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DAILY MAIL & GENERAL TRUST PLC: Preliminary Results 2011/12


Not for public release until 7.00a.m. on 22 November, 2012

Daily Mail and General Trust plc (`DMGT')

Group unaudited preliminary results for the year ended 30 September, 2012

Adjusted results* Statutory results~


                     (from continuing &     Year on Year Changein
                  discontinued operations)    adjusted results*

2012 2011 Reported Underlying 2012 2011

(restated)+ (restated)+ Revenue £1,960 m £1,985 m -1% +3% £1,747 m £1,749 m Operating £300 m £281 m +7% +7% £147 m £170 m profit∞ Profit before tax £255 m £232 m +10% £206 m £126 m Earnings per 49.4 p 46.1 p +7% 67.2 p

28.3 p share Dividend per 18.0 p 17.0 p +6% share

GOOD YEAR OF PERFORMANCE

- Group revenues down 1%, an underlying# increase of 3%

- Good growth from B2B: revenues up 1%, an underlying# increase of 7%; with profits up 7%, an underlying# increase of 8%

- Associated's underlying# revenues were up 2%, with a slight improvement in operating margins

- Operational focus at Northcliffe: profits up 54% despite underlying# revenues down 6%

- Group operating profit* of £300m, up 7% on a reported and underlying# basis; operating margin* increased from 14% to 15%

- Profit* before tax of £255m, up 10%

- Active portfolio management: purchase of Jobrapido; sale of Evanta and remaining stake in dmg radio Australia; creation of Zoopla Property Group joint venture and, in November 2012, disposal of A&N Media's digital operations in central Europe

- Disposal of Northcliffe Media agreed in November 2012; adjusted results excluding discontinued operations shown on page 20

- Net debt reduced by £106 million to £613 million; net debt: EBITDA of 1.6 times

- Share buy back programme of up to £100m over the coming year

- Earnings per share* up 7% to 49.4p; full year dividend increased by 6% to 18.0p.

Martin Morgan, Chief Executive, said:

"DMGT has delivered a good set of results in the 12 months to 30 September. Group adjusted pre-tax profits* rose by 10%. Our international B2B companies have increased their revenues and profits* by 7% and 8% respectively on an underlying# basis. Although our UK consumer businesses were impacted by challenging trading conditions, it was particularly pleasing that Associated was able to grow its revenues by 2% on an underlying# basis and that underlying# profits* for the consumer businesses rose 12% - reflecting greater productivity and efficiency linked to continued digitisation in that division.

We continued to refine our portfolio of businesses during the year with further acquisitions and disposals aimed at improving our long term growth potential. Today we are a more focused and financially stronger Group, leaving us well positioned for 2013 and beyond."

Enquiries

Stephen Daintith, Finance Director Tel: +44 20 3615 2902

Adam Webster, Head of Management Information

and Investor Relations Tel: +44 20 3615 2903

Kim Fletcher / Will Carnwath, Brunswick Group LLC Tel: +44 20 7404 5959

Analysts' presentation and webcast

A presentation of the Preliminary Results will be given to investors and analysts at 9.30 a.m. on 22nd November, 2012 at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. There will also be a live webcast available on our website: http://www.dmgt.com.

Next trading update

The Group's next scheduled announcement of financial information will be its first quarter interim management statement on 6th February, 2013.

Notes to Editors

DMGT is an international group quoted on the London Stock Exchange, operating a portfolio of businesses in the information, digital and media markets serving both corporate and consumer audiences around the globe.

DMGT's strategy is to retain and develop a group of high quality, entrepreneurial, market-leading information and media assets across both the B2B and consumer sectors. It aims to make these resources available to greater audiences in more places around the world, building on its track record of earnings and dividend growth.

Notes

*before exceptional items, other gains and losses, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. These adjusted results, including revenue and operating profit, are for total operations, including those treated as discontinued, namely Northcliffe Media and the dmg radio Australia joint venture. Northcliffe Media contributed operating profit of £26 million (2011: £17 million) from revenues of £213 million (2011: £236 million) and is included in the adjusted results. Excluding Northcliffe Media, revenues of £1,747 million are in line with £1,749 million last year on a restated basis+, whilst operating profit of £274 million is 4% higher than last year's restated+ £264 million. A reconciliation of adjusted results including discontinued operations to adjusted results excluding discontinued operations is shown on page 20.

#Underlying revenue or profit* is revenue or profit* on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates; see pages 21 and 22. For RMS, underlying percentage movements exclude RMSI. For dmg::information, movements exclude Sanborn and the effects of acquisitions made this year and last year. For dmg::events, the comparison is between events held in the year and the previous time the same event was held and excludes George Little Management (GLM). For Euromoney the comparisons exclude Ned Davis Research and underlying profit excludes the acceleration of its CAP charge last year and the benefit of that acceleration this year. For Associated underlying comparisons exclude the effects of the sale of Teletext Retail last year and Teletext Holidays and motors.co.uk this year, the acquisition of Jobrapido in April 2012 and the merger of the Digital Property Group and Zoopla at the end of May 2012 and total underlying revenue excludes low margin contract printing revenue. Northcliffe's underlying revenues exclude the effects of the sale, purchase and closure of titles and adjust for the move of several titles from daily to weekly publishing frequency and the move to a wholesale circulation model last year.

+ restated for the change in accounting treatment for the recognition of licence revenues at Hobsons, dmg::information's education business. These revenues have previously been recognised on delivery of the licence at the start of the contract, but are now accounted for on a subscription basis and recognised over the contract period. The change reduced both revenue and operating profit by £5 million in a restatement of last year's result. Prior year results are also restated to reflect Northcliffe Media and dmg radio Australia being treated as discontinued operations; see Note 2.

~ These statutory highlights are for continuing operations only (excluding Northcliffe Media from both years, since it is treated as a discontinued operation due to being held for sale as at the 30th September, 2012, and excluding the disposed-of dmg radio Australia joint venture), other than earnings per share which is the total statutory figure.

† Percentages are calculated on actual numbers to one decimal place. Figures in the Management Report are rounded to the nearest million pounds whilst figures to one decimal place are shown in note 3.

∞ Operating profit excludes DMGT's share of operating profit from joint ventures and associates.

Daily Mail and General Trust plc

Contents

Management report 5 - 30

Condensed Consolidated Income Statement 31

Condensed Consolidated Statement of Comprehensive Income 32

Condensed Consolidated Statement of Changes in Equity 33

Condensed Consolidated Statement of Financial Position 34 - 35

Condensed Consolidated Cash Flow Statement 36 - 37

Notes to the Condensed Consolidated Financial Statements 38 - 61

Management report

This management report focuses principally on the adjusted results to give a more comparable indication of the Group's underlying business performance. All year-on-year comparisons are on a like-for-like basis after adjusting the prior year results* for the change in the recognition of software licence revenues at Hobsons.

Northcliffe Media was held for sale as at 30th September, 2012 and an agreed sale was announced on 21st November, 2012. It is therefore required to be treated as a discontinued operation for the purposes of statutory reporting. However, Northcliffe Media is included within our adjusted results as shown in the table below and throughout the management report.

An explanation of restructuring and impairment charges and other items included in the statutory results is set out after the divisional performance review and in the segmental note. The adjusted results are summarised below:

Adjusted results* 2012 2011 Change†

£m (restated)+£m Revenue 1,960 1,985 -1% Operating profit 300 281 +7% Income from JVs and associates 13 5 Net finance costs (58) (54) Profit before tax 255 232 +10%

Tax charge (39) (34) Minority interest (27) (22) Group profit 189 177 +7%

Adjusted earnings per share 49.4 p 46.1 p +7%

*Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 10. These adjusted results, including revenue and operating profit, are for total operations, including those treated as discontinued, namely Northcliffe Media and the dmg radio Australia joint venture. Northcliffe Media contributed operating profit of £26 million (2011: £17 million) from revenues of £213 million (2011: £236 million) and is included in the adjusted results. Excluding Northcliffe Media, Group revenues of £1,747 million are in line with £1,749 million last year on a restated basis+, whilst operating profit of £274 million is 4% higher than last year's restated+ £264 million. A reconciliation of adjusted results including discontinued operations to adjusted results excluding discontinued operations is shown on page 20.

#Underlying revenue or profit* is revenue or profit* on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates; see pages 21 and 22. For RMS, underlying percentage movements exclude RMSI. For dmg::information, movements exclude Sanborn and the effects of acquisitions made this year and last year. For dmg::events, the comparison is between events held in the year and the previous time the same event was held and excludes George Little Management (GLM). For Euromoney the comparisons exclude Ned Davis Research and underlying profit excludes the acceleration of its CAP charge last year and the benefit of that acceleration this year. For Associated underlying comparisons exclude the effects of the sale of Teletext Retail last year and Teletext Holidays and motors.co.uk this year, the acquisition of Jobrapido in April 2012 and the merger of the Digital Property Group and Zoopla at the end of May 2012 and total underlying revenue excludes low margin contract printing revenue. Northcliffe's underlying revenues exclude the effects of the sale, purchase and closure of titles and adjust for the move of several titles from daily to weekly publishing frequency and the move to a wholesale circulation model last year.

+ Adjusted revenue, adjusted operating profit*, the adjusted tax charge and adjusted earnings per share for the prior year have been restated due to the change in accounting treatment for the recognition of licence revenues at Hobsons, dmg::information's education business. These revenues have previously been recognised on delivery of the licence at the start of the contract, but are now accounted for on a subscription basis and recognised over the contract period. The change reduced both revenue and operating profit by £5 million in a restatement of last year's results. Prior year results are also restated to reflect Northcliffe Media and dmg radio Australia being treated as discontinued operations; see Note 2.

† Percentages are calculated on actual numbers to one decimal place. Figures in the Management Report are rounded to the nearest million pounds whilst figures to one decimal place are shown in note 3.

The average £: US$ exchange rate for the year was £1: $1.58 (against £1:$1.61 last year). The rate at the year end was $1.62 (2011 $1.56).

Summary

- Group performance: DMGT has delivered a good set of results. Group revenue for the year was £1,960 million compared with £1,985 million for the prior year, a decrease of 1% on a reported basis but an underlying# increase of 3%. Operating profit* was up 7% on the equivalent figure for the prior year at £300 million. Overall operating margin* increased from 14% to 15% due to margin improvement in both the B2B and consumer businesses.

The Group's B2B companies increased their overall profit* by 7%, an underlying# increase of 8%. Within consumer media, the profits* of A&N Media were up 12%. The Group's B2B operations generated 73% of this year's operating profit*, with 27% coming from consumer operations, in line with last year. Nearly two-thirds of the Group's operating profits* were derived from outside the UK with over half coming from North America. Excluding Northcliffe Media, the proportion of this year's operating profit* generated from B2B operations and from outside the UK was 79% and 71% respectively.

Adjusted profit* before tax rose by 10% to £255 million, due to the 7% increase in operating profit and the benefit of increased income from joint ventures and associates. The statutory profit before tax for the year, including discontinued operations, was £270 million, after charging £61 million of amortisation charges and impairment losses, £84 million of exceptional operating charges and generating £158m of profits on disposals. Adjusted Group profit* after tax and minority interests and including Northcliffe Media was up 7% to £189 million. Statutory profit was £257 million, up from £109 million, due to the profits on disposal more than offsetting the increased tax charge in the current year. Adjusted earnings per share* rose by 7% to 49.4p whilst the Statutory earnings per share increased from 28.3p to 67.2p. The full year dividend increased by 6% to 18.0p. Revenue growth, Reported revenue Underlying# revenue Year on year change

H1 H2 Year H1 H2 Year Group -2% -1% -1% +3% +3% +3% B2B -1% +4% +1% +8% +6% +7% RMS +3% +3% +3% +8% +5% +6% dmg::information +8% +10% +9% +10% +12% +11% dmg::events -45% -13% -33% +12% +14% +13% Euromoney +13% +5% +9% +5% 0% +2% Consumer -3% -4% -3% 0% 0% 0% Associated -1% -3% -2% +2% +2% +2% Northcliffe -10% -10% -10% -6% -6% -6%

- Net debt and financing: net debt fell by £106 million to £613 million due to continued strong cash flow generation and disposal proceeds from businesses sold during the year. At the year end, most of the Group's debt remained in the form of long-term bonds, with a cash balance of £107 million. The Group's ratio of year end net debt to EBITDA was 1.6 times, well below the Group's internal limit of 2.4 times and significantly below the requirements of the Group's bank covenants.

Outlook

- Group: we have entered the new financial year with our businesses performing well and in line with our expectations. All our B2B businesses are expected to make good progress in the year ahead. On the consumer side, revenue progress will be largely dependent on the advertising environment, balanced against further growth in digital areas. First quarter consumer trading to date has been a little slow and we remain cautious about the medium term outlook, given continuing external uncertainties, particularly for UK advertising. A continued focus on cost efficiencies should provide margin stability.

- RMS: has started the year as we expected, with a solid sales pipeline and a range of significant development programmes in place. RMS expects to achieve revenue growth in the high/mid single digit percentage range, a slight decline from the trend of recent years, as it focuses its sales efforts on preparing for the new generation of products. RMS is expected to deliver a slightly reduced margin of around 30% as investment increases ahead of the new product launch in 2014.

- dmg::information: is expected to deliver around 10% organic revenue growth as the portfolio of businesses continues to benefit from new product initiatives and stronger customer demand. The Education and Property businesses will continue to be key drivers of overall growth, with Energy expected to gather further momentum during the year. We expect operating margins to be maintained at around 20%.

- dmg::events: the positive momentum experienced through 2012 has continued into the Autumn, with our three largest events of the year (ADIPEC, Gastech and Big 5) expected to deliver growth of c.13% compared to the previous time the events were held. The reported results for 2012/13 will be negatively affected by the disposal of Evanta and positively affected by two of our three major biennial shows taking place. On an underlying# basis, and fuelled by our launch plans, revenue growth is expected to continue at around 10%, with operating margins* of around 25% though we expect the reduction in reported revenues to be in the mid single digit percentage range.

- Euromoney: given continuing volatility and uncertainty in financial markets, the broad outlook for the first quarter of the new financial year is challenging and this is expected to continue with limited revenue visibility other than for subscriptions.

- Associated: underlying advertising revenues in the first seven weeks of the new financial year were down 5% on last year, with continued limited visibility of future trends. Circulation revenues will continue to be impacted by declining volumes despite market share gains. Overall, Associated expects to maintain stable underlying# revenues, underpinned by continued strong growth in the digital businesses, albeit with a low single digit percentage decline on a reported basis. Operating margins are expected to be in the high single digits, with cost efficiencies helping to protect profitability.

- Northcliffe: the sale of Northcliffe Media to Local World, a new venture in which DMGT will retain a 39% stake, was agreed on 21st November, 2012. The transaction will complete following an employee consultation process and DMGT will receive £52.5m cash in addition to its 39% stake in the new business. In the meantime Northcliffe continues to operate as normal. Advertising revenues have declined by 7% on last year on a like-for-like basis in the first seven weeks of the new financial year (11% on a reported basis).

- Net debt and capital allocation: the net debt to EBITDA ratio is well below our stated internal limit of 2.4 and the Board remains confident in the overall outlook for the Group and its operating cash flows. We believe that the creation of shareholder value over the long term requires a balanced approach to investing in growth and returning excess capital to shareholders whilst maintaining a strong balance sheet. We will therefore continue to look for attractive acquisitions and actively manage our business portfolio alongside maintaining our dividend policy. In reviewing our capital management programme, the Board has also decided to utilise part of its authority to make on market purchases of the `A' Ordinary Non-Voting shares. We anticipate spending up to approximately £100 million on these purchases over the coming year.

Divisional Review

Business to business (B2B)

Our B2B operations achieved another year of good growth with combined revenues of £899 million, 1% higher than last year, with an underlying# increase of 7%. Operating profits* increased by £16 million (7%) to £237 million whilst the underlying# increase was 8%. The overall B2B margin* was 26% (2011 25%).

Risk Management Solutions

2012 2011 Movement Underlying

£m £m % Revenue 163 159 +3% +6% Operating profit* 56 47 +18% +7% Operating margin* 34% 30% RMS had a solid year of revenue and profit* growth. Revenues increased by 3% on a reported basis, with an underlying# increase of 6%. Operating profit* rose by 18% reflecting the disposal of RMSI's loss making, non-core elements, which were included in the prior year's results. Underlying# profit* grew by 7%. Subscriptions continued to grow well, with a renewal rate of approximately 96% during the year.

RMS continues to focus primarily on its core commercial catastrophe modelling business, which includes modelling of natural hazards risks such as earthquake, hurricane and flood, as well as terrorism risk and risk from pandemic diseases. RMS also continues to pursue selected growth areas such as Capital Markets, where longevity risk transfer presents a growth opportunity, and models for the life insurance industry.

RMS's primary strategic focus continues to be the development of its new software platform which is expected to generate future, multi-year revenue growth. This Next Generation platform is expected to launch in 2014 and is designed to provide complete solutions in the cloud for clients across the re/insurance value chain, including access to sophisticated models, an ability to integrate those models into enterprise-wide business processes, as well as analytics to help clients make better decisions.

Outlook

For 2012/13, RMS expects to achieve high/mid single digit percentage revenue growth and an operating margin* of around 30% as investment increases ahead of the new product launch in 2014.

dmg::information


                        2012         2011    Movement  Underlying
                          £m           £m           %           %

(restated)+ Revenue 253 232 +9% +11% Operating profit* 48 42 +14% +19% Operating margin* 19% 18% + The results for the prior year to 2nd October, 2011 have been restated due to the change in accounting treatment for the recognition of software licence revenues at Hobsons, dmg::information's education business. These revenues have previously been recognised on delivery of the software licence at the start of the contract, but are now accounted for on a subscription basis and recognised over the contract period. The change reduced both revenue and operating profit by £5 million in a restatement of last year's results.

Summary

dmgi had a good year, with reported revenue up 9% at £253 million reflecting the execution of organic growth plans complemented by bolt-on acquisitions. Underlying# revenues grew by 11% following the 2011 disposal of dmgi's geospatial business, Sanborn. Operating profits* increased by 14% to £48 million, an underlying# increase of 19% year on year.

Property information

2012 2011 Movement

£m £m Revenue 106 89 +20% Operating Profit 24 21 +13% In the US, Environmental Data Resources (`EDR`) increased both revenues and profits* as it continued to deepen its market penetration and enhance product offerings against the backdrop of a relatively benign commercial real estate market.

In Europe, Landmark also increased both revenues and profits*. This robust performance reflected particularly strong growth from its German business where OnGeo has been successfully integrated following its acquisition last year. Market conditions in the UK commercial real estate and housing markets were reasonable, though the volumes of UK housing transactions remain significantly below the pre-2008 norm.

BuildFax, a provider of planning consent and related property information to the US insurance and financial services markets, is an early stage business and has progressed nicely throughout the year. In April we made a strategic investment in Xceligent, one of only two companies in the US that provides fully researched property and listing information to the commercial real estate community.

Financial, Education and Energy


                         2012        2011     Movement
                           £m          £m            %

(restated)+ Revenue Continuing 147 128 +16% Disposal - 16 -100% Total 147 144 +3% Operating Profit 28 25 +13% + The results for the prior year to 2nd October, 2011 have been restated due to the change in accounting treatment for the recognition of software licence revenues at Hobsons, dmg::information's education business. These revenues have previously been recognised on delivery of the software licence at the start of the contract, but are now accounted for on a subscription basis and recognised over the contract period. The change reduced both revenue and operating profit by £5 million in a restatement of last year's results.

The other markets of financial, education and energy account for 58% of dmgi's revenues in aggregate.

- Financial: Trepp and Lewtan increased underlying# revenues by 2%. Trepp is the market leader providing information to the Commercial Mortgage-Backed Securities (`CMBS') market and produced positive revenue growth in the year. New issuance in the CMBS market remains muted and longer-term investors are holding off on re-building their activity. Trepp expanded its product offerings with new products targeted at banks and other loan providers.

Lewtan, which offers products to both investors and issuers in the asset-backed securities market, continued to improve its market position although market conditions remained challenging.

- Education: Hobsons increased revenues by 28%, underlying# revenues by 20% and also improved margins* slightly. During the year Hobsons acquired Intelliworks, providing subscription based software services to higher education institutions, and PrepMe, providing sophisticated software to guide students in college preparation tests. Hobsons is growing strongly in both its K-12 division, serving US high schools, and its HE division, serving higher education institutions in both the US and internationally.

- Energy: Genscape, the market leading provider of real-time energy supply information, increased underlying# revenues by 7%. During the year Genscape launched a compliance and information service that will provide physical verification of biodiesel production in the US and also completed a small acquisition, SpringRock, to enhance modelling and forecasting capabilities.

Outlook

For 2012/13, dmgi expects to achieve revenue growth of around 10% and to maintain its operating margin* at around 20%.

dmg::events

2012 2011 Movement Underlying

£m £m % %

Revenue 89 132 -33% +13% Operating profit* 21 39 -46% +21% Operating margin* 24% 29% dmg::events had a good year with underlying# revenues increasing by 13% and underlying# profits* by 21%. Reported revenues and profits* declined following the disposal of George Little Management (`GLM') in September 2011 and the cycle of biennial shows which meant that only one of our three large biennials, the Global Petroleum Show (`GPS'), occurred this year compared to two (Gastech and ADIPEC) in 2010/11.

The sale of Evanta, a leadership and conferences business, was completed in September 2012. Evanta reported operating profits* for the year of £6 million on revenues of £18 million. dmg::events is now organised into three operating units, covering the energy and digital marketing sectors and a regional business in the Middle East.

In the Energy sector, underlying# revenue growth was 22% with a particularly good performance from the GPS (which was held in Calgary, Canada) and a number of launches also fuelling growth. Looking forward, Gastech, which takes place in London in November 2012, is one of dmg::events' market leading brands and, while the major global event remains biennial, regional events are being launched as complements to the main show.

dmg::events operates a number of market leading events in the Middle East. This year the annual Big 5 event for the construction sector grew despite difficult economic conditions and an aggressive launch programme enabled the business to deliver 14% underlying# revenue growth.

Our Digital Marketing unit, where the main events are operated under the Ad:tech brand, delivered underlying# revenue growth of 5%. New events were recently launched in New Delhi and Singapore.

Outlook

For 2012/13, dmg::events expects to achieve underlying# revenue growth of around 10%. The reported results will be reduced by the disposal of Evanta and by the absence of the GPS, but will benefit from the fact that ADIPEC and Gastech, two of our three major biennial shows, are taking place. Overall dmg::events expects a mid single digit percentage decline in total reported revenues with an operating margin* of around 25%.

Euromoney Institutional Investor

2012 2011 Movement Underlying

£m £m % % Revenue 394 363 +9% +2% Operating profit* 112 93 +20% +2% Operating margin* 28% 26% Euromoney released its preliminary results on 15 November, achieving an operating profit* of £112 million on revenues up 9% to £394 million. The 2010/11 operating performance was stated after deducting a £7 million accelerated charge for its management incentive scheme, the CAP, due to the earlier than expected achievement of its profit target. This year's profit would have been £1 million lower if the charge had not been accelerated into 2010/11. Underlying# revenue growth was 2% which, combined with tight control of headcount, helped Euromoney to improve its margin (before the acceleration of CAP charges) to 28%.

Subscription revenues, which account for the majority of Euromoney's revenue, increased at a rate of 17% or 5% on an underlying# basis. This growth continues to be driven largely by electronic information services such as BCA, the independent macroeconomic research house, and CEIC, the emerging market data provider.

Delegate revenues, accounting for 20% of total revenues, were up 6% on an underlying# basis whilst sponsorship revenues have a 12% share and were down 4% on an underlying# basis. Event sponsorship is heavily financial market focused whilst events outside the financial sector tend to be more delegate driven and performed well, particularly during the first half of the year.

Advertising, which accounts for 15% of revenues, was down 8% on an underlying# basis with reductions from global financial institutions being partly offset by increases in online advertising, a greater appetite for print advertising from emerging markets and growth in advertising from sectors outside finance, particularly energy.

Outlook

The uncertainty over Europe remains as does a solution to the pending US fiscal cliff. Global financial institutions have been cutting costs and this challenging market is expected to continue at least into the early part of 2013. Subscriptions account for half Euromoney's revenues and therefore provide some protection against weak markets in 2013, as does Euromoney's reliance on emerging markets for more than a third of its revenues. The negative trends in advertising and delegate revenues in the last quarter are expected to continue into the first quarter of 2012/13, although the outlook for event sponsorship is more positive. As usual, forward revenue visibility beyond the first quarter is limited other than for subscriptions.

Consumer media

2012 2011 Movement Underlying

£m £m % % Revenue 1,060 1,098 -3% 0% Operating profit* 104 93 +12% +12% Operating margin* 10% 8%

A&N Media's revenues for the year were £1,060 million, in line with last year on an underlying# basis. Revenues were 3% lower on a reported basis reflecting the disposal or closure of various underperforming businesses as well as a full year of revenues from the Digital Property Group (`TDPG') having been included in 2010/11. TDPG was merged with Zoopla at the end of May 2012 and DMGT's share of profits of the joint venture post its formation are not included in operating profit* but are shown within joint ventures.

Investment in the digital businesses continues, while there was a 5% overall reduction in costs attributable to a reduction in the price of newsprint, a lowering of headcount during the year by 12% (from 6,873 to 6,053) and continued tight control over all other expenditure. These cost efficiencies meant that operating profits* increased by £11 million (12%) to £104 million and operating margin* improved from 8% to 10%.

An exceptional operating charge of £71 million (£45 million of which was non-cash) was made for restructuring and closure costs, with the largest portion relating to printing facilities, and for severance costs relating to the reduction in staff. Exceptional impairment and depreciation charges were incurred in the year in respect of printing operations in Derby and Stoke. Derby closed during the year and Stoke will close in December. By the end of 2012/13 we expect to be operating just two UK printing plants, Didcot and Thurrock, which will result in a much more efficient printing operation for A&N Media going forward.

Associated Newspapers

2012 2011 Movement Underlying

£m £m % % Revenue 848 862 -2% +2% Operating profit* 78 76 +2% +3% Operating margin* 9% 9% Summary

Underlying# revenues were up 2% on last year. This was primarily due to improved revenues from our digital operations as well as the benefit ofcover price increases on circulation revenues. Total revenues were down £14 million mainly owing to the impact of sold businesses, lower display revenues from the two Mail titles, and the cessation of certain low margin printing contracts, principally the Evening Standard.

After a difficult first half of the year which saw profits significantly lower than last year, the second half of the year saw a marked improvement in profitability with stronger print display advertising, non-repeated net costs incurred last year following the closure of The News of the World and a reduction in newsprint prices from July 2012.

Despite the decline in reported revenues, the range of cost efficiencies resulted in an increase in operating profit* for the year of £2 million to £78 million, an underlying# increase of 3%, and operating margin* also increased slightly.

UK Newspaper related operations

Circulation revenues increased by £10 million, 3%, to £353 million. This was attributable to the impact of lower copy sales being more than offset by the full year benefit of cover price increases in the second half of 2011, and by the effect of temporary price discounting by The Mail on Sunday last year following the closure of the The News of the World. Circulation revenues of the Daily Mail increased by 4.4%, while those of The Mail on Sunday fell by 0.8% overall, though they increased by 0.6% after adjusting for there being one less edition this year. Both titles achieved record market shares during the year of 21.6% and 20.8% respectively.

Advertising revenues were 2% lower at £332 million, with a strong performance by MailOnline and Metro in particular, being offset by lower display revenues at both Mail print titles. Our two largest advertising categories, retail and travel, saw revenues decline by 7% and 16% respectively, but there was 4% growth in total from other categories. Print advertising revenues declined by 6% this year, but digital revenue from the newspaper titles' companion sites increased by 72% to £31 million. After a difficult first half of the year, which saw advertising 6% lower than the prior year, advertising revenues were up 2% during the second half of the year.

MailOnline had another strong year of growth, recording a 74% increase in revenue to £28 million. There was also a significant increase in the audience, with MailOnline becoming the world's largest online news site, surpassing The New York Times and reaching in excess of 100 million unique browsers a month. During the year, an Indian version of the site was launched, supported by content from Mail Today. Over the next year there will be increased investment in expanding the New York and Los Angeles editorial bureaus, as well as the teams of UK and US video editors, which will be accompanied by significant investment in technology.

Metro increased revenues by £6 million, 8% to £89 million with a particularly strong performance during the Olympics. Metro is the UK's third largest daily newspaper, read by 3.6 million commuters every weekday with a series of multi-platform innovations designed to enhance readership and advertising revenues. Metro.co.uk has 7.5 million unique browsers per month and Metro's tablet edition won Newspaper App of the Year. Metro delivered record profits in the year of £20 million.

Digital operations

During the year our digital recruitment business, which includes Jobsite, OilCareers and Broadbean, was renamed Evenbase; and in April we acquired Jobrapido, the number two global job search engine. Jobrapido delivers over 850 million visits per year in more than 50 countries.

At the end of May, the Digital Property Group was merged with Zoopla to form Zoopla Property Group, an entity in which DMGT holds a 52.3% stake. Only pre-merger results are included in Associated Newspapers' results; DMGT's share of the post-merger profits of Zoopla Property Group is reported as a share of joint ventures.

Wowcher, Associated's daily deals and online discounts business, was launched in April 2011 and has grown rapidly to become the number two business in the UK market.

The motors and Teletext travel businesses were disposed of during the year.

Reported revenues from the portfolio of digital companies were £93 million and underlying# revenue growth for the retained digital businesses was 23% year on year. Evenbase delivered an operating profit* of £11 million whilst Wowcher remained in its investment phase.

Central Europe

A&N International's operating profits* of £4 million were up 7% on last year, whilst revenues declined 8% to £27 million due to weaker local currencies. On an underlying# basis revenues grew by 5%, with print advertising revenues declining by 7% but circulation and digital revenues growing by 2% and 14% respectively. Digital advertising now represents 58% of total advertising revenue. In November 2012, the business disposed of its digital consumer jobs and motors businesses for proceeds of £27 million. These businesses accounted for £6 million of the £27 million revenues in the year.

Outlook

For 2012/13, Associated currently expects to maintain stable underlying# revenues with digital advertising growth offsetting circulation and print advertising declines. Due to the exclusion of Zoopla Property Group and disposed of businesses, reported revenues are expected to show a low single digit decline. Associated expects to deliver an operating margin* in the high single digits.

Northcliffe Media

2012 2011 Movement Underlying

£m £m % % Revenue 213 236 -10% -6% Operating profit* 26 17 +54% +54% Operating margin* 12% 7%

Summary

Northcliffe continued its restructuring and process innovation and delivered total year-on-year cost savings of £33 million or 15%. Total headcount reduced by a further 13%, or 324 people. Northcliffe's titles continued to be challenged by sluggish advertising markets and during the year there was a change of national advertising agency to AMRA. Revenue decreased by 10% to £213 million, though down only 6% on a like-for-like basis[1]. The improvement in the operating margin* from 7% to 12% and the 54% increase in operating profit* to £26 million reflect the successful execution of the restructuring programme and a growth in digital revenues.

Advertising

Underlying# advertising revenues were down 8% for the year. Print advertising was down 13% on a reported basis and 9% on an underlying# basis. Digital advertising increased by 2% and digital revenues now account for 9% of Northcliffe's total revenues.

Circulation

Reported newspaper sales revenues fell by 5% to £57 million. On a like-for-like basis (excluding a change in accounting treatment for distribution costs, daily to weekly switches and divestments), revenues were up 1%. Cover price increases were implemented across the majority of titles where prices had historically been below the industry average. Our weekly paid-for portfolio continues to perform ahead of the industry average.

Costs

The year on year cost savings included staff costs, following last year's structural changes and a 324 reduction in staff numbers in the current year. Production and distribution costs were down and some savings were as a consequence of lower activity levels. However, more significant reductions have been made through the changes to the product portfolio, distribution changes and lower newsprint costs.

Outlook

The sale of the business to Local World will complete following an employee consultation process. DMGT will hold a 39% stake in a newly formed business, Local World, which will combine Northcliffe Media's existing portfolio with additional titles currently owned by the Yattendon Group. Kevin Beatty, Chief Executive of A&N Media, will become a member of the Board of Local World[2] on completion. In the meantime, the business continues to operate as normal.

---------------------------------

[1] Excluding impact of disposals, closures, conversion of daily titles to weekly titles and the acquisition of `The Topper'.

[2] This disclosure fulfils DMGT's obligations under LR 9.6.11.

Other income statement items

- Net finance costs

2012 2011 Movement

£m £m % Net interest payable and similar (61) (69) -13% charges Premium on bond buy back (6) - Pension finance item 9 12 Investment Income 1 3 Total (57) (54) +6%

Net interest payable and similar charges (including deemed finance charges and interest receivable) fell by £8 million to £61 million due to lower average debt levels and management of the debt portfolio. Net finance costs of £57 million included a £6 million charge for the premium on redemption of £110 million of 7.5% Bonds due 2013, purchased in December 2011.

There was a £3 million reduction in the pension finance credit due to the increase in the pension fund deficit over the year to 2nd October, 2011. Other investment revenue fell by £2 million owing to the absence of last year's dividend from an internet investment fund.

- Other items

The Group's share of the results* of its joint ventures and associates rose by £8 million to £13 million. It includes £10 million income from dmg radio Australia, up from £7 million last year, which was disposed of in September 2012, as well as £4 million from Zoopla Property Group (`ZPG') for the four months to September 2012. DMGT owns a 52.3% stake in ZPG, but does not have control of the ZPG Board, following the merger of DMGT's Digital Property Group with Zoopla at the end of May 2012.

The Group has charged £86 million as exceptional operating costs, principally within A&N Media. This charge includes reorganisation, redundancy and consultancy costs of £40 million, principally at A&N Media, and accelerated depreciation and impairment of property, plant and equipment of £46 million, principally relating to the closure of the Derby and Stoke printing facilities and the move to Thurrock.

Exceptional operating costs over the past four years have totalled £277 million. During this period headcount at A&N Media has reduced by 4,060, or 40% to 6,053 and the number of UK printing facilities has been reduced from eight to three and we expect there to be two, Thurrock and Didcot, by the summer of 2013.

The charge for amortisation of intangible assets fell by £7 million to £39 million. The Group also made an impairment charge of £21 million including a £16 million goodwill impairment charge in respect of Lewtan, which has been performing below expectations following challenging market conditions.

The Group recorded other net gains on disposal of businesses and investments of £158 million, compared to £15 million last year. These gains included the sales of Evanta, a leadership and conferences business, and DMGT's remaining 50% stake in dmg radio Australia, as well as the formation of the Zoopla Property Group.

Northcliffe Media was held for sale as at 30th September, 2012, and is treated as a discontinued operation for the purposes of the statutory results. Operating profit attributable to operations treated as discontinued amounted to £26 million (2011 £17 million).

- Taxation

The adjusted tax charge of £39 million (2011 £34 million as restated) is stated after adjusting for the effect of exceptional items. The adjusted tax rate for the year rose to 15.2%, from 14.4% in 2010/11 as restated, due to a change in the mix of chargeable profits. The continued low rate reflects tax reductions from tax-efficient financing and tax deductible amortisation in the USA, although we expect the adjusted tax rate to continue increasing as the mix of chargeable profits continues to change.

There were net exceptional tax credits of £49 million (2011: £39 million as restated), arising on disposals, assets held for sale, operating exceptional costs, the accelerated depreciation of property and equipment and the recognition of tax losses.

Pensions

The Group's defined benefit pension schemes provide retirement benefits for UK staff, largely in A&N Media. The deficit in these schemes has fallen from £336 million at the beginning of the year to £324 million at 30th September, 2012 (calculated in accordance with IAS 19). Corporate bond yields continued to fall over the period, (from 5.2% to 4.4%) which resulted in a higher value of the defined benefit obligation. However, this has been more than offset by an increase in the schemes' assets and funding payments into the main schemes of £64 million, in accordance with the funding agreements with the Trustees, which included £24 million of surplus properties, previously solely used by the regional newspapers. The property transfer, in combination with a £12 million funding payment made in October 2012, satisfies the £36 million October 2012 funding payment requirement previously agreed with the Trustees under the payment recovery plan.

In July 2012, DMGT created a guarantee structure in collaboration with its principal defined benefit pension scheme, Harmsworth Pension Scheme (HPS). The structure provides HPS with a valuable contingent asset, a £150 million guaranteed loan note, and will reduce the need for additional cash contributions to HPS in the medium term. Whilst the loan note is treated as an asset of the scheme and reduces the actuarial deficit within the scheme, under IAS 19 it is not included as an asset and is excluded from the calculation of the £324 million year end deficit.

The defined benefit pension schemes are closed to new entrants, and measures were introduced in April 2011 to reduce costs and risks, in particular to eliminate longevity risk on accrued pensions since that date, and help secure the schemes' and employers' financial health into the future. All new employees of A&N Media are now being offered a defined contribution pension plan, in line with our other newer and more internationally focused divisions where we have long considered this type of pension plan to be the most appropriate.

Net debt and cash flow

Net debt has fallen by £106 million during the year from £719 million to £613 million and by £196 million since the half year. The Group generated operating cash flows of £339 million, a 113% conversion rate of operating profits*. These funded capital costs at Thurrock of £39 million, capitalised software development of RMS's Next Generation product of £18 million, taxation of £34 million, interest of £70 million, pension funding of £40 million and dividends totalling £76 million. Operating cash flows are stated after capital expenditure of £42 million, excluding that on Thurrock and RMS's Next Generation product, and exceptional operating items of £37 million. Net proceeds from disposals and acquisitions were £42 million.

Acquisitions totalled £75 million and included Jobrapido for closing consideration of £29 million; Intelliworks, Xceligent, PrepMe and Spring Rock within the dmg::information portfolio; Praedicat by RMS, and Global Grain Geneva and Global Grain Asia by Euromoney. Business disposals totalled £117 million and included the sale of Evanta and the remaining 50% stake in dmg radio Australia in September.

The Group's principal debt remains in long-term bonds. At the year end, the Group had £725 million of Bonds with repayments due in 2013 (£47 million), 2018 (£307 million), 2021 (£171 million) and 2027 (£199 million). In December 2011, the Group acquired £100 million of the 7.5% Bonds due 2013 and will consider acquiring further bonds where financially sensible. The Group had unutilised committed facilities of £298 million at the year end and surplus cash of £107 million.

The Group's ratio of year end net debt to adjusted profits* before interest, depreciation and amortisation (EBITDA) was 1.6 times, comfortably below the Group's internal limit of 2.4 times and preferred level of around 2.0 times, and well within the requirements of the Group's bank covenants. The Group's corporate credit ratings are BBB- from Fitch, and BB+ from Standard & Poor's.

The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing this preliminary announcement.

Financing

The Group acquired 7.5 million `A' Ordinary Non-Voting shares for £30 million in order to meet obligations to provide shares under its incentive plans. It also utilised 7.0 million shares out of Treasury to provide shares under various incentive plans valued at £32 million. DMGT has 382.8 million shares in issue, including 19.9m Ordinary shares, together with 10.2 million `A' Ordinary Non-Voting shares held in Treasury to meet further obligations that may arise.

During the year, DMGT took its share of dividends from Euromoney in the form of a scrip.

Dividend

The Board is recommending payment on the issued Ordinary and 'A' Ordinary Non-Voting shares of the Company of a final dividend of 12.4 pence per share for the year ended 30th September, 2012 (2011 11.7 pence). This will make a total for the year of 18.0 pence (2011 17.0 pence per share). The final dividend will be paid on 8th February 2013 to shareholders on the register at close of business on 30th November 2012.

Share buy back

DMGT's strong operational cash flow and disciplined management of our portfolio of businesses has resulted in a net debt to EBITDA ratio of 1.6, falling to well below our stated internal limit of 2.4 times. The Board remains confident in the overall outlook for the Group and the operating cash flow that our businesses will generate. We believe that the creation of shareholder value over the long term requires a balanced approach to investing in growth and returning excess capital to shareholders whilst maintaining a strong balance sheet. We will therefore continue to look for attractive acquisitions and actively manage our business portfolio while maintaining our dividend policy of growing dividends by between 5% and 7% in real terms over the economic cycle. In reviewing our capital management programme, the Board has also decided to utilise part of its authority to make on market purchases of the `A' Ordinary Non-Voting shares. We anticipate spending up to approximately £100m over the coming year.

Weighting of DMGT's `A' shares in the FTSE Indices

On 18 April 2012, FTSE announced that DMGT's `A' Ordinary Non-Voting Shares would no longer be eligible for inclusion in the UK Series Index. The Board of DMGT has considered at length, with the assistance of its advisors, the options available to it and the suitability of such options to meet the needs of its stakeholders to make the `A' Ordinary Non-Voting Shares eligible for inclusion in the UK Series Index but no solution has to date been found. The FSA's recently issued consultation paper on `Enhancing the effectiveness of the Listing Regime and feedback on CP12/2' makes it more difficult to envisage how we can regain our premium listing. It is unlikely, therefore, that the `A' Ordinary Non-Voting Shares will become eligible for inclusion in the index in the foreseeable future. However, DMGT's `A' Ordinary Non-Voting shares will continue to be standard listed and traded on the London Stock Exchange and to be a member of other important indices such as MSCI, STOXX, S&P and the FTSE Global Equity Index Series and DMGT will continue to maintain the highest standard of governance and disclosure.

Reconciliation: Adjusted results including and excluding discontinued operations

FY 2011/12 FY 2010/11 £m Adjusted Discontinued Adjusted Adjusted Discontinued Adjusted

results operations results results operations results


                           including                 excluding    including     
            excluding
                        discontinued              discontinued discontinued     
         discontinued
                          operations                operations   operations     

operations

Revenues Continuing operations 1,747 - 1,747 1,749

- 1,749 Discontinued operations 213 213 - 236

236 - Total Revenue 1,960 213 1,747 1,985

236 1,749

Operating Profit Continuing operations 274 - 274 264

- 264 Discontinued operations 26 26 - 17

17 - Total Operating Profit 300 26 274 281

17 264

Operating margin % 15% 12% 16% 14%


      7%          15%
                          Underlying Analysis - Revenues

FY 2011/12 FY 2010/11 £m % Underlying M&A Other Reported Underlying M&A Exchange Other Reported

B2B RMS +6% 163 - - 163 154 (8) 3

- 159 dmg::information +11% 256 1 2 253 230 (5) 3

- 232 dmg::events +13% 85 - (4) 89 75 (45) 1 (13) 132 Euromoney +2% 374 (20) - 394 366 - 3

- 363

+7% 879 (19) (2) 899 825 (58) 10 (13) 886

Consumer Associated +2% 834 (14) - 848 820 (25) (4) (14) 862 Newspapers Northcliffe Media (6%) 207 (5) - 213 220 (16) -

- 236

0% 1,041 (19) - 1,060 1,040 (41) (4) (14) 1,098

DMGT Group +3% 1,920 (38) (2) 1,960 1,865 (99) 6 (27) 1,985 Notes: M&A includes the disposals of Sanborn, RMSI, GLM, Teletext Retail, Teletext Holidays & various regional newspapers; the acquisition of Ned Davis Research, Jobrapido, Intelliworks and various other bolt-on acquisitions, and the disposal of The Digital Property Group to form Zoopla Property Group.

Figures, including totals, are rounded to the nearest million pounds whilst percentages are calculated on actual numbers to one decimal place.

Underlying Analysis - Adjusted profit before tax*

FY 2011/12 FY 2010/11 £m % Underlying M&A Other Reported Underlying M&A Exchange Other Reported

B2B RMS +7% 56 - - 56 52 4 1 - 47 dmg::information +19% 49 - 1 48 42 (1) 1 - 42 dmg::events +21% 21 - - 21 17 (16) - (6) 39 Euromoney +2% 103 (8) (1) 112 101 - 1 7 93

+8% 229 (8) - 237 212 (14) 3 1 221 Consumer Associated +3% 76 (2) - 78 74 (2) - - 76 Newspapers Northcliffe Media +54% 26 - - 26 17 - - - 17

+12% 102 (2) - 104 91 (2) - - 93

Head office costs (26%) (41) - - (41) (33) - - - (33) Operating profit +7% 289 (10) - 300 270 (16) 3 1 281 Joint ventures and 8 (5) - 13 5 - - - 5 associates Net Finance charges (66) - (9) (57) (66) - - (12) (54)

Adjusted profit +11% 232 (15) (9) 255 208 (16) 3 (11) 232 before tax* Notes: M&A includes the disposals of Sanborn, RMSI, GLM, Teletext Retail, Teletext Holidays & various regional newspapers; the acquisition of Ned Davis Research, Jobrapido, Intelliworks and various other bolt-on acquisitions, and the disposal of The Digital Property Group to form Zoopla Property Group.

Figures, including totals, are rounded to the nearest million pounds whilst percentages are calculated on actual numbers to one decimal place.

Principal risks and uncertainties

The principal risks and uncertainties that the Group faces vary across the different businesses and are the focus of the Risk Committee. These risks are identified in the DMGT Group Risk Register. The materiality of each risk is assessed against a framework to determine its significance and likelihood of occurrence. The Risk Register is used to determine the agenda and activity of the Risk Committee. The most material risks identified in the Risk Register, together with the steps taken to mitigate them, are described below.

The geographic spread and diverse portfolio of businesses within the Group help to dilute the impact of some of the Group's key risks. Certain risks are interdependent and should not be considered in isolation.

1) Changes in our key markets

The information provided to our customers and the way in which our businesses deliver this information are subject to constant change. This can result in structural market changes that have the potential to redefine or eliminate current markets served by our businesses. Technological innovations such as tablet and other mobile devices, cloud computing and the proliferation of social media impact all of our businesses. Our products and services, and their means of delivery, are also affected by competitor activity and changing customer behaviour.

Potential impact Mitigation

The impact is both positive and negative. The Group's strategy of Failure to identify and respond to diversification reduces the changes in the key markets in which the impact of technological and Group operates increases the risk of market changes to some degree. being left behind by both competitors and However, a number of recent our customers with a resultant direct global trends have impacted impact on Group results. several of our businesses.

The transition from traditional The DMGT Leadership Team publishing and print advertising to constantly monitors the markets online and mobile has affected a number in which DMGT businesses of businesses including Euromoney and operate, the competitive Associated Newspapers. landscape and technological


                                          developments. The autonomous
                                          culture of the Group encourages

an entrepreneurial approach to Conversely, new technologies present the development of organic opportunities for the Group. An example growth opportunities and new of this is the success of the mobile and products. tablet apps by Mail Online and Metro. Both have proved successful in driving traffic and engagement. Mail Online has five times more UK app users than any other newspaper and Metro's iPad app was named Newspaper App of the Year at the 2012 Newspaper Awards.

2) Exposure to a downturn in the global economy

A significant (although decreasing) proportion of the Group's revenue (especially in the UK newspaper divisions) is derived from advertising which is impacted by fluctuations in the wider economy. A similar, although reduced, effect has been seen in group businesses that rely on non-advertising revenues, especially in the financial and property markets.

Potential impact Mitigation

Advertising revenues have been heavily Experience has demonstrated affected by the downturn in the global that the long-term strategy of economy. diversifying the Group's


                                          portfolio into business
                                          information and subscription

revenue streams, along with A continued recession, or a further investment in strong brands, downturn in the economy or market sectors makes the Group's results both served by the Group, gives rise to a risk more strategically and of not achieving forecast results. commercially robust.


                                            We continue to manage costs
                                          around the Group to minimise
                                          our cost base.

3) Acquisition and disposal risk
 
As well as launching and building new businesses, an integral part of
the Group's strategy has, and will continue to be, the acquisition (and
successful integration) of businesses that expand expertise whilst
supporting existing products. The strategy also results in the disposal
of businesses that no longer fit the Group's investment criteria.
 
Potential impact                          Mitigation
 
Failure to identify acquisition targets   The majority of acquisitions
could result in an opportunity cost to    are in related markets and are
the business.                             smaller businesses with a high
                                          potential for growth. This
                                          reduces the risk from any one

acquisition. Equally, an unsuccessful integration of acquired subsidiaries, or an acquired business that fails to generate the expected returns, could result in the Acquisitions are approved by underperformance of the Group or the Investment & Finance impairment losses. This could also divert Committee, and managed by management time from other operational divisional and local management matters. with oversight from the centre.


                                          Detailed due diligence is
                                          performed by internal teams and

external advisors on all Our ability to achieve optimal value from potential acquisitions. disposals, as well as the failure to realise other anticipated benefits of a disposal, could also impact financial results. The retention of key employees


                                          in the acquired business is
                                          often required as part of the
                                          purchase. Board level
                                          monitoring is performed
                                          post-acquisition.
                                            Disposals, including the
                                          decision to divest, are
                                          overseen by the Board and the
                                          Group Finance Director.

4) Pension scheme shortfalls
 
Our defined benefit pension schemes are now closed to new entrants,
although existing members still employed by the Group can continue to
accrue benefits on a cash basis. Deficits identified by actuarial
valuations completed in 2011 are being addressed by means of a funding
arrangement agreed with the trustees which will reduce the deficits over
a period of thirteen years to 2023.
 
Potential impact                          Mitigation
 
Reported earnings may be adversely        Measures to mitigate the risks
affected by changes in our pension costs  that impact the company's
and funding requirements due to lower     balance sheet are under
than expected investment returns or       continuous review. Recent
changes made to the risk profile of our   examples include:
investment portfolio.
                                          - benefits in the schemes are
                                          now accrued on a cash basis
                                          which reduces the risk of an
                                          increase to pension liabilities
                                          arising from improving
                                          longevity.
                                            - the Group provided the
                                          principal scheme with a £150
                                          million guaranteed loan note to
                                          reduce the need for additional
                                          cash contributions.
                                            - The Group has transferred a
                                          portfolio of properties to the
                                          schemes, valued at £24 million,
                                          reducing the net cash required
                                          to be transferred to the
                                          schemes during the year.
                                            In addition, a Joint Working
                                          Party assesses and monitors
                                          de-risking options available to
                                          the schemes.

5) Successfully managing change projects
 
At any given time, a number of active capital and IT projects are
underway around the Group. The two most significant change projects
continue to be RMS's new software solution project and A&N Media's new
print site at Thurrock.
 
Potential impact                          Mitigation
 
A successful project delivers             Every active capital project
improvements in product offerings,        around the Group is subject to
efficiency gains and cost savings. There  a rigorous planning process
is, however, a risk of increased costs or involving all key stakeholders.
lost revenues as a result of delays,      Significant capital projects
unforeseen problems, loss of access to    are approved by the Investment
systems and data or production and        & Finance Committee. On-going
delivery issues.                          project management is in place
                                          to ensure that plans are
                                          delivered to timetable and
                                          specification.
                                            All key projects are monitored
                                          by the local board to ensure
                                          that risks and opportunities
                                          are managed throughout the
                                          process. The Group's most
                                          significant projects are
                                          monitored by the Risk
                                          Committee.

6) Data integrity, availability and security
 
The quality and availability of the information products that DMGT
businesses provide to their clients are key to their success. This is
true for many businesses in the group, most notable within
dmg::information and Euromoney.
 
Information security has always been a key focus across DMGT. However,
changing technology, mobile working, cloud-based systems, the
consumerisation of IT and the growing use of social media create
opportunities but also threats to information security and the
protection of our data, and that of our customers. The increasing threat
of cyber-attack from organised crime increases this risk further.
 
Potential impact                          Mitigation
 
Any challenge to the integrity of         Every DMGT business understands
information within a DMGT product could   that quality of data is key to
damage the reputation of that business    the reputation and on-going
resulting in lost revenue and potentially success of the Group. Quality
increased costs of remediation. A similar controls including rigorous
impact would be felt if a product was     checks, review and restricted
unavailable for a time.                   access to amend and publish
                                          exist in every business with
                                          information products.

Availability is managed through An information security incident or detailed and tested business cyber-attack resulting in the loss, continuity plans. theft, corruption or unavailability of sensitive information held by the Group could lead to operational and regulatory challenges, and could impact on financial Information security risks are results. managed locally by the


                                          individual businesses, with
                                          support from divisional

management and DMGT Risk & Information security breaches could have Assurance. The Risk Committee a reputational impact on the Group. monitors and oversees


                                          information security, data
                                          protection and cyber risks and
                                          controls around the Group.
                                            Businesses are expected to
                                          comply with the published
                                          information security policy and
                                          minimum baseline standards.

7) Impact of a major disaster or outbreak of disease
 
There is a risk of disruption of Group operations as a result of a major
disaster, outbreak of disease or other external threat. The Group's
operations are geographically diversified which limits the impact of any
given incident. The largest locations are Northcliffe House and
Harmsworth Quays in London, Euromoney's offices in London and New York,
and RMS's headquarters in California. Northcliffe House is the Group's
headquarters as well as housing Associated Newspapers and some
businesses within dmg::events. Harmsworth Quays is A&N Media's main
printing centre and a contingency location for Northcliffe House.
 
The success of the events and training businesses within dmg::events and
Euromoney relies heavily on the confidence in, and ability of, delegates
and speakers to travel internationally.
 
Potential impact                          Mitigation
 
A major incident (particularly in a key   Business continuity plans,
location) could affect operation of the   which are tested regularly, are
business at that location and impact      in place across all businesses.
their ability to produce or deliver its
products, which could reduce the demand
for them or increase costs.
                                          Contingency planning is in
                                          place in the events businesses

and virtual events alternatives Any disaster which significantly affects are being developed. Where the wider environment or the appropriate, cancellation infrastructure in an area in which the insurance is taken out. group operates could adversely impact Group results.

Recently the Group's business

continuity planning helped its Significant disruptions to, or reductions North East American and in, international travel for any reason Canadian offices to recover could lead to events and training courses quickly and effectively from being postponed or cancelled and could the significant disruption have an impact on the Group's caused by Superstorm Sandy. performance.

8) Reliance on key management and staff retention

DMGT is reliant on the talented and successful management and staff across all of its businesses. Many businesses and products are dependent upon specialist, technical expertise. Potential impact Mitigation

The inability to recruit and retain The DMGT Human Resources talented people could impact the Group's Director works with divisional ability to maintain its performance and and executive management across deliver growth. the Group on a formal approach


                                          to talent management and
                                          succession planning. This

includes payment of competitive When key staff leave or retire, there is rewards, employee performance a risk that knowledge or competitive and turnover monitoring and a advantage is lost. variety of approaches to staff


                                          communication.
                                            Succession planning and
                                          long-term incentive plans are
                                          in place for senior management.

9) Commercial relationships, including volatility of newsprint prices
 
The Group is reliant on a number of commercial relationships with key
customers, suppliers and third parties. Key examples include large
advertising agencies and major retailers in A&N Media, key venues and
agents in dmg::events and Euromoney, and data providers in dmg::information
and RMS.
 
Additionally, newsprint continues to represent a significant proportion of
our costs. Newsprint prices are subject to volatility arising from
variations in supply and demand.
 
Potential impact                          Mitigation
 
The loss of, or damage to, any key        Significant time and resources are
commercial relationship could have a      dedicated to managing and
material impact on the Group's ability to developing these relationships to
produce and deliver its products.         ensure they continue to operate

satisfactorily.

An increase in newsprint prices would impact the cost base of A&N Media. The Group's newsprint requirements


                                          are managed by a dedicated
                                          newsprint buying team and
                                          monitored by the board of
                                          Harmsworth Printing. Where
                                          possible, long-term arrangements
                                          are agreed with suppliers to limit
                                          the potential for volatility.

10) Compliance with Laws and regulations
 
Group businesses are subject to legislation and regulation in the
jurisdictions in which they operate. The key laws and regulations that
impact the Group cover areas such as bribery and corruption,
competition, data protection, privacy (including e-privacy), health and
safety and employment law. Additionally, specific regulations from the
Press Complaints Commission and the Audit Bureau of Circulation apply to
the newspaper divisions.
 
The Group generates a significant amount of its revenue from publishing,
be it newspapers, magazines, trade journals or information and data
published online. As a result, there is an inherent risk of error which,
in some instances, may give rise to legal claims (e.g. for libel).
 
The Leveson Inquiry, scheduled to report at the end of November 2012,
may recommend increased (and potentially statutory) regulation of the
industry which could affect our newspaper and other publishing
businesses.
 
Potential impact                          Mitigation
 
A breach of legislation or regulations    Compliance with laws and
could have a significant impact on the    regulations is taken seriously
Group both in terms additional costs,     throughout the Group. The DMGT
management time and reputational damage.  Code of Conduct (and supporting
Equally, the management time and cost of  policies) sets out appropriate
defending legal cases can be significant. standards of business behaviour
                                          and highlights the key legal
                                          and regulatory issues affecting

Group businesses. Divisional Increasing regulation of the newspaper and local management are industry could limit our editorial output responsible for compliance with and have a corresponding commercial applicable local laws and impact on the business. regulations, overseen by the


                                          Risk Committee.
                                            All of our publications have
                                          controls in place, including
                                          legal review, to approve
                                          content that that may carry a
                                          libel/legal risk. Journalists
                                          receive regular training on the
                                          PCC Code, Data Protection and
                                          the Bribery Act.
                                            Controls are also in place
                                          surrounding compliance with the
                                          Audit Bureau of Circulation's
                                          regulations and other
                                          regulatory bodies to which we
                                          adhere.

11) Treasury operations
 
The Group Treasury function is responsible for executing treasury policy
which seeks to manage the Group's funding, liquidity and treasury
derivatives risks. More specifically, these include currency exchange
rate fluctuations, interest rate risks, counterparty risk and liquidity
and debt levels.
 
Potential impact                          Mitigation
 
If the treasury policy does not           The Investment & Finance
adequately mitigate the financial risks   Committee is responsible for
summarised above, or is not correctly     reviewing and approving Group
executed, it could result in unforeseen   Treasury policies which are
derivative losses or higher than expected executed by the Group Treasury
finance costs.                            function, overseen by the

Deputy Finance Director.

The Group Treasury function undertakes high value transactions, hence there is Segregation of duties and an inherent high risk of payment fraud or authorisation limits are in error having an adverse impact on Group place for all payments made. results. The Treasury Function is

subject to an annual internal


                                          audit.

12) Unforeseen tax liabilities
 
The Group's operations are global and therefore earnings are subject to
taxation at differing rates across a number of jurisdictions. Whilst
endeavouring to manage the Group's tax affairs in an efficient manner,
there will always be a certain level of uncertainty when provisioning
for tax liabilities due to an ever more complex international tax
environment.
 
Potential impact                          Mitigation
 
Changing tax laws could increase tax      The team of in-house
liabilities and have an adverse impact on specialists, in conjunction
financial results.                        with divisional management and
                                          external experts, review all
                                          tax arrangements within the

Group and keep abreast of Due to the diverse and global nature of changing legislation. the group, internal or external factors could give rise to unplanned tax liabilities. Statement of Directors' responsibilities

The Directors are responsible for preparing the full year financial report, in accordance with applicable law and regulations.

The Directors confirm that to the best of their knowledge:

a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

b) the management report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

By order of the Board of Directors

The Viscount Rothermere

Chairman

21st November, 2012

For further information

For analyst and institutional enquiries:

Stephen Daintith, Finance Director Tel: +44 20 3615 2902

Adam Webster, Head of Management Information

and Investor Relations Tel: +44 20 3615 2903

For media enquiries:

Kim Fletcher / Will Carnwath, Brunswick Group LLC Tel: +44 20 7404 5959

Analysts' presentation and webcast

A presentation of the Preliminary Results will be given to investors and analysts at 9.30 a.m. on 22nd November, 2012 at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. There will also be a live webcast available on our website: http://www.dmgt.com.

Next trading update

The Group's next scheduled announcement of financial information will be its first quarter interim management statement on 6th February, 2013.

Notes

*Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 10. These adjusted results, including revenue and operating profit, are for total operations, including those treated as discontinued, namely Northcliffe Media and the dmg radio Australia joint venture. Northcliffe Media contributed operating profit of £26 million (2011: £17 million) from revenues of £213 million (2011: £236 million) and is included in the adjusted results. A reconciliation of adjusted results including discontinued operations to adjusted results excluding discontinued operations is shown on page 20.

#Underlying revenue or profit* is revenue or profit* on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates; see pages 21 and 22. For RMS, underlying percentage movements exclude RMSI. For dmg::information, movements exclude Sanborn and the effects of acquisitions made this year and last year. For dmg::events, the comparison is between events held in the year and the previous time the same event was held and excludes George Little Management (GLM). For Euromoney the comparisons exclude Ned Davis Research and underlying profit excludes the acceleration of its CAP charge last year and the benefit of that acceleration this year. For Associated underlying comparisons exclude the effects of the sale of Teletext Retail last year and Teletext Holidays and motors.co.uk this year, the acquisition of Jobrapido in April 2012 and the merger of the Digital Property Group and Zoopla at the end of May 2012 and total underlying revenue excludes low margin contract printing revenue. Northcliffe's underlying revenues exclude the effects of the sale, purchase and closure of titles and adjust for the move of several titles from daily to weekly publishing frequency and the move to a wholesale circulation model last year.

+ Adjusted revenue, adjusted operating profit*, the adjusted tax charge and adjusted earnings per share for the prior year have been restated due to the change in accounting treatment for the recognition of licence revenues at Hobsons, dmg::information's education business. These revenues have previously been recognised on delivery of the licence at the start of the contract, but are now accounted for on a subscription basis and recognised over the contract period. The change reduced both revenue and operating profit by £5 million in a restatement of last year's results. Prior year results are also restated to reflect Northcliffe Media and dmg radio Australia being treated as discontinued operations; see Note 2.

† Percentages are calculated on actual numbers to one decimal place. Figures in the Management Report are rounded to the nearest million pounds whilst figures to one decimal place are shown in note 3.

The average £: US$ exchange rate for the year was £1: $1.58 (against £1:$1.61 last year). The rate at the year end was $1.62 (2011 $1.56).

DMGT plc CONSOLIDATED INCOME STATEMENT for the 52 weeks ending 30th September, 2012


                                                                     Unaudited  
         Audited
                                                                      52 weeks  
        52 weeks
                                                                        ending  
          ending
                                                                          30th  
             2nd
                                                                    September,  
        October,
                                                                          2012  
            2011

Restated (note 2)

Note £m

£m CONTINUING OPERATIONS Revenue 3 1,746.8

1,748.5

Operating profit before exceptional operating costs and 3 amortisation and impairment of goodwill and acquired intangible assets 273.7

264.4 Exceptional operating costs, impairment of internally 3 generated and acquired computer software, investment property and property, plant and equipment (73.1)

(41.9) Amortisation and impairment of 3 goodwill and acquired intangible assets arising on business combinations (53.6)

(52.4)

Operating profit before share of results of joint ventures and 3 associates 147.0

170.1 Share of results of joint ventures and associates 4 (1.8)

(2.7) Total operating profit 145.2

167.4 Other gains and losses 5 114.4

13.1 Profit before net finance costs and tax 259.6

180.5 Investment revenue 6 10.8

17.1 Finance costs 7 (64.1)

(71.7) Net finance costs (53.3)

(54.6)

Profit before tax 206.3

125.9 Tax 8 18.8

3.7 Profit after tax from continuing operations 225.1

129.6

DISCONTINUED OPERATIONS Profit from discontinued operations 21 54.8

(5.2) PROFIT FOR THE PERIOD 279.9

124.4

Attributable to: Owners of the company 257.2

108.5 Non-controlling interests * 22.7

15.9 Profit for the period 279.9

124.4

Earnings per share 11 From continuing operations Basic 52.9p

29.7p Diluted 51.4p

29.3p From discontinued operations Basic 14.3p

(1.4)p Diluted 13.9p

(1.3)p From continuing and discontinued operations Basic 67.2p

28.3p Diluted 65.1p

27.7p Adjusted earnings per share Basic 49.4p

46.1p Diluted 47.9p

45.3p * All attributable to continuing operations CONSOLIDATED STATEMENT OF COMPREHENSIVE (EXPENSE)/INCOME for the 52 weeks ending 30th September, 2012

Unaudited Audited

52 weeks 52 weeks

ending ending

30th 2nd

September, October,

2012 2011

Restated (note 2)

£m £m Profit for the period 279.9 124.4 Fair value movements on available -for-sale investments - 4.6 Revaluation reserves recycled to Consolidated Income Statement on disposals - (8.5) Gains/(losses) on hedges of net investments in foreign operations 31.3 (17.1) Cash flow hedges : Gains/(losses) arising during the period 3.1 (1.2) Transfer of loss on cash flow hedges from translation reserve to Consolidated Income Statement 3.6 6.8 Translation reserves recycled to Consolidated Income Statement on disposals (0.9) (21.6) Foreign exchange differences on translation of foreign operations (26.4) 10.4 Actuarial loss on defined benefit pension schemes (61.8) (89.6)

Other comprehensive expense before tax (51.1) (116.2) Tax relating to components of other comprehensive expense 5.6 15.8

Other comprehensive expense for the period (45.5) (100.4)

Total comprehensive income for the period 234.4 24.0

Attributable to : Owners of the Company 211.8 4.9 Non-controlling interests 22.6 19.1

234.4 24.0 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the 52 weeks ending 30th September, 2012

Called Share Capital Revaluation Shares Translation Retained Total Non- Total

up premium redemption reserve held reserve earnings controlling equity


                        share account    reserve                   in           
                      interests
                      capital                                treasury

Restated Restated Restated

(note 2) (note 2) (note 2)

£m £m £m £m £m

£m £m £m £m £m Balance as at 3rd October, 2010 audited 49.1 12.5 1.1 7.0 (45.0) (16.3) 84.4 92.8 57.4 150.2 Profit for the period restated (note 2) - - - - - - 108.5 108.5 15.9 124.4 Other comprehensive income for the period - - - (3.9) - (26.2) (73.5) (103.6) 3.2 (100.4) Total comprehensive income for the period - - - (3.9) - (26.2) 35.0 4.9 19.1 24.0 Issue of share capital - 0.2 - - - - - 0.2 1.9 2.1 Dividends - - - - - - (62.4) (62.4) (7.8) (70.2) Own shares acquired in the period - - - - (11.7) - - (11.7) - (11.7) Own shares released on vesting of share options - - - - 10.4 - - 10.4 - 10.4 Fair value adjustment to contingent consideration - - - 0.2 - - - 0.2 - 0.2 Adjustment to equity following increased stake in controlled entity - - - - - - (5.5) (5.5) 4.3 (1.2) Adjustment to equity following decreased stake in controlled entity - - - - - - 0.5 0.5 (0.5) - Credit to equity for share based payments - - - - - - 16.9 16.9 2.7 19.6 Settlement of exercised share options of subsidiaries - - - - - - (12.7) (12.7) - (12.7) Initial recording of put options granted to non-controlling interests in subsidiaries - - - - - - (7.1) (7.1) (3.2) (10.3) Deferred tax on other items recognised in equity - - - - - - 1.4 1.4 0.4 1.8 Balance as at 2nd October, 2011 audited restated (note 2) 49.1 12.7 1.1 3.3 (46.3) (42.5) 50.5 27.9 80.3 108.2 Unaudited Profit for the period - - - - - - 257.2 257.2 22.7 279.9 Other comprehensive income for the period - - - - - 9.9 (55.3) (45.4) (0.1) (45.5) Total comprehensive income for the period - - - - - 9.9 201.9 211.8 22.6 234.4 Issue of share capital - 0.8 - - - - - 0.8 1.5 2.3 Dividends - - - - - - (66.2) (66.2) (9.6) (75.8) Own shares acquired in the period - - - - (30.1) - - (30.1) - (30.1) Own shares released on vesting of share options - - - - 32.6 - - 32.6 - 32.6 Transfer to retained earnings on disposal of revalued properties - - - (3.3) - - 3.3 - - - Other transactions with non-controlling interests - - - - - - - - 0.9 0.9 Adjustment to equity following increased stake in controlled entity - - - - - - (13.5) (13.5) (0.6) (14.1) Adjustment to equity following decreased stake in controlled entity - - - - - - 0.1 0.1 (0.1) - Credit to equity for share-based payments - - - - - - 12.5 12.5 0.7 13.2 Settlement of exercised share options of subsidiaries - - - - - - (15.6) (15.6) - (15.6) Corporation tax on share based payments - - - - - - 0.4 0.4 0.2 0.6 Deferred tax on other items recognised in equity - - - - - - - - (0.6) (0.6) At 30th September, 2012 49.1 13.5 1.1 - (43.8) (32.6) 173.4 160.7 95.3 256.0

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30th September, 2012

Unaudited Audited Audited

At 30th At 2nd At 3rd

September, October, October,

2012 2011 2010

Restated Restated

(note 2) (note 2)

Note £m £m £m ASSETS Non-current assets Goodwill 704.6 747.0 735.8 Other intangible assets 281.4 288.2 377.9 Property, plant and equipment 13 238.1 305.4 366.2 Investment property 14 6.8 21.6 11.6 Investments in joint ventures 137.3 16.3 20.4 Investments in associates 11.5 13.0 12.7 Available-for-sale investments 1.5 4.2 23.2 Trade and other receivables 14.6 30.7 17.2 Derivative financial assets 24.6 8.6 8.7 Deferred tax assets 204.7 200.6 158.9

1,625.1 1,635.6 1,732.6 Current assets Inventories 28.3 23.1 27.5 Trade and other receivables 328.7 347.4 359.0 Current tax receivable 3.6 9.1 0.9 Derivative financial assets 8.9 1.1 2.3 Cash and cash equivalents 104.7 174.3 65.7 Total assets of businesses held for sale 22 71.7 - -

545.9 555.0 455.4

Total assets 2,171.0 2,190.6 2,188.0

LIABILITIES Current liabilities Trade and other payables (655.1) (654.2) (632.1) Current tax payable (20.8) (53.2) (69.4) Acquisition put option commitments 15 (4.5) (1.1) (1.1) Borrowings 16 (49.9) (29.3) (14.3) Derivative financial liabilities (14.1) (5.9) (6.6) Provisions (34.2) (49.7) (37.7) Total liabilities of businesses held for sale 22 (33.6) - -

(812.2) (793.4) (761.2) Non-current liabilities Trade and other payables (8.1) (11.9) (1.5) Acquisition put option commitments 15 (4.1) (10.7) - Borrowings 16 (678.1) (832.0) (870.6) Derivative financial liabilities (34.9) (60.9) (79.8) Retirement benefit obligations 23 (324.4) (336.2) (271.4) Provisions (29.3) (13.5) (27.6) Deferred tax liabilities (23.9) (23.8) (25.7)

(1,102.8) (1,289.0) (1,276.6)

Total liabilities (1,915.0) (2,082.4) (2,037.8)

Net assets 256.0 108.2 150.2

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued) as at 30th September, 2012


                                    Unaudited  Audited  Audited
                                      At 30th   At 2nd   At 3rd
                                   September, October, October,
                                         2012     2011     2010
                                              Restated Restated
                                              (note 2) (note 2)

Note £m £m £m

SHAREHOLDERS' EQUITY Called up share capital 18 49.1 49.1 49.1 Share premium account 13.5 12.7 12.5 Share capital 62.6 61.8 61.6 Capital redemption reserve 1.1 1.1 1.1 Revaluation reserve - 3.3 7.0 Shares held in treasury (43.8) (46.3) (45.0) Translation reserve (32.6) (42.5) (16.3) Retained earnings 173.4 50.5 84.4 Equity attributable to owners 160.7 27.9 92.8 of the company Non-controlling interests 95.3 80.3 57.4

256.0 108.2 150.2 Approved by the Board on 21st November, 2012. CONSOLIDATED CASH FLOW STATEMENT for the 52 weeks ending 30th September, 2012


                                                             Unaudited  Audited
                                                              52 weeks 52 weeks
                                                                ending   ending
                                                                  30th      2nd
                                                            September, October,
                                                                  2012     2011
                                                                       Restated
                                                                       (note 2)

Note £m £m Operating profit before share of results of joint ventures and associates - continuing operations 147.0 170.1 Operating profit before share of results of joint ventures and associates - discontinued operations 15.3 (8.4) Adjustments for : Share-based payments 13.3 19.7 Pension charge less than cash contributions (1.3) (1.9) Depreciation 3 83.4 62.7 Impairment of internally generated and acquired computer software, property, plant and equipment and investment property 7.2 8.6 Impairment of goodwill and impairment 3 charge of intangible assets arising on business combinations 19.4 24.4 Amortisation of intangible assets not arising on business combinations 20.4 18.4 Amortisation of intangible assets 3 arising on business combinations 34.5 42.5 Operating cash flows before movements in working capital 339.2 336.1 (Increase)/decrease in inventories (7.6) 2.0 Increase in trade and other receivables (9.6) (18.0) Increase in trade and other payables 39.1 52.7 (Decrease)/increase in provisions (9.9) 4.1 Additional payment into pension schemes (63.8) (11.0) Cash generated by operations 287.4 365.9 Taxation paid (37.8) (48.6) Taxation received 4.3 1.9 Net cash from operating activities 253.9 319.2 Investing activities Interest received 1.5 2.0 Dividends received from joint ventures and associates 4.3 15.6 Dividends received from available-for-sale investments 0.8 2.9 Purchase of property, plant and equipment 13 (60.2) (33.0) Expenditure on internally generated intangible fixed assets (37.8) (23.2) Purchase of available-for-sale investments (0.2) (0.1) Proceeds on disposal of property, plant and equipment 13 33.1 3.2 Proceeds on disposal of available-for-sale investments 2.0 23.0 Purchase of subsidiaries 19 (48.8) (81.3) Treasury derivative activities (7.3) (25.3) Investment in joint ventures and associates (11.5) (10.1) Proceeds on disposal of businesses 20 57.6 94.8 Proceeds on disposal of joint ventures and associates 54.4 0.1

Net cash used in by investing activities (12.1) (31.4)

CONSOLIDATED CASH FLOW STATEMENT (continued) for the 52 weeks ending 30th September, 2012


                                                           Unaudited  Audited
                                                            52 weeks 52 weeks
                                                              ending   ending
                                                                30th      2nd
                                                          September, October,
                                                                2012     2011

Note £m £m Financing activities Equity dividends paid 9 (66.2) (62.4) Dividends paid to non-controlling interests (9.6) (7.8) Purchase of additional interests in controlled 19 (14.8) (2.7) entities Issue of share capital 0.9 0.2 Issue of shares by Group companies to 1.5 1.9 non-controlling interests Receipt from non controlling interest 1.8 - Purchase of own shares (30.1) (11.7) Net receipt/(payment) on exercise/settlement 16.1 (2.0) of subsidiary share options Interest paid (64.0) (68.5) Premium on redemption of bonds (6.1) - Bonds redeemed (110.0) - Loan notes repaid (0.7) (4.0) Repayments of obligations under hire purchase - (20.3) agreements Decrease in bank borrowings (23.4) (3.1)

Net cash used in financing activities (304.6) (180.4) Net (decrease)/increase in cash and cash equivalents (62.8) 107.4 Cash and cash equivalents at beginning of period 171.7 64.3 Exchange loss on cash and cash equivalents (1.6) - Net cash and cash equivalents at end of period 107.3 171.7 DMGT plc NOTES 1 BASIS OF PREPARATION While the financial information contained in this unaudited preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as adopted by the European Union, this announcement does not itself contain sufficient information to comply with IFRS. This financial information has been prepared for the 52 weeks ending 30th September, 2012 (2011 52 weeks ending 2nd October, 2011). The Group and its national and local media divisions, prepare financial statements for a 52 or 53 week financial period ending on a Sunday near to the end of September. The Group's remaining divisions prepare financial statements for a financial year to 30th September and do not prepare additional financial statements corresponding to the Group's financial year for consolidation purposes as it would be impracticable to do so. The Group considers whether there have been any significant transactions or events between the end of the financial year of the other divisions and the end of the Group's financial year and makes any material adjustments as appropriate. For the current period, the Group's national and local media divisions' financial period end coincided with that of the Group's remaining divisions and consequently no adjustments were necessary. The information for the 52 weeks ended 30th September, 2012 does not constitute statutory accounts for the purposes of section 435 of the Companies Act 2006. A copy of the accounts for the 52 weeks ended 2nd October, 2011 has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. The audit of the statutory accounts for the 52 weeks ended 30th September, 2012 is not yet complete. These accounts will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting. The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the management report on pages 5 to 30. The company has long term financing in the form of Eurobonds and meets its day-to-day working capital requirements through bank facilities which expire in April 2016. Current economic conditions create uncertainty particularly over the future performance of those parts of the business that derive a significant proportion of revenue from advertising. The Board's forecasts and projections, after taking account of reasonably possible changes in trading performance, show that the company is expected to operate within the terms of its current facilities. After making enquiries, the Directors have a reasonable expectation that the Group will have access to adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. This financial information has been prepared in accordance with the accounting policies set out in the 2011 Annual Report and Accounts, with the exception of the change in accounting policy described below and as amended by the new accounting standards set out below. The Group financial statements incorporate the financial statements of the Company and all of its subsidiaries together with the Group's share of all of its interests in joint ventures and associates. The financial statements have been prepared on the historical cost basis, except for the revaluation of financial instruments. The principal accounting policies used in preparing this information are set out below.

2 SIGNIFICANT ACCOUNTING POLICIES

Restatement of results

The adjusted and reported results of the Group have been restated to reflect a refinement of Hobsons'

approach to revenue recognition. Hobsons' business model has evolved such that the provision of its

Enrolment Management Technology (EMT) software services (currently around 47% of its annual revenues of

around £64 million) is now predominantly provided in conjunction with a hosting service. To better reflect

the underlying nature of the revenue contracts, software services provided in conjunction with a hosting

service will now be recognised over the contract service period, rather than at the contract date of sale of

the software licence. The recognition of revenue from existing hosting services will continue to be

recognised over the contract service period. This change of accounting treatment has been reflected in the

Group's Consolidated financial statements retrospectively and the impact on the Consolidated Income

Statement and Consolidated Statement of Financial Position is as follows :

52 52 52

weeks weeks weeks

ending ending ending

30th 2nd 3rd

September, 2012 October, October

2011 2010

£m £m

£m Impact on Consolidated Income Statement Reduction in revenue (0.8) (5.2) (2.5) Reduction in operating profit (0.8) (5.0) (2.4) Reduction in profit after tax (0.5) (3.1) (1.5)

p p p Reduction in earnings per share from continuing operations

Basic (0.1) (0.8) (0.4)

Diluted (0.1) (0.8) (0.4)

Adjusted (0.1) (0.8) (0.4)

£m £m

£m Impact on Consolidated Statement of Financial Position Reduction in accrued income (26.5) (27.3) (21.7) assets Increase in prepaid commission 1.3 1.3 1.1 assets Increase deferred tax asset 10.2 9.7 7.6 The reported results of the Group's share of results of joint ventures and associates have also been restated to reflect the Group's share of results from the joint venture DMG Radio Investments Ltd as discontinued, following its disposal in September 2012. In addition the Group's local media operations have been reclassified as discontinued operations following the transfer of the net assets of this business to assets held for sale. Further details are included in the discontinued operations note 21. Impact of new accounting standards Standards not affecting the reported results or the financial position: The following new and revised Standards and Interpretations have been adopted in the current year. Their adoption has not had any significant impact on the amounts reported in the financial statements but may impact the accounting for future transactions and arrangements: - IAS 24 (2009) Related Party disclosures The revised Standard has a new, clearer definition of a related party, with inconsistencies under the previous definition having been removed. This interpretation does not affect the reported results nor the financial position. - Amendments to IFRIC 14 prepayments of a minimum funding requirement The amendments now enable recognition of an asset in the form of a prepaid minimum funding contribution. - Annual improvements - IFRS 7: Encourages qualitative disclosures in the context of the quantitative disclosures required to help users to form an overall picture of the nature and extent of risks arising from financial instruments. This improvement does not affect the Group's reported results, financial position nor any of the Group's disclosures at the half year. - IAS 1: Clarifies that an entity may present the analysis of other comprehensive income by item in the statement of changes in equity or in the notes to the financial statements. The Group currently reflects this analysis in the notes to the financial statements. At the date of authorisation of the combined financial information the following Standards and Interpretations, which have not been applied in the combined financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU). Other than IAS 19 (Revised) Employee Benefits, their adoption is not expected to have a significant impact on the amounts reported in the financial statements but may impact the accounting for future transactions and arrangements.

IAS 19 (Revised) Employee Benefits, will impact the measurement of various components in the defined benefit pension obligation and associated disclosures, but not the Group's total obligation. It is likely that following the replacement of expected returns on plan assets with a net finance cost in the Consolidated Income Statement, the profit for the period will be reduced and accordingly other comprehensive income increased (note 23). - Amendments to IAS 1 Presentation of Items of Other Comprehensive Income - IFRS 13 Fair Value Measurement - IFRS 12 Disclosures of Interests in other entities - IFRS 11 joint Arrangements - IFRS 10 Consolidated Financial Statements - IAS 28 (Revised) Investments in Associates and Joint Ventures - IAS 27 (Revised) Separate Financial Statements - Amendments to IAS 12 Deferred Tax : Recovery of Underlying Assets - IFRS 9 Financial Instruments - Improvements to IFRSs 2011 - Amendments to IFRS 7 and IAS 32 - Offsetting financial assets and financial liabilities

2 Critical accounting judgements and key sources of estimation uncertainty

In addition to the judgement taken by management in selecting and applying the accounting policies set out

above, management has made the following judgements concerning the amounts recognised in the consolidated

financial statements :

Forecasting

The Group prepares medium-term forecasts based on Board approved budgets and three year outlooks. These are

used to support judgements made in the preparation of the Group's financial statements including the

recognition of deferred tax assets in different jurisdictions, the Group's going concern assessment and for

the purposes of impairment reviews. Longer term forecasts use long-term growth rates applicable to the

relevant businesses.

Impairment of goodwill and intangible assets

Determining whether goodwill and intangible assets are impaired or whether a reversal of an impairment of

intangible assets should be recorded requires an estimation of the value in use of the relevant cash

generating units. The value in use calculation requires management to estimate the future cash flows

expected to arise from the cash generating unit and compare the net present value of these cash flows using

a suitable discount rate to determine if any impairment has occurred. A key area of judgement is deciding

the long-term growth rate of the applicable businesses and the discount rate applied to those cash flows.

The carrying amount of goodwill and intangible assets at the period end date was £986.0 million (2011

£1,035.2 million, 2010 £1,113.7 million) after a net impairment charge of £19.4 million (2011 charge of

£24.4 million, 2010 reversal £19.9 million) was recognised during the year.

Acquisitions and intangible assets

The Group's accounting policy on the acquisition of subsidiaries is to allocate purchase consideration to

the fair value of identifiable assets, liabilities and contingent liabilities acquired with any excess

consideration representing goodwill. Determining the fair value of assets, liabilities and contingent

liabilities acquired requires significant estimates and assumptions, including assumptions with respect to

cash flows and unprovided liabilities and commitments, including in respect to tax, are often used. The

Group recognises intangible assets acquired as part of a business combination at fair values at the date of

the acquisition. The determination of these fair values is based upon management's judgement and includes

assumptions on the timing and amount of future cash flows generated by the assets and the selection of an

appropriate discount rate. Additionally, management must estimate the expected useful economic lives of

intangible assets and charge amortisation on these assets accordingly.

Contingent consideration payable

Estimates are required in respect of the amount of contingent consideration payable on acquisitions, which

is determined according to formulae agreed at the time of the business combination, and normally related to

the future earnings of the acquired business. The Directors review the amount of contingent consideration

likely to become payable at each period end date, the major assumption being the level of future profits of

the acquired business. The Group has outstanding contingent consideration payable amounting to £24.2 million

(2011 £11.8 million, 2010 £17.8 million).

Contingent consideration payable is discounted to its fair value in accordance with applicable International

Financial Reporting Standards. For acquisitions completed prior to 4th October, 2009, the difference between

the fair value of these liabilities and the actual amounts payable is charged to the Consolidated Income

Statement as notional finance costs with remeasurement of the liability being recorded against goodwill. For

acquisitions completed in the current period, movements in the fair value of these liabilities are recorded

in the Consolidated Income Statement in Financing.

Contingent consideration receivable

Estimates are required in respect of the amount of contingent consideration receivable on disposals, which

is determined according to formulae agreed at the time of the disposal and is normally related to the future

earnings of the disposed business. The Directors review the amount of contingent consideration likely to be

receivable at each period end date, the major assumption being the level of future profits of the disposed

business. The Group has outstanding contingent consideration receivable amounting to £1.2 million (2011 £1.6

million, 2010 £4.9 million).

Contingent consideration receivable is discounted to its fair value in accordance with applicable

International Financial Reporting Standards. For disposals completed prior to 4th October, 2009, the

difference between the fair value of these liabilities and the actual amounts payable is charged to the

Consolidated Income Statement as notional finance costs with remeasurement of the liability being recorded

against goodwill. For acquisitions completed in the current period, movements in the fair value of these

liabilities are recorded in the Consolidated Income Statement in Financing.

Adjusted profit

The Group presents adjusted earnings by making adjustments for costs and profits which management believe to

be exceptional in nature by virtue of their size or incidence or have a distortive effect on current year

earnings. Such items would include costs associated with business combinations, one off gains and losses on

disposal of businesses, properties and similar items of a non-recurring nature together with reorganisation

costs and similar charges, tax and by adding back impairment of goodwill and amortisation and impairment of

intangible assets arising on business combinations. See note 10 for a reconciliation of profit before tax to

adjusted profit.

Share-based payments

The Group makes share-based payments to certain employees. These payments are measured at their estimated

fair value at the date of grant, calculated using an appropriate option pricing model. The fair value

determined at the grant date is expensed on a straight-line basis over the vesting period, based on the

estimate of the number of shares that will eventually vest. The key assumptions used in calculating the fair

value of the options are the discount rate, the Group's share price volatility, dividend yield, risk free

rate of return, and expected option lives. Management regularly perform a true-up of the estimate of the

number of shares that are expected to vest, this is dependent on the anticipated number of leavers.

Taxation

Being a multinational Group with tax affairs in many geographic locations inherently leads to a highly

complex tax structure which makes the degree of estimation and judgement more challenging. The resolution of

issues is not always within the control of the Group and is often dependent on the efficiency of legal

processes. Such issues can take several years to resolve. The Group accounts for unresolved issues based on

its best estimate of the final outcome, however, the inherent uncertainty regarding these items means that

the eventual resolution could differ significantly from the accounting estimates and, therefore, impact the

Group's results and future cash flows. As described above, the Group makes estimates regarding the

recoverability of deferred tax assets relating to losses based on forecasts of future taxable profits which

are, by their nature, uncertain.

Retirement benefit obligations

The cost of defined benefit pension plans is determined using actuarial valuations prepared by the Group's

actuaries. This involves making certain assumptions concerning discount rates, expected rates of return on

assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature

of these plans, such estimates are subject to significant uncertainty. The assumptions and the resulting

estimates are reviewed annually and, when appropriate, changes are made which affect the actuarial

valuations and, hence, the amount of retirement benefit expense recognised in the Consolidated Income

Statement and the amounts of actuarial gains and losses recognised in the Statement of Changes in Equity.

The carrying amount of the retirement benefit obligation at 30th September, 2012 was a deficit of £324.4

million (2011 £336.2 million, 2010 £271.4 million). Further details are given in note 23. 3 SEGMENT ANALYSIS

The Group's business activities are split into seven operating divisions: RMS, business information,

events, Euromoney, national media, local media and radio. These divisions are the basis on which

information is reported to the Group Board. The segment result is the measure used for the purposes of

resource allocation and assessment and represents profit earned by each segment, including share of

results from joint ventures and associates but before exceptional operating costs, amortisation and

impairment charges, other gains and losses, net finance costs and taxation.

Details of the types of products and services from which each segment derives its revenues are included

within the business review on pages 8 to 15.

The accounting policies applied in preparing the management information for each of the reportable

segments are the same as the Group's accounting policies described in note 2.

Inter-segment sales are charged at prevailing market prices other than the sale of newsprint and related

services from the national media to the local media division which is at cost to the Group plus a margin

where relevant. The amount of newsprint sold between segments during the period amounted to £20.7 million

(2011 £23.6 million). Unaudited 52 weeks ending Note External Inter- Total Segment Less Operating profit 30th September, 2012 revenue segment revenue result operating before exceptional


                                                                revenue         
         profit of operating costs and
                                                                                
             joint    amortisation and
                                                                                
          ventures       impairment of
                                                                                
               and        goodwill and
                                                                                
        associates acquired intangible
                                                                                
                                assets

£m £m £m £m £m £m RMS 163.2 0.3 163.5

55.9 (0.2) 56.1 Business information 253.2 - 253.2

47.1 (0.8) 47.9 Events 88.8 - 88.8

21.2 0.1 21.1 Euromoney 394.1 0.1 394.2 112.5 0.6 111.9 National media 847.5 33.4 880.9

81.3 3.8 77.5 Local media 212.7 0.1 212.8

26.0 - 26.0 Radio - - -

9.5 9.5 -

1,959.5 33.9 1,993.4 353.5 13.0 340.5 Corporate costs

(40.8) Discontinued operations (212.7)

(26.0)

1,746.8 Operating profit before

273.7 exceptional operating costs and amortisation and impairment of goodwill and acquired intangible assets Exceptional operating costs, impairment

(73.1) of internally generated and acquired computer software, investment property and property, plant and equipment Impairment of goodwill and intangible assets

(19.4) Amortisation of acquired

(34.2) intangible asset s arising on business combinations Operating profit before share of

147.0 results of joint ventures and associates Share of result of joint

(1.8) ventures and associates Total operating profit

145.2 Other gains and losses

114.4 Profit before net

259.6 finance costs and tax Investment revenue

10.8 Finance costs

(64.1) Profit before tax

206.3 Tax

18.8 Profit from discontinued operations 21

54.8 Profit for the period

279.9

Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets

within the national media division comprised £106.8 million from newspapers, £6.4 million from digital and

unallocated divisional central costs of £35.7 million.

Included within corporate costs is a credit of £1.3 million which adjusts the pensions charge recorded in each

operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee benefits. 3 SEGMENT ANALYSIS CONTINUED

An analysis of the amortisation and impairment of goodwill and intangible assets, depreciation and impairment of

investment property, property, plant and equipment, exceptional operating costs, investment income and finance costs

by segment is as follows : Unaudited 52 weeks Amortisation Amortisation Impairment Exceptional Exceptional Depreciation Investment Finance ending of of of operating depreciation of revenue costs 30th intangible intangible goodwill costs, of property, September, assets not assets and impairment property, plant and 2012 arising on arising on intangible of plant and equipment

business business assets investment equipment


                   combinations combinations                property
                                                                 and
                                                          impairment
                                                        of property,
                                                           plant and
                                                           equipment
                                                                                
                   Note 6  Note 7

£m £m £m £m

£m £m £m £m RMS (1.2) - - - - (5.2) - - Business information (8.2) (8.8) (16.0) (0.7) - (5.9) 0.1 (0.1) Events - (5.5) - (0.9) - (0.5) 1.2 - Euromoney (0.3) (15.7) - (1.6) (0.1) (3.3) 0.2 1.0 National media (10.7) (4.2) (3.4) (22.5) (38.4) (22.0) 0.1 - Local media - (0.3) - (9.9) (0.5) (1.8) - -

(20.4) (34.5) (19.4) (35.6) (39.0) (38.7) 1.6 0.9 Corporate costs - - - (8.9) - (5.7) 9.2 (65.0)

(20.4) (34.5) (19.4) (44.5) (39.0) (44.4) 10.8 (64.1) Relating to discontinued operations - 0.3 - 10.4 - 11.1 - - Group total (20.4) (34.2) (19.4) (34.1) (39.0) (33.3) 10.8 (64.1)

The Group's exceptional operating costs represent closure and reorganisation costs in the national and local media

segments amounting to £25.6 million and an impairment charge of £6.5 million on the closure of a print site. In

Euromoney, restructuring costs amount to £1.6 million following the reorganisation of certain group functions and

recently acquired businesses. Included in corporate costs is a charge of £8.2 million relating to consultancy

services and an impairment charge of £0.7 million relating to investment property. The Group's tax charge includes a

related credit of £19.4 million in relation to these items. 3 SEGMENT ANALYSIS CONTINUED Audited 52 weeks External Inter- Total Segment Less Operating ending 2nd October, revenue segment revenue result operating profit 2011 revenue


     profit of                before
                                                                                
         joint exceptional operating
                                                                                
      ventures                 costs
                                                                                
           and                   and
                                                                                
    associates          amortisation
                                                                                
                                 and
                                                                                
                          impairment
                                                                                
                                  of
                                                                                
                            goodwill
                                                                                
                                 and
                                                                                
                            acquired
                                                                                
                          intangible
                                                                                
                              assets

Restated Restated Restated Restated

(note 2) (note 2) (note 2) (note 2)

Note £m £m £m

£m £m £m RMS 158.7 1.2 159.9 47.5 - 47.5 Business information 232.3 0.3 232.6 42.0 0.1 41.9 Events 132.1 - 132.1 38.8 - 38.8 Euromoney 363.1 - 363.1 93.4 0.5 92.9 National media 862.3 38.8 901.1 73.4 (2.4) 75.8 Local media 236.1 0.2 236.3 16.9 - 16.9 Radio - - - 6.7 6.7 -

1,984.6 40.5 2,025.1 318.7 4.9 313.8 Corporate costs

(32.5) Discontinued operations 21 (236.1)

(16.9)

1,748.5 Operating profit before

264.4 exceptional operating costs and amortisation and impairment of goodwill and acquired intangible assets Exceptional operating costs,

(41.9) impairment of internally generated and acquired computer software, investment property and property, plant and equipment Impairment of goodwill and

(10.7) intangible assets Amortisation of acquired

(41.7) intangible assets arising on business combinations Operating profit before share

170.1 of results of joint ventures and associates Share of result of joint

(2.7) ventures and associates Total operating profit

167.4 Other gains and losses

13.1 Profit before net finance

180.5 costs and tax Investment revenue

17.1 Finance costs

(71.7) Profit before tax

125.9 Tax

3.7 Profit from discontinued 21

(5.2) operations Profit for the period

124.4

Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets

within the national media division comprised £103.7 million from newspapers, a loss of £0.9 million from digital and

unallocated divisional central costs of £27.0 million.

Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets

within the national media division included £3.2 million from operations in central Europe.

Included within corporate costs is a credit of £1.9 million which adjusts the pensions charge recorded in each

operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee benefits. 3 SEGMENT ANALYSIS CONTINUED

An analysis of the amortisation and impairment of goodwill and intangible assets, depreciation and impairment of

investment property, property, plant and equipment, exceptional operating costs, investment income and finance costs

by segment is as follows : Audited 52 Amortisation Amortisation Impairment Exceptional Exceptional Depreciation Investment Finance weeks of of of operating depreciation

of revenue costs ending 2nd intangible intangible goodwill costs of property, October, assets assets and impairment property, plant 2011 not arising intangible of plant

and

arising on on assets investment and equipment


                 business     business               property    equipment
             combinations combinations                    and
                                                   impairment
                                                           of
                                                     property
                                                      , plant
                                                          and
                                                    equipment
                                                                                

Note 6 Note 7 Note £m £m £m £m £m

£m £m £m RMS (1.9) - - - - (5.3) 0.2 - Business (7.0) (7.5) - (1.3) - (6.8) - (0.2) information Events - (11.7) - 0.9 - (0.7) 1.3 - Euromoney (0.3) (13.1) (0.1) (3.2) - (2.7) 0.3 (2.9) National (9.2) (9.4) (10.6) (16.9) (14.8) (23.9) 0.2 (2.2) media Local - (0.8) (13.7) (10.4) (0.3) (3.5) - - media

(18.4) (42.5) (24.4) (30.9) (15.1) (42.9) 2.0 (5.3) Corporate - - - (6.7) - (4.7) 15.1 (66.4) costs

(18.4) (42.5) (24.4) (37.6) (15.1) (47.6) 17.1 (71.7) Relating to - 0.8 13.7 10.5 0.3

3.5 - - discontinued operations 21 Group total (18.4) (41.7) (10.7) (27.1) (14.8) (44.1) 17.1 (71.7) The Group's exceptional operating costs represent closure and reorganisation costs in the national and local media segments amounting to £24.9 million. In Euromoney, restructuring costs amount to £2.6 million following the closure and reorganisation of underperforming businesses, £1.0 million relates to the acquisition of Ned Davis Research Group offset by an exceptional credit of £0.4 million following resolution of a US legal dispute. Included in corporate costs is an impairment charge of £6.7 million relating to investment property. The Group's tax charge includes a related credit of £12.2 million in relation to these items. 3 SEGMENT ANALYSIS CONTINUED The Group's revenue comprises sales excluding value added tax, less discounts and commission where applicable and is analysed as follows :

Unaudited Unaudited Unaudited Unaudited Audited Audited Audited Audited


            52 weeks     52 weeks   52 weeks   52 weeks       52      52 weeks  
     52   52 weeks

ending ending ending ending weeks ending weeks ending 2nd

30th 30th 30th 30th ending 2nd ending October,


          September,   September, September, September,      2nd October, 2011  
    2nd       2011

2012 2012 2012 2012 October, October,

2011

2011

Total Discontinued Inter- Continuing Total Discontinued Inter- Continuing

operations segment operations operations segment operations


                        (note 21)                                    (note 21)
                                                        Restated                
          Restated
                                                        (note 2)                
          (note 2)

£m £m £m £m £m £m £m £m Sale of 786.0 - - 786.0 576.7 -

- 576.7 goods Rendering 1,207.4 (212.7) (33.9) 960.8 1,448.4 (236.1) (40.5) 1,171.8 of services

1,993.4 (212.7) (33.9) 1,746.8 2,025.1 (236.1) (40.5) 1,748.5 The Group includes circulation and subscriptions revenue within sales of goods, the remainder of the Group's revenue, excluding investment revenue is included within rendering of services. Investment revenue is shown in note 6. By geographic area The majority of the Group's operations are located in the United Kingdom, the rest of Europe, North America and Australia. The geographic analysis below is based on the location of companies in these regions. Export sales and related profits are included in the areas from which those sales are made. Revenue in each geographic market in which customers are located is not disclosed as there is no material difference between the two. Revenue is analysed by geographic area as follows :

Unaudited Unaudited Unaudited Audited Audited Audited

52 weeks 52 weeks 52 weeks 52 52 weeks 52 weeks

ending ending ending weeks ending ending

30th 30th 30th ending 2nd 2nd

September, September, September, 2nd October October,

2012 2012 2012 October, 2011 , 2011 2011

Total Discontinued Continuing Total Discontinued Continuing

operations operations operations operations

(note 21) (note 21)


                                                     Restated (note 2)          
    Restated (note 2)
                          £m           £m         £m                £m      

£m £m UK 1,234.9 (212.7) 1,022.2 1,288.6 (236.1) 1,052.5 Rest of Europe 68.2 - 68.2 42.6 - 42.6 North America 556.4 - 556.4 550.1 - 550.1 Australia 13.5 - 13.5 11.9 - 11.9 Rest of the World 86.5 - 86.5 91.4 - 91.4

1,959.5 (212.7) 1,746.8 1,984.6 (236.1) 1,748.5

The closing net book value of goodwill, intangible assets, plant and equipment and investment property is analysed by geographic area as follows :

Unaudited Audited Audited Unaudited Audited Audited

Closing net Closing Closing Closing net Closing net Closing net

book value net book net book book value book value book value

of goodwill value of value of of of of

goodwill goodwill intangible intangible intangible

assets assets assets

At 30th At 2nd At 3rd At 30th At 2nd At 3rd

September, October, October, September, October, October,

2012 2011 2010 2012 2011 2010

£m £m £m £m £m

£m UK 212.2 259.0 275.2 57.8 76.3 96.6 Rest of Europe 32.8 10.5 7.1 26.7 4.7 4.8 North America 439.8 457.2 433.4 191.2 199.8 267.1 Australia 1.5 1.5 1.5 0.7 0.8 0.8 Rest of the World 18.3 18.8 18.6 5.0 6.6 8.6

704.6 747.0 735.8 281.4 288.2 377.9


                       Unaudited     Audited     Audited   Unaudited     Audited  
     Audited

Closing net Closing net Closing net Closing net Closing net Closing net

book value book value book value book value book value book value of

of property, of of of of investment


                     plant and   property,   property,  investment  investment  
    property

equipment plant and plant and property property

(note 14)


                     (note 13)   equipment   equipment   (note 14)   (note 14)
                                 (note 13)   (note 13)
                       At 30th      At 2nd      At 3rd     At 30th      At 2nd  
      At 3rd
                    September,    October,    October,  September,    October,  
    October,
                          2012        2011        2010        2012        2011  
        2010

£m £m £m £m £m £m UK 207.1 258.3 311.8 6.8 21.6

11.6 Rest of Europe 1.1 14.8 17.3 - -

- North America 27.7 30.1 31.2 - -

- Australia 0.3 0.2 0.3 - -

- Rest of the World 1.9 2.0 5.6 - -


           -
                         238.1       305.4       366.2         6.8        21.6  
        11.6

The Group tests goodwill annually for impairment, or more frequently if there are indicators that goodwill might be

impaired. Intangible assets, all of which have finite lives, are tested separately from goodwill only where

impairment indicators exist. The total impairment charge recognised for the period was £19.4 million (2011 £24.4

million). Of the impairment charge for the period, £16.0 million relates to the financial sector of the business

information segment where trading continues below expectations and £3.4 million relates to computer software in the

national media segment. There is a deferred tax credit of £nil and a current tax credit of £0.8 million in relation

to this impairment charge (2010 deferred tax credit of £0.8 million, current tax credit of £0.9 million). 4 SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES

Unaudited Audited

52 weeks 52 weeks

ending 30th ending 2nd

September, October,

2012 2011


                                                                                
      Restated
                                                                                
      (note 2)

Note £m £m Share of profits from 3.2 (2.3) operations of joint ventures Share of profits from 0.3 0.5 operations of associates Share of profits before 3.5 (1.8) exceptional operating costs , amortisation, impairment of goodwill, interest and tax Share of exceptional (1.9) - operating osts of joint ventures Share of exceptional (0.5) - operating costs of associates Share of amortisation of (1.2) - intangibles of joint ventures Share of amortisation (0.3) (0.3) of intangibles of associates Share of associates (0.1) - ' interest payable Adjustment to the carrying - 3.0 value of joint venture on acquisition Impairment of carrying (i) - (3.2) value of joint venture Impairment of carrying (ii) (1.3) (0.4) value of associate

(1.8) (2.7)

Share of results from 0.1 (2.3) operations of joint ventures Share of results from (0.6) 0.2 operations of associates Adjustment to the carrying - 3.0 value of joint venture on acquisition Impairment of carrying value - (3.2) of joint venture Impairment of carrying value (1.3) (0.4) of associates

(1.8) (2.7)

(i) In the prior period represents a £0.2


     million write down in the carrying
     value of the Group's investment in
     Mail Today Newspapers Pvt. Limited in
     the national media segment and £3.0
     million write down in value of the
     Sanborn Map Company in the business

information segment. (ii) Represents a write down in the


     carrying value of the Group's
     investment in Social Metrix in the
     national media segment. In the prior
     period represents a write down in the
     carrying value of the Group's
     investment in Posvanete AD in the

local media segment.

5 OTHER GAINS AND LOSSES

Unaudited Audited

52 weeks 52 weeks

ending 30th ending 2nd

September, October,

2012 2011

Restated

(note 2)

Note £m

£m (Loss)/profit on disposal of (i) (0.6) 8.6 available-for-sale investments Impairment of available-for-sale assets (0.3) (0.2) Profit on disposal of property, plant 2.0 0.6 and equipment Profit on disposal of businesses (ii) 113.3 4.0 Profit on disposal of joint ventures - 0.1 and associates

114.4 13.1

(i) Represents the loss on disposal of the Group's investment in Herald Ventures. In the prior period

represents the profit on disposal of the Group's interest in CoStar, Inc. (ii) Largely represented by the £78.2 million profit on sale of The Digital Property Group in the National

media segment and £34.6 million profit on sale of Evanta in the Business information segment. In the

prior period, the profit on disposal of businesses mainly comprises the profit on disposal of various

exhibition businesses in the events segment.

There is a tax charge of £11.8 million (2011 £3.1 million) in relation to these items. 6 INVESTMENT REVENUE


                                                  Unaudited    Audited
                                                   52 weeks   52 weeks
                                                ending 30th ending 2nd
                                                 September,   October,
                                                       2012       2011

£m £m Expected return on defined benefit 8.5 12.3 pension scheme assets less interest on defined benefit pension scheme liabilities Dividend income 0.8 2.9 Interest receivable from short-term deposits 1.5 1.9

10.8 17.1

7 FINANCE COSTS

Unaudited Audited

52 weeks 52 weeks

ending ending

30th 2nd

September, October,

2012 2011

Note £m £m Interest, arrangement and commitment fees payable (59.5) (70.8) on bonds, bank loans and loan notes Premium on bond redemption (6.1) - Change in fair value of derivative hedge of bond 2.2 0.1 Change in fair value of hedged portion of bond (2.2) (0.1) Profit on derivatives, or portions thereof, not designate (0.4) 1.7 d for hedge accounting Finance charge on discounting of contingent consideration (i) (0.3) (0.4) Fair value movement on contingent consideration 0.2 (1.7) Change in fair value of acquisition put options 2.0 (0.5)

(64.1) (71.7)

(i) The finance charge


    on the discounting
    of contingent
    consideration
    arises from the
    requirement under
    IFRS 3 (2008),
    Business
    Combinations, to
    record contingent
    consideration at
    fair value using a
    discounted cash

flow approach. 8 TAX


                                              Unaudited  Audited
                                               52 weeks 52 weeks
                                                 ending   ending
                                                   30th      2nd
                                             September, October,
                                                   2012     2011
                                                        Restated
                                                        (note 2)

Note £m £m The credit on the profit for the period consists of : UK tax Corporation tax at 25.0 % (2011 27.0 %) (4.3) (2.4) Adjustments in respect of prior periods (i) 43.0 0.4

38.7 (2.0) Overseas tax Corporation tax (31.9) (19.3) Adjustments in respect of prior periods (i) (12.4) (0.9) Total current tax (5.6) (22.2) Deferred tax Origination and reversals of (24.0) 20.1 timing differences Adjustments in respect of prior periods (i) 39.1 7.0 Total deferred tax 15.1 27.1 Total Tax 9.5 4.9 Relating to discontinued operations 9.3 (1.2) Relating to continuing operations 18.8 3.7

(i) The net prior year credit of £69.7 million (2011 £6.5 million), arose largely from the agreement of certain prior

year issues with tax authorities and a reassessment of the level of tax provisions required, and a reassessment of

temporary differences.

Being a multinational Group with tax affairs in many geographic locations inherently leads to a highly complex tax

structure. The tax charge is reviewed and measured on a Group total basis only.

Adjusted tax on profits before amortisation and impairment of intangible assets, restructuring costs and

non-recurring items (adjusted tax charge) amounted to a charge of £39.0 million (2011 £33.7 million) and the

resulting rate is 15.2 % (2011 14.4 %). The differences between the tax credit and the adjusted tax charge are shown

in the reconciliation below :

Unaudited Audited

52 weeks 52 weeks

ending ending

30th 2nd

September, October,

2012 2011


                                                                                
        Restated
                                                                                
        (note 2)
                                                                                

£m £m Total tax credit/(charge) on the profit for the period

9.5 4.9 Deferred tax on intangible assets and goodwill (2.8) (0.9) Agreement of open issues with tax authorities (41.6) 1.0 Tax on other exceptional items (4.1) (38.7) Adjusted tax charge on the profit for the period (39.0) (33.7)

In calculating the adjusted tax rate, the Group excludes the potential future deferred tax effects of intangible assets and goodwill (other than internally generated and acquired computer software) as it prefers to give the users of its accounts a view of the tax charge based on the current status of such items. Tax on other exceptional items includes a net charge of £1.9 million (2011 £29.6 million) relating to the derecognition of tax losses and the reassessment of other temporary differences which are treated as exceptional due to their material impact on the Group's adjusted tax charge. The deferred tax assets disclosed in the Consolidated Statement of Financial Position in respect of deferred interest, tax losses and tax credits are analysed as follows :


                Unaudited Audited  Audited
                       At      At       At
                     30th     2nd      3rd
               September, October October,
                     2012    2011     2010

£m £m £m UK 39.6 56.2 56.8 North America 75.0 62.4 55.1 Australia 5.4 6.8 3.7

120.0 125.4 115.6

These losses have been recognised on the basis that the Directors are of the opinion based on recent and forecast trading, that sufficient suitable taxable profits will be generated in the relevant territories in future accounting periods, such that it is considered probable that these assets will be recovered. Of these assets none have an expiry date.

9 DIVIDENDS PAID

Unaudited Unaudited Audited Audited

52 52

52 52

weeks weeks weeks weeks

ending ending ending ending

30th 30th 2nd 2nd

September, September, October, October,

2012 2012 2011 2011

Pence Pence

per per

share £m share £m Amounts recognisable as distributions to equity holders in the period Ordinary shares - final 11.70 2.5

- - dividend for the year ended 2nd October, 2011 `A' Ordinary Non-Voting 11.70 42.3

- - shares - final dividend for the year ended 2nd October, 2011 Ordinary shares - final - - 11.00 2.0 dividend for the year ended 3rd October, 2010 `A' Ordinary Non- - - 11.00 40.1 Voting shares - final dividend for the year ended 3rd October, 2010

44.8

42.1 Ordinary shares - interim 5.60 1.1

- - dividend for the year ended 30th September, 2012 `A' Ordinary Non- 5.60 20.3

- - Voting shares - interim dividend for the year ended 30th September, 2012 Ordinary shares - - - 5.30 1.1 interim dividend for the year ended 2nd October, 2011 `A' Ordinary Non- - - 5.30 19.2 Voting shares - interim dividend for the year ended 2nd October, 2011


                                                                        21.4    
          20.3

17.30 66.2 16.30 62.4

The Board has declared a final dividend of 12.4 p per Ordinary / 'A' Ordinary Non-Voting share

(2011 11.7 p) which will absorb an estimated £47.5 million (£44.8 million) of shareholders' funds

for which no liability has been recognised in these financial statements. It will be paid on 10th

February, 2012 to shareholders on the register at the close of business on 30th November, 2012.

10 ADJUSTED PROFIT


                                                                                
        Unaudited  Audited
                                                                                
               52       52
                                                                                
            weeks    weeks
                                                                                
           ending   ending
                                                                                
             30th      2nd
                                                                                
       September, October,
                                                                                
             2012     2011
                                                                                
                  Restated
                                                                                
                  (note 2)
                                                                                

£m £m Profit before tax -

206.3 125.9 continuing operations Profit/(loss) before tax -

21.1 (6.4) discontinued operations Profit on disposal of

43.0 - discontinued operations Add back : Amortisation of

34.5 42.5 intangible assets in Group profit from operations arising on business combinations Amortisation of

4.7 3.7 intangible assets in joint ventures and associates arising on business combinations Impairment of goodwill and

19.4 24.4 intangible assets arising on business combinations Exceptional operating

73.1 41.9 costs, impairment of internally generated and acquired computer software, investment property and property, plant and equipment - continuing operations Exceptional operating costs,

10.4 10.8 impairment of internally generated and acquired computer software, investment property and property, plant and equipment - discontinued operations Share of exceptional operating

1.9 - costs of joint ventures Share of exceptional

0.5 - operating costs of associates Impairment of carrying value

- 0.2 of joint venture net of fair value adjustment on acquisition Impairment of carrying

1.3 0.4 value of associate - continued operations Impairment of

0.3 - carrying value of associate - discontinued operations Other gains and losses : Loss/(profit) on disposal of


                                      0.6    (8.6)
                           available-for-sale investments
                           Profit on disposal of property, plant                
            (2.0)    (0.6)
                           and equipment
                           Profit on disposal of                                
          (113.3)    (4.0)
                           businesses
                           Impairment of available-for-                         
              0.3      0.2
                           sale assets
                           Profit on disposal of joint                          
                -    (0.1)
                           ventures and associates
                           Loss/(profit) on                                     
              0.1    (1.7)
                           disposal of businesses

within discontinued operations Finance costs :


                           Change in fair value of                              
            (2.0)      0.5
                           acquisition put options
                           Fair value movement on                               
            (0.2)      1.7

contingent consideration Tax :


                           Share of tax in joint ventures                       
            (1.6)      1.3

and associates Profit from discontinued operations :


                           Profit on disposal of                                
           (43.0)        -

discontinued operations Adjusted profit before tax and

255.4 232.1 non-controlling interests Total tax credit on

9.5 4.9 the profit for the period Adjust for :


                           Deferred tax                                         
            (2.8)    (0.9)
                           on intangible
                           assets and
                           goodwill
                           Agreed open                                          
           (41.6)      1.0
                           issues with tax
                           authorities
                           Tax on other                                         
            (4.1)   (38.7)
                           exceptional

items Non-controlling interests

(27.3) (21.8) Adjusted profit after taxation

189.1 176.6 and non-controlling interests

The adjusted non-controlling interests share of profits for the period of £27.3 million (2011 £21.8 million) is

stated after eliminating a credit of £4.6 million (2011 £6.0 million), being the non-controlling interests share of

adjusting items. 11 EARNINGS PER SHARE

Basic earnings per share of 67.2 p (2011 28.3 p) and diluted earnings per share of 65.1 p (2011 27.7 p)

are calculated, in accordance with IAS 33, Earnings per share, on Group profit for the financial period

of £202.4 million (2011 £113.7 million) as adjusted for the effect of dilutive ordinary shares of £0.6

million (2011 £1.0 million) and earnings from discontinued operations of £54.8 million (2011 loss £5.2

million) and on the weighted average number of ordinary shares in issue during the period, as set out

below.

As in previous years, adjusted earnings per share have also been disclosed since the Directors consider

that this alternative measure gives a more comparable indication of the Group's underlying trading

performance. Adjusted earnings per share of 49.4 p (2011 46.1 p) are calculated on profit for continuing

and discontinued operations before exceptional operating costs, impairment of goodwill and intangible

assets, amortisation of intangible assets arising on business combinations, other gains and losses and

exceptional financing costs after taxation and non-controlling interests associated with those profits,

of £189.1 million (2011 £176.6 million), as set out in note 10 above, and on the basic weighted average


    number of ordinary shares in issue during the period.
    Basic and diluted earnings per share
                                       Unaudited  Unaudited  Audited  Audited
                                              52         52       52       52
                                           weeks      weeks    weeks    weeks
                                          ending     ending   ending   ending
                                            30th       30th      2nd      2nd
                                      September, September, October, October,
                                            2012       2012     2011     2011
                                           Basic    Diluted    Basic  Diluted
                                        earnings   earnings earnings earnings

£m £m £m £m Earnings from continuing operations 202.4 202.4 113.7 113.7 Effect of dilutive ordinary shares - (0.6) - (1.0) Earnings from discontinued operations 54.8 54.8 (5.2) (5.2)

257.2 256.6 108.5 107.5

Unaudited

Unaudited Audited Audited


                                                                           52   
          52               52        52
                                                                        weeks   
       weeks            weeks     weeks
                                                                       ending   
      ending           ending    ending
                                                                         30th   
        30th     2nd October,       2nd

September, September, 2011 October,


                                                                         2012   
        2012                       2011
                                                                        Basic   
     Diluted            Basic   Diluted
                                                                        pence   
       pence            pence     pence

per share

per share per share per share


                                                                                
                     Restated  Restated
                                                                                

(note 2) (note 2) Earnings per share from continuing 52.9

51.4 29.7 29.3 operations Effect of dilutive ordinary shares -

(0.2) - (0.3) Earnings per share from discontinued 14.3

13.9 (1.4) (1.3) operations Basic earnings per share from continuing 67.2

65.1 28.3 27.7 and discontinued operations

Adjusted earnings per share

Unaudited Unaudited Audited Audited

52 52 52 52

weeks weeks weeks weeks

ending ending ending ending

30th 30th 2nd 2nd

September, September, October, October,

2012 2012 2011 2011

Basic Diluted Basic Diluted

pence pence pence pence

per per per per

share share share share


                                                                                
               Restated Restated
                                                                                

(note 2) (note 2) Profit before tax - continuing 53.9 52.4 32.9 32.5 operations Effect of dilutive ordinary - (0.2) - (0.3) shares Profit/(loss) before tax - discontinued 5.5 5.4 (1.7) (1.7) operations Profit on disposal 11.2 10.9 - - of discontinued operations Add back : Amortisation of intangible assets in Group 9.0 8.8 11.1 11.0 profit from operations arising on business combinations Amortisation of intangible assets in joint 1.2 1.2 1.0 1.0 ventures and associates arising on business combinations Impairment of goodwill and 5.1 4.9 6.4 6.3 intangible assets arising on business combinations Exceptional operating costs, impairment of 19.1 18.6 10.9 10.8 internally generated and acquired computer software, investment property and property, plant and equipment - continuing operations Exceptional operating costs, impairment of internally 2.7 2.6 2.8 2.8 generated and acquired computer software, investment property and property, plant and equipment - discontinued operations Share of exceptional operating costs of joint ventures 0.5 0.5 - - Share of exceptional operating costs of associates 0.1 0.1 - - Impairment of carrying -

- 0.1 0.1 value of joint venture net of fair value adjustment on acquisition Impairment of carrying value of 0.3 0.3 0.1 0.1 associate - continued operations Impairment of 0.1 0.1 - - carrying value of associate - discontinued operations Other gains and losses :

Loss/(profit) on disposal of 0.2 0.2 (2.2) (2.2)

available-for-sale investments

Profit on disposal of property, plant (0.5) (0.5) (0.2) (0.2)

and equipment

Profit on disposal of (29.6) (28.8) (1.0) (1.0)

businesses

Impairment of available-for- 0.1 0.1 0.1 0.1


                                sale assets
                                Profit on disposal of businesses               -
          -    (0.4)    (0.4)

within discontinued operations Finance costs :

Change in fair value of (0.5) (0.5) 0.1 0.1

acquisition put options

Fair value movement on (0.1) (0.1) 0.4 0.4

contingent consideration Tax :

Share of tax in joint ventures (0.4) (0.4) 0.3 0.3

and associates Profit from discontinued operations :

Profit on disposal of (11.2) (10.9) - -

discontinued operations Adjusted profit before tax and non- 66.7 64.7 60.7 59.7 controlling interests Total tax credit on the profit for 2.5 2.4 1.3 1.3 the period Adjust for :

Deferred tax on intangible (0.7) (0.7) (0.2) (0.2)

assets and goodwill

Agreed open issues with tax (10.9) (10.6) 0.3 0.3

authorities

Tax on other (1.1) (1.0) (10.2) (10.1)

exceptional items Non-controlling interests (7.1) (6.9) (5.8) (5.7) Adjusted profit after taxation and non- 49.4 47.9 46.1 45.3 controlling interests

The weighted average number of ordinary shares in issue during the period for the purpose of these calculations is as follows :


                                      Unaudited  Audited
                                             52       52
                                          weeks    weeks
                                         ending   ending
                                           30th      2nd
                                     September, October,
                                           2012     2011
                                         Number   Number

m m Number of ordinary shares in issue 392.7 392.6 Shares held in Treasury (9.9) (9.8) Basic earnings per share denominator 382.8 382.8 Effect of dilutive share options 10.9 5.0 Dilutive earnings per share 393.7 387.8 denominator

12 ANALYSIS OF NET DEBT

Unaudited Audited

At At

30th 2nd

September, October,

2012 2011

Note

£m £m Net debt at start including derivatives (719.6) (862.0) Cash flow (i) 85.1 109.3 Foreign exchange movements 22.7 35.6 Other non-cash movements (1.2) (2.5) Net debt at year end including derivatives (613.0) (719.6)

Analysed as : Cash and cash equivalents 104.7 174.3 Cash and cash equivalents included within 2.6 - assets held for resale Unsecured bank overdrafts

- (2.6) Cash and cash equivalents in the cash flow statement 107.3 171.7 Debt due within one year Bonds (47.3) - Other short term debt (ii)

- (23.4) Loan notes (2.6) (3.3) Debt due in more than one year Bonds (678.1) (832.0) Net debt at year end (620.7) (687.0) Effect of derivatives on bank loans (ii)

7.7 (32.6) Net debt including derivatives (613.0) (719.6)

(i) The net cash outflow of £62.8 million (2011 £107.4 million) includes a cash outflow of £40.5 million

(2011 £16.5 million) in respect of operating exceptional items. (ii) The effect of derivatives on bank debt is the net currency gain or loss on derivatives entered into with

the intention of economically converting the currency of drawn debt to an alternative currency.

13 PROPERTY, PLANT AND EQUIPMENT

During the year the Group spent £60.2 million (2011 £33.0 million) on property, plant and equipment.

The Group also disposed of certain of its property, plant and equipment with a carrying value of £31.1

million (2011 £2.6 million) for proceeds of £33.1 million (2011 £3.2 million).

In July 2012 the Group announced the conditional sale of a part leasehold part freehold interest in its

14.57 acre Harmsworth Quays printing works site at Canada Water in South East London to British Land. All

conditions are expected to be met well in advance of the proposed completion date in late 2013 when

British Land will take possession of the site following the relocation of DMGT's printing operations from

Harmsworth Quays to Thurrock. No asset has been recognised for the excess of proceeds over carrying value

on sale of this asset as this represents a contingent asset.

14 INVESTMENT PROPERTY

During the year a number of the Group's freehold properties ceased to be owner occupied and became

subject to letting activity. In accordance with the Group's accounting policy these properties with a net

book value of £0.9 million have been transferred out of property, plant and equipment and into investment

property.

In September 2012 the Group transferred several of its investment properties to its pension scheme in an

arm's length transaction. These properties had a carrying value of £20.5 million and were transferred at

an open market valuation of £24.0 million.

The fair value of the Group's investment properties as at 30th September, 2012 was £7.6 million (2011

£25.0 million). This was arrived at by reference to market evidence for similar properties and was

carried out by an officer of the Group's property department. Property rental income earned by the Group

from its investment properties amounted to £0.8 million (2011 £0.5 million). Direct operating expenses

arising on the investment properties in the period amounted to £0.4 million (2011 £0.1 million). The

leases have an expiry date of between 1 and 5 years. 15 ACQUISITION PUT OPTION COMMITMENTS


              Unaudited  Audited  Audited
                     At       At       At
                   30th      2nd      3rd
             September, October, October,
                   2012     2011     2010

£m £m £m Current 4.5 1.1 1.1 Non-current 4.1 10.7 -

8.6 11.8 1.1

16 BORROWINGS


                         Unaudited  Audited Audited
                                At       At      At
                              30th      2nd     3rd
                        September, October, October
                              2012     2011  , 2010

£m £m £m Current liabilities Bonds 47.3 - - Bank overdrafts - 2.6 1.4 Bank loans - - 0.5 Other short term debt - 23.4 - Finance leases - - 5.1 Loan notes 2.6 3.3 7.3

49.9 29.3 14.3

Non-current liabilities Bonds 678.1 832.0 853.2 Bank loans - - 2.2 Finance leases - - 15.2

678.1 832.0 870.6

17 BANK LOANS

The Group's bank loans bear interest charged at LIBOR plus a margin based on the Group's ratio of net

debt to EBITDA. Additionally each facility contains a covenant based on a minimum interest cover ratio.

EBITDA for these purposes is defined as the aggregate of the Group's consolidated operating profit before

share of results of joint ventures and associates before deducting depreciation, amortisation and

impairment of goodwill, intangible and tangible assets, before exceptional items and before interest and

finance charges. These covenants were met at the relevant test dates during the period.

The Group's interim internal target of Net Debt to EBITDA cover is 2.0 to 2.5 times whilst the limit

imposed by its bank covenants is no greater than 3.75 times. On a bank covenant basis the ratio uses the

average exchange rate in the calculation of net debt. The resultant Net Debt to EBITDA ratio is 1.65

times (2011 1.96 times, 2010 2.33 times). Using a closing rate basis for the valuation of net debt, the

ratio was 1.62 times.

During the period the Group cancelled certain of its committed borrowing facilities amounting to £90.0


    million which were surplus to the Group's requirements.
    The Group's facilities and their maturity dates are as follows :

Unaudited Audited Audited

At At At

30th 2nd 3rd

September, October, October,

2012 2011 2010

£m £m £m Expiring in one year or less - - 180.0 Expiring in more than one year but not more than two years - 90.0 - Expiring in more than two years but not more than three years - - 240.0 Expiring in more than three years but not more than four years 300.7 - - Expiring in more than four years but not more than five years - 300.0 - Total bank facilities 300.7 390.0 420.0

The following undrawn committed borrowing facilities were available to the Group in respect of which all conditions precedent had been met :

Unaudited Audited Audited

At At At

30th 2nd 3rd

September, October, October,

2012 2011 2010

£m £m £m Expiring in one year or less - - 153.6 Expiring in more than one year but not more than two years - 36.4 - Expiring in more than two years but not more than three years - - 201.6 Expiring in more than three years but not more than four years 298.3 - - Expiring in more than four years but not more than five years - 291.1 - Total undrawn committed bank facilities 298.3 327.5 355.2

The above undrawn committed borrowing facilities are stated net of letters of credit drawn in favour of the Trustees of

the Group's defined benefit pension fund amounting to £nil (2011 £53.6 million 2010 £54.5 million) together with other

guarantees of £2.4 million (2011 £9.3 million 2010 £8.1million). 18 SHARE CAPITAL AND RESERVES

Share capital as at 30th September, 2012 amounted to £49.1 million which was unchanged during the period.

During the year the Company disposed of 7,018,953 'A' Ordinary non-Voting shares, in order to satisfy incentive

schemes. This represented 1.88% of the called up 'A' Ordinary Non-Voting share capital at 30th September, 2012.

The Company also purchased 7,478,953 'A' Ordinary Non-Voting shares having a nominal value of £934,869 to match

obligations under incentive plans. The consideration paid for these shares was £30.1 million. Shares repurchased during

the period represented 2.0% of the called up 'A' Ordinary Non-Voting share capital at 30th September, 2012.

At 30th September, 2012 options were outstanding under the terms of the Company's 1997 and 2006 Executive Share Option

Schemes, together with nil cost options, over a total of 4,929,968 (2011 5,399,633 , 2010 5,557,567) 'A' Ordinary

Non-Voting shares.

19 SUMMARY OF THE EFFECTS OF ACQUISITIONS

In April, 2012 the Group acquired Jobrapido, one of the world's largest job search engines.

Provisional fair value of net assets acquired with Jobrapido :

Book Provisional Provisional

value fair value fair value

adjustments

£m £m £m Goodwill - 24.3 24.3 Intangible assets 0.1 22.9 23.0 Property, plant and equipment 0.1 - 0.1 Trade and other receivables 3.1 - 3.1 Cash and cash equivalents 6.1 - 6.1 Trade and other payables (5.0) - (5.0) Deferred tax - (6.3) (6.3) Group share of net assets acquired 4.4 40.9 45.3

Cost of acquisition:


                                  Non-    Cash Total
                                  cash paid in
                                       current
                                        period

£m £m £m Contingent consideration 16.1 - 16.1 Cash - 29.2 29.2 Total consideration at fair value 16.1 29.2 45.3

A summary of notable acquisitions completed during the period were as follows : Name of Segment % Business Date of Consideration Intangible Goodwill acquisition voting description acquisition paid fixed arising

rights assets

acquired acquired

£m

£m £m Intelliworks Business 100% Provider of December 8.5

3.7 7.2


             information          marketing,           , 2011
                                  recruiting,
                                  enrolment &
                                  CRM solutions
                                  for higher
                                  education

colleges PrepMe Business 100% Provider of February 2.5

1.8 1.4


             information          adaptive             , 2012
                                  learning

services BUILDERadius Business 58% Provider of November 5.7

3.2 6.9


             information          building safety      , 2011
                                  and code
                                  enforcement
                                  software and

services Springrock Business 100% Provider of April, 4.7

2.9 1.8


             information          North American         2012
                                  natural gas and
                                  crude oil
                                  production

forecasts Navitas Business 100% Provider of August, 1.5

1.5 -


             information          renewable fuels        2012
                                  consultancy

services Global Grain Euromoney 50% International February, 5.2

1.3 4.4

grain 2012

conferences Jobrapido National 100% Job search April, 45.3 23.0 24.3

media engine 2012 19 SUMMARY OF THE EFFECTS OF ACQUISITIONS CONTINUED

Provisional fair value of net assets acquired with all acquisitions :


                                                 Book   Provisional Provisional
                                                 value  fair value  fair value
                                                        adjustments

£m £m £m Goodwill - 46.3 46.3 Intangible assets - 37.9 37.9 Trade and other receivables 4.5 - 4.5 Cash and cash equivalents 6.6 - 6.6 Trade and other payables (12.5) - (12.5) Deferred tax 1.1 (9.8) (8.7) Group share of net assets acquired (0.3) 74.4 74.1

Cost of acquisitions:


                                  Non-cash Cash paid in   Total
                                           current period

£m £m £m Contingent consideration 20.7 - 20.7 Reclassification of investment in 5.7 - 5.7 associate Cash - 47.7 47.6 Total consideration at fair value 26.4 47.7 74.1

The amount of goodwill which is deductible for the purposes of calculating the Group's tax charge amounts to £8.4 million. The contingent consideration is based on future business valuations and profit multiples and has been estimated on an acquisition by acquisition basis using available data forecasts. The range of undiscounted outcomes for contingent consideration relating to acquisitions in the year is £nil to £42.9 million. Certain contingent consideration arrangements are not capped since they are based on future business performance (note 35). The contingent consideration has been discounted back to current values in accordance with IFRS 3, Business Combinations. In each case, the Group has used acquisition accounting to account for the purchase. If all acquisitions had been completed on the first day of the financial period, Group revenues for the period would have been £1,761.1 million and Group profit attributable to equity holders of the parent would have been £258.8 million. This information takes into account the amortisation of acquired intangible assets together with related income tax effects but excludes any pre-acquisition finance costs and should not be viewed as indicative of the results of operations that would have occurred if the acquisitions had actually been completed on the first day of the financial period. Total losses attributable to equity holders of the parent since the date of acquisition for companies acquired during the period amounted to £1.0 million. Goodwill arising on the acquisitions is principally attributable to the anticipated profitability relating to the distribution of the Group's products in new and existing markets and anticipated operating synergies from the business combinations. Purchase of additional shares in controlled entities


                              Unaudited  Audited
                                     52       52
                                  weeks    weeks
                                 ending   ending
                                   30th      2nd
                             September, October,
                                   2012     2011

£m £m Cash consideration excluding 14.8 2.7 acquisition expenses

During the period, the Group acquired additional shares in controlled entities amounting to £14.8 million (2011 £2.7 million). In addition, the Group opted to receive a scrip dividend from Euromoney Institutional Investor PLC (Euromoney) amounting to £16.0 million (2011 £14.2 million) thereby acquiring a further 0.6 % (2011 0.5 %) of the issued ordinary share capital of Euromoney. Under the Group's accounting policy for the acquisition of shares in controlled entities, no adjustment has been recorded to the fair value of assets and liabilities already held on the Condensed Consolidated Statement of Financial Position. The difference between the cost of the additional shares and the carrying value of the non controlling interests share of net assets is adjusted in retained earnings. The adjustment to retained earnings in the period was a charge of £13.5 million (2011 £4.3 million). Reconciliation to purchase of subsidiaries as shown in the Condensed Consolidated Cash Flow Statement:

Unaudited Audited

52 52

weeks weeks

ending ending

30th 2nd

September, October,

2012 2011

£m

£m Cash consideration excluding 47.7 74.1 acquisition expenses Cash paid to settle contingent 7.7 12.0 consideration in respect of acquisitions Cash and cash equivalents acquired with (6.6) (4.8) subsidiaries Purchase of subsidiaries 48.8 81.3

Cash paid in respect of contingent consideration relating to prior year acquisitions includes £3.3 million within

Business information, £0.6 million within Euromoney and £3.7 million within National media.

The businesses acquired during the year absorbed £0.5 million of the Group's net operating cash flows, £nil

attributable to investing and £nil attributable to financing activities. 20 SUMMARY OF THE EFFECTS OF DISPOSALS

On October 14th, 2011 the Group announced that it had agreed to merge the online property business of its Digital

Property Group ("DPG"), which includes FindaProperty.com and Primelocation.com, with those of Zoopla Limited

("Zoopla") operator of Zoopla.co.uk. Zoopla is a privately-owned company which has venture capital interests as its

largest shareholders. Following the transaction, the Group retained a 52.25% interest in the newly merged entity,

however since the Group has joint management control the investment in Zoopla has been equity accounted as a joint


    venture.
    The net assets disposed were as follows :

£m Goodwill 39.6 Intangible assets 1.6 Trade and other receivables 4.1 Cash at bank and in hand 0.1 Trade and other payables (1.9) Deferred tax 0.4 Net assets disposed 43.9 Profit on sale of businesses 78.2

122.1

Satisfied by : Fair value of 52.25% holding in Zoopla 125.4 Directly attributable costs (3.3)

122.1 During the period DPG absorbed £1.0 million of the Group's net operating cash flows, paid £nil in respect of investing activities and paid £nil in respect of financing activities. In addition in September, 2012 the Group disposed of Evanta Ventures, Inc. from the events segment. The net assets disposed were as follows :

£m Goodwill 7.2 Intangible assets 10.1 Property, plant and equipment 0.2 Inventories 1.3 Trade and other receivables 2.7 Trade and other payables (7.2) Deferred tax 0.2 Net assets disposed 14.5 Profit on sale of businesses 34.6

49.1

Satisfied by : Cash received 59.5 Recycled cumulative translation differences 0.9 Directly attributable costs (11.3)

49.1

During the period Evanta generated £3.5 million of the Group's net operating cash flows, paid £nil in respect of

investing activities and paid £nil in respect of financing activities. 20 SUMMARY OF THE EFFECTS OF DISPOSALS CONTINUED

A summary of notable disposals completed during the period were as follows : Name of disposal Segment Date of Fair value of

disposal consideration

£m Teletext National Media December, 2011 2.0 Motors.co.uk National Media March, 2012 0.9 Zambeasy.co.uk National Media January, 2012 0.5 Chew Valley Regional Media January, 2012 0.3 Digital Property Group National Media May, 2012 125.4 Evanta Events September, 2012 57.0

The impact of all disposals of businesses on net assets was :

£m

Goodwill 47.9 Intangible assets 12.4 Property, plant and equipment 0.3 Inventories 1.2 Trade and other receivables 10.1 Cash at bank and in hand 0.6 Trade and other payables (13.4) Corporation tax 0.1 Deferred tax 1.7 Net assets disposed 60.9 Profit on disposal of businesses 113.3

174.2

Satisfied by: Cash received 63.2 Fair value of 52.25% holding in Zoopla 125.4 Amounts receivable 6.0 Provision against amounts receivable (4.0) Recycled cumulative translation differences 0.9 Directly attributable costs (17.3)

174.2

Reconciliation to disposal of businesses as shown in the Condensed Consolidated Cash Flow Statement :

£m Cash consideration net of disposal costs 45.9 Cash received in current period relating to GLM 12.3 Cash and cash equivalents disposed with subsidiaries (0.6) Proceeds on disposal of businesses 57.6

In addition, the Group's interest in Euromoney was diluted during the period by 0.1 % (2011 0.3 %). Under

the Group's accounting policy for the disposal of shares in controlled entities, no adjustment has been

recorded to the fair value of assets and liabilities already held on the Condensed Consolidated Statement of

Financial Position. The difference between the Group's share of net assets before and after this dilution is

adjusted in retained earnings. The adjustment to retained earnings in the period was a credit of £0.1

million (2011 £0.5 million).

All of the businesses disposed of during the year absorbed £2.6 million of the Group's net operating cash

flows, had £nil attributable to investing and £nil attributable to financing activities. 21 DISCONTINUED OPERATIONS

In August 2012 the Group disposed of its 50.0 % joint venture investment in DMG Radio Investments Pty Ltd

for proceeds of A$86.2 million (£56.1 million). This business was one of the Group's operating segments and

represented the only operation in the radio segment.

In November 2012 the Group announced it had reached agreement to sell its local media segment to Local

World, a newly formed media group that will combine the Group's local media titles with those of Iliffe News

and Media Limited. The Group will receive consideraiton of £52.5 million and a 38.7 % share in Local World.

The Group's Consolidated Income Statement includes the following results from these discontinued operations

:

Unaudited Audited


                                                                                
      52       52

weeks weeks

ending ending


                                                                                
    30th      2nd

September, October,


                                                                                
    2012     2011
                                                                                

£m £m Revenue

212.7 236.1 Expenses (175.6) (215.7) Depreciation

(11.1) (3.5) Operating profit before

26.0 16.9 exceptional operating costs and amortisation and impairment of goodwill and intangible assets Exceptional operating costs (10.4) (10.8) Impairment of goodwill

and intangible assets

- (13.7) Amortisation of intangible assets

(0.3) (0.8) Operating profit/(loss) before

share of results of joint ventures and associates

15.3 (8.4) Share of profits from

operations of joint ventures

9.5 6.7 Share of amortisation of intangibles of joint ventures

(3.2) (3.4) Share of joint ventures' interest payable

(1.7) (1.7) Share of joint ventures' tax

1.6 (1.3) Impairment of carrying

value of associate

(0.3) - Total operating profit

/(loss)

21.2 (8.1) Other gains and losses

(0.1) 1.7 Profit/(loss)

before tax

21.1 (6.4) Tax

(9.3) 1.2 Profit/(loss) after

tax attributable to discontinued operations

11.8 (5.2) Profit on disposal of

43.0 - discontinued operations Profit/(loss) attributable to

discontinued operations

54.8 (5.2)

Tax charged with the profit on disposal of discontinued operations amounted to £nil (2011 £nil).

Cash flows associated with discontinued operations comprises operating cash flows of £27.8 million

(2011 £20.4 million), investing cash flows of £nil (2011 £0.7 million) and financing cash flows of £nil

million (2011 £nil).

22 TOTAL ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE

In November 2012 the Group accounced it had reached agreement to sell its Local media segment to Local

World, a newly formed media group that will combine the Group's Local media titles with those of Iliffe

News and Media Limited. DMGT will receive consideraiton of £52.5 million and a 38.7 % share in Local

World. The transaction is expected to complete in early 2013. In addition several of the Group's

Central European businesses were sold following the year end. Accordingly the assets and liabilities of

these businesses have been disclosed separately on the face of the Consolidated Statement of Financial

Position.

The main classes of assets and liabilities comprising the operations classified as held for sale are

set out in the table below. These assets and liabilities are recorded at their fair values with all

losses taken to the Consolidated Income Statement.

£m Goodwill 12.2 Intangible assets 3.8 Deferred tax 6.4 Property, plant and equipment 17.7 Interests in joint ventures 1.1 Interests associates 0.4 Inventories 0.6 Trade and other receivables 26.9 Cash at bank and in hand 2.6

Total assets associated with businesses held for sale 71.7

Trade and other payables 31.4 Provisions 2.2

Total liabilities associated with businesses held for sale 33.6

Net assets of the disposal group 38.1

23 RETIREMENT BENEFITS

The Group operates a number of pension schemes under which contributions are paid by the employer and

employees. The total net pension costs of the Group for the year ended 30th September 2012 were £11.8

million (2011 £16.5 million, 2010 £27.7 million).

The schemes include funded defined benefit pension arrangements, providing service-related benefits, in

addition to a number of defined contribution pension arrangements. The defined benefit schemes in the UK,

together with some defined contribution plans, are administered by trustees or trustee companies.

In compliance with recent legislation the Group is making arrangements for relevant employees to be

automatically enrolled into the defined contribution pension plans. The first staging date for the Group

for automatic enrolment is expected to be July 2013.

For reporting years beginning on or after 1st January, 2013, a revision to the International Accounting

Standard 19 - Employee Benefits (IAS19 R) will become effective. IAS19 R will first apply to the Group for

the year ending 28th September, 2014. Had IAS19 R been applied at the year ended 30th September, 2012,

Finance Costs reported in the Consolidated Income Statement would have increased by £23.5 million (2011

£25.1 million, 2010 £22.5 million) with a corresponding decrease in the actuarial loss reported within

Cumulative actuarial (loss)/gain in the Consolidated Statement of Comprehensive Income (SOCI).

The defined benefit obligation is calculated on a year-to-date basis, using the latest actuarial valuation

as at 29th March, 2009. The assumptions used in the valuation are summarised below:


                                           Unaudited       Audited  Audited
                                                  52            52       52
                                               weeks         weeks    weeks
                                              ending        ending   ending
                                                30th           2nd      3rd
                                          September, October, 2011 October,
                                                2012                   2010

% pa % pa % pa Price inflation 2.4 3.0 3.1 Salary increases 2.4 2.9 2.9 Pension increases 2.4 2.9 2.9 Discount rate for scheme liabilities 4.4 5.2 5.0 Expected overall rate of return on assets 6.0 6.7 6.6

The discount rate for scheme liabilities reflects yields at the period end date on high quality corporate bonds. All assumptions were selected after taking actuarial advice. Mortality assumptions take account of scheme experience, and also allow for further improvements in life expectancy based on `long cohort' projections but with a minimum rate of improvement in future mortality rates of 1.5% per annum. Allowance is made for the extent to which employees have chosen to commute part of their pension for cash at retirement.

Unaudited Audited Audited

52

52 52

weeks weeks weeks

ending ending ending

30th 2nd 3rd

September, October, October,

2012 2011 2010

£m

£m £m Present value of defined benefit (2,089.0) (1,921.1) (1,878.2) obligation Assets at fair value 1,764.6 1,584.9 1,606.8 (Deficit)/surplus reported in the (324.4) (336.2) (271.4) Consolidated Statement of Financial Position

24 CONTINGENT LIABILITIES

The Group has issued stand by letters of credit in favour of the Trustees of the Group's defined

benefit pension fund amounting to £nil (2011 £53.6 million, 2010 £54.5 million) together with other

guarantees of £2.4 million (2011 £9.3 million 2010 £8.1million).

The Group is exposed to libel claims in the ordinary course of business and vigorously defends against

claims received. The Group makes provision for the estimated costs to defend such claims when incurred

and provides for any settlement costs when such an outcome is judged probable.

Four writs claiming damages for libel were issued in Malaysia against the company and three of its

employees in respect of an article published in one of the company's magazines, International

Commercial Litigation, in November 1995. The writs were served on Euromoney Institutional Investor PLC

(Euromoney) on 22nd October, 1996. Two of these writs have been discontinued. The total outstanding

amount claimed on the two remaining writs is Malaysian Ringgits 82.3 million (£16.6 million) (2011

Malaysian Ringgits 82.0 million (£16.5 million)). No provision has been made for these claims in these

interim financial statements as the Directors do not believe Euromoney has any material liability in

respect of these writs.

25 ULTIMATE HOLDING COMPANY

The Company's ultimate holding company and immediate parent company is Rothermere Continuation Limited,

a company incorporated in Bermuda. 26 RELATED PARTY TRANSACTIONS

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated

on consolidation and are not disclosed in this note. The transactions between the Group and its joint

ventures and associates are disclosed below.

The following transactions and arrangements are those which are considered to have had a material

effect on the financial performance and position of the Group for the period.

Ultimate Controlling Party

The Company's ultimate controlling party is the Viscount Rothermere, the Company's Chairman.

Transactions with Directors

There were no material transactions with Directors of the Company during the year, except for those

relating to remuneration.

For the purposes of IAS 24, Related Party Disclosures, Executives below the level of the Company's


    Board are not regarded as related parties.
    Transactions with joint ventures and associates

Associated Newspapers Limited has a 33.3 % (2011 33.3 %, 2010 33.3 %) shareholding in Fortune Green

Limited. During the period the Group received revenue for newsprint, computer and office services of

£0.6 million (2011 £0.5 million, 2010 £0.5 million). The amount due from Fortune Green Limited at 30th

September, 2012 was £0.2 million (2011 £0.2 million, 2010 £0.1 million).

Associated Newspapers Limited has a 12.5 % (2011 12.5 %, 2010 12.5 %) share in the Newspapers Licensing

Agency (NLA) from which royalty revenue of £3.8 million was received (2011 £3.1 million, 2010 £2.9

million), and £0.4 million due at the year end (2011 £0.4 million, 2010 £nil). Commissions paid on this

revenue total £0.7 million (2011 £0.6 million, 2010 £0.6 million). The amount due to the NLA at 30th

September, 2012 was £0.1 million (2011 £nil, 2010 £0.1 million). Interest bearing loans of £0.4 million

are due to Associated Newspapers from NLA at 30th September, 2012 (2011 £0.4 million, 2010 £nil).

Daily Mail and General Holdings Limited has a 15.6 % (2011 15.6 %, 2010 15.6 %) shareholding in The

Press Association. During the period the Group received dividends of £0.1m, services amounting to £3.8

million (2011 £3.7 million, 2010 £3.5 million) and the net amount due from the Press Association as at

30th September, 2012 was £0.2 million (2011 £0.1 million, 2010 £0.2 million).

The Group has a 24.9 % (2011 24.9 %, 2010 24.9 %) shareholding in the Evening Standard. During the

year, the Group has received revenue of £18.1 million (2011 £28.0 million, 2010 £25.6 million) and

incurred charges of £10.0 million (2011 £9.4 million, 2010 £9.3 million). The net amount due to the

Group at 30th September, 2012 was £2.0 million (2011 £8.1 million, 2010 £2.3 million).

During the period the Group received a dividend of £0.4 million (2011 £0.3 million, 2010 £0.3 million)

from Hasznaltauto kft a joint venture.

During the period, Landmark Information Group Limited (Landmark) charged management fees of £0.3

million (2011 £0.3 million, 2010 £0.3 million) to Point X Limited, and recharged costs of £0.1 million

(2011 £0.1 million, 2010 £0.1 million). Point X Limited received royalty income from Landmark of £0.1

million (2011 £0.1 million, 2010 £0.1 million) and the amount from Landmark at 30th September, 2012 was

£0.1 million (2011 owed to Landmark £0.3 million, 2010 owed to Landmark £5,200).

During the period, Trepp and Rockport made no cash contributions (2011 £0.6 million and £0.1 million,

2010 £nil and £nil respectively) to TreppPort LLC a joint venture.

During the period, DMG Information made investments of £2.5 million in Real Capital Analytics, Inc. and

£2.4 million in Xcelligent, Inc.

During the period RMS paid a royalty of £nil (2011 £0.3 million, 2010 £nil) to Sanborn Map Company for

the use of geospatial maps. The amount RMS owed Sanborn Map Company at 30th September, 2012 was £nil

(2011 £nil, 2010 £nil).

Associated Newspapers Limited has a 100 % shareholding (50.0 % to January 2012) in Globrix Limited

(Globrix) and a 50.0 % shareholding in Artirix Limited (Artirix). During the period, the Group

recharged £nil staff costs to Globrix (2011 £0.2 million, 2010 £nil) and Globrix recharged the Group

£0.5 million (2011 £0.6 million, 2010 £nil) for website development costs. The Group provided services

totalling £0.1 million to Artirix, with £nil remaining due at 30th September, 2012. At 30th September,

2012 Globrix owed £nil to Artirix (2011 £1.1 million, 2010 £nil) and £1.3 million to various Group

companies (2011 £0.2 million, 2010 £31,000), and £nil was due from Artirix (2011 £nil, 2010 £18,000) to

Globrix.

During the period, Artirix received revenues of £0.5 million from Globrix (2011 £0.6 million, 2010

£nil). At 30th September, 2012 Artirix owed £1.3 million to various A&N Media companies (2011 £1.9

million, 2010 £nil) and £nil to Globrix (2011 £nil, 2010 £18,000). Artirix provided staff and other

services to Teletext Holdings Limited (an associate company) totalling £0.2 million, with £0.1 million

remaining due from Teletext Holdings Limited at 30th September, 2012.

Associated Newspapers Limited had a 50.0 % interest in Teletext Holdings Limited (Teletext). The Group

provided services (under the Transitional Services Agreement) amounting to £0.3 million (2011 £nil,

2010 £nil) for the period, and £0.1 million (2011 £nil, 2010 nil) due from Teletext Holdings at 30th

September, 2012. VAT of £0.5 million (2011 £nil, 2010 £nil) was paid by Associated Newspapers Limited

behalf of Teletext and £nil was due from Teletext at 30th September, 2012 (2011 £nil, 2010 £nil).

Artirix (a 50.0 % associate) provided staff and other services to Teletext totalling £0.2 million (2011

£nil, 2010 £nil), with £0.1 million (2011 £nil, 2010 £nil) remaining due from Teletext at 30th

September, 2012.

Proceeds on the sale of Teletext Ltd to Teletext Holdings Ltd of £6.0 million is due to Associated

Newspapers as at 30th September, 2012 (2011 £nil, 2010 £nil).

From June, 2012 Associated Newspapers Limited has a 52.25% shareholding in Zoopla Limited. During the

period, listings services amounting to £1.0 million were provided by Zoopla to A&N Media as part of a

revenue share agreement, with £0.2 million remaining due to Zoopla at 30th September, 2012. Net

services (under the Transitional Services Agreement) provided by A&NM totalled £0.2 million for the

period, £5.4 million of other transactional payments were made by A&N Media on behalf of Zoopla, with a

balance of £0.9 million being due from Zoopla at 30th September, 2012.

Associated Newspapers Limited has a 26.0 % interest in Mail Today (Dubai). During the period,

additional share capital of £2.3 million (2011 £2.8 million, 2010 £nil) was invested in Mail Today, by

AN Mauritius Limited.

Associated Newspapers Limited has a 30.0 % interest in Social Metrix SA (Argentina). During the year,

£0.4 million (2011 £0.9 million, 2010 £nil) additional share capital was invested by A&N International

Media Limited.

Associated Newspapers Limited has a 50.0 % shareholding in Northprint Manchester Limited. The net

amount due to Associated Newspapers Limited for £5.8 million (2011 £5.8 million, 2010 £nil) has been

fully provided.

Associated Newspapers Limited has a 25.0 % shareholding in Extra Newspapers Limited to which it

provided £0.3 million of funding during the period. This amount is due to Associated Newspapers Limited

at 30th September, 2012, with repayments commencing June 2014.

During the period, the Group received a dividend of £3.5 million (2011 £14.6 million, 2010 £1.3

million) from DMG Radio Investments Limited, a joint venture.

The Group received a dividend of £0.3 million (2011 £0.7 million, 2010 £0.2 million) from Capital Net,

an associate. 26 RELATED PARTY TRANSACTIONS CONTINUED

Other related party disclosures

At 30th September, 2012 the Group owed £1.5 million (2011 £1.2 million, 2010 £3.3 million) to the

pension schemes which it operates. This amount comprised employees' and employer's contributions in

respect of September 2012 payrolls which were paid to the pension schemes by 9th October, 2012.

The Group recharges its principal pension schemes with costs of investment management fees. The total

amount recharged during the year was £0.2 million (2011 £1.7 million, 2010 £0.7 million).

Contributions made during the year to the Group's retirement benefit plans are set out in note 33,

along with details of the Group's future funding commitments.

In September 2012 the Group transferred several of its investment properties to its pension scheme in

an arm's length transaction. These properties had a carrying value of £20.5 million and were

transferred at an open market valuation of £24.0 million.

In July 2012, the Group entered into a new contingent asset partnership whereby a £150.0 million loan

note, guaranteed by the Group, has been used to commit £10.8 million of interest funding per annum to

the Harmsworth Pension Scheme. Interest payable to DMG Pension Partnership Limited Liability

Partnership totalled £2.8 million for the current period. As a result of this new partnership, letters

of credit totalling £45.2 million were released by the trustees of Harmsworth Pension Scheme, see note

34. 27 POST BALANCE SHEET EVENTS

Following the year end the Group disposed of its central European online recruitment businesses for a

cash consideration of €25.4 million and its Hungarian joint venture online motors business for cash

consideration of €8.4 million. Additionally, in November 2012 the Group accounced it had reached

agreement to sell its Local media segment to Local World, a newly formed media group that will combine

the Group's Local media titles with those of Iliffe News and Media Limited. The Group will receive

consideration of £52.5 million and a 38.7 % share in Local World.

END

-0- Nov/22/2012 07:00 GMT

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