TIDMTAST
RNS Number : 9806M
Tasty PLC
27 September 2021
27 September 2021
Tasty plc
("Tasty", the "Group" or the "Company")
Unaudited Interim Results for the 26 weeks ended 27 June
2021
Key Points:
-- Revenue GBP11.6m (2020: GBP8.7m); increase of 33%
-- Adjusted EBITDA(1) of GBP0.8m (2020: loss GBP0.1m)
-- Impairment charge of GBPnil (2020: GBP7.6m)
-- Loss after tax for the period of GBP2.7m (28 June 2020: loss of GBP11.0m)
-- Bank loan as at 27 June 2021 of GBP1.25m (28 June 2020: GBPnil)
-- Net cash after allowing for bank loan and aged creditors of
GBP4.2m (28 June 2020: net debt of GBP0.4m)
-- All sites closed from 5 January 2021 for indoor dining,
re-opened in April 2021 for outdoor dining and dine-in from May
2021
-- Currently trading from 49 of 54 restaurants - with temporary
closures throughout the half-year due to Covid-19
-- Staff shortages have also forced temporary closures and
prevented the re-opening of some of the Group's sites
-- Trading post period end to date has exceeded management's expectations
(1) Adjusted for depreciation, amortisation and share based
payments.
Chairman's statement
Introduction
The start of 2021 like 2020 has been a very challenging time but
thanks to our dedicated teams, who have worked tirelessly to
sustain the business, Tasty has been able to navigate its way
through the issues caused by the pandemic. This included lockdowns,
re-opening with restrictions and staff shortages. Tasty has managed
to adapt to the changing environment, the different UK Government
guidelines whilst at the same time responding to customer
preferences and feedback.
Our new bank facility and support from our creditors and
landlords, as well as Government support, has seen us through this
difficult period, and we now have a viable platform on which to
build a successful business.
Since re-opening for dine-in in May 2021, sales have been
encouraging. However, we remain cautious in our approach as we are
mindful that performance has been assisted by VAT and rate support,
staycations, pent-up demand and a higher level of disposable
income.
Tasty is now in a good position to take advantage of the
opportunities in the sector due to reduced competition and vacant
restaurant and retail space.
Rent negotiations
The Group has been successful in achieving rent reductions and
lease concessions across most of the estate. Landlords have, in the
main, been extremely understanding and supportive.
The Group will continue to review its existing estate to
consider further sales of underperforming restaurants. It is likely
that certain underperforming sites will not re-open and may be sold
or surrendered back to the landlord in future.
With the support of the majority of our landlords we have
managed to avoid a Creditors Voluntary Arrangement (CVA) within the
Group. However, with the potential of rising infections as we head
into the colder months, we will continue to monitor the situation
closely in the coming months.
People
As we have re-opened for dine-in we have been delighted to be
creating new jobs. However, like many in the hospitality industry,
recruitment and retention has proved to be very difficult, and this
continues to be the case. With the increased sales volume and
recruitment not keeping up with the needs of the business, our
teams have played a huge part in ensuring that we continue to
operate as "normal" as possible. We have been overwhelmed by the
dedication and diligence of our teams.
Sam Kaye stepped down from the Board on 14 May 2021 to allow him
to focus on his other commercial interests. The Board would once
again like to thank Sam for the enormous support and invaluable
experience that he has provided to the Group from inception.
Harald Samúelsson was appointed as a Non-Executive Director in
May 2021. Harald has over 20 years of experience in the UK
restaurant industry, including as joint managing Director of Côte
Restaurants, and we are delighted to have him on our Board .
We currently have plans to strengthen our senior team to
establish a structure that will allow us to expand the
business.
Environmental, social and governance
From the onset of the pandemic the Board acted quickly to secure
the survival of the business and the long-term financial position
of the Group, whilst protecting the health of our employees and
customers. We have also retained our focus on sustainability and
the environmental impact of the business, and we are an equal
opportunities employer.
Re sults
Revenue increased by 33% to GBP11.6m (2020: GBP8.7m); several
factors contributed to this. In H1 2021 even though the lockdown
restrictions unexpectedly lasted longer than H1 2020, we were
better positioned to take greater advantage of the takeaway and
delivery market which has grown significantly throughout the
pandemic and continues to remain strong after the re-opening of
dine-in. The adjusted EBITDA for the period was GBP0.8m (2020: loss
GBP0.1m).
Operating loss before highlighted items (as detailed below) was
GBP1.4m (2020: loss GBP2.7m).
IFRS16 has resulted in depreciation on right-of-use (ROU) assets
and the interest charge on lease liabilities being greater than the
charge for rent that would have been reported pre-IFRS16; the net
impact on reported loss is GBP0.8m. The interest charge on the
lease liabilities is higher in the earlier years of a lease.
We have reviewed the impairment provision across the ROU assets,
fixed assets and goodwill and have not made any provision for the
period under review (2020: GBP7.6m).
After taking into account all non-trade adjustments, the Group
has a stated loss after tax for the period of GBP2.7m (2020: loss
GBP11m).
Cash flows and financing
Cash inflow from operations was GBP2.4m (2020: GBP0.8m). During
the period, the net proceeds from the sale of property were GBPnil
(2020: GBP1.9m). A bank loan of GBP1.25m was drawn down in January
2021 (2020: repayment of GBP1.7m).
Overall, the net cash inflow for the period was GBP1.8m (2020:
outflow GBP1.4m). As at 27 June 2021, the Group had net cash after
bank loan of GBP8.6m (28 June 2020: net cash of GBP3.2m). After
allowing for aged creditors net cash was GBP4.2m (28 June 2020: net
debt of GBP0.4m).
Going concern
Covid-19 and Government restrictions have had a significant
impact on trading. Since the onset of the pandemic the Group has
minimised costs and cash outflows. This included negotiating rent
reductions and lease concessions across most of the estate. The
Government Job Retention Scheme (CJRS) was used to support
furloughed staff. To improve liquidity, a GBP1.25m four year term
loan was fully drawn down in January 2021.
The Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. In reaching this conclusion the Directors have
considered the financial position of the Group, together with its
forecasts for the next 12 months from the date of approval of these
interim accounts and taking into account possible changes in
trading performance. The going concern basis of accounting has,
therefore, been adopted in preparing the interim financial
report.
Outlook
Trading since re-opening for dine-in in May 2021 has been
encouraging and exceeded the Board's expectations. We are hopeful
that this will continue to remain positive as schools go back and
more people return to the office. However, we expect that the
pent-up demand for eating out will naturally diminish in the winter
months and any new Government restrictions on dealing with the
pandemic may negatively impact the Group's performance. Despite
these uncertainties the Board remains optimistic as to the outlook
for the Group and expects to keep under review future opportunities
for growth.
Finally thank you once again to all our people, shareholders,
suppliers, landlords and other stakeholders who have helped our
business in these very difficult times.
K Lassman
Chairman
Tasty plc
27 September 2021
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities Tel: 020 7397 8900
Katy Birkin/Mark Connelly
Certain of the information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under the UK version of the EU Market Abuse Regulation
(596/2014). Upon publication of this announcement via a regulatory
information service, this information is considered to be in the
public domain.
Consolidated statement of comprehensive income
for the 26 weeks ended 27 June 2021 (unaudited)
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Revenue 11,629 8,723 24,228
Cost of sales (14,526) (14,304) (30,330)
------------------------------------- --------- --------- ------------
Gross loss (2,897) (5,581) (6,102)
Other income 2,050 3,612 5,413
Total operating expenses (628) (7,673) (9,328)
Operating loss before highlighted
items (1,410) (2,671) (2,235)
Highlighted items (65) (6,971) (7,782)
------------------------------------- --------- --------- ------------
Operating loss (1,475) (9,642) (10,017)
Finance income - 3 4
Finance expense (1,263) (1,284) (2,548)
Loss before tax (2,738) (10,923) (12,561)
Income tax - (105) (105)
Loss and total comprehensive
income for period and attributable
to owners of the parent (2,738) (11,028) (12,666)
Loss per share attributable
to the ordinary equity owners
of the parent
Basic (1.94p) (7.82p) (8.98p)
Diluted (1.85p) (7.82p) (8.98p)
The table below gives additional information to shareholders on
key performance indicators:
Post IFRS Pre IFRS Post IFRS Pre IFRS
16 16 16 16
26 weeks 26 weeks 26 weeks 26 weeks
to to to to
27 June 27 June 28 June 28 June
2021 2021 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000
EBITDA before highlighted
items 824 (1,207) (131) (2,492)
Depreciation and amortisation (663) (689) (694) (694)
Incremental depreciation
resulting due to IFRS16 (1,571) - (1,846) -
------------------------------- ---------- --------- ---------- ---------
Operating loss before
highlighted items (1,410) (1,896) (2,671) (3,186)
------------------------------- ---------- --------- ---------- ---------
Analysis of highlighted items 26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Profit on disposal of property
plant and equipment - 1,061 1,184
Restructuring costs - (15) (408)
Impairment of right-of-use assets - (10,466) (10,043)
Impairment of goodwill - (326) (326)
Impairment of property, plant
and equipment - 3,195 2,255
Share based payments (65) (20) (44)
Impairment of stock due to Covid-19 - (400) (400)
------------------------------------- --------- --------- ------------
Total highlighted items (65) (6,971) (7,782)
Consolidated statement of changes in equity
for the 26 weeks ended 27 June 2021 (unaudited)
Share Share Merger Retained Total
Capital Premium Reserve Deficit Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 27 December 2020 6,061 24,251 992 (30,708) 596
Issue of ordinary shares - 3 - - 3
Total comprehensive income
for the period - - - (2,738) (2,738)
Share based payments - credit
to equity - - - 65 65
Balance at 27 June 2021 6,061 24,254 992 (33,381) (2,074)
Balance at 29 December 2019 6,061 24,251 992 (18,018) 13,286
Issue of ordinary shares - - - - -
Total comprehensive income
for the period - - - (11,028) (11,028)
Share based payments - credit
to equity - - - 20 20
Balance at 28 June 2020 6,061 24,251 992 (29,026) 2,278
Balance at 29 December 2019 6,061 24,251 992 (18,018) 13,286
Issue of ordinary shares - - - - -
Cost of placing of ordinary
shares - - - (68) (68)
Total comprehensive income
for the period - - - (12,666) (12,666)
Share based payments - credit
to equity - - - 44 44
Balance at 27 December 2020 6,061 24,251 992 (30,708) 596
In January 2021 Daniel Jonathan Plant was awarded 15,676,640 'B'
shares in Tasty plc which can be converted to 'A' shares subject to
achievement of certain hurdle rates. These 'B' shares were issued
at nominal value of 0.00001 pence.
Consolidated balance sheet
At 27 June 2021 (unaudited)
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 30 25 26
Property, plant and equipment 15,098 17,120 15,572
Right-of-use- assets 38,337 41,525 39,811
Other non-current assets 129 147 129
Deferred Tax - - -
Total non-current assets 53,594 58,817 55,538
--------------------------------- --------- --------- ------------
Current assets
Inventories 1,834 2,208 1,822
Trade and other receivables 1,397 2,038 1,363
Cash and cash equivalents 9,884 3,160 8,028
Total current assets 13,115 7,406 11,213
--------------------------------- --------- --------- ------------
Total assets 66,709 66,223 66,751
--------------------------------- --------- --------- ------------
Current liabilities
Trade and other payables (12,210) (7,668) (10,617)
Lease liabilities (3,620) (2,768) (2,904)
Borrowings (104) - -
Total current liabilities (15,934) (10,436) (13,521)
--------------------------------- --------- --------- ------------
Non-current liabilities
Provisions (335) (5) (335)
Lease liabilities (51,288) (53,376) (52,219)
Long-term borrowings (1,146) - -
Other payables (80) (128) (80)
Total non-current liabilities (52,849) (53,509) (52,634)
--------------------------------- --------- --------- ------------
Total liabilities (68,783) (63,945) (66,155)
--------------------------------- --------- --------- ------------
Total net (liabilities)assets (2,074) 2,278 596
--------------------------------- --------- --------- ------------
Equity
Share capital 6,061 6,061 6,061
Share premium 24,254 24,251 24,251
Merger reserve 992 992 992
Retained deficit (33,381) (29,026) (30,708)
Total equity (2,074) 2,278 596
--------------------------------- --------- --------- ------------
Consolidated cash flow statement
for the 26 weeks ended 27 June 2021 (unaudited)
26 26 52
weeks weeks weeks ended
to to
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Operating activities
Cash generated from operations 2,365 913 7,575
Corporation tax paid - (105) (105)
-------- -------- -------------
Net cash inflow from operating
activities 2,365 808 7,470
----------------------------------------- -------- -------- -------------
Investing activities
Proceeds from sale of property,
plant and equipment - 1,862 2,039
Purchase of property, plant
and equipment (192) (28) (120)
Interest received - 3 4
-------- -------- -------------
Net cash flows used in investing
activities (192) 1,837 1,923
----------------------------------------- -------- -------- -------------
Financing activities
Net proceeds from issues 3 - -
of ordinary shares
Bank loan receipts 1,250 - -
Bank loan repayment - (1,652) (1,652)
Interest paid (1,263) (1,284) (2,548)
Principal paid on lease liabilities (307) (1,119) (1,735)
-------- -------- -------------
Net cash flows used in financing
activities (317) (4,055) (5,935)
----------------------------------------- -------- -------- -------------
Net increase in cash and
cash equivalents 1,856 (1,410) 3,458
Cash and cash equivalents at beginning
of the period 8,028 4,570 4,570
-------- -------- -------------
Cash and cash equivalents as at
27 June 2021 9,884 3,160 8,028
----------------------------------------- -------- -------- -------------
Notes to the condensed financial statements
for the 26 weeks ended 28 June 2021 (unaudited)
1 General information
Tasty plc is a public limited company incorporated in the United
Kingdom under the Companies Act (registration number 05826464). The
Company is domiciled in the United Kingdom and its registered
address is 32 Charlotte Street, London, W1T 2NQ. The Company's
ordinary shares are traded on the AIM Market of the London Stock
Exchange ("AIM"). Copies of this Interim Report and the Annual
Report and Financial Statements may be obtained from the above
address or on the investor relations section of the Company's
website at www.dimt.co.uk .
2 Basis of accounting
The condensed set of financial statements included in this
interim financial report has been prepared in accordance with IAS
34 'Interim Financial Reporting', as adopted by the European Union
and accounting policies consistent with International Financial
Reporting Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations as endorsed by
the European Union. The same accounting policies, presentation and
methods of computation have been followed in the preparation of
these results as were applied in the Company's latest annual
audited financial statements.
The financial information for the 26 weeks ended 27 June 2021
has not been subject to an audit nor a review in accordance with
International Standard on Review Engagements 2410, Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity, issued by the Financial Reporting Council.
The financial information for the period ended 27 December 2020
does not constitute the full statutory accounts for that period.
The Annual Report and Financial Statements for 2020 have been filed
with the Registrar of Companies. The Independent Auditors' Report
on the Annual Report and Financial Statements for 2020 was
unqualified, did not draw attention to any matters by way of
emphasis, and did not contain a statement under 498(2) or 498(3) of
the Companies Act 2006.
The condensed financial statements are presented in sterling and
all values are rounded to the nearest thousand pounds
(GBP'000).
Except when otherwise indicated, the consolidated accounts
incorporate the financial statements of Tasty plc and its
subsidiary, Took Us A Long Time Limited, made up to the relevant
period end.
Use of judgements and estimates
In preparing these interim financial statements management has
made judgements and estimates that affect the application of
accounting policies and measurement of assets and liabilities,
income and expense provisions. Actual results may differ from these
estimates.
Going concern
Covid-19 and Government restrictions have had a significant
impact on trading. Since the onset of the pandemic the Group has
minimised costs and cash outflows. This includes negotiating rent
reductions and lease concessions across most of the estate. The
Government Job Retention Scheme (CJRS) was used to support
furloughed staff. To improve liquidity a GBP1.25m four-year term
loan was fully drawn down in January 2021. The Group has also
secured a GBP0.25m overdraft facility which has not been
utilised.
The Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. In reaching this conclusion the Directors have
considered the financial position of the Group, together with its
forecasts for the next 12 months from the date of approval of these
interim accounts and taking into account possible changes in
trading performance should Government restrictions be reintroduced.
The Group monitors cash balances closely to ensure there is
sufficient liquidity. Accordingly, t he Directors believe that it
remains appropriate to prepare the financial statements on a going
concern basis.
IFRS 16 'Leases'
The Group adopted IFRS 16 for its period starting 30 December
2019 using the modified retrospective approach on transition,
recognising leases at the carried forward value had they been
treated as such from inception, without restatement of comparative
figures.
The right-of-use assets all relate to property leases. The
right-of-use assets as at 27 June 2021 were GBP38.3m (28 June 2020:
GBP41.5m). During the period ended 27 June 2021 the Group made a
provision for impairment of the right-of-use assets against a
number of sites totalling GBPnil (period ended 28 June 2020:
GBP10.5m).
Lease liabilities are measured at the carried forward present
value of the remaining lease payments discounted using the Group's
incremental borrowing rate of 4.5% plus the Bank of England base
rate of 0.1%. The lease liabilities as at 27 June 2021 were
GBP54.9m (28 June 2020: GBP56.1m).
Included in profit and loss for the period is GBP1.6m
depreciation of right-of-use assets and GBP1.2m financial expenses
on lease liabilities.
Amounts Recognised in the Balance Sheet
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Right-of-use assets
Recognition of adoption of IFRS
16 - 55,119 55,119
Balance at beginning of the period 39,811 - -
Additions 541 - -
Reassessment of leases (444) (1,244) (814)
Reassessment due to disposal - - (859)
Provided for the period (1,571) (1,846) (3,592)
Impairment of right-of-use assets - (10,504) (10,043)
Balance at end of the period 38,337 41,525 39,811
--------- --------- ------------
Lease liabilities
Recognition of adoption of IFRS
16 - (57,408) (57,408)
Balance at beginning of the period (55,123) - -
Additions (535) - -
Reassessment of leases 447 1,264 814
Reassessment due to disposal - - 1,039
Interest (1,237) (1,278) (2,514)
Lease payment 1,540 1,278 2,946
Balance at end of the period (54,908) (56,144) (55,123)
--------- --------- ------------
Current (3,620) (2,768) (2,904)
Non-current (51,288) (53,376) (52,219)
--------- --------- ------------
Total (54,908) (56,144) (55,123)
--------- --------- ------------
Amounts Recognised in the Income Statement
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Depreciation charge of right-of-use
assets 1,571 1,846 3,592
Interest expense (included in finance
cost) 1,237 1,278 2,514
Total 2,808 3,124 6,106
--------------------------------------- --------- --------- ------------
Impairments
All assets (ROU, fixed assets and goodwill) are reviewed for
impairment in accordance with IAS 36 Impairment of Assets, when
there are indications that the carrying value may not be
recoverable.
Assets are subject to impairment tests whenever events or
changes in circumstances indicate that their carrying amount may
not be recoverable. Where the carrying value of an asset or a cash
generating unit (CGU) exceeds its recoverable amount, i.e. the
higher of value in use and fair value less costs to dispose of the
asset, the asset is written down accordingly. The Group views each
restaurant as a separate CGU. Value in use is calculated using cash
flows excluding outflows from financing costs over the remaining
life of the lease for the CGU discounted at 6% (2020: 6%), being
the rate considered to reflect the risks associated with the CGUs.
A growth rate of 0.5% has been applied (2020: 0.5%).
An impairment review was undertaken which resulted in an
impairment charge of GBPnil (2020: GBP7.6m), this is mainly due to
trading outside of lockdown being favourable.
The assumptions will be reviewed at year-end to ensure that the
cashflow expectations are in line with the latest outlook.
Other income
The Group has received Government grants in relation to the
Coronavirus Job Retention Scheme (CJRS) and Covid-19 Business
Grants, provided by the Government in response to Covid-19's impact
on the business.
In accordance with IAS 20 (Accounting for Government Grants and
Disclosure of Government Assistance) guidelines, the Group has
recognised the salary expense as normal and recognised the grant
income in profit and loss as the Group becomes entitled to the
grant.
Other income includes Government Coronavirus Job Retention
Scheme ("CJRS") (GBP1.9m) and sub-let property income (GBP0.1m).
The Group has also received GBP1.8m of Government Grants which at
the present time have not been recognised in other income while
Group assesses when the recognition conditions are met in full.
3 Income tax
The income tax charge has been calculated by reference to the
estimated effective corporation tax and deferred tax rates of 19%
(2020: 19%).
Tax charge GBPnil (2020: GBP0.1m).
4 Loss per share
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
Pence Pence Pence
Loss per ordinary share
(basic) (1.94p) (7.82p) (8.98p)
Loss per ordinary share
(diluted) (1.85p) (7.82p) (8.98p)
The basic and diluted loss per share figures are calculated by
dividing the net loss for the period attributable to shareholders
by the weighted average number of ordinary shares in issue during
the period. The diluted earnings per share figure allows for the
dilutive effect of the conversion into ordinary shares of the
weighted average number of options outstanding during the period.
Options are only taken into account when their effect is to reduce
basic earnings per share.
Loss per share is calculated using the numbers shown below:
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
number number number
'000 '000 '000
Weighted average ordinary shares
(basic) 141,090 141,090 141,090
Weighted average ordinary shares
(diluted) 148,067 141,090 141,090
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Loss for the financial period (2,738) (11,028) (12,666)
------------------------------------- --------- --------- ------------
5 Reconciliation of result before tax to net cash generated from operating activities
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Loss before tax (2,738) (10,923) (12,561)
Finance income - (3) (4)
Finance expense 26 6 34
Finance expense (IFRS 16) 1,237 1,278 2,514
Share based payment charge 65 20 44
Share issue costs - - (68)
Depreciation 2,232 2,540 4,934
Amortisation of intangible assets 2 2 3
Impairment of goodwill - 326 326
Impairment of property, plant
and equipment - (3,195) (2,255)
Impairment of Right-of-use assets - 10,466 10,043
Profit from sale of property
plant and equipment - (1,061) (1,184)
Dilapidations provision - - 335
Other non cash - - 1
(Increase) / decrease in inventories (12) 442 827
(Increase) / decrease in trade
and other receivables (34) 1,159 1,852
Increase / (decrease) in trade
and other payables 1,587 (144) 2,734
Net cash inflow from operating
activities 2,365 913 7,575
-------------------------------------- --------- --------- ------------
6 Property, plant and equipment and right-of-use assets
Leasehold Furniture Total ROU assets Grand
improvements fixtures fixed total
and computer assets
equipment
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 29 December
2019 38,661 10,107 48,768 - 48,768
Recognition
on adoption
of IFRS16 - - - 55,119 55,119
At 30 December
2019 38,661 10,107 48,768 55,119 103,887
Additions 2 118 120 - 120
Reassessment
of leases - - - (1,673) (1,673)
Disposal (1,487) (333) (1,820) - (1,820)
At 27 December
2020 37,176 9,892 47,068 53,446 100,514
----------------- -------------- -------------- -------- ----------------- --------
Additions 13 174 187 541 728
Reassessment
of leases - - - (444) (444)
At 27 June 2021 37,189 10,066 47,255 53,543 100,798
----------------- -------------- -------------- -------- ----------------- --------
Depreciation
At 29 December
2019 26,674 7,524 34,198 - 34,198
Provided for
the period 757 585 1,342 3,592 4,934
Impairments (2,133) (122) (2,255) 10,043 7,788
Disposal (1,464) (325) (1,789) - (1,789)
At 27 December
2020 23,834 7,662 31,496 13,635 45,131
----------------- -------------- -------------- -------- ----------------- --------
Provided for
the period 381 280 661 1,571 2,232
At 27 June 2021 24,215 7,942 32,157 15,206 47,363
----------------- -------------- -------------- -------- ----------------- --------
Net book value
At 27 June 2021 12,974 2,124 15,098 38,337 53,435
----------------- -------------- -------------- -------- ----------------- --------
At 27 December
2020 13,342 2,230 15,572 39,811 55,383
----------------- -------------- -------------- -------- ----------------- --------
7 Borrowings
26 weeks 26 weeks 52 weeks
to to ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Current
Secured bank borrowings 104 - 800
------------------------- --------- --------- ------------
Non-current
Secured bank borrowings 1,146 - 852
------------------------- --------- --------- ------------
Total 1,250 - 1,652
------------------------- --------- --------- ------------
The GBP1.25m loan is a four year term loan which has a capital
repayment holiday of 12 months and carries interest at a rate of
4.5% per annum over the Bank of England Base Rate. The facility was
fully drawn down in January 2021.
8 Reconciliation of financing activity
Lease liabilities Lease liabilities Bank Loan Bank Loan Total
Due within Due after Due within Due after
1 year 1 year 1 year 1 year
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net debt as at 29
December 2019 - - 800 852 1,652
IFRS 16 transitional
adjustment 1,647 55,761 - - 57,408
Net debt as at 30
December 2019 1,647 55,761 800 852 59,060
Cashflow (1,735) - (800) (852) (3,387)
Addition / (decrease)
to lease liability 2,992 (3,542) - - (550)
----------------------- ------------------ ------------------ ----------- ---------- --------
Net debt as at 27
December 2020 2,904 52,219 - - 55,123
Cashflow (305) - 104 1,146 945
Addition / (decrease)
to lease liability 1,021 (931) - - 90
Net debt as at 27
June 2021 3,620 51,288 104 1,146 56,158
----------------------- ------------------ ------------------ ----------- ---------- --------
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END
IR XQLFLFKLZBBQ
(END) Dow Jones Newswires
September 27, 2021 02:00 ET (06:00 GMT)
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