Fourth Quarter 2003
Reported Revenue Up 5.7%
- Organic Revenue Down 1.1% (see reconciliation on slide 13)
Reported Staff cost and O&G growth less than revenue growth
- Salary and related up 3.6%
- Office & general down 10.6%
Restructuring Program Charges and Impairments of $125.4 million
- Restructuring program charges of $40.6 million ($7.4 million included in O&G) related to the company’s previously announced restructuring program
- Non-cash long-lived asset impairment of $42.1 million of which $38 million related to the sale of four Brands Hatch Race Tracks
- Non-cash investment impairment of $42.7 million related to certain investments in which the company owns a minority stake
Tax Provision of $217.7 million
Net Loss Per Share: $(0.26)