TIDMDL.
RNS Number : 0053T
Dealogic (Holdings) PLC
21 September 2010
DEALOGIC (HOLDINGS) PLC
INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2010
Dealogic (Holdings) plc, the provider of a platform for investment banking and
capital markets professionals globally, today announces its unaudited financial
results for the six months ended 30 June 2010.
HIGHLIGHTS
· Revenue growth of 11.5% to US$48.1 million (H1 2009: US$43.1
million) despite the slowdown in global capital markets in the latter months of
the period
· Continued investment in the platform, technology and people
· Revenue growth combined with carefully managed increases in the cost
base improved the operating profit margin to 33.9% (H1 2009: 33.4%); with profit
before tax of US$16.8 million (H1 2009: US$14.9 million); and diluted earnings
per share of 14.4 cents (H1 2009: 13.0 cents)
· Tender offer in June 2010 reduced shares in issue by 26.4% at a cost
of US$68.8 million, funded by existing resources and new bank debt of US$34.1
million
· Free cash flow(1) of US$10.8 million for the period, with net debt
of US$13.7 million at the end of the period
· Interim dividend of 2.0 pence (equivalent to 3.1 cents at $1.56)
payable on 1 November 2010
+--------------------+--------+----------+-----+----------+---------+----------+
| | | First | | First | % | % |
| | | half | | half | Change | Change |
| | | 2010 | | 2009 | | - |
| | | | | | | constant |
| | | | | | | currency |
+--------------------+--------+----------+-----+----------+---------+----------+
| Revenue | US$000 | 48,051 | | 43,101 | +11.5 | +10.6 |
+--------------------+--------+----------+-----+----------+---------+----------+
| Operating profit | US$000 | 16,305 | | 14,410 | +13.2 | +13.5 |
+--------------------+--------+----------+-----+----------+---------+----------+
| Profit before tax | US$000 | 16,775 | | 14,931 | +12.4 | +12.6 |
+--------------------+--------+----------+-----+----------+---------+----------+
| Profit for the | US$000 | 10,959 | | 9,976 | +9.9 | +10.9 |
| period | | | | | | |
+--------------------+--------+----------+-----+----------+---------+----------+
| Basic earnings per | cents | 14.6 | | 13.1 | +11.5 | +12.5 |
| share | | | | | | |
+--------------------+--------+----------+-----+----------+---------+----------+
| Diluted earnings | cents | 14.4 | | 13.0 | +10.8 | +11.8 |
| per share | | | | | | |
+--------------------+--------+----------+-----+----------+---------+----------+
| Interim dividend | pence | 2.0 | (2) | 1.9 | +5.3 | |
| per share | | | | | | |
+--------------------+--------+----------+-----+----------+---------+----------+
| | cents | 3.1 | | 3.1 | - | |
+--------------------+--------+----------+-----+----------+---------+----------+
| | | | | | | |
+--------------------+--------+----------+-----+----------+---------+----------+
Notes
(1) Operating cashflow before interest less capital expenditure and capitalised
development costs
(2) Translated at an exchange rate of $1.56
Commenting on the interim results, Peter Ogden (Chairman) said:
"Dealogic continued to perform well in the first half of 2010. In addition to
achieving solid revenue growth, we achieved an increase in our underlying
contract base and growth in operating profit in all regions.
We have continued to invest in all regions in which we operate with particular
focus on investment in Hong Kong, Japan, China and Australia.
In spite of short term uncertainties we remain confident that the quality of our
staff and the breadth of our platform position us well to meet the needs of our
clients as they continue to invest for the long term."
ENQUIRIES
Dealogic (Holdings) plc +44 20 7379
5650
Helen Vincent
Company Secretary
J.P. Morgan Securities Ltd (Nominated Adviser) +44 20 7588 2828
Andrew Hodgkin
CHAIRMAN'S STATEMENT
Introduction
Dealogic continued to perform well in 2010 due to the strength of our platform
and relationships with our clients, although a degree of uncertainty returned to
the capital markets in the last two months of the period following more than 12
months of strong activity. During the first six months of 2010, in addition to
achieving solid revenue growth, we achieved an increase in our underlying
contract base and growth in operating profit in all regions.
We have continued to invest in all regions in which we operate with particular
focus on investment in Hong Kong, Japan, China and Australia. Revenue growth
rates for the Americas, EMEA and Asia were 7%, 13% and 32% respectively.
The commitment of our staff to understanding our clients' businesses and their
evolving requirements has enabled us to expand further our product offerings.
To further strengthen the partnership with our clients we have increased the
resources available to support them and to adapt our products to meet the
demands of the environment in which they operate.
Results
Revenue increased by 11.5% (10.6% on a constant currency basis) to US$48.1
million (2009: US$43.1 million) during the first half of 2010 as we continued to
build the underlying contracted revenue base. Capital market transaction levels
started the year strongly but as uncertainty returned to the market, activity
levels showed an unseasonal slowdown for the last two months of the period.
This is an almost complete reversal of the trend in the first half of 2009.
Given these variations in market activity and the extremely cost conscious
environment in which we operate, the overall growth in revenues demonstrates the
increasing value our clients see in our platform.
We have continued to invest in our platform, the people who develop and support
it and the infrastructure we use to deliver it. As a result, operating costs,
in particular staff costs, have increased by 6.5% compared to a year ago,
excluding the costs associated with the tender offer referred to in more detail
below. This improved the operating margin from 33.4% to 33.9% and operating
profits by 13.2% from US$14.4 million to US$16.3 million.
Operating profit in the Americas, EMEA and Asia grew 14%, 2% and 75%
respectively including factoring in the impact on EMEA of the strengthening of
GBP compared to the same period last year.
Profit before tax was US$16.8 million (2009:$14.9 million). The effective tax
rate increased from 33.7% to 35.1% as there was a smaller reduction in the tax
charge in 2010 due to prior tax years and the costs arising from the tender
offer were not deductible for tax purposes. The underlying tax rate, excluding
the benefit of prior year adjustments, reduced to 36.1% compared to 36.4% last
year. Profit after tax increased by US$1.0 million to US$11.0 million (2009:
US$10.0 million).
Diluted earnings per share increased by 10.8% to 14.4 cents (2009: 13.0 cents).
The group continues to generate strong cash flows, with cash generated by
operating activities of US$12.1 million (2009: US$7.7 million) in the period.
In addition, the group arranged a GBP23 million loan facility with HSBC Bank for
a period of up to three years to satisfy the purchase of fixed assets, the
payment of dividends, the tender offer and additional funding for working
capital purposes. At the end of the period the group had cash of US$20.7
million, bank loans of US$34.4 million and net debt of US$13.7 million compared
to 2009 when the group had no debt and cash and government securities of US$42.1
million.
Tender Offer
On 2 June 2010 the Company announced the launch of a tender offer to repurchase
up to 26.4% of the Ordinary Shares and the shares to be issued in terms of the
Exchange Rights Agreement (ERA), at a price of 220 pence per share. The tender
offer price represented a premium of 15.8% on the closing price on 1 June 2010.
A circular was sent to shareholders on 2 June 2010 setting out the detailed
terms of the tender offer. The tender offer was accepted in full, with 17.6
million shares being repurchased for immediate cancellation and a reduction of
3.3 million in the number of shares to be issued in terms of the ERA, at a total
cost of US$68.8 million. This reduced the number of allotted shares from
71,391,140 to 53,745,145; with a corresponding reduction in the number of shares
to be issued under the terms of the ERA from 12,346,842 to 9,083,748.
Interim Dividend
An interim dividend of 2.0 pence (3.1 cents), an increase of 5.3% in Sterling
terms on last year (2009: 1.9 pence, 3.1 cents), will be paid on 1 November 2010
to shareholders on the register on 8 October 2010.
Principal Risks and Uncertainties
Dealogic provides a sophisticated platform of technology, data and analytics
along with product support to the global capital markets industry. In common
with similar businesses the Company is exposed to certain risks and
uncertainties. Among these risks and uncertainties, which are explained in more
detail on page 10 of the 2009 Annual Report, are consolidation in the investment
banking industry, a prolonged downturn in capital markets activity and the
emergence of competitors and competitive products.
The Board continues to monitor and mitigate these risks through strong focus and
investment in product development and support services as we enhance our market
leading position and drive growth and innovation across our platform over the
long term.
Forward-looking statements
Certain statements in this annual report are forward-looking. Although the
group believes that the expectations reflected in these statements are
reasonable, it 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.
The group undertakes no obligation to update any forward-looking statements
whether as a result of new information, future events or otherwise.
Outlook
After a period of stability during the first four months of the year, some
uncertainty has returned to the equity capital markets and we remain cautious in
our view of the trading environment over the coming months. In spite of short
term uncertainties we remain confident that the quality of our staff and the
breadth of our platform position us well to meet the needs of our clients as
they continue to invest for the long term.
Peter Ogden
Chairman
20 September 2010
Condensed Consolidated Statement of Comprehensive Income
for the six month period ended 30 June 2010
+---------------------------------+----------+-----------+-----------+----------+
| | Notes | 2010 | 2009 | 2009 |
+---------------------------------+----------+-----------+-----------+----------+
| | | 6 | 6 | 12 |
| | | months | months | months |
| | | to | to | to |
| | | June | June | December |
+---------------------------------+----------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+---------------------------------+----------+-----------+-----------+----------+
| | | US$000 | US$000 | US$000 |
+---------------------------------+----------+-----------+-----------+----------+
| Revenue | 4 | 48,051 | 43,101 | 92,775 |
+---------------------------------+----------+-----------+-----------+----------+
| Staff costs | | (22,539) | (21,017) | (41,915) |
+---------------------------------+----------+-----------+-----------+----------+
| Depreciation of property and | | (1,180) | (1,110) | (2,479) |
| plant & equipment | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Amortisation of intangible | | (638) | (525) | (959) |
| assets | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Other operating income and |7, 8, 10 | (7,389) | (6,039) | (12,325) |
| expenses | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Operating profit | | 16,305 | 14,410 | 35,097 |
+---------------------------------+----------+-----------+-----------+----------+
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Finance income | 5 | 320 | 307 | 708 |
+---------------------------------+----------+-----------+-----------+----------+
| Finance expenses | 5 | (52) | (15) | (3) |
+---------------------------------+----------+-----------+-----------+----------+
| Share of post-tax profit of | | 202 | 229 | 468 |
| associate | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Profit before income tax | | 16,775 | 14,931 | 36,270 |
+---------------------------------+----------+-----------+-----------+----------+
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Income tax expense | 6 | (5,816) | (4,955) | (11,682) |
+---------------------------------+----------+-----------+-----------+----------+
| Profit for the period | | 10,959 | 9,976 | 24,588 |
+---------------------------------+----------+-----------+-----------+----------+
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Other comprehensive income | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Currency translation | | (1,203) | 725 | 503 |
| differences recognised directly | | | | |
| in equity | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Net change in fair value of | 7 | (287) | (160) | (158) |
| available-for-sale financial | | | | |
| assets | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Income tax on other | | 87 | 45 | 39 |
| comprehensive income | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Other comprehensive income for | | (1,403) | 610 | 384 |
| the period, net of income tax | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Total comprehensive income for | | 9,556 | 10,586 | 24,972 |
| the period | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Earnings per share: | | Cents | Cents | Cents |
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
| Basic | 11 | 14.6 | 13.1 | 32.3 |
+---------------------------------+----------+-----------+-----------+----------+
| Diluted | 11 | 14.4 | 13.0 | 32.1 |
+---------------------------------+----------+-----------+-----------+----------+
| | | | | |
+---------------------------------+----------+-----------+-----------+----------+
Condensed Consolidated Statement of Financial Position
at 30 June 2010
+--------------------------------+-------+------------+-----------+-----------+
| |Notes | 2010 | 2009 | 2009 |
+--------------------------------+-------+------------+-----------+-----------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+--------------------------------+-------+------------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------+-------+------------+-----------+-----------+
| | | US$000 | US$000 | US$000 |
+--------------------------------+-------+------------+-----------+-----------+
| ASSETS | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Non-current assets | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Property, plant and equipment | | 5,325 | 6,757 | 5,923 |
+--------------------------------+-------+------------+-----------+-----------+
| Intangible assets | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Goodwill | | 42,196 | 42,196 | 42,196 |
+--------------------------------+-------+------------+-----------+-----------+
| Capitalised development costs | | 1,055 | 773 | 1,105 |
+--------------------------------+-------+------------+-----------+-----------+
| Other intangible assets | | 815 | 1,265 | 878 |
+--------------------------------+-------+------------+-----------+-----------+
| Investment in associates | | 181 | 501 | 339 |
+--------------------------------+-------+------------+-----------+-----------+
| Deferred tax assets | | 2,516 | 2,106 | 1,920 |
+--------------------------------+-------+------------+-----------+-----------+
| Available-for-sale financial | 7 | | 6,040 | 18,683 |
| assets | | - | | |
+--------------------------------+-------+------------+-----------+-----------+
| | | 52,088 | 59,638 | 71,044 |
+--------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Current assets | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Trade receivables | | 15,456 | 21,394 | 18,887 |
+--------------------------------+-------+------------+-----------+-----------+
| Other receivables | | 3,771 | 3,446 | 2,843 |
+--------------------------------+-------+------------+-----------+-----------+
| Available-for-sale financial | 7 | | 3,212 | |
| assets | | - | | - |
+--------------------------------+-------+------------+-----------+-----------+
| Cash and bank balances | | 20,698 | 32,861 | 34,261 |
+--------------------------------+-------+------------+-----------+-----------+
| | | 39,925 | 60,913 | 55,991 |
+--------------------------------+-------+------------+-----------+-----------+
| Total assets | | 92,013 | 120,551 | 127,035 |
+--------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| EQUITY AND LIABILITIES | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Capital and reserves | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Share capital | 10 | 4,321 | 5,740 | 5,740 |
+--------------------------------+-------+------------+-----------+-----------+
| Share premium | | 1,369 | 1,369 | 1,369 |
+--------------------------------+-------+------------+-----------+-----------+
| Shares to be issued | | 48,597 | 48,597 | 48,597 |
+--------------------------------+-------+------------+-----------+-----------+
| Capital redemption reserve | 10 | 51,928 | 50,509 | 50,509 |
+--------------------------------+-------+------------+-----------+-----------+
| Other reserves | 10 | (124,465) | (55,658) | (55,658) |
+--------------------------------+-------+------------+-----------+-----------+
| Cumulative translation reserve | | (4,098) | (2,673) | (2,895) |
+--------------------------------+-------+------------+-----------+-----------+
| Retained earnings | | 51,730 | 37,880 | 48,560 |
+--------------------------------+-------+------------+-----------+-----------+
| Total equity | | 29,382 | 85,764 | 96,222 |
+--------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Non-current liabilities | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Loans and borrowings | 8 | 28,428 | | |
| | | | - | - |
+--------------------------------+-------+------------+-----------+-----------+
| Deferred tax liabilities | | 372 | 273 | 490 |
+--------------------------------+-------+------------+-----------+-----------+
| Provisions | | 3,426 | 3,789 | 3,471 |
+--------------------------------+-------+------------+-----------+-----------+
| | | 32,226 | 4,062 | 3,961 |
+--------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Current liabilities | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Trade and other payables | | 9,519 | 14,211 | 10,189 |
+--------------------------------+-------+------------+-----------+-----------+
| Deferred subscription income | | 11,811 | 12,221 | 13,120 |
+--------------------------------+-------+------------+-----------+-----------+
| Loans and borrowings | 8 | 5,984 | | |
| | | | - | - |
+--------------------------------+-------+------------+-----------+-----------+
| Current tax liabilities | | 2,326 | 3,575 | 2,776 |
+--------------------------------+-------+------------+-----------+-----------+
| Provisions | | 765 | 718 | 767 |
+--------------------------------+-------+------------+-----------+-----------+
| | | 30,405 | 30,725 | 26,852 |
+--------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Total liabilities | | 62,631 | 34,787 | 30,813 |
+--------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------+-------+------------+-----------+-----------+
| Total equity and liabilities | | 92,013 | 120,551 | 127,035 |
+--------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------+-------+------------+-----------+-----------+
Condensed Consolidated Statement of Cash Flow
for the six month period ended 30 June 2010
+------------------------------------+-------+-----------+-----------+----------+
| |Notes | 2010 | 2009 | 2009 |
+------------------------------------+-------+-----------+-----------+----------+
| | | 6 | 6 | 12 |
| | | months | months | months |
| | | to June | to | to |
| | | | June | December |
+------------------------------------+-------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+------------------------------------+-------+-----------+-----------+----------+
| | | US$000 | US$000 | US$000 |
+------------------------------------+-------+-----------+-----------+----------+
| Cash flows from operating | | | | |
| activities | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Profit for the period | | 10,959 | 9,976 | 24,588 |
+------------------------------------+-------+-----------+-----------+----------+
| Adjustments for: | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Income tax expense | 6 | 5,816 | 4,955 | 11,682 |
+------------------------------------+-------+-----------+-----------+----------+
| Net finance income | 5 | (268) | (292) | (705) |
+------------------------------------+-------+-----------+-----------+----------+
| Depreciation of property, plant & | | 1,180 | 1,110 | 2,479 |
| equipment | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Amortisation of intangible assets | | 638 | 525 | 959 |
+------------------------------------+-------+-----------+-----------+----------+
| Loss on disposals of fixed assets | | - | - | 42 |
+------------------------------------+-------+-----------+-----------+----------+
| Gain on disposals of | 7 | (456) | - | - |
| available-for-sale financial | | | | |
| assets | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Other income | | (80) | - | - |
+------------------------------------+-------+-----------+-----------+----------+
| Share based payment charges | | 197 | 220 | 478 |
+------------------------------------+-------+-----------+-----------+----------+
| Share of post-tax profit of | | (202) | (229) | (468) |
| associate | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Operating cash flows before | | 17,784 | 16,265 | 39,055 |
| movements in working capital and | | | | |
| provisions | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Decrease/(increase) in trade and | | 1,472 | (8,054) | (6,442) |
| other receivables | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| (Decrease)/increase in trade and | | (711) | 2,420 | 1,185 |
| other payables | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Decrease in provisions | | (56) | (60) | (393) |
+------------------------------------+-------+-----------+-----------+----------+
| Cash generated by operations | | 18,489 | 10,571 | 33,405 |
+------------------------------------+-------+-----------+-----------+----------+
| Interest paid | | - | (15) | (3) |
+------------------------------------+-------+-----------+-----------+----------+
| Income tax paid | | (6,419) | (2,850) | (10,091) |
+------------------------------------+-------+-----------+-----------+----------+
| Net cash generated by operating | | 12,070 | 7,706 | 23,311 |
| activities | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash flows from investing | | | | |
| activities | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Interest received | | 550 | 387 | 562 |
+------------------------------------+-------+-----------+-----------+----------+
| Purchases of property, plant & | | (1,007) | (512) | (792) |
| equipment and other assets | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Acquisition | | - | (925) | (1,000) |
+------------------------------------+-------+-----------+-----------+----------+
| Development expenditure | | (259) | (353) | (874) |
+------------------------------------+-------+-----------+-----------+----------+
| Dividends received from associate | | 336 | - | 387 |
+------------------------------------+-------+-----------+-----------+----------+
| Purchases of available-for-sale | | - | (3,000) | (15,940) |
| financial assets | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Redemption of available-for-sale | | 17,612 | 12,820 | 15,951 |
| financial assets | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Net cash used in investing | | 17,232 | 8,417 | (1,706) |
| activities | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash flows from financing | | | | |
| activities | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Dividends paid | 9 | (7,187) | (2,765) | (4,721) |
+------------------------------------+-------+-----------+-----------+----------+
| Appropriations under the Exchange | 9 | (1,401) | (536) | (919) |
| Rights Agreement | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Purchase of own shares into | | (167) | (897) | (3,273) |
| treasury | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Issue of own shares from treasury | | 623 | 11 | 604 |
+------------------------------------+-------+-----------+-----------+----------+
| Shares repurchase - tender offer | | (68,807) | - | - |
+------------------------------------+-------+-----------+-----------+----------+
| New bank loans raised | | 34,077 | - | - |
+------------------------------------+-------+-----------+-----------+----------+
| Net cash used in financing | | (42,862) | (4,187) | (8,309) |
| activities | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Net (decrease)/increase in cash | | (13,560) | 11,936 | 13,296 |
| and cash equivalents | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents at the | | 34,261 | 20,179 | 20,179 |
| beginning of the period | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Effect of exchange rate | | (3) | 746 | 786 |
| fluctuations on cash held in | | | | |
| foreign currencies | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents at the | | 20,698 | 32,861 | 34,261 |
| end of the period | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
Condensed Consolidated Statement of Changes in Equity
for the six month period ended 30 June 2010
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| | Share | Share | Shares | Capital | Other | Cumulative | Retained | Total |
| | capital | premium | to be | redemption | reserves | translation | earnings | equity |
| | | | issued | reserve | | reserve | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| | US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | US$000 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| At 1 January 2010 | 5,740 | 1,369 | 48,597 | 50,509 | (55,658) | (2,895) | 48,560 | 96,222 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| Profit for the period | - | - | - | - | - | - | 10,959 | 10,959 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| Other comprehensive | - | - | - | - | - | (1,203) | (200) | (1,403) |
| income | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| Transactions with | | | | | | | | |
| owners | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| - Dividends and | - | - | - | - | - | - | (8,588) | (8,588) |
| appropriations | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| - Employee share | | | | | | | | |
| options | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| charge for the period | - | - | - | - | - | - | 197 | 197 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| income tax | - | - | - | - | - | - | 63 | 63 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| deferred tax | - | - | - | - | - | - | 283 | 283 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| - Treasury shares | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| purchase of shares | - | - | - | - | - | - | (167) | (167) |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| issue of shares | - | - | - | - | - | - | 623 | 623 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| - Tender offer | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| purchase of ordinary | - | - | - | - | (58,125) | - | - | (58,125) |
| shares | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| cancellation of shares | - | - | | | (10,682) | - | - | (10,682) |
| in terms of the ERA | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| cancellation of | (1,419) | - | - | 1,419 | - | - | - | - |
| ordinary shares | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| At 30 June 2010 | 4,321 | 1,369 | 48,597 | 51,928 | (124,465) | (4,098) | 51,730 | 29,382 |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
| | | | | | | | | |
+------------------------+---------+---------+----------+------------+-----------+-------------+----------+----------+
Condensed Consolidated Statement of Changes in Equity
for the six month period ended 30 June 2009
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| | Share | Share | Shares | Capital | Other | Cumulative | Retained | Total |
| | capital | premium | to be | redemption | reserves | translation | earnings | equity |
| | | | issued | reserve | | reserve | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| | US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | US$000 |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| At 1 January | 5,740 | 1,369 | 48,597 | 50,509 | (55,658) | (3,398) | 31,430 | 78,589 |
| 2009 | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| Profit for the | - | - | - | - | - | - | 9,976 | 9,976 |
| period | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| Other | - | - | - | - | - | 725 | (115) | 610 |
| comprehensive | | | | | | | | |
| income | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| Transactions | | | | | | | | |
| with owners | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| - Dividends and | - | - | - | - | - | - | (3,301) | (3,301) |
| appropriations | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| - Employee | | | | | | | | |
| share options | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| charge for the | - | - | - | - | - | - | 220 | 220 |
| period | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| income tax | - | - | - | - | - | - | 239 | 239 |
| | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| deferred tax | - | - | - | - | - | - | 317 | 317 |
| | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| - Treasury | | | | | | | | |
| shares | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| purchase of | - | - | - | - | - | - | (897) | (897) |
| shares | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| issue of shares | - | - | - | - | - | - | 11 | 11 |
| | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| At 30 June 2009 | 5,740 | 1,369 | 48,597 | 50,509 | (55,658) | (2,673) | 37,880 | 85,764 |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
| | | | | | | | | |
+-----------------+---------+---------+----------+------------+----------+-------------+----------+----------+
Other Reserves comprise the Merger Reserve which arose from the group
restructuring in 2004 and the Other Reserves which arose from the tender offer
in June 2010.
Notes to the Financial Statements
for the six month period ended 30 June 2010
1. Reporting entity
Dealogic (Holdings) plc is a company incorporated and domiciled in the UK. The
condensed consolidated interim financial statements of the Company as at and for
the six months ended 30 June 2010 comprise the Company and its subsidiaries
(together referred to as the 'group') and the group's interests in associates
and jointly controlled entities. The group provides a platform for investment
banking and capital markets professionals globally to help improve strategy,
competitiveness, and execution.
This report will be sent to all holders of the Company's ordinary shares.
The consolidated financial statements of the group as at and for the year ended
31 December 2009 are available upon request from the Company's registered office
at Thanet House, 231 - 232 Strand, London WC2R 1DA.
2. Statement of compliance
These condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting. They do not include all of
the information required for full annual financial statements, and should be
read in conjunction with the consolidated financial statements of the group as
at and for the year ended 31 December 2009.
These condensed consolidated interim financial statements were approved by the
directors on 20 September 2010.
3. Estimates
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
Except as described below, in preparing these condensed consolidated interim
financial statements, the significant judgements made by management in applying
the group's accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the consolidated financial statements as
at and for the year ended 31 December 2009.
During the six months ended 30 June 2010 management reassessed its estimates in
respect of income taxes and deferred taxes.
4. Operating segments
The group has adopted the "management approach" in identifying the operating
segments as outlined in IFRS 8. Management has analysed the information that
the Chief Operating Decision Maker reviews and has concluded that the operating
segments should reflect the geographic split of the business.
The group has three reportable segments: Europe, Middle East and Africa (EMEA);
Americas; and Asia. Disclosures for prior periods have been re-calculated to
present the information for those periods in accordance with the new segment
definitions. The income tax expense for the full year 2009 has been reallocated
to reflect the tax expenses associated with the Hong Kong branch.
Professional and other costs of US$1,118,000 relating to the tender offer, which
were incurred in the EMEA segment, have been fully expensed during the current
period.
+------------------------------+----------+----------+---------+----------+
| 6 months to June 2010 | EMEA | Americas | Asia | Total |
+------------------------------+----------+----------+---------+----------+
| | US$000 | US$000 | US$000 | US$000 |
| | | | | |
+------------------------------+----------+----------+---------+----------+
| Revenue | 16,172 | 26,098 | 5,781 | 48,051 |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
| Depreciation and | (649) | (1,156) | (13) | (1,818) |
| amortisation | | | | |
+------------------------------+----------+----------+---------+----------+
| Operating costs | (12,903) | (12,351) | (4,674) | (29,928) |
+------------------------------+----------+----------+---------+----------+
| Contribution | 2,620 | 12,591 | 1,094 | 16,305 |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
| Inter-segment | 4,349 | (5,267) | 918 | - |
| revenue/(costs) | | | | |
+------------------------------+----------+----------+---------+----------+
| Operating profit | 6,969 | 7,324 | 2,012 | 16,305 |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
| Finance income | 331 | 3 | (14) | 320 |
+------------------------------+----------+----------+---------+----------+
| Finance expenses | (45) | (5) | (2) | (52) |
+------------------------------+----------+----------+---------+----------+
| Share of post-tax profit of | 202 | - | - | 202 |
| associate | | | | |
+------------------------------+----------+----------+---------+----------+
| Profit before income tax | 7,457 | 7,322 | 1,996 | 16,775 |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
| Income tax expense | (1,875) | (3,343) | (598) | (5,816) |
+------------------------------+----------+----------+---------+----------+
| Profit for the year | 5,582 | 3,979 | 1,398 | 10,959 |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
| Reportable segment total | 50,719 | 37,422 | 3,872 | 92,013 |
| assets | | | | |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
| Reportable segment total | (55,828) | (11,508) | 4,705 | (62,631) |
| liabilities | | | | |
+------------------------------+----------+----------+---------+----------+
| | | | | |
+------------------------------+----------+----------+---------+----------+
+------------------------------+----------+----------+---------+-----------+
| 6 months to June 2009 | EMEA | Americas | Asia | Total |
+------------------------------+----------+----------+---------+-----------+
| | US$000 | US$000 | US$000 | US$000 |
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| Revenue | 14,309 | 24,410 | 4,382 | 43,101 |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| Depreciation and | (552) | (1,042) | (41) | (1,635) |
| amortisation | | | | |
+------------------------------+----------+----------+---------+-----------+
| Operating costs | (11,400) | (12,020) | (3,636) | (27,056) |
+------------------------------+----------+----------+---------+-----------+
| Contribution | 2,357 | 11,348 | 705 | 14,410 |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| Inter-segment | 4,481 | (4,926) | 445 | - |
| revenue/(costs) | | | | |
+------------------------------+----------+----------+---------+-----------+
| Operating profit | 6,838 | 6,422 | 1,150 | 14,410 |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| Finance income | 298 | 9 | - | 307 |
+------------------------------+----------+----------+---------+-----------+
| Finance expenses | (12) | - | (3) | (15) |
+------------------------------+----------+----------+---------+-----------+
| Share of post-tax profit of | 229 | - | - | 229 |
| associate | | | | |
+------------------------------+----------+----------+---------+-----------+
| Profit before income tax | 7,353 | 6,431 | 1,147 | 14,931 |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| Income tax expense | (2,209) | (2,723) | (23) | (4,955) |
+------------------------------+----------+----------+---------+-----------+
| Profit for the year | 5,144 | 3,708 | 1,124 | 9,976 |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| Reportable segment total | 65,425 | 52,921 | 2,205 | 120,551 |
| assets | | | | |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
| Reportable segment total | (19,313) | (15,023) | (451) | (34,787) |
| liabilities | | | | |
+------------------------------+----------+----------+---------+-----------+
| | | | | |
+------------------------------+----------+----------+---------+-----------+
+------------------------------+----------+----------+----------+-----------+
| 12 months to December 2009 | EMEA | Americas | Asia | Total |
+------------------------------+----------+----------+----------+-----------+
| | US$000 | US$000 | US$000 | US$000 |
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| Revenue | 30,968 | 51,263 | 10,544 | 92,775 |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| Depreciation and | (1,135) | (2,188) | (115) | (3,438) |
| amortisation | | | | |
+------------------------------+----------+----------+----------+-----------+
| Operating costs | (22,972) | (23,247) | (8,021) | (54,240) |
+------------------------------+----------+----------+----------+-----------+
| Contribution | 6,861 | 25,828 | 2,408 | 35,097 |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| Inter-segment | 9,914 | (10,471) | 557 | - |
| revenue/(costs) | | | | |
+------------------------------+----------+----------+----------+-----------+
| Operating profit | 16,775 | 15,357 | 2,965 | 35,097 |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| Finance income | 700 | 16 | (8) | 708 |
+------------------------------+----------+----------+----------+-----------+
| Finance expenses | - | - | (3) | (3) |
+------------------------------+----------+----------+----------+-----------+
| Share of post-tax profit of | 468 | - | - | 468 |
| associate | | | | |
+------------------------------+----------+----------+----------+-----------+
| Profit before income tax | 17,943 | 15,373 | 2,954 | 36,270 |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| Income tax expense | (5,066) | (6,553) | (63) | (11,682) |
+------------------------------+----------+----------+----------+-----------+
| Profit for the year | 12,877 | 8,820 | 2,891 | 24,588 |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| Reportable segment total | 80,530 | 44,077 | 2,428 | 127,035 |
| assets | | | | |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
| Reportable segment total | (23,064) | (7,363) | (386) | (30,813) |
| liabilities | | | | |
+------------------------------+----------+----------+----------+-----------+
| | | | | |
+------------------------------+----------+----------+----------+-----------+
5. Finance income and expenses
+---------------------------------+---+---------+---------+----------+
| | | 2010 | 2009 | 2009 |
+---------------------------------+---+---------+---------+----------+
| | | 6 | 6 | 12 |
| | | months | months | months |
| | | to June | to June | to |
| | | | | December |
+---------------------------------+---+---------+---------+----------+
| | | US$000 | US$000 | US$000 |
+---------------------------------+---+---------+---------+----------+
| Finance income | | | | |
+---------------------------------+---+---------+---------+----------+
| Interest on short-term bank | | 148 | 122 | 285 |
| deposits | | | | |
+---------------------------------+---+---------+---------+----------+
| Interest on available-for-sale | | 55 | 175 | 344 |
| financial assets | | | | |
+---------------------------------+---+---------+---------+----------+
| Exchange gains | | 117 | 10 | 79 |
+---------------------------------+---+---------+---------+----------+
| | | 320 | 307 | 708 |
+---------------------------------+---+---------+---------+----------+
| | | | | |
+---------------------------------+---+---------+---------+----------+
+---------------------------------+---+---------+---------+----------+
| | | 2010 | 2009 | 2009 |
+---------------------------------+---+---------+---------+----------+
| | | 6 | 6 | 12 |
| | | months | months | months |
| | | to June | to June | to |
| | | | | December |
+---------------------------------+---+---------+---------+----------+
| | | US$000 | US$000 | US$000 |
+---------------------------------+---+---------+---------+----------+
| Finance expenses | | | | |
+---------------------------------+---+---------+---------+----------+
| Bank charges payable | | (20) | (15) | (3) |
+---------------------------------+---+---------+---------+----------+
| Bank loan interest payable | | (32) | - | - |
+---------------------------------+---+---------+---------+----------+
| | | (52) | (15) | (3) |
+---------------------------------+---+---------+---------+----------+
| | | | | |
+---------------------------------+---+---------+---------+----------+
6. Income tax expense
+----------------------+--------+----------+----------+----------+
| | | 2010 | 2009 | 2009 |
+----------------------+--------+----------+----------+----------+
| | | 6 months | 6 months | 12 |
| | | to June | to June | months |
| | | | | to |
| | | | | December |
+----------------------+--------+----------+----------+----------+
| | | US$000 | US$000 | US$000 |
+----------------------+--------+----------+----------+----------+
| Current tax | | | | |
+----------------------+--------+----------+----------+----------+
| UK Corporation tax | | 2,830 | 3,566 | 8,436 |
+----------------------+--------+----------+----------+----------+
| Double tax relief | | (325) | - | (2,817) |
+----------------------+--------+----------+----------+----------+
| | | 2,505 | 3,566 | 5,619 |
+----------------------+--------+----------+----------+----------+
| Foreign tax | | 3,872 | 2,425 | 7,904 |
+----------------------+--------+----------+----------+----------+
| | | 6,377 | 5,991 | 13,523 |
+----------------------+--------+----------+----------+----------+
| Adjustments in respect of | | | |
| prior years | | | |
+-------------------------------+----------+----------+----------+
| UK tax | | (195) | (213) | (846) |
+----------------------+--------+----------+----------+----------+
| Foreign tax | | 27 | (195) | (198) |
+----------------------+--------+----------+----------+----------+
| | | (168) | (408) | (1,044) |
+----------------------+--------+----------+----------+----------+
| | | | | |
+----------------------+--------+----------+----------+----------+
| Total current tax | | 6,209 | 5,583 | 12,479 |
+----------------------+--------+----------+----------+----------+
| | | | | |
+----------------------+--------+----------+----------+----------+
| Deferred tax | | | | |
+----------------------+--------+----------+----------+----------+
| Origination and reversal of | | | |
| timing differences | | | |
+-------------------------------+----------+----------+----------+
| Current year | | | |
+-------------------------------+----------+----------+----------+
| UK tax | | (188) | (57) | (118) |
+----------------------+--------+----------+----------+----------+
| Foreign tax | | (205) | (579) | (569) |
+----------------------+--------+----------+----------+----------+
| | | (393) | (636) | (687) |
+----------------------+--------+----------+----------+----------+
| | | | | |
+----------------------+--------+----------+----------+----------+
| Adjustments in respect of | | | |
| prior years | | | |
+-------------------------------+----------+----------+----------+
| UK tax | | - | - | (13) |
+----------------------+--------+----------+----------+----------+
| Foreign tax | | - | 8 | (97) |
+----------------------+--------+----------+----------+----------+
| | | - | 8 | (110) |
+----------------------+--------+----------+----------+----------+
| | | | | |
+----------------------+--------+----------+----------+----------+
| Total deferred tax | | (393) | (628) | (797) |
+----------------------+--------+----------+----------+----------+
| | | | | |
+----------------------+--------+----------+----------+----------+
| Total tax on profit on | 5,816 | 4,955 | 11,682 |
| ordinary activities | | | |
+-------------------------------+----------+----------+----------+
| | | | | |
+----------------------+--------+----------+----------+----------+
Income tax expense is recognised based on management's best estimate of the
weighted average income tax rate expected for the full financial year, applied
to the pre-tax income for the interim period. The group's consolidated effective
tax rate in respect of continuing operations for the six months ended 30 June
2010 was 35.1 percent (1H 2009: 33.7 percent). The increase in the effective tax
rate for the group was due to the significantly larger reduction in tax charges
relating to prior years that was recorded in 2009 compared to 2010, and the
increase in disallowable expenses relating to the tender offer in June 2010. The
underlying tax rate for 2010 was 36.1% (1H 2009: 36.4%).
7. Available-for-sale financial assets
Since the end of the year the group has disposed of the two UK government
securities held as available-for-sale financial assets. The disposal generated
a gain on disposal of US$456,000 and the unrealised gain held at the end of 2009
of US$287,000 was recycled through the Statement of Comprehensive Income on
disposal.
8. Loans and borrowings
+----------------------------------+----------+---------+----------+
| | 2010 | 2009 | 2009 |
+----------------------------------+----------+---------+----------+
| | 6 | 6 | 12 |
| | months | months | months |
| | to June | to June | to |
| | | | December |
+----------------------------------+----------+---------+----------+
| | US$000 | US$000 | US$000 |
+----------------------------------+----------+---------+----------+
| Current liabilities | | | |
+----------------------------------+----------+---------+----------+
| Bank loan | 5,984 | - | - |
+----------------------------------+----------+---------+----------+
| Non-current liabilities | | | |
+----------------------------------+----------+---------+----------+
| Bank loan | 28,428 | - | - |
+----------------------------------+----------+---------+----------+
| Total | 34,412 | - | - |
+----------------------------------+----------+---------+----------+
| | | | |
+----------------------------------+----------+---------+----------+
The group has agreed new bank facilities of US$34,077,000, comprising a mixture
of medium term and revolving credit loans, which will expire on 10 June 2013.
The facilities are denominated in GBP but loans can be drawn in other major
currencies. Where required, loans are revalued at the period end rate and the
revaluation movement is taken to the Statement of Comprehensive Income.
GBP7,000,000 - revolving loan
GBP16,000,000 - medium term loan
The rates of interest charged on each facility are at LIBOR plus a margin of
1.5%. The medium term facility is repayable in 11 equal instalments of
GBP1,000,000 with a final payment of GBP5,000,000.
Following the period end the Company has entered into forward interest rate
swaps for these loans.
9. Dividends and appropriations
The dividends paid in the periods covered by these condensed consolidated
interim financial statements are detailed below.
+------------------------------+----------+----------+----------+----------+---------------+
| | | Dividend | Dividend | Dividend | Appropriation |
| | | per | per | value | value |
| | | share | share | | |
+------------------------------+----------+----------+----------+----------+---------------+
| | | pence | cents | US$000 | US$000 |
+------------------------------+----------+----------+----------+----------+---------------+
| | | | | | |
+------------------------------+----------+----------+----------+----------+---------------+
| 2008 Final dividend paid on | | 3.1 | 4.3 | 2,765 | 536 |
| 13 May 2009 | | | | | |
+------------------------------+----------+----------+----------+----------+---------------+
| 2009 Interim dividend paid | | 1.9 | 3.1 | 1,956 | 383 |
| on 2 November 2009 | | | | | |
+------------------------------+----------+----------+----------+----------+---------------+
| Recognised in 2009 | | 5.0 | 7.4 | 4,721 | 919 |
+------------------------------+----------+----------+----------+----------+---------------+
| | | | | | |
+------------------------------+----------+----------+----------+----------+---------------+
| 2009 Second interim dividend | | 7.5 | 11.3 | 7,187 | 1,401 |
| paid on 1 April 2010 | | | | | |
+------------------------------+----------+----------+----------+----------+---------------+
| Recognised in 2010 | | 7.5 | 11.3 | 7,187 | 1,401 |
+------------------------------+----------+----------+----------+----------+---------------+
| | | | | | |
+------------------------------+----------+----------+----------+----------+---------------+
In addition, an interim dividend of 2.0 pence (3.1 cents) per ordinary share
(2009: 1.9 pence, 3.1 cents), will be paid on 1 November 2010 to shareholders on
the register on 8 October 2010. A proportionate payment will also be made on
the same date in respect of the dividend element of the appropriation payable in
terms of the Exchange Rights Agreement. These payments, amounting to
US$1,709,000, will be accounted for when paid in the second half of 2010.
10. Called up share capital
+--------------------------+------------------+------------+------------+------------+
| | | Shares in | Treasury | Allotted |
| | | issue | shares | shares |
+--------------------------++------------+------------+------------+
| | | '000 | '000 | '000 |
+--------------------------++------------+------------+------------+
| At 1 January 2009 | | 64,219 | 7,172 | 71,391 |
+--------------------------++------------+------------+------------+
| Re-purchase of own | | (700) | 700 | - |
| shares | | | | |
+--------------------------++------------+------------+------------+
| Re-issue of own shares | | 8 | (8) | - |
+--------------------------++------------+------------+------------+
| At 30 June 2009 | | 63,527 | 7,864 | 71,391 |
+--------------------------++------------+------------+------------+
| Re-purchase of own | | (875) | 875 | - |
| shares | | | | |
+--------------------------++------------+------------+------------+
| Re-issue of own shares | | 778 | (778) | - |
+--------------------------++------------+------------+------------+
| At 31 December 2009 | | 63,430 | 7,961 | 71,391 |
+--------------------------++------------+------------+------------+
| Re-purchase of own | | (53) | 53 | - |
| shares | | | | |
+--------------------------++------------+------------+------------+
| Re-issue of own shares | | 280 | (280) | - |
+--------------------------++------------+------------+------------+
| Cancelled - tender offer | | (17,646) | - | (17,646) |
+--------------------------++------------+------------+------------+
| At 30 June 2010 | | 46,011 | 7,734 | 53,745 |
+--------------------------++------------+------------+------------+
| | | | | |
+--------------------------+------------------+------------+------------+------------+
During the period the Company purchased 53,377 (1H 2009: 700,000) of its own
ordinary shares at a total cost of US$167,000 (2009: US$897,000). 115,301 (1H
2009: 8,396) shares were issued to satisfy the exercise of share options by
employees. Since 1 July 2010, the Company has not purchased any further shares.
The EST purchased nil (1H 2009: nil) shares at a total cost of US$nil (1H 2009:
US$nil). 165,000 (1H 2009: nil) shares were issued to satisfy the exercise of
share options by employees. The EST has not purchased any further shares since
1 July 2010.
Both the Company and Employee Share Trust (EST) shares are held as Treasury
Shares.
During the period the Company repurchased 17,645,995 ordinary shares for
immediate cancellation, by way of a tender offer at a cost of US$58,125,000; and
also reduced the number of shares to be issued in terms of the Exchange Rights
Agreement by 3,263,094 at a cost of US$10,682,000. The par value of the
cancelled shares was transferred from share capital to the capital redemption
reserve, and the total of the tender payments was debited against other
reserves.
Shares purchased up to 30 June 2010 are excluded from the calculation of
earnings per share from the date they were purchased by the Company.
The holders of ordinary shares are entitled to receive dividends as declared
from time to time and are entitled to one vote per share at meetings of the
Company. The EST has waived its rights to receive a dividend on the 3,116,609
(1H 2009: 3,281,609) shares it holds.
11. Earnings per share
+------------------------------------+----------+----------+----------+
| | 2010 | 2009 | 2009 |
+------------------------------------+----------+----------+----------+
| | 6 months | 6 months | 12 |
| | to June | to June | months |
| | | | to |
| | | | December |
+------------------------------------+----------+----------+----------+
| | US$000 | US$000 | US$000 |
+------------------------------------+----------+----------+----------+
| Profit for the period | 10,959 | 9,976 | 24,588 |
+------------------------------------+----------+----------+----------+
| | | | |
+------------------------------------+----------+----------+----------+
| | Number | Number | Number |
+------------------------------------+----------+----------+----------+
| | 000's | 000's | 000's |
+------------------------------------+----------+----------+----------+
| Weighted average number of shares | 62,638 | 63,886 | 63,703 |
| in issue (excluding Treasury | | | |
| Shares and shares held by employee | | | |
| share trusts) | | | |
+------------------------------------+----------+----------+----------+
| Weighted average number of shares | 12,185 | 12,347 | 12,347 |
| to be issued under the Exchange | | | |
| Rights Agreement | | | |
+------------------------------------+----------+----------+----------+
| Basic weighted average number of | 74,823 | 76,233 | 76,050 |
| shares | | | |
+------------------------------------+----------+----------+----------+
| Dilutive effect of share options | 1,232 | 439 | 446 |
+------------------------------------+----------+----------+----------+
| Diluted weighted average number of | 76,055 | 76,672 | 76,496 |
| shares | | | |
+------------------------------------+----------+----------+----------+
| | | | |
+------------------------------------+----------+----------+----------+
| Number of potentially dilutive | 276 | 3,739 | 2,454 |
| share options (weighted average) | | | |
+------------------------------------+----------+----------+----------+
| | | | |
+------------------------------------+----------+----------+----------+
| | Cents | Cents | Cents |
+------------------------------------+----------+----------+----------+
| Basic earnings per ordinary share | 14.6 | 13.1 | 32.3 |
+------------------------------------+----------+----------+----------+
| Diluted earnings per ordinary | 14.4 | 13.0 | 32.1 |
| share | | | |
+------------------------------------+----------+----------+----------+
| | | | |
+------------------------------------+----------+----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFVIASIIFII
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