Emap’s treasury function is responsible for ensuring funds for its aggressive growth strategy, which has been characterised by both acquisitions and organic growth. Strong cashflows have facilitated the organic growth. Having relied predominantly on bank facilities in the past, the company turned to the debt capital markets in 2003. It published credit ratings for the first time, confirming its status as an investment grade company. The company is focused on ensuring a good return on capital and the group’s weighted average cost of capital (WACC) is monitored closely. IAS 39 represents a major issue for the media company and it is looking to invest in a new TMS solution to meet the standard’s effectiveness testing and accounting requirements.
