Slide 1: Interim Results
The London and North Western, Birmingham New Street Station INTERIM RESULTS 24 March 2023
Slide 2: The Prense Well, Heswall 1
The Prense Well, Heswall 1
Slide 3: Financial Summary
Financial Summary H1 H1 20223 Var% 20222,3 20213 2020 2019 2018 20172 2016 2015 2014 2013 20233 Revenue 916.0 807.4 13.5% 1,740.5 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 1,513.9 1,409.3 1,280.9 (£m) Like-for-like sales4 +5.0% -7.4% -4.7% -38.4% -29.5% +6.8% +5.0% +4.0% +3.4% +3.3% +5.5% +5.8%
Slide 4: Average Weekly Sales Per Pub (including VAT)
Average Weekly Sales Per Pub (including VAT) £000 48.0 50.1 46.5 48 45.3 44.4 46 44 41.7 41.9 42 39.0 40 37.4 38 36.0 36 34.0 34.1 34 32 30 28 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 H1 2022 2023 Financial years 2020, 2021 and 2022 were impacted from a VAT reduction during the COVID-19
Slide 5: Underlying Earnings/(Loss) Per Share (pence)
Underlying Earnings/(Loss) Per Share (pence)* pence 76.5 80.0 70.2 66.6 70.0 60.0 44.7 48.0 47.6 43.8 50.0 40.0 30.0 20.0 10.0 (25) (119.1) (21.3) (21.0) 0.6 0.0 -10.0 -20.0 -30.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 2022 H1 2023 *Underlying earnings/(loss) per share are before separ
Slide 6: Like-for-like Performance
Like-for-like Performance H1 H1 % 2023 2022 2022 (vs 2019) (vs 2019) (vs 2019) 2021 2020 2019 2018 2017 2016 2015 2014 2013 Bar -0.8 -9.0 -6.5 -42.2 -29.3 +5.8 +5.1 +3.1 +3.3 +1.2 +2.7 +3.8 Food +12.0 -6.0 -3.2 -37.4 -30.1 +8.3 +5.1 +5.7 +3.5 +7.3 +12.0 +10.9 Fruit/slot +44.3 +8.1 +12.3 -52.1 -20.9
Slide 7: 10 Year Operating Profit
10 Year Operating Profit H1 H1 20232 20222 20221,2 20212 2020 2019 2018 20171 2016 2015 2014 2013 £m Total sales exc VAT 916.0 807.4 1,740.5 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 1,513.9 1,409.3 1,280.9 Pub profit (pre 171.7 133.1 333.7 82.3 214.2 349.7 338.6 330.6 288.3 285.4 284.4 259.0 re
Slide 8: Dividend and Allocation of Resources
Dividend Allocation of Resources Freehold reversions and investment properties £13m Share buybacks £15m £8m £24m £15m £13m Capital Expenditure on £14m new and £22m £16m existing pubs £89m £13m £36m £13m £15m £98m £8m £52m £23m £77m £54m £28m £15m £26m £8m £6m £5m £154m £151m £113m £115m £17m £19m £9
Slide 9: Cash Capital Expenditure
Cash Capital Expenditure £m H1 2023 H1 2022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 New Openings and Extensions: Acquisition and development costs: Current year 4.9 10.6 26.2 11.5 18.6 19.8 32 27.2 38.6 76.5 64.5 40.4 Future year 5.8 11.7 24.9 9.6 31.8 7.5 14.4 13.1 16.6 30.5 33.2 12.8 Fre
Slide 10: Movement in Net Debt
Movement in Net Debt £m H1 2023 H1 2022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Opening Net debt 891.6 845.5 845.5 817.0 737.0 726.2 696.3 650.8 601.1 556.6 474.2 462.6 Free cash flow (166.0) 34.5 (21.9) 83.3 58.9 (97.0) (93.4) (107.9) (90.5) (109.8) (92.9) (65.3) Disposal of fixed assets
Slide 11: 10 Year Debt Overview
10 Year Debt Overview Half Year Year End Half Year Year End Half Year Year End Half Year 2020 2020 2021 2021 2022 2022 2023 £m £m £m £m £m £m £m Net Debt 805 817 812 846 920 892 744 Trade and other payables 315 255 185 260 245 283 259 Net Debt + Trade and 1,119 1,072 997 1,105 1,165 1,174 1,003 othe
Slide 12: Property Update
Property Update H1 2023 H1 2022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Trading pubs at start of FY 852 861 861 872 879 883 895 926 951 927 886 860 Freehold pubs opened – 4 7 4 2 4 6 9 10 24 31 14 Leasehold pubs opened 2 – – 1 – 1 – 1 6 6 15 15 Sold or closed pubs (11) (6) (16) (16) (9) (9
Slide 13: People and standards
People and standards Average Pub Average Kitchen Financial Manager length of Manager length of year service service (Years) (Years) 2013 9.1 6.0 Bonus 2014 10.0 6.1 and Profit/(loss) after Bonus and free shares as • The company has just over 40,000 2015 10.1 6.1 Financial year free shares tax % of p
Slide 14: CGA Brandtrack research – April 2022
CGA Brandtrack research – April 2022 In the unlicensed market, Wetherspoon is the 3rd most visited of all brands in a six month period 1st 2nd 3rd 4th 5th Usage 59% 51% 43% 40% 36% Awareness 100% 92% 83% 88% 93% CGA BrandTrack April 2022 13
Slide 15: CGA Brandtrack research – April 2022
CGA Brandtrack research – April 2022 The only other licensed brand that falls into the top 10 is Nando’s, with other key competitors only just making it into the top 15 % of consumers visited in Top 6 brands in GB Ranking amongst all brands the last 6 months JD Wetherspoon 43% 3rd Nando's 20% 9th To
Slide 16: ESG (Environmental, social and governance)
ESG (Environmental, social and governance) Wetherspoon is committed to operating ethically and sustainably TARGETS SOME OF THE ACHIEVEMENTS TO DATE Submission to Science Based Targets Overall, the company has achieved a Initiative made in January 2023. reduction of 49.5% in scope 1 and scope R
Slide 17: Changing sales mix since 2000
100% Changing sales mix since 2000 6% 5% 4% 3% 3% 3% 3% 90% 18% (4.2k) 25% (6.9k) 29% 33% 80% (8.7k) 35% 34% (11.1k) (17.3k) 38% (16.2k) (19.2k) 70% 60% Hotel 50% Machines Food Bar 40% 76% (17.2k) 70% (19.7k) 66% 63% 61% 61% 19.8k 30% (21.4k) (28.8k) (27.1k) 57% (28.5k) 20% 10% 0% 2000 2005 2009 201
Slide 18: Taxation
Taxation* £5.6 billion of tax revenue has been generated by the company, its staff and customers in the last 9.5 years TOTAL 2014 to 2023 H11 20221 20211 2020 2019 2018 2017 2016 2015 2014 2023 H1 £m £m £m £m £m £m £m £m £m £m £m VAT 177.1 287.7 93.8 244.3 357.9 332.8 323.4 311.7 294.4 275.1 2,698.2
Slide 19: Current Trading and Outlook
Current Trading and Outlook • Like-for-like sales in the last seven weeks were 9.1% higher than the same weeks in FY19 and +14.9% higher than the same weeks in FY22; • Sales and profits are substantially higher than last financial year; • The company has a full complement of staff despite very low l
Slide 20: Questions
Questions Scribbling Mill, Leeds
Slide 21: Appendices
wetherspoon Appendices
Slide 22: Appendices
Appendices • A 10 year overview • B Summary of separately disclosed items • C1 ROC/CROCCE/ROE calculations • C2 ROC/CROCCE/ROE calculations • D Swap maturity profile 21
Slide 23: 10 Year Overview
Appendix A 10 Year Overview Number of pubs £ millions Turnover 1000 1,800 950 1,600 900 850 1,400 800 1,200 1,819 1,740 951 1,694 886 927 926 895 1,595 1,661 750 883 879 872 859 1,514 861 852 843 1,000 1,281 1,409 700 1,262 650 800 916 773 807 600 600 2013 2014 2015 2016 2017 2018 2019 2020 2021 202
Slide 24: Summary of separately disclosed items
Appendix B Summary of separately disclosed items H1 2023 H1 2022 2022 £000 £000 £000 Operating items Rank settlement - - 27,771 Local government support grants - 107 1,443 Duty drawback - 170 170 - 277 29,384 Separately disclosed property losses Property gains / losses on disposal (3,052) (23) (96)
Slide 25: ROC/CROCCE/ROE
Appendix C1 ROC/CROCCE/ROE H1 2023 H1 2022 2022 £000 £000 £000 Shareholders equity per accounts 411,946 299,656 347,325 Deferred tax balances 56,984 24,497 34,718 Interest rate swaps valuations 9,631 3,565 2,031 Impairment balances 66,289 48,190 60,477 Net book value of revalued assets (3,187) (3,99
Slide 26: ROC/CROCCE/ROE
Appendix C2 ROC/CROCCE/ROE H1 2023 H12022 2022 £000 £000 £000 EBITDA (cash return) 2 (e) 69,505 35,928 87,835 Depreciation and amortisation (f) (36,764) (37,231) (74,554) EBIT (g) 32,742 (1,303) 13,281 Interest (25,379) (19,952) (40,655) Profit/(Loss) before tax 7,363 (21,255) (27,374) Current tax (
Slide 27: Swap Maturity Profile
Appendix D Swap Maturity Profile Swap Value Start Date End Date Weighted Average % £580m 31/10/2022 31/07/2023 4.28% £400m 01/08/2023 31/10/2025 4.67% 26
Slide 28: 27 Bourne
27 Bourne The Raymond Mays,