REG - Cohort PLC - Final Results <Origin Href="QuoteRef">CHRT.L</Origin> - Part 2
28/06/2016 07:31
- Part 2: For the preceding part double click ID:nRSb4456Ca
deposits.
During the year, the Group set up facilities in Portugal in order to
facilitate the acquisition of EID. This was with Novo Bank which has a credit
rating of Caa1. This was considered acceptable due to the short term that the
funds would be held in Portugal. In the event, these funds have been held
longer than was expected due to the delay in completing the acquisition.
The Group regularly reviews the ratings of the institutions with which it
holds cash and always considers this when placing a new deposit.
The Group's return on net funds during the period was 0.20% to 0.75% (2015:
0.20% to 1.35%).
In addition to its cash resources, the Group has in issue 41.0m ordinary
shares of 10 pence each. Of these shares 0.7m are owned by the Cohort plc
Employee Benefit Trust (EBT), which waives its rights to dividends. In
addition the Group has issued options over ordinary shares through Key
Employee Share Option and SAYE schemes to the level of 1.8m at 30 April 2016.
The Group maintains a progressive dividend policy with dividends having
increased by approximately 20% per annum over the last six years and dividend
cover in the current year at 4.5 times (2015: 4.4 times) based upon the
adjusted earnings per share.
The Group's cash generation in 2015/16 was better than expected but not as
strong as the previous year. In summary, the Group's cash performance was as
follows:
2016£m 2015£m
Adjusted operating profit 11.9 10.1
Depreciation and other non-cash operating movements 1.5 0.8
Working capital movement (4.4) 9.8
9.0 20.7
Acquisition of EID (deposit only) (0.7) -
Acquisition of 50.001% of MCL - (5.7)
Acquisition of 100% of J+S - (11.7)
Disposal of SEA's Space business - 4.0
Tax, dividends, capital expenditure, interest, loans and investments (8.2) (3.9)
Increase in net funds 0.1 3.4
As signalled last year, we expected working capital outflows in 2015/16 as
some of the strong, timing driven inflow in 2014/15 unwound in the early part
of the year. However, the Group's working capital performance has been
stronger than we expected particularly at SEA where some large receipts were
received in the final months of the year in respect of the CECS programme.
Looking forward into 2016/17 we expect a significant decrease in net funds,
primarily as a result of the investment of around £13m in acquiring EID and
the remaining shares in MCL.
The significantly higher cash outflow in tax, dividends etc. was mainly due to
the investment in Cohort's own shares by the EBT, a net £3.2m outflow (2015:
inflow of £0.7m). The use of EBT shares to satisfy employee share options
during 2015/16 will probably require further shares to be purchased by the EBT
in the coming year.
The Group's customer base of Governments, major prime contractors and
international agencies make its debtor risk low. The year end debtor days in
sales were 31 days (2015: 24 days). This calculation is based upon dividing
the revenue by month, working backwards from April, into the trade debtors
balance (excluding unbilled income and work in progress) at the year end. This
is a more appropriate measure than calculating based upon the annual revenue
as it takes into account the heavy weighting of the Group's revenue in the
last quarter of each year. The increase in debtor days is a reflection of the
high level of trading in the final quarter across the Group, especially at
MASS, MCL and SEA.
Tax
The Group's tax credit for the year ended 30 April 2016 of £54,000 (2015:
charge of £707,000) was at an effective credit rate of 1.0% (2015: charge rate
of 11.9%) of profit before tax. This includes a current year corporation tax
charge of £1,935,000 (2015: £1,485,000), a prior year corporation tax credit
of £368,000 (2015: credit of £204,000) and a deferred tax credit of £1,621,000
(2015: £574,000).
Including the current year deferred tax, the effective current tax rate for
the year ended 30 April 2016 is 5.9% (2015: 16.3%). The current tax rate
(including deferred tax) on profit before tax is lower than the standard rate
(calculated at 20.0%; 2015: 20.83%), primarily due to recognition of Research
& Development (R&D) credits, a reduction in the future UK corporation tax rate
which has increased the deferred tax credit (£0.3m), and recognition of a
statutory deduction on the exercise of share options by employees (£0.3m).
The Group has switched its Research and Development (R&D) tax credit scheme
from the old superdeduction method to the now required R&D Expenditure Credit
(RDEC), the impact of this change being a lower tax charge of £0.2m. The
Group will continue to recognise its R&D tax credit in the tax line, in
accordance with IAS 12.
The Group's overall tax rate was below the standard corporation tax rate of
20.0% (2015: 20.83%). The reduction is due to the reasons given above for the
current year's rate and in addition, a prior year tax credit in respect of the
recognition of tax allowable expenditure incurred in 2014/15 on the
acquisition and integration of J+S into SEA which was previously not
recognised. Looking forward, the Group's effective current tax rate for both
2016/17 and 2017/18 is estimated at 16% and 15% respectively, taking account
of the reduction in headline tax rates and assuming the R&D tax credit regime
remains unchanged from its current level and scope. The Group maintains a
cautious approach to previous R&D tax credit claims for tax periods that are
still open, currently 2013/14, 2014/15 and 2015/16.
Exceptional items
The exceptional costs in the year were all in respect of the acquisition of
EID. These costs include £0.5m in respect of the Group's new bank facilities.
The costs include an estimate of costs to complete the acquisition up to the
intended level of 80% although further costs in respect of this acquisition
may need to be recognised in 2016/17.
Adjusted earnings per share
The adjusted earnings per share of 27.18 pence (2015: 20.45 pence) is reported
in addition to the basic earnings per share and excludes the effect of
amortisation of intangible assets, exchange movement on marking forward
exchange contracts to market, revaluing the cash set aside to acquire EID and
exceptional items, all net of tax.
The adjustments to the basic earnings per share in respect of the exchange
movements and other intangible asset amortisation of MCL only reflect that
proportion of the adjustment that is applicable to the equity holders of the
parent, analysed as follows:
Adjustment to adjusted operating profit £000 Applicable Taxadjustment £000 Adjustment to adjusted earnings per share (net of tax)£000
Exceptional items 821 - 821
Exchange gain on revaluing the cash held for the acquisition of EID (537) 108 (429)
Exchange adjustment in marking forward contracts to market (7) 1 (6)
Amortisation of other intangible assets:
J+S 1,187 (302) 885
MCL 2,596 (602) 1,994 note 1
4,060 (795) 3,265
Note 1: This adjustment is at 50% of the adjustment to adjusted operating
profit, reflecting the share appropriate to the equity holdings of the
parent.
As reported in the Chairman's statement, the adjusted earnings per share
includes some one-off tax credits of £0.9m which when taken into account
reduces the adjusted earnings per share by 2.20 pence to 24.98 pence, 22%
higher than last year.
Financial estimates and judgements
In preparing the Annual Report and Accounts of Cohort plc for 2016, a number
of financial estimates and judgements have been made including:
Revenue recognition on fixed-price contracts
The judgement applied in recognising revenue on a fixed-price contract is made
by reference to the cost incurred, including contingency for risk and the
demonstrable progress made on delivering key stages (often referred to as
milestones) of the contract. The Group uses best estimates in applying this
judgement and where uncertainty of progress on a stage exists, revenue is not
recognised for that stage.
Cost contingency on fixed-price contracts
In addition to the judgement applied to revenue recognition, the cost of
delivering a contract to a particular stage represents the actual costs
incurred and committed plus an estimate of cost contingency for risk still
present in the contract at that stage. This cost contingency takes account of
the stage that the contract has reached and any judgement and uncertainty
remaining to deliver the remainder of the contract. It is usual for these cost
contingencies to reduce as the contract progresses and risk and uncertainty
reduces.
Goodwill and other intangible assets
The Group has recognised goodwill and other intangible assets in respect of
the acquisition of MASS (including Abacus EW), MCL and SEA (including J+S).
The other intangible assets are in respect of contracts acquired, intellectual
property rights and specific opportunities and in each case are amortised over
the expected life of the earnings associated with the other intangible asset
acquired. The goodwill, which is not subject to amortisation but to annual
impairment testing, arises from the intangible elements of the acquired
businesses for which either the value or life is not readily derived. This
includes, but is not limited to, reputation, contacts and market synergies
with existing Group members. The goodwill relating to the acquisitions of MASS
(including Abacus EW), MCL and SEA (including J+S) has been tested for
impairment as at 30 April 2016. In all three cases there was no impairment.
The Group performs significant research and development work for third parties
for which tax credits are claimed. As this is performed for third parties no
intangible asset is recognised. Where the Group performs its own research and
development an intangible asset is only recognised where it meets the criteria
of IAS38 'Intangible Assets'.
Provisions
The Group makes estimates of provisions for existing commitments arising from
past events. In estimating these provisions, the Group makes judgements as to
the quantity and likelihood of the liability arising. Certain provisions
require more judgement than others. In particular warranty provisions and
contract loss provisions have to take account of future outcomes arising from
past deliveries of products and services. In estimating these provisions, the
Group makes use of management experience, precedents and specific contract and
customer issues.
Accounting policies
There were no significant changes in accounting policies applying to the Group
for the year ended 30 April 2016.
Additional financial reporting disclosure
As in the past, the Group makes reference to additional financial reporting
over and above that required by IFRS, specifically:
Adjusted operating profit
The adjusted operating profit is presented to reflect the trading profit of
the Group and excludes amortisation of other intangible assets, exchange
differences on marking forward exchange contracts to market and on revaluing
cash set aside for acquiring EID and exceptional items. This enables the Group
to present its trading performance in a consistent manner year on year. The
adjusted operating profit is stated after charging the cost of share-based
payments of £197,000 (2015: £198,000) which is allocated to each business in
proportion to its employee participation in the Group's share option schemes.
The segmental analysis (see note 2) is disclosed for each business after
deducting the cost of share-based payments.
The exchange adjustment on marking forward exchange contracts to market at the
year end is a requirement of IFRS and has no economic impact upon the Group's
performance or assets and liabilities.
Andy Thomis Simon Walther
Chief Executive Officer Finance Director
CONSOLIDATED INCOME STATEMENT
For the year ended 30 April 2016
Notes Year ended30 April 2016£000 Year ended 30 April 2015£000
Revenue 2 112,577 99,938
Cost of sales (79,061) (69,988)
Gross profit 33,516 29,950
Administrative expenses (28,270) (24,085)
Operating profit 2 5,246 5,865
Comprising:
Adjusted operating profit 2 11,902 10,085
Amortisation of other intangible assets (included in administrative expenses) (6,379) (3,602)
Credit/(charge) on marking forward exchange contracts to market value at the year end (included in cost of sales) 7 (38)
Exchange gain on revaluing cash held for acquisition consideration of EID (included in administrative expenses) 537 -
Exceptional items:
Costs of acquisition of EID (included in administration expenses) (821) -
Costs of acquisition of MCL (included in administrative expenses) - (197)
Costs of acquisition of J+S (included in administrative expenses) - (427)
Profit on disposal of SEA's Space business (included in administrative expenses) - 44
Operating profit 2 5,246 5,865
Finance income 68 87
Finance costs (4) (5)
Profit before tax 5,310 5,947
Income tax credit/(charge) 3 54 (707)
Profit for the year 5,364 5,240
Attributable to:
Equity holders of the parent 7,775 5,628
Non-controlling interests (2,411) (388)
5,364 5,240
All profit for the year is derived from continuing operations. The
comprehensive income for each year attributable to equity shareholders of the
parent and non-controlling interests is the same as the profit for the year
distributable to the equity shareholders of the parent and non-controlling
interests.
Year ended30 April 2016Pence Year ended 30 April 2015Pence
Earnings per share 4
Basic 19.14 14.04
Diluted 18.78 13.74
Adjusted earnings per share 4
Basic 27.18 20.45
Diluted 26.67 20.00
Dividends per share paid and proposed in respect of the year 5
Interim 1.90 1.60
Final 4.10 3.40
6.00 5.00
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 April 2016
Notes At30 April 2016£000 At30 April 2015 £000
ASSETS
Non-current assets
Goodwill 36,961 36,961
Other intangible assets 12,492 18,871
Property, plant and equipment 10,227 10,338
Deferred tax asset 818 104
60,498 66,274
Current assets
Inventories 2,036 1,078
Trade and other receivables 28,000 19,415
Cash and cash equivalents 23,109 19,701
53,145 40,194
Total assets 113,643 106,468
LIABILITIES
Current liabilities
Trade and other payables (30,223) (25,380)
Current tax liabilities (570) (786)
Derivative financial instruments (31) (38)
Bank loans and overdrafts (3,297) (4)
Other creditors 7 (5,500) -
Provisions (499) (558)
(40,120) (26,766)
Non-current liabilities
Bank loans and overdrafts (7) (10)
Deferred tax liability (2,727) (4,345)
Other creditors 7 - (12,500)
(2,734) (16,855)
Total liabilities (42,854) (43,621)
Net Assets 70,789 62,847
Equity
Share capital 4,096 4,096
Share premium account 29,657 29,657
Own shares (2,735) (835)
Share option reserve 1,067 403
Other reserve: option for acquiring non-controlling interest in MCL 7 (5,500) (12,500)
Retained earnings 38,394 33,805
Total equity attributable to the equity shareholders of the parent 64,979 54,626
Non-controlling interests 5,810 8,221
Total equity 70,789 62,847
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2016
Attributable to the equity shareholders of the parent
Group Sharecapital£000 Sharepremiumaccount£000 Ownshares£000 Shareoptionreserve£000 Otherreserves£000 Retainedearnings£000 Total£000 Non-controlling interests£000 Totalequity£000
At 1 May 2014 4,096 29,656 (2,274) 526 - 30,194 62,198 - 62,198
Profit for the year - - - - - 5,628 5,628 (388) 5,240
Transactions with owners of Group and non-controlling interests, recognised directly in equity:
Equity dividends - - - - - (1,765) (1,765) - (1,765)
New shares issued - 1 - - - - 1 - 1
Vesting of restricted shares - - - - - 44 44 - 44
Own shares sold - - 822 - - - 822 - 822
Loss on own shares sold - - 617 - - (617) - - -
Share-based payments - - - 198 - - 198 - 198
Transfer of share option reserve on vesting of options - - - (321) - 321 - - -
Option for acquiring non-controlling interest in MCL - - - - (12,500) - (12,500) - (12,500)
Introduction of non-controlling interest on acquisition of MCL - - - - - - - 8,609 8,609
At 30 April 2015 4,096 29,657 (835) 403 (12,500) 33,805 54,626 8,221 62,847
Profit for the year - - - - - 7,775 7,775 (2,411) 5,364
Transactions with owners of Group and non-controlling interests, recognised directly in equity:
Equity dividends - - - - - (2,158) (2,158) - (2,158)
Vesting of restricted shares - - - - - 76 76 - 76
Own shares acquired - - (4,162) - - - (4,162) - (4,162)
Own shares sold - - 914 - - - 914 - 914
Loss on own shares sold - - 1,348 - - (1,348) - - -
Share-based payments - - - 197 - - 197 - 197
Deferred tax adjustment in respect of share based payments - - - 711 - - 711 - 711
Transfer of share option reserve on vesting of options - - - (244) - 244 - - -
Change in value of option for acquiring non-controlling interest in MCL - - - - 7,000 - 7,000 - 7,000
At 30 April 2016 4,096 29,657 (2,735) 1,067 (5,500) 38,394 64,979 5,810 70,789
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 April 2016
Notes Year ended30 April 2016£000 Year ended 30 April 2015£000
Net cash generated from operating activities 6 6,718 18,798
Investing activities
Interest received 68 87
Purchases of property, plant and equipment (980) (1,063)
Deposit paid for acquisition of EID 8 (744) -
Acquisition of MCL, net of cash acquired - (5,698)
Acquisition of J+S, including overdraft acquired - (11,688)
Disposal of SEA's Space business - 4,000
Net cash (used in)/from investing activities (1,656) (14,362)
Financing activities
Issue of new shares - 1
Dividends paid (2,158) (1,765)
Repayment of borrowings (3) (131)
Drawdown of borrowings 3,302 -
Purchase of own shares (4,162) -
Sale of own shares 914 822
Net cash out flow from financing activities (2,107) (1,073)
Net increase in cash and cash equivalents 2,955 3,363
At 1 May 2015 £000 Effect of foreign exchange rate changes £000 Cash Flow £000 At 30 April 2016 £000
Funds reconciliation
Cash and bank 19,701 453 2,955 23,109
Short term deposits - - - -
Cash and cash equivalents 19,701 453 2,955 23,109
Loan - 9 (3,302) (3,293)
Finance lease (14) - 3 (11)
Debt (14) 9 (3,299) (3,304)
Net funds 19,687 462 (344) 19,805
NOTES TO THE PRELIMINARY RESULTS ANNOUNCEMENT
1. BASIS OF PREPARATION
The financial information contained within this preliminary report has been
prepared using accounting policies consistent with International Financial
Reporting Standards (IFRS) as adopted by the EU and applying at
30 April 2016. The information in this preliminary statement has been
extracted from the financial statements for the year ended 30 April 2016 and
as such, does not contain all the information required to be disclosed in the
financial statements prepared in accordance with IFRS.
50.001% of MCL was acquired 9 July 2014. As the Group has effective control,
100% of MCL's result and balances have been consolidated from that date with
the non-controlling interest identified.
100% of J+S was acquired by SEA on 1 October 2014 and has been included as
part of SEA's reported results and balances from that date.
57% of EID was acquired 27 Jun 2016 and as the Group has effective control,
100% of EID's result and balances will be consolidated from that date with the
non-controlling interest identified. As this completed after 30 April 2016,
EID has not been consolidated in the Group's result for year ended 30 April
2016 or the balances at 30 April 2016.
The Group's Annual Report for the year ended 30 April 2016 has yet to be
delivered to the Registrar of Companies. The auditors have reported on these
accounts. Their report was not qualified and did not contain a statement
under Section 498 of the Companies Act 2006. The figures for the year ended 30
April 2016 and 2014 do not constitute statutory accounts within the meaning of
section 434 of the Companies Act 2006.
The comparative figures for the financial year ended 30 April 2015 are not the
Company's statutory accounts for that financial year. Those accounts have
been reported on by the Company's auditor and delivered to the Registrar of
Companies. The report of the auditor was:
i. unqualified,
ii. did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying their report, and
iii. did not contain a statement under section 498(2) or (3) of the
Companies Act 2006.
The preliminary announcement was approved by the Board and authorised for
issue on 28 June 2016.
Copies of the Annual Report and accounts for the year ended 30 April 2016 will
be posted to shareholders on 29 July 2016 and available on the Company's
website (www.cohortplc.com) from that date.
2. SEGMENTAL ANALYSIS OF REVENUE AND OPERATING PROFIT
Year ended 30 April 2016 £000 Year ended 30 April 2015 £000
Revenue
MASS 31,998 32,528
MCL 13,709 10,143
SCS 18,097 16,892
SEA 48,773 40,375
112,577 99,938
Adjusted Operating Profit
MASS 5,956 5,492
MCL 1,404 1,327
SCS 1,250 1,319
SEA 5,442 3,964
Central costs (2,150) (2,017)
11,902 10,085
Amortisation of other intangible assets (6,379) (3,602)
Credit/(charge) on marking forward exchange contracts to market value at the year end 7 (38)
Exchange gains on revaluing cash held for acquisition consideration for EID 537 -
Exceptional items:
Costs of acquisition of EID (821) -
Costs of acquisition of MCL - (197)
Costs of acquisition of J+S - (427)
Profit on disposal of SEA's Space business - 44
Operating Profit 5,246 5,865
The above segmental analysis is the primary segmental analysis of the Group.
All revenue and adjusted operating profit is in respect of continuing
operations.
The operating profit as reported under IFRS is reconciled to the adjusted
operating profit as reported above by the exclusion of amortisation of other
intangible assets, change on marking forward exchange contracts to market
value at the year end, the exchange gain on revaluing cash held (in Euros) for
the acquisition consideration for EID and exceptional items.
The adjusted operating profit is presented in addition to the operating profit
to provide the trading performance of the Group, as derived from its
constituent elements on a consistent basis from year to year.
The adjusted operating profit is stated after charging £197,000 in respect of
share-based payments (2015: £198,000).
3. TAX (CREDIT)/CHARGE
Year ended30 April 2016£000 Year ended 30 April 2015£000
Corporation tax:
Current year 1,935 1,485
Prior year (368) (204)
1,567 1,281
Deferred taxation:
Prior year - (56)
Current year (1,621) (518)
(1,621) (574)
(54) 707
The current year corporation tax credit (2015: charge) includes a charge of
£nil (2015: credit of £20,000) in respect of continuing exceptional items and
the current year deferred tax credit includes a credit of £1,505,000 (2015:
credit of £721,000) in respect of the amortisation of other intangible assets
and a charge of £109,000 (2015: £8,000) in respect of marking forward exchange
contracts to market value at the year end and revaluing the cash held (in
Euros) for the purchase of EID.
4. EARNINGS PER SHARE
The earnings per share are calculated by dividing the earnings for the year by
the weighted average number of ordinary shares in issue as follows:
Year ended30 April 2016£000 Year ended 30 April 2015£000
Earnings
Basic and diluted earnings 7,775 5,628
Amortisation of other intangible assets (net of tax of £1,505,000; 2015: £721,000) 2,879 1,992
Credit in respect of revaluing cash held for the acquisition of EID (net of tax charge of £108,00) (429) -
(Credit)/charge in respect of marking forward exchange contracts to market value at the year end (net of tax charge of £1,000; 2015: net of tax charge of £8,000) (6) 23
Costs of acquisition of EID (nil tax) 821 -
Costs of acquisition of MCL (nil tax) - 197
Costs of acquisition of J+S (nil tax) - 427
(Profit) of disposal of SEA's Space business (including tax credit of £28,000) - (72)
Adjusted basic and diluted earnings 11,040 8,195
The adjustments for the amortisation of intangible assets in respect of MCL
and the (credit)/charge on marking forward exchange contracts to market for
the year ended 30 April 2016 and the year ended 30 April 2015 reflect the
interests of the equity holders of the parent only and exclude the proportion
allocated to the non-controlling interest.
Number Number
Weighted average number of shares
For the purposes of basic earnings per share 40,622,496 40,071,658
Share options 767,501 894,739
For the purposes of diluted earnings per share 41,389,997 40,966,397
Year ended30 April 2016Pence Year ended30 April 2015Pence
Earnings per share
Basic 19.14 14.04
Diluted 18.78 13.74
Adjusted earnings per share
Basic 27.18 20.45
Diluted 26.67 20.00
5. DIVIDENDS
The proposed final dividend for the year ended 30 April 2016 is 4.1 pence
(2015: 3.4 pence) per ordinary share. This dividend will be payable 21
September 2016 to shareholders on the register at 26 August 2016.
The total paid and proposed dividend for the year ended 30 April 2016 is 6.0
pence per ordinary share; a cost of £2,419,000 (2015: 5.0 pence per ordinary
share; cost of £2,031,000).
The charge for the year ended 30 April 2016 of £2,158,000 is the final
dividend for the year ended 30 April 2015 paid (£1,387,000) and the interim
dividend for the year ended 30 April 2016 paid (£771,000).
6. NET CASH GENERATED FROM OPERATING ACTIVITIES
Year ended30 April 2016£000 Year ended 30 April 2015£000
Profit for the year 5,364 5,240
Adjustments for:
Tax (credit)/charge (54) 707
Depreciation of property, plant and equipment 1,090 957
Amortisation of goodwill and other intangible assets 6,379 3,602
Net finance income (64) (82)
Share-based payment 197 198
Derivative financial instruments (7) 38
Decrease in provisions (59) (356)
Operating cash inflows before movements in working capital 12,846 10,304
(Increase)/decrease in inventories (958) 450
(Increase)/decrease in receivables (8,585) 1,861
Increase in payables 5,203 7,890
(4,340) 10,201
Cash generated by operations 8,506 20,505
Tax paid (1,784) (1,702)
Interest paid (4) (5)
Net cash generated from operating activities 6,718 18,798
7. ACQUISITION OF MARLBOROUGH COMMUNICATIONS LIMITED (MCL)
Cohort plc acquired 50.001% of Marlborough Communications (Holdings) Limited
which in turn holds 100% of Marlborough Communications Ltd (MCL) on 9 July
2014.
The Sale and Purchase Agreement in respect of the acquisition of MCL includes
an option for the purchase of the remaining shares (49.999%) in MCL, the
non-controlling interest.
This option is exercisable by 31 December 2016 and is capped at £12.5m. If
the performance of MCL in the period to 30 September 2016 is such that the
amount payable for the non-controlling interest's shares exceeds the cap, the
Group has the right to negotiate the amount payable at that time or not to
acquire the non-controlling
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