Strategic Report


Corporate Governance


Financial Statements Notes to the Consolidated Financial Statements/Continued


Finsbury Food Group Annual Report and Accounts 2020


79 9. Earnings Per Ordinary Share/Continued


52 weeks to 27 June 2020


£000


Profit (Loss)/profit attributable to equity holders of Company (basic) Significant non-recurring and other items Intangible amortisation net of deferred tax


Numerator for adjusted earnings per share calculation (adjusted basic)


Basic ‘000


Shares Weighted average number of ordinary shares in issue during the period Dilutive effect of share options


(759)


10,223 574


10,038


Diluted ‘000


Basic ‘000


52 weeks to 29 June 2019


£000


9,287 2,021 564


11,872


Diluted ‘000


127,128 -


127,128


Basic pence


Earnings per share (pence per share) Basic and diluted


Adjusted basic and adjusted diluted


(0.6) 7.9


127,128 3,692


130,820


Diluted pence


(0.6) 7.7


127,511 -


127,511


Basic pence


7.3 9.3


127,511 4,378


131,889


Diluted pence


7.0 9.0


Significant non-recurring and other items net of taxation are tabled in the Strategic Report on page 36 and comprise: impairment of goodwill and fixed assets £8,502,000, (2019: nil), significant non-recurring charges £1,291,000 (2019: £1,072,000), defined benefit pension scheme charge £45,000 (2019: charge £369,000), fair value of interest rate swaps, foreign exchange contracts charge £372,000 (2019: £465,000 charge) and the unwinding of deferred consideration discounting charge £13,000 (2019: charge £115,000).


10. Intangibles Intangible assets comprise customer relationships, brands and goodwill.


Goodwill £000


Cost at 30 June 2018 Acquired Additions


Cost at 29 June 2019 Additions


Cost at 27 June 2020


Accumulated amortisation at 30 June 2018 Charge for the year


Accumulated amortisation at 29 June 2019 Charge for the year Impairment


Accumulated amortisation at 27 June 2020


Net book value at 30 June 2018 Net book value at 29 June 2019 Net book value at 27 June 2020


73,458 11,546 -


85,004 -


85,004


(4,290) -


(4,290) -


(7,500) (11,790)


69,168 80,714 73,214


Business systems £000


7,569 -


2,412 9,981 196


10,177


(178) (648) (826)


(1,025) -


(1,851)


7,391 9,155 8,326


Brands and licences £000


3,683 - -


3,683 -


3,683


(1,359) (143)


(1,502) (143) -


(1,645)


2,324 2,181 2,038


relationships £000


Customer


Total £000


5,909 1,721 -


7,630 -


7,630


(1,479) (537)


(2,016) (566) -


(2,582)


4,430 5,614 5,048


90,619 13,267 2,412


106,298 196


106,494


(7,306) (1,328) (8,634) (1,734) (7,500)


(17,868)


83,313 97,664 88,626


The customer relationships recognised in the opening costs were purchased as part of the Ultrapharm acquisition in September 2018 and the acquisition of Fletchers Group of Bakeries in October 2014. They are considered to have finite useful lives and are amortised on a straight-line basis over their estimated useful lives of twenty years for brands and between ten and fifteen years for customer relationships. The intangibles were valued using an income approach, using Multi-Period Excess Earnings Method for customer relationships and Relief from Royalty Method for brand valuation. The amortisation of intangibles has been charged to administrative expenses in the Consolidated Statement of Comprehensive Income. The business systems are considered to have finite useful lives and are amortised on a straight-line basis over their estimated useful lives of ten years.


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