Financial performance
Mitchells & Butlers reported its results for the full year 2018 on 22 November 2018. Download the full year results announcement.
Group income statement
For the 52 weeks ended 29 September 2018
| 2018 52 weeks |
2017 53 weeks |
|||||
|---|---|---|---|---|---|---|
| Before separately disclosed items £m |
Separately disclosed items £m |
Total £m |
Before separately disclosed items £m |
Separately disclosed items £m |
Total £m |
|
| Revenue | 2,152 | - | 2,152 | 2,180 | - | 2,180 |
| Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio | (1,730) | (6) | (1,736) | (1,751) | (35) | (1,786) |
| Net profit arising on property disposals | - | 1 | 1 | - | 1 | 1 |
| EBITDA | 422 | (5) | 417 | 429 | (34) | 395 |
| Depreciation, amortisation and movements in the valuation of the property portfolio | (119) | (43) | (162) | (115) | (72) | (187) |
| Operating profit/(loss) | 303 | (48) | 255 | 314 | (106) | 208 |
| Finance costs | (119) | - | (119) | (125) | - | (125) |
| Finance revenue | 1 | - | 1 | 1 | - | 1 |
| Net pensions finance charge | (7) | - | (7) | (7) | - | (7) |
| Profit/(loss) before tax | 178 | (48) | 130 | 183 | (106) | 77 |
| Tax (expense)/credit | (33) | 7 | (26) | (37) | 23 | (14) |
| Profit/(loss) for the period | 145 | (41) | 104 | 146 | (83) | 63 |
| Earnings per ordinary share | ||||||
| Basic | 34.1p | 24.5p | 34.9p | 15.1p | ||
| Diluted | 34.0p | 24.4p | 34.8p | 15.0p | ||
Group statement of comprehensive income
For the 52 weeks ended 29 September 2018
| 2018 52 weeks £m |
2017 53 weeks £m |
|
|---|---|---|
| Profit for the period | 104 | 63 |
| Items that will not be reclassified subsequently to profit or loss: | ||
| Unrealised (loss)/gain on revaluation of the property portfolio | (5) | 74 |
| Remeasurement of pension liability | 5 | 8 |
| Tax relating to items not reclassified | - | (13) |
| - | 69 | |
| Items that may be reclassified subsequently to profit or loss: | ||
| Exchange differences on translation of foreign operations | - | 1 |
| Cash flow hedges: | ||
| - Gains arising during the period | 16 | 60 |
| - Reclassification adjustments for items included in profit or loss | 34 | 53 |
| Tax relating to items that may be reclassified | (8) | (19) |
| 42 | 95 | |
| Other comprehensive income after tax | 42 | 164 |
| Total comprehensive income for the period | 146 | 227 |
Group balance sheet
29 September 2018
| 2018 £m |
2017 £m |
||
|---|---|---|---|
| Assets | |||
| Goodwill and other intangible assets | 11 | 10 | |
| Property, plant and equipment | 4,426 | 4,429 | |
| Lease premiums | 1 | 1 | |
| Interests in associates | 5 | - | |
| Deferred tax asset | 63 | 110 | |
| Derivative financial instruments | 44 | 41 | |
| Total non-current assets | 4,550 | 4,591 | |
| Inventories | 26 | 24 | |
| Trade and other receivables | 56 | 53 | |
| Other cash deposits | 120 | 120 | |
| Cash and cash equivalents | 122 | 147 | |
| Derivative financial instruments | 4 | 2 | |
| Assets held for sale | - | 1 | |
| Total current assets | 328 | 347 | |
| Total assets | 4,878 | 4,938 | |
| Liabilities | |||
| Pension liabilities | (49) | (47) | |
| Trade and other payables | (302) | (297) | |
| Current tax liabilities | (9) | (3) | |
| Borrowings | (233) | (235) | |
| Derivative financial instruments | (37) | (43) | |
| Total current liabilities | (630) | (625) | |
| Pension liabilities | (200) | (245) | |
| Borrowings | (1,744) | (1,827) | |
| Derivative financial instruments | (207) | (249) | |
| Deferred tax liabilities | (285) | (324) | |
| Provisions | (43) | (42) | |
| Total non-current liabilities | (2,479) | (2,687) | |
| Total liabilities | (3,109) | (3,312) | |
| Net assets | 1,769 | 1,626 | |
| Equity | |||
| Called up share capital | 37 | 36 | |
| Share premium account | 26 | 26 | |
| Capital redemption reserve | 3 | 3 | |
| Revaluation reserve | 1,197 | 1,202 | |
| Own shares held | (1) | (1) | |
| Hedging reserve | (202) | (244) | |
| Translation reserve | 14 | 14 | |
| Retained earnings | 695 | 590 | |
| Total equity | 1,769 | 1,626 |