Mitchells & Butlers Plc Annual Report and Accounts 2020

Total Page:16

File Type:pdf, Size:1020Kb

Mitchells & Butlers Plc Annual Report and Accounts 2020 Mitchells & Butlers plc Annual Report and Accounts 2020 AT A GLANCE Who are we? We run many of the UK’s most beautiful and Miller & Carter iconic pubs. In fact, we are one of the leading 118 sites restaurant and pub companies in the UK with over 1,650 businesses. 15 Brands and formats operated Our scale is impressive. Since 1898, across 1,660 sites Mitchells & Butlers has been at the forefront of UK drinking and eating out. Last year, uninterrupted by closure, we served 120 Alex Nicholson’s million meals, as well as some 380 million 44 sites 79 sites drinks. We employ over 42,500* people in pubs, bars and restaurants that are located across the length and breadth of the UK, with over 82% of the UK population within five miles of one of our sites. Our strong portfolio of brands and formats All Bar One O’Neill’s includes Harvester, Toby Carvery, All Bar 54 sites 41 sites One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson’s, O’Neill’s and Ember Inns. In addition, we operate Innkeeper’s Lodge hotels in the UK and Alex restaurants and bars in Germany. Browns Premium Country Pubs In FY 2020, our guests, employees and 24 sites 126 sites communities have needed our support during a period of huge insecurity driven by the global pandemic. Creating a safe environment for our guests and team members to enjoy has been the primary focus since reopening in July following the first period of enforced closure. Castle Stonehouse As we continue to navigate the challenging 108 sites 95 sites and changing environment we will remain focused on our three priority areas of building a more balanced business, instilling a more commercial culture, and driving an innovation agenda, whilst pursuing our purpose of being the host of life’s memorable moments, bringing people and communities together Ember Inns Suburban through great experiences. 148 sites 242 sites At the time of issue of this Annual Report, significant restrictions have again been imposed. Our approach in these latest circumstances will be the same as we took during FY 2020. Harvester Toby Carvery * as at 26 September 2020. 172 sites 154 sites High Street Vintage Inns 73 sites 182 sites UK REVENUE BY REGION (FY 2020) 1 3 2 4 6 5 8 7 11 10 9 % of sales 1 Scotland 5% 2 North West 10% 3 North East 3% 4 Yorkshire and Humberside 8% 5 West Midlands 15% 6 East Midlands 5% 7 Wales 3% 8 East of England 8% 9 South West 7% 10 South East (excluding London) 15% 11 London 21% 82% of the UK population live within five miles of an M&B site 42,500 Employees as at 26 September 2020 57,000 Meals provided from M&B surplus ingredients via FareShare scheme 82% Freehold properties INTRODUCTION 1 Welcome to Mitchells & Butlers 2 Purpose in action STRATEGIC REPORT 8 Chairman’s statement 10 Chief Executive’s business review 14 Our markets 16 Our strategic priorities and sustainability targets 20 Our business model 24 Value creation story 30 Key performance indicators 32 Risks and uncertainties 39 Compliance statements – Corporate viability – Non-financial information statement – Section 172 Companies Act statement 41 Financial review GOVERNANCE 46 Chairman’s introduction to governance 48 Board of Directors 52 Directors’ report 58 Directors’ responsibilities statement 59 Corporate governance statement 70 Audit Committee report 74 Report on the Directors’ remuneration FINANCIAL STATEMENTS 91 Independent auditor’s report to the members of Mitchells & Butlers plc 99 Group income statement 100 Group statement of comprehensive income 101 Group balance sheet 102 Group statement of changes in equity 103 Group cash flow statement 104 Notes to the consolidated financial statements 155 Company financial statements 157 Notes to the Company financial statements OTHER INFORMATION 161 Alternative performance measures 163 Shareholder information FINANCIAL HIGHLIGHTS £1,475m Revenue £(123)m Loss before tax* £99m Adjusted operating profit** (6.3)p Adjusted loss per share** * Includes separately disclosed items. ** The Directors use a number of alternative performance measures (APMs) that are considered critical to aid understanding of the Group’s performance. Key measures are explained on pages 161 and 162 of this report. Financial review Go to pages 41 to 44 WELCOME TO MITCHELLS & BUTLERS INTRODUCTION INTRODUCTION “ At Mitchells & Butlers, our REPORT STRATEGIC purpose is to be the host of life’s memorable moments, bringing GOVERNANCE people and communities together through great experiences.” FINANCIAL STATEMENTS FINANCIAL Our purpose has clearly been tested this year – never before in our 122-year history has the business had to close its entire estate. Our guests, people and communities have needed our support during this unsettling time, both professionally and personally, and we have endeavoured to provide that as best as possible whilst navigating the fast-changing environment we have been operating in. We have welcomed the Government support which has been available and INFORMATION OTHER continue to participate actively with UK Hospitality so that we can continue to support as many jobs in the industry as possible. At the time of writing this report we continue to contend with further highly challenging trading conditions and expect this to continue for some time to come. Our hope is that the public’s love of socialising with friends in a pub or restaurant will remain strong and, as it’s done countless times before, the industry will bounce back. The next few pages show some of the things we have done over the last few months to protect and support our guests, people and communities. PHIL URBAN Chief Executive Annual Report and Accounts 2020 1 Mitchells & Butlers plc PURPOSE IN ACTION Keeping Mitchells & Butlers united EXTRACTS FROM PHIL URBAN’S REGULAR EMAILS TO STAFF: “ The first thing I would like to say is that “ Reopening felt like a big relief, and despite adversity often brings out the best in the media hype, Saturday wasn’t quite the people, and I have to say how impressed manic day that was feared. A big thank- I have been with how the whole M&B you to all of our teams who opened their team has reacted and stepped up at this doors, and who had to get to grips with awful time. The overwhelming affection the new ways of working, at the same for this great Company of ours, and the time as I’m sure feeling a little anxious desire to see it come through this period, themselves. Judging by the customer is almost palpable, and I can only give feedback that we received, once again my heartfelt thanks to everyone for the M&B rose to the challenge.” professionalism and support that has Phil Urban, CEO been demonstrated… it is very humbling.” 10 July 2020 Phil Urban, CEO 15 April 2020 Annual Report and Accounts 2020 2 Mitchells & Butlers plc It goes without saying that 2020 has been a highly INTRODUCTION challenging period for everyone including those associated with Mitchells & Butlers. The initial national lockdown starting in March was the first time in its 122-year history that the Company had been required to close its entire estate of pubs in order to safeguard employees and customers against the threat of Covid-19. STRATEGIC REPORT STRATEGIC Our aim in March was to maintain links with our employees to help to support their wellbeing, and to ensure that once our businesses reopened they were fully prepared to deliver great experiences for our guests. We achieved this through a focus on communication, welfare and training. When the UK Government instructed us to close the Group’s licensed premises in late March, our UK trading sites were closed immediately and, after a few days of operating with very few members of staff to ensure a clean close down and transition to remote working, the Company’s Retail Support Centre and other central support offices also closed down. With all but 150 GOVERNANCE of our employees furloughed from the time of closure, one of our main concerns was to ensure the financial welfare of our people. We therefore topped up the pay of all those paid above the furlough scheme cap to 80% of normal pay. Taking account of the same arrangements, the pay of the leadership was reduced by 30% and the Executive Committee’s and the Board’s pay was reduced by 40%. Throughout the first period of closure, all employees were kept up to date STATEMENTS FINANCIAL on key issues, both relating to themselves personally and the business. A structured communications plan was put in place involving multiple channels, including social media, direct communication, and regular bi-weekly frank and thoughtful updates from Phil Urban, our Chief Executive, extracts of which can be seen on the facing page. A particularly effective communication channel was the Facebook group, M&B Together, which was created very soon after closure. This group focused on the wellbeing of our employees by promoting a sense of community and bringing together employees from all brands and functions. During this initial period of lockdown we were keen to ensure that our team members could remain connected to the business and, where desired, INFORMATION OTHER could work on their personal development. Through our digital learning hub, team members were able to continue to develop the areas identified in their personal development plans by accessing a range of online resources curated to support key skills by job role and Company behaviours. Apprentices were also able to continue their pathways throughout lockdown via a remote learning model. As the lifting of the initial lockdown approached, our digital design and training teams were key enablers in allowing us to create a comprehensive in-house refreshable return-to-work training package to welcome our teams back to the business and ensure that they were able to keep themselves and our guests safe.
Recommended publications
  • Download Restaurants Fast Food Sector Sheet
    The following are examples of projects we have recently completed KFC Restaurants Nationwide RBC have provided building control services for over 600 projects over 12 years for KFC and franchisee restaurants, working alongside their approved list of architects. These projects have ranged from new build drive-thru restaurants to high street fit-outs and refurbishments. RBC have assisted in the development of new build model types for national roll out across the country. Restaurants – Fast Food Restaurants Burger King Nationwide RBC have worked on numerous fit-outs and refurbishments of retail units to form new and updated restaurants. A number of these have been in existing shopping centres where we have worked closely with the centre management and local fire service to ensure that the existing fire strategies for these centres are maintained with the introduction of the new restaurant units. Pizza Hut Nationwide We have worked on over 20 projects with a number of franchisees, providing building control services for the internal refurbishment and alterations of existing high street units to form new Pizza Hut and Pizza Hut Express restaurants. A selection of projects in the Restaurants - Fast Food sector PROJECT DESCRIPTION CLIENT Starbucks Internal fit out and associated building works to stores @Architects in England and Wales Frank Belshaw Design Costa Coffee Working on a number of new build and fit-out Street Eite Associates store openings PEP Project Management Fuel Juice Bars National franchised new store expansion programme Sale Property Consultants throughout England and Wales Railston Ltd Fuel Juice Bars Ltd Taco Bell Restaurants RBC have worked alongside a major franchisee on a InHaus Solutions Ltd number of new store openings Restaurants – Fast Food Restaurants Beefeater/Harvester Working on over 94 projects for internal Hone Edwards Restaurants refurbishments nationwide Associates East Beach Café New beach front café to replace existing kiosk Heatherwick Studio Litttlehampton, Sussex Baskin & Robbins Fit-outs for 2no.
    [Show full text]
  • Pubs and Places: the Social Value of Community Pubs CONTENTS
    REPORT PUBS AND PLACES THE SOCIAL VALUE OF COMMUNITY PUBS Rick Muir January 2012 Second edition © IPPR 2012 Institute for Public Policy Research PUBS AND PLACES The social value of community pubs Rick Muir Second edition, 2012 ABOUT THE AUTHOR Rick Muir is associate director for public service reform at IPPR. ACKNOWLEDGMENTS IPPR would like to thank the Campaign for Real Ale (CAMRA) for their generous support of this project. The author would like to thank all those who contributed to his thinking during the course of the research, in particular Guy Lodge, Mike Benner, Jonathan Mail, Michael Kenny, Gill Gibson, Ruth Sheldon, Naomi Jones, Matthew Lockwood, Tony Dolphin, Karl Hallam, John Pritchard, John Grogan and Greg Mulholland. Thanks are due to my IPPR colleague Jonathan Clifton, who wrote chapter 4 for this revised second edition. I also wish to thank you to all those pub regulars and licensees who took the time to talk to me during the course of the research. Any omissions and errors remain the author’s, and the report’s analysis and recommendations do not necessarily represent the views of the project’s supporters. ABOUT IPPR IPPR, the Institute for Public Policy Research, is the UK’s leading progressive thinktank. We produce rigorous research and innovative policy ideas for a fair, democratic and sustainable world. We are open and independent in how we work, and with offices in London and the North of England, IPPR spans a full range of local and national policy debates. Our international partnerships extend IPPR’s influence and reputation across the world.
    [Show full text]
  • Yummy.WHERE to DINE in CUMBERLAND GALLERIA VININGS
    yummy.WHERE TO DINE IN CUMBERLAND . GALLERIA . VININGS Welcome to Cobb County, Atlanta’s sweet spot. We are excited to have you. During your stay you will find a variety of restaurants and many eateries in the Cumberland Galleria area. If you and a friend or a group are looking for great food, all of these locations are ready to serve you and look forward to making your dining experience an enjoyable one. Venture out and experience the tastes. Corresponding restaurants are listed on the back. 16 Windy Hill Road North on Cobb Pkwy/41 37 36 40 33 21 20 42 41 27 24 50 14 49 25 45 12 1 46 59 23 60 31 30 1 2 3 8 58 48 47 35 55 53 17 18 29 28 57 22 61 39 10 7 6 19 56 5 15 38 43 11 51 9 32 13 44 To Vinings 4 34 62 54 52 26 Corresponding restaurants are listed on the back. For more restaurant listings, sweet deals and what to do while visiting Cobb County, check out our website www.travelcobb.org. Restaurant Listing 1. Applebee’s 35. P.F. Chang’s 2. Big Chow Grill 36. Pappadeaux Seafood Kitchen 3. Buckhead Pizza Company 37. Pappasitos’s Cantina 4. C&S Seafood and Oyster Bar 38. Pizza Hut 5. Carrabba’s 39. Pollo Tropical 6. Chick-fil-a 40. Ray’s On The River 7. Chipotle Mexican Grill 41. Red Lobster 8. Cinco’s Mexican Cantina 42. Scalini’s 9. Copeland’s of New Orleans 43.
    [Show full text]
  • Restaurants, Takeaways and Food Delivery Apps
    Restaurants, takeaways and food delivery apps YouGov analysis of British dining habits Contents Introduction 03 Britain’s favourite restaurants (by region) 04 Customer rankings: advocacy, value 06 for money and most improved Profile of takeaway and restaurant 10 regulars The rise of delivery apps 14 Conclusion 16 The tools behind the research 18 +44 (0) 20 7012 6000 ◼ yougov.co.uk ◼ [email protected] 2 Introduction The dining sector is big business in Britain. Nine per cent of the nation eat at a restaurant and order a takeaway at least weekly, with around a quarter of Brits doing both at least once a month. Only 2% of the nation say they never order a takeaway or dine out. Takeaway trends How often do you buy food from a takeaway food outlet, and not eat in the outlet itself? For example, you consume the food at home or elsewhere Takeaway Weekly or Monthly or several Frequency more often times per month Less often Never Weekly or more often 9% 6% 4% 1% Monthly or several times per month 6% 24% 12% 4% Eat out Eat Less often 3% 8% 14% 4% Never 0% 1% 1% 2% (Don’t know = 2%) This paper explores British dining habits: which brands are impressing frequent diners, who’s using food delivery apps, and which restaurants are perceived as offering good quality fare and value for money. +44 (0) 20 7012 6000 ◼ yougov.co.uk ◼ [email protected] 3 02 I Britain’s favourite restaurants (by region) +44 (0) 20 7012 6000 ◼ yougov.co.uk ◼ [email protected] 4 02 I Britain’s favourite restaurants (by region) This map of Britain is based on Ratings data and shows which brands are significantly more popular in certain regions.
    [Show full text]
  • Green Park Village Local Area Guide
    READING, BERKSHIRE LOCAL AREA GUIDE Reading 1 READING, BERKSHIRE Contents WELCOME TO Live Local 2–3 Green Park Village Parks & Days Out 4–5 Eating Out 6–7 A new lakeside village of New England inspired Health & Wellbeing 8–9 houses and apartments in Reading, Berkshire, Sports & Leisure 10–11 Green Park Village offers the chance to become part Retail Therapy 12–13 of a thriving new community. Arts & Culture 14–15 If you enjoy dining out there is a wide selection of Educational Facilities 16–17 bars, restaurants and cafés nearby. Green Park Village Better Connected 18–19 is also within easy reach of a good selection of entertainment and shopping amenities. Doctors & Hospitals 20 Within this guide we uncover some of the best places to eat, drink, shop, live and explore, all within close proximity of Green Park Village. 2 1 GREEN PARK VILLAGE LOCAL AREA GUIDE LAKES COFFEE POD NUFFIELD HEALTH The lake at Green Park Village 0.7 miles away READING FITNESS LIVE is a beautiful setting for your Coffee Pod café is open & WELLBEING GYM life outdoors with play and throughout the working day, 0.9 miles away offering tasty breakfasts and a picnic areas and viewing State-of-the-art facilities for great selection of lunches. platforms. In addition, everyone including a 20-metre Longwater Lake at Green 100 Brook Drive, Green Park, swimming pool, gymnasium, Local Park Village also offers rowing Reading RG2 6UG health and beauty spa, exercise and fishing opportunities. greenpark.co.uk classes and lounge bar. At Green Park Village enjoy effortless living with all the Permission will be required from the Business Park.
    [Show full text]
  • Annual Report and Accounts 2017 | Mitchells & Butlers Plc | 1 All Bar One, Leicester Square, Reopened Late in 2016
    ANNUAL REPORT AND ACCOUNTS 2 0 1 7 Contents Financial highlights Strategic report Revenue £m 1 Welcome to Mitchells & Butlers 10 Chairman’s statement £2,180m 12 Mitchells & Butlers at a glance 2017** 2,180 14 Chief Executive’s business review 18 Our markets 2016 2,086 20 Our business model 2015 2,101 22 Our strategy 2014 1,970 24 Our strategy in action 28 Key performance indicators 2013 1,895 30 Corporate social responsibility 36 Risks and uncertainties 41 Financial review Adjusted* operating profit £m Governance 45 Chairman’s introduction to Governance £314m 46 Board of Directors 2017** 314 48 Directors’ report 54 Directors’ responsibilities statement 2016 318 55 Corporate governance statement 2015 328 62 Audit Committee report 2014 313 66 Report on Directors’ remuneration Financial statements 2013 310 89 Independent auditor’s report to the members of Mitchells & Butlers plc 96 Group income statement Adjusted* earnings per share pence 97 Group statement of comprehensive income 98 Group balance sheet 3 4 . 9 p 99 Group statement of changes in equity 100 Group cash flow statement 2017** 34.9 101 Notes to the financial statements 2016 34.9 134 Five year review 2015 35.7 135 Company financial statements 137 Notes to the Company financial statements 2014 32.6 Other information 2013 32.2 140 Alternative performance measures 143 Shareholder information * The Directors use a number of alternative performance measures (APMs) that are considered critical to aid understanding of the Group’s performance. Key measures are explained on pages 140 to 142 of this report. ** FY 2017 was a 53 week year.
    [Show full text]
  • Mitchells and Butlers
    Mitchells & Butlers plc Mitchells & Butlers online Mitchells & Butlers’ comprehensive website gives you fast, direct access to a wide range of Company information. brands • Downloadable Annual report and accounts people • Latest investor news and press releases • Brand news and offers • Responsibility policies and Annual report and accounts 2010 Annual review love • Find a local pub and restaurant • Sign up for latest news Visit www.mbplc.com for more information. Our brands All of our popular brands have their own websites, helping our customers to fi nd the information they need straight away. Latest food and drink menus, news and offers, email newsletters and details of new openings are all available. Annual report and accounts 2010 Harvester Vintage Inns Toby Carvery www.harvester.co.uk www.vintageinn.co.uk www.tobycarvery.co.uk Premium Country Dining Group Sizzling Pub Co. Crown Carveries A collection of attractive individual www.sizzlingpubs.co.uk www.crowncarveries.co.uk pubs each with their own website, for example www.saxonmill.co.uk Mitchells & Butlers plc 27 Fleet Street Birmingham B3 1JP Tel: +44 (0) 870 609 3000 Fax: +44 (0) 121 233 2246 www.mbplc.com Overview Excellent progress Glossary brands has been made against our strategic goal to people turn Mitchells & Butlers into a food-led business. Operating and fi nancial review Operating and fi Amenity On-trade Design, décor, furniture and facilities that contribute Any retail outlet which has a licence to sell alcohol for love to the environment and atmosphere of a pub. consumption on the premises (e.g. pubs, restaurants, nightclubs, clubs). AWT (Average Weekly Take) The average sales per pub per week, calculated as total Operating profi t sales divided by the average number of pubs trading Earnings before interest and tax.
    [Show full text]
  • Full Year Results 2014
    Full Year Results 2014 Bob Ivell Chairman Financial Review 2014 Tim Jones Finance Director Income statement (Pre exceptional items) FY 2014 FY 2013 £m £m Revenue 1,970 1,895 +4.0% Operating costs (1,657) (1,585) Operating profit 313 310 +1.0% Interest (141) (139) Profit before tax 172 171 - Earnings per share 32.6p 32.2p +1.2% Operating margin 15.9% 16.4% -0.5 ppts Financial Review 2014 —3— Like-for-like sales growth Week 1-28 Week 29-52 Week 1-52 Week 1-8 FY 2014 FY 2014 FY 2014 FY 2015 Food 0.9% 0.5% 0.7% 3.3% Drink 1.3% (0.4%) 0.5% 1.4% Total 1.1% 0.1 0.6% 2.4% Financial Review 2014 —4— Like-for-like volume and price trends Food Drink 8.0% 8.0% 6.0% 6.0% 4.0% 4.0% 2.0% 2.0% 0.0% 0.0% (2.0%) (2.0%) (4.0%) (4.0%) (6.0%) FY10 FY11 FY12 FY13 FY14 (6.0%) FY10 FY11 FY12 FY13 FY14 Volume Price/Spend Financial Review 2014 —5— EBIT movement +£3m (£1m) (£2m) +£16m (£5m) +£6m (£14m) Remodel FY13 Direct cost Like-for-like FY13 new FY14 new FY14 Orchid closure IT projects £310m inflation* trading openings openings £313m costs *Direct costs include wages and salaries, utilities and goods for resale Financial Review 2014 —6— Interest charge Sept 2014 Sept 2013 £m £m Finance costs (132) (130) Finance revenue 1 2 Net pensions finance charge (10) (11) Total interest (141) (139) - Net pensions finance charge now reported in adjusted earnings - Expected charge for FY 2015 is £16m Financial Review 2014 — 7— Group cash flow FY 2014 FY 2013 £m £m EBITDA 422 420 Working capital / non cash items 18 (9) Pension deficit contributions (49) (40) Cash flow from
    [Show full text]
  • Modifying the Mature Franchisor's Concept And
    IMPLEMENTING SYSTEM UPGRADES AND ENHANCEMENTS: BUSINESS AND LEGAL CONSIDERATIONS David J. Kaufmann Kaufmann Gildin Robbins & Oppenheim LLP New York, New York Robert Zarco Zarco, Einhorn, Salkowski & Brito, P.A. Miami, Florida By: Kenneth A. Cutshaw* Chief Legal Officer Cajun Global LLC (Franchisor of Church’s Chicken) Atlanta, Georgia International Franchise Association 44th Annual Legal Symposium May 15-17, 2011 *Mr. Cutshaw is a contributing author of certain segments of this paper. TABLE OF CONTENTS I. INTRODUCTION ......................................................................................................................1 II. CASE LAW ADDRESSING MATURE FRANCHISOR SYSTEM/CONCEPT MODIFICATION .......................................................................................................................2 A. Systemic Changes .............................................................................................................2 B. Price Point Advertising/Resale Price Maintenance ........................................................8 C. System Modification Attendant to Franchisor Acquisition...........................................12 1. Analyzing the Motives Underlying Proposed Acquisition Activity..........................13 2. The Third Player at the Table ......................................................................................15 3. The Franchise Agreements at Issue...........................................................................16 4. Judicial Decisions Addressing Franchise Network
    [Show full text]
  • Travel Trade Destination Guide Gateway to Scotland
    Glasgow Travel Trade Destination Guide Gateway to Scotland ................................................................................4 Well Connected ..........................................................................................6 A Cultural Powerhouse ............................................................................8 Neighbourhoods and Districts ............................................................10 Accommodation ......................................................................................26 Attractions and Experiences ............................................................... 34 Food & Drink .............................................................................................38 Two Day Sample Itinerary .................................................................... 44 City Events to 2021 .................................................................................46 Contact Us ................................................................................................................................................ 48 Riverside Museum 2 3 Gateway to Scotland Inverness Aberdeen Getting to Glasgow couldn’t be easier - the city is served by three Fort William international airports, it is well connected by train from across the UK, it is easily accessible by Scotland’s extensive road network and Oban travelling by sea is made simple by the ferry connections. Loch Lomond GLASGOW Edinburgh The city is the perfect gateway to some of Scotland’s most beautiful and dramatic
    [Show full text]
  • Annual Report and Accounts 2013 Brands People Love Plc & Butlers Mitchells Annual Report and Accounts 2013 Accounts and Report Annual Brands People Love
    Annual Report and Accounts 2013 people love Brands www.mbplc.com Mitchells & Butlers plc Annual Report and Accounts 2013 Brands people love Contents Company overview We’re the largest operator of IFC Brands people love 01 2013 Financial Highlights 02 Chairman’s statement managed restaurants, pubs 04 Mitchells & Butlers at a glance Strategic and business review and bars in the UK, providing 07 Our vision 09 Our markets and customers 11 Our opportunities a wide choice of eating and 17 Our business model and strategy 18 Risks and uncertainties 21 Key performance indicators 22 Chief Executive’s market and business review drinking-out experiences 28 Corporate social responsibility 32 Financial review through our well known Governance 36 Board of Directors 38 Directors’ report brands and delivering great 41 Directors’ responsibilities statement 42 Corporate governance statement 47 Audit Committee report service, quality and value 50 Report on Directors’ remuneration Financial statements for money to our guests. 66 Independent auditor’s report to the members of Mitchells & Butlers plc 68 Group income statement 69 Group statement of comprehensive income 70 Group balance sheet 71 Group statement of changes in equity 72 Group cash flow statement Reasons to invest: 73 Notes to the financial statements 99 Five year review Income statement information — Strong business 100 Company balance sheet 101 Notes to the Company financial statements foundations Shareholder information 108 Shareholder information 108 Glossary — Transformation programme on track
    [Show full text]
  • Mitchells & Butlers 2016 Annual Report
    2016 + Annual Report & Accounts Mitchells & Butlers plc Annual Report and Accounts 2016 Financial highlights Revenue (£m) Strategic report 2 Chairman’s statement 4 Mitchells & Butlers at a glance 2,086m 6 Chief Executive’s statement 2016: 2,086 8 Our markets 10 Our business model 2015: 2,101 12 Our strategy 2014: 1,970 14 Our strategy in action 2013: 1,895 18 Key performance indicators 2012**: 1,855 20 Risks and uncertainties 25 Business review 1,600 1,700 1,800 1,900 2,000 2,100 2,200 28 Corporate social responsibility 32 Financial review Adjusted operating profit* (£m) Governance 318m 37 Chairman’s introduction to Governance 38 Board of Directors 2016: 318 40 Directors’ report 2015: 328 46 Directors’ responsibilities statement 2014: 313 47 Corporate governance statement 54 Audit Committee report 2013: 310 58 Report on Directors’ remuneration 2012**: 297 250 270 290 310 330 Financial statements 83 Independent auditor’s report to the members of Adjusted earnings per share* (pence) Mitchells & Butlers plc 90 Group income statement 91 Group statement of comprehensive income 34.9p 92 Group balance sheet 2016: 34.9 93 Group statement of changes in equity 2015: 35.7 94 Group cash flow statement 95 Notes to the financial statements 2014: 32.6 129 Five year review 2013: 32.2 130 Mitchells & Butlers plc Company financial statements 2012**: 29.8 132 Notes to the Mitchells & Butlers plc Company financial statements 26 28 30 32 34 36 Shareholder information * Adjusted figures refer to results before separately disclosed items as detailed in note 2.2 of the accounts.
    [Show full text]