EBITA (before exceptional items) (£m)3
(Including share of Trader Media Group and Emap)
Proﬁt/(loss) before taxation (£m)
Cash and investment fund (£m)
Debt (net of issue costs) (£m)
Net assets (£m)
- 1Revenue for 2007-2009 has been restated to exclude GMG Regional Media which became a discontinued operation in 2010.
- 2The dotted lines in 2008 depict Group revenue including share of joint venture company Trader Media Group. In 2009, 2010 and 2011, the dotted lines depict Group revenue including share of joint venture companies Trader Media Group and Emap.
- 3EBITA is defined as operating profit before exceptional items and amortisation of intangible assets. To reconcile to statutory operating profit see pages 24 and 25 (see our full annual report and accounts 2011).
- 4Includes an exceptional gain of £335.2 million broadly in respect of the profit on disposal of 49.9% of Trader Media Group in June 2007.
- 5Includes £24.4 million of fair value losses on forward exchange contracts, £27.2 million of joint venture fair value losses on interest rate swaps and debt, and £26.4 million of subsidiary and associate company impairment of goodwill and other intangibles.
- 6Includes £160.4 million of subsidiary and joint venture company impairment of goodwill and intangibles, £5.4 million of fair value gains on forward exchange contracts and £5.1 million of joint venture fair value losses on interest rate swaps and debt.
- 7Includes £4.1 million of exceptional costs.
- 8Group cash balance at 30 March 2008, reflecting the proceeds of the sale of 49.9% of Trader Media Group in June 2007. In early 2008/09, deferred consideration in respect of the Emap transaction of £209.0 million was paid.
- 9Cash and investment fund balances reduced by £63.4 million during 2010/11, which includes non-operating cash outflows in respect of provisions of £22.6 million and settlement of a loan to a joint venture of £10.8 million. Further details are shown in the statement of cash flows on page 42 and in note 10 on pages 55 and 56 (see our full annual report and accounts 2011).