Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — FY2005 Earnings Presentation
14 slides from Mitchells & Butlers's earnings presentation, Nov 30, 2005
Slide 1: Supplementary Information
Supplementary Information Preliminary Results – 30 November 2005
Slide 2: Mitchells and Butlers - Retail FY 2005
Mitchells and Butlers - Retail FY 2005* Restaurants Pubs & Bars Total Food Sales £384m £127m £511m Food Sales Mix % 55.1% 13.3% 30.9% Drink Sales £254m £705m £959m Total Sales £697m £957m £1654m Operating Profit ** £116m £180m £296m * Excluding SCPD and for 53 weeks ** Excluding exceptional items 2
Slide 3: Mitchells and Butlers – Retail Sales Growth – FY 2005
Mitchells and Butlers – Retail* Sales Growth – FY 2005 Total Turnover** up 4.4% Same Outlet like-for-likes** up 4.8% Uninvested like-for-likes** up 3.0% * Excluding SCPD ** On 52 week basis 3
Slide 4: Like-for-Like Sales: Divisional
Like-for-Like Sales: Divisional FY 05* H2 05** Same Outlet (Invested + Uninvested) Pubs & Bars +3.4% +3.8% Restaurants +6.9% +6.1% Total +4.8% +4.7% Uninvested Pubs & Bars +2.1% +2.4% Restaurants +4.4% +3.1% Total +3.0% +2.7% * 52 weeks ** Wks 33-52 to exclude Easter from both periods 4
Slide 5: Mitchells and Butlers – Retail FY 2005
Mitchells and Butlers – Retail FY 2005* FY 2005** FY 2004 Pub staff costs %age 24.2% 24.1% Net Operating Margin 17.9% 17.5% Expansionary Capex £61m £57m Maintenance Capex £106m £93m Disposals £57m £51m *Excluding SCPD ** 53 weeks 5
Slide 6: Performance by Segment
Performance by Segment Residential Locals Pub Restaurants Inc. ROI 16%* Inc. ROI 18%* Total sales +4.0%** Total sales +8.5%** AWT £12k** AWT £23k** Drinks Food led led Inc. ROI 15%* Inc. ROI 8%* Total sales +2.5%** Total sales +3.3%** AWT £15k** AWT £25k** High Street Restaurants City Centre Note: *
Slide 7: Spectrum of Brands and Operating Formats – FY 2005
Spectrum of Brands and Operating Formats – FY 2005 Residential Other Pub Local Pub Pub Local Pubs Pubs Restaurants 43% Restaurants Restaurants 43% Ember Inns Harvester 39 27% 27% 170 128 Other Locals 32 283 Scream Pub Carveries 87 Sizzling Toby Metropolitan Vintage Inns 169 71 95 Professionals 198 A
Slide 8: Outlet Reconciliation – FY 2005
Outlet Reconciliation – FY 2005 Outlet Reconciliation - FY 2005 Total MAB Franchised Total Managed Pubs & Bars Restaurants Opening Outlets (end FY 04) 2006 87 1919 1317 602 Transfers 0 29 -29 -21 -8 Disposals -39 -1 -38 -30 -8 Acquisitions 6 0 6 1 5 Closing Outlets (end FY 05) 1973 115 1858 1267 591
Slide 9: Managed Estate – Number of Outlets and AWT
Managed Estate – Number of Outlets and AWT Managed Estate - Number of Outlets and AWT Branded Unbranded Total Pubs & Bars FY 05 HY 05 FY 04 FY 05 HY 05 FY 04 FY 05 HY 05 FY 04 Period End Outlets 694 693 685 573 595 632 1267 1288 1317 Average Trading Outlets 693 685 673 594 618 660 1287 1303 1333 AWT
Slide 10: Dividends
Dividends 2005 2004 Interim 3.20p 2.85p Final 7.55p 6.65p Total 10.75p 9.50p up 13.2% 10
Slide 11: FRS 17 Adjustment
FRS 17 Adjustment FY04 Adj FY04 Reported Restated £m £m £m Turnover 1,560 1,560 Operating Profit*: Pubs & Bars 180 (7) 173 Restaurants 104 (5) 99 SCPD 1 1 Total 285 (12) 273 PBT 184 (11) 173 Earnings* 124 (7) 117 EPS* 22.2p (1.3p) 20.9p Net Assets 1,642 (219) 1,423 * Excluding Exceptional Items 11
Slide 12: Securitisation Overview – Key Terms of Notes
Securitisation Overview – Key Terms of Notes Amount at 1 Legal October Maturity Expected Maturity Class 2005 Date Date Coupon Ratings A1 £200m Dec-30 Dec-10 £ Libor + 0.45% AAA /AAA/Aaa A2 £507m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3 $418.75m* Dec-30 Dec-10 $ Libor + 0.45% AAA /AAA/Aaa B1 £330m Dec-25
Slide 13: Securitisation Overview - Amortisation Profile of Bonds
£ 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 01/11/2
Slide 14: Glossary of Terms
Glossary of Terms AWT (Average weekly take): the average sales per pub per week, calculated as total sales divided by the average number of pubs trading during the year divided by 52 weeks. Cover volumes: the number of main meals sold Incremental returns: growth in annual pre-tax EBIT expressed as a