FULL YEAR RESULTS

About this update from Mitchells & Butlers Plc

[{"type":"text","content":"\n \n MITCHELLS & BUTLERS PLC \n LEI no: 213800JHYNDNB1NS2W10 \n   \n 30 November 2023 \n   \n FULL YEAR RESULTS \n   \n (For the 53 weeks ended 30 September 2023) \n   \n Highlights \n \n \n \n \n - \n \n \n Like-for-like sales a growth for the period of 9.1% against FY 2022 with record outperformance against the market b   \n \n \n \n \n - \n \n \n Adjusted operating profit increased by 17.6% (52-weeks, net of government support) \n \n \n \n \n - \n \n \n Cost headwinds starting to abate \n \n \n \n \n - \n \n \n Purchase of Ego Restaurants will provide synergy and rollout opportunities \n \n \n \n \n - \n \n \n Improved guest feedback and employee engagement scores \n \n \n \n \n   \n \n \n \n \n \n \n \n Reported results (53 week year) \n \n \n \n \n - \n - \n - \n \n \n Total revenue of £2,503m (FY 2022 £2,208m) \n Operating profit of £98m (FY 2022 £124m) \n Profit/(loss) before tax of £(13)m (FY 2022 £8m) \n \n \n \n \n   \n Trading results \n \n \n \n \n - \n \n \n Adjusted operating profit a £221m on 52-week basis (FY 2022 £240m) \n \n \n \n \n - \n \n \n Adjusted earnings per share a 15.6p on 52-week basis (FY 2022 18.0p) \n \n \n \n \n   \n Balance sheet and cash flow \n \n \n \n \n - \n \n \n Net debt a reduced to £1,170m (FY 2022 £1,198m), excluding £463m of IFRS 16 lease liabilities (FY 2022 £481m) \n \n \n \n \n - \n \n \n Refinancing of Revolving Credit Facility to July 2026, increased by £50m to £200m \n \n \n \n \n - \n \n \n Successful buy-in of M&B Main pension scheme with no further pension contributions anticipated \n \n \n \n \n   \n Phil Urban, Chief Executive, commented: \n   \n \"We are delighted by the continued strength of our trading performance, and resilience in the face of unprecedented cost headwinds.  We have achieved good growth in underlying profit, excluding government support, with like-for-like sales a growth across all of our brands, and record outperformance against the market b . Whilst we remain mindful of the pressures that the UK consumer is facing, the strength of our sales growth alongside an abating cost environment gives us confidence for the financial year ahead. \n   \n We will remain focused on our strategic priorities delivered through our Ignite and capital programmes, which combined with our diverse portfolio of well-known brands, strong estate locations and talented people, leave us well positioned to rebuild margins back towards pre-pandemic levels.\" \n \n \n Definitions \n   \n a - The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group's performance.  APMs are explained later in this announcement. \n   \n b - Market performance as measured by CGA Business Tracker. \n   \n   \n There will be a presentation held today at 8:30am accessible by phone on 0204 587 0498, access code: 029921 and at https://www.netroadshow.com/events/login?show=eb765856&confId=56017 The slides will also be available on the website at www.mbplc.com   The replay will then be available at http://www.mbplc.com/fy2023/analystspresentation \n   \n All disclosed documents relating to these results are available on the Group's website at www.mbplc.com \n   \n For further information, please contact: \n   \n \n \n \n \n Tim Jones - Chief Financial Officer \n \n \n +44(0)121 498 6112 \n \n \n \n \n Amy de Marsac - Investor Relations \n \n \n +44(0)121 498 6514 \n \n \n \n \n James Murgatroyd (Finsbury) \n \n \n +44(0)20 7251 3801 \n \n \n \n \n   \n Note for editors: \n Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's, Ember Inns and Ego Restaurants. In addition, it operates Innkeeper's Collection hotels in the UK and Alex restaurants and bars in Germany. Further details are available at www.mbplc.com and supporting photography can be downloaded at www.mbplc.com/imagelibrary. \n \n \n   \n CURRENT TRADING AND OUTLOOK \n   \n Since the period end, we have been further encouraged by like-for-like sales a growth of 7.2%. The strength of our sales performance continues to be broad-based across the brand portfolio and underpinned by stable volumes, giving us confidence that further opportunity remains, although we are very mindful of the potential implications of the cost of living challenge facing guests. \n   \n Cost headwinds presented a significant challenge in FY 2023 but we are seeing clear evidence that these are starting to abate. We now know that the National Living Wage will increase by 9.8%, and be extended to everyone over 21, from April next year, but a reduction in energy prices and slowing food inflation, in particular, mean that anticipated overall cost headwinds for the year ahead are expected to reduce to c.£65m. This should allow us to start to rebuild margins back towards pre-pandemic levels. \n   \n We are working hard to continue to drive sales growth above the market, whilst both leveraging our buying power and further enhancing the efficiency of our business. This allows us to face the future with a renewed level of confidence. \n   \n BUSINESS REVIEW \n   \n Total sales across the period were £2,503m with year-on-year growth driven by strong like-for-like sales a performance across all of our brands. Operating profit of £98m was £26m lower than the prior year, impacted both by property portfolio valuation movements classified in separately disclosed items and the inclusion last year of an additional £52m of non-recurring government support (in the form of reduced VAT and grants). \n   \n Overall, we are very pleased with our 52-week adjusted operating profit a result of £221m, before separately disclosed items, which reflects a strong performance in the face of considerable cost headwinds and a record like-for-like sales a outperformance against the market, as measured by the CGA Business Tracker, of 2.7ppts.   \n   \n We made a good start to the financial year with like-for-like sales a growth of 6.5% over the first ten weeks, primarily driven by drink sales. Growth then increased further in the final five weeks of the first quarter due principally to last year being impacted by the emergence of the Omicron variant which resulted in a downturn in activity across much of the festive season. Like-for-like sales a for the quarter were up 10.4% against FY 2022. \n   \n Sales remained resilient through the second quarter with strong performances on key trading dates and from our drink-led, city centre pubs, especially in London, that benefitted from a further return to office working and recovery in tourism. Across the quarter, we recorded like-for-like sales a growth of 6.4%, comprising drink sales growth of 9.9% and food sales growth of 5.2%. \n   \n Through the second half, sales performance remained strong and our outperformance of the market extended further. Despite a wetter and cooler summer than the prior year, like-for-like a sales grew by 9.7% through the second half, with all brands in like-for-like sales a growth and supported by sustained growth in both food and drink volumes.   \n   \n The uncertainty and cost challenges the industry has faced have had an unavoidable impact on market supply with a 3.6% net decline in pubs and restaurants in the year to October 2023 and a 13.2% net decline since the start of the Covid-19 pandemic in March 2020 (CGA October Hospitality Market Monitor 2023). Independent and tenanted businesses have made up the substantial majority of the net closures. Given our strong estate and portfolio of brands, we believe that we are well placed to continue to benefit from these changes in the competitive landscape. \n   \n OUR STRATEGIC PRIORITIES \n   \n The strengths of our business provide a strong platform for the future.  We have an 83% freehold and long leasehold estate, with recognised and diversified brands across a broad range of consumer occasions, demographics and locations, and an experienced and proven management team with the focus to build on the momentum we now have.  We are focused on the strategic pillars which began to turn the business's performance around in 2018, remained at the heart of the business through the pandemic and continue to guide our growth; \n   \n -      Build a more balanced business \n -      Instil a commercial culture \n -      Drive an innovation agenda \n   \n Our Ignite programme of work remains at the core of our long-term value creation plans. The programme consists of a rolling total of approximately 40 initiatives, with new workstreams being introduced in the period replacing those fully implemented in the business.  Given the cost headwinds faced over the last year, we have been particularly focused on initiatives which increase efficiency and productivity through enhancements such as improved labour scheduling, cost mitigating procurement strategies and energy consumption reduction. Energy reduction projects in particular have helped to offset utility cost headwinds, as well as contribute towards our sustainability aims, including investment in solar panels, the roll out of voltage optimisers and the trial of internet-connected control devices to lower electricity and gas consumption.  In addition, our energy and sustainability ambassadors across the country support General Managers in the behavioural change needed to continue reducing consumption in our sites, the combined result being a reduction in energy consumption of 3% versus last year and 14% versus 2019. \n   \n We have also continued to focus on sales-driving initiatives, ensuring that General Managers are equipped with the knowledge and tools to drive sales in their businesses. Each of our General Managers attended a workshop designed to develop and enhance these skills as well as focusing on improving guest metrics by delivering great experiences. We have also increased our capacity at peak times by opening additional bookable covers across bars and outside areas. The benefit of these workstreams is reflected in the broad-based like-for-like sales a performance across all of our brands, supported by volume growth, as well as guest scores of over 4.1 in every one of our brands. \n   \n Across a multi-location business, comprising over 1,650 sites, execution of business change will always be a key challenge when targeting efficiencies. Consistent delivery of our Ignite initiatives has become an increased focus in order to realise the full value of activities which have been proven in other parts of the business. Therefore, in FY 2024, alongside new initiatives we will be focusing on extracting the full value of initiatives which have already been rolled out to the business, but which currently have inconsistent results. We already have the knowledge and experience to make these activities work, therefore targeted training and sharing of expertise should enable the full value of these initiatives to be realised.   \n   \n We remain committed to accelerating our digital strategy, which presents an opportunity for more personalised guest experiences.  Our strategy focuses on building the correct digital and organisational capabilities to allow for quick activation of new channels and services as consumer behaviours change, allowing us to be at or near the forefront of digital advances in the sector.  We have made significant progress in recent years, for example our digital order at table facility, our streamlined online booking experience, and the development of own channel delivery capability seeking to drive sales and protect margins. \n   \n Our capital programme continues to deliver value by improving the competitive position of our pubs and restaurants within their local markets.  We are committed to re-establishing a seven-year investment cycle, which was interrupted by Covid-19.   This financial year we have completed 151 investment projects, slightly fewer than last year but with a higher proportion of larger projects, including 11 conversions of sites to brands such as Miller & Carter and Nicholson's to enable them to optimise trading opportunities in their location. We have also purchased six new sites (of which four are freehold) either by buying in existing leases to give us assured tenancy of successful sites, or by establishing new locations to broaden our offer in areas such as Edinburgh airport, Cardiff, Sheffield and Middlesbrough. We are continuing to see strong performances from our investment projects.   \n   \n In June 2023 we completed the acquisition of the remaining 60% stake in 3Sixty Restaurants Limited, owners of Ego Restaurants, having acquired the initial 40% stake in August 2018. Ego is a collection of Mediterranean-inspired pubs and restaurants where guests can enjoy freshly cooked food, cocktails, cask ales and wine from across the continent. It currently has 29 sites, including 16 that are leased from Mitchells & Butlers , and c.1,000 employees. We currently foresee scope for c.20-30 conversions using the Ego format over the next three to five years. This type of acquisition, of a brand which provides a conversion opportunity which complements our brand portfolio, allows us to generate value through cost synergies of c.£3m as well as incremental profit on conversion.  \n   \n   \n   \n   \n PEOPLE \n   \n Our fantastic team of over 50,000 people is central to the performance of our business, delivering the all-important experiences guests have with us. We are delighted that our staff turnover reduced this financial year to 81%, a return to pre-pandemic stability. Lower turnover has a positive impact on guest experience and also holds commercial benefits due to the cost of training new team members. We are also delighted that our team engagement scores have continued to improve over the course of the year and are now at record highs, demonstrating the commitment of our teams to work together towards the shared goal of driving the future success of the business. \n   \n The recent employment environment has been challenging, and our centralised HR function has been focused on attracting the best talent, enhancing performance through our development programmes and retaining teams through progression opportunities. During the period, over 50% of our General Manager appointments were internal, which reflects the strength of the pipeline of talent we have in the organisation. Our apprentice scheme forms part of our training and progression opportunity, and we believe it will provide excellent future talent to our organisation, from front and back of house roles in our pubs and restaurants to corporate roles in our head office. This financial year over 680 apprentices have joined our business and 980 of our current employees have enrolled onto one of the apprenticeship opportunities open to them. Given the importance of developing and retaining chefs, we continue to grow our culinary capability via our Chefs' Academy and 187 of our chefs have embarked on the Commis Chef apprenticeship delivered by our award-winning tutors. \n   \n SUSTAINABILITY \n   \n We are committed to reducing the environmental impact of our business and have set ambitious targets against which to measure our progress: \n   \n -    Net Zero emissions by 2040, including Scope 1, 2 and 3 emissions; in the period we reduced our emissions by 11% against our 2019 baseline, driven by reduced energy consumption, moving to 100% renewable electricity and reduced emissions in relation to employee travel as we transition our fleet towards hybrid and electric cars. On the intensity measure of emissions to turnover, our output of emissions has reduced by over 20% from our 2019 baseline and by 2% from FY 2022. We have submitted our roadmap to Net Zero for Science Based Target initiative for approval and continue to be active members of the Zero Carbon Forum where we work collaboratively with the ambition of decarbonising the hospitality industry as a whole. \n   \n -    Zero operational waste to landfill by 2030; we continued to make good progress in this area and currently divert 97% of operational waste from landfill. We have also focused on increasing the proportion of waste that we recycle and have improved our recycling performance to 59%.  \n   \n -    50% reduction in food waste by 2030; aligned with the UN Sustainable Development Goals we will halve food waste in our supply chain and in sites by 2030.  As at the year end, we have achieved a 25% reduction in food waste from our 2019 baseline, driven by operational improvements and aided by partnerships with Fareshare and Too Good to Go.  This performance reflects a 1% reduction of the intensity measure of grams of waste per meal from FY 2022.  \n   \n We have a number of initiatives underway to support these ambitions.  Our network of Energy and Sustainability Ambassadors have helped to facilitate a 3% reduction in energy consumption during the year driven by behavioural change as well as investment in voltage optimisers. To reach our near-term Net Zero targets we are focused on removing gas as an energy source. To this aim, during the year we collaborated with suppliers to develop electric kitchen equipment, which is more operationally effective than their gas equivalents, and we are in the process of testing the kit with teams. In addition, we have opened two all-electric sites, trialling alternatives to gas boilers for heating and hot water, as well as various insulation techniques. These trials will help to inform our future strategy for removal of gas. \n   \n Our sustainability strategy has a strong focus on the positive impact we have on people and communities and we are proud to partner with Social Bite, a homelessness charity. Under the Jobs First programme, helping people back to independence through long-term employment opportunities, we were delighted to employ 10 people from their academy and hope to expand this in future years. In addition, we raised £140k for Social Bite through fundraising activity and £160k for Shelter, another charity partner. \n   \n We remain focused on the delivery of our transition plan designed to reduce our climate impact, evolving our plan in response to emerging technologies, best practice and collaborative opportunities. Meanwhile, we also aim to enhance our social impact through our own operations, by facilitating social mobility, as well as through our work with charitable partners.  \n \n \n   \n FINANCIAL REVIEW \n   \n On a statutory basis, sales were £2,503m (FY 2022 £2,208m). The loss before tax for the period of £(13)m (FY 2022 profit of £8m) was impacted by movements to the property portfolio valuation as well as significant cost headwinds during the financial year. \n   \n The Group Income Statement discloses adjusted profit and earnings per share information that excludes separately disclosed items to allow an understanding of the trading performance of the Group.  Separately disclosed items are identified by virtue of their size or incidence. \n   \n T he financial period being reported on was a 53-week period, therefore in order to facilitate comparison to prior year, adjusted results have been restated on a 52-week basis, as set out below. \n   \n \n \n \n \n \n \n \n Statutory 53 week \n \n \n Adjusted a 52 week \n \n \n \n \n \n \n \n FY 2023 \n \n \n FY 2022 \n \n \n FY 2023 \n \n \n FY 2022 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Revenue \n \n \n 2,503 \n \n \n 2,208 \n \n \n 2,459 \n \n \n 2,208 \n \n \n \n \n Operating profit \n \n \n 98 \n \n \n 124 \n \n \n 221 \n \n \n 240 \n \n \n \n \n Profit / (loss) before tax \n \n \n (13) \n \n \n 8 \n \n \n 112 \n \n \n 124 \n \n \n \n \n Earnings / (loss) per share \n \n \n (0.7p) \n \n \n 2.2p \n \n \n 15.6p \n \n \n 18.0p \n \n \n \n \n Operating margin \n \n \n 3.9% \n \n \n 5.6% \n \n \n 9.0% \n \n \n 10.9% \n \n \n \n \n At the end of the period, the total estate comprised 1,718 sites in the UK and Germany of which 1,654 are directly managed. \n   \n Revenue \n   \n Total revenue of £2,503m (FY 2022 £2,208m) reflects a strong period of trading. \n   \n Like-for-like sales a for the period increased by 9.1%, comprising an increase in like-for-like food sales a of 8.6% and an increase in like-for-like drink sales of 9.9%. Like for like sales a growth was broad-based, with growth across all brands, supported by volume growth in both food and drink. Excluding the impact of reduced rates of VAT in the first half of FY 2022, like-for-like sales a growth across the period was 11.3%.  \n   \n Like-for-like sales a growth against FY 2022: \n   \n \n \n \n \n \n \n \n Wks 1-15 \n Q1 \n \n \n Wks 16-28 \n Q2 \n \n \n Wks 29-43 \n Q3 \n \n \n Wks 44-52 \n Q4 \n \n \n Wks 1-52 \n \n \n \n \n Food \n \n \n 6.4% \n \n \n 5.2% \n \n \n 11.6% \n \n \n 11.6% \n \n \n 8.6% \n \n \n \n \n Drink \n \n \n 15.5% \n \n \n 9.9% \n \n \n 7.4% \n \n \n 6.4% \n \n \n 9.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total \n \n \n 10.4% \n \n \n 6.4% \n \n \n 9.7% \n \n \n 9.7% \n \n \n 9.1% \n \n \n \n \n   \n Against FY 2019, the last pre-covid year, like-for-like sales increased by 10.5% driven by spend-per-head with volumes down 8% for food and 12% for drinks. \n   \n For the eight weeks since the period end like-for-like sales a against FY 2023 have increased by 7.2%. \n   \n   \n \n   \n Separately disclosed items \n Separately disclosed items are identified due to their nature or materiality to help the reader form a view of overall and adjusted trading.    \n A £131m reduction in value is recognised relating to valuation and impairment of properties, comprising a £110m impairment arising from the revaluation of freehold and long leasehold sites, a £6m impairment of short leasehold and unlicensed properties, a £14m impairment of right-of-use assets and a £1m impairment of goodwill. The £28m tax credit relates to these impairments. \n Other separately disclosed items include a net profit arising on property disposals, a shortfall on an HMRC VAT claim on gaming machines and a number of items related to acquisition accounting for 3Sixty Restaurants Limited. These items net to an overall credit of £3m. \n   \n Operating profit and margins a \n   \n Adjusted operating profit a for the financial year was £221m (FY 2022 £240m). \n   \n FY 2023 benefited from £1m (FY 2022 £53m) of government support. The year-on-year adjusted operating profit increase, net of government support, of £33m reflects a strong underlying sales performance supported by efficiency gains to more than offset the cost headwinds of £175m faced in the period. \n   \n Adjusted operating margin of 9.0% was 1.9 ppts lower than prior period, driven by the significant cost headwinds and the margin benefit of government support received in FY 2022. Statutory operating margin of 3.9% was 1.7ppts lower than last year due also to the impact of separately disclosed property impairments. \n   \n Cost headwinds are now starting to abate and for FY 2024 are expected to be in the region of c.£65m, representing 3% of the overall cost base, including an expectation of energy cost reduction. \n   \n Interest \n   \n Net finance costs of £108m for the period were £6m lower than last year, with annual amortisation reducing the value of securitised debt and higher levels of interest income from cash balances. \n   \n The net pensions finance charge was £3m (FY 2022 £2m). The net pensions charge for next year is expected to be £1m. \n   \n Earnings per share \n   \n Basic losses per share, after the separately disclosed items described above, were (0.7)p (FY 2022 earnings 2.2p), with adjusted earnings per share of 16.1p, (FY 2022 18.0p). \n   \n The basic weighted average number of shares in the period was 595m and the total number of shares issued at the balance sheet date was 598m. \n   \n   \n \n \n   \n Cash flow \n \n \n \n \n \n \n \n FY 2023 \n \n \n FY 2022 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n EBITDA before movements in the valuation of the property portfolio \n \n \n 362 \n \n \n 374 \n \n \n \n \n Non-cash share-based payment and pension costs and other \n \n \n 6 \n \n \n 6 \n \n \n \n \n Operating cash flow before movements in working capital and additional pension contributions \n \n \n 368 \n \n \n 380 \n \n \n \n \n Working capital movement \n \n \n (1) \n \n \n 19 \n \n \n \n \n Pension deficit contributions \n \n \n (8) \n \n \n (44) \n \n \n \n \n Cash flow from operations \n \n \n 359 \n \n \n 355 \n \n \n \n \n Capital expenditure \n \n \n (157) \n \n \n (122) \n \n \n \n \n Acquisition of 3Sixty Restaurants Limited \n \n \n (17) \n \n \n - \n \n \n \n \n Cash acquired on acquisition of 3Sixty Restaurants Limited \n \n \n 5 \n \n \n - \n \n \n \n \n Net finance lease principal payments \n \n \n (52) \n \n \n (45) \n \n \n \n \n Interest on lease liabilities \n \n \n (16) \n \n \n (16) \n \n \n \n \n Net interest paid \n \n \n (90) \n \n \n (99) \n \n \n \n \n Tax \n \n \n (3) \n \n \n (2) \n \n \n \n \n Other \n \n \n 1 \n \n \n - \n \n \n \n \n Net cash flow before bond amortisation \n \n \n 30 \n \n \n 71 \n \n \n \n \n Mandatory bond amortisation \n \n \n (116) \n \n \n (110) \n \n \n \n \n Net cash flow \n \n \n (86) \n \n \n (39) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The business generated £362m of EBITDA before movements in the valuation of the property portfolio.  \n   \n Pension deficit contributions reduced to £8m as contributions for both the Executive and Main Plan schemes started to be paid into escrow accounts. No further contributions are now anticipated into these schemes. \n   \n Capital expenditure increased by £35m to £157m with £11m of the increase in relation to investment in technology to enable progress against our sustainability goals, as analysed below. \n   \n An investment of £17m was made to acquire the remaining 60% stake in 3Sixty Restaurants Ltd, owners of Ego Restaurants, partially offset by £5m cash acquired on acquisition. \n   \n Before mandatory bond amortisation, cash inflow was £30m (FY 2022 £71m). After mandatory bond amortisation, cash outflow was £86m (FY 2022 outflow of £39m). \n   \n Capital expenditure \n   \n Capital expenditure of £157m ( FY 2022 £122m) comprises £154m from the purchase of property, plant and equipment and £3m in relation to the purchase of intangible assets. Of the £157m spend, £90m relates to the completion of acquisitions, conversions and remodels, with the balance being essential maintenance and infrastructure spend which includes investment to enable our Net Zero transition. \n   \n \n \n \n \n \n \n \n FY 2023 \n \n \n FY 2022 \n \n \n \n \n \n \n \n £m \n \n \n # \n \n \n £m \n \n \n # \n \n \n \n \n Maintenance and infrastructure   \n \n \n 67 \n \n \n   \n \n \n 39 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Remodels - refurbishment \n \n \n 65 \n \n \n 127 \n \n \n 60 \n \n \n 155 \n \n \n \n \n Remodels - expansionary \n \n \n 4 \n \n \n 7 \n \n \n 2 \n \n \n 5 \n \n \n \n \n Conversions \n \n \n 11 \n \n \n 11 \n \n \n 6 \n \n \n 6 \n \n \n \n \n Acquisitions - freehold \n \n \n 9 \n \n \n 4 \n \n \n 14 \n \n \n 3 \n \n \n \n \n Acquisitions - leasehold \n \n \n 1 \n \n \n 2 \n \n \n 1 \n \n \n 1 \n \n \n \n \n Total return generating capital expenditure \n \n \n 90 \n \n \n 151 \n \n \n 83 \n \n \n 170 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total capital expenditure \n \n \n 157 \n \n \n   \n \n \n 122 \n \n \n   \n \n \n \n \n   \n The four freehold acquisitions represent the purchase of two properties previously held as leasehold and two new sites. \n   \n To enable our transition to Net Zero emissions we have invested in technologies which reduce our environmental impact. During the period we invested £3m on installing 50 sites with solar panels, with a further c.150 sites identified for installation during FY 2024, and £8m on installing 1,200 voltage optimisers. These investments will underpin continued reduction in energy usage, which reduced by 3% in the period overall. \n   \n Property \n   \n In line with our property valuation policy, a red book valuation of the freehold and long leasehold estate has been completed in conjunction with the independent property valuer, CBRE. In addition, the Group has undertaken an impairment review on short leasehold and unlicensed properties. The overall property portfolio valuation of c.£4bn has decreased by £192m (FY 2022 decrease of £282m). This reflects £116m impairment included as a separately disclosed item in the income statement and a £76m decrease in the revaluation reserve. In addition, there was a £14m impairment of right-of-use assets and a £1m impairment of goodwill, relating to an historic acquisition, included within separately disclosed items in the income statement. \n   \n Net debt a and facilities \n   \n Net debt a at the period end was £1,633m, comprised of £1,170m non-lease liabilities and lease liabilities of £463m (FY 2022 £1,679m comprised of £1,198m non-lease liabilities and lease liabilities of £481m). \n   \n During the period we successfully refinanced our unsecured debt facilities which were due to expire in February 2024. The new Revolving Credit Facility ('RCF') has been increased in size to £200m based on a wider banking group, including the continued support of all existing banks, and extends to July 2026. The RCF remains unsecured, with a negative pledge in favour of participating banks, and is based on two main financial covenants - net debt to EBITDA to not exceed 3.0 times (as before) and EBITDAR to rent plus interest of not less than 1.25 times (reduced from 1.5 times). \n   \n Further details of existing debt arrangements and an analysis of net debt a can be found in Note 10 to the financial statements and at https://www.mbplc.com/infocentre/debtinformation/ . \n   \n Pensions \n   \n During the period we were delighted to announce that the trustees of the M&B Main Pension Plan, working closely with the Company, successfully completed a full scheme buy-in with Standard Life. This transaction follows on from the completion of the buy-in of the Executive Plan announced last year and eliminates substantially all remaining pensions risk in the group. \n   \n Following each buy-in, committed contributions were made into blocked escrow accounts, to a balance of £47m. As of September this year all contributions have ceased. \n   \n The residual liability on the balance sheet of £22m (before tax) represents an unfunded unapproved pension top-up arrangement in respect of certain members of the M&B Executive Plan. \n   \n Going Concern \n   \n After considering forecasts, sensitivities and mitigating actions available to management and having regard to risks and uncertainties, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate within its borrowing facilities and covenants for a period of at least 12 months from the date of signing the financial statements. Accordingly, the financial statements have been prepared on the going concern basis. Full details are included in Section 1 of the financial statements. \n   \n   \n \n   \n Director's responsibility statement \n   \n The 2023 Annual Report and Accounts which will be issued in December 2023, contains a responsibility statement in compliance with DTR 4.1.12 of the Listing Rules which sets out that as at the date of approval of the Annual Report on 29 November 2023, the Directors confirm to the best of their knowledge: \n   \n       -     the Group and unconsolidated Company financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and Company, and the undertakings included in the consolidation taken as a whole; and \n   \n       -     the performance review contained in the Annual Report and Accounts includes a fair review of the development and performance of the business and the position of the Group and the undertakings including the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face. \n   \n This responsibility statement was approved by the Board of Directors on 29 November 2023 and is signed on its behalf by: \n   \n Tim Jones \n Chief Financial Officer \n 29 November 2023 \n \n \n   \n \n \n \n \n Group income statement \n \n \n   \n \n \n \n \n For the 53 weeks ended 30 September 2023 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Before \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Before \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n separately disclosed \n \n \n \n \n \n Separately disclosed \n \n \n \n \n \n \n \n \n \n \n \n separately disclosed \n \n \n \n \n \n Separately disclosed \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n items \n \n \n \n \n \n items a \n \n \n \n \n \n Total \n \n \n \n \n \n items \n \n \n \n \n \n items a \n \n \n \n \n \n Total \n \n \n   \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Revenue \n \n \n 2 \n \n \n 2,503  \n \n \n \n \n \n -  \n \n \n \n \n \n 2,503 \n \n \n \n \n \n 2,208  \n \n \n \n \n \n -  \n \n \n \n \n \n 2,208 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio \n \n \n \n \n \n (2,145) \n \n \n \n \n \n                  -  \n \n \n \n \n \n (2,145) \n \n \n \n \n \n (1,836) \n \n \n \n \n \n                  -  \n \n \n \n \n \n (1,836) \n \n \n   \n \n \n \n \n Share in associates' results \n \n \n   \n   \n \n \n 1 \n \n \n \n \n \n   \n -  \n \n \n \n \n \n 1  \n \n \n \n \n \n 1 \n \n \n \n \n \n   \n -  \n \n \n \n \n \n 1  \n \n \n   \n \n \n \n \n Net profit arising on property disposals \n \n \n 3 \n \n \n -  \n \n \n \n \n \n   \n 3  \n \n \n \n \n \n 3  \n \n \n \n \n \n -  \n \n \n \n \n \n   \n 1  \n \n \n \n \n \n 1  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n EBITDA b before movements in the valuation of the property portfolio \n \n \n \n \n \n 359  \n \n \n \n \n \n 3  \n \n \n \n \n \n 362 \n \n \n \n \n \n 373  \n \n \n \n \n \n 1  \n \n \n \n \n \n 374 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Depreciation, amortisation and movements in the valuation of the property portfolio \n \n \n 3 \n \n \n (133) \n \n \n \n \n \n (131) \n \n \n \n \n \n (264) \n \n \n \n \n \n (133) \n \n \n \n \n \n (117) \n \n \n \n \n \n (250) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Operating profit/(loss) \n \n \n \n \n \n 226  \n \n \n \n \n \n (128) \n \n \n \n \n \n 98  \n \n \n \n \n \n 240  \n \n \n \n \n \n (116) \n \n \n \n \n \n 124  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Finance costs \n \n \n 11 \n \n \n (116) \n \n \n \n \n \n -  \n \n \n \n \n \n (116) \n \n \n \n \n \n (115) \n \n \n \n \n \n -  \n \n \n \n \n \n (115) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Finance income \n \n \n 11 \n \n \n 8  \n \n \n \n \n \n -  \n \n \n \n \n \n 8  \n \n \n \n \n \n 1  \n \n \n \n \n \n -  \n \n \n \n \n \n 1  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Net pensions finance charge \n \n \n 11, 12 \n \n \n (3) \n \n \n \n \n \n -  \n \n \n \n \n \n (3)  \n \n \n \n \n \n (2) \n \n \n \n \n \n -  \n \n \n \n \n \n (2)  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit/(loss) before tax \n \n \n \n \n \n 115  \n \n \n \n \n \n (128) \n \n \n \n \n \n (13)  \n \n \n \n \n \n 124  \n \n \n \n \n \n (116) \n \n \n \n \n \n 8  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Tax (charge)/credit \n \n \n 5 \n \n \n (19) \n \n \n \n \n \n   28  \n \n \n \n \n \n 9  \n \n \n \n \n \n (17) \n \n \n \n \n \n   22  \n \n \n \n \n \n 5  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit/(loss) for the period \n \n \n \n \n \n               \n           96  \n \n \n \n \n \n (100) \n \n \n \n \n \n (4)  \n \n \n \n \n \n               \n             107  \n \n \n \n \n \n (94) \n \n \n \n \n \n 13  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Earnings/(loss) per ordinary share \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Basic \n \n \n 6 \n \n \n 16.1p \n \n \n \n \n \n \n \n \n \n \n \n (0.7p) \n \n \n \n \n \n 18.0p \n \n \n \n \n \n \n \n \n \n \n \n 2.2p \n \n \n   \n \n \n \n \n \n \n \n Diluted \n \n \n 6 \n \n \n 16.1p \n \n \n \n \n \n \n \n \n \n \n \n (0.7p) \n \n \n \n \n \n 18.0p \n \n \n \n \n \n \n \n \n \n \n \n 2.2p \n \n \n   \n \n \n \n \n   \n \n \n \n \n a. \n \n \n Separately disclosed items are explained and analysed in note 3. \n \n \n \n \n b. \n \n \n Earnings before interest, tax, depreciation, amortisation and movements in the valuation of the property portfolio.  The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group's performance.  Key measures are explained later in this announcement. \n \n \n \n \n   \n All results relate to continuing operations. \n \n \n   \n   \n \n \n \n \n Group statement of comprehensive income \n \n \n \n \n For the 53 weeks ended 30 September 2023 \n \n \n \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period \n \n \n \n \n \n (4)  \n \n \n \n \n \n 13  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that will not be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unrealised loss on revaluation of the property portfolio \n \n \n 7 \n \n \n   (76) \n \n \n \n \n \n   (187) \n \n \n \n \n Remeasurement of pension liability \n \n \n 12 \n \n \n 42  \n \n \n \n \n \n 41  \n \n \n \n \n Tax relating to items not reclassified \n \n \n 5 \n \n \n 5  \n \n \n \n \n \n 32  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (29) \n \n \n \n \n \n (114) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Exchange differences on translation of foreign operations \n \n \n \n \n \n (1)  \n \n \n \n \n \n 2  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow hedges: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n - (Losses)/gains arising during the period \n \n \n \n \n \n (9)  \n \n \n \n \n \n 180  \n \n \n \n \n - Reclassification adjustments for items included in profit or loss \n \n \n \n \n \n 30  \n \n \n \n \n \n 1  \n \n \n \n \n Tax relating to items that may be reclassified \n \n \n 5 \n \n \n (5) \n \n \n \n \n \n (45) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n 15  \n \n \n \n \n \n 138  \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive (expense)/income after tax \n \n \n \n \n \n (14)  \n \n \n \n \n \n 24  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive (expense)/income for the period \n \n \n \n \n \n (18)  \n \n \n \n \n \n 37  \n \n \n \n \n   \n \n   \n \n \n \n \n Group balance sheet \n \n \n \n \n   \n \n \n \n \n 30 September 2023 \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill and other intangible assets \n \n \n \n \n \n 17  \n \n \n \n \n \n 14  \n \n \n \n \n Property, plant and equipment \n \n \n 7 \n \n \n 4,086  \n \n \n \n \n \n 4,194  \n \n \n \n \n Right-of-use assets \n \n \n 8 \n \n \n 327  \n \n \n \n \n \n 339  \n \n \n \n \n Interests in associates \n \n \n \n \n \n -  \n \n \n \n \n \n 6  \n \n \n \n \n Finance lease receivables \n \n \n \n \n \n 11  \n \n \n \n \n \n 12  \n \n \n \n \n Other receivables \n \n \n \n \n \n 47  \n \n \n \n \n \n -  \n \n \n \n \n Deferred tax asset \n \n \n \n \n \n 4  \n \n \n \n \n \n 4  \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n 33  \n \n \n \n \n \n 56  \n \n \n \n \n Total non-current assets \n \n \n \n \n \n                            \n 4,525  \n \n \n \n \n \n                             \n 4,625  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 25  \n \n \n \n \n \n 23  \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 123  \n \n \n \n \n \n 90  \n \n \n \n \n Current tax asset \n \n \n \n \n \n -   \n \n \n \n \n \n 1  \n \n \n \n \n Finance lease receivables \n \n \n \n \n \n 1  \n \n \n \n \n \n 1  \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n 2  \n \n \n \n \n \n 4  \n \n \n \n \n Cash and cash equivalents \n \n \n 10 \n \n \n 126  \n \n \n \n \n \n 207  \n \n \n \n \n Total current assets \n \n \n \n \n \n 277  \n \n \n \n \n \n 326  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n 4,802  \n \n \n \n \n \n 4,951  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Pension liabilities \n \n \n 12 \n \n \n (1) \n \n \n \n \n \n (42) \n \n \n \n \n Trade and other payables \n \n \n \n \n \n (491) \n \n \n \n \n \n (408) \n \n \n \n \n Current tax liabilities \n \n \n \n \n \n (2) \n \n \n \n \n \n -   \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n (144) \n \n \n \n \n \n (130) \n \n \n \n \n Lease liabilities \n \n \n 8 \n \n \n (33) \n \n \n \n \n \n (53) \n \n \n \n \n Total current liabilities \n \n \n \n \n \n                                             (671) \n \n \n \n \n \n                                 (633) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Pension liabilities \n \n \n 12 \n \n \n (21) \n \n \n \n \n \n (22) \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n (1,186) \n \n \n \n \n \n (1,334) \n \n \n \n \n Lease liabilities \n \n \n 8 \n \n \n (430) \n \n \n \n \n \n (428) \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n (7) \n \n \n \n \n \n (28) \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n (348) \n \n \n \n \n \n (354) \n \n \n \n \n Provisions \n \n \n \n \n \n (9) \n \n \n \n \n \n (9) \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n (2,001) \n \n \n \n \n \n (2,175) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n (2,672) \n \n \n \n \n \n (2,808) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net assets \n \n \n \n \n \n 2,130 \n \n \n \n \n \n 2,143 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Called up share capital \n \n \n 13 \n \n \n 51  \n \n \n \n \n \n 51  \n \n \n \n \n Share premium account \n \n \n 13 \n \n \n 357  \n \n \n \n \n \n 357  \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n 3  \n \n \n \n \n \n 3  \n \n \n \n \n Revaluation reserve \n \n \n \n \n \n 951  \n \n \n \n \n \n 1,009  \n \n \n \n \n Own shares held \n \n \n \n \n \n (5) \n \n \n \n \n \n (5) \n \n \n \n \n Hedging reserve \n \n \n \n \n \n (4) \n \n \n \n \n \n (20) \n \n \n \n \n Translation reserve \n \n \n \n \n \n 14  \n \n \n \n \n \n 15  \n \n \n \n \n Retained earnings \n \n \n \n \n \n 763  \n \n \n \n \n \n 733  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n 2,130  \n \n \n \n \n \n 2,143  \n \n \n \n \n   \n \n \n   \n \n \n \n \n Group statement of changes in equity \n \n \n \n \n For the 53 weeks ended 30 September 2023 \n \n \n \n \n   \n \n \n \n \n \n \n \n Called \n \n \n \n \n \n Share \n \n \n \n \n \n Capital \n \n \n \n \n \n \n \n \n \n \n \n Own \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n up share \n \n \n \n \n \n premium \n \n \n \n \n \n redemption \n \n \n \n \n \n Revaluation \n \n \n \n \n \n shares \n \n \n \n \n \n Hedging \n \n \n \n \n \n Translation \n \n \n \n \n \n Retained \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n capital \n \n \n \n \n \n account \n \n \n \n \n \n reserve \n \n \n \n \n \n reserve \n \n \n \n \n \n held \n \n \n \n \n \n reserve \n \n \n \n \n \n reserve \n \n \n \n \n \n earnings \n \n \n \n \n \n equity \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n At 25 September 2021 \n \n \n 51  \n \n \n \n \n \n 356 \n \n \n \n \n \n 3  \n \n \n \n \n \n 1,150 \n \n \n \n \n \n (3) \n \n \n \n \n \n (156) \n \n \n \n \n \n 13 \n \n \n \n \n \n 690 \n \n \n \n \n \n 2,104 \n \n \n \n \n Profit for the period \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 13  \n \n \n \n \n \n 13  \n \n \n \n \n Other comprehensive (expense)/income \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (141) \n \n \n \n \n \n -  \n \n \n \n \n \n 136  \n \n \n \n \n \n 2  \n \n \n \n \n \n 27  \n \n \n \n \n \n 24  \n \n \n \n \n Total comprehensive (expense)/income \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (141) \n \n \n \n \n \n -  \n \n \n \n \n \n 136  \n \n \n \n \n \n 2  \n \n \n \n \n \n 40  \n \n \n \n \n \n 37  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital issued \n \n \n -  \n \n \n \n \n \n 1  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -   \n \n \n \n \n \n 1  \n \n \n \n \n Purchase of own shares \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (2) \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -   \n \n \n \n \n \n (2) \n \n \n \n \n Credit in respect of share-based payments \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 4   \n \n \n \n \n \n 4  \n \n \n \n \n Tax charge on share-based payments \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (1)   \n \n \n \n \n \n (1)  \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 24 September 2022 \n \n \n 51  \n \n \n \n \n \n 357 \n \n \n \n \n \n 3  \n \n \n \n \n \n 1,009 \n \n \n \n \n \n (5) \n \n \n \n \n \n (20) \n \n \n \n \n \n 15 \n \n \n \n \n \n 733 \n \n \n \n \n \n 2,143 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the period \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (4)  \n \n \n \n \n \n (4)  \n \n \n \n \n Other comprehensive (expense)/income \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (58) \n \n \n \n \n \n -  \n \n \n \n \n \n 16  \n \n \n \n \n \n (1) \n \n \n \n \n \n 29  \n \n \n \n \n \n (14)  \n \n \n \n \n Total comprehensive (expense)/income \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (58) \n \n \n \n \n \n -  \n \n \n \n \n \n 16  \n \n \n \n \n \n (1) \n \n \n \n \n \n 25  \n \n \n \n \n \n (18)  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Credit in respect of share-based payments \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 5   \n \n \n \n \n \n 5  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 30 September 2023 \n \n \n 51  \n \n \n \n \n \n 357 \n \n \n \n \n \n 3  \n \n \n \n \n \n 951 \n \n \n \n \n \n (5) \n \n \n \n \n \n (4)  \n \n \n \n \n \n 14  \n \n \n \n \n \n 763   \n \n \n \n \n \n   \n  2,130 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n   \n \n \n \n \n Group cash flow statement \n \n \n \n \n For the 53 weeks ended 30 September 2023 \n \n \n \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Cash flow from operations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating profit \n \n \n \n \n \n         98 \n \n \n \n \n \n           124      \n \n \n \n \n Add back/(deduct): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Movement in the valuation of the property portfolio \n \n \n 3 \n \n \n 131 \n \n \n \n \n \n 117 \n \n \n \n \n Net profit arising on property disposals \n \n \n 3 \n \n \n (3) \n \n \n \n \n \n (1) \n \n \n \n \n Loss on disposal of fixtures, fittings and equipment \n \n \n \n \n \n 2  \n \n \n \n \n \n -  \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 7 \n \n \n 93 \n \n \n \n \n \n 93  \n \n \n \n \n Amortisation of intangibles \n \n \n \n \n \n  4  \n \n \n \n \n \n 4  \n \n \n \n \n Depreciation of right-of-use assets \n \n \n 8 \n \n \n 36  \n \n \n \n \n \n 36  \n \n \n \n \n Cost charged in respect of share-based payments \n \n \n \n \n \n 5  \n \n \n \n \n \n 4  \n \n \n \n \n Administrative pension costs \n \n \n 12 \n \n \n 5  \n \n \n \n \n \n 4  \n \n \n \n \n Share of associates results \n \n \n \n \n \n (1) \n \n \n \n \n \n (1) \n \n \n \n \n Settlement of pre existing lease contracts \n \n \n 14 \n \n \n 3  \n \n \n \n \n \n -  \n \n \n \n \n Fair value gain on associate \n \n \n 14 \n \n \n (5) \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating cash flow before movements in working capital \n and additional pension contributions \n \n \n \n \n \n 368  \n \n \n \n \n \n 380  \n \n \n \n \n Increase in inventories \n \n \n \n \n \n (2) \n \n \n \n \n \n (3) \n \n \n \n \n Increase in trade and other receivables \n \n \n \n \n \n (42) \n \n \n \n \n \n (19) \n \n \n \n \n Increase in trade and other payables \n \n \n \n \n \n 44  \n \n \n \n \n \n 42  \n \n \n \n \n Decrease in provisions \n \n \n \n \n \n (1) \n \n \n \n \n \n (1) \n \n \n \n \n Additional pension contributions \n \n \n 12 \n \n \n (8) \n \n \n \n \n \n (44) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow from operations \n \n \n \n \n \n 359  \n \n \n \n \n \n 355  \n \n \n \n \n Interest payments a \n \n \n \n \n \n (95) \n \n \n \n \n \n (67) \n \n \n \n \n Interest payments on interest rate swaps a \n \n \n \n \n \n (7) \n \n \n \n \n \n (33) \n \n \n \n \n Interest receipts on cross currency swap a \n \n \n \n \n \n 7  \n \n \n \n \n \n 1  \n \n \n \n \n Interest payments on cross currency swap a \n \n \n \n \n \n (4) \n \n \n \n \n \n (1) \n \n \n \n \n Other interest paid - lease liabilities \n \n \n 10 \n \n \n (16) \n \n \n \n \n \n (16) \n \n \n \n \n Borrowing facility fees paid \n \n \n \n \n \n (2) \n \n \n \n \n \n -  \n \n \n \n \n Interest received \n \n \n \n \n \n 9  \n \n \n \n \n \n 1  \n \n \n \n \n Tax paid \n \n \n \n \n \n (3) \n \n \n \n \n \n (2) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash from operating activities \n \n \n \n \n \n 248  \n \n \n \n \n \n 238  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Acquisition of 3Sixty Restaurants Limited \n \n \n 14 \n \n \n (17) \n \n \n \n \n \n -  \n \n \n \n \n Cash acquired on acquisition of 3Sixty Restaurants Limited \n \n \n 14 \n \n \n 5  \n \n \n \n \n \n -  \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n (154) \n \n \n \n \n \n (117) \n \n \n \n \n Purchases of intangible assets \n \n \n \n \n \n (3) \n \n \n \n \n \n (5) \n \n \n \n \n Proceeds from sale of property, plant and equipment \n \n \n \n \n \n 3  \n \n \n \n \n \n 1  \n \n \n \n \n Finance lease principal repayments received \n \n \n \n \n \n 1  \n \n \n \n \n \n 3  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n (165) \n \n \n \n \n \n (118) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of ordinary share capital \n \n \n 13 \n \n \n -  \n \n \n \n \n \n 1  \n \n \n \n \n Purchase of own shares \n \n \n \n \n \n -  \n \n \n \n \n \n (2) \n \n \n \n \n Repayment of principal in respect of securitised debt b \n \n \n 10 \n \n \n (121) \n \n \n \n \n \n (115) \n \n \n \n \n Principal receipts on currency swap b \n \n \n 10 \n \n \n 21  \n \n \n \n \n \n 20  \n \n \n \n \n Principal payments on currency swap b \n \n \n 10 \n \n \n (16) \n \n \n \n \n \n (15) \n \n \n \n \n Cash payments for the principal portion of lease liabilities \n \n \n 10 \n \n \n (53) \n \n \n \n \n \n (48) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash used in financing activities \n \n \n \n \n \n (169) \n \n \n \n \n \n (159) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net decrease in cash and cash equivalents \n \n \n \n \n \n (86) \n \n \n \n \n \n (39) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at the beginning of the period \n \n \n 10 \n \n \n 190  \n \n \n \n \n \n 227  \n \n \n \n \n Foreign exchange movements \n \n \n \n \n \n (1)  \n \n \n \n \n \n 2  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n 10 \n \n \n 103  \n \n \n \n \n \n 190  \n \n \n \n \n   \n a.        Interest paid is split to show gross payments on the interest rate and cross currency swaps. \n b.        Principal repayments on securitised debt are split to show repayments relating to the cross currency swap. \n   \n Notes to the consolidated financial statements \n   \n 1. Preparation of preliminary consolidated financial statements \n   \n General information \n Mitchells & Butlers plc, along with its subsidiaries, (together 'the Group') is required to prepare its consolidated financial statements in accordance with UK-adopted International Financial Reporting Standards (IFRSs) as and in accordance with the Companies Act 2006. While the financial information included in this release is based on the Group's consolidated financial statements and has been prepared in accordance with the recognition and measurement criteria of UK-adopted International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. \n   \n The preliminary financial statements include the results of Mitchells & Butlers plc and all its subsidiaries for the 53 week period ended 30 September 2023. The comparative period is for the 52 week period ended 24 September 2022. The respective balance sheets have been drawn up as at 30 September 2023 and 24 September 2022. \n   \n The consolidated financial statements have been prepared on the historical cost basis as modified by the revaluation of freehold and long leasehold properties, pension obligations and financial instruments. \n   \n The Group's accounting policies have been applied consistently. \n   \n Going concern \n The Directors have adopted the going concern basis in preparing the Group and the Company financial statements after assessing the impact of identified principal risks and their possible adverse impact on financial performance, specifically revenue and cash flows throughout the going concern period, being at least 12 months from the date of signing of these financial statements.                                                                                                              \n The challenges presented to the hospitality sector of Covid-19, Brexit and more recently high and persistent cost inflation (both for the business and its customers) have resulted in reduced levels of profits and operating cash flow since March 2020. These factors cast a degree of uncertainty as to the future financial performance and cash flows of the Group and have been considered by the Directors in assessing the ability of the Group and the Company to continue as a going concern.  \n The Group's primary source of borrowings is through ten tranches of fully amortising loan notes with a gross debt value of £1.3bn as at the end of the year. These are secured against the majority of the Group's properties and its future income streams. The principal repayment period varies by class of note with maturity dates ranging from 2023 to 2036. \n During the year the Group completed a refinancing of its unsecured credit facility. The new facility of £200m is committed and remains unsecured, with a negative pledge in favour of participating banks, and has a maturity date in July 2026. At the balance sheet date there were no drawings under this facility. \n Within the secured debt financing structure there are two main covenants: the level of net worth (being the net asset value of the securitisation group) and, FCF to DSCR. As at 30 September 2023 there was substantial headroom on the net worth covenant. FCF to DSCR represents the multiple of Free Cash Flow (being EBITDA less tax and required capital maintenance expenditure) generated by sites within the structure to the cost of debt service (being the repayment of principal, net interest charges and associated fees). This is tested quarterly on both a trailing two quarter and a four quarter basis. \n The unsecured facility also has two main financial covenants, based on the performance of the unsecured estate: the ratio of EBITDAR to rent plus interest (at a minimum of 1.25 times) and Net debt to EBITDA (to be no more than 3.0 times), both tested on a half-yearly basis (for the prior four quarters). \n In the year ahead the main uncertainties facing the Group are considered to be the maintenance of growth in sales in the face of pressure on consumer spending power, and cost inflation. The outlook for these is uncertain and will depend on a number of factors including consumer confidence, global political developments and supply chain disruptions and government policy. \n \n \n   \n 1. Preparation of preliminary consolidated financial statements (continued) \n   \n Going concern (continued) \n The Directors have reviewed the financing arrangements against a base case forward trading forecast in which they have considered the Group's current financial position. This forecast assumes mid single digit growth in sales across the year, a rate slightly below the level generated in recent months. Cost inflation is assumed to abate from the historic high levels last year, with some deflation in energy costs, blending at an expected net increase of approximately three percent across the cost base of the business of approximately £2bn. Under this base case the Group is able to stay within securitisation and committed facility financial covenants and maintains sufficient liquidity.   \n The Directors have also considered a severe but plausible downside scenario covering adverse movements against the base forward forecast in both sales and cost inflation in which some mitigation activity is taken including lower capital expenditure on site remodel activity and a flex down of labour and site costs in line with reduced sales. In this scenario sales are assumed to remain in growth but at an initial level of one percent, falling to three percent, below the base case forecast. Unmitigated cost inflation is also higher in the areas of food, labour and energy. In this downside scenario the Group is again able to stay within securitisation and committed facility financial covenants, whilst maintaining sufficient liquidity. \n Furthermore, the Directors have considered a reverse stress test analysis, to review the headroom below which trading could fall beyond the downside scenario before the earlier of financial covenants becoming breached, or available liquidity becoming insufficient. This analysis indicates that on consistent cost assumptions, sales would be able to fall a further 3.3% (being approximately one percent down on FY 2023) throughout the forecast period before financial covenants were breached when tested at Q4 FY 2024 being the last full testing period within the 12 month going concern assessment period. In this scenario the Group would still have sufficient available liquidity. \n After due consideration of these factors, the Directors therefore believe that it remains appropriate to prepare the financial statements of the Group and the Company on a going concern basis. \n   \n Foreign currencies \n The results of overseas operations have been translated into sterling at the weighted average euro rate of exchange for the period of £1 = €1.16 (2022 £1 = €1.18), where this is a reasonable approximation to the rate at the dates of the transactions.  Euro and US dollar denominated assets and liabilities have been translated at the relevant rate of exchange at the balance sheet date of £1 = €1.15 (2022 £1 = €1.12) and £1 = $1.22 (2022 £1 = $1.09) respectively. \n   \n   \n New and amended IFRS Standards that are effective for the current period \n The International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC) have issued the following standards and interpretations which have been adopted by the Group in these consolidated financial statements for the first time with the following impact. \n   \n \n \n \n \n Accounting standard \n \n \n Effective date \n \n \n \n \n Amendments to IAS 37 (Onerous Contracts - cost of fulfilling a contract) \n \n \n The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. The amendments apply for annual reporting periods beginning on or after 1 January 2022. \n   \n The amendments have no impact on the contracts of the Group that are identified as onerous, as all costs associated with fulfilling the lease contracts are allocated in the assessment of whether a lease is onerous.  As such there is no change to the leases assessed as onerous, or the resulting onerous lease provision. \n \n \n \n \n International Tax Reform - Pillar 2 model Rules - Amendments to IAS 12 \n \n \n The amendments were endorsed on 19 July 2023, and provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar 2 exposure from 31 December 2023.    Further details are provided in note 5. \n \n \n \n \n   \n \n \n   \n 1. Preparation of preliminary consolidated financial statements (continued) \n   \n New and amended IFRS Standards that are effective for the current period (continued) \n The following standards and interpretations have been adopted by the Group in these consolidated financial statements for the first time, with no impact. \n   \n \n \n \n \n Accounting standard \n \n \n Effective date \n \n \n \n \n Amendments to IFRS 3 (Reference to the Conceptual Framework) \n \n \n 1 January 2022 \n \n \n \n \n Amendments to IAS 16 (PPE - proceeds before intended use) \n \n \n 1 January 2022 \n \n \n \n \n Annual improvements to IFRS standards 2018-2020 cycle (Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture) \n \n \n 1 January 2022 \n \n \n \n \n \n \n \n \n \n   \n Critical accounting judgements and key sources of estimation uncertainty \n The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities, income and expense. \n   \n Estimates and judgements are periodically evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.  Actual results may differ from these estimates. \n   \n Judgements and estimates for the period remain largely unchanged from the prior period, with the selection of assumptions for calculation of the defined benefit pension liability removed in the current period due to the reduced sensitivity to the assumptions following the main plan buy-in (see note 12). \n   \n Significant accounting estimates: \n   \n The significant accounting estimate with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1 Presentation of Financial Statements, is: \n   \n ·      Fair value of freehold and long leasehold properties - see note 7 \n Other areas of judgement are described in each section listed below: \n   \n ·       Determination of items that are separately disclosed - see note 3 \n ·       Impairment review of short leasehold properties and right-of-use assets - see note 9 \n   \n   \n Other sources of estimation uncertainty are described in: \n   \n ·       Impairment review of short leasehold properties and right-of-use assets - see note 9 \n   \n \n \n   \n 2. Segmental analysis \n   \n \n \n \n \n Operating segments \n IFRS 8 Operating Segments requires operating segments to be based on the Group's internal reporting to its Chief Operating Decision Maker (CODM). The CODM is regarded as the Chief Executive together with other Board members. The Group trades in one business segment (that of operating pubs and restaurants) and the Group's brands meet the aggregation criteria set out in Paragraph 12 of IFRS 8. Economic indicators assessed in determining that the aggregated operating segments share similar economic characteristics include: expected future financial performance; operating and competitive risks; and return on invested capital.  As such, the Group reports the business as one reportable business segment. \n   \n The CODM uses EBITDA and operating profit before interest and separately disclosed items as the key measures of the Group's results on an aggregated basis. \n   \n Geographical segments \n Substantially all of the Group's business is conducted in the United Kingdom.  In presenting information by geographical segment, segment revenue and non-current assets are based on the geographical location of customers and assets. \n   \n \n \n \n \n   \n Geographical segments \n   \n   \n \n \n \n \n \n \n \n UK \n \n \n \n \n \n Germany \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n 2023 \n 53 weeks \n \n \n \n \n \n 2022 \n 52 weeks \n \n \n \n \n \n 2023 \n 53 weeks \n \n \n \n \n \n 2022 \n 52 weeks \n \n \n \n \n \n 2023 \n 53 weeks \n \n \n \n \n \n 2022 \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue - sales to third parties \n \n \n 2,387 \n \n \n \n \n \n 2,117 \n \n \n \n \n \n 116 \n \n \n \n \n \n 91 \n \n \n \n \n \n 2,503 \n \n \n \n \n \n 2,208 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Segment non-current assets a \n \n \n 4,442 \n \n \n \n \n \n 4,524 \n \n \n \n \n \n 46 \n \n \n \n \n \n 41 \n \n \n \n \n \n 4,488 \n \n \n \n \n \n 4,565 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n a. \n \n \n Includes balances relating to intangibles, property, plant and equipment, right-of-use assets, investments in associates, finance lease receivables and non-current other receivables. \n \n \n \n \n   \n \n \n   \n 3. Separately disclosed items \n   \n The items identified in the current period are as follows: \n \n \n \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n   \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Separately disclosed items \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gaming machine settlement \n \n \n a \n \n \n (1) \n \n \n \n \n \n -  \n \n \n \n \n Fair value adjustment to investment in 3Sixty Restaurants Limited \n \n \n b \n \n \n 5  \n \n \n \n \n \n -  \n \n \n \n \n Settlement of pre-existing lease contracts on acquisition of 3Sixty Restaurants Limited \n \n \n c \n \n \n (3) \n \n \n \n \n \n -  \n \n \n \n \n Costs associated with the acquisition of 3Sixty Restaurants Limited \n \n \n d \n \n \n (1) \n \n \n \n \n \n -  \n \n \n \n \n Total separately disclosed items recognised within operating costs \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net profit arising on property disposals \n \n \n \n \n \n 3  \n \n \n \n \n \n 1  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Movement in the valuation of the property portfolio: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Impairment charge arising from the revaluation of freehold and long leasehold properties \n \n \n e \n \n \n (110) \n \n \n \n \n \n (86) \n \n \n \n \n - Net impairment of short leasehold and unlicensed properties \n \n \n f \n \n \n (6) \n \n \n \n \n \n (9) \n \n \n \n \n - Net impairment of right-of-use assets \n \n \n g \n \n \n (14) \n \n \n \n \n \n (22) \n \n \n \n \n - Net impairment of goodwill \n \n \n h \n \n \n (1) \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net movement in the valuation of the property portfolio \n \n \n \n \n \n (131) \n \n \n \n \n \n (117) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Total separately disclosed items before tax \n \n \n   \n \n \n   \n (128) \n \n \n \n \n \n   \n (116) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax credit relating to above items \n \n \n \n \n \n 28  \n \n \n \n \n \n 22  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total separately disclosed items after tax \n \n \n \n \n \n (100) \n \n \n \n \n \n (94) \n \n \n \n \n   \n \n \n \n \n a.     \n \n \n During the period £19m has been received from HMRC, relating to VAT on gaming machine income for the period 2005 to 2012, including interest. An estimate of £20m for the amount receivable was recognised in the 52 weeks ended 25 September 2021 as a separately disclosed item.  As a result, the shortfall of £1m has been recognised. \n \n \n \n \n b.     \n \n \n During the period, the Group acquired the remaining 60% of share capital of 3Sixty Restaurants Limited, after having a 40% interest since April 2018.  As a result of this acquisition achieved in stages, the Group has applied the principles of IFRS 3 and remeasured the 40% interest to fair value at acquisition (see note 14 for further details). \n \n \n \n \n c.     \n \n \n As a result of the acquisition of 3Sixty Restaurants Limited, a loss has been recognised at acquisition for the settlement of pre-existing lease contracts, due to the terms of the contracts being below to market terms (see note 14). \n \n \n \n \n d.     \n \n \n Relates to integration costs, restructuring costs and legal and professional fees incurred in the acquisition of 3Sixty Restaurants Limited on 18 June 2023. \n \n \n \n \n e.     \n \n \n The impairment arising from the Group's revaluation of its freehold and long leasehold pub estate comprises an impairment charge, where the carrying values of the properties exceed their recoverable amount, net of a revaluation surplus that reverses past impairments. See note 7 for further details. \n \n \n \n \n f.      \n \n \n Impairment of short leasehold and unlicensed properties where their carrying values exceed their recoverable amounts, net of reversals of past impairments. See note 9 for further details. \n \n \n \n \n g.     \n \n \n Impairment of right-of-use assets where their carrying values exceed their recoverable amounts, net of reversals of past impairments. See note 9 for further details. \n \n \n \n \n h.     \n \n \n Impairment of goodwill where the carrying value exceeds the recoverable amount. See note 9 for further details. \n \n \n \n \n   \n \n \n   \n 4. Government grants \n Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. \n   \n Government grants are recognised in the income statement on a systematic basis over the periods in which the Group recognises as expenses the related operating costs for which the grants are intended to compensate. \n   \n Apprenticeship incentives \n The Group is entitled to claim £1,000 for each apprentice employed, where they are aged 16 to 18, or under 25 and meet certain other criteria.  In prior periods, as part of its response to the Covid-19 pandemic, the UK Government introduced a scheme to enable an employer to receive up to an additional £3,000 per apprentice, where the apprentice commenced employment between 1 August 2020 and 31 January 2022.  The payment is phased with amounts due in equal instalments at 90 days and 365 days after employment commenced and is recognised on receipt of cash.  \n   \n Local Authority grants \n During the prior period, following the EU Court ruling on State Aid aggregation, the Group recognised an additional £2m of Covid-19 support, subject to the individual caps applicable in both the UK and Germany. In addition, following the outbreak of the Omicron variant of Covid-19 in the UK in November 2021, the Government introduced some further grants to help support businesses in the leisure and hospitality sectors.  As a result, a further £1m of grants were recognised. \n   \n German Government grants \n In the prior period, following the impact of the Omicron variant, grant claims were made for costs incurred during periods of significantly lower sales under an extension of the Bridging Aid scheme. \n   \n The impact of grants received on the income statement is as follows: \n   \n \n \n \n \n Government grant scheme \n \n \n Income statement line impact \n \n \n 2023 \n \n \n \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n   \n \n \n 53 weeks \n \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Local Authority Grants (UK and Germany) \n \n \n Revenue - other \n \n \n -  \n \n \n \n \n \n \n \n \n 3  \n \n \n \n \n Grants for loss of profits in Germany \n \n \n Revenue - other \n \n \n -  \n \n \n \n \n \n \n \n \n 1  \n \n \n \n \n Apprenticeship incentives \n \n \n Revenue - other \n \n \n 1  \n \n \n \n \n \n \n \n \n 1  \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Government grants received \n \n \n   \n \n \n 1  \n \n \n \n \n \n \n \n \n 5  \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n VAT \n In addition to the above grants, in the prior period, the Group benefited from a reduction in the rate of VAT from 20% to 12.5% applied for the six month period from 1 October 2021 until 31 March 2022.  The estimated impact of this on food and drink revenue in the current period is £nil (2022 £43m). \n   \n Business rates \n The Group also benefitted from business rates relief in the prior period.  Across all sites within the UK, this is an estimated saving of £nil (2022 £5m). \n   \n \n 5. Taxation \n   \n Taxation - Group income statement \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Current tax: \n \n \n \n \n -     Corporation tax \n \n \n (5) \n \n \n \n \n \n  (3)  \n \n \n \n \n -     Amounts over-provided in prior periods \n \n \n -  \n \n \n \n \n \n 1   \n \n \n \n \n   \n \n \n \n \n Total current tax charge \n \n \n (5) \n \n \n \n \n \n (2)  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred tax: \n \n \n \n \n - Origination and reversal of temporary differences \n \n \n 11  \n \n \n \n \n \n 3  \n \n \n \n \n - Effect of changes in UK tax rate \n \n \n 3  \n \n \n \n \n \n 4  \n \n \n \n \n   \n \n \n \n \n Total deferred tax credit \n \n \n 14  \n \n \n \n \n \n 7  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total tax credit in the Group income statement \n \n \n  9  \n \n \n \n \n \n 5  \n \n \n   \n \n \n \n \n   \n Further analysed as tax relating to: \n \n \n \n \n Profit before separately disclosed items \n \n \n (19) \n \n \n \n \n \n (17) \n \n \n \n \n Separately disclosed items \n \n \n            28  \n \n \n \n \n \n 22  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9  \n \n \n \n \n \n 5 \n \n \n \n \n   \n The standard rate of corporation tax applied to the reported (loss)/profit is 22.0% (2022 19.0%).  \n   \n The tax credit (2022 credit) in the Group income statement for the period is higher than (2022 lower) the standard rate of corporation tax in the UK.  The differences are reconciled below: \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n   \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n (Loss)/profit before tax \n \n \n (13)  \n \n \n \n \n \n 8  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Taxation credit/(charge) at the UK standard rate of corporation tax of 22.0% (2022 19.0%) \n \n \n 3  \n \n \n \n \n \n (1) \n \n \n   \n \n \n \n \n Expenses not deductible \n \n \n (1) \n \n \n \n \n \n (2) \n \n \n   \n \n \n \n \n Permanent benefits \n \n \n 5  \n \n \n \n \n \n 4  \n \n \n   \n \n \n \n \n Tax credit in respect of change in UK tax rate \n \n \n 3  \n \n \n \n \n \n 4  \n \n \n   \n \n \n \n \n Adjustment in respect of prior periods \n \n \n -  \n \n \n \n \n \n 1  \n \n \n   \n \n \n \n \n Effect of different tax rates of subsidiaries in other jurisdictions \n \n \n (1) \n \n \n \n \n \n (1) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total tax credit in the Group income statement \n \n \n  9  \n \n \n \n \n \n 5  \n \n \n \n \n \n \n \n   \n Taxation for other jurisdictions is calculated at the rates prevailing in those jurisdictions. \n   \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n   \n   \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Deferred tax in the Group income statement: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accelerated capital allowances \n \n \n (14) \n \n \n \n \n \n (12) \n \n \n \n \n Retirement benefit obligations \n \n \n -   \n \n \n \n \n \n (8) \n \n \n \n \n Unrealised losses on revaluations \n \n \n 28  \n \n \n \n \n \n 23  \n \n \n \n \n Tax losses - UK \n \n \n -   \n \n \n \n \n \n (9) \n \n \n \n \n Tax losses - Interest restriction \n \n \n -  \n \n \n \n \n \n 13  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total deferred tax credit in the Group income statement \n \n \n 14  \n \n \n \n \n \n 7  \n \n \n \n \n   \n   \n   \n 5. Taxation (continued) \n   \n \n \n \n \n Taxation - other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n   \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n   \n \n \n \n \n Deferred tax: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Items that will not be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n - Unrealised losses due to revaluations - revaluation reserve \n \n \n   18   \n \n \n \n \n \n 46  \n \n \n   \n \n \n \n \n - Unrealised gains due to revaluations - retained earnings \n \n \n     (4)  \n \n \n \n \n \n (5)  \n \n \n   \n \n \n \n \n - Remeasurement of pension liability \n \n \n (9)  \n \n \n \n \n \n (9)  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 5   \n \n \n \n \n \n 32  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Items that may be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n -   Cash flow hedges \n \n \n (5)  \n \n \n \n \n \n (45) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total tax charge recognised in other comprehensive income \n \n \n -  \n \n \n \n \n \n (13) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Tax relating to items recognised directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred tax: \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Tax charge related to share-based payments \n \n \n             -    \n \n \n \n \n \n                 (1)   \n \n \n \n \n   \n Factors which may affect future tax charges \n The Finance Act 2021 increased the main rate of corporation tax from 19% to 25% with effect from 1 April 2023. The effect of this change has been reflected in the closing deferred tax balances at 24 September 2022 and 30 September 2023. \n   \n The Group is within the Pillar Two income tax legislation, which is effective for financial periods beginning on or after 31 December 2023.  The Group is currently assessing the impact of the legislation on its future financial performance and although it does not anticipate that the legislation will have a material impact on the Group's results, this cannot be confirmed until the assessment has been completed. \n   \n 6. Earnings/(loss) per share \n   \n Basic earnings per share (EPS) has been calculated by dividing the profit for the period by the weighted average number of ordinary shares in issue during the period, excluding own shares held by employee share trusts. \n   \n For diluted earnings per share, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. \n   \n Adjusted earnings per ordinary share amounts are presented before separately disclosed items (see note 3) in order to allow an understanding of the adjusted trading performance of the Group. \n   \n The profits used for the earnings per share calculations are as follows: \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period \n \n \n (4) \n \n \n \n \n \n 13 \n \n \n \n \n Separately disclosed items, net of tax \n \n \n 100 \n \n \n \n \n \n 94 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted profit for the period a   \n \n \n 96 \n \n \n \n \n \n 107 \n \n \n \n \n   \n a.   Adjusted profit and adjusted EPS are alternative performance measures (APMs) and are considered critical to aid understanding of the Group's performance. These measures are explained later in this announcement. \n \n \n   \n 6. Earnings/(loss) per share (continued) \n   \n The number of shares used for the earnings per share calculations are as follows: \n   \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n million \n \n \n \n \n \n million \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic weighted average number of ordinary shares \n \n \n 595 \n \n \n \n \n \n 595 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Effect of dilutive potential ordinary shares: \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Contingently issuable shares \n \n \n - \n \n \n \n \n \n 1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted weighted average number of shares \n \n \n 595 \n \n \n \n \n \n 596 \n \n \n \n \n   \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n 53 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n Pence \n \n \n \n \n \n pence \n \n \n \n \n Basic earnings/(loss) per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic (loss)/earnings per share \n \n \n (0.7p) \n \n \n \n \n \n 2.2p \n \n \n \n \n Separately disclosed items net of tax per share \n \n \n 16.8p \n \n \n \n \n \n 15.8p \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted basic earnings per share a \n \n \n 16.1p \n \n \n \n \n \n 18.0p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings/(loss) per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings per share \n \n \n (0.7) p \n \n \n \n \n \n 2.2 p \n \n \n \n \n Adjusted diluted earnings per share a \n \n \n 16.1 p \n \n \n \n \n \n 18.0 p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n a.     Adjusted earnings and adjusted EPS are alternative performance measures (APMs) and are considered critical to aid understanding of the Group's performance. These measures are explained later in this announcement. \n At 30 September 2023, 7,323,559 (2022 4,839,607) other share options were outstanding that could potentially dilute basic EPS in the future but were not included in the calculation of diluted EPS as they are anti-dilutive for the periods presented. \n   \n 7. Property, plant and equipment \n   \n Accounting policies \n   \n Property, plant and equipment \n The majority of the Group's freehold and long leasehold licensed land and buildings, and the associated landlord's fixtures, fittings and equipment (i.e. fixed fittings) are revalued annually and are therefore held at fair value less depreciation.  Tenant's fixtures and fittings (i.e. loose fixtures) within freehold and long leasehold properties, are held at cost less depreciation and impairment. \n   \n Short leasehold buildings (leases with an unexpired lease term of less than 50 years), unlicensed land and buildings and associated fixtures, fittings and equipment are held at cost less depreciation and impairment. \n   \n Revaluation \n The revaluation, performed at 30 September 2023, is determined via annual third-party inspection of 20% of the sites with the aim that all sites are individually valued approximately every five years.  The valuation utilises estimates of fair maintainable trade and valuation multiples, with fair maintainable trade comprising estimates of both fair maintainable turnover (FMT) and fair maintainable operating profit (FMOP), and estimated fair value of tenant's fixtures and fittings. The revaluation determined by the annual inspection was carried out in accordance with the RICS Valuation - Global Standards 2022 which incorporate the International Valuation Standards and the RICS Valuation - Professional Standards UK (the 'Red Book') assuming each asset is sold as a fully operational trading entity.  \n   \n \n \n   \n 7. Property, plant and equipment (continued) \n   \n Accounting policies (continued) \n   \n Revaluation (continued) \n Properties are valued as fully operational entities, to include fixtures and fittings but excluding stock, personal goodwill and estimated fair value of tenant's fixtures and fittings. \n   \n The 80% of the freehold and long leasehold estate which is not subject to a third-party valuation in the period is instead revalued internally by management.  The Group's external valuer provides advice to management in relation to their internal valuation.  This valuation is performed using the same principles applied in determining FMT and FMOP for the externally valued estate together with using the same multiples as those applied by the external valuer. Sites impacted by expansionary capital investment in the preceding twelve months are reviewed for impairment only, based on estimated annualised post investment fair maintainable trade against the carrying value of the asset. Where the value of land and buildings derived purely from a multiple applied to the fair maintainable trade misrepresents the underlying asset value, a spot valuation is applied. \n   \n Surpluses which arise from the revaluation exercise are included within other comprehensive income (in the revaluation reserve) unless they are reversing a revaluation deficit which has been recognised in the income statement previously; in which case an amount equal to a maximum of that recognised in the income statement previously is recognised in the income statement.  Where the revaluation exercise gives rise to a deficit, this is reflected directly within the income statement, unless it is reversing a previous revaluation surplus against the same asset; in which case an amount equal to the maximum of the revaluation surplus is recognised within other comprehensive income (in the revaluation reserve). \n   \n Impairment \n Short leaseholds, unlicensed properties and fixtures and fittings are reviewed on an outlet basis for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.  Further details of the impairment policy are provided in the impairment note 9. \n   \n Property, plant and equipment can be analysed as follows: \n   \n \n \n \n \n \n \n \n 2023 \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At beginning of period \n \n \n 4,194  \n \n \n \n \n \n 4,442 \n \n \n \n \n Acquired through business combinations (note 14) \n \n \n 29  \n \n \n \n \n \n -  \n \n \n \n \n Additions \n \n \n 151  \n \n \n \n \n \n 130 \n \n \n \n \n Net decrease from property revaluation \n \n \n (186) \n \n \n   \n \n \n (273) \n \n \n \n \n Impairment of short leasehold properties \n \n \n (6) \n \n \n   \n \n \n (9) \n \n \n \n \n Disposals \n \n \n (3) \n \n \n \n \n \n (4) \n \n \n \n \n Depreciation provided during the period \n \n \n (93) \n \n \...

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