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Annual Report and Accounts 2019/20 Annual Report and Accounts 2019/20 Accounts and Report Annual Introduction

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Annual Report and Accounts 2019/20 Annual Report and Accounts 2019/20 Accounts and Report Annual Introduction WHITBREAD PLC ANNUAL REPORT AND ACCOUNTS 2019/20 ANNUAL REPORT AND ACCOUNTS 2019/20 INTRODUCTION A FOCUSED HOTEL GROUP Our unique approach has enabled Premier Inn to grow at a significantly faster pace than competitors, deliver a consistently superior customer experience and generate a strong return on capital for shareholders. Whitbread is well-positioned in the two structurally attractive budget hotel markets of the UK and Germany, both with significant growth opportunities. We have started the new financial year in unprecedented times as we navigate the COVID-19 crisis, which is significantly impacting our markets. However, our robust model has allowed us to take all appropriate actions to steer the Group through this difficult period while staying true to our Force for Good beliefs, which should enable us to emerge in a strong position. Strategic report 48 Force for Good 102 Directors’ report Company accounts 2 Our business at a glance 54 Principal risks and 108 Directors’ responsibility 189 Company balance sheet uncertainties statement 4 Chairman’s statement 190 Company statement 109 Independent auditor’s report of changes in equity 6 Chief Executive’s review Governance 8 COVID-19 191 Notes to the Company 58 Chairman’s introduction Consolidated accounts financial statements 11 Our investment case to Corporate Governance 123 Consolidated income 12 Market review 62 Board of Directors statement Other information 14 Our business model 64 Executive Committee 124 Consolidated statement 202 Glossary 16 Our strategy at a glance of comprehensive income 65 Corporate Governance 204 Reconciliation of APMs 18 Strategic update 125 Consolidated statement 70 Audit Committee report 206 Shareholder services of changes in equity 30 Group Finance Director’s 74 Nomination Committee report review 126 Consolidated balance sheet 76 Remuneration report 38 Group HR Director’s review 127 Consolidated cash flow 80 Remuneration at a glance 44 Stakeholder engagement statement 82 Remuneration policy 47 Non-financial information 128 Notes to the consolidated 88 Annual report on statement financial statements remuneration Whitbread Strategic report 1 Annual Report and Accounts 2019/20 – Governance – Financial statements – Other information Revenue: Adjusted profit before tax:† £2,072m 2019/20 2,072 £358m 2019/20 358 2018/19 2,049 2018/19 390 2018/19: £2,049m* 2018/19: £390m* +1.1% (8.2)% Adjusted operating profit:† Statutory profit before tax: £487m 2019/20 487 £280m 2019/20 280 2018/19 538 2018/19 218 2018/19: £538m* 2018/19: £218m* (9.5)% +28.4% Return on capital:† Return on capital (UK):† 9.5% 2019/20 9.5 11.2% 2019/20 11.2 2018/19 12.2 2018/19 13.3 2018/19: 12.2%* 2018/19: 13.3%* (270)bps (210)bps Statutory basic EPS including discontinued operations: Adjusted basic EPS:† 146p 2019/20 146 194p 2019/20 194 2018/19 2,041 2018/19 172 2018/19: 2,041p‡ 2018/19: 172p* +12.6% Total capex UK: * Unless otherwise stated, measures are presented for the continuing business which excludes the performance of the Costa business, with the exception £320m FY19: £377m of discretionary free cashflow. † See Glossary on pages 202 and 203 for definitions of APMs. Total capex Germany:^ ‡ Includes profit from the sale of Costa. ^ Includes the Foremost acquisition. £268m FY19: £85m Discretionary free cash flow:† £317m FY19: £498m* We have set ambitious new Force for Good targets this year. Read more – pages 48 to 53 Whitbread 2 Annual Report and Accounts 2019/20 OUR BUSINESS AT A GLANCE A unique approach OUR AMBITION OVERVIEW Read more – pages 18-21 To be the world’s United Kingdom* best budget hotel OUR PURPOSE To provide quality, affordable hotels for our guests to help them to live and work well and to positively impact the world around us. With no barriers Award-winning Premier Inn is the UK’s biggest hotel to entry or limits to ambition, brand, offering quality accommodation at affordable prices. Premier Inn is consistently rated the UK’s Best to provide meaningful work, Value Hotel Chain by YouGov.† With over 820 hotels and 78,500 rooms in great skills and career development locations, you’ll never be far from a Premier Inn. opportunities for our teams * Includes one site in each of Ireland, Jersey and the Isle of Man. † YouGov BrandIndex Hotels & Cruises sector Value scores as at 28th February 2019 and 27th February 2020 based on a 52 week moving average. OUR VALUES ADJUSTED REVENUE £2,050m +0.4% 2018/19: £2,042m Genuine ADJUSTED EBITDAR1 Really caring about 2018/19: £802m our customers £766m (4.5)% 2 NUMBER OF ROOMS Confident +3.1% 2018/19: 76,200 Striving to be the best 78,500 at what we do NUMBER OF ROOMS IN PIPELINE2 13,000 –% 2018/19: 13,000 Committed Working hard for each other 1 See APM definitions on page 202. 2 As at year end 27th February 2020. Whitbread Strategic report 3 Annual Report and Accounts 2019/20 – Governance – Financial statements – Other information ENABLING PEOPLE TO LIVE AND WORK WELL OVERVIEW Read more – pages 22-25 OPPORTUNITY COMMUNITY RESPONSIBILITY Germany A team where Making a meaningful Always operating in everyone can reach contribution a way that respects potential – no to the customers people and planet barriers to entry and and communities no limits to ambition we serve Read more – information on our sustainability programme, Force for Good, is integrated throughout the report and can be found by looking for the logos above OUR BRANDS Germany is a structurally attractive market for Premier Inn. The market is in steady growth, currently dominated by independents and with the largest brands at a fraction of our UK scale. At Premier Inn we pride ourselves on comfort and quality, so whether Having completed the acquisition from the Foremost you’re staying for business or leisure, you’ll always enjoy a warm Hospitality Group on 28 February 2020, which had 13 welcome from our friendly teams, as well as comfortable king-sized beds, ensuite bathrooms, a TV with Freeview and Wi-Fi in every room. open hotels (with an additional 6 hotels in the committed pipeline), the open and committed pipeline in Germany now stands at almost 10,000 rooms across 52 hotels. ADJUSTED REVENUE 2018/19: £5m We have innovated to develop two new hotel brands to cater for £12m +140.8% different market segments. Contemporary style combined with great connectivity makes hub by Premier Inn the UK’s most space-efficient digitally-advanced hotel. Meanwhile, at ZIP by Premier Inn, our idea is simple. Do the essentials brilliantly, then take away everything else. You get a small room, a simple stay and, best of all, a price to match. ADJUSTED EBITDAR1 £(12)m (76.1)% 2018/19: £(7)m FOOD AND BEVERAGE NUMBER OF ROOMS2 1,090 +176.8% 2018/19: 390 All our hotels have a bar and restaurant, either within the hotel or just next door, offering a wide selection of meals and hearty eat-as-much-as- you-like full English and continental breakfasts. Beefeater is one of the NUMBER OF ROOMS IN PIPELINE2 UK’s best-loved and most well-known restaurant brands and we’ve been welcoming guests for over 40 years, while our newest restaurant brand 2018/19: 6,710 Cookhouse & Pub is a great place to get together and offers freshly prepared dishes and delicious drinks, with a friendly service and great 8,710 +29.8% value. Bar+Block Steakhouse is an informal, all-day dining restaurant with a focus on high-quality steaks and Thyme is Premier Inn’s in-house restaurant with a contemporary British menu. 1 See APM definitions on page 202. 2 As at year end 27th February 2020. Whitbread 4 Annual Report and Accounts 2019/20 CHAIRMAN’S STATEMENT We are committed to being a force for good in all of the communities in which we operate Whilst the pandemic has changed the way of life for all of us, it has been particularly challenging for Whitbread’s teams with us recently having to follow Government advice to close our hotels and restaurants. I am very proud of the way that Whitbread’s people have come together in such trying times to look after each other and their local communities and, of course, to play a key part on making sure that the Group emerges from the crisis with the strength to succeed in delivering on its strategic priorities. Througout this period, as always, the health and safety of our teams and guests has been paramount in our decision-making. Our strategy remains the right one. We are focused on steering a sensible course through the current crisis so that we can emerge well-positioned to succeed as our markets re-open. Performance Whitbread produced a resilient performance in the ADAM CROZIER year growing revenue by 1.1% to £2,072m in challenging CHAIRMAN market conditions. Adjusted profit before tax was down 8.2% to £358m due to the weaker UK market and cost inflation across the sector, partially offset by our ongoing Following the sale of Costa in January 2019, efficiency programme. However, statutory profit before tax increased 28.4% to £280m with prior year profit this has been Whitbread’s first full year as impacted by Costa separation costs. a focused hotel company and this focus has The Board has announced that it will not declare a final enabled us to deliver a robust performance in dividend this year in light of the COVID-19 pandemic. the UK Premier Inn business in a challenging Information on the Group’s dividend policy can be found market, and to accelerate growth in our on the Group Finance Director’s review on page 32.
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