Punch Taverns plc 2011 Annual Report

98
Punch Taverns plc
Annual Report and Financial Statements 2011
Notes to the financial statements continued
for the 52 weeks ended 21 August 2011
30 Operating lease commitments – minimum lease payments continued
The Group is a lessor of licensed properties to retailers. The leases have various terms, escalation clauses and renewal rights. The total
non-cancellable future minimum lease payments expected to be received are:
Land and
buildings
20 August
2011
£m
Land and
buildings
21 August
2010
£m
Within one year 127.7 158.6
Between one and five years 379.2 502.7
After five years 397.1 582.3
904.0 1,243.6
The Company has no operating lease commitments at 20 August 2011 (August 2010: £nil).
31 Capital and other financial commitments
Group
Capital commitments for property, plant and equipment
20 August
2011
£m
21 August
2010
£m
Contracted but not provided 6.6 18.4
The Company has no capital commitments at 20 August 2011 (August 2010: £nil).
32 Related party transactions
Group
Transactions with key management personnel
The key management personnel of the Group in the current period comprises members of the Punch Taverns plc Board of Directors.
The key management personnel compensation is as follows:
52 weeks to
20 August
2011
£m
52 weeks to
21 August
2010
£m
Short-term employee benefits 3.3 3.1
Post-employment employee benefits 0.3 0.4
Share-based payments – –
3.6 3.5
There are no other long-term benefits or termination benefits payable to key management personnel in the current or prior period.
In addition, the demerger of the Spirit business was effected by a dividend out to Spirit Pub Company plc, a non-group company.
Steve Dando, a Director of Punch Taverns plc, owned one share in this company, which represented half of the share capital,
immediately prior to the demerger. At 20 August 2011 this shareholding represents 0.000% of the 659,655,957 issued share capital.