Bbc Worldwide Annual Report and Financial Statements

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BBC WORLDWIDE LIMITED Annual Report and Financial Statements for the year ended 31 March 2010

BBC WORLDWIDE LIMITED

Annual Report and Financial Statements Year ended 31 March 2010

Contents

Financial Highlights Chief Executive’s Review Business Review Chief Financial Officer’s Review Further Financial Information Directors’ Report Governance Report on Directors’ Remuneration Statement of Directors’ Responsibilities Independent Auditors’ Report to the members of BBC Worldwide Limited Consolidated income statement Consolidated statement of comprehensive income Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in shareholders’ equity Notes to the consolidated financial statements BBC Worldwide Limited Company only financial statements

3 4 7 22 25 30 32 42 50 51 53 53 54 55 56 57 116

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BBC WORLDWIDE LIMITED

Annual Report and Financial Statements Year ended 31 March 2010

Financial Highlights REVENUE:

PROFIT:
Year Channels Content & Production Digital Media Global Brands Sales & Distribution Home Entertainment Magazines Operating profit before specific items Specific items Operating profit Net financing costs Profit before tax 2010 £m 2009 £m

39.2 29.2 17.6 16.8 (20.8) (29.0) (7.4) (6.8) 57.9 45.8 40.3 34.2 18.4 16.2 145.2 106.4 (5.2) (62.3) 140.0 44.1 (13.6) (14.5) 126.4 29.6

Throughout pages 4 to 50, references to Sales and Profit follow the definitions described below, unless otherwise stated. Sales: Revenue including the Group‟s share of joint ventures‟ revenue. Profit: Operating profit is stated before specific items. Specific items are not defined under IFRS and may not be comparable to similarly titled measures used by other companies. Specific items are material items which are highlighted by virtue of their size or importance to enable a full understanding of BBC Worldwide‟s performance. A full definition of specific items is provided in Further Financial Information on page 25 and in note 4 to the financial statements.

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BBC WORLDWIDE LIMITED

Annual Report and Financial Statements Year ended 31 March 2010

Chief Executive’s Review
OVERVIEW OF 2009/10 In the year to 31 March 2010, BBC Worldwide once more produced excellent results. The company‟s financial performance accelerated across almost every single business and in almost every single territory. This was at a time when many of the world‟s economies were still very fragile - indeed many remain so today - and when the launch and take-up of new technologies and gadgets scarcely skipped a beat. This set of results is not a one-off. We have been delivering increasing levels of profit since 2004/05 when the total result achieved in the previous year was £37m (UK GAAP). This year, three of our seven businesses - Home Entertainment, Channels and Sales & Distribution - each delivered more than that in profit on their own. In the year, we also reinvested £151.1m back into the BBC, taking our total cash return from programme investments and dividends in the years since 2004/05 to £837m. Including payments to independent production companies, writers and actors, in that same period we have invested well over £1bn into the UK‟s thriving creative industries. During the year, we continued to optimise performance from the established parts of our business, while at the same time investing in the newer growth businesses. Here are the highlights of that performance. BUSINESS HIGHLIGHTS • Channels: our international network of TV channels has grown sales and profits by 16.4% and 34.2% respectively year on year. Broadcasting 41 channels across five continents, of which 29 are BBCbranded, demonstrates how successfully we have shifted our strategy from one of channel joint ventures that brought little brand recognition value to the BBC, to one where we have more direct engagement with audiences and real control of the brand, as well as higher and more sustainable...
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