Johnston Press 0407

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ohnston Presss Plc Financial Statement Analysis 2004-07

Copyright Jorge Farinha, The Magellan MA !"22

JOHNSTON PRESS PLC FINANCIAL STATEMENTS ANALYSIS 2004-07

0.A. CONSOLIDATED INCOME STATEMENT (million )

2004

Total #e$en%e &!'

Cost o( Sales -240Gross Proft 280

A)ministrati$e *+penses -2

epreciation an) Amorti.ation -20

istri/%tion costs an) ther operating costs, net -2!

Opert!"# Proft $E%IT& '77

Finance 1ncome 0

Finance Costs -2

Share o( #es%lts Associates"ther 0

Proft (e)ore t*t!o" '+0

1ncome Ta+ *+pense -43Proft )ter T*t!o" '07

Minority 1nterest 0

Prot attri/%ta/le to iscontin%e) perations 0

Proft ttr!(,t(e to Pre"t E.,!t/ Hoers '07


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Copyright Jorge Farinha, The Magellan MA 2"22

0.B. CONSOLIDATED BALANCE SHEET (million )

2004

No"-C,rre"t Assets

Property, Plant 5 *6%ipment !&7

oo)8ill an) ther 1ntangi/le Assets '2

1n$estments in S%/si)iaries 0

1n$estments in Joint-9ent%res 0

A$aila/le-For-Sale Financial Assets 3

1nterests in Associates 0

Tra)e an) ther #ecei$a/les 0

eri$ati$e Financial 1nstr%ments 0

ther 0

Tot No"-C,rre"t Assets '087

C,rre"t Assets

1n$entories 4

Tra)e an) ther #ecei$a/les 0

Cash an) Cash *6%i$alents !0

Tot C,rre"t Assets 7+

Tot Assets ''12

C,rre"t L!(!!t!es

Tra)e Cre)itors &7

ther Paya/les 0

#etirement enet /ligations 0

Short-Term orro8ings 77

/ligations %n)er nancial leases 0

Ta+es Paya/le 2&

Pro$isions 0

Tot C,rre"t L!(!!t!es '10

No"-C,rre"t L!(!!t!es

ther Paya/les 3

/ligations %n)er nancial leases 0

:ong-Term orro8ings 2!

eri$ati$e Financial 1nstr%ments 0

e(erre) 1ncome Ta+ :ia/ilities 27!

Pro$isions 2

#etirement enet /ligations 7!

Tot No"-C,rre"t L!(!!t!es 107

Tot L!(!!t!es 711

E.,!t/

Calle)-;p Share Capital 30

Share Premi%m Acco%nt 324

Share-ase) payment reser$e !ther #eser$es 2

#etaine) *arnings 3'


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Tot E.,!t/ 3+

M!"or!t/ I"terest

Tot E.,!t/ " L!(!!t!es ''12

Control 0


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0.C. CASH-FLOW STATEMENTS (million )

2004

Cs-Fo5s Fro6 Opert!"# At!!t!es9

Cs Ge"erte Fro6 Opert!o"s '34

1nterest Pai) -2

Corporation Ta+ e8 orro8ings 0

e/t #estr%ct%ring Costs 0

Capital *lements o( /ligations Finance :ease Payments 0

i$i)en)s Pai) -!

Arrangement (ees in ne8 /orro8ings 0

Net Cs Fro6 F!""!"# At!!t!es -''

Net $:erese& ; I"rese !" Cs " Cs E.,!e"ts 0

pening Cash an) Cash *6%i$alents !0

Cos!"# Cs " Cs E.,!e"ts '0


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Copyright Jorge Farinha, The Magellan MA &"22

'< COMMON-SI=E STATEMENTS

'< A < COMMON-SI=E CONSOLI:ATE: INCOME STATEMENTS $> Tot Ree"

2004

Total #e$en%e !00?

Cost o( Sales -4?

Gross Proft +4>

A)ministrati$e *+penses -!2?

epreciation an) Amorti.ation -4?

ther 1ncome -4?

Opert!"# Proft 4>

Finance 1ncome 0?

Finance Costs -&?

Share o( Post-Ta+ :oss o( Joint-9ent%res 0?

Proft (e)ore t*t!o" 23>

1ncome Ta+ *+pense -?

Proft )ter T*t!o" 2'>

Minority 1nterest 0?

Prot attri/%ta/le to iscontin%e) perations 0?

Proft ttr!(,t(e to Pre"t E.,!t/ Hoers 2'>

' Tot Assets&

2004

No"-C,rre"t Assets

Property, Plant 5 *6%ipment !3?

1ntangi/le Assets 0?

1n$estments in S%/si)iaries 0?

1n$estments in Joint-9ent%res 0?

A$aila/le-For-Sale Financial Assets 0?

ther #ecei$a/les 0?

e(erre) 1ncome Ta+ Asset 0?

#etirement enet Asset 0?

Tot No"-C,rre"t Assets 34>C,rre"t Assets 0?

1n$entories 0?

Tra)e an) ther #ecei$a/les &?

eri$ati$e Financial 1nstr%ments 0?

Cash an) Cash *6%i$alents !?

Tot C,rre"t Assets 1>

>on-C%rrent Assets @el) For Sale 0?

Tot Assets '00>

C,rre"t L!(!!t!es 0?

Tra)e Paya/les &?ther Paya/les 0?

Short-Term orro8ings 7?


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Copyright Jorge Farinha, The Magellan MA "22


Ta+es Paya/le 2?

Pro$isions 0?

Tot C,rre"t L!(!!t!es '4>

No"-C,rre"t L!(!!t!es 0?

ther Paya/les 0?

:ong-Term orro8ings 22?


e(erre) 1ncome Ta+ :ia/ilities 23?

Pro$isions 0?

#etirement enet /ligations ?

Tot No"-C,rre"t L!(!!t!es +2>

Tot L!(!!t!es 11>

E.,!t/ 0?

Calle)-;p Share Capital 3?

Share Premi%m Acco%nt 2?

Capital #e)emption #eser$e 0?

ther #eser$es 0?

#etaine) *arnings 3?

Tot E.,!t/ 4>

Tot E.,!t/ " L!(!!t!es '00>


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' o) Cs Ge"erte )ro6 O

2004

Cs-Fo5s Fro6 Opert!"# At!!t!es9

Cs Ge"erte Fro6 Opert!o"s '00>

1nterest Pai) -!4?

Corporation Ta+

Cs-Fo5s Fro6 I"est!"# At!!t!es9 0?

P%rchase o( Property, Plant an) *6%ipment -!3?

P%rchase o( 1ntangi/le Assets 0?

Procee)s From isposal o( PP5* an) ther Assets !?

Ac6%isition an) 1n$estment in S%/si)iaries an) %sinesses, net o( cash 0?

1n$estment in Joint 9ent%res 0?

Procee)s From isposal o( /%sinesses an) a$aila/le (or sale in$estmen !?

Cash ispose) on isposal o( /%sinesses 0?

Cost o( isposal o( perations 0?

1nterest #ecei$e) 0?

i$i)en)s #ecei$e) 0?

Net Cs Fro6 I"est!"# At!!t!es -'0>

Cs-Fo5s Fro6 F!""!"# At!!t!es9 0?

Procee)s From 1ss%ance o( r)inary Shares 2?

Capital #e)emption 0?

#epayment o( Short-Term orro8ings, net -&0?

#epayment o( :ong-Term orro8ings, net 0?

e/t #estr%ct%ring Costs 0?

1nterest an) Capital *lements o( /ligations Finance :ease Payments 0?

i$i)en)s Pai) -'?

Arrangement (ees in ne8 /orro8ings 0?

Net Cs Fro6 F!""!"# At!!t!es -+8>

Net $:erese& ; I"rese !" Cs " Cs E.,!e"ts 0?

pening Cash an) Cash *6%i$alents &?

Cos!"# Cs " Cs E.,!e"ts +>


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Copyright Jorge Farinha, The Magellan MA "22

2< FINANCIAL RATIOS

2004

Sort-Ter6 L!.,!!t/ Rt!os

047

044

00

03

2&?

!74

A$erage ays o( 1n$entories on C%rrent Assets 04

Sales " et 1nterest *+pense=

Asset T%rno$er


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Copyright Jorge Farinha, The Magellan MA '"22

!&

!!

!7

Mret Rt!os

*PS


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Copyright Jorge Farinha, The Magellan MA !0"22

< :B PONT ANALYSIS

2004

34!7?

04

'1

04

273

F!""! Leer#e Eet 2


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Copyright Jorge Farinha, The Magellan MA !!"22

perating Prot

epreciation an) Amorti.ation

1ncrease in 1n$entories

1ncrease in Cre)itors

1ncrease in e/tors

Change in Working Capital

Opert!"# Cs-Fo5

Ta+es

Opert!"# Cs-Fo5 A)ter T*es

1nterest Charges, net

Tot I"ter" F,"!"#

1ncrease in ST orro8ing

1ncrease in :T orro8ings

Shares 1ss%es an) #e)emptions

Tot E*ter" F,"!"#

Tot F,"!"#

1n$estments in Fi+e) an) Financial Assets

i$i)en)s Pai)

Changes in Cash 5 *6%i$alents

Tot App!t!o"s o) F,"s

1< COMMON-SI=E CASH-FLO? RECONCILIATION $> o) Tot F,"!"#&

perating Prot

epreciation an) Amorti.ation

1ncrease in 1n$entories

1ncrease in Cre)itors

1ncrease in e/tors

Change in Working Capital

Opert!"# Cs-Fo5

Ta+es

Opert!"# Cs-Fo5 A)ter T*es

1nterest Charges, net

Tot I"ter" F,"!"#

1ncrease in ST orro8ing

1ncrease in :T orro8ings

Shares 1ss%es an) #e)emptions

Tot E*ter" F,"!"#

Tot F,"!"#

1n$estments Fi+e) an) Financial Assets

i$i)en)s Pai)Changes in Cash 5 *6%i$alents

Tot App!t!o"s o) F,"s

+< CASH FLO? RECONCILIATION $6!!o" &


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200+ 2001 2007

&20 02 0

-24& -30& -3!227+ 237 231

-&4 -7& -7!

-20 -30 -24

-24 -2! -3&

'78 '72 '1+

0 4 &

-27 -44 -4

0 0 0

'+' '2 '2+

-44 -3 -!!'08 31 ''4

0 0 0

0 0 0

'08 31 ''4


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200+ 2001 2007

222 2 273

!3!& !44 !&04

0 0 0

0 0 0

3 3 3

0 0 0

! 0 0

0 7 4

0 0 0

'+4' '712 '784

& 4

70 2 '0

2& 2& !7

'00 ''2 '''

'14' '874 '83+

73 74 77

0 0 0

4 4 3

4 2 !

0 0 0

!7 !

0 0 0

'42 88 ''4

3 0 2

0 0 0

&'& 7&! 73

' ! !

32 3'' 3'&

3 2 2

&! 4! !0

'022 '2'2 '038

''14 '00 '2'2

30 30 30

327 33! 333

3 4 '-7 & 7

!24 203 30&


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477 +74 184

'14' '874 '83+

0 0 0


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Copyright Jorge Farinha, The Magellan MA !&"22

200+ 2001 2007

'82 '87 '34

-24 -43 -47

-4& -37 -20

''4 '07 '27

-4 -& -3!

0 0 0

2 ' &

-2' -!0 -!!

0 0 0

0 3 0

0 0 0

0 0 0

0 ! !

0 0 0

-+3 -2' -1

4 4 2

-! -2 0

-!3 -34 -72

444 !3 0

0 0 0

0 0 0

-22 -2& -27

-2 -! 0

21' '0+ -38

!& 0 -7

!0 2& 2&

2+ 2+ '7


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es&

200+ 2001 2007

!00? !00? !00?

-47? -&!? -&!?

+> 43> 43>

-!0? -!2? -!2?

-4? -&? -4?

-&? -3? -?

4> 28> 27>

0? !? !?

-&? -7? -?

0? 0? 0?

23> 22> 2'>

-? -? -2?

2'> '1> '3>

0? 0? 0?

0? 0? 0?

2'> '1> '3>

200+ 2001 2007

!4? !4? !4?

0? 7'? 7'?

0? 0? 0?

0? 0? 0?

0? 0? 0?

0? 0? 0?

0? 0? 0?

0? 0? 0?

34> 34> 34>0? 0? 0?

0? 0? 0?

4? 4? &?

0? 0? 0?

2? !? !?

1> 1> 1>

0? 0? 0?

'00> '00> '00>

0? 0? 0?

4? 4? 4?0? 0? 0?

3? 0? !?


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0? 0? 0?

!? 0? !?

0? 0? 0?

3> +> 1>

0? 0? 0?

0? 0? 0?

3? 40? 3&?

!? !? !?

22? 2!? 2!?

0? 0? 0?

3? 2? !?

12> 1+> +8>

7'> 13> 14>

0? 0? 0?

2? 2? 2?

20? !? !?

0? 0? 0?

0? 0? 0?

? !!? !?

23> '> 1>

'00> '00> '00>


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ert!o"s&

200+ 2001 2007

'00> '00> '00>

-!3? -23? -24?

-24? -20? -!0?

12> +7> 11>

0? 0? 0?

-3&? -3&? -!?

0? 0? 0?

!? &? 3?

-!4? -? -?

0? 0? 0?

0? 2? 0?

0? 0? 0?

0? 0? 0?

0? 0? 0?

0? 0? 0?

-'37> -''4> -'3>

0? 0? 0?

2? 2? !?

0? -!? 0?

-'? -!? -37?

244? 7? 0?

0? 0? 0?

0? 0? 0?

-!2? -!3? -!4?

-!? 0? 0?

'4> +1> -+'>

? 0? -4?

? !3? !3?

'4> '> 3>


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Copyright Jorge Farinha, The Magellan MA !'"22

200+ 2001 2007

070 !27 0'

07 !2! 0'4

0! 02 0!&

00 !2! !!2

2!? !77? 20'?

!&& !704 230

7 7 &

4' &0 &4

3&2 27! 27'

-2'& -2!4 -220

&2'? 4'4? 47?

&&? 37? 32?

207? !&'? !7?

30? 334? 3!2?

34!? 2&? 272?

!0'? '4? '0?

!!&? '? '&?

22? !7? !?

&&? &0? &'?

'3? 0? 20?

22& 2!2 !3

-!2 -!34 -!3

0 0 0!

7 43 4!

7& &0 4

'&? ''? '?

032 032 032

034 034 034

034 034 034

7!

32&? 343? 34&?

234 224 222

02? !&? 0'?

4!2? !42? !!?

3!2 3'7 40'

!7 !&2 !4'343 44& 3&!

!&2 !3& !73


20/22



!&& !73 !7'

!!7 !30 !33

!2 22 237

37! 33! 3'4

!2 !!' 70

20 !'7 !!

!? 22? 3&?

20? 2? 24?

-!4!? -!&7? -2''?

!22 !! !0!

!33& !!2 7'2


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Copyright Jorge Farinha, The Magellan MA 2!"22

200+ 2001 2007

34!4? 2&0? 2723?

034 034 034

'' 3 3

0& 077 07&

32& 3!2 23

2


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200+ 2001 2007

!7 !72 !&

20 30 24

0 ! -!

!0 !2

!2 -' !2

-2 21 -6

'33 '80 '3+

-44 -3 -!!

'+1 '44 '84

-2 -40 -4!

'23 '04 '4

-30 -4& !3

4!& !'0 -!!4

3 2 2

83 '47 -33

+'8 2+' 44

42 227 24

22 2& 27

!& 0 -7

+'8 2+' 44

200+ 2001 2007

34? ? 37?

4? !2? &&?

0? 0? -3?

2? &? !7?

2? -3? 27?

0% 8% -13%

8> 72> 444>

-? -!4? -2&?

0> +7> 4'3>

-&? -!? -'3?

2+> 4'> 21>

-? -!? 30?

0? 7? -20?

!? !? 3?

7+> +3> -221>

'00> '00> '00>

'3? '0? &4?

4? !0? 2?3? 0? -!?

'00> '00> '00>

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