Group Balance Sheet

As at 31 As at 31
March March
2017 2016
Note £m £m
ASSETS
Non-current assets
Intangible assets 12 170.1 189.6
Property, plant and equipment 13 399.6 426.2
Investment properties 2.6 2.4
Deferred tax assets 14 125.0 134.4
Trade and other receivables 15 76.4 66.5
Derivative financial assets 17 1.1 0.3
774.8 819.4
Current assets
Inventories 16 505.3 486.7
Trade and other receivables 15 275.6 285.4
Derivative financial assets 17 5.0 8.0
Income tax receivables 9.2 3.0
Cash and cash equivalents 18 843.5 711.8
1,638.6 1,494.9
Total assets 2,413.4 2,314.3
LIABILITIES
Non-current liabilities
Trade and other payables 19 (101.9) (114.7)
Deferred tax liabilities 14 (0.4) (0.6)
Retirement benefit obligations (0.9) (0.7)
Provisions for other liabilities and charges 20 (47.3) (38.4)
(150.5) (154.4)
Current liabilities
Bank overdrafts and borrowings 21 (34.3) (51.5)
Derivative financial liabilities 17 (3.5) (2.3)
Trade and other payables 19 (459.1) (387.2)
Provisions for other liabilities and charges 20 (18.1) (17.6)
Income tax liabilities (50.1) (80.4)
(565.1) (539.0)
Total liabilities (715.6) (693.4)
Net assets 1,697.8 1,620.9
EQUITY
Capital and reserves attributable to owners of the Company
Ordinary share capital 22 0.2 0.2
Share premium account 211.4 209.8
Capital reserve 22 41.1 41.1
Hedging reserve 22 10.0 8.1
Foreign currency translation reserve 22 260.8 164.9
Retained earnings 1,169.0 1,140.9
Equity attributable to owners of the Company 1,692.5 1,565.0
Non-controlling interest in equity 5.3 55.9
Total equity 1,697.8 1,620.9
19%
 Group Income Statement
Year to Year to
31 March 31 March
2017 2016
Note £m £m
Revenue 3 2,766.0 2,514.7 10%
Cost of sales (832.9) (752.0) 11%
Gross profit 1,933.1 1,762.7 10%
Net operating expenses 4 (1,538.8) (1,359.8) 13%
Operating profit 394.3 402.9 -2%

Financing
Finance income 5.5 5.1
Finance expense (1.8) (2.3)
Other financing (charge)/income (3.2) 9.9
Net finance income 8 0.5 12.7
Profit before taxation 5 394.8 415.6
Taxation 9 (107.1) (101.0)
Profit for the year 287.7 314.6 -9%

Attributable to:
Owners of the Company 286.8 309.5
Non-controlling interest 0.9 5.1
Profit for the year 287.7 314.6

Earnings per share

Basic 10 65.3p 70.0p
Diluted 10 64.9p 69.4p

Reconciliation of adjusted profit before taxation:

Profit before taxation 394.8 415.6
Adjusting items:
Adjusting operating items 64.4 14.9
6
Adjusting financing items 6 3.2 (9.9)
Adjusted profit before taxation – non-GAAP measure 462.4 420.6 10%

Adjusted earnings per share – non-GAAP measure

Basic 77.9p 70.5p
10
Diluted 10 77.4p 69.9p

Dividends per share

Interim 11 10.5p 10.2p
Proposed final (not recognised as a liability at 31 March) 11 28.4p 26.8p

breakdown
Revenue
Retail 2127.2 1837.7 16%
Wholesale 613.9 634.6 -3%
Licensing 24.9 42.4 -41%
Total Revenue 2766 2514.7 10%

Net operating expenses

Selling and distribution costs 913.5 816.7
Administrative expenses 560.9 528.2
Adjusting operating items 64.4 14.9
Net operating expenses 1538.8 1359.8
Put option liability finance (charge)/income
 Group Statement of Comprehensive Income
Year to Year to
31 March 31 March
2017 2016
£m £m
Profit for the year 287.7 314.6
Other comprehensive income
Cash flow hedges 4.7 10.8
Net investment hedges (2.3) (0.8)
Foreign currency translation differences 103.1 20.4
Tax on other comprehensive income:
Cash flow hedges (1.0) (2.2)
Net investment hedges 0.5 0.6
Foreign currency translation differences (5.4) (1.9)
Other comprehensive income for the year, net of tax 99.6 26.9
Total comprehensive income for the year 387.3 341.5

Total comprehensive income attributable to:

Owners of the Company 384.6 335.5
Non-controlling interest 2.7 6.0
387.3 341.5
1 All items included in other comprehensive income may
subsequently be reclassified to profit and loss in a future
period.
 Attributable to owners
of the Company
Ordinary Share Non-
Retained
share premium Other controlling
capital account reserves earnings Total interest
Note £m £m £m £m £m £m
Balance as at 31 March 2015 0.2 207.6 192.3 1,000.8 1,400.9 50.6
Profit for the year – – – 309.5 309.5 5.1
Other comprehensive income:
Cash flow hedges 22 – – 10.8 – 10.8 –
Net investment hedge – – (0.8) – (0.8) –
Foreign currency translation differences – – 19.5 – 19.5 0.9
Tax on other comprehensive income – – (3.5) – (3.5) –
Total comprehensive income for the year – – 26.0 309.5 335.5 6.0
Disposal of subsidiaries – – (6.2) 6.2 – –
Transfer between reserves – – 2.0 (2.0) – –
Transactions with owners:
Employee share incentive schemes
Value of share options granted – – – (0.3) (0.3) –
Value of share options transferred to liabilities – – – (0.2) (0.2) –
Tax on share options granted – – – (4.5) (4.5) –
Exercise of share options – 2.2 – – 2.2 –
Purchase of own shares by ESOP trusts – – – (10.9) (10.9) –
Dividends paid in the year – – – (157.7) (157.7) (0.7)
Balance as at 31 March 2016 0.2 209.8 214.1 1,140.9 1,565.0 55.9
Profit for the year – – – 286.8 286.8 0.9
Other comprehensive income:
Cash flow hedges 22 – – 4.7 – 4.7 –
Net investment hedge – – (2.3) – (2.3) –
Foreign currency translation differences – – 101.3 – 101.3 1.8
Tax on other comprehensive income – – (5.9) – (5.9) –
Total comprehensive income for the year – – 97.8 286.8 384.6 2.7
Transactions with owners: Employee share incentive schemes
Value of share options granted – – – 13.1 13.1 –

Value of share options transferred to liabilities – – – (0.4) (0.4) –

Tax on share options granted – – – 0.9 0.9 –
Exercise of share options – 1.6 – – 1.6 –
Purchase of own shares
Share buy-back – – – (100.5) (100.5) –
Held by ESOP trusts – – – (13.3) (13.3) –
Expiry of put option over non-controlling interest 29 – – – 51.0 51.0 –
Acquisition of additional interest in subsidiary 29 – – – (45.1) (45.1) (53.2)
Dividends paid in the year – – – (164.4) (164.4) (0.1)
Balance as at 31 March 2017 0.2 211.4 311.9 1,169.0 1,692.5 5.3
 Total
equity
£m
1,451.5
314.6

10.8
(0.8)
20.4
(3.5)
341.5
–
–

(0.3)
(0.2)
(4.5)
2.2
(10.9)
(158.4)
1,620.9
287.7

4.7
(2.3)
103.1
(5.9)
387.3

13.1

(0.4)
0.9
1.6

(100.5)
(13.3)
51.0
(98.3)
(164.5)
1,697.8
 Group Statement of Cash Flows
Year to
31 March
2017
Note £m
Cash flows from operating activities
Operating profit 394.3

Depreciation 121.3
Amortisation 30.2
Net impairment of intangible assets 12 33.0
Net impairment of property, plant and equipment 13 15.9
Loss on disposal of property, plant and equipment and intangible assets 3.5
Loss on derivative instruments 5.6
Charge/(credit) in respect of employee share incentive schemes 13.1
Payment from settlement of equity swap contracts –
Decrease/(increase) in inventories 8.4
Decrease/(increase) in receivables 19.7
Increase in payables and provisions 43.6
Cash generated from operating activities 688.6
Interest received 5.2
Interest paid (1.5)
Taxation paid (131.6)
Net cash generated from operating activities 560.7

Cash flows from investing activities

Purchase of property, plant and equipment (71.3)

Purchase of intangible assets (32.8)

Proceeds from sale of property, plant and equipment 8.5
Net cash outflow from investing activities (95.6)

Cash flows from financing activities

Dividends paid in the year 11 (164.4)

Dividends paid to non-controlling interest (0.1)

Payment to acquire additional interest in subsidiary from non-controlling interest 29 (68.8)
Issue of ordinary share capital 1.6
Purchase of own shares through share buy-back 22 (97.2)
Purchase of own shares by ESOP trusts (13.3)
Net cash outflow from financing activities (342.2)

Net increase in cash and cash equivalents 122.9

Effect of exchange rate changes 26.0

Cash and cash equivalents at beginning of year 660.3
Cash and cash equivalents at end of year 809.2
Analysis of Net Cash
As at 31 March
2017
£m
Note
Cash and cash equivalents as per the Balance Sheet 18 843.5
Bank overdrafts 21 (34.3)
Net cash 809.2
 Year to
31 March
2016
£m
402.9

111.9
35.2
–
26.5
1.2
3.1
(0.3)
(1.6)
(49.3)
(31.7)
5.1
503.0
4.8
(1.7)
(94.8)
411.3

(107.3)

(30.7)
0.5
(137.5)

(157.7)

(0.7)
–
2.2
–
(10.9)
(167.1)

106.7

1.4
552.2
660.3

As at 31 March
2016
£m

711.8
(51.5)
660.3