TIDMCARL
RNS Number : 9945L
Carluccio's PLC
17 May 2010
17 May 2010
Interim Results for the 26 weeks ended 28 March 2010
Carluccio's, the leading UK group of authentic Italian restaurants with
integrated food shops, is pleased to announce its interim results for the 26
weeks ended 28March 2010.
+-------------------------+--------+--+---------+--+--------+-----+------+
| | | | | | | | |
| | 26 | | 26 | | | | |
| | weeks | | weeks | | Change | | |
| | to | | to | | (%) | | |
| | 28 | | 29 | | | | |
| | March | | March | | | | |
| | 2010 | | 2009 | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| Turnover (GBPm) | 37.1 | | 34.5 | | +8% | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| EBITDA (GBPm)* | 4.1 | | 3.7 | | +10% | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| Cash and cash | 3.8 | | 2.8 | | +37% | | |
| equivalents (GBPm) | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| Profit before tax | 2.7 | | 2.5 | | +8% | | |
| (GBPm) | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| Basic earnings per | 3.2 | | 2.9 | | +10% | | |
| share (pence) | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
| Proposed interim | 0.8 | | 0.7 | | +14% | | |
| dividend (pence) | | | | | | | |
+-------------------------+--------+--+---------+--+--------+-----+------+
* Earnings before Interest Tax Depreciation and Amortisation (EBITDA). See note
6 to the financial statements for details.
Highlights
· Three new Carluccio's opened in the period. A fourth store in Milton
Keynes is due to open in July
· The Company now trades from 45 stores in the UK with a further 4 stores
under franchise
· Site pipeline showing real progress with 7 sites secured and 5 scheduled
to open by the end of the calendar year
· Successful resolution of Dublin franchise rent negotiations
· 2 further stores under franchise opened in Dubai in March and April,
building on the success of the initial opening. A fourth site in Qatar is
scheduled to open towards the end of 2010
· Industry leading CROCI (Cash Return on Cash Invested) of 51%
· Strong cash generation with a GBP1m increase in cash reserves to GBP3.8m
· Interim dividend increased by 14% over prior year to 0.8p
Stephen Gee, Chairman, said:
"I am pleased to report good progress in the period. Profit before tax grew by
8% and our cash balance grew by GBP1m despite having to deal with the twin
challenges of new National Minimum Wage legislation and a return to a higher VAT
rate. Our flexible, all day trading, business model with a low average spend in
the caffe of GBP13 has proved extremely resilient. We serve in excess of
140,000 customers every week in our restaurants and food shops all of whom come
to enjoy our excellent quality, authentic Italian food. This level of customer
loyalty combined with our positive cash position augurs well for the future and
together with the inherent strength of our business model, should ensure that we
report further progress in the second half of the year."
For further information, please contact:
+------------------------------------------+--------------------------+
| Carluccio's PLC | 020 7580 3050 |
+------------------------------------------+--------------------------+
| Simon Kossoff, Managing Director | |
+------------------------------------------+--------------------------+
| Frank Bandura, Finance Director | |
+------------------------------------------+--------------------------+
| | |
+------------------------------------------+--------------------------+
| KBC Peel Hunt, Nominated adviser and | 020 7418 8900 |
| broker | |
+------------------------------------------+--------------------------+
| Dan Webster | |
+------------------------------------------+--------------------------+
| Matt Goode | |
| Oliver Stratton | |
+------------------------------------------+--------------------------+
| | |
+------------------------------------------+--------------------------+
| Hogarth Partnership Limited | 020 7357 9477 |
+------------------------------------------+--------------------------+
| Andrew Jaques | |
+------------------------------------------+--------------------------+
| James White | |
+------------------------------------------+--------------------------+
Photographs are available from Hogarth on request.
There will be an analyst presentation today at Carluccio's Garrick Street,
London WC2E 9EB.
Nearest tube stations: Leicester Square, Covent Garden, Charing Cross. 9.15 am
for 9.30 am start.
Chairman's interim statement
I am pleased to report a successful first half of the year. Turnover for the 26
weeks increased to GBP37.1m (2009: GBP34.5m). EBITDA (Earnings before interest,
tax, depreciation and amortisation) increased to GBP4.1m (2009; GBP3.7m) and
profit before tax increased by 8% to GBP2.7m (2009: GBP2.5m). Earnings per
share grew by 10% to 3.2 pence, ahead of profit growth due to a decline in the
tax charge from 34% to a more usual 32% of profit before tax.
These increases have been achieved despite having to overcome the twin
challenges of the new National Minimum Wage legislation and the reintroduction
of a higher VAT rate of 17.5%. The strong growth in profit outlined above and a
GBP1m increase in our cash balance will enable the payment of an increased
interim dividend of 0.8 pence per share (2009: 0.7 pence). The interim dividend
will be paid on 18 June 2010 to shareholders on the register as at 28 May 2010.
We continue to achieve an industry leading average cash return on cash invested
(CROCI) of 51% which resulted in our cash balance growing by 37% to GBP3.8m. As
well as the payment of an increased dividend, this strong cash generation will
ensure that we continue to finance our now enhanced opening programme out of
internally generated cash flow.
We have already opened three new stores this financial year in Wimbledon, Exeter
and Cardiff and are due to open a fourth store in Milton Keynes in July. All of
the newly opened stores are trading encouragingly ahead of Board expectations
and our total estate now numbers 45. A further 7 new stores are in the pipeline
and 5 of these are expected to open before the calendar year end.
Following the favourable response from our customers we have continued our store
refurbishment programme to reflect our new updated design style. We have now
completed five stores all of which have shown an uplift in trade and we will
continue refurbishing stores throughout the next year.
Our franchisee in the Middle East, the Landmark Group, has opened two more
stores in Dubai during the period bringing the total number of sites to three.
A fourth site, in Qatar, is scheduled to open in late 2010 and Landmark is
actively searching for more sites. I am pleased to report that the dispute
between our Irish franchisee and their landlord in Dublin has been amicably
resolved and the rent has been reduced to a level more in line with the current
Irish property values. This resolution will now allow our franchisee to focus
on the further development of the Carluccio's brand in Ireland.
Trading since the year end has been positive and is in line with the Board's
expectations. The trading environment, however, is likely to remain difficult
to predict and uncertain in the near term. The impact of a Coalition Government
following the outcome of the General Election and the need to take dramatic
action to reduce the budget deficit will only add to this climate of
uncertainty. Our flexible, all day trading, business model with a low average
spend in the caffe of GBP13 has proved extremely resilient. We serve in excess
of 140,000 customers every week in our restaurants and food shops all of whom
come to enjoy our excellent quality, authentic Italian food. This level of
customer loyalty combined with our positive cash position augurs well for the
future and together with the inherent strength of our business model, should
ensure that we report further progress in the second half of the year.
Statement of comprehensive income
For the 26 weeks ended 28 March 2010
+--------------------------------+------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | 26 weeks | 26 weeks | 52 weeks |
| | | ended | ended | ended |
| | | 28 March | 29 March | 27 Sept |
| | | 2010 | 2009 | 2009 |
+--------------------------------+------+-----------+-----------+-----------+
| | Note | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Revenue | | 37,128 | 34,497 | 69,017 |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Cost of sales | | (30,534) | (28,605) | (57,153) |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Gross profit | | 6,594 | 5,892 | 11,864 |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Administrative expenses | | (3,876) | (3,402) | (8,924) |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Operating profit before | | | | |
| provision for impairment and | | 2,718 | 2,490 | 4.648 |
| onerous lease costs | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Impairment provision | | - | - | (1,208) |
+--------------------------------+------+-----------+-----------+-----------+
| Onerous lease costs | | - | - | (500) |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Operating profit | | 2,718 | 2,490 | 2,940 |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Finance income | | 7 | 33 | 38 |
+--------------------------------+------+-----------+-----------+-----------+
| Finance expense | | (14) | (14) | (22) |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Profit before taxation | | 2,711 | 2,509 | 2,956 |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Income tax expense | | (873) | (863) | (1,446) |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Profit for the period and | | | | |
| total comprehensive income for | | | | |
| the period attributable to | | 1,838 | 1,646 | 1,510 |
| equity shareholders | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Basic earnings per share | 5 | 3.2 | 2.9 | 2.6 |
| (pence) | | | | |
+--------------------------------+------+-----------+-----------+-----------+
| Diluted earnings per share | 5 | 3.2 | 2.9 | 2.6 |
| (pence) | | | | |
+--------------------------------+------+-----------+-----------+-----------+
Balance sheet as at 28 March 2010
+----------------------------------+----+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
| | | As at | As at | As at |
| | | 28 March | 29 March | 27 Sept |
| | | 2010 | 2009 | 2009 |
+----------------------------------+----+-----------+-----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+----+-----------+-----------+----------+
| Non-current assets | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Intangible assets | | 221 | 176 | 193 |
+----------------------------------+----+-----------+-----------+----------+
| Property, plant & equipment | | 24,784 | 23,511 | 23,557 |
+----------------------------------+----+-----------+-----------+----------+
| Prepaid operating lease charges | | 1,297 | 1,389 | 1,239 |
+----------------------------------+----+-----------+-----------+----------+
| | | 26,302 | 25,076 | 24,989 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Current assets | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Inventories | | 1,421 | 1,311 | 1,650 |
+----------------------------------+----+-----------+-----------+----------+
| Trade & other receivables | | 491 | 515 | 552 |
+----------------------------------+----+-----------+-----------+----------+
| Prepayments and accrued income | | 1,752 | 1,783 | 1,899 |
+----------------------------------+----+-----------+-----------+----------+
| Prepaid operating lease charges | | 124 | 119 | 113 |
+----------------------------------+----+-----------+-----------+----------+
| Cash and cash equivalents | | 3,767 | 2,753 | 3,056 |
+----------------------------------+----+-----------+-----------+----------+
| | | 7,555 | 6,481 | 7,270 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Total assets | | 33,857 | 31,557 | 32,259 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Current liabilities | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Trade and other payables | | 3,671 | 3,718 | 3,411 |
+----------------------------------+----+-----------+-----------+----------+
| Other tax and social security | | 1,874 | 1,422 | 1,797 |
+----------------------------------+----+-----------+-----------+----------+
| Accruals | | 4,279 | 3,949 | 4,338 |
+----------------------------------+----+-----------+-----------+----------+
| Corporation tax liabilities | | 1,078 | 891 | 901 |
+----------------------------------+----+-----------+-----------+----------+
| Provisions | | 132 | - | 132 |
+----------------------------------+----+-----------+-----------+----------+
| | | 11,034 | 9,980 | 10,579 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Non-current liabilities | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Accruals | | 2,331 | 2,122 | 2,192 |
+----------------------------------+----+-----------+-----------+----------+
| Deferred tax liabilities | | 1,655 | 1,834 | 1,753 |
+----------------------------------+----+-----------+-----------+----------+
| Provisions | | 302 | - | 368 |
+----------------------------------+----+-----------+-----------+----------+
| | | 4,288 | 3,956 | 4,313 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Total liabilities | | 15,322 | 13,936 | 14,892 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Net assets | | 18,535 | 17,621 | 17,367 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Shareholders' equity | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Share capital | | 2,961 | 2,874 | 2,919 |
+----------------------------------+----+-----------+-----------+----------+
| Share premium account | | 3,404 | 1,972 | 2,682 |
+----------------------------------+----+-----------+-----------+----------+
| EBT reserve | | (1,784) | (269) | (1,020) |
+----------------------------------+----+-----------+-----------+----------+
| Retained earnings | | 13,954 | 13,044 | 12,786 |
+----------------------------------+----+-----------+-----------+----------+
| | | | | |
+----------------------------------+----+-----------+-----------+----------+
| Shareholders' equity | | 18,535 | 17,621 | 17,367 |
| attributable to equity holders | | | | |
| of the parent | | | | |
+----------------------------------+----+-----------+-----------+----------+
Statement of changes in equity as at 28 March 2010
+----------------------------+---------+---------+---------+----------+---------+
| | | Share | | | |
| | Share | premium | EBT | Retained | Total |
| | Capital | account | Reserve | earnings | equity |
+----------------------------+---------+---------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| At 27 September 2009 | 2,919 | 2,682 | (1,020) | 12,786 | 17,367 |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Total comprehensive income | - | - | - | 1,838 | 1,838 |
| for the period | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Tax on share options taken | - | - | - | 146 | 146 |
| directly to reserves | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Issue of shares | 42 | 722 | (764) | - | - |
+----------------------------+---------+---------+---------+----------+---------+
| Dividends paid | - | - | - | (913) | (913) |
+----------------------------+---------+---------+---------+----------+---------+
| Share based payment | - | - | - | 97 | 97 |
| credited to reserves | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| At 28 March 2010 | 2,961 | 3,404 | (1,784) | 13,954 | 18,535 |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| At 28 September 2008 | 2,852 | 1,725 | - | 12,181 | 16,758 |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Total comprehensive income | - | - | - | 1,646 | 1,646 |
| for the period | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Tax on share options taken | - | - | - | (108) | (108) |
| directly to reserves | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Issue of shares | 22 | 247 | (269) | - | - |
+----------------------------+---------+---------+---------+----------+---------+
| Dividends paid | - | - | - | (913) | (913) |
+----------------------------+---------+---------+---------+----------+---------+
| Share based payment | - | - | - | 238 | 238 |
| credited to reserves | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| At 29 March 2009 | 2,874 | 1,972 | (269) | 13,044 | 17,621 |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| At 28 September 2008 | 2,852 | 1,725 | - | 12,181 | 16,758 |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Total comprehensive income | - | - | - | 1,510 | 1,510 |
| for the period | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Tax on share options taken | - | - | - | (52) | (52) |
| directly to reserves | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| Issue of shares | 67 | 957 | (1,020) | - | 4 |
+----------------------------+---------+---------+---------+----------+---------+
| Dividends paid | - | - | - | (1,312) | (1,312) |
+----------------------------+---------+---------+---------+----------+---------+
| Share based payment | - | - | - | 459 | 459 |
| credited to reserves | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
| At 27 September 2009 | 2,919 | 2,682 | (1,020) | 12,786 | 17,367 |
+----------------------------+---------+---------+---------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+----------+---------+
Cashflow statement
For the 26 weeks ended 28 March 2010
+--------------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | 26 weeks | 26 weeks | 52 weeks |
| | ended | ended | ended |
| | 28 March | 29 March | 27 Sept |
| | 2010 | 2009 | 2009 |
+--------------------------------------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Profit before taxation | 2,711 | 2,509 | 2,956 |
+--------------------------------------+-----------+-----------+----------+
| Amortisation and depreciation | 1,353 | 1,219 | 2,493 |
+--------------------------------------+-----------+-----------+----------+
| Share based payment charge | 97 | 238 | 459 |
+--------------------------------------+-----------+-----------+----------+
| Net finance cost / (income) | 7 | (19) | (16) |
+--------------------------------------+-----------+-----------+----------+
| Provision for impairment and onerous | (66) | - | 1,708 |
| lease costs | | | |
+--------------------------------------+-----------+-----------+----------+
| Loss on disposal of property, plant | 71 | 14 | 42 |
| and equipment | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Cash flows from operating activities | 4,173 | 3,961 | 7,642 |
| before changes in working capital | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Decrease / (increase) in inventories | 229 | 168 | (168) |
+--------------------------------------+-----------+-----------+----------+
| Decrease / (increase) in receivables | 208 | (237) | (390) |
+--------------------------------------+-----------+-----------+----------+
| Increase/(decrease) in payables | 417 | (1,219) | (692) |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Net cash inflow from operating | 5,027 | 2,673 | 6,392 |
| activities before tax | | | |
+--------------------------------------+-----------+-----------+----------+
| Corporation tax paid | (646) | (598) | (1,197) |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Net cash inflow from operating | 4,381 | 2,075 | 5,195 |
| activities | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Cash flows from investing activities | | | |
+--------------------------------------+-----------+-----------+----------+
| Finance income | 7 | 33 | 38 |
+--------------------------------------+-----------+-----------+----------+
| Payments to acquire property, plant | (2,625) | (2,015) | (4,390) |
| & equipment and intangible assets | | | |
+--------------------------------------+-----------+-----------+----------+
| Prepaid operating lease charges - | (125) | - | (44) |
| lease premiums | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Net cash outflow from investing | (2,743) | (1,982) | (4,396) |
| activities | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Cash flows from financing activities | | | |
+--------------------------------------+-----------+-----------+----------+
| Finance cost | (14) | (14) | (22) |
+--------------------------------------+-----------+-----------+----------+
| Proceeds from issue of share capital | - | - | 4 |
+--------------------------------------+-----------+-----------+----------+
| Equity dividends paid | (913) | (913) | (1,312) |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Net cash outflow from financing | (927) | (927) | (1,330) |
| activities | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Net increase/(decrease) in cash and | 711 | (834) | (531) |
| cash equivalents | | | |
+--------------------------------------+-----------+-----------+----------+
| Cash and cash equivalents at | 3,056 | 3,587 | 3,587 |
| beginning of period | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
| Cash and cash equivalents at end of | 3,767 | 2,753 | 3,056 |
| period | | | |
+--------------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------------+-----------+-----------+----------+
NOTES TO THE FINANCIAL STATEMENTS
For the 26 weeks ended 28 March 2010
1. General information
Carluccio's PLC is a public limited company incorporated in the United Kingdom
with registration number 02001576. The Company is domiciled in the United
Kingdom and has its registered office at 35 Rose Street, Covent Garden, London
WC2E 9EB. The Company's shares are listed on the Alternative Investment Market
of the London Stock Exchange. Copies of the interim report will be sent to
shareholders or can be obtained from the website at www.carluccios.com.
2. Basis of preparation
The financial statements have been prepared using International Financial
Reporting Standards (IFRS) as adopted by the European Union and in accordance
with International Accounting Standard 34 Interim Financial Reporting.
During the period the Company has adopted IAS 1 (amended) 'Presentation of
Financial Statements'. The effect of this is presentational and has no impact
on the reported profit or net assets.
Other than stated above, the same accounting policies, presentation and methods
of computation have been followed in these financial statements as were applied
in the preparation of the Company's financial statements for the year ended 27
September 2009.
The interim financial information contained in these statements covers the 26
weeks from 28 September 2009 to 28 March 2010, is unaudited and does not
constitute statutory financial statements as defined in Section 435 of the
Companies Act 2006. The financial information for the 52 weeks ended 27
September 2009 does not constitute the full statutory accounts for that period.
The Annual Report and Financial Statements for 2009 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the Annual Report
and Financial Statement for 2009 was unqualified, did not draw attention to any
matters by way of emphasis, and did not contain a statement under 498(2) or
498(3) of the Companies Act 2006.
The financial statements are presented in Sterling and all values are rounded to
the nearest thousand pounds (GBP'000) except where stated otherwise.
3. Segmental information
Revenue is attributable to the principal activity of the Company which is
carried out substantially in the United Kingdom.
The Company operates in one business sector (caffé and foodshops) and in
substantially one geographical market (the United Kingdom), therefore no
segmental information is presented.
4. Dividend
The directors are proposing the payment of an interim dividend of 0.8 pence per
ordinary share (2009: 0.7 pence). The total dividend payable will be GBP456,000
(2009: GBP399,000) and will be paid to all shareholders on 18 June 2010 provided
that they appear on the register as at 28 May 2010. The final dividend of 1.6
pence per ordinary share (2009:1.6 pence) for the 52 weeks ended 27 September
2009 was paid on 19 February 2010. The total amount of the dividend payment was
GBP913,000 (2009:GBP913,000).
5. Earnings per ordinary share (EPS)
+--------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | 26 weeks | 26 weeks | 52 weeks |
| | ended | ended | ended |
| | 28 March | 29 March | 27 Sept |
| | 2010 | 2009 | 2009 |
+--------------------------------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-----------+-----------+----------+
| Numerator | | | |
+--------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------+-----------+-----------+----------+
| Profit for the period (basic | | | |
| earnings | | | |
+--------------------------------+-----------+-----------+----------+
| per share) | 1,838 | 1,646 | 1,510 |
+--------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------+-----------+-----------+----------+
| Provision for impairment net | - | - | 1,394 |
| of tax | | | |
+--------------------------------+-----------+-----------+----------+
| Share-based payments net of | 70 | 171 | 511 |
| tax | | | |
+--------------------------------+-----------+-----------+----------+
| Pre-opening expenses net of | 399 | 344 | 778 |
| tax | | | |
+--------------------------------+-----------+-----------+----------+
| | | | |
+--------------------------------+-----------+-----------+----------+
| Adjusted profit for the period | | | |
| (adjusted | | | |
+--------------------------------+-----------+-----------+----------+
| earnings per share) | 2,307 | 2,161 | 4,193 |
+--------------------------------+-----------+-----------+----------+
In calculating adjusted earnings per share, profit for the period has been
adjusted for several items to enable a clearer view of underlying Company
performance:
· The provisions for impairment and onerous leases do not relate to trading
activities of the Company and are non-cash in nature.
· IFRS 2 "Share based payment transactions" requires that entities
calculate the cost of issuing employee options. This is an exercise resulting
in an accounting adjustment only. It is neither a cash expense nor a liability
that will result in the outflow of cash in the future and is therefore added
back to provide a clearer picture of underlying Company performance. Similarly,
the deferred tax implications of IFRS 2 are adjusted for.
· Pre-opening expenses are incurred in the marketing of new caffé and
foodshops prior to opening to the public and the commencement of revenue
generating activities and as such are unique to each store. These are therefore
added back to provide a clearer picture of underlying Company performance.
+--------------------------------+-----------+------------+----------+
| | Unaudited | Unaudited | Audited |
| | 26 weeks | 26 weeks | 52 weeks |
| | ended | ended | ended |
| | 28 March | 29 March | 27 Sept |
| | 2010 | 2009 | 2009 |
+--------------------------------+-----------+------------+----------+
| | Number | Number | Number |
+--------------------------------+-----------+------------+----------+
| | ('000) | ('000) | ('000) |
+--------------------------------+-----------+------------+----------+
| Denominator | | | |
+--------------------------------+-----------+------------+----------+
| Weighted average number of | | | |
| equity shares | | | |
+--------------------------------+-----------+------------+----------+
| (basic earnings per share) | 57,043 | 57,038 | 57,044 |
+--------------------------------+-----------+------------+----------+
| | | | |
+--------------------------------+-----------+------------+----------+
| Impact of dilutive share | 1,008 | 734 | 855 |
| options | | | |
+--------------------------------+-----------+------------+----------+
| Diluted number of ordinary | | | |
| shares | | | |
+--------------------------------+-----------+------------+----------+
| (diluted earnings per share) | 58,051 | 57,772 | 57,899 |
+--------------------------------+-----------+------------+----------+
+-----------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
| | 26 weeks | 26 weeks | 52 weeks |
| | ended | ended | ended |
| | 28 March | 29 March | 27 Sept |
| | 2010 | 2009 | 2009 |
+-----------------------------+------------+------------+------------+
| | Pence | Pence | Pence |
+-----------------------------+------------+------------+------------+
| Basic earnings per share | 3.2 | 2.9 | 2.6 |
+-----------------------------+------------+------------+------------+
| Diluted earnings per share | 3.2 | 2.9 | 2.6 |
+-----------------------------+------------+------------+------------+
| Adjusted basic earnings per | 4.0 | 3.8 | 7.4 |
| share | | | |
+-----------------------------+------------+------------+------------+
| Adjusted diluted earnings | 4.0 | 3.7 | 7.2 |
| per share | | | |
+-----------------------------+------------+------------+------------+
6. Adjusted Earnings Before Interest Tax and Depreciation (EBITDA)
+-------------------------------+-----------+------------+----------+
| | Unaudited | Unaudited | Audited |
| | 26 weeks | 26 weeks | 52 weeks |
| | ended | ended | ended |
| | 28 March | 29 March | 27 Sept |
| | 2010 | 2009 | 2009 |
+-------------------------------+-----------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+-----------+------------+----------+
| | | | |
+-------------------------------+-----------+------------+----------+
| Operating Profit | 2,718 | 2,490 | 2,940 |
+-------------------------------+-----------+------------+----------+
| Depreciation and amortisation | 1,353 | 1,219 | 2,493 |
+-------------------------------+-----------+------------+----------+
| EBITDA | 4,071 | 3,709 | 5,433 |
+-------------------------------+-----------+------------+----------+
| Impairment provision | - | - | 1,708 |
+-------------------------------+-----------+------------+----------+
| IFRS 2 Share based payments | 97 | 238 | 459 |
+-------------------------------+-----------+------------+----------+
| Pre-opening expenses | 554 | 478 | 1,080 |
+-------------------------------+-----------+------------+----------+
| | | | |
+-------------------------------+-----------+------------+----------+
| Adjusted EBITDA | 4,722 | 4,425 | 8,680 |
+-------------------------------+-----------+------------+----------+
7. Share capital
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | Allotted, called up |
+------------+------------------------------------------------------------------------------+
| | and fully paid |
+------------+------------------------------------------------------------------------------+
| | Unaudited | Unaudited | Audited | | Unaudited | Unaudited | Audited |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | as at | as at | as at | | as at | as at | as at |
| | 28 | 29 | 27 | | 28 | 29 | 27 |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | March | March | Sept | | March | March | Sept |
| | 2010 | 2009 | 2009 | | 2010 | 2009 | 2009 |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | Number | Number | Number | | | | |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | ('000) | ('000) | ('000) | | GBP'000 | GBP'000 | GBP'000 |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | | | | | | | |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| Ordinary | 59,217 | 57,468 | 58,373 | | 2,961 | 2,874 | 2,919 |
| shares of | | | | | | | |
| 5p each | | | | | | | |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | | | | | | | |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
| | 59,217 | 57,468 | 58,373 | | 2,961 | 2,874 | 2,919 |
+------------+-----------+-----------+---------+----------+-----------+-----------+---------+
Movements in share capital
+-------------------------------------+------------+--------+------------+
| | Number | | GBP'000 |
| | ('000) | | |
+-------------------------------------+------------+--------+------------+
| | | | |
+-------------------------------------+------------+--------+------------+
| At 29 September 2008 | 57,038 | | 2,852 |
+-------------------------------------+------------+--------+------------+
| | | | |
+-------------------------------------+------------+--------+------------+
| Issue of shares | 430 | | 22 |
+-------------------------------------+------------+--------+------------+
| | | | |
+-------------------------------------+------------+--------+------------+
| At 29 March 2009 | 57,468 | | 2,874 |
+-------------------------------------+------------+--------+------------+
| | | | |
+-------------------------------------+------------+--------+------------+
| Issue of shares | 900 | | 45 |
+-------------------------------------+------------+--------+------------+
| Exercise of share options | 5 | | - |
+-------------------------------------+------------+--------+------------+
| | | | |
+-------------------------------------+------------+--------+------------+
| As at 27 September 2009 | 58,373 | | 2,919 |
+-------------------------------------+------------+--------+------------+
| | | | |
+-------------------------------------+------------+--------+------------+
| Issue of shares | 844 | | 42 |
+-------------------------------------+------------+--------+------------+
| | | | |
+-------------------------------------+------------+--------+------------+
| As at 28 March 2010 | 59,217 | | 2,961 |
+-------------------------------------+------------+--------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFAFMLFSSEFI
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