Mitchells & Butlers — H1 2013 Earnings Presentation

5 slides from Mitchells & Butlers's earnings presentation, May 23, 2013

Slide 1: Supplementary slides: Half Year Results 2013
Supplementary slides Half Year Results 2013 23 May 2013 1
Slide 2: H1 2013 - Estate details by food spend
H1 2013 - Estate details by food spend Village Pub & Kitchen High Miller & Carter Harvester Crown 28 Toby Carvery 206 Carveries Vintage Inns 154 39 117 194 26 81 38 Food as % of sales Alex Sizzling 47 Browns Premium Pubs Ember All Bar One Country 220 Dining 130 Oak Tree Pubs Nicholson’s Castle 77 79
Slide 3: H1 2013 - Outlet reconciliation
H1 2013 - Outlet reconciliation Total MAB Franchised Total Managed Closing outlets (end FY 12) 1,638 62 1,576 Transfers 1 (1) Disposals (3) (2) (1) Acquisitions 8 8 Closing outlets (end H1 13) 1,643 61 1,582 Average trading pubs* 1,576 H1 average weekly take* £22.3k MAT average weekly take* £22.8k N
Slide 4: H1 2013 - Financial covenants summary
H1 2013 - Financial covenants summary Securitisation Restricted Payment Tests Test Actual Headroom (Relevant Year) Free Cash flow to Debt Service 1.3x 1.6x £61m EBITDA to Debt Service 1.7x 2.0x £50m Securitisation Covenants Covenant Actual Headroom (Relevant Year) Free Cash flow to Debt Service 1.1x
Slide 5: Securitisation profile
Securitisation profile £ms Securitisation profile Annual debt service Assuming no repayment at step up 250 200 150 Annual Cash Interest Annual Amortisation 100 50 0 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27 Sep-28 Sep-29 Sep-30 Se