TIDMDATA
RNS Number : 3704S
Datacash Group PLC
09 September 2010
EMBARGOED UNTIL 7.00am ON THURSDAY 9th SEPTEMBER 2010
DATACASH GROUP PLC ('DataCash' or 'the Company')
INTERIM RESULTS
FOR THE SIX MONTHS
ENDED 30 JUNE 2010
9 September 2010
DataCash Group Plc: DATA / Index: AIM / Sector: Support Services
DataCash Group Plc ('the Company')
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2010
The Board of DataCash Group Plc, the payment service provider, is pleased to
announce its half yearly results for the six months to 30 June 2010.
Overview:
· Revenues increased to GBP19.2m (June 2009: GBP18.0m)
· Adjusted pre-tax profits*, increased to GBP8.25m (June 2009: GBP7.53m)
· Adjusted* earnings per share increased to 6.5p (June 2009: 5.9p)
· Cash balances of GBP19.5m (December 2009: GBP18.6m)
* Before goodwill amortisation and impairment and foreign exchange gains on
deferred consideration.
For further information please contact:
DataCash Group PLC
Carly Smith Tel: +44 (0)20 7421
9283
Marketing & Communications Email:
Carly.Smith@datacash.com
David Bailey Tel:+ 44 (0)20 7421 8451
Non-Executive Deputy Chairman Mob:+44 (0)7836 258 558
Paul Burton Tel:+44 (0)20 7421 8453
Finance Director E-mail:
Paul.Burton@datacash.com
Website: www.datacash.com General enquiries Tel: +44 (0)870 727
4761
About DataCash
DataCash is one of the leading European payment service providers, offering a
single interface that provides e-commerce merchants with the ability to process
secure payments across the world. DataCash also develops and provides outsourced
electronic payment solutions, fraud prevention, alternative payment options,
back office reconciliation and solutions for merchants selling via multiple
channels. The company has a leading fraud solutions and technology platform.
DataCash Group Plc
Interim Report & Accounts for the six months ended 30 June 2010
Operating Review
The Board of DataCash is pleased to report on another satisfactory performance
for the six month period to 30 June 2010. Headline revenues increased by 7% to
GBP19.2m (June: 2009 GBP18.0m). Adjusted Group pre-tax profit (before
amortisation and impairment of goodwill and foreign exchange gains on deferred
consideration payments) rose by 9.7% to GBP8.25m and Adjusted earnings per share
grew by 11% to 6.5p per share.
The continued strength of the Rand has put pressure on our cost base due to our
substantial support operation in Cape Town. Despite this the Group has been able
to improve operational profit margins to 41.9% (June 2009: 40.7%).
The Group continues to generate cash, and as at 30 June, cash balances were
GBP19.5m (GBP18.6m as at 31 December 2009), approximately 21.1p a share.
As set out in the announcement made on 19 August 2010, the Boards of directors
of MasterCard and DataCash have reached an agreement on the terms of a
recommended cash offer of 360 pence per DataCash share for the entire issued and
to be issued share capital of DataCash Group plc, to be made by a wholly owned
subsidiary of MasterCard.
It is intended that the acquisition will be implemented by way of a
Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Ashley Head
Chairman
9th September 2010
+-------------------------+-----+--+-+----------+-+----------+----+----------+---+-----+---+---------+-+----------+----------+-+----------+----------+--+----+-+----------+-+-+----------+----------+-+------+--+----------+
| Datacash Group PLC | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+-----+-------------+-----------------------+-------------------------------+--------------+-------------------------+--------------------+
| Condensed Consolidated Statement of Comprehensive Income | | | | | |
+------------------------------------------------------------------------------------------+-----------+---------------------------------------------+--+---------------------+--------------------------------------------+
| For the period ended 30 June 2010 | | | | | |
+------------------------------------------------------------------------------------------+-----------+---------------------------------------------+--+---------------------+--------------------------------------------+
| | | | | | | | | 6 | | 6 months ended | | Year ended | | |
| | | | | | | | | months | | 30 June | | 31 Dec | | |
| | | | | | | | | ended | | | | | | |
| | | | | | | | | 30 June | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | 2010 | | 2009 | | 2009 | | |
| | | | | | | | | Unaudited | | Unaudited | | Audited | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | Note | | GBP000 | | GBP000 | | GBP000 | | |
| | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+--------------+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Revenue | | | | | |2 | | 19,192 | | 18,009 | | 36,887 | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Administrative expenses | | | | | | | | (11,157) | | (10,677) | | (20,967) | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Operating profit before impairment and amortisation | | | 8,035 | | 7,332 | | 15,920 | | |
+----------------------------------------------------------------------------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Impairment and | | | | | |2 | | (3,323) | | (5,136) | | (8,619) | | |
| amortisation | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Total operating profit | | | | | | | | 4,712 | | 2,196 | | 7,301 | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Finance Income | | | | | | | | 271 | | 224 | | 727 | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+--------+--------------+----------+----+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Finance Cost - notional interest on deferred consideration | | | | (13) | | (43) | | (49) | | |
+-----------------------------------------------------------------+----------+---+---------+----------------------+-----------------------+-------------------------------+-------------------------+--------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Foreign exchange gains on deferred consideration | | | | 36 | | 282 | | 156 | | |
+-----------------------------------------------------------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Share of (loss)/profit from | | | | | | | (40) | | 12 | | (15) | | |
| joint ventures | | | | | | | | | | | | | |
+-------------------------------+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Profit before taxation | | | | | | | | 4,966 | | 2,671 | | 8,120 | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
| Taxation | | | | | |6 | | (1,389) | | (1,187) | | (2,901) | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
| Profit for the period | | | | | | | | 3,577 | | 1,484 | | 5,219 | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Other comprehensive | | | | | | | | | | | | | | |
| income: | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | |
| Exchange differences on translation of overseas operations | | | | (1,192) | | (1,983) | | (940) | | |
+-----------------------------------------------------------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | |
+-------------------------------+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Other comprehensive income for the | | | | | | (1,192) | | (1,983) | | (940) | | |
| period | | | | | | | | | | | | |
+------------------------------------+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | |
|Total comprehensive income for the | | | | | | 2,385 | | (499) | | 4,279 | | |
| period | | | | | | | | | | | | |
+------------------------------------+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Profit attributable to: | | | | | | | | | | | | | | |
| | | | | | | | | 3,538 | | 1,472 | | 5,153 | | |
| Owners of the parent | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
| Non controlling | | | | | | | | 39 | | 12 | | 66 | | |
| interest | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
| Profit for the period | | | | | | | | 3,577 | | 1,484 | | 5,219 | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | |
+-----------------------------------------------------------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Total comprehensive income attributable to: | | | | | | | | | | |
| Owners of the parent | | | | 2,346 | | (511) | | 4,213 | | |
+-----------------------------------------------------------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Non controlling | | | | | | | | 39 | | 12 | | 66 | | |
| interest | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | |
+------------------------------------+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Total comprehensive income for the | | | | | | 2,385 | | (499) | | 4,279 | | |
| period | | | | | | | | | | | | |
+------------------------------------+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Basic earnings per | | | | | | 7 | | 3.86 | p | 1.59 | p | 5.62 |p | |
| share | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| Diluted earnings per | | | | | | 7 | | 3.84 | p | 1.59 | p | 5.59 |p | |
| share | | | | | | | | | | | | | | |
+-------------------------+-----+----+----------+-----------------+----------+---+---------+-----------+-----------------------+-------------------------------+-------------------------+-------------------+--+----------+
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
+-------------------------+-----+--+-+----------+-+----------+----+----------+---+-----+---+---------+-+----------+----------+-+----------+----------+--+----+-+----------+-+-+----------+----------+-+------+--+----------+
+----------------------------+------+------------+----------+------------+----------+---------------------+
| DataCash Group PLC | |
+-----------------------------------+---------------------------------------------------------------------+
| Condensed Consolidated Balance Sheet | | | | |
+------------------------------------------------+----------+------------+----------+---------------------+
| As at 30 June 2010 | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | 30 June | | 30 June | | 31 |
| | | | | | | December |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | 2010 | | 2009 | | 2009 |
| | | Unaudited | | Unaudited | | Audited |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| |Note | GBP000 | | GBP000 | | GBP000 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Non current assets | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Intangible assets | | 7,567 | | 13,526 | | 10,879 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Goodwill | 4 | 55,041 | | 54,512 | | 55,887 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Property, plant and | | 1,808 | | 2,231 | | 2,012 |
| equipment | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Investments in joint | | 33 | | 99 | | 72 |
| ventures | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Investments | | 4,181 | | 3,902 | | 4,181 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | 68,630 | | 74,270 | | 73,031 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Current assets | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Trade and other | | 5,952 | | 3,910 | | 6,123 |
| receivables | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Cash and cash equivalents | 8 | 19,497 | | 13,785 | | 18,583 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | 25,449 | | 17,695 | | 24,706 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Total assets | | 94,079 | | 91,965 | | 97,737 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Current liabilities | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Trade and other payables | | (3,163) | | (3,348) | | (3,698) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Current tax liabilities | | (2,114) | | (1,587) | | (2,744) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Provisions - deferred | 10 | (735) | | (1,617) | | (1,592) |
| consideration | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | (6,012) | | (6,552) | | (8,034) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Net current assets | | 19,437 | | 11,143 | | 16,672 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Non current liabilities | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Deferred tax liability | | (1,771) | | (3,110) | | (2,620) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Provisions - deferred | 10 | (465) | | - | | (333) |
| consideration | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Other liabilities | | (26) | | (44) | | (26) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | (2,262) | | (3,154) | | (2,979) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Total liabilities | | (8,274) | | (9,706) | | (11,013) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Net assets | | 85,805 | | 82,259 | | 86,724 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Capital and reserves | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Share capital | 11 | 925 | | 923 | | 923 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Share premium account | | 11,164 | | 10,986 | | 10,986 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Own Shares | 11 | (1,303) | | (1,512) | | (1,512) |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Foreign currency | | 1,903 | | 2,052 | | 3,095 |
| translation reserve | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Share option reserve | | 1,692 | | 1,356 | | 1,502 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Merger reserve | | 63,603 | | 63,603 | | 63,603 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Retained earnings | | 7,821 | | 4,078 | | 7,301 |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| Equity attributable to | 12 | 85,805 | | 81,486 | | 85,898 |
| owners of the parent | | - | | 773 | | 826 |
| Non controlling interest | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
| | | 85,805 | | 82,259 | | 86,724 |
| Total equity | | | | | | |
+----------------------------+------+------------+----------+------------+----------+---------------------+
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| DataCash Group PLC | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Condensed Consolidated Cash Flow | | | | | | |
| Statement | | | | | | |
+----------------------------------------+----------+-----------+----------+-----------+----------+----------+
| For the period ended 30 June | | | 6 | | 6 | | Year |
| 2010 | | | months | | months | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | Ended | | Ended | | Ended |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | 30 | | 30 | | 31 |
| | | | June | | June | | December |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| |Note | | 2010 | | 2009 | | 2009 |
| | | | Unaudited | | Unaudited | | Audited |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | GBP000 | | GBP000 | | GBP000 |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Net cash inflow from operations | 9 | | 8,354 | | 7,992 | | 15,442 |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Interest received | | | 271 | | 224 | | 727 |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Tax paid | | | (2,868) | | (3,068) | | (4,115) |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Net cash inflow from operating | | | 5,757 | | 5,148 | | 12,054 |
| activities | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Cashflow from investing | | | | | | | |
| activities | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Acquisition of subsidiaries | | | - | | (2,378) | | (2,378) |
| (net of cash acquired) | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Payment of deferred | 10 | | (1,589) | | (3,928) | | (4,676) |
| consideration | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Investments | | | - | | - | | (279) |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Purchase of property, plant and | | | (256) | | (386) | | (680) |
| equipment | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Capitalised development | | | (261) | | (231) | | (874) |
| expenditure | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Net cash outflow from investing | | | (2,106) | | (6,923) | | (8,887) |
| activities | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Cashflow from financing | | | | | | | |
| activities | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Acquisition of non controlling | 12 | | (1,182) | | - | | - |
| interest | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Net proceeds from issue of | 11 | | 181 | | - | | - |
| share capital | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Equity dividends paid | | | (1,605) | | (1,285) | | (1,743) |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Net cash outflow from financing | | | (2,606) | | (1,285) | | (1,743) |
| activities | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Net cash inflow/(outflow) for | | | 1,045 | | (3,060) | | 1,424 |
| the period | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Cash and cash equivalents at | 8 | | 18,583 | | 16,641 | | 16,641 |
| start of the period | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Exchange (losses)/gains on cash | | | (131) | | 204 | | 518 |
| and cash equivalents | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
| Cash and cash equivalents at | 8 | | 19,497 | | 13,785 | | 18,583 |
| the end of the period | | | | | | | |
+---------------------------------+------+----------+-----------+----------+-----------+----------+----------+
DataCash Group plc
Condensed Consolidated Statement of Changes in Equity
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Unaudited | Share | Share | Own | Foreign | Share | Merger | Retained | Total | Non | Total |
| | capital | premium | shares | currency | option | reserve | earnings | | controlling | equity |
| | | account | | translation | reserve | | | | interest | |
| | | | | reserve | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| At 1 January 2010 | 923 | 10,986 | (1,512) | 3,095 | 1,502 | 63,603 | 7,301 | 85,898 | 826 | 86,724 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Comprehensive income | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Profit for the period | - | - | - | - | - | - | 3,538 | 3,538 | 39 | 3,577 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Other comprehensive income: | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Exchange differences on | - | - | - | (1,192) | - | - | - | (1,192) | - | (1,192) |
| translation of overseas operations | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total other comprehensive income | - | - | - | (1,192) | - | - | - | (1,192) | - | (1,192) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total comprehensive income for the | - | - | - | (1,192) | - | - | 3,538 | 2,346 | 39 | 2,385 |
| year | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Transactions with owners | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Share-based payments | - | - | - | - | 190 | - | - | 190 | - | 190 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Issue of ESOT shares | - | - | 209 | - | - | - | (209) | - | - | - |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Issue of shares | 2 | 178 | - | - | - | - | - | 180 | - | 180 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Dividends paid | - | - | - | - | | - | (1,605) | (1,605) | - | (1,605) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total contributions by and | 2 | 178 | 209 | - | 190 | - | (1,814) | (1,235) | - | (1,235) |
| distributions to owners | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Changes in ownership interests of | | | | | | | | | | |
| subsidiary not resulting in loss | | | | | | | | | | |
| of control: | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Purchase of non controlling | - | - | - | - | - | - | (1,204) | (1,204) | (865) | (2,069) |
| interest | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total transactions with owners | 2 | 178 | 209 | - | 190 | - | (3,018) | (2,439) | (865) | (3,304) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| At 30 June 2010 | 925 | 11,164 | (1,303) | 1,903 | 1,692 | 63,603 | 7,821 | 85,805 | - | 85,805 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| At 1 January 2009 | 923 | 10,986 | (1,512) | 4,035 | 1,365 | 63,603 | 3,891 | 83,291 | - | 83,291 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Comprehensive income | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Profit for the year | - | - | - | - | - | - | 5,153 | 5,153 | 66 | 5,219 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Other comprehensive income: | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Exchange differences on | - | - | - | (940) | - | - | - | (940) | - | (940) |
| translation of overseas operations | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total other comprehensive income | - | - | - | (940) | - | - | - | (940) | - | (940) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total comprehensive income for the | - | - | - | (940) | - | - | 5,153 | 4,213 | 66 | 4,279 |
| year | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Transactions with owners | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Share-based payments | - | - | - | - | 137 | - | - | 137 | - | 137 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Dividends paid | - | - | - | - | - | - | (1,743) | (1,743) | - | (1,743) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total contributions by and | - | - | - | - | 137 | - | (1,743) | (1,606) | - | (1,606) |
| distributions to owners | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Changes in ownership interests of | | | | | | | | | | |
| subsidiary not resulting in loss | | | | | | | | | | |
| of control: | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Purchase of non controlling | - | - | - | - | - | - | - | - | 760 | 760 |
| interest | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total transactions with owners | - | - | - | - | 137 | - | (1,743) | (1,606) | 760 | (846) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| At 31 December 2009 | 923 | 10,986 | (1,512) | 3,095 | 1,502 | 63,603 | 7,301 | 85,898 | 826 | 86,724 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | Share | Share | Own | Foreign | Share | Merger | Retained | Total | Non | Total |
| | capital | premium | shares | currency | option | reserve | earnings | |controlling | equity |
| | | account | | translation | reserve | | | | interest | |
| | | | | reserve | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| At 1 January 2009 | 923 | 10,986 | (1,512) | 4,035 | 1,365 | 63,603 | 3,891 | 83,291 | - | 83,291 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Comprehensive income | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Profit for the period | - | - | - | - | - | - | 1,472 | 1,472 | 12 | 1,484 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Other comprehensive income: | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Exchange differences on | - | - | - | (1,983) | - | - | - | (1,983) | - | (1,983) |
| translation of overseas operations | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total other comprehensive income | - | - | - | (1,983) | - | - | - | (1,983) | - | - |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total comprehensive income for the | - | - | - | (1,983) | - | - | 1,472 | (511) | 12 | (499) |
| period | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Transactions with owners | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Share-based payments | - | - | - | - | (9) | - | - | (9) | - | (9) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Dividends paid | - | - | - | - | - | - | (1,285) | (1,285) | - | (1,285) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total contributions by and | - | - | - | - | (9) | - | (1,285) | (1,294) | - | (1,294) |
| distributions to owners | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Changes in ownership interests of | | | | | | | | | | |
| subsidiary not resulting in loss | | | | | | | | | | |
| of control: | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Minority interest arising on | - | - | - | - | - | - | - | - | 760 | 760 |
| business combinations | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| Total transactions with owners | - | - | - | - | (9) | - | (1,285) | (1,294) | 760 | (534) |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| At 30 June 2009 | 923 | 10,986 | (1,512) | 2,052 | 1,356 | 63,603 | 4,078 | 81,486 | 772 | 82,258 |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
| | | | | | | | | | | |
+------------------------------------+----------+---------+---------+-------------+----------+----------+----------+---------+-------------+---------+
Notes to the Unaudited Condensed Financial Information
For the 6 months to 30 June 2010
1. Basis of Preparation
This Report for the 6 months ended 30 June 2010 was approved by the directors on
8 September 2010. The report has been prepared under the historical cost
convention as modified to include the revaluation of available-for-sale
financial assets, on a going concern basis and in accordance with International
Accounting Standard (`IAS') 34 `International Financial Reporting'.
Except as detailed below, the current and the comparative 6 months to June have
been prepared using accounting policies and practices consistent with those
adopted in the accounts for the year ended 31 December 2009 but are unaudited
and are also consistent with those which will be adopted in the 2010 Annual
Report and Accounts, which will be in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the EU and those parts of the
Companies Act 2006 that remain applicable to companies reporting under IFRS.
Basis of new and revised standards
The following standards and interpretations have been applied in these financial
statements:-
IFRS 2 Share-based payment (amendment)
IFRS 3 Business Combinations (Revised 2008)
IFRS 5 Non-current Assets held for Sale and Discontinued Operations
(amendment)
IFRS 8 Operating Segments (amendment)
IAS 1 Presentation of Financial Statements (amendment)
IAS 7 Statement of Cash Flows (amendment)
IAS 17 Leases (amendment)
IAS 18 Revenue (amendment)
IAS 27 Consolidated and Separate Financial Statements (Revised 2008)
IAS 28 Investments in Associates
IAS 31 Investments in Joint Ventures
IAS 36 Impairment of Assets (amendment)
IAS 38 Intangible Assets (amendment)
IAS 39 Eligible Hedged Items (amendment)
IAS 39 Financial Instruments: Recognition and Measurement (amendment)
IFRS 2 Group Cash-settled Share-Based Payment Transactions (amendment)
IFRIC 9 Reassessment of Embedded Derivatives (amendment)
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 18 Transfers of Assets to Customers
The directors consider the adoption of new and revised standards and
interpretations as appropriate has had no material impact on the financial
statements, except for IAS 27 (revised) and IFRS 3 (revised) as detailed in note
12.
The financial information contained in this Report does not constitute statutory
accounts as defined by Section 434 of the Companies Act 2006.
The figures for the year ended 31 December 2009 have been extracted from the
statutory accounts, which have been filed with the Registrar of Companies. The
audit report was unqualified, did not include references to matters to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain a statement under section 498(2) or (3) of the Companies Act
2006.
Copies of this announcement are available from the company's website,
www.datacash.com.
2. Operating segments
Information regarding the Group's reportable segments is presented below. All
income in the period is derived from the rendering of outsourced payment
processing services.
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Period ended 30 June | Datacash | DataCash | | Eurocom-merce | | Easydebit | | Third | | Inter-segment | | Total | |
| 2010 | Services | Limited | | | | | | Man | | | | | |
| | Limited | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | GBP000 | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment revenue | 8,526 | 6,746 | | 1,390 | | 1,601 | | 1,040 | | (111) | | 19,192 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment profit | 4,618 | 2,528 | | 356 | | 356 | | 329 | | (152) | | 8,035 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Impairment | - | - | | - | | - | | - | | - | | | |
| | | | | | | | | | | | | - | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Amortisation | (1,726) | (361) | | (286) | | (308) | | (642) | | - | | (3,323) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Share of operating | | | | | | | | | | | | (40) | |
| loss in joint | | | | | | | | | | | | | |
| venture | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Finance Income | | | | | | | | | | | | 271 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Finance costs | | | | | | | | | | | | (13) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Foreign exchange | | | | | | | | | | | | 36 | |
| gains on deferred | | | | | | | | | | | | | |
| consideration | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Profit before tax | | | | | | | | | | | | 4,966 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment assets | 43,843 | 58,843 | | 3,784 | | 7,950 | | 4,953 | | (45,804) | | 73,569 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Elimination of | | | | | | | | | | | | 5,819 | |
| balances due from | | | | | | | | | | | | | |
| parent | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Cash held by parent | | | | | | | | | | | | 10,259 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Investments | | | | | | | | | | | | 4,181 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Unallocated assets | | | | | | | | | | | | 251 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Total assets | | | | | | | | | | | | 94,079 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment liabilities | 19,813 | 22,029 | | 5,099 | | 239 | | 1,305 | | (45,804) | | 2,681 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Deferred | | | | | | | | | | | | 1,200 | |
| consideration | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Deferred taxation | | | | | | | | | | | | 1,771 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Unallocated | | | | | | | | | | | | 2,622 | |
| liabilities | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Total liabilities | | | | | | | | | | | | 8,274 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Period ended 30 June | Datacash | DataCash | | Eurocom-merce | | Easydebit | | Third | | Inter-segment | | Total | |
| 2009 | Services | Limited | | | | | | Man | | | | | |
| | Limited | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | GBP000 | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment revenue | 8,083 | 6,463 | | 1,117 | | 1,575 | | 771 | | - | | 18,009 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment | 4,736 | 2,422 | | (77) | | 261 | | 49 | | (59) | | 7,332 | |
| profit/(loss) | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Impairment | - | - | | (1,569) | | - | | - | | - | | (1,569) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Amortisation | (2,184) | (227) | | (297) | | (323) | | (536) | | - | | (3,567) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Share of operating | | | | | | | | | | | | 12 | |
| profit in joint | | | | | | | | | | | | | |
| venture | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Finance Income | | | | | | | | | | | | 224 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Finance costs | | | | | | | | | | | | (43) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Foreign exchange | | | | | | | | | | | | 282 | |
| losses on deferred | | | | | | | | | | | | | |
| consideration | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Profit before tax | | | | | | | | | | | | 2,671 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment assets | 62,890 | 18,778 | | 3,919 | | 7,829 | | 4,260 | | (9,372) | | 88,305 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Elimination of | | | | | | | | | | | | (6,769) | |
| balances due from | | | | | | | | | | | | | |
| parent | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Cash held by parent | | | | | | | | | | | | 6,127 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Investments | | | | | | | | | | | | 3,902 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Unallocated assets | | | | | | | | | | | | 400 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Total assets | | | | | | | | | | | | 91,965 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Segment liabilities | 5,724 | 2,432 | | 5,438 | | 490 | | 209 | | (9,372) | | 4,921 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Deferred | | | | | | | | | | | | 1,617 | |
| consideration | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Deferred taxation | | | | | | | | | | | | 3,111 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Unallocated | | | | | | | | | | | | 57 | |
| liabilities | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
| Total liabilities | | | | | | | | | | | | 9,706 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+---------+----------+---------------+----------+------------------+----------+
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Year ended 31 | Datacash | DataCash | | Eurocom-merce | | Easydebit | | Third | | Inter-segment | | Total | |
| December 2009 | Services | Limited | | | | | | Man | | | | | |
| | Limited | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| | GBP000 | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Segment revenue | 16,948 | 13,176 | | 2,174 | | 3,130 | | 1,698 | | (239) | | 36,887 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Segment profit | 9,119 | 5,758 | | 117 | | 661 | | 265 | | - | | 15,920 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Impairment | - | - | | (1,566) | | - | | - | | - | | (1,566) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Amortisation | (3,912) | (581) | | (611) | | (665) | | (1,284) | | - | | (7,053) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Share of operating | | | | | | | | | | | | (15) | |
| loss in joint | | | | | | | | | | | | | |
| venture | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Finance Income | | | | | | | | | | | | 727 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Finance costs | | | | | | | | | | | | (49) | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Foreign exchange | | | | | | | | | | | | 156 | |
| gains on deferred | | | | | | | | | | | | | |
| consideration | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Profit before tax | | | | | | | | | | | | 8,120 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Segment assets | 59,398 | 21,639 | | 4,142 | | 9,099 | | 3,843 | | (5,485) | | 92,636 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Elimination of | | | | | | | | | | | | (9,405) | |
| balances due from | | | | | | | | | | | | | |
| parent | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Cash held by parent | | | | | | | | | | | | 9,972 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Investments | | | | | | | | | | | | 4,180 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Unallocated assets | | | | | | | | | | | | 354 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Total assets | | | | | | | | | | | | 97,737 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Segment liabilities | 2,399 | 2,417 | | 5,748 | | 719 | | 420 | | (5,485) | | 6,218 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Deferred | | | | | | | | | | | | 1,925 | |
| consideration | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Deferred taxation | | | | | | | | | | | | 2,620 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Unallocated | | | | | | | | | | | | 250 | |
| liabilities | | | | | | | | | | | | | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
| Total liabilities | | | | | | | | | | | | 11,013 | |
+----------------------+----------+----------+----------+---------------+----------+-----------+----------+----------+----------+-----------------------+----------+---------------------+----------+
3. Dividends
+----------------------------------+----------+----------+----------+----------+----------+
| | 6 months | | 6 months | | Year |
| | ended 30 | | ended 30 | | ended 31 |
| | June | | June | | December |
| | 2010 | | 2009 | | 2009 |
+----------------------------------+----------+----------+----------+----------+----------+
| | GBP000 | | GBP000 | | GBP000 |
+----------------------------------+----------+----------+----------+----------+----------+
| Ordinary: | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Final paid for the year ended 31 | - | | 1,284 | | 1,284 |
| December 2008 1.4p | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Interim dividend paid in respect | - | | - | | 459 |
| of the year ended 31 December | | | | | |
| 2009 - 0.5p | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| Second interim dividend paid in | 1,605 | | - | | - |
| respect of the year ended 31 | | | | | |
| December 2009 - 1.75p | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+----------------------------------+----------+----------+----------+----------+----------+
| | 1,605 | | 1,284 | | 1,743 |
+----------------------------------+----------+----------+----------+----------+----------+
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+--------------+--+-------------+
| 4. | Goodwill | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+--------------+----------------+
| | | | | | | | | | | | | | Goodwill on |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+--------------+----------------+
| | | | | | | | | | | | | | Consolidation |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+--------------+----------------+
| | | | | | | | | | | | | | GBP000 |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+--------------+----------------+
| | Cost | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | At 1 January | | | | | | | | | | | 76,788 |
| | 2009 | | | | | | | | | | | |
+----+----------------+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Reduction in deferred contingent consideration | | | | | | (202) |
+----+---------------------------------------------------------+----------+----+----------+----------+-----------------+-------------+
| | Additions | | | | | | | | | | | | 266 |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Exchange | | | | | | | | | | (2,038) |
| | differences | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | As at 30 June 2009 | | | | | | | | | | 74,814 |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Increase in deferred contingent consideration | | | 924 |
+----+------------------------------------------------------------------------------------+----------+-----------------+-------------+
| | Exchange | | | | | | | | | | 695 |
| | differences | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | As at 31 December | | | | | | | | | | 76,433 |
| | 2009 | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Exchange differences | | | | | | (1,290) |
+----+---------------------------------------------------------+----------+----+----------+----------+-----------------+-------------+
| | At 30 June 2010 | | | | | | 75,143 |
+----+---------------------------------------------------------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Aggregate | | | | | | | | | | |
| | impairment | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | At 1 January | | | | | | | | | | | 19,116 |
| | 2009 | | | | | | | | | | | |
+----+----------------+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Impairment | | | | | | | | | | 1,566 |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Exchange | | | | | | | | | | (380) |
| | differences | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | As at 30 June 2009 | | | | | | | | | | 20,302 |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Exchange differences | | | | | | 244 |
+----+---------------------------------------------------------+----------+----+----------+----------+-----------------+-------------+
| | As at 31 December | | | | | | | | | | 20,546 |
| | 2009 | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Exchange differences | | | | | | | | (444) |
+----+--------------------------------------+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | At 30 June 2010 | | | | | | | | 20,102 |
+----+--------------------------------------+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | Carrying | | | | | | | | | | | |
| | amount | | | | | | | | | | | |
+----+----------------+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | At 1 January 2009 | | | | | | | | | | 57,672 |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | At 30 June 2009 | | | | | | | | | | 54,512 |
+----+---------------------+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+-----------------+-------------+
| | At 31 December | | | | | | | 55,887 |
| | 2009 | | | | | | | |
+----+---------------------+----------+-----+----------+-------+---------------+---------------------------------------+-------------+
| | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+---------------+---------------------------------------+-------------+
| | At 30 June 2010 | | | | | | | 55,041 |
+----+---------------------+----------+-----+----------+-------+---------------+---------------------------------------+-------------+
| | |
+----+-------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | |
+----+-----------+----+----+----------+-----+----------+-------+----------+----+----------+----------+--------------+--+-------------+
5. Adjusted earnings reconciliation
+-------------------------------+---------+--+---------+-+---------+
| | 6 | | 6 | | Year |
| | months | | months | | ended |
| | ended | | ended | | 31 |
| | 30 | | 30 | | Dec |
| | June | | June | | 2009 |
| | 2010 | | 2009 | | |
+-------------------------------+---------+--+---------+-+---------+
| | GBP000 | | GBP000 | | GBP000 |
+-------------------------------+---------+--+---------+-+---------+
| | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| Profit before taxation per | | | | | |
| consolidated statement of | 4,966 | | 2,671 | | 8,120 |
| comprehensive income | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| Adjustments: | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| - Impairment and | 3,323 | | 5,136 | | 8,619 |
| amortisation | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| - Foreign exchange gain on | | | | | |
| deferred consideration | (36) | | (282) | | (156) |
+-------------------------------+---------+--+---------+-+---------+
| | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| Adjusted profit before | 8,253 | | 7,525 | | 16,583 |
| taxation | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| Taxation per consolidated | | | | | |
| statement of comprehensive | (1,389) | | (1,187) | | (2,901) |
| income | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| Tax effect of adjustments | (840) | | (920) | | (1,755) |
| detailed above | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| Adjusted taxation | (2,229) | | (2,107) | | (4,656) |
+-------------------------------+---------+--+---------+-+---------+
| | | | | | |
+-------------------------------+---------+--+---------+-+---------+
| Adjusted profit for the | 6,024 | | 5,418 | | 11,927 |
| period | | | | | |
+-------------------------------+---------+--+---------+-+---------+
+-------------------------------+--------+--+--------+-+--------+
| Adjusted profit attributable | | | | | |
| to: | 5,985 | | 5,406 | | 11,861 |
| Owners of the parent | | | | | |
+-------------------------------+--------+--+--------+-+--------+
| Minority interest | 39 | | 12 | | 66 |
+-------------------------------+--------+--+--------+-+--------+
| | 6,024 | | 5,418 | | 11,927 |
+-------------------------------+--------+--+--------+-+--------+
The Directors believe that the adjusted profit for the period and the adjusted
earnings per share figure assists in the presentation of the group's underlying
performance.
6. Taxation
The group's effective tax rate for the period based on profit before taxation
per the consolidated statement of comprehensive income is 28.0% (6 months to 30
June 2009: 44.4%, Full year 2009: 35.7 %).
The group's effective tax rate for the period based on the adjusted profit
before taxation, as detailed in note 5 above, is 27.0% (6 months to 30 June
2009: 28.0%, Full year 2009: 28.1%).
7. Earnings per Share
The basic and diluted earnings per share is calculated using the profit for the
year as set out in the statement of comprehensive income. The adjusted earnings
per share is calculated using the adjusted profit as detailed in note 5 above.
Basic earnings per share has been calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of ordinary
shares in issue during the period, determined in accordance with IAS 33 Earnings
per share.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares in issue on the assumption of conversion of all the
potentially dilutive ordinary shares for which all the conditions have been met.
+--------------------------------+------------+----------+------------+----------+------------+
| Weighted average number of 1p | 6 | | 6 | | Year |
| ordinary shares in issue | months | | months | | ended |
| during the year is set out | ended | | ended | | 31 Dec |
| below: | 30 | | 30 | | 2009 |
| | June | | June | | |
| | 2010 | | 2009 | | |
+--------------------------------+------------+----------+------------+----------+------------+
| | Number | | Number | | Number |
+--------------------------------+------------+----------+------------+----------+------------+
| | | | | | |
+--------------------------------+------------+----------+------------+----------+------------+
| For basic earnings per share | 91,751,923 | | 91,712,490 | | 91,712,490 |
+--------------------------------+------------+----------+------------+----------+------------+
| | | | | | |
| Dilutive effect of share | 346,449 | | 473,906 | | 546,397 |
| options | | | | | |
+--------------------------------+------------+----------+------------+----------+------------+
| | | | | | |
| For diluted earnings per share | 92,098,372 | | 92,186,396 | | 92,258,887 |
+--------------------------------+------------+----------+------------+----------+------------+
| | | | | | |
+--------------------------------+------------+----------+------------+----------+------------+
| Basic earnings per share | 3.86 p | | 1.61 p | | 5.62 p |
+--------------------------------+------------+----------+------------+----------+------------+
| Diluted earnings per share | 3.84 p | | 1.60 p | | 5.59 p |
+--------------------------------+------------+----------+------------+----------+------------+
| | | | | | |
+--------------------------------+------------+----------+------------+----------+------------+
| Adjusted basic earnings per | 6.55 p | | 5.89 p | | 12.93 |
| share | | | | | p |
+--------------------------------+------------+----------+------------+----------+------------+
| Adjusted diluted earnings per | 6.50 p | | 5.86 p | | 12.86 |
| share | | | | | p |
+--------------------------------+------------+----------+------------+----------+------------+
8. Analysis of net funds
+---------------------------------+----------+----------+--------+
| | At 1 | Cashflow | At 30 |
| | January | | June |
| | 2010 | | 2010 |
+---------------------------------+----------+----------+--------+
| | GBP000 | GBP000 | GBP000 |
+---------------------------------+----------+----------+--------+
| | | | |
+---------------------------------+----------+----------+--------+
| Cash and cash equivalents | 17,275 | 1,040 | 18,315 |
+---------------------------------+----------+----------+--------+
| Restricted cash held in escrow | 1,308 | (126) | 1,182 |
+---------------------------------+----------+----------+--------+
| | 18,583 | 914 | 19,497 |
+---------------------------------+----------+----------+--------+
Restricted cash held in escrow relates to amounts payable under deferred
consideration agreements.
9. Reconciliation of profit for the period to net cash inflow from operating
activities
+------------------------------------+--+--------+----------+-----------+
| | | | |
| | 6 months | 6 months | Year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 |
| | 2010 | 2009 | December |
| | | | 2009 |
+------------------------------------+-----------+----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
| | | | |
+------------------------------------+-----------+----------+-----------+
| Profit for the period | 3,577 | 1,484 | 5,219 |
| | | | |
+---------------------------------------+--------+----------+-----------+
| Taxation | 1,389 | 1,187 | 2,901 |
+---------------------------------------+--------+----------+-----------+
| Finance income | (271) | (224) | (727) |
+---------------------------------------+--------+----------+-----------+
| Finance costs | 13 | 43 | 49 |
+---------------------------------------+--------+----------+-----------+
| Impairment and amortisation of | | | |
| goodwill and intangibles | 3,323 | 5,136 | 8,619 |
+---------------------------------------+--------+----------+-----------+
| Depreciation | 494 | 571 | 1,149 |
+---------------------------------------+--------+----------+-----------+
| Loss from sale of property, plant and | - | - | 20 |
| equipment | | | |
+---------------------------------------+--------+----------+-----------+
| Loss/(Profit) on joint ventures | 40 | (12) | 15 |
+---------------------------------------+--------+----------+-----------+
| Share option charge | 190 | (9) | 137 |
+---------------------------------------+--------+----------+-----------+
| Exchange movements | (36) | (282) | (156) |
+---------------------------------------+--------+----------+-----------+
| Decrease in trade and other payables | (534) | (1,439) | (1,109) |
+---------------------------------------+--------+----------+-----------+
| Decrease/(increase) in trade and | 169 | 1,537 | (675) |
| other receivables | | | |
+---------------------------------------+--------+----------+-----------+
| | | | |
+---------------------------------------+--------+----------+-----------+
| Net cash inflow from operations | 8,354 | 7,992 | 15,442 |
+---------------------------------------+--------+----------+-----------+
| | | | | |
+------------------------------------+--+--------+----------+-----------+
+--+------------------+----+----------+-+----------+----------+----------+----------+-------+-+---------+----------+-+--------+----------+
|10. | Deferred | | | | | | | | | | |
| | Consideration | | | | | | | | | | |
+--+-----------------------+----------+-+----------+---------------------+----------+-------+-+--------------------+-+-------------------+
| | | | | | | | | | | | | | |
+--+------------------+----+----------+-+----------+---------------------+----------+-------+-+--------------------+-+--------+----------+
| | Deferred consideration is payable in respect of the acquisitions of ExperCash GmbH (formerly Easydebit GmbH) on 9 | |
| | September 2008 and the non controlling interest of Datacash Fraud Services Limited on 29 March 2010. | |
+--+--------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | | | | | |
+--+------------------+----+----------+-+----------+---------------------+----------+-------+-+--------------------+-+--------+----------+
| | Details of the movements in the deferred consideration during the period are as follows: | |
+--+--------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | | | | | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | | | | | | | | 6 months ended | | 6 | | Year | |
| | | | | | | | | 30 June | | months | | ended | |
| | | | | | | | | 2010 | | ended | | 31 | |
| | | | | | | | | | | 30 | | December | |
| | | | | | | | | | | June | | 2009 | |
| | | | | | | | | | | 2009 | | | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | | | | | | | | GBP000 | | GBP000 | | GBP000 | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | | | | | | | | | | | | | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | At the start of the | | | | | | 1,925 | | 5,986 | | 5,986 | |
| | period | | | | | | | | | | | |
+--+-----------------------+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | Paid in year | | | | | | (1,589) | | (3,928) | | (4,676) | |
+--+-----------------------+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | Exchange differences | | | | | | (36) | | (282) | | (156) | |
+--+-----------------------+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | Acquisition of non | | | | | | 887 | | - | | - | |
| | controlling interest | | | | | | | | | | | |
+--+-----------------------+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | Notional interest | | | | | | 13 | | 43 | | 49 | |
| | charge | | | | | | | | | | | |
+--+-----------------------+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | (Reduced)/increased | | | | | | - | | (202) | | 722 | |
| | consideration | | | | | | | | | | | |
+--+-----------------------+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | At the end of the | | | | | | 1,200 | | 1,617 | | 1,925 | |
| | period | | | | | | | | | | | |
+--+-----------------------+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | | | | | | | | | | | | | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | Current | | | | | | | 735 | | 1,617 | | 1,592 | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | Non-current | | | | | | | 465 | | - | | 333 | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | | | | | | | | | | | | | |
+--+------------------+----+----------+-+----------+----------+----------+------------------+-+---------+----------+----------+----------+
| | | | | | | | | 1,200 | | 1,617 | | 1,925 | |
+--+------------------+----+----------+-+----------+----------+----------+----------+-------+-+---------+----------+-+--------+----------+
+--+-------------+----+-----+----------+-+----------+----------+--+-------+----------+--------+----------+-------+
|11.| Share | | | | | | | | | | | | |
| | Capital | | | | | | | | | | | | |
+--+-------------+----+-----+----------+-+----------+----------+--+-------+----------+--------+----------+-------+
+----------+--------------+----+----+----------+----+----------+---+----------+--+----------+------------+----------+----------------------+---+
| | During the 6 month period 164,768 (June 2009 and December 2009: nil) share options were exercised for total cash consideration |
| | of GBP180,472 (June 2009 and December 2009: GBPnil). As a result the company issued 164,768 1p shares and recognised a share |
| | premium of GBP178,825. |
| | |
| | Also during the period 81,166 (June 2009 and December 2009: nil) nil cost share options were exercised for GBPnil cash |
| | consideration. These options were satisfied by the issue of 81,166 1p ordinary shares by the Datacash Group Plc Employee Share |
| | Ownership Trust ("ESOT"). These shares were originally acquired by the ESOT for GBP209,000. This deficit has been deducted from |
| | retained earnings. |
+----------+-----------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | |
+----------+--------------+----+----+----------+----+----------+---+----------+--+----------+------------+----------+--------------------------+
| 12. | Purchase of non-controlling interest in Datacash Fraud Services Limited | |
+----------+-------------------------------------------------------------------------------------------------------------------------------+---+
| | | | | | | | | | | | | | | |
+----------+--------------+----+----+----------+----+----------+---+----------+--+----------+------------+----------+----------------------+---+
The Group completed the purchase of the non-controlling interest in Datacash
Fraud Services Limited effective 29 March 2010. Based on the revised
International Accounting Standard 27 'Consolidated and Separate Financial
Statements' (IAS 27), which was adopted by the Group in the period, this
transaction was accounted for in full as an equity transaction and not as a
business combination. Therefore no additional goodwill or intangible assets were
recorded.
+--------------------------------+---------------------------+--------+
| | | GBP000 |
+--------------------------------+---------------------------+--------+
| | | |
+--------------------------------+---------------------------+--------+
| Cash consideration | | 1,182 |
+--------------------------------+---------------------------+--------+
| Deferred contingent | | 887 |
| consideration (see note 10) | | |
+--------------------------------+---------------------------+--------+
| | | 2,069 |
+--------------------------------+---------------------------+--------+
| | | |
+--------------------------------+---------------------------+--------+
| Elimination of non controlling | | (865) |
| interest | | |
+--------------------------------+---------------------------+--------+
| Reduction in retained earnings | | 1,204 |
+--------------------------------+---------------------------+--------+
INDEPENDENT REVIEW REPORT TO DATACASH GROUP 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 June 2010
which comprises the condensed consolidated statement of comprehensive income,
the condensed consolidated balance sheet, the condensed consolidated cash flow
statement, the condensed consolidated statement of changes in equity and the
related explanatory 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 for Companies.
As disclosed in note 1, 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 June 2010 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 for Companies.
Baker Tilly UK Audit LLP
Chartered Accountants
2 Bloomsbury Street
London, WC1B 3ST
8 September 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSWFLAFSSESU
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