24th Aug 2006 07:01
IFG Group PLC24 August 2006 PRELIMINARY RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006 24 August 2006 Adjusted Adjusted IFRS IFRS measures measures Total Total Six months Six months Six months Six months ended ended ended ended 30 June 2006 30 June 2005 30 June 2006 30 June 2005 Unaudited Unaudited Unaudited Unaudited •'000 •'000 Notes •'000 •'000 Revenue n/a n/a 50,817 42,523 Operatingprofit 7,940 6,155 1 7,980 5,601 Profitbefore 7,098 4,988 1 7,138 4,434taxation Adjustedearnings perordinaryshare 8.18 5.97 2 n/a n/a- in cent Basicearningsper ordinaryshare - in n/a n/a 8.90 5.13cent Renewal 14,205 13,666 n/a n/aincome Group net 27,634 38,471debt Interimdividend perordinaryshare 1.05 0.95 3 n/a n/a- in cent Commenting on the results, Mark Bourke, Chief Executive, said: "Our performance continues to improve in each division and we remain optimisticthat we deliver to expectation" Notes: 1. Adjusted profit and earnings per share are stated before exceptionaladjustments, amortisation of intangible assets and shareoption charges.2. Reconciliation of adjusted earnings: Six months ended Six months ended 30 June 2006 30 June 2005 Per share Earnings Per share Earnings cent cent •'000 •'000Profit attributableto equity holders 8.90 5,730 5.13 3,343Exceptionaladjustments (net oftax) (1.36) (872) 0.43 285Amortisation ofintangible assets 0.33 212 0.08 52Share optioncharges 0.31 200 0.33 217 -------- -------- -------- --------Adjusted earnings 8.18 5,270 5.97 3,897 -------- -------- -------- -------- 3. In accordance with IFRS the interim dividend is not accrued until paid and assuch is not included as a reduction in reserves. The directors report that operating profit for the six months ended 30 June 2006was €8.0 million compared with €5.6 million in the previous period, an increaseof 42%. Profit before taxation was up 61% to €7.1 million compared with a profitbefore taxation of €4.4 million in the previous period. Basic earnings per sharewere 8.90 cent (2005HY 5.13 cent) representing an increase of 73% on theprevious period. The Group has performed to expectation in the first six months of the year. Thisreflects an improvement in the underlying performance of the business. The Board has decided to pay an interim dividend of 1.05 cent (2005HY 0.95 cent)per share subject to withholding tax at 20%. The dividend, which represents anincrease of 11% on the previous period, will be paid to qualifying shareholderson the Register at the close of business on 17 November 2006. Dividend warrantswill be posted on 1 December 2006. Group Performance The Group earns revenue from two sources: • Commissions earned in the intermediation of financial services products;• Fees from the provision of services including, in particular, trusteeand corporate services and pensioneer trustee business. The Group operates in two business segments: • Financial Services;• Trustee and Corporate Services. The performance of the Group in the first six months split between its mainactivities was as follows: Total operating Total operating profit profit/(loss) Six months Six months ended ended 30 June 2006 30 June 2005 •'000 •'000Trustee & Corporate ServicesInternational Trustee& Corporate Services 3,256 2,906 Financial Services & UnallocatedPensioneer Trustee - UK 1,623 1,605Financial Services - UK 780 253Mortgage and TitleInsurance - Ireland 1,786 1,820Financial Services including CentralOverhead - Ireland 495 (429)------------------------------------- ----------- ------------ Adjusted operating profit 7,940 6,155*Reconciling items 40 (554)------------------------------------- ----------- ------------Total operating profit 7,980 5,601------------------------------------- ----------- ------------ *Reconciling itemsExceptional items - Financial Services 452 (285)Share option charges - Trustee & Corporate Services (40) (44)Share option charges - Financial Services (160) (173)Amortisation of intangibles - Trustee & Corporate Services (135) -Amortisation of intangibles - Financial Services (77) (52)-----------------------Total reconciling items 40 (554)----------------------- The profits from both of the Group's principal segments have shown solid growthyear on year. During the first six months net finance costs were reduced from€1.3 million to €0.8 million, a reduction of 34%. This was driven by a continuedfocus on reducing the Group's debt. Trustee & Corporate Services The International Trustee and Corporate Service business has shown an increasein adjusted operating profit from €2.9 million to €3.3 million, an increase of12% from the prior period. IFRS operating profit improved from €2.9 million to€3.41m, an increase of 8%. This increase also reflects an investment of €0.2 million in IFG SpanishSolutions SL., which when added back shows underlying growth of 19%. The firstsix months saw the successful integration of the Bank of Scotland Trusteebusiness with the Jersey operation. The acquisition is performing to plan anddelivering healthy organic growth at the same time. This division is maintainingits continuous track record of high growth over the previous six years (CAGR2000 - 2006 of 23%) Financial Services UK In the UK the Pensioneer Trustee business had a solid period, deliveringadjusted operating profit and total IFRS profit of €1.6 million (2005HY €1.6million). The arrival of "A Day", whilst of importance in the long run, wasdampened by the UK Government's last minute decision to exclude residentialproperty from SIPPs. This business has delivered despite the challengingoperating conditions. The UK fee based business has delivered strong underlying growth proving againthe quality of the staff and the business model. The provision of advisoryservices to those emigrating has also performed well in this niche market. Thegeneralist IFA business made a small profit, which represents a hard fought andwelcome improvement. Conditions, though better, remain challenging overall as wemove into the traditionally weaker second half of the year. Mortgage & Title Insurance Ireland The Mortgage Intermediary business continues to deliver in prime lending.Cheques issued by lenders to clients of the Group amounted to €766 million(2005HY €644 million), an increase of 19%. Our non conforming operation isdelivering to expectations, with cheques issued at €84 million compared to €34million for the same period in the previous year, due to the impact of directmarketing, product design and increased interest from the broking community. The performance of our Title Insurance business has been disappointing resultingfrom margin erosion due to a change in the sales mix and poorer sales figuresthan anticipated. This is, and will remain, a significant focus in the secondhalf of the year. Financial Services Ireland The Group's other Irish Financial Services businesses have delivered a strongperformance across life, pensions and our specialist credit insurance and policybroking business, with each contributing to the significant period on periodimprovement. Debt Group Banking is summarised and compared to the previous half year and year-endbelow. As at 30 June 2006 As at 31 December 2005 As at 30 June 2006 Core Investment Total Core Investment Total Core Investment Total •'m •'m •'m •'m •'m •'m • 'm •'m •'mTotal net debt 24.7 2.9 27.6 26.6 3.0 29.6 34.7 3.8 3 Total net debt now consists of a mix of secured and unsecured borrowingfacilities, with maturity and amortisation profiles over the next three years. The Group's net debt position has improved by €2.0 million since December 2005.This is despite funding €2.2 million of redress for Berkeley Jacobs FinancialServices Limited. The continued de-gearing is a result of the Group's focus oncash generation. Outlook The business, which is concentrating on its core competencies, is beginning todeliver. The Group is maintaining its focus while building a strong balancesheet and remains confident of delivering to expectations for the year. Consolidated Income StatementSix months ended 30 June 2006 Six months Six months Year ended ended ended 31 December 30 June 2006 30 June 2005 2005 Unaudited Unaudited Audited Notes •'000 •'000 •'000 Revenue 4 50,817 42,523 92,674Cost of sales (2,434) (2,287) (4,385)---------------------- -------- ------------ ------------ ----------- Gross profit 48,383 40,236 88,289 Operating expensesAdministrative expenses (40,855) (34,635) (76,470)Other expenses - - (6,802)Other income 452 - 135---------------------- -------- ------------ ------------ ----------- Total operating expenses (40,403) (34,635) (83,137)---------------------- -------- ------------ ------------ ----------- Operating profit 4 7,980 5,601 5,152---------------------- -------- ------------ ------------ ----------- Operating profit beforeexceptional items 7,528 5,886 12,389Exceptional items 5 452 (285) (7,237)---------------------- -------- ------------ ------------ -----------Operating profit 7,980 5,601 5,152 Finance income 564 341 996Finance costs (1,400) (1,608) (3,287)Share of (loss)/profit ofassociates (6) 100 106---------------------- -------- ------------ ------------ ----------- Profit before income tax 7,138 4,434 2,967Income tax expense 6 (905) (672) (845)---------------------- -------- ------------ ------------ ----------- Profit for the period 6,233 3,762 2,122---------------------- -------- ------------ ------------ ----------- Profit for periodattributable to:Equity holders of theCompany 5,730 3,343 1,098Minority interest 503 419 1,024---------------------- -------- ------------ ------------ ----------- 6,233 3,762 2,122---------------------- -------- ------------ ------------ ----------- Earnings per ordinary share(cent) Basic 3 8.90 5.13 1.69 Diluted 3 8.74 5.12 1.69 Consolidated Balance SheetAs at 30 June 2006 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited restated •'000 •'000 •'000AssetsNon-current assetsProperty, plant & equipment 5,237 6,041 4,891Intangible assets 53,920 53,862 54,581Investments in associates 131 572 527Deferred income tax assets 1,323 959 1,347Available-for-sale financialassets 1,472 335 188Other receivables 263 - 266---------------------- ------------ ------------ -----------Total non-current assets 62,346 61,769 61,800---------------------- ------------ ------------ ----------- Current assetsTrade and other receivables 37,235 37,185 35,009Current income tax asset 368 208 320Cash and cash equivalents 17,498 14,525 17,281---------------------- ------------ ------------ -----------Total current assets 55,101 51,918 52,610---------------------- ------------ ------------ -----------Total assets 117,447 113,687 114,410---------------------- ------------ ------------ ----------- LiabilitiesNon-current liabilitiesBorrowings 29,576 39,801 29,616Deferred income taxliabilities 516 - 543Retirement benefitobligations 912 881 912Provisions for liabilities 884 - 893Other non-current liabilities 1,250 1,250 1,250---------------------- ------------ ------------ -----------Total non-current liabilities 33,138 41,932 33,214---------------------- ------------ ------------ ----------- Current liabilitiesTrade and other payables 36,924 28,660 38,334Current income taxliabilities 1,560 899 1,165Borrowings 15,556 13,193 17,210Provisions for liabilities 1,771 2,997 2,187---------------------- ------------ ------------ -----------Total current liabilities 55,811 45,749 58,896---------------------- ------------ ------------ ----------- Total liabilities 88,949 87,681 92,110---------------------- ------------ ------------ -----------Net assets 28,498 26,006 22,300---------------------- ------------ ------------ ----------- EquityCapital & reserves attributable toequity holders of the companyShare capital 7,848 7,827 7,828Share premium 45,047 44,867 44,861Other reserves 1,409 922 1,224Retained earnings (27,583) (29,400) (32,887)---------------------- ------------ ------------ ----------- 26,721 24,216 21,026Minority interest 1,777 1,790 1,274---------------------- ------------ ------------ ----------- Total equity 28,498 26,006 22,300---------------------- ------------ ------------ ----------- Consolidated Cash Flow StatementAs at 30 June 2006 Six months Six months Year ended ended ended 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited Notes •'000 •'000 •'000 Cash flows from operatingactivitiesCash generated fromoperations 8 4,565 1,737 21,010Interest received 848 332 674Income taxes paid (702) (674) (1,347)--------------------------- ------ ----------- ----------- ---------- Net cash generated fromoperating activities 4,711 1,395 20,337--------------------------- ------ ----------- ----------- ---------- Cash flows from investingactivitiesPurchase of property,plant & equipment (999) (734) (1,306)Sale of property, plant &equipment 3 90 937Purchase ofavailable-for-salefinancial assets (1,424) - -Sale of interest inassociate undertakings 960 - -Purchase of subsidiaryundertakings net of cashacquired (25) (315) (6,251)Deferred consideration onprior year acquisitions - (2,687) (2,687)--------------------------- ------ ----------- ----------- ---------- Net cash used in investingactivities (1,485) (3,646) (9,307)--------------------------- ------ ----------- ----------- ---------- Cash flows from financingactivitiesDividends paid - - (1,663)Interest paid (1,387) (1,757) (3,400)Dividends paid to minorityinterests - - (1,123)Proceeds from issue ofshare capital 206 - (5)Repayment of debt (178) (132) (1,219)Senior unsecured notesrepaid - - (5,860)Payment of finance leaseliabilities (48) (67) (182)--------------------------- ------ ----------- ----------- ---------- Net cash used in financingactivities (1,407) (1,956) (13,452)--------------------------- ------ ----------- ----------- ---------- Net increase/(decrease) incash and cash equivalents 1,819 (4,207) (2,422) Cash and cash equivalentsat the beginning of theperiod 14,336 16,307 16,307Effect of foreign exchangerate changes (155) 570 451--------------------------- ------ ----------- ----------- ---------- Cash and cash equivalentsat end of period 16,000 12,670 14,336--------------------------- ------ ----------- ----------- ---------- Cash and cash equivalents are comprised of cash and short term deposits net ofbank overdrafts that are repayable on demand. For the purpose of the cash flow statement cash and cash equivalents include thefollowing: Six months Six months Year ended ended ended 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited •'000 •'000 •'000 Cash and cash equivalents 17,498 14,525 17,281Bank overdrafts (1,498) (1,855) (2,945)--------------------------- ------- ----------- ----------- ---------- 9 16,000 12,670 14,336 --------------------------- ------- ----------- ----------- ---------- Consolidated Statement of Changes in Equity Share Share Other Translation Retained Attributable to Minority Total capital premium reserves reserve earnings equity holders interest Equity •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 At 1 January2006 7,828 44,861 1,224 (5,272) (27,615) 21,026 1,274 22,300 Currencytranslationadjustments - - - (426) - (426) - (426)Fair valuemovement onavailable-for-sale financialassets - - (15) - - (15) - (15)--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Net expenserecogniseddirectly inequity - - (15) (426) - (441) - (441)Profit for theperiod - - - - 5,730 5,730 503 6,233--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Totalrecognisedincome for theperiod - - (15) (426) 5,730 5,289 503 5,792 --------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Issue of sharecapital 20 186 - - - 206 - 206 Equity shareoptionsgranted - - 200 - - 200 - 200--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- 20 186 200 - - 406 - 406--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- At 30 June2006 7,848 45,047 1,409 (5,698) (21,885) 26,721 1,777 28,498--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- At 1 January2005 (asrestated) 7,827 44,867 880 (6,278) (27,030) 20,266 1,373 21,639 Currencytranslationadjustments - - - 1,635 - 1,635 (2) 1,633 Fair valuemovement onavailable-for-sale financialassets - - (175) - - (175) - (175)--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Net(expense)/income recogniseddirectly inequity - - (175) 1,635 - 1,460 (2) 1,458Profit for theperiod - - - - 3,343 3,343 419 3,762--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Totalrecognisedincome for theperiod - - (175) 1,635 3,343 4,803 417 5,220--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Dividends - - - - (1,070) (1,070) - (1,070) Equity shareoptionsgranted - - 217 - - 217 - 217--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- - - 217 - (1,070) (853) - (853)--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- At 30 June2005 (asrestated) 7,827 44,867 922 (4,643) (24,757) 24,216 1,790 26,006--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- At 1 January2005 7,827 44,867 880 (6,278) (27,030) 20,266 1,373 21,639 Currencytranslationadjustments - - - 1,006 - 1,006 - 1,006 Fair valuemovement onavailable-for-sale financialassets - - (34) - - (34) - (34)--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Net(expense)/income recogniseddirectly inequity - - (34) 1,006 - 972 - 972Profit for theperiod - - - - 1,098 1,098 1,024 2,122--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Totalrecognisedincome for theyear - - (34) 1,006 1,098 2,070 1,024 3,094--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Dividends - - - - (1,683) (1,683) (1,123) (2,806) Issue of sharecapital 1 6 - - - 7 - 7 Equity shareoptionsgranted - - 378 - - 378 - 378 Buy back oftreasuryshares - (12) - - - (12) - (12)--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- 1 (6) 378 - (1,683) (1,310) (1,123) (2,433)--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- At 31 December2005 7,828 44,861 1,224 (5,272) (27,615) 21,026 1,274 22,300--------------- -------- --------- --------- ---------- ---------- ---------- ---------- ---------- Selected Notes to the Consolidated Financial Statements 1. General Information IFG Group and its subsidiaries (together the Group) are engaged in the provisionof financial advisory services and international corporate and trustee services.The Company is a public company, incorporated and domiciled in the Republic ofIreland. The address of its registered office is IFG House, Booterstown Hall,Booterstown, County Dublin, Ireland. The financial statements have been approvedfor issue by the Board of Directors on 23 August 2006. 2. Basis of Preparation The Group's financial information for the period ended 30 June 2006 has beenprepared in accordance with the Listing Rules of the Irish Stock Exchange. TheGroup's financial information has been prepared in accordance with theaccounting policies that the Group expects to adopt for the 2006 year-end whichare consistent with the principal accounting policies which were set out in theGroup's 2005 consolidated financial statements. The principal accountingpolicies adopted by the Group for the 2005 year-end, as set out in the Group's2005 consolidated financial statements, were consistent with IFRSs issued by theIASB as adopted by the European Commission (EC) for use in the European Union(EU). The Group has chosen not to adopt IAS 34 'Interim Financial Reporting' inpreparing its 2006 interim accounts since adoption of this standard is notmandatory until the EU Transparency Directive is implemented through the IrishStock Exchange's Listing Rules. The preparation of the financial information includes the use of estimates andassumptions that affect items reported in the Consolidated Balance Sheet andIncome Statement and the disclosure of contingent assets and liabilities at thedate of the financial information. Although these estimates are based onmanagement's best knowledge of current circumstances and future events andactions, actual results may differ from those estimates, possibly significantly. The accounting policies have been consistently applied to all periods presented. The accounts in this interim report are not the statutory accounts of theCompany, a copy of which is required to be annexed to the Company's annualreturn to the Companies Registration Office in Ireland. A copy of the statutoryaccounts required to be annexed to the Company's annual return in respect of theyear ended 31 December 2005 has in fact been so annexed. The auditors of theCompany have made a report, without any qualification, on their audit of thestatutory accounts of the Company in respect of the year ended 31 December 2005. Selected Notes to the Consolidated Financial Statements 3. Earnings per ordinary share Six months Six months Year ended ended ended 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited BasicProfit after income tax andminority interest (•'000) 5,730 3,343 1,098--------------------------------- ---------- ---------- ---------- Weighted average number ofordinary shares in issue forthe calculation of earningsper share 64,394,523 65,222,859 64,958,171--------------------------------- ---------- ---------- ---------- Basic earnings per share(cent) 8.90 5.13 1.69--------------------------------- ---------- ---------- ---------- DilutedProfit after income tax andminority interest (•'000) 5,730 3,343 1,098--------------------------------- ---------- ---------- ----------Weighted average number ofordinary shares in issue forthe calculation of earningsper share 64,394,523 65,222,859 64,958,171Dilutive effect of shareoptions and warrants 1,186,477 12,796 169,889--------------------------------- ---------- ---------- ---------- Weighted average number ofordinary shares for thecalculation of dilutedearnings per share 65,581,000 65,235,655 65,128,060--------------------------------- ---------- ---------- ---------- Diluted earnings per share(cent) 8.74 5.12 1.69--------------------------------- ---------- ---------- ---------- 4. Segmental analysis Primary reporting format-business segments At 30 June 2006, the Group is organised on a worldwide basis into two mainbusiness segments:- Provision of financial services;- Provision of corporate and trustee services incorporating back officeservices. The segment results for the period ended 30 June 2006 are as follows: Financial Trustee & Unallocated Total corporate services services •'000 •'000 •'000 •'000 Revenue 38,439 12,378 - 50,817--------------------------- ---------- ---------- ---------- -------- Operatingprofit 4,924 3,081 (25) 7,980--------------------------- ---------- ---------- ---------- -------- The segment results for the period ended 30 June 2005 are as follows: Financial Trustee & Unallocated Total corporate services services •'000 •'000 •'000 •'000 Revenue 32,360 10,163 - 42,523--------------------------- ---------- ---------- ---------- -------- Operatingprofit 3,094 2,862 (355) 5,601--------------------------- ---------- ---------- ---------- -------- Selected Notes to the Consolidated Financial Statements The segment results for the year ended 31 December 2005 are as follows: Financial Trustee & Unallocated Total corporate services services •'000 •'000 •'000 •'000 Revenue 72,090 20,584 - 92,674--------------------------- ---------- ---------- ---------- -------- Operatingprofit 631 5,030 (509) 5,152--------------------------- ---------- ---------- ---------- -------- 5. Exceptional items Six months Six months Year ended ended ended 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited •'000 •'000 •'000 Disposal of Irish business 452 - 135Pension funding - (285) (570)Goodwill impairment - - (4,619)Pension release provision - - (1,950)Sale of investments - - (233)---------------------------------- ---------- ---------- ----------Exceptional profit/(loss) 452 (285) (7,237)---------------------------------- ---------- ---------- ---------- On the 27 January 2006 the Group disposed of its 25% interest in Rochford BradyOnline Services Limited, Lawlink Limited, Lawlink UK Limited and its 12.5%interest in Companies Information Direct Limited for €960,000. This resulted ina gain on disposal of €452,000. 6. Income tax expense The charge for taxation for the six months ended 30 June 2006 is based on theestimated effective rate of taxation for the year. Six months Six months Year ended ended ended 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited •'000 •'000 •'000 Current tax - current periodexpense 1,320 590 1,159Current tax - prior periodover provision (41) (473) (577)---------------------------------- ---------- ---------- ----------Total current tax 1,279 117 582Movement in deferred tax 46 555 905Exceptional tax credit (420) - (642)---------------------------------- ---------- ---------- ----------Net tax expense 905 672 845---------------------------------- ---------- ---------- ---------- The exceptional tax credit of €420,000 relates to the reversal of current taxprovisions that were provided in the 2005 financial statements for Isle of Mansubsidiaries. This tax will not be paid due to change in local tax rates. The total tax charge for the period ending 30 June 2006 includes €526,000relating to tax on UK profits. Selected Notes to the Consolidated Financial Statements 7. Dividends Six months Six months Year ended ended ended 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited •'000 •'000 •'000 Final declared dividend - 1,070 -Final dividend paid - - 1,070Interim dividend paid - - 613---------------------------------- ---------- ---------- ---------- - 1,070 1,683 ---------------------------------- ---------- ---------- ---------- An interim ordinary dividend of €1.05 cent (2005 €0.95 cent) has been declaredsubsequent to 30 June 2006. 8. Reconciliation of operating profit to net cash from operating activities Six months Six months Year ended ended ended 30 June 2006 30 June 2005 31 December 2005 Unaudited Unaudited Audited •'000 •'000 •'000 Profit for the period 6,233 3,762 2,122Impairment of investments andgoodwill - - 4,852Depreciation and amortisation 930 673 1,660Profit on sale of property,plant & equipment - (18) (5)Profit on disposal ofinvestment in associateundertaking (452) - -Finance costs 1,400 1,608 3,287Finance income (564) (341) (996)Tax charge 905 673 845Loss/(profit) on associatedundertakings 6 (100) (106)Currency translationadjustment (47) 156 3Non-cash share based charges 200 217 378(Increase)/decrease in trade& other receivables (2,118) (432) 1,354Loan (to)/from associatedundertakings (260) 103 (7)(Decrease)/increase in trade& other payables (1,668) (4,564) 7,623---------------------------------- ---------- ---------- ---------- 4,565 1,737 21,010---------------------------------- ---------- ---------- ---------- 9. Analysis of net debt Opening balance Cash flow Acquisition Other Closing and non cash balance disposals changes •'000 •'000 •'000 •'000 •'000Cash 17,281 195 - 22 17,498Overdraft (2,945) 1,624 - (177) (1,498)------------------------- -------- --------- --------- --------- -------- 14,336 1,819 - (155) 16,000 Loans due withinone year (8,349) 178 - - (8,171)Loans due afterone year (15,894) - - 2 (15,892)Senior unsecurednotes due < 1 yr (5,837) - - 58 (5,779)Senior unsecurednotes due > 1 yr (13,688) - - 39 (13,649)Finance leases (113) 48 - (78) (143)------------------------- -------- --------- --------- --------- -------- Total (29,545) 2,045 - (134) (27,634)------------------------- -------- --------- --------- --------- -------- Selected Notes to the Consolidated Financial Statements 10. Comparative figures Comparatives for the prior period ended 30 June 2005 have been restated inaccordance with adjustments made following the transition to IFRS as identifiedin Note 35 (d) on page 71 in the Group's Annual Report for the year ended 31December 2005. For further information: IFG Group D M Lynch, Director and Secretary: Telephone: + 353 1 275 2809 NCB Diarmuid McNamee, Director: Telephone: + 353 1 87 637 0982 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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