DMGT Annual Report 2008
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Five Year Financial Summary
GROUP INCOME STATEMENT
The income statements, cash flow information and Balance Sheet information for 2005, 2006 and 2007 have been prepared under IFRS. For the year ended 2004 this period has not been adjusted from UK GAAP as it is not practicable to restate these years’ reports in accordance with IFRS. Due to differences between IFRS and UK GAAP, there are some comparative inconsistencies in the tables below.
| Note | 2004 UK GAAP £m |
2005 IFRS £m |
2006 IFRS £m |
2007 IFRS £m |
2008 IFRS £m |
|
|---|---|---|---|---|---|---|
| Revenue | 2,108.5 | 2,136.3 | 2,176.0 | 2,235.1 | 2,311.7 | |
| Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets | 283.6 | 283.4 | 300.4 | 322.4 | 316.9 | |
| Amortisation and impairment of intangible assets and exceptional operating costs | (101.9) | (47.9) | (163.0) | (163.0) | (289.9) | |
| Operating profit before share of results from joint ventures and associates | 181.7 | 235.5 | 159.4 | 159.4 | 27.0 | |
| Share of results of joint ventures and associates | (11.2) | (2.3) | 1.8 | 1.8 | 3.5 | |
| Total operating profit | 170.5 | 233.2 | 161.2 | 161.2 | 30.5 | |
| Other gains and losses | 11.4 | 15.5 | 35.7 | 35.7 | 27.7 | |
| Profit before net finance costs and tax | 181.9 | 248.7 | 196.9 | 196.9 | 58.2 | |
| Net finance costs | (59.7) | (53.4) | (54.8) | (54.8) | (126.3) | |
| (Loss)/profit before tax | 122.2 | 195.3 | 142.1 | 142.1 | (68.1) | |
| Tax | (54.8) | (39.9) | (20.3) | (20.3) | 84.7 | |
| Profit for the year after tax | 67.4 | 155.4 | 121.8 | 121.8 | 16.6 | |
| Discontinued operations | – | – | 0.5 | 0.5 | 0.2 | |
| Equity interests of minority shareholders | (5.7) | (13.3) | (15.3) | (15.3) | (16.8) | |
| Profit for the year | 61.7 | 142.1 | 107.0 | 107.0 | – | |
| Profit before amortisation and impairment of intangible assets, exceptional items and taxation | 234.1 | 237.3 | 288.2 | 288.2 | 261.8 | |
| Basic earnings per share | 15.5p | 35.9p | 60.8p | 27.4p | 0.1p | |
| Diluted (loss)/earnings per share | 15.4p | 35.8p | 60.7p | 27.2p | (0.1)p | |
| Adjusted earnings per share (before amortisation and impairment of intangible assets and exceptional items) | 41.6p | 43.2p | 46.4p | 49.3p | 47.9p | |
| 2004 UK GAAP £m |
2005 IFRS £m |
2006 IFRS £m |
2007 IFRS £m |
2008 IFRS £m |
||
| Group cash flow Information | ||||||
| Net cash inflow from operating activities | 368.1 | 332.9 | 350.8 | 313.4 | 354.9 | |
| Investing activities | (166.6) | (175.5) | (202.9) | (316.5) | (144.4) | |
| Financing activities | (158.3) | (125.2) | (173.3) | (28.1) | (235.4) | |
| Net (decrease)/increase in cash and cash equivalents | 43.2 | 32.2 | (25.4) | (31.2) | (24.9) | |
| Cash and cash equivalents at beginning of year | 44.5 | 91.4 | 124.0 | 96.1 | 64.0 | |
| Exchange gain/(loss) on cash and cash equivalents | – | 0.4 | (2.5) | (0.9) | 5.2 | |
| Cash and cash equivalents at end of year | 87.7 | 124.0 | 96.1 | 64.0 | 44.3 | |
| Net (decrease)/increase in cash and cash equivalents | 43.2 | 32.2 | (25.4) | (31.2) | (24.9) | |
| Cash outflow/(inflow) from change in debt and lease finance | 43.7 | (7.0) | 36.6 | (131.6) | (20.6) | |
| Cash outflow/(inflow) from change in liquid resources | 1.3 | – | – | – | – | |
| Change in net debt from cash flows | 88.2 | 25.2 | 11.2 | (162.8) | (45.5) | |
| Loan notes issued and loans, lease finance and liquid resources arising from acquisitions | (2.2) | (2.0) | 3.3 | (34.1) | – | |
| Other non-cash items | 7.4 | (10.4) | 14.3 | (15.3) | (18.7) | |
| (Increase)/decrease in net debt in the year | 93.4 | 12.8 | 28.8 | (212.2) | (64.2) | |
| Net debt at beginning of year | (873.2) | (779.8) | (767.0) | (738.2) | (950.4) | |
| Net debt at end of year | (779.8) | (767.0) | (738.2) | (950.4) | (1,014.6) | |
| 2004 UK GAAP £m |
2005 IFRS £m |
2006 IFRS £m |
2007 IFRS £m |
2008 IFRS £m |
||
| Group Balance Sheet information | ||||||
| Goodwill and intangible assets | 793.0 | 916.2 | 1,124.9 | 1,480.1 | 1,503.5 | |
| Tangible assets | 502.6 | 500.8 | 513.7 | 520.7 | 501.9 | |
| Fixed asset investments | 178.9 | 203.7 | 160.2 | 136.2 | 43.9 | |
| Other non current assets | – | – | 32.7 | 109.2 | 42.8 | |
| Fixed assets | 1,474.5 | 1,620.7 | 1,831.5 | 2,246.2 | 2,092.1 | |
| Net current liabilities | (306.0) | (174.4) | (247.6) | (329.4) | (342.7) | |
| Long-term liabilities | (766.4) | (1,092.8) | (1,108.6) | (1,196.3) | (1,200.8) | |
| Net assets | 402.1 | 353.5 | 475.3 | 720.5 | 548.6 | |
| Shareholders’ equity | ||||||
| Called up share capital | 50.2 | 50.2 | 50.2 | 49.4 | 49.1 | |
| Share premium account | 7.3 | 8.3 | 9.7 | 12.4 | 12.4 | |
| Revaluation reserve | 72.1 | 71.1 | 46.5 | 46.0 | 39.5 | |
| Other reserves | (25.7) | (20.9) | (54.9) | (16.6) | (70.2) | |
| Minority interests | – | – | – | 27.6 | 38.7 | |
| Retained earnings | 298.2 | 244.8 | 423.8 | 601.7 | 479.1 | |
| Total equity | 402.1 | 353.5 | 475.3 | 720.5 | 548.6 | |
| 2004 | 2005 | 2006 | 2007 | 2008 | ||
| Shareholder information | ||||||
| Dividend per share* | 11.00p | 12.00p | 13.05p | 14.35p | 14.70p | |
| Price of ‘A’ Ordinary Non-Voting shares: | ||||||
| Lowest | £5.35 | £6.50 | £5.55 | £6.00 | £2.59 | |
| Highest | £7.38 | £7.61 | £8.01 | £8.65 | £6.77 | |
* Represents the dividends declared by the Directors in respect of the above years.