We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Applegreen Plc | LSE:APGN | London | Ordinary Share | IE00BXC8D038 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 496.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMAPGN
RNS Number : 3315Z
Applegreen PLC
14 March 2017
Applegreen plc
Preliminary Statement of Results for the year ended 31 December 2016
Dublin, London, 14 March 2017: Applegreen plc ('Applegreen' or 'the Group'), a major petrol forecourt retailer in the Republic of Ireland with growing operations in the United Kingdom and the United States, announces its preliminary results for the year ended 31 December 2016.
Financial highlights:
-- 16% increase in gross profit on FY 2016 (20% in constant currency)
-- Adjusted EBITDA increased by 11% from EUR28.9m in FY 2015 to EUR32.0m in FY 2016 (14% on a constant currency basis)
-- Like for like growth in non-fuel gross profit (food and store) at constant currency of 9% -- Revenue up 9% to EUR1,178m -- Net debt position at 31 December 2016 of EUR19.4m -- Maiden final dividend proposed of 1.25 cent per share
Operational highlights:
-- Grew estate to 243 sites as at 31 December 2016 (2015: 200) -- Continued investment in the development of the network with capex for the year of EUR60.3m -- Opened 32 new food outlets including the launch of a new food offering - Freshii -- Site expansion with Cross America and 7-Eleven franchise underpinning USA development -- Continued like for like growth in food across the estate -- Strong consumer sentiment in Ireland while UK volumes positive in H2 -- Announced the proposed acquisition of 50% of the Joint Fuels Terminal in Dublin port
Key figures:
Hot Features
Premium
31 Dec 31 Dec Change
2016 2015
Gross profit EUR145.8m EUR125.9m 15.8%
Adjusted EBITDA1 EUR32.0m EUR28.9m 10.7%
Adjusted PBT(1) EUR21.0m EUR17.7m 18.6%
------------------ ---------- ---------- -------
1. Adjusted for share based payments and non-recurring charges. Refer to glossary of terms for further information.
Commenting on the results, Bob Etchingham, CEO said: "We are pleased to report another strong set of results for the business. Our food and store sales were particularly strong in the Republic of Ireland during the year while the UK had a good performance in the second six months. Fuel margin was impacted by the rising oil price and in Ireland by the rising proportion of fuel card of the total fuel volume. The UK's decision to exit the EU has resulted in a weaker sterling which has impacted on the consolidated euro results for the company. To date this decision has had no further impact on the business."
"The business maintained its rate of expansion during 2016 growing the network by 28 company owned sites and 15 dealer sites. Apart from dealer sites, the main area of network expansion has been the UK with fifteen additional sites including two service areas, one Motorway Service Area ('MSA') and one Trunk Road Service Area ('TRSA'). In addition, two Petrol Filling Stations ('PFSs') were upgraded to TRSAs. In Ireland, eight sites were added comprising three TRSAs and five PFSs while one PFS was disposed of and one PFS was upgraded to a TRSA. In the USA, an additional site was added in Long Island while five sites were taken over in New England as part of a nine site deal with CrossAmerica Partners. We also added Freshii and, in the USA, 7-Eleven as franchise partners during the year further enhancing our retail and food to go offer."
"We are delighted that the quality of our sites has received strong industry recognition during the year earning several awards including the prestigious NACS Insight 2016 International Convenience Retailer of the Year Award for our Lisburn site on the M1 south of Belfast."
"We are pleased to announce the introduction of a maiden dividend of 1.25c per share subject to approval at our AGM. We committed to a prudent dividend policy at the time of our IPO and our financial performance since then warrants this move to deliver further shareholder value."
"We continue to see opportunities for growth across our markets and have added 12 sites since the start of the year. Our core Irish market is delivering good growth in non-fuel sales in particular while fuel margin experience has been in line with 2016. The UK has also begun the year positively and whilst mindful of the uncertainties created by the Brexit process we expect to continue to grow our operations during the year."
About Applegreen
Established in 1992, Applegreen is a major petrol forecourt retailer in the Republic of Ireland with a significant and growing presence in the United Kingdom, and an evolving presence in the USA. As at 31 December 2016, the business employed c. 3,400 people, and operated 243 forecourt sites across the UK, Ireland and the USA.
Applegreen is the number one Motorway Service Area operator in the Republic of Ireland while occupying a leading position in the Irish petrol forecourt sector. The Group offers a distinctive convenience retail offering in the forecourt space with three key elements:
-- A "low fuel prices, always" price promise to drive footfall to the stores -- A "Better Value Always" tailored retail offer, and
-- A strong food and beverage focus aiming to offer premium products and service to the customer.
Applegreen has a number of strategic partnerships with international brands including Burger King, Subway, Costa Coffee, Greggs, Lavazza, Chopstix, Freshii and 7-Eleven. The business also has its own food offer through the aCafé and Bakewell café brands.
Applegreen's growth strategy is focused on acquiring and developing new sites in the markets in which it operates and on upgrading and rebranding existing sites.
Conference call details - analysts and institutional investors
Applegreen plc will host a conference call for analysts and institutional investors today, 14 March, 2017 at 08.30 GMT. Presentation will be available on www.applegreenstores.com. Dial in details are as follows:
Ireland Telephone Number: +353 (0)1 2465621 UK Telephone Number: + 44 (0)330 336 9411 Passcode: 9487979
For further enquiries, please contact:
Applegreen
Bob Etchingham, CEO / Paul Lynch CFO +353 (0) 1 512 4800
Drury Porter Novelli:
Paddy Hughes +353 (0) 1 260 5000
Shore Capital
Stephane Auton +44 (0) 20 7408 4090
Patrick Castle
Goodbody
Joe Gill +353 (0) 1 667 0420
Siobhan Wall
Applegreen FY 2016 Performance Overview and Outlook
2016 was another successful year of growth for the Group driven by strong like for like growth in food and store and additional contribution from new sites across the Group's portfolio.
Our upgrade and rebranding activity, together with an improving economic backdrop, saw like for like food and store sales grow by 7.1% on a constant currency basis, with related gross profit up by 8.9%.
The increasing proportion of fuel cards of total fuel volume together with increasing oil prices throughout the period had a negative impact on fuel margin in Ireland although the fuel card volume would have been positive for the strong non-fuel sales.
During the period we expanded our portfolio with 43 new sites, including 22 in the ROI, 15 in the UK and six in the USA. 28 of these were company owned sites, including five Service Areas and 23 petrol filling stations and 15 were dealer sites. The dealer business provides fuel to independent operators. The canopy and pumps on these dealer locations are branded Applegreen while the non-fuel revenue remains under the control of the operator of the site.
We continued our rebranding and upgrade programme with 19 sites completed in 2016, adding one or more new food outlets at each site. We also expanded our range of food outlets by 32 introducing a new food offer - Freshii as well as launching the 7-Eleven franchise in the USA. This added to our existing portfolio of own brands and international brands including Subway, Costa Coffee, Burger King, Lavazza, Chopstix and Greggs.
Republic of Ireland
In the twelve months to 31 December 2016, revenue in the Republic of Ireland increased by 11.4% and gross profit increased by 15.0%. Like for like food and store sales increased year on year by 9.3% and related gross profit grew by 10.2%. Total fuel gross profit increased by 8.0% compared to 2015 but on a like for like basis declined by 4.8%. This reflected the impact of the rising oil price throughout the year as well as the growth of fuel card volume, which has a lower margin than retail fuel. The rise in fuel card volume did help drive the strong non-fuel performance.
During the year, we expanded our Republic of Ireland estate by 22 including 15 dealer sites.
We opened four new TRSAs including the upgrade of an existing PFS in Birr, Co. Offaly. The other TRSAs were in Meath, Louth and Tullamore, Co. Offaly. We added 5 petrol filling stations, two in Dublin with the remainder in the southern half of the country.
The addition of 15 new dealer sites during the period brings our total dealer portfolio to 48 by the end of the year. The dealer business now accounts for 16% of the total ROI fuel volumes.
During the year, 11 sites were rebranded and upgraded incorporating at least one new food offer in all cases. 70% of the ROI Company owned estate is now branded Applegreen.
Our fuel card volumes more than doubled and now account for 7% of ROI fuel volumes.
At the beginning of 2017, we entered into a conditional agreement to acquire a 50% share in the Joint Fuels Terminal in Dublin port from the Topaz Energy Group for a consideration of EUR15.7m. The acquisition is subject to the satisfaction of a number of conditions including the approval of the Competition and Consumer Protection Commission and is expected to complete in Q2 2017. This transaction should enhance the competitiveness of our supply and provide further scope for the development of our Irish fuel business.
United Kingdom
Revenue increased by 17.1% and gross profit by 28.8% on a constant currency basis largely due to the continued expansion of the UK estate. Combined food and store sales and gross profit rose year on year on a constant currency basis by 32.9% and 42.1% respectively. On a like for like constant currency basis non-fuel sales were flat while related gross profit grew by 3.9% reflecting strong growth in food and better margins in store.
Like for like (constant currency) fuel gross profit for the year was down 0.6% (-1.1% in H1) reflecting an improving competitive environment in the second half of the year.
There was a strong focus by the Group on expansion within the United Kingdom in 2016 with a total capex spend of EUR26.0m.
Four new Service Area sites were opened in the UK including a new MSA heading south of Belfast, a new TRSA in Ballymena Northern Ireland and the conversion of two of our existing PFSs to TRSAs. We were very pleased that our Lisburn forecourt, on the M1 South of Belfast, was awarded the prestigious NACS Insight 2016 International Convenience Retailer of the Year Award.
We are building a good pipeline of TRSAs and MSAs in the UK, which are at various stages of planning.
We have also developed our relationship with Costa Coffee in the UK and opened our first Costa Coffee café as part of a site upgrade to TRSA in December 2016. The second such café opened in February 2017.
13 new PFSs were opened in the UK with a further seven existing stations being rebranded and expanded through the addition of new food offerings. 35% of our UK estate is now branded Applegreen.
USA
During the year the Group added 1 new forecourt in Long Island. We also signed an agreement with CrossAmerica Partners to lease nine sites in the New England area. Five of these sites were taken over in 2016. This now brings the total number of trading forecourts in the USA to 11. In addition, we signed a franchise agreement with 7-Eleven. Our store in Hempstead, Long Island has been redeveloped in 2016 and is now trading as 7-Eleven.
We have confidence that the USA market represents a viable region for further development noting an ample supply of expansion opportunities and an under developed retail model in some regions.
We are continuing to invest in the USA with a capex spend of EUR1.0m in 2016 and are strengthening the organisational structure in the USA to ensure ongoing support for further growth and expansion.
Costs
Selling and distribution expenses rose by 20.8% year on year. This is broadly in line with the 43 site additions in the year which resulted in a 21.5% increase in total site numbers. Administrative expenses, excluding share based payment expense, non-recurring costs and depreciation, grew by 8.7% reflecting an increase in development spend and increased resource in the UK market in particular.
Dividend
The Board has proposed a maiden final dividend, subject to approval at the Company's AGM, of 1.25 cent per share (EUR1.0m) which will be paid on 29 June 2017 to shareholders on the register on 9 June 2017.
Outlook
We continue to develop our network in 2017 adding 12 sites in the year to date. In the Republic of Ireland we have opened a new service area in Waterford and added a petrol filling station in Dublin. In the UK we have opened a new MSA in Lisburn heading north to Belfast and have also added three petrol filling stations as well as converting another of our petrol filling stations to a TRSA. In the US we acquired two further sites as well as adding four new dealer sites.
We have a strong pipeline of further developments of both Service Area sites and petrol filling stations across our markets.
We are confident of making further progress during 2017. Our core Irish market is delivering good growth in non-fuel sales in particular while fuel margin experience has been in line with 2016. The UK has also begun the year positively and while aware of the uncertainties created by the Brexit process we expect to continue to experience growth across our operations during the year.
UNAUDITED CONSOLIDATED INCOME STATEMENT
YEARED 31 DECEMBER 2016
Notes 2016 2015
EUR000 EUR000
Revenue 1,177,642 1,081,494
Cost of sales 5 (1,031,865) (955,595)
------------ ----------
Gross Profit 145,777 125,899
Selling and distribution
costs 5 (103,947) (86,067)
Administrative expenses 5 (24,004) (24,321)
Other income 1,166 953
Finance costs 6 197 (2,877)
Finance income 6 325 334
Profit before income tax 19,514 13,921
Income tax expense 7 (2,280) (1,917)
------------ ----------
Profit for the financial
year 17,234 12,004
------------ ----------
Earnings per share from continuing operations attributable to the owners of the parent company during the year
Earnings per share - Basic 4 21.52c 17.07c Earnings per share - Diluted 4 20.63c 16.29c
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEARED 31 DECEMBER 2016
2016 2015
EUR000 EUR000
Profit for the financial year 17,234 12,004
Other comprehensive expense
Items that may be reclassified
to profit or loss
Currency translation differences
on foreign operations (3,720) (138)
-------- -------
Other comprehensive expense
for the year, net of tax (3,720) (138)
-------- -------
Total comprehensive income
for the year 13,514 11,866
-------- -------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
Assets Notes 2016 2015
Non-current assets EUR000 EUR000
Intangible assets 8 2,757 1,660
Property, plant and equipment 9 219,226 182,249
Investment in associates - -
Trade and other receivables 11 373 224
Deferred income tax asset 4,103 2,962
--------- ---------
226,459 187,095
--------- ---------
Current assets
Inventories 10 30,273 24,076
Trade and other receivables 11 19,726 15,270
Assets classified as held for sale 165 -
Current income tax receivables 80 180
Cash and cash equivalents 12 29,374 49,297
79,618 88,823
Total assets 306,077 275,918
--------- ---------
Equity and Liabilities
Equity attributable to owners of the parent
Issued share capital 15 805 796
Share premium 140,268 139,427
Capital contribution 512 512
Merger reserve (65,537) (65,537)
Currency translation reserve (4,049) (329)
Share based payment reserve 5,349 2,991
Retained earnings 37,663 20,429
--------- ---------
Total equity 115,011 98,289
--------- ---------
Non-current liabilities
Trade and other payables 14 5,704 5,624
Borrowings 13 42,950 47,766
Deferred income tax liabilities 5,123 4,692
--------- ---------
53,777 58,082
--------- ---------
Current liabilities
Trade and other payables 14 130,948 113,246
Borrowings 13 5,849 6,214
Current income tax liabilities 492 87
137,289 119,547
Total liabilities 191,066 177,629
--------- ---------
Total equity and liabilities 306,077 275,918
--------- ---------
UNAUDITED Consolidated statement of changes in equity
AS AT 31 DECEMBER 2016
Capital Foreign Share
Contribution currency based
Issued Share Merger translation payment Retained
capital premium reserve reserve reserve earnings Total
EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000
At 01 January
2015 600 67,574 - (65,537) (191) 332 14,877 17,655
Profit for the
year - - - - - - 12,004 12,004
Other
comprehensive
income - - - - (138) - - (138)
Share based
payments - - - - - 2,659 - 2,659
Issue of
ordinary
share capital 196 71,853 - - - - (4,578) 67,471
Redemption of
ordinary
share capital - - - - - - (1,874) (1,874)
Capital
Contribution - - 512 - - - - 512
----------- ----------- -------------- ----------- ------------ ---------- ---------- --------
At 01 January
2016 796 139,427 512 (65,537) (329) 2,991 20,429 98,289
----------- ----------- -------------- ----------- ------------ ---------- ---------- --------
Profit for the
year - - - - - - 17,234 17,234
Other
comprehensive
income - - - - (3,720) - - (3,720)
Share based
payments - - - - - 2,358 - 2,358
Issue of
ordinary
share capital
(note 15) 9 841 - - - - - 850
At 31 December
2016 805 140,268 512 (65,537) (4,049) 5,349 37,663 115,011
----------- ----------- -------------- ----------- ------------ ---------- ---------- --------
UNAUDITED Consolidated statement of cash flows
YEARED 31 DECEMBER 2016
Notes 2016 2015
Cash flows from operating
activities EUR000 EUR000
Profit before income tax 19,514 13,921
Adjustments for:
Depreciation and amortisation 5 11,162 8,663
Finance income 6 (325) (334)
Finance costs 6 (197) 2,877
Net impairment of non current
assets 5 368 (15)
Share based payment expense 5 1,441 2,667
Loss on the sale of property,
plant and equipment 5 327 509
--------- ---------
32,290 28,288
Increase in trade and other
receivables (4,734) (4,642)
Increase in inventories (7,386) (4,526)
Increase in trade payables 28,923 17,672
Cash generated from operations 49,093 36,792
Income taxes paid (1,404) (2,941)
--------- ---------
Net cash from operating
activities 47,689 33,851
Cash flows from investing
activities
Purchase of property, plant
and equipment (60,763) (53,950)
Purchase of intangibles (1,371) (867)
Proceeds from sale of property,
plant and equipment 423 48
Interest received 190 200
--------- ---------
Net cash used in investing
activities (61,521) (54,569)
Cash flows from financing
activities
Proceeds from long-term
borrowings - 9,563
Redemption of share capital - (1,874)
Proceeds from issue of ordinary
share capital 850 67,471
Contributions from shareholders - 512
Repayment of borrowings (3,305) (16,600)
Payment of finance lease
liabilities (1,028) (1,298)
Interest paid (1,907) (2,347)
--------- ---------
Net cash used in financing
activities (5,390) 55,427
Net (decrease)/increase
in cash and cash equivalents (19,222) 34,709
Cash and cash equivalents
at beginning of year 47,245 12,266
Exchange gains (284) 270
Cash and cash equivalents
at end of year 12 27,739 47,245
--------- ---------
Notes to the unaudited consolidated financial information
1. General information and basis of preparation
Applegreen plc ('the Company') is a company incorporated in the Republic of Ireland. The Unaudited Consolidated Financial Information of the Company for the year ended 31 December 2016 (the 'Financial Information') include the Company and its subsidiaries (together referred to as the 'Group'). The company is incorporated and tax resident in Ireland. The address of its registered office is Block 17, Joyce Way, Parkwest, Dublin 12.
The Consolidated Financial Statements of the Group are prepared in accordance with Irish law and International Financial Reporting Standards ('IFRS') and their interpretations issued by the International Accounting Standards Board ('IASB') and adopted by the European Union ('EU'). The financial information in this report has been prepared in accordance with the Group's accounting policies. Full details of the accounting policies adopted by the Group are contained in the Consolidated Financial Statements included in the Group's annual report for the year ended 31 December 2015 which is available on the Group's website; http://applegreenstores.com.
The accounting policies and methods of computation and presentation adopted in the preparation of the Financial Information are consistent with those described and applied in the annual report for the year ended 31 December 2015 except as explained in Note 2 below. There are no new IFRSs or interpretations effective from 01 January 2016 which have had a material effect on the financial information included in this report.
The financial information presented in this report does not represent full statutory accounts. The preliminary release was approved by the Board of Directors. The annual report and accounts will be approved by the Board of Directors and reported on by the auditors in due course. Accordingly, the financial information is unaudited. Full statutory accounts for the year ended 31 December 2015 have been filed with the Irish Registrar of Companies. The audit report on those statutory accounts was unqualified.
The Financial Information is presented in Euro, rounded to the nearest thousand, which is the functional currency of the parent company and also the presentation currency of the Group.
The preparation of the Financial Information requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results could differ materially from these estimates. In preparing the Financial Information, the critical judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2015 as set out on pages 59 to 67 in those financial statements.
Notes to the unaudited consolidated financial information
2. Significant accounting policies
The accounting policies applied in the Financial Information are consistent with those applied in the consolidated financial statements as at and for the year ended 31 December 2015, and are described in those financial statements on pages 59 to 66, except for the impact of the standard described below.
Following a review of the intercompany balances within the Group, a number of loans were identified as an extension of Applegreen plc's net investment in foreign operations. As there was and continues to be no intention for these loans to be repaid in the foreseeable future, these loans were considered quasi equity.
In accordance with IAS 21, foreign exchange gains and losses arising on the retranslation of 'quasi equity' loans are recorded in the Consolidated Statement of Comprehensive Income rather than the Consolidated Income Statement. This has increased the charge in the Consolidated Statement of Comprehensive Income by EUR3.2m for the year ended 31 December 2016.
3. Segmental analysis
Applegreen plc is a forecourt retail business headquartered in Dublin, Ireland. Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM has been identified as the Board of Executive Directors.
The board considers the business from both a geographic and product perspective. Geographically, management considers the performance in Ireland, the UK and the USA. From a product perspective, management separately considers retail activities in respect of the sale of fuel, food and other groceries within Ireland and the UK and fuel and other grocery in the USA.
The Group is organised into the following operating segments:
Retail Ireland - Involves the sale of fuel, food and store within the Republic of Ireland.
Retail UK - Involves the sale of fuel, food and store within the United Kingdom.
Retail USA - Involves the sale of fuel and store within the United States of America.
The CODM monitors Revenue and Gross Profit of segments separately in order to allocate resources between segments and to assess performance.
Information regarding the results of each reportable segment is included within this note. Segment performance measures are revenue and gross profit as included in the internal management reports that are reviewed by the executive directors. These measures are used to monitor performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. The CODM also reviews adjusted EBITDA on a consolidated basis. Assets and liabilities are reviewed by the CODM for the Group in its entirety and as such segment information is not provided for these items.
Notes to the unaudited consolidated financial information
3. Segmental analysis (continued)
Analysis of Revenue and Gross Profit
2016 IRL UK USA Total
Revenue EUR000 EUR000 EUR000 EUR000
Fuel 515,762 405,517 16,240 937,519
Food 68,019 17,223 4 85,246
Store 109,652 42,332 2,893 154,877
-------- -------- ------- ----------
693,433 465,072 19,137 1,177,642
-------- -------- ------- ----------
Gross Profit
Fuel 32,405 18,699 1,892 52,996
Food 39,444 8,640 - 48,084
Store 31,525 12,208 964 44,697
-------- -------- ------- ----------
103,374 39,547 2,856 145,777
-------- -------- ------- ----------
Analysis of Revenue and Gross Profit
2015 IRL UK USA Total
Revenue EUR000 EUR000 EUR000 EUR000
Fuel 472,345 397,874 9,081 879,300
Food 55,835 11,661 - 67,496
Store 94,332 38,946 1,420 134,698
-------- -------- ------- ----------
622,512 448,481 10,501 1,081,494
-------- -------- ------- ----------
Gross Profit
Fuel 29,994 18,094 947 49,035
Food 32,484 5,380 - 37,864
Store 27,387 11,186 427 39,000
-------- -------- ------- ----------
89,865 34,660 1,374 125,899
-------- -------- ------- ----------
Reconciliation of profit before income tax to earnings before interest, tax, depreciation and amortisation (EBITDA), share based payments and other non-recurring charges (Adjusted EBITDA)
Notes 2016 2015
EUR000 EUR000
Profit before income tax 19,514 13,921
Depreciation 5 10,890 8,484
Amortisation 5 272 179
Net impairment charge 5 368 (15)
Net finance cost 6 (522) 2,543
------- -------
EBITDA 30,522 25,112
Share based payments 5 1,441 2,667
Non-recurring charges 5 - 1,118
Adjusted EBITDA 31,963 28,897
------- -------
Notes to the unaudited consolidated financial information
4. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year.
Basic earnings per share 2016 2015
Profit from continuing operations
attributable to the owners
of the Company (EUR'000) 17,234 12,004
Weighted average number of
ordinary shares in issue for
basic earnings per share ('000) 80,077 70,339
------- -------
Earnings per share - Basic
(cent) 21.52 17.07
------- -------
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares which comprise share options issued under the share incentive plan.
Diluted earnings per share 2016 2015
Profit from continuing operations
attributable to the owners
of the Company (EUR'000) 17,234 12,004
Weighted average number of
ordinary shares in issue for
basic earnings per share ('000) 80,077 70,339
Adjusted for:
Share options ('000) 3,471 3,339
------- -------
Weighted average number of
ordinary shares for diluted
earnings per share ('000) 83,548 73,678
Earnings per share - Diluted
(cent) 20.63 16.29
------- -------
Notes to the unaudited consolidated financial information
5. Expenses
Profit before tax is stated after charging/(crediting):
2016 2015
EUR000 EUR000
Cost of inventory recognised
as expense 1,011,203 941,089
Other external charges 20,662 14,506
Employee benefits 63,994 38,829
Licensee payroll costs (1) - 12,394
Share based payment charge
(2) 1,441 2,667
Operating leases 13,912 12,568
Amortisation of intangible
assets 272 179
Depreciation of property, plant
and equipment 10,890 8,484
Net foreign exchange loss 381 146
Impairment charge 1,510 654
Impairment reversal (1,142) (669)
Loss on disposal of assets 327 509
Utilities 5,560 5,247
Rates 4,818 4,309
Non recurring charges (3) - 1,118
Other operating charges 25,988 23,953
---------- ----------
1,159,816 1,065,983
---------- ----------
(1) From 01 January 2016, licensee staff have become employees of the Group. As a result their payroll costs have included in employee benefits above.
(2) Included in the charge of EUR1.4m for share based payments is a charge of EUR0.5m in respect of share options granted during the year under a new share option scheme.
(3) Non-recurring charges for the year ended 31 December 2015 comprise provision in respect of uncertain payroll tax positions with Revenue authorities and a one off payment made by the Group's principal shareholders to employees subsequent to the Group's IPO.
6. Finance costs and income
2016 2015
Finance costs EUR000 EUR000
Bank loans and overdrafts 1,485 2,266
Variance on translation of
foreign borrowings * (1,724) 585
Lease finance charges and hire
purchase interest 308 434
Borrowing costs capitalised (266) (408)
Finance costs (197) 2,877
-------- -------
Finance income
Interest income on loans to
associate (321) (321)
Interest income on loans to
directors - (13)
Interest income on loans to (4) -
staff
Finance income (325) (334)
------ ------
Net finance (income)/cost (522) 2,543
------ ------
* The foreign exchange gains of EUR1.7m arises primarily in respect of non-Euro denominated debt.
Notes to the unaudited consolidated financial information
7. Taxation
2016 2015
Current tax EUR000 EUR000
Current tax expense - Ireland 834 1,022
Current tax expense - overseas 860 370
Adjustments in respect of previous
periods 216 40
Total current tax 1,910 1,432
------- -------
Deferred tax
Origination and reversal of
temporary differences 333 485
Changes in overseas tax rates 37 -
Total deferred tax 370 485
------- -------
Total tax 2,280 1,917
------- -------
The total tax expense can be reconciled to accounting profit as follows:
2016 2015
EUR000 EUR000
Profit before tax from continuing
operations 19,514 13,921
-------- -------
Income tax at 12.5% 2,439 1,740
Non tax deductible expenses 342 975
Non-taxable income (1,039) (991)
Income taxable at higher rates 322 153
Adjustments in respect of previous
periods 216 40
Total current tax expense 2,280 1,917
-------- -------
8. Intangible assets
Assets
Operating under
agreements Franchises Licences construction Total
Cost EUR000 EUR000 EUR000 EUR000 EUR000
At 01 January
2016 235 755 1,344 - 2,334
Translation
adjustment - (12) (7) - (19)
Additions 295 414 185 512 1,406
Disposals (12) - (9) - (21)
------------ ----------- --------- -------------- -------
At 31 December
2016 518 1,157 1,513 512 3,700
------------ ----------- --------- -------------- -------
Amortisation
At 01 January
2016 24 175 475 - 674
Translation
adjustment - (1) (1) - (2)
Disposals (1) - - - (1)
Amortisation
charge 75 55 142 - 272
At 31 December
2016 98 229 616 - 943
------------ ----------- --------- -------------- -------
Net Book Value
------------ ----------- --------- -------------- -------
31 December
2016 420 928 897 512 2,757
------------ ----------- --------- -------------- -------
01 January 2016 211 580 869 - 1,660
------------ ----------- --------- -------------- -------
Notes to the unaudited consolidated financial information
9. Property, plant and equipment
Fixtures,
fittings Computer
Land and Plant and and motor hardware Assets under
Buildings equipment vehicles and software construction Total
Cost EUR000 EUR000 EUR000 EUR000 EUR000 EUR000
At 01 January
2016 141,596 11,927 53,428 8,079 19,920 234,950
Translation
adjustment (6,054) (353) (2,462) (267) (1,512) (10,648)
Additions 23,459 4,725 18,587 2,999 9,126 58,896
Disposals (1,482) (144) (681) (101) (392) (2,800)
Reclassifications 8,897 144 444 13 (9,498) -
----------- ----------- ----------- -------------- -------------- ---------
At 31 December
2016 166,416 16,299 69,316 10,723 17,644 280,398
----------- ----------- ----------- -------------- -------------- ---------
Depreciation/Impairment
At 01 January
2016 31,788 1,912 16,161 2,840 - 52,701
Translation
adjustment (905) (27) (520) (95) - (1,547)
Charge for the
year 2,518 754 5,920 1,698 - 10,890
Disposals (946) (41) (217) (36) - (1,240)
Impairment charge 1,049 151 254 22 - 1,476
Impairment reversal (1,014) (6) (88) - - (1,108)
----------- ----------- ----------- -------------- -------------- ---------
At 31 December
2016 32,490 2,743 21,510 4,429 - 61,172
----------- ----------- ----------- -------------- -------------- ---------
Net Book Value
----------- ----------- ----------- -------------- -------------- ---------
31 December
2016 133,926 13,556 47,806 6,294 17,644 219,226
----------- ----------- ----------- -------------- -------------- ---------
01 January 2016 109,808 10,015 37,267 5,239 19,920 182,249
----------- ----------- ----------- -------------- -------------- ---------
Assets under construction as at 31 December 2016 includes the following significant projects; five service stations in the Republic of Ireland (EUR8.4m), two motorway services areas in Northern Ireland (EUR6.3m) and one service station in the UK (EUR0.5m). The remaining amounts relate to several other developments across all regions.
Notes to the unaudited consolidated financial information
10. Inventories
2016 2015
EUR000 EUR000
Raw materials and consumables 981 885
Finished goods 29,292 23,191
30,273 24,076
------- -------
The cost of inventories recognised as an expense and included in 'cost of sales' amounted to EUR1,011m (2015: EUR941m).
11. Trade and other receivables
2016 2015
Current EUR000 EUR000
Trade receivables 4,834 3,058
Provision for impairment (265) (221)
Deposits received from customers (45) (42)
------- -------
Net trade receivables 4,524 2,795
Accrued income 2,561 1,697
Prepayments 3,455 3,687
Other debtors 5,161 3,903
Withholding tax receivable 24 325
VAT receivable 1,355 1,613
Amounts due from related companies 2,646 1,250
19,726 15,270
------- -------
Non-current
Other debtors 373 224
------- -------
373 224
------- -------
Current trade and other receivables are non-interest bearing and are generally less than 30 day credit terms. Non-current debtors relates to loans advanced to our dealer network. The fair values of non-current trade and other receivables is equivalent to their carrying value. The fair value has been determined on the basis of discounted cash flows.
Notes to the unaudited consolidated financial information
12. Cash and cash equivalents
Cash and cash equivalents included in the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows are analysed as follows:
2016 2015
EUR000 EUR000
Cash at bank 21,002 44,766
Cash in transit 8,372 4,531
Cash and cash equivalents (excluding
bank overdrafts) 29,374 49,297
------- -------
Cash and cash equivalents include the following for the purposes of the statement of cash flows:
2016 2015
EUR000 EUR000
Cash and cash equivalents 29,374 49,297
Bank overdrafts (note 13) (1,635) (2,052)
27,739 47,245
-------- --------
13. Borrowings
2016 2015
Current EUR000 EUR000
Bank overdrafts 1,635 2,052
Bank loans 3,465 3,194
Finance leases 749 968
------- -------
5,849 6,214
------- -------
Non-current
Bank loans 39,723 44,903
Finance leases 3,227 2,863
------- -------
42,950 47,766
------- -------
Total borrowings 48,799 53,980
------- -------
In March 2015, the Group entered into new banking arrangements with its senior lenders, Allied Irish Bank plc and Ulster Bank Ireland. These new agreements extend the maturity of the Group's debt and make additional facilities available to the Group.
Notes to the unaudited consolidated financial information
14. Trade and other payables
2016 2015
Current EUR000 EUR000
Trade payables and accruals 126,105 107,641
Other creditors 1,073 618
Deferred income 1,045 879
Value added tax payable 396 278
Other taxation and social security 1,910 1,717
Amounts due to licensees - 1,886
Amounts due to related parties 419 227
130,948 113,246
-------- --------
Deferred income 5,704 5,624
5,704 5,624
------ ------
15. Share capital
Ordinary
No. EUR
Authorised Shares of EUR0.01
each
At 31 December 2015 100,000,000 1,000,000
At 31 December 2016 100,000,000 1,000,000
Issued Shares of EUR0.01 each
At 01 January 2016 79,621,053 796,210
Allotted 850,000 8,500
At 31 December 2016 80,471,053 804,710
------------ ----------
850,000 share options with an exercise price of EUR1.00 were exercised. Share premium of EUR841,500 was recorded on these shares.
16. Post period end events
Since the year end, the Group has added one new service area, one petrol filling station and four new dealer sites in the Republic of Ireland, one new service area in Northern Ireland, three petrol filling stations in the UK and two in the USA. The Group will continue to pursue new developments to enhance shareholder value, through a combination of organic growth, acquisitions and development opportunities.
The Group also entered into a conditional agreement to acquire a 50% share in the Joint Fuels Terminal in Dublin port from the Topaz Energy Group for a consideration of approximately EUR15.7m which will be funded from existing resources. The acquisition is subject to the satisfaction of a number of conditions including the approval of the Competition and Consumer Protection Commission.
The Directors have proposed a dividend in respect of the 2016 financial year of 1.25 cent per ordinary share, EUR1m in total. This dividend has not been provided for in the Group balance sheet as there was no present obligation to pay the dividend at the year end. The final dividend is subject to approval by the Company's shareholders at the Annual General Meeting.
Glossary of financial terms
The key financial terms used by the Group in this report are as follows:
Measure Description
Constant Constant currency measures eliminates
currency the effects of exchange rate fluctuations
that occur when calculating financial
performance numbers.
EBITDA and EBITDA is defined as earnings before
adjusted interest, tax, depreciation, amortisation
EBITDA and impairment charges.
Adjusted EBITDA refers to EBITDA
adjusted for share based payments
and non-recurring items.
The adjusted EBITDA calculation can
be found on page 14.
Adjusted Adjusted PBT is defined as profit
PBT before tax adjusted for share based
payments and non-recurring items.
Adjusted PBT is calculated as follows: 2016 2015
EUR000 EUR000
Profit before
tax 19,514 13,921
Share based payments 1,441 2,667
Non-recurring
charges - 1,118
------- -------
Adjusted PBT 20,955 17,706
------- -------
Like for Like for like statistics measures
like the performance of stores that were
open at 01 January 2015 and excluding
any stores that were closed or divested
since that date.
Net debt Net debt position comprises current
position and non-current borrowings and cash
and cash equivalents.
----------- ---------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR MMGMFLFVGNZM
(END) Dow Jones Newswires
March 14, 2017 03:00 ET (07:00 GMT)
1 Year Applegreen Chart |
1 Month Applegreen Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
