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About Our Pubs Annual Report and Financial Statements 2008

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About Our Pubs Annual Report and Financial Statements 2008 Punch Taverns plc Punch Taverns Passionate about our pubs Annual Report and Financial Statements 2008 Punch Taverns plc www.punchtaverns.com Jubilee House Tel: +44 (0)1283 501600 Second Avenue Fax: +44 (0)1283 501601 Burton upon Trent Staffordshire Punch Taverns plc DE14 2WF Annual Report and Financial Statements 2008 Punch is the leading pub company in the UK, with over 8,400 pubs across its leased and managed portfolio. Business review Key performance indicators 01 Business review Operational highlights 01 This section gives details of our business At a glance 02 performance in the 2008 financial year. Sustaining growth 03 Other important financial information Our operating strategy 04 about the Group is also provided. Addressing industry issues and trends 05 Operational review 08 Corporate social responsibility 13 Managing our risks 16 Financial review 18 Governance Board of Directors 22 Governance Senior management 24 This section introduces the Punch Board Directors’ report 25 of Directors and how Punch applies its Corporate governance statement 30 values to the way it does business in terms Report on Directors’ remuneration 34 of corporate governance, accountability Statement of Directors’ responsibilities and corporate social responsibility. The in relation to the financial statements 47 remuneration section explains our pay policies and contains details of the salaries and benefits received by the Directors during the year. Financial statements Consolidated income statement 48 Financial statements Consolidated statement of recognised income and expense 49 This section contains detailed financial Consolidated balance sheet 50 statements and other information Consolidated cash flow statement 51 shareholders find useful. As well as the Company balance sheet 52 statutory accounts, this section contains Company statement of recognised income and expense 53 The cover and pages 1-24 are printed on paper comprising a financial calendar for the forthcoming Company income statement 53 50% genuine de-inked post consumer waste, the balance being year and a summary of financial Company cash flow statement 54 FSC certified chlorine free pulp from well-managed forests. performance over five years. Contents for the notes to the financial statements 55 Notes to the financial statements 56 Pages 25-108 are printed on paper comprising fibres Independent auditor’s report to the members sourced from well-managed sustainable forests, (incorporating of Punch Taverns plc 103 FSC certified fibre) and bleached without the use of chlorine. Five year financial summary 104 The production mill for this paper operates to EMAS, ISO 14001 Financial glossary 105 environmental and ISO 9001 quality standards. Company information 107 Designed and produced by The College www.thecollege.uk.com Key performance Operational indicators highlights Pub numbers Leased 7,560 (2007: 7,561) Average estate size 7,572 (2007: 7,873) Managed 864 (2007: 887) Average estate size 870 (2007: 1,191) Our operational performance has been robust, EBITDA* delivering strong cash flow generation 08 623.4 07 663.6 > Profit before tax of £262 million (2007: £282 06 606.3 million), reflecting a 7% reduction in the average 05 413.5 size of the estate following non-core divestments. 04 339.4 03 234.6 > Strong cash flow generation with free cash flow before investing activities of £298 million; *before exceptional items year end cash balance of £321 million (2007: £268 million). Profit before tax* > Group EBITDA per pub at £72k, similar to the 08 262.3 year prior. 07 281.7 > Average EBITDA per pub up 4% in the leased Business review 06 249.6 estate; like-for-like contribution down 3.4%. 05 206.8 04 156.4 > Majority of licensees are performing well, 89% of 03 113.3 our leased estate is on substantive leases. Average *before exceptional items licensee profitability remains in line with last year. > Average EBITDA per pub down 4% in the Basic earnings per share* managed estate; like-for-like sales down 3.3%. 08 80.2 > Continued investment with £133 million spent 07 84.4 on enhancing over 1,000 pubs across the leased 06 74.9 and managed estates. 05 66.4 04 48.8 Our balance sheet remains strong and we 03 39.3 have been taking steps to increase flexibility Governance *before exceptional items > Since the year end, £171 million of Group debt has been repurchased and cancelled at a cash Full year dividends cost of £144 million, including the repayment 08 5.5p and cancellation of £68 million (24%) of the 07 15.3p Convertible Bond, increasing the certainty of 06 13.4p repaying the Convertible due in December 2010. 05 11.3p > Gross debt has been reduced by £243 million 04 9.0p 03 6.5p (4.9%) since year end August 2007. Throughout this document, the results are positively impacted > Group debt supported by pub assets valued at by an additional week’s trading relative to last year; like-for-like £2bn more than the nominal value of net debt. measures and profit per pub are shown before exceptional items and on an equivalent 52 week basis. 01 Financial statements Punch Taverns plc Annual Report and Financial Statements 2008 Business review At a glance An overview of our estate. Leased estate Managed estate 7,560 Pubs 864 Pubs The creation of eight enlarged operating regions Our operating structure has continued to evolve from the previous 12 has enabled us to deliver to provide greater local support for the Spirit greater support to our licensees through an managed estate through a regional structure expanded team of specialist consultants within whilst maintaining the drive on our core trading each region. The transfer of 20 pubs from our concepts to provide the right offer to our customers managed estate and a small number of individual in the right location across the business. We have purchases and sales during the year has enabled spent £67 million on improving our estate through us to maintain a high quality estate. The size and investments, to maintain and improve our properties diversity of our estate, along with the opportunities and also the customer experience in our pubs. it presents for our licensees to innovate is fundamental to our continued success. During the Quality Food 138 pubs year £69 million has been invested in our estate Our premium dining experience includes the renowned Chef & Brewer concept enabling our licensees to maximise the potential which provides a quality dining experience of their pubs. in distinctive surroundings. Chef & Brewer menus have been developed to deliver Number greater choice to consumers who want local Region of pubs options as well as fresh and healthy produce. 1 1,019 2 1,081 3 871 Value Food 213 pubs 4 815 It continues to be increasingly important to 5 800 provide true value to consumers. Our Value 6 1,078 Food concepts, which include the Two for 7 813 One offer, provide families with affordable, everyday dining with healthy choices for 8 1,083 children. The 73 award winning Wacky Warehouse play barns aligned to this concept provide that extra reason for families to visit. Locals 310 pubs 1 Our Local pubs play a large and increasingly important role in their communities, whether in town centres, the suburbs or in rural areas. Offering great value food and drink, the local 2 pub continues to provide a community focus for families, teams, fundraising and events. 3 4 5 City 165 pubs Our City pubs have real British heritage and are 6 in prime locations throughout London and other major cities. They deliver the traditional pub 7 8 experience for local residents, tourists and business people. Generally located in landmark venues these pubs deliver food and drink in a truly cosmopolitan environment with award winning cask ales. 02 Note – 38 pubs do not fall into our four concepts www.punchtaverns.com Sustaining growth Our plans for long term success and development. To be the pre-eminent pub group in the UK; lean, innovative and Our vision dynamic; constantly striving to provide a great service to our pubs, our customers (licensees) and our colleagues, driven by a passion for excellence in everything we do. To continue to maximise the long term shareholder value of the Group, Our objective through developing the best quality estate in the business, building successful long term partnerships with our licensees and delivering operational excellence in our managed business. Our goals 1. 2. 3. Ensure that Create profitable Effective estate Business review every site delivers and sustainable management to its potential pub businesses Our MPC model Working as one team Our programme of (Market, Property, with our employees, ongoing investment Customer) helps suppliers, partners will continue to improve us maximise the and licensees we will the quality of our profitability of each continue to realise the portfolio and we site, ensuring we profit opportunities continue to review offer the right retail within our estate, opportunities to acquire Governance proposition, in the providing full support and dispose of properties right marketplace with to all of our businesses, in our quest to realise the right operator. with the ultimate aim best value from of driving value for our estate. our shareholders. 03 Financial statements Punch Taverns plc Annual Report and Financial Statements 2008 Business review continued Our operating strategy We continue to focus on delivering a high quality pub experience and comprehensive support to each of our licensees. Our business model has been Investing wisely Careful contract negotiation, cost control and efficiency ensure developed to deliver long term that we continue to invest at levels that make a difference with appropriate returns. We continually invest in our key concepts in growth for our licensees and the managed business and also invest alongside our licensees in the leased business.
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