Annual Report & Accounts 2012 - Euromoney Institutional Investor ...

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Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Company Balance Sheet as at September 30 2012 Notes 2012 £000 2011 £000 Fixed assets Tangible assets 4 3,635 4,161 Investments 5 983,513 938,461 987,148 942,622 Current assets Debtors 6 45,792 98,392 Corporation tax 2,808 2,857 Cash at bank and in hand 10 42 48,610 101,291 Current liabilities Bank overdrafts (13,699) (353) Amounts owed to subsidiary undertakings (114,459) (53,405) Other taxation and social security (270) (253) Deferred income – (325) Derivative financial instruments 12 (439) (1,251) Committed loan facility (see note 20 in the group accounts) – (58,516) Loan notes (1,228) (1,617) (130,095) (115,720) Net current assets (81,485) (14,429) Total assets less current liabilities 905,663 928,193 Non-current liabilities Committed loan facility (see note 20 in the group accounts) (43,154) (71,543) Derivative financial instruments 12 (206) (1,315) Provisions 7 (1,521) (1,521) (44,881) (74,379) Net assets 860,782 853,814 Capital and reserves Called up share capital 9 311 303 Share premium account 13 99,485 82,124 Other reserve 13 64,981 64,981 Capital redemption reserve 13 8 8 Capital reserve 13 1,842 1,842 Own shares 13 (74) (74) Reserve for share-based payments 13 36,055 33,725 Fair value reserve 13 1,223 (261) Profit and loss account 13 656,951 671,166 Equity shareholders’ funds 14 860,782 853,814 Euromoney Institutional Investor PLC (registered number 954730) has taken advantage of section 408 of the Companies Act 2006 and has not included its own profit and loss account in these accounts. The profit after taxation of Euromoney Institutional Investor PLC included in the group profit for the year is £9,579,000 (2011: £417,008,000). The accounts were approved by the board of directors on November 14 2012. Richard Ensor Colin Jones Directors 122
Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Notes to the Company Accounts 1 Accounting policies Basis of preparation The accounts have been prepared under the historical cost convention Turnover Turnover represents income from advertising, subscriptions, sponsorship and delegate fees, net of value added tax. except for derivative financial instruments which have been measured at fair value and in accordance with applicable United Kingdom accounting standards and the United Kingdom Companies Act 2006. The accounting policies set out below have, unless otherwise stated, been applied consistently throughout the current and prior year. ● Advertising revenues are recognised in the income statement on the date of publication. ● Subscription revenues are recognised in the income statement on a straight-line basis over the period of the subscription. ● Sponsorship and delegate revenues are recognised in the income The company has taken advantage of the exemption from presenting statement over the period the event is run. a cash flow statement under the terms of FRS 1 (Revised) ‘Cash Flow Statements’. Turnover invoiced but relating to future periods is deferred and treated as deferred income in the balance sheet. The company is also exempt under the terms of FRS 8 ‘Related Party Disclosures’ from disclosing related party transactions with members of a group that are wholly owned by a member of that group. Leased assets Operating lease rentals are charged to the profit and loss account on a straight-line or other systematic basis as allowed by SSAP 21 ‘Accounting Further, the company, as a parent company of a group drawing up for Leases and Hire Purchase Contracts’. consolidated financial statements that meet the requirements of IFRS 7 Pension schemes ‘Financial Instruments: Disclosure’, is exempt from disclosures that comply Details of the company’s pension schemes are set out in note 27 to the with its UK GAAP equivalent, FRS 29 ‘Financial Statements: Disclosures’. group accounts. The company participates in the Harmsworth Pension Going concern, debt covenants and liquidity The financial position of the group, its cash flows and liquidity position are set out in detail in this annual report. The group meets its day-to-day working capital requirements through its US$300 million dedicated multicurrency borrowing facility with Daily Mail and General Trust plc group (DMGT). The facility is divided into sterling and US dollar funds with a Scheme, a defined benefit pension scheme which is operated by Daily Mail and General Trust plc. As there is no contractual agreement or stated policy for charging the net defined benefit cost for the plan as a whole to the individual entities, the company recognises an expense equal to its contributions payable in the period and does not recognise any unfunded liability of this pension scheme on its balance sheet. total maximum borrowing capacity of US$250 million (£155 million) and Tangible fixed assets £33 million respectively and matures in December 2013. The facility’s Tangible fixed assets are stated at cost less accumulated depreciation and covenant requires the group’s net debt to be no more than four times any recognised impairment loss. adjusted EBITDA on a rolling 12 month basis. At September 30 2012, the group’s net debt to adjusted EBITDA covenant was 0.27 times and the committed undrawn facility available to the group was £144.7 million. Depreciation of tangible fixed assets is provided on the straight-line basis over their expected useful lives at the following rates per year: In addition, the group has agreed terms with DMGT that provide it with access to US$300 million of funding should the group require it during the Short-term leasehold premises over term of lease period from December 2013 through April 2016. Taxation Current tax, including UK corporation tax and foreign tax, is provided The group’s forecasts and projections, looking out to September 2015 and at amounts expected to be paid (or recovered) using the tax rates and taking account of reasonably possible changes in trading performance, laws that have been enacted or substantively enacted by the balance show that the group should be able to operate within the level and sheet date. covenants of its current borrowing facility. After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing this annual report. Notes to the Company Accounts Company Accounts Group Accounts Our Governance Our Performance 123
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