RNS Number:8292T
Capital Radio PLC
9 November 2000
Part 2
Group Profit and Loss Account
For the year ended 30th September 2000 Note 2000 1999
Restated
#000 #000
Turnover
Continuing operations 130,063 105,846
Discontinued operations 4,862 19,555
2 134,925 125,401
Operating profit
Continuing operations
Before goodwill and exceptional operating 2 41,373 38,374
costs
Post acquisition restructuring costs 2 (1,685) -
Amortisation of goodwill 2 (4,246) (2,487)
35,442 35,887
Discontinued operations 2 (4,982) (19,456)
Operating profit 3 30,460 16,431
Share of operating profit of associated 2,309 628
companies
Profit on ordinary activities before 2 32,769 17,059
interest
Net interest payable and similar items 7 (2,418) (1,263)
Underlying profit before taxation from 5 41,264 37,739
continuing operations
Goodwill, post acquisition restructuring 5 (10,913) (21,943)
costs and discontinued operations
Profit on ordinary activities before 30,351 15,796
taxation
Taxation on profit on ordinary activities 8 (9,828) (11,107)
Profit on ordinary activities after 20,523 4,689
taxation
Minority interest in profits for the year - (368) (438)
equity
Profit for the financial year 20,155 4,251
Dividends 10 (14,807) (12,386)
Retained profit/(loss) for the financial year 23 5,348 (8,135)
Basic Earnings per share 11 26.3p 5.7p
Loss per share on goodwill, post acquisition
restructuring costs and discontinued 13.0p 29.5p
operations after taxation
Underlying basic earnings per share from 11 39.3p 35.2p
continuing operations
Diluted earnings per share 11 26.1p 5.6p
Group Balance Sheet
30th September 2000
Note 2000 1999
#000 #000
Fixed assets
Intangible assets - goodwill 12 222,490 32,806
Tangible fixed assets 13 26,077 19,059
Investments (including associates) 14 3,790 2,791
252,357 54,656
Current assets
Stock 383 177
Debtors 19 23,722 21,970
Cash at bank and in hand - 2,597
24,105 24,744
Creditors: amounts falling due within one 20 (74,342) (37,007)
year
Net current liabilities (50,237) (12,263)
Total assets less current liabilities 202,120 42,393
Creditors: amounts falling due after more 21 (61,063) -
than one year
Net assets 141,057 42,393
Capital and reserves
Called up share capital 22 2,040 1,862
Share premium account 23 72,084 5,691
Merger reserve 23 31,856 -
Profit and loss account 23 34,737 33,612
Equity shareholders' funds 140,717 41,165
Minority interest - equity 340 1,228
141,057 42,393
Group Cash Flow Statement
For the year ended 2000 2000 1999 1999
30th September 2000 Note #000 #000 #000 #000
Net cash inflow from 24 44,419 45,025
operating activities
Dividends from associated 1,241 885
undertakings
45,660 45,910
Returns on investments and
servicing of finance
Interest received 114 50
and similar income
Interest paid (1,781) (1,220)
Dividends paid to (768) (160)
minority interests
Returns on (2,435) (1,330)
investments and
servicing of finance
Taxation paid (12,433) (12,497)
Capital expenditure
Proceeds from sale 471 867
of tangible fixed
assets
Purchase of tangible (6,048) (5,931)
fixed assets
Purchase of own (1,825) -
shares
Cash outflow on (7,402) (5,064)
capital expenditure
Acquisitions and 25 (145,478) (1,911)
disposals
Cash outflow from (13,163) (11,608)
equity dividends
paid
Cash (135,251) 13,500
(outflow)/inflow
before financing
Cash 26 129,224 (9,521)
inflow/(outflow)
from financing
(Decrease)/increase (6,027) 3,979
in cash in the
period
Reconciliation of Net Cash Flow to Movement in Net Debt
(Decrease)/increase in (6,027) 3,979
cash in the period
Cash flow from (increase)/ (68,500) 10,000
decrease in debt
Change in net debt arising from cash flows (74,527) 13,979
Finance leases acquired with subsidiary (1,104) -
Repayment of finance leases 305 8
Net debt disposed of with subsidiary - 27
New loan notes issued (24,354) -
Repayment of loan notes 200 928
Movement in net debt in the period (99,480) 14,942
Net debt at 1st October (1,243) (16,185)
Net debt at 30th 27 (100,723) (1,243)
September
Reconciliation of Movements in Shareholders' Funds
For the year ended 30th September 2000 2000 1999
GROUP #000 #000
Profit for the financial year 20,155 4,251
Dividends (14,807) (12,386)
Retained profit/(loss) for the financial year 5,348 (8,135)
New share capital issued 62,348 1,415
Merger reserve movement 31,856 -
Net increase/(decrease) in shareholders' funds 99,552 (6,720)
Shareholders' funds at beginning of year 41,165 47,885
Shareholders' funds at end of year 140,717 41,165
For the year ended 30th September 2000 2000 1999
COMPANY #000 #000
Profit/(loss) for the financial year 5,283 (3,305)
Dividends (14,807) (12,386)
Retained loss for the financial year (9,524) (15,691)
New share capital issued 66,571 1,415
Merger reserve movement 31,856 -
Net increase/(decrease) in shareholders' funds 88,903 (14,276)
Shareholders' funds at beginning of year 84,518 98,794
Shareholders' funds at end of year 173,421 84,518
Statement of Group Total Recognised Gains and Losses
For the year ended 30th September 2000 2000 1999
GROUP #000 #000
Profit for the financial year:
Group 18,470 3,767
Share of associates 1,685 484
Total gains and losses recognised since last annual 20,155 4,251
report
Company Balance Sheet
30th September 2000
Note 2000 1999
#000 #000
Fixed assets
Tangible fixed assets 13 11,929 13,105
Investments 14 293,738 98,926
305,667 112,031
Current assets
Stock - 26
Debtors 19 58,369 39,734
58,369 39,760
Creditors: amounts falling due 20 (129,815) (67,273)
within one year
Net current liabilities (71,446) (27,513)
Total assets less current liabilities 234,221 84,518
Creditors: amounts falling due after more 21 (60,800) -
than one year
Net assets 173,421 84,518
Capital and reserves
Called up share capital 22 2,040 1,862
Share premium account 23 72,084 5,691
Revaluation reserve 23 429 429
Merger reserve 23 45,331 13,475
Profit and loss account 23 53,537 63,061
Equity shareholders' funds 173,421 84,518
Notes Forming Part of the Accounts
1.Accounting Policies
A summary of the principal Group accounting policies, all of which have
been applied consistently throughout the year, except as noted in paragraph
a, is set out below.
a.Basis of Accounting
The accounts have been prepared under the historical cost accounting
rules, modified to include the revaluation of certain fixed assets, and in
accordance with applicable accounting standards, including for the first
time Financial Reporting Standard 16, which has no effect on this year's
accounts.
b.Basis of Consolidation
(i) The consolidated accounts include the accounts of the Company and its
subsidiary undertakings made up to 30th September 2000.
Unless otherwise stated, the acquisition method of accounting has been
adopted. Under this method, the results of subsidiary undertakings
acquired or disposed of in the year are included in the consolidated
profit and loss account from the date of acquisition or up to the date
of disposal.
An associate is an undertaking in which the Group has a long term
interest, usually from 20% to 50% of the equity voting rights, and
over which it exercises significant influence. The Group's share of
the profits less losses of associates is included in the consolidated
profit and loss account and its interest in their net assets is
included in the consolidated balance sheet.
Other fixed asset investments in the Group accounts, and all fixed
assets in the accounts of the Company, are stated at cost less
amounts written off in respect of any impairment in value.
Under section 230(4) of the Companies Act 1985 the Company is exempt
from the requirement to present its own profit and loss account. The
profit for the financial year dealt with in the financial statements
of the holding company was #5,283,000 (1999: loss #3,305,000).
(ii) Purchased goodwill (both positive and negative) arising on
consolidation in respect of acquisitions before 1st October 1997, when
Financial Reporting Standard 10, Goodwill and intangible assets, was
adopted, was written off to reserves in the year of acquisition. When
a subsequent disposal occurs any related goodwill previously written
off to reserves is written back through the profit and loss account as
part of the profit or loss on disposal.
Purchased goodwill (representing the excess of the fair value of the
consideration given over the fair value of the separable net assets
acquired) arising on consolidation in respect of acquisitions since
1st October 1997 is capitalised. Positive goodwill is amortised to
#nil by equal annual instalments over its estimated useful life, being
deemed to be 20 years. This is a change of amortisation rate from last
year which resulted in a #976,000
lower charge for the year, excluding the effect of the current year
acquisitions.
On the subsequent disposal or termination of a business acquired since
1st October 1997, the profit or loss on disposal or termination is
calculated after charging/(crediting) the unamortised amount of any
related goodwill (negative goodwill).
As part of the acquisition of Border Television Plc, Capital Radio Plc
signed a Put and Call Option with Granada Media Group Limited, whereby
they have the option to acquire the television operation within three
years of the acquisition date for #50.5m. At the end of three years
Capital Radio Plc have the option to require Granada Media Group
Limited to purchase the television operation at the above price.
On the basis of the above option agreement the requirement of F
Financial Reporting Standard 10 to amortise goodwill on acquisition of
the television operation has been rebutted.
c.Tangible Fixed Assets
Tangible fixed assets are stated at cost less accumulated depreciation.
Depreciation is provided to write off the cost (less estimated residual
value) of each asset on a straight line basis over its expected useful life,
as follows:
Freehold buildings 2%-4% per annum
Long leasehold premises 4% per annum
Short leasehold premises over the term of the lease, or
where the lease is renewable, 5%
Restaurant fixtures and fittings 10% per annum
Office and studio equipment 10%-20% per annum
Computer equipment 33% per annum
Motor vehicles 25% per annum
Television plant and 15%-25% per annum
technical equipment
Freehold land is not depreciated.
d.Investments
In the Company's accounts investments in subsidiary companies are stated
at cost less provisions where, in the opinion of the Directors, there has
been an impairment in the value of the investment. Dividends receivable from
subsidiary companies are credited to the Company's profit and loss account.
Fixed asset investments are stated at cost less provisions where, in the
opinion of the Directors, there has been an impairment in the value of the
investment.
e.Stock
Stock is stated at the lower of cost and net realisable value.
f.Foreign Exchange
Loans to foreign subsidiaries in the nature of equity and the net assets
and profit and loss account of foreign subsidiaries are translated at the
closing rates of exchange. The differences arising on translation of the
opening net assets and such loans are taken direct to reserves.
g.Taxation
Corporation tax payable is provided on taxable profits at the current
rate. Deferred taxation is provided using the liability method to take
account of the timing differences between the recognition of income and
expenditure for taxation and accounting purposes to the extent that it is
probable that an actual liability or asset will crystallise.
h.Operating Leases
Rentals payable under operating leases are charged to the profit and
loss account on a straight line basis.
i.Finance Leases
Assets held under finance lease agreements are included in tangible
fixed assets and are depreciated in accordance with the depreciation policy.
Obligations under such agreements are included in creditors net of finance
charges allocated to future periods. Finance charges are taken to the profit
and loss account so that the annual rate of charge on the outstanding
obligation at the end of each accounting period is approximately constant.
j.Turnover
Turnover comprises income from the sale of advertising airtime,
sponsorship and promotions (net of agencies' commissions), restaurant and
bar sales, franchise fees receivable and income from advertising on the
Internet. Turnover is stated excluding VAT, trade discounts, and intra group
transactions and derives from goods and services provided in the normal
course of business.
k.Pensions
The Group provides for and funds pension liabilities on a going concern
basis, on the advice of external actuaries. The amount charged to the profit
and loss account is calculated to produce a level percentage of the current
and future pensionable payroll.
l.Capital Radio Restricted Share Plan ("the Plan")
Shares acquired by the Trustee of the Plan funded by the Company and
held for the continuing benefit of the Company are classified as fixed asset
investments until such time as the shares vest unconditionally in employees.
The cost of the shares is amortised to the profit and loss account as an
operating expense over three years. Any permanent diminution in value is
recognised immediately and is charged as an operating expense.
m.Restatement of Prior Year
The prior year has been restated to reflect the full year effect of the
discontinued restaurant business.
2.Segmental Information
Turnover Profit before Interest Net Assets
and Taxation
2000 1999 2000 1999 2000 1999
Restated Restated Restated
#000 #000 #000 #000 #000 #000
Commercial Radio, all from UK:
Analogue - existing 119,274 105,175 45,484 39,702
Analogue - 4,661 - (88) -
on acquisition
123,935 105,175 45,396 39,702
Digital - - (1,264) -
Total Commercial 123,935 105,175 44,132 39,702 204,841 46,477
Radio, all from UK:
Television, all 5,144 - 1,452 - 51,849 -
from UK:
Interactive, all from 984 671 (4,211) (1,328) - -
all from UK:
Continuing 130,063 105,846 41,373 38,374 256,690 46,477
operations before goodwill
and exceptional operating
costs
Post acquisition - - (1,685) - - -
restructuring costs
(continuing)
Amortisation of goodwill - - (4,246) (2,487) - -
(continuing)
Restaurants 4,862 19,555 (4,982)(19,456) - 11,938
(discontinued)
134,925 125,401 30,460 16,431 256,690 58,415
Share of operating - - 2,309 628 3,115 1,745
profit of associated
companies
Cash, overdrafts, - - - - (100,723) (197)
loans and other investments
Liabilities for taxation - - - - (7,814)(9,006)
Proposed dividend - - - - (10,211)(8,564)
134,925 125,401 32,769 17,059 141,057 42,393
3.Operating Profit
Continuing Total Dis- 2000 Continuing Dis- 1999
operations continued operations continued
operations Re- Re- Re-
Existing Acquisitions stated stated stated
#000 #000 #000 #000 #000 #000 #000 #000
Turnover 120,258 9,805 130,063 4,862 134,925 105,846 19,555 125,401
Direct (14,636)(1,648)(16,284) (1,256)(17,540) (13,302) (4,503) (17,805)
Costs
Gross 105,622 8,157 113,779 3,606 117,385 92,544 15,052 107,596
profit
Staff (29,221)(3,445)(32,666) (1,943)(34,609) (21,696) (7,549) (29,245)
costs
Other (33,333)(4,020)(37,353) (6,349)(43,702) (29,011)(10,807) (39,818)
operating
charges
Depre- (5,191)(3,127)(8,318) (296) (8,614) (5,950) (16,152) (22,102)
ciation.
amortisa-
tion and
impairment
of goodwill
Operating 37,877 (2,435) 35,442 (4,982) 30,460 35,887 (19,456) 16,431
profit
/(loss)
2000 1999
Operating profit is stated after charging the following #000 #000
items:
Hire of plant or machinery 849 922
Other operating lease charges 1,951 2,879
Auditors' remuneration - audit fees 105 75
Other fees paid to the auditors and their associates 286 202
Loss on disposal of fixed assets 58 96
Fees paid to the auditors for the audit of the Company amounted to #25,000
(1999: #25,000). Fees paid to the auditors and their associates in respect
of assistance with acquisitions amounted to #50,000 in addition to the
above. Auditors' fees have been reviewed by the Audit Committee.
4.Impact of Acquisitions
Century Border Border Beat 106 Total
Radio Television Television Limited Acqui-
Group Plc sitions
#000 #000 #000 #000 #000
Turnover 4,427 5,144 9,571 234 9,805
Operating
profit/(loss) 52 1,452 1,504 (140) 1,364
before goodwill
and exceptional
operating costs
The above analysis represents the post acquisition operating profit/(loss)
of the acquired companies and as such excludes the amortisation of goodwill
arising on acquisition of these companies of #2,526,000 and associated post
acquisition restructuring costs of #1,273,000.
5.Underlying Profit before Taxation from Continuing Operations
Underlying profit before taxation from continuing operations has been
calculated as follows:
2000 1999
#000 #000
Restated
Profit on ordinary activities before taxation 30,351 15,796
Continuing operations:
Post acquisition restructuring costs (1,685) -
Amounts written off goodwill - continuing (4,246) (2,487)
operations
Discontinued operations:
Operating loss of restaurants (1,373) (1,602)
Impairment of fixed assets (3,609) (2,607)
Amortisation of goodwill - (4,046)
Write-off of goodwill - (933)
Impairment of goodwill - (10,250)
Related interest on discontinued operations - (18)
Net excluded items 10,913 21,943
Underlying profit before taxation from 41,264 37,739
continuing operations
6.Staff 2000 1999
#000 #000
The aggregate payroll costs of the persons
employed by the Group during the year were as follows:
Wages and salaries 30,065 25,031
Social security costs 3,015 3,059
Other pension costs 865 639
33,945 28,729
Redundancy costs 664 516
34,609 29,245
The above analysis includes the costs relating to Directors. The figures
exclude radio presenters engaged under short-term and part-time contracts.
The total cost of these persons amounts to #6,886,000 (1999: #6,514,000).
2000 1999
Number Number
The average number of persons employed by the Group
(including Directors) during the year was as follows:
Radio: Management and administration 154 147
Sales 293 263
Programming 118 86
Engineering 19 13
584 509
Television 49 -
Interactive 41 27
Restaurants 135 499
809 1,035
7.Net Interest Payable and Similar Items 2000 1999
#000 #000
Interest receivable and similar income:
Bank interest 208 50
Bank interest attributable to 69 72
associated undertakings
277 122
Interest payable and similar charges:
Bank loan and overdrafts, wholly (2,214) (1,265)
repayable within 5 years
Bank loan and overdrafts on (177) -
acquisitions
Interest payable by discontinued - (18)
operations
Interest on Capital Radio plc (297) (101)
loan notes
Hire purchase, finance leases (7) (1)
and other interest
(2,695) (1,385)
(2,418) (1,263)
8.Taxation 2000 1999
#000 #000
Corporation tax at 30% (1999: 30.5%) 11,392 11,494
Tax saving re Qualifying Employee (1,267) -
Share Ownership Trust
Share of associated companies' taxation 693 216
Adjustment related to prior years (990) (603)
9,828 11,107
The effective rate of tax on underlying profit before taxation from
continuing operations is 26.3% (1999: 29.4%).The amount of unprovided
deferred tax, relating to short term timing differences and capital
allowances, is asset #266,000 (1999: #nil). There is no unprovided deferred
tax liability in the Company (1999: #nil).
9.Profit for the Financial Year
The profit for the financial year dealt with in the accounts of the Company
was #5,283,000 (1999: loss #3,305,000).
10.Dividends 2000 1999
#000 #000
Interim dividend of 6.0p (1999: 5.15p) per 4,596 3,822
share, paid on 3rd July 2000
Proposed final dividend of 12.5p (1999: 11.5p) 10,211 8,564
per share, to be paid on 31st January 2001
Total dividend of 18.5p per share (1999: 16.65p) 14,807 12,386
11.Earnings Per Share
The calculation of earnings per share is based on the profit after taxation
and minority interest of #20,155,000 (1999: #4,251,000) and on the weighted
average of 76,501,703 (1999: 74,329,757) Ordinary Shares in issue during
the year. The underlying earnings per share from continuing operations is
included to show the effect of adjusting for the impact of exceptional
items, post-acquisition restructuring costs, goodwill and discontinued
operations which result in increased earnings of #10,913,000. (1999:
#21,943,000). After the effect of related tax credit of #1,031,000
(1999: #nil), this results in earnings of #30,037,000 (1999: #26,194,000).
Dilution increases the weighted average number of shares to 77,241,648
(1999: 75,452,143).
12.Intangible Assets - Goodwill
#000
GROUP
Cost
Beginning of year 77,799
Additions 199,019
Disposals (42,634)
End of year 234,184
Amortisation and impairment
Beginning of year 44,993
Provided during the year 4,246
Disposals (37,545)
End of year 11,694
Net book value
Beginning of year 32,806
End of year 222,490
13.Tangible Land and Long Short Fixtures,
Fixed Assets Freehold Leasehold Leasehold Fittings Motor
GROUP Property Premises Premises Equipment Vehicles Total
#000 #000 #000 #000 #000 #000
Cost
Beginning of 1,847 1,217 11,200 14,801 398 29,463
year
On acquisition - 1,210 2,724 9,700 396 14,030
of a subsidiary
Additions - 545 145 5,267 91 6,048
Disposals - - (3,288) (2,892) (93) (6,273)
End of year 1,847 2,972 10,781 26,876 792 43,268
Depreciation
Beginning 270 128 967 8,804 235 10,404
of year
On acquisition - 154 - 4,255 145 4,554
of a subsidiary
Charged in year 38 84 401 3,726 119 4,368
Disposals - - (3,283) (2,390) (71) (5,744)
Impairment - - 2,613 996 - 3,609
End of year 308 366 698 15,391 428 17,191
Net book value
Beginning of year 1,577 1,089 10,233 5,997 163 19,059
End of year 1,539 2,606 10,083 11,485 364 26,077
The net book value of assets held under finance leases by the Group
amounted to #880,000 (1999: #12,000). The depreciation charge in respect of
these assets amounted to #428,000 (1999: #10,000). The gross book value of
freehold property includes #1,488,000 (1999: #1,488,000) of depreciable
assets.
COMPANY Short Fixtures,
Leasehold Fittings and Motor
Premises Equipment Vehicles Total
#000 #000 #000 #000
Cost
Beginning of year 9,929 14,641 346 24,916
Additions - 3,268 68 3,336
Disposals (1,842) (1,191) (47) (3,080)
End of year 8,087 16,718 367 25,172
Depreciation
Beginning of year 687 10,880 244 11,811
Charged in year 269 2,145 57 2,471
Disposals (276) (737) (26) (1,039)
End of year 680 12,288 275 13,243
Net book value
Beginning of year 9,242 3,761 102 13,105
End of year 7,407 4,430 92 11,929
14.Fixed Asset Investments
Associated Other Own
GROUP Companies Investments Shares Total
#000 #000 #000 #000
Book value
Beginning of year 1,745 1,594 721 4,060
On acquisition of - 138 - 138
a subsidiary
Additions 995 19 1,825 2,839
Disposal of - (1,076) (264) (1,340)
investment
Share of retained 375 - - 375
profits
End of year 3,115 675 2,282 6,072
Provisions
Beginning of year - 750 519 1,269
Provided during - - 2,027 2,027
the year
Disposal of - (750) (264) (1,014)
investment
End of year - - 2,282 2,282
Net book value
Beginning of year 1,745 844 202 2,791
End of year 3,115 675 - 3,790
Fixed asset investments comprise:
At the beginning of the year
Unlisted investments 1,745 844 - 2,589
Listed investments - - 202 202
Total 1,745 844 202 2,791
At the end of the year
Unlisted investments 3,115 675 - 3,790
Listed investments - - - -
Total 3,115 675 - 3,790
Market value of listed
investments
At beginning of year - - 1,207 1,207
At end of year - - 3,041 3,041
Fixed Asset Investments (continued)
Subsidiary Associated Other Own
Companies Companies Investments Shares Total
#000 #000 #000 #000 #000
COMPANY
Book value
Beginning of year 142,989 1,802 1,585 721 147,097
Additions 200,749 995 20 1,825 203,589
Disposals - - (1,000) (264) (1,264)
End of year 343,738 2,797 605 2,282 349,422
Provisions
Beginning of year 45,937 965 750 519 48,171
Provided during the year 6,500 - - 2,027 8,527
Disposals - - (750) (264) (1,014)
End of year 52,437 965 - 2,282 55,684
Net book value
Beginning of year 97,052 837 835 202 98,926
End of year 291,301 1,832 605 - 293,738
Fixed asset investments comprise:
At beginning of year
Unlisted investments 97,052 837 835 - 98,724
Listed investments - - - 202 202
Total 97,052 837 835 202 98,926
At the end of the year
Unlisted investments 291,301 1,832 605 - 293,738
Listed investment - - - - -
Total 291,301 1,832 605 - 293,738
Own Shares in both the Group and Company represents shares in Capital
Radio plc acquired by the Trustee of the Capital Radio Restricted Share
Plan to satisfy potential future obligations to award shares under the
Plan. In accordance with guidance given by the Urgent Issues Task Force the
cost of these shares is amortised over the period of service in respect of
which conditional awards have been made.
Capital Radio Plc has set up a Qualifying Employee Share Ownership Trust
which, at the end of the year, holds 179,539 shares which have a market
value of #2,581,000. The dividend on these shares has been waived.
15.Acquisition of First Oxfordshire Radio Company Limited
During May 2000 the Company purchased the remaining 42.2% of the issued
share capital of First Oxfordshire Radio Company Limited for a
consideration of #7,629,000 in cash, bringing its total holding in First
Oxfordshire Radio Company Limited to 100% of the issued share capital. Of
this amount #6,220,000 relates to the acquisition of Thamesquote Limited
(see note 16) and #1,409,000 relates to remaining shareholders. After
taking into account the corresponding share of net assets, the goodwill on
this acquisition was #7,141,000.
16.Acquisition of Thamesquote Limited
On the 24th May 2000 Capital Radio Plc completed its acquisition of
Thamesquote Limited. The Group has used acquisition accounting to account
for this purchase.
Book Values Fair Value Fair Value of
Adjustments Assets
Revaluations Acquired
#000 #000 #000
Fixed assets - Investments 1,124 6,218 a 7,342
Total fixed assets 1,124 6,218 7,342
Debtors - - -
Current assets - - -
Creditors due within (1,122) - (1,122)
one year
Total net assets 2 6,218 6,220
Consideration:
Cash 6,213
Costs of 7
acquisition
6,220
Goodwill arising on acquisition -
Analysis of net outflow
of cash
Cash 6,213
Costs of acquisition 7
6,220
The fair value adjustments relate mainly to the following item:
a. The revaluation of 34.4% of First Oxfordshire Radio Company Limited
shares
The results of Thamesquote Limited for the periods directly prior to and
post acquisition were:
Year to Thirty four Eighteen weeks to
30th September weeks to 30th September
1999 24th May 2000
2000
#000 #000 #000
Turnover 204 670 -
Operating profit 122 816 -
Interest payable (47) (66) -
Profit on ordinary 75 750 -
activities before
taxation
Taxation (82) (31)
(Loss)/profit on
ordinary activities (7) 719 -
after taxation
There were no recognised gains or losses other than the profit/(loss) for
the periods.
More to follow
FRCEAAFNELPEFEE
Clean Air (LSE:CAP)
Historical Stock Chart
From Sep 2024 to Oct 2024
Clean Air (LSE:CAP)
Historical Stock Chart
From Oct 2023 to Oct 2024
