TIDMTHW
CHAIRMAN'S STATEMENT
The darkest days of the past year are now behind us and whilst the whole
COVID-19 episode has been most unwelcome the Company is emerging from closure,
lockdowns and restrictions intact, with its pubs, inns and hotels ready to make
the most of the situation as a wave of pent-up demand is released once our
personal liberty is restored.
Thwaites entered the COVID-19 pandemic in excellent shape, with well invested
assets, a strong balance sheet and businesses orientated to attractive parts of
the market. The company faced a year of accumulating losses, worrying
uncertainty and immense challenge. However, the decisive actions that we took
to control our cost base and safeguard the financial strength of the business
ensured that we reopened on the front foot and were able to welcome back our
customers, new and old, help them to feel at ease and enjoy themselves once
more.
Whilst it would be too much to say that we are coming out of the past year
stronger, we have minimised the financial scarring from being shut and have
plenty of liquidity to get us back on our feet and consider how we re-establish
the growth path that we had been on.
We guard our family values preciously; they provide a strong framework to guide
us and have shone through during the past year. Our teams have been nothing
short of outstanding and I am tremendously proud of the way that they have
navigated the highs and lows, from the frantic days of Eat Out to Help Out and
the strong trading of last summer, to closure and safeguarding our properties.
We have asked much of them in the past year and the way that they have gone the
extra mile to put us in good shape for the future is humbling.
The benefit of our freehold only philosophy has shown its' strength and with no
leaseholds we have avoided the fixed costs of rental payments in lockdown and
the need to negotiate with landlords.
Last spring we had no expectation that this pandemic would cast such a long
shadow for over a year; nor at our interim results did we contemplate that the
winter lockdowns would be as persistent or as challenging as they have been.
However, the storm has been weathered and the continuing long-term success of
the Company is now at the forefront of our thoughts.
Results
The business was not able to trade without some form of restrictions for a
single day during the year to 31 March 2021. It was shut, other than to key
workers, for 208 days, traded in the debilitating tier system for 55 days and
was open inside with social distancing restrictions for only 102 days.
As a result the financial performance has been severely and adversely impacted,
with turnover down 67% on the previous year at £32.2m (2020: 98.1m) and an
operating loss of £9.4m compared to an operating profit of £12.6m to 31 March
2020, which also included a negative COVID-19 impact of £2.5m. In total, the
pandemic has lost the Company approximately £24m. The loss per share was 17.8p
(2020: earnings per share 5.6p).
These results would have been significantly worse were it not for the financial
support the government and the treasury have provided during the recent crisis.
Net debt at 31 March 2021 was £78.8m (2020: £65.4m), an increase of £12.2m
since the interim results at 30 September 2020. Whilst this is clearly
undesirable, the measures taken by the Company to mitigate controllable spend
across the board means that this is as satisfactory a result as we could have
hoped for.
Towards the end of the financial year the financial markets began to consider
the unprecedented amounts of fiscal stimulus funded through central government
debt and the likely impact that this would have on future interest rates. As a
result, expectations that interest rates would increase sooner than had been
thought saw an increase in the discount rate used to value the Company's
pension scheme and swap liabilities. This led to a decrease in these two
liabilities of £11.9m at the 31 March 2021 - by chance this means that despite
the trading losses incurred the profit and loss reserve ended the year
unchanged at £85.9m. Net asset value per share at the year end was £3.00
(2020: £3.02).
The Tenanted Pub Model
The tenanted pub model has attracted much criticism over recent years from
detractors who would say that the relationship is unfairly balanced in the
favour of the owner of the freehold property. Our consistent response to this
has been that a model where interests are aligned in the success of a pub
between the property owner and the publican promotes the long term success of
the pub and allows good operators to succeed with confidence, partnered with a
company that can invest in the pub and provide business support that a sole
operator might not access on their own.
The past year has been a litmus test for the model and one which Daniel
Thwaites and the rest of the industry has passed with flying colours. As a
result of the scale and financial strength of our business we, like others in
the industry, have supported our tenanted pubs as far as we have been able with
both financial and business support. We provided more than £3.2m of direct
financial support to our tenanted pubs at a time when the commercial property
market is tying itself in knots over how to resolve unpaid rents.
The alignment of interests between us and our tenanted pub operators has made
the decision to forgo rent an easy one. We are motivated to make sure that
these small independent and previously successful businesses were ready to open
and be profitable, without huge historic debts, when the time came. Likewise,
that alignment has led the industry to ask government to support pubs,
generating a voice that could otherwise have been drowned out. Government
support has been an additional critical contribution in preventing mass pub
failure and unemployment.
To those who have sought to destroy the tenanted pub model in the recent past,
the experience of the last year is a salutary lesson in the strength of the
model.
Acquisitions, Developments and Disposals
In March 2020 we put in place a freeze on returning capital investment and
acquisitions, although we have continued to maintain our properties throughout
the year at a normal rate. As a result, no acquisitions have been made during
the past year. The Company has sold three bottom end pubs and two ancillary
properties with proceeds of £0.8m.
Dividend
The Board does not recommend the payment of any dividend, be it interim or
final, and will not do so while the business is loss making and in receipt of
the government's financial assistance. The Board understands that the dividend
plays an important role for shareholders and will look to reinstate a dividend
as the business recovers and a dividend distribution is prudent and
sustainable.
People
Our teams are the beating heart of our business and their commitment to the
business underpins our success. The way that they have responded, both those
that have worked through lockdowns and those who have supported the business,
ready to return at the end of furlough has been outstanding. I would like to
thank everyone for the way that they have approached the past year and their
faith in the company.
The recruitment market has been impacted by the loss of overseas workers
following Brexit and furlough. We have used our time over the past months to
review our benefits package to make sure that we continue to offer a compelling
proposition to new employees and maintain our position as an employer of choice
in our local markets.
There have been no changes to the Board during the year
Once more I would like to thank our shareholders for their unwavering support
as we come through this difficult period and rebuild the business.
Outlook
The first rays of light are breaking through the clouds and the early signs of
trading as we have reopened have been most encouraging. The decision to delay
removing social distancing from 21 June is a critical one to the hospitality
industry. We must now wait for the government's next move.
One of the consequences of the past year has been to raise the profile of the
pub with government and also with the general public, who have discovered that
life without the pub is not as fun as it is when it is there.
In the medium term this bodes well, as the role that the pub plays in
socialising and as the glue holding together local communities has been
highlighted. At all levels of government there has been an awakening to the
fact that community pubs are the biggest social outreach programme in the land,
delivered by landlords and landladies free of charge. These precious assets
need to be protected and nurtured and I have increasing confidence that the
government will support that.
We have put considerable focus as we reopen on maintaining quality within our
properties. This puts them in an excellent position to be the place of choice
as our customers choose to trade up and treat themselves. We do not have many
properties in city centre locations and our larger hotels are located on the
motorway network away from public transport. We have good representation in
rural locations and national parks, places that people will seek out. The
corporate meeting and travel market for the moment is a little more opaque, but
I am confident that it will recover in the coming months.
I have no doubt that there may be bumps along the road, but the strength of the
business built up over many years has proven its worth over the past year. As
we reopen we will closely observe what our customers now want from us, it may
be that things have changed. If they have, we will respond with enthusiasm and
agility.
R A J Bailey
Chairman
30 June 2021
OPERATING REVIEW
Overview
This has been a year of great unknowns, in which uncertainty and the shifting
sands of COVID-19 response have at times obscured our way out from the crisis.
It has certainly been one of the most testing in our history, however the
absolute resolution to prevail, the knowledge that we would come through and
get ourselves going again and the willingness of our teams to go the extra mile
has been demonstrated across every area of the Company.
The financial results of the Company, ravaged by COVID-19, are stark and there
is no shying away from the reality that it has been an expensive year on many
levels. However, much of the impact of COVID-19 has been contained within this
last financial year and we have acted quickly and decisively to ensure that the
core of the business and its teams have been protected. When we have been able
to open we have fought hard for every available pound of revenue, despite the
difficulties brought by capacity constraints as a result of social distancing
and the effect of work from home orders on the corporate hotel market.
Wherever possible we have used the government furlough scheme to protect
sustainable jobs, but we have been forced to address the overhead cost base of
the business. Inevitably, and sadly, some roles have been lost to redundancy,
but I have no doubt that many new roles will be created once we reopen fully.
What is encouraging is that when we were able to trade, we performed well,
particularly in our pubs and inns, and this bodes extremely well for the coming
months as restrictions are eased.
Financial Results
Turnover for the year was £32.2m, (2020: £98.1m), the business was shut for 57%
of the year and traded under severe restrictions for a further 15% of the time.
When trading under tier 3 it quickly became apparent that this was lockdown in
all but name. The operating loss for the year was £9.4m, (2020: operating
profit £12.6m). The loss after tax, which benefited from a tax credit of £1.9m,
was £10.5m (2020: profit £3.3m). Net debt increased to £78.8m, (2020: £65.4m)
an increase of £13.4m, the unwinding of the working capital position accounted
for approximately £3.1m so the underlying net debt position at the year-end was
£75.7m. At the year end the company had £11.2m of headroom on its banking
facilities, and in closure cash burn was running at approximately £1.5m per
month.
Responding to closure
The Company closed all its pubs, inns and hotels on 20 March 2020 following the
directive from the UK Government that all hospitality businesses should shut.
As a result, as we started our new financial year on 1 April 2020 the Company
was essentially closed and was responding to the uncertainty of the initial
lockdown, at this stage we were told that the UK would turn the tide of
coronavirus in three weeks.
The Company quickly took all possible steps to secure the business, protect
cash flow and take advantage of the support measures put in place by the
Government.
The overriding concern throughout the crisis has been to ensure that our
employees were protected both physically from a health and safety perspective
as well as considering the mental and emotional strain that the last year has
brought. Our support teams have largely worked from home and we have been
forced to adopt Microsoft Teams and Zoom, although we will start to use them
less as we reopen. In addition we have put in place new online and video
communication channels which allowed us to be in touch with people at home.
Various steps were taken to mitigate costs in the business, as well as
accessing grants for both ourselves and our pub tenants. All of our suppliers
were paid to terms and whilst for a period we suspended contributions to our
pension scheme recovery plan, those payments have now been brought up to date.
We took advantage of HMRC VAT deferral schemes, deferring £1m of VAT until
2021. We reviewed all non-essential spend, cancelling or suspending contracts
wherever possible and we implemented pay cuts for the Board and Executive team
of up to 30%.
Preservation of cash has been imperative throughout the past year, and we have
suspended new capital investment, although we know that we will suffer on
reopening if the quality of our properties is not up to scratch, so we dealt
with maintenance as normal. There have been some outstanding examples of teams
using their time in property during closure to do jobs that have been low on
the to-do list, but have had immense impact. Floors have been stripped and
polished, bedrooms, cellars and public areas have been painted and almost
everything that could be jetwashed has been!
There have been some very successful examples of takeaway across all areas and
in one notable case a tenanted pub has created a takeaway business that is
larger than the core pub trade pre-COVID-19.
Planning for re-opening
An immense amount of time and thought has been put into how we reopened last
July and on subsequent occasions. It is difficult to convey in words the energy
that was deployed in the unchartered waters that we navigated, all the time
trying to second guess the government, who were themselves learning and
creating a response to the crisis. Once again the safety of our staff and
customers has been at the forefront of our thinking; from table placement and
distancing, to signage, hand sanitisers and all of the other measures that we
have now become familiar with. We created our "Stay Safe" system - by and large
we have pitched these measures at the right level and the response from our
teams and customers has been overwhelmingly positive.
Across the estate we have invested in our outside areas, which will stand us in
good stead as we go into the coming year. In our tenanted pubs there have been
some ingenious and creative solutions which we will learn from and use to make
further investments as we move forward. We have developed our approach to
outside bars and these in particular have flourished when we have been open.
Pubs and Inns
Understanding our Pubs
Our freehold estate of tenanted pubs numbers approximately 225 properties. We
continue to recycle capital into new, more attractive tenanted and managed pub
opportunities, where there is the potential to invest and add value and so we
continue to dispose of pubs that we do not believe have a long-term future with
us.
Our pub estate encompasses community locals to destination food led pubs in
both rural and town centre locations, ranging geographically from Cumbria to
the Midlands, and from North Wales to Yorkshire. In the current environment
the geographic diversity of the pub estate and the lack of exposure to major
city centres should provide some resilience.
We have been operating tenanted pubs for a long time, and we have a strong
reputation for our well-established approach, as a partner of choice, acting
with integrity, and focusing on investing alongside proven operators to expand
and improve the premises with a focus on establishing good quality food
offerings. Where the property has the scope, and we believe the demand exists,
we support the development of letting bedrooms. We have an estate of high
quality, sustainable businesses with multiple income streams that have the
ability to generate attractive cashflows.
Pubs performance
The tenanted pubs re-opened after the first lockdown on 4 July 2020 and got off
to a strong start, over the summer period they built their sales as customers
returned, at peak achieving like for like beer volumes of 94% of the previous
year, despite capacity constraints as a result of social distancing. The estate
benefits from having a community bias, with not many city centre properties,
this proved to be a positive as people continued to work from home.
However, increasing restrictions from the end of September, the tier system and
further lockdowns meant very little trade thereafter.
In 2020 we acquired three new tenanted pubs, investment planned for these pubs
was postponed in 2021 and will be picked up once our debt position improves.
There were no acquisitions in the year, but we disposed of three pubs.
During the year we completed one development project at a cost of £0.4m at The
Clockface, Prescot. This work was under way when we entered lockdown and the
project was completed during the period.
The financial support provided to the tenanted pubs has given a period of
protection ahead of reopening. At the year-end we had six pubs (3% of the
estate) which were looking for new tenants compared to ten pubs last year.
Brewery
Our craft brewery has gone from strength to strength. It has won awards for the
quality of its ales and when they have been available the customer feedback on
the beers has been very positive.
This coming year we will build on this success by re-introducing our popular
range of guest ales, which was not possible whilst we were shut.
Understanding our Inns
We own and manage a growing portfolio of inns and we will continue to look to
expand this segment of our business in the future through the acquisition of
high quality properties in outstanding locations.
Our inns are positioned at the premium end of the market, they have a busy bar
at their core, a home cooked food offering and high quality, comfortable
accommodation - they focus on providing outstanding hospitality and offer an
attractive and more personal alternative to the mid-market hotel chains.
This segment of the market has performed strongly over the past few years and
is positioned for continued growth as customers look for something special that
is authentic and honest, delivered by operators who can provide a quality
experience consistently.
Inns performance
Once they could re-open after the first lockdown the inns recovered strongly
and by August, when the Eat Out to Help Out scheme was introduced, we were
seeing year on year sales growth of 14%. As new restrictions were introduced
over the Autumn the performance of the inns tailed off, however they continued
to show growth until the tier system was introduced in October. The strong
performance when we were open was reflected across all of the properties.
Understanding our Hotels & Spas
We own and operate ten hotels which are spread across England. Our hotels are
positioned towards the premium end of the market and most have leisure and spa
facilities. In recent years we have invested in them to amplify the individual
character of each hotel in its local area, supported by a great food and drink
offering with local nuances. Our vision, similar to our inns, is to create a
collection of interesting, characterful contemporary hotels, that are the best
in their local area.
Hotels & Spas performance
The hotels were slower to build sales after re-opening as their leisure
facilities were not allowed to open until 25 July 2020. Once they did open,
they traded well given the severe capacity constraints that were imposed on
them, not least in their swimming pools and treatment rooms. The corporate
bedroom and conference business has been severely disrupted for all of the year
as people have worked from home and there have been virtually no weddings,
conferences or events. Throughout the summer the hotels traded at approximately
80% of the previous year, however as new restrictions came into force like
other parts of the business the sales reduced rapidly.
Summary and future developments
Once the economy fully re-opens and people are free to have unrestricted access
to our properties then the prospects for the business are good.
We have a recovery plan which we are implementing, it is not complicated; take
the learnings from the last year and adopt helpful technology such as our
online order and pay system; reinstate the full quality of our offering and do
not be tempted to dumb it down; be careful with our capital expenditure and
allow the strength of the balance sheet to recover as the business naturally
generates cash.
The are other changes that have been forced upon us which we embed as they have
enhanced the customer experience. Examples of these would be a la carte
breakfasts, cooked to order, meet and greet stations, booking times for
residents in our restaurants and leisure facilities, and expanded and enhanced
outside areas. These improvements will enrich the overall enjoyment of visits
to our properties and are positive improvements.
Since the year end we have disposed of some non-core properties which have been
helpful in lowering our debt levels and we also have several properties under
offer. When our resources allow for it we will start to consider new
acquisitions and we believe that some interesting opportunities might arise
over the next few years.
Re-opening the business on 12 April 2021 in our outside spaces and from 17 May
2021 inside with social distancing measures has been insightful and
encouraging. Against our expectations of a year ago, a lack of candidates for
new roles in the recruitment market is acute. Foreign workers who have returned
home as a result of the dual effect of Brexit and COVID-19 and also the
furlough scheme are now having an adverse effect.
We have vacancies but believe that the situation will ease as the summer
progresses. We have worked hard on our employee proposition over lockdown,
bringing additional structure and clarity to our existing employees and for
those looking to join us. In addition we have looked at how we can add
additional value to the employment package that we offer. It is early days but
the measures that we have taken should yield rewards.
We are positioned in attractive segments of the market and our properties are
well positioned to take advantage of the staycation market. Disposable income
has grown in lockdown and people are looking forward to returning to the pub.
Forward bookings for the summer are shaping up positively and we have seen
increases in both rate and occupancy which should mean that our bedrooms will
have a strong summer leisure trade. Likewise there is pent up demand in the
wedding sector and when larger weddings can be held again we are likely to see
a spate of celebrations.
Looking to the autumn uncertainty remains as to when offices and business
travel will pick up again. However there seems to be a growing feeling within
the business community that online meetings are no match for real physical
contact when developing culture, collaborating and innovating. This gives us
hope that our hotels, which play to this area, will also start to recover as we
enter the second half of the year.
In summary, we are ready to move forward when allowed, and for the business to
make the most of its considerable breadth of offer. When the time comes we will
make the most of every opportunity that presents itself.
Financial Review
Results
Turnover for the year ended 31 March 2021 decreased by 67% to £32.2m (2020: £
98.1m). An operating loss of £9.4m was made compared to an operating profit of
£12.6m in the prior year.
The measurement of the interest rate swaps at fair value resulted in a credit
to the profit and loss account of £1.6m (2020: charge £4.5m).
Loss before taxation for the year was £12.4m (2020: profit £3.6m).
Business Review
The key issues facing the Group are covered in the Chairman's Statement and
Strategic Report. The KPIs used by the Group to monitor its overall financial
position can be summarised as follows:
2021 2020
Group £m £m
Turnover 32.2 98.1
EBITDA (2.2) 19.5
Depreciation 7.2 7.7
Operating (loss) profit (9.4) 12.6
(Loss) profit before tax (12.4) 3.6
Net debt 78.8 65.4
(Loss) earnings per share (pence) (17.8) 5.6
Pubs and Inns
£m £m
Turnover 19.0 52.8
EBITDA 5.4 18.1
Depreciation 3.5 3.6
Operating profit (before Group central charges) 1.9 14.5
Average number
Tenanted 226 225
Managed 12 13
Hotels & Spas
£m £m
Turnover 13.2 45.3
EBITDA (1.0) 10.0
Depreciation 3.3 3.5
Operating (loss) profit (before Group central charges) (4.3) 6.5
Average number 10 10
The principal non-financial indicators monitored by management are:
Pubs and Inns
Utility consumption, health and safety incidents, beer volumes, customer
ratings and tenant recruitment.
Hotels
Room occupancy rates, customer ratings, health and safety incidents, spa
memberships and wedding and event numbers.
Interest rate swaps measured at fair value
The Group has interest rate swaps for £55m which are recognised as a financial
liability. The economic uncertainty created by the start of the COVID-19
pandemic led to a significant reduction in interest rates in March 2020, as a
result the movement in the fair value of the interest rate swaps was a charge
to the profit and loss account of £4.5m for the year ended 31 March 2020. As
the economic outlook improved in March 2021 with the government's roadmap for
re-opening the economy, expectations of increases in future interest rates led
to a reduction in the fair value of the interest rate swaps, which resulted in
a credit to the profit and loss account for the year ended 31 March 2021 of £
1.6m.
Interest payable
Whilst loan capital has increased from £65.5m at the start of the year to £
78.5m at the end of the year, interest rates were reduced from March 2020, such
that net interest payable was flat year on year at £3.9m.
Taxation
There is a tax credit of £1.9m on the loss for the year, an effective rate of
15.3% due to the restriction on interest deductions.
Earnings per share
There was a loss per share of 17.8p (2020: earnings per share 5.6p).
Dividends
No dividends were paid during the year due to the need to preserve cash due to
the closure of the business in response to the COVID-19 pandemic. Future
dividend policy will be reviewed in line with the recovery of the business.
Cash ?ow and ?nancing
The Group's net borrowing increased by £13.4m, from £65.4m at 31 March 2020 to
£78.8m at 31 March 2021 due to the closure of the business.
The Group made deficit contributions to the defined benefit pension schemes of
£0.4m (2020: £0.8m). Whilst these schemes were closed in August 2009, the Group
is committed to funding the deficit on the schemes which was £19.9m, before
tax, at 31 March 2021, a decrease of £12.4m from £32.3m at 31 March 2020.
The Group increased its revolving credit facilities by £8m to £43m in December
2020, of which £33.5m was drawn down at 31 March 2021. The Group also has £45m
of long-term debt, overdrafts of £0.6m and cash balances of £0.3m at 31 March
2021.
Pensions
The combined deficits of the defined benefit pension schemes decreased, net of
deferred tax, by £10.1m from £26.2m at 31 March 2020 to £16.1m at 31 March
2021.
The main reason for the reduction in the deficit is due to a significant
increase in the value of scheme assets at 31 March 2021 after a significant
fall in equity values in March 2020 at the start of the COVID-19 pandemic.
Property
During the year we sold three pubs and two ancillary properties for a total of
£0.8m generating a profit against book value, after disposal costs, of £0.2m.
In line with our accounting policy, 20% of our properties were subject to a
formal revaluation, and additionally an impairment review was carried out on
the rest of our property estate. This resulted in a reduction in the total
value of our property portfolio of £1.4m, of which £0.8m was deducted from the
revaluation reserve and £0.6m deducted from cost and charged to the profit and
loss account.
Treasury policy and ?nancial risk management
Treasury policies are subject to Board approval. All borrowings are in sterling
and comprise a mixture of fixed interest loans and facilities carrying LIBOR
related floating rates. The Group has interest rate swaps for £55m where it is
committed to pay the difference between LIBOR and fixed interest rates. At 31
March 2021 a financial liability of £17.5m has been recognised in respect of
these interest rate swap contracts.
Going Concern
At 31 March 2021 the Company had total borrowing facilities of £90m, which were
made up of the long-term loan of £45m, revolving credit facilities of £43m,
which were increased from £35m in December 2020, and overdraft facilities of £
2m. When compared to net debt of £78.8m at 31 March 2021, this gave headroom of
£11.2m.
The Company renegotiated its banking covenants during the year and has put in
place a revised set of covenants in line with the expected recovery of the
business following reopening.
The Directors believe that the Company has the cash flows and facilities to
meet its needs for the foreseeable future.
Kevin Wood
Finance Director
30 June 2021
EXTRACT FROM AUDITED FULL FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2021
GROUP PROFIT AND LOSS ACCOUNT
2021 2020
GBP'm GBP'm
Turnover 32.2 98.1
Cost of sales (42.8) (74.1)
Gross (loss) profit (10.6) 24.0
Distribution costs (2.5) (3.8)
Administrative expenses (7.8) (8.4)
Other operating income 11.3 -
Operating (loss) profit before (9.6) 11.8
property disposals
Property disposals 0.2 0.8
Operating (loss) profit (9.4) 12.6
Net interest payable (3.9) (3.9)
Gain (loss) on interest rate 1.6 (4.5)
swaps measured at fair value
Finance charge on pension (0.7) (0.6)
liability
(Loss) profit on ordinary (12.4) 3.6
activities before taxation
Taxation on (loss) profit for 1.9 (0.3)
the year
(Loss) profit on ordinary (10.5) 3.3
activities after taxation
(Loss) earnings per share (17.8)p 5.6p
DANIEL THWAITES PLC
GROUP BALANCE SHEET
At 31 March 2021 2021 2020
GBP'm GBP'm
___________________________________________________________________________ _______ _______
Fixed Assets
Tangible assets 291.0 297.5
Investments 0.6 0.8
___________________________________________________________________________ _______ _______
291.6 298.3
Current assets
Stocks 0.5 0.5
Trade and other debtors 10.4 11.1
Cash at bank and in hand 0.3 0.5
___________________________________________________________________________ _______ _______
Creditors due within one year 11.2 12.1
Trade and other creditors (9.8) (13.3)
Loan capital and bank overdraft (11.6) (0.4)
___________________________________________________________________________ _______ _______
(21.4)
(13.7)
Net current liabilities (10.2) (1.6)
___________________________________________________________________________ _______ _______
Total assets less current liabilities 281.4 296.7
Creditors due after one year (85.0) (86.9)
___________________________________________________________________________ ______ _______
Net assets excluding pension liability 196.4 209.8
___________________________________________________________________________ _______ _______
Pension liability (19.9) (32.3)
___________________________________________________________________________ _______ _______
Net assets 176.5 177.5
___________________________________________________________________________ _______ _______
Capital and reserves
Called up share capital 14.7 14.7
Capital redemption reserve 1.1 1.1
Revaluation reserve 74.8 75.8
Profit and loss account 85.9 85.9
___________________________________________________________________________ _______ ________
Equity shareholders' funds 176.5 177.5
___________________________________________________________________________ ________ ________
DANIEL THWAITES PLC
GROUP CASH FLOW STATEMENT
For the year ended 31 March 2021
2021 2020
GBP'm GBP'm
__________________________________________________________________________ _______ _______
Cash flow from operating activities (5.4) 18.7
Tax paid (0.2) (1.5)
Cash flow from financing activities 6.9 (13.9)
Cash flow from investing activities (1.7) (4.4)
Equity dividends paid - (2.6)
__________________________________________________________________________ _______ _______
Decrease in cash and cash equivalents (0.4) (3.7)
Cash and cash equivalents at beginning of year 0.1 3.8
__________________________________________________________________________ _______ _______
Cash and cash equivalents at end of year (0.3) 0.1
Loan capital (78.5) (65.5)
__________________________________________________________________________ _______ _______
Net debt (78.8) (65.4)
Reconciliation of net cash flow to movement in net debt
Decrease in cash (0.4) (3.7)
Cash flow from (increase) decrease in debt (13.0) 8.0
___________________________________________________________________________ _______ _______
(13.4) 4.3
Net debt at beginning of year (65.4) (69.7)
___________________________________________________________________________ _______ _______
Net debt at end of year (78.8) (65.4)
___________________________________________________________________________ ________ ________
END
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June 30, 2021 07:08 ET (11:08 GMT)
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