Mitchells & Butlers plc · LSE:MAB

Mitchells & Butlers — Six Continents — FY2002 Earnings Presentation

56 slides from Mitchells & Butlers's earnings presentation, November 2002

  1. Slide 1: Six Continents

    SIX CONTINENTS

  2. Slide 2: Preliminary Results

    6L[&RQWLQHQWV3/& Preliminary Results )RUWKH<HDUHQGHGWK6HSWHPEHU

  3. Slide 3: Sir Ian Prosser

    SIR IAN PROSSER 3

  4. Slide 4: Business Results: Operating Profit

    Six Continents PLC Business Results 2SHUDWLQJ3URILW P 6L[&RQWLQHQWV+RWHOV P 'RZQ 6L[&RQWLQHQWV5HWDLO P 8S %ULWYLF 6RIW'ULQNV P 8S %HIRUHPDMRURSHUDWLQJH[FHSWLRQDOLWHPV 2QJRLQJEXVLQHVV 4

  5. Slide 5: Business Results: Profit and Earnings

    Six Continents PLC Business Results 3URILWEHIRUH7D[ GRZQ $GMXVWHGHDUQLQJVSHUVKDUH GRZQ %DVLFHDUQLQJVSHUVKDUH XS 'LYLGHQGSHUVKDUH XS %HIRUHPDMRUH[FHSWLRQDOLWHPV 5HVWDWHGIRU)56 5

  6. Slide 6: Richard North

    RICHARD NORTH 6

  7. Slide 7: Six Continents Hotels: Operating Profit

    Six Continents Hotels Operating Profit* P P 2ZQHG /HDVHG 0DQDJHG 8SVFDOH)UDQFKLVH 0LGVFDOH )UDQFKLVH 7RWDO$PHULFDV (0($ $VLD3DFLILF )HO&RUDQG2WKHUV &HQWUDO2YHUKHDGV 0DUNHWLQJ *RRGZLOO$PRUWLVDWLRQ 7RWDO EHIRUHPDMRUH[FHSWLRQDOLWHPV 7

  8. Slide 8: Americas Owned & Leased Hotels

    Six Continents Hotels Americas Owned & Leased Hotels 5HY3$53HUIRUPDQFH + + )< ,QWHU&RQWLQHQWDO &URZQH 3OD]D 2SHUDWLQJSURILWP 8

  9. Slide 9: Americas newly renovated InterContinental

    Six Continents Hotels Americas newly renovated InterContinental RevPAR out-performance 1HZ<RUN &KLFDJR 6DQ)UDQFLVFR 0LDPL ,QWHU&RQWLQHQWDO 8SSHU8SVFDOH 8SSHU8SVFDOH 8SSHU8SVFDOH 8SSHU8SVFDOH 0DUNHW 0DUNHW 0DUNHW 0DUNHW 5HY3$5 2FW 1RY 'HF -DQ )HE 0DU $SU 0D\ -XQ -XO $XJ 6HS LQFOXGHV,&1HZ<RUN,&0LDPL,&

  10. Slide 10: Americas Managed & Upscale Franchise

    Six Continents Hotels Americas Managed & Upscale Franchise 5HY3$5 3HUIRUPDQFH + + )< ,QWHU&RQWLQHQWDOPDQDJHG IUDQFKLVHG &URZQH 3OD]DPDQDJHG IUDQFKLVHG 2SHUDWLQJSURILWP 10

  11. Slide 11: Americas Midscale Franchise

    Six Continents Hotels Americas Midscale Franchise +ROLGD\,QQ +ROLGD\,QQ ([SUHVV &KDQJHLQ 5HY3$5 + + )< ,QFUHDVHLQ5R\DOW\5DWHV SWV SWV &KDQJHLQQXPEHURIURRPVDYDLODEOH 2SHUDWLQJSURILWP 11

  12. Slide 12: EMEA - Operating Profit

    Six Continents Hotels EMEA - Operating Profit *URZWK 5HSRUWHG 6WHUOLQJDQDO\VLV P P 2ZQHG OHDVHG 0DQDJHG IUDQFKLVHG 12

  13. Slide 13: EMEA Owned & Leased

    Six Continents Hotels EMEA Owned & Leased 5HY3$5 3HUIRUPDQFH + + )< ,QWHU&RQWLQHQWDO &URZQH 3OD]D +ROLGD\,QQ8. z /H*UDQG ,QWHU&RQWLQHQWDO FORVHGIRUUHIXUELVKPHQWLQ'HF ,QWHU&RQWLQHQWDO0DGULGFRPSOHWHGLQ+ z +ROLGD\,QQ8.RXWSHUIRUPVLWVUHODWLYHPDUNHWRYHUWKHVXPPHU 2SHUDWLQJSURILW P 13

  14. Slide 14: EMEA Managed & Franchised

    Six Continents Hotels EMEA Managed & Franchised 5HY3$5 3HUIRUPDQFH + + )< ,QWHU&RQWLQHQWDO0DQDJHG 0LGGOH(DVW &URZQH3OD]D0DQDJHG +ROLGD\,QQ)UDQFKLVHG 2YHUDOORSHUDWLQJSURILW P 14

  15. Slide 15: Asia Pacific

    Six Continents Hotels Asia Pacific )LUVWIXOO\HDUFRQWULEXWLRQIURPWKH ,QWHU&RQWLQHQWDO +RQJ.RQJ 5HY3$5 3HUIRUPDQFH + + )< ,QWHU&RQWLQHQWDO &URZQH 3OD]D +ROLGD\,QQ 2SHUDWLQJSURILWP 15

  16. Slide 16: Six Continents Hotels: Operating Profit

    Six Continents Hotels Operating Profit* P P 2ZQHG /HDVHG 0DQDJHG 8SVFDOH)UDQFKLVH 0LGVFDOH )UDQFKLVH 7RWDO$PHULFDV (0($ $VLD3DFLILF )HO&RUDQG2WKHUV &HQWUDO2YHUKHDGV 0DUNHWLQJ *RRGZLOO$PRUWLVDWLRQ 7RWDO EHIRUHPDMRUH[FHSWLRQDOLWHPV 16

  17. Slide 17: System Size and Pipeline

    Six Continents Hotels System Size and Pipeline %URNHQJURXQGLQ$WODQWDDQG%RVWRQ 6\VWHPH[SDQVLRQRI 5HYLWDOLVDWLRQ SURWRW\SHJHQHUDWHV QHZVLJQLQJVLQWKH86 2YHU([SUHVVHVLQ(0($ µ)DVWHVWWR¶ 7RWDO3LSHOLQH5RRPV 17

  18. Slide 18: Soft Drinks Results

    Soft Drinks Results z 9ROXPHVXS z 7XUQRYHUXS z $YHUDJHUHDOLVHGSULFHSHUOLWUHXS z 2SHUDWLQJSURILWXSWR P 18

  19. Slide 19: Soft Drinks

    Soft Drinks z 7DNHKRPHPDUNHWVKDUHLQFUHDVH ‹ 5RELQVRQVXSSWVWR ‹ &DUERQDWHVXSSWVWR z 3%7<HDU&$*5 19

  20. Slide 20: Retail: Ongoing Estate

    Six Continents Retail Ongoing Estate *URZWK 6DOHV P $YHUDJH2XWOHW1XPEHUV $YHUDJHZHHNO\VDOHV N 2SHUDWLQJ3URILW P (%,7'$ P 20

  21. Slide 21: Retail: Restaurants

    Six Continents Retail Restaurants z $YHUDJHQXPEHURIWUDGLQJRXWOHWV z 6DOHVXSWR P ‹ 'ULQNVVDOHVXS ‹ )RRGVDOHVXS z /LNHIRUOLNHVDOHV ‹ 7RWDOLQYHVWHGXS ‹ 7RWDOXQLQYHVWHG GRZQ 2SHUDWLQJSURILWXSWR P 21

  22. Slide 22: Retail: Pubs & Bars

    Six Continents Retail Pubs & Bars z $YHUDJHQXPEHURIWUDGLQJRXWOHWV z 6DOHVXSWR P ‹ 'ULQNVVDOHVXS ‹ )RRGVDOHVXS z /LNHIRUOLNHVDOHV ‹ ,QYHVWHG ‹ WRWDOXS ‹ 8QLQYHVWHG ‹ WRWDOGRZQ ‹ EUDQGHGGRZQ ‹ XQEUDQGHGGRZQ 2SHUDWLQJSURILWXSWR P 22

  23. Slide 23: Retail: Estate change and pipeline

    Six Continents Retail Estate change and pipeline z FRQYHUVLRQVLQWKHWRWDOHVWDWH ‹ H[$OOLHGVLWHV ‹ H[LVWLQJHVWDWH z RIFRQYHUVLRQVWRRXUVXEXUEDQ EUDQGVDQGIRUPDWV z VLWHVLQWKHSLSHOLQH 23

  24. Slide 24: Profit and Loss Account

    Six Continents PLC Profit and Loss Account* P *URZWK 2SHUDWLQJSURILW 0LQRU([FHSWLRQDO,WHPV 3%,7 ,QWHUHVW 7D[ 0LQRULW\,QWHUHVWV $GMXVWHG(DUQLQJV $GMXVWHG(36 S S $GMXVWHG,QWHUHVWFRYHU [ [ ([FOXGLQJDOOPDMRUH[FHSWLRQDOLWHPV 5HVWDWHGIRU)56 24

  25. Slide 25: Major Exceptional Items

    Six Continents PLC Major Exceptional Items P P +RWHOV'LYLVLRQ %UHZHUVGLVSRVDO 3XEGLVSRVDOV 6HSDUDWLRQFRVWV 3URILWEHIRUHWD[ 7D[RQDERYHLWHPV 5HOHDVHRISULRU\HDUWD[SURYLVLRQV 7RWDO GLVFORVHGDVDQRSHUDWLQJPDMRUH[FHSWLRQDOLWHP 25

  26. Slide 26: Net Cash Flow

    Six Continents PLC Net Cash Flow P P P 2SHUDWLQJSURILW SUHH[FHSWLRQDOV 'HSUHFLDWLRQ 2WKHU (%,7'$ :RUNLQJFDSLWDO 1HWFDVKLQIORZEHIRUHH[SHQGLWXUH UHODWLQJWRPDMRUH[FHSWLRQDOLWHPV 0DMRUH[FHSWLRQDORSHUDWLQJ FDVKIORZV 1HWFDSH[ 2SHUDWLQJFDVKIORZ ,QWHUHVWWD[ GLYLGHQG 1RUPDOFDVKIORZ 0DMRUDFTXLVLWLRQV 0DMRUGLV

  27. Slide 27: Balance Sheet

    Six Continents PLC Balance Sheet 1HWGHEW P 6KDUHKROGHUHTXLW\ P *HDULQJ SWV 0DUNHWFDSJHDULQJ SWV ,QWHUHVWFRYHU DGMXVWHG [ [ 'LYLGHQGFRYHU DGMXVWHG [ [ %DVHGRQVKDUHSULFHVRIS DQGS 27

  28. Slide 28: Six Continents Hotels

    Six Continents Hotels Votidoy Srv [| HOTELS- RESORTS § — STAYBRIDGE = wy INTERCONTINENTAL. HOTELS & RESORTS Fe Express by Hotidoy Srn

  29. Slide 29: Hotels Strategy

    Six Continents Hotels Strategy 'HYHORSKLJKTXDOLW\VWURQJO\GLIIHUHQWLDWHGEUDQGV WKHEUDQGSURPLVHRIDVVHWTXDOLW\VHUYLFHVWDQGDUGVEUDQGSHUVRQDOLW\ ([WHQGQHWZRUNRIKRWHOV .H\,QWHU&RQWLQHQWDOV&URZQH 3OD]DLQWKH86PLGVFDOHLQNH\PDUNHWV /HYHUDJHJOREDOV\VWHPVFDOHHFRQRPLHVWRGULYHVXSHULRU 5HY3$5DQG*23SUHPLXPV GULYLQJ

  30. Slide 30: Hotels Strategy: Develop high quality brands

    Six Continents Hotels Strategy 'HYHORSKLJKTXDOLW\VWURQJO\GLIIHUHQWLDWHGEUDQGV WKHEUDQGSURPLVHRIDVVHWTXDOLW\VHUYLFHVWDQGDUGVEUDQGSHUVRQDOLW\ 30

  31. Slide 31: Hotels Strategy: Develop high quality brands

    Six Continents Hotels Strategy 'HYHORSKLJKTXDOLW\VWURQJO\GLIIHUHQWLDWHGEUDQGV WKHEUDQGSURPLVHRIDVVHWTXDOLW\VHUYLFHVWDQGDUGVEUDQGSHUVRQDOLW\ 31

  32. Slide 32: Hotels Strategy: Develop high quality brands

    Six Continents Hotels Strategy 'HYHORSKLJKTXDOLW\VWURQJO\GLIIHUHQWLDWHGEUDQGV WKHEUDQGSURPLVHRIDVVHWTXDOLW\VHUYLFHVWDQGDUGVEUDQGSHUVRQDOLW\ 32

  33. Slide 33: Hotels Strategy: Extend network of hotels

    Six Continents Hotels Strategy 'HYHORSKLJKTXDOLW\VWURQJO\GLIIHUHQWLDWHGEUDQGV WKHEUDQGSURPLVHRIDVVHWTXDOLW\VHUYLFHVWDQGDUGVEUDQGSHUVRQDOLW\ ([WHQGQHWZRUNRIKRWHOV .H\,QWHU&RQWLQHQWDOV&URZQH 3OD]DLQWKH86PLGVFDOHLQNH\PDUNHWV 33

  34. Slide 34: Hotels Strategy: Leverage global system scale

    Six Continents Hotels Strategy 'HYHORSKLJKTXDOLW\VWURQJO\GLIIHUHQWLDWHGEUDQGV WKHEUDQGSURPLVHRIDVVHWTXDOLW\VHUYLFHVWDQGDUGVEUDQGSHUVRQDOLW\ ([WHQGQHWZRUNRIKRWHOV .H\,QWHU&RQWLQHQWDOV&URZQH 3OD]DLQWKH86PLGVFDOHLQNH\PDUNHWV /HYHUDJHJOREDOV\VWHPVFDOHHFRQRPLHVWRGULYHVXSHULRU 5HY3$5DQG*23SUHPLXPV GULYLQJ

  35. Slide 35: Hotels Strategy: Optimise capital deployment

    Six Continents Hotels Strategy 'HYHORSKLJKTXDOLW\VWURQJO\GLIIHUHQWLDWHGEUDQGV WKHEUDQGSURPLVHRIDVVHWTXDOLW\VHUYLFHVWDQGDUGVEUDQGSHUVRQDOLW\ ([WHQGQHWZRUNRIKRWHOV .H\,QWHU&RQWLQHQWDOV&URZQH 3OD]DLQWKH86PLGVFDOHLQNH\PDUNHWV /HYHUDJHJOREDOV\VWHPVFDOHHFRQRPLHVWRGULYHVXSHULRU 5HY3$5DQG*23SUHPLXPV GULYLQJ

  36. Slide 36: Key actions

    Six Continents Hotels Key actions z 2UJDQLVDWLRQDOUHYLHZ z &DSLWDO([SHQGLWXUH z $VVHWPDQDJHPHQWSODQ 36

  37. Slide 37: Capital

    Six Continents Hotels Capital z 1HW&DSLWDOVSHQGRI P z 0DMRU,WHPV ‹ ,&/H*UDQGDQG+, 8. 5HQRYDWLRQSURMHFW ‹ +,'LVQH\ODQG3DULV ‹ ,&$WODQWD ‹ ([SUHVV*HUPDQ\ ‹ +,3URWRW\SH ‹ (QWHUSULVH,QIUDVWUXFWXUH ‹ 2QJRLQJPDLQWHQDQFH 37

  38. Slide 38: Prospects

    Six Continents Hotels Prospects z 3RRUPDFURHFRQRPLFHQYLURQPHQW z &RUSRUDWHUDWHQHJRWLDWLRQV z %HQHILWRIUHIXUELVKHGDVVHWVDQG PDUNHWLQJVSHQG 38

  39. Slide 39: Current Trading: RevPAR 2002 vs 2001

    Six Continents Hotels Current Trading RevPAR 2002 vs 2001 -XO $XJ 6HS 2FW 1RY Americas ,QWHU&RQWLQHQWDO 2ZQHG /HDVHG &URZQH3OD]D +ROLGD\,QQ +ROLGD\,QQ([SUHVV EMEA ,QWHU&RQWLQHQWDO 2ZQHG /HDVHG +ROLGD\,QQ8.5HJLRQV +ROLGD\,QQ8./RQGRQ 39

  40. Slide 40: Current Trading: RevPAR 2002 vs 2000

    Six Continents Hotels Current Trading RevPAR 2002 vs 2000 -XO $XJ 6HSW 2FW 1RY Americas ,QWHU&RQWLQHQWDO 2ZQHG /HDVHG &URZQH3OD]D +ROLGD\,QQ +ROLGD\,QQ([SUHVV EMEA ,QWHU&RQWLQHQWDO 2ZQHG /HDVHG +ROLGD\,QQ8.5HJLRQV +ROLGD\,QQ8./RQGRQ 40

  41. Slide 41: Conclusion

    Six Continents Hotels Conclusion z &OHDUVWUDWHJ\ z .H\DFWLRQV 41

  42. Slide 42: Tim Clarke

    TIM CLARKE 42

  43. Slide 43: Retail Strategy

    Six Continents Retail Strategy z &UHDWHDQGVXVWDLQPDUNHWOHDGLQJ%UDQGVDQG)RUPDWV ‹ 7KURXJKFRQVXPHULQVLJKWDQGRSHUDWLRQDOGHOLYHU\ z $GGYDOXHWRSULPHVLWHVDQGGULYHPDUNHWVKDUH ‹ 2SWLPLVHVDOHVDQGUHWXUQVRIFRQYHUWHGDVVHWV z 0D[LPLVHEHQHILWVIURPVFDOH ‹ $WSURSHUW\EUDQGDQGFRUSRUDWHOHYHO z )RFXVRQKLJKRSHUDWLRQDOFD

  44. Slide 44: Retail Priorities for 2003

    Six Continents Retail Priorities for 2003 z 0DUNHWLQJ3URPRWLRQDO3ULFLQJDFWLYLW\WR GULYHVDOHV z )XUWKHUJDLQVLQ6WDII3URGXFWLYLW\ RYHUSDVW\HDUV z &HQWUDODQG6XSSO\&KDLQFRVWUHGXFWLRQV z 1HW &DSH[ GRZQIURP PWR P z 'HYHORSPHQWIRFXVRQDWWUDFWLYH 6XEXUEDQPDUNHWV 44

  45. Slide 45: Retail Current Trading

    Six Continents Retail Current Trading z 'LIILFXOWFXUUHQW7UDGLQJFRQGLWLRQV ‹ 8QLQYHVWHG OLNHIRUOLNHVZHHNVWR1RY z *UHDWHU/RQGRQ RIVDOHV ‹ )XUWKHUGRZQWXUQLQ&LW\:HVW(QG z 5HVWRI8.+LJK6WUHHWV RIVDOHV ‹ ,QWHQVLI\LQJSULFHFRPSHWLWLRQ z 5HVWRI8.5HVLGHQWLDO RIVDOHV ‹ 0RUHUHVLOLHQW z &DXWLRQRQVKRUWWHUPRXWORRN

  46. Slide 46: Promotional and Marketing Activity

    Six Continents Retail Promotional and Marketing Activity z /HYHUDJLQJ6FDOH%HQHILWV ‹ 1DWLRQDOSURPRWLRQVLQVHOHFWHGEUDQGV ‹ 8SZHLJKWHGORFDOSURPRWLRQDODFWLYLW\ z 3ULFLQJ5HVWUDLQW ‹ $YHUDJHSULFHQHWRISURPRWLRQVOLNHO\WREH XQFKDQJHG YV /< ‹ 0DUJLQUHLQYHVWPHQWLQVHOHFWLYHEUDQGVDQG WLPHVORWVWRGHIHQGVDOHV z 3X

  47. Slide 47: Maximising Efficiency Benefits of Scale

    Six Continents Retail Maximising Efficiency Benefits of Scale z 5DLVLQJ6WDII3URGXFWLYLW\ ‹ ,QVWDOODWLRQRIHQKDQFHGVFKHGXOLQJV\VWHPVDQGSURFHVVHV ‹ 0D[LPLVLQJYDULDELOLW\RIHPSOR\PHQWFRVWUDWLRVWRVDOHV ‹ %XLOGRQODVW\HDU¶VLQFUHDVHLQVWDIISURGXFWLYLW\ z 6XSSO\&KDLQ*DLQV ‹ 3URJUHVVLYHDFFHVVWRQRQWLHGEHHUVXSSO\

  48. Slide 48: Retail Capital Expenditure

    Six Continents Retail Capital Expenditure ( P P ([SDQVLRQ QHW 0DLQWHQDQFH 7RWDO &URZQ7DYHUQ &OHUNHQZHOO*UHHQ 48

  49. Slide 49: Developing Prime Sites

    Six Continents Retail Developing Prime Sites z ([SDQVLRQDU\FDSH[ LVIRFXVHG RQ6XEXUEDQ3XEVDQG 5HVWDXUDQWV z $YHUDJHVSHQGRQ&RQYHUVLRQV SHUVLWHLQF N ‹ 5HGXFHGH[$OOLHGSURSHUWLHV PDLQWHQDQFHFDWFKXS ‹ 9DOXHHQJLQHHULQJRI FRQVWUXFWLRQFRVWV z &RQYHUVLRQVLGHQWLILHG ‹ 2QHWKLUGSODQQHGIRUWKLV\HDU z 6LWHDFTXLVLWL

  50. Slide 50: Strengths of Managed Houses and Brands

    Six Continents Retail Strengths of Managed Houses and Brands z %UDQGHG $:7¶V RI NGHPRQVWUDWHSRZHURI FRQVXPHUDSSHDO ‹ 2YHU[LQGXVWU\DYHUDJHWDNHV ‹ 2YHURI6&5EUDQGHGKRXVHVUHWDLQLQGLYLGXDOSXEQDPHV ‹ +LJKWDNHVDWWUDFWDQG LQFHQWLYLVH KLJKTXDOLW\OLFHQVHHV ‹ /RQJHYLW\7RE\+DUYHVWHU%URZQV RYHU\HDUVWUDGLQJ z 52,

  51. Slide 51: Retail Cash Returns

    Six Continents Retail Cash Returns )< P (%,7 'HSUHFLDWLRQ$PRUWLVDWLRQ (%,7'$ &DVK7D[ DWRI(%,7 &DVK5HWXUQ $YHUDJH1HW2SHUDWLQJ$VVHWV &$6+21&$6+ $FFXPXODWHG'HSUHFLDWLRQ 5(7851 5HYDOXDWLRQV *RRGZLOOZULWWHQRII &DVK&DSLWDO(PSOR\HG 8QOHYHUDJHGWD[UDWH LQFOXGLQJFDSLWDODOORZDQFHV 51

  52. Slide 52: Industry Outlook

    Six Continents Retail Industry Outlook 3RVLWLYHPHGLXPWHUPWUHQGV z ,PSURYLQJ6XSSO\'HPDQGEDODQFH z $FFHOHUDWHGGHFOLQHLQLQGXVWU\FDSLWDOH[SHQGLWXUH z &DVKH[WUDFWLRQDQGGHFOLQLQJDPHQLW\LQLQFUHDVLQJ QXPEHURIRXWOHWV z /LFHQVLQJ%LOOPD\OHDGWRJUHDWHUUHVWULFWLRQVRQQHZ OLFHQFHV z /RQJWHUPZLGHQLQJVRFLDOXVDJHRIOLF

  53. Slide 53: Retail Summary

    Six Continents Retail Summary z 3ULPHVLWHV IUHHKROGORQJOHDVHKROG z +LJKWDNHKLJKUHWXUQEUDQGV z 6FDOHHIILFLHQFLHVDQGIOH[LELOLW\ z 0DQDJHPHQWDFWLRQRQFRVWVVDOHVDQG FDSLWDOH[SHQGLWXUH z 'ULYLQJVKDUHKROGHUYDOXH 53

  54. Slide 54: Separation Update - Indicative Timetable

    Six Continents Hotels Separation Update - Indicative Timetable z )HEUXDU\ ‹ /LVWLQJ3DUWLFXODUVDQGFLUFXODUSRVWHGWRVKDUHKROGHUV ‹ )LQDOGLYLGHQGIRU\HDUWRWK6HSWHPEHUSDLG z 0DUFK ‹ $SSURYDORISODQVVRXJKWDW(*0 z $SULO ‹ ,QWHULPGLYLGHQGIRUPRQWKSHULRGSULRUWRVHSDUDWLRQSDLG ‹ &RXUWVDQFWLRQIRUVHSDUDWLRQUHTXHVWH

  55. Slide 55: Six Continents

    SIX CONTINENTS

  56. Slide 56: This presentation does not constitute an offer or invitation

    This presentation does not constitute an offer or invitation to purchase securities. Salomon Brothers International Limited, trading as Schroder Salomon Smith Barney (“Schroder Salomon Smith Barney”)is acting for Six Continents and no one else in connection with the proposed separation and return of

Six Continents — FY2002 Earnings Presentation on 6ix