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EMI Group PLC (EMI)

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Tuesday 23 May, 2000

EMI Group PLC

Preliminary Rslts 2000 - Pt 2

EMI Group PLC
23 May 2000

Part 2

ATTACHMENTS



EMI GROUP PLC FINANCIAL STATEMENTS



(a)       Financial highlights for the year ended 31 March 2000.


(b)-(c)   Consolidated profit and loss account for the year ended 31 March
          2000.

(d)       Consolidated balance sheet at 31 March 2000.


(e)       Statement of total recognised gains and losses for the year ended
          31 March 2000.


(e)       Reconciliation of movements in shareholders' funds for the year
          ended 31 March 2000.


(f)-(g)   Consolidated cash flow statement for the year ended 31 March 2000.


(h)-(s)   Notes to the financial statements for the year ended 31 March
          2000.


                                                              Attachment (a)
                                                                            
                                EMI GROUP plc
                            FINANCIAL HIGHLIGHTS
                      for the year ended 31 March 2000

---------------------------------------------------------------------------
                                                           2000      1999
---------------------------------------------------------------------------
                                                             £m        £m
---------------------------------------------------------------------------
Group turnover                                          2,386.5   2,373.5
Group operating profit before operating exceptional
  items and amortisation                                  290.6     269.7
Group finance charges                                     (50.3)    (44.4)
Profit before taxation, exceptional items and
  amortisation(i)                                         245.4     227.1
EBITDA (ii)                                               348.4     326.0
---------------------------------------------------------------------------
Adjusted diluted earnings per share(iii)                   19.2p     18.5p
Dividends per share                                        16.0p     16.0p
---------------------------------------------------------------------------
Return on sales (iv)                                       12.2%     11.4%
Interest cover(v)                                           6.9x      7.3x
---------------------------------------------------------------------------

(i)    Profit before taxation, exceptional items and amortisation is before
       both operating and non-operating exceptional items and amortisation
       of goodwill and music copyrights.
(ii)   EBITDA is Group operating profit before operating exceptional items,
       depreciation and amortisation of goodwill and music copyrights.
(iii)  Adjusted diluted earnings per share is before both operating and non-
       operating exceptional items and amortisation of goodwill and music
       copyrights.
(iv)   Return on sales is defined as Group operating profit before operating
       exceptional items and amortisation of goodwill and music copyrights
       as a percentage of turnover.
(v)    Interest cover is defined as the number of times Group EBITDA is
       greater than Group finance charges.
                                                              Attachment (b)
                                      
                                EMI GROUP plc
                    CONSOLIDATED PROFIT AND LOSS ACCOUNT
                      for the year ended 31 March 2000
                                      
                                      
                                 Year ended 31.3.00    Year ended 31.3.99
----------------------------------------------------------------------------
                                          EMI Group     EMI Group
                                         (excl. HMV    (excl. HMV
                                 Total   Media Grp)    Media Grp)   Total
---------------------------------------------------------------------------
                                       Before excep  Before excep
                                           items &        items &
                                       amortisation  amortisation
---------------------------------------------------------------------------
                                    £m           £m          £m        £m
TURNOVER:
 Total (incl. joint venture)    2,965.0      2,386.5      2,373.5  2,905.6
 Less: joint venture turnover    (578.5)         -            -     (532.1)
---------------------------------------------------------------------------
GROUP TURNOVER (note 2)         2,386.5      2,386.5      2,373.5  2,373.5
Cost of sales                  (1,549.8)    (1,516.3)    (1,528.4)(1,555.3)
---------------------------------------------------------------------------
Gross profit                      836.7        870.2        845.1    818.2
Distribution costs               (124.7)      (124.7)      (123.1)  (123.1)
Administration expenses          (532.0)      (526.9)      (486.7)  (487.1)
Other operating income, net        72.0         72.0         34.4     34.4
---------------------------------------------------------------------------
GROUP OPERATING PROFIT (note 2)   252.0        290.6        269.7    242.4
Share of operating profit
  in joint venture                 27.7          -            -       30.1
Share of operating profits
  (losses) in associates            0.8          0.8         (0.7)    (0.7)
---------------------------------------------------------------------------
TOTAL OPERATING PROFIT            280.5        291.4        269.0    271.8
Non-operating exceptional
  items (note 3):
  Profits (losses) on businesses
    disposed of or terminated      (9.9)         -            -        3.7
  Profit on disposal of fixed
    asset investment               52.4          -            -        -
---------------------------------------------------------------------------
PROFIT BEFORE FINANCE CHARGES     323.0        291.4        269.0    275.5
---------------------------------------------------------------------------
FINANCE CHARGES :
 Group (including associates)     (50.3)       (50.3)       (44.4)   (44.4)
 Joint venture                    (23.4)         -            -      (27.6)
---------------------------------------------------------------------------
TOTAL FINANCE CHARGES (note 4)    (73.7)       (50.3)       (44.4)   (72.0)
---------------------------------------------------------------------------
PROFIT ON ORDINARY ACTIVITIES
 BEFORE TAXATION                  249.3        241.1        224.6    203.5
---------------------------------------------------------------------------
Profit before tax - HMV Media Group              4.3          2.5
---------------------------------------------------------------------------
PROFIT BEFORE TAX, EXCEPTIONAL
 ITEMS AND AMORTISATION                        245.4        227.1
---------------------------------------------------------------------------
                                                              Attachment (c)
                                      
                                EMI GROUP plc
               CONSOLIDATED PROFIT AND LOSS ACCOUNT continued
                      for the year ended 31 March 2000
                                      
                                      
                                Year ended 31.3.00     Year ended 31.3.99
----------------------------------------------------------------------------
                                         EMI Group      EMI Group
                                        (excl. HMV     (excl. HMV
                               Total    Media Grp)     Media Grp)   Total
---------------------------------------------------------------------------
                                      Before excep   Before excep
                                          items &         items &
                                      amortisation   amortisation
---------------------------------------------------------------------------
                                  £m            £m           £m       £m
PROFIT ON ORDINARY ACTIVITIES
 BEFORE TAXATION                 249.3       241.1        224.6    203.5
---------------------------------------------------------------------------
Taxation on profit on
 ordinary activities (note 5)    (73.0)      (71.0)       (65.9)   (71.7)
---------------------------------------------------------------------------
PROFIT ON ORDINARY ACTIVITIES
 AFTER TAXATION                  176.3       170.1        158.7    131.8
Minority interests (equity)      (17.9)      (21.7)       (12.9)    (9.2)
---------------------------------------------------------------------------
PROFIT ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY          158.4       148.4        145.8    122.6
---------------------------------------------------------------------------
Dividends (equity) (note 6)     (125.1)                           (125.6)
---------------------------------------------------------------------------
TRANSFER TO (FROM) PROFIT &
 LOSS RESERVE                     33.3                              (3.0)
---------------------------------------------------------------------------

NOTE : RECONCILIATION OF ADJUSTED EARNINGS
---------------------------------------------------------------------------
                                   £m       Per Share       £m   Per Share

Earnings/basic EPS (note 7)      158.4        20.3p       122.6     15.7p
Adjustments:
 Operating exceptional items       4.0         0.5p         -        -
 Non-operating exceptional items (42.5)       (5.4)p       (3.7)    (0.5)p
 Amortisation of goodwill
  and music copyrights            34.6         4.4p        27.3      3.5p
 Attributable taxation            (0.6)       (0.1)p        1.5      0.2p
 Minority interest
 (re music copyright amortisation)(3.8)       (0.5)p       (3.7)    (0.4)p
---------------------------------------------------------------------------
Adjusted earnings/adjusted EPS   150.1        19.2p       144.0     18.5p
Adjusted dilution impact         n/a           -          n/a        -
---------------------------------------------------------------------------
Adjusted earnings/adjusted
 diluted EPS (note 7)            150.1        19.2p       144.0     18.5p
---------------------------------------------------------------------------
                                                              Attachment (d)
                                EMI GROUP plc
                         CONSOLIDATED BALANCE SHEET
                              at 31 March 2000
                                                Notes      2000      1999
---------------------------------------------------------------------------
FIXED ASSETS                                                 £m        £m
  Music copyrights                                        521.0     373.6
  Goodwill                                                 26.7      11.6
  Tangible fixed assets                                   337.2     348.7
  Investments: associated undertakings                     18.0       5.0
  Other fixed asset investments                            20.0      53.2
  Investments: own shares                                  18.4      19.9
---------------------------------------------------------------------------
                                                          941.3     812.0
---------------------------------------------------------------------------
CURRENT ASSETS
  Stocks                                                   39.9      45.7
  Debtors: amounts falling due within one year            829.2     732.6
  Debtors: amounts falling due after more than one year    86.0      63.7
  Investments: liquid funds                     8           1.3       1.4
  Cash at bank and in hand and cash deposits    8         266.6     170.1
---------------------------------------------------------------------------
                                                        1,223.0   1,013.5
---------------------------------------------------------------------------
CREDITORS: amounts falling due within one year
  Borrowings                                    8        (808.2)   (848.3)
  Other creditors                                      (1,202.0) (1,250.1)
---------------------------------------------------------------------------
                                                       (2,010.2) (2,098.4)
---------------------------------------------------------------------------
NET CURRENT LIABILITIES                                  (787.2) (1,084.9)
---------------------------------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES                     154.1    (272.9)
---------------------------------------------------------------------------
CREDITORS: amounts falling due after more than one year
  Borrowings                                    8        (380.9)    (48.4)
  Other creditors                                         (37.6)    (24.1)
---------------------------------------------------------------------------
                                                         (418.5)    (72.5)
---------------------------------------------------------------------------
PROVISIONS FOR LIABILITIES AND CHARGES
  Deferred taxation                                       (27.8)    (33.6)
  Other provisions                              10       (130.2)   (128.1)
  Investments: joint venture (HMV Media Group)           (169.0)   (167.5)
---------------------------------------------------------------------------
                                                         (327.0)   (329.2)
---------------------------------------------------------------------------
                                                         (591.4)   (674.6)
---------------------------------------------------------------------------
CAPITAL AND RESERVES
  Called-up share capital                                 110.4     110.2
  Share premium account                                   444.6     441.2
  Capital redemption reserve                              495.8     495.8
  Other reserves                                          256.0     256.0
  Profit and loss reserve                              (2,034.4) (2,097.2)
---------------------------------------------------------------------------
EQUITY SHAREHOLDERS' FUNDS                               (727.6)   (794.0)
MINORITY INTERESTS (EQUITY)                               136.2     119.4
---------------------------------------------------------------------------
                                                         (591.4)   (674.6)
---------------------------------------------------------------------------
                                                              Attachment (e)
                                                                            
                                EMI GROUP plc
               STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                      for the year ended 31 March 2000
                                      

                                           2000     2000     1999    1999
---------------------------------------------------------------------------
                                             £m       £m       £m      £m

Profit for the financial year                       158.4            122.6
---------------------------------------------------------------------------
Revaluation of property                      -               (1.5)
Minority interest adjustment                 0.6              -
Currency translation - Group*               29.8             (7.0)
Currency translation - joint venture        (1.1)            (0.8)
---------------------------------------------------------------------------
Other recognised gains (losses)                      29.3             (9.3)
---------------------------------------------------------------------------
Total recognised gains and losses
  relating to the year                              187.7            113.3
---------------------------------------------------------------------------
*Currency gains (losses) of £22.0m (1999: £(2.2)m) which relate to foreign
currency borrowings to finance investment overseas have been included within
the currency translation movement on reserves.
                                      
                                      
                                      
             RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                      for the year ended 31 March 2000

                                           2000     2000    1999     1999
---------------------------------------------------------------------------
                                             £m       £m      £m       £m

Opening shareholders' funds:
  As reported                                      (794.0)          (652.6)
  Prior-year adjustments                            n/a             (126.2)
---------------------------------------------------------------------------
Opening shareholders' funds (restated)             (794.0)          (778.8)
---------------------------------------------------------------------------
Profit for the financial year              158.4            122.6
Dividends (equity) (note 6)               (125.1)          (125.6)
Other recognised gains (losses)             29.3             (9.3)
Goodwill adjustments                         0.2             (5.2)
Shares issued                                3.6              2.3
---------------------------------------------------------------------------
Net increase (decrease) in shareholders'
  funds for the year                                 66.4            (15.2)
---------------------------------------------------------------------------
Closing shareholders' funds                        (727.6)          (794.0)
---------------------------------------------------------------------------
                                                              Attachment (f)
                                EMI GROUP plc
                      CONSOLIDATED CASH FLOW STATEMENT
                      for the year ended 31 March 2000
                                      
                                                           2000       1999
----------------------------------------------------------------------------
                                                             £m         £m
NET CASH INFLOW FROM OPERATING ACTIVITIES                 246.5      330.3
----------------------------------------------------------------------------
DIVIDENDS RECEIVED FROM ASSOCIATED UNDERTAKINGS             0.4        0.2
----------------------------------------------------------------------------
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Net interest paid                                         (47.4)     (47.2)
Dividends paid to minorities                              (10.0)      (8.6)
----------------------------------------------------------------------------
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS
   AND SERVICING OF FINANCE                               (57.4)     (55.8)
----------------------------------------------------------------------------
TAX PAID                                                 (100.5)     (98.5)
----------------------------------------------------------------------------
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of music copyrights                              (15.7)     (10.4)
Purchase of tangible fixed assets                         (37.8)     (44.7)
Sale of tangible fixed assets                               3.0        9.7
Purchase of investments: own shares                        (0.2)      (1.6)
Purchase of other fixed asset investments                  (1.7)      (2.1)
Sale of other fixed asset investments                      81.0        0.9
Loan repaid by joint venture (HMV Media Group)              -        200.0
----------------------------------------------------------------------------
NET CASH INFLOW FROM CAPITAL EXPENDITURE
  AND FINANCIAL INVESTMENT                                 28.6      151.8
----------------------------------------------------------------------------
ACQUISITIONS AND DISPOSALS
Purchase of further investment in joint venture             -         (9.0)
Purchase of associated undertakings                        (9.6)      (0.9)
Loans made to associated undertakings                      (4.2)      (0.7)
Disposal of associated undertakings                         1.0        0.9
Purchase of businesses net of cash acquired (note 11)    (149.1)     (14.9)
Deferred consideration paid                                (4.6)      (5.4)
Disposal of businesses (note 12)                           (3.7)       -
Deferred consideration received                             -         43.2
----------------------------------------------------------------------------
NET CASH (OUTFLOW) INFLOW FROM ACQUISITIONS & DISPOSALS  (170.2)      13.2
----------------------------------------------------------------------------
EQUITY DIVIDENDS PAID                                    (158.1)     (92.5)
----------------------------------------------------------------------------
NET CASH (OUTFLOW) INFLOW BEFORE MANAGEMENT
  OF LIQUID RESOURCES AND FINANCING                      (210.7)     248.7
----------------------------------------------------------------------------
Issue of Ordinary Share capital                             3.6        2.3
Management of liquid resources (note 9)                   (24.7)      16.3
Financing (note 9)                                        317.2     (240.7)
----------------------------------------------------------------------------
NET CASH INFLOW (OUTFLOW) FROM MANAGEMENT OF LIQUID
   RESOURCES AND FINANCING                                296.1     (222.1)
----------------------------------------------------------------------------
INCREASE IN CASH (note 9)                                  85.4       26.6
----------------------------------------------------------------------------
                                                              Attachment (g)
                                                                            
                                EMI GROUP plc
                 CONSOLIDATED CASH FLOW STATEMENT continued
                      for the year ended 31 March 2000
                                      

Reconciliation of Group operating profit to net cash inflow from operating
activities:

----------------------------------------------------------------------------
                                                        2000         1999
----------------------------------------------------------------------------
                                                          £m           £m

Group operating profit                                  252.0        242.4
Depreciation charge                                      57.8         56.3
Amortisation charge:
  Music copyrights                                       33.5         26.9
  Goodwill                                                1.1          0.4
Fixed asset write (back) down                            (3.5)         3.5
Amounts provided (note 10)                               19.2          9.8
Provisions utilised:
  Disposals and fundamental reorganisations (note 10)    (1.5)        (6.2)
  Other                                                 (24.5)       (68.2)
(Increase) decrease in working capital:
  Stock                                                   5.1          7.2
  Debtors                                               (75.0)        54.4
  Creditors                                             (17.7)         3.8
----------------------------------------------------------------------------
NET CASH INFLOW FROM OPERATING ACTIVITIES               246.5        330.3
----------------------------------------------------------------------------


                                                                            
                                                              Attachment (h)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000


Note 1. BASIS OF PREPARATION

The consolidated financial statements are prepared under the historical cost
convention and in accordance with applicable accounting standards.   The
results for the years ended 31 March 2000 and 31 March 1999 represent
continuing operations.

The geographical segments shown in Note 2 have been revised to reflect more
accurately the way the business is currently managed.   The prior-year
comparatives have been restated to reflect this.

The financial statements have been prepared on the basis of the accounting
policies set out in the Group's financial statements for the year ended 31
March 1999, other than in respect of : FRS15 - Tangible Fixed Assets.   This
standard was adopted by the Group with effect from 1 April 1999 and has had
no material impact on the accounts as transitional arrangements have been
adopted.   Additionally, a new accounting policy for new media holdings, as
detailed below, has been applied during the year.

New Media Holdings:

Holdings in new media companies, that arise as a consequence of licensing,
distribution and other similar deals with such companies, are carried at
cost, which is typically minimal.  Income from these holdings, net of costs,
is only recognised when received as cash and is treated as other operating
income.  The costs relating to these investments are held within debtors
until being recognised with the related income.
                                                              Attachment (i)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000

Note 2. SEGMENTAL ANALYSES
                                    2000       2000       1999       1999
                                          Operating             Operating
                                Turnover     Profit   Turnover     Profit
---------------------------------------------------------------------------
                                      £m         £m         £m         £m
BY CLASS OF BUSINESS:
  Recorded Music                 2,032.5      195.1    2,057.0      182.2
  Music Publishing                 354.0       95.5      316.5       87.5
---------------------------------------------------------------------------
Group*                           2,386.5      290.6    2,373.5      269.7
---------------------------------------------------------------------------
Operating exceptional items and
 amortisation**                               (38.6)                (27.3)
---------------------------------------------------------------------------
Group operating profit*                       252.0                 242.4
---------------------------------------------------------------------------
BY ORIGIN:
  United Kingdom                   304.2       48.5      297.0       42.9
  Rest of Europe                   724.8       98.5      727.2       95.3
  North America                    726.3       60.9      793.7       91.1
  Asia                             446.1       62.9      376.1       25.0
  Other                            185.1       19.8      179.5       15.4
---------------------------------------------------------------------------
Group*                           2,386.5      290.6    2,373.5      269.7
---------------------------------------------------------------------------
BY DESTINATION:
  United Kingdom                   314.4                 306.4
  Rest of Europe                   733.2                 735.4
  North America                    698.8                 767.7
  Asia                             449.0                 379.8
  Other                            191.1                 184.2
---------------------------------------------------------------------------
Group*                           2,386.5               2,373.5
---------------------------------------------------------------------------
*Group turnover and operating profit excludes the Group's share of amounts
relating to the joint venture (HMV Media Group) and associated undertakings.

**Comprises operating exceptional items of £(4.0)m (1999: £nil) and
amortisation of goodwill and music copyrights of £(34.6)m (1999: £(27.3)m).
The split of operating exceptional items and amortisation of goodwill and
music copyrights by class of business is as follows:  Recorded Music £(1.6)m
(1999: £(0.7)m), Music Publishing £(37.0)m (1999: £(26.6)m).   The split of
operating exceptional items and amortisation of goodwill and music
copyrights by origin is as follows:  United Kingdom £(1.8)m (1999: £(0.8)m);
Rest of Europe £(3.0)m (1999: £(1.3)m); North America £(31.8)m (1999:
£(25.2)m), Asia £(1.9)m (1999: £nil); Other £(0.1)m (1999: £nil).


                                                              Attachment (j)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000


Note 2. SEGMENTAL ANALYSES continued

                                  2000         2000       1999       1999
                             Operating      Average  Operating    Average
                                assets    employees     assets  employees
---------------------------------------------------------------------------
                                    £m          No.         £m        No.
BY CLASS OF BUSINESS:
  Recorded Music                 215.7       9,620       125.4     9,712
  Music Publishing               502.1         588       370.2       580
  Other (HMV Media Group)       (169.0)        n/a      (167.5)      n/a
---------------------------------------------------------------------------
Group                            548.8      10,208       328.1    10,292
---------------------------------------------------------------------------
BY ORIGIN:
  United Kingdom                  (21.7)      1,524      (111.4)    1,524
  Rest of Europe                   (3.5)      3,010       (16.3)    3,168
  North America                   451.9       3,105       311.7     3,043
  Asia                            113.0       1,593       143.0     1,684
  Other                             9.1         976         1.1       873
---------------------------------------------------------------------------
Group                             548.8      10,208       328.1    10,292
---------------------------------------------------------------------------



The reconciliation of operating assets to net liabilities is as follows:

                                                           2000      1999
---------------------------------------------------------------------------
                                                             £m        £m

Operating assets                                          548.8     328.1
Tax, dividends and net interest payable                  (219.0)   (277.5)
---------------------------------------------------------------------------
Capital employed                                          329.8      50.6
Net borrowings                                           (921.2)   (725.2)
---------------------------------------------------------------------------
Net liabilities                                          (591.4)   (674.6)
---------------------------------------------------------------------------


                                                              Attachment (k)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000
                                                                            
                                                                            
Note 3. EXCEPTIONAL ITEMS

(i)  Operating exceptional items

                                                         2000        1999
---------------------------------------------------------------------------
                                                           £m          £m
Integration costs                                        (4.0)        -
---------------------------------------------------------------------------
Total operating exceptional items                        (4.0)        -
---------------------------------------------------------------------------
The attributable taxation credit relating to operating exceptional items
is £0.6m (1999: £nil).


(ii) Non-operating exceptional items

                                                         2000        1999
---------------------------------------------------------------------------
                                                           £m          £m
(Losses)/profits on businesses disposed of
  or terminated*                                         (9.9)        3.7
Profit on disposal of fixed asset investment
  - GWR Group PLC                                        52.4         -
---------------------------------------------------------------------------
Total non-operating exceptional items                    42.5         3.7
---------------------------------------------------------------------------
*  (Losses)/profits on businesses disposed of or terminated include £nil
   (1999: £nil) of goodwill written back in the year.

The attributable taxation charge relating to non-operating exceptional items
is £nil (1999: £1.5m).


                                                                            
                                                              Attachment (l)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000
                                      

Note 4. FINANCE CHARGES
                                           2000      2000    1999    1999
---------------------------------------------------------------------------
                                             £m        £m      £m      £m
Interest payable on:
  Bank overdrafts and loans                 53.0              63.2
  Other                                      6.3               6.9
---------------------------------------------------------------------------
                                                     59.3            70.1
Interest receivable on:
  Bank balances                             (6.3)            (16.1)
  Other                                     (2.7)             (9.6)
---------------------------------------------------------------------------
                                                     (9.0)          (25.7)
---------------------------------------------------------------------------
Group finance charges (incl associates)              50.3            44.4
Joint venture (HMV Media Group)                      23.4            27.6
---------------------------------------------------------------------------
Total finance charges                                73.7            72.0
---------------------------------------------------------------------------
Finance charges for associates are £nil (1999: £nil).


Note 5. TAXATION
                                           2000      2000    2000    1999
                                         Before
                                          excep     Excep
                                          items     items   Total   Total
---------------------------------------------------------------------------
                                             £m        £m      £m      £m
Taxation on profit on ordinary activities:
United Kingdom:
  Corporation tax                           13.6      -      13.6    14.6
  Advance corporation tax written back      (8.0)     -      (8.0)   (6.5)
  Double taxation relief                    (5.9)     -      (5.9)   (6.0)
---------------------------------------------------------------------------
                                            (0.3)     -      (0.3)    2.1
Overseas taxation - current year charge     66.9     (0.6)   66.3    61.8
Overseas taxation - prior year adjustment    4.1      -       4.1    (3.7)
Deferred taxation:
  United Kingdom                             -        -       -       -
  Overseas - current year charge            (4.7)     -      (4.7)   (0.6)
  Overseas - prior year adjustment           0.1      -       0.1    (1.1)
Associated undertakings' taxation:
  Overseas                                   0.1      -       0.1       -
Withholding taxes                            4.8      -       4.8     8.9
---------------------------------------------------------------------------
Group                                       71.0     (0.6)   70.4    67.4
Joint venture (HMV Media Group)              2.6      -       2.6     4.3
---------------------------------------------------------------------------
Total                                       73.6     (0.6)   73.0    71.7
---------------------------------------------------------------------------
The charge for taxation has been reduced by utilisation of tax losses of
£0.1m (1999: £0.1m).   There is no unprovided deferred taxation arising in
the year.
                                                              Attachment (m)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000


Note 6. DIVIDENDS (EQUITY)

                                    2000       1999       2000       1999
---------------------------------------------------------------------------
                               per share  per share         £m         £m
Ordinary dividends (net):
  Interim                          4.25p      4.25p       33.5       33.5
  Adjustment to 2000 and
     1999 interim                  -          -           (0.3)      (0.3)
  Proposed final                  11.75p     11.75p       92.7       92.5
  Adjustment to 1999 and
     1998 final                    -          -           (0.8)      (0.1)
---------------------------------------------------------------------------
                                  16.00p     16.00p      125.1      125.6
---------------------------------------------------------------------------
The final dividend of 11.75p per share will be paid on 2 October 2000 to
shareholders on the register at the close of business on 4 September 2000.

                                                                            
                                                              Attachment (n)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000


Note 7. EARNINGS PER ORDINARY SHARE
                                                          2000       1999
---------------------------------------------------------------------------
Basic earnings per Ordinary Share is calculated as follows:

  Earnings                                              £158.4m    £122.6m
  Weighted average number of Ordinary Shares in issue    780.9m     778.9m
  Earnings per Ordinary Share                             20.3p      15.7p
---------------------------------------------------------------------------
Diluted earnings per Ordinary Share is calculated as follows:

  Earnings                                              £158.4m    £122.6m
  Adjusted weighted average number of Ordinary Shares    781.8m     779.4m
  Earnings per Ordinary Share                             20.3p      15.7p
---------------------------------------------------------------------------
Adjusted basic earnings per Ordinary Share is calculated as follows:

  Adjusted earnings                                     £150.1m    £144.0m
  Weighted average number of Ordinary Shares in issue    780.9m     778.9m
  Adjusted earnings per Ordinary Share                    19.2p      18.5p
---------------------------------------------------------------------------
Adjusted diluted earnings per Ordinary Share is calculated as follows:

  Adjusted earnings                                     £150.1m    £144.0m
  Adjusted weighted average number of Ordinary Shares    781.8m     779.4m
  Adjusted earnings per Ordinary Share                    19.2p      18.5p
---------------------------------------------------------------------------
Adjusted earnings per Ordinary Share calculations are based on earnings
before the impact of both operating and non-operating exceptional items and
amortisation of goodwill and music copyrights.   They are included as they
provide a better understanding of the underlying trading performance of the
Group on a normalised basis.

The adjusted weighted average number of Ordinary Shares used in the diluted
earnings per share calculations, 781.8m (1999: 779.4m) is the weighted
average number of Ordinary Shares in issue, 780.9m (1999: 778.9m) plus
adjustments for dilutive share options, 0.9m (1999: 0.5m).

                                                              Attachment (o)
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000

Note 8. BORROWINGS
                                                           2000      1999
---------------------------------------------------------------------------
                                                             £m        £m
LONG-TERM BORROWINGS
Loans                                                     377.9      43.8
Finance leases                                              3.6       4.6
Less: repayable within one year                            (0.6)      -
---------------------------------------------------------------------------
TOTAL LONG-TERM BORROWINGS                                380.9      48.4
---------------------------------------------------------------------------
SHORT-TERM BORROWINGS
Loans and overdrafts                                      806.4     847.2
Finance leases                                              1.2       1.1
Short-term element of long-term loans                       0.6       -
---------------------------------------------------------------------------
TOTAL SHORT-TERM BORROWINGS                               808.2     848.3
---------------------------------------------------------------------------
TOTAL BORROWINGS                                        1,189.1     896.7
Liquid funds:
  Investments: liquid funds                                (1.3)     (1.4)
  Cash at bank and in hand and cash deposits             (266.6)   (170.1)
---------------------------------------------------------------------------
NET BORROWINGS                                            921.2     725.2
---------------------------------------------------------------------------
Long-term borrowings include £62.6m (1999: £41.0m) of borrowings repayable
within one year, which are drawings under long-term committed facilities
and, therefore, have been classified as such.

Under their banking arrangements, overdraft and cash balances of the Company
and of certain subsidiaries are pooled or offset and cross-guaranteed.
Such pooling and offsets are reflected in the Group balance sheet as
appropriate.

Group borrowings include £4.8m (1999: £5.7m) which is secured on assets held
under finance leases.


Maturity analysis of long-term borrowings :
                                                            2000     1999
---------------------------------------------------------------------------
                                                              £m       £m
Amounts falling due after more than one year
  are repayable as follows:
     Between one and two years                              51.6      1.6
     Between two and five years                             17.6     45.4
     After five years:
       By instalments                                        0.7      1.4
       Other                                               311.0      -
---------------------------------------------------------------------------
                                                           380.9     48.4
---------------------------------------------------------------------------
The amount of debt, any of which falls due for payment after more than five
years, is £314.2m (1999: £3.9m).
                                                              Attachment (p)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000


Note 9. CASH, LIQUID RESOURCES AND FINANCING

The following definitions have been used:

CASH:  Cash in hand and deposits repayable on demand if available within 24
hours without penalty and including overdrafts.

LIQUID RESOURCES:  Investments and deposits, other than those included as
cash, which are readily convertible into known amounts of cash.

FINANCING:  Borrowings less overdrafts which have been treated as cash.


Analysis of movement in the Group's net borrowings in the year ended 31
March 2000 :
                                                                         At
                               At    Cash  Acquisitions  Exchange  31 March
                     1 April 1999    flow    /disposals  movement      2000
---------------------------------------------------------------------------
                               £m      £m            £m        £m        £m
Cash at bank and in hand    149.6    72.2           -        (0.1)    221.7
Overdrafts                  (69.2)   13.2           -         0.7     (55.3)
---------------------------------------------------------------------------
Cash                         80.4    85.4           -         0.6     166.4
---------------------------------------------------------------------------
Debt due after more than
  one year                  (43.8) (334.8)          -         1.3    (377.3)
Debt due within one year   (778.0)   17.1          (7.7)     16.9    (751.7)
Finance leases               (5.7)    0.5           -         0.4      (4.8)
---------------------------------------------------------------------------
Financing                  (827.5) (317.2)         (7.7)     18.6  (1,133.8)
---------------------------------------------------------------------------
Investments: liquid funds     1.4    (0.1)          -         -         1.3
Cash deposits                20.5    24.8           -        (0.4)     44.9
---------------------------------------------------------------------------
Liquid resources             21.9    24.7           -        (0.4)     46.2
---------------------------------------------------------------------------
Total                      (725.2) (207.1)         (7.7)     18.8    (921.2)
---------------------------------------------------------------------------
Cash flow on financing of £(317.2)m is split between new loans of £(834.0)m,
loans repaid of £516.3m and capital element of finance leases repaid of
£0.5m.


                                                              Attachment (q)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000


Note 9. CASH, LIQUID RESOURCES AND FINANCING continued

The Group's net borrowings at 31 March 2000 comprised:
                                                        Liquid
                                                   resources &        Net
                                              Cash   financing borrowings
---------------------------------------------------------------------------
                                                £m          £m         £m
Investments: liquid funds                      -           1.3        1.3
Cash at bank and in hand and cash deposits   221.7        44.9      266.6
Borrowings due within one year               (55.3)     (752.9)    (808.2)
Borrowings due after more than one year        -        (380.9)    (380.9)
---------------------------------------------------------------------------
At 31 March 2000                             166.4    (1,087.6)    (921.2)
---------------------------------------------------------------------------
At 31 March 1999                              80.4      (805.6)    (725.2)
---------------------------------------------------------------------------


Note 10.  OTHER PROVISIONS FOR LIABILITIES AND CHARGES

                                             Disposal &
                                            fundamental   Acq'n &
                          Trading   Pensions    reorg'n   integ'n   Total
---------------------------------------------------------------------------
                               £m         £m         £m        £m      £m

At 31 March 1999             27.8       51.0       21.4      27.9   128.1
Currency retranslation       (0.8)      (1.0)      (1.6)      1.1    (2.3)
Provisions utilised         (10.3)     (10.9)      (1.5)     (3.3)  (26.0)
Charged against:
  Operating profit            8.4        6.8        -         4.0    19.2
  Exceptional items           -          -          5.5       -       5.5
Acquisition (disposal)
  of businesses               -         (1.3)       -         5.9     4.6
Reclassification              1.1        -          -         -       1.1
---------------------------------------------------------------------------
At 31 March 2000             26.2       44.6       23.8      35.6   130.2
---------------------------------------------------------------------------
The pension provisions arise in overseas companies in respect of state
schemes and employees covered by the Group's unfunded schemes.

Trading provisions include royalty audit and other trading provisions
charged through operating profit before exceptional items, and restructuring
and reorganisation provisions charged through operating exceptional items.

Provisions utilised relating to restructuring and reorganisation provisions
in the cash flow include £2.9m spent against the EMI Music restructuring
provision set up in 1998.

Provisions utilised relating to disposals and fundamental reorganisations in
the cash flow include £1.5m spent against disposal provisions set up in
previous years.

                                                              Attachment (r)
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000

Note 11.  PURCHASE OF BUSINESSES

Acquisitions during the year include Windswept Pacific copyrights, Hit & Run
Music Publishing, Pelago (an Italian music publishing company), Castalian (a
US recorded music company), Be's Songs (a Belgian music publishing company)
and Norske Gram (a Norwegian recorded music company).   The combined fair
value to the Group is as follows:

                                    Book value                 Fair value
                                     of assets                     to the
                                      acquired   Adjustments        Group
---------------------------------------------------------------------------
                                            £m            £m           £m
Music copyrights                           -           165.1        165.1
Tangible fixed assets                      0.2           -            0.2
Stocks                                     1.0          (0.2)         0.8
Debtors                                    7.8          (0.8)         7.0
Creditors                                (15.1)          -          (15.1)
Tax                                       (0.1)          -           (0.1)
Minority interests                         0.7           -            0.7
Borrowings                                (7.7)          -           (7.7)
---------------------------------------------------------------------------
Net assets acquired (before cash)        (13.2)        164.1        150.9
---------------------------------------------------------------------------
Goodwill capitalised                                                 15.9
Earnout liabilities paid                                              2.3
Provisions for future earnout liabilities                           (10.5)
Deferred consideration payable                                       (9.5)
---------------------------------------------------------------------------
Net cash consideration                                              149.1
---------------------------------------------------------------------------
Satisfied by:
  Total consideration                                               170.8
  Deferred consideration payable and future earnout provisions      (20.0)
---------------------------------------------------------------------------
  Cash consideration                                                150.8
  Net cash acquired                                                  (1.7)
---------------------------------------------------------------------------
Net cash consideration                                              149.1
---------------------------------------------------------------------------
The adjustments to book value of £164.1m were made to bring the valuation of
the assets acquired in line with the Group's accounting policies.

                                                              Attachment (s)
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2000

Note 11.  PURCHASE OF BUSINESSES continued

Goodwill arising on acquisitions in the year comprises:
                                                                       £m
---------------------------------------------------------------------------
Total consideration                                                 170.8
Net cash acquired                                                    (1.7)
---------------------------------------------------------------------------
                                                                    169.1
Fair value to the Group (before cash acquired)                     (150.9)
Earnout provisions utilised or written back                          (4.6)
---------------------------------------------------------------------------
Goodwill                                                             13.6
---------------------------------------------------------------------------
The goodwill includes £15.9m of capitalised goodwill and £(2.3)m relating to
prior-years' acquisitions which has been written back to reserves.
Adjustments to goodwill written off to reserves arise on adjustments to
estimates of future earnout liabilities for prior-years' acquisitions.

All acquisitions have been accounted for using the acquisition method.



Note 12.  DISPOSAL OF BUSINESSES

Net cash outflow from disposal of businesses includes the disposal of EMI's
Italian manufacturing operations and additional costs relating to a prior-
year disposal.
                                                                      2000
---------------------------------------------------------------------------
                                                                        £m
Tangible fixed assets                                                  3.6
Stocks                                                                 0.2
Debtors                                                                2.4
Creditors and provisions                                              (5.5)
---------------------------------------------------------------------------
Net assets disposed of                                                 0.7
Loss on disposal                                                      (4.4)
---------------------------------------------------------------------------
Cash outflow on disposal                                              (3.7)
---------------------------------------------------------------------------
Comprised of:
  Cash disposed of                                                    (1.5)
  Disposal costs                                                      (2.2)
---------------------------------------------------------------------------
Total                                                                 (3.7)
---------------------------------------------------------------------------