Results for the six months ended 30 June 2017 Dublin, London, 12 September 2017: Applegreen plc ( Applegreen or the Group ), a major petrol forecourt retailer with operations in the Republic of Ireland, the United Kingdom and the United States announces its interim results for the six months ended 30 June 2017. Financial highlights: Adjusted EBITDA increased by 28% to 16.6m in H1 2017 from 13.0m in H1 2016 (31% on a constant currency basis) 20% increase in gross profit on H1 2016 (24% at constant currency) Like for like growth of 10% in non-fuel gross profit (food and store) at constant currency Revenue up 21% to 672.5m Continued investment in the development of the network with capex for the period of 29.8m Net debt position at 30 June 2017 of 33.2m (31 December 2016: 19.4m) Maiden interim dividend of 0.60 cent per share ( 0.5m) Operational highlights: Grew estate by 32 sites to 275 sites as at 30 June 2017 (31 December 2016: 243) Opened 17 new food outlets in the period Site expansion with Cross America underpinning USA development In July 2017 we completed the acquisition of 50% of the Joint Fuels Terminal in Dublin port Subsequent to the period end, we announced the proposed acquisition of the Brandi Group, a 42 site retail operation based in Columbia, South Carolina and the Carsley Group, a seven site forecourt retail operation based in the UK, both of which are expected to complete in Q4 2017 Key figures: 30 June 2017 30 June 2016 Change Gross Profit ( m) 82.2 68.5 20.13% Adjusted EBITDA* ( m) 16.6 13.0 28.41% Adjusted Profit before Tax* ( m) 10.1 8.0 25.38% Adjusted EPS 10.82c 8.77c 23.4% *Adjusted for share based payments and non-recurring charges Commenting on the results, Bob Etchingham, CEO said: We are very pleased to report another strong set of results for the first half of the financial year. This performance was underpinned by favourable fuel margins, very strong like for like growth in non-fuel revenues and margins together with continued investment in the expansion of the estate. A further 32 sites were added to the estate in H1 2017 and this investment activity has continued since the period end as we identify opportunities for growth across our three markets. We recently acquired a 50% interest in the Joint Fuel Terminal in Dublin Port and announced the acquisitions of the Brandi Group in the US and the Carsley Group in the UK. 1
We now have a good platform for growth in each of our three markets and are well positioned for the seasonally important second half of the year. Overall, we remain confident in the prospects for the business in 2017. About Applegreen Established in 1992, Applegreen is a major petrol forecourt retailer with operations in the Republic of Ireland, the United Kingdom and the USA. The Group is pursuing a growth strategy focused on acquiring and developing new sites in each of the three markets in which it operates. As at 30 June 2017, the business operated 275 forecourt sites and employed c 4,000 people. The Group offers a distinctive convenience retail offering in the forecourt space with three key elements: A low fuel prices, always price promise to drive footfall to the stores; A Better Value Always tailored retail offer; and A strong food and beverage focus aiming to offer premium products and service to the customer. Applegreen has a number of strategic partnerships with international brands including Burger King, Subway, Costa Coffee, Greggs, Lavazza, Chopstix, Freshii and 7-Eleven. The business also has its own food offer through the Bakewell café brand. Applegreen is the number one Motorway Service Area operator in the Republic of Ireland. 2
Conference call details analysts and institutional investors Applegreen plc will host a conference call for analysts and institutional investors today, 12 September, 2017 at 08.30 BST. Presentation will be available on www.applegreenstores.com. Dial in details are as follows: Ireland Telephone Number: +353 (0)1 2465621 UK Telephone Number: +44 (0)330 336 9411 Passcode: 5775572 For further enquiries, please contact: Applegreen Bob Etchingham, CEO / Niall Dolan CFO +353 (0) 1 512 4800 Drury Porter Novelli: Paddy Hughes +353 (0) 1 260 5000 Shore Capital Stephane Auton +44 (0) 20 7408 4090 Patrick Castle Goodbody Joe Gill +353 (0) 1 667 0420 Siobhan Wall 3
Applegreen H1 2017 Performance Overview and Outlook The performance for the first half of 2017 was driven by strong fuel margin in both the Republic of Ireland and the UK, positive like for like growth in food and store and additional contribution from new sites across the Group s portfolio. A strong economic backdrop, together with our upgrade and rebranding activity, saw like for like food and store sales grow by 5.4% on a constant currency basis, with related gross profit up by 9.5% (constant currency). During the period we expanded our portfolio with 32 new sites, including 11 in the ROI, eight in the UK and 13 in the USA. Five of these were dealer sites and 27 were company owned sites, which comprised of four Service Areas and 23 Petrol Filling Stations. In addition, nine sites were rebranded or upgraded in H1 2017, which involved adding one or more new food outlets at each site. This included two sites in the UK, which were upgraded from Petrol Filling Stations to Service Areas. This development activity has resulted in 17 additional branded food offers being added to our estate in the period. The UK s decision to exit the EU has resulted in a weaker sterling, which has impacted on the consolidated euro results for the Group when compared to the same period last year. Republic of Ireland In the six months to 30 June 2017, revenue in the Republic of Ireland increased by 15.4% and gross profit increased by 16.4%. Like for like food and store sales increased year on year by 6.4% and related gross profit grew by 10.6%. Total fuel gross profit increased by 19.0% compared to H1 2016 and increased by 9.6% on a like for like basis. This reflected the impact of a strong fuel margin environment. During the period, we expanded our Republic of Ireland estate by 11 sites including five dealer sites. We opened one new Service Area in Tramore, Co. Waterford and added five new Petrol Filling Station sites. During the period, six sites were rebranded or upgraded incorporating at least one new food offer in all cases. 74% of the ROI Company owned Petrol Filling Station estate is now branded Applegreen. Our dealer and fuel card volumes have shown significant growth and now account for 28% of ROI fuel volumes. At the beginning of 2017, we entered into a conditional agreement to acquire a 50% share in the Joint Fuels Terminal in Dublin port from the Topaz Energy Group for a consideration of 15.7m. The acquisition was completed in July 2017. This transaction will provide both security and enhanced competitiveness of supply while providing further scope for the development of our Irish fuel business. 4
United Kingdom In the six months to 30 June 2017, revenue in the UK increased by 23.6% and gross profit by 22.7% largely due to the continued expansion of the estate (35.6% and 36.6%, respectively, on a constant currency basis). Combined food and store sales and gross profit rose year on year by 11.8% and 16.5% respectively. On a like for like constant currency basis, non-fuel sales were 0.8% ahead of the same period last year while related gross profit grew by 4.0% reflecting good growth in food. Total fuel gross profit in the UK increased by 29.8% compared to 2016 and increased by 18.6% on a like for like constant currency basis driven, primarily, by a stronger fuel margin environment. Three new Service Areas were opened in the UK including one new Motorway Service Area in Lisburn, Northern Ireland. Five new Petrol Filling Stations were added in the UK in the period and two existing stations were rebranded and expanded through the addition of new food offerings. 32% of our UK Petrol Filling Station estate is now branded Applegreen. We are building a good pipeline of Service Area opportunities in the UK, which are at various stages of the planning process. We have continued to develop our relationship with Costa Coffee in the UK and opened three additional Costa Coffee cafés as part of site upgrade and rebranding activities during H1 2017. In August 2017, we announced the planned acquisition of a network of seven sites from the Carsley Group, consisting of six Service Areas and one Petrol Filling Station. The Service Area sites are predominantly located on the major arterial route of the A1. The transaction significantly increases our presence in the UK Service Area market and is expected to close in Q4 2017. USA During the period, the Group added 13 new forecourts in New England. 12 of these sites were acquired under our master agreements with CrossAmerica Partners. This now brings the total number of trading forecourts in the USA to 24 at 30 June 2017. In July 2017, we announced the planned acquisition of the Brandi Group sites which is being completed alongside a leasehold arrangement with Getty Realty. The Group has 42 sites located in Columbia, South Carolina, comprised of 34 Petrol Filling Station sites and eight stand-alone Burger King restaurants. There are a further 11 Burger King restaurants in the Petrol Filling Station estate, which also incorporates other food-to-go offers such as Subway and Blimpie. The transaction is expected to close in Q4 2017. Existing management resources will remain in place and additional resources have been identified to ensure a successful integration into the Applegreen network. 5
Costs Selling and distribution expenses rose by 19.0% year on year. This is relatively consistent with estate expansion which resulted in a 25.0% increase in total site numbers at June 2017 compared to June 2016. Administrative expenses, excluding share based payment expense, non-recurring costs and depreciation grew by 10.5% reflecting an increase in personnel and development costs to support the expansion of the Group. Dividend The Board has proposed an interim dividend of 0.60 cent per share ( 0.5m) which will be paid on 20 October 2017 to shareholders on the register on 22 September 2017. Outlook We continue to develop our network in H2 2017 adding eight sites in the period to date. In the Republic of Ireland, we have opened a new Service Area in Wexford and added one Petrol Filling Station and one dealer site to our network. We opened our first new greenfield Service Area in Great Britain and have also added two Petrol Filling Stations as well as converting another Petrol Filling Station to a Service Area. In the US we acquired two Petrol Filling Station sites. We have a strong pipeline of further developments of both Service Area sites and Petrol Filling Stations across our markets. We have a strong platform for growth in each of our markets and are well positioned for the seasonally important second half of the year. Overall, we remain confident in the prospects for the business in 2017. 6
UNAUDITED CONSOLIDATED INCOME STATEMENT PERIOD ENDED 30 JUNE 2017 Notes June 2017 June 2016 000 000 Revenue 672,511 555,964 Cost of sales 5 (590,286) (487,505) Gross Profit 82,225 68,459 Selling and distribution costs 5 (60,293) (50,648) Administrative expenses 5 (13,511) (11,703) Other income 815 511 Finance costs 6 (507) 729 Finance income 6 184 160 Profit before income tax 8,913 7,508 Income tax expense 7 (1,344) (1,017) Profit for the financial period 7,569 6,491 Earnings per share from continuing operations attributable to the owners of the parent company during the period Earnings per share Basic 4 9.39c 8.12c Earnings per share Diluted 4 9.01c 7.78c 7
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME PERIOD ENDED 30 JUNE 2017 June 2017 June 2016 000 000 Profit for the financial period 7,569 6,491 Other comprehensive expense Items that may be reclassified to profit or loss Currency translation differences on foreign operations (1,495) (3,032) Other comprehensive expense for the period, net of tax (1,495) (3,032) Total comprehensive income for the period 6,074 3,459 8
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017 Assets Notes June 2017 Dec 2016 Non-current assets 000 000 Intangible assets 8 4,952 2,757 Property, plant and equipment 9 237,797 219,226 Investment in joint venture 1,000 - Trade and other receivables 11 345 373 Deferred income tax asset 4,087 4,103 248,181 226,459 Current assets Inventories 10 27,840 30,273 Trade and other receivables 11 22,671 19,726 Assets classified as held for sale - 165 Current income tax receivables - 80 Cash and cash equivalents 12 36,640 29,374 87,151 79,618 Total assets 335,332 306,077 Equity and Liabilities Equity attributable to owners of the parent Issued share capital 15 808 805 Share premium 140,615 140,268 Capital contribution 512 512 Merger reserve (65,537) (65,537) Currency translation reserve (5,544) (4,049) Share based payment reserve 6,106 5,349 Retained earnings 44,223 37,663 Total equity 121,183 115,011 Non-current liabilities Trade and other payables 14 5,564 5,704 Borrowings 13 65,426 42,950 Deferred income tax liabilities 5,529 5,123 76,519 53,777 Current liabilities Trade and other payables 14 132,515 130,948 Borrowings 13 4,414 5,849 Current income tax liabilities 701 492 137,630 137,289 Total liabilities 214,149 191,066 Total equity and liabilities 335,332 306,077 9
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2017 Issued capital Share premium Capital Contribution Merger reserve Foreign currency translation reserve Share based payment reserve Retained earnings Total 000 000 000 000 000 000 000 000 At 01 January 2017 805 140,268 512 (65,537) (4,049) 5,349 37,663 115,011 Profit for the period - - - - - - 7,569 7,569 Other comprehensive income - - - - (1,495) - - (1,495) Total comprehensive income - - - - (1,495) - 7,569 6,074 Share based payments - - - - - 757-757 Issue of ordinary share capital (note 15) 3 347 - - - - - 350 Dividends paid - - - - - - (1,009) (1,009) At 30 June 2017 808 140,615 512 (65,537) (5,544) 6,106 44,223 121,183 At 01 January 2016 796 139,427 512 (65,537) (329) 2,991 20,429 98,289 Profit for the period - - - - - - 6,491 6,491 Other comprehensive income - - - - (3,032) - - (3,032) Total comprehensive income - - - - (3,032) - 6,491 3,459 Share based payments - - - - - 495-495 Issue of ordinary share capital 6 594 - - - - - 600 At 30 June 2016 802 140,021 512 (65,537) (3,361) 3,486 26,920 102,843 10
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS PERIOD ENDED 30 JUNE 2017 Notes June 2017 June 2016 Cash flows from operating activities 000 000 Profit before income tax 8,913 7,508 Adjustments for: Depreciation and amortisation 5 6,256 5,687 Finance income 6 (184) (160) Finance costs 6 507 (729) Net impairment of non current assets 5-146 Share based payment expense 5 757 495 Loss on the sale of property, plant and equipment 5 255 245 16,504 13,192 Increase in trade and other receivables (2,657) (6,312) (Decrease)/increase in inventories 2,146 (780) Increase in trade payables 4,362 10,805 Cash generated from operations 20,355 16,905 Income taxes paid (583) (662) Net cash from operating activities 19,772 16,243 Cash flows from investing activities Purchase of property, plant and equipment (28,745) (33,994) Purchase of intangibles (2,388) (322) Investment in joint venture (1,000) - Proceeds from sale of property, plant and equipment 166 281 Net cash used in investing activities (31,967) (34,035) Cash flows from financing activities Proceeds from long-term borrowings 25,000 - Proceeds from issue of ordinary share capital 350 600 Repayment of borrowings (1,743) (1,568) Payment of finance lease liabilities (421) (603) Interest paid (770) (965) Dividends paid (1,009) - Net cash used in financing activities 21,407 (2,536) Net increase/(decrease) in cash and cash equivalents 9,212 (20,328) Cash and cash equivalents at beginning of period 27,739 47,245 Exchange gains (311) (2,249) Cash and cash equivalents at end of period 12 36,640 24,668 11
Notes to the unaudited consolidated financial information 1. General information and basis of preparation Applegreen plc ( the Company ) is a company incorporated in the Republic of Ireland. The Unaudited Consolidated Financial Information of the Company for the six months ended 30 June 2017 (the Financial Information ) includes the Company and its subsidiaries (together referred to as the Group ). The Company is incorporated and tax resident in Ireland. The address of its registered office is Block 17, Joyce Way, Parkwest, Dublin 12. The Consolidated Financial Statements of the Group are prepared in accordance with Irish law and International Financial Reporting Standards ( IFRS ) and their interpretations issued by the International Accounting Standards Board ( IASB ) and adopted by the European Union ( EU ). The financial information in this report has been prepared in accordance with the Group s accounting policies. Full details of the accounting policies adopted by the Group are contained in the Consolidated Financial Statements included in the Group s annual report for the year ended 31 December 2016 which is available on the Group s website: http://applegreenstores.com. 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 2016. There are no new IFRSs or interpretations effective from 01 January 2017 which have had a material effect on the financial information included in this report. The Interim Financial Statements do not constitute statutory financial statements. The statutory financial statements for the year ended 31 December 2016, extracts of which are included in these Interim Financial Statements, were prepared under IFRS as adopted by the EU and have been filed with the Companies Registration Office. The auditors report on those financial statements was unqualified and did not contain an emphasis of matter paragraph. The Financial Information is presented in Euro, rounded to the nearest thousand, which is the functional currency of the parent company and also the presentation currency of the Group. 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. Actual results could differ materially from these estimates. In preparing the Financial Information, the critical judgements made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2016 as set out on pages 73 to 74 in those financial statements. 2. Significant accounting policies 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 2016, and are described in those financial statements on pages 65 to 73. 12
Notes to the unaudited consolidated financial information 3. Segmental analysis Applegreen plc is a forecourt retail business headquartered in Dublin, Ireland. Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM has been identified as the Board of Executive Directors. The board considers the business from both a geographic and product perspective. Geographically, management considers the performance in Ireland, the UK and the USA. From a product perspective, management separately considers retail activities in respect of the sale of fuel, food and other groceries within Ireland, the UK and in the USA. The Group is organised into the following operating segments: Retail Ireland - Involves the sale of fuel, food and store within the Republic of Ireland. Retail UK - Involves the sale of fuel, food and store within the United Kingdom. Retail USA - Involves the sale of fuel, food and store within the United States of America. The CODM monitors Revenue and Gross Profit of segments separately in order to allocate resources between segments and to assess performance. Information regarding the results of each reportable segment is included within this note. Segment performance measures are revenue and gross profit as included in the internal management reports that are reviewed by the executive directors. These measures are used to monitor performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. The CODM also reviews adjusted EBITDA on a consolidated basis. Assets and liabilities are reviewed by the CODM for the Group in its entirety and as such segment information is not provided for these items. Analysis of Revenue and Gross Profit June 2017 IRL UK USA Total Revenue 000 000 000 000 Fuel 290,332 236,694 17,481 544,507 Food 35,951 9,658 39 45,648 Store 57,758 22,048 2,550 82,356 384,041 268,400 20,070 672,511 Gross Profit Fuel 18,041 11,208 1,666 30,915 Food 20,557 4,830 18 25,405 Store 18,512 6,576 817 25,905 57,110 22,614 2,501 82,225 13
Notes to the unaudited consolidated financial information 3. Segmental analysis (continued) Analysis of Revenue and Gross Profit June 2016 IRL UK USA Total Revenue 000 000 000 000 Fuel 248,344 188,798 5,100 442,242 Food 31,745 8,302-40,047 Store 52,594 20,056 1,025 73,675 332,683 217,156 6,125 555,964 Gross Profit Fuel 15,167 8,635 653 24,455 Food 17,977 3,989-21,966 Store 15,905 5,799 334 22,038 49,049 18,423 987 68,459 Reconciliation of profit before income tax to earnings before interest, tax, depreciation and amortisation (EBITDA), share based payments and other non-recurring charges (Adjusted EBITDA) Notes 30 June 2017 30 June 2016 000 000 Profit before income tax 8,913 7,508 Depreciation 5 6,096 5,562 Amortisation 5 160 125 Net impairment charge 5-146 Net finance cost/(income) 6 323 (889) EBITDA 15,492 12,452 Share based payments 5 757 518 Non-recurring charges 5 398 - Adjusted EBITDA 16,647 12,970 14
Notes to the unaudited consolidated financial information 4. Earnings per share Basic earnings per share 30 June 2017 30 June 2016 000 000 Profit from continuing operations attributable to the owners of the Company 7,569 6,491 Weighted average number of ordinary shares in issue for basic earnings per share 80,647 79,907 Earnings per share Basic 9.39c 8.12c Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share 30 June 2017 30 June 2016 000 000 Profit from continuing operations attributable to the owners of the Company 7,569 6,491 Weighted average number of ordinary shares in issue 80,647 79,907 Adjusted for: Share options 3,328 3,551 Weighted average number of ordinary shares for diluted earnings per share 83,975 83,458 Earnings per share Diluted 9.01c 7.78c 15
Notes to the unaudited consolidated financial information 5. Expenses Profit before tax is stated after charging/(crediting): 30 June 2017 30 June 2016 000 000 Cost of inventory recognised as expense 577,907 477,698 Other external charges 12,379 9,807 Employee benefits 35,555 29,241 Operating lease payments 8,006 6,833 Amortisation of intangible assets 160 125 Depreciation of property, plant and equipment 6,096 5,562 Share based payment charge 757 495 Net foreign exchange (gain)/loss (14) 310 Impairment charge - 146 Loss on disposal of assets 255 245 Utilities 3,103 2,854 Rates 2,756 2,328 Non recurring charges (1) 398 - Other operating charges 16,732 14,212 664,090 549,856 (1) Non recurring charges relates to acquisition costs incurred in the first six months of the year. 6. Finance costs and income 30 June 2017 30 June 2016 Finance costs 000 000 Bank loans and overdrafts 762 730 Variance on translation of foreign borrowings * (260) (1,430) Lease finance charges and hire purchase interest 126 113 Borrowing costs capitalised (121) (142) Finance costs 507 (729) Finance income Interest income on loans to joint venture (184) (160) Finance income (184) (160) Net finance cost/(income) 323 (889) * The foreign exchange gains of 0.3m (2016: 1.4m) arises in respect of non-euro denominated debt. 16
Notes to the unaudited consolidated financial information 7. Taxation 30 June 2017 30 June 2016 Current tax 000 000 Current tax expense 894 781 Total current tax 894 781 Deferred tax Origination and reversal of temporary differences 351 236 Changes in overseas tax rates 99 - Total deferred tax 450 236 Total tax 1,344 1,017 8. Intangible assets Operating agreements Franchises Licences Assets under construction Total Cost 000 000 000 000 000 At 01 January 2017 518 1,157 1,513 512 3,700 Translation adjustment - (10) (2) - (12) Additions 60 257 17 2,032 2,366 Disposals - (94) - - (94) At 30 June 2017 578 1,310 1,528 2,544 5,960 Amortisation At 01 January 2017 98 229 616-943 Translation adjustment - - (1) - (1) Disposals - (94) - - (94) Amortisation charge 49 36 75-160 At 30 June 2017 147 171 690-1,008 Net Book Value 30 June 2017 431 1,139 838 2,544 4,952 01 January 2017 420 928 897 512 2,757 17
Notes to the unaudited consolidated financial information 9. Property, plant and equipment Fixtures, fittings and motor vehicles Computer hardware and software Land and Buildings Plant and equipment Assets under construction Total Cost 000 000 000 000 000 000 At 01 January 2017 166,416 16,299 69,316 10,723 17,644 280,398 Translation adjustment (1,676) (210) (682) (65) (94) (2,727) Additions 10,776 1,758 7,201 683 7,041 27,459 Disposals (15) (12) (182) (22) (220) (451) Reclassifications 6,250 250 1,082 42 (7,624) - At 30 June 2017 181,751 18,085 76,735 11,361 16,747 304,679 Depreciation/impairment At 01 January 2017 32,490 2,743 21,510 4,429-61,172 Translation adjustment (169) (18) (146) (28) - (361) Charge for the period 1,285 458 3,383 970-6,096 Disposals - - (19) (6) - (25) At 30 June 2017 33,606 3,183 24,728 5,365-66,882 Net Book Value 30 June 2017 148,145 14,902 52,007 5,996 16,747 237,797 01 January 2017 133,926 13,556 47,806 6,294 17,644 219,226 Assets under construction as at 30 June 2017 includes the following significant projects; six service stations in the Republic of Ireland ( 12.5m), one motorway services area in Northern Ireland ( 0.7m) and two service stations in the UK ( 0.8m). The remaining amounts relate to several other developments across all regions. 18
Notes to the unaudited consolidated financial information 10. Inventories 30 June 2017 31 Dec 2016 000 000 Raw materials and consumables 955 981 Finished goods 26,885 29,292 27,840 30,273 The cost of inventories recognised as an expense and included in cost of sales amounted to 578m (June 2016: 478m). 11. Trade and other receivables 30 June 2017 31 Dec 2016 Current 000 000 Trade receivables 8,142 4,834 Provision for impairment (337) (265) Deposits received from customers (38) (45) Net trade receivables 7,767 4,524 Accrued income 1,750 2,561 Prepayments 6,766 3,455 Other debtors 3,504 5,161 Withholding tax receivable 24 24 VAT receivable 470 1,355 Amounts due from related companies 2,390 2,646 22,671 19,726 Non-current Other debtors 345 373 345 373 Current trade and other receivables are non-interest bearing and are generally less than 30 day credit terms. Non-current debtors relates to loans advanced to our dealer network. The fair values of non-current trade and other receivables is equivalent to their carrying value. The fair value has been determined on the basis of discounted cash flows. 19
Notes to the unaudited consolidated financial information 12. Cash and cash equivalents Cash and cash equivalents included in the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows are analysed as follows: 30 June 2017 31 Dec 2016 000 000 Cash at bank 27,595 21,002 Cash in transit 9,045 8,372 Cash and cash equivalents (excluding bank overdrafts) 36,640 29,374 Cash and cash equivalents include the following for the purposes of the statement of cash flows: 30 June 2017 31 Dec 2016 30 June 2016 000 000 000 Cash and cash equivalents 36,640 29,374 25,608 Bank overdrafts (note 13) - (1,635) (940) 36,640 27,739 24,668 13. Borrowings 30 June 2017 31 Dec 2016 Current 000 000 Bank overdrafts - 1,635 Bank loans 3,670 3,465 Finance leases 744 749 4,414 5,849 Non-current Bank loans 62,666 39,723 Finance leases 2,760 3,227 65,426 42,950 Total borrowings 69,840 48,799 20
Notes to the unaudited consolidated financial information 14. Trade and other payables 30 June 2017 31 Dec 2016 Current 000 000 Trade payables and accruals 126,197 126,105 Other creditors 1,423 1,073 Deferred income 938 1,045 Value added tax payable 1,466 396 Other taxation and social security 2,005 1,910 Amounts due to related parties 486 419 132,515 130,948 Non-current Deferred income 5,564 5,704 5,564 5,704 15. Share capital Ordinary No. Authorised Shares of 0.01 each At 31 December 2016 and 30 June 2017 100,000,000 1,000,000 Issued Shares of 0.01 each At 01 January 2017 80,471,053 804,710 Allotted 350,000 3,500 At 30 June 2017 80,821,053 808,210 350,000 share options with an exercise price of 1.00 were exercised during the period. Share premium of 346,500 was recorded on the issue of these shares. 21
Notes to the unaudited consolidated financial information 16. Post period end events Since the period end, the Group has added one new service area, one petrol filling station and one new dealer sites in the Republic of Ireland, one service area and two petrol filling stations in the UK and two in the USA. The Group will continue to pursue new developments to enhance shareholder value, through a combination of organic growth, acquisitions and development opportunities. The Group also completed the acquisition of a 50% share in the Joint Fuels Terminal in Dublin port from the Topaz Energy Group for a consideration of approximately 15.7m. The transaction was completed in July 2017. The Group also announced the proposed acquisition of two retail operations; one in the US and one in the UK. In the US, the Group will take over 42 sites located in or close to the city of Columbia, the state capital of South Carolina. 34 of these sites are petrol filling stations which incorporate 11 Burger King restaurants and a number of other food offers including Subway and Blimpie. In addition, the Business operates eight stand-alone Burger King sites. Under the terms of the transaction, the Group will acquire the trade and certain assets of the Brandi Group for a consideration of US$5.4m. In the UK, Applegreen has reached an agreement to acquire a network of seven sites from the Carsley Group, consisting of six service areas and one petrol filling station. The service area sites are predominantly located on the major arterial route of the A1 motorway. Under the terms of the acquisition, Applegreen will acquire the Business for a consideration of 21m. Both transactions are expected to complete in early Q4 2017. The Directors have proposed an interim dividend of 0.60 cent per ordinary share, 0.5m in total. This will be paid on 20 October 2017 to shareholders on the register on 22 September 2017. 22
Glossary of financial terms The key non-ifrs financial terms used by the Group in this interim report are as follows: Measure Constant currency EBITDA and adjusted EBITDA Description Constant currency measures eliminate the effects of exchange rate fluctuations that occur when calculating financial performance numbers. EBITDA is defined as earnings before interest, tax, depreciation, amortisation and impairment charges. Adjusted EBITDA refers to EBITDA adjusted for share based payments and non-recurring items. The adjusted EBITDA calculation can be found on page 14. Adjusted PBT Adjusted PBT is defined as profit before tax adjusted for share based payments and non-recurring items. Adjusted PBT is calculated as follows: June 2017 June 2016 000 000 Profit before tax 8,913 7,508 Share based payments 757 518 Non-recurring charges 398 - Adjusted PBT 10,068 8,026 Adjusted EPS Adjusted EPS is defined as profit after tax adjusted for share based payments and non-recurring items divided by the weighted average number of ordinary shares in issues. Adjusted EPS is calculated as follows: June 2017 June 2016 000 000 Profit after tax 7,569 6,491 Share based payments 757 518 Non-recurring charges 398 - Adjusted PBT 8,724 7,009 Number of shares (note 4) 80,647 79,907 Adjusted EPS 10.82c 8.77c Like for like Net debt position Like for like statistics measure the performance of stores that were open at 01 January 2016 and excluding any stores that were closed or divested since that date. Net debt position comprises current and non-current borrowings and cash and cash equivalents. 23