Mitchells & Butlers — H1 2016 Earnings Presentation

4 slides from Mitchells & Butlers's earnings presentation, May 19, 2016

Slide 1: Half Year Results 2016 Supplementary Slides
Half Year Results 2016 Supplementary Slides 19 May 2016 –1–
Slide 2: H1 2016 – Outlet reconciliation
H1 2016 – Outlet reconciliation Total Managed Franchised Total MAB Opening outlets (start FY 2016) 1,779 55 1,834 Transfers (1) (1) Disposals (4) (1) (5) Acquisitions 5 1 6 Closing outlets (end H1 2016) 1,779 55 1,834 Note: Lodges attached to sites do not appear as a separate outlet. Total includes
Slide 3: H1 2016 – Financial covenants summary
H1 2016 – Financial covenants summary Securitisation Restricted Payments Tests Test Actual (Relevant Year) Headroom Free cash flow to debt service 1.3x 1.5x £43m EBITDA to debt service 1.7x 1.9x £44m Securitisation Covenants Covenant Actual (Relevant Year) Headroom Free cash flow to debt service 1.1
Slide 4: H1 2016 – Securitisation profile
H1 2016 – Securitisation profile £ms Debt service (250.00) (200.00) Annual cash interest Annual amortisation (150.00) (100.00) (50.00) 0.00 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 –4– Su