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 />
53<br />
Contents for the notes<br />
to the financial statements<br />
Page no.<br />
1 Accounting policies 54<br />
2 Segmental analysis 61<br />
3 Analysis of expenses 63<br />
4 Finance income 64<br />
5 Finance costs 64<br />
6 Non-underlying items 65<br />
7 Employees and directors 66<br />
8 Taxation 66<br />
9 Discontinued operations 68<br />
10 Earnings per share 69<br />
11 Dividends 70<br />
12 Property, plant and equipment 70<br />
13 Goodwill, operating leases and other intangible assets 71<br />
14 Impairment losses 72<br />
15 Investments in subsidiary undertakings and joint ventures 74<br />
16 Trade and other receivables 75<br />
17 Deferred tax 75<br />
18 Inventories 76<br />
19 Cash 76<br />
20 Non-current assets classified as held for sale 77<br />
21 Trade and other payables 77<br />
22 Financial liabilities 77<br />
23 Financial instruments 82<br />
24 Provisions 86<br />
25 Other non-current payables 87<br />
26 Share capital 87<br />
27 Share-based payments 88<br />
28 Net debt 91<br />
29 Pensions and other post-retirement benefits 92<br />
30 Operating lease commitments – minimum lease payments 97<br />
31 Capital and other financial commitments 98<br />
32 Related party transactions 98<br />
Governance Business review<br />
Financial statements
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