Punch Taverns plc 2011 Annual Report

Punch Taverns plc
Annual Report and Financial Statements 2011
49
Consolidated cash flow statement
for the 52 weeks ended 20 August 2011
20 August
2011
£m
Restated 1
21 August
2010
£m
Cash flows from operating activities
Operating (loss) / profit (200.3) 78.4
Depreciation and amortisation 18.1 20.6
Impairment 367.0 209.1
Goodwill charge 82.7 5.8
(Profit) / loss on sale of non-current assets (3.1) 10.3
Share-based payment expense recognised in profit 3.0 3.2
(Increase) / decrease in trade and other receivables (9.7) 29.8
Decrease in trade and other payables (49.5) (15.1)
Difference between pension contributions paid and amounts recognised in the income statement (1.8) (1.0)
Decrease in provisions and other liabilities (0.2) (3.2)
Share of post-tax profit from joint venture (4.0) (3.5)
Cash generated from continuing operations 202.2 334.4
Cash generated from discontinued operations 113.6 35.9
Dividend received from joint venture 8.0 –
Income tax received 8.7 –
Net cash from operating activities 332.5 370.3
Cash flows from investing activities
Purchase of property, plant and equipment (47.5) (41.7)
Proceeds from sale of property, plant and equipment 61.7 136.4
Proceeds from sale of operating leases 0.1 0.8
Proceeds from sale of other non-current assets held for sale 56.7 99.5
Purchase of other intangible assets (0.2) (0.1)
Interest received 3.4 3.7
Cash generated from continuing operations 74.2 198.6
Cash generated from discontinued operations (41.8) 1.2
Net cash generated from investing activities 32.4 199.8
Cash flows from financing activities
Repayment of convertible bonds – (202.7)
Repayment of borrowings (99.8) (423.3)
Repayment of derivative financial instruments (17.8) (33.3)
Interest paid (171.9) (192.9)
Repayments of obligations under finance leases (2.0) (2.4)
Interest element of finance lease rental payments (0.4) (0.5)
Costs of terminating financing arrangements (1.2) (4.5)
Cash used in continuing operations (293.1) (859.6)
Cash used in discontinued operations (77.0) (72.6)
Net cash used in financing activities (370.1) (932.2)
Net decrease in cash and cash equivalents:
– from continuing operations – (326.6)
– from discontinued operations (5.2) (35.5)
– less: cash held by the Spirit business at demerger (114.8) –
Net decrease in cash and cash equivalents (120.0) (362.1)
Cash and cash equivalents at beginning of period 316.5 678.6
Cash and cash equivalents at end of period 196.5 316.5
Governance Business review
Financial statements
1
The cash flows for the 52 weeks to 21 August 2010 have been restated to reflect the presentation of the Spirit managed business as discontinued in the period.