REG - Whitbread PLC - Whitbread Preliminary Results <Origin Href="QuoteRef">WTB.L</Origin> - Part 2
25/04/2017 07:06
- Part 2: For the preceding part double click ID:nRSY1884Da
less sales generated by businesses
acquired or disposed of and retail outlets opened or closed during the current
year and the previous year. This is stated pre-IFRIC 13 for Premier Inn - UK
and Ireland, Costa and Restaurants - UK calculated as the 52 weeks to 2 March
2017 vs the 52 weeks to 25 February 2016
3 Return on capital
Calculated by dividing the underlying operating profit for the year by net
assets at the balance sheet date adding back debt, taxation liabilities and
the pension deficit.
4 Coffer Peach benchmark pub restaurants outside of the M25
5 STR Global
6 Allegra
7 Net debt
Total company borrowings after deducting cash and cash equivalents.
8 EBITDAR
Earnings before interest, tax depreciation, amortisation and rent, excluding
income from Joint Ventures and Associates.
Consolidated income statement
Year ended 2 March 2017
Notes 52 weeks to 2 March 2017£m 53 weeks to 3 March 2016£m
Revenue 4 3,106.0 2,921.8
Operating costs (2,557.2) (2,397.9)
Operating profit before joint ventures and associate 548.8 523.9
Share of profit from joint ventures 3.2 3.3
Share of profit from associate 0.7 0.9
Operating profit 552.7 528.1
Finance costs (37.6) (41.2)
Finance revenue 0.3 0.8
Profit before tax 4 515.4 487.7
Analysed as:
Underlying profit before tax 4 565.2 546.3
Non-underlying items 5 (49.8) (58.6)
Profit before tax 515.4 487.7
Tax expense (99.5) (100.4)
Analysed as:
Underlying tax expense 6 (119.1) (116.1)
Non-underlying tax credit 5 19.6 15.7
Tax expense 6 (99.5) (100.4)
Profit for the year 415.9 387.3
Attributable to:
Parent shareholders 421.6 391.2
Non-controlling interest (5.7) (3.9)
415.9 387.3
Earnings per share (Note 7) Year to 2 March 2017pence Year to 3 March 2016pence
Earnings per share
Basic 231.39 215.66
Diluted 230.89 214.00
Underlying earnings per share
Basic 246.48 238.65
Diluted 245.95 236.82
236.82
Consolidated statement of comprehensive income
Year ended 2 March 2017
Notes 52 weeks to 2 March 2017£m 53 weeks to 3 March 2016£m
Profit for the year 415.9 387.3
Items that will not be reclassified to the income statement:
Re-measurement (loss)/gain on defined benefit pension scheme (214.8) 201.6
Current tax on pensions 6 15.6 14.7
Deferred tax on pensions 6 26.7 (55.4)
Deferred tax: change in rate of corporation tax on pensions 6 (3.1) (0.7)
(175.6) 160.2
Items that may be reclassified subsequently to the income statement:
Net (loss)/gain on cash flow hedges (0.2) 6.5
Current tax on cash flow hedges 6 0.5 (0.9)
Deferred tax on cash flow hedges 6 (0.6) (0.4)
Deferred tax: change in rate of corporation tax on cash flow hedges 6 (0.1) (0.1)
(0.4) 5.1
Exchange differences on translation of foreign operations 22.9 7.1
Other comprehensive (loss) / income for the year, net of tax (153.1) 172.4
Total comprehensive income for the year, net of tax 262.8 559.7
Attributable to:
Parent shareholders 268.4 563.5
Non-controlling interest (5.6) (3.8)
262.8 559.7
Consolidated statement of changes in equity
Year ended 2 March 2017
Share capital £m Share premium £m Capitalredemption reserve £m Retained earnings £m Currency translation reserve £m Other reserves £m Total £m Non-controlling interest £m Totalequity£m
At 26 February 2015 149.8 59.2 12.3 3,833.0 (1.4) (2,080.9) 1,972.0 5.9 1,977.9
Profit for the year - - - 391.2 - - 391.2 (3.9) 387.3
Other comprehensive income - - - 158.8 7.0 6.5 172.3 0.1 172.4
Total comprehensive income - - - 550.0 7.0 6.5 563.5 (3.8) 559.7
Ordinary shares issued 0.2 3.4 - - - - 3.6 - 3.6
Loss on ESOT shares issued - - - (6.7) - 6.7 - - -
Accrued share-based payments - - - 17.3 - - 17.3 - 17.3
Tax rate change on historical revaluation - - - 1.3 - - 1.3 - 1.3
Equity dividends - - - (155.1) - - (155.1) - (155.1)
At 3 March 2016 150.0 62.6 12.3 4,239.8 5.6 (2,067.7) 2,402.6 2.1 2,404.7
Profit for the year - - - 421.6 - - 421.6 (5.7) 415.9
Other comprehensive loss - - - (175.8) 22.8 (0.2) (153.2) 0.1 (153.1)
Total comprehensive income - - - 245.8 22.8 (0.2) 268.4 (5.6) 262.8
Ordinary shares issued 0.2 5.4 - - - - 5.6 - 5.6
Loss on ESOT shares issued - - - (6.4) - 6.4 - - -
Accrued share-based payments - - - 17.7 - - 17.7 - 17.7
Tax on share-based payments - - - 0.4 - - 0.4 0.4
Tax rate change on historical revaluation - - - 0.7 - - 0.7 - 0.7
Equity dividends - - - (167.1) - - (167.1) - (167.1)
At 2 March 2017 150.2 68.0 12.3 4,330.9 28.4 (2,061.5) 2,528.3 (3.5) 2,524.8
Consolidated balance sheet
At 2 March 2017
2 March 2017 3 March 2016
Notes £m £m
ASSETS
Non-current assets
Intangible assets 275.7 258.1
Property, plant and equipment 3,972.4 3,831.0
Investment in joint ventures 53.0 39.5
Derivative financial instruments 43.3 21.6
Trade and other receivables 6.8 7.7
4,351.2 4,157.9
Current assets
Inventories 48.2 44.8
Derivative financial instruments 12.3 3.2
Trade and other receivables 163.6 140.0
Cash and cash equivalents 9 63.0 57.1
287.1 245.1
Assets held for sale 50.5 2.3
Total assets 4,688.8 4,405.3
LIABILITIES
Current liabilities
Borrowings 9 157.4 94.0
Provisions 36.3 14.7
Derivative financial instruments 2.3 4.4
Current tax liabilities 6 45.9 41.2
Trade and other payables 596.9 538.2
838.8 692.5
Non-current liabilities
Borrowings 9 795.6 872.9
Provisions 12.3 22.7
Derivative financial instruments 8.3 9.6
Deferred tax liabilities 6 62.0 94.7
Pension liability 425.1 288.1
Trade and other payables 21.9 20.1
1,325.2 1,308.1
Total liabilities 2,164.0 2,000.6
Net assets 2,524.8 2,404.7
EQUITY
Share capital 150.2 150.0
Share premium 68.0 62.6
Capital redemption reserve 12.3 12.3
Retained earnings 4,330.9 4,239.8
Currency translation reserve 28.4 5.6
Other reserves (2,061.5) (2,067.7)
Equity attributable to equity holders of the parent 2,528.3 2,402.6
Non-controlling interest (3.5) 2.1
Total equity 2,524.8 2,404.7
Alison Brittain Nicholas Cadbury
Chief Executive Finance Director
24 April 2017
Consolidated cash flow statement
Year ended 2 March 2017
52 weeks to 2 March 2017 53 weeks to 3 March 2016
Notes £m £m
Profit for the year 415.9 387.3
Adjustments for:
Tax expense 6 99.5 100.4
Net finance cost 37.3 40.4
Share of profit from joint ventures (3.2) (3.3)
Share of profit from associate (0.7) (0.9)
Net (gain)/loss on disposal of property, plant and equipment and property reversions 5 (16.3) 20.9
Net gain on disposal of investment in associate (11.8) -
Depreciation and amortisation 220.1 197.6
Impairment of property, plant and equipment, intangible assets and investments 5 30.0 5.4
Restructuring provisions created 28.0 -
Share-based payments 17.7 17.3
Other non-cash items 8.6 5.6
Cash generated from operations before working capital changes 825.1 770.7
Increase in inventories (3.1) (7.6)
Increase in trade and other receivables (7.1) (15.2)
Increase in trade and other payables 45.2 34.3
Cash generated from operations 860.1 782.2
Payments against provisions (22.3) (15.1)
Pension payments (90.3) (84.3)
Interest paid (34.9) (25.6)
Interest received 0.3 0.6
Corporation taxes paid (86.8) (85.1)
Net cash flows from operating activities 626.1 572.7
Cash flows from investing activities
Purchase of property, plant and equipment 4 (571.2) (680.3)
Investment in intangible assets 4 (38.6) (35.4)
Proceeds/(costs) from disposal of property, plant and equipment 192.9 (0.2)
Proceeds from disposal of investment in associate 14.1 -
Business combinations, net of cash acquired - (9.2)
Capital contributions and loans to joint ventures (7.7) (3.0)
Dividends from associate 0.4 0.8
Net cash flows from investing activities (410.1) (727.3)
Cash flows from financing activities
Proceeds from issue of share capital 5.6 3.6
Increase in short-term borrowings 9 17.6 20.8
Proceeds from long-term borrowings 9 - 445.2
Repayments of long-term borrowings 9 (67.4) (101.9)
Renegotiation costs of long-term borrowings 9 (0.6) (3.6)
Dividends paid 8 (167.1) (155.1)
Net cash flows from financing activities (211.9) 209.0
Net increase in cash and cash equivalents 9 4.1 54.4
Opening cash and cash equivalents 9 57.1 2.1
Foreign exchange differences 9 1.8 0.6
Closing cash and cash equivalents 9 63.0 57.1
Notes to the accounts
1. Basis of accounting and preparation
The consolidated financial statements and preliminary announcement of
Whitbread PLC for the year ended 2 March 2017 were authorised for issue by the
Board of Directors on 24 April 2017.
The financial year represents the 52 weeks to 2 March 2017 (prior financial
year: 53 weeks to 3 March 2016).
The financial information included in this preliminary statement of results
does not constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006 (the "Act"). The financial information for the year
ended 2 March 2017 has been extracted from the statutory accounts on which an
unqualified audit opinion has been issued. Statutory accounts for the year
ended 2 March 2017 will be delivered to the Registrar of Companies following
the Group's Annual General Meeting.
The statutory accounts for the year ended 3 March 2016, have been delivered to
the Registrar of Companies, and the Auditors of the Group made a report
thereon under Chapter 3 of part 16 of the Act. That report was unqualified and
did not contain a statement under sections 498 (2) or (3) of the Act.
The consolidated financial statements of Whitbread PLC, and all its
subsidiaries, have been prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted for use in the European Union and as
applied in accordance with the provisions of the Companies Act 2006.
2. Basis of consolidation
The consolidated financial statements incorporate the accounts of Whitbread
PLC, and all its subsidiaries, together with the Group's share of the net
assets and results of joint ventures and associate incorporated using the
equity method of accounting. These are adjusted, where appropriate, to conform
to Group accounting policies. The financial statements of significant trading
subsidiaries are prepared for the same reporting year as the parent Company
except for Yueda Costa (Shanghai) Food & Beverage Management Company Limited
which has a year-end of 31 December as per Chinese legislation.
A subsidiary is an entity controlled by the Group. Control is the power to
direct the relevant activities of the subsidiary which significantly affect
the subsidiary's return, so as to have rights to the variable return from its
activities.
Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01,
which was accounted for using merger accounting, acquisitions by the Group are
accounted for under the acquisition method and any goodwill arising is
capitalised as an intangible asset. The results of subsidiaries acquired or
disposed of during the year are included in the consolidated financial
statements from, or up to, the date that control passes respectively. All
intra-Group transactions, balances, income and expenses are eliminated on
consolidation. Unrealised losses are also eliminated, unless the transaction
provides evidence of an impairment of the asset transferred.
3. Accounting policies
The accounting policies adopted in the preparation of these consolidated
financial statements are consistent with those followed in the preparation of
the consolidated financial statements for the year ended 3 March 2016 except
for the adoption of new standards and interpretations that are applicable for
the year ended 2 March 2017.
The Group has adopted the following standards and interpretations which have
been assessed as having no financial impact or disclosure requirements at this
time:
· The IASB's annual improvement process, 2012-14;
· IAS 1 Disclosure Initiative - Amendments to IAS 1;
· IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation
and Amortisation - Amendments to IAS 16 and IAS 38;
· IAS 16 and IAS 41 Bearer Plants - Amendments to IAS 16 and IAS 41;
· IAS 27 Equity Method in Separate Financial Statements - Amendments to
IAS 27;
· IFRS 10, IFRS 12 and IAS 28 Investments Entities: Applying the
Consolidation Exception - Amendments to IFRS 10, IFRS 12 and IAS 28; and
· IFRS 11 Accounting for Acquisitions of Interests in Joint Operations -
Amendments to IFRS 11.
Non-underlying items and use of underlying performance measures
We use a range of measures to monitor the financial performance of the Group.
These measures include both statutory measures in accordance with IFRS and
alternative performance measures (APM's) which are consistent with the way
that the business performance is measured internally.
The term underlying profit is not defined under IFRS and may not be comparable
with similarly titled profit measures reported by other companies. It is not
intended to be a substitute for, or superior to, statutory measurements of
profit. Underlying measures of profitability are non-IFRS because they
exclude amounts that are included in, or include amounts that are excluded
from, the most directly comparable measure calculated and presented in
accordance with IFRS.
We report underlying measures because we believe they provide both management
and investors with useful additional information about the financial
performance of the Group's businesses.
Underlying measures of profitability represent the equivalent IFRS measures
adjusted for specific items that we consider hinder comparison of the
financial performance of the Group's businesses either from one period to
another or with other similar businesses.
The face of the income statement presents underlying profit before tax and
reconciles this to profit before tax. Underlying earnings per share is
calculated using underlying profit after tax attributable to the parent
shareholders.
The adjustments made to reported profit in the consolidated income statement,
in order to derive our underlying results, may include:
· Profit or loss on disposal of property, plant and equipment, property
reversions and onerous leases. On occasion we may dispose of properties,
either as part of a sale and leaseback financing transaction or because the
property is no longer required in our ongoing business. In addition, the Group
may recognise liabilities in respect of lease obligations on properties which
have been previously disposed of but where the lease obligations have reverted
to the Group under privity. Profits or losses on these items may be
significant and are not reflective of the Group's ongoing trading results.
· Profit or loss on the sale of a business or investment. These disposals
are not part of the Group's ongoing trading business and are therefore
excluded.
· Significant one-off restructuring costs, resulting from a strategic
review of the Group's businesses or operations, the inclusion of which would
distort the year-on-year comparability of the Group's trading results.
· Impairment of assets as the result of restructuring or closure of a
business and impairment of sites which are underperforming or are to be
closed, the inclusion of which would distort the year-on-year comparability of
the Group's trading results.
· Amortisation of intangible assets recognised as part of a business
combination or other transaction outside of the ordinary course of business.
· Finance charge/credit for defined benefit pension scheme. These costs
are non-cash and do not relate to the Group's ongoing activities as the scheme
is closed to future accrual.
· Finance costs resulting from the unwinding of discounts on provisions
created in respect of non-underlying items.
· Significant and one-off tax settlements in respect of prior years
including the related interest and the impact of changes in the statutory tax
rate, the inclusion of which would distort year-on-year comparability, as well
as the tax impact of the non-underlying items identified above.
4. Segment information
For management purposes, the Group is organised into two strategic business
units (Premier Inn & Restaurants and Costa) based upon their different
products and services:
· Premier Inn & Restaurants provide services in relation to accommodation
and food; and
· Costa generates income from the operation of its branded, owned and
franchised coffee outlets.
The UK and International Premier Inn & Restaurants segments have been
aggregated on the grounds that the International segment is immaterial.
Management monitors the operating results of its strategic business units
separately for the purpose of making decisions about allocating resources and
assessing performance. Segment performance is measured based on underlying
operating profit. Included within the unallocated and elimination columns in
the tables below are the costs of running the public company. The unallocated
assets and liabilities are cash and debt balances (held and controlled by the
central treasury function), taxation, pensions, certain property, plant and
equipment, centrally held provisions and central working capital balances.
Inter-segment revenue is from Costa to the Premier Inn & Restaurants segment
and is eliminated on consolidation. Transactions were entered into on an arm's
length basis in a manner similar to transactions with third parties.
The following tables present revenue and profit information and certain asset
and liability information regarding business operating segments for the years
ended 2 March 2017 and 3 March 2016.
Premier Inn Unallocated
& and Total
Restaurants Costa elimination operations
Year to 2 March 2017 £m £m £m £m
Revenue
Revenue from external customers 1,907.9 1,198.1 - 3,106.0
Inter-segment revenue - 3.6 (3.6) -
Total revenue 1,907.9 1,201.7 (3.6) 3,106.0
Underlying operating profit 468.0 158.0 (33.6) 592.4
Underlying net finance costs - - (27.2) (27.2)
Underlying profit before tax 468.0 158.0 (60.8) 565.2
Non-underlying items (Note 5):
Net gain/(loss) on disposal of property, plant and equipment and property reversions 26.0 (5.9) (0.8) 19.3
PI International business exit (30.0) - - (30.0)
Costa international restructuring - (14.5) - (14.5)
UK restructuring (15.6) (5.9) (0.1) (21.6)
Settlement of historic VAT claim - 5.3 - 5.3
Net gain on disposal of investment in associate 11.8 - - 11.8
Amortisation of acquired intangibles - (2.5) - (2.5)
Impairment (net of reversals) (2.9) (4.6) - (7.5)
IAS 19 income statement charge for pension finance cost - - (9.4) (9.4)
Unwinding of discount on provisions - (0.2) (0.5) (0.7)
Total non-underlying items (10.7) (28.3) (10.8) (49.8)
Profit before tax 457.3 129.7 (71.6) 515.4
Tax expense (Note 6) (99.5)
Profit for the year 415.9
Assets and liabilities
Segment assets 4,020.2 511.4 - 4,531.6
Unallocated assets - - 157.2 157.2
Total assets 4,020.2 511.4 157.2 4,688.8
Segment liabilities (427.8) (163.3) - (591.1)
Unallocated liabilities - - (1,572.9) (1,572.9)
Total liabilities (427.8) (163.3) (1,572.9) (2,164.0)
Net assets 3,592.4 348.1 (1,415.7) 2,524.8
Other segment information
Share of profit from joint ventures 2.5 0.7 - 3.2
Share of profit from associate 0.7 - - 0.7
Investment in joint ventures 41.0 12.0 - 53.0
Total property rent 139.8 121.4 - 261.2
Capital expenditure:
Property, plant and equipment - cash basis 459.7 111.5 - 571.2
Property, plant and equipment - accruals basis 455.7 121.5 - 577.2
Intangible assets 25.8 12.8 - 38.6
Depreciation - underlying (131.0) (71.5) - (202.5)
Amortisation - underlying (13.3) (1.8) - (15.1)
Premier Inn Unallocated
& and Total
Restaurants Costa elimination operations
Year to 3 March 2016 £m £m £m £m
Revenue
Revenue from external customers 1,822.0 1,099.8 - 2,921.8
Inter-segment revenue - 3.4 (3.4) -
Total revenue 1,822.0 1,103.2 (3.4) 2,921.8
Underlying operating profit 446.9 153.5 (31.6) 568.8
Underlying net finance cost - - (22.5) (22.5)
Underlying profit before tax 446.9 153.5 (54.1) 546.3
Non-underlying items (Note 5):
Net loss on disposal of property, plant and equipment and property reversions (0.4) (5.5) (15.0) (20.9)
Intangible assets accelerated amortisation (7.2) (0.9) (2.0) (10.1)
Amortisation of acquired intangibles - (4.3) - (4.3)
Impairment (net of reversals) 0.3 (5.7) - (5.4)
IAS 19 income statement charge for pension finance cost - - (17.2) (17.2)
Unwinding of discount on provisions - - (0.7) (0.7)
Total non-underlying items (7.3) (16.4) (34.9) (58.6)
Profit before tax 439.6 137.1 (89.0) 487.7
Tax expense (Note 6) (100.4)
Profit for the year 387.3
Assets and liabilities
Segment assets 3,842.2 444.4 - 4,286.6
Unallocated assets - - 118.7 118.7
Total assets 3,842.2 444.4 118.7 4,405.3
Segment liabilities (366.4) (136.8) - (503.2)
Unallocated liabilities - - (1,497.4) (1,497.4)
Total liabilities (366.4) (136.8) (1,497.4) (2,000.6)
Net assets 3,475.8 307.6 (1,378.7) 2,404.7
Other segment information
Share of profit from joint ventures 3.3 - - 3.3
Share of profit from associate 0.9 - - 0.9
Investment in joint ventures 36.3 3.2 - 39.5
Total property rent 123.4 111.2 0.1 234.7
Capital expenditure:
Property, plant and equipment - cash basis 581.0 99.3 - 680.3
Property, plant and equipment - accruals basis 604.6 102.6 - 707.2
Intangible assets 32.2 3.2 - 35.4
Depreciation - underlying (112.0) (59.4) - (171.4)
Amortisation - underlying (9.0) (2.7) (0.1) (11.8)
(11.8)
Revenues from external customers are split geographically as follows: 2016/17£m 2015/16£m
United Kingdom* 2,985.0 2,822.4
Non-United Kingdom 121.0 99.4
3,106.0 2,921.8
* United Kingdom (UK) revenue is revenue where the source of the supply is the
UK. This includes Costa franchise income invoiced from the UK.
Non-current assets** are split geographically as follows: 2017£m 2016£m
United Kingdom 4,123.4 3,973.1
Non-United Kingdom 184.5 163.2
4,307.9 4,136.3
** Non-current assets exclude derivative financial instruments
5. Non-underlying items
As set out in the policy in Note 3, we use a range of measures to monitor the
financial performance of the Group. These measures include both statutory
measures in accordance with IFRS and APMs which are consistent with the way
that the business performance is measured internally. We report underlying
measures because we believe they provide both management and investors with
useful additional information about the financial performance of the Group's
businesses. Underlying measures of profitablility represent the equivalent
IFRS measures adjusted for specific items that we consider hinder the
comparison of the financial performance of the Group's businesses either from
one period to another or with other similar businesses.
Previously this note was reported as exceptional items and non-underlying
adjustments. The definition and policy has been simplified in 2016/17 to
refer to non-underlying items only. There has been no change in definition or
metric and therefore presentation is reflected in the comparative disclosure
without any restatement of values.
2016/17 £m 2015/16 £m
Non-underlying items were as follows:
Operating costs:
Net gain/(loss) on disposal of property, plant and equipment and property reversions (a) 19.3 (20.9)
PI International business exit (b) (30.0) -
Costa international restructuring (c) (14.5) -
UK restructuring (d) (21.6) -
Settlement of historic VAT claim (e) 5.3 -
Net gain on disposal of investment in associate (f) 11.8 -
Intangible assets accelerated amortisation (g) - (10.1)
Amortisation of acquired intangibles (2.5) (4.3)
Impairment of property, plant and equipment (net of reversals) (h) (7.5) (5.4)
Non-underlying operating costs (39.7) (40.7)
Net finance costs:
IAS 19 pension finance cost (9.4) (17.2)
Unwinding of discount on provisions (i) (0.7) (0.7)
Non-underlying net finance costs (10.1) (17.9)
Non-underlying items before tax (49.8) (58.6)
Tax adjustments included in reported profit after tax, but excluded in arriving at underlying profit after tax:
Tax on non-underlying items 12.3 2.8
Non-underlying tax items - tax base cost 2.1 (0.1)
Deferred tax relating to UK tax rate change (j) 5.2 13.0
Non-underlying tax credit 19.6 15.7
(a) During the year, the Group made a net gain on asset disposals of £26.0m
through three sale and leaseback transactions. The balance relates to changes
in onerous contract provisions in the UK of £2.4m, Poland release of £(0.4)m
and Singapore of £2.9m and minor disposals in the year of £1.8m.
(b) On 13 July 2016, the Group announced its intention to exit hotel
operations in South East Asia. This has resulted in the recognition of
impairment losses on assets of £11.0m, investment in joint ventures of £0.9m
and goodwill of £3.0m as well as the recognition of a restructuring provision
of £15.1m for costs of exiting management agreements and closure of regional
offices.
(c) During the year Costa has undergone a strategic review of its
international operations. This has led to the decision to exit its French
equity business and to restructure its Chinese operations. In France this has
resulted in the recognition of impairment losses of £1.5m, store closure costs
of £0.8m and restructuring costs of £6.8m (including a restructuring provision
of £6.6m for redundancy and lease exit costs). In China the review has led to
impairment losses of £3.2m, store closure costs of £1.6m and onerous lease
provisions of £0.6m. The restructure is ongoing and there are expected to be
further closure costs in the next financial year. The share attributable to
the parent shareholders is £2.7m.
(d) During the year, the Group undertook significant operational
reorganisation of support centre operations. This restructuring has resulted
in costs of £12.4m, including staff redundancy and consultation costs, asset
impairments of £2.9m as well as the recognition of a restructuring provision
of £6.3m
- More to follow, for following part double click ID:nRSY1884DcRecent news on Whitbread
See all newsREG - Whitbread PLC - Transaction in Own Shares
AnnouncementREG - Whitbread PLC - Transaction in Own Shares
AnnouncementREG - Whitbread PLC - Director/PDMR Shareholding
AnnouncementREG - Whitbread PLC - Transaction in Own Shares
AnnouncementREG - Whitbread PLC - Director/PDMR Shareholding
Announcement