ST IVES PLC HALF YEAR REPORT 2014

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1 ST IVES PLC HALF YEAR REPORT 2014

2 ST IVES PLC HALF YEAR REPORT 2014 CONTENTS Overview 01 Highlights 02 Group at a Glance 04 Chief Executive s Statement Group at a glance Our business operates in two distinct markets: Marketing and Publishing Solutions. Chief Executive s statement Patrick Martell reports on another positive set of results for the half year. Our Figures 06 Condensed Consolidated Income Statement 07 Condensed Consolidated Statement of Comprehensive Income 08 Condensed Consolidated Statement of Changes in Equity 09 Condensed Consolidated Balance Sheet 10 Condensed Consolidated Cash Flow Statement 11 Notes to the Condensed Consolidated Financial Statements

3 St Ives offers a unique combination of solutions for the marketing and publishing sectors. Financial Highlights Underlying* Group revenue 164.8m Marketing Services revenue 46.7m Underlying* profit before tax 12.9m Operational Highlights Continued success in implementing the strategic repositioning of the Group. Marketing Services segment generated 35% of underlying Group operating profit on target to contribute over half of Group underlying operating profit by Acquisition of Realise further strengthens the digital strand of our marketing services offering acquisitions of Amaze and Branded3 integrated well and on plan. Overview Our Figures ** 2014 Print Services segment major restructuring now complete and overall level of profitability maintained. Profit before tax 6.2m Basic underlying* earnings per share 8.10p Interim dividend 2.15p Our market-leading Books business benefited from investment in new digital printing equipment ** ** Net debt 12.4m *** 2014 * Non-underlying items comprise: restructuring costs; provision releases; operating results of non-continuing sites; net profit on disposal of property, plant and equipment; profit on disposal of subsidiary; acquisition costs; consideration required to be treated as remuneration; amortisation of acquired intangibles; and other one-off items. ** IAS 19 (revised) Employee benefits has been adopted for 2014 and the 2013 comparatives have been restated accordingly. *** At 2 August 2013 St Ives plc Half Year Report

4 GROUP AT A GLANCE INTEGRATED CAPABILITIES Marketing Services Data Marketing Digital Marketing Consultancy Services Field Marketing Data insight & marketing Digital marketing, commerce & technology Customer insights & market research Field sales & marketing Data insight & marketing Online search & digital marketing Retail & consumer markets consultancy Digital marketing** ** Acquired in March St Ives plc Half Year Report 2014

5 Print Services Books * Book production services Exhibitions & Events High impact visual communications Point of Sale Point of sale & retail communications Print Management Print & process management Overview Our Figures How we operate Our business operates in two distinct markets: Marketing and Publishing Solutions. Other than Clays *, our Books business, all other businesses serve the Marketing Solutions market. How we manage We manage our business as two segments: Marketing Services, which is growth focused, and Print Services, which is primarily efficiency focused. St Ives plc Half Year Report

6 CHIEF EXECUTIVE S STATEMENT DELIVERING GROWTH Results We are pleased to report another positive set of results for the half year, and further growth within our core Marketing Services segment. The Group performed well during the period, with underlying revenue up 1.9% to million. Underlying profit before tax grew to 12.9 million, a 13.1% increase compared with the first half of the prior financial period and underlying operating margins increased from 7.5% to 8.3%. Our Marketing Services segment reported revenue of 46.7 million for the period, an increase of 50.0% over the equivalent period last year, made up of acquisition growth of 36.1% and organic growth of 13.9%. Marketing Services now represents 35.0% of underlying Group operating profit (2013: 31.3%), demonstrating continued progress towards our stated objective that it should contribute over half of Group operating profit by Patrick Martell Chief Executive Underlying revenue in our Print Services segment reduced by 7.4% to million reflecting the sale in October 2013 of the Group s direct mail printing business, St Ives Direct Bradford Limited. On a like-for-like basis, excluding the effect of the disposal of the direct mail business, revenue grew by 2.4%. Profitability for the segment improved as a result of our focus on higher margin business over high volume commoditised work. 04 St Ives plc Half Year Report 2014

7 Our strategy is to continue to invest for growth and to further develop our Marketing Services business. Strategy Our strategy is to continue to invest for growth and to further develop our Marketing Services business. While print will remain integral to our offering, marketing services will increasingly make a proportionately higher contribution to the Group. We will target organic growth through investment and increasing collaboration across our existing businesses. Over fifty of our clients now use the services of more than one Group business. For example, HSBC now uses the services of four St Ives companies across both our Marketing and Print Services segments. Additionally, we aim to acquire strategically relevant businesses that broaden and strengthen our client proposition and provide a platform for strong financial performance. Marketing Services Our Marketing Services segment comprises businesses within Data Marketing, Digital Marketing, Consultancy Services and Field Marketing. Occam and Response One, our Data Marketing businesses, reported a significantly improved performance in revenue and profitability, principally from new client wins. Together, these two companies provide clients with comprehensive data marketing services and have benefited from increased collaboration within the Group. Our Digital Marketing businesses, Amaze and Branded3, both performed strongly and it was pleasing to see them integrate well with the rest of the Group. In January, we launched Loop Integration, a joint venture between Amaze and Contiigo, a well-established systems integrator. Based in Chicago, Loop Integration further drives our capabilities in digital commerce. Our commitment to digital marketing has also now been strengthened by the acquisition of Realise, announced earlier this month. Pragma and Incite, our Consultancy Services businesses, have both delivered revenue growth, although our investment in people and overseas offices has had a short-term negative effect on margin. This is in line with our strategic plans and we are very pleased with progress to date. Tactical Solutions, our Field Marketing business, experienced a decline in revenue compared with the previous period. We have a new management team, which is focused on evolving the service proposition through delivering data-driven technology and in-store marketing compliance. Print Services Our Print Services segment comprises two customer offerings, Books and Marketing Print. At our specialist book printing business, Clays, profits were maintained despite a decrease in revenue in line with the level of market decline. Physical book volumes are now stabilising and we continue to believe that digital and printed books will co-exist. Our investment in digital print production has allowed us to respond to changing consumer behaviour and meet the demand for quick response and short print-runs. Going forward, our focus will be on continuing margin improvement rather than chasing less profitable volume. Marketing Print consists of three businesses, Service Graphics, SP Group and St Ives Management Services (SIMS). Service Graphics, our exhibition and events business, performed satisfactorily without the positive effect of the Olympics and Paralympics in the previous period. This business stands to benefit from continuing signs of confidence returning to the market for discretionary marketing spend. SP Group, our point of sale business, increased its market share in difficult trading conditions, resulting in an improvement in both revenue and operating profit. Following the sale of our direct mail printing business in Bradford, we continue to offer outsourced direct response services through SIMS, which performed well during the period, generating increased profits from revenues broadly unchanged compared with the equivalent period in the prior year. Acquisition As announced on 3 March 2014, we are delighted to have acquired Realise, a digital marketing agency. Dividend The Board has declared an interim dividend of 2.15 pence per share (2013: 2.0 pence), an increase of 7.5%, which will be payable on 14 May 2014 to shareholders on the register at 11 April Balance sheet Despite our ongoing level of investment and acquisition related expenditure, the Group s balance sheet remains strong and underlying free cash flow continues to be robust. Net debt at the half year was 12.4 million (2 August 2013: 15.2 million). Outlook With the UK economy showing further signs of recovery and consumer confidence improving, we remain confident that the Group is well positioned to make further progress in the full year. Having completed our planned restructuring activity and improved profitability within the Group s Print Services segment, we are now focused on expanding and strengthening our Marketing Services offering. Patrick Martell Chief Executive 11 March 2014 Overview Our Figures St Ives plc Half Year Report

8 CONDENSED CONSOLIDATED INCOME STATEMENT 26 weeks to 31 January weeks to 53 weeks to 1 February 2 August Non underlying* (Restated (Restated Underlying (note 3) Total note 9) note 9) Note Revenue 2 164,809 3, , , ,679 Cost of sales (116,035) (3,042) (119,077) (123,978) (232,889) Gross profit 48, ,829 43,335 89,790 Selling costs (10,557) (163) (10,720) (10,996) (21,877) Administrative expenses (24,607) (7,917) (32,524) (30,706) (61,049) Other operating income 14 1,366 1, Profit/(loss) from operations 2 13,624 (6,659) 6,965 1,924 7,144 Investment income 6,485 6,485 5,538 11,395 Finance costs (7,215) (7,215) (6,252) (13,083) Profit/(loss) before tax 12,894 (6,659) 6,235 1,210 5,456 Income tax (charge)/credit (3,095) 3, (836) (1,092) Net profit/(loss) for the period 9,799 (2,681) 7, ,364 Attributable to: Shareholders of the parent company 9,796 (2,666) 7, ,446 Non-controlling interests 3 (15) (12) 84 (82) 9,799 (2,681) 7, ,364 Basic earnings per share (p) (2.21) Diluted earnings per share (p) (2.12) * Non-underlying items comprise: restructuring costs; provision releases; operating results of non-continuing sites; net profit on disposal of property, plant and equipment; profit on disposal of subsidiariy; acquisition costs; consideration required to be treated as remuneration; amortisation of acquired intangibles; and other one-off items. 06 St Ives plc Half Year Report 2014

9 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 27 weeks to 53 weeks to 1 February 2 August 26 weeks to January (Restated (Restated 2014 note 9) note 9) Profit for the period 7, ,364 Items that will not be reclassified subsequently to profit or loss: Remeasurement of the net retirement benefits obligation (6,947) 23,506 18,803 Tax credit/(charge) on items taken directly to equity 1,207 (5,419) (4,576) (5,740) 18,087 14,227 Items that may be reclassified subsequently to profit or loss: Transfers of losses/(gains) on cash flow hedges to hedged items 29 (66) (66) Gains/(losses) on cash flow hedges 14 (67) (50) Tax credit on items taken directly to equity Overview Our Figures 58 (101) (114) Other comprehensive (expense)/income for the period (5,682) 17,986 14,113 Total comprehensive income for the period 1,436 18,360 18,477 Attributable to: Shareholders of the parent company 1,448 18,276 18,559 Non-controlling interests (12) 84 (82) 1,436 18,360 18,477 St Ives plc Half Year Report

10 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Hedging Retained Additional Share and earnings Non- Share paid-in ESOP Treasury option translation Other (Restated controlling capital capital ^ reserve shares reserve reserve reserves note 9) interest Total Balance at 28 July ,983 51,071 (356) 4, ,117 64, ,937 Profit for the period Other comprehensive (expense)/income for the period (101) (101) 18,087 17,986 Comprehensive (expense)/income for the period (101) (101) 18, ,360 Dividends (4,793) (4,793) Purchase of own shares (360) (360) (360) Allocation of shares (293) 371 Transfer of contingent consideration deemed as remuneration 167 (1,215) (1,048) 1, Recognition of share-based payments 2,342 2,342 2,342 Balance at 1 February ,983 51,238 (52) 5,478 (50) 56,614 78, ,041 Profit for the period 4,156 (166) 3,990 Other comprehensive expense for the period (13) (13) (3,860) (3,873) Comprehensive (expense)/income for the period (13) (13) 296 (166) 117 Dividends (2,377) (2,377) Issue of share capital ,303 (221) 1,475 (1,076) 587 Transfer of contingent consideration deemed as remuneration 234 (2,129) (1,895) 2, Exchange differences (11) (11) (11) Purchase of own shares (1,451) (62) (1,513) (1,513) Recognition of share-based payments 2,577 2,577 2,577 Deferred tax on share-based payments Balance at 2 August ,171 51,865 (200) (62) 6,269 (74) 57,798 77, ,189 Profit for the period 7,130 (12) 7,118 Other comprehensive income/(expense) for the period (5,740) (5,682) Comprehensive income/(expense) for the period ,390 (12) 1,436 Dividends (5,570) (5,570) Acquisition of non-controlling interest (468) (267) (735) Transfer of contingent consideration deemed as remuneration 351 (2,331) (1,980) 2, Purchase of own shares (235) (2,757) (2,992) (2,992) Exchange differences (23) (23) (23) Recognition of share-based payments 407 1,789 1,512 3,708 (1,029) 2,679 Balance at 31 January ,171 52,216 (28) (1,030) 5,450 (39) 56,569 74, ,397 ^ Additional paid-in capital represents share premium, merger reserve and capital redemption reserve. 08 St Ives plc Half Year Report 2014

11 CONDENSED CONSOLIDATED BALANCE SHEET 31 January 1 February 2 August Note Assets Non-current assets Property, plant and equipment 54,400 59,267 56,232 Goodwill 90,148 70,824 90,148 Other intangible assets 30,141 24,914 33,039 Available for sale 1,544 3,070 1,517 Investment in joint venture 30 Surplus on retirement benefits obligations 6 4, Other non-current assets , , ,744 Overview Our Figures Current assets Inventories 7,427 7,250 8,106 Trade and other receivables 67,116 74,359 67,597 Derivative financial instruments Cash and cash equivalents 12,642 8,670 15,581 87,198 90,352 92,019 Total assets 263, , ,763 Liabilities Current liabilities Obligations under finance leases Loans payable 275 Trade and other payables 71,954 70,893 75,098 Derivative financial instruments Income tax payable 3,180 1,893 2,104 Deferred consideration payable 2,128 2,091 2,051 Deferred income 3, ,320 Provisions 684 2,599 1,625 81,384 78,782 85,411 Non-current liabilities Loans payable 25,000 15,000 30,000 Finance lease payables Retirement benefits obligations 6 6,034 Provisions 1, ,156 Deferred tax liability 6,798 9,900 8,431 39,192 26,028 40,163 Total liabilities 120, , ,574 Net assets 143, , ,189 Equity Capital and reserves Share capital 12,171 11,983 12,171 Other reserves 56,569 56,614 57,798 Retained earnings 74,657 78,999 77,941 Attributable to shareholders of the parent company 143, , ,910 Non-controlling interests Total equity 143, , ,189 These financial statements were approved by the Board of Directors on 11 March St Ives plc Half Year Report

12 CONDENSED CONSOLIDATED CASH FLOW STATEMENT 26 weeks to 27 weeks to 53 weeks to 31 January 1 February 2 August Note Operating activities Cash generated from operations 8 16,853 14,628 35,932 Interest paid (741) (510) (1,056) Income taxes received/(paid) 850 (1,529) (3,557) Net cash generated from operating activities 16,962 12,589 31,319 Investing activities Purchase of property, plant and equipment (7,674) (3,200) (6,110) Purchase of other intangibles (286) (202) (420) Proceeds on disposal of property, plant and equipment Disposal proceeds of subsidiaries, net of cash disposed 2,854 1,691 2,537 Acquisition of subsidiaries, net of cash acquired (1,681) (22,204) Disposal of available for sale financial assets Purchase of available for sale financial assets (25) (250) (517) Investment in joint venture (30) Net cash used in investing activities (6,521) (1,371) (25,792) Financing activities Purchase of treasury shares (2,757) Dividends paid 4 (5,570) (4,792) (7,170) (Decrease)/increase in finance lease rentals (36) (Decrease)/increase in bank loans (5,000) (10,275) 4,450 Net cash used in financing activities (13,363) (14,657) (2,044) Net (decrease)/increase in cash and cash equivalents (2,922) (3,439) 3,483 Cash and cash equivalents at beginning of the period 15,581 12,109 12,109 Effect of foreign exchange rate changes (17) (11) Cash and cash equivalents at end of the period 8 12,642 8,670 15, St Ives plc Half Year Report 2014

13 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PREPARATION The condensed financial statements have been prepared in accordance with IAS 34 Interim Financial Statements and in accordance with the Disclosure and Transparency Rules of the UK s Financial Conduct Authority ( FCA ). The recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. Going concern The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the combined financial information for the twenty six weeks ended 31 January Other than as disclosed in note 9, the interim statements have been prepared in accordance with the accounting policies set out in the Group s Annual Report and Accounts for The interim statements have not been audited or reviewed. The interim statements and prior half and full year comparatives do not comprise statutory accounts for the purpose of Section 435 of the Companies Act The abridged information for the fifty three weeks to 2 August 2013 has been extracted from the Group s statutory accounts for that period which have been filed with the Registrar of Companies. The Auditor s report on the accounts of the Group for that period was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Sections 498(2) or (3) of the Companies Act Risks and uncertainties The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group s medium term performance and the factors that mitigate those risks have not substantially changed from those set out in pages 28 and 29 of the Group s 2013 Annual Report and Accounts, a copy of which is available on the Group s website: The key financial risks are interest rate risk, foreign exchange risk, credit risk and the volatility of the defined pension scheme net surplus or deficit. Overview Our Figures St Ives plc Half Year Report

14 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 2. SEGMENT REPORTING The Group manages its business on a market segment basis. Corporate costs are allocated to revenue generating segments as this presentation better reflects their profitability. Business segments 26 weeks to 31 January 2014 Marketing Print Services Services Eliminations Total Revenue External sales 43, , ,809 Group sales 3, (3,613) Underlying revenue 46, ,720 (3,613) 164,809 Non-underlying revenue 3,097 3,097 Total revenue 46, ,817 (3,613) 167,906 Result Result before non-underlying items 4,774 8,850 13,624 Non-underlying items (6,858) 199 (6,659) (Loss)/profit from operations (2,084) 9,049 6,965 Investment income 6,485 Finance costs (7,215) Profit before tax 6,235 Income tax credit 883 Net profit for the period 7, weeks to 1 February 2013 (Restated) Marketing Print Services Services Eliminations Total Revenue External sales 30, , ,670 Group sales (978) Underlying revenue 31, ,515 (978) 161,670 Non-underlying revenue 5,643 5,643 Total revenue 31, ,158 (978) 167,313 Result Result before non-underlying items 3,790 8,324 12,114 Non-underlying items (4,782) (5,408) (10,190) (Loss)/profit from operations (992) 2,916 1,924 Investment income 5,538 Finance costs (6,252) Profit before tax 1,210 Income tax charge (836) Net profit for the period St Ives plc Half Year Report 2014

15 53 weeks to 2 August 2013 (Restated) Marketing Print Services Services Eliminations Total Revenue External sales 64, , ,036 Group sales 2, (2,526) Underlying revenue 66, ,326 (2,526) 317,036 Non-underlying revenue 5,643 5,643 Total revenue 66, ,969 (2,526) 322,679 Result Result before non-underlying items 7,176 19,731 26,907 Non-underlying items (10,028) (9,735) (19,763 Overview Our Figures (Loss)/profit from operations (2,852) 9,996 7,144 Investment income 11,395 Finance costs (13,083) Profit before tax 5,456 Income tax charge (1,092) Net profit for the period 4,364 Geographical segments The Marketing and Print Services business segments operate primarily in the UK, deriving more than 94% of their revenue and results from operations and customers located in the UK. St Ives plc Half Year Report

16 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 3. NON-UNDERLYING ITEMS Non-underlying items disclosed on the face of the Condensed Consolidated Income statement are as follows: 26 weeks to 27 weeks to 53 weeks to 31 January 1 February 2 August Expense/(income) Restructuring items Redundancies, impairments and other charges 1,121 3,850 7,538 Provision releases (17) (292) Profit on disposal of property, plant and equipment (297) (275) (271) Operating losses from non-continuing sites 303 1,873 1,723 1,110 5,448 8,698 Other Amortisation of acquired intangibles 2,800 2,775 5,314 Impairment of available for sale asset 1,581 Contingent consideration required to be treated as remuneration 3,714 1,923 3,489 Profit on disposal of subsidiary (1,070) Costs associated with the acquisition of subsidiaries and other investments 641 Remaining other non-underlying expenses Income tax credit 6,659 10,190 19,763 (3,978) (1,957) (5,090) 2,681 8,233 14,673 The restructuring charges in the current period include redundancies of 375,000, 74,000 of impairment charges and other restructuring costs of 404,000 within the Print Services segment. The disposal of plant and equipment as a result of the closure of the Birmingham site, gave rise to gains of 297,000 within the Print Services segment. Operating losses from non-continuing operations relate to trading at the Bradford site before the disposal of St Ives Direct Bradford Limited in September These are recorded within the Print Services segment. Redundancy and restructuring costs of 268,000 were recorded in the Marketing Services segment. Profit on disposal of subsidiary of 1,070,000 relates to the sale of St Ives Direct Bradford Limited and is recorded within the Print Services segment. Amortisation charges of 2,800,000 relate to acquired customer relationships, proprietary techniques and software intangibles and were recorded in the Marketing Services segment. Contingent consideration of 3,714,000 in respect of acquisitions is required to be treated as remuneration rather than consideration and is recorded in the Marketing Services segment. The non-underlying tax credit includes a credit of 3,188,000 in respect of the determination of the tax treatment of a prior period non-underlying item. 14 St Ives plc Half Year Report 2014

17 4. DIVIDENDS 26 weeks to 27 weeks to 53 weeks to 31 January 1 February 2 August per share Final dividend paid for the 52 weeks ended 29 July p 4,792 4,792 Interim dividend paid for the 27 weeks ended 1 February p 2,378 Final dividend paid for the 53 weeks ended 2 August p 5,570 Dividends paid during the period 5,570 4,792 7,170 Declared interim dividend for the 26 weeks ended 31 January 2014 ( p per share) 2.15p 2, EARNINGS PER SHARE The calculation of the basic and diluted earnings per share is based on the following data: Overview Our Figures Number of shares 26 weeks to 27 weeks to 53 weeks to 31 January 1 February 2 August Weighted average number of ordinary shares for the purposes of basic earnings per share 120, , ,877 Weighted average number of ordinary shares for the purposes of diluted earnings per share 125, , ,622 Basic and diluted earnings per share 26 weeks to 27 weeks to 53 weeks to 31 January 1 February 2 August (Restated) Restated) Earnings Earnings Earnings Earnings per share Earnings per share Earnings per share 000 pence 000 pence 000 pence Earnings and basic earnings per share from continuing activities Underlying earnings and underlying earnings per share 9, , , Non-underlying items (2,666) (2.21) (8,295) (6.93) (14,616) (12.20) Earnings and basic earnings per share 7, , Earnings and diluted earnings per share from ontinuing activities Underlying earnings and underlying earnings per share 9, , , Non-underlying items (2,666) (2.12) (8,295) (6.77) (14,616) (11.82) Earnings and diluted earnings per share 7, , Underlying earnings is calculated by adding back non-underlying items, as adjusted for tax, to the profit/(loss) for the period. 6. RETIREMENT BENEFITS The net obligation in respect of retirement benefit obligations of 6,034,000 at 31 January 2014 has increased compared to 2 August 2013 (surplus of 84,000) primarily due to the lower than expected investment performance of plan assets and a lower discount rate. St Ives plc Half Year Report

18 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 7. DISPOSAL On 30 September 2013, the Group completed the disposal of St Ives Direct Bradford Limited, a direct response business. The net assets of St Ives Direct Bradford Limited at the date of disposal were as follows: 30 September Property, plant and equipment 4,585 Other intangible assets 5 Other non-current assets 58 Deferred tax assets 151 Inventories 1,082 Trade and other receivables 5,795 Cash and cash equivalents 265 Obligations under finance leases (670) Trade and other payables (9,005) Provisions (57) Net assets 2,207 Selling costs 198 Profit on disposal before tax 1,070 Total consideration receivable 3,477 The fair value of the consideration receivable for the disposal of St Ives Bradford Limited is comprised as follows: 30 September Initial consideration paid in cash on 30 September ,000 Deferred consideration paid during the period 318 Provisional deferred consideration payable 159 Total consideration receivable 3,477 The provisional deferred consideration is stated at the fair value of 159, St Ives plc Half Year Report 2014

19 8. NOTES TO THE CONDENSED CONSOLIDATED CASH FLOW STATEMENT Reconciliation of cash generated from operations 27 weeks to 53 weeks to 26 weeks to 1 February 2 August 31 January (Restated) (Restated) Profit from continuing operations 6,965 1,924 7,144 Adjustments for: Depreciation of property, plant and equipment 3,679 3,708 7,482 Impairment losses 74 2,205 Amortisation of intangible assets 3,171 3,204 6,150 Profit on disposal of property, plant and equipment (310) (291) (280) Profit on disposal of a subsidiary (1,070) Deferred income (charge)/credit (917) 145 2,075 Share-based payment charge ,281 Settlement of share based payment 266 (221) Increase in derivatives (616) Decrease in retirement benefit obligations (816) (989) (2,112) Increase in contingent consideration required to be treated as remuneration 3,714 1,923 1,844 (Decrease)/increase in provisions (701) Overview Our Figures Operating cash inflows before movements in working capital 14,657 10,905 25,005 Increase in inventories (405) (212) (1,069) (Increase)/decrease in receivables (4,687) 5,404 21,279 Increase/(decrease) in payables 7,288 (1,469) (9,283) Cash generated from operations 16,853 14,628 35,932 Analysis of net debt 3 August Exchange 31 January 2013 Cash flow Disposal Reclassify differences Cash and cash equivalents 15,581 (2,922) (17) 12,642 Bank loans due greater than year (30,000) 5,000 (25,000) Finance leases due less than one year (169) (28) (20) Finance leases due greater than year (576) (19) Net debt (15,164) 2, (17) (12,397) Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. The effective interest rates on cash and cash equivalents are based on current market rates. St Ives plc Half Year Report

20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 9. CHANGE IN ACCOUNTING POLICY The Group has adopted the IAS19 (revised) Employment Benefits standard as of 3 August The standard includes changes to accounting principles of defined benefit plans. The standard impacts the Group by amending disclosure requirements and replacing the expected return on net assets and interest expense for the pension liability with net interest expense calculated by multiplying the year-end discount rate by the year-end net pension surplus or deficit. The changes in fair value of pension obligation will be recorded in the statement of other comprehensive income. As required, the Group has applied IAS19 (revised) standard retrospectively and in accordance with the transitional provisions as set out in IAS (revised) and IAS8 Accounting Policies, Changes in Accounting Estimates and Errors. The impact of the prior period restatement on the previously reported Consolidated Income Statement is summarised as follows: 27 Weeks to 1 February weeks to 2 August 2013 Previously Previously Reported Adjustments Restated Reported Adjustments Restated Administrative expenses (30,503) (203) (30,706) (60,658) (391) (61,049) Interest income 6,134 (596) 5,538 12,598 (1,203) 11,395 Finance cost (6,256) 4 (6,252) (13,073) (10) (13,083) Income tax (charge)/credit (1,031) 195 (836) (1,467) 375 (1,092) Attributable to: Shareholders of the parent company 890 (600) 290 5,675 (1,229) 4,446 Underlying basic earnings per share 7.67 (0.50) (1.03) Non-underlying items (6.93) (6.93) (12.20) (12.19) Basic earnings per share 0.74 (0.50) (1.03) 3.71 Underlying diluted earnings per share 7.49 (0.49) (0.99) Non-underlying items (6.77) (6.77) (11.82) (11.82) Diluted earnings per share 0.72 (0.49) (0.99) 3.60 The impact of the prior period restatement on the previously reported Consolidated Statement of Comprehensive Income is summarised as follows: 27 Weeks to 1 February weeks to 2 August 2013 Previously Previously Reported Adjustments Restated Reported Adjustments Restated Profit for the period 974 (600) 374 5,593 (1,229) 4,364 Remeasurement of the retirement benefits obligations** 22, ,506 17,199 1,604 18,803 Tax charge on items taken directly to equity (5,224) (195) (5,419) (4,201) (375) (4,576) Attributable to: Shareholders of the parent company 18,276 18,276 18,559 18,559 ** Remeasurement of the retirement benefits obligations was previously referred to as actuarial gains. 18 St Ives plc Half Year Report 2014

21 The impact of the prior period restatement on the previously reported Consolidated Statement of Changes in Equity is summarised as follows: 27 Weeks to 1 February weeks to 2 August 2013 Previously Previously Reported Adjustments Restated Reported Adjustments Restated Retained earnings Profit/(loss) for the period 974 (600) 374 5,593 (1,229) 4,364 Other comprehensive income for the period 17, ,986 12,884 1,229 14, RELATED PARTIES The nature of related party transactions of the Group has not changed from those described in the Group s consolidated financial statements for the fifty three weeks ended 2 August Overview Our Figures On 8 November 2013, 122,540 ordinary shares in the Company were sold at market price to the executive directors of the Company by the Group s employee benefit trust under the rules of the Directors and Senior Executives Deferred Bonus Scheme as follows: Price per Value of Number of share shares shares pence Matt Armitage 50, ,979 Patrick Martell 71, , , ,788 During the period, the company purchased 1,684,939 of its own shares at the market value. The Group s employee benefit trust acquired 145,061 shares in the company at market value. 11. POST-BALANCE SHEET EVENTS On 3 March 2014, the Group acquired the entire issued share capital of Realise Holdings Limited ( Realise ), a digital marketing agency, on a cash and debt free basis, for 21.7 million, to be satisfied by approximately 18.4 million in cash and approximately 1.7 million St Ives shares. Further consideration of up to 18.3 million may be payable, dependent on incremental financial performance for the years ending 30 September 2014 and St Ives plc Half Year Report

22 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 12. RESPONSIBILITY STATEMENT We confirm that, to the best of our knowledge: the condensed set of financial statements has been prepared in accordance with IAS34 Interim Financial Reporting ; the interim management report includes a fair review of the information required by DTR4.2.7R (indication of important events during the first six months of the year and descriptions of principal risks and uncertainties for the remaining six months of the year); and the interim management report includes a fair review of the information required by DTR4.2.8R (disclosure of related parties transactions and changes therein). By order of the Board Patrick Martell Chief Executive 11 March 2014 The foregoing contains forward looking statements made by the Directors in good faith based on information available to them up to 11 March Such statements need to be read with caution due to inherent uncertainties, including economic and business risk factors underlying such statements. 20 St Ives plc Half Year Report 2014

23 St Ives plc Registered in England & Wales No Registered office One Tudor Street London EC4Y 0AH This publication is printed on UPM Fine Offset by a Carbon Neutral printing company. The material used is derived from sustainable and renewable sources. The Paper and Printer are both FSC and ISO14001 accredited. All pulp is Elemental Chlorine free (ECF). Design & Production

24 One Tudor Street London EC4Y 0AH Telephone Website st-ives.co.uk LinkedIn st-ives.co.uk/linkedin Google+ St Ives Group

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