19th Mar 2007 07:00
UTV plc
("UTV" or "the Company" or "the Group")
Preliminary Results
for the year ended 31 December 2006
Financial Highlights
* Group revenue up 22% at ‚£113.6m (2005: ‚£92.7m) reflecting the full year impact of The Wireless Group plc, now referred to as Radio GB * Group operating profit up 6% at ‚£27.4m (2005: ‚£25.8m) before charging start-up losses of ‚£2.6m (2005 : ‚£0.9m) in respect of our two new radio stations in Belfast and Edinburgh * Radio operating profit up 52% at ‚£14.6m (2005 : ‚£9.6m) before charging start-up losses of ‚£2.6m (2005 : ‚£0.9m) in respect of our new radio stations in Belfast and Edinburgh * Television operating profit down 24% at ‚£11.7m (2005 : ‚£15.4m) * New Media operating profit up 31% at ‚£1.1m (2005 : ‚£0.8m) * Diluted adjusted earnings per share down by 15% to 23.08p (2005 : 27.14p) * An 8.00p final dividend resulting in a full year dividend of 13.00p (2005 : 12.50p), an increase of 4%. * Net debt reduced by ‚£8.6m to ‚£117.6m (2005 : ‚£126.2m)
Operational Highlights
* Television advertising revenue reduced by 9% outperforming the ITV network which reduced by 12% * Radio advertising revenue in Great Britain grew by 6% on a like for like basis, compared to a market decline of 5% * Radio advertising in Ireland grew by 12% on a like for like basis * New Media revenues grew by 17%
John McCann, Group Chief Executive, UTV, said:
"Our strategy of developing media interests outside our TV business through the acquisition of radio assets in both GB and Ireland has resulted in our radio divisions' contributing the larger proportion of the Group's revenue and operating profit for the first time.
"Our strong regional TV advertising performance has once again resulted in an outperformance when compared to ITV1. We have had a positive start to 2007 and I remain confident of our ability to continue to outperform against a backdrop of difficult trading conditions in the GB advertising market."
Key dates:
* 30 March 2007: record date for payment of dividends * 25 May 2007 : date of Annual General Meeting * 11 June 2007 : payment of dividends
For further information contact:
Powerscourt +44 20 7236 5615Rory Godson +44 7909926020UTV plc
John McCann Group Chief Executive +44 28 9026 2202
Paul O'Brien Group Finance Director +44 28 9026 2098
Orla McKibbin Head of Press and PR +44 28 9026 2188
Chairman's Statement
Introduction
Your company again outperformed its peer groups in what was a challenging year for the media industry as a whole. Our Irish radio operations enjoyed like-for-like revenue growth of 12% while in Great Britain our like-for-like radio revenue increased by 6% compared to a market decline of 5%. Our television revenue was down by 7% driven by a decline in advertising revenue of 9% which compared to a 12% fall in ITV network revenue. Our new media division improved its revenue by 17%. In addition to meeting the broader challenges of network and market revenue declines in UK television and radio, your company also completed the successful integration of the former Wireless Group so that, for the first time, total radio operating profit, even after allowing for start-up losses at our two new radio stations, exceeded that of television. The continuing ability of your company to assimilate new assets while improving operational performance during difficult trading conditions, augurs well for the future.
Results and dividend
Operating profit, including associates, before exceptional items but after radio start-up losses of ‚£2.6m (2005 : ‚£0.9m), was broadly flat at ‚£24.8m (2005 : ‚£24.9m). Increases of ‚£3.3m and ‚£0.3m in radio and new media operating profits to ‚£12.0m (2005 : ‚£8.7m) and ‚£1.1m (2005 : ‚£0.8m) respectively, substantially offset a ‚£3.7m reduction in television operating profit to ‚£11.7m (2005 : ‚£15.4m). With a net interest charge of ‚£8.0m (2005 : ‚£4.5m), and no foreign exchange gains (2005 : ‚£0.4m), group profit before exceptional items and taxation was down by ‚£4m to ‚£16.8m (2005 : ‚£20.8m).
Exceptional items include an exceptional tax gain of ‚£20.2m relating to the prior year tax losses now being available against future years' earnings in our GB radio operation and brought into the Group's Balance Sheet as a deferred tax asset and a release of the deferred tax liability associated with an impairment charge. This impairment charge of ‚£20.2m arises from our review of the carrying value of all Group assets, reflecting market conditions in GB. We incurred costs relating to aborted transactions of ‚£0.5m. After ordinary taxation of ‚£ 3.6m (2005 : ‚£5.1m) profit for the year was ‚£12.7m (2005 : ‚£14.5m) of which ‚£ 12.3m (2005 : ‚£14.4m) was attributable to shareholders. Diluted earnings per share adjusted for exceptional items were down 15% at 23.08p (2005 : 27.14p).
Your Board recommends a final dividend of [8.00p] (2005 : 7.75p) which represents a [3.2%] increase over last year making a total for the year of [13.00p] (2005 :12.50p), an increase of [4%]. The final dividend will be paid on 11 June 2007 to all shareholders on the Register at the close of business on 30 March 2007. The Annual General Meeting will be held on 25 May 2007.
Radio
Our radio division generated ‚£61.7m (2005 : ‚£38.9m) of revenue in the period, 54% of group turnover. Radio recorded an operating profit before exceptional items of ‚£14.6m (2005 : ‚£9.6m) before accounting for start-up losses of ‚£2.6m (2005: ‚£0.9m) in our new radio stations in Edinburgh and Belfast.
We successfully integrated our GB radio assets into the group and embarked upon a programme to improve the overall performance of talkSPORT and the local radio stations. Against the backdrop of a declining UK radio market, talkSPORT's performance was particularly impressive with revenue up by 18% over the previous year. We invested much of that additional revenue in promoting the brand and enhancing the production quality of our output and this drive towards improving the product was evident also in our winning bid to gain Premiership football rights for the three years commencing 2007/08. The early fruits of our new long term development plan are also evident in the outperformance of the market by our local radio stations, which recorded a 1.6% decrease in revenue over the previous year against a market fall of 5%.
Our GB radio stations recorded profits of ‚£8.8m (2005 : ‚£5.0m) before charging start-up losses of ‚£1.7m (2005 : ‚£0.1m) in respect of our new radio station in Edinburgh.
Our radio stations in Ireland continued to perform strongly, with like-for-like advertising revenue up by 12%. Within this, national advertising growth at 18% reflected our ability to offer larger advertisers the opportunity to market their products to the key urban areas. This offering has the potential for further enhancement through the development of our new radio station in Belfast which will provide essentially an all-Ireland marketing solution to national and multi-national advertisers. Operating profit from our Irish radio stations was up by 26% to ‚£5.8m (2005 : ‚£4.6m) before charging start-up losses of ‚£0.9m (2005 : ‚£0.8m) in respect of the Belfast station.
Television
The television advertising market was weak throughout 2006. The leading commercial channel ITV1, continued to suffer from declining audience ratings which impacted unduly upon advertising revenue through the mechanism of the Contract Rights Renewal (CRR) undertaking. For the year as a whole, ITV network advertising revenue was down by 12%. The impact of CRR on our advertising revenue from GB was mitigated by our strong ratings performance in Ireland, but we were not immune to the overall effect on the market which caused our advertising revenue to fall by 9%. Nevertheless, this was a significant outperformance of the network and we achieved another record share of ITV1's advertising revenue of 2.82%. With our television revenue down by 7%, our television operating profits before exceptional items were ‚£11.7m (2005 : ‚£ 15.4m).
New Media
Our new media division enjoyed a 17% increase in turnover to ‚£9.5m (2005 : ‚£ 8.1m) with broadband and telephony services continuing to be the main drivers of this growth. Improved profitability was a key focus in the year and, even after writing off customer acquisition costs, operating profits from this division were up by 31% to ‚£1.1m (2005 : ‚£0.8m).
Prospects
We continue to outperform the market and our peer groups in the first quarter of 2007. Advertising revenue from our radio stations in Great Britain is expected to be 2% up in this quarter compared to an anticipated market decline of 4%. Although the stimulus of the football World Cup will be in the comparative revenue for the first half of 2006, the current first half will not carry the additional marketing and production costs associated with that event and we believe this will be broadly positive for talkSPORT's profitability in the six months to 30 June 2007. Losses of ‚£0.9m (2006: ‚£0.9m) are estimated to be incurred in the first half of 2007 at our new radio station in Edinburgh.
Our radio stations in Ireland continue to perform strongly with like-for-like advertising revenue forecast to be up by 9% in the first 3 months of 2007. Excellent listenership figures combined with good economic growth engender confidence in the prospects for the year as a whole. Our Limerick station applied for, and won, renewal of its ten year licence against a competing application. Losses of ‚£0.6m (2006 : ‚£0.5m) are estimated to be incurred in the first half of 2007 at our new radio station in Belfast.
Outperformance by our television division also continues into 2007. In the first quarter of this year ITV network revenue is expected to be down by 9% but strong local demand on the back of firm regional audience ratings should ensure that our television revenue in this period is flat. We are in discussions with ITV plc to transfer responsibility for their sales house function in Ireland into our control from 1 April 2007. ITV plc's sales house will continue to represent us in Great Britain.
In new media, demand for our broadband and telephony products remains strong and we are forecasting a 24% improvement in turnover in the first three months of 2007.
People
I have referred in this statement to your company's outperformance of its peer groups. This outperformance has been a feature of your company's results for some years and is made possible only through the skill, commitment and hard work of people throughout the organisation. On your behalf, I would like to thank the Board, management and staff for their contributions to the success of your company.
John B McGuckianChairman19 March 2007Group Income Statement
For the year ended 31 December 2006
Except Except -ional Total -ional Total Results Items Results Results Items Results Notes 2006 2006 2006 2005 2005 2005 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Continuing operations Revenue 2 113,583 - 113,583 92,741 - 92,741 Operating costs (88,968) - (88,968) (67,934) - (67,934) ------- ------- ------- ------- ------- ------- Operating profit 24,615 - 24,615 24,807 - 24,807before impairment Impairment of 3 - (14,877) (14,877) - - -intangible assets ------- ------- ------- ------- ------- ------- Operating profit 2 24,615 (14,877) 9,738 24,807 - 24,807from continuing operations before tax and finance costs Non-operational 3 - (5,833) (5,833) - (1,235) (1,235)exceptional costs Share of results of 2 211 - 211 109 - 109associates accounted for using the equity method ------- ------- ------- ------- ------- ------- Profit from 24,826 (20,710) 4,116 24,916 (1,235) 23,681continuing operations before tax and finance costs Finance revenue 2 360 - 360 438 - 438 Finance costs 2 (8,381) - (8,381) (4,941) - (4,941) Foreign exchange - - - 413 - 413gain ------- ------- ------- ------- ------- ------- Profit before tax 16,805 (20,710) (3,905) 20,826 (1,235) 19,591 Taxation 4 (3,611) 20,186 16,575 (5,101) - (5,101) ------- ------ ------- ------- ------- ------- Profit for the year 2 13,194 (524) 12,670 15,725 (1,235) 14,490 ------ ------ ------ ------ ------ ------ Attributable to: Equity holders of 12,839 (524) 12,315 15,591 (1,235) 14,356the parent Minority interests 355 - 355 134 - 134 ------- ------- ------- ------- ------- ------- 13,194 (524) 12,670 15,725 (1,235) 14,490 ------- ------- ------- ------- ------- -------Earnings per share 2006 2005 Diluted 5 22.39p 26.09p Basic 5 22.55p 26.38p Adjusted 5 23.25p 27.43p Diluted 5 23.08p 27.14padjusted ----------- -----------
Group Statement of Recognised Income and Expense
For the year ended 31 December 2006
2006 2005 Notes ‚£000 ‚£000 Income and expenses recognised directly in equity Exchange difference on translation of foreign (1,703) (1,418)operations Exchange difference on loans hedging net investment - 1,287in foreign subsidiaries Net actuarial gain on defined benefit pension 1,808 943schemes Profits/(losses) on cash flow hedges taken to 1,698 (119)equity Revaluation of share of assets previously acquired - 1,248in AR(UK) Limited Tax on items taken directly to or transferred from (1,005) (283)equity ----------- ----------- Net income recognised directly in equity 798 1,658 Profit for the year 2 12,670 14,490 ----------- ----------- Total recognised income and expense for the year 13,468 16,148 ----------- ----------- Attributable to: Equity holders of the parent 13,113 16,014 Minority interests 355 134 ----------- ----------- Total recognised income and expense 8 13,468 16,148 ----------- ----------- Group Balance SheetAt 31 December 2006 2006 2005 ASSETS Notes ‚£000 ‚£000 Non-current assets Property, plant and equipment 11,036 10,938 Intangible assets 183,706 205,165 Investments accounted for using the equity method 116 268 Other investments 32 32 Deferred tax asset 22,178 8,725 ----------- ----------- 217,068 225,128 ----------- ----------- Current assets Inventories 538 832 Trade and other receivables 27,694 29,367 Financial assets 1,579 - Cash and short term deposits 7 7,897 6,470 ----------- ----------- 37,708 36,669 ----------- ----------- TOTAL ASSETS 254,776 261,797 ----------- ----------- EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Equity share capital 8 8,220 7,824 Treasury shares 8 (360) - Foreign currency reserve 8 (1,595) 108 Cash flow hedge reserve 8 1,579 (119) Retained earnings 8 46,479 40,325 ----------- ----------- 54,323 48,138 Minority interest 8 215 127 ----------- ----------- Total equity 54,538 48,265 ----------- ----------- Non-current liabilities Interest bearing loans and borrowings 7 115,352 119,935 Pension liability 3,983 6,320 Provisions 992 1,176 Deferred tax liabilities 41,081 44,646 ----------- ----------- 161,408 172,077 ----------- ----------- Current liabilities Trade and other payables 27,560 26,738 Current portion of interest bearing loans and 7 10,131 12,736borrowings Tax payable 1,001 1,811 Provisions 138 170 ----------- ----------- Net current liabilities 38,830 41,455 ----------- ----------- TOTAL LIABILITIES 200,238 213,532 ----------- ----------- TOTAL EQUITY AND LIABILITIES 254,776 261,797 ----------- -----------Group Cash Flow Statement
For the year ended 31 December 2006
2006 2005 Note ‚£000 ‚£000 Operating activities
Group operating profit from continuing operations 2 24,615 24,807 before tax and finance costs
Adjustments to reconcile group operating profit to net cash flows from operating activities Depreciation of property, plant and equipment 1,939 1,746 Difference between pension contributions paid and (530) (300)amounts recognised in the income statement Decrease in inventories 294 7 Decrease/(increase) in trade and other receivables 1,023 (349) Increase in trade and other payables 468 1,705 Movement in provisions (216) (27) Profits from sale of property, plant and equipment (68) (16) ----------- ----------- Cash generated from operations before exceptional 27,525 27,573costs Exceptional costs - (1,105) Tax paid (2,379) (4,338) ----------- ----------- Net cash inflow from operating activities 25,146 22,130 ----------- ----------- Investing activities Interest received 366 431 Proceeds on disposal of property, plant and 438 56equipment Purchase of property, plant and equipment (2,351) (1,868) Dividends received from associates 295 - Acquisition of subsidiaries, net of cash acquired - (103,811) Acquiree transaction costs settled - (5,566) Acquisition of joint ventures, net of cash acquired - (366) ----------- ----------- Net cash flows from investing activities (1,252) (111,124) ----------- ----------- Financing activities Borrowing costs (7,979) (6,557) Proceeds from exercise of share options 396 236 Acquisition of treasury shares (360) - Dividends paid to equity shareholders (6,964) (6,395) Dividends paid to minority interests (267) Repayment of borrowings (36,341) (35,912) Proceeds from borrowings 29,383 136,278 Repayment of finance leases (107) - ----------- ----------- Net cash flows used in financing activities (22,239) 87,650 ----------- ----------- Net increase/(decrease) in cash and cash 1,655 (1,344)equivalents Net foreign exchange differences (34) (87) Cash and cash equivalents at 1 January 6,276 7,707 ----------- ----------- Cash and cash equivalents at 31 December 7 7,897 6,276 ----------- -----------
Notes to the Group Financial Statements
For the year ended 31 December 2006
1. Basis of preparation
The Group's financial statements consolidate those of UTV plc, and its subsidiaries (together referred to as the "Group") and the Group's interest in associates and jointly controlled entities.
As required by EU law the Group's accounts have been prepared in accordance with International Financial Reporting Standards adopted by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB as adopted by the EU ("IFRS"). The accounts are principally prepared on the historical cost basis except where other bases are applied under the Group's accounting policies.
The financial information set out herein does not constitute the Company's statutory report and accounts for the year ended 31 December 2006.
2. Revenue and segmental analysis
Revenue represents the amounts derived from the provision of goods and services which fall within the Group's ordinary activities, stated net of value added tax. Revenue from Radio and Television activities is generated from advertising and sponsorship. Revenue from New Media is generated from the provision of internet services. The amount of revenue derived from the sale of goods or other activities is immaterial and therefore has not been separately disclosed. Transfer prices between business segments are set on an arm's length basis in a manner similar to transactions to third parties.
The Group's primary reporting format is business segments and its secondary format is geographical segments. The operating businesses are organised and managed separately according to the nature of the services provided, with each segment representing a strategic business unit that offers different services and serves different markets.
(a) Business segments
The Group operates in four principal areas of activity - commercial television, radio in GB, radio in Ireland and new media - all of which are continuing operations. The following tables present revenue and profit information and certain asset and liability information regarding the Group's business segments for the years ended 31 December 2006 and 2005.
RevenueYear ended 31 December 2006 Radio GB Radio Television New Total Ireland Media ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Sales to third parties 45,741 15,937 42,410 9,495 113,583 Intersegmental sales 997 591 1,177 60 2,825 ------- ------- ------- ------- -------- Total segmental revenue 46,738 16,528 43,587 9,555 116,408 ------- ------- ------- ------- -------- Year ended 31 December 2005 Radio GB Radio Television New Total Ireland Media ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Sales to third parties 25,112 13,738 45,752 8,139 92,741 Intersegmental sales 745 482 608 60 1,895 ------- ------- ------- ------- -------- Total segmental revenue 25,857 14,220 46,360 8,199 94,636 ------- ------- ------- ------- --------ResultsYear ended 31 December 2006 Radio GB Radio Television New Total Ireland Media ‚£000 ‚£000 ‚£000 ‚£000 ‚£000
Operating profit for the year 6,911 4,907 11,741 1,056 24,615
Share of results of associates 211 - - - 211
------- ------- ------- ------- ------- 7,122 4,907 11,741 1,056 24,826 ------- ------- ------- ------- Exceptional costs (20,710) Net finance costs (8,021) ------- Profit before tax (3,905) Income tax credit 16,575 ------- Profit for the year 12,670 -------Year ended 31 December 2005 Radio GB Radio Television New Total Ireland Media ‚£000 ‚£000 ‚£000 ‚£000 ‚£000
Operating profit for the year 4,799 3,845 15,359 804 24,807
Share of results of associates 109 - - - 109
------- ------- ------- ------- ------- 4,908 3,845 15,359 804 24,916 ------- ------- ------- ------- Exceptional costs (1,235) Net finance costs (4,503) Foreign exchange gain 413 ------- Profit before tax 19,591 Income tax expense (5,101) ------- Profit for the year 14,490 -------3. Exceptional items 2006 2005 ‚£000 ‚£000 Impairment of intangible assets 14,877 - Adjustment to goodwill 5,289 - Costs associated with aborted transactions 544 - Fundamental restructuring costs - 1,235 ----------- ----------- 20,710 1,235 ----------- -----------
In 2006, UTV has been in discussions with respect to a potential merger and also considered potential transactions in the Republic of Ireland. Costs were incurred in considering the feasibility of and the potential to finance these aborted transactions.
In 2005, following the acquisition of The Wireless Group plc, the staff structure within the UTV Group was reviewed and the fundamental rationalisation resulted in redundancy costs and other related costs.
4. Taxation
(a) Tax on profit on ordinary activities
2006 2005 ‚£000 ‚£000 Current income tax: UK corporation tax on profits for the year 794 3,126 Adjustments in respect to previous years (82) (75) ----------- ----------- 712 3,051 Foreign tax: ROI corporation tax on profits for the year 715 639 Adjustments in respect to previous years - - ----------- ----------- Total current tax 1,427 3,690 Deferred tax: Origination and reversal of timing differences 2,259 1,418 Adjustments in respect of previous periods (75) (7) ----------- ----------- Tax charge in the income statement 3,611 5,101 ----------- -----------(b) Exceptional credit
During the year an agreement was reached with HMRC that tax losses carried forward in UTV Radio GB Limited (formerly the Wireless Group plc) would be available to the Group going forward. The net amount of these losses was recognised as a deferred tax asset on the Group balance sheet and resulted in a tax credit of ‚£16,166,000. In addition to this, ‚£4,020,000 was released from the deferred tax liability on the recognition of an impairment of intangible assets.
5. Earnings per share
Basic earnings per share is calculated based on the profit for the financial year attributable to equity holders of the parent and on the weighted average number of shares in issue during the period.
Adjusted earnings per share is calculated based on the profit for the financial year attributable to equity holders of the parent adjusted for the exceptional items and non-operational foreign exchange recorded in the year. This calculation uses the weighted average number of shares in issue during the period.
Diluted earnings per share is calculated based on profit for the financial year attributable to equity holders of the parent. The weighted average number of shares is adjusted to reflect the dilutive potential of the Share Option Schemes.
Diluted adjusted earnings per share is calculated based on profit for the financial year attributable to equity holders of the parent before exceptional items and foreign exchange. The weighted average number of shares is adjusted to reflect the dilutive potential of the Share Option Schemes.
The following reflects the income and share data used in the basic, adjusted, diluted and diluted adjusted earnings per share calculations:
Net profit 2006 2005 ‚£000 ‚£000 Net profit attributable to equity holders 12,315 14,356 Exceptional costs 524 1,235 Foreign exchange gains - (413) Taxation relating to above items (142) (247) ----------- ----------- Net profit attributable to ordinary shareholders for 12,697 14,931adjusted and diluted earnings per share ----------- ----------- Weighted average number of shares 2006 2005 thousands thousands
Weighted average number of shares for basic and adjusted 54,601 54,423 earnings per share
Effect of dilution of the share options 407 597 ----------- ----------- Adjusted weighted average number of ordinary shares for 55,008 55,020diluted earnings per share ----------- -----------Earnings per share 2006 2005 Diluted 22.39p 26.09p ----------- ----------- Basic 22.55p 26.38p ----------- ----------- Adjusted 23.25p 27.43p ----------- ----------- Diluted adjusted 23.08p 27.14p ----------- -----------6. Dividends 2006 2005 ‚£000 ‚£000 Equity dividends on ordinary shares Declared and paid during the year Final for 2005: 7.75p (2004: 7.00p) 4,227 3,803 Interim for 2006: 5.00p (2005: 4.75p) 2,737 2,592 ------ ------ Dividends paid 6,964 6,395 ----------- ----------- Proposed for approval at Annual General Meeting (not recognised as a liability at 31 December) Final dividend for 2006: 8.00p (2005: 7.75p) 4,380 ----------- 7. Net debt 2006 2005 ‚£000 ‚£000 Current Cash and cash equivalents 7,897 6,470 Bank overdrafts - (194) Current instalments due on bank loans (10,131) (12,410) Current obligations under finance leases and hire - (13)purchase contracts Interest rate swaps - (119) ----------- ----------- (2,234) (6,266) ----------- ----------- Non-current Non-current instalments due on bank loans (115,352) (119,841) Non-current obligations under finance leases and hire - (94)purchase contracts ----------- ----------- (115,352) (119,935) ----------- ----------- Net debt (117,586) (126,201) ----------- -----------
The borrowings at 31 December 2006 are stated net of ‚£1,152,000 (2005: ‚£ 1,574,000) of deferred financing costs.
8. Reconciliation of movements in equity
Cash Equity Foreign flow share Treasury currency hedge Ret'd S'holder capital shares reserve reserve earnings equity ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000
Balance at 1 January 2005 6,584 - 239 - 29,767 36,590
Exercise of share options 236 - - - - 236
Shares issued on 1,004 - - - - 1,004acquisition of subsidiary Total recognised income - - (131) (119) 16,264 16,014and expense in the year Dividends - - - - (6,395) (6,395) Reserves on the wind up of - - - - 689 689The Wireless Group Employee Benefits Trust ------ ------ ------ ------ ------ ------ Balance at 31 December 7,824 - 108 (119) 40,325 48,1382005 Exercise of share options 396 - - - - 396 Acquisition of treasury - (360) - - - (360)shares Total recognised income - - (1,703) 1,698 13,118 13,113and expense in the year Dividends paid to equity - - - - (6,964) (6,964)shareholders ------ ------ ------ ------ ------ ------ Balance at 31 December 8,220 (360) (1,595) 1,579 46,479 54,3232006 ------ ------ ------ ------ ------ ------ Shareholder Minority equity interest Total ‚£000 ‚£000 ‚£000 Balance at 1 January 2005 36,590 (7) 36,583 Exercise of share options 236 - 236 Shares issued on acquisition of subsidiary 1,004 - 1,004
Total recognised income and expense in the year 16,014 134 16,148
Dividends (6,395) - (6,395) Reserves on the wind up of The Wireless Group 689 - 689Employee Benefits Trust ------- ------- ------- Balance at 31 December 2005 48,138 127 48,265 Exercise of share options 396 - 396 Acquisition of treasury shares (360) - (360)
Total recognised income and expense in the year 13,113 355 13,468
Dividends paid to minority interests - (267) (267) Dividends paid to equity shareholders (6,964) - (6,964) ------- ------- ------- Balance at 31 December 2006 54,323 215 54,538 ------- ------- -------
This summary has been approved by our Directors for release to the Press today 19 March 2007 and the full printed Annual Report and Accounts will be posted to Shareholders and Stock Exchanges on 27 April 2007. Copies will be available to the public at the Company's registered office Ormeau Road, Belfast BT7 1EB from that date.
UTV PLCRelated Shares:
WLG.L