The directors present the strategic report for the year ended 31 December 2025.

The principal activity of Globo International (London) Limited ("the company") and its subsidiary, Globo International (New York) Ltd (together "the group") is of news production for its immediate parent company Globo Comunicação e Participações S.A. ( "Globo" ).

In addition, since April 2018, the company's subsidiary Globo International (New York) Ltd established a branch in California to provide services to its ultimate parent identifying and assessing potential business partnerships amongst startups and technology firms within the United States, as well as producing intelligence about the target firms and identifying market trends, elaborating detailed reports.

Globo International (London) Limited is a subsidiary of Organizações Globo Participações S.A. ("Grupo Globo") a company incorporated in Brazil, and the ultimate parent undertaking and ultimate controlling party.

The group's objectives are to continue to improve their news coverage.

The last 12 months have seen investments in both personnel and assets with the continued focus on improving quality and efficiency.

The demand for our services continues to grow each year and with foundations already in place the strategy is to grow the business with further investment in resources to help deliver this growth.

The directors were pleased with the results for the year and the financial position at the year end. The group's turnover for the year increased by $20,667, totalling $16,107,709 (2024: $16,087,042). Profit for the year remained competitive at $511,945 (2024: $611,218), resulting in an increase in net assets at the year end to $10,600,938 (2024: $10,088,993).

Competitive risks

The group's primary income stream in future periods will be in respect of news production to the parent company which is connected to the strength of the enlarged group within which the group operates. The enlarged group is considered to be in a satisfactory position.

Liquidity risk

The group's policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations. The group has sufficient net cash balances at the year end.

Interest rate risk

Amounts owed to group undertakings are interest free and the group carries no other interest bearing financial instruments. Accordingly the directors consider that the group's exposure to interest rate risk is minimal.

Foreign currency risk

The group has debtors, cash at bank and creditors that are denominated in Euro and British Pounds Sterling. Gains and losses arising from the retranslation of these assets and liabilities are recognised in the profit and loss account. The group holds bank accounts in each currency but undertakes no specific exchange policy to mitigate risk, other than this.

Legislative risks

The group operates within the current legislation on health and safety in accordance with employment guidelines.

The group ensures that it holds the relevant broadcast licences and adheres to the guidelines prescribed by the relevant regulatory bodies.

The jurisdictions in which the group operates within comprise the UK, USA, Brazil and Portugal.

The group licenses news production services to its group companies on a 'cost plus' basis. The group manages performance by reference to budgeted expenditure flexed for the needs of the business over the course of the year.

The group's turnover increased by $20,667 from the prior year to $16,107,709. This was due to an increase in activity in the London branch over the course of the year.

Profit for the year remained competitive at $511,945 (2024: $611,218).

The cash at bank and in hand position improved with a year end balance of $9,159,998 (2024: $8,607,686).

Globo International (London) Limited is publishing this UK tax strategy statement pursuant to the requirements of the United Kingdom Finance Act 2016, Schedule 19, Large Businesses: Tax Strategies and Sanctions, paragraph 22(2). This statement is applicable to the tax strategy in the United Kingdom. 

Our risk management and governance arrangements in relation to UK taxation

We take a serious approach to tax risk and its responsibilities and the company has a strict risk management structure.

The parent company in Brazil oversees tax risk management of the company, including approval of policies, tax return filing and material tax matters.

Our attitude towards tax planning

The group has an open policy regarding internal communications and deals with issues as and when they arise, consulting with external advisers where appropriate. External tax advisers are employed to provide assistance with Corporation Tax, Value Added Tax and Employment Tax matters.

The group does not undertake any transactions for tax planning reasons.

The level of risk in relation to UK taxation that we are prepared to accept

Our aim is to be transparent and compliant with tax legislation.

The group does not define any acceptable level of tax risk, and exercises reasonable care and due diligence with a view to minimising potential UK tax risks with respect to tax compliance. We seek external tax advice on any risks that arise.

Our approach towards dealings with Her Majesty’s Revenue and Customs

If any enquiry from HMRC were to arise, the group would endeavour to respond in a timely manner to any request for information. With advice from our tax advisers where necessary, the group would strive to have an open dialogue with HMRC as quickly and collaboratively as possible in order to resolve such enquiries.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The profit for the year, after taxation, amounted to $511,945 (2024: $611,218).

The group declared a dividend during the year of $Nil (2024: $Nil).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Blick Rothenberg Audit LLP be reappointed as auditor of the group will be put at a General Meeting.

As permitted by Section 414c (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the 'Large and Medium Sized Companies and Group (Accounts and Reports) Regulations 2008' to be in the strategic report.true

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the group is aware of that information.

The directors are responsible for preparing the Annual 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 elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 UK Accounting Standards 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company 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 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We have audited the financial statements of Globo International (London) Limited (the 'parent Company') and its subsidiaries (the ‘Group’) for the year ended 31 December 2025, which comprise the Group profit and loss account, the Group and company balance sheets, the Group statement of cash flows, the Group and company statement of changes in equity and the related notes, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 31 December 2025 and of the Group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; andtrue

• the directors' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group in the directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us 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 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

• the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Group and the parent Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, and anti-bribery;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group and the parent Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested a sample of journal entries to identify unusual transactions;

• assessed whether judgements and assumptions were made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect that those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilites. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Group and parent Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Group and parent Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the parent Company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 14 to 27 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was $226,048 (2024 - $205,640 profit).

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in US dollars, which is the functional currency of the company and the group. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In preparing these financial statements the company has taken advantage of the disclosure exemption as permitted by FRS 102 in Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d) so that the parent company's statement of cash flows is not presented in these financial statements.true

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The company made a profit of $226,048 for the year (2024: $205,640).

The consolidated financial statements incorporate those of Globo International (London) Limited and all of its subsidiaries (ie entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 December 2025.

Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The group statement of changes in equity and group statement of financial position includes the financial statements of the company and its subsidiary undertaking made up to 31 December 2025. Intra-group sales and profits are eliminated fully on consolidation.

After making enquiries,true on the basis that the group continues to derive its income from the parent company and that the group is reliant on that entity to continue as a going concern, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Revenue comprises services provided to the parent company in respect of news production. Revenue is recognised to the extent that the group obtains the right to consideration in exchange for its performance, which is at the point underlying expenses are incurred. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, VAT and other sale taxes and duty.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Such costs include costs directly attributable to making assets capable of operating as intended. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of comprehensive income.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net 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 excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred taxation is provided in full in respect of taxation deferred by timing differences that have originated but not reversed at the statement of financial position date where transactions or events occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

• Provision is made for deferred taxation that would arise on remittance of the retained earnings of subsidiaries, only to the extent that, at the statement of financial position date, dividends have been accrued as receivable.

• Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

• Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the statement of financial position date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to the statement of comprehensive income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the statement of comprehensive income for the period.

The whole of the turnover is attributable to the principal activity of the group and was billed to the parent company based in Brazil.

All turnover in the current and prior year arose outside the United Kingdom and within the rest of the world.

The average monthly number of persons (including directors) employed by the group during the year was:

Their aggregate remuneration comprised:

The charge for the year can be reconciled to the profit per the statement of comprehensive income as follows:

Deferred tax is recognised in respect of timing differences arising between the carrying amounts of assets and liabiltiies and their corresponding tax bases, in accordance with FRS 102. The provision reflects the expected future tax impact when these timing differences reverse. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits.

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the statement of financial position.

Details of the company's subsidiary at 31 December 2025 is as follows:

The registered office of the company's subsidiary undertaking is 100 West 10th Street, Wilmington, County of New Castle, Delaware 19801, USA.

The principal activity of the undertaking for the last relevant financial year was news production and generation.

The results for Globo International (New York) Ltd are included within the group financial statements on the basis that it is a wholly owned subsidiary of Globo International (London) Limited.

Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.

Financial assets measured at amortised cost comprise other debtors and amounts owed from group companies.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and amounts owed to group companies.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The amounts noted above were payable to the fund at the balance sheet date and are included in creditors.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

Negative goodwill of US$730,514 arising on the acquisition of the subsidiary undertaking in 1995 was credited directly to reserves. In the event of a future disposal of this subsidiary undertaking, the negative goodwill would be released to the group statement of total comprehensive income.

Operating lease payments represent rentals payable by the company for certain of its properties.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

No remuneration was paid to any key management personnel during the year. No director received any remuneration for their services as directors of the company.

The company has taken advantage of the exemption contained in FRS 102 Section 33 'Related Party Disclosures' from disclosing transactions with entities which are a wholly owned part of a group.true

Globo Comunicação e Participações S.A., a company incorporated in Brazil, is regarded by the directors as the company's controlling party.

The immediate parent undertaking that prepares group financial statements into which the company's accounts are consolidated is Globo Comunicação e Participações S.A., a company incorporated in Brazil. Group financial statements are not publicly available.

The company's ultimate parent undertaking and ultimate controlling party is Organizações Globo Participações S.A., a company incorporated in Brazil. The company's financial statements are consolidated into these accounts. Group financial statements are not publicly available.