Punch Taverns plc 2007 Annual Report and Financial Statements

32 Operating lease commitments – minimum lease payments
Group
18 August
2007
£m
19 August
2006
£m
Future minimum rentals payable under non-cancellable operating leases:
Within one year 50.7 53.2
Between one and five years 193.3 199.4
After five years 1,038.5 1,616.4
1,282.5 1,869.0
The future minimum rentals payable under non-cancellable operating leases when discounted to present value are £554.6m
(August 2006: £603.8m).
The Group leases various licensed properties, offices and other commercial properties under non-cancellable operating lease
agreements. The leases have various terms, escalation clauses and renewal rights. The Group also leases vehicles under non-cancellable
operating lease agreements.
The total future minimum sublease payments expected to be received are £212.8m (August 2006: £112.0m).
The Group is a lessor of licensed properties to retailers. The leases have various terms, escalation clauses and renewal rights.
The total future minimum lease payments expected to be received are:
Land and
buildings
18 August
2007
£m
Land and
buildings
19 August
2006
£m
Within one year 225.7 201.9
Between one and five years 782.7 672.5
After five years 1,210.2 1,004.8
The Company has no operating lease commitments at 18 August 2007 (August 2006: £nil).
2,218.6 1,879.2
33 Capital and other financial commitments
Capital commitments for property, plant & equipment
Group
18 August
2007
£m
19 August
2006
£m
Contracted but not provided 22.2 15.3
The Company has no capital commitments at 18 August 2007 (August 2006: £nil).
The Company acts as guarantor for the convertible bonds issued by its wholly owned subsidiary, Punch Taverns (Redwood Jerseyco)
Limited for sums payable or ordinary shares due under the terms of the convertible bonds. Further details of the convertible bonds
are provided in note 20.
Punch Taverns plc Annual Report and Financial Statements 2007 953