Final Results
City Centre Restaurants PLC
12 March 2002
City Centre Restaurants plc
Unaudited Preliminary Results for the year ended 31 December 2001
City Centre Restaurants plc currently operates 248 branded restaurants across
the UK. Its portfolio of brands includes Frankie and Benny's, Chiquito's,
Garfunkels, Est Est Est and Caffe Uno.
Financials
Year ended Year ended
31 December 2001 31 December 2000
£'000 £'000
Turnover 227,909 217,608
EBITDA (pre exceptional items) 32,860 33,206
Operating profit (pre exceptional items) 19,620 19,742
Profit before tax (pre exceptional items) 15,604 15,974
Dividends per share 3.41p 3.41p
Basic earnings per share (pre exceptional items) 6.26p 6.26p
(after exceptional items) (2.57p) (4.53p)
Group
• Despite difficult market conditions the Group as a whole has performed
well across most of its brands demonstrating its resilience.
• The Group has fulfilled its objective of sharper focus with the
disposal of two brands and the Group is currently finalising the sale
of Wok Wok units.
• The Group's strategy for growth is now focused on those brands that
have a high return on capital, good growth prospects and significant
barriers to entry - Leisure Parks and Concessions display these three
characteristics.
Brands
• Frankie and Benny's continues to perform superbly and will open between
eight to ten restaurants in the current year.
• Chiquito's is benefiting from previous capital investment and showed
strong growth in the second half.
• Concessions continue to grow and will benefit from the low cost air
travel trend.
• Garfunkel's, Caffe Uno and Est Est Est operated in difficult trading
conditions but have now been stabilised. Caffe Uno in particular is
showing a marked improvement.
Alan Jackson, Executive Chairman of City Centre Restaurants, said:
'City Centre Restaurants trade in the largest and most robust segment of the
eating out market. The Company's results demonstrate how much has been achieved
in reshaping and refocusing the Group during 2001.
It is now in excellent shape with a clear strategy, strong brands and is
enjoying an encouraging start to the current year.'
12 March 2002
ENQUIRIES:
City Centre Restaurants plc Tel: 020 7747 7750
Alan Jackson, Executive Chairman
Andrew Guy, Chief Executive
Andrew Page, Finance Director
College Hill Tel: 020 7457 2020
Matthew Smallwood
Justine Warren
Chairman's Statement
Despite the many challenges faced by the Leisure and Restaurant industry in 2001
I am pleased to report that good progress is being made in achieving the key
objective we set ourselves at the beginning of last year - the restoration of
shareholder value.
In early 2001 we determined that our strategy would involve a sharper focus for
the Group. During 2001 we embarked upon a programme to dispose of our non-core
and underperforming brands. OK Diners and Deep Pan Pizza have been sold and we
are currently concluding the sale of the Wok Wok business. We took the
opportunity to review the whole portfolio of restaurants and have, where
appropriate, sold, closed or converted underperforming units in a number of our
other brands.
We have also focused considerable effort on the future shape of the Group and
have developed a strategy for growth which will focus on those business segments
which display the following three key characteristics:
• High returns on capital
• Good growth prospects
• Barriers to entry
Our two best performing business segments - Leisure Parks and Concessions -
display all of these three key characteristics and are segments where we have
been able to leverage our core competencies. We intend to focus our development
efforts in these areas and gradually to reduce the Company's dependency on High
Street restaurants. Consequently we have also decided to disclose our results
under the following three principal categories: Leisure Parks; Concessions; and
High Street Restaurants.
The year has also seen a significant change in the Company's senior management.
Andrew Guy, our Chief Executive has built a strong, young and enthusiastic group
of operators and has introduced a flatter management structure allowing a more '
hands on' approach from the Executive Directors. Andrew Page, who joined the
Company as Finance Director in June, has introduced changes in both the Finance
and Property Departments. This has enhanced the quality of information, focused
on managing risk and improved our decision making process. Further improvements
in our systems and reporting processes, making better use of IT, are planned
over the next 12-18 months.
Our team has served us well during a difficult year and although we were unable
to avoid the adverse impact of the tragic events on 11 September and, for much
of the year the consequences of the Foot and Mouth epidemic upon Central London
tourism, these results demonstrate the resilience of our brands.
Results*
As referred to above our traditionally stronger second half was badly affected
by the tragic events of 11 September which, for most of the final quarter of
2001, led to a significant decline in visitors to Central London. This had an
adverse impact on our High Street Restaurants, in particular Garfunkel's with
its Central London and tourist bias and, to a lesser extent, Caffe Uno. By the
second half of December the position had largely stabilised and although the
year ended quite strongly, the late December recovery was not sufficient to make
up for the earlier difficulties.
Turnover for the year was 4.7% ahead at £227.9 (2000 : £217.6m). Adjusted
operating profit marginally decreased by 0.6% to £19.6m (2000 : £19.7m).
Adjusted operating margins were 8.6% (2000 : 9.1%) and adjusted earnings before
interest, tax, depreciation and amortisation (EBITDA), a measure of the group's
cash generative capacity, was £32.9m (2000 : £33.2m). Adjusted earnings per
share was 6.26p (2000 : 6.26p). The basic loss per share was (2.57p) (2000 :
(4.53)p).
* Adjusted figures are stated before exceptional items and losses on property
disposals.
Exceptional Costs
We continued to restructure the Group to provide a more stable and prudently
managed business. Shareholders will have been aware of an impairment provision
of £5.3m made against the carrying value of Wok Wok at the interim stage. Since
the year end, contracts covering the sale of most of the restaurants which were
operating as Wok Wok units have been exchanged. Additionally, a reassessment of
the economic life of certain of the Group's fixed assets has resulted in an
additional depreciation charge of £0.2m (2000 : nil), which is separately
identified as an exceptional item.
We have also reviewed anticipated commitments in respect of our obligations on
properties that are closed, awaiting sublet or assignment, or are subject to
leases with onerous terms. The Board has determined that it is appropriate to
make a provision in respect of estimated liabilities relating to these non-core
properties and this is reflected in an exceptional charge of £1.4m (2000 : nil).
Property and Business Disposal Losses
During the year a number of disposals were made, including the business and
assets of Deep Pan Pizza ('DPP'). The disposal of DPP resulted in a loss on sale
of £4.8m, struck after providing for the termination/closure of 4 remaining
units. Legal action taken, during 2001, to mitigate these termination/closure
costs was not successful.
As previously noted the group disposed of a number of other properties during
the year in situations where the economics of such disposal demonstrably added
value to the Company going forward.
Overall, property losses amounted to £9.3m (2000 : £0.5m), including a provision
of £1.0m in respect of the disposal of the Wok Wok properties, referred to
above.
Cashflow
The business is highly cash generative with operating cashflow for the year of
£31.0m (2000 : £32.5m). Capital expenditure amounted to £15.8m (2000 : £32.7m)
of which £7.9m (2000 : £17.3m) was incurred in opening 12 new restaurants (2000
: 26). Taxation payments absorbed £3.1m (2000 : £3.3m) and dividend payments
amounted to £6.6m (2000 : £6.6m). Interest payments amounted to £3.8m (2000 :
£3.8m).
At the end of the financial year, the Group had cash balances of £1.1m, total
debt of £54.3m and net debt of £53.2m (2000 : £56.8m). The Group's ability to
service its debt can be measured by the number of times its interest charge is
covered by profits before interest and tax. Excluding exceptional items, the
interest charge for the year of £4.0m (2000 : £3.8m) was covered 4.9 times (2000
: 5.2 times).
Capital Expenditure and Investment Appraisal
Projects involving capital expenditure are subject to a review and approval
process, which for new restaurants is ratified by the Board. Projects are
reviewed for financial viability by reference to a financial model which relates
the expected return on investment to the Company's cost of capital and also to
ensure that they are consistent with the Group's strategy.
Taxation
The tax charge for the year amounted to £3.1m (2000 : £3.2m). This comprises of
a mainstream corporation tax charge of £ 4.1m, and a £1.0m release of deferred
tax. Under FRS 19 the Group will, for the year ending 31 December 2002, be
required to make full provision for deferred taxation. Had full provision been
made in the year ended 31 December 2001 it is estimated that the tax rate would
have been approximately 37%.
Dividends
The Directors are proposing a final dividend of 2.66p (2000 : 2.66p) per share
bringing the total dividend for the year ended 31 December 2001 to 3.41p (2000 :
3.41p) to be paid on 4 July 2002 to shareholders on the register on 31 May 2002.
Future Prospects
The Group operates in the value for money segment of popular catering which is
both traditionally more resilient during uncertain economic times and performs
strongly in a buoyant economy. The Directors are encouraged by a good start to
the current year with like-for-like turnover increases, to 10 March 2002, of
12.4% in Leisure Parks, 0.1% in Concessions and 2.2% in High Street Restaurants.
We are committed to restoring shareholder value and will continue to pursue
our strategy to achieve this.
I would like to thank all of our staff for their efforts during a difficult 2001
and I am confident that their hard work and commitment will enable us to achieve
further progress in 2002.
Alan Jackson
Executive Chairman
12 March 2002
Review of Operations
Our strategy is to increasingly focus the Group on those business segments
displaying the three key criteria of high returns on capital, good growth
prospects and barriers to entry. Therefore, we have decided to present the
Group's results on the basis of the following three key business segments:
Leisure Parks, Concessions and High Street Restaurants.
Leisure Parks
Total Turnover: £78.5m Profit: £13.7m Operating Margin : 17.4%
Frankie & Benny's
Turnover: £51.6m Increase/(decrease) in profit: +20.0% Like-for-like sales: +8.1%
8 new restaurants opened during the year, including three in Spain (Barcelona,
Madrid and Valencia). This brings the total to 67 units for this brand.
Pre-opening costs of £0.3m were incurred including £0.2m for the three units in
Spain.
All of our new UK units have performed strongly since opening and the Spanish
units have been encouraging.
During 2002 new unit developments will be focused solely in the UK where we are
expecting to open between 8 and 10 restaurants. We have a good 'pipeline' of
sites.
Frankie and Benny's is now the market leader in Leisure Park dining out and
continues to offer superb prospects for growth both from its existing estate and
new development. The performance of this brand during 2001 was excellent and the
current year has started extremely well with very impressive increases in
like-for-like sales and EBITDA.
Chiquito
Turnover : £26.9m Increase/(decrease) in profit +9.7% Like-for-like sales: +4.8%
Chiquito currently operates 26 Mexican restaurants primarily in out of town and
Leisure Park locations and also at Leicester Square in central London. The
brand's performance during 2001 was encouraging and the positive trend has
continued during the first two months of 2002. The flagship restaurant in
Leicester Square continues to generate excellent profits and cashflow further
justifying the refurbishment which was completed in April 2000.
Concessions
Total turnover: £31.0m Profit: £5.1m Operating Margin:16.4%
Increase in Profit: + 3.5% Like-for-like sales: +0.3%
This business segment covers our airports and railway station operations.
Concession restaurants operate a number of our different brands including
Garfunkel's, Caffe Uno, Est Est Est and some derivatives of those more
appropriate to travel locations.
At the end of 2001 this business segment operated 24 units.
Our concessions business is now the second largest food and beverage operator at
UK airports and the increasing trend to no frills, low cost air travel is likely
to benefit further what is already a high quality, cash generative business.
High Street Restaurants
Total turnover: £86.8m Profit: £13.2m Operating Margin: 15.2%
Garfunkel's
Turnover: £25.0m Increase/ (decrease) in profit: (20.5%) Like-for-like sales: (2.9%)
The group operates 33 Garfunkel's restaurants of which 19 are located in central
London. During the year Garfunkel's was particularly badly affected by the lack
of visitors to the UK. However, by mid-December the position had largely
stabilised and the first two months of 2002 have shown encouraging signs. We are
anticipating a much better performance during 2002 from this brand, with a
return to its previous stability and highly cash generative characteristics.
Caffe Uno
Turnover: £41.1m Increase/(decrease) in profit: (7.6%) Like-for-like sales: (2.5%)
At the end of 2001 the Group operated 63 restaurants and during the year, 2
restaurants were opened, 3 restaurants were sold and 4 were converted. All of
the restaurants disposed of were underperforming units where despite intensive
management efforts satisfactory returns were not being achieved.
The business suffered during 2001 from a lack of visitors in central London and,
to a lesser extent, to other major UK cities. Nevertheless there was a notable
pick-up during December 2001 and this trend has continued into 2002 with
like-for-like sales growth of 3% during the first two months.
Est Est Est
Turnover: £20.7m Increase/(decrease) in profit: (9.0%) Like-for-like sales: (4.5%)
22 restaurants traded under this brand. Although the performance of this brand
was disappointing during 2001, a number of changes were implemented during the
year including an injection of new management in the middle of 2001 and we
anticipate an improving performance during the current year.
Non-Core Brands
Total turnover: £31.6m Profit: £0.2m Operating Margin: 0.7%
Wok Wok
Turnover: £8.5m Increase/(decrease) in profit: (88%) Like-for-like sales: (14.8%)
Trading in this brand continued to be disappointing and, during the third
quarter of 2001, a decision was made to exit this business. Initially a sale of
the complete business was anticipated but by November 2001 it became apparent
that this was unlikely to be achieved. Accordingly, the restaurants have been
sold on an individual basis with all but 5 having exchanged contracts for sale
since the year end. The remaining 5 are in various stages of negotiation for
sale or closure.
Deep Pan Pizza
Turnover: £23.1m Increase/(decrease) in profit: (N/A) Like-for-like sales: 3.8%
50 of the 54 Deep Pan Pizza restaurants were sold at the end of 2001. The
remaining 4 restaurants are in various stages of negotiation for sale or
closure, for which a provision for loss arising on termination has been made.
Segmental Analysis
Year ended 31 December Year ended 31 December 2000
2001
Turnover EBITDA EBITDA Profit Profit Turnover EBITDA EBITDA Profit Profit
Margin Margin Margin Margin
£'000 £'000 % £'000 % £'000 £'000 % £'000 %
Leisure Parks 78,531 17,704 22.5% 13,699 17.4% 69,828 15,426 22.1% 11,694 16.7%
Concessions 30,996 6,983 22.5% 5,094 16.4% 27,673 6,399 23.1% 4,924 17.8%
High Street 86,777 18,592 21.4% 13,154 15.2% 86,182 19,940 23.1% 14,955 17.4%
Restaurants
Principal 196,304 43,279 22.0% 31,947 16.3% 183,683 41,765 22.7% 31,573 17.2%
Trading Brands
Deep Pan Pizza 23,093 710 3.1% 133 0.6% 23,072 831 3.6% (854) -3.7%
Wok Wok 8,512 705 8.3% 100 1.2% 8,433 1,395 16.5% 803 9.5%
O K Diners - - - - - 2,420 331 13.7% 85 3.5%
Non core 31,605 1,415 4.5% 233 0.7% 33,925 2,557 7.5% 34 0.1%
Brands
Total all 227,909 44,694 19.6% 32,180 14.1% 217,608 44,322 20.4% 31,607 14.5%
Brands
Pre opening (378) -0.2% (378) -0.2% (982) -0.5% (982) -0.5%
Costs
Administration (11,456) -5.0% (12,182) -5.3% (10,134) -4.7% (10,883) -5.0%
EBITDA / 32,860 14.4% 19,620 8.6% 33,206 15.3% 19,742 9.1%
Operating
Profit*
Interest (4,016) (3,768)
Charges
Profit before 15,604 15,974
Taxation and
Exceptional
Items
* EBITDA / Operating Profit is stated before exceptional costs
Group Profit and Loss Account
For the year ended 31 December 2001
2001 2000
Continuing Exceptional
activities items Total Total
Note £000s £000s £000s £000s
Turnover 227,909 - 227,909 217,608
Cost of sales:
Excluding pre-opening costs and exceptional items (195,729) - (195,729) (186,001)
Pre-opening costs (378) - (378) (982)
Provision for diminution in value of tangible fixed 1 - (5,253) (5,253) (19,975)
assets
Provision against fixed assets 1 - (1,595) (1,595) -
(196,107) (6,848) (202,955) (206,958)
Gross profit/ (loss) 31,802 (6,848) 24,954 10,650
Administrative expenses:
Excluding exceptional items (12,182) - (12,182) (10,883)
Exceptional items 1 - (1,361) (1,361) (1,147)
(12,182) (1,361) (13,543) (12,030)
Operating profit/(loss) 2 19,620 (8,209) 11,411 (1,380)
Loss and provision for loss on disposal of tangible 1 - (9,308) (9,308) (459)
fixed assets/termination of business
Net interest payable 3 (4,016) - (4,016) (3,768)
Profit/(loss) on ordinary activities before taxation 15,604 (17,517) (1,913) (5,607)
Tax on profit/ (loss) on ordinary activities 4 (3,443) 353 (3,090) (3,187)
Profit/(loss) on ordinary activities after taxation 12,161 (17,164) (5,003) (8,794)
Dividends 5 (6,626) - (6,626) (6,626)
Retained profit/ (loss) for the year 5,535 (17,164) (11,629) (15,420)
All amounts relate to continuing activities.
Earnings/(loss) per share 6
Basic loss per share, in pence (2.57) (4.53)
Adjusted basic earnings per share, in pence 6.26 6.26
Diluted loss per share, in pence (2.57) (4.53)
Adjusted diluted earnings per share, in pence 6.25 6.26
Statement of total recognised gains and losses
For the year ended 31 December 2001
2001 2000
£000s £000s
Loss for the financial year (5,003) (8,794)
Currency translation differences on foreign currency investments 2 -
Total recognised gains and losses for the year (5,001) (8,794)
2001 2000
Reconciliation of movements in shareholders' funds £000s £000s
Total recognised gains and losses for the year (5,001) (8,794)
Dividends (6,626) (6,626)
Total movements during the year (11,627) (15,420)
Shareholders' funds at 1 January 65,651 81,071
Shareholders' funds at 31 December 54,024 65,651
Group balance sheet
As at 31 December 2001
2001 2000
£000s £000s
Fixed assets
Tangible assets 150,419 158,505
Current assets
Stocks 2,217 2,634
Debtors 11,988 7,645
Cash at bank and in hand 1,052 5,116
15,257 15,395
Creditors
Amounts falling due within one year (52,591) (41,921)
Net current liabilities (37,334) (26,526)
Total assets less current liabilities 113,085 131,979
Creditors
Amounts falling due after one year (53,657) (61,313)
Provisions for liabilities and charges
Deferred tax (4,051) (5,015)
Property provision (1,353) -
Net assets 54,024 65,651
Capital and reserves
Called up share capital 48,576 48,576
Share premium account 10,192 10,192
Profit and loss account (4,744) 6,883
54,024 65,651
Group statement of cash flows
For the year ended 31 December 2001
2001 2000
Note £'000 £'000
Net cash flow from operating activities 7 30,961 32,537
Returns on investments and servicing of finance
Interest received 79 65
Interest paid (3,854) (3,833)
Net cash outflow from returns on
investments and servicing of finance (3,775) (3,768)
Taxation
Corporation tax paid (3,065) (3,277)
Capital expenditure
Payments to acquire tangible fixed assets (15,784) (32,679)
Receipts from sales of tangible fixed assets 1,813 394
Net cash outflow for capital expenditure (13,971) (32,285)
Acquisitions and disposals
Net proceeds received from the disposal of operations 68 -
Payment and expenses paid for the acquisition
of the minority interest in Est Est Est Group - (2,038)
68 (2,038)
Equity dividends paid (6,626) (6,626)
Cash inflow/(outflow) before financing 3,592 (15,457)
Financing
New loans received - 30,000
Loans repaid (7,656) (657)
(7,656) 29,343
(Decrease) / increase in cash in the period (4,064) 13,886
Notes to the accounts
For the year ended 31 December 2001
1) Exceptional items 2001 2000
£'000 £'000
a) Exceptional operating items
Provision for diminution in value of tangible fixed assets 5,253 19,975
Provision in respect of property liabilities:
In respect of non-core units 1,353 -
Exceptional depreciation following the revision of the economic 242 -
life of certain assets
Redundancy and restructuring costs 1,361 1,147
8,209 21,122
b) Loss and provision for loss on disposal of properties 4,535 459
c) Loss arising on disposal of Deep Pan Pizza 4,773 -
Total exceptional items 17,517 21,581
Impact on taxation of exceptional items 353 617
Net impact on earnings of exceptional items 17,164 20,964
The loss arising on disposal of operations is for the sale of 50 of the Group's
54 Deep Pan Pizza operations. Provision has been made for termination costs
associated with four outstanding operations not transferred as part of the sale.
2001
£'000
Gross disposal proceeds 3,300
Disposal costs (822)
Net book value of assets disposed (2,276)
Provision for termination of remaining Deep Pan Pizza business (4,975)
Loss on disposal and termination of Deep Pan Pizza business (4,773)
Of the proceeds £1,300,000 is due to be received in 2002, and £1,000,000 is due
to be received in 2003. These outstanding amounts are included in current assets
(debtors).
2) Operating profit
2001 2000
Operating profit is stated after charging / (crediting): £'000 £'000
Depreciation (including exceptional depreciation) 13,482 13,464
Operating lease rentals of land and buildings 32,100 29,695
Rental income (2,472) (1,964)
3) Net interest payable 2001 2000
£'000 £'000
Bank interest receivable 53 17
Other interest receivable 26 48
Interest receivable 79 65
Bank interest payable 4,043 3,767
Other interest payable 52 66
Interest payable 4,095 3,833
Net interest payable 4,016 3,768
4) Taxation 2001 2000
£'000 £'000
The taxation charge comprises:
Taxation on the loss for the year:
UK Corporation tax at 30% (2000: 30%) 4,053 2,626
Deferred taxation - 581
Under / (over) provision from previous year:
UK Corporation tax - (18)
Deferred taxation (963) (2)
3,090 3,187
The taxation charge has been calculated by reference to the net loss for the
year. The effective tax rate before exceptional items is less than the standard
rate of corporation tax because full provision has not been made for deferred
tax.
City Centre Restaurants
Unaudited Preliminary Results for the year ended 31 December 2001
5) Dividend 2001 2000
£'000 £'000
Interim paid of 0.75p per share (2000: 0.75p) 1,457 1,457
Final proposed of 2.66p per share (2000: 2.66p) 5,169 5,169
6,626 6,626
6) Earnings/(loss) per share 2001 2000
£'000 £'000
a) Basic earnings / (loss) per share:
Weighted average ordinary shares in issue during the year: 194,301,732 194,301,732
Total basic loss for the year: (5,003) (8,794)
Basic (loss) per share for the year (pence) (2.57) (4.53)
Effect of exceptional items on earnings for the year: 17,164 20,964
Earnings excluding exceptional items 12,161 12,170
Adjusted earnings per share (pence) 6.26 6.26
b) Diluted earnings / (loss) per share:
Weighted average ordinary shares in issue during the year: 194,301,732 194,301,732
Dilutive shares to be issued in respect of options granted under the
Share Option Scheme: 215,491 -
194,517,223 194,301,732
Diluted (loss) per share (pence) (2.57) (4.53)
7) Reconciliation of operating profit to net cash inflow from operating
activities
2001 2000
£'000 £'000
Operating profit 11,411 (1,380)
Exceptional item (provision for diminution in
value of tangible fixed assets) 5,253 19,975
Exceptional item (provision in respect of closed units) 1,353 -
Depreciation 13,240 13,464
Exceptional depreciation 242 -
Decrease / (increase) in stocks 235 (215)
Decrease / (increase) in debtors (3,123) (175)
Increase / (decrease) in creditors 2,350 868
Net cash inflow from operating activities 30,961 32,537
8) Reconciliation of changes in cash to the movement in net debt
2001 2000
£'000 £'000
At the beginning of the period (56,853) (41,396)
Movements during the period:
New loans drawn down - (30,000)
Loans repaid 7,656 657
Cash inflow/(outflow) (4,064) 13,886
At the end of the period (53,261) (56,853)
Represented by: At Cash flow Other At
1 January 2001 movements movements 31 December
in the year in the year 2001
£'000 £'000 £'000 £'000
Cash at bank and in hand 5,116 (4,064) - 1,052
Bank loan due within one year (656) 656 (656) (656)
Bank loans due after one year (61,313) 7,000 656 (53,657)
(56,853) 3,592 - (53,261)
The preliminary announcement has been prepared on the basis of the accounting
policies set out in the Group's 2000 statutory accounts.
The statements were approved by a duly appointed committee of the Board of
Directors on 11 March 2002 and are unaudited.
The figures for the year ended 31 December 2000 have been extracted from the
statutory accounts which have been filed with the Registrar of Companies. The
former auditors' report on those accounts was unqualified and did not contain
any statement under section 237 of the Companies Act 1985.
This information is provided by RNS
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