Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — Bass — FY2000 Earnings Presentation
80 slides from Mitchells & Butlers's earnings presentation, November 2000
Slide 1: Preliminary Results for the year ended 30th September 2000
Preliminary Results for the year ended 30th September 2000
Slide 2: Sir Ian Prosser, Chairman
SIR IAN) PROSSER CHAIRMAN
Slide 3: Divisional Results
3 BASS PLC Divisional Results Operating Profit (£m)* Bass Hotels & Resorts 376 Up 23.7% Bass Leisure Retail 346 Up 25.8% Britvic Soft Drinks 46 Up 9.5% *All *All figures figures on on aa 52 52 week week basis basis and and on on an an equivalent equivalent post post FRS15 FRS15 basis basis
Slide 4: Highlights
4 BASS PLC Highlights • Turnover * +22.8% • Operating profit * +24.8% • Earnings per share ** share** +8.9% • Dividend per share +3.1% All All figures figures on on aa 52 52 week week basis basis and and on on an an equivalent equivalent post post FRS15 FRS15 basis basis ** continuing continuing ope
Slide 5: Key Events - 2000
5 BASS PLC Key Events - 2000 Sale of Bass Brewers £2.3bn Acquisition of SPHC £92m Acquisition of Bristol £104m Completion of acquisition of 550 £179m ex-ADR pubs +79m shares
Slide 6: Group Business Focus
6 BASS PLC Group Business Focus Share of Group Operating Profit •• £4.3 £4.3 billion billion of of 100 disposals Gaming Britvic disposals Leased Pubs 80 •• £2.9 £2.9 billion billion of of Brewing Hotels acquisitions acquisitions 60 Britvic •• £1.7 £1.7 billion billion of of Hotels expansionary expan
Slide 7: Positioned for the Future
7 BASS PLC Positioned for the Future • Two core businesses - focused on strong brands - market leaders - good growth potential • Financially strong
Slide 8: Richard North, Finance Director
RICHARD NORTH FINANCE DIRECTOR
Slide 9: Reporting Formats
9 BASS PLC Reporting Formats • All Post FRS 15 • UITF 24 - pre-opening costs treatment • 52 weeks (comparisons adjusted to 52 weeks) • Bass Brewers included in discontinued business
Slide 10: Operating Profit - Old Format
10 BASS HOTELS & RESORTS Operating Profit - Old Format US $m 99/00 *98/99 Growth Americas 252 199 26.6% EMEA 68 63 7.9% Asia Pacific 16 5 - Sub Total 336 267 25.8% Inter-Continental 223 200 11.5% One Offs 4 6 - FelCor 21 21 - Operating Profit 584 494 18.2% Average Average Exchange Exchange Rates Rat
Slide 11: Operating Profit - New Format
11 BASS HOTEL & RESORTS Operating Profit - New Format $m $m 99/00 99/00 *98/99 *98/99 Growth Growth Americas Americas Owned Owned and and leased leased hotels hotels 91 91 76 76 20% 20% Managed Managed & & Upscale Upscale franchise franchise 43 43 22 22 95% 95% NA NA Midscale Midscale franchise fran
Slide 12: Americas - Owned and Leased
12 BASS HOTELS & RESORTS Americas- Owned Owned and and Leased Leased • Operating profit up 20% • Acquisitions net of disposals contribute $12m • San Francisco modernisation costs reduce profit by $8m • UITF24 reduces profit by $6m • Strong RevPAR performances from comparable hotels ICH up 8% Crowne
Slide 13: Americas - Managed and Upscale Franchise
13 BASS HOTELS & RESORTS Americas - Managed Managed and and Upscale Upscale Franchise Franchise • Overall operating profit up 23% (pre Bristol) • Six months contribution from Bristol - $16m before goodwill amortisation of $4m • Strong RevPAR performances in North America ICH up 5% Crowne Plaza up 9%
Slide 14: NA Midscale Franchise
14 BASS HOTELS & RESORTS NA Midscale Franchise Holiday Inn Holiday Inn Express Change in number of rooms -0.5% +14.4% Increase in RevPAR +4.9% +6.6% Increase in Royalty Rates +0.15% pts pts +0.01% pts pts
Slide 15: EMEA - Owned and Leased
15 BASS HOTELS & RESORTS EMEA - Owned Owned and and Leased Leased • Overall operating profit up 8% • Acquisitions contribute $7m to profit • Modernisation reduces profit by $3m • Strong RevPAR performances ICH up 10% Crowne Plaza up 5% Holiday Inn up 9% • At constant exchange rates profits up by 19%
Slide 16: EMEA - Managed and Franchised
16 BASS HOTELS & RESORTS EMEA - Managed Managed and and Franchised Franchised • Overall operating profit up by 39% • Management / Franchise system increased by 32 properties • Strong RevPAR performances ICH up 8% Crowne Plaza up 12% Holiday Inn up 6%
Slide 17: Asia Pacific
17 BASS HOTELS & RESORTS Asia Pacific • Operating profit up by $7m pre SPHC • 9 months contribution from SPHC - $10m before goodwill amortisation of $4m • RevPAR ICH up 8% Other Brands down 0-2%
Slide 18: Inter-Continental - Results
18 BASS HOTELS & RESORTS Inter-Continental - Results US $m 99/00 *98/99 Growth Operating profit - actual 223 200 12% Operating profit constant exchange rates 237 200 19% RevPAR ($) 88.43 83.90 5.4% • Refurbishment reduces profit by $11m • Since acquisition profits up by 69% ** adjusted adjusted for
Slide 19: Bass Hotel & Resorts Operating Profit
19 BASS HOTEL & RESORTS Operating Profit $m $m 99/00 99/00 *98/99 *98/99 Growth Growth Americas Americas Owned Owned and and leased leased hotels hotels 91 91 76 76 20% 20% Managed Managed & & Upscale Upscale franchise franchise 43 43 22 22 95% 95% NA NA Midscale Midscale franchise franchise 194 194
Slide 20: Bass Leisure Retail Summary Results
20 BASS LEISURE RETAIL Summary Results £m £m 99/00 99/00 98/99 Growth Growth Ongoing Ongoing pub pub business business 277 277 269 269 3.3% 3.3% Ex-Allied Ex-Allied pubs pubs 73 73 -- -- Profit Profit from from prior prior year year -- 66 -- disposals disposals Total Total 350 350 275 275 27.3% 27.3
Slide 21: Bass Leisure Retail Results
21 BASS LEISURE RETAIL Results Growth on LY **Ongoing Ongoing Outlets (ave.) 2.7% Sales per outlet 1.1% Drinks sales 1.8% Food sales 10.7% Like for like sales - invested (1.0%) - uninvested (2.8%) Operating profit 3.3% ** excludes excludes Development Development Estate Estate
Slide 22: Ongoing Business
22 BASS LEISURE RETAIL Ongoing Business * Pub Level Pub Level Returns Returns**** Returns ** Returns** Overall 99/00 New Sites Restaurants 14.8% 17.3% Branded Bars 16.8% 26.2% Unbranded Pubs 15.5% - Total 15.3% 19.4% ** excludes excludes Development Development Estate Estate ** ** defined defined as
Slide 23: Development Estate
23 BASS LEISURE RETAIL Development Estate • 53 conversions complete at year end • 78 now complete; 60 ‘on site’ • £34m Capex in 1999/2000 (of which £15m for openings in 99/00) • Over 40% sales uplift on conversions • -7.4% LFL sales on unconverted estate • 600 trading weeks lost to closure during co
Slide 24: Britvic Soft Drinks Results
24 BRITVIC SOFT DRINKS Results • Competitive market • Volumes up 2.7% • Turnover up 0.9% • Profits up 9.5% to £46 million • Acquisition of Orchid all all figures figures on on 52 52 week week basis basis
Slide 25: Bass Brewers Sale
25 BASS BREWERS Sale • Sale completed unconditionally in August for £2.3 billion • £129m in operating profit in discontinued business • Profit on sale of £1.23 billion included in exceptional items
Slide 26: Year Ended September 2000
26 BASS PLC Year Ended 30 September 2000 £m £m 99/00 99/00 98/99 98/99 Growth Growth Operating Operating profit profit 905 905 778 778 16.3% 16.3% Exceptional Exceptional items items 1,234 1,234 (112) (112) PBIT PBIT 2,139 2,139 666 666 Interest Interest (152) (152) (140) (140) Tax Tax (287) (287) (
Slide 27: Net Cash Flow 99/00
27 BASS PLC Net Cash Flow 99/00 £m £m 99/00 99/00 98/99 98/99 Operating Operating profit profit 905 905 824 824 Depreciation Depreciation 289 289 237 237 Working Working capital/Other capital/Other (69) (69) (49) (49) Profit Profit from from Associates Associates (11) (11) (16) (16) Trade Trade loan
Slide 28: 2001 Capex Allocation - £940m
28 BASS PLC 2001 Capex Allocation - £940m £m 700 700 600 600 600 600 500 500 400 400 300 300 300 300 200 200 100 100 40 40 00 BHR BHR BLR BLR Britvic Britvic
Slide 29: Balance Sheet
29 BASS PLC Balance Sheet £m Sept 00 Sept 99 Net debt 345 1,995 Shareholder equity 5,379 3,313 Market-cap gearing 6% 32% Interest cover (adjusted) 6.0x 5.5x
Slide 30: Tim Clarke, C.E.O.
TIM CLARKE C.E.O.
Slide 31: Bass PLC
31 BASS PLC • Powerful brands • Market leading positions • Strong growth prospects
Slide 32: Creating Shareholder Value
32 BASS PLC Creating Shareholder Value • Concentrating on:- - high growth hotels - high return branded retail • Build brand scale in global hotels • Drive growth opportunity from retail conversion pipeline • Improving balance sheet efficiency
Slide 33: Platform for Growth
33 BASS HOTELS & RESORTS Platform for Growth Central Central Reservations Reservations 32m 32m calls calls p.a. p.a. $1.4bn $1.4bn revenues revenues p.a. p.a. 491,064 rooms Priority Priority Club Club 3,063 hotels 92 countries 10m 10m members members 21m 21m room room nights nights p.a. p.a. E-Comme
Slide 34: Profit Mix
34 BASS HOTELS & RESORTS Profit Mix % of Profits 1999/2000 - Total = $567m* Owned and Leased Managed & Franchised Americas -16% Americas - 42% EMEA - 34% EMEA - 4% Asia-Pacific - 1% Asia-Pacific - 3% ** excludes excludes FelCor FelCor,, others others and and goodwill goodwill amortisation amortisati
Slide 35: Brand Power Virtuous Circle
35 BASS HOTELS & RESORTS Brand Power Virtuous Circle Brand Value Marketing Brand Awareness Scale Guest Preference Distribution Room Night Scale Delivery Returns to RevPAR Property Owner Premiums
Slide 36: Hotel Industry Growth Potential
36 BASS HOTELS & RESORTS Hotel Industry Growth Potential • Superior growth potential of global brands - Faster growth of international travel • Scope for branded conversions, by region* - Over 75% of rooms in EMEA/Asia Pacific unbranded • Consolidation opportunities ** Source Source Arthur Arthur An
Slide 37: Key Levers for Growth
37 BASS HOTELS & RESORTS Key Levers for Growth • Organic growth from RevPAR outperformance - Reservations systems, loyalty programmes • Management contracts/Franchises • Utilisation of capital - Asset acquisitions - Sliver equity/joint ventures - Modernisation of existing owned hotels
Slide 38: Brand Outperformance
38 BASS HOTELS & RESORTS Brand Outperformance US RevPAR and RevPAR Growth - Oct 99 to Sep 00 +8.8% +8.8% 80 80 80 80 80 80 70 70 70 +3.4% +3.4% 70 70 70 US$ in US$ 60 60 60 60 60 60 +5.0% +5.0% RevPAR in 50 50 50 50 +6.4% +6.4% +3.3% +3.3% 50 50 +4.0% +4.0% RevPAR 40 40 40 40 40 40 30 30 30 30 30 30
Slide 39: Distribution Growth
39 BASS HOTELS & RESORTS Distribution Growth Net Increase in Hotels System Size Inter-Continental +11 Crowne Plaza +3 Holiday Inn +20 264 Hotels Express +131 34,000 Rooms (net) Staybridge +18 SPHC +57 Bristol +28 Forum -4
Slide 40: Current Pipeline
40 BASS HOTELS & RESORTS Current Pipeline Signed Deals Deals Inter-Continental 24 Crowne Plaza 45 596 Deals 75,314 Rooms Holiday Inn 131 Express 343 Staybridge 53
Slide 41: Key Strategic Distribution Priorities
41 BASS HOTELS & RESORTS Key Strategic Distribution Priorities • Extend global representation of Inter-Continental and Crowne Plaza across key cities and resorts • Build domestic positions for Holiday Inn and Express in Western Europe • Leverage US midscale franchise infrastructure Primary focus to
Slide 42: Investment Criteria
42 BASS HOTELS & RESORTS Investment Criteria • NPV positive • Above WACC returns by Year 3 • Earnings enhancing in first full year of ownership • Price takes account of cycle
Slide 43: Modernisation Programme
43 BASS HOTELS & RESORTS Modernisation Programme • San Francisco, Budapest, Vienna almost completed • Miami, Chicago, New York, Madrid under way • New opportunities identified at Paris Le Grand, Cannes, Mayfair • Overall investment now estimated at $450m
Slide 44: Big 10 - Current Plans
44 BASS HOTELS & RESORTS Big 10 - Current Plans DIRECTIONAL Projected Projected Movement Movement FY00 FY00 FY01 FY01 FY02 FY02 FY03 FY03 FY04 FY04 FY05 FY05 in in profit* profit* ($m) ($m) Americas Americas -- -5 -5 +10 +10 +15 +15 +21 +25 EMEA EMEA - +10 -30 -24 +41 +81 Total Total -- +5 +5 -20 -2
Slide 45: Summary
45 BASS HOTELS & RESORTS Summary • Increase organic pipeline of new hotels • Acquire assets to add value by brand conversion • Complete Big 10 modernisation programme • Sustain brand out-performance through marketing, sales, e-commerce • Maintain focus on product quality/brand innovation/service del
Slide 46: Bass Leisure Retail
46 BASS LEISURE RETAIL • 3,000 outlets - AWT £10.7k, of which: - 800 branded outlets - AWT £16.7k - accounting for over 40% of sales • Strong portfolio of brands adding value to sites • Selected pipeline of sites for conversion • High incremental returns being achieved
Slide 47: Estate Repositioning
47 BASS LEISURE RETAIL Estate Repositioning 80 80 80 80 12 12 10.7 10.7 70 70 65% 65% 70 70 10 10 Sales 60 60 of Sales 60 60 50 50 88 6.8 6.8 50 38% 50 39% 39% 38% AWT AWT 40 40 40 40 66 % of 30 30 30 30 % 18% 18% 44 20 20 20 20 22 10 10 10 10 00 00 00 South East Draught Beer Average Weekly Take KEY
Slide 48: Market Conditions
48 BASS LEISURE RETAIL Market Conditions • Decline in on-trade beer volumes • Exacerbated by new supply outstripping demand • Over-capacity impact on existing asset base • Demand for genuine amenity or value • High returns generated
Slide 49: Market Prospects
49 BASS LEISURE RETAIL Market Prospects • Withdrawal of some major players • Growth in eating and drinking-out market of 4% p.a. • Improving supply and demand balance • Industry continuing to polarise: - proven high take brands with high returns - smaller, assets run for cash
Slide 50: New Organisation Structure
50 BASS LEISURE RETAIL New Organisation Structure BLR 3033 3033 outlets outlets (£10.7k (£10.7k AWT) AWT) BLR Restaurant Restaurant Pubs Pubs & & Bars Bars Inns Inns Group* Group* Group* Group* 507 507 Branded Branded Outlets Outlets 285 285 Branded Branded Outlets Outlets (AWT (AWT £17.4k) £17.4k)
Slide 51: Restaurants Group
51 BASS LEISURE RETAIL Restaurants Group • Suburban pub restaurant market estimated at £2.5bn with demand growing faster than supply • Demonstrable chain and unit economies of scale - brand brand marketing marketing - food food supply supply chain chain - operating operating systems systems • BLR we
Slide 52: Restaurants Group
52 BASS LEISURE RETAIL Restaurants Group • LFL sales growth of suburban brands: 3.4% • New sites AWT £24.5k • Uplift on new upgrades: - Toby Carvery £21k AWT - New Harvester template £24k AWT • Food gross margin up by 1 percentage point • Returns continue to build
Slide 53: Pubs and Bars - Market
53 BASS LEISURE RETAIL Pubs and Bars - Market • High Street in growth at expense of Locals • New supply on High Street causing pressure on LFL sales • Successful brands earning high returns • Locals: - Traditional Community pubs facing declining demand and cash extraction - Quality suburban offers g
Slide 54: Pubs and Bars - Branded Performance
54 BASS LEISURE RETAIL Pubs and Bars - Branded Performance • New sites: £27.5k AWT • High Street premium brands: high returns - 18% returns on capital invested in last 4 years - 29% returns on new acquisitions in 99/00 • Goose: attractive returns and strong LFLs - 15% returns on new acquisitions in
Slide 55: Development Estate - Plan
55 BASS LEISURE RETAIL Development Estate - Plan • Expect to have 300 open by end Sept 2001 • Closure and pre-opening costs up c. £10m • Overall plan to complete conversions by September 2002
Slide 56: Development Estate
56 BASS LEISURE RETAIL Development Estate AII 78 converted outlets, average 14 14 +47% +47% on on Allied Allied year year to to Aug Aug 99 99 12.5 12.5 12 12 +59% +59% on on pre-conversion pre-conversion Food Food && 10 10 8.5 8.5 7.9 7.9 Drink Drink 88 AWT AWT 66 44 22 00 Allied Allied Final Final
Slide 57: Development Estate - Examples
57 BASS LEISURE RETAIL Development Estate - Examples O’Neills Shepherds Bush 30 30 26.7 26.7 25 25 Food Food && 20 20 Drink Drink AWT 15 AWT 15 12.6 12.6 10.9 10.9 10 10 55 00 Allied Allied Final Final Year Year 98/99 98/99 BLR BLR Pre-conversion Pre-conversion BLR BLR Post-conversion Post-conversio
Slide 58: Development Estate - Examples
58 BASS LEISURE RETAIL Development Estate - Examples Goose, Selly Oak 25 25 23.0 23.0 20 20 Food Food && Drink 15 Drink 15 AWT AWT 10 8.6 8.6 9.0 9.0 10 55 00 Allied Allied Final Final Year Year 98/99 98/99 BLR BLR Pre-conversion Pre-conversion BLR BLR Post-conversion Post-conversion
Slide 59: Development Estate - Examples
59 BASS LEISURE RETAIL Development Estate - Examples Toby Carvery Carvery,, Aldenham 35 35 29.3 29.3 30 30 Food Food && 25 25 Drink Drink 20 20 AWT AWT 15 15 11.5 11.5 8.2 8.2 10 10 55 00 Allied Allied Final Final Year Year 98/99 98/99 BLR BLR Pre-conversion Pre-conversion BLR BLR Post-conversion Po
Slide 60: Development Estate - Examples
60 BASS LEISURE RETAIL Development Estate - Examples Prince of Wales (Ember Inns), Sheffield 18 18 16.9 16.9 16 16 14 14 Food & Food & 12 12 Drink Drink 10 10 AWT AWT 88 5.9 5.9 66 5.1 5.1 44 22 00 Allied Allied Final Final Year Year 98/99 98/99 BLR BLR Pre-conversion Pre-conversion BLR BLR Post-con
Slide 61: Driving Scale Economies
61 BASS LEISURE RETAIL Driving Scale Economies • Further purchasing and supply chain gains anticipated • Further £15m of overhead reduction over next 2 years • Productivity and training: staff take per hour increased 3% in 99/00 • Increasing focus on brand marketing to drive LFL profits - 25% increa
Slide 62: Summary
62 BASS LEISURE RETAIL Summary • Build on proven brands • Two stage investment strategy - Growth from conversions of Development Estate - Reduced investment focused on restaurants, Goose and Ember • Exploit scale economies to drive LFL profit
Slide 63: Outlook
63 BASS PLC Outlook Strong Brands Growth and Leadership Positions Returns
Slide 64: Slide 64
Slide 65: 1999 Restatement
S1 BASS PLC 1999 Restatement £m As 53rd FRS Equivalent Published Week 15 Basis Turnover 4,686 (69) - 4,617 Operating Profit BHR $m 521 - (27) 494 BHR 321 - (17) 304 BLR 298 (6) (17) 275 Britvic 44 (2) - 42 Other 1 - - 1 Continuing 664 (8) (34) 622 Discontinued 160 (4) - 156 Total 824 (12) (34) 778 P
Slide 66: Investment
S2 BASS PLC Investment £m 99/00 98/99 Gross Disposals Net Gross Disposals Net Hotels & Resorts 342 (16) 326 285 (15) 270 Leisure Retail 250 (46) 204 241 (101) 140 Soft Drinks 55 (7) 48 39 (5) 34 Other 25 (6) 19 27 (19) 8 Continuing Ops 672 (75) 597 592 (140) 452 Discontinued 61 (4) 57 103 (54) 49 Gr
Slide 67: Occupancy, Rate and RevPAR
S3 BASS HOTELS & RESORTS Occupancy, Rate and RevPAR Occupancy % Rate $ RevPAR $ 99/00 98/99 99/00 98/99 99/00 98/99 Growth AMERICAS* - Inter-Continental 68.8 71.4 167.66 155.27 115.38 110.87 4.1% - Crowne Plaza 70.9 69.0 108.11 103.21 76.60 71.19 7.6% - Holiday Inn 65.8 65.9 79.37 75.54 52.20 49.75
Slide 68: Geographic Distribution - 99/00
S4 BASS HOTELS & RESORTS Geographic Distribution - 99/00 Americas EMEA Asia Total Pacific Hotels @ 30.9.99 2,244 453 102 2,799 Additions 241 55 69 365 Removals* (71) (22) (8) (101) Hotels @ 30.9.00 2,414 486 163 3,063 *net of reinstatements
Slide 69: Geographic Distribution - 99/00
S5 BASS HOTELS & RESORTS Geographic Distribution - 99/00 Americas EMEA Asia Total Pacific Rooms @ 30.9.99 340,191 87,782 28,774 456,747 Additions 26,551 8,159 15,873 50,583 Removals* (9,385) (3,636) (3,245) (16,266) Rooms @ 30.9.00 357,357 92,305 41,402 491,064 *net of reinstatements
Slide 70: System Size
S6 BASS HOTELS & RESORTS System Size Room Numbers Americas EMEA Asia Pacific Total Owned/Leased 10,419 14,674 2,823 27,916 Mgmt Contract 36,304 25,131 29,684 91,119 Franchised 310,634 52,500 8,895 372,029 Total 357,357 92,305 41,402 491,064
Slide 71: Inter-Continental Distribution
S7 BASS HOTELS & RESORTS Inter-Continental Distribution Inter-Continental Forum Total Hotels @ 30.9.99 121 20 141 Additions 16 0 16 Removals (5) (4) (9) Hotels @ 30.9.00 132 16 148 Rooms @ 30.9.00 44,537 6,019 50,556
Slide 72: Americas System Size - Hotels
S8 BASS HOTELS & RESORTS Americas System Size - Hotels Inter Crowne Holiday Holiday Staybridge Continental Plaza Inn* Inn Suites Express* Opening balance 35 82 1,198 926 2 Movement 5 7 (5) 118 18 Closing balance 40 89 1,193 1,044 20 Royalty Rates - - 4.5% 4.86% 4.60% * Royalty figures - North Americ
Slide 73: Americas System Size - Rooms
S9 BASS HOTELS & RESORTS Americas System Size - Rooms Inter Crowne Holiday Holiday Staybridge Continental Plaza Inn Inn Suites Express Opening balance 12,518 25,282 228,893 73,114 236 Movement 366 1,587 (1,374) 9,196 2,114 Closing balance 12,884 26,869 227,519 82,310 2,350
Slide 74: Modernisation Programme
S10 BASS HOTELS & RESORTS Modernisation Programme FY00 FY01 FY02 FY03 FY04 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 Vienna Budapest Madrid Cannes Mayfair Le Grand San Francisco Chicago New York Miami Enabling work Refurbishment New Rooms
Slide 75: Managed Outlet Numbers - 99/00
S11 BASS LEISURE RETAIL Managed Outlet Numbers - 99/00 Outlet Numbers Managed Outlets @ 30.9.99 2,496 Outlets disposed (54) Outlets acquired/built 591 Outlets @ 30.9.00 3,033
Slide 76: Branded Outlets
S12 BASS LEISURE RETAIL Branded Outlets Restaurants Sept 00 Sept 99 Increase Harvester 130 130 - Toby Carvery 39 28 +11 Vintage Inns 151 132 +19 Innkeeper’s Fayre 16 18 -2 All Bar One 54 49 +5 Browns 11 10 +1 Holiday Inn Express 16 13 +3 Alex (Managed) 19 12 +7 Other 71 82 -11 Total Restaurants 507
Slide 77: Branded Outlets (continued)
S13 BASS LEISURE RETAIL Branded Outlets (continued) Pubs & Bars Sept 00 Sept 99 Increase O’Neills 70 107 -37 Edwards 26 32 -6 It’s A Scream 71 66 +5 Goose 14 15 -1 Hollywood Bowl 21 19 +2 Ember Inns 52 26 +26 Other 31 15 +16 Total Pubs & Bars 285 280 +5 Total of branded outlets 792 754 +38
Slide 78: Total Managed Estate at 30 Sept 00
S14 BASS LEISURE RETAIL Total Managed Estate at 30 Sept 00 Outlet Numbers Restaurants 507 Pubs & Bars 285 Total Branded 792 Unbranded* 2,241 Total 3,033 *includes unconverted Development Estate
Slide 79: Distribution - 2000
S15 BASS HOTELS & RESORTS Distribution - 2000 Number of Hotels Number of Rooms Americas Owned & Leased 34 10,419 Managed & Upscale Franchise 225 59,292 NA Midscale Franchise 2,155 287,646 EMEA Owned & Leased 56 14,674 Managed and Franchised 430 77,631 Asia Pacific 163 41,402 TOTAL 3,063 491,064
Slide 80: Distribution - 1999 Year End
S16 BASS HOTELS & RESORTS Distribution - 1999 Year End Number of Hotels Number of Rooms Americas Owned & Leased 23 8,938 Managed & Upscale Franchise 115 32,630 NA Midscale Franchise 2,106 298,623 EMEA Owned & Leased 55 14,847 Managed and Franchised 398 72,935 Asia Pacific 102 28,774 TOTAL 2,799 456,