Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2007 Earnings Presentation
13 slides from Mitchells & Butlers's earnings presentation, May 22, 2007
Slide 1: Supplementary Information
Supplementary Information Interim Results – 22 May 2007 1
Slide 2: Divisional Revenue & Profit H1 2007
Divisional Revenue & Profit H1 2007* Restaurants Pubs & Bars Total Food Revenue £279m £79m £358 m Food Revenue Mix % 58.4% 15.3% 36.1% Drink Revenue £164m £371m £535m Total Revenue £478m £515m £993m Operating Profit ** £68m £92m £160m * Excluding SCPD ** Before exceptional items 2
Slide 3: Retail Revenue Growth H1 2007
Retail Revenue Growth H1 2007 Total Revenue* up 12% Same Outlet like-for-likes** up 3.6% Uninvested like-for-likes up 2.1%** * Excluding SCPD ** Excludes the Acquired Sites, and 32 wks to include the entire Easter period 3
Slide 4: Divisional Like-for-Like Sales H1 2007
Divisional Like-for-Like Sales H1 2007 - excluding the Acquired Sites H1 07* H2 06** Same Outlet (Invested + Uninvested) Pubs & Bars +5.1% +3.7% Restaurants +1.6% +4.4% Total +3.6% +4.0% Uninvested Pubs & Bars +3.4% +2.7% Restaurants +0.4% +2.7% Total +2.1% +2.7% * wks 1-32 to include the entire Eas
Slide 5: Retail H1 2007
Retail H1 2007* H1 2007 H1 2006 Pub staff costs %age** 23.7% 23.8% Net Operating Margin** 17.2% 16.1% Expansionary Capex £75m £35m Maintenance Capex £60m £61m Disposals £131m £17m *Excluding SCPD ** Excluding the Acquired Sites 5
Slide 6: Performance by Segment H1 2007
Performance by Segment H1 2007 Residential Locals Pub Restaurants Inc. ROI 20%* Inc. ROI 19%* Total sales +1.2% Total sales +30.7% AWT £14k AWT £23k Drinks Food led led Inc. ROI 17%* Inc. ROI 10%* Total sales +3.4% Total sales +3.0% AWT £17k AWT £27k High Street Restaurants City Centre Notes: *Incre
Slide 7: Spectrum of Brands and Operating Formats
Spectrum of Brands and Operating Formats Residential Pub Carveries Pub Pub Local Local Pubs Pubs Ember Inns Other Pub Restaurants Restaurants Restaurants 38% 38% of of pubs pubs 181 Other Locals 37% 53 Harvester 37% of of pubs pubs 30% of sales 30% of sales 45% 40 135 45% of of sales sales 265 Premi
Slide 8: Outlet Reconciliation H1 2007
Outlet Reconciliation H1 2007 Outlet Reconciliation - H1 2007 Total MAB Franchised Total Managed Pubs & Bars Restaurants Opening Outlets (end FY 06) 2152 127 2025 1193 832 Transfers 0 2 -2 21 -23 Disposals -126 -52 -74 -68 -6 Acquisitions 3 0 3 1 2 Closing Outlets (end H1 07) 2029 77 1952 1147 805 N
Slide 9: Managed Estate – Number of Outlets and AWT H1 2007
Managed Estate – Number of Outlets and AWT H1 2007 Branded Unbranded Total Pubs & Bars Period End Pubs 616 531 1147 Average Trading Pubs 618 441 1059 AWT 17.1 12.9 15.3 Restaurants Period End Pubs 546 259 805 Average Trading Pubs 515 218 733 AWT 24.2 18.2 22.4 MAB Total Period End Pubs 1180 772 1952
Slide 10: Dividends H1 2007
Dividends H1 2007 2007 2006 Interim 4.25p 3.65p up 16.4% Final 8.60p Total 12.25p 10
Slide 11: Securitisation Overview H1 2007
Securitisation Overview H1 2007 Legal Balance Maturity Expected Maturity Class at 14/04/07 Date Date Coupon Ratings A1N £200m Dec-30 Dec-10 £ Libor + 0.18% AAA /AAA/Aaa A2 £469.1m 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: Securitisation Overview - Amortisation
£ Millions 0 500 1000 1500 2000 01/11/2003 C 01/11/2004 B2 B1 A3 A1 A2 01/11/2005 01/11/2006 01/11/2007 01/11/2008 01/11/2009 01/11/2010 Profile of Bonds 01/11/2011 01/11/2012 01/11/2013 01/11/2014 01/11/2015 NB. Graph shows the scheduled legal amortisation profile 01/11/2016 01/11/2017 01/11/2018 0
Slide 13: 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