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REST EASY WITH
PREMIER INN
Annual Report and
Accounts 2021/22
A focused hotel group
Whitbread has emerged from the COVID-19 pandemic in
aposition of strength, bouncing back strongly in the year
andreturning to profitability.
Our unique vertically integrated operating model gives us
a sustainable platform to outperform in the structurally
attractivemarkets in which we operate, built on our scale,
brandstrength, direct distribution and our leading customer
offering. We have a long track-record of generating a strong
return on capital for our shareholders, all the while staying
truetoour Force for Good ambitions.
Our trading momentum in the UK is strong, and we are rapidly
expanding our footprint in Germany. We enter the year ahead
inastrong position to succeed.
Our Force for Good sustainability programme
focuses on enabling people to live and work
well, whilst having a positive impact on the
worldaround us
Why we do it
Strategic report
2 Our business at a glance
4 Doing more for our people
6 Doing more for our guests
8 Doing more for the planet
10 Chairman's statement
12 Chief Executive's review
16 A clear investment proposition
20 Market review
22 Our business model
24 Our strategy at a glance
26 Strategy in action
30 Chief Financial Officer's review
34 Chief People Officer's review
36 Force for Good
48 Task Force on Climate-Related
FinancialDisclosures
50 Section 172 statement
51 Stakeholder engagement
55 Non-financial Information statement
56 Principal risks and uncertainties
61 Viability statement
Governance
62 Corporate governance at a glance
64 Corporategovernance
68 Board of Directors
70 Executive Committee
76 Culture at Whitbread
78 Q&A with non-executive
directorKalAtwal
80 Audit Committee report
84 Nomination Committee report
87 Remuneration Committee report
90 Remuneration at a glance
92 Directors' remuneration policy
101 Annual report on remuneration
112 Directors' report
118 Directors' responsibility statement
119 Assurance statement
121 Independent auditor's report
Consolidated accounts 2021/22
133 Consolidated income statement
133 Earnings per share
134 Consolidated statement
ofcomprehensiveincome
135 Consolidated statement
ofchangesinequity
136 Consolidated balance sheet
137 Consolidated cash flow statement
138 Notes to the consolidated
financialstatements
Whitbread PLC Company accounts 2021/22
193 Company balance sheet
194 Company statement of changes
inequity
195 Notes to the Company
financialstatements
Other information
206 Glossary
207 Alternative performance measures
211 Shareholder services
From booking to bed, we're here to help you
rest easy
 https://www.premierinn.com/gb/en/home
INTRODUCTION
Whitbread Annual Report and Accounts 2021/22
FINANCIAL PERFORMANCE
Revenue
£1,703m
2020/21 £590m
UK Market share
1
10%
2020/21 11%
Adjusted operating
profit/(loss)†
£153m
2020/21 (£487m)
Statutory operating
profit/(loss)
£227m
2020/21 (£839m)
Operating cash and
cash equivalents
£1,132m
2020/21 £1,256m
Adjusted (loss)
before tax†
( £16m)
2020/21 (£635m)
Statutory profit/
(loss) before tax
£58 m
2020/21 (£1,007m)
Total cash
capexUK†
2
£171m
2020/21 £132m
Total cash capex
Germany†
3
£9 0m
2020/21 £99m
Adjusted basic
(loss)/earnings
pershare†
(2.5)p
2020/21 (287.6p)
Statutory basic
earnings/(loss)
pershare
21.1p
2020/21 (481.9p)
Final dividend per
share
34.7p
2020/21 0.0p
† See pages 207 to 210 for definitions of alternative
performancemeasures
1 STR data, revenue share of total UK market
2 FY22 includes £1.8m loans advanced to joint ventures
3 FY22 includes £36.3m payment of contingent
consideration (FY21: £3.8m) and £1.4m capital
contributions to joint ventures (FY21: £1.3m)
Net cash/(debt)†
£141m
2020/21 (£47m)
Operating cash flow†
£404 m
2020/21 (£489m)
1
Strategic report Governance Financial statements Other information
A UNIQUE
APPROACH
Our ambition
To be the world’s best budget hotelbrand
Our purpose
To provide quality, affordable hotels for our
guests to help them to live and work well
and to positively impact the world around
us. With no barriers to entry or limits to
ambition, we will provide meaningful work,
skills and career development opportunities
for our teams
Overview
UNITED
KINGDOM
*
GERMANY
Number of rooms
1
82,2 86
2020/21: 78,718
Number of rooms
1
5,875
2020/21: 4,880
Number of rooms
inpipeline
1
8,332
2020/21: 12,256
Number of rooms
inpipeline
1
8,454
2020/21: 8,420
At Premier Inn, we’re here to help the nation rest easy,
whether it's a choice of rooms across our 800+ hotels,
comfy beds that guests won’t want to leave or food to
fuel the start and end of every day.
We’ve got a range of flexible rates to suit everyone,
friendly team members who genuinely care and a level
ofconsistency that ensures everyone knows exactly
whatthey’re going to get. It’s comfort that everyone
cancount on.
Germany provides a significant opportunity for Premier
Inn to grow long term and replicate its UK success, with
the German market sharing many of the attractive
characteristics we see in the UK.
We continue to grow at pace in Germany, with 37
operational hotels and a committed pipeline of 41 hotels.
This progress now gives Premier Inn a national footprint
and brings us closer to our goal of becoming the number
one budget hotel brand in Germany.
  Read more on
pages 26 and 27
  Read more on
pages 28 and 29
* Includes one site in each of Jersey, Guernsey and the Isle of Man and two sites in Ireland
1 As at year end 3 March 2022
Whitbread Annual Report and Accounts 2021/22 2
Our Business at a Glance