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Operating assets<br />
Music copynghts<br />
Goodr/ill<br />
Property, plant, equipment and vehicles<br />
Rental equipment<br />
Fixed asset investments<br />
lnvestments: orun shares<br />
Stock and debto6, excluding taxation<br />
and interest<br />
Credrtors and prorsions, excluding taxatton,<br />
dMdends and interest payable<br />
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Net bonowings<br />
t'.let cash inflouu from operattng actMties<br />
Caphal expenditure:<br />
Fixed assets (continuing operations)<br />
Fixed assets (discontinued operations)<br />
Rental equipment<br />
I91iL !a!'ta!gP9!ttt!re _<br />
Earnings per Ordinary Share:<br />
Basic<br />
Adjusted diluted<br />
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27 .3p 21 .9p 24.1p<br />
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Dividend cover<br />
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Several nsau accounting siandads have been adopted Wth effect from 1 Apnl 1998 (FRS 9 to FRS14) and, where appropriate,<br />
comparatN€ r6ulb hale been rstated to reflect the resuhing changes in accounting policies and presentation of information.<br />
Signfficant changes were made to the financing structure of the Group as part of the demerger, making the Group resutts difficuh to<br />
compare year on year as resulB ior the Thorn business are included for the full year in 1996, up to demerger in 1997, but o(cluded p6t<br />
demerger. Cornparatire results for EMI & HMV excluding the Thorn busines are given for 1996 and 1997.<br />
Folloruing the disposal of HMV on 28 March 1998, in accordance with FR53 discontinued operations includes HMV Thorn is included<br />
as discontinued operations - demerged business.<br />
The share capital reorgnnisatron tmk place on 21 July 1997 and eamings per share and dividends per share for the years ended 31<br />
March 1996 and 1997 ha,e been restated to reflect the preliminary reorganietion elements to enable meaningful comparisons<br />
to be made.
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