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View Annual Report ANNUAL REPORT FOR THE 52 WEEKS ENDED 2 APRIL 2018 CONTENTS STRATEGIC REPORT FINANCIAL STATEMENTS Chairman’s statement 3 Independent auditor’s report 35 Our strategy and business model 4 Group income statement 40 Chief executive’s review 5 Group statement of comprehensive income 41 How we performed 7 Balance sheets 42 Principal risks and uncertainties 8 Statements of cash flow 43 Business and financial review 10 Group statement of changes in equity 44 Corporate social responsibility 16 Parent company statement of changes in equity 45 Notes to the financial statements 46 DIRECTORS’ REPORT Five year review 76 Our board 18 Other disclosures 20 SHAREHOLDER INFORMATION Preparation and disclaimer 21 Notice of meeting 77 Corporate governance report 22 Explanatory notes to the notice of meeting 81 Pubs and hotels (map) 82 Senior personnel, committees and advisers 84 Shareholder information 84 View our Annual Report 2018 on our website: www.youngs.co.uk/investors Strategic report Directors’ report Financial statements FINANCIAL HIGHLIGHTS Shareholder information 2 018 2017 52 weeks 53 weeks % £m £m CHANGE Revenue 279.3 268.9 +3.9 Adjusted operating profit(1) 46.9 46.1 +1.7 Operating profit 43.5 42.7 +1.9 Adjusted profit before tax(1) 41.0 40.4 +1.5 Profit before tax 37.6 37.0 +1.6 Net cash generated from operations 61.4 63.5 –3.3 Adjusted basic earnings per share(1) 67.74p 66.43p +2.0 Basic earnings per share 61.60p 61.51p +0.1 Dividend per share 19.61p 18.50p +6.0 (interim and recommended final) Net assets per share(2) £11.24 £10.10 +11.3 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) Net assets per share are the group's net assets divided by the shares in issue at the period end. In this report, unless the context otherwise requires, reference to “the company” or to “Young’s” is to Young & Co.’s Brewery, P.L.C., and reference to the “group” is to the group of companies of which Young’s is the parent company. YOUNG & CO.’S BREWERY, P.L.C. ANNUAL REPORT 2018 1 2 Strategic report Directors’ report Financial statements CHAIRMAN’S STATEMENT Shareholder information This has been another highly successful year for Young’s and it further strengthens the belief we have in our winning strategy of maintaining and operating a differentiated, premium and well-invested pub estate, focussed on London and Southern England. Total revenue was up 3.9% when third of our team members originate from compared with the 53 weeks of last year mainland Europe, the granting of reciprocal and up 6.2% on a comparable 52 week citizen rights to EU nationals is a reassuring basis. At a time when margins across the first step. Although many issues still remain industry have been under intense pressure, on the table, we are looking positively to our EBITDA margin of 24.6% remains one the future. of the strongest in the sector, resulting in We continue to believe in the individuality our highest ever adjusted EBITDA of £68.7 and the power of each Young’s pub, million (2017: £66.5 million). Adjusted basic rather than follow a particular concept earnings per share have increased by 2.0% of which customers can quickly tire. Our Stephen Goodyear, Chairman and now stand at 67.74 pence per share; busy investment programme ensures our on an unadjusted basis, basic earnings per customers continue to frequent and enjoy share are at 61.60 pence per share. our pubs which are at the heart of their Our healthy cash generation allows us communities, as hospitality is at the heart to invest in future growth through a of our economy. combination of acquisitions and investment Given these strong results, the board in our existing estate. This year we invested +6.2% is delighted to recommend our 21st a total of £53.0 million, acquiring six pubs consecutive annual dividend increase, by Revenue including the iconic Smiths of Smithfield 6.0% again, to 10.20 pence. If approved (Smithfield Market), and increased our by shareholders, this will result in a total number of bedrooms by 94 or 19.3% dividend for the year of 19.61 pence through the purchase of the Park (2017: 18.50 pence). The final dividend (Teddington) and the Bridge (Chertsey); is expected to be paid on 12 July 2018 we also opened the Bull (Bracknell). to shareholders on the register at the Despite this increased level of investment, close of business on 8 June 2018. £53.0 we remain conservatively financed with net debt of £140.5 million (2017: £126.6 million Finally, I’d like to welcome Ian McHoul to million), being 2.0 times adjusted EBITDA invested our board, following his appointment as a (2017: 1.9 times). non-executive director in January this year. More than ever, the importance of Ian has gained a wealth of knowledge and investing in and growing our own people experience during a long and successful is fundamental to our ongoing success; career, including while having been the st a belief long embedded in our culture Chief Financial Officer of Amec Foster 21 at Young’s. Gaining “employer provider” Wheeler plc for over 9 years. He is consecutive status during the year has enabled us to be currently sitting on the boards of Britvic increase of an official training provider for apprentices plc and Bellway plc as a non-executive dividend and it improves our prominent position director and has held non-executive roles in a tough labour market. Through the in other companies. Ian will be a great comprehensive training and support, our addition to our board. talented teams gain the knowledge and expertise they need to continue to surprise and delight our customers. It’s wonderful to work with every one of our employees and their boundless energy and enthusiasm is Stephen Goodyear something that I’m very grateful for. Chairman Brexit remains an issue for the entire 23 May 2018 economy. We welcome the progress the Government is making on the negotiations so far. In particular, given that roughly a YOUNG & CO.’S BREWERY, P.L.C. ANNUAL REPORT 2018 3 OUR STRATEGY AND BUSINESS MODEL Our Strategy – Our Business Model – How we grow How we create value We look to grow through a combination of investing in our We run a predominantly freehold estate and we intend to existing pub estate, opportunity-led acquisitions and our people. keep it that way. We believe freehold assets give us greater control and opportunities within our business, whether this is, Each year, on average, we reinvest about two thirds of the for example, insulating us against potential rent increases or cash we generate. Much goes back into our existing estate in providing us with greater freedom to do up and improve our the form of transformational developments and maintenance pubs. A predominantly freehold backed estate also enables to the high standard our customers expect. In carrying out us to negotiate better terms with lenders, whilst allowing us to developments, we look to improve current trading area also benefit from increases in property values. efficiencies and increase each pub’s trading space; the latter can see upper parts converted into accommodation, function rooms Risk link 5 9 10 and roof top bars; basements become cocktail bars and outdoor spaces turned into beautiful gardens with Burger Shacks. Within our managed segment, we operate differentiated, premium, mostly drink-led pubs in London and Southern Risk link 9 10 England. Our locations are mainly in areas that have a high proportion of affluent and discerning customers We also invest in hand-picked acquisitions, based in derived through a mixture of residential, leisure and work locations where we feel our style of operation will thrive, where our premium product offerings is greater suited. as well as benefitting the surrounding area. All acquisitions have to pass our strict internal investment criteria. Through Risk link 1 6 our experience and expertise, we assess what we believe an acquisition can realistically achieve; what it may currently be Our revenue mix is 65.8% drink, 29.6% food and 4.6% doing is often less relevant. accommodation. Although food is an important part of our offer, we run pubs, not restaurants, which can be more labour Risk link 5 9 intensive. Our drink-led offer is supported by our locations which are often within walking distances of public transport links. We believe in investing in our people, nurturing our own talent, so they are able to continue to grow our businesses by Risk link 1 6 8 surprising and delighting our customers. We also run a small quality tenanted estate which extends Our individually-tailored development programmes allow our reach into other geographical areas. Our tenanted people at every level in our business to explore opportunities estate allows us to work in partnership with engaging and we encourage the entrepreneurial spirit that has ensured entrepreneurs to run sustainable businesses. Tenanted pubs our place as industry leaders. Entrepreneurs can be a rare are less labour intensive than managed houses, increase commodity in the hospitality industry and getting the right fit for our buying power with suppliers and are cash generative. both parties can be a challenge as well as time consuming and They also allow us to acquire freehold pubs with tenants expensive. Promoting our internally-developed talent pool in situ that we can service through our tenanted operation therefore ensures our future leaders know who we are and and, when the time is right for both parties, transfer these what we stand for, giving us and our teams a head start in pubs into our managed estate.
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