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Daily Mail & General (DMGT)

  Print      Mail a friend       Annual reports

Thursday 22 November, 2012

Daily Mail & General

Preliminary Results 2011/12


 
                    Not for public release until 7.00a.m. on 22 November, 2012

Daily Mail and General Trust plc (`DMGT')

Group unaudited preliminary results for the year ended 30
September, 2012

                      Adjusted results*                              Statutory results~
                     (from continuing &     Year on Year Changein
                  discontinued operations)    adjusted results*
                      2012         2011      Reported  Underlying     2012       2011
                               (restated)+                                    (restated)+
Revenue               £1,960 m     £1,985 m        -1%         +3%   £1,747 m    £1,749 m
Operating               £300 m       £281 m        +7%         +7%     £147 m      £170 m
profit∞
Profit before tax       £255 m       £232 m       +10%                 £206 m      £126 m
Earnings per            49.4 p       46.1 p        +7%                 67.2 p      28.3 p
share
Dividend per            18.0 p       17.0 p        +6%
share

                           GOOD YEAR OF PERFORMANCE

- Group revenues down 1%, an underlying# increase of 3%

- Good growth from B2B: revenues up 1%, an underlying# increase of
7%; with profits up 7%, an underlying# increase of 8%

- Associated's underlying# revenues were up 2%, with a slight
improvement in operating margins

- Operational focus at Northcliffe: profits up 54% despite
underlying# revenues down 6%

- Group operating profit* of £300m, up 7% on a reported and
underlying# basis; operating margin* increased from 14% to 15%

- Profit* before tax of £255m, up 10%

- Active portfolio management: purchase of Jobrapido; sale of Evanta and
remaining stake in dmg radio Australia; creation of Zoopla Property Group
joint venture and, in November 2012, disposal of A&N Media's digital
operations in central Europe

- Disposal of Northcliffe Media agreed in November 2012; adjusted results
excluding discontinued operations shown on page 20

- Net debt reduced by £106 million to £613 million; net debt: EBITDA of 1.6
times

- Share buy back programme of up to £100m over the coming year

- Earnings per share* up 7% to 49.4p; full year dividend increased by 6% to
18.0p.

Martin Morgan, Chief Executive, said:

"DMGT has delivered a good set of results in the 12 months to 30
September. Group adjusted pre-tax profits* rose by 10%. Our international B2B
companies have increased their revenues and profits* by 7% and 8% respectively
on an underlying# basis. Although our UK consumer businesses were impacted by
challenging trading conditions, it was particularly pleasing that Associated
was able to grow its revenues by 2% on an underlying# basis and that
underlying# profits* for the consumer businesses rose 12% - reflecting greater
productivity and efficiency linked to continued digitisation in that division.

We continued to refine our portfolio of businesses during the year
with further acquisitions and disposals aimed at improving our long term
growth potential. Today we are a more focused and financially stronger Group,
leaving us well positioned for 2013 and beyond."

Enquiries

Stephen Daintith, Finance Director Tel: +44 20 3615 2902

Adam Webster, Head of Management Information

and Investor Relations Tel: +44 20 3615 2903

Kim Fletcher / Will Carnwath, Brunswick Group LLC Tel: +44 20 7404 5959

Analysts' presentation and webcast

A presentation of the Preliminary Results will be given to investors and
analysts at 9.30 a.m. on 22nd November, 2012 at the London Stock Exchange, 10
Paternoster Square, London, EC4M 7LS. There will also be a live webcast
available on our website: http://www.dmgt.com.

Next trading update

The Group's next scheduled announcement of financial information
will be its first quarter interim management statement on 6th February, 2013.

Notes to Editors

DMGT is an international group quoted on the London Stock Exchange,
operating a portfolio of businesses in the information, digital and media
markets serving both corporate and consumer audiences around the globe.

DMGT's strategy is to retain and develop a group of high quality,
entrepreneurial, market-leading information and media assets across both the
B2B and consumer sectors. It aims to make these resources available to greater
audiences in more places around the world, building on its track record of
earnings and dividend growth.

Notes

 *before exceptional items, other gains and losses, impairment of
goodwill and intangible assets, and amortisation of intangible assets arising
on business combinations. These adjusted results, including revenue and
operating profit, are for total operations, including those treated as
discontinued, namely Northcliffe Media and the dmg radio Australia joint
venture. Northcliffe Media contributed operating profit of £26 million (2011:
£17 million) from revenues of £213 million (2011: £236 million) and is
included in the adjusted results. Excluding Northcliffe Media, revenues of
£1,747 million are in line with £1,749 million last year on a restated basis+,
whilst operating profit of £274 million is 4% higher than last year's
restated+ £264 million. A reconciliation of adjusted results including
discontinued operations to adjusted results excluding discontinued operations
is shown on page 20.

#Underlying revenue or profit* is revenue or profit* on a
like-for-like basis, adjusted for acquisitions, disposals, closures and
non-annual events in the current and prior year and at constant exchange
rates; see pages 21 and 22. For RMS, underlying percentage movements exclude
RMSI. For dmg::information, movements exclude Sanborn and the effects of
acquisitions made this year and last year. For dmg::events, the comparison is
between events held in the year and the previous time the same event was held
and excludes George Little Management (GLM). For Euromoney the comparisons
exclude Ned Davis Research and underlying profit excludes the acceleration of
its CAP charge last year and the benefit of that acceleration this year. For
Associated underlying comparisons exclude the effects of the sale of Teletext
Retail last year and Teletext Holidays and motors.co.uk this year, the
acquisition of Jobrapido in April 2012 and the merger of the Digital Property
Group and Zoopla at the end of May 2012 and total underlying revenue excludes
low margin contract printing revenue. Northcliffe's underlying revenues
exclude the effects of the sale, purchase and closure of titles and adjust for
the move of several titles from daily to weekly publishing frequency and the
move to a wholesale circulation model last year.

+ restated for the change in accounting treatment for the
recognition of licence revenues at Hobsons, dmg::information's education
business. These revenues have previously been recognised on delivery of the
licence at the start of the contract, but are now accounted for on a
subscription basis and recognised over the contract period. The change reduced
both revenue and operating profit by £5 million in a restatement of last
year's result. Prior year results are also restated to reflect Northcliffe
Media and dmg radio Australia being treated as discontinued operations; see
Note 2.

~ These statutory highlights are for continuing operations only
(excluding Northcliffe Media from both years, since it is treated as a
discontinued operation due to being held for sale as at the 30th September,
2012, and excluding the disposed-of dmg radio Australia joint venture), other
than earnings per share which is the total statutory figure.

† Percentages are calculated on actual numbers to one decimal
place. Figures in the Management Report are rounded to the nearest million
pounds whilst figures to one decimal place are shown in note 3.

∞ Operating profit excludes DMGT's share of operating profit from
joint ventures and associates.

Daily Mail and General Trust plc

Contents

Management report 5 - 30

Condensed Consolidated Income Statement 31

Condensed Consolidated Statement of Comprehensive Income 32

Condensed Consolidated Statement of Changes in
Equity 33

Condensed Consolidated Statement of Financial
Position 34 - 35

Condensed Consolidated Cash Flow Statement 36 -
37

Notes to the Condensed Consolidated Financial
Statements 38 - 61

Management report

This management report focuses principally on the adjusted results
to give a more comparable indication of the Group's underlying business
performance. All year-on-year comparisons are on a like-for-like basis after
adjusting the prior year results* for the change in the recognition of
software licence revenues at Hobsons.

Northcliffe Media was held for sale as at 30th September, 2012 and
an agreed sale was announced on 21st November, 2012. It is therefore required
to be treated as a discontinued operation for the purposes of statutory
reporting. However, Northcliffe Media is included within our adjusted results
as shown in the table below and throughout the management report.

An explanation of restructuring and impairment charges and other
items included in the statutory results is set out after the divisional
performance review and in the segmental note. The adjusted results are
summarised below:

 Adjusted results*                 2012           2011   Change†
                                     £m  (restated)+£m
Revenue                           1,960          1,985       -1%
Operating profit                    300            281       +7%
Income from JVs and associates       13              5
Net finance costs                  (58)           (54)
Profit before tax                   255            232      +10%
 
Tax charge                         (39)           (34)
Minority interest                  (27)           (22)
Group profit                        189            177       +7%
 
Adjusted earnings per share      49.4 p         46.1 p       +7%

*Adjusted results are stated before exceptional items, other gains
and losses, impairment of goodwill and intangible assets, and amortisation of
intangible assets arising on business combinations. For a reconciliation of
Group profit to adjusted Group profit, see Note 10. These adjusted results,
including revenue and operating profit, are for total operations, including
those treated as discontinued, namely Northcliffe Media and the dmg radio
Australia joint venture. Northcliffe Media contributed operating profit of £26
million (2011: £17 million) from revenues of £213 million (2011: £236 million)
and is included in the adjusted results. Excluding Northcliffe Media, Group
revenues of £1,747 million are in line with £1,749 million last year on a
restated basis+, whilst operating profit of £274 million is 4% higher than
last year's restated+ £264 million. A reconciliation of adjusted results
including discontinued operations to adjusted results excluding discontinued
operations is shown on page 20.

#Underlying revenue or profit* is revenue or profit* on a
like-for-like basis, adjusted for acquisitions, disposals, closures and
non-annual events in the current and prior year and at constant exchange
rates; see pages 21 and 22. For RMS, underlying percentage movements exclude
RMSI. For dmg::information, movements exclude Sanborn and the effects of
acquisitions made this year and last year. For dmg::events, the comparison is
between events held in the year and the previous time the same event was held
and excludes George Little Management (GLM). For Euromoney the comparisons
exclude Ned Davis Research and underlying profit excludes the acceleration of
its CAP charge last year and the benefit of that acceleration this year. For
Associated underlying comparisons exclude the effects of the sale of Teletext
Retail last year and Teletext Holidays and motors.co.uk this year, the
acquisition of Jobrapido in April 2012 and the merger of the Digital Property
Group and Zoopla at the end of May 2012 and total underlying revenue excludes
low margin contract printing revenue. Northcliffe's underlying revenues
exclude the effects of the sale, purchase and closure of titles and adjust for
the move of several titles from daily to weekly publishing frequency and the
move to a wholesale circulation model last year.

+ Adjusted revenue, adjusted operating profit*, the adjusted tax
charge and adjusted earnings per share for the prior year have been restated
due to the change in accounting treatment for the recognition of licence
revenues at Hobsons, dmg::information's education business. These revenues
have previously been recognised on delivery of the licence at the start of the
contract, but are now accounted for on a subscription basis and recognised
over the contract period. The change reduced both revenue and operating profit
by £5 million in a restatement of last year's results. Prior year results are
also restated to reflect Northcliffe Media and dmg radio Australia being
treated as discontinued operations; see Note 2.

† Percentages are calculated on actual numbers to one decimal
place. Figures in the Management Report are rounded to the nearest million
pounds whilst figures to one decimal place are shown in note 3.

The average £: US$ exchange rate for the year was £1: $1.58 (against £1:$1.61
last year). The rate at the year end was $1.62 (2011 $1.56).

Summary

- Group performance: DMGT has delivered a good set of results. Group revenue
for the year was £1,960 million compared with £1,985 million for the prior
year, a decrease of 1% on a reported basis but an underlying# increase of 3%.
Operating profit* was up 7% on the equivalent figure for the prior year at
£300 million. Overall operating margin* increased from 14% to 15% due to
margin improvement in both the B2B and consumer businesses.

The Group's B2B companies increased their overall profit* by 7%, an
underlying# increase of 8%. Within consumer media, the profits* of A&N Media
were up 12%. The Group's B2B operations generated 73% of this year's operating
profit*, with 27% coming from consumer operations, in line with last year.
Nearly two-thirds of the Group's operating profits* were derived from outside
the UK with over half coming from North America. Excluding Northcliffe Media,
the proportion of this year's operating profit* generated from B2B operations
and from outside the UK was 79% and 71% respectively.

Adjusted profit* before tax rose by 10% to £255 million, due to the 7%
increase in operating profit and the benefit of increased income from joint
ventures and associates. The statutory profit before tax for the year,
including discontinued operations, was £270 million, after charging £61 million of
amortisation charges and impairment losses, £84 million of exceptional
operating charges and generating £158m of profits on disposals. Adjusted Group
profit* after tax and minority interests and including Northcliffe Media was
up 7% to £189 million. Statutory profit was £257 million, up from £109
million, due to the profits on disposal more than offsetting the increased tax
charge in the current year. Adjusted earnings per share* rose by 7% to 49.4p
whilst the Statutory earnings per share increased from 28.3p to 67.2p. The
full year dividend increased by 6% to 18.0p.
Revenue growth,     Reported revenue       Underlying# revenue
Year on year
change
                    H1     H2    Year       H1      H2    Year
Group              -2%    -1%    -1%        +3%    +3%    +3%
B2B                -1%    +4%    +1%        +8%    +6%    +7%
RMS                +3%    +3%    +3%        +8%    +5%    +6%
dmg::information   +8%    +10%   +9%       +10%    +12%   +11%
dmg::events        -45%   -13%   -33%      +12%    +14%   +13%
Euromoney          +13%   +5%    +9%        +5%     0%    +2%
Consumer           -3%    -4%    -3%        0%      0%     0%
Associated         -1%    -3%    -2%        +2%    +2%    +2%
Northcliffe        -10%   -10%   -10%       -6%    -6%    -6%

- Net debt and financing: net debt fell by £106 million to £613 million due to
continued strong cash flow generation and disposal proceeds from businesses
sold during the year. At the year end, most of the Group's debt remained in
the form of long-term bonds, with a cash balance of £107 million. The Group's
ratio of year end net debt to EBITDA was 1.6 times, well below the Group's
internal limit of 2.4 times and significantly below the requirements of the
Group's bank covenants.

Outlook

- Group: we have entered the new financial year with our businesses
performing well and in line with our expectations. All our B2B businesses are
expected to make good progress in the year ahead. On the consumer side,
revenue progress will be largely dependent on the advertising environment,
balanced against further growth in digital areas. First quarter consumer
trading to date has been a little slow and we remain cautious about the medium
term outlook, given continuing external uncertainties, particularly for UK
advertising. A continued focus on cost efficiencies should provide margin
stability.

- RMS: has started the year as we expected, with a solid sales
pipeline and a range of significant development programmes in place. RMS
expects to achieve revenue growth in the high/mid single digit percentage
range, a slight decline from the trend of recent years, as it focuses its
sales efforts on preparing for the new generation of products. RMS is expected
to deliver a slightly reduced margin of around 30% as investment increases
ahead of the new product launch in 2014.

- dmg::information: is expected to deliver around 10% organic
revenue growth as the portfolio of businesses continues to benefit from new
product initiatives and stronger customer demand. The Education and Property
businesses will continue to be key drivers of overall growth, with Energy
expected to gather further momentum during the year. We expect operating
margins to be maintained at around 20%.

- dmg::events: the positive momentum experienced through 2012 has
continued into the Autumn, with our three largest events of the year (ADIPEC,
Gastech and Big 5) expected to deliver growth of c.13% compared to the
previous time the events were held. The reported results for 2012/13 will be
negatively affected by the disposal of Evanta and positively affected by two
of our three major biennial shows taking place. On an underlying# basis, and
fuelled by our launch plans, revenue growth is expected to continue at around
10%, with operating margins* of around 25% though we expect the reduction in
reported revenues to be in the mid single digit percentage range.

- Euromoney: given continuing volatility and uncertainty in
financial markets, the broad outlook for the first quarter of the new
financial year is challenging and this is expected to continue with limited
revenue visibility other than for subscriptions.

- Associated: underlying advertising revenues in the first seven
weeks of the new financial year were down 5% on last year, with continued
limited visibility of future trends. Circulation revenues will continue to be
impacted by declining volumes despite market share gains. Overall, Associated
expects to maintain stable underlying# revenues, underpinned by continued
strong growth in the digital businesses, albeit with a low single digit
percentage decline on a reported basis. Operating margins are expected to be
in the high single digits, with cost efficiencies helping to protect
profitability.

- Northcliffe: the sale of Northcliffe Media to Local World, a new
venture in which DMGT will retain a 39% stake, was agreed on 21st November,
2012. The transaction will complete following an employee consultation process
and DMGT will receive £52.5m cash in addition to its 39% stake in the new
business. In the meantime Northcliffe continues to operate as normal.
Advertising revenues have declined by 7% on last year on a like-for-like basis
in the first seven weeks of the new financial year (11% on a reported basis).

- Net debt and capital allocation: the net debt to EBITDA ratio is
well below our stated internal limit of 2.4 and the Board remains confident in
the overall outlook for the Group and its operating cash flows. We believe
that the creation of shareholder value over the long term requires a balanced
approach to investing in growth and returning excess capital to shareholders
whilst maintaining a strong balance sheet. We will therefore continue to look
for attractive acquisitions and actively manage our business portfolio
alongside maintaining our dividend policy. In reviewing our capital management
programme, the Board has also decided to utilise part of its authority to make
on market purchases of the `A' Ordinary Non-Voting shares. We anticipate
spending up to approximately £100 million on these purchases over the coming
year.

Divisional Review

Business to business (B2B)

Our B2B operations achieved another year of good growth with
combined revenues of £899 million, 1% higher than last year, with an
underlying# increase of 7%. Operating profits* increased by £16 million (7%)
to £237 million whilst the underlying# increase was 8%. The overall B2B
margin* was 26% (2011 25%).

Risk Management Solutions

                         2012         2011    Movement Underlying
                           £m           £m           %
Revenue                   163          159         +3%        +6%
Operating profit*          56           47        +18%        +7%
Operating margin*         34%          30%
RMS had a solid year of revenue and profit* growth. Revenues
increased by 3% on a reported basis, with an underlying# increase of 6%.
Operating profit* rose by 18% reflecting the disposal of RMSI's loss making,
non-core elements, which were included in the prior year's results.
Underlying# profit* grew by 7%. Subscriptions continued to grow well, with a
renewal rate of approximately 96% during the year.

RMS continues to focus primarily on its core commercial catastrophe
modelling business, which includes modelling of natural hazards risks such as
earthquake, hurricane and flood, as well as terrorism risk and risk from
pandemic diseases. RMS also continues to pursue selected growth areas such as
Capital Markets, where longevity risk transfer presents a growth opportunity,
and models for the life insurance industry.

RMS's primary strategic focus continues to be the development of
its new software platform which is expected to generate future, multi-year
revenue growth. This Next Generation platform is expected to launch in 2014
and is designed to provide complete solutions in the cloud for clients across
the re/insurance value chain, including access to sophisticated models, an
ability to integrate those models into enterprise-wide business processes, as
well as analytics to help clients make better decisions.

Outlook

For 2012/13, RMS expects to achieve high/mid single digit
percentage revenue growth and an operating margin* of around 30% as investment
increases ahead of the new product launch in 2014.

dmg::information

                        2012         2011    Movement  Underlying
                          £m           £m           %           %
                              (restated)+
Revenue                  253          232         +9%        +11%
Operating profit*         48           42        +14%        +19%
Operating margin*        19%          18%
+ The results for the prior year to 2nd October, 2011 have been
restated due to the change in accounting treatment for the recognition of
software licence revenues at Hobsons, dmg::information's education business.
These revenues have previously been recognised on delivery of the software
licence at the start of the contract, but are now accounted for on a
subscription basis and recognised over the contract period. The change reduced
both revenue and operating profit by £5 million in a restatement of last
year's results.

Summary

dmgi had a good year, with reported revenue up 9% at £253 million
reflecting the execution of organic growth plans complemented by bolt-on
acquisitions. Underlying# revenues grew by 11% following the 2011 disposal of
dmgi's geospatial business, Sanborn. Operating profits* increased by 14% to
£48 million, an underlying# increase of 19% year on year.

Property information

                      2012         2011    Movement
                        £m           £m
Revenue                106           89        +20%
Operating Profit        24           21        +13%
In the US, Environmental Data Resources (`EDR`) increased both
revenues and profits* as it continued to deepen its market penetration and
enhance product offerings against the backdrop of a relatively benign
commercial real estate market.

In Europe, Landmark also increased both revenues and profits*. This
robust performance reflected particularly strong growth from its German
business where OnGeo has been successfully integrated following its
acquisition last year. Market conditions in the UK commercial real estate and
housing markets were reasonable, though the volumes of UK housing transactions
remain significantly below the pre-2008 norm.

BuildFax, a provider of planning consent and related property
information to the US insurance and financial services markets, is an early
stage business and has progressed nicely throughout the year. In April we made
a strategic investment in Xceligent, one of only two companies in the US that
provides fully researched property and listing information to the commercial
real estate community.

Financial, Education and Energy

                         2012        2011     Movement
                           £m          £m            %
                              (restated)+
Revenue
Continuing                147         128         +16%
Disposal                    -          16        -100%
Total                     147         144          +3%
Operating Profit           28          25         +13%
+ The results for the prior year to 2nd October, 2011 have been
restated due to the change in accounting treatment for the recognition of
software licence revenues at Hobsons, dmg::information's education business.
These revenues have previously been recognised on delivery of the software
licence at the start of the contract, but are now accounted for on a
subscription basis and recognised over the contract period. The change reduced
both revenue and operating profit by £5 million in a restatement of last
year's results.

The other markets of financial, education and energy account for
58% of dmgi's revenues in aggregate.

- Financial: Trepp and Lewtan increased underlying# revenues by 2%.
Trepp is the market leader providing information to the Commercial
Mortgage-Backed Securities (`CMBS') market and produced positive revenue
growth in the year. New issuance in the CMBS market remains muted and
longer-term investors are holding off on re-building their activity. Trepp
expanded its product offerings with new products targeted at banks and other
loan providers.

Lewtan, which offers products to both investors and issuers in the
asset-backed securities market, continued to improve its market position
although market conditions remained challenging.

- Education: Hobsons increased revenues by 28%, underlying#
revenues by 20% and also improved margins* slightly. During the year Hobsons
acquired Intelliworks, providing subscription based software services to
higher education institutions, and PrepMe, providing sophisticated software to
guide students in college preparation tests. Hobsons is growing strongly in
both its K-12 division, serving US high schools, and its HE division, serving
higher education institutions in both the US and internationally.

- Energy: Genscape, the market leading provider of real-time energy
supply information, increased underlying# revenues by 7%. During the year
Genscape launched a compliance and information service that will provide
physical verification of biodiesel production in the US and also completed a
small acquisition, SpringRock, to enhance modelling and forecasting
capabilities.

Outlook

For 2012/13, dmgi expects to achieve revenue growth of around 10%
and to maintain its operating margin* at around 20%.

dmg::events

                         2012        2011    Movement    Underlying
                           £m          £m           %             %
 
Revenue                    89         132        -33%          +13%
Operating profit*          21          39        -46%          +21%
Operating margin*         24%         29%
dmg::events had a good year with underlying# revenues increasing by 13% and
underlying# profits* by 21%. Reported revenues and profits* declined following
the disposal of George Little Management (`GLM') in September 2011 and the
cycle of biennial shows which meant that only one of our three large
biennials, the Global Petroleum Show (`GPS'), occurred this year compared to
two (Gastech and ADIPEC) in 2010/11.

The sale of Evanta, a leadership and conferences business, was completed in
September 2012. Evanta reported operating profits* for the year of £6 million
on revenues of £18 million. dmg::events is now organised into three operating
units, covering the energy and digital marketing sectors and a regional
business in the Middle East.

In the Energy sector, underlying# revenue growth was 22% with a
particularly good performance from the GPS (which was held in Calgary, Canada)
and a number of launches also fuelling growth. Looking forward, Gastech, which
takes place in London in November 2012, is one of dmg::events' market leading
brands and, while the major global event remains biennial, regional events are
being launched as complements to the main show.

dmg::events operates a number of market leading events in the
Middle East. This year the annual Big 5 event for the construction sector grew
despite difficult economic conditions and an aggressive launch programme
enabled the business to deliver 14% underlying# revenue growth.

Our Digital Marketing unit, where the main events are operated
under the Ad:tech brand, delivered underlying# revenue growth of 5%. New
events were recently launched in New Delhi and Singapore.

Outlook

For 2012/13, dmg::events expects to achieve underlying# revenue growth of
around 10%. The reported results will be reduced by the disposal of Evanta and
by the absence of the GPS, but will benefit from the fact that ADIPEC and
Gastech, two of our three major biennial shows, are taking place. Overall
dmg::events expects a mid single digit percentage decline in total reported
revenues with an operating margin* of around 25%.

Euromoney Institutional Investor

                       2012       2011      Movement     Underlying
                         £m         £m             %              %
Revenue                 394        363           +9%            +2%
Operating profit*       112         93          +20%            +2%
Operating margin*       28%        26%
Euromoney released its preliminary results on 15 November,
achieving an operating profit* of £112 million on revenues up 9% to £394
million. The 2010/11 operating performance was stated after deducting a £7
million accelerated charge for its management incentive scheme, the CAP, due
to the earlier than expected achievement of its profit target. This year's
profit would have been £1 million lower if the charge had not been accelerated
into 2010/11. Underlying# revenue growth was 2% which, combined with tight
control of headcount, helped Euromoney to improve its margin (before the
acceleration of CAP charges) to 28%.

Subscription revenues, which account for the majority of
Euromoney's revenue, increased at a rate of 17% or 5% on an underlying# basis.
This growth continues to be driven largely by electronic information services
such as BCA, the independent macroeconomic research house, and CEIC, the
emerging market data provider.

Delegate revenues, accounting for 20% of total revenues, were up 6%
on an underlying# basis whilst sponsorship revenues have a 12% share and were
down 4% on an underlying# basis. Event sponsorship is heavily financial market
focused whilst events outside the financial sector tend to be more delegate
driven and performed well, particularly during the first half of the year.

Advertising, which accounts for 15% of revenues, was down 8% on an
underlying# basis with reductions from global financial institutions being
partly offset by increases in online advertising, a greater appetite for print
advertising from emerging markets and growth in advertising from sectors
outside finance, particularly energy.

Outlook

The uncertainty over Europe remains as does a solution to the pending US
fiscal cliff. Global financial institutions have been cutting costs and this
challenging market is expected to continue at least into the early part of
2013. Subscriptions account for half Euromoney's revenues and therefore
provide some protection against weak markets in 2013, as does Euromoney's
reliance on emerging markets for more than a third of its revenues. The
negative trends in advertising and delegate revenues in the last quarter are
expected to continue into the first quarter of 2012/13, although the outlook
for event sponsorship is more positive. As usual, forward revenue visibility
beyond the first quarter is limited other than for subscriptions.

Consumer media

                      2012        2011      Movement  Underlying
                        £m          £m             %           %
Revenue              1,060       1,098           -3%          0%
Operating profit*      104          93          +12%        +12%
Operating margin*      10%          8%

A&N Media's revenues for the year were £1,060 million, in line with
last year on an underlying# basis. Revenues were 3% lower on a reported basis
reflecting the disposal or closure of various underperforming businesses as
well as a full year of revenues from the Digital Property Group (`TDPG')
having been included in 2010/11. TDPG was merged with Zoopla at the end of May
2012 and DMGT's share of profits of the joint venture post its formation are
not included in operating profit* but are shown within joint ventures.

Investment in the digital businesses continues, while there was a
5% overall reduction in costs attributable to a reduction in the price of
newsprint, a lowering of headcount during the year by 12% (from 6,873 to
6,053) and continued tight control over all other expenditure. These cost
efficiencies meant that operating profits* increased by £11 million (12%) to
£104 million and operating margin* improved from 8% to 10%.

An exceptional operating charge of £71 million (£45 million of
which was non-cash) was made for restructuring and closure costs, with the
largest portion relating to printing facilities, and for severance costs
relating to the reduction in staff. Exceptional impairment and depreciation
charges were incurred in the year in respect of printing operations in Derby
and Stoke. Derby closed during the year and Stoke will close in December. By
the end of 2012/13 we expect to be operating just two UK printing plants,
Didcot and Thurrock, which will result in a much more efficient printing
operation for A&N Media going forward.

Associated Newspapers

                      2012         2011     Movement   Underlying
                        £m           £m            %            %
Revenue                848          862          -2%          +2%
Operating profit*       78           76          +2%          +3%
Operating margin*       9%           9%
Summary

Underlying# revenues were up 2% on last year. This was primarily
due to improved revenues from our digital operations as well as the benefit ofcover price increases on circulation revenues. Total revenues were down £14
million mainly owing to the impact of sold businesses, lower display revenues
from the two Mail titles, and the cessation of certain low margin printing
contracts, principally the Evening Standard.

After a difficult first half of the year which saw profits
significantly lower than last year, the second half of the year saw a marked
improvement in profitability with stronger print display advertising,
non-repeated net costs incurred last year following the closure of The News of
the World and a reduction in newsprint prices from July 2012.

Despite the decline in reported revenues, the range of cost
efficiencies resulted in an increase in operating profit* for the year of £2
million to £78 million, an underlying# increase of 3%, and operating margin*
also increased slightly.

UK Newspaper related operations

Circulation revenues increased by £10 million, 3%, to £353 million.
This was attributable to the impact of lower copy sales being more than offset
by the full year benefit of cover price increases in the second half of 2011,
and by the effect of temporary price discounting by The Mail on Sunday last
year following the closure of the The News of the World. Circulation revenues
of the Daily Mail increased by 4.4%, while those of The Mail on Sunday fell by
0.8% overall, though they increased by 0.6% after adjusting for there being
one less edition this year. Both titles achieved record market shares during
the year of 21.6% and 20.8% respectively.

Advertising revenues were 2% lower at £332 million, with a strong
performance by MailOnline and Metro in particular, being offset by lower
display revenues at both Mail print titles. Our two largest advertising
categories, retail and travel, saw revenues decline by 7% and 16%
respectively, but there was 4% growth in total from other categories. Print
advertising revenues declined by 6% this year, but digital revenue from the
newspaper titles' companion sites increased by 72% to £31 million. After a
difficult first half of the year, which saw advertising 6% lower than the
prior year, advertising revenues were up 2% during the second half of the
year.

MailOnline had another strong year of growth, recording a 74%
increase in revenue to £28 million. There was also a significant increase in
the audience, with MailOnline becoming the world's largest online news site,
surpassing The New York Times and reaching in excess of 100 million unique
browsers a month. During the year, an Indian version of the site was launched,
supported by content from Mail Today. Over the next year there will be
increased investment in expanding the New York and Los Angeles editorial
bureaus, as well as the teams of UK and US video editors, which will be
accompanied by significant investment in technology.

Metro increased revenues by £6 million, 8% to £89 million with a
particularly strong performance during the Olympics. Metro is the UK's third
largest daily newspaper, read by 3.6 million commuters every weekday with a
series of multi-platform innovations designed to enhance readership and
advertising revenues. Metro.co.uk has 7.5 million unique browsers per month
and Metro's tablet edition won Newspaper App of the Year. Metro delivered
record profits in the year of £20 million.

Digital operations

During the year our digital recruitment business, which includes
Jobsite, OilCareers and Broadbean, was renamed Evenbase; and in April we
acquired Jobrapido, the number two global job search engine. Jobrapido
delivers over 850 million visits per year in more than 50 countries.

At the end of May, the Digital Property Group was merged with
Zoopla to form Zoopla Property Group, an entity in which DMGT holds a 52.3%
stake. Only pre-merger results are included in Associated Newspapers' results;
DMGT's share of the post-merger profits of Zoopla Property Group is reported
as a share of joint ventures.

Wowcher, Associated's daily deals and online discounts business,
was launched in April 2011 and has grown rapidly to become the number two
business in the UK market.

The motors and Teletext travel businesses were disposed of during
the year.

Reported revenues from the portfolio of digital companies were £93
million and underlying# revenue growth for the retained digital businesses was
23% year on year. Evenbase delivered an operating profit* of £11 million
whilst Wowcher remained in its investment phase.

Central Europe

A&N International's operating profits* of £4 million were up 7% on
last year, whilst revenues declined 8% to £27 million due to weaker local
currencies. On an underlying# basis revenues grew by 5%, with print
advertising revenues declining by 7% but circulation and digital revenues
growing by 2% and 14% respectively. Digital advertising now represents 58% of
total advertising revenue. In November 2012, the business disposed of its
digital consumer jobs and motors businesses for proceeds of £27 million. These
businesses accounted for £6 million of the £27 million revenues in the year.

Outlook

For 2012/13, Associated currently expects to maintain stable
underlying# revenues with digital advertising growth offsetting circulation
and print advertising declines. Due to the exclusion of Zoopla Property Group
and disposed of businesses, reported revenues are expected to show a low
single digit decline. Associated expects to deliver an operating margin* in
the high single digits.

Northcliffe Media

                      2012         2011      Movement   Underlying
                        £m           £m             %            %
Revenue                213          236          -10%          -6%
Operating profit*       26           17          +54%         +54%
Operating margin*      12%           7%

Summary

Northcliffe continued its restructuring and process innovation and
delivered total year-on-year cost savings of £33 million or 15%. Total
headcount reduced by a further 13%, or 324 people. Northcliffe's titles
continued to be challenged by sluggish advertising markets and during the year
there was a change of national advertising agency to AMRA. Revenue decreased
by 10% to £213 million, though down only 6% on a like-for-like basis[1]. The
improvement in the operating margin* from 7% to 12% and the 54% increase in
operating profit* to £26 million reflect the successful execution of the
restructuring programme and a growth in digital revenues.

Advertising

Underlying# advertising revenues were down 8% for the year. Print
advertising was down 13% on a reported basis and 9% on an underlying# basis.
Digital advertising increased by 2% and digital revenues now account for 9% of
Northcliffe's total revenues.

Circulation

Reported newspaper sales revenues fell by 5% to £57 million. On a
like-for-like basis (excluding a change in accounting treatment for
distribution costs, daily to weekly switches and divestments), revenues were
up 1%. Cover price increases were implemented across the majority of titles
where prices had historically been below the industry average. Our weekly
paid-for portfolio continues to perform ahead of the industry average.

Costs

The year on year cost savings included staff costs, following last
year's structural changes and a 324 reduction in staff numbers in the current
year. Production and distribution costs were down and some savings were as a
consequence of lower activity levels. However, more significant reductions
have been made through the changes to the product portfolio, distribution
changes and lower newsprint costs.

Outlook

The sale of the business to Local World will complete following an
employee consultation process. DMGT will hold a 39% stake in a newly formed
business, Local World, which will combine Northcliffe Media's existing
portfolio with additional titles currently owned by the Yattendon Group. Kevin
Beatty, Chief Executive of A&N Media, will become a member of the Board of
Local World[2] on completion. In the meantime, the business continues to operate
as normal.

---------------------------------

[1] Excluding impact of disposals, closures, conversion of daily titles to
weekly titles and the acquisition of `The Topper'.

[2] This disclosure fulfils DMGT's obligations under LR 9.6.11.


Other income statement items

- Net finance costs

                                             2012       2011  Movement
                                               £m         £m         %
Net interest payable and similar             (61)       (69)      -13%
charges
Premium on bond buy back                      (6)          -
Pension finance item                            9         12
Investment Income                               1          3
Total                                        (57)       (54)       +6%

Net interest payable and similar charges (including deemed finance
charges and interest receivable) fell by £8 million to £61 million due to
lower average debt levels and management of the debt portfolio. Net finance
costs of £57 million included a £6 million charge for the premium on
redemption of £110 million of 7.5% Bonds due 2013, purchased in December 2011.

There was a £3 million reduction in the pension finance credit due
to the increase in the pension fund deficit over the year to 2nd October,
2011. Other investment revenue fell by £2 million owing to the absence of last
year's dividend from an internet investment fund.

- Other items

The Group's share of the results* of its joint ventures and associates rose by
£8 million to £13 million. It includes £10 million income from dmg radio
Australia, up from £7 million last year, which was disposed of in September
2012, as well as £4 million from Zoopla Property Group (`ZPG') for the four
months to September 2012. DMGT owns a 52.3% stake in ZPG, but does not have
control of the ZPG Board, following the merger of DMGT's Digital Property
Group with Zoopla at the end of May 2012.

The Group has charged £86 million as exceptional operating costs,
principally within A&N Media. This charge includes reorganisation, redundancy
and consultancy costs of £40 million, principally at A&N Media, and
accelerated depreciation and impairment of property, plant and equipment of
£46 million, principally relating to the closure of the Derby and Stoke
printing facilities and the move to Thurrock.

Exceptional operating costs over the past four years have totalled
£277 million. During this period headcount at A&N Media has reduced by 4,060,
or 40% to 6,053 and the number of UK printing facilities has been reduced from
eight to three and we expect there to be two, Thurrock and Didcot, by the
summer of 2013.

The charge for amortisation of intangible assets fell by £7 million
to £39 million. The Group also made an impairment charge of £21 million
including a £16 million goodwill impairment charge in respect of Lewtan, which
has been performing below expectations following challenging market
conditions.

The Group recorded other net gains on disposal of businesses and
investments of £158 million, compared to £15 million last year. These gains
included the sales of Evanta, a leadership and conferences business, and
DMGT's remaining 50% stake in dmg radio Australia, as well as the formation of
the Zoopla Property Group.

Northcliffe Media was held for sale as at 30th September, 2012, and
is treated as a discontinued operation for the purposes of the statutory
results. Operating profit attributable to operations treated as discontinued
amounted to £26 million (2011 £17 million).

- Taxation

The adjusted tax charge of £39 million (2011 £34 million as
restated) is stated after adjusting for the effect of exceptional items. The
adjusted tax rate for the year rose to 15.2%, from 14.4% in 2010/11 as
restated, due to a change in the mix of chargeable profits. The continued low
rate reflects tax reductions from tax-efficient financing and tax deductible
amortisation in the USA, although we expect the adjusted tax rate to continue
increasing as the mix of chargeable profits continues to change.

There were net exceptional tax credits of £49 million (2011: £39
million as restated), arising on disposals, assets held for sale, operating
exceptional costs, the accelerated depreciation of property and equipment and
the recognition of tax losses.

Pensions

The Group's defined benefit pension schemes provide retirement
benefits for UK staff, largely in A&N Media. The deficit in these schemes has
fallen from £336 million at the beginning of the year to £324 million at 30th
September, 2012 (calculated in accordance with IAS 19). Corporate bond yields
continued to fall over the period, (from 5.2% to 4.4%) which resulted in a
higher value of the defined benefit obligation. However, this has been more
than offset by an increase in the schemes' assets and funding payments into
the main schemes of £64 million, in accordance with the funding agreements
with the Trustees, which included £24 million of surplus properties,
previously solely used by the regional newspapers. The property transfer, in
combination with a £12 million funding payment made in October 2012, satisfies
the £36 million October 2012 funding payment requirement previously agreed
with the Trustees under the payment recovery plan.

In July 2012, DMGT created a guarantee structure in collaboration
with its principal defined benefit pension scheme, Harmsworth Pension Scheme
(HPS). The structure provides HPS with a valuable contingent asset, a £150
million guaranteed loan note, and will reduce the need for additional cash
contributions to HPS in the medium term. Whilst the loan note is treated as an
asset of the scheme and reduces the actuarial deficit within the scheme, under
IAS 19 it is not included as an asset and is excluded from the calculation of
the £324 million year end deficit.

The defined benefit pension schemes are closed to new entrants, and
measures were introduced in April 2011 to reduce costs and risks, in
particular to eliminate longevity risk on accrued pensions since that date,
and help secure the schemes' and employers' financial health into the future.
All new employees of A&N Media are now being offered a defined contribution
pension plan, in line with our other newer and more internationally focused
divisions where we have long considered this type of pension plan to be the
most appropriate.

Net debt and cash flow

Net debt has fallen by £106 million during the year from £719
million to £613 million and by £196 million since the half year. The Group
generated operating cash flows of £339 million, a 113% conversion rate of
operating profits*. These funded capital costs at Thurrock of £39 million,
capitalised software development of RMS's Next Generation product of £18
million, taxation of £34 million, interest of £70 million, pension funding of
£40 million and dividends totalling £76 million. Operating cash flows are
stated after capital expenditure of £42 million, excluding that on Thurrock
and RMS's Next Generation product, and exceptional operating items of £37
million. Net proceeds from disposals and acquisitions were £42 million.

Acquisitions totalled £75 million and included Jobrapido for
closing consideration of £29 million; Intelliworks, Xceligent, PrepMe and
Spring Rock within the dmg::information portfolio; Praedicat by RMS, and
Global Grain Geneva and Global Grain Asia by Euromoney. Business disposals
totalled £117 million and included the sale of Evanta and the remaining 50%
stake in dmg radio Australia in September.

The Group's principal debt remains in long-term bonds. At the year
end, the Group had £725 million of Bonds with repayments due in 2013 (£47
million), 2018 (£307 million), 2021 (£171 million) and 2027 (£199 million). In
December 2011, the Group acquired £100 million of the 7.5% Bonds due 2013 and
will consider acquiring further bonds where financially sensible. The Group
had unutilised committed facilities of £298 million at the year end and
surplus cash of £107 million.

The Group's ratio of year end net debt to adjusted profits* before
interest, depreciation and amortisation (EBITDA) was 1.6 times, comfortably
below the Group's internal limit of 2.4 times and preferred level of around
2.0 times, and well within the requirements of the Group's bank covenants. The
Group's corporate credit ratings are BBB- from Fitch, and BB+ from Standard &
Poor's.

The Directors consider that the Group has adequate resources to
continue in operational existence for the foreseeable future. Accordingly,
they continue to adopt the going concern basis in preparing this preliminary
announcement.

Financing

The Group acquired 7.5 million `A' Ordinary Non-Voting shares for
£30 million in order to meet obligations to provide shares under its incentive
plans. It also utilised 7.0 million shares out of Treasury to provide shares
under various incentive plans valued at £32 million. DMGT has 382.8 million
shares in issue, including 19.9m Ordinary shares, together with 10.2 million
`A' Ordinary Non-Voting shares held in Treasury to meet further obligations
that may arise.

During the year, DMGT took its share of dividends from Euromoney in
the form of a scrip.

Dividend

The Board is recommending payment on the issued Ordinary and 'A'
Ordinary Non-Voting shares of the Company of a final dividend of 12.4 pence
per share for the year ended 30th September, 2012 (2011 11.7 pence). This will
make a total for the year of 18.0 pence (2011 17.0 pence per share). The final
dividend will be paid on 8th February 2013 to shareholders on the register at
close of business on 30th November 2012.

Share buy back

DMGT's strong operational cash flow and disciplined management of
our portfolio of businesses has resulted in a net debt to EBITDA ratio of 1.6,
falling to well below our stated internal limit of 2.4 times. The Board
remains confident in the overall outlook for the Group and the operating cash
flow that our businesses will generate. We believe that the creation of
shareholder value over the long term requires a balanced approach to investing
in growth and returning excess capital to shareholders whilst maintaining a
strong balance sheet. We will therefore continue to look for attractive
acquisitions and actively manage our business portfolio while maintaining our
dividend policy of growing dividends by between 5% and 7% in real terms over
the economic cycle. In reviewing our capital management programme, the Board
has also decided to utilise part of its authority to make on market purchases
of the `A' Ordinary Non-Voting shares. We anticipate spending up to
approximately £100m over the coming year.

Weighting of DMGT's `A' shares in the FTSE Indices

On 18 April 2012, FTSE announced that DMGT's `A' Ordinary Non-Voting Shares
would no longer be eligible for inclusion in the UK Series Index. The Board of
DMGT has considered at length, with the assistance of its advisors, the
options available to it and the suitability of such options to meet the needs
of its stakeholders to make the `A' Ordinary Non-Voting Shares eligible for
inclusion in the UK Series Index but no solution has to date been found. The
FSA's recently issued consultation paper on `Enhancing the effectiveness of
the Listing Regime and feedback on CP12/2' makes it more difficult to envisage
how we can regain our premium listing. It is unlikely, therefore, that the `A'
Ordinary Non-Voting Shares will become eligible for inclusion in the index in
the foreseeable future. However, DMGT's `A' Ordinary Non-Voting shares will
continue to be standard listed and traded on the London Stock Exchange and to
be a member of other important indices such as MSCI, STOXX, S&P and the FTSE
Global Equity Index Series and DMGT will continue to maintain the highest
standard of governance and disclosure.

Reconciliation: Adjusted results including and excluding discontinued operations

                                      FY 2011/12                             FY 2010/11
£m                          Adjusted Discontinued     Adjusted     Adjusted Discontinued     Adjusted
                             results   operations      results      results   operations      results
                           including                 excluding    including                 excluding
                        discontinued              discontinued discontinued              discontinued
                          operations                operations   operations                operations
 
Revenues
Continuing operations          1,747            -        1,747        1,749            -        1,749
Discontinued operations          213          213            -          236          236            -
Total Revenue                  1,960          213        1,747        1,985          236        1,749
 
Operating Profit
Continuing operations            274            -          274          264            -          264
Discontinued operations           26           26            -           17           17            -
Total Operating Profit           300           26          274          281           17          264
 
Operating margin %               15%          12%          16%          14%           7%          15%
 
                        Underlying Analysis - Revenues

                                 FY 2011/12                         FY 2010/11
£m                   % Underlying  M&A Other Reported Underlying  M&A Exchange Other Reported
 
B2B
RMS                +6%        163    -     -      163        154  (8)        3     -      159
dmg::information  +11%        256    1     2      253        230  (5)        3     -      232
dmg::events       +13%         85    -   (4)       89         75 (45)        1  (13)      132
Euromoney          +2%        374 (20)     -      394        366    -        3     -      363
                   +7%        879 (19)   (2)      899        825 (58)       10  (13)      886
 
Consumer
Associated         +2%        834 (14)     -      848        820 (25)      (4)  (14)      862
Newspapers
Northcliffe Media (6%)        207  (5)     -      213        220 (16)        -     -      236
                    0%      1,041 (19)     -    1,060      1,040 (41)      (4)  (14)    1,098
 
DMGT Group         +3%      1,920 (38)   (2)    1,960      1,865 (99)        6  (27)    1,985
Notes:
M&A includes the disposals of Sanborn, RMSI, GLM, Teletext Retail, Teletext
Holidays & various regional newspapers; the acquisition of Ned Davis Research,
Jobrapido, Intelliworks and various other bolt-on acquisitions, and the
disposal of The Digital Property Group to form Zoopla Property Group.

Figures, including totals, are rounded to the nearest million pounds whilst
percentages are calculated on actual numbers to one decimal place.

              Underlying Analysis - Adjusted profit before tax*

                                    FY 2011/12                         FY 2010/11
£m                      % Underlying  M&A Other Reported Underlying  M&A Exchange Other Reported
 
B2B
RMS                   +7%         56    -     -       56         52    4        1     -       47
dmg::information     +19%         49    -     1       48         42  (1)        1     -       42
dmg::events          +21%         21    -     -       21         17 (16)        -   (6)       39
Euromoney             +2%        103  (8)   (1)      112        101    -        1     7       93
                      +8%        229  (8)     -      237        212 (14)        3     1      221
Consumer
Associated            +3%         76  (2)     -       78         74  (2)        -     -       76
Newspapers
Northcliffe Media    +54%         26    -     -       26         17    -        -     -       17
                     +12%        102  (2)     -      104         91  (2)        -     -       93
 
Head office costs   (26%)       (41)    -     -     (41)       (33)    -        -     -     (33)
Operating profit      +7%        289 (10)     -      300        270 (16)        3     1      281
Joint ventures and                 8  (5)     -       13          5    -        -     -        5
associates
Net Finance charges             (66)    -   (9)     (57)       (66)    -        -  (12)     (54)
 
Adjusted profit      +11%        232 (15)   (9)      255        208 (16)        3  (11)      232
before tax*
Notes:
M&A includes the disposals of Sanborn, RMSI, GLM, Teletext Retail, Teletext
Holidays & various regional newspapers; the acquisition of Ned Davis Research,
Jobrapido, Intelliworks and various other bolt-on acquisitions, and the
disposal of The Digital Property Group to form Zoopla Property Group.

Figures, including totals, are rounded to the nearest million pounds whilst
percentages are calculated on actual numbers to one decimal place.

Principal risks and uncertainties

The principal risks and uncertainties that the Group faces vary
across the different businesses and are the focus of the Risk Committee. These
risks are identified in the DMGT Group Risk Register. The materiality of each
risk is assessed against a framework to determine its significance and
likelihood of occurrence. The Risk Register is used to determine the agenda
and activity of the Risk Committee. The most material risks identified in the
Risk Register, together with the steps taken to mitigate them, are described
below.

The geographic spread and diverse portfolio of businesses within
the Group help to dilute the impact of some of the Group's key risks. Certain
risks are interdependent and should not be considered in isolation.

1) Changes in our key markets
 
The information provided to our customers and the way in which our
businesses deliver this information are subject to constant change. This
can result in structural market changes that have the potential to
redefine or eliminate current markets served by our businesses.
Technological innovations such as tablet and other mobile devices, cloud
computing and the proliferation of social media impact all of our
businesses. Our products and services, and their means of delivery, are
also affected by competitor activity and changing customer behaviour.
 
Potential impact                          Mitigation
 
The impact is both positive and negative. The Group's strategy of
Failure to identify and respond to        diversification reduces the
changes in the key markets in which the   impact of technological and
Group operates increases the risk of      market changes to some degree.
being left behind by both competitors and However, a number of recent
our customers with a resultant direct     global trends have impacted
impact on Group results.                  several of our businesses.
 
The transition from traditional           The DMGT Leadership Team
publishing and print advertising to       constantly monitors the markets
online and mobile has affected a number   in which DMGT businesses
of businesses including Euromoney and     operate, the competitive
Associated Newspapers.                    landscape and technological
                                          developments. The autonomous
                                          culture of the Group encourages
                                          an entrepreneurial approach to
Conversely, new technologies present      the development of organic
opportunities for the Group. An example   growth opportunities and new
of this is the success of the mobile and  products.
tablet apps by Mail Online and Metro.
Both have proved successful in driving
traffic and engagement. Mail Online has
five times more UK app users than any
other newspaper and Metro's iPad app was
named Newspaper App of the Year at the
2012 Newspaper Awards.

2) Exposure to a downturn in the global economy
 
A significant (although decreasing) proportion of the Group's revenue
(especially in the UK newspaper divisions) is derived from advertising
which is impacted by fluctuations in the wider economy. A similar,
although reduced, effect has been seen in group businesses that rely on
non-advertising revenues, especially in the financial and property
markets.
 
Potential impact                          Mitigation
 
Advertising revenues have been heavily    Experience has demonstrated
affected by the downturn in the global    that the long-term strategy of
economy.                                  diversifying the Group's
                                          portfolio into business
                                          information and subscription
                                          revenue streams, along with
A continued recession, or a further       investment in strong brands,
downturn in the economy or market sectors makes the Group's results both
served by the Group, gives rise to a risk more strategically and
of not achieving forecast results.        commercially robust.
 
                                          We continue to manage costs
                                          around the Group to minimise
                                          our cost base.

3) Acquisition and disposal risk
 
As well as launching and building new businesses, an integral part of
the Group's strategy has, and will continue to be, the acquisition (and
successful integration) of businesses that expand expertise whilst
supporting existing products. The strategy also results in the disposal
of businesses that no longer fit the Group's investment criteria.
 
Potential impact                          Mitigation
 
Failure to identify acquisition targets   The majority of acquisitions
could result in an opportunity cost to    are in related markets and are
the business.                             smaller businesses with a high
                                          potential for growth. This
                                          reduces the risk from any one
                                          acquisition.
Equally, an unsuccessful integration of
acquired subsidiaries, or an acquired
business that fails to generate the
expected returns, could result in the     Acquisitions are approved by
underperformance of the Group or          the Investment & Finance
impairment losses. This could also divert Committee, and managed by
management time from other operational    divisional and local management
matters.                                  with oversight from the centre.
                                          Detailed due diligence is
                                          performed by internal teams and
                                          external advisors on all
Our ability to achieve optimal value from potential acquisitions.
disposals, as well as the failure to
realise other anticipated benefits of a
disposal, could also impact financial
results.                                  The retention of key employees
                                          in the acquired business is
                                          often required as part of the
                                          purchase. Board level
                                          monitoring is performed
                                          post-acquisition.
 
                                          Disposals, including the
                                          decision to divest, are
                                          overseen by the Board and the
                                          Group Finance Director.

4) Pension scheme shortfalls
 
Our defined benefit pension schemes are now closed to new entrants,
although existing members still employed by the Group can continue to
accrue benefits on a cash basis. Deficits identified by actuarial
valuations completed in 2011 are being addressed by means of a funding
arrangement agreed with the trustees which will reduce the deficits over
a period of thirteen years to 2023.
 
Potential impact                          Mitigation
 
Reported earnings may be adversely        Measures to mitigate the risks
affected by changes in our pension costs  that impact the company's
and funding requirements due to lower     balance sheet are under
than expected investment returns or       continuous review. Recent
changes made to the risk profile of our   examples include:
investment portfolio.
                                          - benefits in the schemes are
                                          now accrued on a cash basis
                                          which reduces the risk of an
                                          increase to pension liabilities
                                          arising from improving
                                          longevity.
 
                                          - the Group provided the
                                          principal scheme with a £150
                                          million guaranteed loan note to
                                          reduce the need for additional
                                          cash contributions.
 
                                          - The Group has transferred a
                                          portfolio of properties to the
                                          schemes, valued at £24 million,
                                          reducing the net cash required
                                          to be transferred to the
                                          schemes during the year.
 
                                          In addition, a Joint Working
                                          Party assesses and monitors
                                          de-risking options available to
                                          the schemes.

5) Successfully managing change projects
 
At any given time, a number of active capital and IT projects are
underway around the Group. The two most significant change projects
continue to be RMS's new software solution project and A&N Media's new
print site at Thurrock.
 
Potential impact                          Mitigation
 
A successful project delivers             Every active capital project
improvements in product offerings,        around the Group is subject to
efficiency gains and cost savings. There  a rigorous planning process
is, however, a risk of increased costs or involving all key stakeholders.
lost revenues as a result of delays,      Significant capital projects
unforeseen problems, loss of access to    are approved by the Investment
systems and data or production and        & Finance Committee. On-going
delivery issues.                          project management is in place
                                          to ensure that plans are
                                          delivered to timetable and
                                          specification.
 
                                          All key projects are monitored
                                          by the local board to ensure
                                          that risks and opportunities
                                          are managed throughout the
                                          process. The Group's most
                                          significant projects are
                                          monitored by the Risk
                                          Committee.

6) Data integrity, availability and security
 
The quality and availability of the information products that DMGT
businesses provide to their clients are key to their success. This is
true for many businesses in the group, most notable within
dmg::information and Euromoney.
 
Information security has always been a key focus across DMGT. However,
changing technology, mobile working, cloud-based systems, the
consumerisation of IT and the growing use of social media create
opportunities but also threats to information security and the
protection of our data, and that of our customers. The increasing threat
of cyber-attack from organised crime increases this risk further.
 
Potential impact                          Mitigation
 
Any challenge to the integrity of         Every DMGT business understands
information within a DMGT product could   that quality of data is key to
damage the reputation of that business    the reputation and on-going
resulting in lost revenue and potentially success of the Group. Quality
increased costs of remediation. A similar controls including rigorous
impact would be felt if a product was     checks, review and restricted
unavailable for a time.                   access to amend and publish
                                          exist in every business with
                                          information products.
                                          Availability is managed through
An information security incident or       detailed and tested business
cyber-attack resulting in the loss,       continuity plans.
theft, corruption or unavailability of
sensitive information held by the Group
could lead to operational and regulatory
challenges, and could impact on financial Information security risks are
results.                                  managed locally by the
                                          individual businesses, with
                                          support from divisional
                                          management and DMGT Risk &
Information security breaches could have  Assurance. The Risk Committee
a reputational impact on the Group.       monitors and oversees
                                          information security, data
                                          protection and cyber risks and
                                          controls around the Group.
 
                                          Businesses are expected to
                                          comply with the published
                                          information security policy and
                                          minimum baseline standards.

7) Impact of a major disaster or outbreak of disease
 
There is a risk of disruption of Group operations as a result of a major
disaster, outbreak of disease or other external threat. The Group's
operations are geographically diversified which limits the impact of any
given incident. The largest locations are Northcliffe House and
Harmsworth Quays in London, Euromoney's offices in London and New York,
and RMS's headquarters in California. Northcliffe House is the Group's
headquarters as well as housing Associated Newspapers and some
businesses within dmg::events. Harmsworth Quays is A&N Media's main
printing centre and a contingency location for Northcliffe House.
 
The success of the events and training businesses within dmg::events and
Euromoney relies heavily on the confidence in, and ability of, delegates
and speakers to travel internationally.
 
Potential impact                          Mitigation
 
A major incident (particularly in a key   Business continuity plans,
location) could affect operation of the   which are tested regularly, are
business at that location and impact      in place across all businesses.
their ability to produce or deliver its
products, which could reduce the demand
for them or increase costs.
                                          Contingency planning is in
                                          place in the events businesses
                                          and virtual events alternatives
Any disaster which significantly affects  are being developed. Where
the wider environment or the              appropriate, cancellation
infrastructure in an area in which the    insurance is taken out.
group operates could adversely impact
Group results.
 
                                          Recently the Group's business
                                          continuity planning helped its
Significant disruptions to, or reductions North East American and
in, international travel for any reason   Canadian offices to recover
could lead to events and training courses quickly and effectively from
being postponed or cancelled and could    the significant disruption
have an impact on the Group's             caused by Superstorm Sandy.
performance.

8) Reliance on key management and staff retention
 
DMGT is reliant on the talented and successful management and staff
across all of its businesses. Many businesses and products are dependent
upon specialist, technical expertise.
Potential impact                          Mitigation
 
The inability to recruit and retain       The DMGT Human Resources
talented people could impact the Group's  Director works with divisional
ability to maintain its performance and   and executive management across
deliver growth.                           the Group on a formal approach
                                          to talent management and
                                          succession planning. This
                                          includes payment of competitive
When key staff leave or retire, there is  rewards, employee performance
a risk that knowledge or competitive      and turnover monitoring and a
advantage is lost.                        variety of approaches to staff
                                          communication.
 
                                          Succession planning and
                                          long-term incentive plans are
                                          in place for senior management.

9) Commercial relationships, including volatility of newsprint prices
 
The Group is reliant on a number of commercial relationships with key
customers, suppliers and third parties. Key examples include large
advertising agencies and major retailers in A&N Media, key venues and
agents in dmg::events and Euromoney, and data providers in dmg::information
and RMS.
 
Additionally, newsprint continues to represent a significant proportion of
our costs. Newsprint prices are subject to volatility arising from
variations in supply and demand.
 
Potential impact                          Mitigation
 
The loss of, or damage to, any key        Significant time and resources are
commercial relationship could have a      dedicated to managing and
material impact on the Group's ability to developing these relationships to
produce and deliver its products.         ensure they continue to operate
                                          satisfactorily.
 
An increase in newsprint prices would
impact the cost base of A&N Media.        The Group's newsprint requirements
                                          are managed by a dedicated
                                          newsprint buying team and
                                          monitored by the board of
                                          Harmsworth Printing. Where
                                          possible, long-term arrangements
                                          are agreed with suppliers to limit
                                          the potential for volatility.

10) Compliance with Laws and regulations
 
Group businesses are subject to legislation and regulation in the
jurisdictions in which they operate. The key laws and regulations that
impact the Group cover areas such as bribery and corruption,
competition, data protection, privacy (including e-privacy), health and
safety and employment law. Additionally, specific regulations from the
Press Complaints Commission and the Audit Bureau of Circulation apply to
the newspaper divisions.
 
The Group generates a significant amount of its revenue from publishing,
be it newspapers, magazines, trade journals or information and data
published online. As a result, there is an inherent risk of error which,
in some instances, may give rise to legal claims (e.g. for libel).
 
The Leveson Inquiry, scheduled to report at the end of November 2012,
may recommend increased (and potentially statutory) regulation of the
industry which could affect our newspaper and other publishing
businesses.
 
Potential impact                          Mitigation
 
A breach of legislation or regulations    Compliance with laws and
could have a significant impact on the    regulations is taken seriously
Group both in terms additional costs,     throughout the Group. The DMGT
management time and reputational damage.  Code of Conduct (and supporting
Equally, the management time and cost of  policies) sets out appropriate
defending legal cases can be significant. standards of business behaviour
                                          and highlights the key legal
                                          and regulatory issues affecting
                                          Group businesses. Divisional
Increasing regulation of the newspaper    and local management are
industry could limit our editorial output responsible for compliance with
and have a corresponding commercial       applicable local laws and
impact on the business.                   regulations, overseen by the
                                          Risk Committee.
 
                                          All of our publications have
                                          controls in place, including
                                          legal review, to approve
                                          content that that may carry a
                                          libel/legal risk. Journalists
                                          receive regular training on the
                                          PCC Code, Data Protection and
                                          the Bribery Act.
 
                                          Controls are also in place
                                          surrounding compliance with the
                                          Audit Bureau of Circulation's
                                          regulations and other
                                          regulatory bodies to which we
                                          adhere.

11) Treasury operations
 
The Group Treasury function is responsible for executing treasury policy
which seeks to manage the Group's funding, liquidity and treasury
derivatives risks. More specifically, these include currency exchange
rate fluctuations, interest rate risks, counterparty risk and liquidity
and debt levels.
 
Potential impact                          Mitigation
 
If the treasury policy does not           The Investment & Finance
adequately mitigate the financial risks   Committee is responsible for
summarised above, or is not correctly     reviewing and approving Group
executed, it could result in unforeseen   Treasury policies which are
derivative losses or higher than expected executed by the Group Treasury
finance costs.                            function, overseen by the
                                          Deputy Finance Director.
 
The Group Treasury function undertakes
high value transactions, hence there is   Segregation of duties and
an inherent high risk of payment fraud or authorisation limits are in
error having an adverse impact on Group   place for all payments made.
results.                                  The Treasury Function is
                                          subject to an annual internal
                                          audit.

12) Unforeseen tax liabilities
 
The Group's operations are global and therefore earnings are subject to
taxation at differing rates across a number of jurisdictions. Whilst
endeavouring to manage the Group's tax affairs in an efficient manner,
there will always be a certain level of uncertainty when provisioning
for tax liabilities due to an ever more complex international tax
environment.
 
Potential impact                          Mitigation
 
Changing tax laws could increase tax      The team of in-house
liabilities and have an adverse impact on specialists, in conjunction
financial results.                        with divisional management and
                                          external experts, review all
                                          tax arrangements within the
                                          Group and keep abreast of
Due to the diverse and global nature of   changing legislation.
the group, internal or external factors
could give rise to unplanned tax
liabilities.
Statement of Directors' responsibilities

The Directors are responsible for preparing the full year financial
report, in accordance with applicable law and regulations.

The Directors confirm that to the best of their knowledge:

a) the financial statements, prepared in accordance with
International Financial Reporting Standards, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company and
the undertakings included in the consolidation taken as a whole; and

b) the management report includes a fair review of the development
and performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face.

By order of the Board of Directors

The Viscount Rothermere

Chairman

21st November, 2012

For further information

For analyst and institutional enquiries:

Stephen Daintith, Finance Director Tel: +44 20 3615 2902

Adam Webster, Head of Management Information

and Investor Relations Tel: +44 20 3615 2903

For media enquiries:

Kim Fletcher / Will Carnwath, Brunswick Group LLC Tel: +44 20 7404 5959

Analysts' presentation and webcast

A presentation of the Preliminary Results will be given to investors and
analysts at 9.30 a.m. on 22nd November, 2012 at the London Stock Exchange, 10
Paternoster Square, London, EC4M 7LS. There will also be a live webcast
available on our website: http://www.dmgt.com.

Next trading update

The Group's next scheduled announcement of financial information
will be its first quarter interim management statement on 6th February, 2013.

Notes

*Adjusted results are stated before exceptional items, other gains
and losses, impairment of goodwill and intangible assets, and amortisation of
intangible assets arising on business combinations. For a reconciliation of
Group profit to adjusted Group profit, see Note 10. These adjusted results,
including revenue and operating profit, are for total operations, including
those treated as discontinued, namely Northcliffe Media and the dmg radio
Australia joint venture. Northcliffe Media contributed operating profit of £26
million (2011: £17 million) from revenues of £213 million (2011: £236 million)
and is included in the adjusted results. A reconciliation of adjusted results
including discontinued operations to adjusted results excluding discontinued
operations is shown on page 20.

#Underlying revenue or profit* is revenue or profit* on a
like-for-like basis, adjusted for acquisitions, disposals, closures and
non-annual events in the current and prior year and at constant exchange
rates; see pages 21 and 22. For RMS, underlying percentage movements exclude
RMSI. For dmg::information, movements exclude Sanborn and the effects of
acquisitions made this year and last year. For dmg::events, the comparison is
between events held in the year and the previous time the same event was held
and excludes George Little Management (GLM). For Euromoney the comparisons
exclude Ned Davis Research and underlying profit excludes the acceleration of
its CAP charge last year and the benefit of that acceleration this year. For
Associated underlying comparisons exclude the effects of the sale of Teletext
Retail last year and Teletext Holidays and motors.co.uk this year, the
acquisition of Jobrapido in April 2012 and the merger of the Digital Property
Group and Zoopla at the end of May 2012 and total underlying revenue excludes
low margin contract printing revenue. Northcliffe's underlying revenues
exclude the effects of the sale, purchase and closure of titles and adjust for
the move of several titles from daily to weekly publishing frequency and the
move to a wholesale circulation model last year.

+ Adjusted revenue, adjusted operating profit*, the adjusted tax
charge and adjusted earnings per share for the prior year have been restated
due to the change in accounting treatment for the recognition of licence
revenues at Hobsons, dmg::information's education business. These revenues
have previously been recognised on delivery of the licence at the start of the
contract, but are now accounted for on a subscription basis and recognised
over the contract period. The change reduced both revenue and operating profit
by £5 million in a restatement of last year's results. Prior year results are
also restated to reflect Northcliffe Media and dmg radio Australia being
treated as discontinued operations; see Note 2.

† Percentages are calculated on actual numbers to one decimal
place. Figures in the Management Report are rounded to the nearest million
pounds whilst figures to one decimal place are shown in note 3.

The average £: US$ exchange rate for the year was £1: $1.58 (against £1:$1.61
last year). The rate at the year end was $1.62 (2011 $1.56).

DMGT plc
CONSOLIDATED INCOME STATEMENT
for the 52 weeks ending 30th September, 2012
                                                                     Unaudited           Audited
                                                                      52 weeks          52 weeks
                                                                        ending            ending
                                                                          30th               2nd
                                                                    September,          October,
                                                                          2012              2011
                                                                               Restated (note 2)
                                                               Note         £m                £m
CONTINUING OPERATIONS
Revenue                                                        3       1,746.8           1,748.5
 
Operating profit before exceptional operating costs and        3
amortisation and impairment of goodwill and acquired
intangible assets                                                        273.7             264.4
Exceptional operating costs, impairment of internally          3
generated and acquired computer software, investment
property and property, plant and equipment                              (73.1)            (41.9)
Amortisation and impairment of                                 3
goodwill and acquired intangible
assets arising on business combinations                                 (53.6)            (52.4)
 
Operating profit before share of results of joint ventures and 3
associates                                                               147.0             170.1
Share of results of joint ventures and associates              4         (1.8)             (2.7)
Total operating profit                                                   145.2             167.4
Other gains and losses                                         5         114.4              13.1
Profit before net finance costs and tax                                  259.6             180.5
Investment revenue                                             6          10.8              17.1
Finance costs                                                  7        (64.1)            (71.7)
Net finance costs                                                       (53.3)            (54.6)
 
Profit before tax                                                        206.3             125.9
Tax                                                            8          18.8               3.7
Profit after tax from continuing operations                              225.1             129.6
 
DISCONTINUED OPERATIONS
Profit from discontinued operations                            21         54.8             (5.2)
PROFIT FOR THE PERIOD                                                    279.9             124.4
 
Attributable to:
Owners of the company                                                    257.2             108.5
Non-controlling interests *                                               22.7              15.9
Profit for the period                                                    279.9             124.4
 
Earnings per share                                             11
From continuing operations
Basic                                                                    52.9p             29.7p
Diluted                                                                  51.4p             29.3p
From discontinued operations
Basic                                                                    14.3p            (1.4)p
Diluted                                                                  13.9p            (1.3)p
From continuing and discontinued operations
Basic                                                                    67.2p             28.3p
Diluted                                                                  65.1p             27.7p
Adjusted earnings per share
Basic                                                                    49.4p             46.1p
Diluted                                                                  47.9p             45.3p
* All attributable to continuing operations
CONSOLIDATED STATEMENT OF COMPREHENSIVE (EXPENSE)/INCOME
for the 52 weeks ending 30th September, 2012
                                                      Unaudited           Audited
                                                       52 weeks          52 weeks
                                                         ending            ending
                                                           30th               2nd
                                                     September,          October,
                                                           2012              2011
                                                                Restated (note 2)
                                                             £m                £m
Profit for the period                                     279.9             124.4
Fair value movements on available
-for-sale investments                                         -               4.6
Revaluation reserves recycled to
Consolidated Income Statement on disposals                    -             (8.5)
Gains/(losses) on hedges of net investments
in foreign operations                                      31.3            (17.1)
Cash flow hedges :
Gains/(losses) arising during the period                    3.1             (1.2)
Transfer of loss on cash flow hedges from
translation reserve to Consolidated Income Statement        3.6               6.8
Translation reserves recycled to Consolidated
Income Statement on disposals                             (0.9)            (21.6)
Foreign exchange differences on translation of
foreign operations                                       (26.4)              10.4
Actuarial loss on defined benefit pension schemes        (61.8)            (89.6)
 
Other comprehensive expense before tax                   (51.1)           (116.2)
Tax relating to components of other comprehensive
expense                                                     5.6              15.8
 
Other comprehensive expense for the period               (45.5)           (100.4)
 
Total comprehensive income for the period                 234.4              24.0
 
Attributable to :
Owners of the Company                                     211.8               4.9
Non-controlling interests                                  22.6              19.1
                                                          234.4              24.0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the 52 weeks ending 30th September, 2012
                       Called   Share    Capital Revaluation   Shares Translation Retained    Total        Non-    Total
                           up premium redemption     reserve     held     reserve earnings          controlling   equity
                        share account    reserve                   in                                 interests
                      capital                                treasury
                                                                                  Restated Restated             Restated
                                                                                  (note 2) (note 2)             (note 2)
                           £m      £m         £m          £m       £m          £m       £m       £m          £m       £m
Balance as at
3rd October,
2010
audited                  49.1    12.5        1.1         7.0   (45.0)      (16.3)     84.4     92.8        57.4    150.2
Profit for the period
restated (note 2)           -       -          -           -        -           -    108.5    108.5        15.9    124.4
Other
comprehensive
income
for the period              -       -          -       (3.9)        -      (26.2)   (73.5)  (103.6)         3.2  (100.4)
Total
comprehensive
income
for the period              -       -          -       (3.9)        -      (26.2)     35.0      4.9        19.1     24.0
Issue of share
capital                     -     0.2          -           -        -           -        -      0.2         1.9      2.1
Dividends                   -       -          -           -        -           -   (62.4)   (62.4)       (7.8)   (70.2)
Own shares
acquired in the
period                      -       -          -           -   (11.7)           -        -   (11.7)           -   (11.7)
Own shares
released on
vesting of share
options                     -       -          -           -     10.4           -        -     10.4           -     10.4
Fair value
adjustment to
contingent
consideration               -       -          -         0.2        -           -        -      0.2           -      0.2
Adjustment to
equity following
increased stake in
controlled entity           -       -          -           -        -           -    (5.5)    (5.5)         4.3    (1.2)
Adjustment to
equity following
decreased stake in
controlled entity           -       -          -           -        -           -      0.5      0.5       (0.5)        -
Credit to equity for
share based
payments                    -       -          -           -        -           -     16.9     16.9         2.7     19.6
Settlement of
exercised share
options of
subsidiaries                -       -          -           -        -           -   (12.7)   (12.7)           -   (12.7)
Initial recording of
put options
granted to non-
controlling
interests in
subsidiaries                -       -          -           -        -           -    (7.1)    (7.1)       (3.2)   (10.3)
Deferred tax on
other items
recognised in equity        -       -          -           -        -           -      1.4      1.4         0.4      1.8
Balance as at 2nd
October,
2011 audited
restated (note 2)        49.1    12.7        1.1         3.3   (46.3)      (42.5)     50.5     27.9        80.3    108.2
Unaudited
Profit for the period       -       -          -           -        -           -    257.2    257.2        22.7    279.9
Other
comprehensive
income
for the period              -       -          -           -        -         9.9   (55.3)   (45.4)       (0.1)   (45.5)
Total
comprehensive
income
for the period              -       -          -           -        -         9.9    201.9    211.8        22.6    234.4
Issue of share
capital                     -     0.8          -           -        -           -        -      0.8         1.5      2.3
Dividends                   -       -          -           -        -           -   (66.2)   (66.2)       (9.6)   (75.8)
Own shares
acquired in the
period                      -       -          -           -   (30.1)           -        -   (30.1)           -   (30.1)
Own shares
released on
vesting of share
options                     -       -          -           -     32.6           -        -     32.6           -     32.6
Transfer to retained
earnings
on disposal of
revalued
properties                  -       -          -       (3.3)        -           -      3.3        -           -        -
Other transactions
with non-
controlling interests       -       -          -           -        -           -        -        -         0.9      0.9
Adjustment to
equity following
increased stake in
controlled entity           -       -          -           -        -           -   (13.5)   (13.5)       (0.6)   (14.1)
Adjustment to
equity following
decreased stake in
controlled entity           -       -          -           -        -           -      0.1      0.1       (0.1)        -
Credit to equity
for share-
based payments              -       -          -           -        -           -     12.5     12.5         0.7     13.2
Settlement of
exercised
share options of
subsidiaries                -       -          -           -        -           -   (15.6)   (15.6)           -   (15.6)
Corporation tax on
share
based payments              -       -          -           -        -           -      0.4      0.4         0.2      0.6
Deferred tax on
other items
recognised in
equity                      -       -          -           -        -           -        -        -       (0.6)    (0.6)
At 30th September,
2012                     49.1    13.5        1.1           -   (43.8)      (32.6)    173.4    160.7        95.3    256.0
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30th September, 2012
                                                    Unaudited   Audited   Audited
                                                      At 30th    At 2nd    At 3rd
                                                   September,  October,  October,
                                                         2012      2011      2010
                                                               Restated  Restated
                                                               (note 2)  (note 2)
                                              Note         £m        £m        £m
ASSETS
Non-current assets
Goodwill                                                704.6     747.0     735.8
Other intangible assets                                 281.4     288.2     377.9
Property, plant and equipment                 13        238.1     305.4     366.2
Investment property                           14          6.8      21.6      11.6
Investments in joint ventures                           137.3      16.3      20.4
Investments in associates                                11.5      13.0      12.7
Available-for-sale investments                            1.5       4.2      23.2
Trade and other receivables                              14.6      30.7      17.2
Derivative financial assets                              24.6       8.6       8.7
Deferred tax assets                                     204.7     200.6     158.9
                                                      1,625.1   1,635.6   1,732.6
Current assets
Inventories                                              28.3      23.1      27.5
Trade and other receivables                             328.7     347.4     359.0
Current tax receivable                                    3.6       9.1       0.9
Derivative financial assets                               8.9       1.1       2.3
Cash and cash equivalents                               104.7     174.3      65.7
Total assets of businesses held for sale      22         71.7         -         -
                                                        545.9     555.0     455.4
 
Total assets                                          2,171.0   2,190.6   2,188.0
 
LIABILITIES
Current liabilities
Trade and other payables                              (655.1)   (654.2)   (632.1)
Current tax payable                                    (20.8)    (53.2)    (69.4)
Acquisition put option commitments            15        (4.5)     (1.1)     (1.1)
Borrowings                                    16       (49.9)    (29.3)    (14.3)
Derivative financial liabilities                       (14.1)     (5.9)     (6.6)
Provisions                                             (34.2)    (49.7)    (37.7)
Total liabilities of businesses held for sale 22       (33.6)         -         -
                                                      (812.2)   (793.4)   (761.2)
Non-current liabilities
Trade and other payables                                (8.1)    (11.9)     (1.5)
Acquisition put option commitments            15        (4.1)    (10.7)         -
Borrowings                                    16      (678.1)   (832.0)   (870.6)
Derivative financial liabilities                       (34.9)    (60.9)    (79.8)
Retirement benefit obligations                23      (324.4)   (336.2)   (271.4)
Provisions                                             (29.3)    (13.5)    (27.6)
Deferred tax liabilities                               (23.9)    (23.8)    (25.7)
                                                    (1,102.8) (1,289.0) (1,276.6)
 
Total liabilities                                   (1,915.0) (2,082.4) (2,037.8)
 
Net assets                                              256.0     108.2     150.2
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)
as at 30th September, 2012
                                    Unaudited  Audited  Audited
                                      At 30th   At 2nd   At 3rd
                                   September, October, October,
                                         2012     2011     2010
                                              Restated Restated
                                              (note 2) (note 2)
                              Note         £m       £m       £m
 
SHAREHOLDERS' EQUITY
Called up share capital       18         49.1     49.1     49.1
Share premium account                    13.5     12.7     12.5
Share capital                            62.6     61.8     61.6
Capital redemption reserve                1.1      1.1      1.1
Revaluation reserve                         -      3.3      7.0
Shares held in treasury                (43.8)   (46.3)   (45.0)
Translation reserve                    (32.6)   (42.5)   (16.3)
Retained earnings                       173.4     50.5     84.4
Equity attributable to owners           160.7     27.9     92.8
of the company
Non-controlling interests                95.3     80.3     57.4
                                        256.0    108.2    150.2
Approved by the Board on 21st November, 2012.
CONSOLIDATED CASH FLOW STATEMENT
for the 52 weeks ending 30th September, 2012
                                                             Unaudited  Audited
                                                              52 weeks 52 weeks
                                                                ending   ending
                                                                  30th      2nd
                                                            September, October,
                                                                  2012     2011
                                                                       Restated
                                                                       (note 2)
                                                       Note         £m       £m
Operating profit before share of results
of joint ventures and associates - continuing
operations                                                       147.0    170.1
Operating profit before share of results of joint
ventures and associates - discontinued operations                 15.3    (8.4)
Adjustments for :
Share-based payments                                              13.3     19.7
Pension charge less than cash contributions                      (1.3)    (1.9)
Depreciation                                           3          83.4     62.7
Impairment of internally generated
and acquired computer software, property,
plant and equipment and investment property                        7.2      8.6
Impairment of goodwill and impairment                  3
charge of intangible assets
arising on business combinations                                  19.4     24.4
Amortisation of intangible
assets not arising on business combinations                       20.4     18.4
Amortisation of intangible assets                      3
arising on business combinations                                  34.5     42.5
Operating cash flows before
movements in working capital                                     339.2    336.1
(Increase)/decrease in inventories                               (7.6)      2.0
Increase in trade and other receivables                          (9.6)   (18.0)
Increase in trade and other payables                              39.1     52.7
(Decrease)/increase in provisions                                (9.9)      4.1
Additional payment into pension schemes                         (63.8)   (11.0)
Cash generated by operations                                     287.4    365.9
Taxation paid                                                   (37.8)   (48.6)
Taxation received                                                  4.3      1.9
Net cash from operating activities                               253.9    319.2
Investing activities
Interest received                                                  1.5      2.0
Dividends received from joint ventures and
associates                                                         4.3     15.6
Dividends received from available-for-sale
investments                                                        0.8      2.9
Purchase of property, plant and equipment              13       (60.2)   (33.0)
Expenditure on internally generated intangible
fixed assets                                                    (37.8)   (23.2)
Purchase of available-for-sale investments                       (0.2)    (0.1)
Proceeds on disposal of property, plant and equipment  13         33.1      3.2
Proceeds on disposal of available-for-sale investments             2.0     23.0
Purchase of subsidiaries                               19       (48.8)   (81.3)
Treasury derivative activities                                   (7.3)   (25.3)
Investment in joint ventures and associates                     (11.5)   (10.1)
Proceeds on disposal of businesses                     20         57.6     94.8
Proceeds on disposal of joint ventures and associates             54.4      0.1
 
Net cash used in by investing activities                        (12.1)   (31.4)
 
CONSOLIDATED CASH FLOW STATEMENT (continued)
for the 52 weeks ending 30th September, 2012
                                                           Unaudited  Audited
                                                            52 weeks 52 weeks
                                                              ending   ending
                                                                30th      2nd
                                                          September, October,
                                                                2012     2011
                                                     Note         £m       £m
Financing activities
Equity dividends paid                                9        (66.2)   (62.4)
Dividends paid to non-controlling interests                    (9.6)    (7.8)
Purchase of additional interests in controlled       19       (14.8)    (2.7)
entities
Issue of share capital                                           0.9      0.2
Issue of shares by Group companies to                            1.5      1.9
non-controlling interests
Receipt from non controlling interest                            1.8        -
Purchase of own shares                                        (30.1)   (11.7)
Net receipt/(payment) on exercise/settlement                    16.1    (2.0)
of subsidiary share options
Interest paid                                                 (64.0)   (68.5)
Premium on redemption of bonds                                 (6.1)        -
Bonds redeemed                                               (110.0)        -
Loan notes repaid                                              (0.7)    (4.0)
Repayments of obligations under hire purchase                      -   (20.3)
agreements
Decrease in bank borrowings                                   (23.4)    (3.1)
 
Net cash used in financing activities                        (304.6)  (180.4)
Net (decrease)/increase in cash and cash equivalents          (62.8)    107.4
Cash and cash equivalents at beginning of period               171.7     64.3
Exchange loss on cash and cash equivalents                     (1.6)        -
Net cash and cash equivalents at end of period                 107.3    171.7
  DMGT plc
  NOTES
1 BASIS OF PREPARATION
  While the financial information contained in this unaudited preliminary announcement has been prepared in
  accordance with the recognition and measurement criteria of International Financial Reporting Standards
  (IFRS) issued by the International Accounting Standards Board as adopted by the European Union, this
  announcement does not itself contain sufficient information to comply with IFRS.
  This financial information has been prepared for the 52 weeks ending 30th September, 2012 (2011 52 weeks
  ending 2nd October, 2011).
  The Group and its national and local media divisions, prepare financial statements for a 52 or 53 week
  financial period ending on a Sunday near to the end of September. The Group's remaining divisions prepare
  financial statements for a financial year to 30th September and do not prepare additional financial
  statements corresponding to the Group's financial year for consolidation purposes as it would be
  impracticable to do so. The Group considers whether there have been any significant transactions or events
  between the end of the financial year of the other divisions and the end of the Group's financial year and
  makes any material adjustments as appropriate. For the current period, the Group's national and local
  media divisions' financial period end coincided with that of the Group's remaining divisions and
  consequently no adjustments were necessary.
  The information for the 52 weeks ended 30th September, 2012 does not constitute statutory accounts for the
  purposes of section 435 of the Companies Act 2006. A copy of the accounts for the 52 weeks ended 2nd
  October, 2011 has been delivered to the Registrar of Companies. The auditor's report on those accounts was
  not qualified and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. The
  audit of the statutory accounts for the 52 weeks ended 30th September, 2012 is not yet complete. These
  accounts will be finalised on the basis of the financial information presented by the Directors in this
  preliminary announcement and will be delivered to the Registrar of Companies following the Company's
  annual general meeting.
  The Group's business activities, together with the factors likely to affect its future development,
  performance and position are set out in the management report on pages 5 to 30. The company has long term
  financing in the form of Eurobonds and meets its day-to-day working capital requirements through bank
  facilities which expire in April 2016. Current economic conditions create uncertainty particularly over
  the future performance of those parts of the business that derive a significant proportion of revenue from
  advertising. The Board's forecasts and projections, after taking account of reasonably possible changes in
  trading performance, show that the company is expected to operate within the terms of its current
  facilities. After making enquiries, the Directors have a reasonable expectation that the Group will have
  access to adequate resources to continue in operational existence for the foreseeable future. Accordingly,
  they continue to adopt the going concern basis in preparing the financial statements.
  This financial information has been prepared in accordance with the accounting policies set out in the
  2011 Annual Report and Accounts, with the exception of the change in accounting policy described below and
  as amended by the new accounting standards set out below.
  The Group financial statements incorporate the financial statements of the Company and all of its
  subsidiaries together with the Group's share of all of its interests in joint ventures and associates. The
  financial statements have been prepared on the historical cost basis, except for the revaluation of
  financial instruments.
  The principal accounting policies used in preparing this information are set out below.
 
2  SIGNIFICANT ACCOUNTING POLICIES
   Restatement of results
   The adjusted and reported results of the Group have been restated to reflect a refinement of Hobsons'
   approach to revenue recognition. Hobsons' business model has evolved such that the provision of its
   Enrolment Management Technology (EMT) software services (currently around 47% of its annual revenues of
   around £64 million) is now predominantly provided in conjunction with a hosting service. To better reflect
   the underlying nature of the revenue contracts, software services provided in conjunction with a hosting
   service will now be recognised over the contract service period, rather than at the contract date of sale of
   the software licence. The recognition of revenue from existing hosting services will continue to be
   recognised over the contract service period. This change of accounting treatment has been reflected in the
   Group's Consolidated financial statements retrospectively and the impact on the Consolidated Income
   Statement and Consolidated Statement of Financial Position is as follows :
                                                                52       52      52
                                                             weeks    weeks   weeks
                                                            ending   ending  ending
                                                              30th      2nd     3rd
                                                   September, 2012 October, October
                                                                       2011    2010
                                                                £m       £m      £m
 Impact on Consolidated Income
 Statement
 Reduction in revenue                                        (0.8)    (5.2)   (2.5)
 Reduction in operating profit                               (0.8)    (5.0)   (2.4)
 Reduction in profit after tax                               (0.5)    (3.1)   (1.5)
 
                                                                 p        p       p
 Reduction in earnings per share from
 continuing operations
                                Basic                        (0.1)    (0.8)   (0.4)
                                Diluted                      (0.1)    (0.8)   (0.4)
                                Adjusted                     (0.1)    (0.8)   (0.4)
 
                                                                £m       £m      £m
 Impact on Consolidated Statement of
 Financial Position
 Reduction in accrued income                                (26.5)   (27.3)  (21.7)
 assets
 Increase in prepaid commission                                1.3      1.3     1.1
 assets
 Increase deferred tax asset                                  10.2      9.7     7.6
  The reported results of the Group's share of results of joint ventures and associates have also been restated to
  reflect the Group's share of results from the joint venture DMG Radio Investments Ltd as discontinued, following its
  disposal in September 2012. In addition the Group's local media operations have been reclassified as discontinued
  operations following the transfer of the net assets of this business to assets held for sale. Further details are
  included in the discontinued operations note 21.
  Impact of new accounting standards
  Standards not affecting the reported results or the financial position:
  The following new and revised Standards and Interpretations have been adopted in the current year. Their adoption has
  not had any significant impact on the amounts reported in the financial statements but may impact the accounting for
  future transactions and arrangements:
  - IAS 24 (2009) Related Party disclosures
  The revised Standard has a new, clearer definition of a related party, with inconsistencies under the previous
  definition having been removed. This interpretation does not affect the reported results nor the financial position.
  - Amendments to IFRIC 14 prepayments of a minimum funding requirement
  The amendments now enable recognition of an asset in the form of a prepaid minimum funding contribution.
  - Annual improvements
  - IFRS 7: Encourages qualitative disclosures in the context of the quantitative disclosures required to help users to
  form an overall picture of the nature and extent of risks arising from financial instruments. This improvement does
  not affect the Group's reported results, financial position nor any of the Group's disclosures at the half year.
  - IAS 1: Clarifies that an entity may present the analysis of other comprehensive income by item in the statement of
  changes in equity or in the notes to the financial statements. The Group currently reflects this analysis in the notes
  to the financial statements.
  At the date of authorisation of the combined financial information the following Standards and Interpretations, which
  have not been applied in the combined financial statements, were in issue but not yet effective (and in some cases had
  not yet been adopted by the EU). Other than IAS 19 (Revised) Employee Benefits, their adoption is not expected to have
  a significant impact on the amounts reported in the financial statements but may impact the accounting for future
  transactions and arrangements.
 
  IAS 19 (Revised) Employee Benefits, will impact the measurement of various components in the defined benefit pension
  obligation and associated disclosures, but not the Group's total obligation. It is likely that following the
  replacement of expected returns on plan assets with a net finance cost in the Consolidated Income Statement, the
  profit for the period will be reduced and accordingly other comprehensive income increased (note 23).
  - Amendments to IAS 1 Presentation of Items of Other Comprehensive Income
  - IFRS 13 Fair Value Measurement
  - IFRS 12 Disclosures of Interests in other entities
  - IFRS 11 joint Arrangements
  - IFRS 10 Consolidated Financial Statements
  - IAS 28 (Revised) Investments in Associates and Joint Ventures
  - IAS 27 (Revised) Separate Financial Statements
  - Amendments to IAS 12 Deferred Tax : Recovery of Underlying Assets
  - IFRS 9 Financial Instruments
  - Improvements to IFRSs 2011
  - Amendments to IFRS 7 and IAS 32 - Offsetting financial assets and financial liabilities
 
2  Critical accounting judgements and key sources of estimation uncertainty
   In addition to the judgement taken by management in selecting and applying the accounting policies set out
   above, management has made the following judgements concerning the amounts recognised in the consolidated
   financial statements :
   Forecasting
   The Group prepares medium-term forecasts based on Board approved budgets and three year outlooks. These are
   used to support judgements made in the preparation of the Group's financial statements including the
   recognition of deferred tax assets in different jurisdictions, the Group's going concern assessment and for
   the purposes of impairment reviews. Longer term forecasts use long-term growth rates applicable to the
   relevant businesses.
   Impairment of goodwill and intangible assets
   Determining whether goodwill and intangible assets are impaired or whether a reversal of an impairment of
   intangible assets should be recorded requires an estimation of the value in use of the relevant cash
   generating units. The value in use calculation requires management to estimate the future cash flows
   expected to arise from the cash generating unit and compare the net present value of these cash flows using
   a suitable discount rate to determine if any impairment has occurred. A key area of judgement is deciding
   the long-term growth rate of the applicable businesses and the discount rate applied to those cash flows.
   The carrying amount of goodwill and intangible assets at the period end date was £986.0 million (2011
   £1,035.2 million, 2010 £1,113.7 million) after a net impairment charge of £19.4 million (2011 charge of
   £24.4 million, 2010 reversal £19.9 million) was recognised during the year.
   Acquisitions and intangible assets
   The Group's accounting policy on the acquisition of subsidiaries is to allocate purchase consideration to
   the fair value of identifiable assets, liabilities and contingent liabilities acquired with any excess
   consideration representing goodwill. Determining the fair value of assets, liabilities and contingent
   liabilities acquired requires significant estimates and assumptions, including assumptions with respect to
   cash flows and unprovided liabilities and commitments, including in respect to tax, are often used. The
   Group recognises intangible assets acquired as part of a business combination at fair values at the date of
   the acquisition. The determination of these fair values is based upon management's judgement and includes
   assumptions on the timing and amount of future cash flows generated by the assets and the selection of an
   appropriate discount rate. Additionally, management must estimate the expected useful economic lives of
   intangible assets and charge amortisation on these assets accordingly.
   Contingent consideration payable
   Estimates are required in respect of the amount of contingent consideration payable on acquisitions, which
   is determined according to formulae agreed at the time of the business combination, and normally related to
   the future earnings of the acquired business. The Directors review the amount of contingent consideration
   likely to become payable at each period end date, the major assumption being the level of future profits of
   the acquired business. The Group has outstanding contingent consideration payable amounting to £24.2 million
   (2011 £11.8 million, 2010 £17.8 million).
   Contingent consideration payable is discounted to its fair value in accordance with applicable International
   Financial Reporting Standards. For acquisitions completed prior to 4th October, 2009, the difference between
   the fair value of these liabilities and the actual amounts payable is charged to the Consolidated Income
   Statement as notional finance costs with remeasurement of the liability being recorded against goodwill. For
   acquisitions completed in the current period, movements in the fair value of these liabilities are recorded
   in the Consolidated Income Statement in Financing.
   Contingent consideration receivable
   Estimates are required in respect of the amount of contingent consideration receivable on disposals, which
   is determined according to formulae agreed at the time of the disposal and is normally related to the future
   earnings of the disposed business. The Directors review the amount of contingent consideration likely to be
   receivable at each period end date, the major assumption being the level of future profits of the disposed
   business. The Group has outstanding contingent consideration receivable amounting to £1.2 million (2011 £1.6
   million, 2010 £4.9 million).
   Contingent consideration receivable is discounted to its fair value in accordance with applicable
   International Financial Reporting Standards. For disposals completed prior to 4th October, 2009, the
   difference between the fair value of these liabilities and the actual amounts payable is charged to the
   Consolidated Income Statement as notional finance costs with remeasurement of the liability being recorded
   against goodwill. For acquisitions completed in the current period, movements in the fair value of these
   liabilities are recorded in the Consolidated Income Statement in Financing.
   Adjusted profit
   The Group presents adjusted earnings by making adjustments for costs and profits which management believe to
   be exceptional in nature by virtue of their size or incidence or have a distortive effect on current year
   earnings. Such items would include costs associated with business combinations, one off gains and losses on
   disposal of businesses, properties and similar items of a non-recurring nature together with reorganisation
   costs and similar charges, tax and by adding back impairment of goodwill and amortisation and impairment of
   intangible assets arising on business combinations. See note 10 for a reconciliation of profit before tax to
   adjusted profit.
   Share-based payments
   The Group makes share-based payments to certain employees. These payments are measured at their estimated
   fair value at the date of grant, calculated using an appropriate option pricing model. The fair value
   determined at the grant date is expensed on a straight-line basis over the vesting period, based on the
   estimate of the number of shares that will eventually vest. The key assumptions used in calculating the fair
   value of the options are the discount rate, the Group's share price volatility, dividend yield, risk free
   rate of return, and expected option lives. Management regularly perform a true-up of the estimate of the
   number of shares that are expected to vest, this is dependent on the anticipated number of leavers.
   Taxation
   Being a multinational Group with tax affairs in many geographic locations inherently leads to a highly
   complex tax structure which makes the degree of estimation and judgement more challenging. The resolution of
   issues is not always within the control of the Group and is often dependent on the efficiency of legal
   processes. Such issues can take several years to resolve. The Group accounts for unresolved issues based on
   its best estimate of the final outcome, however, the inherent uncertainty regarding these items means that
   the eventual resolution could differ significantly from the accounting estimates and, therefore, impact the
   Group's results and future cash flows. As described above, the Group makes estimates regarding the
   recoverability of deferred tax assets relating to losses based on forecasts of future taxable profits which
   are, by their nature, uncertain.
   Retirement benefit obligations
   The cost of defined benefit pension plans is determined using actuarial valuations prepared by the Group's
   actuaries. This involves making certain assumptions concerning discount rates, expected rates of return on
   assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature
   of these plans, such estimates are subject to significant uncertainty. The assumptions and the resulting
   estimates are reviewed annually and, when appropriate, changes are made which affect the actuarial
   valuations and, hence, the amount of retirement benefit expense recognised in the Consolidated Income
   Statement and the amounts of actuarial gains and losses recognised in the Statement of Changes in Equity.
   The carrying amount of the retirement benefit obligation at 30th September, 2012 was a deficit of £324.4
   million (2011 £336.2 million, 2010 £271.4 million). Further details are given in note 23.
3  SEGMENT ANALYSIS
   The Group's business activities are split into seven operating divisions: RMS, business information,
   events, Euromoney, national media, local media and radio. These divisions are the basis on which
   information is reported to the Group Board. The segment result is the measure used for the purposes of
   resource allocation and assessment and represents profit earned by each segment, including share of
   results from joint ventures and associates but before exceptional operating costs, amortisation and
   impairment charges, other gains and losses, net finance costs and taxation.
   Details of the types of products and services from which each segment derives its revenues are included
   within the business review on pages 8 to 15.
   The accounting policies applied in preparing the management information for each of the reportable
   segments are the same as the Group's accounting policies described in note 2.
   Inter-segment sales are charged at prevailing market prices other than the sale of newsprint and related
   services from the national media to the local media division which is at cost to the Group plus a margin
   where relevant. The amount of newsprint sold between segments during the period amounted to £20.7 million
   (2011 £23.6 million).
Unaudited 52 weeks ending               Note           External  Inter-   Total Segment       Less    Operating profit
30th September, 2012                                    revenue segment revenue  result  operating  before exceptional
                                                                revenue                  profit of operating costs and
                                                                                             joint    amortisation and
                                                                                          ventures       impairment of
                                                                                               and        goodwill and
                                                                                        associates acquired intangible
                                                                                                                assets
                                                             £m      £m      £m      £m         £m                  £m
RMS                                                       163.2     0.3   163.5    55.9      (0.2)                56.1
Business information                                      253.2       -   253.2    47.1      (0.8)                47.9
Events                                                     88.8       -    88.8    21.2        0.1                21.1
Euromoney                                                 394.1     0.1   394.2   112.5        0.6               111.9
National media                                            847.5    33.4   880.9    81.3        3.8                77.5
Local media                                               212.7     0.1   212.8    26.0          -                26.0
Radio                                                         -       -       -     9.5        9.5                   -
                                                        1,959.5    33.9 1,993.4   353.5       13.0               340.5
Corporate costs                                                                                                 (40.8)
Discontinued operations                                 (212.7)                                                 (26.0)
                                                        1,746.8
Operating profit before                                                                                          273.7
exceptional
operating costs
and amortisation and
impairment of
goodwill and acquired
intangible assets
Exceptional operating costs, impairment                                                                         (73.1)
of internally generated and acquired
computer software, investment property
and property, plant and equipment
Impairment of goodwill and intangible assets                                                                    (19.4)
Amortisation of acquired                                                                                        (34.2)
intangible asset
s arising on business combinations
Operating profit before share of                                                                                 147.0
results of joint ventures and associates
Share of result of joint                                                                                         (1.8)
ventures and associates
Total operating profit                                                                                           145.2
Other gains and losses                                                                                           114.4
Profit before net                                                                                                259.6
finance costs
and tax
Investment revenue                                                                                                10.8
Finance costs                                                                                                   (64.1)
Profit before tax                                                                                                206.3
Tax                                                                                                               18.8
Profit from discontinued
operations                              21                                                                        54.8
Profit for the period                                                                                            279.9
   Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets
   within the national media division comprised £106.8 million from newspapers, £6.4 million from digital and
   unallocated divisional central costs of £35.7 million.
   Included within corporate costs is a credit of £1.3 million which adjusts the pensions charge recorded in each
   operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee benefits.
 3 SEGMENT ANALYSIS CONTINUED
   An analysis of the amortisation and impairment of goodwill and intangible assets, depreciation and impairment of
   investment property, property, plant and equipment, exceptional operating costs, investment income and finance costs
   by segment is as follows :
Unaudited 52 weeks Amortisation Amortisation Impairment  Exceptional  Exceptional Depreciation Investment Finance
ending                       of           of         of    operating depreciation           of    revenue   costs
30th                 intangible   intangible   goodwill       costs,           of    property,
September,           assets not       assets        and   impairment    property,    plant and
2012                 arising on   arising on intangible           of    plant and    equipment
                       business     business     assets   investment    equipment
                   combinations combinations                property
                                                                 and
                                                          impairment
                                                        of property,
                                                           plant and
                                                           equipment
                                                                                                   Note 6  Note 7
                             £m           £m         £m           £m           £m           £m         £m      £m
RMS                       (1.2)            -          -            -            -        (5.2)          -       -
Business
information               (8.2)        (8.8)     (16.0)        (0.7)            -        (5.9)        0.1   (0.1)
Events                        -        (5.5)          -        (0.9)            -        (0.5)        1.2       -
Euromoney                 (0.3)       (15.7)          -        (1.6)        (0.1)        (3.3)        0.2     1.0
National
media                    (10.7)        (4.2)      (3.4)       (22.5)       (38.4)       (22.0)        0.1       -
Local media                   -        (0.3)          -        (9.9)        (0.5)        (1.8)          -       -
                         (20.4)       (34.5)     (19.4)       (35.6)       (39.0)       (38.7)        1.6     0.9
Corporate
costs                         -            -          -        (8.9)            -        (5.7)        9.2  (65.0)
                         (20.4)       (34.5)     (19.4)       (44.5)       (39.0)       (44.4)       10.8  (64.1)
Relating to
discontinued
operations                    -          0.3          -         10.4            -         11.1          -       -
Group
total                    (20.4)       (34.2)     (19.4)       (34.1)       (39.0)       (33.3)       10.8  (64.1)
   The Group's exceptional operating costs represent closure and reorganisation costs in the national and local media
   segments amounting to £25.6 million and an impairment charge of £6.5 million on the closure of a print site. In
   Euromoney, restructuring costs amount to £1.6 million following the reorganisation of certain group functions and
   recently acquired businesses. Included in corporate costs is a charge of £8.2 million relating to consultancy
   services and an impairment charge of £0.7 million relating to investment property. The Group's tax charge includes a
   related credit of £19.4 million in relation to these items.
3  SEGMENT ANALYSIS CONTINUED
Audited 52 weeks                                 External  Inter-    Total  Segment       Less             Operating
ending 2nd October,                               revenue segment  revenue   result  operating                profit
2011                                                      revenue                    profit of                before
                                                                                         joint exceptional operating
                                                                                      ventures                 costs
                                                                                           and                   and
                                                                                    associates          amortisation
                                                                                                                 and
                                                                                                          impairment
                                                                                                                  of
                                                                                                            goodwill
                                                                                                                 and
                                                                                                            acquired
                                                                                                          intangible
                                                                                                              assets
                                                 Restated         Restated Restated                         Restated
                                                 (note 2)         (note 2) (note 2)                         (note 2)
                                            Note       £m      £m       £m       £m         £m                    £m
RMS                                                 158.7     1.2    159.9     47.5          -                  47.5
Business information                                232.3     0.3    232.6     42.0        0.1                  41.9
Events                                              132.1       -    132.1     38.8          -                  38.8
Euromoney                                           363.1       -    363.1     93.4        0.5                  92.9
National media                                      862.3    38.8    901.1     73.4      (2.4)                  75.8
Local media                                         236.1     0.2    236.3     16.9          -                  16.9
Radio                                                   -       -        -      6.7        6.7                     -
                                                  1,984.6    40.5  2,025.1    318.7        4.9                 313.8
Corporate costs                                                                                               (32.5)
Discontinued operations                       21  (236.1)                                                     (16.9)
                                                  1,748.5
Operating profit before                                                                                        264.4
exceptional operating costs
and amortisation and impairment
of goodwill and acquired
intangible assets
Exceptional operating costs,                                                                                  (41.9)
impairment of internally
generated and acquired computer
software, investment
property and property, plant
and equipment
Impairment of goodwill and                                                                                    (10.7)
intangible assets
Amortisation of acquired                                                                                      (41.7)
intangible assets arising on
business combinations
Operating profit before share                                                                                  170.1
of results of joint
ventures and associates
Share of result of joint                                                                                       (2.7)
ventures and associates
Total operating profit                                                                                         167.4
Other gains and losses                                                                                          13.1
Profit before net finance                                                                                      180.5
costs and tax
Investment revenue                                                                                              17.1
Finance costs                                                                                                 (71.7)
Profit before tax                                                                                              125.9
Tax                                                                                                              3.7
Profit from discontinued                      21                                                               (5.2)
operations
Profit for the period                                                                                          124.4
 
   Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets
   within the national media division comprised £103.7 million from newspapers, a loss of £0.9 million from digital and
   unallocated divisional central costs of £27.0 million.
   Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets
   within the national media division included £3.2 million from operations in central Europe.
   Included within corporate costs is a credit of £1.9 million which adjusts the pensions charge recorded in each
   operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee benefits.
3  SEGMENT ANALYSIS CONTINUED
   An analysis of the amortisation and impairment of goodwill and intangible assets, depreciation and impairment of
   investment property, property, plant and equipment, exceptional operating costs, investment income and finance costs
   by segment is as follows :
Audited 52   Amortisation Amortisation Impairment Exceptional  Exceptional Depreciation Investment Finance
weeks                  of           of         of   operating depreciation           of    revenue   costs
ending 2nd     intangible   intangible   goodwill       costs           of    property,
October,           assets       assets        and  impairment    property,        plant
2011                  not      arising intangible          of        plant          and
               arising on           on     assets  investment          and    equipment
                 business     business               property    equipment
             combinations combinations                    and
                                                   impairment
                                                           of
                                                     property
                                                      , plant
                                                          and
                                                    equipment
                                                                                            Note 6  Note 7
Note                   £m           £m         £m          £m           £m           £m         £m      £m
RMS                 (1.9)            -          -           -            -        (5.3)        0.2       -
Business            (7.0)        (7.5)          -       (1.3)            -        (6.8)          -   (0.2)
information
Events                  -       (11.7)          -         0.9            -        (0.7)        1.3       -
Euromoney           (0.3)       (13.1)      (0.1)       (3.2)            -        (2.7)        0.3   (2.9)
National            (9.2)        (9.4)     (10.6)      (16.9)       (14.8)       (23.9)        0.2   (2.2)
media
Local                   -        (0.8)     (13.7)      (10.4)        (0.3)        (3.5)          -       -
media
                   (18.4)       (42.5)     (24.4)      (30.9)       (15.1)       (42.9)        2.0   (5.3)
Corporate               -            -          -       (6.7)            -        (4.7)       15.1  (66.4)
costs
                   (18.4)       (42.5)     (24.4)      (37.6)       (15.1)       (47.6)       17.1  (71.7)
Relating to             -          0.8       13.7        10.5          0.3          3.5          -       -
discontinued
operations
21
Group total        (18.4)       (41.7)     (10.7)      (27.1)       (14.8)       (44.1)       17.1  (71.7)
  The Group's exceptional operating costs represent closure and reorganisation costs in the national and local media
  segments amounting to £24.9 million. In Euromoney, restructuring costs amount to £2.6 million following the closure
  and reorganisation of underperforming businesses, £1.0 million relates to the acquisition of Ned Davis Research Group
  offset by an exceptional credit of £0.4 million following resolution of a US legal dispute. Included in corporate
  costs is an impairment charge of £6.7 million relating to investment property. The Group's tax charge includes a
  related credit of £12.2 million in relation to these items.
3 SEGMENT ANALYSIS CONTINUED
  The Group's revenue comprises sales excluding value added tax, less discounts and commission where applicable and is
  analysed as follows :
           Unaudited    Unaudited  Unaudited  Unaudited  Audited       Audited  Audited    Audited
            52 weeks     52 weeks   52 weeks   52 weeks       52      52 weeks       52   52 weeks
              ending       ending     ending     ending    weeks        ending    weeks ending 2nd
                30th         30th       30th       30th   ending           2nd   ending   October,
          September,   September, September, September,      2nd October, 2011      2nd       2011
                2012         2012       2012       2012 October,               October,
                                                            2011                   2011
               Total Discontinued     Inter- Continuing    Total  Discontinued   Inter- Continuing
                       operations    segment operations             operations  segment operations
                        (note 21)                                    (note 21)
                                                        Restated                          Restated
                                                        (note 2)                          (note 2)
                  £m           £m         £m         £m       £m            £m       £m         £m
Sale of        786.0            -          -      786.0    576.7             -        -      576.7
goods
Rendering    1,207.4      (212.7)     (33.9)      960.8  1,448.4       (236.1)   (40.5)    1,171.8
of
services
             1,993.4      (212.7)     (33.9)    1,746.8  2,025.1       (236.1)   (40.5)    1,748.5
  The Group includes circulation and subscriptions revenue within sales of goods, the remainder of the Group's
  revenue, excluding investment revenue is included within rendering of services. Investment revenue is shown
  in note 6.
  By geographic area
  The majority of the Group's operations are located in the United Kingdom, the rest of Europe, North America
  and Australia.
  The geographic analysis below is based on the location of companies in these regions. Export sales and
  related profits are included in the areas from which those sales are made. Revenue in each geographic market
  in which customers are located is not disclosed as there is no material difference between the two.
  Revenue is analysed by geographic area as follows :
                   Unaudited    Unaudited  Unaudited           Audited      Audited           Audited
                    52 weeks     52 weeks   52 weeks                52     52 weeks          52 weeks
                      ending       ending     ending             weeks       ending            ending
                        30th         30th       30th            ending          2nd               2nd
                  September,   September, September,               2nd      October          October,
                        2012         2012       2012     October, 2011       , 2011              2011
                       Total Discontinued Continuing             Total Discontinued        Continuing
                               operations operations                     operations        operations
                                (note 21)                                 (note 21)
                                                     Restated (note 2)              Restated (note 2)
                          £m           £m         £m                £m           £m                £m
UK                   1,234.9      (212.7)    1,022.2           1,288.6      (236.1)           1,052.5
Rest of Europe          68.2            -       68.2              42.6            -              42.6
North America          556.4            -      556.4             550.1            -             550.1
Australia               13.5            -       13.5              11.9            -              11.9
Rest of the World       86.5            -       86.5              91.4            -              91.4
                     1,959.5      (212.7)    1,746.8           1,984.6      (236.1)           1,748.5
 
 The closing net book value of goodwill, intangible assets, plant and equipment and investment property is analysed by
 geographic area as follows :
                    Unaudited  Audited  Audited   Unaudited     Audited     Audited
                  Closing net  Closing  Closing Closing net Closing net Closing net
                   book value net book net book  book value  book value  book value
                  of goodwill value of value of          of          of          of
                              goodwill goodwill  intangible  intangible  intangible
                                                     assets      assets      assets
                      At 30th   At 2nd   At 3rd     At 30th      At 2nd      At 3rd
                   September, October, October,  September,    October,    October,
                         2012     2011     2010        2012        2011        2010
                           £m       £m       £m          £m          £m          £m
UK                      212.2    259.0    275.2        57.8        76.3        96.6
Rest of Europe           32.8     10.5      7.1        26.7         4.7         4.8
North America           439.8    457.2    433.4       191.2       199.8       267.1
Australia                 1.5      1.5      1.5         0.7         0.8         0.8
Rest of the World        18.3     18.8     18.6         5.0         6.6         8.6
                        704.6    747.0    735.8       281.4       288.2       377.9
 
                     Unaudited     Audited     Audited   Unaudited     Audited       Audited
                   Closing net Closing net Closing net Closing net Closing net   Closing net
                    book value  book value  book value  book value  book value book value of
                  of property,          of          of          of          of    investment
                     plant and   property,   property,  investment  investment      property
                     equipment   plant and   plant and    property    property     (note 14)
                     (note 13)   equipment   equipment   (note 14)   (note 14)
                                 (note 13)   (note 13)
                       At 30th      At 2nd      At 3rd     At 30th      At 2nd        At 3rd
                    September,    October,    October,  September,    October,      October,
                          2012        2011        2010        2012        2011          2010
                            £m          £m          £m          £m          £m            £m
UK                       207.1       258.3       311.8         6.8        21.6          11.6
Rest of Europe             1.1        14.8        17.3           -           -             -
North America             27.7        30.1        31.2           -           -             -
Australia                  0.3         0.2         0.3           -           -             -
Rest of the World          1.9         2.0         5.6           -           -             -
                         238.1       305.4       366.2         6.8        21.6          11.6
 
   The Group tests goodwill annually for impairment, or more frequently if there are indicators that goodwill might be
   impaired. Intangible assets, all of which have finite lives, are tested separately from goodwill only where
   impairment indicators exist. The total impairment charge recognised for the period was £19.4 million (2011 £24.4
   million). Of the impairment charge for the period, £16.0 million relates to the financial sector of the business
   information segment where trading continues below expectations and £3.4 million relates to computer software in the
   national media segment. There is a deferred tax credit of £nil and a current tax credit of £0.8 million in relation
   to this impairment charge (2010 deferred tax credit of £0.8 million, current tax credit of £0.9 million).
4  SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES
                                                                          Unaudited    Audited
                                                                           52 weeks   52 weeks
                                                                        ending 30th ending 2nd
                                                                         September,   October,
                                                                               2012       2011
                                                                                      Restated
                                                                                      (note 2)
                                                                   Note          £m         £m
Share of profits from                                                           3.2      (2.3)
operations of joint ventures
Share of profits from                                                           0.3        0.5
operations of associates
Share of profits before                                                         3.5      (1.8)
exceptional operating costs
, amortisation, impairment of goodwill,
interest and tax
Share of exceptional                                                          (1.9)          -
operating
osts of joint ventures
Share of exceptional                                                          (0.5)          -
operating
costs of associates
Share of amortisation of                                                      (1.2)          -
intangibles of joint ventures
Share of amortisation                                                         (0.3)      (0.3)
of intangibles of associates
Share of associates                                                           (0.1)          -
' interest payable
Adjustment to the carrying                                                        -        3.0
value of joint venture on
acquisition
Impairment of carrying                                             (i)            -      (3.2)
value of joint venture
Impairment of carrying                                             (ii)       (1.3)      (0.4)
value of associate
                                                                              (1.8)      (2.7)
 
Share of results from                                                           0.1      (2.3)
operations of joint ventures
Share of results from                                                         (0.6)        0.2
operations of associates
Adjustment to the carrying                                                        -        3.0
value of joint venture on
acquisition
Impairment of carrying value                                                      -      (3.2)
of joint venture
Impairment of carrying value                                                  (1.3)      (0.4)
of associates
                                                                              (1.8)      (2.7)
 
(i)  In the prior period represents a £0.2
     million write down in the carrying
     value of the Group's investment in
     Mail Today Newspapers Pvt. Limited in
     the national media segment and £3.0
     million write down in value of the
     Sanborn Map Company in the business
     information segment.
(ii) Represents a write down in the
     carrying value of the Group's
     investment in Social Metrix in the
     national media segment. In the prior
     period represents a write down in the
     carrying value of the Group's
     investment in Posvanete AD in the
     local media segment.
 
5    OTHER GAINS AND LOSSES
                                                                Unaudited    Audited
                                                                 52 weeks   52 weeks
                                                              ending 30th ending 2nd
                                                               September,   October,
                                                                     2012       2011
                                                                            Restated
                                                                            (note 2)
                                                         Note          £m         £m
 (Loss)/profit on disposal of                            (i)        (0.6)        8.6
 available-for-sale investments
 Impairment of available-for-sale assets                            (0.3)      (0.2)
 Profit on disposal of property, plant                                2.0        0.6
 and equipment
 Profit on disposal of businesses                        (ii)       113.3        4.0
 Profit on disposal of joint ventures                                   -        0.1
 and associates
                                                                    114.4       13.1
 
(i)  Represents the loss on disposal of the Group's investment in Herald Ventures. In the prior period
     represents the profit on disposal of the Group's interest in CoStar, Inc.
(ii) Largely represented by the £78.2 million profit on sale of The Digital Property Group in the National
     media segment and £34.6 million profit on sale of Evanta in the Business information segment. In the
     prior period, the profit on disposal of businesses mainly comprises the profit on disposal of various
     exhibition businesses in the events segment.
     There is a tax charge of £11.8 million (2011 £3.1 million) in relation to these items.
6    INVESTMENT REVENUE
                                                  Unaudited    Audited
                                                   52 weeks   52 weeks
                                                ending 30th ending 2nd
                                                 September,   October,
                                                       2012       2011
                                                         £m         £m
 Expected return on defined benefit                     8.5       12.3
 pension scheme assets less interest on defined
 benefit pension scheme liabilities
 Dividend income                                        0.8        2.9
 Interest receivable from short-term deposits           1.5        1.9
                                                       10.8       17.1
 
7 FINANCE COSTS
                                                                 Unaudited  Audited
                                                                  52 weeks 52 weeks
                                                                    ending   ending
                                                                      30th      2nd
                                                                September, October,
                                                                      2012     2011
                                                           Note         £m       £m
 Interest, arrangement and commitment fees payable                  (59.5)   (70.8)
 on bonds, bank loans and loan notes
 Premium on bond redemption                                          (6.1)        -
 Change in fair value of derivative hedge of bond                      2.2      0.1
 Change in fair value of hedged portion of bond                      (2.2)    (0.1)
 Profit on derivatives, or portions thereof, not designate           (0.4)      1.7
 d for hedge accounting
 Finance charge on discounting of contingent consideration (i)       (0.3)    (0.4)
 Fair value movement on contingent consideration                       0.2    (1.7)
 Change in fair value of acquisition put options                       2.0    (0.5)
                                                                    (64.1)   (71.7)
 
(i) The finance charge
    on the discounting
    of contingent
    consideration
    arises from the
    requirement under
    IFRS 3 (2008),
    Business
    Combinations, to
    record contingent
    consideration at
    fair value using a
    discounted cash
    flow approach.
8   TAX
                                              Unaudited  Audited
                                               52 weeks 52 weeks
                                                 ending   ending
                                                   30th      2nd
                                             September, October,
                                                   2012     2011
                                                        Restated
                                                        (note 2)
                                        Note         £m       £m
The credit on the profit for the
period consists of :
UK tax
Corporation tax at 25.0 % (2011 27.0 %)           (4.3)    (2.4)
Adjustments in respect of prior periods (i)        43.0      0.4
                                                   38.7    (2.0)
Overseas tax
Corporation tax                                  (31.9)   (19.3)
Adjustments in respect of prior periods (i)      (12.4)    (0.9)
Total current tax                                 (5.6)   (22.2)
Deferred tax
Origination and reversals of                     (24.0)     20.1
timing differences
Adjustments in respect of prior periods (i)        39.1      7.0
Total deferred tax                                 15.1     27.1
Total Tax                                           9.5      4.9
Relating to discontinued operations                 9.3    (1.2)
Relating to continuing operations                  18.8      3.7
 
(i) The net prior year credit of £69.7 million (2011 £6.5 million), arose largely from the agreement of certain prior
    year issues with tax authorities and a reassessment of the level of tax provisions required, and a reassessment of
    temporary differences.
    Being a multinational Group with tax affairs in many geographic locations inherently leads to a highly complex tax
    structure. The tax charge is reviewed and measured on a Group total basis only.
    Adjusted tax on profits before amortisation and impairment of intangible assets, restructuring costs and
    non-recurring items (adjusted tax charge) amounted to a charge of £39.0 million (2011 £33.7 million) and the
    resulting rate is 15.2 % (2011 14.4 %). The differences between the tax credit and the adjusted tax charge are shown
    in the reconciliation below :
                                                                              Unaudited  Audited
                                                                               52 weeks 52 weeks
                                                                                 ending   ending
                                                                                   30th      2nd
                                                                             September, October,
                                                                                   2012     2011
                                                                                        Restated
                                                                                        (note 2)
                                                                                     £m       £m
Total tax credit/(charge) on the profit for the period                              9.5      4.9
Deferred tax on intangible assets and goodwill                                    (2.8)    (0.9)
Agreement of open issues with tax authorities                                    (41.6)      1.0
Tax on other exceptional items                                                    (4.1)   (38.7)
Adjusted tax charge on the profit for the period                                 (39.0)   (33.7)
 
 In calculating the adjusted tax rate, the Group excludes the potential future deferred tax effects of intangible assets
 and goodwill (other than internally generated and acquired computer software) as it prefers to give the users of its
 accounts a view of the tax charge based on the current status of such items.
 Tax on other exceptional items includes a net charge of £1.9 million (2011 £29.6 million) relating to the derecognition
 of tax losses and the reassessment of other temporary differences which are treated as exceptional due to their
 material impact on the Group's adjusted tax charge.
 The deferred tax assets disclosed in the Consolidated Statement of Financial Position in respect of deferred interest,
 tax losses and tax credits are analysed as follows :
                Unaudited Audited  Audited
                       At      At       At
                     30th     2nd      3rd
               September, October October,
                     2012    2011     2010
                       £m      £m       £m
 UK                  39.6    56.2     56.8
 North America       75.0    62.4     55.1
 Australia            5.4     6.8      3.7
                    120.0   125.4    115.6
 
  These losses have been
  recognised on the basis that
  the Directors are of the
  opinion based on recent and
  forecast trading, that
  sufficient suitable taxable
  profits will be generated in
  the relevant territories in
  future accounting periods,
  such that it is considered
  probable that these assets
  will be recovered. Of these
  assets none have an expiry
  date.
 
9 DIVIDENDS PAID
                                                        Unaudited  Unaudited  Audited  Audited
                                                               52         52       52       52
                                                            weeks      weeks    weeks    weeks
                                                           ending     ending   ending   ending
                                                             30th       30th      2nd      2nd
                                                       September, September, October, October,
                                                             2012       2012     2011     2011
                                                            Pence               Pence
                                                              per                 per
                                                            share         £m    share       £m
Amounts recognisable
as distributions to
equity holders in the period
Ordinary shares - final                                     11.70        2.5        -        -
dividend for the year
ended 2nd October, 2011
`A' Ordinary Non-Voting                                     11.70       42.3        -        -
shares - final
dividend for the year
ended 2nd October, 2011
Ordinary shares - final                                         -          -    11.00      2.0
dividend for the year
ended 3rd October, 2010
`A' Ordinary Non-                                               -          -    11.00     40.1
Voting shares - final
dividend for the year ended
3rd October, 2010
                                                                        44.8              42.1
Ordinary shares - interim                                    5.60        1.1        -        -
dividend for the year
ended 30th September, 2012
`A' Ordinary Non-                                            5.60       20.3        -        -
Voting shares - interim
dividend for the year ended
30th September, 2012
Ordinary shares -                                               -          -     5.30      1.1
interim dividend for the year
ended 2nd October, 2011
`A' Ordinary Non-                                               -          -     5.30     19.2
Voting shares - interim
dividend for the year
ended 2nd October, 2011
                                                                        21.4              20.3
                                                            17.30       66.2    16.30     62.4
    The Board has declared a final dividend of 12.4 p per Ordinary / 'A' Ordinary Non-Voting share
    (2011 11.7 p) which will absorb an estimated £47.5 million (£44.8 million) of shareholders' funds
    for which no liability has been recognised in these financial statements. It will be paid on 10th
    February, 2012 to shareholders on the register at the close of business on 30th November, 2012.
 
10  ADJUSTED PROFIT
                                                                                        Unaudited  Audited
                                                                                               52       52
                                                                                            weeks    weeks
                                                                                           ending   ending
                                                                                             30th      2nd
                                                                                       September, October,
                                                                                             2012     2011
                                                                                                  Restated
                                                                                                  (note 2)
                                                                                               £m       £m
Profit before tax -                                                                         206.3    125.9
continuing
operations
Profit/(loss) before tax -                                                                   21.1    (6.4)
discontinued
operations
Profit on disposal of                                                                        43.0        -
discontinued
operations
Add back :
Amortisation of                                                                              34.5     42.5
intangible assets in
Group profit from
operations arising
on business combinations
Amortisation of                                                                               4.7      3.7
intangible assets in
joint ventures and
associates arising
on business combinations
Impairment of goodwill and                                                                   19.4     24.4
intangible assets arising on
business combinations
Exceptional operating                                                                        73.1     41.9
costs, impairment
of internally generated
and acquired computer
software, investment property and property, plant and
equipment - continuing operations
Exceptional operating costs,                                                                 10.4     10.8
impairment of internally
generated and acquired
computer software, investment
property and property,
plant and equipment - discontinued
operations
Share of exceptional operating                                                                1.9        -
costs of joint ventures
Share of exceptional                                                                          0.5        -
operating costs of
associates
Impairment of carrying value                                                                    -      0.2
of joint venture net of
fair value adjustment on acquisition
Impairment of carrying                                                                        1.3      0.4
value of associate -
continued operations
Impairment of                                                                                 0.3        -
carrying value of associate -
discontinued operations
Other gains and losses :                           Loss/(profit) on disposal of                                       0.6    (8.6)
                           available-for-sale investments
                           Profit on disposal of property, plant                            (2.0)    (0.6)
                           and equipment
                           Profit on disposal of                                          (113.3)    (4.0)
                           businesses
                           Impairment of available-for-                                       0.3      0.2
                           sale assets
                           Profit on disposal of joint                                          -    (0.1)
                           ventures and associates
                           Loss/(profit) on                                                   0.1    (1.7)
                           disposal of businesses
                           within discontinued operations
Finance costs :
                           Change in fair value of                                          (2.0)      0.5
                           acquisition put options
                           Fair value movement on                                           (0.2)      1.7
                           contingent consideration
Tax :
                           Share of tax in joint ventures                                   (1.6)      1.3
                           and associates
Profit from discontinued
operations :
                           Profit on disposal of                                           (43.0)        -
                           discontinued operations
Adjusted profit before tax and                                                              255.4    232.1
non-controlling interests
Total tax credit on                                                                           9.5      4.9
the profit for the
period
Adjust for :
                           Deferred tax                                                     (2.8)    (0.9)
                           on intangible
                           assets and
                           goodwill
                           Agreed open                                                     (41.6)      1.0
                           issues with tax
                           authorities
                           Tax on other                                                     (4.1)   (38.7)
                           exceptional
                           items
Non-controlling interests                                                                  (27.3)   (21.8)
Adjusted profit after taxation                                                              189.1    176.6
and non-controlling interests
    The adjusted non-controlling interests share of profits for the period of £27.3 million (2011 £21.8 million) is
    stated after eliminating a credit of £4.6 million (2011 £6.0 million), being the non-controlling interests share of
    adjusting items.
11  EARNINGS PER SHARE
    Basic earnings per share of 67.2 p (2011 28.3 p) and diluted earnings per share of 65.1 p (2011 27.7 p)
    are calculated, in accordance with IAS 33, Earnings per share, on Group profit for the financial period
    of £202.4 million (2011 £113.7 million) as adjusted for the effect of dilutive ordinary shares of £0.6
    million (2011 £1.0 million) and earnings from discontinued operations of £54.8 million (2011 loss £5.2
    million) and on the weighted average number of ordinary shares in issue during the period, as set out
    below.
    As in previous years, adjusted earnings per share have also been disclosed since the Directors consider
    that this alternative measure gives a more comparable indication of the Group's underlying trading
    performance. Adjusted earnings per share of 49.4 p (2011 46.1 p) are calculated on profit for continuing
    and discontinued operations before exceptional operating costs, impairment of goodwill and intangible
    assets, amortisation of intangible assets arising on business combinations, other gains and losses and
    exceptional financing costs after taxation and non-controlling interests associated with those profits,
    of £189.1 million (2011 £176.6 million), as set out in note 10 above, and on the basic weighted average
    number of ordinary shares in issue during the period.
    Basic and diluted earnings per share
                                       Unaudited  Unaudited  Audited  Audited
                                              52         52       52       52
                                           weeks      weeks    weeks    weeks
                                          ending     ending   ending   ending
                                            30th       30th      2nd      2nd
                                      September, September, October, October,
                                            2012       2012     2011     2011
                                           Basic    Diluted    Basic  Diluted
                                        earnings   earnings earnings earnings
                                              £m         £m       £m       £m
Earnings from continuing operations        202.4      202.4    113.7    113.7
Effect of dilutive ordinary shares             -      (0.6)        -    (1.0)
Earnings from discontinued operations       54.8       54.8    (5.2)    (5.2)
                                           257.2      256.6    108.5    107.5
 
                                                                    Unaudited      Unaudited          Audited   Audited
                                                                           52             52               52        52
                                                                        weeks          weeks            weeks     weeks
                                                                       ending         ending           ending    ending
                                                                         30th           30th     2nd October,       2nd
                                                                   September,     September,             2011  October,
                                                                         2012           2012                       2011
                                                                        Basic        Diluted            Basic   Diluted
                                                                        pence          pence            pence     pence
                                                                    per share      per share        per share per share
                                                                                                     Restated  Restated
                                                                                                     (note 2)  (note 2)
Earnings per share from continuing                                       52.9           51.4             29.7      29.3
operations
Effect of dilutive ordinary shares                                          -          (0.2)                -     (0.3)
Earnings per share from discontinued                                     14.3           13.9            (1.4)     (1.3)
operations
Basic earnings per share from continuing                                 67.2           65.1             28.3      27.7
and discontinued operations
 
Adjusted earnings per share
                                                                        Unaudited  Unaudited  Audited  Audited
                                                                               52         52       52       52
                                                                            weeks      weeks    weeks    weeks
                                                                           ending     ending   ending   ending
                                                                             30th       30th      2nd      2nd
                                                                        September, September, October, October,
                                                                             2012       2012     2011     2011
                                                                            Basic    Diluted    Basic  Diluted
                                                                            pence      pence    pence    pence
                                                                              per        per      per      per
                                                                            share      share    share    share
                                                                                               Restated Restated
                                                                                                (note 2) (note 2)
Profit before tax - continuing                                               53.9       52.4     32.9     32.5
operations
Effect of dilutive ordinary                                                     -      (0.2)        -    (0.3)
shares
Profit/(loss) before tax - discontinued                                       5.5        5.4    (1.7)    (1.7)
operations 
Profit on disposal                                                           11.2       10.9        -        -
of discontinued
operations
Add back :
Amortisation of intangible assets in Group                                    9.0        8.8     11.1     11.0
profit from operations arising on business
combinations
Amortisation of intangible assets in joint                                    1.2        1.2      1.0      1.0
ventures and associates arising on business
combinations
Impairment of goodwill and                                                    5.1        4.9      6.4      6.3
intangible assets arising on
business
combinations
Exceptional operating costs, impairment of                                   19.1       18.6     10.9     10.8
internally generated and acquired computer software,
investment property and property, plant and equipment
- continuing operations
Exceptional operating costs, impairment of internally                        2.7        2.6      2.8      2.8
generated and acquired computer
software, investment property and
property, plant and equipment - discontinued operations
Share of exceptional operating costs of joint ventures                       0.5        0.5        -        -
Share of exceptional operating costs of associates                           0.1        0.1        -        -
Impairment of carrying                                                         -          -      0.1      0.1
value of joint venture
net of fair value
adjustment on acquisition
Impairment of carrying value of                                              0.3        0.3      0.1      0.1
associate - continued operations
Impairment of                                                                0.1        0.1        -        -
carrying value of
associate - discontinued
operations
Other gains and losses :
                                Loss/(profit) on disposal of                 0.2        0.2    (2.2)    (2.2)
                                available-for-sale investments
                                Profit on disposal of property, plant       (0.5)      (0.5)    (0.2)    (0.2)
                                and equipment
                                Profit on disposal of                      (29.6)     (28.8)    (1.0)    (1.0)
                                businesses
                                Impairment of available-for-                 0.1        0.1      0.1      0.1
                                sale assets
                                Profit on disposal of businesses               -          -    (0.4)    (0.4)
                                within discontinued operations
Finance costs :
                                Change in fair value of                     (0.5)      (0.5)      0.1      0.1
                                acquisition put options
                                Fair value movement on                      (0.1)      (0.1)      0.4      0.4
                                contingent consideration
Tax :
                                Share of tax in joint ventures              (0.4)      (0.4)      0.3      0.3
                                and associates
Profit from discontinued
operations :
                                Profit on disposal of                      (11.2)     (10.9)        -        -
                                discontinued operations
Adjusted profit before tax and non-                                         66.7       64.7     60.7     59.7
controlling interests
Total tax credit on the profit for                                           2.5        2.4      1.3      1.3
the period
Adjust for :
                                Deferred tax on intangible                  (0.7)      (0.7)    (0.2)    (0.2)
                                assets and goodwill
                                Agreed open issues with tax                (10.9)     (10.6)      0.3      0.3
                                authorities
                                Tax on other                                (1.1)      (1.0)   (10.2)   (10.1)
                                exceptional items
Non-controlling interests                                                   (7.1)      (6.9)    (5.8)    (5.7)
Adjusted profit after taxation and non-                                     49.4       47.9     46.1     45.3
controlling interests
 
 The weighted average number of ordinary shares in issue during the period for the purpose of these calculations is
 as follows :
                                      Unaudited  Audited
                                             52       52
                                          weeks    weeks
                                         ending   ending
                                           30th      2nd
                                     September, October,
                                           2012     2011
                                         Number   Number
                                              m        m
Number of ordinary shares in issue        392.7    392.6
Shares held in Treasury                   (9.9)    (9.8)
Basic earnings per share denominator      382.8    382.8
Effect of dilutive share options           10.9      5.0
Dilutive earnings per share               393.7    387.8
denominator
 
12 ANALYSIS OF NET DEBT
                                                                            Unaudited  Audited
                                                                                   At       At
                                                                                 30th      2nd
                                                                           September, October,
                                                                                 2012     2011
                                                                      Note         £m       £m
Net debt at start including derivatives                                       (719.6)   (862.0)
Cash flow                                                             (i)        85.1    109.3
Foreign exchange movements                                                       22.7     35.6
Other non-cash movements                                                         (1.2)    (2.5)
Net debt at year end including derivatives                                     (613.0)  (719.6)
 
Analysed as :
Cash and cash equivalents                                                       104.7    174.3
Cash and cash equivalents included within                                         2.6        -
assets held for resale
Unsecured bank overdrafts                                                           -     (2.6)
Cash and cash equivalents in the cash flow statement                            107.3    171.7
Debt due within one year
Bonds                                                                           (47.3)       -
Other short term debt                                                 (ii)          -    (23.4)
Loan notes                                                                       (2.6)    (3.3)
Debt due in more than one year
Bonds                                                                           (678.1) (832.0)
Net debt at year end                                                            (620.7) (687.0)
Effect of derivatives on bank loans                                   (ii)         7.7   (32.6)
Net debt including derivatives                                                  (613.0) (719.6)
 
(i)  The net cash outflow of £62.8 million (2011 £107.4 million) includes a cash outflow of £40.5 million
     (2011 £16.5 million) in respect of operating exceptional items.
(ii) The effect of derivatives on bank debt is the net currency gain or loss on derivatives entered into with
     the intention of economically converting the currency of drawn debt to an alternative currency.
 
13   PROPERTY, PLANT AND EQUIPMENT
     During the year the Group spent £60.2 million (2011 £33.0 million) on property, plant and equipment.
     The Group also disposed of certain of its property, plant and equipment with a carrying value of £31.1
     million (2011 £2.6 million) for proceeds of £33.1 million (2011 £3.2 million).
     In July 2012 the Group announced the conditional sale of a part leasehold part freehold interest in its
     14.57 acre Harmsworth Quays printing works site at Canada Water in South East London to British Land. All
     conditions are expected to be met well in advance of the proposed completion date in late 2013 when
     British Land will take possession of the site following the relocation of DMGT's printing operations from
     Harmsworth Quays to Thurrock. No asset has been recognised for the excess of proceeds over carrying value
     on sale of this asset as this represents a contingent asset.
 
14   INVESTMENT PROPERTY
     During the year a number of the Group's freehold properties ceased to be owner occupied and became
     subject to letting activity. In accordance with the Group's accounting policy these properties with a net
     book value of £0.9 million have been transferred out of property, plant and equipment and into investment
     property.
     In September 2012 the Group transferred several of its investment properties to its pension scheme in an
     arm's length transaction. These properties had a carrying value of £20.5 million and were transferred at
     an open market valuation of £24.0 million.
     The fair value of the Group's investment properties as at 30th September, 2012 was £7.6 million (2011
     £25.0 million). This was arrived at by reference to market evidence for similar properties and was
     carried out by an officer of the Group's property department. Property rental income earned by the Group
     from its investment properties amounted to £0.8 million (2011 £0.5 million). Direct operating expenses
     arising on the investment properties in the period amounted to £0.4 million (2011 £0.1 million). The
     leases have an expiry date of between 1 and 5 years.
15   ACQUISITION PUT OPTION COMMITMENTS
              Unaudited  Audited  Audited
                     At       At       At
                   30th      2nd      3rd
             September, October, October,
                   2012     2011     2010
                     £m       £m       £m
 Current            4.5      1.1      1.1
 Non-current        4.1     10.7        -
                    8.6     11.8      1.1
 
16 BORROWINGS
                         Unaudited  Audited Audited
                                At       At      At
                              30th      2nd     3rd
                        September, October, October
                              2012     2011  , 2010
                                £m       £m      £m
Current liabilities
Bonds                         47.3        -       -
Bank overdrafts                  -      2.6     1.4
Bank loans                       -        -     0.5
Other short term debt            -     23.4       -
Finance leases                   -        -     5.1
Loan notes                     2.6      3.3     7.3
                              49.9     29.3    14.3
 
Non-current liabilities
Bonds                        678.1    832.0   853.2
Bank loans                       -        -     2.2
Finance leases                   -        -    15.2
                             678.1    832.0   870.6
 
17  BANK LOANS
    The Group's bank loans bear interest charged at LIBOR plus a margin based on the Group's ratio of net
    debt to EBITDA. Additionally each facility contains a covenant based on a minimum interest cover ratio.
    EBITDA for these purposes is defined as the aggregate of the Group's consolidated operating profit before
    share of results of joint ventures and associates before deducting depreciation, amortisation and
    impairment of goodwill, intangible and tangible assets, before exceptional items and before interest and
    finance charges. These covenants were met at the relevant test dates during the period.
    The Group's interim internal target of Net Debt to EBITDA cover is 2.0 to 2.5 times whilst the limit
    imposed by its bank covenants is no greater than 3.75 times. On a bank covenant basis the ratio uses the
    average exchange rate in the calculation of net debt. The resultant Net Debt to EBITDA ratio is 1.65
    times (2011 1.96 times, 2010 2.33 times). Using a closing rate basis for the valuation of net debt, the
    ratio was 1.62 times.
    During the period the Group cancelled certain of its committed borrowing facilities amounting to £90.0
    million which were surplus to the Group's requirements.
    The Group's facilities and their maturity dates are as follows :
                                                                 Unaudited  Audited  Audited
                                                                        At       At       At
                                                                      30th      2nd      3rd
                                                                September, October, October,
                                                                      2012     2011     2010
                                                                        £m       £m       £m
Expiring in one year or less                                             -        -    180.0
Expiring in more than one year but not more than two years               -     90.0        -
Expiring in more than two years but not more than three years            -        -    240.0
Expiring in more than three years but not more than four years       300.7        -        -
Expiring in more than four years but not more than five years            -    300.0        -
Total bank facilities                                                300.7    390.0    420.0
 
 The following undrawn committed borrowing facilities were available to the Group in respect of which all conditions
 precedent had been met :
                                                                        Unaudited  Audited  Audited
                                                                                At       At       At
                                                                              30th      2nd      3rd
                                                                        September, October, October,
                                                                              2012     2011     2010
                                                                                £m       £m       £m
Expiring in one year or less                                                     -        -    153.6
Expiring in more than one year but not more than two years                       -     36.4        -
Expiring in more than two years but not more than three years                    -        -    201.6
Expiring in more than three years but not more than four years               298.3        -        -
Expiring in more than four years but not more than five years                    -    291.1        -
Total undrawn committed bank facilities                                      298.3    327.5    355.2
 
   The above undrawn committed borrowing facilities are stated net of letters of credit drawn in favour of the Trustees of
   the Group's defined benefit pension fund amounting to £nil (2011 £53.6 million 2010 £54.5 million) together with other
   guarantees of £2.4 million (2011 £9.3 million 2010 £8.1million).
18 SHARE CAPITAL AND RESERVES
   Share capital as at 30th September, 2012 amounted to £49.1 million which was unchanged during the period.
   During the year the Company disposed of 7,018,953 'A' Ordinary non-Voting shares, in order to satisfy incentive
   schemes. This represented 1.88% of the called up 'A' Ordinary Non-Voting share capital at 30th September, 2012.
   The Company also purchased 7,478,953 'A' Ordinary Non-Voting shares having a nominal value of £934,869 to match
   obligations under incentive plans. The consideration paid for these shares was £30.1 million. Shares repurchased during
   the period represented 2.0% of the called up 'A' Ordinary Non-Voting share capital at 30th September, 2012.
   At 30th September, 2012 options were outstanding under the terms of the Company's 1997 and 2006 Executive Share Option
   Schemes, together with nil cost options, over a total of 4,929,968 (2011 5,399,633 , 2010 5,557,567) 'A' Ordinary
   Non-Voting shares.
 
19 SUMMARY OF THE EFFECTS OF ACQUISITIONS
   In April, 2012 the Group acquired Jobrapido, one of the world's largest job search engines.
   Provisional fair value of net assets acquired with Jobrapido :
                                                      Book Provisional Provisional
                                                     value  fair value  fair value
                                                           adjustments
                                                        £m          £m          £m
Goodwill                                                 -        24.3        24.3
Intangible assets                                      0.1        22.9        23.0
Property, plant and equipment                          0.1           -         0.1
Trade and other receivables                            3.1           -         3.1
Cash and cash equivalents                              6.1           -         6.1
Trade and other payables                              (5.0)          -        (5.0)
Deferred tax                                             -        (6.3)       (6.3)
Group share of net assets acquired                     4.4        40.9        45.3
 
 Cost of acquisition:
                                  Non-    Cash Total
                                  cash paid in
                                       current
                                        period
                                    £m      £m    £m
Contingent consideration          16.1       -  16.1
Cash                                 -    29.2  29.2
Total consideration at fair value 16.1    29.2  45.3
 
 A summary of notable acquisitions completed during the period were as follows :
Name of      Segment            %        Business     Date of Consideration Intangible Goodwill
acquisition                voting     description acquisition          paid      fixed  arising
                           rights                                               assets
                         acquired                                             acquired
 
                                                                         £m         £m       £m
Intelliworks Business    100%     Provider of        December           8.5        3.7      7.2
             information          marketing,           , 2011
                                  recruiting,
                                  enrolment &
                                  CRM solutions
                                  for higher
                                  education
                                  colleges
PrepMe       Business    100%     Provider of        February           2.5        1.8      1.4
             information          adaptive             , 2012
                                  learning
                                  services
BUILDERadius Business    58%      Provider of        November           5.7        3.2      6.9
             information          building safety      , 2011
                                  and code
                                  enforcement
                                  software and
                                  services
Springrock   Business    100%     Provider of          April,           4.7        2.9      1.8
             information          North American         2012
                                  natural gas and
                                  crude oil
                                  production
                                  forecasts
Navitas      Business    100%     Provider of         August,           1.5        1.5        -
             information          renewable fuels        2012
                                  consultancy
                                  services
Global Grain Euromoney   50%      International     February,           5.2        1.3      4.4
                                  grain                  2012
                                  conferences
Jobrapido    National    100%     Job search           April,          45.3       23.0     24.3
             media                engine                 2012
19 SUMMARY OF THE EFFECTS OF ACQUISITIONS CONTINUED
   Provisional fair value of net assets acquired with all acquisitions :
                                                 Book   Provisional Provisional
                                                 value  fair value  fair value
                                                        adjustments
                                                     £m          £m          £m
Goodwill                                              -        46.3        46.3
Intangible assets                                     -        37.9        37.9
Trade and other receivables                         4.5           -         4.5
Cash and cash equivalents                           6.6           -         6.6
Trade and other payables                          (12.5)          -       (12.5)
Deferred tax                                        1.1        (9.8)       (8.7)
Group share of net assets acquired                 (0.3)       74.4        74.1
 
 Cost of acquisitions:
                                  Non-cash Cash paid in   Total
                                           current period
                                        £m             £m    £m
Contingent consideration              20.7              -  20.7
Reclassification of investment in      5.7              -   5.7
associate
Cash                                     -           47.7  47.6
Total consideration at fair value     26.4           47.7  74.1
 
  The amount of goodwill which is deductible for the purposes of calculating the Group's tax charge amounts to £8.4
  million.
  The contingent consideration is based on future business valuations and profit multiples and has been estimated on an
  acquisition by acquisition basis using available data forecasts. The range of undiscounted outcomes for contingent
  consideration relating to acquisitions in the year is £nil to £42.9 million. Certain contingent consideration
  arrangements are not capped since they are based on future business performance (note 35).
  The contingent consideration has been discounted back to current values in accordance with IFRS 3, Business
  Combinations. In each case, the Group has used acquisition accounting to account for the purchase.
  If all acquisitions had been completed on the first day of the financial period, Group revenues for the period would
  have been £1,761.1 million and Group profit attributable to equity holders of the parent would have been £258.8
  million. This information takes into account the amortisation of acquired intangible assets together with related
  income tax effects but excludes any pre-acquisition finance costs and should not be viewed as indicative of the
  results of operations that would have occurred if the acquisitions had actually been completed on the first day of the
  financial period.
  Total losses attributable to equity holders of the parent since the date of acquisition for companies acquired during
  the period amounted to £1.0 million.
  Goodwill arising on the acquisitions is principally attributable to the anticipated profitability relating to the
  distribution of the Group's products in new and existing markets and anticipated operating synergies from the business
  combinations.
  Purchase of additional shares in controlled entities
                              Unaudited  Audited
                                     52       52
                                  weeks    weeks
                                 ending   ending
                                   30th      2nd
                             September, October,
                                   2012     2011
                                     £m       £m
Cash consideration excluding       14.8      2.7
acquisition expenses
 
 During the period, the Group acquired additional shares in controlled entities amounting to £14.8 million (2011 £2.7
 million). In addition, the Group opted to receive a scrip dividend from Euromoney Institutional Investor PLC
 (Euromoney) amounting to £16.0 million (2011 £14.2 million) thereby acquiring a further 0.6 % (2011 0.5 %) of the
 issued ordinary share capital of Euromoney. Under the Group's accounting policy for the acquisition of shares in
 controlled entities, no adjustment has been recorded to the fair value of assets and liabilities already held on the
 Condensed Consolidated Statement of Financial Position. The difference between the cost of the additional shares and
 the carrying value of the non controlling interests share of net assets is adjusted in retained earnings. The
 adjustment to retained earnings in the period was a charge of £13.5 million (2011 £4.3 million).
 Reconciliation to purchase of subsidiaries as shown in the Condensed Consolidated Cash Flow Statement:
                                                                  Unaudited  Audited
                                                                         52       52
                                                                      weeks    weeks
                                                                     ending   ending
                                                                       30th      2nd
                                                                 September, October,
                                                                       2012     2011
                                                                         £m       £m
Cash consideration excluding                                           47.7     74.1
acquisition expenses
Cash paid to settle contingent                                          7.7     12.0
consideration in respect of acquisitions
Cash and cash equivalents acquired with                               (6.6)    (4.8)
subsidiaries
Purchase of subsidiaries                                               48.8     81.3
 
    Cash paid in respect of contingent consideration relating to prior year acquisitions includes £3.3 million within
    Business information, £0.6 million within Euromoney and £3.7 million within National media.
    The businesses acquired during the year absorbed £0.5 million of the Group's net operating cash flows, £nil
    attributable to investing and £nil attributable to financing activities.
20  SUMMARY OF THE EFFECTS OF DISPOSALS
    On October 14th, 2011 the Group announced that it had agreed to merge the online property business of its Digital
    Property Group ("DPG"), which includes FindaProperty.com and Primelocation.com, with those of Zoopla Limited
    ("Zoopla") operator of Zoopla.co.uk. Zoopla is a privately-owned company which has venture capital interests as its
    largest shareholders. Following the transaction, the Group retained a 52.25% interest in the newly merged entity,
    however since the Group has joint management control the investment in Zoopla has been equity accounted as a joint
    venture.
    The net assets disposed were as follows :
                                          £m
Goodwill                                39.6
Intangible assets                        1.6
Trade and other receivables              4.1
Cash at bank and in hand                 0.1
Trade and other payables               (1.9)
Deferred tax                             0.4
Net assets disposed                     43.9
Profit on sale of businesses            78.2
                                       122.1
 
Satisfied by :
Fair value of 52.25% holding in Zoopla 125.4
Directly attributable costs            (3.3)
                                       122.1
  During the period DPG absorbed £1.0 million of the Group's net operating cash flows, paid £nil in respect of investing
  activities and paid £nil in respect of financing activities.
  In addition in September, 2012 the Group disposed of Evanta Ventures, Inc. from the events segment.
  The net assets disposed were as follows :
                                                £m
Goodwill                                       7.2
Intangible assets                             10.1
Property, plant and equipment                  0.2
Inventories                                    1.3
Trade and other receivables                    2.7
Trade and other payables                     (7.2)
Deferred tax                                   0.2
Net assets disposed                           14.5
Profit on sale of businesses                  34.6
                                              49.1
 
Satisfied by :
Cash received                                 59.5
Recycled cumulative translation differences    0.9
Directly attributable costs                 (11.3)
                                              49.1
    During the period Evanta generated £3.5 million of the Group's net operating cash flows, paid £nil in respect of
    investing activities and paid £nil in respect of financing activities.
20  SUMMARY OF THE EFFECTS OF DISPOSALS CONTINUED
    A summary of notable disposals completed during the period were as follows :
Name of disposal              Segment         Date of  Fair value of
                                             disposal  consideration
                                                                  £m
Teletext               National Media  December, 2011            2.0
Motors.co.uk           National Media     March, 2012            0.9
Zambeasy.co.uk         National Media   January, 2012            0.5
Chew Valley            Regional Media   January, 2012            0.3
Digital Property Group National Media       May, 2012          125.4
Evanta                         Events September, 2012           57.0
 
 The impact of all disposals of businesses on net assets was :
                                                £m
 
Goodwill                                      47.9
Intangible assets                             12.4
Property, plant and equipment                  0.3
Inventories                                    1.2
Trade and other receivables                   10.1
Cash at bank and in hand                       0.6
Trade and other payables                    (13.4)
Corporation tax                                0.1
Deferred tax                                   1.7
Net assets disposed                           60.9
Profit on disposal of businesses             113.3
                                             174.2
 
Satisfied by:
Cash received                                 63.2
Fair value of 52.25% holding in Zoopla       125.4
Amounts receivable                             6.0
Provision against amounts receivable         (4.0)
Recycled cumulative translation differences    0.9
Directly attributable costs                 (17.3)
                                             174.2
 
Reconciliation to disposal of businesses as shown in the Condensed Consolidated Cash Flow Statement :
                                                                              £m
Cash consideration net of disposal costs                                    45.9
Cash received in current period relating to GLM                             12.3
Cash and cash equivalents disposed with subsidiaries                       (0.6)
Proceeds on disposal of businesses                                          57.6
 
    In addition, the Group's interest in Euromoney was diluted during the period by 0.1 % (2011 0.3 %). Under
    the Group's accounting policy for the disposal of shares in controlled entities, no adjustment has been
    recorded to the fair value of assets and liabilities already held on the Condensed Consolidated Statement of
    Financial Position. The difference between the Group's share of net assets before and after this dilution is
    adjusted in retained earnings. The adjustment to retained earnings in the period was a credit of £0.1
    million (2011 £0.5 million).
    All of the businesses disposed of during the year absorbed £2.6 million of the Group's net operating cash
    flows, had £nil attributable to investing and £nil attributable to financing activities.
21  DISCONTINUED OPERATIONS
    In August 2012 the Group disposed of its 50.0 % joint venture investment in DMG Radio Investments Pty Ltd
    for proceeds of A$86.2 million (£56.1 million). This business was one of the Group's operating segments and
    represented the only operation in the radio segment.
    In November 2012 the Group announced it had reached agreement to sell its local media segment to Local
    World, a newly formed media group that will combine the Group's local media titles with those of Iliffe News
    and Media Limited. The Group will receive consideraiton of £52.5 million and a 38.7 % share in Local World.
    The Group's Consolidated Income Statement includes the following results from these discontinued operations
    :
                                                                               Unaudited  Audited
                                                                                      52       52
                                                                                   weeks    weeks
                                                                                  ending   ending
                                                                                    30th      2nd
                                                                              September, October,
                                                                                    2012     2011
                                                                                      £m       £m
Revenue                                                                            212.7    236.1
Expenses                                                                          (175.6)  (215.7)
Depreciation                                                                       (11.1)    (3.5)
Operating profit before                                                             26.0     16.9
exceptional operating
costs and amortisation and
impairment of goodwill
and intangible assets
Exceptional operating
costs                                                                             (10.4)   (10.8)
Impairment of goodwill                                                                 
and intangible assets                                                                 -    (13.7)
Amortisation of
intangible
assets                                                                             (0.3)    (0.8)
Operating profit/(loss) before                                                      
share of results of
joint ventures and associates                                                       15.3    (8.4)
Share of profits from                                                                
operations
of joint ventures                                                                    9.5     6.7
Share of amortisation of
intangibles of joint ventures                                                      (3.2)    (3.4)
Share of joint ventures'
interest payable                                                                   (1.7)    (1.7)
Share of joint ventures' tax                                                         1.6    (1.3)
Impairment of carrying                                                                          
value of associate                                                                 (0.3)        -
Total operating profit                                                              
/(loss)                                                                             21.2     (8.1)
Other gains
and losses                                                                         (0.1)      1.7
Profit/(loss)                                                                       
before tax                                                                          21.1     (6.4)
Tax                                                                                (9.3)      1.2
Profit/(loss) after                                                                 
tax attributable
to discontinued
operations                                                                          11.8      (5.2)
Profit on disposal of                                                               43.0        -
discontinued operations
Profit/(loss) attributable to                                                       
discontinued operations                                                             54.8      (5.2)
    Tax charged with the profit on disposal of discontinued operations amounted to £nil (2011 £nil).
    Cash flows associated with discontinued operations comprises operating cash flows of £27.8 million
    (2011 £20.4 million), investing cash flows of £nil (2011 £0.7 million) and financing cash flows of £nil
    million (2011 £nil).
 
22  TOTAL ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE
    In November 2012 the Group accounced it had reached agreement to sell its Local media segment to Local
    World, a newly formed media group that will combine the Group's Local media titles with those of Iliffe
    News and Media Limited. DMGT will receive consideraiton of £52.5 million and a 38.7 % share in Local
    World. The transaction is expected to complete in early 2013. In addition several of the Group's
    Central European businesses were sold following the year end. Accordingly the assets and liabilities of
    these businesses have been disclosed separately on the face of the Consolidated Statement of Financial
    Position.
    The main classes of assets and liabilities comprising the operations classified as held for sale are
    set out in the table below. These assets and liabilities are recorded at their fair values with all
    losses taken to the Consolidated Income Statement.
 
                                                                  £m
 Goodwill                                                       12.2
 Intangible assets                                               3.8
 Deferred tax                                                    6.4
 Property, plant and equipment                                  17.7
 Interests in joint ventures                                     1.1
 Interests associates                                            0.4
 Inventories                                                     0.6
 Trade and other receivables                                    26.9
 Cash at bank and in hand                                        2.6
 
 Total assets associated with businesses held for sale          71.7
 
 Trade and other payables                                       31.4
 Provisions                                                      2.2
 
 Total liabilities associated with businesses held for sale     33.6
 
 Net assets of the disposal group                               38.1
 
23  RETIREMENT BENEFITS
    The Group operates a number of pension schemes under which contributions are paid by the employer and
    employees. The total net pension costs of the Group for the year ended 30th September 2012 were £11.8
    million (2011 £16.5 million, 2010 £27.7 million).
    The schemes include funded defined benefit pension arrangements, providing service-related benefits, in
    addition to a number of defined contribution pension arrangements. The defined benefit schemes in the UK,
    together with some defined contribution plans, are administered by trustees or trustee companies.
    In compliance with recent legislation the Group is making arrangements for relevant employees to be
    automatically enrolled into the defined contribution pension plans. The first staging date for the Group
    for automatic enrolment is expected to be July 2013.
    For reporting years beginning on or after 1st January, 2013, a revision to the International Accounting
    Standard 19 - Employee Benefits (IAS19 R) will become effective. IAS19 R will first apply to the Group for
    the year ending 28th September, 2014. Had IAS19 R been applied at the year ended 30th September, 2012,
    Finance Costs reported in the Consolidated Income Statement would have increased by £23.5 million (2011
    £25.1 million, 2010 £22.5 million) with a corresponding decrease in the actuarial loss reported within
    Cumulative actuarial (loss)/gain in the Consolidated Statement of Comprehensive Income (SOCI).
    The defined benefit obligation is calculated on a year-to-date basis, using the latest actuarial valuation
    as at 29th March, 2009. The assumptions used in the valuation are summarised below:
                                           Unaudited       Audited  Audited
                                                  52            52       52
                                               weeks         weeks    weeks
                                              ending        ending   ending
                                                30th           2nd      3rd
                                          September, October, 2011 October,
                                                2012                   2010
                                                % pa          % pa     % pa
Price inflation                                  2.4           3.0      3.1
Salary increases                                 2.4           2.9      2.9
Pension increases                                2.4           2.9      2.9
Discount rate for scheme liabilities             4.4           5.2      5.0
Expected overall rate of return on assets        6.0           6.7      6.6
 
  The discount rate for scheme liabilities reflects yields at the period end date on high quality corporate bonds. All
  assumptions were selected after taking actuarial advice.
  Mortality assumptions take account of scheme experience, and also allow for further improvements in life expectancy
  based on `long cohort' projections but with a minimum rate of improvement in future mortality rates of 1.5% per annum.
  Allowance is made for the extent to which employees have chosen to commute part of their pension for cash at
  retirement.
                                                                  Unaudited   Audited   Audited
                                                                         52        52        52
                                                                      weeks     weeks     weeks
                                                                     ending    ending    ending
                                                                       30th       2nd       3rd
                                                                 September,  October,  October,
                                                                       2012      2011      2010
                                                                         £m        £m        £m
Present value of defined benefit                                  (2,089.0) (1,921.1) (1,878.2)
obligation
Assets at fair value                                                1,764.6   1,584.9   1,606.8
(Deficit)/surplus reported in the                                   (324.4)   (336.2)   (271.4)
Consolidated Statement of Financial Position
 
24  CONTINGENT LIABILITIES
    The Group has issued stand by letters of credit in favour of the Trustees of the Group's defined
    benefit pension fund amounting to £nil (2011 £53.6 million, 2010 £54.5 million) together with other
    guarantees of £2.4 million (2011 £9.3 million 2010 £8.1million).
    The Group is exposed to libel claims in the ordinary course of business and vigorously defends against
    claims received. The Group makes provision for the estimated costs to defend such claims when incurred
    and provides for any settlement costs when such an outcome is judged probable.
    Four writs claiming damages for libel were issued in Malaysia against the company and three of its
    employees in respect of an article published in one of the company's magazines, International
    Commercial Litigation, in November 1995. The writs were served on Euromoney Institutional Investor PLC
    (Euromoney) on 22nd October, 1996. Two of these writs have been discontinued. The total outstanding
    amount claimed on the two remaining writs is Malaysian Ringgits 82.3 million (£16.6 million) (2011
    Malaysian Ringgits 82.0 million (£16.5 million)). No provision has been made for these claims in these
    interim financial statements as the Directors do not believe Euromoney has any material liability in
    respect of these writs.
 
25  ULTIMATE HOLDING COMPANY
    The Company's ultimate holding company and immediate parent company is Rothermere Continuation Limited,
    a company incorporated in Bermuda.
26  RELATED PARTY TRANSACTIONS
    Transactions between the Company and its subsidiaries, which are related parties, have been eliminated
    on consolidation and are not disclosed in this note. The transactions between the Group and its joint
    ventures and associates are disclosed below.
    The following transactions and arrangements are those which are considered to have had a material
    effect on the financial performance and position of the Group for the period.
    Ultimate Controlling Party
    The Company's ultimate controlling party is the Viscount Rothermere, the Company's Chairman.
    Transactions with Directors
    There were no material transactions with Directors of the Company during the year, except for those
    relating to remuneration.
    For the purposes of IAS 24, Related Party Disclosures, Executives below the level of the Company's
    Board are not regarded as related parties.
    Transactions with joint ventures and associates
    Associated Newspapers Limited has a 33.3 % (2011 33.3 %, 2010 33.3 %) shareholding in Fortune Green
    Limited. During the period the Group received revenue for newsprint, computer and office services of
    £0.6 million (2011 £0.5 million, 2010 £0.5 million). The amount due from Fortune Green Limited at 30th
    September, 2012 was £0.2 million (2011 £0.2 million, 2010 £0.1 million).
    Associated Newspapers Limited has a 12.5 % (2011 12.5 %, 2010 12.5 %) share in the Newspapers Licensing
    Agency (NLA) from which royalty revenue of £3.8 million was received (2011 £3.1 million, 2010 £2.9
    million), and £0.4 million due at the year end (2011 £0.4 million, 2010 £nil). Commissions paid on this
    revenue total £0.7 million (2011 £0.6 million, 2010 £0.6 million). The amount due to the NLA at 30th
    September, 2012 was £0.1 million (2011 £nil, 2010 £0.1 million). Interest bearing loans of £0.4 million
    are due to Associated Newspapers from NLA at 30th September, 2012 (2011 £0.4 million, 2010 £nil).
    Daily Mail and General Holdings Limited has a 15.6 % (2011 15.6 %, 2010 15.6 %) shareholding in The
    Press Association. During the period the Group received dividends of £0.1m, services amounting to £3.8
    million (2011 £3.7 million, 2010 £3.5 million) and the net amount due from the Press Association as at
    30th September, 2012 was £0.2 million (2011 £0.1 million, 2010 £0.2 million).
    The Group has a 24.9 % (2011 24.9 %, 2010 24.9 %) shareholding in the Evening Standard. During the
    year, the Group has received revenue of £18.1 million (2011 £28.0 million, 2010 £25.6 million) and
    incurred charges of £10.0 million (2011 £9.4 million, 2010 £9.3 million). The net amount due to the
    Group at 30th September, 2012 was £2.0 million (2011 £8.1 million, 2010 £2.3 million).
    During the period the Group received a dividend of £0.4 million (2011 £0.3 million, 2010 £0.3 million)
    from Hasznaltauto kft a joint venture.
    During the period, Landmark Information Group Limited (Landmark) charged management fees of £0.3
    million (2011 £0.3 million, 2010 £0.3 million) to Point X Limited, and recharged costs of £0.1 million
    (2011 £0.1 million, 2010 £0.1 million). Point X Limited received royalty income from Landmark of £0.1
    million (2011 £0.1 million, 2010 £0.1 million) and the amount from Landmark at 30th September, 2012 was
    £0.1 million (2011 owed to Landmark £0.3 million, 2010 owed to Landmark £5,200).
    During the period, Trepp and Rockport made no cash contributions (2011 £0.6 million and £0.1 million,
    2010 £nil and £nil respectively) to TreppPort LLC a joint venture.
    During the period, DMG Information made investments of £2.5 million in Real Capital Analytics, Inc. and
    £2.4 million in Xcelligent, Inc.
    During the period RMS paid a royalty of £nil (2011 £0.3 million, 2010 £nil) to Sanborn Map Company for
    the use of geospatial maps. The amount RMS owed Sanborn Map Company at 30th September, 2012 was £nil
    (2011 £nil, 2010 £nil).
    Associated Newspapers Limited has a 100 % shareholding (50.0 % to January 2012) in Globrix Limited
    (Globrix) and a 50.0 % shareholding in Artirix Limited (Artirix). During the period, the Group
    recharged £nil staff costs to Globrix (2011 £0.2 million, 2010 £nil) and Globrix recharged the Group
    £0.5 million (2011 £0.6 million, 2010 £nil) for website development costs. The Group provided services
    totalling £0.1 million to Artirix, with £nil remaining due at 30th September, 2012. At 30th September,
    2012 Globrix owed £nil to Artirix (2011 £1.1 million, 2010 £nil) and £1.3 million to various Group
    companies (2011 £0.2 million, 2010 £31,000), and £nil was due from Artirix (2011 £nil, 2010 £18,000) to
    Globrix.
 
    During the period, Artirix received revenues of £0.5 million from Globrix (2011 £0.6 million, 2010
    £nil). At 30th September, 2012 Artirix owed £1.3 million to various A&N Media companies (2011 £1.9
    million, 2010 £nil) and £nil to Globrix (2011 £nil, 2010 £18,000). Artirix provided staff and other
    services to Teletext Holdings Limited (an associate company) totalling £0.2 million, with £0.1 million
    remaining due from Teletext Holdings Limited at 30th September, 2012.
    Associated Newspapers Limited had a 50.0 % interest in Teletext Holdings Limited (Teletext). The Group
    provided services (under the Transitional Services Agreement) amounting to £0.3 million (2011 £nil,
    2010 £nil) for the period, and £0.1 million (2011 £nil, 2010 nil) due from Teletext Holdings at 30th
    September, 2012. VAT of £0.5 million (2011 £nil, 2010 £nil) was paid by Associated Newspapers Limited
    behalf of Teletext and £nil was due from Teletext at 30th September, 2012 (2011 £nil, 2010 £nil).
 
    Artirix (a 50.0 % associate) provided staff and other services to Teletext totalling £0.2 million (2011
    £nil, 2010 £nil), with £0.1 million (2011 £nil, 2010 £nil) remaining due from Teletext at 30th
    September, 2012.
 
    Proceeds on the sale of Teletext Ltd to Teletext Holdings Ltd of £6.0 million is due to Associated
    Newspapers as at 30th September, 2012 (2011 £nil, 2010 £nil).
    From June, 2012 Associated Newspapers Limited has a 52.25% shareholding in Zoopla Limited. During the
    period, listings services amounting to £1.0 million were provided by Zoopla to A&N Media as part of a
    revenue share agreement, with £0.2 million remaining due to Zoopla at 30th September, 2012. Net
    services (under the Transitional Services Agreement) provided by A&NM totalled £0.2 million for the
    period, £5.4 million of other transactional payments were made by A&N Media on behalf of Zoopla, with a
    balance of £0.9 million being due from Zoopla at 30th September, 2012.
    Associated Newspapers Limited has a 26.0 % interest in Mail Today (Dubai). During the period,
    additional share capital of £2.3 million (2011 £2.8 million, 2010 £nil) was invested in Mail Today, by
    AN Mauritius Limited.
    Associated Newspapers Limited has a 30.0 % interest in Social Metrix SA (Argentina). During the year,
    £0.4 million (2011 £0.9 million, 2010 £nil) additional share capital was invested by A&N International
    Media Limited.
    Associated Newspapers Limited has a 50.0 % shareholding in Northprint Manchester Limited. The net
    amount due to Associated Newspapers Limited for £5.8 million (2011 £5.8 million, 2010 £nil) has been
    fully provided.
    Associated Newspapers Limited has a 25.0 % shareholding in Extra Newspapers Limited to which it
    provided £0.3 million of funding during the period. This amount is due to Associated Newspapers Limited
    at 30th September, 2012, with repayments commencing June 2014.
    During the period, the Group received a dividend of £3.5 million (2011 £14.6 million, 2010 £1.3
    million) from DMG Radio Investments Limited, a joint venture.
    The Group received a dividend of £0.3 million (2011 £0.7 million, 2010 £0.2 million) from Capital Net,
    an associate.
26  RELATED PARTY TRANSACTIONS CONTINUED
    Other related party disclosures
    At 30th September, 2012 the Group owed £1.5 million (2011 £1.2 million, 2010 £3.3 million) to the
    pension schemes which it operates. This amount comprised employees' and employer's contributions in
    respect of September 2012 payrolls which were paid to the pension schemes by 9th October, 2012.
    The Group recharges its principal pension schemes with costs of investment management fees. The total
    amount recharged during the year was £0.2 million (2011 £1.7 million, 2010 £0.7 million).
    Contributions made during the year to the Group's retirement benefit plans are set out in note 33,
    along with details of the Group's future funding commitments.
    In September 2012 the Group transferred several of its investment properties to its pension scheme in
    an arm's length transaction. These properties had a carrying value of £20.5 million and were
    transferred at an open market valuation of £24.0 million.
    In July 2012, the Group entered into a new contingent asset partnership whereby a £150.0 million loan
    note, guaranteed by the Group, has been used to commit £10.8 million of interest funding per annum to
    the Harmsworth Pension Scheme. Interest payable to DMG Pension Partnership Limited Liability
    Partnership totalled £2.8 million for the current period. As a result of this new partnership, letters
    of credit totalling £45.2 million were released by the trustees of Harmsworth Pension Scheme, see note
    34.
27  POST BALANCE SHEET EVENTS
    Following the year end the Group disposed of its central European online recruitment businesses for a
    cash consideration of €25.4 million and its Hungarian joint venture online motors business for cash
    consideration of €8.4 million. Additionally, in November 2012 the Group accounced it had reached
    agreement to sell its Local media segment to Local World, a newly formed media group that will combine
    the Group's Local media titles with those of Iliffe News and Media Limited. The Group will receive
    consideration of £52.5 million and a 38.7 % share in Local World.