Maltby Capital Ltd
Year ended 31 March 2008
Market and Company Context
Financials - Overview
EMI Music Publishing
Risk Management and Treasury Policies
Directors Report and Consolidated Accounts
About this report
This Annual Review is a report by Maltby Capital Limited (‘Maltby’) on its
investment in EMI Group Limited (‘EMI’) and covers EMI’s performance for the
financial year ended 31 March 2008. This covers the four and a half month
period prior to the acquisition and the seven and a half month period post
acquisition. The report aims to be open and transparent and to give a fair
picture of EMI during the period.
Maltby acquired EMI, one of the world’s leading independent music
companies, on 17 August 2007. Maltby is owned by funds managed by Terra
Firma1. EMI was de-listed from the London Stock Exchange on 18 September
2007 and on 4 October 2007 ceased to be a public limited company and
became EMI Group Ltd.
The statutory financial statements of Maltby cover the period post acquisition,
and reflect the capital and financing structure since ownership by Terra Firma.
To aid understanding and to provide a more meaningful comparison to the
prior year, we have included results on a 12 month pro-forma basis together
with a discussion of the 12 month results of the two operating divisions of EMI,
EMI Music and EMI Music Publishing.
recommendations for private equity companies and their investments, we will
be publishing an interim report later this year. This will cover the six-month
period ended 30 September 2008 and will include the half year results with a
discussion of strategy and outlook.
Overview of EMI structure
The Maltby Board oversees the EMI businesses,