Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2014 Earnings Presentation
6 slides from Mitchells & Butlers's earnings presentation, May 22, 2014
Slide 1: Supplementary slides Half Year Results 2014
Supplementary slides Half Year Results 2014 22 May 2014 1
Slide 2: Market and strategy overview
Market and strategy overview Special £22bn Invest & expand Invest & expand Upmarket social £8bn Family £5bn Protect & compete Optimise & invest Heartland £4bn Everyday social £2bn Brand/format Like-for-like Capital Cash generation optimisation sales deployment Invest & expand Largely brand O
Slide 3: H1 2014 - Outlet numbers by market segment
H1 2014 - Outlet numbers by market segment Special: Browns 27 Miller & Carter 30 Country Pubs 314 Upmarket social: Family: All Bar One 47 Harvester 211 Alex 41 Toby 158 Castle 104 Nicholson’s 78 Heartland: Everyday social: Crown Carveries 114 Ember 130 Oak Tree and O’Neill’s 45 Sizzling Pubs 293 Not
Slide 4: H1 2014 - Outlet reconciliation
H1 2014 - Outlet reconciliation Total MAB Franchised Total Managed Closing outlets (end FY 2013) 1,649 60 1,589 Transfers 1 (1) Disposals (9) (2) (7) Acquisitions 11 11 Closing outlets (end H1 2014) 1,651 59 1,592 Average trading pubs* 1,585 H1 average weekly take* £22.7k Note: Lodges attached to si
Slide 5: H1 2014 - Financial covenants summary
H1 2014 - Financial covenants summary Securitisation Restricted Payment Tests Test Actual Headroom (Relevant Year) Free Cash flow to Debt Service 1.3x 1.6x £50m EBITDA to Debt Service 1.7x 2.0x £52m Securitisation Covenants Covenant Actual Headroom (Relevant Year) Free Cash flow to Debt Service 1.1x
Slide 6: H1 2014 - Securitisation profile
Sep-36 Annual Cash Interest Annual Amortisation Sep-35 Sep-34 Sep-33 Sep-32 Sep-31 Sep-30 H1 2014 - Securitisation profile Sep-29 Sep-28 Sep-27 Sep-26 Sep-25 Debt Service Sep-24 6 Sep-23 Sep-22 Sep-21 Sep-20 Sep-19 Sep-18 Sep-17 Sep-16 Sep-15 Sep-14 Sep-13 (250.00) (200.00) (150.00) (100.00) (50.00)