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John Banham. chairman. Annual Results 2002/3. Like-for-like sales - first 8 weeks 2003/4. Marriott -4.1% Travel Inn 4.0% Brewers Fayre/Brewsters 5.2% Beefeater 3.3% 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 Inn 4.0%

  • Brewers Fayre/Brewsters 5.2%

  • Beefeater 3.3%

  • 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



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

2002/3 2001/2 %

Division sales 1,803 1,822 (1.0)

Less Pelican (23) (100) -

Sales continuing 1,780 1,722 +3.5

Divisional profit 297 270 +10

Central costs (22) (21) -

PBIT 275 250 +10

Interest (61) (63) -

PBT 214 187 +14

Tax (66) (56) -

PAT and minorities 147 131 +12

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


Positive cash flow
Positive cash flow

£m Stats. Proforma Growth

2002/3 2001/2 %

Cash flow from operations 370 336 +10.1

Dividends/repayments JVs 17 11 +54.5

Interest (63) (67) +6.0

Taxation (49) (37) (32.4)

Net capex (190) (220) +13.7

Pensions (15) - -

Acquisitions/Disposals 23 - -

Dividends (54) (49) (10.2)

Net Cash inflow/(outflow) 39 (26)


Improved returns
Improved returns

Operating profit ROCE Growth

Growth % % % pts

Marriott (pre goodwill amortisation) +0.0 6.5 +0.0

Travel Inn +10.8 12.6 +0.1

Pub restaurants +10.1 9.9 +0.9

High Street restaurants +25.1 19.1 +3.9

Total restaurants +13.0 11.1 +1.3

David Lloyd Leisure +25.9 9.1 +1.5

Group +10.0 9.4 +0.7


Marriott
Marriott

Actual Growth

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)%

Occupancy 71.0% +2.0% pts

Average room rate £72.75 (1.9)%

Operating margin 18.3% +0.6% pts

PBITA per room £7.5k +£0.1k

  • Sales vs markets

  • Leapfrog cost savings

  • Kensington - opening Summer 2003


Travel inn
Travel Inn

Actual Growth

ROCE 12.6% +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

Actual Growth

ROCE 11.1 1.3%

Like-for-like sales growth 2.0%

Operating margin 9.8% 0.9%

Year end Pub restaurants 625 (1)

Year end High Street restaurants 897 +49

  • Marketing

  • Food and menu development

  • Labour control

  • Margin control

  • Tail disposal

  • Expansion


David lloyd leisure
David Lloyd Leisure

Actual Growth

ROCE 9.1% +1.5% pts

Like-for-like sales growth 6.1%

Number of members 308,469 +10.6%

Operating margin 23.7% +2.9% pts

Number of clubs 55 +6

  • Differentiated product

  • New member sales/retention

  • Cost management

  • Maturing clubs


Improved returns1
Improved returns

Operating profit ROCE Growth

Growth % % % pts

Marriott (pre goodwill amortisation) +0.0 6.5 +0.0

Travel Inn +10.8 12.6 +0.1

Pub restaurants +10.1 9.9 +0.9

High Street restaurants +25.1 19.1 +3.9

Total restaurants +13.0 11.1 +1.3

David Lloyd Leisure +25.9 9.1 +1.5

Group +10.0 9.4 +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

2002/3 2001/2 Growth %

EPS

Adjusted 52.85p 47.85p 10.4

Basic 51.77p (15.91)p -

Dividends

Final 14.30p 12.75p 12.2

Total 19.87p 17.80p 11.6


Balance sheet strength
Balance sheet strength

2002/3 2001/2

Interest cover (before exceptionals) 4.5 times 4.2 times

Gearing 47% 52%

Assets per share £6.70 £6.37


Capital expenditure
Capital expenditure

£m 2002/3 2003/4

Actual Guidance

Marriott 27 25-35

Travel Inn 65 65-75

Restaurants 62 75-85

David Lloyd Leisure 54 55-65

Other 10 15-20

Total 218 c275


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) 15.2 1.2 5.3 10.5

Like-for-like sales (%) (0.5) 6.1 2.7 1.6 6.1

Operating margin (% pts) 0.6 (1.3) 1.0 0.8 2.9

Operating profit (%) 0.0 10.8 10.3 25.1 25.9

ROCE (% pts) 0.0 0.1 0.9 3.9 1.5

Marriott Travel Pub High Street David Lloyd

Inn restaurants restaurants Leisure



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 leisure brand differentiation
David Lloyd Leisure - brand differentiation

Suburban rather than Urban

Families/couples rather than Singles

Lifestyle rather than Fitness

Big rather than Small

Club rather than Gym


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



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