Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — FY2004 Earnings Presentation
12 slides from Mitchells & Butlers's earnings presentation, 2004
Slide 1: Supplementary Information
Supplementary Information 1 Preliminary Results 2004
Slide 2: Mitchells and Butlers – Retail FY 2004
Mitchells and Butlers – Retail FY 2004* FY 2004 FY 2003 Pub staff costs %age 23.8% 23.9% Net Operating Margin 18.3% 18.4% Expansionary Capex £57m £73m Maintenance Capex £93m £78m Disposals £51m £48m i.e. Excluding SCPD 2 Preliminary Results 2004
Slide 3: Mitchells and Butlers - Retail FY 2004
Mitchells and Butlers - Retail FY 2004* £m Restaurants Pubs & Bars Total Food Sales £350m £114m £464m Food Sales Mix % 54.6% 12.5% 29.9% Drink Sales £238m £682m £920m Total Sales £641m £913m £1554m Operating Profit £104m £180m £284m i.e. Excluding SCPD 3 Preliminary Results 2004
Slide 4: Retail Sales Growth – FY 2004
Mitchells and Butlers - Retail Sales Growth – FY 2004 Total Turnover up 4.5% Same Outlet: i.e. Invested like for likes up 5.6% Uninvested like for likes up 3.8% 4 Preliminary Results 2004
Slide 5: Spectrum of Brands and Operating Formats – FY 2004
Spectrum of Brands and Operating Formats – FY 2004 Residential Other Pub Restaurants Local Pub Pub Local Pubs Pubs 43% Restaurants Restaurants 43% Ember Inns Harvester 27% 27% 170 132 Other Locals 59 314 Scream 90 Sizzling Toby Metropolitan Vintage Inns 156 58 85 Professionals 17 206 Arena 61 Innkee
Slide 6: Like-for-Like Sales
Like-for-Like Sales Same outlet (i.e. Invested) FY 2004 H2 2004* Total company +5.6% +6.0% Pubs & Bars +4.6% +4.3% Restaurants +7.0% +8.4% Uninvested Total company +3.8% +4.4% Pubs & Bars +2.3% +2.0% Restaurants +5.9% +7.5% * wks 33-52 to exclude Easter 6 Preliminary Results 2004
Slide 7: Performance by Segment – FY 2004
Performance by Segment – FY 2004 Residential Locals Pub Restaurants Inc. ROI 17%* Inc. ROI 16%* Total sales +3% Total sales +9% AWT £12k** AWT £21k** Drinks Food led led Inc. ROI 14%* Inc. ROI 10%* Total sales +3% Total sales +1% AWT £12k** AWT £23k** High Street Restaurants City Centre Note: Manage
Slide 8: Dividends
Dividends z 2004 final dividend: 6.65p (18% increase over 2003 final) z 2004 interim 2.85p z Total 2004 dividend 9.5p z Progressive dividend policy thereafter to deliver real growth 8 Preliminary Results 2004
Slide 9: Glossary of Terms
Glossary of Terms z 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 10: Glossary of Terms
Glossary of Terms z Productivity: sales less hourly paid wages divided by the number of hours worked. z Same outlet like for like sales: include all managed pubs that were trading for the two periods being compared. z Securitisation: a means of raising finance secured on identifiable and predictable
Slide 11: 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 12: Securitisation Overview - Amortisation Profile of Bonds
12 £ 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