Punch Taverns plc 2007 Annual Report and Financial Statements

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Report on Directors’ remuneration continued Total shareholder return performance graph The graph shows the Company’s performance, measured by total shareholder return (TSR), compared with the FTSE 350 Travel and Leisure Index and FTSE 100 Index. The Remuneration Committee considers these to be relevant indices for TSR comparison as the Travel and Leisure Index members represent a range of UK quoted leisure companies, and the FTSE 100 is the index of the 100 largest UK companies by market capitalisation. £600 £500 £400 £300 £200 £100 £ 0 Aug 2002 Aug 2003 Aug 2004 Aug 2005 Aug 2006 Aug 2007 Punch Taverns FTSE 350 Travel & Leisure Index FTSE 100 The graph shows the value, at 18 August 2007, of £100 invested in Punch Taverns plc on 17 August 2002, compared with the value of £100 invested in the FTSE 350 Travel and Leisure Index and £100 invested in the FTSE 100 Index, for the same period. The other points plotted are the values at intervening financial year ends. The graph shows that at the end of the 2006 / 2007 financial year, a hypothetical £100 invested in Punch Taverns plc on 17 August 2002 would have generated a total return of £458, compared with a total return of only £156 if invested in the FTSE 350 Travel and Leisure Index, and £66 if invested in the FTSE 100 Index, for the same period. 40 2 www.punchtaverns.com
Audited information The total of Directors’ emoluments in the period was £2,646,000 (2006: £2,502,000), including pension contributions of £149,000 (2006: £352,000). The remuneration and interests in the Group share plans of the Directors at the end of the period, from the date of their appointment as Directors, was as follows: Annual remuneration Basic salary / fees Benefits 1 Bonus 2 Total Pension 2007 £000 2006 £000 2007 £000 2006 £000 Executive Directors Giles Thorley 450 410 35 28 336 308 821 746 54 49 Robert McDonald 257 240 21 16 229 130 507 386 31 254 3 Jonathan Paveley 228 190 28 22 162 101 418 313 28 23 Andrew Knight 4 138 – 6 – 74 – 218 – 17 – Non-executive Directors Ian Fraser 45 37 – – – – 45 37 – – Peter Cawdron 7 104 44 – – – – 104 44 – – Phil Dutton 4 23 – – – – – 23 – – – Mike Foster 39 37 – – – – 39 37 – – Randl Shure 39 37 – – – – 39 37 – – Fritz Ternofsky 52 47 – – – – 52 47 – – Former Directors Adrian Fawcett 5 153 215 12 16 – 116 165 347 19 26 Martin Glenn 6 16 37 – – – – 16 37 – – Phil Cox 6 50 117 – 2 – – 50 119 – – Total 1,594 1,411 102 84 801 655 2,497 2,150 149 352 2007 £000 2006 £000 2007 £000 2006 £000 2007 £000 2006 £000 Pension Giles Thorley, Robert McDonald, Jonathan Paveley and Andrew Knight are entitled to receive a Group contribution into their personal pension arrangements representing between 12.0% and 12.5% of their pensionable salary. Prior to the demerger of the Spirit Group in 2002, Robert McDonald and Andrew Knight were members of the Spirit Group Pension Scheme, a defined benefit salary scheme, and the Group contributed 23% of Robert McDonald’s and 13% of Andrew Knight’s pensionable salaries into the scheme. Pursuant to the demerger of the Spirit Group, the Group ceased to participate in the scheme on 5 April 2003. Their pension entitlements under this scheme are as follows: Accrued annual benefit as at 18 August 2007 £000 Change in accrued benefit over the year £000 Transfer value at 18 August 2007 8 £000 Transfer value at 19 August 2006 8 £000 Change in transfer value over the year less Director’s contributions £000 Change in accrued benefit in excess of inflation £000 Robert McDonald 85 3 1,389 1,150 239 – Andrew Knight 27 – 249 182 67 – 1 Benefits include the following elements; health cover, car, fuel, death in service and income protection. 2 These figures include the amount of the annual performance related bonus (25%) deferred to buy shares (bonus shares) in line with the Punch Taverns plc Deferred Share Bonus Plan approved by shareholders at the AGM on 15 January 2004. Full details of the operation of the Plan are contained in the first part of this Report. 3 Of this amount, £28,800 relates to normal contributions at 12% of salary for the 2005 / 2006 financial year, £17,723 relates to pension payments from September 2006 to March 2007 paid in advance prior to changes in pension legislation (‘A’ day) introduced on 6 April 2006 and the balance of £207,014 relates to compensation paid for the discontinuance of his participation in the Spirit Group Defined Benefit Pension Scheme following the Company’s demerger in 2002. 4 Appointed 24 January 2007. 5 Resigned 30 March 2007. 6 Resigned 24 January 2007. 7 Replaced Phil Cox as Chairman on 24 January 2007. 8 Transfer values have been calculated in accordance with Guidance Note GN11 issued by the Faculty and Institute of Actuaries. The transfer values represent the actuarial liability of the pension plan and not the sum paid or due to an individual. Punch Taverns plc Annual Report and Financial Statements 2007 413
Page 1 and 2: Passionate about our pubs Punch Tav
Page 3 and 4: Punch Taverns: Our Punch Taverns le
Page 5 and 6: Operational highlights • We conti
Page 7 and 8: Managed estate: We have significant
Page 9 and 10: award winning training. Our managed
Page 11 and 12: Operational review Overview The fin
Page 13 and 14: Whilst the leased and managed estat
Page 15 and 16: Passionate about our people ATTRACT
Page 17 and 18: Corporate social responsibility Com
Page 19 and 20: Our ‘NITA’ award winning retail
Page 21 and 22: Results for the year The financial
Page 23 and 24: Capital expenditure and cash flow T
Page 25 and 26: purchased by the Group as well as f
Page 27 and 28: 5 8 6 9 7 5 Peter Cawdron Non-execu
Page 29 and 30: Directors’ report The Directors p
Page 31 and 32: Punch Taverns plc Annual Report and
Page 37 and 38: Introduction This report has been p
Page 39 and 40: Annual bonus Policy: maximum bonus
Page 41 and 42: Punch Taverns plc Deferred Share Bo
Page 43: Directors’ contracts The policy o
Page 49 and 50: Statement of Directors’ responsib
Page 51 and 52: Consolidated statement of recognise
Page 53 and 54: Consolidated cash flow statement fo
Page 55 and 56: Company statement of recognised inc
Page 57 and 58: Contents for the notes to the finan
Page 63 and 64: 2 Segmental analysis The primary se
Page 65 and 66: 3 Analysis of expenses The followin
Page 67 and 68: 7 Employees and Directors continued
Page 69 and 70: 9 Earnings per share continued The
Page 71 and 72: 12 Goodwill and intangible assets O
Page 73 and 74: 14 Trade and other receivables 18 A
Page 75 and 76: 15 Deferred tax continued Company F
Page 77 and 78: 20 Financial liabilities continued
Page 85 and 86: 25 Share-based payments continued D
Page 87 and 88: 25 Share-based payments continued S
Page 89 and 90: 27 Other reserves Group Equity comp
Page 91 and 92: 28 Net debt continued (c) Reconcili
Page 93 and 94: 30 Disposals On 17 September 2006,
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31 Pensions and other post-retireme
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31 Pensions and other post-retireme
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32 Operating lease commitments - mi
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34 Related party transactions conti
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Five year financial record Group tr
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Punch Taverns plc Annual Report and
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The paper used in this report is fu
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Punch Taverns plc 2007 Annual Report and Financial Statements

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