Mitchells & Butlers plc · LSE:MAB
Mitchells & Butlers — H1 2003 Earnings Presentation
10 slides from Mitchells & Butlers's earnings presentation, April 2003
Slide 1: Supplementary Information
Supplementary Information 1
Slide 2: Mitchells and Butlers - Total Company
Mitchells and Butlers - Total Company H1 02/03 H1 01/02 Pub staff costs percentage 23.5% 23.6% Net Operating Margin 17.3% 18.6% Expansionary Capex £38m £100m Maintenance Capex £42m £46m Disposals £19m £21m 2
Slide 3: Mitchells and Butlers - Sales and Profit Data H1 02/03
Mitchells and Butlers - Sales and Profit Data H1 02/03 (excluding SCPD) £m Restaurants Pubs & Bars Total Food Sales £176m £55m £232m Food Sales Mix % 54% 12% 29% Drink Sales £121m £354m £475m Total Sales £323m £466m £789m Operating Profit £45m £91m £136m 3
Slide 4: Mitchells & Butlers - Current Managed Estate
Mitchells & Butlers - Current Managed Estate Unbranded Unbranded Branded Branded Restaurants Restaurants Sales/Week Sales/Week £14.2k £14.2k £19.3k £19.3k Outlets Outlets 96 96 575 575 Pubs Pubs & & Bars Bars Sales/Week Sales/Week £10.7k £10.7k £14.5k £14.5k Outlets Outlets 770 770 629 629 Mitchells
Slide 5: Outlet Reconciliation
Outlet Reconciliation 28th Sept Disposals Acquisitions Conversions 12th April 2002 2003 Restaurants Vintage Inns 196 4 0 200 Harvester 150 (2) 148 All Bar One 53 (2) 51 Toby Carvery 70 1 71 Innkeepers Fayre 24 24 Express by Holiday Inn 23 1 24 Browns 15 15 Alex (managed) 41 1 42 Branded 572 0 6 (3)
Slide 6: Managed Estate Segmentation
Managed Estate Segmentation Residential Local Other Pub Restaurants Pub Pub Local Pubs Pubs Ember Inns Restaurants Restaurants Vintage Inns 146 200 96 Other Locals Scream 401 91 Metropolitan Toby Harvester 32 Professionals 71 24 148 Arena Innkeepers Fayre 59 Sizzling 24 Express by Holiday Inn 114 Dr
Slide 7: Trading Performance by Segment – FY 2001/2
Trading Performance by Segment – FY 2001/2 Residential Locals Pub Restaurants Total sales +7.2% Total sales +9.0% AWT £11k AWT £18.5k Inc. ROI%* 15% Inc. ROI%* 13% Expansionary Capex- £43m Expansionary Capex - £66m Drinks Food led led Total sales +4.6% Total sales +0.2% AWT £13.3k AWT £23.1k Inc. RO
Slide 8: 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 8
Slide 9: Strong Cash Returns
Strong Cash Returns 12 months to 12 April 2003 £m CROCCE £m NOPAT EBIT 280 280 Depreciation/Amortisation 95 EBITDA 375 Cash Tax (at 23% of EBIT)* (65) (65) Cash Return 310 215 Average Net Operating Assets 3449 3449 Accumulated Depreciation 250 10% 8% Revaluations (746) (746) Goodwill written off 50
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