Segment assets:
2012 2011
GBP'000 GBP'000
Language Services 55,693 54,227
Language Technologies 83,161 85,027
Content Management Technologies 113,832 75,503
Campaign Management, Analytics and Social
Intelligence 57,063 -
Adjustments and Eliminations (1) 34,053 (2) 75,893
----------- -----------
Total 343,802 290,650
=========== ===========
(1) Segment assets do not include cash (GBP28,452,000),
Corporation Tax (GBP1,206,000) and Deferred Tax (GBP4,395,000).
(2) Segment assets do not include cash (GBP70,408,000),
Corporation Tax (GBP509,000) and Deferred Tax (GBP4,976,000).
Geographical analysis of external revenues by country of
domicile is as follows:
2012 2011
GBP'000 GBP'000
UK 66,676 49,585
USA 82,456 69,317
Republic of Ireland 24,229 23,487
Netherlands 17,887 17,354
Belgium 15,215 15,805
Germany 15,312 15,103
Canada 11,191 12,750
Rest of World 36,357 25,600
-------- --------
269,323 229,001
======== ========
Geographical analysis of non-current assets excluding deferred
tax is as follows:
2012 2011
GBP'000 GBP'000
UK 199,192 119,246
USA 40,361 38,483
Rest of World 5,361 4,781
-------- --------
244,914 162,510
======== ========
Goodwill and intangibles recognised on consolidation are
included in the country which initially acquired the business
giving rise to the recognition of goodwill and intangibles.
3. OTHER REVENUE AND EXPENSES
Group operating profit is stated after charging/(crediting):
2012 2011
GBP'000 GBP'000
Included in administrative expenses:
Research and development expenditure 21,797 14,763
Bad debt charge 632 84
Depreciation of property, plant and equipment
- owned assets 2,943 2,536
Depreciation of property, plant and equipment
- leased assets 1,110 534
Amortisation of intangible assets 8,120 5,903
Operating lease rentals for plant and
machinery 617 527
Operating lease rentals for land and buildings 6,580 5,884
Net foreign exchange gains (1,050) (1,544)
Loss/ (gain) on derivatives 35 (441)
Share based payment (credit)/ charge (1,112) 2,867
Legal expenses for Trados shareholder
litigation 1,499 74
The net foreign exchange gains above arose due to movements in
foreign currencies between the time of the original transaction and
the realisation of the cash collection or spend, and the
retranslation of US Dollar and Euro denominated intra-Group
loans.
4. INCOME TAX
(a) Income tax on profit:
Consolidated income statement
2012 2011
GBP'000 GBP'000
Current taxation
UK Income tax charge
Current tax on income for the period 1,360 1,411
Adjustments in respect of prior periods (518) (16)
842 1,395
--------- ---------
Foreign tax
Current tax on income for the period 6,263 8,563
Adjustments in respect of prior periods 137 (575)
--------- ---------
6,400 7,988
--------- ---------
Total current taxation 7,242 9,383
========= =========
Deferred income taxation
Origination and reversal of temporary
differences (700) (1,358)
Total deferred income tax (700) (1,358)
========= =========
Tax expense (see (b) below) 6,542 8,025
========= =========
Consolidated statement of other comprehensive income
2012 2011
GBP'000 GBP'000
Current taxation
UK Income tax
Income tax benefit on currency translation
differences on foreign currency equity
loans to foreign subsidiaries (115) (110)
--------- ---------
Total current taxation (115) (110)
========= =========
A tax credit in respect of share based compensation for current
taxation of GBP549,000 (2011: credit of GBP523,000) has been
recognised in the statement of changes in equity in the year. A tax
credit in respect of share based compensation for deferred taxation
of GBP242,000 (2011: debit of GBP821,000) has been recognised in
the statement of changes in equity in the year.
(b) Factors affecting tax charge:
The tax assessed on the profit on ordinary activities for the
year is lower than the standard rate of income tax in the UK of
24.5% (2011: 26.5%). The differences are reconciled below:
2012 2011
GBP'000 GBP'000
Profit on ordinary activities before tax 27,397 33,761
--------- ---------
Profit on ordinary activities at standard
rate of tax in the UK 24.5% (2011: 26.5%) 6,712 8,947
Expenses not deductible for tax purposes 247 468
Non deductible amortisation of intangibles 634 115
Adjustments in respect of previous years (381) (591)
Utilisation of tax losses brought forward
previously not recognised (880) (1,912)
Current tax losses not available for offset 1,252 693
Effect of overseas tax rates (75) 3
Other (967) 302
Tax expense (see (a) above) 6,542 8,025
========= =========
5. EARNINGS PER SHARE
The calculation of basic earnings per ordinary share is based on
a profit after tax of GBP20,855,000 (2011: GBP25,736,000) and
79,851,785 (2011: 78,666,436) ordinary shares, being the weighted
average number of ordinary shares in issue during the period.
The diluted earnings per ordinary share is calculated by
including in the weighted average number of shares the dilutive
effect of potential ordinary shares related to committed share
options as described in note 7. For 2012 the diluted ordinary
shares were based on 80,275,871 ordinary shares that included
424,086 potential ordinary shares.
The following reflects the income and share data used in the
calculation of adjusted earnings per share computations:
2012 2011
GBP'000 GBP'000
Profit for the year 20,855 25,736
Amortisation of intangible fixed assets 8,120 5,903
Less: tax benefit associated with the
amortisation of intangible fixed assets (1,868) (1,564)
-------- --------
Adjusted profit for the year 27,107 30,075
======== ========
2012 2011
No. No.
Weighted average number of ordinary shares
for basic earnings per share 79,851,785 78,666,436
Effect of dilution resulting from share
options 424,086 2,449,551
----------- -----------
Weighted average number of ordinary shares
adjusted for the effect of dilution 80,275,871 81,115,987
=========== ===========
2012 2011
Adjusted earnings per ordinary share -
basic (pence) 33.95 38.23
Adjusted earnings per ordinary share -
diluted (pence) 33.77 37.08
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