Annual Report for the year ended 31 December 2008

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40 The evoluTion Group plc AnnuAl reporT & AccounTs 2008 Restated 2008 2007 Note £’000 £’000 Fee and commission income 4 62,066 70,650 Fee and commission expenses 4 (1,257) (2,007) net fee and commission income 4 60,809 68,643 Trading income 5 1,978 16,595 other income 6 1,117 230 TOTAL INCOME 3 63,904 85,468 profit on disposal of available-for-sale investments - financial assets 7 20 299 share of post tax results of associate 21 – 29 operating expenses 9 (81,201) (77,770) exceptional operating expenses 9/10 – (7,628) Total operating expenses 9 (81,201) (85,398) OPERATING (LOSS)/PROFIT FROM CONTINuING OPERATIONS (17,277) 398 Finance income 13 5,576 3,094 Finance expense 13 (997) (310) (LOSS)/PROFIT BEFORE INCOME TAX FROM CONTINuING OPERATIONS (12,698) 3,182 income tax credit/(expense) 1,661 (4,340) exceptional income tax credit – 3,912 TOTAL INCOME TAX CREDIT/(EXPENSE) 14 1,661 (428) (LOSS)/PROFIT AFTER TAX FROM CONTINuING OPERATIONS (11,037) 2,754 (loss)/profit from discontinued operations 8 (2,459) 448 (LOSS)/PROFIT FOR THE YEAR FROM TOTAL OPERATIONS (13,496) 3,202 ATTRIBuTABLE TO: MINORITY INTEREST (652) 233 EQuITY HOLDERS OF THE EVOLuTION GROuP PLC (12,844) 2,969 (13,496) 3,202 (LOSS)/EARNINGS PER SHARE ATTRIBuTABLE TO THE EQuITY HOLDERS OF THE EVOLuTION GROuP PLC DuRING THE YEAR: Basic (loss)/earnings per share from continuing operations 15 (4.87p) 1.21p Basic (loss)/earnings per share from discontinuing operations 15 (1.15p) 0.21p (6.02p) 1.42p Diluted (loss)/earnings per share from continuing operations 15 (4.19p) 1.01p Diluted (loss)/earnings per share from discontinuing operations 15 (0.99p) 0.18p (5.18p) 1.19p DIVIDEND PROPOSED/PAID PER SHARE – INTERIM (PAID) 16 0.75p 0.67p – FINAL (PROPOSED) 16 1.27p 1.25p DIVIDEND PROPOSED/PAID (£’000) – INTERIM (PAID) 16 1,607 1,402 – FINAL (PROPOSED) 16 2,985 2,655 The notes on pages 44 to 76 form an integral part of these Financial statements. Consolidated inCome statement FOR THE YEAR ENDED 31 DECEMBER 2008
ASSETS 2008 2007 Note £’000 £’000 NON-CuRRENT ASSETS Goodwill 17 10,447 9,932 intangible assets 18 7,586 2,706 property, plant and equipment 19 3,383 3,616 Deferred income tax assets 20 9,380 9,300 Trade and other receivables 22 – 35 TOTAL NON-CuRRENT ASSETS 30,796 25,589 CuRRENT ASSETS Trade and other receivables 22 58,713 92,299 Available-for-sale financial assets 23 1,056 680 Trading portfolio assets 24 5,034 19,171 cash and cash equivalents 25 103,639 122,743 Assets of disposal groups classified as held-for-sale: – cash and cash equivalents 8 21,692 – – other assets 8 6,360 – TOTAL CuRRENT ASSETS 196,494 234,893 TOTAL ASSETS 227,290 260,482 LIABILITIES CuRRENT LIABILITIES Trade and other payables 26 60,251 96,082 Trading portfolio liabilities 27 4,260 6,744 current income tax liabilities 133 1,519 liabilities of disposal groups classified as held-for-sale 8 12,878 – TOTAL CuRRENT LIABILITIES 77,522 104,345 NON-CuRRENT LIABILITIES Deferred income tax liabilities 28 1,791 340 provisions for other liabilities and charges 29 763 525 TOTAL NON-CuRRENT LIABILITIES 2,554 865 TOTAL LIABILITIES 80,076 105,210 EQuITY CAPITAL AND RESERVES ATTRIBuTABLE TO EQuITY SHAREHOLDERS share capital 32 2,245 2,232 share premium 31 29,762 28,795 capital redemption reserve 31 373 373 Merger reserve 31 29,332 51,230 Available-for-sale and other reserves 31 (1,891) (1,687) retained earnings 31 86,524 72,389 SHAREHOLDERS’ EQuITY EXCLuDING MINORITY INTEREST 31 146,345 153,332 MINORITY INTERESTS IN EQuITY 869 1,940 TOTAL EQuITY 147,214 155,272 TOTAL EQuITY AND LIABILITIES 227,290 260,482 The notes on pages 44 to 76 form an integral part of these Financial statements. The Financial statements on pages 40 to 76 were approved by the Board of Directors on 8 April 2009 and were signed on its behalf by: Alex Snow chief executive Consolidated BalanCe sHeet AS AT 31 DECEMBER 2008 41
Page 1 and 2: Yesterday Today Tomorrow... ANNUAL
Page 3 and 4: FINANCIAL ANd OPERATIONAL HIGHLIGHT
Page 5 and 6: Balance Sheet strength and cash bal
Page 7 and 8: evolution securities Evolution secu
Page 9 and 10: Corporate Finance Evolution securit
Page 11 and 12: Wdb capital The Group’s investmen
Page 13 and 14: EARNINGS PER SHARE ON TOTAL OPERATI
Page 15 and 16: evolution securities’ income anal
Page 17 and 18: other activities The Group’s othe
Page 19 and 20: Lord macLaurin of Knebworth, dL (72
Page 21 and 22: principal risks and uncertainties T
Page 23 and 24: share capital Details of the change
Page 25 and 26: The Directors consider that in prep
Page 27 and 28: The Chief Executive, Alex snow, is
Page 29 and 30: The Committee observed that during
Page 31 and 32: appropriate and comprehensive proce
Page 33 and 34: The Board has delegated to the Remu
Page 35 and 36: The concept of a bonus ceiling does
Page 37 and 38: non-executive directors Non-executi
Page 39 and 40: On 8 April 2009, Alex snow was awar
Page 41: We have audited the Consolidated Fi
Page 45 and 46: 2008 2007 £’000 £’000 (loss)/
Page 47 and 48: shareholding of more than one half
Page 49 and 50: ) Distribution channels and custome
Page 51 and 52: (b) Share-based plans The Group’s
Page 53 and 54: Risk Reporting The Group Board rece
Page 55 and 56: Neither past Past due but not impai
Page 57 and 58: By business segment (continued) The
Page 59 and 60: 6. otHeR inCome Restated 2008 2007
Page 61 and 62: 11. aUditoRs’ RemUneRation During
Page 63 and 64: 14. inCome taX eXPense (CONTINuED)
Page 65 and 66: 18. intanGiBle assets notes to tHe
Page 67 and 68: 20. deFeRRed inCome taX (CONTINuED)
Page 69 and 70: 24. tRadinG PoRtFolio assets notes
Page 71 and 72: 31. Consolidated moVement in sHaReH
Page 73 and 74: 33. CasH FloW FRom oPeRatinG aCtiVi
Page 75 and 76: 38. emPloYee sHaRe sCHemes Movement
Page 77 and 78: 38. emPloYee sHaRe sCHemes (CONTINu
Page 79 and 80: THE EVOLuTION GROuP PLC PARENT COMP
Page 81 and 82: ASSETS ComPanY BalanCe sHeet AS AT
Page 83 and 84: statement oF ReCoGnised inCome and
Page 85 and 86: 1. aCCoUntinG PoliCies (CONTINuED)
Page 87 and 88: 2. FinanCial instRUments and RisK m
Page 89 and 90: 2. FinanCial instRUments and RisK m
Page 91 and 92: 5. inVestment in sUBsidiaRies notes
Page 93 and 94:
10. CasH and CasH eQUiValents 2008
Page 95 and 96:
17. Post BalanCe sHeet eVents There
Page 97 and 98:
19. emPloYee sHaRe sCHemes (CONTINu
Page 99 and 100:
19. emPloYee sHaRe sCHemes (CONTINu
Page 101 and 102:
FoR YoUR notes 99
Page 103 and 104:
DesiGneD AnD proDuceD BY BesT&co. l
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Annual Report for the year ended 31 December 2008

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