Financial Announcements
REG-Euromoney Ins.InvPLC Final Results - Part 1
13/11/2008
http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20081113:RnsM0620I
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RNS Number : 0620I
Euromoney Institutional InvestorPLC
13 November 2008
November 13, 2008 (embargoed for release until 7am 13/11/2008)
EUROMONEY INSTITUTIONAL INVESTOR PLC
PRELIMINARY ANNOUNCEMENT
RESULTS FOR YEAR TO SEPTEMBER 30 2008
Record 2008 Results
Highlights 2008 2007 change
Revenue £332.1 m £305.2 m +9%
Underlying results*
* Adjusted operating profit £81.3 m £78.6 m +3%
* Adjusted profit before tax
* Adjusted diluted earnings a share
£67.3 m £55.5 m +21%
44.4 p 35.0 p +27%
Statutory results
* Operating profit £61.0 m £54.1 m +13%
* Profit before tax^
* Diluted earnings a share
£37.4 m £41.1 m -9%
40.4 p 29.9 p +35%
Dividend 19.25 p 19.00 p +1%
* A detailed reconciliation of the group's underlying results is set out in the appendix to this
statement.
^ Statutory profit before tax includes a foreign exchange loss on tax equalisation contracts of
£12.0 million (2007: £1.8 million). This is matched by an equal and opposite tax credit and
therefore has no effect on earnings a share. The foreign exchange losses and the tax credit are
excluded from underlying profit and the underlying tax expense (appendix and notes 4 and 5).
Results reflect the resilience and diversity of the group's activities:
* Revenues up 9% to £332.1 million
* Adjusted profit before tax up 21% to £67.3 million, ahead of previous
guidance
* Subscription revenues up 18% to £123.1 million, now 37% of group revenues
(2007: 34%)
* Strong performance from emerging markets and non-financial activities
* Adjusted operating margin 25%
* Cash generated from operations up 11% to £99.8 million
* Adjusted operating cash conversion 123%
* Net debt reduced to £172.0 million (March 31: £201.8 million) driven by
strong cash generation
* Debt facility renewed to December 2013
* Final dividend unchanged at 13p, with scrip alternative
Commenting on the results, chairman Padraic Fallon, said:
"It was a year of achievement in worsening markets, when we broke all previous
records. We kept a tight grip on costs throughout, convinced that the troubles
in the western banking systems would hit us before long. Some revenue streams,
particularly advertising and sponsorship from the money centre institutions,
have begun to turn down as we anticipated, but the robust nature of our
subscription revenues, the geographical spread of the company and the continued
growth of Metal Bulletin and our legal and telecoms activities are very
encouraging. Cash flows run at record levels. The proposed final dividend is the
same, with a share alternative. New debt facilities are in place for the next
five years. Costs are under continual review. We don't expect to be active in
the acquisition market in the short term, but investment in new products
continues as before. We're as ready for a tough period as we can be."
Highlights
Euromoney Institutional Investor PLC, the international publishing, events and
electronic information group, increased adjusted profit before tax by 21% to
£67.3 million in the year to September 30, 2008. Adjusted diluted earnings a
share increased by 27% to 44.4p. The directors recommend an unchanged final
dividend of 13p a share to be paid to shareholders on February 4, 2009.
These results demonstrate the success of the group's strategy to build a high
quality, more robust subscription-driven information business. Revenues and
profits both reached record levels. Throughout 2008 the business has
demonstrated its resilience in the face of problems in global credit markets, a
gloomier economic outlook, and more recently the major impact of the credit
crisis on the world's leading financial institutions.
The diversity of the group's revenues streams, geographic markets, product
offerings and customers has helped sustain the group's trading through this
difficult period. Total revenue increased by 9% to £332.1 million. Subscription
revenues increased by 18% to £123.1 million and the proportion of group revenues
derived from subscription products increased from 34% to 37%. Growth from
emerging markets continued to compensate for weakness in the developed financial
markets, and emerging markets now account for nearly 50% of the group's
revenues. The group's strengths in sectors outside finance, particularly metals,
commodities and energy, is demonstrated by the 16% increase in revenues from
business publishing activities, which helped offset the weakness in some
financial sectors, particularly structured finance and hedge funds.
The increase in adjusted profit before tax was helped by a £4.5 million
reduction in underlying net finance costs, reflecting the strong operating cash
flows of the group, which increased by 11% to £99.8 million. Net debt fell to
£172.0 million compared with £201.8 million at March 31 and new five-year debt
facilities have been agreed.
Strategy
The company's strategy over the past five years has been to build a more
resilient and better focused business. This strategy has been executed through
increasing the proportion of revenues derived from subscription products;
investing in products of the highest quality that customers will value in tough
times as well as good; eliminating products with a low margin or too high a
dependence on advertising; maintaining tight cost control at all times;
retaining and fostering an entrepreneurial culture; and making selective
acquisitions to accelerate that strategy.
The success of this strategy is highlighted by the 2008 results. Since 2003,
revenues have more than doubled. In the same period, subscription revenues have
increased threefold and are now nearly double the level of advertising revenues.
The group has also made a successful transition from a predominantly
publishing-driven business to one with significant activities in events and
training, and more recently in the provision of electronic information and
database services, which in 2008 accounted for adjusted operating profits of
£21.1 million compared to just £2.7 million in 2003.
The company's strategy is equally applicable to tough trading conditions and
will continue to drive the group's activities in 2009. Our strong cash
generation means we can sustain our investment in high quality subscription
products, new events and the quality of editorial. We will continue with this
strategy, even if revenues come under pressure in the short-term as customers
react to pressure on their own earnings, because we believe it will deliver
excellent growth in the medium and longer-term. The focus on costs and
maintaining margins will increase and while we are comfortable with our level of
debt and associated covenants, we are unlikely to make any significant
acquisitions over the coming 12 months.
Trading Background
The impact of the global credit crisis on the group's results was less severe
than expected when problems first surfaced in 2007. Growth in advertising and
sponsorship revenues slowed but delegate revenues for conferences and training
courses remained strong and demand for subscription products, particularly
databases and electronic information services, such as BCA's economic research
and ISI's emerging market information, proved resilient.
The group's investment in new products has been targeted at the electronic
delivery of niche financial information services with real-time news, unique
data and sophisticated search engine technology. More than £2.4 million was
invested in these new products in the year with a view to driving future revenue
growth. In addition, the continued investment in subscription marketing, new
events and editorial was a key factor in the growth in subscription and delegate
revenues.
The more recent extreme events experienced by financial markets, and in
particular the demise of so many leading financial institutions, had no
significant effect on the results for the final quarter of 2008, but will
obviously have a negative impact on financial activity in 2009. The priorities
of many of the leading global financial institutions remain the raising of
finance to secure their future and determining their strategies for growth once
markets improve. In the short-term, this is likely to lead to further cuts in
headcount and marketing spend, particularly once institutions start to focus on
their budgets for 2009. However, the group's dependence on global financial
institutions, particularly for advertising revenues, is less than it was and no
customer accounts for more than 1% of group revenues.
Although the group is exposed to the uncertainty of the economic outlook in
general, and to the problems in financial markets in particular, the increasing
diversity of its revenue streams, product offerings and geographic markets
provide better protection against market trends. The demand for quality,
hard-to-get information products, particularly those delivered electronically,
should remain robust during difficult times. And while all revenue streams are
subject to the impact of volatility in financial markets, the increased
proportion of revenues now derived from high margin subscription products and
the reduced exposure to traditionally more volatile advertising revenues should
provide some protection against the widely expected economic downturn in 2009.
Business Review
Financial Publishing: Revenues, which comprise a mix of advertising and
subscriptions, were unchanged at £84 million while the adjusted operating margin
improved slightly to give adjusted operating profits of £24.5 million. The
performance of the second half mirrored that of the first. Revenues fell for
those titles more reliant on revenues from global financial institutions, or on
sectors particularly exposed to the credit crisis such as structured finance and
hedge funds. In contrast, those titles with a strong emerging markets exposure
held up well: Euromoney, for example, had its best September issue ever and
increased its advertising revenues for the year by 7%.
Meanwhile, investment in new electronic products targeted at niche financial
sectors continued, and many of the group's financial titles have now moved
successfully from a print-first to a web-first publishing model.
Business Publishing: The sectors covered by this division - metals and
commodities, energy, legal and telecoms - all continued to perform well, helped
by strong commodity markets and high levels of investment in infrastructure,
particularly in emerging markets. Revenues increased by 16% to £53.1 million
with growth from both advertising and subscription products, and adjusted
operating profits improved by 29% to £19.4 million. Metal Bulletin's revenues
continued to benefit from the increased investment in marketing and technology
since its acquisition, while TelCap, which publishes Capacity magazine for the
wholesale telecoms market, achieved strong growth through the launch of new
products.
Conferences and Seminars: Revenues, which are generated from a mix of sponsored
and paid delegate events, continued to hold up well in the second half. Total
revenues increased by 8% to £87.9 million while adjusted operating profits for
the year were unchanged at £23.1 million. The decline in margin largely reflects
the impact of the credit crisis on events in the structured finance sector,
particularly securitisation, and cuts by global financial institutions in their
spend on capital markets conferences. In contrast, events in areas outside
finance performed well, particularly those covering the coal and alternative
energy markets under the Coaltrans brand, and the metals and commodities markets
under Metal Bulletin.
Training: The revenue growth of the first half continued, while the steps taken
earlier in the year to improve the margin were successful. As a result, total
training revenues increased by 10% to £40.8 million and adjusted operating
profits by 2% to £10.4 million. Training revenues are heavily dependent on the
headcount and training and travel budgets of financial institutions, and to date
have held up well despite the cost pressures triggered by the problems in the
credit markets. This has been achieved through a mix of investment in new course
content, effective marketing and an ability to roll out successful courses
quickly to emerging markets.
Databases and Information Services: This division largely comprises businesses
which deliver high quality data and information services in electronic-only
format, and available on a subscription-only basis. Revenues increased by 28% to
£66.1 million and adjusted operating profits from £18.7 million to £21.1
million. BCA, the independent research business acquired as part of Metal
Bulletin, continued to achieve strong revenue growth on the back of its
expansion into new geographic markets and increases in sales resource. ISI, the
emerging markets information business, maintained its strong sales performance
of the first half and its local currency subscription revenues increased by 21%.
The decline in adjusted operating margin was the result of ISI's continued
investment in new products, most notably the expansion of the CEIC emerging
market economic data business into new regions.
Financial Review
Cash generated from operations increased by 11% to £99.8 million, and the strong
growth in subscription revenues helped generate an adjusted operating profit to
cash conversion rate of 123% (2007: 115%). These strong cash flows helped reduce
year end net debt to £172.0 million, compared to £201.8 million at the half year
and £204.6 million a year ago. Net debt to EBITDA at September 30 was a
comfortable 2.2 times against 2.8 times at March 31.
In May the group spent £0.6 million on the acquisition of a 51% interest in the
assets of Benchmark Financials Limited, one of the leading providers of company
financial data and analysis for Colombian companies, which is being integrated
with ISI's Emerging Markets Information Service. Further investments totalling
£6.0 million were made in a number of the group's subsidiaries, all in the first
half, while in the second half disposals of investments and property assets
acquired as part of the Metal Bulletin acquisition generated proceeds of £4.7
million.
The group generates more than 60% of its revenues in US dollars. The average US
dollar exchange rate for the year was 1.97 against 1.96 in 2007. The group uses
forward exchange contracts to hedge its US dollar exposures. As a result, the
profit benefit from the recent strengthening of the US dollar against sterling
will largely be delayed until 2010 and beyond. In contrast, year end net debt
was calculated at a US dollar rate of 1.78, and the recent strengthening of the
US dollar to rates below 1.60 will have increased the level of net debt by
approximately £15 million.
Net finance costs of £23.6 million shown in the statutory results include a
charge of £8.6 million (2007: £0.2 million) relating to tax equalisation
contracts under a foreign currency financing derivative. This charge is made up
of gains on tax equalisation contracts of £3.4 million (2007: £1.6 million) and
a foreign exchange loss of £12.0 million (2007: £1.8 million) which is offset by
a matching tax credit. Underlying net finance costs were £8.9 million compared
to £13.4 million in 2007, and the average cost of funding the group's net debt
was 5.9% compared to 6.1% for 2007.
Statutory profit before tax fell by 9% to £37.4 million as a result of the
inclusion of the £12.0 million foreign exchange loss on tax equalisation
contracts in net finance costs. This foreign exchange loss is matched with a
corresponding tax credit so that there is no financial impact on earnings a
share.
The tax credit of £7.3 million shown in the statutory results is stated after
recognising the credit of £12.0 million relating to tax on foreign exchange
losses hedged by the tax equalisation contracts referred to above. At the half
year, the group changed its presentation of the underlying tax rate by removing
all deferred tax effects of goodwill and intangibles. This, combined with a
reduction in tax rates in the UK and Canada, and a change in the profit mix,
means that the underlying rate of tax rate for 2008 has fallen from 31% to 27%.
A detailed reconciliation of the group's underlying and statutory results is set
out in the appendix to this statement.
Debt Facilities
The group's debt is provided through a dedicated £300 million three-year
multi-currency facility with a subsidiary of its majority shareholder, Daily
Mail and General Trust plc (DMGT). This facility is due to expire in August
2009. DMGT refinanced its bank facilities, of which the Euromoney dedicated
facility was part, in August 2008.
The board is pleased to announce it has approved a renewal of its facility with
DMGT, which is expected to be signed shortly, securing the group's funding until
December 2013. The terms of the new facility are broadly similar to those of the
existing facility, except that the margin over LIBOR is expected to increase by
approximately 120 basis points, reflecting the increased cost of credit in these
difficult markets. This will increase the group's net finance costs for 2009 by
approximately £2 million. The size of the facility has been reduced to £250
million to reflect the strong cash flows and reduced funding requirements of the
group.
Dividend
The board has recommended an unchanged final dividend of 13p, making a total for
the year of 19.25p (2007: 19p). The board has also recommended the introduction
of a scrip dividend alternative for shareholders. The payment of a scrip
dividend will be subject to shareholder approval at the Annual General Meeting
on January 28, 2009, and the detailed terms of the scrip dividend will be set
out in a circular to shareholders to be sent out in December 2008. The group's
majority shareholder, Daily Mail and General Trust plc, has indicated its
intention to accept the scrip dividend alternative when the final dividend is
paid in February 2009. This will help DMGT to maintain its equity interest in
Euromoney in the face of a further dilution to come from the issue of new shares
under the company's Capital Appreciation Plans.
Capital Appreciation Plan
Following the achievement in 2007 of the profit target under the group's Capital
Appreciation Plan (CAP), the first tranche of 2.5 million CAP options vested in
February 2008, representing 2.4% of the company's share capital. The 2008 CAP
profit target was also achieved, and will give rise to the vesting of up to 2.5
million CAP options in February 2009. The third and final tranche of up to 2.5
million CAP options will vest in February 2010 subject to further performance
tests, the most important of which requires the group's adjusted profit before
tax before CAP option expense to exceed £57 million in 2009. The share option
expense was £5.4 million (2007: £10.2 million), the reduction in expense
reflecting the accelerated CAP charge incurred in 2007 as a result of the CAP
profit target being achieved a year earlier than expected.
The board, with the support of the Remuneration Committee, has approved the
introduction of a second Capital Appreciation Plan (CAP 2). The structure, terms
and cost of CAP 2 will be broadly similar to those of the first CAP, except that
CAP 2 will comprise an equal mix of cash and new equity, thereby reducing the
dilution effect for existing shareholders compared to the first CAP which was
funded entirely by new equity. CAP 2 will commence in the year following the
satisfaction of the performance tests for the final tranche of the first CAP.
The performance tests for CAP 2 will be set once the profits for the final year
of the first CAP are known, and will require above average profit growth over
the CAP 2 vesting period.
The introduction of CAP 2 will be subject to shareholder approval at the Annual
General Meeting on January 28, 2009, and the detailed terms and conditions of
CAP 2 will be set out in a circular to shareholders to be sent out in December
2008.
Management
Two of the company's non-executive directors, Charles Sinclair and Peter
Williams of DMGT, stood down from their roles with effect from September 30,
2008. Both have played a considerable part in the growth of the company over the
past 20 years. Martin Morgan, who replaced Charles Sinclair as chief executive
of DMGT, joined the board with effect from October 1. In future, Peter Williams
will serve as an alternate non-executive director to The Viscount Rothermere.
This reduces the number of DMGT representatives on the Euromoney board from
three to two and it is the company's intention to appoint a new independent
non-executive director at the Annual General Meeting.
After nine years of valuable service as an executive director, Tom Lamont,
editor of Institutional Investor's newsletter division, will step down from the
board in January 2009, on reaching the normal retirement age for an executive
director. He will continue to serve as a member of the company's Executive
Committee.
Outlook
The record results for 2008 highlight the success of the group's strategy for
building a high quality portfolio of leading information brands across a broad,
global customer base.
The current levels of uncertainty and volatility in global financial markets,
and the negative economic outlook, will present greater challenges to this
strategy in 2009. However, the strategy is robust and will not change. Our
strong cash flows will allow us to continue to invest in new subscription-based
information products, in specialist events, and in marketing and editorial. We
will place even more emphasis on managing costs tightly and maintaining our
margins. We are unlikely to make any significant acquisitions in the next 12
months and our excess cash flows will be applied to reducing debt levels and
maximising returns for shareholders.
The trading performance in the second half was similar to that of the first but,
unsurprisingly, the outlook is more uncertain than six months ago. Current
trading is in line with the board's expectations, but in such volatile markets
it is difficult to predict how well sales will hold up beyond the first quarter.
Deferred revenues at September 30 were £89.5 million, an increase of 22% since a
year ago. October's revenues were ahead of last year and forward revenues for
the first quarter are ahead of the same time last year. However, sales for the
past six weeks have shown some signs of weakening in the face of the extreme
credit market conditions and continued uncertainty over the economic outlook.
Visibility beyond the first quarter is very limited, as usual at this time of
year, and the recent sales weakness means revenues will come under increasing
pressure from the second quarter.
The board of Euromoney remains committed to its strategy of investing to deliver
long-term revenue growth from high quality products and high margin revenue
streams, while using its strong cash flows to further reduce its debt levels.
The outlook for trading is inevitably uncertain in these markets, but the group
is better positioned than ever to meet the challenges of this difficult
environment.
Padraic Fallon
Chairman
November 12, 2008
END
For further information, please contact:
Euromoney Institutional Investor PLC
Padraic Fallon, Chairman: +44 20 7779 8556; pfallon@euromoneyplc.com
Colin Jones, Finance Director: +44 20 7779 8845; cjones@euromoneyplc.com
Richard Ensor, Managing Director: + 44 20 7779 8845; rensor@euromoneyplc.com
Financial Dynamics
Charles Palmer: +44 20 7269 7180; Charles.Palmer@FD.com
NOTE TO EDITORS
About Euromoney Institutional Investor PLC (www.euromoneyplc.com)
Euromoney Institutional Investor PLC is listed on the London Stock Exchange and
a member of the FTSE-250 share index. It is a leading international
business-to-business media group focused primarily on the international finance,
metals and commodities sectors. It publishes more than 70 magazines, newsletters
and journals, including Euromoney, Institutional Investor, and Metal Bulletin.
It also runs an extensive portfolio of conferences, seminars and training
courses and is a leading provider of electronic information and data covering
international finance, metals and emerging markets. Its main offices are in
London, New York, Montreal and Hong Kong and nearly half its revenues are
derived from emerging markets.
Appendix to Preliminary announcement
Reconciliation of Group Income Statement to underlying results for the year
ended September 30 2008
The reconciliation below sets out the underlying results of the group and the
related adjustments to the statutory income statement that the directors
consider necessary in order to provide a more meaningful indication of the
underlying trading performance.
2008 2007
Underlying Adjustments Total Underlying Adjustments Total
Note £000's £000's £000's £000's £000's £000's
Continuing operations 2 332,064 332,064 305,594 - 305,594
(441) - (441)
Less: share of revenue of joint ventures
Total revenue 332,064 332,064 305,153 - 305,153
Operating profit before acquired intangible amortisation, 2 81,308 81,308 78,606 - 78,606
share option expense and exceptional items
(12,749) (12,749) - (15,716) (15,716)
Acquired intangible amortisation
(5,361) (5,361) (6,993) - (6,993)
Share option expense
Accelerated share option expense - (3,183) - (3,183)
3 (2,477) (2,477) - 855 855
Exceptional items
Operating profit before associates and joint ventures 75,947 (15,226) 60,721 68,430 (14,861) 53,569
Share of results in associates and joint ventures 308 308 490 - 490
76,255 (15,226) 61,029 68,920 (14,861) 54,059
Operating profit
4,a 5,594 5,594 1,611 3,885 5,496
Finance income
Finance expense 4,b (14,506) (14,691) (29,197) (14,998) (3,429) (18,427)
(8,912) (14,691) (23,603) (13,387) 456 (12,931)
Net finance costs
67,343 (29,917) 37,426 55,533 (14,405) 41,128
Profit before tax
Tax credit/(expense) on profit on ordinary activities 5 (18,346) 25,625 7,279 (17,190) 8,967 (8,223)
Profit after tax from continuing operations 48,997 (4,292) 44,705 38,343 (5,438) 32,905
Discontinued operations
Profit for the year from discontinued operations c - 245 245 - 500 500
48,997 (4,047) 44,950 38,343 (4,938) 33,405
Profit for the year
Attributable to:
47,766 (4,047) 43,719 36,760 (4,938) 31,822
Equity holders of the parent
1,231 1,231 1,583 - 1,583
Equity minority interests
48,997 (4,047) 44,950 38,343 (4,938) 33,405
Diluted earnings per share - continuing operations 7 44.36p (3.99p) 40.37p 35.04p (5.18p) 29.86p
a) Finance income
The adjustment of £nil (2007: £3,885,000) relates to the non-cash net movements
in acquisition option commitment values as set out in note 4.
b) Finance expense
The adjustment of £14,691,000 (2007: £3,429,000) relates to the non-cash net
movements in acquisition option commitment values of £1,730,000 (2007: £nil),
imputed interest charge on acquisition option commitment values of £995,000
(2007: £1,603,000) and tax equalisation swap expense of £11,966,000 (2007:
£1,826,000) as set out in note 4. The tax equalisation swap expense relates to
foreign exchange losses on hedges on intra-group financing. These foreign
exchange losses are matched by an equal and opposite tax credit.
c) Profit from discontinued operations
In December 2007 following agreement of the Energy Information Centre Limited
completion accounts, the group received a final payment of £220,000 from the
purchasers. Energy Information Centre Limited was sold in April 2007 and was
treated as a discontinued operation up to that date. This results in a tax
charge of £nil.
In May 2008 following agreement of the Systematics International Limited
completion accounts, the group received a final payment of £25,000 from the
purchasers. Systematics International Limited was sold in May 2007 and was
treated as a discontinued operation up to that date. This results in a tax
charge of £nil.
Group Income Statement for the year ended September 30
2008
2008 2007
Notes £000's £000's
Revenue
Continuing operations 2 332,064 305,594
Less: share of revenue of joint ventures - (441)
Total revenue 2 332,064 305,153
Operating profit before acquired intangible amortisation, 2 81,308 78,606
share option expense and exceptional items
Acquired intangible amortisation (12,749) (15,716)
Share option expense (5,361) (6,993)
Accelerated share option expense - (3,183)
Exceptional items 3 (2,477) 855
Operating profit before associates and joint ventures 2 60,721 53,569
Share of results in associates and joint ventures 308 490
Operating profit 61,029 54,059
Finance income 4 5,594 5,496
Finance expense 4 (29,197) (18,427)
Net finance costs 4 (23,603) (12,931)
Profit before tax 2 37,426 41,128
Tax credit/(expense) on profit 1,921 (11,401)
Deferred tax asset recognition 5,358 3,178
Tax credit/(expense) on profit on ordinary activities 5 7,279 (8,223)
Profit after tax from continuing operations 2 44,705 32,905
Profit for the year from discontinued operations 245 500
Profit for the year 44,950 33,405
Attributable to:
Equity holders of the parent 43,719 31,822
Equity minority interests 1,231 1,583
44,950 33,405
Basic earnings per share - continuing operations 7 41.69p 30.66p
Basic earnings per share - continuing and discontinued 7 41.92p 31.16p
operations
Diluted earnings per share - continuing operations 7 40.37p 29.86p
Diluted earnings per share - continuing and discontinued 7 40.60p 30.34p
operations
Adjusted diluted earnings per share 7 44.36p 35.04p
Dividend per share (including proposed dividends) 6 19.25p 19.00p
A detailed reconciliation of the group's underlying results is set out on page
7.
Group Balance Sheet as at September 30 2008
2008 2007
Notes £000's £000's
Non-current assets
Intangible assets
Goodwill 272,096 248,137
Other intangible assets 135,482 131,885
Property, plant and equipment 21,661 20,917
Investments 303 252
Deferred tax assets 16,459 11,508
Net pension surplus 2,527 364
Derivative financial instruments 368 5,088
448,896 418,151
Current assets
Trade and other receivables 69,141 67,458
Amounts on loans owed by DMGT group undertakings 155,772 -
Current income tax assets 1,928 -
Cash and cash equivalents 21,211 26,711
Derivative financial instruments 1,451 4,387
249,503 98,556
Current liabilities
Acquisition option commitments (22,276) (14,899)
Trade and other payables (30,619) (28,991)
Amounts on loans owed to DMGT group undertakings (155,772) -
Current income tax liabilities (2,558) (9,681)
Accruals (50,016) (43,424)
Deferred income (89,488) (73,382)
Derivative financial instruments (15,165) (605)
Provisions (1,198) (2,684)
Committed loan facility (184,594) -
Loan notes (7,579) (11,796)
Bank overdrafts (1,032) (5,935)
(560,297) (191,397)
Net current liabilities (310,794) (92,841)
Total assets less current liabilities 138,102 325,310
Non-current liabilities
Acquisition option commitments (7,572) (18,436)
Other non-current liabilities (1,301) (1,189)
Committed loan facility - (213,559)
Deferred tax liabilities (27,887) (31,650)
Derivative financial instruments (9,773) (1,373)
Provisions (3,505) (3,323)
(50,038) (269,530)
-
Net assets 88,064 55,780
Shareholders' equity
Called up share capital 9 263 258
Share premium account 10 38,575 38,509
Other reserve 10 64,981 64,981
Capital redemption reserve 10 8 8
Own shares 10 (74) (74)
Liability for share based payments 10 20,676 15,737
Fair value reserve 10 (19,579) 8,176
Translation reserve 10 17,113 (15,335)
Retained earnings 10 (36,916) (69,975)
Equity shareholders' surplus 85,047 52,285
Equity minority interests 3,017 3,495
More to follow, for following part double-click [nRn2M0620I]