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GREENE KING PLC Annual Report 2015 Strategic Report Corporate Governance Financial Statements Shareholder Information

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GREENE KING PLC Annual Report 2015 Strategic Report Corporate Governance Financial Statements Shareholder Information ANNUAL REPORT 2015 ANNUAL REPORT TIME WELL SPENT WELL TIME Greene King plc ANNUAL REPORT 2015 Strategic report GREENE KING PLC WE ARE ONE OF THE COUNTRY’S LEADING PUB AND BREWING COMPANIES At our year end we ran over 1,900 managed, tenanted, leased and franchised pubs, restaurants and hotels, including some well-known brands such as Hungry Horse and Loch Fyne Seafood & Grill. We also have a proud history of brewing award-winning ales for more than 200 years. GREENE KING PLC Annual report 2015 Strategic report Corporate governance Financial statements Shareholder information STRATEGIC REPORT 2 Investment case 4 Performance highlights 5 Chairman’s statement 6 Retail overview 8 Pub Partners overview 10 Brewing & Brands overview 12 Chief executive’s review 14 Our business model 16 Our markets 18 Operational review 18 Retail 21 Pub Partners 23 Brewing & Brands 25 Financial review 27 Key performance indicators 28 Risks and uncertainties 31 Corporate responsibility CORPORATE GOVERNANCE 37 Board of directors 38 Corporate governance statement 42 Report of the nomination committee 43 Report of the audit committee 46 Directors’ remuneration report 58 Directors’ report and disclosures 61 Directors’ responsibilities statements FINANCIAL STATEMENTS 63 Independent auditor’s report (group) 67 Group income statement 68 Group statement of comprehensive income 69 Group balance sheet 70 Group cash flow statement 71 Group statement of changes in equity 72 Notes to the accounts 101 Independent auditor’s report (company) 102 Company balance sheet 103 Notes to the company accounts SHAREHOLDER INFORMATION 107 Group financial record 108 Shareholder information VISIT THIS REPORT ONLINE greenekingreports.com/ar15 Annual report 2015 GREENE KING PLC 1 Strategic report INVESTMENT CASE OUR OVERALL VISION IS TO BUILD THE BEST PUBS AND BEER BUSINESS IN THE UK We aim to create a clear industry leader that is the first choice for employees, for customers who want to spend their discretionary income on eating and drinking out, and for shareholders who want to invest in the leisure sector. Within this, our objective is to offer our customers memorable experiences through the delivery of outstanding value, exceptional service and unbeatable quality across our businesses, differentiated by investment in innovation and in our people. A HIGH QUALITY, ALIGNED WITH WELL-POSITIONED ESTATE CONSUMER TRENDS As at 3 May 2015 we ran 1,909 managed and tenanted pubs. We constantly develop our Retail offer to ensure we remain 57% of our estate is situated in the South-east and East, which relevant in an environment of increasing consumer choice has proved beneficial throughout the economic recovery. and awareness, and we have identified a number of ongoing and emerging consumer trends. We own the freehold title on 94% of our estate. This gives us freedom to renovate our pubs and removes the ongoing requirement to use a proportion of the cash that we generate to pay rent. We believe that these benefits, among others, Value hunters outweigh the initial capital outlay associated with – ‘Every day low pricing’ approach to value purchasing the freehold title of a pub. – Offer of ‘key event’ meal and other selective deals enticing customers to treat themselves with us Proportion All-day eating out of the estate in – Continuous enhancement and extension the South-east of a breakfast offer across our estate and East – Hot beverage and snack availability designed to attract customers in between meals Use of and access to technology in leisure – Hungry Horse ordering apps and pager trials 57% to boost service – Mobile-enabled booking websites designed to engage with the customer on the move 2 GREENE KING PLC Annual report 2015 Strategic report Corporate governance Financial statements Shareholder information COMPELLING BLEND OF GROWTH AND DIVIDENDS Over the last five years our proven growth strategy combined with our attractive dividend policy has delivered an average annual total shareholder return 30% higher than the FTSE All-share average annual return over the same period. This includes 29% growth in Greene King dividends and 79.4% share price appreciation1. 1. Past performance is not an indicator of future returns. TOTAL DIVIDEND PER SHARE 2011–2015 (p) GREENE KING SHARE PRICE 2010–2015 30 29% 1,000 29.75 28.4 +79.4% 25 26.6 800 24.8 23.1 20 600 15 400 10 200 5 0 0 2011 2012 2013 2014 2015 May 2010 May 2011 May 2012 May 2013 May 2014 May 2015 A DIVERSIFIED AND ROBUST THE BEST AND MOST HIGHLY MOTIVATED BRAND PORTFOLIO PEOPLE IN THE SECTOR We have a number of well-known pub and restaurant Our people are fundamental to the success of our business brands and ales, including: and we aim to employ and develop the best and most highly motivated people in the sector. – Award-winning national pub restaurant, restaurant and accommodation brands such as Hungry Horse, Loch Fyne Key to this is our strategy to engage employees through Seafood & Grill and Old English Inns. During the year we learning and we have committed to offering a further were proud to be named the winner of the 2015 National 2,000 apprenticeships in the current year. Fish & Chip awards. Our investment in our people, skills and development was Well-known brands such as Greene King IPA, – demonstrated in the award of the VQ (Vocational Old Speckled Hen, and Abbot Ale, as well as Qualifications) Employer of the Year in May 2015. Belhaven Best in Scotland and our craft ale portfolio. CORPORATE RESPONSIBILITY PAGE 31 Annual report 2015 GREENE KING PLC 3 Strategic report PERFORMANCE HIGHLIGHTS ANOTHER RECORD YEAR REVENUE (£m) OPERATING PROFIT BEFORE EXCEPTIONALS (£m) PROFIT BEFORE TAX AND EXCEPTIONALS4 (£m) £1,315.3m +3.0%1 £256.2m -1.7%1 £168.5m -0.8%1 1,400 270 180 265.6 1,315.3 256.2 173.1 168.5 1,301.6 1,200 240 248.2 160 1,194.7 158.2 236.2 1,140.4 222.0 147.2 1,000 1,042.7 210 140 135.8 800 180 120 600 150 100 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 EBITDA3 (£m) ADJUSTED BASIC EARNINGS PER SHARE2,4 (p) DIVIDEND PER SHARE (p) £319.0m -1.4%1 61.0p +1.3%1 29.75p +4.8% 330 70 30 329.7 29.75 319.0 28.4 306.5 27 60 61.4 300 61.0 26.6 292.0 55.6 24.8 276.6 50 24 270 51.3 23.1 46.8 240 40 21 210 30 18 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 – Record revenue; Retail revenue has reached £1bn. – Retail like-for-like (LFL) sales5 +0.4%; Pub Partners LFL net income +3.5%; Brewing & Brands own-brewed volume (OBV) +4.2%. – Adjusted earnings per share growth of 9.2%6 with strong cash flow, lower leverage and continued dividend growth. – Return on capital employed (ROCE) further increased to 9.3%. – Completed successful five-year strategic plan: expanded Retail sites by 19.4%; increased tenanted EBITDA per pub by 33%; and grew ale market share by 120bps. – Completed acquisition of Spirit Pub Company plc, post year end, creating the UK’s leading managed pub company; integration process underway. 1. Variances shown on an adjusted 52 week basis. 2. As throughout, profit figures are shown before exceptional items. 3. EBITDA represents earnings before interest, tax, depreciation and exceptional items and is calculated as operating profit before exceptionals adjusted for the depreciation charge for the period. 4. 2011–2013 figures are adjusted for the impact of IAS 19(R). 5. Revenue from the sale of drink, food and accommodation. 6. Retained business, see page 26. 4 GREENE KING PLC Annual report 2015 Strategic report Corporate governance Financial statements Shareholder information CHAIRMAN’S STATEMENT DIVIDEND GROWTH “Maintaining our long-term track record of dividend growth, the total dividend for the year will be 29.75p per share, up 4.8%.” SEE ALSO “It has been CHIEF EXECUTIVE’S REVIEW a year of strong PAGE 12 underlying growth BOARD OF DIRECTORS PAGE 3 for the company.” CORPORATE GOVERNANCE PAGE 37 Results Board In the year, total revenue was £1,315.3m, up 3.0%1 and another record Sadly, Matthew Fearn, our chief financial officer, had to leave us in figure for the company. The operating profit before exceptional items September 2014 because of his ill health. In his place, we appointed was down 1.7% to £256.2m and profit before tax and exceptional items Kirk Davis, who was formerly the finance director at JD Wetherspoon plc. (PBTE) was down 0.8%, each being affected by lower LFL sales growth We welcomed him onto our board as chief financial officer on and the impact of the disposal of 275 pubs to Hawthorn Leisure. 3 November 2014. Our adjusted earnings per share were up 1.3% to 61.0p. After making allowance for the disposal of the pubs, the retained business grew In July 2014, Rob Rowley joined our board as a non-executive PBTE by 6.9% and adjusted earnings per share by 9.2%. director. He was formerly at Reuters Group plc, where he held various roles including that of finance director, and will be taking the chairmanship of the audit committee from Ian Durant next year. Dividend Following a year of strong underlying growth for the company, the board has recommended a final dividend of 21.8p per share, up 4.8% People on last year. This takes the total dividend for the year to 29.75p per share, I would like to thank everyone who has worked for Greene King up 4.8%, continuing our long track record of dividend growth.
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