preliminary results/media/files/a/...preliminary results year ended 31 december 2018 2 this...
TRANSCRIPT
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PRELIMINARY RESULTS YEAR ENDED 31 DECEMBER 2018
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This presentation (hereinafter “this document”) has been prepared by Applegreen
plc (the “Company“) for information purposes only.
This document has been prepared in good faith but the information contained in it
has not been independently verified and does not purport to be comprehensive.
This document is neither a prospectus nor an offer nor an invitation to apply for
securities.
No reliance may be placed for any purposes whatsoever on the information
contained in this document or on its completeness. No representation or warranty,
express or implied, is given by or on behalf of the Company or any of its directors,
officers or employees, any of its advisers or any other person as to the accuracy or
completeness of the information or opinions contained in this document and no
responsibility or liability whatsoever is accepted by the Company or any of its
members, directors, officers or employees, any of its advisers nor any other person
for any loss howsoever arising, directly or indirectly, from any use of such
information or opinions or otherwise arising in connection therewith. Certain information contained herein may constitute “forward-looking statements” which can be identified by the use of terms such as “may”, “will”, “should”,
“expect”, “anticipate”, “estimate”, “intend”, “continue”, “target” or “believe” (or negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. A number of factors could cause results and developments of the Company to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, changes in regulation, currency fluctuations, changes in its business strategy, political and economic uncertainty and other factors.
DISCLAIMER
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1. HIGHLIGHTS
2. WELCOME BREAK
3. TRADING REVIEW
4. FINANCIAL REVIEW
5. OUTLOOK
6. APPENDICES
CONTENTS
4
• Another strong performance from the underlying Applegreen estate with EBITDA growth of 20% to €47.8m in 2018
• Transformational acquisition of Welcome Break in the UK completed on 31 October 2018
• Combined business (including 2 months of WB) generated EBITDA of €58.1m
• WB performed in line with expectations in 2018
• Added 11 new brand partner relationships through Welcome Break in the UK and converted a further eight 7-Eleven stores in the US
• 3 new Service Areas developed in ROI all trading well
• US expansion continues with 121 sites trading at year end:
• Seven site group deal in Columbia, South Carolina
• 43 site group deal in Florida closed during Q3 2018
• Ongoing focus on non-fuel continues to reduce fuel dependency
• Strong LFL Performance – growth in both fuel GP (6.8% constant currency) and non fuel GP (3.3% constant currency) despite adverse weather impact in March and the summer heatwave
• Employee numbers have doubled to circa. 10,700
• Applegreen adjusted pro forma leverage of 2.2x and group adjusted pro forma leverage of 3.9x at 31 December 2018. Both below the previously guided numbers of approximately 2.5x and 4.0x, respectively
FY 2018 HIGHLIGHTS
4
5
0.91c (1.54c per share for full year) 10%
FY 2018 HIGHLIGHTS (EX WB*)
€1.9bn 32%
NEW SITES
87(429 total)
FINAL DIVIDEND APGN LEVERAGE (ADJ PRO FORMA ***)
2.2x
38%
* WB refers to the Welcome Break transaction which completed on 31 October 2018
** PAT adjusted for share based payments, non-recurring operating charges, interest on shareholder loans, non-recurring interest charges, acquisition related intangible asset amortisation charges and the related tax impact on these items, Diluted number of shares adjusted to exclude impact of October share placing
*** Adjusted EBITDA plus deemed dividend received from Welcome Break as per bank covenant arrangements
HIGHLIGHTS
€241.0m 33% €47.8m 20%
CAPITAL EXPENDITURE ADJUSTED DILUTED EPS **
€64.6m2017: €113m
25.41cent
REVENUE GROSS PROFIT ADJUSTED EBITDA
2%
6
3.9x Net debt (excluding shareholder loans) at 31 Dec. 2018: €507.0m
FY 2018 HIGHLIGHTS (INC WB)
€2.0bn 41%
NEW SITES
130(472 total)
GROUP LEVERAGE (ADJ PRO FORMA ***)
38%
HIGHLIGHTS
€282.3m 55% €58.1m 46%
CAPITAL EXPENDITURE * ADJUSTED DILUTED EPS **
€70.4m 25.49cent
REVENUE GROSS PROFIT ADJUSTED EBITDA
*Excluding WB acquisition cost
**PAT adjusted for share based payments, non-recurring operating charges, interest on shareholder loans, non-recurring interest charges, acquisition related intangible asset amortisation charges and the related minority interest and tax impact on these items.
*** Net debt adjusted for shareholder loans and adjusted EBITDA incorporates the full year Welcome Break performance
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WELCOME BREAK
8
WELCOME BREAK
• Applegreen completed the acquisition of 50.01% of Welcome Break on 31 October 2018
• Consideration of €361.8m funded through combination of equity fundraising of €175m and new Applegreen loan facility of €300m. WB debt is non-recourse
• Transformational deal for Applegreen via well established and compatible Welcome Break business
• Stable long-term infrastructure earnings and move away from fuel dependent revenue streams future proofs Applegreen’s business
• Site portfolio includes 34 MSAs and 3 TRSAs with 29 hotels operating under the Days Inn and Ramada brands, 200 food offers, 61 retail offers and 35 retail forecourts with HGV facilities
• Integration of Welcome Break into the Applegreen group ongoing with new CEO appointed (ex Applegreen UK)
• UK Service Area development pipeline transferred to Welcome Break as part of transaction
• Motorway fuel pricing strategy being evaluated
• Significant synergies identified from combining businesses and work ongoing in this area
• Significant scope for enhancing negative working capital generation
8
9
SIGNIFICANT EXPANSION AND WIDENING OF BRAND RELATIONSHIPS WITH A TOTAL OF 559 HOSPITALITY OUTLETS AT YEAR END
67 19 7 115 17
10
19
18 34
5
5 9
1
27
89 26
4 58
821
NEW RELATIONSHIPS IN 2018
BRAND RELATIONSHIPS
10
TRADING REVIEW
11
REPUBLIC OF IRELAND
GROSS PROFIT
€135.8m 13%
• 16 new sites added in FY 2018; seven company owned sites and
nine dealer sites
• 19% of ROI volumes in FY 2018 sold through dealer sites
• New premium fuel grade (Fuelgood) launched nationwide in
July 2018
• Continued growth in fuel card profitability and now accounts
for 13% of ROI fuel volumes in FY 2018
• Joint Fuel Terminal performed strongly in its first full year
• Dublin Airport refuelling JV operation expected to go live in
April 2019
91
87
80
69
60
48
33
30
27
193
177
155
PFS Company Owned PFS Dealer Owned SA
Dec
20
18
Dec
20
17
Dec
20
16
€ 8.6m
€ 10.6m
€ 15.4m
€ 13.4m
€ 12.0m
€ 6.9m
€ 22.0m
€ 22.6m
€ 22.3m
PFS SA
20
18
20
17
20
16
TRADING REVIEW
ROI SITE NUMBERS
ROI CAP EX
12
€ 7.6m
€ 37.0m
€ 13.0m
€ 6.9m
€ 7.4m
€ 12.9m
€ 14.5m
€ 44.4m
€ 25.9m
PFS SA
UNITED KINGDOM
GROSS PROFIT
€102.1m 116%
• 18 new PFS sites added to Applegreen PFS estate
• UK PFS estate now 115 sites and continuing to expand on capital
light basis
• Development capex spend was paused in mid 2018 due to
transfer of Service Area pipeline to WB
• Strong pipeline of MSA and TRSA opportunities in development
Dec
20
18
Dec
20
17
Dec
20
16
20
18
20
17
20
16
UK SITE NUMBERS (INC WB)
UK CAP EX (ex WB acquisition cost)
104
86
71
48
11
6
6
0
158
97
77
PFS Company Owned SA Stand Alone Hotels
TRADING REVIEW
13
121
68
11
PFS
UNITED STATES
GROSS PROFIT
€44.4m 217%
NORTH EAST
• 3 sites added in 2018 to bring the total number of sites trading to 29
• Significant fuel focus with strong margins
• Six convenience stores converted to 7-Eleven during the year
• Developing first US MSA in Sturbridge MA
SOUTH EAST
• Acquisition of seven site leasehold group in Columbia, South
Carolina completed in August 2018 in partnership with Getty Realty
• Acquisition of 43 site leasehold group in Florida completed in
September 2018 in partnership with CrossAmerica Partners.
• Two convenience stores converted to 7-Eleven in Q4
Dec
20
18
Dec
20
17
Dec
20
16
20
18
20
17
20
16
US SITE NUMBERS
US CAP EX
TRADING REVIEW
€ 14.9m
€ 10.5m
€ 1.0m
PFS
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FINANCIAL REVIEW
15
€m FY 2018 FY 2017 %Var
Revenue 1,878.9 1,428.1 31.6%
Gross profit 241.0 181.7 32.6%
Selling & distribution costs (138.0) (100.1) 37.9%
Administrative expenses (31.0) (25.8) 20.2%
Other income 2.6 2.2
Adjusted EBITDAR 74.6 58.0 28.6%
Rent (26.8) (18.2)
Adjusted EBITDA 47.8 39.8 20.1%
Depreciation & amortisation (18.1) (14.0)
Impairment (1.3) 0.0
Finance costs, net (1) (1.6) (1.1)
Adjusted PBT 26.8 24.7 8.5%
Tax (3.1) (3.3)
Adjusted PAT 23.7 21.4 10.7%
• Adjusted EBITDA grew by 20% (21% on a constant currency basis)
• S&D cost increase is driven by the 25% increase in site numbers, particularly the
site additions in the US which included a number of food offerings with associated
payroll and utility costs
• Rate of increase in admin. expenses is moderating. Increase driven by business
growth, targeted marketing campaigns and further investment in management
capacity
• Increase in rent is partially driven by the Brandi acquisition of 42 leasehold sites in
October 2017 and the Florida acquisition of 43 sites in September 2018
FINANCIAL REVIEW
PROFIT & LOSS (PRO FORMA EX WB)
Adjusted Diluted EPS (cents) * 25.41 24.81 2.4%
* PAT adjusted for share based payments, non-recurring operating charges, interest on shareholder loans, non-recurring interest charges, acquisition related intangible asset amortisation charges and the related tax impact on these items, Diluted number of shares adjusted to exclude impact of October share placing
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€m FY 2018 FY 2017 %Var
Revenue 2,012.6 1,428.1 40.9%
Gross profit 282.3 181.7 55.4%
Selling & distribution costs (156.8) (100.1) 56.6%
Administrative expenses (39.9) (25.8) 54.7%
Other income 5.0 2.2
Adjusted EBITDAR 90.6 58.0 56.2%
Rent (32.5) (18.2)
Adjusted EBITDA 58.1 39.8 46.0%
Depreciation & amortisation (22.1) (14.0)
Impairment (1.3) 0.0
Finance costs, net (1) (6.4) (1.1)
Adjusted PBT 28.3 24.7 14.6%
Tax (3.3) (3.3)
Adjusted PAT 25.0 21.4 16.8%
Non controlling interest (0.1) 0.0
Profit attributable to Applegreen plc 25.1 21.4 17.3%
• Interest increase due to the higher debt levels following the acquisition of Welcome Break in October 2018
• Non recurring charges are primarily related to the Welcome Break transaction costs
• Adjusted EPS impacted by higher number of shares in issue following the equity fundraise related to the acquisition of Welcome Break
Adjusted EBITDA 58.1 39.8 46.0%
Share based payments (1.1) (1.6)
Non recurring charges (8.5) (1.0)
Reported EBITDA 48.5 37.2 30.4%
Adjusted Diluted EPS (cents) * 25.49 24.81 2.7%
€m FY 2018 FY 2017 %Var
Adjusted PAT attributable to Group 25.1 21.4 17.3%
Share based payments (1.1) (1.6)
Non recurring charges (8.5) (1.0)
Acquisition related intangible assets amortisation (1.1) (0.1)
Interest on shareholder loans (1.2) 0.0
Non recurring finance costs (1.0) 0.0
Tax 0.1 0.0
Minority interest 1.0 0.0
Reported PAT attributable to Group 13.3 18.7 (28.9%)
ADJUSTED PAT ATTRIBUTABLE TO THE GROUP
*Adjusted for share based payments, non-recurring operating charges, interest on shareholder loans, non-recurring interest charges, acquisition related intangible asset amortisation charges and the related minority interest and tax impact on these items
FINANCIAL REVIEW
PROFIT & LOSS (INC WB)
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• Total gross profit grew by 32.6% to €241.0m as a result of:
• Full year impact of 2017 acquisitions, primarily JFT, Carsley and South
Carolina
• Positive LFL performance
• Strong performance by 2018 new sites
• ROI accounts for 56% of gross profit (FY 2017: 66%) and UK for 25% (FY 2017: 26%).
The US has increased from 8% to 18% of gross profit. This is driven by the significant
investment in the US in 2017 and 2018
LFL Constant Currency Performance
• Fuel: Gross profit increased by 6.8% due primarily to improved margins in H2 and
full year of the JFT acquisition in ROI. New premium fuel offering (Fuelgood)
launched in ROI in July 2018
• Food: Gross profit increased by 1.5% despite adverse weather impacts in March and
the summer heatwave
• Store: Gross profit increased by 4.9% reflecting strong growth in ROI and UK
markets, particularly in higher margin impulse categories
FINANCIAL REVIEW
REVENUE AND GROSS PROFIT (EX WB)
€m FY 2018 FY 2017 Growth%LFL Growth @ const
curr %
Fuel Revenue 1,500.2 1,145.3 31.0% 5.9%
Food Revenue 133.0 103.7 28.3% 1.5%
Store Revenue 245.6 179.3 37.0% 4.4%
Total Revenue 1,878.9 1,428.3 31.6% 5.4%
Fuel Gross Profit 91.3 68.1 34.0% 6.8%
Food Gross Profit 78.3 60.8 28.8% 1.5%
Store Gross Profit 71.4 52.8 35.2% 4.9%
Total Gross Profit 241.0 181.7 32.6% 4.4%
Non Fuel Total
Revenue 378.7 283.0 33.8% 3.3%
Gross Profit 149.7 113.6 31.8% 3.1%
1840%
48%
29%
25%
31%
27%
€44.4m
€14.0m
1
2
32%
47%
31%
22%
30%
31%
7% €102.1m
€47.4m
1
2
34%
33%
38%
38%
28%
29%
€135.8m
€120.4m
1
2
34%
37%
34%
33%
29%
29%
3% €282.2m
€181.7m
1
2
FINANCIAL REVIEW
GEOGRAPHIC MIX
GROSS PROFIT MIX GROUP
GROSS PROFIT MIX ROI
GROSS PROFIT MIX US
GROSS PROFIT MIX UK
FY2
01
8FY
20
17
FY2
01
8FY
20
17
FY2
01
8FY
20
17
FY2
01
7FY
20
18
FUEL DEPENDENCY CONTINUES TO DECLINE DESPITE IMPACT OF ROI FUEL MARGIN IMPROVEMENT
18
19
• Continued strong operating cash conversion driven by increased fuel volumes. 2017
cash conversion driven by improved credit terms in late 2017
• Proceeds from share issue related to the equity fundraise completed in October
2018 as part of the Welcome Break transaction
• Long term borrowings relate to the loan drawdown in October 2018 as part of the
Welcome Break transaction, offset by repayment of previous facility arrangement
and repayment of Welcome Break junior debt
• Net interest paid includes €8.1m facility set up costs
FINANCIAL REVIEW
CASH FLOW€m FY 2018 FY 2017
Profit Before Tax 15.4 22.0
Non - cash Adjustments 33.2 16.7
Working Capital Movement 29.8 40.4
Taxes Paid (3.1) (1.6)
Cash flows from Operating Activities 75.3 77.5
Routine Capex (66.2) (113.4)
Investment in Welcome Break (304.7) 0.0
Equity injection from minority interest 85.6 0.0
Payment of Eurobonds (11.4) 0.0
Cash acquired on acquisition 60.3 0.0
Cash flows from investing activities (236.4) (113.4)
Proceeds from Share Issue 169.9 49.1
Dividends Paid (1.3) (1.5)
Long-Term Borrowings 71.5 21.3
Net Finance Leasing (1.3) (0.8)
Net Interest Paid (13.4) (1.4)
Cash Flows from Financing Activities 225.4 66.7
Net increase in cash and cash equivalents 64.3 30.8
Opening Cash & Cash Equivalents 57.5 27.7
Exchange Losses (0.3) (1.1)
Closing Cash & Cash Equivalents 121.5 57.4
Cash Conversion 151.2% 201.6%
20
• Group leverage on an adjusted pro forma basis (4) at 31 December 2018 is 3.9x
• Applegreen plc leverage on an adjusted pro forma basis (5) at 31 December 2018 is
2.2x
• Increase in share capital and share premium arises from the share placing
completed in October 2018 as part of the Welcome Break transaction
FINANCIAL REVIEW
BALANCE SHEET€m 31-Dec-18 31-Dec-17
Tangible and Other Non-Current Assets 602.1 306.7
Intangible Assets 492.8 16.2
Non-Current Assets 1,094.9 322.9
Current Assets 115.6 58.5
Current Liabilities (289.5) (176.5)
Working Capital (173.9) (118.0)
Cash and Cash Equivalents 122.0 57.5
Total Debt (1) (628.9) (67.7)
Net Debt (506.9) (10.2)
Non Current Liabilities (53.4) (13.4)
Net Assets 360.7 181.3
Share Capital & Share Premium 447.0 191.4
Capital Reserves (63.9) (63.7)
Retained Earnings 57.7 53.6
Equity attributable to owners 440.8 181.3
Non-controlling Interests (80.1) 0.0
Total Equity 360.7 181.3
Return on Capital Employed (2) 6.1% 15.8%
Adjusted Return on Capital Employed (3) 17.3% 18.0%
Note 1: Total Debt adjusted to exclude shareholder loans of €79.5m
Note 2: Return on Capital Employed based on adjusted EBIT (Earnings Before Interest and Taxation)
Note 3: Adjusted Return on Capital Employed based on pro forma EBIT ex WB and capital employed adjusted for impact of assets under construction and development assets held at year end, October share placing and new debt facility
Note 4: Net debt adjusted for shareholders loans and EBITDA adjusted for full year Welcome Break performance
Note 5: Net debt adjusted for shareholders loans and EBITDA adjusted for deemed dividend received from Welcome Break as per bank covenant arrangements
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OUTLOOK
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ROI UK USA
• Economy and consumer demand continues to perform strongly – fastest growing economy in Europe
• Greater focus on larger Service Area opportunities
• Emphasis on harvesting established site network
• ERP project expected to go live in July 2019
• Brexit uncertainty in Q4 2018 and Q1 2019 resulting in a more challenging consumer environment.
• Pursuit of synergies from enhanced scale underway
• Hotel review started
• Motorway fuel pricing strategy under review
• Exploring further single site and capital light bolt ons in NE
• Currently constructing our first US Service Area in Massachusetts
• Examining other Service Area opportunities to allow us to deploy our food to go and development skills in the US market
Trading conditions remain generally good despite uncertainty caused by macro events. We anticipate another year of robust growth for the business. Our
primary focus will be on the integration of Welcome Break and further reducing leverage but we will also continue to evaluate new opportunities to
further expand the business in the future
FINANCIAL REVIEW
OUTLOOK
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APPENDIX
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THE APPLEGREEN BUSINESS MODELAPPENDIX
• Local price promise
• Encouraging increased footfall to our stores
• Tailored retail offer
• Impulse/ultra-convenience focus
• Mix of own and international brands
• Tailored offer to each location
BETTER VALUE ALWAYS FOOD AND BEVERAGE FOCUSLOW FUEL PRICES ALWAYS
25
• Change in accounting treatment of lease rentals but no impact on cash flow, strategic development decisions or bank covenant tests
• Significant impact on financial statements:
• Leases brought onto Balance Sheet (right-of-use asset and lease liability) which increases Non-Current Assets and Total Debt
• Lease rental expense previously recognised in the Profit and Loss Account split between finance costs in Profit and Loss Account and reduction in the lease liability through principal repayment in the Balance Sheet
• IFRS 16 became effective on 1 January 2019. This will result in almost all leases being reflected in the balance sheet. An asset and a financial liability to pay rental expenses will be recognised. Lease rental costs recognised at present in the profit and loss will be replaced with finance costs on the lease liability and depreciation of the right-of-use asset
• First results published on IFRS 16 basis will be H1 2019
• Applegreen have elected to apply the modified retrospective approach in applying IFRS 16 (not fully retrospective).
• A full review of leasehold arrangements is being undertaken with lease specific discount rates being applied to calculate net present value of future rental payments with extension or post-break periods included, where reasonable certainty exists of renewal
IFRS 16 – INTRODUCTIONAPPENDIX
26
Profit and Loss Account (Figure 1)
• Lease rental expense previously recognised on a straight line basis replaced by:
• depreciation on right-of-use asset, recognised on a straight line basis over the lease term
• interest charge on lease liability based on weighted average borrowing rate. Charge reduces over lease term as principal reduces
• EBITDA will increase as rental expense eliminated (will equate to current EBITDAR)
• Interest and depreciation charges will increase
• Dilutive to PAT and EPS at the beginning of a lease and accretive to PAT and EPS at the end of a lease, as interest charged is higher in the earlier years and reduces over time
Balance Sheet (Figure 2)
• Brings right-of-use asset and lease liability onto the Balance Sheet based on present value of future rental payments (Value of Asset = Value of Liability)
• Right-of-use asset depreciated on a straight line basis
• Lease liability reduces by cash rental amount each year, net of interest charge
IFRS 16 – IMPACT ON FINANCIAL STATEMENTS
APPENDIX
€m
Time
Figure 1: 25 year lease with fixed annual rent
Interest Amortisation
Cash Rental Interest & Amortisation
€m
Time
Figure 2: 25 year lease with fixed annual rent
Lease Liability Right of Use Asset
27
SITE CATEGORIESAPPENDIX
DEALERTRUNK ROAD “TRSA”MOTORWAY “MSA”
• TRSA’s are mid-size sites on trunk roads with seating areas and one to three food and beverage offerings
• High end stores with attractive ambiance
• Typically brown / green field developments
COMPANY OWNED
SERVICE AREA SITES PETROL FILLING STATIONS “PFS” HOTELS
HOTELS
• MSA’s are located on motorways with large facilities, extensive parking and at least three food offers
• MSA’s offer an own brand food and beverage offer (Bakewell) and a range of internationally recognised food brands
• Typically brown / green field developments
• Traditional forecourt, store offer and food to go either own brand or Subway / Costa Coffee
• Relevant retail proposition built to reflect local demographic
• Value offer in store built on own brand and promotion
• Ongoing rebrand / facility development opportunities
• PFS owned by operator, 5 year fuel supply agreements
• Fixed margin per litre to dealer
• Two types of brand offer:• Ramada• Days Inn
• Mix of hotels co-located at Motorway Service Area sites and stand-alone hotels
28
BOARD MEMBERSAPPENDIX
Independent Non-Executive Chairman• Non-Executive Chairman of Hibernia REIT plc,
Workspace Group plc and and Sirius Real Estate Limited
• Non-Executive Director of LXB Retail Properties plc and director of the Irish Takeover Panel
• Previously Finance Director of Green Property plc and Government appointed chairman of Irish Nationwide Building Society
ROBERT ETCHINGHAM JOSEPH BARRETDANIEL KITCHEN
Chief Executive Officer• Founded the business in 1992
• 30+ years in fuel industry, formerly with Esso
• Launched Applegreen brand in 2004
• Led aggressive growth in capitalising on opportunities in a fragmented sector
Chief Operating Officer• Joined the business in its 2nd year of operation
• Background in retail and FMCG
• Key responsibility for management and development of retail proposition
• Delivered strong partnerships with international food brands
Chief Financial Officer• Joined Applegreen 2015 as Head of Corporate
Finance and Treasury
• Appointed Chief Financial Officer for the Group on 1st July 2017
• Prior to joining Applegreen he was CFO of ISS Ireland Limited for five years having previously held a senior finance role with One51 plc
NIALL DOLAN
Independent Non-Executive Director• Deputy Chief Executive and CFO of Ryanair until he
stepped down from that post in December 2014
• Non-executive director of Ryanair and member of the advisory Board of Irelandia Aviation
• Director on Viva Latinamerica S.A., FAST Colombia S.A.S. and ASL Airlines
MARTIN SOUTHGATE BRIAN GEHARTYHOWARD MILLAR
Independent Non-Executive Director• Former Managing Director of JTI UK & Ireland
(Global tobacco company – B&H, Silk Cut, Camel etc.)
• Director of Gallaher Pensions Ltd
• London Philharmonic Concert Orchestra – Advisory Council Member
• Wide ranging global general management experience
Independent Non-Executive Director• Senior partner in Crowe (formerly Crowe
Horwath), a long established Dublin accounting firm
• Director of Get Cover & Company and QYouTVInternational
• Founding Director of The Little Museum of Dublin
• Chartered Accountant (Fellow of Chartered Accountants Ireland)