Future plc interim report 2011

Interim Report 2011
Future plc

Contents
Highlights
Chief Executive’s statement
Interim statement
Consolidated income statement
Consolidated statement of
comprehensive income
Consolidated statement of
changes in equity
Consolidated balance sheet
Consolidated cash flow statement
Notes to the consolidated cash
flow statement
Basis of preparation
Notes to the financial information
Statement of Directors’ responsibilities
Independent review report to Future plc
Key performance indicators
Directors and advisers
Financial calendar and contacts

Highlights

Summary:
» Revenue: H1 down 4%, flat excluding closures
» Profit decline from accelerated investment in growth areas:
› Digital: revenue up 30%, profitable in aggregate
› Custom publishing: revenue up 27%
» Cash generative, net debt: £8.9m, down 23% year-on-year.

Outlook:
» Macro environment remains challenging
» Mobile developments accelerate adoption of digital consumption
» Continuing commitment to New Product Development
» Full year expected to be in line with expectations

Dividend:
» Interim dividend maintained

Financial summary:
H1 11 H1 10

Revenue £68.8m £71.4m

EBITA * £2.4m £4.4m

EBITA margin 3.5% 6.2%

Operating profit £1.8m £3.0m

Reported pre-tax profit £1.2m £2.2m

Earnings per share (p) 0.2p 0.4p

Adjusted ** earnings per share (p) 0.4p 0.7p

Dividends relating to the period (pence per share) 0.5p 0.5p

Definitions
* EBITA represents operating profit before amortisation of intangible assets.

** Adjusted earnings per share are based on statutory results,
but exclude amortisation of intangibles and related tax effects.

The most significant foreign currency affecting the Group is the US dollar. The average
exchange rate for the period was only marginally different at $1.59=£1 (H1 10: $1.60=£1).

Future plc Interim Report 2011 1

Our overall position is robust, and we are agnostic as to
how our consumers wish to consume content. Customer
focus underpins everything we do. And our customers’
almost professional commitment explains why we call
them “prosumers”.

Our task is to create, curate, distribute and promote the
compelling content that satisfies their interests, whilst
at the same time serving commercial opportunities for
our partners.

Accelerating change
The arrival of tablets has finally delivered on the promise
of mobile accelerating digital consumption.

We now have a truly hospitable environment for our content
with built-in, friction-free payment options. They give a better
web-browsing experience, make digital replica magazines a
viable addition to print, and open up global commercial
opportunities to develop new applications for content whose
appeal transcends geography.

Chief Executive’s statement Developing new product
We continue to develop our portfolio of print product – but
In our 2010 annual results statement, I quoted JFK who, only in adjacent sectors in growth. So far this year we have
fifty years ago, said “Change is the law of life”. launched Tap! which targets the exploding Apple iOS market
in the UK; Maximum Tech, a broader-based complement to
In our first half-year of 2011, we have seen ample our MacLife and Maximum PC US offers; Knitting Today in
evidence of that. partnership with Coats, also in the US; as well as a number
of specials and low risk one-offs to test new markets
I am proud that, throughout our Group, our approach to (TechRadar Guides; iCAR; GamesMaster specials; and a
anticipating and managing change continues to be number of bookazines). We have also rolled out the
determined, enthusiastic, and focused. We are encouraged successful trial of fan-packs that started with Slash, to
by the strong returns on previous investment that we are pre-launch new albums for Motorhead, Hendrix, Whitesnake,
seeing from some of our digital and partnership products and – next month – Blondie. These premium-priced (£14.99)
and we believe the Group will benefit from the accelerated collectibles use our large magazine distribution footprint to
investment in our business. compensate for the reduction in traditional music retail
outlets. We’ve also re-designed and re-positioned a number
Future’s business is one of engagement with very special- of our established titles – Digital Camera, for example, is this
interest audiences who are passionate about particular year up 25% on both sales and contribution since re-launch
areas – from computer games to film, from cycling to last year; and is now market leader.
music-making, from photography to fast cars. Such passions
drive our consumers to consume more about their interests We’ve increased our investment in research to support our
– not less – through a variety of platforms and devices and in commercial offer. The Big Game survey showed that 16%
a multitude of different ways. So whilst parts of our business of all full price game sales are attributable to our readers.
(print advertising in particular) are in decline, other parts Our Techmonitor study showed how we increasingly
(digital and custom publishing) continue to grow strongly. influence the influencers; and our new syndicated US
audience research has helped to demonstrate our reach
Our digitised content revenues grew 30% in H1 and online to non-endemic advertisers.
now represents 34% of our commercial advertising
revenues; and, with a tenfold increase in digital edition sales, But most of our product development focus has been in
an increasing percentage of our consumer circulation digital. In making social, sharing, participative, interactive,
revenues. Custom publishing – content we produce under accessible, relevant and connected new offers. We now have
contract on behalf of clients – also grew 27% including a 60 replica magazine editions on iPad, as well as a fully
doubling of this element of our business in the US. interactive version of T3 – one of only a handful of five-star

2 Future plc Interim Report 2011

media apps on the App Store and, with over 100,000 produced (not least the closure as planned of our Pregnancy
downloads, the biggest-selling paid-for iPad UK magazine. titles); the active phasing-out of our low-yield subscribers;
and a reduced retail footprint driven by bookstore closures
Digital replica sales have increased more than tenfold and an increasing number of independents no longer
year-on-year. And we’re now selling over £100,000 of retail stocking any magazines. This, coupled with a nearly 25%
sales per month from a 10m tablets base (predicted to reach print advertising decline (notwithstanding fewer issues),
400m in just three years). We’ve had two apps – Guitar has accelerated our commitment to transitioning to digital,
World’s Lick of the Day and MacLife – both exceed 500,000 where we have enjoyed some real success.
downloads; and we have experimented with content, price,
service and frequency across a range of 20 app tests, both Music digital revenues were up 56% and GamesRadar ad
own brand and for our clients. revenues increased 31% (helped by the more than doubling
of our non-endemic clients, attracted by engagement
On the web, we’ve upgraded all our Radar properties – scores and dwell times which exceeded those of IGN,
particularly GamesRadar. We’ve improved mobile browsing Gamespot and UGO).
and developed a new content management system for a
continuous production and feedback cycle (not just monthly). Digital is now running at 36% of our ad revenues, and
We’ve invested further in short-form video production (where a substantial proportion of our FuturePlus custom
our new UK CEO, Mark Wood, has particular expertise); in publishing contribution.
e-commerce; in digital syndication capabilities; and in
training our dedicated and talented team to create once and FuturePlus doubled revenue in this half-year thanks to
publish everywhere. the launch of Knitting Today as well as growth from Best
Buy’s @Gamer launch and Blizzard’s World of Warcraft.
The short-term effect of these investments is to depress We also developed bespoke apps for both Best Buy and
profits, but we’re already seeing revenue growth from them Coats and Clark.
ahead of expectation.
Outlook
UK trading We will continue to review and develop our content, the
Our portfolio, as ever, enjoyed mixed results as it reflected platforms we deliver on, frequency, pricing and interactivity,
host sector fortunes as much as macro-economic factors: throughout the second half even though our expectation
sales were up in photography, cycling and music – and, remains that the outlook for 2011 will continue to be
importantly, games ad revenue decline halted. But overall, challenging and we maintain a cautious outlook.
revenues fell 3%.
Like all publishers, Future is managing fundamental
Our online advertising growth in the UK – some 44% – more structural changes in the print market but active portfolio
than compensated for the continued decline in demand for management is mitigating the worst effects of those shifts.
print advertising. Overall advertising revenues grew In terms of transformation to new business models, we are
year-on-year, with online’s proportion up from 22% to 31%. gaining traction with new products and making progress at
a speed that puts us in the vanguard of those publishing
Our fastest-growing websites are now delivering over 30% businesses which are adapting most successfully to the new
contribution levels: our highest is 47%. TechRadar exceeded digital marketplaces.
2m UK monthly uniques for the first time and delivered
revenues up 51% over the immediately preceding six months, A realistic outlook, a focused business, a strong balance
and the UK music websites’ revenues were also up 53%. sheet and a talented, dedicated and creative team, all support
the Board’s confidence that we remain on plan for 2011 and
Newsstand sales remained challenging although our as well-positioned to take advantage of the fast-changing
efficiency levels (copies sold as a proportion of copies media and technology landscape as we can be.
printed) were two full percentage points ahead of the market.
And our subscribers – by definition our most loyal readership,
now at 30% of circulation – are again at an all-time high on all
key measures: yield, revenue and retention rates.

US trading
The US market is changing even more rapidly and revenues Stevie Spring
declined by 7%. The 10% further decline in our underlying Chief Executive, Future plc
circulation revenue reflected three things: fewer issues 20 May 2011


Interim statement

Statutory results for half-year to 31 March 2011 Review of operations
First half-year revenue was £68.8m (2010: £71.4m) and the The review of operations is based primarily on a
business generated EBITA of £2.4m (2010: £4.4m). The comparison of our half-year results for the six months
resultant EBITA operating margin was 3.5% (2010: 6.2%). ended 31 March 2011 with those for the six months ended
The half-year income statement includes a reduced charge 31 March 2010. Unless otherwise stated, change
for amortisation of intangible assets of £0.6m (2010: percentages relate to a comparison of these two periods.
£1.4m), reflecting fully written-down acquired intangible There has been no significant change to the geographical
assets and a reduction in 2010 of spend on web scope of the Group’s activities; the Group continues to
development costs which are amortised in the following manage the structural shift in demand for content to be
year. The period also benefited from lower net finance delivered on multiple platforms.
costs of £0.6m (2010: £0.8m), leading to a pre-tax profit of
£1.2m (2010: £2.2m) for the period. Analysis of revenue for half-year to 31 March
2011 2010
Results for the period £m £m Group 2011 2010 Change
Revenue 68.8 71.4 % £m £m %
EBITA 2.4 4.4 Circulation 58% 40.0 43.0 - 7%
EBITA margin 3.5% 6.2% Advertising 29% 20.4 21.2 - 4%
Amortisation of intangible assets (0.6) (1.4) Custom publishing 9% 6.1 4.8 + 27%
Operating profit 1.8 3.0 Licensing, events & other 4% 2.6 2.7 - 4%
Net finance costs (0.6) (0.8) Intra-group (0.3) (0.3)
Pre-tax profit 1.2 2.2 Total revenue 100% 68.8 71.4 - 4%

Earnings per share (p) 0.2p 0.4p Fifty-eight per cent of the Group’s revenue is generated
Adjusted earnings per share (p) 0.4p 0.7p
Dividends relating to the period (pence per share) 0.5p 0.5p from consumer (predominantly circulation revenue)
and forty-two per cent from client companies
Group revenue fell 4%, and also 4% in constant currency (primarily advertising).
reflecting only a minimal change in the average
exchange rate with the US dollar. Analyses of revenue Geographical analysis of revenue for half-year to 31 March
are provided below.
Group 2011 2010 Change
Group EBITA of £2.4m was lower than H1 2010. In the UK, % £m £m %
growth in contribution from digital activities largely UK 71% 49.4 50.7 - 3%
US 29% 19.7 21.0 - 6%
compensated for decline in contribution from print. In the Intra-group (0.3) (0.3)
narrower US portfolio, the decline in print advertising of Total revenue 100% 68.8 71.4 - 4%
25% significantly impacted margin, as we maintained
investment in growth areas to compensate. Central costs In the UK, revenue fell by 3%. In the US, dollar revenue
remain firmly under control, after excluding one-off costs fell by 7% reflecting weakness in print advertising revenue
of project due diligence. The impact of these factors is and the closure of our Pregnancy group, which was not
reflected in the following table: completely offset by growth in digital and custom
publishing revenue.
Analysis of EBITA for half-year to 31 March
2011 2010 Change
£m £m £m
UK 5.5 6.1 (0.6)
US (1.5) (0.4) (1.1)
Central costs (1.6) (1.3) (0.3)
Total EBITA 2.4 4.4 (2.0)

The Group is managed primarily on a geographical basis.


UK performance in half-year US performance in half-year (shown in US dollars)
2011 2010 Change 2011 2010 Change
£m £m % $m $m %
Circulation revenue 31.2 32.5 - 4% Circulation revenue 14.0 16.8 - 17%
Advertising revenue 13.3 13.0 + 2% Advertising revenue 11.2 13.2 - 15%
Custom publishing 2.9 3.2 - 9% Custom publishing 5.2 2.6 + 100%
Licensing, events & other 2.0 2.0 - Licensing, events & other 0.9 0.9 –
Total revenue 49.4 50.7 - 3% Total revenue 31.3 33.5 - 7%
EBITA 5.5 6.1 EBITA (2.3) (0.6)
EBITA margin 11% 12% EBITA margin - 7% - 2%

Overall, UK revenue for the half-year fell by 3%. US revenue for the half-year fell by 7%, reflecting the
closure of our Pregnancy group, a 25% further decline in
Circulation revenue fell by 4% but within this subscription print advertising, and an underlying 10% reduction in sales
revenue grew by 2%. Domestic newsstand revenue at newsstand.
declined 9% and export revenue was up 2%.
Total advertising revenue fell by 15% for the half-year, as
Advertising revenue grew 2%, because growth in online the growth in digital advertising was less than the reduction
advertising exceeded the decline in print advertising. in print advertising.

The movements in other sources of revenue are shown Custom publishing revenue has once again recorded
in the table above. strong growth.

The following table shows performance by sector. The following table shows performance by sector.
During the period, the strongest performance came
2011 2011 2011 2011 2010 2010 2010
from Technology, driven by TechRadar. Revenue Contrib’n Margin % of Revenue Contrib’n Margin
$m $m % revenue $m $m %
2011 2011 2011 2011 2010 2010 2010 Games 15.8 2.3 15% 51% 15.3 2.2 14%
Revenue Contrib’n Margin % of Revenue Contrib’n Margin
Music & Movies 6.5 – – 21% 7.6 0.9 12%
£m £m % revenue £m £m %
Technology 7.0 0.7 10% 22% 8.3 1.4 17%
Games 9.9 2.7 27% 20% 10.1 2.7 27% Active 2.0 (0.4) - 20% 6% 2.3 (0.2) - 9%
Music & Movies 11.9 2.8 24% 24% 12.2 3.4 28% 31.3 2.6 8% 100% 33.5 4.3 13%
Technology 14.8 4.8 32% 30% 15.4 4.6 30%
Overheads (4.9) (4.9)
Active 12.8 3.2 25% 26% 13.0 3.2 25%
EBITA 31.3 (2.3) - 7% 33.5 (0.6) - 2%
49.4 13.5 27% 100% 50.7 13.9 27%
Overheads (8.0) (7.8)
EBITA 49.4 5.5 11% 50.7 6.1 12% In the US the growth in profit contribution from digital
activities was $0.8m but the decline from print was
Growth in profit contribution from digital activities was $3.1m, consequent to the $5.2m decrease in print-
£1.1m, whilst the corresponding decline from print derived revenue.
activities was £1.2m. A £0.3m lower contribution from
custom publishing phasing and a £0.2m increase in We have maintained our control of operating costs.
provision for ageing receivables explain the reduction
in EBITA.

We have maintained our control of operating costs.


Interim statement (continued)

Digital Bank covenants
The UK and US segmental figures above include digital Future funds its operations through a mixture of operating
revenue and operating costs. Digital development cash flow generated by the business and bank debt.
continues as a key focus for the business and Group digital Since 2001 the Group has complied at all times with all
revenue increased by 30% from £6.1m to £7.9m for the half- covenants under its banking facilities. The position at 31
year. The Group’s digital operations are, in aggregate, March 2011 is within the bank covenants as set out in the
profitable and growth in digital contribution is increasingly following table.
compensating for weakness in print.
31 March 2011 Bank covenant

Net finance costs Net debt / EBITDA 0.96 times Less than 2.0 times
Net finance costs were £0.6m, 25% lower than the
EBITDA / interest 7.88 times More than 4.0 times
corresponding figure last year, reflecting a reduction of
25% in the average level of month-end net debt during Cashflow cover Not tested (see below)
the period.
The Group’s credit facility was renewed in May 2009, and
Taxation amended in October 2010 and May 2011. The most recent
The tax charge for the half-year was £0.4m (2010: £0.7m) amendment deleted the cashflow cover covenant from the
which represents an estimated effective tax rate of 34% Credit Agreement altogether, and reduced the maximum
(2010: 33%) applied to profit before tax. This is the effective ratio of Net debt / EBITDA from 2.5 to 2.0 times for the
rate estimated to apply to taxable profits of the Group for remaining life of the Agreement, which is due to mature on
the full financial year. 30 November 2012. The Board considers that the level of
the Group’s net bank debt is acceptable.
Cash flow and net debt
Net debt at 30 September 2010 was £7.4m. During the Interim dividend
period cash generated from operations amounted to The Group remains profitable and has chosen to continue
£2.1m (2010: £5.9m) reflecting phasing of cash collection investing in the business to ensure it is well positioned to
at half-years. exploit digital developments. Taking account of these
factors, and the fact that the Group continues to be cash
During the period, cash outflows totalled £3.4m (2010: generative, the Board has decided on an unchanged
£1.6m) in respect of the following items: £1.6m (2010: £Nil) interim dividend of 0.5p per share (2010: 0.5p) to be paid
in dividends, £1.4m (2010: £0.7m) in respect of capital on 3 October 2011 to all shareholders on the register on
expenditure, £0.6m (2010: £0.8m) in net interest payments, 19 August 2011. The ex-dividend date is 17 August 2011.
and net tax receipts of £0.2m (2010: net tax payments of
£0.1m). Exchange and other movements accounted for the Key performance indicators
balance of cashflows. An updated set of key performance indicators is presented
on page 26 of this report.
Net debt at 31 March 2011 was £8.9m, a reduction of 23%
since 31 March 2010.


Risks (c) Advertiser behaviour
The principal risks and uncertainties that affect the Advertising patterns continue to change and in the UK,
Group on an ongoing basis are described in our Annual internet advertising now accounts for a greater share of
Report 2010 (on page 24), which is available at advertising expenditure than is allocated to television,
www.futureplc.com. radio, billboards, magazines or newspapers.

The three risks that may impact the Group’s performance Advertising represents less than one-third of the Group’s
during the second half of the financial year are highlighted revenue and is subject to variation not only in relation to the
immediately below. The impact of these risks could cause strength of the Group’s products but also in relation to
actual results to differ from expected and historical results. shifts in macro-advertising trends. However, over 90% of
the Group’s advertising revenue is tailored to areas of
Risks that may impact the second half of the financial year special-interest and is arguably, therefore, less susceptible
to changes in levels of mainstream advertising, reflecting
(a) Macro-economic environment the advertising health of each sub-sector.
The macro-economic environment during 2009 and 2010
was the worst in the Company’s history. Both the UK and Other risks disclosed in the Annual Report 2010
the US have emerged from recession but as explained
earlier, general recovery has been patchy and 2011 trading (d) Risk management
conditions have remained tough. Future has continued to We operate a continuous process of identifying, evaluating
prove remarkably resilient due to the Group’s focus on and managing risk. There are a number of general
areas of special-interest. Nonetheless, the Group may be business risks to which Future is naturally exposed in the
exposed to any significant or renewed downturn in UK and US. The range of risks faced by Future has not
consumer confidence. increased since last year. Our internal controls seek to
minimise the impact of such risks, as explained in our
(b) Consumer behaviour Corporate Governance report on page 39 of the Annual
Consumers’ propensity to spend money on magazines, Report 2010.
digital editions, online shopping, events and other products
is influenced by a number of economic factors, including (e) Distribution and magazine costs
general economic indicators. Future contracts out printing and distribution and is
therefore reliant on the efficiency of suppliers of these
58% of the Group’s revenue is dependent on consumers services. The cost of paper and printing generally reflects
actively purchasing magazines. Such purchases depend market conditions. A significant minority of Future’s
on the normal, competitive publishing environment, which magazines are sold with cover-mounted CDs or DVDs
has been challenging since 2009, and on the macro- and these too are purchased from external suppliers.
economic environment. However, the out-of-pocket cost of Magazines are distributed by nominated distributors and
magazines (print or digital) is low in comparison with many there are many links in the chain to ensure that magazines,
other items of consumer expenditure and research shows once printed, reach retail outlets on a timely basis.
that magazines are often regarded by consumers as a The cost and efficiency of postal arrangements affects
low-cost treat. magazines sold by subscription, which is particularly
significant for Future in the US, and increasingly so
Future believes that while its consumers are likely to seek for the UK.
information about their chosen area of interest through a
variety of media, an increasing number of consumers are
spending more time online, particularly on mobile devices.
This shift creates both a threat (in terms of potentially
reducing magazine revenues) and opportunities.


Interim statement (continued)

Other risks disclosed in the Annual Report 2010 The Board
(continued) During the period we appointed two new Directors to
succeed two who stood down at the 2011 AGM, after having
(f) Regulatory served more than nine years, as previously announced.
In addition to legislative constraints applicable to any
business in the UK and US, Future is potentially In October 2010 we were delighted to welcome Mark
constrained by competition regulation, and by other Whiteling as a non-executive Director: he now chairs the
regulations affecting the content of our publications. Audit Committee, succeeding Patrick Taylor.

(g) Sources of Intellectual Property In February 2011 we were delighted to welcome Manjit
The majority of our Group revenues are built on our own Wolstenholme as a non-executive Director: she is
brands (currently 77%). A proportion of the Group’s now our senior independent Director, succeeding
revenue and profits is derived from magazines which are Michael Penington.
branded ‘Official’ in accordance with contracts with major
companies including Microsoft, Sony and Nintendo. Following more than a decade on the Board, Future’s
Although the loss of any such contract would constitute a Chairman, Roger Parry, has informed the Board that he
loss of revenue, the Group has a long history of successful intends to stand down as a Director. Accordingly, we have
publishing partnerships with these and other companies. started a process to identify a new Chairman with the
intention of their being in place ahead of the next AGM.
(h) Protection of Intellectual Property
As an English-language content provider, protecting and
enforcing our intellectual property rights, particularly in an
increasingly digital world where piracy is easier, is key. We
are developing best practice within our businesses and we
are actively involved in the industry, Government and
European efforts to protect and enforce these rights
against worldwide piracy. From time to time, the Group
may be subject to disputes relating to these rights. Any
such disputes are contested vigorously.

(i) Financial
The Group is exposed to interest rate and foreign exchange
risk, which it manages where appropriate by hedging
arrangements. Taxation and VAT arrangements impacting
the business are different in each country and any adverse
change in such arrangements could impact our business.


Current trading and outlook
Trading in the first half was challenging, yet we’ve seen six
months of an accelerating pace of change as the arrival of
powerful mobile devices increases digital content
consumption. The decline in profits includes maintained
planned investment, particularly in digital, as we continue
to transition our business for the future.

Our digitised content revenues grew 30% in H1 and online
now represents 34% of our commercial advertising and,
with a tenfold increase in digital edition sales, an increasing
percentage of our consumer circulation revenues.
Significantly, our digital activities were profitable for the
first time this half.

Encouraged by that progress, the Board has maintained the
interim dividend despite an expectation that the trading
conditions for the rest of 2011 will remain challenging.

Roger Parry
Chairman
Stevie Spring
Chief Executive
John Bowman
Group Finance Director
Manjit Wolstenholme
Senior independent non-executive Director
Seb Bishop
Independent non-executive Director
Mark Whiteling

20 May 2011


Consolidated income statement
for the six months ended 31 March 2011

6 months to 6 months to 12 months to
31 March 31 March 30 September
2011 2010 2010
Note £m £m £m

Revenue 1, 2 68.8 71.4 151.5

Operating profit before amortisation of intangible assets 1 2.4 4.4 10.1

Amortisation of intangible assets 3 (0.6) (1.4) (2.7)

Operating profit 3 1.8 3.0 7.4

Net finance costs 5 (0.6) (0.8) (1.8)
Profit before tax 1 1.2 2.2 5.6
Tax on profit 6 (0.4) (0.7) (0.1)
Profit for the period 0.8 1.5 5.5

Earnings per 1p Ordinary share
2011 2010 2010
Note pence pence pence

Basic earnings per share 8 0.2 0.4 1.7
Diluted earnings per share 8 0.2 0.4 1.6


Consolidated statement of comprehensive income

2011 2010 2010
£m £m £m

Profit for the period 0.8 1.5 5.5

Currency translation differences (0.2) 0.6 0.1
Cash flow hedges 0.1 (0.1) 0.1
Other comprehensive income for the period (0.1) 0.5 0.2

Total comprehensive income for the period 0.7 2.0 5.7


Consolidated statement of changes in equity

Cash flow
Share Share Merger Treasury hedge Retained Total
capital premium reserve reserve reserve earnings equity
Note £m £m £m £m £m £m £m

Balance at 1 October 2010 3.3 24.5 109.0 – (0.1) (50.5) 86.2
Profit for the period – – – – – 0.8 0.8
Currency translation differences – – – – – (0.2) (0.2)
Cash flow hedges – – – – 0.1 – 0.1
Other comprehensive income for the period – – – – 0.1 (0.2) (0.1)
Total comprehensive income for the period – – – – 0.1 0.6 0.7
Interim dividend relating to 2010 7 – – – – – (1.6) (1.6)
Final dividend relating to 2010 7 – – – – – (2.0) (2.0)
Share schemes
– Value of employees’ services 4 – – – – – 0.2 0.2
Deferred tax on share schemes – – – – – (0.1) (0.1)
Treasury shares acquired – – – (0.2) – – (0.2)
Balance at 31 March 2011 3.3 24.5 109.0 (0.2) – (53.4) 83.2

Balance at 1 October 2009 3.3 24.5 109.0 (0.1) (0.2) (55.0) 81.5
Profit for the period – – – – – 1.5 1.5
Currency translation differences – – – – – 0.6 0.6
Cash flow hedges – – – – (0.1) – (0.1)
Other comprehensive income for the period – – – – (0.1) 0.6 0.5
Total comprehensive income for the period – – – – (0.1) 2.1 2.0
Final dividend relating to 2009 7 – – – – (1.6) (1.6)
Share schemes
Balance at 31 March 2010 3.3 24.5 109.0 (0.1) (0.3) (54.2) 82.2

Balance at 1 October 2009 3.3 24.5 109.0 (0.1) (0.2) (55.0) 81.5
Profit for the year – – – – – 5.5 5.5
Currency translation differences – – – – – 0.1 0.1
Cash flow hedges – – – – 0.1 - 0.1
Other comprehensive income for the period – – – – 0.1 0.1 0.2
Total comprehensive income for the period – – – – 0.1 5.6 5.7
Final dividend relating to 2009 7 – – – – – (1.6) (1.6)
Share schemes
Deferred tax on share schemes – – – – – 0.1 0.1
Transfer between reserves – – – 0.1 – (0.1) –
Balance at 30 September 2010 3.3 24.5 109.0 – (0.1) (50.5) 86.2


Consolidated balance sheet
as at 31 March 2011

2011 2010 2010
Note £m £m £m

Assets
Non-current assets
Property, plant and equipment 9 3.0 3.6 3.2
Intangible assets – goodwill 110.6 111.9 110.9
Intangible assets – other 1.7 1.8 1.2
Deferred tax 1.4 0.4 0.9
Total non-current assets 116.7 117.7 116.2

Current assets
Inventories 4.6 4.4 3.4
Corporation tax recoverable – 0.3 0.3
Trade and other receivables 20.8 20.7 23.8
Cash and cash equivalents 12.1 13.7 13.3
Total current assets 37.5 39.1 40.8
Total assets 154.2 156.8 157.0

Equity and liabilities
Equity
Issued share capital 10 3.3 3.3 3.3
Share premium account 24.5 24.5 24.5
Merger reserve 109.0 109.0 109.0
Treasury reserve (0.2) (0.1) –
Cash flow hedge reserve – (0.3) (0.1)
Retained earnings (53.4) (54.2) (50.5)
Total equity 83.2 82.2 86.2

Non-current liabilities
Financial liabilities – interest-bearing loans and borrowings 6.3 9.3 7.8
Financial liabilities – derivatives 0.3 0.6 0.4
Deferred tax 2.0 4.0 2.0
Provisions 0.4 1.0 0.8
Other non-current liabilities 2.5 2.6 2.4
Total non-current liabilities 11.5 17.5 13.4

Current liabilities
Financial liabilities – interest-bearing loans and borrowings 14.7 15.9 12.9
Financial liabilities – derivatives 0.3 0.5 0.3
Trade and other payables 40.1 40.5 40.8
Corporation tax payable 4.4 0.2 3.4
Total current liabilities 59.5 57.1 57.4
Total liabilities 71.0 74.6 70.8
Total equity and liabilities 154.2 156.8 157.0


Consolidated cash flow statement

2011 2010 2010
£m £m £m

Cash flows from operating activities
Cash generated from operations 2.1 5.9 12.0
Tax received 0.3 – 1.4
Interest paid (0.6) (0.8) (1.4)
Tax paid (0.1) (0.1) (0.2)
Net cash generated from operating activities 1.7 5.0 11.8

Cash flows from investing activities
Purchase of property, plant and equipment (0.3) (0.3) (0.8)
Purchase of magazine titles, websites and trademarks – (0.1) (0.2)
Purchase of computer software and website development (1.1) (0.3) (0.8)
Net cash used in investing activities (1.4) (0.7) (1.8)

Cash flows from financing activities
Purchase of own shares by Employee Benefit Trust (0.2) – –
Draw down of bank loans 3.9 – –
Repayment of bank loans (3.6) (5.6) (9.9)
Equity dividends paid (1.6) - (1.6)
Net cash used in financing activities (1.5) (5.6) (11.5)

Net decrease in cash and cash equivalents (1.2) (1.3) (1.5)
Cash and cash equivalents at beginning of period 13.3 14.6 14.6
Exchange adjustments – 0.4 0.2
Cash and cash equivalents at end of period 12.1 13.7 13.3


Notes to the consolidated cash flow statement

A Cash generated from operations
The reconciliation of operating profit to cash flows generated from operations is set out below:
2011 2010 2010
£m £m £m

Operating profit for the period 1.8 3.0 7.4
Adjustments for:
Depreciation charge 0.6 0.8 1.6
Amortisation of intangible assets 0.6 1.4 2.7
Share schemes
– Value of employees’ services 0.2 0.3 0.5
Operating profit before changes in working capital and provisions 3.2 5.5 12.2
Movement in provisions (0.4) (0.1) (0.3)
Increase in inventories (1.2) (0.9) (0.1)
Decrease/(increase) in trade and other receivables 2.9 2.6 (0.7)
(Decrease)/increase in trade and other payables (2.4) (1.2) 0.9
Cash generated from operations 2.1 5.9 12.0

B Analysis of net debt
1 October Cash Non-cash Exchange 31 March
2010 flows changes movements 2011
£m £m £m £m £m

Cash and cash equivalents 13.3 (1.2) – – 12.1
Debt due within one year (12.9) (0.3) (1.6) 0.1 (14.7)
Debt due after more than one year (7.8) – 1.5 – (6.3)
Net debt (7.4) (1.5) (0.1) 0.1 (8.9)

C Reconciliation of movement in net debt
2011 2010 2010
£m £m £m

Net debt at start of period (7.4) (15.6) (15.6)
Decrease in cash and cash equivalents (1.2) (1.3) (1.5)
Movement in borrowings (0.3) 5.6 9.9
Non-cash changes (0.1) (0.1) (0.3)
Exchange movements 0.1 (0.1) 0.1
Net debt at end of period (8.9) (11.5) (7.4)


Basis of preparation

This unaudited condensed interim financial information for the six months ended 31 March
2011 has been prepared in accordance with International Accounting Standard 34 ‘Interim
Financial Reporting’ as adopted by the European Union, and in accordance with the
Disclosure and Transparency Rules of the Financial Services Authority.

The interim financial information contained in the Interim Report should be read in
conjunction with the Annual Report for the year ended 30 September 2010.

The Interim Report does not constitute statutory accounts as defined in section 434 of the
Companies Act 2006 and has not been audited. A copy of the statutory financial statements
for the year ended 30 September 2010 has been filed with the Registrar of Companies.
The auditors’ report on those accounts was unqualified; it did not contain an emphasis of
matter and did not contain any statements under section 498(2) or section 498(3) of the
Companies Act 2006. The auditors have carried out a review of the Interim Report and
their review report is set out on page 25.

The accounting policies adopted, methods of computation and presentation are
consistent with those set out in the Group’s statutory accounts for the financial year
ended 30 September 2010.


The following standards, interpretations and amendments to published standards are
effective but not relevant for the Group’s operations:

» Amendment to IFRS2 ‘Share-based Payment’ on group cash-settled share-based
payment transactions.

» Amendment to IAS32 ‘Financial Instruments: Presentation’ on classification
of rights issues.

» IFRIC 19 ‘Extinguishing Financial Liabilities with Equity Instruments’.


Notes to the financial information

1 Segmental reporting
The Group is organised and arranged primarily by geographical segment. The Board of Future plc considers the
performance of the business from a geographical perspective, namely the UK and the US. The Australian business
is considered to be part of the UK segment and is not separately reported.

Segment revenue
2011 2010 2010
£m £m £m

UK 49.4 50.7 105.9
US 19.7 21.0 46.2
Revenue between segments (0.3) (0.3) (0.6)
Total segment revenue 68.8 71.4 151.5
Revenue from external parties is measured in a manner consistent with that in the income statement. Transactions
between segments are carried out at arm’s length.

Segment EBITA
2011 2010 2010
£m £m £m

UK 5.5 6.1 12.9
US (1.5) (0.4) 0.2
Central costs (1.6) (1.3) (3.0)
Total segment EBITA 2.4 4.4 10.1
EBITA is used by the Board to assess the performance of each segment. Segment EBITA represents the EBITA earned by
each segment without the allocation of central administration costs.

A reconciliation of total segment EBITA to profit before tax is provided as follows:
2011 2010 2010
£m £m £m

Total segment EBITA 2.4 4.4 10.1
Amortisation of intangible assets (0.6) (1.4) (2.7)
Net finance costs (0.6) (0.8) (1.8)
Profit before tax 1.2 2.2 5.6


2 Revenue
An additional analysis of the Group’s revenue is shown below:
2011 2010 2010
£m £m £m

Circulation 40.0 43.0 88.7
Advertising 20.4 21.2 45.4
Custom publishing 6.1 4.8 11.6
Licensing, events & other 2.3 2.4 5.8
Total 68.8 71.4 151.5

3 Operating profit
2011 2010 2010
£m £m £m

Revenue 68.8 71.4 151.5
Cost of sales (48.1) (49.0) (104.2)
Gross profit 20.7 22.4 47.3
Distribution expenses (5.6) (5.8) (12.0)
Administration expenses (12.7) (12.2) (25.2)
Amortisation of intangible assets (0.6) (1.4) (2.7)
Operating profit 1.8 3.0 7.4


Notes to the financial information (continued)

4 Employees
2011 2010 2010
£m £m £m

Wages and salaries 22.3 21.2 44.2
Social security costs 2.2 2.8 5.7
Other pension costs 0.5 0.5 1.1
Share schemes
Total 25.2 24.8 51.5
IFRS 2 ‘Share-based Payment’ requires an expense for equity instruments granted to be recognised over the appropriate
vesting period, measured at their fair value at the date of grant.

The Group has used the Black-Scholes model to value instruments with non market-based performance criteria such as
earnings per share. For instruments with market-based performance criteria, notably total shareholder return, the
Group has used a Monte Carlo model to determine the fair value.

The expense for the six months ended 31 March 2011 of £0.2m (2010: £0.3m) has been credited to reserves.

Key management personnel compensation
2011 2010 2010
£m £m £m

Salaries and other short-term employee benefits 0.4 0.4 1.1
Post-employment benefits 0.1 0.1 0.1
Share schemes
Total 0.6 0.6 1.5

Key management personnel are deemed to be the members of the Board of Future plc. It is this Board which has
responsibility for planning, directing and controlling the activities of the Group.


5 Net finance costs
2011 2010 2010
£m £m £m

Interest payable on interest-bearing loans and borrowings (0.6) (0.8) (1.4)
Fair value gain/(loss) on interest rate derivatives 0.2 – (0.1)
Exchange gains – 0.1 0.1
Amortisation of bank loan arrangement fees (0.2) (0.1) (0.3)
Other finance costs – – (0.1)
Net finance costs (0.6) (0.8) (1.8)
In line with the Board’s policy of hedging interest rate risk, the Group entered into interest rate swaps. The valuation of
these interest rate swaps at 31 March 2011 resulted in a gain for the six months ended 31 March 2011 of £0.2m (2010: £nil).

6 Tax on profit
The tax charge for the six months ended 31 March 2011 is based on the estimated effective rate of tax for the Group for
the full year to 30 September 2011. The estimated effective rate is applied to the profit before tax.

7 Dividends
Equity dividends 2011 2010 2010
Number of shares in issue at end of period (million) 328.8 327.9 328.0
Dividends paid and payable in period (pence per share) 1.1 0.5 0.5
Dividends paid and payable in period (£m) 3.6 1.6 1.6

Interim dividends are recognised in the period in which they are paid and final dividends are recognised in the period in
which they are approved.

The dividends totalling £3.6m paid and payable during the period ended 31 March 2011 relate to the interim dividend
paid for the six-month period to 31 March 2010 of 0.5 pence per share (£1.6m) and the final dividend declared for the
year ended 30 September 2010 of 0.6 pence per share (£2.0m), which was approved on 9 February 2011 and paid on
1 April 2011.

For the period ended 31 March 2010 and the year ended 30 September 2010 the dividend payable/paid of £1.6m was
the final dividend of 0.5 pence per share declared for the year ended 30 September 2009.

An interim dividend in respect of the six months ended 31 March 2011 of 0.5 pence per share, amounting to £1.6m,
has been declared by the Board but is not reflected in this interim statement.


Notes to the financial information (continued)

8 Earnings per share
Basic earnings per share are calculated using the weighted average number of Ordinary shares in issue during the
period. Diluted earnings per share have been calculated by taking into account the dilutive effect of shares that would be
issued on conversion into Ordinary shares of awards held under employee share schemes.

The adjusted earnings per share removes the effect of the amortisation of intangible assets and any related tax effects
from the calculation as follows:

Adjustments to profit after tax
2011 2010 2010
£m £m £m

Profit after tax 0.8 1.5 5.5
Add: amortisation of intangible assets 0.6 1.4 2.7
Tax effect of the above adjustment (0.1) (0.5) (0.3)
Adjusted profit after tax 1.3 2.4 7.9

2011 2010 2010

Weighted average number of shares outstanding during the period:
– Basic 327,649,671 327,122,804 327,314,532
– Dilutive effect of share awards 7,810,104 8,497,514 8,442,387
– Diluted 335,459,775 335,620,318 335,756,919
Basic earnings per share (in pence) 0.2 0.4 1.7
Adjusted basic earnings per share (in pence) 0.4 0.7 2.4
Diluted earnings per share (in pence) 0.2 0.4 1.6
Adjusted diluted earnings per share (in pence) 0.4 0.7 2.3

The adjustments to profit have the following effect:
2011 2010 2010
pence pence pence

Basic earnings per share 0.2 0.4 1.7
Tax effect of the above adjustment – (0.1) (0.1)
Adjusted basic earnings per share 0.4 0.7 2.4

Diluted earnings per share 0.2 0.4 1.6
Tax effect of the above adjustment – (0.1) (0.1)
Adjusted diluted earnings per share 0.4 0.7 2.3


9 Property, plant and equipment
During the six months ended 31 March 2011, property, plant and equipment additions totalled £0.4m (31 March 2010:
£0.3m). The £0.4m is attributable to: land and buildings £0.1m (2010: £nil); plant and machinery £0.2m (2010: £0.3m);
equipment, fixtures and fittings of £0.1m (2010: £nil).

There were no commitments for capital expenditure contracted for but not provided at 31 March 2011
(31 March 2010: £nil).

The depreciation charge for the period totalled £0.6m (31 March 2010: £0.8m). The £0.6m is attributable to: land and
buildings £0.1m (2010: £0.2m); plant and machinery £0.4m (2010: £0.5m); equipment, fixtures and fittings £0.1m
(2010: £0.1m).

10 Issued share capital
During the period, 806,369 Ordinary shares (31 March 2010: 676,647) with a nominal value of £8,064 (2010: £6,766) were
issued by the Company for a total cash commitment of £6,375 (2010: £nil), pursuant to share scheme exercises.

As at 31 March 2011 there were 328,786,172 Ordinary shares in issue (31 March 2010: 327,873,915).

11 Contingent assets and contingent liabilities
At 31 March 2011 there were no material contingent assets or contingent liabilities.


Statement of Directors’ responsibilities

The Directors confirm that to the best of their knowledge the condensed interim financial
information contained in the Interim Report has been prepared in accordance with
International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the
European Union and that the Interim Management Report herein includes a fair review of
the information required by the Disclosure and Transparency Rules.

The Directors of Future plc are as listed in the Future plc Annual Report for 30 September
2010, with the exception of the following changes in the period: Mark Whiteling was appointed
on 8 October 2010; Patrick Taylor and Michael Penington resigned on 9 February 2011, and
Manjit Wolstenholme was appointed on 9 February 2011.

On behalf of the Board

John Bowman

20 May 2011

Directors

Roger Parry
Chairman
Stevie Spring
Chief Executive
John Bowman
Manjit Wolstenholme
Seb Bishop
Mark Whiteling

Company Secretary and General Counsel
Mark Millar

The maintenance and integrity of the Future plc website is the responsibility of the Directors; the work carried out by the
auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any
changes that may have occurred to the financial statements since they were initially presented on the website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.


Independent review report to Future plc

Introduction
We have been engaged by the Company to review the condensed interim financial information in the half-yearly financial
report for the six months ended 31 March 2011, which comprises the Consolidated income statement, Consolidated
statement of comprehensive income, Consolidated statement of changes in equity, Consolidated balance sheet,
Consolidated cash flow statement, Notes to the consolidated cash flow statement, Basis of preparation and related
notes. We have read the other information contained in the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the information in the condensed financial information.

Directors’ responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are
responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of
the United Kingdom’s Financial Services Authority.

As disclosed in the Basis of preparation, the annual financial statements of the Group are prepared in accordance with
IFRSs as adopted by the European Union. The condensed interim financial information included in this half-yearly
financial report has been prepared in accordance with International Accounting Standard 34, ‘Interim Financial
Reporting’, as adopted by the European Union.

Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed interim financial information in the
half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for
the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no
other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent
in writing.

Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410,
‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards
on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim financial
information in the half-yearly financial report for the six months ended 31 March 2011 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure
and Transparency Rules of the United Kingdom’s Financial Services Authority.

PricewaterhouseCoopers LLP
Chartered Accountants
20 May 2011
London


Key performance indicators

2011 2010 2010
Annual growth in revenue (at constant currency) - 4% - 5% - 1%
EBITA operating margin (as a %) 3.5% 6.2% 6.7%
Absolute EBITA (in sterling) £2.4m £4.4m £10.1m
Change in adjusted earnings per share (as a %) - 43% + 17% + 33%

Number of magazines sold per month 2.9m 3.3m 3.4m
Proportion of magazines sold from total number printed See notes 1-3 See notes 1-3 See notes 1-3
Proportion of Group’s business derived from our brands
compared with partnership publishing 77:23 (note 4) 77:23 (note 4) 76:24 (note 4)

Number of unique users logging on to our websites
per month 25m (note 5) 27m (note 5) 23m (note 5)
Growth in total advertising revenue
(as a % at constant currency) - 4% - 11% - 5%
Proportion of advertising revenue that is online (as a %) 34% 24% 25%

Human capital See note 6 See note 6 See note 6
Net bank debt £8.9m £11.5m £7.4m

Notes
1 The majority of magazines printed by the Group are sold, and those unsold are mainly recycled and used for newspaper
production. The precise proportion sold at newsstand is a detailed KPI each month for every title. However, the Group
believes that it is commercially sensitive to disclose these percentages, since competitors typically do not release this
information. Magazines printed for subscription have no wastage.

2 In the UK 71% of magazines (by volume) are sold at newsstand. Our overall UK average newsstand efficiency has
remained the same as the first half of 2010. Future has increased the proportion of magazine volume sales derived from
subscription rather than newsstand, from 26% to 29%. The majority of UK revenues for magazines are derived from
cover price.

3 In the US 30% of magazines (by volume) are sold at newsstand. The majority are sold by subscription at heavily
discounted prices. Newsstand efficiency decreased by 4% in 2011 compared with the first half of 2010.

4 Partnership publishing represents 23% of Group revenue for the first half of 2011. This category includes business from
our Official magazines and programmes published for Microsoft (Xbox 360 and Windows), Sony (PlayStation, FirstPlay and
Qore), Nintendo, plus custom publishing activities. The majority of the Group’s revenue is generated from our own brands.

5 For each of our websites we know the number of page impressions and the number of unique visitors to that website. We
do not know how many unique visitors visit more than one of our websites. The number presented here is the simple total of
each website’s average monthly number of unique visitors. The figures for March 2010 included 7m unique users relating to
our aggregation websites (since closed).

6 Human capital is the Group’s most important resource, with 1,213 employees (at 31 March 2011). In the running of our
business, we focus on retention of key employees and on refreshment of the team with new people and new ideas.


Directors and advisers

Directors Auditors
PricewaterhouseCoopers LLP
Roger Parry 1 Embankment Place
Chairman London WC2N 6RH
Stevie Spring
Chief Executive Broker
John Bowman Numis Securities Ltd
Group Finance Director 10 Paternoster Square
Manjit Wolstenholme London EC4M 7LT
Seb Bishop Principal bankers
Independent non-executive Director Barclays Bank plc
Mark Whiteling 1 Churchill Place
Independent non-executive Director London E14 5HP

Company Secretary and General Counsel Registrars
Mark Millar Computershare Investor Services plc
The Pavilions
London office Bridgwater Road
2 Balcombe Street Bristol BS99 6ZY
London NW1 6NA
Tel: +44 (0)20 7042 4000 Solicitors
Allen & Overy LLP
Registered office One Bishops Square
Future plc London E1 6AD
Beauford Court
30 Monmouth Street
Bath BA1 2BW
Tel: +44 (0)1225 442244

Company registration number 3757874

www.futureplc.com


Financial calendar and contacts

Financial calendar
Half-year end 31 March 2011
Half-year results announced 20 May 2011
Half-year results mailed to shareholders 9 June 2011

Financial year end 30 September 2011
Annual results announced 24 November 2011
Annual results mailed to shareholders December 2011

Where to contact us

Future plc Future Publishing Ltd Future US, Inc
www.futureplc.com www.futureplc.com www.futureus.com

2 Balcombe Street Beauford Court 4000 Shoreline Court
London NW1 6NW 30 Monmouth Street Suite 400
+44 (0)20 7042 4000 Bath BA1 2BW South San Francisco
+ 44 (0)1225 442244 CA 94080
Beauford Court + 1 650 872 1642
30 Monmouth Street 2 Balcombe Street
Bath BA1 2BW London NW1 6NW 149 Fifth Avenue
+ 44 (0)1225 442244 +44 (0)20 7042 4000 9th Floor
New York
NY 10010
+ 1 212 768 2966


Relations with shareholders and Company website
The Company’s website, www.futureplc.com, contains up-to-date information
on the Group’s activities and the investor relations section includes a full copy
of the interim and annual results, presentations provided to analysts, and an
audio recording of the most recent such presentation on 20 May 2011. Copies of
these presentations are also available from the Company’s registered office.

Future plc
www.futureplc.com

2 Balcombe Street
London NW1 6NW
United Kingdom
Tel: +44 (0)20 7042 4000

Beauford Court
30 Monmouth Street
Bath BA1 2BW
United Kingdom
Tel: +44 (0)1225 442244

Future plc interim report 2011

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