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| 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 Apr 2019 to Apr 2024
TIDMHOTC
RNS Number : 4485F
Hotel Chocolat Group PLC
21 February 2018
21 February 2018
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 31 December 2017.
Financial highlights:
Hot Features
Premium
-- Revenue up 15% to GBP71.7m (H1 FY17:
GBP62.5m)
-- Underlying EBITDA up 15% to GBP15.8m
(H1 FY17: GBP13.7m)(1)
-- Underlying EBITDA margin of 22.0% (H1
FY17: 21.9%)(1)
-- Profit before tax up 15% to GBP12.9m
(H1 FY17: GBP11.2m)
-- Profit after tax up 15% to GBP10.1m (H1
FY17: GBP8.8m)
-- Strong balance sheet with net cash at
period end of GBP18.3m (H1 FY17: GBP16.2m)
-- Earnings per share up 15% to 9.0p (H1
FY17: 7.8p)
-- Interim dividend of 0.6 pence
Operational highlights:
-- Strong sales growth across retail, digital
& corporate channels
-- Successful Christmas ranges and availability
delivered growth
-- 10 new stores opened, contributing 5%
to Group sales growth
-- New sites featured cafe drinks offer
and comprised a wide diversity of locations
including city centres, market towns,
retail parks, designer outlets; first
store opened in the Republic of Ireland
-- Digital growth through own website and
new 3(rd) party wholesale to digital
retailers including Amazon and Ocado
-- Factory capacity increase by 25%
-- Underlying EBITDA margin improved +11
basis points, despite foreign exchange
headwinds and costs of in-sourcing of
distribution totalling -95 basis points
(1) Underlying EBITDA in H1 FY18 excludes GBP0.4m of share-based charges (H1 FY17: GBP0.3m).
Angus Thirlwell, Co-founder and Chief Executive Officer of Hotel Chocolat, said:
"This has been another period of strong progress for Hotel Chocolat with growth in both sales and profits. The critical Christmas period was again successful, helped by further improvements in availability, our best ever seasonal range and the extension of our one-stop gift solutions range. We have exciting plans in place for the key spring seasons of Mother's Day and Easter, and have recently launched a new cacao beauty range and a weekly subscription called Mbox. We are confident of further progress during the year.
"I would like to thank everyone in the Hotel Chocolat team for their dedication in delivering another successful Christmas.
"Recent trading, including the Valentine's period is in line with the Board's expectations and we continue to make good progress 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) 20
Hotel Chocolat Group plc c/o Citigate 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 - + 44 (0) 20
Financial PR 7638 9571
Simon Rigby
Angharad Couch
Ellen Wilton
Liberum Capital Limited
- Nominated Advisor and + 44 (0) 20
Broker 3100 2222
Clayton Bush
Lucy Sharma
Jill Li
Notes to Editors:
Hotel Chocolat is a premium British chocolatier with a strong and distinctive 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 stores in the UK and abroad. The Group has a cocoa plantation and eco-hotel in Saint Lucia, offering complete cocoa immersion thorough tree-to-bar experiences and wellness treatments. The Group also has a flagship restaurant and cocoa roastery in London's Borough Market: Rabot 1745. The Group was admitted to trading on AIM in 2016.
Chief Executive's statement (inclusive of financial review)
RESULTS
Period ended Period ended
31 December 2017 25 December 2016
GBP000 GBP000
------------------------------------------------- ------------------ ------------------
Revenue 71,709 62,528
Gross profit 49,107 42,544
Operating expenses (33,316) (28,846)
-------------------------------------------------- ------------------ ------------------
Underlying EBITDA 15,791 13,698
Share-based payments (367) (277)
-------------------------------------------------- ------------------ ------------------
EBITDA 15,425 13,421
Depreciation & amortisation (2,207) (1,743)
Loss on disposal of property, plant & equipment (9) (16)
Operating profit 13,209 11,662
Finance income 16 3
Finance expense (296) (446)
Share of joint venture results 7 -
------------------------------------------------- ------------------ ------------------
Profit before tax 12,936 11,219
Tax expense (2,821) (2,422)
-------------------------------------------------- ------------------ ------------------
Profit for the period 10,115 8,797
Earnings per share - Basic 9.0p 7.8p
Earnings per share - Diluted 8.9p 7.8p
Dividend per share 0.6p
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report continued progress for the Hotel Chocolat brand during the 26 weeks to 31 December 2017. Both revenue and profit before tax for the period increased by 15%, with efficiencies offsetting known cost headwinds. Hotel Chocolat delivered growth across all its channels, benefitting from improved seasonal ranges and some encouraging early results for our new digital wholesale partners. The business remains focused on the three key pillars of its growth strategy:
1) Open stores
We opened 10 new stores in the period and completed two relocations. Of particular note is the diversity of location types; we opened a new flagship store in Oxford Westgate and tested our first ever retail park location at Teesside. We also opened our second designer outlet at Clarks Village, and a number of smaller sites in market towns including Shrewsbury and Beverley. Our first store in the Republic of Ireland in Dundrum has also performed well. The initial results generated by these new sites give us confidence that the 'pipeline' of potential new sites is greater than previously expected.
2) Increase capacity and capture efficiencies from the vertically integrated supply chain
Underlying EBITDA margins increased by a net +10 basis points. This was achieved by improved efficiencies and the benefits of increasing scale, which were partly offset by two known headwinds impacting costs by 95 basis points:
I. The business hedges its foreign exchange
Euro purchases, therefore H1 FY18 was the
first period affected by the decline of Sterling
in 2016, and this created a -35 basis points
cost headwind in the period.
II. In 2016 we made the decision to bring subscription
distribution in-house in order to make the
service more responsive and to enable us
to offer a wider range of subscription types.
This change was effective at the start of
H1 and negatively impacted EBITDA margin
by -60 basis points.
For FY19 and beyond, these two impacts will form part of the 'base' operating model, meaning that any further efficiency gains and economies of scale will more readily convert to an EBITDA margin rate improvement than in FY18.
During the period factory capacity increased by 25% driven by improved asset utilisation and more efficient production scheduling. New capital projects commissioned in January 2018 have increased liquid chocolate capacity by 180%.
3) New digital proposition to grow customer base and improve gifting proposition
Digital revenues, comprising website plus subscription club and new digital wholesale partners, grew 13% overall.
-- The website delivered a 16% year-on-year
growth driven by an increase in traffic,
particularly on mobiles, a benefit of
the new website that launched in January
2017. Mobiles and tablets now account
for 62% of all web traffic, mobile conversion
rose by 19% from 2.6% to 3.1%.
-- New wholesale accounts with digital retailers
including Amazon and Ocado contributed
6% to digital growth.
-- Excluding the costs of in-sourcing distribution,
subscription EBITDA increased year-on-year.
New customer recruitment activities into
the club were scaled back pending the
launch of the new weekly Mbox subscription
and as a result like-for-like sales volumes
declined by 13%.
-- Following successful trials in 2017,
a new weekly subscription launched in
February 2018. The new Mbox format offers
a different proposition to the existing
monthly Tasting Club, being the most
convenient way to regularly receive a
personal supply of Hotel Chocolat's most
popular recipes each week in individually
wrapped portions.
FINANCIAL REVIEW
Revenue
10 new stores opened during the period, contributing 5% to the Group's year-on-year growth in revenue. Retail, digital and corporate wholesale all delivered sales growth.
Gross margin, operating expense and underlying EBITDA
Gross margin increased 44 basis points to 68.48%, supported by the capital investment made in FY17.
Operating expenses as a per cent of sales increased by 33 basis points as a result of 60 basis points of additional costs relating to in-sourcing subscription distribution.
Underlying EBITDA margin increased by 11 basis points, delivering underlying EBITDA growth of 15% to GBP15.8m (H1 FY17: GBP13.7m).
Share based payments
Share-based payment expense of GBP0.4m (H1 FY17: GBP0.3m) related to the share-based Long-Term Incentive Plan and an all-employee Save As You Earn plan.
Foreign currency
The business manufactures the majority of its products in the UK, however it does purchase some premium ingredients in foreign currencies, predominantly Euros. The Group hedges its forecast Euro purchases up to 18 months ahead. The decline in Sterling in 2016 meant that some purchases in H1 FY18 were at the new lower rate which adversely impacted gross margin and EBITDA by 35 basis points. This impact will continue to be felt in H2 FY18 and in FY19.
Finance income and expense
Finance income of GBP16k in H1 FY18 represents unrealised interest on foreign exchange. Finance expense of GBP0.3m reflects interest on chocolate bonds, a working capital overdraft and realised interest on foreign exchange hedges of GBP83k.
Earnings per share
Earnings per share in the period were 9.0p a 15% increase on H1 FY17: 7.8p.
Dividend
At the time of the IPO the Directors stated an intention to implement a progressive dividend policy to reflect the expectation of future cash flow. The Board proposes an interim dividend of 0.6p which will be paid on 3(rd) April 2018 to shareholders on the register on 2(nd) March 2018
Cash flow and closing cash position
Net cash inflow from operating activities was GBP24.9m (H1 FY17: GBP22.1m).
Net cash (being cash minus borrowings) at the end of the period was GBP18.3m (H1 FY17: GBP16.2m). The Group has access to an overdraft facility with Lloyds Bank plc to fund seasonal working capital requirements.
Major capital projects in the period included 10 new shops, two store relocations and upgrades to the manufacturing facility in Huntingdon.
OUTLOOK
Since the end of the period, trading has continued to be in line with the Board's expectations. The trading performance of the new stores is encouraging and thus the pipeline of similar potential locations is increasing.
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 business has successfully mitigated the anticipated foreign exchange headwinds. Continued delivery against the 3-point strategy will deliver top-line growth and improving profitability. A strong differentiated brand which offers great products and customer service and that is priced as an affordable luxury, gives 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 31 December 2017
Unaudited Unaudited
26 weeks ended 26 weeks ended
31 December 2017 25 December 2016
Notes GBP GBP
------------------------------------------------------------- -------- ------------------ ------------------
Revenue 71,708,557 62,527,738
Cost of sales (22,601,129) (19,983,960)
------------------ ------------------
49,107,428 42,543,778
Administrative expenses (35,898,903) (30,881,742)
------------------ ------------------
2 13,208,525 11,662,036
Finance income 3 15,919 3,068
Finance expenses 3 (296,028) (445,871)
Share of joint venture results 7,332 -
------------------ ------------------
Profit before tax 12,935,748 11,219,233
Tax expense (2,820,791) (2,421,861)
------------------ ------------------
Profit for the period 10,114,957 8,797,372
Other comprehensive income:
Derivative financial instruments (121,114) (198,302)
Deferred tax charge on derivative financial instruments 11,505 113,975
Currency translation differences arising from consolidation (361,829) 780,993
------------------ ------------------
Total comprehensive income for the period 9,643,519 9,494,038
------------------ ------------------
Earnings per share - Basic 4 9.0p 7.8p
Earnings per share - Diluted 4 8.9p 7.8p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2017
Unaudited Unaudited Audited
As at As at As at
31 December 2017 25 December 2016 2 July
GBP GBP 2017
Notes GBP
------------------------------------------- -------- ------------------ ------------------ -------------
ASSETS
Non-current assets
Intangible assets 2,547,958 2,144,098 2,338,041
Property, plant and equipment 5 34,677,619 29,194,640 31,397,582
Investment in joint ventures 7,332 300 -
Derivative financial assets 8,564 9,346 -
Other receivables and prepayments 17,851 5,034 7,250
Deferred tax asset 381,825 - 213,819
37,641,149 31,353,418 33,956,692
Current assets
Derivative financial assets 73,724 523,385 306,526
Inventories 9,034,330 7,569,092 9,878,122
Trade and other receivables 6,494,705 6,194,439 6,020,954
Cash and cash equivalents 24,994,989 23,522,550 8,470,178
------------------ ------------------ -------------
40,597,748 37,809,466 24,675,780
Total assets 78,238,897 69,162,884 58,632,472
LIABILITIES
Current liabilities
Trade and other payables 6 25,808,949 25,799,854 16,632,717
Corporation tax payable 2,818,241 2,396,211 1,104,746
Derivative financial liabilities 52,491 144,974 137,480
Borrowings 7 3,482,482 3,773,994 3,371,444
32,162,163 32,115,033 21,246,387
Non-current liabilities
Other payables and accruals 6 2,546,523 1,850,884 1,934,057
Derivative financial liabilities - 102,824 33,970
Deferred tax liabilities - 10,729 -
Borrowings 7 3,191,677 3,542,131 3,504,544
Provisions 825,852 705,513 750,629
6,564,052 6,212,081 6,223,200
Total liabilities 38,726,215 38,327,114 27,469,587
NET ASSETS 39,512,682 30,835,770 31,162,885
EQUITY
Share capital 112,838 112,838 112,838
Share premium 11,749,487 11,749,487 11,749,487
Retained earnings 25,160,751 16,884,722 16,851,199
Translation reserve 687,392 1,134,119 1,049,221
Merger reserve 223,251 223,251 223,251
Capital redemption reserve 6,301 6,301 6,301
Other reserves 1,572,662 725,052 1,170,588
------------------ ------------------ -------------
Total equity attributable to shareholders 39,512,682 30,835,770 31,162,885
------------------ ------------------ -------------
CONSOLIDATED STATEMENT OF CASH FLOW
For the period ended 31 December 2017
Unaudited Unaudited
26 weeks ended 26 weeks ended
31 December 2017 25 December 2016
Notes GBP GBP
------------------------------------------------------------------ -------- ------------------ ------------------
Profit before tax for the period 12,935,748 11,219,233
Adjusted by:
Depreciation of property, plant and equipment 5 1,952,705 1,605,009
Amortisation of intangible assets 253,983 137,983
Net interest expense 280,109 442,803
Share-based payments 366,538 277,224
Loss on disposal of property, plant and equipment and intangible
assets 9,417 15,852
------------------ ------------------
Operating cash flows before movements in working capital 15,798,500 13,698,104
Decrease/(increase) in inventories 755,985 (657,176)
Increase in trade and other receivables (484,352) (1,036,358)
Increase in trade and other payables and provisions 10,064,095 10,908,324
------------------ ------------------
Cash inflow generated from operations 26,134,228 22,912,894
Interest received 84 3,068
Income tax paid (1,116,051) (590,985)
Interest paid on:
* finance leases and hire purchase loans (1,192) (7,153)
* derivative financial instruments (82,542) (65,722)
* bank loans and overdraft (777) (113,417)
------------------ ------------------
Cash flows from operating activities 24,933,750 22,138,685
------------------ ------------------
Purchase of property, plant and equipment (6,136,967) (4,435,006)
Proceeds from disposal of property, plant and equipment - 12,000
Purchase of intangible assets (257,524) (414,299)
Cash flows used in investing activities (6,394,491) (4,837,305)
------------------ ------------------
Buy back of Chocolate bonds (110,500) (118,000)
Capital element of hire purchase and finance leases repaid (136,328) (296,827)
Dividends paid (1,805,405) -
Cash flows used in financing activities (2,052,233) (414,827)
------------------ ------------------
Net change in cash and cash equivalents 16,487,026 16,886,553
Cash and cash equivalents at beginning of period 8,470,178 6,475,446
Foreign currency movements 37,785 160,551
Cash and cash equivalents at end of period 24,994,989 23,522,550
------------------ ------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2017
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 26 June
2016 112,838 11,749,487 8,087,350 353,126 223,251 6,301 532,155 21,064,508
Share-based
payments - - - - - - 277,224 277,224
Profit for the
period - - 8,797,372 - - - - 8,797,372
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - (198,302) (198,302)
Deferred tax
charge on
derivative
financial
instruments - - - - - - 113,975 113,975
Currency
translation
differences
arising from
consolidation - - - 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
Share-based
payments - - - - - - 285,032 285,032
Deferred tax
charge on
share-based
payments - - - - - - 328,796 328,796
Loss for the
period - - (33,523) - - - - (33,523)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - (118,356) (118,356)
Deferred tax
credit on
derivative
financial
instruments - - - - - - (49,936) (49,936)
Currency
translation
differences
arising from
consolidation - - - (84,898) - - - (84,898)
Equity as at 2
July 2017 112,838 11,749,487 16,851,199 1,049,221 223,251 6,301 1,170,588 31,162,885
Share-based
payments - - - - - - 366,538 366,538
Deferred tax
charge on
share-based
payments - - - - - - 145,145 145,145
Profit for the
period - - 10,114,957 - - - - 10,114,957
Dividends paid (1,805,405) (1,805,405)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - (121,114) (121,114)
Deferred tax
charge on
derivative
financial
instruments - - - - - - 11,505 11,505
Currency
translation
differences
arising from
consolidation - - - (361,829) - - - (361,829)
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
31 December
2017 112,838 11,749,487 25,160,751 687,392 223,251 6,301 1,572,662 39,512,682
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
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 2 July 2017 and that are expected to be applied in the Group's Annual Report and Accounts for the period ended 1 July 2018. There are new or revised standards that apply to the period beginning 3 July 2017 but they do not have a material effect on the financial statements for the period ended 31 December 2017.
The comparative financial information for the period ended 2 July 2017 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 2 July 2017 have been delivered to the Registrar of Companies.
The auditors' report on the accounts for 2 July 2017 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.
2. Profit from operations
Profit from operations is arrived at after charging:
Unaudited Unaudited
26 weeks ended 26 weeks ended
31 December 2017 25 December 2016
GBP GBP
------------------------------------------------------------------------- ------------------ ------------------
Staff cost 15,957,108 14,477,191
Depreciation of property, plant and equipment 1,952,705 1,605,009
Amortisation of intangible assets 253,983 137,983
Loss on disposal of property, plant and equipment and intangible assets 9,417 15,852
Operating leases:
* Property 5,435,700 4,530,686
* Plant and equipment 94,391 94,548
Exchange differences 85,702 149,253
Bad debt expense 20,037 23,228
------------------ ------------------
3. Finance income and expenses
Unaudited Unaudited
26 weeks ended 26 weeks ended
31 December 2017 25 December 2016
GBP GBP
--------------------------------------------------------- ------------------ ------------------
Interest on bank deposits 84 3,068
Unrealised interest on derivative financial instruments 15,835 -
Finance income 15,919 3,068
------------------ ------------------
Interest on bank borrowings 57,410 157,795
Realised interest on derivative financial liabilities 82,542 65,722
Unrealised interest on derivative financial instruments - 41,080
Finance leases and hire purchase contracts 1,192 7,153
Finance charges on Chocolate bonds 154,884 174,121
------------------ ------------------
Finance expenses 296,028 445,871
------------------ ------------------
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
31 December 2017 25 December 2016
GBP GBP
--------------------------------- ------------------ ------------------
Profit after tax for the period 10,114,957 8,797,372
------------------ ------------------
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
31 December 2017 25 December 2016
GBP GBP
------------------------------------------------------------------------- ------------------ ------------------
Weighted average number of shares in issue used in the calculation of
earnings per share (number)
- Basic 112,837,828 112,837,828
Share-based payments - Hotel Chocolat Group plc Save As You Earn Plan 214,728 -
Weighted average number of shares in issue used in the calculation of
earnings per share (number)
- Diluted 113,052,556 112,837,828
Earnings per share (pence) - Basic 9.0 7.8
Earnings per share (pence) - Diluted 8.9 7.8
------------------ ------------------
As at 31 December 2017, the total number of potentially dilutive shares issued under the Hotel Chocolat Group plc Long-Term Incentive Plan was 3,667,000 (25 December 2016: 3,692,000). Due to the nature of the options granted under this scheme, 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 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
------------------- ------------------- ------------------- -------------------- -----------
26 weeks ended 31
December 2017
Cost:
As at 2 July 2017 12,588,855 734,999 28,418,804 16,319,351 58,062,009
Additions 321,661 - 3,999,331 1,271,020 5,592,012
Disposals - - (9,417) - (9,417)
Translation
differences (345,612) - (6,002) - (351,614)
As at 31 December
2017 12,564,904 734,999 32,402,716 17,590,371 63,292,990
------------------- ------------------- ------------------- -------------------- -----------
Accumulated
depreciation:
As at 2 July 2017 567,231 733,256 15,796,562 9,567,378 26,664,427
Depreciation charge 79,898 475 1,312,304 560,028 1,952,705
Disposal - - - - -
Translation
differences (6,710) - 4,949 - (1,761)
------------------- ------------------- ------------------- -------------------- -----------
As at 31 December
2017 640,419 733,731 17,113,815 10,127,406 28,615,371
------------------- ------------------- ------------------- -------------------- -----------
Net book value
------------------- ------------------- ------------------- -------------------- -----------
As at 31 December
2017 11,924,485 1,268 15,288,901 7,462,965 34,677,619
------------------- ------------------- ------------------- -------------------- -----------
As at 31 December 2017, the net book value of freehold property includes land of GBP2,767,923 (25 December 2016: GBP3,039,349), which is not depreciated.
Included above are assets held under finance leases and hire purchase agreements. As at 31 December 2017, the net book value of such assets within plant & machinery is GBP269,690 (25 December 2016: GBP456,351) and within computer software & hardware is GBP456,106 (25 December 2016: GBP577,145).
6. Trade and other payables
Unaudited Unaudited
26 weeks ended 26 weeks ended
31 December 2017 25 December 2016
GBP GBP
--------------------- ------------------ ------------------
Current
Trade payables 4,554,352 5,351,132
Other payables 2,855,517 4,140,000
Other taxes payable 7,625,446 5,985,535
Accruals 10,773,634 10,323,187
------------------ ------------------
25,808,949 25,799,854
------------------ ------------------
Non-current
Other payables 2,546,523 1,850,884
------------------ ------------------
2,546,523 1,850,884
------------------ ------------------
7. Borrowings
Unaudited Unaudited
26 weeks ended 26 weeks ended
31 December 2017 25 December 2016
GBP GBP
--------------------------------------------- ------------------ ------------------
Current
Finance and lease hire purchase liabilities 201,732 433,244
Chocolate bonds 3,310,000 3,388,000
3,511,732 3,821,244
Unamortised costs of issue (29,250) (47,250)
------------------ ------------------
Total current borrowings 3,482,482 3,773,994
------------------ ------------------
Non-current
Finance and lease hire purchase liabilities 117,677 336,131
Chocolate bonds 3,074,000 3,206,000
Total non-current borrowings 3,191,677 3,542,131
------------------ ------------------
Total borrowings 6,674,159 7,316,125
------------------ ------------------
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.
Chocolate bonds issued in 2010 are repayable in July 2018 if notice is given by the end of January 2018 and consequently, the full balance has been shown as a current liability. The total value of redemption notices received for this bond is GBP26,000 (2017: GBP6,000) which will be paid in July and no other amounts are contractually due before July 2019. The bonds can be repaid at any time by the Group.
In May 2017 the Group converted its bilateral revolving credit facility (RCF) into an overdraft facility. The bank overdraft is secured by a charge over the Groups assets and cross guarantees. The interest rate is charged at 1.25% over base rate.
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%.
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
February 21, 2018 02:00 ET (07:00 GMT)
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