Glossary
Amenity: Design, décor, furniture and facilities that contribute to the environment and atmosphere of a pub.
AWT (Average Weekly Take): The average sales per pub per week, calculated as total sales divided by the average number of pubs trading during the period divided by the number of weeks in the period.
BBPA: British Beer & Pub Association.
Brands/formats: Brands trade with the same name, signage, décor and product range.
Formats trade under individual pub names and signage but consistent décor and product range.
Cash flow from operations: Net cash flow resulting directly from regular operations.
EBITDA: Earnings before interest, tax, depreciation, amortisation.
External costs: Costs influenced by outside factors, e.g. regulatory and energy costs.
FY 2008: The 52 week period ended 27 September 2008.
FY 2009: The 52 week period ended 26 September 2009.
FY 2010: The 52 week period ended 25 September 2010.
Gross margin: Gross profit divided by sales, expressed as a percentage.
Gross profit: Sales less cost of goods sold.
HMRC: Her Majesty’s Revenue and Customs.
MAT: Moving annual total.
National Minimum Wage: The minimum amount an employer must pay its employees as defined by law.
Net worth: The net assets of Mitchells & Butlers Retail Limited disregarding any intercompany loans within the securitised group.
Off-trade: Any retail outlet which has a licence to sell alcohol for consumption off the premises.
ONS: Office for National Statistics.
On-trade: Any retail outlet which has a licence to sell alcohol for consumption on the premises (e.g. pubs, restaurants, nightclubs, clubs).
Operating profit: Earnings before interest and tax.
Productivity: Sales less hourly paid wages divided by the number of hours worked.
Refinancing: The repayment of an existing loan with the proceeds from a new loan.
Same outlet like-for-like sales growth: The increase in sales performance of all managed pubs that were trading for the two periods being compared, expressed as a percentage.
Securitisation: A means of raising finance secured on a particular group of assets and the associated cash flows derived from those assets.
||Page correct as at: 17 June 2010
