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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Intl.Marketing | LSE:IMSG | London | Ordinary Share | JE00B1YBMP41 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
IMSG International Marketing & Sales Group Limited Audited results for the year ended 31 December 2007 International Marketing & Sales Group Limited ("IMSG"), the emerging markets focused sales & marketing company, today announces audited results for the year ended 31 December 2007. Financial Highlights -- Revenue up 61% from US$96.5 million to US$155.2 million -- Organic Revenue up 29% to US$125.0 million -- Gross profit up 52% from US$33.8 million to US$51.2 million -- Profit before tax up 22% from US$7.8 million to US$9.5 million -- Raised US$31.4 million (£15.8 million before expenses) during 2007, via an institutional placing of a total of 8.89 million shares in three tranches (5.34 million on 16 May, 2.15 million on 31 July, 1.4 million on 2 August) to fund the Group's acquisition strategy -- Cash of US$8.3 million as at 31 December 2007 (US$11.9 million as at 31 December 2006) Operating Highlights -- At 31 December 2007, the Group operated across 14 countries, the majority of which are situated in the emerging markets. In 2007 the Group expanded into the following countries: Greece, Romania, Bulgaria, UK, and Armenia. -- In 2007 the Group successfully completed eight acquisitions: -- Tarantula, an integrated communications agency in Russia -- MAPP & Promer, a sales & marketing agency in Turkey -- Pragma Consulting, a UK based research and strategic marketing consultancy -- V+O, a business and marketing communication consultancy with offices in Athens, Sofia and Bucharest -- Friends Group, a Romanian full service communications agency, -- Zap Medya, an online marketing and advertising services agency based in Turkey -- Shared Value, an integrated financial public relations and investor relations consultancy -- BIP Grup, a Bucharest-based trade marketing agency -- In 2007 the revenues of the Group in its core Russian & CIS market were up 49% to US$90.1 million, which is substantially higher than average growth rates in the domestic advertising market. -- In 2007 the Group's continued expansion into other markets reflected in the % revenue split on a geographic basis in 2007 (2006): Russia 58% (63%), Turkey 21% (24%), Hungary 9% (7%), India 3% (3%), Romania 3% (0%), Greece 3% (0%), UK 2% (0%) and Other 1% (3%). -- Emerging markets continued to develop rapidly in 2007. For example, the GDP of Russia increased by 30%; India by 14%; Turkey by 7% and Hungary by 6% (in nominal dollar terms).(1) -- The holding company of the Group was changed under a Scheme of Arrangement from Ireland to Jersey. The Scheme comprised a share-for-share offer, whereby existing IMSG shares were cancelled and replaced by IMSG Jersey Shares on a one-for-one basis. The Scheme became effective upon the filing of the Court Order sanctioning the Scheme on 17 July 2007 and the Shares of IMSG Jersey were admitted to trading on AIM on 19 July 2007. Post balance sheet events: -- In January 2008, IMSG announced its offer for the entire issued share capital of ONE Media, one of the leading direct marketing companies in the Nordic Region. At the end of the acceptance period for the Offer on 6 May 2008, IMSG had received acceptances in respect of 95.33% of the issued share capital of ONE Media. A total of 5,656,777 ordinary shares in IMSG have been issued in respect of accepting shareholders in ONE Media. ONE Media's expertise in the field of direct marketing, which is the fastest growing form of marketing communications, complements IMSG's existing offering and IMSG is now very well positioned to meet the demand among international and local businesses for direct marketing services in emerging markets. IMSG is now a full service provider able to offer multi channel marketing services to its customer base across a wider geographic footprint stretching from the Nordic Region across Eastern Europe into Russia and Turkey. -- On 2 May 2008, IMSG completed the acquisition of Elektrik IIetisim Organizasyon Hizmetleri Limited Sirketi ('Elektrik'), the Turkish events organising agency established in 2006. In addition to event planning/organising, Elektrik's core business is through the line marketing & communication services. Amongst its clients are some prestigious Turkish banks and multinational companies such as Yapi Kredi Bank, Tekstilbank, Shell, Aviva Insurance Company and Eli Lilly. The acquisition will provide IMSG with an expanded presence in the fast-growing Turkish market and the agency will be integrated under IMSG's umbrella of event businesses branded One2Remember. -- The new financial year has opened with the business continuing to grow in line with management expectations. -- A two-tiered management group structure has been put in place with a Supervisory Board and an Operational Board. The latter comprises key service area leaders to focus on the development and management of the business on an operational basis. -- The Supervisory Board will continue to drive strategy and corporate governance and has been enhanced by the recent appointment of two new non-executives: Thomas Heldge Rud Gad and Simon James Crookenden Dunlop, who were appointed with effect from 18 April, 2008. -- Mr Gad, aged 57, is founder and director of Stockholm based Brandflight AB, a brand strategy consultancy and a branding advisory company with offices in Stockholm, London, Moscow, Hamburg, Paris and Johannesburg. He has worked on brand development, communication and advertising for some of the best known companies in the world, including Nokia (where he co-created the famous slogan "Connecting People"), SAS Scandinavian Airlines, Procter & Gamble, Compaq, Microsoft, Telia, SEB, and Nordea. Thomas is the author of the bestselling '4-D Branding' published in 2001 and the co-author of 'Managing Brand Me', published in 2002. As well as writing, Thomas gives lectures on branding across the world and he is the founder of Medinge Group, an international think-tank on branding. Thomas was Creative Director at Grey Advertising for 17 years. -- Mr Dunlop, aged 40, is a founding partner and director of EmCo Capital Partners Ltd, a private equity investment group based in Moscow and focused on the Russian consumer market. Simon is also Chairman of Russian Cinema Holdings Ltd., one of Russia's leading regional operators of multiplex cinemas and bowling alleys and co-founder and Chairman of Greenleaf Ingredients OOO in Russia. Previously, until 2006, Simon was Director of Strategic Planning of Bridgetown Snackfoods OOO, one of the leading manufacturers of Snackfoods in the CIS, which he co-founded in 1999. Simon's past appointments also include Head of Sales, distribution and logistics for Philip Morris Russia, where he developed and implemented a sales and distribution strategy for the full portfolio of PM products in Russia. -- Following the appointment of Mr Gad and Mr Dunlop, Mr Nicholas Martin Rossiter, who had been a non-executive director since 2002, tendered his resignation due to his other business commitments. -- The Group has also put in place a new streamlined management system in Russia, with Mark Huntley as chairman of the Russian board of 6 directors resident in Russia. Mark has over 20 years of agency management experience which began in one of the UK's largest public agencies, KLP. He ran many multi-million pound, integrated, through the line marketing campaigns for household names such as Andrex and Cadbury, before founding Tarantula International in 1998. Tarantula was an independent, emerging markets focused network, operating in 7 countries including China, Thailand and Russia, employing more than 180 people in 14 offices and with revenues exceeding US$40m. IMSG's acquisition of Tarantula Russia brought Mark into Group management in 2007. Tarantula UK was acquired by WPP in 2003 and Tarantula China by Omnicom in 2004. The other directors of the Russian board are: Adrian Stewart, Natalya Petlyakova-Frahm, Polina Horton, Victor Shikin and Yaroslav Plink. -- The continued expansion of the Group has resulted in the recognition that additional central management resource will help ensure that the growth and focus of the business are maintained. On 1 April 2008 Nick Harmer was hired as Business Systems Director. Mr Harmer has previous relevant industry experience having been with WPP, Cordiant Communications and Saatchi and Saatchi where he held the position of Worldwide Financial Systems Director and Head of Audit. (1) Source: GroupM Commenting on the results, Greg Thain, Chairman of the Group said: "2007 was an exciting year for the Group and we are pleased to report a satisfactory outcome at the full year. The focus in 2007 was on delivering on operational objectives and the continued expansion of the Group's service offering across the emerging markets. "Trading across the Group is currently good and we are encouraged by the continued progress we are making in winning new work and expanding current work across the Group. We are pleased to report that the Group's development continues to outperform that of the markets in which it operates. This reinforces our confidence in the Group's long-term strategy to develop IMSG, through a combination of organic and acquisitive growth, to be the leading marketing services group focused on emerging market countries. "While we continue to negotiate further acquisitions, part of the focus for the next two years will be on growing organically and enhancing the Company's service offerings and expertise across emerging markets." Chairman's statement Results 2007 was a year of strong growth for the Group and I am pleased to report a good outcome at the full year. The highlights of 2007 were a 61% growth in revenue to US$155.2 million resulting in 22% growth in pre-tax profit to US$9.5 million. Adjusting pre-tax profit for the following exceptional charges; the holding company reorganisation to Jersey from Ireland of US$0.3 million and the office move in Russia of US$0.2 million, would result in a pre-tax profit of US$10.0 million providing an effective growth of 28%. During the year a further 8 businesses were acquired: Tarantula, MAPP & Promer, Pragma, Friends, V&O, ZAP, Shared Value and BIP. IMSG remains one of the largest and fastest growing marketing services holding companies worldwide and, we believe, the only such company with a focus on the emerging markets. At year-end the group operated across 14 countries, the majority of which are situated in the emerging markets which continue to expand and grow ahead of most economic forecasts. There is no doubt in our minds that the emerging markets remain the correct focus for the Group. Organic Business In 2007 the revenues of the Group in its core Russian & CIS market were up 49% to US$90.1 million with organic growth of 40%. The Group's total organic growth in 2007 of 29% remains substantially higher than that of the domestic advertising market. By the end of 2007, the Group had developed to cover 5 main sectors of activity which can be defined as follows; * Outsourced Sales & Trade Marketing * Events & Consumer Marketing * Multi Channel Marketing * Retail Marketing & Consultancy * PR & IR It is our belief that there is significant demand in emerging markets for all 5 of these areas and that IMSG should be able to achieve significant growth in each over the next few years. Each of the business areas is managed by one or more experienced directors, who form the core of an Operational Board that consists of main Business Units Directors, who manage the day-to-day operations of IMSG. Sales and marketing services is one of the fastest growing media markets in Russia. In 2007 the expenditure on "below-the-line" advertising by Russian companies was up by 29% from 2006. Acquisitions On Admission to trading on AIM in December 2005, we set out our strategy for growth, to be achieved both organically and by acquisition. In line with this strategy I am pleased to be able to report the completion of eight further acquisitions in 2007, which are the building blocks for the further development of the Group. The 2007 acquisitions were; Tarantula: a Moscow based consumer marketing agency working for major multinational clients. MAPP & Promer: a trade marketing agency working for clients such as Coca-Cola and Siemens. Pragma: a London based leading research and strategic marketing consultancy specialising in enhancing revenue for those involved in retail and customer-facing businesses. Pragma works globally for clients such as Ikea, Starbucks, Autogril, Hamleys and many more. Friends: a creative agency based in Bucharest and working for clients including Canon, Unilever, Siemens and a number of local producers. V+O: a PR and corporate communications business based in Athens and operating across SE Europe for clients including Google, HP, Hilton, Philip Morris, Coca-Cola, Pizza Hut and Emirates. ZAP Medya: an Istanbul based online marketing and advertising services agency. Among Zap's clients are the major local and international media planning companies and brands. Shared Value: an integrated financial public relations and investor relations consultancy, with a well established portfolio of international corporate client relationships. Based in London, Shared Value has built a reputation as a Northern European and emerging markets specialist, with a particular focus on Scandinavia, Russia, the CIS, and Central and Eastern Europe. BIP: a Bucharest based trade marketing agency servicing a large number of both local and multinational brands. Jersey The holding company of the Group was changed under a Scheme of Arrangement from Ireland to Jersey. The Scheme comprised a share-for-share offer, whereby existing IMSG shares were cancelled and replaced by IMSG Jersey Shares on a one-for-one basis. The Scheme became effective upon the filing of the Court Order sanctioning the Scheme on 17 July 2007 and the Shares of IMSG Jersey were admitted to trading on AIM on 19 July 2007. AIM Fundraising In order to fund the organic and acquisitive expansion of the Group, IMSG undertook a secondary placing with a range of institutional investors at 178 pence per share to raise a total of £15.8 million (before expenses). The 8,890,000 shares were admitted to trading on AIM in three tranches (5 340 000 on 16 May 2007; 2 150 000 on 31 July 2007 and 1 400 000 on 2 August 2007). Employees The acquisitions have provided a pool of senior management with the attributes that are helping to drive the business. This management group is forming an important pillar of the Operational Board that is driving the service area focus of the business. At 31 December 2007 IMSG employed 1 811 people (December 2006: 867). Outlook The new financial year has opened well in the first quarter. However, the downturn to the world economic situation and the likely recession in the USA gives some cause for concern about an overall slowdown in marketing & sales activity worldwide. The majority of our customers are international groups who, however well they are trading locally in the emerging markets, may still be subject to cuts made across the board. This, together with the recent management changes within our Russian business, which will inevitably focus the attention of our competitors, means that the Board, whilst optimistic about the outcome for this year, are so with slightly more caution. As with all situations in emerging markets, the market environment is subject to rapid change, creating the opportunity for the high rates of growth which the Group has experienced to date. It is for this reason that the Board remains fully committed to its strategy of growth within emerging markets, despite this short term market uncertainty. Having aired a degree of caution, we currently have a significant new business pipeline and continue to win new work, with visibility to the year end continuing to improve as we grow. However, with the loss of some business in Russia following two senior management departures in the first quarter, it means that if we are to achieve our internal business targets in Russia, we need to convert these new business opportunities. The Russian economy continues to be robust as two recent research reports published in April by Interactive Research Group ("IRG") and the Economist Intelligent Unit ("EIU") testify. The EIU's report, entitled 'Russia really is the Best Market in the World', argues that Russia is the best placed market in the world to survive the global credit crunch due to its tremendous reserves which include a budget surplus running at 3.5%, a Stabilisation Fund of US$160bn, Central bank reserves of US$490bn and total debt at a mere 11% of GDP. The report states that Russia has the potential to be one of the world's most powerful economies in the next 7-20 years and that GDP, which, per capita, was the same as that for Croatia in 2007, has averaged annual growth of 6.6% this decade, one of the fastest in CEE, with growth of about 6% expected over the next five years. The drivers of this growth are the boom in personal consumption fuelled by real wage growth and credit expansion, the surge in fixed investment and the strong value of exports due to the high oil price. The IRG report argues that Russia and specifically Moscow during this year will become the largest consumer markets in Europe. The strength of the Russian economy will continue to underpin the growth of IMSG but we will continue to monitor the economic development across all our markets and Romania, Hungary and Turkey in particular could be slower in 2008. We continue to negotiate further acquisitions in the emerging markets: our pipeline is in excess of US$100m, but of course our ability to complete acquisitions is dependent upon the Group's ability to raise debt or equity finance in difficult markets. One very positive sign has been our recent agreement for an aggregated facility of US$15m with Fortis Bank. In closing I would like to thank our Directors, Managers and Staff for the performance over the year. I would also like to welcome all the new members to the team from across the emerging markets. Greg Thain Executive Chairman Consolidated Income Statement Year to Year to 31 31 December December In thousands of US Dollars 2007 2006 ------------------------------------------------------------------------------------------------------- Continuing operations: ----------------------------------------------------- Revenue 155 235 96 506 ----------------------------------------------------- Cost of sales (104 030) (62 715) ------------------------------------------------------------------------------------------------------- Gross profit 51 205 33 791 ----------------------------------------------------- ----------------------------------------------------- Other operating income 789 1 002 ----------------------------------------------------- General and administrative expenses (42 139) (27 426) ----------------------------------------------------- Other operating expenses (147) (50) ----------------------------------------------------- ------------------------------------------------------------------------------------------------------- Operating profit 9 708 7 317 ----------------------------------------------------- ----------------------------------------------------- Finance income 985 721 ----------------------------------------------------- Finance costs (1 164) (222) ------------------------------------------------------------------------------------------------------- Profit before income tax 9 529 7 816 ----------------------------------------------------- Income tax expense (2 553) (1 768) ----------------------------------------------------- Profit for the year from continuing operations 6 976 6 048 ------------------------------------------------------------------------------------------------------- ----------------------------------------------------- Profit is attributable to: ----------------------------------------------------- Equity holders of the Company 5 611 4 965 ----------------------------------------------------- Minority interests 1 365 1 083 ----------------------------------------------------- ------------------------------------------------------------------------------------------------------- Profit for the year 6 976 6 048 ------------------------------------------------------------------------------------------------------- Earnings per share: ------------------------------------------------------------------------------------------------------- Basic 7.00 pence 7.93 pence ------------------------------------------------------------------------------------------------------- Diluted 6.88 pence 7.73 pence ------------------------------------------------------------------------------------------------------- Consolidated Balance Sheet 31 December 2007 31 December 2006 In thousands of US Dollars ------------------------------------------------------------------------------------------------ Assets Non-current assets ------------------------------------------------------------------------------------------------ Property, plant and equipment 4 679 2 911 -------------------------------------------------- Investment property 10 - -------------------------------------------------- Goodwill 76 515 23 828 -------------------------------------------------- Other intangible assets 1 978 1 059 -------------------------------------------------- Deferred income tax asset 1 255 304 -------------------------------------------------- Investments 101 - -------------------------------------------------- Other non-current assets 902 472 ------------------------------------------------------------------------------------------------ Total non-current assets 85 440 28 574 ------------------------------------------------------------------------------------------------ Current assets -------------------------------------------------- Inventories 429 441 -------------------------------------------------- Trade and other receivables 60 703 35 666 -------------------------------------------------- Current income tax prepayments 1 735 235 -------------------------------------------------- Investments 1 329 912 -------------------------------------------------- Available-for-sale investments - 215 -------------------------------------------------- Cash and cash equivalents 8 313 11 918 ------------------------------------------------------------------------------------------------ Total current assets 72 509 49 387 ------------------------------------------------------------------------------------------------ Total assets 157 949 77 961 ------------------------------------------------------------------------------------------------ Equity -------------------------------------------------- Share capital 534 408 -------------------------------------------------- Other reserves 65 346 33 431 -------------------------------------------------- Retained earnings 14 045 9 076 ------------------------------------------------------------------------------------------------ Equity attributable to the Company's equity holders 79 925 42 915 ------------------------------------------------------------------------------------------------ Minority interests 3 298 2 371 ------------------------------------------------------------------------------------------------ Total equity 83 223 45 286 ------------------------------------------------------------------------------------------------ Liabilities -------------------------------------------------- Non-current liabilities -------------------------------------------------- Borrowings 180 521 -------------------------------------------------- Deferred income tax liability 1 062 796 -------------------------------------------------- Trade and other payables 20 015 1 882 -------------------------------------------------- Provision for employee benefits 341 172 ------------------------------------------------------------------------------------------------ Total non-current liabilities 21 598 3 371 ------------------------------------------------------------------------------------------------ Current liabilities -------------------------------------------------- Borrowings 981 1 073 -------------------------------------------------- Trade and other payables 45 854 24 539 -------------------------------------------------- Current income tax payable 3 115 1 194 -------------------------------------------------- Other taxes payable 3 042 2 498 -------------------------------------------------- Provisions 136 - ------------------------------------------------------------------------------------------------ Total current liabilities 53 128 29 304 ------------------------------------------------------------------------------------------------ Total liabilities 74 726 32 675 ------------------------------------------------------------------------------------------------ Total liabilities and equity 157 949 77 961 ------------------------------------------------------------------------------------------------ Company Balance Sheet 31 December 2007 31 December 2006 In thousands of US Dollars ------------------------------------------------------------------------------------------------ Assets Non-current assets ------------------------------------------------------------------------------------------------ Investments 47 328 - ------------------------------------------------------------------------------------------------ Total non-current assets 47 328 - ------------------------------------------------------------------------------------------------ Current assets -------------------------------------------------- Trade and other receivables 3 279 - ------------------------------------------------------------------------------------------------ Total current assets 3 279 - ------------------------------------------------------------------------------------------------ Total assets 50 607 - ------------------------------------------------------------------------------------------------ Equity -------------------------------------------------- Share capital 534 - -------------------------------------------------- Other reserves 13 383 - -------------------------------------------------- Retained earnings 10 - ------------------------------------------------------------------------------------------------ Equity attributable to the Company's equity holders 13 927 - ------------------------------------------------------------------------------------------------ Total equity 13 927 - ------------------------------------------------------------------------------------------------ Liabilities -------------------------------------------------- Non-current liabilities -------------------------------------------------- Trade and other payables 20 015 - -------------------------------------------------- Total non-current liabilities 20 015 - ------------------------------------------------------------------------------------------------ Current liabilities - -------------------------------------------------- Trade and other payables 16 665 - ------------------------------------------------------------------------------------------------ Total current liabilities 16 665 - ------------------------------------------------------------------------------------------------ Total liabilities 36 680 - ------------------------------------------------------------------------------------------------ Total liabilities and equity 50 607 - ------------------------------------------------------------------------------------------------ Consolidated Statement of Changes in Equity Attributable to equity holders of the Company ------------------------------------------Minority Total In thousands of US Dollars Share Other Retained Total interests Equity capital reserves earnings -------------------------------------------------------------------------- Balance at 31 December 2005 361 16 412 4 344 21 117 7 21 124 Profit for the year - - 4 965 4 965 1 083 6 048 Shares issued 49 17 709 - 17 758 - 17 758 Share based expenses - - (84) (84) - (84) Share options exercised 4 313 (134) 183 - 183 Own shares (6) (1 003) (15) (1 024) - (1 024) Acquisitions in the year - - - - 1 780 1 780 Dividends - - - - (499) (499) ------------------------------------------------------------------------------------------- Balance at 31 December 2006 408 33 431 9 076 42 915 2 371 45 286 ------------------------------------------------------------------------------------------- Currency Translation - 166 - 166 308 474 ------------------------------------------------------------------------------------------- Net Income recognised directly in equity - 166 - 166 308 474 Profit for the year - - 5 611 5 611 1 365 6 976 ------------------------------------------------------------------------------------------- Total recognised income for 2007 - 166 5 611 5 777 1 673 7 450 ------------------------------------------------------------------------------------------- Shares issued 125 31 587 - 31 712 - 31 712 Share based payments - 80 - 80 - 80 Share options exercised 4 190 - 194 - 194 Own shares (3) (664) (10) (677) - (677) Contribution from minority - 556 - 556 - 556 Acquisition of minority interest - - - - 623 623 Dividends - - (632) (632) (1 369) (2 001) ------------------------------------------------------------------------------------------- Balance at 31 December 2007 534 65 346 14 045 79 925 3 298 83 223 ------------------------------------------------------------------------------------------- Company Statement of Changes in Equity Attributable to equity holders of the Company Minority Total -----------------------------------------------------------------interests Equity In thousands of US Dollars Share Other Retained Total capital reservesearnings ------------------------------------------------------------------------------------ Balance at 31 December 2006 - - - - - - ------------------------------------------------------------------------------------ Profit for the year - - 642 642 - 642 ------------------------------------------------------------------------------------ Total recognised income for 2007 - - 642 642 - 642 ------------------------------------------------------------------------------------ Shares issued 534 13 339 - 13 873 - 13 873 ------------------------------------------------------------------------------------ Share options expense - 44 - 44 - 44 ------------------------------------------------------------------------------------ Dividends - - (632) (632) - (632) ------------------------------------------------------------------------------------ Balance at 31 December 2007 534 13 383 10 13 927 - 13 927 ------------------------------------------------------------------------------------ Consolidated Statement of Cash Flows Year ended 31 Year ended 31 In thousands of US Dollars December 2007 December 2006 ------------------------------------------------------------------------------------- Cash flows from operating activities --------------------------------------- Profit for the year 6 976 6 048 --------------------------------------- Depreciation and impairment of property, plant and equipment 1 680 1 092 --------------------------------------- Amortisation and impairment of other intangible assets 382 374 --------------------------------------- Impairment of trade and other receivables (26) 177 --------------------------------------- Losses / (Gains) on disposals of property, plant and equipment 234 (231) --------------------------------------- Revaluation of property, plant and equipment (16) (129) --------------------------------------- Income tax expense 2 553 1 768 --------------------------------------- Interest income (985) (721) --------------------------------------- Interest expense 433 223 --------------------------------------- Share option revaluation 80 (99) --------------------------------------- Gains on trading investments (411) (643) --------------------------------------- Provision for retirement obligations 77 47 --------------------------------------- Discounted cost of deferred consideration 727 - --------------------------------------- Foreign exchange translation and monetary losses 143 - ------------------------------------------------------------------------------------- Operating cash flows before working capital changes 11 847 7 906 ------------------------------------------------------------------------------------- Increase in trade and other receivables (13 082) (20 267) --------------------------------------- Decrease / (Increase) in inventories 757 (298) --------------------------------------- (Decrease) / Increase in trade and other payables (1 582) 11 741 --------------------------------------- (Decrease) / Increase in taxes payable (340) 975 ------------------------------------------------------------------------------------- Cash (used in) / generated from operations (2 400) 57 --------------------------------------- Income taxes paid (2 571) (1 112) --------------------------------------- Interest received 985 721 --------------------------------------- Interest paid (433) (223) ------------------------------------------------------------------------------------- Net cash used in operating activities (4 419) (557) ------------------------------------------------------------------------------------- Cash flows from investing activities --------------------------------------- Purchase of property, plant and equipment (1 934) (712) --------------------------------------- Proceeds from sale of property, plant and equipment 8 20 --------------------------------------- Proceeds from sale of investments and investment property 215 1 297 --------------------------------------- Acquisition of subsidiaries, net of cash acquired (24 725) (14 263) --------------------------------------- Acquisition of intangible assets (1 074) (661) ------------------------------------------------------------------------------------- Net cash used in investing activities (27 510) (14 319) ------------------------------------------------------------------------------------- Cash flows from financing activities --------------------------------------- Proceeds from borrowings 7 501 13 612 --------------------------------------- Repayment of borrowings (9 123) (13 168) --------------------------------------- Issue of ordinary shares 31 357 14 382 --------------------------------------- Share options exercised 194 183 --------------------------------------- Witholding tax on dividends paid (117) - --------------------------------------- Purchase of treasury shares (677) - --------------------------------------- Contribution from minority 556 - --------------------------------------- Dividends paid to the Company's shareholders (632) (1) --------------------------------------- Dividends paid to minority interests (1 508) (460) ------------------------------------------------------------------------------------- Net cash from financing activities 27 551 14 548 ------------------------------------------------------------------------------------- Net decrease in cash and cash equivalents (4 378) (328) ------------------------------------------------------------------------------------- Translation differences 773 - ------------------------------------------------------------------------------------- Cash and cash equivalents at the beginning of the year 11 918 12 246 ------------------------------------------------------------------------------------- Cash and cash equivalents at the end of the year 8 313 11 918 ------------------------------------------------------------------------------------- Company Statement of Cash Flows Year ended 31 Year ended 31 December 2007 December 2006 In thousands of US Dollars ------------------------------------------------------------------------------------ Cash flows from operating activities -------------------------------------- Profit for the year before minority interests 642 - -------------------------------------- Adjustments for: - - -------------------------------------- Share option revaluation 44 - ------------------------------------------------------------------------------------ Net cash from operating activities 686 - ------------------------------------------------------------------------------------ Cash flows from investing activities Acquisition of subsidiaries (16 209) - Advances to subsidiaries (3 279) - ------------------------------------------------------------------------------------ Net cash used in investing activities (19 488) - ------------------------------------------------------------------------------------ Cash flows from financing activities -------------------------------------- Issue of ordinary shares 13 873 - -------------------------------------- Advances from subsidiaries 5 561 - -------------------------------------- Dividends paid (632) - ------------------------------------------------------------------------------------ Net cash from financing activities 18 802 - ------------------------------------------------------------------------------------ Net (decrease)/ increase in cash and cash equivalents - - ------------------------------------------------------------------------------------ Cash and cash equivalents at the beginning of the year - - ------------------------------------------------------------------------------------ Cash and cash equivalents at the end of the year - - ------------------------------------------------------------------------------------ Earnings per share The calculation of earnings per share is based on the following profits and number of shares: In thousands of US Dollars As at 31 December As at 31 December 2007 2006 Profit from continuing operations attributable to equity holders of the Company 5 611 4 965 Weighted average number of ordinary shares in issue (thousands) 40 147 33 891 Weighted average number of share options (thousands) 705 861 Basic earnings per share for profit from continuing operations 7.00 pence 7.93 pence Diluted earnings per share for profit from continuing operations 6.88 pence 7.73 pence Publication of non-statutory accounts and basis of preparation The audited results for the year ended 31 December 2007 are prepared in accordance with International Financial Reporting Standards ("IFRS"). Amounts are reported in thousand US dollars. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2007, but is derived from those accounts. The comparative figures for the financial year ended 31 December 2006 have been derived from the statutory accounts of International Marketing and Sales Group Plc. The report of the auditors for the year ended 31 December 2007 is unqualified and does not contain statements in accordance with the Companies (Jersey) Law 1991. The statutory financial statements for the year ended 31 December 2007 will be filed with the Jersey Companies Registration Office following the Company's Annual General Meeting. This financial information was approved for release by the board of IMSG on 13 June 2008. The 2007 accounts will be circulated to all shareholders. Further copies can be obtained from the registered office of the Company at 47 Esplanade, St Helier, Jersey. They may also be accessed via the investor section of the Company's website at www.imsg.co.uk. Enquiries Terry Livingstone Tel: +44 (0) 20 773 56788 Johanna Fagrell Kohler Tel: +46 734 100 550 International Marketing & Sales Group Limited Emily Bruning/Andrew Best Shared Value Limited Tel: +44 (0)20 7321 5010 Mark Williams / Andrew Chubb Canaccord Adams Limited Tel: +44 (0)20 7050 6500 Notes to Editors -- IMSG was founded in 1996 and the Group was admitted to trading on AIM on 6 December 2005. -- The Group's clients include multinational and first tier local companies operating in FMCG, telecommunications, retail trade, banking and finance, automotive, consumer electronics and pharmaceutical industries. -- IMSG currently has over 40 offices predominantly in emerging markets: Moscow, Saint Petersburg, Yekaterinburg, Kazan, Nizhniy Novgorod, Novosibirsk, Rostov-on-Don, Samara, Krasnodar (Russia), Kiev (Ukraine), Almaty, Astana (Kazakhstan), Dushanbe (Tajikistan), Tashkent (Uzbekistan), Erevan (Armenia), Belgrade (Serbia) Istanbul (Turkey), New Delhi, Mumbai, Bangalore, Chennai, Kolkata, Hyderabad (India), Kuala Lumpur (Malaysia), Dubai (UAE), Doha (Qatar), Budapest (Hungary), Bucharest (Romania), Athens (Greece), Sofia (Bulgaria) London (UK), Stockholm, Malmo (Sweden) and Barcelona (Spain). Further information about the Group is available on its website at: http://www.imsg.co.uk
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