Fuller, Smith & Turner P.l.c. Class A · LSE:FSTA
Fuller, Smith & Turner P.l.c. Class A — Investor Presentation (March 2021)
11 slides from Fuller, Smith & Turner P.l.c. Class A's investor presentation, March 2021
Slide 1: Investor Presentation
The White Horse at Wembley INVESTOR PRESENTATION Opened October 2020
Slide 2: Disclaimer
DISCLAIMER NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN The information contained in this presentation (the “Presentation”) has been prepared and issued by and is the sole responsibility o
Slide 3: Background to the Placing
BACKGROUND TO THE PLACING • Business entered the pandemic in an excellent position, as a premium pubs and hotels operator Strength of the primarily focused on the South East business pre-COVID • Primarily freehold nature of the estate and the sale of the Fuller’s Beer Business in 2019 ensured a stro
Slide 4: Strength of the Business Pre-COVID
STRENGTH OF THE BUSINESS PRE-COVID • Strong long-term performance, with a 10-year track record of consistent profit ADJUSTED INNS PROFIT (M)* and dividend growth +110% † 47.9 • An unwavering long-term focus – with a predominately freehold estate which 34.8 underpins the balance sheet and supports th
Slide 5: The First Half of 2020 – Where We Were
THE FIRST HALF OF 2020 – WHERE WE WERE • Completed the final elements of the Transitional Services Agreement with Asahi • New Exec Team in place and ready to action strategic growth plans • Streamlined our support function and moved into Pier House – our new freehold offices at Strand-on-the-Green •
Slide 6: The Impact of the Third Lockdown
THE IMPACT OF THE THIRD LOCKDOWN • The majority of pubs and hotels have been closed since mid December, having only just opened following the second lockdown • In the second half of FY21, the business will have been fully closed for four months (and largely closed for the important Christmas and New
Slide 7: Actions Taken and Government Support
ACTIONS TAKEN AND GOVERNMENT SUPPORT • Agreed revised covenants with all lenders, focused on liquidity • Paused dividend programme • Undertaken proactive discussions with landlords and supply chain Management • Temporary salary reductions for Board and Executive Team members Actions • Streamlined su
Slide 8: Financial Position and Extension of Facilities
FINANCIAL POSITION AND EXTENSION OF FACILITIES • Current debt facilities are £318m (not fully drawn), with the following maturities: – £100m CCFF commercial paper – to be repaid in May 2021 – £192m debt facilities – August 2021 – £26m of debentures – £6m in 2023 and £20m in 2028 • Current net debt p
Slide 9: Proposed Placing and Use of Proceeds
PROPOSED PLACING AND USE OF PROCEEDS • Proposed equity placing of up to 20% (c.£50m) of ‘A’ Issued Share Capital, and B Share Offer of up to 4.5m B Shares in treasury pro rata to B ordinary shareholders • The net proceeds from the Placing, together with the revised banking facilities, will: – streng
Slide 10: Scenario Analysis
SCENARIO ANALYSIS Key Assumptions Financial Impact Use of Proceeds • Assumptions in line with • Inbound tourism revenues down 75% in FY22 • Placing provides Government Roadmap • Urban revenues from corporate activity down 50% further balance sheet strength • Inbound tourism continues to be • H1 reve
Slide 11: Long Term Strategic Outlook
LONG TERM STRATEGIC OUTLOOK • Fuller’s is well-placed to emerge in a strong position as the UK reopens, with significant UK domestic pent-up demand • Clear, long-term strategy remains unchanged with a focus on delicious food, a vibrant portfolio of drinks, beautiful bedrooms and outstanding customer
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