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WHITBREAD PLC ANNUAL REPORT AND ACCOUNTS 1998/9 ANNUAL REPORT OUR BUSINESSES ARE POSITIONED IN MARKETS WHERE GROWTH IS DRIVEN BY WELL-ESTABLISHED CONSUMER TRENDS. IN ADDITION, MANAGEMENT HAS TAKEN FURTHER ACTION TO STRENGTHEN THE CONSUMER APPEAL OF OUR BRANDS, PARTICULARLY THROUGH ENHANCED CUSTOMER SERVICE, AND REMAINS FOCUSED ON IMPROVING RETURNS THROUGH INCREASED EFFICIENCY. CONTENTS 2 FINANCIAL HIGHLIGHTS 4CHAIRMAN’S STATEMENT 5 COMPANY OVERVIEW 6 OPERATING AND FINANCE REVIEW 14BOARD OF DIRECTORS 16 DIRECTORS’ REPORT 18 – CORPORATE GOVERNANCE 20 – REMUNERATION REPORT This document contains detailed financial and statutory information and constitutes Whitbread PLC’s annual report and accounts for 1998/9. The company also publishes a shorter document, the Whitbread annual review, which aims to give private shareholders a good overview of the company’s results and activities. 26 STATEMENT OF DIRECTORS’ 32 BALANCE SHEETS RESPONSIBILITIES 33 CASH FLOW STATEMENT 27 REPORT OF THE AUDITORS 34 NOTES TO THE ACCOUNTS 28 ACCOUNTING POLICIES 56 FIVE YEAR SUMMARY 30 GROUP PROFIT AND LOSS ACCOUNT 58 GLOSSARY 31 STATEMENT OF TOTAL RECOGNISED GAINS 60 SHAREHOLDER SERVICES AND LOSSES 31 HISTORICAL COST PROFITS AND LOSSES 2 FINANCIAL HIGHLIGHTS SEGMENTAL TURNOVER ANALYSIS 1998/9 Beer Pub Partnerships Inns Restaurants Hotels Sports, health and fitness Other drinks TURNOVER INCLUDING JOINT VENTURES (£m) PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (£m) 3,313 3,410 3,131 354.8 365.3 2,840 316.5 2,556 283.1 255.1 1994/5 1995/6 1996/7 1997/8 1998/9 1994/5 1995/6 1996/7 1997/8 1998/9 WHITBREAD PLC ANNUAL REPORT AND ACCOUNTS 3 FINANCIAL HIGHLIGHTS SEGMENTAL PROFIT ANALYSIS 1998/9 Beer Pub Partnerships Inns Restaurants Hotels Sports, health and fitness Other drinks TO HAVE ACHIEVED A 4.6% INCREASE IN ADJUSTED EARNINGS PER SHARE IN DIFFICULT MARKET CONDITIONS WAS A CREDITABLE PERFORMANCE.
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