- Part 2: For the preceeding part double click [ID:nRSY1445Ja]
(5.0) 0.8 (4.2)
Dividend - - - - - (0.2) (0.2) - (0.2)
Currencytranslationdifferences - - - (1.7) (0.8) - (2.5) - (2.5)
Dividendpaid to minority - - - - - - - (0.7) (0.7)
Balanceat31 December2009 2.2 19.4 1.5 3.9 (0.7) (1.8) 24.5 2.7 27.2


-

(0.4)

(0.4)

Dividendpaid to minority

-

-

-

-

-

-

-

(0.8)

(0.8)

Balanceat31 December2008

1.7

17.0

1.5

5.6

0.1

3.4

29.3

2.6

31.9

Issueofsharecapital

0.5

2.4

-

-

-

-

2.9

-

2.9

Lossfortheyear

-

-

-

-

-

(5.0)

(5.0)

0.8

(4.2)

Dividend

-

-

-

-

-

(0.2)

(0.2)

-

(0.2)

Currencytranslationdifferences

-

-

-

(1.7)

(0.8)

-

(2.5)

-

(2.5)

Dividendpaid to minority

-

-

-

-

-

-

-

(0.7)

(0.7)

Balanceat31 December2009

2.2

19.4

1.5

3.9

(0.7)

(1.8)

24.5

2.7

27.2

Consolidated Cash Flow Statement

2009 2008
£m £m

Net cash from operating activities 1.7 3.9

Cash flows from investing activities
Acquisitionofnewsubsidiaries - (2.2)
Further shares acquired in existing subsidiaries (0.2) (1.6)
Forwardcontractsettlement - (2.0)
Loans made to associates - (0.8)
Purchase of property, plant and equipment (0.6) (0.5)
Finance income 0.2 0.3

Net cash used in investing activities (0.6) (6.8)

Cash flows from financing activities
Proceeds fromissue of sharecapital 2.7 -
(Decrease) / increase inborrowings (2.2) 6.0
Proceedsfrombankloan 0.3 -
Paymentofbank loan (0.5) (0.3)
Finance cost (1.0) (1.3)
Dividends paid (0.2) (0.2)
Dividends paid to minority shareholders in subsidiary undertakings (0.7) (0.8)

Net cash from financing activities (1.6) 3.4

Net (decrease) / increase in cash and cash equivalents (0.5) 0.5
Foreign exchange (0.3) 1.1
Cash and cash equivalents at beginning of period 5.7 4.1

Cash and cash equivalents at end of period 4.9 5.7



(1.6)

3.4

Net (decrease) / increase in cash and cash equivalents

(0.5)

0.5

Foreign exchange

(0.3)

1.1

Cash and cash equivalents at beginning of period

5.7

4.1

Cash and cash equivalents at end of period

4.9

5.7

Notes to the Consolidated

Financial Statements

Year ended 31 December 2009

1 Basis of preparation and general information

The financial information set out above does not constitute the Company's statutory accounts for the years ended 31
December 2009 or 2008, but is derived from those accounts. Statutory accounts for 2008 have beendelivered to the Registrar
of Companies and those for 2009 will be delivered following the Company's Annual General Meeting. The Auditors have
reported on those accounts; their reportswere unqualified, did notdraw attention to any matters by way of emphasis without
qualifying their reports and did not contain statements under the Companies Act 2006, sections 498.

Accounting policies have been consistently applied throughout 2008 and 2009 with the exception of the changes set out in
note 7.

The consolidated financial statements are for the twelve months ended 31 December2009. They have been basedon the company's
financial statements which are prepared in accordance with International Financial Reporting Standards as adopted for use
in the EU. The results were approvedby the Board of Directors on 24 March 2010.

2 Segment analysis

The segmental results are shown below:

2009 2008
Revenue £m £m
UnitedKingdom 75.7 83.6
ContinentalEurope 84.8 92.1
RestoftheWorld 34.7 32.0
195.2 207.7

Grossprofit
UnitedKingdom 14.8 20.9
ContinentalEurope 18.9 22.9
Rest of the World 7.7 7.7
41.4 51.5

Operating(loss)/ profit
UnitedKingdom 0.5 2.2
ContinentalEurope (0.8) 0.4
Rest of the World (2.2) (0.2)
(2.5) 2.4


UnitedKingdom

0.5

2.2

ContinentalEurope

(0.8)

0.4

Rest of the World

(2.2)

(0.2)

(2.5)

2.4

3 Exceptional Items

2009 2008
£m £m
UK
Lossonbusinessesdisposedorclosed - 1.0
Goodwillimpairment 1.2 -
Restructuringcosts 0.3 0.5
Abortedacquisitioncosts - 0.4
1.5 1.9

Continental Europe
Lossonbusinessesdisposedorclosed 0.3 -
Goodwill impairment 1.3 1.4
Restructuringcosts 0.8 0.5
2.4 1.9

Rest of the World
Lossonbusinessesdisposedorclosed 0.3 0.4
Goodwillimpairment 2.1 -
ImpactofsignificantlegislativechangesinChile - 0.6
2.4 1.0

Total 6.3 4.8


Goodwillimpairment

2.1

-

ImpactofsignificantlegislativechangesinChile

-

0.6

2.4

1.0

Total

6.3

4.8

3 Exceptional Items (continued)

Following the adoption of IFRS items which, in management's judgement, need to be disclosed separately by virtue of their
size or incidence arepresented as exceptional items. This separatepresentation is intended to assist the readerin obtaining
a betterunderstanding of the financial information.

In the UK, goodwill impairments of £1.2m were recognised on the supply chain businessesand a permanent recruitment business
having takena conservative view on the economic conditions likely to prevail in the medium term. In addition, the UK
businesses acted quickly in response to the economic downturn to reduce costswhich resulted in a restructuring and
redundancy charge of £0.3m.

In Continental Europe, goodwill impairments of £1.3m were made in respectof EAR (Holland) and in respect of the Group's
Eastern European operations, taking a prudent viewof the likelihood ofan economic recovery in their markets. In addition a
small business in the Czech Republic was closed. Restructuring costs of £0.8m were incurred in EAR, the Netherlands (£0.4m)
and at Headway, Germany (£0.4m),when the Group reduced cost in response to the economic downturn.

In the Rest of the World region, the Group sold to management its search business in Australia and mothballed operations in
Singapore. A goodwill impairment of £2.1m related to the retail business in Tokyo, Japan and to the Monroe group of
businesses.

4 Dividends

During 2009 Empresaria Group plc paid a dividend of £0.2m to its equity shareholders (2008:£0.2m). This amounted to 0.35
pence per ordinary share (2008:0.35 pence). Afinal dividend is proposedfor the year ended 31 December 2009 of 0.35 pence
per ordinary share (2008: 0.35 pence). The proposed dividend is subject to approval by shareholders at the Annual General
Meeting andhas not been included as aliability in these financial statements. If approved, the dividend will be paid on 16
August 2010 to membersregistered on 16 July 2010.

5 (Loss) / earnings per share

The calculation of the basic (loss) / earnings per share is basedon the earnings attributable to ordinary shareholders
divided by the weighted average number of shares in issue during the year. Based on current trading conditions, the
Directors are of the opinion that there would be no dilution to the earnings per share figure resulting from subsidiary
minority shareholders trading up. There is nodifference between basic and diluted earnings per share.

The earnings and weighted averagenumber of shares are set out below.

2009 2008

Loss after tax attributable to equity shareholders of the parent (£m) (5.0) (1.6)
Weighted averagenumberofshares('000s) 40,623 33,595
Loss per share (pence) (12.4) (4.8)


Adjusted earnings per share 2009 2009
£m £m
Loss attributable to equity shareholders of the parent (5.0) (1.6)
Add back:
Exceptional items 6.3 4.8
Intangible amortisation 0.3 0.3
Tax on intangible amortisation and exceptional items (0.2) (0.3)
Minority interest on intangible amortisation and exceptional items (0.1) (0.3)
Adjusted earnings 1.3 2.9
Adjusted earnings per share (pence) 3.1 8.6


Tax on intangible amortisation and exceptional items

(0.2)

(0.3)

Minority interest on intangible amortisation and exceptional items

(0.1)

(0.3)

Adjusted earnings

1.3

2.9

Adjusted earnings per share (pence)

3.1

8.6

6 Notes to cash flow

a) Cash flows from operating activities
2009 2008
£m £m

Loss for the year (4.2) (0.5)
Adjustments for:
Depreciation 0.9 0.8
Intangible amortisation 0.3 0.3
Taxation expense recognised in income statement 0.8 1.8
Exceptional charges and impairments 6.3 4.8
Cash paid for exceptional items (1.2) (1.3)
Share of losses in associates - 0.1
Net finance charge 0.9 1.0
Increase in invoice discounting 1.7 1.9
Decrease in trade receivables 1.3 1.1
Decrease in trade payables (3.4) (4.3)

Cash generated from operations 3.4 5.7
Income taxes paid (1.7) (1.8)

Net cash from operating activities 1.7 3.9

b) Components of cash and cash equivalents
2009 2009
£m £m

Cash at bank 4.9 5.7


c) Movement in net borrowings 2009 2009
£m £m
As at 1 January 9.1 4.2
Net decrease / (increase) in cash 0.5 (0.5)
Debt acquired on business acquisition 0.7 0.2
Proceeds from bank loan 0.3 -
Loan repayments (0.5) (0.3)
(Decrease) / increase in borrowings (2.2) 6.0
Foreign exchange 0.1 (0.5)
As at 31 December 8.0 9.1



As at 1 January

9.1

4.2

Net decrease / (increase) in cash

0.5

(0.5)

Debt acquired on business acquisition

0.7

0.2

Proceeds from bank loan

0.3

-

Loan repayments

(0.5)

(0.3)

(Decrease) / increase in borrowings

(2.2)

6.0

Foreign exchange

0.1

(0.5)

As at 31 December

8.0

9.1

7 Restatement of prior year balancesheets

The Group is presenting a restated prior year balance sheets due to a modification to IAS 38 which states that for periods
beginning on or after 1 January 2009 expenditure on advertising and promotional activities should be recognised as an
expense. IAS 8 statesthat where a newly modified IAS does not include transitional provisions (which IAS 38 does not) the
accounting change must be applied retrospectively. This results in a restatement of prior year balance sheets. As the
change in accounting policy results in a change to fair values at the date of acquisition, an adjustment has been made to
goodwill, with corresponding changes to other receivables. In addition, the Group has identified that certain liabilities
relating to the statutory rights of temporary employees in Chile to holiday pay and termination payments on redundancy
werenot accrued in the prior year balance sheet by the local management team. The obligation for these liabilities existed
at the dateof the acquisition of Alternativa (Chile). The amount of the unrecorded liability was £0.8 million as at 31
December 2009, 2008, and 2007 respectively. Deferred tax and minority interests were also adjusted

The impact ofrestatement of prior year balance sheets is disclosed below:

D Goodwill eferredtax assets Tradeand other receivables Tradeand other payables Minority interest
31December2007 Asdisclosed 22.0 0.9 32.4 (24.7) (3.0)
Adjustment 0.6 0.1 (0.2) (0.8) 0.3
Restated 22.6 1.0 32.2 (25.5) (2.7)
31December2008 Asdisclosed 30.6 0.4 33.5 (25.6) (2.9)
Adjustment 0.6 0.1 (0.2) (0.8) 0.3
Restated 31.2 0.5 33.3 (26.4) (2.6)


Asdisclosed

30.6

0.4

33.5

(25.6)

(2.9)

Adjustment

0.6

0.1

(0.2)

(0.8)

0.3

Restated

31.2

0.5

33.3

(26.4)

(2.6)

These was no impact of above changes on the consolidated income statement or consolidated cash flow statement.

8 Annualreport and accounts

The annual report and accounts for the year ended 31 December 2009 will be postedto shareholders shortly. Additional copies
will be available from the Company

Secretary at the Company's registered office Empresaria Group plc, Peveril Court, 6-8 London Road, Crawley, WestSussex,
RH10 8JE.

This information is provided by RNS
The company news service from the London Stock Exchange

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