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John Banham. chairman. Annual Results 2002/3. Like-for-like sales - first 8 weeks 2003/4. Marriott-4.1% Travel Inn4.0% Brewers Fayre/Brewsters5.2% Beefeater3.3% David Lloyd Leisure * 6.8%. * 5 weeks. Year-on-year % growth. 2002/3. 2001/2.

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John banham

John Banham

chairman

Annual Results 2002/3


Like for like sales first 8 weeks 2003 4

Like-for-like sales - first 8 weeks 2003/4

  • Marriott-4.1%

  • Travel Inn4.0%

  • Brewers Fayre/Brewsters5.2%

  • Beefeater3.3%

  • David Lloyd Leisure*6.8%

* 5 weeks


Four consecutive periods of double digit earnings growth

Year-on-year

%

growth

2002/3

2001/2

Four consecutive periods of double-digit earnings growth*

* Profit after tax


Whitbread s winning brands

Whitbread’s winning brands


David richardson

David Richardson

finance director

Annual Results 2002/3


Highlights

Highlights

  • Strong profit growth

  • Positive cash flow

  • Improving returns


Profit pre exceptionals

Profit – pre exceptionals

£m Stats.Proforma*Growth

2002/32001/2%

Division sales 1,8031,822(1.0)

Less Pelican(23)(100)-

Sales continuing1,7801,722+3.5

Divisional profit297270+10

Central costs(22)(21)-

PBIT275250+10

Interest(61)(63)-

PBT214187+14

Tax(66)(56)-

PAT and minorities147131+12

* Proforma excludes Pubs and Bars which was demerged in May 2002


Positive cash flow

Positive cash flow

£m Stats.ProformaGrowth

2002/32001/2%

Cash flow from operations 370336+10.1

Dividends/repayments JVs1711+54.5

Interest(63)(67)+6.0

Taxation(49)(37)(32.4)

Net capex(190)(220)+13.7

Pensions(15)--

Acquisitions/Disposals23--

Dividends(54)(49)(10.2)

Net Cash inflow/(outflow)39(26)


Improved returns

Improved returns

Operating profitROCEGrowth

Growth %%% pts

Marriott (pre goodwill amortisation) +0.06.5+0.0

Travel Inn+10.812.6+0.1

Pub restaurants+10.19.9+0.9

High Street restaurants+25.119.1+3.9

Total restaurants+13.011.1+1.3

David Lloyd Leisure+25.99.1+1.5

Group+10.09.4+0.7


Marriott

Marriott

ActualGrowth

Returns (post goodwill amortisation)5.8%+0.0% pts

Returns (pre goodwill amortisation)6.5%+0.0% pts

Like-for-like sales growth (0.5)%

Occupancy71.0%+2.0% pts

Average room rate£72.75(1.9)%

Operating margin18.3%+0.6% pts

PBITA per room£7.5k+£0.1k

  • Sales vs markets

  • Leapfrog cost savings

  • Kensington - opening Summer 2003


Travel inn

Travel Inn

ActualGrowth

ROCE12.6%+0.1% pts

Like-for-like sales growth 6.1%

Occupancy 82.0%+1.0% pts

Average room rate £39.98+3.6%

Operating margin 32.7% (1.3)% pts

Number of rooms 16,669+745

  • Brand strength

  • CRS/internet/cross sell

  • Business card

  • Room growth/WIP

  • Refurbishment cost


Restaurants

Restaurants

ActualGrowth

ROCE11.11.3%

Like-for-like sales growth2.0%

Operating margin 9.8%0.9%

Year end Pub restaurants625(1)

Year end High Street restaurants897+49

  • Marketing

  • Food and menu development

  • Labour control

  • Margin control

  • Tail disposal

  • Expansion


David lloyd leisure

David Lloyd Leisure

ActualGrowth

ROCE9.1%+1.5% pts

Like-for-like sales growth 6.1%

Number of members308,469+10.6%

Operating margin23.7%+2.9% pts

Number of clubs55+6

  • Differentiated product

  • New member sales/retention

  • Cost management

  • Maturing clubs


Improved returns1

Improved returns

Operating profitROCEGrowth

Growth %%% pts

Marriott (pre goodwill amortisation) +0.06.5+0.0

Travel Inn+10.812.6+0.1

Pub restaurants+10.19.9+0.9

High Street restaurants+25.119.1+3.9

Total restaurants+13.011.1+1.3

David Lloyd Leisure+25.99.1+1.5

Group+10.09.4+0.7


Exceptionals

Exceptionals

£m

Pelican/Curzons(7.8)

Site disposals+1.6

Provision for lease(5.0)

Tax credits+16.4

Net exceptional profit after tax+5.2


Eps dividends

EPS/dividends

2002/32001/2Growth %

EPS

Adjusted52.85p47.85p10.4

Basic51.77p(15.91)p-

Dividends

Final14.30p12.75p12.2

Total19.87p17.80p11.6


Balance sheet strength

Balance sheet strength

2002/32001/2

Interest cover (before exceptionals)4.5 times4.2 times

Gearing47%52%

Assets per share £6.70£6.37


Capital expenditure

Capital expenditure

£m 2002/32003/4

ActualGuidance

Marriott 2725-35

Travel Inn 6565-75

Restaurants 6275-85

David Lloyd Leisure 5455-65

Other 1015-20

Total 218c275


Future years

Future years

  • ERP System

  • Year end date

  • Financing


Summary

Summary

  • Good growth

  • Strong cash

  • Better returns

  • More to come


David thomas

David Thomas

chief executive

Annual Results 2002/3


Year on year performance

Year-on-year performance

Sales(%)(3.1)15.21.25.310.5

Like-for-like sales (%)(0.5)6.12.71.66.1

Operating margin (% pts)0.6(1.3)1.00.82.9

Operating profit (%) 0.010.810.325.125.9

ROCE (% pts) 0.00.10.93.91.5

MarriottTravelPubHigh StreetDavid Lloyd

InnrestaurantsrestaurantsLeisure


Whitbread s winning brands1

Whitbread’s winning brands


Whitbread s winning brand approach

Whitbread’s winning brand approach

  • Understanding consumers’ needs

  • Developing compelling brand proposition

  • Operational excellence

  • Performance management


Travel inn1

Travel Inn

  • Everything you need for a good night’s sleep

  • Breaking the mould

  • Industry success story

  • Continuous innovation


Travel inn probably the fastest rooms growth of any hotel company

Rooms

1st Touchbase

opened

1st City Metro

opened

1st Capital

unit opened

Travel Inn - probably the fastest rooms growth of any hotel company

* projected


Travel inn s performance

Travel Inn’s performance

  • Like-for-like sales+6.1%

  • Occupancy of 82.4%+1.3% points

  • ARR £39.98+3.6%

  • Operating profit+10.8%


Brewsters the family friendly restaurant

Brewsters – the family-friendly restaurant

  • Unique positioning

  • Heaven for kids

    • Brewsters Club – 560,000

  • Haven for parents

    • Like-for-like food sales +6.0%


Brewers fayre brewsters a great combination

Brewers Fayre/Brewsters - a great combination

  • Non-competing brands

  • Synergistic benefits realised

  • Strong growth potential

    • 200 new units


Brewers fayre brewsters performance

Brewers Fayre/Brewsters performance

  • Like-for-like sales+4.0%

  • Operating margin 15.4%+0.5% points

  • ROCE of 12.0%+0.5% points


David lloyd leisure1

David Lloyd Leisure


David lloyd leisure brand differentiation

David Lloyd Leisure - brand differentiation

Suburbanrather thanUrban

Families/couplesrather thanSingles

Lifestylerather thanFitness

Bigrather thanSmall

Clubrather thanGym


David lloyd leisure s performance

David Lloyd Leisure’s performance

  • Like-for-like sales+6.1%

  • Operating margin 23.7%+2.9% pts

  • Operating profit+25.9%

  • ROCE+1.5% pts


Beefeater progress report

Beefeater - progress report

  • Estate review complete

    • Tail identified

    • 51 sites being sold

    • 7 sites transferred

  • Brand review under way

    • Customer research completed

    • Pilot sites on track

    • Roll out decision by Sept 2003

  • Improving performance

    • Operating profit +18%

    • ROCE +1.2% pts


High street restaurants a winning trio

High Street restaurants - a winning trio

  • Costa - the profitable coffee shop model

  • Pizza Hut - record sales and profits

  • TGI Friday’s-successful turnaround strategy


Marriott1

Marriott


Marriott brand delivers yield premium

%

Marriott brand delivers yield premium


Marriott operating margin change 2002 vs 2001

%

De Vere

Hilton

M&C

Thistle

Six Continents

Marriott

Marriott – operating margin change 2002 vs 2001

Source: Internal analysis of published accounts


Marriott profit per room

£k

Marriott brand

Average top 3

(Hilton, De Vere, M&C)

Marriott - profit per room


Whitbread positioned to deliver sustainable growth

Whitbread positioned to deliver sustainable growth

  • Focussing on growth markets

  • Improvingreturnsfromexistingassetbase

  • Implementing organic expansion

  • New brand development in core markets


Key strategies in place to achieve future growth

Key strategies in place to achieve future growth

  • Marriott

    • improving profit per room to £11k

  • Travel Inn

    • grow distribution by 50%

  • BrewersFayre/Brewsters

    • grow distribution by 50%

  • Beefeater

    • improving returns to 12%

  • High St restaurants

    • improving returns to 20%+


High street restaurants returns on track to exceed 20

ROCE %

Target

High Street restaurants - returns on track to exceed 20%


Key strategies in place to achieve future growth1

Key strategies in place to achieve future growth

  • Marriott

    • improving profit per room to £11k

  • Travel Inn

    • grow distribution by 50%

  • BrewersFayre/Brewsters

    • grow distribution by 50%

  • Beefeater

    • improving returns to 12%

  • High St restaurants

    • improving returns to 20%+

  • DavidLloydLeisure

    • improving mature club returns

    • 21 maturing clubs

    • 55 to 100 club growth


David lloyd leisure value adding expansion programme

Clubs

David Lloyd Leisure - value adding expansion programme


Whitbread s winning brands2

Whitbread’s winning brands


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