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 />
63<br />
3 Analysis of expenses<br />
The following items have been included in arriving at operating profit from continuing operations:<br />
52 weeks to<br />
20 August<br />
<strong>2011</strong><br />
£m<br />
Restated<br />
52 weeks to<br />
21 August<br />
2010<br />
£m<br />
Drink costs 243.9 250.5<br />
Leasehold rentals 1 13.0 12.8<br />
Depreciation 14.3 17.2<br />
Amortisation 3.8 3.4<br />
Impairment losses 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 />
Other costs 85.9 65.6<br />
Total costs deducted from revenue to determine operating profit 2 807.5 574.7<br />
1<br />
Includes utilisation of property lease provisions of £1.9m (August 2010: £1.5m).<br />
2<br />
Included within total costs are £117.8m of costs relating to the Spirit leased estate (August 2010: £71.0m). These are shown in more detail in note 6.<br />
In addition there are further non-underlying costs of £32.7m, which are included within other costs above (August 2010: £7.2m).<br />
Auditors’ remuneration is as follows:<br />
52 weeks to<br />
20 August<br />
<strong>2011</strong><br />
£m<br />
52 weeks to<br />
21 August<br />
2010<br />
£m<br />
Statutory audit services<br />
Audit of Group financial statements 0.2 0.2<br />
Audit of subsidiary companies pursuant to legislation – –<br />
Governance Business review<br />
Non-audit-related services<br />
Other services 1 1.6 –<br />
1<br />
Relates to services provided in relation to the demerger of the Spirit business (note 9).<br />
The accounts of the parent company do not include details of remuneration receivable by the auditor and its associates for non-audit<br />
services, as the Group accounts are required to include this information as required by Regulation 5(1)(b) of the Companies (Disclosure<br />
of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 on a consolidated basis.<br />
Financial statements