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2020-Annual-Report-Web-Edition.Pdf Domino’s Pizza Group plc Annual Report & Accounts 2020 Accounts & Report Pizza plc Annual Group Domino’s WE GOT THIS Annual Report & Accounts 2020 DOMINO’S PIZZA GROUP PLC 1 Thornbury, West Ashland, Milton Keynes MK6 4BB https://corporate.dominos.co.uk Domino’s Pizza Group plc Domino’s Pizza is the UK’s leading pizza brand and a major player in the Republic of Ireland We are incredibly proud that the business traded throughout the year and grateful to all our team members” OVERVIEW STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 01 Highlights 12 Q&A with Chief Executive Officer 70 Board of Directors 134 Independent Auditor’s report and Chief Financial Officer 02 At a glance 74 Chair’s introduction to 144 Group income statement 14 Chief Executive Officer’s review Corporate Governance 03 Purpose, vision and values 145 Group statement of 24 Strategic priorities 76 Corporate Governance comprehensive income 04 Investment case 26 Market context 88 Nomination Committee report 146 Group balance sheet 06 Chair’s statement 28 Key performance indicators 90 Audit Committee report 148 Group statement of changes 08 Covid-19 in equity 30 Business model 100 Directors’ remuneration report 149 Group cash flow statement 32 Sustainability 127 Directors’ report 151 Notes to the Group financial 45 Section 172 of the Companies Act 131 Statement of Directors’ statements responsibilities 46 Engaging with our stakeholders 217 Company balance sheet and workforce 218 Company statement of changes 48 Chief Financial Officer’s review in equity 56 Risk management 219 Notes to the Company financial 57 Principal risks & uncertainties statements 67 Viability statement 226 Five-year financial summary 227 Shareholder information See more online at https://investors.dominos.co.uk Domino’s Pizza Group plc · Annual Report & Accounts 2020 OVERVIEW STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 2020 KEY FINANCIALS UK & Ireland system sales¹ UK & Ireland like-for-like system sales growth² UK & Ireland underlying EBIT³ £1,348m 10.3% £104.3m £1,348m 10.3% £101.0m £102.4m £104.3m £1,155m £1,211m 4.6% 3.7% 18 19 20 18 19 20 18 19 20 Statutory profit for the year Dividends per share Net debt £39.7m 9.10p £171.8m £43.9m 9.70p 9.76p £232.6m £39.7m 9.10p £203.3m £171.8m £2.8m 18 20 18 19 20 18 19 20 19 A YEAR OF CHANGE Welcomed our new Chair, Matt Successfully traded throughout Disposed of our Norway Shattock, CEO, Dominic Paul the year, despite unprecedented business, reached an agreement and CFO, Neil Smith operational challenges due to on the disposal of our Sweden Covid-19 business and transactions in Iceland and Switzerland are progressing UK & IRELAND HIGHLIGHTS £22.0k £20.4k £20.2k 18 19 20 UK & Ireland system sales UK & Ireland stores UK mature stores average weekly unit sales UK £1,280.7m UK Franchised 1,110 Ireland £67.7m UK Corporate 37 Ireland Franchised 54 £22.0k 1. System sales represent the sum of all sales made by both franchised and corporate stores in the UK & Ireland. 2. LFL excluding splits system sales performance is calculated against a comparable 52 week period in the prior year for mature stores which were not in territories split in the year or comparable period. Mature stores are defined as those opened prior to 30th December 2018. 3. Underlying performance measures are defined as statutory performance measures excluding amounts relating to discontinued operations and non-underlying items. Non- underlying items are defined as being items that are significant in size, unusual or infrequent in nature, and are disclosed separately as non-underlying items in the notes to the accounts. See note 7 on page 177 for more information. Use of non-GAAP measures: In addition to performance measures directly observable in the Group Financial Statements (IFRS measures), additional financial measures (described as non-GAAP) are presented that are used internally by management as key measures to assess performance. Non-GAAP measures are either not defined under IFRS or are adjusted IFRS figures. Further explanation in relation to these measures can be found on pages 169 to 171, and reconciliations to IFRS figures, where they have been adjusted, are on page 177. 01 WE GOT THIS WHAT WE DO Throughout this report we share stills from Supply chain our new campaigns We manufacture fresh dough and act as a scale and expert wholesaler of other food and non-food supplies to our franchisees. We currently have three dough commissaries and distribution centres in the UK & Ireland, and from these we make three or four deliveries every week to every store. Our purchasing scale and expertise allow franchisees to share in the benefits of a much bigger business, so that they can be very competitive even when they are small enterprises. Marketing As the master franchisor, we are responsible for national campaigns and for investing the National Advertising Fund to drive sales and build the brand. Our digital teams drive customer acquisition and order frequency through pay per click, targeted customer marketing and use of affiliate channels. We drive brand engagement through social media and PR GROUP AT A GLANCE activities. We also develop menu innovations to refresh our product offering and drive repeat purchasing. Domino’s Pizza is the UK’s leading pizza brand and a major player in the Republic of Ireland. Technology We are part of the global Domino’s system, the biggest pizza We develop and run the technology ordering platforms delivery operator in the world. We hold the exclusive master which support both the website and the App. Our aim is franchise rights in five markets under long-term agreements to continually improve the customer experience and drive with Domino’s Pizza International Franchising Inc., the repeat sales. Our App was downloaded over 4.3 million international arm of Domino’s Pizza Inc which is listed on the times in the year and over 94% of UK delivery sales are now New York Stock Exchange and which owns the Domino’s made online. brand across the globe. Our core business is the UK & Ireland, where we have a clear number one market share. Corporate stores The majority, 97%, of our UK & Ireland estate is franchised however we also directly operate 37 ‘corporate’ stores. This store estate is based in London and has grown through both acquisition of existing stores and the opening of new stores. Running corporate stores brings significant benefits in terms of the development of operational expertise and the ability to trial new pricing, technology or menu items in a live environment. Importantly, it also gives us greater empathy with our franchisees, as we experience some of the same Find out more at: operational challenges and opportunities. corporate.dominos.co.uk/about-us 02 Domino’s Pizza Group plc · Annual Report & Accounts 2020 OVERVIEW STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OUR PURPOSE Delivering a better future through food people love CUSTOMERS COLLEAGUES FRANCHISEES COMMUNITY INVESTORS We never stop We create opportunities We share big ambitions We always consider the We make decisions innovating and and develop our people – we grow and win impact of our decisions that support long-term consistently deliver a together on the communities we growth We embrace diversity better pizza experience serve and fresh thinking We have the same We are open and We go above and vision, purpose We champion transparent about the We celebrate beyond on quality and and values sustainable choices progress we are making entrepreneurial great value for people and the individuals who We come together to We are guardians of environment We bring people continuously push change people’s lives the brand today, but together to share in boundaries to drive We make a local impact committed to building their love of Domino’s innovation as responsible local a legacy for future businesses generations OUR VISION To be the favourite food delivery and collection brand, with pizza at our heart UNDERPINNED BY OUR NEW VALUES WE DO THE WE ARE WE LOVE RIGHT THING ONE TEAM CUSTOMERS WE GROW WE ARE AND WIN BOLD TOGETHER 03 INVESTMENT CASE Our aim is to transform the Group into a high growth, high quality, world class franchisor, delivering best in class profitability. We have a strong investment case, building on our core strengths: WORLD EXPERIENCED EXCEPTIONAL CLASS BRAND FRANCHISEES SUPPLY CHAIN We strive to be the favourite food Our network of franchise operators Our world class supply chain is the delivery and collection brand in the have exceptionally strong operational backbone of the business, supplying UK & Ireland, driven by investment expertise and experience and are fresh pizza dough and ingredients in our national brand and social passionate about our brand. We to all our UK & Ireland stores, with media campaigns to drive sales, came together with our franchisees our purchasing scale and expertise brand awareness and customer to manage the effects of Covid-19 benefiting franchisees. We are engagement. We are the leading and have demonstrated the strength making further investment in our delivery brand in attractive and of the Domino’s system. supply and production facilities to growing segments of the market support our system sales growth, in the UK. with a relentless focus on product availability, quality and value. #1 24.9 mins 99.9% for pizza brand average availability awareness in the UK delivery time and accuracy See our Market context See our S172 Statement See our Business model on page 26 on page 45 on page 30 04 Domino’s Pizza Group plc · Annual Report & Accounts 2020 OVERVIEW STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS DYNAMIC AND HIGHLY CASH RESPONSIVE GENERATIVE BUSINESS MODEL We operate a digitally driven and We are a highly cash generative agile business model, combining business, prioritising reinvestment our Group-owned corporate stores of this cash into the core business to with our franchisee stores network.
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