25th Feb 2005 07:00
For immediate release 25th February 2005 Preliminary Results For the Full Year ended 31 December 2004 MULTIMEDIA STRATEGY DRIVING STRONG GROWTH Financial Highlights** for Full Year ended 31 December 2004TradingUnderlying# profit* up 20.0 per cent, underlying# turnover up 3.2 per centTurnover Up 8.4 per cent to ‚£809.6m (‚£746.7m) Operating profit* Up 33.1 per cent to ‚£132.3m (‚£99.4m) Operating margin* Up to 16.3 per cent from 13.3 per cent Profit before tax* Up 36.9 per cent to ‚£141.4m (‚£103.3m) EPS* Up 36.4 per cent to 32.6p (23.9p) Dividend Up 33.3 per cent to 12.0p (9.0p) 2003 & 2004 acquisitions performing ahead of plan‚£48m of acquisitions announced in 2005Balance Sheet as at 31 December 2004Net debt of ‚£68.8m, ‚£191.9m of acquisitions and 102.3 per cent cash conversionTax creditor for prior years reduced by ‚£121.0mKey PointsProgressively increasing investment in multi-media product developmentStrategic review of NOP World- high level of interest in acquiring whole business- if sold, substantial part of proceeds to be returned to shareholders# Underlying: adjusted for the estimated effects of acquisitions, foreign exchange, SARS and biennial events* Before amortisation of goodwill and intangibles and exceptional items** The statutory results which show operating profit of ‚£6.3m (‚£(22.3)m) and EPS of 33.2p ((12.5)p) are shown in the attached summary financial statementsClive Hollick, Chief Executive of United Business Media, said"Underlying revenue growth and significantly increased operating marginsdelivered an operating profit* of ‚£132.3 m, up 33.1 per cent. Underlyingrevenue grew by 3.2 per cent, with underlying operating profit* up 20.0 percent. The continuing drive for operating efficiencies has increased marginsfrom 13.3 per cent in 2003 to 16.3 per cent in 2004. In 2005 UBM will beinvesting in a programme of offshoring and outsourcing to maintain the momentumbehind the productivity successes of recent years."Acquisitions are performing ahead of plan and the investment in multimediaproducts is paying off with a 33 per cent increase in online revenues and theprospect of good growth in 2005. The investment programme over the last twoyears has strengthened the product range we offer to the increasingly diverserange of market sectors we serve. Many of these new products have impressivegrowth rates based upon long term client relationships. Together with ouracquisitions these provide United with a greater proportion of predictablerevenues."Following the recent announcement of our intention to undertake a strategicreview of the group's market research business, a number of third parties haveexpressed their interest in acquiring NOP World. As part of the strategicreview, we intend to investigate these expressions of interest over the comingweeks, alongside other options for the business. In the event that thisreview results in the Board concluding that United should sell NOP World, theBoard intends that United should return a substantial part of the proceeds ofthe sale to shareholders. If sold, a disposal of NOP World is likely to be taxfree. "The Board is recommending a final dividend which will bring the total for theyear to 12.0 pence, an increase of 33.3 per cent. This increase reflects theexcellent performance achieved in 2004 and UBM's confidence in the long-termoutlook for the business. Outlook"Despite the weakness of the dollar and the rise in investments in newproducts, overall trading to date and the improving forward order books pointto another year of good progress."Summary Group Profit & Loss StatementThe profit and loss statement set out below represents the group's full profitand loss account (which is included in the attached financial information) inorder to show more clearly the results from operations excluding amortisation. Year ended 31 December 2004 2003 ‚£m ‚£m % Group turnover** 809.6 746.7 8.4 Operating profit* 132.3 99.4 33.1 Net interest income 12.5 9.4 33.0 Other financial expense (FRS17) (3.4) (5.5) (38.2) Profit before tax* 141.4 103.3 36.9 Amortisation of goodwill (126.0) (121.7) Exceptional items 7.2 - Profit/ (loss) before tax 22.6 (18.4) Taxation (30.8) (22.7) 35.7 Exceptional taxation 121.0 - Profit / (loss) on ordinary activities 112.8 (41.1) after tax Equity minority interest (1.5) (0.3) Profit / (loss) for the period 111.3 (41.4) Dividends -equity (40.2) (30.2) 33.3 -non-equity (0.4) (0.4) - Dividends (40.6) (30.6) 32.7 Retained profit / (loss) for the period 70.7 (72.0) EPS* (pence) 32.6 23.9 36.4 Basic EPS (pence) 33.2 (12.5) Dividends per share (pence) 12.0 9.0 33.3 * Before amortisation of goodwill, intangible assets and exceptional items** Excluding JVs and associatesCONTENTS 1. Summary of full year 2004 Financial Results 2. Divisional Review 3. Dividend 4. Balance Sheets and Cash Conversion 5. Fixed Asset Investments 6. Pensions 7. Tax 8. Interest 9. Exceptional Items and amounts written off investments10. IFRS11. Additional Information on Outlook12. Offshoring and Outsourcing13. CMP Media Statistics1. SUMMARY OF FULL YEAR 2004 FINANCIAL RESULTS Group Turnover Group Operating Profit* Twelve months to Twelve months to 31 December 31 December (‚£m) (‚£m) 2004 2003 Change Underlying 2004 2003 Change Underlying (%) #(%) (%) #(%) CMP Media 193.8 210.5 (7.9) (3.2) 23.0 14.8 55.4 52.0 CMPMedica 29.8 - 100.0 - 3.4 - 100.0 - CMP Asia 50.5 44.4 13.7 9.4 15.0 12.6 19.0 7.5 CMPi 159.3 135.0 18.0 4.1 33.6 25.3 32.8 10.4 UAP 58.5 58.1 0.7 0.0 13.2 14.0 (5.7) (8.0) Professional 491.9 448.0 9.8 0.6 88.2 66.7 32.2 14.8Media News 94.8 94.8 0.0 10.6 24.0 13.4 79.1 103.2Distribution Market 222.9 203.9 9.3 5.3 20.1 19.3 4.1 (12.1)Research Total 809.6 746.7 8.4 3.2 132.3 99.4 33.1 20.0 # Underlying: adjusted for the estimated effects of acquisitions, foreign exchange, SARS and biennial events* before amortisation of goodwill and intangible assets and exceptional itemsUnderlying revenue was up 3.2 per cent - after adjusting for the effects ofacquisitions, foreign exchange, SARS and biennials. Group revenue in 2004 wasincreased by ‚£90.1m of revenue from 2004 acquisitions and the full year effectof acquisitions made during 2003. The weakness of the US dollar has a directtranslation impact - with two thirds of UBM revenue reported locally in USdollars, group revenue was reduced by ‚£53.0m as a result of foreign exchange.The average rate of $:‚£ exchange in 2004 was 1.83 (1.64), together with theeffects of other currency movements this reduced operating profit in 2004 by ‚£7m. A 1 cent movement in the US dollar against sterling is approximatelyequivalent to a move in profit of around ‚£300,000 over the full year.2. DIVISIONAL REVIEWProfessional Media Turnover Operating Profit* Twelve months to Twelve months to 31 December 31 December 2004 2003 Change 2004 2003 Change ‚£m ‚£m % ‚£m ‚£m % CMP Media 193.8 210.5 (7.9) 23.0 14.8 55.4 CMPMedica 29.8 - 100.0 3.4 - 100.0 CMP Asia 50.5 44.4 13.7 15.0 12.6 19.0 CMPi 159.3 135.0 18.0 33.6 25.3 32.8 UAP 58.5 58.1 0.7 13.2 14.0 (5.7) Total 491.9 448.0 9.8 88.2 66.7 32.2 Profitability at CMP Media has improved significantly. An increase inoperating margins from 7.0 per cent to 11.9 per cent has boosted operatingprofits to ‚£23.0m (‚£14.8m). Despite tougher comparatives in the second half of2003, overall full year underlying technology revenues were only down 1 percent - online revenues were strongly up by 29 per cent, events were up 11 percent, continuing revenues from traditional print publishing were down 2 percent. CMP Media's online business moved into operating profit. Custommarketing solutions and integrated multi-media marketing packages continue todo well, to the overall benefit of CMP Media's technology business - this doeshowever dilute traditional print yields which were down 1.5 per cent. In 2004 CMP Healthcare Media was 18 per cent of CMP Media's total revenue. Last year's healthcare acquisition (The Oncology Group and Cliggott Publishing)is fully integrated and performed ahead of its business case. Underlyinghealthcare publishing revenues were up 7.6 per cent. Revenue from the medicaleducation business was down 31.6 per cent as the regulatory issues of thesecond quarter registered in both the third and fourth quarters of 2004. Further operating efficiencies were achieved across CMP Media. In addition,organic investment projects delivered ‚£12m of revenue and ‚£4m of incrementalcontribution. CMPMedica, acquired on 30 July 2004, is ahead of plan. CMPMedica's underlyingrevenues are up 6.4 per cent, with the important French market performingwell. CMPMedica's subsequent JV acquisition of Axilog is providing it withgreater access to doctors' desktops in France. CMP Asia's profit is now well ahead of pre SARS levels, with visitor attendanceat Hong Kong shows up by around 40 per cent on 2003, and particular successesfrom the jewellery fairs, the beauty fair and the natural health fairs inJapan. Profits of ‚£15.0m reflected improved strength in the establishedbusiness and the effects of the steady flow of new products launched in recentyears. CMP Informationincreased exhibition space and - boosted by the acquisitions andnew product launches - grew display market share in the UK and US to 38 percent (35 per cent). Revenues increased by 18.0 per cent and furtherimprovements in margin drove a 32.8 per cent increase in operating profit. This growth was boosted by the businesses acquired in 2003 (including TheBuilder Group and Barbour Index) which are performing ahead of plan. Increasedproduct improvements and launches helped to grow underlying revenue by 4.1 percent and underlying operating profit by 10.4 per cent. UAP's performance in the second half of 2004 saw a continuation of the mixedtrends in the first half. Overall revenue was stable, with strong performancesfrom Daltons Weekly and DaltonsBusiness.com, continued progress at AutoExchange, but a decline in revenue at Exchange & Mart. Margins were down dueto the costs of restructuring, promotions and reinvestment in core brands.In 2005 UAP is investing in the E&M brand in order to accelerate the migrationonline. The acquisition in February 2005 of The Publican and other licensedtrade assets strengthens the breadth and depth of UAP's range of specialisttitles and offers cross selling opportunities with the Businesses for Salesection of Daltons Weekly.PR Newswire - News Distribution Turnover Operating Profit* Twelve months to Twelve months to 31 December 31 December 2004 2003 Change 2004 2003 Change ‚£m ‚£m % ‚£m ‚£m % PR Newswire 94.8 94.8 - 24.0 13.4 79.1 PR Newswire achieved a 103.2 per cent increase in underlying operating profit,an operating margin increase to 25.3 per cent , up from 14.1 per cent in 2003,and an underlying 10.6 per cent increase in revenue. There were three main factors behind PR Newswire's growth; improvements in coreUS wire volumes and yield, the increasing success of organic product launches,and significant improvements in the profitability of operations outside of theAmericas.US wire volumes increased by 3.7 per cent with yields up 6.6 per cent. Thecore messaging business benefited from the strength of the Canada Newswire JVwhich achieved a 15 per cent increase in revenue and a 14 per cent increase inoperating profit. Video news release and media contacts database products,both grew revenue by over a third, generating ‚£10m in revenue and moving intoprofit. Effective cost control has succeeded in turning the businessesoutside America from a ‚£2.7m loss in 2003 into a profit in 2004.NOP World - Market Research Turnover Operating Profit* Twelve month to Twelve months to 31 December 31 December 2004 2003 Change 2004 2003 Change ‚£m ‚£m % ‚£m ‚£m % NOP World 222.9 203.9 9.3 20.1 19.3 4.1 Mediamark Research, Allison Fisher, Eurisko and NOP Research each grew revenueby over 10 per cent, together they accounted for over 90 per cent of NOP'stotal profit. And there are signs of improvement in the US healthcare andconsumer business. The reorganisation of NOP along sector lines and theinvestment in new products, improved marketing and higher productivity is nowboosting the performance of the custom businesses. Non-recurringrestructuring costs and losses on discontinued businesses reduced operatingprofit by ‚£3m.3. DIVIDENDIn line with the progressive dividend policy, the Board is recommending a finaldividend of 8.37 pence (5.70 pence), bringing the total for the year to 12.00pence (9.00 pence), an increase of 33.3 per cent. This increase reflects theexcellent performance achieved in 2004 and the directors' confidence in thelong-term outlook for the business.The final dividend on the ordinary shares will be paid on 26 May toshareholders on the register on 29 March. The dividend on the 5,446,789 outstanding B shares will be 8.00 pence pershare. This dividend will be payable on 25 April to shareholders on theregister on 29 March.4. BALANCE SHEET AND CASH CONVERSIONNet debt at the end of the period was ‚£68.8m, after expenditure of ‚£191.9m onacquisitions during the year and strong operating cash conversion of 102.3 percent of operating profit. The year end net debt follows the retirement of$250m of 7.25 per cent debt in July and $125m of 8.04 per cent debt inSeptember.5. FIXED ASSET INVESTMENTSUBM holds investments in five, ITN, SIS, SDN, Paperloop and The PressAssociation. Five revenue grew by 11.1per cent to ‚£288.8m (‚£259.9m) andincreased operating profit to ‚£19.5m (‚£8.5m). Audience share increased to 6.7per cent (6.6 per cent) and share of advertising revenue increased from 8.1 percent to 8.3 per cent. Five's share of Individual's viewing on the Freeviewplatform has increased to 9.3 per cent .Income from fixed asset investments - including SDN, PA and ITN - amounted to‚£6.0m.6. PENSIONSAs at 31 December 2004, the pension deficit of ‚£95.2m had been increased by ‚£11.3m on the prior year end, largely reflecting an increase in the assumed rateof inflation.7. TAXThe effective tax rate in 2004 was 21.8 per cent (22.0 per cent). Following the successful resolution of outstanding tax liabilities, there was a‚£121.0m reduction in prior year liabilities. The year end tax creditor hasbeen reduced by ‚£100.5m to ‚£208.0m (‚£308.5m). The tax creditor also reflects a‚£20.5m accrual in respect of 2004 and a prudent provision for potential taxliabilities in respect of prior years.8. INTERESTNet interest income for the year (before the FRS17 financial expense ) was ‚£12.5m (‚£9.4m). 9. EXCEPTIONAL ITEMS AND AMOUNTS WRITTEN OFF INVESTMENTSA net exceptional profit of ‚£7.2m was credited to the profit on ordinaryactivities before tax. This comprised ‚£18.9m additional profit relating to2000 disposals and ‚£11.7m written off investments. In December 2004, Unitedagreed a settlement payment of ‚£32m from Granada in respect of outstandingitems relating to the 2000 disposals. The additional profit on disposalrepresents this receipt, after deduction of interest, costs and the offset ofrecorded receivables. The Group has also written down the carrying value ofcertain fixed asset investments, to reflect their expected realisable value. As referred to above, there was also an exceptional taxation credit of ‚£121.0m.10. IFRS SUMMARYUBM has estimated the impact of IFRS as if used as the accounting basis for its2004 results. There is a significant positive impact on profit due to the nonamortisation of goodwill under IFRS; the net effect of other changes isexpected to be immaterial. ‚£m'sProfit for the financial year 111.3in accordance with UK GAAPIFRS adjustments (unaudited) - amortisation of goodwill 122.9and intangible assets - share based payments (1.5) - equity accounting 1.7 - deferred tax 0.9 - pensions 0.1 - other 0.4 Profit in accordance with 235.8IFRS 11. ADDITIONAL INFORMATION ON OUTLOOKThe overall start to the year has been promising. Forward bookings are ahead -with events worldwide up by over 10 per cent and forward bookings for medicaleducation indicating a recovery towards 2003 levels. In healthcare,CMPMedica's forward bookings in its drug directories are up over 5 per centcompared with the same time last year. Technology publishing remains soft butonline continues to grow strongly. Following the good results from the organicinvestment programme of recent years we are increasing new product investmentby a further ‚£5m to ‚£10m in 2005.12. OFFSHORING AND OUTSOURCINGUBM has stepped up its programme of offshoring and outsourcing. Projectsalready offshored or outsourced include data processing, telephoneinterviewing, software upgrades, website conversions and circulationmanagement. New projects currently being finalised or in planning are notexpected to have a material effect in 2005 but should realise annualisedsavings of approximately $20m by 2007.13. CMP Media StatisticsDue to the progressive decline in the significance of this indicator since itsinitial publication in 2001 UBM will in future publish these statistics on aquarterly rather than a monthly basis. The next report will therefore relateto the first quarter of 2005. For further information please contact:For United Business Media enquiries:Michael Waring United Business Media 020 7921 5031 Colin Browne The Maitland Consultancy 020 7379 5151 Notes to Editors:United Business Media plc (http://www.unitedbusinessmedia.com) is aleading provider of business information services to the technology,healthcare, media, automotive, financial services and property industries. UBMoffers services in market research, consultancy, news distribution, publishingand events to customers across the globe. Its brands include NOP World, one ofthe largest market research groups globally; PR Newswire, the world's leadingcorporate news distribution service and CMP, the B2B media and exhibition groupoperating in high tech, healthcare, property, entertainment, jewellery &fashion in the US, UK, Asia and Europe.This press release includes statements which are not historical facts and areconsidered "forward-looking" within the meaning of Section 27 of the SecuritiesAct of 1933, as amended. These forward-looking statements reflect UBM'scurrent views about future events, business and growth strategy and financialperformance. These forward-looking statements are identified by their use ofterms and phrases such as "believe," "expect," "plan," "anticipate," "ontarget" and similar expressions identifying forward-looking statements.Investors should not rely on forward-looking statements because they aresubject to a variety of risks, uncertainties and other factors that could causeactual results to differ materially from UBM's expectations. UBM expresslydoes not undertake any duty to update forward-looking statements. Managementdoes not attempt to update forecasts unless conditions materially change.Group profit and loss accountfor the year ended 31 December 2004 Before Exceptional Before Exceptional exceptional items exceptional items items (note 3) Total items (note 3) Total 2004 2004 2004 2003 2003 2003 Notes ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m Turnover - group and share of joint ventures Continuing 803.8 - 803.8 770.3 - 770.3 operations 1 Less: share (24.0) - (24.0) (23.6) - (23.6) of joint ventures' turnover 779.8 - 779.8 746.7 - 746.7 Acquisitions 29.8 - 29.8 - - - 1 Group 809.6 - 809.6 746.7 - 746.7 turnover Group operating profit / (loss) Continuing 1.7 - 1.7 (29.1) - (29.1) operations Acquisitions (5.1) - (5.1) - - - Group (3.4) - (3.4) (29.1) - (29.1) operating loss Share of operating profit in joint ventures and associates Continuing 3.7 - 3.7 2.9 - 2.9 operations Acquisitions - - - - - - 3.7 - 3.7 2.9 - 2.9 Income from 6.0 - 6.0 3.9 - 3.9 other fixed asset investments 1 Total 6.3 - 6.3 (22.3) - (22.3) operating profit / (loss) 3 Additional - 18.9 18.9 - - - profit on prior year disposals 3 Amounts - (11.7) (11.7) - - - written off investments Profit / 6.3 7.2 13.5 (22.3) - (22.3) (loss) on ordinary activities before interest 4 Net interest 12.5 - 12.5 9.4 - 9.4 income Other (3.4) - (3.4) (5.5) - (5.5) finance expense 2 Profit / 15.4 7.2 22.6 (18.4) - (18.4) (loss) on ordinary activities before tax 5 Tax on (30.8) - (30.8) (22.7) - (22.7) profit / (loss) on ordinary activities 3 Exceptional - 121.0 121.0 taxation credit Profit / (15.4) 128.2 112.8 (41.1) - (41.1) (loss) on ordinary activities after tax Equity (1.5) - (1.5) (0.3) - (0.3) minority interests Profit / (16.9) 128.2 111.3 (41.4) - (41.4) (loss) for the financial year 6 Dividends - (40.2) (30.2) equity - (0.4) (0.4) non-equity (40.6) (30.6) Retained 70.7 (72.0) profit / (loss) for the financial year Earnings/ (loss) per share 7 - adjusted 32.6p 23.9p 7 - basic 33.2p (12.5) p 7 - diluted 29.6p (12.5) p Balance sheetsat 31 December 2004 As restated Group Group Company Company 2004 2003 2004 2003 ‚£m ‚£m ‚£m ‚£m Fixed assets Intangible assets 495.8 430.8 - - Tangible assets 50.1 54.5 - - Investments in subsidiary undertakings - - 3,349.8 3,373.4 Investments in joint ventures: - share of gross assets 16.6 16.7 - - - share of gross liabilities (7.8) (5.5) - - Investments in joint ventures 8.8 11.2 - - Investments in associated undertakings 1.9 0.2 - - Other investments 146.8 168.9 - - 703.4 665.6 3,349.8 3,373.4 Current assets Stocks and work in progress 22.8 20.4 - - Debtors 198.0 158.5 141.9 118.3 Short term liquid funds 234.2 425.2 - - Cash at bank and in hand 144.6 185.9 0.3 0.2 599.6 790.0 142.2 118.5 Creditors: amounts falling due within (668.1) (1,076.6) (34.2) (246.6) one year Net current (liabilities)/ assets (68.5) (286.6) 108.0 (128.1) Total assets less current liabilities 634.9 379.0 3,457.8 3,245.3 Creditors: amounts falling due after more than one year Bank and other loans (96.1) (101.9) (130.2) (138.2) Other creditors (4.6) (5.4) (1,999.4) (1,680.1) Convertible debt (208.7) - - - (309.4) (107.3) (2,129.6) (1,818.3) Provisions for liabilities and charges (50.0) (63.1) - - Net assets excluding pension liability 275.5 208.6 1,328.2 1,427.0 Pension liability (95.2) (83.9) - - Net assets including pension liability 180.3 124.7 1,328.2 1,427.0 Capital and reserves Called up share capital 84.5 84.5 84.5 84.5 Share premium account 310.8 309.4 310.8 309.4 Merger reserve 31.3 31.3 - - Other reserves 156.0 160.1 126.2 126.2 Profit and loss account (404.5) (461.6) 806.7 906.9 Shareholders' funds (including 178.1 123.7 1,328.2 1,427.0 non-equity interests) Equity minority interests 2.2 1.0 - - Capital employed 180.3 124.7 1,328.2 1,427.0 Equity shareholders' funds 177.6 123.2 1,327.7 1,426.5 Non-equity shareholders' funds 0.5 0.5 0.5 0.5 Shareholders' funds 178.1 123.7 1,328.2 1,427.0 These financial statements were approved by a duly appointed and authorisedcommittee of the Board of Directors on 24 February 2005 and were signed on itsbehalf by: Geoff Unwin Director Clive Hollick DirectorGroup cash flow statementfor the year ended 31 December 2004 2004 2003 Notes ‚£m ‚£m 8 Net cash inflow from operating activities 107.1 84.6 Dividends received from joint ventures and associated undertakings 4.0 2.1 Returns on investments and servicing of finance Interest received 44.1 20.5 Interest paid (36.3) (18.2) Dividends paid to minority shareholders - (1.3) Dividends paid to non-equity shareholders (0.4) (0.6) Income from other fixed asset investments 5.6 5.4 Net cash inflow from returns on investments and servicing of finance 13.0 5.8 Taxation UK corporation tax received 1.0 8.9 Overseas tax paid (11.0) (0.5) Taxation (paid) / received (10.0) 8.4 Capital expenditure and financial investment Purchase of tangible fixed assets (8.5) (6.9) Proceeds from sale of tangible fixed assets 1.9 - Proceeds from sale of investments 3.0 10.3 Increase in investments - (5.4) Investment in own shares - ESOP (4.1) - Net cash outflow from capital expenditure and financial (7.7) (2.0) investment Acquisitions and disposals Purchase of subsidiary undertakings and businesses (199.9) (138.3) Net cash acquired with subsidiary undertakings and businesses 9.7 8.4 Investments in joint ventures and associated undertakings (1.7) - Net cash outflow from acquisitions and disposals (191.9) (129.9) Equity dividends paid to shareholders (31.2) (24.4) Net cash outflow before use of liquid resources and (116.7) (55.4) financing Management of liquid resources Sale of current asset investments 176.6 134.9 Decrease / (increase) in short term deposits 169.5 (103.3) Net cash inflow from management of liquid resources 346.1 31.6 Financing Proceeds from issue of ordinary share capital 1.5 1.0 Return of capital to shareholders (including costs) (1.9) (3.6) (Decrease) / increase in bank loans (98.9) 21.1 Repayment of loan notes - (1.2) Net cash (outflow) / inflow from financing (99.3) 17.3 Increase / (decrease) in cash in the year 130.1 (6.5) 2004 2003 Reconciliation of net cash flow to movement in net cash / ‚£m ‚£m (debt) Decrease / (increase) in cash in the year 130.1 (6.5) Cash outflow / (inflow) from debt 98.9 (19.9) Cash inflow from decrease in liquid resources (346.1) (31.6) Changes in net cash resulting from cash flows (117.1) (58.0) Other non-cash movements (1.0) (2.0) Translation difference 2.8 13.0 Movement in net cash in year (115.3) (47.0) Opening net cash 46.5 93.5 9 Closing net (debt) / cash (68.8) 46.5 Liquid resources include term deposits and government and corporate securities.Statement of group total recognised gains and lossesfor the year ended 31 December 2004 2004 2003 ‚£m ‚£m Profit / (loss) for the financial year 111.3 (41.4) Currency translation differences on foreign currency net investments: Group 3.6 (20.4) Joint ventures (0.5) (0.1) Actuarial (loss) / gain recognised in the pension schemes (14.9) 11.6 Other recognised losses for the year (11.8) (8.9) Total recognised gains / (losses) for the year 99.5 (50.3) Adjustment for investment in own shares (see note 11) 3.7 - Total recognised gains / (losses) since last annual report 103.2 (50.3) The historical cost result is not materially different from the reported lossin either year.Reconciliation of movements in group shareholders' fundsfor the year ended 31 December 2004 2004 As restated 2003 ‚£m ‚£m Opening shareholders' funds as reported 123.7 211.3 Adjustment for investment in own shares (see note 11) - (4.1) Opening shareholders' funds - restated 123.7 207.2 Profit / (loss) for the financial year 111.3 (41.4) Equity dividends (40.2) (30.2) Non-equity dividends on B shares (see note 6) (0.4) (0.4) 194.4 135.2 Other recognised losses relating to the year (11.8) (8.9) New share capital subscribed 1.5 1.0 Own share capital purchased - ESOP (4.1) - Return of capital to shareholders (1.9) (3.6) Closing shareholders' funds 178.1 123.7 Notes to the financial statements Group share Group share of joint of joint Group ventures Group ventures 2004 2004 2003 2003 1. Business analysis ‚£m ‚£m ‚£m ‚£m Turnover by division Continuing operations: CMP Media 193.8 8.8 210.5 8.2 CMP Asia 50.5 4.5 44.4 3.5 CMP Information 159.3 - 135.0 1.6 United Advertising Publications 58.5 - 58.1 - Professional media 462.1 13.3 448.0 13.3 News distribution 94.8 10.7 94.8 10.3 Market research 222.9 - 203.9 - Continuing operations 779.8 24.0 746.7 23.6 Acquisitions: CMPMedica 29.8 - - - 809.6 24.0 746.7 23.6 Turnover by geographic market United Kingdom 249.6 - 225.7 1.6 North America 424.1 18.5 450.1 17.7 Europe and Middle East 78.1 1.0 31.5 0.8 Pacific 57.8 4.5 39.4 3.5 809.6 24.0 746.7 23.6 Turnover analysis is based on turnover by origin. Turnover by destination wouldnot be materially different. As restated 2004 2003 Net operating assets/ (liabilities) by division ‚£m ‚£m CMP Media 118.7 144.6 CMPMedica 150.9 - CMP Asia (7.0) (4.0) CMP Information 65.6 78.9 United Advertising Publications 7.3 6.5 Professional media 335.5 226.0 News distribution 4.8 12.1 Market research 80.2 69.0 420.5 307.1 by geographic market United Kingdom 92.8 70.0 North America 176.9 226.3 Europe and Middle East 159.0 16.4 Pacific (8.2) (5.6) 420.5 307.1 Reconciliation of net operating assets to net assets Net operating assets 420.5 307.1Related Shares:
UBM