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

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Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Notes to the Company Accounts continued 13 Reserves Share Share premium capital account £000 £000 Other reserve £000 Capital redemption reserve £000 Capital reserve £000 Own shares £000 Reserve for sharebased payments £000 Fair value reserve £000 Profit and loss account £000 Total £000 At September 30 2010 296 66,082 64,981 8 1,842 (74) 15,229 (2,917) 375,644 521,091 Retained profit for the year – – – – – – – – 417,008 417,008 Change in fair value of cash flow hedges – – – – – – – 3,595 – 3,595 Tax on items taken directly to equity – – – – – – – (939) – (939) Capital contribution – – – – – – – – (100,038) (100,038) Credit for share-based payments – – – – – – 18,496 – – 18,496 Scrip/cash dividends paid 6 15,325 – – – – – – (21,448) (6,117) Exercise of share options 1 717 – – – – – – – 718 At September 30 2011 303 82,124 64,981 8 1,842 (74) 33,725 (261) 671,166 853,814 Retained profit for the year – – – – – – – – 9,579 9,579 Change in fair value of cash flow hedges – – – – – – – 1,977 – 1,977 Tax on items taken directly to equity – – – – – – – (493) – (493) Credit for share-based payments – – – – – – 2,330 – – 2,330 Scrip/cash dividends paid 6 16,304 – – – – – – (23,794) (7,484) Exercise of share options 2 1,057 – – – – – – – 1,059 At September 30 2012 311 99,485 64,981 8 1,842 (74) 36,055 1,223 656,951 860,782 The investment in own shares is held by the Euromoney Employees’ Share Ownership Trust (ESOT). At September 30 2012 the ESOT held 58,976 shares (2011: 58,976 shares) carried at a historic cost of £1.25 per share with a market value of £454,000 (2011: £363,000). The trust waived the rights to receive dividends. Interest and administrative costs are charged to the profit and loss account of the ESOT as incurred. The other reserve represents the share premium arising on the shares issued for the purchase of Metal Bulletin plc in October 2006. Of the reserves above £36,055,000 (2011: £33,725,000) of the liability for share-based payments and £575,168,000 (2011: £589,383,000) of the profit and loss account is distributable to equity shareholders of the company. The remaining balance of £81,783,000 (2011: £81,783,000) is not distributable. 130
Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com 14 Reconciliation of movements in equity shareholders’ funds Profit for the financial year inclusive of dividends 9,579 417,008 Dividends paid (23,794) (21,448) (14,215) 395,560 Issue of shares 17,369 16,049 Change in fair value of cash flow hedges 1,977 3,595 Tax on items taken directly to equity (493) (939) Credit to equity for share-based payments 2,330 18,496 Capital contribution – (100,038) Net increase in equity shareholders’ funds 6,968 332,723 Opening equity shareholders’ funds 853,814 521,091 Closing equity shareholders’ funds 860,782 853,814 15 Related party transactions Related party transactions and balances are detailed below: (i) (ii) The company had borrowings under a US$300 million multi-currency facility with DMGRH Finance Limited, a fellow group company (note 20 of group accounts): 2012 US$000 2012 £000 2012 £000 2011 US$000 Amounts owing under US$ facility at September 30 62,381 38,631 171,450 110,059 Amounts owing under GBP facility at September 30 – 4,523 – 20,000 43,154 130,059 Commitment fee on unused portion of the available facility for year – 618 – 721 At September 30, the company had fixed rate interest rate swaps outstanding with Daily Mail and General Holdings Limited (DMGH), a fellow group company, as follows: 2012 US$000 2012 £000 2011 US$000 Interest rates between 2.5% and 5.4% and termination dates between March 28 2013 and March 31 2014 on US$ fixed rate interest rate swaps 40,000 24,771 95,000 60,983 Interest rate of 2.6% and termination date of March 28 2013 (2011: between September 30 2012 and March 28 2013) GBP fixed rate interest rate swaps – 5,000 – 20,000 2011 £000 2011 £000 2011 £000 Notes to the Company Accounts Company Accounts Group Accounts Our Governance Our Performance 131
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