Nero Cafe Financials
‘THE BEST ESPRESSO THIS SIDE OF MILAN’
ANNUAL REPORT 2008
HIGHLIGHTS FY2008
(JUNE 2007 – MAY 2008)
FINANCIAL EVOLUTION
STORES 371 REVENUE (£M) 129.3 108.8 90.7 FY08 GROWTH 19% 70.1 50.5
REVENUE UP 19% TO £129.3M (2007: £108.8M) LIKE-FOR-LIKE STORE SALES INCREASED BY 2.4% EBITDA ROSE BY 20.5% TO £24.1M (2007: £20M) PRE TAX PROFIT CLIMBED BY 38% TO £13.2M (2007: £9.6M) STRONG CASH GENERATION CONTINUES TO FUND ROLL-OUT OF NEW STORES A NET INCREASE OF 61 NEW STORES DURING THE YEAR, BRINGING GROUP TOTAL TO 371 YEAR END LAUNCHED “NERO EXPRESS” CARTS FOR AIRPORT AND RAILWAY STATION HUBS: OPERATING WITH A TOTAL OF 15 NERO EXPRESS CARTS BY YEAR END (MAY 2008) ENTERED FIRST INTERNATIONAL MARKET - TURKEY. OPENED 7 STORES BY YEAR END (MAY 2008) CURRENTLY 393 STORES IN 210 UK CITIES AND TOWNS; ANTICIPATE 410 STORES BY CURRENT YEAR END (MAY 2009)
04 05 06 262 FY08 GROWTH 20% 214 162
310
07
08
04
05
06
07
08
STORE PROFIT (£M) 32.7 28.3 FY08 GROWTH 16% 10.6 23.0 16.8 FY08 GROWTH 20.5%
EBITDA (£M) 24.1 20.0 15.6 11.3 6.5
04
05
06
07
08
04
05
06
07
08
PROFIT BEFORE TAX (£M) 13.2 9.6 FY08 GROWTH 38% 7.3 5.1*
2.4 04 05 06 07 08
*BEFORE GOODWILL WRITE-OFF 01 05 08 09 10 12 FINANCIAL EVOLUTION CHAIRMAN’S STATEMENT GROUP INCOME STATEMENT GROUP BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS THE EXECUTIVE BOARD DIRECTORS & ADVISERS 13 CAFFÈ NERO STORES
FIGURES FOR 2004 ARE STATED UNDER UK GAAP AND PROFIT FIGURES ARE BEFORE GOODWILL AMORTISATION AND EXCEPTIONALS
CAFFÈ NERO GROUP LTD ANNUAL REPORT 2008 FINANCIAL EVOLUTION
01
"CAFFÈ NERO HAD THE WIT AND VISION TO WISELY CULTIVATE A MORE ENDURING, SOPHISTICATED EUROPEAN IMAGE"
SUNDAY HERALD 2008
02
03
CHAIRMAN’S STATEMENT
INTRODUCTION The financial year 2008 (FY2008), for the Caffè Nero Group (“the Group” or “Caffè Nero”), was a year of launching into new business areas as well as expanding Caffè Nero’s core UK high street business.
ANNUAL REPORT 2008
HIGHLIGHTS FY2008
(JUNE 2007 – MAY 2008)
FINANCIAL EVOLUTION
STORES 371 REVENUE (£M) 129.3 108.8 90.7 FY08 GROWTH 19% 70.1 50.5
REVENUE UP 19% TO £129.3M (2007: £108.8M) LIKE-FOR-LIKE STORE SALES INCREASED BY 2.4% EBITDA ROSE BY 20.5% TO £24.1M (2007: £20M) PRE TAX PROFIT CLIMBED BY 38% TO £13.2M (2007: £9.6M) STRONG CASH GENERATION CONTINUES TO FUND ROLL-OUT OF NEW STORES A NET INCREASE OF 61 NEW STORES DURING THE YEAR, BRINGING GROUP TOTAL TO 371 YEAR END LAUNCHED “NERO EXPRESS” CARTS FOR AIRPORT AND RAILWAY STATION HUBS: OPERATING WITH A TOTAL OF 15 NERO EXPRESS CARTS BY YEAR END (MAY 2008) ENTERED FIRST INTERNATIONAL MARKET - TURKEY. OPENED 7 STORES BY YEAR END (MAY 2008) CURRENTLY 393 STORES IN 210 UK CITIES AND TOWNS; ANTICIPATE 410 STORES BY CURRENT YEAR END (MAY 2009)
04 05 06 262 FY08 GROWTH 20% 214 162
310
07
08
04
05
06
07
08
STORE PROFIT (£M) 32.7 28.3 FY08 GROWTH 16% 10.6 23.0 16.8 FY08 GROWTH 20.5%
EBITDA (£M) 24.1 20.0 15.6 11.3 6.5
04
05
06
07
08
04
05
06
07
08
PROFIT BEFORE TAX (£M) 13.2 9.6 FY08 GROWTH 38% 7.3 5.1*
2.4 04 05 06 07 08
*BEFORE GOODWILL WRITE-OFF 01 05 08 09 10 12 FINANCIAL EVOLUTION CHAIRMAN’S STATEMENT GROUP INCOME STATEMENT GROUP BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS THE EXECUTIVE BOARD DIRECTORS & ADVISERS 13 CAFFÈ NERO STORES
FIGURES FOR 2004 ARE STATED UNDER UK GAAP AND PROFIT FIGURES ARE BEFORE GOODWILL AMORTISATION AND EXCEPTIONALS
CAFFÈ NERO GROUP LTD ANNUAL REPORT 2008 FINANCIAL EVOLUTION
01
"CAFFÈ NERO HAD THE WIT AND VISION TO WISELY CULTIVATE A MORE ENDURING, SOPHISTICATED EUROPEAN IMAGE"
SUNDAY HERALD 2008
02
03
CHAIRMAN’S STATEMENT
INTRODUCTION The financial year 2008 (FY2008), for the Caffè Nero Group (“the Group” or “Caffè Nero”), was a year of launching into new business areas as well as expanding Caffè Nero’s core UK high street business.