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2 Resultsdocument.Pdf 1 TODAY’S AGENDA INTRODUCTION STEPHEN GOODYEAR FINANCIAL REVIEW PETER WHITEHEAD MANAGED HOUSES – YOUNG’S PATRICK DARDIS MANAGED HOUSES – GERONIMO ED TURNER TENANCIES STEPHEN GOODYEAR OUTLOOK AND PROSPECTS STEPHEN GOODYEAR HIGHLIGHTS • An eventful year – Diamond Jubilee and Olympics – Tempered by decidedly inclement weather • Driving superior performance, whatever the external forces – Revenue increased 8 2% to #193 7m with strong li(e-for-li(e managed house growth – Adjusted profit before tax up 13 1% at #24 1m • ,roactive estate management – Invested #2. 5m, opened five new managed pubs – 0old seven tenanted pubs, where return on capital inade1uate • Strong balance sheet – 2et debt at #112 3m, 2 8 times E5ITDA – 6earing of 33 3% • ,rogressive dividend policy – 5 .% recommended increase in final dividend7 13 consecutive years of increase 1 PREMIUM STRATEGY DRIVING MANAGED HOUSE REVENUE GROWTH First ha f Second ha f Fu year First increase increase increase 7 weeks 8i(e-for-li(e 95 7% 93 4% 94 3% 1. 3% Tota ,12.90 ,7.10 ,11.10 12.70 2 STRATEGY • ,ure play, differentiated pub company – :ell invested, premium end of the mar(et, based in 8ondon and south east – ,roactive estate management • Investment in high returning projects – Ac1uisition of managed houses, either as pac(ages or individual sites – Investing to exceed customer expectations – Estate of fewer, but better 1uality, tenanted houses • Driving; – 0uperior li(e-for-li(e performance – 6ross margin improvements – Operational efficiency and scale benefits 3 STRONG RESULTS ,8.20 ,11.60 ,13.10 ,13.10 ,5.10 Operating Revenue P8T7 EPS7 Dividend profit7 9193.7m 928.9m 922.1m 37.77p 12.63p * adjusted to exclude exceptional items 2 STRONG TRACK RECORD Revenue (9111) AdAusted operating profit (9111) 9193,677 ,8.20 928,935 ,11.60 127,539 122,597 178,962 193,677 21,317 21,726 26,162 28,935 2111 2111 2112 2113 2111 2111 2112 2113 AdAusted profit before taC (9111) Tota dividend per share (p) (recommended) 922,128 ,13.10 12.63p ,5.10 19,223 21,819 21,333 22,128 13.11 13.26 13.93 12.63 2111 2111 2112 2113 2111 2111 2112 2113 5 LIKEDFORDLIKE REVENUE Number Revenue Change of sites 9m 0 Managed 143 137 8 94 3 Tenanted 78 11 3 –2 4 Tota 222 179.1 ,2.1 6 REVENUE 8Y DIVISION 2111 2113 Young’s Pubs 55.10 Young’s Pubs 71.50 Geronimo 25.20 Young’s Hote s 17.30 Tenancies 11.20 Young’s Hote s 13.50 Tenancies 6.10 7 LIKEDFORDLIKE OPERATING PERFORMANCE AT PU8 LEVEL 2113 Change 2113 per pub #m % #( Revenue Young’s Managed 128 8 95 . 1,.82 6eronimo 39 . 93 1 1,443 Tenanted 11 3 –2 4 145 Tota 179.1 ,2.1 E5ITDA* Young’s Managed 38 4 95 2 322 6eronimo 9 3 93 1 345 Tenanted 5 3 -3 3 38 Tota 53.1 ,2.2 *Earnings before interest, tax and depreciation and amortisation 8 MARGIN EVOLUTION 2112 operating margin 12.620 Managed margin ,1.390pts Tenanted margin –1.150pts Change revenue miC –1.280pts Reduced corporate cost ,1.360pts 2113 operating margin ,1.320pts 12.920 9 GROUP RESULTS 2113 2112 Change 9m 9m 0 Managed houses 39 53 35 23 912 2 Tenanted houses 4 25 5 29 –19 7 Aorporate services (14 87C (14 39C -3 3 Operating profit 28.92 26.16 ,11.6 Operating margin 14 9% 14 3% 9. 3pts Dinance costs (netC (4 81C (4 83C 9. 4 AdAusted profit before taC 22.13 21.33 ,13.1 11 NEW ACCOUNTING STANDARD D IAS 19 EMPLOYEE 8ENEFITS (REVISED) 2113 2113 Restated 9m 9m Dinance costs 5 89 5 89 Dinance revenue (. 54C (. 54C ,ension (incomeCEcharge (. 54C . 33 Finance costs (net) 2.81 5.71 ,5ET (as currently statedC 24 13 23 23 ,5ET (excluding pension chargeC 23 59 23 59 11 STRONG CASH GENERATION AND INVESTMENT 2113 2112 9m 9m Aash generated from operations 35 1 34 3 Interest and tax (11 3C (1. 1C Dividends (3 9C (3 5C Disposals (including :ells F Young’sC 9 1 12 1 Aapital expenditure (2. 5C (25 3C Decrease in net debt 5.5 2.5 12 CAPITAL INVESTMENT IN PU8 ESTATE Tota E 921.2m (2112E 925.3m) 8y division 8y nature of spend Young’s Managed 912.2m Young’s Hote s 92.3m Investment on eCisting estate 912.6m Tenanted 91.1m Geronimo 92.9m AcFuisition and deve opment of recent acFuisitions 95.8m 13 DE8T STRUCTURE 8onger dated committed facilities #3.m long term (March 2.23C #5. .m #2.m medium term (March 2.18C Medium dated committed facilities #5.m RAD (Dec 2.15C #1.. .m #5.m term loan (Dec 2.13 to 2.15C 2et debt #112 3m % of debt fixed 88 8% Interest cover 4 9 times 2et debtEE5ITDA 2 8 times 8oan to value 21 3% 12 PU8 PORTFOLIO Apri Apri , – Transfers 2112 2113 Young’s Managed 121 4 – – 125 6eronimo 33 – – 1 34 Tenanted 88 – (9C (1C 78 Tota 222 2 (9) – 237 Out of the total of 237 pubs, there are 184 freeholds and 13 long leases ith peppercorn rents (leases ith " 40 years to run, ith rents that are % &10K per annum) 15 YOUNG’S MANAGED ESTATE • 125 prime sited pubs and hotels – Revenue up 7 .% underpinned by 5 .% 8D8 growth – Operating profit up 3 3% (8D8: 5 4%C – Hotels’ Rev,AR up . 5% at #49 23 • Revenue growth supported by – Dull year benefit from the ,lough (Alapham JunctionC and 0haftesbury (RichmondC – Recent additions of the Iing’s Head (RoehamptonC, Autty 0ar( (6reenwichC, 2arrow 5oat (IslingtonC and :heatsheaf (5orough Mar(etC • Centra London 11 ThamesDside 12 Target excellence City 6 West London 11 – 8ocation, product portfolio, service, Greater London 15 Home Counties 16 ambience and design South London 2 West Country 11 SW London 39 16 WELL INVESTED ESTATE Pub Deve opment New Pubs/Transfers Hote Deve opment 0hip (:andsworthC 2arrow 5oat (IslingtonC Doley (AlaygateC Aloc( House (,ec(ham RyeC Iing’s Head (RoehamptonC Aoach F Horses (IewC Albert (IingstonC Autty 0ark (6reenwichC Du(es Head (:allingtonC 6rove (5alhamC :heatsheaf (5orough M(t C :indmill (Alapham AommonC Marquess of Anglesey (Aovent 6ardenC 0haftesbury (RichmondC 5ear Inn (Esher) Mulberry 5ush (0outhwarkC 5ridge Hotel (6reenfordC Morpeth Arms (:estminster) Thatched House (HammersmithC :aterside (DulhamC Other 95.8m 96.2m 92.3m 17 REVENUE HIGHLIGHTS • Drin( – Austomers continue to trade up – 8D8 growth across all (ey wet categories LFL Tota MiC • Dood – Industry leading 8D8 growth Drin( 93 4% 95 2% 35 3% – Menu content, presentation and service – High 1uality seasonal 5ritish food – 8ocally sourced and prepared in-house Dood 98 9% 911 5% 28 5% – 28 5% (2.12: 27 3%C of total revenue • Accommodation Accommodation 95 5% 95 5% 5 2% – Important part of our growth strategy – 397 rooms in total, added 27 in the year Other –1 4% 99 1% . 7% – Online mar(eting and boo(ing simplicity – Rev,AR – #49 23, up . 5% on last year Tota ,5.10 ,7.10 111.10 18 MARKET LEADING • Mar(eting remains creative, targeted and highly effective • Autting edge of the social media revolution • Innovative events – 5utchery, fish and game master classes – 5eer and food matching dinners – ,rivate hire and events – Movie nights – ,ub 1uiJJes enjoying a strong revival • 2ew identity being introduced, a confident, contemporary brand, which reinforces our premium positioning whilst retaining the famous ram 19 DRINK MIH Product miC • Absolute 8D8 growth across categories 11.90 • 5eer and cider 57 1% of drin( mix – Draught Ale 8 9% growth 11.20 – 8ondon craft ales (ey to growth – Aider grows despite poor summer • :ine 21 8% of drin( mix – 0ales up 7 .% 21.80 57.10 – 0par(ling up 24 3% – Red wine up 15 7% • Spirits 1. 2% of product mix and growing 8eer Other Spirits Wine – 0ales up 3 5% – K0pea(easyL coc(tail bar concepts 8eer Wine Spirits Other 2.13 57 1% 21 8% 1. 2% 1. 9% 2.12 58 4% 2. 8% 9 9% 11 .% 21 ACCOMMODATION – REVPAR 2111 2111 2112 2113 Hotels 13 17 17 18 Rooms 348 37. 37. 397 Room rate #31 .9 #35 82 #71 17 #71 78 Occupancy 33 2% 37 .% 38 3% 38 3% RevPAR 938.62 922.11 928.85 929.26 21 YOUNG’S D FOLEY 22 GERONIMO’S POST ACIUISITION DEVELOPMENT • 34 well located and invested pubs – 3. 8ondon pubs – Three Heathrow concessions 0ites ac1uired in Dec 2.1. 23 – One in 0urrey • Ac1uisitions – 0urprise (AhelseaC Ac1uisitions 4 – 8ion F Mnicorn (Ientish TownC – Oyster 0hed, (Aannon 0t riversideC Transfers from Young’s Managed 1 – Aow (:estfield 0tratford AityC with Olympic trading beating all the group’s personal bests • Transfers Transfers from tenancy 3 – Iing’s Arms (AhelseaC from Young’s Managed – Half Moon (the iconic ,utney music pubC, Tota 327 the Ahelsea Ram and the ,rincess of :ales (AlaptonC from tenanted operations • Ac1uired freehold interest of four * of hich 19 are freehold of original sites 23 GERONIMO, DEVELOPING THE 8RAND • Imaginative thinking • ,ersonality driven dialogue – 6eronimo social media – Aentral database of loyal KwarriorsL – Dynamic video messaging • Aontinually fresh and creative design – Still in-house • Dood – The start of every conversation • 0trong private events • Retaining individuality – Residing comfortably in the Young’s stable 22 EHPANDING ESTATE Pub Deve opment New Pubs/Transfers ,hoenix (:estminsterC ,rincess of :ales (AlaptonC 5etjeman Arms (St ,ancrasC Ahelsea Ram Dive Tuns (HeathrowC Aow (StratfordC Aoat F 5adge (,utneyC Aalf (StratfordC Red 5arn (5lindley HeathC Oyster Shed (AityC 8ord ,almerston (Tufnell ,ar(C Other 91.9m 91.1m 25 FINANCIAL HIGHLIGHTS • Revenues up 19 2% – Driven by six extra sites and 8D8 growth of 3 1% – Olympic performance at Stratford • Drin( LFL Tota MiC – Strong absolute growth up 2.
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