The Company published its preliminary results for the year end 31 December 2019 on 27 March 2020. 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. Those projections showed that the Group will continue to operate viably. Applegreen is proud to be an Irish company and a true Irish success story. The group said it traded strongly and in line with management expectations for the first 10 weeks of 2020. *All intraday prices are subject to a delay of fifteen (15) minutes. Applegreen is at different stages of this lifecycle in its three markets. There are typically 2 dividends per year (excluding specials), and the dividend cover is approximately 1.5. Block 17, Joyce Way, Parkwest,Dublin 12. Applegreen 21st Anniversary Annual Report Annual Report for Irish forecourt retailer, Applegreen. 4. AIB Group (UK) p.l.c. LOGIN. 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. By using this site, you agree to use the content for private use only. 15.94. Dissertation Proposal. For this reason, they continue to adopt the going concern basis for preparing the interim financial statements. Applegreen asked Spinach to design and produce their 2018 Annual Report following the acquisition of Welcome Break, an exciting development for the group which saw them become the second largest Motorway Service Area (MSA) operator in the UK. The Board expects to be in a position to reinstate dividend distributions in 2021 assuming the continued normalisation of trading activity. Research Paper. Trading on margin increases the financial risks. However, footfall and volumes were severely impacted from mid-March as governments and customers took measures to contain the spread of the Covid-19 virus. [2] 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). the Group recognises as expenses the related costs for which the grants are intended to compensate. Annual Report for Irish forecourt retailer, Applegreen. If you wish to receive a hard copy of Prudential plc's Annual Report or Form 20-F free of charge, please email: secretariat@prudentialplc.com. 1. Changes in lease payments that arise from such rent concessions have been recognised in the Unaudited Consolidated Income Statement. . The Interim Financial Information does not constitute statutory financial statements. This page (LON:APGN) was last updated on 2/25/2023 by MarketBeat.com Staff. The adjusted EBITDA calculation can be found in note 3. As of April 2022, the business operates 620 forecourt sites and employs circa 15,000 people across Ireland, UK and America. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so; approximately 40m of cash and 400m of external debt within Welcome Break. 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 Company published its preliminary results for the year end 31 December 2019 on 27 March 2020. Applegreen PLC. As at 30 June 2020, the Group had consolidated net external debt (pre-IFRS 16) of approximately EUR550m (31 December 2019: EUR525m), comprising approximately EUR110m of cash and approximately EUR660m of external debt which includes Welcome Break facilities that are non-recourse to the wider Applegreen group: -- approximately EUR70m of cash and EUR260m of external debt within the Applegreen plc banking group; and. By clicking "I Agree" below, you acknowledge that you accept our, 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. Geographically, management considers the performance in Ireland, the UK and the USA. 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'. 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. A YEAR OF GROWTH Revenue Non-Fuel Gross Profit. The amendment is applicable for reporting periods beginning on or after 1 June 2020 (subject to endorsement by the European Union). Welcome Break have subsequently drawn down the additional facilities of 25.4m in July. Dublin 2, Ireland. In 2021 Applegreen moved from a PLC to a private ownership company structure . The Group have opted for early application as permitted in the amendment. Applegreen plc.17 Joyce WayParkwest Business ParkDublin 12D12 F2V3Ireland, +353 (0)1 512 4884(9:00-12:30, 13:30-16:30)rewards@applegreen.ie. 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. Shareholder centre. ("Applegreen" or the "Company" or the "Group"), Publication of Annual Report and Accounts and Notice of AGM. Date of the Last Annual General Meeting: September 1, 2020. The Group has reported a resilient performance in H1 2020 in an unprecedented environment where COVID-19 impacted all of our markets. Latest annual report and accounts. Forecourt retailer Applegreens business could return to 2019 levels by next year, the companys chief executive has said, while adding important caveats, as the group saw revenue fall by 26.6 per cent in the first six months of this year. 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. 107m. These include temporarily reducing its headcount by over 4,800 employees in both Ireland and UK, from a current total of 11,500 employees, under the respective government job retention schemes. Writing Services . The recommended offer is made by Blackstone at a price of 5.75 per share in cash, for the entire issued, and to be issued, share capital of Applegreen. This section contains Prudential's financial reports. Applegreen is an Irish company founded in 1992 that operates 620 petrol stations in Ireland, the UK and the US. 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. 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. Distributed by Public, unedited and unaltered, on 30 June 2020 09:43:07 UTC. The accounting policies and methods of computation and presentation adopted in the preparation of the Financial Information are consistent with those described and applied in the annual report for the year ended 31 December 2019 with the exception of treatment of COVID 19 related rent concessions and government grants and assistance, as described in note 2. . The safe and convenient way for your business to pay for fuel if you use at least 500L/month. The Go-Ahead Group plc Annual Report and Accounts 2021 Strategic report 1ection 172(1) and non-financial S information statements 2 Our strengths 4 Chair's letter 7 Group Chief Executive's review 10 London & South Eastern Railway 12 Group Q&A 16 Our markets 18 Our business model 20 Our stakeholders 24 Our strategy The preparation of the Financial Information requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Dissertation. Impairment of property, plant and equipment and intangibles (other than goodwill). Armstrong Teasdale > The Legal 500 Rankings Corporate and commercial > M&A: smaller deals, up to 50m Tier 3 Armstrong Teasdale's London corporate team had a busy 2021, advising on more than 30 M&A deals.Team head Peter Kohl, qualified in both England and the United States, has more than 30 years' transactional and advisory experience in M&A, venture capital, capital markets and corporate . Mid-West acquisition included in 2020 figures. The Group is pursuing a growth strategy focused on acquiring and developing new sites in each of the three markets in which it operates. About Applegreen: Established in 1992, Applegreen is a convenience food and beverage retailer and operator of petrol forecourts and motorway service areas with a major presence in the Republic. Images Courtesy of Getty Images. 4bn 3.1bn 430.6m 500m. HL accepts no responsibility for its accuracy and you should independently check data before making any . As noted in Applegreen's trading update earlier this week, the company said it had traded strongly and in line with management expectations for the first 10 weeks of 2020. 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; Finance providers were engaged at an early stage to ensure there was sufficient covenant flexibility and access to additional borrowing facilities. All rights reserved. Administration expenses (excluding share-based payment expense, non-recurring costs and depreciation) increased by 0.9m to support the growing estate. ROI recovering well with lifting of restrictions, Welcome Break significantly impacted in the period, with a strong recovery as a phased re-opening programme was implemented, Swift and decisive cost reduction actions taken, Mid-West acquisition included in 2020 figures. 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 CODM monitors Revenue and Gross Profit of segments separately in order to allocate resources between segments and to assess performance. Applegreen said its group revenue for 2019 jumped by 53% to 3.1 billion, while its group adjusted EBITDA soared by 141% to 140.4m. 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. Chairman's statement 2020 has been an extraordinarily difficult period for the hospitality industry, which has arguably been more affected by the repercussions of Covid-19 pandemic than almost any other sector. Applegreen plc, B&J Holdings Limited and others agreed to acquire U.S. motorways business of HMSHost Corporation for $380 million. "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. The Group temporarily reduced frontline headcount in late March with employees returning to the business as food offers were reopened and volumes increased; We secured a deferral of payroll taxes and VAT from HMRC and Irish Revenue; We benefited from the UK and Republic of Ireland government property rates moratoriums for twelve months and six months, respectively; We negotiated rental reductions or holidays with landlords; We reduced repairs and maintenance costs, a large component of the cost base, to minimal levels; We implemented a recruitment freeze and reduced headcount in selective areas; We implemented graduated salary cost reductions on a temporary basis for support staff across the organisation; We deferred development capital expenditure and reduced maintenance capital expenditure to its absolute minimum level; and. This website is only for private investors. 3. Investegate takes no responsibility for the accuracy of the information within Open all FINANCIAL PERFORMANCE Billings 46.9bn (2019: 53.1bn) Revenue All rights reserved. Some of the cookies are essential for parts of the site to operate and have already been set. Applegreens net debt stood at 550.7 million at the end of June, about 5.2 times Ebitda. The Group is pursuing a growth strategy focused on acquiring and developing new sites in each of the three markets in which it operates. 2023 FE fundinfo. Drury Porter Novelli (Ireland PR Advisor), Simon Hockridge / RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. The award is also subject to the Consortium securing financing for the project, a process which is ongoing. 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. . 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