Income Statement for the financial year ended 31 March Continuing operations Revenue 5 1,220,183 1,141,964 Other income 6 3,776 2,350 Share of net loss of associate accounted for using the equity method 12 (394) (379) Changes in inventories of finished goods 16,296 5,478 Raw materials and consumables used (120,667) (76,490) Employee benefits expense 6 (749,453) (690,251) Sub contractor expenses (254,297) (267,478) Equipment and motor vehicle costs (15,581) (15,583) Information technology and telecommunication costs (7,115) (5,988) Other expenses (37,722) (22,130) Earnings before interest, tax, depreciation and amortisation 55,026 71,493 Depreciation and amortisation expense 6 (12,668) (14,198) Earnings before interest and tax 42,358 57,295 Finance costs 6 (14,413) (18,028) Profit before income tax 27,945 39,267 Income tax expense 7 (5,669) (13,513) Profit for the year from continuing operations 22,276 25,754 Discontinued operations Loss from discontinued operations 34 (11,848) (821) Profit attributable to members of Programmed Maintenance Services Limited 26 10,428 24,933 Cents Cents Earnings per share From continuing and discontinued operations: Basic earnings per share 27 8.8 23.5 Diluted earnings per share 27 8.8 23.1 From continuing operations: Basic earnings per share 27 18.8 24.3 Diluted earnings per share 27 18.7 23.8 34 Programmed Maintenance Services Limited
Statement of Comprehensive Income for the financial year ended 31 March Profit for the year 26 10,428 24,933 Other comprehensive income Exchange differences arising on translation of foreign operations 25 (2,616) (6,454) Gain on cash flow hedges taken to equity net of tax 25 1,018 4,512 Other comprehensive income for the year (net of tax) (1,598) (1,942) Total comprehensive income for the year attributable to owners of the parent entity 8,830 22,991 Annual Report 35
Statement of Financial Position as at 31 March 1 April 2009* Current Assets Cash and cash equivalents 35 29,595 48,167 38,229 Trade and other receivables 8 241,591 239,851 231,729 Other financial assets 9 5,048 Inventories 10 60,154 44,342 35,846 Current tax assets 7 732 1,072 3,881 Other 11 10,775 16,258 16,931 Total current assets 347,895 349,690 326,616 Non-Current Assets Trade and other receivables 13 67,552 77,744 87,852 Inventories 14 13,667 10,930 7,907 Other financial assets 9 3,724 Property, plant and equipment 15 24,414 28,679 34,826 Deferred tax assets 7 18,750 17,760 20,476 Goodwill 16 238,397 240,945 221,076 Other intangible assets 17 12,650 11,886 12,625 Total non-current assets 379,154 387,944 384,762 Total Assets 727,049 737,634 711,378 Current Liabilities Trade and other payables 20 134,309 136,744 130,251 Borrowings 21 28,844 6,721 37,303 Current tax payable 7 2,827 3,934 1,751 Provisions 23 26,988 25,966 22,790 Total current liabilities 192,968 173,365 192,095 Non-Current Liabilities Borrowings 21 119,087 148,025 178,170 Other financial liabilities 22 161 1,616 8,062 Deferred tax liabilities 7 54,897 54,945 58,681 Provisions 23 8,480 7,829 8,095 Total non-current liabilities 182,625 212,415 253,008 Total Liabilities 375,593 385,780 445,103 Net Assets 351,456 351,854 266,275 Equity Issued capital 24 235,714 236,060 165,862 Reserves 25 (4,221) (4,376) (3,312) Retained earnings 26 119,963 120,170 103,725 Total Equity 351,456 351,854 266,275 36 Programmed Maintenance Services Limited
Statement of Changes in Equity for the financial year ended 31 March Issued capital Foreign currency translation Capital profits Equity settled employee benefits Hedging Retained earnings Balance at 1 April 2009 165,862 (4,846) 5,535 1,643 (5,644) 121,837 284,387 Total Adjustment on change in accounting policy (net of tax)* (18,112) (18,112) Restated balance at 1 April 2009 165,862 (4,846) 5,535 1,643 (5,644) 103,725 266,275 Profit for the year 24,933 24,933 Exchange differences arising on translation of foreign operations (note 25) (6,454) (6,454) Gain on cash flow hedges (note 25) 4,512 4,512 Total comprehensive income for the year (6,454) 4,512 24,933 22,991 Issue of shares (note 24) 70,056 70,056 Recognition of share-based payments (note 25) 1,020 1,020 Transfer from equity-settled employee benefits (note 24) 142 (142) Payment of dividends (note 28) (8,488) (8,488) Restated balance at 31 March 2010 236,060 (11,300) 5,535 2,521 (1,132) 120,170 351,854 Restated balance at 1 April 2010 236,060 (11,300) 5,535 2,521 (1,132) 120,170 351,854 Profit for the year 10,428 10,428 Exchange differences arising on translation of foreign operations (note 25) (2,616) (2,616) Gain on cash flow hedges (note 25) 1,018 1,018 Total comprehensive income for the year (2,616) 1,018 10,428 8,830 Income tax related to share issue costs (note 24) (346) (346) Recognition of share-based payments (note 25) (1,405) (1,405) Disposal of subsidiaries (note 25) 3,158 3,158 Payment of dividends (note 28) (10,635) (10,635) Balance at 31 March 235,714 (10,758) 5,535 1,116 (114) 119,963 351,456 Annual Report 37
Statement of Cash Flows for the financial year ended 31 March 2010 Cash Flows from Operating Activities Receipts from customers 1 1,346,497 1,291,670 Payments to suppliers and employees (1,317,426) (1,231,708) Interest and other cost of finance paid (14,853) (20,460) Income tax paid (8,942) (6,440) Net cash provided by operating activities 35(d) 5,276 33,062 Cash flows from investing activities Interest received 748 882 Payments for property, plant and equipment (5,268) (3,871) Proceeds from sale of property, plant and equipment 2,405 6,576 Payments for development software (1,136) (1,757) Payments for intangible assets (891) Payments for brands (44) Payments for businesses 33 (103) (22,737) Proceeds from sale of businesses 32,34 3,130 Net cash used in investing activities (1,115) (20,951) Cash flows from financing activities Proceeds from borrowings 52,000 43,682 Repayments of borrowings (71,088) (106,236) Dividends paid 28 (10,635) (6,356) Proceeds from issue of equity securities (net of costs) 24 67,084 Net cash used in financing activities (29,723) (1,826) Net (decrease)/increase in cash and cash equivalents (25,562) 10,285 Cash and cash equivalents at the beginning of the year 46,527 36,184 Effects of exchange rate changes on the balance of cash held in foreign currencies (208) 58 Disposal of subsidiaries 32,34 (648) Cash and cash equivalents at the end of the year 35(a) 20,109 46,527 1. Receipts from customers include interest revenue on long term maintenance contracts of $4,203 thousand (2010: $3,935 thousand). 38 Programmed Maintenance Services Limited