Review the balance sheet and accounts data provided in the 'Materials', 'Part 2'. Analyse the financial performance

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Review the balance sheet and accounts data provided in the 'Materials', 'Part 2'. Analyse the financial performance of the company and its ability to createe and capture value.

https://markets.ft.com/data/equities/tearsheet/summary?s=WTB:LSE

WHITBREAD GROUP PLC
Global ratios


	3/3/2022	25/2/2021	27/2/2020	28/2/2019	1/3/2018	2/3/2017	3/3/2016	26/2/2015	27/2/2014	28/2/2013
	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP
	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months
	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
	IFRS	IFRS	IFRS	IFRS	IFRS	Local GAAP	IFRS	IFRS	IFRS	IFRS

Profitability ratios
∟ ROE using P/L before tax (%)	0.65	-40.19	8.28	4.27	20.26	17.94	18.64	22.36	20.22	24.00
∟ ROCE using P/L before tax (%)	3.09	-12.28	6.29	4.16	15.11	13.26	13.53	14.86	14.10	14.22
∟ ROA using P/L before tax (%)	0.19	-11.77	3.70	3.36	11.63	10.35	10.64	12.12	10.24	10.64
∟ ROE using Net income (%)	0.41	-36.13	6.45	60.06	16.14	14.48	14.80	17.65	18.89	19.52
∟ ROCE using Net income (%)	3.00	-10.73	5.37	51.59	12.25	10.87	10.96	11.85	13.29	11.83
∟ ROA using Net income (%)	0.12	-10.58	2.89	47.26	9.26	8.35	8.45	9.57	9.57	8.65
∟ Profit margin (%)	1.00	n.s.	13.99	12.95	17.31	17.03	16.94	17.76	14.94	16.63
∟ Gross margin (%)	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ EBITDA margin (%)	30.30	-70.52	26.05	28.27	24.99	24.92	24.88	25.71	48.24	25.04
∟ EBIT margin (%)	12.46	n.s.	19.78	14.41	17.94	17.83	18.11	19.25	17.12	19.12
∟ Cash flow / Operating revenue (%)	18.47	-83.90	17.18	n.s.	20.83	20.82	20.22	20.48	45.08	19.45
∟ Enterprise value / EBITDA (x)	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Market cap / Cash flow from operations (x)	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

Operational ratios
∟ Net assets turnover (x)	0.24	0.11	0.30	0.28	0.81	0.73	0.74	0.80	0.82	0.77
∟ Interest cover (x)	1.06	-4.06	2.80	7.57	14.01	14.73	12.85	26.85	7.90	10.79
∟ Stock turnover (x)	94.47	62.12	150.11	141.32	67.52	64.44	62.03	68.28	75.22	72.55
∟ Collection period (days)	9	11	51	10	22	11	11	29	10	0
∟ Credit period (days)	367	754	29	14	72	19	18	63	17	0
∟ Export revenue / Operating revenue (%)	n.a.	n.a.	0.96	0.59	3.81	3.90	3.40	3.39	3.60	3.16
∟ R&D expenses / Operating revenue (%)	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

Structure ratios
∟ Current ratio (x)	0.67	0.68	0.95	6.07	0.43	0.91	0.72	0.44	0.35	0.32
∟ Liquidity ratio (x)	0.66	0.67	0.93	6.05	0.37	0.85	0.65	0.37	0.30	0.26
∟ Shareholders liquidity ratio (x)	0.60	0.62	1.02	5.67	2.27	2.22	2.03	1.77	1.56	1.15
∟ Solvency ratio (Asset based) (%)	29.57	29.28	44.76	78.69	57.41	57.70	57.08	54.21	50.64	44.33
∟ Solvency ratio (Liability based) (%)	41.99	41.40	81.04	n.s.	n.s.	n.s.	n.s.	n.s.	n.s.	79.63
∟ Gearing (%)	171.57	179.22	107.57	17.73	47.86	50.37	52.97	60.33	69.92	87.67

Per employee ratios
∟ Profit per employee (th)	1	-32	8	7	11	13	12	12	9	10
∟ Operating revenue per employee (th)	53	23	57	58	63	74	71	67	63	60
∟ Costs of employees / Operating revenue (%)	36.96	77.23	29.52	28.69	25.40	25.52	25.20	25.58	26.45	26.59
∟ Average cost of employee (th)	20	18	17	17	16	19	18	17	17	16
∟ Shareholders funds per employee (th)	82	79	97	175	53	70	64	53	47	42
∟ Working capital per employee (th)	-52	-47	4	0	-8	-1	0	-5	0	1
∟ Total assets per employee (th)	279	271	217	223	93	122	113	98	92	94

WHITBREAD GROUP PLC
Profit & loss account


	3/3/2022	25/2/2021	27/2/2020	28/2/2019	1/3/2018	2/3/2017	3/3/2016	26/2/2015	27/2/2014	28/2/2013
	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP
	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months
	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
	IFRS	IFRS	IFRS	IFRS	IFRS	Local GAAP	IFRS	IFRS	IFRS	IFRS
∟ Operating revenue (Turnover)	1,832,700	751,700	2,071,500	2,049,100	3,295,100	3,106,000	2,921,800	2,608,100	2,294,300	2,031,300
∟ Sales	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Costs of goods sold	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Gross profit	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Other operating expenses	1,604,300	1,582,000	1,661,700	1,753,900	2,704,000	2,552,200	2,392,600	2,106,100	1,901,600	1,643,000
∟ Operating P/L [=EBIT]	228,400	-830,300	409,800	295,200	591,100	553,800	529,200	502,000	392,700	388,300
∟ Financial P/L	-210,100	-205,400	-120,000	-29,800	-20,600	-25,000	-34,200	-38,800	-49,900	-50,600
∟ Financial revenue	4,900	-1,000	26,300	9,200	21,600	12,600	7,000	-20,100	-200	-14,600
∟ Financial expenses	215,000	204,400	146,300	39,000	42,200	37,600	41,200	18,700	49,700	36,000
∟ P/L before tax	18,300	-1,035,700	289,800	265,400	570,500	528,800	495,000	463,200	342,800	337,700
∟ Taxation	6,700	-104,800	63,900	50,300	116,200	102,100	101,900	97,600	22,600	63,000
∟ P/L after tax	11,600	-930,900	225,900	215,100	454,300	426,700	393,100	365,600	320,200	274,700
∟ Extr. and other P/L	n.a.	n.a.	n.a.	3,520,000	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Extr. and other revenue	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Extr. and other expenses	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ P/L for period [=Net income]	11,600	-930,900	225,900	3,735,100	454,300	426,700	393,100	365,600	320,200	274,700

Memo lines
∟ Export revenue	n.a.	n.a.	19,900	12,100	125,500	121,000	99,400	88,300	82,500	64,200
∟ Material costs	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Costs of employees	677,400	580,500	611,500	587,800	837,000	792,500	736,300	667,100	606,900	540,100
∟ Depreciation & Amortization	326,900	300,200	129,900	284,000	232,200	220,100	197,600	168,400	714,100	120,400
∟ Other operating items	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Interest paid	215,000	204,400	146,300	39,000	42,200	37,600	41,200	18,700	49,700	36,000
∟ Research & Development expenses	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Cash flow	338,500	-630,700	355,800	4,019,100	686,500	646,800	590,700	534,000	1,034,300	395,100
∟ Added value	1,237,600	49,400	1,177,500	4,696,200	1,681,900	1,579,000	1,470,100	1,317,400	1,713,500	1,034,200
∟ EBITDA	555,300	-530,100	539,700	579,200	823,300	773,900	726,800	670,400	1,106,800	508,700

WHITBREAD GROUP PLC
Balance sheet


	3/3/2022	25/2/2021	27/2/2020	28/2/2019	1/3/2018	2/3/2017	3/3/2016	26/2/2015	27/2/2014	28/2/2013
	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP	th GBP
	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months	12 months
	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
	IFRS	IFRS	IFRS	IFRS	IFRS	Local GAAP	IFRS	IFRS	IFRS	IFRS
Assets
Fixed assets	8,233,500	7,429,100	6,977,600	4,336,700	4,542,100	4,351,200	4,157,900	3,568,300	3,150,000	3,002,400
∟ Intangible fixed assets	159,300	159,100	172,800	175,600	300,700	275,700	258,100	248,100	223,000	215,400
∟ Tangible fixed assets	7,494,700	7,016,500	4,232,000	4,090,000	4,176,000	3,972,400	3,831,000	3,278,400	2,894,100	2,748,900
∟ Other fixed assets	579,500	253,500	2,572,800	71,100	65,400	103,100	68,800	41,800	32,900	38,100
Current assets	1,340,600	1,371,700	846,200	3,566,800	361,900	757,800	493,900	252,700	197,500	172,300
∟ Stock	19,400	12,100	13,800	14,500	48,800	48,200	47,100	38,200	30,500	28,000
∟ Debtors	45,500	22,100	292,800	55,700	202,700	92,600	92,700	211,200	66,900	0
∟ Other current assets	1,275,700	1,337,500	539,600	3,496,600	110,400	617,000	354,100	3,300	100,100	144,300
∟ Cash & cash equivalent	1,132,400	1,256,000	502,600	3,403,200	90,600	63,000	57,100	2,100	41,400	40,800
Total assets	9,574,100	8,800,800	7,823,800	7,903,500	4,904,000	5,109,000	4,651,800	3,821,000	3,347,500	3,174,700

Liabilities & equity
Shareholders funds	2,831,200	2,576,800	3,502,100	6,218,900	2,815,600	2,947,800	2,655,400	2,071,400	1,695,000	1,407,300
∟ Capital	133,700	133,700	133,700	133,700	133,700	133,700	133,700	133,700	133,700	133,700
∟ Other shareholders funds	2,697,500	2,443,100	3,368,400	6,085,200	2,681,900	2,814,100	2,521,700	1,937,700	1,561,300	1,273,600
Non-current liabilities	4,728,100	4,191,700	3,429,800	1,097,000	1,238,700	1,325,200	1,308,100	1,171,800	1,089,200	1,220,200
∟ Long term debt	4,564,400	4,110,000	743,700	819,900	814,500	803,900	882,500	526,000	433,000	521,600
∟ Other non-current liabilities	163,700	81,700	2,686,100	277,100	424,200	521,300	425,600	645,800	656,200	698,600
∟ Provisions	162,500	56,000	145,400	133,300	103,800	74,300	117,400	27,800	79,500	139,300
Current liabilities	2,014,800	2,032,300	891,900	587,600	849,700	836,000	688,300	577,800	563,300	547,200
∟ Loans	129,300	426,500	337,400	5,600	108,900	159,700	98,400	77,900	95,900	13,600
∟ Creditors	1,865,900	1,575,300	165,500	78,000	662,600	162,100	144,400	458,000	109,300	0
∟ Other current liabilities	19,600	30,500	389,000	504,000	78,200	514,200	445,500	41,900	358,100	533,600
Total shareh. funds & liab.	9,574,100	8,800,800	7,823,800	7,903,500	4,904,000	5,109,000	4,651,800	3,821,000	3,347,500	3,174,700

Memo lines
∟ Working capital	-1,801,000	-1,541,100	141,100	-7,800	-411,100	-21,300	-4,600	-208,600	-11,900	28,000
∟ Net current assets	-674,200	-660,600	-45,700	2,979,200	-487,800	-78,200	-194,400	-325,100	-365,800	-374,900
∟ Enterprise value	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
∟ Number of employees	34,328	32,503	36,034	35,514	52,705	42,044	41,175	38,816	36,447	33,716