Punch Taverns plc 2011 Annual Report

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02 Punch Taverns plc Annual Report and Financial Statements 2011 Chairman’s statement I am pleased to have recently joined Punch as Chairman and look forward to working with the Board and the management team to build on the progress made during the last year. Board changes Following the demerger of the Spirit business there have been a number of changes to the Board. On behalf of the Board I would like to thank the outgoing Chairman Peter Cawdron for overseeing the successful demerger. Tony Rice and Mike Tye also stepped down from the Punch Board following the demerger and we wish Peter, Tony and Mike well for the future. I am delighted to have Roger Whiteside as our CEO following the demerger. Roger’s experience as managing director of the leased division of the Group provides operational and strategic continuity as the business continues to pursue its operational plans to restore the core estate to growth over the medium term and extract maximum value from non-core assets. Ian Dyson will remain as a Non-executive Director of Punch and I am pleased he has chosen to take on this role. People The Punch team have had to cope with enormous change this year as the Group demerged the Spirit business and created new teams for the purely leased and tenanted business. To have accomplished all of this and continued to improve the operational performance of the business is testament to their commitment and calibre. Stephen Billingham Chairman Concentrating on our core strengths
Punch Taverns plc Annual Report and Financial Statements 2011 03 Chief Executive Officer’s statement Good progress has been made during the year, with underlying results in line with expectations, despite the significant changes within the business. I am encouraged to report a year of good progress for the business, which has delivered underlying results in line with our expectations. These results have been achieved despite the challenging UK economic, regulatory and fiscal conditions, which continue to impact on the licensed trade sector. It has been a year of significant change for the business driven by the Group’s strategic review and the subsequent demerger of the Spirit business, on 1 August 2011. The demerger was completed on schedule and with minimum disruption to the business, allowing us to maintain focus on our goals as a solely leased and tenanted business. Our aim now is to become the UK’s highest quality, most trusted and best value leased pub company. We are focused on creating value for our shareholders through successful long-term partnerships with our licensees in our core estate of 3,000 of the highest quality, best invested leased pubs in the country. Business review The Pathway to Partnership programme is now complete and I am confident we can build on this strong platform to restore long-term sustainable growth to our core estate. The focus for the coming year for our core estate will be our Reaching for Growth initiative, which will support the growth of the business in four key areas: i) investment to improve the customer environment and increase food sales; ii) attracting high-quality Partners; iii) driving sales growth; and iv) effective Punch support to improve the performance of all of our pubs. The statutory results include a number of non-cash accounting charges that relate to previously announced asset writedowns and as a consequence of the Spirit demerger. Full details of these accounting charges are provided within the financial review. Following the demerger, Punch remains a highly leveraged business, albeit with significant cash resources (£113m as at 7 October 2011) held outside of our securitisation structures. During the year net support into the securitisation structures amounted to £8m. There are a number of constraints as a result of our debt structure and we are actively looking at all options to optimise Punch’s capital structure to help facilitate delivery of value. Financial statements Governance For more information visit: www.punchtaverns.com
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