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Latest Results
Interim Results
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy and wealth management business, today reports its Interim Results for the six months ended 30 November 2011.
Highlights
- Revenue up 17.0% to £8.69m (1H11: £7.43m)
- Adjusted profit before tax1 down 17.4% to £2.00m (1H11: £2.42m)
- Adjusted EPS12 down 18.7% to 8.57p (1H11: 10.54p)
- Interim dividend up 12.1% to 1.85p (1H11: 1.65p)
- Assets under administration and advice up 28.8% to £2.86bn (1H11: £2.22bn)
- Acquisition of Kudos in August 2011 and integration progressing well
- Custodian Capital launched in October 2011
- Strong balance sheet with net cash at period end of £3.36m (1H11: £1.75m)
1 Before acquisition costs expensed under IFRS3 (Revised), amortisation and impairment of intangible assets other than computer software.
2 Basic EPS down 36.3% to 5.61p (1H11: 8.80p).
Commenting on the Interim Results, Bob Woods, Executive Chairman, said:
"I am pleased to report further progress in the development of the Group, with the recent Kudos acquisition bedding-in well.
"Although revenues were up during the period, adjusted profit before tax fell. We had anticipated a contraction in margin as we invest in the business to secure continued growth, which was coupled with a slowdown in investment activity in the first half. Our response to the Eurozone crisis has been to keep clients informed and recommend the maintenance of defensive positions. While uncertainties over Europe persist, we expect to see increased activity in the second half of this financial year as we advise on the repositioning of clients' retirement and investment strategies.
"We are awaiting permission from the FSA to launch our new discretionary portfolio management service ("DPM"), which will provide a lower cost and more efficient investment process for certain clients, while enhancing our recurring revenue streams.
"I am also pleased to announce the payment of an increased interim dividend, up 12.1% to 1.85 pence (1H11: 1.65 pence) per ordinary share. We remain committed to growing the dividend sensibly, whilst maintaining an appropriate level of dividend cover."
Ian Mattioli, Chief Executive, said:
"Our total assets under administration and advice were up 28.8% to £2.86bn at the period end (1H11: £2.22bn), with the total number of SIPP and SSAS schemes serviced by the Group up 4.1% to 4,525 (1H11: 4,348).
"Kudos has proven to be an excellent cultural fit and represents an exciting step forward in the development of the Group as a broader wealth management business.
"Our updated brand has been well received and we are starting to see our investment in this and other marketing initiatives bear fruit, with the launch of DPM set to significantly enhance our wealth management proposition. I anticipate we will see increased activity during the remainder of this financial year. If this proves to be the case, I believe we can maintain our record of revenue and profit growth for the full year."
Interim statement
We are pleased to report further progress in accelerating growth through the development of additional services complementary to our core business. Revenues in the six months ended 30 November 2011 were up 17.0% to £8.69m (1H11: £7.43m), with the acquisition of Kudos Independent Financial Services Limited ("Kudos") in August 2011 adding revenues of £1.18m during the period.
We have, however, seen an anticipated contraction in margin as we invest to secure continued growth. This margin compression in the first half was exacerbated by the on-going uncertainty caused by the Eurozone crisis. Our response to the nervousness caused by these challenging investment conditions was to keep clients informed and recommend the maintenance of defensive positions. This resulted in a deferral of investment activity, with adjusted earnings per share3 being down 18.7% to 8.57p (1H11: 10.54p) for the period. While uncertainties over Europe persist, there are indications of some signs of improvement in the economic environment. As a result, we expect to see increased activity in the second half of this financial year as we advise on the repositioning of clients' retirement and investment strategies.
Total assets under administration and advice were up 28.8% to £2.86bn at the period end (1H11: £2.22bn), with the total number of self-invested personal pension ("SIPP") and small self-administered pension schemes ("SSAS") serviced by the Group up 4.1% to 4,525 (1H11: 4,348), including those schemes advised by Kudos.
The number of direct4 SIPP and SSAS schemes won in the period increased to 146 (1H11: 121). We have a strong enquiry pipeline and our focus remains on the quality of new business, with the average new scheme being in excess of £0.30m. We continue to enjoy strong client retention, with an external loss rate5 of 2.7% (1H11: 2.6%) and the overall attrition rate6 increasing to 3.4% (1H11: 3.0%), partly as a result of recent acquisitions.
Our recent rebranding as a pension consultancy and wealth manager has been well received by our clients and network of professional referrers, positioning us to broaden our range of services and deliver these to a wider audience. We are awaiting permission from the Financial Services Authority ("FSA") to launch our new discretionary portfolio management service ("DPM"), which will provide a lower cost and more efficient investment process for certain clients, while enhancing our recurring revenue streams. We hope to receive this permission sometime over the next three months.
3 Before acquisition costs expensed under IFRS3 (Revised), amortisation and impairment of intangible assets other than computer software.
4 SIPP and SSAS schemes where Mattioli Woods acts as pension consultant and administrator.
5 Direct schemes lost to an alternative provider as a percentage of average scheme numbers during the period.
6 Direct schemes lost as a result of death, annuity purchase, external transfer or cancellation as a percentage of average scheme numbers during the period.
Assets under administration and advice
Total assets under administration and advice are analysed as follows:
| 30 Nov 2011 £m |
30 Nov 2010 £m |
31 May 2011 £m |
|
| SSAS | 1,196.8 | 1,175.4 | 1,221.7 |
| SIPP | 912.6 | 853.8 | 888.6 |
| Total SSAS and SIPP assets | 2,109.4 | 2,029.2 | 2,110.3 |
| Employee benefits | 482.9 | 157.0 | 149.9 |
| Personal assets | 266.6 | 37.2 | 44.2 |
| Assets under administration and advice7 | 2,858.9 | 2,223.4 | 2,304.4 |
7 Note certain scheme assets, including clients’ own commercial properties, are only subject to a statutory valuation at a benefit crystallisation event.
While the majority of these assets comprise pension wealth, we anticipate significant growth in personal investment planning following the launch of our DPM service.
Market overview
It would be naïve to suggest the on-going Eurozone crisis will not affect investment appetite. We believe people are worried about their financial futures and this concern manifests itself in a number of ways: from a more cautious approach to business, to seeking ever-better value and adopting more defensive investment positions.
The stresses the financial services industry is experiencing are expected to bring about significant change. The FSA's retail distribution review ("RDR") is widely predicted to reduce the number of independent advisers and will change the nature of adviser remuneration from a commission-based model to a fee-based model, which sits well with an increasingly sophisticated investor community.
At the same time, against a backdrop of enduring economic weakness and low investment returns, we expect investors to focus increasingly on total expense ratios ("TERs").
As a primarily advisory business, we anticipate all of these shifts will bring new opportunities to the Group.
Regulation
The RDR is less than a year away from its implementation on 1 January 2013. The FSA has published a number of papers clarifying some of the more detailed rules during the period, with further papers due over the coming months. We believe we are well placed to benefit from the changes RDR will bring. Our predominantly fee-based model and the development of our in-house investment research team over the last few years endorses some of the key principles and puts us in a strong position for the transition.
Our consultancy team is well on the way to obtaining the new level of qualifications required and remain committed to the business going forward.
The FSA has shown an increasing focus on the SIPP market, having undertaken a detailed review of small SIPP providers. An update on this review is expected in the coming months, highlighting any concerns the FSA has. In the meantime, we are pleased to have received very positive feedback from the FSA as a result of our participation in this review.
The FSA is also scheduled to publish further consultation on the capital resources requirements for SIPP providers. Increasing regulatory pressure is expected to lead other SIPP providers to revisit their business models and charging structures, ultimately leading to further consolidation in the SIPP market.
Strategy and acquisitions
We plan to continue expanding Mattioli Woods' operations, both organically and by acquisition. The Kudos acquisition is bedding-in well, with an increasing flow of new enquiries being generated from our joint marketing initiatives. Kudos has proven to be an excellent cultural fit and represents an exciting step forward in the development of the Group as a broader wealth management business. Kudos strengthens our employee benefits capabilities and in addition to extending our reach geographically, provides a new distribution channel for Mattioli Woods' services. The acquisition is on track to be earnings enhancing in this current financial year.
Trading results
Robust demand for direct pension consultancy and administration saw these revenues maintained at £3.99m (1H11: £4.04m) despite a fall in investment activity. A full period's contribution from City Trustees increased third-party administration revenues by 95.5% to £0.43m (1H11: £0.22m).
Investment-related revenues fell 4.0% to £2.43m (1H11: £2.53m), with our response to the Eurozone crisis leading to a controlled slowdown of investment activity:
- Investment commissions were broadly flat at £1.46m (1H11: £1.47m), as clients remained cautious around challenging investment markets.
- Structured product revenues were £0.47m (1H11: £0.58m) with clients subscribing £12.5m (1H11: £17.05m) in new capital protected bond issues.
- Although the Bank of England base rate remains at a historic low, banking income increased 4.2% to £0.50m (1H11: £0.48m), following the negotiation of enhanced terms for clients and ourselves with the Group's key banking partners. Aggregate cash balances in our direct clients' SSAS and SIPP schemes were £333.4m (1H11: £320.5m) at the period end.
During the period we transferred our property syndicate business into a separate subsidiary, Custodian Capital Limited ("Custodian Capital"), to develop this initiative outside of our existing client base. Revenues increased 4.8% to £0.66m (1H11: £0.63m) with £5.15m (1H11: £5.70m) of property secured for new syndicates during the first half. Direct property ownership appeals to a growing number of clients, attracted by the opportunity to develop a well-diversified portfolio of prime commercial property with conservative levels of gearing. Our objective is to deliver a long-term income stream with the possibility of capital growth.
Cash generated from operations increased to £1.52m or 80.4% of EBITDA (1H11: £1.50m or 61.0%). Cash at 30 November 2011 was £3.36m (1H11: £1.75m), with a net cash outflow of £2.21m on the acquisition of Kudos. At the period end we had advanced £0.17m of short-term loans to new property syndicates, which have been repaid following the period end. Our strong balance sheet is enhanced by the availability of £5.00m of on demand overdraft facilities.
As anticipated, underlying EBITDA (excluding one-off costs8) fell 11.1% to £2.25m (1H11: £2.53m). Reported EBITDA fell 23.2% to £1.89m (1H11: £2.46m), with the fall in first half EBITDA margin to 21.7% (1H11: 33.1%) being exacerbated by those one-off costs incurred during the period. Profit before tax was down 30.2% to £1.48m (1H11: £2.12m). Despite this first half fall, we believe we have the strategy and technical skills to deliver revenue and profit growth for the full year.
8 £0.26m of acquisition costs and £0.10m of costs associated with the development of our rebranded corporate identity.
Dividend
The board is pleased to recommend the payment of an increased interim dividend, up 12.1% to 1.85 pence (1H11: 1.65 pence) per ordinary share. We are committed to growing the dividend sensibly, whilst maintaining an appropriate level of dividend cover. The interim dividend will be paid on 2 March 2012 to shareholders on the register at the close of business on 10 February 2012.
Staff
Our staff continue to show real passion, enthusiasm and professionalism in dealing with our clients' affairs. The "small to big" initiative launched some two years ago has further improved client service levels. Strong, proactive consultancy, supported by high service standards, remains core to the business and provides a strong foundation for further growth in an increasingly competitive market. We would like to thank all our staff for their commitment and dedication to our core values.
We are particularly pleased with the development of our consultancy team. Six new consultants joined the Mattioli Woods team during the last 12 months. This growth, combined with the acquisition of Kudos and the further development of our property syndicate business, increased the total number of consultants within the Group to 46 at the period end (1H11: 23). The RDR is well planned for through our consultancy training programme and we expect no "down time" as we move into this new regime.
Following the appointment of Helen Keays as a Non-Executive Director in July 2011, Michael Kershaw formally leaves the board on 31 January 2012 to pursue other interests. We thank him for his valuable contribution to the Group's growth over the last four years and wish him well for the future. The Nominations Committee has initiated a search process to replace Michael and a number of suitable candidates have been identified.
We remain committed to encouraging wider employee equity participation. The Mattioli Woods plc Share Incentive Plan ("the Plan") is designed to attract and retain appropriately qualified staff. To date, 47.9% of eligible staff have elected to invest via the Plan (1H11: 48.8%) and we expect broader participation in the Plan following the launch of a new flexible benefits platform next month.
Shareholders
We have expanded our free float by satisfying part of the initial consideration payable on the Kudos acquisition through the issue of new ordinary shares in Mattioli Woods. We are committed to expanding the excellent institutional shareholder base we have enjoyed since joining the AIM market. We are also working to develop broader private client interest in the shares and employee equity participation. Our desire is to communicate effectively with all our shareholders and the wider market, building further awareness of Mattioli Woods and its services and advice.
Outlook
Our updated brand has been well received by both clients and our network of professional referrers. We are starting to see our investment in this and other marketing initiatives bear fruit and the launch of DPM is set to significantly enhance our wealth management proposition.
As noted in our recent trading update, revenues and profits for the first half were below our initial expectations. Although uncertainty around the current economic outlook continues to impact clients' investment appetite, I anticipate we will see increased activity during the remainder of this financial year as we advise on the re-positioning of clients' retirement and investment strategies. If this proves to be the case, we believe we can maintain our record of revenue and profit growth for the full year.
Bob Woods
Chairman
Ian Mattioli
Chief Executive
30 January 2012
Independent review report to Mattioli Woods plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the interim financial report for the six months ended 30 November 2011 which comprises the condensed consolidated statement of comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of changes in equity, condensed consolidated statement of cash flows and associated notes. We have read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our review work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim financial report, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing and presenting the interim financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards and International Financial Reporting Interpretations Committee pronouncements as adopted by the European Union. The condensed set of financial statements included in this interim financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim financial report for the six months ended 30 November 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and the AIM Rules of the London Stock Exchange.
Baker Tilly UK Audit LLP
Chartered Accountants
2 Whitehall Quay
Leeds
LS1 4HG
30 January 2012
Interim condensed consolidated statement of comprehensive income
For the six months ended 30 November 2011
| Unaudited Six months ended 30 Nov 2011 |
Unaudited Six months ended 30 Nov 2010 |
Audited Year ended 31 May 2011 |
||
| Note | £ | £ | £ | |
| Revenue | 6 | 8,694,786 | 7,427,573 | 15,363,474 |
| Employee benefits expense | (4,811,598) | (3,742,975) | (7,911,763) | |
| Other administrative expenses | (1,923,401) | (1,162,333) | (2,208,133) | |
| Share based payments | (65,584) | (64,681) | (142,454) | |
| Amortisation and impairment | (305,583) | (265,036) | (381,256) | |
| Depreciation | (131,640) | (97,257) | (219,705) | |
| Loss on disposal of property, plant and equipment | (7,410) | (69) | (10,830) | |
| Operating profit before financing | 1,449,570 | 2,095,222 | 4,489,333 | |
| Finance revenue | 27,107 | 24,058 | 59,304 | |
| Finance costs | (686) | (14) | (357) | |
| Net finance revenue | 26,421 | 24,044 | 58,947 | |
| Profit before tax | 1,475,991 | 2,119,266 | 4,548,280 | |
| Income tax expense | 9 | (474,714) | (580,533) | (1,219,344) |
| Profit for the period | 1,001,277 | 1,538,733 | 3,328,936 | |
| Other comprehensive income, net of tax | - | - | - | |
| Total comprehensive income for the period, net of tax | 1,001,277 | 1,538,733 | 3,328,936 | |
| Attributable to: | ||||
| Equity holders of the parent | 1,001,277 | 1,538,733 | 3,328,936 | |
| Earnings per ordinary share: | ||||
| Basic (pence) | 7 | 5.61 | 8.80 | 18.92 |
| Diluted (pence) | 7 | 5.33 | 8.38 | 17.96 |
| Proposed total dividend per share (pence) | 8 | 1.85 | 1.65 | 4.95 |
The revenue and operating profit for each period arises from the Group's continuing operations.
Interim condensed consolidated statement of financial position
As at 30 November 2011
Registered number: 3140521
| Unaudited 30 Nov 2011 |
Unaudited 30 Nov 2010 |
Audited 31 May 2011 |
||
| Note | £ | £ | £ | |
| Assets | ||||
| Property, plant and equipment | 1,020,826 | 865,531 | 934,708 | |
| Intangible assets | 5 | 23,465,873 | 13,009,233 | 12,939,389 |
| Deferred tax asset | 9 | 129,512 | 341,781 | 210,788 |
| Investments | 14 | 15 | 15 | 15 |
| Total non-current assets | 24,616,226 | 14,216,560 | 14,084,900 | |
| Trade and other receivables | 7,822,668 | 6,532,561 | 7,611,845 | |
| Financial assets | 165,095 | 2,452,019 | 873,569 | |
| Cash and short-term deposits | 3,358,228 | 1,751,105 | 4,612,689 | |
| Total current assets | 11,345,991 | 10,735,685 | 13,098,103 | |
| Total assets | 35,962,217 | 24,952,245 | 27,183,003 | |
| Equity | ||||
| Issued capital | 180,824 | 173,832 | 175,840 | |
| Share premium | 7,534,793 | 5,987,758 | 6,289,891 | |
| Other capital reserves | 2,646,072 | 2,769,408 | 2,764,132 | |
| Retained earnings | 13,277,169 | 11,371,789 | 12,872,187 | |
| Total equity attributable to equity holders of the parent | 23,638,858 | 20,302,787 | 22,102,050 | |
| Non-current liabilities | ||||
| Trade and other payables | - | 120,000 | 120,000 | |
| Deferred tax liability | 9 | 2,540,386 | 576,831 | 552,559 |
| Provisions | 11 | 3,322,165 | 310,744 | 325,721 |
| Total non-current liabilities | 5,862,551 | 1,007,575 | 968,280 | |
| Current liabilities | ||||
| Trade and other payables | 3,435,402 | 2,544,363 | 3,248,381 | |
| Income tax payable | 9 | 653,807 | 629,648 | 584,766 |
| Provisions | 11 | 2,371,599 | 467,872 | 279,526 |
| Total current liabilities | 6,460,808 | 3,641,883 | 4,112,673 | |
| Total liabilities | 12,323,359 | 4,649,458 | 5,080,953 | |
| Total equities and liabilities | 35,962,217 | 24,952,245 | 27,183,003 |
Interim condensed consolidated statement of changes in equity
For the six months ended 30 November 2011
|
Note | Issued capital £ |
Share premium £ |
Capital redemption reserve £ |
Equity - share based payments £ |
Retained earnings £ |
Total equity £ |
| As at 1 June 2010 - Audited | 173,473 | 5,918,314 | 2,000,000 | 552,579 | 10,336,920 | 18,981,286 | |
| Total comprehensive income for period | |||||||
| Profit for the period | - | - | - | - | 1,538,733 | 1,538,733 | |
| Other comprehensive income | - | - | - | - | - | - | |
| Total comprehensive income for period | - | - | - | - | 1,538,733 | 1,538,733 | |
| Transactions with owners of the Company, recognised directly in equity | |||||||
| Issue of share capital | 359 | 69,444 | - | - | - | 69,803 | |
| Share-based payment transactions | - | - | - | 41,351 | - | 41,351 | |
| Deferred tax asset taken to equity | - | - | - | 175,478 | - | 175,478 | |
| Dividends | - | - | - | - | (503,864) | (503,864) | |
| As at 30 November 2010 - Unaudited | 173,832 | 5,987,758 | 2,000,000 | 769,408 | 11,371,789 | 20,302,787 | |
| Total comprehensive income for period | |||||||
| Profit for the period | - | - | - | - | 1,790,203 | 1,790,203 | |
| Other comprehensive income | - | - | - | - | - | - | |
| Total comprehensive income for period | - | - | - | - | 1,790,203 | 1,790,203 | |
| Transactions with owners of the Company, recognised directly in equity | |||||||
| Issue of share capital | 2,008 | 302,133 | - | - | - | 304,141 | |
| Share-based payment transactions | - | - | - | 41,348 | - | 41,348 | |
| Deferred tax asset taken to equity | - | - | - | (46,624) | - | (46,624) | |
| Dividends | - | - | - | - | (289,805) | (289,805) | |
| As at 31 May 2011 - Audited | 175,840 | 6,289,891 | 2,000,000 | 764,132 | 12,872,187 | 22,102,050 |
Interim condensed consolidated statement of changes in equity (continued)
For the six months ended 30 November 2011
|
Note | Issued capital £ |
Share premium £ |
Capital redemption reserve £ |
Equity - share based payments £ |
Retained earnings £ |
Total equity £ |
| As at 1 June 2011 - Audited | 175,840 | 6,289,891 | 2,000,000 | 764,132 | 12,872,187 | 22,102,050 | |
| Total comprehensive income for period | |||||||
| Profit for the period | - | - | - | - | 1,001,277 | 1,001,277 | |
| Other comprehensive income | - | - | - | - | - | - | |
| Total comprehensive income for period | - | - | - | - | 1,001,277 | 1,001,277 | |
| Transactions with owners of the Company, recognised directly in equity | |||||||
| Issue of share capital | 4 | 4,984 | 1,244,902 | - | - | - | 1,249,886 |
| Share-based payment transactions | - | - | - | 24,483 | - | 24,483 | |
| Deferred tax asset taken to equity | - | - | - | (142,543) | - | (142,543) | |
| Dividends | - | - | - | - | (596,295) | (596,295) | |
| As at 30 November 2011 - Unaudited | 180,824 | 7,534,793 | 2,000,000 | 646,072 | 13,277,169 | 23,638,858 |
Interim condensed consolidated statement of cash flows
For the six months ended 30 November 2011
| Unaudited Six months ended 30 Nov 2011 |
Unaudited Six months ended 30 Nov 2010 |
Audited Year ended 31 May 2011 |
||
| Note | £ | £ | £ | |
| Operating activities | ||||
| Profit for the period | 1,001,277 | 1,538,733 | 3,328,936 | |
| Adjustments for: | ||||
| Depreciation | 131,640 | 97,257 | 219,705 | |
| Amortisation and impairment | 305,583 | 265,036 | 381,256 | |
| Investment income | (27,107) | (24,058) | (59,304) | |
| Interest expense | 686 | 14 | 357 | |
| Loss on disposal of property, plant and equipment | 7,410 | 69 | 10,830 | |
| Equity-settled share-based payments | 65,584 | 64,681 | 142,454 | |
| Income tax expense | 474,714 | 580,533 | 1,219,344 | |
| Cash flows from operating activities before changes in working capital and provisions | 1,959,787 | 2,522,265 | 5,243,578 | |
| Decrease/(increase) in trade and other receivables | 356,422 | (749,312) | (1,828,596) | |
| (Decrease)/increase in trade and other payables | (649,407) | (331,265) | 452,117 | |
| (Decrease)/increase in provisions | (151,597) | 57,677 | (80,910) | |
| Cash generated from operations | 1,515,205 | 1,499,365 | 3,786,189 | |
| Interest paid Income taxes paid |
(686) (584,738) |
(14) (689,088) |
(357) (1,342,684) |
|
| Net cash flows from operating activities | 929,781 | 810,263 | 2,443,148 | |
| Investing activities | ||||
| Proceeds from sale of property, plant and equipment | 2,500 | 6,391 | 17,057 | |
| Purchase of property, plant and equipment | (106,158) | (208,225) | (448,477) | |
| Purchase of software | (99,741) | (66,739) | (96,750) | |
| Acquisition of subsidiaries | 4 | (4,328,503) | (2,141,529) | (2,141,529) |
| Cash received on acquisition of subsidiaries | 4 | 2,182,364 | 456,766 | 456,766 |
| Acquisition of businesses | - | (8,481) | (108,481) | |
| New loans advanced to property syndicates | (165,095) | (2,452,019) | (3,325,588) | |
| Loan repayments from property syndicates | 873,569 | - | 2,452,019 | |
| Interest received | 27,107 | 24,058 | 59,304 | |
| Net cash from investing activities | (1,613,957) | (4,389,778) | (3,135,679) | |
| Financing activities | ||||
| Proceeds from the issue of share capital | 22,288 | 46,473 | 314,188 | |
| Proceeds/(repayments) of Directors' loans | 3,722 | (2,281) | (5,591) | |
| Dividends paid | 8 | (596,295) | (503,864) | (793,669) |
| Net cash from financing activities | (570,285) | (459,672) | (485,072) | |
| Decrease in cash and cash equivalents | (1,254,461) | (4,039,187) | (1,177,603) | |
| Cash and cash equivalents at start period | 4,612,689 | 5,790,292 | 5,790,292 | |
| Cash and cash equivalents at end period | 3,358,228 | 1,751,105 | 4,612,689 |
Notes
Notes to the financial statements are available in the PDF download.
Page last up-dated: 31 January 2012
