REG - Centaur Media PLC - Interim Results <Origin Href="QuoteRef">CAU.L</Origin> - Part 2
06/09/2014 22:41
- Part 2: For the preceding part double click ID:nRSe7951Na
Reconciliation of net debt:
Cash and cash equivalents 1.7 3.3
Borrowings 8 (11.9) (22.7)
(10.2) (19.4)
Basis of preparation
This condensed set of financial statements in the interim report for the six and twelve month period ended 30 June 2014 has
been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34,
'Interim financial reporting' as adopted by the European Union. The interim report should be read in conjunction with the
annual financial statements for the year ended 30 June 2013, which have been prepared in accordance with IFRSs as adopted
by the European Union.
Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 30 June
2013, as described in those annual financial statements. The following new standards and amendments to standards are
mandatory for the first time for the financial period ending 30 June 2014 and have been adopted in this interim report
although there has been no significant impact on the group as a result of adopting these new standards and amendments to
standards.
· Amendment to IAS 19, 'Employee Benefits';
· Amendment to IAS 1, 'Financial Statement Presentation' regarding other comprehensive income;
· IFRS 10, 'Consolidated Financial Statements' and IAS 27 (revised 2011), 'Separate Financial Statements';
· IFRS 11, 'Joint Arrangements';
· IFRS 12, 'Disclosures of Interests in Other Entities';
· Amendments to IFRS 10, 11 and 12 on transition guidance;
· IFRS 13, 'Fair Value Measurement';
· IAS 28 (revised 2011), 'Associates and Joint Ventures';
· Amendments to IFRS 7, 'Financial Instruments: Disclosures' and IAS 32, 'Financial Instruments: Presentation' on
offsetting financial assets and financial liabilities;
· Annual improvements 2011; and
· IFRS 9, 'Financial Instruments' on classification and measurement.
Additional presentation within the statement of comprehensive income
The Directors believe that adjusted results and adjusted earnings per share provide additional useful information on the
ongoing operations of the group to shareholders. The term 'adjusted' is not a defined term under IFRS and may not
therefore be comparable with similarly titled profit measurements reported by other companies. It is not intended to be a
substitute for, or superior to, IFRS measurements of profit.
The following charges/(credits) were presented as adjusting items:
Six months ended 30 June2014Unaudited Six months ended 30 June 2013Unaudited
Notes £m £m
Exceptional operating costs 3 4.0 38.4
Amortisation of acquired intangibles 1.1 1.2
Adjusting items to operating profit 5.1 39.6
Exceptional profit on disposal of subsidiary 11 (14.9) -
Exceptional finance costs 3 2.5 0.7
Adjusting items to profit before tax (7.3) 40.3
Tax credit relating to adjusting items - (0.3)
Adjusting items to profit for the period (7.3) 40.0
40.0
Additional presentation within the statement of comprehensive income (continued)
Twelve months ended 30 June2014Unaudited Twelve months ended 30 June 2013Audited
Notes £m £m
Exceptional operating costs 3 6.1 42.4
Amortisation of acquired intangibles 7 2.2 2.3
Adjusting items to operating profit 8.3 44.7
Exceptional profit on disposal of subsidiary 11 (14.9) -
Exceptional finance costs 3 2.9 1.3
Adjusting items to profit before tax (3.7) 46.0
Tax credit relating to adjusting items (0.6) (1.2)
Adjusting items to profit for the period (4.3) 44.8
44.8
The basis of the principal adjustments is consistent with that presented in the annual financial statements for the year
ended 30 June 2013, and as described in those annual financial statements. Further details of all exceptional costs are
shown in Note 3.
Below is a reconciliation for Operating profit to Adjusted EBITDA:
Six months ended 30 June 2014Unaudited Six months ended 30 June 2013 Unaudited
£m £m
Operating profit / (loss) 2.0 (31.1)
Adjusting items 5.1 39.6
Adjusted operating profit 7.1 8.5
Depreciation of property, plant and equipment 0.5 0.3
Amortisation of software 1.3 1.2
Share-based payments 0.1 -
Adjusted EBITDA 9.0 10.0
Twelve months ended 30 June2014Unaudited Twelve months ended 30 June2013Audited
£m £m
Operating profit / (loss) 0.2 (34.9)
Adjusting items 8.3 44.7
Adjusted operating profit 8.5 9.8
Depreciation of property, plant and equipment 0.9 0.6
Amortisation of software 2.4 2.3
Share-based payments 0.3 0.2
Adjusted EBITDA 12.1 12.9
General information
The Company is a limited liability company incorporated and domiciled in the UK. The address of its registered office is
Wells Point, 79 Wells Street, London, W1T 3QN. The Company has its listing on the London Stock Exchange.
The condensed set of financial statements in the interim report was approved for issue on 30 July 2014.
This interim report is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006. Statutory accounts for the year ended 30 June 2013 were approved by the Board of Directors on 11
September 2013 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified,
did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act
2006.
Estimates
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgements made by management in
applying the group's accounting policies and the key sources of estimation uncertainty were the same as those that applied
to the consolidated financial statements for the year ended 30 June 2013, with the exception of changes in estimates that
are required in determining the provision for income taxes and disclosure of exceptional items (see note 3).
Financial risk factors
The group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk.
The interim condensed consolidated financial statements do not include all financial risk management information and
disclosures required in the annual financial statements, and should be read in conjunction with the group's annual
financial statements as at 30 June 2013.
Seasonality
Due to the seasonal nature of events and exhibitions, higher revenues and operating profits are usually expected in the
period January to June. In the financial year ended 30 June 2013, 42% of revenues and 22% of adjusted EBITDA occurred in
the period July to December with the balance accumulating in the period January to June.
Notes to the condensed set of financial statements for the six and twelve months ended 30 June 2014
1 Segmental reporting
The group is organised into four main business segments. The products and services that each segment offers are described
in detail in the Divisional Review.
The Operating Board has been identified as the chief operating decision-maker. The Board reviews the group's internal
monthly reporting in order to assess performance and allocate resources. Management has determined the operating segments
based on these reports.
Six months ending30 June 2014 Marketing Financial Home Interest Professional Group
£m £m £m £m £m
Revenue 14.4 7.1 6.3 13.0 40.8
Adjusted EBITDA 3.4 1.5 1.3 2.8 9.0
Depreciation of property, plant and equipment - (0.1) (0.1) (0.3) (0.5)
Amortisation of software (0.5) (0.1) (0.1) (0.6) (1.3)
Amortisation of acquired intangibles (0.8) (0.1) (0.1) (0.1) (1.1)
Exceptional administrative costs (2.1) (1.6) (0.1) (0.2) (4.0)
Segment result - (0.4) 0.9 1.6 2.1
Shared-based payments (0.1)
Operating profit 2.0
Exceptional profit on disposal of subsidiary 14.9
Finance costs (3.1)
Profit before tax 13.8
Taxation (1.7)
Profit for the period attributable to owners of the parent
Segment assets 63.1 17.5 11.0 39.6 131.2
Corporate assets 3.2
Consolidated total assets 134.4
Segment liabilities (12.9) (1.7) (3.7) (13.0) (31.3)
Corporate liabilities (15.4)
Consolidated total liabilities (46.7)
Other items
Capital expenditure (tangibles and intangibles) 1.3 0.1 0.2 0.2 1.8
1 Segmental reporting (continued)
Six months ending30 June 2013 Marketing Financial Home Interest Professional Group
£m £m £m £m £m
Revenue 14.2 8.0 6.1 13.3 41.6
Adjusted EBITDA 3.0 2.1 1.5 3.4 10.0
Depreciation of property, plant and equipment (0.2) (0.1) - - (0.3)
Amortisation of software (0.5) - - (0.7) (1.2)
Amortisation of acquired intangibles (0.9) (0.1) - (0.2) (1.2)
Impairment of goodwill (20.8) (14.2) - (4.2) (39.2)
Exceptional administrative 4.8 (0.4) (0.2) (3.4) 0.8
Segment result (14.6) (12.7) 1.3 (5.1) (31.1)
Shared based payments -
Operating loss (31.1)
Finance costs (1.3)
Loss profit before tax (32.4)
Taxation (1.6)
Loss for the period attributable to owners of the parent (34.0)
Segment assets 50.7 18.9 13.2 60.0 142.8
Corporate assets 4.8
Consolidated total assets 147.6
Segment liabilities (17.3) (3.5) (3.7) (14.7) (39.2)
Corporate liabilities (26.8)
Consolidated total liabilities (66.0)
Other items
Capital expenditure (tangibles and intangibles) 0.9 0.3 - 1.2 2.4
1 Segmental reporting (continued)
Twelve months ending30 June 2014 Marketing Financial Home Interest Professional Group
£m £m £m £m £m
Revenue 25.1 12.7 11.0 24.8 73.6
Adjusted EBITDA 4.2 2.2 1.6 4.1 12.1
Depreciation of property, plant and equipment (0.4) (0.1) (0.1) (0.3) (0.9)
Amortisation of software (0.8) (0.2) (0.1) (1.3) (2.4)
Amortisation of acquired intangibles (1.7) (0.2) (0.1) (0.2) (2.2)
Exceptional administrative costs (2.3) (3.2) (0.2) (0.4) (6.1)
Segment result (1.0) (1.5) 1.1 1.9 0.5
Shared-based payments (0.3)
Operating profit 0.2
Profit on disposal of subsidiary 14.9
Finance costs (4.1)
Profit before tax 11.0
Taxation (1.4)
Profit for the period attributable to owners of the parent 9.6
Segment assets 63.1 17.5 11.0 39.6 131.2
Corporate assets 3.2
Consolidated total assets 134.4
Segment liabilities (12.9) (1.7) (3.7) (13.0) (31.3)
Corporate liabilities (15.4)
Consolidated total liabilities (46.7)
Other items
Capital expenditure (tangibles and intangibles) 2.3 0.7 0.5 1.4 4.9
1 Segmental reporting (continued)
Twelve months ending30 June 2013 Marketing Financial Home Interest Professional Group
Audited £m £m £m £m £m
Revenue 23.8 13.3 10.8 24.1 72.0
Adjusted EBITDA 3.6 2.2 1.7 5.4 12.9
Depreciation of property, plant and equipment (0.3) (0.1) (0.1) (0.1) (0.6)
Amortisation of software (0.7) (0.1) (0.1) (1.4) (2.3)
Amortisation of acquired intangibles (1.7) (0.2) (0.1) (0.3) (2.3)
Impairment of goodwill (20.8) (14.2) - (4.2) (39.2)
Exceptional costs 3.9 (0.6) (0.5) (6.0) (3.2)
Segment result (16.0) (13.0) 0.9 (6.6) (34.7)
Shared based payments (0.2)
Operating loss (34.9)
Finance costs (2.5)
Loss profit before tax (37.4)
Taxation (1.0)
Loss for the period attributable to owners of the parent (38.4)
Segment assets 50.7 18.9 13.2 60.0 142.8
Corporate assets 4.8
Consolidated total assets 147.6
Segment liabilities (17.3) (3.5) (3.7) (14.7) (39.2)
Corporate liabilities (26.8)
Consolidated total liabilities (66.0)
Other items
Capital expenditure (tangibles and intangibles) 10.6 0.6 0.2 2.1 13.5
All segmental results shown above are unaudited except for the 12 months to 30 June 2013 which were presented in the
group's latest audited financial statements.
Included with the Professional segment are the results of Perfect Information Limited which was disposed of during the
period, see note 11. The results of PI are not shown separately as a discontinued operation as it was not individually
deemed a major line of business of the group.
2 Net operating expenses
Adjusted Adjusting Statutory Adjusted Adjusting Statutory
Results Items Results Results Items Results
Six months Six months Six months Six months Six months Six months
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
June June June June June June
2014 2014 2014 2013 2013 2013
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Notes £m £m £m £m £m £m
Employee benefit expense 14.9 - 14.9 14.0 - 14.0
Depreciation of property, plant and equipment 0.5 - 0.5 0.3 - 0.3
Amortisation of intangibles 1.3 1.1 2.4 1.2 1.2 2.4
Impairment of goodwill 6 - - - - 39.2 39.2
Exceptional costs 3 - 4.0 4.0 - (0.8) (0.8)
Operating lease rentals 0.9 - 0.9 1.1 - 1.1
Repairs and maintenance expenditure on
Property, plant and equipment 0.1 - 0.1 - - -
Trade receivables impairment 0.2 - 0.2 0.1 - 0.1
Other operating expenses 15.8 - 15.8 16.4 - 16.4
33.7 5.1 38.8 33.1 39.6 72.7
2 Net operating expenses (continued)
Adjusted Adjusting Statutory Adjusted Adjusting Statutory
Results Items Results Results Items Results
Twelvemonths Twelve months Twelve months Twelve months Twelve months Twelve months
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
June June June June June June
2014 2014 2014 2013 2013 2013
Unaudited Unaudited Unaudited Audited Audited Audited
Notes £m £m £m £m £m £m
Employee benefit expense 29.6 - 29.6 27.9 - 27.9
Depreciation of property, plantand equipment 0.9 - 0.9 0.6 - 0.6
Amortisation of intangibles 2.4 2.2 4.6 2.3 2.3 4.6
Impairment of goodwill 6 - - - - 39.2 39.2
Exceptional costs 3 - 6.1 6.1 - 3.2 3.2
Operating lease rentals 2.3 - 2.3 2.3 - 2.3
Repairs and maintenanceexpenditure on
Property, plant and equipment 0.1 - 0.1 0.1 - 0.1
Trade receivables impairment 0.2 - 0.2 - - -
Other operating expenses 29.6 - 29.6 29.0 - 29.0
65.1 8.3 73.4 62.2 44.7 106.9
*Figures amended due to classification error between employee benefit expense and other operating expenses of £1.5m and
between operating lease rentals and other operating expenses of £0.4m. There is no net impact on net operating expenses
from this reclassification.
3 Exceptional costs
Six months ended30 June 2014Unaudited Six months ended30 June 2013Unaudited
£m £m
Reorganisation costs
Redundancy costs 0.2 1.6
Accelerated amortisation of software - 0.2
Accelerated share based payment charge - 0.1
Impairment of goodwill - 39.2
Acquisition-related costs 0.1 -
IFRS 3 (R) earn-outs 3.5 2.8
Deferred contingent consideration adjustment - (5.4)
Onerous lease provision 0.1 -
Other 0.1 (0.1)
Total operating exceptional costs 4.0 38.4
Exceptional finance costs 2.5 0.7
Net exceptional costs 6.5 39.1
Twelve months ended30 June 2014Unaudited Twelve months ended30 June 2013Audited
£m £m
Reorganisation costs
Redundancy costs 0.6 2.8
Accelerated amortisation of software - 0.2
Accelerated share based payment charge - 0.1
Post closure costs 0.3 -
Impairment of goodwill - 39.2
Acquisition-related costs 0.2 0.7
IFRS 3 (R) earn-outs 4.7 4.3
Deferred contingent consideration adjustment - (5.4)
Onerous lease provision 0.1 0.6
Other 0.2 (0.1)
Total operating exceptional costs 6.1 42.4
Exceptional finance costs 2.9 1.3
Net exceptional costs 9.0 43.7
For the six months ended 30 June 2014
The group has incurred £0.2m of redundancy costs in the six month period to June 2014. Acquisition-related costs amounting
to £0.1m comprise legal and professional fees.
Earn-out costs relate to deferred contingent consideration associated with the acquisition of Investment Platforms Limited
and an additional charge of £2.0m in relation to the deferred contingent consideration for Econsultancy.com Limited as part
of its early settlement in June 2014, see note 9.
Exceptional finance costs relate to the unwinding of the discounting on the Econsultancy.com Limited deferred contingent
consideration provision. The remaining charge was accelerated in the six months to 30 June 2014 as part of its early
settlement in June 2014.
Capitalised costs amounting to £0.3m were written off in the 12 month period to June 2014 following product
discontinuations. There were no such costs in the six months to June 2014.
A full explanation of exceptional costs for the year ending 30 June 2013 is disclosed in the audited 2013 Annual Report.
4 Taxation
The amounts recognised in the income statement were as follows:
Six months Six months Twelve months Twelve months
ended 30 ended 30 ended 30 ended 30
June June June June
2014 2013 2014 2013
Unaudited Unaudited Unaudited Audited
£m £m £m £m
Current tax 1.7 2.2 1.5 1.7
Deferred tax - (0.6) (0.1) (0.7)
Total taxation credit 1.7 1.6 1.4 1.0
The tax charge is based on the estimated effective tax rate for the 18 month period to 30 June 2014 following a change in
the group financial year-end.
5 Earnings per share
The calculations of earnings per share are based on the following profits and numbers of shares:
Six months ended 30 June 2014Unaudited Six months ended 30 June 2013Unaudited
Earnings Weighted average no. of shares Earnings per share amount Earnings Weighted average no. of shares Earnings per share amount
£m millions Pence £m Millions Pence
Basic 12.1 142.5 8.5 (34.0) 140.9 (24.1)
Effect of dilutive securitiesOptions - 2.9 (0.2)
Diluted 12.1 145.4 8.3
Adjusted
Earnings attributable to ordinary shareholders 12.1 142.5 8.5 (34.0) 140.9 (24.1)
Amortisation of acquired intangibles 1.1 0.8 1.2 - 0.9
Exceptional operating expenses 4.0 2.8 38.4 - 27.3
Exceptional profit on disposal of subsidiary (14.9) (10.5) - - -
Exceptional finance costs 2.5 1.8 0.7 - 0.5
Tax effect - - (0.3) - (0.2)
Adjusted 4.8 142.5 3.4 6.0 140.9 4.4
Effect of dilutive securities
Options - 2.9 (0.1) - 2.3 (0.2)
Diluted adjusted 4.8 145.4 3.3 6.0 143.2 4.2
291,019 shares held in an employee benefit trust (2013: 523,371) and 7,261,078 (2013: 7,283,083) shares held in treasury
have been excluded in arriving at the weighted average number of shares.
There is no dilutive impact in respect of share options on Basic EPS in the prior period as their conversion to ordinary
shares would decrease the loss per share.
5 Earnings per share (continued)
Twelve months ended Twelve months ended
30 June 2014 30 June 2013Audited
Unaudited
Weighted Weighted
average average
number Earnings number Earnings
Earnings of shares per share Earnings of shares per share
amount amount
£m millions Pence £m millions Pence
Basic 9.6 142.2 6.8 (38.4) 140.9 (27.3)
Effect of dilutive securities
Options - 2.6 (0.2) - 2.3 -
Diluted 9.6 144.8 6.6 (38.4) 143.2 (26.8)
Adjusted
Earnings attributable to ordinary shareholders 9.6 142.2 6.8 (38.4) 140.9 (27.3)
Amortisation of acquired intangibles 2.2 1.5 2.3 - 1.6
Exceptional operating expenses 6.1 4.3 42.4 - 30.2
Exceptional profit on disposal of subsidiary (14.9) (10.5) - - -
Exceptional finance costs 2.9 2.0 1.3 - 0.9
Tax effect (0.6) (0.4) (1.2) - (0.9)
Adjusted 5.3 142.2 3.7 6.4 140.9 4.5
Effect of dilutive securities
Options - 2.6 - - 2.3 -
Diluted adjusted 5.3 144.8 3.7 6.4 143.2 4.5
6 Goodwill
£m
Cost
At 1 July 2012 147.2
Additions - acquisitions of subsidiaries 16.7
Additions - other 0.1
At 30 June 2013 (audited) 164.0
Disposal of subsidiary (8.9)
At 30 June 2014 (unaudited) 155.1
Accumulated impairment
At 1 July 2012 25.9
Impairment charge 39.2
At 30 June 2013 (audited) and 30 June 2014 (unaudited) 65.1
Net book amount
At 30 June 2014 (unaudited) 90.0
At 30 June 2013 (audited) 98.9
6 Goodwill (continued)
Additions from other acquisitions in 2013 arose from the purchase of an additional 0.71% of the share capital of Perfect
Information for £0.1m in November 2012.
On 12 June the group disposed of its subsidiary PI resulting in disposal of goodwill of £8.9m. See note 11 for further
details.
Goodwill by segment
Each brand, comprising individual magazines, digital titles and events, is deemed to be a Cash Generating Unit (CGU), being
the lowest level for which cash flows are separately identifiable. Goodwill is attributed to individual CGUs but is
reviewed at the segment level for the purposes of the annual impairment review as this is the level that management monitor
goodwill. The majority of the group's goodwill arose on the acquisition of the Centaur Communications Group in 2004.
Goodwill is allocated to segments as follows:
Marketing Financial Home Interest Professional Total
£m £m £m £m £m
At 30 June 2014 36.7 12.3 7.5 33.5 90.0
At 30 June 2013 36.7 12.3 7.5 42.4 98.9
Impairment testing of goodwill and acquired intangible assets
During the period goodwill was tested for impairment in accordance with IAS 36. In assessing whether a write-down of
goodwill and acquired intangible assets is required, the carrying value of the segment is compared with its recoverable
amount. Recoverable amount is measured based on value-in-use.
The group estimates the value-in-use of its CGUs using a discounted cash flow model, which adjusts the cash flows for risks
associated with the assets and discounts these using a pre-tax rate of 12.5% (2013: 12.6%). The discount rate used is
consistent with the Group's weighted average cost of capital and is used across all segments.
The key assumptions used in calculating value-in-use are revenue growth, margin, adjusted EBITDA, discount rate and the
terminal growth rate. The group has used formally approved forecasts for the first three years of the value-in-use
calculation, and applied a terminal growth rate of 2.25% thereafter (2013: 2.25%). This timescale and the terminal growth
rate are both considered appropriate given the cyclical nature of the group's revenues.
The assumptions used in the calculations of value-in-use for each segment have been derived based on a combination of past
experience, current orders and opportunities and management's expectations of future growth rates in the industry.
Sensitivity analysis was performed using the following assumptions which resulted in no impairment in any segment.
1) An increase in WACC of 1.7%.
2) A decrease in EBITDA of 10% in each year.
3) A decrease in Long Term Growth Rate of 2% to 0.25%.
7 Other intangible assets
Computer software Brands and publishing rights Customer Relationships Websites and content Non-compete arrangements Total
£m £m £m £m £m £m
Cost
At 1 July 2012 14.8 5.6 6.0 1.5 0.5 28.4
Additions - business combinations 0.3 - 5.6 3.2 - 9.1
Additions - separately acquired 3.5 - - - - 3.5
Additions - internally generated 0.6 - - - - 0.6
At 30 June 2013 (audited) 19.2 5.6 11.6 4.7 0.5 41.6
Additions - separately acquired 2.6 - - - - 2.6
Additions - internally generated 1.2 - - - - 1.2
Disposals (0.3) - - - - (0.3)
Disposals of subsidiary (7.2) - - - - (7.2)
At 30 June 2014 (unaudited) 15.5 5.6 11.6 4.7 0.5 37.9
Accumulated amortisation
At 1 July 2012 10.1 0.8 1.1 0.5 0.5 13.0
Amortisation charge for the period 2.3 0.3 1.2 0.8 - 4.6
Accelerated amortisation charge 0.2 - - - - 0.2
At 30 June 2013 (audited) 12.6 1.1 2.3 1.3 0.5 17.8
Amortisation charge for the period 2.4 0.2 1.1 0.9 - 4.6
Disposal of subsidiary (5.2) - - - - (5.2)
At 30 June 2014 (unaudited) 9.8 1.3 3.4 2.2 0.5 17.2
Net book value at 30 June 2014 (unaudited) 5.7 4.3 8.2 2.5 - 20.7
Net book amount at 30 June 2013 (audited) 6.6 4.5 9.3 3.4 - 23.8
8 Borrowings
30 June 2014Unaudited 30 June 2013Audited
£m £m
Current liabilities
Finance lease creditor
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