REG - Future PLC - Half Yearly Report <Origin Href="QuoteRef">FUTR.L</Origin> - Part 2

FutureAnnouncement

15/07/2015 17:59

- Part 2: For the preceding part double click  ID:nRSR3999Na 

12 months to 30 September 2014  
                                                    Continuing                 Discontinued               Total                           Continuing  Discontinued  Total  Continuing  Discontinued  Total   
 Basic and diluted loss per share (pence)           (0.3)                      -                          (0.3)                           (7.1)       (1.9)         (9.0)  (10.5)      0.3           (10.2)  
 Exceptional items (pence)                          0.4                        -                          0.4                             0.5         -             0.5    2.3         (1.1)         1.2     
 Impairment of intangible assets (pence)            -                          -                          -                               5.0         2.8           7.8    5.0         2.8           7.8     
 Tax effect of the above adjustments (pence)        -                          -                          -                               -           -             -      -           (0.1)         (0.1)   
 Adjusted basic and diluted loss per share (pence)  0.1                        -                          0.1                             (1.6)       0.9           (0.7)  (3.2)       1.9           (1.3)   
 
 
10. Discontinued operations 
 
i) Disposal of Sport and Craft titles 
 
During the year ended 30 September 2014 the Group disposed of a portfolio
comprising its Sport titles and Craft titles and as such the results of this
portfolio were included within discontinued operations. The portfolio was sold
for cash proceeds of £20.0m, resulting in a profit on disposal of £1.1m. The
portfolio's loss for the year was £(4.4)m, giving an overall loss from
discontinued operations of £(3.3)m. 
 
ii) Disposal of Auto titles and Triathlon Plus 
 
During the year ended 30 September 2014 the Group disposed of a portfolio
comprising its Auto titles and Triathlon Plus and as such the results of this
portfolio were included within discontinued operations. The portfolio was sold
for initial cash proceeds of £1.8m, resulting in a profit on disposal of
£2.2m. The portfolio's profit for the year was £1.2m, giving an overall profit
from discontinued operations of £3.4m. 
 
iii) Disposal of Fast Bikes 
 
During the year ended 30 September 2014 the Group disposed of Fast Bikes
magazine and associated website and as such the results of this portfolio were
included within discontinued operations. The portfolio was sold for cash
proceeds of £0.5m, resulting in a profit on disposal of £0.5m. The portfolio's
profit for the year was £0.4m, giving an overall profit from discontinued
operations of £0.9m. 
 
11. Property, plant and equipment 
 
The Group sold one of its UK properties for £1.2m in November 2014, making a
gain of £0.3m. 
 
12. Issued share capital 
 
During the period 653,725 Ordinary shares (31 March 2014: 318,582) with a
nominal value of £6,537 (31 March 2014: £3,186) were issued by the Company for
a total cash commitment of £nil (31 March 2014: £7,078), pursuant to share
scheme exercises. 
 
As at 31 March 2015 there were 334,435,198 Ordinary shares in issue (31 March
2014: 333,717,409). 
 
13. Contingent assets and contingent liabilities 
 
At 31 March 2015 there were no material contingent assets or contingent
liabilities (31 March 2014: £nil). 
 
14. Events after the balance sheet date 
 
On 7 May 2015 the Group signed a new multicurrency revolving and overdraft
facilities agreement with maximum committed facilities of £5.5m. The term runs
until 31 December 2017 with options to increase the facility by £2.0m and to
extend it to 31 December 2019. 
 
Statement of Directors' responsibilities 
 
The Directors confirm that to the best of their knowledge the condensed
interim financial information contained in the Interim Report has been
prepared in accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and that the Interim
Management Report herein includes a fair review of the information required by
DTR 4.2.7 and DTR 4.2.8, namely: an indication of important events that have
occurred during the first six months of the financial year and their impact on
the condensed set of financial statements; a description of the principal
risks and uncertainties for the remaining six months of the financial year;
and material related-party transactions in the first six months and any
material changes in the related-party transactions described in the last
annual report. 
 
Richard Haley was appointed as Chief Financial Officer on 1 October 2014. Hugo
Drayton was appointed as an independent non-executive Director on 1 December
2014. 
 
A list of current Directors is maintained on the Future plc website,
www.futureplc.com. 
 
By order of the Board 
 
Directors 
 
Peter Allen 
 
Chairman 
 
Zillah Byng-Maddick 
 
Chief Executive 
 
Richard Haley 
 
Chief Financial Officer 
 
Manjit Wolstenholme 
 
Senior independent non-executive Director 
 
Hugo Drayton 
 
Independent non-executive Director 
 
Mark Wood 
 
Non-executive Director 
 
18 May 2015 
 
The maintenance and integrity of the Future plc website is the responsibility
of the Directors; the work carried out by the auditors does not involve
consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website. 
 
Legislation in the United Kingdom governing the preparation and dissemination
of financial statements may differ from legislation in other jurisdictions. 
 
Independent review report to Future plc 
 
REPORT ON THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS 
 
Our conclusion
We have reviewed the condensed consolidated interim financial statements,
defined below, in the Interim Report of Future plc for the six months ended 31
March 2015. Based on our review, nothing has come to our attention that causes
us to believe that the condensed consolidated interim financial statements are
not prepared, in all material respects, in accordance with International
Accounting Standard 34 as adopted by the European Union and the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority. 
 
This conclusion is to be read in the context of what we say in the remainder
of this report. 
 
What we have reviewed 
 
The condensed consolidated interim financial statements, which are prepared by
Future plc, comprise: 
 
·      the Consolidated balance sheet as at 31 March 2015; 
 
·      the Consolidated income statement for the period then ended; 
 
·      the Consolidated statement of comprehensive income for the period then
ended; 
 
·      the Consolidated cash flow statement for the period then ended; 
 
·      the Consolidated statement of changes in equity for the period then
ended; 
 
·      the Notes to the consolidated cash flow statement; and 
 
·      the explanatory notes to the consolidated interim financial
statements. 
 
As disclosed in the basis of preparation, the financial reporting framework
that has been applied in the preparation of the full annual financial
statements of the group is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European Union. 
 
The condensed consolidated interim financial statements included in the
Interim Report have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the European Union
and the Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority. 
 
What a review of condensed consolidated financial statements involves 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. 
 
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and, consequently,
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion. 
 
We have read the other information contained in the Interim Report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed consolidated interim
financial statements. 
 
Independent review report to Future plc 
 
RESPONSIBILITIES FOR THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AND THE REVIEW 
 
Our responsibilities and those of the Directors 
 
The Interim Report, including the condensed consolidated interim financial
statements, is the responsibility of, and has been approved by, the Directors.
The Directors are responsible for preparing the Interim Report in accordance
with the Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority. 
 
Our responsibility is to express to the Company a conclusion on the condensed
consolidated interim financial statements in the Interim Report based on our
review. This report, including the conclusion, has been prepared for and only
for the Company for the purpose of complying with the Disclosure and
Transparency Rules of the Financial Conduct Authority and for no other
purpose. We do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent
in writing. 
 
PricewaterhouseCoopers LLP 
 
Chartered Accountants 
 
Bristol 
 
18 May 2015 
 
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