TIDMAPGN
RNS Number : 9137R
Applegreen PLC
14 March 2016
Applegreen plc
Preliminary Statement of Results for the year ended 31 December
2015
Dublin, London, 14 March 2016: Applegreen plc ('Applegreen' or
'the Group'), a major petrol forecourt retailer in the Republic of
Ireland with a growing presence in the United Kingdom announces
preliminary results for the year ended 31 December 2015.
Financial highlights:
-- Strong operating performance with adjusted EBITDA up 26% to EUR28.9m
-- 30% increase in gross profit on FY 2014 to EUR125.9m (27% in constant currency)
-- Like for like growth in store and food gross profit of 8.9% (6.8% in constant currency)
-- Revenue up 15% to EUR1,081m
-- Net debt position at 31 December 2015 of EUR4.7m
Operational highlights:
-- Grew estate to 200 sites as at 31 December 2015 (2014: 152)
-- Continued investment in the development of the network with net capex of EUR58.8m in 2015
-- Positive impact from new store openings and rebrands in
driving sales and profit growth in FY 2015
-- Increased food outlets by 29 and launched two new food offers - Chopstix and Greggs
-- Successful IPO in June raising EUR66.3m in primary capital (net of expenses)
Key figures:
31 December 31 December Change
2015 2014
Gross profit EUR125.9m EUR96.6m 30%
Adjusted EBITDA(1) EUR28.9m EUR23.0m 26%
Adjusted PBT(1) EUR17.7m EUR14.5m 22%
Commenting on the results, Bob Etchingham, CEO of Applegreen
said: "In reporting our first full year results as a public company
we are very pleased to announce a strong performance in 2015 with
growth in both profitability and turnover delivered across each of
the Republic of Ireland and the UK. This performance was driven by
new site openings in both the latter part of 2014 and early 2015 as
well as the increased contribution from food driven by our upgrade
and rebranding programme.
We continued to expand our business in the year adding five
Service Area sites and seven petrol filling stations in the
Republic of Ireland, as well as expanding our network of dealer
sites by 25. In the UK our site numbers increased by eight
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 29 across the
estate.
We have had a positive start to 2016, adding four Service Area
sites and seven petrol filling stations to the estate and we
continue to see good opportunities for green field and bolt-on
expansion. Consumer sentiment is strong in both our key markets,
particularly the Republic of Ireland, and we are confident that our
distinctive retail offering in the forecourt sector will continue
to deliver growth through 2016."
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. 2,900 people, and operates 200 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.
Applegreen's growth strategy is focused on acquiring and
developing new sites in the markets in which it operates and on
upgrading and rebranding existing sites.
Conference call details - analysts and institutional
investors
Applegreen plc will host a conference call for analysts and
investors today, 14 March, 2016 at 09.00 GMT. Presentation will be
available at www.applegreenstores.com. Participants should dial in
five minutes prior to start time using confirmation code. Dial in
details and confirmation code are:
Confirmation code: 7487645
Participants in Ireland: +353(0)12465602
Participants in United Kingdom: +44(0)2034271915
For further enquiries,
please contact:
Applegreen
Bob Etchingham, CEO /
Paul Lynch CFO +353 (0) 1 512 4800
Drury Porter Novelli
(Irish media):
Paddy Hughes +353 (0) 1 260 5000
Powerscourt (UK and international
media):
Lisa Kavanagh
Simon Compton +44 (0) 20 7250 1446
Shore Capital
Stephane Auton
Patrick Castle +44 (0) 20 7408 4090
Goodbody
Simon Howley
Siobhan Wall +353 (0) 1 667 0420
Applegreen FY 2015 Performance Overview and Outlook
We delivered strong growth in 2015 over 2014 driven by the
contribution from new sites across the Group's portfolio and the
continued development of our food offerings.
Our upgrade and rebranding activity, together with an improving
economic backdrop, saw like for like(2) shop and food sales grow by
6.9% (4.5% growth in constant currency(3) ), with related like for
like gross profit up by 8.9% (6.8% growth in constant
currency).
There was considerable volatility in the oil price during the
year with increases in H1 followed by decreases in H2 but, overall,
the impact on the business was not significant.
During the period we expanded our portfolio with 48 new sites,
including 37 in the ROI, eight in the UK and three in the US. 23 of
these were company owned sites, including six Service Areas and 17
petrol filling stations and 25 were dealer sites. The dealer
business provides fuel to independent operators. The canopy and
pumps on these dealer locations are branded Applegreen while the
non-fuel revenue remains under the control of the operator of the
site.
We also continued our rebranding and upgrade programme with 27
sites completed in 2015, with one or more new food outlets added at
each site. We also expanded our range of food outlets by 29
including launching two new food offers - Chopstix and Greggs. This
added to our existing portfolio of own brands and international
brands including Subway, Costa Coffee, Burger King and Lavazza.
Republic of Ireland
In the twelve months to 31 December 2015, revenue in the
Republic of Ireland increased by 12.6% and gross profit increased
by 23.0%. Like for like store and food sales increased by 4.9% and
like for like gross profit increased by 6.5%. Fuel gross profit
increased by 19.3% with a like for like margin decrease of 0.6% due
to fuel price volatility and a strong comparable performance in the
prior year.
During the year, we expanded our estate with 37 new sites.
Twelve new company owned units were added during the year, five
Service Areas and seven petrol filling stations. The new Service
Areas, which are the Group's larger sites, included two sites in
the west of Ireland, one in Dublin, one in Kerry as well as a newly
built Motorway Service Area in Kilkenny on the M9. The seven new
petrol filling stations that opened during the year comprise three
located in the east of the country and four in the west of Ireland,
further strengthening our network coverage.
The Group also added 25 dealer sites during the year bringing
our total portfolio of dealers to 33 by the end of December.
Ten sites were re-branded / upgraded incorporating a new food
offer in 2015.
United Kingdom
Revenue increased by 18.1% during 2015 while gross profit
increased to EUR34.7m in 2015 from EUR23.0m in 2014. Like for like
stores and food sales increased by 3.1% (constant currency) while
like for like store and food gross profit increased by 8.5%
(constant currency). Fuel gross margin increased by 23.7% (constant
currency) and like for like figures recorded growth of 4.9%
(constant currency) reflecting an improved 2015 compared to the
same period last year.
The key development for this region during the year 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. Seven other petrol filling station sites were added in the
UK of which two were in the London area.
Eight sites were rebranded / upgraded in the UK during the year
with the upgrade incorporating one or more branded food offers.
U.S., Dealer and Fuel Card
By the end of 2015 we were trading from five sites in Long
Island having added three during the year. A further site was
acquired in January 2016 and three of the forecourts were rebranded
as Applegreen in 2015. Trading has been satisfactory and we
continue to evaluate growth opportunities in that region.
As referenced earlier our Dealer network grew considerably to 33
sites by 31 December 2015 and now accounts for 9% of our ROI fuel
volume making a positive contribution to earnings.
Our fuel card business also grew strongly during the period and
with 4% of our Irish fuel volume has a modest but growing earnings
profile.
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 EUR8.1m on 2014, however this includes
an increase in the share based payment charge of EUR2.4m. The year
on year growth was mainly in the first half of the year reflecting
the impact of the investment in our support functions in the second
half of 2014.
Outlook
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We continue to develop our estate in 2016. In the Republic of
Ireland four new sites have been added year to date, including a
new Service Area in Meath. We have also upgraded one of our
existing sites to a Service Area. In the UK a further five sites
have been added. In Northern Ireland we have opened the second
Motorway Service Area as well as a smaller Service Area in
Ballymena while we have added three new petrol filling stations in
England. We have expanded our UK development team and have a number
of UK Service Areas in the pipeline. Our programme of upgrades and
rebranding is ongoing.
We continue to see good opportunities for expansion in our two
main markets, both greenfield and bolt-on. Consumer sentiment is
strong, particularly in Ireland, and we have had a positive and
encouraging start to 2016.
CONSOLIDATED INCOME STATEMENT
YEAR ENDED 31 DECEMBER 2015
Notes 2015 2014
Unaudited Audited
EUR000 EUR000
Revenue 2 1,081,494 937,322
Cost of Sales 4 (955,595) (840,740)
---------- ----------
Gross Profit 125,899 96,582
Selling and distribution
costs 4 (86,067) (63,903)
Administrative expenses 4 (24,321) (16,238)
Other income 953 974
Finance costs 5 (2,877) (2,885)
Finance income 5 334 417
Profit before income
tax 13,921 14,947
Income tax expense 6 (1,917) (2,668)
---------- ----------
Profit for the financial
year 12,004 12,279
---------- ----------
Earnings per share from continuing operations attributable to
the owners of the parent company during the year
Basic earnings per share
(cent) 3 17.07 20.47
Diluted earnings per
share (cent) 3 16.29 20.42
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2015
2015 2014
Unaudited Audited
EUR000 EUR000
Profit for the financial
year 12,004 12,279
Other comprehensive expense
Items that may be reclassified
to profit or loss
Currency translation
differences on foreign
operations (138) (159)
---------- --------
Other comprehensive expense
for the year, net of
tax (138) (159)
---------- --------
Total comprehensive income
for the year 11,866 12,120
---------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2015
Notes 2015 2014
Assets Unaudited Audited
Non-current assets EUR000 EUR000
Intangible assets 7 1,660 985
Property, plant and equipment 8 182,249 131,525
Investment in associates - -
Trade and other receivables 224 -
Deferred income tax asset 2,962 2,877
---------- ---------
187,095 135,387
---------- ---------
Current assets
Inventories 9 24,076 19,158
Trade and other receivables 10 15,270 8,333
Current income tax receivables 180 -
Cash and cash equivalents 11 49,297 13,781
88,823 41,272
Total assets 275,918 176,659
---------- ---------
Equity and Liabilities
Capital and reserves attributable to the owners of the parent
Issued share capital 15 796 600
Share premium 139,427 67,574
Capital Contribution 512 -
Merger reserve (65,537) (65,537)
Currency translation reserve (329) (191)
Share based payment reserve 2,991 332
Retained earnings 20,429 14,877
---------- ---------
Total Equity 98,289 17,655
---------- ---------
Non-current liabilities
Trade and other payables 13 5,624 1,892
Borrowings 12 47,766 39,595
Deferred income tax liabilities 4,692 4,086
---------- ---------
58,082 45,573
---------- ---------
Current liabilities
Trade and other payables 13 111,927 89,099
Borrowings 12 6,214 21,213
Current income tax liabilities 87 1,411
Provisions for liabilities and charges 14 1,319 1,708
---------- ---------
119,547 113,431
Total Liabilities 177,629 159,004
---------- ---------
Total Equity and Liabilities 275,918 176,659
---------- ---------
Consolidated statement of changes in equity
AS AT 31 DECEMBER 2015
Capital Foreign Share
Contribution currency based
Issued Share Merger translation payment Retained
capital premium reserve reserve reserve earnings Total
EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000
Audited
At 1 January
2014 600 65,700 - (65,537) (32) - 2,598 3,329
Profit for the
year - - - - - - 12,279 12,279
Other
comprehensive
income - - - - (159) - - (159)
Issue of
redeemable
ordinary
share capital - 1,874 - - - - - 1,874
Share options
granted - - - - - 332 - 332
----------- ----------- -------------- ----------- ------------ ---------- ---------- --------
Unaudited
As at 1
January 2015 600 67,574 - (65,537) (191) 332 14,877 17,655
Profit for the
financial
year - - - - - - 12,004 12,004
Other
comprehensive
income - - - - (138) - - (138)
Share based
payments - - - - - 2,659 - 2,659
Issue of
ordinary
share capital
(note 15) 196 71,853 - - - - (4,578) 67,471
Redemption of
ordinary
share capital
(note 15) - - - - - - (1,874) (1,874)
Capital
Contribution - - 512 - - - - 512
----------- ----------- -------------- ----------- ------------ ---------- ---------- --------
At 31 December
2015 796 139,427 512 (65,537) (329) 2,991 20,429 98,289
----------- ----------- -------------- ----------- ------------ ---------- ---------- --------
Consolidated statement of cash flows
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YEAR ENDED 31 DECEMBER 2015
Notes 2015 2014
Unaudited Audited
Cash flows from operating
activities EUR000 EUR000
Profit before income
tax 13,921 14,947
Adjustments for:
Depreciation and amortisation 4 8,663 5,720
Finance income 5 (334) (417)
Finance costs 5 2,877 2,885
Net impairment of non
current assets (15) 293
Share based payment
expense 2,667 332
Loss/(Profit)on the
sale/disposal of property,
plant and equipment 4 509 (2,872)
---------- ---------
28,288 20,888
Increase in trade and
other receivables (4,642) (2,965)
Increase in inventories (4,526) (2,423)
Increase in trade payables 18,061 12,512
(Decrease)/Increase
in provisions (389) 1,207
---------- ---------
Cash generated from
operations 36,792 29,219
Income taxes paid (2,941) (2,847)
---------- ---------
Net cash from operating
activities 33,851 26,372
Cash flows from investing
activities
Purchase of property,
plant and equipment (53,950) (40,912)
Purchase of intangibles (867) (488)
Proceeds from sale of
equipment 48 3,538
Interest received 200 401
---------- ---------
Net cash used in investing
activities (54,569) (37,461)
Cash flows from financing
activities
Proceeds from long-term
borrowings 9,563 15,000
Proceeds from finance
leases - 303
Redemption of share
capital (1,874) -
Proceeds from Issue
of ordinary share capital 67,471 -
Contributions from shareholders 512 -
Repayment of borrowings (16,600) (3,571)
Payment of finance lease
liabilities (1,298) (1,628)
Interest paid (2,347) (2,348)
---------- ---------
Net cash used in financing
activities 55,427 7,756
Net increase in cash
and cash equivalents 34,709 (3,333)
Cash and cash equivalents
at beginning of year 12,266 15,273
Exchange gains 270 326
Cash and cash equivalents
at end of year 11 47,245 12,266
---------- ---------
1. General information and basis of preparation
Applegreen PLC ('the Company') is a company incorporated in the
Republic of Ireland. 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 company is
incorporated and tax resident in Ireland. The address of its
registered office is Unit 17, Joyce Way, Parkwest Business Park,
Dublin 24, Ireland.
The Consolidated Financial Statements of the Group are prepared
in accordance with Irish law and International Financial Reporting
Standards ('IFRS') and their interpretations issued by the
International Accounting Standards Board ('IASB') and adopted by
the European Union ('EU'). The financial information in this report
has been prepared in accordance with the Group's accounting
policies. Full details of the accounting policies adopted by the
Group are contained in the Consolidated Financial Statements
included in the Group's annual report for the year ended 31
December 2014 which is available on the Group's website,
applegreenstores.com. The accounting policies and methods of
computation and presentation adopted in the preparation of the
Group financial information are consistent with those described and
applied in the annual report for the year ended 31 December 2014.
The Group's accounting policy in respect of its initial public
offering in June 2015 is set out in note 15. There are no new IFRSs
or interpretations effective from 1 January 2015 which have had a
material effect on the financial information included in this
report.
The financial information presented in this report does not
represent full statutory accounts. The preliminary release was
approved by the Board of Directors. The annual report and accounts
will be approved by the Board of Directors and reported on by the
auditors in due course. Accordingly, the financial information is
unaudited. Full statutory accounts for the year ended 31 December
2014 have been filed with the Irish Registrar of Companies. The
audit report on those statutory accounts was unqualified.
These 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 Financial
Statements.
The preparation of these 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 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 were 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.
2. 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 USA. 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 USA.
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 USA - Involves the sale of fuel and store within the
United States of America
The CODM monitors Revenue and Gross Profit 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. The CODM also reviews adjusted EBITDA on a
consolidated basis. 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.
Analysis of Revenue and Gross Profit
2015 IRL UK USA Total
Revenue EUR000 EUR000 EUR000 EUR000
Fuel 472,345 397,874 9,081 879,300
Food 55,835 11,661 - 67,496
Store 94,332 38,946 1,420 134,698
-------- -------- ------- ----------
622,512 448,481 10,501 1,081,494
-------- -------- ------- ----------
Gross Profit
Fuel 29,994 18,094 947 49,035
Food 32,484 5,380 - 37,864
Store 27,387 11,186 427 39,000
-------- -------- ------- ----------
89,865 34,660 1,374 125,899
-------- -------- ------- ----------
2014 IRL UK USA Total
Revenue EUR000 EUR000 EUR000 EUR000
Fuel 428,893 345,948 4,138 778,979
Food 41,659 4,768 - 46,427
Store 82,407 28,926 583 111,916
-------- -------- ------- --------
552,959 379,642 4,721 937,322
-------- -------- ------- --------
Gross Profit
Fuel 25,137 13,168 330 38,635
Food 23,673 1,765 - 25,438
Store 24,266 8,051 192 32,509
-------- -------- ------- --------
73,076 22,984 522 96,582
-------- -------- ------- --------
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Reconciliation of profit before income tax to earnings before
interest, tax, depreciation and amortisation (EBITDA), share based
payments and other non-recurring charges (Adjusted EBITDA)
Notes 2015 2014
EUR000 EUR000
Profit before income
tax 13,921 14,947
Depreciation 4 8,484 5,604
Amortisation 4 179 116
Net impairment charge 4 (15) 293
Net finance cost 5 2,543 2,468
------- --------
EBITDA 25,112 23,428
Share based payments 2,667 332
Profit on sale of assets - (2,872)
Non-recurring charges 4 1,118 2,093
Adjusted EBITDA 28,897 22,981
------- --------
3. Earnings per share
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 year.
Basic earnings per share 2015 2014
Profit from continuing
operations attributable
to the owners of the
company (EUR'000) 12,004 12,279
Weighted average number
of ordinary shares in
issue for basic earnings
per share ('000) 70,339 60,000
------- -------
Basic earnings per share
(cent) 17.07 20.47
------- -------
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares which comprise
share options issued under the share incentive plan.
Diluted earnings per
share 2015 2014
Profit from continuing
operations attributable
to the owners of the
company (EUR'000) 12,004 12,279
Weighted average number
of ordinary shares in
issue ('000) 70,339 60,000
Adjusted for:
Potentially dilutive
ordinary shares ('000) 3,339 141
------- -------
Weighted average number
of ordinary shares for
diluted earnings per
share ('000) 73,678 60,141
Diluted earnings per
share (cent) 16.29 20.42
------- -------
4. Expenses
Profit before tax is stated after charging/(crediting):
2015 2014
EUR000 EUR000
Cost of inventory recognised
as expense 941,089 831,181
Other external charges 14,506 9,559
Employee benefits 41,497 24,722
Operating lease charges 12,568 10,347
Amortisation of intangible
assets 179 116
Depreciation of property,
plant and equipment 8,484 5,604
Foreign exchange loss/(gain) 146 (205)
Impairment charge 654 669
Impairment reversal (669) (376)
Loss on disposal of 509 -
assets
Profit on sale of assets - (2,872)
Non recurring charges
* 1,118 2,093
Other operating charges 45,902 40,043
---------- --------
1,065,983 920,881
---------- --------
* 2015: Non-recurring charges comprise provision in respect of
uncertain payroll tax positions with Revenue authorities and a one
off payment made by the Group's principal shareholders to employees
subsequent to the Group's IPO.
2014: Non-recurring charges comprise provision in respect of
uncertain tax positions with Revenue authorities and one off
payment made to directors of the company for past service.
5. Finance costs and income
2015 2014
Finance costs EUR000 EUR000
Interest payable on bank
loans and overdrafts 2,266 2,223
Foreign currency translation
on debt 585 706
Lease finance charges
and hire purchase interest 434 343
Borrowing costs capitalised (408) (387)
Finance costs 2,877 2,885
------- -------
2015 2014
Finance income EUR000 EUR000
Interest income on loans
to associate (321) (321)
Interest income on loans
to directors (13) (96)
Finance income (334) (417)
------- -------
Net finance cost 2,543 2,468
------- -------
6. Taxation
2015 2014
Current tax EUR000 EUR000
Current tax expense -
Ireland 1,022 1,630
Current tax expense -
Overseas 370 474
Adjustments in respect
of previous periods 40 514
Total current tax 1,432 2,618
------- -------
Deferred tax
Origination and reversal
of temporary differences 485 50
Total deferred tax 485 50
------- -------
Total tax 1,917 2,668
------- -------
The total tax expense can be reconciled to accounting profit as
follows:
2015 2014
EUR000 EUR000
Profit before tax from continuing
operations 13,921 14,947
------- --------
Income tax at 12.5% 1,740 1,868
Tax effects of eliminated intra-group
transactions and non-tax deductible
expenses (16) (1,339)
Income taxable at higher rates 153 741
Chargeable gains - 884
Adjustments in respect of previous
periods 40 514
Total current tax expense 1,917 2,668
------- --------
7. Intangible Assets
Operating
agreements Franchises Licences Total
Cost EUR000 EUR000 EUR000 EUR000
At 1 January
2015 - 593 871 1,464
Translation
Adjustment - 4 2 6
Additions 235 163 474 872
Disposals - (5) (3) (8)
------------ ----------- --------- -------
At 31 December
2015 235 755 1,344 2,334
------------ ----------- --------- -------
Amortisation
At 1 January
2015 - 117 362 479
Translation -
Adjustment - - -
Disposals - - - -
Amortisation
charge 24 44 111 179
Impairment
charge - 14 2 16
------------ ----------- --------- -------
At 31 December
2015 24 175 475 674
------------ ----------- --------- -------
Net Book Value
------------ ----------- --------- -------
31 December
2015 211 580 869 1,660
------------ ----------- --------- -------
1 January
2015 - 476 509 985
------------ ----------- --------- -------
8. Property, plant and equipment
Fixtures,
Land fittings Computer Assets
and Plant and motor hardware under
Buildings and equipment vehicles and 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 1,318 72 353 64 640 2,447
Additions 17,970 4,632 19,050 3,610 12,645 57,907
Disposals (557) (371) (4,196) (236) (220) (5,580)
Reclassifications 5,803 242 176 339 (6,560) -
----------- --------------- ----------- -------------- -------------- --------
At 31 December
2015 141,596 11,927 53,428 8,079 19,920 234,950
----------- --------------- ----------- -------------- -------------- --------
Depreciation/Impairment
At 1 January
2015 30,460 1,587 15,078 1,526 - 48,651
Translation
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