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Interim Results 2008/09 Anthony Habgood Chairman Christopher Rogers Finance Director 4 Summary H1 2008/09

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Interim Results 2008/09 Anthony Habgood Chairman Christopher Rogers Finance Director 4 Summary H1 2008/09 Interim Results 2008/09 Anthony Habgood Chairman Christopher Rogers Finance Director 4 Summary H1 2008/09 H1 2008/09 H1 2007/08 Change PBT from continuing £123.3m £99.4m 24.0% operations, pre exceptionals EPS continuing operations, 49.89p 36.50p 36.7% pre exceptionals (diluted) EPS total operations pre 49.89p 46.11p 8.2% exceptionals (diluted) Proposed interim dividend 9.65p 9.10p 6.0% 4 5 Summary – profit & loss H1 2008/09 £m H1 2008/09 H1 2007/08 Change Revenue 682.2 605.8 12.6% Profit from operations 146.5 130.0 12.7% Central costs (11.1) (12.9) 14.0% Interest (12.1) (17.7) 31.6% PBT from continuing 123.3 99.4 24.0% operations, pre exceptionals 5 6 Summary – profit & loss continued H1 2008/09 £m H1 2008/09 H1 2007/08 PBT from continuing 123.3 99.4 operations, pre exceptionals Taxation (36.9) (27.5) Net profit from continuing 86.4 71.9 operations Discontinued operations 00.0 19.0 Total profit, pre exceptionals 86.4 90.9 Exceptionals (46.5) 409.7 Profit for the year 39.9 500.6 6 7 Treatment of businesses within segmental analysis • Hotels & Restaurants • The results of Restaurants and Premier Inn have been combined into a new segment Whitbread Hotels & Restaurants. Sales for Premier Inn and Restaurants have been separately disclosed • Disclosure schedules include breakdown between Solus and Joint Sites Solus Sites consist of standalone Premier Inn hotels and integrated restaurants (e.g. County Hall) or Premier Inn hotels with a third party restaurant Joint Sites consist of sites with a combined Premier Inn and Whitbread restaurant. This includes the remaining standalone restaurants 7 8 Revenue by business segment £m H1 2008/09 H1 2007/08 Change Hotels & Restaurants 555.1 493.6 12.5% Costa 123.2 98.1 25.6% Less: inter-segment (2.1) (1.5) revenue Other 6.0 15.6 (61.5)% Revenue from continuing 682.2 605.8 12.6% operations 8 9 Hotels & Restaurants revenue £m H1 2008/09 H1 2007/08 Change Premier Inn revenue 311.0 264.1 17.8% Restaurants revenue 244.1 229.5 6.4% Hotels & Restaurants 555.1 493.6 12.5% 9 10 Like-for-like sales % H1 2008/09 H1 2007/08 Premier Inn 10.1 10.9 Restaurants 4.5 1.5 Hotels & Restaurants 7.5 6.2 Costa 3.7 6.8 Total 7.0 6.3 10 11 Profit by business segment £m H1 2008/09 H1 2007/08 Change Hotels & Restaurants - UK 140.7 124.3 13.2% Hotels & Restaurants - overseas (1.5) (0.9) (66.7)% Total Hotels & Restaurants 139.2 123.4 12.8% Costa - UK 8.5 7.6 11.8% Costa - overseas (1.2) (1.0) (20.0)% Total Costa 7.3 6.6 10.6% Profit from operations 146.5 130.0 12.7% 11 12 Summary – profit & loss H1 2008/09 £m H1 2008/09 H1 2007/08 Change Revenue 682.2 605.8 12.6% Profit from operations 146.5 130.0 12.7% Central costs (11.1) (12.9) 14.0% Interest (12.1) (17.7) 31.6% PBT from continuing 123.3 99.4 24.0% operations, pre exceptionals 12 13 Continuing interest charge £m H1 2008/09 H1 2007/08 Interest on borrowings (15.6) (26.0) Interest on deposits 0.7 3.7 Pension credit/(charge) 1.8 2.7 Other 1.0 1.9 Net interest charge (12.1) (17.7) • Average debt £457.3m (H1 2007/08 £752.3m) 13 14 Exceptional items £m H1 2008/09 H1 2007/08 Business disposals: David Lloyd Leisure 0.0 384.1 T.G.I.Friday’s 0.0 12.6 Other exceptional items: Exceptional tax arising from HBA abolition (43.9) 0.0 Exceptional pension credit 0.0 10.0 Interest on debenture redemption 0.0 (12.5) Other/reorganisation/rebranding (6.2) (1.2) Corporate tax on exceptionals 3.6 (1.2) Deferred tax adjustment (inc. rate change) 0.0 17.9 Total net exceptional profit (46.5) 409.7 14 15 Cash flow Group year-on-year by items £m H1 2008/09 H1 2007/08 Cashflow from operations 169 167 Capital expenditure (149) (134) Disposal of fixed assets 0 (2) Interest, tax and dividends paid (73) (78) Business cashflows (53) (47) Additional pension payments (50) (50) Disposal/(acquisitions and investments in JVs) (29) 982 Special dividend, share buybacks (24) (292) Other (2) 6 (Increase)/decrease in net debt (158) 599 15 16 Capital expenditure £m H1 2008/09 H1 2007/08 Hotels & Restaurants 131 97 Costa 17 16 Corporate/Discontinued 1 21 Total 149 134 • Full year forecast – c.£300-320m 16 17 Pension fund • Pension deficit on IAS19 basis increased as at the half-year date from £33m to £153m • Inflation • Fall in asset values • Triennial actuarial valuation in progress • Latest mortality assumptions • Gilts based liability calculation • Recovery plan 17 18 Costs Cost reduction plan • On target for full run rate of £25m by the end of 2010/11 • Estimated run rate in 2009/10 £20m Cost inflation – outlook unpredictable • Wages +4% (impacts 30% of cost base) • Utilities +20% (impacts 4% of cost base) • Input food/drink +4-5% (impact 17% of cost base) 18 19 Capital structure • Strong balance sheet with moderate levels of gearing • Bank debt finance with large asset backing • Total facilities £1.16bn • Maturity period December 2010-2013 • Leverage: 3.5 adjusted Net debt to EBITDAR 19 20 Financial summary • Sales from Continuing Whitbread up 12.6% • Like-for-like sales up by 7.0% • PBT from continuing operations, pre exceptionals up 24.0% to £123.3m • Growth in diluted EPS from total operations pre exceptional of 8.2% • Interim dividend up 6.0% to 9.65p 20 Alan Parker Chief Executive 22 Highlights Strong sales and profits growth across the Group • Re-branded Premier Inn outperforms the market • New rooms growth continued • Effective turnaround of Restaurants • Costa store expansion continued, with positive trading • Group operating profit margin increased to 20.0% 22 23 Operational performance Business in good shape • Revpar grew 6.5%, outperforming the market by 2.9%* • Opened 15 new hotels: 1,380 rooms (2007/08: 830 rooms) • Restaurants delivered strong covers growth of 8.4% • Table Table launched • Costa store expansion: 156 new stores (2007/08: 145 stores) • Costa transaction volumes increased by 3.2% *source: TRI Hotstats Aug 2008 for budget and budget / mid market hotels sectors 23 24 Whitbread strategy: positioning brands in attractive, value-for-money sectors • Budget hotels • Structural growth in budget hotel sector • “Smarter buying” by business customers • Restaurants • Brands remodelled – value-for-money propositions • Strong Joint Site business model • Coffee Shops • Still “an affordable treat” – cultural part of the way we live • Market leadership in UK, establishing an international brand • Streamlined organisation – cost reduction 24 25 In the regions business guests save £44 per night compared to 3 and 4 star competitors Premier Inn Competitors Savings ARR £53* £73 £20 28% F&B, etc. £34** £58 £24 41% Total savings £44 33% *ARR source: TRI Hotstats – August 2008 sample of over 500 hotels ** Source: Internal research comparing F&B, WiFi and parking 25 26 In London, business guests save £49 per night compared to 3 & 4 star competitors Premier Inn Competitors Savings ARR £69* £118 £49 41% • 76% of business guests rate Premier Inn as “very good” or “good” value for money, an improvement of almost 2% on last year *ARR source: TRI Hotstats – August 2008 sample of over 500 hotels 26 27 Business Account sales up 36% • Business Account customers spending more with Premier Inn – £86 million (H107: £63.4m) • New Business Account customers up 16% (1,800 new companies in H1) • September was a record month with £16.7m of sales, adding 368 corporate customers 27 28 Strong growth opportunity in budget hotel sector • Budget hotel sector forecast to grow • Review pace and phasing of expansion as necessary • Strong pipeline of new openings targeting 4,000 rooms for 2008/09 (2007/08: 3,400) • Hotel acquisitions becoming potentially more attractive • Scale in the estate drives choice and cross-selling opportunities • Specific international expansions: Middle East and India 28 29 Remodelled Restaurant brands Recognised by customers as value for money with high recommendation Brand Number* Status Customer ratings Value for Recommend money to friends Beefeater 127 Refurbishment 84% 88% complete Table Table 106 Launched 81% 83% May 2008 Brewers Fayre 126 Refresh to start 84% 84% H2 *Post M&B asset swap 29 30 Taybarns Very positive customer response to trial 30 31 Taybarns 31 32 Taybarns 32 33 Taybarns 33 34 Strong Joint Site business model • 65% of WHR’s unit operating profit • Choice of best sites in competitive property market and optimal use of land • Branded Restaurants attract guests to Premier Inn • Overnight guests provide secure market for branded Restaurants • Overhead and operating cost synergies • Joint Site model delivers strong returns 34 35 The Costa “affordable treat” Part of modern lifestyles • 43% of British adults visit coffee shops each month* • 72% of customers drink Costa coffee in store with 42% food capture • 48% of Costa visits are made by customers who visit Costa 3+ times a week *source: YouGov U&A 35 36 Costa growth momentum continues • New target of 350 stores opening this year (2007: 285) • 200 in UK • 150 overseas • Further growth opportunities in UK, e.g. • Retail parks • Train stations • Airports • Motorway service areas • Establishing an international brand – 26 countries 36 37 Efficiency programme on track Streamlined, lower cost Simpler systems and operating structure processes £25 million cost saving by 2010/11 Outsourcing programme Renegotiating supplier - Food logistics contracts - Transactional accounting - Payroll 37 38 Summary: relative resilience, strong position • Excellent results • Streamlined organisation with strategic focus and a cost reduction programme • Simple capital structure with conservative leverage • Momentum will be continued through disciplined growth
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