REG - YouGov PLC - Preliminary Results <Origin Href="QuoteRef">YOU.L</Origin> - Part 2
10/10/2016 07:05
- Part 2: For the preceding part double click ID:nRSJ0738Ma
share capital 209 206
Share premium 31,086 31,051
Merger reserve 9,239 9,239
Foreign exchange reserve 13,730 5,464
Retained earnings 19,795 15,635
Total shareholders' funds 74,059 61,595
Non-controlling interests in equity 30 28
Total equity 74,089 61,623
YOUGOV PLCCONSOLIDATED STATEMENT OF Changes in equity
For the year ended 31 July 2016
Attributable to equity holders of the Company
Note Issued share capital £'000 Share premium £'000 Merger reserve £'000 Foreign exchange reserve £'000 Retained earnings £'000 Total £'000 Non-controlling interest in equity £'000 Total equity £'000
Balance at 1 August 2014 199 31,014 9,239 5,722 11,755 57,929 23 57,952
Exchange differences on translating foreign operations - - - (258) - (258) (4) (262)
Net loss recognised directly in equity - - - (258) - (258) (4) (262)
Profit for the year - - - - 3,240 3,240 26 3,266
Total comprehensive gain/(expense) for the year - - - (258) 3,240 2,982 22 3,004
Issue of shares 21 3 37 - - - 40 - 40
Dividends paid 7 - - - - (804) (804) (17) (821)
Consideration for purchase of subsidiary 9, 21 4 - - - 500 504 - 504
Share-based payments 22 - - - - 669 669 - 669
Tax in relation to share based payments 19 - - - - 275 275 - 275
Total transactions with owners recognised directly in equity 7 37 - - 640 684 (17) 667
Balance at 31 July 2015 206 31,051 9,239 5,464 15,635 61,595 28 61,623
Exchange differences on translating foreign operations - - - 8,266 - 8,266 5 8,271
Net gain recognised directly in equity - - - 8,266 - 8,266 5 8,271
Profit for the year - - - - 3,401 3,401 14 3,415
Total comprehensive gain for the year - - - 8,266 3,401 11,667 19 11,686
Issue of shares 21 3 35 - - (3) 35 - 35
Dividends paid 7 - - - - (1,042) (1,042) (14) (1,056)
Purchase of non-controlling interest in subsidiary - - - - (28) (28) (3) (31)
Share-based payments 22 - - - - 1,111 1,111 - 1,111
Tax in relation to share based payments 19 - - - - 721 721 - 721
Total transactions with owners recognised directly in equity 3 35 - - 759 797 (17) 780
Balance at 31 July 2016 209 31,086 9,239 13,730 19,795 74,059 30 74,089
YOUGOV PLC
CONSOLIDATED STATEMENT OF CASHFLOWS
For the year ended 31 July 2016
Note 2016 2015
£'000 £'000
Cash flows from operating activities
Profit before taxation 5,526 2,686
Adjustments for:
Finance income (2,144) (422)
Finance costs 945 643
Share of post-tax loss of associates 4 (42)
Amortisation of intangibles 5,567 4,765
Depreciation 819 703
Loss on disposal of property, plant and equipment and other intangible assets - 49
Share-based payments 1,111 669
Other non-cash profit items (36) 94
Increase in trade and other receivables (1,925) (360)
Increase in trade and other payables 3,229 1,009
Increase in provisions 1,043 518
Cash generated from operations 14,139 10,312
Interest paid (1) (14)
Income taxes paid (2,365) (730)
Net cash generated from operating activities 11,773 9,568
Cash flow from investing activities
Acquisition of interest in associates (140) (140)
Settlement of contingent considerations 12 - (330)
Purchase of property, plant and equipment 9 (1,003) (1,123)
Purchase of intangible assets 8 (5,080) (4,631)
Proceeds from sale of plant, property and equipment 7 -
Interest received 12 2
Dividends received from associates 28 48
Net cash used in investing activities (6,176) (6,174)
Cash flows from financing activities
Acquisition of non-controlling interests (31) -
Proceeds from the issue of share capital 35 40
Repayment of borrowings (19) (28)
Dividends paid to shareholders (1,042) (804)
Dividends paid to non-controlling interests (14) (17)
Net cash used in financing activities (1,071) (809)
Net increase in cash and cash equivalents 4,526 2,585
Cash and cash equivalents at beginning of year 10,017 7,245
Exchange gain on cash and cash equivalents 1,010 187
Cash and cash equivalents at end of year 15,553 10,017
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
Nature of operations
YouGov plc and subsidiaries' ("the Group") principal activity is the provision
of market research.
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 United Kingdom. YouGov plc's shares
are listed on the Alternative Investment Market of the London Stock Exchange.
YouGov plc's annual consolidated financial statements are presented in UK
Sterling, which is also the functional currency of the parent company.
Basis of preparation
The following financial information does not amount to full financial
statements within the meaning of Section 434 of Companies Act 2006. The
financial information has been extracted from the Group's Annual Report and
Financial Statements for the year ended 31 July 2016 on which an unqualified
report has been made by the Company's auditors.
The consolidated financial statements of YouGov plc are have been prepared
under the historical cost convention modified for fair values under
International Financial Reporting Standards as adopted by the European Union
(IFRS). These consolidated financial statements have been prepared in
accordance with IFRS, IFRS Interpretations Committee (IFRS IC) and the
Companies Act 2006 applicable to companies reporting under IFRS.
Financial statements for the year ended 31 July 2015 have been delivered to
the Registrar of Companies; the report of the auditors on those accounts was
unqualified and did not contain a statement under Section 498 of the Companies
Act 2006. The 2016 statutory accounts will be delivered in due course.
Copies of the Annual Report and Financial Statements will be posted to
shareholders shortly and will be available from the Company's registered
office at 50 Featherstone Street, London, EC1Y 8RT.
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
1 Segmental analysis
The Board of Directors (which is the "chief operating decision maker")
primarily reviews information based on product lines, Custom Research, Data
Products and Data Services, with supplemental geographical information.
2016 Custom Research Data Data Eliminations &Unallocated Costs£'000 Group£'000
£'000 Products Services
£'000 £'000
Revenue 54,318 16,629 17,905 (650) 88,202
Cost of sales (13,753) (3,007) (3,394) 678 (19,476)
Gross profit 40,565 13,622 14,511 28 68,726
Operating expenses (33,704) (9,110) (9,320) (5,675) (57,809)
Adjusted operating profit 6,861 4,512 5,191 (5,647) 10,917
Amortisation of intangible assets (5,478)
Exceptional items (1,108)
Operating profit 4,331
Finance income 2,144
Finance costs (945)
Share of post-tax loss in joint ventures and associates (4)
Profit before taxation 5,526
Taxation (2,111)
Profit after taxation 3,415
Other segment information
Depreciation 506 108 112 93 819
2015 Custom Research Data Data Eliminations &Unallocated Costs £'000 Group £'000
£'000 Products Services
£'000 £'000
Revenue 49,901 11,908 14,301 - 76,110
Cost of sales (13,181) (2,083) (2,208) - (17,472)
Gross profit 36,720 9,825 12,093 - 58,638
Operating expenses (30,300) (7,563) (7,575) (4,630) (50,068)
Adjusted operating profit 6,420 2,262 4,518 (4,630) 8,570
Amortisation of intangible assets (4,633)
Exceptional items (1,072)
Operating profit 2,865
Finance income 422
Finance costs (643)
Share of post-tax profit in joint ventures and associates 42
Profit before taxation 2,686
Taxation 580
Profit after taxation 3,266
Other segment information
Depreciation 427 83 100 93 703
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
Supplementary information by geography
Revenue and adjusted operating profit by geography based on the origin of the
sale
2016 2015
Revenue £'000 Adjusted operating profit/(loss) £'000 Revenue £'000 Adjusted operating profit/(loss) £'000
UK 24,927 7,150 22,857 5,582
USA 30,960 6,014 25,867 4,647
Germany 9,098 698 8,904 887
Nordic 7,577 942 7,476 1,001
Middle East 13,948 2,430 10,718 1,520
France 1,689 134 1,158 145
Asia Pacific 2,832 (586) 1,419 (397)
Intra-group revenues/unallocated costs (2,829) (5,865) (2,289) (4,815)
Group 88,202 10,917 76,110 8,570
^Operating profit/(loss) before amortisation of intangible assets and
exceptional items.
Revenue by geography based on the destination of the customer
2016 UK £'000 Middle East £'000 Germany £'000 Nordic £'000 USA £'000 France £'000 Asia Pacific £'000 Intra-group revenues £'000 Group £'000
External sales 24,654 10,819 8,722 7,451 32,563 1,789 2,204 - 88,202
Inter-segment sales 1,925 209 512 356 1,922 141 193 (5,258) -
Total revenue 26,579 11,028 9,234 7,807 34,485 1,930 2,397 (5,258) 88,202
2015
External sales 21,669 9,327 8,493 7,373 26,627 1,361 1,260 - 76,110
Inter-segment sales 1,546 160 365 434 1,285 75 79 (3,944) -
Total revenue 23,215 9,487 8,858 7,807 27,912 1,436 1,339 (3,944) 76,110
Inter-segment sales are priced on an arm's-length basis that would be
available to unrelated third parties.
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
2 EXCEPTIONAL ITEMS
2016 £'000 2015 £'000
Restructuring costs 1,086 650
Legal costs 157 -
Acquisition-related costs (130) 431
Change in accounting estimation - contingent consideration (5) (9)
1,108 1,072
Restructuring costs in the year included £894,000 in relation to the
restructuring of the Northern European units including £723,000 in respect of
the rationalisation of the German Custom and Operations teams undertaken at
the end of the year and £171,000 in reorganising the management structure in
Nordics. Restructuring costs were also incurred in reorganising sales and
marketing operations in the UK £107,000, reorganising the IT Development
structure £68,000 and reorganising the management structure in the US
£17,000.
Restructuring costs in the prior year were the cost of reorganising the
management structure of the US £294,000, Middle East £127,000, UK £116,000,
Germany £67,000 and Nordic £46,000 businesses.
Legal costs incurred in connection with establishing operations in Thailand.
The acquisition related income in the year is in respect of the acquisition of
Decision Fuel comprising a £53,000 reduction in contingent deemed staff costs
and a £77,000 reduction in provisions in respect of transaction costs.
Acquisition related costs in the prior year comprise £501,000 of contingent
consideration that is deemed under IFRS to be staff compensation cost in
relation to the acquisition of Doughty Media 2 and a net credit of £70,000 in
relation to the acquisition of Decision Fuel including a £124,000 reduction in
contingent deemed staff costs, £41,000 of transaction costs and a £13,000
reduction in the fair value of acquired net assets.
The change in estimated contingent consideration in both years is in respect
of the Decision Fuel acquisition.
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
3 TAXATION
The taxation charge represents:
2016 £'000 2015 £'000
Current tax on profits for the year 2,083 714
Adjustments in respect of prior years 173 (44)
Total current tax charge 2,256 670
Deferred tax:
Origination and reversal of temporary differences (309) 84
Adjustments in respect of prior years 85 (1,350)
Impact of changes in tax rates 79 16
Total deferred tax credit (145) (1,250)
Total income statement tax charge/(credit) 2,111 (580)
The tax assessed for the year is higher (2015: lower) than the standard rate
of corporation tax in the UK.
The differences are explained below:
2016 £'000 2015 £'000
Profit before taxation 5,526 2,686
Tax charge calculated at Group's standard rate of 20% (2015: 20.67%) 1,105 555
Variance in overseas tax rates 616 371
Impact of changes in tax rates 79 16
Gains not subject to tax (7) (79)
Expenses not deductible for tax purposes 7 46
Tax losses for which no deferred income tax asset was recognised 52 (86)
Adjustments in respect of prior years 258 (1,394)
Associates results reported net of tax 1 (9)
Total income statement tax charge for the year 2,111 (580)
On 8 July 2015, the UK corporation tax rate was reduced from 20% to 19% from 1
April 2017 and to 18% from 1 April 2020. This change has been substantively
enacted at the balance sheet date and, therefore, is included in these
financial statements. Further changes to the UK corporation tax rates were
announced in the Chancellor's Budget on 16 March 2016. These include
reductions to the main rate to 17% from 1 April 2020. As these changes had not
been substantively enacted at the balance sheet date their effects are not
included in these financial statements.
Adjustments in respect of prior periods in the prior year includes the
recognition of £1,206,000 of tax losses incurred in prior years in Germany.
4 DIVIDEND
On 14 December 2015, a final dividend in respect of the year ended 31 July
2015 of £1,042,000 (1.0p per share) (2014: £804,000 (0.8p per share)) was paid
to shareholders. A dividend in respect of the year ended 31 July 2016 of 1.4p
per share, amounting to a total dividend of £1,460,000 is to be proposed at
the Annual General Meeting on 7 December 2016. These financial statements do
not reflect this proposed dividend payable
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
5 EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the year. Shares held in employee share trusts are
treated as cancelled for the purposes of this calculation.
The calculation of diluted earnings per share is based on the basic earnings
per share, adjusted to allow for the issue of shares and the post-tax effect
of dividends and/or interest, on the assumed conversion of all dilutive
options and other dilutive potential Ordinary Shares.
The adjusted earnings per share has been calculated to reflect the underlying
profitability of the business by excluding the amortisation of intangible
assets, share-based payments, imputed interest, impairment charges,
exceptional items and any related tax effects.
2016 £'000 2015 £'000
Profit after taxation attributable to equity holders of the parent company 3,401 3,240
Add: amortisation of intangible assets included in operating expenses 5,478 4,633
Add: share-based payments 1,111 669
Add: imputed interest (Note 5) 27 32
Add: exceptional costs 1,108 1,072
Tax effect of the above adjustments and adjusting tax items (1,988) (2,595)
Adjusted profit after taxation attributable to equity holders of the parent company 9,137 7,051
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below.
2016 2015
Number of shares
Weighted average number of shares during the year: ('000 shares)
- Basic 103,944 100,998
- Dilutive effect of share options 3,361 4,051
- Diluted 107,305 105,049
The adjustments have the following effect:
Basic earnings per share 3.3p 3.2p
Amortisation of intangible assets 5.3p 4.6p
Share-based payments 1.1p 0.7p
Imputed interest 0.0p 0.0p
Exceptional costs and impairments 1.0p 1.1p
Tax effect of the above adjustments and adjusting tax items (1.9p) (2.6p)
Adjusted earnings per share 8.8p 7.0p
Diluted earnings per share 3.2p 3.1p
Amortisation of intangible assets 5.1p 4.4p
Share-based payments 1.0p 0.7p
Imputed interest 0.0p 0.0p
Exceptional costs and impairment 1.0p 1.0p
Tax effect of the above adjustments and adjusting tax items (1.8p) (2.5p)
Adjusted diluted earnings per share 8.5p 6.7p
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
6 BUSINESS COMBINATIONS AND DISPOSALS
Doughty Media 2 Ltd
In 2013, YouGov acquired 100% of Doughty Media 2 Ltd, which owned the majority
shareholding in CoEditor Ltd, increasing YouGov's interest in CoEditor Ltd to
98.3%.
During the year YouGov acquired the remaining 1.7% shareholding in CoEditor
Ltd for a cash consideration of £31,000.
Acquisition of Decision Fuel
On 9 January 2014, YouGov plc purchased a 100% shareholding in Decision Fuel
an Asia-based research and technology company with offices in Hong Kong,
Shanghai and Singapore. The basic purchase consideration payable is the sum of
six times the EBITDA of Decision Fuel in the year ending 31 July 2016 and two
times EBITDA (capped at 1.5 times 2016 EBITDA) in the year ending 31 July 2017
less any working capital funding provided by YouGov to Decision Fuel prior to
the end of the performance year. An initial payment of $1,000,000 (£608,000)
was paid upon completion, with the balance payable in two instalments in
December 2017 and December 2018.
It is now estimated that no further consideration will be payable and as a
result the contingent consideration of £5,000 and the £53,000 of deemed staff
compensation charge recognised in prior periods were written back as
exceptional items along with £77,000 of accrued transaction costs.
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
7 GOODWILL
Middle East £'000 USA £'000 Nordic £'000 Germany £'000 CoEditor £'000 Asia Pacific £'000 Total £'000
Carrying amount at 1 August 2014 1,306 15,624 7,890 10,301 569 639 36,329
Exchange differences 110 1,321 (878) (1,142) - 53 (536)
Carrying amount at 31 July 2015 1,416 16,945 7,012 9,159 569 692 35,793
Exchange differences 251 2,996 1,417 1,821 - 123 6,608
Carrying amount at 31 July 2016 1,667 19,941 8,429 10,980 569 815 42,401
At 31 July 2016
Cost 1,667 19,941 8,429 11,655 569 815 43,076
Accumulated impairment - - - (675) - - (675)
Net book amount 1,667 19,941 8,429 10,980 569 815 42,401
In accordance with the Group's accounting policy, the carrying values of
goodwill and other intangible assets are reviewed annually for impairment. The
cash-generating units (CGUs) are consistent with those segments shown in Note
1. The 2016 impairment review was undertaken as at 31 July 2016. The
recoverable amounts of all CGUs have been determined based on value in use
calculations. This review assessed whether the carrying value of goodwill was
supported by the net present value of future cash flows derived from assets
using a projection period of three years for each CGU based on approved budget
numbers. The sources of the assumptions used in making the assessment are as
follows:
· Growth rates are internal forecasts based on both internal and external
market information.
· Margins reflect past experience, adjusted for expected changes.
· Terminal growth rates based on management's estimate of future long-term
average growth rates.
· Discount rates based on Group WACC, adjusted where appropriate.
Annual EBITDA growth rates of 2.25% have been assumed in perpetuity beyond
year three. The pre-tax weighted average costs of capital used to discount the
future cash flows to their present values are Middle East 10% (2015: 10%), USA
17% (2015: 17%), Nordic 13% (2015: 13%), Germany 15% (2015: 15%) and Asia
Pacific 12% (2015: 12%).
Management has considered reasonable possible changes in key assumptions and
performed sensitivity analyses under these scenarios. This analysis shows that
sufficient headroom exists and would not give rise to any further impairment.
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
8 OTHER INTANGIBLE ASSETS
Consumer panel £'000 Software and software development £'000 Customer contracts and lists £'000 Patents and trademarks £'000 Order backlog £'000 Product development costs£'000 Total £'000
At 1 August 2014
Cost 10,917 14,106 4,485 2,907 210 969 33,594
Accumulated amortisation (9,078) (8,953) (2,279) (2,132) (210) (621) (23,273)
Net book amount 1,839 5,153 2,206 775 - 348 10,321
Year ended 31 July 2015
Opening net book amount 1,839 5,153 2,206 775 - 348 10,321
Additions:
Separately acquired 1,455 762 - 38 - 41 2,296
Internally developed - 2,335 - - - - 2,335
Amortisation charge:
Business combinations - (206) (465) (317) - - (988)
Separately acquired (1,102) (683) - - - (133) (1,918)
Internally developed - (1,842) - - - (17) (1,859)
Disposals - (12) - - - - (12)
Exchange differences 5 82 108 (30) - 12 177
Closing net book amount 2,197 5,589 1,849 466 - 251 10,352
At 31 July 2015
Cost 12,182 16,329 4,576 2,869 - 988 36,944
Accumulated amortisation (9,985) (10,740) (2,727) (2,403) - (737) (26,592)
Net book amount 2,197 5,589 1,849 466 - 251 10,352
Year ended 31 July 2016
Opening net book amount 2,197 5,589 1,849 466 - 251 10,352
Reclassifications - 80 - - - (80) -
Additions:
Separately acquired 1,979 391 - 49 - 106 2,525
Internally developed - 2,555 - - - - 2,555
Amortisation charge:
Business combinations - (128) (465) (169) - - (762)
Separately acquired (1,574) (572) - (3) - (166) (2,315)
Internally developed - (2,490) - - - - (2,490)
Disposals - - - - - - -
Exchange differences 312 211 283 48 - 20 874
Closing net book amount 2,914 5,636 1,667 391 - 131 10,739
At 31 July 2016
Cost 16,081 19,901 5,418 3,439 - 962 45,801
Accumulated amortisation (13,167) (14,265) (3,751) (3,048) - (831) (35,062)
Net book amount 2,914 5,636 1,667 391 - 131 10,739
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
9 PROPERTY, PLANT AND EQUIPMENT
Freehold property £'000 Leasehold property improvements £'000 Computer equipment £'000 Fixtures and fittings £'000 Motor vehicles£'000 Total £'000
At 31 July 2014
Cost 1,305 799 2,443 1,100 72 5,719
Accumulated depreciation (257) (331) (1,857) (767) (18) (3,230)
Net book amount 1,048 468 586 333 54 2,489
Year ended 31 July 2015
Opening net book amount 1,048 468 586 333 54 2,489
Additions:
Separately acquired - 337 468 294 24 1,123
Disposals - - - (37) - (37)
Depreciation (49) (130) (385) (117) (22) (703)
Exchange differences 88 3 2 3 5 101
Closing net book amount 1,087 678 671 476 61 2,973
At 31 July 2015
Cost 1,416 1,011 2,376 1,302 103 6,208
Accumulated depreciation (329) (333) (1,705) (826) (42) (3,235)
Net book amount 1,087 678 671 476 61 2,973
Year ended 31 July 2016
Opening net book amount 1,087 678 671 476 61 2,973
Additions:
Separately acquired - 178 576 249 - 1,003
Disposals - (7) - - - (7)
Depreciation (75) (176) (398) (144) (26) (819)
Exchange differences 184 73 81 72 8 418
Closing net book amount 1,196 746 930 653 43 3,568
At 31 July 2016
Cost 1,667 1,248 3,082 1,692 121 7,810
Accumulated depreciation (471) (502) (2,152) (1,039) (78) (4,242)
Net book amount 1,196 746 930 653 43 3,568
All property, plant and equipment disclosed above, with the exception of those
items held under lease purchase agreements, are free from restrictions on
title. No property, plant and equipment either in 2016 or 2015 has been
pledged as security against the liabilities of the Group.
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
The net book value of assets held under finance leases is as follows:
Computer equipment £'000 Fixtures and fittings £'000 Total £'000
At 31 July 2015
Cost 48 28 76
Accumulated depreciation (32) (8) (40)
Net book amount 16 20 36
At 31 July 2016
Cost 57 34 91
Accumulated depreciation (57) (17) (74)
Net book amount - 17 17
10 TRADE AND OTHER RECEIVABLES
31 July 2016 £'000 31 July 2015 £'000
Trade receivables 16,542 13,957
Other receivables 2,004 1,056
Prepayments 1,646 1,204
Accrued income 8,925 6,525
29,117 22,742
Provision for trade receivables (474) (235)
28,643 22,507
The Directors consider that the carrying amount of trade and other receivables
approximate to their fair value.
As at 31 July 2016, trade receivables of £10,101,000 (2015: £7,408,000) were
overdue but not impaired. These relate to a number of customers for which
there is no recent history of default or any other indication that the
receivable should not be fully collectable. The ageing analysis of past due
trade receivables which are not impaired is as follows:
31 July 2016 £'000 31 July 2015 £'000
Up to three months overdue 4,752 3,846
Three to six months overdue 4,467 2,186
Six months to one year overdue 631 954
More than one year overdue 251 422
10,101 7,408
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
Movement on the Group provision for impairment of trade receivables is as
follows:
2016 £'000 2015 £'000
Provision for receivables impairment at 1 August 235 230
Provision created in the year 368 189
Provision utilised in the year (159) (194)
Exchange differences 29 10
Provision for receivables impairment at 31 July 474 235
The creation and release of the provision for impaired receivables has been
included in the consolidated income statement. The other classes within trade
and other receivables do not contain impaired assets. The maximum exposure to
credit risk at the reporting date is the carrying value of each class of
receivable mentioned above. The Group does not hold any collateral as
security.
The average length of time taken by customers to settle receivables is 59 days
(2015: 56 days). Concentrations of credit risk do exist with certain clients
with which we have trading relationships but none has a history of default and
all command a certain stature within the marketplace which minimises any
potential risk of default. Material balances (defined as greater than £250,000
(2015: greater than £250,000)) represent 39% of trade receivables (2015:
28%).
At 31 July 2016, £nil (2015: £397,000) of the trade and other receivables of
YouGov Nordic and Baltic A/S were used as security against a loan and
revolving overdraft facility held by YouGov Nordic and Baltic A/S.
11 TRADE AND OTHER PAYABLES
31 July 2016 £'000 31 July 2015 £'000
Trade payables 1,557 2,354
Accruals 11,295 7,626
Deferred Income 9,399 5,948
Other payables 3,588 3,114
25,839 19,042
Included within other creditors are £56,000 (2015: £45,000) of contributions
due in respect of defined contribution pension schemes.
YOUGOV PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 July 2016
12 CONTINGENT CONSIDERATION
DefinitiveInsights£'000 Decision Fuel£'000 Total£'000
At 1 August 2014 298 169 467
Settled during the year (330) - (330)
Released during the year - (133) (133)
Discount unwinding 8 - 8
Foreign exchange differences 24 - 24
Balance at 31 July 2015 - 36 36
Included within current liabilities - - -
Included within non-current liabilities - 36 36
Settled during the year - - -
Released during the year - (36) (36)
Discount unwinding - - -
Foreign exchange differences - - -
Balance at 31 July 2016 - - -
Included within current liabilities - - -
Included within non-current liabilities - - -
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