Punch Taverns plc 2011 Annual Report

70
Punch Taverns plc
Annual Report and Financial Statements 2011
Notes to the financial statements continued
for the 52 weeks ended 21 August 2011
11 Dividends
Other than the dividend in specie to effect the demerger of the Spirit business as discussed in note 9, no dividends have been declared
and paid during the current or prior year.
The Directors will not be proposing the payment of a final dividend.
12 Property, plant and equipment
Land and
buildings
£m
Public house
fixtures
and fittings
£m
Cost or deemed cost
At 22 August 2009 5,553.1 336.0 25.7 5,914.8
Additions 52.8 56.4 1.3 110.5
Transfers to non-current assets classified as held for sale (372.5) (19.6) – (392.1)
Disposals (256.2) (48.1) (0.1) (304.4)
At 21 August 2010 4,977.2 324.7 26.9 5,328.8
Additions 59.2 49.3 1.2 109.7
Transfers to non-current assets classified as held for sale (134.6) (0.2) – (134.8)
Disposals (136.8) (14.5) (1.1) (152.4)
Demerger of the Spirit business (1,895.3) (285.4) (11.3) (2,192.0)
At 20 August 2011 2,869.7 73.9 15.7 2,959.3
Accumulated depreciation
At 22 August 2009 584.1 197.1 9.3 790.5
Reclassification 1 24.3 – – 24.3
Charge for the year 5.5 37.6 1.8 44.9
Impairment losses (note 14) 224.3 (6.7) – 217.6
Transfers to non-current assets classified as held for sale (252.5) (16.1) – (268.6)
Disposals (134.5) (37.2) – (171.7)
At 21 August 2010 451.2 174.7 11.1 637.0
Charge for the year 5.4 33.0 2.8 41.2
Impairment losses (note 14) 352.6 1.4 – 354.0
Transfers to non-current assets classified as held for sale (63.7) (0.2) – (63.9)
Disposals (65.2) (9.4) – (74.6)
Demerger of the Spirit business (328.8) (146.7) (0.6) (476.1)
At 20 August 2011 351.5 52.8 13.3 417.6
Net book value at 20 August 2011 2,518.2 21.1 2.4 2,541.7
Net book value at 21 August 2010 4,526.0 150.0 15.8 4,691.8
1
Reclassification of accumulated depreciation between tangible fixed assets and operating leases.
Other
assets
£m
Total
£m
The cost of work in progress within property, plant and equipment at 20 August 2011 was £9.5m (August 2010: £30.4m).
The Group leases various licensed properties, offices and other commercial properties and other assets under finance leases.
The leases have various terms, escalation clauses and renewal rights.
Included in property, plant and equipment above are motor vehicles held under finance leases with a net book value of
£1.1m (August 2010: £2.4m) and properties held under finance leases with a net book value of £3.0m (August 2010: £13.1m).
Included in land and buildings are properties with a net book value of £2,505.2m (August 2010: £4,460.6m) over which the
Group’s borrowings are secured by way of fixed and floating charges.