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 The assets in the scheme and the expected rate of return were: Long term rate of return expected at 18 August 2007 Value at 18 August 2007 £m Long term rate of return expected at 19 August 2006 Value at 19 August 2006 £m Equities 8.00% 28.8 7.50% 19.8 Bonds 5.50% 15.0 5.00% 10.1 Insured pensions 5.80% 3.6 5.25% 4.0 Property 7.00% 0.1 – – Cash 5.50% 0.1 4.50% 0.1 Total market value of assets 47.6 34.0 Present value of scheme liabilities (51.3) (39.9) Net pension liability before deferred tax (3.7) (5.9) Deferred tax asset 1.0 1.8 Net pension liability (2.7) (4.1) InnSpired Group Limited Scheme InnSpired Group Limited operated a defined benefit scheme in the UK until the scheme was merged into the Pubmaster Pension Scheme at 6 April 2007. The values of the scheme’s liabilities have been determined by a qualified actuary based on the results of an actuarial valuation as at 5 April 2002 updated to 6 April 2007, at which point the scheme ceased to exist. The mortality assumptions at 6 April 2007 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 63 is as follows: 6 April 2007 19 August 2006 Male currently aged 50 23.4 years 21.9 years Male currently aged 65 22.1 years 21.1 years Female currently aged 50 25.1 years 24.6 years Female currently aged 65 24.2 years 23.9 years The assumptions used in determining the valuations are as follows: 6 April 2007 19 August 2006 Rate of increase of salaries n / a n / a Rate of increase in pensions 3.50% 3.50% Discount rate 5.30% 5.05% Inflation assumption 3.00% 3.00% The assets in the scheme and the expected rate of return were: Long term rate of return expected at 6 April 2007 Value at 6 April 2007 £m Long term rate of return expected at 19 August 2006 Value at 19 August 2006 £m Equities – – 7.50% 7.0 Bonds – – 5.00% 3.3 Property – – 6.50% 0.4 Cash and other investments – – 4.50% 0.2 Total market value of assets – – 10.9 Present value of scheme liabilities – (14.0) Net pension liability before deferred tax – (3.1) Deferred tax asset – 0.9 Net pension liability – (2.2) 292 www.punchtaverns.com
31 Pensions and other post-retirement benefits continued Spirit Group Pension Scheme The SGPS 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 5 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 45 22.1 years 20.1 years Male currently aged 65 20.2 years 19.4 years Female currently aged 45 23.6 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 3.25% 3.00% Rate of increase in pensions 3.25% 3.20% Discount rate 5.80% 5.05% Inflation assumption 3.25% 3.00% The assets in the scheme and the expected rate of return were: Long term rate of return expected at 18 August 2007 Value at 18 August 2007 £m Long term rate of return expected at 19 August 2006 Value at 19 August 2006 £m Equities 8.00% 64.1 7.50% 53.7 Government bonds 5.00% 14.7 4.50% 14.4 Property 7.00% 9.8 6.50% 8.8 Other 5.50% 4.1 4.50% 12.8 Total market value of assets 92.7 89.7 Present value of scheme liabilities (90.4) (97.3) Net pension asset / (liability) before deferred tax 2.3 (7.6) Deferred tax (liability) / asset (0.6) 2.3 Net pension asset / (liability) 1.7 (5.3) Spirit Group Retail Pension Plan The SGRPP 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 31 October 2003, 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 45 22.1 years 20.1 years Male currently aged 65 20.2 years 19.4 years Female currently aged 45 23.6 years 22.7 years Female currently aged 65 22.4 years 22.1 years Punch Taverns plc Annual Report and Financial Statements 2007 933
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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
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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 and 94: 30 Disposals On 17 September 2006,
Page 95: 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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