DOMINO’S PIZZA DOMINO’S PIZZA UK & IRLUK & IRL plcplc

Interim Results 2003

AGENDA

Interim Results 2003 – Highlights

The Business

The Strategy

INTERIM RESULTS 2003

0

15

30

45

60

2000 H1 2001 H1 2002 H1 2003 H1

£34.9m

£m

£68.6m

£57.8m

£46.4m

System Sales up 18.8%

INTERIM RESULTS 2003

0

5

10

15

20

25

2000 H1 2001 H1 2002 H1 2003 H1

Like for Like sales increases

%

1.8%

22.0%

15.8%

6.9%

INTERIM RESULTS 2003

22

Total Store Count: 290

No

of S

tore

s

0

10

20

30

40

50

2000 H1 2001 H1 2002 H1 2003 H1

813

1821

Store Openings

1411

1622

24

34

INTERIM RESULTS 2003

Pre-tax profit up 68.8%

0

1

2

3

2000 H1 2001 H1 2002 H1 2003 H1

£m

£1.72m

£2.90m

£1.02m£1.18m

INTERIM RESULTS 2003

0

1

2

3

4

5

2000 H1 2001 H1 2002 H1 2003 H1

Basic EarningsPer Share

Dividends perShare

Penc

e

1.471.65

2.34

3.70

0.37 0.57 0.781.32

Balance Sheet2002 2003

Shareholders’ Funds £10.5m £13.0m

Borrowings £ 8.0m £ 4.9m

Gearing 76.4% 37.5%

of which

DP Capital £ 1.7m £ 2.2m

Net Bank Debt £ 6.3m £ 2.7m

Underlying gearing 60.2% 20.4%

Cashflow from operations £ 1.6m £ 3.1m

National Advertisingo More sales = more advertising = more saleso Effective advertising key to the equation

Local Store Marketing The SimpsonsTerrestrial TV advertising

- Better value- More stores benefiting

Direct Mail and a better understanding of our customersCo-op TV advertising set up – regional buying power

- Additional franchise investment with plc support- Ideal media market conditions

Why a duck?

Mature Store Sales

1 2 3 4 5 6 7 8 9 10 11 12

2001 2002 2000 2003

YTD like-for-likes 6.9% ahead. Average mature store took an extra £16,692 in sales in H1 compared to last year

Average mature store now takes £3k per week more than in 2000

E-commerce

o YTD represents 4.1% of total system

sales

o Growth of 47.4% over last year

o Minimal advertising spend

o Substantial opportunity

KEY BUSINESS CHARACTERISTICS

o Fixed cost business model

o High capital investment in infrastructure

now complete

o Profit and cash generation from roll-outo High incremental margino Strong cash flow

Strategy & Conclusions

o Accelerated store openings o Maintain like-for-like sales growtho Generate casho Cover dilutiono Return cash to shareholderso Maintain high standards

RESULTS 2003 HIGHLIGHTS

o Profit before tax increased 68.8% to £2.90m

o Earnings per share:- Basic up 58.1% to 3.70p- Diluted up 57.7% to 3.47p

o Interim dividend increased 69.2% to 1.32p per share

INTERIM RESULTS 2003

ANY QUESTIONS?