Interim Results: 31 March 2015 www.enterpriseinns.com - Ei Group plc
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Interim Results: 31 March 2015
www.enterpriseinns.com
Introduction Robert Walker
Overview Simon Townsend
Overview Performance highlights Financial and trading review Strategic review 03 Investor presentation 2015
Performance highlights
Leased and tenanted tied business model remains robust
Like-for-like Growth
net income Adjusted EPS Capex investment Business failures
0.6% 4.7% £33m 42% 21%
Disposals
£34m
Maintaining Stabilisation Enhancing Investment Further
like-for-like net of earnings returns through increasingly reduction
income growth achieved reinvestment focused on in business
of disposal growth driving failures
proceeds initiatives
Definitions disclosed in appendix 9
04 Investor presentation 2015
Financial & Trading Review
Neil Smith
Financial Highlights
Earnings in growth and debts reducing
Y-on-Y
6 months ended 31 March 2015 2014 change
Like-for-like net income growth 0.6% 1.1% -
EBITDA1 £144m £147m (2.0)%
Profit before tax1 £57m £55m 3.6%
Adjusted earnings per share1 9.0p 8.6p 4.7%
Free cash flow pre-investment and debt
repayment £43m £42m 2.4%
Group net debt £2,387m £2,477m (3.6)%
1 Excludes exceptional items.
Definitions disclosed in appendix 9
06 Investor presentation 2015
Income statement
6 months to 6 months to Year to
31 March 2015 31 March 2014 30 Sept 2014
Pre Pre
£m excep Excep Total excep Excep Total Total
EBITDA 144 - 144 147 (2) 145 289
Depreciation (8) - (8) (8) - (8) (16)
Operating profit 136 - 136 139 (2) 137 273
Property related - (21) (21) - (6) (6) (70)
Finance costs (79) (26) (105) (84) - (84) (167)
Profit before tax 57 (47) 10 55 (8) 47 36
Taxation (12) 6 (6) (12) 2 (10) (6)
Profit after tax 45 (41) 4 43 (6) 37 30
Adjusted EPS (p) 9.0 8.6
Weighted average
501.1 499.8
no. of shares (m)
07 Investor presentation 2015
Reconciliation of EBITDA
and like-for-like net income
6 months ended 31 March Total estate
like-for-like net
£m 2015 Movement 2014 Change %
income growth
Like-for-like net income1 178 1 177 0.6 of 0.6%
FY15 disposals 1 (1) 2
Translates to EBITDA
FY14 disposals - (2) 2 reduction of 2.0%
Unallocated costs (3) - (3) due to asset
disposals, with
Net income 176 (2) 178
pub numbers down
Property costs (15) (1) (14) 263 (4.8%)
Administrative expenses (17) - (17)
Administrative costs
EBITDA 144 (3) 147 (2.0) expected to rise in
H2 due to investment
in strategic evolution
of business
1 Relates to 5,196 trading estate at 31 March 2015
08 Investor presentation 2015
Improved like-for-like net income – up 0.6%
6 months ended 31 March 2015 (£m) Sales-led improvement
with growing income
from beer, aided
3.0 (2.3)
0.3
by discounts, driving
volume
178
177
Encouraged to report
rental income growth
Discretionary support
maintained at £3m in
the period
net income
Discounts
net income
Beer income
Rental income
H1 FY14
H1 FY15
Full detailed analysis included as appendix 2
09 Investor presentation 2015Reducing level of publican change
Important contributor to like-for-like net income improvement
Number of business failures Business failures
reduced by 21%
% of closing estate
9.4% 13.1% 12.8% 12.1% 12.4% 10.5% 9.1% 4.9% 4.0%
72 closed houses
to re-open
972
875
4% of closing estate
762
730
433
734
failed in H1
485 579
340 388
443
486 Average occupation
322 6 years
329 267
539 210
390 390 374 157
291 257 167
157 110 43
2008 2009 2010 2011 2012 2013 2014 H1 14 H1 15
Agreement failures Agreement surrenders
(unplanned) (planned)
10 Investor presentation 2015Like-for-like net income growth from total estate
2.7%
Sustained growth
performance
Growth in Q3 will be
challenging as 2014
1.6% included benefits of
FIFA World Cup
football tournament
0.8% 0.8% Targeting full year
0.7%
net income growth
0.5%
0.4%
Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
11 Investor presentation 2015Performance aided by strong South
Year to Strong performance
30 Sept in South of country,
6 months ended 31 March 2014
aided by London
Net income Year- Year- up 2.9%
on-year on-year
No. of FY15 FY14 change change
Location pubs £m % £m % %*
43% of income
derived from
North 1,527 48 27 49 (2.0) - South sector
Midlands 1,669 53 30 53 - 0.9
Stability of income
South 2,000 77 43 75 2.7 3.3 in Midlands
Total 5,196 178 100 177 0.6 1.7 North remains most
challenged sector
Highest earning
90% (4,675) pubs
reported growth
*The FY14 income change comparative has been restated to reflect
of 2.7%
like-for-like performance for the 5,196 pubs trading as at 31 March 2015
12 Investor presentation 2015Exceptional items primarily relate
to refinancing and property costs
6 months ended 31 March (£m) 2015 2014 Net charge
to income from
Property related:
property related
Profit on sale of pubs 3 7 items primarily
Valuation change on sold pubs (8) (3) in respect of
asset disposals
Valuation change on future sales (12) (6)
Goodwill (4) (4) Exceptional finance
costs relate to
Total property exceptionals (21) (6)
charges arising from
Finance costs (26) - partial refinancing of
Other - (2) 2018 Bonds in
October 2014
Exceptional items pre taxation (47) (8)
Taxation 6 2
Total exceptional items (41) (6)
13 Investor presentation 2015Strong operational cash generation
Year to Working capital
6 months ended 31 March 30 Sept outflow relates to
£m 2015 2014 2014 cyclical timing -
expected to improve
Operating profit 136 137 273
in second half
Depreciation & amortisation 8 8 16
Debt reduction
Deferred pension settlement - - 10
leads to lower
Movement in working capital (10) (8) - interest cash outflow
Operating cash inflow 134 137 299
Tax outflow increased
Interest (77) (84) (167) due to settlement
Tax (14) (11) (21) agreement reached
with HMRC in April
Free cash flow pre-investment
and debt repayment
43 42 111 2014 in respect of
historic liability
14 Investor presentation 2015Movement in net debt
£m Free cash flow
of £43m
Enhancing returns by
1
reinvesting disposal
43
(28)
proceeds of £34m
133 pubs disposed of
2,404
34 (33) 2,387 in the period with
average net
proceeds of £256k
£28m of cash
outflow in respect
investment
March 2015
Sept 2014
Disposals
Refinancing costs
pre-investment
Non-cash items
Net debt
Free cashflow
Net debt
Capital
of 2018 Bonds partial
refinancing in
October 2014
15 Investor presentation 2015Enhancing our estate quality
Reinvesting disposal proceeds to enhance returns
H1 FY15 Securing long term
future of quality pubs
Investment £33m by recycling funds from
disposal of unviable
operations
£(34)m Disposals
Divestment
Increased proportion
of capital investment
focused on growth
Full year expectation from 32% to 42%
Return on investment
Investment £70m (ROI) hurdle rate of
15%, with actual returns
of 19%
Disposals
Divestment
£(75)m Full year disposal
expectations increased
Growth (%) Letting & maintenance (%)
from £60m to £75m
16 Investor presentation 2015Loan-to-value stable at 60%
(63% excluding lotting premium)
£bn £35m securitised
4.0 bonds repaid in
period through
3.8
amortisation
2.4
New £138m bank
facility commenced
1.8 on 7 October 2014,
1.6 1.1
1.8
available until 2018
1.1
Bank debt net of
cash at 31 March
0.1 0.4 0.1
2015 was £69m
Bank Convertible Corporate Securitised Total
debt bonds bonds bonds
Net debt Assets Lotting premium
See appendix 5 for full analysis of Group net debt
17 Investor presentation 2015Regulatory update
Small Business, Enterprise and Employment Act 2015
Statutory Code of Practice overseen by independent Adjudicator
● Largely reflecting current self-regulatory regime - behaviours, remedies, sanctions
● Statutory Code applies to 6 companies (>500 tied pubs) comprising ~13,000 pubs
Market Rent Only (MRO) clause inserted in November 2014
● Specified trigger events allow tied tenants to opt for MRO
● Trigger events include renewal, rent review, “significant” price increases,
material change of circumstances
Royal Assent given on 26 March 2015
● Implementation expected by June 2016
Near term implications for Enterprise
● Administration and compliance costs estimated at £2m pa from implementation
● c.200 pubs with potential MRO trigger events in FY16
● c.600 pubs with potential MRO trigger events in FY17
18 Investor presentation 20152015 Technical guidance
Targeting full year like-for-like net income growth
More challenging trading comparatives in
quarter 3 due to 2014 FIFA World Cup
Total administrative charges of c. £36m
Full year interest costs (excluding exceptional
charges) of £158 - 160m
Full year effective tax rate c. 20.5%
Disposals of c. £75m
Capital investment of c. £70m
19 Investor presentation 2015Strategic Review Simon Townsend
Market context
Future prospects for the sector are more encouraging
Macro-economic UK eating out share vs GDP growth (%) Eating out vs drinking out
indicators are improving
On-trade beer volume
stable for the first time in
many years
Property values stable with Source: ONS, Datastream, Numis Securities Research Source: ONS, Datastream, Numis Securities Research
signs of rental growth
Pub beer/cider volumes (%) UK Pub Investment Yield Tracker
Increasing traction for the
economic importance of
the sector
Source: ONS, Datastream, Numis Securities Research Source: CBRE
21 Investor presentation 2015Market dynamics
Key drivers of success
Clear understanding and
application of consumer
insights
Format and location of
relevant retail propositions
Flexible models
● To meet evolving
consumer demands
● To respond to
competitor activity
Operational control where
appropriate
● To influence performance
and protect asset value
Investment to maintain
and refresh the offer
22 Investor presentation 2015Operating models – before
Limited optionality, and publican-dependent
Premium
Commercial
free-of-tie
(185)
Tied leases
Wet Led Food Led
and tenancies
(5,011)
Total trading estate
@ 31 March 2015
Value
5,196
23 Investor presentation 2015Our approach has evolved
Use consumer insight to establish optimal asset use
#1 #2 #3 #4
ANALYSE MATCH EVALUATE EXECUTE
Analyse and Match to Establish Utilise operational
segment the preferred retail methodology to flexibility to
estate by propositions evaluate optimum execute optimum
consumer model for each outcome
preferences available asset • Tied leases &
(including tenancies
disposal) • Managed house
• Commercial
property
(free-of-tie)
• Disposal
24 Investor presentation 2015Supply and demand segmentation
Catchment area analysis for each Enterprise pub
#1
ANALYSE
PUB
Demand Supply
Local Frequency of Potential Supply of Occasions Current
customer-base occasions by demand for occasions delivered by Enterprise estate
by segment customer occasions covered by formats by format
segment format
Comparison
Competing
Key outputs: pubs and
restaurants
Assessment of Enterprise pub by format
performance on a normalised basis
Identification of optimal pub format
given external environment
25 Investor presentation 2015Consumer insights informing retail offers
#2
MATCH
Premium Location
Destination ● Destination, urban, rural / community
Premium
Food Demographics
● Clientele, catchment area, drive time
Competition
Wet led Destination
● Direct and indirect
Mainstream Food led
Amenity
● Physical attributes, facilities, car park,
kitchen
Destination
Value
Mixed
Format
Value
● Food, drink, offer, pricing
26 Investor presentation 2015Operating models
Evaluation metrics
Evaluation Measurement
#3
EVALUATE Portfolio of assets
Tied tenancies
• Like-for-like net income • ROI/ROCE
Like-for-like income growth
• EBITDA • Business failure rate
EBITDA
• Capital invested • % growth capex
Execution risk • Tenant satisfaction
Capital requirement
Managed Earnings
Free cash flow • Like-for-like sales • ROI/ROCE growth and
• EBITDA • Footfall shareholder
Valuation
• Capital invested • Customer satisfaction returns
ROI
Commercial property
ROCE
• Rental income • Segment net
• Implied yield asset value
Optimal valuation Group
& returns • Net Debt / EBITDA
• Central costs as %
of EBITDA • ROCE
• Free cash flow
27 Investor presentation 2015Business transition
Evolving the business through effective management of transition “events”
#4
EXECUTE
EVENT OUTCOME
Other
Tied
Assignment
CURRENT EVALUATION FUTURE
ESTATE &
NEGOTIATION Managed ESTATE
Agreement
expiry Commercial
property/
free-of-tie
Rent review
Disposal
28 Investor presentation 2015Event management
Routine business activity - more options, better outcomes
Pre statutory code Post statutory code
635
578
Other events
Lease assignments
Lease expiries
129 140 89
Lease rent review
160 115 120
66
461 460 35 494
437
264 176
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
(FY13-FY14: Actual events. FY15-FY17: Estimated events)
29 Investor presentation 2015Operating models
More options providing flexibility
Premium
Managed Commercial Property
Tied leases (free-of-tie)
Expert
and tenancies
Managed
Wet Led Mainstream Food Led
(Bermondsey)
Managed
Community
(Craft Union)
Value
30 Investor presentation 2015Tied leases and tenancies
Reinvigorated model
Statutory Code protection
Enterprise investment
Flexible terms – discounts driving sales
Extensive product range
Enhanced SCORFA benefits
Local support
Consumer insights informing offers
Knowledge transfer from managed
operations
Future capex directed at shorter term
tenancies
Currently 60% leases, 40% tenancies
0.6% LFL net income YTD (whole estate)
31 Investor presentation 2015Managed expert
Partnering with exceptional retailers
Premium offer
High quality food
Complex operation
Prominent sites
First venture with Rupert Clevely
(ex Geronimo)
£20k + sales per week
c.£400k capex
Tailored deals
Conversion capability15-25 per year
Significant opportunity to leverage expertise
32 Investor presentation 2015Managed mainstream
The Bermondsey Pub Company – two preferred retail offers
Meeting Place
● ABC1 demographic
● Premium drinks (real ale, craft beers and spirits)
● 70% wet; 30% food
● High quality, fresh but simple food, sharing
● Full of character
● A place to meet business colleagues and friends
● Urban / suburban locations
Friends and Family
● C2DE demographic
● Mid-range offer
● 55% wet; 45% food
● Quality, value, traditional pub food
● Suburban / neighbourhood locations
£12k – 18k sales per week
c.£200k capex
10 sites to date
Conversion capability 35-50 per year
33 Investor presentation 2015Managed community
The Craft Union Pub Company
Community hub, wet-led offer
80-90% wet; 10-20% simple food
Value drinks range
Sports TV/entertainment
Support for local teams/clubs
£7-£12k sales per week
£75k capex
6 sites to date
Conversion capability100-125 per year
34 Investor presentation 2015Managed house operations
Well suited to the Enterprise estate
Annual roll-out potential 30% of the Enterprise estate already has a full
time manager - employed by agreement
holder
Model Range p.a.
Trials developed over last 12 months –
Expert 15-25 accumulated learning
Recruitment of skills and capabilities
Bermondsey 35-50 Development of financial controls and
back office infrastructure
Craft Union 100-125
Outsourcing capability where appropriate
Total Managed 150-200 Careful management of overhead and
potential complexity
35 Investor presentation 2015Commercial property
Attractive, high quality asset class
Recent appraisal by Colliers International
154 sites virtually all freehold
£53,000 average rent
Strong presence in London and SE
High proportion of prime or secondary
locations
Diversity of occupation, including corporates
98% long-term substantive agreements
Alternative use potential
300 sites by September 2016
150 - 200 sites added per year thereafter
Free-of-tie pubs (MRO) where value is
optimised
Fully repairing and insuring standard leases
Seek out development opportunities
Potential to list as a Real Estate Investment
Trust (REIT)
36 Investor presentation 2015Operating models- indicative profile 2020
More options providing flexibility
Premium
Tied leases Managed Commercial Property
and tenancies Expert (Free-of-tie)
(c.2,400) (c.100) (c.1,000)
Managed
Wet Led Mainstream Food Led
(Bermondsey)
Managed (c.200)
Community
(Craft Union)
(c.500)
Total estate Disposals
Value c. 4,200 c.1,000
37 Investor presentation 2015Capital recycling 2016 - 2020
Disposals proceeds fuelling majority of investment
Disposals Capital investment
£300m
c. £350m
c.
(£60m ) p.a (£70m ) p.a
£70m
Managed
Tenanted
Maintaining our current target
hurdle rate of > 15% ROI
38 Investor presentation 2015Our team
Enhancing our capabilities
Recruiting quality and experience
where required
Outsource where appropriate
Active areas of recruitment
● Retail concept
● Managed operations
● Real estate
● Business development
● Code compliance
● Change programme
Clear segregation of responsibilities
to protect business performance
39 Investor presentation 2015Strategy outcomes
Value creation for all stakeholders
Evolution of our operating
model enables us to adapt to
changing consumer behaviour
and competitor landscape
Operational flexibility which
unlocks embedded value in each
asset
Introduction of MRO increases
speed and depth of strategic
change
Organisation clearly focused
on continuing performance
improvement whilst building
operational flexibility
Large tied leased and tenanted
business for many years
40 Investor presentation 2015Levers of value creation
Put every asset to its optimal use
Reinvigorated Expanded
Commercial Asset
tenancy managed
property optimisation
business operation
• Flexible agreements • Premium retail offers • Robust commercial • Put every asset to
• Focused on short term through partnerships management its optimal use
tenancies • Mainstream mixed offer • Free-of-tie pubs with • Returns focused
• Freedom for operator • Tailored local turnover-related rent assessment
• Backed by capital community value offer • Non-licensed premises • Disposals where
investment • Disciplined growth • Property development returns optimised
• Local support partnerships
• Like-for-like net income • Potential future
growth conversion to REIT
Using consumer insight to inform & great people to deliver
41 Investor presentation 2015Questions & Answers
Appendices 1. Operational metrics 2. Like-for-like net income analysis 3. Supporting publican profitability 4. Balance sheet 5. Net debt analysis 6. ETI bank facility 7. ETI corporate bonds 8. Unique securitisation 9. Definitions 10. Forward-looking statements 43 Investor presentation 2015
Appendix 1
Operational metrics
256 rent reviews completed at an average annual increase of 0.7%
(H1 2014 - 202 reduction of 0.1%)
70% of substantive agreements linked to RPI (H1 2014 - 69%)
90% of publicans receiving contractual BCF discount (H1 2014 - 88%)
Overdue balances reduced by 6% to £3.1m (H1 2014 - £3.3m)
Rate of business failures reduced by 21% (H1 2014 – down 16%)
Total discretionary support unchanged at £3m (H1 2014 - £3m)
Average length of occupation 6 years
44 Investor presentation 2015Appendix 2
Like-for-like net income analysis
Beer, Net beer, Wines,
cider Contractual cider Rental Discretionary spirits & Machines
£m & fabs discounts & fabs income Concessions minerals & other Total
H1 2015
Turnover 241 (39) 202 81 (3) 14 5 299
Cost of sales (111) - (111) - - (10) - (121)
Net income 130 (39) 91 81 (3) 4 5 178
H1 2014
Turnover 239 (37) 202 81 (3) 14 5 299
Cost of sales (112) - (112) - - (10) - (122)
Net income 127 (37) 90 81 (3) 4 5 177
45 Investor presentation 2015Appendix 3
Supporting publican profitability
PUBLICAN
Digital
Discretionary (on-line
Road shows Training Range support ordering) Sports TV Free WiFi
• Over 1,900 • Over 1,000 • 490 brewers • £3m in H1 • Roll out in • Over 900 • Over 2,200
pubs in delegates FY15 FY14 H2 benefitting installed
attendance • Over 1,400 from SKY/BT
• e-Learning cask ales • Over 1,100 deal • Worth £500
• Over £7k of over 500 users to pa
value per delegates date • Saving up
pub to £3k pa
• 100 days
programme
46 Investor presentation 2015Appendix 4
Balance sheet
As at Assets –
As at 31 March 30 Sept predominantly
£m 2015 2014 2014 pub estate which
Goodwill & investments 334 341 338
is subject to annual
valuation
Pubs & other assets 3,843 3,973 3,874
Liabilities –
Net debt (2,387) (2,477) (2,404)
primarily net debt
Net other liabilities (149) (142) (168)
Net asset value
Deferred tax (236) (255) (237)
of £2.80
Net assets 1,405 1,440 1,403
47 Investor presentation 2015Appendix 5
Net debt analysis
As at As at
31 March 30 Sept
£m 2015 2014 2014
ETI bank debt (95) (107) (81)
ETI cash 26 28 35
ETI net bank debt (69) (79) (46)
Captive insurance cash 7 3 5
Convertible bonds (97) (97) (97)
Corporate bonds (1,125) (1,125) (1,125)
Total ETI debt (1,284) (1,298) (1,263)
Unique securitised bonds (1,186) (1,260) (1,221)
Unique cash 83 82 83
Total Unique debt (1,103) (1,178) (1,138)
Underlying Group net debt (2,387) (2,476) (2,401)
Fair value and other adjustments - (1) (3)
Group net debt (2,387) (2,477) (2,404)
48 Investor presentation 2015Appendix 6
ETI bank facility
New facility commenced on 7 October 2014 at £138m as follows:
Amount Cost over LIBOR Term Status
£138m 3.00% 4 years Fully revolving, no amortisation
As at 31 Mar As at 30 Sept
Covenant 2015 2014
Interest cover greater than 1.50x 1.97x 1.89x
First charge asset cover greater than 1.33x 5.12x 8.29x
Total property asset cover greater than 1.50x 12.15x 19.48x
49 Investor presentation 2015Appendix 7
ETI corporate bonds
Covenants Market price 31 March
Asset Income
Value Rate Redemption cover cover 2015 2014
£350m 6.500% 2018 1.67x 2.0x 107 n/a
£125m 6.875% 2021 1.50x 1.5x 103 102
£250m 6.000% 2023 1.67x 2.0x 100 n/a
£125m 6.875% 2025 1.50x 1.5x 102 106
£275m 6.375% 2031 1.67x 1.5x 99 97
£1,125m
50 Investor presentation 2015Appendix 8
Unique securitisation
Amortisation in the period - £24m of A3 notes and
£11m of A4 notes
£77m ahead of amortisation schedule
Market price 31 March
Final
Value Rate Note redemption 2015 2014
£362m 6.542% A3 2021 103 105
£409m 5.659% A4 2027 103 99
£225m 7.395% M 2024 103 97
£190m 6.464% N 2032 90 85
£1,186m
51 Investor presentation 2015Appendix 9
Definitions
Like-for-like net income – represents the like- Return on investment (ROI) – is measured as the
for-like pubs level gross profits stated before incremental income delivered as a result of the
property costs and unallocated central costs investment divided by the value of the capital
EBITDA before exceptional items – represents investment
the earnings before interest, taxation, Business failures, agreement surrenders –
depreciation and amortisation and are those lease or tenancy agreements that
excludes exceptional items do not reach their full term but are terminated
by mutual agreement of ourselves and the
Adjusted earnings per share – which the
departing publican
directors believe reflects the underlying
performance of the Group, is based on profits Business failures, agreement failures – are all
after tax excluding exceptional items other lease and tenancy agreements that do
not reach their full term, that are not achieved
Growth driving capital investment –
through mutual agreement of ourselves and
is discretionary capital cash spend on the
the departing publican
Group’s assets which is intended to generate
incremental income at returns ahead of our
target return on investment
Maintenance & letting capital investment –
is all capital cash spend that is not growth
driving capital investment, typically focused
on maintaining the quality of our assets and
supporting the letting programme
52 Investor presentation 2015Appendix 10 Forward-looking statements This document contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof such as “plans”, “expects” or “does not expect”, “is expected”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”, “estimates”, “aims”, “forecasts”, “risks”, “intends”, “positioned”, “predicts”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words or comparable terminology and phrases or statements that certain actions, events or results “may”, “could”, “should”, “shall”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward- looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy. By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Enterprise Inns. Forward-looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those discussed in the 2014 Annual Report and Accounts of Enterprise Inns and “Principal risks and uncertainties” in the 2015 Interim Results of Enterprise Inns. Neither Enterprise Inns nor any of its subsidiaries or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document. Other than in accordance with its legal or regulatory obligations (including under the Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), Enterprise Inns is not under any obligation and Enterprise Inns and its subsidiaries expressly disclaim any intention, obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Enterprise Inns since the date of this document or that the information contained herein is correct as at any time subsequent to its date. No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per Enterprise Inns share for the current or future financial years would necessarily match or exceed the historical published earnings per Enterprise Inns share. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The making of this presentation does not constitute a recommendation regarding any securities. 53 Investor presentation 2015
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