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CFYN Caffyns Plc

450.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Caffyns Plc LSE:CFYN London Ordinary Share GB0001615219 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 450.00 400.00 500.00 450.00 450.00 450.00 9,403 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Motor Veh Dealers (new,used) 251.43M 2.52M 0.8766 5.13 12.96M

Caffyns PLC Half-year Report (5538H)

25/11/2022 7:00am

UK Regulatory


Caffyns (LSE:CFYN)
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From Mar 2022 to Mar 2024

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TIDMCFYN

RNS Number : 5538H

Caffyns PLC

25 November 2022

HALF YEAR REPORT

for the six months ended 30 September 2022

Summary

 
 
                                            6 months         6 months 
                                                  to               to 
                                        30 September     30 September 
                                                2022             2021 
                                             GBP'000          GBP'000 
 
 Revenue                                     118,992          110,785 
 Profit before tax                             1,558            2,295 
 Underlying EBITDA (see note 1 
  below)                                       3,283            3,950 
 
 Underlying profit before tax (see 
  note 1 below)                                1,566            2,396 
 
                                               Pence            Pence 
 
 
 Underlying basic earnings per 
  share                                         47.3             73.0 
 
 Basic earnings per share                       47.0             69.9 
 
 Interim dividend per ordinary 
  share                                          7.5              7.5 
 

Financial and operational review

   --    Underlying profit before tax of GBP1.6 million (2021: GBP2.4 million) 
   --    Profit before tax of GBP1.6 million (2021: GBP2.3 million) 
   --    Total revenue increase of 7% and like-for-like revenue increase of 4% (see note 2 below) 
   --    Underlying basic earnings per share of 47.3 pence (2021: 73.0 pence) 
   --    Basic earnings per share of 47.0 pence (2021: 69.9 pence) 
   --    Interim ordinary dividend declared of 7.5 pence (2021: 7.5 pence) 
   --    Net bank borrowings at 30 September 2022 of GBP9.5 million (2021: GBP8.7 million) 

Simon Caffyn, Chief Executive, commented:

"The underlying profit before tax of GBP1.6 million is a strong result considering the ongoing disruption to new car supply and current economic challenges. We have a substantial new car order book and used car sales continue to perform well."

Enquiries:

 
              Simon Caffyn, Chief 
Caffyns plc    Executive             Tel:   01323 730201 
 Mike Warren, Finance 
  Director 
Headland      Chloe Francklin        Tel:   020 3805 4855 
 
 

Note 1: Underlying results exclude items that have non-trading attributes due to their size, nature or incidence. Non-underlying items for the period totalled GBP0.01 million (2021: GBP0.10 million) and are detailed in Note 4 to these condensed consolidated financial statements. Underlying EBITDA of GBP3.28 million (2021: GBP3.95 million) represents Operating profit before non-underlying items of GBP2.22 million (2021: GBP2.97 million) and Depreciation and Amortisation of GBP1.06 million (2021: GBP0.98 million).

Note 2: Like-for-like comparisons exclude the impact of the Lotus and MG businesses at Ashford and the Lotus business in Lewes, as these businesses did not trade for the full six-month period in either the current or previous financial periods. All other businesses operated throughout both the whole of the current and prior six-month periods.

INTERIM MANAGEMENT REPORT

Summary

I am pleased to report a strong underlying profit before tax of GBP1.6 million for the half-year ended 30 September 2022 ("the period"). Whilst this is less than the GBP2.4 million recorded for the comparative period in 2021, the prior period was positively impacted by the post-covid reopening of showrooms in April 2021 and from the holiday from business rates for retail premises. Trading in the period, especially for used cars, has been robust. However, new car supply for the majority of the manufacturers we represent remained muted due to the continuing effects of the global shortage in semiconductors and battery components restraining manufacturers' production levels. We expect this shortage to begin to dissipate during the 2023 calendar year.

Revenue for the period increased by 7% to GBP119.0 million (2021 GBP110.8 million), primarily due to strong used car prices.

The Company continues to own all but two of the freeholds of the properties from which it operates and this provides the dual strengths of a strong asset base and minimal exposure to rent reviews.

The Company's defined-benefit pension scheme deficit, calculated in accordance with the requirements of IAS 19 Pensions, showed a reduction of GBP1.3 million from 31 March 2022 year-end to GBP1.5 million at 30 September 2022. Financial markets were in a state of great flux towards the end of the period under review resulting in significant changes in the levels of both assets and liabilities. The board was pleased that the Scheme weathered these changes well, with the level of the deficit largely unaffected.

Profit before tax for the period was GBP1.6 million (2021: GBP2.3 million) with basic earnings per share of 47.0 pence (2021: 69.9 pence). Underlying basic earnings per share were 47.3 pence (2021: 73.0 pence).

T he Company is maintaining its interim dividend at 7.5 pence per ordinary share reflecting the board's confidence in the prospects for the Company.

Operating review

New and used cars

Our new car deliveries rose by 6% on a like-for-like basis from the prior year period. Nationally, the Society of Motor Manufacturers and Traders reported a 5% reduction in new car registrations in the retail and small business market segment in which we primarily operate. We were, therefore, pleased that the majority of our brands performed ahead of the UK market. Our used car sales volumes for the period fell by 12% on a like-for-like basis. Demand remained buoyant as customers looked for used car purchases due to the lack of availability of new cars but the supply of appropriately-priced used cars remained challenging.

Aftersales

Our aftersales revenues rose by 5% in the period on a like-for-like basis despite staffing remaining challenging and adversely affecting throughput levels. We continued to realise improvements to our customer retention processes.

Operations

Our Audi businesses, in particular, performed very strongly in this challenging period with our other VAG brands all trading ahead of expectations. Our remaining brands, including our Motorstore non-franchise used car operation, all traded satisfactorily.

During the period, we extended our representation with Lotus, opening in Lewes on 1 June 2022 and we now cover both Kent and Sussex for the brand. We are encouraged by the start that the business has made and look forward to deliveries of the new Emira in in the second half of our financial year with the Eletre to follow.

The Government's holiday from business rates for retail premises finished on 1 April 2022, the start of our current financial year. In the comparative prior year period, the benefit from the rates holiday was GBP0.5 million, and the Company also utilised the Government's Coronavirus Job Retention Scheme, receiving GBP0.1 million.

Property

Capital expenditure in the period was GBP0.6 million (2021: GBP1.2 million) and included assets in the course of construction of GBP0.3 million (2021: GBP0.7 million).

We operate primarily from freehold sites and our property portfolio provides additional stability to our business model. Annually, we obtain an independent assessment of the values of our freehold properties against their carrying value in our accounts and had an unrecognised surplus to carrying value of GBP13.3 million at 31 March 2022, our last financial year-end. The board does not consider there to have been any material movement in the value of the Company's freehold properties since the year-end.

The board continues to evaluate opportunities for our freehold premises in Lewes and no sale is expected to complete for at least a twelve-month period. Currently the main showroom is being utilised for our Lotus Sussex operation whilst the side showroom and workshop are let to third-party tenants.

Pensions

The Company's defined-benefit pension scheme started the period with a net deficit of GBP2.8 million. The board has little control over the key assumptions in the valuation calculations as required by accounting standards and the size and nature of the Scheme's underlying assets and liabilities means that the deficit can be subject to significant change. However, the board was pleased to note a further reduction in the assessed level of the deficit at 30 September 2022, to GBP1.5 million (2021: GBP4.9 million). Net of deferred tax, the net deficit at 30 September 2022 was GBP1.1 million (2021: GBP4.0 million).

In the latter stages of the period financial markets became extremely unsettled, with interest rates and yields on Government gilts significantly increasing. As a result, the net present value of the Scheme's future pension liabilities at 30 September 2022 reduced significantly by GBP25.6 million. However, this reduction was only slightly greater than the fall in the value of the Scheme's assets, leaving the net deficit position improved by GBP1.3 million.

The pension cost under IAS 19 Pensions is recognised in the Condensed Consolidated Statement of Financial Performance and continues to be charged as a non-underlying cost, amounting to GBP46,000 (2021: GBP101,000).

As the Scheme is in deficit, the Company has in place a recovery plan which has been agreed with the trustees, and which was last updated in May 2021. During the period, the Company made cash payments into the Scheme of GBP0.4 million. These payments increase by a minimum of 2.25% per annum.

Bank and other funding facilities

The Company has banking facilities with HSBC which comprise a term loan, originally of GBP7.5 million, and a revolving-credit facility of GBP6.0 million, both of which will become renewable in April 2026. HSBC also provides an overdraft facility of GBP3.5 million, renewable annually. In addition, there is an overdraft facility of GBP4.0 million provided by Volkswagen Bank, renewable annually, together with a term loan, originally of GBP5.0 million, which is repayable over the period to March 2024.

The Company was cash generative during the period with GBP2.2 million (2021: GBP2.7 million) generated from operating activities. Working capital levels remained broadly unchanged in the period, compared to an improvement of GBP1.0 million in the prior period. Both inventories and payables showed a noticeable increase in the period due to a combination of strong used car prices and an easing in the shortage of new cars supplied to the Company by manufacturers under consignment terms.

Bank borrowings, net of cash balances, at 30 September 2022 were GBP9.5 million (2021: GBP8.7 million), down from GBP10.4 million at 31 March 2022. As a proportion of shareholders' funds, bank borrowings, net of cash balances, were 26% at 30 September 2022 (2021: 27%).

Taxation

The tax charge for the period has been based on an estimation of the effective tax rate on profits for the full financial year of 19% (2021: 20%). The current year effective tax rate is in line with the standard rate of corporation tax in force for the year of 19%.

Payments of corporation tax in the period, net of refunds, were GBP0.2 million (2021: GBP0.3 million).

At 30 September 2022 the company recognised a deferred tax liability on the Statement of Financial Position of GBP1.8 million (2021: GBP0.4 million).

People

The response from everyone in the Company to the covid-19 pandemic and to other marketplace challenges continues to be outstanding and the board would like to express its gratitude to them for their hard work and professional application . The efforts of our operational and support teams to continue to improve our efficiency was instrumental in our ability to deliver another strong performance .

Dividend

Despite the uncertainty that remains over the outlook for the UK economy and the ongoing supply chain issues the industry is facing, the board remains confident in the prospects of the Company and has therefore declared an unchanged interim dividend of 7.5 pence per ordinary share (2021: 7.5 pence per ordinary share). This will be paid on 9 January 2023 to shareholders on the register at close of business on 9 December 2022. The ordinary shares will be marked ex-dividend on 8 December 2022.

Strategy

Our continuing strategy is to focus on representing premium and premium-volume franchises as well as maximising opportunities for premium used cars, with an emphasis on delivering the highest quality of customer experience. We recognise that we operate in a rapidly changing environment and carefully monitor the appropriateness of this strategy whilst also seeking new opportunities to invest in the future growth of the business.

We concentrate on stronger markets so as to deliver higher returns from fewer but larger sites. We continue to seek to deliver performance improvement, in particular in our used car and aftersales operations.

Current trading and outlook

Customer demand for used cars remains buoyant and our forward-order bank for new cars is at an elevated level, which is especially encouraging for 2023 when it is hoped that new car availability will improve. However, in the short-term new cars are expected to remain in short supply and the high level of economic uncertainty, including the price and availability of energy over the winter months, is a concern. Given these uncertainties, the board remains cautious for the second half of the financial year.

Our balance sheet is appropriately funded and our freehold property portfolio is a source of substantial stability. We continue to enhance our online presence, as well as improving our productivity and increasing the resilience of the business. We remain confident in the longer-term prospects for the Company and are ready to explore future business opportunities as they arise.

Simon G M Caffyn

Chief Executive

24 November 2022

Condensed Consolidated Statement of Financial Performance

for the half year ended 30 September 2022

 
                                                       Unaudited       Unaudited       Audited 
                                                       Half year       Half year    Year ended 
                                             N o              to              to      31 March 
                                             t e    30 September    30 September          2022 
                                                            2022            2021         Total 
                                                           Total           Total 
                                                         GBP'000         GBP'000       GBP'000 
 
 Revenue                                                 118,992         110,785       223,928 
 Cost of sales                                         (102,839)        (95,058)     (191,982) 
----------------------------------------  ------  --------------  --------------  ------------ 
 Gross profit                                             16,153          15,727        31,946 
 Operating expenses                                     (14,088)        (13,036)      (26,669) 
----------------------------------------  ------  --------------  --------------  ------------ 
 Operating profit before other income                      2,065           2,691         5,277 
 Other income (net)                          3               189             259           390 
----------------------------------------  ------  --------------  --------------  ------------ 
 Operating profit                                          2,254           2,950         5,667 
----------------------------------------  ------  --------------  --------------  ------------ 
 Operating profit before non-underlying 
  items                                                    2,227           2,966         5,690 
 Non-underlying items within operating 
  profit                                     4                27            (16)          (23) 
----------------------------------------  ------  --------------  --------------  ------------ 
 Operating profit                                          2,254           2,950         5,667 
 Net finance expense                         5             (661)           (570)       (1,116) 
 Non-underlying net finance expense 
  on pension scheme                          4              (35)            (85)         (166) 
----------------------------------------  ------  --------------  --------------  ------------ 
 Net finance expense                                       (696)           (655)       (1,282) 
----------------------------------------  ------  --------------  --------------  ------------ 
 Profit before taxation                                    1,558           2,295         4,385 
----------------------------------------  ------  --------------  --------------  ------------ 
 Profit before tax and non-underlying 
  items                                                    1,566           2,396         4,574 
 Non-underlying items within operating 
  profit                                     4                27            (16)          (23) 
 Non-underlying net finance expense 
  on pension scheme                          4              (35)            (85)         (166) 
----------------------------------------  ------  --------------  --------------  ------------ 
 Profit before taxation                                    1,558           2,295         4,385 
 Taxation                                    6             (290)           (410)       (1,386) 
----------------------------------------  ------  --------------  --------------  ------------ 
 Profit for the period                                     1,268           1,885         2,999 
----------------------------------------  ------  --------------  --------------  ------------ 
 
 Earnings per share 
 Basic                                       7             47.0p           69.9p        111.3p 
 Diluted                                     7             46.4p           69.0p        109.6p 
 
 Non-GAAP measure 
 Underlying basic earnings per share         7             47.3p           73.0p        117.0p 
 Underlying diluted earnings per 
  share                                      7             46.6p           72.0p        115.2p 
 

Condensed Consolidated Statement of Comprehensive Expense

for the half year ended 30 September 2022

 
                                          Note      Unaudited      Unaudited    Audited 
                                                    Half year      Half year    Year to 
                                                           to             to 
                                                 30 September   30 September   31 March 
                                                         2022           2021       2022 
                                                      GBP'000        GBP'000    GBP'000 
 
 Profit for the period                                  1,268          1,885      2,999 
---------------------------------------  -----  -------------  -------------  --------- 
 Items that will never be reclassified 
  to profit and loss: 
 Remeasurement of net pension 
  scheme obligation                         12            958          3,224      5,045 
 Deferred tax on remeasurement 
  of pension scheme obligation                          (239)          (612)    (1,261) 
 Effect of change in deferred 
  tax rate                                                  -              -        511 
---------------------------------------  -----  -------------  -------------  --------- 
 Other comprehensive income, 
  net of tax                                              719          2,612      4,295 
---------------------------------------  -----  -------------  -------------  --------- 
 Total comprehensive income for 
  the period                                            1,987          4,497      7,294 
---------------------------------------  -----  -------------  -------------  --------- 
 

Condensed Consolidated Statement of Financial Position

at 30 September 2022

 
                                                       Unaudited       Unaudited     Audited 
                                                    30 September    30 September    31 March 
                                            Note            2022            2021        2022 
                                                         GBP'000         GBP'000     GBP'000 
 
 Non-current assets 
 Right-of-use assets                           9           1,241             550       1,413 
 Property, plant and equipment                 9          38,796          38,060      38,975 
 Investment properties                        10           7,588           7,703       7,646 
 Interest in lease                                           306             473         389 
 Goodwill                                                    286             286         286 
 Total non-current assets                                 48,217          47,072      48,709 
---------------------------------------  -------  --------------  --------------  ---------- 
 
 Current assets 
 Inventories                                              32,937          27,703      27,546 
 Trade and other receivables                               6,138           4,003       5,264 
 Interest in lease                                           167             171         168 
 Current tax recoverable                                       -               -          40 
 Cash and cash equivalents                                 3,214           4,958       2,759 
---------------------------------------  -------  --------------  --------------  ---------- 
 Total current assets                                     42,456          36,835      35,777 
---------------------------------------  -------  --------------  --------------  ---------- 
 
 Total assets                                             90,673          83,907      84,486 
---------------------------------------  -------  --------------  --------------  ---------- 
 
 Current liabilities 
 Interest-bearing overdrafts, loans 
  and borrowings                                           1,875           1,875       1,875 
 Trade and other payables                                 35,781          30,735      29,495 
 Lease liabilities                                           289             434         496 
 Current tax payable                                          76             165         236 
---------------------------------------  -------  --------------  --------------  ---------- 
 Total current liabilities                                38,021          33,209      32,102 
---------------------------------------  -------  --------------  --------------  ---------- 
 
 Net current assets                                        4,736           3,626       3,675 
 
   Non-current liabilities 
 Interest-bearing loans and borrowings                    10,875          11,750      11,312 
 Lease liabilities                                         1,394             695       1,434 
 Preference shares                                           812             812         812 
 Pension scheme obligation                    12           1,482           4,920       2,797 
 Deferred tax liability                                    1,751             411       1,298 
---------------------------------------  -------  --------------  --------------  ---------- 
 Total non-current liabilities                            16,314          18,588      17,653 
---------------------------------------  -------  --------------  --------------  ---------- 
 
 Total liabilities                                        54,335          51,797      49,755 
---------------------------------------  -------  --------------  --------------  ---------- 
 Net assets                                               36,338          32,110      34,731 
---------------------------------------  -------  --------------  --------------  ---------- 
 
 Shareholders' equity 
 Ordinary share capital                                    1,439           1,439       1,439 
 Share premium                                               272             272         272 
 Capital redemption reserve                                  707             707         707 
 Non-distributable reserve                                 1,724           1,724       1,724 
 Retained earnings                                        32,196          27,968      30,589 
---------------------------------------  -------  --------------  --------------  ---------- 
 Total equity                                             36,338          32,110      34,731 
---------------------------------------  -------  --------------  --------------  ---------- 
 
 

Condensed Consolidated Statement of Changes in Equity

for the half year ended 30 September 2022 (unaudited)

 
 
                                                                Capital 
                                        Share       Share    redemption   Non-distributable     Retained       Total 
                                      capital     premium       reserve             reserve     earnings      equity 
                                      GBP'000     GBP'000       GBP'000             GBP'000      GBP'000     GBP'000 
 
 At 1 April 2022 
  Total comprehensive income            1,439         272           707               1,724       30,589      34,731 
 Profit for the period                      -           -             -                   -        1,268       1,268 
 Other comprehensive income                 -           -             -                   -          719         719 
---------------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 Total comprehensive income 
  for the period                            -           -             -                   -        1,987       1,987 
 Transactions with owners: 
  Dividends                                                                                        (404)       (404) 
  Share-based payment                       -           -             -                   -           24          24 
 --------------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 At 30 September 2022 (unaudited)       1,439         272           707               1,724       32,196      36,338 
---------------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 

for the half year ended 30 September 2021 (unaudited)

 
 
                                                                  Capital 
                                          Share       Share    redemption   Non-distributable     Retained       Total 
                                        capital     premium       reserve             reserve     earnings      equity 
                                        GBP'000     GBP'000       GBP'000             GBP'000      GBP'000     GBP'000 
 
 At 1 April 2021                          1,439         272           707               1,724       23,444      27,586 
 Total comprehensive income 
 Profit for the period                        -           -             -                   -        1,885       1,885 
 Other comprehensive income                   -           -             -                   -        2,612       2,612 
-----------------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 Total comprehensive income 
  for the period                                                                                     4,497       4,497 
 Transactions with owners: 
  Share-based payment                         -           -             -                   -           27          27 
 ----------------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 At 30 September 2021 (unaudited)         1,439         272           707               1,724       27,968      32,110 
-----------------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 
 

for the year ended 31 March 2022 (audited)

 
 
                                                            Capital 
                                    Share       Share    redemption   Non-distributable     Retained       Total 
                                  capital     premium       reserve             reserve     earnings      equity 
                                  GBP'000     GBP'000       GBP'000             GBP'000      GBP'000     GBP'000 
 
 At 1 April 2021                    1,439         272           707               1,724       23,444      27,586 
 Total comprehensive income 
 Profit for the year                    -           -             -                   -        2,999       2,999 
 Other comprehensive income             -           -             -                   -        4,295       4,295 
-----------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 Total comprehensive income 
  for the year                                                                                 7,294       7,294 
 Transactions with owners: 
  Dividends                             -           -             -                   -        (202)       (202) 
  Issue of shares - SAYE                -           -             -                   -            -           - 
  Share-based payment                   -           -             -                   -           53          53 
 ----------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 At 31 March 2022 (audited)         1,439         272           707               1,724       30,589      34,731 
-----------------------------  ----------  ----------  ------------  ------------------  -----------  ---------- 
 

Condensed Consolidated Cash Flow Statement

for the half year ended 30 September 2022

 
 
                                                        Unaudited        Unaudited      Audited 
                                                        Half year        Half year      Year to 
                                                               to               to     31 March 
                                                     30 September     30 September         2022 
                                                             2022             2021      GBP'000 
                                                          GBP'000          GBP'000 
 
 Cash flows from operating activities 
 Profit before taxation                                     1,558            2,295        4,385 
 Adjustments for: 
 Net finance expense and pension scheme 
  service cost                                                696              655        1,282 
 Depreciation of property, plant and equipment, 
  investment properties and right-of-use 
  assets                                                    1,056              984        2,022 
 Cash payments into the defined-benefit 
  pension scheme                                            (403)          (1,391)      (1,781) 
 Loss on disposal of property, plant and                        -                -            - 
  equipment 
 Share-based payments                                          24               27           53 
 (Increase)/decrease in inventories                       (5,391)            8,859        9,016 
 (Increase)/decrease in receivables                         (875)            1,069         (94) 
 Increase/(decrease) in payables                            6,367          (8,881)      (9,911) 
------------------------------------------------  ---------------  ---------------  ----------- 
 Cash generated from operations                             3,032            3,617        4,972 
 Net tax paid                                               (196)            (307)        (503) 
 Interest paid                                              (645)            (562)      (1,079) 
------------------------------------------------  ---------------  ---------------  ----------- 
 Net cash generated from operating activities               2,191            2,748        3,390 
------------------------------------------------  ---------------  ---------------  ----------- 
 Investing activities 
 Proceeds generated on disposal of property,                    -                -            - 
  plant and equipment 
 Purchases of property, plant and equipment                 (717)            (913)      (2,837) 
 Receipt from investment in lease                              93               93          185 
------------------------------------------------  ---------------  ---------------  ----------- 
 Net cash used in investing activities                      (624)            (820)      (2,652) 
------------------------------------------------  ---------------  ---------------  ----------- 
 Financing activities 
 Bank revolving-credit facility repaid                          -          (2,000)      (2,000) 
  Secured loans repaid                                      (437)            (437)        (875) 
 Bank refinancing arrangement fees                              -                -         (98) 
 Issue of shares - SAYE scheme                                  -                -            - 
 Dividends paid                                             (404)                -        (202) 
 Repayment of lease liabilities                             (271)            (268)        (539) 
------------------------------------------------  ---------------  ---------------  ----------- 
 Net cash used in financing activities                    (1,112)          (2,705)      (3,714) 
------------------------------------------------  ---------------  ---------------  ----------- 
 Net increase/(decrease) in cash and 
  cash equivalents                                            455            (777)      (2,976) 
 Cash and cash equivalents at beginning 
  of period                                                 2,759            5,735        5,735 
------------------------------------------------  ---------------  ---------------  ----------- 
 Cash and cash equivalents at end of 
  period                                                    3,214            4,958        2,759 
------------------------------------------------  ---------------  ---------------  ----------- 
 
 

Notes to the Condensed Consolidated Financial Statements

for the half year ended 30 September 2022

   1.            GENERAL INFORMATION 

Caffyns plc is a company domiciled in the United Kingdom. The address of the registered office is Meads Road, Eastbourne, East Sussex, BN20 7DR.

These condensed consolidated financial statements for the half year to 30 September 2022 and similarly for the half year to 30 September 2021 are unaudited. They do not include all the information required for full annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 March 2022.

The comparative financial information for the year ended 31 March 2022 in these condensed consolidated financial statements does not constitute statutory accounts for that year. The statutory accounts for 31 March 2022 have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

These condensed consolidated financial statements have been reviewed by the Company's auditor and a copy of their review report is set out at the end of these statements.

These consolidated interim financial statements were approved by the directors on 24 November 2022.

   2.            ACCOUNTING POLICIES 

The annual financial statements of Caffyns plc are prepared in accordance with UK adopted International Accounting Standards . The set of condensed consolidated financial statements included in this half yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34 'Interim Financial Reporting'. As required by the disclosure guidance and transparency rules of the Financial Conduct Authority, this set of condensed consolidated financial statements has been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31 March 2022 .

Segmental reporting

Based upon the management information reported to the Group's chief operating decision maker, the Chief Executive, in the opinion of the directors, the Group only has one reportable segment. There are no major customers amounting to 10% or more of the Group's revenue. All revenue and non-current assets derive from, or are based in, the United Kingdom.

Basis of preparation: Going concern

These condensed consolidated financial statements have been prepared on a going concern basis which the directors consider appropriate for the reasons set out below.

The directors have considered the going concern basis and have undertaken a detailed review of trading and cash flow forecasts for a period in excess of one year from the date of approval of this Interim Report. This has focused primarily on the achievement of the Company's banking covenants.

Under the Company's first covenant test, it is required to make underlying earnings before bank interest, depreciation and amortisation ("senior EBITDA") for the rolling twelve-month period to each calendar quarter end, which is at least four times the level of interest payable on bank borrowings to HSBC and Volkswagen Bank ("senior interest").

The Company's second covenant test requires total bank borrowings to HSBC and Volkswagen Bank at each calendar quarter end not to exceed 375% of senior EBITDA for the rolling twelve-month period to the end of that calendar quarter.

The Company's final covenant test requires that the level of its bank borrowings each calendar quarter end do not exceed 70% of the independently assessed value of its charged freehold properties.

These covenant tests are conducted quarterly and all tests were passed for the period under review.

In the coming twelve months, each of the three covenant tests must be passed at 31 December 2022, 31 March 2023, 30 June 2023 and 30 September 2023, with the test on 30 September 2023 being the final test to be carried out within the twelve-month period from the anniversary of the signing of these condensed consolidated financial statements. The Company has modelled this period and conclude that there is headroom that would allow for an approximate 8% reduction in expected new and used units over this period. External market commentary provided by the Society of Motor Manufacturers and Traders ("SMMT") for the 2022 calendar indicate that new car registrations are forecast to show a year-on-year reduction of 3% to 1.6 million, followed by an 18% increase into 2023 to 1.9 million registrations as global shortages in semiconductors ease, allowing manufacturing levels to rise. The used car market has remained stable over the five years from 2015 to 2019, at between 7.6 and 8.2 million transactions and dropped by only 15% in 2020 due to the effects of the covid-19 pandemic, compared to a comparable 29% fall in new car registrations . As social-distancing regulations were eased in 2021, demand for used cars was buoyant and transactions grew by 12 % in the calendar year. The continuing shortage in new car supply has assisted the used car market and is expected to continue to do so. The Company's financial

results in the period were robust and the current new car order take held for future delivery remains at elevated levels.

The directors have also considered the Company's working capital requirements. The Company meets its day-to-day working capital requirements through short-term stocking loans and bank overdraft and medium-term revolving credit facilities and term loans. At 30 September 2022, the medium-term banking facilities included a term loan with an outstanding balance of GBP6.0 million and a revolving credit facility of GBP6.0 million from HSBC, its primary bankers, with both facilities being renewable in April 2026. HSBC also make available a short-term overdraft facility of GBP3.5 million, which is renewed annually in August. At 30 September 2022 GBP4.5 million of these facilities was undrawn. The Company also has a ten-year term loan from Volkswagen Bank with a balance outstanding at 30 September 2022 of GBP0.8 million, which is repayable to March 2024, and a short-term revolving credit facility of GBP4.0 million, which is renewed annually in October. At 30 September 2022 GBP3.0 million of these facilities was undrawn. In the opinion of the directors, there is a reasonable expectation that all facilities will be renewed at their scheduled expiry dates. The failure of a covenant test would render these facilities repayable on demand at the option of the lender.

The directors have a reasonable expectation that the Company has adequate resources and headroom against its covenant tests to be able to continue in operational existence for the foreseeable future and for at least twelve months from the date of approval of this Interim Report. For those reasons, they continue to adopt the going concern basis in preparing these condensed consolidated financial statements .

Non-underlying items

Non-underlying items are those items that are unusual because of their size, nature or incidence. Management considers that these items should be disclosed separately to enable a full understanding of the operating results. Profits and losses on disposal of property, plant and equipment and property impairment charges are disclosed as non-underlying, as are certain redundancy costs and costs attributable to vacant properties held pending their disposal.

The net financing return and service cost on pension obligations in respect of the defined benefit pension scheme is presented as a non-underlying item due to the inability of management to influence the underlying assumptions from which the charge is derived. The defined benefit pension scheme is closed to future accrual.

All other activities are treated as underlying.

   3.            OTHER INCOME (NET) 
 
                                           Unaudited       Unaudited     Audited 
                                           half year       half year     year to 
                                                  to              to    31 March 
                                        30 September    30 September        2022 
                                                2022            2021     GBP'000 
                                             GBP'000         GBP'000 
 
 Rent receivable                                 151             205         336 
 Local Government covid-19 support 
  grants                                           -              54          54 
 Liquidation distribution received                38               -           - 
 Loss on disposal of tangible fixed                -               -           - 
  assets 
------------------------------------  --------------  --------------  ---------- 
 Total other income                              189             259         390 
------------------------------------  --------------  --------------  ---------- 
 
 
   4.            NON-UNDERLYING ITEMS 
 
                                                 Unaudited       Unaudited     Audited 
                                                 half year       half year     year to 
                                                        to              to    31 March 
                                              30 September    30 September        2022 
                                                      2022            2021 
                                                   GBP'000         GBP'000     GBP'000 
 Other income: 
    Liquidation distribution received                   38               -           - 
    Net loss on disposal of property,                    -               -           - 
     plant and equipment 
------------------------------------------  --------------  --------------  ---------- 
 Within operating expenses: 
  Service cost on pension scheme                      (11)            (16)        (23) 
 Total non-underlying items within 
  operating profit                                      27            (16)        (23) 
------------------------------------------  --------------  --------------  ---------- 
 Net finance expense on pension scheme                (35)            (85)       (166) 
------------------------------------------  --------------  --------------  ---------- 
 Total non-underlying items within 
  profit before taxation                               (8)           (101)       (189) 
------------------------------------------  --------------  --------------  ---------- 
 
 

During the period the Company received a final distribution from the liquidator to MG Rover Group Limited.

   5.            NET FINANCE EXPENSE 
 
                                               Unaudited       Unaudited     Audited 
                                               half year       half year     year to 
                                                      to              to    31 March 
                                            30 September    30 September        2022 
                                                    2022            2021     GBP'000 
                                                 GBP'000         GBP'000 
 
 Interest in lease interest receivable               (8)             (5)        (12) 
 Interest payable on bank borrowings                 245             156         297 
 Interest payable on inventory stocking 
  loans                                              312             306         581 
 Interest on lease liabilities                        24              14          37 
 Financing costs amortised                            52              63         141 
 Preference dividends                                 36              36          72 
----------------------------------------  --------------  --------------  ---------- 
 Finance expense                                     661             570       1,116 
----------------------------------------  --------------  --------------  ---------- 
 
 
   6.            TAXATION 
 
                                             Unaudited       Unaudited     Audited 
                                             half year       half year     year to 
                                                    to              to    31 March 
                                          30 September    30 September        2022 
                                                  2022            2021     GBP'000 
                                               GBP'000         GBP'000 
 Current UK corporation tax 
 Charge for the period                              76             239         432 
 Adjustments recognised in the period 
  for current tax of prior periods                   -            (40)         (5) 
--------------------------------------  --------------  --------------  ---------- 
 Total current tax charge                           76             199         427 
--------------------------------------  --------------  --------------  ---------- 
 Deferred tax 
 Origination and reversal of timing 
  differences                                      209             211         312 
 Change in corporation tax rate                      -               -         647 
 Adjustments recognised in the period                5               -           - 
  for deferred tax 
  of prior periods 
--------------------------------------  --------------  --------------  ---------- 
 Total deferred tax charge                         214             211         959 
--------------------------------------  --------------  --------------  ---------- 
 Total tax charged in the Income 
  Statement                                        290             410       1,386 
--------------------------------------  --------------  --------------  ---------- 
 
 The tax charge arises as follows: 
                                             Unaudited       Unaudited     Audited 
                                             half year       half year     year to 
                                                    to              to    31 March 
                                          30 September    30 September        2022 
                                                  2022            2021     GBP'000 
                                               GBP'000         GBP'000 
 On normal trading                                 291             429       1,422 
 Non-underlying items                              (1)            (19)        (36) 
--------------------------------------  --------------  --------------  ---------- 
 Total tax charge                                  290             410       1,386 
--------------------------------------  --------------  --------------  ---------- 
 

Taxation of trading items for the half year has been provided at the current rate of taxation of 19% (2021: 20%) expected to apply to the full year. This effective rate is the same as the standard rate of corporation tax in force of 19%.

   7.            EARNINGS PER SHARE 

The calculation of basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Treasury shares are treated as cancelled for the purposes of this calculation.

The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares .

Reconciliations of the earnings and the weighted average number of shares used in the calculations are set out below.

 
                                        Unaudited      Unaudited    Audited 
                                        half year      half year    year to 
                                               to             to 
                                     30 September   30 September   31 March 
                                             2022           2021       2022 
                                          GBP'000        GBP'000    GBP'000 
 Basic 
 Profit after tax for the period            1,268          1,885      2,999 
----------------------------------  -------------  -------------  --------- 
 Basic earnings per share                   47.0p          69.9p     111.3p 
----------------------------------  -------------  -------------  --------- 
 Diluted earnings per share                 46.4p          69.0p     109.6p 
----------------------------------  -------------  -------------  --------- 
 
 Underlying 
 Profit before tax                          1,558          2,295      4,385 
 Adjustment: Non-underlying items 
  (note 4)                                      8            101        189 
----------------------------------  -------------  -------------  --------- 
 Underlying profit for the period           1,566          2,396      4,574 
 Taxation on normal trading (note 
  6)                                        (291)          (429)    (1,422) 
----------------------------------  -------------  -------------  --------- 
 Underlying earnings                        1,275          1,967      3,152 
----------------------------------  -------------  -------------  --------- 
 Underlying basic earnings per 
  share                                     47.3p          73.0p     117.0p 
----------------------------------  -------------  -------------  --------- 
 Underlying diluted earnings per 
  share                                     46.6p          72.0p     115.2p 
----------------------------------  -------------  -------------  --------- 
 

The number of fully paid ordinary shares in issue at the period end was 2,879,298 (2021: 2,879,298). Excluding the shares held for treasury, the weighted average shares in issue for the purposes of the earnings per share calculation were 2,695,586 (2021: 2,695,376).

The shares granted under the Company's current SAYE scheme for the period, and for the year ended 31 March 2021, are dilutive. The weighted average number of shares in issue for the purposes of the diluted earnings per share calculation were 2,732,604 (2021: 2,733,587).

The Directors consider that underlying earnings per share figures provide a better measure of comparative performance.

   8.            DIVIDS 

Ordinary shares of 50p each

An interim dividend of 7.5 pence per ordinary share has been declared and will be paid to shareholders on 9 January 2023 to those shareholders on the register at the close of business on 9 December 2022. The ordinary shares will be marked ex-dividend on 8 December 2022 . An interim dividend of 7.5 pence per ordinary share was declared in respect of the half-year ended 30 September 2021 and a final dividend of 15.00 pence per ordinary share was declared in respect of the year ended 31 March 2022.

Preference shares

Preference dividends were paid in October 2022. The next preference dividends are payable in April 2023. The cost of the preference dividends has been included within finance costs.

   9.            PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS 

The following is a reconciliation of changes in the balances of Property, plant and equipment and Right-of-Use assets.

 
 Property, plant and equipment: 
                                             Unaudited 
                                             half year 
                                                    to 
                                          30 September 
                                                  2022 
                                               GBP'000 
 Property, plant and equipment at 
  1 April 2022                                  38,975 
 Less: Depreciation charges                      (826) 
 Less: Net book value of disposals                   - 
 Add: Purchases                                    647 
-------------------------------------  --------------- 
 Property plant and equipment at 
  30 September 2022                             38,796 
-------------------------------------  --------------- 
 

Purchases in the period included assets in the course of construction of GBP301,000 (2021: GBP663,000). In the prior year, GBP295,000 of the assets in the course of construction had been invoiced but not settled.

 
 Right-of-use assets: 
                                               Unaudited 
                                               half year 
                                                      to 
                                            30 September 
                                                    2022 
                                                 GBP'000 
 Right-of-use assets at 1 April 2022               1,413 
 Less: Amortisation of right-of-use 
  assets                                           (172) 
---------------------------------------  --------------- 
 Right-of-use assets at 30 September 
  2022                                             1,241 
---------------------------------------  --------------- 
 
   10.          INVESTMENT PROPERTIES 

The following is a reconciliation of changes in the balances of Investment Properties.

 
 Investment properties: 
                                                 Unaudited 
                                                 half year 
                                                        to 
                                              30 September 
                                                      2022 
                                                   GBP'000 
 Investment properties at 1 April 
  202                                                7,646 
 Less: Depreciation charges                           (58) 
-----------------------------------------  --------------- 
 Investment properties at 30 September 
  2022                                               7,588 
-----------------------------------------  --------------- 
 
   11.          LOANS AND BORROWINGS 
 
                                                                                  Liabilities 
                                        Revolving                                     arising         Bank 
                              Bank         credit          Lease     Preference          from     and cash         Net 
                             loans     facilities    liabilities         shares     financing     balances        debt 
                           GBP'000        GBP'000        GBP'000        GBP'000    activities      GBP'000     GBP'000 
                                                                                      GBP'000 
 At 1 April 2022 
  (audited)                  7,187          6,000          1,930            812        15,929      (2,759)      13,170 
 Cash movement               (437)              -          (271)              -         (708)        (455)     (1,163) 
 Non-cash movement               -              -             24              -            24            -          24 
  At 30 September 
  2022                       6,750          6,000          1,683            812        15,245      (3,214)      12,031 
   (unaudited) 
----------------------  ----------  -------------  -------------  -------------  ------------  -----------  ---------- 
 Current 
  liabilities/(assets)       1,875              -            289              -         2,164      (3,214)     (1,050) 
 Non-current 
  liabilities                4,875          6,000          1,394            812        13,081            -      13,081 
----------------------  ----------  -------------  -------------  -------------  ------------  -----------  ---------- 
 At 30 September 
  2022                       6,750          6,000          1,683            812        15,245      (3,214)      12,031 
----------------------  ----------  -------------  -------------  -------------  ------------  -----------  ---------- 
 
   12.          PENSIONS 

The pension scheme deficit reflects a defined benefit obligation that has been updated to reflect its valuation as at 30 September 2022. This has been calculated by a qualified actuary using a consistent valuation method to that which was adopted in the audited financial statements for the year ended 31 March 2022 and in the period to 30 September 2021, and which complies with the accounting requirements of IAS 19 Pensions (revised).

The net liability for defined benefit obligations decreased from GBP2,797,000 at 31 March 2022 to GBP1,482,000 at 30 September 2022. The reduction of GBP1,315,000 comprised the net charge to the Condensed Consolidated Statement of Financial Performance of GBP46,000, a net remeasurement surplus credited to the Condensed Consolidated Statement of Comprehensive Income of GBP958,000 and contributions of GBP403,000.

Asset values fell significantly in the period, by GBP24,235,000, including divestments to pay pension transfers and benefits in the period of GBP2,133,000. The net present value of pension liabilities also fell, by GBP25,550,000, due to an increase in the rate applied to discount the scheme's liabilities from 2.65% at 31 March 2022 to 5.15% at 30 September 2022. The assumption on future CPI inflation assumption rate remained unchanged from 31 March 2022 at 3.30%.

   13.          RISKS AND UNCERTAINTIES 

There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The board believes these risks and uncertainties to be consistent with those disclosed in our latest Annual Report, including the effect of increasing interest base rates on the UK economy and their impact on the Group's defined benefit pension scheme, liquidity and financing, the Group's dependency on its manufacturers and their stability and ability to supply new car product, used car prices and regulatory compliance.

   14.          CAPITAL COMMITMENTS 

At 30 September 2022, the Company had no capital commitments (2021: GBP0.9 million). The commitments in the prior period related to the redevelopment of a dealership premises.

   15.          CONTINGENT LIABILITIES 

Since 2015, the Company has been named as co-defendant in a number of legal actions that have been initiated against certain of the vehicle manufacturers which it represents. These actions contend that customers have been unfairly treated as a result of their vehicles having been fitted with software which is suggested by the claimant law firms to have operated such that when the vehicles were experiencing test conditions, the emission levels of nitrogen oxides ("NOx") were affected. The vehicles remain safe and roadworthy.

These claims on behalf of multiple claimants, arising out of or in relation to their purchase or acquisition on finance of a vehicle affected by the NOx issue, have been brought against a number of Jaguar Land Rover, Vauxhall, Volkswagen Audi, SEAT and Skoda group entities and dealers, including the Company. The Company has been named as a defendant on a number of claim forms alleging fraudulent misrepresentation, breach of contract, breach of statutory duty, breach of the Consumer Credit Act 1974 and a breach of the Consumer Protection from Unfair Trading Regulations 2008, although not all of these causes of action are being brought against the Company specifically.

In all cases brought to date, the relevant vehicle manufacturers listed above have agreed to indemnify the Company for the reasonable legal costs of defending the litigation and any damages and adverse legal costs that Caffyns may be liable to pay to the claimants as a result of these legal actions. The possibility, therefore, of an economic cost to the Company resulting from the defence of these legal actions is remote.

At present, no timetable can be determined for the resolution of these continuing cases and the relevant issues of liability, loss and causation have not yet been decided. It is therefore too early to assess reliably the merit of any claim and so we cannot confirm that any future outflow of resources is probable.

Accordingly, no provision for liability has been made in these condensed consolidated financial statements.

   16.          RESPONSIBILTY STATEMENT 

We confirm that to the best of our knowledge:

a) these condensed consolidated financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting';

b) these condensed consolidated financial statements include a fair review of the information required by DTR 4.2.7R of the disclosure guidance and transparency rules (indication of important events during the first six months and their impact on the set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year); and

c) the Half Year Report includes a fair review of the information required by DTR 4.2.8R of the disclosure and guidance transparency rules (disclosure of related parties' transactions and changes therein).

By order of the board

S G M Caffyn

Chief Executive

M Warren

Finance Director

24 November 2022

INDEPENDENT REVIEW REPORT

to Caffyns plc

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2022 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2022 which comprises the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Financial Position, the Statement of Cash Flows and the related notes.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 2, the annual financial statements of the group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Stephen Le Bas

BDO LLP

Chartered Accountants

Southampton, UK

24 November 2022

BDO LLP is a limited liability partnership registered in England and Wales

(with registered number OC305127).

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