Financial performance
Mitchells & Butlers reported its results for the half year 2017 on 17 May 2017. Download the half 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 |
|
| Revenue | 2,086 | - | 2,086 | 2,101 | - | 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 | - | 1 | 1 | - | 7 | 7 |
| EBITDAb | 431 | 1 | 432 | 439 | 7 | 446 |
| Depreciation, amortisation and movements in the valuation of the property portfolio | (113) | (88) | (201) | (111) | (65) | (176) |
| Operating profit/(loss) | 318 | (87) | 231 | 328 | (58) | 270 |
| Finance costs | (126) | - | (126) | (130) | - | (130) |
| Finance revenue | 1 | - | 1 | 1 | - | 1 |
| Net pensions finance charge | (12) | - | (12) | (15) | - | (15) |
| Profit/(loss) before tax | 181 | (87) | 94 | 184 | (58) | 126 |
| Tax (expense)/credit | (37) | 32 | (5) | (37) | 14 | (23) |
| Profit/(loss) for the period | 144 | (55) | 89 | 147 | (44) | 103 |
| Earnings per ordinary share | ||||||
| Basic | 34.9p | 21.6p | 35.7p | 25.0p | ||
| Diluted | 34.8p | 21.5p | 35.5p | 24.9p | ||
Group balance sheet
24 September 2016
| 2016 £m |
2015 £m |
||
|---|---|---|---|
| Assets | |||
| Goodwill and other intangible assets | 9 | 10 | |
| Property, plant and equipment | 4,423 | 4,242 | |
| Lease premiums | 2 | 2 | |
| Deferred tax asset | 143 | 156 | |
| Derivative financial instruments | 52 | 19 | |
| Total non-current assets | 4,629 | 4,429 | |
| Inventories | 25 | 24 | |
| Trade and other receivables | 32 | 46 | |
| Other cash deposits | 120 | 120 | |
| Cash and cash equivalents | 158 | 163 | |
| Derivative financial instruments asset | 1 | - | |
| Total current assets | 336 | 353 | |
| Total assets | 4,965 | 4,782 | |
| 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 assets | 1,408 | 1,271 | |
| Equity | |||
| Called up share capital | 35 | 35 | |
| Share premium account | 27 | 26 | |
| Capital redemption reserve | 3 | 3 | |
| Revaluation reserve | 1,142 | 938 | |
| Own shares held | (1) | (1) | |
| Hedging reserve | (338) | (240) | |
| Translation reserve | 13 | 10 | |
| Retained earnings | 527 | 500 | |
| Total equity | 1,408 | 1,271 |
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 profit | 231 | 270 |
| Adjusted items | 87 | 58 |
| Operating profit before adjusted items | 318 | 328 |
| Depreciation of property, plant and equipment | 111 | 109 |
| Amortisation of intangibles | 2 | 2 |
| Cost charged in respect of share-based payments | 2 | 2 |
| Administrative pension costs | 2 | 2 |
| Operating cash flow before adjusted items, movements in working capital and additional pension contributions | 435 | 443 |
| (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 items | 375 | 401 |
| Cash flow from operating adjusted items | - | (6) |
| Interest paid | (126) | (129) |
| Interest received | 1 | 2 |
| Tax paid | (28) | (25) |
| Net cash from operating activities | 222 | 243 |
| 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 equipment | 5 | 6 |
| Transfers to other cash deposits | - | (120) |
| Net cash used in investing activities | (162) | (277) |
| Financing activities | ||
| Issue of ordinary share capital | 1 | 2 |
| 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 facilities | 31 | - |
| 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 period | 163 | 255 |
| Foreign exchange movements on cash | 2 | - |
| Cash and cash equivalents at the end of the period | 158 | 163 |