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82 The Carphone Warehouse Group PLC Annual Report 2009
Notes to the Financial Statements – continued
32 Post balance sheet events
On 8 May 2009, the Group announced that it had agreed for TalkTalk Group to acquire Tiscali’s UK operations for a total cash
consideration of £236 million, funded entirely from existing Group debt facilities. Completion is subject only to EU competition
authority clearance and Tiscali S.p.A. obtaining formal approval pursuant to its debt restructuring plan. Completion is currently
expected in June 2009.
33 Restatement of comparative information
Comparative information has been restated to present the results of Best Buy Europe as discontinued operations and to reect
a change in the Group’s accounting policy for subscriber acquisition costs (“SAC”).
Change
Discontinued in accounting
As previously operations policy**
reported (see note 5) (see note 1) Restated
£m £m £m £m
Income statement for the year ended 29 March 2008
Continuing operations
Revenue * 4,474 (3,050) – 1,424
Cost of sales (2,860) 2,068 – (792)
Gross profit 1,614 (982) – 632
Operating expenses excluding amortisation and depreciation (1,163) 725 (107) (545)
EBITDA 451 (257) (107) 87
Depreciation (81) 47 – (34)
Amortisation and goodwill expense (197) 55 54 (88)
Share of results of joint ventures and associates (6) 1 (1) (6)
Profit (loss) before interest and taxation 167 (154) (54) (41)
Interest expense (53) 2 – (51)
Interest income 11 (5) – 6
Profit (loss) before taxation 125 (157) (54) (86)
Taxation (7) 14 15 22
Net profit (loss) for the year from continuing operations 118 (143) (39) (64)
Net prot for the year from discontinued operations – 143 (6) 137
Net profit for the year 118 – (45) 73
* Revenue reclassied as discontinued operations comprises retail and distribution revenue of £3,091m, less eliminations of £41m which are not
relevant for continuing operations.
** The effect of the change in accounting policy is to show SAC that had previously been capitalised as an operating expense and to reverse the
amortisation of SAC that had previously been capitalised.