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7/24/2019 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 $E%IT& '77
Finance 1ncome 0
Finance Costs -2
Share o( #es%lts Associates"ther 0
Proft (e)ore t*t!o" '+0
1ncome Ta+ *+pense -43Proft )ter T*t!o" '07
Minority 1nterest 0
Prot attri/%ta/le to iscontin%e) perations 0
Proft ttr!(,t(e to Pre"t E.,!t/ Hoers '07
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0.B. CONSOLIDATED BALANCE SHEET (million )
2004
No"-C,rre"t Assets
Property, Plant 5 *6%ipment !&7
oo)8ill an) ther 1ntangi/le Assets '2
1n$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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Copyright Jorge Farinha, The Magellan MA 4"22
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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'< 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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eri$ati$e Financial 1nstr%ments 0?
Ta+es Paya/le 2?
Pro$isions 0?
Tot C,rre"t L!(!!t!es '4>
No"-C,rre"t L!(!!t!es 0?
ther Paya/les 0?
:ong-Term orro8ings 22?
eri$ati$e Financial 1nstr%ments 0?
e(erre) 1ncome Ta+ :ia/ilities 23?
Pro$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$er
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ohnston Presss Plc Financial Statement Analysis 2004-07
Copyright Jorge Farinha, The Magellan MA '"22
!&
!!
!7
Mret Rt!os
*PS
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Copyright Jorge Farinha, The Magellan MA !0"22
< :B PONT ANALYSIS
2004
34!7?
04
'1
04
273
F!""! Leer#e Eet 2
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Copyright Jorge Farinha, The Magellan MA !!"22
perating Prot
epreciation an) Amorti.ation
1ncrease in 1n$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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Copyright Jorge Farinha, The Magellan MA !2"22
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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ohnston Presss Plc Financial Statement Analysis 2004-07
Copyright Jorge Farinha, The Magellan MA !3"22
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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ohnston Presss Plc Financial Statement Analysis 2004-07
Copyright Jorge Farinha, The Magellan MA !4"22
477 +74 184
'14' '874 '83+
0 0 0
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ohnston Presss Plc Financial Statement Analysis 2004-07
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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ohnston Presss Plc Financial Statement Analysis 2004-07
Copyright Jorge Farinha, The Magellan MA !"22
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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ohnston Presss Plc Financial Statement Analysis 2004-07
Copyright Jorge Farinha, The Magellan MA !7"22
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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ohnston Presss Plc Financial Statement Analysis 2004-07
Copyright Jorge Farinha, The Magellan MA !"22
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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ohnston Presss Plc Financial Statement Analysis 2004-07
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
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Copyright Jorge Farinha, The Magellan MA 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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ohnston Presss Plc Financial Statement Analysis 2004-07
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>