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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Patisserie | LSE:CAKE | London | Ordinary Share | GB00BM4NV504 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 429.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMCAKE
RNS Number : 5125X
Patisserie Holdings PLC
27 November 2017
Patisserie Holdings PLC ('the Group')
Preliminary results for the 12 months ended 30 September 2017
Patisserie Holdings PLC, the leading UK branded café and casual dining group, today reports its preliminary results for the 12 months ended 30 September 2017
Financial summary
12 months 12 months ended ended -------------------------- ------------- ------------- ------- 30 September 30 September Change 2017 2016 -------------------------- ------------- ------------- ------- GBPm GBPm % -------------------------- ------------- ------------- ------- Revenue 114.2 104.1 9.7% -------------------------- ------------- ------------- ------- Gross profit 89.3 81.3 9.8% -------------------------- ------------- ------------- ------- EBITDA 25.6 22.2 15.7% -------------------------- ------------- ------------- ------- Statutory pre-tax profit 20.2 17.2 17.1% -------------------------- ------------- ------------- ------- Basic earnings per share 16.36p 13.74p 19.1% -------------------------- ------------- ------------- ------- Diluted earnings per share 16.20p 13.60p 19.1% -------------------------- ------------- ------------- ------- Final dividend per share 2.40p 2.00p 20.0% -------------------------- ------------- ------------- -------
Financial highlights
-- Revenue up 9.7% to GBP114.2m (2016: GBP104.1m)
o Online sales up 26% to GBP4.8m (2016: GBP3.8m)
-- Gross profit of GBP89.3m up by 9.8% (2016: GBP81.3m)
o Gross margin of 78.2% (2016: 78.1%)
-- EBITDA of GBP25.6m up 15.7% (2016: GBP22.2m) -- Excellent growth in pre-tax profit to GBP20.2m up 17.1% (2016: GBP17.2m) -- Diluted earnings per share of 16.20 pence up 19.1% (2016: 13.60 pence per share)
-- Net cash at year end of GBP21.5m (2016: GBP13.3m) with operating cash inflows of GBP24.4m (2016: GBP22.0m)
-- Average store payback period of 23 months (ahead of our 24 month target) -- Final dividend of 2.40 pence per share proposed up 20.0% (2016: 2.00 pence per share)
Operational highlights
-- Successfully opened 20 stores in the year including stores in 12 new geographical locations
o Expansion outside of England continues with two stores opened in Republic of Ireland, a second store opened in Northern Ireland and two new stores in Scotland
o First store opened under the Philpotts brand
o All new stores profitable from first day of trading and funded from operating cash flows
-- Trading from 199 stores at end of year (2016:184) -- 20 new stores targeted for 2018 with four opened since the financial year end
-- Entered into a supply only agreement with Sainsbury's during the year, trading from 18 Sainsbury's counters by the year end
-- Costs tightly controlled with inflationary wage and ingredient cost pressures mitigated in the year
Luke Johnson, Executive Chairman, said
"We have delivered another year of excellent financial results, achieving our targets in a challenging environment. We opened 20 new stores many of which are performing ahead of expectations, and the performance of our new bakeries in the Republic of Ireland is encouraging. Our indulgent, affordable treats remain attractive to customers, and our flexible business model has enabled us to mitigate inflationary cost pressures. With a highly cash generative group, strong brands and a focused management team I remain confident of another year of growth and achievement."
Enquiries
Patisserie Holdings PLC +44 (0)121 777 7000
Luke Johnson, Executive Chairman
Paul May, Chief Executive Officer
Chris Marsh, Finance Director
Nomad and Broker
Canaccord Genuity Limited +44 (0)20 7523 8000
Bruce Garrow
Chris Connors
Financial Public Relations
+44 (0) 20 7379 Maitland 5151
James Devas
Jonathan Cook
Chief Executive's Review
Overview
I am pleased to report the results for the year ended 30 September 2017 which has been another strong year for the Group. The management team delivered record sales and profit, against the backdrop of a challenging economic and operating environment. We also achieved our target of opening 20 new stores.
In the year we have tested a number of new markets, including expansion into the Republic of Ireland, opening our first Philpotts branded store, trialling our Patisserie Valerie product within Sainsbury's and the development of a number of new product lines.
In the prior year we opened our first store in Belfast in Northern Ireland and the store was fitted with a bakery to support expansion in this area. Following a strong performance at this first store in Belfast, in the year we opened our second Northern Irish store and our first and second international stores in the Republic of Ireland. All of these stores have been well received by our new customers and are performing ahead of expectations. These openings give management confidence that the brand has international appeal and expansion potential.
In 2014 we acquired the Philpotts brand which is a premium sandwich and salad retailer. In the year under review we opened our first store under this brand in Manchester's financial and professional services hub at Spinningfields. Since opening, this store has consistently ranked in the top three performers under the Philpotts offering. The success of this store provides potential for a roll-out of the Philpotts brand.
We continue to engage with our customers via social medial platforms. We have run a number of online competitions in the year, one of which resulted in the customer designed Madame Valerie gateau. This type of engagement has boosted our Facebook followers by over 100% to 140,000 followers (2016: 70,000 followers). Cake Club membership continues to grow and is up 11.9% to 404,000 members (2016: 361,000 members) with pleasing growth on other platforms such as Twitter and Instagram. All of these online channels help increase our brand profile, and contributed to an increase in online sales of 26% to GBP4.8m (2016: GBP3.8m).
We have serviced the Group over the last few years from our main bakery in Birmingham and from seven satellite bakeries across the UK. Although we have excess capacity in our bakeries, as our geographical footprint expands, we have started to review how we best serve our estate from a production and logistical stand point. We are currently reviewing options for an additional production facility in the Manchester area with capacity to serve approximately 70 stores as well as instore baking of morning goods from within all of our stores. Both of these initiatives will provide additional capacity to the Group as well as releasing savings and efficiency and improving product quality.
We finished the year encouragingly and this momentum has carried into the first eight weeks of 2018. We have just launched our new festive range, which includes two new limited edition slices, and are looking forward to another successful year ahead.
Financials
Revenue for the year is GBP114.2m, an increase of GBP10.1m or 9.7% (2016: GBP104.1m). EBITDA is GBP25.6m, an increase of GBP3.4m or 15.7% (2016: GBP22.2m) and profit before tax is GBP20.2m, an increase of GBP3.0m or 17.1% (2016: GBP17.2m).
Basic earnings per share are 16.36 pence per share (2016: 13.74 pence per share) and diluted earnings per share are 16.20 pence per share (2016: 13.60 pence per share), an increase of 19.1%.
Revenues from our largest brand, Patisserie Valerie, which trades from 152 stores, are GBP84.3m, up GBP10.4m or 14.1% (2016: GBP73.9m from 135 stores) and revenues from our other brands are GBP29.9m, down GBP0.4m or 1.3% due to two store closures (2016 GBP30.2m).
In the first half of the year we experienced rising costs with prices returning to normalised levels in the second half of the year. We worked hard with our suppliers to manage costs and also realised production efficiencies from investment in our bakeries in the prior year which resulted in a stable gross profit margin of 78.2% (2016: 78.1%). Although the inflationary environment appears to be easing, we remain alert to any pricing pressures.
Minimum wage increases from 1 October 2016 and National Living wage increases from April 2017 had an impact during the year of GBP0.3m.
Other costs have remained relatively stable in the year with modest rent increases offset by savings made in operating costs.
Estate Development
The Board's strategy for organic growth targets 20 new store openings per annum. During the year we successfully achieved this target, opening 20 stores across counter and full menu offerings. The openings were predominantly in high-street and retail parks locations, (11 stores) however we also developed our partnership with Debenhams. We opened one store at St Pancras train station and one Philpotts store. During the year, leases on five stores expired and as these stores were no longer in prime locations they were closed, taking the total number of trading stores to 199 at the end of the year (2016: 184).
As discussed above, new markets in which we have opened stores in the year include our second store in Northern Ireland, our first and second international stores in the Republic of Ireland and our first Philpotts branded store. All of these stores are performing ahead of expectations and give management confidence in these territories.
Three of the openings this year were in retail outlets: McArthur Glenn Ashford, Rushden Lakes Northampton and The Lexicon Bracknell, bringing the total number of stores in retail outlets to seven. Performance at all of our stores in retail outlets remain consistently strong.
We continue to target new towns and cities for store openings and in the year opened in twelve new geographical locations. Many of these stores are performing ahead of expectations and reinforces the demand for the Patisserie Valerie brand.
Due to the highly cash generative nature of the business, the rollout programme is funded entirely from operating cash flows. All of our new stores were profitable from the first week of trading and we expect all of these stores to achieve the payback target of 24 months.
Since the year end we have opened four new stores with two store due to open in the next two weeks, exchanged contracts for two stores and are in advanced negotiations at a further five locations. The strong performance of our new stores, especially at new geographical locations, continues to provide confidence in our ability to grow our estate across the UK and Ireland.
Cash flow and financing
The group generated operating cash flow of GBP24.4m, up GBP2.4m or 10.9% (2016: GBP22.0m). Income tax payments of GBP4.0m were made and GBP9.4m was used for investing activities, leaving free cash flows of GBP11.0m (2016: GBP9.9m).
In the year GBP5.1m was invested in new stores, GBP1.5m of capital expenditure on refreshing the existing estate and GBP2.1m on central infrastructure. We continue to measure the ROI of our stores against a 24 month payback period and are pleased that the substantial majority of stores perform within this target.
From free cash flows, dividend payments of GBP3.2m were made to shareholders. We also generated GBP0.4m, of proceeds from the exercise of employee share options. Net cash at the end of the year was GBP21.5m (2016: GBP13.3m). The group remains solely funded from operating cash flows and is well positioned to make strategic acquisitions.
Dividends
In the year, we paid GBP2.0m in relation to the final dividend for FY2016 of 2.0 pence per share and an interim dividend costing GBP1.2m for FY2017 of 1.20 pence per share. The group is cash generative and the Board is committed to a progressive dividend policy for its shareholders. The Board is recommending a final dividend for FY2017 of 2.40 pence per share which represents a 20% increase over the final dividend paid in relation to FY2016. Subject to shareholder approval at the Annual General Meeting, to be held on 30(th) January 2018, the final dividend will be paid on 9(th) February 2018 to shareholders on the register at 12(th) January 2018.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 12 MONTHSED 30 SEPTEMBER 2017
12 12 months months ended ended 30 30 September September 2017 2016 GBP'000 GBP'000 Total Total Notes Continuing operations Revenue 114,197 104,141 Cost of sales (24,931) (22,832) ----------- ----------- Gross profit 89,266 81,309 Administrative expenses (69,121) (64,099) Operating profit 20,145 17,210 Finance income 44 - Finance expense (36) (6) Profit before income tax 20,153 17,204 Income tax expense (3,789) (3,469) ----------- ----------- Profit after tax and total comprehensive income for the year attributable to equity holders 16,364 13,735 =========== =========== Earnings per share Basic earnings per share (pence) 2 16.36 13.74 Diluted earnings per share (pence) 16.20 13.60
CONSOLIDATED BALANCE SHEET
AT 30 SEPTEMBER 2017
30 September 30 September 2017 2016 GBP'000 GBP'000 Notes ASSETS Non-current assets Intangible assets 17,747 17,797 Property, plant and equipment 6 39,674 36,498 57,421 54,295 Current assets Trade and other receivables 12,327 11,004 Corporation tax 1,668 1,896 Inventories 5,980 4,862 Cash and cash equivalents 21,525 13,273 ------------- ------------- 41,500 31,035 ------------- ------------- Total assets 98,921 85,330 ============= ============= EQUITY AND LIABILITIES Equity Capital and reserves attributable to the equity holders Ordinary share capital 1,003 1,000 Share premium 34,084 33,661 Other reserves 708 391 Retained earnings 56,537 43,143 ------------- ------------- Total equity 92,332 78,195 ============= ============= Non-current liabilities Deferred tax 1,422 2,054 1,422 2,054 Current liabilities Trade and other payables 5,167 5,081 5,167 5,081 ------------- ------------- Total liabilities 6,589 7,135 ------------- ------------- Total equity and liabilities 98,921 85,330 ============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 12 MONTHSED 30 SEPTEMBER 2017
Share Share Merger Capital Share Retained Total capital premium reserve redemption based earnings reserve payment reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As at 1 October 2015 1,000 33,661 (312) 46 324 31,979 66,698 Result and total comprehensive income for the year - - - - - 13,735 13,735 --------- --------- --------- ------------ --------- ---------- ---------- 1,000 33,661 (312) 46 324 45,714 80,433 Transactions with owners Dividends to equity holders of the company (2,670) (2,670) Deferred tax credit relating to share option scheme - - - - - 99 99 Increase in share based payments reserve - - - - 333 - 333 As at 30 September 2016 1,000 33,661 (312) 46 657 43,143 78,195 Result and total comprehensive income for the year - - - - - 16,364 16,364 --------- --------- --------- ------------ --------- ---------- ---------- 1,000 33,661 (312) 46 657 59,507 94,559 Transactions with owners Issue of ordinary shares under employee share option scheme 3 423 - - - - 426 Dividends to equity holders of the company - - - - - (3,200) (3,200) Deferred tax credit relating to share option scheme - - - - - 230 230 Increase in share based payments reserve - - - - 317 - 317 As at 30 September 2017 1,003 34,084 (312) 46 974 56,537 92,332 ========= ========= ========= ============ ========= ========== ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 12 MONTHSED 30 SEPTEMBER 2017
Year Year to to 30 September 30 September 2017 2016 GBP'000 GBP'000 Notes Cash flows from operating activities Profit before income tax 20,153 17,204 Adjusted by: Depreciation 5,441 4,901 Amortisation 50 50 Net finance (income) / expense in the consolidated statement of comprehensive income (8) 6 Share based payment charge 317 333 Changes in working capital: Inventory (1,118) (426) Trade and other receivables (559) (1,109) Trade and other payables 86 999 -------------- -------------- Cash generated from operations 24,362 21,958 Net interest received / (paid) 8 (6) Income tax paid (3,962) (3,378) -------------- -------------- Net cash generated from operating activities 20,408 18,574 -------------- -------------- Cash flows from investing activities Purchase of property, plant and equipment (8,722) (8,726) Cash advances (764) - Proceeds from disposal of 105 - property, plant and equipment Net cash used in investing activities (9,381) (8,726) -------------- -------------- Cash flows from financing activities Net proceeds from issue of 425 - shares Dividends paid to equity holders of the parent (3,200) (2,670) Net cash used in financing activities (2,775) (2,670) -------------- -------------- Net increase in cash and cash equivalents 8,252 7,178 Cash and cash equivalents at the beginning of the year 13,273 6,095 Cash and cash equivalents at the end of the year 21,525 13,273 ============== ==============
NOTES TO THE PRELIMINARY RESULTS
1. This preliminary results announcement was approved by the Board of Directors on 24(th) November 2017.
1.1. The financial information set out above does not constitute the Group's statutory financial statements for the years ended 30 September 2017 or 2016, but is derived from those accounts. Statutory financial statements for 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered in due course. The Independent Auditors' Report on the Annual Report and Financial Statements for both periods was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006.
1.2. For the year ended 30 September 2017 the consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU), and the Companies Act 2006 applicable to companies reporting under IFRS.
1.3. This financial information has been prepared in accordance with the accounting policies stated in the Group's financial statements for the year ended 30 September 2017. The financial statements have been prepared on the historical cost basis. There are a number of new accounting standards, amendments to existing standards and interpretations which are mandatory for the year ended 30 September 2017. No changes arising from new or revised accounting standards have had a material impact on the consolidated financial statements of the Group.
2. Earnings per Share Earnings 2017 Earnings Earnings 2016 Earnings GBP'000 Weighted per GBP'000 Weighted per average share average share number (pence) number (pence) of shares of shares Basic earnings per share 16,364 100,054,292 16.36 13,735 100,000,000 13.74 Effect of dilutive share options - 942,068 - - 998,163 - Diluted earnings per share 16,364 100,996,360 16.20 13,735 100,998,163 13.60 3. Segmental Analysis
Management has determined the operating segments based on the reports reviewed by the Chief Operating Decision Maker ("CODM") comprising the Board of Directors. The segmental information is split on the basis of those same profit centres, however, management report only the contents of the income statement and therefore no balance sheet information is provide on a segmental basis in the following tables:
September Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total 2017 Valerie & Spice Power reported items IFRS to * the CODM GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 84,339 13,059 4,738 3,634 10,183 - 115,953 (1,756) 114,197 Cost of sales (15,610) (2,813) (1,269) (1,168) (3,152) (2,775) (26,787) 1,856 (24,931) ----------- --------- -------- -------- ---------- ---------- ---------- ------------ ---------- Gross profit 68,729 10,246 3,469 2,466 7,031 (2,775) 89166 100 89,266 Administrative expenses (48,118) (8,889) (2,266) (1,598) (5,117) 2,458 (63,530) (100) (63,630) Depreciation and amortisation (4,344) (155) (69) (303) (469) (151) (5,491) - (5,491) Net finance income - - - 8 8 - 8 Profit before income tax 16,267 1,202 1,134 565 1,445 (460) 20,153 - 20,153 Income tax expense - - - - - (3,789) (3,789) - (3,789) ----------- --------- -------- -------- ---------- ---------- ---------- ------------ ---------- Profit for the financial year 16,267 1,202 1,134 565 1,445 (4,249) 16,364 - 16,364 Non-current assets 57,421 - 57,421 Current assets 41,500 - 41,500 Non-current liabilities (1,422) - (1,422) Current liabilities (5,167) - (5,167) ---------- ------------ ---------- Net assets 92,332 - 92,332 ========== ============ ========== Capital expenditure 8,722 - 8,722 ========== ============ ==========
*The reconciling items relate to year-end consolidation adjustments and reclassification for statutory reporting purposes.
Revenue within each trading segment is derived from income from restaurant, takeaway, online and wholesale sales. Revenue within overheads relates to income received centrally which is not allocated to individual operating segments.
Segmental revenues are reported gross of sales to other reportable segments. Flour Power revenues include GBP1.8m (2016: GBP1.7m) made to other operating segments. Other operating segments report sales to external customers only.
All of the Group's revenue from continuing operations has been generated from UK operations except for GBP361k which is generated in Republic of Ireland. All non-current assets are held in the UK except for GBP369k held in Republic of Ireland.
The Group does not have any customers whom account for more than 10% of external revenue.
September Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total 2016 Valerie & Spice Power reported items IFRS to * the CODM GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 73,905 13,310 4,701 3,684 10,244 - 105,844 (1,703) 104,141 Cost of sales (13,550) (2,983) (1,332) (1,336) (3,511) (2,053) (24765,) 1,933 (22,832) ----------- --------- -------- -------- ---------- --------- --------- ------------ --------- Gross profit 60,355 10,327 3,369 2,348 6,733 (2,053) 81,079 230 81,309 Administrative expenses (42,754) (8,976) (2,212) (1,592) (5,105) 1,721 (58,918) (230) (59,148) Depreciation and amortisation (3,786) (135) (46) (221) (420) (343) (4,951) - (4,951) Finance expense (2) (3) - (1) - - (6) - (6) Profit before income tax 13,813 1,213 1,111 534 1,208 (675) 17,204 - 17,204 Income tax expense - - - - - (3,469) (3,469) - (3,469) ----------- --------- -------- -------- ---------- --------- --------- ------------ --------- Profit for the financial year 13,813 1,213 1,111 534 1,208 (4,144) 13,735 - 13,735 Non-current assets 54,295 - 54,295 Current assets 31,035 - 31,035 Non-current liabilities (2,054) - (2,054) Current liabilities (5,081) - (5,081) --------- ------------ --------- Net assets 78,195 - 78,195 ========= ============ ========= Capital expenditure 8,726 - 8,726 ========= ============ ========= 4. Earnings before interest, tax, depreciation and amortisation (EBITDA) 12 months 12 months ended ended 30 September 30 September 2017 2016 GBP'000 GBP'000 Operating profit 20,145 17,210 Depreciation and amortisation 5,491 4,951 -------------- EBITDA 25,636 22,161 ============== ============== 5. Taxation Sept Sept 2017 2016 GBP'000 GBP'000 Current tax: UK corporation tax at rates: 2017 - 19.0%, 2016-20.0% 4,115 3,236 Prior period adjustment 77 14 -------- -------- 4,192 3,250 Deferred tax: Origination and reversal of temporary differences (403) 219 -------- -------- Tax for the year 3,789 3,469 ======== ========
Factors affecting current tax charge:
The tax assessed on the profit for the period is different to the standard rate of corporation tax in the UK. The differences are explained below:
Sept Sept 2017 2016 GBP'000 GBP'000 Profit before income tax 20,153 17,204 Profit for the year multiplied by the standard rate of corporation tax at 19.0% (2016: 20.0%) 3,930 3,441 Expenses not deductible for - - tax purposes Adjustment in respect of prior periods 77 14 Other (218) 14 3,789 3,469 ======== ======== 6. Property, Plant and Equipment Freehold Leasehold Plant, Motor Total land property equipment, vehicles and improvements fixtures buildings and fittings GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1 October 2015 1,798 14,676 44,053 56 60,583 Additions - 363 8,363 - 8,726 Disposals - (68) (526) (29) (623) ----------- -------------- ------------ ---------- -------- At 30 September 2016 1,798 14,971 51,890 27 68,686 Additions - 1,267 7,455 - 8,722 Disposals - (290) (292) (27) (609) ----------- -------------- ------------ ---------- -------- At 30 September 2017 1,798 15,948 59,053 - 76,799 Depreciation At 1 October 2015 255 5,490 22,122 37 27,904 Charge for the year 26 937 3,930 8 4,901 Disposals - (68) (526) (23) (617) ----------- -------------- ------------ ---------- -------- At 30 September 2016 281 6,359 25,526 22 32,188 Charge for the year 26 937 4,473 5 5,441 Disposals - (185) (292) (27) (504) ----------- -------------- ------------ ---------- -------- At 30 September 2017 307 7,111 29,707 - 37,125 Net book values At 30 September 2017 1,491 8,837 29,346 - 39,674 At 30 September 2016 1,517 8,612 26,364 5 36,498 =========== ============== ============ ========== ========
The Financial Statements for the 12 months ended 30 September 2017 will be posted to shareholders and laid before the Company at the Annual General Meeting; this will be held on 30(th) January 2018 at 10.30 a.m. at Patisserie Valerie Spitalfields, 37 Brushfield Street London E1 6AA.
Copies of The Financial Statements will be available from the Company Secretary at Patisserie Holdings PLC, 146-156 Sarehole Road, Birmingham, B28 8DT or from the Company's website https://www.patisserie-valerie.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 27, 2017 02:00 ET (07:00 GMT)
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