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Annual Report 2003 a Menu That Delivers

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Annual Report 2003 a Menu That Delivers Annual Report 2003 A menu that delivers. A solid year > Financial performance and the year in review. 02 Primed for performance > Chairman’s report, what we can expect from our track record. 04 Consolidating our market leadership > Chief Executive’s report, poised ready to rise to the next level. 06 Operational excellence > New Zealand: KFC, Pizza Hut and Starbucks Coffee Operations. 10 Calculated investment > Australia: Pizza Hut Victoria Operations. 18 Results delivered > Consolidated Statement of Financial Performance. 22 The numbers > Financial Statements and Statutory Disclosures. 23 Restaurant Brands delivered a solid result for the year whilst creating a platform for future growth. New Zealand operations increased both sales and profit, demonstrating our ability to continue to improve the business, and consolidating the market position of each of the three brands. Pizza Hut Victoria, Australia is improving, and on target to be contributing to group EBITDA in the 2003/04 year. This carefully planned acquisition positions Restaurant Brands well for earnings growth in the future. 1 RESTAURANT BRANDS NEW ZEALAND LIMITED Financial Summary FOR THE PERIOD ENDED 28 FEBRUARY 2003 2003 2002 2000 1999 1998 1997 IN $NZ MILLIONS 12 MTHS 12 MTHS 12 MTHS 12 MTHS 12 MTHS 12 MTHS SALES KFC 175.1 177.1 175.9 171.4 165.8 172.3 Pizza Hut 75.7 69.4 47.8 39.9 40.1 44.5 Starbucks 22.8 17.8 10.4 3.8 0.2 – Pizza Hut Victoria 24.5 – – – – – Total Store Sales 298.1 264.3 234.1 215.1 206.1 216.8 EBITDA KFC 30.4 36.1 36.3 34.8 29.9 33.1 Pizza Hut 11.2 7.9 4.1 4.6 2.9 4.0 Starbucks 2.6 1.8 0.5 (0.2) – – Pizza Hut Victoria (0.6) – – – – – Total EBITDA 43.6 45.8 40.9 39.2 32.8 37.1 EBIT 19.6 35.2 19.3 21.9 15.9 21.7 NPAT 11.1 20.7 9.8 13.0 8.1 11.1 Notes: 1. 1997 results are proforma and unaudited as they precede the float of the company in 1997. 2. EBITDA = Store Earnings before Interest, Tax, Amortisation of Intangibles and Depreciation 3. 2002 results are proforma and unaudited. The company changed its balance date in that year. 4. KFC results for 2003 include $4.7 million of additional rental cost following the sale and leaseback of 51 of its stores. FINANCIAL POSITION Share Capital 25.8 19.9 18.6 18.6 18.6 18.6 Shareholders’ Funds 52.0 40.9 27.9 27.3 22.8 19.8 Total Assets 110.0 99.7 133.4 103.0 104.3 99.7 FOR THE PERIOD ENDED 28 FEBRUARY 2003 2003 2002 2000 1999 1998 1997 12 MTHS 12 MTHS 12 MTHS 12 MTHS 12 MTHS 12 MTHS NUMBER OF STORES (YEAR END) KFC 87 87 87 86 84 81 Pizza Hut 89 86 82 43 42 43 Starbucks 35 29 17 10 1 – Pizza Hut Victoria 51 – – – – – Total Stores 262 202 186 139 127 124 SHARES Shares on Issue 94,815,164 93,086,674 92,104,710 85,002,448 85,000,000 85,000,000 Earnings per Share (full year) 11.8c 22.3c 10.6c 15.3c 9.6c 13.1c (1) Ordinary dividend per Share 10.0c 10.0c 10.0c 10.0c 6.0c 4.6c (2) No of shareholders 9,776 8,858 8,651 8,231 9,163 8,940 (1) Proforma (2) Part year post float 2 RESTAURANT BRANDS NEW ZEALAND LIMITED Year in review A solid year. TOTAL RESTAURANT BRANDS SALES ($m) 216.8 206.1 215.1 234.1 264.3 298.1 97 98 99 00 02* 03 NET PROFIT AFTER TAX ($m) – Adjusted for abnormals 10.9 8.10 12.9 11.8 12.5 11.0 97 98 99 00 02* 03 SHAREHOLDERS’ FUNDS (Year end) ($m) 19.8 22.8 27.3 27.9 40.9 52.0 97 98 99 00 02* 03 EARNINGS (Cents per share) 13.1 9.6 15.3 10.6 22.3 11.8 97 98 99 00 02* 03 DIVIDEND (Cents per share) 4.6 6.0 10.0 10.0 10.0 10.0 97 98 99 00 02* 03 PARTNER TURNOVER (Percentage annualised) 74.5 54.0 73.0 72.0 73.0 72.6 97 98 99 00 02* 03 NUMBER OF EMPLOYEES PAID (Year end) 3,750 3,814 3,999 4,625 5,112 7,327 97 98 99 00 02* 03 * Restated to a 12 month period with change of balance date in 2002 year. 3 RESTAURANT BRANDS NEW ZEALAND LIMITED Fellow Shareholders I am pleased to report a profit after tax for the 12 months > group EBITDA for the year was $43.6 million, up 6.2% on ending 28 February 2003 of $11.1 million. This compared with the prior year, after adjusting for the contribution of the $23.3 million for the prior 15 month period, and $20.7 million KFC sale and leaseback gains; and for the prior 12 months. Both of the prior results were > operating cash flows for the group reached a new high influenced by the one off $10.9 million gain last year largely of $29.1 million, an increase of 33% on the prior year. arising from the sale and leaseback of most of our KFC premises. Analysed separately for our New Zealand and Australian To demonstrate underlying trading performance during the operations, New Zealand did well, with a profit after tax, but year, profit after tax, excluding abnormals was $11.0 million, excluding abnormals of $14.2 million, 13.3% ahead of last year’s compared with $12.5 million for the prior 12 months. $12.5 million. The loss after tax in Australia, again excluding Contributing to the result: abnormals, was $3.2 million, slightly higher than expectation. > group sales reached a record $298.1 million for the year With the continued strength of New Zealand cashflows, – an increase of $33.8 million or 12.8% on the prior year; and in anticipation of continued improvement in the Victorian 4 RESTAURANT BRANDS NEW ZEALAND LIMITED Chairman’s Report Primed for performance. operations, your directors declared a fully imputed final dividend target, and there was some sacrifice of margin as we moved to for the year of 5.5 cents a share, which together with the interim recover lost ground. That happens in a highly competitive market. dividend of 4.5 cents, gives a total dividend for the year of 10 cents Moving forward we see some new challenges which are unique a share, thus maintaining the dividend level of the past 4 years. to our sector, and in particular moves to control branded fast food Overall, the results are satisfactory. KFC sales declined by 1.1% advertising on television. Any such action would be blatantly and its EBITDA was off by 3.2%, but this was more than offset by discriminatory, as the majority of fast food is unbranded, and it continued growth in the New Zealand Pizza Hut business which would ignore that obesity has many contributing factors amongst continued to benefit strongly from its expansion into takeaway and which lack of exercise is as significant as dietary imbalance. delivery, and from the acquisition of the Eagle Boys chain in 2000. We know that branded fast food is an infrequent meal for the Pizza Hut’s sales were up by 9% for the year and EBITDA by 43%. vast majority of New Zealanders, and, for our part, we make no Since the acquisition we have more than doubled the apology for developing products which make the occasional New Zealand Pizza Hut business in terms of outlets and sales, takeaway a taste treat. We have taken the view that it is a matter and increased EBITDA by more than 2 ½ times. of individual responsibility to achieve a balanced diet, and a This outcome confirms our confidence in the decision to balanced lifestyle. Nonetheless, we will play our part in supporting acquire the 51 Pizza Hut outlets in Victoria. Many of these were programmes to promote awareness of how these responsibilities run down and trading poorly, and several were close to can be met, and we are developing some new food offerings to receivership. We expected the turn around to take time. I am complement our traditional products. pleased to report that although the start took longer than Although growth rates the New Zealand economy as a whole planned, the business broke even in cash and EBITDA terms by are steadying, and, overall, the retailing environment is uncertain, year end, and that progress is now proceeding to plan. our new financial year has commenced well. We have no During the year Mr Mark McGuiness, a director nominated by significant investments planned for the year ahead, though we AMP resigned, consequent upon AMP reducing its shareholding will likely continue the expansion of the Starbucks network later in in the company. Mr McGuiness was an experienced and energetic the period. Our specific objectives for the year are to complete the participant on the Board and I would like to acknowledge his turnaround in Victoria and the upgrade of our KFC presentation in contribution. This gave us the opportunity to appoint Mr Danny New Zealand, and to concentrate on continuing to deliver quality Diab to fill the vacancy. Mr Diab has a number of investments in service and products so that shareholders can start to see more of Australia, including an extremely successful chain of 12 Pizza Hut the benefits from the investments made in recent years.
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