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 31 Pensions and other post-retirement benefits continued Analysis of amounts recognised in the SORIE in the period: 52 weeks to 18 August 2007 £m 52 weeks to 19 August 2006 £m Actual return less expected return on assets (1.7) 4.8 Experience loss on liabilities 27.8 29.0 Actuarial gains recognised in the SORIE 26.1 33.8 Cumulative amounts recognised in the SORIE: 18 August 2007 £m 19 August 2006 £m At beginning of period 33.8 – Net actuarial gains in the period 26.1 33.8 At end of period 59.9 33.8 The amounts recognised in the balance sheet are as follows: 18 August 2007 £m 19 August 2006 £m Present value of scheme liabilities (373.3) (393.5) Fair value of scheme assets 380.0 368.8 Retirement benefit asset / (obligations) recognised in the balance sheet 6.7 (24.7) Movements in the present value of scheme liabilities are as follows: 52 weeks to 18 August 2007 £m 52 weeks to 19 August 2006 £m Present value of scheme liabilities at beginning of year 393.5 47.7 Present value of scheme liabilities acquired in the year – 368.9 Current service cost 0.4 0.3 Interest cost 19.4 12.8 Actuarial gains (27.8) (29.0) Contributions paid by employees 0.1 0.1 Benefits paid (12.3) (7.3) Present value of scheme liabilities at end of year 373.3 393.5 Movements in the fair value of scheme assets are as follows: 52 weeks to 18 August 2007 £m 52 weeks to 19 August 2006 £m Fair value of scheme assets at beginning of year 368.8 40.1 Fair value of scheme assets acquired in the year – 284.3 Expected return on scheme assets 22.0 12.5 Actuarial (losses) / gains (1.7) 4.8 Contributions paid by employer 3.1 34.3 Contributions paid by employees 0.1 0.1 Benefits paid (12.3) (7.3) Fair value of scheme assets at end of year 380.0 368.8 Scheme assets are stated at their market values at the balance sheet date and the expected return on scheme assets is derived as a weighted average of the expected return on each asset class, recognising the proportions of the assets invested in each. The expected return on each asset class is determined after taking external expert advice and by reference to relevant equity and bond indices. 290 www.punchtaverns.com
31 Pensions and other post-retirement benefits continued The major categories of plan assets as a percentage of total plan assets are as follows: 18 August 2007 19 August 2006 Equities 60.5% 58.7% Bonds 27.8% 24.5% Property 9.6% 8.9% Other 2.1% 7.9% The history of experience adjustments on the schemes for the current and previous financial years is as follows: 18 August 2007 £m 19 August 2006 £m 20 August 2005 £m Present value of retirement benefit obligations (373.3) (393.5) (47.7) Fair value of plan assets 380.0 368.8 40.1 Net asset / (liability) in the scheme 6.7 (24.7) (7.6) Experience adjustments on scheme liabilities 27.8 29.0 – Percentage of scheme liabilities 7.4% 7.4% – Experience adjustments on scheme assets (1.7) 4.8 4.8 Percentage of scheme assets 0.4% 1.3% 12.0% The expected contributions to defined benefit schemes for the next financial year, beginning 19 August 2007, are £17.5m. Scheme Funding Pubmaster Pension Scheme The Pubmaster Pension Scheme is a defined benefit scheme operated in the UK. The values of the scheme’s liabilities have been determined by a qualified actuary based on the results of an actuarial valuation as at 6 April 2004, updated to 18 August 2007, the balance sheet date. The mortality assumptions at the year end are based on standard mortality tables which allow for future mortality improvements. The assumptions are that the life expectancy of a member who retires at the age of 65 is as follows: 18 August 2007 19 August 2006 Male currently aged 50 21.7 years 20.1 years Male currently aged 65 20.2 years 19.4 years Female currently aged 50 23.3 years 22.7 years Female currently aged 65 22.4 years 22.1 years The assumptions used in determining the valuations are as follows: 18 August 2007 19 August 2006 Rate of increase of salaries 4.50% 4.25% Rate of increase in pensions 3.00% 2.75% Discount rate 5.80% 5.05% Inflation assumption 3.25% 3.00% Revaluation of deferred pensions 3.25% 3.00% Punch Taverns plc Annual Report and Financial Statements 2007 913
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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
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Results for the year The financial
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Capital expenditure and cash flow T
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purchased by the Group as well as f
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5 8 6 9 7 5 Peter Cawdron Non-execu
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Directors’ report The Directors p
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Punch Taverns plc Annual Report and
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Introduction This report has been p
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Annual bonus Policy: maximum bonus
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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 47 and 48: Punch Taverns plc Annual Report and
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: 30 Disposals On 17 September 2006,
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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Punch Taverns plc 2007 Annual Report and Financial Statements

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