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  1. #1661
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    Quote Originally Posted by iceman View Post
    Hopefully we are out of the downtrend ! See ACC has added another million shares this week.
    ANd Westpac/BT added 2m. Hopefully todays rise continues.
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  2. #1662
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    Quote Originally Posted by iceman View Post
    Agree emearg that future is questionable and possibly not as good as it was a couple of years ago. But the Co has significantly recuced debt and has indicated increased dividend payments as share of profits. So as long as this downtrend doesn't continue for much longer, I am happy to continue being overweight in RBD
    I missed that-when did they indicate increased dividend payments?

  3. #1663
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    Quote Originally Posted by KJ View Post
    I missed that-when did they indicate increased dividend payments?
    This is taken from their website KJ but of course all dependant on continued profits and cashflow. Not sure yet how rollout of Carl Jr's will affect this:
    Restaurant Brands has no fixed distribution policy. In the year to February 28, 2011 the company
    paid out out 64% of net profit after tax in dividends. The Board of Directors intends to increase
    the pay-out to shareholders as long as profitability and free cash flow continues to grow and the
    company can satisfy requirements to reinvest in the business.

  4. #1664
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    Quote Originally Posted by iceman View Post
    This is taken from their website KJ but of course all dependant on continued profits and cashflow. Not sure yet how rollout of Carl Jr's will affect this:
    Restaurant Brands has no fixed distribution policy. In the year to February 28, 2011 the company
    paid out out 64% of net profit after tax in dividends. The Board of Directors intends to increase
    the pay-out to shareholders as long as profitability and free cash flow continues to grow and the
    company can satisfy requirements to reinvest in the business.
    Thanks for that.

  5. #1665
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    Getting close to FY announcement-with no profit update in the market you would think that the coy must be fairly close to the $20m number.Have been out for sometime but it may be time to get back in.

  6. #1666
    Member Te Whetu's Avatar
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    DISC: HOLD

    I'm struggling to reconcile the following:

    From the Press Release:
    Group non-trading charges of $2.3 million ($2.0 million in 2011) included a pro rata write off of goodwill following Pizza Hut store disposals ($1.5 million), Pizza Hut and Starbucks Coffee store closure costs (mainly fixed asset write offs) of $0.6 million and KFC transformation write offs of $0.2 million.

    Non-trading from the financial statements
    KFC – $118k
    Pizza Hut – $2,110k
    Starbucks – $88k
    TOTAL – $2,316k

    Note that the $2,316k does reconcile with the consolidated income statement at the end of the press release.

    Haven't been right the way though the financials as I generally start with "non-trading".

    OK now I've got it...

    The goodwill DISPOSAL is $1,518k, the write off is $1,326k, so I think they got this wrong, should have had $1.3m.

    Other store closure costs are $597k, so this is correct.

    Looks like the $0.2 million figure is just a balancing item since they confused the goodwill write-off...

    Overall, probably not a major ...
    Last edited by Te Whetu; 03-04-2012 at 10:22 PM.

  7. #1667
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    Quote Originally Posted by Snoopy View Post
    I don't agree that without the benefit of hindsight the expansion into Victoria was a bad move Macdunk. If you add up the losses incurred by RBD in Victoria over five years, as detailed in my spreadsheet of the four divisions, I come up with:

    $9.51m+ $8.01m +$3.29m + $4.05M +$5.80m= $30.66m

    of shareholders funds down the drain. Nevertheless that is the sort of money it takes to establish an overseas chain. HLG and MHi have expanded successfully into the Australian market. If the Victoria venture had succeeded then RBD could well be worth $1.70 or more today. But that chapter for RBD is now closed and we have to move on.
    Just reflecting a bit on my four year old post of 20-02-2008. RBD did recover from their Victorian -er- adventure. It was around four years ago that I was last in Victoria and South Australia and I have to report just coming back to NZ again after a brief March 2012 visit. It looks like the KFC operators in SA and VIC have very much adopted the RBD refurbishment model. Almost all KFC stores that I saw look like they had been plucked straight from the RBD refurbishment program in New Zealand.

    KFC in Oz also seems to be promoting their food at less junky through a 'goodification' TV advertising campaign. Shots of KFC workers being sent out to organic farms to chase chickens and then sitting down to a KFC fry up of the same. The TV campaign looked more effective than the way I have just described it.

    And what happened to Pizza Hut? From my very superficial eye about, they seems to have virtually disappeared in the visibility stakes. One or two modest looking takeaway outlets sited as they continue to take a battering from Dominos....

    SNOOPY
    Last edited by Snoopy; 04-04-2012 at 05:28 PM.
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  8. #1668
    Member Te Whetu's Avatar
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    Quote Originally Posted by Snoopy View Post
    And what happened to Pizza Hut? From my very superficial eye about, they seems to have virtually disappeared in the visibility stakes. One or two modest looking takeaway outlets sited as they continue to take a battering from Dominos....
    Pizza Hut continues to be an unmitigated disaster, average store turnover is now $600,000 to $650,000. Pizza Hut makes an EBIT loss.

    Starbucks... unexciting, small, contributes to management/head office costs.

    KFC continues to be the stand out performer (though slightly down in the current financial year).

    I think Carl's Jr has some potential, kiwi's lover burgers, burgers are cheap to make (vs sale price), and the Carls Jr offering seems a good fit in the market. But I'm guessing the roll-out will be a 4 to 5 year process; so little impact on value (either positive or negative) in the short term.
    Last edited by Te Whetu; 04-04-2012 at 10:31 PM.

  9. #1669
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    When they hock off a Pizza Hut store to a private owner do tey collect any ongoing franchise fees from thr new owner

    If so where does this shoe in the accounts .... anybody know

    Hocking off something making a loss .... but still clipping the ticket on the way through for use of the name should be +ve for RBD .... yes?

  10. #1670
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    Quote Originally Posted by winner69 View Post
    When they hock off a Pizza Hut store to a private owner do tey collect any ongoing franchise fees from thr new owner

    If so where does this shoe in the accounts .... anybody know

    Hocking off something making a loss .... but still clipping the ticket on the way through for use of the name should be +ve for RBD .... yes?
    Not sure with Pizza Hut specifically but generally with a franchise, the purchaser pays an upfront fee, plus training if required. Then they pay ~8-10% of turnover being split between franchise fee and advertising (ie. advertising is done by the franchiser, not the franchisee).
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