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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Future | LSE:FNET | London | Ordinary Share | GB0007239980 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:0890G
Future Network PLC
07 December 2004
Section 2 - Financial statements for the 9 months ended 30 September 2004
Group profit and loss account
for the nine months ended 30 September 2004
--------------- ---------------- ---------- --------- ---------
9 months ended 12 months ended
30 September 31 December
2004 2003
Note #m #m
--------------- --------------- ---------- --------- ----------
Turnover
Continuing
operations 132.8 182.7
Acquisitions 20 0.2 -
--------------- --------------- ---------- --------- ----------
1 133.0 182.7
--------------- --------------- ---------- --------- ----------
Operating
profit/(loss)
Continuing
operations --------- ----------
Operating profit 13.0 22.5
before amortisation of
intangible assets
Amortisation of 9 (12.5) (13.0)
intangible assets --------- ----------
0.5 9.5
Acquisitions
--------- ----------
Operating profit 20 0.1 -
before amortisation of
intangible assets
Amortisation of 9 (0.2) -
intangible assets --------- ----------
(0.1) -
--------------- --------------- ---------- --------- ----------
Operating
profit 2 0.4 9.5
Profit on
disposal of
fixed asset
investments 0.2 0.1
--------------- --------------- ---------- --------- ----------
Profit on
ordinary
activities
before
interest 0.6 9.6
Net interest
receivable and
similar items 5 - 0.1
--------------- --------------- ---------- --------- ----------
Profit on
ordinary
activities
before tax 2 0.6 9.7
Tax on profit
on ordinary
activities 6 (1.3) (7.0)
--------------- --------------- ---------- --------- ----------
(Loss)/profit
for the
financial
period 18 (0.7) 2.7
--------------- --------------- ---------- --------- ----------
--------------- --------------- ---------- --------- ----------
Dividend
proposed 7 (4.9) (4.0)
--------------- --------------- ---------- --------- ----------
Retained loss
for the
financial
period (5.6) (1.3)
--------------- --------------- ---------- --------- ----------
Earnings per 1p Ordinary share
------------------------------ ---------- --------- ---------
Note 2004 2003
pence pence
------------------------------ ---------- --------- ---------
Basic (loss)/earnings per share 8 (0.2) 0.8
Adjusted basic earnings per share 8 3.7 4.9
Diluted (loss)/earnings per share 8 (0.2) 0.8
Adjusted diluted earnings per share 8 3.7 4.8
------------------------------ ---------- --------- ---------
Group statement of total recognised gains and losses
for the nine months ended 30 September 2004
------------------------------------ ----- -------- -------
Note 9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
-------------------------------- ------ --------- ----------
(Loss)/profit
for the
financial
period 18 (0.7) 2.7
Dividend
proposed 7 (4.9) (4.0)
-------------------------------- ------ --------- ----------
Retained loss
for the
financial
period (5.6) (1.3)
Net exchange
adjustments
offset in
reserves - 0.8
Tax on
exchange
adjustments
offset in
reserves - 0.1
Release of
pre-acquisitio
n loan 19 1.0 -
Tax on release
of
pre-acquisitio
n loan 18 (0.4) -
Unwinding of
licensing
obligation 18 0.1 -
-------------------------------- ------ --------- ----------
Total
recognised
loss relating
to the period (4.9) (0.4)
-------------------------------- ------ --------- ----------
Group reconciliation of movements in shareholders' funds
for the nine months ended 30 September 2004
------------------------------------ ----- -------- -------
Note 9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
-------------------------------- ------ --------- ----------
(Loss)/profit
for the
financial
period 18 (0.7) 2.7
Dividend
proposed 7 (4.9) (4.0)
-------------------------------- ------ --------- ----------
Retained loss
for the
financial
period (5.6) (1.3)
Premium on
shares issued
during the
period 0.7 0.3
Net exchange
adjustments
offset in
reserves - 0.8
Tax on
exchange
adjustments
offset in
reserves - 0.1
Release of
pre-acquisitio
n loan 18 1.0 -
Tax on release
of
pre-acquisitio
n loan 18 (0.4) -
Unwinding of
licensing
obligation 18 0.1 -
-------------------------------- ------ --------- ----------
Net movement
in
shareholders'
funds (4.2) (0.1)
Opening equity
shareholders'
funds 111.9 112.0
-------------------------------- ------ --------- ----------
Closing equity
shareholders'
funds 107.7 111.9
-------------------------------- ------ --------- ----------
Group balance sheet
as at 30 September 2004
------------------------- ------------- ---------- ---------
Note 30 September 31 December
2004 2003
#m #m
------------------------- ------------- ---------- ---------
Fixed assets
Intangible assets 9 108.4 117.3
Tangible assets 10 3.5 3.3
------------------------- ------------- ---------- ---------
111.9 120.6
Current assets
Stocks 12 5.0 3.5
Debtors 13 39.5 42.4
Investments 11 2.5 8.8
Cash at bank and in hand 12.0 11.3
------------------------- ------------- ---------- ---------
59.0 66.0
Creditors: amounts falling due within
one year 14 (62.3) (73.0)
------------------------- ------------- ---------- ---------
Net current liabilities (3.3) (7.0)
------------------------- ------------- ---------- ---------
Total assets less current liabilities 108.6 113.6
------------------------- ------------- ---------- ---------
Provisions for liabilities and 15 (0.9) (1.7)
charges ------------- ---------- ---------
-------------------------
Net assets 107.7 111.9
------------------------- ------------- ---------- ---------
Capital and reserves
Called-up share capital 16 3.2 3.2
Share premium account 17 23.7 0.2
Merger reserve 19 109.0 109.0
Other reserves 19 - 21.8
Profit and loss account 18 (28.2) (22.3)
------------------------- ------------- ---------- ---------
Equity shareholders' funds 107.7 111.9
------------------------- ------------- ---------- ---------
Group cash flow statement
for the nine months ended 30 September 2004
------------------------------- ---------- ----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
------------------------------- ---------- ----------
Net cash
inflow from
operating
activities 7.4 22.6
------------------------------- ---------- ----------
Returns on investments and servicing of finance
Interest
received 0.5 0.6
Interest paid (0.4) (0.4)
------------------------------- ---------- ----------
Net cash
inflow from
returns on
investments
and servicing
of finance 0.1 0.2
------------------------------- ---------- ----------
Tax
Tax paid (4.0) (8.2)
Tax received 0.7 1.5
------------------------------- ---------- ----------
Net tax paid (3.3) (6.7)
------------------------------- ---------- ----------
Capital expenditure and financial investment
Purchase of
tangible fixed
assets (1.1) (1.4)
Sale of fixed
asset
investments - 0.1
------------------------------- ---------- ----------
Net cash
outflow from
capital
expenditure
and financial
investment (1.1) (1.3)
------------------------------- ---------- ----------
Acquisitions and disposals
Purchase of
subsidiary
undertakings - (7.0)
Net cash
acquired with
subsidiary
undertakings - 0.5
Disposal of
subsidiary
undertaking 0.2 -
Purchase of
magazine
titles (4.0) (11.8)
Purchase of
subscription
lists - (0.1)
Payment of
deferred
consideration (0.7) (0.7)
------------------------------- ---------- ----------
Net cash
outflow for
acquisitions
and disposals (4.5) (19.1)
------------------------------- ---------- ----------
Dividends
Equity
dividends paid (4.0) -
------------------------------- ---------- ----------
Net cash
outflow from
payment of
dividends (4.0) -
------------------------------- ---------- ----------
Management of liquid resources
Decrease/(incr
ease) in
short-term
deposits with
bank 6.3 (2.6)
------------------------------- ---------- ----------
Net cash
inflow/(outflo
w) in
management of
liquid
resources 6.3 (2.6)
------------------------------- ---------- ----------
Net cash
inflow/(outflo
w) before
financing 0.9 (6.9)
------------------------------- ---------- ----------
Financing
Proceeds from
issue of
Ordinary share
capital 0.7 0.3
Draw down of
bank loans - 6.3
Movement in
other loan (0.5) (0.1)
Repayment of
bank loans (0.3) (0.6)
------------------------------- ---------- ----------
Net cash
(outflow)/infl
ow from
financing (0.1) 5.9
------------------------------- ---------- ----------
Increase/(decr
ease) in cash
in the period 0.8 (1.0)
------------------------------- ---------- ----------
Notes to the Group cash flow statement
for the nine months ended 30 September 2004
A. Cash flow from operating activities
The reconciliation of operating profit to net cash inflow from operating
activities is as follows:
----------------------------------- ---------- ----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
----------------------------------- ---------- ----------
Operating
profit 0.4 9.5
Depreciation
charge 0.9 1.4
Amortisation
of intangible
assets 12.7 13.0
Movement in
provisions (0.9) (1.7)
(Increase)/dec
rease in
stocks (1.5) 0.2
Decrease/(incr
ease) in
debtors 3.3 (7.5)
(Decrease)/inc
rease in
creditors (7.5) 7.7
----------------------------------- ---------- ----------
Net cash
inflow from
operating
activities 7.4 22.6
----------------------------------- ---------- ----------
B. Analysis of net cash
------------- -------- ----------- -------- --------- -------------
At 1 January Cash flow Other non-cash Exchange At 30 September
changes movements 2004
2004 #m #m #m #m
#m
------------- -------- ----------- -------- --------- -------------
Cash at bank
and in hand 11.3 0.8 - (0.1) 12.0
Debt due
within one
year (6.7) 0.9 1.0 0.1 (4.7)
Liquid
resources 8.8 (6.3) - - 2.5
------------- -------- ----------- -------- --------- -------------
Net cash 13.4 (4.6) 1.0 - 9.8
------------- -------- ----------- -------- --------- -------------
Other non-cash changes relate to the release of a pre-acquisition loan (see note
19).
C. Reconciliation of movement in net cash
-------------------------------- ----------- -----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
-------------------------------- ----------- -----------
Net cash at 1
January 13.4 16.8
Increase/(decr
ease) in cash 0.8 (1.0)
Movement in
deposits (6.3) 2.6
Movement in
borrowings 0.9 (5.6)
Non-cash
movements (see
note 19) 1.0 -
Exchange
movements - 0.6
-------------------------------- ----------- -----------
Net cash at
end of period 9.8 13.4
-------------------------------- ----------- -----------
Notes to the financial statements
Basis of preparation of accounts
This preliminary statement of annual results for the nine months ended 30
September 2004 is unaudited and does not comprise statutory accounts within the
meaning of section 240 of the Companies Act 1985.
Accounting policies
The Group's accounting policies used in the preparation of this preliminary
statement of results are consistent with those detailed in the Group's Annual
Report for the year ended 31 December 2003.
1. Segmental reporting
The Group is involved in one class of business, the publication of magazines.
The analysis of turnover by type, geographical analyses of turnover, profit
before tax, and net assets by origin were as follows:
a) Turnover by type
----------------------------- ----------- -----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
----------------------------- ----------- -----------
Circulation 92.4 125.5
Advertising 37.4 53.0
Other 3.2 4.2
----------------------------- ----------- -----------
Total 133.0 182.7
----------------------------- ----------- -----------
b) Turnover by origin
----------------------------- ----------- -----------
9 months ended 12 months ended
31 December
30 September 2003
2004
#m #m
----------------------------- ----------- -----------
United Kingdom 70.5 100.3
United States 36.0 46.2
Mainland Europe 27.5 38.6
Turnover between segments (1.0) (2.4)
----------------------------- ----------- -----------
Total 133.0 182.7
----------------------------- ----------- -----------
c) Turnover by destination
----------------------------- ----------- -----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
----------------------------- ----------- -----------
United Kingdom 59.0 83.5
United States 37.6 47.5
Mainland Europe 31.9 44.9
Rest of the world 5.5 9.2
Turnover between
segments (1.0) (2.4)
----------------------------- ----------- ----------
Total 133.0 182.7
----------------------------- ----------- ----------
d) Profit on ordinary activities before tax by origin
------------------------------- ----------- -----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
------------------------------- ----------- -----------
United Kingdom 5.3 12.4
United States (1.5) 4.1
Mainland Europe (1.4) (3.3)
Central costs (1.8) (3.5)
------------------------------- ----------- -----------
Total 0.6 9.7
------------------------------- ----------- -----------
e) Net assets by origin
------------------------------- ----------- -----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
------------------------------- ----------- -----------
United Kingdom 85.4 86.3
United States 18.8 20.7
Mainland Europe 8.2 11.6
Interest-bearing
liabilities (4.7) (6.7)
------------------------------- ----------- -----------
Total 107.7 111.9
------------------------------- ----------- -----------
2. Operating profit
9 months ended 12 months ended
------------------------------- 30 September 31 December
2004 2003
----------- -----------
Turnover 133.0 182.7
Cost of sales (89.2) (116.0)
------------------------------- ----------- -----------
Gross profit 43.8 66.7
Distribution
costs (9.9) (12.0)
----------- -----------
Administration
expenses (20.8) (32.2)
Amortisation
of intangible
assets (12.7) (13.0)
----------- -----------
Total
administration
expenses (33.5) (45.2)
------------------------------- ----------- -----------
Operating
profit 0.4 9.5
------------------------------- ----------- -----------
-------------------------------- ----------- ----------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
-------------------------------- ----------- ----------
Profit on ordinary activities before tax is
stated after charging/(crediting):
Staff costs
(note 4) 29.7 37.2
Depreciation
of owned
assets (note
10) 0.9 1.4
Amortisation
of intangible
assets (note
9) 12.7 13.0
Hire of
machinery and
equipment 0.2 0.3
Other
operating
lease rentals 2.9 3.4
Profit on
disposal of
subsidiary 0.2 -
Net exchange
loss/(gain) on
foreign
currency
borrowings
less deposits 0.3 (0.1)
-------------------------------- ----------- ----------
3. Fees paid to auditors
---------------------------------- --------- --------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
-------------------------------- --------- ----------
Audit services
- statutory
audit 0.2 0.2
- other audit
and related
regulatory
reporting 0.1 0.2
-------------------------------- --------- ----------
Total audit
services 0.3 0.4
Further assurance services
- due
diligence 0.1 0.1
Tax services
- compliance
services 0.1 0.1
- advisory
services 0.1 0.2
-------------------------------- --------- ----------
Total 0.6 0.8
-------------------------------- --------- ----------
4. Employees and Directors
---------------------------------- --------- --------
Staff costs 9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
-------------------------------- --------- ----------
Wages and
salaries 24.9 31.2
Social
security costs 4.3 5.3
Other pension
costs 0.5 0.7
-------------------------------- --------- ----------
Total 29.7 37.2
-------------------------------- --------- ----------
Average monthly number of people (including
executive Directors) --------- ----------
--------------------------------
Production 784 682
Administration 274 326
-------------------------------- --------- ----------
Total 1,058 1,008
-------------------------------- --------- ----------
At 30 September 2004 the actual number of people employed by the Group was 1,120
(31 December 2003: 1,033).
5. Net interest receivable and similar items
--------------------------------- --------- ---------
9 months ended 12 months ended
30 September 31 December
2004
2003
#m #m
--------------------------------- --------- ---------
Interest
receivable 0.5 0.6
Exchange
(losses)/gains (0.3) 0.1
--------------------------------- --------- ---------
Total interest
receivable and
similar items 0.2 0.7
--------------------------------- --------- ---------
Interest
payable on
bank loans and
overdrafts (0.2) (0.2)
Other interest
payable - (0.2)
Amortisation
of discount
relating to
property
provisions - (0.1)
Amortisation
of discount
arising on
fair valuing
of deferred
consideration - (0.1)
--------------------------------- --------- ---------
Total interest
payable and
similar
charges (0.2) (0.6)
--------------------------------- --------- ---------
Net interest
receivable and
similar items - 0.1
--------------------------------- --------- ---------
6. Tax on profit on ordinary activities
(a) Analysis of tax charge in the period
--------------------------------- --------- ---------
9 months ended 12 months ended
30 September 31 December
2004
2003
#m #m
--------------------------------- --------- ---------
UK corporation
tax at 30%
(2003: 30%) on
profits for
the period 2.1 3.9
Adjustments in
respect of
previous years (0.4) 0.3
--------- ---------
1.7 4.2
Overseas taxes 0.7 3.3
Adjustments in
respect of
previous years (0.6) (0.8)
--------- ---------
Total current
tax 1.8 6.7
Deferred tax origination and reversal of timing
differences
- Current
period
charge/(credit
) (0.5) 0.7
- Prior year
(credit)/charg
e - (0.4)
--------------------------------- --------- ---------
Tax on profit
on ordinary
activities 1.3 7.0
--------------------------------- --------- ---------
(b) Factors affecting the tax charge for the period
The tax assessed in each period differs from the standard rate of corporation
tax in the UK for the relevant period. The differences are explained below:
----------------------------------- -------- -------
9 months ended 12 months ended
30 September 31 December
2004 2003
#m #m
----------------------------------- -------- -------
Profit on
ordinary
activities
before tax 0.6 9.7
Profit on
ordinary
activities at
the standard
UK tax rate of
30% 0.2 2.9
Different tax
rate
applicable
overseas 0.1 0.6
Expenses not
deductible for
tax purposes - 0.1
Goodwill
amortisation
and impairment
not deductible
for tax
purposes 2.5 2.9
Timing
differences
relating to
goodwill
amortisation
deductible 0.5 0.1
Overseas
losses
generated 0.5 0.8
Capital
allowances in
excess of
depreciation (0.1) (0.2)
Other timing differences - -
Utilisation of
brought
forward losses (0.9) -
Impact of
adjustment to
prior year
current tax (1.0) (0.5)
----------------------------------- -------- -------
Current tax
charge for the
period 1.8 6.7
----------------------------------- -------- -------
(c) Factors that may affect future tax charges
The main factors that will impact future tax charges for the Group are:
i) The relative profitability and the differential in tax
rates between the UK and the US, the two main territories in which the Group
currently pays tax;
ii) The profitability of Mainland Europe where there are
significant unrecognised tax losses; and
iii) The timing of any successful resolution of certain steps
that the Group has taken to obtain value from historical tax losses.
7. Dividends
---------
Equity dividends 9 months ended 12 months ended
--------------------------------- 30 September 31 December
2004 2003
--------- ---------
Number of
shares in
issue at 30
September 2004
(million) 324.5 322.5
Final dividend
proposed
(pence per
share) 1.5 1.25
--------------------------------- --------- ---------
Dividend
proposed (#
million) 4.9 4.0
--------------------------------- --------- ---------
8. Earnings per share
Basic earnings per share are calculated using the weighted average number of
Ordinary shares outstanding during the period. Diluted earnings per share have
been calculated by taking into account the dilutive effect of Ordinary shares
that would be issued on conversion into Ordinary shares of options held under
employee share schemes.
The adjusted earnings per share removes the effect of the amortisation of
intangible assets from the calculation as follows:
Adjustments to profit on ordinary activities after tax
--------------------------------- --------- ---------
9 months ended 12 months ended
30 September 31 December
2004
#m 2003
#m
--------------------------------- --------- ---------
(Loss)/profit
on ordinary
activities
after tax (0.7) 2.7
Add:
amortisation
of intangible
assets 12.7 13.0
--------------------------------- --------- ---------
Adjusted
profit on
ordinary
activities
after tax 12.0 15.7
--------------------------------- --------- ---------
Weighted average number of shares outstanding
during the period: 2004 2003
--------------------------------- --------- ---------
- basic 323,612,453 321,564,888
- dilutive effect of share options 1,211,790 1,453,980
- diluted 324,824,243 323,018,868
Basic (loss)/earnings per share (in pence) (0.2) 0.8
Adjusted basic earnings per share (in pence) 3.7 4.9
Diluted (loss)/earnings per share (in pence) (0.2) 0.8
Adjusted diluted earnings per share (in pence) 3.7 4.8
--------------------------------- --------- ---------
The adjustments to profit have the following effect:
--------------------------------- --------- ---------
2004 2003
pence pence
--------------------------------- --------- ---------
Basic (loss)/earnings per share (0.2) 0.8
Amortisation of intangible assets 3.9 4.1
--------- ---------
Adjusted basic earnings per share 3.7 4.9
--------- ---------
Diluted (loss)/earnings per share (0.2) 0.8
Amortisation of intangible assets 3.9 4.0
--------- ---------
Adjusted diluted earnings per share 3.7 4.8
--------------------------------- --------- ---------
9. Intangible fixed assets
--------------------------------------- -----------
Group Goodwill
#m
--------------------------------------- -----------
Cost
At 1 January 2004 321.3
Additions 4.1
Adjustments to fair value on prior year acquisitions 0.1
Exchange adjustments (0.7)
--------------------------------------- -----------
At 30 September 2004 324.8
--------------------------------------- -----------
--------------------------------------- -----------
Amortisation
At 1 January 2004 (204.0)
Charge for the period (12.7)
Exchange adjustments 0.3
--------------------------------------- -----------
At 30 September 2004 (216.4)
--------------------------------------- -----------
Net book value at 30 September 2004 108.4
--------------------------------------- -----------
Net book value at 31 December 2003 117.3
--------------------------------------- -----------
The goodwill arising on acquisitions is being amortised on a straight-line basis
over the estimated useful economic lives of the acquired businesses, being in
the range one to 20 years. These periods are the periods over which the
Directors estimate that the values of the underlying businesses acquired are
expected to exceed the values of the underlying assets. Further details of the
acquisitions during the year are given in note 20.
10. Tangible fixed assets
-------------- ---------- ---------- ---------- ----------
Group Land and Plant and Equipment, Total
buildings machinery fixtures and
fittings
#m #m #m #m
-------------- ---------- ---------- ---------- ----------
Cost
At 1 January
2004 2.2 6.1 1.2 9.5
Additions 0.1 0.8 0.2 1.1
Exchange
adjustments 0.1 (0.1) (0.1) (0.1)
-------------- ---------- ---------- ---------- ----------
At 30
September 2004 2.4 6.8 1.3 10.5
-------------- ---------- ---------- ---------- ----------
-------------- ---------- ---------- ---------- ----------
Depreciation
At 1 January 2004 (0.7) (4.5) (1.0) (6.2)
Charge for the period (0.1) (0.7) (0.1) (0.9)
Exchange adjustments - - 0.1 0.1
-------------- ---------- ---------- ---------- ----------
At 30 September 2004 (0.8) (5.2) (1.0) (7.0)
-------------- ---------- ---------- ---------- ----------
-------------- ---------- ---------- ---------- ----------
Net book value at 30 September 2004 1.6 1.6 0.3 3.5
-------------- ---------- ---------- ---------- ----------
Net book value at 31 December 2003 1.5 1.6 0.2 3.3
-------------- ---------- ---------- ---------- ----------
11. Investments
Current asset investments
Group Group
------------------------------- ----------- -----------
30 September 31 December
2004 2003
#m #m
------------------------------- ----------- -----------
Short-term bank deposits 2.5 8.8
------------------------------- ----------- -----------
Total 2.5 8.8
------------------------------- ----------- -----------
12. Stocks
Group Group
------------------------------- ----------- ----------
30 September 31 December
2004 2003
#m #m
------------------------------- ----------- ----------
Raw materials 1.6 1.2
Work in progress 2.8 2.2
Finished goods 0.6 0.1
------------------------------- ----------- ----------
Total 5.0 3.5
------------------------------- ----------- ----------
13. Debtors
Group Group
------------------------------ ----------- ----------
30 September 31 December
2004 2003
#m #m
------------------------------ ----------- ----------
Amounts falling due within one year:
Trade debtors 31.0 34.1
Corporation tax recoverable 2.0 1.6
Other debtors 2.9 3.3
Prepayments and accrued income 2.7 2.5
------------------------------ ----------- ----------
38.6 41.5
Amounts falling due after more than one year:
Other debtors 0.9 0.9
------------------------------ ----------- ----------
Total 39.5 42.4
------------------------------ ----------- ----------
Deferred tax
At 30 September 2004 a deferred tax asset has been recognised within other
debtors as follows:
-------------------------------- ---------- ----------
Group Group
30 September 31 December
2004 2003
#m #m
-------------------------------- ---------- ----------
Amounts falling due within one year 0.9 0.4
Amounts falling due after more than one
year 0.9 0.9
-------------------------------- ---------- ----------
14. Creditors: amounts falling due within one year
Group Group
--------------------------- ----------- --------------
30 September 31 December
2004 2003
#m #m
--------------------------- ----------- --------------
Bank and other borrowings 4.7 6.7
Trade creditors 16.5 20.5
Corporation tax 2.1 2.7
Other creditors including taxation and
social security 9.3 10.5
Accruals and deferred income 24.7 27.9
Proposed dividend 4.9 4.0
Deferred consideration for acquisitions 0.1 0.7
--------------------------- ----------- --------------
Total 62.3 73
--------------------------- ----------- --------------
15. Provisions for liabilities and charges
----------- ------------- -----------
Property and Restructuring Total
dilapidations
#m #m #m
----------- ------------- -----------
At 1 January 2004 1.3 0.4 1.7
Adjustments to fair value
on prior year
acquisitions - 0.1 0.1
Charge in the period 0.1 - 0.1
Utilised in period (0.5) (0.5) (1.0)
------------------ ----------- ------------- -----------
At 30 September 2004 0.9 - 0.9
------------------ ----------- ------------- -----------
16. Called up share capital
---------------------------------- --------- ---------
Authorised share capital 2004 2003
Ordinary shares of 1 pence each #m #m
---------------------------------- --------- ---------
At beginning of period 6.0 6.0
Increase in the period - -
---------------------------------- --------- ---------
At end of period 6.0 6.0
---------------------------------- --------- ---------
---------------------------------- --------- ---------
Allotted, issued and fully paid 2004
Ordinary shares of 1 pence each No. of Shares #m
---------------------------------- --------- ---------
At beginning of period 322,487,585 3.2
Share options exercised 1,989,341 -
---------------------------------- --------- ---------
At end of period 324,476,926 3.2
---------------------------------- --------- ---------
During the period 1,989,341 Ordinary shares with a nominal value of #19,893 were
issued by the Company for a total cash commitment of #732,513 pursuant to the
exercise of share options granted.
17. Share premium account
---------------------------------- --------- ---------
Group 2004 2003
#m #m
---------------------------------- --------- ---------
At beginning of period 0.2 169.6
Premium on shares issued during the period 0.7 0.3
Transfer of premium on share options exercised 22.8 -
Cancellation of share premium account - (169.7)
---------------------------------- --------- ---------
At end of period 23.7 0.2
---------------------------------- --------- ---------
During the period there has been a transfer of #22.8m from other reserves to the
share premium account. This amount represents the premium on shares issued
pursuant to the exercise of share options granted as part of the consideration
for the 1999 acquisition of the US business. All such options have now been
fully exercised and accordingly, the total premium has been transferred to the
share premium account.
18. Profit and loss account
---------------------------------------- ----------
Group
#m
---------------------------------------- ----------
At 1 January 2004 - deficit (22.3)
Loss for the financial period (0.7)
Dividend proposed (4.9)
Tax on release of pre-acquisition loan (0.4)
Unwinding of licensing obligation 0.1
---------------------------------------- ----------
At 30 September 2004 (28.2)
---------------------------------------- ----------
19. Other reserves
--------------------------- ---------- ------- ----------
Group Group Group
Merger Other reserves Total
reserve #m #m
#m
--------------------------- ---------- ------- ----------
At 1 January 2004 109.0 21.8 130.8
Release of pre-acquisition loan - 1.0 1.0
Transfer of premium on share options
exercised (note 17) - (22.8) (22.8)
--------------------------- ---------- ------- ----------
At 30 September 2004 109.0 - 109.0
--------------------------- ---------- ------- ----------
During the period a pre-acquisition loan has been released to other reserves in
accordance with the 1999 US acquisition agreement.
20. Acquisitions
The results for the period include the undernoted contribution from
acquisitions:
------------------------------- ---------- ------- -----
Spanish Homes PC Zone Total
#m #m #m
------------------------------- ---------- ------- -----
Date acquired 02.08.04 23.08.04
------------------------------- ---------- ------- -----
Turnover 0.1 0.1 0.2
------------------------------- ---------- ------- -----
Adjusted operating profit 0.1 - 0.1
Amortisation of intangible assets (0.1) (0.1) (0.2)
------------------------------- ---------- ------- -----
Operating loss - (0.1) (0.1)
------------------------------- ---------- ------- -----
The most recent pre-acquisition annual results of those acquisitions showed the
undernoted estimated figures:
------------------------------- ---------- ------- ------
Spanish Homes PC Zone Total
#m #m #m
------------------------------- ---------- ------- ------
Year ended: 30.04.04 31.12.03
------------------------------- ---------- ------- ------
Turnover 0.7 4.0 4.7
------------------------------- ---------- ------- ------
Operating profit 0.4 0.5 0.9
------------------------------- ---------- ------- ------
The accounting polices applied by previous owners of acquired business differed
from those applied by the Group and accordingly the pre-acquisition figures may
not be strictly comparable with those set out above for the 9 months ended 30
September 2004.
Acquisition of Spanish Homes Magazine and PC Zone Magazine
On 2 August 2004 the Group's wholly owned subsidiary, Future Publishing Limited,
acquired the title Spanish Homes Magazine for a cash consideration of #1.5m, and
on 23 August 2004 that company acquired the titles PC Zone, CVG and the
computerandvideogames.com website for a cash consideration of #2.5m. The
purchases are being accounted for as acquisitions.
The aggregate provisional fair values of the liabilities acquired at the dates
of these acquisitions are shown below:
---------------------------------- ----------------
Liabilities acquired: Book and fair
value
#m
---------------------------------- ----------------
Accruals and deferred income (subscription liabilities) -
---------------------------------- ----------------
Net liabilities acquired -
---------------------------------- ----------------
Goodwill 4.1
---------------------------------- ----------------
Consideration 4.1
---------------------------------- ----------------
Consideration satisfied by:
Cash 3.9
Deferred consideration 0.1
Associated costs 0.1
---------------------------------- ----------------
Total consideration 4.1
---------------------------------- ----------------
The deferred consideration relates to the acquisition of Spanish Homes Magazine
and will be paid in the first half of 2005.
21. Post balance sheet events
On 30 November 2004 the Company's UK subsidiary Future Publishing Limited
acquired the title and goodwill of What Laptop for #0.65m in cash. For the year
ended 30 September 2004 turnover for the acquired assets was #0.8m and the
profit attributable to those assets was #0.2m.
On 3 December 2004 Future Publishing Limited also acquired the entire issued
share capital of Beach Magazines and Publishing Limited (Beach) for an initial
cash consideration of #1.5m and a further #1.5m deferred for one year, subject
to the business meeting certain revenue targets. Beach publishes three titles,
Wedding Day, Junior and Junior Pregnancy & Baby. For the 12 months ended 31
December 2003 turnover for Beach was #3.1m and operating profit was #0.2m.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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