TIDMMARS
RNS Number : 9916G
Marston's PLC
26 November 2015
26 November 2015
MARSTON'S PLC
PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 3 OCTOBER 2015
A high quality pub and beer business delivering strong profit
and returns growth
-- Strong trading performance:
- Underlying Group revenue up 7% to GBP845.5 million
- Underlying profit before tax up 10% to GBP91.5 million
- Underlying earnings per share up 10% to 12.9p
- Profit growth in all trading segments despite disposals
- Operating cashflow up GBP34.5 million to GBP162.3 million
- Leverage reduced 0.3x to 5.1x
- Return on capital up 0.3% to 10.8%
- Statutory profit before tax up GBP90.5 million to GBP31.3 million
-- Transformation of pub estate well advanced, average profit per pub up to GBP100k:
- 25 new pub restaurants completed this year, creating 1,250 new jobs
- Continued conversion of Taverns to Franchise - around 550 now converted
- High quality Leased business delivered like-for-like profit and rental growth
- Average profit per pub up 15% in 2015, up around 40% since 2012
-- Market-leading beer business continues to grow strongly:
- Strong brand portfolio continues to outperform market with volumes up 15%
- Innovation continues - Hobgoblin Gold c.20k barrels sold since launch this year
- Thwaites acquisition complements strategy and fully integrated
-- Final dividend up 4.7% to 4.5p per share reflecting progress
and confidence in strategy; dividend cover improved to 1.8
times
-- Well positioned for growth in 2016
- Good start to new financial year, in line with expectations
- At least 20 new-build pubs, including our first new-build Tavern planned for current
year, as well as 2 Revere bars and 5 lodges
- Focus on premium and craft beer driving growth and delivering market outperformance
Commenting, Ralph Findlay, CEO said:
"The three year transformation of our pub portfolio towards an
optimised estate is now largely complete. We approach 2016 with our
business successfully positioned at the forefront of industry
trends with high quality, well-invested pub assets which are fit
for the future. We have great people and a growing portfolio of
leading beer brands where our focus on premium and local provenance
continues to serve us well.
"Looking forward, we remain on track to open at least 20
new-build pubs this year and have in place a carefully selected
site pipeline in key regional locations for 2016 and beyond. Whilst
new-build, food-led pubs remain our core growth driver, we have
evolved our strategy to capitalise upon other opportunities for
expansion where we see attractive returns potential.
"At this early stage of the current year trading has begun well
and we look forward to building on this momentum over the months
ahead to deliver another year of good progress for the Group."
ENQUIRIES:
Marston's PLC Tel: 01902 Instinctif Partners Tel:
329516 020 7457 2020
Ralph Findlay, Chief Justine Warren
Executive Officer
Andrew Andrea, Chief Matthew Smallwood
Financial Officer
An audio webcast of the results presentation will be available
at
http://webcast.instinctif.tv/p/886-1178-16625/en on 26 November
2015.
NOTES TO EDITORS
-- Marston's is a leading pub operator and independent
brewer.
-- It has an estate of around 1,600 pubs situated
nationally, comprising managed, franchised and
leased pubs.
-- It is the UK's leading brewer of premium cask
and bottled ales, including Marston's Pedigree
and Hobgoblin. The portfolio also includes Banks's,
Jennings, Wychwood, Ringwood, Brakspear, Thwaites
and Mansfield beers.
-- Marston's employs around 13,500 people.
o The underlying results reflect the performance
of the Group before exceptional and other adjusting
items. The Directors consider that these figures
provide a useful indication of the underlying
performance of the Group.
o Leverage excludes property leasing.
o The statutory profit for the period after taxation
was GBP23.3 million. This reflects non-underlying
items of GBP50.5 million, the majority of which
are non-cash and relate to property impairments
as a result of the external estate valuation
undertaken during the year and the change in
discount rates used for valuing swaps and onerous
lease provisions.
GROUP OVERVIEW
We are pleased to report that we have achieved earnings growth
across all of our business segments, with double digit growth in
underlying earnings, demonstrating further good progress in
implementing our strategy. The three-year transformation of our pub
portfolio is now largely complete and we enter 2016 with a high
quality portfolio of pub assets which are fit for the future.
Our strategy has been consistent over a number of years and is
focused on the ongoing improvement in the quality of our pub estate
through the continuation of our new-build programme and the
disposal of lower-end pubs which no longer have a sustainable
future. In 2013 we announced the acceleration of our disposal
plans.
Since 2013, we have reduced the size of the pub estate from
2,050 pubs to a core 1,600 pubs which now substantially completes
the disposal programme. Importantly, average profit per pub, a good
indicator of pub quality, has increased to around GBP100k per pub,
up around 40% since 2012.
The new-build programme remains our key growth driver. Since
2009, when the current investment plan started, we have opened 134
new-build pub-restaurants which have high levels of profitability
and strong returns. The results of this year's estate valuation
highlight that, on average, the market value of a Marston's
new-build pub-restaurant is 40% higher than build cost,
demonstrating the creation of significant shareholder value. For
mature pub-restaurants last revalued in 2012 we saw a further
appreciation in values, demonstrating that valuation uplifts are
sustainable and that these pubs continue to be successful over the
medium to longer term.
Around 78% of profits from our pubs are now generated by managed
or franchise-style pubs in which Marston's has direct control over
the retail offer, ensuring that we are better able to deliver
consistent service, standards and value across the estate. This
proportion will continue to increase as we build more pubs and
convert most of the remaining tenanted pubs to franchise-style
agreements.
In Brewing, we have continued to outperform the market with our
growing portfolio of market-leading brands. Our focus remains on
growing our portfolio of premium and regional beers, as this is the
growth segment of the market and we believe in the importance of
local provenance backed up by significant distribution
capabilities. Our core business achieved both revenue and earnings
growth in the year, supplemented by the acquisition of the Thwaites
beer business in April.
Total underlying revenue increased by 7.4% from 2014 reflecting
like-for-like growth in our pubs, the impact of new openings,
growth in our beer brands, and the acquisition of Thwaites' beer
business. As previously forecast, our operating margin was 0.2%
below last year reflecting lower margins in Brewing as a result of
the contract to supply Thwaites' pubs. Underlying operating margin
increased in each of our pub segments, demonstrating our ability to
grow our business by delivering a consistent and excellent customer
experience rather than relying on the high level of discounting
which has been prevalent in the market.
Underlying operating profit of GBP165.4 million (2014: GBP156.1
million) was up 6.0% despite the impact of disposals and a GBP2
million increase in pension costs. Profit growth was achieved in
each of our trading segments.
Underlying profit before tax was up 10.2% to GBP91.5 million
(2014: GBP83.0 million) principally reflecting the contribution
from new pub-restaurants and a strong performance from Brewing.
Basic underlying earnings per share for the period increased by
10.3% to 12.9 pence per share (2014: 11.7 pence per share).
On a statutory basis profit before tax was GBP31.3 million
(2014: loss of GBP59.2 million) and earnings per share were 4.1
pence per share (2014: 8.9 pence loss per share).
Net debt at the period end was GBP1,245 million. Net debt
includes GBP860 million of long-term, structured finance with a
stable repayment profile and no exposure to increases in interest
rates. Excluding property leases with freehold reversion
entitlement, the ratio of net debt to underlying EBITDA was 5.1
times at the period end (2014: 5.4 times) and net debt to EBITDA is
expected to reduce over time as our long-term debt amortises. We
have significant flexibility in our financing options, including
the selective use of sale and leaseback where appropriate, without
compromising our preference for an estate of which more than 90% is
freehold.
During the period we completed the triennial pension valuation
as at 30 September 2014. As a consequence, the cash contributions
to the scheme will be reduced to c.GBP8 million per annum from
October 2015 (2015: GBP14.0 million).
Cash return on cash capital employed improved to 10.8% (2014:
10.5%) reflecting the contribution of new-build pub-restaurants and
the disposal of low-returning pubs. We remain focused on improving
returns and are confident that the implementation of our strategy
will continue to increase returns over time.
The proposed final dividend of 4.5 pence per share provides a
total dividend for the year of 7.0 pence per share, which is a 4.5%
increase on 2014. Dividend cover was 1.8 times (2014: 1.7 times).
Our dividend policy remains to target consistent progressive
increases in the dividend at a cover of around 2 times over the
medium term.
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
Current trading and outlook
The year has started well, with both pub trading and beer
volumes in line with expectations. At this early stage in the year
we remain confident of achieving our targets for the full financial
year and are on track to complete the new-build and lodge expansion
plans described below. Together with the disposal of the remainder
of our identified disposal assets, we expect to further increase
our return on capital employed and to improve the quality of our
business.
In April 2016, the National Living Wage will increase to GBP7.20
per hour for employees over 25. Approximately 60% of our people are
under the age of 25 and we have previously indicated that the
financial impact, compared to our existing plans, will be moderate.
Our focus will centre on improving the quality of service to
mitigate further the impact of the cost increase.
Strategy
Marston's strategy has remained consistent over the last few
years. Our Group strategic objectives remain focused on delivering
sustainable growth and maximising return on capital.
There are five key components of our strategy as described
below.
1. Operating a high quality pub estate
Building pub-restaurants. In our Destination business, we have
opened over 130 pub-restaurants since 2009, offering family dining
at reasonable prices. These pubs generate high turnover, with
target sales of GBP25,000 per week and a food sales mix in excess
of 60%. We have an experienced site acquisition team, and a
well-established site selection process. As a consequence this
expansionary investment has generated consistent returns and we
have extended our trading geography to include southern England and
Scotland. New pub investment creates significant value for
shareholders, as demonstrated in the pub estate valuation that took
place in the financial year. We opened 25 pub-restaurants in 2015,
creating 1,250 jobs, and expect to open at least 20 per annum for
the foreseeable future, including our first new-build Taverns pub
in 2016.
Broader investment in Premium pubs and accommodation. In
addition to the investment described above, we believe there is
further opportunity to grow both our Premium pub business and
accommodation. In 2015 we successfully converted two pubs from the
existing estate to our Revere format and opened three lodges
adjacent to new-build pub-restaurants. Organic room income has been
consistently strong with sales growth exceeding 50% over the last
three years and we anticipate similar trends in the future with
growth in leisure and business visitors. Looking forward, we expect
to continue this expansion with two Premium bars and at least five
lodges opening per annum.
Investment in areas less exposed to competitor over-supply. We
are operating in a market where there is currently a high level of
investment in new supply, particularly in branded casual dining. It
is estimated that in 2015 around 2,000 new outlets will open in the
UK eating-out sector in a market that is growing moderately. Our
investment is targeted in areas that are less exposed to this
intense competition, particularly in market towns where there is
unlikely to be significant additional investment over and above a
new pub or lodge.
Continued growth of the franchise model. We pioneered the
introduction of franchise-style agreements into the pub sector. Our
view remains that the franchise operating model improves the
customer experience, attracts quality franchisees to Marston's and
enhances earnings in our community pubs. In 2015, we introduced
franchise-style agreements into a further 80 pubs. This year our
most successful franchisees have generated turnover levels similar
to those in the Destination estate and the first multiple
franchisees have been appointed.
The franchise model now operates in around 550 pubs and it
remains our intention to convert the remaining pubs in the Taverns
estate to this model over the next few years. We are also
evaluating the potential for franchise-style agreements in the
Destination estate.
Disposal of smaller wet-led pubs. We disposed of 117 pubs and
other assets during the year generating proceeds of GBP70 million.
The disposal programme is substantially complete, although a normal
level of estate churn will continue.
2. Operating a range of pub brands and formats
We operate a pub estate that caters for a broad range of
customers, with flexible operating models. As a consequence we
ensure we have the right consumer offer, accompanied by the most
appropriate operating model to maximise sales and profits for each
individual pub. The key elements of this are as follows:
Destination 360 pubs. Our Destination pubs offer family dining
at reasonable prices, with excellent service in a relaxed pub
environment. We operate two principal brands - Marston's "Two for
One", and "Milestone Rotisserie". The food sales mix of this
business is 58%.
Premium pubs and bars 37 pubs. Our Pitcher & Piano bars and
Revere pubs offer premium food and drink in attractive town centre
and suburban locations. The food sales mix is 28%.
Taverns 859 pubs. Our community pubs include franchised pubs,
managed pubs, and tenancies. Over the next 2-3 years we expect that
most of our Taverns pubs will be operated under our franchise
model. Typically, these are wet-led pubs although food sales
represented 17% of sales in 2015.
Leased pubs 341 pubs. These distinctive pubs benefit from a
greater degree of independence and committed licensees. The leased
model, with longer-term assignable agreements, attracts skilled
entrepreneurs who build value through developing their own
businesses. We contribute through our expertise in attracting the
right lessee, dealing in a fair manner and providing business
support.
Marston's Inns. We offer high quality accommodation in 44 pubs
within the Destination and Premium segment. In total, we have
around 800 rooms including three lodges which opened during the
financial year.
3. Offering value for money, great food and drink, and category
innovation
Value. Our customers value a great experience and great value
for money, and reward us for getting the offer right through higher
frequency of visits and increasing spend per head. Value is not
defined by price alone - we do not aim to offer the lowest prices
in the market - but also reflects ambience, service and amenity. We
monitor customer feedback through a range of formal and informal
mechanisms.
Great food. As described above, the sector is seeing an
unprecedented level of new outlet expansion and competition and it
is therefore critical that we maintain a quality food offer that
has broad appeal to all age groups and demographics. Traditional
pub favourites, such as fish and chips, will always be staple
classics on our menus but it is also important that we continue to
develop and evolve our food offers and introduce new tastes and
flavours. In 2015 we continued the rollout of Pizza Kitchen which
now operates in 40 pubs, and introduced burrito bars. Our new
"better burger and pizza" concept in Revere is proving extremely
popular with very encouraging initial trading. We expect to
maintain this pace of food development for the foreseeable
future.
Great drinks. We aim to ensure that our drinks range appeals to
a broad audience, whilst introducing new brands and styles
reflecting current market trends - in beer, wines and spirits, as
well as non-alcoholic drinks.
In our pubs, premium beers now account for over 55% of beer
sold. Through our "Masters of Cask" initiative in Taverns we are
aspiring to be regarded as the best place locally for beer range
and quality. In other drinks categories we have also made good
progress. We now sell 15 million glasses of wine, and coffee sales
continue to grow with 5 million cups of coffee sold last year. In
our Revere pubs, cocktails now account for 9% of drinks sales,
demonstrating the importance of offering a premium drinks
experience to our customers.
4. Leadership in the UK beer market
Recent trends in the UK beer market have seen consumers seeking
a wider choice of beers with local provenance and taste, including
craft beers. The growth of the UK eating-out market has also seen a
shift to premium beers and a preference for quality. In addition,
we saw growth in the off-trade, with the strongest growth in the
premium bottled ale segment.
We have benefited from these trends with our wide portfolio of
beers from five breweries, a national distribution network and
local approach to our beer brands. Almost 1 in 5 premium bottled
ales and around 1 in 5 premium cask ales in the UK are Marston's
brands. Over the last 10 years, our mix of premium ales has
increased by 30% to around 70% of sales and the mix of sales to the
off-trade has increased by 25% to 55%.
As recognised category leaders, we work hard with our customers
to improve the overall performance of the category and through the
publication of the annual Cask Ale Report and the Premium Bottled
Ale Report, provide valuable insight into current and future
trends. Our role as category leaders has been recognised across the
industry, with our beers receiving 24 awards, the Publican National
Cask Ale Supplier of the Year and the Marketing Week awards for the
Pedigree campaign in the year.
Our marketing activity reflects the inherent character of our
brands. Hobgoblin, our largest brand, is famous as the 'Unofficial
Beer of Halloween'. In addition, the brand has benefited from high
visibility at music festivals throughout the summer and has a
prominent social media standing, with 200,000 Facebook followers
and over half a million views of our 2015 Halloween campaign.
Regionally, we support local brands through sponsorship of events
including the New Forest Show, the Henley Regatta and the Keswick
Jazz Festival.
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
Innovation is also key to maintaining our competitive advantage.
During the year we introduced 25 new beers into the market
including 'Hobgoblin Gold', which has achieved annual volumes of
around 20,000 barrels since launch, and recent launches of Pedigree
New World, Shipyard IPA and the Revisionist craft range have also
proved popular.
We continue to seek appropriate additions to the portfolio.
During the period we completed the acquisition of Thwaites' beer
division, including the Wainwright and Lancaster Bomber brands, for
a total cash consideration of GBP25.2 million before working
capital. The acquisition is consistent with our strategy to focus
on popular premium ale brands and provides further opportunities
for growth in the developing free trade market.
5. Our People - 'Marston's - The Place to Be'
Marston's employs around 13,500 people and, although many
businesses claim that 'people are our most important asset', it is
the case that nothing makes a bigger difference to our business
than our people.
We want Marston's to be 'The Place to Be' for our customers but
also for all our employees. Following the appointment of a Group
People Director earlier this year we have reviewed and
reinvigorated our approach to ways of working, aiming to modernise
and build on the excellent values and culture the business has
developed over many years. There are three key components to our
People Strategy:
Recruit the best people. Differentiation is essential in our
industry and we recognise that the way our people think, feel and
act will make Marston's stand out. As such, we aim to recruit,
retain and develop the very best people, who can truly deliver best
practice, bring fresh thinking and have the passion and drive to
help our business go from strength to strength.
Investment in training and development. We have a strong, caring
and collegiate culture at Marston's. We take time to listen,
understand and take action. Our people are trusted and empowered to
play their part in exceeding our customers' expectations and in
turn we support the development of their skills and careers in
partnership. We are committed to training: this year 1 in 4
employees received accredited training, covering a wide range of
skills from pub to Wines & Spirits Education Trust, finance,
Chartered Management Institute, brewing and degree courses. Around
60% of our people are below the age of 25 and this year we have 581
completing apprenticeships in addition to the 1,147 completed in
the last three years.
People at the heart. People come first at Marston's - making
people feel good is what we're all about, whether that's our team,
our customers, or our suppliers. By keeping people at the heart of
the business we ensure they are engaged and loyal in all they do.
We act as one team, proud of our history and always striving for
success.
PERFORMANCE AND FINANCIAL REVIEW
Underlying Underlying
revenue operating Margin
profit
2015 2014 2015 2014 2015 2014
GBPm GBPm GBPm GBPm % %
Destination and
Premium 408.1 376.9 83.6 76 20.5 20.2
Taverns 214.7 225.1 55.9 55.7 26 24.7
Leased 53.6 53.1 23.8 23.5 44.4 44.3
Brewing 169.1 132.5 20.7 17.4 12.2 13.1
Group Services - - (18.6) (16.5) (2.2) (2.1)
Group 845.5 787.6 165.4 156.1 19.6 19.8
Destination and Premium
Total revenue increased by 8.3% to GBP408.1 million reflecting
the continued strong performance of our new-build pub-restaurants
and growth in like-for-like sales. Underlying operating profit of
GBP83.6 million was up 10.0% (2014: GBP76.0 million). Average
profit per pub increased to GBP219,000, up 3%.
Total like-for-like sales were 1.8% above last year, with
like-for-like food sales up by 1.7%, assisted by strong growth in
sales of starters, desserts and coffee. In addition, like-for-like
room income was up 5.6%. In Destination pubs, food now accounts for
58% of total sales (2014: 57%) and in Premium pubs and bars food is
28% of sales (2014: 27%).
Like-for-like wet sales increased by 1.7%, outperforming the
declining UK on-trade drinks market. We continue to see growth in
more premium products, with own-brewed premium ale volumes up 5%
and premium lager up 7%.
We achieved a 0.3% improvement in operating margin through a
disciplined approach to discounting and tight cost management.
Taverns
Total revenue decreased by 4.6% to GBP214.7 million, principally
reflecting the impact of disposals. The quality of the remaining
pub estate has improved significantly with average profit per pub
up 20% to GBP61k.
In our managed and franchised pubs like-for-like sales were up
2.0% and operating profits were up 2.9% versus last year,
reflecting the continued success of pubs operating under the
franchise model.
Operating profit was up 0.4% to GBP55.9 million despite the
effects of disposals, reflecting the strong performance of
franchised pubs within our estate.
Operating margin was 1.3% above last year at 26.0%, primarily
reflecting the benefit of the disposal of lower-end pubs.
Leased
Total revenue increased by 0.9% to GBP53.6 million and
underlying operating profit of GBP23.8 million was up 1.3% on last
year. The performance of the core estate was strong with
like-for-like earnings growth of 3%, including rental income growth
of 3%. Average profit per pub increased by 4% to GBP70,000 and
licensee stability remained at over 90%. Operating margin of 44.4%
was up 0.1%.
Brewing
Total revenue increased by 27.6% to GBP169.1 million, reflecting
the benefits of the Thwaites acquisition described above.
Underlying operating profit increased by 19.0% to GBP20.7
million.
Overall ale volumes were up 15% on last year reflecting the
benefits of the Thwaites acquisition. Excluding Thwaites, there was
a 5% increase in volumes. Premium cask ale volumes were up 15% and
premium bottled ale volumes up 17%. Hobgoblin, our largest brand,
continues to grow with sales up 31% on last year, supported by the
introduction of Hobgoblin Gold. We have maintained our position as
'category market leader' in both the premium bottled ale and
premium cask ale markets.
We have made good progress in all trading segments. In the
independent free trade, our account base increased to more than
5,000 customers, and premium ale sales to this sector increased by
22%. In the take home market we continue to perform very strongly
with volumes up 16% and in the national on trade volumes have
increased by 34%.
Operating margin was slightly down versus last year at 12.2%,
reflecting the impact of the pub supply arrangement with Thwaites
which generates a positive profit contribution, albeit at a low
margin percentage.
Capital expenditure and disposals
Capital expenditure was GBP142.3 million in 2015 (2014: GBP142.6
million), including GBP68 million on the construction of 25
pub-restaurants. We expect that capital expenditure will be around
GBP140 million in 2016, including around GBP70 million for the
construction of at least 20 new pub-restaurants, two Revere bars
and five lodges.
During the year we generated GBP69.6 million of cash from the
sale of 117 pubs and other assets.
Financing
At 3 October 2015 the Group had a GBP257.5 million bank facility
to November 2018, and the amount drawn down at 3 October 2015 was
GBP220 million. In addition, we have a GBP30 million two-year
facility for the Thwaites acquisition. These facilities, together
with a long-term securitisation of approximately GBP860 million and
the lease financing arrangements described below, provide us with
an appropriate level of financing headroom for the medium term. The
Group has sufficient headroom on both the banking and
securitisation covenants and also has flexibility to transfer pubs
between the banking and securitisation groups.
The Group has entered into lease financing arrangements which
have a total value of GBP202.2 million as at 3 October 2015. This
financing is a form of sale and leaseback agreement whereby the
freehold reverts to the Group at the end of the term at nil cost,
consistent with our preference for predominantly freehold asset
tenure. The agreements range from 35 to 40 years and provide the
Group with an extended debt maturity profile at attractive rates of
interest. Unlike a traditional sale and leaseback, the associated
liability is recognised as debt on the balance sheet due to the
reversion of the freehold.
Net debt excluding lease financing of GBP1,043 million at 3
October 2015 is broadly in line with last year. Operating cashflow
of GBP162.3 million was 27% above last year due to the improved
profit performance and working capital management.
For the period ended 3 October 2015 the ratio of net debt before
lease financing to underlying EBITDA was 5.1 times (2014: 5.4
times). It remains our intention to reduce this ratio over time,
principally through EBITDA growth generated from our new-build
investment programme.
Pensions
Our final salary pension scheme at the year-end showed a surplus
of GBP15.0 million before tax (2014: GBP7.8 million). This position
reflects the consistent manner in which the Group has managed its
deficit over the last five years, and the closure of the final
salary scheme to future accrual from 30 September 2014. We have
concluded our triennial valuation as at 30 September 2014, which
has resulted in a reduction of cash contributions to c.GBP8 million
per annum going forward.
Taxation
The underlying rate of taxation of 19.3% in 2015 is below the
standard rate of corporation tax of 20.5% primarily due to credits
in respect of deferred tax on property.
The underlying tax rate has decreased by 0.3% from 19.6% in
2014.
Non-underlying items
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
There is a net non-underlying charge of GBP50.5 million after
tax. This primarily reflects the external estate valuation
undertaken in the period, which resulted in a GBP39.0 million
charge to the income statement. A net revaluation increase of
GBP95.9 million has also been recognised in the revaluation reserve
in respect of property revaluations undertaken in the period. Other
non-underlying items comprise a GBP2.5 million charge relating to
non-core estate disposal and reorganisation costs, a GBP2.6 million
loss in respect of the ongoing management of the pubs from the
prior year portfolio disposal, a GBP4.9 million charge in respect
of the change in the inflation and discount rate assumptions used
in calculating our onerous lease provisions, a GBP2.6 million
charge in respect of relocation, reorganisation and integration
costs and an GBP8.6 million loss in respect of the mark-to-market
movement in the fair value of certain interest rate swaps. These
charges are offset by a credit of GBP9.7 million relating to the
tax on non-underlying items.
GROUP INCOME STATEMENT
For the 52 weeks ended 3 October 2015
2015 2014
Non- Non-
Underlying underlying Underlying underlying
items items Total items items Total
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------- --- ----------- ------------ -------- ----------- ------------ --------
Revenue 845.5 33.1 878.6 787.6 27.7 815.3
Operating expenses* (680.1) (84.7) (764.8) (631.5) (134.7) (766.2)
------------------------------ ----------- ------------ -------- ----------- ------------ --------
Operating profit 165.4 (51.6) 113.8 156.1 (107.0) 49.1
------------------------------ ----------- ------------ -------- ----------- ------------ --------
Finance costs (74.5) - (74.5) (73.4) (27.0) (100.4)
Finance income 0.6 - 0.6 0.3 - 0.3
Movement in
fair value of
interest rate
swaps - (8.6) (8.6) - (8.2) (8.2)
------------------------------ ----------- ------------ -------- ----------- ------------ --------
Net finance
costs (73.9) (8.6) (82.5) (73.1) (35.2) (108.3)
--------
Profit/(loss)
before taxation 91.5 (60.2) 31.3 83.0 (142.2) (59.2)
Taxation (17.7) 9.7 (8.0) (16.3) 24.8 8.5
------------------------------ ----------- ------------ -------- ----------- ------------ --------
Profit/(loss)
for the period
attributable
to equity shareholders 73.8 (50.5) 23.3 66.7 (117.4) (50.7)
------------------------------ ----------- ------------ -------- ----------- ------------ --------
Earnings/(loss)
per share:
Basic earnings/(loss)
per share 4.1p (8.9)p
Basic underlying
earnings per
share 12.9p 11.7p
Diluted earnings/(loss)
per share 4.0p (8.9)p
Diluted underlying
earnings per
share 12.8p 11.6p
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the 52 weeks ended 3 October 2015
2015 2014
GBPm GBPm
-------------------------------------------- -------- -------
Profit/(loss) for the period 23.3 (50.7)
--------------------------------------------- -------- -------
Items of other comprehensive income
that may subsequently be reclassified
to profit or loss
Losses arising on cash flow hedges (56.1) (36.4)
Transfers to the income statement on
cash flow hedges 12.2 39.0
Tax on items that may subsequently
be reclassified to profit or loss 8.7 (0.5)
--------------------------------------------- -------- -------
(35.2) 2.1
--------------------------------------------- -------- -------
Items of other comprehensive income
that will not be reclassified to profit
or loss
Remeasurement of retirement benefits (6.7) (12.5)
Unrealised surplus on revaluation of
properties* 216.5 16.4
Reversal of past revaluation surplus* (120.6) (3.4)
Tax on items that will not be reclassified
to profit or loss (17.1) 0.8
--------------------------------------------- -------- -------
72.1 1.3
--------------------------------------------- -------- -------
Other comprehensive income for the
period 36.9 3.4
--------------------------------------------- -------- -------
Total comprehensive income/(expense)
for the period 60.2 (47.3)
--------------------------------------------- -------- -------
* During the current period revaluations of the Group's freehold
and leasehold properties were undertaken, resulting in a net
increase in property values of GBP57.3 million. An unrealised
surplus on revaluation of GBP216.5 million and a reversal of past
revaluation surplus of GBP120.6 million have been recognised in the
revaluation reserve, and a net charge of GBP38.6 million has been
recognised in the income statement.
GROUP CASH FLOW STATEMENT
For the 52 weeks ended 3 October 2015
2015 2014
GBPm GBPm
---------------------------------------------- -------- --------
Operating activities
Underlying operating profit 165.4 156.1
Depreciation and amortisation 37.9 36.3
----------------------------------------------- -------- --------
Underlying EBITDA 203.3 192.4
Non-underlying operating items (51.6) (107.0)
----------------------------------------------- -------- --------
EBITDA 151.7 85.4
Working capital movement 10.7 (23.7)
Non-cash movements 30.0 78.1
Increase in provisions and other non-current
liabilities 0.1 22.8
Difference between defined benefit
pension contributions paid and amounts
charged/credited (14.0) (26.0)
Income tax paid (16.2) (8.8)
----------------------------------------------- -------- --------
Net cash inflow from operating activities 162.3 127.8
----------------------------------------------- -------- --------
Investing activities
Interest received 0.7 0.5
Sale of property, plant and equipment
and assets held for sale 69.6 143.6
Purchase of property, plant and equipment
and intangible assets (142.3) (142.6)
Acquisition of business (28.8) -
Movement in other non-current assets 2.4 1.3
Net cash (outflow)/inflow from investing
activities (98.4) 2.8
----------------------------------------------- -------- --------
Financing activities
Equity dividends paid (38.9) (37.1)
Interest paid (71.8) (74.6)
Arrangement costs of bank facilities (0.2) (1.9)
Arrangement costs of other lease related
borrowings (2.9) (3.9)
Swap termination costs - (25.0)
Proceeds of ordinary share capital
issued - 0.2
Proceeds from sale of own shares 1.5 0.5
Repayment of securitised debt (25.4) (104.0)
Advance of bank loans 38.0 21.0
Capital element of finance leases
repaid (0.1) (0.1)
Advance of other lease related borrowings 47.0 53.5
Advance of other borrowings - 120.0
Net cash outflow from financing activities (52.8) (51.4)
----------------------------------------------- -------- --------
Net increase in cash and cash equivalents 11.1 79.2
----------------------------------------------- -------- --------
GROUP BALANCE SHEET
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November 26, 2015 02:00 ET (07:00 GMT)
As at 3 October 2015
3 October 4 October
2015 2014
GBPm GBPm
---------------------------------- ----------- -----------
Non-current assets
Goodwill 227.5 224.2
Other intangible assets 37.6 25.1
Property, plant and equipment 2,122.6 1,990.0
Deferred tax assets 67.8 49.1
Retirement benefit surplus 15.0 7.8
Other non-current assets 12.1 11.5
2,482.6 2,307.7
---------------------------------- ----------- -----------
Current assets
Inventories 28.2 23.0
Trade and other receivables 84.3 72.9
Cash and cash equivalents* 193.1 180.9
----------------------------------- ----------- -----------
305.6 276.8
---------------------------------- ----------- -----------
Assets held for sale 18.0 38.3
Current liabilities
Borrowings* (154.0) (151.6)
Derivative financial instruments (25.7) (19.5)
Trade and other payables (185.2) (157.0)
Current tax liabilities (7.2) (14.2)
(372.1) (342.3)
---------------------------------- ----------- -----------
Non-current liabilities
Borrowings (1,284.1) (1,227.5)
Derivative financial instruments (167.0) (120.7)
Deferred tax liabilities (156.8) (131.3)
Other non-current liabilities (1.8) (2.9)
Provisions for other liabilities
and charges (41.5) (39.1)
----------------------------------- ----------- -----------
(1,651.2) (1,521.5)
---------------------------------- ----------- -----------
Net assets 782.9 759.0
Shareholders' equity
Equity share capital 44.4 44.4
Share premium account 334.0 334.0
Revaluation reserve 616.0 545.9
Capital redemption reserve 6.8 6.8
Hedging reserve (128.1) (92.9)
Own shares (118.7) (126.8)
Retained earnings 28.5 47.6
----------------------------------- ----------- -----------
Total equity 782.9 759.0
----------------------------------- ----------- -----------
* Cash and cash equivalents includes GBP120.0 million (2014:
GBP120.0 million) drawn down under the liquidity facility and
borrowings includes the corresponding liability.
GROUP STATEMENT OF CHANGES IN EQUITY
For the 52 weeks ended 3 October 2015
Equity Share Capital
share premium Revaluation redemption Hedging Own Retained Total
capital account reserve reserve reserve shares earnings equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
At 5 October
2014 44.4 334.0 545.9 6.8 (92.9) (126.8) 47.6 759.0
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Profit for the
period - - - - - - 23.3 23.3
Remeasurement
of retirement
benefits - - - - - - (6.7) (6.7)
Tax on remeasurement
of retirement
benefits - - - - - - 1.4 1.4
Losses on cash
flow hedges - - - - (56.1) - - (56.1)
Transfers to
the income statement
on cash flow
hedges - - - - 12.2 - - 12.2
Tax on hedging
reserve movements - - - - 8.7 - - 8.7
Property revaluation - - 216.5 - - - - 216.5
Property impairment - - (120.6) - - - - (120.6)
Deferred tax
on properties - - (18.5) - - - - (18.5)
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Total comprehensive
income/(expense) - - 77.4 - (35.2) - 18.0 60.2
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Share-based
payments - - - - - - 0.8 0.8
Tax on share-based
payments - - - - - - 0.3 0.3
Sale of own
shares - - - - - 8.1 (6.6) 1.5
Disposal of
properties - - (7.4) - - - 7.4 -
Tax on disposal
of properties - - 0.9 - - - (0.9) -
Transfer to
retained earnings - - (0.8) - - - 0.8 -
Dividends paid - - - - - - (38.9) (38.9)
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Total transactions
with owners - - (7.3) - - 8.1 (37.1) (36.3)
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
At 3 October
2015 44.4 334.0 616.0 6.8 (128.1) (118.7) 28.5 782.9
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Equity Share Capital
share premium Revaluation redemption Hedging Own Retained Total
capital account reserve reserve reserve shares earnings equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
At 6 October
2013 44.4 333.8 575.3 6.8 (95.0) (130.9) 107.5 841.9
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Loss for the
period - - - - - - (50.7) (50.7)
Remeasurement
of retirement
benefits - - - - - - (12.5) (12.5)
Tax on remeasurement
of retirement
benefits - - - - - - 2.8 2.8
Losses on cash
flow hedges - - - - (36.4) - - (36.4)
Transfers to
the income statement
on cash flow
hedges - - - - 39.0 - - 39.0
Tax on hedging
reserve movements - - - - (0.5) - - (0.5)
Property revaluation - - 16.4 - - - - 16.4
Property impairment - - (3.4) - - - - (3.4)
Deferred tax
on properties - - (2.0) - - - - (2.0)
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Total comprehensive
income/(expense) - - 11.0 - 2.1 - (60.4) (47.3)
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Share-based
payments - - - - - - 0.7 0.7
Tax on share-based
payments - - - - - - 0.1 0.1
Issue of shares - 0.2 - - - - - 0.2
Sale of own
shares - - - - - 4.1 (3.6) 0.5
Disposal of
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properties - - (44.6) - - - 44.6 -
Tax on disposal
of properties - - 4.7 - - - (4.7) -
Transfer to
retained earnings - - (0.5) - - - 0.5 -
Dividends paid - - - - - - (37.1) (37.1)
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
Total transactions
with owners - 0.2 (40.4) - - 4.1 0.5 (35.6)
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
At 4 October
2014 44.4 334.0 545.9 6.8 (92.9) (126.8) 47.6 759.0
----------------------- --------- --------- ------------ ------------ --------- -------- ---------- --------
NOTES
1. Accounting policies
Basis of preparation
The financial information for the 52 weeks ended 3 October 2015
(2014: 52 weeks ended 4 October 2014) has been extracted from the
audited financial statements, which have been prepared in
accordance with International Financial Reporting Standards (IFRS)
and International Financial Reporting Interpretations Committee and
Standing Interpretations Committee interpretations adopted by the
European Union and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS. The financial
statements have been prepared under the historical cost convention
as modified by the revaluation of certain items, principally land
and buildings, derivative financial instruments, retirement
benefits and share-based payments.
Some of the prior period balances within cash and cash
equivalents that were originally presented on a net basis in the
balance sheet and the relevant notes have been represented on a
gross basis to more accurately reflect the underlying transactions
and to be consistent with the current period presentation.
2. Segment reporting
2015 2014
Underlying revenue by segment GBPm GBPm
------------------------------- ------ ------
Destination and Premium 408.1 376.9
Taverns 214.7 225.1
Leased 53.6 53.1
Brewing 169.1 132.5
Group Services - -
Underlying revenue 845.5 787.6
Non-underlying items 33.1 27.7
------------------------------- ------ ------
Revenue 878.6 815.3
------------------------------- ------ ------
2015 2014
Underlying operating profit by segment GBPm GBPm
---------------------------------------- ------- --------
Destination and Premium 83.6 76.0
Taverns 55.9 55.7
Leased 23.8 23.5
Brewing 20.7 17.4
Group Services (18.6) (16.5)
Underlying operating profit 165.4 156.1
Non-underlying operating items (51.6) (107.0)
---------------------------------------- ------- --------
Operating profit 113.8 49.1
Net finance costs (82.5) (108.3)
---------------------------------------- ------- --------
Profit/(loss) before taxation 31.3 (59.2)
---------------------------------------- ------- --------
3. NON-Underlying items
2015 2014
GBPm GBPm
------------------------------------------------- ----- -------
Exceptional operating items
Non-core estate disposal and reorganisation
costs 2.5 50.6
Impairment of freehold and leasehold properties 39.0 -
Impact of change in rate assumptions used
for onerous lease provisions 4.9 -
Relocation, reorganisation and integration
costs 2.6 -
Loss on portfolio disposal of pubs - 35.8
Recognition of onerous lease provisions
and associated leasehold impairments - 29.5
Credit in respect of defined benefit pension
plan - (10.8)
49.0 105.1
------------------------------------------------- ----- -------
Other adjusting operating items
Results in respect of the ongoing management
of pubs in the portfolio disposal 2.6 1.9
2.6 1.9
Non-underlying operating items 51.6 107.0
Exceptional non-operating items
Interest on Rank refunds - (0.2)
Buyback of securitised debt and associated
costs - 27.2
Movement in fair value of interest rate
swaps 8.6 8.2
------------------------------------------------- ----- -------
8.6 35.2
------------------------------------------------- ----- -------
Total non-underlying items 60.2 142.2
------------------------------------------------- ----- -------
Non-core estate disposal and reorganisation costs
During the period ended 5 October 2013 the Group restructured
both its pub estate and its operating segments. Costs in respect of
this restructuring were incurred in both the current and prior
period. The prior period exceptional charge of GBP50.6 million
included an amount of GBP29.6 million in respect of the impairment
of non-core properties.
Impairment of freehold and leasehold properties
At 1 February 2015 the Group's freehold and leasehold properties
were revalued by independent chartered surveyors on an open market
value basis. The resulting revaluation adjustments have been
recognised in the revaluation reserve or income statement as
appropriate. The amount recognised in the income statement
comprises:
2015
GBPm
--------------------------------------------- -------
Impairment of other intangible assets 0.1
Reversal of impairment of other intangible
assets (0.2)
Impairment of property, plant and equipment 60.1
Reversal of impairment of property, plant
and equipment (26.3)
Impairment of assets held for sale 5.0
Reversal of impairment of assets held
for sale (0.1)
Valuation fees 0.4
39.0
--------------------------------------------- -------
Impact of change in rate assumptions used for onerous lease
provisions
Due to significant movements in gilt yields and inflation rates
in the current period, the update of the discount and inflation
rate assumptions used in the calculation of the Group's onerous
property lease provisions at the current period end resulted in an
increase of GBP4.9 million in the total provision.
Relocation, reorganisation and integration costs
During the current period redevelopment of the Group's head
office building in Wolverhampton commenced along with a
reorganisation of certain head office functions. Costs of GBP1.6
million were incurred in respect of temporarily relocating to
alternative premises nearby during the period of redevelopment and
in undertaking the reorganisation.
The Group also incurred reorganisation and integration costs of
GBP1.0 million as a result of the acquisition of the trading
operations of Daniel Thwaites PLC's beer division.
Portfolio disposal of pubs
During the prior period the Group disposed of a portfolio of 202
pubs and subsequently entered into a four year lease and five year
management agreement in respect thereof. The loss on disposal was
GBP35.8 million and revaluation surpluses of GBP37.5 million were
transferred from the revaluation reserve to retained earnings upon
disposal, giving a net impact of GBP1.7 million.
The Group no longer has strategic control of these pubs and they
do not form part of its core activities. As such the results in
respect of the ongoing operation and management of these pubs post
disposal have been classified as a non-underlying item, comprised
as follows:
2015 2014
GBPm GBPm
-------------------- ------- -------
Revenue 33.1 27.7
Operating expenses (35.7) (29.6)
-------------------- ------- -------
(2.6) (1.9)
-------------------- ------- -------
Movement in fair value of interest rate swaps
The Group's interest rate swaps are revalued to fair value at
each balance sheet date. The movement in fair value of interest
rate swaps which are not designated as part of a hedging
relationship, and the ineffective portion of the movement in fair
value of interest rate swaps which are accounted for as hedging
instruments are both recognised in the income statement. The net
loss of GBP8.6 million (2014: GBP8.2 million) is shown as an
exceptional item.
Impact of taxation
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November 26, 2015 02:00 ET (07:00 GMT)
The current tax credit relating to the above non-underlying
items amounts to GBP1.9 million (2014: GBP13.0 million). The
deferred tax credit relating to the above non-underlying items
amounts to GBP7.8 million (2014: GBP11.8 million).
Prior period non-underlying items
A review of the Group's property leases in the prior period
indicated that an additional provision of GBP28.0 million was
required for leases which were considered to be onerous, along with
an associated impairment of leasehold properties of GBP1.5 million.
This was primarily due to the reversion of a number of leases to
the Group in the prior period and a deterioration in market
conditions.
During the prior period the Marston's PLC Pension and Life
Assurance Scheme was closed to future accrual. The net credit of
GBP10.8 million comprised the negative past service cost of GBP11.2
million less associated costs of GBP0.4 million.
In previous periods the Group received refunds totalling GBP5.9
million from HM Revenue & Customs (HMRC). This followed
Tribunal/Court of Appeal hearings involving The Rank Group Plc
('Rank'), which concluded that there had been a breach of fiscal
neutrality in the treatment of gaming machine income as liable to
UK VAT. HMRC issued protective assessments to recover the
repayments pending the result of further Court hearings. On 30
October 2013 the Court of Appeal found in favour of HMRC and the
Group subsequently repaid the refunds of GBP5.9 million plus
interest of GBP0.3 million thereon. In the period ended 5 October
2013 the Group had recognised a provision for the GBP5.9 million
repayment and interest of GBP0.5 million. As such there was a
reduction in the interest accrual of GBP0.2 million in the prior
period.
During the prior period the Group repurchased all of its
securitised AB1 notes at par. The notes, with a nominal value of
GBP80.0 million, were immediately cancelled and the associated
floating-to-fixed interest rate swap held in respect of this
tranche of securitised debt was terminated. This swap had been
designated as a cash flow hedge of the forecast floating rate
interest payments arising in respect of the AB1 notes. As these
forecast transactions were no longer expected to occur the
cumulative hedging loss of GBP24.7 million was recognised in the
income statement.
4. Taxation
2015 2014
Income statement GBPm GBPm
Current tax
Current period 14.2 14.4
Adjustments in respect of prior periods 0.1 (0.9)
Credit in respect of tax on non-underlying
items (1.9) (13.0)
12.4 0.5
----------------------------------------------- ------ -------
Deferred tax
Current period 3.5 2.8
Adjustments in respect of prior periods (0.1) -
Credit in respect of tax on non-underlying
items (7.8) (11.8)
(4.4) (9.0)
----------------------------------------------- ------ -------
Taxation charge/(credit) reported in the
income statement 8.0 (8.5)
----------------------------------------------- ------ -------
5. Ordinary dividends on equity shares
2015 2014
Paid in the period GBPm GBPm
------------------------------------------- ----- -----
Final dividend for 2014 of 4.3p per share
(2013: 4.1p) 24.6 23.4
Interim dividend for 2015 of 2.5p per
share (2014: 2.4p) 14.3 13.7
------------------------------------------- ----- -----
38.9 37.1
------------------------------------------- ----- -----
A final dividend for 2015 of 4.5p per share amounting to GBP25.8
million has been proposed for approval at the Annual General
Meeting, but has not been reflected in the financial
statements.
Subject to approval at the Annual General Meeting, this dividend
will be paid on 1 February 2016 to those shareholders on the
register at close of business on 18 December 2015.
6. Earnings per ordinary share
Basic earnings per share are calculated by dividing the
profit/(loss) attributable to equity shareholders by the weighted
average number of ordinary shares in issue during the period,
excluding treasury shares and those held on trust for employee
share schemes.
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. These represent share options
granted to employees where the exercise price is less than the
weighted average market price of the Company's shares during the
period.
Underlying earnings per share figures are presented to exclude
the effect of exceptional and other adjusting items. The Directors
consider that the supplementary figures are a useful indicator of
performance.
2015 2014
Per Per
share share
Earnings amount Earnings amount
GBPm p GBPm p
--------------------------- --------- -------- ----------- --------
Basic earnings/(loss)
per share 23.3 4.1 (50.7) (8.9)
Diluted earnings/(loss)
per share* 23.3 4.0 (50.7) (8.9)
----------------------------- --------- -------- ----------- --------
Underlying earnings
per share figures
Basic underlying earnings
per share 73.8 12.9 66.7 11.7
Diluted underlying
earnings per share 73.8 12.8 66.7 11.6
----------------------------- --------- -------- ----------- --------
* The 2014 diluted loss per share is the same as the basic loss
per share as the inclusion of the dilutive potential ordinary
shares would reduce the loss per share and as such is not dilutive
in accordance with IAS 33 'Earnings per Share'.
2015 2014
m m
------------------------------------------- ------ ------
Basic weighted average number of shares 572.2 571.0
Dilutive options 6.1 5.0
------------------------------------------- ------ ------
Diluted weighted average number of shares 578.3 576.0
------------------------------------------- ------ ------
7. Net debt
Non-cash
movements
and
deferred
Cash issue
2015 flow costs 2014
Analysis of net debt GBPm GBPm GBPm GBPm
---------------------------- ---------- ------- ----------- ----------
Cash and cash equivalents
Cash at bank and
in hand 193.1 12.2 - 180.9
Bank overdrafts (8.7) (1.1) - (7.6)
184.4 11.1 - 173.3
--------------------------- ---------- ------- ----------- ----------
Debt due within one
year
Unsecured bank borrowings 0.9 - 0.1 0.8
Securitised debt (26.2) 25.4 (26.8) (24.8)
Finance leases (0.1) 0.1 (0.1) (0.1)
Other lease related
borrowings 0.1 - - 0.1
Other borrowings (120.0) - - (120.0)
---------------------------- ---------- ------- ----------- ----------
(145.3) 25.5 (26.8) (144.0)
--------------------------- ---------- ------- ----------- ----------
Debt due after one
year
Unsecured bank borrowings (248.2) (38.0) (0.7) (209.5)
Securitised debt (833.6) - 26.2 (859.8)
Finance leases (20.6) - 0.1 (20.7)
Other lease related
borrowings (181.6) (47.0) 2.8 (137.4)
Preference shares (0.1) - - (0.1)
---------------------------- ---------- ------- ----------- ----------
(1,284.1) (85.0) 28.4 (1,227.5)
Net debt (1,245.0) (48.4) 1.6 (1,198.2)
---------------------------- ---------- ------- ----------- ----------
Unsecured bank borrowings due within one year represent
unamortised issue costs expected to be charged to the income
statement within 12 months of the balance sheet date. Unsecured
bank borrowings due after one year represent amounts drawn down
under the Group's revolving credit facilities, net of unamortised
issue costs expected to be charged to the income statement after 12
months from the balance sheet date.
Other lease related borrowings represent amounts due under sale
and leaseback arrangements that do not fall within the scope of IAS
17 'Leases'.
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