2 <strong>Reuters</strong> <strong>Group</strong> <strong>PLC</strong> <strong>Annual</strong> <strong>Report</strong> <strong>and</strong> <strong>Form</strong> <strong>20</strong>-F <strong>20</strong>02Five year summaryRevenue £mActual revenue declined 8% in<strong>20</strong>02. Underlying revenue, whichexcludes exchange rate movements<strong>and</strong> the impact of acquisitions <strong>and</strong>disposals, fell 12% in <strong>20</strong>02.Profit/(loss) before tax £mLoss before tax was £493 millionin <strong>20</strong>02. Normalised PBT fell 71%(see page 1 for definition ofnormalised profits <strong>and</strong> earnings).Basic earnings/(loss) per ordinaryshare penceBasic loss per share was 29.0p in <strong>20</strong>02reflecting the impact of restructuring<strong>and</strong> non-cash impairment charges.Normalised EPS fell by 6.8p.983,032985809828.4993,125996329930.9003,59<strong>20</strong>06570037.1013,88501158013.3023,57502 (493)02 (29.0)Dividends per ordinary share penceDividend maintained at 10.0p in <strong>20</strong>02.Cash flow per ordinary share pence9814.49868.39914.659971.60016.00071.50110.00135.50210.0023.8Three year <strong>Reuters</strong> customer segments <strong>and</strong> Instinetrevenue summaryTreasury £mActual revenue fell 5% in <strong>20</strong>02 <strong>and</strong>was down 3% on an underlyingbasis.Investment Banking £mActual revenue grew 2% in <strong>20</strong>02 butfell 11% on an underlying basis.Instinet £mInstinet revenue fell 31% in <strong>20</strong>02 <strong>and</strong>34% on an underlying basis.001,1010070100804011,1890181501854021,1340283402592Asset Management £mActual revenue grew 3% in <strong>20</strong>02benefiting from the Bridge acquisition.Underlying revenue was down 4%.Corporates & Media £mActual revenue fell 10% in <strong>20</strong>02 <strong>and</strong>was down 7% on an underlying basis.006490034301690013480270902315
<strong>Reuters</strong> <strong>Group</strong> <strong>PLC</strong> <strong>Annual</strong> <strong>Report</strong> <strong>and</strong> <strong>Form</strong> <strong>20</strong>-F <strong>20</strong>02 3Selected financial dataThe selected financial information set out below is derived, in part, from the consolidated financial statements. The selected data should be readin conjunction with the financial statements <strong>and</strong> related notes, as well as the operating <strong>and</strong> financial review.The consolidated financial statements are prepared in accordance with UK GAAP, which differ in certain respects from US GAAP. For a summaryof the principal differences between UK <strong>and</strong> US GAAP <strong>and</strong> related information, see pages 65-70 of this report.Consolidated profit <strong>and</strong> loss accountyear ended 31 DecemberNotes <strong>20</strong>02 <strong>20</strong>01 <strong>20</strong>00 1999 1998below£m (except per share data)Amounts in accordance with UK GAAP:Revenue 3,575 3,885 3,592 3,125 3,032Operating (loss)/profit (144) 302 411 549 550(Loss)/profit on ordinary activities before taxation (493) 158 657 632 580(Loss)/profit on ordinary activities after taxation (516) 51 521 436 408Basic (loss)/earnings per ordinary share (29.0p) 3.3p 37.1p 30.9p 28.4pDiluted (loss)/earnings per ordinary share (29.0p) 3.2p 36.5p 30.4p 28.3pBasic (loss)/earnings per ADS (173.8p) 19.7p 222.8p 185.7p 170.3pDiluted (loss)/earnings per ADS (173.8p) 19.3p 219.1p 183.1p 169.7pDividends declared per ordinary share (including UK tax credit) 1 11.1p 11.1p 17.8p 16.3p 16.5pDividends declared per ADS (including UK tax credit): 1Expressed in UK currency 66.7p 66.7p 106.7p 97.7p 98.8pExpressed in US currency 2 105.2c 95.6c 157.7c 154.6c 159.6cWeighted average number of ordinary shares (in millions) 1,395 1,404 1,404 1,409 1,438Amounts in accordance with US GAAP:Revenue 3,771 4,045 3,704 3,182 3,078(Loss)/Income before taxes on income (255) <strong>20</strong>5 652 622 572Net (loss)/income (127) 92 534 451 392Basic (loss)/earnings per ordinary share (9.0p) 6.6p 38.0p 32.0p 27.8pDiluted (loss)/earnings per ordinary share 3 (9.0p) 6.5p 37.4p 31.6p 27.7pBasic (loss)/earnings per ADS (after accounting change) 3 (54.3p) 39.5p 228.1p 192.1p 166.6pDiluted (loss)/earnings per ADS (after accounting change) 3 (54.3p) 38.7p 224.3p 189.5p 166.0pDividends declared per ordinary share (including UK tax credit) 1&3 11.1p 18.0p 16.3p 16.3p 121.3pDividends declared per ADS (including UK tax credit): 1&3Expressed in UK currency 66.7p 108.0p 97.7p 97.7p 727.5pExpressed in US currency 2 99.6c 155.3c 150.8c 156.4c 1,190.0cWeighted average number of ordinary shares (in millions) 3 1,395 1,404 1,404 1,409 1,411Consolidated balance sheet dataas at 31 December<strong>20</strong>02 <strong>20</strong>01 <strong>20</strong>00 1999 1998£m £m £m £m £mAmounts in accordance with UK GAAP:Total assets 3,524 4,538 3,870 2,714 2,756Long-term debt <strong>and</strong> provisions for charges (excluding deferred tax) 572 526 394 349 118Net assets 727 1,273 1,153 663 440Shareholders’ equity 496 1,109 1,153 663 423Share capital 358 358 357 355 354Amounts in accordance with US GAAP:Total assets 3,510 4,373 3,783 3,173 2,722Long-term debt 552 572 458 362 75Net assets 770 1,125 1,186 1,109 521Shareholders’ equity 528 959 1,186 1,109 5041. Under UK GAAP dividends declared are those declared in respect of the year for which selected financial data is presented. Under US GAAP dividends declaredare those formally declared within each calendar twelve-month period. For further information relating to dividends <strong>and</strong> the UK taxation of dividends see pages74 <strong>and</strong> 78.2. Dividends expressed in US$ have been converted at the actual exchange rates used in the payment of dividends to ADS holders, except that the final dividenddeclared in respect of <strong>20</strong>02, payable to ADS holders on 1 May <strong>20</strong>03, has been converted at the Noon Buying Rate on 24 February <strong>20</strong>03 for convenience.3. In 1998, <strong>Reuters</strong> Holdings <strong>PLC</strong> consummated a court approved capital reorganisation in which shares of <strong>Reuters</strong> Holdings were exchanged for a combination ofshares of the company <strong>and</strong> approximately £1.5 billion in cash. Under US GAAP this transaction was deemed a share consolidation combined with a special dividend<strong>and</strong> accordingly, earnings per share <strong>and</strong> per ADS <strong>and</strong> dividends per share <strong>and</strong> per ADS amounts were retrospectively restated. Under UK GAAP no restatement wasdeemed appropriate as the cash payment was considered a repurchase of shares <strong>and</strong> the number of new shares in the company was set to facilitate comparabilityof per share amounts with those of <strong>Reuters</strong> Holdings.
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