RNS Number:6594A
Future Network PLC
19 March 2001
Group Profit and Loss Account
for the year ended 31 December 2000
Restated Restated
Continuing Total Actual Actual Pro
operations continuing 2000 1999 forma
operations Discontinued Total Total 1999
operations Total
Acquisitions
Note #'000 #'000 #' 000 #'000 #'000 #'000 #'000
Turnover 4 229,005 7,022 236,027 17,962 253,989 172,919 197,470
Cost of sales (164,989) (5,494) (170,483) (26,356) (196,839)(114,807)(135,331)
Gross profit/ 64,016 1,528 65,544 (8,394) 57,150 58,112 62,139
(loss)
Distribution (13,865) (256) (14,121) (1,302) (15,423) (8,266) (10,926)
expenses
Administrative (84,336) (1,882) (86,218) (4,974) (91,192) (44,522) (55,785)
expenses
Operating 11,644 537 12,181 (14,670) (2,489) 22,119 20,242
profit/ (loss)
excluding
amortisation
and impairment
of intangible
assets
Amortisation (45,829) (1,147) (46,976) - (46,976) (16,795) (24,814)
and impairment
of intangible
assets
Operating (34,185) (610) (34,795) (14,670) (49,465) 5,324 (4,572)
(loss) /
profit
Share of (450) - -
operating loss
of associates
Operating (49,915) 5,324 (4,572)
(loss) /
profit
including loss
of associates
(Loss)/profit (117) 1,962 10,895
on disposal of
fixed asset
investments
Write down of (4,552) - -
fixed asset
investments
Net interest (4,709) (10,812) (2,798)
payable and
similar
charges
(Loss)/ profit
on ordinary
activities 4 (59,293) (3,526) 3,525
before tax
Tax on (loss)/ (1,473) (3,114) (6,413)
profit on
ordinary
activities 6
Loss on (60,766) (6,640) (2,888)
ordinary
activities
after tax
Loss for the (60,766) (6,640) (2,888)
financial year
Adjustments to loss on ordinary activities after tax
Restated Restated
Actual Actual Pro
forma
2000 1999
1999
#'000 #'000
#'000
Loss on ordinary activities after tax (60,766) (6,640) (2,888)
Add: amortisation and impairment of intangible 46,976 16,795 24,814
assets
Adjusted (loss) /profit on ordinary activities (13,790) 10,155 21,926
after tax
Actual earnings per 1 p Ordinary Share
(in pence) Restated Restated
Note Actual Actual Pro forma 1999
2000 1999
Basic loss per share 7 (42.68) (6.51) (2.09)
Adjusted basic (loss)/earnings per share 7 (9.69) 9.96 15.88
Diluted loss per share 7 (42.68) (6.51) (2.09)
Adjusted diluted (loss)/earnings per 7 (9.69) 9.03 14.51
share
Group Activity Analysis
for the year ended 31 December 2000
Turnover by business unit Restated Restated
Actual Actual Pro
forma
2000 1999
1999
#'000 #'000
#'000
Magazine
United Kingdom 109,112 99,819 99,819
United States 93,886 34,090 54,189
France 20,028 20,938 20,938
Italy 14,973 12,465 16,594
Germany 6,965 4,208 4,208
Poland 2,575 - -
247,539 171,520 195,748
Internet 6,450 1,399 1,722
Total 253,989 172,919 197,470
Results by business unit Restated Restated
Actual Actual Pro
forma
2000 1999
1999
#'000 #'000
#'000
Magazine
United Kingdom 12,792 19,441 19,441
United States 7,533 6,391 3,906
France (4,570) 823 823
Italy 844 2,667 3,803
Germany (5,688) (2,123) (2,123)
Poland 11 - -
10,922 27,199 25,850
Internet (10,400) (3,035) (3,563)
Central operating costs (3,011) (2,045) (2,045)
Operating (loss) /profit excluding amortisation and
impairment of intangible assets (2,489) 22,119 20,242
Restated Restated
Turnover by category Actual Actual Pro
forma
2000 1999
1999
#'000 #'000
#'000
Circulation 127,830 109,998 122,765
Advertising 111,034 54,987 66,032
Internet 6,450 1,399 1,722
Other 8,675 6,535 6,951
Total 253,989 172,919 197,470
Statement of Total Recognised Gains and Losses
For the year ended 31 December 2000
Restated
Actual Actual
2000 1999
#'000 #'000
Loss for the financial year (60,766) (6,640)
Exchange adjustments offset in reserves (70) (1,808)
Reversion of rights pertaining to investments from departing 211 376
employees
Unrealised gain arising from the provision of advertising in
exchange for warrants to acquire unlisted investments 95 -
Total losses recognised relating to the year (60,530) (8,072)
Prior year adjustment (see note 3) (1,170)
Total gains and losses recognised since last annual report (61,700)
Reconciliation of movements in group shareholders' funds
For the year ended 31 December 2000
Restated
2000 1999
Group Group
Actual Actual
#'000 #' 000
Loss for the financial year (60,766) (6,640)
Proceeds from issue of shares 17 735
Premium on issue of shares (net of expenses) 1,861 135,582
Refund of costs on issue of shares previously offset against 378 -
share premium
Merger reserve arising in the year - 108,211
Exchange adjustments offset in reserves (70) (1,808)
Deferred consideration not settled by the issue of shares (18,000) -
Other reserve movements arising from acquisition of Imagine - 39,810
Media, Inc.
Unrealised gain arising from the provision of advertising in
exchange for warrants to acquire unlisted investments 95 -
Adjustment for shares issued under share option schemes through
share option trust (112) -
Reversion of rights pertaining to investments from departing 211 376
employees
Net movement in shareholders' (deficit) / funds (76,386) 276,266
Opening shareholders' funds /(deficit) restated 271,953 (4,313)
Shareholders' funds as at 31 December 195,567 271,953
Balance Sheets
As at 31 December 2000
Restated Restated
Group Company Group Company
2000 2000 1999 1999
Note #'000 #'000 #' 000 #' 000
Fixed Assets
Intangible assets 8 253,775 - 292,563 -
Tangible assets 9,294 37 6,075 -
Investments 9
- Investment in Group undertakings - 43,462 - 43,315
- Investments in associates 4,634 - - -
- Other investments 1,071 - 2,445 -
5,705 43,462 2,445 43,315
268,774 43,499 301,083 43,315
Current Assets
Stocks 8,778 - 5,872 -
Debtors 60,634 185,858 48,149 175,085
Investments 10 - - 1,040 -
Cash at bank and in hand 10,780 328 18,940 766
80,192 186,186 74,001 175,851
Creditors: amounts falling due within
one year (102,298)(33,325) (61,667) (8,679)
Net current (liabilities)/assets (22,106)152,861 12,334 167,172
Total assets less current liabilities 246,668 196,360 313,417 210,487
Creditors: amounts falling due after
more than one year (49,896)(46,361) (39,910) (36,171)
Provisions for liabilities and charges (1,205) - (1,554) (32)
Net assets 195,567 149,999 271,953 174,284
Capital and reserves
Called-up share capital 1,430 1,430 1,413 1,413
Share premium account 137,821 137,821 135,582 135,582
Merger reserve 109,015 - 109,015 -
Other reserves 21,949 21,810 40,186 39,810
Profit and loss account (74,648)(11,062) (14,243) (2,521)
Total equity shareholders' funds 195,567 149,999 271,953 174,284
Group Cash Flow Statement
For the year ended 31 December 2000
Restated
Actual Actual
2000 1999
Note #'000 #'000
Net cash (outflow)/inflow from operating activities 11 (1,627) 15,181
Returns on investments and servicing of finance
Interest received 730 516
Interest paid (3,337) (9,720)
Issue costs of bank loans - (1,602)
Net cash outflow from returns on investments and (2,607) (10,806)
servicing of finance
Tax paid (2,236) (3,040)
Capital expenditure and financial investment
Purchase of tangible fixed assets (5,303) (2,682)
Purchase of fixed asset investments (2,792) (1,185)
Sale of tangible fixed assets 77 62
Sale of current asset investments 1,507 11,328
Net cash (outflow) / inflow for capital expenditure and
financial investment (6,511) 7,523
Acquisitions
Purchase of subsidiary undertakings (2,242) (1,691)
Purchase of associates (5,373) -
Cash proceeds on disposal of associate 409 -
Net cash acquired with subsidiary undertakings - 319
Payment of deferred consideration (18,000) (15,388)
Purchase of businesses (4,580) (29,210)
Net cash outflow for acquisitions (29,786) (45,970)
Net cash outflow before use of liquid resources and
financing (42,767) (37,112)
Management of liquid resources
Decrease in short-term deposits - 1,000
Financing
Proceeds from issue of ordinary share capital 442 150,131
Refund of expenses/(expenses ) of share issue 378 (11,492)
Proceeds from issue of loan notes - 9,716
Repayment of loan notes - (68,411)
Draw down of bank loans 41,008 65,611
Movement on discounted bills (636) 1,247
Repayment of shareholder loan (1,022) -
Repayment of bank loans (6,000)(98,736)
Net cash inflow from financing 34,170 48,066
(Decrease)/increase in cash in the year 12 (8,597) 11,954
Notes to the preliminary announcement for the year ended 31 December 2000
1. Basis of preparation
The preliminary results for the year ended 31 December 2000 are unaudited and
do not comprise statutory accounts within the meaning of section 240 of the
Companies Act 1985.
The profit and loss accounts, on an actual and pro forma basis, for the year
ended 31 December 1999 are based on the profit and loss accounts included in
the 1999 Annual Report as restated for the prior year adjustments as described
in note 3. The 1999 pro forma profit and loss account is unaudited.
The pro forma comparative profit and loss account for the twelve months to 31
December 1999 is based on a full twelve months trading for all companies which
became part of the Group before and at flotation, and assume that the capital
and financing structure of the Group at flotation applied throughout the year.
The statutory accounts for the year ended 31 December 2000 will be finalised
on the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.
2. Accounting policies
The Group's accounting policies are consistent with those disclosed in the
Company's Annual Report for the period ended 31 December 1999 except for the
change arising from the adoption of UITF 25: "National Insurance contributions
on share option gains" as detailed in note 3.
3. Prior year adjustment
French accounting irregularities
The Company discovered accounting irregularities in Future France SA, its
French subsidiary in October 2000. The errors arose due to misstatements in
the recognition of newsstand sales. This resulted in turnover and operating
profit for the period ended 31 December 1999, and the year ended 31 December
1998 being overstated by #1,041,000 and #2,216,000 respectively, and trade
debtors at 31 December 1999 being overstated by #3,034,000 (1998: #2,014,000).
As a result of the errors Future France SA overpaid corporation tax
totalling #1,286,000 of which #416,000 related to 1999.
Adoption of UITF 25 "National Insurance contributions on share options gains"
UITF 25 has been adopted with effect from 1 January 2000, and requires that
the provision for employer taxes on share options and share related benefits
should be recognised over the performance period of the options. Prior to 1
January 2000 the group's accounting policy was to provide for the employer
taxes on share options on a full basis. The effect in the 12 months to 31
December 2000 from changing this accounting policy was to increase the loss
for the year by #658,000 from #60,108,000 to #60,766,000 .
The following tables summarise the effect of restating the 1999 consolidated
accounts for the French accounting irregularity and the adoption of UITF 25:
1999 Profit and loss account
Actual Pro forma
As French As French
previ accounting previ account
ously irregularity UITF25 Restated ously ing UITF25 Restated
repor reported irregu
ted larity
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Turnover 173,960 (1,041) - 172,919 198,511 (1,041) - 197,470
Administration (45,172) - 650 (44,522) (56,435) - 650 (55,785)
expenses
Operating 5,715 (1,041) 650 5,324 (4,181) (1,041) 650 (4,572)
profit /(loss)
Tax (3,530) 416 - (3,114) (6,829) 416 - (6,413)
Loss after tax (6,665) (625) 650 (6,640) (2,913) (625) 650 (2,888)
1999 Balance sheet
As Discounted bills French
previously reclassification accounting UITF25 Restated
reported #'000 irregularity #'000
#'000 #'000 #'000
Trade 43,029 1,247 (3,034) - 41,242
debtors
Corporate - - 1,214 - 1,214
tax
recoverable
Creditors (60,420) (1,247) - - (61,667)
due within
1 year
Provisions (2,204) - - 650 (1,554)
for
liabilities
and charges
Net assets 273,123 - (1,820) 650 271,953
Profit and (4,397) - (1,398) - (5,795)
loss
reserves as
at 1
January
1999
Loss for (6,665) - (625) 650 (6,640)
the year
ended 31
December
1999
1999 net (2,011) - 203 - (1,808)
exchange
adjustments
Profit and (13,073) - (1,820) 650 (14,243)
loss
account a
at 1
January
2000
Total 273,123 - (1,820) 650 271,953
shareholders'
funds
The impact of adopting UITF 25 on the 1999 accounts of the Company is to
reduce provision for liabilities and charges as at 31 December 1999 by #
78,000.
4. Segmental reporting
The Group is involved in one class of business, the publication of magazines
and Internet web sites.
The geographical analyses of turnover, profit/(loss) before tax, and net
assets by origin, and turnover by destination were as follows:
a) Turnover by origin
Restated Restated
Continuing Total Actual Actual Pro
operations continuing Total Total forma
operations Discontinued Turnover Turnover Total
operations Turnover
Acquisitions
2000 2000 2000 2000 2000 1999 1999
#'000 #'000 #'000 #'000 #'000 #'000 #'000
United 103,763 4,447 108,210 3,469 111,679 100,822 100,944
Kingdom
United 88,612 - 88,612 10,531 99,143 35,076 55,498
States
France 17,413 - 17,413 2,615 20,028 20,938 20,938
Italy 14,981 - 14,981 - 14,981 12,465 16,594
Germany 5,660 - 5,660 1,347 7,007 4,226 4,226
Poland - 2,575 2,575 - 2,575 - -
Turnover
between
segments (1,424) - (1,424) - (1,424) (608) (730)
Total 229,005 7,022 236,027 17,962 253,989 172,919 197,470
b) Profit/(loss) before tax by origin
Restated Restated
Actual Actual Pro
Total forma
Continuing continuing Total Total
Operations operations Total
Discontinued Profit/ Profit/
operations (Loss) (Loss) Profit/
(Loss)
Acquisitions before before
tax tax before
tax
2000 2000 2000 2000 2000 1999 1999
#'000 #'000 #'000 #'000 #'000 #'000 #'000
United
Kingdom 4,484 (621) 3,863 (948) 2,915 13,625 13,625
United (12,510) - (12,510) (9,303) (21,813) (2,640) (4,738)
States
France (16,301) - (16,301) (2,340) (18,641) (858) (858)
Italy (897) - (897) - (897) 1,070 1,895
Germany (11,991) - (11,991) (2,079) (14,070) (2,704) (2,704)
Poland - (106) (106) - (106) - -
Central
costs (6,681) - (6,681) - (6,681) (12,019) (3,695)
Total (43,896) (727) (44,623) (14,670) (59,293) (3,526) 3,525
c) Net assets by origin
Continuing Operations Restated
Acquisitions Total Total
2000 1999
#'000 #'000 #'000 #'000
United Kingdom 102,750 4,447 107,197 116,838
United States 136,141 - 136,141 143,616
France 12,831 - 12,831 30,108
Italy 15,665 - 15,665 18,783
Germany 493 - 493 7,185
Poland - 2,370 2,370 -
Interest bearing liabilities (79,130) - (79,130) (44,577)
Total 188,750 6,817 195,567 271,953
Discontinued activities have no separately identifiable net assets.
d) Turnover by destination
Restated Restated
Actual Actual Pro forma
2000 1999 1999
#'000 #'000 #'000
United Kingdom 100,939 90,114 90,236
United States 99,163 34,564 53,001
France 17,621 19,288 19,288
Italy 15,606 13,177 17,306
Germany 7,184 4,381 4,381
Poland 2,575 - -
Rest of world 12,325 12,003 13,988
Inter-segmental (1,424) (608) (730)
Total 253,989 172,919 197,470
5. Discontinued activities
Actual Actual
2000 1999
Continuing Discontinued Total Continuing Discontinued Total
#'000 #'000 #'000 #'000 #'000 #'000
Turnover 236,027 17,962 253,989 166,021 6,898 172,919
Cost of sales (170,483) (26,356)(196,839) (108,590) (6,217) (114,807)
Gross profit 65,544 (8,394) 57,150 57,431 681 58,112
Distribution
expenses (14,121) (1,302) (15,423) (8,189) (77) (8,266)
Administration
expenses (86,218) (4,974) (91,192) (43,003) (1,519) (44,522)
Operating profit (34,795) (14,670) (49,465) 6,239 (915) 5,324
The effect of the discontinued operations on the 1999 pro forma profit and
loss is as shown above for the actual 1999 profit and loss.
6. Tax on loss on ordinary activities
Restated Restated
Actual Actual Pro forma
2000 1999 1999
#'000 #' 000 #' 000
UK
Current corporation tax at 30% (1999: 30.25%) 1,437 2,411 4,690
Overseas
Current tax (6) 271 915
Deferred tax 42 432 808
1,473 3,114 6,413
The Group made a loss before tax of #59,293,000 (1999 restated:#3,526,000) and
has a tax charge of #1,473,000 (1999 restated: charge #3,114,000) for the
year. Eliminating the impact of amortisation and impairment of goodwill which
has no impact on taxation, the loss before tax was #12,317,000 (1999 restated:
profit #13,269,000). The principal reason for the difference between the
actual effective rate and the UK standard rate of 30% in 2000 is the overseas
tax losses arising in the year which are not available for offset against
taxable profits in the UK. The comparative figures have been restated for the
effects of the accounting irregularity in France as detailed in note 3.
7. Earnings per share
Basic earnings per share are calculated using the weighted average number of
ordinary shares outstanding during the period. Diluted earnings per share have
been calculated by taking into account the dilutive effect of shares that
would be issued on conversion into ordinary shares of options held under
employee share schemes.
Restated Restated
Actual Pro forma
2000 1999 1999
Weighted average number of shares outstanding
during the period:
- basic 142,372,731 101,965,968 138,105,284
- dilutive effect of share options 7,553,962 10,514,893 12,972,364
- diluted 149,929,693 112,480,861 151,077,648
Basic loss per share (in pence) (42.68) (6.51) (2.09)
Adjusted basic (loss)/earnings per share (in (9.69) 9.96 15.88
pence)
Diluted loss per share (in pence)* (42.68) (6.51) (2.09)
Adjusted diluted (loss)/earnings per share (in (9.69) 9.03 14.51
pence)*
The adjustments to profit have the following effects on EPS:
Basic loss per share (in pence) (42.68) (6.51) (2.09)
Amortisation and impairment of intangible
assets 32.99 16.47 17.97
Adjusted basic (loss) earnings per share
(in pence) (9.69) 9.96 15.88
Diluted loss per share (in pence) (42.68) (6.51) (2.09)
Amortisation and impairment of intangible assets 32.99 15.54 16.60
Adjusted diluted (loss)/earnings per share
(in pence) (9.69) 9.03 14.51
*The share options do not have a dilutive effect where there is a loss.
8. Intangible fixed assets
Goodwill
Group #'000
Cost
At 1 January 2000 314,050
Exchange adjustments 682
Goodwill arising on acquisition of subsidiary 2,228
Goodwill arising on acquisition of businesses 4,952
At 31 December 2000 321,912
Amortisation
At 1 January 2000 (21,487)
Exchange differences (423)
Charge for the year (26,744)
Impairment write down (19,483)
At 31 December 2000 (68,137)
Net book amount at 31 December 2000 253,775
Net book amount at 31 December 1999 292,563
The goodwill arising on acquisitions is being amortised on a straight line
basis over their estimated useful economic lives, being in the range one to
twenty years. These periods are the periods over which the Directors estimate
that the values of the underlying businesses acquired are expected to exceed
the values of the underlying assets.
The Director's have performed impairment reviews on the carrying value of
goodwill arising from acquisitions, which took place in 1999 and relating to
Future France SA. In performing these calculations the Directors applied a
pre tax discount rate of 14% to forecast pre-tax operating profits with the
growth rates used not exceeding 2.25% after five years. The results of the
reviews are explained below:
(i) In respect of the acquisition by Future Verlag GmbH of
the shares of Weka Consumer Median "WCM" and the assets relating to the
Consumer Media business division of WCM's parent company, WEKA Firmengruppe
GmbH and Co. KG the Directors have made a provision against the entire
remaining balance of goodwill at 31 December 2000.
(ii) In respect of the acquisition by Future Publishing Limited
of the trade and assets of certain titles from Zone Limited the Directors
have made a provision to reduce the net book value to the extent that the
goodwill has been impaired.
(iii) In respect of the acquisition by Future Publishing Limited
of the trade and assets of Future Music in the Netherlands from Media Minded
CV the Directors have made a provision against the entire remaining balance of
goodwill at 31 December 2000.
(iv) In respect of the acquisition by Future Publishing Holdings
Limited of Future France SA (formerly known as Edicorp Publications SA), the
Directors have made a provision to reduce the net book value to the extent
that the goodwill has been impaired.
9. Investments
Group 2000 1999
#'000 #'000
Interests in Associates at cost
At 1 January - net assets - -
- goodwill - -
Additions - net assets 1,301 -
- goodwill 5,476 -
Disposals - net assets (1,383) -
At 31 December - net liabilities (82) -
- goodwill 5,476 -
5,394 -
Amortisation of goodwill
At 1 January - -
Exchange difference (11) -
Charge for year (749) -
At 31 December (760) -
Net book amount at 31 December
- Net liabilities (82) -
- Goodwill 4,716 -
4,634 -
Other Investments at cost
At 1 January 2,445 -
Exchange differences 175 (183)
At acquisition - 11,383
Additions in year 3,003 1,651
Disposals - (9,366)
Transfer to current assets - (1,040)
Write down of investments (4,552) -
At 31 December 1,071 2,445
Total fixed asset investments 5,705 2,445
Company
Shares in Group undertakings at cost 2000 1999
#'000 #'000
At 1 January 43,315 -
Additions in year 147 43,315
At 31 December 43,462 43,315
The market value of the Group's investment in Snowball.com, Inc. is #174,000.
Given the uncertain future for internet businesses we have fully provided
against this investment.
Associated Undertakings
During the year Imagine Media, Inc. made the following investments in
associated undertakings;
(i) #1,383,000 was invested to acquire 49% of the share capital of
SeeMeBuyMe, a company registered in Delaware, USA. The company ceased to
trade on 26 September 2001, and the Group's share of the losses was #450,000.
The loss on disposal of the investment was #515,000, which increased the tax
losses of Imagine Media, Inc.
(ii) #5,313,000 was invested to acquire 49% of the share capital of TED
Conferences LLC a company registered in California, USA. The goodwill arising
on this acquisition was #5,476,000 and the Group's share of net liabilities
and profits at 31 December 2000 was #82,000 and #nil respectively. The
consideration for the acquisition was made up of #3,990,000 in cash and
#1,323,000 in new shares issued. In addition, Imagine Media, Inc. has a
commitment to purchase the remaining 51%.
The Group has a number of investments in internet related businesses, in
light of the lower valuations given to internet based businesses generally,
the Group has found it necessary to write down its fixed asset investments by
#4,552,000.
10. Current asset investments
Group
2000
#'000
Listed investments
At 1 January 2000 1,040
Exchange differences 69
Disposals (1,109)
At 31 December 2000 -
At 31 December 1999 the investment in America Online, Inc. was transferred
from fixed asset investments to current asset investments due to its
impending sale. During the year the Group disposed of its shareholding in
America Online, Inc. realising a profit of #398,000. There was no tax payable
as a result of this disposal since tax losses have been utilised to offset
the taxable gain arising.
11. Cash flow from operating activities
The reconciliation of operating profit to net cash inflow from operating
activities is as follows:
Group Restated
Group
Continuing operations 2000 1999
#'000 #'000
Operating (loss)/profit (49,465) 5,324
Depreciation charge 2,669 1,777
Goodwill amortisation and impairment 46,976 16,795
(Increase) /decrease in stocks (2,629) 343
(Increase) in debtors (10,880) (11,778)
Increase in creditors 11,702 2,720
Net cash (outflow) /inflow from operating activities (1,627) 15,181
Included in the net cash outflow from operating activities above is an amount
of #662,000 in respect of acquisitions during 2000.
12. Analysis of net debt
Restated Cash Exchange Other non At 31
At 1 inflow/ movements cash December
January (outflow) #'000 changes 2000
2000 #'000 #'000 #'000
#'000
Cash at 18,940 (8,597) 437 - 10,780
bank and
in hand
Debt due (37,824) (10,154) (63) (156) (48,197)
after one
year
Debt due (8,000) (23,535) (9) - (31,544)
within
one year
(26,884) (42,286) 365 (156) (68,961)
Other non cash changes are the amortisation of bank finance costs.
13. Reconciliation of movement in net debt
2000 Restated
#'000 1999
#'000
Net debt at 1 January (26,884) (125,175)
(Decrease)/increase in cash (8,597) 11,954
Borrowings net of short term deposits acquired with - (6,256)
subsidiaries
Movement in borrowings (33,845) 90,685
Movement in liquid resources - (1,000)
Interest capitalised in 1998 and subsequently waived - 690
during 1999
Unamortised debt issue costs - (1,094)
Exchange movements 365 3,312
Net debt at 31 December (68,961) (26,884)
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