Mitchells & Butlers Plc · LSE:MAB
Mitchells & Butlers — FY2010 Earnings Presentation
13 slides from Mitchells & Butlers's earnings presentation, Nov 23, 2010
Slide 1: Supplementary Information: Market and Financial
Supplementary Information Market and Financial Final Results – 23 November 2010
Slide 2: Market consumer expenditure (£bn)
Market consumer expenditure (£bn) 1984 to 2009 80 Total Total (Nominal) (Real) 70 5.6% 0.9% 60 50 7.5% 2.6% 40 30 20 10 3.7% -0.9% CAGR Actual 0 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20
Slide 3: Food and drink market (£bn) – in and out of home
Food and drink market (£bn) – in and out of home Household expenditure on all food* and alcoholic drink 2009 £ billions 98.7 68.2 Total 100% Alcohol 14.9 166.9 Alcohol w/o accompanying food 15.9 80 Alcohol with accompanying food 10.6 60 Food & Soft Drinks 83.8 40 Food & Soft Drinks 41.7 20 0 In Home
Slide 4: Pure alcohol volumes – in and out of home
Pure alcohol volumes (thousand hectolitres) – in and out of home 1,957 1,642 1,060 473 Total 100% 5,132 Out of Home 326 Out of home Out of Home 228 80 Out of Home 1,040 202 60 In Home 1,316 In home 40 In Home 832 In Home 917 271 20 0 Beer Cider Wine Spirits Two thirds of alcohol consumed in the home
Slide 5: Average main meal price (£)
Average main meal price (£) NB. Excludes promotions 10.00 11.00 12.00 13.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 Crown Carveries Source: CGA data, MAB estimates Sizzling Pub Co Wetherspoons Walkabout Brewers Fayre Hungry Horse Lloyds No1 O'Neill's Yates's Ember Toby Carvery Pizza Hut Nando's Table Tab
Slide 6: Average standard lager price (£)
Average standard lager price (£) Excludes promotions 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Source: CGA data, MAB estimates Sizzling Pub Co Wetherspoon Lloyds No.1 Bostin Locals Yates's Crown Carveries John Barras & Co Ember Table Table Beefeater Hungry Horse All Bar One Brewers Fayre 6 Toby Carver
Slide 7: Same outlet like-for-like sales FY10
Same outlet like-for-like sales FY10 H1 10* H2 10** FY10 Total Company Food 4.3% 4.8% 4.5% Drink 0.3% 0.7% 0.5% Other (2.3)% (1.9)% (2.2)% Total 1.8% 2.3% 2.0% Total Retained Estate Food 4.5% 5.0% 4.7% Drink 1.4% 1.5% 1.4% Other (3.2)% (1.5)% (2.6)% Total 2.7% 3.0% 2.8% *Wks 1-33, includes Easter in
Slide 8: Spend per head FY10
Spend per head FY10 (incl VAT) Food Drinks 1.2% 5 4 3.7% 2.6% 3 Average spend (%) +4.9% 2 LFL Price +3.3% 1 0.7% LFL Price 1 2 8
Slide 9: Company statistics FY10
Company statistics FY10 FY09 FY10 Pub staff costs %age 24.3% 24.5% Expansionary capex £36m £28m Maintenance capex £86m £110m Disposals £72m £130m 9
Slide 10: Brands and operating formats FY10
Brands and operating formats FY10 Residential Value Suburban City & Country 23% of pubs 35% of pubs 42% of pubs 23% of sales 37% of sales 40% of sales 112 Crown Vintage Inns Carveries Toby 221 69 134 Metropolitan Sizzling Harvester Professionals 172 Premium 201 Country Dining 100 Ember Inns 17 Nicho
Slide 11: Outlet reconciliation FY10
Outlet reconciliation FY10 Total MAB Franchised Total Managed Closing outlets (end FY09) 1970 89 1881 Transfers 0 6 -6 Disposals -62 -9 -53 Acquisitions 1 0 1 Closing outlets (end FY10) 1909 86 1823 Average trading pubs* 1846 Average weekly take* £20.3k Note: Lodges attached to pubs do not appear as
Slide 12: Securitisation overview FY10
Securitisation overview FY10 Legal Balance Maturity Class at 25/09/10 Date Coupon Ratings A1N £200m Dec-30 £ Libor + 0.18% AA/AAA/A1 A2 £371.4m 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 13: Financial covenants summary FY10
Financial covenants summary FY10 Securitisation Restricted Payment Tests Covenant Actual Headroom (Relevant Year) Free Cashflow to Debt Service 1.3x 1.6x £61m EBITDA to Debt Service 1.7x 2.0x £62m Securitisation Covenants Covenant Actual Headroom (Relevant Year) Free Cashflow to Debt Service 1.1x 1.