RFG: reduces debt by 21,8 million AUD in FY 2009

Southport / AU. (rfg) Leading Australian retail food brand manager and franchisor Retail Food Group Limited (RFG) announced FY 2009 NPAT of 23,5 million AUD, a 33 percent (or 5,9 million AUD) increase on FY 2008. NPAT from «Core Operations» was 23,4 million AUD, up 52 percent (or 8,0 million AUD) on the result achieved in FY 2008. EPS was 23,7 cents compared to 19,9 cents in FY 2008, while EPS from «Core Operations» was 23,6 cents, representing an increase of 35,6 percent over EPS from «Core Operations» in FY 2008. Highlights:

Summary Financial Details FY 2009 FY 2008 Percent Change
Total Revenue 130,5 million AUD 114,1 million AUD 14,4 percent
EBIT (Profit before interest and tax) 40,3 million AUD 34,4 million AUD 17,2 percent
NPAT (Net profit after tax) 23,5 million AUD 17,6 million AUD 33,4 percent
EPS (Earnings per share – basic) 23,7 cps 19,9 cps 19,1 percent
EPS from «Core Operations» 23,6 cps 17,4 cps 35,6 percent
Dividend (paid or payable) 09,25 cps 08,5 cps 08,8 percent
Net Debt 90,6 million AUD 113,7 million AUD (20,3 percent)
Franchised Outlets 1’063 1’052

RFG Chairman John Cowley: «Retail Food Group has achieved exceptional full year results, enhancing its position as an innovative franchisor able to deliver profitable and sustainable outcomes for all stakeholders notwithstanding challenging economic conditions. The Company has achieved a number of key milestones in 2009. Not only has the disposal of the Central Manufacturing Facility released capital and provided an additional revenue stream but as well secured long term quality product supply to our franchisee community».

  • Final dividend increased to 4,75 cps fully franked (full year dividend 9,25 cps fully franked)
  • Strong net cash inflow from operating activities of 23,2 million AUD (75 percent growth on FY 2008)
  • EBIT growth of 17,2 percent underpinned by:
    • continued operational cost rationalisation and franchise system synergy enhancement, and
    • increased EBIT contribution of acquired franchise systems (Brumby´s Bakeries and Michel´s Patisserie) as well as original systems (Donut King and bb´s cafe)
  • Total debt reduced by further 21,8 million AUD (or 18,5 percent) in FY 2009
  • 59 new outlets commissioned in FY 2009
  • Continued international expansion in China with opening of four outlets in FY 2009
  • Disposition of Central Manufacturing Facility (CMF) completed
  • Consolidation of coffee roasting operations