Punch Taverns plc 2007 Annual Report and Financial Statements

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Notes to the financial statements continued for the 52 weeks ended 18 August 2007 13 Investments in subsidiary undertakings and joint ventures Company Total £m At 19 August 2006 as previously reported 3,301.7 Restatement for capital contribution 4.3 At 19 August 2006 as restated 3,306.0 Additions 2.0 At 18 August 2007 3,308.0 The figures at 19 August 2006 have been restated for capital contributions made to Punch Taverns (PGE) Limited. During the period, the Company made a capital contribution of £2.0m to its immediate subsidiary undertaking, Punch Taverns (PGE) Limited. Details of the principal subsidiary undertakings and joint ventures at 18 August 2007 are as follows: Name of company Nature of business Subsidiary undertakings owned directly: Punch Taverns (PGE) Limited Holding company All of which are directly or indirectly wholly owned subsidiaries of Punch Taverns (PGE) Limited: Punch Taverns (PGRP) Limited Pub operating company Punch Taverns (PTL) Limited Pub operating company Punch Taverns (Branston) Limited Pub operating company Punch Taverns (PML) Limited Pub operating company Punch Taverns (Pubs) Limited Pub operating company Punch Taverns (Avebury) Limited Pub operating company Spirit Managed Pubs Limited Pub operating company Spirit Managed (Trent) Limited Pub operating company Spirit (Faith) Limited Pub operating company Spirit Group Holdings Limited Intermediate holding company InnSpired Group Limited Intermediate holding company Avebury Holdings Limited Intermediate holding company Broomco (3708) Limited Intermediate holding company Punch Taverns (PPCS) Limited Intermediate supply company Spirit Supply Company Limited Intermediate supply company Punch Taverns Finance plc Financing company Punch Taverns Barton Loan Company Limited Financing company Punch Taverns Finance B Limited Financing company Punch Taverns (Redwood Jerseyco) Limited Financing company Punch Taverns (Offices) Limited Property company Spirit Group Retail Limited Property company Avebury Group Limited Management and administration company InnSpired Company Limited Management and administration company Spirit Group Limited Management and administration company Joint ventures: Allied Kunick Entertainments Limited Property company Matthew Clark (Holdings) Limited (formerly Dubwath Limited) Intermediate holding company of Matthew Clark The Group owns 100% of the ordinary share capital and controls 100% of the voting rights of the companies listed above, with the exception of Allied Kunick Entertainments Limited, of which the Company indirectly owns 51% of the ordinary share capital but can only exercise joint control, and Matthew Clark (Holdings) Limited, of which the Company indirectly owns 50% of the ordinary share capital and exercises joint control. All companies are incorporated in England and Wales other than Avebury Holdings Limited, which is incorporated in Guernsey, Punch Taverns Finance B Limited, which is incorporated in the Cayman Islands, and Punch Taverns (Redwood Jerseyco) Limited, which is incorporated in Jersey. In addition to those investments listed above, the Group also maintains day-to-day control over Spirit Issuer Parent Limited and its wholly owned subsidiary, Spirit Issuer plc, a special purpose entity which was set up purely for providing financing to the Spirit group of companies. Therefore, although no company in the Group owns any shares either directly or indirectly in Spirit Issuer Parent Limited or Spirit Issuer plc, the financial statements are also consolidated into the Group financial statements in accordance with SIC 12. Exemption has been taken to exclude subsidiary undertakings from the above disclosure, whose results or financial position do not principally affect the financial statements. 268 www.punchtaverns.com
14 Trade and other receivables 18 August 2007 £m Group 19 August 2006 £m 18 August 2007 £m Company 19 August 2006 £m Amounts falling due within one year Trade receivables 61.5 57.8 – – Amounts owed by group undertakings – – 61.2 446.1 Prepayments and accrued income 28.6 36.3 – 0.2 Tax and social security receivable – 1.0 – 1.0 Other receivables 11.7 12.3 – – 101.8 107.4 61.2 447.3 Amounts falling due after more than one year Prepayments and accrued income – 1.4 – – Amounts due from group undertakings – – 1,410.6 1,394.1 15 Deferred tax The movement on the deferred tax account is as follows: Deferred tax Group 18 August 2007 £m – 1.4 1,410.6 1,394.1 19 August 2006 £m Company 18 August 2007 £m 19 August 2006 £m At beginning of period 253.4 255.1 5.5 – IAS 39 adjustment – (29.4) – – At beginning of period as previously reported 253.4 225.7 5.5 – Restatement following finalisation of fair values 34.4 – – – At beginning of period as restated 287.8 225.7 5.5 – Acquisitions 2.3 (0.9) – – Disposals 0.7 (19.2) – – Charged / (credited) to income statement 59.0 23.9 (3.8) 3.8 (Credited) / debited to equity (6.8) 23.9 (1.7) 1.7 Reclassification 1.0 – – – At end of period 344.0 253.4 – 5.5 Deferred tax has been restated following the finalisation of the fair values on the acquisition of the Spirit group in the previous period (see note 29). The movements in deferred tax assets and liabilities during the period are shown below: Deferred tax liabilities Group Accelerated capital allowances £m Gains on property £m At 19 August 2006 as previously reported 138.0 238.9 51.9 428.8 Restatement following finalisation of fair values 3.3 49.9 (3.6) 49.6 At 19 August 2006 as restated 141.3 288.8 48.3 478.4 Charged / (credited) to income statement 12.5 (8.2) (4.6) (0.3) Credited to equity – (15.3) (9.0) (24.3) Acquisitions (6.5) 15.2 – 8.7 Disposals 0.2 0.5 – 0.7 Reclassification – – 1.0 1.0 Transfers – 3.5 – 3.5 At 18 August 2007 147.5 284.5 35.7 467.7 Other £m Total £m Punch Taverns plc Annual Report and Financial Statements 2007 693
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Passionate about our pubs Punch Tav
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Punch Taverns: Our Punch Taverns le
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Operational highlights • We conti
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Managed estate: We have significant
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award winning training. Our managed
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Operational review Overview The fin
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Whilst the leased and managed estat
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Passionate about our people ATTRACT
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Corporate social responsibility Com
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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 and 44: Directors’ contracts The policy o
Page 45 and 46: Audited information The total of Di
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: 12 Goodwill and intangible assets O
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,
Page 95 and 96: 31 Pensions and other post-retireme
Page 97 and 98: 31 Pensions and other post-retireme
Page 99 and 100: 32 Operating lease commitments - mi
Page 101 and 102: 34 Related party transactions conti
Page 103 and 104: Five year financial record Group tr
Page 107 and 108: The paper used in this report is fu
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