Full Year 2020 WH Smith PLC Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tony Shiret - Panmure Gordon (UK) Limited, Research Division - Analyst : A couple from me. First of all, Robert, can you just give us a rundown of what the covenants -- the broad covenants are? I know that they're sort of not going to be assessed for the next year. But if you could tell us broadly what the covenants are, that would be fantastic. And secondly, on the Marshall's lease arrangements at La Guardia, it looks like they've taken on a head lease in the -- in that terminal. I know La Guardia is a small terminal, but I just wondered if you're going to move towards actually becoming sort of a landlord for other retailers in U.S. airports rather than just taking concessions yourself. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 12, 2020 / 8:30AM, SMWH.L - Full Year 2020 WH Smith PLC Earnings Presentation

Question: Tony Shiret - Panmure Gordon (UK) Limited, Research Division - Analyst : Okay. But within La Guardia, you would -- how much would WH Smith revenue as a percentage of the total take of that sort of whole arrangement be? Would you say roughly?

Question: Richard Michael Taylor - Barclays Bank PLC, Research Division - Analyst : Given some of the work you've done on the cost base, especially on rents -- on the rental agreements, in a scenario of sales recovery, how should we think about the margins in your businesses? So sort of U.K. High Street doing 10% margin, U.K. Travel doing 17%. Do you think under a sales recovery scenario, you can do those margins again? Or given the reductions of the cost base, could margins actually improve? Any thoughts on that would be great.