REG - YouGov PLC - Interim Management Statement <Origin Href="QuoteRef">YOU.L</Origin> - Part 2
23/03/2015 07:01
- Part 2: For the preceding part double click ID:nRSW1148Ia
- 5 - 5
Dividends paid - - - - (804) (804) - (804)
Share-based payments - - - - 1,121 1,121 - 1,121
Total transactions with owners recognised directly in equity 3 2 - - 317 322 - 322
Balance at 31 January 2015 202 31,016 9,239 7,853 11,808 60,118 (31) 60,087
YOUGOV PLC
consolidated cash flow statement
For the six months ended 31 January 2015
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 January 31 January 31 July
2015 2014 2014
£'000 £'000 £'000
Profit/(Loss) before taxation 16 (427) 733
Adjustments for:
Finance income (20) (20) (171)
Finance costs 137 309 463
Share of post-tax loss in joint ventures - - 14
Amortisation 2,288 2,013 4,120
Depreciation 325 283 631
Loss on disposal of property, plant and equipment 27 - -
Share based payments 789 627 1,246
Other non-cash operating profit items 170 (29) 88
(Increase)/Decrease in trade and otherreceivables (3,231) 1,393 (1,088)
(Decrease)/Increase in trade and otherpayables (531) (665) 2,411
Increase in provisions 331 48 445
Cash generated from operations 301 3,532 8,892
Interest paid (4) (28) (4)
Income taxes paid (522) (131) (287)
Net cash generated from operating activities (225) 3,373 8,601
Cash flow from investing activities
Purchase of subsidiary (net of cash acquired) - (649) (643)
Acquisition of non-controlling interest in subsidiary - - (28)
Settlement of deferred considerations - - (332)
Proceeds from sale of property, plant and equipment 1 13 12
Purchase of property, plant and equipment (413) (303) (1,048)
Purchase of intangible assets (2,341) (2,130) (4,723)
Interest received 1 - 1
Dividends received - 19 55
Net cash used in investing activities (2,752) (3,050) (6,706)
Cash flows from financing activities
Proceeds from the issue of share capital 5 75 57
Repayment of borrowings - (15) (32)
Dividends paid to company's shareholders (804) (586) (586)
Dividends paid to non-controlling interest - - (35)
Net cash used in financing activities (799) (526) (596)
Net (decrease)/increase in cash and cash equivalents (3,776) (203) 1,299
Cash and cash equivalents at beginning of period 7,245 6,656 6,656
Exchange gain/(loss) on cash and cash equivalents 205 (396) (710)
Cash and cash equivalents at end of period 3,674 6,057 7,245
YOUGOV plc
notes to the consolidated interim financial statements
For the six months ended 31 January 2015
1 GENERAL INFORMATION
YouGov plc and subsidiaries' ('the Group') principal activity is the provision
of market research. The market research industry is subject to seasonal
fluctuations, with peak demand in the second half of the Group's financial
year
YouGov plc is the Group's ultimate parent company. It is incorporated and
domiciled in Great Britain. The address of YouGov plc's registered office is
50 Featherstone Street, London, EC1Y 8RT. YouGov plc's shares are listed on
the Alternative Investment Market.
YouGov plc's consolidated interim financial statements are presented in pounds
sterling (£), which is also the functional currency of the parent company.
These condensed consolidated interim financial statements have been approved
for issue by the board of directors on 23 March 2015.
This consolidated interim financial information for the six months ended 31
January 2015 does not comprise statutory accounts within the meaning of
Section 434 of the Companies Act 2006. Statutory accounts for the year ended
31 July 2014 were approved by the Board on 13 October 2014 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. The
consolidated financial statements of the Group for the year ended 31 July 2014
are available from the Company's registered office or website
(www.yougov.com).
This consolidated interim financial information is unaudited and not reviewed
by the auditors.
2 FORWARD LOOKING STATEMENTS
Certain statements in this interim report are forward looking. Although the
Group believes that the expectations reflected in these forward looking
statements are reasonable, we can give no assurance that these expectations
will prove to have been correct. As these statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by these forward looking statements.
We undertake no obligation to update any forward-looking statements whether as
a result of new information, future events or otherwise.
3 BASIS OF PREPARATION
This consolidated interim report for the six months ended 31 January 2015 has
been prepared in accordance with the Disclosure and Transparency Rules of the
Financial Services Authority and IAS 34 'Interim financial reporting' as
adopted by the European Union. The consolidated interim report should be read
in conjunction with the annual financial statements for the year ended 31 July
2014, which has been prepared in accordance with IFRS's as adopted by the
European Union.
Accounting policies
The accounting policies applied are consistent with those of the Annual
Financial Statements for the year ended 31 July 2014, as described in those
Annual Financial Statements. The following new standards and amendments to
standards are mandatory for the first time for the financial year beginning 1
August 2014 but are either not relevant to the Group or do not have a
significant impact:
• IFRS 10 "Consolidated Financial Statements'';
• IFRS 11 "Joint arrangements'';
• IFRS 12 "Disclosure of interests in other entities'';
• IAS 27 "Separate Financial Statements'';
• IAS 28 "Investments in associates and joint ventures'';
• Amendments to IFRS 10, 11 and 12 on transition guidance (effective 1
January 2013) (endorsed 1 January 2014);
• Amendments to IFRS 10, 12 and IAS 27 on consolidation for investment
entities (effective 1 January 2014;
• Amendments to IAS 32 on Financial instruments asset and liability
offsetting (effective 1 January 2014);
• Amendment to IAS 36, 'Impairment of assets' on recoverable amount
disclosures (effective 1 January 2014);
• Amendment to IAS 39 'Financial instruments: Recognition and
measurement', on novation of derivatives and hedge accounting (effective 1
January 2014); and
• IFRIC 21, 'Levies' (effective 1 January 2014) (endorsed 17 June 2014).
The following new standards and amendments to standards have been issued but
are not yet effective for the purposes of the Interim Report and have not been
early adopted:
• Amendment to IAS 19, Employee benefits on defined benefit plans;
• Annual improvements to IFRSs 2010-2012 Cycle; and
• Annual improvements to IFRSs 2011-2013 Cycle.
Accounting estimates and judgements
The preparation of interim financial information requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amount of income, expense, assets and
liabilities. The significant estimates and judgements made by management were
consistent with those applied to the consolidated financial statements for the
year ended 31 July 2014.
Risks and uncertainties
The principal strategic level risks and uncertainties affecting the group
remain those set out in the Strategic Report on pages 27 of the 2014 Annual
Report.
The chairman's statement and chief executive's review in this interim report
include comments on the outlook for the remaining six months of the financial
year.
4 SEGMENTAL ANALYSIS
During the year ended 31 July 2014 the Board of Directors (which is the "chief
operating decision maker") primarily reviewed information based on geographic
lines but also reviewed information based on product lines. For the year
ending 31 July 2015 the Board primarily reviews information based on product
lines, Custom Research, Data Products & Data Services, with supplemental
geographical information. As a result product lines now form the basis for
the segmental with supplemental geographical information.
For the six months Custom Research Data Products Data Services Unallocated Group
to 31 January 2015 (Unaudited) £'000 £'000 £'000 £'000 £'000
Revenue 24,260 5,343 6,606 - 36,209
Cost of sales (6,448) (1,154) (1,083) - (8,685)
Gross profit 17,812 4,189 5,523 - 27,524
Operating expenses (15,321) (3,160) (3,596) (2,125) (24,202)
Operating profit/(loss) before amortisation of intangible assets and exceptional items 2,491 1,029 1,927 (2,125) 3,322
Amortisation of intangible assets (2,223)
Exceptional items (966)
Operating profit 133
Finance income 20
Finance costs (137)
Profit before taxation 16
Taxation (332)
Loss after taxation (316)
Other segment information
Depreciation 198 30 46 51 325
For the six months Custom Research Data Products Data Services Unallocated Group
to 31 January 2014 (Unaudited) £'000 £'000 £'000 £'000 £'000
Revenue 22,265 4,630 5,744 - 32,639
Cost of sales (5,661) (1,157) (1,190) - (8,008)
Gross profit 16,604 3,473 4,554 - 24,631
Operating expenses (14,218) (2,722) (2,740) (2,090) (21,770)
Operating profit/(loss) before amortisation of intangible assets and exceptional items 2,386 751 1,814 (2,090) 2,861
Amortisation of intangible assets (1,942)
Exceptional items (1,057)
Operating loss (138)
Finance income 20
Finance costs (309)
Loss before taxation (427)
Taxation (35)
Loss after taxation (462)
Other segment information
Depreciation 116 40 48 79 283
Supplementary information by geography
Six months to 31 January 2015 (Unaudited) Six months to 31 January 2014 (Unaudited)
Revenue Adjusted^ operating profit/(loss) Revenue Adjusted^ operating profit/(loss)
£'000 £'000 £'000 £'000
UK 9,855 1,428 9,334 1,862
USA 13,327 3,081 10,391 1,574
Germany 4,318 275 4,066 93
Nordic 3,783 372 4,087 327
Middle East 5,044 606 5,199 1,229
France 451 5 283 (114)
Asia Pacific 451 (320) 43 (20)
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