PowerPoint Presentationenjoy!Whitbread
enjoy!Whitbread
(less Pelican) - (23)
Operating profit (before amortisation) 165 155 +6.4%
Interest (26) (30)
BEFORE EXCEPTIONAL ITEMS
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High Street restaurants +6.1 +2.7 +31.1
David Lloyd Leisure +12.7 +6.6 +11.7
enjoy!Whitbread
High Street restaurants 3.9 3.1 19.4 16.7
David Lloyd Leisure 23.5 23.3 9.2 8.1
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Dividends from JVs and associates 4 6
Interest (27) (27)
Tax (15) (23)
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Exceptionals
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Higher returning assets
Sales 467 398 418 196 208
Profit 10 17 21 6 8
Assets 162 112 112 118 118
MAT ROCE 6.4 15.2 19.1 16.7 19.4
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Beefeater and Swallow disposals
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capex capex 2002
Pub restaurants 34 55-60
David Lloyd Leisure 15 40-45 54
Other 9 20-25 10
Source: Datastream * Announcement of restructuring
Whitbread
-100%
-50%
0%
50%
100%
150%
200%
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Highlights
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
3.6
3.8
4.0
2002
2003
£k
enjoy!Whitbread
H1 2002/3
H2 2002/3
H1 2003/4
*projected
5,000
10,000
15,000
20,000
25,000
1996/7
1997/8
1998/9
1999/2000
2000/1
2001/2
2002/3
2003/4
2004/5
2007/8
Rooms
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50
55
60
65
70
75
80
85
90
30% sales uplift
Roll-out complete by 2006/7
Oxford (opening February 2004)
Management action
Brand distribution
NB Figures identify areas of potential. They are not forecasts and exclude impact of inflation.They are incremental to 2002/3 operating profit.
enjoy!Whitbread
improved sales
improved sales
High Street brands £20m
High Street brands £20m
19 developing clubs
David Lloyd Leisure to 75 clubs
PBIT Capex
£34m £290m
£30m £210m
£20m £200m
*By 2007/8