Introduction
15 March 2001
To provide shareholders with a relevant and meaningful comparison with the results for the 52 weeks to 31 December 2000 ("2000"), pro forma results for the 53 weeks to 2 January 2000 ("1999"), the previous financial year, have been prepared. The 1999 pro forma financial information assumes that the merger of Trinity plc and Mirror Group PLC became effective on 28 December 1998, being the first day of the relevant financial period.
The results for 2000 reflect 52 weeks' trading for all businesses. The pro forma results for 1999 include 53 weeks for the former Trinity businesses and 52 weeks for the former Mirror Group. The statutory profit and loss account for 1999 includes the former Trinity group's results for the 53 weeks and those of the former Mirror Group from 6 September 1999 (the effective date of the merger of the two groups) to 2 January 2000. The commentary within this announcement in respect of the profit and loss account is based on comparison with the pro forma financial information for 1999, which was the subject of a separate review and report by the Group's auditors, Deloitte & Touche, dated 17th March 2000.
On 30 July 2000, Belfast Telegraph Newspapers was sold to Independent News & Media plc for a net consideration (before tax) of £290.0 million, including the repayment of a loan. The revenue and operating profit of Belfast Telegraph Newspapers for the period to 30 July 2000, being £31.4 million (1999: £52.8 million) and £13.2 million (1999: £20.8 million) respectively, are included within the reported results of the regional newspapers division.
The Group acquired the entire issued share capital of the regional newspaper group, Southnews plc, for a consideration (including acquisition costs and assumed debt) of £333.1 million on 28 November 2000. The results of Southnews for the period 29 November to 31 December 2000 (£6.6 million revenue and £0.1 million operating profit) are included within the consolidated results of the Group for 2000.
The revenue and operating losses of the closed Live TV operations have been disclosed as discontinued operations within the consolidated and pro forma profit and loss accounts for 2000 and 1999 respectively.
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