Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2005 Earnings Presentation
15 slides from Mitchells & Butlers's earnings presentation, May 19, 2005
Slide 1: Supplementary Information
Supplementary Information Interim Results - 19 May 2005
Slide 2: Mitchells and Butlers - Retail H1 2005
Mitchells and Butlers - Retail H1 2005* Restaurants Pubs & Bars Total Food Sales £199m £65m £264m Food Sales Mix % 55.9% 13.0% 30.8% Drink Sales £128m £368m £496m Total Sales £356m £500m £856m Operating Profit ** £53m £86m £139m * Excluding SCPD ** Excluding exceptional items 2
Slide 3: Retail Sales Growth – H1 2005
Mitchells and Butlers – Retail* Sales Growth – H1 2005 Total Turnover 28 weeks : up 4.6% Same Outlet: i.e. Invested like for likes 32 weeks : up 4.8% Uninvested like for likes 32 weeks : up 3.2% * Excluding SCPD H1 like for likes reflect weeks 1-32 to include Easter in both periods 3
Slide 4: Like-for-Like Sales
Like-for-Like Sales Same outlet (i.e. Invested) H1 2005* H2 2004** Total company +4.8% +6.0% Pubs & Bars +3.1% +4.3% Restaurants +7.4% +8.4% Uninvested Total company +3.2% +4.4% Pubs & Bars +1.9% +2.0% Restaurants +5.3% +7.5% *H1 2005 like for likes reflect weeks 1-32 to include Easter in both perio
Slide 5: Mitchells and Butlers – Retail H1 2005
Mitchells and Butlers – Retail H1 2005* H1 2005 H1 2004 Pub staff costs %age 23.9% 23.7% Net Operating Margin 16.2% 16.3% Expansionary Capex £31m £29m Maintenance Capex £57m £48m Disposals £42m £29m * Excluding SCPD 5
Slide 6: Performance by Segment
Performance by Segment Residential Locals Pub Restaurants Inc. ROI 16%* Inc. ROI 18%* Total sales +3.9%** Total sales +10.4%** AWT £12k*** AWT £22k*** Drinks Food led led Inc. ROI 14%* Inc. ROI 10%* Total sales +2.5%** Total sales +5.9%** AWT £14k*** AWT £25k*** High Street Restaurants City Centre N
Slide 7: Spectrum of Brands and Operating Formats – H1 2005
Spectrum of Brands and Operating Formats – H1 2005 Residential Other Pub Local Pub Pub Local Pubs Pubs Restaurants 43% Restaurants Restaurants 43% Ember Inns Harvester 27% 27% 170 130 Other Locals 69 291 Scream 89 Sizzling Toby Metropolitan Vintage Inns 164 61 91 Professionals 5 198 Arena 60 Innkeep
Slide 8: Outlet Reconciliation – H1 2005
Outlet Reconciliation – H1 2005 Outlet Reconciliation - H1 2005 Total MAB Franchised Total Managed Pubs & Bars Restaurants Opening Outlets (end FY 04) 2006 87 1919 1317 602 Transfers 0 17 -17 -11 -6 Disposals -26 -1 -25 -19 -6 Acquisitions 4 0 4 1 3 Closing Outlets (end H1 05) 1984 103 1881 1288 593
Slide 9: Managed Estate – Number of Outlets and AWT – FY 2003/FY 2004
Managed Estate – Number of Outlets and AWT – FY 2003/ FY 2004 FY 03 / FYFY 03 / FY 04 04 Branded Unbranded Total Pubs & Bars FY04 FY03 FY04 FY03 FY04 FY03 Outlets at Full Year Branded 685 649 632 Unbranded 738 Total 1317 1387 Average Trading Outlets 673 621 660 754 1333 1375 Pu bsAverage Weekly Take
Slide 10: Managed Estate – Number of Outlets and AWT – H1 2004/H1 2005
Managed Estate – Number of Outlets and AWT – H1 2004/ H1 2005 H1 04 / H1 05 Branded Unbranded Total Pubs & Bars H1 05 H104 H1 05 H1 04 H1 05 H1 04 Outlets at Half Year 693 676 595 670 1288 1346 Average Trading Outlets 685 647 618 700 1303 1347 Average Weekly Take 15.2 14.5 11.2 10.3 13.3 12.6 Restau
Slide 11: Dividends
Dividends 2005 2004 Interim 3.2p 2.85p + 12.3% Final 6.65p Total 9.5p 11
Slide 12: FRS 17 Adjustment
FRS 17 Adjustment HY04 Adj HY04 FY04 Adj FY04 Reported Restated Reported Restated £m £m £m £m £m £m Turnover 823 - 823 1,560 1,560 Operating Profit*: Pubs & Bars 92 (4) 88 180 (7) 173 Restaurants 47 (2) 45 104 (5) 99 SCPD 1 1 1 1 Total 140 (6) 134 285 (12) 273 PBT* 88 (6) 82 184 (11) 173 Earnings* 5
Slide 13: Securitisation Overview – Key Terms of Notes
Securitisation Overview – Key Terms of Notes Legal Amount Maturity Expected Maturity Class at 9 April Date Date Coupon Ratings A1 £200m Dec-30 Dec-10 £ Libor + 0.45% AAA /AAA/Aaa A2 £519m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3 $418.75m* Dec-30 Dec-10 $ Libor + 0.45% AAA /AAA/Aaa B1 £336m Dec-25 Dec-23
Slide 14: 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 15: 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 EBITDA: earnings before interest, tax, depreciation, amortisation