Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2008 Earnings Presentation
12 slides from Mitchells & Butlers's earnings presentation, May 20, 2008
Slide 1: Supplementary Information: Interim Results
Supplementary Information Interim Results – 20 May 2008 1
Slide 2: Divisional revenue & profit H1 2008
Divisional revenue & profit H1 2008* Restaurants Pubs & Bars Total Food Revenue £288m £91m £379m Food Revenue Mix% 59.4% 17.9% 38.2% Drink Revenue £163m £357m £520m Total Revenue £485m £508m £993m Operating Profit ** £77m £90m £167m * Excluding SCPD ** Before exceptional items and IAS 39 movements 2
Slide 3: Retail revenue growth - H1 2008
Retail revenue growth - H1 2008 Total Revenue* Flat Same Outlet like-for-likes** up 0.8% Uninvested like-for-likes down 0.9%** * Excluding SCPD ** 32 weeks 3
Slide 4: Uninvested like-for-like sales
Uninvested like-for-like sales: Wks 1-32 Divisional Pubs & Bars (1.8)% Restaurants 0.2% Segmental Residential (1.4)% High Street Flat Total* (0.9)% *Includes Hollywood Bowl 4
Slide 5: Retail H1 2008
Retail H1 2008* H1 2008 H1 2007 Pub staff costs %age 24.4% 24.3% Net Operating Margin 16.8% 16.1% Expansionary Capex £58m £75m Maintenance Capex £59m £60m Disposals £54m £131m** *Excluding SCPD ** Including £101m disposal to Trust Inns 5
Slide 6: CROCCE and NOPAT
CROCCE and NOPAT 12 months to 12 April 2008 £m CROCCE £m NOPAT EBIT 350 350 Depreciation/Amortisation 133 EBITDA 483 Cash Tax (at 27% of EBIT)* (94) (94) Cash Return 389 256 Average Net Operating Assets 4368 4368 Average Accumulated Depreciation 402 10.8% 8.0% Average Revaluations (1219) (1219) Good
Slide 7: Performance by segment H1 2008
Performance by segment H1 2008 Residential Locals Pub Restaurants Inc. ROI 20%* Inc. ROI 18%* Total sales +1% Total sales +1% AWT £14k** AWT £23k** Drinks Food led led Inc. ROI 18%* Inc. ROI 12%* Total sales -3% Total sales +4% AWT £18k** AWT £29k** High Street Restaurants City Centre Notes: *Increm
Slide 8: Brands and operating formats – H1 2008
Brands and operating formats – H1 2008 Pub & Carvery Residential Pub Pub Local Local Pubs Pubs Other Locals Other pub Ember Inns restaurants Restaurants Restaurants 38% 38% of of pubs pubs 180 92 Harvester 38% 38% of of pubs pubs 31% of sales 31% of sales 49 156 45% 45% of of sales sales Premium 57
Slide 9: Outlet Reconciliation H1 2008
Outlet Reconciliation H1 2008 Total MAB Franchised Total Managed Pubs & Bars Restaurants Closing Outlets (end FY 07) 2003 87 1916 1129 787 Transfers 0 5 -5 -1 -4 Disposals -36 -1 -35 -25 -10 Acquisitions 4 0 4 2 2 Closing Outlets (end H1 08) 1971 91 1880 1105 775 Average Trading Pubs (MAT) 1900 1133
Slide 10: Dividends H1 2008
Dividends H1 2008 H1 2008 H1 2007 Interim Dividend 4.55p 4.25p up 7.1% 10
Slide 11: Securitisation Overview H1 2008
Securitisation Overview H1 2008 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 £442.6m 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 12: 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