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Domino's Pizza Group Plc Annual Report & Accounts 2014

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Domino's Pizza Group Plc Annual Report & Accounts 2014 Domino’s Pizza Group plc Domino’s WE ARE Annual Report & Accounts 2014 WE ARE, DOMINO S Domino’s Pizza Group plc Annual Report & Accounts 2014 OUR VISION IS TO BE THE 1 PIZZA COMPANY IN EVERY NEIGHBOURHOOD STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS 01 Highlights of the year 34 Board of Directors 66 Independent auditor’s report – Group 02 Group at a glance 36 Corporate governance 69 Group income statement 04 Chairman’s statement 44 Directors’ remuneration report 70 Group statement of 06 Chief Executive Officer’s statement 62 Directors’ report comprehensive income 10 Our business model 65 Statement of Directors’ responsibilities 71 Group balance sheet 12 Our markets 72 Group statement of changes in equity 15 Our strategy 73 Group cash flow statement 18 Key Performance Indicators 74 Notes to the Group financial statements 20 Risk management 110 Company balance sheet 25 Financial review 111 Notes to the Company financial statements 28 Corporate social responsibility report 116 Five-year financial summary 117 Shareholder information corporate.dominos.co.uk DominosPizza | DominosIreland @Dominos_UK YouTube: DominosUK1 dominos.co.uk/blog dominospizzadeutschland @Dominos_ROI Instagram: #dominos_uk dominospizza.ch @Dominos_DE STRATEGIC REPORT Highlights of the year Our purpose is to feed the power of possible, one REPORT STRATEGIC SYSTEM SALES1 £m pizza at a time. We aim to inspire our customers through our actions, to consistently provide them £766.6m with delicious hand-crafted pizzas and exceptional 766.6 668.8 service all of the time. We believe in working 530.6 586.5 together with our network of exceptional 485.3 franchisees and rewarding hard work with opportunities for expansion and growth. 2010 2011 2012 2013 2014 GOVERNANCE CORPORATE UK LIKE-FOR-LIKE SALES GROWTH3 % NEW STORES 11.3% OPENED IN PIZZAS SOLD 44 THE YEAR* 76 IN THE YEAR 14.3 MILLION 11.3 7.0 5.2 FINANCIAL STATEMENTS o System sales1 increased by 14.6% to £766.6m (2013: £668.8m) 3.7 o Underlying2 profit before tax, of £54.8m, up 15.1% (2013: £47.6m) 2010 2011 2012 2013 2014 o Like-for-like sales3 growth of 11.3% in 724 UK mature stores (2013: 7.0% in 670 mature stores) UNDERLYING PROFIT BEFORE TAX2 £m o Underlying profit before tax for UK & ROI increased by 14.3% to £63.1m (2013: £55.2m) £54.8m o Underlying earnings per share: 54.8 o 47.6 Diluted earnings per share up 10.5% to 26.4p (2013: 23.9p) 46.7 o Basic earnings per share up 10.8% to 26.6p (2013: 24.0p) 42.2 38.0 o Statutory operating profit up at £54.0m (2013: £20.4m) o Statutory basic earnings per share 25.9p (2013: 10.7p) 2010 2011 2012 2013 2014 o Final dividend increased by 10.1% to 9.69p per share (2013: 8.80p) o 44 new stores opened in the year (2013: 57 stores) with eight UNDERLYING DILUTED EPS p closures (2012: four) resulting in a total of 894 stores in four countries as at 28 December 2014 26.4p o UK & ROI online system sales increased by 30.2% to £440.0m (2013: £338.0m) with online sales accounting for 69.4% of 26.4 23.9 UK and Ireland delivered sales (2013: 61.5%). Of this, 44.2% of 22.0 online sales were taken through a mobile device (2013: 30.9%) 19.2 16.8 4 o Strong balance sheet with an adjusted net cash position of 4 £11.0m (2013: adjusted net debt of £13.6m) 2010 2011 2012 2013 2014 * New stores in the UK, Republic of Ireland, Germany and Switzerland. Financial review 1 Total sales made by all franchisee and corporate stores in the UK, Republic of Ireland, Germany page 25 and Switzerland to the public. It is not revenue attributable to Domino's as it is derived mainly from stores owned by franchisees. Key Performance Indicators 2 Underlying is defined as excluding amounts in relation to onerous leases, impairments, acquisition page 18 of joint ventures, associates and subsidiaries, and other restructuring and one-off items, as reconciled on the income statement. Chief Executive Officer’s statement 3 Like-for-like sales are sales in UK stores that were open before 2013 compared to the page 6 corresponding 52 week period in the prior year. 4 Excludes Domino’s Leasing Limited and the non-controlling shareholder loan in Germany in 2013. Domino’s Pizza Group plc Annual Report & Accounts 2014 01 STRATEGIC REPORT Group at a glance Our mission is to be the number one pizza company in the UK, the Republic of Ireland, Germany and Switzerland. In 2014, we opened 44 new stores and sold 76.3 million pizzas – an average of over 1.4 million pizzas per week. The Group in numbers How we operate 100 8.7 44 NUMBER OF AVERAGE NUMBER OF NUMBER OF FRANCHISEES STORES PER FRANCHISEE NEW STORES SUPPLY CHAIN Our passion for only the finest quality ingredients ensures we continue to maintain an excellent relationship with our suppliers. We negotiate the best commercial terms and have many long-term supplier agreements in place. Our Supply Chain Centres continue to lead the way for Domino’s globally, remaining among the highest ranking in relation to standards of excellence throughout Domino’s worldwide. STORES REVENUE £m 894 294.4 FRANCHISEES Our network of exceptional franchisees remains committed to promoting the Domino’s brand. Their entrepreneurial spirit and drive ensure our continued success on the high UK 811 UK 257.6 street. It is our job to support our franchisees Republic of Ireland 48 Republic of Ireland 21.5 in their efforts to run profitable businesses and to ensure that high brand standards Germany 22 Germany 5.7 are achieved in all stores. Switzerland 11 Switzerland 9.6 Mobile unit 2 Our business model page 10 Our markets page 12 Domino’s Pizza Group plc 02 Annual Report & Accounts 2014 What makes us different REPORT STRATEGIC CORPORATE GOVERNANCE CORPORATE PRODUCT SERVICE We take great pride in the quality of our products and we work hard We are obsessed with time. That is, the time it takes to make, with our suppliers to make sure that each pizza uses the best possible cook and deliver a pizza. We measure and record every step of the ingredients. This means our customers can be confident that they are process to ensure we always deliver a piping hot, fresh tasting pizza FINANCIAL STATEMENTS buying carefully sourced and prepared foods without hydrogenated fats within 30 minutes. A number of companies may claim to make great or artificial flavourings and colourings. pizza, and a number of companies may deliver to a customer’s door, but we know that to do both well takes rigorous in-store operations, o 4,000 tonnes of fresh, sun-ripened tomatoes are harvested for procedures, hard work, dedication and commitment, or as we like us each day at peak season to say “hustle on our feet not on the street”. o 1,700 tonnes of our thicker cut pepperoni are made to a secret, authentic recipe and smoked over beech wood chips for a o heightened time awareness touch-points in-store that are richer flavour monitored via real time statistics o we only use 100% mozzarella cheese on our pizzas, all made o patented heatwave technology used to ensure products stay in the UK from milk farmed in north west Wales hot on delivery o customers can track their order via the pizza tracker IMAGE TECHNOLOGY We take pride in the image we portray to customers. We invest national We have long abided by the guiding principles of product, service and advertising funds to help build the profile of the brand in marketing image, but have now added a fourth, technology. We have made the communications amongst our target audience and have recently refreshed transition from a bricks-and-mortar retailer to a genuine e-commerce our store design to better celebrate the theatre of making a fresh pizza. Our retailer. We constantly strive to be at the cutting edge of technological new store design takes inspiration from the freshness of the ingredients, innovation, as demonstrated by our initial commitment to online ordering provides customers with a window into the world of pizza making, in the 90s, or the more recent development of our mobile app platforms. showcasing that every one of our pizzas is made fresh to order. We are relentless in our pursuit of using technology to make our customers lives that little bit easier. o broadcast sponsorship of programmes like Hollyoaks (the #1 tea -time TV programme in the UK), and The Big Big Movie on o development of new e-commerce platform Saturday nights in ROI o increased investment in digital marketing to make ordering a pizza o all new stores opened in the new store design, with over 25% even easier, as evidenced by our sponsorship of the X Factor app of the estate now re-imaged o launch of new ordering platform on Xbox one o greatness campaign provides an umbrella and focus to all marketing communications Domino’s Pizza Group plc Annual Report & Accounts 2014 03 STRATEGIC REPORT Chairman’s statement STEPHEN HEMSLEY CHAIRMAN This is another set of excellent financial IN SUMMARY results, the Group have achieved record o System sales increased by 14.6% to £766.6m (2013: £668.8m) sales and profit growth together with strong o Underlying profit before tax, of £54.8m, cash flow. The Group has delivered very up 15.1% (2013: £47.6m) solid underlying profit before tax of £54.8m, o Underlying earnings per share: diluted representing excellent growth in the core earnings per share up 10.5% to 26.4p (2013: 23.9p) markets of the UK and Republic of Ireland o Final dividend increased by 10.1% to which are up 14.3% against last year, 9.69p per share (2013: 8.80p) bringing but partially offset by losses in Germany the total dividend for the year to 17.50p of £7.3m.
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