Domino's Pizza (UK & IRL) plc

Group profit and loss account

52 weeks to 29 December 2002
Turnover
Less Cost of Sales (see note 1)
Gross Profit
Distribution costs
Administrative expenses
Other operating income and expenditure
Profit on ordinary activities before interest and taxation
Interest receivable
Interest payable and similar charges
Profit on ordinary activities before taxation
Taxation
Profit for the financial year
Dividends (note 2)
Profit retained for the financial year

Horizontal
2002
000s
53,109
-28,054
25,055
-8,663
-11,813
-16
4,563
50
-374
4,239
-1,404
2,835
-1,018
1,817

2001
000s
43,825
-23,132
20,693
-7150
-10,230
-99
3,214
78
-430
2,862
-858
2,004
-668
1,336

%
21.18
21.28
21.08
21.16
15.47
-83.84
41.97
-35.90
-13.02
48.11
63.64
41.47
52.40
36.00

Vertical
2002
%
100
-52.82
47.18
-16.31
-22.24
-0.03
8.59
0.09
-0.70
7.98
-2.64
5.34
-1.92
3.42

Note 1: Taken as 'credit purchases for 'creditor payment period' calculation

Note 2: Dividends per share (p)
2
1.33
*Factors are used to calculate 'vertical' analysis, and represent 100 divided by the year's turnover
Changes in horizontal analysis over 20% shown in blue
(see next two sheets for 12.2b and 12.2c)

Vertical
2001
%
100
-52.78
47.22
-16.31
-23.34
-0.23
7.33
0.18
-0.98
6.53
-1.96
4.57
-1.52
3.05

Trend
2002
121
121
121
121
115
16
142
64
87
148
164
141
152
136

2001

Factor*
2002

2001

100
100
100
100
100
100
100
100
100
100
100
100
100
100

0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883
0.001883

0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282
0.002282

Domino's Pizza (UK & IRL) plc

Group balance sheet as at 29 December 2002

Horizontal

Vertical
2002
2001
%
%

2002
000s

2001
000s

2,386
13,685
307
16,378

2,484
12,181
277
14,942

-3.95
12.35
10.83
9.61

20.39
116.96
2.62
139.97

25.88
126.91
2.89
155.68

1,411
8,572
2,130
3,885
15,998

1,260
6,665
1,756
3,231
12,912

11.98
28.61
21.30
20.24
23.90

12.06
73.26
18.20
33.20
136.72

13.13
69.44
18.30
33.66
134.53

-12,919
3,079
19,457
-7,152
-604

-10,203
2,709
17,651
-7,632
-421

26.62
13.66
10.23
-6.29
43.47

-110.41
26.31
166.28
-61.12
-5.16

-106.30
28.22
183.90
-79.52
-4.39

Total net assets (note 3)

11,701

9,598

21.91

100.00

100.00

Capital and reserves

Called up share capital (notes 4 and 5)
Share premium account
Profit and loss account
Equity shareholders' funds

2,546
2,395
6,760
11,701

2,518
2,192
4,888
9,598

1.11
9.26
38.30
21.91

21.76
20.47
57.77
100.00

26.23
22.84
50.93
100.00

Notes:
1. Of which trade debtors were:
2. Of which trade creditors were:
3. 'Net indebtedness (see gearing calculation)
4. No. of equity shares issued at year-end (m)
5. Assume stock market price (p)

2,533
3,956
6,308
50,920
110

2,621
4,006
5,760
50,360
75

Fixed assets
Intangible assets
Tangible assets
Investments in joint venture (net)
Current assets
Stocks
Debtors due within one year (note 1)
Debtors due after more than one year (note 1)
Cash at bank and in hand

Creditors due within one year (note 2)

Net current assets
Total assets less current liabilities
Creditors due after more than one year
Provision for liabilities and charges

Changes in horizontal analysis over 20% shown in blue

*Factors are used to calculate 'vertical' analysis, and represent 100 divide by the year's total net assets

year's total net assets

Trend
2002

2001

Factor*
2002

2001

96
112
111
110

100
100
100
100

0.008546
0.008546
0.008546
0.008546

0.010419
0.010419
0.010419
0.010419

112
129
121
120
124

100
100
100
100
100

0.008546
0.008546
0.008546
0.008546
0.008546

0.010419
0.010419
0.010419
0.010419
0.010419

127
114
110
94
143

100
100
100
100
100

122

100

0.008546
0.008546
0.008546
0.008546
0.008546
0.008546
0.008546

0.010419
0.010419
0.010419
0.010419
0.010419
0.010419
0.010419

101
109
138
122

100
100
100
100

0.008546
0.008546
0.008546
0.008546

0.010419
0.010419
0.010419
0.010419

Domino's Pizza (UK & IRL) plc

Group cash flow statement
for the 52 weeks to 29 December 2002

2002
000s

2001
000s

5,128

4,475

50
-343
-9
-302

78
-304
-11
-237

-950

-617

-214
-3,291
411
46
-1,247
901
-3,394

-68
-2,560
5
36
-1,007
445
-3,149

Acquisitions and disposals

Purchase of subsidiary undertaking and un-associated businesses

-484

-160

Equity dividends paid

-777

-501

Net cash outflow before financing

-779

-189

231
2,719
-1,443
-74
1,433

164
2,660
-330
-72
2,422

654

2,233

Net cash inflow from operating activities

Returns on investments and servicing of finance
Interest received
Interest paid
Interest element of Finance lease payments

Taxation
Capital expenditure and financial investment
Payments to acquire tangible fixed assets
Payments to acquire intangible fixed assets
Receipts from sales of fixed assets
Receipts from repayment of joint venture loan
Payments to acquire finance lease assets and advance of franchisee loans
Receipts from repayment of finance leases and franchisee loans

Financing
Issue of ordinary share capital
New long-term loans
Repayments of long-term loans
Repayments of capital element of finance leases and hire purchase contracts

Increase in cash

*Factors are used to calculate 'vertical' analysis, and represent 100 divided by the net cash inflow from operating activities
Changes in horizontal analysis over 20% shown in blue

Horizontal
%
14.59

Vertical
2002
2001
%
%
100
100

Trend
2002

2001

Factor*
2002

2001

115

100

0.019501 0.022346

-35.90
12.83
-18.18
27.43

0.98
-6.69
-0.18
-5.89

1.74
-6.79
-0.25
-5.30

64
113
82
127

100
100
100
100

0.019501
0.019501
0.019501
0.019501

53.97

-18.53

-13.79

154

100

0.019501 0.022346

214.71
28.55
8,120.00
27.78
23.83
102.47
7.78

-4.17
-64.18
8.01
0.90
-24.32
17.57
-66.19

-1.52
-57.21
0.11
0.80
-22.50
9.94
-70.37

315
129
8,220
128
124
202
108

100
100
100
100
100
100
100

0.019501
0.019501
0.019501
0.019501
0.019501
0.019501
0.019501

202.50

-9.44

-3.58

303

100

0.019501 0.022346

55.09

-15.15

-11.20

155

100

0.019501 0.022346

312.17

-15.19

-4.22

412

100

0.019501 0.022346

40.85
2.22
337.27
2.78
-40.83

4.50
53.02
-28.14
-1.44
27.94

3.66
59.44
-7.37
-1.61
54.12

141
102
437
103
59

100
100
100
100
100

0.019501
0.019501
0.019501
0.019501
0.019501

-70.71

12.75

49.90

29

100

0.019501 0.022346

inflow from operating activities

0.022346
0.022346
0.022346
0.022346

0.022346
0.022346
0.022346
0.022346
0.022346
0.022346
0.022346

0.022346
0.022346
0.022346
0.022346
0.022346

Ratios
Profitability Group

2002

2001

ROCE (Return on Capital employed)

Operating Profit before interest and tax

Share Capital + Reserves + Long term loans

4,563 =
18,853

24.20%

3,214
=
17,230

Gross Margin (or Gross Profit Margin)

Gross Profit
Turnover

25,055
=
53,109

47.18%

20,693
=
43,825

Mark-up

Gross Profit
Cost of goods sold

25,055 =
28,054

89.31%

20,693
=
23,132

Net Margin (or Net Profit Margin)

Operating Profit before interest and tax

Turnover

4,563
=
53,109

8.59%

3,214
=
43,825

Fixed assets turnover

Turnover
Fixed assets at net book value

53,109
=
16,378

3.24 times

43,825
=
14,942

Stock turn

Closing stock
Cost of goods sold

515,015
=
28,054

18.36 days

459,900
=
23,132

Trade debtors collection period

Trade debtors
Credit sales

924,545
=
53,109

17.41 days

956,665
=
43,825

Trade creditors payment period

Trade creditors
x 365
Credit purchases

1,443,940
=
28,054

51.47 days

1,462,190
=
23,132

Efficiency Group

x 365

x 365

Short term solvency and liquidity

Current ratio (aka working capital ratio)

Current Assets: Current Liabilities

15,998
=
12,919

Acid Test (aka Quick Assets test)

(Current Assets - Stock) :Current Liabilities

14,587

1.24 :1

1.13 :1

12,912
=
10,203
11,652

1.13 :1

12,919

10,203

Long term solvency and liquidity

Gearing

Long-term loans - Cash and bank balances

Share Capital + reserves + (long term loans cash & bank balances)

3,267

4,401
=

21.83%

14,968

13,999

(or)
Long-term loans - Cash and bank balances
Share Capital + reserves

3,267
=
11,701

27.92%

4401
=
9,598

6,308
=
11,701

53.91%

5,760
=
9,598

(or)
All loans - cash and bank balances
Share Capital + reserves
Interest cover

Profit before interest

Interest payable

4,563
=
374

12.20 times

3,214
=
430

Investment ratios
Eps (earnings per share)*

Profit available for ordinary dividend

No. of equity shares issued

PE (price/earnings)

Stock market price

Earnings per share

Dividend cover

Profit available to pay dividend

Dividends paid and proposed

Dividend yield

Dividend per share

Market price per share

2,835 =
50,920

5.6

2,004
=
50,360

110 =
5.6

19.8 times

75 =
4.0

2,835 =
1,018

2.8 times

2,004 =
668

2 =
110

1.82%

1.33 =
75

18.65%

47.22%

89.46%

7.33%

2.93 times

19.88 days

21.83 days

63.21 days

1.27 :1

1.14 :1

1.14 :1

31.44%

45.85%

60.01%

7.47 times

4.0

18.8 times

3.0 times

1.77%

Ratios
Profitability Group
ROCE (Return on Capital employed)

Gross Margin (or Gross Profit Margin)

Mark-up

Net Margin (or Net Profit Margin)

24.20%

18.65%

47.18%

47.22%

89.31%

89.46%

8.59%

7.33%

Efficiency Group
Fixed assets turnover

Stock turn

Trade debtors collection period

Trade creditors payment period

3.24 times

2.93 times

18.36 days

19.88 days

17.41 days

21.83 days

51.47 days

63.21 days

Short term solvency and liquidity

Current ratio (aka working capital ratio)

Acid Test (aka Quick Assets test)

1.24 :1

1.27 :1

1.13 :1

1.14 :1

1.13 :1

1.14 :1

Long term solvency and liquidity

Gearing

Debt/Equity

Capital Gearing

Interest cover

21.83%

31.44%

27.92%

31.44%

53.91%

60.01%

12.20 times

7.47 times

Investment ratios
Eps (earnings per share)*

PE (price/earnings)

Dividend cover

Dividend yield

5.6

4.0

19.8 times

18.8 times

2.8 times

3.0 times

1.82%

1.77%