Exhibit 99-1
NEWSQUEST PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
For the 26 weeks ended 4 July 1999 and the 27 weeks ended 5 July 1998
1999 1998
British British
Pounds Pounds
000's 000's
Turnover 161,955 157,147
Cost of sales (37,600) (34,875)
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Gross profit 124,355 122,272
Other operating expenses (76,271) (77,724)
--------- ---------
Operating profit 48,084 44,548
Net interest payable (5,268) (9,262)
--------- ---------
Profit before taxation 42,816 35,286
Tax charge on profit (13,059) (11,115)
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Profit for the period 29,757 24,171
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Basic earnings per share (pence) 0.15 0.12
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Diluted earnings per share (pence) 0.15 0.12
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See accompanying note to the financial statements.
NEWSQUEST PLC
CONSOLIDATED BALANCE SHEET (UNAUDITED)
At 4 July 1999
1999 1999
British British
Pounds Pounds
000's 000's
Fixed assets
Intangible assets 330,508
Tangible assets 67,379
Investments 410
---------
398,297
Current assets
Stocks 1,654
Debtors 44,366
Prepayments and other debtors 4,743
Pension prepayment due after one year 979
Cash at bank and in hand 3,386
---------
55,128
Creditors
Amounts falling due within one year (75,144)
---------
Net current liabilities (20,016)
---------
Total assets less current liabilities 378,281
Creditors
Amounts falling due after more than one year (116,731)
Provisions for liabilities and charges (5,241)
---------
Net assets 256,309
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Capital and reserves
Called up share capital 1,965
Share premium 249,986
Capital redemption reserve 831
Profit and loss account 3,527
---------
Equity shareholders' funds 256,309
=========
See accompanying note to the financial statements.
NEWSQUEST PLC
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
For the 26 weeks ended 4 July 1999 and the 27 weeks ended 5 July 1998
1999 1998
British British
Pounds Pounds
000's 000's
Cash flow from operating activities 54,002 49,483
Returns on investments and servicing of finance (10,591) (7,675)
Taxation paid (1,168)
Capital expenditure and financial investment (6,515) (5,421)
Acquisitions and disposals (907) (2,060)
Equity dividends paid (7,821) -
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Net cash inflow before use of liquid
resources and financing 27,000 34,327
Management of liquid resources 2,000
Financing (21,951) (32,476)
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Increase in cash 5,049 3,851
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See accompanying note to the financial statements.
NEWSQUEST PLC
NOTE TO THE FINANCIAL STATEMENTS
1. Accounting Policies and Financial Statement Presentation
The consolidated financial statements of Newsquest plc and its subsidiaries
have been prepared in accordance with Accounting Standards currently applicable
in the United Kingdom (UK GAAP), which differs in certain significant respects
from US GAAP. The primary difference relates to accounting for intangible
assets.