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REG-M&C Saatchi PLC Interim Results 2009 - Part 3
Released: 24/09/2009
Part 3 : For preceding part double-click [nRn2X5663Z]
ended ended ended
30 June 2009 30 June 2008 31 December
2008
£000 £000 £000
Bank interest receivable 124 725 1,247
Other interest receivable 11 19 163
Total interest receivable 135 744 1,410
Fair value adjustments to minority shareholder put option 429 234 1,940
liabilities
Total 564 978 3,350
7. Finance expense
Six months Six months Year
ended ended ended
30 June 2009 30 June 2008 31 December
2008
£000 £000 £000
Finance costs
Bank interest chargeable (197) (395) (925)
Interest payable on finance leases - - (1)
Other interest payable (1) (8) (47)
Total interest payable (198) (403) (973)
Notional interest on contingent consideration - (169) (169)
Total (198) (572) (1,142)
8. Taxation
Income tax expenses are recognised based on management's estimate of the average
annual income tax expected for the full financial year.
The estimated effective annual tax rate for the period to 30 June 2009 is 32.6%
(30 June 2008: 32.7%).
The headline effective annual tax rate (excluding associate) used for the period
to 30 June 2009 is 34.5% (30 June 2008: 31.7%).
The increase in headline tax rate is due to the carried forward tax losses of
our new offices in 2009.
The difference between the headline and statutory tax rates is caused by a
difference in the profit before tax as neither the impact of fair value
adjustments to minority shareholder put option liabilities or notional interest
has any effect on the tax charge.
9. Dividends
Six months Six months Year
ended ended ended
30 June 2009 30 June 2008 31 December
2008
£000 £000 £000
2008 final dividend 0.00*p (2007 2.43p) - - 1,658
2008 interim dividend - (2007 0.87p) - - 529
- - 2,178
*The 2008 final dividend of £1,683k (2.75p per share) was paid in July 2009 and
therefore is not included in the income statement covering the period to 30 June
2009.
The directors propose an interim dividend of 0.87p per share (2008: 0.87p per
share) payable on 19 November 2009 to shareholders who are on the register at 23
October 2009. This interim dividend, amounting to £535k (2008: £529k) has not
been recognised as a liability in this half-yearly financial report.
10. Cash generated from operations
Six months Six months Year
ended ended ended
30 June 2009 30 June 2008 31 December
2008
£000 £000 £000
Revenue 49,801 51,769 104,383
Operating expenses (44,339) (44,514) (93,617)
Operating Profit 5,462 7,255 10,766
Adjustments for:
Depreciation of plant and equipment 1,013 724 1,631
Losses on sale of plant and equipment - 13 15
Loss / (profit) on sale of intangible assets - (4) 5
Impairment and amortisation on acquired intangible assets 65 466 2,127
Impairment of goodwill - - 846
Amortisation of capitalised software intangible assets 42 37 75
Non-cash share based incentive plans 134 125 133
Operating cash flow before movements in working capital 6,716 8,616 15,598
and provisions
Decrease in trade and other receivables 9,922 12,216 17,615
Decrease in trade and other payables (15,950) (17,911) (18,163)
Net cash inflow from operating activities 688 2,921 15,050
11. Cash consumed by acquisitions
Six months Six months Year
ended ended ended
30 June 2009 30 June 2008 31 December
2008
£000 £000 £000
Initial cash consideration
- Clear Ideas Ltd - (2,405) (2,405)
- Walker Media Holdings Ltd - (9,258) (9,258)
- Talk PR Ltd (58) - -
- M&C Saatchi Berlin Gmbh (104) - -
- Play London Ltd - (43) (43)
- FCINQ SAS - - (71)
- M&C Saatchi Immediate Sales Ltd - - (3)
- M&C Saatchi Sport & Entertainment Ltd (171) - -
(333) (11,706) (11,780)
Cash and cash equivalents acquired - - -
(333) (11,706) (11,780)
Purchase of associate (Zapping, Spain) - (2,376) (2,376)
Total payments made in the period relating to acquisitions (333) (14,082) (14,156)
This information is provided by RNS
The company news service from the London Stock Exchange
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