Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2006 Earnings Presentation
13 slides from Mitchells & Butlers's earnings presentation, May 25, 2006
Slide 1: Supplementary Information – Interim Results 25 May 2006
Supplementary Information Interim Results – 25 May 2006 1
Slide 2: Divisional Revenue & Profit H1 2006
Divisional Revenue & Profit H1 2006* Restaurants Pubs & Bars Total Food Revenue £215m £67m £282m Food Revenue Mix % 56.7% 13.2% 31.8% Drink Revenue £134m £371m £505m Total Revenue £379m £508m £887m Operating Profit ** £57m £86m £143m * Excluding SCPD ** Excluding exceptional items 2
Slide 3: Retail Revenue Growth H1 2006
Retail Revenue Growth H1 2006 Total Revenue* up 3.6% Same Outlet like-for-likes** up 4.2% Uninvested like-for-likes up 2.6%** * Excluding SCPD ** 32 weeks to include the entire Easter period 3
Slide 4: Divisional Like-for-Like Sales H1 2006
Divisional Like-for-Like Sales H1 2006 H1 06* H2 05** Same Outlet (Invested + Uninvested) Pubs & Bars +3.4% +3.8% Restaurants +5.3% +6.1% Total +4.2% +4.7% Uninvested Pubs & Bars +2.3% +2.4% Restaurants +3.0% +3.1% Total +2.6% +2.7% * wks 1-32 to include the entire Easter period ** wks 33-52 to excl
Slide 5: Retail H1 2006
Retail H1 2006* H1 2006 H1 2005 Pub staff costs %age 23.8% 23.9% Net Operating Margin 16.1% 15.9% Expansionary Capex £35m £31m Maintenance Capex £61m £57m Disposals £17m £42m *Excluding SCPD 5
Slide 6: Performance by Segment H1 2006
Performance by Segment H1 2006 Residential Locals Pub Restaurants Inc. ROI 16%* Inc. ROI 18%* Total sales +3.4% Total sales +7.2% AWT £12k AWT £24k Drinks Food led led Inc. ROI 15%* Inc. ROI 8%* Total sales +1.8% Total sales +1.4% AWT £15k AWT £26k High Street Restaurants City Centre Notes: *Increme
Slide 7: Spectrum of Brands and Operating Formats H1 2006
Spectrum of Brands and Operating Formats H1 2006 Residential Other Pub Pub Pub Local Local Pubs Pubs Restaurants Restaurants Restaurants 43% 43% of of pubs pubs 28% Ember Inns Harvester 28% of of pubs pubs 32% of sales 32% of sales 39% 171 126 45 39% of of sales sales Other Locals 37 276 Scream Pub
Slide 8: Outlet Reconciliation H1 2006
Outlet Reconciliation H1 2006 Total MAB Franchised Total Managed Pubs & Bars Restaurants Opening Outlets (end FY 05) 1973 115 1858 1267 591 Transfers 0 9 -9 -12 3 Disposals -16 0 -16 -16 0 Acquisitions 1 0 1 0 1 Closing Outlets (end H1 06) 1958 124 1834 1239 595 Note: Pubs with adjacent accommodatio
Slide 9: Managed Estate – Number of Outlets and AWT H1 2006
Managed Estate – Number of Outlets and AWT H1 2006 MITCHELLS & BUTLERS Managed Estate - Number of Pubs and AWT H1 06 Branded Unbranded Total Pubs & Bars H106 FY05 H106 FY05 H106 FY05 Period End Pubs 688 694 551 573 1239 1267 Average Trading Pubs 690 693 570 594 1260 1287 AWT 15.6 15.3 12.2 11.7 14.0
Slide 10: Dividends H1 2006
Dividends H1 2006 2006 2005 Interim 3.65p 3.20p up 14.1% Final 7.55p Total 10.75p 10
Slide 11: Securitisation Overview H1 2006
Securitisation Overview H1 2006 Balance at 15 Legal April Maturity Expected Maturity Class 2006 Date Date Coupon Ratings A1 £200m Dec-30 Dec-10 £ Libor + 0.45% AAA /AAA/Aaa A2 £494.5m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3 $418.75m* Dec-30 Dec-10 $ Libor + 0.45% AAA /AAA/Aaa B1 £324m Dec-25 Dec-23 5.9
Slide 12: Securitisation Overview – Amortisation
£ 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 Profile of Bonds 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 0
Slide 13: 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 the number of weeks in the financial year. Cover turn: the number of main meals sold per restaurant seat per week. Cover