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 |