Punch Taverns plc 2011 Annual Report

64
Punch Taverns plc
Annual Report and Financial Statements 2011
Notes to the financial statements continued
for the 52 weeks ended 21 August 2011
4 Finance income
The following items have been included in arriving at operating profit from continuing operations:
52 weeks to
20 August
2011
£m
Restated
52 weeks to
21 August
2010
£m
Bank interest receivable 2.7 2.7
Pension finance income 2.9 2.5
Non-underlying finance income (note 6) 38.7 –
Total finance income 1 44.3 5.2
1
Total finance income includes £nil (August 2010: £0.5m) of other finance income which relates to financial assets at fair value through profit or loss.
5 Finance costs
52 weeks to
20 August
2011
£m
Restated
52 weeks to
21 August
2010
£m
Interest payable on loan notes 1 164.4 178.7
Interest payable on convertible bonds – 2.2
Interest payable on finance leases 0.4 0.4
Pension finance costs 2.7 3.0
Amortisation of deferred issue costs 2.0 2.4
Effect of unwinding discounted provisions 1.0 0.8
Non-underlying finance costs (note 6) 1.7 4.9
Total finance costs 172.2 192.4
1
Interest payable on loan notes is net of £5.9m credit (August 2010: £6.0m credit) for the amortisation of fair value adjustments and £2.5m net credit
(August 2010: £2.6m net credit) for interest rate swaps, all of which relates to financial liabilities not at fair value through profit or loss.