Cambria Automobiles Plc: Annual report and financial statements for the year ended 31 August 2020 - 15th December 2

Annual report and financial statements

Registered number 05754547

31 August 2020

Contents
Summary............................................................................	4
Chairman's statement and Operating
and Financial Review.........................................................	8
Strategic report................................................................	19
Directors' report...............................................................	21
Statement of directors' responsibilities in
respect of the Annual Report and the
financial statements.........................................................	23
Independent auditors report............................................	24
Consolidated statement of comprehensive income........	28
Consolidated statement of changes in equity.................	29
Consolidated statement of financial position...................	30
Consolidated cash flow statement..................................	31
Notes to the consolidated accounts................................	32
Company balance sheet..................................................	71
Company statement of changes in equity.......................	72
Notes to the Company accounts.....................................	73

2

3

Resilient performance despite significant period of turbulence as a result of COVID-19

Cambria, the franchised motor retailer, announces its final results for the year to 31 August 2020.

The Group reported a strong first half of the financial year, however the trading performance in the second half was significantly impacted by the COVID-19 pandemic and particularly the enforced national lockdown for the period 24 March 2020 to 31 May 2020, which required the closure of all non-essential retail businesses, including car showrooms.

Financial Highlights

Year ended 31 August	2020	2019
	£m	£m	Change
Revenue
524.0	657.8	-20.3%
Underlying EBITDA excluding transition to IFRS 16* **
16.2	17.1	-5.3%
Underlying EBITDA with transition to IFRS 16* **
18.8	17.1	+9.9%
Underlying operating profit* **
13.0	13.6	-4.4%
Underlying profit before tax* **
11.1	12.3	-9.8%
Underlying profit before tax margin* **			+24bps
2.11%	1.87%
Underlying earnings per share*	8.99p	9.78p
-8.1%
Operating profit
12.0	13.9	-13.7%
Profit before tax
10.2	12.5	-18.4%
Earnings per share (basic)	8.22p	9.95p	-17.4%
Dividend per share	-	1.1p

• These items exclude net non-recurring expense of £1.0m relating to reorganisation costs and acquisition costs (2019: profit on disposal of property assets held for resale £0.4m and closure costs £0.2m) See Note 5

**The adoption of IFRS 16 has an impact on the PBT, Operating Profit and EBITDA calculation as a result of the operating lease expense for rent payable being unwound and replaced with depreciation and finance expense.

See Note 4.

• Strong balance sheet - net assets £71.7m (2019: £65.6m)
• Strong operational cash flows, net cash flow from operating activities of £16.4m (2019: £22.2m)

• Net cash of £3.5m (31 August 2019: net debt £3.8m), supported by the UK Government's Coronavirus Job Retention Scheme
  and Business Rates relief measures

• Continued disciplined investment in freehold property portfolio during year, deploying £4.2m in capital expenditure
• Underlying Return on Equity at 13.1% (2018/19: 16.0%)

4