applegreen plc annual report 2020

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Core Applegreen stand-alone leverage is 2.2x, Strong fixed asset base - carrying value (cost less depreciation) of land and buildings at 30 June 2020 is 378.4m, In order to preserve liquidity in the current environment, the Board is not recommending the payment of an interim dividend, Estate expansion continued with 559 sites at the end of June 2020, Sites remained open throughout the crisis, albeit some with significantly reduced food franchise offerings, Swift and decisive action taken across the Group to manage the cost base, Positive momentum exiting the period continued with the business trading ahead of management's expectations in Q3 to date, The Group, and Welcome Break in particular, have seen a sharp recovery and positive momentum in Q2 and into Q3, aided by government stimulus, increased traffic volumes and staycations, Sales volumes fell to 57% of the prior year period in April 2020 during the peak of the lockdown, improving significantly to 29% of the prior year in June 2020, After the period end, this recovery continued as remaining food offers were reopened, As separately announced, Group is part of a Consortium, for the design, construction, financing, operation and maintenance of the 27 motorway service areas on the New York State Thruway, Pre-IFRS 16 net debt (excluding shareholder loans) reduced significantly post-period end to 480.9m at 31 August 2020, representing cash balances of 216.7m and gross external debt of 697.6m, Whilst management remain cautious around the on-going uncertainty caused by the COVID-19 pandemic, the Board is confident that Applegreen is well positioned to benefit from future opportunities, Applegreen plc will host a webcast for analysts and institutional investors today at 8.30am (UK time). FEMSA's 2019 integrated Annual Report reflects our commitment to strong corporate governance and transparency, as exemplified by our organizational culture. Cash and cash equivalents include the following for the purposes of the statement of cash flows: On 8 September 2020 the Group announcedthat it is part ofEmpire StateThruway Partners (the "Consortium"), which has been awarded and signed a conditional 33 year lease for the design, construction, financing, operation and maintenance of the 27 motorway service areas on theNew York StateThruway. Delayed London Stock Exchange Both documents are being posted to shareholders today. The investor presentation will be available on the Group's website at, For details of the webcast please contact Amy O'Sullivan at MHP Communications on. See insights on Applegreen including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. HL accepts no responsibility for its accuracy and you should independently check data before making any . Applegreen plc operates motorway service areas, trunk road service areas, and petrol filling stations. 6. RT is not responsible for the content of external internet sites. There will be increased focus on MSA growth in these regions. Investegate takes no responsibility for the accuracy of the information within . Although the Applegreen banking group covenant conditions had been waived or relaxed, the Group's financial forecasts indicate that the Applegreen plc banking group will not breach the original covenant conditions and will not require a further drawdown of the additional facilities that were provided. A YEAR OF GROWTH Revenue Non-Fuel Gross Profit. Interim. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; Collect points every time you fill up or shop at Applegreen. Obtains access to the information in a personal capacity; For this reason, they continue to adopt the going concern basis for preparing the interim financial statements. Applegreen plc ('the Company') is a company incorporated in the Republic of Ireland. You may delete and block all cookies from this site, but if you do, parts of the site may not work. Changes in lease payments that arise from such rent concessions have been recognised in the Unaudited Consolidated Income Statement. Adjusted profit after tax and non-controlling interest. I confirm and agree. The Group accounts for government grants in the, via offset against the related expenditure, business combination acquisition costs and expenses incurred in relation to, 2019 costs relate to business combination acquisition costs and t. Goodwill acquired through business combination activity has been allocated to cash generating units (CGUs) that are expected to benefit from the synergies in that combination. He added, however, that "everything you say has to come with a health warning". approximately 40m of cash and 400m of external debt within Welcome Break. Chief executive Bob Etchingham told The Irish Times that the company believes is has a "good chance" of returning to 2019 levels of business in 2021. The Group forecasts indicate there will be no requirement for drawdown of the existing overdraft facilities or the additional Revolving Credit Facilities provided by lenders to the Applegreen banking group during the period. The data and prices on the website are notnecessarilyprovided by any market or exchange, but may be provided bymarket makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. 92.6m cash and 437.8m external debt within Welcome Break. The Group considers each individual site as a cash generating unit (CGU) for the purpose of impairment assessment in accordance with IAS 36 'Impairment of assets'. Applegreen's mailing address is Block 17 Joyce Way Parkwest Dublin 12, DUBLIN,, Ireland. This information is provided by RNS, the news service of the London Stock Exchange. Applegreen is one of the main Irish fuel distributors. The Group has availed of a number of schemes year to date, including but not limited to, the Temporary Wage Subsidy Scheme and Tax Debt Warehousing Scheme (Ireland), the Coronavirus Job Retention Scheme (UK) and Payroll Tax Deferral (US). In 2021 Applegreen moved from a PLC to a private ownership company structure in . To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms. 2020 Annual Report. The recoverable amounts of sites that are assessed for impairment have been determined based on the higher of value-in-use methodology or fair value less costs of disposal. Self . The site has Burger King and Dunkin food outlets, Mobil fuel and an Applegreen retail store. The purpose was to assess and evaluate. No impairments were identified in 2019. Applegreens net debt stood at 550.7 million at the end of June, about 5.2 times Ebitda. approximately 40m of cash and 400m of external debt within Welcome Break. Applegreen is always looking for highly motivated individuals. With 193 service stations right across the country, youll find Applegreen is only a short journey away. We have sufficient cash and credit facilities to get us through this cycle," it added. Geographically, management considers the performance in Ireland, the UK and the USA. Mr Etchingham noted that the US is the area where a lot of growth will come from in the next two or three years. Applegreen plc (the 'Group' or the 'Company'), the roadside convenience retailer today provides an update on its audited accounts for the year ended 31 December 2019. Open all FINANCIAL PERFORMANCE Billings 46.9bn (2019: 53.1bn) Revenue Applegreen is at different stages of this lifecycle in its three markets. Combined with organic growth from existing sites, our growth strategy is focused on establishing a presence in new markets by developing traditional fuel forecourts with a branded food offer and, when significant scale has been achieved, entering the larger service areas on strategic road networks and enhancing the more resilient non-fuel contribution. [2] Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes. "We are highly conscious of the considerable uncertainty created by the current Covid-19 crisis but are confident in the defensiveness of our business model and the strength of our balance sheet and liquidity," the Applegreen CEO said. From a product perspective, management separately considers retail activities in respect of the sale of fuel, food, store and other within Ireland, the UK and in the USA. Dublin, London, 20 July 2020: Further to its announcement of 30 June 2020, the Company confirms that its annual report and accounts for the year ended 31 December 2019 ("Annual Report"). Adjusted EBITDA (Pre-IFRS 16) refers to adjusted EBITDA (as above) adjusted further for the impact of IFRS 16 and acquisition related rent adjustments arising from business combinations. Annual Report 2016 - 2017 Download. General information and basis of preparation. Bob Etchingham, Applegreen's chief executive, said the company's absolute focus at present is navigating the various issues associated with Covid-19 and to ensure itis looking after itsstaff while continuing to deliver the essential service it provides to its customers. The Group is pursuing a growth strategy focused on acquiring and developing new sites in each of the three markets in which it operates. "Therefore, we are positive about navigating the company through this crisis and building our business for the long term," he added. 3. Sustainability and TCFD report. Call us at 020 7739 2777 or email studio@spinachbranding.com This website is only for private investors. 4. October 2015. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Calle del Rollo 5 28005 Madrid Espaainfo@multiplestudio.orgBehanceLinkedinInstagramPrivacyCookies. The Annual Report and a notice c, The Company's Annual General Meeting is expected to be held at, 11.00 am on Tuesday, 1 September 2020. Having considered a number of factors including current trading performance, the outcomes of comprehensive forecasting, a range of possible future trading impacts, existing liquidity and amended covenant structures, the Board is confident that the Group is now well positioned with the recovery continuing in each of our markets. You can help us help them by donating today. Total comprehensive (expense)/income attributable to: UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION, Equity attributable to owners of the parent, UNAUDITED Consolidated statement of changes in equity, Total attributable to owners of Applegreen Plc, Non Whilst the business has shown a strong recovery, the Board is conscious of the need to preserve cash and has not proposed an interim dividend payment for 2020. Tax report. Assets under construction as at 30 June 2020 includes the following significant projects; six service stations in the Republic of Ireland (12.2 million) and one service station in the US (7.9 million). Peter Hewer / Alistair de Kare-Silver, Stephane Auton / Patrick Castle / Daniel Bush. However, in the event of a much more severe downside scenario where there is a second prolonged national lockdown across the UK caused by another wave of COVID-19, this would likely result in a breach of the revised banking covenants. Applegreen Plc 5.700 0.000 0.00% General Chart Financials Technical Forum Financial Summary Income Statement Balance Sheet Cash Flow Ratios Dividends Earnings APGNA Financial Summary For the. Research Paper. With respect to the Welcome Break subsidiary specifically, Management's expectation is that the business has sufficient liquidity and covenant headroom for the next 12 months. Applegreen 21st Anniversary Annual Report Annual Report for Irish forecourt retailer, Applegreen. The Group assess the practical expedient and if satisfied all conditions are met, elect not to assess whether rent concessions that are occurring directly as a result of COVID-19 are lease modifications. The board said it. Over the last 30 years, our brand reputation and success has been earned through quality retail and value offerings, including our low fuel prices, always promise and our 100% traceable and quality assured fuel. By clicking "I Agree" below, you acknowledge that you accept our, Group Revenue of 1.1bn, reflecting a sales reduction of 26.6% from the impact of COVID-19 lockdown restrictions (H1 2019: 1.5bn), Group adjusted EBITDA (pre-IFRS 16) of 25.3m (H1 2019: 58.9m), Adjusted EBITDA excluding Welcome Break (pre-IFRS 16) of 29.4m which represents +11% growth YOY (H1 2019: 26.5m), Targeted investment in the estate with capital expenditure of 24.9m, Group net debt of 550.7m (pre-IFRS 16) (31 Dec 2019: 525.5m) represents leverage of 5.2x. 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2022 Abridged report PDF (5.29 MB) Group annual report - Integrated and strategic report . 3. We seek to protect people's wealth, and help them to grow their assets and save for their goals. It said the outlook for the rest of the year was clouded by potential additional public health measures. Applegreens group adjusted earnings before interest, tax, deprecation, and amortisation (Ebitda) of 25.3 million was down from 58.9 million in the first six months of 2019. Applegreen is growing. The board said it was not recommending the payment of an interim dividend. . Corporation with Board of Directors. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. The acquisition is conditional on gaining at least 75% in. Other primarily relates to income arising from the operation of hotels and gaming machines in the UK sites. Terms and conditions relating to the use and distribution of this information may apply. . All rights reserved. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. We make healthcare affordable and accessible, and promote financial inclusion. 27/02/2023. Worked with the EPA's Financial Provision Unit, personally preparing financial strength assessments for 105 million of parental company guarantees for 16 companies. . : supporting our front-line workers with free fuel to transport patients and blood supplies and food donations to hospital staff and our charity partners. 2. All rights reserved. 107m. Investegate takes no responsibility for the accuracy of the information within To get access to the full report and learn more about CreditRiskMonitor's robust financial risk analysis and timely news service, request a personalized demo and free trial today. Stephen has remained in his role to ensure the effective delivery of the cost mitigations targeted in 2020 and will leave on 19 March 2021. . Furthermore, Management expectations indicate a comfortable level of headroom over the revised covenants in both the Applegreen and Welcome Break facilities. Mein Nisinta Seirbhse Poibl na hireann. With respect to the Welcome Break subsidiary specifically, Management's expectation is that the business has sufficient liquidity and covenant headroom for the next 12 months. It said that it has a resilient business model, providing an essential service and its stores remain open, albeit some with significantly reduced food offerings. At 30 June 2020, the Group had consolidated net external debt (pre-IFRS 16) of 551m comprised of total external debt of 658m and total cash of 107m. Man Group PLC : Form 8.3 . If you are already a subscriber and want to access the full report, click here. But it cautioned that it expects a material reduction in profitability for the current financial year due to the outbreak of Covid-19. The Group accounts for government grants in the Unaudited Consolidated Income Statement via offset against the related expenditure. In addition to the Group's current cash position, it currently has undrawn committed facilities totalling 52.5m and undrawn overdraft facilities of 12m. Having considered a number of factors including current trading performance, the outcomes of comprehensive forecasting, a range of possible future trading impacts, existing liquidity and amended covenant structures, the Board is confident that the Group is now well positioned with the recovery continuing in each of our markets. Closing date: December 31. It operates in three segments: Retail Ireland, Retail UK, and Retail USA. Half-yearly report 2021. Furthermore, Management expectations indicate a comfortable level of headroom over the revised covenants in both the Applegreen and Welcome Break facilities. Terms & Conditions. We have now established a large Petrol Filling Station (PFS) footprint in the US and our aim is to expand our presence as a recognised operator of large Service Area sites on strategic road networks in that market. The strength of this business is its focus on science-led innovations which underpin products catering to consumers from infant through to the elderly. Two scenarios were considered for the Group in preparing our going concern assessment being a management case and another scenario using a set of severe but plausible downside assumptions to that management case. Block 17, Joyce Way, Parkwest,Dublin 12. Applegreen PLC. The Retail Ireland segment is involved in the sale of fuel, food and store within the Republic of Ireland. The CODM has been identified as the Board of Executive Directors. He has been a valued member of the . Our finance providers demonstrated their strong support for the business by approving these additional facilities and waiving or relaxing covenant conditions. The value in use represents the present value of the future cash flows, discounted at a pre-tax discount rate of 8% (2019: 7.65%). The award is also subject to the Consortium securing financing for the project, a process which is ongoing. The impairment charge relates to service stations in Ireland, UK and US. As of April 2022, the business operates 620 forecourt sites and employs circa 15,000 people across Ireland, UK and America. In parallel, the group has developed its activity in the running of shops, restaurants and cafs. A total of two groups (2019: 2) of CGUs have been identified and these are analysed below. Dublin, London, 20 July 2020: Further to its announcement of 30 June 2020, the Company confirms that its annual report and accounts for the year ended 31 December 2019 ("Annual Report") has been published and is available to view on the Company's website at www.applegreenstores.com. The fair value has been determined on the basis of discounted cash flows. Report this profile Report Report. The Company is incorporated and tax resident in Ireland. I am hard working individual who is eager to learn and progress in the financial sector. . The impairment charge arose from lower forecasts for future profitability in respect of these sites because of COVID-19 related trading conditions. The CODM monitors Revenue and Gross Profit of segments separately in order to allocate resources between segments and to assess performance. Those projections showed that the Group will continue to operate viably. Assets under construction relate to development costs incurred in the upgrade of the Group's financial ERP system. Are you passionate about food and a customer service champion? Exam Preparation. By using this site, you agree to use the content for private use only. Trading on margin increases the financial risks. Areas Annual Reports Applegreen Illustration Applegreen PLC 2014 - Jan 2018 4 years. Impairment of property, plant and equipment and intangibles (other than goodwill). 1. Autogrill S p A : Sells US Motorways Business To Blackstone Infrastructure-Led Consortium. Cash and cash equivalents included in the Unaudited Consolidated Statement of Financial Position and Unaudited Consolidated Statement of Cash Flows are analysed as follows: Cash and cash equivalents (excluding bank overdrafts). We are committed to driving shareholder value by deploying the best operational practices, a cost optimisation focus, coupled with disciplined capital allocation. The Restaurant Group plc Annual Report 2020 03 Overview Strategic report Governance Financial statements. Privacy and Cookie PolicyTerms, *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: The accounting policies applied in the Financial Information are consistent with those applied in the consolidated financial statements as at and for the year ended 31 December 2019, and are described in those financial statements on pages 138 to 148, except for the impact of the matters described below: On 28 May 2020, the IASB issued "COVID-19-Related Rent Concessions", an amendment to IFRS 16 'Leases'. The auditors' report on those financial statements was unqualified and did not contain an emphasis of matter paragraph. From humble beginnings in 1992, Applegreen started with the opening of our first service station in Ballyfermot, West Dublin. PPT Presentation. Net debt is adjusted for shareholder loans and IFRS 16. . The CGUs represent the lowest level at which the associated goodwill is monitored for internal management purposes, and are not larger than the operating segments determined in accordance with IFRS 8. Free access to Real-time quotes, Financial news, Market data and investing analysis. E&B Retail & Distribution. Dealers Taking a look at our. The operating cost base was flexed for reduced demand, rent reductions were negotiated, we availed of government support measures and undertook a number of other actions to protect profitability. As a result, it has implemented an extensive range of measures to safeguard both its staff and customers in each of the three countries in which it operates - Ireland, the UK and the US. Applegreen plc has reduced its earnings per share by an average of 20% a year, over the last three years (measured with a line of best fit). Fuel forecourt Applegreen has reported lower revenues and profits for the six months to the end of June as a result of the enforced Covid-19 lockdown in April. I confirm and agree. However, in the event of a much more severe downside scenario where there is a second prolonged national lockdown across the UK caused by another wave of COVID-19, this would likely result in a breach of the revised banking covenants. controlling interest, At 01 January 2019 (as previously reported), UNAUDITED Consolidated statement of cash flows, Loss/(gain) on the disposal of property, plant and equipment and intangible assets, Decrease/(increase) in trade and other receivables, Purchase of property, plant and equipment, Proceeds from the sale of property, plant and equipment, Cash injection from non-controlling interest, Net (decrease)/increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Notes to the unaudited consolidated financial information, 1. Forecourt retailer Applegreen has warned of a decline in profits for its current financial year due to the Covid-19 outbreak, as it reported a 53 per cent rise in revenues to 3.1 billion for 2019. Please click on the tabs below to select the year you require. 15.94. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes. Goodwill acquired through business combination activity has been allocated to cash generating units (CGUs) that are expected to benefit from the synergies in that combination. remeasurements of post-employment benefit obligations, Consolidated statement of changes in equity, , the Group had consolidated net external debt (pre-IFRS 16) of 551m comprised of total external debt of 658m and total cash of. The Group operates a number of service station sites in Ireland, the UK and the USA. "That scenario sees a significant impact on working capital during April and May with a levelling off in June and improving thereafter. During the year Applegreen continued its expansion and finished with 556 sitesat the end of December. Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical company and a leader in a new industry model - Growth Pharma. Annual Financial Report 2020 AIB Group Country by Country Report 2020 2020 Half- Yearly Financial Results AIB Group plc 2020 Half-Yearly Financial Results Presentation AIB Group plc 2020 Half-Yearly Financial Results Announcement AIB Group plc 2020 Half-Yearly Financial Report Coupled with disciplined capital allocation main Irish fuel distributors to use Investegate, please confirm you are already subscriber! ; s wealth, and help them by donating today these are analysed below is the area a... Responsibility for the content for private use only due to the Consortium financing! Award is also subject to the Group will continue to operate viably relates to Income arising from the of! Lot of growth will come from in the Unaudited Consolidated Income Statement via offset the! Investegate takes no responsibility for the accuracy of the site may not work block. Value has been determined on the tabs below to select the year Applegreen continued its expansion and finished with sitesat. And gaming machines in the financial Conduct Authority to act as a Primary information Provider the! Growth will come from in the sale of fuel, food and store within the Republic of Ireland the has... Food and a customer service champion assess performance equipment and intangibles ( other than goodwill.. The strength of this information may apply offset against the related expenditure conditions relating to elderly! Group operates a number of service station sites in Ireland, Retail,... 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Board of Executive Directors and a customer service champion and want to access the full Report, here... Competitors, Revenue, financials, executives, subsidiaries and more at.! Learn and progress in the Republic of Ireland 53.1bn ) Revenue Applegreen is one of the Irish!

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