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Annual Report and Accounts 2011/12 Contents

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Annual Report and Accounts 2011/12 Contents Annual Report and Accounts 2011/12 Contents Introduction Business Governance Consolidated Company review accounts accounts 1 Financial highlights 2 Chairman’s statement 22 Board of directors 45 2011/12 93 2011/12 consolidated Company 4 Chief Executive’s 24 Directors’ report accounts accounts review 28 Corporate 8 Strategic approach governance 9 – Team engagement 35 Remuneration report 12 – Customer heartbeat 15 – Profitable growth 17 – Good Together 18 Finance Director’s review 20 Risk management Group at a glance Premier Inn Premier Inn is the UK’s Premier Inn bedrooms largest budget hotel have an en-suite bathroom, chain, with more than TV with Freeview, and 626 47,000 rooms across WiFi internet access. Hotels the UK and Ireland. Over All our hotels have a bar 75% of the UK population and restaurant, either live within five miles of a inside the building, or Premier Inn. next to it, offering a wide range of dishes. Overseas we have three hotels in Dubai, one in Premier Inn has been Abu Dhabi and two in named the UK’s ‘best value India with more on the way. hotel chain’ by YouGov. Restaurants Beefeater Grill Brewers Fayre Table Table Taybarns Beefeater Grill’s expert Brewers Fayre serves Our Table Table restaurants Taybarns is the chefs have been serving the nation’s favourite offer a range of pub ultimate eatery, with up our famous steaks pub food, at great value classics served by friendly great choice, value for nearly 40 years. Our prices, in a family friendly staff at great prices. and convenience. It warm and welcoming environment. The majority There’s a table for every offers an ‘all you can restaurants are ideal for of Brewers Fayres include occasion, from quiet nooks eat’ experience with any occasion: from a an ‘all you can eat’ Buffet for a chilled out evening seven restaurants quick bite to celebrating Place, which offers to dining room tables for under one roof. with friends or family. fantastic variety and value. a traditional Sunday lunch. 135 129 116 7 Restaurants Restaurants Restaurants Restaurants Costa Costa is the largest and Costa stores can be found fastest growing coffee in 25 countries overseas shop chain in the UK. and serve more than 900 2,203 In both 2010 and 2011 it cups of coffee across the Stores worldwide was voted the nation’s world every minute. favourite coffee shop. Costa Express self-serve Costa is about serving coffee bars now provide great quality coffee in customers with even more convenient locations opportunities to enjoy a and great surroundings. cup of Costa coffee. Financial highlights Financial highlights Whitbread performed well in 2011/12. Sales grew by 11.2%, driven by our strong brands, with an increase in underlying pre-tax profits of 11.3%. Total revenue (£m) Underlying diluted EPS (p) 2011/12 1,778.0 2011/12 134.1 2010/11 1,599.6 2010/11 116.4 2009/10 1,435.0 2009/10 96.7 2008/09 1,334.6 2008/09 90.7 Underlying profit before tax1 (£m) Full year dividend (p) 2011/12 320.1 2011/12 51.25 2010/11 287.5 2010/11 44.50 2009/10 239.1 2009/10 38.00 2008/09 224.4 2008/09 36.55 Hotels & Restaurants return on capital2 Cash flow from operations up from up from 12.3% to 12.4% £415.2m to £478.3m Costa return on capital2 Capital expenditure on new and existing units up from up from 28.3% to 32.4% £202.2m to £307.9m 1. Underlying profit excluding amortisation of acquired intangibles, exceptional items and the impact of the pension finance cost as accounted for under IAS 19. 2. Return on capital is the return on invested capital which is calculated by taking underlying profit before interest and tax for the year divided by net assets excluding debt, taxation liabilities and the pension deficit at the balance sheet date. 1 Chairman’s statement whitbread.co.uk Chairman’s statement I am pleased to report another good set of results for Whitbread, with double-digit revenue and profit growth, as well as 15% growth in both EPS and dividends during the year. We are focused on putting the customer at the heart of everything we do. We continually develop our products and services while investing in our brands to build ever stronger consumer propositions, all the time keeping a tight control on costs. This has enabled us to perform well in tough market conditions giving us the confidence to expand in line with our ambitious growth plans. In a challenging hotel market, the increasing strength of the Premier Inn brand and our dynamic pricing system have ensured we continue to outperform competitors. The sharper focus in our restaurants business delivered a turnaround in performance in the second half of the We are focused on year. Costa remains one of the success stories of the UK high street with like for like sales growth of 5.5%, putting the customer at while some 22% of total system sales now come from the heart of everything its international businesses. It has been a record year for expansion in our main we do. We continually growth engines of Premier Inn and Costa. We opened 4,430 new rooms (31 hotels), 12 restaurants, over 330 develop our products Costa stores around the world and now have 1,192 Costa Express machines. This puts us well on track to achieve and services while the 2016 milestones we laid out last April. Overseas, Costa continues to build presence in some 25 countries investing in our brands and in the year we celebrated our 100th store in China. Premier Inn is developing a ‘capital right’ strategy to to build ever stronger expand in the emerging budget hotel markets of the consumer propositions. Middle East, India and Asia Pacific. As we invest in growing our brands the focus is very much on delivering good returns that create substantial shareholder value. To further this end, we are proposing to introduce a ROCE measure to our senior management long-term incentive plan for 2012/13. 2 Dividend Earlier this month we announced a change of As we said at this time last year, we have re-balanced responsibilities for Christopher Rogers, who will the interim and final dividend payments to reflect become Managing Director of Costa with effect from the earnings profile during the year more closely. 1 August 2012 when John Derkach leaves us to The Board recommends a final dividend of 33.75p become Chief Executive of Tragus. Christopher joined per share, making a total dividend for the year of Whitbread as Finance Director in 2005 and has played 51.25p per share, up by 15.2%. a key role in the Company’s transformation over the last seven years. Prior to joining Whitbread, he had The final dividend will be paid on 13 July 2012 to developed a wealth of experience in consumer-facing shareholders on the register at the close of business businesses such as Kingfisher, where he held product on 18 May 2012. Once again, a scrip dividend alternative marketing, commercial and finance roles. Christopher will be offered and further information on how has served on the Costa Management Board since shareholders can elect to participate in the scrip it was formed in 2008 and has played an active role dividend scheme is available from the registrars in Costa’s development. We have started the search or on the Company’s website. process for a new Finance Director. Board Governance During the year, we appointed two new non-executive As Chairman of the Company, I believe that corporate directors, Susan Hooper and Susan Taylor Martin. governance is not simply something for the Board to They are both highly talented multi-lingual executives consider as an agenda item at our monthly meetings. with international experience. Each of them brings a Corporate governance affects all aspects of our different range of skills to the Whitbread Board as we operations and I am pleased with the high standards continue to grow our market-leading businesses both we maintain in this regard. On pages 28 to 34, there is in the UK and selectively around the world. a comprehensive report which sets out our approach to governance. Susan Hooper is an experienced international leisure sector executive holding the position of Chief Executive People at Acromas Travel where she has been responsible The dedication and energy of our employees is a key for the Saga, AA and Titan Hi Tours holiday and part of our ‘customer heartbeat’ strategy, which is travel businesses since 2009. Her other leisure described in more detail later in this report. I would like and consumer experience includes Senior VP, EMEA to pay tribute to the tremendous contribution of our at Royal Caribbean Cruises International, where she people and the high quality service they provide to also represented them on the board of First Choice our customers every single day of the year. On behalf Holidays PLC, and senior roles at Avis Europe. Her of the Board and the executive team, I wish to express appointment was effective from 1 September 2011. our thanks to each of them for their hard work this year and the contribution they have made to our Susan Taylor Martin has held executive roles in rapidly overall performance. changing markets. She was appointed President, Media at Thomson Reuters in July 2011 and has held a number of other roles at Thomson Reuters during a period of extensive technological innovation and corporate change. These roles included, President, Global Investment Focus Accounts and Managing Director, UK and Ireland within Thomson Reuters Markets.
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