The Directors use a number of Key Performance Indicators (“KPIs”) which they consider are effective in measuring delivery of the strategy of the business, and which assist the Directors in the management of the Group. The Board closely controls and monitors the success of the Group’s operating businesses through the divisional KPI programme. The results of these are as follows:-

		Year ended 31 December 2009	Year ended 31 December 2008	Year ended 31 December 2007
Malmaison
Average occupancy for year	%	78	79	78
Average room rate for year	£	99	112	113
Operating EBITDA*	£’000	15,366	16,526	14,761
Hotel du Vin
Average occupancy for year	%	81	81	81
Average room rate for year	£	111	120	124
Operating EBITDA*	£’000	11,221	9,927	9,143
Combined Malmaison and Hotel du Vin
Operating EBITDA*	£’000	26,587	23,453	23,904
Operating loss before tax*	£’000	(1,443)	(632)	4,551

*Operating EBITDA and operating loss before tax exclude pre-opening costs and profit on disposal of fixed assets.

		Year ended 31 December 2009	Year ended 31 December 2008	Year ended 31 December 2007
MWB Business Exchange Plc
Occupancy at year end	%	82	90	90
REVPAW at year end	£	6,180	8,700	8,435
REVPOW at year end	£	7,545	9,650	9,355
EBITDA	£’000	9,806	18,088	16,982
Profit before tax	£’000	4,209	14,003	12,746

		Year ended 31 December 2009	Year ended 31 December 2008	Year ended 31 December 2007
Liberty Plc
Revenue	£’000	60,774	50,850	46,689
Operating EBITDA before brand expenditure and reorganisation costs	£’000	3,004	1,815	2,671
Operating profit/(loss) before expenditure on brand and reorganisation costs	£’000	1,025	(435)	200
Expenditure on brand	£’000	(2,761)	(4,344)	(3,484)