Condensed consolidating financial information | 9 Months Ended |
Nov. 01, 2014 |
Condensed consolidating financial information | ' |
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21. Condensed consolidating financial information |
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The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” We and certain of our subsidiaries have guaranteed the obligations under certain debt securities that have been issued by Signet UK Finance plc. The following presents the condensed consolidating financial information for: (i) the indirect Parent Company (Signet Jewelers Limited); (ii) the Issuer of the guaranteed obligations (Signet UK Finance plc); (iii) the Guarantor subsidiaries, on a combined basis; (iv) the non-guarantor subsidiaries, on a combined basis; (v) consolidating eliminations; and (vi) Signet Jewelers Limited and Subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company at the date of each balance sheet presented. The Guarantor subsidiaries, along with Signet Jewelers Limited, will fully and unconditionally guarantee the obligations of Signet UK Finance plc under any such debt securities. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements. |
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The accompanying condensed consolidating financial information has been presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries, and intercompany activity and balances. |
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Condensed Consolidated Statement of Operations |
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For the 13 week period ended November 1, 2014 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Sales | | $ | — | | | $ | — | | | $ | 1,161.1 | | | $ | 16.8 | | | $ | — | | | $ | 1,177.9 | |
Cost of sales | | | — | | | | — | | | | (828.9 | ) | | | (3.1 | ) | | | — | | | | (832.0 | ) |
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Gross margin | | | — | | | | — | | | | 332.2 | | | | 13.7 | | | | — | | | | 345.9 | |
Selling, general and administrative expenses | | | (0.8 | ) | | | — | | | | (380.7 | ) | | | (7.2 | ) | | | — | | | | (388.7 | ) |
Other operating income, net | | | — | | | | — | | | | 56.9 | | | | (3.4 | ) | | | — | | | | 53.5 | |
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Operating (loss) income | | | (0.8 | ) | | | — | | | | 8.4 | | | | 3.1 | | | | — | | | | 10.7 | |
Intercompany interest income (expense) | | | — | | | | 4.7 | | | | (43.3 | ) | | | 38.6 | | | | — | | | | — | |
Interest expense, net | | | — | | | | (5.0 | ) | | | (5.2 | ) | | | (2.4 | ) | | | — | | | | (12.6 | ) |
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(Loss) income before income taxes | | | (0.8 | ) | | | (0.3 | ) | | | (40.1 | ) | | | 39.3 | | | | — | | | | (1.9 | ) |
Income taxes | | | — | | | | 0.1 | | | | 13 | | | | (12.5 | ) | | | — | | | | 0.6 | |
Equity in income of subsidiaries | | | (0.5 | ) | | | — | | | | (50.2 | ) | | | (22.4 | ) | | | 73.1 | | | | — | |
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Net (loss) income | | $ | (1.3 | ) | | $ | (0.2 | ) | | $ | (77.3 | ) | | $ | 4.4 | | | $ | 73.1 | | | $ | (1.3 | ) |
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Condensed Consolidated Statement of Operations |
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For the 39 week period ended November 1, 2014 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Sales | | $ | — | | | $ | — | | | $ | 3,412.30 | | | $ | 47.6 | | | $ | — | | | $ | 3,459.90 | |
Cost of sales | | | — | | | | — | | | | (2,287.9 | ) | | | (9.9 | ) | | | — | | | | (2,297.8 | ) |
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Gross margin | | | — | | | | — | | | | 1,124.40 | | | | 37.7 | | | | — | | | | 1,162.10 | |
Selling, general and administrative expenses | | | (1.6 | ) | | | — | | | | (1,056.4 | ) | | | (20.4 | ) | | | — | | | | (1,078.4 | ) |
Other operating income, net | | | — | | | | — | | | | 162.9 | | | | (1.7 | ) | | | — | | | | 161.2 | |
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Operating (loss) income | | | (1.6 | ) | | | — | | | | 230.9 | | | | 15.6 | | | | — | | | | 244.9 | |
Intercompany interest income (expense) | | | — | | | | 8.5 | | | | (85.1 | ) | | | 76.6 | | | | — | | | | — | |
Interest expense, net | | | — | | | | (8.9 | ) | | | (14.8 | ) | | | (4.4 | ) | | | — | | | | (28.1 | ) |
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(Loss) income before income taxes | | | (1.6 | ) | | | (0.4 | ) | | | 131 | | | | 87.8 | | | | — | | | | 216.8 | |
Income taxes | | | — | | | | 0.1 | | | | (56.2 | ) | | | (7.4 | ) | | | — | | | | (63.5 | ) |
Equity in income of subsidiaries | | | 154.9 | | | | — | | | | 72.9 | | | | 84.2 | | | | (312.0 | ) | | | — | |
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Net income (loss) | | $ | 153.3 | | | $ | (0.3 | ) | | $ | 147.7 | | | $ | 164.6 | | | $ | (312.0 | ) | | $ | 153.3 | |
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Condensed Consolidated Statement of Operations |
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For the 13 week period ended November 2, 2013 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Sales | | $ | — | | | $ | — | | | $ | 761.0 | | | $ | 10.4 | | | $ | — | | | $ | 771.4 | |
Cost of sales | | | — | | | | — | | | | (531.1 | ) | | | (1.1 | ) | | | — | | | | (532.2 | ) |
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Gross margin | | | — | | | | — | | | | 229.9 | | | | 9.3 | | | | — | | | | 239.2 | |
Selling, general and administrative expenses | | | (0.7 | ) | | | — | | | | (233.5 | ) | | | 0.8 | | | | — | | | | (233.4 | ) |
Other operating income, net | | | 0.1 | | | | — | | | | 43.2 | | | | 2.5 | | | | — | | | | 45.8 | |
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Operating (loss) income | | | (0.6 | ) | | | — | | | | 39.6 | | | | 12.6 | | | | — | | | | 51.6 | |
Intercompany interest (expense) income | | | — | | | | — | | | | (8.4 | ) | | | 8.4 | | | | — | | | | — | |
Interest expense, net | | | — | | | | — | | | | (0.9 | ) | | | — | | | | — | | | | (0.9 | ) |
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(Loss) income before income taxes | | | (0.6 | ) | | | — | | | | 30.3 | | | | 21 | | | | — | | | | 50.7 | |
Income taxes | | | — | | | | — | | | | (12.5 | ) | | | (4.6 | ) | | | — | | | | (17.1 | ) |
Equity in income of subsidiaries | | | 34.2 | | | | — | | | | 29.7 | | | | 20.7 | | | | (84.6 | ) | | | — | |
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Net income | | $ | 33.6 | | | $ | — | | | $ | 47.5 | | | $ | 37.1 | | | $ | (84.6 | ) | | $ | 33.6 | |
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Condensed Consolidated Statement of Operations |
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For the 39 week period ended November 2, 2013 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Sales | | $ | — | | | $ | — | | | $ | 2,613.00 | | | $ | 32.2 | | | $ | — | | | $ | 2,645.20 | |
Cost of sales | | | — | | | | — | | | | (1,710.6 | ) | | | (2.9 | ) | | | — | | | | (1,713.5 | ) |
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Gross margin | | | — | | | | — | | | | 902.4 | | | | 29.3 | | | | — | | | | 931.7 | |
Selling, general and administrative expenses | | | (1.8 | ) | | | — | | | | (769.7 | ) | | | 0.6 | | | | — | | | | (770.9 | ) |
Other operating income, net | | | 0.1 | | | | — | | | | 138.2 | | | | 0.8 | | | | — | | | | 139.1 | |
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Operating (loss) income | | | (1.7 | ) | | | — | | | | 270.9 | | | | 30.7 | | | | — | | | | 299.9 | |
Intercompany interest (expense) income | | | — | | | | — | | | | (25.5 | ) | | | 25.5 | | | | — | | | | — | |
Interest expense, net | | | — | | | | — | | | | (2.8 | ) | | | — | | | | — | | | | (2.8 | ) |
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(Loss) income before income taxes | | | (1.7 | ) | | | — | | | | 242.6 | | | | 56.2 | | | | — | | | | 297.1 | |
Income taxes | | | — | | | | — | | | | (94.4 | ) | | | (9.9 | ) | | | — | | | | (104.3 | ) |
Equity in income of subsidiaries | | | 194.5 | | | | — | | | | 173.3 | | | | 150.7 | | | | (518.5 | ) | | | — | |
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Net income | | $ | 192.8 | | | $ | — | | | $ | 321.5 | | | $ | 197 | | | $ | (518.5 | ) | | $ | 192.8 | |
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Condensed Consolidated Statement of Comprehensive Income |
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For the 13 week period ended November 1, 2014 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Net (loss) income | | $ | (1.3 | ) | | $ | (0.2 | ) | | $ | (77.3 | ) | | $ | 4.4 | | | $ | 73.1 | | | $ | (1.3 | ) |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | (21.4 | ) | | | — | | | | (23.1 | ) | | | 2.8 | | | | 20.3 | | | | (21.4 | ) |
Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Cash flow hedges: | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss | | | (1.5 | ) | | | — | | | | (1.5 | ) | | | — | | | | 1.5 | | | | (1.5 | ) |
Reclassification adjustment for losses to net (loss) income | | | 1.9 | | | | — | | | | 1.9 | | | | — | | | | (1.9 | ) | | | 1.9 | |
Pension plan: | | | | | | | | | | | | | | | | | | | | | | | | |
Actuarial gain | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net (loss) income for amortization of actuarial loss | | | 0.4 | | | | — | | | | 0.4 | | | | — | | | | (0.4 | ) | | | 0.4 | |
Prior service benefit | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net (loss) income for amortization of prior service credits | | | (0.3 | ) | | | — | | | | (0.3 | ) | | | — | | | | 0.3 | | | | (0.3 | ) |
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Total other comprehensive (loss) income | | | (20.9 | ) | | | — | | | | (22.6 | ) | | | 2.8 | | | | 19.8 | | | | (20.9 | ) |
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Total comprehensive (loss) income | | $ | (22.2 | ) | | $ | (0.2 | ) | | $ | (99.9 | ) | | $ | 7.2 | | | $ | 92.9 | | | $ | (22.2 | ) |
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Condensed Consolidated Statement of Comprehensive Income |
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For the 39 week period ended November 1, 2014 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Net income (loss) | | $ | 153.3 | | | $ | (0.3 | ) | | $ | 147.7 | | | $ | 164.6 | | | $ | (312.0 | ) | | $ | 153.3 | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | (14.1 | ) | | | — | | | | (14.8 | ) | | | 1.4 | | | | 13.4 | | | | (14.1 | ) |
Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss | | | (0.2 | ) | | | — | | | | — | | | | (0.2 | ) | | | 0.2 | | | | (0.2 | ) |
Cash flow hedges: | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss | | | (1.3 | ) | | | — | | | | (1.3 | ) | | | — | | | | 1.3 | | | | (1.3 | ) |
Reclassification adjustment for losses to net income | | | 10 | | | | — | | | | 10 | | | | — | | | | (10.0 | ) | | | 10 | |
Pension plan: | | | | | | | | | | | | | | | | | | | | | | | | |
Actuarial gain | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net income for amortization of actuarial loss | | | 1.2 | | | | — | | | | 1.2 | | | | — | | | | (1.2 | ) | | | 1.2 | |
Prior service benefit | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net income for amortization of prior service credits | | | (1.0 | ) | | | — | | | | (1.0 | ) | | | — | | | | 1 | | | | (1.0 | ) |
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Total other comprehensive (loss) income | | | (5.4 | ) | | | — | | | | (5.9 | ) | | | 1.2 | | | | 4.7 | | | | (5.4 | ) |
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Total comprehensive income (loss) | | $ | 147.9 | | | $ | (0.3 | ) | | $ | 141.8 | | | $ | 165.8 | | | $ | (307.3 | ) | | $ | 147.9 | |
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Condensed Consolidated Statement of Comprehensive Income |
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For the 13 week period ended November 2, 2013 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Net income | | $ | 33.6 | | | $ | — | | | $ | 47.5 | | | $ | 37.1 | | | $ | (84.6 | ) | | $ | 33.6 | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | 10.5 | | | | — | | | | 12 | | | | (2.4 | ) | | | (9.6 | ) | | | 10.5 | |
Cash flow hedges: | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss | | | (1.5 | ) | | | — | | | | (1.5 | ) | | | — | | | | 1.5 | | | | (1.5 | ) |
Reclassification adjustment for losses to net income | | | 1.3 | | | | — | | | | 1.3 | | | | — | | | | (1.3 | ) | | | 1.3 | |
Pension plan: | | | | | | | | | | | | | | | | | | | | | | | | |
Actuarial gain | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net income for amortization of actuarial loss | | | 0.4 | | | | — | | | | 0.4 | | | | — | | | | (0.4 | ) | | | 0.4 | |
Prior service benefit | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net income for amortization of prior service credits | | | (0.2 | ) | | | — | | | | (0.2 | ) | | | — | | | | 0.2 | | | | (0.2 | ) |
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Total other comprehensive income (loss) | | | 10.5 | | | | — | | | | 12 | | | | (2.4 | ) | | | (9.6 | ) | | | 10.5 | |
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Total comprehensive income | | $ | 44.1 | | | $ | — | | | $ | 59.5 | | | $ | 34.7 | | | $ | (94.2 | ) | | $ | 44.1 | |
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Condensed Consolidated Statement of Comprehensive Income |
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For the 39 week period ended November 2, 2013 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Net income | | $ | 192.8 | | | $ | — | | | $ | 321.5 | | | $ | 197 | | | $ | (518.5 | ) | | $ | 192.8 | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | 3.5 | | | | — | | | | 4 | | | | (0.8 | ) | | | (3.2 | ) | | | 3.5 | |
Cash flow hedges: | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss | | | (18.3 | ) | | | — | | | | (18.3 | ) | | | — | | | | 18.3 | | | | (18.3 | ) |
Reclassification adjustment for losses to net income | | | 0.6 | | | | — | | | | 0.6 | | | | — | | | | (0.6 | ) | | | 0.6 | |
Pension plan: | | | | | | | | | | | | | | | | | | | | | | | | |
Actuarial gain | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net income for amortization of actuarial loss | | | 1.3 | | | | — | | | | 1.3 | | | | — | | | | (1.3 | ) | | | 1.3 | |
Prior service benefit | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification adjustment to net income for amortization of prior service credits | | | (0.8 | ) | | | — | | | | (0.8 | ) | | | — | | | | 0.8 | | | | (0.8 | ) |
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Total other comprehensive loss | | | (13.7 | ) | | | — | | | | (13.2 | ) | | | (0.8 | ) | | | 14 | | | | (13.7 | ) |
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Total comprehensive income | | $ | 179.1 | | | $ | — | | | $ | 308.3 | | | $ | 196.2 | | | $ | (504.5 | ) | | $ | 179.1 | |
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Condensed Consolidated Balance Sheet |
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November 1, 2014 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 2.9 | | | $ | — | | | $ | 74.1 | | | $ | 10.6 | | | $ | — | | | $ | 87.6 | |
Accounts receivable, net | | | — | | | | — | | | | 1,281.90 | | | | 10.2 | | | | — | | | | 1,292.10 | |
Intercompany receivables, net | | | 129.9 | | | | — | | | | — | | | | 29.4 | | | | (159.3 | ) | | | — | |
Other receivables | | | — | | | | — | | | | 55 | | | | 1.7 | | | | — | | | | 56.7 | |
Other current assets | | | 0.1 | | | | 0.7 | | | | 127.1 | | | | 5.8 | | | | — | | | | 133.7 | |
Deferred tax assets | | | — | | | | — | | | | 1.4 | | | | 0.2 | | | | — | | | | 1.6 | |
Income taxes | | | — | | | | — | | | | 21 | | | | 0.6 | | | | — | | | | 21.6 | |
Inventories | | | — | | | | — | | | | 2,619.10 | | | | 55.5 | | | | — | | | | 2,674.60 | |
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Total current assets | | | 132.9 | | | | 0.7 | | | | 4,179.60 | | | | 114 | | | | (159.3 | ) | | | 4,267.90 | |
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Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | — | | | | — | | | | 652.8 | | | | 6 | | | | — | | | | 658.8 | |
Goodwill | | | — | | | | — | | | | 520.7 | | | | 3.6 | | | | — | | | | 524.3 | |
Intangible assets, net | | | — | | | | — | | | | 461.3 | | | | — | | | | — | | | | 461.3 | |
Investment in subsidiaries | | | 2,524.20 | | | | — | | | | 484 | | | | 451.3 | | | | (3,459.5 | ) | | | — | |
Intercompany receivables, net | | | — | | | | 408.5 | | | | — | | | | 3,325.00 | | | | (3,733.5 | ) | | | — | |
Other assets | | | — | | | | 6 | | | | 100 | | | | 27.5 | | | | — | | | | 133.5 | |
Deferred tax assets | | | — | | | | — | | | | 72.7 | | | | 0.1 | | | | — | | | | 72.8 | |
Retirement benefit asset | | | — | | | | — | | | | 59.9 | | | | — | | | | — | | | | 59.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,657.10 | | | $ | 415.2 | | | $ | 6,531.00 | | | $ | 3,927.50 | | | $ | (7,352.3 | ) | | $ | 6,178.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and overdrafts | | $ | — | | | $ | — | | | $ | 221.8 | | | $ | — | | | $ | — | | | $ | 221.8 | |
Accounts payable | | | — | | | | — | | | | 396 | | | | 0.2 | | | | — | | | | 396.2 | |
Intercompany payables, net | | | — | | | | — | | | | 159.3 | | | | — | | | | (159.3 | ) | | | — | |
Accrued expenses and other current liabilities | | | 14.8 | | | | 8.4 | | | | 389.5 | | | | 10 | | | | — | | | | 422.7 | |
Deferred revenue | | | — | | | | — | | | | 221.6 | | | | — | | | | — | | | | 221.6 | |
Deferred tax liabilities | | | — | | | | — | | | | 151.2 | | | | — | | | | — | | | | 151.2 | |
Income taxes | | | — | | | | (0.1 | ) | | | (3.8 | ) | | | 7.5 | | | | — | | | | 3.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 14.8 | | | | 8.3 | | | | 1,535.60 | | | | 17.7 | | | | (159.3 | ) | | | 1,417.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | — | | | | 398.4 | | | | 372.9 | | | | 600 | | | | — | | | | 1,371.30 | |
Intercompany payables, net | | | — | | | | — | | | | 3,733.50 | | | | — | | | | (3,733.5 | ) | | | — | |
Other liabilities | | | — | | | | — | | | | 219.1 | | | | 8.1 | | | | — | | | | 227.2 | |
Deferred revenue | | | — | | | | — | | | | 518.8 | | | | — | | | | — | | | | 518.8 | |
Deferred tax liabilities | | | — | | | | — | | | | 1.8 | | | | — | | | | — | | | | 1.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 14.8 | | | | 406.7 | | | | 6,381.70 | | | | 625.8 | | | | (3,892.8 | ) | | | 3,536.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 2,642.30 | | | | 8.5 | | | | 149.3 | | | | 3,301.70 | | | | (3,459.5 | ) | | | 2,642.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,657.10 | | | $ | 415.2 | | | $ | 6,531.00 | | | $ | 3,927.50 | | | $ | (7,352.3 | ) | | $ | 6,178.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Balance Sheet |
|
February 1, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 1.4 | | | $ | — | | | $ | 237 | | | $ | 9.2 | | | $ | — | | | $ | 247.6 | |
Accounts receivable, net | | | — | | | | — | | | | 1,361.30 | | | | 12.7 | | | | — | | | | 1,374.00 | |
Intercompany receivables, net | | | 47.7 | | | | — | | | | — | | | | 238 | | | | (285.7 | ) | | | — | |
Other receivables | | | — | | | | — | | | | 51.1 | | | | 0.4 | | | | — | | | | 51.5 | |
Other current assets | | | — | | | | — | | | | 86.5 | | | | 0.5 | | | | — | | | | 87 | |
Deferred tax assets | | | — | | | | — | | | | 2.8 | | | | 0.2 | | | | — | | | | 3 | |
Income taxes | | | — | | | | — | | | | 6 | | | | 0.5 | | | | — | | | | 6.5 | |
Inventories | | | — | | | | — | | | | 1,434.50 | | | | 53.5 | | | | — | | | | 1,488.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 49.1 | | | | — | | | | 3,179.20 | | | | 315 | | | | (285.7 | ) | | | 3,257.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | — | | | | — | | | | 481.5 | | | | 6.1 | | | | — | | | | 487.6 | |
Investment in subsidiaries | | | 2,526.30 | | | | — | | | | 1,452.80 | | | | 1,143.20 | | | | (5,122.3 | ) | | | — | |
Intercompany receivables, net | | | — | | | | — | | | | — | | | | 1,098.00 | | | | (1,098.0 | ) | | | — | |
Other assets | | | — | | | | — | | | | 110.4 | | | | 3.6 | | | | — | | | | 114 | |
Deferred tax assets | | | — | | | | — | | | | 113.6 | | | | 0.1 | | | | — | | | | 113.7 | |
Retirement benefit asset | | | — | | | | — | | | | 56.3 | | | | — | | | | — | | | | 56.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,575.40 | | | $ | — | | | $ | 5,393.80 | | | $ | 2,566.00 | | | $ | (6,506.0 | ) | | $ | 4,029.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and overdrafts | | $ | — | | | $ | — | | | $ | 19.3 | | | $ | — | | | $ | — | | | $ | 19.3 | |
Accounts payable | | | — | | | | — | | | | 160.5 | | | | 2.4 | | | | — | | | | 162.9 | |
Intercompany payables, net | | | — | | | | — | | | | 285.7 | | | | — | | | | (285.7 | ) | | | — | |
Accrued expenses and other current liabilities | | | 12.3 | | | | — | | | | 313.1 | | | | 3.1 | | | | — | | | | 328.5 | |
Deferred revenue | | | — | | | | — | | | | 173 | | | | — | | | | — | | | | 173 | |
Deferred tax liabilities | | | — | | | | — | | | | 113.1 | | | | — | | | | — | | | | 113.1 | |
Income taxes | | | — | | | | — | | | | 101.3 | | | | 2.6 | | | | — | | | | 103.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 12.3 | | | | — | | | | 1,166.00 | | | | 8.1 | | | | (285.7 | ) | | | 900.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Intercompany payables, net | | | — | | | | — | | | | 1,098.00 | | | | — | | | | (1,098.0 | ) | | | — | |
Other liabilities | | | — | | | | — | | | | 118.5 | | | | 3.2 | | | | — | | | | 121.7 | |
Deferred revenue | | | — | | | | — | | | | 443.7 | | | | — | | | | — | | | | 443.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 12.3 | | | | — | | | | 2,826.20 | | | | 11.3 | | | | (1,383.7 | ) | | | 1,466.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 2,563.10 | | | | — | | | | 2,567.60 | | | | 2,554.70 | | | | (5,122.3 | ) | | | 2,563.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,575.40 | | | $ | — | | | $ | 5,393.80 | | | $ | 2,566.00 | | | $ | (6,506.0 | ) | | $ | 4,029.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Balance Sheet |
|
November 2, 2013 |
|
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 3.2 | | | $ | — | | | $ | 65.9 | | | $ | 18.7 | | | $ | — | | | $ | 87.8 | |
Accounts receivable, net | | | — | | | | — | | | | 1,114.80 | | | | 8.7 | | | | — | | | | 1,123.50 | |
Intercompany receivables, net | | | 11.7 | | | | — | | | | — | | | | 455.9 | | | | (467.6 | ) | | | — | |
Other receivables | | | — | | | | — | | | | 50.9 | | | | 0.3 | | | | — | | | | 51.2 | |
Other current assets | | | 0.1 | | | | — | | | | 86.9 | | | | (0.1 | ) | | | — | | | | 86.9 | |
Deferred tax assets | | | — | | | | — | | | | 2.4 | | | | 0.3 | | | | — | | | | 2.7 | |
Income taxes | | | — | | | | — | | | | 16.7 | | | | — | | | | — | | | | 16.7 | |
Inventories | | | — | | | | — | | | | 1,590.40 | | | | 54.5 | | | | — | | | | 1,644.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 15 | | | | — | | | | 2,928.00 | | | | 538.3 | | | | (467.6 | ) | | | 3,013.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | — | | | | — | | | | 470.3 | | | | 0.8 | | | | — | | | | 471.1 | |
Investment in subsidiaries | | | 2,383.40 | | | | — | | | | 1,498.00 | | | | 1,201.90 | | | | (5,083.3 | ) | | | — | |
Intercompany receivables, net | | | — | | | | — | | | | — | | | | 863 | | | | (863.0 | ) | | | — | |
Other assets | | | — | | | | — | | | | 106.7 | | | | — | | | | — | | | | 106.7 | |
Deferred tax assets | | | — | | | | — | | | | 119.9 | | | | — | | | | — | | | | 119.9 | |
Retirement benefit asset | | | — | | | | — | | | | 54 | | | | — | | | | — | | | | 54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,398.40 | | | $ | — | | | $ | 5,176.90 | | | $ | 2,604.00 | | | $ | (6,413.9 | ) | | $ | 3,765.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and overdrafts | | $ | — | | | $ | — | | | $ | 46 | | | $ | — | | | $ | — | | | $ | 46 | |
Accounts payable | | | — | | | | — | | | | 242.7 | | | | 2.2 | | | | — | | | | 244.9 | |
Intercompany payables, net | | | — | | | | — | | | | 467.6 | | | | — | | | | (467.6 | ) | | | — | |
Accrued expenses and other current liabilities | | | 12.2 | | | | — | | | | 237.8 | | | | 2.5 | | | | — | | | | 252.5 | |
Deferred revenue | | | — | | | | — | | | | 156.3 | | | | — | | | | — | | | | 156.3 | |
Deferred tax liabilities | | | — | | | | — | | | | 136.2 | | | | — | | | | — | | | | 136.2 | |
Income taxes | | | — | | | | — | | | | 3.2 | | | | 3.6 | | | | — | | | | 6.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 12.2 | | | | — | | | | 1,289.80 | | | | 8.3 | | | | (467.6 | ) | | | 842.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany payables, net | | | — | | | | — | | | | 863 | | | | — | | | | (863.0 | ) | | | — | |
Deferred tax liabilities | | | — | | | | — | | | | 1 | | | | — | | | | — | | | | 1 | |
Other liabilities | | | — | | | | — | | | | 116.1 | | | | 3.2 | | | | — | | | | 119.3 | |
Deferred revenue | | | — | | | | — | | | | 416.2 | | | | — | | | | — | | | | 416.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 12.2 | | | | — | | | | 2,686.10 | | | | 11.5 | | | | (1,330.6 | ) | | | 1,379.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 2,386.20 | | | | — | | | | 2,490.80 | | | | 2,592.50 | | | | (5,083.3 | ) | | | 2,386.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,398.40 | | | $ | — | | | $ | 5,176.90 | | | $ | 2,604.00 | | | $ | (6,413.9 | ) | | $ | 3,765.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Cash Flows |
|
For the 13 week period ended November 1, 2014 |
|
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Other cash provided by (used in) operating activities | | $ | 99.3 | | | $ | 4.5 | | | $ | (253.1 | ) | | $ | 41.2 | | | $ | (100.0 | ) | | $ | (208.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | | 99.3 | | | | 4.5 | | | | (253.1 | ) | | | 41.2 | | | | (100.0 | ) | | | (208.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment | | | — | | | | — | | | | (75.1 | ) | | | — | | | | — | | | | (75.1 | ) |
Investment in subsidiaries | | | — | | | | — | | | | (1.4 | ) | | | — | | | | 1.4 | | | | — | |
Purchase of available-for-sale securities | | | — | | | | — | | | | — | | | | (3.0 | ) | | | — | | | | (3.0 | ) |
Proceeds from available-for-sale securities | | | — | | | | — | | | | — | | | | 1.5 | | | | — | | | | 1.5 | |
Acquisition of Zale Corporation, net of cash acquired | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | — | | | | — | | | | (76.5 | ) | | | (1.5 | ) | | | 1.4 | | | | (76.6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends paid | | | (14.4 | ) | | | — | | | | — | | | | — | | | | — | | | | (14.4 | ) |
Intercompany dividends | | | — | | | | — | | | | (100.0 | ) | | | — | | | | 100 | | | | — | |
Proceeds from issuance of common shares | | | 2.2 | | | | 1.4 | | | | — | | | | — | | | | (1.4 | ) | | | 2.2 | |
Excess tax benefit from exercise of share awards | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Proceeds from long-term debt | | | — | | | | — | | | | — | | | | 493.4 | | | | — | | | | 493.4 | |
Repayments of long-term debt | | | — | | | | — | | | | (5.0 | ) | | | (493.4 | ) | | | — | | | | (498.4 | ) |
Payment of debt issuance costs | | | — | | | | (1.3 | ) | | | (0.3 | ) | | | (0.5 | ) | | | — | | | | (2.1 | ) |
Repurchase of common shares | | | (7.4 | ) | | | — | | | | — | | | | — | | | | — | | | | (7.4 | ) |
Net settlement of equity based awards | | | (3.0 | ) | | | — | | | | — | | | | — | | | | — | | | | (3.0 | ) |
Capital lease payments | | | — | | | | — | | | | (0.3 | ) | | | — | | | | — | | | | (0.3 | ) |
Proceeds from short-term borrowings | | | — | | | | — | | | | 188 | | | | — | | | | — | | | | 188 | |
Intercompany activity, net | | | (75.2 | ) | | | (4.6 | ) | | | 135 | | | | (55.2 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | (97.8 | ) | | | (4.5 | ) | | | 217.4 | | | | (55.7 | ) | | | 98.6 | | | | 158 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 1.4 | | | | — | | | | 191.1 | | | | 22.5 | | | | — | | | | 215 | |
Increase (decrease) in cash and cash equivalents | | | 1.5 | | | | — | | | | (112.2 | ) | | | (16.0 | ) | | | — | | | | (126.7 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (4.8 | ) | | | 4.1 | | | | — | | | | (0.7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 2.9 | | | $ | — | | | $ | 74.1 | | | $ | 10.6 | | | $ | — | | | $ | 87.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidated Statement of Cash Flows |
|
For the 39 week period ended November 1, 2014 |
|
(Unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Other cash provided by (used in) operating activities | | $ | 148.4 | | | $ | 8.3 | | | $ | (113.8 | ) | | $ | 82.9 | | | $ | (150.0 | ) | | $ | (24.2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | | 148.4 | | | | 8.3 | | | | (113.8 | ) | | | 82.9 | | | | (150.0 | ) | | | (24.2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment | | | — | | | | — | | | | (164.7 | ) | | | (0.4 | ) | | | — | | | | (165.1 | ) |
Investment in subsidiaries | | | — | | | | — | | | | (8.8 | ) | | | — | | | | 8.8 | | | | — | |
Purchase of available-for-sale securities | | | — | | | | — | | | | — | | | | (4.2 | ) | | | — | | | | (4.2 | ) |
Proceeds from available-for-sale securities | | | — | | | | — | | | | — | | | | 2.5 | | | | — | | | | 2.5 | |
Acquisition of Zale Corporation, net of cash acquired | | | — | | | | — | | | | (1,431.1 | ) | | | 1.9 | | | | — | | | | (1,429.2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by investing activities | | | — | | | | — | | | | (1,604.6 | ) | | | (0.2 | ) | | | 8.8 | | | | (1,596.0 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends paid | | | (40.8 | ) | | | — | | | | — | | | | — | | | | — | | | | (40.8 | ) |
Intercompany dividends | | | — | | | | — | | | | (949.1 | ) | | | (0.9 | ) | | | 950 | | | | — | |
Proceeds from issuance of common shares | | | 4.2 | | | | 8.8 | | | | — | | | | 800 | | | | (808.8 | ) | | | 4.2 | |
Excess tax benefit from exercise of share awards | | | — | | | | — | | | | 7.7 | | | | — | | | | — | | | | 7.7 | |
Proceeds from long-term debt | | | — | | | | 398.4 | | | | 400 | | | | 1,424.00 | | | | — | | | | 2,222.40 | |
Repayments of long-term debt | | | — | | | | — | | | | (5.0 | ) | | | (824.0 | ) | | | — | | | | (829.0 | ) |
Payment of debt issuance costs | | | — | | | | (7.0 | ) | | | (10.7 | ) | | | (2.8 | ) | | | — | | | | (20.5 | ) |
Repurchase of common shares | | | (29.8 | ) | | | — | | | | — | | | | — | | | | — | | | | (29.8 | ) |
Net settlement of equity based awards | | | (18.1 | ) | | | — | | | | — | | | | — | | | | — | | | | (18.1 | ) |
Capital lease payments | | | — | | | | — | | | | (0.5 | ) | | | — | | | | — | | | | (0.5 | ) |
Proceeds from short-term borrowings | | | — | | | | — | | | | 165.8 | | | | — | | | | — | | | | 165.8 | |
Intercompany activity, net | | | (62.4 | ) | | | (408.5 | ) | | | 1,950.50 | | | | (1,479.6 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | (146.9 | ) | | | (8.3 | ) | | | 1,558.70 | | | | (83.3 | ) | | | 141.2 | | | | 1,461.40 | |
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Cash and cash equivalents at beginning of period | | | 1.4 | | | | — | | | | 237 | | | | 9.2 | | | | — | | | | 247.6 | |
Increase (decrease) in cash and cash equivalents | | | 1.5 | | | | — | | | | (159.7 | ) | | | (0.6 | ) | | | — | | | | (158.8 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (3.2 | ) | | | 2 | | | | — | | | | (1.2 | ) |
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Cash and cash equivalents at end of period | | $ | 2.9 | | | $ | — | | | $ | 74.1 | | | $ | 10.6 | | | $ | — | | | $ | 87.6 | |
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Condensed Consolidated Statement of Cash Flows |
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For the 13 week period ended November 2, 2013 |
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(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Other cash (used in) provided by operating activities | | $ | (0.5 | ) | | $ | — | | | $ | (93.9 | ) | | $ | 14 | | | $ | — | | | $ | (80.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities | | | (0.5 | ) | | | — | | | | (93.9 | ) | | | 14 | | | | — | | | | (80.4 | ) |
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Investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment | | | — | | | | — | | | | (53.3 | ) | | | — | | | | — | | | | (53.3 | ) |
Investment in subsidiaries | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Acquisition of Ultra Stores, Inc. | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
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Net cash used in investing activities | | | — | | | | — | | | | (53.3 | ) | | | — | | | | — | | | | (53.3 | ) |
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Financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends paid | | | (12.1 | ) | | | — | | | | — | | | | — | | | | — | | | | (12.1 | ) |
Intercompany dividends | | | — | | | | — | | | | 7.5 | | | | (7.5 | ) | | | — | | | | — | |
Proceeds from issuance of common shares | | | 2.8 | | | | — | | | | — | | | | — | | | | — | | | | 2.8 | |
Excess tax benefit from exercise of share awards | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Repurchase of common shares | | | (25.0 | ) | | | — | | | | — | | | | — | | | | — | | | | (25.0 | ) |
Net settlement of equity based awards | | | (0.1 | ) | | | — | | | | — | | | | — | | | | — | | | | (0.1 | ) |
Proceeds from short-term borrowings | | | — | | | | — | | | | 44.3 | | | | — | | | | — | | | | 44.3 | |
Intercompany activity, net | | | 37.2 | | | | — | | | | (43.5 | ) | | | 6.3 | | | | — | | | | — | |
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Net cash provided by (used in) financing activities | | | 2.8 | | | | — | | | | 8.3 | | | | (1.2 | ) | | | — | | | | 9.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 0.9 | | | | — | | | | 203.1 | | | | 8.9 | | | | — | | | | 212.9 | |
Increase (decrease) in cash and cash equivalents | | | 2.3 | | | | — | | | | (138.9 | ) | | | 12.8 | | | | — | | | | (123.8 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 1.7 | | | | (3.0 | ) | | | — | | | | (1.3 | ) |
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Cash and cash equivalents at end of period | | $ | 3.2 | | | $ | — | | | $ | 65.9 | | | $ | 18.7 | | | $ | — | | | $ | 87.8 | |
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|
Condensed Consolidated Statement of Cash Flows |
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For the 39 week period ended November 2, 2013 |
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(Unaudited) |
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(in millions) | | Signet | | | Signet UK | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Jewelers | Finance plc | Subsidiaries | Guarantor |
Limited | | | Subsidiaries |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Other cash provided by (used in) operating activities | | $ | 88.4 | | | $ | — | | | $ | (48.7 | ) | | $ | 28.4 | | | $ | (90.0 | ) | | $ | (21.9 | ) |
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Net cash provided by (used in) operating activities | | | 88.4 | | | | — | | | | (48.7 | ) | | | 28.4 | | | | (90.0 | ) | | | (21.9 | ) |
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Investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment | | | — | | | | — | | | | (106.7 | ) | | | (0.2 | ) | | | — | | | | (106.9 | ) |
Investment in subsidiaries | | | (0.3 | ) | | | — | | | | — | | | | — | | | | 0.3 | | | | — | |
Acquisition of Ultra Stores, Inc. | | | — | | | | — | | | | 1.4 | | | | — | | | | — | | | | 1.4 | |
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Net cash used in investing activities | | | (0.3 | ) | | | — | | | | (105.3 | ) | | | (0.2 | ) | | | 0.3 | | | | (105.5 | ) |
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Financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends paid | | | (34.0 | ) | | | — | | | | — | | | | — | | | | — | | | | (34.0 | ) |
Intercompany dividends | | | — | | | | — | | | | (69.5 | ) | | | (20.5 | ) | | | 90 | | | | — | |
Proceeds from issuance of common shares | | | 8 | | | | — | | | | 0.3 | | | | — | | | | (0.3 | ) | | | 8 | |
Excess tax benefit from exercise of share awards | | | — | | | | — | | | | 4.5 | | | | — | | | | — | | | | 4.5 | |
Repurchase of common shares | | | (100.1 | ) | | | — | | | | — | | | | — | | | | — | | | | (100.1 | ) |
Net settlement of equity based awards | | | (9.1 | ) | | | — | | | | — | | | | — | | | | — | | | | (9.1 | ) |
Proceeds from short-term borrowings | | | — | | | | — | | | | 46 | | | | — | | | | — | | | | 46 | |
Intercompany activity, net | | | 36.9 | | | | — | | | | (32.6 | ) | | | (4.3 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in financing activities | | | (98.3 | ) | | | — | | | | (51.3 | ) | | | (24.8 | ) | | | 89.7 | | | | (84.7 | ) |
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Cash and cash equivalents at beginning of period | | | 13.4 | | | | — | | | | 271.3 | | | | 16.3 | | | | — | | | | 301 | |
(Decrease) increase in cash and cash equivalents | | | (10.2 | ) | | | — | | | | (205.3 | ) | | | 3.4 | | | | — | | | | (212.1 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (0.1 | ) | | | (1.0 | ) | | | — | | | | (1.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 3.2 | | | $ | — | | | $ | 65.9 | | | $ | 18.7 | | | $ | — | | | $ | 87.8 | |
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