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1 DIVISIONAL AND GEOGRAPHICAL INFORMATION
(a) Divisional analysis
In the view of the directors, following the disposal of Technicolor in 2001, Carlton has only one continuing business segment
which includes interests in broadcasting, content and screen advertising.
(b) Geographical analysis, by destination 
(c) Geographic analysis, by origin
2 GROUP OPERATING PROFIT
3 EMPLOYEE NUMBERS, REMUNERATION AND PENSION COSTS
(a) Employee numbers and remuneration
(b) Pension costs under SSAP 24
(c) Pensions disclosures under FRS 17 transitional requirements
4 EXCEPTIONAL OPERATING ITEMS
In 2002 there were exceptional reorganisation and restructuring costs of £2.8m, asset write-downs of £7.1m and a goodwill
impairment of £3.9m offset by £18.6m of litigation net income. A tax credit of £2.0m arises on these items.
In 2001 there were exceptional reorganisation and restructuring costs of £58.6m, mainly relating to digital business closures
and downsizing. A tax credit of £2.1m arose on these items.
5 DISCONTINUED OPERATIONS
6 NET INTEREST PAYABLE
7 TAXATION ON PROFIT ON ORDINARY ACTIVITIES
(a) Analysis of tax credit for the year
(b) Factors affecting current tax (charge)/credit for the year
(c) Factors that may affect future tax charges
The Group has overseas deferred tax assets of US$7.5m, principally in respect of film rights and carried forward losses in relation
to companies in the United States, which have not been recognised. These deferred tax assets can only be recovered against
suitable taxable profits generated in the United States.
8 DIVIDENDS PAID AND PROPOSED
9 EARNINGS PER SHARE
10 COMPANY BALANCE SHEET
11 INTANGIBLE FIXED ASSETS
12 TANGIBLE FIXED ASSETS
13 FIXED ASSETS INVESTMENTS
i) Joint ventures
ii) Other investments
Other investments include 15.5m of shares in Thomson carried at book value at 30 September 2002 of £401.4m
(2001: £400.4m). The market value at 30 September 2002 was £155.3m (2001: £207.4m). The Thomson shares are carried
at €41.2 compared with a year-end price of €15.9. The shares have traded between €15.7 and €36.7 in the last year and
the closing price on 22 November 2002 (the last practical date before signing these accounts) was €20.3.
iii) Own shares held
14 STOCKS
15 PROGRAMME AND FILM RIGHTS
16 DEBTORS
17 CURRENT ASSET INVESTMENTS
18 CASH AND OTHER LIQUID FUNDS
19 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20 OVERDRAFTS AND SHORT TERM BORROWINGS
21 LOANS
22 CONVERTIBLE DEBT
23 FINANCE LEASE CREDITORS
24 DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS
A summary of the Treasury objectives, policies and strategies
together with a description of the Group’s interest
rate and currency management is set out in the Finance
Director´s Report.
For the purposes of the disclosures which follow in this note (other than in the currency risk disclosures), short-term debtors
and creditors which arise directly from the Group’s operations have been excluded as permitted under FRS 13.
(a) Interest rate risk profile
Financial assets
Financial liabilities
(b) Fair values of financial assets and financial liabilities
(c) Gains/(losses) on hedging contracts
(d) Maturity profile
The maturity profile of cash and other liquid funds can be found in note 18 and the maturity profile of the Thomson loan notes is
detailed in note 17. The maturity profile for financial liabilities can be found in notes 20, 21, 22 and 23. The unamortised issue
costs associated with the loans and convertible debt are immaterial.
(e) Currency exposures
25 PROVISIONS FOR LIABILITIES AND CHARGES
26 CALLED UP SHARE CAPITAL
27 SHARE OPTIONS
28 SHARE PREMIUM ACCOUNT AND OTHER RESERVES
29 PROFIT AND LOSS ACCOUNT
30 CASH FLOW
31 ANALYSIS OF NET DEBT
32 CAPITAL EXPENDITURE – CONTRACTED FOR
33 COMMITMENTS AND CONTINGENT LIABILITIES
(a) Operating leases
(b) Guarantees
The Company and certain of its UK subsidiaries have entered into cross-guarantees in connection with the Group’s UK banking
arrangements. At 30 September 2002 subsidiary overdrafts amounting to £16.6m (2001: £38.1m) were covered by guarantees
given by the Company.
(c) Disposals
Contingent liabilities exist in respect of warranties and indemnities given to Thomson pursuant to the Technicolor disposal
agreement. Provision has been made against any anticipated payments.
34 ACQUISITIONS AND DISPOSALS
Net cash outflow of £7.8m (2001: £273.5m inflow) from acquisitions and disposals comprises £31.0m for the acquisition of
Screenvision Holdings (Europe) Limited and £23.2m further post-acquisition receipts from the disposal of Technicolor in 2001.
The Group acquired a 50% interest in Screenvision Holdings (Europe) Limited in June 2002. The goodwill held in this joint
venture entity is stated after provisional fair value adjustments.
35 RELATED PARTY TRANSACTIONS
36 POST BALANCE SHEET EVENTS
On 16 October 2002 Carlton and Granada plc announced agreed terms for a proposed merger, to pave the way for a fully
consolidated ITV. The merger is conditional on regulatory clearances, including from the competition authorities. A joint
submission by Carlton and Granada was filed with the Office of Fair Trading on 25 November 2002.
37 PRINCIPAL OPERATING COMPANIES
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