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1、STRATEGIC REPORTCHAIRMANS STATEMENT 3CHIEF EXECUTIVES REVIEW 5PRINCIPAL RISKS AND UNCERTAINTIES 8BUSINESS AND FINANCIAL REVIEW 10DIRECTORS REPORTOUR BOARD 16COMMITTEES 17OTHER DISCLOSURES 21PREPARATION AND DISCLAIMER 22FINANCIAL STATEMENTSINDEPENDENT AUDITORS REPORT 23GROUP INCOME STATEMENT 24STATEM
2、ENTS 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 REVIEW 60SHAREHOLDER INFORMATIONNOTICE OF MEETING 61EXPLANATORY NOTES TO THE NOTICE OF MEETIN
3、G 65YOUNGS PUBS AND HOTELS 66SENIOR PERSONNEL,COMMITTEES AND ADVISERS 68SHAREHOLDER INFORMATION 68CONTENTS10018.1 MILLIONof managed estate using LED lights500kSOCIAL MEDIAFOLLOWERS702,0303,735 employeesBURGERSPINTS SOLDGOLDCreative Circle AwardsBurgerShackTOP 50 GASTRO PUB INNOVATION AWARDWindmill C
4、lapham IN THE TOP 25 BEST UK HOTELSTripAdvisor Awards 2016BEST IDENTITY4 DESIGN AWARDS1YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 2016 2015%m m CHANGERevenue 245.9 227.0+8.3Adjusted operating profit(1)41.0 37.4+9.6Operating profit 38.9 41.5-6.3Adjusted profit before tax(1)35.4 32.0+10.6Profit befor
5、e tax 33.3 36.1-7.8Adjusted basic earnings per share(1)57.20p 50.62p+13.0Basic earnings per share 55.76p 55.17p+1.1Dividend per share 17.45p 16.46p+6.0(interim and recommended final)Net assets per share(2)9.37 8.40+11.5All of the results above are from continuing operations.(1)Reference to an“adjust
6、ed”item means that item has been adjusted to exclude exceptional items(see notes 9 and 10).(2)Net assets per share are the groups net assets divided by the shares in issue at the period end.FINANCIAL HIGHLIGHTSStrategic report Directors report Financial statements Shareholder information2 YOUNG&CO.S
7、 BREWERY,P.L.C.ANNUAL REPORT 2016Filip General Manager at the ClockhouseIn 2010 I started working for Youngs as a kitchen porter.My General Manager and Operations Manager noticed my potential and provided me with the support I needed to become a deputy manager,a Guidance Guru and a Draught Master.My
8、 hard work has recently been rewarded with my first appointment as a General Manager.3YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 This has been another highly successful year for Youngs.Total revenue grew by 8.3%,as our core managed estate continued to thrive.Profit before tax was 33.3 million and o
9、nce adjusted to exclude exceptional items increased by 10.6%on last year to 35.4 million.Importantly,as it demonstrates the strength of our underlying business,we have extended our record of strong like-for-like performances in our managed estate,this year generating growth of 5.6%.Our success depen
10、ds largely on the quality of our people our pub teams and those in head office and they continue to serve both customers and shareholders very well.We also continue to benefit from the consistently high quality of our pub estate.During the course of the year we invested 41.9 million in our managed p
11、ubs and hotels and opened eight managed houses.Our total estate now comprises 251 pubs of which 171(including 22 hotels)are managed houses,and 80 are within our tenanted division,the Ram Pub Company.The majority of this years acquisitions and investments have been funded by the businesss impressive
12、cash generation.Our balance sheet remains robust,underpinned by our large portfolio of freehold property,which is predominantly in London.In March,we announced some significant Board changes.After 13 years as Chief Executive Steve Goodyear will be stepping down from this role at the AGM in July,but
13、I am delighted that he will continue his involvement with Youngs by remaining on the Board as a Non-Executive Director.Steve joined Youngs over twenty years ago and during his tenure has overseen substantial changes to the business.These included the sale of the Ram Brewery in 2008,our subsequent ex
14、it from brewing altogether in 2011,the transformation of Youngs into a premium managed house operation,the acquisition of Geronimo at the end of 2010,the development of a significant hotels operation and the revitalisation of the tenanted division under the Ram Pub Company brand.In Patrick Dardis,we
15、 have a very well qualified successor to Steve as Chief Executive.Patrick has spent his whole career in the pubs and brewing industry.He joined Youngs in 2002 and was appointed to the Board in 2003,since which time he has had overall responsibility for the Youngs managed estate.In July last year he
16、also took over responsibility for Geronimo Inns.He knows our business inside out and is very well respected both at Youngs and throughout the industry.This therefore represents a smooth and effective succession and I have every confidence that the business is well set to deliver further profitable g
17、rowth and attractive shareholder returns.On the back of our strong results for the year just ended,and our confidence in our future prospects,the Board is recommending a 6.0%increase in the final dividend to 9.07 pence,resulting in a total dividend for the year of 17.45 pence(2015:16.46 pence).If ap
18、proved by shareholders,this is expected to be paid on 7 July 2016 to shareholders on the register at the close of business on 10 June 2016,and would be the nineteenth consecutive year of dividend growth.Youngs is a business with a tremendous heritage,a very high quality and well-invested estate of p
19、remium pubs and hotels,a clear growth strategy,experienced management and a very bright future.On behalf of the Board,I thank everyone who has contributed to this success.NICHOLAS BRYANChairman18 May 2016Nicholas BryanChairman8.3%Revenue5.6%Managed house like-for-like revenue10.6%Adjusted profit bef
20、ore tax+CHAIRMANS STATEMENTStrategic report Directors report Financial statements Shareholder information4 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016Andy Operations Manager Having achieved great results at pub level assisted by a great deal of support from Youngs I realised my goal of becoming an O
21、perations Manager.I like to challenge myself;I have done a couple of marathons and recently completed the Youngs sponsored Halow bike ride 250 miles in 48 hours for charity.5YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 In this,my final review as Chief Executive,I am delighted to report that revenue w
22、as up 8.3%to 245.9 million.This impressive revenue growth when combined with a further improvement in adjusted operating margin to 16.7%(2015:16.5%),this resulted in a 10.6%increase in adjusted profit before tax to 35.4 million.Profit before tax was however down 7.8%to 33.3 million.Last years profit
23、 before tax principally benefited from a large non-cash exceptional item relating to a favourable property revaluation and this year did not benefit to the same extent.Adjusted basic earnings per share increased by 13.0%to 57.20 pence and over the past five years has more than doubled.Our strong per
24、formance was further evidenced by the improvement made in all our key performance indicators(see page 6).Established,expanding,highly consistentOur estate comprises 251 pubs,breaking through the 250 milestone for the first time.Of these,our managed division runs over two thirds,171 pubs(including 22
25、 hotels),whilst 80 are run under our tenanted division,the Ram Pub Company.We have added eight new pubs this year,all within our managed house division.Our strong performance is the result of good execution of our strategy,recent investments in our existing estate and through carefully selected acqu
26、isitions which complement and enhance our proposition.Over recent years we have delivered consistently robust growth from our existing estate.This is the result of effective operating disciplines,the dedication of our teams across the business and a number of transformative developments,including th
27、e expansion of our premium hotel offer.Over the past year we have invested 44.5 million on acquisitions and in our existing estate.In the first half of the year we opened three pubs acquired in earlier years following refurbishments:the Bull and Gate(Kentish Town),the Nine Elms Tavern and the Trafal
28、gar Arms(Tooting).Also,in the first half we acquired the Canonbury(Islington)and the Grocer(Spitalfields Market),whilst in the second half we opened the Guard House(Woolwich Arsenal)and the Leman Street Tavern(Aldgate),and in late February,we acquired the historic Old Brewery(Greenwich),set within t
29、he grounds of the Old Royal Naval College.This charming and characterful building features an extensive outdoor terrace and is in an excellent location;the perfect spot for a refreshing summer drink and a bite to eat.The majority of these pubs can be found in north or east London,areas we have targe
30、ted in order to increase our customer reach.We have continued to expand in the new financial year.We have purchased the Woolpack(Bermondsey)and exchanged contracts on the Blue Boar(Chipping Norton),our second Cotswolds pub.Stephen GoodyearChief Executive131(2015:129)80(2015:80)40(2015:37)CHIEF EXECU
31、TIVES REVIEWStrategic report Directors report Financial statements Shareholder information6 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016We measure the development,performance and position of our business against a number of key indicators.Adjusted profit before tax m This is our profit before tax on
32、continuing operations only,adjusted to exclude any exceptional items for the group.2014103015352040254530503555406020152016Adjusted 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.20142
33、0152016Like 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.2014012346572015201620141902002102202
34、3024025020152016RevPAR This is our revenue per available bedroom;it is the average room rate achieved multiplied by the occupancy percentage.20145052545658606220152016Adjusted EBITDA m This is our adjusted earnings before interest,taxes,depreciation and amortisation.Interest cover(times)This is our
35、adjusted operating profit divided by our finance costs.2014234567820152016Gearing%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.201402010304050201520162014303540455060552015201632.050.6231.752
36、.256.826.735.47.27.757.2028.658.460.016.55.627.25.642.8829.545.752.02245.9227.0210.820142,0003,0004,0005,0006,000201520165,8034,4813,065HOW WE PERFORMED7YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 Financial strength,predominantly freehold,progressive dividend policyThe group has again generated stro
37、ng cash flow which has funded the majority of this years acquisitions and investments.Operating cash flow was up 19.4%to 60.4 million and net debt increased slightly to 130.2 million,representing a 2.2 multiple of adjusted EBITDA.We remain well placed to continue our expansion strategy with long ter
38、m debt facilities of 175 million in place,repayable between 2018 and 2023 and of which 76.8%is on fixed interest rates.Our balance sheet is underpinned by our portfolio of freehold property which is predominantly in London.The value of this property has increased to 665.8 million(2015:617.3 million)
39、.Our estate provides the firm foundations for future growth as we continue to expand our reach,taking our premium offer to a wider customer base whilst aiming to make our pubs the first choice for discerning customers.Our commitment to generating shareholder value is unequivocal,combined with strong
40、 cash flow and record earnings this enables us to once more recommend increasing the Strategic report Directors report Financial statements Shareholder informationJo The Lamb Tavern Youngs Manager of the YearI love the way Youngs gives General Managers the freedom and autonomy to be truly creative.M
41、y goal for the next five years is to work in senior management roles within the company and one day become an Operations Director.final dividend,for the nineteenth year in succession.This time,we are increasing the final dividend by 6.0%to 9.07 pence,resulting in a total dividend for the year of 17.
42、45 pence(2015:16.46 pence).If approved,this is expected to be paid on 7 July 2016 to shareholders on the register at the close of business on 10 June 2016.STEPHEN GOODYEARChief Executive18 May 20168 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016Our revenue is largely dependent on consumer spending in o
43、ur managed houses.A consumers decision to spend his or her money can be affected by a broad range of 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 back
44、ground of an ever-increasing choice of where to go and what to do.We operate a defined benefit pension 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
45、assumptions,lower than anticipated performances of the stock market and by reduced bond yields.Variations 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 f
46、uture service benefit accruals.Various factors may result in the amount we pay for our key supplies(including food,drink,gas and electricity)and labour being increased.In July 2015 the Government announced the introduction of a National Living Wage of 7.20 effective from April 2016 with annual stepp
47、ed increases to follow.Increased costs could potentially make our offer less 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
48、 taxes,duty on alcoholic beverages and property rates.Property rates on our estate are due to be revised upwards in April 2017(based on a revaluation of our properties).The new rates would be impacted by any changes to the business rates regime(for example increased rates or reduced reliefs for larg
49、e businesses).Our financial structure involves bank borrowings.The business therefore 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 M
50、25.Through them we provide a hospitable and welcoming home from home,often at the heart of the local community.They benefit from customer-focussed designs,high service standards,quality food and market-leading drinks,all things that matter to the discerning consumer.By having a mix of excellent rive
51、rside,garden and city pubs and hotels,we seek to address the impact of seasonality 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
52、maintain a close dialogue with the schemes trustee.To further limit the potential exposure,future service benefits accruing to remaining active members have been reduced from April 2016,with member contributions being increased in tandem.Fixed-price arrangements are in place with some of our food an
53、d drink suppliers.Regarding utilities,we continually look at ways of reducing our 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
54、increased prices but any shortfall will need to be mitigated through greater labour and other efficiency gains.Through our membership of the British Beer and Pub Association,we seek to ensure that appropriate action is taken to minimise this risk.The board ensures the groups debt profile is long dat
55、ed,facilities are committed and debt 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
56、 increases in the rates of existing 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
57、listed below.It is not an exhaustive 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 22,star
58、ting on page 49.PRINCIPAL RISKS AND UNCERTAINTIES9YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 We are required to meet a range of ever-increasing health and safety obligations in the operation of our business(including in the areas of food and fire safety).We,and particularly our managed estate,are r
59、eliant on information 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).The Government will be introducing a statutory code to govern the relationship bet
60、ween tenants and large pub companies(owning more than 500 pubs).With 251 pubs,the code will not apply to us.We are dependent on having the right people throughout our organisation,whether that is in our pubs and hotels or in our head office.We rely on a number of key suppliers to provide our pubs an
61、d hotels with food and drink.Part of our growth plan is built around us acquiring or developing more pubs and hotel rooms.Training programmes,processes and audits designed to promote and achieve compliance with health and safety legislation are in place.These audits are undertaken by a third party w
62、ho also works 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 has been taken out.Firewalls and
63、 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 anything major happens at our head office or to our systems
64、.The IT needs of the business are regularly monitored and we invest in new technology and services as necessary.We have in place and follow a fully-accredited legally-binding code which meets the latest requirements of the UK pub industry framework code of practice on how tied agreements should oper
65、ate in the pub trade;this is different from a statutory code.We look to recruit and retain the best.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
66、 right skills to perform their jobs 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 rela
67、tionships with a variety of third parties 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 could result in an accident or incident
68、 occurring involving injury,illness or even loss of life.This could damage our reputation,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 technology
69、 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 do business.The imposition on us of a statutory code(if things were to change)could increase the running costs of our tenante
70、d business and reduce our revenue from it.Any increase in costs will result in lower profits and any reduction in revenue could lead to lower growth rates.Our ability to achieve our strategic and operational objectives could be affected if we are unable to attract and retain the right people with th
71、e right capabilities.Supply disruption could affect customer satisfaction,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 rate of growth will be delayed or reduced.RISK/UNCERTAINTYOPERATIONSR
72、EGULATIONPOTENTIAL IMPACTMITIGATIONStrategic report Directors report Financial statements Shareholder information10 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201610Managed housesOur managed estate comprises 131 Youngs pubs(including 22 hotels)and 40 Geronimo pubs.These pubs are designed to be community
73、-led,well-invested with market leading products and high levels of customer service.The successful implementation of this strategy has resulted in a prolonged period of growth.In the past five years our managed house like-for-like performance has been consistently impressive at 6.0%,4.6%,6.7%,6.5%an
74、d,this year,5.6%.We met the challenge of last years tough comparative trading results and embraced the excitement generated from the Rugby World Cup,held in our London heartland last autumn.Our highly motivated team delivered revenue and profit growth.Total revenue was up 8.7%,underpinned by the lik
75、e-for-like performance,and adjusted operating profit grew by 6.4%to 53.3 million.Revenue and profitsWe achieved like-for-like revenue growth across our three main product categories,with drink(5.2%),food(6.5%)and accommodation(8.0%)all performing well.During the first half,the drinks category perfor
76、med well despite some tough comparatives,while mild but wet weather in the second half was balanced by both the Rugby World Cup and excellent Christmas trading.Draught beer sales are on an upward trend,with sales up 7.5%,driven almost evenly between volume,price and mix.Our high-end estate provides
77、the perfect setting for our premium product portfolio and we enjoy the challenge of constantly refreshing our offer while still harbouring old favourites such as Youngs Bitter and Youngs Special.Following the success of Youngs London Stout we are delighted to have launched Youngs London IPA,an authe
78、ntic English IPA with a new world twist.Wine sales have performed strongly.The trend to sparkling is not showing any signs of going flat with sales up over 25%for the third year in a row.Building on this solid base,we consolidated a number of suppliers.In partnership with Berkmann Wine Cellars we ha
79、ve created a truly special and premium wine offer for Youngs and Geronimo,including many exclusive private labels.This new handpicked list will provide plenty of variety for our customers to discover and explore and will complement our ever growing food offer.We have recently completed a comprehensi
80、ve training programme across our pubs to launch this exciting new range of world class wines.Spirits have become very popular over recent years,with gin in particular selling well,up 76.3%over the last two years.We are now harnessing this trend with the introduction of a number of small craft whisky
81、 producers from Kyoto to New York to appeal to a new,curious whisky drinker.130 whisky tasting experiences were held with our customers in our pubs from January to March,driving whisky sales up 10.2%year-on-year.Food remains an essential part of our business and sales this year have grown by 8.8%.Th
82、is growth has been the result of our successful food strategy and recent investments to increase our pubs emphasis on food,which has in turn increased drink sales.Our food strategy remains focused on freshly prepared,seasonal British pub food,serving best-in-class classics and the ultimate Sunday ro
83、asts.We are,however,mindful that food trends are ever evolving and that,in order to stay ahead of the competition,innovation has to be a key part of our approach.This year we opened six BurgerShacks within our pubs and in April 2016 we transformed our Firestables pub into the BurgerShack&Bar.This st
84、andalone site,in the heart of Wimbledon Village,features an enlarged menu and provides a stepping stone for extending this brand.We have also created a standalone website for the brand,www.burgershack.co.uk.Our maiden BurgerShack,at the Windmill(Clapham),was the proud winner of the Top 50 Gastro Pub
85、s Innovation Award.Integral to this success is our chefs ability to create and deliver high quality food to our customers.We have expanded our Chef Academy to ensure we continue to retain,recruit and train highly skilled chefs and to combat the ongoing competition for this same talent.Those enrolled
86、 undertake a series of master classes,hosted by our in-house qualified team,to gain accreditation at intermediate(NVQ level 2 in professional cookery)and advanced(NVQ level 3 in hospitality management)levels.These courses are engaging,promote recipe creativity and give staff the right ingredients to
87、 succeed.We are delighted that the quality of our managed food operation was recognised by our peers at the 25th anniversary of the Publican Awards,where we were judged to have the Best Food Offer in the 51+sites category.Our burgeoning hotel business,comprising 475 bedrooms,of which 229(48%)are of
88、boutique standard,surpassed the 10 million mark for accommodation sales for the first time this year,up 11.6%on last year.During the past year,we have upgraded another 54 rooms,spread across the Lamb Inn(Hindon),Red Lion(Radlett)and the Crown(Chertsey).These boutique rooms command an average room ra
89、te of 98.91 compared with 63.44 for our classic rooms.We also benefitted from the first full year of trade from the hotel operations at the Bell(Stow on the Wold),the Fox and Anchor(Smithfield Market),and the Lamb Inn.In total,RevPAR was up by 5.6%to 60.01,benefitting from a 3.48 improvement in room
90、 rates.We value customer feedback and use a variety of internal and external sources to gauge our performance.The Windmill was ranked in the Top 25 Best Hotels in UK in the TripAdvisor Awards 2016 based on hotel guest comments,a fantastic achievement which only adds to our growing reputation for pro
91、viding excellence.Youngs managed revenue growth was 10.5%in absolute terms and BUSINESS AND FINANCIAL REVIEWYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 117.7%on a like-for-like basis,another very strong performance.Our smaller Geronimo estate grew by 3.2%,with the shortfall from the loss of the Tin
92、Goose(Heathrow Terminal 1)in October of the prior year being offset by four new pubs as well as the full year benefit of the Fellow(Kings Cross)and Owl and Pussycat(Shoreditch).Adjusted operating profit in managed houses grew by 6.4%to 53.3 million but there was a small deterioration in operating ma
93、rgin to 22.9%(2015:23.4%).This margin decline is due to the increasing prominence and quality of our food offer which has higher labour costs attached,short term operational expenses during the initial bedding in phase for new openings and acquisitions and the increased depreciation charges given re
94、cent investment.There has been no dilution in like-for-like operating margin.InvestmentDuring the course of the year we invested 41.9 million in our managed estate.We invested 25.4 million in Youngs pubs,with the acquisition of the Canonbury(Islington)and the Old Brewery(Greenwich).We also opened th
95、e much anticipated Bull and Gate(Kentish Town)and the Nine Elms Tavern.Major development work was carried out at the Albion(City of London),Dirty Dicks(City of London),Duke of Cambridge(Battersea),Founders Arms(Southwark),Grange(Ealing),Lock Keeper(Keynsham),Old Ship(Richmond),Penny Black(Leatherhea
96、d),Swan(Walton-on-Thames),Weyside(Guildford)and the Wood House(Dulwich).The Bull(Streatham)was built in 1768 and its transformational redevelopment has added style and finesse while still retaining elements of its proud history.Our hotels benefitted from 3.5 million of investment as we upgraded room
97、s and bar space at the Bear Inn(Esher),Bell at Stow(Stow on the Wold),Brewers Inn(Wandsworth),Bulls Head(Chislehurst)and the Lamb Inn(Hindon).Just after the year-end we added an extra 12 bedrooms at the Hand&Spear(Weybridge)which completed its transformation from pub to hotel,offering customers a co
98、mfortable stay within 45 minutes of London Waterloo.A further 13.0 million was invested in the Geronimo estate,including the purchase of the Grocer(Spitalfields)and the Leman Street Tavern(Aldgate).The Trafalgar(Tooting)and the Guard House(Woolwich)served their first pints following their recent red
99、evelopments.Major projects were also completed at the Castle(Islington),Crown(Bow),Kings Arms(Chelsea),Northcote(Battersea),Owl and Pussycat(Shoreditch)and Prince Albert(Battersea).At the Clarence(Whitehall)we have created the new“Tin Belly”dining room named after its nearby neighbours;the Blues and
100、 Royals.The“Tin Belly”offers the ideal place to gather the troops and feast on a right royal dinner.Customer engagementAs our discerning customers demands evolve we remain focused on ensuring the offer we provide meets or exceeds their expectations.This involves ensuring that we have an interesting
101、and wide ranging food and drink portfolio,that our pubs have comfortable and stylish interiors and,increasingly,the quality and the convenience of the service we offer.The clever use of technology is vital in attracting trade and meeting customers needs.The vast majority of our pubs now have respons
102、ive websites allowing our customers to find their favourite pubs,view menus and book a table all from their preferred digital device.Our e-marketing platforms database has exceeded 1,000,000 for the first time,and we have targeted our customers with over 30,000,000 emails over the last 12 months.Thi
103、s is amplified by the sophisticated use of social media which provides an important marketing platform to communicate with thousands of our customers on a regular and targeted basis.We now have over 500,000 followers across our social media profiles.As part of our“you stay there while we look after
104、you”proposition,tablets are now installed in over half of our pubs and typically account for over 16.5%of our trade,with some pubs experiencing sales via tablet in excess of 50%of total trade.The Leman Street Tavern became our first pub to open entirely based around tablet service,with no floor till
105、s installed.Faster payments are important for our customers experience and they are increasingly and efficiently facilitated through contactless cards.While technology plays an increasingly important role throughout our estate,it is the people that run our pubs and the vital part that they play in t
106、heir local communities that is what makes us stand out.Our teams across the business are dedicated to ensuring that we are continually developing new ideas to engage with,communicate with,meet and harness the aspirations of our communities and customers alike.The Ram Pub CompanyThe success of the Ra
107、m Pub Company is,as ever,based on our ability to forge close partnerships with our tenants,and we continually strive to provide them better support year after year.We have established a diverse and evolving product range designed to exceed our customers expectations.The long-term success of the Ram
108、Pub Company is based on the tenants themselves being able to benefit from a reliable and sustainable income.Our experienced team provide practical business advice,sophisticated marketing and property expertise to all our partners where needed.This long-term approach has further improved the fortunes
109、 of this division in recent years.Revenue and profitsThe Ram Pub Company has 80 pubs and accounts for 5.2%of our group revenue(2015:5.5%)and 7.8%of group adjusted operating profit at outlet level(2015:7.9%).At the start of the year we transferred the Lord Palmerston Strategic report Directors report
110、 Financial statements Shareholder information12 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201612BUSINESS AND FINANCIAL REVIEWContinuedRamon Assistant Manager at the PaternosterAt Youngs you never stop learning new things.I am now a Draught Master and a member of the Wine Connoisseur Club which allows m
111、e to share my enthusiasm of beer and wine with customers and new members of staff.Carlos Head Chef at the Fox&AnchorWhen I joined Youngs,my Operations Manager gave a motivational speech that reinforced my passion for food and my desire to learn more about it.With the companys support I became Head C
112、hef.I love working for Youngs,a company that cares about its employees and knows how to reward them.In my spare time I have a passion for making music,which I believe is very similar to cooking,its all about finding the right ingredients to create something special.YOUNG&CO.S BREWERY,P.L.C.ANNUAL RE
113、PORT 2016 13(Tufnell Park)from Geronimo and at the end of the year transferred the Rose and Crown(Farnborough)from our Youngs managed houses.These replaced the New Town(Sutton),which was sold in July,and the Sekforde Arms(Clerkenwell),where we terminated our lease in August.This continual estate man
114、agement has helped fulfil our strategic objective to improve the quality of our tenanted estate.Revenue grew by 1.0%on a like-for-like basis and 1.6%in total.This growth was mostly driven by increased barrelage and changes in mix to more premium products,with price increases kept to a minimum.Operat
115、ing efficiencies,largely through better buying,have improved margins.The increased revenue and improved margin has resulted in the divisions adjusted operating profit rising by 4.7%to 4.5 million and by 2.1%on a like-for-like basis.InvestmentWe invested 2.6 million in our tenanted business,with majo
116、r developments at the Bristol Ram,Calthorpe Arms(Bloomsbury),Fountain Inn(Plumpton Green),Grey Horse(Kingston),Old Inn(Congresbury),Railway Telegraph(Thornton Heath)and the Waggon&Horses(Surbiton).The Rose and Crown transferred from Youngs managed on the penultimate day of the year following a major
117、 refurbishment.Tenant engagementThe Ram Pub Company operates a portfolio of traditional tenancy agreements designed to attract and harness the entrepreneurial flair of todays business partners.Our tenants pay a competitive,market rent,whilst benefitting from only limited responsibility for repairs a
118、nd decoration to the pub.The Ram Pub Company provides agreements with plenty of choice,marketing and operational support as well as financial backing for trade-building initiatives.The Ram Pub Company also grants some leases instead of tenancies.In these cases the lessee assumes responsibility for a
119、ll repairs and decorations to the pub.These leases can be for terms up to 20 years.We are beginning to enjoy the benefits of last years re-branding and new website,www.rampubcompany.co.uk,and are continuing to roll-out a package of distinctive signage.This captures the essence of the division,with t
120、he strapline“Everyones local”.Property,treasury,retirement benefits,exceptional items and taxPropertyAt the year-end,in common with recent years,CBRE,an independent and leading commercial property and real estate services adviser,revalued 20%of our estate,with the remaining 80%revalued internally.Th
121、e internal review was led by Andrew Cox,MRICS,our Director of Property and Tenancies.It used updated trading results together with managements knowledge of each pub.This approach is in accordance with International Financial Reporting Standards(“IFRS”)and is common with other listed pub groups.The t
122、otal estate is now valued at 665.8 million,a net upward revaluation of 23.3 million,which is the result of increasing demand for pubs in our London and south east heartland.In accordance with IFRS,individual movements in value,totalling 23.8 million(2015:23.1 million),are reflected in the revaluatio
123、n reserve in the balance sheet unless the valuation is below historic cost,in which case it is accounted for through the income statement.This years movement in the income statement classified as an exceptional charge totalled 0.5 million(2015:4.2 million credit).All these adjustments are non-cash i
124、tems.TreasuryOnce more this has been a year of record cash generation of 60.4 million,which has enabled us to invest 45.1 million in the business.Net debt increased by 1.2 million to 130.2 million but all of our important treasury measures have improved:gearing fell to 28.6%(2015:31.7%),net debt to
125、EBITDA is 2.2 times(2015:2.5 times)and interest is covered 7.7 times(2015:7.2 times)by adjusted operating profit.We have long term debt facilities of 175 million with the Royal Bank of Scotland and Barclays,repayable between 2018 and 2023.All this provides us with the necessary financial firepower t
126、o invest as and when attractive opportunities become available.Given these committed facilities,our freehold-backed balance sheet and the conservative financial ratios above,we have prepared these financial statements on a going concern basis.We have interest rate swaps in place to provide some prot
127、ection from adverse movements in interest rates.In February we entered into a new 20 million swap,and as a consequence we now have interest rates fixed on 100 million of our 130.2 million net debt.These swaps,together with the banks margin and other costs,result in a blended cost of fixed interest d
128、ebt of just below 4.5%.These swaps have maturities that match the underlying liabilities and have been designated as cash flow hedges for accounting purposes.Retirement benefitsThe deficit on our defined benefit pension scheme has reduced by 6.8 million to 6.3 million.This scheme was closed to new e
129、ntrants in 2003,and also provides certain post-retirement medical cover.Gross liabilities fell by 10.7 million to 118.1 million,benefitting from both lower inflationary expectations and higher long-dated corporate bond yields.Our actuary uses these yields to determine the rate at which our liabiliti
130、es are discounted.The assets decreased by 3.9 million to 111.8 million in value,mainly the result of unfavourable returns during this challenging year for investments offsetting the additional contributions made by Youngs.Exceptional ItemsLast year benefited from a 4.1 million exceptional profit,by
131、contrast,this year we had an exceptional charge of 2.1 million.Most of the movements in exceptional items relate to property revaluations,acquisitions and disposals.This year we also had restructuring costs relating to the reorganisation of the groups head office which were made up largely of severa
132、nce costs and consultancy fees.Strategic report Directors report Financial statements Shareholder information14 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201614TaxOur effective corporation tax rate for the year,adjusted for exceptional items,was 21.5%(2015:23.4%).The corporation tax charge for the year
133、 was 6.2 million.The lower effective rate arises from a lower standard rate of UK corporation tax.Corporate and social responsibilityOur pubs play an integral role in their individual neighbourhoods;together we put great emphasis on running sustainable businesses that our communities can be proud of
134、.This is about creating value that benefits not just our shareholders but the wider stakeholder group.This means on a global scale,aggressively reducing our carbon footprint year after year,while on a local one working with charities,making life better for the less advantaged members of our communit
135、y.In terms of addressing our environmental impact,our recycling efforts have increased to 5,803 tonnes(2015:4,481 tonnes)with only 1.4%of waste(2015:2.0%)going to landfill.Thus,we avoided sending 117,949 cubic metres of waste to landfill,enough to fill over 1,000 double decker buses.All of our manag
136、ed pubs now use LED lighting;this alone has prevented 1,601 tonnes of CO2 emissions being released into the atmosphere.Our Geronimo operation has again been recognised for its commitment to sustainability as it once more received a three star award,the highest available,from the Sustainable Restaura
137、nt Association.Last summer,leading up to the Rugby World Cup 2015,we teamed up with Wooden Spoon,the childrens charity of rugby that has helped over 1,000,000 disadvantaged and disabled under 25 year olds.Through various rugby-themed fund raising activities hosted by our pubs and staff,including ser
138、ving 58,000 pints of specially brewed Wooden Spoon ale and 18“Players at the Pumps”events,we raised over 130,000 for the charity.These donations are already being put to good effect by Wooden Spoon through both the Premiership Rugby HITZ programme and the Oasis project.The multi award-winning HITZ p
139、rogramme based in South London uses rugby to increase young peoples resilience,self-reliance and confidence and gives them the skills to get back into education,apprenticeships and employment.Our staff took an active role in this programme.Shareholder returnsThe execution of our long-established str
140、ategy continues to deliver shareholder value through strong revenue and earnings growth which in turn allow us to pay a growing dividend.This years revenue growth of 8.3%,together with an extra 0.2%points added to our adjusted operating margin,has resulted in an increase in adjusted profit before ta
141、x of 10.6%.Earnings per share increased by 1.1%to 55.76 pence and our adjusted EPS was up 13.0%at 57.20 pence.Our dividend policy is designed to deliver year-on-year growth whilst allowing us to retain sufficient profits in the business to enable us to make the investments on which our long-term rec
142、ord depends.This year we are recommending increasing the final dividend,the nineteenth consecutive rise,by 6.0%to 9.07 pence,resulting,if approved by shareholders,in a total dividend for the year of 17.45 pence(2015:16.46 pence).The dividend is covered 3.3 times by our adjusted earnings per share.We
143、 believe that together our robust balance sheet and growing profitability provide an excellent platform to continue to expand the business in the years ahead.OutlookManaged house revenue in the first seven weeks of the new financial year was up 8.1%in total and up 5.3%on a like-for-like basis.Lookin
144、g at trading for the last 13 weeks which takes account both of the timing of Easter and of the University Boat Race,and BUSINESS AND FINANCIAL REVIEWContinuedAgnes Team Finance I joined Youngs in 2009 as a waitress in one of our busiest hotels.In 2013,I moved to head office where Ive experienced man
145、y roles within finance and Im now on the graduate scheme studying for my professional qualification.I enjoy working in Team Finance;its the department where everybody counts.YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 15Strategic report Directors report Financial statements Shareholder informationth
146、is years inclement spring,managed house revenue was up 8.0%in total and up 5.1%on a like-for-like basis.The new financial year will benefit from two recent acquisitions.The Woolpack(Bermondsey),a tenancy,was acquired on the first day of the new financial year and we have exchanged contracts on the B
147、lue Boar(Chipping Norton),which will be added shortly to our managed portfolio.In addition we will enjoy the full year benefit of the eight pubs opened in 2015 along with the momentum of the investments made in the existing estate.We have embraced the newly introduced National Living Wage and shown
148、commitment to our employees by extending this to everyone over the age of 18.As reported before,we estimate that the additional annual cost of implementing the living wage will be c.2 million,although our recent head office restructuring and additional consolidation of suppliers has helped mitigate
149、some of this impact.Europe will be centre stage next month.A good performance from the home nations in footballs European Championships may boost demand,but we are too experienced to rely on this.Neither will we judge the outcome of the EU referendum,although it could deliver a strong night of trade
150、 on 23 June.The Queens 90th birthday,a remarkable milestone,should set London alight with celebrations in June.With pubs having been granted extended hours for three consecutive nights,we are organising parties and preparing a special commemorative brew.Our trading environment continues to benefit f
151、rom high employment levels,improving wages,and a period of longer than expected low inflation and interest rates.As a result we remain confident that by remaining resolutely focused on the execution of our long-term strategy,empowering the talent,commitment and passion of our teams across the busine
152、ss,and maintaining our strong financial profile,we are well positioned to deliver an excellent proposition to our customers as well as superior returns for our shareholders.In July,it will be last orders for me as Chief Executive,but I am delighted that I will be continuing my involvement with Young
153、s as a non-executive director.The energy and enthusiasm of our people has been the driving force behind the success we have achieved over the last decade and there is no one who better exemplifies these qualities than Patrick,who has been an integral part of our success.I have every confidence that
154、Youngs will continue to thrive under his leadership.On behalf of the boardSTEPHEN GOODYEARChief Executive18 May 2016Eddie Head Chef at the Founders Arms Working for Youngs is like a new and exciting world.I quickly became Head Chef and have reached Chef Academy Level 3.I am always calm in the kitche
155、n because I know I have a great team behind me.16 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201616Torquil 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 for the gro
156、ups technological needs and for health and safety.Previously worked for stockbrokers,Bell,Lawrie,Macgregor&Co.Aged 56.Stephen GoodyearCHIEF EXECUTIVEJoined in 1995 as sales director.Appointed to the board in 1996 as sales and marketing director.Appointed chief executive in 2003.Will be stepping down
157、 as chief executive and become a non-executive director at the end of the companys AGM in July.Previously worked for Courage Ltd(1974-95)in a number of senior roles.Was recently the Master of the Brewers Company,one of the oldest Livery Companies in the City of London.Aged 60.Patrick DardisRETAILJoi
158、ned in 2002 and appointed to the board in 2003.Has overall responsibility for the operation of the managed estate(Youngs and Geronimo),as well as for managed house pub acquisitions and developments.Will be taking over as chief executive at the end of the companys AGM in July.Previous positions have
159、included director of retail operations at Wolverhampton&Dudley Breweries PLC(now Marstons PLC),business development with Guinness Brewing and retail management with Whitbread PLC and Courage Ltd.Aged 57.Nicholas Bryan,B.A.,F.C.A.NON-EXECUTIVE CHAIRMANAppointed to the board in 2006 and as non-executi
160、ve chairman in 2011.Chairman of the companys remuneration committee,as well as a member of the companys audit committee.Co-founder and chief executive of the Innserve Group.Has particular expertise in the hospitality,property and brewing sectors gained through various positions within Courage(includ
161、ing managing director of Courage UK(1992-95).Has held other chairman and non-executive director roles while a management committee member of Investcorp(1995-2001).Began his career in finance as a chartered accountant and with positions at Lonrho and Hanson.Aged 63.Peter Whitehead,F.C.A.FINANCEJoined
162、 the company and the board as finance director in 1997.Qualified as a chartered accountant with KPMG in 1988,becoming a fellow of the Institute of Chartered Accountants in 1998.Previously worked for Fuller,Smith&Turner P.L.C.(1990-97).Aged 54.Roger Lambert,M.A.NON-EXECUTIVE AND SENIOR INDEPENDENTApp
163、ointed to the board in 2008 and as senior independent director in 2011.Chairman of the companys audit committee,as well as a member of the companys remuneration committee.Chairman of Corporate Broking,Canaccord Genuity since 2010.Previously worked for 26 years in corporate finance at J.P.Morgan Caze
164、nove where he was a senior managing director with responsibilities for corporate 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 57.Trish CorzineNON-EXECUTIVEAppointed to the board
165、in 2015.Having spent the majority of her career in the restaurant industry,has wide-ranging knowledge of the hospitality and leisure sector.Before her retirement from the board of The Restaurant Group plc in 2013,she spent 20 years with them,almost half of it as an executive director responsible for
166、 their concessions business.Aged 58.Welcome to our board of directors.All served throughout the period.No other person was a director during the period apart from Rupert Clevely,David Page and Ed Turner who stepped down from the board and left the company on 27 April,7 July and 24 July 2015 respecti
167、vely.DIRECTORS REPORTFor the 52 weeks ended 28 March 2016YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 17In this report reference to the“company”or to“Youngs”is to Young&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 governan
168、ceThe board is committed to good corporate governance in the management and operation of the groups business.Summarised below are its current corporate governance arrangements;no particular corporate governance code has been adopted.How the board worksThe board governs through its executive manageme
169、nt and via committees.The board has a formal written schedule of matters reserved for its review and approval;this includes those matters described above as well as major financial and key operational issues.The board meets every two months,with additional meetings arranged as required;it met seven
170、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 executive directors and the company secretary updates the board at each meeting on matters for which they are responsible.This fl
171、ow 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 directors outside of board meetings.The board has a procedure in place such that it can consider and,if it sees fit,authorise situati
172、ons where a director has an interest that conflicts,or may possibly conflict,with the interests of the company.The boards committeesThe board has four standing or permanent committees:executive,audit,remuneration and disclosure.The latter three committees have specific terms of reference which can b
173、e 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 includes:approving and monitoring the groups long-term objectives,commercial strategy,major acquisitions and disposals and the groups
174、annual operating and capital expenditure budgets;ensuring a sound system of internal control and risk management;and overseeing the groups operations,ensuring competent and prudent management,sound planning,adequate accounting and other records,and compliance with statutory and regulatory obligation
175、s.Board compositionThe board is made up of:a non-executive chairman:Nicholas Bryan;four executive directors:Stephen Goodyear,Torquil Sligo-Young,Peter Whitehead and Patrick Dardis;and two further non-executive directors:Roger Lambert and Trish Corzine.Their roles and brief biographical details appea
176、r 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 members of the groups senior management being invited to attend as appropriate.Patrick Dardis will become chairman of the committee whe
177、n he takes over from Stephen Goodyear as chief executive at the end of the companys AGM in July.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:Stephe
178、n GoodyearMembers:Executive directorsRemuneration committeeChairman:Nicholas BryanMembers:Roger Lambert Trish CorzineStrategic report Directors report Financial statements Shareholder information18 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201618Other committees are established from time to time depend
179、ing on the needs of the business.Balance of the boardThere is a clear division of responsibility between the chairman 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 d
180、irectors has specific roles and responsibilities,and all of the non-executives are experienced business people who bring 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
181、development of strategy,to scrutinise the performance of management in meeting agreed goals and objectives and to monitor the reporting of performance.Roger Lambert is the senior independent director.In his current role as chairman of Corporate Broking at Canaccord Genuity,he attends and advises at
182、board meetings of corporate clients.Coupling this with his many years working in corporate finance at J.P.Morgan Cazenove,where he was a senior managing director with responsibilities for corporate client coverage of the consumer sector,including brewing,drinks and hospitality,he is able to provide
183、knowledge,support and advice to the chairman and to the other members of the board.The directors consider that the 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 th
184、e board nomination and appointment process.They consider the balance of skills,knowledge and experience on the board 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 v
185、iew that it should continue to operate in this way rather than through a more formal nomination committee.Once appointed,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 thi
186、s doesnt apply to any director at this years AGM.They are then subject to a further re-appointment vote every third AGM after that this applies to Nicholas Bryan,Stephen Goodyear and Patrick Dardis at this years AGM(and each of them is seeking re-appointment and their brief biographical details are
187、on page 16).Stephen Goodyear will become a non-executive director if re-appointed.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 management),o
188、verseeing the companys relationship with its external auditor and reviewing the effectiveness of the audit process.The finance director usually 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 half-year r
189、esults.The committee meets separately with the groups 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 issues arising from their wor
190、k.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;it also assesses whether the auditor
191、 continues to show the required level of independence.The focus 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.At each of its meetings there is an internal audit report from the groups business risk assura
192、nce manager.It assists 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:Peter WhiteheadMembers:Executive directors Audit committeeChairman:Roger LambertMembers:Nicholas Brya
193、n Trish Corzine DIRECTORS REPORTContinuedYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 19Subject to shareholder re-appointment,each of the executive directors has been appointed for an indefinite period and is generally entitled to not less than one years notice from the company if it wishes to termin
194、ate his appointment.In return,each of Stephen Goodyear,Torquil Sligo-Young and Peter Whitehead has to give not less than six months notice if he wishes to leave,and Patrick Dardis has to give at least one years notice.The non-executives have been appointed for fixed terms which are terminable earlie
195、r 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 follows:Nicholas Bryan(11 July 2017 and three months),Roger Lambert(31 July 2017 and six months)and Trish Corzin
196、e(11 January 2018 and six months).The executive directors are expected to devote substantially the whole of their time,attention and ability to their 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
197、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 contracts and copies of the letters of appointment of the non-executive directors are available for inspection at the companys registered office.Advice for
198、 the boardSubject to certain limitations,all of the directors are entitled to obtain independent professional advice at the companys expense;they also 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 di
199、rectors attend training courses and/or industry forums.They also attend relevant specialist briefings,some of which form part of board or executive committee meetings.The directors,executive and non-executive,regularly spend time out in the trade with fellow directors,colleagues and friends.This hel
200、ps to keep them up to date with the groups operations,developments in the market and the competition.Liability insurance cover for directors and officersThe company maintains,at its own expense,insurance cover in respect of legal action against its directors and officers.Remuneration:executive direc
201、torsThe remuneration of the executive directors is determined by the remuneration committee in the context of the companys reward policy,the principal objective of which is the recruitment and retention of officers with appropriate skills and qualities to drive the companys strategy and deliver valu
202、e for shareholders.Against this background,the remuneration committee has decided that total remuneration levels for the executive directors should be in line with the market for the performance achieved,with the variable element included in the total remuneration varying according to achievement of
203、 key performance measures.This variable element is currently delivered via deferred annual bonus awards which are dependent on certain performance targets being achieved.The terms of the awards are such that if any bonus is paid,half of it has to be settled in shares,with the other half being paid i
204、n cash except to the extent that the director elects to receive all or part of it in shares instead.For every share taken in place of cash,the director is allowed to subscribe at nominal value for one matching share.None of the directors are generally free to sell any of the shares before the end of
205、 a restricted period which ordinarily will end three years after the shares have been acquired or,if earlier,the date on which their employment terminates by reason of illness,disability or redundancy.The matching shares are subject to satisfaction of a further condition relating to the increase ove
206、r a set period in the groups adjusted earnings per ordinary share in respect of the groups continuing operations.Any of the shares acquired,whether matching or otherwise,are liable to forfeiture in certain circumstances.The remuneration committee believes that the companys remuneration policy is con
207、sistent with the groups risk management policy as it does not encourage inappropriate risks to be taken to achieve the performance targets;the focus is very much on a long-term remuneration model.Details of the remuneration of each executive director appear in note 8 on page 37.None of them are invo
208、lved in deciding their own remuneration.Strategic report Directors report Financial statements Shareholder information20 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201620Remuneration:non-executivesThe remuneration of the non-executives is determined by the executive committee,with the intention being th
209、at the fees paid are not out of line with the market and go some way towards rewarding 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
210、 of any group pension scheme other than for the purposes of complying with pensions auto-enrolment legislation.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 on page 37.Risk and intern
211、al controlThe board has overall responsibility for the groups internal control system and for reviewing its effectiveness.The executive directors implement and maintain the risk management and internal control system,and the audit committee assists the board in fulfilling its oversight responsibilit
212、ies by monitoring the systems integrity.The system is designed to manage risk;it cannot eliminate it and therefore provides reasonable,not absolute,assurance against material misstatement or loss.As part of the system,the board regularly reviews its financial controls memorandum;this lengthy and det
213、ailed document seeks to:mitigate risks which might cause the failure of business objectives;help safeguard 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 ac
214、hieve compliance with applicable laws and regulations.The groups business risk assurance 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
215、 committee.With the approval of that committee,changes,as appropriate,are then made to the financial controls memorandum.The group,through its business risk assurance manager,carries out internal reviews of financial areas according to a programme set by the audit committee following input from the
216、finance director,the head of finance and the groups external auditor.The business risk assurance manager reports to the company secretary and 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 regula
217、r basis.Management may from 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 cas
218、h.This team reports to the finance director.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 the groups head office.The group has a whistleblowing policy.This is overseen by the au
219、dit committee and allows staff to raise any concerns in confidence directly with the chairman of the audit committee,the company secretary or the groups business risk assurance manager.Relations with shareholdersCopies of the annual report and the interim report are sent to all shareholders and copi
220、es 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 with institut
221、ional shareholders and analysts following the preliminary and half-year results presentations to the City.These meetings allow the chief executive and the finance director to update shareholders on strategy and the groups performance.Additional meetings with institutional investors and/or analysts a
222、re 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 done formally during
223、the meeting or informally with the directors after it.DIRECTORS REPORTContinuedYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 21Directors holdings and interestsThe holdings and interests of the directors who held office at the period end(and their immediate families)in the share capital of the company
224、are shown in the table below;these are in addition to the interests shown in notes 8(d)and 8(e)on pages 38 and 39.Non-voting As at A shares sharesNicholas Bryan Beneficial and family 28 March 2016 8,505 30 March 2015 8,505 Stephen Goodyear(i),(ii)Beneficial and family 28 March 2016 231,796 30 March
225、2015 196,283 Torquil Sligo-Young(i),(ii),(iii)Beneficial and family 28 March 2016 268,462 30 March 2015 253,153 3,000 Trustee 28 March 2016 4,154,340 649,914 30 March 2015 4,154,340 649,914Peter Whitehead(i),(ii)Beneficial and family 28 March 2016 115,845 30 March 2015 95,363 Patrick Dardis(i),(ii)B
226、eneficial and family 28 March 2016 49,257 30 March 2015 39,891 Roger Lambert Beneficial and family 28 March 2016 5,250 5,000 30 March 2015 5,250 5,000Trish Corzine Beneficial and family 28 March 2016 1,000 5,000 30 March 2015 (i)Also interested in 554,077(2015:635,064)A shares held in trust by RBT I
227、I Trustees Limited see note 29 on page 58.(ii)Also interested in 337,067(2015:387,541)A shares held in trust by Youngs Pension Trustees Limited see note 29 on page 58.(iii)Torquil Sligo-Young and various members of his immediate family are discretionary beneficiaries under trusts holding 836,368(201
228、5:836,368)of the A shares and 553,866(2015:553,866)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 provis
229、ion,which is a qualifying third party indemnity provision,is in force at the date of this report and was also in force during the period for the benefit of those who were then directors of the company.Additional indemnity provisions for the benefit of Rupert Clevely,who stood down from the board and
230、 left the company during the period,are in force at the date of this report and were in force during the period;these provisions,which are qualifying third party indemnity provisions,are described in note 29 on page 58.AIMThe companys shares are traded on AIM.There are no other exchanges or trading
231、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 27.1 million.The directors recommend a final dividend for the period of 9.07 pence per share.Subject to approval at the AGM,this i
232、s expected to be paid on 7 July 2016 to shareholders on the register at the close of business on 10 June 2016.When added to the interim dividend of 8.38 pence per share,this will produce a total dividend for the period of 17.45 pence per share.AGM Notice convening the AGM and an explanation of the r
233、esolutions being proposed are set out on pages 61 to 64.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 strategic report(on pages 1 to 15)particulars of important event
234、s 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 22,starting on page 49,are the groups financial risk management objectives and policies and an indica
235、tion of the groups exposure to certain risks.EmployeesConsiderable importance is placed on communications with employees and so,within the limitation of commercial confidentiality and security,Youngs provided them with information concerning trading,development and other appropriate matters.It did t
236、his at many levels throughout the business,both formally and informally,including through management presentations.It also consulted Strategic report Directors report Financial statements Shareholder information22 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201622regularly with employees and their repres
237、entatives 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 drawn from departments based at its head office in Wandsworth
238、.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 involvement in the groups performance,the company invited all employ
239、ees of the group who had been continuously employed on and from 31 March 2013 to join the groups savings-related share option scheme for 2015.After saving for a three-year period(through deductions from net salary),scheme members can then buy A shares in the company if they choose to do so at 1,013
240、pence per share,being a discount of about 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,taking account of the applicants particular aptitude
241、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 opportunities for training,career development and pr
242、omotion.Notifications of major holdings of voting rights As at 28 March 2016 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%Lindsell Train Limited 5.28%No changes in those hol
243、dings,and no other holdings of 3%or more of the voting rights in the company,had been notified to the company between 29 March 2016 and 18 May 2016,both dates inclusive.Statement of certain responsibilities in relation to the financial statements and otherwise For each financial period the directors
244、 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 European Union(“IFRS”)and applicable law,and must present fair
245、ly 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 them under IFRS too.In preparing the financial statements t
246、he directors make judgements 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 that provides relevant,reliable and comparable information.There also
247、 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 records which disclose with reasonable accuracy,at any time,the fi
248、nancial 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 hence for taking reasonable steps for the prevention and detectio
249、n 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 by the companys auditor in connection with preparing its report of
250、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 aware of it.This paragraph is to be interpreted in accordance with s
251、ection 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 28 March 2016,have been drawn up and presented for the purpose of complying with English law.Any liability arising o
252、ut of or in connection with them will also be determined in accordance with English law.By order of the boardANTHONY SCHROEDERCompany Secretary18 May 2016BlackRock Investment Management(UK)Ltd 5.00%Octopus Investments Nominees Ltd 4.01%Helena Young 3.12%DIRECTORS REPORTContinuedStrategic report Dire
253、ctors report Financial statements Shareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 23Independent 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 the 52 week period ended 28 March 2016 which comprise
254、 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 Equity and the related notes 1 to 32.The financial reporti
255、ng 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 the provisions of the Companies Act 2006.This report i
256、s 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 an auditors report and for no other purpose.To the ful
257、lest 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 directors and auditorAs explained more fully in the Director
258、s 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 financial statements in accordance with applicable la
259、w 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 about the amounts and disclosures in the financial state
260、ments 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 parent companys circumstances and have been consistent
261、ly 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 Annual Report to identify material inconsistencies with
262、 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 apparent material misstatements or inconsistencies we consid
263、er 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 28 March 2016 and of the groups profit for the 52 week period then ended;the group financial stateme
264、nts 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 with the provisions of the Companies Act 2006;and the f
265、inancial 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 the information given in the Strategic Report and the Directors Report for the financial year for which the financial statem
266、ents are prepared is consistent with the financial statements.Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,in our opinion:adequate accounting records have not been kep
267、t 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 agreement with the accounting records and returns;or certain disclosures of directors remuneration specified by law are not made;or w
268、e 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 AuditorLondon18 May 2016Notes:1.The maintenance and integrity of the Young&Co.s Brewery,P.L.C.website is the responsibility of the dir
269、ectors;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 may have occurred to the financial statements since they were initially presented on the website.2.Legislation in the United Kingdom g
270、overning the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.INDEPENDENT AUDITORS REPORTFor the 52 weeks ended 28 March 2016Strategic reportDirectors reportFinancial statementsShareholder information24 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 20
271、1624 2016 2015 Notes m mRevenue 6 245.9 227.0Operating costs before exceptional items 7(204.9)(189.6)Operating profit before exceptional items 41.0 37.4Operating exceptional items 9(2.1)4.1Operating profit 38.9 41.5Finance costs 11(5.3)(5.2)Other finance charges 24(0.3)(0.2)Profit before tax 33.3 36
272、.1Taxation 12(6.2)(9.4)Profit for the period attributable to shareholders of the parent company 27.1 26.7 Pence PenceEarnings per 12.5p ordinary shareBasic 15 55.76 55.17Diluted 15 55.73 55.09The notes on pages 30 to 59 form part of these financial statements.The independent auditors report is set o
273、ut on page 23.All of the results above are from continuing operations.GROUP INCOME STATEMENTFor the 52 weeks ended 28 March 2016Strategic reportDirectors reportFinancial statementsShareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 25 Group Company 2016 2015 2016 2015 Notes m m m mPro
274、fit for the period 27.1 26.7 24.3 22.9Other comprehensive income Items that will not be reclassified subsequently to profit or loss:Unrealised gain on revaluation of property 17 23.8 19.6 23.1 17.6Remeasurement of retirement benefit schemes 24 4.2(9.1)4.2(9.1)Tax on above components of other compreh
275、ensive income 0.2(0.7)(0.1)(0.4)Items that will be reclassified subsequently to profit or loss:Fair value movement of interest rate swaps 22 (3.6)(3.6)Tax on fair value movement of interest rate swaps (0.2)0.7(0.2)0.7 28.0 6.9 27.0 5.2 Total comprehensive income for shareholders of the parent compan
276、y 55.1 33.6 51.3 28.1The 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.STATEMENTS OF COMPREHENSIVE INCOMEFor the 52 weeks ended 28 March 2016Strategic reportDirectors repor
277、tFinancial statementsShareholder information26 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 201626 Group Company 2016 2015 2016 2015 Notes m m m mNon-current assetsGoodwill 16 20.6 20.9 Property and equipment 17 665.8 617.3 594.4 546.3Investment in subsidiaries 18 31.3 31.3Deferred tax assets 23 6.2 7.7 6
278、.1 7.6 692.6 645.9 631.8 585.2Current assetsInventories 19 2.6 2.7 1.9 2.0Trade and other receivables 20 6.4 5.5 28.8 27.6Cash 13.2 0.2 11.8 0.2 22.2 8.4 42.5 29.8Total assets 714.8 654.3 674.3 615.0Current liabilitiesBorrowings 22 (5.0)(6.0)Derivative financial instruments 22(3.1)(2.5)(3.1)(2.5)Tra
279、de and other payables 21(35.5)(29.2)(38.2)(27.9)Income tax payable (3.2)(4.0)(2.2)(3.7)(41.8)(40.7)(43.5)(40.1)Non-current liabilitiesBorrowings 22(143.4)(124.2)(143.4)(124.2)Derivative financial instruments 22(9.0)(9.5)(9.0)(9.5)Deferred tax liabilities 23(57.4)(59.8)(50.5)(52.6)Retirement benefit
280、schemes 24(6.3)(13.1)(6.3)(13.1)Provisions 25(1.0)(1.0)(217.1)(206.6)(210.2)(199.4)Total liabilities (258.9)(247.3)(253.7)(239.5)Net assets 455.9 407.0 420.6 375.5Capital and reservesShare capital 26 6.1 6.1 6.1 6.1Share premium 4.1 2.7 4.1 2.7Capital redemption reserve 1.8 1.8 1.8 1.8Hedging reserv
281、e (9.8)(9.6)(9.8)(9.6)Revaluation reserve 234.5 209.6 225.6 201.7Retained earnings 219.2 196.4 192.8 172.8Total equity 455.9 407.0 420.6 375.5Approved by the board of directors and signed on its behalf by:Nicholas Bryan ChairmanPeter Whitehead Finance Director18 May 2016The notes on pages 30 to 59 f
282、orm part of these financial statements.The independent auditors report is set out on page 23.Strategic reportDirectors reportFinancial statementsShareholder informationBALANCE SHEETAt 28 March 2016YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 27The notes on pages 30 to 59 form part of these financial
283、statements.The independent auditors report is set out on page 23.Group Company 2016 2015 2016 2015 Notes m m m mOperating activities Net cash generated from operations 28 60.4 50.6 55.4 40.0Interest received 0.5 1.0Tax paid (7.8)(7.1)(6.4)(4.7)Net cash flow from operating activities 52.6 43.5 49.5 3
284、6.3Investing activities Sale of property and equipment 3.6 3.3 3.5 3.3Purchases of property and equipment 17(41.6)(32.4)(38.8)(30.1)Business combinations,net of cash acquired 13(3.5)(18.5)(3.5)(6.6)Acquisition of subsidiaries,net of cash acquired 18 (7.0)Net cash used in investing activities (41.5)(
285、47.6)(38.8)(40.4)Financing activities Interest paid (4.4)(4.9)(4.4)(4.8)Issued equity 0.5 0.5 Equity dividends paid 14(8.2)(7.7)(8.2)(7.7)Increase in borrowings 19.0 9.5 19.0 9.5(Decrease)/increase in short term borrowings (5.0)5.0(6.0)6.0Net cash flow used in financing activities 1.9 1.9 0.9 3.0Inc
286、rease/(decrease)in cash 13.0(2.2)11.6(1.1)Cash at the beginning of the period 0.2 2.4 0.2 1.3Cash at the end of the period 13.2 0.2 11.8 0.2STATEMENTS OF CASH FLOWFor the 52 weeks ended 28 March 2016Strategic reportDirectors reportFinancial statementsShareholder information28 YOUNG&CO.S BREWERY,P.L.
287、C.ANNUAL REPORT 201628The notes on pages 30 to 59 form part of these financial statements.The independent auditors report is set out on page 23.Capital Share redemption Hedging Revaluation Retained Total capital(1)reserve reserve reserve earnings equity Notes m m m m m mAt 31 March 2014 7.7 1.8(6.7)
288、193.1 183.8 379.7Total comprehensive income Profit for the period 26.7 26.7Other comprehensive income Unrealised gain on revaluation of property 17 19.6 19.6Remeasurement of retirement benefit schemes 24 (9.1)(9.1)Fair value movement of interest rate swaps 22 (3.6)(3.6)Tax on above components of oth
289、er comprehensive income 12 0.7(2.5)1.8 (2.9)17.1(7.3)6.9Total comprehensive income (2.9)17.1 19.4 33.6Transactions with owners recorded directly in equity Share capital issued 1.1 1.1Dividends paid on equity shares 14 (7.7)(7.7)Revaluation reserve realised on disposal of properties (0.6)0.6 Share ba
290、sed payments 27 0.2 0.2Tax on share based payments 23 0.1 0.1 1.1 (0.6)(6.8)(6.3)At 30 March 2015 8.8 1.8(9.6)209.6 196.4 407.0Total comprehensive income Profit for the period 27.1 27.1Other comprehensive income Unrealised gain on revaluation of property 17 23.8 23.8Remeasurement of retirement benef
291、it schemes 24 4.2 4.2Fair value movement of interest rate swaps 22 Tax on above components of other comprehensive income 12 (0.2)1.6(1.4)(0.2)25.4 2.8 28.0Total comprehensive income (0.2)25.4 29.9 55.1Transactions with owners recorded directly in equity Share capital issued 1.4 1.4Dividends paid on
292、equity shares 14 (8.2)(8.2)Revaluation reserve realised on disposal of properties (0.5)0.5 Share based payments 27 0.5 0.5Tax on share based payments 23 0.1 0.1 1.4 (0.5)(7.1)(6.2)At 28 March 2016 10.2 1.8(9.8)234.5 219.2 455.9(1)Total share capital comprises the share capital issued and fully paid
293、of 6.1 million(2015:6.1 million)and the share premium account of 4.1 million(2015:2.7 million).Share capital issued in the period comprises the nominal value of nil million(2015:0.1 million)and share premium of 1.4 million(2015:1.0 million).GROUP STATEMENT OF CHANGES IN EQUITYAt 28 March 2016Strateg
294、ic reportDirectors reportFinancial statementsShareholder informationYOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 29 Capital Share redemption Hedging Revaluation Retained Total capital(1)reserve reserve reserve earnings equity Notes m m m m m mAt 31 March 2014 7.7 1.8(6.7)186.9 164.0 353.7Total compre
295、hensive income Profit for the period 22.9 22.9Other comprehensive income Unrealised gain on revaluation of property 17 17.6 17.6Remeasurement of retirement benefit schemes 24 (9.1)(9.1)Fair value movement of interest rate swaps 22 (3.6)(3.6)Tax on above components of other comprehensive income 23 0.
296、7(2.2)1.8 0.3 (2.9)15.4(7.3)5.2Total comprehensive income (2.9)15.4 15.6 28.1Transactions with owners recorded directly in equity Share capital issued 1.1 1.1Dividends paid on equity shares 14 (7.7)(7.7)Revaluation reserve realised on disposal of properties (0.6)0.6 Share based payments 27 0.2 0.2Ta
297、x on share based payments 23 0.1 0.1 1.1 (0.6)(6.8)(6.3)At 30 March 2015 8.8 1.8(9.6)201.7 172.8 375.5Total comprehensive income Profit for the period 24.3 24.3Other comprehensive income Unrealised gain on revaluation of property 17 23.1 23.1Remeasurement of retirement benefit schemes 24 4.2 4.2Fair
298、 value movement of interest rate swaps 22 Tax on above components of other comprehensive income 23 (0.2)1.3(1.4)(0.3)(0.2)24.4 2.8 27.0Total comprehensive income (0.2)24.4 27.1 51.3Transactions with owners recorded directly in equity Share capital issued 1.4 1.4Dividends paid on equity shares 14 (8.
299、2)(8.2)Revaluation reserve realised on disposal of properties (0.5)0.5 Share based payments 27 0.5 0.5Tax on share based payments 23 0.1 0.1 1.4 (0.5)(7.1)(6.2)At 28 March 2016 10.2 1.8(9.8)225.6 192.8 420.6(1)Total share capital comprises the share capital issued and fully paid of 6.1 million(2015:
300、6.1 million)and the share premium account of 4.1 million(2015:2.7 million).Share capital issued in the period comprises the nominal value of nil million(2015:0.1 million)and share premium of 1.4 million(2015:1.0 million).The notes on pages 30 to 59 form part of these financial statements.The indepen
301、dent auditors report is set out on page 23.PARENT COMPANY STATEMENT OF CHANGES IN EQUITYAt 28 March 2016Strategic reportDirectors reportFinancial statementsShareholder information30 YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016301.GENERAL INFORMATIONThe group and parent company financial statements of
302、 Young&Co.s Brewery,P.L.C.for the period ended 28 March 2016 were authorised for issue by the board of directors on 18 May 2016.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
303、the London Stock Exchange.The nature of the groups 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 52 weeks ended 28 March 2016 and 30 March 2015 respectively.The financial statements are pre
304、sented in pounds sterling and all values are rounded to the nearest hundred thousand(0.1 million)except where otherwise indicated.2.BASIS OF PREPARATIONThe consolidated financial statements of the group have been prepared in accordance with International Financial Reporting Standards(IFRS)as adopted
305、 for use in 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 Standing Interp
306、retations 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 Interpretations”.No separat
307、e income statement is presented for the company,as permitted by section 408(3)of the Companies Act 2006.The companys profit after tax for the period was 24.3 million(2015:22.9 million).New Accounting Standards,Amendments and InterpretationsThe group has adopted the following new accounting standard
308、during the period.IAS 19:Defined Benefit Plans:Employee Contributions(Amendments):clarifies the treatment of employee and third party contributions which are independent of the number of years of service.The amendment was effective for the full period ended 28 March 2016 but has had no impact.The gr
309、oup has also applied,for the first time,the Annual Improvements to IFRSs:20102012 Cycle and 20112013 Cycle.These improvements did not have any impact on the current period,prior period or expected to affect future periods.The directors also intend to adopt the Standards,Amendments and Interpretation
310、s listed in the table below when they become effective.The directors do not expect that adoption in future periods will have a material impact except the following:IFRS 9:Financial instruments:replaces IAS 39 and introduces new requirements for classifying and measuring financial instruments.The sta
311、ndard introduces a new hedge accounting model designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures.Early adoption is permitted.The group is yet to assess the full impact of the new standard.IFRS 16:Leases:r
312、eplaces 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 classified as operating leases.The balance sheet will affectively be grossed up but with no impact to net assets at the inception
313、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 yet to assess the full impact of the new standard.Effective dateIAS 1 Disclosure Initiative(Amendment)1 January 2016IAS 16 and IAS
314、38 Clarification of Acceptable Methods of Depreciation 1 January 2016 and Amortisation(Amendments)IAS 19 Employee Benefits 1 January 2016IAS 34 Interim Financial Reporting 1 January 2016IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations 1 January 2016IFRS 7 Financial Instruments:Dis
315、closures 1 January 2016IFRS 15 Revenue from Contracts with Customers 1 January 2018IFRS 9 Financial Instruments 1 January 2018IFRS 16 Leases 1 January 2019NOTES TO THE FINANCIAL STATEMENTSFor the 52 weeks ended 28 March 2016YOUNG&CO.S BREWERY,P.L.C.ANNUAL REPORT 2016 313.SUMMARY OF SIGNIFICANT ACCOU
316、NTING POLICIESThe significant accounting policies adopted are set out below and,except as noted above,have been applied consistently in presenting the group and parent company financial information.(a)Basis of consolidationThe groups financial statements consolidate the financial statements of Young
317、&Co.s Brewery,P.L.C.with the entities it controls,its subsidiaries and a special purpose entity,drawn up to the period end.An investor controls an investee when it is exposed,or has rights,to variable returns from its involvement with the investee and has the ability to affect those returns through
318、its power over the investee.The special purpose entity is Ram Brewery Trust II,an Employee Share Ownership Plan(ESOP)Trust.The results of subsidiaries acquired or disposed of during the period are included in the group income statement from the effective date of acquisition or up to the effective da
319、te of disposal,as appropriate.The financial statements of the subsidiaries and special purpose entity are consolidated on a comparable period basis,using consistent accounting policies.All inter company balances and transactions,including unrealised profits arising on them,are eliminated.(b)The pare
320、nt companys investments in subsidiariesIn its separate financial statements,the parent company recognises its investments in its subsidiaries on the basis of the direct equity interest method.Investments are therefore held at cost less provision for impairment.Income is recognised from these investm
321、ents in relation to distributions received.(c)Revenue recognitionRevenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured.Revenue is measured at the fair value of the consideration received,excluding discounts,
322、rebates and VAT.The following criteria must also be met before revenue is recognised:Sale of goods Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.Rental income Rental income arising from operating leases on propertie
323、s is accounted for on a straight line basis over the lease term.Interest income Revenue is recognised as interest accrues(using the effective interest method).(d)Exceptional itemsExceptional items are items which due to their material and non-recurring nature have been classified separately in order
324、 to draw them to the attention of the reader of the financial statements.They are included in the adjustments that,in managements judgement,are required in order to show more accurately the business performance of the group in a consistent manner and to reflect how the business is managed and measur
325、ed on a day to day basis.(e)Business combinations and goodwillBusiness combinations are accounted for using the acquisition method.The cost of an acquisition is measured as the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree.The consideration
326、 transferred is measured at acquisition date fair value.The non-controlling interest is measured as the proportionate share of the acquirees identifiable net assets.Acquisition costs incurred are expensed and included in operating exceptional items.Goodwill arising on acquisition represents the exce
327、ss of the cost of acquisition over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition.On disposal of a subsidiary,the attributable amount of goodwill is included in the determination of the profit or loss on disposal.(f)Property and equipmentPro
328、perties,including land and buildings,and fixtures,fittings and equipment are held at fair value and are revalued by qualified valuers on a sufficiently regular basis using open market values so that the carrying value of an asset does not differ significantly from its fair value at the balance sheet
329、 date.The valuation is assessed on the basis of the highest and best use.When the necessary requirements have been met in respect of assets identified for disposal and revalued immediately prior to transfer to non-current assets held for sale,the highest and best use for a market participant may ref
330、lect an alternative use for the asset.Surpluses which arise from the revaluation exercise are included within other comprehensive income(in the revaluation reserve)unless they are reversing a revaluation adjustment which has been recognised in the income statement previously.Where the revaluation ex
331、ercise gives rise to a deficit,this is reflected directly in other comprehensive income(in the revaluation reserve)to the extent that a surplus exists against the same asset.Any further decrease in value is recognised in the income statement as an exceptional expense.The carrying amount of an asset,
332、less any residual value,is depreciated on a straight line basis over the assets useful life or lease term if shorter.The residual value,useful life and depreciation method applied to each asset are reviewed annually.The group does not depreciate freehold land and the residual value of its freehold a
333、nd long leasehold buildings.Useful lives:Freehold and long leasehold buildings 50 yearsShort leasehold buildings Shorter of the estimated useful life and the lease termFixtures,fittings and equipment 3-10 yearsAn assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount(note 3(g).The gain arising on t
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