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1、YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2017ANNUAL REPORTFOR THE 53 WEEKS ENDED 3 APRIL 2017Strategic reportChairmans statement 3Chief executives review 5Principal risks and uncertainties 8Business and financial review 10Directors reportOur board 16Committees 17Other disclosures 21Preparation and dis
2、claimer 22Financial statementsIndependent auditors report 23Group income statement 24Statements of comprehensive income 25Balance sheets 26Statements of cash flow 27Group statement of changes in equity 28Parent company statement of changes in equity 29Notes to the financial statements 30Five year re
3、view 60Shareholder informationNotice of meeting 61Explanatory notes to the notice of meeting 65Youngs pubs and hotels 66Senior personnel,committees and advisers 68Shareholder information 68Pub quizContents18?193?197?200?20?18?193?198?20?Young&Bainbridge buy the Ram BreweryFirst pub with guest bedroo
4、ms is purchased35 years of service club is introducedYoung&Co.s sells the Ram BreweryYoungs On Tap is launchedYoung&Co.s is incorporatedFirst woman to work for Young&Co.s is employedQueen Elizabeth II visits the Ram BreweryYoung&Co.s buys Geronimo InnsThe answers to the above are from the independen
5、t adjudicators report and set out on page 69.YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 20171 2017 2016 53 weeks 52 weeks%m m CHANGERevenue 268.9 245.9+9.4Adjusted operating profit(1)(2)46.1 41.2+11.9Operating profit(2)42.7 38.4+11.2Adjusted profit before tax(1)(2)40.4 35.6+13.5Profit before tax(2)37.0
6、32.8+12.8Net cash generated from operations 63.5 60.4+5.1Adjusted basic earnings per share(1)(2)66.43p 58.44p+13.7Basic earnings per share(2)61.51p 54.73p+12.4Dividend per share 18.50p 17.45p+6.0(interim and recommended final)Net assets per share(3)10.10 9.30+8.6All of the results above are from con
7、tinuing operations.(1)Reference to an“adjusted”item means that item has been adjusted to exclude exceptional items(see notes 9 and 10).(2)The prior period comparatives have been restated for a non-cash adjustment in respect of the treatment of short leasehold premiums(see note 1).(3)Net assets per s
8、hare are the groups net assets divided by the shares in issue at the period end.Financial highlightsStrategic report Directors report Financial statements Shareholder information2Charly local at Hand in Hand(Wimbledon)“The people,sense of community,great company and superb food are why I have been c
9、oming to the Hand in Hand for the last 6 years.”YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 20173Nick Bryan was a great asset to our business over the past 11 years,six of those as Chairman,and I am just one of many that are grateful for his stewardship and the rich health in which he left the Youngs bus
10、iness.Im sure that all shareholders will join me in raising a glass to Nick and wishing him well.He will be a tough act to follow but,with the support of my fellow board members,I look forward to approaching the Chairman role with the same passion and enthusiasm that I have had for Youngs over the p
11、ast 22 years.It has been a period of both success and succession within Youngs this year.We have cemented ourselves as a leader in our sector while seamlessly making the planned board changes to continue our winning formula.The success of our business is driven by our core beliefs and unwavering com
12、mitment to deliver on our strategy to operate premium,individual and differentiated pubs that are well-invested in every aspect:people,dcor,product and technology.Total revenue was up 9.4%,with Youngs,Geronimo and the Ram Pub Company all in high single digit growth,and this year managed house like-f
13、or-like sales were up 4.7%.Underlying adjusted profit before tax was up 13.5%to 40.4 million;once exceptional items are included,profit before tax was up 12.8%to 37.0 million.This year was a 53 week year(2016:52 weeks);on a comparable 52 week basis,total revenue was up 7.0%and adjusted profit before
14、 tax was up 10.7%.Youngs is a well-established business and the board changes over the past year have been carefully planned to ensure that we continue our upward march.Patrick Dardis will have completed his first year as Chief Executive in July;his progression from Retail Director has been very smo
15、oth given his vast experience in our industry and the operational aspects of Youngs.Last summer we announced that Peter Whitehead had decided to step down in September as Finance Director after 19 highly successful years in the role,Steve Robinson,who had over 7 years experience in the Youngs financ
16、e function,stepped up to the board as Chief Financial Officer.At the same time,we announced the promotion of Tracy Read to the board as People Director.People are at the heart of our business and with Tracys experience Im confident that our ability to attract,retain and develop talent will improve f
17、urther.The final change to the make-up of our board was the recruitment of Nick Miller who joined as a Non-executive Director on 4 April 2017.Nick is highly respected in the industry having been the Managing Director of Miller Brands,the UK arm of SABMiller,and most recently CEO of Meantime Brewing
18、Company.His experience and fresh perspectives will complement our board.Although our leadership has changed this year,our strategy and delivery of strong shareholder returns has not.Basic earnings per share increased by 12.4%;once adjusted for exceptional items and the associated tax on those items,
19、they increased by 13.7%to 66.43 pence.The board is therefore delighted to recommend our 20th consecutive final dividend increase,this time by 6.1%to 9.62 pence.If approved by shareholders,this will result in a total dividend for the year of 18.50 pence(2016:17.45 pence).The final dividend is expecte
20、d to be paid on 13 July 2017 to shareholders on the register at the close of business on 9 June 2017.I am confident that we have the expertise and energy throughout our organisation to continue our outperformance of the sector.On behalf of the board,I am truly grateful to everyone in our pubs and at
21、 head office that helps make Youngs the success story that it is today.Stephen GoodyearChairman24 May 2017Stephen GoodyearChairman9.4%Revenue20th consecutive increase of dividend13.5%Adjusted profit before tax+Chairmans statementStrategic report Directors report Financial statements Shareholder info
22、rmationI am very proud to have been offered the chance to continue my long association with Youngs,and to serve as its Non-executive Chairman.4Ian local at Richard 1st(Greenwich)“Ive been coming here for over 40 years to meet with friends and to make new ones.I think this is the best the pub has eve
23、r been thanks to its recent refurbishment and the excellent staff.”YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2017YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 20175Revenue was up 9.4%to 268.9 million and within managed houses,which make-up 94.8%of our total sales,like-for-like sales were up 4.7%.Operating cas
24、h generation is at an all-time high at 63.5 million(2016:60.4 million)which has allowed us to continue our investment plans,both through internal developments and acquisitions,while also reducing our net debt.At the year-end,our net debt to adjusted EBITDA ratio was 1.9 times(2016:2.2).Our profitabi
25、lity is also improving,with basic earnings per share increasing by 12.4%to 61.51 pence(2016:54.73 pence)and adjusted basic earnings per share by 13.7%to 66.43 pence.Creating an experience is keyThe pub is now the most popular destination for eating out in the evening,with 37%of Britons visiting pubs
26、 more regularly than restaurants and fast food outlets.Furthermore,spend in pubs is growing,outstripping the increase in overall national consumer spending.We operate in the premium pub sector and the resilience of this segments more affluent customer base has,so far,been particularly encouraging.Co
27、nsumers,when they do go out,are looking for an experience,and going to a Youngs pub is seen as an affordable lifestyle choice a treat but not an extravagance.Our well-invested,well-positioned pub estate is geared up to deliver those experiences through our highly motivated and talented staff and our
28、 premium and evolving product range.The estate now stands at 252 pubs;we acquired four pubs during the period,sold one and two leases expired.Its value has increased again,now to 689.1 million(2016:649.8 million),and this firm foundation allows us to look for further opportunities to expand,whether
29、that be on an individual pub purchase basis or groups.Proven track record,ready for challenges aheadOur performance in recent times has been highly consistent;the outperformance of our managed estate has been the reward for our consistent strategy of running differentiated,individual pubs at the hea
30、rt of the communities in which they reside.However,we live in interesting times with both economic uncertainty and the political environment becoming unpredictable as a result of the snap UK General Election.Looking forward,there will be some impact to our margins due to the significant hike in busi
31、ness rates,the next instalment of the National Living Wage and the introduction of the Apprenticeship Levy,as well as by a predicted period of cost inflation.Business rates have been a contentious subject for the retail sector and it is with cautious optimism that we greeted the Governments acknowle
32、dgement of the issue and the Chancellors announcement that it would commit to reform.We believe that there must be a better method to calculating business rates to level the playing field between physical and online based companies and would welcome and support any initiative to achieve this.Patrick
33、 DardisChief Executive135(2016:131)79(2016:80)38(2016:40)Chief executives reviewMy first aim as incoming Chief Executive was to continue the good work of my predecessors and build on the success we have created to date.I am therefore delighted to announce that the 53 weeks ended 3 April 2017 has see
34、n another strong performance.Strategic report Directors report Financial statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 20176We measure the development,performance and position of our business against a number of key indicators.The reference to an“adjusted”item means that i
35、tem has been adjusted to exclude exceptional items.These alternative performance measures have been provided to help investors with additional measures of the groups underlying performance.Adjusted profit before tax m This is our profit before tax on continuing operations only,adjusted to exclude an
36、y exceptional items for the group.(See notes 9 and 10).2015154020452550305535604065457020162017Adjusted earnings per share(pence)This is our adjusted profit before tax,but after tax has been deducted,divided by the weighted average number of ordinary shares in issue.(See notes 9 and 15).201520162017
37、Like for like revenue%This is our revenue growth for this period compared with the previous period for our managed pubs and hotels that traded throughout both periods.Revenue m This is our total group revenue,including both managed and tenanted businesses.20150123465720162017201521022023024025026027
38、020162017RevPAR This is our revenue per available bedroom;it is the average room rate achieved multiplied by the occupancy percentage.20155052545658606220162017Adjusted EBITDA m This is our adjusted earnings before interest,taxes,depreciation and amortisation.(See notes 9 and 10).Interest cover(time
39、s)This is our adjusted operating profit divided by our finance costs.2015345678920162017Gearing%This is our net debt divided by our net assets(expressed as a percentage).Recycling(tonnes)This is the amount of waste we recycleand divert from landfill.20150201030405020162017201540455055607065201620173
40、5.658.4428.831.658.452.260.0156.826.540.47.88.466.4325.766.560.865.64.732.27.251.04268.9245.9227.020153,0004,0005,0006,0007,000201620176,7685,8034,481How we performedYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 20177Additionally,the Governments surprising recent increase in alcohol excise duty by almost 4
41、%has not helped an industry that invested over 2bn and contributed over 23bn overall to the British economy in 2016,and currently employs over 900,000 people.Despite that backdrop,we remain positive and will channel our efforts into our proposition and continue to deliver great customer service.Supe
42、rior productivity,aided by our investment and innovation in technology,will mitigate some cost pressures.We are also mindful that pubs are people businesses and are enjoyable places to work;therefore maintaining the morale and motivation of our staff is paramount.We have a strong track record;a very
43、 clear and consistent strategy;the financial muscle to continue to grow and an engaged team of people that are our main competitive advantage.Despite the headwinds,we look forward to continuing to surprise and delight our customers,and will work Terry and Jayne locals at Lock Keeper(Keynsham)“The Lo
44、ck Keeper has been an extension of our home for the last 10 years whenever we eat here it feels like sitting down for a meal with one big family.”hard to continue to grow our estate through carefully selected acquisitions and development opportunities,all key ingredients in delivering superior retur
45、ns for our shareholders.Patrick DardisChief Executive24 May 2017Strategic report Directors report Financial statements Shareholder information8Our revenue is largely dependent on consumer spending within our managed estate.A consumers decision to spend their money can be affected by a broad range of
46、 matters(including confidence in the economy,the weather,fears of terrorist activity and improved awareness of the potential adverse health consequences associated with alcohol),all set against a background of an ever-increasing choice of where to go and what to do.We operate a defined benefit pensi
47、on scheme,the Young&Co.s Brewery,P.L.C.Pension Scheme,which has to be funded to meet agreed benefit payments.The value of the scheme,and therefore its funding,is subject to changes in life expectancy assumptions,lower than anticipated performances of the stock market and by reduced bond yields.Varia
48、tions in the difference in value between the assets of the scheme and its liabilities may increase the amount we are required to pay into it in order to account for past service benefit deficits and future service benefit accruals.Various factors may result in the amount we pay for our key supplies(
49、including food,drink,gas and electricity)and labour being increased.Following on from the Governments introduction of the National Living Wage,the hourly rate will increase to 7.50 with effect from April 2017,with annual stepped increases to follow.Increased costs could potentially make our offer le
50、ss attractive to consumers if they are passed on.A reduction in revenue and/or increased costs will have an impact on our margins and result in lower profits.The pub industry is subject to a variety of taxes,including business taxes,duty on alcoholic drinks and business rates.New rateable values for
51、 all of our properties came into effect in April 2017 following the 2017 Rating Revaluation undertaken by the Government.The new rating assessments have resulted in materially higher business rates payable by the group as a whole.Our financial structure involves bank borrowings.The business therefor
52、e needs to generate sufficient cash to repay these debts with accrued interest.Interest rates are also subject to change.Our pubs and hotels are spread throughout southern England,albeit the majority are within the M25.Through them,we are able to provide a hospitable and welcoming home from home,oft
53、en at the heart of the local community.They benefit from customer-focussed designs,high service standards,quality food and market-leading drinks,all of which matter to the discerning consumer.By having a mix of excellent riverside,garden and city pubs and hotels,we seek to address the impact of seas
54、onality and changes in consumers spending habits.The scheme was closed to new entrants in 2003 and we make additional contributions over and above regular service contributions in order to address any funding deficit.We also maintain a close dialogue with the schemes trustee.To further limit the pot
55、ential exposure,future service benefits accruing to remaining active members were reduced from April 2016,with member contributions being increased in tandem.Fixed-price arrangements are in place with some of our food and drink suppliers.Regarding utilities,we continually look at ways of reducing ou
56、r levels of consumption;we also regularly review our energy needs and price changes in the market,and,where appropriate,we make forward purchases.Increased wages may result in consumers having greater capacity to absorb increased prices but any shortfall will need to be mitigated through greater lab
57、our and other efficiency gains.We retain the services of specialist rating consultants who review each and every rating assessment.Appeals are lodged on our behalf where the new assessments are deemed excessive.The board ensures the groups debt profile is long dated,facilities are committed and debt
58、 is carefully managed within financial covenants.A mix of debt at fixed and variable interest rates is also maintained with interest rate swaps used to manage this exposure.A reduction in our revenue could lead to lower profits.The introduction of new taxes and/or increases in the rates of existing
59、taxes will result in lower profits.Our ability to trade as a going concern depends on generating sufficient cash to meet these repayments.RISK/UNCERTAINTYCONSUMER-RELATEDFINANCIALPOTENTIAL IMPACTMITIGATIONThe principal risks and uncertainties facing the group are listed below.It is not an exhaustive
60、 list of all significant risks and uncertainties;some may currently be unknown and others currently regarded as immaterial could turn out to be material.Further information on the groups financial risk management objectives and policies are set out in note 23,starting on page 49.Principal risks and
61、uncertaintiesYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2017YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 20179We are required to meet a range of ever-increasing compliance,regulatory and health and safety obligations in the operation of our business.We,and particularly our managed estate,are reliant on inform
62、ation systems and technology for many aspects of our business(including communication,sales transaction recording,stock management,purchasing,accounting and reporting and many of our internal controls).Information systems can be at risk of failure due to technical issues or the growing threat of cyb
63、er attack.The Neighbourhood Planning Bill is currently passing through Parliament.This may make changes to the planning use classification of pubs generally and the physical changes that can be made to them without the need to obtain planning permission.We are dependent on having the right people th
64、roughout our organisation,at all of our pubs and hotels and also at Riverside House.It is too early to have a clear view on the impact of Brexit on our business,but its potential to have an impact is fully acknowledged.We rely on a number of key suppliers to provide our pubs and hotels with food and
65、 drink.Part of our growth plan is based on acquiring and/or developing additional pubs and hotels/rooms.We carefully monitor legislative developments,and our training programmes,policies,processes and audits are designed to promote and achieve compliance with our obligations.Health and safety audits
66、 are undertaken by a third party who also work with us to ensure changes in health and safety practices and procedures are incorporated into our business and reviewed on a regular basis.Insurance cover to help with any financial compensation that may be payable as a result of an accident or incident
67、 has been taken out.Firewalls and anti-virus software are installed to protect our networks.Information is routinely backed up and arrangements are in place with a third party provider to assist with data recovery.An off-site disaster recovery facility is also available if any major incident occurs
68、at Riverside House or to our systems.The IT needs of the business are regularly monitored and we invest in new technology and services as necessary.Through our membership of the British Beer and Pub Association,we seek to ensure that the Government is made aware of the impact of changes of this natu
69、re on our business.We look to recruit and retain the best talent.The remuneration and reward packages we offer are competitive and designed to retain and motivate staff.We have training and development programmes in place intended to ensure that our people have the right skills to perform their jobs
70、 successfully and achieve their full potential.Food and drink is sourced from a number of suppliers.Informal arrangements are also in place such that substitute suppliers or products could be used if required.We regularly review our choice of suppliers.We have relationships with a variety of third p
71、arties to ensure,as far as possible,that we are made aware of acquisition opportunities as and when they come up.We have provided a number of agents and landlords with details of our preferred site profile.A failure to comply with these obligations could result in an accident or incident occurring i
72、nvolving injury,illness or even loss of life.This could damage our reputation and lead to fines,possibly leading to a reduction in our revenue and lower growth rates.Increases in the cost of compliance will have an impact on our margins and result in lower profits.Any failure of such systems or tech
73、nology would cause some disruption,and any extended period of downtime,loss of backed up information or delay in recovering information could impact significantly on our ability to conduct business.The introduction of any additional requirement to obtain planning permission will increase costs and w
74、ill also have an impact on the timescale of development projects within our estate.Our ability to achieve our strategic and operational objectives could be affected if we are unable to attract and retain the right people with the desired skillset.Supply disruption could affect customer satisfaction,
75、leading to a reduction in our revenue and possibly lower growth rates.If we do not acquire the right opportunities when planned,or at all,our desired future growth rate will be delayed or reduced.RISK/UNCERTAINTYOPERATIONSREGULATIONPOTENTIAL IMPACTMITIGATIONStrategic report Directors report Financia
76、l statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201710Managed housesOur managed houses delivered another strong performance in 2017.After five highly successful years,the comparable figures were always going to be tough.However,we relish a challenge at Youngs and see the d
77、elivery of results that consistently outperform the industry average as the reward for the work ethic that runs throughout our organisation and for the consistent execution of our clearly defined strategy.Ultimately,it is our people and our proposition that underpin our achievements.The vast majorit
78、y of our managed estate(160 out of 173 pubs)is on a like-for-like basis.Our run of managed house like-for-like sales performance is a beacon of consistency at 6.0%,4.6%,6.7%,6.5%and 5.6%,averaging 5.7%.This years 4.7%was especially satisfying as last years results included the Rugby World Cup which
79、was played out within our heartland and where we maximised revenue opportunities both in the lead-up to and throughout the tournament.Revenue and profitsOur two managed house brands,Youngs and Geronimo,have both delivered strong performances.Total managed sales were up 7.0%on a 52 week basis.This ye
80、ar,Youngs managed houses delivered like-for-like sales growth of 5.0%and we are confident that we can continue to outperform the sector with more opportunities to drive further growth.The turnaround in our Geronimo performance has been equally pleasing.From a decline of 1.0%in sales on a like-for-li
81、ke basis last year,the business has bounced back to deliver 3.8%like-for-like sales growth this year.This achievement has been realised by focussing on the individuality of each pub,restoring the menu to the Best of British and re-energising the service teams.Although food sales have been gaining pr
82、oduct share from drink over the past few years,drink sales remain almost two thirds(65.6%)of our managed house sales mix.With our strong London weighting(86%of our pubs are within the M25),the proximity of our pubs to public transport and our premium,ever-evolving drinks range,we expect this ratio t
83、o remain at around the current level.At Youngs,we believe in“best in class”and are proud of the diversity we are able to offer our customers.We have great partnerships with our suppliers which allow us to be flexible with both global and local brands to ensure we represent current trends and tastes.
84、Thankfully,Youngs Bitter is a wonderful beer and more than holds its own in the ever-competitive world of craft ales.We are pleased to welcome back Guinness,after a three year absence,in a partnership which will strengthen our rugby association,especially in our backyard of South West London.This dr
85、aught stalwart has been joined by exciting new brands such as Beavertown Neck Oil,Twickenham Grandstand and Founders All Day IPA.This year-end marks the first anniversary of our partnership with Berkmann Wine Cellars.This relationship has borne fruit in the past year and we hope will only get better
86、 with age.Through the introduction of a refreshed wine menu design,wine pairing events and better informed staff through our jointly run“Grape Masters”programme,we have seen a shift away from traditional“house wines”to New World wines.The bubble has yet to burst on our customers thirst for sparkling
87、 wine,with volume up 11.4%in the last year alone and up 121%over a three-year period.Spirit sales are also in strong growth,with volumes up 3.7%.Gins remarkable resurgence continues and we are well placed to further expand into this market.Through the creation of the Youngs“Cocktail Collective”,we h
88、ave refreshed and reinvigorated our training and support to allow our pubs to offer a range of on-trend cocktails to our discerning customers.Drink sales were up 7.1%in total and up 4.8%on a like-for-like basis.Food sales were up 7.4%in total and up 4.9%on a like-for-like basis.The standout success
89、story within our food offering has been our Ultimate Sunday Lunch;our customers are welcome to grab a comfy corner,read the papers,play a board game and enjoy a roast with all the trimmings.Even our Mayfair institution,the Guinea Grill,which has been serving ales since 1423,is opening on Sundays aga
90、in to meet this growing demand.The Guinea Grill is a founding member of the Scotch Beef Club and the pub and its team won the award for Best Steaks and Grills in Hardens London Restaurant Awards 2016.Having increased the roll-out of our innovative and successful BurgerShack concept,including its lit
91、tle sister,Shack-in-a-Box,which can pop up to maximise sunny days in smaller gardens,we now have 25 shacks,an increase of 13 over the year.BurgerShacks allow us to offer a fast,convenient service to our customers,taking pressure off our kitchens during busy times,while delivering an indulgent treat
92、to satiate our nations growing hunger for better burgers.We completed a number of projects within our hotel division this year.We started the year by putting the finishing touches to our new 12-bedroom boutique hotel at the Hand and Spear(Weybridge)which increased our total room stock to 486 rooms.D
93、uring late spring and early summer 2016,we transformed the trading space and kitchen at the Brook Green(Hammersmith)and the 21 rooms at the Greyhound(Carshalton)into stylish retreats of calm and relaxation.Finally,throughout the final quarter of the financial year,we temporarily closed the City Gate
94、(Exeter)to completely overhaul the pub and its 14 bedrooms Business and financial review2017 financial figures are on a 53 week basis unless specified(2016:52 weeks).YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201711to boutique standard.53%(255)of our room stock is now of boutique standard with an averag
95、e room rate of 97.02 compared with 64.50 for our classic rooms.Despite the disruption caused by these investments and tough comparatives as a result of the excellent work we did to maximise returns during the Rugby World Cup in September and October 2015,accommodation revenue was up 2.8%driven by oc
96、cupancy rate,up 2.0%to 74.9%.As a result,RevPAR was 60.86(2016:60.01).The combination of the impact of the new wine deal,tight control over labour costs and the fixed nature of some other costs has resulted in a 0.8%point improvement in our managed house adjusted operating profit margin to 24.6%.Cou
97、pled with the rising sales performance,managed house adjusted operating profit grew by 9.8%to 58.4 million on a 52 week basis.Full year profits were 59.7 million.InvestmentWe run a well-invested managed pub estate and have a clear and consistent investment plan that underpins our growth.This year we
98、 have invested 35.7 million,spread over acquisitions,transformational developments and day-to-day maintenance to preserve the quality to which our customers have grown accustomed.We acquired three freehold properties and opened one leasehold during the year,spending 12.0 million in the process.The B
99、lue Boar at the gateway to the Cotswolds in Chipping Norton reopened after a major refurbishment in October.The Woolpack(Bermondsey)transferred from the Ram Pub Company in October,having spent six months trading under the previous tenant following its purchase at the start of the financial year.The
100、Riverstation,anchored on Bristols beautiful and historic harbourside,landed in November.Finally,the Station Tavern(Cambridge)signalled our broadening appetite for destination market towns.Within the existing estate,we invested 23.7 million(2016:25.6 million)on refurbishing the Brook Green(Hammersmit
101、h),Bear(Oxshott),Coach and Horses(Barnes),County Arms(Wandsworth),Devonshire(Balham),Eagle(Shepherds Bush),Fentiman Arms(Vauxhall),Fox and Anchor(Smithfield Market),Greyhound(Carshalton),Hammersmith Ram,Hand and Spear(Weybridge),Hare and Hounds(Sheen),Old Brewery(Greenwich),Trinity Arms(Brixton)and
102、the Victoria(Surbiton).The White Bear(Kennington)was this years largest investment and is a stunning example of traditional pub meets modern design,with an eclectic collection of artwork and bric-a-brac overlooking the original wooden bar.On the total internal investments we made in the prior year w
103、e have delivered a 25.0%return on capital in the current year.Customer engagementThe hospitality sector as a whole has seen a recent renaissance of people considering it to be a career instead of a stepping stone to something else.At Youngs,we understand the importance of nurturing talent within our
104、 organisation and we are proud to have seen the number of Pub Manager vacancies filled through internal appointments grow to 61%.The vast majority of these promoted Deputy Managers have completed our internally run Management Academy,which is now in its third rotation.We ensure the programme is dema
105、nding enough to set participants up for success,living the Youngs values and culture and they then,themselves,start succession planning to identify and develop the next generation of talent for the Academy.Just before Christmas,we launched our own white label mobile app Youngs On Tap which is availa
106、ble to download for free on iPhone and Android from the App Store.The Youngs App seeks to facilitate our customers digital journey by enabling them to find a pub,book a table,pay or split the bill,or just change the music in their local;all of these things are aimed at growing engagement,driving loy
107、alty and enhancing customers experiences.From dray horses to digital pioneers,Youngs On Tap represents the next generation in our technological journey.By the year-end we already had over 30,000 downloads and all our staff have embraced Youngs On Tap by becoming“Appbassadors”.The app is just one of
108、the ever-growing social media tools we have at our disposal to interact with our customers.The Ram Pub CompanyIt has been a strong year for our tenanted estate,further underlining the decisions made in previous years to focus on the long-term opportunities that a smaller and better supported operati
109、on can deliver.We want to build and maintain healthy working relationships with our tenants so that both parties can prosper.The Ram Pub Company tenants benefit from the same contemporary and diverse product range as our managed pubs,in addition to“local heroes”specific to their communities.Together
110、 with the business advice,training and sales expertise our in-house team provide,we believe we have the right ingredients to attract and retain entrepreneurs who can operate a flourishing business.Revenue and profitsIn total,on a 53 week basis,revenue was up 8.7%.On a comparable 52 week basis,revenu
111、e was up 7.1%in total and up 3.2%on a like-for-like basis.The first six months of the year benefitted from the Woolpack(Bermondsey)before it was transferred from the Ram Pub Company to our Youngs managed estate.Our like-for-like business has benefitted from the capital investments made in the previo
112、us year and the new wine deal that refreshed the range available to our tenant partners and their customers.This better buying has led to operating efficiencies which have generated enhanced margins.The combination of increasing sales and improving margins has resulted in the divisions adjusted,both
113、 for the 53rd week and exceptional items,operating profit rising to 5.0 million,up 11.1%and up 4.5%on a like-for-like basis.Strategic report Directors report Financial statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201712Anj&family locals at Windmill(Clapham Common)“The Win
114、dmill offers a great variety of food and drink,but the biggest reason we love the Windmill is because it is such a pet friendly pub where our dogs have been enjoying their treats for the last 2 years”.Business and financial reviewContinuedYoungs graduation evening Class of 2016YOUNG&CO.S BREWERY,P.L
115、.C.ANNUAL REPORT 201713At year end,the Ram Pub Companys estate stood at 79 pubs and generated 5.1%of our group revenue(2016:5.2%).Although a small part of our overall business,the Ram Pub Company is important to us;it is cash generative and offers us a different route to market both as a day-to-day
116、business and through acquisitions that may already have tenants in situ.InvestmentThe investment in our tenanted estate has continued throughout the financial year.Major developments have been completed at the Grand Junction Arms(Harlesden),Malt Shovel(Dartford),OConnors(Chelmsford),Pig and Whistle(
117、Wandsworth),Robin Hood(Sutton)and the Ship(East Grinstead).In May 2016,we sold the Lord Napier,a small tenancy in Thornton Heath.Just after the current year end we sold the Kings Arms(Epsom)and the Bell Inn(Illminster).All three sites were at the lower end of the estate and failed to meet our intern
118、al returns criteria.Tenant engagementThe rebadging of the Ram Pub Company is well underway,offering our pubs and tenants a refreshed identity that will serve us well for many years to come.The new-look signage captures the essence of the tenanted business,with the strapline“Everyones local”.The Ram
119、Pub Company offers tenants the chance to run their own highly successful individual businesses while having the financial,operational and marketing support that being part of an established group presents.The tenanted model has challenges for both pubcos and tenants,but we believe in operating these
120、 as sustainable businesses that fairly reward the risk that both partners face.Property,treasury,retirement benefits,exceptional items and taxPropertyOur property estate remains the foundation for our growth and healthy operating cash generation.In total,we have 252 pubs,with the vast majority in pr
121、ime locations and 82%inside the M25.Being based in Wandsworth,South West London remains our stronghold,but in recent years we have been expanding our reach by acquiring pubs in similarly affluent areas.We have the desire and scope to increase our expansion rate,but we will not make acquisitions for
122、the sake of it and all new opportunities must meet our returns criteria and complement our existing estate.We have a predominantly freehold backed estate(194)with a number of long leaseholds with peppercorn rents(16).In accordance with International Financial Reporting Standards(“IFRS”),these proper
123、ties are revalued each year to reflect their current market values.This exercise is undertaken using a combination of an independent and leading commercial property adviser,Savills,who revalue 20%of the estate annually,and an internal review of the remainder led by Andrew Cox,MRICS,our Director of P
124、roperty and Tenancies.The valuation method uses a number of inputs of which deriving the sustainable trade of each pub is key.The review has resulted in a net upward movement of 22.6 million,driven by our improving trade and continued strong demand for pubs in prime London and South East locations.I
125、n gross terms and in accordance with IFRS,individual movements in value,totalling 23.1 million(2016:20.0 million),are reflected in the revaluation reserve in the balance sheet,while 0.5 million of downward movement(2016:1.2 million)has been charged to the income statement under exceptional items.All
126、 these adjustments are non-cash items.As highlighted at the half year,we have changed our approach to recording our short leasehold properties(17%of our total number of pubs).In the prior period,this resulted in a non-cash decrease in the carrying value of our property and equipment and an increase
127、in lease premiums,split between non-current and current assets(see note 1).The total estate,at the period end,is now valued at 689.1 million.TreasuryOur business model is highly cash generative.Increasing sales,strong improving operating margins and our high proportion of freehold pubs provide incre
128、asing operating cash flow,this year 63.5 million(2016:60.4 million).After paying interest,taxation and other costs,we are left with three options for our cash:invest it,repay our debt or return it to our shareholders.This year we have done all three.The vast majority,38.2 million,was re-invested to
129、continue our strong success in future years.Our net debt has decreased by 3.6 million to 126.6 million,with gearing falling to 25.7%(2016:28.8%)and our net debt to EBITDA ratio dropping to 1.9 times(2016:2.2 times).Our proposed final dividend per share of 9.62p,as recommended to our shareholders,rep
130、resents an increase of 6.1%and the 20th consecutive annual increase.Going concernJust after the year-end we extended 20 million of our 175 million long-term debt facility to 2024.Our facility is now held across three banks Royal Bank of Scotland,Barclays and HSBC and is repayable between 2019 and 20
131、24.100 million of our 126.6 million net debt is on fixed interest rates through a combination of different interest rate swaps which provide some protection from possible adverse interest rate movements in future years.Given these committed facilities,our freehold-backed balance sheet,significant fr
132、ee cash flow and the conservative financial ratios above,we have prepared these financial statements on a going concern basis.Retirement benefitsLike many UK companies with defined benefit pension schemes,we have seen the balance sheet value of our pension deficit move significantly throughout the y
133、ear.The volatility in the economic climate,both in the short-term and long-term,has caused corporate bond yields to decrease dramatically during the first six months of the year and then to increase slightly in the second half of the year.We use these corporate Strategic report Directors report Fina
134、ncial statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201714bond yields as a basis to discount our future pension liabilities to present values which can cause large non-cash movements in net pension deficit.At the end of last year,our pension deficit was 6.3 million,by the
135、half year it had increased to 23.4 million and at the current year-end date it had fallen back to 12.8 million.We have a strong relationship with the pension trustees and continue to work with them to ensure the pension fund is adequately funded.Exceptional ItemsIn the current year,we purchased the
136、Woolpack(Bermondsey)in a two-stage process.On the first day of the financial year,we purchased the freehold interest.The pub had,at the time,a tenant in situ with an unexpired agreement for a number of years.In October,both parties decided to terminate the agreement early,allowing us to bring the pu
137、b into our managed house estate.Although included in our internal investment decision from the outset,the compensation paid to the former tenants,under IFRS,has been expensed and is included within exceptional items.This years exceptional items also include a 0.7 million loss flowing from the expiry
138、 of our own leases with Heathrow for the Three Bells and Five Tuns,with the majority reflecting the write-off of goodwill recognised on the initial acquisition of Geronimo in December 2010.The remaining exceptional items relate to the estate management of our properties which,as mentioned previously
139、,includes the 0.5 million(2016:1.2 million)downward movement in the property valuation and 0.2 million(2016:0.4 million)of acquisition costs associated with business combinations.TaxThe corporation tax charge for the year was 7.0 million,with our effective corporation tax rate for the year,adjusted
140、for exceptional items,at 19.8%(2016:20.5%).Next year we expect our effective rate to decrease as the UKs headline corporation tax rate falls from 20%to 19%.Corporate and social responsibilityOur pubs aim to be at the centre of their communities;to us,a socially responsible business is one that enric
141、hes the area in which it operates.Our pubs offer jobs and training to local people,build partnerships with local suppliers and provide the perfect venues for people to be neighbourly.There has been no finer example of our approach this year than the Alexandra(Wimbledon).The pub and its managers,Mick
142、 and Sarah Dore,became internet sensations over the festive period when they offered a full turkey dinner and a beer to anyone alone on Christmas Day.The pub has opened its arms to those on their own at Christmas for a number of years but this past year,a few tweets led to the story trending on soci
143、al media and hitting the national press.Mick explained“Its not just about a free plate of food but making a fuss of them and introducing them to each other so they can chat and hopefully make some new friends.”We also work hard to improve the environment in which we operate.In the current year,we ha
144、ve raised our recycling efforts by more than 16%to 6,768 tonnes(2016:5,803 tonnes)and reduced the waste going to landfill to 1.0%(2016:1.4%).We sent enough litres of used cooking oil to be recycled into biofuel to power a London taxi ride to the moon and back twice over.Both our Youngs and Geronimo
145、operations have been awarded two stars by the Sustainable Restaurant Association.Our pubs work with many local charities in their communities,but as a company we decided to support the childrens charity of rugby,Wooden Spoon,for a second year.Wooden Spoon funds around 70 projects each year that supp
146、ort disadvantaged and disabled children.One of these projects is the Oasis Childrens venture based on our doorstep in Stockwell,London.Oasis has a simple aim of improving the lives of children,young people and the local community.Many of our staff have spent volunteer days with Oasis,helping maintai
147、n the freshness and fun side of the nature garden,adventure playground and karting track.Business and financial reviewContinuedMick and Sarah Dore Alexandra(Wimbledon)YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201715Shareholder returnsAs a business,we focus on long-term sustainable growth,each year inve
148、sting in our estate through a structured refurbishment/redevelopment plan that harnesses opportunities on a consistent basis.Our estate,as a result,remains well-invested which is reflected in our strong balance sheet;our major investments in the previous year have fuelled a return of 25.0%in the cur
149、rent year.The combination of revenue growth of 9.4%and improved operating profit margins has increased our adjusted profit before tax by 13.5%and our adjusted earnings per share by 13.7%to 66.43 pence.Unadjusted earnings per share rose by 12.4%to 61.51 pence.We are very proud of our dividend record
150、and are pleased to be recommending raising the final dividend for the 20th consecutive year,a feat that few companies can claim.This year,the recommended increase is 6.1%to 9.62 pence,which will result,if approved by shareholders,in a total dividend for the year of 18.50 pence(2016:17.45 pence).The
151、dividend is covered 3.6 times by our adjusted earnings per share and 3.3 times by our unadjusted earnings per share.OutlookManaged house revenue in the first seven weeks of the new financial year was up 6.1%in total and up 4.7%on a like-for-like basis.The mild and dry weather during April and the in
152、crease in“staycations”during the Easter holidays drove footfall,however this was dampened by a comparatively wet May.This year,we will benefit from a full years trade at the Station Tavern in Cambridge which opened in March,and from the two high turnover pubs added to our managed house estate in Oct
153、ober last year:the Woolpack(Bermondsey)and the Riverstation(Bristol).All are stunning examples of our acquisition strategy which will enhance our portfolio.Just after the year end,we exchanged contracts of the Bull(Bracknell)and transferred three pubs from our Ram Pub Company to managed houses;namel
154、y the Kings Arms(Wandsworth),the Hope and Anchor(Brixton)and the Grove(Camberwell).We also sold the Kings Arms(Epsom)and the Bell Inn(Illminster)both from our Ram Pub Company.In the short-term,the impact on consumer confidence from the prospect of Brexit has not been as harsh as some expected,being
155、softened by a combination of falling sterling,low interest rates and the resilience of the British consumer.In the longer-term,we remain busy,while the broader economic environment remains uncertain,to ensure we are best placed for whatever is around the corner.As previously announced in the interim
156、 results,the new business rates are expected to increase our cost base by roughly 1.8 million in the 2018 financial year.Together with the next instalment in the National Living Wage and the introduction of the Apprenticeship Levy,there are challenges ahead.We remain confident in our strategy and ou
157、r ability to meet and exceed our customers expectations.The team we have has the wherewithal to deliver on a best in class proposition,both in our current footprint and in new locations,and we expect this combination to provide our shareholders with superior returns.On behalf of the boardPatrick Dar
158、disChief Executive24 May 2017Scott and Lewis locals at the Castle(Tooting)“We have been visiting the Castle regularly for the last 3 years.What makes it special to us is the wonderful atmosphere and the friendliness of the staff”.Strategic report Directors report Financial statements Shareholder inf
159、ormationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201716Steven Robinson,FCACHIEF FINANCIAL OFFICERJoined the company in 2009 and appointed to the board in 2016.Qualified as a chartered accountant with Deloitte in 2004,becoming a fellow of the Institute of Chartered Accountants in August 2015.Immediatel
160、y before joining the company,held a number of finance roles at The Walt Disney Company(2004-09).Aged 37.Torquil Sligo-YoungINFORMATION RESOURCESJoined in 1985.Held a number of senior positions in different areas of the company before being appointed to the board in 1997.Has overall responsibility fo
161、r the groups technological needs and for health and safety.Previously worked for stockbrokers,Bell,Lawrie,Macgregor&Co.Aged 57.Tracy ReadPEOPLEJoined the company in 2015 and appointed to the board in 2016.Has overall responsibility for people matters,including personnel and training and development.
162、Immediately before joining the company was at The Orchid Group(2006-14),most recently as head of people.Aged 47.Roger Lambert,M.A.NON-EXECUTIVE AND SENIOR INDEPENDENTAppointed to the board in 2008 and as senior independent director in 2011.Chairman of the companys audit committee,as well as a member
163、 of the companys remuneration committee.Since 2017,a Partner at Peel Hunt LLP.Previously was Chairman of Corporate Broking,Canaccord Genuity(201016)and for the 26 years before that was in corporate finance at J.P.Morgan Cazenove where he was a senior managing director with responsibilities for corpo
164、rate client coverage of the consumer sector.Having acted for more than 25 companies in the sector,has a wealth of relevant expertise in brewing,drinks and hospitality.Aged 58.Stephen GoodyearNON-EXECUTIVE CHAIRMANJoined in 1995 as sales director.Appointed to the board in 1996 as sales and marketing
165、director.Became chief executive in 2003.Stepped down as chief executive and became a non-executive director in 2016.Appointed as chairman in 2017.Member of the companys audit committee.Previously worked for Courage Ltd(1974-95)in a number of senior roles.In 2013,was the Master of the Brewers Company
166、,one of the oldest Livery Companies in the City of London.Aged 61.Patrick DardisCHIEF EXECUTIVEJoined in 2002 and appointed to the board in 2003.Became chief executive in 2016.Previous positions have included director of retail operations at Wolverhampton&Dudley Breweries PLC(now Marstons PLC),busin
167、ess development with Guinness Brewing and retail management with Whitbread PLC and Courage Ltd.Aged 58.Trish CorzineNON-EXECUTIVEAppointed to the board in 2015.Member of the companys audit and remuneration committees.Has wide-ranging knowledge of the hospitality and leisure sector,having spent the m
168、ajority of her career in the restaurant industry.Before retiring from the board of The Restaurant Group plc in 2013,she spent 20 years with the company,nine as an executive director responsible for their concessions business.Aged 60.Welcome to our board of directors.Apart from Steven Robinson and Tr
169、acy Read(who both joined the board on 6 September 2016)and Nick Miller(who joined on 4 April 2017),all served throughout the period.No other person was a director during the period other than Nicholas Bryan and Peter Whitehead who stepped down from the board at the end of the period and on 6 Septemb
170、er 2016 respectively.Nick MillerNON-EXECUTIVEAppointed to the board in 2017.Chairman of the companys remuneration committee,as well as a member of the companys audit committee.Has a wealth of experience in the hospitality,leisure and brewing sectors.Most recently was CEO of Meantime Brewing Company(
171、2011-16).Was previously managing director of Miller Brands,the UK arm of SAB Miller,the multinational brewing and beverage company.Aged 52.Directors reportFor the 53 weeks ended 3 April 2017YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201717In this report reference to the“company”or to“Youngs”is to Young&
172、Co.s Brewery,P.L.C.,and reference to the“group”is to the group of companies of which Youngs is the parent company.Corporate governanceThe board is committed to good corporate governance in the management and operation of the groups business.Summarised below are its current corporate governance arran
173、gements;no particular corporate governance code has been adopted.How the board worksThe board governs through its executive management and via committees.It has a formal written schedule of matters reserved for its review and approval;this includes those matters described above as well as other stra
174、tegic,financial and governance issues.The board meets every two months,with additional meetings arranged as required;it met seven times during the year.Formal agendas and reports are provided to the board on a timely basis,along with other information to enable it to discharge its duties.Each of the
175、 executive directors and the company secretary updates the board at each meeting on matters for which they are responsible.This flow of information is in addition to information exchanged between and prior to board meetings,and regular meetings of non-executives with one or more of the executive dir
176、ectors outside of board meetings.The board has a procedure in place such that it can consider and,if it sees fit,authorise situations where a director has an interest that conflicts,or may possibly conflict,with the interests of the company.The boards committeesThe board has four principal and perma
177、nent committees:executive,remuneration,audit and disclosure.The latter three committees have specific terms of reference which can be found in the investors section of www.youngs.co.uk.The role of the boardThe board is collectively responsible for the business and management of the group.Its role in
178、cludes:approving the groups long-term objectives,commercial strategy,major acquisitions and disposals and the groups annual operating and capital expenditure budgets;ensuring maintenance of sound management and internal control systems;and overseeing the groups operations,ensuring competent and prud
179、ent management,sound planning,adequate accounting and other records,and compliance with statutory and regulatory obligations.Board compositionThe board is made up of:a non-executive chairman:Stephen Goodyear;four executive directors:Patrick Dardis,Steven Robinson,Torquil Sligo-Young and Tracy Read;a
180、nd three further non-executive directors:Roger Lambert,Trish Corzine and Nick Miller.Their roles and brief biographical details appear opposite.It is responsible for the daily running of the group and the execution of approved policies and the business plan.It usually meets on a weekly basis,with me
181、mbers of the groups senior management being invited to attend as appropriate.Its primary function is to determine,on behalf of the board,the remuneration packages of the executive directors(see the Remuneration:executive directors box on page 19).Executive committeeChairman:Patrick DardisMembers:Exe
182、cutive directorsRemuneration committeeChairman:Nick MillerMembers:Roger Lambert Trish CorzineStrategic report Directors report Financial statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201718Balance of the boardThere is a clear division of responsibility between the chairman
183、 and the chief executive.The former is responsible for the effective running of the board;the latter has overall responsibility for the running of the business.Each of the executive directors has specific roles and responsibilities,and all of the non-executives are experienced business people who br
184、ing a wide range of skills and experiences to the board.In their roles the non-executive directors are required,amongst other things,to constructively challenge and contribute to the development of strategy,to scrutinise the performance of management in meeting agreed goals and objectives and to mon
185、itor the reporting of performance.Roger Lambert is the senior independent director.He is a partner in the corporate department at Peel Hunt LLP.Prior to this,he was Chairman of Corporate Broking at Canaccord Genuity for 7 years after spending 26 years in corporate finance at J.P.Morgan Cazenove,wher
186、e he was a senior managing director with responsibilities for corporate client coverage of the consumer sector,including brewing,drinks and hospitality.With this background,he is able to provide support and advice to the chairman and to the other members of the board.The directors consider that the
187、board is a well-balanced one that has the right number of members for the size of the group.Board nominations and appointmentsIn practice,the chairman and the chief executive lead on the board nomination and appointment process.They consider the balance of skills,knowledge and experience on the boar
188、d and make appropriate recommendations for consideration by it.This formal but unwritten process has been used effectively for a number of years and has led the board to remain of the view that it should continue to operate in this way rather than through a more formal nomination committee.Once appo
189、inted,the companys articles of association ensure that any new board member is subject to re-appointment by the companys voting shareholders at the first AGM after their appointment this applies to Steven Robinson,Tracy Read and Nick Miller at this years AGM.They are then subject to a further re-app
190、ointment vote every third AGM after that this does not apply to any director at this years AGM.It assists the board in fulfilling its oversight responsibilities,with its primary functions being monitoring the integrity of the companys financial statements and internal control systems(including risk
191、management),overseeing the companys relationship with its external auditor and reviewing the effectiveness of the audit process.The chief financial officer attends the committees meetings,as do the external audit partner and audit manager when the business of the meeting relates to the full-year and
192、 half-year results.The committee meets separately with the groups internal audit/business risk assurance manager and with the external audit partner and audit manager without any other member of the groups management present to give them the opportunity to raise any concerns they may have and any is
193、sues arising from their work.The committee has a meeting planner which sets out the basic items to be covered at its regular meetings.At its meeting in May,the committee reviews the companys preliminary announcement,the report and accounts and the performance of the groups external auditor.The focus
194、 of the November meeting is on reviewing the interim report and agreeing the scope for the next external audit,the audit plan and related fees;it also assesses whether the auditor continues to show the required level of independence.At both the May and November meetings,audit findings are reviewed,w
195、hich includes considering the appropriateness of accounting policies,estimates and judgements and the auditors views on the control environment,including fraud and risk management.At each of its meetings there is a report from the groups internal audit/business risk assurance manager.Its primary fun
196、ction is to assist the company in making timely and accurate disclosure of any information required to be disclosed in order to meet legal and regulatory obligations.Disclosure committeeChairman:Steven RobinsonMembers:Executive directors Audit committeeChairman:Roger LambertMembers:Stephen Goodyear
197、Trish Corzine Nick Miller Directors reportContinuedYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201719The directors mentioned above are seeking re-appointment and their brief biographical details are on page 16.Subject to shareholder re-appointment,each of the executive directors has been appointed for an
198、 indefinite period and is generally entitled to not less than one years notice from the company if it wishes to terminate his/hers appointment.In return,Torquil Sligo-Young has to give not less than six months notice if he wishes to leave,and Patrick Dardis,Steven Robinson and Tracy Read have to giv
199、e at least one years notice.The non-executives have been appointed for fixed terms which are terminable earlier by them or the company giving notice and they are likewise subject to shareholder re-appointment.The expiry dates of their current fixed terms and their minimum periods of notice are as fo
200、llows:Stephen Goodyear(3 April 2020 and six months),Roger Lambert(31 July 2020 and six months),Trish Corzine(11 January 2018 and six months)and Nick Miller(3 April 2020 and six months).The executive directors are expected to devote substantially the whole of their time,attention and ability to their
201、 duties,whereas,as one would expect,the non-executives have a lesser time commitment.Apart from the chairman,who has agreed to spend 30-50 days a year on work for the company,it is anticipated that each of the non-executives will dedicate 15 days a year.Copies of the executive directors service cont
202、racts and copies of the letters of appointment of the non-executive directors are available for inspection at the companys registered office.Advice for the boardSubject to certain limitations,all of the directors are entitled to obtain independent professional advice at the companys expense;they als
203、o have access to the advice and services of the company secretary.Keeping up to date generally and particularly with the marketFrom time to time the directors attend training courses and/or industry forums.They also attend relevant specialist briefings,some of which form part of board or executive c
204、ommittee meetings.The directors,executive and non-executive,regularly spend time out in the trade with fellow directors,colleagues and friends.This helps to keep them up to date with the groups operations,developments in the market and the competition.Liability insurance cover for directors and offi
205、cersThe company maintains,at its own expense,insurance cover in respect of legal action against its directors and officers.Remuneration:executive directorsThe remuneration of the executive directors is determined by the remuneration committee in the context of the companys reward policy,the principa
206、l objective of which is the recruitment and retention of officers with appropriate skills and qualities to drive the companys strategy and deliver value for shareholders.Against this background,the remuneration committee has decided that total remuneration levels for the executive directors should b
207、e in line with the market for the performance achieved,with the variable element included in the total remuneration varying according to achievement of key performance measures.This variable element is currently delivered via deferred annual bonus awards which are dependent on certain performance ta
208、rgets being achieved.See note 28 for details of how the deferred annual bonus scheme operates.The remuneration committee believes that the companys remuneration policy is consistent with the groups risk management policy as it does not encourage inappropriate risks to be taken to achieve the perform
209、ance targets;the focus is very much on a long-term remuneration model.Details of the remuneration of each executive director appear in note 8.None of them are involved in deciding their own remuneration.Strategic report Directors report Financial statements Shareholder informationYOUNG&CO.S BREWERY,
210、P.L.C.ANNUAL REPORT 201720Remuneration:non-executivesInitially the remuneration of the non-executives is determined by the board but any fee increase is determined by the executive committee,with the intention being that the fees paid are not out of line with the market and go some way towards rewar
211、ding the non-executives for the time they commit to their various roles.Accordingly all non-executive directors receive a basic fee;they do not participate in bonus schemes or share options and none of them are members of any group pension scheme other than for the purposes of complying with pension
212、s auto-enrolment legislation.However,as a result of his former employment within the group as an executive director,Stephen Goodyear is a participant in various bonus schemes(see note 28)and has outstanding share options(see note 28);he is also a pensioner member of the groups defined benefit pensio
213、n scheme.The non-executives are entitled to be reimbursed for certain business-related expenses.Details of the remuneration of each non-executive director appear in note 8.Risk and internal controlThe board has overall responsibility for the groups internal control system and for reviewing its effec
214、tiveness.The executive directors implement and maintain the risk management and internal control system,and the audit committee assists the board in fulfilling its oversight responsibilities by monitoring the systems integrity.The system is designed to manage risk;it cannot eliminate it and therefor
215、e provides reasonable,not absolute,assurance against material misstatement or loss.As part of the system,the board regularly reviews its financial controls memorandum;the controls in this lengthy and detailed document seek to:mitigate risks which might cause the failure of business objectives;help s
216、afeguard assets against unauthorised use or disposal;ensure the maintenance and reliability of proper accounting records and financial information used within the business or for publication;and help achieve compliance with applicable laws and regulations.The groups internal audit/business risk assu
217、rance manager regularly tests controls contained in the financial controls memorandum in order to assess their effectiveness.The results of his work are shared with the executive directors concerned and with the audit committee.With the approval of that committee,changes,as appropriate,are then made
218、 to the financial controls memorandum.The group,through its internal audit/business risk assurance manager,carries out internal reviews of financial areas according to a programme set by the audit committee following input from the chief financial officer and the groups external auditor.The internal
219、 audit/business risk assurance manager reports to both the company secretary and the chief financial officer and he is independent of the areas which he reviews.His reports,the management responses and the recommended actions are presented to the audit committee on a regular basis.Management may fro
220、m time to time supplement the internal resource for these reviews with specialist external resources.The group also employs an in-house team of retail auditors who monitor the controls in place in the groups managed pubs and hotels,in particular those covering stock and cash.This team ultimately rep
221、orts to the chief financial officer.The group has business continuity arrangements in place with third parties.It also has,and reviews annually,business continuity plans for each of the departments within Riverside House in Wandsworth.The group has a whistleblowing policy.This is overseen by the aud
222、it committee and allows staff to raise any concerns in confidence directly with the chairman of the audit committee,the company secretary or the groups internal audit/business risk assurance manager.Relations with shareholdersCopies of the annual report and the interim report are sent to all shareho
223、lders and copies can be downloaded from the investors section of www.youngs.co.uk.Other information for shareholders and interested parties is also provided on that website.Written or e-mailed enquiries are handled by the company secretary.The company has an on-going programme of individual meetings
224、 with institutional shareholders and analysts following the preliminary and half-year results presentations to the City.These meetings allow the chief executive and the chief financial officer to update shareholders on strategy and the groups performance.Additional meetings with institutional invest
225、ors and/or analysts are arranged from time to time.All members of the board receive copies of feedback reports from the City presentations and meetings,thus keeping them in touch with shareholder opinion.Shareholders are given the opportunity to ask questions and raise issues at the AGM;this can be
226、done formally during the meeting or informally with the directors after it.Directors reportContinuedYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201721Directors holdings and interestsThe holdings and interests of the directors who held office at the period end in the share capital of the company are shown
227、 in the table below these include,as at 28 March 2016,the interests of their families(as defined in the AIM Rules)and,as at 3 April 2017,the interests of persons closely associated with them(as defined in the Market Abuse Regulation).These interests are in addition to those shown in note 8(d)and 8(e
228、)on page 39.Non-voting As at A shares sharesNicholas Bryan Beneficial 3 April 2017 8,505 28 March 2016 8,505 Stephen Goodyear(i),(ii)Beneficial 3 April 2017 240,930 28 March 2016 231,796 Patrick Dardis(i),(ii)Beneficial 3 April 2017 79,195 28 March 2016 49,257 Steven Robinson(i),(iii)Beneficial 3 Ap
229、ril 2017 20,620 28 March 2016 Torquil Sligo-Young(i),(ii),(iv)Beneficial 3 April 2017 305,016 28 March 2016 268,462 Trustee 3 April 2017 4,154,340 649,914 28 March 2016 4,154,340 649,914Tracy Read(i),(iii)Beneficial 3 April 2017 28 March 2016 Roger Lambert Beneficial 3 April 2017 5,250 5,000 28 Marc
230、h 2016 5,250 5,000Trish Corzine Beneficial 3 April 2017 1,000 5,000 28 March 2016 1,000 5,000(i)Also interested in 66,991(2016:554,077)A shares held in trust by RBT II Trustees Limited see note 29 on page 57.(ii)Also interested in 337,067(2016:337,067)A shares held in trust by Youngs Pension Trustee
231、s Limited see note 29 on page 57.(iii)No comparative number is shown for Steven Robinson and Tracy Read as they became directors during the period.(iv)Torquil Sligo-Young and various members of his immediate family are discretionary beneficiaries under trusts holding 836,368(2016:836,368)of the A sh
232、ares and 553,866(2016:553,866)of the non-voting shares in respect of which Torquil Sligo-Young is shown as trustee in the above table.Qualifying indemnity provisions The companys articles of association contains an indemnity provision for the benefit of the directors;this provision,which is a qualif
233、ying third party indemnity provision,is in force at the date of this report and applied throughout the period for the benefit of those who were then directors of the company.An additional qualifying third party indemnity provision,which came into effect on 20 May 2016,is also in force at the date of
234、 this report;this provision benefits the executive directors(and those that were executive directors during the period)and relates to certain losses and liabilities which they may incur in connection with certain property-related matters.AIMThe companys shares are traded on AIM.There are no other ex
235、changes or trading platforms on which the company has applied or agreed to have its shares admitted or traded.Profit and dividendsThe profit for the period attributable to shareholders was 30.0 million.The directors recommend a final dividend for the period of 9.62 pence per share.Subject to approva
236、l at the AGM,this is expected to be paid on 13 July 2017 to shareholders on the register at the close of business on 9 June 2017.When added to the interim dividend of 8.88 pence per share,this will produce a total dividend for the period of 18.50 pence per share.Donations No political donations were
237、 made.AGM Notice convening the AGM and an explanation of the resolutions being proposed are set out on pages 61 to 65.Important events since the end of the period and likely future developmentsAs permitted under section 414C(11)of the Companies Act 2006,the directors have chosen to include in the st
238、rategic report(on pages 1 to 15)particulars of important events affecting the group which have occurred since the end of the period and an indication of likely future developments in the groups business.Financial instruments and related mattersIncluded in note 23,starting on page 49,are the groups f
239、inancial risk management objectives and policies and an indication of the groups exposure to certain risks.Strategic report Directors report Financial statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201722EmployeesConsiderable importance is placed on communications with empl
240、oyees and so,within the limitation of commercial confidentiality and security,Youngs provided them with information concerning trading,development and other appropriate matters.It did this at many levels throughout the business,both formally and informally,including through management presentations.
241、It also consulted regularly with employees and their representatives thereby enabling the board to have regard to their views when making decisions likely to affect their interests;in connection with this,Youngs continued to operate an information and consultation committee with its members being dr
242、awn from departments based at Riverside House in Wandsworth.The companys integrated appraisal and development process,designed to improve communications and company performance,remained in place,and the company continued to operate a bonus scheme for eligible employees.To encourage further involveme
243、nt in the groups performance,the company invited all employees of the group who had been continuously employed on and from 29 March 2014 to join the groups savings-related share option scheme for 2016.After saving for a three-year period(through deductions from net salary),scheme members can then bu
244、y A shares in the company if they choose to do so at 964 pence per share,being a discount of 20%to the market price at the time the invitations were issued.Youngs maintained its policy of giving full and fair consideration to all applications for employment,including those made by disabled people,ta
245、king account of the applicants particular aptitude and ability;of seeking to continue to employ anyone who becomes disabled while employed by the company and arranging training in a role appropriate to the persons changed circumstances;and of giving all employees,including disabled employees,equal o
246、pportunities for training,career development and promotion.Notifications of major holdings of voting rights As at 3 April 2017 the company had been notified of the following holdings of 3%or more of the voting rights in the company:Torquil Sligo-Young 14.82%James Young 13.81%Caroline Chelton 11.70%O
247、ctopus Investments Nominees Ltd 6.04%No changes in those holdings,and no other holdings of 3%or more of the voting rights in the company,had been notified to the company between 4 April 2017 and 24 May 2017,both dates inclusive.Statement of certain responsibilities in relation to the financial state
248、ments and otherwise For each financial period the directors are required to prepare an annual report(made up of a strategic report and a directors report)and a set of financial statements.The latter must be prepared in accordance with International Financial Reporting Standards as adopted by the Eur
249、opean Union(“IFRS”)and applicable law,and must present fairly the financial position of the group and the financial performance and cash flows of the group for the relevant period.As regards the companys financial statements(as opposed to the ones for the group),the directors have chosen to prepare
250、them under IFRS too.In preparing the financial statements the directors have to make judgments and accounting estimates that are reasonable and prudent,select suitable accounting policies and then apply them consistently,and information,including accounting policies,must be presented in a manner tha
251、t provides relevant,reliable and comparable information.There also has to be included a note that the group has complied with IFRS,subject to any material departures disclosed and explained in the financial statements.Under the Companies Act 2006,the directors are responsible for keeping accounting
252、records which disclose with reasonable accuracy,at any time,the financial position of the group and the company at that time and are such to enable them to ensure that the financial statements comply with that Act.They are also responsible for safeguarding the assets of the group and the company and
253、 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.Disclosure of information to the auditor Each person who was a director at the time when this report was approved has confirmed that(a)so far as he or she was aware,there was no information needed b
254、y the companys auditor in connection with preparing its report of which the companys auditor was unaware;and(b)he or she had taken all the steps that he or she ought to have taken as a director to make himself or herself aware of any such information and to establish that the companys auditor was aw
255、are of it.This paragraph is to be interpreted in accordance with section 418 of the Companies Act 2006.Preparation and disclaimerThis annual report,together with the strategic report(on pages 1 to 15)and the financial statements for the period ended 3 April 2017 have been drawn up and presented for
256、the purpose of complying with English law.Any liability arising out of or in connection with them will also be determined in accordance with English law.By order of the boardANTHONY SCHROEDERCompany Secretary24 May 2017Lindsell Train Limited 5.28%BlackRock Investment Management(UK)Ltd 5.00%Helena Yo
257、ung 3.12%Directors reportContinuedStrategic report Directors report Financial statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201723Independent auditors report to the members of Young&Co.s Brewery,P.L.C.We have audited the financial statements of Young&Co.s Brewery,P.L.C.for
258、 the 53 week period ended 3 April 2017 which comprise the Group Income Statement,the Group and Parent Company Statements of Comprehensive Income,the Group and Parent Company Balance Sheets,the Group and Parent Company Statements of Cash Flow,the Group and Parent Company Statement of Changes in Equit
259、y and the related notes 1 to 33.The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards(IFRSs)as adopted by the European Union and,as regards the parent company financial statements,as applied in accordance with t
260、he provisions of the Companies Act 2006.This report is made solely to the companys members,as a body,in accordance with Chapter 3 of Part 16 of the Companies Act 2006.Our audit work has been undertaken so that we might state to the companys members those matters we are required to state to them in a
261、n auditors report and for no other purpose.To the fullest extent permitted by law,we do not accept or assume responsibility to anyone other than the company and the companys members,as a body,for our audit work,for this report,or for the opinions we have formed.Respective responsibilities of directo
262、rs and auditorAs explained more fully in the Directors Responsibilities Statement set out on page 22,the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.Our responsibility is to audit and express an opinion on the
263、financial statements in accordance with applicable law and International Standards on Auditing(UK and Ireland).Those standards require us to comply with the Auditing Practices Boards Ethical Standards for Auditors.Scope of the audit of the financial statementsAn audit involves obtaining evidence abo
264、ut the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement,whether caused by fraud or error.This includes an assessment of:whether the accounting policies are appropriate to the groups and the p
265、arent companys circumstances and have been consistently applied and adequately disclosed;the reasonableness of significant accounting estimates made by the directors;and the overall presentation of the financial statements.In addition,we read all the financial and non-financial information in the An
266、nual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on,or materially inconsistent with,the knowledge acquired by us in the course of performing the audit.If we become aware of any apparen
267、t material misstatements or inconsistencies we consider the implications for our report.Opinion on financial statementsIn our opinion:the financial statements give a true and fair view of the state of the groups and of the parent companys affairs as at 3 April 2017 and of the groups profit for the 5
268、3 week period then ended;the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance wit
269、h the provisions of the Companies Act 2006;and the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.Opinion on other matter prescribed by the Companies Act 2006In our opinion based on the work undertaken in the course of the audit:the information
270、given in the Strategic Report and the Directors Report for the financial period for which the financial statements are prepared is consistent with the financial statements;and the Strategic Report and the Directors Report have been prepared in accordance with applicable legal requirements.Matters on
271、 which we are required to report by exceptionIn light of the knowledge and understanding of the company and its environment obtained in the course of the audit,we have identified no material misstatements in the Strategic Report or Directors Report.We have nothing to report in respect of the followi
272、ng matters where the Companies Act 2006 requires us to report to you if,in our opinion:adequate accounting records have not been kept by the parent company,or returns adequate for our audit have not been received from branches not visited by us;or the parent company financial statements are not in a
273、greement with the accounting records and returns;or certain disclosures of directors remuneration specified by law are not made;or we have not received all the information and explanations we require for our audit.Andy Glover(Senior Statutory Auditor)for and on behalf of Ernst&Young LLP,Statutory Au
274、ditorLondon24 May 2017Notes:1.The maintenance and integrity of the Young&Co.s Brewery,P.L.C.website is the responsibility of the directors;the work carried out by the auditor does not involve consideration of these matters and,accordingly,the auditor accepts no responsibility for any changes that ma
275、y have occurred to the financial statements since they were initially presented on the website.2.Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.Independent auditors reportFor the 53 weeks ended
276、3 April 2017YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201724 Restated(1)2017 2016 53 weeks 52 weeks Notes m mRevenue 6 268.9 245.9Operating costs before exceptional items 7(222.8)(204.7)Operating profit before exceptional items 46.1 41.2Operating exceptional items 9(3.4)(2.8)Operating profit 42.7 38.4F
277、inance costs 11(5.5)(5.3)Other finance charges 25(0.2)(0.3)Profit before tax 37.0 32.8Taxation 12(7.0)(6.2)Profit for the period attributable to shareholders of the parent company 30.0 26.6 Pence PenceEarnings per 12.5p ordinary shareBasic 15 61.51 54.73Diluted 15 61.47 54.70The notes on pages 30 to
278、 59 form part of these financial statements.The independent auditors report is set out on page 23.All of the results above are from continuing operations.(1)The prior period comparatives have been restated for a non-cash adjustment in respect of the treatment of short leasehold premiums(see note 1).
279、Group income statementFor the 53 weeks ended 3 April 2017Strategic reportDirectors reportFinancial statementsShareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201725 Group Company Restated(1)Restated(1)2017 2016 2017 2016 53 weeks 52 weeks 53 weeks 52 weeks Notes m m m mProfit for the pe
280、riod 30.0 26.6 23.2 24.1Other comprehensive income Items that will not be reclassified subsequently to profit or loss:Unrealised gain on revaluation of property 17 23.1 20.0 22.6 19.4Remeasurement of retirement benefit schemes 25(7.7)4.2(7.7)4.2Tax on above components of other comprehensive income 1
281、.2 0.5 1.1 0.2Items that will be reclassified subsequently to profit or loss:Fair value movement of interest rate swaps 23 1.3 1.3 Tax on fair value movement of interest rate swaps (0.3)(0.2)(0.3)(0.2)17.6 24.5 17.0 23.6 Total comprehensive income for shareholders of the parent company 47.6 51.1 40.
282、2 47.7The notes on pages 30 to 59 form part of these financial statements.The independent auditors report is set out on page 23.All of the results above are from continuing operations.(1)The prior period comparatives have been restated for a non-cash adjustment in respect of the treatment of short l
283、easehold premiums(see note 1).Statements of comprehensive incomeFor the 53 weeks ended 3 April 2017Strategic reportDirectors reportFinancial statementsShareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201726 Group Company Restated(1)Restated(1)Restated(1)Restated(1)2017 2016 2015 2017 20
284、16 2015 Notes m m m m m mNon-current assetsGoodwill 16 19.9 20.6 20.9 1.1 Property and equipment 17 689.1 649.8 607.7 620.1 582.3 540.3Investment in subsidiaries 18 30.2 31.3 31.3Deferred tax assets 24 7.4 6.2 7.7 7.3 6.1 7.6Lease premiums 7.6 8.2 6.1 3.5 3.8 1.6 724.0 684.8 642.4 662.2 623.5 580.8C
285、urrent assetsInventories 19 2.8 2.6 2.7 2.1 1.9 2.0Trade and other receivables 20 7.2 6.4 5.5 22.7 28.8 27.6Lease premiums 0.6 0.5 0.5 0.2 0.1 0.1Cash 6.6 13.2 0.2 5.3 11.8 0.2 17.2 22.7 8.9 30.3 42.6 29.9Assets held for sale 21 1.3 1.3 Total assets 742.5 707.5 651.3 693.8 666.1 610.7Current liabili
286、tiesBorrowings 23(28.5)(5.0)(28.5)(6.0)Derivative financial instruments 23(2.9)(3.1)(2.5)(2.9)(3.1)(2.5)Trade and other payables 22(35.3)(35.5)(29.2)(38.5)(38.2)(27.9)Income tax payable (4.7)(3.2)(4.0)(2.6)(2.2)(3.7)(71.4)(41.8)(40.7)(72.5)(43.5)(40.1)Non-current liabilitiesBorrowings 23(104.7)(143.
287、4)(124.2)(104.7)(143.4)(124.2)Derivative financial instruments 23(7.9)(9.0)(9.5)(7.9)(9.0)(9.5)Deferred tax liabilities 24(51.6)(53.5)(56.2)(47.3)(48.5)(50.9)Retirement benefit schemes 25(12.8)(6.3)(13.1)(12.8)(6.3)(13.1)Provisions 26(1.1)(1.0)(1.1)(1.0)(178.1)(213.2)(203.0)(173.8)(208.2)(197.7)Tota
288、l liabilities (249.5)(255.0)(243.7)(246.3)(251.7)(237.8)Net assets 493.0 452.5 407.6 447.5 414.4 372.9Capital and reservesShare capital 27 6.1 6.1 6.1 6.1 6.1 6.1Share premium 5.2 4.1 2.7 5.2 4.1 2.7Capital redemption reserve 1.8 1.8 1.8 1.8 1.8 1.8Hedging reserve (8.8)(9.8)(9.6)(8.8)(9.8)(9.6)Reval
289、uation reserve 247.7 224.6 203.2 238.8 216.2 195.7Retained earnings 241.0 225.7 203.4 204.4 196.0 176.2Total equity 493.0 452.5 407.6 447.5 414.4 372.9The companys profit after tax for the period was 23.2 million(2016:restated 24.1 million).(1)The prior period comparatives have been restated for a n
290、on-cash adjustment in respect of the treatment of short leasehold premiums(see note 1).Approved by the board of directors and signed on its behalf by:Patrick Dardis Chief ExecutiveSteven Robinson Chief Financial Officer24 May 2017The notes on pages 30 to 59 form part of these financial statements.Yo
291、ung&Co.s Brewery,P.L.C.registered in England Number 32762.Balance sheetAt 3 April 2017YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201727The notes on pages 30 to 59 form part of these financial statements.Group Company 2017 2016 2017 2016 53 weeks 52 weeks 53 weeks 52 weeks Notes m m m mOperating activiti
292、es Net cash generated from operations 30 63.5 60.4 59.2 55.4Interest received 0.4 0.5Tax paid (7.6)(7.8)(7.6)(6.4)Net cash flow from operating activities 55.9 52.6 52.0 49.5Investing activities Sale of property and equipment 0.4 3.6 0.4 3.5Purchases of property,equipment and lease premiums 17(34.5)(
293、41.6)(30.4)(38.8)Business combinations,net of cash acquired 13(3.8)(3.5)(3.8)(3.5)Net cash used in investing activities (37.9)(41.5)(33.8)(38.8)Financing activities Interest paid (5.7)(4.4)(5.8)(4.4)Issued equity 0.2 0.5 0.2 0.5Equity dividends paid 14(8.7)(8.2)(8.7)(8.2)(Decrease)/increase in borro
294、wings (10.4)14.0(10.4)13.0Net cash flow used in financing activities (24.6)1.9(24.7)0.9(Decrease)/increase in cash (6.6)13.0(6.5)11.6Cash at the beginning of the period 13.2 0.2 11.8 0.2Cash at the end of the period 6.6 13.2 5.3 11.8Statements of cash flowFor the 53 weeks ended 3 April 2017Strategic
295、 reportDirectors reportFinancial statementsShareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201728The notes on pages 30 to 59 form part of these financial statements.Capital Share redemption Hedging Revaluation Retained Total capital(1)reserve reserve reserve earnings equity Notes m m m
296、 m m mAt 31 March 2015 8.8 1.8(9.6)209.6 196.4 407.0Prior period adjustments(2)(6.4)7.0 0.6At 31 March 2015 restated(2)8.8 1.8(9.6)203.2 203.4 407.6Total comprehensive income Profit for the period 52 weeks(2)26.6 26.6Other comprehensive income Unrealised gain on revaluation of property(2)17 20.0 20.
297、0Remeasurement of retirement benefit schemes 25 4.2 4.2Fair value movement of interest rate swaps 23 Tax on above components of other comprehensive income(2)12 (0.2)1.9(1.4)0.3 (0.2)21.9 2.8 24.5Total comprehensive income restated(2)(0.2)21.9 29.4 51.1Transactions with owners recorded directly in eq
298、uity Share capital issued 1.4 1.4Dividends paid on equity shares 14 (8.2)(8.2)Revaluation reserve realised on disposal of properties (0.5)0.5 Share based payments 28 0.5 0.5Tax on share based payments 24 0.1 0.1 1.4 (0.5)(7.1)(6.2)At 28 March 2016 restated(2)10.2 1.8(9.8)224.6 225.7 452.5Total compr
299、ehensive income Profit for the period 53 weeks 30.0 30.0Other comprehensive income Unrealised gain on revaluation of property 17 23.1 23.1Remeasurement of retirement benefit schemes 25 (7.7)(7.7)Fair value movement of interest rate swaps 23 1.3 1.3Tax on above components of other comprehensive incom
300、e 12 (0.3)0.1 1.1 0.9 1.0 23.2(6.6)17.6Total comprehensive income 1.0 23.2 23.4 47.6Transactions with owners recorded directly in equity Share capital issued 1.1 1.1Dividends paid on equity shares 14 (8.7)(8.7)Revaluation reserve realised on disposal of properties (0.1)0.1 Share based payments 28 0.
301、4 0.4Tax on share based payments 24 0.1 0.1 1.1 (0.1)(8.1)(7.1)At 3 April 2017 11.3 1.8(8.8)247.7 241.0 493.0(1)Total share capital comprises the nominal value of the share capital issued and fully paid of 6.1 million(2016:6.1 million)and the share premium account of 5.2 million(2016:4.1 million).Sh
302、are capital issued in the period comprises the nominal value of nil(2016:nil)and share premium of 1.1 million(2016:1.4 million).(2)The prior period comparatives have been restated for a non-cash adjustment in respect of the treatment of short leasehold premiums(see note 1).Group statement of changes
303、 in equityAt 3 April 2017YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201729 Capital Share redemption Hedging Revaluation Retained Total capital(1)reserve reserve reserve earnings equity Notes m m m m m mAt 31 March 2015 8.8 1.8(9.6)201.7 172.8 375.5Prior period adjustments(2)(6.0)3.4(2.6)At 31 March 2015
304、 restated(2)8.8 1.8(9.6)195.7 176.2 372.9Total comprehensive income Profit for the period 52 weeks(2)24.1 24.1Other comprehensive income Unrealised gain on revaluation of property(2)17 19.4 19.4Remeasurement of retirement benefit schemes 25 4.2 4.2Fair value movement of interest rate swaps 23 Tax on
305、 above components of other comprehensive income(2)24 (0.2)1.6(1.4)(0.2)21.0 2.8 23.6Total comprehensive income restated(2)(0.2)21.0 26.9 47.7Transactions with owners recorded directly in equity Share capital issued 1.4 1.4Dividends paid on equity shares 14 (8.2)(8.2)Revaluation reserve realised on d
306、isposal of properties (0.5)0.5 Share based payments 28 0.5 0.5Tax on share based payments 24 0.1 0.1 1.4 (0.5)(7.1)(6.2)At 28 March 2016 restated(2)10.2 1.8(9.8)216.2 196.0 414.4Total comprehensive income Profit for the period 53 weeks 23.2 23.2Other comprehensive income Unrealised gain on revaluati
307、on of property 17 22.6 22.6Remeasurement of retirement benefit schemes 25 (7.7)(7.7)Fair value movement of interest rate swaps 23 1.3 1.3Tax on above components of other comprehensive income 24 (0.3)0.1 1.0 0.8 1.0 22.7(6.7)17.0Total comprehensive income 1.0 22.7 16.5 40.2Transactions with owners re
308、corded directly in equity Share capital issued 1.1 1.1Dividends paid on equity shares 14 (8.7)(8.7)Revaluation reserve realised on disposal of properties (0.1)0.1 Share based payments 28 0.4 0.4Tax on share based payments 24 0.1 0.1 1.1 (0.1)(8.1)(7.1)At 3 April 2017 11.3 1.8(8.8)238.8 204.4 447.5(1
309、)Total share capital comprises the nominal value of the share capital issued and fully paid of 6.1 million(2016:6.1 million)and the share premium account of 5.2 million(2016:4.1 million).Share capital issued in the period comprises the nominal value of nil(2016:nil)and share premium of 1.1 million(2
310、016:1.4 million).(2)The prior period comparatives have been restated for a non-cash adjustment in respect of the treatment of short leasehold premiums(see note 1).The notes on pages 30 to 59 form part of these financial statements.Parent company statement of changes in equityAt 3 April 2017Strategic
311、 reportDirectors reportFinancial statementsShareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201730Notes to the financial statementsFor the 53 weeks ended 3 April 20171.General informationThe group and parent company financial statements of Young&Co.s Brewery,P.L.C.for the period ended 3
312、 April 2017 were authorised for issue by the board of directors on 24 May 2017.Young&Co.s Brewery,P.L.C.is a public limited company incorporated and domiciled in England and Wales.The companys shares are listed on the Alternative Investment Market of the London Stock Exchange.The nature of the group
313、s operations and its principal activities are set out in note 5 and in the strategic report on pages 1 to 15.The current period and prior period relate to the 53 weeks ended 3 April 2017 and the 52 weeks ended 28 March 2016 respectively.The financial statements are presented in pounds sterling and a
314、ll values are rounded to the nearest hundred thousand(0.1 million)except where otherwise indicated.Going concernThe groups business activities,together with the factors likely to affect its future development and performance,financial position and its cash flows are set out within the strategic repo
315、rt on pages 1 to 15.The groups capital management and financial instruments including its objectives and exposures to interest risk,credit risk and liquidity and cash flow risk are set out in note 23.A 10 million bank overdraft facility is used for day to day cash management.The groups budgets and f
316、orecasts in trading performance,including sensitivity analysis,show that the group has sufficient financial resources to meet its liabilities as they fall due.As a consequence the board has a reasonable expectation that the group is able to manage its business risks and to continue in operational ex
317、istence for the twelve months from the date of signing the financial statements.Accordingly,the board continues to adopt the going concern basis in preparing the consolidated financial statements.Prior period adjustmentThe comparative figures for the 52 weeks ended 28 March 2016 have been restated f
318、or a non-cash prior period adjustment in respect of the treatment of premiums paid for short leasehold pubs which are held as operating leases.The premiums were previously revalued which was not in accordance with IAS 17:Leases.The revaluation has been reversed and the premiums have been reclassifie
319、d from property and equipment to lease premiums which are held on the balance sheet as current(the portion relating to the next financial period)and non-current assets.The premiums are amortised on a straight-line basis over the length of the leases.The restatement has had the following impact on th
320、e prior period comparatives ended 28 March 2016 and opening 31 March 2015.The restatement had no effect on the groups cash flow:Group Group Previously Previously reported Prior period Restated reported Prior period Restated 28 March adjustments 28 March 31 March adjustments 31 March 2016 2016 2016 2
321、015 2015 2015 m m m m m mProperty and equipment 665.8(16.0)649.8 617.3(9.6)607.7Lease premiums non-current 8.2 8.2 6.1 6.1Lease premiums current 0.5 0.5 0.5 0.5Deferred tax liabilities(57.4)3.9(53.5)(59.8)3.6(56.2)Revaluation reserve(234.5)9.9(224.6)(209.6)6.4(203.2)Retained earnings(219.2)(6.5)(225
322、.7)(196.4)(7.0)(203.4)Previously Previously reported Prior period Restated reported Prior period Restated 52 weeks adjustments 52 weeks 52 weeks adjustments 52 weeks 2016 2016 2016 2015 2015 2015 m m m m m mIncome statement 27.1(0.5)26.6 26.7(0.5)26.2Statement of comprehensive income 55.1(4.0)51.1 3
323、3.6(0.2)33.4YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201731Strategic reportDirectors reportFinancial statementsShareholder information Company Company Previously Previously reported Prior period Restated reported Prior period Restated 28 March adjustments 28 March 31 March adjustments 31 March 2016 20
324、16 2016 2015 2015 2015 m m m m m mProperty and equipment 594.4 (12.1)582.3 546.3 (6.0)540.3Lease premiums non-current 3.8 3.8 1.6 1.6Lease premiums current 0.1 0.1 0.1 0.1Deferred tax liabilities(50.5)2.0(48.5)(52.6)1.7(50.9)Revaluation reserve(225.6)9.4(216.2)(201.7)6.0(195.7)Retained earnings(192.
325、8)(3.2)(196.0)(172.8)(3.4)(176.2)Previously Previously reported Prior period Restated reported Prior period Restated 52 weeks adjustments 52 weeks 52 weeks adjustments 52 weeks 2016 2016 2016 2015 2015 2015 m m m m m mIncome statement 24.3(0.2)24.1 22.9(0.2)22.7Statement of comprehensive income 51.3
326、(3.6)47.7 28.1 28.1The impact on both the groups basic and diluted earnings per share for the 52 weeks ended 28 March 2016 was a decrease of 1.03 pence.2.Basis of preparationThe consolidated financial statements of the group have been prepared in accordance with International Financial Reporting Sta
327、ndards(IFRS)as adopted by the European Union.IFRS includes the application of International Financial Reporting Standards including International Accounting Standards(IAS)and related Interpretations of the International Financial Reporting Interpretations Committee(IFRIC)and Interpretations of the S
328、tanding Interpretations Committee(SIC).During the period,new IFRS and amendments to existing IFRS were issued by the International Accounting Standards Board(IASB).The impact and,if applicable,the adoption of these standards is described below in“New Accounting Standards,Amendments and Interpretatio
329、ns”.No separate income statement is presented for the company,as permitted by section 408(3)of the Companies Act 2006.New Accounting Standards,Amendments and InterpretationsThe directors intend to adopt the Standards,Amendments and Interpretations listed in the table below when they become effective
330、.The directors do not expect that adoption in future periods will have a material impact except the following:IFRS 16:Leases:replaces IAS 17 and requires lessees to recognise a lease liability reflecting future lease payments and a right-of-use-asset in respect of virtually all leases currently clas
331、sified as operating leases.The balance sheet will effectively be grossed up,but with no impact to net assets,at the inception of each lease.The income statement impact will be a new interest charge and a decrease in the amount charged to operating costs.Early adoption is permitted.The group is curre
332、ntly assessing the quantitative impact on both the income statement and net assets.Adoption is anticipated to have a material impact on both assets and liabilities,and is also expected to have a material impact on a small number of isolated components within the income statement.Effective dateIAS 7
333、Disclosure Initiative(Amendment)1 January 2017IFRS 12 Disclosure of Interest in Other Entities 1 January 2017IFRS 15*Revenue from Contracts with Customers 1 January 2018IFRS 9 Financial Instruments 1 January 2018IFRS 2 Classification and Measurement of Share-based Payment Transactions 1 January 2018IFRS 16 Leases 1 January 2019*IFRS 15:Revenue from contracts with customers.The core principle is th
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