Resultados preliminares auditados de 2023
S4capital plc
("S4Capital" o "la Compañía" o "el Grupo")
Resultados preliminares auditados de 2023
Full year results in line with revised expectations
Ingresos netos2 down 2.1% on a reported basis, down 4.5% like-for-like3
EBITDA operativo5 £93.7 million down 24.6% on a reported basis, down 36.6% like-for-like, excluding the one-off benefit of £9.3 million from the significant devaluation of the Argentinian Peso
Operational EBITDA margin in line with revised targets at 10.7%, improved performance in second half due to cost reductions
Deuda neta7 at £180.8 million at the lower end of targeted range of £180 million to £220 million
First share buyback programme completed in March 2024
Challenging macroeconomic conditions and client caution likely to persist, despite the prospect of lower interest rates
Major client relationships remain resilient with Top 10, 20 and 50 performing better than average
2024 target like-for-like net revenue expected to be down on the prior year with a broadly similar overall level of operational EBITDA9
Jean-Benoit Berty appointed Chief Operating Officer, Board membership simplified and Executive Committee strengthened to improve performance
Millones de libras esterlinas | Año terminado 31 Dec 2023 | Año terminado 31 Dec 20228 | cambio Reportado | el cambio | el cambio | ||
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Billings1 | 1,870.5 | 1,890.5 | (1.1%) | (1.4%) | (1.4%) | ||
Ingresos | 1,011.5 | 1,069.5 | (5.4%) | (7.8%) | (7.8%) | ||
Ingresos netos2 | 873.2 | 891.7 | (2.1%) | (4.5%) | (4.5%) | ||
EBITDA operativo5 | 93.7 | 124.2 | (24.6%) | (36.6%) | (36.7%) | ||
Margen EBITDA operativo5 | 10.7% | 13.9% | (320 bps) | (550 bps) | (540 bps) | ||
Beneficio operativo ajustado6 | 82.0 | 114.1 | (28.1%) | ||||
Ajustar elementos6 | (61.8) | (249.4) | 75.2% | ||||
Ganancia / (pérdida) operativa | 20.2 | (135.3) | 114.9% | ||||
Pérdida por año | (6.0) | (160.5) | 96.3% | ||||
Pérdida básica por acción (peniques) | (0.9) | (27.2) | 26.3 | ||||
Utilidad básica ajustada por acción6 (peniques) | 5.7 | 11.4 | (5.7) | ||||
Número de monjes | 7,707 | 8,891 | |||||
Deuda neta7 | (180.8) | (110.2) |
Aspectos financieros más destacados
¤ Billings £1,870.5 million, down 1.1% on a reported basis and down 1.4% like-for-like.
¤ Revenue £1,011.5 million, down 5.4% reported and down 7.8% like-for-like.
¤ Net revenue £873.2 million, down 2.1% reported and down 4.5% like-for-like, primarily reflecting challenging macroeconomic conditions compared to 2022. It also reflected cautious spending from clients, particularly those in the technology sector and by smaller client relationships and regional and local clients, along with a difficult year for new business and lower seasonal uplift in the fourth quarter. However, two-year and three-year net revenue stacks (like-for-like net revenue growth stacks for the last two and three years) are 21.4% and 65.1%.
¤ Operational EBITDA in line with revised expectations at £93.7 million, down 24.6% reported and down 36.6% like-for-like. This was primarily due to lower revenue, with costs tightly controlled and headcount down 13% versus December 2022. In December 2023, the Argentinian Peso significantly devalued by over 50%, and operational EBITDA excludes this one-off benefit of £9.3 million which is included in adjusted items. Had this item been included, operational EBITDA would have been £103.0 million.
¤ Operating profit £20.2 million, an improvement of £155.5 million on the prior year, primarily due to lower combination related payments.
¤ Basic loss per share of 0.9p, compared to 27.2p basic loss per share in 2022.
? Adjusted basic earnings per share, which excludes adjusting items after tax, of 5.7p per share, compared to 11.4p per share last year.
¤ Net debt ended the year at £180.8 million, or 1.9x net debt/pro-forma4 EBITDA operativo5 of £93.3 million. Net debt was at the lower end of the £180 million to £220 million target range, reflecting tight cost control and lower combination payments. Combination payments relating to prior years' merger activity have largely been completed, with the majority of the balance of £11.4 million settled in the first quarter of 2024.
¤ The balance sheet has sufficient liquidity and long-dated debt maturities to facilitate growth, with the maturity of the ?375 million term loan in August 2028 and the currently undrawn £100 million RCF in August 2026, we have comfortable headroom against the key covenant - that net debt will not exceed 4.5x the pro-forma operational EBITDA10.
¤ Following the recently completed share buyback of 1% of the Company's share capital earlier this month, the Board will consider paying an inaugural dividend following this year's half-year results, if further operational progress has been made. Our focus remains on using free cash flow to reduce debt, buyback shares and dividends.
Aspectos destacados estratégicos y operativos
¤ After four years of very strong growth (like-for-like net revenue growth of 44.0% in 2019, 19.4% in 2020, 43.7% in 2021 and 25.9% in 2022), 2023 was a difficult year with a like-for-like decline of 4.5% in net revenue. After growth in the first half of the year, the third and fourth quarters were more challenging. This reflects global macroeconomic conditions and client caution and fear of recession, a difficult year for new business and lower seasonal uplift than in previous years. We saw longer sales cycles, particularly for larger transformation projects and whilst all practices saw some impact, this was most evident in Content with some technology clients, a reduction in smaller project-based assignments and with local and regional clients. The final results for 2023 were in line with our revised targets.
¤ Our stated 'whopper' strategy of building broad scaled relationships with leading enterprise clients continues to drive our revenue. Revenues from our top clients are subject to the same global macroeconomic pressures, however, we saw better performance in our top 20 and top 50 clients. We closed 2023 with 10 'whoppers', that is clients delivering over $20 million of revenue per annum, the same number as in 2022 and against our target of 20.
¤ Profitability came under pressure due to lower revenue than budgeted and significant cost reductions were made to deliver an operational EBITDA margin of 10.7%, in line with revised targets. Margins improved in the second half as cost reductions took effect. While we have seen some salary and related benefits inflation, we continue to maintain a disciplined approach to cost management, including headcount and discretionary costs. These controls have resulted in 7,707 Monks at year end, down over 13% from 8,891 at the same time in 2022. The Group continues to manage costs tightly, given the current uncertain market outlook.
¤ The Content practice's net revenue was down 10.0% like-for-like and down 9.2% on a reported basis, with Data&Digital Media down 3.1% like-for-like and down 4.4% on a reported basis. Technology Services was up 21.6% like-for-like and up 48.6% on a reported basis. Content had a very challenging year and was particularly impacted in the second half by lower spending by certain technology clients, lower regional and local opportunities, a difficult year for new business and lower seasonal uplift. Data&Digital Media had modest growth in the first half, but declined in the second half, highlighting tougher end markets. Technology Services had good growth in the first half, but slowed significantly in the second half of the year due to longer sales cycles for transformation projects, phasing of work and a reduction in activity from some larger clients.
¤ Geographically, on a like-for-like basis, Americas net revenue was down 2.8% and now accounts for 79% of total net revenue, primarily reflecting the growth in Technology Services. EMEA, accounting for 15%, was down 10.9% due to the weaker macroeconomic environment and Asia Pacific, accounting for the remaining 6%, was down 9.2%, reflecting lower client demand.
¤ Growth rates in digital media and transformation markets remain above those of traditional, analogue markets. We are mainly focused on these two digital markets and are at the heart of developing trends around AI, Quantum Computing, the Metaverse and Blockchain for marketing. We are starting to see traction from our AI initiatives: clients are engaging us for workshops, audits and strategic advice and almost all our presentations and new engagements involve AI in one way or another. Our approach was recognised by Adweek, as we won their inaugural AI Agency of the Year award in 2023. In early 2024 we launched Monks.Flow, an AI-centric professional managed service and the initial response is encouraging - we believe this product will be an essential differentiator for us as clients move from testing to full-scale adoption of AI. The Company has key partnerships with AI technology leaders such as Google, Nvidia, OpenAI, Runway, AWS and Adobe and we are working closely with them to develop and implement use cases. Media.Monks are a NVIDIA Service Delivery Partner, which guides the migration of Brands and Industries to AI-powered workflows and compute. We are transforming the marketing services landscape through our adoption of NVIDIA software platforms throughout Monks.Flow.
¤ Our talented people have responded positively to the challenges of the year and we have continued to focus on the three areas of our ESG strategy: People Fulfilment, Our Responsibility to the World and One Brand.
Board and management structure
We are delighted to announce Jean-Benoit Berty, has been appointed Chief Operating Officer and a member of the Executive Committee with immediate effect. Prior to joining the Company, Jean-Benoit was a Senior Partner at Ernst & Young for approximately 18 years, where he held various leadership roles, including being the Technology, Media & Telecommunications Leader, Head of Industries and part of the original management team to build the Consulting practice. Jean-Benoit has also spent the past 12 years advising boards and management teams in the advertising and media industry on strategic and operational initiatives. His experience spans across strategic growth; commercial, organisational and operational effectiveness; margin improvement and enterprise-wide transformation. His previous roles include being Vice President at Capgemini Consulting and Managing Director at CRM consultancies. Christopher S Martin will now be able to focus 100% on leading the Data&Digital Media practice.
Following last year's Board effectiveness review, the Board decided to develop a more traditional, streamlined Board structure, where Directors are primarily non-executive. As a result, Christopher S. Martin, Victor Knaap, Wes ter Haar and Scott Spirit have all agreed to retire from the Board at the conclusion of the next annual general meeting. Each of the retiring executive directors will retain their current roles within the Company and, as now, their involvement in the Executive Committee, where they will be joined by Jean-Benoit Berty. Finally, Wes ter Haar will become a Board Observer, as an example of our founder/management ownership approach and to support input into our strategy, such as the focus on AI..
Outlook
¤ We expect clients to remain cautious in the near term, despite the possibility of interest rate reductions later in 2024.
¤ At a practice level we expect Content to show a profitability improvement reflecting the benefit of cost reductions made in 2023, Data&Digital Media to show a similar top and bottom line performance to the prior year with some margin improvement, while the outlook for Technology Services is more challenging and expected to be lower, following a reduction in activity with some key clients.
¤ For the Company as a whole, given the current outlook for Technology Services and wider market uncertainty, we are targeting like-for-like net revenue to be down on the prior year with a broadly similar overall level of operational EBITDA as 2023, as a result of cost reductions made in the previous year. The comparatives with 2023 will be difficult in the first-half and will be easier in the second-half. We expect the year to be heavily second-half weighted, with improving end markets and our normal seasonality.
¤ Our net debt is expected to fall in 2024 reflecting positive free cash flow and significantly lower combination payments. Our targeted range for the year end is £150 million to £190 million. We continue to aim for financial leverage of around 1.5 times operational EBITDA over the medium term.
¤ Over the medium to longer term we continue to expect our growth to outperform our markets and operational EBITDA margins to return to historic levels of around 20%.
Sir Martin Sorrell, presidente ejecutivo de S4Capital plc dijo:
"Después nuestros first four strong net revenue growth years, we had a difficult 2023 reflecting challenging global macroeconomic conditions, fears of recession and high interest rates. This resulted in client caution to commit and extended sales cycles, particularly for larger projects, a difficult year for new business, as well as spend reductions from some regional and smaller client relationships. We saw better relative performance and continued resilience in our top 20 and top 50 clients, with our ten largest client relationships strong. We took significant actions to reduce costs in the year and maintain a disciplined approach to operational efficiency. We are targeting like-for-like net revenue for 2024 to be down on the prior year, with a broadly similar overall level of profit performance to 2023. As usual, the year is likely to be weighted to the second half, aided by lower interest rates and the impact of our Artificial Intelligence initiatives. We remain confident that our talent, business model, strategy and scaled client relationships position us well for above average growth in the longer term, with an emphasis on deploying free cash flow to boost shareowner returns. We welcome Jean-Benoit Berty as Chief Operating Officer. His extensive management consulting experience will be of great value in focusing on the opportunities and challenges we face. The simplification of Board membership and strengthening of the Executive Committee will also enable us to focus more on our performance. "
Notas:
1. La facturación es la facturación bruta al cliente, incluidos los costos de traspaso.
2. Los ingresos netos son los ingresos menos los costos directos.
3. Like-for-like is a non-GAAP measure and relates to 2022 being restated to show the audited numbers for the previous year of the existing and acquired businesses consolidated for the same months as in 2023 applying currency rates as used in 2023.
4. Pro-forma numbers relate to audited non-statutory and non-GAAP consolidated results in constant currency as if the Group had existed in full for the year and have been prepared under comparable GAAP with no consolidation eliminations in the pre-acquisition period.
5. Operational EBITDA is operating profit or loss adjusted for acquisition related expenses, non-recurring items (primarily acquisition payments tied to continued employment, amortisation of business combination intangible assets and restructuring and other one-off expenses) and recurring items (share-based payments) and includes right-of-use assets depreciation. It is a non-GAAP measure management uses to assess the underlying business performance. Operational EBITDA margin is operational EBITDA as a percentage of net revenue.
6. Adjusted figures are adjusted for non-recurring and recurring items as defined above.
7. La deuda neta excluye los pasivos por arrendamiento.
8. The prior year figures have been restated for the adoption of the amendment to IAS 12.
9. Este es un objetivo y no un pronóstico de ganancias.
10. Net debt/pro-forma operational EBITDA as defined per the facilities agreement.
Observación
Este anuncio incluye 'declaraciones prospectivas'. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's services) are forward-looking statements.
Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These factors include but are not limited to those described in the Company's prospectus dated 8 October 2019 which is available on the news section of the Company's website. These forward- looking statements speak only as at the date of this announcement. S4Capital renuncia expresamente a cualquier obligación o compromiso de actualizar o revisar las declaraciones prospectivas contenidas en este documento para reflejar los resultados reales o cualquier cambio en los supuestos, condiciones o circunstancias en los que se basan dichas declaraciones, a menos que se requiera hacerlo.
Ninguna declaración en este anuncio tiene la intención de ser un pronóstico de ganancias y ninguna declaración en este anuncio debe interpretarse en el sentido de que las ganancias por acción de la Compañía para el año actual o futuro necesariamente igualarán o excederán las ganancias históricas publicadas por acción de la Compañía. .
Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, shares in the Company.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 of 16 April 2014 as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018.
Webcast de resultados y teleconferencia
A webcast and conference call covering the results will be held today at 09:00 GMT in London, followed by another webcast and call at 08:00 EDT/ 13:00 GMT. Both webcasts of the presentation will be available at www.s4capital.com during the event. Those wishing to ask questions as part of the Q&A should use the conference call facility.
09:00 GMT webcast (solo ver):
Webcast: https://brrmedia.news/SFORFY23UK
Conference call: USA Local: +1 786 697 3501
Número gratuito de EE. UU.: 866 580 3963
En todo el Reino Unido: +44 (0) 33 0551 0200
Número gratuito del Reino Unido: 0808 109 0700
Confirmation code: Quote 'S4Capital Results' when prompted by the operator
08:00 EDT / 13:00 GMT webcast (solo ver):
Webcast: https://brrmedia.news/SFORFY23US
Conferencia:
EE. UU. Local: +1 786 697 3501
Número gratuito de EE. UU.: 866 580 3963
En todo el Reino Unido: +44 (0) 33 0551 0200
Número gratuito del Reino Unido: 0808 109 0700
Confirmation code: Quote 'S4Capital Results US' when prompted by the operator
Consultas a
S4capital plc
Sir Martin Sorrell, Executive Chairman +44 (0)20 3793 0003/ +44 (0)20 3793 0007
Mary Basterfield, directora financiera
Scott Spirit, director de crecimiento
Powerscourt (Asesor de relaciones públicas)
Elly Williamson +44 (0)7970 246 725
pete lambie
Descripción general del estado de resultados preliminares
2023 was a difficult year with slower market growth and continuing macroeconomic uncertainty. The first half saw a mixed performance with slower growth and an expected second half seasonal uplift did not materialise amidst continuing client caution and further economic and geopolitical challenges. Overall, we have seen clients very much focused on the short term, particularly in relation to larger transformation projects which has resulted in longer sales cycles, along with lower regional and local opportunities and we have found it harder to convert new business opportunities. Our stated 'embuste' strategy of building broad scaled relationships with leading enterprise clients continues to drive our business and we are half-way to our objective of 20 such relationships. We remain focused on a disciplined approach to costs, headcount and operational cash generation.
In the second half of 2023, as expected, there was cash outflow relating to prior year combination pagos, with net debt rising as a result. Due to significant cost reductions and £10 million of merger payments being moved into the following year, we ended the year with net debt at the lower end of our guided range. We will maintain a liquid balance sheet and the focus will be on improving operating performance and deploying free cash flow to buybacks and dividends.
The Company reports in three well defined practices:
· Content had a challenging year, with like-for-like net revenue declining, particularly in the second half, which impacted margins significantly, although this was tempered by strong cost discipline. Content practice operational EBITDA was £38.9 million, down 47.5% on a reported basis versus 2022 and down 55.7% on a like-for-like basis. Continued control on hiring and reorganisation of the practice has reduced the number of Monks at the year end. We continue to focus on improving the operating model, integration and forecasting. We have made changes to the leadership structure of the Content practice including, a new co-CEO Bruno Lambertini, and new leadership in key markets, including Matt Godfrey in APAC, to reinvigorate growth in local and regional clients.
· Data&Digital Media saw a modest like-for-like net revenue decline, which impacted margins. Corrective action on costs was taken. Data&Digital Media practice operational EBITDA was £33.5 million, down 16.0% on a reported basis from the last year and down 21.7% on a like-for-like basis reflecting the decline in revenue, people cost and related benefits increases and higher travel and selling costs against a Covid impacted comparison.
· Technology Services, after a strong first half, declined slightly in the second half due to phasing and a reduction in work with some larger clients and strong comparatives. Overall the practice delivered operational EBITDA of £43.4 million, up 20.2% on a reported basis from the prior year and up 0.7% like-for-like. Given these trends, Technology Services faces a challenging outlook for 2024, both at the revenue and profit level.
The Americas net revenue was £688.1 million and now represents 79% of our total net revenue with the benefit of the growth in Technology Services. EMEA and APAC had a more challenging year and now represent 15% and 6% of our total respectively.
Both Data&Digital Media and Technology Services market growth rates remain above those of traditional, analogue markets. We are mainly focused on the digital media and transformation markets and are at the heart of developing trends around AI, the Metaverse, Blockchain and Quantum Computing. We are seeing our AI initiatives have impact in improving visualisation and copywriting productivity, in delivering hyper-personalisation at scale, in more automated media planning and buying, in improving general client and agency efficiency and in democratising knowledge. This includes the launch of Monks.Flow, an AI-centric professional managed service. The initial client traction reinforces our confidence in our offering and approach. There is ongoing geopolitical uncertainty around US/China relations, the war in Ukraine and conflict in the Middle East meaning clients are likely to remain cautious despite confidence improving on the prior year, with the expectation of interest rate reductions to come later in 2024.
ESG
2023 was focused around the three areas of our ESG strategy: People Fulfilment, Our Responsibility to the World and One Brand. We are adopting new tools to help us move towards increased transparency and measuring of CO2 emissions. We continue to engage with leading stakeholders, industry efforts and global initiatives - like the World Economic Forum, Shanghai Municipality's International Business Leaders' Advisory Council (IBLAC) and Amazon's Climate Pledge. Our goal is to reach Net Zero by 2040 and we have a clear understanding of the emission reduction opportunities within the Company. We have submitted our SBTi targets for approval. Across the Company, we donated 1,449 hours for community and charity services and increased our For Good projects from 445 to 502.
We focused on our people and people experience using our DE&I platform, Diversity in Action, which touches all aspects of our business. We ran our third Women in Leadership programme at Berkley University and welcomed three new S4 Fellows. Embedding a greater understanding of diversity and cultural fluency into the Company is also a top priority. We are a signatory to the United Nations (UN) Women's Empowerment Principles and continue to focus on closing the representation gap in our industry by providing training to underserved and/or underrepresented talent.
Resumen y perspectiva
We expect clients to remain cautious in the near term, despite the possibility of interest rate reductions later in 2024.
At a practice level we expect Content profitability to show an improvement reflecting the benefit of cost reductions made in 2023, Data&Digital Media to show a similar top and bottom line performance to the prior year with some margin improvement, while the outlook for Technology Services is more challenging and expected to be lower, following a reduction in activity with some key clients.
For the Company as a whole, given the current outlook for Technology Services and wider market uncertainty, we are targeting like-for-like net revenue to be down on the prior year with a broadly similar overall level of operational EBITDA as 2023. The comparatives with 2023 will be difficult in the first-half and will be easier in the second-half. We expect the year to be heavily second-half weighted with improving end markets and our normal seasonality.
Our net debt is expected to reduce in 2024 due to positive free cash flow and significantly lower combination payments. Our targeted range for the year end is £150 million to £190 million. We continue to aim for financial leverage of around 1.5 times operational EBITDA over the medium term.
Over the medium to longer term we continue to expect our growth to outperform our markets and operational EBITDA margins to return to historic levels of around 20%. The strategy of S4Capital remains the same. The Company's purely digital transformation model, based on first-party data fuelling the creation, production and distribution of digital advertising content, distributed by digital media and built on technology platforms to ensure success and efficiency, resonates with clients. Our tagline 'faster better cheaper and more (to which with the arrival of AI we have added 'más, ') and a unitary structure both appeal strongly, even more so in challenging economic times.
Revisión financiera
Resumen de Resultados
Millones de libras esterlinas | Año terminado 31 Dec 2023 | Año terminado 31 Dec 20228 | cambio Reportado | el cambio | el cambio | ||
Billings1 | 1,870.5 | 1,890.5 | (1.1%) | (1.4%) | (1.4%) | ||
Ingresos | 1,011.5 | 1,069.5 | (5.4%) | (7.8%) | (7.8%) | ||
Ingresos netos2 | 873.2 | 891.7 | (2.1%) | (4.5%) | (4.5%) | ||
EBITDA operativo5 | 93.7 | 124.2 | (24.6%) | (36.6%) | (36.7%) | ||
Margen EBITDA operativo5 | 10.7% | 13.9% | (320 bps) | (550 bps) | (540 bps) | ||
Beneficio operativo ajustado | 82.0 | 114.1 | (28.1%) | ||||
Ajustar elementos6 | (61.8) | (249.4) | 75.2% | ||||
Margen de beneficio operativo ajustado6 | 9.4% | 12.8% | (340 bps) | ||||
Gastos financieros netos y pérdida en la posición monetaria neta | (34.1) | (24.4) | (39.8%) | ||||
Adjusted result before income tax6 | 48.1 | 88.4 | (46.4%) | ||||
Adjusted Income tax expenses6 | (11.6) | (20.9) | (44.2%) | ||||
Adjusted result for the year6 | 36.5 | 67.5 | (45.9%) | ||||
Utilidad básica ajustada por acción6 (peniques) | 5.7 | 11.4 | (5.7) | ||||
A full list of alternative performance measures and non-IFRS measures together with reconciliations to IFRS or GAAP measures is set out in the Alternative Performance Measures.
Resumen financiero
Despite a challenging 2023 with slower market growth and ongoing macroeconomic uncertainty, cautious spending from clients, a difficult year for new business and a lower seasonal uplift than in previous years, we have continued to enhance our financial processes and controls, supported by a now well established finance team, with a focus on operational EBITDA margin, tight cost controls, forecasting and driving cash generation. We will continue to focus on all of these areas throughout 2024 along with ongoing investments in finance systems and processes to support the Group in delivering its targets for the year.
Billings were £1,870.5 million, down 1.1% on a reported basis, down 1.4% on a like-for-like basis.
Revenue was £1,011.5 million, down 5.4% from £1,069.5 million on a reported basis, down 7.8% on a like-for-like basis.
Net revenue was £873.2 million, down 2.1% reported, down 4.5% like-for-like.
Operational EBITDA was £93.7 million compared to £124.2 million in the prior year, a reported decrease of 24.6% and down 36.6% on a like-for-like basis reflecting the challenging revenue trajectory. We have continued to maintain a disciplined approach to cost management, including headcount and discretionary costs. These controls have resulted in the number of Monks at the end of the year being 7,707, down 13% from 8,891 at this time last year and down 15% on the June 2022 figure. In December 2023, the Argentinian Peso significantly devalued by over 50%. Operational EBITDA excludes this one-off benefit of £9.3m, which is included in adjusting items.
Operational EBITDA margin was 10.7%, down 320 basis points versus 13.9% in 2022 and down 550 basis points like-for-like reflecting primarily the lower growth and margins in the Content practice and lower margins in Technology Services and Data&Digital Media. Our ambition remains to return full year margins to historic levels, around 20%, over the medium to longer term.
Adjusted operating profit was down 28.1% on a reported basis to £82.0 million from £114.1 million, before adjusting items of £61.8 million (2022: £249.4 million). The reduction in adjusting items is largely due to lower combination payments tied to continued employment. Adjusting items also includes share-based payments, restructuring costs primarily related to headcount, amortisation of business combination intangible assets and the benefit to our costs of the significant devaluation of the Argentinian Peso. The reported operating profit of £20.2 million, was an improvement of £155.5 million on 2022, reflecting a reduction in the acquisition expenses. The loss for the year was £6.0 million (2022: loss £160.5 million).
Adjusted basic earnings per share was 5.7p, versus adjusted basic earnings per share of 11.4p in 2022. Basic loss per share was 0.9p (2022: 27.2p).
Práctica y Desempeño Geográfico
Millones de libras esterlinas | Año terminado 31 Dec 2023 | Año terminado 31 Dec 2022 | cambio Reportado | el cambio | el cambio | ||
Contenido | 528.9 | 582.7 | (9.2%) | (10.0%) | (10.0%) | ||
Datos y medios digitales | 207.3 | 216.8 | (4.4%) | (3.1%) | (3.1%) | ||
Servicios de Tecnología | 137.0 | 92.2 | 48.6% | 21.6% | 21.3% | ||
Ingresos netos2 | 873.2 | 891.7 | (2.1%) | (4.5%) | (4.5%) | ||
América | 688.1 | 683.9 | 0.6% | (2.8%) | (2.8%) | ||
EMEA | 133.1 | 148.3 | (10.2%) | (10.9%) | (10.9%) | ||
Asia-Pacífico | 52.0 | 59.5 | (12.6%) | (9.2%) | (9.2%) | ||
Ingresos netos2* | 873.2 | 891.7 | (2.1%) | (4.5%) | (4.5%) | ||
Contenido | 38.9 | 74.1 | (47.5%) | (55.7%) | (55.7%) | ||
Datos y medios digitales | 33.5 | 39.9 | (16.0%) | (21.7%) | (21.7%) | ||
Servicios de Tecnología | 43.4 | 36.1 | 20.2% | 0.7% | 0.5% | ||
S4 central | (22.1) | (25.9) | 14.7% | 15.0% | 15.4% | ||
EBITDA operativo5 | 93.7 | 124.2 | (24.6%) | (36.6%) | (36.7%) |
*The prior year geographical split of net revenue has been re-presented to be consistent with the internal reporting provided to the Group's Board of Directors in the current year.
práctica de rendimiento
The Content practice's net revenue was down 10.0% like-for-like and down 9.2% on a reported basis, with Data&Digital Media down 3.1% like-for-like and down 4.4% on a reported basis. Technology Services was up 21.6% like-for-like and up 48.6% on a reported basis.
Content practice operational EBITDA was £38.9 million, down 47.5% on a reported basis versus 2022, down 55.7% on a like-for-like basis. The Content practice operational EBITDA margin was 7.4%, compared to 12.7% in 2022, reflecting lower revenues impacting profitability. Continued control on hiring and reorganisation of the practice has reduced the number of Monks at the year end. We continue to focus on improving the operating model, integration and forecasting.
Data&Digital Media practice operational EBITDA was £33.5 million, down 16.0% on a reported basis from the last year, down 21.7% on a like-for-like basis. Data&Digital Media practice operational EBITDA margin was 16.2%, compared to 18.4%, reflecting the decline in revenue, people and related benefits cost inflation and higher travel and selling costs against a Covid impacted comparison.
Technology Services performed strongly in the year, with operational EBITDA of £43.4 million, up 20.2% on a reported basis from the prior year, up 0.7% like-for-like and delivering an operational EBITDA margin of 31.7%.
Desempeño geográfico
The Americas net revenue was £688.1 million (79% of total), up 0.6% on a reported basis from last year. On a like-for-like basis the Americas net revenue was down 2.8%, with growth in our 'whoppers' offset by slower market growth and client caution.
EMEA net revenue was £133.1 million (15% of total), down 10.2% from last year on a reported basis. On a like-for-like basis EMEA net revenue was down 10.9% primarily reflecting macroeconomic conditions leading to slower market growth and client caution and a difficult new business environment.
Asia Pacific net revenue was £52.0 million (6% of total), down 12.6% on a reported basis. On a like-for-like basis Asia Pacific net revenue was down 9.2% reflecting challenging market conditions and lower client demand.
Cflujo de ceniza
Millones de libras esterlinas | Año terminado 31 Dec 2023 | Año terminado 31 Dec 2022 |
EBITDA operativo | 93.7 | 124.2 |
Gastos de capital1 | (10.2) | (16.1) |
Interest and facility fees paid | (26.7) | (16.3) |
Impuesto a las ganancias pagado | (20.5) | (19.0) |
Restructuring and other one-off expenses paid | (20.8) | (4.9) |
Cambio en el capital de trabajo2 | (1.7) | 1.9 |
Flujo de caja libre | 13.8 | 69.8 |
Fusiones y Adquisiciones | (80.8) | (162.6) |
Otro | (3.6) | 0.6 |
Movimiento de la deuda neta | (70.6) | (92.2) |
Deuda neta de apertura | (110.2) | (18.0) |
Deuda neta | (180.8) | (110.2) |
La tabla refleja cómo se administra el negocio y este es un formato de flujo de caja no reglamentario.
1. Includes purchase of intangible assets, purchase of property, plant and equipment and security deposits.
2. Working capital primarily includes movement on receivables, payables, principal elements of lease payments and depreciation of right-of-use assets.
Free cash flow for 2023 was £13.8 million, a reduction of £56.0 million compared to 2022, with a lower operational EBITDA, increased cash interest costs reflecting higher interest rates, restructuring payments and a slight outflow in working capital.
Cash paid in relation to combinations (M&A) decreased £81.8 million versus the prior year to £80.8 million reflecting lower M&A activity. The majority of the cash payments have now been made with the majority of the balance of £11.4 million settled in the first quarter of 2024.
Tesorería y deuda neta
2023 | 2022 | ||
Conciliación de deuda neta Millones de libras esterlinas | |||
Efectivo y equivalentes de efectivo | 145.7 | 223.6 | |
Préstamos y empréstitos (excluidos sobregiros bancarios) | (326.5) | (333.8) | |
Deuda neta | (180.8) | (110.2) |
The year end net debt was £180.8 million (2022: £110.2 million) or 1.9x net debt/pro-forma operational EBITDA. During the year, the S4Capital Group (as defined in its facilities agreement) complied with the covenants set in that agreement. The pro-forma operational EBITDA for the year was £93.3 million. S4Capital Group will ensure that the net debt will not exceed 4.5:1 of the pro-forma earnings before interest, tax, depreciation, and amortisation, measured at the end of any relevant period of 12 months ending each semi-annual date in a financial year, as defined in the facility agreement. As at 31 December 2023, the net debt/pro-forma EBITDA, as defined by the facilities agreement, was 1.9x.
The balance sheet has sufficient liquidity and long dated debt maturities. The duration of the facilities agreement is seven years in relation to the TLB, therefore the termination date is August 2028, and five years in relation to the RCF, therefore the termination date is August 2026.
Intereses e impuestos
Consolidated statement of profit or loss net financing costs were £35.4 million (2022: £25.7 million), an increase of £9.7 million due to higher interest rates and increased lease costs. The profit or loss tax credit for the year was £7.9 million (2022: £0.8 million expense).
Hoja de balance
Overall the Group reported net assets of £865.9 million as at 31 December 2023, which is an increase of £15.8 million compared to 31 December 2022, driven mainly by a reduction in contingent consideration balances.
Adquisiciones
On 31 October 2023, S4Capital plc announced the business combination of Formula Consultants Incorporated ('FCI') for an expected total consideration of £1.2 million, including performance linked consideration of £0.4 million. The initial cash outlay was funded through the Group's own cash resources for the entire issued share capital of FCI.
The purchase price allocation has been finalised and net identifiable assets acquired totaled £1.0 million, including cash and cash equivalents of £0.3 million. Goodwill arising on the acquisition was £0.2 million. FCI has contributed £0.4 million to the Group's revenue and £0.3 million to the Group's operational EBITDA since the acquisition date.
Acerca de S4Capital
S4Capital plc (SFOR.L) es la compañía de servicios de tecnología, marketing y publicidad digital de la nueva era/nueva era liderada por la tecnología, establecida por Sir Martin Sorrell en mayo de 2018.
Our strategy is to build a purely digital advertising and marketing services business for global, multinational, regional, and local clients, and millennial-driven influencer brands. This will be achieved by integrating leading businesses in three practices: Content, Data&Digital Media and Technology Services, along with an emphasis on 'faster, better, cheaper, more' execution in an always-on consumer-led environment, with a unitary structure.
El S4Capital Board includes Rupert Faure Walker, Paul Roy, Daniel Pinto, Sue Prevezer, Elizabeth Buchanan, Naoko Okumoto, Margaret Ma Connolly, Miles Young and Colin Day as Non-Executive Directors.
La Compañía ahora cuenta con aproximadamente 7,700 personas en 32 países con aproximadamente el 80% de los ingresos netos en América, el 15% en Europa, Medio Oriente y África y el 5% en Asia-Pacífico. El objetivo a más largo plazo es una división geográfica del 60%:20%:20%. Actualmente, el contenido representa aproximadamente el 60% de los ingresos netos, los datos y medios digitales el 25% y los servicios tecnológicos el 15%. El objetivo a largo plazo de las prácticas es una división del 50%:25%:25%.
Sir Martin was CEO of WPP for 33 years, building it from a £1 million 'shell' company in 1985 into the world's largest advertising and marketing services company, with a market capitalisation of over £16 billion on the day he left. Prior to that Sir Martin was Group Financial Director of Saatchi & Saatchi Company Plc for nine years.
Audited consolidated statement of profit or loss
Por el año terminado el 31 de diciembre de 2023
2023
£ m | 2022 Replanteado1 £ m | ||
Notas |
| ||
Ingresos | 7 | 1,011.5 | 1,069.5 |
Directo costos | (138.3) | (177.8) | |
Red ingresos | 7 | 873.2 | 891.7 |
Personal costos | (670.8) | (682.1) | |
Otro funcionamiento gastos | (92.6) | (83.3) | |
Adquisición, restructuring and other one-off gastos | (11.9) | (155.9) | |
depreciaciónn, amortización y deterioro | (77.9) | (105.7) | |
Compartir of beneficio of articulación riesgo | 0.2 | - | |
Total funcionamiento gastos |
(853.0) |
(1,027.0) | |
Funcionamiento lucro/(pérdida) | 20.2 | (135.3) | |
Equilibrado funcionamiento beneficio | 82.0 | 114.1 | |
Ajuste artículos2 | (61.8) | (249.4) | |
Funcionamiento lucro/(pérdida) | 20.2 | (135.3) | |
Finanzas ingresos |
2.8 |
1.5 | |
Finanzas costos | (38.2) | (27.2) | |
Red financiar costos |
(35.4) |
(25.7) | |
Obtén on las red monetario posición | 1.3 | 1.3 | |
Pérdida antes ingresos deuda |
(13.9) |
(159.7) | |
por deuda crédito/(gasto) | 7.9 | (0.8) | |
Pérdida para las año |
(6.0) |
(160.5) | |
Atribuible a los propietarios de la Compañía Atribuible a intereses minoritarios |
(6.0) - |
(160.5) - | |
(6.0) | (160.5) | ||
Pérdida para comparte atribuible a las ordinario equidad titulares of las Empresa Basic de para comparte (peniques) |
|
(0.9) |
(27.2) |
Diluido de para comparte (peniques) | (0.9) | (27.2) |
Notas:
1. El comparativos para el año terminado el 31 de diciembre de 2022 tienen esto reexpresado para la adopción de la modificación a la NIC 12 (ver nota 2).
2. Adjusting artículos incluido amortisation and impairment of £48.6 million (2022: £ 78.9 million), acquisition gastos de £ 9.2 million gain (2022: £151.0 million expense), share-based payments of £10.1 million (2022: £ 14.6 million) and restructuring and other one-off expenses of £12.3 million (2022: £ 4.9 million).
El dE TRATAMIENTOS para las año en totalmente atribuible a las continuo operaciones of las Grupo.
Estado de resultados integrales consolidado auditado
Por el año terminado el 31 de diciembre de 2023
2023
£ m |
2022 Replanteado1 £ m | |
Pérdida para las año | (6.0) | (160.5) |
Otros (gastos) / ingresos integrales |
|
|
Partidas que pueden reclasificarse a resultados |
|
|
Operaciones en el extranjero - diferencias de conversión de moneda extranjera | (53.8) | 70.7 |
Otro exhaustivo (gasto) / ingreso |
(53.8) |
70.7 |
Total exhaustivo gastos para las año | (59.8) | (89.8) |
Atribuible a los propietarios de of las Empresa |
(59.8) |
(89.8) |
Atribuible a no controladora intereses | - | - |
(59.8) | (89.8) |
Notas:
1. El comparativos para el año terminado el 31 de diciembre de 2022 tienen esto reexpresado para la adopción de la modificación a la NIC 12 (ver nota 2).
Audited consolidated balance sheet
Al 31 de diciembre de 2023
Note |
2023
£ m | 2022 Replanteado1 £ m |
| ||
Activos |
| ||||
Goodwill | 8 | 691.3 | 718.8 |
| |
Intangible activos | 381.6 | 445.2 |
| ||
Derecho de uso activos | 45.8 | 55.7 |
| ||
Propiedad, planta y equipo | 21.9 | 29.7 |
| ||
Interés en empresas conjuntas | 0.2 | - |
| ||
Impuesto diferido activos | 7.3 | 5.4 |
| ||
Otro cuentas por cobrar | 13.7 | 12.2 |
| ||
Activos no corrientes | 1,161.8 | 1,267.0 |
| ||
Comercio y otros cuentas por cobrar | 407.5 | 442.4 |
| ||
Activos por impuestos corrientes | 4.9 | - |
| ||
Efectivo y equivalentes de efectivo | 145.7 | 223.6 |
| ||
Current activos | 558.1 | 666.0 |
| ||
Total activos | 1,719.9 | 1,933.0 |
| ||
Pasivos |
|
| |||
Impuesto diferido pasivo | (32.7) | (54.1) |
| ||
Préstamos y préstamos | (320.9) | (326.2) |
| ||
Arrendar pasivo | (35.8) | (43.1) |
| ||
Contingente consideración y retenciones | 9 | (7.3) | (11.3) |
| |
Provisiones | (2.7) | (5.7) |
| ||
Pasivos no corrientes | (399.4) | (440.4) |
| ||
|
| ||||
Comerciales y otras cuentas a pagar | (418.1) | (443.2) |
| ||
Contingente consideración y retenciones | 9 | (18.2) | (177.3) |
| |
Préstamos y préstamos | (0.2) | (0.7) |
| ||
Arrendar pasivo | (13.2) | (15.3) |
| ||
Provisiones | (1.0) | - |
| ||
Impuesto corriente pasivo | (3.9) | (6.0) |
| ||
Current pasivo | (454.6) | (642.5) |
| ||
Total pasivo | (854.0) | (1,082.9) |
| ||
Red activos | 865.9 | 850.1 |
| ||
Equidad |
| ||||
Compartir capital | 145.9 | 142.0 |
| ||
Compartir producto de más alta calidad. | 80.4 | 5.9 |
| ||
Otro reservas | 162.7 | 175.2 |
| ||
Extranjero Intercambio reservas | (5.3) | 48.5 |
| ||
retenido ganancias | 482.1 | 478.4 |
| ||
Atribuible a los propietarios de of las Empresa | 865.8 | 850.0 |
| ||
Sin control intereses | 0.1 | 0.1 |
| ||
Total equidad | 865.9 | 850.1 |
|
Notas:
1. El comparativos as at 31 de diciembre 2022 tienen esto reexpresado for the adoption of multiplataforma período ajustes in respeto of combinaciones, the adoption of the amendment to IAS 12, the deferred tax offsetting y reclassification between trade and other payables and provisions (ver Nota 2).
Estado consolidado auditado de cambios en el patrimonio
Por el año terminado el 31 de diciembre de 2023
Capital social1 £ m | Compartir premium £ m | Reservas de fusión £ m | Otras reservas2 £ m | Las reservas de divisas £ m | Utilidades retenidas/ (pérdidas acumuladas)3 £ m | Atribuible a los propietarios de la Compañía £ m | Participaciones no controladoras £ m | Equidad total £ m | |
Al 1 de enero de 2022 | 138.8 | 446.9 | 205.7 | 76.7 | (22.2) | (44.8) | 801.1 | 0.1 | 801.2 |
Modificación a la reexpresión de la NIC 123 | - | - | - | - | - | 1.3 | 1.3 | - | 1.3 |
Actualización de hiperinflación | - | - | - | 3.3 | - | - | 3.3 | - | 3.3 |
Equilibrado saldo de apertura | 138.8 | 446.9 | 205.7 | 80.0 | (22.2) | (43.5) | 805.7 | 0.1 | 805.8 |
(Pérdida)/ingreso integral del año | |||||||||
Pérdida del año | - | - | - | - | - | (160.5) | (160.5) | - | (160.5) |
Otro resultado integral | - | - | - | - | 70.7 | - | 70.7 | - | 70.7 |
Total utilidad / (pérdida) integral para año | - | - | - | - | 70.7 | (160.5) | (89.8) | - | (89.8) |
Transacciones con propietarios de la Compañía | |||||||||
Reserva de fusión realizada4 | - | (462.6) | (205.7) | - | - | 668.3 | - | - | - |
Combinación de negocios | 3.2 | 21.6 | - | 94.8 | - | - | 119.6 | - | 119.6 |
Pagos basados en acciones | - | - | - | 0.4 | - | 14.1 | 14.5 | - | 14.5 |
Al 31 de diciembre de 20223 | 142.0 | 5.9 | - | 175.2 | 48.5 | 478.4 | 850.0 | 0.1 | 850.1 |
Actualización de hiperinflación | - | - | - | 2.6 | - | - | 2.6 | - | 2.6 |
Equilibrado saldo de apertura | 142.0 | 5.9 | - | 177.8 | 48.5 | 478.4 | 852.6 | 0.1 | 852.7 |
Pérdida integral del año |
|
|
|
|
|
|
|
|
|
Pérdida del año | - | - | - | - | - | (6.0) | (6.0) | - | (6.0) |
Otro integral gastos | - | - | - | - |
(53.8) |
- |
(53.8) |
- |
(53.8) |
Pérdida integral total para el año | - | - | - | - | (53.8) | (6.0) | (59.8) | - | (59.8) |
Transacciones con propietarios de la Compañía |
|
|
|
|
|
|
|
|
|
Combinación de negocios | 3.9 | 74.5 | - | (15.7) | - | - | 62.7 | - | 62.7 |
Pagos basados en acciones | - | - | - | 0.6 | - | 9.7 | 10.3 | - | 10.3 |
Al 31 de diciembre de 2023 | 145.9 | 80.4 | - | 162.7 | (5.3) | 482.1 | 865.8 | 0.1 | 865.9 |
Notas:
1. At the end of the reporting period, the issued and paid up share capital of S4Capital plc consisted of 583,064,256 (2022: 567,832,883) Ordinary Shares having a nominal value of £0.25 per Ordinary Share.
2. Other reserves include the deferred equity consideration of £156.2 million (2022: £ 171.8 million), which comprises TheoremOne for £81.4 million (2022: £ 55.0 million), Raccoon for £43.6 million (2022: £ 43.0 million), Decoded for £nil (2022: £47.9 million), XX Artists for £25.3 million (2022: £ 7.8 million), Cashmere for £nil (2022: £6.9 million), Zemoga for £3.4 million (2022: £ 8.7 million), 4 Mile for £2.3 million (2022: £ 2.3 million) and Destined for £0.2 million (2022: £ 0.2 million), the treasury shares issued in the name of S4Capital plc to an employee benefit trust for the amount of £1.2 million (2022: £ 1.8 million), and the impact of hyperinflation in Argentina of £7.5 million (2022: £ 4.9 million)
3. El opening balance as at 1 January 2022 and the comparatives as at 31 December 2022 have been restated for the adoption of the amendment to IAS 12 (see Note 2).
4. Durante the year ended 31 December 2022, the Group undertook a reduction of capital to effect the cancellation of the C ordinary shares resulting from the capitalisation of the sum of £205.7 million outstanding to the credit of the Company's merger reserve.
Estado consolidado auditado de flujos de efectivo
Por el año terminado el 31 de diciembre de 2023
|
Note |
2023
£ m |
2022 Replanteado1 £ m |
|
flujos de efectivo por actividades operacionales |
| |||
Pérdida antes del impuesto sobre la renta | (13.9) | (159.7) | ||
Costos financieros netos | 35.4 | 25.7 | ||
Depreciación, amortización y deterioro | 77.9 | 105.7 | ||
Basado en acciones pagos | 10.1 | 14.2 | ||
Acquisition, reestructuración and other one-off gastos | 11.9 | 155.9 | ||
Contingente vinculado al empleo consideración dinero | (77.7) | (38.9) | ||
Restructuring and other one-off expenses paid | (20.8) | (4.9) | ||
Compartir of beneficio in articulación riesgo | (0.2) | - | ||
Obtén on las red monetario posición | (1.3) | (1.3) | ||
Otras partidas no monetarias | (9.8) | - | ||
Disminuir incrementar) in comercio y otros cuentas por cobrar | 11.3 | (48.7) | ||
(Disminuir incrementar in comercio y otros cuentas por pagar | (13.1) | 49.3 | ||
efectivo flujos en operaciones | 9.8 | 97.3 | ||
por impuestos dinero | (20.5) | (19.0) | ||
Red efectivo flows (used in)/en funcionamiento actividades | (10.7) | 78.3 |
| |
efectivo flujos en metas de actividades | ||||
Compra de intangible activos | (2.1) | (1.5) | ||
Compra de propiedad, planta y equipo | (5.9) | (16.4) | ||
Acquisition of subsidiarias, red of efectivo adquirido2 | 6, 9 | (3.1) | (123.7) | |
Amounts (paid into)/withdrawn from security deposits | (2.2) | 1.8 | ||
efectivo flujos utilizado en metas de actividades | (13.3) | (139.8) |
| |
efectivo flujos en financiamiento actividades | ||||
Producto en emisión de las acciones | 0.2 | 0.2 | ||
Elemento principal de los pagos por arrendamiento1 | (16.3) | (15.4) | ||
Reembolsos of préstamos y préstamos | (0.2) | (0.9) | ||
Interés and facility fees dinero1 | (26.7) | (16.3) | ||
efectivo flujos utilizado en financiamiento actividades | (43.0) | (32.4) |
| |
Red movimiento in efectivo y efectivo equivalentes | (67.0) | (93.9) | ||
efectivo y efectivo equivalentes comienzo of las año | 223.6 | 299.1 | ||
Intercambie (pérdida)/ganancia on efectivo y efectivo equivalentes | (10.9) | 18.4 | ||
efectivo y efectivo equivalentes at las final of las año | 145.7 | 223.6 |
|
Notas:
1. The comparatives for the year ended 31 December 2022 have been reclassified (see Note 2).
2. Comprises cash paid on the current year acquisition of £0.8 million (2022: £96.8 million) less cash acquired of £0.3 million (2022: £7.6 million), cash paid into escrow accounts of £nil (2022: £12.8 million) and contingent consideration and holdback payments, net of cash released from escrow accounts, of £2.6 million (2022: £21.7 million).
Notes to the audited consolidated financial statements
Por el año terminado el 31 de diciembre de 2023
1. Información General
S4capital plc ('S4Capital' or 'Empresa') es una sociedad anónima constituida el 14 de noviembre de 2016 en el Reino Unido. La Sociedad tiene su domicilio social en 12 St James's Place, Londres, SW1A 1NX, Reino Unido.
The audited consolidated financial statements represent the results of the Company and its subsidiaries (together referred to as 'S4Capital Group' o el 'Grupo procesos').
S4Capital Group es una empresa de servicios de marketing y publicidad digital de la nueva era/nueva era.
2. Base de preparación
A. Declaración de cumplimiento
Los estados financieros de S4Capital plc ha sido preparado de acuerdo con las Normas Internacionales de Contabilidad adoptadas por el Reino Unido y con los requisitos de la Ley de Sociedades de 2006 aplicables a las empresas que informan bajo dichas normas.
The financial information set out above does not constitute the company's statutory accounts for the year ended 31 December 2023. The statutory accounts for 2023 will be finalised based on the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies in due course. The audited financial information is prepared under the historical cost basis, unless stated otherwise in the accounting policies.
El Grupo ha llevado a cabo una evaluación detallada de su funcionamiento, revisando su situación y desempeño financiero actual y proyectado. Los Consejeros creen que las previsiones del Grupo se han elaborado sobre una base prudente. Considerando el convenio bancario del Grupo y el margen de liquidez y las acciones de mitigación de costos que podrían implementarse, los Directores han llegado a la conclusión de que el Grupo podrá operar dentro de sus instalaciones y cumplir con sus convenios bancarios en el futuro previsible y, por lo tanto, creen que es apropiado preparar los estados financieros del Grupo sobre la base de empresa en funcionamiento y que no existen incertidumbres materiales que den lugar a un riesgo significativo de empresa en funcionamiento. Dado su perfil de vencimiento de deuda y las facilidades disponibles, los Directores creen que el Grupo tiene suficiente liquidez para cubrir sus necesidades en el futuro previsible.
B. Restatement and reclassification
Combinación de negocios
El balance consolidado a 31 de diciembre de 2022 ha sido reexpresado por ajustes de valor razonable relacionados con la adquisición de TheoremOne. Ver Nota 6 para más detalles.
Impuesto diferido relacionado con activos y pasivos que surgen de una sola transacción (Modificaciones a la NIC 12 Impuesto a la Renta)
An amendment to IAS 12 Income taxes was published in May 2021 and became effective for the Group from 1 January 2023. The amendment narrowed the scope of the deferred tax recognition exemption so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences.
The Group has considered the impact of this amendment, notably in relation to the accounting for deferred taxes on leases and dilapidation provisions. The impact of transitioning to the revised standard was to increase deferred tax assets by £0.3 million, decrease deferred tax liabilities by £1.0 million and increase total equity by £1.3 million as at 1 January 2022. The impact on the consolidated statement of profit or loss was £0.8 million expense for period ended 31 December 2022. As a result, basic and diluted loss per share has increased by 0.2 pence. The impact of this retrospective adjustment on the consolidated balance sheet at 31 December 2022 is shown below.
Deferred tax offset
The impact of this retrospective adjustment as at 31 December 2022 was a £9.7 million decrease on both deferred tax assets and deferred tax liabilities, with no impact on net assets. The impact on the consolidated balance sheet at 1 January 2022 was £nil. The impact on the consolidated statement of profit or loss was £nil.
Provisiones y otras cuentas por pagar
Provisions previously presented as other payables have been reclassified to be shown separately on the consolidated balance sheet to provide consistency with the presentation of balances for the year ended 31 December 2023.
|
|
|
|
| 31 de diciembre 2022 | ||
| As reportaron
£ m | Combinación de negocios £ m | Modificación de la NIC 12 £ m | Deferred tax offset £ m | Reclasificación
£ m | As reexpresado
£ m | |
Goodwill |
| 720.4 | (1.6) | - | - | - | 718.8 |
Activos por impuestos diferidos |
| 16.8 | - | (1.7) | (9.7) | - | 5.4 |
Total no corriente activos |
| 1,280.0 | (1.6) | (1.7) | (9.7) | - | 1,267.0 |
Cuentas comerciales y otras cuentas por cobrar |
| 440.8 | 1.6 | - | - | - | 442.4 |
Total de activos corrientes |
| 664.4 | 1.6 | - | - | - | 666.0 |
Total activos |
| 1,944.4 | - | (1.7) | (9.7) | - | 1,933.0 |
Diferido deuda pasivo |
| (66.0) | - | 2.2 | 9.7 | - | (54.1) |
Provisiones |
| - | - | - | - | (5.7) | (5.7) |
Otras cuentas por pagar |
| (5.7) | - | - | - | 5.7 | - |
Total no corriente pasivo |
| (452.3) | - | 2.2 | 9.7 | - | (440.4) |
Total pasivo |
| (1,094.8) | - | 2.2 | 9.7 | - | (1,082.9) |
Red activos |
| 849.6 | - | 0.5 | - | - | 850.1 |
Reclassification of statement of cash flows
The statement of cash flows for the year ended 31 December 2022 has been reclassified to provide consistency with
the presentation of amounts for the year ended 31 December 2023.
|
| 31 de diciembre 2022 |
| |||
| Como se informó £ m | Reclasificación
£ m | As reexpresado
£ m | |||
Flujos de efectivo por actividades operacionales: |
|
|
|
| ||
Restructuring and other one-off expenses paid |
| - | (4.9) | (4.9) | ||
Aumento de cuentas por pagar comerciales y otras |
| 44.4 | 4.9 | 49.3 | ||
Flujos de efectivo de las operaciones |
| 97.3 | - | 97.3 | ||
|
|
|
|
| ||
Flujos de efectivo de actividades de financiación: |
|
|
|
| ||
Elemento principal de los pagos por arrendamiento |
| 17.5 | (2.1) | 15.4 | ||
Interest and facility fees paid |
| 14.2 | 2.1 | 16.3 | ||
Flujos de efectivo utilizados en actividades de financiación |
| (43.0) | - | (43.0) | ||
C. Moneda funcional y de presentación
The audited consolidated financial statements are presented in Pound Sterling (GBP or £), the Company's moneda funcional. Toda la información financiera en libras esterlinas se ha redondeado al millón más cercano, a menos que se indique lo contrario.
D. Principales riesgos e incertidumbres
The principal risks and uncertainties facing the Group as at 31 December 2023 relate to the following:
¤ Vientos en contra macroeconómicos
¤ Operational decision making
¤ Talent lifecycle
¤ Gobernanza y cumplimiento
¤ Inteligencia Artificial
¤ Integración de adquisiciones
¤ Clientes clave
¤ Riesgo de reputación
¤ Information security & data privacy
¤ Ambiente competitivo
3. Políticas contables
The audited consolidated financial statements have been prepared on a consistent basis with the accounting policies of the Group which were set out on pages 139 to 154 of the Annual Report and Accounts 2022, excluding the impact of amended standards as detailed below.
Una serie de normas modificadas pasaron a ser aplicables para el período actual. Estos son los siguientes:
Definición de estimaciones contables (Modificaciones a la NIC 8)
In February 2021, the IASB issued Definition of accounting estimates (Amendments to IAS 8) to clarify the distinction between accounting policies and accounting estimates. The amendments are effective for reporting periods beginning on or after 1 January 2023. The Group adopted this standard as of 1 January 2023. The adoption of this standard had no material impact on the Groups audited consolidated financial statements.
Realizar juicios de materialidad (Modificaciones a la NIC 1 y la Declaración de práctica NIIF 2)
In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 "Making Materiality Judgements", which provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their material accounting policies and adding guidance on how entities are to apply the concept of materiality in making decisions about accounting policy disclosures. These amendments are applicable for annual periods beginning on or after 1 January 2023. These amendments have been adopted as of such date and their adoption has had no material impact on the Group's consolidated financial statements.
Impuesto diferido relacionado con activos y pasivos que surgen de una sola transacción (Modificaciones a la NIC 12 Impuesto a la Renta)
In May 2021, the IASB issued Deferred tax related to assets and liabilities arising from a single transaction (Amendments to IAS 12 Income Taxes) to clarify how to account for deferred tax on transactions including leases and decommissioning obligations. The amendments are effective for reporting periods beginning on or after 1 January 2023. The Group adopted this standard as of 1 January 2023 and retrospectively applied the changes as at 1 January 2022, as detailed in Note 2.
NIIF 17 Contratos de seguro
En mayo de 2017, el IASB emitió NIIF 17 Contratos de seguro. IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. This standard is effective for reporting periods beginning on or after 1 January 2023. The Group adopted this standard as of 1 January 2023. The adoption of this standard had no material impact on the Group's audited consolidated financial statements.
Pilar 2
The Group is within the scope of the OECD Pillar Two model rules which will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax on adjusted jurisdictional profits for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.
Based on the Pillar Two assessment undertaken by the Group using the relevant information for the year ending 31 December 2023, the Group should be able to benefit from one of the three tests under the transitional CbCr safe harbour for most of its jurisdictions. The Group considers that the total amount of top up tax arising in respect of its jurisdictions is expected to be immaterial and as such has not undertaken detailed calculations required under the legislation. The Group expects to undertake a Pillar 2 assessment in the second quarter of 2024 for the purposes of interim reporting based on its forecasts for the year ending 31 December 2024.
4. Juicios y estimaciones contables críticos
The following are the critical accounting judgements and estimates, made by management in the process of applying the Group's accounting policies, that have the most significant effect on the amounts recognised in the Group's audited consolidated financial statements.
Sentencias
Reconocimiento de ingresos
Los ingresos del Grupo provienen de la provisión de soluciones de datos y medios digitales y servicios tecnológicos. Según la NIIF 15, los ingresos de los contratos con clientes se reconocen a medida que se satisface la obligación de desempeño. Specifically for the Content segment, due to the size and complexity of contracts, management is required to form a number of judgements in the determination of the amount of revenue to be recognised including the identification of performance obligations within the contract and whether the performance obligation is satisfied over time or at a point in time. The key judgement is whether revenue should be recognised over time or at point in time. Where revenue is recognised over time, an estimate must be made regarding the progress towards completion of the performance obligation.
Deterioro del valor llave y activos intangibles
The Group applies judgement in determining whether the carrying value of goodwill and intangible assets have any indication of impairment at each reporting period, or more frequently if required. Both external and internal factors are monitored for indicators of impairment. When performing the impairment review, management's approach for determining the recoverable amount of a cash-generating unit is based on the higher of value in use or fair value less cost to dispose. In determining the value in use, estimates and assumptions are used to derive cash flows, growth rates and discount rates. See Note 8 for further information.
Posiciones fiscales
El Grupo está sujeto al impuesto sobre las ventas en varias jurisdicciones. Se requiere juicio al determinar la provisión para impuestos sobre las ventas debido a la incertidumbre sobre el monto del impuesto que se puede pagar. Las provisiones en relación con posiciones fiscales inciertas se establecen de forma individual y no de cartera, considerando si, en cada circunstancia, el Grupo considera probable que la incertidumbre se materialice.
Uso de medidas de desempeño alternativas
In establishing which items are disclosed separately as adjusting items to enable a better understanding of the underlying financial performance of the Group, management exercises judgement in assessing the size and nature of specific items. The Group uses alternative performance measures as we believe these measures provide additional useful information on the underlying trend, performance, and position of the Group. These underlying measures are used by the Group for internal performance analyses, and credit facility covenant calculations. The alternative performance measures include 'adjusted operating profit', 'adjusting items', 'EBITDA' (earnings before interest, tax, depreciation) and 'operational EBITDA'. The terms 'adjusted operating profit', 'adjusting items', 'EBITDA' and 'operational EBITDA' are not defined terms under IFRS and may therefore not be comparable with similarly titled profit measures reported by other companies. The measures are not intended to be a substitute for, or superior to, GAAP measures. A full list of alternative performance measures and non-IFRS measures together with reconciliations to IFRS measures are set out in the Alternative Performance Measures.
Estimaciones
Deterioro del valor llave y activos intangibles
The recoverable amount for each CGU is determined using a value-in-use calculation. In determining the value-in-use, the Group uses forecasted revenue and profits adjusted for non-cash transactions to generate cash flow projections. The forecasts are prepared by management based on the Board-approved three-year business plans for each CGU along with a one-year management-prepared extrapolation period. The forecasts reflect the expected financial performance for each CGU, and consider the impact of inflation and the latest macroeconomic trends and external factors, as well as historic performance and trends, amongst other factors.
5. Statutory information and independent review
The condensed audited consolidated financial statements for the year ended 31 December 2023 do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. A full copy of the 2023 Annual Report and Accounts will be available online in April 2024. The statutory accounts for the year ended 31 December 2022 have been delivered to the Registrar of Companies and received an unqualified auditors' report, did not include a reference to any matters to which the auditors drew attention by way of an emphasis of matter and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.
6. Acquisitions
Adquisiciones del año en curso
On 31 October 2023, S4Capital plc announced the business combination of Formula Consultants Incorporated ('FCI') for an expected total consideration of £1.2 million, including performance linked consideration of £0.4 million. The initial cash outlay was funded through the Group's own cash resources for the entire issued share capital of FCI.
The purchase price allocation has been finalised and net identifiable assets acquired totalled £1.0 million, including cash and cash equivalents of £0.3 million. Goodwill arising on the acquisition was £0.2 million.
FCI has contributed £0.4 million to the Group's revenue and £0.3 million to the Group's operational EBITDA since the acquisition date. If the acquisition had occurred on 1 January 2023, the Group's Revenue and operational EBITDA would have been £1,012.2 million and £93.3 million respectively.
Adquisiciones de años anteriores
XX Artistas
The initial accounting for the business combination of XX Artists was provisional at the 31 December 2022 and was finalised as at 30 June 2023. There has been no change to the provisional fair value as disclosed at 31 December 2022.
At 31 December 2023, the employment linked contingent consideration was unconditional, on the basis that XX Artists fully achieved post acquisition EBITDA targets for the 12 month period ended 31 December 2022. As a result, during the year ended 31 December 2023 £35.8 million of employment linked contingent consideration was derecognised, with £15.3 million being cash settled, £17.5 million being recognised as deferred equity consideration and a revaluation gain of £0.9 million recognised in the consolidated statement of profit or loss.
At 31 December 2023, the holdback remaining on the balance sheet was £1.3 million. The Group expects to settle the maximum amounts, as the business had achieved the post acquisition EBITDA targets for the 12 month period ended 31 December 2022.
Teorema uno
The initial accounting for the business combination of TheoremOne was provisional at the 31 December 2022. As required by IFRS 3, the following fair value adjustments have been made during the measurement period, which had no material impact on the consolidated statement of profit or loss.
Según lo revelado al 31 de diciembre de 2022 |
|
Al 31 de diciembre de 2023 | |
Feria provisional propuesta de £ m | Valor razonable ajustes £ m |
Valor razonable £ m | |
Red iidentificable activos | 105.0 | - | 105.0 |
Goodwill | 38.0 | (1.5) | 36.5 |
Total | 143.0 | (1.5) | 141.5 |
efectivo | 78.0 | - | 78.0 |
Diferido consideración | 55.0 | - | 55.0 |
Aguantar bonos | 10.0 | - | 10.0 |
Ajuste a la contraprestación de compra1 | - | (1.5) | (1.5) |
compra total consideración | 143.0 | (1.5) | 141.5 |
Notas:
1. Adjustment to purchase consideration relates to the amount to be recovered by the Group through the completion accounts process.
During the year ended 31 December 2023, £28.5 million was charged to the consolidated statement of profit or loss with no further amounts to be accrued which related to the employment linked contingent consideration due to sellers who remain employees of the business.
At 31 December 2023, the employment linked contingent consideration was unconditional, on the basis that TheoremOne fully achieved post acquisition EBITDA targets for the 12 month period ended 31 December 2022. As a result, £79.0 million of employment linked contingent consideration was derecognised, with £39.5 million being liquidación en efectivo, £26.4 million being recognised as deferred equity consideration and a revaluation gain of £13.1 million recognised in the statement of profit or loss.
Included within other reserves as at 31 December 2023 is £81.4 million, comprised of £55.0 million of deferred consideration on initial acquisition and £26.4 million recognised during the period, as explained above.
At 31 December 2023, £6.0 million of holdbacks remain as a liability, relating to amounts held back to cover and indemnify the Group against certain acquisition costs and damages. The Group currently expects to settle the maximum holdback amount. The amount payable would be dependent on the amount of these acquisition costs and damages, with the minimum amount payable being £nil.
4 Milla
At 31 December 2023, the performance linked and employment linked contingent consideration remaining on the balance sheet was £6.7 million and £2.6 million respectively. As a result of partially achieving post acquisition EBITDA targets for the 12 month period ended 31 December 2022, this amount was agreed and will be paid in 2024. As a result, a revaluation gain of £1.5 million recognised in the consolidated statement of profit or loss and a gain of £1.1 million recognised in the consolidated statement profit or loss through contingent consideration as remuneration during the year ended 31 December 2023.
At 31 December 2023, £4.7 million of holdbacks remain relating to amounts held back to cover and indemnify the Group against certain acquisition costs and any damage. The Group currently expects to settle the maximum holdback amount. The amount payable would be dependent on the acquisition costs and any damages, with the minimum amount payable being £nil.
Grupo Mapache (Mapache)
At 31 December 2023, the employment linked contingent consideration was unconditional, on the basis that Raccoon fully achieved post acquisition EBITDA targets for the 12 month period ended 31 December 2022. As a result, £55.1 million of employment linked contingent consideration was derecognised, with £20.7 million cash settled, £17.4 million recognised as deferred equity consideration, a revaluation gain of £3.4 million recognised in the consolidated statement of profit or loss and a gain of £14.4 million recognised in the consolidated statement of profit or loss through contingent consideration as remuneration.
Grupo Zemoga (Zemoga)
At 31 December 2023, £0.9 million of holdbacks remain relating to amounts held back to cover and indemnify the Group against certain acquisition costs and damages. The Group currently expects to settle the maximum holdback amount. The amount payable is dependent on the amount of these acquisition costs and damages, with the minimum amount payable being £nil. During the year the Group settled £2.0 million of holdbacks, with a revaluation gain of £3.3 million recognised in the consolidated statement of profit o pérdida.
Cashmere Agency Inc (Cachemira)
At 31 December 2023, £nil of holdbacks remain relating to amounts held back to cover and indemnify the Group against certain acquisition costs and damages. The Group settled £1.6 million of holdbacks during the year, with a revaluation gain of £1.2 million recognised in the consolidated statement of profit or loss.
7. Información por segmentos
A. Segmentos operativos
Los segmentos operativos se informan de manera consistente con los informes internos proporcionados al máximo responsable de la toma de decisiones operativas (CODM). El CODM ha sido identificado como la Junta Directiva de S4Grupo Capital.
Durante los años4Capital Group has three reportable segments as follows:
· Content: Creative content, campaigns, and assets at a global scale for paid, social and earned media - from digital platforms and apps to brand activations that aim to convert consumers at every possible touchpoint.
· Data&Digital Media: Full-service campaign management analytics, creative production and ad serving, platform and systems integration and transition, training and education.
· Technology Services: digital transformation services in delivering advanced digital product design, engineering services and delivery services.
Los clientes son principalmente empresas de tecnología, FMCG y medios y entretenimiento. Todas las transacciones entre segmentos se basan en términos comerciales.
La Junta Directiva monitorea los resultados de los segmentos reportables por separado con el fin de tomar decisiones sobre la asignación de recursos y la evaluación del desempeño antes de los cargos por impuestos, depreciación y amortización.
La Junta de S4capital Group uses net revenue rather than revenue to manage the Group due to the fluctuating amounts of direct costs, which form part of revenue.
El siguiente es un análisis de los ingresos y resultados netos del Grupo por segmentos reportables:
2023 |
Contenido £ m |
Data&Medios Digitales £ m |
Servicios tecnológicos £ m |
Total £ m | |
Ingresos | 664.1 | 210.4 | 137.0 | 1,011.5 | |
Red ingresos | 528.9 | 207.3 | 137.0 | 873.2 | |
Segmento beneficio1 | 46.5 | 35.2 | 43.4 | 125.1 | |
Gastos generales costos |
|
|
| (22.1) | |
Equilibrado no recurrente y adquisición relacionado gastos2 |
|
|
| (22.0) | |
Depreciación, amortización y deterioro3 |
|
|
| (60.8) | |
Red financiar costos y ganancia on red monetario posición |
|
|
| (34.1) | |
Pérdida antes ingresos deuda | (13.9) | ||||
| |||||
2022 |
Contenido £ m | Datos y medios digitales £ m | Servicios tecnológicos £ m |
Total £ m | |
Ingresos | 755.4 | 220.5 | 93.6 | 1,069.5 | |
Red ingresos | 582.7 | 216.8 | 92.2 | 891.7 | |
Segmento beneficio1 | 74.1 | 39.9 | 36.1 | 150.1 | |
Gastos generales costos | (25.9) | ||||
Equilibrado no recurrente y adquisición relacionado gastos2 | (170.6) | ||||
Depreciación, amortización y deterioro3 | (88.9) | ||||
Red financiar costos y de on red monetario posición | (24.4) | ||||
Pérdida antes ingresos deuda | (159.7) | ||||
Notas:
1. Including £17.1 million (2022: £ 16.8 million) depreciation on right-of-use assets.
2. Comprised of acquisition and restructuring expenses of £11.9 million (2022: £ 155.9 million) and share-based payment costs of £10.1 million (2022: £ 14.6 million).
3. Excluding £17.1 million (2022: £ 16.8 million) depreciation on right-of-use assets.
La ganancia del segmento representa la ganancia obtenida por cada segmento sin la asignación de la participación en las pérdidas de las empresas conjuntas, los costos de administración central, incluidos los salarios de los directores, los ingresos financieros, las ganancias y pérdidas no operativas y los gastos por impuestos a la renta. Esta es la medida reportada al Consejo de Administración del Grupo con fines de asignación de recursos y evaluación del desempeño del segmento.
B. Information about major customers
One customer (2022: one) accounted for more than 10% of the Group's revenue during the year, contributing £177.5 million (2022: £187.5 million). The revenue from this customer was attributable to both the Content and Data&Digital Media segments.
8. Buena voluntad
|
2023
£ m |
2022 Replanteado1 £ m | |
At 1 enero |
| 718.8 | 625.0 |
Adquirido a combinaciones |
| 0.2 | 51.8 |
Deficiencias |
| - | (15.2) |
Extranjero Intercambio diferencias |
| (27.7) | 57.2 |
At 31 diciembre |
| 691.3 | 718.8 |
|
Notas:
1. The comparatives as at 31 December 2022 have been restated for measurement period adjustments in respect of business combinations for year ended 31 December 2023 (see Note 2).
During the year an amount of £0.2 million (2022: £51.8 million) has been acquired through business combinations and has been allocated to the Technology Services CGU.
El crédito mercantil representa el exceso de la contraprestación sobre el valor razonable de la participación del Grupo en los activos netos identificables de la subsidiaria adquirida a la fecha de adquisición.
Prueba de deterioro
Goodwill acquired through business combinations is allocated to CGUs for the purpose of the impairment testing. The Group's three CGUs are Content, Data&Digital Media and Technology Services. The goodwill balance is allocated to each of the three CGUs as follows:
|
2023
£ m |
20221 Replanteado £ m | |
Contenido |
| 413.6 | 393.3 |
Datos y medios digitales |
| 197.6 | 241.0 |
Servicios de Tecnología |
| 80.1 | 84.5 |
Total |
| 691.3 | 718.8 |
Notas:
1. The comparatives as at 31 December 2022 have been restated for measurement period adjustments in respect of business combinations for year ended 31 December 2023 (see Note 2).
The recoverable amount for each CGU is determined using a value-in-use calculation. In determining the value-in-use, the Group uses forecasted revenue and profits adjusted for non-cash transactions to generate cash flow projections. The forecasts are prepared by management based on the Board-approved three-year business plans for each CGU along with a one-year management-prepared extrapolation period. The forecasts reflect the expected financial performance for each CGU, and consider the impact of inflation and the latest macroeconomic trends and external factors, as well as historic performance and trends, amongst other factors.
Sensitivity analysis has been carried out for the value-in-use calculations of each CGU. Based on this sensitivity analysis, it has been determined that the excess of recoverable amount over the carrying amount of all three CGUs could, without changing other assumptions, be reduced to nil as a result of reasonably possible changes in the key assumptions of net revenue growth and EBITDA percentage margin in the cash flow forecasts, which are considered the two most sensitive assumptions.
For Content, with a headroom of £85.1 million, the range of net revenue growth rates across the four-year forecast period is between -0.3% and 12.6%, and the range of EBITDA margin across the four-year forecast period is between 14.1% and 20.0%. A pre-tax discount rate of 13.9% has been used, with a long-term growth rate of 2.0% applied in perpetuity beyond the four-year explicit forecast period. The recoverable amount would equal the carrying amount either if net revenue growth range were to be reduced to a range of -0.4% to 7.6% (with margins remaining unchanged) or if EBITDA margin were to be reduced to a range of 12.7% to 18.6% (with net revenue growth remaining unchanged).
For Data & Digital Media, with a headroom of £34.4 million, the range of net revenue growth rates across the four-year forecast period is between -0.2% and 13.3%, and the range of EBITDA margin across the four-year forecast period is between 15.0% and 20.0%. A pre-tax discount rate of 13.9% has been used, with a long-term growth rate of 2.0% applied in perpetuity beyond the four-year explicit forecast period. The recoverable amount would equal the carrying amount either if net revenue growth range were to be reduced to a range of -0.3% to 8.8% (with margins remaining unchanged) or if EBITDA margin were to be reduced to a range of 13.5% to 18.4% (with net revenue growth remaining unchanged).
For Technology Services, with a headroom of £61.0 million, the range of net revenue growth rates across the four-year forecast period is between -13.9% and 50.1%, and the range of EBITDA margin across the four-year forecast period is between 11.8% and 22.0%. A pre-tax discount rate of 13.4% has been used, with a long-term growth rate of 2.0% applied in perpetuity beyond the four-year explicit forecast period. The recoverable amount would equal the carrying amount either if net revenue growth range were to be reduced to a range of -19.5% to 29.5% (with margins remaining unchanged) or if EBITDA margin were to be reduced to a range of 7.8% to 18.1% (with net revenue growth remaining unchanged).
The consequential impacts of the changes in net revenue growth/EBITDA margins on cash flow assumptions including working capital movements and tax charges have been incorporated into the sensitivity analyses referred to above.
9. Instrumentos financieros
Instrumentos financieros por categoría
Finanzas activos
|
2023 £ m |
2022 £ m |
efectivo y efectivo equivalentes | 145.7 | 223.6 |
Trading cuentas por cobrar | 346.8 | 349.6 |
Acumulado ingresos | 28.2 | 44.7 |
Otros ingresos | 33.1 | 43.9 |
Total | 553.8 | 661.8 |
Finanzas pasivo
|
2023 £ m |
2022 £ m | ||
|
|
| ||
| Pasivos financieros mantenidos a costo amortizado |
|
| |
| Trading y otros cuentas por pagar | (348.9) | (369.2) | |
| Préstamos y préstamos | (321.1) | (326.9) | |
| Arrendar pasivo | (49.0) | (58.4) | |
| Finanzas pasivo retenida at feria propuesta de a beneficio or de |
| ||
| Contingente consideración y retenciones | (25.5) | (188.6) | |
| Total | (744.5) | (943.1) | |
The following table categorises the Group's financial liabilities held at fair value on the audited consolidated balance sheet. There have been no transfers between levels during the year (2022: none).
Finanzas liabilities held at fair value |
2023 Valor razonable £ m |
2023 Nivel A3 £ m |
2022 Valor razonable £ m |
2022 Nivel A3 £ m |
Contraprestación contingente y retenciones | (25.5) | (25.5) | (188.6) | (188.6) |
Total | (25.5) | (25.5) | (188.6) | (188.6) |
La siguiente tabla muestra el movimiento en contraprestación contingente y retenciones.
Contraprestación contingente y retenciones |
Rendimiento vinculado contingente consideración £ m |
Empleo vinculado contingente consideración £ m |
Retenciones1 £ m |
Total £ m |
Saldo al 1 de enero de 2022 | (42.9) | (58.7) | (16.8) | (118.4) |
Adquirido mediante combinaciones de negocios | (12.5) | - | (14.2) | (26.7) |
Recognised in consolidated statement of profit or loss2 | 13.1 | (155.6) | (1.6) | (144.1) |
Pagado en efectivo | 17.0 | 38.9 | 9.4 | 65.3 |
Liquidación de acciones | 19.1 | 35.4 | - | 54.5 |
Diferencias de tipo de cambio | (4.7) | (11.7) | (2.8) | (19.2) |
Saldo al 31 de diciembre de 2022 | (10.9) | (151.7) | (26.0) | (188.6) |
Adquirido mediante combinaciones de negocios | (0.4) | - | - | (0.4) |
Recognised in consolidated statement of profit or loss2 | 1.6 | 4.1 | 5.8 | 11.5 |
Pagado en efectivo | - | 77.7 | 5.9 | 83.6 |
Liquidación de acciones | - | 62.3 | 0.4 | 62.7 |
Diferencias de tipo de cambio | 0.7 | 4.6 | 0.4 | 5.7 |
Saldo al 31 de diciembre de 2023 | (9.0) | (3.0) | (13.5) | (25.5) |
Incluido en pasivo corriente | (10.9) | (151.7) | (14.7) | (177.3) |
Incluido en pasivo no corriente | - | - | (11.3) | (11.3) |
Saldo al 31 de diciembre de 2022 | (10.9) | (151.7) | (26.0) | (188.6) |
|
|
|
|
|
Incluido en pasivo corriente | (8.6) | (3.0) | (6.6) | (18.2) |
Incluido en pasivo no corriente | (0.4) | - | (6.9) | (7.3) |
Saldo al 31 de diciembre de 2023 | (9.0) | (3.0) | (13.5) | (25.5) |
Notas:
1. Holdback payments of £5.9 million(2022: £9.4 million) includes £3.3 million (2022: £4.7 million) of cash paid out escrow accounts.
2. Includes a charge of £13.2 million (2022: £172.4 million) relating to employment linked contingent consideration and holdback deemed remuneration, a
credit of £24.7 million relating to a fair value gain (2022: £29.8 million) and a charge of £nil (2022: £1.5 million) relating to the impact of discounting.
Where the contingent consideration conditions have been satisfied, consideration that is payable as equity is recognised within Other Reserves as deferred equity consideration.
The fair value of the performance linked contingent consideration has been determined based on management's best estimate of achieving future targets to which the consideration is linked. The most significant unobservable input used in the fair value measurements is the future forecast performance of the acquired business. The fair value is assessed and recognised at the acquisition date, and reassessed at each balance sheet date thereafter, until fully settled, cancelled or expired. Any change in the range of future outcomes is recognised in the consolidated statement of profit or loss as a fair value gain or loss. The impact of discounting on the performance linked contingent consideration is £nil for the year (2022: £1.5 million). During the year ended 31 December 2023, a fair value gain of £1.9 million (2022: £14.6 million) was recognised in the consolidated statement of profit or loss.
The fair value of the employment linked contingent consideration has been determined based on management's best estimate of achieving future targets to which the consideration is linked. The most significant unobservable input used in the fair value measurements is the future forecast performance of the acquired business. The fair value is assessed at the acquisition date, and systematically accrued over the respective employment term. Any changes in the range of future outcomes are recognised in the consolidated statement of profit or loss as a fair value gain or loss. During the year ended 31 December 2023, a £3.8 million credit (2022: £155.6 million charge) was recognised in the consolidated statement of profit or loss. The £3.8 million (2022: £155.6 million charge) comprised a charge of £13.5 million (2022: £170.8 million) relating to the systematic accrual of the employment linked contingent consideration and a fair value gain of £17.3 million (2022: £15.2 million).
Holdbacks relate to amounts held by the Group to cover and indemnify the Group against certain acquisition costs and damages. The fair value of the holdbacks has been determined based on management's best estimate of the level of the costs incurred and damages expected to which the holdback is linked, which is the most significant unobservable input used in the fair value measurement. During the year ended 31 December 2023, a credit of £5.8 million (2022: £1.6 million charge) has been recognised in the consolidated statement of profit or loss.
10. Conciliación de la deuda neta
El siguiendo mesa enseñe las reconciliación of red efectivo de tus señales a movimientos in red deuda:
Préstamos y sobregiros £ m |
efectivo £ m |
Red técnica £ m |
Arrendamientos1 £ m | Net debt including Lease Liabilities £ m | |
Red técnica as at 1 Enero 2022 | (319.0) | 301.0 | (18.0) | (42.0) | (60.0) |
Financiación efectivo flujos | 0.9 | (95.8) | (94.9) | 15.4 | (79.5) |
Adquirido a combinaciones | (0.3) | - | (0.3) | (0.7) | (1.0) |
Arrendar Adiciones | - | - | - | (26.9) | (26.9) |
Extranjero Intercambio ajustes | (17.6) | 18.4 | 0.8 | (3.5) | (2.7) |
Interés gastos | (13.5) | - | (13.5) | (2.1) | (15.6) |
Interés pago | 13.5 | - | 13.5 | 2.1 | 15.6 |
Otro | 2.2 | - | 2.2 | (0.7) | 1.5 |
Red técnica as at 31 diciembre 2022 | (333.8) | 223.6 | (110.2) | (58.4) | (168.6) |
Financiamiento de flujos de efectivo | 0.2 | (67.0) | (66.8) | 16.3 | (50.5) |
Adquirido mediante combinaciones de negocios | - | - | - | (0.2) | (0.2) |
Adiciones de arrendamiento | - | - | - | (14.0) | (14.0) |
Ajustes cambiarios | 6.8 | (10.9) | (4.1) | 1.1 | (3.0) |
Gastos por intereses | (22.7) | - | (22.7) | (2.3) | (25.0) |
Pago de intereses | 23.1 | - | 23.1 | 2.3 | 25.4 |
Otro | (0.1) | - | (0.1) | 6.2 | 6.1 |
Deuda neta al 31 de diciembre de 2023 | (326.5) | 145.7 | (180.8) | (49.0) | (229.8) |
Notas:
1. The comparatives for the year ended 31 December 2022 have been reclassified between financing cash flows and interest payment (see Note 2).
11. Transacciones con partes relacionadas
Apart from key management personnel compensation and the interest in S4S Ventures detailed in the Annual Report and Accounts 2022, S4Capital Group did not have any other related party transactions during the year (2022: nil).
12. Events occurring after the reporting period
There were no material post balance sheet events, that require adjustment or disclosure, occurring between the reporting period and 26 March 2024.
Apéndice: Medidas alternativas de desempeño
The Group has included various audited alternative performance measures (APMs) in su audited consolidated financial statements. The Group includes these non-GAAP measures as it considers these measures to be both useful and necessary to the readers of these audited consolidated financial statements to help them more fully understand the performance and position of the Group. The Group's measures may not be calculated in the same way as similarly titled measures reported by other companies. The APMs should not be viewed in isolation and should be considered as additional supplementary information to the IFRS measures. Full reconciliations have been provided between the APMs and their closest IFRS measures.
The Group has concluded that these APMs are relevant as they represent how the Board assesses the performance of the Group and they are also closely aligned with how shareholders value the business. They provide like-for-like, year-on-year comparisons and are closely correlated with the cash inflows from operations and working capital position of the Group. They are used by the Group for internal performance analysis and the presentation of these measures facilitates comparison with other industry peers as they adjust for non-recurring factors which may materially affect IFRS measures. Adjusting items for the Group include amortisation of acquired intangibles, acquisition related expenses costs, share-based payments, employment-related acquisition costs and restructuring costs. Whilst adjusted measures exclude amortisation of intangibles, acquisition costs and restructuring costs they do include the revenue from acquisitions and the benefits of the restructuring programmes and therefore should not be considered a complete picture of the Group's financial performance, that is provided by the IFRS measures.
The adjusted measures are also used in the calculation of the adjusted earnings per share and banking covenants as per our agreement with our lenders.
APM | Medida NIIF más cercana | Ajustes para conciliar con NIIF Medida |
Motivo de uso |
Aueditado estado consolidado de pérdidas y ganancias | |||
Facturación Controlada | Ingresos | Incluye gasto en medios padecido de directamente by clientes con los proveedores de medios y los costos de traspaso (consulte la conciliación A1 a continuación) | It is an important measure to help understand the scale of the activities that Group has managed on behalf of its clients, in addition to the activities that are directly invoiced by the Group.
|
Billings | Ingresos | Incluye costos transferidos (consulte la conciliación A1 a continuación) | Es una medida importante para entender las actividades que el Grupo factura directamente a sus clientes.
|
Ingresos netos | Ingresos | Excluye costos directos (ver conciliación A2 a continuación) | Esto está más estrechamente alineado con los honorarios que el Grupo gana por los servicios prestados a los clientes. Esta es una métrica clave utilizada por el Grupo cuando analiza el desempeño de la práctica. |
EBITDA operativo | Aire librerating profit | Excludes acquisition related expenses, non-recurring items (primarily acquisition payments tied to continued employment, amortisation of business combination intangible assets and restructuring and other one-off expenses) and recurring share-based payments, and includes right-of-use assets depreciation. (see reconciliation A3 below) | Operational EBITDA is Operating profit or loss before the impact of adjusting items, amortisation of intangible assets and PPE depreciation. The Group considers this to be an important measure of Group performance and is consistent with how the Group is assessed by the Board and investment community. |
Me gusta | Ingresos y beneficio operativo | ¿Es la comparativa del año anterior, en este caso 2022, reexpresada para incluir los negocios adquiridos para los mismos meses que 2023, y reexpresada usando las mismas tasas de cambio que se usaron en 2023 (ver conciliaciones A4 a continuación)? | Like-for-like is an important measure used by the Board and investors when looking at Group performance. It provides a comparison that reflects the impact of acquisitions and changes in FX rates during the year. |
APM | Medida NIIF más cercana | Ajustes para conciliar con NIIF Medida |
Motivo de uso | |||
Proforma | Ingresos y beneficio operativo | es the Año completo consolidated results in constant currency and for acquisitions as if the Group had existed in full for the year (see reconciliations A5 below) | Pro-forma figures are used extensively by management and the investment community. It is a useful measure when looking at how the Group has changed in light of the number of acquisitions that have been completed and to understand the performance of the Grups. | |||
Utilidad básica ajustada por acción | Ganancias básicas por acción | Excludes amortisation of intangible assets, acquisition related expenses, share-based payments and restructuring and other one-off expenses (see reconciliation A6 below) | La administración utiliza las ganancias por acción básicas ajustadas para comprender las ganancias por acción del Grupo después de eliminar los elementos no recurrentes y aquellos vinculados a combinaciones.
| |||
Adjusted profit year | (Pérdida) / Beneficio del año | Excludes amortisation of intangible assets, acquisition related expenses, share-based payments and restructuring and other one-off gastos (ver conciliación A6 a continuación) | Adjusted profit for the year is used by management to understand the profit for the Group after removing non-recurring items and those linked to combinations. | |||
Aauditado hoja de balance consolidado | ||||||
Deuda neta | Ninguna | Net debt is cash less gross bank loans (excluding transaction costs and lease liabilities). This is a key measure used by management and in calculations for bank covenants (see reconciliation A7 below) | Net debt is a commonly used metric to identify the debt obligations of the Group after utilising cash in bank. | |||
Estado consolidado auditado de flujos de efectivo | ||||||
Flujo de caja libre | Entradas / (salidas) netas de efectivo de las actividades operativas | Net cash flow from operating activities adjusted for investments in intangibles and property, plant and equipment, lease liabilities, interest and facility fees paid, security deposits and employment linked contingent consideration paid. | Free cash flow is a commonly used metric used to identify the amount of cash at the disposal of the Group. | |||
2023 |
2022 |
| ||||
Billings y Revisado facturación (A1) | £ m | £ m |
| |||
Ingresos | 1,011.5 | 1,069.5 |
| |||
De paso a través gastos | 859.0 | 821.0 |
| |||
Billings1 | 1,870.5 | 1,890.5 |
| |||
Código fiesta facturación de reservas a clientes | 3,152.3 | 3,760.7 |
| |||
Revisado facturación2 | 5,022.8 | 5,651.2 |
| |||
Notas: 1. Billings es asqueroso facturación a clientes incluidos los gastos de traspaso. 2. Revisado facturación en facturación we influenciado. |
| |||||
2023 |
2022 |
| ||||
Ingresos netos (A2) | £ m | £ m |
| |||
Ingresos | 1,011.5 | 1,069.5 |
| |||
Directo costos | (138.3) | (177.8) |
| |||
Red Ingresos | 873.2 | 891.7 |
| |||
|
|
|
| |||
|
Reconciliación a Operacional Comparable (A3) |
2023 £ m |
2022 £ m | ||
Funcionamiento pérdida de beneficios) | 20.2 | (135.3) | |||
Amortización y deterioro of intangible activos | 48.6 | 78.9 | |||
Gastos de adquisición | (9.2) | 151.0 | |||
Basado en acciones pago | 10.1 | 14.6 | |||
Restructuring and other one-off expenses1 | 11.8 | 4.9 | |||
Depreciación of propiedad, planta y equipo2 | 12.2 | 10.1 | |||
Operacional Comparable | 93.7 | 124.2 | |||
Notas: 1. Restructuring and other one-off expenses relates to restructuring costs of £18.2 million (2022: £4.9 million), transformation costs of £2.9 million (2022: £nil), offset by £9.3 million due to the significant devaluation of the Argentinian Peso (2022: £nulo). 2. Depreciación of propiedad, planta y equipo is EXCLUSIVO PROGRAMA of depreciación on derecho de uso assets and includes £0.5 million expense (2022: £nil) relating to the significant devaluation of the Argentinian Peso. |
| ||||
|
| ||||
Igual por igual (A4)
Igual a igual ingresos |
Contenido | Datos y medios digitales | Servicios de Tecnología |
Total |
Año terminó 31 de diciembre 2022 | £ m | £ m | £ m | £ m |
Ingresos | 755.4 | 220.5 | 93.6 | 1,069.5 |
Impacto of adquisiciones | 41.5 | 8.4 | 80.3 | 130.2 |
Impacto of extranjero Intercambio | (31.8) | (11.3) | (59.5) | (102.6) |
Igual a igual ingresos1 | 765.1 | 217.6 | 114.4 | 1,097.1 |
% de igual a igual que ingresos el cambio | (13.2%) | (3.3%) | 19.8% | (7.8%) |
Notas:
1. Like-for-like is a non-GAAP measure and relates to 2022 being restated to show the numbers for the previous year of the existing and acquired businesses consolidated for the same months as in 2023, applying currency rates as used in 2023.
Igual a igual red ingresos |
Contenido | Datos y medios digitales | Servicios de Tecnología |
Total |
Año terminado el 31 de diciembre 2022 | £ m | £ m | £ m | £ m |
Red ingresos | 582.7 | 216.8 | 92.2 | 891.7 |
Impacto of adquisiciones | 23.9 | 8.1 | 79.0 | 111.0 |
Impacto of extranjero Intercambio | (19.0) | (11.0) | (58.5) | (88.5) |
Igual a igual red ingresos1 | 587.6 | 213.9 | 112.7 | 914.2 |
% de igual a igual que red ingresos el cambio | (10.0%) | (3.1%) | 21.6% | (4.5%) |
Notas:
1. Igual a igual is a no GAAP medir y relata a 2022 "Ser" reexpresado a Mostrar las auditado números para las anterior año of las existente y adquirido negocios consolidado para las mismo meses as in 2023, aplicando moneda tasas de interés as usado in 2023.
Igual a igual Operacional Comparable Año terminó 31 de diciembre 2022 | Total £ m |
Operacional Comparable | 124.2 |
Impacto of adquisiciones | 39.9 |
Impacto of extranjero Intercambio | (16.4) |
Igual a igual operativos. Comparable1 | 147.7 |
% de igual a igual que operativos. Comparable el cambio | (36.6%) |
Notas:
1. Like-for-like is a no GAAP medir y relata a 2022 "Ser" reexpresado a Mostrar the audited números para las anterior año of las existente y adquirido negocios consolidado para las mismo meses as in 2023, aplicando moneda tasas de interés as usado in 2023.
Proforma (A5)
Proforma ingresos |
Contenido £ m |
Datos y medios digitales £ m |
Servicios de Tecnología £ m |
Total £ m |
FY23 Ingresos | 664.1 | 210.4 | 137.0 | 1,011.5 |
Impacto of adquisiciones | - | - | 0.7 | 0.7 |
FY23 Proforma ingresos1 | 664.1 | 210.4 | 137.7 | 1,012.2 |
FY22 Ingresos | 755.4 | 220.5 | 93.6 | 1,069.5 |
Impacto of adquisiciones | 41.5 | 8.4 | 80.9 | 130.8 |
Impacto of extranjero Intercambio | (31.8) | (11.3) | (59.4) | (102.5) |
FY22 Proforma ingresos1 | 765.1 | 217.6 | 115.1 | 1,097.8 |
% pro forma ingresos el cambio | (13.2%) | (3.3%) | 19.6% | (7.8%) |
Notas:
1. Proforma relata a auditado no estatutario y no GAAP consolidado dE TRATAMIENTOS in constante moneda as if las Grupo procesos tenido existía in ser completados para las año y tienen esto preparado bajo comparable GAAP no consolidación eliminaciones in las pre-adquisición año.
Ingresos netos proforma |
Contenido £ m |
Datos y medios digitales £ m |
Servicios de Tecnología £ m |
Total £ m |
FY23 red ingresos | 528.9 | 207.3 | 137.0 | 873.2 |
Impacto of adquisiciones | - | - | 0.6 | 0.6 |
FY23 Proforma red ingresos1 | 528.9 | 207.3 | 137.6 | 873.8 |
FY22 red ingresos | 582.7 | 216.8 | 92.2 | 891.7 |
Impacto of adquisiciones | 23.9 | 8.1 | 79.7 | 111.7 |
Impacto of extranjero Intercambio | (19.1) | (11.0) | (58.5) | (88.6) |
FY22 Proforma red ingresos1 | 587.5 | 213.9 | 113.4 | 914.8 |
% pro forma red ingresos el cambio | (10.0%) | (3.1%) | 21.3% | (4.5%) |
Notas:
1. Proforma relata a auditado no estatutario y no GAAP consolidado dE TRATAMIENTOS in constante moneda as if las Grupo procesos tenido existía in ser completados para las año y tienen esto preparado bajo comparable GAAP no consolidación eliminaciones in las pre-adquisición año.
Proforma Operacional Comparable | Total £ m |
FY23 operativos. Comparable | 93.7 |
Impacto of adquisiciones | (0.4) |
FY23 Pro-forma operativos. Comparable1 | 93.3 |
FY22 Operacional Comparable | 124.2 |
Impacto of adquisiciones | 39.5 |
Impacto of extranjero Intercambio | (16.4) |
FY22 Proforma operativos. Comparable1 | 147.3 |
% pro forma operativos. Comparable el cambio | (36.7%) |
Notas:
1. Proforma relata to audited no estatutario y no GAAP consolidado dE TRATAMIENTOS in constante moneda as if las Grupo procesos tenido existía in ser completados para las año y tienen esto preparado bajo comparable GAAP no consolidación eliminaciones in las pre-adquisición año.
Ganancias por acción básicas ajustadas (A6)
Año terminó 31 diciembre 2023 |
reportado £ m |
Amortización y deterioro1 £ m |
Gastos de adquisición2 |
Pagos basados en acciones |
Reestructuración and other one-off expenses3 |
Equilibrado £ m |
Funcionamiento beneficio | 20.2 | 48.6 | (9.2) | 10.1 | 12.3 | 82.0 |
Red financiar costos | (35.4) | - | - | - | 1.5 | (33.9) |
Ganancia por posición monetaria neta | 1.3 | - | - | - | (1.3) | - |
(Pérdida) / beneficio antes ingresos deuda | (13.9) | 48.6 | (9.2) | 10.1 | 12.5 | 48.1 |
por deuda gastos | 7.9 | (14.7) | - | (0.7) | (4.1) | (11.6) |
(Pérdida) / beneficio para las año | (6.0) | 33.9 | (9.2) | 9.4 | 8.4 | 36.5 |
Notas:
1. Amortisation and impairment relates to the intangible assets recognised as a result of the acquisitions.
2. Acquisition expenses relate to acquisition related advisory fees of £2.3 million, contingent consideration as remuneration of £13.2 million and remeasurement gain on contingent considerations of £24.7 million.
3. Restructuring and other one-off expenses relate to restructuring costs of £18.2 million, transformation costs of £2.9 million, offset by £8.8 million due to the significant devaluation of the Argentinian Peso.
|
reportado |
Amortización1 |
Gastos de adquisición2 |
Pagos basados en acciones |
Restructuring and other one-off expenses3 |
Equilibrado |
Año terminado el 31 de diciembre de 2022 | £ m | £ m | £ m | £ m | £ m | £ m |
Funcionamiento (pérdida) / beneficio | (135.3) | 78.9 | 151.0 | 14.6 | 4.9 | 114.1 |
Red financiar costos | (25.7) | - | - | - | - | (25.7) |
Ganancia por posición monetaria neta | 1.3 | - | - | - | (1.3) | - |
(Pérdida) / beneficio antes ingresos deuda | (159.7) | 78.9 | 151.0 | 14.6 | 3.6 | 88.4 |
por deuda gastos | (0.8) | (16.7) | (0.1) | (2.5) | (0.8) | (20.9) |
(Pérdida) / beneficio para las año | (160.5) | 62.2 | 150.9 | 12.1 | 2.8 | 67.5 |
Notas:
1. Amortisation and impairment relates to the intangible assets recognised as a result of the acquisitions.
2. Acquisition expenses relate to acquisition related advisory fees of £7.9 million, bonuses of £0.4 million, contingent consideration as remuneration of £172.4 million and remeasurement gain on contingent considerations of £29.7 million.
3. Restructuring and other one-off expenses relate to restructuring costs of £4.9 million.
Equilibrado básica resultado para comparte |
2023 |
2022 | |
Equilibrado beneficio atribuible a los propietarios de of las Empresa (£ m) | 36.5 | 67.5 | |
Ponderado promedio número of ordinario las acciones para las propósito of básica UPA (acciones) | 639,218,703 | 590,667,949 | |
Equilibrado básica ganancias para compartir (peniques) | 5.7 | 11.4 | |
Deuda neta (A7) |
2023 £ m |
2022 £ m |
efectivo y banco | 145.7 | 223.6 |
Préstamos y préstamos (Excluyendo banco descubiertos) | (326.5) | (333.8) |
Red técnica | (180.8) | (110.2) |
Arrendar pasivo | (49.0) | (58.4) |
Red técnica de alta calidad que incluyen arrendados pasivo | (229.8) | (168.6) |
Flujo de caja libre (A8) |
2023 £ m |
2022 £ m |
Efectivo neto (salida) / entrada de actividades operativas | (10.7) | 78.3 |
Contingente vinculado al empleo consideración dinero | 77.7 | 38.9 |
Interest and facility fees paid | (26.7) | (16.3) |
Inversiones in intangible activos | (2.1) | (1.5) |
Inversiones in propiedad, planta y equipo | (5.9) | (16.4) |
Depositos de seguridad | (2.2) | 1.8 |
Principal element of arrendados pagos | (16.3) | (15.4) |
Otro | - | 0.4 |
Flujo de caja libre | 13.8 | 69.8 |
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