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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dp Poland Plc | LSE:DPP | London | Ordinary Share | GB00B3Q74M51 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.30 | -2.78% | 10.50 | 10.00 | 11.00 | 10.55 | 10.50 | 10.50 | 357,405 | 08:00:16 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Eating Places | 35.69M | -4.36M | -0.0061 | -17.21 | 74.81M |
From Apr 2019 to Apr 2024
TIDMDPP
RNS Number : 9593Q
DP Poland PLC
18 September 2017
DP Poland PLC
("DP Poland" or the "Company")
Final results for the half year to 30 June 2017
Store numbers to date up 37%. System sales up 50%. Like-for-like sales strengthening through the summer. Combined corporate store and commissary contribution +39%.
DP Poland, through its wholly owned subsidiary DP Polska S.A., has the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland. There are currently 48 Domino's Pizza stores in 19 Polish cities, 25 corporately managed, 2 under management contract and 21 sub-franchised.
Highlights
-- 48 stores open to-date, 13 stores opened in 2017. -- 37% increase in stores since 1 Jan 2017 -- 3 stores currently under construction -- On track to cross 50 store mark in October 2017 -- System Sales(1) up 50% (PLN) 27m PLN H1 2017 (18m PLN H1 2016) -- Like-for-like(2) System Sales (PLN) up 17% H1 2017 on H1 2016 -- Latest like-for-like System Sales (PLN): July up 24% and August 28%, 2017 on 2016
-- 19 consecutive quarters of double digit like-for-like System Sales growth, Q4 2012 - Q2 2017
-- Combined corporate store EBITDA and commissary variable profit(3) up 39%
-- Group EBITDA(4) losses decreased 5% H1 2017 on H1 2016 at constant exchange rates(5)
-- Group EBITDA losses increased -3% H1 2017 on H1 2016 at actual exchange rates(6) -- Second commissary is operational: total commissary capacity c.150 stores -- 73% of delivery System Sales online
Peter Shaw, Chief Executive of DP Poland said:
"We are on track to cross the 50 stores mark in October, as we drive towards the critical mass that will support national television advertising and further economies of scale in procurement. New store openings in combination with robust like-for-like sales growth increased System Sales by 50% in the first half of 2017. In July and August we saw like-for-like System Sales grow by 24% and 28% respectively.
The twin sales streams of corporate stores and commissary delivered an increase in combined corporate store EBITDA and commissary variable profit of 39%. As our newest stores' sales build and they move into profitability we will see a further uplift in this figure.
Our new commissary opened at the end of August, ahead of schedule, and is now supplying stores to the north, south and west of the country, while our original facility in Warsaw continues to supply the capital city and the east.
Our expansion is further underpinned by the robust growth of the Polish economy."
(1) System Sales - total retail sales including sales from corporate and sub-franchised stores
(2) Like-for-like growth in PLN, matching trading periods for the same stores: 1 Jan - 30 June 2017 on 1 Jan - 30 June 2016
(3) Sales minus variable costs
(4) Excluding non-cash items, non-recurring items and store pre-opening expenses
(5) Exchange rate average for H1 2017 - GBP1: 4.9625
(6) Exchange rate average for H1 2016 - GBP1: 5.6098
(7) 'The Next Economic Powerhouse? Poland', Ruchir Sharma, Chief Global Strategist at Morgan Stanley Investment Management, published in the New York Times 5 July 2017
Enquiries:
DP Poland PLC Peter Shaw, Chief Executive www.dppoland.com 020 3393 6954 Peel Hunt LLP Adrian Trimmings / George Sellar 020 7418 8900
Chief Executive's Review
Group performance
Group Revenue in PLN increased by 31% H1 2017 on H1 2016. At actual exchange rates in sterling Group Revenue increased by 49%.
Group EBITDA losses decreased by 5% H1 2017 on H1 2016, at constant exchange rates. At actual exchange rates Group EBITDA losses increased by 3% H1 2017 on H1 2016, impacted by the zloty strengthening against sterling.
13 stores were opened to date this year, representing a 37% increase in store numbers. These new stores are expected to move through EBITDA breakeven some months after opening, to make a positive contribution to Group EBITDA. As well as store start-up costs this step change increase in store numbers has an impact on area management costs, as more towns and cities are added to the area managers' remits.
Our UK costs remained flat H1 2017 on H1 2016.
The opening of our second commissary in August, which added production capacity to supply an additional c.100 stores, will add to our Direct Costs in H2 2017 onwards, through additional rent, staff costs and operational expenditure. As the business expands its store base we will see fixed costs reduce in proportion to sales and we will see improved Group EBITDA performance.
Store and commissary performance
System Sales grew 50% H1 2017 on H1 2016, as a result of 17% like-for-like System Sales growth H1 2017 on H1 2016 and the unprecedented opening of new stores in H1 2017 and H2 2016.
Like-for-like System Sales growth in July and August suggests a strengthening of like-for-likes through H2 2017, with 24% July and 28% August like-for-like growth, 2017 on 2016.
The opening of new corporate stores is expected to negatively impact total corporate store EBITDA before those stores' sales are sufficient to cover their fixed store costs. In H1 2017 these new corporate store losses were balanced by the strong growth in profit contribution from the commissary, through sales of ingredients to sub-franchised stores and on sales royalties on sub-franchised store sales. Combined corporate store EBITDA and commissary variable profit grew 39% H1 2017 on H1 2016.
Store roll-out
We finished H1 2017 with 44 stores open, of which 8 openings were corporate stores and 1 sub-franchised. A further 4 corporate stores were opened after 1 July, taking the total to 48 stores open to date. We have 3 stores currently under construction.
This represents our greatest rate of store opening to date, as we approach the 50 stores milestone in October 2017.
2 of our corporate stores are being managed under contract by sub-franchisees who have the option to acquire those stores in the future.
Sub-franchised stores
To-date we have 8 sub-franchised partners, operating 21 sub-franchised stores, plus 2 stores operated under management contract, out of an estate of 48 stores. We anticipate at least 2 new sub-franchised stores to be opened by the year end 2017.
We have acquired 2 sub-franchised stores with the expectation that 1 will be sub-franchised again in the near future and the second will result in 2 additional sub-franchise stores opened by the same sub-franchisee who sold that store.
I am delighted to welcome back one of our most effective area managers who has returned to Domino's after a few months away, to become our latest sub-franchisee. He took over his first store in August and is planning to open his second by the year end.
While we expect the bulk of new store openings over the next 12 months to be corporate stores we continue to discuss opportunities with potential sub-franchisees and our current sub-franchisees are continuing to plan for more openings.
Commissary expansion
Our second commissary (production and warehousing facility) has been commissioned and delivered its first fresh dough and ingredients to stores at the end of August, ahead of schedule. This new 'capital light' facility, located in ód at the geographic centre of Poland, gives us the production and warehousing capacity to supply an additional c.100 stores, taking total production and supply capacity to c.150 stores, in tandem with our Warsaw facility.
Procurement
With growing sales volumes, driven by new store openings and strong like-for-likes, we are able to negotiate more advantageous prices for quality ingredients and non-food items, which goes some way to ameliorate the inflation that we are experiencing in commodity prices.
Marketing and innovation
Marketing investment constitutes a significant proportion of our Indirect Costs as we see the benefits in both supporting sales growth and establishment of the brand, through a combination of traditional and digital media.
We continue to invest in refining our online consumer interfaces, including the introduction of new features. We are currently trialling GPS technology to give our consumers an enhanced experience as they track the progress of their orders. We are also in the process of upgrading our mobile platform and we are testing automated chat technology, incorporating Artificial Intelligence, to support any consumers who have questions while ordering online.
Online sales now represent 73% of total delivery System Sales and in certain weeks we have seen some stores hit 90%+ of orders placed online. We see the potential of digital marketing and digital order fulfilment continuing to grow, better meeting the needs of our consumers and adding to our operational efficiencies.
In terms of product innovation in H1 2017 we introduced 5 new pizza recipes: Bombay Chicken, Greek Style, a new Italian, Tandoori Chicken and Chorizo.
Outlook and current trading
The return to 24% and 28% like-for-like growth in System Sales in July and August respectively, shows that the pizza delivery market in Poland and Domino's Pizza's position in that market are both healthy. We believe that this like-for-like performance is at least in part due to the additional marketing investment that we have committed to over the next two years, following the June fundraising. The next step in marketing for Domino's Pizza in Poland will be the first test of television advertising.
The Polish economy is in good health, as evidenced by the recent upgrade in GDP forecast growth from 3.2% to 4.3% by the Moody's rating agency. By the year end this will represent the 26(th) year of positive annual growth since the country transitioned from communism to a democratic market economy. As the 24(th) largest economy in the world, founded on a broad based and modernized manufacturing sector, Poland has been identified as a future economic powerhouse(7) .
We will sustain our roll-out of store openings in 2017 and 2018, as we drive to become the leader in the pizza delivery market in Poland. Our real estate team has a pipeline of store openings for the rest of this year and into 2018 and our operations team is ready to manage these openings alongside our growing base of sub-franchisees.
We are on track to finish the year with 50+ stores and we have our commissaries and supply chain in place to service c.150 stores, comfortably more than our intermediate target of 100 stores by YE 2020. In the longer term we believe that the Polish market could support at least 300 Domino's pizza stores, with the continued expansion of the Polish economy.
We anticipate that Group EBITDA for 2017 will be a modest improvement on 2016 as we see the impact of new store openings and the additional fixed costs of the second commissary, dampening the impact of significantly higher sales. We expect to see a step change improvement in Group EBITDA in 2018 as more corporate stores mature, new stores become a smaller proportion of the whole and the contribution from our commissaries continues to grow.
Peter Shaw, Chief Executive
Finance Director's review
Overview
In H1 2017 we reached our 19th consecutive quarter of double digit like-for-like System Sales growth. Like-for-like growth in System Sales H1 2017 on H1 2016 was 17%, followed by 24% in July and 28% in August, 2017 on 2016.
Total System Sales grew 50% H1 2017 on H1 2016.
73% of delivery System Sales were made online in H1 2017. Some of our more mature stores achieved 90%+ delivery orders placed online during targeted promotions. In the near future we expect to see up to 100% of delivery orders placed online, as we invest in our mobile interface, including innovations such as the introduction of GPS tracking and Artificial Intelligence and with the continued broader consumer adoption of online ordering. Older stores have higher online sales, newly opened stores need time to build online customers, which dilutes the system average of delivery sales made online.
Currently we have 48 stores in 19 towns and cities and we expect to cross the 50 stores mark in October 2017.
Our second commissary, opened in ód , gives us the production and warehousing capacity to service an additional c.100 stores. Together with our Warsaw commissary our commissary capacity has grown to c.150 stores, based on certain sales volume assumptions. A 'capital light' model was deployed in the construction of both commissaries to minimise capital expenditure.
Sterling has weakened against the zloty, which impacted the translation of the performance of DP Polska S.A. when consolidated in the Group Financial Accounts.
Direct Costs
The opening of the new commissary in the geographic centre of Poland will reduce the cost of distribution to stores located to the north, south and west of Poland. Our Warsaw based commissary will continue to service stores in Warsaw and to the east. The new commissary will impact Direct Costs through additional rent, operating costs, production and warehousing labour. As System Sales grow the impact of these additional commissary costs will become proportionately smaller.
Since Q4 2016 we have experienced food and commodity inflation which we have managed through retail pricing, thereby protecting variable profit. Opening new stores, in combination with robust like-for-like System Sales growth, strengthens our negotiating power with our suppliers, as sales volumes grow.
Selling, General and Administrative expenses (S, G & A)
As previously reported, as we add new towns and cities we need to increase our area management resource, which in turn adds to our S, G & A. By the same token the growing coverage of Domino's allows us to consider national television advertising as an increasingly efficient means of deploying media funds.
Store count
13 stores have been opened to date, taking the total to 48 stores in 19 towns and cities.
We have a pipeline of store openings for the rest of the year and into 2018 and we currently have 3 stores under construction. We expect to cross the 50 stores mark in October 2017 and we continue to target 100 stores in 2020. We believe the market could support at least 300 Domino's pizza stores in the longer term, alongside the continued expansion of the Polish economy.
The table below sets out our current store estate.
Hot Features
Premium
Stores 1 Jan Opened Sold Closed 30 June 18 Sept
2017 to franchisees 2017 2016
---------------- ------ ------- ---------------- ------- -------- --------
Corporate* 13 8 0 0 21 27
---------------- ------ ------- ---------------- ------- -------- --------
Sub-franchised 22 1 0 0 23 21
---------------- ------ ------- ---------------- ------- -------- --------
Total 35 9 0 0 44 48
---------------- ------ ------- ---------------- ------- -------- --------
* 2 under management contract with sub-franchisees, who have the option to acquire those stores
We have acquired 2 sub-franchised stores, with the expectation that 1 store will be sub-franchised again in the near future and that the acquisition of the other store will result in 2 additional sub-franchise stores opened by the same sub-franchisee who sold that store.
Sales Key Performance Indicators
In H1 2017 we saw 50% growth in System Sales, a result of like-for-like (L-F-L) sales growth of 17% and sales from newly opened stores.
Delivery sales made online continue to grow, a more cost-efficient means of making a sale. Newly opened stores need time to build online customers, diluting the online sales percentage.
H1 2017 H1 2016 Change %
------------------------------- ----------- ----------- ---------
System Sales PLN 26,856,460 17,928,548 +50%
------------------------------- ----------- ----------- ---------
System Sales GBP* 5,411,881 3,612,806 +50%
------------------------------- ----------- ----------- ---------
L-F-L system sales PLN +17% +28%
------------------------------- ----------- ----------- ---------
Delivery system sales ordered
online +73% +69%
------------------------------- ----------- ----------- ---------
*Constant exchange rate of GBP1: PLN 4.9625
Latest like-for-like growth: 24% July and 28% August, 2017 on 2016, comparative months.
Group performance
31% growth of Group Revenue in PLN is derivative of 50% growth of System Sales, selling 1 store to a sub-franchisee in H1 2016 and changes in the mix of corporate and sub-franchise stores H1 2017 vs 2016. 49% growth of Group Revenue at actual exchange rates is due to sterling weakening against the zloty.
5% improvement in Group EBITDA at a constant exchange rate is driven by the continuing improvement in Corporate Store EBITDA, the growing contribution from the commissary and careful management of S, G & A. The 3% drop of Group EBITDA at actual exchange rates is due to sterling weakening against the zloty.
Group Revenue & H1 2017 H1 2016 Change
EBITDA* %
------------------ ----------- ----------- -------
Revenue PLN 21,845,267 16,613,361 +31%
------------------ ----------- ----------- -------
Revenue GBP * 4,402,069 3,347,781 +31%
------------------ ----------- ----------- -------
Group EBITDA GBP (725,190) (764,902) +5%
------------------ ----------- ----------- -------
*Constant exchange rate of GBP1: 4.96 PLN
Group Revenue & H1 2017 H1 2016 Change
EBITDA* %
------------------ ----------- ----------- -------
Revenue PLN 21,845,267 16,613,361 +31%
------------------ ----------- ----------- -------
Revenue GBP * 4,402,069 2,961,489 +49%
------------------ ----------- ----------- -------
Group EBITDA GBP (725,190) (702,528) -3%
------------------ ----------- ----------- -------
*Actual exchange rates for H1 2016 and H1 2015
Group loss for the period
Group EBITDA (at actual exchange rates) dropped by 3% against the comparative period in 2016, whereas the Group loss (at actual exchange rates) increased by 15%. The 12% difference was due in part to the movement in the average rate for sterling against the zloty and was also due to higher store pre-opening expenses, lower foreign exchange gains and a higher depreciation and amortization charge.
Group Loss for the H1 2017 H1 2016 Change %
period* GBP GBP
-------------------- ------------ ---------- ---------
Group loss for the
period (1,084,824) (944,378) -15%
-------------------- ------------ ---------- ---------
* Actual exchange rates for H1 2017 and H1 2016
Exchange rates
PLN: GBP1 H1 2017 H1 2016 Change %
----------------------- -------- -------- ---------
Profit & Loss Account 4.9625 5.6098 -12%
----------------------- -------- -------- ---------
Balance Sheet 4.8178 5.3125 -9%
----------------------- -------- -------- ---------
Financial Statements for our Polish subsidiary DP Polska S.A. are denominated in zloties (PLN) and translated to sterling (GBP). Under IFRS the Profit and Loss Account for the Group has been converted from PLN at the average half-a-year exchange rate applicable to PLN against GBP. The balance sheet has been converted from PLN to GBP as at the 30 June 2017 exchange rate applicable to PLN against GBP.
Cash position
Cash increased by 40% from 1 January 2016, with net cash at 30 June 2017 being GBP8.8m. Cash of GBP2.7m was deployed to cover Group losses, store CAPEX and commissary CAPEX and share placing expenses. On 6 June 2017 the Group completed a placing of 12,200,000 new ordinary shares at the price of 43 pence per share, to raise a total of GBP5,246,000 before expenses.
1 January Cash increase 30 June 2017
2017 GBP GBP
GBP
--------------- ---------- -------------- -------------
Cash in bank* 6,308,260 +2,507,848 8,816,108
--------------- ---------- -------------- -------------
*Actual exchange rates as at 31 Dec 2016 and 30 June 2017
Maciej Jania, Finance Director
Group Income Statement
for the six months ended
30 June 2017
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.17 30.06.16 31.12.16
Notes GBP GBP GBP
Revenue 2 4,402,069 2,961,489 7,556,718
Direct costs (3,989,256) (2,721,887) (7,022,673)
Selling, general and administrative
expenses - excluding:
store pre-opening expenses, depreciation,
amortisation and share based payments (1,138,003) (942,130) (2,113,610)
GROUP EBITDA - excluding non-cash
items, non-recurring items and store
pre-opening expenses (725,190) (702,528) (1,579,565)
--------------------------------------------------- ------------- ------------- -------------
Store pre-opening
expenses (75,685) (25,869) (47,850)
Other non-cash and non-recurring
items (15,230) (17,053) (99,302)
Finance income 50,176 18,705 65,116
Finance costs (11,799) (5,664) (12,478)
Foreign exchange gains
/ (losses) 138,904 199,304 (7,915)
Depreciation, amortisation
and impairment (277,572) (221,320) (458,722)
Share based payments (168,428) (189,953) (352,685)
Loss before
taxation (1,084,824) (944,378) (2,493,401)
------------------------------------------- ------ ------------- ------------- -------------
Taxation 3 - - -
Loss for the
period (1,084,824) (944,378) (2,493,401)
------------------------------------------- ------ ------------- ------------- -------------
(0.80 (0.74 (1.93
Loss per share Basic 4 p) p) p)
(0.80 (0.74 (1.93
Diluted 4 p) p) p)
Group Statement
of comprehensive
income
for the six months ended
30 June 2017
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.17 30.06.16 31.12.16
GBP GBP GBP
---------------------------- ----------- ------ ------------- ------------- -------------
Loss for the
period (1,084,824) (944,378) (2,493,401)
Currency translation
differences 471,893 426,279 618,614
-----------------------------------------
Other comprehensive expense for
the period, net of tax to be reclassified
to profit or loss in subsequent
periods 471,893 426,279 618,614
--------------------------------------------------- ------------- ------------- -------------
Total comprehensive income
for the period (612,931) (518,099) (1,874,787)
------------------------------------------- ------ ------------- ------------- -------------
Group Balance Sheet
at 30 June
2016
Unaudited Unaudited Audited
30.06.17 30.06.16 31.12.16
GBP GBP GBP
---------------------------- ----------- ------ ------------- ------------- -------------
Non-current
assets
Intangible
assets 574,955 268,680 442,764
Property, plant
and equipment 4,798,907 2,845,740 2,765,748
Trade and other
receivables 1,226,372 512,058 1,217,231
----------------------------------------- ------ ------------- ------------- -------------
6,600,234 3,626,478 4,425,743
Current assets
Inventories 381,924 200,116 271,525
Trade and other
receivables 1,797,190 1,025,310 1,818,425
Cash and cash equivalents 8,816,108 5,391,049 6,308,260
----------------------------------------- ------ ------------- ------------- -------------
10,995,222 6,616,475 8,398,210
Total assets 17,595,456 10,242,953 12,823,953
------------------------------------------- ------ ------------- ------------- -------------
Current liabilities
Trade and other
payables (1,372,134) (672,927) (1,218,991)
Borrowings (122,261) (45,669) (73,007)
Provisions (40,831) (50,983) (37,294)
------------------------------------------- ------ ------------- ------------- -------------
(1,535,226) (769,579) (1,329,292)
---------------------------------------- ------ ------------- ------------- -------------
Non-current
liabilities
Provisions - - (50,532)
Borrowings (281,279) (124,991) (234,276)
------------------------------------------- ------ ------------- ------------- -------------
(281,279) (124,991) (284,808)
Total liabilities (1,816,505) (894,570) (1,614,100)
------------------------------------------- ------ ------------- ------------- -------------
Net assets 15,778,951 9,348,383 11,209,853
------------------------------------------- ------ ------------- ------------- -------------
Equity
Called up share
capital 747,076 651,241 684,576
Share premium account 31,829,988 23,856,796 26,878,887
Capital reserve
- own shares (47,688) (56,361) (50,463)
Retained earnings (17,035,895) (14,724,535) (16,116,724)
Currency translation
reserve 285,470 (378,758) (186,423)
----------------------------------------- ------ ------------- ------------- -------------
Total equity 15,778,951 9,348,383 11,209,853
------------------------------------------- ------ ------------- ------------- -------------
Group Statement of Cash
Flows
for the six months
ended 30 June 2017
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.17 30.06.16 31.12.16
GBP GBP GBP
-------------------------------------- ------------ ------------ ------------
Cash flows from operating
activities
Loss before taxation
for the period (1,084,824) (944,378) (2,493,401)
Adjustments
for:
Finance income (50,176) (18,705) (65,116)
Finance costs 11,800 5,664 12,478
Depreciation and amortisation
and impairment 277,572 221,320 458,722
Share based payments
expense 168,428 189,953 352,685
---------------------------------------- ------------ ------------ ------------
Operating cash flows before movement
in working capital (677,200) (546,146) (1,734,632)
Change in
inventories (89,347) (68,865) (134,825)
Change in trade and
other receivables 40,641 174,361 (254,038)
Change in trade and other
payables and provisions 181,648 (311,978) 561,367
-----------------------------------------
Cash used from
operations (544,258) (752,628) (1,562,128)
Taxation paid - - -
Net cash from operating
activities (544,258) (752,628) (1,562,128)
Cash flows from investing
activities
Payments to acquire
software (38,201) (17,889) (25,114)
Payments to acquire property,
plant and equipment (1,887,014) (899,995) (1,714,215)
Payments to acquire intangible
fixed assets (8,464) (5,145) (23,699)
Lease and other deposits repaid
/ (advanced) (14,762) (23,911) (62,052)
Proceeds from disposal of property
plant and equipment - 149,066 698,882
Net movement in loans
to sub-franchisees 4,135 (164,490) (1,214,743)
Interest received 13,173 18,705 36,745
------------------------------------------ ------------ ------------ ------------
Net cash used in investing
activities (1,931,133) (943,659) (2,304,196)
Cash flows from financing
activities
Net proceeds from issue of
ordinary share capital 4,953,831 - 3,055,426
Repayment of borrowings (52,410) (19,983) (49,171)
Interest paid (11,800) (5,664) (12,478)
------------------------------------------ ------------ ------------ ------------
Net cash from financing
activities 4,889,621 (25,647) 2,993,777
Change in cash and cash
equivalents 2,414,230 (1,721,934) (872,547)
Exchange differences
on cash balances 93,618 125,480 193,304
Cash and cash equivalents
at beginning of period 6,308,260 6,987,503 6,987,503
Cash and cash equivalents
at end of period 8,816,108 5,391,049 6,308,260
----------------------------------------- ------------ ------------ ------------
Group Statement of Changes
in Equity
for the six months ended
30 June 2017
Share Currency Capital
Share premium Retained translation reserve
-
capital account earnings reserve own shares Total
GBP GBP GBP GBP GBP GBP
-------------------- -------- ----------- ------------- ------------ ----------- ------------
At 31 December
2015 651,241 23,856,796 (13,970,110) (805,037) (56,361) 9,676,529
Share based
payments - - 189,953 - - 189,953
Translation
difference - - - 426,279 - 426,279
Loss for the
period - - (944,378) - - (944,378)
-------------------- -------- ----------- ------------- ------------ ----------- ------------
At 30 June
2016 651,241 23,856,796 (14,724,535) (378,758) (56,361) 9,348,383
Shares issued 33,335 3,166,825 - - - 3,200,160
Expenses of
share issue - (144,734) - - - (144,734)
Share based
payments - - 162,732 - - 162,732
Shares transferred
out of EBT - - (5,898) - 5,898 -
Translation
difference - - - 192,335 - 192,335
Loss for the
period - - (1,549,023) - - (1,549,023)
-------------------- -------- ----------- ------------- ------------ ----------- ------------
At 31 December
2016 684,576 26,878,887 (16,116,724) (186,423) (50,463) 11,209,853
Shares issued 62,500 5,185,000 - - - 5,247,500
Expenses of
share issue - (233,899) - - - (233,899)
Share based
payments - - 168,428 - - 168,428
Shares transferred
out of EBT - - (2,775) - 2,775 -
Translation
difference - - - 471,893 - 471,893
Loss for the
period - - (1,084,824) - - (1,084,824)
At 30 June
2017 747,076 31,829,988 (17,035,895) 285,470 (47,688) 15,778,951
-------------------- -------- ----------- ------------- ------------ ----------- ------------
Notes to the Interim Financial
Statements
for the six months ended
30 June 2017
1 Basis of
preparation
These condensed interim financial statements are unaudited
and do not constitute statutory accounts within the
meaning of the Companies Act 2006. These condensed
interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting'
and were approved on behalf of the Board by the Chief
Executive Officer Peter Shaw.
The accounting policies and methods of computation
applied in these condensed interim financial statements
are consistent with those applied in the Group's most
recent annual financial statements for the year ended
31 December 2016.
The financial statements for the year ended 31 December
2016, which were prepared in accordance with International
Financial Reporting Standards, as endorsed by the
European Union ('IFRS'), and with those parts of the
Companies Act 2006 applicable to companies reporting
under IFRS, have been delivered to the Registrar of
Companies. The auditors' opinion on those financial
statements was unqualified and did not contain a statement
made under s498(2) or (3) of the Companies Act 2006.
Copies of these condensed interim financial statements
and the Group's most recent annual financial statements
are available on request by writing to the Company
Secretary at our registered office DP Poland plc,
42-50 Hersham Road, Walton-on-Thames, Surrey KT12
1RZ, or from our website www.dppoland.com.
2 Revenue
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.17 30.06.16 31.12.16
GBP GBP GBP
================================== ============ ============ ============
Core revenue 4,250,526 2,694,879 5,935,347
Other revenue 151,543 266,610 1,621,371
4,402,069 2,961,489 7,556,718
---------------------------------- ------------ ------------ ------------
Core revenues are ongoing revenues including sales
to the public from corporate stores, sales of materials
and services to sub-franchisees, royalties received
from sub-franchisees and rents received from sub-franchisees.
Other revenues are non-recurring transactions such
as the sale of stores, fittings and equipment to sub-franchisees.
3 Taxation
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.17 30.06.16 31.12.16
GBP GBP GBP
================================== ============ ============ ============
Current tax - - -
Deferred tax charge relating
to the origination and reversal
of temporary - - -
differences
----------------------------------
Total tax charge - - -
in income statement
----------------------------------- ------------ ------------ ------------
4 Earnings per
ordinary share
The loss per ordinary share has
been calculated as follows:
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.17 30.06.16 31.12.16
---------------------------------- ------------ ------------ ------------
Profit / (loss)
after tax (GBP) (1,084,824) (944,378) (2,493,401)
Weighted average number of
shares in issue 136,069,649 127,192,268 128,931,485
Basic and diluted earnings (0.80 (0.74 (1.93
per share (pence) p) p) p)
------------------------------------- ------------ ------------ ------------
The weighted average number of shares for the period
excludes those shares in the Company held by the employee
benefit trust. At 30 June 2017 the basic and diluted
loss per share is the same, because the vesting of
share awards would reduce the loss per share and is,
therefore, anti-dilutive.
5 Principal risks and
uncertainties
The principal risks and uncertainties facing the Group
are disclosed in the Group's financial statements
for the year ended 31 December 2016, available from
www.dppoland.com and remain unchanged.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BCGDCSBBBGRU
(END) Dow Jones Newswires
September 18, 2017 02:00 ET (06:00 GMT)
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