REG - Michael Page Intl - Half Yearly Report <Origin Href="QuoteRef">MPI.L</Origin> - Part 2
29/10/2014 12:22
- Part 2: For the preceding part double click ID:nRSM9636Oa
Currency translation differences - - - - (2,772) - (2,772)
Net expense recognised directly in equity - - - - (2,772) - (2,772)
Profit for the six months ended 30 June 2014 - - - - - 23,472 23,472
Total comprehensive (loss)/income for the period - - - - (2,772) 23,472 20,700
Purchase of shares held in employee benefit trust - - - (25,445) - - (25,445)
Exercise of share plans 7 2,272 - - - 398 2,677
Reserve transfer when shares held in the employee benefit trust vest - - - 2,814 - (2,814) -
Credit in respect of share schemes - - - - - 3,648 3,648
Debit in respect of tax on share schemes - - - - - (787) (787)
Dividends - - - - - (22,220) (22,220)
7 2,272 - (22,631) - (21,775) (42,127)
Balance at 30 June 2014 3,215 74,011 932 (72,653) 17,643 163,912 187,060
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2014
Six months ended Year ended
30 June 30 June 31 December
2014 2013 2013
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Cash generated from underlying operations 13 22,692 17,325 81,533
Exceptional items 4 - - (3,027)
Cash generated from operations 22,692 17,325 78,506
Income tax paid (13,081) (12,331) (24,367)
Net cash from operating activities 9,611 4,994 54,139
Cash flows from investing activities
Purchases of property, plant and equipment (2,875) (4,325) (8,480)
Purchases of intangible assets (3,763) (2,582) (4,815)
Proceeds from the sale of property, plant and equipment, and computer software 201 310 565
Interest received 276 251 531
Net cash used in investing activities (6,161) (6,346) (12,199)
Cash flows from financing activities
Dividends paid (22,220) (20,798) (30,849)
Interest paid (211) (364) (1,475)
Issue of own shares for the exercise of options 2,687 7,945 14,429
Purchase of shares into the employee benefit trust (25,445) - -
Net cash used in financing activities (45,189) (13,217) (17,895)
Net (decrease)/increase in cash and cash equivalents (41,739) (14,569) 24,045
Cash and cash equivalents at the beginning of the period 85,394 61,373 61,373
Exchange (loss)/gain on cash and cash equivalents (731) 811 (24)
Cash and cash equivalents at the end of the period 14 42,924 47,615 85,394
Notes to the condensed set of
interim financial statements
For the six months ended 30 June
2014
1. General information
The information for the year ended
31 December 2013 does not constitute
statutory accounts as defined in
section 434 of the Companies Act
2006. A copy of the statutory
accounts for that year has been
delivered to the Registrar of
Companies. The auditors reported on
those accounts: their report was
unqualified, did not draw attention
to any matters by way of emphasis
and did not contain a statement
under section 498(2) or (3) of the
Companies Act 2006.
2. Accounting policies
Basis of preparation
The unaudited interim condensed
consolidated financial statements
for the six months ended 30 June
2014 have been prepared in
accordance with IAS 34 'Interim
financial reporting' and with the
Disclosure and Transparency Rules of
the Financial Conduct Authority. The
unaudited interim condensed
consolidated financial statements do
not constitute the Group's statutory
financial statements. The Group's
most recent statutory financial
statements, which comprise the
annual report and audited financial
statements for the year ended 31
December 2013, were approved by the
directors on 4 March 2014. The
interim condensed consolidated
financial statements should be read
in conjunction with the Annual
Report and Accounts for the year
ended 31 December 2013, which have
been prepared in accordance with
International Financial Reporting
Standards ('IFRSs') as adopted by
the European Union.
Going concern
The Group's business activities,
together with the factors likely to
affect its future development,
performance and position are set out
in the interim management report.
The interim management report also
includes a summary of the Group's
financial position, its cash flows
and its borrowing facilities.
The directors believe the Group is
well placed to manage its business
risks successfully. The Group's
forecasts and projections, taking
account of reasonably possible
changes in trading performance, show
that the Group should be able to
operate within the level of its
current committed facilities.
After making enquiries, the
directors have a reasonable
expectation that the Company and the
Group have adequate resources to
continue in operational existence
for the foreseeable future, a period
of not less than 12 months from the
date of this report. Accordingly,
they continue to adopt the going
concern basis in preparing the half
-yearly financial report.
New accounting standards,
interpretations and amendments
adopted by the Group
The accounting policies adopted in
the preparation of the interim
condensed consolidated financial
statements are consistent with those
followed in the preparation of the
Group's annual consolidated
financial statements for the year
ended 31 December 2013, except for
the adoption of new standards and
interpretations effective as of 1
January 2014 for which no material
impact on the Group or Company has
been identified:
Investment Entities (Amendments to
IFRS 10, IFRS 12 and IAS 27)
Offsetting Financial Assets and
Financial Liabilities (Amendments to
IAS 32)
Novation of Derivatives and
Continuation of Hedge Accounting
(Amendments to IAS 39)
Recoverable Amount Disclosures for
Non-Financial Assets (Amendments to
IAS 36)
IFRIC 21 Levies
The Group has not early adopted any
other standard, interpretation or
amendment that has been issued but
is not yet effective.
3. Segment reporting
All revenues
disclosed are
derived from
external customers.
The accounting
policies of the
reportable segments
are the same as the
Group's accounting
policies. Segment
operating profit
represents the
profit earned by
each segment
including allocation
of central
administration
costs. This is the
measure reported to
the Group's Chief
Executive Officer,
the chief operating
decision maker, for
the purpose of
resource allocation
and assessment of
segment performance.
(a) Revenue, gross
profit and operating
profit by reportable
segment
Revenue Gross Profit
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2014 2013 2013 2014 2013 2013
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 210,623 205,250 407,013 107,453 107,137 207,771
United Kingdom 155,645 146,050 298,579 67,586 61,414 124,060
Asia Pacific Australia and New Zealand 52,318 57,054 110,642 16,701 21,400 39,730
Asia 40,768 38,672 78,754 34,601 32,907 66,076
Total 93,086 95,726 189,396 51,302 54,307 105,806
Americas 52,868 56,222 110,514 37,335 39,082 76,244
512,222 503,248 1,005,502 263,676 261,940 513,881
Operating Profit
Six months ended Year ended
30 June 30 June 31 December
2014 2013 2013
£'000 £'000 £'000
EMEA 14,707 10,408 25,925
United Kingdom 10,833 9,579 18,387
Asia Pacific Australia and New Zealand 2,120 3,367 6,700
Asia 6,369 6,248 12,543
Total 8,489 9,615 19,243
Americas 1,630 2,518 4,623
Operating profit 35,659 32,120 68,178
Exceptional items - - (2,453)
(note 4)
Operating profit 35,659 32,120 65,725
after exceptional
items
Financial expense (95) (99) (1,668)
Profit before tax 35,564 32,021 64,057
The above analysis
by destination is
not materially
different to
analysis by origin.
The analysis below
is of the carrying
amount of reportable
segment assets,
liabilities and non
-current assets.
Segment assets and
liabilities include
items directly
attributable to a
segment as well as
those that can be
allocated on a
reasonable basis.
The individual
reportable segments
exclude income tax
assets and
liabilities. Non
-current assets
include property,
plant and equipment,
computer software,
goodwill and other
intangibles.
(b) Segment assets, liabilities and non current assets by reportable segment
Total Assets Total Liabilities
30 June 30 June 31 December 30 June 30 June 31 December
2014 2013 2013 2014 2013 2013
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 123,431 123,641 124,070 66,291 69,775 68,912
United Kingdom 102,120 111,848 130,280 46,288 34,928 42,733
Asia Pacific Australia and New Zealand 27,499 24,086 21,492 10,921 12,146 8,310
Asia 40,809 39,774 40,926 8,487 9,364 8,785
Total 68,308 63,860 62,418 19,408 21,510 17,095
Americas 40,651 39,463 37,367 13,019 11,121 12,188
Segment 334,510 338,812 354,135 145,006 137,334 140,928
assets/liabilities
Income tax 7,060 6,970 7,060 9,504 11,107 11,780
341,570 345,782 361,195 154,510 148,441 152,708
Property, Plant & Equipment Intangible Assets
30 June 30 June 31 December 30 June 30 June 31 December
2014 2013 2013 2014 2013 2013
£'000 £'000 £'000 £'000 £'000 £'000
EMEA 6,545 8,836 7,668 398 460 441
United Kingdom 7,078 7,253 7,307 40,005 43,365 41,078
Asia Pacific Australia and New Zealand 1,916 1,345 1,799 55 107 78
Asia 1,644 2,620 2,100 36 154 49
Total 3,560 3,965 3,899 91 261 127
Americas 5,886 7,449 6,364 545 563 451
23,069 27,503 25,238 41,039 44,649 42,097
The below analyses
in notes (c) revenue
and gross profit by
discipline (being
the professions of
candidates placed)
and (d) revenue and
gross profit
generated from
permanent and
temporary placements
have been included
as additional
disclosure over and
above the
requirements of IFRS
8 "Operating
Segments".
(c) Revenue and gross profit by discipline
Revenue Gross Profit
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2014 2013 2013 2014 2013 2013
£'000 £'000 £'000 £'000 £'000 £'000
Finance and 228,275 232,308 464,763 104,109 107,367 211,658
Accounting
Legal, Technology, 117,264 115,722 230,490 53,467 53,982 105,275
HR, Secretarial and
Other
Engineering, 97,866 90,258 181,343 54,624 52,024 100,977
Property &
Construction,
Procurement & Supply
Chain
Marketing, Sales and 68,817 64,960 128,906 51,476 48,567 95,971
Retail
512,222 503,248 1,005,502 263,676 261,940 513,881
(d) Revenue and gross profit generated from permanent and temporary placements
Revenue Gross Profit
Six months ended Year ended Six months ended Year ended
30 June 30 June 31 December 30 June 30 June 31 December
2014 2013 2013 2014 2013 2013
£'000 £'000 £'000 £'000 £'000 £'000
Permanent 209,073 208,919 403,051 203,458 202,604 392,213
Temporary 303,149 294,329 602,451 60,218 59,336 121,668
512,222 503,248 1,005,502 263,676 261,940 513,881
4. Exceptional items
The exceptional item in
the prior period refers to
a transfer pricing case
that had arisen as a
result of a French tax
audit in March 2008. In
October 2013, Page
Personnel France (PPF)
received notice from the
Competent Authorities of
the UK and France of their
decision regarding that
case. The decision, which
was unexpected, increased
the profit generated by
PPF, which, as per the
mandatory profit share or
"participation aux
resultants de
l'entreprise" that is
particular to France,
drove a requirement to pay
increased employee profit
share, both to employees
of PPF and also to the
temporary workers placed
by that company. As a
result, the Group took in
2013, an exceptional
operating profit charge of
£2.5m, interest expense on
late payment of
corporation tax and profit
share of £0.6m and an
additional tax charge on
the exceptional item of
£0.7m relating to prior
periods. There are no
exceptional items in the
current year.
5. Financial income / (expenses)
Six months ended Year ended
30 June 30 June 31 December
2014 2013 2013
£'000 £'000 £'000
Financial income
Bank interest receivable 276 251 531
Financial expenses
Bank interest payable (371) (350) (1,625)
Exceptional interest - - (574)
payable
(371) (350) (2,199)
6.Taxation Taxation for
the six month period is
charged at 34.0% (six
months ended 30 June 2013:
33.0%; year ended 31
December 2013: 33.5%),
representing the best
estimate of the average
annual effective tax rate
expected for the full
year, applied to the pre
-tax income of the six
month period.
7. Dividends
Six months ended Year ended
30 June 30 June 31 December
2014 2013 2013
£'000 £'000 £'000
Amounts recognised as
distributions to equity
holders in the period:
Final dividend for the 22,220 20,798 20,798
year ended 31 December
2013 of 7.25p per ordinary
share (2012: 6.75p)
Interim dividend for the - - 10,051
period ended 30 June 2013
of 3.25p per ordinary
share
22,220 20,798 30,849
Amounts proposed as
distributions to equity
holders in the period:
Proposed interim dividend 10,481 10,016 -
for the period ended 30
June 2014 of 3.42p per
ordinary share (2013:
3.25p)
Proposed final dividend - - 22,192
for the year ended 31
December 2013 of 7.25p per
ordinary share
The proposed interim
dividend had not been
approved by the Board at
30 June 2014 and therefore
has not been included as a
liability. The comparative
interim dividend at 30
June 2013 was also not
recognised as a liability
in the prior period.
The proposed interim
dividend of 3.42 pence
(2013: 3.25 pence) per
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