Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2009 Earnings Presentation
12 slides from Mitchells & Butlers's earnings presentation, May 21, 2009
Slide 1: Supplementary Information – Interim Results 21 May 2009
Supplementary Supplementar y Info Infor mation Interim Results – 21 May 2009 1
Slide 2: Retail revenue & profit H1 09
Retail revenue & profit H1 09* Restaurants Pubs & Bars Total Food Revenue £310m £98m £408m Food Revenue Mix% 60.7% 60 7% 19 1% 19.1% 39 9% 39.9% Drink Revenue £178m £358m £536m Total Revenue £511m £512m £1,023m Operating Profit ** £58m £81m £139m * Excluding SCPD ** Before exceptional items and IAS
Slide 3: Retail revenue growth H1 09
Retail revenue growth H1 09 Total Revenue* up 3.0% Same Outlet like-for-likes** up 1.2% Uninvested like-for-likes** up 0.2% * Excluding SCPD **wks 1-33 to include Easter in both periods being compared 3
Slide 4: Uninvested like-for-like sales H1 09
Uninvested like- like-for- for-like sales H1 09 H1 2009* H2 2008** Di i i Divisional l Pubs & Bars*** 1.1% (1.5)% Restaurants (0 9)% (0.9)% 0 8% 0.8% Segmental Residential 0 6% 0.6% (0 3)% (0.3)% High Street 0.1% (0.1)% Total*** 0 2% 0.2% (0 4)% (0.4)% *Wks 1-33 to include Easter in both periods bei
Slide 5: Retail H1 09
Retail H1 09* H1 2009 H1 2008 Pub staff costs %age 24.5% 24.4% N tO Net Operating ti M Margin i 13 6% 13.6% 16 8% 16.8% Expansionary Capex £37m £58m Maintenance Capex £40m £59m Disposals £53m £54m *Excluding SCPD 5
Slide 6: Retail Beer Price – Comparison of Information Sources
Retail Beer Price – Comparison of Information Sources z CGA approach Calculates an average price based on an un-weighted average not reflecting relative product volumes e.g. Carling price has same weighting as Becks Vier price z AC Nielsen Calculates an average price based on weighted average re
Slide 7: CROCCE and NOPAT – H1 09
CROCCE and NOPAT – H1 09 12 months to 11 April 2009 £m CROCCE £m NOPAT EBIT 314 314 Depreciation/Amortisation 131 EBITDA 445 Cash Tax ((at 26.4% of EBIT))* ((83)) (83)) Cash Return 362 231 Average Net Operating Assets 4687 4687 Average Accumulated Depreciation 562 9.9% 7.5% Average Revaluations (165
Slide 8: Performance by Segment H1 09
Performance by Segment H1 09 Locals Residential Pub Restaurants Inc. ROI 16.7%* Inc. ROI 13.9%* Total sales +3.3% Total sales +6.2% AWT £15k** AWT £24k** Drinks Food led led Inc. ROI 14.9%* Inc. ROI 10.1%* Total sales -1.5% Total sales -2.3% AWT £19k £19k** AWT £31k** £31k High Street Restaurants Ci
Slide 9: Brands and operating formats – H1 09
Brands and operating formats – H1 09 Crown Carveries R id ti l Residential Pub Local Pubs Other Locals Other pub Ember Inns restaurants Restaurants 37% of pubs 172 108 Harvester 40% of pubs 30% of sales 55 172 47% of sales C Cornerstone t Premium 56 Country 126 Dining Sizzling Toby 198 133 23 Vintag
Slide 10: Outlet Reconciliation H1 09
Outlet Reconciliation H1 09 Total MAB Franchised Total Managed Pubs & Bars Restaurants Closing Outlets (end FY 08) 1993 94 1899 1081 818 Transfers 0 1 -1 2 -3 Disposals -14 0 -14 -11 -3 Acquisitions 3 0 3 0 3 Closing Outlets (end H1 09) 1982 95 1887 1072 815 Average A erage T Trading rading Pubs* P
Slide 11: Securitisation Overview H1 09
Securitisation Overview H1 09 Legal Balance Maturity Class at 11/4/09 Date Coupon Ratings A1N £200m Dec-30 £ Libor + 0.18% AA/AAA/A1 A2 £415.1m Dec-30 5.574% AA/AAA/A1 A3N $418.75m* Dec-30 $ Libor + 0.18% AA/AAA/A1 A4 £170m Dec-30 £ Libor + 0.23% AA/AAA/A1 AB £325m Dec-33 £ Libor + 0.24% A/AA/A3 B1
Slide 12: Financial Covenants Summary H109
Financial Covenants Summary H109 Securitisation Restricted Payment Tests Covenant Actual Headroom (Relevant Year) Free Cashflow to Debt Service 1.3x 1.7x £75m EBITDA to Debt Service 1.7x 2.1x £69m Securitisation Covenants Covenant Actual Headroom (Relevant Year) Free Cashflow to Debt Service 1.1x 1