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

More documents

Recommendations

Info

Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Note to the Consolidated Statement of Cash Flows Net Debt 2012 £000 2011 £000 Net debt at beginning of year (119,179) (128,757) Increase in cash and cash equivalents 1,457 1,214 Decrease in amounts owed to DMGT group company 84,367 8,500 Redemption of loan notes 386 420 Interest paid on loan notes 12 17 Accrued interest on loan notes (9) (15) Effect of foreign exchange rate movements 2,128 (558) Net debt at end of year (30,838) (119,179) Net debt comprises: Cash at bank and in hand 13,544 14,046 Bank overdrafts – (1,549) Total cash and cash equivalents 13,544 12,497 Committed loan facility (43,154) (130,059) Loan notes (1,228) (1,617) Net debt (30,838) (119,179) 60
Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Notes to the Consolidated Financial Statements Our Performance 1 Accounting policies General information Euromoney Institutional Investor PLC (the ‘company’) is a company incorporated in the United Kingdom (UK). requirements for classifying and measuring financial assets and is likely to affect the group’s accounting for its financial assets. This standard has not yet been endorsed by the EU. The group is yet to assess IFRS 9’s full impact. ● IFRS 10, ‘Consolidated Financial Statements’ (effective for accounting The group financial statements consolidate those of the company and its subsidiaries (together referred to as the ‘group’) and equity-account the group’s interest in associates. The parent company financial statements present information about the entity and not about its group. The group financial statements have been prepared and approved by the directors in accordance with the International Financial Reporting Standards (IFRS) adopted for use in the European Union and, therefore, comply with Article 4 of the EU IAS Regulation. The company has elected to prepare its parent company financial statements in accordance with UK GAAP. Judgements made by the directors in the application of those accounting policies that have a significant effect on the financial statements, and estimates with a significant risk of material adjustment in the next year, are discussed in note 2. (a) Relevant new standards, amendments and interpretations issued and applied in the 2012 financial year: ● IAS 24 (revised), ‘Related party disclosures’, effective for accounting periods beginning on or after January 1 2011. ● IFRIC 14, ‘Prepayments of a Minimum Funding Requirement Improvements to IFRSs 2010’, effective for accounting periods beginning on or after January 1 2011. ● Amendments to IFRS 7 ‘Financial Instruments: Disclosures’, effective for accounting periods beginning on or after July 1 2011. ● Improvements to IFRSs (2010), effective for accounting periods beginning on or after January 1 2011. Key amendments include: IFRS 1 – accounting policy changes in year of adoption and amendments to deemed cost (revaluation basis, regulatory assets); IFRS 3/IAS 27 – clarification of transition requirements, measurement of non-controlling interests, unreplaced and voluntarily replaced share-based payment awards; financial statement disclosures – clarification of content of statement of changes in equity (IAS 1), financial instrument disclosures (IFRS 7) and significant events and transactions in interim reports (IAS 34). None of these newly adopted standards have had a material impact on the group’s results in this financial year. (b) Relevant new standards, amendments and interpretations issued but effective in future accounting periods: ● IFRS 9 ‘Financial Instruments’ issued in October 2010 (effective for accounting periods beginning on or after January 1 2015). This standard is the first step in the process to replace IAS 39 ‘Financial Instruments: recognition and measurement’. IFRS 9 introduces new periods beginning on or after January 1 2013). This standard builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements of the parent company and provides additional guidance to assist in the determination of control where this is difficult to assess. This standard has not yet been endorsed by the EU. The group is yet to assess IFRS 10’s full impact. ● IFRS 11, ‘Joint Arrangements’ (effective for accounting periods beginning on or after January 1 2013). This standard replaces IAS 31, ‘Interests in Joint Ventures’ and requires a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations and then account for those rights and obligations in accordance with that type of joint arrangement. A joint venturer applies the equity method of accounting for its investment in a joint venture in accordance with IAS 28 ‘Investments in Associates and Joint Ventures (2011)’. Unlike IAS 31, the use of ‘proportionate consolidation’ to account for joint ventures is not permitted. ● IFRS 12, ‘Disclosure of Interests in Other Entities’ (effective for accounting periods beginning on or after January 1 2013). This standard includes the disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. This standard has not yet been endorsed by the EU. The group is yet to assess IFRS 12’s full impact. ● IFRS 13, ‘Fair Value Measurement’ (effective for accounting periods beginning on or after January 1 2013). This standard aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements, which are largely aligned between IFRSs and US GAAP, do not extend to the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP. This standard has not yet been endorsed by the EU. The group is yet to assess IFRS 13’s full impact. ● IAS 19 (revised), ‘Employee Benefits’, issued in June 2011 (effective for accounting periods beginning on or after January 1 2013). The impact on the group will be as follows: to eliminate the corridor approach and recognise all actuarial gains and losses in Other Comprehensive Income as they occur; to immediately recognise all past service costs; and to replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined liability (asset). The group is yet to assess the full impact of the amendments. Notes to the Consolidated Financial Statements Company Accounts Group Accounts Our Governance 61
Page 1 and 2:
Annual Report & Accounts 2012 Eurom
Page 3 and 4:
Euromoney Institutional Investor PL
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12: Euromoney Institutional Investor PL
Page 61: Euromoney Institutional Investor PL
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
euromoneyplc.com Queen’s Award fo
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?