THORNTONS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Unaudited results for 28 weeks ended 10 January 2004
 
 
 For 52 weeks Notes For 28 weeks For 28 weeks
 ended 28 June 2003  ended 10 January ended 11 January
 (audited) 2004 2003
 £'000  (unaudited) (unaudited)
 £'000 £'000
  
 167,095 Turnover 2 109,344 104,684
 (78,356) Cost of sales (49,642) (46,314)
 88,739 Gross profit 59,702 58,370
 (64,575) Other selling and distribution costs (36,828) (36,507)
 (29) Net release of onerous lease provisions 50 -
 (64,604) Selling and distribution costs (36,778) (36,507)
 (15,507) Other administrative expenses  (10,277) (9,557)
 - Lapsed Share Option Schemes 4 594 -
 (15,507) Administrative expenses (9,683)  (9,557)
 816 Other operating income 3 430 392
 9,444 Operating profit 13,671 12,698
 107 Interest receivable and similar income 24 47
 (3,156) Interest payable and similar charges 5 (1,616) (1,868)
 6,395 Profit on ordinary activities before 12,079 10,877
 taxation
 (1,972) Tax on profit on ordinary activities 6 (4,195) (3,691)
 4,423 Profit on ordinary activities after 7,884 7,186
 taxation
 (4,422) Dividends 7 (1,269) (1,268)
 1 Retained profit for the period  6,615 5,918
 
 Key ratios
 6.80p Basic earnings per ordinary share 8 12.12 11.05p
 (pence)
 6.64p Fully diluted earnings per ordinary 8 11.75 10.83p
 share (pence)
 6.80p Dividend per ordinary share (pence) 7 1.95 1.95p
 
 
 
Continuing operations
 
All amounts above relate solely to continuing operations. There are no
recognised gains or losses during the current and previous period other than the
retained profit for the period.
 
Historical cost results
 
There was no material difference between the result disclosed above and the
result on an unmodified historical cost basis.
 
 
 
CONSOLIDATED BALANCE SHEET
 
 As at 28 June 2003 As at 10 January As at 11 January
 (restated) 2004 2003
 £'000 (unaudited) (restated)
  £'000 £'000
 Fixed assets
 81,890 Tangible assets 80,786 83,734
  81,890 80,786 83,734
 Current assets
 13,659 Stocks 18,135 17,854
  12,659 Debtors 14,626 12,981
 4,552 Cash at bank and in hand 12,197 15,471
 30,870  44,958 46,306
 Creditors: amounts falling due within one year
 (11,533) Bank loans, overdrafts and finance leases (11,640) (11,155)
 (28,393) Other creditors (35,763) (33,160)
 (39,926) (47,403) (44,315)
 (9,056) Net current assets/(liabilities) (2,445) 1,991
 72,834 Total assets less current liabilities 78,341 85,725
 (21,883) Bank loans and finance leases falling due after one (21,461) (29,231)
 year
 (517) Other creditors falling due after one year (690) (607)
 (8,474) Deferred tax provision  (8,199) (8,060)
 (292) Onerous lease provision (231) (270)
 41,668 Net assets  47,760 47,557
 
 Capital and reserves
 6,656 Share capital 6,658 6,656
 (2,310) Investment in own shares  (2,310) (2,310)
 12,400 Share premium 12,424 12,400
 475 Revaluation reserves  347 480
 24,447 Profit and loss account 30,641 30,331
 41,668 Equity shareholders' funds 47,760 47,557
 
 Key ratios
 28,864 Net debt 20,904 24,915
 69.3% Gearing 43.8% 52.4%
 62.6p Net assets per share 71.7p 71.5p
 
 
Movements in shareholders' funds
 
 
 For 52 weeks For 28 weeks  For 28 weeks
 ended 28 June 2003 ended 10 January 2004 ended 11 January
 (restated) (unaudited) 2003
  £'000 £'000 (restated)
 £'000
 4,423 Profit after tax attributable to shareholders 7,884 7,186
 (4,422) Dividends (1,269) (1,268)
 1 Retained profit attributable to shareholders  6,615 5,918
 - New share capital issued 26 -
 104 Movement in investment in own shares (549)  76
 105 Net increase in shareholders' funds 6,092 5,994
 43,015 Opening shareholders' funds - as originally 41,668 43,015
  reported
 (1,452) Prior period adjustment - UITF38 - (1,452)
 41,563 Opening shareholders' funds - as restated 41,668 41,563
  41,668 Closing shareholders' funds 47,760 47,557
 
Following the adoption of UITF 38 'Accounting for ESOP trusts' the investment in 
own shares is included in share capital and reserves. Shareholders' funds at 
11 January 2003 and 28 June 2003 were previously reported as £48,933,000 and 
£43,016,000 respectively.
 
 
CONSOLIDATED CASH FLOW STATEMENT
Unaudited results for 28 weeks ended 10 January 2004
 
 For 52 weeks  For 28 weeks For 28 weeks
 ended 28 June Note ended 10 January ended 11 January
 2003  2004 2003
 (audited) (unaudited) (unaudited)
 £'000 £'000 £'000
 24,860 Cash inflow from operating activities 9 17,208 21,414
 (3,225) Returns on investments and servicing of finance (1,537) (1,756)
 (2,727) Taxation (803) (927)
 (2,337) Capital expenditure and financial investment (2,064) (1,826)
 (4,422) Equity dividends paid (3,154) (3,154)
 12,149 Cash inflow before use of liquid resources and 9,650 13,751
 financing
 1,792 Management of liquid resources (8,750) (12,318)
 - Financing - issue of shares 26 -
 (11,132) Financing - decrease in debt  (2,028) (1,808)
 2,809 (Decrease)/Increase in cash in the period (1,102) (375)
 
 
 
Reconciliation of net cash flow to movement in net debt
 
 For 52 weeks  For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January ended 11 January
 (audited)  2004 2003
 £'000 (unaudited) (unaudited)
 £'000 £'000
 
 2,809 (Decrease)/Increase in cash in the period (1,102) (375)
 11,132 Cash outflow from decrease in debt 2,028 1,808
 (1,792) Cash outflow from increase in liquid resources 8,750 12,318
 12,149 Change in net debt resulting from cash flows 9,676 13,751
 (3,835) Inception of new finance leases (1,713) (1,481)
 15 Translation difference  (3) 8
 8,329 Movement in net debt in the period 7,960 12,278
 
 (37,193) Net debt at beginning of period (28,864) (37,193)
 (28,864) Net debt at end of period (20,904) (24,915)
 
 
Analysis of net debt
 
 
 Other non-cash Exchange
Group: for the 28 weeks At 28 June 2003 Cash flow changes movement At 10 January 2004
ended 10 January 2004 £'000 £'000 £'000 £'000 £'000
  
Cash at bank and in hand 4,052 (1,102) - (3) 2,947
Debt due within one year (7,915) - - - (7,915)
Debt due after one year (15,829) - - - (15,829)
Finance leases (9,672) 2,028 (1,713) - (9,357)
 (33,416) 2,028 (1,713) - (33,101)
Cash on deposit 500 8,750 - - 9,250
Total net debt (28,864) 9,676  (1,713) (3) (20,904)
 
 
 
 Other non-cash Exchange
Group: for the 28 weeks At 29 June 2002 Cash flow changes movement At 11 January 2003
ended 11 January 2003 £'000 £'000 £'000 £'000 £'000
 
Cash at bank and in hand 1,228 (375) -  8 861
Debt due within one year (7,915) - - - (7,915)
Debt due after one year (23,744) - - - (23,744)
Finance leases (9,054) 1,808 (1,481) - (8,727)
 (40,713) 1,808 (1,481) - (40,386)
Cash on deposit  2,292 12,318 - - 14,610
Total net debt (37,193) 13,751 (1,481) 8 (24,915)
 
  Other non-cash Exchange
Group: for the 52 weeks At 29 June 2002 Cash flow changes movement At 28 June 2003
ended 28 June 2003 £'000 £'000 £'000 £'000 £'000
 
Cash at bank and in hand 1,228 2,809 - 15 4,052
Debt due within one year (7,915) 7,915  (7,915) - (7,915)
Debt due after one year (23,774) - 7,915 - (15,829)
Finance leases (9,054) 3,217 (3,835)  - (9,672)
 (40,713) 11,132 (3,835) - (33,416)
Cash on deposit 2,292 (1,792) - - 500
Total net debt (37,193) 12,149 (3,835) 15 (28,864)