Slide 1: J D Wetherspoon PLC Interim Results
J D Wetherspoon PLC Interim Results 18 March 2022 0
Slide 2: Financial Summary
Financial Summary H1 2022 H1 2021 Var % 2021 2020 2019 2018 20172 2016 2015 2014 2013 20122 Revenue 807.4 431.1 86.2% 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 1,513.9 1,409.3 1,280.9 1,197.1 (£m) Like-for-like sales -11.8% -53.9% -38.4% -29.5% +6.8% +5.0% +4.0% +3.4% +3.3% +5.5% +5.8% +3.2% (vs
Slide 3: Average Weekly Sales Per Pub
Average Weekly Sales Per Pub (including VAT) £000 48.0 46.5 48 44.4 46 44 41.7 41.9 42 39.0 40 37.4 38 36.0 36 34.0 34.1 33.2 32.3 34 32 30 28 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 H1 H1 2021 2022 2
Slide 4: Underlying (Losses)/Earnings Per Share (pence)
Underlying (Losses)/Earnings Per Share (pence)* pence 76.5 80.0 70.2 66.6 70.0 60.0 48.0 47.6 50.0 41.3 44.7 43.8 40.0 30.0 20.0 -35.9 -119.2 -35.3 -19.7 10.0 0.0 -10.0 -20.0 -30.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 H1 H1 2021 2022 *Underlying earnings/(losses) per share are before ex
Slide 5: Like-for-like Performance
Like-for-like Performance H1 H1 % 2022 2021 (vs 2020) (vs 2020) 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Bar -12.7 -57.3 -42.2 -29.3 +5.8 +5.1 +3.1 +3.3 +1.2 +2.7 +3.8 +2.8 Food -11.1 -48.4 -37.4 -30.1 +8.3 +5.1 +5.7 +3.5 +7.3 +12.0 +10.9 +4.8 Fruit/slot -9.8 -53.7 -52.1 -20.9 +10.3 +2.9 -1
Slide 6: 10 Year Operating Profit (pre-IFRS16)
10 Year Operating Profit (pre-IFRS16) H1 H1 H1 £m 2022 2021 2020 2021 2020 2019 2018 20171 2016 2015 2014 2013 20121 Total sales exc VAT 807.4 431.1 933.0 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 1,513.9 1,409.3 1,280.9 1,197.1 Pub profit (pre 109.9 67.2 192.2 82.3 214.2 349.7 338.6 330.6 288.3
Slide 7: Allocation of Resources
Dividend Allocation of Resources £13m Freehold reversions and investment properties £15m Share buybacks £8m £24m £15m £13m £14m Capex on new and existing pubs £22m £16m £89m £13m £25m £5m £36m £5m £13m £15m £98m £8m £8m £52m £33m £23m £77m £54m £28m £71m £15m £8m £6m £5m £154m £151m £6m £121m £113m
Slide 8: Cash Capital Expenditure
Cash Capital Expenditure £m H1 H1 2022 2021 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 New Openings: Acquisition and development costs: Current year 10.6 1.3 11.5 18.6 19.8 32.0 27.2 38.6 76.5 64.5 40.4 57.2 Future year 11.7 5.8 9.6 31.8 7.5 14.4 13.1 16.6 30.5 33.2 12.8 10.4 Freehold reversi
Slide 9: Movement in Net Debt
Movement in Net Debt £m H1 2022 H1 2021 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Opening Net debt 845.5 817.0 817.0 737.0 726.2 696.3 650.8 601.1 556.6 474.2 462.6 437.7 Free cash flow 34.5 77.3 83.3 58.9 (97.0) (93.4) (107.9) (90.5) (109.8) (92.9) (65.3) (91.5) Disposal of fixed assets (2.
Slide 10: IFRS16 – impact
IFRS16 – impact Profit and loss impact Pre IFRS 16 (£m) Post IFRS 16 (£m) Variance (£m) EBITDA £35.9 £59.4 £23.5 Depreciation (£37.2) (£59.9) (£22.7) Operating profit £0.5 £1.6 £1.1 Disposal of leases - £3.4 £3.4 Interest (£20.0) (£29.3) (£9.3) Loss before tax (£21.3) (£26.1) (£4.8) Tax £1.0 £1.0 -
Slide 11: Property Update
Property Update H1 2022 H1 2021 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Trading pubs at start of FY 861 872 872 879 883 895 926 951 927 886 860 823 Freehold pubs opened 4 1 4 2 4 6 9 10 24 31 14 18 Leasehold pubs opened - 1 1 – 1 – 1 6 6 15 15 22 Closures/disposals (6) (2) (16) (9) (9) (18
Slide 12: People and standards
People and standards Average pub Average kitchen Financial year manager length manager length of service of service (Years) (Years) 2013 9.1 6.0 2014 10.0 6.1 2015 10.1 6.1 • The company has just under 42,000 employees 2016 11.0 7.1 Financial Bonus and (Loss)/Profit Bonus etc as Year free shares £m
Slide 13: CGA Brandtrack research – Aug/Oct 2021
CGA Brandtrack research – Aug/Oct 2021 Wetherspoon is the number one Wetherspoon is the 3rd most visited of all brands licensed venue of choice for consumers: in GB: • Wetherspoon 11.1 million McDonald’s 55% • Greene King 5.0 million Costa 48% • Nando’s 4.5 million Wetherspoon 37% • Toby Carvery 4.2
Slide 14: Changing sales mix since 2000
Changing sales mix since 2000 100% 6% 5% 4% 4% 3% 3% 90% 18% (£4.2k)* 25% 29% 33% 35% 80% (£6.9k)* (£8.7k)* (£14.6k)* 34% (£11.1k)* (£14.4k)* 70% 60% Hotel/Other Machines 50% Food Bar 40% 76% (£17.2k)* 70% 66% (£19.7k)* 63% (£19.8k)* 61% 61% 30% (£21.4k)* (£25.5k)* (£25.5k)* 20% 10% 0% 2000 2005 200
Slide 15: Taxation
Taxation* Total 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2013 to £m £m £m £m £m £m £m £m £m £m 2022 £m VAT 118.1 93.8 244.3 357.9 332.8 323.4 311.7 294.4 275.1 253.0 2,604.5 Alcohol duty 74.0 70.6 124.2 174.4 175.9 167.2 164.4 161.4 157.0 144.4 1,413.5 PAYE and NIC 65.1 101.5 106.6 121.4 10
Slide 16: Current Trading and Outlook
Current Trading and Outlook • Like-for-like sales in the most recent three-week period, to 13 March 2022, have improved to -2.6% • Cash sales per week during this three-week period have been approximately 10% above the depressed levels of December, normally our busiest month of the year, hopefully i
Slide 17: Questions
wetherspoon Questions
Slide 18: Appendices
wetherspoon Appendices
Slide 19: Appendices
Appendices • A 10 year overview • B 10 year financial trends • C Summary of exceptional items • D 10 year debt overview • E1 ROC/CROCCE/ROE calculations • E2 ROC/CROCCE/ROE calculations • F Swap maturity profile 18
Slide 20: 10 Year Overview
Appendix A 10 Year Overview Number of pubs £ millions Turnover 1000 1,800 950 1,600 900 850 1,400 800 1,200 1,819 951 1,694 927 926 895 1,595 1,661 750 886 883 879 872 861 872 1,514 823 860 859 1,409 1,000 1,262 700 1,281 1,072 1,197 650 800 773 807 600 431 600 2011 2012 2013 2014 2015 2016 2017 201
Slide 21: 10 Year Financial Trends
Appendix B 10 Year Financial Trends H1 H1 2022 2021 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Sales per pub (£000) (1) 1,891 767 1,573 2017 2,075 1,921 1,807 1,694 1,620 1,562 1,476 1,401 EBITDA per pub (£000) (2) 87.4 61.8 (21.7) 139.9 253.3 248.0 229.0 209.2 200.9 204.5 200.9 194.9 Number
Slide 22: Summary of Exceptional Items
Appendix C Summary of Exceptional Items HY 2022 H1 2021 £000 £000 Operating exceptional items Covid-19 (277) 2,324 Redundancy/Restructuring Payments - 5,212 (277) 7,536 Exceptional property losses Disposal programme 23 57 Other property losses Impairment of right of use assets - 2,133 23 2,190 Other
Slide 23: 10 Year Debt Overview
Appendix D 10 Year Debt Overview H1 H1 2022 2021 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Net debt/EBITDA *25.63 48.75 -27.32* 9.48* 3.36 3.39 3.39 3.47 3.37 3.21 2.88 2.96 (EBITDAR – Reinvestment)/Fixed *0.92 0.58 -0.21* 1.01* 2.26 2.25 2.21 2.14 1.97 1.79 1.88 1.75 charge Interest cover (
Slide 24: ROC/CROCCE/ROE
Appendix E1 ROC/CROCCE/ROE H1 2022 HY 2021 FY 2021 £000 £000 £000 Shareholders equity per accounts 299,656 379,241 300,344 Deferred tax balances 24,497 17,832 16,546 Interest rate swaps valuations 3,565 65,477 37,643 Impairment balances 48,190 44,058 48,190 Net book value of revalued assets (3,996)
Slide 25: ROC/CROCCE/ROE
Appendix E2 ROC/CROCCE/ROE 12 months to 12 months to FY 2021 January 2022 January 2021 £000 £000 £000 EBITDA (cash return) (e) 36,305 (13,353) (30,942) Depreciation and amortisation (f) (37,231) (78,590) (76,474) EBIT (g) (926) (91,943) (107,416) Interest (20,329) (46,246) (47,260) Loss before tax (
Slide 26: Swap Maturity Profile
Appendix F Swap Maturity Profile Swap Value From To Weighted Average % £770m 30 July 2021 30 July 2023 1.61% £770m 31 July 2023 30 July 2026 1.10% £770m 31 July 2026 30 June 2028 1.33% £770m 01 July 2028 29 March 2029 1.32% £770m 31 March 2029 30 November 2031 1.02% 25
Slide 27: wetherspoon
wetherspoon 26