Final Results

M&C Saatchi PLC 22 March 2007 22 March 2007 M&C Saatchi plc Preliminary Results for the Twelve Months Ended 31 December 2006 M&C Saatchi plc, today announces its preliminary results for the twelve months ended 31 December 2006. Group Highlights â€¢ Revenues (gross profit) up 11.6% (12.5% at constant currency) to Â£75.9m (2005: Â£68.0m) â€¢ Strong new business wins across all regions â€¢ Profit before tax (excluding amortisation) up 4.2% to Â£7.8m (2005: Â£7.5m) â€¢ Full year dividend up 25% at 3.2 pence â€¢ Successful launch of second continental European office in Germany â€¢ Agreement reached to open in Spain via partial acquisition Commenting on the results, David Kershaw, Chief Executive, said: 'I am pleased to say that the Company had a good year. The business gained momentum throughout 2006, and we grew our revenues and profits despite the departure of the BA account. In 2007 we expect to see our European business move into profit, with both Asia Pacific and America performing well. However the trading conditions in the UK remain challenging. Overall the outlook for 2007 remains in line with current expectations. ' For further information please call: M&C Saatchi plc 020 7543 4500 David Kershaw, Chief Executive Tulchan Communications 020 7353 4200 Miranda Acland Celia Gordon Shute Definition To give a more meaningful commentary on the underlying performance of the business all references to profit, operating profit, profit before tax and profit for the financial year have been made before the amortisation of goodwill. The charge for the amortisation of goodwill is stated in the preliminary consolidated profit and loss account which follows this commentary. Overview -------- 2006 has been a successful year for the Group, driven by a strong new business performance which gained momentum throughout the year. Reported revenues grew by 11.6% (12.5% using constant currencies) to Â£75.9m (2005: Â£68.0m), the twelfth successive year of revenue growth. The performance has been the strongest in the UK across all the businesses but in particular Walker Media. In America the growth was driven by LA. Our offices in Australia and Malaysia also performed well. Group profits for 2006 increased by 4.2% to Â£7.8m (2005: Â£7.5m), with strong growth in the UK, Australia, LA and Malaysia. There were operating losses in New York, Asia (excluding Malaysia) and New Zealand. Group margin reduced to 10.2% (2005: 11.0%). Our expansion into Europe remains on track. In July 2006 we acquired Berlin agency International Projects, now re-branded M&C Saatchi to add to our Paris office which opened in September 2005. The Paris office had an excellent first full year. We are delighted to be able to announce that we have acquired 25% of a Spanish marketing services group, with a commitment to acquire a further 50% over the next two years. We will make a further announcement once all the formalities have been completed. Financial Review Revenue 2006 2006 Inc/Dec Â£000's Contribution Reported Constant rates rates --------- ------------ ------- -------- UK 44,336 58% 12.3% 12.3% Asia & Australia 25,638 34% 2.2% 4.4% America 3,632 5% 13.1% 14.6% Europe 2,271 3% **** **** --------- ------------ ------- -------- Group Total 75,877 100% 11.6% 12.5% --------- ------------ ------- -------- 2006 was our strongest year of revenue growth since 2000. Organic growth is still the main driver of the group's success accounting for 11.8% of the underlying growth of 12.5% (using constant exchange rates). There were good revenue performances from companies across the group, the outstanding performances coming from Walker Media, in the UK, and from Malaysia and LA. We are now starting to see an important contribution from our European expansion with first full year revenues from our office in Paris and second half contribution from our Berlin office. Operating Performance Operating Profit Operating Margin (Operating profit : revenue) -------- --------------- --------------------- Â£'000s 06 V's 05 V's 05 2006 Â£000's % % % UK 6,307 496 9% -0.5pts 14.2% Asia & Australia 1,496 (621) -29% -2.6pts 5.8% America (261) 61 23% 2.8pts -7.2% Europe (1,284) 145 10% *** *** -------- --------------- --------------------- Group Total 6,258 81 1% -0.8pts 8.2% -------- --------------- --------------------- The headline operating profit increased by 1.3% to Â£6.3m (2005: Â£6.2m). The operating margin declined by 0.8pts to 8.2%. The operating performance was held back by the final year of investment into Europe (Â£1.3m) and the continued support of the New York office which resulted in the net operating loss of Â£261k across the two offices in America. The reduction in the Group's operating margin is largely due to the decline in profit in Asia and Australia down 29% or Â£621k to Â£1.5m (2005: Â£2.1m). The contribution from net interest grew by 10.6% to Â£1.5m (2005: Â£1.4m). Profit before tax increased by 4.2% to Â£7.8m (2005: Â£7.5m). The effective tax rate for the Group increased marginally to 37.1% (2005: 36.1%). The rate remains high due to the Group not being able to utilise trading losses where incurred, against current profits. The profit for the financial year (after tax and minority interest) declined by 8.9% to Â£3.7m (2005: 4.1m). This was due to the significant increase in earnings attributable to minorities up 73% to Â£1.1m (2005: Â£663k), the principal reason was the increase in profits from Walker Media where there is a 25% minority held by the management. The Board has recommended a final dividend of 2.43 pence per share (2005: 1.78 pence), which together with the interim dividend of 0.77 pence per share gives a full year dividend of 3.2 pence (2005: 2.55 pence), an increase of 25%. The dividend will be paid on the 11th June 2007 to shareholders on the register as at 11th May 2007. Review of Operations -------------------- UK The UK had an excellent year with revenues up by 12.3% to Â£44.3m (2005: Â£39.5m). There were strong performances from Walker Media (media planning and buying), LIDA (direct & digital marketing), Talk PR and from M&C Saatchi Sports and Entertainment. Around 53% (2005: 45%) of revenues in the UK are now derived from services provided outside the creation of advertising. Account wins across the UK business during 2006 included Kingsmill (Allied Bakeries), Lucozade Energy (GSK), CB Richard Ellis, and Swiss One. Digital and on-line activities are becoming increasingly important and have continued to drive growth in all parts of the Group but specifically in LIDA and Walker-i. Competitive pressures in the Advertising industry remain strong. Clients continue to seek increased service levels at lower fees and a re-pitch is becoming an opportunity to seek fresh ideas and lower fees. This is having its inevitable effect on the operating margin which has declined by 0.5pts to 14.2%. Asia and Australia The performance across the region was mixed. Revenues were up by 2.2% (4.4 % at constant currencies) but profit declined by 29% to Â£1.5m (2005: Â£2.1m). The operating margin declined by 2.6pts to 5.8%. As already highlighted the offices in Malaysia and Australia both had strong years with the combined profits increasing by Â£449k or 26% to Â£2.1m. The picture was less good elsewhere. The start up offices in India and Thailand contributed to the revenue growth but incurred combined first full year losses of Â£354k, however 2007 has started well with India winning the Jet Airways account. The rest of the region (Greater China, Singapore and New Zealand) reported a net loss of Â£299k. The operating performance of these offices improved significantly in the second half and they are in better shape in 2007. America The US business has seen good growth with revenues up 13.1% (14.6% at constant currency) to Â£3.6m (2005: Â£3.2m). Our highly successful office in Los Angeles is becoming the focus of our US business with revenues up 47% more than compensating for the decline in New York. The most significant new business win in the US was Petco in LA. Other important wins included City National Bank, Network Omni and the Getty museum. We have recently scaled back our New York overhead by consolidating the US Management into LA in order to restore the region to profit. Europe After a good start last autumn, our Paris office has continued its successful progress with first full year revenues on budget. New account wins have included further brands from Pernod Ricard, which is developing into a strong pan-European account run from France, S'Miles, Branly Museum, Bordeaux Wines, and Yves Rocher. The year ended on a high following the win of La Banque Postale. Together with the contribution from our Berlin business which has already built up an impressive array of clients including Ferrero and Coca Cola, the region generated revenues of Â£2.3m for the year and is expected to move into profit in 2007. As announced above we have made an initial acquisition of 25% of a Spanish Marketing Services group with a commitment to acquire a further 50% over the next two years. The Spanish group made a PBT of Â£0.9m in 2006. Outlook -------- The investment phase of our European expansion (Â£1.3m in 2006) is now complete and we expect that the region will move into profit in 2007. Conditions are fairly tough in the UK and Australia. However, there is significant room for improvement from the offices in Asia Pacific and New York. There remains broader opportunities for new business development and earnings growth around the world. Taking all of this into account, the outlook for 2007 remains in line with current expectations. M&C SAATCHI PLC PRELIMINARY CONSOLIDATED PROFIT AND LOSS ACCOUNT Note Unaudited Audited year year ended ended 31-Dec 31-Dec 2006 2005 Â£000 Â£000 Turnover - Continuing operations 368,918 298,284 - Acquisitions 572 - ________________________________________________________________ Turnover 2 369,490 298,284 Cost of sales 3 (293,613) (230,283) ________________________________________________________________ Gross profit 75,877 68,001 ________________________________________________________________ Administrative expenses - Ordinary (69,197) (61,639) - Share based payment (422) (185) - Amortisation of goodwill (1,735) (1,688) ________________________________________________________________ Administrative expenses 3 (71,354) (63,512) Operating profit - Continuing operations 4,455 4,480 - Acquisitions 68 9 ________________________________________________________________ Operating profit 4,523 4,489 Share of operating profit /(loss) 15 (75) of associates Interest receivable 1,540 1,384 Interest payable (41) (29) ________________________________________________________________ Profit on ordinary activities 6,037 5,769 before taxation ________________________________________________________________ Taxation on profit on ordinary 4 (2,886) (2,690) activities ________________________________________________________________ Profit on ordinary activities 3,151 3,079 after taxation ________________________________________________________________ Minority interests (1,148) (663) ________________________________________________________________ Profit for the financial year 2,003 2,416 ________________________________________________________________ Earnings per share - Basic 6 3.73p 4.46p - Diluted 6 3.69p 4.41p All amounts relate to continuing activities. The reconciliation of movements in shareholders' funds is shown in note 8. M&C SAATCHI PLC PRELIMINARY CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Unaudited Audited Year Year ended ended 31-Dec 31-Dec 2006 2005 Â£000 Â£000 Profit for the financial year - Group 1,998 2,497 - Associates 5 (81) ____________________________________________________________ 2,003 2,416 Exchange differences on (305) (50) retranslation of opening reserves ____________________________________________________________ Total recognised gains and losses 1,698 2,366 for the financial year ____________________________________________________________ M&C SAATCHI PLC PRELIMINARY CONSOLIDATED BALANCE SHEET Note Unaudited Unaudited Audited Audited At At At At 31-Dec 31-Dec 31-Dec 31-Dec 2006 2006 2005 2005 Â£000 Â£000 Â£000 Â£000 Fixed assets Intangible assets 13,555 14,592 Tangible assets 3,618 3,194 Investments 93 100 ________________________________________________________________________________ 17,266 17,886 Current assets Work in progress 2,416 3,277 Debtors - Due within one year 45,988 50,552 - Due after more than one year 1,141 578 ________________________________________________________________________________ Total debtors 47,129 51,130 Cash at bank and in hand 31,312 20,486 ________________________________________________________________________________ 80,857 74,893 Creditors - Amounts falling due within one year 64,494 58,969 ________________________________________________________________________________ Net current assets 16,363 15,924 ________________________________________________________________________________ Total assets less current 33,629 33,810 liabilities Creditors - Amounts falling due after more 759 868 than one year Provisions for liabilities and 350 404 charges ________________________________________________________________________________ 32,520 32,538 ________________________________________________________________________________ Capital and reserves Share capital 7 542 542 Share premium account 7 9,618 9,618 Merger reserve 7 13,553 14,756 Treasury shares 7 (792) - Share option reserve 7 812 599 Profit and loss account 7 7,625 6,101 ________________________________________________________________________________ Shareholders' funds - equity 7 31,358 31,616 Minority interests - equity 1,162 922 ________________________________________________________________________________ 32,520 32,538 ________________________________________________________________________________ M&C SAATCHI PLC PRELIMINARY Consolidated Cash Flow Statement Note Unaudited Audited Year Year ended ended 31-Dec 31-Dec 2006 2005 Â£000 Â£000 Cash inflow from operating 18,506 7,046 activities Returns on investments and 9 543 933 servicing of finance 9 (3,275) (2,544) Taxation 9 (1,670) (1,252) Capital expenditure and financial investment 9 (628) (182) Acquisitions and disposals Equity dividends paid 5 (1,377) (1,045) ____________________________________________________________________ Net cash inflow before financing 12,099 2,956 Financing 9 (866) (18) ____________________________________________________________________ Increase in cash in the year 11 11,233 2,938 ____________________________________________________________________ NET CASH INFLOW FROM OPERATING ACTIVITIES Unaudited Audited Year Year ended ended 31-Dec 31-Dec 2006 2005 Â£000 Â£000 Operating profit 4,523 4,489 Amortisation of intangible fixed 1,735 1,688 assets Depreciation 1,212 1,183 Loss on sale of tangible fixed 4 59 assets Decrease in work in progress 747 224 Decrease / (Increase) in debtors 3,036 (3,003) Increase in creditors 6,775 2,213 Increase in provision 189 186 Option charge 213 85 Exchange differences 72 (78) ____________________________________________________________________ 18,506 7,046 ____________________________________________________________________ M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT 1. Statutory information The financial information contained in this announcement, for the years ended 31st December 2006 or 2005, does not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 31st December 2005 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors report on those accounts was unqualified. The statutory accounts for the year ended 31st December 2006 will be finalised on the basis of the financial information presented by the directors in this unaudited preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting. The audit report for the year ended 31st December 2006 has yet to be signed. The preliminary announcement was approved by the board of directors on 21st March 2007. M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 2. Turnover, profit and net assets Turnover and profit before taxation are attributable to the provision of advertising and marketing services. Unaudited Audited 2006 2005 Â£000 Â£000 Turnover Analysis by geographical market: By origin and destination UK 306,291 245,926 Asia and Australia 51,995 45,636 America 6,802 6,417 Europe 4,402 305 ____________________________________________________________ 369,490 298,284 ____________________________________________________________ Gross profit Analysis by geographical market: By origin UK 44,336 39,470 Asia and Australia 25,638 25,084 America 3,632 3,211 Europe 2,271 236 ____________________________________________________________ 75,877 68,001 ____________________________________________________________ Operating profit / (loss) - excluding amortisation of goodwill Analysis by geographical market: By origin UK 6,307 5,811 Asia and Australia 1,496 2,117 America (261) (322) Europe (1,284) (1,429) ____________________________________________________________ 6,258 6,177 ____________________________________________________________ M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 2. Turnover, profit and net assets CONTINUED Unaudited Audited 2006 2005 Â£000 Â£000 Operating profit/(loss) Analysis by geographical market: By origin UK 4,572 4,123 Asia and Australia 1,496 2,117 America (261) (322) Europe (1,284) (1,429) ____________________________________________________________ 4,523 4,489 ____________________________________________________________ Profit/(loss) before taxation Analysis by geographical market: By origin UK 6,034 5,318 Asia and Australia 1,558 2,202 America (254) (319) Europe (1,301) (1,432) ____________________________________________________________ 6,037 5,769 ____________________________________________________________ Net assets/(liabilities) Analysis by geographical market: By origin UK 34,621 32,008 Asia and Australia 3,095 3,646 America (3,032) (1,950) Europe (2,164) (1,166) ____________________________________________________________ 32,520 32,538 ____________________________________________________________ M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 3. Cost of sales and administrative expenses Unaudited Audited 2006 2005 Â£000 Â£000 Cost of sales Continuing operations 293,512 230,283 Acquisitions 101 - ____________________________________________________________ 293,613 230,283 ____________________________________________________________ Administrative expenses Continuing operations 70,951 63,512 Acquisitions 403 - ____________________________________________________________ 71,354 63,512 ____________________________________________________________ The acquisition in the year relates to 03 International Projects GmbH which was acquired and rebranded as M&C Saatchi Berlin GmBH on 24th July 2007. M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 4. TAXATION ON PROFIT FROM ORDINARY ACTIVITIES Unaudited Unaudited Audited Audited Year ended Year Year ended Year ended ended 2006 2006 2005 2005 Â£000 Â£000 Â£000 Â£000 Current tax UK corporation tax on profit for 2,275 1,991 the year Overseas tax payable 916 605 Adjustment in respect of previous (68) 53 years Associates 2 - ________________________________________________________________________________ Total current tax 3,125 2,649 Deferred tax Origination and reversal of (239) 41 timing differences ________________________________________________________________________________ Taxation on profit on ordinary 2,886 2,690 activities ________________________________________________________________________________ The tax assessed for the year differs from that obtained by using the standard rate of corporation tax in the UK. The differences are explained below: Unaudited Audited Year Year ended ended 2006 2005 Â£000 Â£000 ________________________________________________________________________________ Profit on ordinary activities 6,037 5,769 before tax ________________________________________________________________________________ Profit on ordinary activities at the standard rate of corporation tax in the UK of 30% (2005: 30%) 1,811 1,731 Effects of: Expenses not deductible for tax 238 215 Goodwill amortisation 520 506 Unrelieved losses carried forward 292 204 Differences between capital allowances and (23) 23 depreciation Short term timing differences 188 (113) Short term timing differences due to provision on options and phantom bonus accruals 112 49 Adjustment to tax charge in respect of previous (68) 53 years Tax rate differences 55 (19) ________________________________________________________________________________ Current tax charge for year 3,125 2,649 ________________________________________________________________________________ M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 5. Dividends Unaudited Audited Year Year ended ended 2006 2005 Â£000 Â£000 2005 Final dividend 1.78p (2004: 965 629 1.16p) 2006 Interim dividend of 0.77p 412 416 per share (2005: 0.77p) _________________________________________________________________ 1,377 1,045 _________________________________________________________________ 2006 Final dividend 2.43p (Â£1,300,000) M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 6. Earnings per share Basic and diluted earnings per share are calculated by dividing profit after tax and minority interest by the number of shares in issue during the year. Earnings per share are calculated as follows: Unaudited Audited Year ended Year ended 2006 2005 Â£000 Â£000 Numerator for calculation of 2,003 2,416 basic and diluted EPS __________________________________________________________________ Denominator Weighted average number of 53,677,484 54,206,799 ordinary shares used in basic EPS Sharesave options 258,682 130,138 Options 411,050 411,050 __________________________________________________________________ Weighted average number of 54,347,216 54,747,987 ordinary shares used in diluted EPS __________________________________________________________________ Earnings per share Basic 3.73p 4.46p Diluted 3.69p 4.41p On 31st December 2006 there were 669,732 (2005: 670,634) outstanding options. Headline earnings per share The headline (IIMR) earnings per share is based on headline earnings as recommended by Statement of Investment Practice No.1. This is earnings excluding: - amortisation of goodwill - profit or loss on disposal of fixed assets; and - profit or losses on the disposal of discontinued operations (which we have none) The directors believe that this gives a better view of ongoing maintainable earnings. Headline Earnings per share Basic 6.97p 7.68p Diluted 6.89p 7.61p Numerator for calculation of basic 2006 2005 and diluted headline EPS Profit for financial year 2,003 2,416 Goodwill amortisation 1,735 1,688 Loss on disposal of fixed assets 4 59 __________________________________________________________________ Earnings used for calculation of 3,742 4,163 headline basic and diluted EPS __________________________________________________________________ Denominator - The number of shares is the same as calculated for statutory EPS M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 7. Reserves Ordinary Share Share Profit share premium Merger Treasury option and loss capital account reserve reserve reserve account Total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 January 2005 542 9,618 14,756 - 599 6,101 31,616 (audited) Exchange differences - - - - - (305) (305) Non cash share based - - - 213 - 213 incentive plans Merger reserve release on - - (1,203) - - 1,203 - goodwill amortisation Dividends - - - - - (1,377) (1,377) Purchase of own shares - - - (792) - - (792) Retained profit for the - - - - - 2,003 2,003 year ________________________________________________________________________________ At 31 December 2006 542 9,618 13,553 (792) 812 7,625 31,358 (unaudited) ________________________________________________________________________________ 8. Reconciliation of movement in shareholders' funds Unaudited Audited Year Year ended ended 2006 2005 Â£000 Â£000 Profit for the financial year - Group 1,998 2,497 - Associates 5 (81) Dividend (1,377) (1,045) ___________________________________________________________ 626 1,371 Exchange differences (305) (50) Non cash share based incentive 213 85 plans Purchase of own shares (792) - ___________________________________________________________ Net (reduction) / addition to shareholders' funds (258) 1,406 Opening shareholders' funds 31,616 30,210 ___________________________________________________________ Closing shareholders' funds 31,358 31,616 ___________________________________________________________ M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 9. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT Unaudited Audited Year Year ended ended 31-Dec 31-Dec 2006 2005 Â£000 Â£000 Returns on investments and servicing of finance Interest received 1,540 1,384 Interest paid (20) (8) Interest element of finance lease rental payments (13) (15) Minority interest dividend paid (964) (428) ___________________________________________________________________ 543 933 ___________________________________________________________________ Taxation UK taxation paid (2,215) (1,851) Overseas taxation paid (1,060) (693) ___________________________________________________________________ (3,275) (2,544) ___________________________________________________________________ Capital expenditure and financial investment Purchase of tangible fixed assets (1,686) (1,289) Sale of tangible fixed assets 16 37 ___________________________________________________________________ (1,670) (1,252) ___________________________________________________________________ Acquisitions and disposals Investment in subsidiary (741) (369) Cash acquired with subsidiary 113 187 undertakings ___________________________________________________________________ (628) (182) ___________________________________________________________________ Financing Purchase of own shares (792) - Shares issued to minorities in - 124 subsidiaries Inception of bank loans 34 - Repayment of bank loans (2) - Capital element of finance lease (106) (142) rental payments ___________________________________________________________________ (866) (18) ___________________________________________________________________ M&C SAATCHI PLC NOTES TO THE PRELIMINARY STATEMENT (Continued) 10. ANALYSIS OF CHANGES IN NET FUNDS Balance Balance at at 01-Jan Cash Finance Exchange 31-Dec 2006 inflow leases movements 2006 (Audited) (Unaudited) Â£000 Â£000 Â£000 Â£000 Â£000 Cash at bank and in 20,486 11,233 - (407) 31,312 hand Overdrafts (29) - - 1 (28) Bank loan - (32) - - (32) Finance leases (128) 106 (6) (3) (31) _________________________________________________________________________ Total 20,329 11,307 (6) (409) 31,221 _________________________________________________________________________ 11. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Unaudited Unaudited Audited Audited Year Year Year Year ended ended ended ended 2006 2006 2005 2005 Â£000 Â£000 Â£000 Â£000 Increase in cash in the year 11,233 2,938 Cash outflow from decrease in lease financing 106 142 Inception of finance leases (6) (14) Exchange differences (409) 184 Cash outflow from repayment of 2 - bank loan Inception of bank loan (34) - Movement in net funds in the year 10,892 3,250 Net funds at start of year 20,329 17,079 ___________________________________________________________________________ Net funds at end of year 31,221 20,329 ___________________________________________________________________________ This information is provided by RNS The company news service from the London Stock Exchange

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