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RNS Number:4132L
Euromoney Institutional InvestorPLC
22 May 2003
Euromoney
Institutional
Investor PLC
Interim Report 2003
------------------------------------------------------------------------------------------------------------------------
Chairman's Statement
Group Profit & Loss Account
Group Balance Sheet
Group Cash Flow Statement
Group Statement of Total Recognized Gains & Losses
Reconciliation of Movements in Shareholders' Deficit
Notes to the Unaudited Interim Report
Independent Review Report to Euromoney Institutional Investor PLC
Directors and Advisors
------------------------------------------------------------------------------------------------------------------------
Chairman's Statement
Profits before tax and exceptional items at Euromoney Institutional Investor
PLC, the international publishing, training, and conferences group, fell #2.1
million to #6.1 million in the six months to March 31.
Adjusted diluted earnings a share* fell from 10.1p to 8.3p. The interim
dividend has been maintained at 5p a share.
The difficult trading conditions of 2002 continued into the first half of 2003
as the global investment banks continued to cut costs in falling markets. The
uncertainty over the Middle East led many institutions to postpone advertising
campaigns and to ban staff travel, particularly in the period after Christmas
when war in Iraq became imminent. As a result, first-half revenues fell 12% to
#78.1 million. Half of this fall was due to the weakness of the US dollar, but
the group's currency hedges minimized the effect on profits. Operating profits
before goodwill decreased #2.5 million to #10.8 million.
Advertising revenues fell 14% after a 19% decrease in 2002. Subscription
revenues (excluding titles closed last year) fell 4% to #23.4 million, mostly
from U.S. financial titles. In contrast, subscription revenues from legal,
energy, and pharmaceutical titles all increased. Event sponsorship, the
fastest-growing revenue stream last year, increased a further 6% (after
adjusting for foreign currency movements) to #5.7 million following the launch
of new events. Training and delegate revenues fell #3.9 million to #17.3
million as travel fears and restrictions persisted. In addition, the group's
largest event, the Vinisud wine exhibition held every two years in Montpellier,
France, did not run this year.
Despite the fall in revenues, the operating margin held up well at 14%, compared
with 15% last year. This reflects the continued benefits of the reduction in
costs at the start of 2002.
The results of the financial publishing businesses are heavily influenced by the
spending of Wall Street investment banks. Profits fell 26% to #4.4 million,
following a #1.6 million decrease in financial advertising revenues to #15.2
million, most of it attributable to the Institutional Investor titles. In sharp
contrast, advertising into the other financial titles held up well and in the
cases of Euromoney and Euroweek, increased. The Institutional Investor Research
Group also continued to grow, despite the adverse publicity attracted by Wall
Street analysts.
Within business publishing, the legal, energy and pharmaceutical businesses
performed well, but the travel-related titles accounted for a fall of nearly #1
million in profits. Advertising revenues fell 8% but the group's investment in
subscription revenues brought growth across many titles. Gulf Publishing, the
Houston-based publisher of World Oil and Hydrocarbon Processing, acquired in
August 2001, made a good contribution after a small loss last year. The travel
titles cover the aviation financing, business travel and duty-free sectors. All
have suffered sharp falls in revenues over the last 12 months as
terrorist-driven travel fears and economy-driven travel cuts, combined with
losses among the world's airlines, have led to significant spending cuts by
advertisers.
Profits from conferences and seminars fell #1.1 million to #3.8 million, due
largely to the absence of the biennial Vinisud exhibition. Events, particularly
sponsored conferences and the Institutional Investor memberships, have remained
the most robust part of the business. Most of the group's biggest events are
run in the first half and two of these, the annual Coaltrans conference and the
MIS InfoSec World information security conference, both increased revenues. The
Euromoney Bond Investors Congress, however, saw revenues fall due to cuts in
investment bank marketing budgets.
The training businesses performed well despite travel cuts. This was achieved
through the launch of new courses, particularly outside the financial sector,
and an increased focus on delivering local courses in overseas markets. As a
result, training profits increased 2% to #1.8 million.
The fastest-growing part of the group is databases and information services,
where profits doubled to #1.4 million. Most of the improvement came from ISI,
the emerging markets information provider, which continued to be profitable
after losses of #600,000 in the first half of the previous year. Subscription
revenues increased at a much faster rate than the same time last year, when
cancellations from global financial institutions hit the renewal rate. The rate
had improved to 82% by March 31 and ISI has done an excellent job developing new
customers, particularly among government agencies, corporates, and universities,
to reduce its dependence on the financial sector. The Dealogic joint venture
database businesses, Capital Data, and Capital Net, also did well to hold
subscription revenue from their capital market products at a similar level to
last year.
Net debt at March 31 was #65.4 million, against #80.5 million a year before.
There were no acquisitions in the first half but the buyouts of the minority
interests in Business Traveller and Mondiale were completed at a cost of
#170,000. Net interest costs fell by #400,000 to #1.9 million as the group
benefited from lower interest rates.
Despite the difficult trading conditions, the group spent much of the first half
focussing on creating organic growth. New businesses launched included:
AsiaLaw, a new legal magazine; Global Agenda, an annual publication to coincide
with the Davos meeting which was very well received by both readers and
advertisers; Securitization News, another title for the Institutional Investor
newsletter portfolio; sales and trading reports for Institutional Investor
Research Group; a new sponsored event business under the Institutional Investor
brand which ran two successful events and has four more planned for the second
half; the first awards dinner and conference for Gulf Publishing; and in April
Engel Publishing ran its first pharmaceutical marketing conference. In January
the company disposed of some smaller legal products, the magazine China Staff
and the China Law Reference Service database. Both were products launched some
years ago but did not fit with the growth plans for the legal publishing
business. These sales resulted in an exceptional gain of #695,000.
The company does not expect a significant recovery in the second half. There
has been no noticeable recovery in advertising revenues since the ending of
hostilities in Iraq, while the SARS outbreak has hit business in Asia where most
of the training courses and events planned for the third quarter have been
postponed. Traditionally, however, the group makes well over half its
second-half profits in the final month of the year, and the rescheduling of the
group's events towards the end of the year will increase the dependence on the
results for September. The group's existing businesses are well placed for
recovery when markets improve, and it is developing a significant number of new
products.
Padraic Fallon
Chairman
May 21 2003
* Adjusted diluted earnings a share is calculated on profit of #4,925,000
adjusted for goodwill amortization of #3,062,000 and exceptional profit of
#695,000 (see note 9).
For further information please contact: -
Richard Ensor Managing Director 020 7779 8845 rensor@euromoneyplc.com
Padraic Fallon Chairman 020 7779 8556 pfallon@euromoneyplc.com
Colin Jones Finance Director 020 7779 8959 cjones@institutionalinvestor.com
Or visit our website at: - www.euromoneyplc.com
------------------------------------------------------------------------------------------------------------------------
Group Profit & Loss Account
for the six months ended March 31 2003
Note Unaudited Unaudited Audited
six six year ended
months months September
ended ended 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Turnover 2
Continuing operations 77,902 88,425 178,870
Sold/closed businesses - continuing operations 169 598 864
Total turnover 78,071 89,023 179,734
Operating profit before goodwill amortization 2
Continuing operations 10,744 13,155 28,636
Sold/closed businesses - continuing operations 47 172 428
10,791 13,327 29,064
Goodwill amortization (3,062) (3,072) (6,125)
Operating profit 2 7,729 10,255 22,939
Share of operating profit in associates 252 218 413
Exceptional profit on sale/closure of businesses 3 695 1,533 1,533
Profit on ordinary activities before interest and tax 8,676 12,006 24,885
Interest receivable 425 580 589
Interest payable and similar charges (2,296) (2,852) (4,828)
Profit on ordinary activities before tax 6,805 9,734 20,646
Tax on profit on ordinary activities (1,725) (2,364) (3,961)
Release of prior years' tax provisions - 1,250 6,754
Total tax (charge)/credit on profit on ordinary activities 4 (1,725) (1,114) 2,793
Profit on ordinary activities after tax 5,080 8,620 23,439
Equity minority interests (155) (84) 38
Profit for the financial period 4,925 8,536 23,477
Dividends paid and proposed 8 (4,387) (4,387) (12,941)
Retained profit for the financial period 538 4,149 10,536
Basic earnings per share 9 5.61 p 9.73 p 26.76 p
Diluted earnings per share 9 5.61 p 9.73 p 26.76 p
Adjusted diluted earnings per share before goodwill amortization and 9 8.31 p 10.06 p 24.29 p
exceptional items
Dividend per share 8 5.00 p 5.00 p 14.75 p
All results arose from continuing operations.
------------------------------------------------------------------------------------------------------------------------
Group Balance Sheet
at March 31 2003
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Fixed assets
Intangible assets 21,772 28,030 24,685
Tangible assets 9,678 9,344 9,893
Investments 388 472 195
31,838 37,846 34,773
Current assets
Debtors 36,325 36,229 40,007
Cash at bank and in hand 32,093 20,847 35,633
68,418 57,076 75,640
Creditors: amounts falling due within one year (45,985) (47,321) (55,612)
Net current assets 22,433 9,755 20,028
Total assets less current liabilities 54,271 47,601 54,801
Creditors: amounts falling due after more than one year (97,173) (100,772) (98,350)
Provisions for liabilities and charges - (805) (127)
Deferred income (31,860) (36,919) (31,946)
Net liabilities (74,762) (90,895) (75,622)
Capital and reserves
Called up share capital 219 219 219
Share premium account 33,749 33,744 33,743
Capital redemption reserve 8 8 8
Profit and loss account (108,881) (125,141) (109,775)
Equity shareholders' deficit (74,905) (91,170) (75,805)
Equity minority interests 143 275 183
(74,762) (90,895) (75,622)
------------------------------------------------------------------------------------------------------------------------
Group Cash Flow Statement
for the six months ended March 31 2003
Note Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Net cash inflow from continuing operating activities 5 11,186 10,329 30,033
Returns on investments and servicing of finance
Interest received 445 274 589
Interest paid (1,451) (2,546) (4,769)
Dividends paid to minorities (194) (130) (126)
(1,200) (2,402) (4,306)
Taxation
UK tax paid (2,616) (1,118) (3,288)
Overseas tax paid (1,103) (637) (1,090)
UK tax received 475 - 57
Overseas tax received 22 224 647
(3,222) (1,531) (3,674)
Capital expenditure and financial investment
Purchase of tangible fixed assets (984) (4,141) (6,251)
Sale of tangible fixed assets 13 95 162
(971) (4,046) (6,089)
Acquisitions and disposals
Purchase of unincorporated businesses - (302) (379)
Purchase of additional interests in subsidiary undertakings (150) (40) (43)
Proceeds on sale of businesses 695 1,772 1,772
545 1,430 1,350
Equity dividends paid (8,554) (8,554) (12,941)
Cash (outflow)/inflow before financing (2,216) (4,774) 4,373
Financing
Issue of new ordinary share capital 6 5 4
Redemption of unsecured loan stock - (20) (35)
Repayment of loan by associate - - 398
Revolving credit facilities:
Increase in borrowings 15,248 15,365 34,236
Repayment of borrowings (16,767) (20,603) (31,759)
Loan repaid to DMGT group company - (6,284) (12,163)
Loan received from DMGT group company - 6,284 12,163
Net receipts on forward hedges 54 - 533
(1,459) (5,253) 3,377
(Decrease)/Increase in cash during the period 6,7 (3,675) (10,027) 7,750
------------------------------------------------------------------------------------------------------------------------
Group Statement of Total Recognized Gains and Losses
for the six months ended March 31 2003
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Profit for the period 4,925 8,536 23,477
Foreign exchange translation differences 549 (3,236) 6,801
Tax on foreign exchange translation differences (193) 322 (740)
Total recognized gains and losses for the period 5,281 5,622 29,538
------------------------------------------------------------------------------------------------------------------------
Reconciliation of Movements in Shareholders' Funds
for the six months ended March 31 2003
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Profit for the period 4,925 8,536 23,477
Dividends paid and proposed (4,387) (4,387) (12,941)
538 4,149 10,536
Proceeds from exercise of share options 6 5 4
Reinstatement of goodwill on disposals - 508 512
Other recognized gains and losses relating to the period 356 (2,914) 6,061
Net decrease in shareholders' deficit 900 1,748 17,113
Opening shareholders' deficit (75,805) (92,918) (92,918)
Closing shareholders' deficit (74,905) (91,170) (75,805)
------------------------------------------------------------------------------------------------------------------------
Notes to the Unaudited Interim Report
1 - Basis of preparation
This interim report was approved by the board of directors on May 21 2003 and
follows the accounting policies adopted in the 2002 annual report. The financial
information contained in this interim report does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985 and should be read
in conjunction with the 2002 annual report. The comparative financial
information is based on the interim results for the six months ended March 31
2002.
The figures for the year to September 30 2002 are an abridged statement from the
group's accounts at that date which have been delivered to the Registrar of
Companies. The auditors' report on those accounts was unqualified and did not
contain a statement under section 237(2) or 237(3) of the Companies Act 1985.
2 - Segmental analysis
Unaudited six months ended March 31
United Kingdom North America Rest of World Total
2003 2002 2003 2002 2003 2002 2003 2002
#000's #000's #000's #000's #000's #000's #000's #000's
Turnover
By destination:
Other continuing businesses 13,863 16,250 31,336 36,337 32,703 35,838 77,902 88,425
Sold/closed businesses - 50 - 280 169 268 169 598
13,863 16,300 31,336 36,617 32,872 36,106 78,071 89,023
United Kingdom North America Rest of World Total
2003 2002 2003 2002 2003 2002 2003 2002
#000's #000's #000's #000's #000's #000's #000's #000's
By activity and source:
Financial publishing 10,807 11,199 16,605 20,690 780 983 28,192 32,872
Business publishing 9,281 11,165 4,573 5,280 1,373 1,710 15,227 18,155
Training 6,458 6,414 2,276 3,060 1,106 1,078 9,840 10,552
Conferences and seminars 7,094 7,322 7,367 7,559 3,411 4,943 17,872 19,824
Databases and information services 1,221 1,197 5,550 5,825 - - 6,771 7,022
Sold/closed businesses - 87 - 276 169 235 169 598
34,861 37,384 36,371 42,690 6,839 8,949 78,071 89,023
United Kingdom North America Rest of World Total
2003 2002 2003 2002 2003 2002 2003 2002
#000's #000's #000's #000's #000's #000's #000's #000's
Operating profit
By activity and source:
Financial publishing 2,479 2,638 1,753 3,143 118 105 4,350 5,886
Business publishing 1,276 2,319 351 284 (45) 115 1,582 2,718
Training 1,389 1,464 198 161 219 146 1,806 1,771
Conferences and seminars 1,531 2,091 1,762 1,588 534 1,228 3,827 4,907
Databases and information services 1,259 1,173 185 (447) - - 1,444 726
Sold/closed businesses (8) 64 3 118 52 (10) 47 172
Unallocated corporate costs (2,213) (2,361) (52) (492) - - (2,265) (2,853)
5,713 7,388 4,200 4,355 878 1,584 10,791 13,327
Goodwill amortization (162) (169) (2,890) (2,893) (10) (10) (3,062) (3,072)
Operating profit after goodwill 5,551 7,219 1,310 1,462 868 1,574 7,729 10,255
amortization
The goodwill amortization of #3,062,000 (2002: #3,072,000) can be allocated as follows; Business publishing, #376,000
(2002: #386,000); Conferences and seminars, #95,000 (2002: #95,000); and Databases and information services, #2,591,000
(2002: #2,591,000).
3 - Exceptional items
2003
In January 2003, the group sold two titles owned by Asia Law and Practice for a
profit of #695,000 after related sale costs. There was no goodwill associated
with the sale.
2002
In March 1999, the group sold its investment in 100% Design Limited for a cash
consideration of #743,000 and a performance based deferred consideration. During
2002, the group received the final element of the deferred consideration
amounting to #1,772,000.
The group closed its Technology + Media Limited business in the first half of
2002, which resulted in a goodwill write off of #239,000.
4 - Tax on profit on ordinary activities
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
(as restated)*
United Kingdom
Corporation tax at 30% (2002: 30%) 1,300 2,068 4,320
Associates 58 65 125
Release of prior years' tax provisions - (1,250) (6,754)
Over provision in respect of prior periods (49) (400) (403)
1,309 483 (2,712)
Foreign tax
Overseas taxation 387 631 766
Under provision in respect of prior periods 29 - 335
Total current tax 1,725 1,114 (1,611)
Deferred tax
Origination and reversal of asset timing differences (33) (31) (720)
Origination and reversal of liability timing differences 1,495 1,495 2,989
Increase in discount (1,462) (1,464) (2,923)
Over provision in respect of prior periods - - (528)
Total deferred tax - - (1,182)
Tax charge/(credit) on profit on ordinary activities 1,725 1,114 (2,793)
The standard rate of current tax for the year, based on the UK standard rate of
corporation tax, is 30% (2002: 30%). The current tax charge for the half year is
different from 30% of profit before tax for the reasons set out in the following
reconciliation:
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
(as restated)*
Profit on ordinary activities before tax 6,805 9,734 20,646
Tax at 30% 2,042 2,920 6,194
Factors affecting (credit)/charge:
UK goodwill amortization 919 993 1,838
Non-taxable items and additional deductible UK items (1,024) 134 (1,836)
US goodwill amortization (874) (851) (3,184)
US state taxes 160 97 270
Disallowable expenditure 570 - 2,590
Depreciation in excess of capital allowances 8 13 20
Lower rates of tax on overseas profits (56) (31) (149)
Utilization of losses brought forward - (532) (532)
Overseas losses for which no relief is currently available - 21 -
Release of prior years' tax provisions - (1,250) (6,754)
Over provisions in respect of prior periods (20) (400) (68)
Current tax charge/(credit) for the period 1,725 1,114 (1,611)
The exceptional item in 2003 does not give rise to a tax charge as capital gains
are not taxable in Hong Kong. The exceptional items in 2002 do not give rise to
any tax charge or credit due to the availability of brought forward capital
losses and the non-deductible nature of UK goodwill amortization on share
acquisitions.
The prior year over provision of #1,250,000 at March 2002 and #6,754,000 at
September 2002 relates to a release of tax provisions no longer required
following agreement of certain open issues with the UK Inland Revenue in
relation to the group's US acquisition structure.
The tax charge for the half year has been calculated by applying the forecast
rate of 19% for the year to profit before tax, goodwill amortization and
exceptional items.
* The unaudited comparative for the six months ended 31 March 2002 has been
restated to reflect minor presentational changes following the implementation of
FRS 19 "Deferred Taxation" for the year ended 30 September 2002.
5 - Reconcilation of operating profit to net cash inflow from operating
activities
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Group operating profit 7,729 10,255 22,939
Amortization of goodwill 3,062 3,072 6,125
Goodwill reinstated on disposal of titles - 508 512
Depreciation of tangible fixed assets 1,161 1,506 2,827
Loss on sale of tangible fixed assets 7 - 32
Decrease in debtors 3,618 6,142 9,091
Decrease in creditors (4,264) (10,361) (10,646)
Utilization of property rental provision (127) (793) (847)
Net cash inflow from continuing operating activities 11,186 10,329 30,033
6 - Reconcilation of net cash flow to movement in net debt
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
(Decrease)/increase in cash during the period (3,675) (10,027) 7,750
Cash outflow/(inflow) from change in debt finance 1,519 11,542 (2,442)
Decrease in amounts due from DMGT group undertaking - (6,284) -
(2,156) (4,769) 5,308
Currency translation differences 473 (2,536) 5,075
Other non-cash changes (845) - -
Movement in net debt in the period (2,528) (7,305) 10,383
Net debt at 1 October (62,846) (73,229) (73,229)
Net debt at end of period (65,374) (80,534) (62,846)
7 - Analysis of changes in net debt
At October 1 Cash Exchange Other non-cash At March 31
2002 flow movements changes 2003
#000's #000's #000's #000's #000's
Cash at bank and in hand 35,633 (3,509) (31) - 32,093
Bank overdrafts (76) (166) - - (242)
35,557 (3,675) (31) - 31,851
Debt due within one year (11,499) - 59 (644) (12,084)
Debt due in more than one year (98,350) 1,519 504 (845) (97,172)
(109,849) 1,519 563 (1,489) (109,256)
Amounts owed by DMGT group 11,446 - (59) 644 12,031
undertakings
Total (62,846) (2,156) 473 (845) (65,374)
8 - Dividends
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Interim proposed 5p per share (2002: 5p) 4,390 4,390 4,390
Final paid 9.75p per share - - 8,560
4,390 4,390 12,950
Employees' Share Ownership Trust dividend (3) (3) (9)
4,387 4,387 12,941
The interim dividend of 5p (2002: 5p) will be paid on July 3 2003 to
shareholders on the register on June 6 2003. It is expected that the shares will
be marked ex-dividend on June 4 2003. Holders of International Depositary
Receipts can receive their dividend on July 3 2003 by presentation of coupon
number 32 to Banque Internationale a Luxembourg or to one of their agents.
9 - Earnings per share
Unaudited Unaudited Audited
six months six months year ended
ended ended September 30
March 31 March 31 2002
2003 2002 #000's
#000's #000's
Basic earnings 4,925 8,536 23,477
Goodwill amortization 3,062 3,072 6,125
Exceptional profit on sale/closure of businesses (note 3) (695) (1,533) (1,533)
Release of prior years' tax provisions (note 4) - (1,250) (6,754)
Adjusted earnings before goodwill amortization and exceptional items 7,292 8,825 21,315
Number Number Number
'000's '000's '000's
Weighted average number of shares 87,796 87,792 87,793
Shares held by the Employees' Share Ownership Trust (59) (59) (59)
87,737 87,733 87,734
Effect of dilutive share options - 1 1
Diluted weighted average number of shares 87,737 87,734 87,735
Pence per Pence per Pence per
share share share
Basic earnings per share 5.61 9.73 26.76
Effect of dilutive share options - - -
Diluted earnings per share 5.61 9.73 26.76
Effect of goodwill amortization 3.49 3.50 6.98
Effect of exceptional profit on sale/closure of businesses (0.79) (1.75) (1.75)
Effect of prior years' tax provision releases - (1.42) (7.70)
Adjusted diluted earnings per share before goodwill amortization and 8.31 10.06 24.29
exceptional items
The adjusted diluted earnings per share figure has been disclosed since the
directors consider it to give a more meaningful indication of the underlying
trading performance.
------------------------------------------------------------------------------------------------------------------------
Independent Review Report to Euromoney Institutional Investor PLC
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 March 2003 which comprises the profit and loss account,
the balance sheet, the cash flow statement, the statement of total recognized
gains and losses and related notes 1 to 9. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters that we are required to state to them
in an independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 March 2003.
Deloitte & Touche
Chartered Accountants
London
May 21 2003
------------------------------------------------------------------------------------------------------------------------
Directors and Advisors
Chairman PM Fallon ++
Managing Director PR Ensor ++
Finance Director CR Jones
Directors
The Viscount Rothermere *+
Sir Patrick Sergeant *++(S)
CJF Sinclair *+++
NF Osborn
DC Cohen
CR Brown
GB Strahan
JP Williams*(S)
JC Botts*+++(S)
E Bounous
SM Brady
RT Lamont
JD Bolsover*+
D Alfano
G Mueller
MJ Carroll
* non-executive director
+ member of the remuneration committee
++ member of the nominations committee
(S) member of the audit committee
President Sir Patrick Sergeant
Company Secretary CR Jones
Registered Office Nestor House, Playhouse Yard, London EC4V 5EX
Registered Number 954730
Auditors Deloitte & Touche, London
Solicitors Nabarro Nathanson, Lacon House, Theobald's Road, London WC1X 8RW
Stockbrokers UBS Warburg, 1 Finsbury Avenue, London EC2M 2PP
Depositary Banque Internationale a Luxembourg SA, 69 route d'Esch, 2953
Luxembourg
Agents of the Depositary
Citicorp Investment Bank (Switzerland), Bahnhofstrasse 63, PO Box 224, CH 8021
Zurich
Citibank NA, Citibank House, 336 Strand, London WC2R 1HB
Citibank NA, Avenue de Tervuren 249, B1150 Brussels
Registrars Capita IRG Plc, The Registry, 34 Beckenham Road, Beckenham, Kent BR3
4TU
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Euromoney Institutional Investor Internet Sites (all www.)
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For further information on all Euromoney Institutional Investor products, call
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or e-mail to: hotline@euromoneyplc.com
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This information is provided by RNS
The company news service from the London Stock Exchange
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