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Annual General Meeting 28 January 2011 - PowerPoint PPT Presentation


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Annual General Meeting 28 January 2011. Marston’s today. Marston’s today. 1. National pub operator Marston’s Inns and Taverns – 485 managed pubs Marston’s Pub Company – 1,663 tenanted/leased pubs Situated across England and Wales 98% freehold estate (by value)*

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Presentation Transcript
marston s today
Marston’s today

Marston’s today

  • 1. National pub operator
    • Marston’s Inns and Taverns – 485 managed pubs
    • Marston’s Pub Company – 1,663 tenanted/leased pubs
    • Situated across England and Wales
    • 98% freehold estate (by value)*
  • National Brewer – Marston’s Beer Company
    • Ale brewer; market leading position in premium ales
  • Vertically integrated business
    • Cost efficient
    • More opportunities
    • Reduced risk

*includes long leaseholds

A leading pub operator and brewer with a flexible business model

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Financial snapshot

1 Before exceptional items

* Includes disposal proceedsFCF = Free cashflow

Return to turnover andprofitgrowth, strong cash generation

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Clear divisional strategies

STRATEGY

KEY COMPONENTS

OBJECTIVES

  • ‘F-Plan’
  • New-build investment

Exploit and develop competitive advantage in pubs and brewing sectors

  • Sustainable growth
  • Lower gearing ratios
  • Increased ROC
  • Innovative agreements
  • Greater control of retail offer
  • ‘Localness’
  • Premium ales

A clear strategy focused on growth and return

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‘F-Plan’ drives transformation

‘F-Plan’: Food, Families, Females, Forty/Fifty somethings

A higher quality business adapting to today’s consumer

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Managed - new build investment

Illustrative pro-forma

  • Visibility and control of plans
    • 2011: 20 sites under contract, 2 open and 8 on site
    • 2012: 25 sites identified
    • 2013 – 2015: c.100 sites under constant review
  • ROC anticipates pressure on returns
    • 15% target below current run-rate – returning competition, build costs

Importance of food retailing skills continues to increase

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Tenanted - innovative agreements

Heading (Arial Black 22pt)

Heading (Arial Black 22pt)

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STABILITY

OPPORTUNITY

REVIEW

Majority of profit stable, significant Retail Agreement opportunity

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Retail Agreement: target – 600 pubs

Heading (Arial Black 22pt)

Heading (Arial Black 22pt)

  • Target EBITDA uplift - £10k per pub (20% EBITDA ROC) p.a.
  • Key objectives
    • Increased consumer appeal
    • Increased market share
    • Response to market trends – ‘F-Plan’
    • Reduced overheads
    • Reduction in % of income derived from traditional leased model

Clear growth plan focused on delivery of high ROC

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Brewing - ‘Localness’ adds value

  • ‘Localness’
    • Provenance, tradition, heritage, authenticity
  • Signals of ‘Localness’
    • Brewing, distribution, marketing
  • Competition
    • Regional brewers, micro brewers
  • Marston’s competitive advantage
    • Genuinely local
    • National distribution, cost-efficient
    • Industry-leading guest ale programme
  • Measuring success – Free Trade outperformance
    • Volume +10%, premium cask ale +18%, sales +13%, profit +10%
    • Account base +11%

Unique: a local brewer with national distribution and high service level

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Market leader in premium cask, bottled ale

Premium Cask Ale 2005-2010

Marston’smarket share %

Premium cask ale vs. total ale market

Bottled Ale 2005-2010

Marston’smarket share %

Total bottled ale market

*source: BBPA market tracker

Growth prospects, attractive consumer profile and margins

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Summary

  • Clear strategy to exploit and develop competitive advantage
    • ‘F-Plan’, new-build investment
    • Innovative agreements, greater control of retail offer
    • ‘Localness’, Premium Ale
  • Clear financial objectives
    • 2010 results demonstrate strategy is being well-executed
  • 3. Current trading
    • Encouraging and robust performance despite weather
    • Profitability in line with our expectations
    • Good progress in each of our trading divisions

Improving trends, clear agenda for growth

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