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Greene King PLC Annual Report 2016

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Greene King PLC Annual Report 2016 GREENE KING PLC Annual report 2016 TIME WELL SPENT Annual— report 2016 Greene King is the LEADING PUB COMPANY AND BREWER IN BRITAIN —Greene King is the country’s leading integrated pub retailer and brewer. In June 2015 we acquired 3,035 Spirit Pub Company. At our year end we operated PUBS, RESTAURANTS 3,035 managed, tenanted, leased and franchised AND HOTELS pubs, restaurants and hotels, including well known brands such as Hungry Horse, Chef & Brewer, Flaming Grill, Farmhouse Inns and our Greene King locals estate. We also have a proud history of brewing award-winning ales for more than 200 years and our leading ale brand portfolio includes Old Speckled Hen, Greene King IPA, Abbot Ale and Belhaven Best. STRATEGIC REPORT 2 Investment case 4 Performance highlights 5 Chairman’s statement 6 Focus area – Best for customers 8 Focus area – Best for teams 10 Focus area – Best for communities 12 Chief executive’s review 16 Our business model 18 Our markets 20 Our strategy 22 Key performance indicators 23 Operational review 23 Pub Company 26 Pub Partners 28 Brewing & Brands 30 Financial review 33 Risks and uncertainties 38 Corporate social responsibility CORPORATE GOVERNANCE 46 Board of directors 47 Corporate governance statement 51 Nomination committee report 52 Audit committee report 55 Remuneration report 67 Directors’ report and disclosures 69 Directors’ responsibilities statements FINANCIAL STATEMENTS 71 Independent auditor’s report 77 Group income statement 78 Group statement of comprehensive income 79 Group balance sheet 80 Group cash flow statement 81 Group statement of changes in equity 82 Notes to the accounts 117 Company balance sheet 118 Company statement of changes in equity 119 Notes to the company accounts SHAREHOLDER INFORMATION 123 Group financial record 124 Shareholder information IBC Glossary VIEW THIS REPORT ONLINE greenekingreports.com/ar16 STRATEGIC REPORT Investment case Our overall vision is to BUILD THE BEST PUBS BUSINESS IN BRITAIN — – A compelling blend of growth and dividends COMPELLING BLEND OF 1 GROWTH AND DIVIDENDS – Significant and exciting Over the last five years our proven growth strategy, combined opportunities following the with our attractive dividend policy, has delivered a total acquisition of Spirit Pub Company shareholder return of 104% compared with a total return for the FTSE All-Share of 29%. This includes 29.2% growth in Greene King dividends and 67.1% share price appreciation.1 – Synergy, scale and reinvestment 1. Past performance is not an indicator of future returns. – Brand optimisation – Award-winning teams TOTAL DIVIDEND PER SHARE 2012–2016 (p) – A high quality, well positioned estate 35 +29.2% 30 – A strong and flexible balance sheet 25 Our overall vision is to build the best pubs 20 business in Britain; best for our customers, 15 best for our teams, best for our shareholders and best for our communities. 10 5 Within this, our aim is to offer customers 0 experiences that they will value, remember 2012 2013 2014 2015 2016 and want to share. We will achieve this aim principally through the delivery of our five strategic priorities that will ensure we GREENE KING SHARE PRICE 2011–2016 (p) offer compelling brand propositions, in high quality pubs, with unrivalled value, 1,000 service and quality delivered by our +67.1% 800 award-winning teams. 600 400 200 0 May 2011 May 2012 May 2013 May 2014 May 2015 May 2016 2 GREENE KING PLC Annual report 2016 SIGNIFICANT OPPORTUNITIES A HIGH QUALITY, REPORT STRATEGIC 2 FOLLOWING THE ACQUISITION 4 WELL POSITIONED ESTATE OF SPIRIT PUB COMPANY As at 1 May 2016 we operated 3,035 managed and tenanted pubs. The acquisition of Spirit Pub Company, completed in the Synergy, scale and reinvestment year, has increased our national presence while maintaining a The acquisition of Spirit Pub Company was an important step focus on the South East (including London) and the East, towards achieving our vision to be the best pub company in Britain. where around half of our estate is situated. In addition to enhanced brand reach and recognition, we have the opportunity to realise significant cost synergies. We have announced a We own the freehold title on 83% of our estate. This gives us target of £35m annualised cost savings and we will reinvest synergies more freedom to renovate our pubs as we see fit and to buy and in excess of this target in our people, our systems and our brands. sell pubs when we want to in order to optimise growth and returns from the estate. It also removes the ongoing requirement to use a proportion of the cash that we generate to pay rent. We believe Brand optimisation that these benefits, among others, outweigh the initial capital Greene King acquired a strong portfolio of brands and formats outlay associated with purchasing the freehold title of a pub. with Spirit – one that it would have been very difficult to replicate organically – and we have embarked on an exciting journey to Our preference is to hold the freehold title of our assets and, optimise the combined brand portfolio. The brand optimisation where it makes sense to do so, we will look to acquire the programme will be an important driver of future growth freehold title of leasehold pubs that we currently operate. and value creation. We have identified five growth brands – Hungry Horse, Flaming Grill, Farmhouse Inns, Chef & Brewer and the Greene King brand. The portfolio of growth brands and formats covers a wide range HALF of consumer occasions. of the estate in the South East Premium Growth brands/formats and the East Mainstream A STRONG AND FLEXIBLE 5 BALANCE SHEET Our aim is to maximise the strength and the flexibility of our balance sheet, and through a relentless focus on cash generation Value we will continue to cover our debt service obligation, our core Local Destination capital expenditure and our dividend through internally generated cash flow. We estimate profit upside from investment in over 300 of our existing pubs to reposition them into these growth brands over As at 1 May 2016, our net debt relative to EBITDA stood at the next three years. In 2016/17 we expect to spend £40–50m 3.9x.1 We have successfully reduced this ratio in each of the last on converting around 100 sites to a growth brand. five years from 5.1x in 2012. NET DEBT RELATIVE TO EBITDA AWARD-WINNING (MULTIPLE OF EBITDA) 3 TEAMS 5 Our people are fundamental to the success of our business and being the first choice for people who want to work in the 4 hospitality sector is important to us. 3 Key to this is our strategy to engage employees through learning and, having exceeded our target of offering 2,000 apprenticeships 2 last year, we have committed to employing a further 10,000 apprentices across the business over the next three years. 1 During the year, we were recognised by the Sunday Telegraph as 0 a Top 50 Apprenticeship Employer and following our investment in 1 people and training we were named as the Macro Apprenticeship 2012 2013 2014 2015 2016 Employer of the Year 2016 by Apprenticeships 4 England. 1. Pro-forma. Annual report 2016 GREENE KING PLC 3 STRATEGIC REPORT Performance highlights GROWTH IN ALL AREAS — REVENUE OPERATING PROFIT BEFORE PROFIT BEFORE TAX (£m) EXCEPTIONALS (£m) AND EXCEPTIONALS3 (£m) £2,073.0m +57.6% £392.2m +53.1% £256.5m +52.2% 2,200 400 270 392.2 2,073.0 256.5 1,800 320 230 265.6 1,400 240 256.2 190 248.2 236.2 1,315.3 1,301.6 173.1 1,194.7 168.5 1,140.4 1,000 160 150 158.2 147.2 600 80 110 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 (53 wks) (53 wks) (53 wks) EBITDA2 ADJUSTED BASIC EARNINGS DIVIDEND PER SHARE (£m) PER SHARE1,3 (p) (p) £496.9m +55.8% 69.9p +14.6% 32.05p +7.7% 510 70 35.00 69.9 496.9 420 60 30.00 32.05 61.4 61.0 29.75 28.4 55.6 330 50 25.00 26.6 51.3 329.7 24.8 319.0 306.5 292.0 240 40 20.00 150 30 15.00 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 (53 wks) (53 wks) (53 wks) Market outperformance Strategic and operational progress 1. As throughout, profit figures are shown – Pub Company4 like-for-like (LFL) sales +1.5%; – Five strategic priorities outlined to drive future before exceptional items. ahead of the market +1.3%5 underlying growth 2. EBITDA represents earnings before interest, tax, depreciation, amortisation – Pub Partners LFL net income +2.7% – Record customer satisfaction scores in Greene King and exceptional items and is calculated Pub Company; net promoter score (NPS) +7.9%pts – Brewing & Brands own-brewed volume (OBV) as operating profit before exceptionals adjusted for the depreciation and +2.9%; ale market share up 40 basis points to 10.5% – Greene King named Best Managed Pub Operator amortisation charge for the period. at the 2016 Publican Awards Financial strength 3. 2011–2013 adjusted for the impact of IAS 19(R). – Operating cash flow +24.1%; net debt/EBITDA Acquired Spirit Pub Company; improved to 3.9x6 integration and synergies ahead of plan 4. Previously Retail. – Group return on capital employed (ROCE) – £16.7m of cost synergies delivered versus year one 5. Coffer Peach Business tracker. +10 basis points to 9.4% target of £12m 6. Pro-forma, calculated by inclusion of Spirit management accounts data for – Dividend per share up 7.7%, continuing – Tenanted and leased integrated ahead of schedule; integration of the managed business well under way the seven week pre-acquisition period.
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