Financial performance
Mitchells & Butlers reported its results for the full year 2017 on 23 November 2017. Download the full year results announcement.
Group income statement
For the 53 weeks ended 30 September 2017
| 2017 53 weeks |
2016 52 weeks |
|||||
|---|---|---|---|---|---|---|
| Before separately disclosed items £m |
Separately disclosed itemsa £m |
Total £m |
Before separately disclosed items £m |
Separately disclosed itemsa £m |
Total £m |
|
| Revenue | 2,180 | - | 2,180 | 2,086 | - | 2,086 |
| Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio | (1,751) | (35) | (1,786) | (1,655) | - | (1,655) |
| Net profit arising on property disposals | - | 1 | 1 | - | 1 | 1 |
| EBITDA | 429 | (34) | 395 | 431 | 1 | 432 |
| Depreciation, amortisation and movements in the valuation of the property portfolio | (115) | (72) | (187) | (113) | (88) | (201) |
| Operating profit/(loss) | 314 | (106) | 208 | 318 | (87) | 231 |
| Finance costs | (125) | - | (125) | (126) | - | (126) |
| Finance revenue | 1 | - | 1 | 1 | - | 1 |
| Net pensions finance charge | (7) | - | (7) | (12) | - | (12) |
| Profit/(loss) before tax | 183 | (106) | 77 | 181 | (87) | 94 |
| Tax (expense)/credit | (37) | 23 | (14) | (37) | 32 | (5) |
| Profit/(loss) for the period | 146 | (83) | 63 | 144 | (55) | 89 |
| Earnings per ordinary share | ||||||
| Basic | 34.9p | 15.1p | 34.9p | 21.6p | ||
| Diluted | 34.8p | 15.0p | 34.9p | 21.6p | ||
Group statement of comprehensive income
For the 53 weeks ended 30 September 2017
| 2017 53 weeks £m |
2016 52 weeks £m |
|
|---|---|---|
| Profit for the period | 63 | 89 |
| Items that will not be reclassified subsequently to profit or loss: | ||
| Unrealised gain on revaluation of the property portfolio | 74 | 216 |
| Remeasurement of pension liability | 8 | (22) |
| Tax relating to items not reclassified | (13) | (21) |
| 69 | 173 | |
| Items that may be reclassified subsequently to profit or loss: | ||
| Exchange differences on translation of foreign operations | 1 | 3 |
| Cash flow hedges: | ||
| - Gains/(losses) arising during the period | 60 | (116) |
| - Reclassification adjustments for items included in profit or loss | 53 | 8 |
| Tax relating to items that may be reclassified | (19) | 10 |
| 95 | (95) | |
| Other comprehensive income after tax | 164 | 78 |
| Decrease in provisions | 227 | 167 |
Group balance sheet
30 September 2017
| 2017 £m |
2016 £m |
||
|---|---|---|---|
| Assets | |||
| Goodwill and other intangible assets | 10 | 9 | |
| Property, plant and equipment | 4,429 | 4,423 | |
| Lease premiums | 1 | 2 | |
| Deferred tax asset | 110 | 143 | |
| Derivative financial instruments | 41 | 52 | |
| Total non-current assets | 4,591 | 4,629 | |
| Inventories | 24 | 25 | |
| Trade and other receivables | 53 | 32 | |
| Other cash deposits | 120 | 120 | |
| Cash and cash equivalents | 147 | 158 | |
| Derivative financial instruments asset | 2 | 1 | |
| Assets held for sale | 1 | - | |
| Total current assets | 347 | 336 | |
| Total assets | 4,938 | 4,965 | |
| Liabilities | |||
| Pension liabilities | (47) | (46) | |
| Trade and other payables | (297) | (293) | |
| Current tax liabilities | (3) | (12) | |
| Borrowings | (235) | (253) | |
| Derivative financial instruments | (43) | (44) | |
| Total current liabilities | (625) | (648) | |
| Pension liabilities | (245) | (291) | |
| Borrowings | (1,827) | (1,920) | |
| Derivative financial instruments | (249) | (360) | |
| Deferred tax liabilities | (324) | (329) | |
| Provisions | (42) | (9) | |
| Total non-current liabilities | (2,687) | (2,909) | |
| Total liabilities | (3,312) | (3,557) | |
| Net assets | 1,626 | 1,408 | |
| Equity | |||
| Called up share capital | 36 | 35 | |
| Share premium account | 26 | 27 | |
| Capital redemption reserve | 3 | 3 | |
| Revaluation reserve | 1,202 | 1,142 | |
| Own shares held | (1) | (1) | |
| Hedging reserve | (244) | (338) | |
| Translation reserve | 14 | 13 | |
| Retained earnings | 590 | 527 | |
| Total equity | 1,626 | 1,408 |