Annual Report for the year ended 31 December 2008

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7. inVestment in assoCiates 90 The evoluTion Group plc AnnuAl reporT & AccounTs 2008 2008 2007 £'000 £'000 COST At 1 January – 108 Transfer – (108) At 31 December – – NET BOOk VALuES At 1 January – 108 At 31 December – – The investment in associate opening balance relates to WDB capital limited, which became a wholly owned subsidiary of the Group on 2 August 2007. 8. tRade and otHeR ReCeiVaBles 2008 2007 £'000 £'000 CuRRENT other receivables 1,193 820 Amounts owed by Group undertakings 2,767 1,563 prepayments and accrued income 7 81 3,967 2,464 9. aVailaBle-FoR-sale FinanCial assets 2008 2007 £'000 £'000 At 1 January 10,432 1,139 Additions at fair value 225 10,000 10,657 11,139 Disposals of available-for-sale financial assets at fair value – (1,199) revaluation surplus transfer to equity (note 14) 995 492 At 31 December 11,652 10,432 AVAILABLE-FOR-SALE FINANCIAL ASSETS INCLuDE THE FOLLOwING: LISTED SECuRITIES: equity securities – uK and ireland 11,652 10,432 11,652 10,432 Available-for-sale financial assets include amounts invested in the WDB capital uK equity Fund limited, an entity managed by WDB capital limited. The company invested £225,000 into the fund during 2008 (2007: £10,000,000) and has adjusted this value to fair value at 31 December 2008. As a result, the investment has been increased by £995,000 (2007: £492,000) with a corresponding credit to fair value and other reserves. notes to tHe FinanCial statements CONTINuED FOR THE YEAR ENDED 31 DECEMBER
10. CasH and CasH eQUiValents 2008 2007 £'000 £'000 CASH AND CASH EQuIVALENTS cash at bank and in hand 249 288 short term bank deposits 75,293 55,188 75,542 55,476 11. tRade and otHeR PaYaBles 2008 2007 £'000 £'000 Amount owed to Group undertaking 4,093 3,110 other taxation and social security 168 59 other payables 6 142 Accruals and deferred income 2,013 1,468 6,280 4,779 12. emPloYees and diReCtoRs 2008 2007 £'000 £'000 EMPLOYEE REMuNERATION EXPENSE Wages and salaries 1,955 1,173 social security costs 134 193 redundancy costs – 23 other pension costs 1 4 cost of share options 761 745 other staff costs 31 1 Total employee remuneration expense 2,882 2,139 The average number of employees (including Directors) during the year was as follows: 2008 2007 Group 13 11 The actual number of full time employees was 15 at 31 December 2008 (31 December 2007: 13). 13. CasH FloW FRom oPeRatinG aCtiVities reconciliation of operating (loss) to net cash generated from operating activities: 2008 2007 £'000 £'000 CASH GENERATED FROM OPERATING ACTIVITIES operating (loss) (1,291) (2,845) ADJuSTMENTS FOR: profit on sale of available-for-sale financial assets – (200) share options charge 761 744 cost of matching shares issued under sip 760 217 CHANGES IN wORkING CAPITAL: (increase)/decrease in trade and other receivables (302) 33,101 increase/(decrease) in trade and other payables 301 (1,599) CASH GENERATED FROM OPERATING ACTIVITIES 229 29,418 notes to tHe FinanCial statements CONTINuED FOR THE YEAR ENDED 31 DECEMBER 91
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Yesterday Today Tomorrow... ANNUAL
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FINANCIAL ANd OPERATIONAL HIGHLIGHT
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Balance Sheet strength and cash bal
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evolution securities Evolution secu
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Corporate Finance Evolution securit
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Wdb capital The Group’s investmen
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EARNINGS PER SHARE ON TOTAL OPERATI
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evolution securities’ income anal
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other activities The Group’s othe
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Lord macLaurin of Knebworth, dL (72
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principal risks and uncertainties T
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share capital Details of the change
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The Directors consider that in prep
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The Chief Executive, Alex snow, is
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The Committee observed that during
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appropriate and comprehensive proce
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The Board has delegated to the Remu
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The concept of a bonus ceiling does
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non-executive directors Non-executi
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On 8 April 2009, Alex snow was awar
Page 41 and 42: We have audited the Consolidated Fi
Page 43 and 44: ASSETS 2008 2007 Note £’000 £
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: 5. inVestment in sUBsidiaRies notes
Page 95 and 96: 17. Post BalanCe sHeet eVents There
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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