Enterprise Inns plc Annual Report and Accounts 2012

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Notes to the Accounts at 30 September 2012 21. Non-current assets held for sale Group Company 2012 £m 2011 £m 2012 £m 2011 £m At 1 October 27 30 13 15 Net transfer from property, plant and equipment (note 17) 190 187 107 162 Write down to fair value less costs to sell (2) (1) – (1) Disposals (169) (189) (100) (163) At 30 September 46 27 20 13 Representing: Property, plant and equipment 46 27 20 13 46 27 20 13 Non-current assets held for sale comprises both freehold and leasehold licensed and unlicensed properties that have been identified by the Group for disposal as part of the continued disposal programme. The sale of all assets within this category is expected to be completed within one year of the Balance Sheet date. At the end of the year non-current assets held for sale in the Group includes 159 pubs which are expected to be sold within the next year (2011: 95 pubs). Within the Group a balance of £3 million (2011: £1 million) in relation to these pubs is held within the revaluation reserve representing revaluation surpluses. At the end of the year non-current assets held for sale in the Parent Company includes 76 pubs which are expected to be sold within the next year (2011: 51 pubs). Within the Parent Company a balance of £2 million (2011: £1 million) in relation to these pubs is held within the revaluation reserve representing revaluation surpluses. Annual Report 2011 2012 Our Accounts 22. Trade and other payables 2012 £m Group 2011 £m Company Trade payables 38 70 38 70 Amounts due to subsidiary undertakings – – 372 367 Accruals and deferred income 94 89 76 71 Other payables 48 46 29 30 2012 £m 2011 £m 180 205 515 538 Included within other payables in the Group is a balance of £33 million (2011: £33 million) being collateral held by the Group in the form of cash deposits. (See note 20). Included within other payables in the Parent Company is a balance of £23 million (2011: £23 million) being collateral held by the Parent Company in the form of cash deposits. (See note 20). 80
Notes to the Accounts at 30 September 2012 23. Financial assets and liabilities Group Company Financial assets 2012 £m 2011 £m 2012 £m 2011 £m Non-current Loans due from subsidiary undertakings (see note 33) – – 121 94 Total financial assets – – 121 94 Group Company Financial liabilities 2012 £m 2011 £m 2012 £m 2011 £m Current Bank borrowings 85 40 85 40 Interest rate swaps – 2 – – Securitised bonds 10 – – – 95 42 85 40 Non-current Bank borrowings 240 415 240 415 Corporate bonds 1,182 1,182 1,182 1,182 Securitised bonds 1,341 1,472 – – Interest rate swaps – 2 – – Finance lease payables 4 4 2 2 2,767 3,075 1,424 1,599 Total financial liabilities 2,862 3,117 1,509 1,639 Total financial assets and liabilities 2,862 3,117 1,388 1,545 Bank borrowings refers to the Forward Start Facility, made up of tranche A and tranche B (see table below). Corporate bonds refers to a debenture and four secured bonds (see table below). Securitised bonds refers to five secured bonds (see table below). Fair values The corporate bonds, securitised bonds and interest rate swaps were valued at fair value as at 30 September by J C Rathbone, independent valuers. The fair value of the interest rate swaps is calculated by discounting future cash flows using prevailing interest rates. The fair value of the corporate bonds and securitised bonds is measured at market price. The finance lease payables are valued by calculating the present value of the future minimum lease payments. Our Accounts Annual Report 2011 2012 81
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