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Financial performance

Mitchells & Butlers reported its results for the full year 2015 on 24 November 2015. Download the full year results announcement.

The tables below are for the full year 2014 to 26 September 2015.

Group income statement

For the 52 weeks ended 26 September 2015

  2015
52 weeks
2014
52 weeks
  Before exceptional items
£m
Exceptional items
£m
Total
£m
Before exceptional items
£m
Exceptional items
£m
Total
£m
Revenue 2,101 - 2,101 1,970 - 1,970
Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio (1,662) - (1,662) (1,548) (12) (1,560)
Net profit arising on property disposals - 7 7 - - -
EBITDAb 439 7 446 422 (12) 410
Depreciation, amortisation and movements in the valuation of the property portfolio (111) (65) (176) (109) (37) (146)
Operating profit/(loss) 328 (58) 270 313 (49) 264
Finance costs (130) - (130) (132) - (132)
Finance revenue 1 - 1 1 - 1
Net pensions finance charge (15) - (15) (10) - (10)
Profit/(loss) before tax 184 (58) 126 172 (49) 123
Tax (expense)/credit (37) 14 (23) (38) 8 (30)
Profit/(loss) for the period 147 (44) 103 134 (41) 93
Earnings per ordinary share
Basic 35.7p 25.0p 32.6p 22.6p
Diluted 35.5p 24.9p 32.4p 22.5p

Group balance sheet

26 September 2015

  2015
£m
2014 restated*
£m
Assets
Goodwill and other intangible assets 10 9
Property, plant and equipment 4,242 4,237
Lease premiums 2 1
Deferred tax asset 156 161
Derivative financial instruments 19 5
Total non-current assets 4,429 4,413
Inventories 24 27
Trade and other receivables 46 60
Other cash deposits 120 -
Cash and cash equivalents 163 255
Total current assets 353 342
Total assets 4,782 4,755
Liabilities
Pension liabilities (46) (45)
Trade and other payables (317) (299)
Current tax liabilities (15) (21)
Borrowings (214) (208)
Derivative financial instruments (43) (45)
Total current liabilities (635) (618)
Pension liabilities (304) (380)
Borrowings (1,960) (2,012)
Derivative financial instruments (253) (196)
Deferred tax liabilities (349) (352)
Long-term provisions (10) (12)
Total non-current liabilities (2,876) (2,952)
Total liabilities (3,511) (3,570)
Net assets 1,271 1,185
Equity
Called up share capital 35 35
Share premium account 26 24
Capital redemption reserve 3 3
Revaluation reserve 938 918
Own shares held (1) (4)
Hedging reserve (240) (196)
Translation reserve 10 11
Retained earnings 500 394
Total equity 1,271 1,185

Group cash flow statement

For the 52 weeks ended 26 September 2015

  2015
52 weeks
£m
2014
52 weeks
£m
Cash flow from operations
Operating profit 270 264
Operating exceptional items 58 49
Operating profit before exceptional items 328 313
Depreciation of property, plant and equipment 109 108
Amortisation of intangibles 2 1
Cost charged in respect of share-based payments 2 2
Administrative pension costs 2 2
Operating cash flow before exceptional items, movements in working capital and additional pension contributions 443 426
Decrease/(increase) in inventories 3 (1)
Decrease in trade and other receivables 22 15
Increase/(decrease) in trade and other payables 21 (3)
(Decrease)/increase in provisions (2) 3
Additional pension contributions (86) (49)
Cash flow from operations before exceptional items 401 391
Cash flow from operating exceptional items (6) (5)
Interest paid (129) (137)
Interest received 2 2
Tax paid (25) (34)
Net cash from operating activities 243 217
Investing activities
Acquisition of Orchid Pubs & Dining Limited and Midco 1 Limited (1) (269)
Cash acquired on acquisition of Orchid Pubs & Dining Limited and Midco 1 Limited - 11
Purchases of property, plant and equipment (157) (156)
Purchases of intangible assets (3) (6)
Payment of lease premium (2) -
Proceeds from sale of property, plant and equipment 6 4
Transfers (to)/from other cash deposits (120) 25
Net cash used in investing activities (277) (391)
Financing activities
Issue of ordinary share capital 2 1
Purchase of own shares - (2)
Proceeds on release of own shares 1 1
Repayment of principal in respect of securitised debt (61) (58)
Drawings under liquidity facility - 147
Net cash (used in)/from financing activities (58) 89
Net decrease in cash and cash equivalents (92) (85)
Cash and cash equivalents at the beginning of the period 255 340
Cash and cash equivalents at the end of the period 163 255