Informa Group plc consolidated profit and loss account Informa Group plc consolidated cashflow statement Informa group plc consolidated balance sheet Taylor & Francis Group plc consolidated profit and loss account Taylor & Francis Group plc consolidated cashflow statement Taylor & Francis Group plc – group and company balance sheets

Informa Group plc consolidated cashflow statement For the year ended 31 December 2003         2003     2002   Notes £000   £000 £000   £000 Cash inflow from operating activities 28     34,174     46,510 Returns on investments and servicing of finance               Interest received   1,395     1,010     Interest paid   (7,419)     (7,494)     Interest elements of finance lease rental payments   (1)     (8)               (6,025)     (6,492) Taxation       (4,149)     (1,667) Capital expenditure               Purchase of tangible fixed assets   (2,687)     (5,037)     Sale of tangible fixed assets   220     2,914               (2,467)     (2,123) Acquisitions and disposals               Purchase of subsidiary undertakings 30 (166,501)     (3,232)     Net cash acquired with subsidiary undertakings 30 23,236     –     Purchase of businesses 31 (210)     (815)     Purchase of fixed asset investment   (2,105)     (679)     Disposal of subsidiary undertakings and businesses 4 1,045     150               (144,535)     (4,576) Equity dividends paid       (9,943)     (9,674) Cash (outflow)/inflow before financing       (132,945)     21,978   Financing               Issue of ordinary share capital   53,124     –     Issue costs   (1,553)     –     Exercise of share options   441     806     Increase in amounts borrowed   153,236     49,185     Repayment of amounts borrowed   (66,302)     (68,983)     Capital element of finance lease rental payments   (54)     (35)               138,892     (19,027) Increase in cash in the year 29     5,947     2,951   Reconciliation of net cash flow to movement in net debt               Increase in cash in the year       5,947     2,951 Cash (inflow)/outflow from (increase)/decrease in debt financing       (86,880)     19,798 Change in net debt resulting from cash flows       (80,933)     22,749 Translation differences       (1,623)     554 Non-cash movements       (114)     – Movement in net debt in the year       (82,670)     23,303 Net debt at 1 January 29     (95,529)     (118,832) Net debt at 31 December 29     (178,199)     (95,529) To view the notes click here.