PRESTIGE HOLDINGS LIMITED Consolidated Unaudited Results for the Six Months Ended 31 May 2023
CHAIRMAN'S REPORT TO SHAREHOLDERS
CONSOLIDATED UNAUDITED FINANCIAL PERFORMANCE
During the Second Quarter, and for the First Half of the Financial Year 2023, Prestige Holdings continued to experience improved sales and profitability when compared to prior year and to 2019, the last year in which our restaurants were not operating under Covid-19 restrictions. All of our brands contributed to this improved performance as our group continued to focus on driving operational efficiencies and improving the customer experience.
For the first six months of the Financial Year 2023, group sales increased by 25% to $637 million from $511 million in the prior year, and Profit Before Tax improved by 75% to $30.3 million from $17.3 million in the previous period. When compared to the profit for 2019 of $24.1 million, Profit Before Tax increased by 25%. Cash flow from operations was $103 million and we ended the Half Year with $116 million in cash having reduced borrowings by $11 million. Two new restaurants were added during the Second Quarter, a Starbucks at O'Meara and our first Starbucks in Guyana, at Amazonia Mall, bringing the total number of restaurants to 133.
I am pleased to report that our expansion into the Guyana market, originally announced in 2022, commenced in April of this year with the opening of our first Starbucks restaurant at the Amazonia Mall. Customer response to the Starbucks brand has been extremely positive and we are at the advanced planning stage for the opening of additional restaurants in that market. In Trinidad and Tobago, three new Starbucks restaurants were opened in the first six months and our plan is to add two new restaurants in 2023.
Given our performance to date and the positive trending of our brands, the Board of Directors has approved an interim dividend of 15 cents (2022 - 12 cents) per common share to be paid on 04 August 2023 to shareholders whose names appear on the Register of Members on 20 July 2023.
Christian E. Mouttet
Chairman
29 June 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six (6) | Six (6) | Year to 30 | |
Months to 31 | Months to 31 | November | |
May 2023 | May 2022 | 2022 | |
(UNAUDITED) | (UNAUDITED) | (AUDITED) | |
$ '000 | $ '000 | $ '000 | |
Profit for the period | 20,062 | 10,8 17 | 35,474 |
Other comprehensive income | |||
Items that may be subsequently reclassified to profit or loss | |||
Currency translation differences | ( 9 ) | 53 | 42 |
Total comprehensive income for the period | 20,053 | 10,870 | 35,516 |
Attributable To: Owners of the Parent Company | |||
20,35 1 | 10,870 | 35,516 | |
Non Controlling Interest | (298) | -- | -- |
CONSOLIDATED INCOME STATEMENT
Six (6) | Six (6) | Six (6) | Three (3) | Three (3) | ||
Months to | Months to | Months to | Months to | Months to | Year to 30 | |
31 May | 31 May | 31 May | 31 May | 31 May | November | |
2023 | 2023 | 2022 | 2023 | 2022 | 2022 | |
% Change | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (AUDITED) | |
$ '000 | $ '000 | $ '000 | $ '000 | $ '000 | ||
Revenue | 25% | 636,725 | 511,065 | 327,226 | 264,687 | 1,105,117 |
Cost of sales | (434,852) | (344,035) | (220,954) | (175,530) | (744,369) | |
Gross profit | ||||||
21% | 201,873 | 167,030 | 106,272 | 89,157 | 360,748 | |
Other operating expenses | (112,266) | (1 03 , 5 1 9) | (56,641) | (52,598) | (211,860) | |
Administrative expenses | (51,163) | (38,006) | (27,080) | (21,238) | (78,685) | |
Other income | 774 | 987 | 517 | 603 | 2,278 | |
Operating profit | ||||||
48% | 39,218 | 26,492 | 23,068 | 15,924 | 72,481 | |
Finance costs | (8,962) | (9,218) | (4,398) | (4,498) | (18,792) | |
Profit before income tax | ||||||
75% | 30,256 | 17,274 | 18,670 | 11,426 | 53,689 | |
Income tax | (10,194) | (6,457) | (6,435) | (2,621) | (18,215) | |
Profit After Tax for the | ||||||
period | 85% | 20,062 | 10,817 | 12,235 | 8,805 | 35,474 |
Profit attributable to: | ||||||
Owners of the parent company | 20,360 | 10,817 | 12,533 | 8,805 | 35,474 | |
Non Controlling Interest | ||||||
(298) | -- | (298) | -- | -- | ||
Basic earnings per share | ||||||
(exclusive of treasury shares) | 32.7 cents | 17.7 cents | 19.9 cents | 14.4 cents | 57.9 cents | |
Diluted earnings per share | 32.1 cents | 17.4 cents | 19.6 cents | 14.2 cents | 56.8 cents |
Notes: | Director | Director |
- 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), Prestige Restaurants Jamaica Limited (TGI Fridays Jamaica) and PHL Guyana Inc. (Starbucks Guyana).
- 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, 2022, 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
Other reserves
Retained earnings
Non Controlling Interest
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
31 May 2023 | 31 May 2022 | 30 November 2022 |
(UNAUDITED) | (UNAUDITED) | (AUDITED) |
$ '000 | $ '000 | $ '000 |
264,985 | 259,789 | 260,395 |
258,252 | 244,693 | 276,771 |
58,985 | 58,976 | 58,892 |
12,173 | 10,287 | 10,436 |
228,285 | 154,925 | 224,766 |
-- | 5,124 | -- |
822,680 | 733,794 | 831,260 |
23,759 | 23,759 | 23,759 |
26,408 | 26,428 | 26,417 |
254,733 | 229,548 | 246,875 |
(298) | -- | -- |
304,602 | 279,735 | 297,051 |
(9,665) | (1 0,840) | (9,665) |
294,937 | 268,895 | 287,386 |
245,704 | 232,616 | 261,760 |
24,893 | 45,304 | 34,233 |
31,801 | 29,043 | 31,528 |
225,345 | 157,936 | 216,353 |
527,743 | 464,899 | 543,874 |
822,680 | 733,794 | 831,260 |
Share | Other | Retained | Total | Treasury | Total | |
Capital | Reserves | Earnings | Shares | Equity | ||
$ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | |
UNAUDITED | ||||||
Six months ended 31 May 2023 | ||||||
Balance at 1 December 2022 | 23,759 | 26,417 | 246,875 | 297,051 | (9,665) | 287,386 |
Comprehensive income | ||||||
Profit for the period | -- | -- | 20,062 | 20,062 | -- | 20,062 |
Other comprehensive income | ||||||
Currency translation differences | -- | (9) | -- | (9) | -- | (9) |
Total comprehensive income for the period | -- | (9) | 20,062 | 20,053 | -- | 20,053 |
Transactions with owners | ||||||
Net dividends for 2022 | ||||||
Paid 20 cents per share | -- | -- | (12,503) | (12,503) | -- | (12,503) |
Total transactions with owners | ||||||
-- | -- | (12,503) | (12,503) | -- | (12,503) | |
Balance at 31 May 2023 | ||||||
23,759 | 26,408 | 254,435 | 304,602 | (9,665) | 294,937 | |
UNAUDITED | ||||||
Six months ended 31 May 2022 | ||||||
Balance at 1 December 2021 | 23,759 | 26,375 | 218,731 | 268,865 | (1 1,340) | 257,525 |
Comprehensive income | ||||||
Profit for the period | -- | -- | 10,817 | 10,817 | -- | 10,817 |
Other comprehensive income | ||||||
Currency translation differences | -- | 53 | -- | 53 | -- | 53 |
Total comprehensive income for the | ||||||
period | -- | 53 | 10,817 | 10,870 | -- | 10,870 |
Transactions with owners | ||||||
Transfer of treasury shares | -- | -- | -- | -- | 500 | 500 |
Total transactions with owners | ||||||
-- | -- | -- | -- | 500 | 500 |
CONSOLIDATED CASH FLOW STATEMENT
31 May | 31 May | 30 November |
2023 | 2022 | 2022 |
(UNAUDITED) | (UNAUDITED) | (AUDITED) |
Balance at 31 May 2022 | 23,759 | 26,428 | 229,548 | 279,735 | (10,840) | 268,895 |
AUDITED
Year ended 30 November 2022
$ '000 | $ '000 | $ '000 | |
Cash flow from operating activities | |||
Cash generated from operations | 102,582 | 68,237 | 165,238 |
Interest paid | (8,962) | (9,218) | (18,792) |
Income tax paid | (9,927) | (2,833) | (12,347) |
Net cash generated from operating activities | 83,693 | 56,186 | 134,099 |
Net cash used in investing activities | (23,727) | (3,307) | (18,819) |
Net cash used in financing activities | (38,903) | (41,229) | (75,057) |
Net Increase in cash and cash equivalents | 21,063 | 11,650 | 40,223 |
Cash and cash equivalents at the beginning of the period | 95,196 | 54,973 | 54,973 |
Cash and cash equivalents at the end of the period | 116,259 | 66,623 | 95,196 |
Balance at 1 December 2021
Comprehensive income
Profit for the year
Other comprehensive income Currency translation differences Total comprehensive income for the year
Transactions with owners
Net dividends for 2022
Paid 12 cents per share
Sale of treasury shares
Total transactions with owners
Balance at 30 November 2022
23,759 | 26,375 | 218,731 | 268,865 | (1 1,340) | 257,525 |
-- | -- | 35,474 | 35,474 | -- | 35,474 |
-- | 42 | -- | 42 | -- | 42 |
-- | 42 | 35,474 | 35,516 | -- | 35,516 |
-- | -- | (7,330) | (7,330) | -- | (7,330) |
-- | -- | -- | -- | 1,675 | 1,675 |
-- | -- | (7,330) | (7,330) | 1,675 | (5,655) |
23,759 | 26,417 | 246,875 | 297,051 | (9,665) | 287,386 |
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Prestige Holdings Ltd. published this content on 10 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2023 19:55:02 UTC.
