We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hotel Chocolat Group Plc | LSE:HOTC | London | Ordinary Share | GB00BYZC3B04 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 374.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMHOTC
RNS Number : 4827X
Hotel Chocolat Group PLC
22 February 2017
22 February 2017
Hotel Chocolat Group plc
("Hotel Chocolat", the "Company" or the "Group")
Interim Results
Hotel Chocolat Group plc, a premium British chocolatier and omni-channel retailer, today announces its Interim Results for the 26 weeks ended 25 December 2016.
Hot Features
Premium
Financial highlights:
* Proforma revenue up 12% to GBP62.5m (H1 FY16:
GBP55.7m)(1)
* Reported revenue up 14% to GBP62.5m (H1 FY16:
GBP54.9m)
* Underlying EBITDA up 27% to GBP13.7m (H1 FY16:
GBP10.8 m)(2)
* Underlying EBITDA margin of 21.9% (H1 FY16: 19.7%)
* Profit before tax up 28% to GBP11.2m (H1 FY16
GBP8.8m)
* Strong balance sheet with net cash at period end of
GBP16.2m (H1 FY16: net debt of GBP1m)
* EPS of 7.8p (H1 FY16: adjusted 6.2p)(3)
Operational highlights:
* Strong sales growth across retail, digital &
corporate channels
* Opened 10 new stores during the period, contributing
4% to Group sales year-on-year
* Improved Christmas ranges and strong availability
resulted in increases in footfall, items per basket
and a mix shift to higher priced gift items
* Factory investment delivered improved gross margin in
the period; +60bps year-on-year
* Now have 10 Shop+Cafe format stores, giving the
ability to flex customer offer for each catchment
* New website launched January 2017, driving improved
conversion
(1) Hotel Chocolat Estates Limited, Saint Lucia (HCESL) was acquired by the Group in April
2016, proforma result includes HCESL in both years.
(2) Underlying EBITDA in H1 FY17 excludes GBP0.3m of share-based compensation (H1 FY16: GBP
nil).
(3) H1 FY16 profit divided by the number of shares in issue at the time of IPO in May 2016.
Angus Thirlwell, Co-founder and Chief Executive Officer of Hotel Chocolat said:
"This has been another period of good progress for Hotel Chocolat with strong growth in both sales and profitability. The critical Christmas period was very successful, helped by good availability, popular and innovative new ranges and significantly increased digital transactions. We have strong plans in place for the key spring seasons of Mother's Day and Easter and are confident of further progress.
"I would like to thank everyone in the HC team for continuing to work tirelessly to build the business and strengthen our brand.
"We continue to make good headway against our three key strategic objectives of opening more stores, improving our digital capability and increasing our production capacity."
This announcement contains inside information for the purposes of the Market Abuse Regulation.
For further information:
+ 44 (0)
Hotel Chocolat Group plc c/o Citigate 20 7638 9571
Angus Thirlwell, Co-founder
and Chief Executive Officer
Peter Harris, Co-founder and
Development Director
Matt Pritchard, Chief Financial
Officer
Citigate Dewe Rogerson - Financial + 44 (0)
PR 20 7638 9571
Simon Rigby
Ellen Wilton
Liberum Capital Limited - + 44 (0)
Nominated Advisor and Broker 20 3100 2222
Clayton Bush
Jill Li
Notes to Editors:
Hotel Chocolat is a premium British chocolatier with a strong and distinct brand. The business was founded in 1993 by Angus Thirlwell and Peter Harris and has traded under the Hotel Chocolat brand since 2003. The Group sells its products online and through a network of 93 stores in the UK and abroad. The Group has ten Shop+Cafe format stores, two restaurants in the UK and a cocoa plantation and hotel in Saint Lucia. The Group was admitted to trading on AIM in 2016.
Chief Executive's statement (inclusive of financial review)
RESULTS
Period ended Period ended
25 December 2016 27 December 2015
GBP000 GBP000
------------------------------------------------- ------------------ ------------------
Revenue 62,528 54,875
Gross profit 42,544 36,979
Operating expenses (28,846) (26,180)
-------------------------------------------------- ------------------ ------------------
Underlying EBITDA 13,698 10,799
Share-based payments (277) -
------------------------------------------------- ------------------ ------------------
EBITDA 13,421 10,799
Depreciation & amortisation (1,743) (1,590)
Loss on disposal of property, plant & equipment (16) -
Operating profit 11,662 9,209
Finance income 3 96
Finance expense (446) (528)
-------------------------------------------------- ------------------ ------------------
Profit before tax 11,219 8,777
Tax expense (2,422) (1,782)
-------------------------------------------------- ------------------ ------------------
Profit for the period 8,797 6,995
Adjusted EPS* 7.8p 6.2p
* Adjusted EPS is calculated by dividing the profit in the prior period by the number of shares in issue at the time of IPO in May 2016.
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report continued progress for the Hotel Chocolat brand during the 26 weeks to 25 December 2016. Revenue in the period grew by 14% (12% on a proforma basis) and profit before tax for the period increased by 28%. Hotel Chocolat delivered growth across all channels, benefitting from improved seasonal ranges including new gift hampers, which encouraged customers to "trade up" to higher price points. The business remains focused on the three key pillars of its growth strategy:
1) Open stores including new Shop+Cafe format
We opened 10 new stores in the period and completed one relocation. Of the new stores, seven included variations of our Hot Chocolat-led cafe offer. The modular design of the cafe allows us to tailor the offer to the site and the catchment; for example our new store at Euston station includes a takeaway-only cafe, whereas our new store in Worcester includes 50 seats and a separate space for tasting experiences. The Group also signed a further lease on a 1,500 sq ft unit in a prime location on Buchanan Street in Glasgow, which will open later in 2017.
2) Increase capacity and capture efficiencies from the vertically integrated supply chain
Significant capital investments at our factory were completed in September, on time and on budget, this increased manufacturing capacity by 20%. This increase enabled the Group to produce more stock and thus maintain strong availability right up to the end of the Christmas season. Improved efficiency supported a gross margin increase of 0.6 percentage points.
3) New digital proposition to grow customer base and improve gifting proposition
Digital revenues, comprising website plus subscription club, grew 11% overall.
The website delivered a 23% year-on-year growth driven by a strong increase in customer numbers and increased average transaction value. A new website launched in January 2017 and initial indications are encouraging with mobile conversion increasing significantly, the new site is faster and dwell time has also increased.
Subscription club sales declined 6%, while operating profit increased. New customer recruitment activities into the club have been scaled back whilst the model is being improved and reformed around the new website, which launched in January 2017. The next phase of the Tasting Club evolution will improve the online customer experience and integrate product despatch into the central distribution centre, rather than outsource. A new subscription clubs team is now in place to add focus and drive behind this important channel, with good growth opportunities ahead.
Other developments
This is the first reporting period for which Hotel Chocolat Estates Limited, Saint Lucia (HCESL) was part of the Group for the full period. Development of a new visitor attraction is progressing well and expected to open in 2018.
The Group has a Cocoa Spa in Saint Lucia and also sells a range of Cocoa Beauty products. Currently these products represent less than 1% of total sales. The Group has entered into a joint venture with its Chairman Andrew Gerrie to further develop and grow this category. The Group owns 30% of the venture "Rabot 1745 Limited" and Andrew Gerrie holds 49%, with the balance held by other parties. It is envisaged that the venture will operate as a low cost start-up, with the goal of developing an enhanced beauty product range with a view to growth in the medium to long term.
FINANCIAL REVIEW
Revenue
10 new stores opened during the period, contributing 4% to the Group's year-on-year growth in revenue. Retail, digital and corporate wholesale all delivered like for like sales growth.
Gross margin, operating expense and underlying EBITDA
Gross margin increased 60 basis points to 68.0%, supported by the efficiency investments at the factory. A tight focus on operating expenses meant that expenditure of GBP28.8m represented an improved ratio of 46.1% of sales (H1 FY16: 47.7%). The combined effect of increased sales, improved gross margins and a reduction in operating costs as a percent of sales, was a 27% increase in underlying EBITDA to GBP13.7m (H1 FY16 GBP10.8m).
Share based payments
Share-based payment expense of GBP0.3m (H1 FY16: GBP nil) related to a new share-based Long-Term Incentive Plan and an all-employee Save As You Earn Plan. Both these schemes were detailed in the admission document.
Foreign currency
The business manufactures the majority of its products in the UK, however it does purchase some ingredients in foreign currencies, predominantly in Euros. The Group hedges its forecast Euro purchases 18 months ahead.
Finance income and expense
Finance income of GBP3k in H1 FY17 represents interest on bank deposits, in the prior period income of GBP96k represented related-party loan interest receivable from Hotel Chocolat Estates Limited, Saint Lucia (HCESL). Following the acquisition of HCESL in April 2016 the outstanding loans were capitalised.
Earnings per share
Earnings per share in the period were 7.8p. To facilitate a meaningful comparison dividing the profit in the prior period by the number of shares in issue at the time of IPO in May 2016 gives an adjusted prior period EPS of 6.2p.
Dividend
The Board does not propose an interim dividend. The Board's objective is to pay a maiden final dividend, subject to the continued performance of the business in the balance of the year.
Cash flow and closing cash position
Net cash inflow from operating activities was GBP22.1m (H1 FY16: GBP16.2m).
Net cash at the end of the period was GBP16.2m, an improvement of GBP17.2m on the prior period. The Group has access to an GBP18m revolving credit facility with Lloyds Bank plc to fund seasonal working capital requirements. The facility matures in April 2018.
Major capital projects in the period included 10 new shops, one re-location, the Group's new website and upgrades to the manufacturing facility in Huntingdon.
OUTLOOK
Since the end of the period, trading has continued in line with expectations. The plans for the key Mother's Day and Easter seasons build upon the successes of Christmas, including improved gifts and children's ranges. The pipeline for new stores is encouraging with the new formats providing increased flexibility to adapt to different locations. We are in the process of finalising our next set of capacity and capability investments for our production facility in order to ensure we can both meet our growth aspirations and improve efficiency in the years ahead. The transition to the new website happened on time and now provides us with exciting growth potential.
The headwinds facing all retailers in the UK are widely projected to drive input cost inflation, however the Group seeks to mitigate these headwinds through a combination of vertical integration, UK-based manufacturing, and currency hedging. A strong differentiated brand that offers great products and customer service, priced as an affordable luxury also provides further mitigation, giving the Board confidence in the Group's continued progress.
Angus Thirlwell
Co-founder and Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 25 December 2016
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
Notes GBP GBP
------------------------------------------------------------- -------- ------------------ ------------------
Revenue 62,527,738 54,874,984
Cost of sales (19,983,960) (17,895,950)
------------------ ------------------
42,543,778 36,979,034
Administrative expenses 2 (30,881,742) (27,769,970)
------------------ ------------------
11,662,036 9,209,064
Finance income 3 3,068 96,276
Finance expenses 3 (445,871) (528,098)
------------------ ------------------
Profit before tax 11,219,233 8,777,242
Tax expense (2,421,861) (1,782,000)
------------------ ------------------
Profit for the period 8,797,372 6,995,242
Other comprehensive income:
Derivative financial liabilities (198,302) -
Deferred tax charge on equity items 113,975 -
Currency translation differences arising from consolidation 780,993 67,095
------------------ ------------------
Total comprehensive income for the period 9,494,038 7,062,337
------------------ ------------------
Earnings per share - Basic and Diluted (Adjusted*) 4 7.8p 68.6p (6.2p*)
* Adjusted EPS is calculated by dividing the profit in the prior period by the number of shares in issue at the time of IPO in May 2016.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 25 December 2016
Unaudited Unaudited Audited
As at As at As at
25 December 2016 27 December 2015 26 June
GBP GBP 2016
Notes GBP
------------------------------------------- -------- ------------------ ------------------ -------------
ASSETS
Non-current assets
Intangible assets 2,144,098 1,452,623 1,856,800
Property, plant and equipment 5 29,194,640 13,528,867 26,111,111
Investment in joint ventures 300 - -
Derivative financial assets 9,346 - 85,075
Prepayments 5,034 - 7,461
Deferred tax asset - 194,342 -
31,353,418 15,175,832 28,060,447
Current assets
Derivative financial assets 523,385 - 439,239
Inventories 7,569,092 6,115,599 6,604,104
Trade and other receivables 6,194,439 15,023,642 5,534,835
Cash and cash equivalents 23,522,550 14,132,905 6,475,446
------------------ ------------------ -------------
37,809,466 35,272,146 19,053,624
Total assets 69,162,884 50,447,978 47,114,071
LIABILITIES
Current liabilities
Trade and other payables 6 25,799,854 21,337,985 16,334,191
Corporation tax payable 2,396,211 1,573,564 611,051
Derivative financial liabilities 144,974 - -
Bank overdraft - 2,199,586 -
Borrowings 7 391,994 1,857,347 432,544
Provisions - 73,932 -
28,733,033 27,042,414 17,377,786
Non-current liabilities
Other payables and accruals 6 1,850,884 1,017,194 1,485,090
Derivative financial liabilities 102,824 - -
Deferred tax liabilities 10,729 - 78,989
Borrowings 7 6,924,131 11,046,193 6,643,212
Provisions 705,513 487,344 464,486
9,594,081 12,550,731 8,671,777
Total liabilities 38,327,114 39,593,145 26,049,563
NET ASSETS 30,835,770 10,854,833 21,064,508
EQUITY
Share capital 112,838 103,548 112,838
Share premium 11,749,487 - 11,749,487
Retained earnings 16,884,722 10,998,788 8,087,350
Translation reserve 1,134,119 (475,832) 353,126
Merger reserve 223,251 223,251 223,251
Capital redemption reserve 6,301 5,078 6,301
Other reserves 725,052 - 532,155
------------------ ------------------ -------------
Total equity attributable to shareholders 30,835,770 10,854,833 21,064,508
------------------ ------------------ -------------
CONSOLIDATED STATEMENT OF CASH FLOW
For the period ended 25 December 2016
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
Notes GBP GBP
------------------------------------------------------------------ -------- ------------------ ------------------
Profit before tax for the period 11,219,233 8,777,242
Adjusted by:
Depreciation of property, plant and equipment 5 1,605,009 1,227,321
Amortisation of intangible assets 137,983 362,230
Net interest expense 442,803 431,822
Share-based payments 277,224 -
Loss on disposal of property, plant and equipment and intangible
assets 15,852 -
------------------ ------------------
Operating cash flows before movements in working capital 13,698,104 10,798,615
Increase in inventories (657,176) (1,621,758)
Increase in trade and other receivables (1,036,358) (1,351,046)
Increase in trade and other payables and provisions 10,842,602 8,861,696
------------------ ------------------
Cash inflow generated from operations 22,847,172 16,687,507
Interest received 3,068 -
Income tax paid (590,985) 13,925
Interest paid on:
(7,153) -
* finance leases and hire purchase loans
* bank loans and overdraft (113,417) (543,575)
------------------ ------------------
Cash flows from operating activities 22,138,685 16,157,857
------------------ ------------------
Purchase of property, plant and equipment (4,435,006) (2,759,334)
Proceeds from disposal of property, plant and equipment 12,000 -
Purchase of intangible assets (414,299) (349,860)
Cash flows used in investing activities (4,837,305) (3,109,194)
------------------ ------------------
Buy back of Chocolate bonds (118,000) (123,000)
Capital element of hire purchase and finance leases repaid (296,827) (219,525)
Proceeds from bank loans - 4,993,226
Cash flows (used in)/from financing activities (414,827) 4,650,701
------------------ ------------------
Net change in cash and cash equivalents 16,886,553 17,699,364
Cash and cash equivalents at beginning of period 6,475,446 (5,697,390)
Foreign currency movements 160,551 (68,655)
Cash and cash equivalents at end of period 23,522,550 11,933,319
------------------ ------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 25 December 2016
Capital
Share Share Retained Translation Merger redemption Other
capital Premium earnings reserve reserve reserve reserves Total
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- --------- ----------- ------------ ------------- --------- ----------- ---------- ------------
As at 28 June
2015 103,418 - 4,003,546 (542,927) 223,251 5,078 - 3,792,366
Shares issued
in the period 130 - - - - - - 130
Profit for the
period - - 6,995,242 - - - - 6,995,242
Other
comprehensive
income for
the period - - - 67,095 - - - 67,095
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
27 December
2015 103,548 - 10,998,788 (475,832) 223,251 5,078 - 10,854,833
Loss for the
period - - (2,911,438) - - - - (2,911,438)
Capital
redemption (1,223) - - - - 1,223 - -
Shares issued
in the period 10,513 11,989,487 - - - - - 12,000,000
Costs of issue
of equity
shares - (240,000) - - - - - (240,000)
Share-based
payments - - - - - - 64,642 64,642
Derivative
financial
instruments - - - - - - 581,959 581,959
Deferred tax
charge on
derivative
financial
instruments - - - - - - (114,446) (114,446)
Other
comprehensive
income for
the period - - - 828,958 - - - 828,958
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
26 June 2016 112,838 11,749,487 8,087,350 353,126 223,251 6,301 532,155 21,064,508
Profit for the
period - - 8,797,372 - - - - 8,797,372
Share-based
payments - - - - - - 277,224 277,224
Derivative
financial
instruments - - - - - - (198,302) (198,302)
Deferred tax
charge on
equity items - - - - - - 113,975 113,975
Other
comprehensive
income for
the period - - - 780,993 - - - 780,993
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
25 December
2016 112,838 11,749,487 16,884,722 1,134,119 223,251 6,301 725,052 30,835,770
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. Basis of preparation
The consolidated interim financial information has been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs), as adopted by the European Union.
The accounts have been prepared in accordance with accounting policies that are consistent with the Group's Annual Report and Accounts for the period ended 26 June 2016 and that are expected to be applied in the Group's Annual Report and Accounts for the period ended 2 July 2017. There are new or revised standards that apply to the period beginning 27 June 2016 but they do not have a material effect on the financial statements for the period ended 25 December 2016.
The comparative financial information for the period ended 26 June 2016 in this interim report does not constitute statutory accounts for that period under 435 of the Companies Act 2006.
Statutory accounts for the period ended 26 June 2016 have been delivered to the Registrar of Companies.
The auditors' report on the accounts for 26 June 2016 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.
The results for the period ended 26 June 2016 have been adjusted to reflect a restatement of fair value of foreign currency forward contracts. The impact of this restatement has been to increase net assets by GBP935,026 (impacting the derivative financial instruments and deferred tax balances) and increase total comprehensive income by GBP935,026. Profit after tax and earnings per share are unchanged.
2. Profit from operations
Profit from operations is arrived at after charging:
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
GBP GBP
------------------------------------------------------------------------- ------------------ ------------------
Staff cost 14,477,191 12,215,185
Depreciation of property, plant and equipment 1,605,009 1,227,321
Amortisation of intangible assets 137,983 362,230
Loss on disposal of property, plant and equipment and intangible assets 15,852 -
Operating leases:
* Property 4,194,423 4,197,701
* Plant and equipment 94,548 109,146
Exchange differences 149,253 84,669
Bad debt expense 23,228 37,422
------------------ ------------------
3. Finance income and expenses
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
GBP GBP
---------------------------------------------- ------------------ ------------------
Interest from related party - 96,260
Interest on bank deposits 3,068 16
Finance income 3,068 96,276
------------------ ------------------
Interest on bank borrowings 157,795 359,810
Interest on derivative financial liabilities 106,802 -
Finance leases and hire purchase contracts 7,153 15,668
Finance charges on Chocolate bonds 174,121 152,620
------------------ ------------------
Finance expenses 445,871 528,098
------------------ ------------------
4. Earnings per share
Profit for the period used in the calculation of the basic and diluted earnings per share:
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
GBP GBP
--------------------------------- ------------------ ------------------
Profit after tax for the period 8,797,372 6,995,242
------------------ ------------------
The weighted average number of shares for the purposes of diluted earnings per share reconciles to the weighted average number of shares used in the calculation of basic earnings per share as follows:
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
GBP GBP
------------------------------------------------------------------------- ------------------ ------------------
Weighted average number of shares in issue used in the calculation of
earnings per share (number) 112,837,828 10,200,040
Earnings per share (pence) - Basic and Diluted 7.8 68.6
------------------ ------------------
Due to the nature of the options granted under the Hotel Chocolat Group plc 2016 Long-Term Incentive Plan, they are considered contingently issuable shares and therefore have no dilutive effect.
5. Property, plant and equipment
Furniture &
fittings,
Equipment,
Computer software
Freehold property Leasehold & hardware Plant & machinery
GBP property GBP GBP Total
GBP GBP
--------------------
26 weeks ended 27
December 2015
Cost:
As at 28 June 2015 2,840,841 734,999 21,319,086 9,512,635 34,407,561
Additions - - 1,208,234 1,253,690 2,461,924
As at 27 December
2015 2,840,841 734,999 22,527,320 10,766,325 36,869,485
------------------- ------------------- ------------------- -------------------- -----------
Accumulated
depreciation:
As at 28 June 2015 279,491 731,356 13,422,487 7,679,963 22,113,297
Depreciation charge 14,204 475 790,833 421,809 1,227,321
As at 27 December
2015 293,695 731,831 14,213,320 8,101,772 23,340,618
------------------- ------------------- ------------------- -------------------- -----------
Net book value
------------------- ------------------- ------------------- -------------------- -----------
As at 27 December
2015 2,547,146 3,168 8,314,000 2,664,553 13,528,867
------------------- ------------------- ------------------- -------------------- -----------
26 weeks ended 25
December 2016
Cost:
As at 26 June 2016 11,469,455 734,999 22,899,192 14,662,588 49,766,234
Additions 132,410 - 3,201,724 639,882 3,974,016
Disposals - - - (49,900) (49,900)
Translation
differences 675,049 - 113,095 - 788,144
As at 25 December
2016 12,276,914 734,999 26,214,011 15,252,570 54,478,494
------------------- ------------------- ------------------- -------------------- -----------
Accumulated
depreciation:
As at 26 June 2016 408,612 732,306 14,013,001 8,501,204 23,655,123
Depreciation charge 79,564 475 1,035,145 489,825 1,605,009
Disposal - - - (22,048) (22,048)
Translation
differences 7,168 - 38,602 - 45,770
------------------- ------------------- ------------------- -------------------- -----------
As at 25 December
2016 495,344 732,781 15,086,748 8,968,981 25,283,854
------------------- ------------------- ------------------- -------------------- -----------
Net book value
------------------- ------------------- ------------------- -------------------- -----------
As at 25 December
2016 11,781,570 2,218 11,127,263 6,283,589 29,194,640
------------------- ------------------- ------------------- -------------------- -----------
Included above are assets held under finance leases and hire purchase agreements which, as at 25 December 2016 had a net book value of GBP465,351 (27 December 2015: GBP706,749).
6. Trade and other payables
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
GBP GBP
--------------------- ------------------ ------------------
Current
Trade payables 5,351,132 4,197,655
Other payables 4,140,000 2,310,713
Other taxes payable 5,985,535 5,706,288
Accruals 10,323,187 9,123,329
------------------ ------------------
25,799,854 21,337,985
------------------ ------------------
Non-current
Other payables 1,850,884 1,017,194
------------------ ------------------
1,850,884 1,017,194
------------------ ------------------
7. Borrowings
Unaudited Unaudited
26 weeks ended 26 weeks ended
25 December 2016 27 December 2015
GBP GBP
--------------------------------------------- ------------------ ------------------
Current
Finance and lease hire purchase liabilities 433,244 397,350
Chocolate bonds 6,000 110,000
Bank loans - 1,349,997
439,244 1,857,347
Unamortised costs of issue (47,250) -
------------------ ------------------
Total current borrowings 391,994 1,857,347
------------------ ------------------
Non-current
Finance and lease hire purchase liabilities 336,131 222,193
Chocolate bonds 6,588,000 6,624,000
Bank loans - 4,200,000
Total non-current borrowings 6,924,131 11,046,193
------------------ ------------------
Total borrowings 7,316,125 12,903,540
------------------ ------------------
Chocolate bonds pay a return either in boxes of luxury chocolates or by way of a Hotel Chocolat gift card. For those bonds with a return in the form of chocolate, the coupon is fixed by number of boxes. For bonds where there is a return paid by way of a Hotel Chocolat gift card, there is a fixed rate of interest. The interest as stated on issue of the bonds ranged between 6.7% and 7.3%.
Chocolate bonds are repayable subject to formal notice given six months prior to a redemption note. In order to redeem the bond, notice must be given by January and payment is made in July of the same year. For all chocolate bonds, where notice has been given, the amount repayable is shown within current liabilities. The remaining bonds for which notice has not yet been given are shown within non-current liabilities. Both bonds are unsecured.
On 27 April 2016, the Group negotiated a two-year, bilateral revolving credit facility (RCF). Interest is charged at 1.9% over base rate and a commitment fee of 0.8% is due on the available commitment, not yet drawn down.
The existing hire purchase and finance leases are secured by a charge over the related fixed assets and have incurred interest at an effective annual rate of 2.0%. A new finance lease was signed during the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DFLFLDLFEBBB
(END) Dow Jones Newswires
February 22, 2017 02:00 ET (07:00 GMT)
1 Year Hotel Chocolat Chart |
1 Month Hotel Chocolat Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
