Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — FY2008 Earnings Presentation
13 slides from Mitchells & Butlers's earnings presentation, Nov 26, 2008
Slide 1: Supplementary Information
Supplementary Information Preliminary Results – 26 November 2008 1
Slide 2: Retail revenue & profit FY08
Retail revenue & profit FY08* Restaurants Pubs & Bars Total Food Revenue £552m £174m £726m Food Revenue Mix% 58.8% 18.2% 38.4% Drink Revenue £321m £671m £992m Total Revenue £939m £954m £1893m Operating Profit ** £156m £176m £332m * Excluding SCPD ** Before exceptional items and IAS 39 movements 2
Slide 3: Retail revenue growth - FY08
Retail revenue growth - FY08 Total Revenue* up 0.9% Same Outlet like-for-likes up 1.0% Uninvested like-for-likes down 0.7% * Excluding SCPD 3
Slide 4: Uninvested like-for-like sales
Uninvested like-for-like sales: FY 2008 Divisional Pubs & Bars (1.7)% Restaurants 0.4% Segmental Residential (0.9)% High Street Flat Total* (0.7)% *Includes Hollywood Bowl 4
Slide 5: Retail FY08
Retail FY08* FY 2008 FY 2007 Pub staff costs %age 24.2% 23.6%** Net Operating Margin 17.5% 18.6%** Expansionary Capex £82m £131m Maintenance Capex £111m £122m Disposals £82m £162m*** *Excluding SCPD ** Excluding the Original Acquired Sites *** Including £101m disposal to Trust Inns 5
Slide 6: Retail Beer Price – Comparison of Information Sources
Retail Beer Price – Comparison of Information Sources z CGA approach Calculates an average price based on an un-weighted average not reflecting relative product volumes e.g. Carling price has same weighting as Becks Vier price z AC Nielsen Calculates an average price based on weighted average re
Slide 7: CROCCE and NOPAT
CROCCE and NOPAT 52 weeks to 27 September 2008 £m CROCCE £m NOPAT EBIT 343 343 Depreciation/Amortisation 134 EBITDA 477 Cash Tax (at 27% of EBIT)* (94) (94) Cash Return 383 249 Average Net Operating Assets 4721 4721 Average Accumulated Depreciation 502 10.6% 8.0% Average Revaluations (1665) (1665) G
Slide 8: Performance by Segment FY08
Performance by Segment FY08 Residential Locals Pub Restaurants Inc. ROI 19%* Inc. ROI 17%* Total sales +0.3% Total sales +3.5% AWT £15k AWT £24k Drinks Food led led Inc. ROI 17%* Inc. ROI 13%* Total sales -3.5% Total sales +3.9% AWT £18k AWT £30k High Street Restaurants City Centre Notes: *Increment
Slide 9: Brands and operating formats – FY08
Brands and operating formats – FY08 Pub & Carvery Residential Pub Pub Local Local Pubs Pubs Other Locals Other pub Ember Inns restaurants Restaurants Restaurants 37% 37% of of pubs pubs 175 100 Harvester 40% 40% of of pubs pubs 30% of sales 30% of sales 49 163 46% of sales 46% of sales Cornerstone P
Slide 10: Outlet Reconciliation FY08
Outlet Reconciliation FY08 Total MAB Franchised Total Managed Pubs & Bars Restaurants Closing Outlets (end FY 07) 2003 87 1916 1129 787 Transfers 0 8 -8 -6 -2 Disposals -59 -1 -58 -44 -14 Acquisitions 49 0 49 2 47 Closing Outlets (end FY 08) 1993 94 1899 1081 818 Average Trading Pubs 1870 1098 772 A
Slide 11: Securitisation Overview FY08
Securitisation Overview FY08 Legal Balance Maturity Class at 27/09/08 Date Coupon Ratings A1N £200m Dec-30 £ Libor + 0.18% AA/AAA/A1 A2 £429.0m Dec-30 5.574% AA/AAA/A1 A3N $418.75m* Dec-30 $ Libor + 0.18% AA/AAA/A1 A4 £170m Dec-30 £ Libor + 0.23% AA/AAA/A1 AB £325m Dec-33 £ Libor + 0.24% AA/AA/A3 B1
Slide 12: Financial Covenants Summary
Financial Covenants Summary Securitisation Restricted Payment Tests Covenant Actual Headroom Free Cashflow to Debt Service 1.3x 2.0x £113m EBITDA to Debt Service 1.7x 2.3x £101m Securitisation Covenants Covenant Actual Headroom Free Cashflow to Debt Service 1.1x 2.0x £149m Net Worth £500m £1,605m £1
Slide 13: Glossary of Terms
Glossary of Terms Original Acquired Sites: 239 pub restaurant sites acquired from Whitbread plc in July 2006 AWT (Average weekly take): the average sales per pub per week, calculated as total sales divided by the average number of pubs trading during the year divided by the number of weeks in the fi