During the 26 weeks ended 28 June 2015, the Group entered into
transactions, in the ordinary course of business, with related
parties. Transactions entered into and trading balances outstanding
at 28 June 2015, with related parties, are as follows:
Amounts
Sales owed
to by
related related
party party
GBP000 GBP000
Associates and joint ventures
28 June 2015 11,517 1,855
29 June 2014 9,688 571
28 December 2014 19,157 1,445
14. ANALYSIS OF NET DEBT
(Unaudited) (Unaudited)
At At At
28 June 29 June 28 December
2015 2014 2014
GBP000 GBP000 GBP000
Cash and cash equivalents 30,134 43,611 33,743
Bank revolving facility (8,301) (29,797) (5,447)
Bank loan EBT - (15,000) (15,000)
Finance leases (29) (93) (60)
Other loans (2,599) (2,455) (2,278)
Net cash / (debt) 19,205 (3,734) 10,958
------------ ------------ ------------
15. PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the Group in terms
of preventing or restricting execution of our strategy during the
period under review and for the remainder of the financial period
have not materially changed from those set out on pages 20 to 24 of
the Domino's Pizza Group plc Annual Report and Accounts 2014.
However, the Company has appointed a new Chief Financial Officer
and, therefore, this is no longer considered to be a risk for the
remainder of the financial period.
In summary, the Group is exposed to the following main
risks:
o Business Strategy
o Strategic direction - the risk of implementing a strategy in
newer markets such as Germany, Switzerland, Liechtenstein and
Luxembourg that does not achieve the desired outcomes
o Germany - Germany remains a challenge and the Group is
dedicated to focusing on its success and growth
o Food Production, Storage and Suppliers
o Failure of a critical supplier - we are reliant upon the
continued operation of various third-party suppliers who provide
raw materials
o Food safety and compliance - The Supply Chain Centres must
comply with applicable food safety rules and regulations and our
franchisees must ensure that all stores are also compliant
o Production issues or destruction on Supply Chain Centres - One
of the key functions of the business is production of dough and the
distribution of food and other store items by our Supply Chain
Centres
o Competition
o Competitors and consumer trends - failure to compete on
product, service and quality and changes in consumer tastes, brand
relevance and demographic trends
o Franchisees
o Material deterioration in relationships with franchisees -
relationships with franchisees are key to the Group's success as
the franchisees drive a large part of the business
o Commercial leverage of large franchisees - certain franchisees
are now of considerable scale and therefore there is a risk that
should these franchisees be allowed to expand further they could
attempt to leverage off their size with a view to gaining
preferential treatment from the Group
o Brand Reputation
o Reputational damage or loss of confidence in the brand - any
significant act, omission or harmful allegation that is made in
public in relation to the brand could lead to significant media
interest and potentially bad publicity
o Information Technology and Security
o Data protection and security - significant failure in, or
successful attacks on, our IT infrastructure, systems and processes
could impact online sales and place customer data at risk of loss
or theft
o Property
o Store growth - continuing acquisition and development of
property sites carries inherent risk as challenges exist in
relation to finding new sites, obtaining planning permission (or
other consents and compliance) in the countries in which the Group
operates
o People
o Employees - failure to attract, retain, develop and motivate
the best people at all levels
o Corporate Governance
o Internal controls, fraud and compliance - ensuring the Group
has the appropriate internal controls and policies
A copy of the Annual Report and Accounts 2014 is available at
corporate.dominos.co.uk
RESPONSIBILITY STATEMENT
Each of the Directors, whose names and functions appear below,
confirm to the best of their knowledge that the condensed interim
financial statements have been prepared in accordance with IAS 34,
'Interim Financial Reporting', as issued by the IASB and adopted by
the European Union and that the interim management report herein
includes a fair review of the information required by the
Disclosure and Transparency Rules (DTR), namely:
-- DTR 4.2.7 (R): an indication of important events that have
occurred during the six month period ended 28 June 2015 and their
impact on the condensed interim financial statements, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year; and
-- DTR 4.2.8 (R): any related party transactions in the six
month period ended 28 June 2015 that have materially affected, and
any changes in the related party transactions described in the
Annual Report and Accounts 2014 that could materially affect the
financial position or performance of the enterprise during that
period.
The Directors of Domino's Pizza Group plc as at the date of this
announcement are as set out below:
Stephen Hemsley, Non-executive Chairman
Colin Halpern*, Non-executive Vice-Chairman
David Wild, Chief Executive Officer
Paul Doughty, Chief Financial Officer
Kevin Higgins*
Ebbe Jacobsen*
Michael Shallow*
Helen Keays*
Steve Barber*
*Non-executive Directors
A list of the current Directors is maintained on the Domino's
Pizza Group plc website at: corporate.dominos.co.uk.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the
preparation and dissemination of financial information differs from
the legislation in other jurisdictions.
This responsibility statement was approved by the Board of
Directors on 27 July 2015 and is signed on its behalf by Paul
Doughty, Chief Financial Officer.
By order of the Board
Paul Doughty
Chief Financial Officer
28 July 2015
INDEPENDENT REVIEW REPORT TO DOMINO'S PIZZA GROUP PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
26 weeks ended 28 June 2015 which comprises the Group Income
Statement, Group Statement of Comprehensive Income, Group Balance
Sheet, Group Statement of Changes in Equity, Group Cash Flow
Statement and the related notes. We have read the other information
contained in the half yearly financial report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the company in accordance with
guidance contained in International Standard on Review Engagements
2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the
Auditing Practices Board. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
company, for our work, for this report, or for the conclusions we
have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting", as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
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