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YOUNG‘S ANNUAL REPORT 20 17 Y & C.’ B, P.L.C. ANNUAL REPO RT Riverside House 26 Osiers Road, Wandsworth FOR THE 53 WEEKS ENDED London SW18 1NH Telephone: 020 8875 7000 Fax: 020 8875 7100 3 APRIL 2017 www.youngs.co.uk Registered in England number 32762 YOUNG & CO.’S BREWERY, P.L.C. ANNUAL REPORT 2017 Contents Strategic report Financial statements Chairman’s statement 3 Independent auditor’s report 23 Chief executive’s review 5 Group income statement 24 Principal risks and uncertainties 8 Statements of comprehensive income 25 Business and financial review 10 Balance sheets 26 Statements of cash flow 27 Directors’ report Group statement of changes in equity 28 Our board 16 Parent company statement Committees 17 of changes in equity 29 Other disclosures 21 Notes to the financial statements 30 Preparation and disclaimer 22 Five year review 60 Shareholder information Notice of meeting 61 Explanatory notes to the notice of meeting 65 Young’s pubs and hotels 66 Senior personnel, committees and advisers 68 Shareholder information 68 Pub quiz First woman Queen Young & to work for Elizabeth II Co.’s buys Young & Co.’s Young & Co.’s visits the Geronimo 18?? is incorporated 193? is employed 197 ? Ram Brewery 200? Inns 20?? Young & 18?? First pub with 193? ‘35 years of 198? Young & Co.’s 20?? Young’s Bainbridge guest bedrooms service’ club sells the On Tap is buy the is purchased is introduced Ram Brewery launched Ram Brewery The answers to the above are from the independent adjudicator’s report and set out on page 69. Strategic report Directors’ report Financial statements Financial highlights Shareholder information 2 017 2016 53 weeks 52 weeks % £m £m CHANGE Revenue 268.9 245.9 +9.4 Adjusted operating profit(1)(2) 46.1 41.2 +11.9 Operating profit(2) 42.7 38.4 +11.2 Adjusted profit before tax(1)(2) 40.4 35.6 +13.5 Profit before tax(2) 37.0 32.8 +12.8 Net cash generated from operations 63.5 60.4 +5.1 Adjusted basic earnings per share(1)(2) 66.43p 58.44p +13.7 Basic earnings per share(2) 61.51p 54.73p +12.4 Dividend per share 18.50p 17.45p +6.0 (interim and recommended final) Net assets per share(3) £10.10 £9.30 +8.6 All of the results above are from continuing operations. (1) Reference to an “adjusted” item means that item has been adjusted to exclude exceptional items (see notes 9 and 10). (2) The prior period comparatives have been restated for a non-cash adjustment in respect of the treatment of short leasehold premiums (see note 1). (3) Net assets per share are the group’s net assets divided by the shares in issue at the period end. YOUNG & CO.’S BREWERY, P.L.C. ANNUAL REPORT 2017 1 Charly – local at Hand in Hand (Wimbledon) “The people, sense of community, great company and superb food are why I have been coming to the Hand in Hand for the last 6 years.” 2 Strategic report Directors’ report Financial statements Chairman’s statement Shareholder information I am very proud to have been offered the chance to continue my long association with Young’s, and to serve as its Non-executive Chairman. Nick Bryan was a great asset to our 19 highly successful years in the role, business over the past 11 years, six of those Steve Robinson, who had over 7 years’ as Chairman, and I am just one of many experience in the Young’s finance function, that are grateful for his stewardship and stepped up to the board as Chief Financial the rich health in which he left the Young’s Officer. At the same time, we announced business. I’m sure that all shareholders the promotion of Tracy Read to the board will join me in raising a glass to Nick and as People Director. People are at the heart wishing him well. He will be a tough act of our business and with Tracy’s experience to follow but, with the support of my I’m confident that our ability to attract, fellow board members, I look forward to retain and develop talent will improve approaching the Chairman role with the further. The final change to the make-up same passion and enthusiasm that I have of our board was the recruitment of Nick had for Young’s over the past 22 years. Miller who joined as a Non-executive Stephen Goodyear Director on 4 April 2017. Nick is highly It has been a period of both success and Chairman respected in the industry having been the succession within Young’s this year. We Managing Director of Miller Brands, the have cemented ourselves as a leader in UK arm of SABMiller, and most recently our sector while seamlessly making the CEO of Meantime Brewing Company. planned board changes to continue our His experience and fresh perspectives winning formula. will complement our board. + The success of our business is driven by our 9.4% Although our leadership has changed core beliefs and unwavering commitment this year, our strategy and delivery of Revenue to deliver on our strategy to operate strong shareholder returns has not. Basic premium, individual and differentiated earnings per share increased by 12.4%; pubs that are well-invested in every aspect: once adjusted for exceptional items and people, décor, product and technology. the associated tax on those items, they + 13.5% Total revenue was up 9.4%, with Young’s, increased by 13.7% to 66.43 pence. The Geronimo and the Ram Pub Company all board is therefore delighted to recommend Adjusted profit in high single digit growth, and this year our 20th consecutive final dividend before tax managed house like-for-like sales were up increase, this time by 6.1% to 9.62 pence. If 4.7%. Underlying adjusted profit before approved by shareholders, this will result in tax was up 13.5% to £40.4 million; once a total dividend for the year of 18.50 pence exceptional items are included, profit before (2016: 17.45 pence). The final dividend is tax was up 12.8% to £37.0 million. This expected to be paid on 13 July 2017 to 20th year was a 53 week year (2016: 52 weeks); shareholders on the register at the close on a comparable 52 week basis, total of business on 9 June 2017. consecutive increase revenue was up 7.0% and adjusted profit I am confident that we have the expertise before tax was up 10.7%. of dividend and energy throughout our organisation to Young’s is a well-established business and continue our outperformance of the sector. the board changes over the past year have On behalf of the board, I am truly grateful been carefully planned to ensure that we to everyone in our pubs and at head office continue our upward march. Patrick Dardis that helps make Young’s the success story will have completed his first year as Chief that it is today. Executive in July; his progression from Retail Director has been very smooth given his vast experience in our industry and the operational aspects of Young’s. Last summer we announced that Peter Stephen Goodyear Whitehead had decided to step down Chairman in September as Finance Director after 24 May 2017 YOUNG & CO.’S BREWERY, P.L.C. ANNUAL REPORT 2017 3 Ian – local at Richard 1st (Greenwich) “I’ve been coming here for over 40 years to meet with friends and to make new ones. I think this is the best the pub has ever been thanks to its recent refurbishment and the excellent staff.” 4 YOUNG & CO.’S BREWERY, P.L.C. ANNUAL REPORT 2017 Strategic report Directors’ report Financial statements Chief executive’s review Shareholder information My first aim as incoming Chief Executive was to continue the good work of my predecessors and build on the success we have created to date. I am therefore delighted to announce that the 53 weeks ended 3 April 2017 has seen another strong performance. Revenue was up 9.4% to £268.9 million The estate now stands at 252 pubs; we and within managed houses, which acquired four pubs during the period, make-up 94.8% of our total sales, like- sold one and two leases expired. Its value for-like sales were up 4.7%. Operating has increased again, now to £689.1 cash generation is at an all-time high million (2016: £649.8 million), and this at £63.5 million (2016: £60.4 million) firm foundation allows us to look for which has allowed us to continue our further opportunities to expand, whether investment plans, both through internal that be on an individual pub purchase developments and acquisitions, while also basis or groups. reducing our net debt. At the year-end, our net debt to adjusted EBITDA ratio was Proven track record, ready Patrick Dardis 1.9 times (2016: 2.2). for challenges ahead Chief Executive Our performance in recent times Our profitability is also improving, with has been highly consistent; the basic earnings per share increasing by outperformance of our managed estate 12.4% to 61.51 pence (2016: 54.73 pence) has been the reward for our consistent and adjusted basic earnings per share by strategy of running differentiated, 13.7% to 66.43 pence. individual pubs at the heart of the communities in which they reside. Creating an experience is key The pub is now the most popular However, we live in interesting times destination for eating out in the evening, with both economic uncertainty and with 37% of Britons visiting pubs more the political environment becoming 13 5 regularly than restaurants and fast food (2016: 131) unpredictable as a result of the snap outlets.
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