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1 Daily Mail and General Trust Plc Half Yearly Financial Report for the Si Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 Daily Mail and General Trust plc Half Yearly Financial Report for the six months ended 1st April, 2012 Financial Highlights Adjusted results* Adjusted Statutory results 2012 2011 Change† 2012 2011 Revenue £973m £991m -2% £973m £991m Operating profit £133m £144m -8% £73m £98m Profit before tax £105m £121m -14% £46m £73m Earnings per share 19.5p 23.6p -17% 15.8p 13.0p Dividend per share 5.6 p 5.3p SOLID UNDERLYING PERFORMANCE; FULL YEAR OUTLOOK UNCHANGED • Solid Group revenue performance, up 3% on an underlying basis. • Underlying operating profit flat; reported Group profits in line with expectations. • Good performance from B2B; underlying revenue up 9% and underlying profit* up 14%. • Resilient revenues at Associated: strong digital advertising (up 21%) and circulation (up 4%), offsetting print advertising decline (down 10%) • Northcliffe operating profit* up 34%. • Profit before tax lower due to various one-off items. • Active portfolio management; targeted acquisitions and disposal of non-core assets. • Net debt up £90m to £809m, but is expected to reduce in the second half. • Outlook for the year remains unchanged. • Dividend increased by 6%. Martin Morgan, Chief Executive, said: “We have delivered a solid underlying performance in the first half reflecting the strength of our B2B companies and the resilience of our national consumer titles. As expected, disposals and certain one- off factors have led to lower reported half year results. Our international B2B companies have increased their underlying revenues and profits* by 9% and 14% respectively. Their reported results were lower due to the impact of disposals and a low biennial half year for the events business. Our UK consumer businesses have experienced more challenging 1 Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 conditions, although underlying revenues were only slightly down. Within Associated, circulation and digital revenue growth largely offset print advertising weakness. Consumer first half profits were also affected by increased digital promotional activity which we expect to be less pronounced in the second half. We have continued actively to manage our portfolio of businesses and have made several acquisitions and disposals during the period and into the second half, to improve the overall quality and growth prospects of the Group. The continued growth of our B2B companies and more positive momentum expected within our consumer operations in the second half of the year means that we expect to achieve growth in earnings* for the full financial year, compared to the equivalent figure last year.” A live webcast of the Half Year Results presentation to City analysts will be available on our website at 9.30 a.m. on 24th May, 2012 at http://www.dmgt.com. __________________________________________________________________________ Enquiries Stephen Daintith, Finance Director Tel: +44 20 3615 2907 Nicholas Jennings, Company Secretary Tel: +44 20 3615 2905 Kim Fletcher / Will Carnwath, Brunswick Group LLP Tel: +44 20 7404 5959 Notes to Editors DMGT is an international group quoted on the London Stock Exchange. It operates in more than 40 countries, with a portfolio of businesses in media, information and digital markets that serve both business and consumer audiences. Our B2B arm comprises Risk Management Solutions, dmg information, dmg events and Euromoney Institutional Investor. Our consumer media business, A&N Media, comprises Mail Newspapers, our free newspaper business, principally Metro, Northcliffe Media and various digital businesses. Our strategy is to remain the owner of high-quality, sustainable, market-leading media and information assets across both the B2B and consumer sectors and to become a more global growth company with sustainable earnings and dividend growth. Notes *before exceptional items, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. #Underlying revenue or profit* is revenue or profit* on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates. For RMS, underlying percentage movements exclude RMSI and for dmg information Sanborn. For dmg events, the comparison is between events held in the year and the same events held the previous time. For Euromoney the comparisons exclude Ned Davis Research and underlying profit excludes its CAP charges in both periods. For A&N Media: Associated underlying advertising excludes the effects of the sale of Teletext Retail last year and Teletext Holidays and motors.co.uk this year. Northcliffe underlying advertising and circulation revenue excludes the effects of the sale and closure of titles last year, adjusts for the move of several titles from daily to weekly publishing frequency and the move to a wholesale circulation model last year. † Percentages are calculated on actual numbers to one decimal place. 2 Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 Contents Page Interim Management Report 4-21 Independent review report by the external auditors 22-23 Shareholder Information 24 Condensed Consolidated Income Statement 25 Condensed Consolidated Statement of Comprehensive Income 26 Condensed Consolidated Statement of Changes in Equity 27 Condensed Consolidated Statement of Financial Position 28 - 29 Condensed Consolidated Cash Flow Statement 30 - 31 Notes to the Condensed Consolidated Financial Statements 32 - 46 3 Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 Interim Management Report This interim management report focuses principally on the adjusted results to give a more comparable indication of the Group's underlying business performance. All year on year comparisons are on a like- for-like basis. An explanation of restructuring and impairment charges and other items included in the statutory results is set out after the divisional performance review and in the segmental note. The adjusted results are summarised below: Half Year Half Year Change† Full Year Adjusted results* 2012 2011 2011 £m £m £m Revenue 973 991 -2% 1,990 Operating profit 133 144 -8% 286 Income from joint ventures and associates 3 1 5 Net finance costs (31) (24) -31% (54) Profit before tax 105 121 -14% 237 Tax charge (18) (20) +10% (35) Minority interest (12) (11) - 9% (22) Group profit 75 90 -17% 180 Adjusted earnings per share 19.5p 23.6p -17% 47.0p Notes *Adjusted results are stated before exceptional items, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9. #Underlying revenue or profit* is revenue or profit* on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates; see pages 15 and 16. For RMS, underlying percentage movements exclude RMSI and for dmg information Sanborn. For dmg events, the comparison is between events held in the year and the same events held the previous time. For Euromoney the comparisons exclude Ned Davis Research and underlying profit excludes its CAP charges in both periods. For A&N Media: Associated underlying advertising excludes the effects of the sale of Teletext Retail last year and Teletext Holidays and motors.co.uk this year. Northcliffe underlying advertising and circulation revenue excludes the effects of the sale and closure of titles last year, adjusts for the move of several titles from daily to weekly publishing frequency and the move to a wholesale circulation model last year. † Percentages are calculated on actual numbers to one decimal place. The average £: US$ exchange rate for the year was £1: $1.57 (against £1:$1.59 last year). The rate at the half year end was $1.60 (2011 $1.60), compared to $1.56 at the previous year end. All references to profit or margin in this interim management report are to adjusted profit or margin, except where reference is made to statutory profit. Summary Group revenue for the six months to 1st April, 2012 was £973 million, compared with £991 million for the prior half year. This represents an underlying increase of 3%, but a decrease of 2% on a reported basis. There was good underlying growth in several revenue categories, particularly subscriptions, digital advertising and events, conferences & training. Whilst advertising revenue declined largely in the newspaper businesses, there was good growth elsewhere. Circulation revenue rose slightly due to the benefit of cover price increases. 4 Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 Operating profit* was down 8% at £133 million on the figure for the previous half year, but unchanged on an underlying basis. The decrease was due to the expected reduced profitability of dmg::events, following the disposal of George Little Management (GLM) and a low biennial first half. There were no biennial events in this half year, compared with two in the first half of the prior year. In addition, lower profits from Associated reflect lower print advertising revenues and additional promotional activity in respect of its digital businesses. The Group’s B2B companies’ profits* were down 1% on a reported basis, an underlying increase of 14%. Within consumer media, the profits* of A&N Media were down 24%, 28% on an underlying basis. As a consequence, 75% of this half year’s operating profit* was generated from B2B and 25% from consumer media, compared to 70% and 30% for the prior half year. These percentages have all been calculated after allocating head office costs on the basis of revenues. More than half of the Group’s operating profits* were again derived from outside the UK with the share from North America at 53%, up from 45% in the prior half year.
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