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EMI Group PLC (EMI)

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Tuesday 22 May, 2001

EMI Group PLC

Preliminary Results 2001-Pt.2

EMI Group PLC
22 May 2001


EMI Group plc

EMI PRELIMINARY RESULTS 2001

PART 2 OF 2

ATTACHMENTS


EMI GROUP PLC FINANCIAL STATEMENTS

(a)       Financial highlights for the year ended 31 March 2001.


(b)-(c)   Consolidated profit and loss account for the year ended 31 March
          2001.

(d)       Consolidated balance sheet at 31 March 2001.


(e)       Statement of total recognised gains and losses for the year ended
          31 March 2001.


(e)       Reconciliation of movements in shareholders' funds for the year
          ended 31 March 2001.


(f)-(g)   Consolidated cash flow statement for the year ended 31 March 2001.


(h)-(s)   Notes to the financial statements for the year ended 31 March
          2001.


                                                              Attachment (a)
                                                                            
                                EMI GROUP plc
                            FINANCIAL HIGHLIGHTS
                      for the year ended 31 March 2001

---------------------------------------------------------------------------
                                                           2001      2000
---------------------------------------------------------------------------
                                                             £m        £m
---------------------------------------------------------------------------
Group turnover                                          2,672.7   2,386.5
EBITDA (i)                                                389.5     348.4
Group operating profit before operating exceptional
  items and amortisation (EBITA)                          332.5     290.6
Profit before taxation, exceptional items and
  amortisation(ii)                                        259.5     245.4
---------------------------------------------------------------------------
Adjusted diluted earnings per share(iii)                   22.3p     19.2p
Dividends per share                                        16.0p     16.0p
---------------------------------------------------------------------------
Return on sales (iv)                                       12.4%     12.2%
Interest cover(v)                                           5.2x      6.9x
---------------------------------------------------------------------------

(i)    EBITDA is Group operating profit before operating exceptional items,
       depreciation and amortisation of goodwill and music copyrights.
(ii)   Profit before taxation, exceptional items and amortisation is before
       both operating and non-operating exceptional items 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 2001
                                      
                                      
                                 Year ended 31.3.01    Year ended 31.3.00
----------------------------------------------------------------------------
                                          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)    3,335.3      2,672.7      2,386.5  2,965.0
 Less: joint venture turnover    (662.6)         -            -     (578.5)
---------------------------------------------------------------------------
GROUP TURNOVER (note 2)         2,672.7      2,672.7      2,386.5  2,386.5
Cost of sales                  (1,739.2)    (1,696.6)    (1,516.3)(1,549.8)
---------------------------------------------------------------------------
Gross profit                      933.5        976.1        870.2    836.7
Distribution costs               (136.9)      (136.9)      (124.7)  (124.7)
Administration expenses          (608.5)      (556.1)      (526.9)  (532.0)
Other operating income, net        49.4         49.4         72.0     72.0
---------------------------------------------------------------------------
GROUP OPERATING PROFIT (note 2)   237.5        332.5        290.6    252.0
Share of operating profit
  in joint venture                 34.4          -            -       27.7
Share of operating profits
  (losses) in associates           (5.5)        (3.8)         0.8      0.8
---------------------------------------------------------------------------
TOTAL OPERATING PROFIT            266.4        328.7        291.4    280.5
Non-operating exceptional
  items (note 3):
  Losses on businesses disposed
    of or terminated                -            -            -       (9.9)
  Profit on disposal of fixed
    asset investment                -            -            -       52.4
---------------------------------------------------------------------------
PROFIT BEFORE FINANCE CHARGES     266.4        328.7        291.4    323.0
---------------------------------------------------------------------------
FINANCE CHARGES :
 Group (including associates)     (74.3)       (74.3)       (50.3)   (50.3)
 Joint venture                    (29.3)         -            -      (23.4)
---------------------------------------------------------------------------
TOTAL FINANCE CHARGES (note 4)   (103.6)       (74.3)       (50.3)   (73.7)
---------------------------------------------------------------------------
PROFIT ON ORDINARY ACTIVITIES
 BEFORE TAXATION                  162.8        254.4        241.1    249.3
---------------------------------------------------------------------------
Profit before tax - HMV Media Group              5.1          4.3
---------------------------------------------------------------------------
PROFIT BEFORE TAX, EXCEPTIONAL
 ITEMS AND AMORTISATION                        259.5        245.4
---------------------------------------------------------------------------
                                                              Attachment (c)
                                      
                                EMI GROUP plc
               CONSOLIDATED PROFIT AND LOSS ACCOUNT continued
                      for the year ended 31 March 2001
                                      
                                      
                                Year ended 31.3.01     Year ended 31.3.00
----------------------------------------------------------------------------
                                         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                 162.8       254.4        241.1    249.3
---------------------------------------------------------------------------
Taxation on profit on
 ordinary activities (note 5)    (65.8)      (64.4)       (71.0)   (73.0)
---------------------------------------------------------------------------
PROFIT ON ORDINARY ACTIVITIES
 AFTER TAXATION                   97.0       190.0        170.1    176.3
Minority interests (equity)      (15.0)      (19.1)       (21.7)   (17.9)
---------------------------------------------------------------------------
PROFIT ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY           82.0       170.9        148.4    158.4
---------------------------------------------------------------------------
Dividends (equity) (note 6)     (125.2)                           (125.1)
---------------------------------------------------------------------------
TRANSFER (FROM) TO PROFIT &
 LOSS RESERVE                    (43.2)                             33.3
---------------------------------------------------------------------------

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

Earnings/basic EPS (note 7)       82.0        10.5p       158.4     20.3p
Adjustments:
 Operating exceptional items      42.9         5.5p         4.0      0.5p
 Non-operating exceptional items   -           -          (42.5)    (5.4)p
 Amortisation of goodwill
  and music copyrights            53.8         6.8p        34.6      4.4p
 Attributable taxation             -           -           (0.6)    (0.1)p
 Minority interest
 (re music copyright amortisation)(4.1)       (0.5)p       (3.8)    (0.5)p
---------------------------------------------------------------------------
Adjusted earnings/adjusted EPS   174.6        22.3p       150.1     19.2p
Adjusted dilution impact         n/a           -          n/a        -
---------------------------------------------------------------------------
Adjusted earnings/adjusted
 diluted EPS (note 7)            174.6        22.3p       150.1     19.2p
---------------------------------------------------------------------------
                                                              Attachment (d)
                                EMI GROUP plc
                         CONSOLIDATED BALANCE SHEET
                              at 31 March 2001
                                                Notes      2001      2000
---------------------------------------------------------------------------
FIXED ASSETS                                                 £m        £m
  Music copyrights                                        546.8     521.0
  Goodwill                                                 61.1      26.7
  Tangible fixed assets                                   306.8     337.2
  Investments: associated undertakings                     26.0      18.0
  Other fixed asset investments                            22.6      20.0
  Investments: own shares                                  14.4      18.4
---------------------------------------------------------------------------
                                                          977.7     941.3
---------------------------------------------------------------------------
CURRENT ASSETS
  Stocks                                                   46.1      39.9
  Debtors: amounts falling due within one year            868.9     829.2
  Debtors: amounts falling due after more than one year   115.4      86.0
  Investments: liquid funds                     8           0.7       1.3
  Cash at bank and in hand and cash deposits    8         136.9     266.6
---------------------------------------------------------------------------
                                                        1,168.0   1,223.0
---------------------------------------------------------------------------
CREDITORS: amounts falling due within one year
  Borrowings                                    8        (662.9)   (808.2)
  Other creditors                                      (1,334.1) (1,202.0)
---------------------------------------------------------------------------
                                                       (1,997.0) (2,010.2)
---------------------------------------------------------------------------
NET CURRENT LIABILITIES                                  (829.0)   (787.2)
---------------------------------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES                     148.7     154.1
---------------------------------------------------------------------------
CREDITORS: amounts falling due after more than one year
  Borrowings                                    8        (467.5)   (380.9)
  Other creditors                                         (28.9)    (37.6)
---------------------------------------------------------------------------
                                                         (496.4)   (418.5)
---------------------------------------------------------------------------
PROVISIONS FOR LIABILITIES AND CHARGES
  Deferred taxation                                       (27.6)    (27.8)
  Other provisions                              10       (116.7)   (130.2)
  Investments: joint venture (HMV Media Group)           (168.3)   (169.0)
---------------------------------------------------------------------------
                                                         (312.6)   (327.0)
---------------------------------------------------------------------------
                                                         (660.3)   (591.4)
---------------------------------------------------------------------------
CAPITAL AND RESERVES
  Called-up share capital                                 110.4     110.4
  Share premium account                                   445.6     444.6
  Capital redemption reserve                              495.8     495.8
  Other reserves                                          256.0     256.0
  Profit and loss reserve                              (2,096.2) (2,034.4)
---------------------------------------------------------------------------
EQUITY SHAREHOLDERS' FUNDS                               (788.4)   (727.6)
MINORITY INTERESTS (EQUITY)                               128.1     136.2
---------------------------------------------------------------------------
                                                         (660.3)   (591.4)
---------------------------------------------------------------------------
                                                              Attachment (e)
                                                                            
                                EMI GROUP plc
               STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                      for the year ended 31 March 2001
                                      

                                          2001     2001     2000    2000
---------------------------------------------------------------------------
                                             £m       £m       £m      £m

Profit for the financial year                        82.0            158.4
---------------------------------------------------------------------------
Minority interest adjustment                 -                0.6
Currency translation - Group*              (11.2)            29.8
Currency translation - joint venture        (0.6)            (1.1)
---------------------------------------------------------------------------
Other recognised (losses) gains                     (11.8)            29.3
---------------------------------------------------------------------------
Total recognised gains and losses
  relating to the year                               70.2            187.7
---------------------------------------------------------------------------
*Net currency gains of £13.6m (2000: £22.0m) which relate to foreign
currency borrowings to finance investment overseas and the related tax
charge of £5.5m (2000: £nil), have been included within the Group currency
translation movement on reserves.
                                      
                                      
                                      
             RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                      for the year ended 31 March 2001

                                          2001     2001    2000     2000
---------------------------------------------------------------------------
                                             £m       £m      £m       £m

Opening shareholders' funds                        (727.6)          (794.0)
Profit for the financial year               82.0            158.4
Dividends (equity) (note 6)               (125.2)          (125.1)
Other recognised (losses) gains            (11.8)            29.3
Goodwill adjustments (note 11)              (4.4)             0.2
Share of joint venture reserves adj.        (2.4)             -
Shares issued                                1.0              3.6
---------------------------------------------------------------------------
Net (decrease) increase in shareholders'
  funds for the year                                (60.8)            66.4
---------------------------------------------------------------------------
Closing shareholders' funds                        (788.4)          (727.6)
---------------------------------------------------------------------------
                                                              Attachment (f)
                                EMI GROUP plc
                      CONSOLIDATED CASH FLOW STATEMENT
                      for the year ended 31 March 2001
                                      
                                                           2001       2000
----------------------------------------------------------------------------
                                                             £m         £m
NET CASH INFLOW FROM OPERATING ACTIVITIES                 314.8      246.5
----------------------------------------------------------------------------
DIVIDENDS RECEIVED FROM ASSOCIATED UNDERTAKINGS             0.3        0.4
----------------------------------------------------------------------------
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Net interest paid                                         (75.6)     (47.4)
Dividends paid to minorities                              (25.2)     (10.0)
----------------------------------------------------------------------------
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS
   AND SERVICING OF FINANCE                              (100.8)     (57.4)
----------------------------------------------------------------------------
TAX PAID                                                  (48.5)    (100.5)
----------------------------------------------------------------------------
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of music copyrights                               (6.4)     (15.7)
Purchase of tangible fixed assets                         (42.8)     (37.8)
Sale of tangible fixed assets                              17.8        3.0
Purchase of investments: own shares                        (1.2)      (0.2)
Purchase of other fixed asset investments                  (1.2)      (1.7)
Sale of other fixed asset investments                       0.4       81.0
----------------------------------------------------------------------------
NET CASH (OUTFLOW) INFLOW FROM CAPITAL EXPENDITURE
  AND FINANCIAL INVESTMENT                                (33.4)      28.6
----------------------------------------------------------------------------
ACQUISITIONS AND DISPOSALS
Purchase of associated undertakings                        (0.8)      (9.6)
Loans made to associated undertakings                     (11.2)      (4.2)
Disposal of associated undertakings                         -          1.0
Purchase of businesses net of cash acquired (note 11)     (10.8)    (149.1)
Deferred consideration paid                                (3.9)      (4.6)
Disposal of businesses                                      -         (3.7)
----------------------------------------------------------------------------
NET CASH OUTFLOW FROM ACQUISITIONS AND DISPOSALS          (26.7)    (170.2)
----------------------------------------------------------------------------
EQUITY DIVIDENDS PAID                                    (125.2)    (158.1)
----------------------------------------------------------------------------
NET CASH OUTFLOW BEFORE MANAGEMENT
  OF LIQUID RESOURCES AND FINANCING                       (19.5)    (210.7)
----------------------------------------------------------------------------
Issue of Ordinary Share capital                             1.0        3.6
Management of liquid resources (note 9)                    38.9      (24.7)
Financing (note 9)                                        (73.6)     317.2
----------------------------------------------------------------------------
NET CASH (OUTFLOW) INFLOW FROM MANAGEMENT OF LIQUID
   RESOURCES AND FINANCING                                (33.7)     296.1
----------------------------------------------------------------------------
(DECREASE) INCREASE IN CASH (note 9)                      (53.2)      85.4
----------------------------------------------------------------------------
                                                              Attachment (g)
                                                                            
                                EMI GROUP plc
                 CONSOLIDATED CASH FLOW STATEMENT continued
                      for the year ended 31 March 2001
                                      

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

----------------------------------------------------------------------------
                                                        2001         2000
----------------------------------------------------------------------------
                                                          £m           £m

Group operating profit                                  237.5        252.0
Depreciation charge                                      57.0         57.8
Amortisation charge:
  Music copyrights                                       42.6         33.5
  Goodwill                                                9.5          1.1
Fixed asset write back                                    -           (3.5)
Amounts provided (note 10)                               14.1         19.2
Provisions utilised (note 10):
  Disposals and fundamental reorganisations              (7.4)        (1.5)
  Other                                                 (23.6)       (24.5)
(Increase) decrease in working capital:
  Stock                                                  (4.6)         5.1
  Debtors                                              (104.6)       (75.0)
  Creditors                                              94.3        (17.7)
----------------------------------------------------------------------------
NET CASH INFLOW FROM OPERATING ACTIVITIES               314.8        246.5
----------------------------------------------------------------------------


                                                                            
                                                              Attachment (h)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001


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 2001 and 31 March 2000 represent
continuing operations.

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 2000.
                                                              Attachment (i)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001

Note 2. SEGMENTAL ANALYSES
                                    2001       2001       2000       2000
                                          Operating             Operating
                                Turnover     Profit   Turnover     Profit
---------------------------------------------------------------------------
                                      £m         £m         £m         £m
BY CLASS OF BUSINESS:
  Recorded Music                 2,282.0      227.5    2,032.5      195.1
  Music Publishing                 390.7      105.0      354.0       95.5
---------------------------------------------------------------------------
Group*                           2,672.7      332.5    2,386.5      290.6
---------------------------------------------------------------------------
Operating exceptional items and
 amortisation**                               (95.0)                (38.6)
---------------------------------------------------------------------------
Group operating profit*                       237.5                 252.0
---------------------------------------------------------------------------
BY ORIGIN:
  United Kingdom                   338.8       43.1      304.2       48.5
  Rest of Europe                   753.4      113.6      724.8       98.5
  North America                    886.5       76.5      726.3       60.9
  Asia                             485.6       74.6      446.1       62.9
  Other                            208.4       24.7      185.1       19.8
---------------------------------------------------------------------------
Group*                           2,672.7      332.5    2,386.5      290.6
---------------------------------------------------------------------------
BY DESTINATION:
  United Kingdom                   356.3                 314.4
  Rest of Europe                   721.6                 733.2
  North America                    889.3                 698.8
  Asia                             485.9                 449.0
  Other                            219.6                 191.1
---------------------------------------------------------------------------
Group*                           2,672.7               2,386.5
---------------------------------------------------------------------------
*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 £(42.9)m (2000: £(4.0)m) and
amortisation of goodwill and music copyrights of £(52.1)m (2000: £(34.6)m).
The split of operating exceptional items and amortisation of goodwill and
music copyrights by class of business is as follows:  Recorded Music
£(49.1)m (2000: £(1.6)m), Music Publishing £(45.9)m (2000: £(37.0)m).   The
split of operating exceptional items and amortisation of goodwill and music
copyrights by origin is as follows:  United Kingdom £(9.1)m (2000: £(1.8)m);
Rest of Europe £(15.4)m (2000: £(3.0)m); North America £(58.4)m (2000:
£(31.8)m), Asia £(8.3)m (2000: £(1.9)m); Other £(3.8)m (2000: £(0.1)m).
                                                              Attachment (j)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001


Note 2. SEGMENTAL ANALYSES continued

                                  2001         2001       2000       2000
                             Operating      Average  Operating    Average
                                assets    employees     assets  employees
---------------------------------------------------------------------------
                                    £m          No.         £m        No.
BY CLASS OF BUSINESS:
  Recorded Music                 224.4       9,388       215.7     9,620
  Music Publishing               516.9         608       502.1       588
  Other (HMV Media Group)       (168.3)        n/a      (169.0)      n/a
---------------------------------------------------------------------------
Group                             573.0       9,996       548.8    10,208
---------------------------------------------------------------------------
BY ORIGIN:
  United Kingdom                  (53.2)      1,557       (21.7)    1,524
  Rest of Europe                    6.6       2,790        (3.5)    3,010
  North America                   486.3       3,138       451.9     3,105
  Asia                            114.1       1,535       113.0     1,593
  Other                            19.2         976         9.1       976
---------------------------------------------------------------------------
Group                             573.0       9,996       548.8    10,208
---------------------------------------------------------------------------



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

                                                           2001      2000
---------------------------------------------------------------------------
                                                             £m        £m

Operating assets                                          573.0     548.8
Tax, dividends and net interest payable                  (240.5)   (219.0)
---------------------------------------------------------------------------
Capital employed                                          332.5     329.8
Net borrowings                                           (992.8)   (921.2)
---------------------------------------------------------------------------
Net liabilities                                          (660.3)   (591.4)
---------------------------------------------------------------------------


                                                              Attachment (k)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001
                                                                            
                                                                            
Note 3. EXCEPTIONAL ITEMS

(i)  Operating exceptional items

                                                         2001        2000
---------------------------------------------------------------------------
                                                           £m          £m

Integration costs                                           -        (4.0)
Proposed merger with Warner Music - deal costs          (42.9)        -
---------------------------------------------------------------------------
Total operating exceptional items                       (42.9)       (4.0)
---------------------------------------------------------------------------
The attributable taxation credit relating to operating exceptional items
is £nil (2000: £0.6m).


(ii) Non-operating exceptional items

                                                         2001        2000
---------------------------------------------------------------------------
                                                           £m          £m
Losses on businesses disposed of or
  terminated*                                             -          (9.9)
Profit on disposal of fixed asset investment
  - GWR Group PLC                                         -          52.4
---------------------------------------------------------------------------
Total non-operating exceptional items                     -          42.5
---------------------------------------------------------------------------
*  Losses on businesses disposed of or terminated include £nil (2000: £nil)
   of goodwill written back in the year.

The attributable taxation charge relating to non-operating exceptional items
is £nil (2000: £nil).


                                                                            
                                                              Attachment (l)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001
                                      

Note 4. FINANCE CHARGES
                                           2001      2001    2000    2000
---------------------------------------------------------------------------
                                             £m        £m      £m      £m
Interest payable on:
  Bank overdrafts and loans                 76.4              53.0
  Other                                      8.0               6.3
---------------------------------------------------------------------------
                                                     84.4            59.3
Interest receivable on:
  Bank balances                             (6.4)             (6.3)
  Other                                     (3.7)             (2.7)
---------------------------------------------------------------------------
                                                    (10.1)           (9.0)
---------------------------------------------------------------------------
Group finance charges (incl associates)              74.3            50.3
Joint venture (HMV Media Group)                      29.3            23.4
---------------------------------------------------------------------------
Total finance charges                               103.6            73.7
---------------------------------------------------------------------------
Finance charges for associates are £nil (2000: £nil).


Note 5. TAXATION
                                                             2001    2000
---------------------------------------------------------------------------
                                                               £m      £m
Taxation on profit on ordinary activities:
United Kingdom:
  Corporation tax                                            14.4     7.7
  Advance corporation tax written back                      (12.0)   (8.0)
  Double taxation relief                                     (7.5)   (5.9)
---------------------------------------------------------------------------
                                                             (5.1)   (6.2)
Overseas taxation - current year charge                      58.5    66.3
Overseas taxation - prior year adjustment                    (4.2)    4.1
Deferred taxation:
  United Kingdom                                               -      -
  Overseas - current year charge                             (0.3)   (4.7)
  Overseas - prior year adjustment                           (0.3)    0.1
Associated undertakings' taxation:
  Overseas                                                    0.2     0.1
Withholding taxes                                            15.6    10.7
---------------------------------------------------------------------------
Group                                                        64.4    70.4
Joint venture (HMV Media Group)                               1.4     2.6
---------------------------------------------------------------------------
Total                                                        65.8    73.0
---------------------------------------------------------------------------
The charge for taxation has been reduced by utilisation of tax losses of
£nil (2000: £0.1m).   There is no unprovided deferred taxation arising in
the year.  There is no taxation charge or credit on exceptional items
(2000: £0.6m credit).
                                                              Attachment (m)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001


Note 6. DIVIDENDS (EQUITY)

                                    2001       2000       2001       2000
---------------------------------------------------------------------------
                               per share  per share         £m         £m
Ordinary dividends (net):
  Interim                          4.25p      4.25p       33.5       33.5
  Adjustment to 2001 and
     2000 interim                  -          -           (0.3)      (0.3)
  Proposed final                  11.75p     11.75p       92.7       92.7
  Adjustment to 2000 and
     1999 final                    -          -           (0.7)      (0.8)
---------------------------------------------------------------------------
                                  16.00p     16.00p      125.2      125.1
---------------------------------------------------------------------------
The final dividend of 11.75p per share will be paid on 1 October 2001 to
shareholders on the register at the close of business on 7 September 2001.

                                                                            
                                                              Attachment (n)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001


Note 7. EARNINGS PER ORDINARY SHARE
                                                          2001       2000
---------------------------------------------------------------------------
Basic earnings per Ordinary Share is calculated as follows:

  Earnings                                               £82.0m    £158.4m
  Weighted average number of Ordinary Shares in issue    782.3m     780.9m
  Earnings per Ordinary Share                             10.5p      20.3p
---------------------------------------------------------------------------
Diluted earnings per Ordinary Share is calculated as follows:

  Earnings                                               £82.0m    £158.4m
  Adjusted weighted average number of Ordinary Shares    783.1m     781.8m
  Earnings per Ordinary Share                             10.5p      20.3p
---------------------------------------------------------------------------
Adjusted basic earnings per Ordinary Share is calculated as follows:

  Adjusted earnings                                     £174.6m    £150.1m
  Weighted average number of Ordinary Shares in issue    782.3m     780.9m
  Adjusted earnings per Ordinary Share                    22.3p      19.2p
---------------------------------------------------------------------------
Adjusted diluted earnings per Ordinary Share is calculated as follows:

  Adjusted earnings                                     £174.6m    £150.1m
  Adjusted weighted average number of Ordinary Shares    783.1m     781.8m
  Adjusted earnings per Ordinary Share                    22.3p      19.2p
---------------------------------------------------------------------------
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, 783.1m (2000: 781.8m) is the weighted
average number of Ordinary Shares in issue, 782.3m (2000: 780.9m) plus
adjustments for dilutive share options, 0.8m (2000: 0.9m).

                                                              Attachment (o)
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001

Note 8. BORROWINGS
                                                           2001      2000
---------------------------------------------------------------------------
                                                             £m        £m
LONG-TERM BORROWINGS
Loans                                                     467.5     377.9
Finance leases                                              2.6       3.6
Less: repayable within one year                            (2.6)     (0.6)
---------------------------------------------------------------------------
TOTAL LONG-TERM BORROWINGS                                467.5     380.9
---------------------------------------------------------------------------
SHORT-TERM BORROWINGS
Loans and overdrafts                                      659.0     806.4
Finance leases                                              1.3       1.2
Short-term element of long-term loans                       2.6       0.6
---------------------------------------------------------------------------
TOTAL SHORT-TERM BORROWINGS                               662.9     808.2
---------------------------------------------------------------------------
TOTAL BORROWINGS                                        1,130.4   1,189.1
Liquid funds:
  Investments: liquid funds                                (0.7)     (1.3)
  Cash at bank and in hand and cash deposits             (136.9)   (266.6)
---------------------------------------------------------------------------
NET BORROWINGS                                            992.8     921.2
---------------------------------------------------------------------------
Long-term borrowings include £111.5m (2000: £62.6m) 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 £3.9m (2000: £4.8m) which is secured on assets held
under finance leases.


Maturity analysis of long-term borrowings :
                                                            2001     2000
---------------------------------------------------------------------------
                                                              £m       £m
Amounts falling due after more than one year
  are repayable as follows:
     Between one and two years                             115.0     51.6
     Between two and five years                              1.9     17.6
     After five years:
       By instalments                                        -        0.7
       Other                                               350.6    311.0
---------------------------------------------------------------------------
                                                           467.5    380.9
---------------------------------------------------------------------------
The amount of debt, any of which falls due for payment after more than five
years, is £350.6m (2000: £314.2m).
                                                              Attachment (p)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001


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 2001 :
                                                                       At
                                       At      Cash    Exchange  31 March
                             1 April 2000      flow    movement      2001
---------------------------------------------------------------------------
                                       £m        £m          £m        £m

Cash at bank and in hand            221.7     (88.0)       (3.3)    130.4
Overdrafts                          (55.3)     34.8        (5.1)    (25.6)
---------------------------------------------------------------------------
Cash                                166.4     (53.2)       (8.4)    104.8
---------------------------------------------------------------------------
Debt due after more than
  one year                         (377.3)    (48.4)      (39.2)   (464.9)
Debt due within one year           (751.7)    120.8        (5.1)   (636.0)
Finance leases                       (4.8)      1.2        (0.3)     (3.9)
---------------------------------------------------------------------------
Financing                        (1,133.8)     73.6       (44.6) (1,104.8)
---------------------------------------------------------------------------
Investments: liquid funds             1.3      (0.5)       (0.1)      0.7
Cash deposits                        44.9     (38.4)        -         6.5
---------------------------------------------------------------------------
Liquid resources                     46.2     (38.9)       (0.1)      7.2
---------------------------------------------------------------------------
Total                              (921.2)    (18.5)      (53.1)   (992.8)
---------------------------------------------------------------------------
Cash flow on financing of £73.6m is split between new loans of £(240.1)m,
loans repaid of £312.5m and capital element of finance leases repaid of
£1.2m.


                                                              Attachment (q)
                                                                            
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001


Note 9. CASH, LIQUID RESOURCES AND FINANCING continued

The Group's net borrowings at 31 March 2001 comprised:
                                                        Liquid
                                                   resources &        Net
                                              Cash   financing borrowings
---------------------------------------------------------------------------
                                                £m          £m         £m
Investments: liquid funds                      -           0.7        0.7
Cash at bank and in hand and cash deposits   130.4         6.5      136.9
Borrowings due within one year               (25.6)     (637.3)    (662.9)
Borrowings due after more than one year        -        (467.5)    (467.5)
---------------------------------------------------------------------------
At 31 March 2001                             104.8    (1,097.6)    (992.8)
---------------------------------------------------------------------------
At 31 March 2000                             166.4    (1,087.6)    (921.2)
---------------------------------------------------------------------------


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 2000             26.2       44.6       23.8      35.6   130.2
Currency retranslation        0.6        0.4        0.1       3.4     4.5
Provisions utilised          (7.9)     (14.0)      (7.4)     (1.7)  (31.0)
Charged against:
  Operating profit            8.1        6.0        -         -      14.1
  Exceptional items           -          -          -         -       -
Acquisition (disposal)
  of businesses               -          -          -        (0.5)   (0.5)
Reclassification             (0.6)       -          -         -      (0.6)
---------------------------------------------------------------------------
At 31 March 2001             26.4       37.0       16.5      36.8   116.7
---------------------------------------------------------------------------
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 disposals and fundamental reorganisations in
the cash flow include £5.4m spent against the disposal provision set up last
year and £2.0m 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 2001

Note 11.  PURCHASE OF BUSINESSES

Acquisitions during the year include a 50% stake in the No Limit record
label in the US, Relax In (a recorded music company in the Middle East) and
the remaining minority interests in Monitor (a Czech Republic recorded music
company) and OctoArts (a Philippines 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                           -            (1.3)        (1.3)
Debtors                                  (27.5)          2.0        (25.5)
Creditors                                 (6.5)         (1.2)        (7.7)
Minority interests                         0.6           -            0.6
---------------------------------------------------------------------------
Net assets acquired (before cash)        (33.4)         (0.5)       (33.9)
---------------------------------------------------------------------------
Goodwill                                                             44.2
Earnout liabilities - provisions utilised                             3.4
Provisions for future earnout liabilities                            (2.9)
---------------------------------------------------------------------------
Net cash consideration                                               10.8
---------------------------------------------------------------------------
Satisfied by:
  Total consideration                                                13.8
  Future earnout provisions                                          (2.9)
---------------------------------------------------------------------------
  Cash consideration                                                 10.9
  Net cash acquired                                                  (0.1)
---------------------------------------------------------------------------
Net cash consideration                                               10.8
---------------------------------------------------------------------------
The net adjustments to book value of £(0.5)m were made to bring the
valuation of the assets acquired in line with the Group's accounting
policies and to reflect revised estimates of consideration payable.

                                                              Attachment (s)
                                EMI GROUP plc
                      NOTES TO THE FINANCIAL STATEMENTS
                      for the year ended 31 March 2001

Note 11.  PURCHASE OF BUSINESSES continued

Goodwill arising on acquisitions in the year comprises:
                                                                       £m
---------------------------------------------------------------------------
Total consideration                                                  13.8
Net cash acquired                                                    (0.1)
---------------------------------------------------------------------------
                                                                     13.7
Fair value to the Group (before cash acquired)                       33.9
Earnout provisions utilised or written back                          (3.4)
---------------------------------------------------------------------------
Goodwill                                                             44.2
---------------------------------------------------------------------------
The goodwill includes £39.8m of capitalised goodwill and goodwill which has
been written back to reserves of £4.4m relating to prior-years'
acquisitions. Adjustments to goodwill written off to reserves arise on
adjustments to estimates of future earnout liabilities for prior-years'
acquisitions and acquisitions of remaining minority interests associated
with prior-years' acquisitions.

All acquisitions have been accounted for using the acquisition method.