
Communications on 020 3128 8778, or by email on
lookers@mhpc.com
Enquiries:
Lookers
Mark Raban, Chief Executive Officer 0161 291 0043
Duncan McPhee, Chief Operating Officer
MHP Communications
Tim Rowntree / Simon Hockridge / Alistair de Kare-Sliver 020
3128 8778
About Lookers plc ( www.lookersplc.com )
The Group's principal activities are the sale of new and used
cars, vans and aftersales activities. The Group's businesses have a
total of 150 franchised dealerships representing 32 manufacturers,
operating across the UK and Republic of Ireland.
The Company is registered in England at Lookers House, 3
Etchells Road, West Timperley, Altrincham WA14 5XS. Company
registration number 00111876. LEI number 213800TSB8PJEACDAV33
Cautionary statement
This Interim Report has been prepared solely to provide
additional information to shareholders to assess the Group's
strategies and the potential for those strategies to succeed. The
Interim Report should not be relied on by any party or for any
other purpose.
All statements other than statements of historical fact included
in this document, including, without limitation, those regarding
the financial condition, results, operations and businesses of
Lookers plc and its strategy, plans and objectives and the markets
and economies in which it operates, are forward-looking statements.
Such forward-looking statements are made by the Directors in good
faith based on the information available to them up to the time of
their approval of this report. Such statements should be treated
with caution due to the inherent uncertainties, known and unknown
risks, and other important factors underlying any forward-looking
information which could cause the actual results, performance or
achievements of Lookers or the markets and economies in which it
operates to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. Lookers and its Directors accept no
liability to third parties in respect of this report save as would
arise under English law.
INTERIM MANAGEMENT REPORT
Strategic and Operating Review
Strategy Update
Our strategy is to have the right brands in the right locations.
We deliver on our strategy by operating a diverse business in the
UK motor sector, supported by a variety of OEM Brand Partners which
we represent across the UK.
We aim to put the customer and safe customer outcomes at the
centre of everything we do. Underpinning this strategy is our focus
on people, simplicity and consistency, operational excellence and
technology to ensure that we deliver a great customer
experience.
We aim to serve our customers through whatever channel they
choose either in person, by phone, via the internet or a hybrid
combination to suit their personal requirements.
Our strategic priorities are as follows:
1) Continued investment and development of the Group's
omni-channel customer experience enhancing choice through a hybrid
combination of digital engagement and high-quality forecourt
services.
2) Harnessing growth from the transition to electric vehicles
through infrastructure investment and connected car services
alongside the roll-out of new aftersales products and services.
3) Continued focus on driving operational excellence with an
emphasis on increasing productivity, effective cash management and
a robust approach to capital allocation.
4) Focus and investment in people and systems to support the
Group's simplification, controls, engagement and transparency
initiatives.
In support of its ESG objectives the Board is particularly
focussed on maximising the potential from pure battery electric
vehicles and continues to believe that this transformation will
gather momentum underpinned by increasing range on new models,
further improvements to public charging infrastructure and reducing
battery costs. To drive progress in the area the Group has recently
appointed a Business Development Director to oversee the Group's
approach to this key growth opportunity. We are also developing and
rolling out enhanced EV training to ensure our colleagues are
equipped with the necessary product knowledge and skills to support
the customer journey. We are also launching new products to our
corporate customers to support the favourable tax treatment of
electric vehicles (EV) and the associated charging infrastructure
as well as developing new aftersales products to maintain customer
loyalty and retention. Dealership and home-based SMART repair is a
key area of focus in protecting our aftersales revenue as the EV
penetration of the UK car parc grows.
Longer term we see many exciting growth opportunities in
sustainable energy management and connected car services as the EV
market reaches a critical mass.
We will evolve and report on all these priorities as we move
through the balance of 2021 and into 2022.
Impact of COVID-19
In line with COVID-19 restrictions, the Group's dealerships
remained closed throughout the first three months of 2021 ("Q1").
However, the Group continued to take orders and fulfil vehicle
handovers through its dealership teams, call centres and websites.
These activities were underpinned by our new Click and Drive and
contactless technology platform, which has allowed us to service
increased demand through digital channels. The Group's aftersales
operations remained fully operational throughout Q1.
The Group's dealerships reopened on 12 April 2021 trading with
enhanced COVID-19 secure operations to protect customers and
colleagues.
Throughout H1 the Group continued to benefit from Government
initiatives including support through the Coronavirus Job Retention
Scheme of GBP4.1m (H1 2020 GBP29.7m), business rates relief of
GBP6.7m (H1 2020 GBP3.5m) and site specific local recovery grants
of GBP1.9m (H1 2020 GBPnil). All Government support receipts were
included within net operating expenses apart from GBP1.1m (H1 2020
GBP6.0m) of CJRS receipts that were netted against cost of
sales.
As noted above, given the Group's recovery from the pandemic and
subsequent strong financial performance and corporate
responsibility agenda, the Board has voluntarily undertaken to
repay all CJRS grants received for H1 (GBP4.1m) before the end of
H2. See Note 15 for further details.
Operating Review
H1 2021 Segmental analysis of revenue and gross profit:
H1 2020
H1 2021 (restated)*
Revenue GBPm GBPm Variance LFL Variance
New Vehicles 1,027.5 705.0 45.7% 48.5%
Used Vehicles 1,044.8 770.3 35.7% 38.9%
Aftersales 211.3 162.1 30.4% 34.8%
Leasing and Other 79.3 59.4 33.4% 46.5%
Less: intercompany (209.7) (126.2)
-------------------- ------------- --------- -------------
Total 2,153.2 1,570.6 37.1% 46.6%
-------------------- ------------- --------- -------------
H1 2020
H1 2021 (restated)*
Gross Profit GBPm GBPm Variance LFL Variance
New Vehicles 66.6 42.7 55.8% 55.0%
Used Vehicles 89.8 43.5 106.4% 134.1%
Aftersales 92.4 69.0 33.9% 37.6%
Leasing and Other 8.8 7.2 23.7% 36.5%
Total 257.6 162.4 58.6% 66.0%
------------------- ------------- --------- -------------
Gross margin 12.0% 10.3% +162BPS +139BPS
------------------- ------------- --------- -------------
New vehicles
New vehicles H1 2021 H1 2020 Variance LFL Variance
Retail unit sales 27,589 18,842 46.4% 47.9%
Fleet unit sales 23,062 16,163 42.7% 43.1%
Total unit sales 50,651 35,005 44.7% 45.7%
------------------- -------- --------- -------------
Gross margin 6.5% 6.1% +42 BPS +26 BPS
------------------- -------- --------- -------------
*The figures shown for H1 2020 reflect the adjustments to the
interim results for 2020, consistent with those included within the
full year 2020 audited results and H1 2021 unaudited results. A
reconciliation of these adjustments is presented in Note 1.
The sale of new vehicles represented 43.5% (2020: 41.5%) of
total revenue and 25.8% (2020: 26.3%) of total gross profit.
The COVID-19 global pandemic continued to have a material impact
on UK new vehicle registrations during H1. In H1 there were over
900,000 vehicles registered in the UK, a growth of 39.2% versus
last year (Retail 30.6%, Fleet 47.3%).
In line with COVID-19 restrictions dealerships remained closed
throughout Q1. Consequently, in Q1 the UK market declined by 12.0%
with sales to retail and fleet customers declining by 18.3% and
6.3% respectively. Dealerships in the UK were permitted to re-open
on 12 April 2021 and versus a severely disrupted comparable period
in April and May last year the market showed a total growth of
185.1% in the three month period ended 30 June 2021 ("Q2").
In H1 the Group continued to outperform the UK retail new
vehicle market recording outperformance of 17.4 percentage points
on a like-for-like basis and commanding a retail UK market share of
6.7%.
The Group continued to restructure its fleet operations with
like-for-like unit sales growth in H1 of 43.1%. The Group has been
successful in winning a number of large corporate fleet tenders
during the period.
The market growth of battery powered electric vehicles
(including plug-in, BEV and PHEV) continues to accelerate with
growth in the period of 161% representing a UK market share of
14.5%. The Board expect this momentum to accelerate and are
confident the Group is well positioned to capitalise on this key
growth opportunity.
Used vehicles
Used vehicles H1 2021 H1 2020 Variance LFL Variance
Retail unit sales 46,380 34,644 33.9% 38.3%
Gross margin 8.6% 5.6% +295 BPS +345 BPS
The sale of used vehicles represented 44.2% (2020: 45.4%) of
total revenue and 34.8% (2020: 26.8%) of total gross profit.
During H1 the Group recorded used vehicle like-for-like unit
sales growth of 38.3% versus market growth of approximately 33.3%.
Demand for used vehicles remained strong throughout the period
driven by the release of pent up demand, ongoing consumer aversion
to public transport and relatively high levels of consumer
disposable income following various lockdown restrictions
throughout 2020 and 2021.
The imbalance of demand and supply lead to an unprecedented
strengthening of used vehicle residual values driving a strong
gross profit of 8.6% (2020: 5.6%). The Board remain cautious about
the sustainability of this trend and are managing used inventory
levels accordingly.
Many of the operational enhancements implemented in the first
lockdown, including unaccompanied test drives, continued throughout
H1. The Group's new hybrid omni-channel customer experience backed
by transparent pricing, including a 14 day money back guarantee, is
proving popular with customers.
Aftersales
Aftersales H1 2021 H1 2020 Variance LFL Variance
Revenue GBPm 211.3 162.1 30.4% 34.8%
Gross margin 43.7% 42.6% +115 BPS +87 BPS
Aftersales represented 8.9% (2020: 9.6%) of total revenue and
35.9% (2020: 42.5%) of total gross profit.
Our workshops remained fully operational throughout H1 operating
with upweighted COVID-19 secure protocols to protect both our
customers and colleagues.
In H1 like-for-like aftersales revenue growth was 34.8% and
gross margin 43.7% (2020: 42.6%).
With our brand partners we continue to focus on increasing the
penetration of service plans which the Board believes is
particularly important as electric vehicles continue to increase as
a proportion of the car parc.
H1 2021 Financial Review
Restatement of prior period
The Group's H1 2020 comparatives have been restated to reflect
the correction of errors in relation to the Group's historical IFRS
16 calculations, cash flow disclosures under IAS 7, and a
misallocation of leasing company costs within the profit and loss
account. These corrections are detailed in Note 1 and have been
calculated in a manner consistent with those affected in the full
year financial statements for the year ended 31 December 2020. The
corrections increased previously reported underlying loss before
tax by GBP0.4m to GBP36.5m.
Revenue
H1 revenue of GBP2,153.2m was 37.1% higher than the comparative
period (2020: GBP1,570.6m). Like-for-like revenue increased by
46.6% with revenue from new cars, used cars and aftersales all
increasing. Although the dealerships were closed due to COVID-19
restrictions in Q1 this was more than offset in Q2 when last year's
comparatives were materially impacted by the first national
lockdown and the complete closure of the business throughout April
and most of May.
Gross profit
Gross profit increased by 58.6% to GBP257.6m (2020: GBP162.4m).
Gross profit margin at 12.0% was ahead of last year by 162BPS. This
was largely driven by a material increase in used vehicle margins,
though all areas of the business increased gross margins.
Operating expenses and Government support schemes
Underlying net operating expenses at GBP194.4m (2020: GBP182.9m)
were 6.3% above the comparative period. Operating expenses include
the impact of a GBP3.0m (2020: GBP23.7m) receipt from the
Coronavirus Job Retention Scheme, GBP6.7m (2020: GBP3.5m) of rates
reductions under the Government's business rates holiday scheme,
and GBP1.9m (2020: GBPnil) of site specific grants. Excluding these
items in both years underlying net operating expenses were 1.9%
below last year as a result of ongoing focus and control of all
discretionary cost items.
Non-underlying items
The Group recorded non underlying credits of GBP0.4m relating to
gains on property disposals. Last year the Group incurred GBP13.9m
of non-underlying costs in the comparable period, largely related
to the Group's restructuring programme, impairment of goodwill, and
costs in relation to the investigation and resolution of legacy
accounting issues (see Note 3).
Net finance costs
Net finance costs were materially lower than the comparative
period at GBP12.9m (2020: GBP16.0m). This has been driven by
increased working capital controls, principally lower inventory
levels, and lower average net debt throughout the period.
Tax
The Group's tax charge was GBP26.0m (2020: GBP0.5m), an
underlying effective tax rate of 20.5% (2020: 19%).
The Group's total reported effective tax rate differs from this
due to the deferred tax charge arising following the substantive
enactment of the planned increase in the standard rate of
corporation tax to 25% from April 2023. This has resulted in an
additional charge of GBP15.6m in the period.
Earnings per share (EPS)
Underlying EPS increased by 237.7% to 10.44p share (2020: 7.58p
loss per share). Basic EPS increased by 148.5% to 6.33p per share
(2020: 13.05p loss per share).
Dividend
The Board understands the importance of dividends to
shareholders and, subject to a satisfactory trading outlook intends
to resume the payment of dividends as soon as possible. The Board
will next review the position in 2022 at the time of the release of
its full year results for the period ended 31 December 2021.
Cashflow and net debt
Throughout H1 the Group maintained a strong focus on operational
cash flow. Cash generated from operating activities in H1 was
GBP83.5m (2020: GBP69.6m), largely as a result of the strong
trading performance, ongoing working capital initiatives and
ongoing additional controls. The Group has made particular progress
in managing vehicle inventories through improving stock turn and
reducing overall inventory levels of both new and used vehicles.
Property, plant and equipment capital expenditure totalled GBP6.7m
(2020: GBP9.2m).
Net cash at 30 June 2021 was GBP33.0m (30 June 2020: net debt
GBP11.0m; 31 December 2020: net debt GBP40.7m).
The Group continues to benefit from a strong property portfolio.
The net book value of freehold and leasehold properties of
GBP303.9m (equivalent to 77.8p per share) at the end of the period
remains a key strength of the business.
Financing
In May 2021, the Group agreed an amendment and extension to its
revolving credit facility ("RCF"), with its existing banks. The
amended RCF is for an initial GBP150m and will expire on 30
September 2023. The facility is subject to quarterly covenant tests
on leverage, interest cover, minimum EBITDA per rolling twelve
month period, and minimum liquidity levels.
Pensions
The Group's actuary has assessed the IAS 19 valuation of both
the Lookers Pension Plan and Benfield Pension Plan as at 30 June
2021.
At 30 June 2021, the IAS 19 pension valuation showed a total
deficit of GBP65.0m (30 June 2020: GBP69.5m; 31 December 2019:
GBP79.3m). An increase in corporate bond yields during the period
and the associated decrease in discount rate has resulted in the
liabilities decreasing, which has been partly offset by a decrease
in the schemes' asset values. In the first half of the year, and
in-line with the funding programme agreed with the Trustees, the
Group made additional cash contributions including expenses to the
Lookers Pension Plan amounting to GBP6.3m (H1 2020: GBP4.2m).
Board changes
The Group has today separately announced the completion of Board
restructuring with the appointment of Ian Bull as Non-Executive
Chairman with effect from 1 October 2021, and Oliver Laird as CFO
with effect from 15 November 2021.
Following approval of the 2020 financial statements, Anna
Bielby, Interim CFO, stepped down from the Board as planned on 30
June 2021.
On 13 April 2021 Heather Jackson, Senior Independent Director
and Chair of the Remuneration Committee advised the Board of her
decision to step down to focus on her increasing non-executive
directorships and business interests.
Paul Van der Burgh was appointed as a Non-Executive Director in
April 2021 and then as Senior Independent Director from May
2021.
Robin Churchouse, Non-Executive Director was appointed Chair of
Audit and Risk Committee in January 2021.
Risks and uncertainties
As with any business, there are a number of potential risks and
uncertainties which could have a material impact on the Group's
future performance and could cause actual results to differ
materially from both expected and historical results. The Board
believes the wider risks and uncertainties to be materially
consistent with those described on pages 31 to 36 in the 2020
Annual Report and Accounts. However, the Group, in common with
other industry participants, has seen a tightening of supply of
both used and new vehicles, the latter due to the continuing
worldwide shortage of semiconductor chips, and there remains
significant uncertainty over vehicle supply in the second half of
2021 and into 2022. Uncertainty also remains around the impact of
potential future COVID-19 related restrictions and related
colleague absence. The current UK wide labour shortages, high
vacancy levels and upward pressure on employment costs remain a
risk for the Group.
Summary and outlook
H1 trading was exceptionally strong despite closure of showrooms
throughout Q1. Trading was underpinned by robust consumer demand
and an improved omnichannel customer proposition, resulting in
ongoing outperformance of the UK new retail car market (+17.4ppts).
The Group has had excellent used unit growth (LFL +38.3%) combined
with strong margins.
Trading during July and August remained strong, exceeding
expectations, primarily driven by unprecedented used vehicle
margins. Order take also remained robust and the Group has a strong
order book for September and the remainder of 2021.
Given the ongoing and well documented new and used vehicle
supply restrictions, combined with uncertainty resulting from
COVID-19, there remains considerable variation in vehicle delivery
dates and availability and in this context the Board believes it is
right to retain its cautious approach.
Notwithstanding this, the Group remains well positioned for the
remainder of 2021 and beyond. Therefore, current expectations for
underlying profit before tax for 2021 remain unchanged after having
committed to fully repay all CJRS grants received for the current
financial year before the end of 2021.
Finally, on behalf of the Board I would like to thank all our
stakeholders and particularly my colleagues across the business for
their support and dedication.
Mark Raban
Chief Executive Officer
8 September 2021
INDEPENT REVIEW REPORT TO Lookers Plc
Introduction
We have been engaged by the Company to review the condensed
consolidated set of financial statements in the half-yearly
financial report for the six months ended 30 June 2021 which
comprises condensed consolidated statement of total comprehensive
income, condensed consolidated statement of financial position,
condensed consolidated statement of changes in equity, condensed
consolidated statement of cash flows and the notes to the financial
information.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of and
has been approved by the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the
group will be prepared in accordance with UK adopted international
accounting standards. The condensed set of financial statements
included in this interim financial report has been prepared in
accordance with UK adopted International Accounting Standard 34,
"Interim Financial Reporting".
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Other matter - comparative information
The comparative information in the condensed consolidated
financial statements relating to the financial position of the
group as at 30 June 2020 and in respect of the 6 month period then
ended has not been subject to a review performed in accordance with
International Standard on Review Engagements 2410 (UK and Ireland),
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity."
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of consolidated
financial statements in the half-yearly financial report for the
six months ended 30 June 2021 is not prepared, in all material
respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting its responsibilities in
respect of half-yearly financial reporting in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority and for no other purpose. No person is
entitled to rely on this report unless such a person is a person
entitled to rely upon this report by virtue of and for the purpose
of our terms of engagement or has been expressly authorised to do
so by our prior written consent. Save as above, we do not accept
responsibility for this report to any other person or for any other
purpose and we hereby expressly disclaim any and all such
liability.
BDO LLP
Chartered Accountants
Manchester
8 September 2021
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
Condensed Consolidated Statement of Total Comprehensive
Income
Unaudited Unaudited
six months six months
ended ended 30 Audited
30 June June 2020 year ended
2021 (restated*) 31 December
Note GBPm GBPm 2020 GBPm
---------------------------------------- ----- ------------ ------------- -------------
Revenue 2 2,153.2 1,570.6 3,699.9
======================================== ===== ============ ============= =============
Cost of sales (1,895.6) (1,408.2) (3,288.9)
======================================== ===== ============ ============= =============
Gross profit 257.6 162.4 411.0
======================================== ===== ============ ============= =============
Net operating expenses (194.0) (196.8) (380.1)
======================================== ===== ============ ============= =============
Operating profit / (loss) 63.6 (34.4) 30.9
---------------------------------------- ----- ============ ------------- =============
Underlying operating profit / (loss) 63.2 (20.5) 43.0
Non-underlying items 3 0.4 (13.9) (12.1)
---------------------------------------- ----- ------------ ------------- -------------
Finance costs 4 (12.9) (16.0) (28.9)
======================================== ===== ------------ ============= =============
Profit / (loss) before taxation 50.7 (50.4) 2.0
======================================== ===== ------------ ============= =============
Underlying profit / (loss) before
taxation 50.3 (36.5) 14.1
Non-underlying items 3 0.4 (13.9) (12.1)
---------------------------------------- ----- ------------ ------------- -------------
Tax charge (26.0) (0.5) (6.1)
======================================== ===== ============ ============= =============
Profit / (loss) for the period/year
(attributable to shareholders of
the Company) 24.7 (50.9) (4.1)
======================================== ===== ------------ ============= =============
Exchange differences on translation
of foreign operation
(may be recycled to profit and
loss) (0.2) 0.8 0.3
---------------------------------------- ----- ------------ ------------- -------------
Actuarial gains / (losses) on pension
scheme obligations (not recycled
to profit and loss) 8.8 (17.0) (32.5)
======================================== ===== ============ ============= =============
Deferred tax on pension scheme
obligations (not recycled to profit
and loss) 2.6 2.9 7.3
======================================== ===== ============ ============= =============
Total other comprehensive income
/ (expense) for the period/year 11.2 (13.3) (24.9)
======================================== ===== ============ ============= =============
Total comprehensive income / (expense)
for the period/year (attributable
to shareholders of the Company) 35.9 (64.2) (29.0)
======================================== ===== ============ ============= =============
Earnings / (loss) per share:
======================================== ===== ============ ============= =============
Basic earnings / (loss) per share
(p) 6 6.33 (13.05) (1.05)
======================================== ===== ============ ============= =============
Diluted earnings / (loss) per share
(p)** 6 6.17 (13.05) (1.05)
======================================== ===== ============ ============= =============
*Details of the restatements due to presentational changes and
correction of errors are shown in Note 1.
**In the period ended 30 June 2020 and year ended 31 December
2020 the basic and diluted earnings per share are equal as a result
of the Group incurring a loss for the period/year.
Condensed Consolidated Statement of Financial Position
Unaudited
Unaudited 30 June Audited
30 June 2020 31 December
2021 (restated*) 2020
Note GBPm GBPm GBPm
============================ ===== =============== ============= =============
Non-current assets
=================================== =============== ============= =============
Goodwill 7 79.3 79.3 79.3
============================ ===== =============== ============= =============
Intangible assets 8 108.9 112.6 110.8
============================ ===== =============== ============= =============
Property, plant
and equipment 9 399.1 415.5 399.9
============================ ===== =============== ============= =============
Right of use assets 10 113.3 121.1 117.6
============================ ===== =============== ============= =============
700.6 728.5 707.6
=================================== =============== ============= =============
Current assets
=================================== =============== ============= =============
Inventories 12 484.5 856.2 655.2
============================ ===== =============== ============= =============
Trade and other
receivables 152.7 156.9 124.6
============================ ===== =============== ============= =============
Current tax receivable - 6.2 1.1
============================ ===== =============== ============= =============
Rental fleet vehicles 28.3 31.2 30.1
============================ ===== =============== ============= =============
Cash and cash equivalents 147.5 295.5 243.0
============================ ===== =============== ============= =============
Assets held for
sale 11 11.1 10.6 13.0
============================ ===== =============== ============= =============
824.1 1,356.6 1,067.0
=================================== =============== ============= =============
Total assets 1,524.7 2,085.1 1,774.6
=================================== =============== ============= =============
Current liabilities
=================================== =============== ============= =============
Bank loans and overdrafts 14 63.7 92.4 116.9
============================ ===== =============== ============= =============
Trade and other
payables 796.5 1,232.4 911.8
============================ ===== =============== ============= =============
Lease liabilities 14 19.0 18.5 19.1
============= =============
Current tax payable 6.8 - -
=================================== =============== ============= =============
886.0 1,343.3 1,047.8
=================================== =============== ============= =============
Net current (liabilities)
/ assets (61.9) 13.3 19.2
=================================== --------------- ------------- -------------
Non-current liabilities
=================================== =============== ============= =============
Bank loans 14 50.8 214.1 166.8
============================ ===== =============== ============= =============
Trade and other
payables 36.9 38.7 39.8
============================ ===== =============== ============= =============
Lease liabilities 14 120.2 130.2 125.3
============================ ===== =============== ============= =============
Provisions 13 - 10.4 -
============================ ===== =============== ============= =============
Pension scheme obligations 65.0 69.5 79.3
============================ ===== =============== ============= =============
Deferred tax liabilities 47.3 31.9 33.2
============================ ===== =============== ============= =============
320.2 494.8 444.4
=================================== =============== ============= =============
Total liabilities 1,206.2 1,838.1 1,492.2
=================================== =============== ============= =============
Net assets 318.5 247.0 282.4
=================================== =============== ============= =============
Shareholders' equity
=================================== =============== ============= =============
Ordinary share capital 19.5 19.5 19.5
============================ ===== =============== ============= =============
Share premium 78.4 78.4 78.4
=================================== =============== ============= =============
Capital redemption
reserve 15.1 15.1 15.1
============================ ===== =============== ============= =============
Retained earnings 205.5 134.0 169.4
=================================== =============== ============= =============
Total equity 318.5 247.0 282.4
=================================== =============== ============= =============
*Details of the restatements due to presentational changes and
correction of errors are made in Note 1.
Condensed Consolidated Statement of Changes in Equity
Capital
Share Share redemption Retained Total
capital premium reserve earnings equity
Period ended 30 June 2020 (unaudited) GBPm GBPm GBPm GBPm GBPm
--------------------------------------- ========= ========= ============ ========== ========
As at 1 January 2020 19.5 78.4 15.1 197.6 310.6
======================================== ========= ========= ============ ========== ========
Loss for the period (restated*) (50.9) (50.9)
======================================== ========= ========= ============ ========== ========
Total other comprehensive expense
for the period (restated) (13.3) (13.3)
---------------------------------------- --------- --------- ------------ ---------- --------
Total comprehensive expense
for the period - - - (64.2) (64.2)
---------------------------------------- --------- --------- ------------ ========== ========
Share based compensation - - - 0.6 0.6
======================================== ========= ========= ============ ========== ========
As at 30 June 2020 19.5 78.4 15.1 134.0 247.0
======================================== ========= ========= ============ ========== ========
Year ended 31 December 2020
(audited)
--------------------------------------- ========= ========= ============ ========== ========
As at 1 January 2020 19.5 78.4 15.1 197.6 310.6
======================================== ========= ========= ============ ========== ========
Loss for the year (4.1) (4.1)
======================================== ========= ========= ============ ========== ========
Total other comprehensive expense
for the year (24.9) (24.9)
---------------------------------------- --------- --------- ------------ ---------- --------
Total comprehensive expense
for the year (29.0) (29.0)
---------------------------------------- ========= ========= ============ ========== ========
Share based compensation - - - 0.8 0.8
======================================== ========= ========= ============ ========== ========
As at 31 December 2020 19.5 78.4 15.1 169.4 282.4
======================================== ========= ========= ============ ========== ========
Period ended 30 June 2021 (unaudited)
--------------------------------------- --------
As at 1 January 2021 19.5 78.4 15.1 169.4 282.4
======================================== ========= ========= ============ ========== ========
Profit for the period 24.7 24.7
======================================== ========= ========= ============ ========== ========
Total other comprehensive income
for the period 11.2 11.2
---------------------------------------- --------- --------- ------------ ---------- --------
Total comprehensive income for
the period - - - 35.9 35.9
---------------------------------------- --------- --------- ------------ ========== ========
Share based compensation - - - 0.2 0.2
======================================== ========= ========= ============ ========== ========
As at 30 June 2021 19.5 78.4 15.1 205.5 318.5
======================================== ========= ========= ============ ========== ========
*Details of the restatements due to presentational changes and
correction of errors are shown in Note 1.
Condensed Consolidated Statement of Cash Flows
Unaudited
Unaudited six months
six months ended 30 Audited
ended 30 June 2020 year ended
June 2021 (restated*) 31 December
Note GBPm GBPm 2020 GBPm
===== ============ ============= =============
Cash flows from operating activities
======================================== ===== ============ ============= =============
Profit / (loss) for the period/year 24.7 (50.9) (4.1)
======================================== ===== ============= =============
Tax charge 26.0 0.5 6.1
======================================== ===== ============= =============
Depreciation of property, plant
and equipment, rental fleet and
right of use assets 23.1 25.5 51.2
======================================== ===== ============= =============
Gain on disposal of property, plant
and equipment (0.4) (0.5) (3.1)
======================================== ===== ============= =============
Gain on lease surrenders - - (1.2)
======================================== ===== ============= =============
Gain on disposal of right of use
asset associated with rental fleet
vehicles (0.9) (0.7) (1.9)
======================================== ===== ============= =============
Amortisation of intangible assets 2.6 2.3 4.8
======================================== ===== ============= =============
Share based compensation 0.2 0.6 0.8
======================================== ===== ============= =============
Impairment of property, plant and
equipment 9,11 - 3.2 5.0
======================================== ===== ============= =============
Impairment of right of use assets 3 - 0.3 0.4
======================================== ===== ============= =============
Impairment of goodwill and intangible
assets (non-underlying) 3 - 2.6 3.6
======================================== ===== ============= =============
Finance costs excluding pension
related finance costs and debt
issue costs 4 12.1 15.2 27.3
======================================== ===== ============= =============
Debt issue costs 0.3 0.2 0.5
======================================== ===== ============= =============
Difference between pension charge
and cash contributions (5.5) (3.0) (8.9)
======================================== ===== ============= =============
Purchase of rental fleet vehicles (6.8) (8.9) (21.8)
======================================== ===== ============= =============
Purchase of right of use assets
associated with rental fleet vehicles (0.9) (0.7) (1.9)
======================================== ===== ============= =============
Purchase of vehicles for long term
leasing (15.0) (7.1) (27.8)
======================================== ===== ============= =============
Changes in provisions - - (10.4)
======================================== ===== ============= =============
Changes in inventories 184.8 110.8 355.1
======================================== ===== ============= =============
Changes in receivables (28.2) 10.5 43.4
======================================== ===== ============= =============
Changes in payables (119.1) (18.7) (359.8)
======================================== ===== ============= =============
Cash generated from operations 97.0 81.2 57.3
======================================== ===== ------------ ------------- -------------
Finance costs paid (9.2) (12.2) (21.2)
======================================== ===== ============= =============
Finance costs paid - finance leases (2.9) (3.0) (6.1)
======================================== ===== ============= =============
Tax (paid) / refunded (1.4) 3.6 7.8
======================================== ===== ============= =============
Net cash inflow from operating
activities 83.5 69.6 37.8
======================================== ===== ------------ ------------- -------------
Cash flows from investing activities
======================================== =====
Purchase of property, plant and
equipment (6.7) (9.2) (13.8)
======================================== ===== ============= =============
Purchase of intangibles (1.9) (0.7) (3.0)
======================================== ===== ------------ ============= =============
Finance lease rentals collected 1.8 2.2 4.0
---------------------------------------- ----- ------------ ------------- -------------
Proceeds from disposal of property,
plant and equipment 3.3 3.4 18.0
======================================== ===== ------------ ------------- -------------
Net cash (outflow) / inflow from
investing activities (3.5) (4.3) 5.2
======================================== ===== ------------ ------------- -------------
Cash flows from financing activities
======================================== =====
Proceeds from issue of ordinary
shares - - -
======================================== ===== ============= =============
Receipt of funding advanced for
vehicle leasing arrangements 14 45.3 29.1 74.8
======================================== ===== ============= =============
Repayment of funding advanced for
vehicle leasing arrangements 14 (46.9) (38.7) (84.1)
======================================== ===== ============= =============
(Repayment) / receipt of loans 14 (0.6) 0.8 (0.6)
======================================== ===== ============= =============
Draw down on RCF 14 0.1 150.0 150.0
======================================== ===== ============= =============
Repayment on RCF 14 (113.1) (26.3) (72.0)
======================================== ===== ============= =============
Repayment of lease liabilities 14 (7.1) (7.4) (15.3)
---------------------------------------- ----- ------------ ------------- -------------
Net cash inflow / (outflow) from
financing activities (122.3) 107.5 52.8
======================================== ===== ------------ ------------- -------------
(Decrease) / increase in cash and
cash equivalents (42.3) 172.8 95.8
======================================== ===== ------------ ============= =============
Cash and cash equivalents at 1
January 127.2 31.4 31.4
---------------------------------------- ----- ------------ ------------- -------------
Cash and cash equivalents at 30
June/31 December 84.9 204.2 127.2
======================================== ===== ------------ ------------- -------------
Analysis of cash and cash equivalents
Cash and cash equivalents 147.5 295.5 243.0
======================================== ===== ============= =============
Bank overdraft (62.6) (91.3) (115.8)
======================================== ===== ============= =============
Cash and cash equivalents at 30
June/31 December 84.9 204.2 127.2
======================================== ===== ------------ ------------- -------------
* Details of the presentational adjustments and corrections of
errors are shown in Note 1
Notes to the Financial Information
General information
Lookers plc is a public limited company incorporated in the
United Kingdom under the Companies Act 2006, with registered number
111876 in England and Wales and a registered office of Lookers
House, 3 Etchells Road, West Timperley, Altrincham, WA14 5XS.
Basis of preparation
These condensed consolidated interim financial statements for
the 6 months to 30 June 2021 have been prepared in accordance with
IAS 34 'Interim financial reporting' and also in accordance with
the measurement and recognition principles of UK adopted
international accounting standards. They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the 2020 Annual Report and
Accounts, which were prepared in accordance with international
accounting standards in conformity with the requirements of the
Companies Act 2006 and in accordance with international financial
reporting standards adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union.
These condensed consolidated interim financial statements do not
comprise statutory accounts within the meaning of section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
December 2020 were approved by the Board of Directors on 30 June
2021 and have been filed with the Registrar of Companies. The
report of the auditors on those accounts was unqualified. It did
not contain any statement under section 498 of the Companies Act
2006.
The financial information for the period ended 30 June 2021 is
unaudited but has been externally reviewed by BDO. The financial
information for the period ended 30 June 2020 is unaudited and has
not been externally reviewed. The financial information for the
year ended 31 December 2020 has been based on the audited financial
statements for that year.
Accounting policies
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 31 December 2020, as
described in the 2020 Annual Report & Accounts. Corporation tax
in the interim periods is accrued using the estimated tax rate that
would be applicable to expected total annual earnings.
Critical accounting estimates and judgements
The preparation of interim financial information requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates. In preparing these
condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the consolidated financial
statements for the year ended 31 December 2020. There have been no
material revisions to either the nature or amount of estimates
reported in prior periods. The Group has used up to date financial
forecasts in considering its ability to continue as a going
concern, and the carrying value of its goodwill balance.
Going concern
The Directors have considered the future prospects and
performance of the Group and have made an assessment of going
concern for a minimum of 12 months from the date of this report,
considering the Group's cash and liquidity position, current
performance and outlook. The latter was subjected to various
sensitivities and stress testing which assessed the potential
future downside risks including, but not limited to, the imposition
of further restrictions that may be put in place by the UK
Government to control the impact of the COVID-19 pandemic and a
further restriction in the supply of new vehicles caused by the
continued worldwide semiconductor chip shortage, using the
information available up to the date of issue of these financial
statements.
In May 2021, the Group agreed an amendment and extension to its
revolving credit facility ("RCF"), with its existing banks. The
amended RCF is for an initial GBP150m and will expire on 30
September 2023. The facility is subject to quarterly covenant tests
on leverage, interest cover, minimum EBITDA per rolling twelve
month period, and minimum liquidity levels. The net amount drawn
against this facility as at 30 June 2021 was GBP43.0m, giving the
Group significant liquidity.
In view of the various sensitivities, additional stress testing
and significant RCF headroom, the Board concludes that the Group
has sufficient liquidity for at least 12 months from the date of
this announcement and therefore that preparing the accounts on the
basis of going concern is appropriate.
Alternative Performance Measures
The Group uses a number of Alternative Performance Measures
(APMs) which are non-IFRS (International Financial Reporting
Standards) measures in establishing their financial performance.
The Group believes the APMs provide useful, historical financial
information to assist investors and other stakeholders to evaluate
the performance of the business and are measures commonly used by
certain investors for evaluating the performance of the Group. APMs
should be considered in addition to IFRS measures and are not
intended to be a substitute for IFRS measurements.
More details of the APMs and a reconciliation of the IFRS
measures used in the Interim Report to those APMs used for KPI
monitoring are including in Note 17 .
Like-for-Like is the collection of dealerships and other trading
businesses that have both a full period of trading activity in the
current and prior periods.
1a Condensed Statement of Total Comprehensive Income
(restated)
For the period ended 30 June 2020
As previously
reported As restated
unaudited unaudited
30 June Correction 30 June
2020 of errors 2020
Period ended 30 June 2020 GBPm GBPm GBPm
===================================== ============== =========== ============
Revenue 1,563.7 6.9 1,570.6
------------------------------------- -------------- ----------- ------------
Cost of sales (1,395.1) (13.1) (1,408.2)
-------------- ------------
Gross profit 168.6 (6.2) 162.4
Net operating expenses (200.4) 3.6 (196.8)
Operating loss (31.8) (2.6) (34.4)
Underlying operating loss (17.9) (2.6) (20.5)
Non-underlying items (13.9) - (13.9)
------------------------------------- -------------- ----------- ------------
Finance costs (18.2) 2.2 (16.0)
===================================== ============== =========== ============
Loss before taxation (50.0) (0.4) (50.4)
Underlying loss before taxation (36.1) (0.4) (36.5)
Non-underlying items (13.9) - (13.9)
------------------------------------- -------------- ----------- ------------
Tax charge (0.5) - (0.5)
Loss for the period (50.5) (0.4) (50.9)
------------------------------------- -------------- ----------- ------------
Exchange differences on translation
of foreign operation (may be
recycled to profit and loss)* - 0.8 0.8
------------------------------------- -------------- ----------- ------------
Actuarial losses on pension scheme
obligations (17.0) - (17.0)
------------------------------------- ============== =========== ============
Deferred tax on pension scheme
obligations 2.9 - 2.9
-------------------------------------
Total other comprehensive expense
for the period (14.1) 0.8 (13.3)
------------------------------------- -------------- ----------- ------------
Total comprehensive expense for
the period (64.6) 0.4 (64.2)
------------------------------------- -------------- ----------- ------------
(Loss)/earnings per share:
-------------------------------------
Basic loss per share (p) (12.94) (0.11) (13.05)
-------------------------------------
Diluted loss) per share (p) (12.94) (0.11) (13.05)
-------------- ----------- ------------
*In the period 30 June 2020 the exchange difference gain was
incorrectly disclosed directly in equity
In preparing the IFRS 16 adjustments for the period ended 30
June 2021 the Directors identified a number of errors in the
underlying calculations. These errors originated at the point of
initial adoption for the leases in question, so adjustments to the
statement of financial position at 1 January 2020 were required to
increase the amounts recorded within right of use assets by
GBP11.3m, to increase total lease liabilities by GBP12.8m, and to
decrease retained earnings by GBP1.5m. Adjustments to the statement
of financial position at 30 June 2020 were required to increase the
amounts recorded within right of use assets by GBP11.4m, to
increase total lease liabilities by GBP12.9m, and to decrease
retained earnings by GBP1.5m. There has been no change in the loss
for the period ended 30 June 2020, though there was a GBP0.2m
increase in finance costs offset by a GBP0.2m reduction in net
operating expenses. The adjustments had no impact on net cashflow,
but cash inflows from operating activities decreased by GBP0.2m,
offset by an increase of GBP0.2m in cash outflows from financing
activities.
The Directors also identified that certain transactions and
balances in the Group's Get Motoring UK Limited subsidiary had been
incorrectly treated in respect of IFRS 16. Rental fleet vehicles
acquired via sale and repurchase agreements had incorrectly been
recognised as owned assets within current assets. As the Group only
has a right to control the vehicles for specific periods of time
these transactions should have been treated as leases. In addition,
adjustments have been recorded to change the treatment of the
subsequent rental of these vehicles, in which the Group acts as
lessor, from operating leases to finance leases as these sub-leases
are for substantially the entire period of the lead leases. The
combined impact of these adjustments to the statement of financial
position at 1 January 2020 is an increase in trade and other
receivables of GBP28.1m (being the recognition of a repurchase
debtor at the contractual repurchase amount of GBP26.7m and a
finance lease receivable of GBP1.4m), a reduction in rental fleet
vehicles of GBP27.4m, and an increase in retained earnings of
GBP0.7m. Adjustments to the statement of financial position at 30
June 2020 have increased trade and other receivables by GBP23.3m
(being the recognition of a repurchase debtor at the contractual
repurchase amount of GBP22.8m and a finance lease receivable of
GBP0.5m), a reduction in rental fleet vehicles of GBP23.0m, and an
increase in retained earnings of GBP0.3m. The impact of these
adjustments has been to increase the loss for the period ended 30
June 2020 by GBP0.4m. There has been no impact to net cashflow, but
both cash inflows from operating activities and cash outflows from
investing activities have decreased by GBP2.2m in the period ended
30 June 2020. In addition the treatment of proceeds from sale of
rental fleet vehicles has been corrected, alongside the treatment
of proceeds from sale of vehicles for long term leasing, removing
separate disclosure of both proceeds and associated profits from
the face of the Consolidated Statement
of Cash Flows, with both items now being recorded within changes
in inventories. These adjustments have no overall impact on the
Consolidated Statement of Cash Flows. The profit on sale of owned
rental fleet vehicles in the Group's Get Motoring UK Limited
subsidiary had been incorrectly recorded on a net basis within the
Statement of Consolidated Comprehensive Income for the period ended
30 June 2020 as disposals of fixed assets but should have been
presented as sales of inventories. Adjustments to recognise sale
proceeds and costs separately have increased both revenues and cost
of sales by GBP6.9m, with no change to profit for the period ended
30 June 2020.
Separately purchase of vehicles for long term leasing and
purchase of rental fleet vehicles were incorrectly presented as
investing cash flows. In accordance with IAS 7, as these vehicles
are subsequently held for sale the cash flows should have been
presented within operating activities. As a result these have been
reclassified in the Consolidated Statement of Cash Flows for the
period ended 30 June 2020, decreasing cash flows from operating
activities and cash outflows from investing activities, both by
GBP28.8m.
The Directors have also identified a misallocation of costs
relating to one of the Group's leasing businesses within the
Statement of Total Comprehensive Income for the period ended 30
June 2020. The impact of the corrections has had no impact on the
loss for the period, but has resulted in a GBP6.2m increase in cost
of sales, GBP3.8m reduction in net operating expenses and GBP2.4m
reduction in finance costs. The corrections have no impact on net
cash flow and there were no corrections required to the Statement
of Financial Position as at 30 June 2020.
1b Condensed Statement of Financial Position (restated)
As at 30 June 2020
As previously
reported As restated
unaudited unaudited
30 June Correction at 30
2020 of errors June 2020
GBPm GBPm GBPm
============== =========== ============
Non-current assets
================================ -------------- ----------- ------------
Goodwill 79.3 - 79.3
================================ ============== =========== ============
Intangible assets 112.6 - 112.6
================================ ============== =========== ============
Property, plant and equipment 415.5 - 415.5
================================ ============== =========== ============
Right of use
assets 109.7 11.4 121.1
============== =========== ============
717.1 11.4 728.5
-------------------------------- -------------- ----------- ------------
Current assets
================================
Inventories 856.2 - 856.2
================================ ============== =========== ============
Trade and other receivables 133.6 23.3 156.9
================================ ============== =========== ============
Current tax receivable 6.2 - 6.2
================================ ============== =========== ============
Rental fleet vehicles 54.2 (23.0) 31.2
================================ ============== =========== ============
Cash and cash equivalents 295.5 - 295.5
================================ ============== =========== ============
Assets held for sale 10.6 - 10.6
============== =========== ============
1,356.3 0.3 1,356.6
-------------------------------- -------------- ----------- ------------
Total assets 2,073.4 11.7 2,085.1
-------------------------------- -------------- ----------- ------------
Current liabilities
================================ ============== =========== ============
Bank loans and overdrafts 92.4 - 92.4
================================ ============== =========== ============
Trade and other payables 1,232.4 - 1,232.4
================================ ============== =========== ============
Lease liabilities 18.5 - 18.5
============== =========== ============
1,343.3 - 1,343.3
-------------------------------- -------------- ----------- ------------
Net current assets 13.0 0.3 13.3
-------------------------------- -------------- ----------- ------------
Non-current liabilities
================================ ============== =========== ============
Bank loans 214.1 - 214.1
================================ ============== =========== ============
Trade and other payables 38.7 - 38.7
================================ ============== =========== ============
Lease liabilities 117.3 12.9 130.2
================================ ============== =========== ============
Provisions 10.4 - 10.4
================================ ============== =========== ============
Pension scheme obligations 69.5 - 69.5
================================ ============== =========== ============
Deferred tax liabilities 31.9 - 31.9
============== =========== ============
481.9 12.9 494.8
-------------------------------- -------------- ----------- ------------
Total liabilities 1,825.2 12.9 1,838.1
-------------------------------- -------------- ----------- ------------
Net assets 248.2 (1.2) 247.0
-------------------------------- -------------- ----------- ------------
Shareholders' equity
================================ ============== =========== ============
Ordinary share capital 19.5 - 19.5
================================ ============== =========== ============
Share premium 78.4 - 78.4
================================ ============== =========== ============
Capital redemption reserve 15.1 - 15.1
================================ ============== =========== ============
Retained earnings 135.2 (1.2) 134.0
============== =========== ============
Total equity 248.2 (1.2) 247.0
-------------------------------- -------------- ----------- ------------
1c Condensed Statement of Cash Flows (restated)
For the period ended 30 June 2020
As previously
reported As restated
unaudited unaudited
30 June Correction at 30 June
2020 of errors 2020
GBPm GBPm GBPm
============== =========== ============
Cash flows from operating activities
======================================= ============== =========== ============
Loss for the period (50.5) (0.4) (50.9)
======================================= ============== =========== ============
Tax charge 0.5 - 0.5
======================================= ============== =========== ============
Depreciation of property, plant
and equipment, rental fleet
and right of use assets 26.7 (1.2) 25.5
======================================= ============== =========== ============
(Gain)/loss on disposal of property,
plant and equipment and rental
fleet (0.4) (0.1) (0.5)
======================================= ============== =========== ============
Gain on disposal of right of
use assets associated with rental
fleet assets - (0.7) (0.7)
======================================= ============== =========== ============
Amortisation of intangible assets 2.3 - 2.3
======================================= ============== =========== ============
Share based compensation 0.6 - 0.6
======================================= ============== =========== ============
Impairment of property, plant
and equipment 3.2 - 3.2
======================================= ============== =========== ============
Impairment of right of use assets 0.3 - 0.3
======================================= ============== =========== ============
Impairment of goodwill and intangible
assets (non-underlying) 2.6 - 2.6
======================================= ============== =========== ============
Interest payable excluding pension
related interest and debt issue
costs 17.4 (2.2) 15.2
======================================= ============== =========== ============
Debt issue costs 0.2 - 0.2
======================================= ============== =========== ============
Difference between pension charge
and cash contributions (3.0) - (3.0)
======================================= ============== =========== ============
Proceeds from sale of vehicles
for long term leasing 5.3 (5.3) -
======================================= ============== =========== ============
Proceeds from sale of rental
fleet vehicles 20.1 (20.1) -
======================================= ============== =========== ============
Purchase of rental vehicles - (8.9) (8.9)
======================================= ============== =========== ============
Purchase of right of use assets
associated with rental fleet
assets - (0.7) (0.7)
======================================= ============== =========== ============
Purchase of vehicles for long
term leasing - (7.1) (7.1)
======================================= ============== =========== ============
Changes in inventories 101.0 9.8 110.8
======================================= ============== =========== ============
Changes in receivables 6.6 3.9 10.5
======================================= ============== =========== ============
Changes in payables (18.7) - (18.7)
======================================= -------------- ----------- ------------
Cash generated from operations 114.2 (33.0) 81.2
======================================= -------------- ----------- ------------
Interest paid (14.6) 2.4 (12.2)
======================================= ============== =========== ============
Interest paid - finance leases (2.8) (0.2) (3.0)
======================================= ============== =========== ============
Tax received/(paid) 3.6 - 3.6
======================================= -------------- ------------
Net cash inflow from operating
activities 100.4 (30.8) 69.6
======================================= -------------- ----------- ------------
Cash flows from investing activities
============== =========== ============
Purchase of property, plant
and equipment (9.2) - (9.2)
======================================= ============== =========== ============
Purchase of vehicles for long
term leasing (7.1) 7.1 -
======================================= ============== =========== ============
Purchase of rental fleet vehicles (21.7) 21.7 -
======================================= ============== =========== ============
Purchase of intangibles (0.7) - (0.7)
======================================= ============== =========== ============
Finance lease rentals collected - 2.2 2.2
======================================= ============== =========== ============
Proceeds from disposal of property,
plant and equipment 3.4 - 3.4
======================================= ============== =========== ============
Net cash outflow from investing
activities (35.3) 31.0 (4.3)
======================================= -------------- ----------- ------------
Cash flows from financing activities
======================================= -------------- ----------- ------------
Receipt of funding advanced
for vehicle leasing arrangements 29.1 - 29.1
======================================= -------------- =========== ============
Repayment of funding advanced
for vehicle leasing arrangements (38.7) - (38.7)
======================================= ============== =========== ============
Receipt/(repayment) of loans 0.8 - 0.8
======================================= ============== =========== ============
Draw down on RCF 150.0 - 150.0
======================================= ============== =========== ============
Repayment on RCF (26.3) - (26.3)
======================================= ============== =========== ============
Repayment of lease liabilities (7.2) (0.2) (7.4)
--------------------------------------- -------------- ----------- ------------
Net cash outflow from financing
activities 107.7 (0.2) 107.5
======================================= -------------- ----------- ------------
Increase in cash and cash equivalents 172.8 - 172.8
======================================= ============== =========== ============
Cash and cash equivalents at
1 January 31.4 - 31.4
======================================= -------------- ----------- ------------
Cash and cash equivalents at
30 June 204.2 - 204.2
======================================= -------------- ----------- ------------
Analysis of cash and cash equivalents
Cash and cash equivalents 295.5 - 295.5
======================================= ============== =========== ============
Bank overdraft (91.3) - (91.3)
-------------- ----------- ------------
Cash and cash equivalents at
30 June 204.2 - 204.2
======================================= -------------- =========== ------------
2. Segmental reporting
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 30 June 31 December
2021 2020 (restated*) 2020
GBPm Mix** GBPm Mix** GBPm Mix**
-------------------- --------------- ------ ------------------- ------ ------------------ ------
New cars 1,027.5 43.5% 705.0 41.5% 1,709.3 42.5%
==================== =============== ====== =================== ====== ================== ======
Used cars 1,044.8 44.2% 770.3 45.4% 1,779.1 44.3%
==================== =============== ====== =================== ====== ================== ======
Aftersales 211.3 8.9% 162.1 9.6% 383.8 9.5%
==================== =============== ====== =================== ====== ================== ======
Leasing and other 79.3 3.4% 59.4 3.5% 148.4 3.7%
=============== ====== =================== ====== ================== ======
Less: intercompany (209.7) - (126.2) - (320.7) -
-------------------- --------------- ------ ------------------- ------ ------------------ ------
Revenue 2,153.2 100% 1,570.6 100% 3,699.9 100%
-------------------- --------------- ------ ------------------- ------ ------------------ ------
*Details of the restatements due to presentational changes and
correction of errors are shown in Note 1.
**Mix calculation excludes the effect of intercompany
revenues.
3. Non-underlying items
Non-underlying items relate to costs or incomes which are not
incurred in the normal course of business or due to their size,
nature and irregularity are not included in the assessment of
financial performance in order to reflect management's view of the
core-trading performance of the Group.
Unaudited
Unaudited six months
six months ended 30 Audited
ended 30 June 2020 year ended
June 2021 (restated) 31 December
GBPm GBPm 2020 GBPm
------------------------------------------- ------------ ------------ -------------
Non-underlying items at operating
profit
=========================================== ============ ============ =============
1 - (Gain) / loss on property disposals (0.4) 0.1 (3.1)
============================================ ============ ============ =============
2 - Impairment of property, plant
and equipment - 3.2 3.4
============================================ ============ ============ =============
2 - Impairment of right of use assets - 0.3 0.4
============================================ ============ ============ =============
2 - Gain on lease surrenders - - (1.2)
============================================ ============ ============ =============
2 - Restructuring costs - 4.2 9.9
============================================ ============ ============ =============
3 - Impairment of goodwill and intangible
assets - 2.6 3.6
============================================ ============ ============ =============
4 - FCA provision - - (10.4)
============================================ ============ ============ =============
5 - Professional fees - 3.5 9.2
============================================ ============ ============ =============
6 - Finance overpayments - - 0.3
============================================ ============ ============ =============
Non-underlying items at operating
profit (0.4) 13.9 12.1
-------------------------------------------- ------------ ------------ -------------
The following details items of income and expenditure that the
Group has classified as non-underlying in its statement of total
comprehensive income.
1 - Property disposals relate to the net (gains) or losses on
the sale of freehold properties.
2 - During the prior period / year the Board took decisive
actions to position the Group for a strong and sustainable future.
This included the closure, consolidation or refranchising of 12
sites. In addition to the Group-wide restructuring, costs relating
to site closure and impairment losses have been recognised during
the prior period / year. Impairment losses were net of GBP1.6m of
insurance received in respect of a fire claim.
3 - Impairment of the Group's Ford CGU of GBP2.6m (period ended
30 June 2020 and year ended 31 December 2020) and impairment of the
Lomond brand of GBP1m (year ended 31 December 2020).
4 - A provision of GBP10.4m was recorded in the year ended 31
December 2019 in respect of the FCA investigation, but was released
in the year ended 31 December 2020. See Note 13.
5 - Professional fees incurred in relation to resolving the
temporary suspension of the Group's shares and the investigation
into prior period accounting irregularities.
6 - Costs incurred in respect of rectifying historic issues in
relation to finance overpayments.
4. Finance costs
Unaudited
six months
Unaudited ended 30 Audited
six months June 2020 year ended
ended 30 June (restated) 31 December
2021 GBPm GBPm* 2020 GBPm
------------------------------------------------ --------------- ------------ -------------
Interest expense:
------------------------------------------------ --------------- ------------ -------------
On revolving credit facility (1.8) (1.7) (3.9)
================================================ =============== ============ =============
On other bank borrowings (0.7) (1.1) (1.6)
================================================ =============== ============ =============
On consignment, repurchase vehicle liabilities
and stocking loans (5.7) (8.3) (14.0)
================================================ =============== ============ =============
On vehicle rental finance liabilities (1.0) (1.1) (1.7)
================================================ =============== ============ =============
On lease liabilities (2.9) (3.0) (6.1)
================================================ =============== ============ =============
Debt issue costs (0.3) (0.2) (0.5)
(12.4) (15.4) (27.8)
------------------------------------------------ --------------- ------------ -------------
Net pension costs:
------------------------------------------------ --------------- ------------ -------------
On defined benefit pension obligation (2.2) (2.9) (6.1)
================================================ =============== ============ =============
On pension scheme assets 1.7 2.3 5.0
(0.5) (0.6) (1.1)
------------------------------------------------ --------------- ------------ -------------
Finance costs (12.9) (16.0) (28.9)
------------------------------------------------ --------------- ------------ -------------
* Details of the presentational adjustments and corrections of
errors are shown in Note 1.
5. Dividends
The Directors do not propose an interim dividend for 2021 (2020:
nil).
6. Earnings per share
Unaudited Unaudited
six months six months Audited year
ended 30 June ended 30 June ended 31 December
2021 2020 (restated) 2020
-------------------
Earnings / (loss) attributable
to ordinary shareholders (GBPm) 24.7 (50.9) (4.1)
=========================================== =============== ================= ===================
Weighted average number of shares
in issue 390,359,669 390,138,374 390,138,374
Basic earnings / (loss) per share
(p) 6.33 (13.05) (1.05)
------------------------------------------- --------------- ----------------- -------------------
Earnings / (loss) attributable
to ordinary shareholders (GBPm) 24.7 (50.9) (4.1)
=========================================== =============== ================= ===================
Dilutive effect of share based
payment options and weighted average
number of shares in issue 400,487,107 390,138,374 390,138,374
Diluted earnings / (loss) per
share (p) 6.17 (13.05) (1.05)
------------------------------------------- --------------- ----------------- -------------------
Profit / (loss) before tax (GBPm) 50.7 (50.4) 2.0
=========================================== =============== ================= ===================
Add: Non-underlying items (GBPm) (0.4) 13.9 12.1
------------------------------------------- --------------- ----------------- -------------------
Underlying profit / (loss) before
tax (GBPm) 50.3 (36.5) 14.1
=========================================== =============== ================= ===================
Tax rate 19.0% 19.0% 19.0%
=========================================== =============== ================= ===================
Underlying tax (GBPm) (9.6) 6.9 (2.7)
------------------------------------------- --------------- ----------------- -------------------
Underlying earnings / (loss) attributable
to ordinary shareholders (GBPm) 40.7 (29.6) 11.4
=========================================== =============== ================= ===================
Weighted average number of shares
in issue 390,359,669 390,138,374 390,138,374
Underlying basic earnings / (loss)
per share (p) 10.44 (7.58) 2.93
------------------------------------------- --------------- ----------------- -------------------
In the periods to 31 December 2020 and 30 June 2020 the basic
and diluted earnings per share are equal as a result of the Group
incurring a loss for the period / year. This has therefore created
an anti-dilutive impact. Earnings per share have been restated
following the recognition of prior period adjustments shown in Note
1.
7. Goodwill
Unaudited
Unaudited six months
six months ended Audited
ended 30 June year ended
30 June 2020 (restated) 31 December
Cost 2021 GBPm GBPm 2020 GBPm
------------ ----------------- -------------
As at 1 January and 31 December 122.4 122.4 122.4
----------------------------------- ------------ ----------------- -------------
Aggregate impairment
================================== ============ ================= =============
At 1 January 43.1 40.5 40.5
===================================== ============ ================= =============
Charge for the
period/year - 2.6 2.6
============ =================
As at 31 December 43.1 43.1 43.1
----------------------------------- ------------ ----------------- -------------
Carrying amount at 31 December 79.3 79.3 79.3
---------------------------------- ------------ ----------------- -------------
Following an interim update to the Group's annual impairment
review and reflecting a deterioration in expected market conditions
as a result of COVID-19 underpinning the value in use calculations,
an impairment charge of GBP2.6m was recognised during the prior
period and prior year against the Ford CGU. No impairments have
been recognised in the period to 30 June 2021.
The following table summarises goodwill and intangibles with an
indefinite useful economic life allocated by CGU:
2020
2021 2020 full
Interim Interim 2020 year 2020
2021 Licences 2021 2020 Licences 2020 full Licences full
Interim and Interim Interim and Interim year and year
Goodwill brands Total Goodwill brands Total Goodwill brands Total
CGU GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
JLR 9.0 - 9.0 9.0 - 9.0 9.0 - 9.0
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
Audi 22.1 27.9 50.0 22.1 28.9 51.0 22.1 27.9 50.0
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
Charles Hurst 9.4 - 9.4 9.4 - 9.4 9.4 - 9.4
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
Renault Nissan
Dacia
Vauxhall 2.8 2.9 5.7 2.8 2.9 5.7 2.8 2.9 5.7
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
Mercedes-Benz 15.2 28.2 43.4 15.2 28.2 43.4 15.2 28.2 43.4
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
Volkswagen 6.9 15.9 22.8 6.9 15.9 22.8 6.9 15.9 22.8
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
Ford 4.8 2.9 7.7 4.8 2.9 7.7 4.8 2.9 7.7
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
BMW - 21.7 21.7 - 21.7 21.7 - 21.7 21.7
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
Fleet &
Leasing 9.1 - 9.1 9.1 - 9.1 9.1 - 9.1
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
79.3 99.5 178.8 79.3 100.5 179.8 79.3 99.5 178.8
---------- ---------- --------- ---------- ---------- --------- ---------- ---------- -------
The Group prepares forecasts that consider the Group's profit
and loss, cashflows, debt and other key financial ratios over the
relevant period. There are a number of key assumptions within these
forecasts and these have been based on management's past experience
and knowledge of the market.
The key assumptions that have been used in determining the value
in use of each cash generating unit in the impairment model are set
out in the table below:
Assumption 2021 H1 2020 H1 2020 FY
0.0% to 0.0% to 0.0% to
One to five year revenue growth 1.4% 1.0% 1.4%
-------- -------- --------
One to five year operating expenses 0.0% to 0.0% to 0.0% to
growth 2.0% 2.0% 2.0%
-------- -------- --------
Post year five growth rate 0% 0% 0%
-------- -------- --------
Discount rate 10.44% 8.14% 9.87%
-------- -------- --------
The value-in-use of each CGU is calculated using cash flow
projections for a five-year period; from 1 January 2021 to 31
December 2025. These projections are based on the budget for the
year ended 31 December 2021, updated for the Group's actual
performance to 30 June 2021, and form the basis for the Group's
strategic plan. The key assumptions in the most recent annual
budget on which the cash flow projections are based relate to
expectations of sales volumes and margins and expectations around
changes in the operating cost base.
The pre-tax adjusted discount rate used has been calculated
using the Group's estimated cost of capital, adjusted for the
impact of IFRS 16 and benchmarked against externally available
data. The Directors believe this is an appropriate proxy for
industry cost of capital.
8. Intangible assets
Licences
and brands IT development Total
Group GBPm GBPm GBPm
----------------------------------------- ------------ --------------- -------
Cost
========================================= ============ ===============
At 1 January 2020 102.6 39.6 142.2
========================================== ============ =============== =======
Additions - 0.7 0.7
========================================== ============ =============== =======
At 30 June 2020 102.6 40.3 142.9
------------------------------------------ ------------ --------------- -------
At 1 January 2020 102.6 39.6 142.2
========================================== ============ =============== =======
Additions - 3.0 3.0
========================================== ============ =============== =======
Reclassifications to
property, plant and
equipment - (0.6) (0.6)
========================================== ============ =============== =======
At 31 December 2020 102.6 42.0 144.6
------------------------------------------ ------------ --------------- -------
At 1 January 2021 102.6 42.0 144.6
========================================== ============ =============== -------
Additions - 1.9 1.9
========================================== ============ =============== =======
Reclassifications to
property, plant and
equipment - (1.2) (1.2)
========================================== ============ =============== =======
Disposals - (20.3) (20.3)
========================================== ============ =============== =======
At 30 June 2021 102.6 22.4 125.0
------------------------------------------ ------------ --------------- -------
Accumulated amortisation and impairment
========================================== ============ =============== =======
At 1 January 2020 2.1 25.9 28.0
========================================== ============ =============== =======
Charge for the period - 2.3 2.3
========================================== ============ =============== =======
At 30 June 2020 2.1 28.2 30.3
------------------------------------------ ------------ --------------- -------
At 1 January 2020 2.1 25.9 28.0
========================================== ============ =============== =======
Charge for the period - 4.8 4.8
========================================== ============ =============== =======
Impairment charge 1.0 - 1.0
========================================== ============ =============== =======
At 31 December 2020 3.1 30.7 33.8
------------------------------------------ ------------ --------------- -------
At 1 January 2021 3.1 30.7 33.8
========================================== ============ =============== =======
Charge for the period - 2.6 2.6
========================================== ============ =============== =======
Disposals - (20.3) (20.3)
========================================== ============ =============== =======
At 30 June 2021 3.1 13.0 16.1
------------------------------------------ ------------ --------------- -------
Carrying amount
As at 30 June 2020 100.5 12.1 112.6
------------------------------------------ ------------ --------------- -------
As at 31 December 2020 99.5 11.3 110.8
------------------------------------------ ------------ --------------- -------
As at 30 June 2021 99.5 9.4 108.9
------------------------------------------ ------------ --------------- -------
In the period ended 30 June 2021 the Group has undertaken a
review of capitalised IT development and has written off those
assets no longer in use within the business. There was no net gain
or loss on these write offs.
9. Property, plant and equipment
Motor
Freehold Leasehold vehicles
property property for rental Other Total
Cost GBPm GBPm GBPm GBPm GBPm
---------------------------------- ---------- ---------- ------------ ------- -------
At 1 January 2020 270.2 92.9 101.1 84.3 548.5
================================== ========== ========== ============ ======= =======
Movements in foreign exchange 0.3 - - - 0.3
================================== ========== ========== ============ ======= =======
Additions 0.8 0.8 7.1 7.6 16.3
================================== ========== ========== ============ ======= =======
Disposals (3.7) - (0.8) (1.7) (6.2)
================================== ========== ========== ============ ======= =======
Transfers (2.6) 2.6 - - -
================================== ========== ========== ============ ======= -------
Transfers to inventories - - (11.0) - (11.0)
================================== ========== ========== ============ ======= -------
Transfers to assets held for
sale (0.6) - - - (0.6)
========== ============ ======= -------
At 30 June 2020 264.4 96.3 96.4 90.2 547.3
---------------------------------- ---------- ---------- ------------ ------- -------
At 1 January 2020 270.2 92.9 101.1 84.3 548.5
================================== ========== ========== ============ ======= =======
Movements in foreign exchange 1.1 - - 0.1 1.2
================================== ========== ========== ============ ======= =======
Additions 3.0 1.2 28.9 8.5 41.6
================================== ========== ========== ============ ======= =======
Disposals (14.1) (3.0) (2.8) (13.3) (33.2)
================================== ========== ========== ============ ======= -------
Transfers (2.5) 3.2 4.2 (4.9) -
================================== ========== ========== ============ ======= -------
Transfer from intangible assets - - - 0.6 0.6
================================== ========== ========== ============ ======= -------
Transfers to inventories - - (34.6) - (34.6)
================================== ========== ========== ============ ======= -------
Transfers to assets held for
sale (7.8) (2.4) - - (10.2)
========== ============ ======= -------
At 31 December 2020 249.9 91.9 96.8 75.3 513.9
---------------------------------- ---------- ---------- ------------ ------- -------
At 1 January 2021 249.9 91.9 96.8 75.3 513.9
================================== ========== ========== ============ ======= =======
Movements in foreign exchange (0.9) - - (0.1) (1.0)
================================== ========== ========== ============ ======= =======
Additions 0.3 3.0 15.1 3.3 21.7
================================== ========== ========== ============ ======= =======
Disposals - (0.1) (0.2) (4.2) (4.5)
================================== ========== ========== ============ ======= =======
Transfers 2.0 1.0 - (3.0) -
================================== ========== ========== ============ ======= -------
Transfers from intangible assets 1.2 1.2
================================== ========== ========== ============ ======= -------
Transfers to inventories - - (14.9) - (14.9)
================================== ========== ========== ============ ======= -------
Transfers to assets held for
sale - - - (0.4) (0.4)
========== ============ ======= -------
At 30 June 2021 251.3 95.8 96.8 72.1 516.0
---------------------------------- ---------- ---------- ------------ ------- -------
Accumulated depreciation and
impairment
At 1 January 2020 23.3 18.3 31.9 45.8 119.3
================================== ========== ========== ============ ======= =======
Movements in foreign exchange - - - - -
================================== ========== ========== ============ ======= =======
Charge for the period 1.2 1.3 10.6 4.8 17.9
================================== ========== ========== ============ ======= =======
Impairment loss 3.0 0.1 - 0.1 3.2
================================== ========== ========== ============ ======= =======
Disposals (0.2) - (0.5) (1.5) (2.2)
================================== ========== ========== ============ ======= =======
Transfers to inventories - - (6.4) - (6.4)
---------------------------------- ========== ========== ============ ======= =======
Transfers to assets held for
sale - - - - -
---------------------------------- ---------- ========== ============ =======
At 30 June 2020 27.3 19.7 35.6 49.2 131.8
---------------------------------- ---------- ---------- ------------ ------- -------
At 1 January 2020 23.3 18.3 31.9 45.8 119.3
================================== ========== ========== ============ ======= =======
Movements in foreign exchange - - - 0.1 0.1
================================== ========== ========== ============ ======= =======
Charge for the year 2.9 2.5 16.8 10.0 32.2
================================== ========== ========== ============ ======= =======
Impairment loss 0.2 - - 1.3 1.5
================================== ========== ========== ============ ======= =======
Disposals (3.1) (2.2) (1.9) (13.1) (20.3)
================================== ========== ========== ============ ======= =======
Transfers to inventories - - (18.0) - (18.0)
================================== ========== ========== ============ ======= =======
Transfers to assets held for
sale (0.8) - - - (0.8)
========== ============ =======
At 31 December 2020 22.5 18.6 28.8 44.1 114.0
---------------------------------- ---------- ---------- ------------ ------- -------
At 1 January 2021 22.5 18.6 28.8 44.1 114.0
================================== ========== ========== ============ ======= =======
Movements in foreign exchange - (0.1) - (0.1) (0.2)
================================== ========== ========== ============ ======= =======
Charge for the period 1.3 1.0 7.6 4.7 14.6
================================== ========== ========== ============ ======= =======
Impairment loss - - - - -
================================== ========== ========== ============ ======= =======
Disposals - (0.1) (0.2) (3.6) (3.9)
================================== ========== ========== ============ ======= =======
Transfers to inventories - - (7.6) - (7.6)
================================== ========== ========== ============ ======= =======
Transfers to assets held for
sale - - - - -
========== ============ =======
At 30 June 2021 23.8 19.4 28.6 45.1 116.9
---------------------------------- ---------- ---------- ------------ ------- -------
Carrying amount
As at 30 June 2020 237.1 76.6 60.8 41.0 415.5
---------------------------------- ---------- ---------- ------------ ------- -------
As at 31 December 2020 227.4 73.3 68.0 31.2 399.9
---------------------------------- ---------- ---------- ------------ ------- -------
As at 30 June 2021 227.5 76.4 68.2 27.0 399.1
---------------------------------- ---------- ---------- ------------ ------- -------
10. Right of Use Assets
Property Other Total
GBPm GBPm GBPm
Cost
At 1 January 2020 (restated*) 277.5 6.3 283.8
=================================== ========= ====== =======
Additions (restated*) 7.3 2.4 9.7
=================================== ========= ====== =======
Retirements and surrenders
(restated*) (0.1) (2.7) (2.8)
At 30 June 2020 (restated*) 284.7 6.0 290.7
----------------------------------- --------- ------ -------
At 1 January 2020 (restated*) 277.5 6.3 283.8
=================================== ========= ====== =======
Additions 12.7 3.7 16.4
=================================== ========= ====== =======
Retirements and surrenders (11.0) (2.9) (13.9)
At 31 December 2020 279.2 7.1 286.3
----------------------------------- --------- ------ -------
At 1 January 2021 279.2 7.1 286.3
=================================== ========= ====== =======
Additions 1.6 1.7 3.3
=================================== ========= ====== =======
Retirements and surrenders (0.1) (0.9) (1.0)
At 30 June 2021 280.7 7.9 288.6
----------------------------------- --------- ------ -------
Accumulated depreciation
and impairment
At 1 January 2020 (restated*) 160.7 4.1 164.8
=================================== ========= ====== =======
Charge for the period (restated*) 5.4 1.1 6.5
=================================== ========= ====== =======
Impairment charge 0.3 - 0.3
=================================== ========= ====== =======
Retirements and surrenders - (2.0) (2.0)
At 30 June 2020 (restated*) 166.4 3.2 169.6
----------------------------------- --------- ------ -------
At 1 January 2020 (restated*) 160.7 4.1 164.8
=================================== ========= ====== =======
Charge for the year 12.4 2.6 15.0
=================================== ========= ====== =======
Impairment charge 0.4 - 0.4
=================================== ========= ====== =======
Retirements and surrenders (10.5) (1.0) (11.5)
At 31 December 2020 163.0 5.7 168.7
----------------------------------- --------- ------ -------
At 1 January 2021 163.0 5.7 168.7
=================================== ========= ====== =======
Charge for the period 5.8 0.8 6.6
=================================== ========= ====== =======
Retirements and surrenders - - -
=================================== ========= ====== =======
At 30 June 2021 168.8 6.5 175.3
----------------------------------- --------- ------ -------
Carrying amount
----------------------------------- --------- ------ -------
As at 30 June 2020 (restated*) 118.3 2.8 121.1
----------------------------------- -------
As at 31 December 2020 116.2 1.4 117.6
----------------------------------- --------- ------ -------
As at 30 June 2021 111.9 1.4 113.3
----------------------------------- --------- ------ -------
* Details of the presentational adjustments and corrections of
errors are shown in Note 1.
11. Assets held for sale
Unaudited Unaudited Audited
June June 31 December
Lower of carrying amount and fair value 2021 2020 2020
less cost to sell GBPm GBPm GBPm
At 1 January 13.0 10.0 10.0
========================================= ========== ========== =============
Net transfers from property, plant and
equipment 0.4 0.6 9.4
========================================= ========== ========== =============
Impairment charge - - (3.5)
========================================= ========== ========== =============
Disposals (2.3) - (2.9)
========================================= ========== ========== =============
At 30 June/31 December 11.1 10.6 13.0
----------------------------------------- ---------- ---------- -------------
All items included in the analysis above relate to properties
held by the Group and have been transferred into assets held for
sale following the cessation of trade at certain dealerships and
the subsequent commencement of procedures to dispose of these
vacant properties from the Group's portfolio. Properties held
within assets held for sale are being actively marketed for
disposal and there is an expectation that such properties will be
disposed of within 12 months of the balance sheet date. Where
necessary, provision for impairment to bring the assets carrying
value in line with its estimated fair value less costs of disposal
has been recorded whilst the assets were held within property,
plant and equipment and prior to their subsequent transfer into
assets held for sale.
During the period the total carrying amount disposed from held
for sale amounted to GBP2.3m (period ended 30 June 2020: GBPnil;
year ended 31 December 2020: GBP2.9m). Total proceeds received
amounted to GBP2.7m (period ended 30 June 2020: GBPnil; year ended
31 December 2020: GBP3.5m) resulting in a gain on property
disposals of GBP0.4m (period ended 30 June 2020: GBPnil; year ended
31 December 2020: GBP0.6m).
12. Inventories
Audited
Unaudited Unaudited 31 December
June 2021 June 2020 2020
GBPm GBPm GBPm
Goods for resale 255.3 307.2 255.7
================================ ====================== ===================== =====================
Vehicle spare parts for resale 17.2 18.9 17.2
================================ ====================== ===================== =====================
Consignment vehicles 212.0 530.1 382.3
484.5 856.2 655.2
-------------------------------- ---------------------- --------------------- ---------------------
13. Provisions
Audited
Unaudited Unaudited 31 December
June 2021 June 2020 2020
GBPm GBPm GBPm
-------------------------------------------- ----------------------------------- ----------- ----------------------
Provision in respect of regulatory matters - 10.4 -
-------------------------------------------- ----------------------------------- ----------- ----------------------
At 30 June / 31 December - 10.4 -
-------------------------------------------- ----------------------------------- ----------- ----------------------
Provisions
for other
charges
-------------------------------------------- -----------------------------------
At 1 January and 30 June 2020 10.4
============================================ ===================================
At 1 January 2020 10.4
============================================ ===================================
Released during the year (10.4)
============================================ ===================================
At 31 December 2020 -
-------------------------------------------- -----------------------------------
At 1 January and 30 June 2021 -
============================================ ===================================
On 2 March 2021 the Group announced that the FCA had advised the
Board of its decision to close the investigation against Lookers
Motor Group Limited, the Group's FCA regulated entity, for the
possible mis-selling of regulated products, and associated issues
relating to potential customer detriment. In closing the case, the
FCA further advised the Board that it did not intend to use its
statutory powers to apply any sanctions against the Group in
relation to the matters under investigation. As the investigation
specifically covered the period from January 2016 to June 2019, the
Group was satisfied that the FCA confirmation represented an
adjusting event after the balance sheet date as it provided
evidence that there was not an obligating event and therefore
released the GBP10.4m provision into non-underlying items in the
year ended 31 December 2020.
14. Financial Instruments
At 1 Jan At 30 June
Movement 2020 Net RCF Loan receipt Lease Non-cash 2020
in financial (restated) movement / (repayment) repayment Loan receipt movement (restated)
liabilities GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- --------------- ---------- --------------- ----------- ------------- ---------- ---------------
Other loans 10.1 - 0.8 - - - 10.9
=============== =============== ========== =============== =========== ============= ========== ===============
RCF 80.8 123.7 - - - (0.2) 204.3
=============== =============== =========== ============= ========== ===============
Lease
liabilities 146.9 - - (7.4) - 9.2 148.7
=============== =============== ========== =============== =========== ============= ========== ===============
Vehicle
rental
finance
liabilities 97.2 - (38.7) - 29.1 - 87.6
===============
335.0 123.7 (37.9) (7.4) 29.1 9.0 451.5
--------------- --------------- ---------------
Cash and
cash
equivalents (150.3) (295.5)
=============== =============== ===============
Bank overdraft 118.9 91.3
--------------- ===============
Net debt
excluding
lease and
vehicle
rental
liabilities 59.5 11.0
--------------- --------------- ---------------
Net debt
including
lease and
vehicle
rental
liabilities 303.6 247.3
--------------- --------------- ---------------
At 1 Jan
Movement 2020 Net RCF Lease Non-cash At 31 Dec
in financial (restated) movement Loan repayment repayment Loan receipt movement 2020
liabilities GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- --------------- ---------- --------------- ----------- ------------- ---------- ---------------
Other loans 10.1 - (0.6) - - - 9.5
=============== =============== ========== =============== =========== ============= ========== ===============
RCF 80.8 78.0 - - - (0.4) 158.4
=============== =========== ============= ========== ===============
Lease
liabilities 146.9 - - (15.3) - 12.8 144.4
=============== =============== ========== =============== =========== ============= ========== ===============
Vehicle
rental
finance
liabilities 97.2 - (84.1) - 74.8 - 87.9
===============
335.0 78.0 (84.7) (15.3) 74.8 12.4 400.2
--------------- --------------- ---------------
Cash and
cash
equivalents (150.3) (243.0)
=============== =============== ===============
Bank overdraft 118.9 115.8
--------------- ===============
Net debt
excluding
lease and
vehicle
rental
liabilities 59.5 40.7
--------------- --------------- ---------------
Net debt
including
lease and
vehicle
rental
liabilities 303.6 273.0
--------------- --------------- ---------------
At 1 At 30
Jan Net RCF Loan Lease Lease Non-cash June
Movement in financial 2021 movement repayment repayment receipt movement 2021
liabilities GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------------------------- -------- ---------- ----------- ----------- --------- ---------- --------
Other loans 9.5 - (0.6) - - - 8.9
================================= ======== ========== =========== =========== ========= ========== ========
(2.4
RCF 158.4 (113.0) - - - ) 43.0
======== ========
Lease liabilities 144.4 - - (7.1) - 1.9 139.2
================================= ======== ========== =========== =========== ========= ========== ========
Vehicle rental finance
liabilities 87.9 - (46.9) - 45.3 - 86.3
=================================
400.2 (113.0) (47.5) (7.1) 45.3 (0.5) 277.4
--------------------------------- -------- --------
Cash and cash equivalents (243.0) (147.5)
================================= ======== --------
Bank overdraft 115.8 62.6
--------------------------------- ======== --------
Net debt / (cash) excluding
lease and vehicle rental
liabilities 40.7 (33.0)
--------------------------------- -------- --------
Net debt including lease
and vehicle rental liabilities 273.0 192.5
--------------------------------- -------- --------
Non-cash movements arise following the retranslation of a Euro
denominated loan and the reclassification and amortisation of the
Group's debt issue costs. Non-cash movements in relation to IFRS 16
relate to the recognition and de-recognition of lease
liabilities.
15. Subsequent events
During the period ended 30 June 2021 the Group received CJRS
grants of GBP4.1m in respect of that period. However, given the
strong H1 performance and the Group's ongoing corporate
responsibility agenda, the Board has voluntarily undertaken to
repay all CJRS grants received in respect of H1 before the end of
H2.
This decision was made after the half year end and so the
condensed consolidated income statement for the first half does not
reflect the repayment of the amount relating to the first half. The
expense of the repayment for the full financial year will be
charged to operating profit in the second half and will be
reflected in the full year income statement.
16. Related parties
There have been no material changes to the Group's principal
subsidiaries as listed in the 2020 Annual Report &
Accounts.
The following table provides the total amount of transactions
that have been entered into with related parties for the relevant
financial period:
Purchases Amounts Amounts
Sales from owed owed
to related related by related to related
parties parties parties parties
GBPm GBPm GBPm GBPm
----------------- -------------------------- ------------ ---------- ------------ ------------
Key management personnel of the Group:
Other directors'
interests: Period ended 30 June 2021 - - - -
-------------------------- ------------ ---------- ------------ ------------
Period ended 30 June 2020 - 0.1 - -
-------------------------- ------------ ---------- ------------ ------------
Year ended 31 December
2020 - 0.1 - -
----------------- -------------------------- ------------ ---------- ------------ ------------
During both the period ended 30 June 2020 and the year ended 31
December 2020 Group companies made purchases at market prices from
Bramall Properties Limited. These are considered to be related
parties due to them having directors common to those of Lookers
plc.
17. Reconciliation of Alternative Performance Measures
The Group uses a number of Alternative Performance Measures
(APM) which are non-IFRS measures in establishing their financial
performance. Like for Like is the collection of dealerships and
other trading businesses that have both a full year of trading
activity in the current year and prior year. The Group believes
these Measures provide useful, historical financial information to
assist investors and other stakeholders to evaluate the performance
of the business and are measures commonly used by certain investors
for evaluating the performance of the Group. In particular, the
Group uses APM which reflect the underlying performance on the
basis that this provides users of the financial statements with
additional useful information to better assess the core business
performance of the Group. Details of the definitions of APM are
made within the Glossary. The table below shows restated
comparative figures to show the impact of the adjustments
identified in the notes below. A reconciliation of the statutory
measures to the Alternative Performance Measures is set out
below:
Unaudited
Unaudited June 2020 Audited 31 December
Like-for-like revenue June 2021 (restated) 2020
--------------------------------------------- ------------ ------------ -----------------------------------------
Revenue (GBPm) 2,153.2 1,570.6 3,699.9
--------------------------------------------- ============ ============ =========================================
Less: Non like-for-like revenue (4.1) (104.5) (52.1)
============================================= ------------ ------------ -----------------------------------------
Like-for-like revenue (GBPm) 2,149.1 1,466.1 3,647.8
============================================= ============ ============ =========================================
Gross profit margin
--------------------------------------------- ------------ ------------ -----------------------------------------
Revenue (GBPm) 2,153.2 1,570.6 3,699.9
--------------------------------------------- ------------ ------------ -----------------------------------------
Gross profit (GBPm) 257.6 162.4 411.0
--------------------------------------------- ------------ ------------ -----------------------------------------
Gross profit margin (%) 12.0% 10.3% 11.1%
--------------------------------------------- ------------ ------------ -----------------------------------------
EBITDA and underlying EBITDA
--------------------------------------------- ------------ ------------ -----------------------------------------
Operating profit / (loss) (GBPm) 63.6 (34.4) 30.9
--------------------------------------------- ------------ ------------ -----------------------------------------
Add: Depreciation (GBPm) 23.1 25.5 51.2
--------------------------------------------- ------------ ------------ -----------------------------------------
Add: Amortisation (GBPm) 2.6 2.3 4.8
--------------------------------------------- ------------ ------------ -----------------------------------------
EBITDA (GBPm) 89.3 (6.6) 86.9
--------------------------------------------- ------------ ------------ -----------------------------------------
Add: Non-underlying items (GBPm) (0.4) 13.9 12.1
--------------------------------------------- ------------ ------------ -----------------------------------------
Underlying EBITDA (GBPm) 88.9 7.3 99.0
--------------------------------------------- ------------ ------------ -----------------------------------------
Underlying operating profit / (loss)
(GBPm)
--------------------------------------------- ------------ ------------ -----------------------------------------
Operating profit / (loss) (GBPm) 63.6 (34.4) 30.9
============================================= ============ ============ -----------------------------------------
Add: Non-underlying items (GBPm) - Note
3 (0.4) 13.9 12.1
============================================= ------------ ------------ -----------------------------------------
Underlying operating profit / (loss)
(GBPm) 63.2 (20.5) 43.0
============================================= ============ ============ =========================================
Underlying profit before tax and underlying
basic EPS
--------------------------------------------- ------------ ------------ -----------------------------------------
Profit / (loss) before tax (GBPm) 50.7 (50.4) 2.0
============================================= ------------ ------------ -----------------------------------------
Add: Non-underlying items (GBPm) - Note
3 (0.4) 13.9 12.1
============================================= ------------ ------------ -----------------------------------------
Underlying profit / (loss) before tax
(GBPm) 50.3 (36.5) 14.1
============================================= ------------ ------------ -----------------------------------------
Standard UK Corporation Tax rate (%) 19% 19% 19%
--------------------------------------------- ------------ ------------ -----------------------------------------
Underlying tax (GBPm) (9.6) 6.9 (2.7)
============================================= ------------ ------------ -----------------------------------------
Underlying profit / (loss) after tax
(GBPm) 40.7 (29.6) 11.4
============================================= ------------ ------------ -----------------------------------------
Weighted average number of shares in
issue - Note 6 390,359,669 390,138,374 390,138,374
=============================================
Underlying basic EPS (p) 10.44 (7.58) 2.93
============================================= ------------ ------------ -----------------------------------------
Property portfolio and property portfolio
by share
Property, plant and equipment (GBPm) 399.1 415.5 399.9
============================================= ------------ ------------ -----------------------------------------
Less: Other property, plant and equipment
(GBPm) - Note 9 (27.0) (41.0) (31.2)
============================================= ------------ ------------ -----------------------------------------
Less: Motor vehicles (GBPm) - Note 9 (68.2) (60.8) (68.0)
============================================= ------------ ------------ -----------------------------------------
Property portfolio (GBPm) 303.9 313.7 300.7
============================================= ------------ ------------ -----------------------------------------
Share capital at 30 June/31 December 390,475,317 390,138,374 390,138,374
=============================================
Property portfolio per share (p) 77.8 80.4 77.1
============================================= ------------ ------------ -----------------------------------------
Net debt excluding lease liabilities
vehicle rental liabilities
Bank loans and overdrafts (GBPm) 114.5 306.5 283.7
============================================= ------------ ------------ -----------------------------------------
Less: Cash and cash equivalents (GBPm) (147.5) (295.5) (243.0)
============================================= ------------ ------------ -----------------------------------------
Net (cash) / debt (GBPm) (33.0) 11.0 40.7
============================================= ------------ ------------ -----------------------------------------
18. Interim statement
Copies of this report and the last Annual Report and Accounts
are available from the Company Secretary at the registered office
of the company at Lookers House, 3 Etchells Road, West Timperley,
Altrincham, WA14 5XS and can be viewed via the Group's website at
www.lookersplc.com. Copies of this report have also been submitted
to the UK Listing Authority and will shortly be available at the UK
Listing Authority's Document Viewing Facility at 25 North
Colonnade, Canary Wharf, London E14 5HS (Telephone +44 (0) 207 066
1000).
Directors' Responsibility Statement
We confirm that to the best of our knowledge
-- The interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting'
-- The interim financial statements include a fair review of the
information required by DTR 4.2.7R (identification of important
events during the first six months and their impact on the
condensed set of financial statements and description of principal
risks and uncertainties for the remaining six months of the
year)
-- The interim financial statements include a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and charges therein).
By order of the Board
Mark Raban
Chief Executive
Officer
8 September 2021
Glossary of terms
Introduction
In the reporting of the financial statements, the Directors have
adopted various Alternative Performance Measures (APMs) of
financial performance, position or cash flows other than those
defined or specified under International Financial Reporting
Standards (IFRS). These measures are not defined by IFRS and
therefore may not be directly comparable with other companies'
APMs, including those in the Group's industry. APMs should be
considered in addition to IFRS measures and are not intended to be
a substitute for IFRS measurements.
Purpose
The Directors believe that these APMs provide additional useful
information on the underlying performance and position of the
Group.
APMs are also used to enhance the comparability of information
between reporting periods by adjusting for irregularity factors
which affect IFRS measures, to aid the user in understanding the
Group's performance.
Consequently, APMs are used by the Directors and management for
performance analysis, planning, reporting and incentive setting
purposes. The key APMs that the Group has focused on this period
are as follows:
Performance measure Definition Why we measure it
Like-for-like (LFL) These are calculated where To provide a consistent
dealerships have contributed overview of comparative
twelve months of revenue trading performance
and profit contribution
in both the current and
comparative periods presented.
Gross profit margin Gross profit as a percentage A measure of the significant
of revenue. revenue channels' operational
performance
Non-underlying items Relate to costs or incomes A key metric of the Group's
which are not incurred non-underlying business
in the normal course of performance.
business or due to their
size, nature and irregularity
are not included in the
assessment of financial
performance in order to
reflect management's view
of the core-trading performance
of the Group.
Underlying operating Operating profit before A key metric of the Group's
profit the impact of non-underlying underlying business performance.
items as defined above.
Underlying profit before Profit before tax before A key metric of the Group's
tax the impact of non-underlying underlying business performance
items as defined above.
Underlying profit after Profit after tax before A key metric of the Group's
tax the impact of non-underlying underlying business performance
items as defined above.
Underlying earnings Earnings per share before A key metric of the Group's
per share (EPS) the impact of non-underlying underlying business performance
items as defined above.
Net debt Bank loans and overdrafts A measure of the Group's
less cash and cash equivalents. net indebtedness that
Lease liabilities, vehicle provides an indicator
rental liabilities and of the overall balance
stocking loans are not sheet strength
included in net debt.
Property portfolio The net book value of A key metric of the Group's
freehold and leasehold statement of financial
properties as at the balance position
sheet date.
New car unit sale A new vehicle sale which A measure of statistical
has generated revenue volumes and indicator
for the Group. of operational performance
Used car unit sale Any vehicle sold that A measure of statistical
is not a new car unit volumes and indicator
sale. of operational performance
Car parc The approximate number A measure of the UK market
of vehicles on the UK size and indicator for
road network. growth opportunities
New car market Total number of annual A measure of the UK market
new vehicle unit registrations size and indicator for
made in the UK as defined growth opportunities
by the Society of Motor
Manufacturers and Traders
(SMMT).
New car market share The Group's annual share Our relative performance
of the new car market against the UK market
calculated as a percentage
of the Group's new car
unit sales to the new
car market size.
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END
IR ZZGGLZRFGMZZ
(END) Dow Jones Newswires
September 09, 2021 02:02 ET (06:02 GMT)
Lookers (LSE:LOOK)
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