Interim Report 2019 - The Restaurant Group

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Interim Report2019Interim results for the 26 weeksended 30 June 2019

Strategic and financial highlights01Chairman’s and Chief ExecutiveOfficer’s statement02Business review03Financial review08Consolidated income statement12Consolidated balance sheet15Consolidated statementof changes in equity16Consolidated cash flow statement17Responsibility statement18Notes to the condensedfinancial statements19Glossary29Shareholder information30The Restaurant Group plcoperates over 650 restaurantsand pub restaurants.Our brands

Strategic and financial highlightsStrategic highlights Wagamama plans on track and progressing well Market leading like-for-like1 sales performance continues Addressing strong pipeline of growth opportunities Site conversion and cost synergy programme on track Concessions leveraging market opportunities Like-for-like sales consistently ahead of passenger growth Further development of brand portfolio with partnerships Advanced discussions on adjacent market opportunities Pubs continue to drive growth Strong like-for-like sales outperformance vs market continues Customer ratings remain consistently high Healthy pipeline of new site opportunities Optimising Leisure2 business On-going initiatives to improve food offering, service standards and brand proposition Progress in brand perception and employee engagement Estate management discipline continuesFinancial highlights Like-for-like sales up 4.0%, with total sales up 58.2% to 515.9m (2018: 326.1m) Adjusted1 profit before tax of 28.1m (20182: 20.7m) Exceptional pre-tax charge of 115.7m (20182: 8.4m) predominantly relating to a 100.2mimpairment charge and a 10.7m onerous lease provision in our Leisure business Statutory loss before tax of 87.7m (2018 Statutory profit3: 12.2m) Adjusted EBITDA of 61.4m (20183: 38.4m) Adjusted EPS4 of 4.5p (20183: 5.9p). Statutory loss per share of 16.1p (2018 earningsper share3: 3.3p) Operating cash flow of 52.3m (2018: 25.6m) Net bank debt of 316.8m (2018: 24.2m) with pro-forma net debt/EBITDA at 2.3x Interim dividend of 2.1p per share, in line with policyCurrent trading and outlook Group like-for-like sales up 3.7% for the first 34 weeks of the financial year benefitting from softcomparatives in the prior year Like-for-like sales in the most recent six weeks were up 0.2%, driven by the strongperformance of our three growth businesses which have continued to outperform theirrespective markets, largely offset by our Leisure business reverting back to a trend of modestlike-for-like sales decline Trading remains broadly in line with our full year expectations1 The Group’s adjusted performance metrics such as like-for-like sales and free cash flow are defined within theglossary at the end of this report2 Leisure business refers primarily to our Frankie & Benny’s and Chiquito brands3 As restated, refer to note 1 of the condensed financial statements for details4 Earnings per share adjusted for bonus element following the rights issue in both financial yearsThe Restaurant Group plc Interim Report 2019 01

Chairman’s and Chief Executive Officer’sstatementWe have traded well throughout the first half of the year, delivering 4% like-for-like sales growth,driven by the market outperformance of Wagamama and our Concessions and Pubs businesses.Our Leisure business delivered a marginal decline in like-for-like sales despite benefitting from theweaker comparatives following last year’s extreme weather and football World Cup. We continue tofocus on improving our brand offerings and delivering the best possible experience to our customerswhilst optimising our Leisure business to enhance the overall Group performance.We are mindful of the headwinds in the casual dining sector and the meaningful uncertainties createdby the potential of a ‘no-deal Brexit’ and are planning with this in mind. However our business is nowbetter diversified and purposefully positioned to benefit from multiple opportunities for growth.I am pleased to welcome Andy Hornby as our new CEO, who is bringing a strong consumer, brandand people focus to the business.Debbie Hewitt MBENon-executive ChairmanI am delighted to have joined The Restaurant Group in August. Our three growth businesses ofWagamama, Concessions and Pubs are all out-performing the market and have potential for furthergrowth. At the same time, we have an acute focus on optimising our Leisure business, throughtargeted operational initiatives and disciplined estate management.Despite the well documented challenges facing the casual dining sector, the Group’s diversified set ofbrands provides firm foundations.Andy HornbyChief Executive Officer02 The Restaurant Group plc Interim Report 2019

Business reviewThe Group is aligned to structural growth trendswith Wagamama, Pubs and Concessionscontributing in excess of 70% of Group outletEBITDA in the period.Wagamama, the UK leader in pan-Asiancuisine, continues to deliver a market leadingperformance and we are on track to deliver ourplans for the business as set out below.Concessions benefits from continued passengergrowth, albeit at a slower rate than in previousyears and we are exploiting opportunities fornew space as airports further invest in terminals,capacity and food and beverage offerings.Furthermore, given our strength in developingand operating a broad range of formats, we seepotential over the medium term for growth inadjacent markets outside of travel hubs in the UKand in international airports.Our Pubs benefit from being in strong locationswith attractive market dynamics, coupled witha market leading proposition and operationalcapability. We have a healthy organic pipeline ofsites and have a number of initiatives to continueto drive clear sector outperformance.We continue to make progress in our Leisurebusiness, undertaking various initiatives to improvefood offering, service standards and brandproposition. However, we remain exposed to thewell documented retail structural decline and achallenging cost environment, whilst competingin saturated local markets. We have thereforetaken a more cautious view on the medium-termoutlook within our Leisure business which hasbeen reflected in the impairment charge beingrecognised at the half-year.In the first half of 2019, we have made goodprogress on the three key elements of thestrategy that we set out at our preliminary resultsin March 2019 which were: Deliver the benefits of the Wagamamaacquisition; Grow our Concessions and Pubs businesses;and Optimise our Leisure business.1. Deliver the benefits of the WagamamaacquisitionWagamama delivered another strongperformance in the first half of 2019 with thecore UK business benefitting from both strongin restaurant and delivery growth. UK like-for-likesales growth remained significantly ahead of thewider market, with like-for-like sales up 10.6%in the first six months of the year (to 30th June2019). Adjusted EBITDA (on a rolling 12 monthsbasis) grew to 51.4m in the period to 30th June2019 from 42.3m (for the last reported financialyear ending 29th April 2018).Wagamama retained its market leading positionwith the highest net promoter score amongcasual dining brands in the UK, and we havebenefitted from excellent staff retention at ourrestaurants, with employee turnover reaching itsall-time best position for both front and back ofhouse teams.Among other initiatives implemented in the firsthalf of the year, we launched a new menu in May,continuing our commitment to provide constantinnovation aligned with our customers’ evolvingpreferences. The new menu extends the rangeof vegan options, including ‘Avant Gard’n’, ourbestselling vegan dish. We also launched our newlighter ‘Kokoro’ bowls (sub-650 calorie range)giving our guests additional healthy eating choices,as well as launching an improved drinks anddesserts range.Over the period, a strong partnership withDeliveroo and the implementation of operationaland technological improvements in our deliveryproposition contributed to delivery sales rising toc.12% of total sales from c.9% in the same periodlast year.We completed five transformational restaurantrefurbishments in the period, adding 200 coverswith an expected return on invested capital of atleast 45%.The Restaurant Group plc Interim Report 2019 03

Business review continuedAs set out below, we are progressing well on themultiple growth avenues that the Wagamamaacquisition has unlocked.UK New sites & ConcessionsOur selective approach to high quality openingscontinues and we expect to open three sites thisyear including “The Bower” in Old Street, London,and a site in Heathrow Terminal 3. We currentlyexpect to open four to five sites in 2020 includinga site in the planned terminal redevelopment atManchester airport.Delivery KitchensWe continue to explore how best to serve ourcustomers where we don’t have a Wagamamarestaurant and launched our first Wagamamaonly Delivery Kitchen in Hackney in July. We planto open at least another two delivery kitchens bythe end of the year.Food-to-go formatsWe are on track to launch our first food-to-goconcept, “Mamago”, in Q4 2019 in FenchurchStreet, London. The proposition has beeninspired by the Wagamama core business, witha menu of made-to-order pan-Asian cuisineranging from grab-and-go adaptations onWagamama classics like Katsu to new andinnovative, nutritionally-balanced and flavourpacked dishes built for breakfast and lunch.InternationalOur US business has delivered improved tradingmomentum benefitting from improved teamstability and operational execution. We areprogressing with our review of strategic optionsfor the business and will provide a further updatein due course.SynergiesWe are on track to deliver at least 15m of costsynergies in 2021, having made good progress inthe first half of the year. In line with the acquisitionplan, we prioritised the renegotiation of supplycontracts for food, drinks and consumables, andhave obtained significant savings through rateequalisation and economies of scale.We have also obtained additional savings throughshared expertise across the group in areas suchas energy efficiency and maintenance, as wellas through eliminating the duplication of certainprofessional services.We anticipate that 60% of the cost synergyprogramme will benefit the cost base ofWagamama and 40% in to the Legacy-TRG5business.On the site conversion programme we areon track to deliver an incremental EBITDAbenefit of 7m per annum at maturity in 2021from the conversion of 15 sites. Our Leisuresites in Stevenage and Bletchley converted toWagamama in late August and another six siteswill convert between September and November,with an expected return on invested capital ofcirca 50%. We are planning to convert at leastseven more sites in 2020.2. Grow our Concessions and PubsbusinessesConcessionsOur Concessions business primarily operatesin 16 UK airports and four UK rail stations. At itscore we manage long-term partnerships andoperate multiple formats and brands to deliverfood and beverage solutions to our partners.Our sales continue to trade ahead of passengergrowth and we continued our strong track recordof retaining sites with at least 85% of sites havingreceived contract renewals beyond the term ofthe initial contract. On average our contractshave been extended for 90% of the originalconcession term.5 Excludes Wagamama.04 The Restaurant Group plc Interim Report 2019

In the first half of 2019, we developed further trialsand rollout of technologies to improve customerconvenience, particularly through waiting timescreens (a display that informs the averageservice and kitchen time to receive an order), payat-table and order and pay functionalities.We have, in certain locations, developed existingspace to cater for private functions, includingweddings. For instance, at the Mill House in Hookwe have refurbished the adjacent barn, which isnow available to host private events, meetingsand small family parties.We expect to open at least five new sites in2019, two of which have already opened,including our Sonoma site at Gatwick airportwhich is our largest Concessions restaurant atcirca 7,000 square feet, and can accommodateover 300 covers at a time.We also continue to explore opportunities toexpand our accommodation offering, currentlyavailable at the Arrow Mill in Alcester and TheHighdown in Goring-by-the-Sea.We have also secured six sites in the plannedManchester airport terminal redevelopment whichare due to open in 2020. The terminal is expectedto reach maturity in 2022, with the gradual shiftof passengers out of the existing terminal havinga short-term impact on profitability through 2020and 2021.We are also exploring opportunities in adjacentmarkets outside of travel hubs in the UK and ininternational airports.PubsWe currently have an estate of 83 Pubs, whichare predominantly located in countryside andsuburban locations, with a premium propositionfocused on the local customer base. In thefirst half of 2019, like-for-like sales continued tooutperform the overall pub restaurant sector.In the first half of 2019, we continued to evolveour menus in line with customer preferences. Forexample, we refined and extended our veganrange, with the introduction of items such asmushroom pie and beetroot burger, now ourtop selling vegan dishes. On our drinks range,we have introduced a larger selection of low/no alcohol beers, reflecting increasing customerdemand, and extended the opportunity forpub managers to source and stock local beersand craft lager, in addition to the already wellestablished cask range, which have been wellreceived by customers.We made further progress in the rollout oftechnology initiatives to improve our customerexperience and commercial performance. Westarted trialling an in-app ordering function thatallows customers in our busy gardens to orderfrom their table. We also launched an improvedversion of our reservation software, which allowsfor improved customer flexibility.We have maintained our social media scorereviews at 4.4/5, confirming our commitment todelivering a high standard of customer service.We expect to open four new sites this year, threeof which have already opened. We will continueour selective approach to site expansion, witha disciplined approach to site criteria and strictfinancial hurdles, whilst our geographical reach isgradually expanding across the UK.3. Optimise our Leisure businessOur Leisure business has benefitted from ourinitiatives to improve food offering, servicestandards and brand proposition, as set outbelow. Nevertheless, the backdrop remainschallenging and we continue to take a disciplinedapproach to our estate.The Restaurant Group plc Interim Report 2019 05

Business review continuedIn the first eight months of 2019, we have closed16 sites (10 Frankie & Benny’s, four Chiquito, oneCoast to Coast and one Garfunkel), reducing theoverall leisure estate to 352 sites. Among thoseclosed, we executed the following actions: Eight sites converted or are in the process ofconverting to Wagamama Three sites closed and were exited, byexercising the break clauses or lease expiry Five sites closed as they were no longergenerating acceptable cash returnsWe are making progress in negotiations withlandlords when there are lease events, havingobtained rent reductions in the most recentnegotiations as well as greater flexibility inlease terms.The remaining estate has a median of six years tothe first potential exit date (i.e. lease expiry or thedate at which we can exercise a break clause).We expect to exit at least 50% of Leisure sitesreaching their next exit date, and will continue toexplore market opportunities to exit these sitesearlier where possible.Frankie & Benny’sOur focus over the half year has been onenhancing the brand’s food proposition,improving customer engagement and affinity, andcontinuing to leverage the existing estate.In May we launched our new menu, where wereduced the overall size of the menu by circa10%, simplifying our offer for customers andstreamlining operations for our restaurant teams.The reduced menu includes 26 new dishes thatrefocused on our Italian American heritage andthe removal of a number of less popular dishes.Feedback on our new menu has been positive,with dishes such as the Meatballs Al Forno andToblerone Cheesecake being particularly popularwith customers.06 The Restaurant Group plc Interim Report 2019Our increased focus on customer engagementhas been driven through the better use of socialmedia, and proactive marketing to create a‘buzz’ around the brand. A key campaign in theperiod was “Bring It Back” where we surveyedour customer base using social media to find outwhat they would like to see return to the menuwhich led to previous dishes such as SpaghettiChicken Alfredo and Vegan Nuggets returningto the Summer Specials menu. We also createdsignificant engagement around the news ofPrince Archie’s birth, where we offered everyonenamed Archie a free meal in our restaurants.The social campaign had organic reach of over2 million, with 30,000 customers engaging withthe content.We continue to look for opportunities to leverageour estate and have increased the penetrationof delivery sales in our core menu and virtualbrands. We are now active across 193 sites inpartnership with multiple aggregators and operatetwo virtual brands from most sites. The two virtualbrands are “Stacks”, providing our customerswith “fully loaded burgers” and “Birdbox” our friedchicken brand with a southern American twist.As a result of our initiatives we continue to see aconsistent improvement in customer ratings onsocial media.ChiquitoIn the first half of 2019, the key objectives havebeen to further refine the brand identity andproposition, re-focusing on our core values of fun,choice and value.We launched a new menu in April which hadbetter choice and a range of options focusedon health and premiumisation. We have createda new menu category, “Greens and Grains”,which includes new dishes such as “Burrito withBenefits” and “Chopped and Topped Salad”.We also launched vegan and breakfast specificmenus, providing our customers with greaterchoice.

We have also increased our presence on socialmedia, with a more proactive engagement withour customers. For instance, a video involvingSam Thompson and Pete Wicks from the realityprogrammes ‘Made in Chelsea’ and ‘The OnlyWay is Essex’ featured in one of our restaurantsand raised our brand’s share of voice on socialmedia to a new high.We continue to look for opportunities to leverageour estate and have increased the penetrationof delivery sales in our core menu and virtualbrands. We are now active across 73 restaurantsin partnership with multiple aggregators andoperate two virtual brands from most sites. Thetwo virtual brands are “Kick-Ass Burrito” and“Cornstar Tacos”. Kick-Ass Burrito is a greatvalue, virtual-only burrito brand. Cornstar Tacooffers fresh, full flavour and fully loaded crispytacos and nacho boxes.Current trading and outlook Group like-for-like sales up 3.7% for the first34 weeks of the financial year benefitting fromsoft comparatives in the prior year Like-for-like sales in the most recent sixweeks were up 0.2%, driven by the strongperformance of our three growth businesseswhich have continued to outperform theirrespective markets, largely offset by ourLeisure business reverting back to a trendof modest like-for-like sales decline In summary, trading remains broadly in linewith our full year expectationsAs with Frankie & Benny’s, we continue to seean improvement in our customer ratings on socialmedia particularly in areas related to service andvalue.Summary Enlarged group strongly orientated towardsgrowth Wagamama acquisition plan on track Like-for-like sales growth ahead of passengergrowth in Concessions with multipleopportunities ahead Pubs continue to outperform the market withopportunities for further growth Continuing challenges in Leisure business,addressed through targeted initiatives anddisciplined estate managementThe Restaurant Group plc Interim Report 2019 07

Financial reviewLike-for-like sales improved by 4.0% in the firsthalf of the year with total turnover up 58.2% to 515.9m (2018: 326.1m). Like-for-like sales andtotal sales increases reflect the benefit of theWagamama acquisition being consolidated intothe TRG business. In the period we saw strongperformances from Wagamama which hascontinued to significantly outperform its core UKmarket, from our Concessions business whichhas traded ahead of air-passenger growth andfrom our Pubs business, which has consistentlytraded ahead of the pub restaurant sector. OurLeisure business delivered a marginal decline inlike-for-like sales in the period, despite benefittingfrom the weaker comparatives due to the extremeweather and the football World Cup last year.Adjusted operating profit increased by 70.8%to 36.5m (2018: 21.3m) with the adjustedoperating margin rising from 6.5% to 7.1%,reflecting the like-for-like sales growth in theperiod coupled with the benefit from theWagamama acquisition. On a statutory basis,the Group’s operating loss was 79.3m (20182:operating profit: 12.9m), reflecting an exceptionalpre-tax charge of 115.7m related predominantlyto the impairment and onerous lease provisions inour Leisure business.Adjusted profit before tax for the period was 28.1m (2018: 20.7m), with adjusted profit aftertax of 22.1m (2018: 16.2m). Adjusted earningsper share were 4.5p (2018: 5.9p). On a statutorybasis, our loss before tax was 87.7m (20182:profit before tax: 12.2m) and statutory loss pershare was 16.1p (20182 statutory earnings pershare: 3.3p).The Group has continued to experience externalcost pressures throughout 2019, includinginflation in wages, purchases, property and utilitycosts. We now expect gross cost headwindsin the region of 27m for the full-year, of whichwe expect to mitigate circa 40% (excludingthe benefits arising from the Wagamama costsynergy programme).The Group remains cash generative with freecash flow of 27.0m in the period (2018: 14.2m);the increase in free cash flow reflecting the cashgenerated from the Wagamama operations,partially offset by the increased cost of financing.The Group continues to invest in future growthopportunities and has spent 20.3m ondevelopment capital expenditure (2018: 11.3m).Net Debt increased by 25.7m to 316.8m. Theincrease in Net Debt was predominantly drivenby the one-off acquisition and integration costrelating to Wagamama of 20.7m.Restructuring and exceptional chargeAn exceptional pre-tax charge of 115.7m hasbeen recorded in the period (2018: 8.4m), whichincludes the following: A net impairment charge of 100.2m (2018: 6.2m) has been recognised in the period.Of the 100.2m charge, 97.9m related torestaurants trading within in our Leisurebusiness and 2.3m relates to two Wagamamarestaurants in the US. The impairment chargecomprised of two main elements:(i) In the Leisure business we have recognisedan impairment charge across sites that wereidentified as structurally unattractive; and(ii) In addition, given the well documented overcapacity and continued like-for-like salesdecline in the casual dining market, andongoing cost headwinds we have takena more cautious medium term outlookwhen assessing the Leisure businessfor impairment1 Adjusted measures are stated before exceptional items and are as defined within the glossary2 As restated, refer to Note 1 of the condensed financial statements08 The Restaurant Group plc Interim Report 2019

A write off of 1.9m (2018: nil) was made tothe carrying value of the property, plant andequipment for sites which will be converted toWagamamaFY19 GuidanceWe expect to spend 50m to 55m ondevelopment expenditure in 2019; comprising: Onerous lease provisions resulted in a chargeof 10.7m in the period (2018: 2.3m). Thiscomprised a 0.4m credit in respect ofunutilised provisions following the successfulexit of four sites ahead of expectations and afurther charge of 11.1m was provided for inthe period. 5.7m was in respect of new siteswhere there is an element of the lease that isnow onerous and 5.4m in respect of sitespreviously provided for At least five new Concessions, including theinitial expenditure relating to Manchesterterminal redevelopment An exceptional charge of 3.0m (2018: nil) wasmade relating to the acquisition and integrationcosts of WagamamaThe tax credit relating to these exceptionalcharges was 14.8m (2018: 1.3m).Cash expenditure associated with the aboveexceptional charges was 27.5m in the period(2018: 5.7m). The cash cost related to onerousleases of 6.7m (2018: 5.7m) and the cost of theacquisition and refinancing of 20.7m (2018: nil). Four new Pubs Five new Wagamama sites (two UK, oneAirport, two US) Eight Leisure site conversions to Wagamama Roll-out of delivery kitchens and pilot ofWagamama Grab & Go concept, “Mamago”Refurbishment and maintenance capitalexpenditure will range between 30m to 35m. This will include five transformationalrefurbishments of Wagamama UK sites,as well as two Pubs and one Concessionsrefurbishment projects. Depreciation expected to be between 47m to 49m Debt interest expected to be between 15m to 16m Provision interest expected to be circa 1mInterim dividendThe Board proposes an interim dividend of 2.1p,reflecting the Board’s policy of paying a dividendcovered two times by adjusted profit after tax.The interim dividend will be paid on 10 October2019 to shareholders on the register on 13September 2019 and shares will be marked exdividend on 12 September 2019.The Restaurant Group plc Interim Report 2019 09

Financial review continuedNotes1 The estate at 30 June 2019 comprised of 356 Leisure sites (240 Frankie & Benny’s, 80 Chiquito,13 Coast-to-Coast, eight Garfunkel’s, six Filling Station, five Firejacks and four Joe’s Kitchen),135 Wagamama sites, 70 Concessions and 82 Pub restaurants (all based in the UK). In additionthe Wagamama business has five restaurants in the US and 57 franchise restaurants operatingacross a number of territories.2 There are a number of potential risks and uncertainties which could have an impact on the Group’sperformance over the remaining six months of the financial year and which could cause actualresults to differ materially from expected and historical results. These have not materially changedfrom those set out on page 57 of our latest Annual Report and Accounts which can be found on theGroup website: ions/3 Statements contained in this interim report are based on the knowledge and information availableto the Company’s Directors at the date it was prepared and therefore the facts stated and viewsexpressed may change after that date. By their nature, the statements concerning the risks anduncertainties facing the Company in this interim report involve uncertainty since future events andcircumstances can cause results and developments to differ materially from those anticipated.To the extent that this interim report contains any statement dealing with any time after the dateof its preparation such statement is merely predictive and speculative as it relates to events andcircumstances which are yet to occur. The Company undertakes no obligation to update theseforward-looking statements.4 The Group’s adjusted performance metrics such as like-for-like sales and free cash flow are definedwithin the glossary at the end of this report.Summary adjusted trading income statement:26 weeksended30 June 2019 m26 weeksended1 July 2018 m% change515.9326.158.2%Adjusted1 EBITDA61.438.460.1%Adjusted1 operating profitAdjusted1 operating margin36.57.1%21.36.5%70.8%Adjusted1 profit before taxAdjusted1 tax28.1(5.9)20.7(4.5)35.6%Adjusted1 profit after tax22.116.236.9%Adjusted1 EPS (pence)4.5p5.9p(23.4%)Revenue1 Adjusted measures are stated before exceptional items and are as defined within the glossary.10 The Restaurant Group plc Interim Report 2019

Summary cash flow statement26 weeksended30 June 2019 m26 weeksended1 July 2018 mAdjusted1 operating profitWorking capitalNon-cash )0.217.0Net cash flow from operations52.325.6Net interest paidTax paidRefurbishment and maintenance capital expenditure(7.3)(4.0)(14.0)(0.4)(2.1)(8.9)Free cash flowDevelopment capital expenditureMovement in capital creditorUtilisation of onerous lease provisionsPost-acquisition costsOther 5.7)–(0.0)Cash outflow(25.7)(1.1)(291.1)(316.8)(23.1)(24.2)Group net bank debt at start of periodGroup net bank debt at end of period1 Adjusted measures are stated before exceptional items and are as defined within the glossary.The Restaurant Group plc Interim Report 2019 11

Consolidated income statement26 weeks ended 30 June 2019Exceptionalitems(Note 4)(unaudited) ’000Total(unaudited) ’000NoteTradingbusiness(unaudited) ’000Revenue2515,893–515,893Cost of sales3(452,537)(112,760)(565,297)Gross profit/(loss)63,356(112,760)(49,404)Administration costs(26,900)(2,964)(29,864)Operating profit/(loss)36,456(115,724)(79,268)Interest payableInterest receivable(8,460)58––(8,460)58Profit/(loss) on ordinary activities before /(loss) for the period22,145(100,924)(78,779)Other comprehensive income:Foreign exchange differences arising on consolidationTotal comprehensive income/(loss) for the period12522,270–(100,924)125(78,654)Tax on profit/(loss) from ordinary activitiesEarnings per share (pence)BasicDiluted5664.514.50(16.05)(16.05)The table below is provided to give additional information to shareholders on a keyperformance indicator:EBITDA61,447(15,573)45,874Depreciation, amortisation and impairment(24,991)(100,151)(125,142)Operating profit/(loss)36,456(115,724)(79,268)12 The Restaurant Group plc Interim Report 2019

26 weeks ended 1 July 2018 R

Officer’s statement 02 Business review 03 Financial review 08 Consolidated income statement 12 Consolidated balance sheet 15 Consolidated statement of changes in equity 16 Consolidated cash flow statement 17 Responsibility statement 18 Notes to the condensed financial statem

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