We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Expomedia Grp | LSE:EXP | London | Ordinary Share | GB0031056673 | 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% | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:6910P
Expomedia Group PLC
10 March 2008
10 March 2008
EXPOMEDIA GROUP PLC
("Expomedia" or "the Group")
Preliminary Results
Record results and a continuation to invest in sales infrastructure.
The Board of Expomedia Group, the AIM quoted media group with interests in
exhibitions, conferences, venue management and related publishing, is pleased to
announce record annual results for the year ended 31 December 2007, reflecting a
period of realigned strategy and focus on its five core geographic markets of
Russia, India, Poland, UK and Germany.
FINANCIAL HIGHLIGHTS
*Turnover up 52 per cent on continuing activities, excluding our share of
joint ventures, to Euro 35.0 million (2006: Euro 23.1 million);
*Adjusted EBITDA *profit of Euro 4.6 million (2006: adjusted EBITDA
profit Euro 0.1 million);
*Operating profit on continuing activities for the period of Euro
1.8 million (2006: loss Euro 3.0 million);
*Profit before tax Euro 1.9 million (2006: loss Euro 3.4 million);
*Basic profit per share 1 cent (2006: loss 34 cents);
*Year end net debt of Euro 2.9million excluding finance lease obligations
and non bank debt; and
*The Board is confident that the turnover and profit will continue to
increase in 2008 and in light of this will aim to pay a maiden dividend
for the 2008 financial year.
OPERATIONAL HIGHLIGHTS
*Significant investment in additional sales teams in the UK and Asia
to take advantage of ongoing growth in Indian markets;
*Excellent performance from repeat business as forward bookings for 2008
up 40 per cent;
*Exhibition and conferences strengthen position as core business with
over 75 per cent of turnover;
*Continuing progress in India in all business units: conferences,
exhibitions and venue;
*Complementary acquisitions completed: Homebuyer Events,
World Food Market and Russian specialist telecoms conference organiser,
Exposystems;
*Partnership with Gruner + Jahr(Bertelsmann) expands and acquired a
series of consumer parenting events; and
*Agreement for development of additional venue space in Warsaw.
* Adjusted EBITDA is calculated by taking profit before tax on continuing
activities and adding back amortisation, depreciation, share option costs,
net financing costs and loss on joint ventures and exceptional items.
Commenting on today's results, Chief Executive, Mark Shashoua, stated:
"2007 was a significant turning point for the Group with a continued focus on
our five core markets: Russia, India, Poland, UK and Germany. Of further
significance is the fact that the Group has produced substantially improved
results whilst still continuing to invest in its business infrastructure, in
particular in the key emerging markets of India and Russia and we expect to see
the full benefit of these investments in future periods.
"Expomedia has expanded across multiple markets and as each market matures,
the turnover and bottom line are increasing significantly. This is demonstrated
by the 52 per cent growth in turnover and the significant improvement in
adjusted EBITDA on continuing activities from Euro 0.1 million in 2006 to
Euro 4.6 million.
"More businesses are looking towards the emerging markets due to the current
uncertainty in the United States; markets such as Russia, India and Poland
will become more important to international companies over the coming years.
In light of this Expomedia will continue to invest heavily in its international
sales teams. The Board is in the process of opening sales offices in Asia
so that the Group is ideally positioned to take full advantage of the business
opportunities.
"The Group believes that it has chosen the markets with the greatest potential
return on its investment, after doubling revenue on continuing activities in
the past two years and with the continual investment in sales operations,
the Group is confident of further strong progress over the next few years."
Enquiries:
Expomedia Group Plc
Mark Shashoua
Tel: 020 8386 0070
Bishopsgate Communications Ltd.
Dominic Barretto
Gemma O'Hara
Tel : 020 7562 3350
Charles Stanley Securities (Nominated Adviser)
Mark Taylor
Tel: 020 7149 6000
RESULTS STATEMENT
On behalf of the Board, I am pleased to report on a successful year for the
Group, both in terms of the financial performance and the realigned business
focus of Expomedia, as it looks to take full advantage of the five core
geographic territories it invests in.
In the last two years the Board has seen the Group double its revenues on
continuing actvities and position itself amongst what it believes to be key
geographic territories where it has identified significant growth opportunities.
I am pleased to report that not only has the Group produced substantially
improved results, but that it has done so whilst still continuing to invest in
its business infrastructure, in particular in the growth areas of India and
Russia where the full benefit of these investments will not be seen until 2009
and onwards. The Group's business units have grown their revenues by a total of
52 per cent excluding discontinued operations and including acquisitions.
Forward bookings for the year are ahead by 40 per cent compared with the same
time in the previous year, including the impact of acquisitions and excluding
discontinued operations. Furthermore, the Group has reported a positive EBITDA
on continuing activities and, for the first time, an operating profit in a year
which has seen a significant increase in revenue.
The Group completed three acquisitions in the year: Homebuyer Events Limited
(UK), Exposystems (Russia) and World Food Market (UK). This reaffirms the
Board's acquisition strategy which is focused on acquiring complementary brands
that Expomedia can clone into the core territories it operates in - namely
Russia, India, Poland, UK and Germany - and also on those which complement and
provide synergies to the Group's existing businesses.
Whilst a number of the Group's business units, particularly in India, are still
at the very early stages of their development many have now started to become
profitable, and the Board is confident that there is a considerable amount of
organic growth still to be achieved in all of the countries in which Expomedia
operates.
In 2006, the Group resolved to focus on those activities and markets which had
the greatest potential for substantial long term growth. This process continued
throughout 2007 with the complete exit from our Dutch operations, the sale of
our interest in Morocco, the decision to dispose of our interests in Hungary and
to cease or dispose of all activities in Germany except the joint venture with
Gruner + Jahr. The latter two actions are expected to be completed within the
2008 calendar year. The Group has benefited substantially from the ability of
its senior management to focus on the profitable core activities and those with
the greatest potential, in particular India, where we believe the largest
untapped potential for our industry worldwide exists.
Our conference business in total increased it revenues by over 90% in the year
with over 11,500 delegates in 2007 and increase of over 50 per cent compared
with 2006.
The Group's strategy for 2008 is to continue to expand its business profitably
in its five core territories of operation. This will be achieved by expanding
the activities of each within the local infrastructure already established but
also with substantial leverage from other parts of the Group in terms of brand
deployment and international sales support.
As more businesses look towards the emerging markets due to the current
uncertainty in the US, markets such as Russia, India and Poland will become
even more important to international companies over the coming years.
Expomedia has always been at the forefront of operations in emerging markets
which, combined with the investments made over the past few years and the
operations already in place in these markets, means that it is ideally
positioned to take full advantage of the business opportunities .
It is with this clear emerging market expansion in mind that the Group
continues to increase its international sales teams. We are in the process
of establishing Asian sales teams in China and Thailand to take advantage
of these exciting markets. This is of particular importance as Asia
is the largest investor in India of all continents.
Results
This is the first set of annual results announced under IFRS endorsed for use in
the EU ("adopted IFRSs") with comparatives comprising 2006 final results
restated to comply with adopted IFRSs.
Group turnover on continuing activities for the period was up 52 per cent to
Euro 35.0 million (2006: Euro 23.1. million). Turnover growth is expected to
continue in 2008 with contracted revenue for 2008 currently 40 per cent ahead of
the same point in 2006, after reducing the sales in each period by the effect of
discontinued operations and including the effect of acquisitions made in the
period.
Adjusted EBITDA Profit on continuing activities was Euro 4.6 million (2006:
adjusted EBITDA profit Euro 0.1 million) and the operating profit on continuing
activities was Euro 1.8 million (2006: loss Euro 3.0 million). The profit before
tax on continuing ordinary activities was Euro 1.9 million (2006: loss Euro 3.4
million). Adjusted EBITDA is calculated by taking profit before tax on
continuing activities and adding back amortisation, depreciation, share option
costs, net financing costs, loss on joint ventures and exceptional items. The
profit before tax includes foreign exchange gains of Euro 2.2 million due to the
movements in Polish Zloty and Sterling against the Euro.
Loss on discontinued operations amounting to Euro 2.5 million representing the
losses up to the date of disposal of discontinued operations, this includes the
loss on the disposal of subsidiaries, loss on termination of joint ventures and
associated costs.
The Group's total profit after tax and interest for the period was Euro 0.6
million (2006: loss Euro 16.7 million).
The basic earnings per share was 1 cent (2006: loss 34 cents).
The Board is confident that the turnover and profit will continue to increase in
2008 and in light of this will aim to pay a maiden dividend for the 2008
financial year.
Review of Operations
Russia
The Group's Russian conference business continues to grow substantially with a
120 per cent increase in revenues in the period and a 70 per cent increase in
delegates. This business was profitable in 2007 and is continuing its growth to
achieve the level of synergies required to maximise profits and to capitalise on
its leading position in the Moscow conference market.
In December 2006, the Group announced that it had acquired an 80 per cent
interest in BBPG, a conference and forum events business, which operates
predominantly in Moscow primarily in the food and other retailing sectors. BBPG
currently organises 12 annual events and the Group expects that these will
complement the Group's existing portfolio of events.
In June 2007, Expomedia acquired a 90 per cent interest in Exposystems, which
organises the leading branded IT and telecoms conferences in Moscow.
The Board believes that Russia represents a significant opportunity for the
Group and that it has established the market leading conference company in
Russia with opportunities for further growth. Currently, the Group organises
over 110 conferences employing in excess of 150 people and yet in more mature
markets the industry can sustain more than ten times that number of events. At
present there is no major international competitor in the Moscow market. With
limited acquisition opportunities we believe that there are significant barriers
to entry for any new international company entering the market.
The Group will continue to focus on both developing this business through
organic growth as well as seeking further targeted acquisitions in the
conference and exhibition field.
India
The Board has continued its stated strategy for India of building up its
infrastructure in order to capitalise on what the Board believes is a
significant opportunity for Expomedia in the medium to long term. The market is
evolving and the demand for exhibitions and conferences is expected to grow in
line with what has been seen in recent years in other emerging markets such as
China, Russia and Brazil.
Expomedia aims to be a leading player in this market and the investments made to
date are designed to achieve this.
Exhibitions
Expomedia's Indian exhibition business continues to make good progress. During
the first half of 2007 two events were held, with a further five events being
held in the second half of the year.
The topics include some of the key growth industries for the Indian economy:
construction, paper and pulp, home interiors, lighting, packaging, metallurgy
and mining. We continue the strategy of working closely with local trade
associations and have recently won the contract to run the main lighting event
with the local trade association in 2009. The Group also won the contract to run
the trade association led packaging show, IndiaPack, in 2008.
The Board expects that further events will be added to the portfolio in due
course both by working with local trade associations and then cloning these
events within India itself. The country services over 1 billion people and it is
the Group's aim to have cloned events across the main Indian cities of Delhi,
Mumbai, Chennai, Bangalore and Calcutta starting from 2009.
Conferences
The Indian conference division is operated from Mumbai and 2007 represented a
new start for the business with new expatriate managers brought in to launch the
conference business. Revenues increased only marginally in 2007 and while they
are still relatively modest, it is expected that 2008 will see accelerated
growth as the substantial investment in new staff during 2007 begins to have an
impact.
Venue
In April 2006, Expomedia took over full occupation of the new 28,000 square
metre venue (17,500 square metres of net exhibition space) in Greater Noida, New
Delhi. The venue is located on the outskirts of New Delhi and, similar to ExCel
in London, it will take time for the local infrastructure around the venue to
match the facilities of the venue itself. The venue is continuing to attract
significant interest and we are experiencing increased interest from both local
and international event organisers.
Poland
Conferences
Expomedia has now established itself as the main conference organiser in Poland
both in terms of size and number of events in the market, through its subsidiary
Infor-media Poland.
Expomedia's Polish conference business has sustained the robust growth seen in
2006 with a 65 per cent increase in revenues in the year and a 50 per cent
increase in delegates. We expect that it will continue to grow for the
foreseeable future with a consequent increase in profitability of the overall
business.
Venue
The Warsaw venue has reached effective full capacity at peak times of the year
and it continues to trade well with utilisation constant at approximately 40 per
cent. With the success of the venue and the increase in demand for space, in
2005 the Group acquired the land adjoining the centre with the intention to
build additional exhibition space.
In December 2007, the Board announced that it had completed an investment
agreement with Fortis Lease Polska Sp. Z o.o. ("Fortis") to develop additional
venue space adjacent to its Warsaw Exhibition Venue (EXPO XXI). Fortis is the
Polish property development division of Fortis Bank, a major European financial
institution.
Fortis will construct a 4,000 sq metre exhibition and event hall. Following this
expansion, the Group's Warsaw venue will have a total of 14,000 square metres of
exhibition space.
Under the terms of the agreement, Fortis entered into a sale and finance lease
back agreement with Group for a 7,800 square metre plot of land at a value of
Euro 2.4 million. Expomedia acquired this land in 2005 at a cost of Euro 1.5
million. Fortis will develop the exhibition hall with a capped cost of Euro 8
million, following which our Polish subsidiary will lease the venue back at an
annual rent of Euro 600,000.
It is anticipated that the construction will start in summer 2008 and be
completed by spring 2009.
United Kingdom
In the UK, the Group continued its strategy of acquiring leading brands with the
capability of being cloned into our other core international markets.
In May, the Board announced that Expomedia had acquired a leading brand in
Homebuyer Events Limited ("Homebuyer Events"). Homebuyer Events organise a
series of leading property events including the largest residential investment
property exhibition in the UK, The Property Investor Show. Their brands
complement Expomedia's existing portfolio of real estate exhibitions in Poland
and real estate conferences in Russia, India and Poland. Due to the recent
turmoil in the credit markets and its consequent impact on property markets, we
believe that the Homebuyer events in 2008 will be more challenging than 2007 but
we are confident that, as these events have a market leading position, this will
provide opportunities for Expomedia to consolidate its position in this market.
In June 2007, the Board also announced the acquisition of World Food Market, the
leading UK event for the ethnic and world food markets. The ethnic food market
alone is currently worth £1.8 billion in the UK and is forecast to rise to £2.4
billion by 2009, making it one of the fastest growing sectors in the UK food
industry.
The acquisitions are consistent with the Group's strategy of acquiring leading
brands and topical exhibitions and the Group intends to use its international
standing to increase customers to the events and to clone branded versions of
the events into its other markets.
Mash Media
Mash Media enjoyed a 13 per cent growth in turnover from 2006 to 2007 and
continues to be the leading publishing house for the exhibitions, conference and
events industry. The goal in 2008 for Mash is to continue to create the full
information circle around these industries: to own the magazine, directory,
website, awards and conference for these respective industries and become the
main information link.
Germany
In 2006 the Group entered into a joint venture with Gruner + Jahr ("G+J") to
organise exhibitions in Germany. G+J is part of the Bertelsmann Group and is one
of the largest publishing companies in the world. The Joint Venture uses its
titles to launch events across Germany, which is the largest European exhibition
market and second in the world only to the USA.
The first event for the Joint Venture was the consumer event Eat and Style which
was first held in our Cologne venue in 2006. This event had two editions in 2007
with the successful clone into Hamburg and the Cologne event growing by 80 per
cent. In 2008 it will be cloned into two further cities in Germany, Munich and
Wiesbaden. Plans for further expansion of this title could see a total of six
events being held across Germany.
The Board is currently working on the launch of other live events based on
topics in which G+J have a dominant market share through their consumer magazine
titles and which will follow a similar model of launching and cloning. We
consider that this is the optimal way to leverage the Joint Venture activities
off the successful mass market titles of G+J.
In October we announced that we had acquired the leading brand in parenting
exhibitions in Germany, "Babywelt". These events will be held in six cities in
Germany and the intention is to increase the size and profile of these events,
with a consequent increase in attendance, in conjunction with the market leading
series of titles published by the Eltern magazine group of G+J.
Directorate Change
On 24 September 2007 Nicholas Berry, Non-Executive Director, stepped down from
the Board, due to the pressure of other commitments. Nicholas Berry, a valued
member of the Board since joining in 2002, has retained his shareholding and
remains a long term shareholder in Expomedia. The Board wishes to thank him for
his commitment, advice and involvement in the early stages of Expomedia and its
current realignment, and wishes him well for the future.
Capital Reduction
A resolution will be proposed at the forthcoming Annual General Meeting (AGM) to
carry out a restructure of the Expomedia's capital structure, by way of a
cancellation of its share premium account. If passed, Expomedia may apply to the
High Court to confirm the resolution, whereupon sums to the credit of the share
premium account are credited to the company's profit and loss account, the
excess becoming available as distributable reserves. This process is subject to
an undertaking from Expomedia to the High Court to protect the company's
creditors, which is standard for a company in the position of Expomedia. As a
consequence of the restructure the Group expects to be in position to pay
dividends from future profits earlier than would have been possible otherwise.
Outlook
2007 was a transformational year for the Group, as the Board focused the
business on markets and products that will deliver the greatest return on
investment and where the Group has a demonstrable competitive edge. The Board
believes that the emerging markets will become of even greater importance to the
Group, as internationals look to establish themselves more quickly in these
markets as a result of the down-turn in the US and European economies. Expomedia
is perfectly positioned to capitalise on this and will expand its international
sales teams, particularly in Asia, during 2008.
2007 has been a highly active and profitable period for Expomedia and the
outlook for the Group is very positive. With the twin benefits of a targeted
acquisition strategy supporting strong organic growth, the Board is confident of
the current and future prospects for the Group and in light of this will aim to
pay a maiden dividend for the 2008 financial year.
Chief Executive
Mark Shashoua
Financial Review
To fund Expomedia's rapid expansion, the Group uses a mix of equity, debt and
cash generated from its operations. In addition the Group released in late 2006
a substantial amount of equity through the sale and leaseback of its venue
operations in Poland and in late 2007 through the agreement with Fortis on the
sale and finance leaseback of land in Warsaw associated with the development of
a new exhibition hall.
Capital structure
In 2007, the Group raised Euro 7.7 million of new Sterling bank borrowings to
fund acquisitions in the UK. In addition the Group raised Euro 2.4 million
through the sale and finance leaseback of the land in Warsaw, further details of
which are provided below. As part of this process the Group repaid Euro 1
million of existing facilities obtained during the year which had been secured
on the land.
At the year end, the Group had a cash balance of Euro 6.3 million and bank debt
and overdrafts of Euro 9.2 million, giving net debt excluding finance leases and
other non bank financing of Euro 2.9 million (2006: net cash Euro 9.6 million).
Taking into account the finance lease liability arising from the sale and
leaseback of the Warsaw venue, the financing arrangement with Fortis and other
long term non bank debt, the net debt of the Group is Euro 22.2 million.
Warsaw venue development
In December 2007 we announced that we had completed the sale and leaseback of
land in Warsaw to Fortis Lease Polska Sp. Z o.o. ("Fortis") as part of an
agreement to develop additional venue space adjacent to our Warsaw Exhibition
Venue (EXPO XXI). Fortis is the Polish property development division of Fortis
Bank, a major European financial institution. The total cost of the development
by Fortis will be capped at Euro 8 million. A subsidiary of the Group, Warsaw
International Expocentre Sp. Z o.o, will then lease the finished venue for 15
years at an annual rent of approximately Euro 600,000. At the end of the lease
term, the Group can purchase the exhibition hall from Fortis for Euro 3.9
million.
Balance sheet
At 31 December 2007 the Group had net assets of Euro 27.5 million (2006: Euro
26.8 million). The assets of the Group are largely made up of property plant and
equipment including long leasehold buildings which have a carrying value of Euro
27.4 million (2006: Euro 27.3 million). The net value of intangible assets and
goodwill stands at Euro 30.2 million (2006: Euro 12.4 million), the increase due
to the impact of the acquisition of Homebuyer Events Limited and of other
exhibition and conferences titles in the UK and Russia.
The Group has invested substantial amounts in the development of its event
organising business and this is expensed as it is incurred. The creation of
brands and brand awareness is an essential part of our business but in line with
accounting standards internally generated brands are not reflected in the
balance sheet of the Group.
The Group has substantial assets and liabilities in Poland, therefore changes in
the value of the Polish Zloty against the Euro cause changes in the value of
these assets and liabilities when translated into Euros at the year end exchange
rate.
Taxation
Poland is the only country where the Group currently pays tax. In 2007 we
started to utilise past tax losses in some countries for the first time,
therefore we have recognised the benefit of certain accumulated tax losses in
the current year profit and loss account leading to a net tax credit for the
year of Euro 1.2million. Prevailing tax rates in our other territories are
different than the UK at 19 per cent in Poland, 24 per cent in Russia and 33% in
India.
Foreign currency risk
The Group is exposed to movements in foreign currencies for bank debt, the
translation of net assets and trading transactions. Many of the Group's
transactions are denominated in non-Euro currencies. However to reduce the Group
currency exposure to soft currencies wherever possible the Group prices its
sales outside of the UK in Euros . This reduces the risk associated with
operating in countries where the local currency is subject to volatile
movements.
The Group's bank borrowings are term loans denominated in Euros and Sterling and
are repayable in quarterly instalments from the cash flows of the borrowing
entity. The Group's finance lease obligation is denominated in Euros and is
repayable in equal monthly instalments over the next fourteen years from the
cash flows of the lessee. The Group has recorded a net exchange gain in the
income statement of Euro 2.2 million in 2007 (2006 loss Euro 0.2million). This
is due to the strengthening of the Polish Zloty, in which our Polish operations
account, against the Euro, in which their finance lease obligations are
denominated, and also on the strength of the Euro, in which the Group accounts,
against Sterling, in which it has borrowed for acquisitions in the UK. In both
cases the underlying contractual relationships with customers are largely in the
currency in which the liability are denominated, therefore the exposure is
largely an accounting one and the underlying assets, liabilities and operations
in each territory are effectively hedged. There is a risk that exchange rates
could change such that the Group reports further gains or losses in the future.
Credit risk
The Group's principal financial assets are bank balances and trade receivables..
The Group's credit risk is primarily attributable to its trade receivables. The
amounts presented in the balance sheet are net of allowances for doubtful
receivables. The credit risk on liquid funds and derivative financial
instruments is limited because the counterparties are generally large banks. The
Group has no significant concentration of credit risk, with exposure spread over
a large number of counterparties and customers.
Interest rate risk
The objective of the Group is to maximise investment income and minimise
interest costs, bearing in mind its liquidity requirements. For short-term debt,
such as overdraft facilities floating rates of interest are used. For longer
term debt it is our policy to fix the rates of interest on larger borrowings so
as to minimise the Group's exposure to interest rate movements. It is Group
policy that surplus cash is not invested in instruments that would put the
capital value at risk. All invested funds have a determinable rate of interest.
International financial reporting standards
The financial statements of the Group are presented for the first time under
adopted IFRSs. The impact of the transition to adopted IFRSs is presented in the
notes to the accounts.
Going concern
After making enquiries, the Board has a reasonable expectation that the Group
has adequate resources to continue its operational existence for the foreseeable
future. The Board has arrived at this conclusion after reviewing the projected
working capital for the Group, which demonstrates that the Group's operations
will generate sufficient funds to cover its net current liabilities. For this
reason, the Group continues to adopt the going concern basis in preparing the
accounts.
Post balance sheet events
There are no post balance sheet events to report.
Darra Comyn
Group Finance Director
Consolidated income statement
Year ended 31 Year ended 31
December 2007 December 2006
Euro '000 Euro '000
Revenue including
share of joint
ventures 36,326 24,040
Less: Share of
joint ventures'
revenue (1,345) (971)
------------------------------- ---------- ---------
Group Revenue 34,981 23,069
Cost of Sales (19,827) (12,821)
------------------------------- ---------- ---------
Gross Profit 15,154 10,248
------------------------------- ---------- ---------
Net administrative
expenses before
exceptional items,
amortisation and
depreciation (11,055) (10,510)
Exceptional items - (929)
Amortisation of
intangible assets (1,039) (429)
Depreciation of
property, plant
and equipment (1,217) (1,372)
------------------------------- ---------- ---------
------------------------------- ---------- ---------
Group
administrative
expenses (13,311) (13,240)
------------------------------- ---------- ---------
Profit / (loss)
from operations 1,843 (2,992)
Finance income 2,454 246
Financing cost (1,953) (644)
------------------------------- ---------- ---------
Net financing
income / (costs) 501 (398)
------------------------------- ---------- ---------
Share of loss of
joint ventures (488) (44)
------------------------------- ---------- ---------
Profit / (loss)
before tax 1,856 (3,434)
Income tax income
/ (expense) 1,221 (251)
------------------------------- ---------- ---------
Profit / (loss)
after tax 3,077 (3,685)
Discontinued operations
Loss from
discontinued
operations (net of
tax) (2,523) (13,034)
------------------------------- ---------- ---------
Profit/ (loss)
after discontinued
operations for the
year 554 (16,719)
------------------------------- ---------- ---------
Attributable to:
Equity holders of
parent 804 (16,115)
Minority interests
(equity interests) (250) (604)
------------------------------- ---------- ---------
Profit / (loss)
for the year 554 (16,719)
=============================== ========== =========
Earnings per share
Basic and diluted
loss per share
(Euro ) 0.01 (0.34)
Earnings per share from continuing operations
Basic and diluted
earnings per share
(Euro ) 0.06 (0.08)
Consolidated statement of recognised income and expense
Year ended Year ended 31
31 December December
2007 2006
Euro '000 Euro '000
Foreign exchange translation
diffrences (179) (145)
--------- --------
Net income recognised directly in
equity (179) (145)
Profit/ (Loss) for the year 554 (16,719)
--------- --------
Recognised income and expense 375 (16,864)
Recognised income and expense for the period
is attributable to :
Equity holders of the parent 625 (16,260)
Minority interest (250) (604)
--------- --------
375 (16,864)
========= ========
Consolidated balance sheet
31 December 2007 31 December 2006
Euro '000 Euro '000
Non-current assets
Goodwill 17,064 7,970
Other intangible assets 13,160 4,430
Property, plant and equipment 27,405 27,336
Investments accounted for using the
equity method 572 472
Lease prepayment 2,486 2,486
Deferred tax assets 2,295 717
--------- ---------
Total non-current assets 62,982 43,411
--------- ---------
Current assets
Trade and other receivables 10,542 6,639
Cash and cash equivalents 5,876 14,164
Assets classified as held for sale 1,050 -
--------- ---------
Total current assets 17,468 20,803
--------- ---------
--------- ---------
Total assets 80,450 64,214
--------- ---------
Current liabilities
Loans and borrowings (3,973) (1,836)
Trade and other payables (5,117) (4,565)
Obligation under finance lease and hire
-purchase contract (707) (665)
Accruals and deferred income (7,582) (5,846)
Liabilities classified as held for sale (885) -
--------- ---------
Total current liabilities (18,264) (12,912)
--------- ---------
Total non current liabilities
Loans and borrowings (7,955) (4,344)
Obligation under finance lease and hire
-purchase contract (19,083) (17,421)
Provisions (3,711) (884)
Deferred tax liabilities (3,969) (1,880)
--------- ---------
Total non current liabilities (34,718) (24,529)
--------- ---------
--------- ---------
Total liabilities (52,,982) (37,441)
--------- ---------
--------- ---------
Net assets 27,468 26,773
========= =========
Equity
Issued Capital 3,972 3,972
Share premium 33,733 33,732
Merger Reserve 15,556 15,556
Hedging reserve (159) -
Own shares reserve (1,889) (1,731)
Translation reserve 432 614
Retained earnings (23,767) (25,105)
--------- ---------
Equity attributable to equity holders of
parent 27,878 27,038
--------- ---------
Minority interests (410) (265)
--------- ---------
Total equity 27,468 26,773
========= =========
Consolidated Statement of Cash Flow
Year ended 31 Year ended 31
December 2007 December 2006
Euro '000 Euro '000
Cash flows from operating activities
Profit/(loss) for
the year 554 (16,719)
Share of loss of
joint ventures 488 44
Foreign exchange
gains (2,244) 242
Interest income (210) (85)
Interest expense 1,953 457
Loss from
discontinued
operations 2,523 13,034
Income tax
(income) / expense (1,221) 251
Depreciation of
property, plant
and equipment 1,217 1,372
Amortisation of
intangible assets 1,039 429
Share option
charge 500 383
--------- ---------
Operating profit
before changes in
working capital 4,599 (592)
Decrease/
(increase) in trade
and other
receivables (1,024) 1,230
Increase in trade
and other payables 739 120
--------- ---------
Cash generated
from operations 4,314 758
Interest paid (1,953) (457)
Income tax paid (238) (1,173)
--------- ---------
Net cash used in
operating
activities 2,123 (872)
Cash flows from investing activities
Interest received 210 85
Disposal of
subsidiary net of
cash disposed of 80 (293)
Acquisition of
subsidiary
undertaking net of
cash acquired (13,568) (1,389)
Acquisition of
goodwill and other
ntangible assets (2,962) (4,063)
Acquisition of
property, plant
and equipment (981) (1,483)
Joint venture
funding (200) (812)
Fundning of
discontinued
activities (934) (1,575)
--------- ---------
Net cash from
investing
activities (18,355) (9,530)
Cash flows from financing activities
Shares purchased (158) (35)
New long-term loan 7,575 3,110
Repayment of
borrowings (1,967) (3,983)
Proceeds of
finance lease 2,370 18,086
--------- ---------
Net cash inflow
from financing
activities 7,820 17,178
Net
increase/(decrease)
in cash and cash
equivalents (8,412) 6,776
--------- ---------
Cash and cash
equivalents at 1
January 14,164 7,687
Effect of exchange
rate fluctuations
on cash held 124 (299)
--------- ---------
Cash and cash
equivalents at 31
December 5,876 14,164
========= =========
Notes
1. Basis of preparation and compliance
The financial information set out above does not constitute the Group's
statutory accounts for the year ended 31 December 2007. The financial
information for 2007 is derived from the audited statutory accounts for 2007
which were approved by the Board of Directors on 10 March 2008 and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting.
Copies of the statutory accounts will be posted to shareholders on 3 April 2008.
Additional copies will be available from the registered office of Expomedia
Group Plc, Meridien House, 69-71 Clarendon Road, Watford WD17 1DS.
Expomedia Group Plc is a UK AIM listed company, which together with its
subsidiary operations is hereafter referred to as the "Group". The Group is
required by AIM regulations to prepare its consolidated financial statements in
accordance with International Financial Reporting Standards ("IFRS") as endorsed
by the European Union ("adopted IFRSs) for financial years beginning from 1
January 2007. As the Group is required to publish comparative information for
this period on a consistent basis its effective transition date to IFRS is 1
January 2006.
The preparation of financial statements under adopted IFRS requires the
Directors to make judgements, estimates and assumptions that affect the
application of the policies and the reported amounts of assets and liabilities,
and income and expenses.
These estimates and underlying assumptions are subject to regular review.
Changes to estimates and assumptions are reflected in the financial statements
in the period in which they are made.
The statements are presented in Euro '000s and have been prepared under adopted
IFRSs using the historical cost convention, with the exceptions that certain
financial instruments are shown at fair value in accordance with IAS 32 and IAS
39. Non-current assets and disposal groups held for sale are stated at the lower
of previous carrying amount and fair value less costs to sell.
The comparative figures for the financial year ended 31 December 2006 are not
the company's statutory accounts for that financial period. The comparatives are
the results for the year from the transition date of 1 January 2006, restated in
accordance with adopted IFRSs, for the details see Note 8. The statutory
accounts for the year ended 31 December 2006, which were prepared under UK GAAP,
have been reported on by the company's auditors and delivered to the Registrar
of Companies. The report of the auditors was unqualified and did not contain
statements under Section 237 (2) or (3) of the Companies Act 1985.
2. Earnings per share
Basic earnings per share has been based on the loss for the financial period
divided by the weighted average number of ordinary shares in issue of 48,536,911
(December 2006: 48,880,369). Diluted earnings per share has been based on the
profit for the financial period divided by the diluted weighted average number
of ordinary shares of 50,765,655 (December 2006: 50,976,609).
3. Reconciliation of profit on activities before taxation to adjusted EBITDA
------------------------------- ----------- -----------
Year ended Year ended
31 December 31 December
2007 2006
Continuing Continuing
Euro '000 Euro '000
------------------------------- ----------- -----------
Operating profit / (loss) 1,843 (2,992)
Depreciation and amortisation 2,256 1,801
Share option costs 500 389
Exceptional items - 929
------------------------------- ----------- -----------
Adjusted EBITDA 4,599 127
------------------------------- ----------- -----------
The adjusted EBITDA is referred to in the operating review and is used by the
management of the Group as an indicator of the overall financial performance of
the Group as they believe it provides a better guide to the ongoing
profitability of the group's operating activity.
4. Exceptional loss
In 2006 The Group incurred costs in connection with the termination of a joint
venture agreement, under which the Group become responsible for all of the
operations of the joint venture. The costs incurred included the building of a
database system, consultancy fees and sales and marketing resources including
websites and training. The expenditure was necessary to continue operation of
the joint venture in the absence of the other party to the joint venture.
5. Acquisition of Homebuyer Events Ltd
On 24th May 2007 the Group acquired all of the shares of Homebuyer Events Ltd.
Homebuyer Events organises a series of leading property events including the
largest residential investment property exhibition in the UK, The Property
Investor Show. Due to the fact the year end of the Homebuyer Events Ltd is 30th
of April and therefore differs, by more than 3 months, from the year end of the
parent company, additional financial information was prepared by the management
of Homebuyer Events Ltd as at 31st December 2007 for consolidation purposes.
In the 7 months to 31st December 2007 the subsidiary contributed net profit of
Euro 1,65 million to the consolidated net profit for the year. If the
acquisition had occurred on 1st January 2007, group revenue would have been an
estimated Euro 38,4 million and net profit of the Group would have been an
estimated Euro 1,7 million. In determining these amounts, management has assumed
that the fair value adjustments that arose on the date of acquisition would have
been the same if the acquisition occurred on 1st January 2007.
The assets and liabilities acquired and the goodwill arising on the acquisition
are as follows:
Fair Value
Euro '000
Acquiree's net assets at the date of acquisition:
Property, Plant and equipment 22
Trade and other debtors 5,170
Cash and cash equivalents 1,006
Trade and other payables (3,620)
Other intangible assets 6,873
Deferred Tax liability (1,824)
-----------
Net identifiable assets and liabilities 7,627
Goodwill on acquisition 9,705
-----------
Total 17,332
===========
Consideration:
Satisfied in cash 13,981
Deferred consideration 2,912
Expenses 439
-----------
Total 17,332
===========
Consideration paid in cash 13,981
Cash acquired (1,006)
-----------
Net cash outflow 12,975
===========
Goodwill recognised in the above acquisitions represents intangible assets that
are not capable of being separately measured reliably and are not allowed under
IFRS3 to be separately identified. This includes the value of an established
workforce together with cost and revenue synergies achieved by integration with
Expomedia Group providing access to international markets, sales teams and
international locations and other benefits of being part of the larger, more
diversified organisation.
6. Discontinued operations
Discontinued operations in the current period relate to a terminated joint
venture in Holland, disposed investment in Group's subsidiary IEC Sarl in Morcco
and operations held for sale in Hungary and Germany. The loss on discontinued
operations is made up of an operating loss of Euro 3.9 million and a gain on
disposal of Euro 1.4 million.
Discontinued operations in year ended 31 December 2006 relate to the disposal of
the group's investments in Expocentres
Eastern Europe Limited and Expo Sports Centre Limited in addition to the results
of the operations discontinued in 2007.
7. Tax recognised in income statement
Year ended Year ended
31 December 2007 31 December 2006
Euro '000 Euro '000
---------------------------------- --------- ---------
Current tax expense
UK corporation tax - -
Total foreign taxation 238 993
---------------------------------- --------- ---------
238 993
Deferred tax credit
Origination and reversal of timing
differences 107 (717)
Recognition of previously unrecognised
tax losses (1,492) -
---------------------------------- --------- ---------
Deferred tax (credit)/ expense (1,385) (717)
---------------------------------- --------- ---------
Share of tax of equity accounted
investees (74) -
Tax (credit)/expense in income statement (1,221) 251
Tax on discontinued operation 13 25
---------------------------------- --------- ---------
Total tax (credit)/expense (1,208) 276
---------------------------------- --------- ---------
8. Explanation of transition to Adopted IFRSs
Expomedia Group plc has prepared its financial statements in accordance with
International Financial Reporting Standards as adopted by the EU ("Adopted
IFRSs") including International Accounting Standards ('IAS') and interpretations
published by the International Accounting Standards Board ('IASB') and its
committees, as adopted for use in the EU, with effect from the year ended 31
December 2007.
This analysis explains how the Group's previously reported UK GAAP financial
performance and position have been reported under Adopted IFRSs. It provides on
an Adopted IFRS basis reconciliations from UK GAAP to IFRS for the following:
* the Group's consolidated income statement for the year ended 31 December
2006
* the Group's consolidated balance sheet as at 31 December 2006
* the Group's consolidated balance sheet as at 1 January 2006
In preparing its opening IFRS balance sheet, the Group has adjusted amounts
reported previously in financial statements prepared in accordance with its old
basis of accounting (UK GAAP).
The company published full disclosures relating to the adoption of IFRS
immediately prior to the release of its first IFRS financial information, for
the period ended 30 June 2007. However, the company has also since identified
certain corrections to the previously reported UK GAAP amounts. Accordingly, the
previously published transitional disclosures have been updated and the impact
of these corrections are separately identified and explained in the updated key
transitional disclosures below.
Summary of impact of IFRS
IFRS does not affect the underlying business performance of the Group and has no
impact on cash generated from operations.
The most significant presentational impact on the loss before tax for the year
ended 31 December 2006 is the reclassification of the loss on discontinued
operations which is disclosed below the profit after tax line under IFRS 5. This
reclassification results in a Euro 12.1m reduction in reported loss before tax
for the year ended 31 December 2006, comprising the reclassification of
operations discontinued in 2006 (Euro 10,677,000 loss before tax) and those
subsequently discontinued (Euro 2,332,000 loss before tax). Excluding this
reclassification, the net impact on reported loss before tax for the year ended
31 December 2006 is an improvement of Euro 288,000, which is principally due to
a reduced amortisation charge. The table below sets out the key changes:
31 December 2006
loss before tax
Euro '000
UK GAAP originally reported (15,314)
Correction of errors (see below) (1,401)
----------------
UK GAAP restated (16,715)
Goodwill amortisation added back 391
Amortisation of newly recognised intangibles (92)
Negative goodwill adjusted (15)
Reclassify operations discontinued in 2006 10,677
Operations discontinued in 2007 2,332
Other 4
----------------
IFRS (3,418)
----------------
Corrections of errors in the 2006 UK GAAP accounts
During 2006, the company acquired 1,700,000 of its own shares for the Expomedia
Employee Benefit Trust, funded by way of a loan from the vendor of the shares.
An exceptional gain of Euro 1,401,000 was recognized in the 2006 profit and loss
account, being the difference between the fair value of the loan received and
the amount repayable to the vendor of Euro 3,000,000. The 1,700,000 shares were
accounted for as a purchase of own shares at a cost of Euro 3,000,000, their
market value at the date of the transaction. No cash was received in respect of
the loan or paid out to acquire the company's own shares.
Subsequent to publication of the company's 2006 UK GAAP accounts and its interim
results for the six months ended 30 June 2007, prepared in accordance with
Adopted IFRS, the company has been in discussions with the Financial Reporting
Review Panel ("the Panel"), and has concluded that the purchase of own shares
and the receipt of an associated and favourable loan, should have instead been
considered as a single transaction and accounted for accordingly.
The consideration deducted from reserves in respect of the purchased shares
should have been the fair value of the loan received to finance the purchase of
Euro 1,599,000 rather than Euro 3,000,000 and no exceptional gain should have
been recognized in the 2006 consolidated profit and loss account. This revised
treatment properly reflects the overall commercial effect of the transaction and
is consistent with the requirements of FRS5 "Reporting the Substance of
Transactions", and also with UITF Abstract 38 "Accounting for ESOP Trusts which
prohibits a gain or loss arising on purchase of a company's own shares when
acquired for an employee trust. The reported UK GAAP loss before tax for 2006 of
Euro 15,314,000 was therefore understated by Euro 1,401,000 and the debit
balance on the own share reserve in the balance sheet was overstated by the same
amount. There was no impact on overall net assets.
The directors have corrected the accounting treatment by adjusting the UK GAAP
balances in the profit and loss account and own share reserves at 31 December
2006, and in the income statement for the year then ended, in the updated IFRS
transitional disclosures below.
In addition the directors have also identified that the net credit of Euro
383,000 in respect of share option charges under FRS20 was incorrectly recorded
in the share premium account in 2006. The credit should instead have been
recorded in Retained Earnings. This has been corrected by adjusting the share
premium account and retained earnings at 1st January 2006 and at 31 December
2006 in the updated IFRS transitional disclosures below by the cumulative credit
of Euro 798,000 (representing total amount credited from 2003 to 2006).
Reconciliation of profit from UK Gaap to UK GAAP Correction Reclassification Other IFRS
IFRS for the year ended 31 December 2006 of errors effect of effects of
previously transition to transition
reported IFRS to IFRS
Euro '000 Euro '000 Euro '000 Euro '000 Euro '000
Revenue
including
share of joint
ventures 32,256 - (8,216) - 24,040
Less: share of
joint
ventures'
revenue (4,420) - 3,449 - (971)
-------- -------- --------- ------- -------
Group Revenue 27,836 - (4,767) - 23,069
Cost of Sales (17,631) - 4,810 - (12,821)
-------- -------- --------- ------- -------
Gross Profit 10,205 - 43 - 10,248
----------------- -------- -------- --------- ------- --- -------
Net
administrative
expenses
before
exceptional
items,
amortisation
and
depreciation (15,072) - 4,578 (16) (10,510)
Exceptional
items 472 (1,401) - - (929)
----------------- -------- -------- --------- ------- --- -------
Amortisation
of intangible
assets - - (517) 88 (429)
Depreciation
of property,
plant and
equipment - - (1,572) 200 (1,372)
Profit on sale of investments - - - - -
-------- -------- --------- ------- -------
Group
administrative
expenses (14,600) (1,401) 2,489 272 (13,240)
-------- -------- --------- ------- -------
Profit /
(loss) from
operations (4,395) (1,401) 2,532 272 (2,992)
Finance income 260 - (14) - 246
Financing cost (874) - 230 - (644)
-------- -------- --------- ------- -------
Net financing
costs (614) - 216 - (398)
-------- -------- --------- ------- -------
Share of loss
of joint
ventures (1,411) - 1,367 - (44)
-------- -------- --------- ------- -------
Profit before
tax (6,420) (1,401) 4,115 272 (3,434)
Income tax
expense (276) - 25 - (251)
-------- -------- --------- ------- -------
Profit after
tax but before
loss on
discontinued
operations (6,696) (1,401) 4,140 272 (3,685)
Profit (Loss)
from
discontinued
operations
(net of tax) (8,894) - (4,140) - (13,034)
-------- -------- --------- ------- -------
Profit/ (Loss)
for the period (15,590) (1,401) (0) 272 (16,719)
-------- -------- --------- ------- -------
Attributable to:
Equity holders
of the parent (14,986) (1,401) - 272 (16,115)
Minority
interests (604) - - - (604)
-------- -------- --------- ------- -------
Profit/ (loss)
for the period (15,590) (1,401) - 272 (16,719)
======== ======== ========= ======= =======
Effect of transition to IFRS
------------------------------
IAS 38
Goodwill
amortisation
added back 391
IAS 38
Intangibles
asset
amortisation (108)
IFRS 3 Remove
negative
Goodwill (15)
Other 4
-------
Total effect
of transition
to IFRS 272
Loss for the
period under
UK GAAP (16,991)
Loss for the
period under
IFRS (16,719)
=======
Reconciliation of equity from UK Gaap to IFRS at 1 January 2006 UK GAAP Correction Effect of IFRS
of errors transition
previously to IFRS
reported
Euro '000 Euro '000 Euro '000 Euro '000
Assets
Goodwill 4,648 - - 4,648
Negative
goodwill (768) - 768 -
Other
intangible
assets 2,540 - 292 2,832
Property,
plant and
equipment 40,400 - (3,161) 37,239
Investments
accounted for
using the
equity method (767) - - (767)
Lease
prepayment - - 2,486 2,486
-------- ------- ------- --------
Total
non-current
assets 46,053 - 385 46,438
-------- ------- ------- --------
Trade and
other
receivables 9,247 - - 9,247
Cash and cash
equivalents 7,687 - - 7,687
-------- ------- ------- --------
Total current
assets 16,934 - - 16,934
-------- ------- ------- --------
-------- ------- ------- --------
Total assets 62,987 - 385 63,372
-------- ------- ------- --------
Current liabilities
Interest
bearing loans
and borrowings (435) - - (435)
Trade and
other payables (3,380) - - (3,380)
Accruals and
deferred
income (3,939) - (60) (3,999)
Deferred tax
liabilities (26) - 26 -
-------- ------- ------- --------
(7,780) - (34) (7,814)
-------- ------- ------- --------
Total non - current liabilities
Interest
bearing loans
and borrowings (4,035) - (1,599) (5,634)
Other creditors (1,467) - 1,599 132
Deferred tax
liabilities - - (1,985) (1,985)
-------- ------- ------- --------
(5,502) - (1,985) (7,487)
-------- ------- ------- --------
-------- ------- ------- --------
Total
liabilities (13,282) - (2,019) (15,301)
-------- ------- ------- --------
-------- ------- ------- --------
Net assets 49,705 - (1,634) 48,071
======== ======= ======= ========
Equity
Issued Capital 3,972 - - 3,972
Share premium 34,147 (415) - 33,732
Revaluation
reserve 7,953 (7,953) -
Merger reserve 15,556 - 15,556
Own shares
reserve (97) - (97)
Translation
reserve - - 759 759
Retained
earnings (15,413) 415 5,560 (9,438)
-------- ------- ------- --------
Equity
attributable
to equity
holders of
parent 46,118 - (1,634) 44,484
-------- ------- ------- --------
Minority
interests 3,587 - - 3,587
-------- ------- ------- --------
Total equity 49,705 - (1,634) 48,071
======== ======= ======= ========
Effect of transition to IFRS
------------------------------
IFRS 3
Negative
goodwill
transferred to
reserves 768
IAS 12
Deferred tax
on property
revaluation (1,959)
IAS 19
Employee
benefits,
accrual for
holiday pay (60)
Previously
capitalised
costs written
off (383)
--------
Total effect
of transition
to IFRS (1,634)
Total equity
under UK GAAP 49,705
--------
Total equity
under IFRS 48,071
========
========
Reconciliation of equity from UK Gaap to IFRS at 31 December 2006 UK GAAP Correction Effect of IFRS
of errors transition
previously to IFRS
reported
Euro '000 Euro '000 Euro '000 Euro '000
Assets
Goodwill 9,484 - (1,514) 7,970
Negative
goodwill (754) 754 -
Other
intangible
assets 1,794 - 2,636 4,430
Property,
plant and
equipment 31,025 - (3,689) 27,336
Investments
accounted for
using the
equity method 472 - - 472
Lease
prepayment - - 2,486 2,486
Deferred tax
assets - - 717 717
-------- ------- ------- --------
Total
non-current
assets 42,021 - 1,390 43,411
-------- ------- ------- --------
Trade and
other
receivables 6,639 - - 6,639
Deferred tax
asset 717 (717) -
Cash and cash
equivalents 14,164 - - 14,164
Assets classified as held for sale - - - -
-------- ------- ------- --------
Total current
assets 21,520 - (717) 20,803
-------- ------- ------- --------
-------- ------- ------- --------
Total assets 63,541 - 673 64,214
-------- ------- ------- --------
Current liabilities
Interest
bearing loans
and borrowings (1,836) - - (1,836)
Trade and
other payables (4,565) - - (4,565)
Obligation
under finance
lease and hire
-purchase
contract (665) - - (665)
Accruals and
deferred
income (5,756) - (90) (5,846)
Liabilities classified as held for sale - - - -
-------- ------- ------- --------
(12,822) - (90) (12,912)
-------- ------- ------- --------
Total non - current liabilities
Interest
bearing loans
and borrowings (1,860) - (1,599) (4,344)
Obligation
under finance
lease and hire
-purchase
contract (17,421) - - (17,421)
Other creditors (3,368) - 1,599 (884)
Deferred tax
liabilities - - (1,880) (1,880)
-------- ------- ------- --------
(22,649) - (1,880) (24,529)
-------- ------- ------- --------
-------- ------- ------- --------
Total
liabilities (35,471) - (1,970) (37,441)
-------- ------- ------- --------
-------- ------- ------- --------
Net assets 28,070 - (1,297) 26,773
======== ======= ======= ========
Equity
Issued Capital 3,972 - - 3,972
Share premium 34,530 (798) - 33,732
Other reserves 20,377 1,401 (7,953) 13,825
Retained
earnings (30,544) (603) 6,656 (24,491)
-------- ------- ------- --------
Equity
attributable
to equity
holders of
parent 28,355 - (1,297) 27,038
-------- ------- ------- --------
Minority
interests (265) - - (265)
-------- ------- ------- --------
Total equity 28,070 - (1,297) 26,773
======== ======= ======= ========
Effect of transition to IFRS
------------------------------
IAS 36 remove
goodwill
amortisation 391
IAS 38
amortisation
of newly
recognised
intangibles (108)
IFRS 3
negative
goodwill
transferred to
reserves 753
Previously
capitalised
costs written
off (363)
IAS 12
deferred tax
on revaluation
of land and
buildings (1,880)
IAS 19
employee
benefits,
accrual for
holiday pay (74)
Other (16)
--------
Total effect
of transition
to IFRS (1,297)
Total equity
at 31 December
2006 under UK
GAAP 28,070
--------
Total equity
at 31December
2006 under
IFRS 26,773
========
The effect of transition adjustments to IFRS includes the following
reclassifications: |Deferred tax asset from current assets to non current
assets, computer software from property plant and equipment to other intangible
assets and leasehold land to lease prepayment..
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FKKKKKBKKNND
1 Year Expomedia Chart |
1 Month Expomedia Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
