Ann: FY21 Appendix 4E / Annual Report, page-9

DPZ is the parent company that owns the brand and DMP pays royalties to DPZ for the master license in the territories it operates. There is another listed company in the UK that has the master franchisee licenses for the UK and Ireland too.

The advantage that DPZ has over DMP is that DMP has to wear the cost of the royalties it is paying DPZ. Likewise DPZ is basically getting those royalties that flow straight to the bottom line. They have been able to use this extra cashflow over the last 10 years to buy back shares. (The share count has gone from 61m to 39m over this period)