DIRECTORS,
ADVISERS AND
OTHER 
CORPORATE 
INFORMATION
Company registration number
4948078
Incorporated / Domiciled in:
England
Registered office
St Giles House
50 Poland Street
London
W1F 7AX
Directors 
JPE Taylor (Chairman) 
GTD Wilmot (Chief Executive)
MH Kerswell (Interim Group Finance Director, appointed 13 June 2011)
MJ Lally (Group Finance Director)
C Morrison
C Satterthwaite 
RW Boyle 
RS Miskin (appointed 13 January 2011)
Company Secretary
CV Baty
Bankers
Royal Bank of Scotland plc
Corporate Banking London 
9th Floor 
280 Bishopsgate 
London 
EC2M 4RB
Solicitors
Travers Smith LLP 
10 Snow Hill 
London  
EC1A 2AL  
Macfarlanes LLP
10 Norwich Street 
London 
EC4A 1BD 
Independent Auditors
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
1 Embankment Place
London 
WC2N 6RH
Registrars
Share Registrars Limited 
Suite E; First floor
9 Lion and Lamb Yard
Farnham
Surrey
GU9 7LL 03
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Contents
Directors, Advisers and Other Corporate Information 2
Highlights 4
Chairman’s Statement 6
Chief Executive Review 8
Financial Review 12
Board of Directors 18
Report of the Directors 20
Corporate Governance Report 24
Corporate Social Responsibility 32
Directors’ Report on Remuneration 34
Independent Auditors’ Report 40
Consolidated Statement of Comprehensive Income 42
Consolidated Statement of Changes in Equity 43
Company Statement of Changes in Equity 44
Consolidated Balance Sheet 45
Company Balance Sheet 46
Consolidated Cash Flow Statement 47
Company Cash Flow Statement 47
Statement of Accounting Policies 50
Notes to the Financial Statements 54 Highlights
04
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
FINANCIAL
 Revenue up 14% to £68.3m (FY10 £59.9m)
 Adjusted EBITDA up 50% to £9.9m (FY10: £6.6m)
 Adjusted EBITDA margins increased from 11% to 14%
 Adjusted profit before tax up 63% at £6.5m (FY10: £4.0m)
 Loss before tax of £30.3m (FY10 profit £2.6m) includes non-cash impairment charge of £32.2m
and exceptional charge of £3.4m 
 Adjusted basic EPS up 55% to 3.4p (FY10: 2.2p)
 Proposed full year dividend up 18% to 2.0p (FY10: 1.7p)
 Cash conversion 125% (FY10: 112%)
OPERATIONAL
 Digital revenues account for 26% of total revenues
 Digital advertising revenues up 19%
 Major restructuring programme completed to drive faster revenue growth and margin improvement
 Three divisions established: Business Publishing, Business Information and Exhibitions
 New senior management team in place
 Disposal programme of non-core assets well advanced  
 Acquired The Forum for Expatriate Management (“FEM”) and Investment Platforms (“IPL”) 
REVENUE by division
%
ADJUSTED EBITDA by division
 Business Publishing 69%
 Business Information 8%
 Exhibitions 23%
 Business Publishing 55%
 Business Information 22%
 Exhibitions 23%
% 05
NOTES
1. Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation, excluding exceptional items, impairment charges
and other signiﬁcant non-cash items including share based payments. Refer to page 14.
2. Adjusted PBT (PBTA) is proﬁt before tax, excluding the impact of amortisation of acquired intangibles, impairment charges and
exceptional items. Refer to page 14.
3. Adjusted EPS is based on the basic EPS but after making adjustments for amortisation on acquired intangibles, impairment charges
and exceptional items as detailed in note 7 to the ﬁnancial statements.
4. Cash conversion rate is operating cash ﬂow (“OCF”) expressed as a percentage of adjusted operating proﬁt. OCF is deﬁned as cash
generated from operations (note 25 to the ﬁnancial statements), less capital expenditure on property, plant and equipment and
software, and excluding the cash impact of exceptional items. Adjusted operating proﬁt is operating proﬁt after making adjustments
for amortisation on acquired intangibles, impairment charges and exceptional items. Refer to page 16.
5. Underlying growth rates adjust for the impact of acquisitions.
Year to Year to Underlying 
30 June 30 June Growth growth
5
£m £m % %
Revenue 68.3 59.9 14% 11%
Adjusted EBITDA
1
9.9 6.6 50% 47%
Adjusted EBITDA margin 14% 11%
Adjusted profit before tax
2
6.5 4.0 63%
(Loss)/profit before tax (30.3) 2.6
Basic (LPS)/EPS (pence) (21.2) 1.4
Adjusted basic EPS (pence)
3
3.4 2.2 55%
Dividend per share (pence) 2.0 1.7 18%
Operating cash flow
4
8.4 4.6 83%
Cash conversion
4
125% 112%
201 1 2010
%
REVENUE by type
%
REVENUE by source
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
 Print 43%
 Digital 26%
 Events 30%
 Other 1%
 Advertising 49%
 Paid for content 20%
 Events 30%
 Other 1% Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
PATRICK
TAYLOR
Chairman 07
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
On behalf of the Board, I am pleased to report a good
set of results for 2011, led by strong organic growth
across all divisions.  Adjusted EBITDA increased by
50% to £9.9m (FY10: £6.6m) driven by revenue
growth of 14%.  Adjusted profit before tax increased
by 63% to £6.5m (FY10: £4.0m) with adjusted EPS
up 55% to 3.4p (FY10: 2.2p). Cash flow has been
exceptionally strong with operating cash flow
increasing by 83% to £8.4m (FY10: £4.6m).
On 28 June 2011 we announced a restructuring of
the Group’s business into three divisions: Business
Publishing, Business Information and Exhibitions. The
restructuring is accompanied by a strengthened senior
management team, including experienced external
appointments to lead our Business Information and
Exhibitions divisions,  and will accelerate the Group’s
delivery of our strategic objectives. These are to build
market leading positions in high growth markets, to
increase the quality of our revenue streams, to invest
in high quality content and digital platforms, and to
leverage scale to deliver rapid growth in EBITDA
margins and cash flow. We are excited by the
opportunities created by these changes and
encouraged that they have been implemented
decisively and effectively.
In addition to these restructuring initiatives, we have
also completed two acquisitions. The Forum for
Expatriate Management (“FEM”) was acquired in April
2011, and is complementary to our portfolio of
assets serving the specialist HR community.  Since the
year-end we have acquired Investment Platforms
Limited (“IPL”), a specialist information business in
the retail financial services sector, which offers a good
fit with our products serving the investment
intermediary community. Acquisitions will continue to
play an important role in the delivery of our strategy,
and recent acquisitions including Taxbriefs and FEM
have performed well.
DIVIDEND
The growth in adjusted EPS provides the context for
the Board’s recommendation of a final dividend of
1.3p per share, giving a full year dividend of 2.0p
(FY10: 1.7p). This 18% increase in full year dividend
reflects the Board’s confidence in the future prospects
for the Group.
The level of dividend cover against adjusted EPS at
1.7x (FY10: 1.3x) remains below our target level of
between 2.0x to 3.0x across an economic cycle. The
Board’s view is that this is appropriate as we continue
to recover from the recent recession and as we begin
to see the benefits from the restructuring. 
BOARD AND STAFF
Centaur’s growth since its foundation in 1981 and the
creation of its portfolio of market-leading brands has
been largely organic and attributable to its
entrepreneurial culture, which has enabled us to
attract and retain high quality people.  The skills and
experience of our staff are evident in the results
achieved in the past year.  
The recent restructuring is intended to reinforce this
entrepreneurial culture and to harness it more
effectively so as to provide new opportunities for our
staff to thrive and grow in the future.  I am confident
that they will continue to respond enthusiastically to
these new opportunities.
I also continue to be impressed by the quality of
our people, by their enthusiasm for the business and
by their determination to grow the business as the
market improves. On behalf of the Board and our
shareholders, I would like to thank all of our staff for
the efforts they have made.
CURRENT TRADING AND OUTLOOK 
In the first two months of the new financial year we
have seen further growth in our operations. July and
August are traditionally a quieter period for our
publishing and event businesses, but we have
experienced an encouraging start to the year. 
We are already seeing the benefits of the restructuring
flowing through, particularly within the Business
Publishing division. 
Centaur’s business is now more focused, higher
margin, better balanced and more resilient. With an
experienced and ambitious management team in place,
the Board is confident that the Group is now well
positioned for future growth in revenues and margins.
Patrick Taylor
Chairman
14 September 2011
We have repositioned the business to
accelerate growth in revenues and
margins and improve the quality of 
our earnings.
Our entrepreneurial culture reinforced
by a strengthened management team
oﬀer exciting potential.
Chairman’s Statement Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
GEOFF 
WILMOT
Chief 
Executive Oﬃcer 09
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
STRATEGIC OVERVIEW
Centaur is a leading provider of business information
to high value professional and commercial markets.
The Group delivers its services through market-
leading brands operating across three principal media
formats:  digital, print and events.
The strategic objectives are as follows:
 To build market leading positions in high growth
markets in the UK and internationally.
 To increase the proportion of revenues generated
from digital media, high value subscriptions and
events, and reduce the relative dependency on print
and advertising.
 To invest in high quality content and digital
platforms that strengthen the Group’s position
across all its markets.
 To leverage scale to deliver rapid growth in EBITDA
margins and cash flow.
Centaur aims to achieve these objectives through a
combination of strong organic growth, new product
development and selected acquisitions. All investment
across the business is rigorously measured against
these strategic objectives.
RESTRUCTURING
To accelerate delivery against these strategic
objectives, in June 2011 the Group announced
restructuring initiatives that involved the strengthening
of the senior management team, rationalisation of
publishing operations and the sale of a number of
non-core assets. 
The key elements of the restructuring were:
 Merging the legal and financial publishing
businesses
 Merging the marketing and creative publishing
businesses. Design Week and New Media Age are
now published in digital format only
 Merging the HR and Engineering publishing
businesses; and
 The planned disposal of assets in certain niche
markets. 
Following the restructuring, the Group now reports
across three divisions: Business Publishing; Business
Information; and Exhibitions. The Group is managed
by an Operating Board responsible for the
implementation of Group strategy, comprising CEO
Geoff Wilmot, Interim FD Mark Kerswell and three
divisional heads: MD of Business Publishing – Tim
Potter; MD of Business Information – Simon
Middelboe; and MD of Exhibitions – Andrew Evans. 
While Centaur will continue to retain and encourage
commercial autonomy and ownership across each of
its businesses, this new structure will enable it to
scale the business better, manage costs harder, exploit
revenue opportunities across the divisions and vertical
markets more effectively and manage the portfolio of
businesses more actively. 
This restructuring has been completed and the new
structure will help accelerate revenue growth in the
current financial year and deliver a marked
improvement in adjusted EBITDA margins. The Group
is already seeing the benefits in the following areas:
 A higher margin and better balanced portfolio, with
an enhanced focus on digital media 
 A more focused organisation, providing a stronger
platform for growth and facilitating effective
integration of acquisitions
 Benefits of scale and process efficiencies within the
new publishing groups, enabling greater investment
in digital operations, marketing, event management
and new product development
 A stronger senior management infrastructure to
support faster growth
The planned disposals of non-core assets are
expected to be completed before the end of
December 2011. 
The three divisions are made up as follows:
Business Publishing  
The print, digital and related events activities for the
portfolio of leading B2B publications in the Marketing
and Creative, Legal and Financial, and Corporate
Services communities. Corporate Services includes
activities across the HR and Engineering markets.
Leading brands include Marketing Week, Creative
Review, The Lawyer, Money Marketing, Employee
Benefits and The Engineer. Taxbriefs and FEM,
acquired in May 2010 and April 2011 respectively
are also reported in this division.
Business Information
Perfect Information (“PI”), a digital business that
provides work flow solutions and global financial
information across the corporate advisory sector,
including investment banks, brokerage firms,
consultancy, accounting and law firms.
Exhibitions 
The trade and consumer exhibitions business and
specialist consumer publishing portfolio. Leading
exhibitions include Marketing Week Live, The
Employee Benefits Show, The National Homebuilding
and Renovating portfolio and The National Home
Improvement Show. Specialist consumer publishing
titles include Period Living, Real Homes, and
Homebuilding and Renovating.
Chief Executive Review 10
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
CHIEF 
EXECUTIVE 
REVIEW
OPERATIONAL REVIEW
Centaur reported a strong recovery in revenues and
margins in the year ended 30 June 2011 despite an
uncertain economic backdrop. The Group reported
revenue growth of 14%, with digital advertising
revenues up 19%, an increase in adjusted EBITDA
margins from 11% to 14%, a 63% increase in
adjusted profit before tax and cash conversion well in
excess of 100%. The Group continued to
successfully migrate its business onto digital
platforms, with the core Business Publishing websites
posting a 28% increase in revenues. At the same
time, core print publications also delivered revenue
growth of 19%, reflecting their strong market
positions.
Acquisitions
The Group completed two bolt-on acquisitions.
In April, the Group acquired FEM, the expatriate
information and events business. FEM's revenues are
currently generated principally through sponsorship of
its events and through subscriptions. FEM is now fully
integrated into the Corporate Services publishing
group within Business Publishing.
In August, Centaur acquired IPL, a specialist
information business in the retail financial services
sector, providing research data, analysis and advice on
retail financial distribution and fund platforms. It also
organises events for product providers and
intermediaries. IPL is being integrated within the Legal
& Financial publishing group within Business
Publishing and the Group expects benefits of that
integration to flow through in the coming months.
BUSINESS PUBLISHING by type
%
BUSINESS PUBLISHING by source
Business Publishing
Business Publishing, the largest division, 
delivered revenue growth of 18%, whilst margins
doubled to 12%. Within the division, Marketing &
Creative revenues increased by 13%, Legal &
Financial by 25% and Corporate Services by
11%. The division also benefited from the
acquisitions of FEM and Taxbriefs. Within
Marketing & Creative, the Marketing Week Engage
awards delivered strong growth and record
revenues for any Centaur awards event, reflecting
the renewed strength of the Marketing Week
brand following the investment in the brand over
the previous two years. The Group also launched
Pitch, an interactive showcase for marketing
services agencies.
Within Legal & Financial, The Lawyer continued
to expand its portfolio of summit-format events
with three new events during the year: the
Governance, Risk and Compliance Congress, the
Funds Summit and the Private Client and Family
Office Summit. Fundweb, a data, research and
news service for investment advisers combining
Fund Strategy news with funds data provided by
leading data provider Financial Express, was
launched in the second half. 
Within Corporate Services, both HR and
Engineering experienced steady improvement in
trading conditions through the year.
%
 Print 53%
 Digital 24%
 Events 22%
 Other 1%
 Recruitment 
Advertising 17%
 Advertising 48%
 Paid for content 12%
 Events 22%
 Other 1% 11
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Business Information
Business Information performed strongly in FY11,
with PI revenues growing 7% and adjusted
EBITDA margins up 1 point to 38%. Renewal
rates of 98% were supplemented by healthy
growth in new business as the year progressed
and the annual contract value of subscriptions at
30 June 2011 (which form the majority of PI
revenues) were 22% ahead of prior year.
Significant incremental revenues were generated
from three recently launched services: Equity
Capital Markets Insight, Private Company
Database, and Navigator - a workflow document
analysis tool for corporate finance teams.
Exhibitions
Exhibitions revenue grew by 6% and adjusted
EBITDA margins remained steady at 15%. Events
revenues, which currently account for two thirds
of divisional revenues, delivered 11% growth,
driven by B2B events. The Marketing Week Live
event grew strongly in its third year, with revenues
up 24% and visitor numbers up by 31%, making
it the largest exhibition in the UK for marketing
professionals. Specialist consumer exhibitions
recovered well, whilst specialist consumer
publishing revenues were down 2%, reflecting
weak consumer confidence in the period.
BUSINESS INFORMATION by type
%
BUSINESS INFORMATION by source
%
EXHIBITIONS by type
%
EXHIBITIONS by source
%
GTD Wilmot
Chief Executive Officer
14 September 2011
 Print 31%
 Digital 4%
 Events 65%
 Digital 98%
 Events 2%
 Paid for content 98%
 Events 2%
 Advertising 18%
 Paid for content 17%
 Events 65% Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
MARK
KERSWEL
Interim Group
Finance Director 13
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
HIGHLIGHTS
Adjusted EBITDA increased by 50% to £9.9m (FY10:
£6.6m), driven by revenue growth of 14% and an
increase in adjusted EBITDA margins from 11% to
14%. Adjusted profit before tax increased by 63%.  
These are strong results which reflect the quality of
the Group’s core assets, the efforts to closely manage
the Group’s cost base throughout FY10 and FY11,
supported by continued investment in new products
and bolt-on acquisitions.
These results also demonstrate the Group’s ability
to convert adjusted operating profits into cash flow,
with operating cash flow increasing by 83% to £8.4m
(FY10: £4.6m). The cash conversion rate for the
Group increased to 125% (FY10: 112%).
The restructuring programme significantly impacted
the reported results in FY11. The reported loss before
taxation of £30.3m includes a non-cash impairment
charge of £32.2m and exceptional costs related to
the June restructuring programme of £2.9m. The
restructuring initiatives, while having a material impact
on the reported statutory results, do not impact the
underlying trading performance of the Group.
ADJUSTED AND STATUTORY RESULTS
Throughout this financial review, the Group refers to
both adjusted and statutory results. Adjusted results
are presented to provide a more comparable view on
the Group’s underlying results.
SEGMENTAL REPORTING
As a consequence of the restructuring initiatives
announced in June 2011, the Group has adopted a
new segmental reporting structure. The new reporting
segments reflect the way the business is now managed
and simplifies the way the Group reports revenue and
profit performance across each of its businesses. 
Revenue and adjusted EBITDA by division are set
out below, together with the respective reported and
underlying growth rates.
Actual Underlying 
growth growth
£m £m%%
Business Publishing
Revenue 46.8 39.7 18% 13%
Adjusted EBITDA 5.4 2.4 125% 123%
Adjusted EBITDA margin 12% 6%
Business Information
Revenue 5.8 5.47%7%
Adjusted EBITDA 2.2 2.0 10% 10%
Adjusted EBITDA margin 38% 37%
Exhibitions
Revenue 15.7 14.86%6%
Adjusted EBITDA 2.3 2.25%5%
Adjusted EBITDA margin 15% 15%
Total
Revenue 68.3 59.9 14% 11%
Adjusted EBITDA 9.9 6.6 50% 47%
Adjusted EBITDA margin 14% 11%
2010 201 1
Financial Review FINANCIAL 
REVIEW
14
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
£m £m
Revenue 68.3 59.9
Adjusted EBITDA 9.9 6.6
Depreciation of property, plant and equipment (0.9) (0.9)
Amortisation of software (2.1) (1.9)
Share based payments (0.2) 0.3
Finance costs (0.2) (0.1)
Adjusted PBT 6.5 4.0
Amortisation of acquired intangibles (1.2) (1.1)
Impairment of goodwill and intangible assets (32.2) -
Exceptional costs (3.4) (0.3)
(Loss)/profit before taxation (30.3) 2.6
2010 201 1
Adjusted EBITDA margins improved by three
percentage points from 11% to 14% with the
strongest growth seen in the Business Publishing
division, up from 6% to 12%.  
Total Group costs on an adjusted EBITDA basis
increased by 10% from £53.3m to £58.4m. £3.7m
of this increase related to direct costs of sale and
distribution expenses with an improvement in gross
margins from 44% to 46%.
Total employment costs (excluding the impact of
redundancy costs) were £28.3m, an increase of
REVENUE
Total Group revenues grew by 14% in the year from
£59.9m to £68.3m. Growth rates were steady
across each quarter of the financial year, with
revenue increasing by 17% in the seasonally
strongest final quarter.
Underlying revenue growth, adjusted for the impact
of the Taxbriefs and FEM acquisitions, was 11%.
Digital revenues across all three divisions accounted
for 26% of total FY11 revenues, with digital
advertising revenues 19% ahead of the prior year.
Business Publishing revenues grew 18% from
£39.7m to £46.8m. Excluding the impact of
acquisitions of FEM and Taxbriefs, underlying revenue
growth for Business Publishing was 13%. This
included a 24% increase in recruitment advertising
across all the major recruitment brands, principally
Marketing and Legal. Total advertising revenue growth
was 14%. Event revenues within the Business
Publishing division increased by £2.2m (28%), of
which £0.5m related to the acquisition of FEM. The
remaining growth in events revenues was driven by an
increase in revenues from all Industry Awards
including the newly launched Legal summit events
and growth in Financial Services summits. Paid-for
content within Business Publishing showed growth of
28%, which is largely attributable to the full year
impact of the Taxbriefs acquisition. 
The Business Information division, which currently
only includes PI, continued to grow steadily with a 7%
increase in revenues. PI’s revenues are predominantly
digital paid-for content. 
The Exhibitions division showed overall revenue
growth of 6%. Exhibition revenues, excluding
Consumer Publishing revenues, grew by 11% mainly
due to strong growth in the Home Interest exhibitions,
Marketing Week Live and Employee Benefits Live.
Consumer Publishing revenues, which currently
account for approximately one third of this division’s
revenues declined by 2%. Although advertising
revenues showed resilience with 2% growth, revenue
from copy sales and subscriptions declined by 5%
due to continued weak consumer confidence.
EBITDA AND ADJUSTED PROFIT BEFORE TAX
The different measures of profit used through this
report are summarised in the following table and are
defined on page 5. 3.3% on the previous year.  Average headcount for
the year was 622 compared to 628 for FY10.
Headcount post the restructuring was reduced by
approximately 10%.
Adjusted profit before tax increased by 63% to
£6.5m (FY10: £4.0m).  After taking into account the
impairment charge, amortisation of acquired
intangibles and exceptional costs, the Group reported
a pre-tax loss of £30.3m (FY10: profit £2.6m).
RESTRUCTURING
The impact of the June 2011 restructuring
programme on the FY11 reported statutory results is
set out below:
 Redundancy costs of £2.5m were incurred which
are reported within the exceptional cost charge of
£3.4m and against which the Group expects to
deliver annualised savings in excess of £1.5m. The
Board is reinvesting some of these savings to
strengthen management infrastructure and digital
content creation. 
 There is a non-cash impairment charge of £32.2m
related to the assets that are being sold or have
closed and in relation to certain retained assets.
The value of the remaining core assets is calculated
to be significantly in excess of their carrying value.
 The assets that are either being sold or closed
contributed £7.0m to FY11 revenues and £0.6m to
FY11 adjusted EBITDA.
EXCEPTIONAL COSTS
£3.4m has been reported as an exceptional cost in
FY11. 
The majority of this cost related to the restructuring
of the business as noted above. This resulted in
redundancy costs of £2.5m, the impairment of
software of £0.1m and post closure costs on
discontinued products of £0.3m. Other redundancy
costs from reorganisations reported in H1 FY11
resulted in a further £0.5m of exceptional cost. 
Further information on exceptional costs is
presented in note 2 to the financial statements.
TAXATION
A tax credit of £0.7m has been recognised. The
majority of the impairment charge is not deductible
for tax purposes. The total tax effect of the
impairment charge, exceptional costs and amortisation
of acquired intangibles was £2.4m. The adjusted tax
charge was £1.7m, giving an adjusted effective tax
rate (compared to PBTA) of 26% (FY10: 23%).
EARNINGS PER SHARE
The Group’s adjusted EPS increased by 55% to 3.4p
(FY10: 2.2p). 
Basic loss per share was 21.2p (FY10: EPS of
1.4p). Full details of the EPS calculations are
presented in note 7 to the financial statements.
DIVIDENDS 
A final dividend of 1.3p per share is proposed, giving
a total for the year of 2.0p (FY10: 1.7p) up 18%.
The final dividend is subject to shareholder approval
at the annual general meeting and will be paid on 9
December 2011 to all ordinary shareholders on the
register at close of business on 11 November 2011. 
ACQUISITION OF FEM
In April 2011 Centaur acquired FEM for a maximum
consideration of £6.8m. This includes an initial cash
consideration of £2.5m, a working capital adjustment
of £0.3m (paid in July 2011) and a final payment of
up to £4.0m. The fair value of the final payment is
estimated at £0.8m, of which 10% is payable in
January 2013 and the remaining balance in October
2013.  
The cash outflow was £1.9m, comprising the initial
cash consideration of £2.5m less £0.6m cash
acquired with the business. Further details of this
acquisition are contained in note 26 to the financial
statements, including details of the net assets and
goodwill acquired. 
FEM has been reported within Business Publishing.
FINANCING AND BANK COVENANTS
At 30 June 2011 the Group had a revolving credit
facility with RBS of £5.0m. This provided adequate
headroom for the Group’s working capital
requirements during this financial year and at 30 June
2011 the Group reported net cash of £2.0m. Since
the year end, this facility has been increased to
£8.0m and has been extended to 31 October 2012.
This provides the Group with additional flexibility to
fund bolt-on acquisitions. 
The financial covenants governing this facility, which
include gross leverage and interest cover ratios, are
assessed on a 12 month rolling basis at each quarter
end and were fully satisfied throughout this financial year.
CASH FLOW
Operating cash flow (“OCF”) is defined as cash
generated from operations, less capital expenditure
required to maintain and develop the asset base of
the Group, (property, plant and equipment and
computer software) and after adjusting for any
exceptional cash items.
The strength of OCF generation, representing the
cash available for the stakeholders of the Group,
continued to be a positive feature of the Group’s
financial performance, with the ratio of OCF to
adjusted operating profit reported at 125% for the
financial year (FY10: 112%). 
In total, cash generated from operations (before
cash expenditure in respect of exceptional items)
amounted to £10.3m. Excluding the impact of
exceptional cost accruals, working capital reduced
from net liabilities of £3.3m at 30 June 2010 to
£4.0m at 30 June 2011. 
FINANCIAL 
REVIEW
15
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011 FINANCIAL 
REVIEW
16
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
£m £m
Cash generated from operations 9.4 6.6
Exceptional items – cash impact 0.9 0.1
Capital expenditure (1.9) (2.1)
Operating cash flow 8.4 4.6
Operating (loss)/profit (30.1) 2.7
Amortisation of acquired intangibles 1.2 1.1
Impairment of goodwill and intangible assets 32.2 -
Exceptional costs 3.4 0.3
Adjusted operating profit 6.7 4.1
Cash conversion rate 125% 112%
2010 201 1
Year-on-year
movement
£m £m £m
Goodwill and other intangible assets (including assets held for sale) 126.5 156.9 (30.4)
Property, plant and equipment 2.5 3.8 (1.3)
Working capital (4.0) (3.3) (0.7)
Exceptional cost accrual (1.9) - (1.9)
Provisions due after more than one year (0.9) (0.2) (0.7)
Current and deferred taxation 0.6 (1.1) 1.7
Finance lease creditor (0.7) (0.7) -
Cash and cash equivalents 2.0 1.1 0.9
Net assets 124.1 156.5 (32.4)
2010 201 1
CAPITAL EXPENDITURE
Capital expenditure on software and property, plant
and equipment amounted to £1.9m (FY10: £2.1m)
reflecting continued development of the PI portfolio of
products, as well as further investment across the
digital publishing platforms.
BALANCE SHEET
The Group held net assets of £124.1m (FY10:
£156.5m) at 30 June 2011 which are summarised 
as follows:
Deferred revenues were £9.4m at 30 June 2011, an
increase of 32% on the previous year, reflecting growth
in forward bookings in Business Publishing, increased
re-book rates in Exhibitions and growth in the value of
the subscription base in Business Information.
A provision of £1.1m has been made in relation to
deferred consideration payable on the acquisition of
FEM as outlined in note 26. The amount provided
represents the Directors’ best estimate of the amount
to be paid. Also included in provisions is £0.1m for
the final deferred consideration relating to the
acquisition of the Taxbriefs business. 
CASH FLOW (continued) FINANCIAL 
REVIEW
17
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
GOODWILL AND OTHER INTANGIBLE ASSETS
An impairment charge of £32.2m has been booked in
FY11 as part of the Group’s restructuring. Certain
products have been closed and non-core assets have
been disposed of.  The goodwill and intangibles
attached to these assets have been impaired to
recoverable value.  In addition, as a result of the
restructure certain other retained assets have also
been subject to an impairment charge.
The assumptions used in the impairment review are
detailed in note 8 to the financial statements.
KEY PERFORMANCE INDICATORS (KPIS)
The four key strategic objectives of the Group are
summarised in the Strategic Overview section of the
Chief Executive Review on page 9. The Board uses a
range of performance indicators to monitor progress
against these objectives and manage the business.
The indicators which the Board considers to be
important are as set out below:
Revenue growth/(decline) by revenue type 
Print 13% (12%)
Events 18% (14%)
Digital products 12% 1%
Other 0% 0%
Total 14% (10%)
Digital revenues as a percentage of total revenues 26% 26%
Adjusted EBITDA margin
1
14% 11%
Revenue per employee (£000) 110 95
Adjusted PBT (£m)
2
6.5 4.0
Adjusted EPS (pence)
3
3.4 2.2
Cash conversion rate
4
125% 112%
2010 201 1
NOTES
1. Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation, excluding exceptional items, impairment charges
and other signiﬁcant non-cash items including share based payments. Refer to page 14.
2. Adjusted PBT (PBTA) is proﬁt before tax, excluding the impact of amortisation of acquired intangibles, impairment charges and
exceptional items. Refer to page 14.
3. Adjusted EPS is based on the basic EPS but after making adjustments for amortisation on acquired intangibles, impairment charges
and exceptional items as detailed in note 7 to the ﬁnancial statements.
4. Cash conversion rate is operating cash ﬂow expressed as a percentage of adjusted operating proﬁt. Operating cash ﬂow is deﬁned as
cash generated from operations (note 25 to the ﬁnancial statements), less capital expenditure on property, plant and equipment and
software, and excluding the cash impact of exceptional items. Adjusted operating proﬁt is operating proﬁt after making adjustments
for amortisation on acquired intangibles, impairment charges and exceptional items. Refer to page 16.
Mark Kerswell
Interim Group Finance Director
14 September 2011 BOARD OF 
DIRECTORS
18
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
PATRICK TAYLOR GEOFFREY WILMOT MICHAEL LALLY
MARK KERSWELL CHRISTOPHER SATTERTHWAITE COLIN MORRISON
ROBERT BOYLE REBECCA MISKIN CLAIRE BATY Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Board of Directors
PATRICK TAYLOR
Chairman 
Patrick was formerly Chief Executive Officer of GWR Group plc,
one of the UK's largest commercial radio groups. Before joining
GWR, Patrick was Group Finance Director of Capital Radio plc. A
qualified chartered accountant, Patrick began his career at
Coopers & Lybrand and became a partner with the practice in
1980, specialising in corporate finance. Patrick became Chairman
in December 2009.
GEOFFREY WILMOT
Chief Executive Oﬃcer 
Geoff joined Centaur in September 1998 as Chief Financial
Officer and became Chief Executive Officer in November 2006.
Immediately prior to joining Centaur, he was Chief Financial
Officer of the legal and professional division within The Thomson
Corporation. He has also previously worked for Morgan Crucible
plc in a variety of senior financial and commercial roles and as
Finance Director of Dexion Group plc and Scruttons plc. Geoff is
a Chartered Accountant.
MICHAEL LALLY
Group Finance Director 
Mike joined Centaur in April 2001 as UK Finance Director and
was appointed to the Board as Group Finance Director in
November 2006. He has extensive experience of the Media and
Entertainment sector having held senior financial and
management positions at the Financial Times, United News and
Media Reuters and immediately prior to joining Centaur was
Finance Director of the Informa Publishing group. Mike is
currently on extended sick leave.
MARK KERSWELL
Interim Group Finance Director 
Mark has held international financial and operational roles in a
range of business information, publishing, conferences and
exhibitions groups. From 2005 he worked initially as Deputy
Finance Director and subsequently as Chief Operating Officer at
Informa plc, with responsibilities including corporate finance,
investor relations, strategy and business integration. From 1996
to 2005 he worked at IIR, an international conferences and
exhibitions business, and was appointed Chief Financial Officer in
2000. Mark is a Chartered Accountant.
CHRISTOPHER SATTERTHWAITE
Senior Independent Director 
Christopher Satterthwaite began his commercial career as a
graduate trainee at H.J. Heinz.  Since then, he has been part of
three different kinds of marketing communication agencies: IMP
(1981-1993), then the UK’s largest Sales Promotion and Direct
Marketing agency; HHCL & Partners (1993-2000) - Campaign’s
Advertising Agency of the Decade; Bell Pottinger (2000-2002) -
the UK’s leading Public Relations agency.  He became Chief
Executive of Chime Communications plc in 2003. He is Chairman
of The Roundhouse, a Trustee of the Watts Gallery and a member
of the Government’s Professional and Business Services Group.
He is a former Chairman of the Marketing Society.
COLIN MORRISON
Non-Executive Director
Colin is a former journalist who has been CEO of publishing,
online and events companies across Europe, the US and
AsiaPacific for PBL, Emap, Reed, Future, NatMags and Axel
Springer. He is chairman of Pharmaceutical Press, of the Royal
National Children's Foundation, and RCN Publishing Ltd. and a
non-executive director of IPCN Ltd., TW Group Ltd., and Globelynx
Network Ltd.
ROBERT BOYLE
Non-Executive Director
Robert, a qualified chartered accountant, was a partner of
PricewaterhouseCoopers LLP , where he was chairman of the PwC
European Entertainment and Media Practice for twelve years
retiring in 2006. He is a non-executive director, and chairman of
the Audit Committee, of Maxis Berhad (in Malaysia), Witan
Investment Trust plc, Prosperity Voskhod Fund Ltd (an AIM listed
company) and the Southern Health Partnership NHS Foundation
Trust. He is also a non-executive director of Schroder AsiaPacific
Fund plc.
REBECCA MISKIN
Non-Executive Director 
Rebecca began her career in media in 1992 at Reed Elsevier as
Director of Europe, Reed Telemedia, charged with developing the
company's European telecom-based information services. In
1995, Rebecca became the first International Publisher at IPC
Media, expanding her responsibilities to create their Content &
Licensing division (Intellectual Property Director) and then
Commercial Director for all digital businesses. In 2001, Rebecca
became Managing Director of top dot-com era portal Excite in the
UK, after which she joined the Ministry of Sound as CEO. From
2003 until 2006 Rebecca was Director of Operations at the LTA
(British Tennis Federation), and from 2007 to 2010 she held the
position of General Manager of iVillage Networks for NBC
Universal, based in New York and London. Rebecca is currently
working with Hearst Magazines UK.
CLAIRE BATY
Company Secretary
Claire trained at Mazars and qualified as an accountant in 1999.
She left accounting practice in 2004 to work for Thomson Legal
and Regulatory UK Limited (now part of Thomson-Reuters) and
joined Centaur Media plc in 2006, became Group Financial
Controller in 2008 and Company Secretary in 2010. Claire is a
fellow of the Association of Chartered Certified Accountants and
holds an MBA (Finance) from Manchester Business School.  Report of the Directors
20
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
The Directors of Centaur Media plc (the “Company”
and “the Group”) present their Report on the affairs of
the Group together with audited consolidated Financial
Statements for the year ended 30 June 2011. 
PRINCIPAL ACTIVITIES
The principal activities of the Group are the provision
of business information to high value professional and
commercial markets. The principal activities of the
Company are those of a holding company.
BUSINESS REVIEW
The Chief Executive Review on pages 8 to 11
contains a review of the Group’s strategic and
operational activities and future development. The
results for the year are reviewed in the Financial
Review on pages 12 to 17. The Corporate Social
Responsibility statement on pages 32 to 33 contains
details of the Group’s policy in relation to people, the
environment and the community. Key performance
indicators can be found in the Financial Review on
page 17. Principal risks and uncertainties are detailed
in this report on pages 21 to 22. 
DIVIDENDS
A final dividend of 1.3p per share is proposed by the
Directors, and subject to shareholder approval at the
Annual General Meeting, will be paid on 9 December
2011 to ordinary shareholders on the register at the
close of business on 11 November 2011. With the
interim dividend of 0.7p per share this will make a
total dividend of 2.0p per share for the year.
SHARE CAPITAL AND 
SUBSTANTIAL SHAREHOLDINGS
Details of the share capital are set out in note 22 to
the financial statements. As at 31 August 2011
notifications of interests at or above 3% in the issued
share capital of the Company had been received from
the following:
Jupiter Asset Management Limited 12.82%
Aberforth Partners LLP 9.93%
FIL Limited 9.56%
Blackrock Inc 7.31%
Graham Veere Sherren (inc spouse) 7.29%
Legal & General Group PLC 6.94%
Wellcome Trust Limited 5.89%
Artemis Investment Management 5.78%
Schroders Investment Management PLC 5.30%
AXA SA 5.00%
River & Mercantile Asset Management LLP 4.50%
Griffin Land and Nurseries Inc 4.21%
Barclays Plc 3.05
At 30 June 2011 9,309,102 (FY10: 9,321,687)
10p ordinary shares are held in treasury, representing
6.20% (FY10: 6.21%) of the issued share capital of
the Company as at 30 June 2011. The shares were
purchased during the two years ended 30 June 2009,
for an aggregate amount of £8.8m, to enhance
shareholder value. A resolution was passed at the
Annual General Meeting on 17 November 2010
authorising the Company to acquire 10% of the
ordinary shares in issue as at 1 October 2010, which
amounted to 140,898,858.
DIRECTORS AND DIRECTORS’ INTERESTS
The Directors of the Company during the year are
detailed on page 3. All Directors served from 1 July
2010 unless otherwise stated. 
Number of Shares acquired Shares disposed Number of
ordinary shares during the year of during the ordinary shares 
held at 30 June year held at 30 June
JPE Taylor 300,000 300,000 - 600,000
C Satterthwaite 95,942 - - 95,942
C Morrison 255,000 - 255,000
RW Boyle 80,000 - 80,000
R S Miskin (from 13 January 2011) n/a - - NIL
GTD Wilmot NIL 45,904 - 45,904
M Lally NIL - - NIL
M H Kerswell (from 13 June 2011) n/a 10,000 - 10,000
GV Sherren (until 17 November 2010) 9,850,000 - - n/a
(In wife’s ownership) 428,270 - - n/a
BTR Scruby (until 17 November 2010) 432,313 - - n/a
2010 201 1 REPORT 
OF THE 
DIRECTORS
21
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
The Directors’ interests in share options, long-term
incentive plans and the Sharesave plan is disclosed in
the Directors’ Report on Remuneration on page 38. 
Since the year end, GTD Wilmot has purchased 571
shares and has been awarded with 285 matching shares
under the Share Incentive Plan. There have been no
other changes to Directors’ interests since the year end.
QUALIFYING THIRD PARTY 
INDEMNITY PROVISIONS
By virtue of article 217 of the Articles of Association
of the Company, a qualifying indemnity provision
(within the meaning given by section 234 of the
Companies Act 2006) is in force at the date of this
report in respect of each Director of the Company
and was in force from 8 December 2005.
The Company has purchased appropriate insurance in
respect of legal actions against Directors and officers.
PAYMENT OF CREDITORS
It is the Group’s policy to agree credit arrangements
with suppliers as part of the general terms of supply.
Payment is then made in accordance with these terms
provided the goods and services have been delivered
in accordance with the agreed terms and conditions.
The number and diversity of supply relationships
means the Group pursues no formal code or policy
beyond this. The Company had no trade payables at
30 June 2011 or 30 June 2010.
CHARITABLE DONATIONS
During the year, charitable donations of £5,000 were
made to the Group’s nominated charity, Cancer
Research UK. 
POST BALANCE SHEET EVENTS
Since the year end, the Group has acquired
Investment Platforms Limited. Further details of this
acquisition can be found in the Chief Executive
Review on page 10 and in note 32 to the financial
statements. 
The Group has also disposed of certain businesses,
as described in note 15 and 32 to the financial
statements
EMPLOYMENT POLICY
The Group is an equal opportunities employer and
appoints employees without reference to age, sex,
ethnic group or religious beliefs.
It is the Group’s policy to give full consideration to
suitable applications for employment by disabled
persons. Opportunities also exist for employees of 
the Group who become disabled to continue in their
employment or to be trained for other positions in 
the Group.
All companies within the Group actively encourage
employee involvement at all levels, both through
regular employee briefings and by direct access to
managers and the Directors. In addition, the Share
incentive plan and the Sharesave plan as described on
page 37 encourage employees’ participation in the
Group’s performance.
All employees are regularly briefed on the Group’s
performance and new initiatives through an all-staff
email from the Chief Executive Officer. They are also
provided with a copy of the annual report and
accounts as soon as these have been made available
to shareholders.
SIGNIFICANT AGREEMENTS
The Group’s bank facility agreement, referred to on
page 15 is a significant agreement that is terminable
on a change of control of the Company. In addition
awards under certain of the long-term incentive plans,
details of which are set out on pages 35 to 37 will
vest or may be exchanged for awards of a purchaser’s
shares, upon change of control of the Company.
CONFLICTS OF INTEREST
Following the implementation of new legislation on
conflict of interest, reflected in the changes to the
Company’s Articles of Association in 2008,
procedures are in place to deal with such conflicts and
they have operated effectively.
FINANCIAL INSTRUMENTS
A statement in relation to the use of financial
instruments by the Group is shown in note 27 to the
financial statements. 
PRINCIPAL RISKS AND UNCERTAINTIES 
Specific business risks to which the Group is exposed
are detailed below and the Board has implemented a
comprehensive risk management process to identify,
monitor and mitigate these risks.
Exposure to the economy
Centaur’s products and markets are predominantly UK
based and as a result the Group’s performance is
broadly linked to the strength of the UK economy and
general economic factors such as inflation, currency
fluctuation, interest rates, supply and demand of
capital and industrial disruption therefore have the
potential to affect the Group’s operations, business
and profitability. While these macro economic factors
are beyond the control of the Group, specific
exposure to interest rate and currency risk is minimal
and in addition the range of markets served by
Centaur’s products together with the continuing
strategy of extending the reach of established brands
through the delivery of new products in a diverse
range of media formats provides some ability to
spread this exposure. 
Dependence on advertising 
In total, advertising revenues represented 48% of
Group revenue in the year ended 30 June 2011
(FY10: 49%) and changes in advertising trends, REPORT 
OF THE 
DIRECTORS
22
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
particularly away from traditional magazine formats
could have an impact on the Group’s profitability.
However the diversity of served markets and strength
of brands, which in most cases includes a number of
market leading positions together with continued
brand diversification into alternative media formats all
serve to limit this exposure. In addition, as described
above, the continued investment in digital products
provides further opportunities to build more
sustainable and less cyclical revenue streams that will
help to reduce the concentration of more traditional
forms of advertising within overall Group revenues.
Growth strategy
The Group seeks to launch or acquire new titles,
conferences, exhibitions and other brand extensions.
It is essential that the Group successfully develops
and markets these products and integrates acquired
businesses. The proven record of organic growth
over the past several years, and the successful
integration of several businesses acquired over the
same time period clearly demonstrate the Group’s
ability to deliver this strategy.
Competitor activity
A number of products exist that compete directly or
indirectly with those of the Group resulting in a highly
competitive market. Domestic and international
competitors market their products to the Group’s
target audiences. New technology, changing
commercial circumstances and new entrants to the
markets in which the Group operates, may adversely
affect the Group’s business. A key element of the
Group’s strategy is to develop and maintain a deep
understanding of the information needs of the
markets it serves and by maintaining the highest
standards of editorial integrity it aims to ensure that
the provision of information remains commercially
aligned with and relevant to the markets it serves.
Through these means the Group can continually adapt
and develop existing products thus protecting market
leading positions and thereby limiting the
opportunities for competitors to secure an advantage.
Dependence on key personnel
The Group’s future success is substantially dependent
on the continued services and continuing
contributions of its Directors, senior management and
other key personnel. The loss of the services of any
of the Group’s executive officers or other key
employees could have a material adverse effect on
the Group’s business. The entrepreneurial culture of
the Group and the incentive programmes in place
enable the Group to attract and retain the key
management team.
Reliance on information systems
Certain divisions of the Group are dependent on the
efficient and uninterrupted operation of their IT and
computer systems and of services from third-party
providers. The Group has taken precautions to limit its
exposure to the risk of material disruption to systems.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES 
The Directors are responsible for preparing the Annual
Report, the Directors’ Remuneration Report and the
financial statements in accordance with applicable law
and regulations.
Company law requires the Directors to prepare
financial statements for each financial year. Under that
law the Directors have prepared the Group and parent
Company financial statements in accordance with
International Financial Reporting Standards (IFRSs) as
adopted by the European Union. Under company law
the Directors must not approve the financial
statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Group
and the Company and of the profit or loss of the
Group for that period. In preparing these financial
statements, the Directors are required to:
 select suitable accounting policies and then apply
them consistently;
 make judgements and accounting estimates that
are reasonable and prudent;
 state whether applicable IFRSs as adopted by the
European Union have been followed, subject to any
material departures disclosed and explained in the
financial statements;
 prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Company will continue in business.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Company’s transactions and disclose with
reasonable accuracy at any time the financial position
of the Company and the Group and enable them to
ensure that the financial statements and the Directors’
Remuneration Report comply with the Companies Act
2006 and, as regards the Group financial statements,
Article 4 of the IAS Regulation. They are also
responsible for safeguarding the assets of the
Company and the Group and hence for taking
reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors are responsible for the maintenance
and integrity of the Company’s website. Legislation in
the United Kingdom governing the preparation and
dissemination of financial statements may differ from
legislation in other jurisdictions. 
Each of the Directors, whose names and functions
are listed in the Directors, Advisers and Other
Corporate Information section confirms that, to the
best of their knowledge:
 the Group financial statements, which have been
prepared in accordance with IFRSs as adopted by
the EU, give a true and fair view of the assets, REPORT 
OF THE 
DIRECTORS
23
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
liabilities, financial position and loss of the Group;
and
 the Business Review and Financial Review include a
fair review of the development and performance of
the business and the position of the Group,
together with a description of the principal risks
and uncertainties that it faces.
DISCLOSURE OF INFORMATION 
TO THE AUDITORS
The Directors confirm that, so far as the Directors are
aware, there is no relevant audit information of which
the Company's auditors are unaware, and the
Directors have taken all the steps that they ought to
have taken as Directors in order to make themselves
aware of any relevant audit information and to
establish that the Company's auditors are aware of
that information.
INDEPENDENT AUDITORS
A resolution is to be proposed at the Annual General
Meeting for the re-appointment of
PricewaterhouseCoopers LLP .
CORPORATE GOVERNANCE
The company’s statement on corporate governance
can be found in the Corporate Governance Report on
pages 24 to 30 of these financial statements. The
corporate governance report forms part of this
directors’ report and is incorporated into it by cross-
reference.
BY ORDER OF THE BOARD
CV Baty
Company Secretary
14 September 2011 Corporate Governance Report
24
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
STATEMENT OF COMPLIANCE WITH THE 
UK CORPORATE GOVERNANCE CODE
The Board has prepared this report with reference to
the UK Corporate Governance Code (the “Code”)
issued by the Financial Reporting Council in June
2010.
The Board of Centaur Media plc is accountable to
the Group’s shareholders for good Corporate
Governance and in doing so is committed to the
principles outlined in the Code as well as compliance
with the Companies Act 2006, the Listing Rules and
the Disclosure and Transparency Rules.
The statement below describes how the principles
of Corporate Governance are applied and the extent
of the Group’s compliance with all relevant provisions
of the Code. 
The Group has complied with the Code throughout
the financial year other than the fact that Graham
Sherren, who was not independent and formerly held
the role of Chairman and Chief Executive, remained as
Non-Executive Chairman until 10 December 2009
and as a Non-Executive Director until 17 November
2010 (A.3.1, B.1.1). The reason that Graham Sherren
remained as a Non-Executive Director was that the
Board believed that his continuation as a director was
important in giving the Group the benefit of his
experience and knowledge of the publishing industry.
LEADERSHIP
Role of the Board 
The Group is controlled through its Board of Directors.
The Board recognises its responsibility to the
Company’s shareholders. It does this by providing
entrepreneurial leadership, whilst ensuring controls
are established that enable the effective monitoring
and management of risk. The Board is responsible for
the Group’s systems of Corporate Governance and is
ultimately accountable for the Group’s activities and
strategy by ensuring the right financial and human
resources are in place. 
Operation of the Board
The Board held six scheduled meetings during the year. 
Board and Committee meetings have been
scheduled to start earlier and in some cases re-
scheduled to ensure that adequate time is given to
consider and discuss all agenda items.
In addition to scheduled meetings Directors are
available and hold telephonic meetings on matters that
need to be addressed outside the scheduled dates.
The Board is accountable to shareholders for
ensuring that the Group is appropriately managed and
achieves the strategic objectives agreed by the Board.
In accordance with the Code, the Board has
established guidelines requiring specific matters to be
reserved for decision by the full Board of Directors,
including: 
 The commencement of any major new and/or
different business activity.
 Material acquisitions and disposals.
 Material investments and capital projects.
 The Group’s internal controls and risk management
policies, including insurance and material litigation.
 Overall budgetary planning, treasury planning and
business strategy.
 Review of the functioning of the Board Committees.
Membership of the Board and its committees
As at 30 June 2011, the Board comprised a Non-
Executive Chairman, three Executive Directors and
four Non-Executive Directors. Graham Sherren and
Tom Scruby did not offer themselves for re-election at
the AGM on 17 November 2010 and retired as
directors from that date. Rebecca Miskin was
appointed as a non-executive director on 13 January
2011. Mark Kerswell was appointed as Interim Group
Finance Director on 13 June 2011. Mike Lally is
currently on extended sick leave. Details of
appointments, roles and backgrounds of the Directors
are set out in the biographies on page 19 and on the
Group’s website (www.centaur.co.uk). The Board
believes that the Directors possess a wide range of
commercial, financial and regulatory experience and
ability which are relevant to the Group as a PLC in the
media sector.
The Board has established an Audit Committee, a
Remuneration Committee and a Nomination Committee
with formally delegated duties and responsibilities
within written terms of reference prescribed by the
Board, all of which are available on the Group’s
website (www.centaur.co.uk). Non-members may
attend these committee meetings by invitation
although no Director can attend a meeting, or part of
a meeting where he could have a conflict of interest. 
During the year, the membership of the Board and
of each committee was as follows CORPORATE
GOVERNANCE
REPORT
25
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Board role Audit Remuneration Nomination
Committee Committee Committee
JPE Taylor Chairman - - Chairman
C Satterthwaite Senior Independent Director Member Member Member
C Morrison Non-Executive Director Member Chairman Member
RW Boyle Non-Executive Director Chairman - -
RS Miskin Non-Executive Director - Member Member
GV Sherren Non-Executive Director - - -
BTR Scruby Non-Executive Director - - -
GTD Wilmot Chief Executive Officer - - -
MJ Lally Group Finance Director - - -
MH Kerswell Interim Group Finance Director - - -
Sub Committees
The Board on occasion appoints sub-committees
consisting of at least two Directors in order to finalise
and approve matters that have been approved in
principle by the Board, subject to final amendments.
A sub-committee of two Directors has been appointed
to approve the issue and allotment of shares in
satisfaction of employee share schemes.
The Group has purchased appropriate insurance in
respect of legal actions against Directors and officers.
Division of responsibilities
There is a clear division of responsibilities between
the Non-Executive Chairman and the Chief Executive
(CEO), which has been set out in writing and agreed
by the Board.
The Chairman is responsible for:
 Leading the Board.
 Ensuring the effectiveness and proper performance
Meeting attendance
The number of scheduled full Board meetings and
Committee meetings during the year to 30 June 2011
along with attendance of Directors was as follows: 
Scheduled AuditRemunerationNomination
Board Committee Committee Committee
Meetings Meetings Meetings Meetings
No of meetings held 6342
JPE Taylor 6 n/a n/a 2
GTD Wilmot 6 n/a n/a n/a
MJ Lally 5 n/a n/a n/a
MH Kerswell* - n/a n/a n/a
C Satterthwaite 5342
C Morrison 6341
RW Boyle 6 3 n/a n/a
RS Miskin* 3 n/a 1 n/a
GV Sherren* 2 n/a n/a n/a
BTR Scruby* 3 n/a n/a n/a
NOTES
*RS Miskin was appointed as a director and as member of the
Remuneration Committee from 13 January 2011 and as a
member of the nomination committee from 23 February 2011.
GV Sherren and BTR Scruby retired on 17 November 2010.
MH Kerswell was appointed as a director on 13 June 2011.  CORPORATE
GOVERNANCE
REPORT
26
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
of the Board and of its Directors and setting the
agenda for its meetings.
 Regularly updating the Directors on all matters
relevant to them.
 Ensuring constructive relations between Executive
and Non-Executive directors
 Establishing effective communication with
shareholders and ensuring that the Board
understands their views.
 Regular contact with the Chief Executive.
Patrick Taylor was appointed as Chairman on 10
December 2009 and was considered by the Board to
meet the independence criteria on his appointment. 
The Chief Executive’s responsibilities are: 
 Setting and implementing the overall strategy.
 Overseeing the day-to-day management of the Group.
 The line management of senior executives.
 Jointly with the Chairman, representing the Group
externally.
The Non-Executive directors constructively challenge
the performance of management both in board
meetings and outside. Through the work of the audit
committee, the Non-Executives are able to satisfy
themselves on the integrity of financial information
and the robustness of financial controls and risk
management systems. 
During FY11 a strategy day was held where
Executive Directors and members of senior
management met to carry out a review of the strategy
of the Group. Non-Executive directors including the
Non-Executive chairman participated in this process
and helped to develop the proposals on strategy. 
Christopher Satterthwaite is the Senior Independent
Director and is available to meet with shareholders if
required. 
The Non-Executive Directors have met together
without the Executive Directors as required by the Code.
EFFECTIVENESS
Composition of the Board
The Board is satisfied that, as at 30 June 2011 all
four Non-Executive Directors (Christopher
Satterthwaite, Colin Morrison, Robert Boyle and
Rebecca Miskin) and the Non-Executive Chairman
remain independent according to the definition
contained in the Code. No Non-Executive Director:
 has previously been employed by the Group within
the last five years;
 has had a material business relationship with the
Group within the last three years;
 receives remuneration other than Director's fees;
 has close family ties with any of the Group's
advisers, Directors or senior employees;
 holds cross-directorships or has significant links
with other Directors through involvement in other
companies or bodies;
 represents a significant shareholder; or
 has served on the Board for more than nine years.
Tom Scruby was a Non-Executive Director until 17
November 2010 and did not satisfy the independence
criteria of the Code as he was a Director of Centaur
Communications Ltd from 1989 to 2004. 
Graham Sherren, who was not independent and
formerly held the role of Chairman and Chief
Executive, remained as Non-Executive Chairman until
10 December 2009 and as a Non-Executive Director
until 17 November 2010. 
Appointments to the Board
The Board has established a Nomination Committee
with formally delegated duties and responsibilities
within written terms of reference prescribed by the
Board which are available on the Group’s website
(www.centaur.co.uk). 
The Nomination Committee ensures the
maintenance of a formal, rigorous and transparent
procedure for the appointment of new Directors to
the Board. The Nomination Committee is responsible
for ensuring that the right calibre of person and
balance of skills is maintained on the Board. This
committee meets at least annually and as required will
make recommendations to the Board on new
appointments to the Board. 
Patrick Taylor is the chairman of the Nomination
Committee. Its other members are Colin Morrison,
Christopher Satterthwaite and (from 23 February
2011) Rebecca Miskin. When the Nomination
Committee is considering the appointment of a
successor to the Chairman, Christopher Satterthwaite
chairs this committee.
Following the retirement of both Graham Sherren
and Tom Scruby from the Board at the 2010 Annual
General Meeting, the committee identified the need
for a new Non-Executive director and drew up a
specification of the skills required to best serve the
needs of the Board going forward. 
An external search consultancy was used to identify
candidates and these were assessed against objective
criteria and with due regard for the benefits of diversity
on the Board, including gender. The Board were
delighted to appoint Rebecca Miskin to the Board on
13 January 2011. Rebecca has extensive experience
of digital publishing and has made a positive
contribution to the Board since her appointment. 
Mark Kerswell was appointed as Interim Group
Finance Director on 13 June 2011 whilst Mike Lally is
on extended sick leave.
Commitment
Patrick Taylor has disclosed his other significant
commitments to the Board and it was satisfied that
these did not prevent him from giving adequate time
to his role as Chairman.
These commitments are: CORPORATE
GOVERNANCE
REPORT
27
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
 Non-Executive Chairman of his family owned
company; Nonstop Adventure Limited;
 Non-Executive Director of a family owned hydro
electric generating company, Lowwood Products
Limited; 
The terms and conditions of appointment of Non-
Executive directors are available for inspection at the
Company’s registered office during normal business
hours and at the AGM. The letters set out the
expected time commitment of a minimum of two days
per month, including attendance at regular board
meetings, attendance at the AGM, and appropriate
preparation time ahead of each meeting. The
agreement of the Chairman is required before a Non-
Executive director accepts any additional
commitments that might affect the time they are able
to devote to their role as a Non-Executive director of
the Group. The Board is satisfied that each of the
Non-Executive Directors commits sufficient time to the
business of the Group and contributes to the
governance and operations of the Group.
Development
All new directors receive a full induction pack on
joining the Board and undertake a number of
induction meetings throughout the business shortly
after appointment. This includes meetings with major
shareholders if required. 
The chairman reviews the training and development
needs of each director on a continual basis and
specifically as part of the annual evaluation process.
The Company Secretary provides ongoing training
through the regular dissemination of relevant
legislative and regulatory updates and external reports. 
Information and Support 
The Directors receive Board and Committee papers in
advance of each meeting. These are circulated usually
a week before the meetings and contain prior minutes
of all meetings, including sub-committees, as well as
reports from the Chief Executive Officer (“CEO”) and
Group Finance Director (“GFD”). On at least two
occasions a year detailed business focused reports
are provided and reported on by the divisional heads.
The Company Secretary also submits a report for
each meeting addressing legal, regulatory and
governance matters.
The Board has a procedure through which the
Directors are able to take independent advice in the
furtherance of their responsibilities; no such advice
was sought during the year. 
The Directors have access to the advice and
services of the Company Secretary, Claire Baty, who is
also secretary to all the Board Committees. In
addition, the Company Secretary advises the Board on
governance matters and is responsible for ensuring
that Board procedures are followed and that
applicable rules and regulations are complied with.
Evaluation
The Directors are constantly evaluated against
performance and commitment to their roles and duties
as Directors. The Chairman addresses weakness and,
where appropriate, proposes new members to be
appointed and seeks the resignations of Directors of
the Board.
Board performance self-evaluation questionnaires
were issued to each Director during the year and
these questionnaires were analysed and a summary
reported on to the Board by the Company Secretary.
The questionnaires covered the constitution and
performance of the Board as a whole, its committees,
its meetings, its strategy, training provided and
provision of information to Directors, relationships
within the Board and with staff members and a
general overview of key issues. 
The Chairman has met with each Director individually
in order to consider the performance of the said
director, the Committees and the Board as a whole
(other than Graham Sherren and Tom Scruby who
stood down in November 2010). The Non-Executive
directors, led by the Senior Independent Director, met
during the year to evaluate the performance of the
Chairman. No matters of concern arose. 
The Directors have considered the value of
introducing an external evaluation of performance and
have decided that the internal evaluation process is
appropriate at the current time. 
Re-election
Under the Company’s Articles all Directors are subject
to re-election at least every three years. However, the
Board decided to recognise best practice in this area
and have chosen to stand for re-election annually. 
ACCOUNTABILITY
Financial and Business Reporting
The Board recognises its responsibility to present a
true and balanced assessment of the Group’s position
and prospects. The statement of directors’
responsibilities and disclosure of information to the
auditors is set out on pages 22 to 23.
This annual report contains a balanced and
understandable assessment of the business and its
prospects in the “Chief Executive Review” and
“Financial Review” sections on pages 8 to 17. An
explanation of the business model is contained in the
“Strategic Overview” section of the “Chief Executive
Review” on page 9. The Independent Auditors’ Report
on pages 40 and 41 includes a statement by the
auditor about their reporting responsibilities.
The Directors have carefully assessed the Group’s
ability to continue trading, particularly in the light of
the uncertain market provisions, and have a
reasonable expectation that the Group and Company
have adequate resources to continue in operational
existence for the foreseeable future. 
Cash and cash equivalents at 30 June 2011 CORPORATE
GOVERNANCE
REPORT
28
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
amounted to £2.0million and the revolving credit facility
of £5.0m with the Royal Bank of Scotland remains in
place at the end of the year. Since the year end, this
facility has been increased to £8.0m and has been
extended until October 2012. The Group has reported
net cash at each period end during the last three
financial years. The continuing strength of the Group’s
cash generation is reflected in the 125% conversion of
adjusted operating profit into operating cash flow
during the year ended 30 June 2011 (page 16).
An assessment of cash flows for the next two
financial years, which has taken into account the
factors described above, has indicated an expected
level of cash generation which would be sufficient to
allow the Group to fully satisfy its working capital
requirements and to cover all principal areas of
expenditure including maintenance capital expenditure
and taxation during this period.
For this reason, the Directors continue to adopt the
going concern basis in preparing the financial
statements.
Risk Management and Internal Control
The Board has accountability for reviewing the
effectiveness of the Group’s system of risk
management and internal controls. This relates to all
controls, covering financial, operational and
compliance matters. 
An ongoing process, in accordance with the
guidance of the Turnbull Committee on internal
control, is established for identifying, evaluating and
managing risks faced by the Group. The Directors
recognise that they are responsible for systems of
internal control and for reviewing its effectiveness and
this they have done throughout the year. In reviewing
the Group’s risk profile four categories of risk are
considered: strategic, hazard, operational and
financial. These headings are then broken down unto
various risk events and the likelihood of occurrence,
potential severity and risk management processes and
systems are identified.
However, the risk management process and
systems of internal control are designed to only
manage rather than eliminate risk. The risk of failure
to achieve business objectives has been reviewed
regularly throughout the year.
The Board has delegated responsibility for such
reviews to the Audit Committee, which receives the
relevant reports from various committees and
individuals to assist it in its assessment of these
controls. It is the responsibility of management to
implement Board policies on internal control. 
The Board through its committees is responsible for
identifying, approving and enforcing policies on risk
and control. The Group has a structure to monitor its
key activities. As part of its structure, there is a
comprehensive planning system with an annual
budget approved by the Board. The results of
operating communities are reported monthly and
compared to the budget. Forecasts are prepared
during the year. 
The key procedures, which the Directors have
established with a view to providing effective internal
controls, are as follows:
 Regular Board meetings to consider a schedule of
matters reserved for the Board’s consideration.
 An annual review of corporate strategy, which
includes a review of risks facing the business and
how these risks are monitored and managed on an
ongoing basis within the organisation.
 An established organisational structure with clearly
defined lines of responsibility and delegation of
authority.
 Documented and enforced policies and procedures.
 Appointment of staff of the necessary calibre to
fulfil their allocated responsibilities.
 Comprehensive budgets and forecasts, approved by
the Board, reviewed and revised on a regular basis,
with performance monitored against them and
explanations obtained for material variances.
 A detailed investment approval process, requiring
Board approval for major projects. Post-investment
appraisals will be conducted and be reviewed by
the Board.
 An Audit Committee of the Board, comprising Non-
Executive Directors, considers significant financial
control matters as appropriate.
In addition the Executive Directors run formal
meetings with senior members of each community on
a monthly basis. These discussions include new
product development as well as operational matters.
An Internal Control Review has been conducted by
management and a report has been submitted to the
Audit Committee. No major control weaknesses were
identified.
Audit Committee 
The Board has established an Audit Committee with
formally delegated duties and responsibilities within
written terms of reference prescribed by the Board
which are available on the Group’s website
(www.centaur.co.uk). 
Robert Boyle is the chair of the Audit Committee
and has recent and relevant financial experience. Its
other members are Colin Morrison and Christopher
Satterthwaite. All members of this committee are
Non-Executive Directors. 
The Audit Committee meets at least twice each
year. In addition the chairman meets with the external
auditors at least annually on a one to one basis. The
Chief Executive Officer, the Group Finance Director,
the Group Financial Controller and external auditors
attend for part or all of each meeting. The external
auditors have unrestricted access to the Audit
Committee and its Chairman. 
The Audit Committee considers all matters relating
to financial policies, internal control and reporting, CORPORATE
GOVERNANCE
REPORT
29
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
appointment and re-appointment of external auditors,
the scope and results of the audits, the independence
and objectivity of the auditors and ensures that an
effective system of internal financial control is
maintained.
To meet its responsibilities the Committee considered:
 interim and preliminary announcements, together
with any other formal announcements relating to
financial performance;
 the accounting principles, policies and procedures
adopted in the Group's financial statements,
including, where necessary, challenging the
judgements made; and
 the potential effects of tax accounting and other
significant judgemental and complex accounting
issues dealt with in the accounts.
Reappointment of Auditors
Centaur’s external auditors, PricewaterhouseCoopers
LLP , have been in post since 2000, and for seven
years as auditors of a listed company (Centaur was
listed in March 2004). The Audit Committee has
reviewed the independence and effectiveness of the
external auditors during the year including:
 the terms, areas of responsibility, duties and scope
of work of the external auditors as set out in the
engagement letter;
 the external auditors' work plan for the Group;
 the detailed findings of the audit, including a
discussion of any major issues that arose during
the audit;
 the letter from PricewaterhouseCoopers LLP
confirming its independence and objectivity; and
 the audit fee and the extent of non-audit services
provided by the external auditors. 
The Audit Committee has recommended the
reappointment of PricewaterhouseCoopers LLP at the
forthcoming AGM, which the Board has fully accepted.
Non-audit services provided by Auditors
Centaur’s external auditors may not provide any non-
audit service that poses a significant threat to the
auditors’ objectivity or independence. Centaur’s
auditors have confirmed that they are independent and
do so on an annual basis. During the year, with the
approval of the Audit Committee, the HR Services
Team of PricewaterhouseCoopers LLP , who are also
the Group’s auditors, provided specialist advice to the
Group on the introduction of a new long-term incentive
plan (the SELTIP) details of which are found in the
Directors’ Report on Remuneration on pages 35 and
36. The fee in respect of this work was £90,000 of
which £50,000 was incurred in FY10 and £40,000 in
FY11. 
Internal Audit
The Group does not have an internal audit function.
The Group believes that the internal controls
established are strong and that, given the relatively
centralised structure of the finance function, an
internal audit function would not add value. The Audit
Committee annually reviews that position.
Whistle blowing
The Audit Committee has reviewed arrangements for
whistle-blowing and has put a policy in place. The
policy encourages a culture of openness and seeks to
reassure employees that by reporting issues of
concern they will not suffer victimisation or detriment.
Employees are required to raise issues in the first
instance with their line manager or, if this is a
problem, with the Human Resources Director or in
exceptional cases with the Chief Executive Officer or
Chairman of the Audit Committee. 
The Group is committed, whenever appropriate, to
investigate fully any concern raised in a timely manner
and where an investigation confirms wrongdoing to
take the necessary disciplinary or legal action. The
Group will, wherever possible and without infringing
confidentiality, keep the “whistleblower” informed of
the outcome of enquiries and decisions taken with
regard to the matter. Guidance is also given to raising
matters externally.
REMUNERATION
The Board has established a Remuneration
Committee with formally delegated duties and
responsibilities within written terms of reference
prescribed by the Board which are available on the
Group’s website (www.centaur.co.uk). Colin Morrison
chaired the Remuneration Committee during the year,
and its other members are Christopher Satterthwaite
and (from 13 January 2011) Rebecca Miskin. All
members of this committee are Non-Executive
Directors. 
The Remuneration Committee meets at least twice
each year. The Chief Executive Officer may be invited
to attend meetings, if the Remuneration Committee
considers it appropriate. The Remuneration Committee
is responsible for monitoring, reviewing and making
recommendations to the Board at least annually on the
broad policy for the remuneration of Executive
Directors, the Chairman and Company Secretary. 
It also determines their individual remuneration
packages, including pension arrangements, bonuses
and all incentive schemes and the determination of
targets for any performance-related pay schemes
operated by the Group - asking the Board, when
appropriate, to seek shareholder approval for any long
term incentive arrangements, bonuses, incentive
payments and any compensation payments and share
option entitlements. 
In addition the Committee monitors and
recommends the level and structure of remuneration
for senior management. 
Hewitt New Bridge Street Consultants (HNBSC) is
appointed as remuneration consultants to the CORPORATE
GOVERNANCE
REPORT
30
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Remuneration Committee. HNBSC advises the
Committee directly on matters within the Committee’s
terms of reference on which the Committee chooses
to consult HNBSC. 
As has been noted a specialist team from
PricewaterhouseCoopers LLP has provided the
committee with some specialist advice in relation to
executive incentive schemes.
HNBSC advises the Board (or those Directors
charged by the Board to make recommendations)
from time to time on the remuneration of Non-
Executive Directors.
The Company Secretary, with reference to
independent remuneration research and professional
advice and in accordance with Code, also will provide
regular updates to the Board on the framework for
executive remuneration and its cost. The Board is then
responsible for implementing the recommendations
and agreeing the remuneration packages of individual
Directors and the Company Secretary. The Directors
are not permitted under the Articles to vote on their
own terms and conditions of remuneration. 
RELATIONS WITH SHAREHOLDERS
Communication with shareholders is given a high
priority. The CEO Review and Financial Review give a
detailed overview of the business and future
developments. There is regular dialogue between the
Executive Directors and institutional shareholders as
well as presentations after the Group’s preliminary
announcement of the year-end results and at the half
year. In addition financial and other information about
the Group is available on the Group’s website and
procedures are in place to ensure that the Board is
regularly apprised of shareholders’, analysts’ and
brokers’ expressed views of the Group. 
Along with up to date details of the Group’s
business activities copies of all the regulatory
announcements can be viewed on the Group’s
website (www.centaur.co.uk). The website also
contains downloadable copies of the annual and
interim reports, investor presentations and General
Meeting notices and voting results.
The Board’s intention is to use the Annual General
Meeting on 16 November 2011 to communicate with
private and institutional investors and welcomes their
participation. The Chairman will aim to ensure that the
Chairmen of the Audit and Remuneration Committees
are available at the Annual General Meeting, details of
which can be found in the Notice of the Meeting. 
During the year Patrick Taylor, in his capacity as
Chairman, has met with a number of the Group’s
largest shareholders. Christopher Satterthwaite, in his
capacity as Senior Independent Director has attended
a meeting with a major shareholder, and is available to
meet with any major shareholder at their request.
Details of share capital and substantial
shareholdings are given on page 20. 31 Corporate Social Responsibility
32
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
The Board recognises the need for a clearly defined
strategy and well defined policies in relation to the
impact of the Group’s activities on all its key
stakeholders and the broader environment as a whole.
The Board has therefore formulated an approach to
CSR which is both complementary to the stated
strategic objectives of the Group but also practical in
terms of implementation of policy and measurement
of results.
PEOPLE IN CENTAUR
Centaur’s success depends upon its ability to keep
developing new products and refreshing existing ones
and that in turn depends upon our ability to attract
and retain a highly motivated, entrepreneurial team of
people. In seeking to achieve this objective, we
believe that the following are the most important
factors for us to address:
a. Giving our people a sense of ownership: We
encourage our people where appropriate to have a
strong sense of identity with their particular
business unit or brand and to think like owners. 
b. Maintaining unity around a common vision,
strategy and culture: We seek to provide each of
our businesses with a corporate context of a
clearly communicated vision and strategy and a
common culture. We aim to achieve this through
good communication on a number of levels. In
addition to a structure of formal and informal
business community meetings across the Group,
which are attended on a monthly basis by the Chief
Executive Office (“CEO”) and Group Finance
Director (“GFD”), a number of other mechanisms
are used to retain a corporate framework without
diluting the strength derived from the devolved
operating structure of the Group as described
above. These include:
 The Group intranet which provides a regular update
of news and corporate information.
 A regular email newsletter from the CEO which is
circulated to all staff highlighting recent new
business developments.
 Senior managers’ attendance at periodic
management seminars to promote and share best
practice across the Group. In addition, senior
managers receive periodic updates in relation to
the Group’s trading performance from the CEO and
GFD.
c. Providing competitive rewards: Centaur’s culture is
meritocratic and in reviewing remuneration
packages, we seek to focus primarily on individual
performance. Individual reviews are conducted
throughout the year and tend to occur on the
anniversary of joining. We aim to provide financial
rewards and a range of associated benefits that are
competitive within our sector. 
d. Providing effective resources: Centaur’s
management style is intended to incorporate a high
level of coaching to support and promote superior
performance. This is supplemented by an in-house
programme of entry-level training programmes. We
have again successfully run the Centaur Sales
Training Academy, a more extended training
programme for new sales recruits. 
e. Listening to our staff: Improvements to the
working environment, which were highlighted in the
last employee engagement survey completed in
May 2011, continued during the current financial
year. Further initiatives to capture staff feedback
and reward initiative are currently under
development and these will emphasise the
continuing importance we place on listening to the
views of our staff.
THE ENVIRONMENT
The Board is aware of the potential impact on the
environment of the Group’s activities and recognises
its responsibility to the environment particularly with
regard to its use of paper and print for magazines,
disposal of waste and recycling, packaging and
distribution of magazines, use of toner inks and in
reducing its carbon footprint primarily in its
consumption of energy.
The policy of the Group is to consider the impact
on the environment as one of the factors when
making purchasing decisions and to regularly record
and monitor the results of those decisions on the
environment, where practical. The Director responsible
for overseeing this policy is Mark Kerswell.
Purchase of paper and printing – The Group
sources all its magazine paper grades from mills that
hold valid forestry certification scheme accreditation,
which ensures its pulp is sourced from well managed
and sustainable forests, and have ISO 14001 and
EMAS accreditation. 
Centaur uses 100% recycled paper made from post
consumer recovered paper fibres on many of its
magazine titles and there is an ongoing initiative to
increase recycled paper content over time with the
aim of reducing the Group’s CO2 carbon footprint.
Disposal of waste and recycling – A recycling
initiative in now in place across the Group and this
continues to ensure that around 50% of office waste
is recycled.
Packaging and distribution of magazines – Lighter
weight plastic that can be recycled has been adopted
where appropriate and tight controls are exercised on
print runs and wastage levels. 
Toner inks – All toner cartridges and computer
equipment continue to be recycled where possible. In
order to reduce the consumption of toner cartridges,
computers are linked to photocopiers for printing
purposes in most areas of the business. Consequently
there has been a reduction of printer toner cartridges
purchased of around 30% in the last two years.  CORPORATE 
SOCIAL 
RESPONSIBILITY
33
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Energy consumption
In reporting on energy consumption and in comparing
numbers from year to year the Group is conscious
that the figures can be affected by climatic differences
and employee numbers between reporting years.
These factors should be taken into account.
The numbers for the 12 months to 30 June 2011
and the comparatives for the prior year are as follows:
Energy consumption (CO2 tonnes)
1
688.7 613.4
Electricity (MwH) 1109 961
Oil (‘000 litres)
2
35 34
2011 201 0
NOTES
1. The CO2 tonnes represent the CO2 equivalent of the
electricity and oil consumed during the year. The calculation
is based on the conversion factor provided by the National
Energy Foundation
2.Heating oil is only used at one of the Group’s premises
3.Water is supplied by the landlords, except for one building, so
the bulk of the ﬁgures are unavailable
THE COMMUNITY
It is Group policy to not make corporate contributions
to political parties and the Group has no intention of
using the authority that it has under Companies Act
2006 to do so. During the year, the Group decided to
support a nominated charity, Cancer Research UK as
chosen by staff. Details of donations made are
included in the Report of the Directors. 
A number of Centaur’s magazines encourage giving
to various charities through the relevant magazine’s
award events. In the year donations were made
through this method to Macmillan Cancer Support,
Alzheimer's Society, Samaritans, Soldier On, The
Children’s Trust, the Cystic Fibrosis Trust and Care
International. Directors’ Report on Remuneration 
34
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
The Directors’ report on remuneration has been
prepared in accordance with SI 2008/410 of the
Companies Act 2006.
THE REMUNERATION COMMITTEE
Details of the Remuneration Committee are found on
page 29.
DIRECTORS’ REMUNERATION POLICY
Centaur recognises the need to attract, retain and
incentivise executives with the appropriate skills and
talent to manage and develop the Group’s businesses
in such a way as to drive the Group’s strategy and
deliver shareholder value. The main principles of
Centaur’s executive remuneration policy are:
 To achieve total remuneration packages that are
competitive in the sector within which the Group
operates and with the market in general; 
 To provide an appropriate balance between fixed
and variable remuneration which rewards high
levels of performance; and 
 To incentivise and retain management and to align
their interests with those of shareholders. 
The policy aims to ensure that Executive Directors are
provided with appropriate remuneration and incentives
to encourage enhanced performance and are
rewarded, in a fair and responsible manner, for a
combination of absolute and relative performance and
for their individual contributions to the long-term
success of the Group. Share-based incentive plans are
an important element of variable remuneration, linking
reward to share price performance. 
The various elements of Executive Directors’
remuneration packages are described below.
1. Base salaries
In determining base salaries, the Committee
customarily benchmarks salary levels for comparable
roles at media companies of a similar size to Centaur
and considers matters such as inflation, the
individual’s responsibilities, the Group’s performance
and the salary policy throughout the Group as a
whole. Salary levels are reviewed annually. 
In setting remuneration levels, the pay and
employment conditions of employees within the
Group are also taken into account. In this regard,
Executive Directors’ salaries were increased by 1.5%
in line with the guidelines issued for other employees
in the Group. The level of salaries will continue to be
reviewed in the light of comparable market rates.
2. Bonuses
i) Annual bonus scheme
Executive Directors are eligible for an annual bonus
dependent on the achievement of targets which take
account of corporate performance. These targets are
reviewed annually and new objectives set by the
Committee for each Director at the start of the
financial year. Under this scheme, Geoff Wilmot has a
maximum bonus opportunity equivalent to 100% of
base salary and Mike Lally has a maximum
opportunity equivalent to 50% of base salary.
The annual bonus scheme for the Executive Directors
is based on demanding but motivational performance
targets that have usually been linked to one of the
Group’s key profit measures, namely adjusted profit
before taxation (PBTA). The reasons for this choice of
target are to ensure a strong focus on profit recovery,
and because PBTA is the financial measure most
commonly used by analysts and investors in assessing
the performance of the business.
As disclosed in the FY10 report, the Committee
decided to allocate a maximum 15% bonus from the
annual bonus scheme to the interim results, based on
achievement of adjusted EBITDA targets for the six
months to 31 December 2010. The remaining bonus
entitlement was calculated by reference to the PBTA
performance for the year as a whole. PBTA bonus
targets were set in relation to performance in excess
of budget. PBTA of less than budget would have
resulted in no bonus being paid. 
Bonuses payable to Geoff Wilmot and Mike Lally
under the annual bonus scheme in respect of the year
amounted to 65% and 48.3% of their salaries at 30
June 2011.
For FY12 the annual bonus plan is again based on
the achievement of PBTA targets. The maximum
bonus payable for the CEO in respect of this scheme
for the year to 30 June 2012 is capped at 100% of
annual salary. There will be no interim bonus for FY12.
No bonus scheme has been set for the Group Finance
Director Mike Lally (who is on extended sickness leave)
or for the Interim Group Finance Director, Mark Kerswell.
ii) Qualitative bonus
During the year, a new bonus scheme was introduced
for executive directors. The scheme provides the
opportunity for an additional bonus of a maximum of
base salary of 50% for Geoff Wilmot and 25% for
Mike Lally. Any bonus paid out under this scheme must
be used to purchase shares in Centaur Media plc. 
The objective of this scheme was to recognise that
the base salaries of the CEO and the GFD are lower
than the median currently paid by other comparable
companies. However, the Committee did not wish to
recommend a substantial change in management
salaries and benefits. In the circumstance, it
introduced this scheme for the year, linked to the
achievement of key strategic objectives.
The non-financial targets set by the committee for
FY11 included the refreshment of Group strategy,
retention and morale of the senior management team,
undertaking a comprehensive cost review and cash
management. 
Bonuses payable to Geoff Wilmot and Mike Lally
INFORMATION NOT SUBJECT TO AUDIT DIRECTORS’ 
REPORT ON 
REMUNERATION 
35
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
under the qualitative bonus scheme for FY11
amounted to 22% and 12.5% of their salaries at 30
June 2011. The requirement to use the bonus for the
purchase of Centaur Media plc shares has been
waived for Mike Lally who is on extended sick leave. 
iii) Total bonuses
Total bonuses payable to Geoff Wilmot and Mike Lally
under both schemes were therefore 87% and 60.8%
respectively. At these bonus levels, the Committee
considers that there is a reasonable link between the
Executive Directors’ remuneration and the
performance of the Group.
3. Long term incentive awards
Centaur’s primary focus is on long-term, profitable
growth. Its key strategic objectives include a target of
long-term double digit revenue growth and an
increase in adjusted EBITDA margins to 25%.
Consequently, the Committee considers it important
that a significant proportion of the Executive
Directors’ remuneration packages should be linked to
growth in profits and shareholder value.  
Details of the Group’s long-term incentive
arrangements are outlined below.
The Group has six long-term incentive
arrangements in place. Four of these plans (the
Rollover plan, the Share option plan, the Retention
Plan and the SELTIP) are available only to Executive
Directors and other key employees. The Share
incentive and Sharesave plans are open to all
employees.
It is intended that the awards will be funded from
the employee benefit trust and shares held in treasury.
i) Rollover plan 
Centaur Media plc Executive Directors and certain
senior employees elected to rollover existing (“old”)
Centaur Communications Limited share options into
new “rollover” share options in Centaur Media plc.
The options were exchanged for options each at
various exercise prices in Centaur Media plc. Rollover
option holders have been entitled to exercise the
former Centaur Communications Limited options from
10 March 2005 and are excluded from any
performance conditions.
ii) Share option plan
The option plan is made up of two parts. Part I is
approved by the Inland Revenue under legislation
which encourages employees to own shares in the
Group in a tax efficient manner. Part II of the plan has
not been approved by the Inland Revenue.
The Committee had previously granted share options
in 2004 under the Share option plan to members of
senior management. The Board’s objective in granting
options was to increase shareholder value through
growth in earnings. All these options can now be
exercised as the corporate performance targets
relating to them have been met. Details of these
targets were set out in the 2008 Report. 
In October 2008 share options were granted to
certain Directors and key members of management.
The options granted will be exercisable upon the
achievement of certain adjusted EPS targets in
respect of the financial year ending 30 June 2012
and can not be re-tested. These EPS targets were:
 8.7p - 10% vesting
 8.9p - 20% vesting
 9.2p - 30% vesting
 9.4p - 50% vesting
 9.7p - 75% vesting
 10.0p - 100% vesting
There is a limit on the grant of options under the
Share Option Schemes. Options may not be granted if
the numbers of ordinary shares over which they are
granted (together with any ordinary shares which are
subject to options granted pursuant to the Rollover
Plan) exceed 5 per cent of the ordinary shares in issue
immediately prior to the date of grant of the options.
During FY11, 1,934,151 options granted under the
Share Option plan in 2004 were cancelled, and
Retention Plan awards were granted on a 1 for 3 ratio.
Refer to the Retention Plan section. 
iii) Retention Plan
As part of a review of all employee equity incentives,
on 15 September 2010 the Remuneration Committee
and Board of Directors adopted the rules of the "The
Centaur Media plc 2010 Retention Plan" (the "Plan").
The main impact of the adoption of the Plan was the
cancellation, with the agreement of option holders, of
outstanding vested share options granted on 9 March
2004 and 29 September 2004 under the Centaur
Media plc Share Option Plan and their replacement
with a lower number of forfeitable nil-priced options
("Retention Awards"), granted on the basis of 1
Retention forfeitable nil-cost option for every 3
existing vested options surrendered. The Retention
Awards will vest 50% on the second anniversary of
the date of grant and the balance on the third
anniversary. There are no performance conditions
other than continuing employment.
Executive Directors were not eligible to participate
in this Plan. 
On 15 December 2010, 1,934,151 options
previously granted under the Share Option plan were
cancelled, and 644,727 Retention Plan awards were
granted. 
The Plan has not been approved by shareholders.
Awards will be satisfied using shares held in the
Employee Benefit Trust. 
iv) Senior Executive Long-Term Incentive Plan
(“SELTIP”)
As disclosed in the 2010 report, The Centaur
Media Plc 2010 Senior Executive Long-Term Incentive DIRECTORS’ 
REPORT ON 
REMUNERATION 
36
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Plan (the “SELTIP”) was introduced during FY11. The
SELTIP will be the sole discretionary share plan
operated by the Group for participants.
The introduction of the SELTIP does not increase
the total potential compensation value of the
packages provided to the Executive Directors. The
rationale behind the SELTIP and its proposed terms
are set out in the Circular sent to shareholders dated
16 July 2010 and were subject to shareholder
approval at a General Meeting of the Company on 18
August 2010. 
The key features of the SELTIP are as follows:
 At the beginning of the Plan Period of three
financial years, participants receive an Award of
Bonus Units. There is a maximum contribution of
100% of salary per annum that can be attributed
to the value of a Participant’s Award of Bonus Units
in respect of any financial year. These Bonus Units
will only have value if the Company makes a SELTIP
Contribution to the Bonus Pool.
 Performance will be measured at three Measurement
Dates (at the end of each financial year). At each
Measurement Date up to 30% of the growth in
PBTA above a threshold level will be converted into
restricted shares to create the Bonus Pool. The
Remuneration Committee will set the Threshold
Profit at the beginning of each financial year. 
 Where the actual PBTA for the financial year is less
than the Threshold Profit, up to 30% (the “SELTIP
Deduction Percentage”) of the difference will be
deducted from the value of the Bonus Pool (the
“SELTIP Deduction”), provided that the value of the
Bonus Pool cannot be less than zero.
 At the end of the three year Plan Period 50% of
the award of Bonus Units is capable of vesting with
the balance of the Bonus Units capable of vesting
12 months later subject to the following conditions:
 The vesting of all Bonus Units shall be subject
to the Participant’s continued employment at the
relevant dates; and
 50% of the Bonus Units subject to Awards to
Executive Directors will only be capable of
vesting on the above dates based on the
Company’s comparative total shareholder return
(“TSR”) compared to the constituents of the
FTSE Small Cap Index measured over the three
year Plan Period as follows, with straight line
vesting between points.
 The inclusion of the TSR performance condition in
relation to 50% of the Bonus Units held by
Executive Directors ensures alignment of
participants’ interests with shareholders
The first award of bonus units under the SELTIP was
made during FY11. 1,000 bonus units were awarded
of which 320 (32%) were awarded to Geoff Wilmot
and 190 (19%) awarded to Mike Lally. For the FY11
SELTIP contribution, the Remuneration Committee set
the threshold at £4.0m (PBTA for FY10) and the
SELTIP contribution level was set at 20% of growth in
PBTA. The total SELTIP contribution to the bonus pool
will be £0.4m. The grants of restricted shares will
take place on 15 September 2011.
v) Share incentive plan
The Share incentive plan is open to all employees who
have been employed by the Group for more than 12
months. Employees may invest up to £1,500 per
annum (or 10% of their salary if less) in shares in the
Company which are held in trust and can be withdrawn
with tax paid at any time, or tax-free after five years.
TSR Performance of the Group compared to the Percentage of this element of the
constituents of the FTSE Small Cap Index Award of Bonus Units Capable of Vesting
<50th Percentile (Median) 0%
50th Percentile (Median) 40%
55th Percentile 50%
60th Percentile 75%
75th Percentile 100% DIRECTORS’ 
REPORT ON 
REMUNERATION 
37
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Other than continuing employment, there are no other
performance conditions attached to the plan. 
The Executive Directors are eligible to participate in
the Share incentive plan, as are all employees of the
Group.
vi) Sharesave plan
The Group has a Sharesave plan (the 'SAYE Scheme').
The SAYE Scheme is an HMRC approved all-employee
plan and is open to all employees who have been
employed by the Group for more than 12 months.
Employees may invest up to £3,000 per annum for a
period of either 3 or 5 years, after which they may
exercise SAYE options within 6 months of the
anniversary date of the contract commencement date.
Options were granted in FY08, FY09 and FY10. Other
than continuing employment, there are no other
performance conditions attached to the plan.
The Executive Directors are eligible to participate in
the Sharesave plan, as are all employees of the Group. 
NON-EXECUTIVE DIRECTORS
The Non-Executive Directors receive a fee for their
services, and the reimbursement of incidental
expenses. In addition a payment of £1,500 per
working day is made in respect of any period during
which it is agreed by the Board that the time
commitment is significantly longer than envisaged
under the terms of the appointment as a result, for
example, of a major corporate transaction. 
THE DIRECTORS’ SERVICE AGREEMENTS
Geoff Wilmot’s service agreement is dated 27
February 2004, amended on 23 November 2006 to
reflect his appointment as Chief Executive Officer and
Mike Lally’s agreement is dated 2 April 2007. Notice
periods are 12 months with no fixed term of office. 
These contracts provide for termination of their
employment within 14 days with payment in lieu of
notice. Where the Company terminates the contracts
any damages to which the Executive Director may be
entitled shall be calculated in accordance with
ordinary common law principles including those
relating to mitigation of loss. 
Mark Kerswell was appointed as Interim Group
Finance Director on 13 June 2011. His contract is for
a fixed term period of 6 months. 
Patrick Taylor, Colin Morrison, Christopher
Satterthwaite, Robert Boyle and Rebecca Miskin are
Non-Executive Directors at year-end. The Non-
Executive Directors do not have service contracts;
they have a letter of appointment with the Company.
Their appointments are for an initial three-year period
with an extension for a further three-year period (“the
Initial Period”) and provide for a notice period of one
month. All retiring Directors are eligible for re-election.
Any Non-Executive Director who has held office for a
nine-year period or more shall be subject to re-
election at each AGM. However, as stated elsewhere
in this report, all existing Directors have chosen to
submit to annual election at each AGM. Their letters
of appointment provide for termination of Non-
Executive Director’s employment with one month’s
notice.
PENSION ARRANGEMENTS
There is no Group executive pension scheme. The
Group makes contributions to Executive Directors’
individual pension schemes; 17.5% of salary for Geoff
Wilmot and 9% of salary for Mike Lally. The Group
makes contributions of between 3% and 9% of salary
for other employees, dependent on their seniority.
PERFORMANCE GRAPHS 
The graphs below show the performance of Centaur
Media plc share price and total shareholder return
(TSR) compared to the performance of the FTSE 350
Media and Entertainment index over the same period.
This index is considered to be most representative of
the performance of the shares of generally
comparable companies.
TOTAL SHAREHOLDER RETURN
SHARE PRICE
JUNE 2006
JUNE 2007
JUNE 2008
JUNE 2009
JUNE 2010
JUNE 2011
75%
50%
5%
0%
-5%
-50%
-75%
-100%
JUNE 2006
JUNE 2007
JUNE 2008
JUNE 2009
JUNE 2010
JUNE 2011
£1.80
£1.60
£1.40
£1.20
£1.00
£0.80
£0.60
£0.40
£0.20
£0.00
 Centaur Media plc  
 FTSE 350 Media
 Centaur Media plc  
 FTSE 350 Media DIRECTORS’ 
REPORT ON 
REMUNERATION 
38
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
DIRECTORS’ INTERESTS
The Directors holding office during the year to 30
June 2011 are shown on page 3 and their beneficial
interests in the Company’s share capital are shown on
page 20. None of the Directors had any beneficial
interest in the shares of other Group companies.
The following Directors have been granted rollover 
and matching options to subscribe for ordinary shares
in the Company under rollover, approved and
unapproved share option schemes:
The market price at 30 June 2011 was 46.5p (FY10:
47.3p) and the range during the year was 44.8p to
73.0p (FY10: 32.0p to 54.0p). The average market
price during the year was 57.2p (FY10: 46.8p).
INFORMATION SUBJECT TO AUDIT
Earliest Exercise Number Number
Date of exercise Expiry price at 30 June at 30 June
grant date date (pence)
GTD Wilmot 9.03.04 9.03.07 9.03.14 100.0 587,333 587,333
9.03.04 9.03.05 9.03.14 41.67 172,777 172,777
29.10.08 30.06.12 29.10.18 51.75 800,000 800,000
1,560,110 1,560,110
M J Lally 9.03.04 9.03.07 9.03.14 100.0 217,677 217,677
9.03.04 9.03.05 9.03.14 57.87 26,743 26,743
29.10.08 30.06.12 29.10.18 51.75 450,000 450,000
694,420 694,420
201 1 2010
SHARESAVE PLAN
The following Directors have been granted options
over ordinary shares of 10p each in the Company
under the terms of the Centaur UK Sharesave Plan
2008 and 2009:
Earliest Exercise Number Number
Date of exercise Expiry price at 30 June at 30 June
grant date date (pence)
GV Sherren 24.04.08 01.06.11 01.12.11 64.70 14,528 -
14,528 -
GTD Wilmot 30.04.09 01.07.12 01.01.13 20.92 43,738 43,738
43,738 43,738
M J Lally 30.04.09 01.07.14 01.01.15 20.92 74,808 74,808
74,808 74,808
201 1 2010
GV Sherren was a Non-Executive director until he
retired from the board on 17 November 2010. His
Sharesave options lapsed during the year. DIRECTORS’ 
REPORT ON 
REMUNERATION 
39
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
DIRECTORS’ EMOLUMENTS
The table below provides details of Directors’
remuneration from Centaur Media plc for the year to
30 June 2011. Other benefits for Executive Directors
during this year include the provision of a car
allowance, life assurance, permanent health insurance
and medical insurance. 
Salaries Bonus Pension Other
and fees benefits Total
£££££
Executive
GTD Wilmot 266,500 231,855 46,638 23,680 568,673 
M J Lally 159,400 96,968 14,346 11,579 282,293 
M H Kerswell (appointed 13 June 2011) 12,923 - - - 12,923
Non Executive
JPE Taylor 80,000 - - - 80,000
C Morrison 40,000 - - - 40,000
C Satterthwaite 40,000 - - - 40,000
R Boyle 35,000 - - - 35,000
R Miskin (appointed 13 January 2011) 18,667 - - - 18,667
GV Sherren (retired 17 November 2010) 54,417 - - 11,667 66,084
BTR Scruby (retired 17 November 2010) 16,667 - - - 16,667
723,574 328,823 60,984 46,926 1,160,307
YEAR ENDED 30 JUNE 2011
Salaries Bonus Pension Other
and fees benefits Total
£££££
Executive
GTD Wilmot 262,500 118,125 45,938 23,617 450,180
M J Lally 156,975 62,791 14,128 11,517 245,411
Non Executive
JPE Taylor 64,654 - - - 64,654
C Morrison 40,000 - - - 40,000
C Satterthwaite 40,000 - - - 40,000
R Boyle 16,737 - - - 16,737
GV Sherren 125,000 - - 41,603 166,603
BTR Scruby 40,000 - - - 40,000
745,866 180,916 60,066 76,737 1,063,585
YEAR ENDED 30 JUNE 2010
BY ORDER OF THE BOARD
C Morrison
Chairman of the Remuneration Committee 
14 September 2011 Independent 
Auditors’ Report 
to the Members of
Centaur Media plc
40
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
We have audited the financial statements of Centaur
Media plc for the year ended 30 June 2011 which
comprise the Consolidated Statement of Comprehensive
Income, the Consolidated and Company Statements of
Changes in Equity, the Consolidated and Company
Balance Sheets, the Consolidated and Company Cash
Flow Statements, the Statement of Accounting Policies
and the related notes. The financial reporting
framework that has been applied in their preparation
is applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the European Union
and, as regards the parent company financial
statements, as applied in accordance with the
provisions of the Companies Act 2006.
RESPECTIVE RESPONSIBILITIES 
OF DIRECTORS AND AUDITORS
As explained more fully in the Directors’
Responsibilities Statement set out on pages 22 and
23, the directors are responsible for the preparation
of the financial statements and for being satisfied that
they give a true and fair view. Our responsibility is to
audit and express an opinion on the financial
statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland).
Those standards require us to comply with the Auditing
Practices Board’s Ethical Standards for Auditors. 
This report, including the opinions, has been
prepared for and only for the company’s members as
a body in accordance with Chapter 3 of Part 16 of
the Companies Act 2006 and for no other purpose.
We do not, in giving these opinions, 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 THE AUDIT OF THE FINANCIAL
STATEMENTS 
An audit involves obtaining evidence about the
amounts and disclosures in the financial statements
sufficient to give reasonable assurance that the
financial statements are free from material
misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting
policies are appropriate to the group’s and the parent
company’s circumstances and have been consistently
applied and adequately disclosed; the reasonableness
of significant accounting estimates made by the
directors; and the overall presentation of the financial
statements. In addition, we read all the financial and
non-financial information in the annual report to
identify material inconsistencies with the audited
financial statements. If we become aware of any
apparent material misstatements or inconsistencies
we consider the implications for our report.
OPINION ON FINANCIAL STATEMENTS
In our opinion: 
 the financial statements give a true and fair view of
the state of the group’s and of the parent
company’s affairs as at 30 June 2011 and of the
group’s loss and group’s and parent company’s
cash flows for the year then ended;
 the group financial statements have been properly
prepared in accordance with IFRSs as adopted by
the European Union; 
 the parent company financial statements have been
properly prepared in accordance with IFRSs as
adopted by the European Union and as applied in
accordance with the provisions of the Companies
Act 2006; and
 the financial statements have been prepared in
accordance with the requirements of the
Companies Act 2006 and, as regards the group
financial statements, Article 4 of the lAS Regulation. 
OPINION ON OTHER MATTERS PRESCRIBED BY
THE COMPANIES ACT 2006
In our opinion: 
 the part of the Directors’ Remuneration Report to
be audited has been properly prepared in
accordance with the Companies Act 2006;
 the information given in the Directors’ Report for
the financial year for which the financial statements
are prepared is consistent with the financial
statements; and
 the information given in the Corporate Governance
Report set out on pages 24 to 31 with respect to
internal control and risk management systems and
about share capital structures is consistent with the
financial statements. 41
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
MATTERS ON WHICH WE ARE REQUIRED 
TO REPORT BY EXCEPTION 
We have nothing to report in respect of the following: 
Under the Companies Act 2006 we are 
required to report to you if, in our opinion: 
 adequate accounting records have not been kept by
the parent company, or returns adequate for our
audit have not been received from branches not
visited by us; or
 the parent company financial statements and the
part of the Directors’ Remuneration Report to be
audited are not in agreement with the accounting
records and returns; or
 certain disclosures of directors’ remuneration
specified by law are not made; or
 we have not received all the information and
explanations we require for our audit; or
 a corporate governance statement has not been
prepared by the parent company. 
Under the Listing Rules we are required to review: 
 the directors’ statement, set out on page 28, in
relation to going concern; 
 the part of the Corporate Governance
Reportrelating to the company’s compliance with
the nine provisions of the UK Corporate
Governance Code specified for our review; and
 certain elements of the report to shareholders by
the Board on directors’ remuneration. 
Ian Wishart (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
14 September 2011
INDEPENDENT
AUDITORS’
REPORT Consolidated Statement 
of Comprehensive Income 
for the year ended 30 June 2011
42
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Note £m £m
Continuing operations
Revenue 1 68.3 59.9
Cost of sales (37.0) (33.4)
Gross profit 31.3 26.5
Distribution costs (3.0) (2.9)
Administrative expenses (58.4) (20.9)
Adjusted EBITDA 19.9 6.6
Depreciation of property, plant and equipment (0.9) (0.9)
Amortisation of software (2.1) (1.9)
Amortisation of acquired intangibles (1.2) (1.1)
Share based payments 23 (0.2) 0.3
Impairment of goodwill and intangible assets 8 (32.2) -
Exceptional cost 2 (3.4) (0.3)
Operating (loss)/profit from continuing operations (30.1) 2.7
Finance costs 3 (0.2) (0.1)
(Loss)/profit from continuing operations before income tax (30.3) 2.6
Income tax credit / (expense) 6   0.7 (0.6)
(Loss)/profit for the year attributable to owners of the parent (29.6) 2.0
Total comprehensive (loss)/income for the period attributable 
to owners of the parent (29.6) 2.0
(Loss)/earnings per share for (loss)/profit attributable to the
owners of the parent 7
Basic (21.2)p 1.4p
Fully diluted (21.2)p 1.4p
201 1 2010 43
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Consolidated Statement 
of Changes in Equity 
for the year ended 30 June 2011
Attributable to owners of the parent
Reserve
for shares
Share Treasury Share Retained to be Deferred
capital shares premium earnings issued shares Total
£m £m £m £m £m £m £m
At 1 July 2009 15.0 (9.8) 0.7 147.6 3.4 0.1 157.0
Profit for the year and total 
comprehensive income 
for the year - - - 2.0 - - 2.0
Transactions with owners:
Dividends (note 24) - - - (2.2) - - (2.2)
Share options:
Fair value of employee services ---- (0.3) - (0.3)
As at 30 June 15.0 (9.8) 0.7 147.4 3.1 0.1 156.5
Loss for the year and total 
comprehensive loss for the year - - - (29.6) - - (29.6)
Transactions with owners:
Dividends (note 24) - - - (2.5) - - (2.5)
Employee Benefit Trust 
shares purchased - (0.5) ---- (0.5)
Share options:
Fair value of employee services ---- 0.2- 0.2
As at 30 June 15.0 (10.3) 0.7 115.3 3.3 0.1 124.1
201 1
2010
At 30 June 2011, 9,309,102 (2010: 9,321,687)
10p ordinary shares are held in treasury and
1,476,500 (2010: 725,000) 10p ordinary shares
are held in an employee benefit trust.
The 800,000 deferred shares of 10p each carry
restricted voting rights and carry no right to receive a
dividend payment in respect of any financial year.
The changes to the reserve for shares to be issued
during the year ended 30 June 2010 and 30 June
2011 represent the total (credit)/charge for the year
relating to equity-settled share based payment
transactions with employees as accounted for under
IFRS 2.  Company Statement 
of Changes in Equity 
for the year ended 30 June 2011
44
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Reserve
for shares
Share Treasury Share Retained to be Deferred
capital shares premium earnings issued shares Total
£m £m £m £m £m £m £m
At 1 July 2009 15.0 (8.8) 0.7 138.7 3.4 0.1 149.1
Loss for the year - - - (1.5) - - (1.5)
Transactions with owners:
Dividends (note 24) - - - (2.2) - - (2.2)
Share options:
Fair value of employee services ---- (0.3) - (0.3)
As at 30 June 15.0 (8.8) 0.7 135.0 3.1 0.1 145.1
Loss for the year (1.8) (1.8)
Transactions with owners:
Dividends (note 24) - - - (2.5) - - (2.5)
Share options:
Fair value of employee services ---- 0.2- 0.2
As at 30 June 15.0 (8.8) 0.7 130.7 3.3 0.1 141.0
201 1
2010
The Company has taken advantage of the exemption
available under section 408 of the Companies Act
2006 and has not presented its own statement of
comprehensive income in these financial statements.
The parent Company’s loss amounted to £1.8m
(FY10: loss of £1.5m). 45
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Registered number 4948078
Consolidated Balance Sheet 
at 30 June 2011
Note £m £m
Non-current assets
Goodwill 8 116.1 140.7
Other intangible assets 99.8 16.2
Property, plant and equipment 10 2.5 3.8
Deferred income tax assets 21 0.6 0.5
129.0 161.2
Current assets
Inventories 12 1.3 1.2
Current income tax asset 1.1 -
Trade and other receivables 13 14.7 11.7
Cash and cash equivalents 14 2.0 1.1
19.1 14.0
Assets of disposal group classified as held-for-sale 15 0.6 -
Current liabilities
Financial liabilities 16 0.2 0.1
Trade and other payables 17 12.2 8.8
Deferred income 18 9.4 7.1
Current income tax liabilities 19 - 0.5
Provisions 20 0.3 0.3
22.1 16.8
Net current liabilities (2.4) (2.8)
Non-current liabilities
Financial liabilities 16 0.5 0.6
Provisions 20 0.9 0.2
Deferred income tax liabilities 21 1.1 1.1
2.5 1.9
Net assets 124.1 156.5
Capital and reserves attributable to owners of the parent
Share capital 22 15.0 15.0
Treasury and employee benefit trust shares (10.3) (9.8)
Share premium 0.7 0.7
Other reserves 3.4 3.2
Retained earnings 115.3 147.4
Total equity 124.1 156.5
201 1 2010
The financial statements on pages 42 to 86 were
approved by the Board of Directors on 14 September
2011 and were signed on its behalf by:
M H Kerswell
Interim Group Finance Director 46
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Registered number 4948078
Company Balance Sheet 
at 30 June 2011
Note £m £m
Non-current assets
Investments 11 146.2 146.0
146.2 146.0
Current assets
Trade and other receivables 13 1.8 2.8
1.8 2.8
Current liabilities
Financial liabilities 16 3.6 3.2
Trade and other payables 17 3.4 0.5
7.0 3.7
Net current liabilities (5.2) (0.9)
Net assets 141.0 145.1
Capital and reserves attributable to owners of the parent
Share capital 22 15.0 15.0
Treasury shares (8.8) (8.8)
Share premium 0.7 0.7
Other reserves 3.4 3.2
Retained earnings 130.7 135.0
Total equity 141.0 145.1
201 1 2010
The financial statements on pages 42 to 86 were
approved by the Board of Directors on 14 September
2011 and were signed on its behalf by:
M H Kerswell
Interim Group Finance Director 47
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
Consolidated Cash Flow Statement 
for the year ended 30 June 2011
Note £m £m
Cash flows from operating activities
Cash generated from operations 25 9.4 6.6
Tax paid (1.2) (0.3)
Net cash generated from operating activities 8.2 6.3
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired) 25 (2.1) (1.3)
Purchase of property, plant and equipment (0.1) (0.2)
Purchase of software (1.8) (1.9)
Net cash flows used in investing activities (4.0) (3.4)
Cash flows from financing activities
Employee benefit trust shares purchased (0.5) -
Repayment of loan notes - (0.1)
Interest paid (0.1) (0.1)
Finance lease repayments (0.2) (0.1)
Dividends paid (2.5) (2.2)
Net cash flows used in financing activities (3.3) (2.5)
Net increase in cash and cash equivalents 0.9 0.4
Cash and cash equivalents at 1 July 2010 1.1 0.7
Cash and cash equivalents 30 June 2011 2.0 1.1
201 1 2010
Company Cash Flow Statement 
for the year ended 30 June 2011
Note £m £m
Cash flows from operating activities
Cash generated from/(used in) operating activities 25 2.1 (1.1)
Cash flows from financing activities
Repayment of loan notes - (0.1)
Dividends paid (2.5) (2.2)
Net cash flows used in financing activities (2.5) (2.3)
Net decrease in cash and cash equivalents (0.4) (3.4)
Cash and cash equivalents at 1 July 2010 (3.2) 0.2
Cash and cash equivalents 30 June 2011 (3.6) (3.2)
201 1 2010 Statement of Accounting Policies
48
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
The principal accounting policies adopted in the
preparation of these financial statements are set out
below. These policies have been consistently applied
to all the years presented, unless otherwise stated.
BASIS OF PREPARATION
The consolidated and Company financial statements
have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the
European Union and International Financial Reporting
Interpretations Committee (IFRIC) and with those parts
of the Companies Act 2006 applicable to companies
reporting under IFRS. The financial statements have
been prepared on the historical cost basis. 
These financial statements are presented in pounds
sterling (GBP) as that is the currency of the primary
economic environment in which the Group operates. 
The preparation of financial statements in conformity
with generally accepted accounting principles requires
the use of estimates and assumptions that affect the
reported amounts of assets and liabilities at the date
of the financial statements and the reported amounts
of revenues and expenses during the reporting period.
Although these estimates are based on management's
best knowledge of the amount, events or actions, the
actual results may ultimately differ from those estimates.
The Company has taken advantage of the
exemption available under section 408 of the
Companies Act 2006 and has not presented its own
statement of comprehensive income in these financial
statements. 
(a)New and amended standards adopted by the
group
The following new standards and amendments to
standards are mandatory for the first time for the
financial year beginning 1 July 2010. 
 Amendment to IAS 36, ‘Impairment of assets'
(effective for periods beginning on or after 1
January 2010). IFRS 8, ‘Segment reporting’, allows
operating segments to be aggregated into higher
level reportable segments if certain criteria are met.
Previously, IAS 36 allowed goodwill to be allocated
and assessed for impairment at the higher
reportable segment level. However, the amendment
to IAS 36 now requires goodwill to be allocated
and assessed for impairment at the lower operating
segment level. This has no impact on the Group for
the current year.
(b)New and amended standards, and interpretations
mandatory for the first time for the financial year
beginning 1 July 2010 but not currently relevant to
the group: 
 Annual improvements 2009 (effective 1 January
2010) 
 Amendment to IFRS 2, 'Share based payments –
Group cash-settled share-based payment
transactions' (effective 1 January 2010) 
 Amendments to IFRS 1 for additional exemptions
(effective 1 January 2010) 
 Amendments IAS 32 Financial instruments:
Presentation on classification of rights issues.
(effective 1 February 2010) 
 Amendment to IFRS 1, First time adoption on
financial instrument disclosures (effective 1 July
2010) 
 IFRIC 15, 'Arrangements for construction of real
estates' (effective 1 January 2009 but EU endorsed
for 1 January 2010) 
 IFRIC 19, 'Extinguishing financial liabilities with
equity instruments' (effective 1 July 2010)
(c) New standards, amendments and interpretations
issued but not effective for the financial year
beginning 1 July 2010 and not early adopted 
 IAS 34,'Interim financial reporting', has been
amended by the 2010 Improvements to require the
following disclosures in interim financial reports in
respect of financial instruments, if they are
significant: Impairments recognised on financial
assets and the reversal of previous impairments;
Changes in the business or economic
circumstances that affect the fair value of the
entity’s financial assets and financial liabilities,
whether those assets or liabilities are recognised at
fair value or amortised cost; Transfers between
levels of the fair value hierarchy used in measuring
the fair value of financial instruments; Changes in
the classification of financial assets as a result of a
change in the purpose or use of those assets. The
disclosures apply for accounting periods beginning
on or after 1 January 2011. 
 IFRS 9, ‘Financial instruments’, issued in December
2009. This addresses the classification and
measurement of financial assets and is likely to
affect the Group’s accounting for its financial assets.
The standard is not applicable until 1 January 2013
but is available for early adoption. 
 Revised IAS 24, ‘Related party disclosures’, issued
in November 2009. It supersedes IAS 24, ‘Related
party disclosures’, issued in 2003. The revised IAS
24 is required to be applied from 1 January 2011.
Earlier application, in whole or in part, is permitted.
 ‘Prepayments of a minimum funding requirement’
(Amendments to IFRIC 14), issued in November
2009. The amendments correct an unintended
consequence of IFRIC 14, ‘IAS 19 – The limit on a
defined benefit asset, minimum funding
requirements and their interaction’. Without the
amendments, entities are not permitted to recognise
as an asset some voluntary prepayments for
minimum funding contributions. The amendments
are effective for annual periods beginning 1 July
2011. Earlier application is permitted. 
The Directors anticipate that the adoption of these
standards and interpretations in future periods will
have no material impact on the financial statements of
the Group. STATEMENT OF
ACCOUNTING
POLICIES
49
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
ADDITIONAL PRESENTATION WITHIN THE
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
The Group has presented separately on the face of
the consolidated statement of comprehensive income
on page 42 an additional profit measure of adjusted
EBITDA.  Adjusted EBITDA is earnings before interest,
tax, depreciation, amortisation, exceptional costs and
other significant non-cash items. This presentation has
been provided as the Directors believe that this
measure reflects more clearly the ongoing operations
of the Group. In FY11 and FY10, share based
payment costs have been treated as a significant non-
cash item. 
EXCEPTIONAL ITEMS
The Group considers items of income and expenses
as exceptional items and discloses them separately
where the nature of the item, or its size, is likely to be
material so as to assist the user of the financial
statements to better understand the results of the
operations of the Group.
CONSOLIDATION
The consolidated financial statements incorporate the
financial statements of Centaur Media plc and all its
subsidiaries to 30 June, adjusted where appropriate to
conform with Centaur's accounting policies.
A subsidiary is an entity controlled by the Company.
Control exists when the Company has the power,
directly or indirectly, to govern the financial and
operating policies of an entity so as to benefit from its
activities. 
Where the Group has established a joint venture
through an interest in a company, partnership or other
entity (a jointly controlled entity), the Group
recognises its interest in the entity using the
proportionate consolidation method, whereby the
Group’s share of each of the assets, liabilities, income
and expenses of the jointly controlled entity is
combined line by line with similar items in the Group’s
financial statements. 
Intragroup balances and transactions and any
unrealised gains or losses arising from these
transactions, are eliminated in preparing the
consolidated financial statements.
REVENUE RECOGNITION
Revenue is measured at the fair value of the
consideration received or receivable and represents
amounts recoverable by the Group for the sales of
advertising space, subscriptions and individual
publications and revenue from events provided in the
normal course of business, net of discounts and value
added tax.
Sales of advertising space are recognised in the
period in which publication occurs. Sales of
publications are recognised in the period in which the
sale is made. Revenue received in advance for events
is deferred and recognised in the period in which the
event takes place.
Revenue from subscriptions to publications and
digital services is deferred and recognised on a
straight-line basis over the subscription period.
FOREIGN CURRENCIES
Transactions denominated in foreign currency are
translated at exchange rates prevailing at the
transaction date. Monetary assets and liabilities are
translated at exchange rates prevailing at the year end
date. Any gains or losses arising on exchange are
reflected in the statement of comprehensive income.
The results and financial position of the group
entities that have a functional currency different from
the presentation currency are translated into the
presentation currency as follows: 
 assets and liabilities for each balance sheet
presented are translated at the closing rate at the
date of that balance sheet; 
 income and expenses for each income statement
are translated at average exchange rates (unless
this average is not a reasonable approximation of
the cumulative effect of the rates prevailing on the
transaction dates, in which case income and
expenses are translated at the rate on the dates of
the transactions); and 
 all resulting exchange differences are recognised as
a separate component of equity.
On consolidation, exchange differences arising from
the translation of the net investment in foreign
operations, and of borrowings, are taken to
shareholders’ equity. When a foreign operation is
partially disposed of or sold, exchange differences
that were recorded in equity are recognised in the
income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at
the closing rate.
INVESTMENTS
In the Company’s financial statements, investments in
subsidiaries are stated at cost less provision for
impairment in value. 
In the Group financial statements, investments in
associates are incorporated into the financial
statements using the equity method of accounting
whereby investments are carried on the balance sheet
at cost adjusted by post-acquisition changes of the
net assets of the associates, less any impairment of
value in the individual investment.
GOODWILL
Where the cost of a business acquisition exceeds the
fair values attributable to the separable net assets
acquired, the resulting goodwill is capitalised and
allocated to the CGU or group of CGUs that is STATEMENT OF
ACCOUNTING
POLICIES
50
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
expected to benefit from the synergies of the business
combination. Goodwill has an indefinite useful life and
is tested for impairment annually or where indicators
imply that the carrying value is not recoverable.
Each brand, comprising individual magazines, digital
titles and events, is deemed to be a Cash Generating
Unit (CGU). Goodwill is attributed to individual CGUs
but is reviewed at the segment level for the purposes
of the annual impairment review as this is the level
that management monitor goodwill. Any impairment is
recognised in the statement of comprehensive income.
Impairment of goodwill is not subsequently reversed.
On the disposal of a cash generating unit, the
attributable amount of goodwill is included in the
determination of the profit and loss on disposal. 
As a result of the restructuring of the business in
FY11, goodwill was reviewed for impairment for each
individual CGU as well as at the segment level. 
OTHER INTANGIBLE ASSETS
Intangible assets acquired separately are carried at
cost less accumulated amortisation. Intangible assets
acquired as part of business combinations are carried
at fair value less accumulated amortisation. Computer
software that is not integral to the operation of the
related hardware is carried at cost less accumulated
amortisation. Costs associated with the development
of identifiable and unique software products
controlled by the Group that will probably generate
economic benefits in excess of costs are recognised
as intangible assets and are carried at cost less
accumulated amortisation.
Amortisation is calculated to write off the cost or
fair value of assets on a straight line basis over the
expected useful economic lives to the Group over the
following periods:
Computer software
3 - 5 years
Brands and publishing rights
20 years 
Customer relationships
10 years or the length of the contract if shorter
Website development costs
3 - 5 years 
Acquired content
5 years
Non compete arrangements
Over the term of the arrangement
The Group’s internally generated brands represent
commercially valuable intangibles but are not eligible for
recognition as assets under IAS 38 Intangible Assets.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is stated at historical
cost less accumulated depreciation and impairment
losses. The historical cost of property, plant and
equipment is the purchase cost together with any
incidental direct costs of acquisition. Depreciation is
calculated to write off the cost, less estimated
residual value, of assets, on a straight line basis over
the expected useful economic lives to the Group over
the following periods:
Leasehold improvements
10 years or the expected length of the lease if shorter
Fixtures and fittings
10 years
Computer equipment
3 - 5 years
Motor vehicles
4 years
Residual values, where applicable, are reviewed
annually against prevailing market rates at the balance
sheet date for equivalent aged assets and
depreciation rates adjusted accordingly on a
prospective basis. A review of the estimated useful
economic life of each asset is carried out annually to
ensure depreciation rates are adequate.
IMPAIRMENT OF NON-FINANCIAL ASSETS
Assets that are subject to depreciation or amortisation
are reviewed for impairment whenever events indicate
that the carrying value may not be recoverable. An
impairment loss is recognised to the extent that the
carrying value exceeds the higher of the asset's fair
value less cost to sell and its value in use. An asset’s
value in use is calculated by discounting an estimate
of future cash flows by the Group's pre-tax weighted
average cost of capital. 
TAXATION INCLUDING DEFERRED TAX 
The tax expense represents the sum of the tax
currently payable and deferred tax.
The tax currently payable is based on the taxable
profit for the year. Taxable profit differs from profit as
reported in the statement of comprehensive income
because it excludes items of income or expense that
are taxable or deductible in other years and it further
includes items that are never taxable or deductible.
The Group and Company's liability for current tax is
calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date. 
Deferred tax is the tax accounted for in respect of
temporary differences between the carrying amounts
of assets and liabilities in the financial statements,
and the corresponding tax bases used in the
computation of taxable profit, and is accounted for
using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are
recognised to the extent that it is probable that
taxable profits will be available against which
deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the
temporary difference arises from goodwill or the STATEMENT OF
ACCOUNTING
POLICIES
51
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
initial recognition (other than in a business
combination) of other assets and liabilities in a
transaction that affects neither the tax profit nor the
accounting profit. 
Deferred tax is calculated at the tax rates that are
expected to apply in the period when the liability is
settled or the asset is realised. Deferred tax is
charged or credited to the statement of
comprehensive income, except when it relates to
items charged or credited directly to equity, in which
case the deferred tax is also dealt with in equity.
INVENTORIES
Inventories are stated at the lower of cost and net
realisable value. Cost is calculated using the first in,
first out method. For raw materials, cost is the
purchase price. Work in progress comprises costs
incurred relating to publications, exhibitions and
conferences prior to the publication date or the date
of the event. For goods for resale, cost is the
purchase price, or, in the case of publications, the
direct cost of production.
Net realisable value is based on estimated future
selling price less all the further costs to completion and
all relevant marketing, selling and distribution costs.
Inventories are reviewed regularly and full provision
is made for obsolete, slow moving or defective stock. 
LEASES
Leases in which a significant portion of the risks and
rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under
operating leases (net of any incentives received from
the lessor) are charged to the statement of
comprehensive income on a straight-line basis over
the period of the lease.
The Group leases certain property, plant and
equipment. Leases of property, plant and equipment
where the Group has substantially all the risks and
rewards of ownership are classified as finance leases.
Finance leases are capitalised at the lease’s
commencement at the lower of the fair value of the
leased property and the present value of the minimum
lease payments. Each lease payment is allocated
between the liability and finance charges so as to
achieve a constant rate on the finance balance
outstanding. The corresponding rental obligations, net
of finance charges, are included in financial liabilities.
The interest element of the finance cost is charged to
the statement of comprehensive income over the lease
period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each
period. The property, plant and equipment acquired
under finance leases is depreciated over the shorter
of the useful life of the asset and the lease term.
EMPLOYEE BENEFIT COST
The Group and Company contribute to a defined
contribution pension scheme for the benefit of
employees. The assets of the scheme are held
separately from those of the Group in an
independently administered fund. Contributions to
defined contribution schemes are charged to the
statement of comprehensive income at the time that
the related service is provided.
The expected cost of compensated holidays is
recognised at the time that the related service is
provided.
SHARE-BASED PAYMENTS
The Group operates a number of equity-settled,
share-based compensation plans, under which the
entity receives services from employees as
consideration for equity instruments (options) of the
Group. The fair value of the employee services
received in exchange for the grant of the options is
recognised as an expense. The total amount to be
expensed is determined by reference to the fair value
of the options granted: 
 including any market performance conditions; 
 excluding the impact of any service and non-market
performance vesting conditions (for example,
profitability, sales growth targets and remaining an
employee of the entity over a specified time
period); and
 including the impact of any non-vesting conditions
(for example, the requirement for employees to save).
Non-market vesting conditions are included in
assumptions about the number of options that are
expected to vest. The total expense is recognised
over the vesting period, which is the period over
which all of the specified vesting conditions are to be
satisfied. At the end of each reporting period, the
entity revises its estimates of the number of options
that are expected to vest based on the non-market
vesting conditions. It recognises the impact of the
revision to original estimates, if any, in the statement
of comprehensive income, with a corresponding
adjustment to equity.
When the options are exercised, the Company
issues new shares or transfers shares from treasury.
The proceeds received net of any directly attributable
transaction costs are credited to share capital
(nominal value) and share premium when the options
are exercised.
The grant by the Company of options over its
equity instruments to the employees of subsidiary
undertakings in the Group is treated as a capital
contribution. The fair value of employee services
received, measured by reference to the grant date fair
value, is recognised over the vesting period as an
increase to investment in subsidiary undertakings,
with a corresponding credit to equity. 
PROVISIONS
Provisions are recognised when the Group has a
present obligation (legal or constructive) as a result of STATEMENT OF
ACCOUNTING
POLICIES
52
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
a past event, when it is more likely than not that an
outflow of resources will be required to settle the
obligation and where a reliable estimate can be made
of the amount of the obligation.
SEGMENTAL REPORTING
Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision-maker. The Board of
Directors has been identified as the chief operating
decision-maker, responsible for allocating resources
and assessing performance of the operating
segments. During the year ended 30 June 2011 the
company announced a restructuring of its business
into three divisions: Business Publishing, Business
Information and Exhibitions. The operating segments
have been changed to reflect the way the business is
now managed and to simplify the way the Group
reports revenue and profit performance across each
of its businesses. The prior year’s segmental
information has been restated using the new
segmental structure. 
SHARE CAPITAL AND SHARE PREMIUM
Ordinary shares are classified as equity. The excess of
consideration received in respect of shares issued
over the nominal value of those shares is held in the
share premium account.
The Company also holds a non-distributable reserve
representing the fair value of share options issued.
DIVIDENDS
Dividends are recognised as a liability in the period in
which they are paid or approved by the shareholders
in the annual general meeting.
KEY ACCOUNTING ASSUMPTIONS, 
ESTIMATES AND JUDGEMENTS
The preparation of financial statements under IFRS
requires the use of certain key accounting
assumptions and requires management to exercise its
judgement and to make estimates. The areas where
assumptions and estimates are significant to the
consolidated financial statements are as follows:
i) Impairments
In assessing whether goodwill and other intangible
fixed assets are impaired, the Group uses a discounted
cash flow model which includes forecast cash flow
information and estimates of future growth. If the
results of operations in future periods are lower than
included in the cash flow model, impairments may be
triggered. Further details of the sensitivities in the
discounted cash flow model are included in note 8.
ii) Deferred consideration
All payments to purchase or dispose of a business are
recorded at fair value at the acquisition date, with
contingent payments classified as debt subsequently
re-measured through the statement of comprehensive
income. Provisions or receivables for deferred
consideration are made on the basis of the Directors’
best estimates of the future relevant measures of
profits of the subsidiaries and businesses acquired or
sold. If the profits of the subsidiaries and businesses
acquired differ from the estimates, the actual
consideration will differ from the estimates used. 
FINANCIAL INSTRUMENTS
The Group has applied IFRS 7, Financial Instruments:
Disclosures, and IAS 39, Financial Instruments:
Recognition and Measurement, as outlined below. 
Financial assets
The Group classifies its financial assets in the
following categories: at fair value through profit or
loss, loans and receivables, and available-for-sale. The
classification depends on the purpose for which the
financial assets were acquired. Management
determines the classification of its financial assets at
initial recognition.
All of the Group’s financial assets have been
classified as loans and receivables. Loans and
receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in
an active market. They are included in current assets,
except for maturities greater than 12 months after the
balance sheet date. These are classified as non-
current assets. The Group’s loans and receivables
comprise trade and other receivables and cash and
cash equivalents in the balance sheet. 
Loans and receivables are carried at amortised cost
using the effective interest method.
Trade receivables
Trade receivables are recognised initially at fair value
and subsequently measured at amortised cost using the
effective interest method, less provision for impairment.
A provision for impairment of trade receivables is
established when there is objective evidence that the
Group will not be able to collect all amounts due
according to the original terms of the receivables.
Significant financial difficulties of the debtor,
probability that the debtor will enter bankruptcy or
financial reorganisation, and default or delinquency in
payments (more than 90 days overdue) are
considered indicators that the trade receivable is
impaired. The amount of the provision is the
difference between the asset’s carrying amount and
the present value of estimated future cash flows,
discounted at the original effective interest rate. The
carrying amount of the asset is reduced through the
use of an allowance account, and the amount of the
loss is recognised in the statement of comprehensive
income within administrative expenses. When a trade
receivable is uncollectible, it is written off against the
allowance account for trade receivables. Subsequent
recoveries of amounts previously written off are STATEMENT OF
ACCOUNTING
POLICIES
53
Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
credited against administrative expenses in the
statement of comprehensive income.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand and
deposits repayable on demand or maturing within three
months of the balance sheet date, less any overdrafts
repayable on demand. There is a cash pooling
arrangement with a legal right of offset and therefore
cash and overdrafts are offset in the balance sheet.
Trade payables
Trade payables are recognised initially at fair value
and subsequently measured at amortised cost using
the effective interest method.
Loan notes
Loan notes are recognised initially at fair value, net of
transaction costs incurred. Borrowings are
subsequently stated at amortised cost; any difference
between the proceeds (net of transaction costs) and
the redemption value is recognised in the statement
of comprehensive income over the period of the
borrowings using the effective interest method.
Derivative financial instruments 
Derivative financial instruments may be used to hedge
interest rate and foreign currency exposure where
these circumstances arise. Discounts and premiums
are charged or credited to the statement of
comprehensive income over the life of the asset or
liability to which they relate.  Derivative financial
assets and liabilities are stated at fair value. Changes
to fair value are recognised directly in equity, to the
extent that they are effective, with the ineffective
portion being recognised in the statement of
comprehensive income in the financial period to which
it relates. The Group does not hold any derivative
financial instruments either for trading purposes or
designated as hedges. Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
54
Notes to the  nancial  atements
1 SEGMENTAL REPORTING
During the year ended 30 June 2011 (“FY11”) the company
announced a restructuring of its business into three divisions:
Business Publishing, Business Information and Exhibitions. The new
segmental structure reflects the way the business is now managed
and simplifies the way the Group reports revenue and profit
performance across each of its businesses. The prior year’s
segmental information has been restated using the new segmental
structure.  The discussion around the performance across each of
these divisions is included in the Chief Executive Review on pages
10 and 11.  
The Board of Directors has been identified as the chief operating
decision-maker. The Board reviews the Group’s internal monthly
reporting in order to assess performance and allocate resources.
Management has determined the operating segments based on
these reports.
The Board considers the business from a divisional perspective.
The basis of measurement used for allocating overheads is the
headcount for each division. 
Corporate costs are allocated to business segments on an
appropriate basis depending on the nature of the cost.  Costs that
cannot be allocated to a business segment are shown as “unallocated”. 
Segment assets consist primarily of property, plant and
equipment, intangible assets including goodwill, inventories, trade
receivables and cash and cash equivalents. 
Segment liabilities comprise trade payables, accruals and
deferred income.  
Corporate assets and liabilities comprise current and deferred tax
balances, cash and cash equivalents and borrowings. 
Capital expenditure comprises additions to property, plant and
equipment, intangible assets and goodwill and includes additions
resulting from acquisitions through business combinations. 
There are no major customers that provide revenue of over 10%
of a reportable segment.
Geographical segments
Substantially all of the Group's net assets are located and all revenue
and profit are generated in the United Kingdom. Furthermore
substantially all of the Group’s customers are located in the United
Kingdom.  The Directors consider that the Group operates in a single
geographical segment, being the United Kingdom. Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
55
Notes to the  nancial  atements
1 SEGMENTAL REPORTING (continued)
Business Business 
Publishing Information Exhibitions Unallocated Group
£m £m £m £m £m
Continuing operations
Revenue 46.8 5.8 15.7 - 68.3
Adjusted EBITDA 5.4 2.2 2.3 - 9.9
Depreciation of property, plant and equipment (0.7) (0.1) (0.1) - (0.9)
Amortisation of software (1.1) (0.9) (0.1) - (2.1)
Amortisation of acquired intangibles (0.7) - (0.5) - (1.2)
Share based payments - - - (0.2) (0.2)
Impairment charge (24.7) - (7.5) - (32.2)
Exceptional cost (2.6) (0.2) (0.5) (0.1) (3.4)
Segment result (24.4) 1.0 (6.4) (0.3) (30.1)
Finance costs - - - (0.2) (0.2)
(Loss)/profit before income tax (24.4) 1.0 (6.4) (0.5) (30.3)
Income tax - - - 0.7 0.7
Loss/(profit) for the year from continuing operations (24.4) 1.0 (6.4) 0.2 (29.6)
(Loss)/profit for the year attributable to owners of the parent (24.4) 1.0 (6.4) 0.2 (29.6)
Segment assets 100.6 12.2 32.2 - 145.0
Corporate assets - - - 3.7 3.7
Consolidated total assets 100.6 12.2 32.2 3.7 148.7
Segment liabilities 13.5 3.6 6.4 - 23.5 
Corporate liabilities - - - 1.1 1.1
Consolidated total liabilities 13.5 3.6 6.4 1.1 24.6 
Other items:
Capital expenditure 4.5 0.8 0.1 - 5.4
Impairment of trade receivables 0.2 - 0.2 - 0.4
YEAR ENDED 30 JUNE 2011 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
56
Notes to the  nancial  atements
1 SEGMENTAL REPORTING (continued)
Business Business 
Publishing Information Exhibitions Unallocated Group
£m £m £m £m £m
Continuing operations
Revenue 39.7 5.4 14.8 - 59.9
Adjusted EBITDA 2.4 2.0 2.2 - 6.6
Depreciation of property, plant and equipment (0.6) (0.1) (0.2) - (0.9)
Amortisation of software (1.1) (0.7) (0.1) - (1.9)
Amortisation of acquired intangibles (0.8) - (0.3) - (1.1)
Share based payments - - - 0.3 0.3
Exceptional cost (0.3) - - - (0.3)
Segment result (0.4) 1.2 1.6 0.3 2.7
Finance expense - - - (0.1) (0.1)
(Loss)/profit before income tax (0.4) 1.2 1.6 0.2 2.6
Income tax - - - (0.6) (0.6)
Loss/(profit) for the year from continuing operations (0.4) 1.2 1.6 (0.4) 2.0
(Loss)/profit for the year attributable to owners of the parent (0.4) 1.2 1.6 (0.4) 2.0
Segment assets 123.2 12.1 38.3 - 173.6
Corporate assets - - - 1.6 1.6
Consolidated total assets 123.2 12.1 38.3 1.6 175.2
Segment liabilities 9.5 3.2 4.4 - 17.1
Corporate liabilities - - - 1.6 1.6
Consolidated total liabilities 9.5 3.2 4.4 1.6 18.7
Other items:
Capital expenditure 3.1 1.1 0.2 - 4.4
Impairment of trade receivables 0.2 - 0.1 - 0.3
YEAR ENDED 30 JUNE 2010 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
57
Notes to the  nancial  atements
2 EXCEPTIONAL COSTS
3 FINANCE COSTS
£m £m
Reorganisation costs
Redundancies 3.0 -
Accelerated amortisation of software 0.1 -
Post closure costs 0.3 -
3.4 -
Acquisition related costs 0.3 0.1
Onerous lease provision (0.1) 0.2
Poland Street lease 
Compensation receivable (1.5) -
Move related costs 0.8 -
Accelerated depreciation on leasehold improvements 0.5 -
(0.2) -
Total 3.4 0.3
2010 201 1
£m £m
Interest payable on revolving credit facility (0.1) (0.1)
Finance lease interest (0.1) -
Finance expense (0.2) (0.1)
2010 201 1
During FY11 the company announced a restructuring of its business
into three divisions: Business Publishing, Business Information and
Exhibitions. This resulted in redundancy costs of £2.5m, the
impairment of software of £0.1m and post closure costs on
discontinued products of £0.3m. Other redundancy costs from
reorganisations reported in H1 FY11 resulted in a further £0.5m of
exceptional cost. 
In April 2011, the entire share capital of The Forum for Expatriate
Management Limited (“FEM”) was acquired by Centaur
Communications Limited. The related professional fees and stamp
duty have been treated as exceptional costs and are included in
acquisition related costs, together with the final adjustment of
deferred consideration for Taxbriefs Holdings Limited (“Taxbriefs”)
which was acquired in FY10. 
Acquisition related costs for FY10 comprise professional fees and
stamp duty in relation to the acquisition of Taxbriefs. Following the
acquisition of Taxbriefs in FY10, a decision was made to relocate
the business to Centaur’s offices, resulting in an exceptional charge
of £0.2m for the remaining costs for the lease. The premises have
since been sub-let resulting in an exceptional credit in FY11 of £0.1m.
The lease on one of the Group’s central London premises expires
in September 2011 and an extension has been negotiated while the
Group searches for new premises.  Statutory compensation of
£1.5m will be received when the extended lease ends and this
amount has been recognised in full in FY11. Leasehold
improvements specific to these premises totalling £0.5m have been
written off in this financial year and unavoidable costs in relation to
the move of £0.8m have been recognised. Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
58
Notes to the  nancial  atements
4 PROFIT BEFORE INCOME TAX
£m £m
Employee benefit expense (note 5) 31.3 27.4
Exceptional cost (note 2) 3.4 0.3
Inventories
- Cost of inventories recognised as an expense (included in cost of sales) 9.8 9.3
Depreciation of owned property, plant and equipment (note 10) 0.9 0.9
Amortisation of intangibles (included in administrative expenses) (note 9) 3.3 3.0
Impairment of goodwill and intangibles (included in administrative expenses) (note 8) 32.2 -
Operating lease rentals 
- Minimum lease payments 2.7 2.7
- Subleases (0.5) (0.5)
Repairs and maintenance expenditure on property, plant and equipment 0.1 0.1
Trade receivables impairment 0.4 0.3
Services provided by the Group’s auditor
£’000 £’000
Audit fees:
Fees payable to Company's auditor for the audit of parent Company and 
consolidated financial statements 30 30
Fees payable to the Company’s auditor and its associates for other
services:
- The audit of the Company’s subsidiaries pursuant to legislation 75 75
- Other services pursuant to legislation 21 24
- Services relating to remuneration 40 50
- All other services 6 2
172 181
2010 201 1
2010 201 1
Profit before income tax is stated after charging/(crediting): Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
59
Notes to the  nancial  atements
5 DIRECTORS AND EMPLOYEES 
Group Group Company Company
£m £m £m £m
Wages and salaries 27.4 24.3 1.2 1.2
Social security costs 3.1 2.8 0.1 0.1
Other pension costs (note 29) 0.6 0.6 0.1 0.1
Equity settled share-based payments (note 23) 0.2 (0.3) 0.1 (0.2)
31.3 27.4 1.5 1.2
Included above are exceptional redundancy costs of £3.0m in 2011 
(see note 2). 
The average monthly number of persons employed during the year,
including Directors, was:
Group Group
Number Number
Editorial 158 152
Production 29 39
Sales 123 126
Product management and support 164 158
Central services 148 153
622 628
All employees are based in the UK. 
Key management compensation £m £m
Salaries and short term employee benefits 3.2 2.9
Termination benefits 0.7 -
Other pension costs 0.2 0.2
Share based payments 0.1 -
4.2 3.1
2010 201 1
2010 201 1
2010 201 1 2010 201 1
The key management figures include Directors, members of the 
Centaur Publishing Board and all other employees who were deemed 
to have authority and responsibility for planning, directing and
controlling activities of Centaur and its subsidiaries during the year.
Details of Directors’ remuneration are included in the Directors’ 
Report on Remuneration on page 39. Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
60
Notes to the  nancial  atements
6 TAXATION
(a) Analysis of charge in year £m £m
Current tax
- Current year (0.5) 0.8
- Adjustment in respect of prior year (0.1) -
(0.6) 0.8
Deferred tax (note 21)
- Origination and reversal of temporary differences (0.2) (0.2)
- Adjustment in respect of prior year 0.1 -
(0.1) (0.2)
Taxation (0.7) 0.6
(b) Factors affecting tax charge for the year
The tax credit for the year is lower than the standard rate of corporation 
tax in the UK (27.75% - 2010 28%).  The differences are explained below:
£m £m
(Loss)/profit before tax (30.3) 2.6
(Loss)/profit before tax multiplied by standard rate of corporation tax in the UK of 27.75% (FY10: 28.0%) (8.4) 0.7
Effects of:
Expenses not deductible for tax purposes 0.2 -
Non-taxable lease compensation (0.4) -
Goodwill and intangibles impairment not deductible 7.8 -
Deferred tax charge/(credit) on share based payments taken to the statement of comprehensive income 0.1 (0.1)
Total taxation (0.7) 0.6
2010 201 1
2010 201 1
The Finance (No 2) Act 2010 included legislation to reduce the
main rate of corporation tax from 28% to 26% from 1 April 2011.  
In addition, a number of further changes to the UK Corporation tax
system were announced in the March 2011 UK Budget Statement.
Legislation to reduce the main rate of corporation tax from 26% to
25% from 1 April 2012 is expected to be included in the Finance
Act 2011. Further reductions to the main rate are proposed to
reduce the rate by 1% per annum to 23% by 1 April 2014. These
further changes had not been substantively enacted at the balance
sheet date and, therefore, are not included in these financial
statements.
There will be no material effect on the deferred tax liability or the
tax charge/(credit) resulting from the changes to be enacted in the
Finance Act 2011.  Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
61
Notes to the  nancial  atements
7 (LOSS)/EARNINGS PER SHARE
Basic (loss)/earnings per share ((LPS)/EPS) is calculated by dividing
the earnings attributable to ordinary shareholders by the weighted
average number of shares in issue during the year. 1,476,500
(2010: 725,000) shares held in the employee benefit trust and
9,309,102 (2010: 9,321,687) shares held in treasury have been
excluded in arriving at the weighted average number of shares. 
For diluted earnings per share the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all dilutive
potential ordinary shares.  This comprises share options (including
those granted under the Sharesave plan) granted to Directors and
employees where the exercise price is less than the average market
price of the Company’s ordinary shares during the year. 
An alternative measure of adjusted earnings per share has been
provided as the Directors believe that this measure is more reflective
of the ongoing trading of the Group.
Loss Weighted Earnings Weighted
attributable average attributable average
to owners number Amount to owners number Amount
of the parent of shares per share of the parent of shares per share
£m millions Pence £m millions Pence
Basic (LPS)/EPS (29.6) 139.9 (21.2) 2.0 140.2 1.4
Effect of dilutive securities
Options --- - 1.9 -
Diluted basic (LPS)/EPS (29.6) 139.9 (21.2) 2.0 142.1 1.4
Adjusted EPS
(Loss)/earnings attributable to owners of the parent (29.6) 139.9 (21.2) 2.0 140.2 1.4
Amortisation of acquired intangibles 
(excluding software) (note 9) 1.2 0.9 1.1 0.8
Impairment of goodwill and intangible assets (note 8) 32.2 23.0--
Exceptional cost (note 2) 3.4 2.4 0.3 0.2
Tax effect of above adjustments (2.4) (1.7) (0.3) (0.2)
Adjusted EPS 4.8 139.9 3.4 3.1 140.2 2.2
Effect of dilutive securities
Options -2.5 - - 1.9 -
Diluted adjusted EPS 4.8 142.4 3.4 3.1 142.1 2.2
201 1 2010 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
62
Notes to the  nancial  atements
8 GOODWILL
Total £m
Cost
At 1 July 2010 140.7
Additions 1.3
At 30 June 2011 142.0
Impairment
At 1 July 2010 -
Charge 25.9
At 30 June 2011 25.9
Net book amount 
At 30 June 2011 116.1
At 30 June 2010 140.7
Total £m
Cost
At 1 July 2009 140.3
Additions 0.4
At 30 June 2010 140.7
Net book amount 
At 30 June 2010 140.7
At 30 June 2009 140.3
The majority of the Group’s goodwill arose from the acquisition of the Centaur Communications Group in 2004.
Goodwill by segment
Each brand, comprising individual magazines, digital titles and events, is deemed to be a Cash Generating Unit (CGU), being
the lowest level for which cash flows are separately identifiable. Goodwill is attributed to individual CGUs but is reviewed at
the segment level for the purposes of the annual impairment review as this is the level that management monitor goodwill. 
The following table shows the allocation of goodwill to segments at 30 June 2011:
Business Exhibitions Business Total
Publishing Information
Goodwill £m £m £m £m
At 30 June 2010 (restated) 100.9 31.2 8.6 140.7
Additions 1.3 - - 1.3
Impairment (20.0)(5.9)- (25.9)
At 30 June 2011 82.2 25.3 8.6 116.1
201 0
201 1 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
63
Notes to the  nancial  atements
8 GOODWILL (continued)
Impairment testing of goodwill and acquired intangible assets
During the year goodwill and acquired intangible assets were tested
for impairment in accordance with IAS 36. In assessing whether a
write-down of goodwill and acquired intangible assets is required,
the carrying value of the segment is compared with its recoverable
amount.  As a result of the restructuring of the business in FY11,
goodwill was reviewed for impairment for each individual CGU as
well as at the segment level. 
For assets that are in the process of disposal the recoverable
amount has been measured based on the higher of value-in-use and
fair value less costs to sell. Fair value has been calculated based on
expected proceeds. For all other assets the recoverable amount has
been measured based on value-in-use. 
The Group estimates the value-in-use of its CGUs using a discounted
cash flow model, which adjusts the cash flows for risks associated with
the assets and discounts these using a pre-tax rate of 12.7% (FY10:
11.5%). The discount rate used is consistent with the Group’s
weighted average cost of capital and is used across all segments.
The key assumptions used in calculating value-in-use are revenue
growth, adjusted EBITDA, discount rate and the terminal growth rate.
The Group has used formally approved forecasts for the first five
years of the value-in-use calculation, and applied a terminal growth
rate of 2.25% (FY10: 3.00%). This timescale and the terminal
growth rate are both considered appropriate given the cyclical
nature of Group revenues. 
The assumptions used in the calculations of value-in-use for each
segment have been derived from past experience.
As a result of the impairment review, an impairment charge of
£32.2m has been charged as follows:
The impairment charge relates to CGUs that have been closed or will
be disposed of as well as to those CGUs where the carrying value
exceeds the value-in-use. 
For any of the assets associated with the impaired CGUs, the
forecasts are sensitive to any change in the assumptions.  For the
remaining assets, the forecasts are sensitive to changes in the
forecast growth rates and the discount factor applied.  However,
forecast revenue would need to reduce by 13% or the discount
factor would have to increase by 3% in order to trigger a suggested
impairment in any segment.
Business Exhibitions Business Total
Publishing Information
Goodwill £m £m £m £m
Impairment of goodwill 20.0 5.9 - 25.9
Impairment of acquired intangibles (note 9) 4.7 1.6 - 6.3
Total 24.7 7.5 - 32.2 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
64
Notes to the  nancial  atements
9 OTHER INTANGIBLE ASSETS
Brands and
Computer publishing Customer Websites Non-compete
software rights relationships and content arrangements Total
Cost £m £m £m £m £m £m
At 1 July 2010 11.2 10.1 4.1 0.4 0.5 26.3
Additions - business combinations - 1.6 0.5 - - 2.1
Additions - separately acquired 1.1 ---- 1.1
Additions  -  internally generated 0.7 ---- 0.7
Transfer to disposal group (note 16) - (1.8) (0.4) - - (2.2)
At 30 June 2011 13.0 9.9 4.2 0.4 0.5 28.0
Accumulated amortisation
At 1 July 2010 5.9 2.0 1.5 0.4 0.3 10.1
Charge for the year 2.1 0.5 0.6 - 0.1 3.3
Accelerated amortisation (note 2) 0.1 ---- 0.1
Impairment charge (note 8) - 4.7 1.5 - 0.1 6.3
Transfer to disposal group (note 16) (1.2) (0.4) - - (1.6)
At 30 June 2011 8.1 6.0 3.2 0.4 0.5 18.2
Net book amount 
At 30 June 2010 5.3 8.1 2.6 - 0.2 16.2
At 30 June 2011 4.9 3.9 1.0 - - 9.8
201 1 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
65
Notes to the  nancial  atements
9 OTHER INTANGIBLE ASSETS (continued)
Brands and
Computer publishing Customer Websites Non-compete
software rights relationships and content arrangements Total
Cost £m £m £m £m £m £m
At 1 July 2009 16.5 9.3 3.7 0.4 0.5 30.4
Additions - business combinations - 0.8 0.4 - - 1.2
Additions – separately acquired 0.9 ---- 0.9
Additions  -  internally generated 1.0 ---- 1.0
Disposals (7.2) ---- (7.2)
At 30 June 2010 11.2 10.1 4.1 0.4 0.5 26.3
Accumulated amortisation
At 1 July 2009 11.2 1.4 1.2 0.3 0.2 14.3
Charge for the year 1.9 0.6 0.3 0.1 0.1 3.0
Disposals (7.2) ---- (7.2)
At 30 June 2010 5.9 2.0 1.5 0.4 0.3 10.1
Net book amount 
At 30 June 2009 5.3 7.9 2.5 0.1 0.3 16.1
At 30 June 2010 5.3 8.1 2.6 - 0.2 16.2
201 0
Computer software capitalised in FY11 and FY10 principally relates
to the development of software used in websites and digital
products, and also to the development of new products in the
Business Information segment. The addition to brands and
publishing rights and customer relationships in 2011 relates to the
FEM Business which was purchased in April 2011 (see note 26),
and in FY10 related to the Taxbriefs business which was purchased
in May 2010. Amortisation charges and impairment charge in FY11
and FY10 have been charged to administrative expenses.  Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
66
Notes to the  nancial  atements
10 PROPERTY, PLANT AND EQUIPMENT
Leasehold Fixtures Computer
Improvements and Fittings Equipment Total
Cost £m £m £m £m
As at 1 July 2010 3.5 3.0 1.7 8.2
Additions - - 0.1 0.1
At 30 June 2011 3.5 3.0 1.8 8.3
Accumulated depreciation
As at 1 July 2010 1.5 1.6 1.3 4.4
Charge for the year 0.4 0.3 0.2 0.9
Accelerated depreciation (note 2) 0.5 - - 0.5
At 30 June 2011 2.4 1.9 1.5 5.8
Net book amount
At 30 June 2010 2.0 1.4 0.4 3.8
At 30 June 2011 1.1 1.1 0.3 2.5
Leasehold Fixtures Computer
Improvements and Fittings Equipment Total
Cost £m £m £m £m
As at 1 July 2009 3.5 2.4 2.9 8.8
Additions 0.1 0.9 0.1 1.1
Disposals (0.1) (0.3) (1.3) (1.7)
At 30 June 2010 3.5 3.0 1.7 8.2
Accumulated depreciation
As at 1 July 2009 1.2 1.7 2.3 5.2
Charge for the year 0.4 0.2 0.3 0.9
Disposals (0.1) (0.3) (1.3) (1.7)
At 30 June 2010 1.5 1.6 1.3 4.4
Net book amount
At 30 June 2009 2.3 0.7 0.6 3.6
At 30 June 2010 2.0 1.4 0.4 3.8
201 0
201 1
Included in property, plant and equipment are assets purchased
under finance leases with a cost of £0.8m (FY10 £0.8m)
accumulated depreciation of £0.2m (FY10 £nil) and net book value
of £0.6m (FY10: £0.8m). Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
67
Notes to the  nancial  atements
11 INVESTMENTS
Investments
in subsidiary
undertakings
Company £m
At 1 July 2010 146.0
Additions 0.2
At 30 June 2011 146.2
Class of Proportion Principal
share capital held activities
Name %
Centaur Communications Limited
1
Ordinary 100.00 Holding company and agency services
Centaur Consumer Exhibitions Limited Ordinary 100.00 Exhibitions 
Chiron Communications Limited Ordinary 100.00 Magazine publishing
Ascent Publishing Limited Ordinary 100.00 Magazine publishing
Perfect Information Limited Ordinary 96.691 Financial information services
Pro-Talk Limited Ordinary 100.00 Digital publisher
Taxbriefs Holdings Limited Ordinary 100.00 Holding company
Taxbriefs Limited Ordinary 100.00 Technical publishing
The Forum for Expatriate Management Limited Ordinary 100.00 Events and information
The Forum for Expatriate Management Inc Ordinary 100.00 Events and information
(incorporated in US)
The increase in investments in subsidiaries of £0.2m represents the
expense in relation to share options granted to employees of
subsidiary companies.
The following table shows the principal trading subsidiary
undertakings as at 30 June 2011 
1 Directly owned by Centaur Media plc.
All the above subsidiary undertakings are incorporated in England
and Wales except where noted.  The consolidated financial
statements incorporate the financial statements of all entities
controlled by the Company at 30 June each year. 
No non-controlling interest has been recognised by the Group in
relation to Perfect Information Limited as the company had net
liabilities at 30 June 2011 and 30 June 2010.  Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
68
Notes to the  nancial  atements
12 INVENTORIES
Group Group
£m £m
Work in progress 1.3 1.2
1.3 1.2
2010 201 1
In the Directors’ view there is no difference between the book value
and the replacement cost of inventories.
13 TRADE AND OTHER RECEIVABLES
Receivables from subsidiaries are unsecured, have no fixed date of
repayment, and bear interest at an annual rate of 2.11% (2010: 2.11%).
The fair value of trade receivables is equal to the carrying value. 
The ageing of trade receivables at 30 June 2011, according to their
original due date, is detailed below
Group Group Company Company
£m £m £m £m
Amounts falling due within one year:
Trade receivables 9.6 6.8 - -
Less: provision for impairment of receivables (0.4) (0.3) - -
Trade receivables – net 9.2 6.5 - -
Receivables from subsidiaries - - 1.5 2.3
Other receivables 1.8 1.2 0.3 0.4
Prepayments and accrued income 3.7 4.0 - 0.1
14.7 11.7 1.8 2.8
2010 201 1 2010 201 1
£m £m £m £m
Gross Provision Gross Provision
Relating to future revenues 2.9 - 1.6 -
Current 5.7 (0.2) 3.7 -
31-60 days 0.7 - 1.0 (0.1)
61-90 days 0.1 - 0.2 -
Over 90 days 0.2 (0.2) 0.3 (0.2)
9.6 (0.4) 6.8 (0.3)
2010 201 1 2010 201 1
The amount relating to future revenues forms part of deferred income in note 18. Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
69
Notes to the  nancial  atements
14 CASH AND CASH EQUIVALENTS
Group Group
£m £m
Balance at start of year 0.3 0.6
Utilised (0.3) (0.6)
Additional provision charged to the statement of comprehensive income 0.4 0.3
Balance at end of year 0.4 0.3
2010 201 1
13 TRADE AND OTHER RECEIVABLES (continued)
The Group’s policy requires customers to pay in accordance with
agreed payment terms, which are generally 30 days from the date of
invoice, or in the case of event-related revenue, 30 days before the
event.  All credit and recovery risk associated with trade receivables
has been provided for in the balance sheet. Impairment losses are
taken through administrative expenses in the statement of
comprehensive income. 
Group Group Company Company
£m £m £m £m
Cash at bank and in hand 2.0 1.1 - -
2010 201 1 2010 201 1
The movement in the provision for impairment of receivables is detailed below Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
70
Notes to the  nancial  atements
15 DISPOSAL GROUP HELD FOR SALE
£m
Assets
Brands and publishing rights 0.6
Assets classified as held for resale 0.6
2011
During the year, the Directors began negotiations for the sale of the
Logistics and Supply Chain portfolio of products (the “Logistics
business”), which is reported as part of the Business Publishing
segment. As at 30 June 2011 final negotiations for the sale were in
progress and were expected to be completed during September 2011,
and therefore the activity has been classified as a disposal group held
for sale. An impairment charge of £0.8m has been taken in respect of
these assets. The business was disposed of on 12 September 2011
and details of this are included in note 32 to the financial statements.
The assets of the Logistics Business are as follows:
16 FINANCIAL LIABILITIES
Group Group Company Company
£m £m £m £m
Current liabilities
Finance lease payables 0.2 0.1 - -
Bank overdraft - - 3.6 3.2
0.2 0.1 3.6 3.2
Non-current liabilities
Finance lease payables 0.5 0.6 - -
0.5 0.6 - -
2010 201 1 2010 201 1 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
71
Notes to the  nancial  atements
£m £m
Gross finance lease liabilities – minimum lease payments
No later than 1 year 0.3 0.2
Later than 1 year and no later than 5 years 0.5 0.7
0.8 0.9
Future finance charges on finance leases (0.1) (0.2)
Present value of finance lease liabilities 0.7 0.7
2011 2010
£m £m
No later than 1 year 0.2 0.1
Later than 1 year and no later than 5 years 0.5 0.6
Present value of finance lease liabilities 0.7 0.7
2011 2010
Finance lease payables
Lease liabilities are effectively secured as the rights to the leased asset
revert to the lessor in the event of default.
The present value of finance lease liabilities is as follows:
The finance lease relates to office equipment purchased in FY10.
16 FINANCIAL LIABILITIES (continued) Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
72
Notes to the  nancial  atements
17 TRADE AND OTHER PAYABLES 
18 DEFERRED INCOME  
Group Group Company Company
£m £m £m £m
Trade payables 2.4 2.4 - -
Payables to subsidiaries - - 3.0 0.1
Social security and other taxes 2.9 2.7 0.1 0.1
Other payables 0.1 0.1 - -
Accruals 6.8 3.6 0.3 0.3
12.2 8.8 3.4 0.5
2010 201 1 2010 201 1
Group Group 
£m £m 
Deferred income 9.4 7.1
2010 201 1
19 CURRENT TAX LIABILITIES
Group Group 
£m £m 
Corporation Tax - 0.5
2010 201 1
Payables to subsidiaries are unsecured, have no fixed date of
repayment, and bear interest at an annual rate of 2.11% (2010:
2.11%). Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
73
Notes to the  nancial  atements
20 PROVISIONS
21 DEFERRED INCOME TAX
Deferred Onerous
consideration lease Total
Group £m £m £m 
At 1 July 2010 0.2 0.3 0.5
Paid during the year (0.2) - (0.2)
Charged/(credited) to statement of comprehensive income during the year 0.1 (0.1) -
Utilised during the year - (0.2) (0.2)
Arising on acquisition (note 26) 1.1 - 1.1
At 30 June 2011 1.2 - 1.2
Current 0.3 - 0.3
Non-current 0.9 - 0.9
1.2 - 1.2
Group Group 
£m £m 
Net liability at 1 July (0.6) (0.8)
Recognised in the statement of comprehensive income 0.1 0.2
Net liability at 30 June (0.5) (0.6)
2010 201 1
The movement on the deferred income tax account is shown below:
The deferred consideration provision of £1.1m arising during FY11
is in connection with the acquisition of the entire share capital of
FEM (see note 26) by Centaur Communications Limited.  The
maximum amount payable is £6.8m, of which £2.5m was paid on
completion, £0.3m was paid in July 2011 and a final payment of up
to £4.0m is payable in FY13 and FY14. The final payment is
dependant on the profits generated by FEM in FY13 and the amount
provided of £0.8m represents the Directors’ best estimate of the
amount to be paid.
Deferred consideration from FY10 related to Taxbriefs and was
settled during FY11. A further £0.1m has been provided during
FY11 and is payable in FY13. 
The onerous lease provision related to the empty premises
acquired with the Taxbriefs business which have since been sub-let. 
Deferred tax assets have been recognised in respect of all tax losses
and other temporary differences giving rise to deferred tax assets
where it is probable that these assets will be recovered.  
The movements in deferred tax assets and liabilities during the
year (prior to the offsetting of balances within the same jurisdiction
as permitted by IAS 12) are shown below. Deferred tax assets and
liabilities are only offset where there is a legally enforceable right of
offset and there is an intention to settle the balances net. Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
74
Notes to the  nancial  atements
21 DEFERRED INCOME TAX (continued)
Other
temporary 
differences
Deferred income tax liabilities £m 
At 1 July 2010 and 30 June 2011 1.1
Accelerated Other
capitaltemporary Group
allowances differences Total
Deferred income tax assets £m £m £m
At 1 July 2010 0.4 0.1 0.5
Recognised in statement of comprehensive income 0.1 - 0.1
At 30 June 2011 0.5 0.1 0.6
Net deferred income tax liability
At 30 June 2011 (0.5)
At 30 June 2010 (0.6)
Less than one year 0.6
Greater than one year (1.1)
Total (0.5) Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
75
Notes to the  nancial  atements
22 SHARE CAPITAL
Group and Group and 
company company
£m £m
Authorised: 
200,000,000 (2010: 200,000,000) ordinary shares of 10p each 20.0 20.0
Issued and fully paid: 
Ordinary shares of 10p each
Shares at 1 July 2010: 150,207,960 (1 July 2009: 150,207,960) 15.0 15.0
As at 30 June 2011: 150,207,960 shares (30 June 2010: 150,207,960) 15.0 15.0
2010 201 1
Number of Number of
potential potential
issues of issues of
Year of grant Plan (pence) Exercise period shares shares
30 June 2004 Rollover options 41.67 10 March 2005 to 9 March 2014 172,777 172,777
30 June 2004 Rollover options 57.87 10 March 2005 to 9 March 2014 103,415 130,158
30 June 2004 Share Option plan 100.00 10 March 2007 to 9 March 2014 805,010 1,692,418
30 June 2005 Share Option plan 88.50 29 September 2007 to 29 September 2014 100,000 1,120,000
30 June 2008 Sharesave plan 64.70 1 June 2011 to 1 December 2011 5,810 101,398
30 June 2008 Sharesave plan 64.70 1 June 2013 to 1 December 2013 55,835 70,926
30 June 2009 Share Option plan 51.75 29 September 2012 to 29 October 2018 3,190,000 3,190,000
30 June 2009 Sharesave plan 20.92 1 July 2012 to 1 January 2013 1,788,154 2,004,913
30 June 2009 Sharesave plan 20.92 1 July 2014 to 1 January 2015 1,258,268 1,333,076
30 June 2010 Sharesave plan 41.24 1 July 2013 to 1 January 2014 204,202 242,490
30 June 2010 Sharesave plan 41.24 1 July 2015 to 1 January 2016 33,933 33,933
7,717,404 10,092,089
2010 201 1
Potential issues of ordinary shares
Certain senior executives hold options to subscribe for shares in the
Company at prices ranging from 41.67p to 100.00p under the
Share Option plan and the Rollover plan. No options were exercised
during FY11 or FY10. The majority of the 2004 options were
cancelled during FY11 and Retention Plan options were issued  -
refer to note 23 for more details.
A Sharesave plan was launched during FY08 and options have
been granted under this plan in each subsequent financial year as
detailed in note 23.
The number of shares subject to options, the periods in which
they were granted and the periods in which they may be exercised
are given below.  
The Retention Plan as referred to in Note 23 will not result in the
issue of any ordinary shares as this plan is not approved by
shareholders. The awards will be settled from the shares held in the
Employee Benefit Trust.   Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
76
Notes to the  nancial  atements
23 SHARE BASED PAYMENTS
The Group had six share-based payment arrangements during the
year. The Share Incentive Plan does not result in a share based
payment charge.  Details of this plan are given on page 36 and 37.
Share option plan
Share options were granted to members of senior management on 9
March 2004 and 29 September 2004. Options became exercisable
on the third anniversary of the date of grant, having met corporate
performance targets based on Earnings before taxation and
amortisation (EBTA), which were common to all Executive Directors
and senior management.  Further options were granted on 29
October 2008.  The options will vest following the announcement of
results for the year ended 30 June 2012, subject to the achievement
of adjusted earnings per share (adjusted EPS) targets which are
common to all Executive Directors and senior management.
Exercise of an option is subject to continued employment. The
maximum term of an option is 10 years from grant date.  The
options are equity settled over the ordinary shares of 10p in Centaur
Media plc.
The Rollover plan 
Centaur Media plc Executive Directors and certain senior employees
elected to rollover existing (“old”) Centaur Communications Limited
share options into new “rollover” share options in Centaur Media plc.
The options were exchanged for options each at various exercise
prices in Centaur Media plc. Rollover options were able to be
exercised from 10 March 2005.  Exercise of an option is subject to
continued employment. The maximum term of an option is 10 years
from grant date. The options are equity-settled over the ordinary
shares of 10p in Centaur Media plc.
The Retention Plan
On 15 September 2010 the Remuneration Committee and Board of
Directors adopted the rules of the "The Centaur Media plc 2010
Retention Plan" (the "Plan").  The main impact of the adoption of the
Plan was the cancellation, with the agreement of option holders, of
outstanding vested share options granted on 9 March 2004 and 29
September 2004 under the Centaur Media plc Share Option Plan
and their replacement with a lower number of forfeitable nil-priced
options ("Retention Awards"), granted on the basis of 1 Retention
forfeitable nil-cost option for every 3 existing vested options
surrendered. The Retention Awards will vest 50% on the second
anniversary of the date of grant and the balance on the third
anniversary. There are no performance conditions other than
continuing employment.
On 15 December 2010, 1,934,151 options previously granted
under the Share Option plan were cancelled and 644,727 Retention
Plan awards were granted.  The Retention Plan has been accounted
for as a modification to the cancelled options, whereby a fair
valuation was performed for both the existing options and the
Retention awards as at the date of grant, and the difference will be
accounted for over the remaining vesting period. 
At 30 June 2011, the following options were outstanding over the
shares of Centaur Media plc in the above plans:
Contractual Contractual
Exercise price remaining life remaining life
Plan (pence) Number (years) Number years
Rollover plan 41.67 172,777 2.70 172,777 3.70
Rollover plan 57.87 103,415 2.70 130,158 3.70
Share Option plan 100.00 805,010 2.70 1,692,418 3.70
Share Option plan 88.50 100,000 3.25 1,120,000 4.25
Share Option plan 51.75 3,190,000 7.34 3,190,000 8.34
Retention Plan - 644,727 2.96 --
5,015,929 5.69 6,305,353 6.17
2010 201 1 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
77
Notes to the  nancial  atements
23 SHARE BASED PAYMENTS (continued)
Weighted average Weighted average
exercise price exercise price 
Number (pence) Number (pence)
Outstanding at 1 July 6,305,353 71.08 6,724,380 72.78
Granted during the year 644,727 - --
Forfeited during the year (1,934,151) (93.35) (419,027) (98.35)
Outstanding at 30 June 5,015,929 53.35 6,305,353 71.08
Exercisable at 30 June 1,181,202 86.81 3,115,353 90.87
2010 201 1
Contractual Contractual
remaining life remaining life
Plan Number (years) Number years
2008 3 year plan 5,810 0.42 101,398 1.42
2008 5 year plan 55,835 2.42 70,926 3.42
2009 3 year plan 1,788,154 1.50 2,004,913 2.50
2009 5 year plan 1,258,268 3.50 1,333,076 4.50
2010 3 year plan 204,202 2.50 242,490 3.50
2010 5 year plan 33,933 4.50 33,933 5.50
Total 3,346,202 2.36 3,786,736 3.30
2010 201 1
The movements in the year for the above plans over the shares of 
Centaur Media plc can be analysed as follows:
Sharesave plan
The Company introduced a Sharesave plan in FY08 (the 'SAYE
Scheme'). The SAYE Scheme is an HMRC approved all-employee
plan and is open to all employees who have been employed by the
Group for more than 12 months.  Employees may invest up to
£3,000 per annum for a period of either 3 or 5 years, after which
they may exercise SAYE options within 6 months of the anniversary
date of the contract commencement date.  
There were no grants made during FY11.  The following
Sharesave plan awards were outstanding at 30 June 2011: Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
78
Notes to the  nancial  atements
23 SHARE BASED PAYMENTS (continued)
The movements in the year for the Sharesave plan over the shares
of Centaur Media plc can be analysed as follows:
The weighted average share price at the date of exercise was
47.25p, (FY10: 53.50p)
Weighted average Weighted average
exercise price exercise price 
Number (pence) Number (pence)
Outstanding at 1 July 3,786,736 24.40 3,784,914 24.34
Exercised during the year (12,585) (21.12) (4,780) (20.92)
Granted during the year -- 276,423 41.24
Forfeited during the year (427,949) (34.05) (269,821) (40.89)
Outstanding at 30 June 3,346,202 23.17 3,786,736 24.40
Exercisable at 30 June 5,810 64.70 --
2010 201 1
Senior Executive Long-Term Incentive Plan (“SELTIP”)
The Centaur Media Plc 2010 Senior Executive Long-Term Incentive
Plan (the “SELTIP”) was approved by shareholders at a General
Meeting of the Company on 18 August 2010. The key features of
the SELTIP are as follows:
 At the beginning of the Plan Period of three financial years,
participants receive an Award of Bonus Units. There is a maximum
contribution of 100% of salary p.a. that can be attributed to the
value of a Participant’s Award of Bonus Units in respect of any
financial year. These Bonus Units will only have value if the
Company makes a SELTIP Contribution to the Bonus Pool.
 Performance will be measured at three Measurement Dates (at
the end of each financial year). At each Measurement Date up to
30% of the growth in PBTA above a threshold level will be
converted into restricted shares to create the Bonus Pool. The
Remuneration Committee will set the Threshold Profit at the
beginning of each financial year.  
At the end of the three year Plan Period 50% of the award of Bonus
Units is capable of vesting with the balance of the Bonus Units
capable of vesting 12 months later subject to the following
conditions:
 The vesting of all Bonus Units shall be subject to the
Participant’s continued employment at the relevant dates; and
 50% of the Bonus Units subject to Awards to Executive
Directors will only be capable of vesting on the above dates
based on the Company’s comparative total shareholder return
(“TSR”) compared to the constituents of the FTSE Small Cap
Index measured over the three year Plan Period.
The first award of bonus units under the SELTIP was made during
FY11. For the FY11 SELTIP contribution, the Remuneration
Committee set the threshold at £4.0m (the actual PBTA achieved for
2010) and the SELTIP contribution level was set at 20% of growth
in PBTA.  The total SELTIP contribution to the bonus pool will be
£0.4m.  The grants of restricted shares will take place on 15
September 2011.   Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
79
Notes to the  nancial  atements
23 SHARE BASED PAYMENTS (continued)
24 DIVIDENDS
EstimatedShare ExpectedRisk free
Date of Valuation fair value at price at Exercise Expected dividend interest
grant model used grant date grant date price volatility growth rate
Plan Pence Pence Pence % % %
Share Option Plan 9.3.04 Stochastic 24.50 100.00 100.00 22.1% 1.5% 4.6%
Share Option Plan 29.9.04 Stochastic 21.40 88.50 88.50 22.1% 1.7% 4.8%
Share Option Plan 29.10.08 Stochastic 7.81 53.00 51.75 34.4% 8.12% 4.2%
2008 Sharesave (3 year plan) 24.4.08 Stochastic 16.67 72.00 64.70 32.3% 5.14% 4.54%
2008 Sharesave (5 year plan) 24.4.08 Stochastic 16.81 72.00 64.70 29.6% 5.14% 4.56%
2009 Sharesave (3 year plan) 30.4.09 Stochastic 13.61 37.30 20.92 54.2% 9.40% 2.03%
2009 Sharesave (5 year plan) 30.4.09 Stochastic 10.85 37.30 20.92 45.2% 9.40% 2.65%
2010 Sharesave (3 year plan) 23.4.10 Stochastic 20.77 50.50 41.24 57.7% 3.17% 2.02%
2010 Sharesave (5 year plan) 23.4.10 Stochastic 20.66 50.50 41.24 48.1% 3.17% 2.88%
Retention Plan(2 year) 15.12.10 Black-Scholes 66.68 70.00 - 58.1% 2.43% 1.15%
Retention Plan(3 year) 15.12.10 Black-Scholes 65.08 70.00 - 59.4% 2.43% 1.62%
For the Share Option plan 2004, the expected volatility is based on
historical volatility over a 20 month period from the date of listing to
November 2005.  For the Share Option plan 2008, the expected
volatility is based on historical volatility over a 54 month period from
the date of listing until October 2008. For the Sharesave plan and
the Retention Plan, expected volatility is based on historical volatility
for a period commensurate with the expected terms of the options
to the grant date. 
The risk-free rate of return is the yield on UK Gilts consistent with
the option life. 
For the SELTIP , as the restricted shares have not yet been granted,
the fair valuation has been estimated based on the latest available
information.  The resulting share-based payment expense is being
recognised from the start of the performance period (1 July 2010)
to the end of the vesting period.
The total charge for FY11 relating to employee share based
payment plans was £0.2m (FY10: £0.3m credit), all of which
related to equity-settled share based payment transactions.
A final dividend of 1.3p per share is proposed by the Directors, and
subject to shareholder approval at the Annual General Meeting, will
be paid on 9 December 2011.
£m £m
Equity dividends
Final dividend paid for FY10: 1.1p per 10p ordinary share (2010: 1.0p paid for FY09) 1.5 1.4
Interim paid for FY11: 0.7p per 10p ordinary share (2010: 0.6p paid for FY10) 1.0 0.8
2.5 2.2
2010 201 1
Valuations
The fair value per option granted and the assumptions used in the
calculation are as follows: Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
80
Notes to the  nancial  atements
25 NOTES TO THE CASH FLOW STATEMENT
a) Reconciliation of operating (loss)/profit for the year to net cash
inflow/(outflow) from operating activities:
Group Group Company Company
£m £m £m £m
Profit/(loss) for the year (29.6) 2.0 (1.8) (1.5)
Adjustments for:
Tax (0.7) 0.6 - -
Depreciation  0.9 0.9 - -
Amortisation of intangibles 3.3 3.0 - -
Impairment charge 32.2 - - -
Accelerated amortisation of software (included within exceptional costs) 0.1 - - -
Accelerated depreciation of property, plant and equipment 
(included within exceptional costs) 0.5 - - -
Finance cost 0.2 0.1 0.1 -
Share option charge/(credit) 0.2 (0.3) - (0.2)
Changes in working capital 
(excluding effects of acquisitions and disposals of subsidiaries)
(Increase)/decrease in inventories - (0.2) - -
(Increase)/decrease in trade and other receivables (2.5) (0.3) 1.0 0.2
Increase/(decrease) in trade and other payables 3.5 0.2 2.8 0.4
Increase in deferred income 1.5 0.4 - -
(Decrease)/increase in provisions (0.2) 0.2 - -
Cash generated from/(used in) operating activities 9.4 6.6 2.1 (1.1)
2010 201 1 2010 201 1 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
81
Notes to the  nancial  atements
25 NOTES TO THE CASH FLOW STATEMENT (continued)
b) The acquisition of FEM had the following impact on the assets,
liabilities and cash flows of the group:
In addition, £0.2m of deferred consideration was paid in relation to
the acquisition of Taxbriefs – refer to note 20.
£m  
Goodwill 1.3
Intangible fixed assets 2.1
Inventories 0.1
Trade and other receivables 0.4
Trade and other payables (0.1)
Deferred income (0.8)
Provisions (1.1)
1.9
Consideration paid 2.5
Cash and cash equivalents acquired with the business (0.6)
Net cash outflow 1.9 Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
82
Notes to the  nancial  atements
26 ACQUISITIONS
On 6 April 2011, Centaur Communications Limited acquired the
entire share capital of The Forum for Expatriate Management Limited
(“FEM”), an expatriate information and events business. FEM's
revenues are currently generated principally through sponsorship of
its events and subscriptions. The following table sets out, at the date
of acquisition, the carrying value and the provisional fair value of the
assets and liabilities acquired.   All intangible assets were recognised
at their respective fair values.  The residual excess over the net
assets acquired is recognised as goodwill in the financial statements.
Goodwill and assets have been allocated to Business Publishing as
this is the segment that is expected to benefit from the synergies of
the business combination.
Intangible fixed assets comprise £1.6m brand and £0.5m customer
lists. Goodwill is principally attributable to the workforce and
anticipated operating synergies.  
The maximum amount payable is £6.8m, of which £2.5m was
paid on completion, £0.3m was paid in July 2011 and a final
payment of up to £4.0m is payable in FY13 and FY14.  The final
payment is dependent on the profits generated by FEM in FY13. The
amount provided represents the Directors’ best estimate of the
amount to be paid.
From the dates of acquisition to 30 June 2011, the acquisition
contributed £0.5m to revenue, £0.2m to operating profit and £0.2m
to net profit. 
Carrying
values pre
acquisition Fair value
£m £m
Intangible fixed assets (excluding goodwill) - 2.1
Inventories 0.1 0.1
Trade and other receivables 0.4 0.4
Trade and other payables (0.1) (0.1)
Deferred income (0.8) (0.8)
Cash and cash equivalents 0.6 0.6
Net assets acquired 2.3
Goodwill 1.3
Consideration 3.6
Consideration satisfied by:
Cash 2.5
Deferred contingent consideration (note 20) 1.1
3.6
Pro forma
£m
Revenue 69.4
Loss before tax (30.2)
2011
The results of operations of the Group, as if the above acquisition
had been made as at the beginning of the year are as follows Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
83
Notes to the  nancial  atements
27 FINANCIAL INSTRUMENTS
The pro forma consolidated operating profits include adjustments to
give effect to amortisation of acquired intangible assets and certain
other adjustments.  This information is not necessarily indicative of
the results of operations that would have occurred had the purchase
been made at the beginning of the year presented or the future
results of the combined operations. 
The Group’s activities expose it to a variety of financial risks:
currency risk, interest rate risk, credit risk, liquidity risk and capital
risk.  The following note describes the role that financial instruments
have had during the year ended 30 June 2011 in the management
of the Group’s financial risks.
Currency risk
Substantially all the Group’s net assets are located and all revenue
and adjusted EBITDA is generated in the United Kingdom and
consequently foreign exchange risk is limited and the results of the
Group are not sensitive to movements in currency rates.  However
the Group does have Euro, Hong Kong $, US $ and UAE Dirham
denominated bank accounts to minimise any recognised losses
arising from currency fluctuations. 
Interest rate risk
At 30 June 2011 the Group has no overdrafts or short term or long
term borrowings and therefore also has only limited sensitivity to
movements in interest rates. The company has a bank overdraft
which is part of the group cash pooling arrangement.
Credit risk
Credit risk is managed on a group basis. Credit risk arises from cash
and cash equivalents, deposits with banks and financial institutions,
and credit exposures to customers including outstanding receivables
and committed transactions. For banks and financial institutions, only
independently rated parties with a minimum rating of 'A' are
accepted. For customers, the Group’s risk control assesses the credit
quality of the customer, taking into account its financial position, past
experience and other factors.
Liquidity risk
The day to day operations of the Group for the year have been
financed primarily by cash and at 30 June 2011 cash and cash
equivalents amounted to £2.0m (2010: £1.1m). 
Surplus working capital funds are placed daily on the London
money markets using variable maturity dates depending on future
cash requirements. Cash pooling arrangements have been made in
respect of all GB Sterling, Euro and US dollar bank accounts to
maximise the interest receivable on these surplus funds.
All trade and other payables mature within less than one year.
Credit facilities as described on page 84 are maintained to ensure all
payables can be settled on time.
Capital risk 
As the Group has no overdrafts or short term or long term
borrowings the Directors do not consider that there is any material
capital risk exposure. 
Fair values of non-derivative financial assets and liabilities 
The fair value is defined as the amount at which a financial
instrument could be exchanged in an arms length transaction
between informed and willing parties and is calculated by reference
to market rates discounted to current value. Where market rates are
not available fair values have been calculated by discounting cash
flows at prevailing interest rates.  
All financial assets have been classified as loans and receivables.
All financial liabilities have been classified as other financial liabilities.  Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
84
Notes to the  nancial  atements
27 FINANCIAL INSTRUMENTS (continued)
The fair value of financial instruments at 30 June 2011 and 2010 was:
The book value of primary financial instruments approximates to fair
value where the instrument is on a short maturity or where they bear
interest at rates approximate to market. 
Maturity of financial liabilities
The maturity profile of the Group’s financial liabilities at 30 June
2011 was as follows:  
All trade and other payables are due in one year or less, or on demand.
The maturity of other non-current liabilities is given in note 20.
Borrowing facilities
The undrawn facilities available at 30 June 2011 were as follows:  
Book value Fair value Book value Fair value
£m £m £m £m
Finance lease creditor (note 16) (0.7) (0.7) (0.7) (0.7)
Trade and other payables (note 17) (12.2) (12.2) (8.8) (8.8)
Trade and other receivables (note 13) 14.7 14.7 11.7 11.7
Other current liabilities (note 20) (0.3) (0.3) (0.3) (0.3)
Other non-current liabilities (note 20) (0.9) (0.9) (0.2) (0.2)
Cash and cash equivalents (note 14) 2.0 2.0 1.1 1.1
2010 201 1
£m £m
In one year or less or on demand (0.2) (0.1)
2 to 5 years (0.5) (0.6)
(0.7) (0.7)
2010 201 1
£m £m
Expiring later than one year and less than 5 years 5.0 4.8
2010 201 1
Primary financial instruments held or
issued to finance the Group’s operations Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
85
Notes to the  nancial  atements
28 OPERATING LEASE COMMITMENTS - MINIMUM LEASE PAYMENTS
29 PENSION SCHEMES
The Group contributes to individual and collective money purchase pension
schemes in respect of Directors and employees once they have completed the
requisite period of service.  The charge for the year in respect of these
pension schemes, which are defined contribution schemes, is shown in note
5. Included within other payables is an amount of £0.1m (FY10: £0.1m)
payable in respect of the money purchase pension schemes.
The balances outstanding with subsidiary companies are disclosed in notes
13 and 17.
Group
Key management compensation is disclosed in note 5. There were
no other material related party transactions. 
Company
During the year, administrative expenses and interest were recharged
from subsidiary companies as follows:
30 CAPITAL COMMITMENTS
31 RELATED PARTY TRANSACTIONS
The Group had no capital commitments at 30 June 2011 or 30 June 2010.
£m £m
Recharge of administrative expenses 0.1 0.1
Interest payable 0.1 -
2010 201 1
Commitments under non-cancellable
operating leases payable: £m £m £m £m
-   Within 1 year 2.8 2.6 - 0.1
-   Later than one year and less than 5 years 5.1 6.4 0.1 0.1
-   After 5 years 1.4 2.1 - -
9.3 11.1 0.1 0.2
2010 201 1 2010 201 1
Property Vehicles, plant and
equipment Centaur Media plc 
Annual Report 
2011
YEAR ENDED 30 JUNE 2011
86
Notes to the  nancial  atements
32 POST BALANCE SHEET EVENTS
On 19 August 2011, Centaur Communications Limited (a subsidiary
of Centaur Media plc) acquired the entire share capital of Investment
Platforms Limited (“IPL”), a specialist information business in the
retail financial services sector, providing research data, analysis and
advice on retail financial distribution and fund platforms. It also
organises events for product providers and intermediaries. IPL is
being integrated within the Legal & Financial publishing group within
Business Publishing and the Group expects benefits of that
integration to flow through in the coming months.
The initial consideration was £1.8m, and the total maximum
consideration payable is £6.0m. The final consideration is dependent
on the results for FY14 and will be payable in FY15.  
The fair value of contingent consideration, fair value of net assets
acquired, goodwill value and the amount of acquisition related costs
have not been finalised at the date of signing these accounts, and
will be finalised during FY12. 
On 12 September 2011, the group disposed of the business and
assets of the Logistics business for a total consideration of £0.8m of
which £0.2m was paid on completion. The remaining consideration is
payable in equal instalments in FY12, FY13 and FY14.
On 12 September 2011 the group disposed of the business and
assets of the Process Engineering magazine and website and
LaboratoryTalk website for a total consideration not exceeding
£0.4m.  The consideration is dependent on the future revenues of
the business and is payable over the next five financial years. Group Financial Controller Claire Baty
Head of Financial Reporting Ben Holden
Art Director Wendy Webb
Photographer Thomas Knights
Printed by Headley Brothers