Our new Cryptocurrency section has arrived! Click here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksDp Eurasia Regulatory News (DPEU)

Share Price Information for Dp Eurasia (DPEU)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 47.10
Bid: 47.10
Ask: 47.60
Change: -0.90 (-1.88%)
Spread: 0.50 (1.06%)
Open: 47.60
High: 48.20
Low: 47.00
Yest. Close: 48.00
DPEU Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

DP Eurasia N.V - Interim Results for the Period Ended 30 June 2018

Tue, 11th Sep 2018 07:00

RNS Number : 3292A
DP Eurasia N.V
11 September 2018
 

 

 

For Immediate Release

11 September 2018

 

DP Eurasia N.V.

("DP Eurasia" or the "Company", and together with its subsidiaries, the "Group")

Interim Results for the Period Ended 30 June 2018

Robust top line growth, strong network growth, and continued operational delivery

 

Highlights

 

For the period ended 30 June

 

 

2018

Restated 2017

Change

 

(in millions of TRY, unless otherwise indicated)

 

 

 

Number of stores

672

593

79

 

 

 

 

Group System Sales

 

 

 

Turkey

351.6

304.1

15.6%

Russia

152.7

90.5

68.8%

Azerbaijan & Georgia

6.1

3.9

56.8%

Total

510.4

398.5

28.1%

 

 

 

 

Group Like-for-like growth

 

 

 

System sales

 

 

 

Turkey

10.9%

6.9%

 

Russia (based on RUB)

18.0%

31.3%

 

 

 

 

 

Revenue

380.2

287.7

32.2%

Turkey adjusted EBITDA

36.5

32.5

12.1%

Russia adjusted EBITDA

7.4

4.9

49.2%

Adjusted EBITDA

40.3

37.3

8.0%

Adjusted net income

(9.1)

(2.4)

n/a

Adjusted net debt

149.5

 

 

         

 

Operational Highlights

·     79 new stores were added over the last 12 months, bringing the total number to 672

·     Turkey and Russia like-for-like growth is strong, leveraging the Group's online ordering platforms - online delivery system sales as a share of delivery system sales reached 59.3% for the period (2017 H1: 49.7%)

·     Group online system sales growth of 64.5%

Turkish online systems sales growth of 46.9%

Russian online system sales growth of 106.9% (88.6% based on RUB)

 

Financial Highlights

·     Group revenue up 32.2% and system sales up 28.1%, driven by both like-for-like growth and store openings

Turkish systems sales growth of 15.6%

Russian system sales growth of 68.8% (54.0% based on RUB)

·     Adjusted EBITDA up 8.0% to TRY 40.3 million (2017 H1: TRY 37.3 million), impacted by increased Dutch corporate expenses of TRY 3.5 million (2017 H1: TRY 0.1 million) and planned corporate and franchise operation teams recruitment in preparation for the next phase of growth in Russia

·     Adjusted net income TRY (9.1) million; affected by increased financial expense of TRY 16.8 million (2017 H1: TRY 10.0 million)

·     The Euro denominated Russian loans were refinanced by a Rouble denominated loan in July 2018, resulting in no residual hard currency net debt for the Group

·     The Board expects the full year Adjusted EBITDA for 2018 to be in line with expectations

 

Commenting on the results, Chief Executive Officer, Aslan Saranga said:

 

"It gives me great pleasure to announce another strong set of results for the first half of 2018, during which we have grown our top-line as well as adjusted EBITDA in both Turkey and Russia.

"We have added 29 stores to our store count in the first half of the year and we are moving towards reaching the 700 store milestone later in 2018.  In Russia, we are continuing with our regional push with planned expansions into new cities during the second half after adding Rostov, Voronezh, Kazan, and Nizhny Novgorod among other cities in the first half of the year.

"Online ordering continues to be the main driver behind our like-for-like growth in both markets and online delivery system sales reached 59.3% of delivery system sales for the first half of 2018 with Turkey also surpassing the 50% threshold.  The revamped apps launched in the second half of 2017 are continuing to contribute to this increasing online trend.  In August, we launched our enhanced websites in Turkey and plan to launch them in Russia towards the end of 2018.  We are also continuing with GPS Tracker installations in Turkey where more than 400 stores have already been installed with the necessary hardware.  We plan to launch this new tool for Turkey in early 2019.

"With respect to the macroeconomic headwinds that we are experiencing in Turkey, we are offsetting the impact of higher inflation by increasing our prices more frequently without any discernible negative impact on volumes.  The management team continues to focus on pricing, tight control of the cost base, supporting franchisees and careful management of net indebtedness and foreign exchange exposures to ensure that we protect the business through this period of economic volatility.  Historically, the business has been relatively robust in challenging economic conditions and we continue to monitor the situation closely given the uncertain short term outlook.  This is my third such experience at the helm of DP Eurasia during a difficult macroeconomic environment in Turkey and on each previous occasion we have come through stronger relative to the competition due to our market leadership position, focus on value and service to the customer and resilient franchise partners.

"The Board expects the full year Adjusted EBITDA for 2018 to be in line with expectations."

Enquiries

DP Eurasia N.V.

 

Selim Kender, Chief Strategy Officer & Head of Investor Relations

+90 212 280 9636

 

 

Buchanan (Financial Communications)       

 

Richard Oldworth / Madeleine Seacombe

+44 20 7466 5000

dp@buchanan.uk.com

 

 

 

A meeting for analysts will be held at 9.30am on 11 September 2018 at the offices of Buchanan. A live audio webcast and conference call facility will be available.

 

Webcast:

http://webcasting.buchanan.uk.com/broadcast/5b6035f4d3653708d12fdcfe

 

 

Conference call:

UK Toll: 02034281542

UK Toll Free: 08082370040

Participant PIN code: 53877066#

URL for international dial in numbers: http://events.arkadin.com/ev/docs/FEL_Events_International_Access_List.pdf

 

For additional details and registration for the analyst briefing, please contact Buchanan on +44 20 7466 5000 / dp@buchanan.uk.com.

 

Following the meeting, a webcast replay will be available from midday at www.dpeurasia.com.

 

Notes

System sales are sales generated by the Group's corporate and franchised stores to external customers and do not represent revenue of the Group.

Like-for-like growth is a comparison of sales between two periods that compares system sales of existing system stores. The Group's system stores that are included in like-for-like system sales comparisons are those that have operated for at least 52 weeks preceding the beginning of the first month of the period used in the like-for-like comparisons for a certain reporting period, assuming the relevant system store has not subsequently closed or been "split" (which involves the Group opening an additional store within the same map of an existing store or in an overlapping area).

EBITDA and adjusted EBITDA are not defined by IFRS. Adjusted EBITDA excludes income and expenses which are not part of the normal course of business and are non-recurring items, consisting of restructuring costs, IPO-related expenses, and share based incentives.  Management uses this measurement basis to focus on core trading activities of the business segments and to assist it in evaluating underlying business performance. Please refer to Note 3 in the Condensed Consolidated Financial statements for a reconciliation of these items with IFRS.

Adjusted net income is not defined by IFRS.  Adjusted net income excludes income and expenses which are not part of the normal course of business and are non-recurring items. Management uses this measurement basis to focus on core trading activities of the business segments and to assist it in evaluating underlying business performance.  Please refer to Note 3 in the Condensed Consolidated Financial statements for a reconciliation of this item with IFRS.

Net debt and adjusted net debt are not defined by IFRS. Adjusted net debt includes cash deposits used as a loan guarantee and cash paid, but not collected during the non-working day at the year end. Management uses these numbers to focus on net debt including deposits not otherwise considered cash and cash equivalents under IFRS.  Please refer to Note 3 in the Condensed Consolidated Financial statements for a reconciliation of these items with IFRS.

The board's expectations incorporate adverse impact of the adoption of IFRS 15 for the full year.  The adverse effect of the adoption of IFRS 15 was TRY 2.7 million on the Group's adjusted EBITDA for the period ended 30 June 2018.

Delivery system sales are system sales of the Group generated through the Group's delivery distribution channel.

Online system sales are system sales of the Group generated through its online ordering channel.

Please refer to Note 2.3 in the Condensed Consolidated Financial statements for the details of the restatement due to IFRS 15 adoption.

 

Notes to Editors

 

DP Eurasia N.V. is the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia. The Company was admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc on 3 July 2017. The Company (together with its subsidiaries, the "Group") is the largest pizza delivery company in Turkey and the third largest in Russia. The Group offers pizza delivery and takeaway/ eat-in facilities at its 672 stores (521 in Turkey, 142 in Russia, six in Azerbaijan and three in Georgia as at 30 June 2018), and operates through its owned corporate stores (37%) and franchised stores (63%). The Group maintains a strategic balance between corporate and franchised stores, establishing networks of corporate stores in its most densely populated areas to provide a development platform upon which to promote best practice and maximise profitability. The Group has adapted the Domino's Pizza globally proven business model to its local markets.

 

 

 

Performance Review

 

System Sales

For the period ended 30 June

 

 

2018

2017

Change

 

(in millions of TRY, unless otherwise indicated)

 

 

 

Group System sales

 

 

 

Turkey

351.6

304.1

15.6%

Russia

152.7

90.5

68.8%

Azerbaijan & Georgia

6.1

3.9

56.8%

Total

510.4

398.5

28.1%

 

 

 

 

Group Like-for-like growth

 

 

 

System sales

 

 

 

Turkey

10.9%

6.9%

 

Russia (based on RUB)

18.0%

31.3%

 

 

Store Count

As at 30 June

 

2018

 

2017

 

Corporate

Franchised

Total

 

Corporate

Franchised

Total

Turkey

145

376

521

 

135

355

490

Russia

101

41

142

 

88

8

96

Azerbaijan

-

6

6

 

-

4

4

Georgia

-

3

3

 

-

3

3

Total

246

426

672

 

223

370

593

 

The Group increased its system sales by 28.1% year-on-year, driven by a combination of like-for-like sales growth and store openings.  Turkey and Russia's performance continues to be recognised within the Domino's system - both awarded the Gold Franny Award, the annual award that Domino's Pizza Inc. presents to its master franchisees for operational excellence, growth rate and increase in revenue.

The Turkish operations' system sales, which represent 69% of Group system sales, increased by 15.6%. This increase was mainly driven by like-for-like sales growth and store openings.  The Turkish like-for-like growth was mainly due to the price increases that needed to be made due to the higher inflationary macro environment.  Despite the macroeconomic headwinds, the timing of new store openings in Turkey is in line with the trend experienced in recent years.  During the first half of 2017 Turkish store count increased by two against a 27 store increase (including Azerbaijan and Georgia) for the year as a whole.  During the first half of 2018, Turkish store count has increased by eight (including Azerbaijan and Georgia), and the Group has a strong pipeline for the second half of the year, in line with achieving management's expectations for full year net store openings.  Franchise-to-total store mix was consistent with recent periods at 73%.

The Russian operations' system sales, which represent 30% of Group system sales, increased by 68.8%.  This increase was driven by like-for-like sales growth and store openings.  The Russian operations achieved like-for-like sales growth of 18.0% for the period slightly above guidance, mainly driven by consumer traffic.  The Group opened 21 stores in Russia during the period ended 30 June 2018 compared to 24 stores in the same period last year, and the strong pipeline is on course to deliver full year net store openings in line with management's expectations.  Franchise-to-total store mix increased materially to 29% from 18% at the end of 2017, consistent with management's plan.

Delivery Channel Mix and Online like-for-like growth

The following table shows the Group's delivery system sales, analysed by ordering channel and by the Group's two largest countries in which it operates, as a percentage of delivery system sales for the periods ended 30 June 2018 and 2017:

 

 

For the period ended 30 June

 

 

2018

2017

 

 

Turkey

Russia

Total

Turkey

Russia

Total

Store

 

43.2%

25.7%

38.6%

49.1%

37.2%

46.8%

Online

Group's online platform

29.6%

74.3%

42.5%

24.3%

62.8%

32.6%

Aggregator

24.1%

-

16.8%

22.1%

-

17.1%

Total online

53.7%

74.3%

59.3%

46.4%

62.8%

49.7%

Call centre

 

3.0%

-

2.1%

4.5%

-

3.5%

Total

 

100%

100%

100%

100%

100%

100%

 

 

For the period ended 30 June

 

2018

2017

Group online like-for-like growth

 

 

Online system sales

 

 

Turkey

42.8%

32.5%

Russia (based on RUB)

52.5%

85.1%

 

The Group's like-for-like growth has been mainly driven by the performance of its online ordering platforms. Online delivery system sales as a share of delivery system sales was 59.3% for the period.  This represented a 9.6% increase compared to a year ago, to which the Group's revamped apps from 2017 contributed significantly.

In Turkey, online system sales like-for-like growth for the period was 42.8% as a result of which online delivery system sales as a share of delivery system sales reached 53.7% for the period, a 7.3% increase from a year ago, surpassing the 50% threshold for the first time.

In Russia, online system sales like-for-like growth for the period was 52.5% as a result of which online delivery system sales as a share of delivery system sales reached 74.3% for the period, a 11.5% increase from a year ago.

 

 

Financial Review

 

For the period ended 30 June

 

 

2018

Restated 2017

Change

 

(in millions of TRY)

 

 

 

Revenue

380.2

287.7

32.2%

Cost of sales

(251.8)

(184.7)

36.3%

Gross Profit

128.5

103.0

24.8%

General administrative expenses

(63.0)

(44.2)

42.5%

Marketing and selling expenses

(50.0)

(41.3)

21.1%

Other operating expenses, net

(0.6)

(0.9)

n/a

Operating profit

14.9

16.5

(9.7)%

Foreign exchange (loses)/gains

(8.6)

(7.3)

17.8%

Financial income

0.5

0.4

n/a

Financial expense

(16.8)

(10.0)

68%

Profit before income tax

(10.0)

(0.3)

 

Tax expense

(0.3)

(3.4)

 

Profit/(Loss) after tax

(10.4)

(3.8)

n/a

 

 

 

 

Turkey adjusted EBITDA

36.5

32.5

12.1%

Russia adjusted EBITDA

7.4

4.9

49.2%

Adjusted EBITDA

40.3

37.3

8.0%

Adjusted net income

(9.1)

(2.4)

n/a

Adjusted net debt

149.5

 

 

 

Revenue

DP Eurasia's revenue grew by 32.2% to TRY 380.2 million.  Turkey segment revenue grew by 15.6% to TRY 228.3 million, while Russia segment revenue grew by 68.2% to reach TRY 151.9 million.

Adjusted EBITDA

Management believes that adjusted EBITDA is the most relevant indicator of the Group's profitability at this stage of its development.

DP Eurasia's adjusted EBITDA grew by 8.0% to TRY 40.3 million.  Adjusted EBITDA for the Turkish segment was TRY 36.5 million, a year-on-year increase of 12.1%, and adjusted EBITDA for the Russian segment was TRY 7.4 million, a year-on-year increase of 49.2%.  Additionally, costs relating to our Dutch corporate expenses (excluding those that relate to our initial public offering) reduced Adjusted EBITDA by TRY 3.5 million in the first half of 2018.  The comparable adverse effect of this item was TRY 0.1 million in the first half of 2017 as the Group listed at the half year mark of 2017.  The Group also increased its recruitment of corporate and franchise operation teams as planned in preparation for the next phase of growth in Russia.

In 2018, IFRS 15 became effective and the Group adopted the new standard using the full retrospective method and has restated comparatives for the 2017 financial year.  The main accounting effect of IFRS 15 is that it required the Group to record opening fees from sub-franchisees over the life of the sub-franchisee contract whereas in the past the Group recorded these fees in the period that the sub-franchisee agreement was executed.  This new standard had an adverse effect of TRY 2.7 million and TRY 2.0 million for the first half of 2018 and the first half of 2017, respectively, on the Group's adjusted EBITDA.

For the period ended 30 June 2018, the Group's adjusted EBITDA margin as a percent of system sales was 7.9% compared to 9.4% over the same period in 2017.  The main reasons for the decrease was the adoption of IFRS 15, the increase in Dutch corporate expenses, corporate and franchise operations teams recruitment in Russia as well as the mix effect associated with the Russia segment becoming a larger part of the business.  Adjusted EBITDA margin as a percent of system sales for the Turkish (including Azerbaijan and Georgia as the revenues from these franchisees are booked at the Turkish subsidiaries) and Russian segments were 10.2% (10.6% in 2017 H1) and 4.8% (5.6% in 2017 H1), respectively.

Adjusted Net Income

For the period ended 30 June 2018, adjusted net income was TRY (9.1) million.  The deterioration in adjusted net income against the same period in 2017 was mainly due to the increase in financial expense with the higher borrowing costs in Turkey.  However, with the recent refinancing in July of the Russia loans, the majority of the Group's debt is in Roubles at a fixed 9.7% interest rate making the Group less susceptible to Turkish interest rate fluctuations.

Capital expenditure and Cash conversion

The Group incurred TRY 33.5 million of capital expenditure.  Of this amount, TRY 21.0 million was spent in Turkey and TRY 12.5 million was spent in Russia.  The main elements of capital expenditure in Turkey were investments into the online ordering platforms, including the project to unify the online ordering back-end systems across the Group, store conversions to the Kaizen format, and GPS Tracker hardware installations; whereas in Russia, the Group invested primarily in corporate store openings, information technology, and the new Moscow headquarters.

Cash conversion (defined as (Adjusted EBITDA - Capital expenditure)/Adjusted EBITDA) for the period was 16.9% for the Group and 42.5% for the Turkey segment. The Russia segment had negative cash conversion as it is in a period of rapid expansion relative to its size.

Adjusted net debt and Leverage

The Group's adjusted net debt as at 30 June 2018 was TRY 149.5 million, which corresponded to a leverage ratio (defined as adjusted net debt/ Last twelve months' adjusted EBITDA) of 1.6x.

In July 2018, the Group refinanced its Euro denominated loans in Russia with a Rouble denominated loan.  The RUB 2.2 billion facility has a 76 month term with a 12 month grace period and carries an interest rate of 9.7%.  The loan carries a RUB 420 million cash deposit condition that was made as collateral by the Russian operating company.  As a result of this transaction, the Group no longer carries an open hard currency position with respect to its net debt.

Board compliance statement

The board of DP Eurasia N.V. declares that, to the best of their knowledge, the attached condensed combined and consolidated financial statements give a true and fair view of the assets, liabilities, financial position and the result of DP Eurasia N.V. and its subsidiaries included in the attached condensed combined and consolidated financial statements and the interim report includes a fair review of the information required pursuant to section 5:25d, subsections 8 and 9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

 

Amsterdam, 11 September 2018

 

 

 

The Directors of DP Eurasia N.V. as at the date of this announcement are as set out below:

 

Peter Williams*

Aslan Saranga, Chief Executive Officer

Frederieke Slot, Company Secretary

Seymur Tari*

Izzet Talu*

Aksel Sahin*

Thomas Singer*

* Non-executive Directors

Auditor's Involvement

This Interim Report for the six months ended 30 June 2018, and the attached condensed consolidated financial statements included herein have been reviewed but not audited by an external auditor.

Forward looking statements

This press release includes forward-looking statements which involve known and unknown risks and uncertainties, many of which are beyond the Group's control and all of which are based on the Directors' current beliefs and expectations about future events. They appear in a number of places throughout this press release and include all matters that are not historical facts and include predictions, statements regarding the intentions, beliefs or current expectations of the Directors or the Group concerning, among other things, the results of operations, financial condition, prospects, growth and strategies of the Group and the industry in which it operates.

 

No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied in such forward-looking statements.

 

Forward-looking statements contained in this press release speak only as of the date of this press release. The Company and the Directors expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in their expectations or any change in events, conditions, or circumstances on which such statements are based.

 

 

Appendices

Exchange Rates

 

Period ended 30 June

 

2018

 

2017

Currency

Period End

Period Average

 

Period End

Period Average

EUR/TRY

5.309

4.942

 

4.003

3.931

RUB/TRY

0.072

0.068

 

0.059

0.062

EUR/RUB

72.992

71.822

 

67.499

62.719

 

Delivery - Take away / Eat in mix

 

For the period ended 30 June

 

2018

2017

 

Turkey

Russia

Total

Turkey

Russia

Total

Delivery

63.9%

62.3%

63.3%

64.3%

61.7%

63.6%

Take away / Eat in

36.1%

37.7%

36.7%

35.7%

38.3%

36.4%

Total

100%

100%

100%

100%

100%

100%

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE PERIODS ENDED 30 JUNE 2018 AND 30 JUNE 2017

(Amounts expressed in thousands of Turkish Lira (TRY) unless otherwise stated.)

 

 

 

 

 

Restated

 

Notes

30 June 2018

30 June 2017*

INCOME OR LOSS

 

 

 

 

 

 

 

Revenue

4

380,215

287,683

Cost of sales

4

(251,751)

(184,718)

 

 

 

 

GROSS PROFIT

4

128,464

102,965

 

 

 

 

General administrative expenses

 

(62,986)

(44,219)

Marketing and selling expenses

 

(50,002)

(41,310)

Other operating expense

 

(612)

(887)

 

 

 

 

OPERATING PROFIT

 

14,864

16,549

 

 

 

 

Foreign exchange losses

6

(8,601)

(7,336)

Financial income

6

540

409

Financial expense

6

(16,849)

(9,982)

 

 

 

 

(LOSS)/ PROFIT BEFORE INCOME TAX

 

(10,046)

(360)

 

 

 

 

Tax expense

 

(337)

(3,418)

Income tax expense

 

(3,297)

(3,720)

Deferred tax income

 

2,960

302

 

 

 

 

LOSS FOR THE PERIOD

 

(10,383)

(3,778)

 

 

 

 

OTHER COMPREHENSIVE INCOME/ (EXPENSE)

 

3,244

(1,795)

Items that will not be reclassified

 

 

 

to profit or loss

 

 

 

- Remeasurements of post-employment

 

 

 

   benefit obligations, net of tax

 

197

26

 

 

 

 

Items that may be reclassified

 

 

 

to profit or loss

 

 

 

- Currency translation differences

 

3,047

(1,821)

 

 

 

 

TOTAL COMPREHENSIVE LOSS

 

(7,139)

(5,573)

 

 

 

 

Loss per share

7

(0.07)

(0.83)

 

(*)        Prior year comparatives are restated following the implementation of IFRS 15. Please refer to Note 2.3 for further details.

 

The accompanying notes on pages 6 till 27 form an integral part of these condensed consolidated interim financial information.

                               

                            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                            AT 30 JUNE 2018 AND 31 DECEMBER 2017                             ____________________________________________________________________________________________________

 

    

 

 

 

Restated

ASSETS

Notes

30 June 2018

31 December 2017*

 

 

 

 

Property and equipment

8

135,932

128,396

Intangible assets

9

46,164

40,331

Goodwill

10

44,902

44,209

Trade receivables

12

13,438

14,949

Deferred tax assets

20

11,204

7,943

Other non-current assets

15

41,081

34,314

 

 

 

 

Non-current assets

 

292,721

270,142

 

 

 

 

Cash and cash equivalents

11

87,052

76,128

Trade receivables

12

69,762

65,236

Due from related parties

 

17

15

Inventories

14

66,005

56,259

Other current assets

15

34,116

28,113

 

 

 

 

Current assets

 

256,952

225,751

 

 

 

 

TOTAL ASSETS

 

549,673

495,893

 

 

(*)        Prior year comparatives are restated following the implementation of IFRS 15. Please refer to Note 2.3 for further details.

 

 

 

 

 

 

Restated

LIABILITIES

Notes

30 June 2018

31 December 2017(*)

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

Paid in share capital

19

36,353

36,353

 

Share premium

 

119,286

119,286

 

Contribution from shareholders

21

19,251

18,183

 

Other comprehensive income/expense

    that will not be reclassified to profit or loss

 

 

 

 

   - Remeasurements of post-employment

     benefit obligations

 

(1,996)

(2,193)

 

Other comprehensive income/expense that may

     be reclassified to profit or loss

 

 

 

 

   - Currency translation differences

 

(7,946)

(10,993)

 

Retained earnings

 

(34,006)

(23,623)

 

 

 

 

 

 

Total Equity

 

130,942

137,013

 

 

 

 

 

 

Financial liabilities

16

52,882

85,753

Deferred tax liability

20

 1,358

2,014

Long term provisions for employee benefits

 

1,515

1,374

Other non-current liabilities

15

25,621

22,442

 

 

 

 

Non - current liabilities

 

81,376

111,583

 

 

 

 

Financial liabilities

16

230,927

142,152

Trade payables

 

57,643

60,070

Current income tax liabilities

 

2,136

2,181

Provisions

17

6,572

7,692

Other current liabilities

15

40,077

35,202

 

 

 

 

Current liabilities

 

337,355

247,297

 

 

 

 

Liabilities

 

418,731

358,880

 

TOTAL EQUITY AND LIABILITIES

 

549,673

 495,893

 

(*)        Prior year comparatives are restated following the implementation of IFRS 15. Please refer to Note 2.3 for further details.

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED

30 JUNE 2018 AND 30 JUNE 2017

 

 

Share capital

Share premium

 

Contribution

from

shareholders

Remeasurement of post-employment benefit obligations

Currency translation differences

Retained earnings

Total Equity

 

 

 

 

 

 

 

 

 

Previously reported

120

63,757

 

16,666

(1,927)

(8,081)

(11,062)

59,473

Effects of restatement (*)

-

-

 

-

-

(92)

(12,653)

(12,745)

Balances at 1 January 2017

120

63,757

 

16,666

(1,927)

(8,173)

(23,715)

46,728

 

Total loss for the period

-

-

 

-

-

-

 (3,778)

 (3,778)

Remeasurements of post-employment benefit obligations, net

-

-

 

-

 26

-

-

 26

Total comprehensive loss

-

-

 

-

26

-

 (3,778)

(3,778)

Currency translation adjustments

-

-

 

-

-

(1,821)

-

 (1,821)

Share-based incentive plans (Note 21)

-

-

 

 132

-

-

-

 132

Transaction costs IPO

-

(2,370)

 

-

-

-

-

(2,370)

Transfers

961

(961)

 

-

-

-

-

-

 

Balances at 30 June 2017

1,081

60,426

 

16,798

(1,901)

 (9,994)

(27,493)

38,917

 

 

 

 

 

 

 

 

 

Balances at 1 January 2018

36,353

119,286

 

18,183

(2,193)

(10,993)

(23,623)

137,013

 

 

 

 

 

 

 

 

 

Total loss for the period

-

-

 

-

-

-

(10,383)

(10,383)

Remeasurements of post-employment benefit obligations, net

-

-

 

-

197

-

-

197

Total comprehensive loss

-

-

 

-

197

-

(10,383)

(10,186)

Currency translation adjustments

-

-

 

-

-

3,047

-

3,047

Share-based incentive plans (Note 21)

-

-

 

1,068

-

-

-

1,068

Transfers

-

-

 

-

-

-

-

-

 

Balances at 30 June 2018

36,353

119,286

 

19,251

(1,996)

(7,946)

(34,006)

130,942

(*)        Please refer to Note 2.3      

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

FOR THE PERIODS ENDED 30 JUNE 2018 AND 30 JUNE 2017

 

 

 

 

 

Restated

 

Notes

30 June 2018

30 June 2017

 

 

 

 

(Loss) / profit before income tax

 

(10,046)

(360)

 

 

 

 

Adjustments for

 

 

 

Depreciation

8

16,749

13,661

Amortisation

9

7,422

5,611

(Gains) on sale of property and equipment

 

(170)

(52)

Provision for performance bonus

17

4,456

2,898

Non-cash employee benefits expense -

  share based payments

 

1,068

132

Interest income

6

(540)

(409)

Interest expense

6

16,087

9,701

Unrealised foreign exchange (losses)/gains

  on borrowings

 

7,884

9,352

 

 

 

 

Changes in trade receivables

 

(3,015)

8,725

Changes in other receivables and assets

 

(12,772)

(3,022)

Changes in inventories

 

(9,746)

(6,683)

Changes in trade payables

 

(2,427)

2,297

Changes in other payables and liabilities

 

6,406

2,249

Taxes paid

 

(3,342)

(6,037)

Performance bonuses paid

 

(5,576)

(3,661)

 

 

 

 

Cash flows generated from/ (used in)

  operating activities

 

12,438

34,402

 

 

 

 

Payments for property and equipment

 

(18,330)

(22,038)

Payments for intangible assets

9

(12,385)

(5,817)

Proceeds from sale of tangible and intangible assets

 

4,562

3,282

 

 

 

 

Cash flows used in investing activities

 

(26,153)

(24,573)

Interest paid

 

(14,460)

(6,516)

Interest received

 

540

409

Transaction costs

19

-

(2,370)

Proceeds from borrowings

 

529,270

44,538

Repayment of borrowings

 

(497,889)

(42,860)

Financial lease payments, net

 

(5,063)

(719)

 

 

 

 

Cash flows (used in)/generated

  from financing activities

 

12,398

(7,518)

 

 

 

 

Effect of currency translation differences

 

12,241

(218)

 

 

 

 

Net increase in cash and cash equivalents

10,924

2,093

 

 

 

 

Cash and cash equivalents at the

  beginning of the period

11

76,128

19,502

Cash and cash equivalents at the

  end of the period

11

87,052

21,595

         

 

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL

INFORMATION AS AT 30 JUNE 2018 AND 31 DECEMBER 2017

(Amounts expressed in thousands of Turkish Lira (TRY) unless otherwise stated.)

 

 

NOTE 1 - GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES

 

DP Eurasia N.V. (the "Company"), a public limited company, having its statutory seat in Amsterdam, the Netherlands, was incorporated under the laws of the Netherlands on 18 October 2016. The acquisition occurred on 18 October 2016 when the Company acquired Fidesrus and Fides Foods and their subsidiaries and from this point forward consolidated Group was formed. This was a transaction under common control.

 

The condensed consolidated financial statements of DP Eurasia N.V. have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

 

The Company's registered address is: Herikerbergweg 238, Amsterdam, the Netherlands.

 

The Company and its subsidiaries (together referred as the "Group") operate company and franchise- owned stores in Turkey and the Russian Federation, including provision of technical support, control and consultancy services to the franchisees.

 

As at 30 June 2018, the Group operates in 672 stores (426 franchise stores including 6 in Azerbaijan and 3 in Georgia, 246 company-owned stores) (31 December 2017: 643 (402 franchise stores including 5 in Azerbaijan and 3 in Georgia, 241 company-owned stores)).

 

Subsidiaries

 

The Company has a total of five fully-owned subsidiaries. The entities included in the scope of the condensed consolidated financial information and nature of their business is as follows:

 

 

Subsidiaries

 

Effective ownership (%)

 

Registered country

 

Nature of business

Fides Grup Gida Restaurant

Isletmeciligi A.S. ("Fides Turkey")

 

100.00

 

Turkey

 

Food delivery

Pizza Restaurantlari A.S. ("Domino's Turkey")

100.00

Turkey

Food delivery

OOO Fides ("Fides Russia")

100.00

Russia

Food delivery

OOO Pizza Restaurants ("Domino's Russia")

100.00

Russia

Food delivery

Fidesrus B.V. ("Fidesrus")

100.00

The Netherlands

Investment company

Fides Food Systems B.V. ("Fides Food")

100.00

The Netherlands

Investment company

 

 

NOTE 2 - BASIS OF PRESENTATION OF CONDENSED CONSOLIDATED FINANCIAL INFORMATION

 

2.1       Financial reporting standards as adopted by European Union

 

These condensed consolidated interim financial statements for the period ended 30 June 2018 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting ("IAS 34").

 

This condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial statement. Accordingly, this report is to be read in conjunction with the condensed consolidated financial statements prepared for the year ended 31 December 2017.

 

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the effect of the adoption of new and amended standards as set out in Note 2.3.

 

2.2       New and amended international financial reporting standards as adopted by European Union

 

New and amended standards adopted by the Group, which are effective for the financial statements as at 30 June 2018

 

A number of new or amended standards became applicable for the current reporting period and the Group had to change its accounting policies and make retrospective adjustments as a result of adopting the following standards:

 

-               IFRS 9 Financial Instruments, and

-               IFRS 15 Revenue from Contracts with Customers.

 

The impact of the adoption of these standards and the new accounting policies are disclosed in Note 2.3 below. The other standards did not have any impact on Group's accounting policies and did not require retrospective adjustments.

 

-           Amendment to IFRS 2,"Share based payments"; on clarifying how to account for certain types of share-based payment transactions; effective for annual periods beginning on or after 1 January 2018. The amendment does not have an impact on the financial position or performance of the Group.

 

The new standards, amendments and interpretations, which are issued but not effective for the financial statements as at 30 June 2018:

 

-           Amendment to IFRS 9, 'Financial instruments'; effective from annual periods beginning on or after 1 January 2019. The Group is in the process of assessing the impact of standard on financial position of the Group.

 

-           IFRS 16, "Leases"; effective from annual periods beginning on or after 1 January 2019.IFRS 16 was issued in January 2016. It will result in almost all leases being recognised on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The only exceptions are short-term and low-value leases. The accounting for lessors will not significantly change. The standard will affect primarily the accounting for the Group's operating leases. On adoption of IFRS 16 the Group will recognise within the balance sheet a right of use asset and lease liability for all applicable leases. Within the income statement, rent expense will be replaced by depreciation and interest expense.

 

The Group operates as intermediate lessor for a significant proportion of its leases. The Group will evaluate and classify these sub-leases as operating lease and financial lease as required in IFRS 16. For the subleases classified as financial leasing under IFRS 16 which covers substantially the same term as the head lease, the right of use asset from head-lease will be derecognised and a lease receivable equal to the net investment in the sub-lease will be recognised. The difference between lease receivable and right of use of asset will be recognized in the income statement. Where the sublease term does not cover substantially the same term with the head lease, but the sub-lease has a renewal options that is likely to be used which results in the terms being substantially the same, then the same treatment will be applied to such sub-lease agreements. The accounting treatment are not going to change for the subleases, which are classified as operational lease as required under IFRS 16.

 

The full impact of IFRS 16 is currently under review, including understanding the practical application of the principles of the standard. It is therefore not practical to provide a reasonable estimate of the financial effect until this review is complete.

2.3       Impact of adoption of new standards

 

IFRS 9 Financial Instruments - Impact of adoption

 

The Group has applied IFRS 9 "Financial instruments", which has replaced IAS 39 on the transition date, 1 January 2018. The amendments include the classification and measurement of financial assets and liabilities and the expected credit risk model, which will replace an incurred credit risk model. Effect of transition is accounted for based on the simplified approach. However, the cumulative effect related to the transition of IFRS 9 in retained earnings on the first application date is nil and therefore, prior year financial statements are not restated in respect of IFRS 9.

 

IFRS 15 Revenue from Contracts with Customers - Impact of adoption

 

The Group has adopted IFRS 15 Revenue from Contracts with Customers from 1 January 2018 which resulted in changes in accounting policies and adjustments to the amounts recognised in the financial statements. The new standard establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.

 

In accordance with the transition provisions in IFRS 15, the Group has adopted the new rules using the full retrospective method and has restated comparatives for the 2017 financial year. In summary, the following adjustments were made to the amounts recognised in the balance sheet at the date of initial application (1 January 2017). Full impact of the adoption is disclosed in the table in this note.

 

(i) Accounting for franchise fees

 

The Group receives a franchise fee from each franchise that joins the Group and operates under the name of Domino's Pizza. These revenues were previously recognised when a franchisee opened a store for trading. However, the performance obligation of the Group is related with the provision of a service during the agreement. Therefore these franchise fee revenues are now deferred during the period of the franchise agreement with the adoption of IFRS 15 and the effect of this transition is included in the other and non-current liabilities in the balance sheet as at 1 January 2017.

 

(ii) Accounting for costs to fulfil a contract

 

The Group incurs certain costs with DP International related to set up of each franchise contract and IT systems used for recording of franchise revenue. These costs were expensed as they did not qualify for recognition as an asset under any of the other accounting standards. However, the costs relate directly to the franchise contract, generate resources used in satisfying the contract and are expected to be recovered. They are therefore now capitalised as costs to fulfil a contract following the adoption of IFRS 15 and will be expensed over the life of the contract and included in other assets in the balance sheet on 1 January 2017.

 

 

 

 

30 June 2017

IFRS 15 effect

Restated

30 June 2017

INCOME OR LOSS

 

 

 

 

 

 

 

Revenue

289,818

(2,135)

287,683

Cost of sales

(184,718)

-

(184,718)

 

 

 

 

GROSS PROFIT

105,100

(2,135)

102,965

 

 

 

 

General administrative expenses

(44,314)

95

(44,219)

Marketing and selling expenses

(41,310)

-

(41,310)

Other operating expense

(887)

-

(887)

 

 

 

 

OPERATING PROFIT

18,589

(2,040)

16,549

 

 

 

 

Foreign exchange losses

(7,336)

-

(7,336)

Financial income

409

-

409

Financial expense

(9,982)

-

(9,982)

 

 

 

 

(LOSS)/ PROFIT BEFORE INCOME TAX

1,680

(2,040)

(360)

 

 

 

 

Tax expense

(3,800)

382

(3,418)

Income tax expense

(3,720)

-

(3,720)

Deferred tax income

(80)

382

302

 

 

 

 

LOSS FOR THE PERIOD

(2,120)

(1,658)

(3,778)

OTHER COMPREHENSIVE INCOME/ (EXPENSE)

(1,789)

(6)

(1,795)

Items that will not be reclassified

 

 

 

to profit or loss

 

 

 

- Remeasurements of post-employment

 

 

 

   benefit obligations, net of tax

26

-

26

 

 

 

 

Items that may be reclassified

 

 

 

to profit or loss

 

 

 

- Currency translation differences

(1,815)

(6)

(1,821)

 

 

 

 

TOTAL COMPREHENSIVE LOSS

(3,909)

(1,664)

(5,573)

 

 

 

 

Loss per share

(0.47)

(0.36)

(0.83)

           

 

 

 

 

 

 

 

 

 

 

 

ASSETS

31 December 2017

IFRS 15 effect

Restated

31 December 2017

 

 

 

 

Property and equipment

128,396

-

128,396

Intangible assets

40,331

-

40,331

Goodwill

44,209

-

44,209

Trade receivables

14,949

-

14,949

Deferred tax assets

7,883

60

7,943

Other non-current assets

31,954

2,360

34,314

 

 

 

 

Non-current assets

267,722

2,420

270,142

Cash and cash equivalents

76,128

-

76,128

Trade receivables

65,236

-

65,236

Due from related parties

15

-

15

Inventories

56,259

-

56,259

Other current assets

27,852

261

28,113

 

 

 

 

Current assets

225,490

261

225,751

 

 

 

 

TOTAL ASSETS

493,212

2,681

495,893

 

 

 

 

EQUITY

 

 

 

Paid in share capital

36,353

-

36,353

Share premium

119,286

-

119,286

Contribution from shareholders

18,183

-

18,183

Other comprehensive income/expense

    that will not be reclassified to profit or loss

(2,193)

-

(2,193)

Other comprehensive income/expense that may

     be reclassified to profit or loss

(10,802)

(191)

(10,993)

Retained earnings

(6,227)

(17,396)

(23,623)

 

 

 

 

Total Equity

154,600

(17,587)

137,013

 

 

 

 

Financial liabilities

85,753

-

85,753

Deferred tax liability

6,350

(4,336)

2,014

Long term provisions for employee benefits

1,374

-

1,374

Other non-current liabilities

114

22,328

22,442

 

 

 

 

Non - current liabilities

93,591

17,992

111,583

 

 

 

 

Financial liabilities

142,152

-

142,152

Trade payables

60,070

-

60,070

Current income tax liabilities

2,181

-

2,181

Provisions

7,692

-

7,692

Other current liabilities

32,926

2,276

35,202

 

 

 

 

Current liabilities

245,021

2,276

247,297

 

 

 

 

LIABILITIES

493,212

2,681

495,893

           

NOTE 3 - SEGMENT REPORTING

 

The business operations of the Group are organized and managed with respect to geographical positions of its operations. The information regarding the business activities of the Group as of 30 June 2018, 31 December 2017 and 30 June 2017 comprise the performance and the management of Turkish and Russian operations and Head Office.

 

The segment analysis for the period ended 30 June 2018 and June 2017 are as follows:

 

                                                                                                                              Dutch Corp.

1 January-30 June 2018

Turkey

Russia

Expenses

Elimination

Total

 

 

 

 

 

 

 

 

Corporate revenue

99,190

123,076

-

-

222,266

 

Franchise revenue and royalty revenue obtained from franchisees

121,462

13,503

-

-

134,965

 

Other revenue

7,637

15,347

-

-

22,984

 

Total revenue

228,289

151,926

-

-

380,215

 

-       At a point in time

227,176

150,342

-

-

377,518

 

-       Over time

1,113

1,584

-

-

2,697

 

Operating profit

22,061

(3,599)

(3,598)

-

14,864

 

Capital expenditures

20,956

12,538

-

-

33,494

 

Depreciation and amortization

   expenses

(14,040)

(10,131)

-

-

(24,171)

 

 

 

 

 

Dutch Corp.

 

 

 

30 June 2018

Turkey

Russia

Expenses

Elimination

Total

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

-  TRY

86,689

-

-

-

86,689

 

-  EUR

27,420

154,988

-

-

182,408

 

-  RUB

-

14,712

-

-

14,712

 

 

 

 

 

 

 

 

Total

114,109

169,700

-

-

283,809

 

 

 

1 January-30 June 2017

Turkey

Russia

 Dutch Corp.

Expenses

Elimination

Total

 

 

 

 

 

 

 

 

Corporate revenue

88,796

85,052

-

-

173,848

 

Franchise revenue and royalty revenue obtained from franchisees

100,847

2,581

-

-

103,428

 

Other revenue

7,692

2,715

-

-

10,407

 

Total revenue

197,335

90,348

-

-

287,683

 

-       At a point in time

196,381

90,168

-

-

286,549

 

-       Over time

954

180

-

-

1,134

 

Operating profit

18,878

(894)

(1,435)

-

16,549

 

Capital expenditures

 11,011

 19,031

-

-

30,042

 

Depreciation and amortization

   Expenses

(13,497)

 (5,775)

-

-

(19,272)

 

 

 

 

 

Dutch Corp.

 

 

30 June 2017

Turkey

Russia

Expenses

Elimination

Total

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

-  TRY

60,386

-

-

-

 60,386

 

-  EUR

32,972

114,073

-

-

 147,045

 

-  RUB

-

10,052

-

-

 10,052

 

 

 

 

 

 

 

 

Total

93,358

124,125

-

-

217,483

 

                         
 

 

The reconciliation of adjusted EBITDAs as of 30 June 2018 and June 2017 is as follows:

 

Turkey

30 June 2018

30 June 2017

 

Revenue

228,289

197,335

 

Operating profit

22,061

18,878

Depreciation and amortisation

14,040

13,497

 

EBITDA

36,101

32,375

 

 

 

Non-recurring and non-trade

   (income)/expenses per Group

   Management

 

 

 

 

 

One off non-trading costs

105

-

Share-based incentives

250

132

 

 

 

Adjusted EBITDA

36,456

32,507

 

Russia

30 June 2018

30 June 2017

 

Revenue

151,926

90,348

 

Operating loss

(3,599)

(894)

Depreciation and amortisation

10,131

5,775

 

EBITDA

6,532

4,881

 

 

 

Non-recurring and non-trade

   (income)/expenses per Group

   Management

 

 

 

IPO Costs (recorded through income statement)

-

 45  

Share-based incentives

818

-

 

 

 

Adjusted EBITDA

7,350

4,926

 

         EBITDA, adjusted EBITDA and non-recurring and non-trade income/expenses are not defined by IFRS. These items determined by the principles defined by the Group management comprises incomes/expenses which are assumed by the Group management that are not part of the normal course of business and are non-recurring items. These items which are not defined by IFRS are disclosed by the Group management separately for a better understanding and measurement of the sustainable performance of the Group.

 

 

 

 

Dutch Corporate Expenses

30 June 2018

30 June 2017

 

Operating loss (*)

(3,598)

(1,435)

 

EBITDA

(3,598)

(1,435)

 

(*) Operating loss includes general administrative expenses of Dutch company.

 

 

 

Non-recurring and non-trade

   (income)/expenses per Group

   Management

 

 

 

One-off non-trading costs

110

-

IPO Costs (recorded through income statement)

-

1,339

 

 

 

Adjusted EBITDA

(3,488)

(96)

 

         EBITDA, adjusted EBITDA and non-recurring and non-trade income/expenses are not defined by IFRS. These items determined by the principles defined by the Group management comprises incomes/expenses which are assumed by the Group management that are not part of the normal course of business and are non-recurring items. These items which are not defined by IFRS are disclosed by the Group management separately for a better understanding and measurement of the sustainable performance of the Group.

 

The reconciliation of adjusted net debt as of 30 June 2018 and 31 December 2017 is as follows:

 

 

30 June 2018

31 December 2017

 

Short term bank borrowings

224,401

136,931

Short-term portions of long-term financial lease borrowings

6,526

5,221

Long-term bank borrowings

42,028

74,545

Long-term financial lease borrowings

10,854

11,208

 

 

 

Total borrowings

283,809

227,905

 

 

 

Cash and cash equivalents

(87,052)

(76,128)

 

 

 

Net debt

196,757

151,777

 

 

 

Non-recurring and non-trade

   (income)/expenses per Group

   Management

 

 

Long term deposit for loan guarantee

(33,187)

(28,217)

Adjusting delay in collection/payment day coinciding on a weekend

(14,052)

(16,835)

 

Adjusted net debt

149,518

106,725

 

        Net debt, adjusted net debt and non-recurring items are not defined by IFRS. These items determined by the principles defined by the Group management comprises items which are assumed by the Group management that are not part of the normal course of business and are non-recurring items. These items which are not defined by IFRS are disclosed by the Group management separately for a better understanding and measurement of the sustainable performance of the Group.  

The reconciliation of adjusted net income as of 30 June 2018 and 2017 is as follows:

 

 

30 June 2018

30 June 2017

 

 

 

Loss for the period as reported

(10,383)

(3,778)

 

 

 

Non-recurring and non-trade (income)/expenses

 

 

   per Group Management

 

 

 

 

 

IPO Costs

215

1,384

Share-based incentives

1,068

132

Tax effect (-)

-

(164)

 

 

 

Adjusted net loss for the period

(9,100)

(2,426)

 

         Adjusted net income and non-recurring and non-trade income/expenses are not defined by IFRS. These items determined by the principles defined by the Group management comprises incomes/expenses which are assumed by the Group management that are not part of the normal course of business and are non-recurring items. These items which are not defined by IFRS are disclosed by the Group management separately for a better understanding and measurement of the sustainable performance of the Group.

 

 

NOTE 4 - REVENUE AND COST OF SALES

 

 

30 June 2018

30 June 2017

 

Corporate revenue

222,266

173,848

Franchise revenue and royalty   

revenue obtained from franchisees

134,965

103,428

Other revenue

22,984

10,407

 

Revenue

380,215

287,683

 

Cost of sales

(251,751)

(184,718)

 

Gross profit

128,464

102,965

 

 

NOTE 5 - EXPENSES BY NATURE

 

 

30 June 2018

30 June 2017

 

 

 

Personnel expenses

(90,643)

(67,810)

Depreciation and amortization expenses

(24,171)

(19,272)

 

 

(114,814)

(87,082)

 

 

 

 

NOTE 6 - FOREIGN EXCHANGE LOSSES, FINANCIAL INCOME AND EXPENSES

 

Foreign exchange losses

30 June 2018

30 June 2017

Foreign exchange loss

(8,601)

(7,336)

 

(8,601)

(7,336)

 

Financial income

 

 

Interest income

540

409

 

540

409

 

Financial expense

 

 

Interest expense

(16,087)

(9,701)

Other

(762)

(281)

 

(16,849)

(9,982)

 

NOTE 7 - EARNINGS PER SHARE

 

 

30 June 2018

30 June 2017

 

Average number of shares existing during the period

145,372,414

4,532,740

Net loss for the period attributable to

   equity holders of the parent

(10,383)

 (3,778)

 

 

 

Loss per share

(0.07)

(0.83)

 

The reconciliation of adjusted earnings per share as of 30 June 2018 and 2017 is as follows:

 

 

30 June 2018

30 June 2017

 

Average number of shares existing during the period

145,372,414

4,532,740

Net (loss)/profit for the period attributable to equity

   holders of the parent

(10,383)

(3,778)

 

Non-recurring and non-trade expenses

   per Group Management

 

 

IPO Costs

215

1,384

 

Share-based incentives

1,068

132

Tax effect (-)

-

(164)

 

 

 

Adjusted net (loss)/profit for the period

   attributable to equity holders of the parent

(9,100)

(2,426)

 

 

 

Adjusted Earnings per share (*)

(0.06)

(0.54)

 

         Adjusted earnings per share non-recurring and non-trade income/expenses are not defined by IFRS. These items determined by the principles defined by the Group management comprises incomes/expenses which are assumed by the Group management that are not part of the normal course of business and are non-recurring items. These items which are not defined by IFRS are disclosed by the Group management separately for a better understanding and measurement of the sustainable performance of the Group.

 

There are no shares or options with a dilutive effect and hence the basic and diluted earnings per share are the same.

 

The earning per share presented for the period ended 30 June 2018 is based on the issued share capital of DP Eurasia N.V. at the date of its incorporation.

 

 

 

NOTE 8 - PROPERTY AND EQUIPMENT

 

 

1 January 2018

Additions

Disposals

Transfers

Currency translation adjustments

30 June 2018

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

Machinery and equipment

42,094

5,147

(2,589)

96

3,998

48,746

Motor vehicles

26,277

2,779

(405)

-

2,063

30,714

Furniture and fixtures

58,646

3,209

(4,744)

1,475

204

58,790

Leasehold improvements

77,499

5,157

(4,186)

183

4,079

82,732

Construction in progress

10,211

4,817

(8)

(2,137)

453

13,336

 

 

 

 

 

 

 

 

214,727

21,109

(11,932)

(383)

10,797

234,318

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

Machinery and equipment

(11,494)

(3,480)

938

-

(1,070)

(15,106)

Motor vehicles

(11,042)

(3,676)

393

-

(728)

(15,053)

Furniture and fixtures

(26,953)

(3,374)

3,812

-

(58)

(26,573)

Leasehold improvements

(36,842)

(6,219)

2,497

-

(1,090)

(41,654)

 

 

 

 

 

 

 

 

(86,331)

(16,749)

7,640

-

(2,946)

(98,386)

 

 

 

 

 

 

 

Net book value

128,396

 

 

 

 

135,932

 

For the period ended 30 June 2018, depreciation expense of TRY13,746 has been charged in cost of sales and TRY3,003 has been charged in general administrative expenses.

 

 

 

 

 

 

1 January 2017

Additions

Disposals

Transfers

Currency translation

adjustments

30 June 2017

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

Machinery

and equipment

25,517

5,038

(456)

2,280

215

32,594

Motor vehicles

15,522

5,052

(459)

-

197

20,312

Furniture and fixtures

50,942

3,659

(1,502)

115

20

53,234

Leasehold improvements

58,187

7,771

(2,009)

1,530

177

65,656

Construction in progress

8,738

2,705

(1,025)

(4,071)

176

6,523

 

158,906

24,225

(5,451)

(146)

785

178,319

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

Machinery and equipment

(6,070)

(2,205)

82

-

(21)

(8,214)

Motor vehicles

(5,734)

(2,647)

459

-

(18)

(7,940)

Furniture and fixtures

(21,998)

(3,430)

699

-

(2)

(24,731)

Leasehold improvements

(27,256)

(5,379)

999

-

(11)

(31,647)

 

(61,058)

(13,661)

2,239

-

(52)

(72,532)

 

 

 

 

 

 

 

Net book value

97,848

 

 

 

 

105,787

 

For the period ended 30 June 2017, depreciation expense of TRY 10,455 has been charged in cost of sales and TRY 3,206 has been charged in general administrative expenses.

 

NOTE 9 - INTANGIBLE ASSETS

 

 

1 January 2018

Additions

Disposals

Currency translation adjustments

Transfers

30 June 2018

 

 

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

 

Key money

8,755

6,291

(45)

97

-

15,098

 

Computer software

31,502

6,094

(146)

678

383

38,511

 

Franchise contracts

48,485

-

-

-

-

48,485

 

 

88,742

12,385

(191)

775

383

102,094

 

 

 

 

 

 

 

 

 

Accumulated amortization

 

 

 

 

 

 

Key money

(2,001)

(1,124)

45

-

-

(3,080)

 

Computer software

(10,855)

(3,874)

46

(188)

-

(14,871)

 

Franchise contracts

(35,555)

(2,424)

-

-

-

(37,979)

 

 

(48,411)

(7,422)

91

(188)

-

(55,930)

 

 

Net book value

40,331

 

 

 

 

46,164

 

                         

 

For the period ended 30 June 2018, amortisation expense of TRY 4,229 has been charged in cost of sales and TRY 3,193 has been charged in general administrative expenses.

 

 

1 January 2017

Additions

Disposals

Currency translation adjustments

Transfers

30 June 2017

 

 

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

 

Key money

2,734

801

(135)

(10)

38

3,428

 

Computer software

19,503

5,016

(7)

(177)

108

24,443

 

Franchise contracts

48,485

-

-

-

-

48,485

 

 

70,722

5,817

(142)

(187)

146

76,356

 

 

 

 

 

 

 

 

 

Accumulated amortization

 

 

 

 

 

 

Key money

(1,320)

(381)

119

-

-

(1,582)

 

Computer software

(4,652)

(2,806)

5

119

-

(7,334)

 

Franchise contracts

(30,707)

(2,424)

-

-

-

(33,131)

 

 

(36,679)

       (5,611)

124

119

-

(42,047)

 

 

Net book value

34,043

 

 

 

 

34,309

                                           

 

For the period ended 30 June 2017, amortisation expense of TRY 3,232 has been charged in cost of sales and TRY 2,379 has been charged in general administrative expenses.  

NOTE 10 - GOODWILL

 

The goodwill balance amounts to TRY 44,902 (including the currency translation adjustment amounting to TRY 693) in the condensed consolidated financial information as of 30 June 2018 (31 December 2017: TRY 44,209).

 

Acquisition of Pizza Restaurantlari A.S.

 

On 1 September 2010, the Group acquired the shares of Pizza Restaurantlari A.S., which operates in pizza delivery business with a network of company and franchise-owned stores in Turkey. Following the acquisition, goodwill amounting to TRY 37,961 was recognized in the condensed consolidated financial information based acquisition accounting applied under IFRS 3 "Business Combinations".

 

Acquisition of Russian Operations

 

On 15 February 2013, the Group acquired the fixed assets of a pizza network operating in Moscow, Russia. Although the Group did not acquire shares of a company, the acquisition is treated as a business combination in accordance with IFRS 3 "Business Combinations" as the inputs and operational processes that have the ability to create outputs, have been transferred to the Group.

 

TRY 6,941 (including currency translation adjustment amounting to TRY 693) of the goodwill recognised in the condensed consolidated financial information has arisen from acquisition of the Russian pizza delivery network. The access to the related market and creation of synergy with the wider Group are the main reasons behind the recognised goodwill.

 

As there were no indicators for impairment, the management of the Group has not updated any of the other impairment calculations performed as at 31 December 2017.

 

 

NOTE 11 - CASH AND CASH EQUIVALENTS

 

The details of cash and cash equivalents as of 30 June 2018 and 31 December 2017 are as follows:

 

 

30 June 2018

31 December 2017

 

 

 

Cash in hand

1,250

1,365

Cash at bank

75,988

63,438

Credit card receivables

9,814

11,325

 

87,052

76,128

 

Maturity term of credit card receivables are 30 days on average (31 December 2017: 30 days).

 

 

 

NOTE 12 - TRADE RECEIVABLES

 

a)         Short-term trade receivables

 

 

30 June 2018

31 December 2017

 

 

 

Trade receivables

52,277

48,392

Post-dated cheques

17,577

16,936

Receivables from related parties

17

15

 

 

 

 

69,871

65,343

 

 

 

Less: Doubtful trade receivable

(92)

(92)

Short-term trade and other receivables, net

69,779

65,251

 

The average collection period for trade receivables is between 30 and 60 days (2017: 30 and 60 days).

 

b)        Long-term trade receivables

 

 

30 June 2018

31 December 2017

 

Post-dated cheques

13,438

14,949

 

13,438

 

14,949

 

 

NOTE 13 - TRANSACTIONS AND BALANCES WITH RELATED PARTIES

 

The details of transactions with related parties as of 30 June 2018 and 30 June 2017 is as follows:

 

Key management compensation

 

 

30 June 2018

30 June 2017

 

 

 

Short-term employee benefits

8,111

5,369

Share-based incentives (Note 21)

1,068

132

 

 

 

 

9,179

5,501

 

 

 

NOTE 14 - INVENTORIES

 

 

30 June 2018

31 December 2017

 

 

 

Raw materials

58,379

47,128

Trade goods and other inventory

7,626

9,131

 

 

 

 

66,005

56,259

 

 

NOTE 15 - OTHER ASSETS AND LIABILITIES

 

 Other current assets

30 June 2018

31 December 2017

 

 

 

Advance payments to suppliers

19,810

15,534

Prepaid taxes and VAT receivable

2,935

2,951

Prepaid rent expenses

2,705

3,804

Prepaid marketing expenses

2,364

951

Prepaid fee expenses

537

262

Other

5,765

4,611

 

Total

34,116

28,113

 

 

 

 

 

 

 Other non-current assets

30 June 2018

31 December 2017

 

 

 

Long term deposits for loan guarantees

33,187

28,217

Deposits given

5,372

3,737

Prepaid fee expenses

2,522

2,360

 

Total

41,081

34,314

 

Long term deposits for loan guarantees are provided as collateral to Denizbank AG by the Group's Turkish business for term loans made to the Group's Russian business. Maturity date of long term deposit is 11 February 2019 and annual interest rate is 3%.

 

 

The principal of EUR 6,249 (TRY 33,187) is blocked until the Group's Russian business completes its loan repayments, however the Turkish business is entitled to receive the accrued interest on the deposit.

 

 Other current liabilities

30 June 2018

31 December 2017

 

 

 

Advances received from franchisees

9,421

6,200

Unused vacation liabilities

6,816

5,070

Social security premiums payable

5,467

2,969

Payable to personnel

5,235

5,236

Deferred revenue  (*)

4,994

4,110

Taxes and funds payable

3,097

4,776

Volume rebate advances

-

4,819

Other expense accruals

5,047

2,022

 

Total

40,077

35,202

 

 

 

 

 

 

 Other non-current liabilities

30 June 2018

31 December 2017

 

 

 

Deferred revenue  (*)

25,621

22,442

 

Total

25,621

22,442

 

(*)        Represents the effect of transition to IFRS 15. Refer to note 2.3 for further details.

 

NOTE 16 - FINANCIAL LIABILITIES

 

 

30 June 2018

31 December 2017

 

 

 

Short term bank borrowings

109,625

75,174

 

 

 

Short-term financial liabilities

109,625

75,174

 

 

 

Short-term portions of long term borrowings

114,776

61,757

Short-term portions of long-term financial lease borrowings

6,526

5,221

 

 

 

Current portion of long-term financial liabilities

121,302

66,978

 

 

 

Total short term financial liabilities

230,927

142,152

 

 

 

Long-term bank borrowings

42,028

74,545

Long-term financial lease borrowings

10,854

11,208

 

 

 

Long-term financial liabilities

52,882

85,753

 

 

 

Total financial liabilities

283,809

227,905

 

 

The loan agreement signed with Türkiye Is Bankasi A.S. by Domino's Turkey is subject to covenant clauses whereby Domino's Turkey is required to meet certain ratios. The financial indicator of leverage ratio which requires the ratio of net debt to adjusted EBITDA for the relevant period should not be more than 2.50:1; and total free cash flow to total debt service ratio should not be less than 1.1 at the end of each financial year. If the Company ends up with any ratio above 2.50:1 or below 1.1 at the end of financial period, they need to meet the covenant in the subsequent 20 working days.

 

Domino's Turkey has met financial covenants clauses of Türkiye Is Bankasi as of 30 June 2018.

 

The loan agreement between Denizbank Moscow and Domino's Russia requires that unless there is written approval from Denizbank Moscow, there will not be any changes in more than 50% of the capital directly and that no agreements or documents that may result in the above results will be signed or interpreted this way.

 

Throughout the period Domino's Russia meets covenants clauses of Denizbank Moscow.

 

 

NOTE 17 - PROVISIONS

 

 Short-term provisions

30 June 2018

31 December 2017

 

 

 

Performance bonuses

4,456

5,576

Legal provisions and other

2,116

2,116

 

 

 

 

6,572

7,692

 

Legal provisions are mostly resulting from labour and rent discrepancies.

 

The movement of provisions as of 30 June 2018 is as follows:

 

 

Performance

Legal

 

bonuses

and other

Balance at 1 January 2018

5,576

2,116

Provision set during the period

4,456

-

Paid during the period

(5,576)

-

 

 

 

Balance as at 30 June 2018

4,456

2,116

 

 

 

 

NOTE 18 - COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES

 

a)         Guarantees given to third parties as of 30 June 2018 and December 2017 are as follows;

 

 

30 June 2018

31 December 2017

 

 

 

Guarantee letters given

3,977

2,193

 

 

 

 

3,977

2,193

 

 

 

 

Guarantee letter amounting to EUR 8 million has given to Denizbank Moscow on 17 February 2017.

 

b)         Guarantees received for trade receivables are as follows:

 

 

30 June 2018

31 December 2017

 

 

 

Guarantee notes received

33,292

31,682

Guarantee letters received

20,722

18,579

 

 

 

 

54,014

50,261

 

c)         Tax contingencies

 

Russian tax legislation which was enacted or substantively enacted at the end of the reporting period, is subject to varying interpretations when being applied to the transactions and activities of the Group. Consequently, tax positions taken by management and the formal documentation supporting the tax positions may be challenged by tax authorities. Russian tax administration is gradually strengthening, including the fact that there is a higher risk of review of tax transactions without a clear business purpose or with tax incompliant counterparties.

 

As Russian tax legislation does not provide definitive guidance in certain areas, the Group adopts, from time to time, interpretations of such uncertain areas that reduce the overall tax rate of the Group. While management currently estimates that the tax positions and interpretations that it has taken can probably be sustained, there is a possible risk that an outflow of resources will be required should such tax positions and interpretations be challenged by the tax authorities. The impact of any such challenge cannot be reliably estimated; however, it may be significant to the financial position and/or the overall operations of the Group.

 

 

NOTE 19 - EQUITY

 

The shareholders and the shareholding structure of the Group at 30 June 2018 and 31 December 2017 are as follows:

 

 

 

30 June 2018

31 December 2017

 

 

Share (%)

Amount

Share (%)

Amount

Fides Food Systems Coöperatief U.A.

 

42.8

15,562

42.8

15,562

Public shares

 

52.1

18,944

52.1

18,944

Vision Lovemark Coöperatief U.A.

 

4.9

1,774

4.9

1,774

Other

 

0.2

73

0.2

73

 

 

 

36,353

 

36,353

 

As of 30 June 2018, the Group's 145,372,414 shares are issued and fully paid for.

 

The nominal value of each share is EUR 0.12 (2017: EUR 0.12). There is no preference stock.  

Share premium

 

Share premium represents differences resulting from the incorporation of Fides Food by Fides Food Systems Coöperatief U.A. at a price exceeding the face value of those shares and differences between the face value and the fair value of shares issued at the IPO.

 

Ultimate controlling party

 

The ultimate controlling party of the Company is Turkish Private Equity Fund II L.P. There is no individual ultimately controlling the Group.

 

 

NOTE 20 - INCOME TAX

 

The Group is subject to taxation in accordance with the tax regulations and the legislation effective in the countries in which the Group companies operate. Therefore, provision for taxes, as reflected in the condensed consolidated financial information, has been calculated on a separate-entity basis. The tax rate used for the period to 30 June 2018 is 25 % (31 December 2017: 25%).

 

The breakdown of cumulative temporary differences and the resulting deferred income tax assets/liabilities at 30 June 2018 and 31 December 2017 using statutory tax rates are as follows:

 

 

30 June 2018

31 December 2017

 

 

Deferred tax

 

Deferred tax

 

Temporary

assets/

Temporary

assets/

 

differences

(liabilities)

differences

(liabilities)

 

 

 

 

 

Carry forward tax losses (*)

40,033

8,007

30,439

6,088

Property, equipment and intangible assets

(39,120)

(7,712)

(44,160)

(8,832)

Deferred revenue

24,974

5,426

21,983

4,397

Bonus accruals

5,881

1,222

5,733

1,147

Unused vacation liabilities

3,128

688

2,386

477

Legal provisions

2,116

465

2,116

423

Provision for employee termination benefit

1,515

333

1,374

275

Other

7,198

1,417

9,772

1,954

 

 

 

 

 

Deferred income tax assets, net

 

9,846

 

5,929

 

 

NOTE 21 - SHARE BASED PAYMENTS

 

The Phantom Option Scheme

 

The Phantom Option Scheme was put in place to incentivise senior members of management. The incentive plan entitles the employees to a cash payment at the date of an exit by shareholders. The amount payable will be determined based on the difference between the equity value of the entities at the time of exit and their grant dates. Granted options will only vest if certain conditions are met, including continued employment with the Group, and if there is an event of 100% exit by Fides Food Systems Coöperatief U.A. and Vision Lovemark Coöperatief U.A. However, shareholders have the right to exercise these plans even if they do not exit 100% of their stake and may determine the amount payable to employees pro rata their exited shareholding.

 

 

Based on this scheme, the difference between the grant equity value and the exit value of the entities have been allocated for Domino's Turkey and Domino's Russia separately and multiplied by the respective option amount of each individual.

 

Options are granted under the plan for no consideration and carry no dividend or voting rights.

 

When exercised, the whole payout will be made by the ultimate shareholders of the Group in cash and any taxes, fees or any other costs related to the incentive will be borne by employees within the incentive plan. As a result, the phantom options are accounted for as equity-settled share-based payment awards.

 

The Company uses the Black-Scholes option valuation model to calculate the fair value of the Phantom Option at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. The fair value at grant date is determined using an adjusted form of the Black Scholes Model that takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk free interest rate for the term of the option. The expected price volatility is based on the historic volatility of the peer group companies. The fair value of the options is then recognized over the vesting period of the options granted.

 

The share-based incentives in the period ended 30 June 2018 and 31 December 2017 were derived from the vesting of grants which have been estimated using the Black Scholes option pricing model based on the following weighted-average assumptions:

 

Expected average option term in years: 8.8 years

Expected volatility: 42.6%

Expected dividend yield: 0%

Risk-free interest rate: 2.6%

 

In relation with the IPO, the selling shareholders used their right to partly settle the option undertakings in August 2017, with the portion corresponding to the percentage of shares of selling shareholders that were sold during the IPO. As a result, this portion of the outstanding share-based incentives is fully expensed as at 30 June 2017.

 

CEO Share Incentive Scheme

 

Additionally, a share incentive scheme was put in place between Fides Food Systems Coöperatief U.A., and Vision Lovemark Coöperatief U.A. Based on performance targets, and continuing employment of the CEO, the shares would be granted each year to Vision Lovemark Coöperatief U.A.

 

The share incentive scheme has been terminated in December 2016. The fair value of the shares granted was determined with reference to an EBITDA based enterprise value of the Group's Turkish segment. The vesting period for each grant was 1 year.

 

Russian CEO Share Incentive Scheme

A share incentive scheme as put in place at the time of the IPO on 3 July 2017. According to the incentive scheme an employee was granted an option to acquire 2,700,000 shares. The price payable per share on exercise of the option is GBP 2.00. The shares under the option will vest in equal instalments on each anniversary of the award, with the final instalment vesting on the fifth anniversary of Admission. The option will only vest if he has not ceased to be an employee of the Group and is not under notice to terminate his employment with the Group.

 

The weighted-average fair value of the options granted under the LTIP Scheme in 2018 amounted to TRY 719 per option, which has been estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions

 

Share price on the grant date: GBP 1.85;

Expected average option term in years: three years;

Expected volatility: 36.6%;

Expected dividend yield: 0%; and

Risk-free interest rate: 0.9%.

 

New LTIP Scheme

 

New share incentive scheme as put in place on 7 May 2018. According to the incentive scheme employees was granted an option to acquire shares, based on performance targets of the Group for the upcoming three years, and continuing employment till the vesting time. The shares under the option will vest at the end of scheme period.

 

The weighted-average fair value of the options granted under the LTIP Scheme in 2018 amounted to TRY 349 per option, which has been estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions

 

Share price on the grant date: GBP 1.87;

Expected average option term in years: three years;

Expected volatility: 37.7%;

Expected dividend yield: 0%; and

Risk-free interest rate: 0.75%.

 

Under these existing plans, the cumulative charge is TRY19,251 as at 30 June 2018 and TRY18,183 as at 31 December 2017, and current year charge is TRY1,068 and TRY132 as at 30 June 2018 and 2017, respectively. There are no plans forfeited in the years 2018 and 2017.

 

 

NOTE 22 - SUBSEQUENT EVENTS

 

On July 2018, the Group refinanced its Euro denominated loans in Russia with a Rouble denominated loan. The RUB 2.2 billion facility has 76 months term with a 12 months grace period and carries an interest rate of 9.7%. The loan carries a RUB 420 million cash deposit condition to be made as a collateral by the Russian operating company.

 

…………………..

 

Review report

To: the board of directors of DP Eurasia N.V.

 

Introduction

We have reviewed the accompanying condensed consolidated interim financial information for the six-month period ended 30 June 2018 of DP Eurasia N.V., Amsterdam, which comprises the condensed consolidated statement of financial position as at 30 June 2018, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows for the period then ended and the selected explanatory notes. The board of directors is responsible for the preparation and presentation of this (condensed) interim financial information in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope

We conducted our review in accordance with Dutch law including standard 2410, Review of Interim Financial Information Performed by the Independent Auditor of the company. A review of interim financial information consists of making inquiries, 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 auditing standards 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

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information for the six-month period ended 30 June 2018 is not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union.

Amsterdam, 10 September 2018

PricewaterhouseCoopers Accountants N.V.

Original has been signed by J. van Meijel RA

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IR SFMFMSFASEFU
Date   Source Headline
6th Jan 20207:00 amRNSNotice of Trading Update
11th Sep 20197:00 amRNSDP Eurasia N.V - Interim Results
9th Aug 20197:00 amRNSDP Eurasia N.V - Notification of Interim Results
15th Jul 20197:00 amRNSDP Eurasia N.V - Trading Update
28th Jun 20197:00 amRNSDP Eurasia N.V - Notice of Trading Update

Login to your account

Don't have an account? Click here to register.