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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Spg Media | LSE:SPM | London | Ordinary Share | GB0008462714 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2350I
SPG Media Group Plc
22 November 2007
SPG MEDIA GROUP PLC
Interim Results for the six months ended 30 September 2007
Operating highlights
Revenue # 6.5 million (2006: #6.9 million)
Operating loss before amortisation of website publishing
rights and exceptional items #0.8 million (2006: #0.5 million)
Operating loss before interest and taxation #1.0 million (2006 restated: #1.1
million)
Cash utilised by operations #0.3 million (2006: #1.3 million)
Cash in hand #2.7 million (2006: #0.9 million)
Key Performance Indicators
Six Months ended Six Months ended Year ended 31
30 Sept 2007 30 Sept 2006 March 2007
Order intake +13.2% -22.5% -11.1%
Sales revenue recognition
(conversion of orders into revenue in the 84%* 101% 110%
period)
Orders per sales person +2% -6% +24.5%
Cash conversion
(operating (loss)/profit to cash from -0.36 -1.22 3.38
operations)
EBITDA #(0.7) million #(0.6) million #1.4 million
*note forward orders increased by 15%
For further information, please contact:
SPG Media Group plc
Stephen Davidson 020 7915 9600
Keith Sadler 020 7915 9600
Blue Oar Securities Plc
Mike Coe 0117 933 0020
Chairman's Statement
Trading results
I have pleasure in presenting our interim results for the six months ended 30
September 2007. On a like for like basis our revenues were flat against last
year. However excluding the effect of holding 3 less conferences this year, like
for like revenues increased by 2.0%, excluding discontinued events, contra
revenue and the revenue from the disposal of the India operation. Our India
subsidiary was sold to Visage Media India in May 2007. We continue to invest in
our people and our products. However, there is a lag between that investment and
revenue generation, particularly in the events division, which we believe will
be achieved in 2008. Our order intake for the six months to 30 September 2007 is
up 13.2% and our net cash was #2.7 million.
Group revenue fell from #6.9 million to #6.5 million, a fall of #0.4 million, of
which India accounted for #0.1 million. The remainder was accounted for by
discontinued events. Contra revenue of #0.2 million (2006: #0.3 million) is
included in the group revenue.
The operating loss for the six months ended 30 September 2007 was #1.0 million
(2006: #1.1 million). The operating loss before amortisation of publishing
rights and exceptional items was #0.8 million (2006: #0.5 million). This is the
result of our planned investment in editorial, both staff and content, marketing
and research. This expenditure is in line with budget.
Since my last statement, as required, we have adopted the International
Financial Reporting Standards. Other than some reclassification of software
assets as intangible assets, and the depreciation thereon as amortisation, the
only change to the income statement has been the removal of the amortisation
charge for goodwill. Goodwill is now subject to an annual impairment review. The
comparative numbers have been restated to eliminate this charge from previous
periods.
Online
Revenue in our Online division increased by 4.1% to #3.4 million (2006: #3.2
million), like for like, excluding India websites, the growth rate is 4.5%. We
have begun an extensive review of our products and have initiated an investment
programme to update our websites. Our engineers have begun a training programme
to become compliant with the latest operating language (.NET) which will improve
our ability to produce interactive web propositions for our clients. In addition
we have initiated a wholesale redesign of our websites. We anticipate launching
the improvements at the end of the year. We have also launched, in November
2007, our jobsite, industryappointments.com, which is generating significant
early interest. We have specific job pages on five of our top websites which
feed into industryappointments.com. We believe this is an exciting addition to
our online proposition.
Supporting this has been an investment in our web editorial team to increase the
level of content on each of our websites to keep them fresh and up to date.
Print
On a like for like basis the revenues are flat, and including our new CIMA title
and Hospital Management, launched in the second half of last year, revenues are
up 10.3%. In total our print revenue for the six months to 30 September 2007 was
#1.9 million (2006: #2.1 million). Consolidating the print sales team has worked
and I am pleased to announce we have finally halted the decline in print
revenues.
Events
Our Events revenue is down from #1.6 million to #1.2 million. This was the
result of running three less conferences, which accounted for #0.1 million in
the equivalent period last year, and the LEAF Interiors Forum, which had
accounted for #0.2 million. In the previous period we benefited from the receipt
of monies from prior period events and therefore the like for like revenue is
flat.
As I have said previously we are reliant on the performance of our events and
conferences in the second half of the year. This year is no exception, however
with the investments we have made, we feel that the second half will be
delivered.
Costs
Our direct costs have increased in line with our budget and the decision to
increase the number of sales personnel. Under our accounting policies sales
costs are taken as a period cost and therefore appears higher but it is an
expectation that this increased sales resource will generate extra revenue in
later periods. Given the nature of our business, staff churn rates are
relatively high, which inevitably has an impact on expenditure.
Our distribution costs have been controlled well with a further reduction. We
have reduced overhead salary costs by some #200,000 and our depreciation and
amortisation charge has also reduced by #208,000. We continue to control our
costs effectively but we must also continue to invest in editorial, research,
marketing and engineering if we are to remain competitive in the future. We
released a further #213,000 (2006: #215,000) of credit balances held on the
balance sheet for which the board feels the exposure has been extinguished.
For consistency we have shown the redundancy costs as exceptional, together with
the disposal of India.
Net Funds
The group utilised net cash flow from operating activities of #0.3 million in
the six months (2006: #1.3 million). Together with other cash flow adjustments,
the Group finished the period with net funds of #2.7 million (2006: #0.9
million).
Outlook
As with the previous year the majority of our events and conferences are in the
second six months of the year. Accounting Standards do not allow the matching of
sales costs with revenue and therefore the second six months will show the
revenues generated throughout the year for which the sales cost has been
expensed as incurred. We are mindful of the pressure on the US dollar and the
effect this may have on our business as some 18% of our sales are generated in
North America. We have implemented a number of strategies and investments to
give long term growth for the business and together with our cash position and
forward orders as reflected in the positive key performance indicator on order
intake, the Board remains confident of meeting management expectations.
Stephen Davidson
Chairman
22nd November 2007
Consolidated Interim Income Statement
Six months ended Six months Year ended
30 Sept 2007 ended 31 March
30 Sept 2006 2007
Restated Restated
(unaudited) (unaudited) (unaudited)
Notes #'000 #'000 #'000
Revenue 2 6,491 6,938 16,597
Cost of sales (3,451) (3,112) (7,567)
Gross profit 3,040 3,826 9,030
Distribution costs (164) (198) (380)
Administrative expenses (3,844) (4,754) (8,260)
Administrative expenses (before website (3,701) (4,101) (7,916)
amortisation and exceptional items)
Amortisation of website publishing rights (60) (71) (141)
Exceptional items 3 (83) (582) (203)
Total administrative expenses (3,844) (4,754) (8,260)
Operating (loss)/profit (968) (1,126) 390
Net finance income / (expense) 50 39 (34)
(Loss)/profit on activities before taxation (918) (1,087) 356
Taxation 4 - - (2)
(Loss)/profit on ordinary activities after
taxation and retained loss for the period (918) (1,087) 354
Basic (loss)/profit per share 5 (1.08)p (1.28)p 0.42p
Diluted (loss)/profit per share 5 (1.08)p (1.28)p 0.42p
Consolidated Interim Balance Sheet
As at As at As at
30 Sept 2007 30 Sept 2006 31 March 2007
Restated Restated
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
Assets
Non-current assets
Intangible assets 4,315 4,828 4,483
Property, plant, and equipment 412 598 471
4,727 5,426 4,954
Current assets
Trade and other receivables 5,187 5,665 4,104
Cash and cash equivalents 2,708 889 3,039
7,895 6,554 7,143
Total assets 12,622 11,980 12,097
Current liabilities
Trade and other payables (9,620) (8,506) (8,025)
(9,620) (8,506) (8,025)
Non-current liabilities
Provisions (1,019) (2,020) (1,157)
(1,019) (2,020) (1,157)
Total liabilities (10,639) (10,526) (9,182)
Net assets 1,983 1,454 2,915
Equity
Share capital 4,293 4,293 4,293
Share premium account 7,262 7,262 7,262
Capital redemption reserve 7,874 7,874 7,874
Other reserves 733 733 733
Retained earnings (18,179) (18,708) (17,247)
Total equity 1,983 1,454 2,915
Consolidated Interim Statement of Recognised Income and Expense
Six months Six months Year ended 31
ended 30 Sept ended 30 Sept March 2007
2007 2006
Restated Restated
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
Exchange movement (14) (7) (4)
Net expense recognised directly in equity (14) (7) (4)
(Loss)/Profit for the period (918) (1,087) 354
Total recognised income and expense for the period (932) (1,094) 350
Consolidated Interim Cash Flow Statement
Six months ended Six months Year ended 31
30 Sept 2007 ended 30 Sept March 2007
2006
(unaudited) (unaudited) (audited)
restated restated
Notes #'000 #'000 #'000
Cash flows from operating activities (358) (1,346) 981
Cash flows from investing activities
Interest received and similar items 55 43 82
Interest element of finance lease payments - (2) (2)
Purchase of property, plant and equipment (72) (218) (341)
Net cash used in investing activities (17) (177) (261)
Cash flows from financing activities
Interest paid (2) - -
Overseas corporation tax paid - (2) (2)
Net cash inflow from sale of subsidiary 46 40 39
Capital element of finance lease payments - 45 -
Net cash generated/(used in) financing
activities 44 83 37
Net (decrease)/increase in cash and cash
equivalents (331) (1,440) 757
Cash and cash equivalents at start of year 3,039 2,329 2,282
Cash and cash equivalents attend of year 2,708 889 3,039
Notes to the consolidated interim financial statements
1. Accounting Policies
a) Basis of preparation
The interim financial statements do not constitute statutory accounts as defined
within the Companies Act 1985 and have not been audited.
The interim financial statements have been prepared under the historical cost
convention and in line with the requirements of the AIM rules. The Directors
have not adopted the requirements of IAS34 'Interim Financial Reporting' in
preparing this Report.
The principle accounting policies applied in the preparation of the consolidated
interim financial statements are set out below. These policies have been applied
consistently to all periods presented, unless otherwise stated.
These are the first set of interim financial statements since the adoption of
International Financial Reporting Standards (IFRS) and have been prepared in
accordance with IFRS issued by the International Accounting Standards Board
(IASB) and International Financial Reporting Interpretations Committee's (IFRIC)
interpretations as adopted by the European Union, applicable as at 31 March
2008, and those parts of the Companies Act 1985 applicable to companies
reporting under IFRS. In accordance with EU legislation, the Group's first
annual IFRS financial statements will be prepared for the year ended 31 March
2008.
Since these are the Group's first consolidated interim financial statements,
IFRS 1 - 'First-time Adoption of International Financial Reporting Standards' -
has been applied. The comparative information has been restated from the Group's
previously published accounts for 2007 prepared under UK GAAP, to comply with
IFRS. The Group's date of transition to IFRS was 1 April 2006 and
reconciliations between IFRS and UK GAAP of the previously reported equity at 1
April 2006 and 31 March 2007 and of the profit for the year ended 31 March 2007
are presented in note 7.
The audited UK GAAP statutory accounts for the year ended 31 March 2007, upon
which an unqualified audit opinion was given, have been delivered to the
Registrar of Companies.
First time adoption of IFRS
The procedures for first time adoption of IFRS, that the Group must follow, are
set out in IFRS 1. The general principle is that all IFRS standards be
retrospectively applied. However IFRS 1 includes optional exemptions and
mandatory exceptions relating to retrospective applications. The most
significant of these that impact the Group are as follows:
a) Business combinations - The Group has elected not to apply IFRS 3 to
business combinations that occurred prior to the transition date of 1 April
2006.
b) Share based payments - The Group has elected not to apply IFRS 2 to share
options and warrants granted prior to 7 November 2002 and, as this relates to
all current awards, the results have not been affected. This is consistent with
the previous UK GAAP treatment.
c) Fair value or revaluation as deemed cost - The Group has elected not to
fair value selective items of property, plant and equipment at the date of
transition.
b) Basis of Consolidation
The Consolidated Income Statement and Balance Sheet include the financial
statements of the Company and its subsidiary undertakings up to 30 September
2007. The results of subsidiaries sold or acquired are included in the
Consolidated Income Statement up to, or from, the date control passes. Intra
group sales and profits are eliminated fully on consolidation.
On acquisition of a subsidiary, all of the subsidiary's assets and liabilities
that exist at the date of acquisition are recorded at their fair values
reflecting their condition at that date. All changes to these assets and
liabilities, and the resulting gains and losses that arise after the Group has
gained control of the subsidiary are credited or charged to the post acquisition
Income Statement.
c) Revenue Recognition
Revenue comprises amounts derived from services performed or advertisements
published by the Group during the year. Print media revenue is recognised on
publication, event revenue in the period in which the event is held and internet
revenues on a straight-line basis over the contractual term (typically twelve
months). Revenue derived from barter transactions is valued on an arms length
basis.
d) Property, plant and equipment
Property, plant and equipment is stated at initial cost, including expenditure
that is directly attributable to the acquired item, less accumulated
depreciation and impairment losses.
Depreciation is calculated on a straight line basis over the deemed useful life
of an asset and is applied to the cost less any residual value. The asset
classes are depreciated over the following periods:
Plant and machinery - over 5 years,
Leasehold property improvements - over the term of the lease or useful economic
life if shorter
The useful life, the residual value and the depreciation method are assessed
annually.
The carrying value of the property, plant and equipment is compared to the
higher of value in use and the pre-tax realisable value. If the carrying value
exceeds the higher of the value in use and pre-tax realisable value the asset is
impaired and its value reduced by charging additional depreciation to the Income
Statement.
e) Intangible assets
i) Goodwill
Goodwill is recognised to the extent that it arises through a business
combination. In respect of business combinations that have occurred since 1
April 2006, goodwill represents the difference between the cost of the
acquisition and the fair value of net identifiable assets acquired. In respect
of business combinations prior to this date, goodwill is included on the basis
of its deemed cost, which represents the amount recorded under previous GAAP. As
permitted by IFRS 7 Goodwill arising on acquisitions prior to April 2006 is
stated in accordance with UK GAAP and has not been remeasured on transition to
IFRS.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is
allocated to appropriate cash generating units (those expected to benefit from
the business combination) and is no longer amortised but is tested for
impairment.
Goodwill arising on acquisitions in the year ended 31 March 1997 and earlier
periods was written off to the reserves in accordance with the accounting
standard then in force. On disposal or closure of a previously acquired
business, the attributable goodwill previously written off to reserves is
included in determining the profit or loss on disposal.
ii) Computer software and websites
Non-integral computer software purchases are capitalised at cost. These costs
are amortised over their estimated useful lives (over 5 years).
iii) Impairment of intangible assets
Assets that have an indefinite useful life are not subject to amortisation but
are reviewed for impairment annually or whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. Assets
that are subject to amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount. The recoverable amount
is the higher of an asset's fair value less costs to sell and value in use. For
the purposes of assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows (cash-generating units).
f) Investments in subsidiary undertakings
Investments are stated at cost less provision for any impairment.
g) Leased assets
Assets acquired under finance leases are capitalised as tangible fixed assets
and depreciated in accordance with the Group's normal accounting policies for
tangible fixed assets. The interest element of rental obligations is charged to
the income statement over the period of the lease in proportion to the balance
of capital repayments outstanding.
Rentals payable relating to all other leases are charged to the income statement
in equal amounts over the term of the lease.
h) Taxation
Income tax on the profit or loss for the year comprises current and deferred
tax. Current tax is the expected tax payable on the taxable income for the year,
using rates substantially enacted at the balance sheet date, ad any adjustments
to the tax payable in respect of previous years.
Deferred taxation is provided in full on timing differences between the carrying
amount of the assets and liabilities in the financial statements and the tax
base. Deferred tax assets are recognised only to the extent that it is probable
that future taxable profits will be available against which the temporary
difference can be utilised. Deferred tax assets and liabilities are not
discounted. Deferred tax is determined using the tax rates that have been
enacted or substantially enacted by the balance sheet date, and are expected to
apply when the deferred tax liability is settled or the deferred tax asset is
realised.
Deferred tax is provided on temporary differences arising on investments in
subsidiaries except where the timing of the reversal of the temporary difference
is controlled by the Group and it is probable that the temporary difference will
not reverse in the foreseeable future.
Tax is recognised in the income statement, except where it relates to items
recognised directly in equity, in which case it recognised in equity.
i) Foreign currencies
The results are recorded in Sterling which is deemed to be the functional
currency of the Group, the Company and all its subsidiaries.
Foreign currency transactions are expressed in Sterling at the rates of exchange
ruling at the date of the transaction, and if still in existence at the year end
the balance is retranslated at the rates of exchange ruling at the Balance Sheet
date. Differences arising from changes in exchange rates during the year are
taken to the Income Statement.
j) Pensions
The Group's contributions to pension schemes for its employees, all of which are
defined contribution schemes, are charged to the income statement as incurred.
k) Investment in own shares
Shares in the Company held in the Group's Employee Benefit Trust ("EBT") have
been deducted from shareholders' funds and debited against the retained
earnings.
l) Share schemes
The Company applies the requirements of IFRS 2 "Share-based Payment" to
equity-based employee compensation schemes in respect of awards granted after 7
November 2002 which remained unvested at 1 January 2005 the dates specified in
IFRS 2.
The cost of employees' services received in exchange for grant of rights under
equity-based employee compensation schemes is measured at the fair value of the
equity instruments granted and is expensed over the vesting period. The total
amount to be expensed over the vesting period is determined by reference to the
fair value of the equity instruments granted, excluding the impact of any
non-market vesting conditions (eg earnings per share). Non-market vesting
conditions are included in the assumptions about the number of equity
instruments that are expected to become exercisable. At each balance sheet date,
the company revises its estimates of the number of equity instruments that are
expected to become exercisable. It recognises the impact of the revision of
original estimates, if any, in the income statement, with a corresponding
adjustment to equity. The fair value is measured based on an appropriate
valuation model taking into account the terms and conditions upon which the
equity instruments were granted.
m) Provisions
A provision is recognised in the balance sheet when the Group has a legal
obligation or constructive obligation as a result of a past event, it is more
likely than not that an outflow of resources will be required to settle that
obligation, and a reliable estimate of the amount can be made. Provisions are
discounted.
2. Segmental analysis
All activities are classed as continuing.
a) Primary reporting format - Business segments
Unaudited for the six months to 30 September
Online Events Publishing Group
2007 2006 2007 2006 2007 2006 2007 2006
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Revenue 3,366 3,232 1,229 1,604 1,896 2,102 6,491 6,938
Operating results 1,627 1,627 (1,070) (351) 267 213 824 1,489
Depreciation charge (88) (119)
Amortsation of (127) (304)
software
Amortisation of (60) (71)
website publishing
rights
Group costs (1,517) (2,121)
Net finance income 50 39
Loss before taxation (918) (1,087)
Taxation - -
Loss for the period (918) (1,087)
b) Secondary reporting format - Geographical segments:
Turnover is analysed by the location of the customer.
Six months ended Six months ended Year ended 31
30 Sept 2007 30 Sept 2006 March 2007
#'000 #'000 #'000
UK 1,445 1,572 3,892
USA 1,161 986 3,208
Europe (other than UK) 3,179 3,436 7,774
Other 706 944 1,723
6,491 6,938 16,597
3. Exceptional items
The following exceptional items are included in administrative expenses:
Six months ended Six months ended Year ended 31
30 Sept 2007 30 Sept 2006 March 2007
restated restated
#'000 #'000 #'000
Property provisions - - 603
Write down of Indian fixed assets - - (81)
Tax exposure on Indian employees - - (101)
Costs associated with potential offer - - (44)
Loss on disposal of subsidiary (4) - -
Redundancy costs and compensation for loss of office (79) (582) (580)
(83) (582) (203)
In the period to 30 September 2007 we have identified the loss on the disposal
of the Indian subsidiary, SPG Media Pvt Limited and redundancy costs as
exceptional. The redundancy costs in previous periods included compensation for
loss of office.
In the year to 31 March 2007 we identified the write down of assets in India of
#81,000 and a provision of #101,000 was made for personal tax liability of
employees in India. A claim is to be pursued against the individuals to reclaim
this tax.
The costs of the potential offer for the Company relate to adviser fees and
legal costs.
The release of property provisions at 31 March 2007 was the result of empty
properties being let allowing the release of provisions made in previous
periods.
4. Taxation
The annual effective tax rate is 30% (six months ended 30 September 2006: 30%,
year ended 31 March 2007: 30%). There is no tax charge as there are trading
losses brought forward.
5. Loss per share
The loss per share of 1.08p (2006: 1.28p) and the diluted loss per share have
been calculated on the attributable loss to shareholders of #918,000 (2006:
profit #1,087,000).
The weighted average number of shares in issue during the period (excluding
those held by the Group's Employee Benefit Trust) were:
Six months ended Six months Year ended
30 Sept 2007 ended 30 Sept 31 March
2006 2007
restated restated
Number Number Number
'000 '000 '000
Basic 85,857 85,857 85,857
Shares held in employee benefit trust (1,214) (1,214) (1,214)
84,643 84,643 84,643
Share option adjustment 492 - 74
Diluted 85,135 84,643 84,717
6. Provisions
Six months ended 30 Sept
2007
#'000
As at 1 April 2007 (1,157)
Amount Used 167
Unwinding of discount (29)
As at 30 September 2007 (1,019)
Analysed as:
Current (276)
Non-current (743)
(1,019)
7. Explanation of the transition from UK GAAP to IFRS
These half-yearly financial statements are the first set to be prepared under
IFRS and as such the following disclosures are required in the year of
transition. The date of transition is 1 April 2006.
i) Reconciliation of profit for the period
6 Months to 6 Months to 12 months to
30 Sept 2007 30 Sept 2006 31 March 2007
#'000 #'000 #'000
(Loss)/profit under UK GAAP (968) (1,137) 254
Amortisation of goodwill 50 50 100
(Loss)/profit under IFRS (918) (1,087) 354
ii) Reconciliation of equity at 1 April 2006
UK GAAP Transition IFRS
Adjustment
Notes #'000 #'000 #'000
Assets
Non-current assets
Intangible assets b 4,159 946 5,105
Property, plant, and equipment b 1,590 (946) 644
5,749 - 5,749
Current assets
Trade and other receivables 4,861 - 4,861
Cash and cash equivalents 2,329 - 2,329
7,190 - 7,190
Total assets 12,939 - 12,939
Current liabilities
Trade and other payables (8,072) - (8,072)
(8,072) - (8,072)
Non-current liabilities
Trade and other payables (39) - (39)
Provisions (2,280) - (2,280)
(2,319) - (2,319)
Total liabilities (10,391) - (10,391)
Net assets 2,548 - 2,548
Equity
Share capital 4,293 - 4,293
Share premium account 7,262 - 7,262
Capital redemption reserve 7,874 - 7,874
Other reserves 733 - 733
Retained earnings (17,614) - (17,614)
Total equity 2,548 - 2,548
iii) Reconciliation of equity at 30 September 2006
UK GAAP Transition IFRS
Adjustment
Notes #'000 #'000 #'000
Assets
Non-current assets
Intangible assets a,b 4,038 790 4,828
Property, plant, and equipment b 1,338 (740) 598
5,376 50 5,426
Current assets
Trade and other receivables 5,665 - 5,665
Cash and cash equivalents 889 - 889
6,554 - 6,554
Total assets 11,930 50 11,980
Current liabilities
Trade and other payables (8,506) - (8,506)
(8,506) - (8,506)
Non-current liabilities
Provisions (2,020) - (2,020)
(2,020) - (2,020)
Total liabilities (10,526) - (10,526)
Net assets 1,404 50 1,454
Equity
Share capital 4,293 - 4,293
Share premium account 7,262 - 7,262
Capital redemption reserve 7,874 - 7,874
Other reserves 733 - 733
Retained earnings a (18,758) 50 (18,708)
Total equity 1,404 50 1,454
iv) Reconciliation of equity at 31 March 2007
UK GAAP Transition IFRS
Adjustment
Notes #'000 #'000 #'000
Assets
Non-current assets
Intangible assets a,b 3,918 565 4,483
Property, plant, and equipment b 936 (465) 471
4,854 100 4,954
Current assets
Trade and other receivables 4,104 - 4,104
Cash and cash equivalents 3,039 - 3,039
7,143 - 7,143
Total assets 11,997 100 12,097
Current liabilities
Trade and other payables (8,025) - (8,025)
(8,025) - (8,025)
Non-current liabilities
Provisions (1,157) - (1,157)
Total liabilities (9,182) - (9,182)
Net assets 2,815 100 2,915
Equity
Share capital 4,293 - 4,293
Share premium account 7,262 - 7,262
Capital redemption reserve 7,874 - 7,874
Other reserves 733 - 733
Retained earnings a (17,347) 100 (17,247)
Total equity 2,815 100 2,915
Notes to transition adjustments
IAS 38, intangible assets, requires that goodwill is no longer amortised, but is
subject to an annual impairment review. In compliance, the goodwill amortisation
charged under UK GAAP during the year ended 31 March 2007 has been reversed. The
Group has elected, as permitted under IFRS 3, Business Combinations, not to
retrospectively restate goodwill relating to acquisitions prior to 1 January
2006 and therefore the UK GAAP goodwill balance at 31 March 2006 has been
included in the transition IFRS balance sheet and is longer amortised.
Under UK GAAP, all computer software was included within tangible fixed assets
in the balance sheet. Under IFRS, only software that is integral to another
fixed asset can be included with that asset in tangible fixed assets. All other
separately identifiable software must be recorded separately as an intangible
fixed asset. The charge to the income statement in respect of such software is
classified as amortisation under IFRS rather depreciated under UK GAAP.
At 1 April 2006 and 31 March 2007 net book value of #945,940 and #465,552,
respectively, of software was reclassified as an intangible asset. The
depreciation of this software of #626,913 for the year ended 31 March 2007 has
been reclassified from depreciation to amortisation. This amortization of
software has been disclosed within administration expenses on the income
statement as these expenses form part of normal trading.
8. Distribution of the Interim financial statement
Copies of the interim financial statements are being circulated to shareholders.
Further copies will be available to the public from the Company Secretary at the
Company's registered address at 55-57 North Wharf Road, London, W2 1LA, and at
the offices of Capita IRG Plc, the Company's registrars, The Registry, 34
Beckenham Road, Beckenham, Kent, BR3 4TU or from the Group website,
www.spgmedia.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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