Annual Report and Accounts

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Annual Report and Accounts 2011/12

Contents Introduction
1 Financial highlights

Business review
2 4 8 9 Chairman’s statement Chief Executive’s review Strategic approach – Team engagement

22 Board of directors 24 Directors’ report 28 Corporate governance 35 Remuneration report

Consolidated accounts
45 2011/12 consolidated accounts

Company accounts
93 2011/12 Company accounts

12 – Customer heartbeat 15 – Profitable growth 17 – Good Together 18 Finance Director’s review 20 Risk management

Group at a glance

Premier Inn
Premier Inn is the UK’s largest budget hotel chain, with more than 47,000 rooms across the UK and Ireland. Over 75% of the UK population live within five miles of a Premier Inn. Overseas we have three hotels in Dubai, one in Abu Dhabi and two in India with more on the way. Premier Inn bedrooms have an en-suite bathroom, TV with Freeview, and WiFi internet access. All our hotels have a bar and restaurant, either inside the building, or next to it, offering a wide range of dishes. Premier Inn has been named the UK’s ‘best value hotel chain’ by YouGov.


Beefeater Grill Beefeater Grill’s expert chefs have been serving up our famous steaks for nearly 40 years. Our warm and welcoming restaurants are ideal for any occasion: from a quick bite to celebrating with friends or family. Brewers Fayre Brewers Fayre serves the nation’s favourite pub food, at great value prices, in a family friendly environment. The majority of Brewers Fayres include an ‘all you can eat’ Buffet Place, which offers fantastic variety and value. Table Table Our Table Table restaurants offer a range of pub classics served by friendly staff at great prices. There’s a table for every occasion, from quiet nooks for a chilled out evening to dining room tables for a traditional Sunday lunch. Taybarns Taybarns is the ultimate eatery, with great choice, value and convenience. It offers an ‘all you can eat’ experience with seven restaurants under one roof.









Costa is the largest and fastest growing coffee shop chain in the UK. In both 2010 and 2011 it was voted the nation’s favourite coffee shop. Costa is about serving great quality coffee in convenient locations and great surroundings.

Costa stores can be found in 25 countries overseas and serve more than 900 cups of coffee across the world every minute. Costa Express self-serve coffee bars now provide customers with even more opportunities to enjoy a cup of Costa coffee.

Stores worldwide

Financial highlights

Financial highlights Whitbread performed well in 2011/12. Sales grew by 11.2%, driven by our strong brands, with an increase in underlying pre-tax profits of 11.3%.

Total revenue (£m) 2011/12 2010/11 2009/10 2008/09 1,778.0 1,599.6 1,435.0 1,334.6

Underlying diluted EPS (p) 2011/12 2010/11 2009/10 2008/09 96.7 90.7 116.4 134.1

Underlying profit before tax1 (£m) 2011/12 2010/11 2009/10 2008/09 239.1 224.4 287.5 320.1

Full year dividend (p) 2011/12 2010/11 2009/10 2008/09 38.00 36.55 44.50 51.25

Hotels & Restaurants return on capital2

Cash flow from operations

up from

up from

12.3% to 12.4%
Costa return on capital2

£415.2m to £478.3m
Capital expenditure on new and existing units

up from

up from

28.3% to 32.4%

£202.2m to £307.9m

1. Underlying profit excluding amortisation of acquired intangibles, exceptional items and the impact of the pension finance cost as accounted for under IAS 19. 2. Return on capital is the return on invested capital which is calculated by taking underlying profit before interest and tax for the year divided by net assets excluding debt, taxation liabilities and the pension deficit at the balance sheet date.


Chairman’s statement

Chairman’s statement
I am pleased to report another good set of results for Whitbread, with...
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