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