Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — FY2011 Earnings Presentation
7 slides from Mitchells & Butlers's earnings presentation, Nov 22, 2011
Slide 1: Supplementary Information: Final Results – 22 November 2011
Supplementary Information Final Results – 22 November 2011
Slide 2: Food and drink market (£bn)
Food and drink market (£bn) Total £103bn £70bn £173bn 100% Alcohol 15 80 Alcohol without food 22 Alcohol with food 5 60 Food and soft drinks 88 40 Food and soft drinks 43 20 0 In Home Out of Home £70bn eating and drinking out market Source: Q4 2010 Consumer Trends, ONS. Note that the ONS no longer s
Slide 3: Eating out of home
£bn 25 27 29 31 33 35 37 39 41 43 45 2000 Q1 2000 Q2 2000 Q3 2000 Q4 2001 Q1 2001 Q2 MAT eating out of home data 2001 Q3 2001 Q4 2002 Q1 2002 Q2 2002 Q3 2002 Q4 Source: Q1 2011 Consumer Trends, ONS. 2003 Q1 2003 Q2 2003 Q3 2003 Q4 2004 Q1 2004 Q2 Eating out of home 2004 Q3 2004 Q4 3 2005 Q1 2005 Q2
Slide 4: Alcoholic drinks away from the home
20 21 22 23 24 £bn 25 26 27 28 29 30 2000 Q1 2000 Q2 2000 Q3 2000 Q4 2001 Q1 2001 Q2 2001 Q3 MAT drinking out of home data 2001 Q4 2002 Q1 2002 Q2 2002 Q3 2002 Q4 Source: Q1 2011 Consumer Trends, ONS. 2003 Q1 2003 Q2 2003 Q3 2003 Q4 2004 Q1 2004 Q2 2004 Q3 2004 Q4 4 2005 Q1 2005 Q2 2005 Q3 2005 Q4 2
Slide 5: Food as % of sales
Estate details by food spend High Miller & Carter Harvester Crown 185 21 Toby Carveries Vintage Inns 139 118 229 Food as % of sales 21 79 Alex 39 Sizzling 47 Browns Premium Pubs Ember All Bar One Country 217 Dining 131 Town Centre & Community Nicholson’s 81 Metropolitan 76 Professionals O’Neill’s 96
Slide 6: Outlet reconciliation FY 2011
Outlet reconciliation FY 2011 Total Franchised Total MAB Managed Closing outlets (end FY 10) 1,909 86 1,823 Transfers 1 3 (2) Disposals (367) (20) (347) Acquisitions* 62 0 62 Closing outlets (end FY 11) 1,605 69 1,536 Average trading pubs** 1,505 Average weekly take** £22.2k Note: Lodges attached to
Slide 7: Financial covenants summary FY 2011
Financial covenants summary FY 2011 Securitisation Restricted Payment Tests Test Actual EBITDA (Relevant Year) Headroom Free Cash flow to Debt Service 1.3x 1.5x £43m EBITDA to Debt Service 1.7x 2.0x £51m Securitisation Covenants Covenant Actual Headroom (Relevant Year) Free Cash flow to Debt Service