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WHITBREAD

(WTB GB00B1KJJ408 GBX)

Value 1,684.000

Change Today -12.00

Updated08/02 16:35

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PROFILE

Registered Number	4120344
Registered Address	Whitbread Court Houghton Hall Business Park Porz Avenue Dunstable; Bedfordshire LU5 5XE
Phone Number	+44 (0) 1582 2424200
Fax Number
Website	http://www.whitbread.co.uk
Activities	Operates restaurants hotels fitness clubs hotels and breweries
Country of Register	GB
Currency	GBX
Short Name	WHITBREAD
First Day Traded	08/01/2007
Industrial Sector	Restaurants & Bars
Number of shares	177m

Key People

Anthony Habgood	Chairman
Alan Parker	Chief Executive Officer
Simon Melliss	Non Executive Director
Stephen Williams	Non Executive Director
Richard Baker	Non Executive Director
Wendy Becker	Non Executive Director
Patrick Dempsey	Director
Andy Harrison	Director
Christopher Rogers	Financial Director
Philip Clarke	Non Executive Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	7.69%
Schroder Investment Management Ltd.	5.83%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	28/02/2007	29/02/2008	28/02/2009	28/02/2010	28/02/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	1,410.80	1,216.70	1,334.60	1,435	1,599.60
Cost of Goods Sold (COGS) incl. D&A	199	185.50	199.80	213.50	237.10
COGS excluding D&A	96.20	96.50	103.50	117.60	135.90
Depreciation & Amortization Expense	102.80	89	96.30	95.90	101.20
Depreciation	100.30	86.30	89.50	92	98.30
Amortization of Intangibles	2.50	2.70	6.80	3.90	2.90
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	1,211.80	1,031.20	1,134.80	1,221.50	1,362.50
Selling, General & Administrative Expense	961.40	801.50	879	954.30	1,045.20
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	961.40	801.50	879	954.30	1,045.20
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	196.60	-19.80	12.50	-21.90	-14.30
Non-Operating Interest Income	1.20	3.80	2	0.90	1.40
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	34	48.60	38.20	9	5.50
EBIT after Unusual Expense	0	0	-38.20	0	0
Interest Expense	39.60	30.60	32.50	26.80	25.70
Gross Interest Expense	41.20	31.90	35.50	27.30	28.50
Interest Capitalized	1.60	1.30	3	0.50	2.80
Pretax Income	374.60	134.50	199.60	210.40	273.20
Income Tax	145.80	51.30	108.30	48	49.10
Income Tax - Current Domestic	17.40	30.40	60	57.30	71.20
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	128.40	20.90	48.30	-9.30	-22.10
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	-0.30	-0.80	-1.50	-1	-1.20
Equity in Affiliates	0.60	0.10	-1	-2.40	-2
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	229.70	84.10	91.80	161	223.30
Extraordinaries & Discontinued Operations	52.10	461.50	0	0	0
Extra Items & Gain/Loss Sale Of Assets	52.10	461.50	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	281.80	545.60	91.80	161	223.30
Preferred Dividends	0	0	0	0	0
Net Income available to Common	229.70	84.10	91.80	161	223.30
Operational EPS	110.17	62.04	68.13	95.76	128.92
EPS (basic)	100.61	44.42	52.82	92.37	127.16
EPS (diluted)	99.83	44.17	52.76	92.16	126.73
EBITDA	353.20	318.70	352.10	363.10	418.50
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	102.80	89	96.30	95.90	101.20

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	28/02/2007	29/02/2008	28/02/2009	28/02/2010	28/02/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	78.80	107.10	44.50	47	38.20
Cash Only	70.50	107.10	23	40.10	0
Short-Term Investments	8.30	0	21.50	6.90	0
Total Accounts Receivable	55.30	37.10	39.50	60.90	54.60
Accounts Receivables, Net	30.10	31.90	35.70	49.70	49.90
Accounts Receivables, Gross	30.10	35.10	39.20	53	53.20
Bad Debt/Doubtful Accounts	0	-3.20	-3.50	-3.30	-3.30
Other Receivables	25.20	5.20	3.80	11.20	4.70
Inventories	12.80	13.20	16.50	17	18.40
Finished Goods	11.80	12.20	14.30	15.70	16.30
Work in Progress	0	0	0	0	0
Raw Materials	1	1	2.20	1.30	2.10
Progress Payments & Other	0	0	0	0	0
Other Current Assets	19.30	25.80	27.50	39.50	29.70
Prepaid Expenses	19.30	25.80	27.50	0	0
Miscellaneous Current Assets	0	0	0	39.50	29.70
Total Current Assets	166.20	183.20	128	164.40	140.90
Net Property, Plant & Equipment	2,487.60	2,127.40	2,301.10	2,310.70	2,415.90
Property, Plant & Equipment - Gross	2,942.80	2,496.50	2,720.70	2,768.30	2,916.70
Buildings	2,164.60	1,820.20	1,958.40	1,980.30	2,074.20
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	762.30	788	842.50
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	778.20	676.30	0	0	0
Accumulated Depreciation	455.20	369.10	419.60	457.60	500.80
Buildings	159.60	125.80	153.70	161.10	177.50
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	265.90	296.50	323.30
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	295.60	243.30	0	0	0
Total Investments and Advances	59.90	5.20	25	20.20	19.70
LT Investment - Affiliate Companies	2	4.30	24.10	19.30	18.80
Other Long-Term Investments	57.90	0.90	0.90	0.90	0.90
Long-Term Note Receivable	0	0	0	0	2.90
Intangible Assets	78.50	125.20	118.90	150	204.30
Net Goodwill	60.50	110.60	110.50	135.80	176.80
Net Other Intangibles	18	14.60	8.40	14.20	27.50
Other Assets	59.10	0	0	2.30	4
Deferred Charges	0	0	0	0	0
Tangible Other Assets	59.10	0	0	2.30	4
Total Assets	2,916.70	2,453	2,650.80	2,749.20	2,888.10
ST Debt & Curr. Portion LT Debt	86.30	377	1.90	31.40	4.20
Short Term Debt	86.30	376	1.80	31	4
Current Portion of Long Term Debt	0	1	0.10	0.40	0.20
Accounts Payable	110.30	103.20	106.60	124.80	112.90
Income Tax Payable	0	6.80	16.40	0	15.40
Other Current Liabilities	183	170.80	168.10	201.80	199
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	183	170.80	168.10	201.80	199
Total Current Liabilities	379.60	657.80	293	358	331.50
Long-Term Debt	882.80	155.90	665.70	529	521.90
Long-Term Debt excl. Capitalized Leases	882.80	155.90	665.70	529	521.90
Non-Convertible Debt	882.80	155.90	665.70	529	521.90
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0	0	0	0	0
Provision for Risks & Charges	211.20	60.40	254.60	466.40	517.80
Deferred Taxes	309.50	293	195.70	160.80	142.70
Deferred Taxes - Credit	374.90	305	273.50	262.40	243.10
Deferred Taxes - Debit	-65.40	-12	-77.80	-101.60	-100.40
Accumulated Minority Interest	0.30	0	0.70	1	1.80
Other Liabilities	5.90	12	35.50	25.40	31.80
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	5.90	12	35.50	25.40	16.60
Deferred Income	0	0	0	0	15.20
Total Liabilities	1,854.40	1,191.10	1,522.30	1,641.20	1,646.10
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	3.20	0	0	0	0
Redeemable Preferred Stock	3.20	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	1,058.80	1,261.90	1,127.80	1,107	1,240.20
Common Stock Par/Carry Value	151.90	148.80	145.30	146.40	147
Additional Paid-In Capital/Capital Surplus	38.10	43.80	46.10	49.10	50.80
Retained Earnings	883.90	1,350.90	1,183.80	1,151.80	1,273.80
ESOP Debt Guarantee	-16	-281	-10.30	-6	-12.20
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0.80	0	-33.40	-30.60	-22.80
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0.10	-0.60	12.30	12.30	12.30
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	-216	-216	-208.70
Total Shareholders' Equity	1,062	1,261.90	1,127.80	1,107	1,240.20
Liabilities & Shareholders' Equity	2,916.70	2,453	2,650.80	2,749.20	2,888.10

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	28/02/2007	29/02/2008	28/02/2009	28/02/2010	28/02/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	281.50	544.80	90.30	160	222.10
Depreciation, Depletion & Amortization	102.80	89	96.30	95.90	101.20
Depreciation and Depletion	100.30	86.30	89.50	92	98.30
Amortization of Intangible Assets	2.50	2.70	6.80	3.90	2.90
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	-98.60	-396.90	91.70	35	44.60
Funds from Operations	285.70	236.90	278.30	290.90	367.90
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-36.20	-95.70	-63.50	1.40	-19.80
Receivables	74.70	-18.60	-0.60	-21.60	8.80
Inventories	4.10	-0.90	-3.30	0.10	0
Accounts Payable	-4	-20.10	10.60	39.70	-10.20
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-111	-56.10	-70.20	-16.80	-18.40
Net Operating Cash Flow	249.50	141.20	214.80	292.30	348.10
Capital Expenditures	243.30	285	276.30	131.70	202.20
Capital Expenditures (Fixed Assets)	241.20	283.70	275.70	127.10	199.60
Capital Expenditures (Other Assets)	2.10	1.30	0.60	4.60	2.60
Net Assets from Acquisitions	-2.70	-52.20	-30.40	-38.80	-59.50
Sale of Fixed Assets & Businesses	487.60	0	0	41.80	3.10
Purchase/Sale of Investments	361.50	982.70	-17.10	-3.20	-3.40
Purchase of Investments	0	-1.60	-17.10	-3.20	-3.40
Sale/Maturity of Investments	361.50	984.30	0	0	0
Other Uses	0	0	-1	0	0
Other Sources	0	29.20	0	0	0
Net Investing Cash Flow	603.10	674.70	-324.80	-131.90	-262
Cash Dividends Paid - Total	-529	-60.70	-64.10	-53.90	-61.50
Common Dividends	-529	-60.70	-64.10	-53.90	-61.50
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-268.20	-351.50	-23.10	4.10	-2.80
Repurchase of Common & Preferred Stk.	-275.80	-357.90	0	0	-5.10
Sale of Common & Preferred Stock	7.60	6.40	-23.10	4.10	2.30
Proceeds from Stock Options	7.60	6.40	-23.10	4.10	2.30
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-48.20	-367.10	134.60	-107.90	-28.90
Change in Current Debt	26.10	9.70	-94.20	29.20	-25.50
Change in Long-Term Debt	-74.30	-376.80	228.80	-137.10	-3.40
Issuance of Long-Term Debt	49.10	0	228.80	0	100.70
Reduction in Long-Term Debt	-123.40	-376.80	0	-137.10	-104.10
Other Funds	0	0	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-845.40	-779.30	47.40	-157.70	-93.20
Exchange Rate Effect	-1.20	0	0	-0.20	-0.20
Miscellaneous Funds	-0.00	-0.00	-0.00	0.00	0.00
Net Change in Cash	6	36.60	-62.60	2.50	-7.30
Free Cash Flow	-520.70	-203.20	-125	111.30	87

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-02-28	2008-02-29	2009-02-28	2010-02-28	2011-02-28
Valuation
Market Capitalisation	3,228.82	2,224.36	1,305.38	2,589.25	3,024.87
Price/Earnings	16.22	28.50	14.17	15.94	13.43
Price/Sales	2.64	1.97	0.97	1.79	1.87
Price/Book Value	3.05	1.76	1.16	2.34	2.44
Price/Cash Flow	15.05	17.07	6.06	8.80	8.65
Enterprise Value/EBIT	18.57	12.35	7.53	11.55	11.03
Enterprise Value/EBITDA	13.16	8.90	5.47	8.50	8.36
Enterprise Value/Sales	3.30	2.33	1.44	2.15	2.19
Total Debt/Enterprise Value	0.21	0.19	0.35	0.18	0.15
Total Debt/EBITDA	2.74	1.67	1.90	1.54	1.26
EPS (basic)	100.61	44.42	52.82	92.37	127.16
EPS (diluted) as stated	99.83	44.17	52.76	92.16	126.73
Profitability
Gross Margin (%)	85.89	84.75	85.03	85.12	85.18
Operating Margin (%)	17.75	18.88	19.17	18.62	19.84
Pretax Margin (%)	26.55	11.05	14.96	14.66	17.08
Net Margin (%)	16.28	6.91	6.88	11.22	13.96
Return on Assets (%)	7.15	3.13	3.60	5.96	7.92
Return on Equity (%)	17.63	7.24	7.68	14.41	19.03
Return on Avg. Total Capital (%)	10.00	4.40	5.11	9.30	13.01
Return on Avg. Invested Capital (%)	10.53	5.00	5.72	9.39	13.14
Efficiency
Revenue/Employee	0.05	0.05	0.05	0.06	0.06
Receivables Turnover	16.43	26.34	34.85	28.59	27.70
Days of Sales Outstanding (DSO) (%)	22.21	13.86	10.47	12.77	13.18
Inventory Turnover	13.14	14.27	13.45	12.75	13.40
Days of Inventory on Hand (DIO)	27.79	25.58	27.13	28.64	27.25
Total Asset Turnover	0.44	0.45	0.52	0.53	0.57
Working Capital Turnover	0.00	0.00	0.00	0.00	0.00
Liquidity
Current Ratio	0.44	0.28	0.44	0.46	0.43
Quick Ratio	0.40	0.26	0.38	0.41	0.37
Capital Structure
Debt-to-Total Equity (%)	91.25	42.23	59.19	50.62	42.42
Debt-to-Total Capital (%)	47.71	29.69	37.18	33.61	29.79
Debt-to-Total Assets (%)	33.23	21.72	25.18	20.38	18.22
Interest Coverage	6.08	7.20	7.21	9.79	11.13

Market data

Name	Latest	Var
FTSE 100	5,875.93(c)	-0.24%
FTSE 250	11,161.88(c)	-0.28%
DOW INDUSTRIALS	12,883.95(c)	+0.04%
HONG KONG HANG SENG INDIC	21,018.46	+0.00%
Nikkei 225	8,831.93(c)	-2.04%

Name	Latest	Var
RECKITT BEN. GP	3,479.00(c)	+2.87%
ESSAR ENERGY WI	135.80(c)	+2.34%
AMEC	1,071.00(c)	+2.29%
ASHMORE	390.40(c)	+1.85%
SMITHS GROUP	1,015.00(c)	+1.81%

Name	Latest	Var
WEIR GRP.	1,984.00(c)	-3.22%
INTL POWER	333.00(c)	-2.83%
CENTRICA	294.50(c)	-2.71%
SAGE GRP.	295.60(c)	-2.70%
BHP BILLITON	2,130.00(c)	-2.29%

Buys

Name	Latest	Var
LLOYDS GRP.	35.78(c)	+1.47%
GULF KEYSTONE	316.25(c)	+1.69%
VODAFONE GRP.	173.60(c)	-0.77%
GLAXOSMITHKLINE	1,392.50(c)	-0.96%
BARCLAYS	233.60(c)	-1.35%

Sells

Name	Latest	Var
BARCLAYS	233.60(c)	-1.35%
LLOYDS GRP.	35.78(c)	+1.47%
COSALT	1.40(c)	+64.71%
BP	489.75(c)	+0.67%
MOTIVE TV	0.21(c)	+2.44%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

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WHITBREAD

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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