RNS Number:3471O
Capital Bars PLC
7 December 2001
CAPITAL BARS PLC
PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2001
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report our results for the financial year ended 30 September
2001, our first period since the disposal of our UK operations. As I
mentioned in our interim report, our principal operating currency is now the
Irish pound, which will be replaced by the Euro on 1 January 2002.
Accordingly, our results have been produced in Euros. The comparative period
shown in this report is the 18 months ended 2 October 2000.
Results for the period
Turnover from continuing operations was Euro42.7m as compared to Euro41.0m in
the 18 months to 2 October 2000. The underlying increase for the 12m period
was 30%, consistent with the trend reported in our interim results and
reflects the contribution from our new openings/acquisitions in 2000 (Trinity
Capital Hotel, Bobs Bar, Fireworks, Coyote Lounge, Planet Hollywood) and 2001
(Sosume). Like for like turnover in the period was however down 1%.
Group EBITDA (earnings before interest, tax, depreciation and amortisation)
for the year was Euro3.1m, an increase of Euro1.1m on the prior 18 months,
which included losses from our UK operations. Operating profits from
continuing operations were Euro0.9m; this compares with Euro2.2m in the 18
months to 2 October 2000 (Euro0.6m in the 12 months to 2 October 2000).
Operating profits are stated after exceptional severance costs of Euro0.3m.
After interest and preference dividends the group loss for the period was Euro
0.6m, a significant improvement from the loss of Euro4.1m in 2000.
Unit performance
I reported in June that our particular industry in Ireland has faced a
difficult trading environment in late 2000 and into 2001. We have had to
contend with Irish Government restrictions on our pricing and admissions
policies, limiting our ability to offset the very significant wage inflation
suffered in 2000. We have also faced increased competition after the
relaxation of trading hours in Dublin, heightened transport difficulties (taxi
drivers' and Aer Lingus strikes) for our customers and the foot and mouth
crisis - all within the context of reduced consumer confidence.
As stated above, we have still managed to keep like for like turnover for our
existing units within 1% of last year's figures. Significant increases in
turnover at Zanzibar and Savannah (which was refurbished in December 2000)
have off-set the decreases in hotel trade and at Mount St, which has seen a
downturn in trade as a result of increased competition following the
relaxation of trading hours and a number of new openings in Dublin.
Major Toms had a difficult start to the financial year for similar reasons to
Mount St. However, this was rethemed as 'Major Toms Down Under', Dublin's
first Australian theme bar and is once again making a positive contribution to
the group's results.
Our new developments (Sosume, Fireworks, Bobs Bar, Coyote Lounge and the
Trinity Capital Hotel) have all continued to perform well in the period;
contributing Euro10.7m to group turnover and Euro2.3m to group EBITDA.
Planet Hollywood, which we acquired in September 2000, incurred a loss of Euro
0.7m in the period. The unit has now been closed and we are reviewing our
options as to disposal or redevelopment.
Net assets and financing
We invested Euro12.6m in our estate during the year. The majority of the
spend was on the redevelopment of Cafe en Seine, the development of Sosume (a
1,000 plus capacity Japanese-style bar on Georges Street, Dublin which opened
on 2 June 2001) and the refurbishment of the Savannah night-club. This
investment was financed from existing cash resources and debt facilities.
Total fixed assets at year end were Euro45.7m (2000 - Euro34.7m), including
goodwill of Euro19.5m (2000 - Euro20.1m). A further sum of approximately Euro
3.5m is expected to be incurred in the current financial year in relation to
the completion of the Cafe en Seine development.
Year end net debt as a result was Euro19.0m; Euro22.0m including the remaining
preference shares which were outstanding at the year end.
Due to limitations in our distributable reserves we were unable to complete
the redemption of our preference shares, which was due on 1 July 2001. We
have now been able to complete this process, replacing the remaining
preference shares with additional bank debt.
In view of our significant investment in development we do not propose to
declare a dividend for this financial year.
New openings
The greatly enlarged Cafe en Seine opened to great excitement on 30 November
2001. It will take another 2 months for the unit to be fully operational. We
will then be able to offer a full range of breakfast, lunch, evening and bar
services at this prestigious location.
With the exception of Planet Hollywood we have no further developments in the
pipeline. However, we will continue to invest in our existing estate to
maintain the operating performance of our units.
People
I announced in June 2001 that Roger Beaumont had resigned as a director of the
company to pursue other business interests. Roger has made an enormous
contribution to the company and we wish him well in the future.
Aidan Corcoran, our Commercial Director, relocated to Australia in July 2001.
Aidan has stayed on as a non-executive director so we continue to benefit from
his significant knowledge of our business.
Prospects
Like for like sales since 30 September 2001 are 2% behind last year. Total
sales are 10% ahead, which reflects the contribution from Sosume and settled
turnover at Coyote and Bobs Bar, which both opened in September 2000. Our
hotel business continues to be the element of our business most sensitive to
the global slowdown with turnover down 6%. The directors believe that, with
the development of the group's estate now largely complete, the contribution
from the new units should lead to a material improvement in the overall
trading of the group. The directors also believe that the combination of the
cash flows from the group's operating assets and a lower level of capital
expenditure going forward should lead to a reduction in the group's borrowings
over time.
Robert Gunlack
Chairman
7 December 2001
Enquiries:
Liam O'Dwyer, Chief Executive Tel: + 3531 648 1200
Hugh Doherty, Finance Director Tel: + 3531 648 1200
Caroline Moody, Grayling Gilmore Tel: + 3531 283 0088
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 30 September 2001
Year 18 months
ended ended
30 Sept 02 Oct
'01 '00
Euro000 Euro 000
Turnover
Continuing operations 42,659 40,977
Discontinued operations - 17,507
______ ______
Group turnover 42,659 58,484
Cost of sales (11,443) (16,386)
______ ______
Gross Profit 31,216 42,098
Administrative expenses (27,792) (39,832)
(excluding depreciation, amortisation, LTIP charges &
severance costs)
Depreciation (1,002) (1,728)
Goodwill amortisation (587) (406)
LTIP charges (580) (441)
Severance costs (319) (292)
______ ______
Total administrative expenses (30,280) (42,699)
Operating profit / (loss)
Continuing operations 936 2,159
Discontinued operations - (2,760)
______ ______
Total operating profit / (loss) 936 (601)
Loss on sale of discontinued operations - (1,676)
Interest receivable 21 81
Interest payable and similar charges (1,092) (716)
_______ ______
Loss on ordinary activities before taxation (135) (2,912)
Taxation - (122)
_______ ______
Loss attributable to members of the parent company (135) (3,034)
Preference dividends (441) (625)
Ordinary dividends - (373)
Other appropriations - non equity shares (20) (19)
_______ ______
Retained loss for the financial period (596) (4,051)
======= ======
Loss per share (see note 2)
Basic (1.8)c (11.0)c
Diluted (1.8)c (10.5)c
GROUP BALANCE SHEET
At 30 September 2001
30 Sept '01 02 Oct '00
Euro000 Euro000
FIXED ASSETS
Intangible assets 19,496 20,013
Tangible assets 26,210 14,683
______ ______
45,706 34,696
CURRENT ASSETS
Stocks 557 500
Debtors 3,036 2,639
Cash at bank and in hand 6 7,723
______ ______
3,599 10,862
CREDITORS: amounts falling due within one year (9,888) (11,370)
______ ______
NET CURRENT LIABILITIES (6,289) (508)
TOTAL ASSETS LESS CURRENT LIABILITIES 39,417 34,188
CREDITORS: amounts falling due after more than one (15,748) (8,277)
year
PROVISIONS FOR LIABILITIES AND CHARGES (69) (69)
______ ______
23,600 25,842
====== ======
Capital and reserves
Called up share capital 8,476 10,649
Share premium 11,126 11,039
Shares to be issued 13,405 12,868
Revaluation reserve 1,478 1,478
Merger reserve 3,004 3,004
Capital redemption reserve 2,202 -
Profit and loss account (16,091) (13,196)
______ ______
23,600 25,842
====== ======
GROUP STATEMENT OF CASH FLOWS
For the year ended 30 September 2001
Year 18 months
ended ended
30 Sept '01 02 Oct'00
Euro000 Euro000
Net cash inflow from operating activities 520 4,392
Net cash outflow from returns on investments and (1,430) (1,292)
servicing of finance
Taxation repaid / (paid) 127 (503)
Capital expenditure (12,283) (7,650)
Acquisitions and disposals - (2,933)
Equity dividends paid - (1,438)
______ ______
Net cash outflow before financing (13,066) (9,424)
Financing 3,394 7,459
______ ______
Net cash from financing 3,394 7,459
______ ______
Decrease in cash ( 9,672) (1,965)
====== ======
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Year 18 months
ended ended
30 Sept '01 02 Oct'00
Euro000 Euro000
Decrease in cash in the period (9,672) (1,965)
Net cash outflow from movement in debt and lease (5,596) (7,459)
financing
______ ______
Movement in net funds resulting from cash flows (15,268) (9,424)
Exchange movements - (618)
Loans acquired with subsidiary - (303)
New finance leases (316) -
______ ______
Movements in net funds in the period (15,584) (10,345)
Net (debt) / funds at start of the period (3,374) 6,971
______ ______
Net debt at period end (18,958) (3,374)
====== ======
GROUP STATEMENT OF CASH FLOWS
For the year ended 30 September 2001
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
Year 18 months
ended ended
30 Sept '01 02 Oct '00
Euro000 Euro000
Operating profit / (loss) 936 (601)
Depreciation and amortisation 1,589 2,134
Loss on disposal of tangible fixed assets - 49
Long term incentive scheme charges 580 441
Increase in stocks (57) (179)
(Increase) / decrease in debtors (397) 419
(Decrease) / increase in creditors (2,131) 2,446
Decrease in provisions - (317)
_______ _______
Net cash inflow from operating activities 520 4,392
======= =======
ANALYSIS OF NET DEBT
At At
2 Oct '00 Cashflow 30 Sept '01
Euro000 Euro000 Euro000
Cash at bank and in hand 7,723 (7,717) 6
Overdrafts (803) (1,955) (2,758)
_______ _______ _______
6,920 (9,672) (2,752)
Debt due within one year (1,810) 1,810 -
Debt due after one year (7,536) (7,697) (15,233)
Finance leases (948) (25) (973)
_______ _______ _______
(10,294) (5,912) (16,206)
_______ _______ _______
Net debt (3,374) (15,584) (18,958)
======= ======= =======
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 30 September 2001
Year 18 months
ended ended
30 Sept '01 02 Oct '00
Euro000 Euro000
Loss attributable to members of the parent company (135) (3,034)
Exchange difference on retranslation of net assets
of subsidiary undertakings (117) (1,108)
_______ _______
Total recognised losses relating to the period (253) (4,142)
======= =======
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001
1. PREPARATION OF PRELIMINARY ANNOUNCEMENT
The preliminary announcement has been prepared on a basis consistent with
accounting policies disclosed in the statutory accounts of the Group for the
year ended 30 September 2001. The Annual Report and Accounts will be sent to
shareholders later in December 2001.
The consolidated results for the year ended 30 September 2001 and the 18
months ended 2 October 2000 have been extracted from the accounts of Capital
Bars Plc for those periods, and do not constitute the full statutory accounts
of Capital Bars Plc. The accounts for the 18 months ended 2 October 2000
received an unqualified audit report and have been filed with the Registrar of
Companies. The accounts for the year ended 30 September 2001 received an
unqualified audit report and are to be filed with the Registrar of Companies.
2. LOSS PER SHARE
Loss per share has been calculated as follows:
Year 18 months
ended ended
30 Sept '01 02 Oct '00
Euro Euro
Loss for the period (135,000) (3,034,000)
Preference dividends (441,000) (625,000)
Non equity appropriations (20,000) (19,000)
_______ _________
Basic loss (596,000) (3,678,000)
======= ========
Average shares in issue - basic 33,679,416 33,562,749
Basic loss per share (1.8)c (11.0)c
Diluted loss (596,000) (3,678,000)
Average shares in issue - basic 33,679,416 33,562,749
Dilutive employee share options - 1,388,342
_________ _________
Average shares in issue - diluted 33,679,416 34,951,091
Diluted loss per share (1.8)c (10.5)c
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