Final Results -5-
01 Décembre 2009 - 8:02AM
UK Regulatory
+----------------------------------------+----------+-------+--+-----------+------------+-+---------------+
| | | | | - | - |
+----------------------------------------+---------------+--------------+-----+---------+--------------+
| Bad debt | | | | 105.3 | - | | - |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Depreciation and loss on disposal | | | | 129.4 | - | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| | | | | (45.3) | (705.1) | | (1,004.9) |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Decrease / (increase) in operating | | | | (3,438.7) | (40.3) | | (47.0) |
| receivables | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Increase in operating payables | | | | 1,346.4 | 122.1 | | 363.6 |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| | | | | (2,137.6) | (623.3) | | (688.3) |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Tax paid | | | | (156.9) | - | | - |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Net cash generated from operating | | | | (2,294.5) | (623.3) | | (688.3) |
| activities | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Cash flows from investing activities | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Capital expenditure | | | | (163.4) | (6.3) | | - |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Acquisitions | | | | (1,802.5) | (2,152.5) | | - |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Dividends | | | | (153.7) | - | | - |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Finance lease repayments | | | | (26.5) | - | | - |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Investment income received | | | | 94.0 | 75.1 | | 99.3 |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Net cash used in investing activities | | | | (2,052.1) | (2,083.7) | | 99.3 |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Cash flows from financing activities | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Issue of shares for cash (net of issue | | | | - | - | | 3,396.6 |
| costs) | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Issue of preference shares | | | | - | - | | 12.5 |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Redemption of preference shares | | | | - | - | | (12.5) |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Net cash from financing activities | | | | - | - | | 3,396.6 |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Net decrease in cash and cash | | | | (4,346.6) | (2,707.0) | | 2,807.6 |
| equivalents | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Effect of foreign exchange rate | | | | (18.7) | | | - |
| changes | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Cash and cash equivalents at 1 May | | 14 | | 6,020.0 | 2,807.6 | | - |
| 2008/Upon incorporation | | | | | | | |
+----------------------------------------+----------+-------+--+-----------+------------+-----+-----------+
| Cash and cash equivalents at the end | | 14 | | 1,,654.7 | 100.6 | | 2,807.6 |
| of the period | | | | | | | |
+----------------------------------------+----------+----+--+--+--------+--+--+---------+-+---+--------+--+
The accompanying notes are an integral part of this statement.
Real Office Group plc
Notes to the Accounts - For the period ended 31 July 2009
1. General information
Real Office Group plc (the "Company") and its subsidiaries (together the
"Group") is a global office design and fit out group specialising in commercial
real estate.
The Company is incorporated and domiciled in the United Kingdom under the
provisions of The Companies Act 2006 with the registered number 06195939. The
Company's registered office is Thavies Inn House, 3 - 4 Holborn Circus, London
EC1N 2HA.
On 10 November 2008, Roger Smee acquired control of the Company following an
unconditional offer for up to 74.90 per cent of the share capital of the Company
made through Leander Group Limited. The offer closed on 28 November 2008 with
Leander having acquired 73.03 per cent of the share capital of the Company.
Roger Smee held 14.27% per cent of the share capital of the Company through
various vehicles prior to this transaction, therefore his total interest in the
share capital of the Company following this transaction was 87.30%.
At 10 November 2008, Roger Smee also controlled Pacific Interiors Limited, ISIS
Projects Limited and Pacific Middle East LLC ("the subsidiaries"). These
subsidiaries were acquired in a simultaneous transaction by the Company, on an
arms length basis, on 28 April 2009.
The acquisitions of the subsidiaries are deemed to be 'combinations under common
control' as ultimate control before and after the acquisition was the same. As a
result, these acquisitions are outside of the scope of IFRS 3 "Business
combinations" and have been consolidated under the principals of the pooling of
interest method of accounting from 10 November 2008, the date common control was
established.
The fair value of the consideration paid for the subsidiaries was GBP24.4
million; this was satisfied by the issue of GBP15.1 million shares in the
Company (nominal value GBP13.8 million), the assumption of GBP2.0 million of
intercompany debt, the issuance of a GBP2.0 million loan note instrument, the
payment of GBP1.0 million in cash and GBP0.3million of costs associated with the
transaction which was settled in cash. In addition, there is deferred
consideration which is based upon the future performance of the subsidiaries.
The fair value of the deferred consideration at the balance sheet date was
GBP3.5 million based upon the forecast earnings of the individual entities to
which the deferred consideration applies.
Following the acquisition of the subsidiaries, the accounting reference date of
the Company was changed to 31 July resulting in the 15 month period presented.
The prior year comparative for the Company is the 13 month period from 2 April
2007 (the date of incorporation) to 30 April 2008. Because the Company had no
subsidiaries in the prior year, the results of both the Company and Group for
the period ended 30 April 2008 are the same.
2. Accounting policies
Basis of preparation
The consolidated financial statements which are presented in pounds sterling
have been prepared on a historical cost basis. The level of rounding is to the
nearest thousand and to one decimal place. The principal accounting policies
adopted in the preparation of the financial statements are set out below. The
policies have been consistently applied to all years presented, unless otherwise
stated.
The financial statements have been prepared on a going concern basis which
assumes that the Group will be able to meet its liabilities as they fall due for
the at least 12 months following the date of approval of these financial
statements.
The directors have considered the going concern assumption in the preparation of
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