Bbc Worldwide Annual Report and Financial Statements
Registered number: 1420028
BBC WORLDWIDE LIMITED Annual Report and Financial Statements for the year ended 31 March 2010
BBC WORLDWIDE LIMITED
Annual Report and Financial Statements Year ended 31 March 2010
Contents
Financial Highlights Chief Executive’s Review Business Review Chief Financial Officer’s Review Further Financial Information Directors’ Report Governance Report on Directors’ Remuneration Statement of Directors’ Responsibilities Independent Auditors’ Report to the members of BBC Worldwide Limited Consolidated income statement Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in shareholders’ equity Notes to the consolidated financial statements BBC Worldwide Limited Company only financial statements
3 4 7 22 25 30 32 42 50 51 53 53 54 55 56 57 116
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BBC WORLDWIDE LIMITED
Annual Report and Financial Statements Year ended 31 March 2010
Financial Highlights REVENUE:
PROFIT:
Year Channels Content & Production Digital Media Global Brands Sales & Distribution Home Entertainment Magazines Operating profit before specific items Specific items Operating profit Net financing costs Profit before tax 2010 £m 2009 £m
39.2 29.2 17.6 16.8 (20.8) (29.0) (7.4) (6.8) 57.9 45.8 40.3 34.2 18.4 16.2 145.2 106.4 (5.2) (62.3) 140.0 44.1 (13.6) (14.5) 126.4 29.6
Throughout pages 4 to 50, references to Sales and Profit follow the definitions described below, unless otherwise stated. Sales: Revenue including the Group‟s share of joint ventures‟ revenue. Profit: Operating profit is stated before specific items. Specific items are not defined under IFRS and may not be comparable to similarly titled measures used by other companies. Specific items are material items which are highlighted by virtue of their size or importance to enable a full understanding of BBC Worldwide‟s performance. A full definition of specific items is provided in Further
BBC WORLDWIDE LIMITED Annual Report and Financial Statements for the year ended 31 March 2010
BBC WORLDWIDE LIMITED
Annual Report and Financial Statements Year ended 31 March 2010
Contents
Financial Highlights Chief Executive’s Review Business Review Chief Financial Officer’s Review Further Financial Information Directors’ Report Governance Report on Directors’ Remuneration Statement of Directors’ Responsibilities Independent Auditors’ Report to the members of BBC Worldwide Limited Consolidated income statement Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in shareholders’ equity Notes to the consolidated financial statements BBC Worldwide Limited Company only financial statements
3 4 7 22 25 30 32 42 50 51 53 53 54 55 56 57 116
2
BBC WORLDWIDE LIMITED
Annual Report and Financial Statements Year ended 31 March 2010
Financial Highlights REVENUE:
PROFIT:
Year Channels Content & Production Digital Media Global Brands Sales & Distribution Home Entertainment Magazines Operating profit before specific items Specific items Operating profit Net financing costs Profit before tax 2010 £m 2009 £m
39.2 29.2 17.6 16.8 (20.8) (29.0) (7.4) (6.8) 57.9 45.8 40.3 34.2 18.4 16.2 145.2 106.4 (5.2) (62.3) 140.0 44.1 (13.6) (14.5) 126.4 29.6
Throughout pages 4 to 50, references to Sales and Profit follow the definitions described below, unless otherwise stated. Sales: Revenue including the Group‟s share of joint ventures‟ revenue. Profit: Operating profit is stated before specific items. Specific items are not defined under IFRS and may not be comparable to similarly titled measures used by other companies. Specific items are material items which are highlighted by virtue of their size or importance to enable a full understanding of BBC Worldwide‟s performance. A full definition of specific items is provided in Further