enjoy!Whitbread Divisional results % TotalLike-for-likeProfit
Year-on-year growth salessales Marriott/Swallow(1.2)(1.3)(12.0)
Travel Inn+9.9+3.5+7.9 Pub restaurants+1.7+3.3+13.9 High Street
restaurants+6.1+2.7+31.1 David Lloyd Leisure+12.7+6.6+11.7
Slide 10
enjoy!Whitbread Divisional results (continued) % Margins MAT
ROCE 2003/42002/32003/42002/3 Marriott
(pre-amortisation)18.720.76.55.9 Travel Inn33.534.212.812.8 Pub
restaurants17.415.511.09.3 High Street restaurants3.93.119.416.7
David Lloyd Leisure23.523.39.28.1
Slide 11
enjoy!Whitbread Cash flow m 2003/42002/3 Cash flow
operations182160+13% Dividends from JVs and associates46
Interest(27)(27) Tax(15)(23) Capex (net)(66)(67) Dividends
paid(42)(38) Net cash inflow3611
Slide 12
enjoy!Whitbread Exceptionals m 2003/42002/3 Property/business
disposals: Beefeater(4)- Swallow(6)- Other15 Curzons -(8) Financing
costs(3)- Tax23- Exceptionals after tax11(3)
Slide 13
enjoy!Whitbread Financial disciplines Disclosure of key numbers
Focus on returns Getting more from the assets Higher returning
assets
Slide 14
enjoy!Whitbread High Street restaurants - progress mFull years
Half years 2000/12001/22002/32002/32003/4 Sales467398418196208
Profit10172168 Assets162112112118118 MAT
ROCE6.415.219.116.719.4
Slide 15
enjoy!Whitbread Things to watch for Full year, not first half x
2 Beefeater and Swallow disposals New ERP system Year end 4th March
2004
Slide 16
enjoy!Whitbread Capital expenditure m ActualEstimate half
yearfull yearFull year capexcapex2002 Marriott2435-4027 Travel
Inn1845-5565 Pub restaurants3455-60 High Street restaurants815-20
David Lloyd Leisure1540-4554 Other920-2510 108225-245218 62
Beefeater - the next generation Six trial sites operating since
February 30% sales uplift 8 more sites in 2003/4 Roll-out complete
by 2006/7 Target ROCE: 12% +
Slide 32
enjoy!Whitbread High Street restaurants Sales207.5m+6.1%
Like-for-like sales+2.7% Operating profit8.0m+31.1% MAT
ROCE19.4%
Slide 33
enjoy!Whitbread High Street restaurants - UK growth agenda
Outlets 2003/42008 Pizza Hut * 537800 Costa264500 *Owned and
franchised
Slide 34
enjoy!Whitbread David Lloyd Leisure Sales99.6m+12.7%
Like-for-like sales+6.6% Operating profit23.0m+11.7% MAT ROCE9.2%
Member retention 75% (MAT)
Slide 35
enjoy!Whitbread David Lloyd Leisure - UK club pipeline Oxford
(opening February 2004) Worthing Exeter * Southend-on-Sea * Farnham
* Aberdeen * Bristol * Norwich * *subject to planning approval
enjoy!Whitbread The opportunity - PBIT growth potential
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 PBIT growth potential - management action *
Marriott profit per room28m improved sales Swallow to Marriott
conversions market uplift *By 2007/8 Beefeater ROCE growth14m sales
per outlet operating margins
Slide 40
enjoy!Whitbread PBIT growth potential - management action *
High Street brands20m operating margins brand leverage *By
2007/8
Slide 41
enjoy!Whitbread PBIT growth potential - management action *
High Street brands20m operating margins brand leverage *By 2007/8
David Lloyd Leisure clubs to maturity 15m 19 developing clubs
Slide 42
enjoy!Whitbread PBIT Capex 34m290m 30m210m 20m200m Travel Inn
to 25,000 rooms Brewers Fayre to 550 units David Lloyd Leisure to
75 clubs PBIT growth potential - brand distribution * *By
2007/8
Slide 43
enjoy!Whitbread The outlook Growth markets Leading brands
Performance management Organic growth Improving returns
Slide 44
enjoy!Whitbread Successful brand management in the leisure
industry