4065 Trinity Mirr R&A 05 Back
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Trinity Mirror plc Mirror Trinity Annual Report and Accounts 2005 Trinity Mirror plc Annual Report and Accounts 2005 Trinity Mirror plc Registered office: One Canada Square Canary Wharf, London E14 5AP T: 020 7293 3000 F: 020 7293 3405 www.trinitymirror.com Company number: 82548 Financial highlights 2005 Group operating profit* growth of 1.7% to £250.2m On a statutory basis growth of 1.1% 2004* £246.1m Earnings per share* up 6.7% to 52.6p On a statutory basis an increase of 2.2% 2004* 49.3p Annual dividend up 8.4% to 21.9p 2004 20.2p Revenue* down 1.3% to £1,112.8m On a statutory basis, a reduction of 1.7% 2004* £1,127.5m Net debt increased by £37.6m to £492.5m 2004 £454.9m (following adoption of IAS 39) *On a like-for-like basis, which is before acquisitions, non-recurring items, IAS 39 and for 2004 excludes the additional week’s trading. See reconciliation between statutory and like-for-like results on page 102. On a statutory basis, revenue has decreased from £1,141.7 million to £1,122.0 million, operating profit post non-recurring items has increased from £242.8 million to £245.4 million and earnings per share have increased from 49.2 pence to 50.3 pence. Designed and produced by Merchant in collaboration with Lippa Pearce. Type origination by Saffron Digital Production Ltd. 1 Contents Chairman’s statement 4 Chief Executive’s statement 6 Business review 10 Corporate responsibility 31 Board of Directors and Executive Committee 40 Corporate governance 44 Remuneration report 48 Directors’ report 57 Group independent auditors’ report 59 Accounts and notes 60 Unaudited other information 102 Holding company accounts and notes 108 Investor Relations 116 Powerful brands, journalistic excellence and effective platforms for advertisers. Trinity Mirror’s essential attributes are as relevant and compelling in today’s digital age as they were when the first copies of our newspapers rolled off the presses more than a century ago. Our core business is the printed word, and our newspapers will continue to be highly successful. However, the Group is also becoming a multi-platform publisher, delivering news, information and advertising across a range of digital media. The media landscape is evolving, and with our leading newspaper titles now complemented by a portfolio of digital brands, Trinity Mirror is already beginning to exploit the opportunities this evolution presents. 2 4x4 Mart / Abergele Visitor / Ad-Mag / Airdrie & Coatbridge Advertiser / Airdrie & Coatbridge World / Anfield Liv / Barking & Dagenham Yellow Advertiser / Barnet Press Series / Barry Post / Basildon Yellow Advertiser / Bedw Birmingham News / Birmingham Post / www.Birmingham.Adzooks.co.uk / Blackmore Vale Magazine / Blairgow & Wembley Leader / Brentwood Yellow Advertiser / Bridgend Post / Bromborough Bebington News / Buckingh Burntwood Chase Post / Canterbury Adscene / Cardiff Post / www.Cardiff.Adzooks.co.uk / Castle Point Yellow / Chronicle Specials / Citizen / Clyde Weekly News / Coalville & Ashby Echo / www.communitiestoday.co.uk / Communi / Crawley News / Crewe Chronicle / Crewe Mail / www.cricketbase.com / Crosby Herald / Croydon Advertiser Daily Mirror / Daily Post (Wales) / Daily Record / www.dailyrecord.co.uk / Derby Trader / Dover Express / Dumfrie / East Kent Gazette / East Kilbride News / East Kilbride World / Ellesmere Port Pioneer / Enfield, Southgate & E a Job / www.fish4.co.uk / www.fish4.co.uk/cars / www.fish4.co.uk/homes / www.fish4.co.uk/jobs / www.fish4.c & Hammersmith Chronicle / www.gaapweb.com / Gateshead Herald & Post / Gatwick Skyport / Glamorgan Ga Advertiser / Harrow Leader / Harrow Observer / Havering Yellow Advertiser / Heathrow Skyport / Herne Bay & Mail / Horley Post / www.hotrecruit.com / Hounslow Borough Chronicle / Hounslow Informer Series / Hoylake Huddersfield Daily Examiner / Huyton & Roby Star / www.icAyrshire.co.uk / www.icBerkshire.co.uk / www.icBirmi / www.icCroydon.co.uk / www.icDumfries.co.uk / www.icDunbartonshire.co.uk / www.icEaling.co.uk / www.icE www.icLanarkshire.co.uk / www.icLichfield.co.uk / www.icLiverpool.co.uk / www.icLoughborough.co.uk / ww / www.icPerthshire.co.uk/www.icRenfrewshire.co.uk / www.icScotland.co.uk / www.icSefton&Westlancs.co.uk / www. / www.icSurreyOnline.co.uk / www.icSuttoncoldfield.co.uk / www.icTamworth.co.uk / www.icTeesside.co.uk / ww www.icWestlothian.co.uk / www.icWirral.co.uk / www.icWolverhampton.co.uk / Ilkeston & Ripley Trader / Irvine / www.jobsfinancial.co.uk / www.Jobs-Merseyside.co.uk / www.JobsMidlands.com / www.JobsNorthEast.co.uk / w Kenilworth Citizen / Kenilworth Times / Kensington & Chelsea Informer / Kettering Herald & Post / Kilmarnock Standard Post / Liverpool Daily Post / Liverpool Echo / www.Liverpool.Adzooks.co.uk / www.London.Adzooks.co.uk / Lon Star / Maidenhead Express / Maidstone Adscene / Market Harborough Herald & Post / Medway Adscene / Me North East / Metro Scotland / www.micromart.co.uk / Midweek Advertiser / Midweek Chronicle / Midweek Pin Moren Post / www.musicmartonline.co.uk / Neath & Port Talbot Guardian / Neston News / Newbury & Thatch Exclusive / North Tyne H&P / North Wales Weekly News / www.NorthWales.Adzooks.co.uk / Northampton Hera / Ormskirk Advertiser / www.people.co.uk / Perth Advertiser / Perth Shopper / Peterborough Herald & Post / www.plan / Quids In / www.racingpost.co.uk / www.racingpostgaming.co.uk / www.racingpostpoker.co.uk / Reading Chro & Prestatyn Visitor / Richmond Informer / Royal Leamington Spa Times / RPGaming / Runcorn & Widn www.secsinthecity.co.uk / Sittingbourne Adscene / Skelmersdale Advertiser / Slough Express / www.smartnew Durham Herald & Post / South Liverpool Merseymart / South London Press / South Tyne H&P / South Wales E Stafford Post / Staines Informer / Staines Leader / Stamford Herald & Post / www.stampmart.co.uk / Stanste Streatham, Clapham & West Norwood Post / Sunday Mail / Sunday Mercury / Sunday Sun / www.sundayma Epsom Post Series / Sutton Coldfield News / Tamworth Times / Teesside Herald & Past / www.Teesside.Adzoo / The Journal / The Lennox / The Mercury / The One Directory Ayrshire / The One Directory Edinburgh / The One Di www.thegraduate.co.uk / Thurrock Yellow Advertiser / Traders Journal / Tribune / Uxbridge & West Drayton Gaz / Waltham Forest Yellow Advertiser / Walton & Weybridge Informer / Warwick Times / Wellingborough & Rushde Mail / Whitchurch Herald / Willenhall, Wednesbury, Darlaston Adnews / Wimbledon Post / Windsor Express / Wis / Wots Wot / Wrexham Mail / Your Time / 4x4 Mart / Abergele Visitor / Ad-Mag / Airdrie & Coatbridge Advertise / Ayrshire World / Bangor & Anglesey Mail / Barking & Dagenham Yellow Advertiser / Barnet Press Series / Barry Evening Mail / Birmingham Forward / Birmingham News / Birmingham Post / www.Birmingham.Adzooks.co.u Midweek News / Bracknell News / Brent & Wembley Leader / Brentwood Yellow Advertiser / Bridgend Post / B BuySell / Caernarfon Herald / Cannock, Burntwood Chase Post / Canterbury Adscene / Cardiff P www.Cheshire.Adzooks.co.uk / Chester Chronicles / Chester Mail / Chronicle Specials / Citizen / Clyde Weekly Corby Herald & Post / Coventry Evening Telegraph / www.Coventry.Adzooks.co.uk / Crawley News / Crewe Ch News / Croydon Post / www.cto.co.uk / Culture Magazine / Cynon Valley Leader / Daily Mirror / Daily Post (Wa Dumfries & Galloway Today / Ealing Gazette / Ealing Leader / East Grinstead Observer / East Kent Gazette / Edmonton Gazette / Evening Chronicle / Exclusive / Farm Trader / Faversham Times / Find a Job / www.fish 3 Brands verpool Star / Ashford Adscene / Atherstone Tribune / Ayrshire Post / Ayrshire World / Bangor & Anglesey Mail worth Echo / Bexley Borough MercuryNumber / ofBirkenhead unique users News / Birmingham Evening Mail / Birmingham Forward / wrie Advertiser / Bootle Times / Brackley & Towcester Post / Bracknell Midweek News / Bracknell News / Brent hamshire Advertiser & Examiner / Burton Trader / Business in Wales / BuySell /* Caernarfon Herald / Cannock, w Advertiser / Chelmsford Yellow=8.3 Advertiser / www.Cheshire.Adzooks.co.uk million / Chester Chronicles / Chester Mail ity Magazine / Confetti Magazine / Source:Corby Nielsen Herald Netratings, & Hitbox, Post internal / Coventry (January 2006). Evening Telegraph / www.Coventry.Adzooks.co.uk Series / Croydon Business News / Croydon Post / www.cto.co.uk / Culture Magazine / Cynon Valley Leader / es & Galloway Standard / Dumfries & Galloway Today / Ealing Gazette / Ealing Leader / East Grinstead Observer Over the course of a week 19 million people read Edmonton Gazette& Edmonton Gazette / Evening Chronicle / Exclusive / Farm Trader / Faversham Times / Find at least one of our newspapers o.uk/lettings / Folkestone & Dover Adscene / Folkestone Herald / Formby Times / Fosseway Magazine / Fulham azette / Golf North East / Golfers Chronicle / Gwent Gazette / Hamilton Advertiser / Hamilton World / Haringey & Whitstable Times / Heswall News= / Hinckley Herald & Journal / Hinckley Journal / Hinckley Times / Holyhead e News / Huddersfield Express & Chronicle40.1% / Huddersfield Weekly News / www.Huddersfield.Adzooks.co.uk / ngham.co.uk / www.icBurton.co.ukof the/ www.icCannock.co.uk UK adult population / www.icCheshireOnline.co.uk / www.icCoventry.co.uk ssex.co.uk / www.icHarrow.co.ukSource: / January-Junewww.icHounslow.co.uk 2005 VFO/ABC. / www.icHuddersfield.co.uk / www.icKent.co.uk / ww.icNewcastle.co.uk / www.icNortheast.co.uk*Aggregation of separate network / sites.www.icNorthLondonOnline.co.uk / www.icNorthWales.co.uk icSolihull.co.uk / www.icSouthLondon.co.uk / www.icStafford.co.uk