Financial performance
Download the Full Year Results announcement to view the supporting notes to these statements.
Mitchells & Butlers has delivered a resilient set of results in FY 2012 despite a challenging year with a difficult consumer environment. Sales in the Retained Estate were £1,889m up 5.3% (52 weeks), with like-for-like sales growth of 2.1%. EBIT in the Retained Estate was £304m up 3.1% (52 weeks) after inflationary costs and investment into service and amenity. Our brand roll-out programme has progressed with £55m of expansionary capital invested in the year and EBITDA returns of 17% achieved on expansionary capital invested in FY 2011 and FY 2012. Net debt was reduced to £1.8bn during FY 2012 and net debt:EBITDA is now at 4.5 times.
Group Income Statement
For the 53 weeks ended 29 September 2012
| 2012 53 weeks |
2011 52 weeks |
|||||
|---|---|---|---|---|---|---|
| Before exceptional items and other adjustments £m |
Exceptional items and other adjustmentsa £m |
Total £m |
Before exceptional items and other adjustments £m |
Exceptional items and other adjustmentsa £m |
Total £m |
|
| Revenue | 1,889 | - | 1,889 | 1,796 | - | 1,796 |
| Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio | (1,474) | (20) | (1,494) | (1,392) | (13) | (1,405) |
| Net profit/(loss)/profit arising on property disposals | - | - | - | - | (4) | (4) |
| EBITDAa | 415 | (20) | 395 | 404 | (17) | 387 |
| Depreciation, amortisation and movements in the valuation of the property portfolio | (111) | (52) | (163) | (110) | (2) | (112) |
| Operating profit | 304 | (72) | 232 | 294 | (19) | 275 |
| Finance costs | (140) | - | (140) | (141) | - | (141) |
| Finance revenue | 2 | - | 2 | 3 | - | 3 |
| Net finance charge from pensions | - | (11) | (11) | - | (5) | (5) |
| Profit/(loss) before tax | 166 | (83) | 83 | 156 | (24) | 132 |
| Tax (expense)/credit | (41) | 28 | (13) | (42) | 35 | (7) |
| Profit for the period | 125 | (55) | 70 | 114 | 11 | 125 |
| Earnings per ordinary share | ||||||
| Basic | 30.5p | 17.1p | 28.0p | 30.7p | ||
| Diluted | 30.2p | 17.0p | 27.7p | 30.5p | ||
a Earnings before interest, tax, depreciation, amortisation and movements in the valuation of the property portfolio.
All results relate to continuing operations.
Group Balance Sheet
29 September 2012
| 2012 £m |
2011 £m |
|
|---|---|---|
| ASSETS | ||
| Goodwill and other intangible assets | 5 | 10 |
| Property, plant and equipment | 3,848 | 3,848 |
| Lease premiums | 1 | 6 |
| Deferred tax asset | 107 | 83 |
| Derivative financial instruments | 4 | 18 |
| Total non-current assets | 3,965 | 3,965 |
| Inventories | 26 | 25 |
| Trade and other receivables | 56 | 70 |
| Other cash deposits | 25 | 50 |
| Cash and cash equivalents | 311 | 306 |
| Total current assets | 418 | 451 |
| Total assets | 4,383 | 4,416 |
| LIABILITIES | ||
| Current tax liabilities | (28) | (17) |
| Trade and other payables | (265) | (298) |
| Borrowings | (53) | (49) |
| Derivative financial instruments | (45) | (44) |
| Total current liabilities | (391) | (408) |
| Pension liabilities | (88) | (37) |
| Other payables | (12) | (12) |
| Borrowings | (2,133) | (2,197) |
| Derivative financial instruments | (280) | (235) |
| Deferred tax liabilities | (382) | (429) |
| Long-term provisions | (9) | (6) |
| Total non-current liabilities | (2,904) | (2,916) |
| Total liabilities | (3,295) | (3,324) |
| Net assets | 1,088 | 1,092 |
| EQUITY | ||
| Called up share capital | 35 | 35 |
| Share premium account | 21 | 21 |
| Capital redemption reserve | 3 | 3 |
| Revaluation reserve | 793 | 768 |
| Own shares held | (3) | (5) |
| Hedging reserve | (257) | (214) |
| Translation reserve | 11 | 12 |
| Retained earnings | 485 | 472 |
| Total equity | 1,088 | 1,092 |
Group Cash Flow Statement
For the 53 weeks ended 29 September 2012
| 2012 53 weeks £m |
2011 52 weeks £m |
|
|---|---|---|
| Cash flow from operations | 347 | 336 |
| Cash flow from operating exceptional items | (17) | |
| Interest paid | (131) | (137) |
| Interest received | 2 | 3 |
| Tax paid | (25) | (20) |
| Net cash from operating activities | 176 | 182 |
| Investing activities | ||
| Acquisition of Ha Ha Bar & Grill Limited | - | (20) |
| Acquisition of Intertain (Dining) Limited | - | (4) |
| Purchases of property, plant and equipment | (147) | (144) |
| Purchases of intangibles (computer software) | - | (4) |
| Proceeds from sale of property, plant and equipment | 3 | 28 |
| Proceeds from disposal of assets held for sale | - | 396 |
| Transfers from/(to) other cash deposits | 25 | (50) |
| Net cash (used in)/from investing activities | (119) | 202 |
| Financing activities | ||
| Issue of ordinary share capital | - | 1 |
| Purchase of own shares | (1) | |
| Proceeds on release of own shares | 1 | 1 |
| Repayment of principal in respect of securitised debt | (52) | (49) |
| Repayment of principal in respect of other borrowings | - | (259) |
| Net cash used in financing activities | (52) | (306) |
| Net increase in cash and cash equivalents | 5 | 78 |
| Cash and cash equivalents at the beginning of the financial period | 306 | 228 |
| Cash and cash equivalents at the end of the financial period | 311 | 306 |