Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2005 Earnings Presentation
8 slides from Mitchells & Butlers's earnings presentation, May 19, 2005
Slide 1: Supplementary Information: Retail H1 2005
Supplementary Information Interim Results - 19 May 2005 Mitchells and Butlers - Retail H1 2005* Restaurants Pubs & Bars Total Food Sales £199m £65m £264m Food Sales Mix % 55.9% 13.0% 30.8% Drink Sales £128m £368m £496m Total Sales £356m £500m £856m Operating Profit ** £53m £86m £139m * Excluding SCP
Slide 2: Retail Sales Growth – H1 2005
Mitchells and Butlers – Retail* Sales Growth – H1 2005 Total Turnover 28 weeks : up 4.6% Same Outlet: i.e. Invested like for likes 32 weeks : up 4.8% Uninvested like for likes 32 weeks : up 3.2% * Excluding SCPD H1 like for likes reflect weeks 1-32 to include Easter in both periods 3 Like- Like-for-
Slide 3: Retail H1 2005 and Performance by Segment
Mitchells and Butlers – Retail H1 2005* H1 2005 H1 2004 Pub staff costs %age 23.9% 23.7% Net Operating Margin 16.2% 16.3% Expansionary Capex £31m £29m Maintenance Capex £57m £48m Disposals £42m £29m * Excluding SCPD 5 Performance by Segment Residential Locals Pub Restaurants Inc. ROI 16%* Inc. ROI 1
Slide 4: Spectrum of Brands and Operating Formats – H1 2005
Spectrum of Brands and Operating Formats – H1 2005 Residential Other Pub Local Pub Pub Local Pubs Pubs Restaurants 43% Restaurants Restaurants 43% Ember Inns Harvester 27% 27% 170 130 Other Locals 69 291 Scream 89 Sizzling Toby Vintage Inns 164 61 Metropolitan 91 Professionals 5 198 Arena 60 Innkeep
Slide 5: Managed Estate – Number of Outlets and AWT
Managed Estate – Number of Outlets and AWT – FY 2003/ FY 2004 FY 03 / FYFY 03 / FY 04 04 Branded Unbranded Total Pubs & Bars FY04 FY03 FY04 FY03 FY04 FY03 Outlets at Full Year Branded 685 649 Unbranded 632 738 Total1317 1387 Average Trading Outlets 673 621 660 754 1333 1375 Pu bsAverage Weekly Take
Slide 6: Dividends and FRS 17 Adjustment
Dividends 2005 2004 Interim 3.2p 2.85p + 12.3% Final 6.65p Total 9.5p 11 FRS 17 Adjustment HY04 Adj HY04 FY04 Adj FY04 Reported Restated Reported Restated £m £m £m £m £m £m Turnover 823 - 823 1,560 1,560 Operating Profit*: Pubs & Bars 92 (4) 88 180 (7) 173 Restaurants 47 (2) 45 104 (5) 99 SCPD 1 1 1
Slide 7: Securitisation Overview – Key Terms of Notes
Securitisation Overview – Key Terms of Notes Legal Amount Maturity Expected Maturity Class at 9 April Date Date Coupon Ratings A1 £200m Dec-30 Dec-10 £ Libor + 0.45% AAA /AAA/Aaa A2 £519m Dec-30 Dec-28 5.574% AAA /AAA/Aaa A3 $418.75m* Dec-30 Dec-10 $ Libor + 0.45% AAA /AAA/Aaa B1 £336m Dec-25 Dec-23
Slide 8: 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 52 weeks. Cover volumes: the number of main meals sold EBITDA: earnings before interest, tax, depreciation, amortisation