Punch Taverns plc 2011 Annual Report

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44 Punch Taverns plc Annual Report and Financial Statements 2011 Statement of Directors’ responsibilites in respect of the Annual Report and the financial statements The Directors are responsible for preparing the Annual Report and the Group and Company financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare Group and Company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with IFRSs as adopted by the EU and applicable law and have elected to prepare the Company financial statements on the same basis. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of their profit or loss for that period. In preparing each of the Group and Company financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether they have been prepared in accordance with IFRSs as adopted by the EU; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a Directors’ report, Report on Directors’ remuneration and Corporate governance statement that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Directors’ responsibility statement The Directors confirm to the best of their knowledge: a) the financial statements prepared in accordance with IFRS, as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the Group; and b) the management report includes a fair review of the development and performance of the business and the position of the Company and the Group, together with a description of the principal risks and uncertainties faced. On behalf of the Board Roger Whiteside Steve Dando Chief Executive Officer Finance Director 19 October 2011 19 October 2011
Punch Taverns plc Annual Report and Financial Statements 2011 45 Consolidated income statement for the 52 weeks ended 20 August 2011 52 weeks to 20 August 2011 Nonunderlying items (note 6) £m Underlying items £m Total £m Restated 1 52 weeks to 21 August 2010 Nonunderlying Underlying items items (note 6) £m £m Notes Continuing operations Revenue 2 521.7 85.5 607.2 559.0 94.1 653.1 Operating costs before depreciation and amortisation (268.0) (78.8) (346.8) (271.7) (60.7) (332.4) Share of post-tax profit from joint venture 4.0 – 4.0 3.5 – 3.5 EBITDA 2 257.7 6.7 264.4 290.8 33.4 324.2 Depreciation and amortisation (16.5) (1.6) (18.1) (18.7) (1.9) (20.6) Impairment – (367.0) (367.0) – (209.1) (209.1) Goodwill charge – (82.7) (82.7) – (5.8) (5.8) Profit / (loss) on sale of non-current assets – 3.1 3.1 – (10.3) (10.3) Operating profit / (loss) 3 241.2 (441.5) (200.3) 272.1 (193.7) 78.4 Finance income 4 5.6 38.7 44.3 5.2 – 5.2 Finance costs 5 (170.5) (1.7) (172.2) (187.5) (4.9) (192.4) Movement in fair value of interest rate swaps – (7.2) (7.2) – (21.2) (21.2) Profit / (loss) before taxation 76.3 (411.7) (335.4) 89.8 (219.8) (130.0) UK income tax (charge) / credit 8 (21.3) (2.1) (23.4) (26.5) 4.3 (22.2) Profit / (loss) for the financial period from continuing operations 55.0 (413.8) (358.8) 63.3 (215.5) (152.2) Discontinued operations 9 Profit / (loss) on discontinued operations – (507.9) (507.9) – (7.7) (7.7) Profit / (loss) for the financial period attributable to owners of the parent company 55.0 (921.7) (866.7) 63.3 (223.2) (159.9) Earnings / (loss) per share 10 – basic (pence) 8.6 (134.8) 9.9 (24.9) – diluted (pence) 8.6 (134.8) 9.8 (24.9) Total £m Governance Business review 1 The results for the 52 weeks to 21 August 2010 have been restated to reflect the presentation of the Spirit managed business as discontinued and the Spirit leased business as non-underlying in the period. 2 EBITDA represents earnings before depreciation and amortisation, impairment, goodwill charge, profit / (loss) on sale of non-current assets, finance income, finance costs, movement in fair value of interest rate swaps and tax of the Group. Financial statements
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