Mitchells & Butlers — H1 2015 Earnings Presentation

5 slides from Mitchells & Butlers's earnings presentation, Sep 8, 2015

Slide 1: Supplementary Slides - Half Year Results 2015
Supplementary Slides Half Year Results 2015
Slide 2: H1 2015 - Outlet numbers by market segment
H1 2015 - Outlet numbers by market segment Special: Browns 25 Miller & Carter 36 Upmarket Premium Country Pubs 126 social: Vintage Inns 189 All Bar One 50 Family: Alex 43 Harvester 219 Castle 113 Nicholson’s 80 Toby Carveries 161 Heartland: Crown Carveries 111 Oak Tree O’Neill’s and Everyday social:
Slide 3: H1 2015 - Outlet reconciliation
H1 2015 - Outlet reconciliation Total Franchised Total MAB managed Opening outlets 1,775 57 1,832 (end FY 2014) Transfers (1) (1) Disposals (6) (6) Acquisitions 9 9 Closing outlets 1,777 57 1,834 (end H1 2015) Average trading pubs* 1,763 H1 2015 average £22.4k weekly take* Note: Lodges attached to s
Slide 4: H1 2015 - Financial covenants summary
H1 2015 - Financial covenants summary Securitisation restricted payment tests Test Actual (Relevant year) Headroom Free cash flow to debt service 1.3x 1.5x £41m EBITDA to debt service 1.7x 1.9x £38m Securitisation covenants Covenant Actual (Relevant year) Headroom Free cash flow to debt service 1.1x
Slide 5: H1 2015 - Securitisation profile
H1 2015 - Securitisation profile Debt service 250.00 200.00 Annual amortisation 150.00 Annual cash interest £ms 100.00 50.00 0.00 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 Sep 31 Sep 32 Sep 33 Sep 34 Sep 35 Sep 36 Supplemen