ANNUAL REPORT 2011 AVESCO GROUP PLC
www.avesco.com
43
The segmental results for the year ended 30 September 2010 are as follows: Creative
Technology £000s
Total segment revenue Inter segment revenue
Revenue
Trading EBITDA* Less depreciation Less amortisation
Trading profit/(loss)
Amortisation of acquired intangible assets Restructuring costs (note 7)
Other non-recurring and prior year costs Operating profit/(loss)
Net finance costs (note 11) Loss before income tax
Income tax credit (note 12) Loss for the financial year
69,876 (815)
69,061 11,450
(10,452) (176)
822 (87)
(16)
(475) 244
Full Service £000s
22,164 (276)
21,888
1,286 (1,881) (72)
(667) -
(456) -
(1,123)
Broadcast Services £000s
26,779 (492)
26,287
7,894 (5,728) (50)
2,116 (157)
(632) -
1,327
Head Office £000s
- -
-
(978) (9) (5)
(992) -
(212) -
(1,204)
Group £000s
118,819 (1,583)
117,236
19,652 (18,070) (303)
1,279 (244)
(1,316) (475)
(756)
(1,362) (2,118)
1,071 (1,047)
*Trading EBITDA includes profit on sale of property, plant and equipment of £127,000 for Creative Technology, £96,000 for Full Service and £492,000 for Broadcast Services.
Inter-segment transactions are entered into under the normal commercial terms and conditions that would be available to unrelated third parties. No single customer contributed revenues of greater than 5% of the Group’s total revenue for 2010 or 2011. Revenue recognised in the income statement is analysed as follows:
2011 Revenue
Revenue from audiovisual and broadcast services Interest income
£000s 125,529 125,535 2010
£000s 117,236
66 117,242
The segmental assets and liabilities at 30 September 2011, external net debt at 30 September 2011 and capital expenditure cash flows for the year then ended are shown below.
Creative
Technology £000s
Total assets
Non-current assets Total liabilities
Capital expenditure External net debt
53,811 26,757 28,319 10,079 (3,348)
Full
Service £000s
7,739 2,438 4,074 1,161
(1,082)
Broadcast Services £000s
34,551 26,141 9,584 6,679 1,635
Head Office £000s
(7,956) 29
11,600 35
14,934
Unallocated £000s
6,202 6,117
3,697 - -
Group £000s
94,347 61,482 57,274 17,954 12,139
Unallocated items relate to deferred tax and income tax. Total assets in the ‘Head Office’ segment are shown as a credit balance primarily as a result of the offset arrangement the Group has with HSBC Bank plc. This is structured in such a way that every company in the pool is jointly and individually liable for the overdraft, therefore in practice the net position is applicable.
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