RNS Number:2493G
Capital Bars PLC
2 July 2001
The issuer advises that the following announcement for Capital Bars plc
replaces the original announcement released on 29 June 2001 at 7:30am GMT (RNS
number: 0923G).
In the Chairman's statement, under Financing, the first paragraph states "Due
to limitations on our distributable reserves we are unable to complete the
redemption of our preference shares on 1 July 2001. We will be redeeming Stg#
1m of the preference shares on the due date. Liam and Des O'Dwyer have agreed
to buy the remaining Stg#2m of preference shares and have agreed to defer
redemption until (at least 1 July 2002). We will be redeeming approximately
Stg#1.7m of the preference shares on 1 July 2001, the maximum amount our
distributable reserves will allow. The balance of Stg#1.3m preference shares
will be redeemed as further distributable profits arise. The terms of the
deferred redemption are currently in the course of negotiation with our
preference shareholders."
This paragraph is now replaced with:
"Due to limitations on our distributable reserves we are unable to complete
the redemption of our preference shares on 1 July 2001. We will be redeeming
approximately Stg#1.7m of the preference shares on 1 July 2001, the maximum
amount our distributable reserves will allow. The balance of Stg#1.3m
preference shares will be redeemed as further distributable profits arise. The
terms of the deferred redemption are currently in the course of negotiation
with our preference shareholders."
In addition to the Chairman's statement, under the Introduction, the final
paragraph has been deleted.
All other details remain unchanged and the replacement announcement for
Capital Bars plc appears below.
FOR IMMEDIATE RELEASE 2ND JULY, 2001
CAPITAL BARS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDING 1 APRIL 2001
Chairman's Statement
Introduction
I am pleased to report our results for the first six months of our financial
year ending 30 September 2001, our first period since the disposal of our UK
operations. Our principal operating currency is now the Irish pound, which
will be replaced by the Euro on 1 January 2002. Accordingly our interim
results have been produced in Euros.
Turnover from continuing operations has increased by 34%, reflecting the
contribution from our new openings in 2000, although like for like turnover in
the period was down 3%, in line with our trading statement in January 2001.
Group profit before tax was Euro0.5m, a significant improvement on the loss of
Euro1.4m recorded in the 6 months to 2 April 2000. Operating profits from
continuing operations, after goodwill, were up Euro0.3m at Euro0.9m. Our unit
EBITDA (earnings before interest, tax, depreciation and amortisation) margin,
excluding the loss incurred at Planet Hollywood, was 16.6%, in line with 17.5%
in the comparative period.
It has been well reported that our particular industry in Ireland has faced a
difficult trading environment in recent months. We have had to contend with
Irish Government restrictions on our pricing and admissions policies, limiting
our ability to offset the unprecedented wage inflation suffered in 2000. We
have also faced increased competition after the relaxation of trading hours in
Dublin, heightened transport difficulties (taxi drivers' and Aer Lingus
strikes) for our customers and the foot and mouth crisis - all within the
context of a weaker global economy reduced consumer confidence..
Against this background, I believe that our results are very creditable.
Turnover from continuing operations has increased by 34%, reflecting the
contribution from our new openings in 2000, although like for like turnover in
the period was down 3%, in line with our trading statement in January 2001.
Group profit before tax was Euro0.5m, a significant improvement on the loss of
Euro1.1m recorded in the 6 months to 2 April 2000. Operating profits from
continuing operations, after goodwill, were up Euro0.3m at Euro0.9m. Our unit
EBITDA (earnings before interest, tax depreciation and amortisation) margin,
excluding Planet Hollywood, was 16.7%, in line with 17.5% in the comparative
period.
Unit performance
Our new openings (Fireworks, Bobs Bar, Coyote Lounge and the Trinity Capital
Hotel) have all performed well in the period; contributing Euro5.0m to group
turnover and Euro0.7m to group EBITDA. We are particularly pleased with this
performance in the context of the 'Equal Status Act', which has applied since
January 2001. The Act prevents us from being selective as to our clientele and
therefore places some limits on our ability to manage the atmosphere in our
units.
I explained in January that we had seen a downturn in trade in Major Toms as a
result of increased competition following the relaxation of trading hours and
a number of new openings in Dublin. We have now rethemed Major Toms as 'Major
Toms Down Under', Dublin's first Australian theme bar. Initial trading is very
encouraging. Mount Street has also suffered as a result of these issues. We
are reviewing our offering at this unit.
.
Planet Hollywood, which we acquired in September 2000, incurred a loss of Euro
0.3m in the period; broadly in line with our expectations. We hope to be able
to report progress on a new theme for this unit later this year.
Our remaining business has, in total, maintained historic trading levels.
Zanzibar in particular has performed very well, and we have seen improvements
at Savannah as a result of the refurbishment. Combined room revenue at the
Grafton Capital and Rathmines Capital hotels were down 5% on the prior year,
largely as a result of the factors foot and mouth crisis and industrial action
referred to above.
Financing
Due to limitations on our distributable reserves we are unable to complete the
redemption of our preference shares on 1 July 2001. We will be redeeming Stg#
1m of the preference shares on the due date. Liam and Des O'Dwyer have agreed
to buy the remaining Stg#2m of preference shares and have agreed to defer
redemption until (at least 1 July 2002). We will be redeeming approximately
Stg#1.7m of the preference shares on 1 July 2001, the maximum amount our
distributable reserves will allow. The balance of Stg#1.3m preference shares
will be redeemed as further distributable profits arise. The terms of the
deferred redemption are currently in the course of negotiation with our
preference shareholders.
In view of our continuing investment in development, and partial preference
share redemption on 1 July this year, we do not propose to declare an interim
or final dividend in this financial year.
The conditions necessary for the issue of the shares in respect of the
acquisitions made in October 1999 have now progressed and we expect to issue
the acquisition shares in July this year.
New Openings
We are now in the final phase of our Dublin development plan. Sosueme, a 1,000
plus capacity Japanese-style bar, on Georges Street, Dublin opened on 2 June
2001. Sosume has now traded for three weeks, with turnover now very close to
our target for the unit. This will be followed by the greatly enlarged Cafe en
Seine towards the end of this year and the re-theming and redevelopment of the
Planet Hollywood unit in 2002.
People
I announced on 7 June 2001 that Roger Beaumont had resigned as a director of
the company to pursue other business interests. Roger has made an enormous
contribution to the company and we wish him well in the future.
Prospects
Like for like sales since 1 April 2001 are in line with last year, total sales
being 32% ahead. Our business however remains sensitive not only to the
broader consumer economy but also, as we have seen over the past year,
Government intervention. These factors have continued to place pressure on our
business and accordingly we have had to downgrade our results expectation for
the year to 30 September 2001.
However, the expected return of reasonable stability to our marketplace and
the completion of our openings programme as outlined above should enable the
company to begin to realise its full potential.
Robert Gunlack
Chairman
XX 29 June 2001
Enquiries:
Liam O'Dwyer, Chief Executive Tel: + 353 1 648 1200
Hugh Doherty, Financial Director Tel: + 353 1 648 1200
Caroline Moody, Grayling Gilmore Tel: + 353 1 283 0088
GROUP PROFIT AND LOSS ACCOUNT
For the six months ended 1 April 2001 (unaudited)
6 months 6 months 18 months
ended ended ended
1 April 2 April 2 October
2001 2000 2000
Euro000s Euro000s Euro000s
Turnover
Continuing operation 21,469 16,028 40,977
Discontinued operations - 6,476 17,507
Group turnover 21,469 22,504 58,484
Cost of sales (5,904) (6,417) (16,386)
Gross profit 15,565 16,087 42,098
Administrative expenses (14,377) (15,464) (42,001)
Goodwill amortisation (297) (176) (406)
Provision for loss on sale of UK business - (1,640) -
Severance costs - - (292)
Total administrative expenses (14,674) (17,280) (42,699)
Operating profit/(loss)
Continuing operations 891 644 2,159
Discontinued operations - (1,837) (2,760)
Total operating profit/(loss) 891 (1,193) (601)
Loss on sale of discontinued operations - - (1,676)
Interest receivable - 50 81
Interest payable (406) (299) (716)
Profit/(loss) on ordinary activities 485 (1,442) (2,912)
before taxation
Taxation (note 2) (98) (125) (122)
Profit/(loss) on ordinary activities after 387 (1,567) (3,034)
taxation
Dividends
- preference (212) (209) (625)
- ordinary - - (373)
Other appropriations - non equity shares - (7) (19)
Retained profit/(loss) for the financial 175 (1,783) (4,051)
period
Earnings/(loss) per share (note 3)
Basic 0.5c (5.3)c (11.0)c
Diluted 0.5c (5.3)c (10.5)c
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ending 1 April 2001 (unaudited)
6 months 6 months 18 months
ended ended ended
1 April 2 April 2 October
2001 2000 2000
Euro000s Euro000s Euro000s
Profit/(loss) attributable to members of the 387 (1,567) (3,034)
parent company
Exchange difference on retranslation of net 5 (584) (837)
assets of subsidiary undertaking
Total recognised gains/(losses) related to the 392 (2,151) (3,871)
period
Prior period adjustment (851)
Total gains and losses recognised since last (4,722)
annual report
GROUP BALANCE SHEET
At 1 April 2001 (unaudited)
1 April 2 April 2 October
2001 2000 2000
Euro000s Euro000s Euro000s
Fixed assets
Intangible assets 19,715 21,905 20,013
Tangible assets 21,529 15,630 14,683
41,244 37,535 34,696
Current assets
Stocks 590 665 500
Debtors and prepayments 2,483 3,003 2,639
Cash at bank and in hand 18 2,348 7,723
3,091 6,016 10,862
Creditors: amounts falling due within one
year
Bank overdrafts, finance leases and hire (1,446) (1,085) (2,820)
purchase
Trade creditors (2,180) (2,841) (3,084)
Other creditors (3,912) (3,464) (5,466)
(7,538) (7,390) (11,370)
Net current liabilities (4,447) (1,374) (508)
Total assets less current liabilities 36,797 36,161 34,188
Creditors: amounts falling due after more (10,486) (7,176) (8,277)
than one year
Provision for liabilities and charges (69) (333) (69)
NET ASSETS 26,242 28,652 25,842
Capital and reserves
Ordinary share capital 5,623 5,623 5,623
Preference share capital 5,026 5,026 5,026
Share premium 11,039 11,039 11,039
Share to be issued 13,089 12,868 12,868
Revaluation reserve 1,478 1,478 1,478
Merger reserve 3,004 3,004 3,004
Profit and loss account (note 4) (13,017) (10,386) (13,196)
SHAREHOLDERS' FUNDS 26,242 28,652 25,842
GROUP STATEMENT OF CASH FLOWS
For the six months ended 1 April 2001 (unaudited)
6 months 6 months 18 months
ended ended ended
1 April 2 April 2 October
2001 2000 2000
Euro000s Euro000s Euro000s
Net cash (outflow) / inflow from operating (658) 3,550 4,392
activities
Net cash outflow from returns on (619) (531) (1,292)
investments and
servicing of finance
Tax paid - (19) (503)
Capital expenditure and financial (7,263) (1,124) (7,650)
investment
Acquisitions and disposals - (9,190) (2,933)
Equity dividends paid - (1,055) (1,438)
Net cash outflow before financing (8,540) (8,369) (9,424)
Financing
Increase in debt and lease financing 836 6,101 7,459
Net cash inflow from financing 836 6,101 7,459
Decrease in cash (7,704) (2,268) (1,965)
Reconciliation of operating profit / (loss) to net cash (outflow) / inflow from
operating activities
Operating profit/ (loss) 891 (1,193) (601)
Depreciation and amortisation 714 839 2,134
Loss on disposal of tangible fixed assets - 87 49
Provision for loss on sale of UK business - 1,640 -
LTIP charges 221 312 441
Increase in stocks (90) (175) (179)
Decrease in debtors 157 1,007 419
(Decrease)/increase in creditors (2,551) 1,033 2,446
Decrease in provisions - (317)
Net cash (outflow) / inflow from operating (658) 3,550 4,392
activities
Reconciliation of net cash flow to movements in (debt)/funds
Decrease in cash in the period (7,704) (2,268) (1,965)
Cash inflow from changes in debt and lease (836) (6,101) (7,459)
financing
Movement in net debt resulting from cash (8,540) (8,369) (9,424)
flows
Loans acquired with subsidiary - (250) (303)
Exchange movements - (101) (618)
Net (debt)/funds at start of period (3,374) 3,042 6,971
Net debt at period end (11,914) (5,678) (3,374)
NOTES TO THE ACCOUNTS
For the six months ended 1 April 2001 (unaudited)
1. PREPARATION OF INTERIM FINANCIAL STATEMENTS
The interim financial information has been prepared on a basis consistent
with accounting policies disclosed in the statutory accounts of the Group
for the period ended 2 October 2000.
The consolidated results for the period ended 2 October 2000 have been
extracted from the accounts of Capital Bars Plc for that period, and do
not constitute the full statutory accounts of Capital Bars Plc. The
accounts for the year dated 2 October 2000 received an unqualified audit
report and have been filed with the Registrar of Companies.
Continuing operations comprises the group's operation of licensed
restaurants, bars and hotels in the Republic of Ireland. Discontinued
operations comprise the licensed restaurant interests in the United
Kingdom.
2. TAXATION
The taxation charge has been calculated by applying the estimated
effective rate for the year against reported profits.
3. EARNINGS / (LOSS) PER SHARE
Earnings / (loss) per share have been calculated as follows:
6 months ended 6 months ended 18 months ended
1 April 2001 2 April 2000 2 October 2000
Profit / (loss) for Euro387,000 Euro(1,567,000) Euro(3,034,000)
the period
Preference dividends Euro(212,000) Euro(209,000) Euro(625,000)
Non-equity - Euro(7,000) Euro(19,000)
appropriations
Basis earnings / (loss) Euro175,000 Euro(1,783,000) Euro(3,678,000)
Average shares in 33,562,749 33,562,749 33,562,749
issue - basic
Basis earnings / 0.5c (5.3)c (11.0)c
(loss) per share
Diluted earnings / Euro175,000 Euro(1,783,000) Euro(3,678,000)
(loss)
Average shares in 33,562,749 33,562,749 33,562,749
issue - basic
Dilutive potential 2,200,000 - 1,388,342
ordinary shares:
Employee share options - - -
Warrants
Average shares in 35,762,749 33,562,749 34,951,091
issue - diluted
Diluted earnings / 0.5c (5.3)c (10.5)c
(loss) per share
The weighted average number of ordinary shares for the purpose of
calculating the diluted earnings / (loss) per ordinary share includes
options under employee share schemes as these are dilutive in respect of
the net profit per share on continuing operations as defined by FRS 14.
4. PROFIT AND LOSS ACCOUNT
Included in the profit and loss account is goodwill written-off of Euro11.9m.
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