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