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Share Name | Share Symbol | Market | Type |
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Cartier Silver Corporation | CSE:CFE | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.02 | 6.67% | 0.32 | 0.295 | 0.32 | 0.32 | 0.32 | 0.32 | 1,000 | 14:36:24 |
RNS Number:3264Q Coffee Republic PLC 30 September 2003 30 September 2003 PRELIMINARY RESULTS 'Restructuring objectives met' Coffee Republic plc, the independent coffee bar operator, announces its preliminary results for the year to 30 March 2003. Key Points * Estate rationalisation progressing well, with the estate reduced by more than 30% from 107 to 72 bars today and a final target of 50 core continuing bars, resulting in a smaller, but healthy and profitable estate. * The core continuing bar estate delivered an encouraging performance through the year and trading has remained stable since fiscal year end. * New 'US style' Deli format exceeding management expectations with aggregate sales improving by more than 20%, predominantly due to increase in average spend per customer. * In order to fund the planned roll-out of the 'US style' Deli format we are in the advanced stages of raising additional equity finance. * New Finance Director in place, Simon Drysdale, formerly of Ernst & Young. Preliminary Results - Financial * Sales up 9% to #30.3 million (2002 - #27.8m). * The 50 core continuing bars generated more than 100% of aggregate bar cash profit. * Operating loss before exceptional charges of #3.8 million (2002: loss of #1.9m). Commenting, Bobby Hashemi, Chairman, said: "We believe our strategy of evolving the business towards the food-led Republic Deli concept will fully exploit the existing 50 bar estate, the customer base and Coffee Republic's brand recognition and operational infrastructure, which will provide a solid platform for restoring shareholder value." Further information Coffee Republic Bobby Hashemi / Simon Drysdale 020 7033 0600 Buchanan Communications Tim Thompson / Nicola Cronk 020 7466 5000 Teather & Greenwood Jeff Keating/David Galan 020 7426 9000 Chairman's statement Introduction The past year has been challenging for Coffee Republic. However, we achieved important objectives within the restructuring plan outlined in last year's Annual Report, including the introduction of a more profitable customer proposition. In addition, the performance of our core estate during the year has been encouraging in a competitive market. The results for the year to 30 March 2003 cover the full implementation costs of the recovery plan, including the final one-off restructuring costs and related non-cash asset write downs. Current trading The estate has been divided into two groups; a core of 50 continuing bars and those bars previously identified for disposal. Trading has remained stable since the fiscal year end with flat like-for-like sales from continuing bars. Positive same store sales growth from regional bars is offsetting the decline in London which remains a difficult market. Final Results Sales grew by 9% to #30.3 million (2002: #27.8 million) reflecting new bar openings in the prior year. As reported in December like-for-like sales for the first half were negative, however, this trend improved in the second half of the year with continuing bars generating like-for-like sales growth of 4%. During the second half, out of London regional bars saw positive like-for-like sales of 6% whilst London bars experienced negative like-for-like sales of 1%. As a result full year like-for-like sales from continuing bars were flat. The operating loss before exceptional charges was #3.8 million (2002: Loss #1.9 million). The steps taken to restructure the business resulted in one-off costs of #5.8 million (2002: #5.7 million). These exceptional costs, primarily relating to non-cash asset write downs, take account of all costs in relation to rationalising the estate from 82 trading bars at the year end to the target of 50. The loss after exceptional charges was #9.8 million (2002: Loss #7.5 million). Annual sales from continuing bars were #16.8 million, whilst accounting for 55% of total sales, these bars generated more than 100% of aggregate bar cash profit by contributing #2.4 million. Restructuring Our estate rationalisation is moving forward on plan. We disposed of 25 bars during the fiscal year, ending with 82 trading bars. Since then, we have disposed of a further 10, and currently have 72 bars. Based on our target of 50 core continuing bars, we have 22 disposal bars remaining, 12 of which are under offer or have been exchanged. This rationalisation program will result in a smaller, but healthy and profitable, estate. The rationalisation programme has resulted in significant restructuring costs being charged to the profit and loss account but has already contributed substantial ongoing savings. We have also negotiated cost of goods reductions resulting in a 1.5% improvement in the ongoing gross margin percentage, and achieved ongoing central head office cost savings of 30%. These actions have resulted in annualized cash flow improvements in excess of #1.0 million, the full impact of which will be seen in the current financial year. Chairman's statement (continued) Cashflow and Financing Net cash outflow for the period was #1.0 million (2002: #9.4 million outflow) including a #0.8 million operating cash outflow from disposal bars resulting in an increase in net debt from #2.5 million to #3.5 million at the year end. In order to fund the rollout of the Republic Deli concept, as set out below, we are in the advanced stages of raising additional equity finance and rescheduling debt finance. Raising additional funds will enable the Group to continue as a going concern. The proposed fundraising and shareholder approval have yet to be completed. Whilst there can be no certainty regarding the outcome of the fundraising at this time, the Directors consider that additional funds will be raised in the near future. Board I am pleased to announce that Simon Drysdale, formerly of Ernst & Young has joined the Board as Finance Director, and that Richard Bingham, our previous interim Finance Director, will continue on our Board as a non-executive director. Outlook Our objective is to complete the estate rationalisation whilst improving earnings and cash flow from the core continuing bars. Our strategic review concluded that the core estate is profitable, well located and in good condition. Moreover, we have high quality, well-trained operational teams supported by robust infrastructure. This provides an ideal platform to evolve towards a more food-led proposition to raise average transaction values and profit per bar. Since the year-end, we have successfully developed two deli bars following a " US-style deli" format, offering a range of fresh-made sandwiches and hot food counter in addition to our strong coffee offer. The first trial, in Baker Street, London, opened in April 2003, successfully tested the processes and practices necessary to deliver the new proposition. The second opened in Exchange Square in the City of London in August under the new Republic Deli brand name. The results from these delis have exceeded management expectations, with aggregate sales improving by more than 20% predominately due to increased average spend per customer. Republic Deli differentiates itself from the major sandwich brands, which mainly offer pre-packed "wedge" take-away sandwiches, by focussing on fresh-made and made-to-order sandwiches, including hot breakfast and lunch offers, in addition to the Coffee Republic coffee favoured by our customers, for both eat-in or take-away. Based on our experience to date the strength of this "Eat, Drink, & Meet" offer that spans across all the day-parts significantly improves average spend per customer, leading to increased overall sales and profitability. This is an opportunity to create a consistent and high quality branded offer in the #3.5 billion UK retail sandwich market, a substantial proportion of which has been traditionally dominated by locally operated sandwich bars mostly focussed on take-away trade. This proposed evolution of our offering will provide the opportunity to roll-out the Republic Deli brand throughout our estate by refurbishing our core coffee bars at a fraction of the cost of a new deli which we propose to fund through the raising of new share capital. The Board believes its strategy of evolving the business towards the food-led Republic Deli concept, fully exploits the existing 50 bar estate, customer base and Coffee Republic brand recognition, and operational infrastructure, providing a solid platform for restoring shareholder value. Bobby Hashemi Chairman 30 September 2003 Consolidated Profit and Loss Account for the year ended 30 March 2003 Note 2003 2002 #000 #000 Turnover 30,302 27,817 Cost of sales (32,736) (28,873) Gross loss (2,434) (1,056) Administrative expenses (1,797) (1,280) Operating loss before exceptional items (3,854) (1,894) Exceptional items 2 (377) (442) Operating loss (4,231) (2,336) Exceptional items 2 (5,386) (5,254) - loss on disposal of fixed assets Loss on ordinary activities (9,617) (7,590) Interest receivable 8 184 Interest payable and similar charges (211) (81) Loss on ordinary activities before and after taxation (9,820) (7,487) Loss per ordinary share: Basic and Diluted 3 (4.37p) (3.43p) Loss per ordinary share before exceptional items: Basic and Diluted 3 (1.80p) (0.82p) All recognised gains and losses are included in the profit and loss account. All amounts relate to continuing operations. Consolidated Balance Sheet at 30 March 2003 2003 2002 #000 #000 #000 #000 Fixed assets Intangible assets 205 229 Tangible assets 9,201 18,083 Current assets Stocks 156 302 Debtors 1,672 2,237 Cash at bank and in hand 102 692 1,930 3,231 Creditors: amounts falling due within one year (4,621) (5,460) Net current liabilities (2,691) (2,229) Total assets less current liabilities 6,715 16,083 Creditors: amounts falling due after more than one (2,898) (2,568) year Provision for liabilities and charges (1,200) (1,078) Net assets 2,617 12,437 Capital and reserves Called up share capital 11,228 11,228 Share premium account 17,799 17,799 Profit and loss account (26,410) (16,590) Shareholders' funds - equity 2,617 12,437 Consolidated Cashflow Statement for the year ended 30 March 2003 2003 2002 #000 #000 Net cash outflow from operating activities (2,337) (2,045) Returns on investments and servicing of finance (203) 147 Capital expenditure 1,522 (7,238) Acquisition - (225) Cash outflow before liquid resources and financing (1,018) (9,361) Management of liquid resources - 6,837 Financing (154) 2,891 (Decrease)/increase in cash in the period (1,172) 367 2003 2002 #000 #000 Reconciliation of net cashflow to movement in net funds (Decrease)/increase in cash in the period (1,172) 367 Cash outflow/(inflow) from decrease/(increase) in 154 (2,747) debt and lease financing Cash outflow from decrease in liquid resources - (6,837) Change in net debt arising from cash flow (1,018) (9,217) Finance lease acquired with subsidiary - (113) Movement in net funds in the year (1,018) (9,330) Opening net (debt)/funds (2,503) 6,827 Closing net debt (3,521) (2,503) 1 Basis of Preparation The preliminary results do not constitute full accounts within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 30 March 2003 is extracted from the Group's financial statements to that date which received an unqualified auditors' report and will be sent to the shareholders and filed with the Registrar of Companies. The results, cash flows and balance sheet incorporate the audited results of Coffee Republic PLC and all of its subsidiary undertakings made up to 30 March 2003 and have been prepared on a basis consistent with the audited financial statements for the year ended 31 March 2002. The financial statements have been prepared on the going concern basis. As referred to in the Chairman's Statement, the company is in the advanced stages of raising additional equity finance and rescheduling debt finance in order to fund the rollout of its deli bar concept across the estate. Raising additional funds will enable the Group to continue to trade as a going concern. The proposed fundraising and shareholder approval have yet to be completed. Whilst there can be no certainty regarding the outcome of the fundraising at this time, the Directors consider that additional funds will be raised in the near future and therefore it is appropriate for the accounts to be prepared on a going concern basis. Accordingly, the financial statements do not include any adjustments that would result from a withdrawal of facilities by the Group's bankers or from the failure to raise additional funds. 2 Exceptional items 2003 2002 #000 #000 Operating Restructuring costs 377 442 The restructuring costs of #377,000 relate to the costs of moving the head office and include the salary costs of the former Chief Executive. As the restructuring did not represent a fundamental reorganisation of the Group, these costs have been charged against operating results. Non Operating Loss on disposal of bars less premiums received 5,386 5,254 The loss on disposal of fixed assets comprises #2,902,000 for bars planned for disposal at the year end, #1,770,000 relating to losses on disposals during the year and a #714,000 provision for onerous leases and dilapidations. 3 Loss per ordinary share The basic loss per ordinary share is based on losses after taxation of #9,820,000 (2002: loss #7,487,000) and a weighted average number of shares in issue of 224,565,304 (2002: 218,339,870). The loss per ordinary share, before exceptional items of #5,763,000 (2002: #5,696,000), is based on losses of #4,057,000 (2002: #1,791,000), and a weighted average number of shares of 224,565,304 (2002: 218,339,870). This additional disclosure has been provided as the Directors believe it provides a better indication of the Groups' performance. There was no difference between basic and diluted earnings per share in 2003 and 2002. This information is provided by RNS The company news service from the London Stock Exchange END FR NKCKKNBKBCCB
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