13th Mar 2008 07:00
UTV Media plc
("UTV" or "the Company" or "the Group")
Preliminary Results
for the year ended 31 December 2007
Financial Highlights
* Diluted adjusted earnings per share up by 13% to 26.12p (2006: 23.08p) * Group revenue up 2% at ‚£115.6m (2006: ‚£113.6m) * Group operating profit, including associate income and before exceptional charges was up 5% at ‚£26.0m (2006: ‚£24.8m) after charging radio start up losses of ‚£2.4m (2006: ‚£2.6m) * Radio operating profit up 21% at ‚£14.5m (2006: ‚£12.0m) after charging start-up losses of ‚£2.4m (2006: ‚£2.6m) in respect of our radio stations in Belfast and Edinburgh * Television operating profit down 14% at ‚£10.1m (2006: ‚£11.7m) * New Media operating profit up 30% at ‚£1.4m (2006: ‚£1.1m) * An 8.30p final dividend resulting in a full year dividend of 13.50p (2006: 13.00p), an increase of 4% * Net debt reduced by ‚£10.4m to ‚£107.2m (2006: ‚£117.6m)
Operational Highlights
* Radio advertising revenue in Great Britain grew by 6% on a like for like
basis, compared to a market growth of 3%
- talkSPORT performed particularly well with growth of 12%
* Radio advertising in Ireland grew by 4% on a like for like basis
* Television advertising revenue reduced by 1.7% outperforming the ITV
network which reduced by 4%
* New Media revenues grew by 3%
* Acquisition of FM104, the leading independent commercial radio station in
Dublin
John McCann, Group Chief Executive, UTV Media Group, said:
"I am pleased that we are able to announce another strong set of results and continued out-performance of the wider market. Earnings per share increased by 13% and, notwithstanding the continued investment in our start-up stations, operating profit from our Radio businesses increased by 21%. New Media operating profit grew by 30% and our Television division again out-performed the ITV network against the backdrop of a difficult television market.
"UTV's continued success compared to our media peer group is extremely reassuring. Our strategy of driving organic earnings growth, which in turn enables continuing investment in key commercial areas, remains core to our success. This coupled with our recently announced acquisitions of Dublin's leading radio station, FM104, and Tibus, a web services company, will allow us to build further in our core markets.
"UTV's trading performance for the early part of 2008 is encouraging and our outlook for the year is cautiously optimistic given the current market uncertainty."
Key Dates
* 25 March 2008 - record date for payment of dividends * 7 April 2008 - Extraordinary General Meeting for approval of the acquisition of FM104 * 16 May 2008 - date of Annual General Meeting * 11 June 2008 - payment of dividends
For further information contact:
Maitland +44 (0) 20 7379 5151Anthony SilvermanRowan BrownUTV Media plc
John McCann Group Chief Executive +44 (0) 28 9026 2202
Paul O'Brien Group Finance Director +44 (0) 28 9026 2098
Orla McKibbin Head of Press and PR +44 (0) 28 9026 2188
Chairman's Statement
Introduction
Our continuing ability to outperform the wider market and the success of our strategy of investing in radio are amply demonstrated in these results which show diluted adjusted earnings per share up by 13% to 26.12p (2006: 23.08p). In challenging market conditions, our radio division improved operating profits by 21%, representing 56% of group operating profits, while our new media division grew operating profits by 30%. These two divisions contributed an additional ‚£ 2.8m of operating profit to the group compared to the previous year, more than offsetting the ‚£1.6m fall in operating profit from the television division and resulting in a 5% improvement in group operating profit before exceptional items.
Results and dividend
Operating profit, including associates, before exceptional items and incorporating radio start-up losses of ‚£2.4m (2006: ‚£2.6m), was up by ‚£1.2m to ‚£26.0m (2006: ‚£24.8m). Of this amount, radio contributed ‚£14.5m (2006: ‚£12.0m), television ‚£10.1m (2006: ‚£11.7m) and new media ‚£1.4m (2006: ‚£1.1m).
With a reduced net interest charge of ‚£7.4m (2006: ‚£8.0m) and foreign exchange gains of ‚£0.1m (2006: ‚£0.0m), group profit before exceptional items and taxation was up by 11% to ‚£18.7m (2006: ‚£16.8m).
Net exceptional gains were ‚£0.4m (2006: ‚£0.5m loss). These comprised a ‚£1.4m gain on the net deferred tax liability due to future UK corporation tax being restated to 28%, aborted transaction costs of ‚£0.4m, corporate restructuring of holding company structures costs of ‚£1.2m and a profit realised on disposal of investments of ‚£0.6m.
Your Board recommends a final dividend of 8.30p (2006: 8.00p) which represents a 4% increase over last year making a total for the year of 13.50p (2006: 13.00p), an increase of 4%. The final dividend will be paid on 11 June 2008 to all shareholders on the Register at the close of business on 25 March 2008. The Annual General Meeting will be held on 16 May 2008.
Radio
Our radio division accounted for 56% of group revenue in the period, with ‚£ 47.9m (2006: ‚£45.7m) deriving from our GB stations and ‚£16.6m (2006: ‚£15.9m) coming from Ireland. The latter generated ‚£5.2m (2006: ‚£4.9m) of operating profit in the year after start-up losses of ‚£0.7m (2006: ‚£0.9m) while the former contributed ‚£9.3m (2006: ‚£7.1m) to operating profit after start-up losses of ‚£1.7m (2006: ‚£1.7m). The short-term issues in local advertising revenue at our Irish radio stations, which we had identified in Q2, were quickly addressed, leading to a much improved position in the second half and an overall increase of 4% in Irish radio advertising, delivering profits after start-up losses up by 7% in the full year. A 5% improvement in advertising revenue at our GB radio stations compares to a 3% increase in the total radio advertising market. talkSPORT's 12% improvement in revenue was particularly strong given that the comparative figure included significant World Cup 2006 revenue. With the costs associated with coverage of the World Cup dropping out, operating profits after start-up losses at our GB radio stations were up by an impressive 31%.
Television
ITV1's programme schedule delivered slightly more commercial impacts for advertisers in 2007 but, despite this, its share of commercial impacts was down by 3%. Contract Rights Renewal, therefore, again impacted upon ITV1's advertising revenue leading to a 4% fall. We again outperformed ITV1 with a 2% reduction in our television advertising revenue, resulting in a record 2.87% share. Total television revenue fell from ‚£42.4m in 2006 to ‚£41.3m in 2007, translating into a 14% fall in television operating profit to ‚£10.1m (2006: ‚£ 11.7m).
New Media
After a number of years of substantial growth, revenue in this division increased by 3%. Growth would have been higher except for the termination of one particular sub-contract, but with very narrow margins on that contract, operating profit growth was sustained at 30%, contributing ‚£1.4m (2006: ‚£1.1m) to group profitability.
Prospects
Our trading performance in the early part of 2008 is encouraging. Revenue at our GB radio stations is expected to grow by 9% in the first quarter with talkSPORT's anticipated 20% improvement being particularly strong. Losses at our start-up station in Edinburgh, talk107, are expected to be significantly lower this year at ‚£1.0m (2007: ‚£1.7m). We remain committed to our target of achieving breakeven at this station during 2009. The winning consortium for the second national digital radio multiplex, in which we are a 10% shareholder, is making good progress in bringing this new service to air in the second half of 2008. As part of our investment, we will be launching a new national speech-based radio station, talkRADIO, on this platform. Initial losses for us in launching the station, the multiplex and our new radio station in Preston, are expected to be ‚£1.2m in 2008.
Growth is also being achieved in our Irish radio stations where first quarter sterling revenues are expected to be up by 20%, with currency translation gain contributing 12% of this growth. Our proposed acquisition of FM104, the leading independent commercial radio station in Dublin, will complement the sales proposition of our existing Dublin station, Q102, and enhance our ability to deliver significant audiences in nearly all the major urban areas in Ireland. Our new radio station in Belfast, U105, continues to make good progress and losses in 2008 are forecast to fall to ‚£0.4m (2007: ‚£0.7m loss), with breakeven targeted for 2009.
We continue to outperform in a difficult television environment and expect our television advertising revenue to be flat in the first quarter of 2008 compared to the network being 2% down. The contract rights renewal undertakings continue to distort market mechanisms and I welcome the announcement that these undertakings are to be reviewed by the Office of Fair Trading and OFCOM.
Our strategic review of our new media division concluded that we should focus more on content delivery and, hence, our acquisition of a web development company, Tibus, on 13 February 2008, for a consideration of up to ‚£5.0m. Our existing new media business continues to perform well. Like for like revenue in the first quarter of 2008 is likely to be slightly down as the result of a contract not being renewed, but profit margins should be enhanced because of the very low margins associated with that contract.
People
Mrs Helen Morrow retired from the Board on 30 November 2007 having served your Company with distinction for three consecutive terms. I wish to record my deep appreciation of her considerable contribution to our deliberations through a period of significant change. Miss Helen Kirkpatrick joined the Board on 29 August 2007 and we look forward to her continuing valuable contribution in the years ahead.
I also want to express my appreciation of the Board, management and staff whose commitment and dedication make success possible.
John B McGuckianChairman13 March 2008Group Income Statement
For the year ended 31 December 2007
Results Results before before Except- Except- Except- Except- ional ional ional ional Items Items Total Items Items Total Notes 2007 2007 2007 2006 2006 2006 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Continuing operations Revenue 3 115,573 - 115,573 113,583 - 113,583 Operating costs (89,809) - (89,809) (88,968) - (88,968) ------- ------- ------ ------- ------- ------- Operating profit before 25,764 - 25,764 24,615 - 24,615impairment Impairment of 4 - - - - (14,877) (14,877)intangible assets ------- ------- ------ ------- ------- ------- Operating profit from 25,764 - 25,764 24,615 (14,877) 9,738continuing operations before tax and finance costs Non-operational 4 - (955) (955) - (5,833) (5,833)exceptional costs Share of results of 244 - 244 211 - 211associates accounted for using the equity method ------- ------- ------ ------- ------- ------- Profit from 3 26,008 (955) 25,053 24,826 (20,710) 4,116continuing operations before tax and finance costs Finance revenue 547 - 547 360 - 360 Finance costs (7,961) - (7,961) (8,381) - (8,381) Foreign exchange gain 97 - 97 - - - ------- ------- ------ ------- ------- ------- Profit before tax 18,691 (955) 17,736 16,805 (20,710) (3,905) Taxation 5 (4,262) 1,376 (2,886) (3,611) 20,186 16,575 ------- ------- ------ ------- ------- ------- Profit for the year 3 14,429 421 14,850 13,194 (524) 12,670 -------- ------- ------ -------- -------- -------- Attributable to: Equity holders of the 14,277 421 14,698 12,839 (524) 12,315parent Minority interests 152 - 152 355 - 355 ------- ------- ------ ------- ------- ------- 14,429 421 14,850 13,194 (524) 12,670 ------- ------ ----- ------- ------- ------- 2007 2006 Earnings per share Diluted 6 26.47p 22.39p Basic 6 26.80p 22.55p Adjusted 6 26.44p 23.25p Diluted adjusted 6 26.12p 23.08p ------ ------
Group Statement of Recognised Income and Expense
For the year ended 31 December 2007
Note 2007 2006 ‚£000 ‚£000 Income and expenses recognised directly in equity Exchange difference on translation of foreign 2,948 (1,703)operations Net actuarial gain on defined benefit pension 1,514 1,808schemes Profits on cash flow hedges taken to equity 136 1,838 Tax on items taken directly to or transferred (24) (1,005)from equity ------ ------ 4,574 938 Transfers to the income statement On cash flow hedges - finance cost (813) (140) ------ ------ Net income recognised directly in equity 3,761 798 Profit for the year 3 14,850 12,670 ------ ----- Total recognised income and expense for the year 18,611 13,468 ------- ------- Attributable to: Equity holders of the parent 18,459 13,113 Minority interests 152 355 ----- ----- Total recognised income and expense 18,611 13,468 ------- ------Group Balance SheetAt 31 December 2007 2007 2006 ASSETS Notes ‚£000 ‚£000 Non-current assets Property, plant and equipment 10,452 11,036 Intangible assets 189,628 183,706 Investments accounted for using the equity method 198 116 Other investments 300 32 Deferred tax asset 17,060 22,178 -------- -------- 217,638 217,068 -------- -------- Current assets Inventories 493 538 Trade and other receivables 27,931 27,694 Financial assets 902 1,579 Cash and short term deposits 8 10,237 7,897 -------- -------- 39,563 37,708 -------- -------- TOTAL ASSETS 257,201 254,776 -------- -------- EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Equity share capital 9 8,086 8,220 Capital redemption reserve 9 50 - Treasury shares 9 (740) (360) Foreign currency reserve 9 1,353 (1,595) Cash flow hedge reserve 9 902 1,579 Retained earnings 9 61,405 46,479 -------- -------- 71,056 54,323 Minority interest 9 312 215 -------- -------- Total equity 71,368 54,538 -------- -------- Non-current liabilities Financial liabilities 8 107,032 115,352 Pension liability 1,861 3,983 Provisions 910 992 Deferred tax liabilities 38,420 41,081 -------- -------- 148,223 161,408 -------- -------- Current liabilities Trade and other payables 25,103 27,560 Financial liabilities 8 10,391 10,131 Tax payable 1,697 1,001 Provisions 419 138 -------- -------- Net current liabilities 37,610 38,830 -------- -------- TOTAL LIABILITIES 185,833 200,238 -------- -------- TOTAL EQUITY AND LIABILITIES 257,201 254,776 ------ ------Group Cash Flow Statement
For the year ended 31 December 2007
2007 2006 Note ‚£000 ‚£000 Operating activities Profit before tax 17,736 (3,905) Adjustments to reconcile profit before tax to net cash flows from operating activities Foreign exchange gain (97) - Net finance costs 7,414 8,021 Share of results of associates (244) (211) Non-operational exceptional costs 955 5,833 Impairment of intangible assets - 14,877 Depreciation of property, plant and equipment 1,829 1,939 Difference between pension contributions paid (607) (530)and amounts recognised in the income statement Decrease in inventories 45 294 Decrease in trade and other receivables 1,282 1,023 (Decrease)/Increase in trade and other payables (2,616) 468 Movement in provisions 199 (216) Profits from sale of property, plant and equipment (30) (68) Share based payments 417 - -------- --------
Cash generated from operations before exceptional costs 26,283 27,525
Exceptional costs (see note 4) (1,723) - Tax paid (417) (2,379) -------- -------- Net cash inflow from operating activities 24,143 25,146 -------- -------- Investing activities Interest received 534 366 Proceeds on disposal of property, plant and equipment 71 438 Purchase of property, plant and equipment (1,257) (2,351) Dividends received from associates 91 295 Proceeds from disposal of investment & joint venture 928 - Deposit on acquisition of FM104 (1,140) - Acquisition of investment (300) - Acquisition of trade and net assets (400) - -------- -------- Net cash flows from investing activities (1,473) (1,252) -------- -------- Financing activities Borrowing costs (7,634) (7,979) Proceeds from exercise of share options 107 396 Acquisition of treasury shares (380) (360) Dividends paid to equity shareholders (7,216) (6,964) Dividends paid to minority interests (55) (267) Repayment of borrowings (10,639) (36,341) Proceeds from borrowings - 29,383 Repayment of finance leases - (107) Share placement 5,346 - -------- -------- Net cash flows used in financing activities (20,471) (22,239) -------- -------- Net increase in cash and cash equivalents 2,199 1,655 Net foreign exchange differences 141 (34) Cash and cash equivalents at 1 January 7,897 6,276 -------- -------- Cash and cash equivalents at 31 December 8 10,237 7,897 -------- --------
Notes to the Group Financial Statements
For the year ended 31 December 2007
1. Basis of preparation
The Group's financial statements consolidate those of UTV Media 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 2007.
2. New holding company
On 12 October 2007 (the effective date of the scheme), the Company acquired 100% of the issued share capital of UTV plc by the issue of one new share in UTV Media plc for each share issued in UTV plc. The Group reconstruction has been accounted for using the pooling of interests accounting principles, since the new shareholders in the Company are the same as the former shareholders and the rights of each shareholder, relative to the others, are unchanged.
The consolidated accounts are prepared as if the scheme had been effective on 1 January 2006 except for the effect of the capital restructuring and subsequent reduction of capital which took place on 12 October 2007. This scheme of arrangement does not have any impact on the consolidated financial results of the Group.
3. 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.
Business segments
The Group operates in four principal areas of activity - radio in GB, radio in Ireland, commercial television 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 2007 and 2006.
Revenue
Year ended 31 December 2007 Radio GB Radio Television New Total Ireland Media ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Sales to third parties 47,914 16,587 41,278 9,794 115,573 Intersegmental sales 1,028 719 977 60 2,784 ------ ------ ------- ------ ------ Total segmental revenue 48,942 17,306 42,255 9,854 118,357 ------ ------ ------- ------ ------Year ended 31 December 2006 Radio GB Radio Television New Media Total Ireland ‚£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 ------ ------ ------- ------ ------ResultsYear ended 31 December 2007 Radio GB Radio Television New Media Total Ireland ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Profit from continuing 9,310 5,229 10,101 1,368 26,008operations before exceptional costs, tax and finance costs ------- ------- ------- ------- Exceptional costs not allocable to business segments (955) Net finance costs (7,414) Foreign exchange gain 97 ------ Profit before tax 17,736 Taxation (2,886) ------ Net profit for the year 14,850 ------Year ended 31 December 2006 Radio GB Radio Television New Total Ireland Media ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Profit from continuing (13,044) 4,907 11,197 1,056 4,116operations before tax and finance costs Exceptional costs, allocable 20,166 - 544 - 20,710to a business segment -------- -------- -------- ------ ----- Profit from continuing 7,122 4,907 11,741 1,056 24,826operations before exceptional costs, tax and finance costs -------- -------- -------- -------- Exceptional costs (20,710) Net finance costs (8,004) Foreign exchange loss (17) -------- Profit before taxation (3,905) Taxation 16,575 -------- Net profit for the year 12,670 --------4. Exceptional items 2007 2006 ‚£000 ‚£000 Profit on disposal of investments 643 - Costs associated with aborted transaction (402) (544) Fundamental restructuring costs (1,196) - Impairment of intangible assets - (13,400) Goodwill write off - (1,477) Adjustment to goodwill - (5,289) ------- ------- ( 955) (20,710) -------- --------
In 2007 the Group disposed of its 8% shareholding in Somethin' Else Sound Productions Limited and the 1.686% shareholding in Independent Television Facilities Centre Limited, resulting in a total profit of ‚£643,000.
In 2007 the Group completed a corporate reorganisation, by way of a Court-approved scheme of arrangement under Article 419 of the Companies (Northern Ireland) Order 1986. Under this scheme a new listed holding company for the Group was created. The total associated costs were ‚£1,196,000.
Costs totalling ‚£402,000 were incurred in determining the feasibility of and the potential to finance a possible transaction which did not proceed (2006: ‚£ 544,000).
There was an exceptional tax credit of ‚£1,376,000 in 2007 (2006: ‚£20,186,000).
5. Taxation
(a) Tax on profit on ordinary activities
2007 2006 ‚£000 ‚£000 Current income tax: UK corporation tax on profits for the period (149) (794) Adjustments in respect of previous years 339 82 ------ ------ 190 (712) Foreign tax: ROI corporation tax on profits for the period (644) (715) ---- ---- Total current tax (454) (1,427) Deferred tax: Origination and reversal of timing differences (3,518) (2,259) Adjustments in respect of previous periods (290) 75 ---- ---- Tax charge in the income statement on operating (4,262) (3,611)activities ----- ----- (b) Exceptional credit
During the year, the 2007 Finance Act asserted that the UK Corporation tax rate from 2008 would be 28%. Accordingly all deferred tax assets and liabilities have been restated to recognise the future gains and charges to be recognised thereon at this rate. This resulted in a net credit of ‚£1,376,000 in the year.
6. 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 are calculated based on the profit for the financial year attributable to equity holders of the parent adjusted for the exceptional items. This calculation uses the weighted average number of shares in issue during the period.
Diluted earnings per share are 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 are calculated based on profit for the financial year attributable to equity holders of the parent before exceptional items. 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 2007 2006 ‚£000 ‚£000 Net profit attributable to equity holders 14,698 12,315 Exceptional items (421) 524 Taxation relating to above items 225 (142) ------- --------
Net profit attributable to ordinary shareholders for 14,502 12,697 adjusted and diluted earnings per share
------- ------- Weighted average number of shares 2007 2006 thousands thousands
Weighted average number of shares for basic and adjusted 54,846 54,601 earnings per share
Effect of dilution of the share options 671 407 ------- ------- Adjusted weighted average number of ordinary shares for 55,517 55,008diluted earnings per share ------ ------ Earnings per share 2007 2006 Diluted 26.47p 22.39p ------- ------- Basic 26.80p 22.55p ------- ------- Adjusted 26.44p 23.25p ------- ------- Diluted adjusted 26.12p 23.08p ------- -------7. Dividends 2007 2006 ‚£000 ‚£000 Equity dividends on ordinary shares Declared and paid during the year Final for 2006: 8.00 p (2005: 7.75p) 4,384 4,227 Interim for 2007: 5.20 p (2006: 5.00p) 2,832 2,737 ---- ----- Dividends paid 7,216 6,964 ------- -------
Proposed for approval at Annual General Meeting (not recognised as a liability at 31 December)
Final dividend for 2007: 8.30p (2006: 8.00p) 4,776 ---- 8. Net debt 2007 2006 ‚£000 ‚£000 Current Cash and cash equivalents 10,237 7,897 Current instalments due on bank loans (10,391) (10,131) -------- -------- (154) (2,234) -------- -------- Non-current Non-current instalments due on bank loans (107,032) (115,352) -------- -------- (107,032) (115,352) -------- -------- Net debt (107,186) (117,586) -------- --------
The borrowings at 31 December 2007 are stated net of ‚£777,000 (2006: ‚£ 1,152,000) of deferred financing costs.
9. Reconciliation of movements in equity
Cash Equity Foreign flow Share Capital Treasury currency hedge Ret'd S'holder capital reserve shares reserve reserve earnings equity ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Balance at 1 7,824 - - 108 (119) 40,325 48,138January 2006 Exercise of share 396 - - - - - 396options Acquisition of - - (360) - - - (360)treasury shares Total recognised - - - (1,703) 1,698 13,118 13,113income and expense in the year Dividends paid to - - - - - (6,964) (6,964)equity shareholders ------ ------ ------ ------ ------ ------ ------- Balance at 31 8,220 - (360) (1,595) 1,579 46,479 54,323December 2006 Exercise of share 107 - - - - - 107options Acquisition of - - (380) - - - (380)treasury shares
Capital restructure 183,478 - - - - (183,478) -
Reduction in (189,065) 50 - - - 189,015 -capital Share placing 5,346 - - - - - 5,346 Total recognised - - - 2,948 (677) 16,188 18,459income and expense in the year Share based payment - - - - - 417 417 Dividends paid to - - - - - (7,216) (7,216)equity shareholders ----- ---- ----- ----- ---- ----- ----- Balance at 31 8,086 50 (740) 1,353 902 61,405 71,056December 2007 ----- ---- ----- ----- ---- ----- ----- Share Minority Total holder interest equity ‚£000 ‚£000 ‚£000 Balance at 1 January 2006 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 Exercise of share options 107 - 107 Acquisition of treasury shares (380) - (380) Share placing 5,346 - 5,346
Total recognised income and expense in the year 18,459 152 18,611
Share based payment 417 - 417 Dividends paid to minority interests - (55) (55) Dividends paid to equity shareholders (7,216) - (7,216) ------- -------- -------- Balance at 31 December 2007 71,056 312 71,368 ------- ------- --------
This summary has been approved by our Directors for release to the Press today 13 March 2008 and the full printed Annual Report and Accounts will be posted to Shareholders and Stock Exchanges on 16 April 2008. Copies will be available to the public at the Company's registered office Ormeau Road, Belfast BT7 1EB from that date.
UTV MEDIA PLCRelated Shares:
WLG.L