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Interactive PDF Annual Report and Accounts 2017/18 Interactive PDF User guide This PDF allows you to find information and navigate around this document more easily. Links in this PDF The table of contents, key page references and URLs (e.g. www.whitbread.co.uk) are linked in this PDF. Clicking on them will take you to the corresponding page in the document or web page online by opening a new window in your default web browser. You can also navigate the document using the buttons described below. Guide to buttons Back to user guide Sear ch this PDF Print options Pr eceding page Ne xt page Las t visited page WorldReginfo - 2bee309d-1aec-49bd-b06a-6de4a08a90dc Delivering on our strategy... Annual Report & Accounts 2017/18 WorldReginfo - 2bee309d-1aec-49bd-b06a-6de4a08a90dc ...to bring customers brands they love Our vision We will grow brands that customers love by building a strong Customer Heartbeat and innovating to stay ahead. Our Winning Teams delight customers so they come back time and again which, along with our focus on Everyday Efficiency, drives Profitable Growth. We are passionate about being a Force for Good in our communities, helping everyone to live and work well. In this document Overview Consolidated accounts 2017/18 01 Financial highlights 92 Directors’ responsibility statement 02 Business overview 93 Independent auditor’s report 101 Consolidated financial statements Strategic report 107 Notes to the consolidated 04 Chairman’s statement financial statements 06 Chief Executive’s review 08 Business Model Company accounts 2017/18 10 Key performance indicators 147 Company accounts 12 Group HR Director’s review 150 Notes to the Company 14 Force for Good financial statements 20 Winning Teams 28 Customer Heartbeat Shareholder information 36 Profitable Growth 164 Shareholder services 44 Group Finance Director’s review 167 Glossary 52 Principal risks and uncertainties Governance 56 Corporate governance 58 Board of Directors 66 Audit Committee report 70 Nomination Committee report An interactive pdf of our 72 Remuneration report Annual Report and Accounts 88 Directors’ report is available to download online www.whitbread.co.uk/investors WorldReginfo - 2bee309d-1aec-49bd-b06a-6de4a08a90dc Overview Overview What’s inside? Financial highlights Revenue Underlying profit before tax† See our Business £3,295m £591m Model pg 8 +6.1% +4.5% m m m m m m Our customers m m Our shareholders Statutory profit before tax Underlying operating profit† £548m £622m +6.4% +5.0% Customer Heartbeat Our business m m m m m m m m Read about our sustainability Group return on capital† Dividend per share programme, 15.4% 101.15p Force for Good +20 bps +5.6% pg 14 p p p p Performance measures A range of measures are used to monitor the financial performance Discretionary free cash flow† Capital expenditure of the Group. These measures include both statutory measures, such as total From £532m From £610m revenue and profit before tax, and alternative performance measures to £585m to £555m (APMs) such as underlying profit before tax, like for like sales and return on capital, which are consistent with the way that the business performance Statutory basic EPS Underlying basic EPS† is measured internally. APMs are not defined within IFRS and therefore may 240p 260p not be directly comparable with similarly titled measures reported by +3.6% +5.6% other companies. APMs should be considered in addition to, and are not p p intended to be a substitute for, or superior to, IFRS measures. p p p p p p † Definitions of all APMs are included in the glossary on page 167. Whitbread Annual Report and Accounts 2017/18 01 WorldReginfo - 2bee309d-1aec-49bd-b06a-6de4a08a90dc Overview Business overview Overview How our business works Whitbread is the UK’s leading hospitality company We have built two of the UK’s most successful hospitality brands, Premier Inn and Costa, through consistent operational excellence and providing a great customer experience. We measure our progress through our balanced scorecard (or Whitbread In Numbers – WINcard) for Winning Teams, Profitable Growth, Customer Heartbeat, Force for Good and Everyday Efficiency. Force for Good Everyday Eciency We serve our customers in the UK and beyond through our two businesses: Premier Inn Costa Premier Inn is the UK’s leading Costa is the UK’s favourite coffee hotel business. Our unique joint site shop. We have a multi-channel model means that more than half strategy, with equity stores, of our hotels are located alongside franchise stores and stores our own restaurant brands. operated by joint ventures, as well as a wholesale operation. 785 2,422 UK hotels coffee shops in the UK 1,399 72,466 stores in 31 international rooms across the UK markets Whitbread Annual Report and Accounts 2017/18 02 WorldReginfo - 2bee309d-1aec-49bd-b06a-6de4a08a90dc Overview We are focused on three strategic priorities: 1 2 3 Grow and innovate in Focus on our strengths Build the capability our core UK businesses to grow internationally and platform to support long-term growth 37 for more information 38 for more information 40 for more information We work hard to deliver great customer service and create real job opportunities Our focus on delivering high standards for our customers through strong employee engagement is at the heart of our strategy. We create job opportunities for people from varied and diverse backgrounds and help our people to reach their potential through training and coaching in a supportive and inclusive environment. 20 for more information We are committed to doing business responsibly and sustainably Our Force for Good programme has three pillars: Opportunity; Community; and Responsibility. We are delivering tangible improvements in each of these areas against our existing targets, whilst also setting ambitious new targets. 14 for more information Supported by a strong risk Maintaining high standards in corporate governance management and governance is vital to supporting our financial performance. framework and a disciplined By understanding and responding to risks we approach to capital management can make informed decisions that strengthen our capacity to build value. Whitbread Annual Report and Accounts 2017/18 03 WorldReginfo - 2bee309d-1aec-49bd-b06a-6de4a08a90dc Strategic report Chairman’s statement Premier Inn and Costa are both fantastic brands, with market-leading positions in the UK and long-term structural opportunities reportStrategic to grow internationally. Adam Crozier Chairman I joined the Board in April last year and this has given me the opportunity to get Stepping up the pace a good understanding of our Company, the businesses we operate, our 50,000+ dedicated team members and the of progress increasing expectations of our millions of loyal customers. Whitbread has After a year in which Whitbread has a strong management team led by Alison Brittain, with a clear plan to create celebrated its 275th anniversary I was shareholder value. Over the past year, we have performed well financially and delighted to be asked to Chair the Whitbread operationally, together with making Board as we enter the next phase of the good progress with our strategic plans. Premier Inn and Costa are both fantastic Company’s development. brands, with market-leading positions in the UK and long-term structural opportunities to grow internationally. Over the next two years, the focus of the Board will be to ensure both businesses are structured in the best manner to deliver on the exciting opportunities available to them. Financial performance and dividend Whitbread has continued to perform well despite shorter-term challenges in our industry. During the year Whitbread 6.4% +5.6% grew revenues by 6.1% to £3.3 billion and growth in our statutory profit growth in full-year dividend operating profit by 6.7% to £590 million. before tax to £548 million to 101.15p In addition, £877 million of operating cash flow was generated and, through disciplined management of capital, return on capital increased to 15.4%, whilst also maintaining a strong balance sheet. As a result of the good financial £4.6m £100m+ performance, the Board recommends a donated to our chosen charities, savings delivered to date from final dividend of 69.75 pence per share, Great Ormond Street Hospital our efficiency programme making a total dividend of 101.15 pence Charity and the Costa Foundation per share, an increase of 5.6%. The final Whitbread Annual Report and Accounts 2017/18 04 WorldReginfo - 2bee309d-1aec-49bd-b06a-6de4a08a90dc dividend will be paid on 4 July 2018 business is sufficiently developed and The Board to shareholders on the register at the well-positioned to take advantage Richard Baker, my predecessor as close of business on 25 May 2018. of the structural growth opportunities Chairman, stepped down from the The Dividend Reinvestment Plan will available to them in the UK and Board on 28 February 2018. Richard continue to operate. Details of how to internationally. Announcing our intention joined the Board as a non-executive participate in this plan can be found on now provides clarity on our strategic director in September 2009, before the Company’s website. Details of the direction to our shareholders, team becoming Chairman five years later in Group’s dividend policy can be found in members and other stakeholders. September 2014. I would like to thank the Group Finance Director’s review on Richard both for his fantastic service to The management team have page 47. Whitbread and for his support to me continued to deliver strong strategic personally as I have taken on the role Strategic progress and operational performance, whilst of Chairman. I wish him success and Both Premier Inn and Costa are clear building momentum in growth, happiness in the future. leaders in their respective markets innovation, international expansion Strategic reportStrategic and both have significant structural and development of technology and Also stepping down from the Board growth opportunities in the UK and infrastructure.
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