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很高兴与管理组在1月公布重组方案后得到了盈利的效果。该计划目前正在实施，而且效果要比预期的更快，因此，在2008财年上将实现节约更多的成本。该计划将花费接近GBP125万美元，而不是先前宣布的GBP150万。

Management was pleased with the progress of the restructuring program announced with the January profit warning. The plan was being implemented more quickly than expected and accordingly, more cost savings would be realized in FY2008. The program was going to cost closer to GBP125 million, as opposed to the GBP150 million previously announced. Upon completion, the program was expected to remove GBP110 million from EMI’s annual cost base; the majority of the savings would come from the recorded-music division. The plan reduced layers in the management structure and encouraged the recorded-music and publishing divisions to work more closely together for revenue and cost synergies.12 One headline-worthy change in the reorganization was the surprise removal of the recorded-music division head, Alain Levy, which put Nicoli in charge of that division. https://www.51lunwen.org/fm/

股利决策

The Dividend Decision

由于董事会于2006年11月已宣派中期股息每股的价格，问题是是否维持过去的支出水平，建议EMI额外支付最终的股息以维持支出水平。

Since the board had already declared an interim dividend of 2p per share in November 2006, the question was whether to maintain the past payout level by recommending an additional 6p final EMI dividend be paid. Considering EMI’s struggling financial situation, there was good reason to question the wisdom of paying a dividend. Exhibit 7 provides a forecast of the cash flow effects of maintaining the dividend based on market-based forecasts of performance. Yet omitting the dividend was likely to send a message of lost confidence by management. Such a move seemed to be the last thing EMI needed to do because it could accelerate the ongoing stock price decline.13 Exhibit 9 depicts trends in the EMI share price from May 2000 to May 2006. Many believed that music industry economics were on the verge of turning the corner. A decision to maintain the historical 8p dividend would emphasize management’s expectation of business improvement, despite the disappointing recent financial news. Forecasts for global economic growth continued to be strong (Exhibit 10), and reimbursements to shareholders through dividends and repurchases were on the upswing among media peers (Exhibit 11).
As Stewart navigated his way home, the radio played another hit from a well-known EMI artist. Despite the current difficulties, Stewart was convinced there was still a lot going for EMI.

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