Terra Firma’s annual report reveals that earnings have risen sharply at EMI’s recorded music division – up to £104 million for the nine months to December, compared to £12 million in the same period for 2007. Meanwhile, earnings for EMI’s publishing division rose from £81 million to £91 million in the same period. However, EMI has reported a 40 per cent fall in new music sales in the year to March, and says just 200 of its 14,000 artists account for half of its revenues. The same report reveals that Terra Firma has written off half its €2.6 billion investment in EMI, with the company accounting for the majority of a €1.37 billion impairment charge in Terra Firma’s annual review.