PRESTIGE HOLDINGS LIMITED Consolidated Unaudited Results for the Nine Months Ended 31 August 2022
CHAIRMAN'S REPORT TO SHAREHOLDERS
Following on from the First Half of 2022, our company has continued to experience improvements in restaurant operations and overall financial performance in the 3rd Quarter. While areas of opportunity remain, much credit is due to our management and employees for our recovery to date and the current trajectory of the business.
For the First Nine Months of 2022, sales increased by 65% to $810 million from $491 in the previous year, and this resulted in a profit before tax of $37 million compared to a loss of $37.7 million for the same period in 2021. During the 3rd Quarter, our company generated $112 million in cash from operations, repaid total borrowings of $32.8 million and ended the period with $80.5 million in cash. No new restaurants were opened this quarter and we ended the Nine Month period with 129 restaurants.
Food and other cost inflation remain a threat to our industry and significant increases have been experienced in virtually every area. We continue to work closely with suppliers and service providers to manage these increases and have been judicious with pricing initiatives so as to minimise the impact on customers. Overall, our brands and operations are strong and we are continuing to build on the digital and delivery capabilities developed in the last two years.
We remain positive about our performance for the remainder of 2022 and expect to end the financial year with much improved results, when compared to the two previous years which were severely impacted by the Covid-19 pandemic.
Christian E. Mouttet
Chairman
27 September 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Nine (9) | Nine (9) | Year to 30 | |
Months to 31 | Months to 31 | November | |
August 2022 | August 2021 | 2021 | |
(UNAUDITED) | (UNAUDITED) | (AUDITED) | |
$ '000 | $ '000 | $ '000 | |
Profit/(loss) for the period | 24,137 | (30,909) | (28, 302) |
Other comprehensive income/(loss) | |||
Items that may be subsequently reclassified to profit or loss | |||
Currency translation differences | 1 5 1 | (139) | (261) |
Total comprehensive income/(loss) for the period | 24,288 | (31,048) | (28,563) |
Attributable To: Owners of the Parent Company | |||
24,288 | (31,048) | (28,563) | |
CONSOLIDATED INCOME STATEMENT
Nine (9) | Nine (9) | Nine (9) | Three (3) | Three (3) | ||
Months to | Months to | Months to | Months to | Months to | Year to 30 | |
31 August | 31 August | 31 August | 31 August | 31 August | November | |
2022 | 2022 | 2021 | 2022 | 2021 | 2021 | |
% Change | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (AUDITED) | |
$ '000 | $ '000 | $ '000 | $ '000 | $ '000 | ||
Revenue | 65% | 810,355 | 490,5 1 4 | 299,290 | 97,808 | 712,108 |
Cost of sales | (544,804) | (332,090) | (200,769) | (66,884) | (480,915) | |
Gross profit | ||||||
265,551 | 158,424 | 98,52 1 | 30,924 | 231,193 | ||
Other operating expenses | (158,925) | (130,695) | (55,406) | (32,224) | (177,81 4) | |
Administrative expenses | (57,575) | (5 1 ,46 1) | (19,569) | (11,968) | (67,154) | |
Other income | 1,442 | 549 | 455 | 166 | 1,539 | |
Operating profit/(loss) | ||||||
50,493 | (23 ,1 8 3) | 24,001 | (13,102) | (12,236) | ||
Finance costs | (13,515) | (14, 531) | (4,297) | (4,828) | (19,467) | |
Profit/(loss) before income tax | ||||||
36,978 | (37,714) | 19,704 | (17,930) | (31,703) | ||
Income tax (expense)/credit | (12,841 ) | 6,805 | (6,384) | 4,505 | 3,401 | |
Profit/(loss) for the period | ||||||
24,137 | (30,909) | 13,320 | (13,425) | (28,302) | ||
Profit/(loss) attributable to: | ||||||
Owners of the parent company | 24,137 | (30,909) | 13,320 | (13,425) | (28,302) | |
Basic earnings per share | ||||||
(exclusive of treasury shares) | 39.5 cents | (50.7 cents) | 21.8 cents | (22.0 cents) | (46.4 cents) | |
Diluted earnings per share | 38.7 cents | (49.6 cents) | 21.3 cents | (21.5 cents) | (45.4 cents) |
Director | Director |
Notes: |
- The Consolidated Financial Statements include the activities of Prestige Holdings Limited, the Parent Company (KFC, Pizza Hut, Subway and Starbucks), Weekenders Trinidad Limited (TGI Fridays Trinidad) and Prestige Restaurants Jamaica Limited (TGI Fridays Jamaica).
- The principal accounting policies applied in the preparation of these summary financial statements are consistent with those disclosed in the audited financial statements as at and for the year ended November 30, 2021, and have been consistently applied to all periods presented, unless otherwise stated.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ASSETS
Property, plant and equipment Right-of-use assets Intangible assets
Other non current assets Current assets
Assets classified as held for sale
Total assets
EQUITY AND LIABILITIES Share capital
31 August 2022 | 31 August 2021 | 30 November 2021 |
(UNAUDITED) | (UNAUDITED) | (AUDITED) |
$ '000 | $ '000 | $ '000 |
253,270 | 287,267 | 275,159 |
236,41 0 | 260,314 | 261,874 |
58,708 | 60,732 | 60,069 |
10,972 | 14,360 | 12,258 |
177,196 | 121,988 | 133,230 |
5,043 | -- | 5,287 |
741,599 | 744,661 | 747,877 |
23,759 | 23,759 | 23,759 |
Share | Other | Retained | Total | Treasury | Total | |
Capital | Reserves | Earnings | Shares | Equity | ||
$ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | |
UNAUDITED | ||||||
Nine months ended 31 August 2022 | ||||||
Balance at 1 December 2021 | 23,759 | 26,375 | 21 8,731 | 268,865 | ( 1 1 , 340) | 257,525 |
Comprehensive income | ||||||
Profit for the period | -- | -- | 24,137 | 24,137 | -- | 24,137 |
Other comprehensive Income | ||||||
Currency translation differences | -- | 151 | -- | 151 | -- | 151 |
Total comprehensive income for the period | -- | 151 | 24,137 | 24,288 | -- | 24,288 |
Transactions with owners | ||||||
Net dividends for 2022 | -- | -- | (7,330) | (7,330) | -- | (7,330) |
-Paid 12 cents per share |
Other reserves
Retained earnings
Treasury shares
Total equity
Non current liabilities - lease liabilities Other non current liabilities Current liabilities - lease liabilities Other current liabilities
Total liabilities
Total equity and liabilities
26,526 | 26,497 | 26,375 |
235,538 | 21 6,124 | 218,731 |
285,823 | 266,380 | 268,865 |
(10,630) | (1 1,340) | (1 1,340) |
275,193 | 255,040 | 257,525 |
225,355 | 242,334 | 247,373 |
39,830 | 54,623 | 56,391 |
29,051 | 31 ,182 | 29,045 |
172,170 | 1 61,482 | 157,543 |
466,406 | 489,621 | 490,352 |
741 ,599 | 744,661 | 747,877 |
Transfer of treasury shares
Total transactions with owners Balance at 31 August 2022
UNAUDITED
Nine months ended 31 August 2021
Balance at 1 December 2020
Comprehensive loss
Loss for the period
Other comprehensive loss Currency translation differences
Total comprehensive loss for the period
Transactions with owners
Net dividends for 2020
-- | -- | -- | -- | 710 | 710 |
-- | -- | (7,330) | (7,330) | 710 | (6,620) |
23,759 | 26,526 | 235,538 | 285,823 | (10,630) | 275,193 |
23,759 | 26,636 | 250,693 | 301,088 | (1 1 , 340) | 289,748 |
-- | -- | (30,909) | (30,909) | -- | (30,909) |
-- | (139) | -- | ( 139) | -- | ( 139) |
-- | (139) | (30,909) | (31,048) | -- | (31,048) |
CONSOLIDATED CASH FLOW STATEMENT
31 August | 31 August | 30 November |
2022 | 2021 | 2021 |
(UNAUDITED) | (UNAUDITED) | (AUDITED) |
$ '000 | $ '000 | $ '000 |
Cash flow from operating activities |
-Paid 6 cents per share Total transactions with owners Balance at 31 August 2021
AUDITED
Year ended 30 November 2021
-- | -- | (3,660) | (3,660) | -- | (3,660) |
-- | -- | (3,660) | (3,660) | -- | (3,660) |
23,759 | 26,497 | 216,124 | 266,380 | (1 1 , 340) | 255,040 |
Cash generated from operations | 1 1 2,067 | 20,067 | 50,672 |
Interest paid | (13,515) | (14,531) | (19,467) |
Income tax paid | (5,847) | (1,885) | (2,841) |
Net cash generated from operating activities | |||
92,705 | 3,651 | 28,364 | |
Net cash used in investing activities | (6,063) | (19,393) | (22,185) |
Net cash used in financing activities | (61,143) | (1,953) | (10,919) |
Net increase/(decrease) in cash and cash | |||
equivalents | 25,499 | (17,695) | (4,740) |
Cash and cash equivalents at the | |||
beginning of the year | 54,973 | 59,713 | 59,713 |
Cash and cash equivalents at the | |||
end of the period | 80,472 | 42,018 | 54,973 |
Balance at 1 December 2020
Comprehensive loss
Loss for the year
Other comprehensive loss Currency translation differences Total comprehensive loss for the period
Transactions with owners Net dividends for 2020 -Paid6 cents per share Total transactions with owners Balance at 30 November 2021
23,759 | 26,636 | 250,693 | 301,088 | (1 1 , 340) | 289,748 |
-- | -- | (28,302) | (28,302) | -- | (28,302) |
-- | (261) | -- | (261) | -- | (261) |
-- | (261) | (28,302) | (28,563) | -- | (28,563) |
-- | -- | (3,660) | (3,660) | -- | (3,660) |
-- | -- | (3,660) | (3,660) | -- | (3,660) |
23,759 | 26,375 | 218,731 | 268,865 | (1 1 , 340) | 257,525 |
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Prestige Holdings Ltd. published this content on 03 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2022 01:01:26 UTC.
