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Preliminary Results: 30 September 2015
www.enterpriseinns.com
Introduction
Robert Walker
Overview
Simon Townsend
Highlights
Investor presentation 2015 03
Trading performance and strategic implementation on track
Definitions disclosed in appendix 11
Like-for-like net income
+0.8%
RE-INVIGORATED TIED TENANCY
BUSINESS
Maintaining like-for-like net income
growth
Business failures
18%
lower
Supporting publicans to reduce business failures
New managed
pubs
35
EXPANDED MANAGED BUSINESS
14 Bermondsey
21 Craft Union
First managed
expert opened
+1
The Signal Forest Hill London
Capital investment
£69m
CAPITAL INVESTMENT
AND DISPOSALS
44% invested in growth initiatives
Disposals
£75m
Funding investment programme
Growing portfolio
+15%
QUALITY COMMERCIAL
PROPERTY PORTFOLIO
Expanding the portfolio from
185 to 213 properties
Average rental
income
Growing average
rental income to £56,000
+6%
Financial & Trading Review
Neil Smith
Investor presentation 2015 4
Income statement
Investor presentation 2015 05
Year ending 30 September 2015
Year ending 30 September 2014
£m Pre
excep Excep Total Pre
excep Excep Total
EBITDA 296 (1) 295 302 (13) 289
Depreciation (16) - (16) (16) - (16)
Operating profit 280 (1) 279 286 (13) 273
Property related - (166) (166) - (70) (70)
Finance costs (158) (26) (184) (165) (2) (167)
Profit/(loss) before tax 122 (193) (71) 121 (85) 36
Taxation (25) 31 6 (26) 20 (6)
Profit/(loss) after tax 97 (162) (65) 95 (65) 30
Adjusted EPS (p) 19.4 19.0
Weighted average no. of shares (m)
501.0 500.5
Adjusted EPS growth of 2.1%
Reconciliation of EBITDA and like-for-like net income
Investor presentation 2015 06
Total leased &
tenanted estate
like-for-like net
income growth
of 0.8%
Translates to EBITDA
reduction of 2.0%
due to asset
disposals, with
pub numbers down
260 (4.8%)
Administrative costs
rising due to
investment in
strategic evolution
Year ended 30 September 2015
£m 2015 Movement 2014 Change %
Like-for-like net income1 362 3 359 0.8
FY15 disposals 4 (5) 9
FY14 disposals - (3) 3
Unallocated costs and other income
(4) - (4)
Net income 362 (5) 367
Property costs (29) - (29)
Administrative expenses (37) (1) (36)
EBITDA 296 (6) 302 (2.0)
1 Relates to 4,821 L&T and 213 commercial property trading estate at 30 September 2015
Improved like-for-like net income – up 0.8%
Investor presentation 2015 07
Sales-led improvement
with growing income
from beer, aided
by discounts, driving
volume
Encouraged to report
rental income growth
Discretionary support
reducing
359
5 (4)
1
1
362
FY14 n
et
inc
om
e
Be
er
inc
om
e
Dis
co
un
ts
Dis
cre
tio
na
ry
co
nc
ess
ion
s
Re
nta
l
inc
om
e
FY1
5 n
et
inc
om
e
Year ending 30 September 2015 (£m)
Full detailed analysis included as appendix 3
Stabilisation of beer income and rental income
Reducing number of publican changes
Investor presentation 2015 08
Business failures
reduced by
a further 18%
Only 56 closed
houses to re-open
Total business
failures expected
to normalise at 6-7%
of closing estate in
medium term 390
539 390 374
291 257 157
87
340
433
485 388
443
322
329
311
730
972
875
762 734
579
486
398
2008 2009 2010 2011 2012 2013 2014 2015
Unplanned failures Managed transitions
Unplanned failures down to less than 2% of estate
Number of business failures
13.1% 12.8% 9.4% 12.1% 12.4% 10.5%
% of closing estate
9.1% 7.9% Total
7.3% 5.7% 5.0% 5.9% 4.9% 4.7% 2.9% 1.8% Unplanned
Strong operational cash generation
Investor presentation 2015 09
98% of EBITDA
translated into
operating cash flow
Debt reduction
leads to lower
interest cash outflow
c. £70m of free
cash flow after letting
and maintenance
capex
12 months ending 30 September
£m 2015 2014
Operating profit 279 273
Depreciation & amortisation 16 16
Deferred pension settlement - 10
Movement in working capital (4) -
Operating cash inflow 291 299
Interest (157) (167)
Tax (26) (21)
Free cash flow pre-investment
and debt repayment 108 111
Letting & maintenance capex (39) (39)
Free cash flow 69 72
Movement in net debt
Investor presentation 2015 10
Free cash flow
pre-investment
of £108m
260 pubs disposed
of in the period
with average net
proceeds of £290k
£28m of cash
outflow in respect
of 2018 Bonds partial
refinancing in
October 2014
Net debt reduced
to £2.3bn
2,404
108
75 (69)
(28)
(2)
2,320
Ne
t d
eb
t
Se
pt
2014
Fre
e c
ash
flo
w
pre
-in
ve
stm
en
t
Dis
po
sals
Ca
pita
l
inve
stm
en
t
Re
fin
an
cin
g c
ost
s
No
n-c
ash
ite
ms
Ne
t d
eb
t
Se
pt
2015
£m
Reduction of £84m in the year
Enhancing our estate quality
Investor presentation 2015 11
Securing long term future of quality pubs by recycling funds from disposal of unviable operations
Disciplined approach to capital allocation
Return on growth investment (ROI) schemes completed at 19%
Reinvesting disposal proceeds to enhance returns
£69m
£(75)m
Investment
Divestment
Growth Letting & maintenance
Disposals
FY15
Growth investment: £30m
£24m
£5m
£1m
Leased &
tenanted
Managed
Commercial
property
No. of
schemes
Average
Investment
(£k)
388 62
32 140
8 96
Exceptional charges
2015 2014
Property
exceptionals
Valuation 120 42
Other 46 28
166 70
Other exceptionals 27 15
Taxation (31) (20)
Total 162 65
Investor presentation 2015 12
2015 2014
Pub estate
pre valuation 3,739 3,884
Exceptional
P&L charge (120) (42)
Revaluation
reserve 19 (33)
Total valuation
adjustment (101) (75)
Pub estate
post valuation 3,638 3,809
% valuation
adjustment (2.7)% (1.9)%
Valuation
%
change
Unique bonds:
- Colliers 1,751 (3.9)%
ETI bonds:
- GVA Grimley 1,603 (0.7)%
ETI other:
- Internal 261 (6.7)%
Short life F&F &
other 23 -
Closing
valuation 3,638 (2.7)%
Other assets 25 -
Property, plant
& equipment 3,663
Primarily related to annual valuation – 92% of estate now valued externally
Exceptional charges (£m) Valuation effect (£m) Valuer analysis (£m)
Comprehensive, independent external valuation of assets
92% of asset value (2014: 47%) now subject to annual external valuation
Provides robust underpin to Net Asset Value
Annual revaluation
3%
20%
33%
23%
21%
< £250k
£250k to £500k
£500k to £750k
£750k to £1m
£1m+
Investor presentation 2015 13
Values in the Midlands and North decline but South now in growth
Geography % of
pubs
% of net
income
% of
value
% valn
movt
North 30 29 27 (10)
Midlands 21 19 19 (8)
South 49 52 54 3
By value banding
Loan-to-value at 59%
Investor presentation 2015 14
£71m securitised
bonds repaid in
period through
amortisation
New £138m bank
facility commenced
on 7 October 2014,
available until 2018
Bank debt net of
cash at 30 Sept 2015
was £50m
(63% excluding lotting premium)
0.0 0.1
1.1 1.1
2.3
0.3
1.6 1.8
3.7
1.8
3.9
Net debt Assets Lotting premium
Corporate
bonds
Bank
debt
Securitised
bonds
Total Convertible
bonds
See appendix 7 for full analysis of Group net debt
£bn
Group ratios 2015 2014 2013
Leverage 7.8x 8.0x 8.1x
Interest cover 1.9x 1.8x 1.8x
Capital structure
Investor presentation 2015 15
Amendment of certain terms of the Enterprise corporate bonds to
facilitate execution of strategic plans
Specifically:
● definition of ‘Net Annual Income’ to include managed house income
● definition of ‘Eligible Property’ includes managed pub businesses, leasehold
properties and non-pub properties (subject to limits by value)
Considering terms of Unique securitisation in the context of execution of
strategic plans
Proposal to amend Enterprise Corporate Bonds
2016 Technical guidance
Investor presentation 2015 16
Targeting full year like-for-like net income growth for 2016
Total administrative charges of c. £39-40m
Full year interest costs (excluding exceptional charges) of £152 - 154m
Full year effective tax rate c. 20.5%
Disposals of c. £65m
Capital investment of c. £70m
Capital markets day - March 2016
Operational & Strategic Review
Simon Townsend
Market dynamics
Macro-economic environment positive
● employment increasing
● low inflation and wage growth
● growing consumer confidence
● south and south-east biased
Consumers increasingly discerning
● investment fuelling growth
● competition driving innovation
● eating out supply increasing
Regulatory clarity emerging
● consultation completes 14 December 2015
● adjudicator expected to be appointed Spring 2016
Investor presentation 2015 18
Encouraging economic outlook
Enterprise strategic objective
Investor presentation 2015 19
Put every asset to its optimal use
• Flexible agreements
• Focused on short term tenancies
• Freedom for operator
• Backed by capital investment
• Local support
• Like-for-like net income growth
• Put every asset to its optimal use
• Returns focused assessment
• Disposals where returns optimised
Reinvigorated
tenancy
business
• Robust commercial management
• Free-of-tie pubs including turnover-related rent
• Non-licensed premises
• Property development partnerships
• Potential future conversion to REIT
Commercial
property
• Premium retail offers through partnerships
• Mainstream mixed offer
• Tailored local community value offer
• Disciplined growth
Expanded
managed
operation
Asset
optimisation
USING CONSUMER INSIGHT TO INFORM & GREAT PEOPLE TO DELIVER
Strategic execution at 31 March 2015
Investor presentation 2015 20
New operating models create greater optionality
Premium
Food Led Wet Led
Value
Commercial Property
Free-of-tie (legacy)
(185)
Tied leases and tenancies
(5,010)
Total trading estate
@ 31 March 2015
5,211
Managed Mainstream
(Bermondsey) (10)
Managed Community (Craft Union)
(6)
Strategic execution at 30 September 2015
Investor presentation 2015 21
Delivering in line with expectations
Premium
Food Led Wet Led
Value
Managed Community (Craft Union)
(21)
Commercial Property
(Free-of-tie) (213)
Tied leases
and tenancies (4,821)
Managed
Mainstream (Bermondsey)
(14)
Total trading estate
@ 30 September
2015 - 5,069
Disposals
142
Strategic execution at 30 September 2016 (expected)
Investor presentation 2015 22
Accelerated roll-out of new operating models
Commercial Property
(Free-of-tie) (300-350)
Managed Expert
(8-12)
Premium
Food Led Wet Led
Value
Managed Community (Craft Union)
(60-80)
Managed Mainstream
(Bermondsey)
(25-35)
Tied leases and tenancies
(c. 4,415)
Total trading estate
@ 30 September
2016 - c. 4,850
Disposals
c.215-220
Our approach is now in operation
Investor presentation 2015 23
Use consumer insight to determine optimal asset use
#1 ANALYSE
#2 MATCH
#3 EVALUATE
#4 EXECUTE
Analyse and segment the estate by consumer preferences
Match to preferred retail propositions
Establish methodology to evaluate optimum model for each available asset (including disposal)
Utilise operational flexibility to execute optimum outcome • Tied leases &
tenancies
• Managed house
• Commercial property (free-of-tie)
• Disposal
Supply and demand segmentation
Investor presentation 2015 24
Location
● Destination, urban, rural / community
Demographics
● Clientele, catchment
area, drive time
Competition
● Direct and indirect
Amenity
● Physical attributes,
facilities, car park, kitchen
Format
● Food, drink, offer, pricing
Catchment area analysis for each Enterprise pub
#1 ANALYSE
Position of pub on x axis determined by: • Food turnover % • Primary customer occasion • Food offer • No. of meals served • Separate restaurant • Kitchen type
Calculated pub segment Combination of attributes on the x and y axes determine pub position
Position of pub on y axis determined by: • Potential customer
affluence • Average price of pint • Average price of meal • Premium Lager %
PREMIUM
VALUE
DRINK FOOD
Supply and demand segmentation
Investor presentation 2015 25
Understanding opportunities, risks and options
#1 ANALYSE
Supply and demand segmentation
Investor presentation 2015 26
Preferred outcome for each Enterprise pub
#1 ANALYSE
#2 MATCH
PUB
Asset optimisation - process
Investor presentation 2015 27
Returns-based evaluation
#3 EVALUATE
Analysis of events
Business unit ‘bids’
Appraisal for optimum outcome
Execute event negotiations
Outcome measurement
• Profile
• Timing
• Prioritisation
• Potential failure
• Net income
• EBITDA
• Capital
requirement
• ROI
• Execution risk
• Cost
• MRO
implications
• Tactics
• Timescales • ROI
• Valuation
• Returns
Business transition
Investor presentation 2015 28
Evolving the business through effective management of transition “events”
EVENT
CURRENT ESTATE
EVALUATION &
NEGOTIATION
Tied
Managed
Commercial
property/
free-of-tie
Disposal
OUTCOME
FUTURE ESTATE
#4 EXECUTE
Other
Assignment
Agreement
expiry
Rent review
Tied leases and tenancies
Investor presentation 2015 29
Evolving the model in our new strategy
Investment
● Desire to invest
● Focus investment towards growth
● Returns less certain post-MRO
Agreements
● Traditional tied tenancies
Support
● Prescriptive support
● Discretionary support expected to be reduced
● Targeted at right publican & right agreement
Implications
● Business failure may lead to more attractive
outcome
● May utilise our option to occupy at end of lease
Reinvigorated model
2016
Sustain like-for-like growth
Re-launch our tied offer
Closing estate of c4,415
Commercial property
Investor presentation 2015 30
Attractive, high quality asset class
Estate size grown from 185 to 213 sites
FY15 estate profile
● Average rent of estate is £56,000
● Average rent of 28 conversions £89,000
● Net income of £12 million
● Net asset value of £142 million (8.4% yield)
● Average lease length 18 years
High quality assets benefitting from strength of tenant covenant
Building a commercial property estate which could secure REIT status at an appropriate time
2016
300-350 sites operating
£60,000 average rent
Managed expert
Investor presentation 2015 31
First opening – The Signal
● Capex of £500,000
● Average weekly takings of £22,000
Pipeline of 4 further sites identified
Ready to offer managed expert
opportunities to open market
Variants of the model to appeal to individual
operator circumstances
2016
Target 3 new partners
Expect 8-12 new openings
Pipeline of 15-25 in 2017
Partnering with exceptional retailers
Managed mainstream
Investor presentation 2015 32
14 Bermondsey pubs to date
● Average capex of £159,000
● Average weekly takings of £11,000
8 trading as “Meeting House” concept
6 trading as “Friends & Family” concept
The Bermondsey Pub Company – two preferred retail offers
2016
25-35 fully managed pubs
Evolution of preferred retail offers – Retail
Concept Director appointed
Back office in place
Capability to convert c. 35-50 pa thereafter
Managed community
Investor presentation 2015 33
21 to date
● Average capex of £105,000
● Average weekly takings of £7,000
Well invested wet-led community / urban
hubs
● Sports-viewing and entertainment facilities
● Value drinks range
Strong overlap with L&T estate, particularly
Beacon
The Craft Union Pub Company
2016
60-80 Craft Union pubs
Back office in place
Capability to convert c. 100-125 pa thereafter
Our team
Recruiting the quality and experience to drive strategy
Re-deployment of capabilities from L&T
New appointments already made
● Change Programme Director (ex LEK)
● Business Development Director (internal)
● Retail Concepts Director (ex M&B)
● Procurement Director (ex JD Wetherspoon)
● Operations Director Bermondsey (ex M&B)
● Operations Director Craft Union (internal)
● Pub Systems Manager (ex Spirit)
Clear segmental responsibilities
Deploy benefits to L&T model
Investor presentation 2015 34
Enhancing our capabilities
Strategy implementation plan
Investor presentation 2015 35
Building a more valuable Enterprise
EXECUTION
Managing events
Segmentation
Asset optimisation
OFFER & MODEL
Reinvigorated tied leased & tenanted
Operating models
Retail offers
ENABLER
Commercial leverage
Capital allocation
Back office
CHANGE PROGRAMME
Enterprise strategic outcome
Investor presentation 2015 36
Put every asset to its optimal use
• 0.8% like-for-like net income growth
• 18% reduction in business failures
• 44% of capital investment focused on growth
• Re-launch tied offer in 2016
Reinvigorated
tenancy
business
• 213 sites at 30 Sept 2015
• Average annual rent of £56,000
• Expect 300-350 in 2016
• Develop plans for potential future conversion to REIT
Commercial
property
• 35 sites at 30 Sept 2015
• Established pipeline
• Expect 90-120 in 2016
Expanded
managed
operation
STRATEGIC EXECUTION ON TRACK, CONFIDENT OF FUTURE PROSPECTS CAPITAL MARKETS DAY – MARCH 2016
• Returns based evaluation
• Segmentation model complete
• £69m invested, £75m disposal proceeds
Asset
optimisation
Questions & Answers
Appendices
1. Operating models – indicative profile 2020
2. Operational metrics
3. Like-for-like net income analysis
4. Supporting publican profitability
5. Exceptional items
6. Balance sheet
7. Net debt analysis
8. ETI bank facility
9. ETI corporate bonds
10. Unique securitisation
11. Definitions
12. Forward-looking statements
Investor presentation 2015 38
Appendix 1
Investor presentation 2015 39
Operating models- indicative profile 2020
Premium
Food Led Wet Led
Value
Managed Community (Craft Union)
(c.500)
Commercial Property
(Free-of-tie) (c.1,000)
Managed Expert (c.100)
Managed Mainstream
(Bermondsey) (c.200)
Tied leases and tenancies
(c.2,400)
Total estate
c. 4,200
Disposals
c.1,000
Appendix 2
485 rent reviews completed at an average annual increase of 1.0%
(2014 - 461 increase of 0.2%)
70% of substantive agreements linked to RPI (2014 - 69%)
90% of publicans receiving contractual BCF discount (2014 - 90%)
Overdue balances reduced by 19% to £2.1m (2014 - £2.6m)
Rate of business failures reduced by 18% (2014 - down 16%)
Total discretionary support down £1m to £6m (2014 - £7m)
Average length of occupation 6 years
Investor presentation 2015 40
Operational metrics
Appendix 3
Investor presentation 2015 41
Like-for-like net income analysis
£m
Beer, cider & fabs
Contractual discounts
Net beer, cider & fabs
Rental income
Discretionary Concessions
Wines, spirits & minerals
Machines & other Total
2015
Turnover 494 (80) 414 161 (6) 29 10 608
Cost of sales (225) - (225) - - (21) - (246)
Net income 269 (80) 189 161 (6) 8 10 362
2014
Turnover 491 (76) 415 160 (7) 27 10 605
Cost of sales (227) - (227) - - (19) - (246)
Net income 264 (76) 188 160 (7) 8 10 359
Appendix 4
Investor presentation 2015 42
Supporting our publicans
Road shows
• Over 1,900 pubs in attendance
• Over £7k of value per pub
Training
• 2,100
delegates • e-Learning
1,200 delegates
• 100 days programme
Range
• Over 500
brewers • Over 1,700
product lines
Discretionary support
• £6m in FY15
Technology & Media
• Publican channel
• Online ordering
• Sky/BT • Pub WIFI
Supplier partnerships
• Booker • Brakes • P&H/Pipers • Kimbo • Zenith/Husky
Community • Community
Heroes • Pubs in
Bloom • CRUK • Royal British
Legion
Publican
Appendix 5
Investor presentation 2015 43
Significant P&L
impact of annual
valuation, partially
offset by revaluation
reserve
enhancements
Finance cost
exceptional charges
relates to partial
refinancing of
2018 Bonds in
October 2014
Year ending 30 September (£m) 2015 2014
Property related:
Profit on sale of pubs 5 12
Valuation change on sold pubs (27) (13)
Write down on sold pubs (22) (1)
Valuation change on future sales (16) (20)
Valuation change on pubs retained in fixed assets (120) (42)
Goodwill (8) (7)
Total property exceptionals (166) (70)
Finance costs (26) (2)
Pension costs - (10)
Other (1) (3)
Exceptional items pre taxation (193) (85)
Taxation 31 20
Total exceptional items (162) (65)
Exceptional items
Appendix 6
Balance sheet As at
30 Sept 2015
As at
30 Sept 2014
Goodwill 330 338
Pubs & other assets 3,706 3,874
Net debt (2,320) (2,404)
Net other liabilities (147) (168)
Deferred tax (223) (237)
Net asset value 1,346 1,403
NAV per share £2.70 £2.80
Investor presentation 2015 44
Balance sheet
Appendix 7
Investor presentation 2015 45
Net debt analysis
As at 30 September
£m 2015 2014
ETI bank debt (75) (81)
ETI cash 25 35
ETI net bank debt (50) (46)
Captive insurance cash 9 5
Convertible bonds (97) (97)
Corporate bonds (1,125) (1,125)
Total ETI net debt (1,263) (1,263)
Unique securitised bonds (1,150) (1,221)
Unique cash 93 83
Total Unique net debt (1,057) (1,138)
Underlying Group net debt (2,320) (2,401)
Fair value and other adjustments - (3)
Group net debt (2,320) (2,404)
Appendix 8
Investor presentation 2015 46
ETI bank facility
Amount Cost over
LIBOR Term Status
£138m 3.00% 4 years Fully revolving, no amortisation
Covenant As at 30
Sept 2015
As at 30
Sept 2014
Interest cover greater than 1.50x 1.96x 1.89x
First charge asset cover
greater than 1.33x 6.17x 8.29x
Total property asset cover
greater than 1.50x 15.60x 19.48x
New facility commenced on 7 October 2014 at £138m as follows:
Appendix 9
Investor presentation 2015 47
ETI corporate bonds
Value Rate Redemption
Covenants Market price 30 Sept
Asset cover
Income cover 2015 2014
£350m 6.500% 2018 1.67x 2.0x 106 108
£125m 6.875% 2021 1.50x 1.5x 104 107
£250m 6.000% 2023 1.67x 2.0x 99 n/a
£125m 6.875% 2025 1.50x 1.5x 102 106
£275m 6.375% 2031 1.67x 1.5x 99 101
£1,125m
Appendix 10
Amortisation in the period - £49m of A3 notes and £22m of A4 notes
£74m ahead of amortisation schedule
Investor presentation 2015 48
Unique securitisation
Value Rate Note Final
redemption
Market price
30 September
2015 2014
£337m 6.542% A3 2021 105 106
£398m 5.659% A4 2027 102 102
£225m 7.395% M 2024 103 105
£190m 6.464% N 2032 89 96
£1,150m
Appendix 11
Like-for-like net income – represents the like-
for-like pubs level profits from our leased,
tenanted and free of tie estate stated before
property costs and unallocated central costs
EBITDA before exceptional items – represents
the earnings before interest, taxation,
depreciation and amortisation and
excludes exceptional items
Adjusted earnings per share – which the
directors believe reflects the underlying
performance of the Group, is based on profits
after tax excluding exceptional items
Growth driving capital investment –
is discretionary capital cash spend on the
Group’s assets which is intended to generate
incremental income at returns ahead of our
target return on investment
Maintenance & letting capital investment –
is all capital cash spend that is not growth
driving capital investment, typically focused
on maintaining the quality of our assets and
supporting the letting programme
Return on investment (ROI) – is measured as the
incremental income delivered as a result of the
investment divided by the value of the capital
investment
Business failures, managed transitions–
are those lease or tenancy agreements that
do not reach their full term but are terminated
by mutual agreement of ourselves and the
departing publican
Business failures, unplanned failures – are all
other lease and tenancy agreements that do
not reach their full term, that are not achieved
through mutual agreement of ourselves and
the departing publican
Investor presentation 2015 49
Definitions
Appendix 12
This document contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof such as “plans”, “expects” or “does not expect”, “is expected”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”, “estimates”, “aims”, “forecasts”, “risks”, “intends”, “positioned”, “predicts”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words or comparable
terminology and phrases or statements that certain actions, events or results “may”, “could”, “should”, “shall”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy.
By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Enterprise Inns. Forward-looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those discussed in the 2015 Annual Report and Accounts of Enterprise Inns and “Principal risks and uncertainties” in the 2015 Preliminary Results of Enterprise Inns.
Neither Enterprise Inns nor any of its subsidiaries or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document. Other than in accordance with its legal or regulatory obligations (including under the Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), Enterprise Inns is not under any obligation and Enterprise Inns and its subsidiaries expressly disclaim any intention, obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Enterprise Inns since the date of this document or that the information contained herein is correct as at any time subsequent to its date.
No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per Enterprise Inns share for the current or future financial years would necessarily match or exceed the historical published earnings per Enterprise Inns share.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The making of this presentation does not constitute a recommendation regarding any securities.
Investor presentation 2015 50
Forward-looking statements
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