Punch Taverns plc 2011 Annual Report

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Punch is a leading pub operator of 5,000 leased and tenanted pubs Following the recent strategic and operational review, Punch has been fundamentally restructured. This culminated in the demerger of the Spirit business on 1 August 2011, and means that Punch now comprises 5,004 pubs, of which 2,951 pubs are in the core division and 2,053 are in the turnaround division. Our focus is to continue to develop Punch’s positioning to drive long-term value. KPIs* EBITDA £m Profit before tax £m Basic earnings per share p 290.8 257.7 89.8 76.3 9.9 8.6 2010 2011 2010 2011 2010 2011 Highlights Underlying financial performance* – in line with market expectations n EBITDA of £258m (2010: £291m) n Profit before tax of £76m (2010: £90m) n Basic earnings per share of 8.6p (2010: 9.9p) n Operating cash flow of £202m n £113m of cash reserves (at 7 October 2011) held outside the securitisations n Net assets of £202m (31p per share) Operational highlights* n First growth in average net income** per pub (+0.9%) for three years Continued momentum in our core division n £78,000 average net income per pub n Core estate like-for-like net income** -2.1% (2010: -5.1%) Asset disposals on track in our turnaround division n Disposal proceeds of £108m from the Punch leased estate, £3m ahead of book value and at a multiple of 27 times EBITDA Capital structure – ongoing progress n Gross Punch debt reduced by £133m (5%) n Pub estate valued at £2,832m, (£568m above net debt***) n Reviewing options to optimise the capital structure and downsize the estate effectively Statutory results n Loss after non-underlying items of £359m n Non-underlying items include asset writedowns of £377m n Loss on discontinued operations of £508m n Basic loss per share after non-underlying items of 134.8p * before non-underlying items and discontinued operations ** net income represents revenue less cost of drink sales (gross profit) *** par value of net debt
Punch Taverns plc Annual Report and Financial Statements 2011 01 Contents Business review This section gives details of our business performance in the 2010-2011 financial year. Other important financial information about the Group is also provided. Governance This section introduces the Punch Taverns Board of Directors and how Punch Taverns applies its values to the way it does business in terms of corporate governance and accountability. The remuneration section explains our pay policies and contains details of the salaries and benefits received by the Directors during the year. Financial statements This section contains detailed financial statements and other information shareholders find useful. As well as the statutory accounts, this section contains a financial calendar for the forthcoming year. Chairman’s statement 02 Chief Executive Officer’s statement 03 Operating review 08 Our people 10 Our pubs 12 Punch support 14 Corporate social responsibility 15 Our risks and uncertainties 16 Financial review 20 Board of Directors 22 Directors’ report 24 Corporate governance statement 27 Report on Directors’ remuneration 32 Statement of Directors’ responsibilities in respect of the Annual Report and the financial statements 44 Consolidated income statement 45 Consolidated statement of comprehensive income 46 Consolidated balance sheet 47 Consolidated statement of changes in equity 48 Consolidated cash flow statement 49 Company balance sheet 50 Company statement of changes in equity 51 Company income statement 51 Company cash flow statement 52 Contents for the notes to the financial statements 53 Notes to the financial statements 54 Independent auditor’s report to the members of Punch Taverns plc 101 Financial glossary 102 Company information 104 Business review Financial statements Governance For more information visit: www.punchtaverns.com
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