Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — FY2003 Earnings Presentation
12 slides from Mitchells & Butlers's earnings presentation, 2003
Slide 1: Supplementary Information
Supplementary Information 1
Slide 2: Mitchells and Butlers - Total Company
Mitchells and Butlers - Total Company FY 02/03 FY 01/02 Pub staff costs percentage 23.7% 24.0% Net Operating Margin 18.2% 19.5% Expansionary Capex £73m £169m Maintenance Capex £78m £87m Disposals £48m £30m 2
Slide 3: Sales and Profit Data FY 02/03 (excluding SCPD)
Mitchells and Butlers - Sales and Profit Data FY 02/03 (excluding SCPD) £m Restaurants Pubs & Bars Total Food Sales £334m £107m £441m Food Sales Mix % 54.0% 12.2% 29.5% Drink Sales £235m £665m £901m Total Sales £619m £877m £1496m Operating Profit £96m £177m £273m 3
Slide 4: Retail (excl SCPD) Sales Growth – FY 02/03
Retail (excl SCPD) Sales Growth – FY 02/03 Total Turnover 52 weeks: + 1.4% H2: + 2.6% Pubs: 100% Same Outlet: i.e. Invested like for likes 52 weeks: - 0.4% H2:* + 1.8% Pubs: 94% Uninvested like for likes 52 weeks: - 2.4% H2:* - 0.1% Pubs: 76% * Adjusted to exclude Easter 4
Slide 5: Spectrum of Brands and Operating Formats – Year End 2003
Spectrum of Brands and Operating Formats – Year End 2003 Residential Other Pub Restaurants Local Pub Pub Local Pubs Pubs 42% Ember Inns Restaurants Restaurants 42% Harvester 27% 27% 159 142 Other Locals 86 386 Scream 91 Sizzling Toby Metropolitan Vintage Inns 125 43 74 Professionals 24 203 Arena 57
Slide 6: Like-for-Like Sales
Like-for-Like Sales Same outlet (i.e. Invested) FY 2003 H2 2003* Total company - 0.4% + 1.8% Pubs & Bars - 0.2% + 2.3% Restaurants - 0.8% + 1.2% Uninvested Total company - 2.4% - 0.1% Pubs & Bars - 3.1% - 0.8% Restaurants - 1.5% + 0.6% * Adjusted to exclude Easter 6
Slide 7: Performance by Segment – FY 02/03
Performance by Segment – FY 02/03 Residential Locals Pub Restaurants Inc. ROI 15% Inc. ROI 14% Total sales +2.8% Total sales +3.0% AWT £11k AWT £18k Drinks Food led led Inc. ROI 13% Inc. ROI 11% Total sales -0.6% Total sales -4.8% AWT £14k AWT £23k High Street Restaurants City Centre Note : Excludes
Slide 8: Managed Estate – Year End 2003
Mitchells & Butlers - Managed Estate – Year End 2003 Unbranded Unbranded Branded Branded Restaurants Restaurants Sales/Week Sales/Week £14.4k £14.4k £19.3k £19.3k Outlets Outlets 86 86 574 574 Pubs Pubs & & Bars Bars Sales/Week Sales/Week £10.1k £10.1k £14.5k £14.5k Outlets Outlets 738 738 649 649 M
Slide 9: Dividends
Dividends z 2003 Interim paid by SXC z 2003 final (5.65p), plus 2004 interim (2.85p) Total 8.5p (as announced 1 October 2002) z Enhanced 2004 final dividend: 6.65p (18% increase over 2003 final) z Progressive dividend policy thereafter to deliver real growth in dividends from 2004 level 9
Slide 10: Definitions
Definitions AWT Sales per outlet adjusted for periods of closure ie. Total sales/ average outlets/ weeks Average Trading Outlets Total number of outlets adjusted for periods of closure ie. The average number of outlets contributing to reporting turnover CROCCE Cash return on cash capital employed (s
Slide 11: Securitisation Overview – Key Terms of Notes
Securitisation Overview – Key Terms of Notes Legal Maturity Expected Maturity Class Amount Date Date Coupon Ratings A1 £200m Dec-30 Dec-10 £ Libor + 45 Basis points AAA /AAA/Aaa A2 £550m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3 $418.75m* Dec-30 Dec-10 $ Libor + 45 Basis points AAA /AAA/Aaa B1 £350m Dec-
Slide 12: Securitisation Overview - Amortisation Profile of Bonds
12 £ Millions 0 500 1000 1500 2000 NB. 01/11/2003 C 01/11/2004 NB.Graph B2 B1 A3 A1 A2 01/11/2005 Graphshows 01/11/2006 showsthe 01/11/2007 01/11/2008 01/11/2009 thescheduled 01/11/2010 scheduledlegal 01/11/2011 01/11/2012 01/11/2013 01/11/2014 legalamortisation 01/11/2015 amortisationprofile 01/11/