Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — FY2007 Earnings Presentation
11 slides from Mitchells & Butlers's earnings presentation, Nov 29, 2007
Slide 1: Supplementary Information – Preliminary Results
Supplementary Information Preliminary Results – 29 November 2007 1
Slide 2: Divisional Revenue & Profit FY 2007
Divisional Revenue & Profit FY 2007* Restaurants Pubs & Bars Total Food Revenue £530m £154m £684 m Food Revenue Mix% 58.4% 15.9% 36.5% Drink Revenue £312m £696m £1,008m Total Revenue £908m £968m £1,876m Operating Profit ** £145m £191m £336m * Excluding SCPD ** Before exceptional items 2
Slide 3: Retail Revenue Growth FY 2007
Retail Revenue Growth FY 2007 Total Revenue* up 9.1% Same Outlet like-for-likes** up 3.0% Uninvested like-for-likes up 1.7%** * Excluding SCPD ** Excludes the Acquired Sites 3
Slide 4: Divisional Like-for-Like Sales FY 2007
Divisional Like-for-Like Sales FY 2007 - excluding the Acquired Sites FY 07 H1 07* Same Outlet (Invested + Uninvested) Pubs & Bars +4.7% +5.1% Restaurants +1.0% +1.6% Total** +3.0% +3.6% Uninvested Pubs & Bars +3.0% +3.4% Restaurants +0.1% +0.4% Total** +1.7% +2.1% * Wks 1-32 to include the entire E
Slide 5: Retail FY 2007
Retail FY 2007* FY 2007 FY 2006 Pub staff costs %age** 23.6% 23.7% Net Operating Margin** 18.6% 18.0% Expansionary Capex £131m £73m Maintenance Capex £122m £109m Disposals £162m £88m * Excluding SCPD ** Excluding the Acquired Sites 5
Slide 6: Performance by Segment FY 2007
Performance by Segment FY 2007 Residential Locals Pub Restaurants Inc. ROI 22%* Inc. ROI 18%* Total sales +3.9% Total sales +22.4% AWT £14k AWT £23k Drinks Food led led Inc. ROI 18%* Inc. ROI 11%* Total sales -2.1% Total sales +3.3% AWT £18k AWT £28k High Street Restaurants City Centre Notes: *Incre
Slide 7: Brands and Operating Formats – FY 2007
Brands and Operating Formats – FY 2007 Pub & Carvery Residential Pub Pub Local Local Pubs Pubs Ember Inns Other pub Restaurants restaurants Restaurants 38% 38% of of pubs pubs 183 Other Locals 37% 58 Harvester 37% of of pubs pubs 30% of sales 30% of sales 45% 44 156 45% of of sales sales 251 Premium
Slide 8: Outlet Reconciliation FY 2007
Outlet Reconciliation FY 2007 Total MAB Franchised Total Managed Pubs & Bars Restaurants Closing Outlets (end FY 06) 2152 127 2025 1193 832 Transfers 0 14 -14 21 -35 Disposals -155 -54 -101 -86 -15 Acquisitions 6 0 6 1 5 Closing Outlets (end FY 07) 2003 87 1916 1129 787 Average Trading Pubs 1927 115
Slide 9: Dividends FY 2007
Dividends FY 2007 FY 2007 FY 2006 Interim 4.25p 3.65p Final 10.00p 8.60p Total 14.25p 12.25p up 16.3% 9
Slide 10: Securitisation Overview FY 2007
Securitisation Overview FY 2007 Legal Balance Maturity Expected Maturity Class at 29/09/07 Date Date Coupon Ratings A1N £200m Dec-30 Dec-10 £ Libor + 0.18% AAA /AAA/Aaa A2 £456.0m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3N $418.75m* Dec-30 Dec-10 $ Libor + 0.18% AAA /AAA/Aaa A4 £170m Dec-30 Sep-13 £ Libo
Slide 11: Glossary of Terms
Glossary of Terms Acquired Sites: 239 pub restaurant sites acquired from Whitbread plc in July 2006 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 y