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Annual Report and Accounts 2009/10 Annual Report and Accounts 2009/10 Annual Report and Accounts 2009/10 and Accounts Annual Report Annual Report and Accounts 2009/10 www.whitbread.co.uk Designed and produced by Columns Design, www.columnsdesign.com It is important that our Annual Report is produced in an environmentally responsible manner, including the sourcing of materials. The material used in this report is certified as 100% recycled by the Forest Stewardship Council. The Annual Report was printed by Royle Print Limited, a carbon- neutral printing company. It was originated, printed and bound on one production site and only required electric transportation between processes. Under the framework of ISO 14001 Royle Print takes a structured approach to measure, improve and audit its environmental status on an ongoing basis. The main areas targeted for continual reduction arise from use of solvents, energy consumption and waste generation. Royle Print is also Forest Stewardship Council (FSC) chain-of-custody certified. When you have finished with this report please dispose of it in your recycled paper waste. Annual Report 2009/10 The Whitbread Way Forward Our aim is to build the best large-scale hospitality brands in the world by becoming the most customer focused organisation there is. Anywhere. We’ll do this by providing outstanding value and making everyday experiences feel special – so that our customers come back time and time again. Contents Financial highlights 1 Group at a glance 2 Chairman’s statement 4 Business review – 6 Chief Executive 6 Our strategy 10 Our people 12 Our customers 14 Hotels and Restaurants 16 Costa 24 Finance Director 28 Corporate responsibility 30 Key performance indicators 32 Group risks and uncertainties 34 Board of directors 36 Senior management 38 Directors’ report 39 Corporate governance report 43 Remuneration report 47 Accounts 2009/10 57 1 Financial highlights Whitbread has performed strongly in the most challenging hotel and restaurant trading conditions for a generation. Underlying profits have been increased by virtue of outperforming our markets and improving operating efficiency. Total revenue1 (£m) Underlying diluted EPS2 (p) 2009/10 2009/10 1,435.0 96.74 2008/09 2008/09 1,334.6 90.69 2007/08 2007/08 1,216.7 86.40 2006/07 2006/07 1,173.5 65.96 Underlying profit3 before tax (£m) Full year dividend (p) 2009/10 2009/10 239.1 38.00 2008/09 2008/09 224.4 36.55 2007/08 2007/08 203.3 36.00 2006/07 2006/07 167.0 30.25 1. Total revenue from continuing businesses. 2. Based on total operations. 3. Underlying profit for the continuing business excluding exceptional items and the impact of the volatile pension finance cost/credit as accounted for under IAS 19. http://annualreport.whitbread.co.uk 2 Annual Report 2009/10 Group at a glance Whitbread is the UK’s largest and fastest growing hospitality group. Hotels and restaurants Our brands Number of units 130 restaurants 127 588 hotels 42,799 hotel rooms restaurants Premier Inn is the only UK hotel company Our pub restaurants offer great to guarantee a good night’s sleep. value family dining. Beat those winter blues and get away from £29* When it’s cold outside you can always be sure of a warm welcome at Premier Inn, with rooms from £29*. Minimum 2 night stay may apply. Book now at premierinn.com * Selected Premier Inns & dates. Book 21 days in advance. Subject to availability. Details at premierinn.com. PI074PRI9P0I PI4660_Half Term_655x290_S06_AW.1 1 20/11/09 18:27:07 3 Coffee shops Pub Restaurant 109 restaurants 531 1,069 7 UK stores restaurants overseas stores Costa Coffee is the second largest international coffee shop business. Some yummy starters are available on our Kids’ menu Kids’ Sunday Roasts £3.99£3.99 Sunday Hand Carved Sunday Roasts Choose from: • Roast Loin of Pork • Roast Topside of Beef Dining • Roast Crown of Turkey Served with mash, roast potatoes, carrots, a Yorkshire pudding, garden peas and gravyvy Kids’ Mains £3.99 Chicken Dinner Chicken Nuggets Spaghetti Bolognese Beef Burger Cheese and Bacon Burger Our Baristas make coffee by hand, not by pushing a button. Fish** and Chips Kids’ Meal Deal Minced Beef & Onion Pie any child’s main meal Chicken Wrap & dessert † Vegetarian Wrap (v) £4.99 Veggie Sausages and Mashsh (v) Create Your Own Pizza Chicken Curry Tomato Pasta (v) Only £1.25 Desserts WE MAKE IT BETTER Fondue *Source: independent survey by Tangible Branding Limited, November and December 2008. In blind head-to-head taste tests between Costa’s cappuccino and a cappuccino from Starbucks or Caffè Nero 70% of respondents who identified themselves as ‘Coffee Lovers’ preferred Costa cappuccino. Total sample size of coffee lovers = 174. For more information please visit www.costa.co.uk. Mini Chocolate Indulgence Ice Cream Jelly and Ice Cream Fruit Salad Available for children up to the age of 10 Kids’ Meal Deal A tasty way to collect Nectar Points. Collect 2 Nectar points for every £1 you spend at Table Table. any child’s main meal For further details about what you can and cannot collect & dessert points on, please visit www.nectar.com † ‡This menu is only available on Sundays, is not available in December 2010 and is subject £4.99 to availability. Two courses cannot be ordered from the same section. Meal prices do not include any drinks or sides. All prices include VAT. We may occasionally sell out of some of the more popular dishes. If we do, we’ll do our very best to offer you the nearest alternative. Menu descriptions may not list every individual ingredient. Guests concerned about the presence of allergens in our food are welcome to ask a team member for ‡ assistance when choosing their meal. All cash tips are retained by your server. Credit card 1 course for £7.99 tips will be processed by the payroll department and paid to your server after deduction of Income Tax and National Insurance contributions only. No other deductions will apply . If you have any comments or suggestions our team will be more than happy to receive ‡ them. Alternatively, you are welcome to write to us at: Whitbread Group PLC, PO Box 777, 2 courses for £9.99 Dunstable, Beds. LU5 5XG. Telephone: 01582 844360 Email: [email protected] 3 courses for £11.99‡ tabletable.co.uk Feb 2010 TT464BTT9P1U http://annualreport.whitbread.co.uk 4 Annual Report 2009/10 Chairman’s statement Whitbread has come through a difficult economic period very creditably. It is trading well and has opportunities for growth, both in the UK and internationally. When I wrote to you at this time last year we were all facing a period of unprecedented economic turmoil. As I said at the time, Whitbread had already taken action to prepare itself for a downturn and we entered 2009/10 with a robust balance sheet, market-leading brands in value for money sectors and proven operational expertise. That preparation stood us in good stead. During 2009/10 Premier Inn took action to reinforce its value for money credentials and to attract more leisure customers against the backdrop of a falling hotels market. This delivered beneficial Anthony Habgood results, particularly in the second Chairman, Whitbread PLC half of the year. Our restaurants also focused on more value for money offers which contributed to improved performance. Costa had a very successful year with strong marketing activity and the introduction of new products including Flat White coffee. Whitbread has come through a difficult economic period very creditably. It is trading well and has opportunities for growth, both in the UK and internationally. Revenues at our Hotels and Restaurants business increased by 3.2% ending the year Sir Michael Angus on an improving trend. Revenues It is with great sadness that I report that Sir Michael at Costa increased by 23.4% – an Angus, who was a director of Whitbread from 1986 excellent performance. Premier Inn to 2000 and Chairman for the last eight of those grew, as planned, by over 2,200 rooms years, died on 13 March 2010. Sir Michael was a highly while also securing land for future respected businessman and his experience in many development. We added five new roles, but principally as Chief Executive of Unilever, pub restaurants and over 300 new was invaluable to the Company. Having worked with coffee shops. Sir Michael as a fellow non-executive director at another company I saw at first hand his fast mind Our increased focus on cash and quick wit. He will be sorely missed. management and continuing cost reduction programmes were key 5 I am delighted that Andy Harrison will be joining us to succeed Alan Parker on his retirement in November. Andy’s skills and experience are ideally suited to build on Alan’s successful management of the Company and to take advantage of our growth opportunities. Andy Harrison, Chief Executive Designate to our success in the year and the We are delighted with this Also in September 2009, Richard Company has ended the period appointment. Andy has 14 years’ Baker joined the Board as an with a positive cash flow of nearly proven experience as a successful independent non-executive director. £110 million – exceeding our target leader of two significant consumer- Richard was Chief Executive of for cash neutrality. facing and service oriented public Alliance Boots from 2003 until 2007 listed companies. Most recently, at having led the merger of the Boots We believe that 2010/11 will easyJet, he has successfully led and Group and Alliance Unichem in continue to be a difficult economic profitably internationalised a leading 2005. Before that time Richard held environment for our customers and value for money brand in a highly a number of roles, including Chief we will therefore remain focused competitive market.
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