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Notes to the Financial Statements (continued) 30. Pension arrangements is the EMI Group Pension Fund ('the Fund'). Staff engaged outside the UK are covered by local anangments whch, in the case of the Group xhemes, are largely of the defined contribution type. Ihe asseb of EMI GroupS pension schemes are held mainly in separate trustee-administercd f unds. 'The Fund is based in the UK and is of the defined benefit type. lhe Fund is open to all permanent employees over the age of 18 employed by the Company and certain subsidiaries in the UK. BenefiB provided by the Fund are-based on final pensionable pay. pensiohs payable from theFund are guaranteed to rncrease by 57o per annum, or by the cost of living ff less. Membe6 contribute to the Fund at th€ rate of 4olo of pensonable pay. the latest available actuarial valuation of the Fund was made by a qualffied actuary as at I April 1997 using the projected unttmethod. At that date, the market value of the assets of the Fund was taken to be f809.8m. The actuanal value of the asse$ was sufficient to couer 121% of the value of the benefils ttrat had accrued to the members, after allowing for asumed increases in earnings. Part of the surplus disclosed by the 1997 valuation was allocated towards a reduction of employer contributions Hc,vv the long-term rate. the balance being carried fon,uard as a reserve in the Fund. Emplqpr expense in respect of the Fund has been calculated in accordance with Statement of Standard Accountinq Practice 24 - aciot inting tor ftnsion Coss (SSnp Za). On the basis of actuarial advice, it is calculated that the emplqpr expense would represent. a oedit toihe profit and loss account on full application of SSAP 24 principles. Hou,ever, for reasons of conservatism, such expense has been taken as nil for the two years ended 3'l March 2000. The long-term fnancial assumptions used to calculate employer expense under SSAP 24 are shown belcuu: G.o\^/th €hi€ to nvestrEnt ,elum Rate of imrestment return Rate of pay increas€s Rate of pension increases Rate o{ dMdend go\^/th Theselates included allo,,uance for the effects of the tax credit changes introduced b/ the Finance (Nlo. 2) Act 1997 8.0olo P.a. 6.0% p.a. 3.5o/o P.a. 4.5o/o p.a. EmplqEr contributions of fl2.9m (1999: f l 1 .6m) were charged to the profit and loss account. These contributions pnmarily related io 6ueiiias schemes aM were determined in rcordance whh local practice. Other post retirement bene{it e\penses of f1 .1m (1999: fnil)uere also charged to the profit and los account.
31. Purchase of businesses Acquisitions during the year indude Windswept Pacific copyrights, Hit & Run Music Publishing, Pelago (an ftalian music publishing company), Ccalian (a US recorded music company), Be's Songs (a Eelgian music publishing company) and No6ke Gram (a Norwegian recorded music compalry), The com,bined fair value to the Group is as {ollo/vs: Earnout liabilities paid Provisions for future earnout liabilities Deferred consideration payable Net cash consideration __,Sgle4dlg6rderatigqrqllable eldllcqeaqsqlpre4qSls Cash consideration Net cash acquired Net cash consideration 149.1 The adjustments to book value of f 1tr.1m weE m-ach to bring the vatuaiion of ttre asses xquired in tine wittr tfre Croups accounting policies. Fair value to the Group (beiore cash acquired) Earnout provrsrom utilised or vwitten back Goodwill The qoodwill includes f 15.9m of capitalised goodwill and f(2.3)m relating to prior-yeaa' acquisrtions which has been witten back to reserves. Adjustments to goodwll written off to resenres arise on adjustments to estimates of future earnout liabilitre for prior-yea6' acquisitions. All acquisitions ha!,e been accounted for using the acquistion method. (2q.0) ?? l-ricrwrcrl n{ hr rcina
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Page 36 and 37: Remuneration Report (cont nued) Ref
Page 38 and 39: Remuneraton Report (continued) Remu
Page 40 and 41: Remuneration Report (contrnued) Dir
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Page 44 and 45: Balance Sheets Curren
Page 46 and 47: Net cash inflow from Interest rec
Page 48 and 49: Accounting Policies Basis of prepar
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Page 54 and 55: l',lotes to the Financjal StatemenB
Page 66 and 67: 24 Other fo\riidrs for liabilities
Page 68 and 69: Notes to the Financral statemefts (
Page 72 and 73: Notes to the Financral Statemen6 (c
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