Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2004 Earnings Presentation
13 slides from Mitchells & Butlers's earnings presentation, November 2004
Slide 1: Supplementary Information
Supplementary Information 1
Slide 2: Mitchells and Butlers - Retail
Mitchells and Butlers - Retail H1 2004 H1 2003 Pub staff costs %age 23.7% 23.7% Net Operating Margin 17.0% 17.3% Expansionary Capex £29m £38m Maintenance Capex £48m £42m Disposals £29m £19m 2
Slide 3: Sales and Profit Data H1 2004 (excluding SCPD)
Mitchells and Butlers - Sales and Profit Data H1 2004 (excluding SCPD) £m Restaurants Pubs & Bars Total Food Sales £182m £59m £241m Food Sales Mix % 54.7% 12.2% 29.5% Drink Sales £124m £362m £486m Total Sales £333m £485m £818m Operating Profit £47m £92m £139m 3
Slide 4: Retail (excl SCPD) Sales Growth – H1 2004
Retail (excl SCPD) Sales Growth – H1 2004 Total Turnover 28 weeks: + 4.2% Pubs: 100% Same Outlet: i.e. Invested like for likes 32 weeks: +5.3% Pubs: 94% Uninvested like for likes 32 weeks: +3.4% Pubs: 84% H1 like for likes reflect weeks 1-32 to include Easter in both periods 4
Slide 5: Spectrum of Brands and Operating Formats – H1 2004
Spectrum of Brands and Operating Formats – H1 2004 Residential Other Pub Restaurants Local Pub Pub Local Pubs Pubs 42% Restaurants Restaurants 42% Ember Inns Harvester 27% 27% 166 136 Other Locals 69 341 Scream 90 Sizzling Toby Metropolitan Vintage Inns 149 47 80 Professionals 23 207 Arena 59 Innkee
Slide 6: Like-for-Like Sales
Like-for-Like Sales Same outlet (i.e. Invested) H1 2004 H2 2003* Total company +5.3% + 1.8% Pubs & Bars +4.7% + 2.3% Restaurants +6.1% + 1.2% Uninvested Total company +3.4% - 0.1% Pubs & Bars +2.2% - 0.8% Restaurants +5.0% + 0.6% H1 like for likes reflect weeks 1-32 to include Easter in both periods
Slide 7: Performance by Segment – H1 2004
Performance by Segment – H1 2004 Residential Locals Pub Restaurants Inc. ROI 16% Inc. ROI 14% Total sales +5% Total sales +9% AWT £11k AWT £20k Drinks Food led led Inc. ROI 14% Inc. ROI 9% Total sales +4% Total sales Flat AWT £13k AWT £23k High Street Restaurants City Centre Note: Excludes Hollywood
Slide 8: Mitchells & Butlers - Managed Estate – H1 2004
Mitchells & Butlers - Managed Estate – H1 2004 Unbranded Unbranded Branded Branded Restaurants Restaurants Sales/Week Sales/Week £15.0k £15.0k £19.5k £19.5k Outlets Outlets 69 69 574 574 Pubs Pubs & & Bars Bars Sales/Week Sales/Week £10.3k £10.3k £14.5k £14.5k Outlets Outlets 670 670 676 676 Mitchel
Slide 9: Dividends
Dividends ? 2004 interim 2.85p ? Enhanced 2004 final dividend: 6.65p (18% increase over 2003 final) ? Total 2004 dividend 9.5p ? Progressive dividend policy thereafter to deliver real growth 9
Slide 10: Glossary of Terms
Glossary of Terms ? Business Franchise: an agreement where an entrepreneur gains access to high quality pubs and a sophisticated business support infrastructure whilst the Company retains its scale purchasing and overhead advantages, and shares in the trading upside through a franchise fee. The Comp
Slide 11: Glossary of Terms
Glossary of Terms ? Productivity: sales less hourly paid wages divided by the number of hours worked. ? Same outlet like for like sales: sales performance this year compared to the same period in the previous year for outlets open in both years including those which have had the benefit of capital i
Slide 12: Securitisation Overview – Key Terms of Notes
Securitisation Overview – Key Terms of Notes Legal Maturity Expected Maturity Class Amount Date Date Coupon Ratings A1 £200m Dec-30 Dec-10 £ Libor + 0.45% AAA /AAA/Aaa A2 £550m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3 $418.75m* Dec-30 Dec-10 $ Libor + 0.45% AAA /AAA/Aaa B1 £350m Dec-25 Dec-23 5.965% A/A
Slide 13: Securitisation Overview - Amortisation Profile of Bonds
13 £ Millions 0 500 1000 1500 2000 01/11/2003 C 01/11/2004 B2 B1 A3 A1 A2 01/11/2005 01/11/2006 01/11/2007 01/11/2008 01/11/2009 01/11/2010 01/11/2011 01/11/2012 01/11/2013 01/11/2014 01/11/2015 NB. Graph shows the scheduled legal amortisation profile 01/11/2016 01/11/2017 01/11/2018 01/11/2019 01/1