TIDMAPGN

RNS Number : 8933Y

Applegreen PLC

14 September 2015

Applegreen plc

Financial results for the six months ended 30 June, 2015

Dublin, London, 14 September 2015: Applegreen plc ('Applegreen' or 'the Group'), a major petrol forecourt retailer in the Republic of Ireland with a significant and growing presence in the United Kingdom announces its half year results for the six months ended 30 June 2015.

Financial highlights:

   --     Strong operating performance with adjusted EBITDA up 42% to EUR10.7m 
   --     35% increase in gross profit on H1 2014 (30% in constant currency) 
   --     Group revenue up 16% to EUR517m 
   --     Net cash position at 30 June 2015 of EUR11.6m 

Operational highlights:

   --     Successful IPO in June raising (EUR65.2m) net of expenses in primary capital 
   --     Positive impact from new store openings in 2014, driving sales and profit growth in H1 2015 
   --     Grew estate from 152 sites as at 31 December 2014 to 175 as at 30 June 2015 
   --     Increased food outlets by 18 and launched two new food offers - Chopstix and Greggs 

Key figures:

 
                       30 June    30 June    Change 
                        2014       2015 
 Gross profit          EUR42.2m   EUR56.9m   35% 
 Adjusted EBITDA(1)    EUR7.5m    EUR10.7m   42% 
 Adjusted PBT(1)       EUR3.6m    EUR5.2m    43% 
 

Commenting on the results, Bob Etchingham, CEO said: "We are very pleased to announce our first interim results as a public company. The Group has delivered a strong performance in the first half of 2015 reflecting the positive contribution from site openings in the latter part of 2014 and the increased contribution from food driven by our upgrade programme. Growth was evenly spread across both the Republic of Ireland and the UK, with the latter's contribution also benefitting from the strength of sterling against the euro during this period.

"We continued to expand our business in the six months adding two service area sites and three petrol filling stations in the Republic of Ireland, as well as expanding our network of dealer sites by 11. In the UK our site numbers increased by five including the first Motorway Service Area in Northern Ireland. We also launched two new food offers- Chopstix and Greggs - and increased the number of our food outlets by 18 across the estate.

"Trading since the end of June has been positive and while we expect the rate of growth in H2 to be lower than H1, we are on track to deliver results in line with market expectations."

About Applegreen

Established in 1992, Applegreen is a major petrol forecourt retailer in the Republic of Ireland with a significant and growing presence in the United Kingdom, and small presence in the US. The business employs c. 2,600 people, and operates 175 forecourt sites across the UK, Ireland and the US.

Applegreen is the number one motorway service area operator in the Republic of Ireland where it has a motor fuel market share of c.12%. The Group operates a distinctive retail led business model focused on offering "low fuel prices always" to drive footfall to its sites and aims to provide a premium food and hot beverage offering in all its sites.

Applegreen has a number of strategic partnerships with international brands including Burger King, Subway, Costa Coffee, Greggs, Lavazza and Chopstix. The business also has its own food offer through the aCafe and Bakewell café brands.

In the year to 31 December 2014, the Group had revenue of EUR937.3 million and Adjusted EBITDA of EUR22.8 million.

Conference call details - analysts and institutional investors

Applegreen Plc will host a conference call for analysts and institutional investors today, 14 September, 2015 at 09.00 GMT. Presentation will be available on www.applegreenstores.com. Dial in details are as follows:

   Ireland Telephone Number:                       +353(0)1 2476528 
   UK Telephone Number:                               +44(0)20 3427 1906 
   Passcode:                                                            9340399 

For further enquiries, please contact:

 
 Applegreen 
  Bob Etchingham, CEO                                 +353 (0) 1 
  Paul Lynch CFO                                        512 4800 
 Drury Porter Novelli (Irish media)               +353 (0) 1 260 
  Paddy Hughes                                              5000 
 Powerscourt (UK and international 
  media) 
  Lisa Kavanagh                                  +44 (0) 20 7250 
  Simon Compton                                             1446 
 Shore Capital 
  Stephane Auton                                 +44 (0) 20 7408 
  Patrick Castle                                            4090 
 Goodbody 
  Simon Howley                                    +353 (0) 1 667 
  Siobhan Wall                                              0420 
 

Applegreen H1 2015 Performance Overview

The first half of 2015 saw strong growth over 2014 driven by the strong contribution from new sites across the Group's portfolio and the continued development of our food offerings. The Group also benefited from the positive currency impact of a stronger Sterling:Euro exchange rate.

Our upgrade and rebranding activity, together with an improving economic backdrop, saw like for like shop and food sales grow by 9%, with like for like gross profit up by 13%.

There was considerable volatility in oil price during the period but overall the impact on the business was not significant.

Republic of Ireland

In the six months to 30 June 2015, revenue in the Republic of Ireland increased by 12% and gross profit increased by 25%. Like for like store and food sales increased by 5% and like for like gross profit increased by 7%. Fuel gross profit increased by 15% with a like for like margin decrease of 3% due to euro fuel price volatility.

During the period, we expanded our estate with 16 new outlets.

Five new company owned sites were added during the period, two service areas and three petrol filling stations. The new service areas, which are the Group's larger sites, included the Group's first site in Galway and a new site in Mayo. The three new petrol filling stations opened during the period are located in the east of the country and further strengthen our network in the region.

The Group also added 11 dealer sites during the period bringing our total portfolio of dealers to 19 by the end of June. The dealer business is focused on providing fuel to independent operators. In these sites the canopy and pumps on the forecourt are branded Applegreen while the non-fuel revenue remains under the control of the operator of the site.

During the period five sites were re-branded and upgraded incorporating a new food offer.

United Kingdom

Revenue increased by 21% during H1 2015 while gross profit increased from EUR9.6m in H1 2014 to EUR15.6m in H1 2015. Like for like stores and food sales increased by 5% (constant currency) while like for like store and food margin increased by 16% (constant currency). Fuel gross margin increased by 37% (constant currency) and like for like figures recorded growth of 14% (constant currency) reflecting an improved 2015 compared to the same period last year.

The key development for this region during the period was the opening of the first Motorway Service Area (MSA) in Northern Ireland just north of Belfast. The reaction from customers has been very positive and it has enjoyed strong sales volumes since the launch. Four other petrol filling station sites were added in the UK of which two were in the London area.

Five sites were rebranded in the UK during the period with the upgrade incorporating one or more branded food offers.

Costs

The rate of increase in selling and distribution costs was slightly ahead of the growth in number of sites, reflecting the increase in number of larger scale sites added. Administrative expenses show an increase of EUR5.3m on the same period in 2014, however this includes the share based payment charge of EUR2.2m. It also reflects a significant increase in site development costs as we continue to progress future opportunities for the business.

Outlook

Since 30 June we have continued to develop our estate. In Ireland seven new sites were added including two new service areas in North Dublin and Kerry. In the UK a further two sites have been added. Overall trading has been in line with expectations.

Applegreen PLC Unaudited Condensed

Consolidated Interim Financial Statements

For the six months ended 30 June 2015

 
 Contents                                         Page 
 Unaudited condensed consolidated income 
  statement                                          2 
 Unaudited condensed consolidated statement 
  of comprehensive income                            3 
 Unaudited condensed consolidated statement 
  of financial position                              4 
 Unaudited condensed consolidated statement 
  of changes in shareholders' equity                 5 
 Unaudited condensed consolidated statement 
  of cash flows                                      6 
 Notes to the unaudited condensed consolidated 
  financial statements                            7-15 
 

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

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PERIOD ENDED 30 JUNE 2015

 
                             Notes   June 2015   June 2014 
                                        EUR000      EUR000 
 Revenue                               517,523     445,054 
 Cost of Sales                 5     (460,653)   (402,812) 
                                    ----------  ---------- 
 Gross Profit                           56,870      42,242 
 
 Selling and distribution 
  costs                        5      (40,962)    (32,020) 
 Administrative expenses       5      (11,360)     (6,076) 
 Other income                              388         438 
 Finance costs                 6       (2,091)     (1,534) 
 Finance income                6           171         160 
 Profit before income 
  tax                                    3,016       3,210 
 
 Income tax expense                      (314)       (714) 
                                    ----------  ---------- 
 Profit for the period                   2,702       2,496 
                                    ----------  ---------- 
 

Earnings per share from continuing operations attributable to the owners of the parent company during the period

 
 
 Earnings per share - 
  Basic                   4.41c   4.16c 
 Earnings per share - 
  Diluted                 4.27c   4.16c 
 
 

Non-GAAP measure: Reconciliation of profit before income tax to earnings before interest, tax, depreciation and amortisation (EBITDA), net foreign exchange gains, share based payments and other non-recurring charges (Adjusted EBITDA)

 
                          Notes   June 2015   June 2014 
                                     EUR000      EUR000 
 Profit before income 
  tax                                 3,016       3,210 
 Depreciation               5         3,553       2,476 
 Amortisation               5            72          50 
 Net finance cost           6         1,920       1,374 
                                 ----------  ---------- 
 EBITDA                               8,561       7,110 
 Net foreign exchange 
  gain                      5         (577)         (3) 
 Share based payments                 2,163           - 
 Non-recurring charges      5           580         425 
 Adjusted EBITDA                     10,727       7,532 
                                 ----------  ---------- 
 
 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

PERIOD ENDED 30 JUNE 2015

 
                                    June 2015   June 2014 
                                       EUR000      EUR000 
 Profit for the period                  2,702       2,496 
 Other comprehensive expense 
 Items that may be reclassified 
  to profit or loss 
 Currency translation 
  differences on foreign 
  operations                             (99)       (137) 
                                   ----------  ---------- 
 Other comprehensive expense 
  for the period, net of 
  tax                                    (99)       (137) 
                                   ----------  ---------- 
 Total comprehensive income 
  for the period                        2,603       2,359 
                                   ----------  ---------- 
 
 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2015

 
 Assets                                              Notes   June 2015           Dec 2014 
 Non-current assets                                             EUR000             EUR000 
 Intangible assets                                     7         1,215                985 
 Property, plant and equipment                         8       158,896            131,525 
 Investment in associates                                            -                  - 
 Trade and other receivables                                        75                  - 
 Deferred income tax asset                                       2,920              2,877 
                                                            ----------          --------- 
                                                               163,106            135,387 
                                                            ----------          --------- 
 Current assets 
 Inventories                                           9        21,038             19,158 
 Trade and other receivables                          10        10,464              8,333 
 Cash and cash equivalents                            11        81,649             13,781 
                                                               113,151             41,272 
 Total assets                                                  276,257            176,659 
                                                            ----------          --------- 
 
 Equity and Liabilities 
 
 Issued share capital                                 15           789                600 
 Share premium                                                 133,889             67,574 
 Merger reserve                                               (65,537)           (65,537) 
 Exchange variance reserve                                       (290)              (191) 
 Share based payment reserve                                     2,495                332 
 Retained earnings                                              15,705             14,877 
                                                            ----------      ------------- 
 Total Equity                                                   87,051             17,655 
                                                            ----------      ------------- 
 
 Non-current liabilities 
 Trade and other payables                             13         2,259              1,892 
 Borrowings                                           12        65,612             39,595 
 Deferred income tax liabilities                                 4,062              4,086 
                                                            ----------      ------------- 
                                                                71,933             45,573 
                                                            ----------      ------------- 
 Current liabilities 
 Trade and other payables                             13       110,067             89,099 
 Borrowings                                           12         4,424             21,213 
 Current income tax liabilities                                    500              1,411 
 Provisions for other liabilities and charges         14         2,282              1,708 
                                                            ----------      ------------- 
                                                               117,273            113,431 
 Total Liabilities                                             189,206            159,004 
                                                            ----------      ------------- 
 
 Total Equity and Liabilities                                  276,257            176,659 
                                                            ----------      ------------- 
 
 

UNAUDITED CONDENSED Consolidated statement of changes in equity

AS AT 30 JUNE 2015

 
                                                                       Foreign    Share based 
                                                                      currency        payment 
                         Issued                          Merger    translation        reserve       Retained 
                        capital   Share premium         reserve        reserve                      earnings     Total 
                         EUR000          EUR000          EUR000         EUR000         EUR000         EUR000    EUR000 
 As at 1 
  January 2015              600          67,574        (65,537)          (191)            332         14,877    17,655 
 Profit for the 
  period                      -               -               -              -              -          2,702     2,702 
 Other 
  comprehensive 
  income                      -               -               -           (99)              -              -      (99) 
 Share based 
  payments                    -               -               -              -          2,163              -     2,163 
 Issue of 
  ordinary 
  share capital 
  (note 15)                 189          66,315               -              -              -              -    66,504 
 Redemption of 
  ordinary 
  share capital 
  (note 15)                   -               -               -              -              -        (1,874)   (1,874) 
                 --------------  --------------  --------------  -------------  -------------  -------------  -------- 
 At 30 June 
  2015                      789         133,889        (65,537)          (290)          2,495         15,705    87,051 
                 --------------  --------------  --------------  -------------  -------------  -------------  -------- 
 
 
 At 1 January 2014             600   65,700   (65,537)    (32)   -   2,598   3,329 
 Profit for the period                                               2,496   2,496 
 Other comprehensive income      -        -          -   (137)   -       -   (137) 
                              ----  -------  ---------  ------      ------  ------ 
 At 30 June 2014               600   65,700   (65,537)   (169)   -   5,094   5,688 
                              ----  -------  ---------  ------      ------  ------ 
 

UNAUDITED CONDENSED Consolidated statement of cash flows

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PERIOD ENDED 30 JUNE 2015

 
                                   Notes       2015       2014 
 Cash flows from operating 
  activities                                 EUR000     EUR000 
 Profit before taxation                       3,016      3,210 
 Adjustments for: 
 Depreciation and amortisation       5        3,625      2,526 
 Finance income                      6        (171)      (160) 
 Finance costs                       6        2,091      1,534 
 Share based payment expense                  2,163          - 
 (Profit)/loss on the sale 
  of property, plant and 
  equipment                          5        (103)         89 
                                          ---------  --------- 
                                             10,621      7,199 
 
 Increase in trade and other 
  receivables                               (2,049)    (1,870) 
 (Increase)/decrease in 
  inventories                               (1,284)        857 
 Increase in trade payables                  17,392      8,891 
 Increase/(Decrease) in 
  provisions                                    574      (251) 
                                          ---------  --------- 
 Cash generated from operations              25,254     14,826 
 Income taxes paid                          (1,367)    (1,318) 
                                          ---------  --------- 
 Net cash from operating 
  activities                                 23,887     13,508 
 
 Cash flows from investing 
  activities 
 Purchase of property, plant 
  and equipment                            (29,514)   (18,419) 
 Purchase of intangibles                      (304)      (173) 
 Interest received                              210          - 
                                          ---------  --------- 
 Net cash used in investing 
  activities                               (29,608)   (18,592) 
 
 Cash flows from financing 
  activities 
 Proceeds from long-term 
  borrowings                                  9,563     10,000 
 Proceeds from finance leases                   414          - 
 Redemption of Share Capital                (1,874)          - 
 Proceeds from Issue of 
  Ordinary Share Capital                     69,281          - 
 Repayment of borrowings                          -    (1,930) 
 Payment of finance lease 
  liabilities                                 (915)      (748) 
 Interest paid                              (1,603)    (1,163) 
                                          ---------  --------- 
 Net cash used in financing 
  activities                                 74,866      6,159 
 
 Net increase in cash and 
  cash equivalents                           69,145      1,075 
 Cash and cash equivalents 
  at beginning of period                     12,266     15,273 
 Exchange gains                                 238        143 
 Cash and cash equivalents 
  at end of period                  11       81,649     16,491 
                                          ---------  --------- 
 

Notes to the unaudited condensed consolidated interim financial statements

1. General information and basis of preparation

Applegreen PLC ('the Company') is a company incorporated in the Republic of Ireland. The unaudited condensed consolidated interim financial statements of the Company for the 6 months ended 30 June 2015 (the 'Interim Financial Statements') include the Company and its subsidiaries (together referred to as the 'Group'). The Interim Financial Statements were authorised for issue by the directors on 14 September 2015.

The Interim Financial Statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU. They do not include all of the information required for full annual financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2014.

These Interim Financial Statements are presented in Euro, rounded to the nearest thousand, which is the functional currency of the parent company and also the presentation currency of the Group Interim Financial Statements.

The preparation of the Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results could differ materially from these estimates. In preparing these Interim Financial Statements, the critical judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2014 as set out on pages 17 to 28 in those financial statements.

On 27 May 2015 Petrogas Global Limited converted to a public limited company and changed its name to Applegreen PLC. On 19 June 2015, Applegreen PLC successfully completed an initial public offering on the Alternative Investment Market (AIM) of the London Stock Exchange and the Enterprise Securities Market (ESM) of the Irish Stock Exchange.

The Interim Financial Statements do not constitute statutory financial statements. The statutory financial statements (of Petrogas Global Limited) for the year ended 31 December 2014, extracts of which are included in these interim financial statements, were prepared under IFRS as adopted by the EU and have been filed with the Companies Registration Office. The auditors' report on those financial statements was unqualified and did not contain an emphasis of matter paragraph.

The income tax expense comprises both current and deferred tax. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the Statement of Financial Position date in the countries where the company and its subsidiaries operate and generate income. The calculation of the group's total tax charge necessarily involves a degree of estimation and judgement in respect of certain items, where the tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority. The final resolution of some of these items may give rise to material Income Statement and/or cash flow variances.

2. Significant accounting policies

The accounting policies applied in these financial statements are consistent with those applied in the consolidated financial statements as at and for the year ended 31 December 2014, and are described in those financial statements on pages 17 to 28, except for the impact of the standards described below.

The following new and amended standards and interpretations are effective for the Group for the first time for the financial year beginning 1 January 2015. None of these had a material impact on the Group:

   --     Annual Improvements to IFRSs 2011-2013 Cycle 

3. Segmental analysis

Applegreen PLC is a forecourt retail business headquartered in Dublin, Ireland. Operating segments are reported in a manner consistent with internal reporting provided to the chief operating decision maker (CODM). The CODM has been identified as the board of executive directors.

The board considers the business from both a geographic and product perspective. Geographically, management considers the performance in Ireland, the UK and the US. From a product perspective, management separately considers retail activities in respect of the sale of fuel, food and other groceries within Ireland and the UK and fuel and other grocery in the US.

The group is organised into the following operating segments:

Retail Ireland - Involves the sale of fuel, food and store within the Republic of Ireland.

Retail UK - Involves the sale of fuel, food and store within the United Kingdom.

Retail US - Involves the sale of fuel and store within the United States of America

Food revenues are generally higher in the second half of the year due to the increased volumes on the motorways during the summer months. Generally this means that operating profits are higher in the second half of the year.

The CODM monitors the operating results of segments separately in order to allocate resources between segments and to assess performance.

Information regarding the results of each reportable segment is included within this note. Segment performance measures are revenue and gross profit as included in the internal management reports that are reviewed by the executive directors. These measures are used to monitor performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Assets and liabilities are reviewed by the CODM for the group in its entirety and as such segment information is not provided for these items.

 
 2015                IRL        UK      USA     Total 
 Revenue          EUR000    EUR000   EUR000    EUR000 
 Fuel            224,619   195,069    3,816   423,504 
 Food             25,466     4,724        -    30,190 
 Store            45,122    18,188      519    63,829 
                --------  --------  -------  -------- 
                 295,207   217,981    4,335   517,523 
                --------  --------  -------  -------- 
 Gross Profit 
 Fuel             12,583     8,174      342    21,099 
 Food             14,734     2,075        -    16,809 
 Store            13,468     5,326      168    18,962 
                --------  --------  -------  -------- 
                  40,785    15,575      510    56,870 
                --------  --------  -------  -------- 
 
 
 
 2014                IRL        UK      USA     Total 
 Revenue          EUR000    EUR000   EUR000    EUR000 
 Fuel            206,580   164,619    1,097   372,296 
 Food             18,355     1,963        -    20,318 
 Store            39,191    13,090      159    52,440 
                --------  --------  -------  -------- 
                 264,126   179,672    1,256   445,054 
                --------  --------  -------  -------- 
 Gross Profit 
 Fuel             10,931     5,320       69    16,320 

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 Food             10,288       686        -    10,974 
 Store            11,317     3,586       45    14,948 
                --------  --------  -------  -------- 
                  32,536     9,592      114    42,242 
                --------  --------  -------  -------- 
 

4. Earnings per share

 
                                      6 months     6 months 
                                         to 30        to 30 
 Basic earnings per share            June 2015    June 2014 
                                        EUR000       EUR000 
 Profit from continuing 
 operations attributable 
 to the owners of the company            2,702        2,496 
 Weighted average number 
  of ordinary shares in issue 
  for basic earnings per 
  share                                 61,252       60,000 
                                   -----------  ----------- 
 Earnings per share - Basic              4.41c        4.16c 
                                   -----------  ----------- 
 
 
 

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period.

 
                                     6 months     6 months 
                                        to 30        to 30 
 Diluted earnings per share         June 2015    June 2014 
                                       EUR000       EUR000 
 Profit from continuing 
  operations attributable 
  to the owners of the company          2,702        2,496 
 Weighted average number 
  of ordinary shares in issue          61,252       60,000 
 Adjusted for: 
 Share options                          2,077            - 
                                  -----------  ----------- 
 Weighted average number 
  of ordinary shares for 
  diluted earnings per share           63,329       60,000 
 Earnings per share - Diluted           4.27c        4.16c 
                                  -----------  ----------- 
 

5. Expenses

Profit before tax is stated after charging/(crediting):

 
                                     6 Months      6 Months 
                                   to 30 June    to 30 June 
                                         2015          2014 
                                       EUR000        EUR000 
 Cost of inventory recognised 
  as expense                          454,451       398,456 
 Other external charges                 6,202         4,356 
 Employee benefits                     18,093        10,955 
 Operating lease payments               6,441         5,546 
 Amortisation of intangible 
  assets                                   72            50 
 Depreciation of property, 
  plant and equipment                   3,553         2,476 
 Share based payment                    2,163             - 
  charge 
 Net foreign exchange 
  gain                                  (577)           (3) 
 Profit on disposal 
  of assets                               103            89 
 Non recurring charges 
  *                                       580           425 
 Other operating charges               21,894        18,558 
                                 ------------  ------------ 
                                      512,975       440,908 
                                 ------------  ------------ 
 

*Non-recurring charges comprise provision in respect of uncertain tax positions with Revenue authorities and one off payment made to directors of the group for past service.

6. Finance costs/(income)

 
                                   6 Months     6 Months 
                                      to 30        to 30 
                                  June 2015    June 2014 
 Finance costs                       EUR000       EUR000 
 Bank loans and overdrafts            1,204        1,081 
 Variance on translation 
  of foreign borrowings               1,007          404 
 Lease finance charges 
  and hire purchase interest            153          196 
 Borrowing costs capitalised          (273)        (147) 
 Finance costs                        2,091        1,534 
                                -----------  ----------- 
 
 
 
                                 6 Months     6 Months 
                                    to 30        to 30 
                                June 2015    June 2014 
 Finance income                    EUR000       EUR000 
 Interest income on loans 
  to associate                      (161)        (160) 
 Interest income on loans            (10)            - 
  to directors 
 Finance income                     (171)        (160) 
                              -----------  ----------- 
 Net finance cost/(income)          1,920        1,374 
                              -----------  ----------- 
 

7. Intangible Assets

 
 Group                      Franchises   Licences    Total 
                                EUR000     EUR000   EUR000 
 Cost 
 At 1 January 2015                 593        871    1,464 
 Additions                          78        217      295 
 Disposals                           -        (3)      (3) 
 Translation Adjustment              7          3       10 
                           -----------  ---------  ------- 
 At 30 June 2015                   678      1,088    1,766 
                           -----------  ---------  ------- 
 
 Amortisation 
 At 1 January 2015                 117        362      479 
 Amortisation charge                23         49       72 
                           -----------  ---------  ------- 
 At 30 June 2015                   140        411      551 
                           -----------  ---------  ------- 
 
 Net Book Value 
                           -----------  ---------  ------- 
 At 30 June 2015                   538        677    1,215 
                           -----------  ---------  ------- 
 At 1 January 2015                 476        509      985 
                           -----------  ---------  ------- 
 

8. Property, plant and equipment

 
                                                     Fixtures,    Computer 
                            Land                      fittings    hardware          Assets 
                             and            Plant    and motor         and           under 
                       Buildings    and equipment     vehicles    software    construction     Total 
 Cost                     EUR000           EUR000       EUR000      EUR000          EUR000    EUR000 
 At 1 January 
  2015                   117,062            7,352       38,045       4,302          13,415   180,176 
 Translation 
  adjustment               2,429              118          788         111             941     4,387 
 Additions                 5,991            1,541        8,461         964          10,676    27,633 
 Disposals                  (40)            (159)        (480)         (5)            (29)     (713) 
 Reclassifications         5,519              243          177           -         (5,939)         - 
                     -----------  ---------------  -----------  ----------  --------------  -------- 
 At 30 June 
  2015                   130,961            9,095       46,991       5,372          19,064   211,483 
                     -----------  ---------------  -----------  ----------  --------------  -------- 
 
 
 Depreciation/Impairment 
 At 1 January 
  2015                    30,460            1,587       15,078       1,526               -    48,651 
 Translation 
  adjustment                 593                8          196          36               -       833 
 Charge for 
  the period                 709              210        2,164         470               -     3,553 
 Disposals                  (38)             (54)        (358)           -               -     (450) 
 Reclassifications             -                -            -           -               -         - 
                     -----------  ---------------  -----------  ----------  --------------  -------- 
 At 30 June 
  2015                    31,724            1,751       17,080       2,032               -    52,587 
                     -----------  ---------------  -----------  ----------  --------------  -------- 
 
 
 
 
 
 
 
           8. Property, plant and 
            equipment (continued) 
 Net Book Value 
                  -------  ------  -------  ------  -------  -------- 
 30 June 2015      99,237   7,344   29,911   3,340   19,064   158,896 
                  -------  ------  -------  ------  -------  -------- 
 1 January 
  2015             86,602   5,765   22,967   2,776   13,415   131,525 
                  -------  ------  -------  ------  -------  -------- 
 

Assets under construction as at 30 June 2015 includes the following significant projects; three motorway services area in Northern Ireland (EUR6.6m), two service stations in the Republic of Ireland (EUR6.8m) and one service station in the UK (EUR1.3m). The remaining amounts relate to several other developments in all three regions.

9. Inventories

 
                                   30 June   31 December 
                                      2015          2014 
                                    EUR000        EUR000 
 Raw materials and consumables         697           616 
 Finished goods                     20,341        18,542 
                                    21,038        19,158 
                                  --------  ------------ 
 

The cost of inventories recognised as an expense and included in 'cost of sales' amounted to EUR454m (June 2014: EUR398m).

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Applegreen (LSE:APGN)
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From Jun 2024 to Jul 2024 Click Here for more Applegreen Charts.
Applegreen (LSE:APGN)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Applegreen Charts.