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Financial performance

Mitchells & Butlers reported its results for the full year 2016 on 22 November 2016. Download the full year results announcement.

The tables below are for the full year 2016 to 24 September 2016.

Group income statement

For the 52 weeks ended 24 September 2016

  2016
52 weeks
2015
52 weeks
  Before
separately disclosed
Separately
disclosed
Before
separately disclosed
Separately
disclosed
  items
£m
itemsa
£m
Total
£m
items
£m
itemsa
£m
Total
£m
Revenue2,086-2,0862,101-2,101
Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio (1,655)-(1,655)(1,662)-(1,662)
Net profit arising on property disposals -11-77
EBITDAb 43114324397446
Depreciation, amortisation and movements in the valuation of the property portfolio (113)(88)(201)(111)(65)(176)
Operating profit/(loss) 318(87)231328(58)270
Finance costs (126)-(126)(130)-(130)
Finance revenue 1-11-1
Net pensions finance charge (12)-(12)(15)-(15)
Profit/(loss) before tax 181(87)94184(58)126
Tax (expense)/credit (37)32(5)(37)14(23)
Profit/(loss) for the period 144(55)89147(44)103
Earnings per ordinary share
Basic 34.9p21.6p35.7p25.0p
Diluted 34.8p21.5p35.5p24.9p

Group balance sheet

24 September 2016

  2016
£m
2015
£m
Assets
Goodwill and other intangible assets910
Property, plant and equipment4,4234,242
Lease premiums22
Deferred tax asset143156
Derivative financial instruments5219
Total non-current assets4,6294,429
Inventories2524
Trade and other receivables3246
Other cash deposits120120
Cash and cash equivalents158163
Derivative financial instruments asset1-
Total current assets336353
Total assets4,9654,782
Liabilities
Pension liabilities(46)(46)
Trade and other payables(293)(317)
Current tax liabilities(12)(15)
Borrowings(253)(214)
Derivative financial instruments(44)(43)
Total current liabilities(648)(635)
Pension liabilities(291)(304)
Borrowings(1,920)(1,960)
Derivative financial instruments(360)(253)
Deferred tax liabilities(329)(349)
Long-term provisions(9)(10)
Total non-current liabilities(2,909)(2,876)
Total liabilities(3,557)(3,511)
Net assets1,4081,271
Equity
Called up share capital3535
Share premium account2726
Capital redemption reserve33
Revaluation reserve1,142938
Own shares held(1)(1)
Hedging reserve(338)(240)
Translation reserve1310
Retained earnings527500
Total equity1,4081,271

Group cash flow statement

For the 52 weeks ended 24 September 2016

  2016
52 weeks
£m
2015
52 weeks
£m
Cash flow from operations
Operating profit231270
Adjusted items8758
Operating profit before adjusted items318328
Depreciation of property, plant and equipment111109
Amortisation of intangibles22
Cost charged in respect of share-based payments22
Administrative pension costs22
Operating cash flow before adjusted items, movements in working capital and additional pension contributions435443
(Increase)/decrease in inventories(1)3
(Increase)/decrease in trade and other receivables(4)22
(Decrease)/increase in trade and other payables(5)21
Decrease in provisions(1)(2)
Additional pension contributions(49)(86)
Cash flow from adjusted items375401
Cash flow from operating adjusted items-(6)
Interest paid(126)(129)
Interest received12
Tax paid(28)(25)
Net cash from operating activities222243
Investing activities
Acquisition of Orchid Pubs & Dining Limited and Midco 1 Limited-(1)
Purchases of property, plant and equipment(166)(157)
Purchases of intangible assets(1)(3)
Payment of lease premium-(2)
Proceeds from sale of property, plant and equipment56
Transfers to other cash deposits-(120)
Net cash used in investing activities(162)(277)
Financing activities
Issue of ordinary share capital12
Purchase of own shares(1)-
Proceeds on release of own shares-1
Dividends paid(31)-
Repayment of principal in respect of securitised debt(67)(61)
Drawings under unsecured revolving credit facilities31-
Net cash used in financing activities(67)(58)
Net decrease in cash and cash equivalents(7)(92)
Cash and cash equivalents at the beginning of the period163255
Foreign exchange movements on cash2-
Cash and cash equivalents at the end of the period158163