Annual Report & Accounts 2007 - Euromoney Institutional Investor ...

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Group Income Statement for the year ended September 30 2007 Revenue 2007 2006 Notes £000’s £000’s Continuing operations 3 305,594 222,276 Less: share of revenue of joint ventures (441) (1,800) Total revenue 3 305,153 220,476 Operating profit before acquired intangible amortisation, share option expense and exceptional items 3 78,606 43,812 Acquired intangible amortisation 11 (15,716) (144) Share option expense (6,993) (4,428) Accelerated share option expense (3,183) – Exceptional items 5 855 (716) Operating profit before associates and joint ventures 3, 4 53,569 38,524 Share of results in associates and joint ventures 490 1,208 Operating profit 54,059 39,732 Finance income 7 5,496 772 Finance expense 7 (18,427) (5,270) Net finance costs 7 (12,931) (4,498) Profit before tax 41,128 35,234 Tax on profit (11,401) (10,137) Deferred tax asset recognition 3,178 13,649 Tax (charge)/credit on profit on ordinary activities 8 (8,223) 3,512 Profit after tax from continuing operations 32,905 38,746 Discontinued operations Profit for the year from discontinued operations 15 500 – Profit for the year 33,405 38,746 Attributable to: Equity holders of the parent 31,822 37,430 Equity minority interests 1,583 1,316 33,405 38,746 Basic earnings per share – continuing operations 10 30.66p 42.11p Basic earnings per share – continuing and discontinued operations 10 31.16p 42.11p Diluted earnings per share – continuing operations 10 29.86p 41.90p Diluted earnings per share – continuing and discontinued operations 10 30.34p 41.90p Adjusted diluted earnings per share 10 32.70p 28.61p Dividend per share (including proposed dividends) 9 19.00p 17.00p 38 Euromoney Institutional Investor PLC
Group Balance Sheet as at September 30 2007 2007 2006 Notes £000’s £000’s Non-current assets Intangible assets Goodwill 11 248,137 68,452 Other intangible assets 11 131,885 3,146 Property, plant and equipment 12 20,917 14,643 Investments 13 252 25,846 Deferred tax assets 21 11,508 22,917 Net pension surplus 6 364 – 413,063 135,004 Current assets Trade and other receivables 16 67,458 73,512 Cash and cash equivalents 26,711 27,503 Derivative financial instruments 18 8,093 3,069 102,262 104,084 Current liabilities Acquisition option commitments 25 (14,899) – Trade and other payables 17 (42,827) (95,515) Accruals (43,424) (29,478) Deferred income (73,382) (45,324) Provisions 20 (1,469) (329) Loan notes 19 (11,796) – Bank overdrafts 19 (5,935) (1,235) (193,732) (171,881) Net current liabilities (91,470) (67,797) Total assets less current liabilities 321,593 67,207 Non-current liabilities Acquisition option commitments 25 (18,436) (24,332) Other non-current liabilities (1,189) (597) Committed loan facility 19 (213,559) (65,530) Deferred tax liabilities 21 (31,650) (3,074) Derivative financial instruments 18 (596) – Provisions 20 (383) (448) (265,813) (93,981) Net assets/(liabilities) 55,780 (26,774) Shareholders’ equity Called up share capital 22 258 223 Share premium account 24 38,509 38,081 Other reserve 24 64,981 – Capital redemption reserve 24 8 8 Own shares 24 (74) (74) Liability for share based payments 24 15,737 5,907 Fair value reserve 24 18,176 6,618 Translation reserve 24 (15,335) (244) Retained earnings 24 (69,975) (78,642) Equity shareholders’ surplus/(deficit) 52,285 (28,123) Equity minority interests 3,495 1,349 Total equity 55,780 (26,774) The accounts were approved by the board of directors on November 14 2007. Richard Ensor Colin Jones Directors Annual Report and Financial Statements 2007 39
Page 1 and 2: Annual Report & Accounts 2007 Eurom
Page 3 and 4: Activities Financial Publishing Fin
Page 5 and 6: The problems in global credit marke
Page 7 and 8: The increase in the share of subscr
Page 9 and 10: 3.2 Key performance indicators The
Page 11 and 12: £52.7 million to £42.8 million as
Page 13 and 14: In 2007 disaster recovery and busin
Page 15 and 16: markets and products areas. The ris
Page 17 and 18: Santash before and after surgery. v
Page 19 and 20: 12. Disabled employees It is the gr
Page 21 and 22: Non-executive Directors †‡ The
Page 23 and 24: The non-executive directors, whose
Page 25 and 26: Health and safety The group is comm
Page 27 and 28: Directors’ Remuneration Report In
Page 29 and 30: Remuneration structure continued SA
Page 31 and 32: Service contracts continued Date of
Page 33 and 34: Directors’ pensions Executive dir
Page 35 and 36: Directors’ share options continue
Page 37 and 38: Directors’ interests in Daily Mai
Page 39: Basis of audit opinion We conducted
Page 43 and 44: Note to the Group Cash Flow Stateme
Page 45 and 46: Notes to the Accounts 1 Accounting
Page 47 and 48: 1 Accounting policies continued Pen
Page 49 and 50: 1 Accounting policies continued Sha
Page 51 and 52: 2 Key judgemental areas adopted in
Page 53 and 54: 3 Segmental analysis continued 2007
Page 55 and 56: 3 Segmental analysis continued Non-
Page 57 and 58: 6 Staff costs continued (ii) Number
Page 59 and 60: 6 Staff costs continued The company
Page 61 and 62: 6 Staff costs continued The actual
Page 63 and 64: 8 Tax on profit on ordinary activit
Page 65 and 66: 11 Goodwill and other intangibles I
Page 67 and 68: 13 Investments Investments in Inves
Page 69 and 70: 13 Investments continued Details of
Page 71 and 72: 14 Acquisitions continued Other acq
Page 73 and 74: 17 Trade and other payables 2007 20
Page 75 and 76: 19 Bank overdrafts and loans 2007 2
Page 77 and 78: 23 Share-based payments Equity sett
Page 79 and 80: 24 Statement of movement on reserve
Page 81 and 82: 28 Related party transactions conti
Page 83 and 84: Company Balance Sheet as at Septemb
Page 85 and 86: Derivatives and other financial ins
Page 87 and 88: 6 Intangible fixed assets Goodwill
Page 89 and 90: 12 Profit and loss account 2007 200
Page 91 and 92:
Five Year Record Group income state
Page 93 and 94:
Financial Calendar and Shareholder
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Euromoney Institutional Investor PL
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