REG - Mission Marketing - Interim Results <Origin Href="QuoteRef">TMMG.L</Origin>
RNS Number : 5330SThe Mission Marketing Group PLC25 September 2014The Mission Marketing Group plc
Interim results for the six months to 30 June 2014
The Mission Marketing Group plc ("TMMG" or "the missiontm"), the national marketing communications and advertising group, sets out its interim results for the six months ended 30 June 2014.
Trading
Continued growth
April-Six's new San Francisco office, opened in Q3 last year, off to a flying start
Bray Leino's new Singapore office, opened this year, gaining traction
Some great new Client wins in the period, including Sainsbury's, Samsung and Fiat
Full year again expected to have a strong second-half bias - trading remains in line
Continue to seek suitable acquisitions
Income statement
Operating income (Revenue) up 4% to 26.3m (2013: 25.4m)
Headline operating profit up 3% to 2.1m (2013: 2.0m)
Net finance costs reduced by nearly a quarter to 0.3m (2013: 0.4m)
Headline profit before tax up 9% to 1.8m (2013: 1.7m)
Headline Diluted EPS up 11% to 1.68 pence (2013: 1.51 pence)
Balance sheet and cash flow
Cash inflow from operating activities of 5.2m (2013: 5.0m)
Net bank debt reduced by 3.4m in the six months to 7.3m
Gearing reduced from 17% at 31 December 2013 to 11%
Debt leverage ratio reduced to below x1.25
Dividend
Interim dividend declared of 0.25p (2013: 0.25p)
Payable on 5 December 2014 to shareholders on the register at 7 November 2014
An interview with David Morgan, Chairman, can be viewed from 07:00 today at:
Enquiries:
David Morgan, Executive Chairman
Peter Fitzwilliam, Finance Director
The Mission Marketing Group plc
020 3463 2099
Geoff Nash/Henrik Persson (Corporate Finance)
Victoria Bates (Corporate Broking)
finnCap Limited
020 7107 8000
the missiontmis a network of entrepreneurial marketing communications Agencies employing over 800 people in the UK, San Francisco and Singapore. Built from a broad mix of specialist and full service offerings, the Group provides national and international Clients with award-winning marketing, advertising and business communications. Group members include Addiction, April-Six, balloon dog, Big Communications, Bray Leino, Proof Communication, RLA, Robson Brown, Solaris, Story, ThinkBDW and Yucca.
Chairman's Statement
Full Steam Ahead.
The first half of 2014 has been an important period for the Group as our now stabilised ship has been taking on more fuel in order to help us fuel the next phase of our development and build our business into 2015 and beyond.
With results for the first half going largely to plan we have moved into a programme of development whereby we have invested in people, new facilities and systems that have beefed up our Agencies, introducing new and often innovative ways of working within a market backdrop that is encouraging a little more entrepreneurism.
Our twelve operating businesses remain in good shape with our specialist sector businesses leading the charge. Encouraging new business gains from the likes of Fiat, FireEye, Strada, VELUX, St Michel, Peer 1, Sainsbury's, Rolls Royce and Samsung have provided our core businesses with a strengthened platform to move into the second half of 2014 and especially into 2015.
Equally encouraging, the pipeline of acquisition opportunities is fuller than it has been for many years. We recently announced the purchase of Proof Communication, the specialist science, technology and engineering PR Agency, which has integrated seamlessly into our April-Six Agency and has already delivered beyond our initial expectations.
To some degree, the acquisition of Proof and the solidity of our Group signals a new phase in our business where we plan to step up the introduction of tautoousian Agencies that can work alongside our existing in a way that improves the overall. So stand by for more announcements this year.
But it's not all about the new or different. It's still about delivering outstanding work for our Clients in a way that makes them famous and more successful. As we entered into 2014 our Board decreed that our development over the coming two years would not simply be about being bigger and better it would be about doing things that will enhance our Clients. Going where they go, supporting them where they need support. We will achieve this not with flapdoodle promises but by being cautious yet controlled in how we grow.
Trading results
Turnover ("billings") for the six months ended 30 June 2014 reduced by 7% to 62.8m (2013: 67.6m), reflecting reduced levels of media buying activity, which the Group expects to have a greater bias towards the second half of the year than usual due to the timing of specific campaigns. Billings include pass-through costs (eg TV companies' charges for buying air-time) and thus the Board does not consider turnover to be a key performance measure. Instead, the Board views operating income (turnover less third party costs) as a more meaningful measure of Agency activity levels.
We are pleased to report an increase of 4% in operating income ("revenue") to 26.3m (2013: 25.4m), of which 2% came from the contribution from Solaris, acquired in Q3 2013. Underlying growth of 4% in the Group's Branding, Advertising and Digital activities and strong growth in PR activities was partly offset by reductions in Media (see above) and Events and Learning.
The Directors measure the Group's profit performance by reference to headline profits, calculated before exceptional items and acquisition adjustments (as set out in Note 3). Headline operating profits increased 3% to 2.1m (2013: 2.0m).
Profit margins in the first half (headline operating profit as a percentage of revenue) remained at 8% as improved margins in the Group's PR and Branding, Advertising and Digital activities were offset by the lower proportion of Media revenues. Generally speaking, our Clients' spending cycles tend to result in a second half bias in our financial results, including higher profit margins. We expect 2014 to be no different.
Adjustments to reported profits in 2013 comprised exceptional items totalling 2.2m (mainly relating to the costs of restructuring Bray Leino's London operations and the non-cash write-off of intangibles arising on the 2012 acquisition of Addiction) and acquisition-related items of 0.3m (mainly a reduction in estimated contingent acquisition consideration). A further reduction in estimated contingent acquisition consideration at the interim stage resulted in acquisition adjustments of 0.4m in 2014. After these adjustments, reported operating profits were 2.5m (2013: 0.4m).
The continued reduction in net debt, coupled with lower interest rates as the Group's risk profile reduces, have again reduced finance costs, by nearly a quarter, to 0.3m (2013: 0.4m). After financing costs, headline profit before tax increased 9% to 1.8m (2013: 1.7m) and reported profit before tax was 2.2m (2013: 0.1m).
The Group estimates an effective tax rate of 24% (2013: 26%), resulting in profits after tax of 1.7m for the six months (2013: 0.1m), and an increase of 11% in fully diluted headline EPS to 1.68 pence (2013: 1.51 pence).
Balance sheet, cash flow and dividend
Operating cash flows are traditionally stronger in the first half of the year than the second and start of 2014 again saw strong cash flows, resulting in cash inflows from operating activities of 5.2m (2013: 5.0m) and a reduction in net debt to 7.3m at 30 June (2013: 8.8m). As a result, our gearing ratio (net debt to equity) reduced from 17% at 31 December 2013 to 11% at the end of the period and our "leverage ratio" (ratio of net bank debt to adjusted EBITDA) reduced below x1.25, triggering lower interest rate margins which will benefit the second half of the year.
At 30 June 2014, the Group had 11.6m of committed facilities, of which 2m was undrawn, and an additional overdraft facility of 2m. As in prior years, due to the phasing of working capital requirements, an increase in net debt is predicted in the second half of the year.
The Group's second interim dividend since it returned to the dividend list last year after an absence of 4 years, of 0.25p (2013: 0.25p), has been declared, payable on 5 December 2014 to shareholders on the register at 7 November 2014. Accordingly the ex-dividend date is 6 November 2014.
Current trading and outlook
Our financial performance remains solid. As in previous years, our second half weighting creates challenges ahead but, as we stand, we are confident that our business remains on track to deliver against our year-end expectations.
We look forward with optimism as we continue on our exciting journey.
David Morgan
Chairman
Condensed Consolidated Statement of Comprehensive Income
for the 6 months ended 30 June 2014
6 months to
6 months to
Year ended
30 June 2014
30 June 2013
31 December 2013
Unaudited
Unaudited
Audited
Note
'000
'000
'000
TURNOVER
2
62,826
67,620
124,090
Cost of sales
(36,536)
(42,250)
(72,496)
OPERATING INCOME
2
26,290
25,370
51,594
Headline operating expenses
(24,191)
(23,325)
(45,877)
HEADLINE OPERATING PROFIT
2
2,099
2,045
5,717
Exceptional items
5
-
(1,486)
(2,172)
Acquisition adjustments
417
(111)
307
OPERATING PROFIT
2,516
448
3,852
Investment income
6
1
1
1
Finance costs
6
(290)
(380)
(696)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
2,227
69
3,157
Taxation
7
(534)
(18)
(804)
PROFIT FOR THE PERIOD
1,693
51
2,353
Other comprehensive income
-
-
-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
1,693
51
2,353
Basic earnings per share (pence)
8
2.24
0.07
3.11
Diluted earnings per share (pence)
8
2.06
0.06
2.87
Headline basic earnings per share (pence)
8
1.82
1.63
4.82
Headline diluted earnings per share (pence)
8
1.68
1.51
4.45
Condensed Consolidated Balance Sheet
as at 30 June 2014
As at
As at
As at
30 June 2014
30 June 2013
31 December 2013
Unaudited
Unaudited
Audited
Note
'000
'000
'000
FIXED ASSETS
Intangible assets
9
72,097
70,907
72,525
Property, plant and equipment
4,147
3,387
3,479
76,244
74,294
76,004
CURRENT ASSETS
Stock and work in progress
487
539
365
Trade and other receivables
26,855
26,609
20,751
Cash and short term deposits
10
2,072
556
571
29,414
27,704
21,687
CURRENT LIABILITIES
Trade and other payables
(15,054)
(16,833)
(11,067)
Accruals
(12,157)
(9,951)
(7,035)
Corporation tax payable
(904)
(1,301)
(627)
Bank loans
10
(2,286)
(2,286)
(1,714)
Acquisition obligations
11
(482)
(887)
(375)
(30,883)
(31,258)
(20,818)
NET CURRENT (LIABILITIES) / ASSETS
(1,469)
(3,554)
869
TOTAL ASSETS LESS CURRENT LIABILITIES
74,775
70,740
76,873
NON CURRENT LIABILITIES
Bank loans
10
(7,084)
(7,052)
(9,573)
Obligations under finance leases
-
(25)
-
Acquisition obligations
11
(1,098)
(823)
(2,451)
NET ASSETS
66,593
62,840
64,849
CAPITAL AND RESERVES
Called up share capital
7,699
7,699
7,699
Share premium account
40,288
40,288
40,288
Own shares
(355)
(1,054)
(462)
Share option reserve
717
518
614
Retained earnings
18,244
15,389
16,710
TOTAL EQUITY
66,593
62,840
64,849
Condensed Consolidated Cash Flow Statement
for the 6 months ended 30 June 2014
6 months to
6 months to
Year ended
30 June 2014
30 June 2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
Operating profit
2,516
448
3,852
Depreciation and amortisation charges
762
685
1,540
Goodwill and intangibles impairment charges
-
472
442
Net gain on remeasurement of contingent consideration
(603)
-
(660)
(Profit) / loss on disposal of property, plant and equipment
(3)
(2)
1
Non cash charge for share options and shares awarded
103
77
173
(Increase)/decrease in receivables
(6,104)
(2,245)
3,860
(Increase)/decrease in stock and work in progress
(122)
382
172
Increase/(decrease) in payables
9,154
5,576
(3,194)
OPERATING CASH FLOW
5,703
5,393
6,186
Net finance costs
(216)
(280)
(467)
Tax paid
(256)
(75)
(1,556)
Net cash inflow from operating activities
5,231
5,038
4,163
INVESTING ACTIVITIES
Proceeds on disposal of property, plant and equipment
3
41
148
Purchase of property, plant and equipment
(1,265)
(770)
(1,240)
Acquisition of subsidiaries
-
-
(97)
Adjustment to cost of acquisition of subsidiaries
-
64
94
Cash acquired with subsidiaries
-
-
18
Acquisition of intangibles
-
(31)
(65)
Adjustment to cost of intangibles acquired
-
-
(27)
Net cash outflow from investing activities
(1,262)
(696)
(1,169)
FINANCING ACTIVITIES
Dividends paid
-
-
(192)
Movement in HP creditor and finance leases
(35)
(76)
(136)
Payment of acquisition obligations
(381)
(549)
(550)
Repayment of long term banks loans
(2,000)
(3,643)
(1,785)
Purchase of own shares held in EBT
(52)
(64)
(306)
Net cash outflow from financing activities
(2,468)
(4,332)
(2,969)
Increase in cash and cash equivalents
1,501
10
25
Cash and cash equivalents at beginning of period
571
546
546
CASH AND CASH EQUIVALENTS AT END OF PERIOD
2,072
556
571
Condensed Consolidated Statement of Changes in Equity
for the 6 months ended 30 June 2014
Share
capital
'000
Share premium
'000
Own shares
'000
Share option reserve
'000
Retained earnings
'000
Total
'000
Changes in equity
At 1 January 2013
7,699
40,288
(1,201)
441
15,457
62,684
Credit for share option scheme
-
-
-
77
-
77
Own shares purchased by EBT
-
-
(64)
-
-
(64)
Shares awarded from own shares
-
-
211
-
(119)
92
Profit for the period
-
-
-
-
51
51
At 30 June 2013
7,699
40,288
(1,054)
518
15,389
62,840
Credit for share option scheme
-
-
-
96
-
96
Own shares purchased by EBT
-
-
(242)
-
-
(242)
Shares awarded from own shares
-
-
834
-
(789)
45
Profit for the period
-
-
-
-
2,302
2,302
Dividend paid
-
-
-
-
(192)
(192)
At 31 December 2013
7,699
40,288
(462)
614
16,710
64,849
Credit for share option scheme
-
-
-
103
-
103
Own shares purchased by EBT
-
-
(52)
-
-
(52)
Shares awarded from own shares
-
-
159
-
(159)
-
Profit for the period
-
-
-
-
1,693
1,693
At 30 June 2014
7,699
40,288
(355)
717
18,244
66,593
Notes to the unaudited Interim Report
for the 6 months ended 30 June 2014
1. Accounting Policies
Basis of preparation
The condensed consolidated interim financial statements for the six months ended 30 June 2014 have been prepared in accordance with the IAS 34 "Interim Financial Reporting" and the Group's accounting policies.
The Group's accounting policies are in accordance with International Financial Reporting Standards as adopted by the European Union and are set out in the Group's Annual Report and Accounts 2013 on pages 32-35. These are consistent with the accounting policies which the Group expects to adopt in its 2014 Annual Report. The Group has not early adopted any Standard, Interpretation or Amendment that has been issued but is not yet effective.
The information relating to the six months ended 30 June 2014 and 30 June 2013 is unaudited and does not constitute statutory financial statements as defined in Section 434 of the Companies Act 2006. The comparative figures for the year ended 31 December 2013 have been extracted from the Group's Annual Report and Accounts 2013, on which the auditors gave an unqualified opinion and did not include a statement under section 498 (2) or (3) of the Companies Act 2006. The Group Annual Report and Accounts for the year ended 31 December 2013 have been filed with the Registrar of Companies.
Going concern
The Directors have considered the financial projections of the Group, including cash flow forecasts, the availability of committed bank facilities and the headroom against covenant tests for the coming 12 months. They are satisfied that the Group has adequate resources for the foreseeable future and that it is appropriate to continue to adopt the going concern basis in preparing these interim financial statements.
Accounting estimates and judgements
The Group makes estimates and judgements concerning the future and the resulting estimates may, by definition, vary from the actual results. The Directors considered the critical accounting estimates and judgements used in the financial statements and concluded that the main areas of judgement are:
Potential impairment of goodwill and other intangible assets;
Contingent deferred payments in respect of acquisitions;
Revenue recognition policies in respect of contracts which straddle the period end; and
Valuation of intangible assets on acquisitions.
These estimates are based on historical experience and various other assumptions that management and the Board of Directors believe are reasonable under the circumstances.
2. Segmental Information
Business segmentation
For management purposes the Group had eleven operating units trading through eight subsidiaries during the period: April-Six Ltd, Big Communications Ltd, Bray Leino Ltd (incorporating Addiction and Yucca), Fox Murphy Ltd (trading as balloon dog), RLA Group Ltd, Solaris Healthcare Network Ltd, Story UK Ltd and ThinkBDW Ltd (incorporating Robson Brown), each of which carries out a range of activities. These activities have been divided into four business and operating segments as defined by IFRS 8 which form the basis of the Group's primary reporting segments, namely: Branding, Advertising and Digital; Media; Events and Learning; and Public Relations.
6 months to
6 months to
Year ended
30 June
2014
30 June
2013
31 December
2013
Unaudited
Unaudited
Audited
'000
'000
'000
Turnover
Business segment
Branding, Advertising & Digital
33,861
33,178
64,285
Events and Learning
4,170
4,617
8,441
Media
22,893
28,341
47,931
Public Relations
1,902
1,484
3,433
62,826
67,620
124,090
Operating income
Business segment
Branding, Advertising & Digital
21,425
20,147
41,515
Events and Learning
1,462
1,720
3,054
Media
1,839
2,385
4,414
Public Relations
1,564
1,118
2,611
26,290
25,370
51,594
Headline Operating Profit
Business segment
Branding, Advertising & Digital
2,477
2,082
5,655
Events and Learning
25
51
89
Media
342
550
1,147
Public Relations
100
(11)
110
2,944
2,672
7,001
Central costs
(845)
(627)
(1,284)
2,099
2,045
5,717
Geographical segmentation
Although the Group is actively developing its overseas presence, the vast majority of the Group's operations are still based in the UK and substantially all the Group's business is executed in the UK.
3. Reconciliation of Reported Profit to Headline Profit
6 months to
30 June
2014
6 months to
30 June
2013
Year ended
31 December
2013
Unaudited
Unaudited
Audited
'000
'000
'000
Reported profit before taxation
2,227
69
3,157
Adjustments
(417)
1,597
1,865
Headline profit before taxation
1,810
1,666
5,022
Reported profit after taxation
1,693
51
2,353
Adjustments
(317)
1,182
1,296
Headline profit after tax
1,376
1,233
3,649
Adjustments
Exceptional items (note 5)
-
(1,486)
(2,172)
Acquisition-related items
417
(111)
307
Adjustments affecting profit before taxation
417
(1,597)
(1,865)
Taxation impact
(100)
415
569
Adjustments affecting profit after taxation
317
(1,182)
(1,296)
In order to provide a clearer understanding of underlying profitability, headline profits exclude exceptional items and acquisition-related costs and adjustments.
4. Contribution of newly acquired entities to the results of the Group
Solaris Healthcare Network Limited ("Solaris") was acquired on 30 September 2013 and contributed turnover of 0.7m, operating income of 0.6m and a marginal headline operating profit to the results of the Group in the six month period ended 30 June 2014.
5. Exceptional items
6 months to
30 June
2014
6 months to
30 June
2013
Year ended
31 December
2013
Unaudited
Unaudited
Audited
'000
'000
'000
Restructuring costs
-
(1,014)
(1,523)
Impairment of Addiction goodwill and intangibles
-
(472)
(442)
Loss on legal dispute with supplier
-
-
(207)
-
(1,486)
(2,172)
Exceptional items consist of revenue or costs that, either by their size or nature, require separate disclosure in order to give a fuller understanding of the Group's financial performance.
In 2013, exceptional items included gains on remeasurement of contingent consideration relating to a net downward revision in the estimates payable to vendors of businesses acquired in prior years. These are now disclosed as acquisition adjustments in the Condensed Consolidated Statement of Comprehensive Income. The comparatives have been restated accordingly.
In 2013, the restructuring of Bray Leino's activities resulted in redundancy and other costs which were treated as exceptional items. In addition, there was an associated impairment of goodwill and other intangibles relating to the Addiction acquisition, which were also treated as an exceptional item.
The loss on legal dispute with supplier in 2013 related to prizes on a promotion which were deemed by the courts to be fraudulently won by the customers, resulting on the costs of these prizes and legal costs being passed to the Group.
6. Investment income and Finance costs
6 months to
6 months to
Year ended
30 June
2014
30 June
2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
Investment income:
Interest receivable
1
1
1
Finance costs:
On bank loans and overdrafts
(207)
(281)
(506)
Amortisation of bank debt renegotiation fees
(83)
(99)
(190)
(290)
(380)
(696)
Total net finance cost
(289)
(379)
(695)
Debt arrangement fees arising on the renegotiation, in 2010, and modification, in 2012, of credit facilities are being amortised over the life of the credit agreement.
7. Taxation
The taxation charge for the period ended 30 June 2014 has been based on an estimated effective tax rate on profit on ordinary activities of 24% (30 June 2013: 26%).
8. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data, determined in accordance with the provisions of IAS33: "Earnings per Share".
6 months to
6 months to
Year ended
30 June
2014
30 June
2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
Earnings
Earnings for the purpose of reported earnings per share being net profit attributable to equity holders of the parent
1,693
51
2,353
Earnings for the purposes of headline earnings per share (see note 3)
1,376
1,233
3,649
Number of shares
Weighted average number of ordinary shares for the purpose of basic earnings per share
75,746,251
75,567,790
75,668,570
Dilutive effect of securities:
Employee share options
3,885,718
3,562,029
3,886,360
Bank warrants
2,513,185
2,497,357
2,510,283
Weighted average number of ordinary shares for the purpose of diluted earnings per share
82,145,154
81,627,176
82,065,213
Reported basis:
Basic earnings per share (pence)
2.24
0.07
3.11
Diluted earnings per share (pence)
2.06
0.06
2.87
Headline basis:
Basic earnings per share (pence)
1.82
1.63
4.82
Diluted earnings per share (pence)
1.68
1.51
4.45
Basic earnings per share includes shares to be issued subject only to time as if they had been issued at the beginning of the period.
A reconciliation of the profit after tax on a reported basis and the headline basis is given in note 3.
9. Intangible assets
30 June
2014
30 June
2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
Goodwill
71,005
69,947
71,005
Other intangible assets
1,092
960
1,520
72,097
70,907
72,525
Goodwill
30 June
2014
30 June
2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
Cost
At 1 January
75,278
74,314
74,314
Recognised on acquisition of subsidiaries
-
-
1,058
Adjustment to consideration
-
(64)
(94)
At 30 June / 31 December
75,278
74,250
75,278
Impairment adjustment
At 1 January
4,273
3,995
3,995
Impairment during period
-
308
278
At 30 June / 31 December
4,273
4,303
4,273
Net book value
71,005
69,947
71,005
Goodwill arose from the acquisition of the following subsidiary companies and is comprised of the following substantial components:
30 June
2014
30 June
2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
April-Six Ltd
9,411
9,411
9,411
Big Communications Ltd
8,125
8,125
8,125
Bray Leino Ltd
30,846
30,846
30,846
Fox Murphy Ltd (trading as balloon dog)
1,514
1,514
1,514
Haven Marketing Ltd
127
127
127
RLA Group Ltd
6,572
6,572
6,572
Solaris Healthcare Network Ltd
1,058
-
1,058
Story UK Ltd
6,969
6,969
6,969
ThinkBDW Ltd
6,283
6,283
6,283
Quorum Advertising Ltd
100
100
100
71,005
69,947
71,005
In accordance with the Group's accounting policies, an annual impairment test is applied to the carrying value of goodwill, unless there is an indication that one of the cash generating units has become impaired during the year, in which case an impairment test is applied to the relevant asset. The next impairment test will be undertaken at 31 December 2014.
Other Intangible Assets
6 months to
6 months to
Year ended
30 June
2014
30 June
2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
Cost
At 1 January
2,079
1,209
1,209
Additions
-
121
870
Adjustment to consideration
(263)
-
-
At 30 June / 31 December
1,816
1,330
2,079
Impairment adjustment
At 1 January
165
-
-
Charge for the period
-
164
165
At 30 June / 31 December
165
164
165
Amortisation
At 1 January
394
95
95
Charge for the period
165
111
299
At 30 June / 31 December
559
206
394
Net book value
1,092
960
1,520
Other intangible assets consist of intellectual property rights, client relationships and trade names.
10. Bank Loans and Net Debt
30 June
2014
30 June
2013
31 December 2013
Unaudited
Unaudited
Audited
'000
'000
'000
Bank loan outstanding
9,571
9,714
11,572
Adjustment to amortised cost
(201)
(376)
(285)
Carrying value of loan outstanding
9,370
9,338
11,287
Less: Cash and short term deposits
(2,072)
(556)
(571)
Net bank debt
7,298
8,782
10,716
The borrowings are repayable as follows:
Less than one year
2,286
2,286
1,714
In one to two years
7,285
2,286
9,858
In more than two years but less than three years
-
5,142
-
9,571
9,714
11,572
Adjustment to amortised cost
(201)
(376)
(285)
9,370
9,338
11,287
Less: Amount due for settlement within 12 months
(shown under current liabilities)
(2,286)
(2,286)
(1,714)
Amount due for settlement after 12 months
7,084
7,052
9,573
11. Acquisition obligations
The terms of an acquisition may provide that the value of the purchase consideration, which may be payable in cash or shares or other securities at a future date, depends on uncertain future events such as the future performance of the acquired company. The Directors estimate that the liability for payments that may be due is as follows:
Cash
'000
Shares
'000
Total
'000
30 June 2013
Less than one year
839
48
887
Between one and two years
339
48
387
In more than two years but less than three years
389
47
436
1,567
143
1,710
31 December 2013
Less than one year
375
-
375
Between one and two years
913
48
961
In more than two years but less than three years
869
47
916
In more than three years but less than four years
574
-
574
2,731
95
2,826
30 June 2014
Less than one year
482
-
482
Between one and two years
621
40
661
In more than two years but less than three years
437
-
437
1,540
40
1,580
12. Post balance sheet events
There were no material post balance sheet events.
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR QKQDPQBKDBCB
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