Annual Report & Accounts 2008 - Euromoney Institutional Investor ...

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Group Cash Flow Statementfor the year ended September 30 20082008 2007£000’s£000’sCash flow from operating activitiesOperating profit 61,029 54,059Share of results in associates and joint ventures (308) (490)Profit from discontinued operations – 885Profit on disposal of long-term investment (1,589) –Profit on disposal of businesses – (6,780)Acquired intangible amortisation 12,749 15,716Licences and software amortisation 207 289Share option expense 5,361 10,176Goodwill impairment 2,952 –Reduction in goodwill arising from a deferred tax adjustment 2,784 –Depreciation of property, plant and equipment 2,759 2,585Movement in provisions (1,419) 2,324(Profit)/loss on disposal of property, plant and equipment (1,662) 297Operating cash flows before movements in working capital 82,863 79,061Decrease/(increase) in receivables 3,224 (11,570)Increase in payables 13,697 22,559Cash generated from operations 99,784 90,050Income taxes paid (12,231) (9,773)Net cash from operating activities 87,553 80,277Investing activitiesDividends paid to minorities (2,056) (1,511)Dividends received from associate 257 646Interest received 4,212 2,162Purchase of intangible assets (156) (112)Purchase of property, plant and equipment (4,240) (7,889)Proceeds from disposal of property, plant and equipment 2,846 1,106Proceeds from disposal of long-term investment 1,589 –Purchase of additional interest in subsidiary undertakings (5,997) (18,594)Acquisition of associates and joint ventures – (6)Acquisition of subsidiary undertakings (556) (151,317)Proceeds from disposal of businesses – 8,207Proceeds from disposal of discontinued operations 245 6,571Net cash used in investing activities (3,856) (160,737)Financing activitiesDividends paid (19,950) (18,110)Interest paid (10,129) (17,277)Interest paid on loan notes (534) (578)Issue of new share capital 72 428Repayment of borrowings – (78,136)Settlement of derivative assets/liabilities (5,591) 131Redemption of loan notes (4,324) (915)Loan repaid to DMGT group company (217,236) (61,350)Loan received from DMGT group company 171,218 251,297Net cash (used in)/from financing activities (86,474) 75,490Net decrease in cash and cash equivalents (2,777) (4,970)Cash and cash equivalents at beginning of year 20,776 26,268Effect of foreign exchange rate movements 2,180 (522)Cash and cash equivalents at end of year 20,179 20,77646 Euromoney Institutional Investor PLC
Note to the Group Cash Flow StatementNet Debt2008 2007£000’s£000’sNet debt at beginning of year (204,579) (73,438)Decrease in cash and cash equivalents (2,777) (4,970)Increase in loans – 78,136Decrease/(increase) in amounts owed to DMGT group company 46,018 (189,947)Debt acquired on acquisition of Metal Bulletin – (12,606)Redemption/(issue) of loan notes 4,324 (11,796)Interest paid on loan notes 534 267Other non cash changes (5,805) (1,422)Effect of foreign exchange rate movements (9,709) 11,197Net debt at end of year (171,994) (204,579)Net debt comprises cash at bank and in hand, bank overdrafts, committed borrowings and loan notes.Non cash changes represent interest added to the principal amounts owed to DMGT and accrued interest on loan notes.Annual Report and Financial Statements 2008 47
Page 1 and 2: Annual Report & Accounts 2008Euromo
Page 3 and 4: ActivitiesFinancial PublishingFinan
Page 5 and 6: tight cost control at all times; re
Page 7 and 8: Statutory profit before tax fell by
Page 9 and 10: Appendix to Chairman's StatementRec
Page 11 and 12: 3.2 Key performance indicatorsThe g
Page 13 and 14: London premises offset by the freeh
Page 15 and 16: subsidiaries, but does endeavour to
Page 17 and 18: ack. The group also has a significa
Page 19 and 20: internet is becoming an ever increa
Page 21 and 22: 6. Future developments in the busin
Page 23 and 24: The group recognises the importance
Page 25 and 26: Non-executive Directors†‡ The V
Page 27 and 28: Audit committeeDetails of the membe
Page 29 and 30: sustainable forests, manufactured u
Page 31 and 32: Contrary to provision A.3.3, the bo
Page 33 and 34: Remuneration structure continuedPen
Page 35 and 36: Remuneration structure continuedThe
Page 37 and 38: Service contracts continued(1) PM F
Page 39 and 40: Directors’ share optionsThe direc
Page 41 and 42: Directors’ share options continue
Page 43 and 44: Directors’ interests in Daily Mai
Page 45 and 46: Basis of audit opinionWe conducted
Page 47: Group Balance Sheetas at September
Page 51 and 52: Notes to the Accounts1 Accounting p
Page 53 and 54: 1 Accounting policies continuedAll
Page 55 and 56: 1 Accounting policies continuedThe
Page 57 and 58: 2 Key judgemental areas adopted in
Page 59 and 60: 3 Segmental analysis continuedUnite
Page 61 and 62: 4 Operating profitTotalTotal2008 20
Page 63 and 64: 6 Staff costs continued2008 2007By
Page 65 and 66: 8 Tax on profit on ordinary activit
Page 67 and 68: 11 Goodwill and other intangiblesIn
Page 69 and 70: 13 InvestmentsInvestments in Invest
Page 71 and 72: 14 AcquisitionsPurchase of new busi
Page 73 and 74: 16 Trade and other receivables cont
Page 75 and 76: 18 Financial instruments continuedC
Page 77 and 78: 18 Financial instruments continuedA
Page 79 and 80: 18 Financial instruments continuedC
Page 81 and 82: 18 Financial instruments continuedF
Page 83 and 84: 22 Called up share capital2008 2007
Page 85 and 86: 23 Share-based payments continuedEx
Page 87 and 88: 25 Acquisition option commitmentsTh
Page 89 and 90: 27 Retirement benefit schemes conti
Page 91 and 92: 27 Retirement benefit schemes conti
Page 93 and 94: 29 Related party transactions conti
Page 95 and 96: Company Balance Sheetas at Septembe
Page 97 and 98: 1 Accounting policies continuedTaxa
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5 Intangible assetsGoodwill£000’
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11 Deferred taxThe deferred tax ass
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14 Statement of movement on reserve
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18 Related party transactionsRelate
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Financial Calendar and Shareholder
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Shareholder’s NotesAnnual Report
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