Keepmoat has released its Group financial results for the year ending 31 October 2020.
NOTES TO THE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3 – Operating profit Operating profit for the year includes the following: Year ended 31 October 2020 Year ended 31 October 2019 £’000 £’000 Depreciation of property, plant and equipment (note 8) 1,321 1,054 Depreciation of right-of-use assets (note 14) 3,150 - Inventories expensed through cost of sales 341,372 526,817 Amortisation of intangible assets (note 7) 301 671 Operating lease rentals - plant & machinery 330 706 Operating lease rentals - land & buildings 202 2,993 Adjusted earnings before interest, tax, depreciation, amortisation and exceptional items (adjusted EBITDA) is calculated as follows: Year ended 31 October 2020 Year ended 31 October 2019 £’000 £’000 Operating profit 5,213 58,831 Shareholder monitoring fee, expenses and costs 1,989 2,022 Amortisation of acquisition intangible assets (note 7) 133 405 Long-term incentive plan charge (note 20) 1,548 545 Impairment losses of investments in associated companies (note 10) 45 537 Exceptional items (note 4) 2,460 (1,270) Adjusted EBIT 11,388 61,070 Depreciation of property plant and equipment (note 8) 1,321 1,054 Depreciation of right-of-use assets (note 14) 3,150 - Amortisation of computer software (note 7) 168 266 Adjusted EBITDA 16,027 62,390 82 KEEPMOAT.COM
FINANCIAL REVIEW 3 – Operating profit (continued) Contribution is calculated as follows: Year ended 31 October 2020 Year ended 31 October 2019 £’000 £’000 Gross profit 64,581 119,165 Amortisation of acquisition intangible assets (note 7) 133 405 Contribution 64,714 119,570 Year ended 31 October 2020 Year ended 31 October 2019 AUDITORS’ REMUNERATION £’000 £’000 Audit of the Company’s annual report 45 25 Audit of the financial statements of the Group’s subsidiaries 443 335 Audit of the financial statements of the Group’s joint ventures and associates 68 47 Total audit services 556 407 Tax advisory services 58 87 Other non-audit services not covered above 752 8 Other non-audit assurance services 15 34 Total other services 825 129 Total 1,381 536 ANNUAL REPORT & FINANCIAL STATEMENTS 2020 83
