NORTHERN & SHELL FINANCIAL HIGHLIGHTS 2008
The Northern & Shell Network has demonstrated its resilience in a difficult trading environment by maintaining its overall revenues and underlying profits. The group has a strong balance sheet with a healthy net cash position and a growing portfolio of media assets. The magazine publishing business continues to grow both in the UK and worldwide, newspapers have maintained and are increasing market share in challenging market conditions, and television and electronic media have expanded into new areas. The Group continues to be well placed to pursue opportunities as they arise.
REVENUES
Turnover, including share of JV's, £483.9M, 2007: £485.0M
UNDERLYING EARNINGS*
EBITA £75.7M, 2007: £78.9M
EBITDA £85.5M, 2007: £88.5M
CASH
Total cash at bank and liquid resources (government bonds) as at 31 December 2008 of £124.9M
NET ASSETS
Net assets (excluding pension liability) of £89.2M
2008 Corporate Report & Financial Statements
*Underlying results are presented to provide a better indication of overall financial performance and to reflect how the business is managed and measured on a day to day basis. Underlying results exclude the amortisation and impairment of intangible fixed assets, any profit or loss on the disposal or closure of businesses, investment start up losses, pension accounting adjustments and unusual or one-off items including re-organisation costs.