Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — FY2006 Earnings Presentation
13 slides from Mitchells & Butlers's earnings presentation, Nov 29, 2006
Slide 1: Supplementary Information
Supplementary Information Preliminary Results – 29 November 2006 1
Slide 2: Divisional Revenue & Profit FY 2006
Divisional Revenue & Profit FY 2006* Restaurants Pubs & Bars Total Food Revenue £430m £131m £561m Food Revenue Mix 56.4% 13.7% 32.6% Drink Revenue £272m £700m £972m Total Revenue £762m £958m £1720m Operating Profit ** £130m £179m £309m * Excluding SCPD ** Excluding exceptional items *** Includes con
Slide 3: Retail Revenue Growth FY 2006
Retail Revenue Growth* FY 2006 Total Revenue up 3.9% Same Outlet like-for-likes up 4.1% Uninvested like-for-likes up 2.6% * Excluding SCPD and the Acquired Sites 3
Slide 4: Divisional Like-for-Like Sales FY 2006
Divisional Like-for-Like Sales FY 2006* FY 06 H1 06** Same Outlet (Invested + Uninvested) Pubs & Bars +3.5% +3.4% Restaurants +5.0% +5.3% Total +4.1% +4.2% Uninvested Pubs & Bars +2.4% +2.3% Restaurants +2.9% +3.0% Total +2.6% +2.6% * Excludes the Acquired Sites ** 32 weeks to include the entire Eas
Slide 5: Retail FY 2006
Retail FY 2006* FY 2006 FY 2005** Retail staff costs %age 23.7% 23.8% Net Operating Margin 18.0% 17.7% Expansionary Capex £73m £61m Maintenance Capex £109m £106m Disposals £88m £57m *Excluding SCPD and the Acquired Sites ** 53 weeks 5
Slide 6: Performance by Segment FY 2006
Performance by Segment FY 2006* Residential Locals Pub Restaurants Inc. ROI 18%** Inc. ROI 19%** Total sales +3.2% Total sales +6.9% AWT £13k AWT £24k Drinks Food led led Inc. ROI 15%** Inc. ROI 9%** Total sales -0.2% Total sales +0.5% AWT £16k AWT £26k High Street Restaurants City Centre Notes: * E
Slide 7: Spectrum of Brands and Operating Formats
Spectrum of Brands and Operating Formats Residential Pub Carveries Pub Pub Local Local Pubs Pubs Ember Inns Other Pub Restaurants Restaurants Restaurants 38% 38% of of pubs pubs 171 Other Locals 37% 48 Harvester 37% of of pubs pubs 29% of sales 29% of sales 46% 30 121 46% of of sales sales 19 318 Pr
Slide 8: Outlet Reconciliation FY 2006
Outlet Reconciliation FY 2006 Outlet Reconciliation - FY 2006 Total MAB Franchised Total Managed Pubs & Bars Restaurants Opening Outlets (end FY 05) 1973 115 1858 1267 591 Transfers 0 12 -12 -19 7 Disposals -61 0 -61 -55 -6 Acquisitions 240 0 240 0 240 Closing Outlets (end FY 06) 2152 127 2025 1193
Slide 9: Managed Estate – Number of Outlets and FY 2006
Managed Estate – Number of Outlets and FY 2006 Branded Unbranded Total Pubs & Bars FY06 H106 FY05 FY06 H106 FY05 FY06 H106 FY05 Period End Pubs 670 688 694 523 551 573 1193 1239 1267 Average Trading Pubs 683 690 693 555 570 594 1238 1260 1287 AWT 15.9 15.6 15.3 12.6 12.2 11.7 14.4 14.0 13.6 Restaura
Slide 10: Dividends FY 2006
Dividends FY 2006 2006 2005 Interim 3.65p 3.20p Final 8.60p 7.55p Total 12.25p 10.75p up 14% 10
Slide 11: FY 2006/7 - Points to Note
FY 2006/7 - Points to Note z Recent pub disposals FY06 Revenue c.£50m; EBIT £11m – all Pubs & Bars Exceptional profit on disposal £19m in H1 z Acquired Sites integration £5m exceptional costs – mainly H1 z NMW and energy cost increases Estimated at £14m z Pensions contributions £40m paid i
Slide 12: Securitisation Overview FY 2006
Securitisation Overview FY 2006 Legal Balance Maturity Expected Maturity Class at 30/11/06 Date Date Coupon Ratings A1N* £200m Dec-30 Dec-10 £ Libor + 18bps AAA /AAA/Aaa A2 £482m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3N* $418.75m** Dec-30 Dec-10 $ Libor + 18bps AAA /AAA/Aaa A4* £170m Dec-30 Dec-13 £ Li
Slide 13: Glossary of Terms
Glossary of Terms Acquired Sites: 239 pub restaurant sites acquired from Whitbread plc in July 2006 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 the number of weeks in the financial y