TIDMDOM
RNS Number : 3693S
Domino's Pizza Group PLC
09 March 2023
9 March 2023 LEI: 213800Q6ZKHAOV48JL75
Domino's Pizza Group Plc - Full year results for the 52 weeks
ended 25 December 2022
Alignment with our franchise partners delivering value for
customers, market share gains and increased returns to
shareholders
System sales(3) GBP1,456m GBP1,499m GBP1,211m (2.8)% +20.3%
---------- ---------- ---------- -------- ----------
Like-for-Like system
sales growth (exc.splits
& VAT)(4, 5) +5.3% +5.5% - - -
---------- ---------- ---------- -------- ----------
Group revenue GBP600.3m GBP560.8m GBP508.3m +7.0% +18.1%
---------- ---------- ---------- -------- ----------
Underlying(6) EBITDA GBP130.1m GBP136.4m GBP117.0m (4.6)% +11.2%
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Underlying EBIT GBP109.8m GBP119.9m GBP105.3m (8.4)% +4.3%
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Underlying profit before
tax GBP98.9m GBP113.9m GBP98.8m (13.2)% +0.1%
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Statutory profit after
tax GBP81.6m GBP78.3m GBP2.8m +4.2% +2,814.3%
---------- ---------- ---------- -------- ----------
Underlying basic EPS 18.8p 20.3p 17.6p (7.4)% +6.8%
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Statutory basic EPS 18.8p 17.1p 2.8p +9.9% +571.4%
---------- ---------- ---------- -------- ----------
Full year dividend per
share 10.0p 9.8p 9.76p +2.0% +2.5%
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Q4 22 trading highlights
-- Excellent momentum through Q4 22 with like-for-like system
sales (excluding the change in the VAT rate)(4, 5) up 13.9% vs. Q4
21
-- Continued strong gains in UK takeaway market share, which
rose to 8.0% in Q4 22(7) , up from 6.8% in Q4 21 in a challenging
market
-- Strong trading and market share gains throughout Q4 22 driven
by continued focus on value, digital initiatives, growth in
collections, Just Eat roll-out, collaboration with our franchise
partners and the men's football World Cup
-- Q4 22 orders of 18.5m, the highest ever quarter for DPG(8) ,
up with total orders up 4.1% and collection orders up 27.9% vs.
Q421
FY22 Financial highlights
-- Like-for-like system sales (excluding the change in the VAT rate)(4) up 5.3%
-- Group revenue, which is not significantly impacted by the change in the VAT rate, up 7.0%
-- Underlying EBITDA was affected by the accounting treatment of
investment(9) in cloud-based technology platforms (GBP5.2m). A
lower contribution from the German associate (GBP2.4m), partially
due to the put option exercise to exit our investment, was offset
by the profit on sale of five corporate stores (GBP2.1m). Excluding
these, underlying EBITDA would have been broadly flat compared to
FY21
-- Underlying profit before tax was further affected by an
additional GBP2.4m accelerated amortisation and impairment relating
to the technology platforms, and an increase in interest of
GBP4.9m
-- The technology platform costs relate to two new cloud-based
IT systems, for which the investment in these assets is required to
be expensed through the income statement. This treatment has no
impact on cash and is simply a reclassification from capital
expenditure to operating expenditure. As previously communicated,
both systems are part of our investment in growth and the ecommerce
platform is part of our growth investment framework agreed with our
franchise partners in December 2021
-- Statutory profit after tax up 4.2% to GBP81.6m following exit
of loss-making international operations in FY21
-- Proposed final dividend for FY22 of 6.8p per share, resulting
in a total dividend for FY22 of 10.0p per share, up 2.0% vs.
FY21
-- GBP130m of shareholder returns announced in FY22, including GBP86m of share buybacks
-- GBP266m returned since March 2021 through dividends and share
buybacks driving a 10.5% reduction in shares in issue
-- Increased returns to shareholders leading to Net Debt(10) of
GBP253.3m and a leverage ratio of 2.06x, within our target Net Debt
/ EBITDA leverage range of 1.5x - 2.5x
-- Price for German associate put option finalised(11) . This
has resulted in a put option exercise price of EUR79.2m (c.GBP70m),
which combined with the repayment of a EUR10.8m loan (c.GBP9m),
will yield total cash receipts of approximately EUR90.0m
(c.GBP79m). Completion of the disposal will occur in June 2023 and
the proceeds generated will be flowed through our capital
allocation framework.
-- Successfully refinanced existing bank debt facilities in July
2022, at favourable rates, with a new GBP200m private placement
facility fixed at 4.26% and a GBP200m revolving credit facility
until July 2027
Operational and strategic highlights
-- 90% of sales are now digital, with app orders as a percentage
of online orders at 52.2% (+6.1ppts vs. FY21)
-- App customers up 16% to 6.1m
-- Continued growth in total orders, up 1.6% in FY22
-- Collections grew to 22.3m orders in FY22, up 33.0% vs. FY21.
Collections in Q4 22 were at 111% of Q4 19 levels
-- Delivery orders were down 8.5% vs. FY21 as a result of a
tough comparator in the Covid-impacted prior year which included
periods when the UK was in lockdown
-- Domino's rolled out on Just Eat in 1,167 stores at the end of
FY22 following a very successful trial and delivering incremental
customers and orders
-- Excellent service standards with value for money scores
+4.0pts vs. FY19 and average delivery time of approximately 26
minutes
-- Outstanding performance from our supply chain with 99.9% availability and 99.8% accuracy
-- 35 new store openings vs. 31 in FY21. Good start to Q1 23
with 7 new store openings vs.5 in the same period in FY22. FY23
pipeline significantly ahead of comparable pipeline in FY22 and
store openings in FY23 expected to increase total store estate by
mid-single digits percentage points
Commenting on the results, Elias Diaz Sese, Interim Chief
Executive Officer said:
"The reset of the relationship with our franchise partners in
December 2021 has underpinned our strong performance in what has
been an exceptionally busy year for the business. We have
accelerated the execution of our strategy with the return of
national value campaigns, growth in collections, our launch on Just
Eat and increased store openings, alongside a strong focus on
service from our franchise partners. At a time when customers have
been looking for great value, Domino's has delivered, and you can
see the results in the numbers we're announcing today.
We have made significant strides in digital - strengthening our
internal operations and enhancing our customers' experience,
especially with our app. We are accelerating our digital journey
with increased investment and new eCommerce projects which will
deliver sustainable, commercial benefits over time.
Our outstanding Q4 performance gives the business powerful
momentum into this year and there's a lot to be excited about.
Strong national value campaigns, continued growth of collections,
accelerated new store openings, digital initiatives and a full year
on the Just Eat platform are all set to drive further growth. We
are confident that our asset-light business model, our franchise
partners' relentless focus on service, and digitally focused
investment will deliver further market share gains and create value
for shareholders.
I would like to thank our franchise partners and our colleagues
for their immense hard work and dedication which delivered a strong
performance in 2022. In the current challenging economic
environment, we're committed to giving our customers the best
possible quality, value and service, and are excited about the many
opportunities we see for Domino's in 2023 and beyond."
Current trading, outlook and guidance
We have continued to grow market share in a challenging consumer
and inflationary environment. Like-for-like system sales excluding
split stores and VAT in the first ten weeks have increased by 10.8%
with orders up 2.5% and new app customers up 46%. This has been
driven by our franchise partners' focus on service, our focus on
digital, strong national value campaigns, collections growth and
the continued incremental benefit of being on the Just Eat
platform. Working with our franchise partners we expect to continue
taking market share and driving the benefits of the Domino's system
to offer our customers the best possible value.
In FY23 we expect the impact on EBITDA from the accounting
treatment of technology platform costs to be c.GBP9m and there will
be no further contribution from the German associate following the
exercise of our put option on 10 November 2022. We expect FY23
EBITDA to be broadly in line with current market expectations(12)
before c.GBP9m of technology platform costs. The accounting
treatment has no impact on cash and is simply a reclassification
from capital expenditure to operating expenditure.
As we enter the third year of our growth strategy, we are
focused on accelerating its execution, through five key areas of
focus: franchise partner profitability & organisation, value
for money, digital, convenience, and technology platform projects.
Our asset-light business model and value proposition mean we are
well placed to succeed in a challenging trading environment, and we
remain confident that we will make further financial and strategic
progress, and increased returns for our shareholders.
For the current financial year:
-- Accounting treatment of technology platform costs to impact EBITDA by c.GBP9m
-- No further contribution from German associate
-- Underlying depreciation & amortisation of between GBP22m to GBP25m
-- Underlying interest (excluding foreign exchange movements) in the range of GBP15m to GBP18m
-- Estimated underlying effective tax rate of c. 22% for the full year
-- Capital investment of c.GBP25m, which has decreased due to
accounting treatment for technology platform costs
-- Net Debt at year-end between GBP255m and GBP275m
Contacts
For Domino's Pizza Group plc:
Investor Relations
Will MacLaren, Head of Investor Relations +44 (0) 7443 192
118
Media:
Tim Danaher - Brunswick +44 (0) 207 404 5959
Results meeting
A results meeting and Q&A for investors and analysts will be
held at 09:30 GMT today. The webcast and presentation can be
accessed by here and will also be available on the Results, Reports
and Presentations page of our corporate website.
In addition, we will replay the webcast and Q&A at 16:00 GMT
today for North American based investors not able
to join the live presentation at 09:30 GMT this morning. Please click here to register.
Financial calendar
Domino's Pizza Group plc will hold its 2022 AGM on 4 May 2023.
It will publish its half year results on 1 August 2023, followed by
a Q3 trading update in October 2023.
About Domino's Pizza Group
Domino's Pizza Group plc is the UK's leading pizza brand and a
major player in the Irish market. We hold the master franchise
agreement to own, operate and franchise Domino's stores in the UK
and the Republic of Ireland, and have investments in Germany and
Luxembourg. As of 25 December 2022, we had 1,261 stores in the UK
and Ireland.
Cautionary statement
Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations and
assumptions and are subject to a number of risks and uncertainties
that could cause actual events or results to differ materially from
any expected future events or results expressed or implied in these
forward-looking statements. Persons receiving this announcement
should not place undue reliance on forward-looking statements.
Unless otherwise required by applicable law, regulation or
accounting standard, Domino's does not undertake to update or
revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Notes
(1) FY22 is 52 weeks ended 25 December 2022. FY21 is 52 weeks
ended 26 December 2021. FY19 is 52 weeks ended 29 December
2019.
(2) .FY19 included as a pre-Covid comparator
(3) System sales represent the sum of all sales made by both
franchised and corporate stores to consumers in UK & Ireland.
These are excluding VAT.
(4) An adjustment for the change in VAT rates described for
system sales relates to the impact of changes in the VAT applied on
hot takeaway food where the VAT inclusive price to customers did
not change. The VAT rate in the UK decreased from 20% to 5% on 15
July 2020, increased to 12.5% on 1 October 2021 and reverted back
to 20% on 1 April 2022. System sales are consistently reported on
an exclusive of VAT basis. However, where the inclusive of VAT
price of an order remained the same on a total basis to the
customer, over the period of reduced VAT the exclusive of VAT price
reported in system sales increased. This leads to an increase in
system sales from 15 July 2020 through to 31 September 2021 when
the VAT rate was reduced from 20% to 5%. From 1 October 2021, the
rate increased from 5% to 12.5%. Where the inclusive of VAT price
of an order remained the same on a total basis, this leads to a
decrease in system sales compared to the period from 15 July 2020
and an increase in system sales compared to the period before 15
July 2020. With the increase in VAT from 1 April 2022 back up to
20%, where the inclusive of VAT price remained the same to the
consumer, there has been a negative impact on system sales compared
to the period from 15 July 2020 - 31 September 2021 and 1 October
21 - 31 March 2022, as the exclusive of VAT price of an order
decreased.
As an example, for an order where the inclusive of VAT price is
GBP27:
-- From 15 July 2020 to 31 September 2021, during the period
where VAT was 5%, the reported system sale would be GBP25.71
-- From 1 October 2021 to 31 March 2022, during the period where
VAT was 12.5%, the reported system sale would be GBP24.00
-- From 1 April 2022 onwards, where the VAT rate is 20%, the
reported system sale would be GBP22.50
In Ireland, the VAT rate for hot takeaway food reduced from
13.5% to 9% on 1 November 2020 and remains in place. The Irish
government also confirmed that the temporary VAT rate reduction to
9% in the tourism and hospitality sectors will not be extended,
meaning the VAT rate will revert to 13.5% from 1 September
2023.
(5) Like-for-like (excluding splits) system sales performance is
calculated for UK & Ireland against a comparable 52-week period
in the prior period for mature stores which were not in territories
split in the current period or comparable period. Mature stores are
defined as those opened prior to 27th December 2020.
(6) Underlying is defined as statutory performance excluding
discontinued operations, and items classified as non-underlying
which includes significant non-recurring items or items directly
related to merger and acquisition activity and related instruments
as set out in note 4 to the financial information.
(7) Kantar Worldwide Panel, bespoke market definition.Q4 22 is
12 weeks to 25 December 2022, Q4 21 is 12 weeks to 26 December
2022. Takeaway market combines both Delivery and Collection.
(8) Excludes Q4 2017 which, was a 53 week year and so had one
extra week.
(9) The accounting treatment of costs incurred for the
cloud-based IT solutions is in accordance with the IFRS
Interpretations Committee update in March 2021, which included an
agenda decision around the treatment of configuration and
customisation costs in a cloud computing arrangement involving
Software as a Service. Under this guidance, the costs incurred by
the Group on these elements of the platform is required to be
expensed as incurred. The treatment is set out further in the
Finance Review.
(10) Net Debt is defined as the bank revolving facilities,
private placement facilities, cash and cash equivalents and other
loans, including balances held in disposal groups held for
sale.
(11) The Group has a 33.3% investment in Daytona JV Limited
('Daytona'), a UK incorporated company which owns the Master
Franchise Agreement and trading operations of Domino's Germany. The
remaining shareholding is owned by Daytona Holdco Limited, a UK
incorporated company, which is wholly owned by Domino's Pizza
Enterprises Ltd, based in Australia. The investment is treated as
an asset held for sale by the Group, and as at 25 December 2022 the
book value of the investment was GBP32.9m. The Group's interest is
subject to a put and call option. The put option was exercised on 9
November 2022.
(12) Current mean of FY23 EBITDA expectations is GBP137.6m,
prior to adjusting for guided accounting treatment of technology
platform costs. Based on 10 analysts' forecasts with a range of
GBP124.5m to GBP147.7m.
Chief Executive Officer's Review
Introduction
In December 2021, we reached resolution with our franchise
partners on a new framework to ensure that the Domino's system is
aligned and able to deliver sustainable growth. We introduced a new
incentive scheme to our franchise partners to open more stores and
a new rebate mechanism to drive order count. We also started new
technology platform projects, an eCommerce platform and an
Enterprise Resource Planning ("ERP") system to develop and
implement two new cloud-based IT systems to enable us to capture
growth in the future and drive further efficiencies.
From the second half of FY22, we have seen tangible benefits for
the Domino's system and our market share of the UK takeaway market
was 8.0% in Q4, up from 6.8% in the same period last year. This was
driven by strong national value campaigns, digital initiatives,
improved customer service from our franchise partners, growth in
collections and the initial benefit of being on the Just Eat
platform. This is testament to the strength of our brand, the
alignment we now have with our world-class franchise partners and a
value proposition which resonates strongly with customers in the
current environment.
FY22 performance summary
Underlying trading in the year was robust, with like-for-like
system sales, excluding splits and the impact of VAT, up 5.3%. Our
franchise partners delivered another year of strong operational
performance and navigated the challenging market conditions with
great skill and hard work.
Underlying EBITDA was GBP130.1m, down GBP6.3m compared to last
year, largely due to the accounting treatment of investment in
cloud-based technology platforms (GBP5.2m). A lower contribution
from the German associate (GBP2.4m), partially due to the put
option exercise to exit our investment, was offset by the profit on
sale of five corporate stores (GBP2.1m). Excluding these,
underlying EBITDA would have been broadly flat compared to
FY21.
Statutory profit after tax was GBP81.6m, up GBP3.3m on last year
as a result of reduced costs and charges from our discontinued
international operations offsetting the reduction in underlying
profitability.
Free cash flow generated by the business was GBP79.0m, a
decrease from GBP104.6m last year as EBITDA generated was offset by
working capital outflows as a result of timing differences and
receivables increases In FY23 to date, GBP8m of the movement
relating to creditors and accruals has reversed as a cash inflow.
We anticipate a net working capital inflow for the full year.
As expected, Net Debt increased by GBP53.6m from the start of
the year to GBP253.3m with Net Debt/EBITDA leverage increasing from
1.54x at the start of the year to 2.06x (excluding IFRS 16). The
increase was driven by shareholder returns through the payment of
dividends and the share buyback programmes announced in the
year.
The continued strong performance of the business means that, in
line with our capital allocation framework, we are proposing a
final dividend of 6.8p, which, when combined with the 3.2p interim
dividend, results in a 2.0% increase compared to the prior
year.
Significant digital opportunity
In FY22, 90% of sales were digital, but Domino's is still in the
early stages of becoming a truly ecommerce business. We have 13.6m
active digital customers in the UK & Ireland and we are now
building data capabilities to enhance the customer experience and
drive an increase in order frequency.
The Domino's app is the key driver of our digital growth
strategy and will be a material contributor to system sales growth.
In FY22, orders generated through our app grew 10.0%, and the app
orders as a percentage of online orders were 52.2%, an increase of
6.1ppts on the prior year and 8.8ppts on 2019. As a percentage of
online orders, app orders grew consistently throughout FY22 and
finished the year at 59.8%. App downloads in FY22 were 50% higher
and active app customers were 6.1m, an increase of 16% compared to
the prior year.
App customers are important to us, because in FY22, customers
who only use the app yield 43% higher sales per customer than
customers who only use the website. In addition, customers who only
used the app in FY22 had an average order frequency 51% higher than
web only customers. Attracting more customers to the app continues
to be a key focus in 2023 and we are very pleased that in the first
ten weeks of Q1, new app customers are up 46%.
Second year of our growth strategy
We launched our growth strategy in March 2021 with a vision to
be the favourite food delivery and collection brand, with pizza at
its heart. We continue to make progress delivering against this
strategy and are confident we can accelerate the growth of the
business and deliver increased returns for shareholders. We remain
confident of achieving at least the upper end of the GBP1.6bn -
GBP1.9bn system sales target and opening at least 200 new stores in
the medium term. Our strategy to achieve this is centred on five
growth pillars.
1. Delivery: Nobody delivers like Domino's
Delivery is at the heart of our business and is what we are best
known for - we have built a considerable following, with a brand
that people love, enabling us to maintain a leading position in the
UK & Ireland delivery market. Whilst delivery sales were lower
compared to the prior year, we maintained excellent service
standards with average delivery times of around 26 minutes.
In March 2022, we introduced a delivery charge, in line with our
aggregator peers. This allows our franchise partners to offset some
of the food and labour cost inflation they are experiencing. The
delivery charge ranges between 99p and GBP2.50, and each franchise
partner decides whether to introduce a delivery charge and which
pricing level to use. The benefit flows through to our franchise
partner as it represents an increase in system sales. DPG enjoys a
small benefit as the delivery charge incurs the standard royalty
fee. Take-up has been widespread and since introduction, 93% of
delivered orders have incurred a delivery charge.
In May 2022, we started a trial with Just Eat in 136 stores to
assess whether we can reach an incremental customer base while
delivering a similar contribution for our business. Early results
were encouraging so the trial was extended to nearly one-third of
the store estate. Following continued success of the extended
trial, which delivered incremental orders and customers, we took
the decision to fully roll out on the Just Eat platform in the UK
& Ireland. As at 25 December 2022, 1,167 stores were live. Our
team worked collaboratively with our franchise partners on the
trial and subsequent roll-out, and we look forward to the benefits
of being on the Just Eat platform in FY23.
2. Collection: Turbocharge our collection business
Collection represents the most efficient labour channel, with
delivery effectively outsourced to the customer. This is
particularly important in an environment where there are pressures
on labour availability and wage inflation. The various lockdown
restrictions in 2020 and 2021 dampened the collection market
significantly but collection volumes have recovered well. In FY22,
volumes were 104% of 2019 levels, improving sequentially each
quarter and Q4 was 111% of 2019 levels. The growth in collections
was driven by a focus on raising awareness of the collection
channel, primarily through promotion and national campaigns.
3. Product & value: Amplify our product quality and
value
Following resolution with our franchise partners, we were able
to launch our first national price campaign in January and amplify
our value message, with a 50% discount for spending more than GBP30
on pizza. Alignment with our franchise partners has also enabled us
to market collection promotions, and towards the end of the year,
we launched 'Price Slice' with GBP8, GBP10, GBP12 deals for small,
medium and large pizzas.
We strengthened the Domino's brand across FY22. Our key metric
is 'consideration' which we grew by 1ppt vs. FY21 to 55%. With
consumer confidence falling, increasing the value for money
perception was key to driving this improvement. In FY22, our value
for money score increased by 4ppts vs. FY19. We delivered this with
significant media support behind compelling deals across the
year.
Our customers love our product, and we have re-ignited product
innovation over the last year. Our value for money scores continued
to improve, demonstrating our focus on customer value. Our tie-up
with Heinz on the Big Brekkie Pizza drove customer engagement as we
asked customers to pick a side - Red or Brown - with either Heinz
Tomato Ketchup or HP Sauce. In the final quarter, we launched a
variety of exciting new products to target both football watching
audiences and festive families. The Ultimate Spicy Sausage launched
well and drove incremental sales across the whole campaign, with
the new and improved "Festive One" outperforming the 2021
version.
4. Performance: Uphold our industry-leading economics for both
the Group and our franchise partners
Our vertically integrated supply chain is a key differentiator
in the market and brings us significant competitive advantages. We
can leverage our scale to realise operational and procurement-led
efficiencies to help mitigate inflationary pressures in the market.
We continue to collaborate closely with key suppliers to ensure we
have optimal stock cover and to minimise cost inflation where
possible. We have expanded our supplier base to ensure we secure
the best value for money and increased resilience for our
system.
Our world-class supply chain delivered another year of
outstanding performance. We maintained 99.9% availability and 99.8%
accuracy in a year of challenging market conditions. In line with
our commitment to health and safety within our supply chain
operations, we completed the roll-out of cages and dollies to all
stores. In keeping with our capital allocation framework, we
continue to invest in our supply chain to enhance capacity and
drive efficiency. We started operating a new 'cross-dock' facility
in Avonmouth which allows us to warehouse product there for more
efficient distribution across the South-West. This was particularly
important to maintaining our availability for Q4. We also commenced
re-development of our Naas supply chain centre in the Republic of
Ireland.
5. Franchisor: Model excellence as a franchisor
Our franchise partners continue to work tremendously hard in
challenging market conditions and their trading performance has
been resilient. The system is now aligned and has entered a new era
of collaboration. We have delivered successful value campaigns,
introduced the delivery charge and undertaken a comprehensive trial
and roll-out on the Just Eat platform. We could not have done this
without the support and commercial drive of our world-class
franchise partners.
Based on the unaudited data submitted to us by franchise
partners, average store EBITDA for all UK stores for the year was
approximately GBP182k, equivalent to a 16% EBITDA margin. This
compares to GBP287k or 23% EBITDA margin achieved in FY21 and
GBP145k or 14% EBITDA margin achieved in FY19. The reduction
reflects the net benefit of VAT in the prior year as well as the
impact of higher food and labour costs in 2022.
Following the introduction of the new store incentive scheme
last year, we have made good progress with our new store openings
with 35 in FY22 compared to 31 in the prior year. These stores were
opened by 22 different franchise partners, and we were delighted
that three new 'Home Grown Heroes' opened stores in the year. We
had expected to open 40 stores in FY22, but some have moved into Q1
23, largely driven by a delay in planning consents.
We have supported our franchise partners throughout the year
with an enhanced food rebate mechanism, the national roll-out of
the delivery charge and we were delighted to organise our first
rally since 2018 in Harrogate for our franchise partners and
colleagues, of which more than 1,400 joined.
We have introduced a new Operations forum and launched the
Franchisee Performance Management framework. This framework is
designed to assess store performance across the system and identify
areas for improvement. We also launched the Domino's Training
Academy which provides management training to team members using a
balance of e-learning and classroom exercises.
Looking ahead to FY23
We are pleased with the strategic progress we have made and are
resolutely focused on accelerating the execution of our strategy at
pace. As we move into FY23, there are five key enablers which will
drive this acceleration:
1. Franchise partner profitability / Organisation
Our priority this year is to focus on improving our franchise
partners' store profitability. We will do this by working with our
suppliers looking for efficiencies; continuing to invest in growth
in line with the framework we agreed with our franchise partners in
December 2021; developing revenue management initiatives and
driving operational efficiencies.
Domino's is a digital business, and, in the last two years, we
have built significant capability in areas such as data, digital
and marketing. We are now focused on accelerating the execution of
our strategy to deliver sustainable growth. We have recently taken
steps to become a leaner, smarter and faster organisation. The
Executive leadership team has been reshaped, allowing for faster
decisions to be taken and removing complexity, and we look forward
to the benefits this will bring to the Domino's system. These
changes have been made with the goal of focusing on our franchise
partners' profitability.
2. Value for Money
Our aspiration is to return our delivery orders to growth in
FY23 and reduce the average delivery time for our customers from
the current figure of around 26 minutes. Improving our customer
service is key to achieving this goal. Our customer service
performance, including average delivery times and percentage of
deliveries on time, improved significantly in Q4 22 relative to Q4
21. We continue to improve our delivery experience for our
customers and franchise partners. In FY22, we rolled out our
enhanced GPS solution to 777 stores and we are targeting full
deployment by the end of 2023. This will help store managers manage
labour through more efficient driver route planning and better
co-ordination with the store, as well as allowing drivers to use
their own device. It also enables customers to see exactly where
their order is and provide an accurate delivery time. We are
working closely with our franchise partners to ensure that customer
service continues to improve.
We will continue to amplify our value message through national
campaigns and continuing our menu innovation. As with 2022, we
believe this will be particularly important in a year when
consumers are experiencing cost of living increases. Alignment with
our franchise partners has also enabled us to undertake national
value campaigns and we have continued these in FY23 with the 'Price
Slice' deal with GBP8, GBP10, GBP12 price points for small, medium
and large pizzas. We are planning an exciting range of value deals
throughout FY23.
We aim to attract new customers through a strong pipeline of new
pizzas, sides and desserts, and to increase order frequency through
innovation of our core menu. We continue to see a significant
opportunity to drive an increase in collections to accelerate our
growth. Highlighting the value message to customers will be key in
2023.
3. Digital
Personalisation is at the heart of our digital strategy, and we
recently began more targeted personalisation, using our data
science team to test initiatives such as reminders for customers on
their preferred order day and personalised segmentation based on
dietary preference. Enhancing and broadening our personalisation
will enable us to drive growth through an enhanced food-ordering
experience.
We are also focused on optimising marketing efficiency to enable
customers to find the Domino's brand. We ensure that we have top
listings and visibility on Google, and are in key digital and
social media channels, with a specific focus on app marketing.
Attracting more customers to the app continues to be a key focus
in 2023 and we are very pleased that in the first ten weeks of Q1,
new app customers are up 46%. We aim to increase app customers and
drive improvements in conversion and frequency. Our investment in a
new ecommerce platform underpins our digital strategy as we
transform to being a truly ecommerce business.
4. Convenience
We have made a strong start to the year with our store openings
programme, and we are targeting a mid-single digit percentage point
increase in the store estate in FY23. We start FY23 with a
significantly stronger pipeline than in FY22, have opened seven
stores this year vs. five in the same period last year. We remain
on track to open at least 200 stores over the medium term.
Having undertaken a full roll-out on Just Eat at the end of
FY22, we are also focused on continuing to drive incrementality
from being on the Just Eat platform and, in FY23, look forward to a
full year benefit of being on the platform.
5. Technology platform projects
We are focused on the development of our new ecommerce platform
which will deliver significant benefits to our franchise partners
and ultimately provide an enhanced experience for our customers.
The new platform will provide us with a scalable and best in class
e-commerce back end. It will enable us to deliver improvements
quickly and significantly more cost efficiently than our current
platform, and future proofs our e-Commerce platform for new
developments. This will also enable more agile marketing and
promotions to be put in place, build a future-proof platform for
our next stage of growth and enable us to introduce a loyalty
platform.
We have also begun work on a new ERP programme which will enable
us to improve processes and efficiencies across our business,
including generating efficiencies in our supply chain. Our current
ERP has been in place since 2016, and since that time, the business
has scaled up significantly and requires this additional support
together with alignment of operating practices across the supply
chain to drive further growth and efficiency.
We have established a rigorous governance framework around both
these projects and look forward to the benefits when they are
implemented.
Delivering our sustainable future
In 2022, we refreshed our sustainability strategy after seeking
views from our customers, colleagues and franchise partners with a
passion for sustainability. We now have a new sustainability
strategy which incorporates the views and passions of our key
audiences, which will help push us as a business to achieve our
ambition of delivering a better future through food people love,
and is aligned with the UN's Sustainable Development Goals.
We have made good progress in 2022:
-- Securing validation of our science-based targets
-- Reducing the amount of general waste going to landfill from
our head office and supply chain centres to zero
-- Ensuring 100% of surplus food generated at our supply chains
centres is either repurposed or redistributed to food poverty
charities
-- Developing and testing our first sub-650 calorie pizza
-- Increasing the use of bicycles, eBikes and alternative
fuelled vehicles by stores for deliveries
In addition to new targets and focus areas, we also introduced
more robust governance around the delivery of our work in this
important area, including establishing a PLC Sustainability
Committee, chaired by Natalia Barsegiyan, one of our non-executive
directors. This Committee is supported by a Sustainability Steering
Group, comprising of relevant Leadership Team members with working
groups focused on delivering against our sustainability targets.
Additionally, for the first time we have linked a proportion of the
Leadership Team bonus to the delivery of key sustainability
targets.
As we look to the future, we are excited by the positive impact
we can have as a business and look forward to tracking and
reporting our progress through regular sustainability reports, the
first of which will be published later this year. We believe this
strategy will be a key part of accelerating our progress towards
delivering a better future through food people love.
FY22 trading review
Continued underlying like-for-like system sales growth
System sales represent all sales made by both franchised and
corporate stores to consumers. Like-for-like system sales across UK
& Ireland declined by 3.8%, excluding split stores, or by 4.8%
including splits. The increase in the VAT rate in the period
compared to the same period last year drove this decline.
Like-for-like system sales excluding splits and the change in the
VAT rate increased by 5.3%.
UK & Ireland Q1 22 Q2 22 H1 22 Q3 22 Q4 22 H2 22 FY22
LFL inc.
splits (3.6)% (11.4)% (7.5)% (10.2)% +6.3% (2.0)% (4.8)%
-------- -------- -------- -------- -------- -------- -------
LFL exc.
splits (2.4)% (10.4)% (6.4)% (9.3)% +7.2% (1.1)% (3.8)%
-------- -------- -------- -------- -------- -------- -------
2021 VAT
rate 5% 5% - 5% 12.5%
-------- -------- -------- -------- -------- -------- -------
2022 VAT
rate 12.5% 20% - 20% 20%
-------- -------- -------- -------- -------- -------- -------
LFL inc.
splits and
ex VAT +2.7% (0.2)% +1.2% +1.3% +13.0% +7.2% +4.2%
-------- -------- -------- -------- -------- -------- -------
LFL exc.
splits and
ex VAT +3.9% +0.9% +2.4% +2.4% +13.9% +8.3% +5.3%
-------- -------- -------- -------- -------- -------- -------
The quarterly analysis of this performance, as well as the VAT
rate for each period is in the table above.
This shows that the like-for-like performance in Q2 22 and Q3 22
was primarily driven by the difference in the rate of VAT. The VAT
rate reverted to 20% on 1 April 2022, and therefore from the start
of Q2 23, there will be no VAT impact when comparing quarterly
performance to the prior year.
The VAT rate reduction was on hot takeaway food and therefore
applicable to the system sales made by stores to consumers. If the
sales price to the consumer was unchanged then the VAT rate
reduction would effectively deliver an increased system sales
value, which flows through to like-for-like system sales growth.
The benefit of the VAT rate reduction therefore primarily accrued
to our franchise partners. This helped them to continue to trade
throughout the pandemic period and enabled them to drive growth and
increase the level of discounts they could offer their
customers.
There is only a limited direct benefit to our profitability from
the VAT rate reduction as the majority of our revenue is made by
our supply chain upon which the rate of VAT has not changed. Our
benefit is derived from a small increase in royalties on the system
sales reported by our franchise partners and the sales from our
corporate stores, associates and joint ventures.
UK & ROI LFL inc. splits (YOY Growth) Total (All Stores)
Sales Volume Price Orders (m) YOY Order
Growth
---------- ---------- --------- ----------- ----------
Total
---------- ---------- --------- ----------- ----------
Q1 (3.6)% (2.0)% (1.6)% 17.5m 5.5%
---------- ---------- --------- ----------- ----------
Q2 (11.4)% (8.3)% (3.1)% 16.9m (1.3)%
---------- ---------- --------- ----------- ----------
H1 (7.5)% (5.2)% (2.4)% 34.4m 2.1%
---------- ---------- --------- ----------- ----------
Q3 (10.2)% (9.1)% (1.2)% 16.9m (1.9)%
---------- ---------- --------- ----------- ----------
Q4 6.3% (2.1)% 8.5% 18.5m 4.1%
---------- ---------- --------- ----------- ----------
H2 (2.0)% (5.6)% 3.5% 35.4m 1.1%
---------- ---------- --------- ----------- ----------
FY (4.8)% (5.4)% 0.6% 69.8m 1.6%
---------- ---------- --------- ----------- ----------
Delivery only
---------- ---------- --------- ----------- ----------
Q1 (8.4)% (8.2)% (0.2)% 12.7m (4.4)%
---------- ---------- --------- ----------- ----------
Q2 (16.0)% (15.4)% (0.6)% 11.6m (12.1)%
---------- ---------- --------- ----------- ----------
H1 (12.2)% (11.8)% (0.4)% 24.3m (8.3)%
---------- ---------- --------- ----------- ----------
Q3 (14.7)% (16.2)% 1.5% 11.0m (12.7)%
---------- ---------- --------- ----------- ----------
Q4 2.1% (8.4)% 10.5% 12.2m (5.1)%
---------- ---------- --------- ----------- ----------
H2 (6.4)% (12.3)% 5.8% 23.2m (8.8)%
---------- ---------- --------- ----------- ----------
FY (9.4)% (12.0)% 2.6% 47.5m (8.5)%
---------- ---------- --------- ----------- ----------
Collection only
---------- ---------- --------- ----------- ----------
Q1 25.3% 30.5% (5.2)% 4.8m 45.4%
---------- ---------- --------- ----------- ----------
Q2 12.4% 22.8% (10.4)% 5.3m 34.7%
---------- ---------- --------- ----------- ----------
H1 18.4% 26.4% (8.0)% 10.2m 39.6%
---------- ---------- --------- ----------- ----------
Q3 9.3% 17.2% (7.9)% 5.8m 28.1%
---------- ---------- --------- ----------- ----------
Q4 24.2% 19.8% 4.5% 6.3m 27.9%
---------- ---------- --------- ----------- ----------
H2 16.8% 18.5% (1.7)% 12.1m 28.0%
---------- ---------- --------- ----------- ----------
FY 17.5% 22.0% (4.5)% 22.3m 33.0%
---------- ---------- --------- ----------- ----------
Total orders in the year grew by 1.6%. This was driven by a
33.0% growth in collection orders, offset by an 8.5% decline in
delivery orders.
In Q1 22, total orders grew 5.5% despite a strong comparative
quarter last year when there were strict lockdown restrictions in
the UK. Collections continued to recover and grew 45.4% in the
quarter. As expected, given the lockdown comparator, delivery
orders were 4.4% lower than the prior year.
In Q2 22, total orders declined 1.3%. Delivery orders declined
12.1% in the quarter due to softness in the wider delivery market
and a tough comparative quarter in the previous year, which had
three different lockdown restrictions. In March 2022, we launched
the delivery charge nationally. The 34.7% growth in collections
only partially offset the decline in delivery orders.
As expected in Q3 22, total orders were lower in July due to the
tough comparator with the knockout stages of the Men's Euro
football tournament and were muted in August given the 'staycation'
impact from the previous year. September was a stronger trading
month. Delivery orders declined 12.7% in the quarter due to a tough
comparator last year. Collections performed well and increased
28.1% in the quarter, driven by our strong value message and our
continued strategic focus on this channel.
We finished the year with a strong performance in Q4 22 with
orders up 4.1%. Collections continued to perform strongly and were
up 27.9%. Delivery orders were down 5.1%, a marked improvement from
Q2 and Q3. As expected, trading was strong as a result of effective
national value campaigns, operational service excellence, growth in
collections and the initial incremental benefit of being on the
Just Eat platform as well as the Men's Football World Cup, an event
which only occurs every four years.
Five corporate stores sold in 2022
Corporate store revenue increased by 1.7% to GBP36.2m compared
to the prior year. The EBITDA of corporate stores was GBP1.9m,
compared to GBP3.2m in FY21 driven by net impact from the reduction
in the rate of VAT in FY21. In Q4 22, we sold five corporate stores
to an existing franchise partner. The profit on the sale of these
stores was GBP2.1m. Following the sale of these stores, we now
directly operate 31 stores in the London area.
Agreement on the Put Option Exercise Price of our investment in
Germany
Further to the announcement made on 10 November 2022, the
process for determining the put option exercise price of our
shareholding in our German associate has been finalised. This has
resulted in a put option exercise price of EUR79.2m (c.GBP70m),
which combined with the repayment of a EUR10.8m loan (c.GBP9m),
will yield total cash receipts of approximately EUR90.0m (c.GBP79m)
and generate profit on disposal of c.GBP37m, dependent on foreign
exchange rates. Completion of the disposal will occur in June 2023
and the proceeds generated will be flowed through our capital
allocation framework.
For the period 27 December 2021 to 10 November 2022, our share
of post-tax underlying profits from our German associate was
GBP2.6m (FY21: GBP5.0m).
GBP266m returned to shareholders since Capital Allocation
Framework launched
We have a highly cash-generative, asset-light business model
and, in March 2021, we launched a new capital allocation framework.
Our first priority is to invest in the business to drive long-term
organic growth. We will continue to maximise shareholder returns
through a sustainable and progressive dividend and operate a
disciplined approach to assessing additional growth opportunities.
Finally, operating within a normalised leverage range of 1.5x -
2.5x net debt to Underlying EBITDA, we aim to maximise returns with
an annual allocation of surplus cash to shareholders. Since
launching the framework, we have announced GBP266m of returns to
shareholders, through GBP100m in dividends and GBP166m in share
buybacks.
In the year, we generated GBP79.0m of free cash and, in
addition, we received net cash flows of GBP10.3m from our
investment in Germany. We have invested GBP19.7m in capital
investment in our core business and have proposed a final dividend
of 6.8p, which combined with the 3.2p interim dividend represents a
2.0% increase compared to FY21. We announced GBP86m of share
buybacks in FY22 with the final programme completing in January
2023.
FINANCIAL REVIEW
Financial highlights
-- Underlying profit before tax of GBP98.9m, down GBP15.0m from
FY21 primarily as a result of costs associated with technology
platform of GBP7.6m and increased interest charges of GBP4.9m
-- Statutory profit after tax of GBP81.6m, up from GBP78.3m as
the losses from discontinued operations and non-underlying costs
from the prior period are no longer recognised.
-- Free cash flow decreased by GBP25.6m to an inflow of
GBP79.0m, as EBITDA generated was offset by working capital
outflows as a result of timing differences and receivables
increases, which are expected to reverse or normalise in 2023.
-- Overall net debt increased by GBP53.6m to GBP253.3m as a
result of the dividends, share buybacks and capital expenditure as
we continue to invest in the business, offset with cash inflows
from disposals.
-- Total dividend for FY22 of 10.0p per share, with final
dividend of 6.8p per share proposed to be paid on 11 May 2023
FY22 results
At 25 December 2022 At 26 December 2021
GBPm GBPm
Reported Reported
--------------------------------------------------- ------------------- -------------------
Group Revenue 600.3 560.8
Underlying EBIT before contribution of investments 102.2 106.8
Contribution of investments 5.0 8.1
German associate contribution 2.6 5.0
Underlying EBIT 109.8 119.9
Underlying net finance costs (10.9) (6.0)
Underlying profit before tax 98.9 113.9
Underlying tax charge (17.3) (20.5)
Underlying profit after tax 81.6 93.4
Non-underlying items - (2.7)
Profit after tax from continued operations 81.6 90.7
Loss from discontinued operations - (12.4)
Statutory profit after tax 81.6 78.3
EBITDA reconciliation
Underlying EBITDA 130.1 136.4
Depreciation, amortisation and impairment (20.3) (16.5)
Group Underlying EBIT 109.8 119.9
We are pleased to have delivered robust financial performance in
the year, despite the costs incurred investing in the technology
platforms. Underlying EBIT decreased by GBP10.1m to GBP109.8m, of
which GBP7.6m relates to the investment in our ecommerce platform
and ERP programmes, with the remainder due to lower contributions
from investments. Statutory profit after tax increased to GBP81.6m
from GBP78.3m, as the costs relating to non-underlying items and
losses from the discontinued international businesses from the
prior year have ended.
Revenue
Our key metric for measuring the revenue performance of the
Group is system sales, rather than our Group revenue. System sales
are the total sales to end customers through our network of stores,
for both franchise partners and corporate stores. Our Group revenue
consists of food and non-food sales to franchise partners,
royalties paid by franchise partners, contributions into the NAF
and eCommerce funds, rental income and end-customer sales in our
corporate stores.
Within our Group revenue, the volatility of food wholesale
prices, together with the combination of different revenue items,
means that analysis of margin generated by the Group is less
comparable than an analysis based on system sales. We consider that
system sales provide a useful alternative analysis over time of the
health and growth of the business.
Reported system sales in the period were GBP1,456m, down 2.8%
due to the change in VAT rate year-on-year. Excluding the change in
the VAT rate, like-for-like system sales were up 5.3%.
Reported Revenue
At 25 December 2022 At 26 December 2021
GBPm GBPm
Reported Reported
-------------------------------- ------------------- -------------------
Supply Chain revenue 411.4 374.9
Royalty, rental & other revenue 80.5 80.0
Corporate Stores revenue 36.2 35.6
NAF & eCommerce 72.2 70.3
Total 600.3 560.8
Reported revenue increased by GBP39.5m to GBP600.3m, an increase
of 7.0%, primarily driven by increases in supply chain revenue.
This was principally as a result of increased food costs, which are
passed through to our franchise partners.
Royalty, rental and other revenues primarily relate to the
royalty revenue we receive from our franchise partners based on a
percentage of system sales and rental income. This increased by
GBP0.5m due to additional short-term lease income of GBP1.0m,
offset by a decrease of GBP0.5m due to lower system sales on a
reported basis.
Revenue for our directly operated corporate stores in London
increased by GBP0.6m. NAF and eCommerce revenues are recognised
based on costs incurred at nil profit and increased by GBP1.9m due
to the timing of costs recognised.
Underlying earnings before interest and taxation
Underlying EBIT decreased by GBP10.1m to GBP109.8m. This
includes a benefit of GBP2.1m relating to the sale of corporate
stores, offset with GBP7.6m of technology platform costs and
GBP2.4m lower contribution from the German associate.
In December 2022, the Group completed the sale of 5 corporate
stores to an existing franchise partner resulting in a profit of
GBP2.1m recognised on the disposal.
As announced in the Q3 trading statement on 10 November 2022,
the Group is committed to investing in our sustainable growth and
commenced two technology platform projects, an eCommerce platform
replacement and a new ERP system. The total cost incurred for these
projects in the year within EBIT is GBP7.6m, as explained further
below.
The share of profits of our associate investment in Germany
contributed GBP2.6m in the period, GBP2.4m lower than FY21. On 10
November 2022, we announced that we were exercising our option to
sell our share in the associate. As a result, we ceased accounting
for our share of profits from the exercise date, which, together
with a lower trading result, leads to a decrease of GBP2.4m.
Excluding these items, Underlying EBIT decreased by GBP2.0m.
Underlying EBIT margin as a percentage of Group revenue decreased
as stable trading performance of the Group was offset with costs
associated with the franchise partners resolution as we invest in
growth of the system, inflationary pressures and a GBP3.1m lower
contribution from our UK & Ireland Investments.
The contribution of our investments in the UK and Ireland
decreased by GBP3.1m. During the year, we recognised a fair
valuation uplift on our investment in Shorecal of GBP1.0m, which
was GBP1.1m lower than the valuation uplift recognised in FY21. The
remaining GBP2.0m in decrease year-on-year is as a result of a
lower share of profits recognised from our associates and
investments, as increases in the overall cost base of the
operations and the reduction in VAT benefit year-on-year offset
stable revenue performance.
Technology platform costs
EBITDA Amortisation Profit Capital expenditure
and impairment before tax
GBPm GBPm GBPm GBPm
------------------- ------ --------------- ----------- -------------------
ERP (2.7) (0.8) (3.5) -
eCommerce platform (2.5) (1.6) (4.1) (1.9)
------------------- ------ --------------- ----------- -------------------
Total (5.2) (2.4) (7.6) (1.9)
------------------- ------ --------------- ----------- -------------------
During the year, we commenced investment projects to develop and
implement two new cloud-based IT systems, an eCommerce platform and
an ERP system.
These projects will enable us to capture growth in the future
and drive further efficiencies. The eCommerce platform costs are
part of the growth investment framework agreed with our franchise
partners in December 2021.
The total costs recognised in underlying profit before tax
relating to these projects was GBP7.6m.
Within EBITDA, costs of GBP5.2m have been recognised, of which
GBP2.7m relates to the ERP, and GBP2.5m relates to the eCommerce
platform. These represent costs spent on development of these
assets, which are expensed through the income statement rather than
capitalised as intangible assets, as they relate to cloud
platforms. For the ERP, this represents the full spend on the
project in the year. For the eCommerce platform, this relates to
the percentage spent on the cloud-based element of the project. An
additional GBP1.9m has been recorded in capital expenditure
relating to the eCommerce platform.
Within amortisation, a total cost of GBP2.4m is recognised. This
consists of GBP0.8m relating to the ERP for accelerated
depreciation of the current platform, and GBP1.6m relating to the
eCommerce platform, of which GBP0.2m is accelerated depreciation of
the current platform and GBP1.4m is impairment of legacy assets
which are no longer considered useful.
Interest
Net underlying finance costs in the period were GBP10.9m, an
increase of GBP4.9m. The Group successfully refinanced the existing
revolving credit facility in July with a facility limit of GBP200m
and issued GBP200m private placement notes at a fixed rate of
4.26%. The increase in the fixed borrowing rate, together with the
increase in variable rates under the revolving credit facility,
largely contributed to the increase, together with an overall
increase in net debt during the year.
Taxation
The underlying effective tax rate for 2022 was 17.5% (2021:
18.0%), which is lower than the UK statutory rate due to the
one-off impact of adjustments to the prior year and the
contribution of joint ventures, associates and investments. The
effective tax rate decreased by 0.5% largely due to the prior
period impact on the deferred tax charge of the rate change from
19% to 25% announced in 2021.
Profit after tax and non-underlying items
Underlying profit after tax from continuing operations was
GBP81.6m, a decrease from GBP93.4m in 2021 due to the decrease in
EBIT, decreased contribution of investments and increased interest
charges set out above.
As disclosed in the 2021 Annual Report, the Group no longer
classifies items as non-underlying. Following the completion of the
disposals of international operations in 2021, no loss from
discontinued operations has been recognised.
In 2021, non-underlying costs of GBP2.7m were recognised in
relation to the reversionary share scheme, legal and professional
fees associated with the development of our long-term strategy and
market access fee revaluations. In addition, discontinued
operations contributed to a loss of GBP12.4m primarily relating to
the losses on disposal of the international operations.
As these costs have not been incurred in the current period,
this has increased our statutory profit after tax from continuing
and discontinued operations to GBP81.6m in 2022 from GBP78.3m in
2021.
Earnings per share
Underlying basic EPS decreased to 18.8p from 20.3p principally
as a result of the underlying profit decrease. Statutory basic EPS
was consistent with underlying basic EPS at 18.8p, an increase from
17.1p in 2021 as no further non-underlying or discontinued
operations costs were recognised.
Free cash flow and net debt
52 weeks ended 52 weeks ended
25 December 2022 26 December 2021
GBPm GBPm
---------------------------------------------------------------------------------- ---------------- ----------------
Underlying EBITDA 130.1 136.4
Discontinued operations EBITDA - (0.7)
Add back non-cash items
- Contribution of investments (7.6) (13.1)
- Other non-cash items (1.3) 0.7
Working capital (17.5) 11.2
IFRS 16 - net lease payments (6.3) (8.4)
Dividends received 5.1 3.8
Net interest (4.8) (4.0)
Corporation tax (18.7) (18.0)
---------------------------------------------------------------------------------- ---------------- ----------------
Free cash flow before non-underlying cash items 79.0 107.9
Non-underlying cash - (3.3)
---------------------------------------------------------------------------------- ---------------- ----------------
Free cash flow 79.0 104.6
Capex (19.7) (14.3)
Repayment from German associate 1.7 4.9
Market Access fee proceeds 8.6 6.4
Acquisitions - (6.6)
Disposals 7.0 12.6
Dividends (43.8) (56.0)
Share transactions (84.9) (83.0)
Movement in net debt (52.1) (31.4)
Opening net debt (199.7) (171.8)
Movement in capitalised facility arrangement fee (1.1) -
Forex on net debt (0.4) 3.5
---------------------------------------------------------------------------------- ---------------- ----------------
Closing net debt (253.3) (199.7)
---------------------------------------------------------------------------------- ---------------- ----------------
Last 12 months net debt/Underlying EBITDA ratio from continuing operations (excl.
IFRS 16) 2.06x 1.54x
---------------------------------------------------------------------------------- ---------------- ----------------
Last 12 months net debt/Underlying EBITDA ratio from continuing and discontinued
operations
(excl. IFRS 16) 2.06x 1.57x
---------------------------------------------------------------------------------- ---------------- ----------------
Net debt increased by GBP53.6m during the year, as free cash
flow generated of GBP79.0m was offset with capital expenditure of
GBP19.7m and returns to shareholders through dividends of GBP43.8m
and share transactions of GBP84.9m.
Free cash flow is an inflow of GBP79.0m, a decrease of GBP25.6m
on the previous year. Underlying EBITDA was GBP130.1m, a decrease
of GBP6.3m, of which GBP5.4m relates to investment in the eCommerce
platform and ERP programmes outlined above.
The Group experienced a working capital outflow of GBP17.5m
(2021: inflow of GBP11.2m). This was primarily due to higher
debtors of GBP6.5m as a result of increases in pricing and volumes
in the final weeks of the year, decreases in creditors of GBP5.8m
as a result of the timing of creditor payments which were
accelerated around the year end date, an outflow due to lower
accruals of GBP5.1m as a result of lower payroll accruals and
higher accrued income balances.
In FY23 to date, GBP8m of the movement relating to creditors and
accruals has reversed as a cash inflow. We anticipate a net working
capital inflow for the full year.
Net IFRS 16 lease payments decreased in the period to GBP6.3m
based on the timing of rental payments. Dividends received
increased to GBP5.1m from GBP3.8m, benefitting from a dividend
received from our investment in Shorecal of GBP2.2m and GBP2.9m
from our other associates and joint ventures.
Net interest payments of GBP4.8m increased from GBP4.0m as a
result of the increased interest charges on the debt following
refinancing. We expect this to increase next year due to the timing
of interest payments on the private placement loan notes, with the
first six-monthly payment paid in January 2023.
Capital expenditure increased to GBP19.7m from GBP14.3m, as we
continued our investment in the Group. Of this amount, GBP7.3m
relates to the development and expansion of our supply chain centre
in Ireland and GBP1.9m relates to the eCommerce platform
investment.
In March 2022, the Group received the final instalment of the
Market Access Fee of GBP8.6m, relating to the performance of the
German associate in the 2021 calendar year. This is the final
contracted payment of the Market Access Fee.
Of the disposals cash inflows of GBP7.0m, GBP4.9m relates to the
net cash consideration from the sale of corporate stores and
GBP3.3m relates to the completion of the receipt of deferred
consideration for the disposal of the DP Shayban Limited joint
venture in 2018. This is offset with GBP1.2m relating to the final
payments on the disposals of international operations, which is now
complete.
Of the GBP43.8m dividends paid in the year, GBP30.0m relates to
the final FY21 dividend paid in May 2021, and GBP13.8m relates to
the interim dividend paid in September 2022.
Of the share transactions cash outflow of GBP84.9m, GBP7.4m
relates to share purchases for the employee benefit trust, and
GBP77.5m relates to the share buyback programme. This consists of
GBP46m relating to the share buyback programme announced in March
2022, GBP20m relating to the programme announced in August 2022 and
GBP11.1m relating to the GBP20m programme announced in November
2022, together with GBP0.4m of stamp duty. The remaining
outstanding balance of the November 2022 programme of GBP8.9m
remained outstanding at the period end and has subsequently been
completed.
Capital employed and balance sheet
At 25 December 2022 At 26 December 2021
GBPm GBPm
------------------------------------------------- ------------------- -------------------
Intangible assets 30.0 32.1
Property, plant and equipment 96.5 90.3
Investments, associates and joint ventures 36.7 64.8
Market Access Fee - 8.7
Deferred consideration 0.3 3.3
Right-of-use assets 21.3 19.4
Net lease liabilities (23.4) (21.4)
Provisions (15.3) (16.3)
Working capital (27.9) (37.1)
Net debt (253.3) (199.7)
Tax (1.7) (2.7)
Share buyback obligations (8.9)
Held within assets and liabilities held for sale 32.9 -
------------------------------------------------- ------------------- -------------------
Net liabilities (112.8) (58.6)
------------------------------------------------- ------------------- -------------------
Intangible assets have decreased by GBP2.1m to GBP30.0m, as
additions of GBP10.3m on software assets were offset with
amortisation and impairment of GBP9.3m and disposals of acquired
intangible assets with the sale of the five corporate stores of
GBP3.1m.
Property, plant and equipment has increased by GBP6.2m to
GBP96.5m largely as a result of increased capital spend associated
with the supply chain centre in Ireland.
Investments, associates and joint ventures has decreased by
GBP28.1m primarily as the investment in our German associate has
been reclassified as an asset held for sale following the exercise
of the put option in November 2022.
Right-of-use assets have increased from GBP19.4m to GBP21.3m due
to lease additions for our supply chain centre in Ireland, and
renewal of fleet leases. The net lease liability has increased by
GBP2.0m in line with these additions.
Working capital has decreased by GBP9.2m to a net working
capital liability of GBP27.9m. This decrease is lower than the
movement in free cash flow due to increased interest accruals, and
accruals and creditors associated with capital expenditure which
are included in the balance sheet movement but excluded on a free
cash flow basis.
Net debt has increased to GBP253.3m for the reasons set out in
the free cash flow section above. As set out above, there remains
GBP8.9m of outstanding share buyback obligation at the end of the
year, which has been subsequently completed.
Following the decision to exercise the put option over our
interest in the German associate, the investment in the associate
has been reclassified as an asset held for sale of GBP32.9m, the
book value at the date of exercise. No further share of profit is
recognised in relation to the investment, and any profit recognised
on the sale will occur when the transaction is completed.
Total equity has decreased by GBP54.2m, to a net liability
position of GBP112.8m, primarily due to the dividend payments and
share buybacks in excess of the profit generated in the year. There
are sufficient distributable reserves in the standalone accounts of
Domino's Pizza Group plc for the proposed dividend payment.
Treasury management
The Group successfully refinanced the existing revolving credit
facility in July 2022, and entered into a new unsecured
multi-currency revolving credit facility of GBP200m, expiring in
July 2027, together with the issuance of sterling-denominated
private placement loan notes of GBP200m, with a due date for
repayment in July 2027.
The new unsecured multi-currency revolving credit facility
incurs interest at a margin over SONIA of between 185bps and 285bps
depending on leverage, plus a utilisation fee of between 0bps and
30bps of the aggregate amount of the outstanding loans.
The private placement loan notes incur interest at a fixed rate
at 4.26%. Interest is paid every six months.
The financial covenants under both new financing agreements are
consistent. These covenants relate to measurement of adjusted
EBITDAR against consolidated net finance charges (interest cover)
and adjusted EBITDA to net debt (leverage ratio) measured
semi-annually on a trailing 12-month basis at half year and year
end. The interest cover covenant under the terms of both agreements
cannot be less than 1.5:1, and leverage ratio cannot be more than
3:1. Figures used in the calculation of both covenants exclude the
impact of IFRS 16.
We ended the period with net debt of GBP253.3m, and Net
Debt/EBITDA ratio excluding the impact of IFRS 16 increased to
1.54x to 2.06x. We monitor the leverage ratio continuously through
the year, and is integrated into the budget and forecasting
process.
Underpinning treasury management is a robust Treasury Policy and
Strategy that aims to minimise financial risk. Foreign exchange
movement arising from transactional activity is reduced by either
agreeing fixed currency rates with suppliers or pre-purchasing the
currency spend.
Group income statement
52 weeks ended 25 December 2022
Note 52 weeks ended 25 52 weeks ended 26
December 2022 December 2021
GBPm GBPm
------------------------- ----- --------------------------------------- ---------------------------------------
Underlying Non-underlying* Total Underlying Non-underlying* Total
Revenue 2 600.3 - 600.3 560.8 - 560.8
Cost of sales (326.8) - (326.8) (292.2) - (292.2)
------------------------- ----- ----------- ---------------- -------- ----------- ---------------- --------
Gross profit 273.5 - 273.5 268.6 - 268.6
Distribution costs (39.5) - (39.5) (36.4) - (36.4)
Administrative costs (131.8) - (131.8) (125.4) (4.5) (129.9)
Other expenses - - - - (0.3) (0.3)
Share of post-tax profit
of associates and joint
ventures 6.6 - 6.6 11.0 - 11.0
Other income 1.0 - 1.0 2.1 - 2.1
------------------------- ----- ----------- ---------------- -------- ----------- ---------------- --------
Profit/(loss) before
interest and taxation 109.8 - 109.8 119.9 (4.8) 115.1
Finance income 13.1 - 13.1 13.1 1.0 14.1
Finance costs (24.0) - (24.0) (19.1) (0.4) (19.5)
------------------------- ----- ----------- ---------------- -------- ----------- ---------------- --------
Profit/(loss) before
taxation 98.9 - 98.9 113.9 (4.2) 109.7
Taxation 8 (17.3) - (17.3) (20.5) 1.5 (19.0)
------------------------- ----- ----------- ---------------- -------- ----------- ---------------- --------
Profit/(loss) for the
period from continuing
operations 81.6 - 81.6 93.4 (2.7) 90.7
Loss from discontinued
operations 3 - - - - (12.4) (12.4)
------------------------- ----- ----------- ---------------- -------- ----------- ---------------- --------
Profit/(loss) for the
period - 81.6 - 81.6 93.4 (15.1) 78.3
------------------------- ----- ----------- ---------------- -------- ----------- ---------------- --------
* Non-underlying items
are
disclosed in note 4
Earnings per share
From continuing
operations
- Basic (pence) 9 18.8 18.8 20.3 19.8
- Diluted (pence) 9 18.7 18.7 20.2 19.6
From continuing and
discontinued
operations (statutory)
- Basic (pence) 9 18.8 17.1
- Diluted (pence) 9 18.7 17.0
Group statement of comprehensive income
52 weeks ended 25 December 2022
52 weeks 52 weeks
ended ended
25 December 26 December
2022 2021
Note GBPm GBPm
----------------------------------------------- ------ ------------ ------------
Profit for the period 81.6 78.3
----------------------------------------------- ------ ------------ ------------
Other comprehensive income:
Items that may be subsequently reclassified
to profit or loss:
- Exchange gain on retranslation of foreign
operations 1.5 0.8
- Transferred to income statement on disposal 14 - 7.9
Other comprehensive income for the period, net
of tax 1.5 8.7
----------------------------------------------- ------ ------------ ------------
Total comprehensive income for the period 83.1 87.0
----------------------------------------------- ------ ------------ ------------
Group balance sheet
As at 25 December 2022 At At
25 December 26 December
2022 2021
Note GBPm GBPm
--------------------------------------------- ---- ------------ ------------
Non-current assets
Intangible assets 11 30.0 32.1
Property, plant and equipment 96.5 90.3
Right-of-use assets 21.3 19.4
Lease receivables 185.6 187.5
Trade and other receivables 3.4 14.0
Other financial asset - 6.8
Investments 11.3 12.1
Investments in associates and joint ventures 12 25.4 52.7
373.5 414.9
--------------------------------------------- ---- ------------ ------------
Current assets
Lease receivables 14.4 13.7
Inventories 11.6 10.9
Trade and other receivables 55.9 34.3
Other financial asset - 1.9
Deferred consideration receivable 0.3 3.3
Current tax assets 1.7 0.2
Cash and cash equivalents 30.4 42.8
Assets held for sale 15 32.9 -
--------------------------------------------- ---- ------------ ------------
147.2 107.1
--------------------------------------------- ---- ------------ ------------
Total assets 520.7 522.0
--------------------------------------------- ---- ------------ ------------
Current liabilities
Lease liabilities (20.0) (19.3)
Trade and other payables (98.6) (96.1)
Deferred tax liabilities - (0.4)
Provisions (1.0) (2.0)
Financial liabilities - share buyback
obligation (8.9) -
--------------------------------------------- ---- ------------ ------------
(128.5) (117.8)
--------------------------------------------- ---- ------------ ------------
Non-current liabilities
Lease liabilities (203.4) (203.3)
Trade and other payables (0.2) (0.2)
Financial liabilities 13 (283.7) (242.5)
Deferred tax liabilities (3.4) (2.5)
Provisions (14.3) (14.3)
--------------------------------------------- ---- ------------ ------------
(505.0) (462.8)
--------------------------------------------- ---- ------------ ------------
Total liabilities (633.5) (580.6)
--------------------------------------------- ---- ------------ ------------
Net liabilities (112.8) (58.6)
--------------------------------------------- ---- ------------ ------------
Group balance sheet continuedAs at 25 December 2022 At At At At
27 December 29 December 25 26
2020 2019 December December
Notes GBPm GBPm 2022 2021
----- ------------ ------------ Note GBPm GBPm
--------------------------------------------------------------------------------------- ----- ---------- ----------
Shareholders' equity
Called up share capital 2.2 2.3
Share premium account 49.6 49.6
Capital redemption reserve 0.5 0.5
Capital reserve - own shares (9.0) (4.6)
Currency translation reserve 0.5 (1.0)
Accumulated losses (156.6) (105.4)
---------------------------------------------------------------------------------------------- ---------- ----------
Total equity (112.8) (58.6)
---------------------------------------------------------------------------------------------- ---------- ----------
Elias Diaz Sese
Director
8 March 2023
Group statement of changes in equity
52 weeks ended 25 December 2022
Capital
Share Capital reserve Currency Total
Share premium redemption - own translation Accumulated shareholders'
capital account reserve shares reserve losses equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------------- --------- --------- ------------ --------- ------------- ------------ ---------------
At 27 December 2020 2.4 49.6 0.5 (3.4) (9.7) (48.2) (8.8)
Profit for the period - - - - - 78.3 78.3
Other comprehensive
income
- exchange differences - - - - 8.7 - 8.7
------------------------- --------- --------- ------------ --------- ------------- ------------ ---------------
Total comprehensive
income for the period - - - - 8.7 78.3 87.0
Proceeds from share
issues - - - 0.4 - - 0.4
Impairment of share
issues(*) - - - 1.3 - (1.3) -
Share buybacks (0.1) - - (2.9) - (80.4) (83.4)
Share options and LTIP
charge - - - - - 1.7 1.7
Tax on employee share
options - - - - - 0.5 0.5
Equity dividends paid - - - - - (56.0) (56.0)
------------------------- --------- --------- ------------ --------- ------------- ------------ ---------------
At 26 December 2021 2.3 49.6 0.5 (4.6) (1.0) (105.4) (58.6)
Profit for the period - - - - - 81.6 81.6
Other comprehensive
income
- exchange differences - - - - 1.5 - 1.5
------------------------- --------- --------- ------------ --------- ------------- ------------ ---------------
Total comprehensive
income for the period - - - - 1.5 81.6 83.1
Proceeds from share
issues - - - 1.6 - - 1.6
Impairment of share
issues(*) - - - 3.0 - (3.0) -
Share buybacks (0.1) - - (9.0) - (77.5) (86.6)
Share buyback
obligations
outstanding - - - - - (8.9) (8.9)
Share options and LTIP
charge - - - - - 1.2 1.2
Tax on employee share
options - - - - - (0.8) (0.8)
Equity dividends paid - - - - - (43.8) (43.8)
------------------------- --------- --------- ------------ --------- ------------- ------------ ---------------
At 25 December 2022 2.2 49.6 0.5 (9.0) 0.5 (156.6) (112.8)
------------------------- --------- --------- ------------ --------- ------------- ------------ ---------------
*Impairment of share issues represents the difference between
share allotments made pursuant to the Sharesave schemes and the
Long Term Incentive Plan, and the original cost at which the shares
were acquired as treasury shares into Capital reserve - own
shares.
Group cash flow statement
52 weeks 52 weeks
ended ended
25 December 26 December
2022 2021*
Note GBPm GBPm
-------------------------------------------- ---- ------------ ------------
Cash flows from operating activities
Profit/(loss) before interest and taxation
* from continuing operations 2 109.8 115.1
* from discontinued operations 2 - (11.3)
Amortisation and depreciation 18.7 17.4
Impairment 1.6 1.0
Share of post-tax profits of associates and
joint ventures 12 (6.6) (11.0)
(Profit)/loss on disposal of subsidiary 14 (2.1) 8.4
Net gain on financial instruments at fair
value through profit or loss (1.0) (1.8)
(Decrease)/increase in provisions (0.3) 1.0
Share option and LTIP charge 1.2 1.7
(Increase)/decrease in inventories (0.6) 0.3
(Increase)/decrease in receivables (13.3) 6.7
(Decrease)/increase in payables (3.6) 4.4
-------------------------------------------- ---- ------------ ------------
Cash generated from operations 103.8 131.9
UK corporation tax paid (18.7) (18.0)
Net cash generated by operating activities 85.1 113.9
-------------------------------------------- ---- ------------ ------------
Cash flows from investing activities
Purchase of property, plant and equipment (10.5) (5.8)
Purchase of intangible assets (9.2) (8.5)
Net consideration received on disposal of
subsidiaries 14 3.7 10.2
Consideration received on disposal of joint
ventures 3.3 2.4
Investment in associates 12 - (6.6)
Receipt from other financial assets 8.6 6.4
Receipts on lease receivables 26.7 25.7
Interest received 0.1 0.3
Other 16 6.8 8.7
-------------------------------------------- ---- ------------ ------------
Net cash used by investing activities 29.5 32.8
-------------------------------------------- ---- ------------ ------------
Cash inflow before financing 114.6 146.7
-------------------------------------------- ---- ------------ ------------
52 weeks ended 25 December 2022
Group cash flow statement continued
52 weeks ended 25 December 2022
52 weeks 52 weeks
ended ended
25 December 26 December
2022 2021*
Note GBPm GBPm
---------------------------------------------- ---- ------------ ------------
Cash flows from financing activities
Interest paid (4.9) (4.3)
Share purchases* 16 (86.5) (83.4)
Consideration received on exercise of share
options - employee benefit trust* 1.6 0.4
New bank loans and facilities draw down 365.8 150.0
Facility arrangement fees (3.2) -
Repayment of borrowings (323.4) (147.3)
Repayment of lease liabilities (33.0) (34.1)
Equity dividends paid 10 (43.8) (56.0)
---------------------------------------------- ---- ------------ ------------
Net cash used by financing activities (127.4) (174.7)
---------------------------------------------- ---- ------------ ------------
Net decrease in cash and cash equivalents (12.8) (28.0)
Cash and cash equivalents at beginning of
period 42.8 71.8
Foreign exchange gain/(loss) on cash and cash
equivalents 0.4 (1.0)
---------------------------------------------- ---- ------------ ------------
Cash and cash equivalents at end of period 30.4 42.8
---------------------------------------------- ---- ------------ ------------
*For the 52 weeks ended 26 December 2021, the disclosure of
share purchases and consideration received on exercise of share
options employee benefit trust has been re-presented to reflect
separately cash inflows and outflows on share repurchases.
The cash flow statement has been prepared on a consolidated
basis including continuing and discontinued operations. A breakdown
of the cash flow for discontinued operations is shown in note
3.
Notes to the Group financial statements
52 weeks ended 25 December 2022
1. Accounting policies
Basis of preparation
The financial information set out in this document does not
constitute statutory accounts for Domino's Pizza Group plc for the
period ended 25 December 2022, but is extracted from the 2022
Annual Report.
The Annual Report for 2022 will be delivered to the Registrar of
Companies in due course. The auditors' report on those accounts was
unqualified and neither drew attention to any matters by way of
emphasis nor contained a statement under either Section 498(2) of
Companies Act 2006 (accounting records or returns inadequate or
accounts not agreeing with records and returns), or section 498(3)
of Companies Act 2006 (failure to obtain necessary information and
explanations).
The Group's financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS') as adopted in the UK, as they apply to the financial
statements of the Group for the 52 week period ended 25 December
2022, and applied in accordance with the Companies Act 2006.
The Group financial statements are presented in sterling and are
prepared using the historical cost basis with the exception of the
other financial assets, investments held at fair value through
profit or loss and contingent consideration which are measured at
fair value in accordance with IFRS 13 Fair Value Measurement.
Going concern
The Group financial statements have been prepared on a going
concern basis as the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for the foreseeable future.
The Directors of the Group have performed an assessment of the
overall position and future forecasts (including the 12 month
period from the date of this report) for the purposes of going
concern.
The overall Group has been stable throughout the year in the UK
and Ireland, with continued system sales growth. Sales growth is
primarily driven by increases in food costs which have been passed
through to our franchisees. Benefits from sales growth have been
partially offset with interest charges incurred during the year as
a result of the refinancing of debt facilities.
In line with the capital distribution policy the Group has
distributed excess cash to shareholders during the period which has
resulted in an increased net liability position of the Group on a
consolidated basis, which has increased to GBP112.8m from
GBP58.6m.
The Directors of the Group have considered the future position
based on current trading and a number of potential downside
scenarios which may occur, either through reduced consumer
spending, reduced store growth, supply chain disruptions, general
economic uncertainty and other risks, in line with the analysis
performed for the viability statement as outlined in the Directors'
report.
This assessment has considered the overall level of Group
borrowings and covenant requirements, the flexibility of the Group
to react to changing market conditions and ability to appropriately
manage any business risks.
The Group has a GBP200m multicurrency syndicated revolving
credit facility entered into on 26th July 2022 and GBP200m private
placement loan notes entered into on 27th July 2022, which expire
in 2027. The Group has a net debt position of GBP253.3m. The
facility has leverage and interest cover covenants, with which the
Group have complied.
The scenarios modelled are based on our current forecast
projections and in the first scenario have taken account of the
following risks:
- A downside impact of economic uncertainty and other sales
related risks over the forecast period, reflected in sales
performance, with a c.5.0% reduction in LFL sales compared to
budget.
- The impact of a reduction of new store openings to half of their forecast level.
- A further reduction of between 2.5%-3.0% in sales to account
for the potential impact of the public health debate.
- Future potential disruptions to supply chain through loss of
one of our supply chain centres impacting our ability to supply
stores for a period of two weeks.
- Additional costs as a result of increase in utility costs.
- The impact of a temporary loss of availability of our
eCommerce platform during peak trading periods.
- A significant unexpected increase in the impact of climate change our delivery costs .
We have also considered a second 'severe but plausible'
scenario, which in addition to the above mentioned risks, also
includes the risks of:
- A disruption to one of our key suppliers impacting our supply
chain over a period of four weeks whilst alternate sourcing is
secured.
- The impact of fines from a potential wider data breach in 2024.
In each of the scenarios modelled, there remains significant
headroom on the revolving credit facility. Under the first scenario
there remains sufficient headroom under the covenant requirements
of the facility.
If all the risks under the first scenario were to occur
simultaneously with the additional risks in the second scenario,
before any mitigating actions, the Group would breach its leverage
covenants. The Board has significant mitigating actions available
in the form of delays in dividends to shareholders and share
buybacks which would prevent a breach of leverage covenants.
Based on this assessment, the Directors have formed a judgement
that there is a reasonable expectation the Group will have adequate
resources to continue in operational existence for the foreseeable
future.
Reverse stress testing has been performed separately based on
our main profitability driver, system sales, which is a materially
worse scenario than the combinations described in the scenarios
above. This test concluded that the Group's currently agreed
financing could only be breached if a highly unlikely combination
of scenarios resulted in a material annual reduction in system
sales greater than 21%, which is not considered plausible.
Accounting policies and new standards
The accounting policies applied by the Group are consistent with
those disclosed in the Group's Annual Report. These policies are
consistent with the Accounts for the 52 weeks ended 25 December
2022, except for new standards and interpretations effective for
the first time for the reporting period.
2. Segmental information
For management purposes, the Group has previously been organised
into two geographic business units based on the operating models of
the regions; the UK & Ireland operating more mature markets
with a franchise model, limited corporate stores and investments
held in our franchisees, compared to International which operated
predominantly as corporate stores. The International segment
includes the German associate, legacy Germany and Switzerland
holding companies, as well as Iceland, Sweden and Switzerland
operational entities up to their disposal date in 2021.
Following the decision to dispose of the International
operations in Sweden, Switzerland and Iceland, these were held as
discontinued operations under IFRS 5: Non-current assets held for
sale and discontinued operations. During 2021, the Board continued
to monitor the trading performance of the businesses and therefore
were still considered a reporting segment, with these operations
presented in discontinued operations.
Within the International reporting segment, the result of the
German associate remains in continuing results. Based on the nature
and scale of the asset, this is not considered a separate major
line of business or geographic operation under IFRS 5 for treatment
as a discontinued operation, and was not part of the single
co-ordinated plan to dispose of the International operations.
Individually, this asset would not meet the criteria for separate
recognition as a reporting segment under IFRS 8; however remains
presented in the International reporting segment as we consider
this assists in comparability of reported information to a user of
the accounts and the result of the associate investment remains
separately reported to the chief operating decision-maker, being
the Executive Directors of the Board, and decisions made, in
particular around the timing of exercise of the put option to
dispose the investment, are made at this level.
Unallocated assets include cash and cash equivalents and
taxation assets. Unallocated liabilities include the bank revolving
facility and taxation liabilities.
At At
25 December 26 December
2022 2021
GBPm GBPm
-------------------------- ------------ ------------
Current tax asset 1.7 0.2
Cash and cash equivalents 30.4 42.8
-------------------------- ------------ ------------
Unallocated assets 32.1 43.0
-------------------------- ------------ ------------
Deferred tax liabilities 3.4 2.9
Debt facilities 283.7 242.5
-------------------------- ------------ ------------
Unallocated liabilities 287.1 245.4
-------------------------- ------------ ------------
Segment assets and liabilities
At 25 December 2022 At 26 December 2021
------------------------------------------------------------- ------------------------------
UK International International
& International - UK International -
Ireland - continuing discontinued Total & Ireland - continuing discontinued Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------- --------- -------------- -------------- ------ ---------- -------------- -------------- ------
Segment
assets
Segment
current
assets 82.2 32.9 - 115.1 64.1 - - 64.1
Segment
non-current
assets 336.8 - - 336.8 350.1 - - 350.1
Investment
in
associates
and joint
ventures 25.4 - - 25.4 23.8 28.9 - 52.7
Investments 11.3 - - 11.3 12.1 - - 12.1
Unallocated
assets 32.1 43.0
------------- --------- -------------- -------------- ------ ---------- -------------- -------------- ------
Total assets 520.7 522.0
------------- --------- -------------- -------------- ------ ---------- -------------- -------------- ------
Segment
liabilities
Liabilities 346.4 - - 346.4 333.9 - 1.3 335.2
Unallocated
liabilities 287.1 245.4
------------- --------- -------------- -------------- ------ ---------- -------------- -------------- ------
Total
liabilities 633.5 580.6
------------- --------- -------------- -------------- ------ ---------- -------------- -------------- ------
Segmental performance 2022
Total
International including
UK International Total Total - discontinued
& Ireland - continuing underlying Non-underlying reported discontinued operations
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Revenue
Sales to
external
customers 600.3 - 600.3 - 600.3 - 600.3
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Segment
revenue 600.3 - 600.3 - 600.3 - 600.3
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Results
Underlying
result before
associates
and joint
ventures 102.2 - 102.2 - 102.2 - 102.2
Revaluation of
investment 1.0 - 1.0 - 1.0 - 1.0
Share of
profit of
associates
and joint
ventures 4.0 2.6 6.6 - 6.6 - 6.6
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Profit/(loss)
before
interest and
taxation 107.2 2.6 109.8 - 109.8 - 109.8
Net finance
costs (10.9) - (10.9) - (10.9) - (10.9)
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Profit/(loss)
before
taxation 96.3 2.6 98.9 - 98.9 - 98.9
Taxation (17.3) - (17.3) - (17.3) - (17.3)
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Profit/(loss)
for the
period 79.0 2.6 81.6 - 81.6 - 81.6
Effective tax
rate 18.0% - 17.5% - 17.5% - 17.5%
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Other segment
information
Depreciation 10.9 - 10.9 - 10.9 - 10.9
Amortisation 7.8 - 7.8 - 7.8 - 7.8
Impairment 1.6 - 1.6 - 1.6 - 1.6
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Total
depreciation,
amortisation
and
impairment 20.3 - 20.3 - 20.3 - 20.3
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
EBITDA 127.5 2.6 130.1 - 130.1 - 130.1
Underlying
EBITDA 127.5 2.6 130.1 - 130.1 - 130.1
Capital
expenditure 19.7 - 19.7 - 19.7 - 19.7
Share-based
payment
charge 1.2 - 1.2 - 1.2 - 1.2
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Revenue
disclosures
Royalties,
franchise
fees and
change of
hands
fees 78.9 - 78.9 - 78.9 - 78.9
Sales to
franchisees 411.4 - 411.4 - 411.4 - 411.4
Corporate
store income 36.2 - 36.2 - 36.2 - 36.2
Rental income
on leasehold
and freehold
property 1.6 - 1.6 - 1.6 - 1.6
National
Advertising
and eCommerce
income 72.2 - 72.2 - 72.2 - 72.2
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Total segment
revenue 600.3 - 600.3 - 600.3 - 600.3
--------------- ----------- -------------- ------------ --------------- ---------- -------------- -------------
Major customers and revenue by destination
Revenue from two franchisees individually totalled GBP110.6m
(2021: GBP105.1m) and GBP110.3m (2021: GBP99.9m), within sales
reported in the UK & Ireland segment.
Analysed by origin, revenue from the UK was GBP567.4m (2021:
GBP532.8m), with other significant countries being Ireland with
revenue of GBP32.9m (2021: GBP28.0m), Iceland with revenue of
GBPnil (2021: GBP12.7m), Sweden with revenue of GBPnil (2021:
GBP2.9m), Switzerland with revenue of GBPnil (2021: GBP16.8m).
Segmental performance 2021
Total
International including
UK International Total Total - discontinued
& Ireland - continuing underlying Non-underlying reported discontinued operations
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Revenue
Sales to
external
customers 560.8 - 560.8 - 560.8 32.4 593.2
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Segment revenue 560.8 - 560.8 - 560.8 32.4 593.2
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Results
Underlying
result before
associates and
joint
ventures 106.8 - 106.8 - 106.8 (1.5) 105.3
Revaluation of
investment 2.1 - 2.1 - 2.1 - 2.1
Share of profit
of associates
and joint
ventures 6.0 5.0 11.0 - 11.0 - 11.0
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Segment result 114.9 5.0 119.9 - 119.9 (1.5) 118.4
Other
non-underlying
items - - - (4.8) (4.8) (9.8) (14.6)
Profit/(loss)
before
interest and
taxation 114.9 5.0 119.9 (4.8) 115.1 (11.3) 103.8
Net finance
costs (6.0) - (6.0) 0.6 (5.4) (0.5) (5.9)
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Profit/(loss)
before
taxation 108.9 5.0 113.9 (4.2) 109.7 (11.8) 97.9
Taxation (20.5) - (20.5) 1.5 (19.0) (0.6) (19.6)
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Profit/(loss)
for the
period 88.4 5.0 93.4 (2.7) 90.7 (12.4) 78.3
Effective tax
rate 18.8% - 18.0% 35.7% 17.3% 5.1% 20.0%
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Other segment
information
Depreciation 11.5 - 11.5 - 11.5 - 11.5
Amortisation 4.8 - 4.8 1.1 5.9 - 5.9
Impairment 0.2 - 0.2 - 0.2 0.8 1.0
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Total
depreciation,
amortisation
and impairment 16.5 - 16.5 1.1 17.6 0.8 18.4
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
EBITDA 131.4 5.0 136.4 (3.7) 132.7 (10.5) 122.2
Underlying
EBITDA 131.4 5.0 136.4 - 136.4 (0.7) 135.7
Capital
expenditure 13.6 - 13.6 - 13.6 0.7 14.3
Share-based
payment charge 1.7 - 1.7 - 1.7 - 1.7
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Revenue
disclosures
Royalties,
franchise
fees and
change of
hands
fees 79.4 - 79.4 - 79.4 - 79.4
Sales to
franchisees 374.9 - 374.9 - 374.9 - 374.9
Corporate store
income 35.6 - 35.6 - 35.6 32.4 68.0
Rental income
on leasehold
and freehold
property 0.6 - 0.6 - 0.6 - 0.6
National
Advertising
and eCommerce
income 70.3 - 70.3 - 70.3 - 70.3
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
Total segment
revenue 560.8 - 560.8 - 560.8 32.4 593.2
---------------- ----------- -------------- ----------- --------------- ---------- -------------- -------------
3. Discontinued Operations
Discontinued operations consists of the legacy Germany and
Switzerland holding companies and also consisted of the
International business disposal groups up to the date of disposal
in 2021.
The disposal groups represented the operations in Sweden,
Iceland and Switzerland. These operations were disposed of in 2021.
These entities are included in the Group result for the period up
to disposal date. The operations met the criteria in IFRS 5:
Non-current assets held for sale and discontinued operations to be
classified as assets held-for-sale. The operations additionally met
the criteria for discontinued operations under the standard. They
were classified as held-for-sale and represented a separate major
line of business and part of a single co-ordinated plan to
dispose.
The result of the disposal groups classified as discontinued
operations are as follows:
52 weeks ended 25 December 52 weeks ended 26 December
2022 2021
------------------------------------------------ ------------------------------------------
Total
Total result
Total result Total from
trading Non-underlying from discontinued trading Non-underlying discontinued
result costs operations result costs operations
------------------ ---------- ---------------- ------------------ --------- --------------- --------------
GBPm GBPm GBPm GBPm GBPm GBPm
Revenue - - - 32.4 - 32.4
Cost of sales - - - (24.4) - (24.4)
------------------- ---------- ---------------- ------------------- --------- --------------- --------------
Gross profit - - - 8.0 - 8.0
Distribution costs - - - (0.5) - (0.5)
Administrative
costs - - - (9.0) (1.4) (10.4)
Loss on disposals
before
professional
fees - - - - (8.4) (8.4)
------------------- ---------- ---------------- ------------------- --------- --------------- --------------
Loss before
interest
and taxation - - - (1.5) (9.8) (11.3)
Finance costs - - - (0.5) - (0.5)
------------------- ---------- ---------------- ------------------- --------- --------------- --------------
Loss before
taxation - - - (2.0) (9.8) (11.8)
Taxation - - - (0.6) - (0.6)
------------------- ---------- ---------------- ------------------- --------- --------------- --------------
Loss for the
period - - - (2.6) (9.8) (12.4)
------------------- ---------- ---------------- ------------------- --------- --------------- --------------
Segmental result by country
International central
Segmental result Iceland Switzerland Norway Sweden costs Total trading result
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------ -------- ------------ ------- ------- ------------------------ ---------------------
52 weeks ended 25 - - - - - -
December 2022
------------------------ -------- ------------ ------- ------- ------------------------ ---------------------
52 weeks ended 26
December 2021 0.7 0.1 - (0.9) (1.4) (1.5)
------------------------- -------- ------------ ------- ------- ------------------------ ---------------------
Non-underlying costs presented in discontinued operations
The non-underlying costs presented in discontinued operations
for 2021 related to the disposal of Sweden, Iceland and
Switzerland. For Sweden there was GBP0.4m loss on disposal, after
accounting for the net assets disposed and foreign exchange
recycled, and consideration paid. This primarily consisted of
professional fees associated with the disposal. For Iceland this
consisted of GBP7.3m loss on disposal, after accounting for the net
assets disposed and foreign exchange recycled, and consideration
received. The loss on Iceland includes GBP0.5m of professional fees
associated with the disposal. For Switzerland this consisted of
GBP2.1m loss on disposal, after accounting for the net assets
disposed and foreign exchange recycled, and consideration paid. The
loss on Switzerland includes GBP0.5m of professional fees
associated with the disposal. Details relating to the disposals are
set out in Note 13.
Earnings per share
In 2021, the discontinued operations contributed a basic loss
per share of 2.7p and a diluted loss per share of 2.6p.
Cash flows generated from/(used in) discontinued operations
The cash flows from discontinued operations have been presented
combined with the cash flows from continuing operations on the
Group cash flow statement. The cash flows related to discontinued
operations are as follows:
52 weeks ended 52 weeks ended
25 December 2022 26 December 2021
GBPm GBPm
------------------------------------ ------------------- ------------------
Net cash from operating activities - 1.2
Net cash from investing activities - (2.0)
Net cash from financing activities - (5.8)
-------------------------------------- ----------------- ------------------
Net cash flows for the period - (6.6)
-------------------------------------- ----------------- ------------------
Tax on discontinued operations
52 weeks ended 52 weeks ended
25 December 2022 26 December 2021
GBPm GBPm
----------------------------------------------------------------------- ------------------- ------------------
Tax charged in the income statement
Current income tax:
Adjustments in respect of prior periods - 0.5
Income tax on overseas operations - 0.1
------------------------------------------------------------------------- ----------------- ------------------
Total current income tax charge - 0.6
------------------------------------------------------------------------- ----------------- ------------------
Deferred tax:
Origination and reversal of temporary differences - -
----------------------------------------------------------------------- ------------------- ------------------
Total deferred tax - -
----------------------------------------------------------------------- ------------------- ------------------
Tax charge in relation to discontinued operations
----------------------------------------------------------------------- ------------------- ------------------
The tax charge in relation to discontinued operations is disclosed as
follows:
Income tax charge - 0.6
------------------------------------------------------------------------- ----------------- ------------------
There is no tax charge in relation to discontinued operations
for the 52 weeks ended 25 December 2022. For the 52 weeks ended 26
December 2021 the tax charge was lower than the statutory
corporation tax rate of 19%. The differences are reconciled as
follows:
52 weeks ended 52 weeks ended
25 December 2022 26 December 2021
GBPm GBPm
----------------------------------------------------------------------------- ------------------- ------------------
Loss before taxation - (11.8)
Accounting profit multiplied by the UK statutory rate of corporation tax of
19.0% (2021: 19.0%) - (2.2)
Expenses not deductible for tax purposes - 2.2
Adjustments relating to prior periods - 0.5
Overseas losses carried forward not recognised - 0.1
----------------------------------------------------------------------------- ------------------- ------------------
Total tax charge reported in the income statement - 0.6
----------------------------------------------------------------------------- ------------------- ------------------
Effective tax rate (%) - (5.1%)
----------------------------------------------------------------------------- ------------------- ------------------
4. Items excluded from non-GAAP measures:
Non-underlying items included in financial statements
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
-------------------------------------------------------------- -------------- --------------
Underlying profit for the period 81.6 93.4
Non-underlying loss for the period from continuing operations - (2.7)
Loss from discontinued operations - (12.4)
--------------------------------------------------------------- -------------- --------------
Profit for the period 81.6 78.3
--------------------------------------------------------------- -------------- --------------
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
Note GBPm GBPm
------------------------------------------------------------- ----- -------------- --------------
Included in administrative costs:
Legal and professional fees (a) - (1.2)
Amortisation of London corporate stores (b) - (1.1)
Reversionary share scheme (c) - (2.2)
------------------------------------------------------------- ----- -------------- --------------
- (4.5)
Included in other expenses:
Market Access Fee (d) - (0.3)
- (0.3)
Included in profit before interest and taxation - (4.8)
Included within net finance cost
Market Access Fee (d) - 0.6
Included in profit before taxation - (4.2)
Taxation (e) - 1.5
------------------------------------------------------------- ----- -------------- --------------
Included in profit for the period from continuing operations - (2.7)
Loss for the year from discontinued operations (f) - (12.4)
------------------------------------------------------------- ----- -------------- --------------
Included in profit/(loss) for the year - (15.1)
-------------------------------------------------------------------- -------------- --------------
a) Legal and professional fees
Legal and professional fees of GBP1.2m were incurred in 2021 of
which GBP0.9m related to the establishment of our long-term
strategic plan which was announced in March 2021. An additional
GBP0.3m related to the disposal of the International operations.
The costs recognised in relation to the disposal of international
operations relate to professional fees for the marketing of the
operations up to the point at which an agreement was reached, at
which point remaining costs with the disposal are recognised as
part of the loss on disposal in discontinued operations.
b) Amortisation of London corporate stores
Following the decision made regarding the classification of
items as non-underlying, the amortisation of acquired intangibles
in 2022 of GBP1.0m are presented in the underlying result for the
current period. In 2021, amortisation of acquired intangibles of
GBP1.1m was incurred in relation to the SFA recognised on the
acquisition of the London corporate stores and Have More Fun
(London) Limited. This was considered to be non-underlying as the
Group has a policy of franchise agreements having an indefinite
life, however the SFA is deemed to be a re-acquired right under
IFRS 3 which requires such rights to be amortised.
c) Reversionary share scheme
No further costs relating to the reversionary share scheme have
been incurred in 2022. A cost of GBP2.2m was recorded in 2021 in
relation to the reversionary share scheme. Of this amount, GBP2.0m
related to an increase in the provision previously recorded in
2017, and GBP0.2m related to professional fees. The provision
increased as a result of potential exposures around the tax
treatment of employee options which vested during 2013 following
continued correspondence with HMRC around the treatment of the
historical awards.
d) Market Access Fee
The Market Access Fee was fully settled during the current
period. In 2021, a loss of GBP0.3m was recorded following changes
in fair valuation of the Market Access Fee relating to the German
associate. The decrease in valuation is following the trading
performance in 2021, which determines the level of income received
under the instrument.
In 2021, the amount recorded in net finance costs of GBP0.6m
represented the unwind of the discount of the fair value and
foreign exchange movements. The impact of revaluation of the Market
Access Fee is not considered to be ordinary trading for the Group.
In the event that we received any material capital sum for deferred
consideration on any business, it would equally be treated as
non-underlying.
e) Taxation
A tax credit of GBP1.5m was recorded in 2021 which related to
the non-underlying net loss before taxation of GBP4.2m and the
effective tax rate of 35.7% was higher than the statutory rate of
19.0%. The effective tax rate may differ from the statutory tax
rate due to the tax treatment of certain fair value gains and the
treatment of disallowed items. Taxation on the items considered to
be non-underlying is also treated as non-underlying where it can be
identified in order to ensure consistency of treatment with the
item to which it relates. The creation and revaluation of deferred
tax assets are treated consistently with the treatment adopted when
the asset was created.
f) Loss for the period from discontinued operations
The loss of GBP12.4m in 2021 represented the post-tax result of
the International operations of Switzerland, Sweden and Iceland,
consisting of a trading loss of GBP1.5m, interest costs of GBP0.5m,
loss on disposal of international operations, primarily consisting
of foreign exchange losses recycled and professional fees, of
GBP9.8m and a tax charge of GBP0.6m. The details of the disposals
is set out in note 14.
5. Group profit before interest and tax
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
------------------------------------------------------------ -------------- --------------
Depreciation of property, plant and equipment 5.0 5.0
Amortisation of intangible assets 7.8 5.9
Depreciation on right-of-use assets 5.9 6.5
------------------------------------------------------------- -------------- --------------
Total depreciation and amortisation expense 18.7 17.4
------------------------------------------------------------- -------------- --------------
Impairment loss recognised on property, plant and equipment 0.1 0.8
Impairment loss recognised on intangible assets 1.5 0.2
------------------------------------------------------------- -------------- --------------
Total impairment loss recognised 1.6 1.0
------------------------------------------------------------- -------------- --------------
Net foreign currency gain (0.1) (0.5)
Cost of inventories recognised as an expense 240.2 215.7
(Profit)/loss on disposal of subsidiaries (2.1) 8.4
Gain on changes in fair value of financial instruments (1.0) (1.8)
------------------------------------------------------------- -------------- --------------
6. Finance income
52 weeks ended
Underlying Non-underlying 25 December 2022
GBPm GBPm GBPm
--------------------------------------------------- ---------- -------------- ----------------
Other interest receivable 0.1 - 0.1
Interest on loans to associates and joint ventures 0.3 - 0.3
Interest receivable on leases 12.4 - 12.4
Foreign exchange 0.3 - 0.3
--------------------------------------------------- ---------- -------------- ----------------
Total finance income 13.1 - 13.1
--------------------------------------------------- ---------- -------------- ----------------
52 weeks ended
26 December
Underlying Non-underlying 2021
GBPm GBPm GBPm
------------------------------------------ ---------- -------------- --------------
Other interest receivable 0.1 - 0.1
Interest on loans to associates and joint
ventures 0.4 - 0.4
Discount unwind - 1.0 1.0
Interest receivable on leases 12.6 - 12.6
------------------------------------------ ---------- -------------- --------------
Total finance income 13.1 1.0 14.1
------------------------------------------ ---------- -------------- --------------
The discount unwind relates to the unwind of the fair value of
the Market Access Fee.
7. Finance costs
52 weeks ended
Underlying Non-underlying 25 December 2022
GBPm GBPm GBPm
--------------------------------- ---------- -------------- ----------------
Debt facilities interest payable 10.3 - 10.3
Interest payable on leases 13.7 - 13.7
Total finance costs 24.0 - 24.0
--------------------------------- ---------- -------------- ----------------
52 weeks ended
26 December
Underlying Non-underlying 2021
GBPm GBPm GBPm
--------------------------------- ---------- -------------- --------------
Debt facilities interest payable 4.8 - 4.8
Discount unwind 0.1 - 0.1
Interest payable on leases 13.9 - 13.9
Foreign exchange 0.3 0.4 0.7
--------------------------------- ---------- -------------- --------------
Total finance costs 19.1 0.4 19.5
--------------------------------- ---------- -------------- --------------
Finance costs relate to financial liabilities at amortised
cost.
8. Taxation
Tax on profit from continuing activities
52 weeks
ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
-------------------------------------------------- ------------ --------------
Tax charged in the income statement
Current income tax:
UK corporation tax:
- current period 16.6 18.6
- adjustment in respect of prior periods (0.1) -
--------------------------------------------------- ------------ --------------
16.5 18.6
Income tax on overseas operations 0.9 0.7
--------------------------------------------------- ------------ --------------
Total current income tax charge 17.4 19.3
--------------------------------------------------- ------------ --------------
Deferred tax:
Origination and reversal of temporary differences (0.3) (0.9)
Effect of change in tax rate - 0.8
Adjustment in respect of prior periods 0.2 (0.2)
--------------------------------------------------- ------------ --------------
Total deferred tax (0.1) (0.3)
--------------------------------------------------- ------------ --------------
Tax charge in the income statement 17.3 19.0
--------------------------------------------------- ------------ --------------
The tax charge in the income statement
is disclosed as follows:
Income tax charge 17.3 19.0
--------------------------------------------------- ------------ --------------
Tax relating to items credited/(charged)
to equity
Reduction in current tax liability as a
result of the exercise
of share options 0.1 0.2
Rate change differences in relation to
deferred tax on unexercised share options - 0.1
Origination and reversal of temporary differences
in relation
to unexercised share options (0.9) 0.2
--------------------------------------------------- ------------ --------------
Tax (charge)/credit in the Group statement
of changes in equity (0.8) 0.5
--------------------------------------------------- ------------ --------------
There is no tax impact in relation to the foreign exchange
differences in the statement of comprehensive income.
9. Earnings per share
Basic earnings per share amounts are calculated by dividing
profit for the year attributable to ordinary equity holders of the
parent by the weighted average number of Ordinary shares
outstanding during the year.
Diluted earnings per share is calculated by dividing the profit
attributable to ordinary equity holders of the parent by the
weighted average number of Ordinary shares outstanding during the
year plus the weighted average number of Ordinary shares that would
have been issued on the conversion of all dilutive potential
Ordinary shares into Ordinary shares.
Earnings
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
----------------------------------------------------------------- -------------- --------------
Profit after tax:
Continuing and discontinued operations 81.6 78.3
Discontinued operations - 12.4
------------------------------------------------------------------ -------------- --------------
Continuing operations 81.6 90.7
------------------------------------------------------------------ -------------- --------------
Adjustments for underlying earnings per share:
Continuing operations 81.6 90.7
- Included in profit after tax - other non-underlying items - 2.7
Underlying profit after tax attributable to owners of the parent 81.6 93.4
------------------------------------------------------------------ -------------- --------------
Weighted average number of shares
At At
25 December 26 December
2022 2021
Number Number
-------------------------------------------------------------------- ------------ ------------
Basic weighted average number of shares (excluding treasury shares) 434,211,333 459,234,086
Dilutive effect of share options and awards 1,826,246 2,434,861
-------------------------------------------------------------------- ------------ ------------
Diluted weighted average number of shares 436,037,579 461,668,947
-------------------------------------------------------------------- ------------ ------------
The performance conditions relating to share options granted
over 1,040,013 shares (2021:1,486,022) have not been met in the
current financial period and therefore the dilutive effect of the
number of shares which would have been issued at the period end has
not been included in the diluted earnings per share
calculation.
There are no share options excluded from the diluted earnings
per share calculation because they would be antidilutive (2021:
nil).
Earnings per share
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
---------------------------------------- -------------- --------------
Continuing operations:
Basic earnings per share 18.8p 19.8p
Diluted earnings per share 18.7p 19.6p
----------------------------------------- -------------- --------------
Underlying earnings per share:
Basic earnings per share 18.8p 20.3p
Diluted earnings per share 18.7p 20.2p
----------------------------------------- -------------- --------------
Continuing and discontinued operations:
Basic earnings per share 18.8p 17.1p
Diluted earnings per share 18.7p 17.0p
----------------------------------------- -------------- --------------
10. Dividends paid and proposed
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
------------------------------------------------------------------------- -------------- --------------
Declared and paid during the period:
Equity dividends on Ordinary shares:
Final dividend for 2021: 6.8p (2020: 9.10) 30.0 42.3
Interim dividend for 2022: 3.2p (2021: 3.0p) 13.8 13.7
-------------------------------------------------------------------------- -------------- --------------
Dividends paid 43.8 56.0
-------------------------------------------------------------------------- -------------- --------------
Proposed for approval by shareholders at the AGM
(not recognised as a liability at 25 December 2022 or 26 December 2021)
Final dividend for 2022: 6.8p (2021: 6.8p) 28.6 30.4
Total dividend for FY22 of 10.0p per share, with final dividend
of 6.8p proposed to be paid on 11 May 2023. The ex-dividend date is
6 April 2023, and the record date is 11 April 2023.
11. Intangible assets
Franchise
Goodwill fees Software Other Total
GBPm GBPm GBPm GBPm GBPm
------------------------------ -------- --------- -------- ----- -----
Cost or valuation
At 27 December 2020 31.9 8.3 51.5 0.8 92.5
Additions - - 7.7 - 7.7
At 26 December 2021 31.9 8.3 59.2 0.8 100.2
Additions - - 10.3 - 10.3
Disposals (3.8) (2.8) - - (6.6)
------------------------------ -------- --------- -------- ----- -----
At 25 December 2022 28.1 5.5 69.5 0.8 103.9
------------------------------ -------- --------- -------- ----- -----
Accumulated amortisation
and impairment
At 27 December 2020 18.6 4.3 38.8 0.3 62.0
Provided during the year - 1.1 4.7 0.1 5.9
Impairment - - 0.2 - 0.2
At 26 December 2021 18.6 5.4 43.7 0.4 68.1
Provided during the year - 1.1 6.7 - 7.8
Impairment - - 1.5 - 1.5
Disposals (2.2) (1.3) - - (3.5)
------------------------------ -------- --------- -------- ----- -----
At 25 December 2022 16.4 5.2 51.9 0.4 73.9
------------------------------ -------- --------- -------- ----- -----
Net book value at 25 December
2022 11.7 0.3 17.6 0.4 30.0
------------------------------ -------- --------- -------- ----- -----
Net book value at 26 December
2021 13.3 2.9 15.5 0.4 32.1
------------------------------ -------- --------- -------- ----- -----
During prior periods, the Group made a number of acquisitions,
recognising intangible assets at fair value and goodwill at cost.
This included the corporate stores SFAs. During the current period
the SFAs for Have More Fun (London) Limited was disposed of, refer
to note 14.
At 25 December 2022 the net book value of internally generated
intangibles included within software was GBP7.4m (2021: GBP7.2m).
Internally generated intangibles included within software additions
during the year was GBP5.1m (2021: GBP4.5m).
The carrying amount of goodwill and indefinite life intangibles
has been allocated as follows:
At 25 December At 26 December
2022 2021
GBPm GBPm
-------------------- -------------- --------------
Goodwill
UK corporate stores 11.7 13.3
-------------------- -------------- --------------
Impairment Review
The Group is obliged to test goodwill and indefinite life
intangibles annually for impairment, or more frequently if there
are indications that goodwill and indefinite life intangibles might
be impaired.
In performing these impairment tests, management is required to
compare the carrying value of the assets of a Cash Generating Unit
('CGU'), including goodwill and indefinite life intangibles, with
their estimated recoverable amount. The recoverable amounts of an
asset being the higher of its fair value less costs to sell and
value in use. Management consider the different nature of the
Group's operations to determine the appropriate methods for
assessing the recoverable amounts of the assets of a CGU. When
testing goodwill for impairment, the goodwill is allocated to the
CGU or group of CGUs that were expected to benefit from the
synergies of the business combination from which it first
arose.
UK Corporate stores - Impairment Review
An impairment review has been performed over the goodwill and
intangible assets attributable to the Group's UK corporate store
business, within the UK & Ireland operating segment. The
impairment review has been based on the value in use of the overall
UK corporate store group of CGUs, which comprises of the Sell More
Pizza business which was acquired in 2017.
In assessing value in use, the impairment review draws on the
Group's five-year plan. The corporate store business performed
broadly in line with the budgeted EBITDA performance in 2022. This
is forecasted to decrease in 2023 due to inflationary costs, which
has been included in the impairment review. Other key assumptions
in the cash flow projections are those regarding revenue growth and
EBITDA margins, which include food cost inflation, labour inflation
and expected productivity gains. In accordance with IAS 36, future
new store openings are only included in the projections for
impairment purposes if they are committed to at the point of
carrying out the review. Capital expenditure is forecast in the
projections for store refits and other capital expenditure outside
of store openings. This considers the impact of any necessary
changes to make the business model more sustainable including,
eBikes and energy efficiency measures.
Long-term growth rates are set no higher than the long-term
economic growth projections of the UK, which is where the business
operates. Management applies pre-tax discount rates in the value in
use estimation that reflect current market assessments of the time
value of money and the risks specific to the CGUs and businesses
under review. The discount rates and long-term growth rates applied
in the annual impairment reviews conducted in the current and prior
year, are as follows:
Long-term Growth Rate Discount Rate
------------------------------ ------------------------------
At 25 December At 26 December At 25 December At 26 December
2022 2021 2022 2021
-------------------- -------------- -------------- -------------- --------------
UK Corporate Stores 2.0% 2.0% 12.7% 9.3%
-------------------- -------------- -------------- -------------- --------------
For the year ended 25 December 2022 no impairment has been
recognised against the goodwill allocated to the corporate stores
(2021: GBPnil).
The forecast for the London corporate stores assumes no store
openings over the forecast period and includes revenue growth
assumptions between 5% and 7% over the remaining term of the
five-year period. All revenue growth is on a like for like basis.
Growth in future years is based on the long-term growth rate of
2.0%. The key assumption within the forecast is the long-term
revenue growth, plus inflationary increases in costs; as well as
the ability to drive down costs through operational efficiencies
and tighter control over operating costs.
The valuation based on the current five-year plan results in a
recoverable amount of GBP21.2m, with the asset base being GBP14.1m,
headroom of GBP7.1m is available. During the period the Group sold
5 corporate stores for a profit on disposal of GBP2.1m (refer to
note 14). The fair value of the consideration received was greater
than the recoverable amount. This further substantiates the Group's
view that there is no impairment to be recognised.
Sensitivity analysis has been performed to highlight the impact
of assumptions and key sensitivities in isolation and in
combination:
-- A 100bps decrease in revenue growth would reduce the headroom to GBP5.6m.
-- A 100bps increase in food cost percentage would reduce the headroom to GBP3.6m.
-- A 100bps increase in the forecast food cost and a 100bps
increase in the forecast labour cost would reduce the headroom to
GBP4.8m.
-- A 100bps increase in the discount rate reduces headroom to GBP5.0m.
Given the maturity of the business and the improvements in cost
control and operational efficiencies we have seen since acquisition
we believe the further cost control and efficiencies are
achievable. Based on the forecast revenue, EBITDA margins would
have to decrease from 6.07%, by more than 202bps, to 4.05%
throughout the forecast to trigger an impairment.
Master franchise fees
Master franchise fees consist of costs relating to the MFA for
UK, Ireland, Switzerland, Iceland and Sweden. Each MFA is treated
as having an indefinite life. They are tested annually for
impairment in accordance with IAS 36. The MFAs relating to
Switzerland, Iceland and Sweden have been disposed of in the prior
period. The assumptions underlying the tests on the UK &
Ireland MFAs are not disclosed as the carrying value is not
material.
Standard Franchise Agreements
The SFAs were recognised at fair value on acquisition of the UK
corporate store portfolio in 2017 and 2018 and, as reacquired
assets, are being amortised over their remaining contractual life.
The net book value of SFAs at 25 December 2022 is GBP0.6m (2021:
GBP2.9m). The SFAs attributable to the UK corporate stores business
are tested for impairment in tandem with the goodwill and other
intangible assets attributable to that business, as described
above.
The amortisation of intangible assets is included within
administration expenses in the income statement.
12. Investments in associates and joint ventures
Joint ventures Associates
GBPm GBPm
--------------------------------- -------------- ----------
Balance at 27 December 2020 4.1 35.3
Underlying profit for the period 1.1 9.9
Dividends received (0.5) (2.2)
Acquisitions - 6.6
Foreign exchange movements - (1.6)
--------------------------------- -------------- ----------
Balance at 26 December 2021 4.7 48.0
Underlying profit for the period 0.1 6.5
Dividends received (0.2) (2.2)
Transfer to assets held for sale - (32.9)
Foreign exchange movements - 1.4
--------------------------------- -------------- ----------
Balance at 25 December 2022 4.6 20.8
--------------------------------- -------------- ----------
Investments in associates
The Group has a 49% interest in Full House Restaurant Holdings
Limited ('Full House'), a private company that manages pizza
delivery stores in the UK.
On 20 December 2021, the Group acquired a 46% interest in Victa
DP Ltd ('Victa') for cash consideration of GBP6.6m. The investment
in associate was entered into with an existing franchisee of five
stores in Northern Ireland and, through the acquisition funds and
additional debt funding raised by Victa DP Ltd, an additional 17
stores were purchased. The associate holds 22 active stores in the
Northern Ireland market.
The investment has been treated as an associate as the Group
holds significant influence through the voting rights gained
through the equity investment, and representation on the Board. The
investment is treated as an associate under IAS 28, however is
referred to as the 'Northern Ireland Joint Venture' or 'NI JV'
through the report as is considered commercially to be a joint
venture.
Transfer to assets held for sale relates to the Group's 33.3%
investment in Daytona JV Limited ('Daytona'), a UK incorporated
company which owns the MFA for Domino's Germany. The Group's
interest was subject to a put and call option. During the year the
Group exercised the put options to sell the investment. Refer to
note 15.
Investments in joint ventures
During the year the Group held a 50% UK joint venture in
Domino's Pizza West Country Limited ('West Country'). West Country
is accounted for as a joint venture using the equity method in the
consolidated financial statements as the Group has joint control
through voting rights and share ownership as well as being party to
a joint venture agreement, which ensures that strategic, financial
and operational decisions relating to the joint venture activities
require the unanimous consent of the two joint venture
partners.
13. Financial liabilities
At 25 December 2022 At 26 December 2021
GBPm GBPm
-------------------------------- ------------------- -------------------
Current
Share buyback obligations 8.9 -
-------------------
8.9 -
-------------------------------- ------------------- -------------------
Non-current
Bank revolving facility 84.9 242.5
US Private Placement Loan Notes 198.8 -
283.7 242.5
-------------------------------- ------------------- -------------------
Share buyback obligation
On 9 November 2022 the Group entered into an irrevocable
non-discretionary programme with Numis Securities Limited to
purchase up to a maximum of GBP20.0m of shares from 10 November
2022. During the period 4,020,084 shares for consideration of
GBP11.6m (GBP11.1.m paid) were purchased. The remaining share
buybacks and unpaid amounts outstanding at 25 December 2022 are
recognised as a financial liability of GBP8.9m.
Debt facilities
As at the 26 December 2021, the Group had a GBP350.0m
multicurrency syndicated revolving credit facility with an original
term of five years to 13 December 2022 which, following a one-year
extension arranged in November 2018, was extended to 12 December
2023. The revolving credit facility was amended and restated on 2
December 2021, to amend the GBP interest base rate from LIBOR to
SONIA.
At 27 July 2022, the Group's GBP350.0m multicurrency revolving
credit facility was replaced by a GBP200.0m multicurrency revolving
credit facility and GBP200.0m of US private placement (USPP) loan
notes. Arrangement fees of GBP1.9m and GBP1.3m were incurred on the
RCF and USPP respectively.
At 25 December 2022 the Group had a total of GBP400.0m (2021:
GBP350.0m) of debt facilities, of which GBP113.4m (2021: GBP106.7m)
was undrawn.
Private placement loan notes
The US Private Placement notes mature on 27th July 2027 and
arrangement fees of GBP1.2m directly incurred in relation to the
USPP are included in the carrying values of the facility and are
being amortised over the term of the notes.
Interest charged on the US Private Placement notes is at 4.26%
per annum.
Bank revolving facility
The revolving credit facility has an original term of three
years to 27 July 2025 with the option of submitting two extension
notices to extend the facility twice, each by a period of 12
months. Arrangement fees of GBP1.7m (2021: GBP0.8m) directly
incurred in relation to the RCF are included in the carrying values
of the facility and are being amortised over the extended term of
the facility.
Interest charged on the new revolving credit facility ranges
from 1.85% per annum above SONIA (or equivalent) when the Group's
leverage is less than 1:1 up to 2.85% per annum above SONIA for
leverage above 2.5:1. A further utilisation fee is charged if over
one-third is utilised at 0.15% which rises to 0.30% of the
outstanding loans if over two-thirds is drawn. In addition, a
commitment fee is calculated on undrawn amounts based on 35% of the
current applicable margin.
The RCF is secured by an unlimited cross guarantee between
Domino's Pizza Group plc, DPG Holdings Limited, Domino's Pizza UK
& Ireland Limited, DP Realty Limited, DP Pizza Limited, Sell
More Pizza Limited, Sheermans SS Limited and Sheermans Limited.
An ancillary overdraft and pooling arrangement was in place with
Barclays Bank Plc for GBP20.0m covering the Companies, Domino's
Pizza Group plc, DPG Holdings Limited, Domino's Pizza UK &
Ireland Limited, DP Realty Limited, DP Pizza Limited, Sell More
Pizza Limited, Sheermans SS Limited and Sheermans Limited. Interest
is charged for the overdraft at the same margin as applicable to
the revolving credit facility above SONIA.
14. Disposals
Corporate Stores - Have More Fun (London) Limited
On 30 November 2022, the Group disposed of its 100% interest in
Have More Fun (London), which operated in England, with net
consideration received from the buyers of GBP4.9m. The final
working capital adjustment will be finalised post period, and an
additional GBP0.3m is receivable from the purchaser. The profit on
disposal of the Group's interest in Have More Fun (London) is
analysed as follows:
GBPm
------------------------------------------------------------ -----
Cash received on disposal 5.2
Cash disposed (0.3)
-------------------------------------------------------------- -----
Net cash received on disposal 4.9
Consideration receivable post disposal 0.3
Net assets disposed excluding cash (see below) (2.8)
Profit on disposal before professional fees 2.4
Costs associated with disposal (0.3)
-------------------------------------------------------------- -----
Total profit on disposal 2.1
-------------------------------------------------------------- -----
Property, plant and equipment 0.2
Intangible assets 3.1
Right-of-use assets 1.6
Inventories, trade receivables and trade and other payables (0.2)
Lease liabilities (1.5)
Deferred tax liabilities (0.4)
-------------------------------------------------------------- -----
Net assets disposed excluding cash 2.8
-------------------------------------------------------------- -----
Disposals of international operations in 2021
On 2 May 2021, the Group disposed of its 100% interest in PPS
Foods AB, the business in Sweden, with net consideration paid to
the buyers of GBP2.8m. The loss on disposal of the Group's interest
in Sweden was GBP0.4m.
On 31 May 2021, the Group disposed of its 100% interest in Pizza
Pizza EHF, the business in Iceland, with net consideration received
of GBP13.5m. The final working capital adjustment was finalised
during the period, and an additional GBP0.7m was paid to the
purchaser. The loss on disposal of the Group's interest in Iceland
was GBP7.3m.
On 31 August 2021, the Group disposed of its 100% interest in
Domino's Pizza GmbH, the business in Switzerland, with net
consideration paid of GBP0.5m. The final working capital adjustment
was finalised during the period, and an additional GBP0.5m was paid
to the purchaser, and GBP0.3m worth of provisions are held in
respect of indemnities under the agreement. The loss on disposal of
the Group's interest in Switzerland was GBP2.1m.
PPS Foods AB Pizza Pizza EHF Domino's Pizza GmbH
Sweden Iceland Switzerland
GBPm GBPm GBPm
----------------------------------------------------------------- ------------ --------------- -------------------
Cash (paid)/received on disposal (2.7) 14.1 0.5
Cash disposed (0.1) (0.6) (1.0)
----------------------------------------------------------------- ------------ --------------- -------------------
Net cash (paid)/received on disposal (2.8) 13.5 (0.5)
Consideration payable post disposal - (0.6) (0.8)
Net liabilities/(assets) disposed excluding cash (see below) 3.3 (13.6) 1.0
Currency translation losses transferred from translation reserve (0.5) (6.1) (1.3)
----------------------------------------------------------------- ------------ --------------- -------------------
Loss on disposal before professional fees - (6.8) (1.6)
Non-underlying professional fees related to the disposal (0.4) (0.5) (0.5)
----------------------------------------------------------------- ------------ --------------- -------------------
Total costs of disposal (0.4) (7.3) (2.1)
----------------------------------------------------------------- ------------ --------------- -------------------
Property, plant and equipment - 16.8 0.4
Inventories, trade and other payables (0.9) (0.6) (1.4)
Right-of-use assets - 3.3 4.5
Lease liabilities (2.4) (3.4) (4.5)
Deferred tax liabilities - (2.5) -
----------------------------------------------------------------- ------------ --------------- -------------------
Net (liabilities)/assets disposed excluding cash (3.3) 13.6 (1.0)
----------------------------------------------------------------- ------------ --------------- -------------------
Currency translation losses transferred from translation reserve
represent the historical gains and losses built up on retranslation
of the assets and liabilities of the foreign operation on
consolidation from local currency to pounds sterling, which were
recognised within the currency translation reserve and presented in
other comprehensive income. On disposal, these amounts are recycled
from the currency translation reserve to the income statement and
presented as part of the loss on disposal.
15. Assets held for sale
At 25 December 2022 At 26 December 2021
GBPm GBPm
-------------------- ------------------- -------------------
Assets held for sale 32.9 -
-------------------- ------------------- -------------------
Assets held for sale include the Group's 33.3% investment in
Daytona, a UK incorporated company which owns the MFA for Domino's
Germany. The Group's interest was subject to a put and call option.
During the year the Group exercised the put option to sell the
investment.
During the year, the Group exercised the put option to sell the
investment. The put option exercise price is EUR79.2m c.GBP70m),
which will be received in cash together with the loan receivable of
EUR10.8m (c.GBP9m), leading to a total cash receipt of EUR90.0m
(c.GBP79m) in June 2023, dependent on foreign exchange. This will
generate a profit on disposal in the Group accounts of
c.GBP37m.
16. Additional cash flow information
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
Note GBPm GBPm
------------------------------------------------------ ---- -------------- --------------
Cash flows from investing activities
Dividends received from investments 2.2 1.6
Dividends received from associates and joint ventures 12 2.9 2.2
Decrease in loans to associates and joint ventures 1.7 4.9
------------------------------------------------------ ---- -------------- --------------
6.8 8.7
------------------------------------------------------ ---- -------------- --------------
Reconciliation of financing activities
At 26 December Cash flow Exchange differences Non-cash movements At 25 December 2022
2021
GBPm GBPm GBPm GBPm GBPm
------------------ -------------- --------- -------------------- ------------------ -------------------
Debt facilities (242.5) (39.3) (0.8) (1.1) (283.7)
Lease liabilities (222.6) 33.0 (0.5) (33.3) (223.4)
------------------ -------------- --------- -------------------- ------------------ -------------------
(465.1) (6.3) (1.3) (34.4) (507.1)
------------------ -------------- --------- -------------------- ------------------ -------------------
At 27 December Disposal of Cash flow Exchange Non-cash At 26 December
2020 international differences movements 2021
GBPm GBPm GBPm GBPm GBPm GBPm
----------------- ---------------- --------------- --------- --------------- ---------------- ----------------
Debt facilities (243.6) - (2.7) 4.5 (0.7) (242.5)
Lease liabilities (236.9) 10.3 34.1 0.9 (31.0) (222.6)
----------------- ---------------- --------------- --------- --------------- ---------------- ----------------
(480.5) 10.3 31.4 5.4 (31.7) (465.1)
----------------- ---------------- --------------- --------- --------------- ---------------- ----------------
Share purchases
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
------------------------------------------------ -------------- -------------------
Purchase of own shares - share buyback (77.5) (80.5)
Purchase of own shares - employee benefit trust (9.0) (2.9)
(86.5) (83.4)
------------------------------------------------ -------------- -------------------
Reconciliation of free cash flow
52 weeks ended 52 weeks ended
25 December 26 December
2022 2021
GBPm GBPm
----------------------------------------- -------------- ------------------
Cash generated from operating activities 85.1 113.9
Net interest paid (4.8) (4.0)
Receipts on lease receivables 26.7 25.7
Repayment of lease liabilities (33.0) (34.1)
Dividends 5.1 3.8
Other (0.1) (0.7)
------------------------------------------ -------------- ------------------
79.0 104.6
----------------------------------------- -------------- ------------------
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END
FR NKFBPBBKBKNK
(END) Dow Jones Newswires
March 09, 2023 02:00 ET (07:00 GMT)
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