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Salaries 163.4 - 163.4 175.0 - 175.0
Social security costs 19.0 - 19.0 21.4 - 21.4
Pension costs 8.4 - 8.4 9.9 - 9.9
Redundancy and termination costs 1.7 2.6 4.3 1.1 6.6 7.7
Share-based incentives 1.1 - 1.1 1.2 - 1.2
193.6 2.6 196.2 208.6 6.6 215.2
Pension costs comprise:
Defined benefit schemes (note 11) 2.3 - 2.3 3.4 - 3.4
Defined contribution schemes 6.1 - 6.1 6.5 - 6.5
8.4 - 8.4 9.9 - 9.9
Years ended 31 March
2010 2009
number number
Average monthly number of staff employed by the Group including Key Management 5,319 6,236
4 Finance income and finance costs
Years ended 31 March
2010 2009
£m £m
Finance income - bank interest 0.2 1.3
Interest on bank overdrafts and loans (3.4) (9.6)
Amortisation of issue costs on bank loans (0.6) (0.4)
Expected return on pension scheme assets less
interest cost on pension scheme liabilities (3.2) (1.2)
Other finance charges - (0.1)
Finance costs (7.2) (11.3)
Net finance costs (7.0) (10.0)
5 Income tax expense
Years ended 31 March
2010 2009
£m £m
Current tax:
Tax on profits of the financial year 6.1 3.8
Adjustments in respect of previous years (0.9) (0.9)
Total current tax 5.2 2.9
Deferred tax:
Origination and reversal of temporary differences 1.7 2.2
Adjustments in respect of previous years - 1.4
Adjustments to goodwill on recognition of deferred tax assets - (0.2)
Total deferred tax 1.7 3.4
Taxation charge 6.9 6.3
The tax charge is split as follows:
Years ended 31 March
2010 2009
£m £m
United Kingdom 3.6 4.7
Overseas 3.3 1.8
Adjustments to goodwill on recognition of deferred tax assets - (0.2)
Taxation charge 6.9 6.3
Years ended 31 March
2010 2009
restated
£m £m
On recurring business 8.4 8.8
Tax on amortisation of acquired intangibles (1.2) (1.1)
Exceptional items (0.3) (1.4)
Taxation charge 6.9 6.3
The analysis for the year ended 31 March 2009 has been restated to disclose the
tax effect of amortisation of acquired intangibles.
6 Earnings per share
Basic earnings per share (EPS) is calculated by dividing the earnings
attributable to Shareholders by the weighted average number of Ordinary
shares outstanding during the year, excluding those purchased by the
Company's Employee Benefits Trust.
For diluted earnings per share, the weighted average number of Ordinary
shares in issue is adjusted to assume conversion of all dilutive potential
Ordinary shares.
The following amounts have been used in the calculation of earnings per
share:
Years ended 31 March
2010 2009
£m £m
Earnings for the purposes of earnings per share:
Profit for the financial year 14.3 9.1
Less: amount attributable to minority interest (0.9) (1.7)
Total 13.4 7.4
Years ended 31 March
Weighted average number of Ordinary shares 2010 2009
in issue number number
m m
Issued (for basic EPS) 301.5 304.2
Dilutive potential Ordinary shares 9.9 4.5
For diluted EPS 311.4 308.7
The weighted average number of issued Ordinary shares is lower in the year
ended 31 March 2010 compared to the year ended 31 March 2009 due to the
impact of the shares purchased by the Employee Benefits Trust.
The Employee Benefits Trust waived its rights to dividends in respect of
4,000,000 shares purchased in the year ended 31 March 2010.
Underlying earnings per share
Underlying earnings per share is calculated on the profit attributable to
equity shareholders before amortisation of acquired intangibles and
exceptional items after charging taxation associated with those profits of £
19.1m (2009: £14.2m).
Years ended 31 March
2010 2009
£m £m
Profit before tax 21.2 15.4
Add: amortisation of acquired intangibles 3.9 3.7
Add: exceptional items 3.3 5.6
Underlying profit before tax 28.4 24.7
Underlying income tax expense (8.4) (8.8)
Underlying profit for the financial year 20.0 15.9
Less: amounts attributable to minority interests (0.9) (1.7)
Total 19.1 14.2
7 Dividends per share
The dividends to the Company's shareholders in the year ended 31 March 2010
were:
Years ended 31 March
2010 2009
£m £m
Final dividend in respect of year ended 31 March 2009
0.0p per share (31 March 2008 2.8p per share) - 8.6
Interim dividend in respect of year ended 31 March 2010
0.4p per share (31 March 2009 1.2p per share) 1.2 3.7
Total dividends to the Company's shareholders (note 23) 1.2 12.3
A final dividend in respect of the year ended 31 March 2010 of 0.8p per
Ordinary share, amounting to a total dividend of £2,430,103, is to be proposed
at the Annual General Meeting on 26 July 2010. The Employee Benefits Trust has
waived its rights to dividends in respect of 4,000,000 shares purchased in the
year ended 31 March 2010.
Scrip dividends to the value of £0.1m in respect of the interim dividend for
the year ended 31 March 2009 and to the value of £0.2m in respect of the final
dividend for the year ended 31 March 2008 were taken instead of a cash payment.
8 Goodwill and other intangible assets
Years ended 31 March
2010 2009
£m £m
Goodwill 221.8 225.6
Other intangible assets 31.7 32.4
253.5 258.0
Other intangible assets
Other intangible assets
Computer software
Externally Internally Client
Goodwill acquired generated relationships Total
£m £m £m £m £m
Cost
At 1 April 2008 229.5 16.2 6.1 31.4 283.2
Additions - 0.8 3.3 - 4.1
Reclassification of assets - - 2.5 - 2.5
Disposals - (1.4) - - (1.4)
Adjustments to goodwill on
recognition of tax assets (0.3) - - - (0.3)
Adjustments to deferred consideration (0.2) - - - (0.2)
Exchange differences 23.0 1.3 0.2 6.7 31.2
At 31 March 2009 252.0 16.9 12.1 38.1 319.1
Additions - 1.6 5.1 - 6.7
Disposals - (2.9) - - (2.9)
Adjustments to deferred consideration (0.2) - - - (0.2)
Exchange differences (3.6) 0.6 0.7 (0.7) (3.0)
At 31 March 2010 248.2 16.2 17.9 37.4 319.7
Accumulated amortisation
At 1 April 2008 26.4 10.5 3.0 11.9 51.8
Amortisation charge for the year - 1.9 1.5 3.4 6.8
Disposals - (1.4) - - (1.4)
Exchange differences - 1.0 - 2.9 3.9
At 31 March 2009 26.4 12.0 4.5 18.2 61.1
Amortisation charge for the year - 1.9 2.6 3.6 8.1
Disposals - (2.9) - - (2.9)
Exchange differences - 0.2 (0.1) (0.2) (0.1)
At 31 March 2010 26.4 11.2 7.0 21.6 66.2
Carrying amount
At 1 April 2008 203.1 5.7 3.1 19.5 231.4
At 31 March 2009 225.6 4.9 7.6 19.9 258.0
At 31 March 2010 221.8 5.0 10.9 15.8 253.5
The recoverable amount used in the assessment of goodwill for all cash
generating units comprises value in use. During the year the Group reviewed
its discount rate and long term growth rates and these have been applied in the
assessment. The value in use has been calculated by discounting at 8% per
annum (2009: 10% per annum) the anticipated post-tax cash flows. This equates
to an estimated pre-tax discount rate of 8.3% per annum. The forecasts are
prepared from management information taking into account historical trading
performance and anticipated changes in future market conditions. The detailed
forecasts cover a period of three years from the balance sheet date; cash flows
are projected beyond that period based on anticipated long-term growth of 2%
(2009: 2%).
The amortisation charge for the year of £8.1m (2009: £6.8m) is comprised of £
3.9m (2009: £3.7m) in respect of intangible assets acquired via business
combinations and £4.2m (2009: £3.1m) which relates to amortisation of software
purchased and internally generated by existing businesses.
Goodwill consists of the following amounts related to cash generating units of
the Group:
Years ended 31 March
2010 2009
restated
£m £m
Corporate Travel Management
UK 56.9 56.9
Sweden 14.6 14.6
Norway 17.9 17.9
Germany 45.7 47.4
Switzerland 20.0 19.6
North America 45.6 48.1
Other 17.6 17.6
218.3 222.1
Spendvision 3.5 3.5
221.8 225.6
The analysis of goodwill at 31 March 2009 has been restated to reflect
Spendvision as a separate operating segment.
9 Property, plant and equipment
Property Plant and equipment Total
£m £m £m
Cost
At 1 April 2008 9.3 38.9 48.2
Additions for the year 0.5 5.2 5.7
Disposals for the year (0.2) (3.1) (3.3)
Exchange differences 1.0 5.4 6.4
At 31 March 2009 10.6 46.4 57.0
Additions for the year 0.2 4.3 4.5
Disposals for the year (0.6) (2.2) (2.8)
Exchange differences 0.3 1.3 1.6
At 31 March 2010 10.5 49.8 60.3
Accumulated depreciation
At 1 April 2008 5.2 30.4 35.6
Depreciation charge for the year 0.9 3.7 4.6
Disposals for the year (0.1) (2.8) (2.9)
Exchange differences 0.6 4.0 4.6
At 31 March 2009 6.6 35.3 41.9
Depreciation charge for the year 0.9 4.2 5.1
Disposals for the year (0.6) (1.9) (2.5)
Exchange differences 0.3 0.7 1.0
At 31 March 2010 7.2 38.3 45.5
Carrying amount
At 1 April 2008 4.1 8.5 12.6
At 31 March 2009 4.0 11.1 15.1
At 31 March 2010 3.3 11.5 14.8
Property is comprised of leasehold properties and leasehold improvements.
Plant and equipment is comprised of IT and office equipment.
Years ended 31 March
2010 2009
£m £m
Contractual commitments for the acquisition of:
Property, plant and equipment 0.1 1.5
Carrying amount of property, plant and equipment held under finance leases 0.3 0.5
10 Net debt
Years ended 31 March
2010 2009
£m £m
Total financial liabilities - borrowings 135.5 152.4
Add back: Unamortised loan issue costs 0.8 1.4
Cash and cash equivalent assets (58.8) (68.5)
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