Report and Accounts 2007 Empresaria Group is an international specialist staffing business
committed to expansion through investment in existing or start-up
operations and through management-led acquisitions. Our business-
es are operationally autonomous and run by teams incentivised by
management equity.
Our focus is on accelerating growth and reducing risk by building 
a balanced and diverse portfolio of operations across developing mar-
ket sectors and geographies.
1 Headlines 2007
2 Financial Highlights
3 Our Businesses
4 Chairman’s Statement
6 Chief Executive’s Review
9 Operational Review
10 Case Study: Headway
13 Case Study: Growth Opportunities 
in the ASEAN Region
16 Financial Review
19 Corporate Governance
20 Statement of Directors’
Responsibilities
21 Directors’ Report
23 Independent Auditors’ Report on
the Group Financial Statements
24 Consolidated Income Statement
25 Consolidated Balance Sheet
26 Consolidated Statement of
Recognised Income and Expense
27 Consolidated Cash Flow
Statement
28 Notes to the Consolidated
Financial Statements
53 Independent Auditors’ Report 
on the Parent Company Financial
Statements
54 Parent Company Balance Sheet
55 Notes to the Parent Company
Financial Statements
62 Additional Information
64 Officers and Professional 
Advisors
Contents
Worldwide Operations
Empresaria Group plc is represented in 18 countries across
151 offices and has over 1,000 employees.
Asia & Australasia: 24 offices
Americas: 8 offices
Europe: 77 offices
UK: 42 offices Headlines 2007
Financial
Operational
* Figures based on underlying profits excluding amortisation of intangible assets and any exceptional items. See reconciliation on page 62.
** ASEAN stands for Association of Southeast Asian Nations.
Cautionary Statement
The Chairman’s, Chief Executive’s, Operational and Financial Reviews (“the reviews”) have been prepared 
solely to provide additional information to shareholders to assess the Company’s strategies and the potential 
for those strategies to succeed. The reviews should not be relied on by any party or for any other purpose.
The reviews contain certain forward looking statements. These statements are made by the Directors in 
good faith based on the information available to them up to the time of their approval of this report and such
statements should be treated with caution due to the inherent uncertainties, including both economic and 
business risk factors, underlying any such forward looking information.
Empresaria Group plc Report and Accounts 2007 
Headlines 2007 1
Revenues of £147.8m (2006: £75.5m)
UP
96%
Gross profit of £42.4m (2006: £21.8m)
UP
95%
Profit before tax of £6.0m (2006: £2.9m)
UP
107%
Adjusted profit before tax* of £6.2m (2006: £2.9m)
UP
114%
Earnings per share of 8.4p (2006: 6.7p)
UP
25%
Adjusted earnings per share* 9.2p (2006: 7.2p)
UP
28%
Group cash at bank at year end £4.1m (2006: £3.3m)
Group net debt at year end £4.2m (2006: £1.4m)
Proposed dividend of 0.55p (2006: 0.50p)
Strong organic growth from UK businesses
Completion of the acquisition of Headway Group (Germany) in May 2007
Entry into the Dutch staffing market through the investment in EAR 
in May 2007
Entry into the South American market with investment in Alternattiva of 
Chile in November 2007
Further expansion in Japan by investment in FINES KK in June 2007
Strong progress in the ASEAN** market with the establishment of start-up
operations in Singapore and the Philippines as well as the acquisition of a
training business in Indonesia
Senior management team strengthened
Encouraging start to 2008 *Figures based on underlying profits excluding amortisation of intangible assets and any exceptional items. See reconciliation on page 62. 
The amounts disclosed for 2003 to 2005 are stated on the basis of UK GAAP because it is not practicable to restate amounts for periods
prior to the date of transition to IFRSs. The principal difference between UK GAAP and IFRSs is amortisation of goodwill.
Overview of performance 2007 2006 2005 2004 2003
Revenue (£000s) 147,827 75,459 54,060 45,430 29,367
Gross profit (£000s) 42,351 21,840 15,393 13,141 10,589
Total operating profit (£000s) 6,738 3,505 1,914 1,067 817
Adjusted operating profit (£000s)* 6,918 3,505 2,532 1,715 1,234
Adjusted profit before tax (£000s)* 6,170 2,894 2,225 1,390 1,113
Basic earnings per share (pence) 8.4 6.7 3.1 1.4 1.9
Adjusted earnings per share (pence)* 9.2 7.2 5.7 4.2 3.9
Dividend proposed per share (pence) 0.55 0.50 0.45 0.40 0.38
Financial
Highlights
Good progress in international diversification
The charts shown below demonstrate the progress made in diversifying the Group internationally, with the United Kingdom’s share
of revenue and net fee income reducing from 87% and 81% respectively in 2006 to 55% and 49% in 2007. The distribution of
employees has also undergone a pronounced change.
2 Financial Highlights
Empresaria Group plc Report and Accounts 2007 
Group revenue (£m)
0 20 40 60 80 100 120 140 160
2007
2006
2005
2004
2003
Net fee income (£m)
0 5 10 15 20 25 30 35 45 40
2007
2006
2005
2004
2003
Group adjusted EPS (pence)
01 2 3 4 5 67 8 9 10
2007
2006
2005
2004
2003
Group revenue
2006
Net fee income Employees
UK
69%
UK
81%
UK
87%
UK
55%
UK
49%
UK
35%
Rest of the
World
22%
Rest of the
World
17%
Rest of the
World
12%
Rest of the
World
26%
Rest of the
World
11%
Rest of the
World
10%
Europe
9%
Europe
39%
Europe
40%
Europe
35%
Europe
1%
Europe
2%
2007
2006
2007
2006
2007 1
Net fee income is equivalent to 
gross profit.
2
Figures based on underlying profits
excluding amortisation of intangible
assets and any exceptional items. 
See reconciliation on page 62.
3
Reduction due to consolidation within
the Public and Logistics Sectors 
during 2007.
Our
Businesses
UK
The UK Group provides
permanent and temporary
staffing solutions across five
main sectors; Construction
and Property Services,
Financial Services, Supply
Chain, Public Sector and
Other Brands.
Rest of the World
The Group has interests in
companies based in Japan,
South East Asia, Australia,
India, China and Chile.
Continental Europe
Following the acquisition 
of headwayholdings GmbH
(“Headway”) in May 2007, 
the Group has a significant
foothold in the German
recruitment market. In addition
the Group has interests in
companies based in Holland,
Poland, Slovakia and the
Czech Republic.
Financial summary by region
In accordance with our strategy of creating a diversified international specialist staffing business
we review the regional performance of our operations, a summary of which is provided below. 
As the Group develops we expect to provide further analysis in relation to the Rest of the World
once the size of individual regions justifies it.
Financial highlights 2007 2006
Revenue (£000s) 81,168 65,976
Net fee income (£000s)
1
20,958 17,689
Adjusted operating profit (£000s)
2
4,055 2,732
Number of trading companies
3
18 20
Number of employees 265 249
Financial highlights 2007 2006
Revenue (£000s) 52,444 455
Net fee income (£000s) 
1
16,826 401
Adjusted operating profit (£000s) 
2
2,497 45
Number of trading companies
3
10 4
Number of employees 298 34
Financial highlights 2007 2006
Revenue (£000s) 14,215 9,028
Net fee income (£000s) 
1
4,567 3,750
Adjusted operating profit (£000s) 
2
366 728
Number of trading companies
3
21 10
Number of employees 197 82
Empresaria Group plc Report and Accounts 2007 
Our Businesses 3 Empresaria can for the first time be accurately
described as a truly international specialist
staffing group.
Group development
focus is on emerging
economies and
developing staffing
markets.
Overview 2007
2007 was a transformational and highly
successful year for the Group. Revenues, net
fee income (gross profit) and pre-tax profits
doubled in the year, driven by a combination 
of strong organic growth from established
businesses, increasing contribution from recent
start up investments and strong profits from
acquisitions. Of greater significance, however,
was the transformation in the shape and mix of
the business. In 2005 the Group derived 97%
of its net fee income from the UK. In 2007 the
net fee income split was approximately 50:50
and in 2008 we expect almost 70% to come
from markets outside the UK.
It is not just the proportion of income generated
outside the UK that is of importance but where
that income derives from. Group development
focus is on emerging economies and
developing staffing markets. Following the
acquisition of Headway in May 2007, the Group
generates approximately the same net fee
income from Germany – one of the fastest
growing staffing markets in Europe – as it does
the UK. In addition, Empresaria has high growth
operations in countries such as Japan, India,
China and Indonesia, each with high
development potential.
Empresaria can for the first time be accurately
described as a truly international specialist
staffing group, becoming increasingly balanced
in terms of sector, geography and operational
mix. The fact that it is not weighed down, as
other staffing groups are, by large clerical and
industrial staffing operations, we believe creates
significant potential for future relative out-
performance. Further, the natural diversification
of investment across sectors and geographies
should provide resilience in times of economic
uncertainty. 
Financial performance
Revenues for the year ended 31 December
2007 increased by 96% to £147.8m and 
net fee income increased by 95% to £42.4m, 
a slightly higher figure than indicated in the
February trading statement following revision of
the impact of currency fluctuations and a review
of the fair value of acquisitions. Profit before tax
(adjusted for amortisation of intangible assets)
increased by 114% to £6.2m. Although these
figures include seven months of contribution
from our acquisition of Headway in Germany,
they also reflect the strong organic growth
contribution from our established UK
companies and the benefit of improved
profitability as central costs are absorbed
across a broader Group network.
Group strategy
Empresaria’s strategy is to develop an
international specialist staffing group, balanced
in terms of sector, geography and operational
mix and driven by a combination of organic and
acquisitive growth. 
Both Group strategy and structure follow the
underpinning philosophy of management equity
and the importance of aligning the interests of
shareholders and individual Group company
management teams through sharing risk and
reward by way of equity participation.
4 Chairman’s Statement
Empresaria Group plc Report and Accounts 2007 
Tony Martin
Chairman Investments are made where management hold
and retain a meaningful stake in the business.
The Group’s decentralised structure also
reflects this philosophy with local management
retaining operational autonomy and central
functions focussing on financial planning and
control, Group development and administration.
For individual management teams this
arrangement offers a combination of support,
responsibility and independence. As Empresaria
grows the Group benefits from economies of
scale and improved rates of conversion of net
fee income to operating margin as central costs
are absorbed across a wider community.
The evolution of Empresaria to date can be
categorised broadly in two phases. The first
phase was the development from inception 
to the AiM float in late 2004. During this period
it established itself as a diversified UK-based
specialist staffing group, known for its
management equity philosophy and recognised
for its consistent strong financial performance.
Since 2004, the second phase, the Group has
been re-engineered. The strong philosophical
foundations and flexible corporate structure
remain the same but the development focus
has shifted to new geographic markets in 
order to gain access to higher growth
economies and markets at the same time 
as reducing dependency on the UK economic
and regulatory environment. Empresaria is 
now a different company to that of 2004 but 
its process of development is still at an early
stage. The Group is still unrepresented in the
majority of Continental European countries and
also South America where Chile forms the only
base of operations at present. As other markets
develop, particularly in the fast growing Asian
countries, there will be increased segmentation
and creation of new vertical staffing niches
which in turn will offer new opportunities for
investment. The speed of further expansion 
will be dictated by market conditions and on
identifying the right investment opportunities.
Empresaria’s people
The fantastic performance of the Group in 
2007 would not have been achieved without
the dedication, energy and enthusiasm of the
more than 1,000 people (including Associates)
now working within the Group. We would like 
to thank them all for their hard work and for
their contribution to Empresaria’s success.
Current trading and outlook
As stated in the trading statement in February,
the Group has enjoyed a good start to 2008.
Revenues and net fee income on a like-for-like
basis are ahead of 2007 and there is no
evidence of any material change in demand for
Group services. The heavy investment in start
up companies made in recent years, particularly
in the Asia region, is now starting to generate
financial returns. We continue to see strong
revenue growth in our Continental Europe
operations and, particularly in Germany, see
opportunities to improve operating margins. 
The outlook for the year needs to be
considered with the economic forecasts in
mind. In this context the Board is mindful of 
the challenges and opportunities that may be
faced in the coming months. Empresaria has no
meaningful direct exposure to the US economy.
Although Empresaria does have significant
operations in the UK, these are concentrated 
in large part on specialist sectors where there 
is still a shortage of skilled staff and, in the case
of our Property Services operations, where
demand is underpinned by long term
infrastructure projects. 
The diversification into emerging economies
and countries where recent labour market
liberalisation is creating growing demand 
for staffing solutions is anticipated to offset
softening markets elsewhere. In both relative
and absolute terms we believe Empresaria 
is strongly positioned to take advantage 
of increased opportunities created as a
consequence of economic downturn or 
market disruption.
With these factors in mind the Board is
cautiously optimistic as to the outlook for 
the current year.
Tony Martin
Chairman
17 April 2008
Empresaria Group plc Report and Accounts 2007 
Chairman’s Statement 5
Contribution of temporary
business to total net fee income
0% 20% 40% 60% 80%
2007
2006
2005
2004
2003
Number of internal employees
0 200 400 600 800
2007
2006
2005
2004
2003
The fantastic
performance of the
Group in 2007 would 
not have been achieved
without the dedication,
energy and enthusiasm
of the more than 
1,000 people. Performance review 2007
The rapid rate of development in 2007 
has changed both the scale and scope of
Empresaria’s operations. Reflecting these
changes we are breaking down our review of
the business this year into three regions, UK,
Continental Europe and Rest of the World. 
This breakdown allows us to highlight not only
relative financial performance of each region
but, of equal interest, the distinctive growth
strategies applied in each market. 
The UK performed strongly in 2007.
Development focus in the UK over recent years
has been to expand and strengthen our existing
operations. This approach is reflected in healthy
organic growth rates at both revenue and 
net fee income line of 20%, an improvement 
in the proportion of net fee income derived 
from temporary staffing revenue to 58% and
increased operational efficiency driving the
Group’s bottom line performance. 
In Continental Europe, where labour markets
tend to be more highly regulated and
economies of scale create greater competitive
advantage, our approach has been to build
strong bridgeheads in individual country
markets through acquisition and then to use
these as cornerstones for growth in each
country. The clearest example of this approach
was the investment in Headway in Germany 
in May 2007. Headway performed in line with
expectations in 2007, generating year on year
revenue and net fee income growth of 25%. 
Outside of the UK and Continental Europe 
we have targeted emerging economies and
staffing markets where the primary focus has
been on investing in start up operations with
experienced local management teams. This
approach has an initial adverse impact on
profits but, as we are already experiencing,
creates rapid organic growth in immature but
fast developing markets. The year 2007 was
significant for this region as the large number 
of recent start up companies moved collectively
towards profitability. 
Headway investment
On May 3, 2007 Empresaria acquired 60% in
the German staffing company Headway, a fast
growing, partially specialised staffing company,
based in Bavaria and expanding its network
rapidly in other parts of Germany. This
acquisition was an important strategic step in
the internationalisation programme and gives
Empresaria a much more balanced stream of
revenues and profits. 
In the period from May to the end of the year
Headway contributed revenues of £47m, net
fee income of £15m and operating profit of
£2m, in line with expectations.
The German market has experienced strong
growth in 2007. Headway achieved sales
growth of 25.1%, exceeding the estimated
market growth of approximately 20%, running
an ambitious expansion programme with a 
net total of 22 new branch openings, starting
from 47 branches in the beginning of 2006 
and ending the year with 69 branches. The
investment made in new branch offices in 2007
will benefit sales growth and profitability of
Headway from 2008 onwards, as the immature
branch network starts to exploit its potential. 
Particularly good progress was achieved in 
the specialised divisions Headway Logistics,
Headway Engineers and Headway Industry
6 Chief Executive’s Review
Empresaria Group plc Report and Accounts 2007 
Miles Hunt
Chief Executive
In the period from May
to the end of the year
Headway contributed
revenues of £47m.
The rapid rate of development in 2007 
has changed both the scale and scope of
Empresaria’s operations. during 2007, increasing the proportion of 
the company’s specialist business to 56.2%,
while Headway Austria achieved profitability 
in 2007. The priorities for 2008 are to increase
profitability of the immature branch network,
improving efficiencies throughout the
organisation as well as strengthening the
successful existing divisions. 
Management team and structure
The Group is managed by a small, balanced
Board of Directors with a Non-executive
Chairman, two Executive Directors and two
Non-executive Directors. Below the main board
is a Board of Management chaired by the Chief
Executive. The Executive Directors are the
Group Chief Executive and Group Finance
Director. In 2006 we created the role of Head 
of European Operations with Continental
Europe companies reporting to this new
position. We have now created a similar role 
for the UK. As previously announced, Nick 
Hall-Palmer steps down as Group Finance
Director and as a member of the main Board
following the reporting of our 2007 results after
eight successful years in the role. His new role
is Group Development Director and Head of UK
Operations. Nick is replaced as Group Finance
Director by Stuart Kilpatrick. We welcome
Stuart to the team.
Market overview
Staffing is a relatively young industry. Growth
rates and growth dynamics differ from country
to country. As individual staffing markets evolve,
generalist clerical and industrial staffing services
make way for individual market specialists as
the drivers of growth. Liberalisation of previously
restricted labour markets acts as a catalyst for
super-normal growth rates, specific recent
examples being Japan and Germany. The
penetration rate – the percentage of the
working population of a country in temporary
work – varies from country to country
depending on the regulatory and cultural
environment. The UK has the highest
penetration rate of all international staffing
markets. Temporary staffing tends to follow
permanent staffing in each new market as
employers and workers acclimatise to the
benefits of flexible staffing. Above all, the
industry as a whole is growing on the back 
of the rapid global and regional demographic
Empresaria Group plc Report and Accounts 2007 
Chief Executive’s Review 7
Group revenue (£m)
0 20 40 60 80 100 120 140 160
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
Adjusted profit before tax (£m)
01 2 3 4 5 6 7
Net fee income (£m)
0 5 10 15 20 25 35 30 40 45
The industry as a whole is
growing on the back of the 
rapid global and regional
demographic changes.
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998 8 Chief Executive’s Review
Empresaria Group plc Report and Accounts 2007 
changes, the increasing shortages of skilled
staff and the increasing demand for flexible
workforce solutions and flexible working
arrangements.
The short-term fortunes of generalist clerical
and industrial staffing companies are connected
to the broad economic environment in which
they operate. For specialist staffing companies
such as Empresaria, our short-term fortunes 
are largely dictated by the performance of the
specialist markets we serve. 
In the case of the UK market, the most
developed of all international markets, we have
deliberately invested in a portfolio of sectors
with different economic and market dynamics.
This diversification strategy has worked well
over time and enabled us to grow consistently
through previous difficult market conditions. 
At the moment we are seeing no material
change in our markets. Investment banking
(approximately 8% of UK net fee income) has
seen a decline in permanent revenues but, by
way of compensation, has seen a significant
increase in temporary staffing revenues. With
the exception of our Public Sector division (4%
of 2007 UK net fee income), which continues to
encounter challenging market conditions, all
sectors are performing strongly and are ahead
of 2007 at both revenue and net fee income
levels for the first two months of trading in
2008. Our Property Services and Construction
sector, in particular, is experiencing strong
demand for its services, particularly from
infrastructure and transportation clients
associated with upcoming projects such 
as the 2012 Olympics and the new London
Cross-Rail initiative.
In Continental Europe, Empresaria’s principal
exposure is to the German market, one of the
stronger economies and without doubt one 
of the fastest growing staffing markets as 
a consequence of recent labour market
liberalisation. Although industry growth rates
appear to have declined over the course of
2007, they are still expected to remain at
double digit levels for a number of years to
come. Outside of Germany we are experiencing
growth in our Eastern European operations and
enjoying contribution from our new Dutch
company, EAR, whose rate of expansion is
being restricted by the shortage of available
skilled workers.
The developing markets of Asia and Latin
America offer substantial long term growth
opportunities. In Asia in particular, we are 
well placed to take advantage of developing
economies and nascent staffing industries.
Empresaria now operates in China (and is
looking to increase its investment there in
2008), India, Thailand, Malaysia, Singapore,
Indonesia and the Philippines. We are
experiencing rapid growth in each of these
countries and foresee a continuation of this
trend in 2008. 
Across all regions, Empresaria has a broad mix
of temporary and permanent staffing operations
with a group wide split of net fee income in
2007 of 72%:28% temporary to permanent.
Miles Hunt
Chief Executive
17 April 2008
Across all regions, Empresaria has a broad mix of temporary
and permanent staffing operations. UK
Revenues from UK operations increased 23% to £81.2m 
and net fee income grew 18% to £21.0m. The differing growth
rates reflected a change in the mix of our UK business with
significant growth coming from our, primarily temporary
staffing, Property Services and Construction division. As a
consequence, the mix of temporary staffing net fee income 
to permanent recruitment net fee income continued to improve
to a 58%:42% (2006: 56%:44%) split, therefore resulting 
in a drop in the UK gross margin percentage from 28.9% 
to 28.6%.
Within our Property Services and Construction sector our
FastTrack brand in particular performed well in the year,
buoyed by contract wins at Heathrow and London
Underground. With construction work now commencing for
the 2012 Olympics we anticipate the number of upcoming
business development opportunities to increase significantly
this year.
Our Other Brands sector also generated significant growth 
in the year with Greycoat Placements (domestic staff), 
McCall (recruitment to recruitment), The Recruitment Business
(creative design) and Bar 2 (payroll services) all delivering good
results. The performance of the sector as a whole would have
been stronger but for poor performance from EUResource, 
an on-site recruitment operation, that suffered from a number
of bad debt issues (resolved by the end of 2007) and poor
commercial management leading to the replacement of the
managing Director and corporate restructuring at the end of
2007. The changes at EUResource are expected to result in 
a drop in revenues in this sector in 2008. We do, however,
expect continued overall growth in net fee income generated
by this sector in 2008. 
Within the Financial Services sector LMA, our banking
operations brand, saw a 56% growth in revenues as it
concentrated on expanding its temporary staffing operations. 
It started 2008 with approximately twice the number of
temporary staff deployed as at the same time in 2007.
Insurance operations also grew with Lime Street launching 
a new Bristol office in the second half of the year.
The Supply Chain businesses benefited from the structural
changes made at the beginning of the year and the integration
of the MVP and DriveLink operations. Since then, we have
invested in a new managed service business offering a broad
range of staffing solutions to the logistics and supply chain
industry and, since the year end, we have acquired Forward
Prospects, a small freight forwarding recruitment business.
The only sector in the UK to experience a decline in either
revenues or net fee income was the Public Sector. The market
is undergoing significant consolidation and margin erosion and,
as a result, we are currently reviewing our options for this
sector.
Continental Europe
Revenues grew from £0.5m in 2006 to £52.4m in 2007. 
Net fee income grew from £0.4m in 2006 to £16.8m in 2007.
Outside of the Headway contribution (with operations in
Germany and Austria) the principal contributors in the year
were EAR in Holland and ITC in Poland which collectively
contributed revenues of £5.4m and net fee income of £1.4m.
In addition the Group operates in the Czech Republic and
Slovakia through the GiT brand. ITC was acquired in late 2006
and is currently expanding from its core base of “work abroad”
services to offer temporary staffing solutions to the domestic
Polish market. EAR was acquired in May 2007 and focuses
mainly on supplying technical trades from a network of four
offices in central and southern Holland.
Rest of the World
Revenues grew 57% to £14.2m and net fee income grew 
22% to £4.6m. Headline numbers do not provide a true
reflection of the underlying development activity of this broad
region. Recent start ups in India, China and in countries
throughout South East Asia have now either reached
profitability or are close to doing so. The Monroe Consulting
operation (executive recruitment) has expanded to new offices
in Manila, Bangkok and Singapore to add to existing offices 
in Jakarta and Kuala Lumpur. The Advanced Career operation
in Indonesia (temporary staffing and outsourcing) now has
seven branches in the country as well as new operations in
Singapore. Following the acquisition of Learning Resources
(corporate training solutions) in Indonesia in March 2007, 
we have established new offices in Bangkok, Singapore and
Manila. Our operations in India and China continue to expand
in terms of revenues, people and infrastructure.
Revenues from Japan were flat year on year as a result of a
change in mix of our Skillhouse IT staffing business with more
clients converting temporary staff to permanent positions and
our Australian operations have seen a significant drop in
revenues following the re-structuring of the business reported
this time last year. In the case of Japan we are seeing a
resumption in growth and a renewed emphasis on temporary
over permanent staffing revenue, assisted by the rapid growth
of our new fashion industry staffing company, FINES,
established in July 2007. In Australia, the organisational
changes made over the course of the year have now created 
a more stable platform on which to grow.
The acquisition of shares in Alternattiva in Chile late in the year
represents the first investment by Empresaria in Latin America.
Alternattiva provides temporary and outsourced staffing
solutions to the retail and telecommunications industries in
Chile. It is a long-standing family company with a strong
market presence. 
Empresaria Group plc Report and Accounts 2007 
Operational Review 9
Operational Review Headway – strong growth potential in a mature economy
Headway investment case
Empresaria’s purchase of 60% of the Headway Group in May 2007 represented its first major
acquisition outside of the UK and the largest it has made to date. The rationale for the acquisition
was that, whilst the German economy as a whole is mature, the staffing market in Germany shows
significant growth potential. This is illustrated in the charts below which show the penetration rate
of temporary workers in the overall workforce (1.3% compared to 4.5% in the UK) and the size of
the German staffing market compared to other more developed markets (4.4% compared to the
UK’s share of 15.9%).
Headway represented an excellent fit as it has a specialist staffing focus, already has a significant
presence in the German market, and the key management team remain in place with a significant
shareholding.
10 Case Study
Empresaria Group plc Report and Accounts 2007 
Operational region: 
Germany 
Austria 
Czech Republic
UK
Netherlands
France
Belgium
USA
Japan
Switzerland
Ireland
Austria
Hungary
Germany
Norway
Portugal
Sweden
Denmark
Spain
Finland
Italy
Poland
0%
Percentage of agency workers (full time equivalent) in relation to total workforce, 2006
Source: Ciett Sources: Ciett, ING, Randstad
1% 2% 3% 5% 4%
USA
38%
Canada
2%
Australia & New Zealand
4.2%
France
8.9%
UK
15.9%
Japan
11%
Rest of the World
11.5%
Netherlands
4.1%
Germany
4.4%
Percentage of total worldwide revenues Empresaria Group plc Report and Accounts 2007 
Case Study 11
Using specialists to recruit specialists
A leading biotechnology company challenged Headway
to source and supply highly qualified Biotechnology
and IT staff for its operations. By using its own
technical specialists, such as biotechnology graduates,
to both attract the right candidates from academic and
other institutions and to maintain an expert dialogue
with the client, we have succeeded in shortening the
recruitment process and achieved very high levels of
customer satisfaction, most recently in sourcing highly
qualified pathologists.
Using training to combat staff shortages
A major supplier of power train components needed 
to recruit staff to meet a significant order book increase
and had significant problems recruiting specialist
workers. After a competitor proved unable to supply 
the right staff on time, Headway was approached. 
By partnering with a specialist provider of state of the 
art CNC training and tailoring the courses to the client’s
precise requirements, we were able to provide workers
with the right skills at the right time. Headway manages
the whole process, which has set new standards for
customer service and worker retention.
Innovative specialist solutions for Headway’s clients 12 Case Study
Empresaria Group plc Report and Accounts 2007 
An outsourced warehouse management service
Headway provides a comprehensive warehouse management
service for a leading retailer’s distribution centre. The contract 
is remunerated on piece rate basis and encompasses stock
picking, palette handling, the whole empties management
process as well as display management and elements of the
goods inwards process. 
In addition to approximately 100 workers in the stock picking
team we supply up to 10 fork lift truck drivers, a further 40 
or so workers in activities such as palette handling, goods
inwards and outwards and display management. We also
employ an onsite team of two chargehands and two supervisors
responsible for training, worker management and client liaison.
All workers are trained in at least two disciplines to improve their
flexibility, which is maintained by regular job rotation. They also
undergo a structured induction programme to bring them up 
to required performance and productivity levels.
Our approach has allowed us to exceed comfortably our clients
prescribed performance targets with error rates of less than 
1% and has given us sole supplier status. Our innovative
solution has benefited both parties: the client has total cost
visibility and we have visibility of demand.
CNC specialist maintenance team enhances 
client productivity
CNC machinery is expensive and minimising down time is a client
priority. At Headway Industry, we have assembled an expert team
of skilled workers to provide repair and preventative maintenance
services to its clients. The team is trained on the majority of CNC
manufacturer’s machines, allowing clients to avoid reliance on any
particular manufacturer.
Highly flexible, the team is able to respond at short notice and to
get its work done either during planned down time or through its
comprehensive weekend service offering. This ensures clients’
work stations can be productive around the clock.
Innovative specialist solutions for Headway’s clients continued
Headway’s operations Growth opportunities in the ASEAN Region
What is ASEAN?
The Association of Southeast Asian Nations or ASEAN was established on 8 August 1967 
in Bangkok by the five original Member Countries, namely, Indonesia, Malaysia, Philippines,
Singapore and Thailand. Its key goals are to accelerate economic growth, social progress and
cultural development in the region and promote regional peace and stability. Economic integration
is also a priority with the establishment of the ASEAN community by 2015.
As of 2006, the ASEAN region had a population of about 560 million, a total area of 4.5 million
square kilometres, a combined gross domestic product of almost US$ 1,100 billion, and a total
trade of about US$ 1,400 billion. Since 1990 the ASEAN region has demonstrated a shift from
reliance on agriculture to the manufacturing and service industries providing greater scope for
staffing businesses to grow within the region. 
As the chart on the next page shows the ASEAN region has a strongly growing GDP , workforce
and inward investment that is both significant and growing.
Empresaria Group plc Report and Accounts 2007 
Case Study 13
Empresaria operates 
in the following 
ASEAN countries: 
Indonesia
Malaysia
Philippines
Singapore
Thailand
Sector contribution to
2007 revenue
FMCG 7%
IT and
Communications 
5%
Financial
Services
71%
Other
17%
Empresaria’s operations in ASEAN
Empresaria believes that, much as has been achieved by the
European Community, ASEAN will significantly increase trade
amongst the member nations and improve the flow of labour,
all of which should be significantly beneficial to staffing and
human capital businesses properly equipped to take
advantage of the opportunities presented. 
We already have 10 operations with 17 branches and 109
staff covering five of the 10 ASEAN nations and are providing
2,200 contractors to our clients every week*. We intend to
expand our operations further over the next three years.
*As at end of February 2008. Growth opportunities in the ASEAN Region continued
“The strength of
Learning Resources is its
competent consultants
that help us align our
training and
development solutions
with our corporate
strategy”
Chief Learning Officer, major
Indonesian bank
“We have been working with Monroe Consulting Group for the last two years. During
this time Monroe has made significant efforts to understand our business issues and
the culture which we want to create in the organisation. They have worked closely
with us in understanding our needs and expectations for the positions which we 
want to fill, and have supported us in identifying and attracting strong candidates 
to join our Company. As a result we have successfully recruited new members to 
our management structure. We have been pleased with the speed at which they have
integrated into the organisation and helped us create an open and challenging new
culture within our Company.”
President Director, major food producer, Indonesia
14 Case Study
Empresaria Group plc Report and Accounts 2007 
Percentage GDP growth in the ASEAN countries where Empresaria operates, 2000-2007
1
2000 2001 2002 2003 2004 2005 2006 2007
Indonesia 5.4 3.6 4.5 4.8 5.1 5.6 5.2 6.0
Malaysia 8.9 0.3 4.4 5.5 7.2 5.2 5.5 5.8
Philippines 6.0 1.8 4.5 4.9 6.2 5.0 5.0 5.4
Singapore 10.0 (2.3) 4.0 2.9 8.7 6.4 6.9 4.5
Thailand 4.8 2.2 5.3 7.0 6.2 4.5 4.5 5.0
1
Data from the International Labour Organisation report entitled: Labour and Social Trends in ASEAN 2007: Integration,
Challenges and Opportunities
1990 1995 2000 2004 2005 2006 2015 2020
Indonesia 76,615 86,182 98,742 106,278 108,361 110,432 128,117 136,917
Malaysia 7,122 8,227 9,684 10,735 11,013 11,288 13,815 15,207
Philippines 23,439 27,399 30,761 35,916 37,093 38,294 49,170 54,475
Singapore 1,541 1,740 2,059 2,176 2,207 2,238 2,484 2,500
Thailand 30,442 31,501 33,586 35,293 35,715 36,136 39,071 39,781
Actual and projected labour force growth in the ASEAN countries
where Empresaria operates,1990-2020
1
Inward investment in ASEAN countries 1995-2005
Sources: ASEAN, Foreign Investments Database, UNCTAD, FDI/TNC Database, 2006. Empresaria’s strategy in the ASEAN region
Oki Iqbal, Managing Director of our ASEAN region operation commented: 
“We aim to provide a comprehensive service to both our national and regional clients
and to do this we operate through three distinct brands. These brands are represented
by separately capitalised companies for each brand in each country in which they are
represented. In accordance with Empresaria’s philosophy, key management in each
company holds a meaningful equity stake therein.”
“In this way, each of our brands remains a focussed, specialist operation capable of
providing an expert service tailored to a client’s specific needs, whether that is a CEO
or CFO from Monroe, the outsourcing of an entire call centre through Advanced
Career or the provision and delivery of targeted training modules through Learning
Resources.
As we expand our brands geographically, we will further enhance our ability to
provide the same depth and breadth of service across the entire region of large
multinational business, whilst retaining the local knowledge, flexibility and
specialist customer service focus of a local operation.”
Service Offering
Search & Permanent Outsourced Temporary Training Training
Brand selection contingent services staffing materials delivery
Monroe Consulting • •
Advanced Career • •
Learning Resources • •
“Monroe Consulting
Group has been a great
help in our recruitment
process and we are very
pleased with the effort
and commitment in
getting the perfect
candidate”
Chief Learning Officer, 
major Indonesian bank
“Advanced Career’s
professional staff 
have built a very good
relationship with us due
to the way they manage
the human resources
process and develop the
competencies of the
contractors working 
for us.”
Head of Sales Management, 
major Indonesian bank
Empresaria Group plc Report and Accounts 2007 
Case Study 15 Financial performance
Revenue
Group revenue rose by £72.3m (96%) in the
year. Like for like sales increased by 20%. 
Gross margin
The Group’s net fee income percentage
remained steady at 29%.
The Group’s gross margin generated from the
contract and temporary businesses grew to
72% of total gross margin (2006: 56%). This
increase is in accordance with the Group’s
strategy of developing its temporary staffing
business and reflects both strong temporary
revenue growth in our UK construction
businesses and the acquisition of the Headway
Group, which is a purely temporary staffing
business.
Profitability
The Group uses adjusted profit before taxation
(PBT) (as defined and calculated on page 62) as
its principal measure of operating performance.
Profits before tax are adjusted to remove the
effects of amortisation of intangible assets and
any exceptional items incurred during the year.
Adjusted PBT for the year – for existing and
continuing operations – rose by 114% (2006:
30%) to £6.2.m (2006: £2.9m) for the Group. 
Adjusted operating margin on revenues
increased slightly to 4.7% (2006: 4.6%), 
despite continued investment in organic 
growth, particularly in the rest of the world.
Taxation
The effective rate of corporation tax to headline
profit before tax was 31% in 2007 compared to
29% in 2006.
The difference between the effective rate 
and the standard UK rate of corporation tax
principally reflects the Group’s exposure to
higher tax environments outside of the UK. 
For example Japan where rates are in excess 
of 40%.
Earnings per share
Earnings per share, (EPS), adjusted for the
effects of amortisation of intangible assets and
exceptional items, was 9.2 pence, an increase
of 28% over 2006 (7.2 pence).
In 2007, the Group’s weighted average 
issued share capital, as used to calculate 
EPS, increased by 31% principally as a result 
of shares issued to acquire the Headway Group
as well as to increase the Group’s share in
existing operations.
Dividend
The Directors have recommended the payment
of a dividend of 0.55 pence per share (2006:
0.50 pence), representing an increase of 10%.
If approved, the dividend will be paid on 
18 August 2008 to members registered 
on 18 July 2008.
Net assets
As at 31 December 2007 the net assets of the
Group were £29.1m (2006: £11.6m).
Executive Equity Participation Plan
The Group operates an equity participation
programme to incentivise its senior
16 Financial Review
Empresaria Group plc Report and Accounts 2007 
Nick Hall-Palmer
Group Finance Director
Adjusted PBT for the year – for existing and
continuing operations – rose by 114%. management. An award under the scheme 
was made in 2007 and a charge of £102,500 
is reflected in the income statement.
Acquisitions
Goodwill and other intangible assets increased
by £14.3m in the year, to £24.7m (2006:
£10.3m) at 31 December 2007. The details 
of the main transactions behind this increase
are explained below:
Purchase of Headway Group
In May 2007, the Group acquired 60% of the
Headway Group for a cash consideration of
£9.9m. The balance of 40% of Headway
remains with key management shareholders
and an option exists for them to sell a further
one third of their remaining holding to
Empresaria after 2009 for a maximum
aggregate consideration of Euros 10m
(approximately £7.5m).
Headway provides temporary and contract 
staff to a number of specialist industries
through over 60 branches throughout 
Germany and Austria, including the Logistics,
Engineering, Automotive, Retail and
Biotechnology Sectors. 
Purchase of EAR Group
In May 2007, the Group acquired 60% of the
share capital of the EAR Group, for an initial
consideration of £289,000, paid in cash/shares. 
Based in the Netherlands, the business
specialises in the provision of temporary and
permanent staff, principally in the field of
construction and property services.
Purchase of Alternattiva Group
In November 2007, the Group acquired 56% 
of the Alternattiva Group, a leading Chilean
staffing business providing temporary and
outsourced staff principally in the sales,
marketing and promotional staffing solutions.
The initial consideration amounted to £690,000
with a maximum further consideration of
approximately £1.1m payable depending on the
financial performance of the business in 2008.
Purchase of minority share holdings
During 2007, Empresaria increased it
shareholdings in Lime Street Recruitment
Limited and The Recruitment Business Limited
for an aggregate consideration of £495,000, 
of which £45,000 was payable by the issue of
24,789 shares in Empresaria Group, with the
balance paid in cash.
Post year end purchases
Since the year end Empresaria acquired 
a controlling interest in Forward Prospects
Limited, Spa Elite Limited and Travel World
Selection Limited for a total maximum
consideration of £100,000. All businesses 
are based in the UK.
Principal risks and uncertainties
The principal risks and uncertainties that the
Group face are:
Growth management
The Group’s growth strategy includes the
investment in and management of start up
businesses and acquisitions. This strategy has
certain risks and failure to improve operating
performance of start-up businesses and
acquired businesses may adversely impact
results, including the Group’s cash flow.
Failure to ensure the Group has sufficient 
senior management resources to manage and
control its growth could adversely impact its
profitability. The Board regularly assesses the
number and suitability of its senior management
resources and adapts this resource to the
needs of the Group.
Dependence on key Executives 
and personnel
The Group’s future success is substantially
dependent on retaining and incentivising its
senior management and certain key employees.
The loss of the service of key personnel may
have an adverse impact on the Group’s
business and relationships.
However, the Group’s philosophy of
management equity ensures that key
management are appropriately incentivised
Empresaria Group plc Report and Accounts 2007 
Financial Review 17
Dividend per share (pence)
0 0.1 0.3 0.4 0.6 0.5 0.2
2007
2006
2005
2004
2003
Goodwill and other
intangible assets
increased by £14.3m in
the year, to £24.7m. through equity ownership. In addition, as the Group grows and
diversifies geographically, its reliance on any one company and
the individuals associated with that company reduces.
Market risks 
Political environment
A change in government policy may impact on the level 
of public spending in the key sectors in which the Group
operates. Changes of this nature in the macro-economic
environment could adversely affect the financial performance
of the Company.
Economic environment
The performance of staffing businesses has historically shown
a strong correlation with performance of the economies in
which they operate. Empresaria’s strategy of diversification
within individual geographic markets and its expansion
internationally is designed to mitigate the effect of a downturn
in any one economy. Nevertheless, significant economic
downturn in either the UK or Germany could result in 
reduced revenues and profits for the Group.
Legislative change
The Company’s business is subject to European, UK and
overseas employment legislation. Any changes to this may
impact on the manner in which Empresaria conducts its
business and could therefore affect the financial performance
of the Group.
Financial risks and treasury management
The Group expanded significantly overseas by both acquisition
and organic growth. This expansion has been partly funded 
by parent company loans principally denominated in local
currency of the recipient company. Therefore the parent
company is exposed to exchange rate fluctuations between
the grant of the loan and its settlement. Where these loans are
material, the Group has taken out forward exchange contracts
to manage these risks.
With regard to credit risk the Company has implemented
policies that require appropriate credit checks on potential
customers before contracts are commenced.
In respect of interest rate risk the Group has interest bearing
assets and liabilities. Interest bearing assets and liabilities
include cash balances and overdrafts, all of which have
interest rates applied which are commensurate with the 
scale of the Group’s operations.
Cash flow
For the first time in a number of years operating cash flow was
lower than operating profit. Net cash of £2.4m (2006: £5.4m)
was generated from operations during the year. The relative
cash generation is affected by two principal factors. As stated
in last year’s Annual Report, the 2006 cash flow was improved
by a significant one-time increase in the amount of invoice
discounting liability subject to non-recourse arrangements. 
In 2007 cash flow was depressed by the mid-year acquisition
of Headway, where a number of pre-acquisition liabilities, 
were settled post acquisition. The main elements of these
were employer’s liability insurance in respect of 2006, 
as well as accrued payroll costs. The total one-time effect
amounted to approximately £1.7m.
The Group debtors grew by £5m in the year due principally 
to growth in revenues at our temporary operations, especially
Headway in Germany and FastTrack in the UK.
In the 2006 Annual Report we also commented on the UK
government’s abolition of managed service companies and
identified a negative cash flow impact on the Group over 
2007 and 2008. In practice the closure process of the Group’s
managed service operations has taken longer than anticipated
and the impact will be felt in 2008 and 2009.
The Group spent £12.8m of cash on acquisitions (including
cash acquired), investment in associates and capital
expenditure and raised £12.7m from financing activities, 
of which £11.5m was from the issue of shares to fund the
acquisition of the Headway Group.
Net debt increased by £2.8m to £4.2m during the year, 
mainly reflecting debt taken out to fund acquisitions of new
companies and the purchase of minority interests (£1.4m) and 
non-current liabilities assumed with new acquisitions (£0.7m).
Management of liquidity risk
The Group maintains a range of facilities appropriate to fund its
working capital requirements as well as its strategy of organic
and acquisitive expansion.
At the year end, the Group’s financing arrangements
comprised:
• cash at bank of £4.1m;
• overdraft facilities of £5.8m, of which £2.5m was utilised at
the year end;
• a revolving credit loan facility of £2.5m, of which £1.2m has
been utilised. This facility is shown under current liabilities
reflecting its flexibility. In practice the facility is available until
the end of 2009;
• outstanding term loans of £2.1m repayable over the next
four years; and
• amounts owed in respect of invoice discounting and
factoring agreements of £1.9m.
Nick Hall-Palmer
Group Finance Director
17 April 2008
18 Financial Review
Empresaria Group plc Report and Accounts 2007  The Board is committed to ensuring that sound principles of
corporate governance are applied throughout the Group and is
structuring its approach to achieve a position commensurate
with the size of the business and its status as an AiM listed
company.
As the Group increases the size and complexity of its
operations, the Group adapts its approach to Corporate
Governance. Whilst there is no requirement to provide
corporate governance disclosures due to the Company’s AiM
listed status, the major elements of the Group’s approach are
listed below:
Systems of internal control and its effectiveness
The Directors acknowledge their responsibilities for the
Group’s system of internal control. Such a system can provide
reasonable, but not absolute, assurance against material
misstatement or loss. As in previous years the following key
controls existed throughout the year:
• Empresaria Group plc’s operations are structured into profit
centres. Annual budgets are prepared for each profit centre
and approved by the Board of Directors. The performance
of each profit centre against budget is monitored on a
monthly basis. Significant variances against budget are
thoroughly investigated and corrective action taken.
• Day to day responsibility for the management and
operations of the business has been delegated to the Chief
Executive and the Board of Management, comprising the
Group Finance Director and Regional Heads of Operations.
Clear levels of authority and terms of reference exist for the
Management Board. As far as possible, the business units
are given autonomy, whilst operating within an established
framework of internal controls.
• The Executive Directors attend regular meetings with
operating company management to review performance
and agree future strategy.
• The Board of Directors meets every two months to review
the performance of the Group. Members of the Board of
Directors meet formally with operating company
management on a regular basis to review business
performance and to address operational and strategic
issues.
• There existed within the Group throughout the year under
review appropriate levels of delegated authority covering 
the key areas of the Group’s operations.
The Group continues to operate initiatives to enable subsidiary
company management to identify and manage their risk
effectively, using seminars and forums. During 2007, the
Company’s intranet site has also been in use and companies
within the Group have been encouraged to see it as a
mechanism to share information and good practice.
Improvements will continue to be made to embed internal
control and risk management further into the operations of the
business and to deal with areas of importance which come to
management and the Board’s attention.
Board of Directors
The Group has always sought to maintain a balance between
Executive and Non-executive Directors in keeping with its size. 
The Board currently has five Directors, comprising of two
Executive and three Non-executive Directors. 
The Board exercises full and effective control over the Group.
The Board meets on a regular basis and its responsibilities
include strategy and management of performance, acquisitions
and safeguarding the Group’s assets.
Board Committees
The Group has the following Committees in operation.
Audit Committee
The Audit Committee is chaired by a Non-executive Director,
Tim Sheffield and meets at least twice a year to consider
matters relating to accounting, internal control and the
statutory audit. Tony Martin is also a member of the Audit
Committee.
The Audit Committee meets the external auditors without 
the presence of the Group Finance Director at least twice 
each year.
The Group does not currently operate an internal audit
function as the Directors do not believe that, given the current
size and complexity of the Group, the cost would deliver
appropriate benefits.
Remuneration Committee
The Remuneration Committee is chaired by a Non-executive
Director, Penny Freer, who is joined on the committee by the
Group’s other Non-executive Director, Tim Sheffield. The
remuneration of the Executive Directors is reviewed annually
and approved by the Remuneration Committee Chairman. 
Going concern
The Directors have formed the judgement, at the time of
approving the financial statements, that there is a reasonable
expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. 
For this reason, the Directors continue to adopt the going
concern basis in preparing the financial statements.
N C Hall-Palmer
Group Finance Director
17 April 2008
Empresaria Group plc Report and Accounts 2007 
Corporate Governance 19
Corporate Governance The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law
and regulations. 
Company law requires the Directors to prepare financial
statements for each financial year. The Directors are required
by the International Accounting Standards (IAS) Regulation 
to prepare the Group financial statements under International
Financial Reporting Standards (IFRSs) as adopted by the
European Union. The Group financial statements are also
required by law to be properly prepared in accordance with
the Companies Act 1985 and Article 4 of the International
Accounting Standard (“IAS”) Regulations.
IAS 1 requires that IFRS financial statements present fairly 
for each financial year the Group’s financial position, financial
performance and cash flows. This requires the faithful
representation of the effects of transactions, other events and
conditions in accordance with the definitions and recognition
criteria for assets, liabilities, income and expenses set out in
the International Accounting Standards Board’s ‘Framework 
for the preparation and presentation of financial statements’. 
In virtually all circumstances, a fair presentation will be
achieved by compliance with all applicable IFRSs. 
However, Directors are also required to:
• properly select and apply accounting policies;
• present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information; and
• provide additional disclosures when compliance with the
specific requirements in IFRSs are insufficient to enable
users to understand the impact of particular transactions,
other events and conditions on the entity’s financial position
and financial performance.
The Directors have elected to prepare the parent company
financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law). The parent
company financial statements are required by law to give 
a true and fair view of the state of affairs of the Company. 
In preparing these financial statements, the Directors are
required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable and
prudent; and
• state whether applicable UK Accounting Standards have
been followed, subject to any material departures disclosed
and explained in the financial statements.
The Directors are responsible for keeping proper accounting
records that disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure
that the parent Company financial statements comply with 
the Companies Act 1985. They are also responsible for
safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities. 
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions. 
Empresaria Group plc Report and Accounts 2007 
20 Statement of Directors’ Responsibilities
Statement of Directors’ Responsibilities The Directors present their annual report and the audited
financial statements for the year ended 31 December 2007.
Principal activities
The principal activity of the Group is the provision of staffing
services. The principal activities of the Company were those of
investing in subsidiaries, acting as a recruitment company and
providing management services.
Review of the business and future prospects
This is covered by the Chairman’s Statement, Chief Executive’s
Review and Financial Review on page 4, 6 and 16 respectively.
Results and dividends
The results for the year are set out on page 24. Details about
the final dividend for the year are disclosed in the Financial
Review on page 16. 
Directors
The following Directors have held office since 1 January 2007
(or date of appointment):
Executive Directors 
M W R Hunt, N C Hall-Palmer
Non-executive Directors
A V Martin, T J D Sheffield, P A Freer
With effect from 17 April 2008, Mr S Kilpatrick will 
replace Mr N C Hall-Palmer as Group Finance Director. 
Mr N C Hall-Palmer will assume the role of Head of UK
Operations. He will also take on the role of Group
Development Director, which is not a main board position. 
Mr N C Hall-Palmer will sit on the Board of Management.
Financial instruments
The Group’s policy and exposure to derivatives and other
financial instruments is disclosed in note 19 and discussed 
in the Financial Review on page 16.
Directors’ interests
The beneficial interests of the Directors serving at the year end
in the shares of the Company were as stated below:
2007 2006
Number of Number of
Director ordinary shares ordinary shares
M W R Hunt 3,837,571 2,837,571
A V Martin 4,341,618 2,610,848
T J D Sheffield 2,049,307 2,049,307
N C Hall-Palmer 201,647 201,647
P A Freer 15,000 –
The interests of M W R Hunt include 446,700 (2006: 446,700)
shares by virtue of the shares held by his wife.
None of the Directors had interests in other Group companies.
The Directors’ interests held in the Executive Equity
Participation Plan (EEPP) are disclosed in note 18.
Substantial shareholdings
As at 31 March 2008, excluding the Directors, the following
interests in 3% or more of the issued ordinary share capital in
the register maintained under the provision of section 211 of
the Companies Act 1985 were identified:
Number of Percentage 
Name of holder ordinary shares holding 
Caledonia Investment plc 7,211,388 21.57%
Ennismore Fund Management 2,004,170 5.99%
NW Brown Nominee 1,586,375 4.74%
Katalyst Ventures 1,151,000 3.44%
Information required by Section 992 of 
The Companies Act 2006
The Company’s share capital consists of ordinary shares as 
set out in note 12. All of the Company’s issued ordinary shares
are fully paid up and rank equally in all respects. The rights
attached to them in addition to those conferred on their
holders by law, are set out in the Company’s Articles of
Association (“the Articles”). Other than those specific
provisions set out in the Articles, there are no restrictions on
the transfer of ordinary shares or on the exercise of voting
rights attached to them. From time to time the Empresaria
Group Employee Benefit Trust holds shares in the Company
for the purposes of the Executive Equity Participation Plan 
and the rights attaching to them are exercised by independent
trustees, who may take into account any recommendation 
by the Company.
Rules about the appointment and replacement of Directors 
are set out in the Articles. Changes to the Articles must be
approved by shareholders passing a special resolution. The
Directors’ powers are conferred on them by UK legislation and
by the Articles. The Board has the power conferred upon it by
shareholders to purchase it own shares.
There are no significant agreements to which the Company 
is a party which take effect, alter or terminate in the event of 
a change in control of the Company. There are no agreements
providing for compensation for Directors or employees on
change of control.
Empresaria Group plc Report and Accounts 2007 
Directors’ Report 21
Directors’ Report Directors’ and officers’ liability insurance
The Company maintains liability insurance for the Directors and
officers of the Company and its subsidiaries. No Director or
officer was in receipt of any indemnity from the Company
during the year.
Policy and practice on the payment of creditors
The Company and Group do not follow any specified code 
or standard on payment practice. However, it is the Company
and the Group’s policy to negotiate terms with its suppliers
and to ensure that they are aware of the terms of payment
when business is agreed. It is the Company and the Group’s
policy to abide by these terms. Suppliers are paid on average
within 30 (2006: 30) days.
IFRS transition 
In compliance with AiM requirements, Empresaria has adopted
International Financial Reporting Standards (IFRS) for the first
time in these financial statements for 31 December 2007. 
The key impact on the Group’s results is that goodwill is no
longer amortised but subject to an annual impairment review.
The Board has adjusted the trading results to remove the
effect of the amortised goodwill charge. For the 12 month
period to 31 December 2006 this amounted to £762,000. 
Please refer to note 29 of the accounts to understand the 
key adjustments implemented to ensure compliance with 
and transition to IFRS for the Group's reporting purposes.
Employee communication and disabled employees
The Group places considerable value on the involvement of 
its employees and has continued to keep them informed on
matters affecting them and on the various factors affecting 
the performance of the Group and Company. This is achieved
through formal and informal meetings, the Company
newsletter and the Company’s website. Applications for
employment by disabled persons are always fully considered.
In the event of members of staff becoming disabled every
effort is made to ensure that their employment with the 
Group continues. 
Independent auditors
Each of the persons who is a Director at the date of approval
of this report confirms that:
1. so far as the Director is aware, there is no relevant audit
information of which the Company’s auditors are unaware;
and
2. the Director has taken all the steps that he ought to 
have taken as a Director in order to make himself aware 
of any relevant audit information and to establish that 
the Company’s auditors are aware of that information. 
This confirmation is given and should be interpreted in
accordance with the provisions of s234ZA of the Companies
Act 1985. 
The auditors, Deloitte & Touche LLP , have expressed their
willingness to continue in office and a resolution to reappoint
them will be proposed at the forthcoming Annual General
Meeting.
Approved by the Board of Directors and signed on behalf 
of the Board.
M W R Hunt
Director
17 April 2008
22 Directors’ Report
Empresaria Group plc Report and Accounts 2007  Independent Auditors’ Report to the Members
of Empresaria Group plc
We have audited the Group financial statements of Empresaria
Group plc for the year ended 31 December 2007 which
comprise the consolidated income statement, the consolidated
balance sheet, the consolidated statement of recognised
income and expense, the consolidated cash flow statement
and the related notes 1 to 29. These Group financial
statements have been prepared under the accounting 
policies set out therein. 
We have reported separately on the parent company 
financial statements of Empresaria Group plc for the year
ended 31 December 2007.
This report is made solely to the Company’s members, as a
body, in accordance with section 235 of the Companies Act
1985. Our audit work has been undertaken so that we might
state to the Company’s members those matters we are
required to state to them in an auditors’ report and for no
other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
The Directors’ responsibilities for preparing the Annual 
Report and the Group financial statements in accordance with
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union are set out in the
Statement of Directors’ Responsibilities.
Our responsibility is to audit the Group financial statements 
in accordance with relevant legal and regulatory requirements
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Group 
financial statements give a true and fair view, whether the
Group financial statements have been properly prepared in
accordance with the Companies Act 1985 and Article 4 of the
IAS Regulation. We also report to you whether in our opinion
the information given in the Directors’ Report is consistent with
the Group financial statements. The information given in the
Directors’ Report includes that specific information presented
in the Chairman’s Statement, the Chief Executive’s Review of
the business and the Financial Review that is cross referred
from the Business Review section of the Directors’ Report. 
In addition we report to you if, in our opinion, we have not
received all the information and explanations we require for 
our audit, or if information specified by law regarding Director’s
remuneration and other transactions is not disclosed.
We read the other information contained in the Annual Report
as described in the contents section and consider whether 
it is consistent with the audited Group financial statements. 
We consider the implications for our report if we become
aware of any apparent misstatements or material
inconsistencies with the Group financial statements. Our
responsibilities do not extend to any further information 
outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test
basis, of evidence relevant to the amounts and disclosures in
the Group financial statements. It also includes an assessment
of the significant estimates and judgments made by the
Directors in the preparation of the Group financial statements,
and of whether the accounting policies are appropriate to the
Group’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all 
the information and explanations which we considered
necessary in order to provide us with sufficient evidence to
give reasonable assurance that the Group financial statements
are free from material misstatement, whether caused by fraud
or other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of
information in the Group financial statements. 
Opinion
In our opinion:
• the Group financial statements give a true and fair view, in
accordance with IFRSs as adopted by the European Union,
of the state of the Group’s affairs as at 31 December 2007
and of its profit for the year then ended;
• the Group financial statements have been properly prepared
in accordance with the Companies Act 1985 and Article 4
of the IAS Regulation; and
• the information given in the Directors’ Report is consistent
with the Group financial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Crawley, United Kingdom
17 April 2008
Empresaria Group plc Report and Accounts 2007 
Independent Auditors’ Report on the Group Financial Statements 23 24 Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007 
Consolidated Income Statement – Year ended 31 December 2007
2007 2006
Note £000 £000
CONTINUING OPERATIONS
Revenue 4 147,827 75,459
Cost of sales (105,476) (53,619)
Gross profit 42,351 21,840
Administrative costs (35,613) (18,335)
Operating profit 6 6,738 3,505
Finance income 8 240 6
Finance costs 8 (870) (414)
Net finance cost 8 (630) (408)
Share of operating loss from associates (118) (203)
Profit before tax 5,990 2,894
Income tax expense 9 (1,881) (828)
Profit for the year 4,109 2,066
ATTRIBUTABLE TO
Equity holders of the parent 2,549 1,558
Minority interest 1,560 508
4,109 2,066
EARNINGS PER SHARE FROM CONTINUING OPERATIONS (PENCE)
Basic earnings per share 8.4 6.7
Diluted earnings per share 8.4 6.7 Empresaria Group plc Report and Accounts 2007 
Consolidated Financial Statements 25
Consolidated Balance Sheet – Year ended 31 December 2007
2007 2006
Note £000 £000
ASSETS
Non-current assets
Property, plant and equipment 10 1,887 790
Goodwill 11 21,973 10,346
Other intangible assets 12 2,710 –
Interests in associates 13 981 582
Deferred tax assets 17 940 334
28,491 12,052
Current assets
Trade and other receivables 14 32,494 11,229
Cash and cash equivalents 24 4,110 3,342
36,604 14,571
Total assets 65,095 26,623
LIABILITIES
Current liabilities
Trade and other payables 15 24,773 9,388
Corporation tax payable 2,086 798
Short-term borrowings 16 6,227 3,558
33,086 13,744
Non-current liabilities
Long-term borrowings 16 2,050 1,201
Deferred tax liabilities 17 909 125
Total non-current liabilities 2,959 1,326
Total liabilities 36,045 15,070
Net assets 29,050 11,553
EQUITY
Share capital 18, 20 1,668 1,193
Share premium account 20 16,623 5,185
Merger reserve 20 1,539 1,539
Translation reserve 20 962 (28)
Fair value reserve 20 (52) (78)
Retained earnings 20 5,302 2,922
Equity attributable to equity holders of the parent 20 26,042 10,733
Minority interest 20 3,008 820
Total equity 20 29,050 11,553
These financial statements were approved by the Board of Directors on 17 April 2008.
Signed on behalf of the Board of Directors
M W R Hunt N C Hall-Palmer
Director Director 26 Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007 
Consolidated Statement of Recognised Income and Expense
– Year ended 31 December 2007
2007 2006
£000 £000
Available-for-sale investments: valuation gains/(losses) taken to equity 25 (78)
Exchange difference on net assets of overseas subsidiaries 853 (28)
Tax on items taken directly to or transferred from equity (7) 23
Net income/(loss) recognised directly in equity 871 (83)
Profit for the period 4,109 2,066
Total recognised income and expense for the period 4,980 1,983
Attributable to
Equity holders of the parent 3,557 1,475
Minority interest 1,423 508
4,980 1,983 Empresaria Group plc Report and Accounts 2007 
Consolidated Financial Statements 27
Consolidated Cash Flow Statement – Year ended 31 December 2007
2007 2006
Note £000 £000
Net cash from operating activities 24 1,009 4,630
Cash flows from investing activities
Acquisition of new subsidiaries 5 (11,874) (1,652)
Further shares acquired in existing subsidiaries (1,396) (417)
Cash acquired with subsidiary acquired 2,158 9
Acquisition of investment in associates (447) (694)
Loans given to associates (393) (214)
Purchase of property, plant and equipment (1,093) (528)
Finance income 142 6
Net cash used in investing activities (12,903) (3,490)
Cash flows from financing activities
Proceeds from issue of share capital 11,501 905
Proceeds from bank loan/borrowings 3,943 725
Payment of loan (282) (247)
Decrease in factoring borrowings (1,090) (733)
Finance cost (772) (414)
Dividends paid (166) (106)
Dividends paid to minority shareholders in subsidiary undertakings (472) (333)
Net cash from/(used in) financing activities 12,662 (203)
Net increase in cash and cash equivalents 768 937
Cash and cash equivalents at beginning of period 3,342 2,405
Cash and cash equivalents at end of period 24 4,110 3,342 1 Basis of preparation and general information
Empresaria Group plc is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the register office is 
1 Peveril Court, 6-8 London Road, Crawley, West Sussex RH10 8JE. Its company registration number is 3743194.
The consolidated financial statements are for the twelve months ended 31 December 2007. They have been prepared in accordance with the
requirements of IFRS 1 “First-time Adoption of International Financial Reporting Standards” and with those parts of the Companies Act 1985
applicable to companies reporting under IFRS. 
The financial statements have been prepared under the historical cost convention except that they have been modified to include the revaluation 
of certain financial assets and liabilities. The measurement bases and principal accounting policies of the Group are set out below.
These consolidated financial statements are presented in Pounds Sterling (£) because that is the currency of the primary economic environment 
in which the Group operates. Foreign operations are included in accordance with the policies set out in note 2.
These consolidated financial statements have been prepared in accordance with the accounting policies which are based on the recognition and
measurement principles of IFRS in issue as adopted by the European Union (EU) and are effective at 31 December 2007 or are expected to be
adopted and effective at 31 December 2007, the Group’s first annual reporting date at which it is required to use IFRS accounting standards
adopted by the EU.
Empresaria Group plc’s consolidated financial statements were prepared in accordance with United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice) until 31 December 2006. The date of transition to IFRS was 1 January 2006. The comparative
figures in respect of 2006 have been restated to reflect changes in accounting policies as a result of adoption of IFRS. The disclosures required 
by IFRS 1 concerning the transition from UK GAAP to IFRS are given in the reconciliation schedules, presented and explained in note 29.
At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these
financial statements were in issue but not yet effective:
• IFRS 8 Operating Segments
• IAS 1 (revised) Presentation of Financial Statements
• IAS 23 Amendment to Borrowing Costs
• IAS 19 (revised) Employee benefits
• IFRIC 12 Service Concession Arrangements
• IFRIC 13 Customer Loyalty Programmes
• IFRIC 14 An Interpretation of IAS 19
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the consolidated
financial statements of the Group except for additional disclosures.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these consolidated financial
statements.
The Group has taken advantage of certain exemptions available under IFRS 1 First-time adoption of International Financial Reporting Standards.
The exemptions used are explained under the respective accounting policy.
2 Summary of significant accounting policies
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its subsidiary undertakings as at 31 December 2007. Subsidiaries are
entities over which the Group has the power to control the financial and operating policies so as to obtain benefits from their activities. The Group
obtains and exercises control through voting rights.
Intra-group transactions and profits are eliminated fully on consolidation. Amounts reported in the financial statements of subsidiaries have been
adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Minority interest consists
of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the
combination. Losses applicable to the minority in excess of the of the minority’s interest in the subsidiary’s equity are allocated against the interests
of the Group except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. 
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of
acquisition or upto the effective date of disposal, as appropriate.
28 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements
Year ended 31 December 2007 Business combinations
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the fair
value, at the date of exchange, of assets given, liability incurred or assumed, and equity instruments issued by the Group in exchange for control
of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent
liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current
assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non Current Assets Held for Sales and Discontinued
Operations, which are recognised and measured at fair value less costs to sell.
Associates
In the Group financial statements, investments in associates are accounted for using the equity method. The consolidated income statement
includes the Group’s share of associates’ profits less losses while the Group’s share of the net assets of the associates is shown in the
consolidated balance sheet. 
If the Group’s share of losses of an associate equals or exceeds its interest in the associate, the Group discontinues recognising its share of
further losses. Additional losses are provided for, and a liability is recognised, only to the extent the Group has incurred legal or constructive
obligations or made payments on behalf of the associate. If the associate subsequently reports profits, the Group resumes recognising its share 
of those profits only after its share of the profits equals the share of losses not recognised.
Goodwill arising on the acquisition of associates is accounted for in accordance with the policy set out below. Any balance of goodwill 
is included in the carrying value of the investment in associates and is assessed for impairment as part of that investment.
Foreign currencies
(i) Functional and presentational currency
Items included in the individual financial statements of each of Empresaria Group plc’s subsidiaries are measured using the individual currency 
of the primary economic environment in which that subsidiary operates (its “functional currency”). The consolidated financial statements of
Empresaria Group plc are presented in Pounds Sterling which is Empresaria Group plc’s functional and presentational currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates 
of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
(iii) Group companies
The results and financial position of all of Empresaria Group plc’s subsidiaries (none of which has the currency of a hyper-inflationary economy)
that have a functional currency different from Empresaria Group plc’s presentation currency are translated into the presentation currency as
follows:
• Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
• Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are
translated at the dates of the transactions); and
• All resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign entities are taken to shareholders’ equity. When
a foreign operation is sold, such accumulated exchange differences are recognised in the income statement as part of the gain or loss on sale. 
(iv) Derivative financial instruments
The Group’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses
foreign exchange forward contract to hedge these exposures. The Group does not use financial instruments for speculative purposes. Change in
the fair value of derivative financial instruments are recognised in the income statement as they arise.
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 29 2 Summary of significant accounting policies (continued)
Property, plant and equipment
Property, plant and equipment is stated at historical cost, net of depreciation and any provisions for impairment. 
Depreciation is calculated using the straight-line method to allocate the depreciable value of property, plant and equipment to the income
statement over their useful economic lives as follows: 
Leasehold property over the term of the lease
Fixtures, fittings and equipment between one and two years
Motor vehicles over five years
Gains and losses on disposals are determined by comparing proceeds with carrying amounts. These are included in the income statement.
Leased assets 
Leases that result in the Group receiving substantially all of the risks and rewards of ownership of an asset are treated as finance leases. An asset
held under a finance lease is recorded in the balance sheet and depreciated over the shorter of its estimated useful life and the lease term. Future
instalments net of finance charges are included within borrowings. Minimum lease payments are apportioned between the finance charge, which 
is allocated to each period to produce a constant periodic rate of interest on the remaining liability and charged to the income statement and
reduction of the outstanding liability. Rental costs arising from operating leases are charged on a straight line basis over the period of the lease.
Intangible assets
An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is probable that the
expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. The asset is deemed
to be identifiable when it is separable or when it arises from contractual or other legal rights.
Goodwill
The acquisition of subsidiaries is accounted for using the purchase method. Goodwill arising on acquisition is recognised as an asset and is stated
after separating out identifiable intangible assets. Goodwill represents the excess of acquisition cost over the fair value of the Group’s share of the
identifiable net assets of the acquired subsidiary at the date of acquisition. If, after measurement, the Group’s interest in the net fair value of the
identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in
income statement.
Goodwill is allocated to each of the Group’s cash generating units and is tested annually for impairment. Goodwill is carried at cost less
accumulated impairment losses.
Goodwill and fair value adjustment arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and
translated at the closing rate. The Group has elected to treat goodwill and fair value adjustments arising on acquisition before the date of transition
to IFRS as sterling denominated assets and liabilities.
Goodwill arising on acquisitions before the date of transition to IFRS (1 January 2006) has been retained at the previous UK GAAP carrying
amount.
Amortisation and other intangible assets
Amortisation is charged to the income statement and calculated using the straight-line method over its estimated useful life as follows:. 
Customer relations over fifteen years
Trademarks over fifteen years
Software between one and two years
Cash and cash equivalents
Cash and cash equivalents comprise cash-in-hand, deposits held at call with banks and other short-term highly liquid investments with original
maturities of three months or less. Bank overdrafts are included within the balance sheet in current financial liabilities – borrowings.
Financial assets
Financial assets, other than hedging instruments, can be divided into the following categories:
• loans and receivables
• financial assets at fair value through profit and loss
• available-for-sale financial assets
Financial assets are assigned to the different categories on initial recognition, depending on the characteristics of the instrument and its purpose. 
A financial instrument’s category is relevant for the way it is measured and whether resulting income and expenses are recognised in profit or loss
or charged directly against equity. 
Generally, Empresaria recognises all financial assets using settlement day accounting. An assessment of whether a financial asset is impaired is
made at least at each reporting date. For receivables, this is based on the latest credit information available, (ie. recent third party defaults and
external credit ratings). Financial assets that are substantially past due are also considered for impairment. All income and expense relating to
financial assets are recognised in the income statement line item “finance costs” or “finance income”, respectively.
30 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are
measured at amortised cost using the effective interest method, less provision for impairment. Any change in their value is recognised in profit or
loss. Empresaria’s trade and other receivables fall into this category of financial instruments.
Individual receivables are considered for impairment when they are past due at the balance sheet date or when objective evidence is received that
a specific third party will default. All other receivables are reviewed for impairment in groups, which are determined by reference to the industry and
region of a third party. The percentage of the write-down is then based on recent historical third party default rates for each identified group.
Financial assets at fair value through profit or loss include financial assets that are either classified as held for trading or are designated to be
carried at fair value through profit or loss upon initial recognition. By definition, all derivative financial instruments that do not qualify for hedge
accounting fall into this category. Empresaria’s management, however, does not consider any other financial asset for designation into this
category.
Any gain or loss arising from derivative financial instruments is based on changes in fair value, which is determined by direct reference to active
market transactions.
All other financial assets within this category are measured at fair value, with changes in value recognised in equity. Gains and losses arising from
financial instruments classified as available-for-sale are recognised in the income statement when they are sold or when the investment is impaired.
In the case of impairment, any loss previously recognised in equity is transferred to the income statement. Losses recognised in the income
statement on equity instruments are not reversed through the income statement. Losses recognised in prior period consolidated income
statements resulting from the impairment of debt securities are reversed through the income statement.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
Financial liabilities
The Group’s financial liabilities include borrowings, trade and other payables (including finance lease liabilities). Borrowings are recognised initially 
at fair value, net of transaction costs incurred. Borrowings, trade and other payables are subsequently stated at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the
borrowings using the effective interest method.
Financial liabilities are recognised when the Group becomes a party to the contractual agreements of the instrument. All interest-related charges
and, if applicable, changes in the instrument’s fair value that are reported in profit or loss are included in the income statement line items “finance
costs” or “finance income”.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months
after the balance sheet date. 
Contingent consideration
Where a business combination agreement provides for an adjustment to the cost that is contingent on future events, contingent consideration is
included in the cost of an acquisition if the adjustment is probable (that is, more likely than not) and can be measured reliably. Where the effect of
the time value of money is material, the amount of the provision is the present value of the expenditures expected to be required to settle the
obligation. The difference between the cost of acquisition and the net assets acquired is capitalised as goodwill. 
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required 
to settle that obligation. Provision are measured at the directors’ best estimate of the expenditure required to settle the obligation at the balance
sheet date, and are discounted to present value where the effect is material.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Impairment of assets
The carrying amount of non-current assets other than deferred tax is compared to the asset’s recoverable amount at each balance sheet date 
for any indication of impairment. For goodwill, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognised
whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognised in the
income statement and not reversed in a subsequent period.
Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to
cash generating units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis. A cash generating unit is the
smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups 
of assets.
The recoverable amount is the greater of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. For an asset that does not generate largely independent cash inflows, ther recoverable amount is determined for 
the cash generating unit to which the asset belongs.
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 31 2 Summary of significant accounting policies (continued)
Revenue and revenue recognition 
Revenue comprises the fair value of the consideration received or receivable for the sale of services provided in the ordinary course of the 
Group’s activities. Revenue is shown net of value added tax and trade discounts.
Permanent placement revenue is recognised at the point when the candidate commences employment.
Contract placement revenue is recognised on the basis of actual work performed in the relevant year based on timesheets submitted. 
Current and deferred tax
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax is the tax currently payable based on taxable profit for the year. Taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it excludes items that are never
taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
balance sheet date.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference
between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of
goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting
profit. In addition, tax losses available to be carried forward as well as other income tax credits to the Group are assessed for recognition as
deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the
underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities
are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted 
at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to
items that are charged or credited directly to equity in which case the related deferred tax is also charged or credited directly to equity.
Employee benefits
Defined contribution pension scheme
Pension costs are charged to the income statement related to a defined contribution scheme. The assets of the scheme are held separately from
those of the Group. Contributions to the scheme are charged to the income statement as they become due for payment. 
Share based payments
The Group has applied the requirements of IFRS 2 – Share-based Payment. In accordance with the transitional provisions, IFRS 2 has been
applied to all grants of equity instruments after 7 November 2002 that were unvested at 1 January 2005.
The Group issues equity-settled share-based payments to certain key employees. Equity settled share based payments are measured at fair value
(excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity settled
share based payments is expensed on a straight line basis over the vesting period, based on the Group’s estimate of shares that will eventually
vest and adjusted for the effect of non market based vesting conditions.
The fair value of the options granted is measured using a Monte Carlo simulation model, taking into account the terms and conditions upon which
the options were granted.
3 Critical accounting judgements and estimates
The preparation of consolidated financial statements under IFRS requires the Group to make estimates and assumptions that affect the application
of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors
including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed
on the page below.
Impairment of goodwill
The Group is required to test, at least annually, whether goodwill has suffered any impairment. The recoverable amount is determined based on
the value in use calculations. The use of this method requires the estimation of future cash flows and the choice of a suitable discount rate in order
to calculate the present value of these cash flows. Actual outcomes could vary. 
Impairment of £0.7m (2006: nil) has been recognised.
32 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  Intangible assets (including goodwill)
The Group recognises intangible assets acquired as part of business combinations at fair value at the date of acquisition. The determination of
these fair values is based upon management’s judgement and includes assumptions on the timing and amount of future incremental cash flows
generated by the assets and selection of an appropriate cost of capital. 
In addition, management must assess the value of any contingent consideration that it is due to the seller following the completion of the initial
purchase. The value of this consideration is frequently based on the financial performance of the business post acquisition. Therefore management
must assess the likely value of this performance and so give a value to the expected contingent consideration. Actual post completion
performance may vary from management’s estimate.
Furthermore, management must estimate the expected useful lives of intangible assets and charge amortisation on these assets accordingly.
Goodwill of £22m (2006: £10m) and other intangible assets of £2.7m (2006: nil) have been recognised by the Group. Contingent consideration 
of £823,000 (2006: nil) was recognised. Amortisation of intangible assets of £159,000 (2006: nil) was also recognised.
Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and 
it is probable that an outflow of economic benefits will be required to settle the obligation.
As part of the put and call option attached to the Headway acquisition, a penalty is payable. At year end management do not believe that it is
probable that the penalty will be payable and therefore only disclosed this liability. Full details can be found in note 25.
Recognition of deferred tax asset
Empresaria’s management bases its assessment of the probability of future taxable income on the Group’s latest approved budget forecast, which
is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. The specific tax rules in
the legislations Empresaria operates in are also carefully taken into consideration. If a positive forecast of taxable income indicates the probable
use of a deferred tax asset, especially when it can be utilised without a time limit, that deferred tax asset is usually recognised in full. The
recognition of deferred tax assets that are subject to certain legal or economic limits or uncertainties is assessed individually by Empresaria’s
management based on the specific facts and circumstances.
4 Segment analysis
As the Group operates in one business segment, being that of recruitment services, no additional business segment information is required to be
provided. The Group’s primary segment is geographical and secondary segment is business. The segmental results by geographical area are
shown below. 
By location of 
operating company
2007 2006
£000 £000
Revenue
United Kingdom 81,168 65,976
Europe 52,444 455
Rest of the World 14,215 9,028
147,827 75,459
Gross profit
United Kingdom 20,958 17,689
Europe 16,826 401
Rest of the World 4,567 3,750
42,351 21,840
Operating profit
United Kingdom 3,966 2,733
Europe 2,428 44
Rest of the World 344 728
6,738 3,505
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 33 4 Segment analysis (continued)
By location of 
operating company
2007 2006
£000 £000
Total segmental assets
United Kingdom 66,924 43,496
Europe 27,084 463
Rest of the World 11,577 4,546
Eliminations (40,490) (21,882)
65,095 26,623
Total segmental liabilities
United Kingdom 37,362 27,719
Europe 21,615 502
Rest of the World 6,900 3,816
Eliminations (29,832) (16,967)
36,045 15,070
Net assets
United Kingdom 29,562 15,777
Europe 5,469 (39)
Rest of the World 4,677 730
Eliminations (10,658) (4,915)
29,050 11,553
Capital expenditure incurred (including intangibles)
United Kingdom 265 426
Europe (including intangibles £2,299,000 (2006: nil)) 2,779 76
Rest of the World (including intangibles £428,000 (2006: nil)) 786 52
3,830 554
Significant non-cash expenses (depreciation, amortisation and impairment)
United Kingdom (including impairment £679,000 (2006: nil)) 983 289
Europe 446 9
Rest of the World 93 39
1,522 337
Profit of the rest of the world segment includes share of current year’s loss from associate’s amount to £118,000 (2006: 203,000).
5 Business combinations
The Group made four acquisitions during the year (2006: four acquisitions were made). Under IFRS 3 (Business Combinations) management has 
a period of 12 months from acquisition to finalise their calculations of fair value of the assets and liabilities of the acquired businesses. The details
of the acquisitions made are as follows:
In March 2007, the Group acquired a 51% of the share capital in PT Learning Resources Indonesia ‘Learning Resources’, a company
incorporated in Indonesia for a consideration of £91,000. Learning Resources is a specialist staffing company.
In May 2007, the Group completed the acquisition of 60% of the share capital of headwayholdings GmbH ‘Headway’, a company incorporated 
in Germany for a consideration of £9.9m. Headway is the parent company of a group of companies that specialise in supplying temporary staff 
to organisations in the personnel, logistics, engineering and industrial sectors. 
In May 2007, the Group acquired 60% of the share capital in EAR Holding BV ‘EAR’, a company incorporated in the Netherlands for a
consideration of £289,000. EAR is a specialist staffing group.
In November 2007, the Group acquired 56% of the share capital of Marketing y Promociones Limitada ‘Alternattiva’, Chile for a consideration 
of £690,000. ‘Alternattiva’ specialises in the provision of outsourced sales, marketing and promotional staffing solutions.
The transactions have been accounted for by the purchase method of accounting.
34 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  Learning
Resources Headway EAR Alternattiva
£000 £000 £000 £000
Fair value and book values
Property, plant and equipment 1 362 9 37
Intangibles: customer relations – 2,299 – –
Intangibles: other – 85––
Trade and other receivables 11 6,397 615 2,727
Cash and cash equivalents 2 982 9 281
Total assets 14 10,125 633 3,045
Current liabilities 2 7,834 784 1,042
Non-current liabilities – 643 87 –
Total liabilities 2 8,477 871 1,042
Net assets/(liabilities) acquired 12 1,648 (238) 2,003
Goodwill 189 8,913 715 (698)
Total consideration 201 10,561 477 1,305
Satisfied by
Cash consideration 91 9,900 289 690
Shares in Empresaria Group plc* – – 68 –
Contingent consideration accrued 110 – – 493
Directly attributable costs – 661 120 122
201 10,561 477 1,305
Total cash payments for new acquisition 91 10,561 409 813
Maximum contingent consideration 110 – – 1,122
The above table represents fair value and book value on acquisition date. On acquisition there was no difference between the fair value and book
value of the acquired assets and liabilities.
*Share in Empresaria Group plc amounting to £68,000 represent the fair value as derived from the issued price.
The goodwill arising on the acquisition of these entities is attributed to the key management and other employees as well as the anticipated
profitability of the Group’s services in the new markets which cannot be recognised as intangible assets under IAS 38 “Intangible Assets”.
Since the acquisition, Learning Resources, Headway, EAR, and Alternattiva have contributed £61,000, £1,028,000, £14,000 and £29,000 to the
Group profit attributed to equity holders of the parent to 31 December 2007. 
Had the acquisitions occurred on 1 January 2007 the Group would have generated additional revenue of £32,000, £21,700,000, £1,647,000 and
£16,388,000 respectively for the period to 31 December 2007 and the Group profit/(loss) attributed to equity holders of the parent for the period
would have been additional £4,000, (£570,000), (£33,000), £11,000 respectively.
A list of the significant investments in subsidiaries is given in note 6 to the parent company’s separate financial statements.
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 35 6 Operating profit
Operating profit is stated after charging/(crediting):
2007 2006
£000 £000
Depreciation of property, plant and equipment 685 337
Amortisation of intangibles 159 –
Operating lease charges: 
– Land and buildings 1,274 641
– Motor vehicles 778 –
Net foreign exchange gain (98) –
Negative goodwill credit (712) –
Goodwill impairments 679 –
Trade receivable impairments 734 17
Auditors remuneration 234 157
The analysis of auditors’ remuneration is as follows:
2007 2006
£000 £000
Auditors’ remuneration:
– Fee payable to the company’s auditors for the audit of the company’s annual accounts 69 32
– The audit of the company’s subsidiaries pursuant to legislation 58 85
Total audit fees 127 117
– Tax services –40
– Other services: due diligence 107 –
Total non-audit fees 107 40
Total auditors remuneration 234 157
7 Directors and employees
2007 2006
£000 £000
Staff costs 
Wages and salaries 17,282 10,751
Social security costs 1,767 1,013
Pension costs 119 93
19,168 11,857
No. No.
Average monthly number of persons employed (including directors)
Sales, distribution and administration 760 365
2007 2006
£000 £000
Directors’ remuneration, who are considered the only key employees
Emoluments for qualifying services (including bonus £60,000 (2006: £41,000)) 529 404
Company pension contributions to money purchase scheme 27 27
556 431
The number of directors accruing benefits under money purchase pension scheme arrangements was two (2006: two).
2007 2006
£000 £000
Highest paid director
Remuneration (including bonus £33,000 (2006: £23,000)) 247 197
Pension contributions 16 16
263 213
36 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  8 Finance income and cost
2007 2006
£000 £000
Finance income
Bank interest receivable 142 6
Foreign exchange on financing transactions 98 –
240 6
Finance cost
On amounts payable to factors (633) (371)
Bank loans and overdrafts (237) (43)
(870) (414)
Net finance cost (630) (408)
9 Taxation
(a) The tax charge for the year was based on the following 2007 2006
£000 £000
Current taxation
Current Tax 2,228 854
Deferred Tax (347) (26)
Total income tax expense in the income statement 1,881 828
(b) Factors affecting the tax charge for the year 2007 2006
£000 £000
Profit before taxation 5,991 2,894
Profit before tax at standard rate of corporation tax in the UK of 30% (2006: 30%) 1,797 869
Effects of:
Other expenses not deductible for tax purposes 99 274
Utilisation of tax losses (6) (76)
Adjustment to tax charges in respect of previous periods (64) (142)
Overseas tax at different tax rates 39 (33)
Amortisation of intangibles, goodwill impairment and credit of negative goodwill 16 (64)
Tax expense and effective tax rate 1,881 828
(c) Movement in deferred tax is explained as below 2007 2006
£000 £000
1 January 209 165
Charge to income for accelerated tax on depreciation (6) (9)
Credit to income 365 30
Charge to income for change in deferred tax rate from 30% to 28% (13) –
(Charge)/credit to equity (7) 23
Deferred tax acquired during the year (in new acquisition) (517) –
31 December 31 209
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 37 10 Property, plant and equipment
The following tables show the significant additions and disposals of property, plant and equipment.
Fixtures,
Leasehold fittings and Motor 
property equipment* vehicles Total
£000 £000 £000 £000
Cost
At 1 January 2007 40 2,609 2 2,651
Acquisitions – 1,614 122 1,736
Additions 72 910 121 1,103
Disposals – (19) (84) (103)
At 31 December 2007 112 5,114 161 5,387
Accumulated depreciation
At 1 January 2007 25 1,834 2 1,861
Acquisitions – 971 76 1,047
Charge for the financial year 12 658 15 685
Disposals – (12) (80) (92)
At 31 December 2007 37 3,451 13 3,500
Net book value
At 31 December 2007 75 1,662 149 1,887
At 31 December 2006 15 775 – 790
*Fixtures, fittings and equipment includes £220,000 (2006: nil) from secured finance leases. 
Fixtures,
Leasehold fittings and Motor 
property equipment vehicles Total
Cost £000 £000 £000 £000
At 1 January 2006 40 2,075 2 2,117
Acquisitions –92 – 92
Additions – 554 – 554
Disposals – (112) – (112)
At 31 December 2006 40 2,609 2 2,651
Accumulated depreciation
At 1 January 2006 23 1,557 2 1,582
Acquisitions –27 – 27
Charge for the financial year 2 335 – 337
Disposals – (85) – (85)
At 31 December 2006 25 1,834 2 1,861
Net book value
At 31 December 2006 15 775 – 790
At 31 December 2005 17 518 – 535
38 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  11 Goodwill
2007 2006
£000 £000
Cost
At 1 January 11,476 9,111
Amortisation prior to 1 January 2006 (1,130) (1,130)
10,346 7,981
Acquisition of subsidiary undertakings (including additional shares purchases in existing subsidiaries) 11,167 2,365
Impairments (679) –
Foreign exchange 1,139 –
At 31 December 21,973 10,346
Goodwill has been tested for impairment by comparing the carrying amount of each cash-generating unit (CGU), including goodwill, with the
recoverable amount of that income-generating unit. 
The recoverable amount of a cash-generating unit is determined based on the higher of value in use calculations and its fair value less costs to
sell. The value in use calculations use cash flow projections based on internal business plans approved by the Directors. Long term cash flow has
been extrapolated by using an appropriate growth rate for each CGU. In general, the assumed long term growth rates used for UK business are
2.5% and 5% for other businesses. A pre-tax discount rate of 8.5% has been used in discounting the projected cash flows. 
Following the above impairment tests, £679,000 (2006: nil) impairment of goodwill was required in the year in the United Kingdom segment. 
The carrying amount of goodwill has been allocated as follows:
2007 2006
£000 £000
Goodwill
United Kingdom (comprising several CGUs) 7,860 7,899
Europe (comprising several CGUs) 12,058 1,013
Rest of the world (comprising several CGUs) 2,055 1,434
21,973 10,346
12 Intangible assets 
Customer Trade 
relations marks Software Total
£000 £000 £000 £000
Carrying amount at 1 January 2007 ––––
Additions – 428 – 428
Acquisition 2,299 – 165 2,464
Gross carrying amount at 31 December 2007 2,299 428 165 2,892
Amortisation
Carrying amount at 1 January 2007 ––––
Charge for year 102 5 52 159
Acquisition – – 23 23
Accumulated amortisation at 31 December 2007 102 5 75 182
Net book value as at 31 December 2007 2,197 423 90 2,710
Net book value as at 31 December 2006 ––––
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 39 13 Interests in associates
Investment in 
associates
£000
Cost
At 1 January 2007 582
Fair value movement for IFRS 26
Additions 447
At 31 December 2007 1,055
Share of losses retained
Loss before tax for the year (118)
Share of tax in associates 44
At 31 December 2007 (74)
Net book value
At 31 December 2007 981
At 31 December 2006 582
Results of associates
Aggregated amounts relating to associates:
2007 2006
£000 £000
Total assets 2,337 1,201
Total liabilities 1,759 665
Revenues 1,353 415
Loss (532) (313)
A list of the significant investments in associates is given in note 6 to the parent company’s separate financial statements.
14 Trade and other receivables
2007 2006
£000 £000
Current
Trade receivables 25,702 7,502
Less provision for impairment of trade receivables (145) (128)
Net trade receivables 25,557 7,374
Loan to associates 607 214
Prepayments and accrued income 4,178 1,543
Other receivables 2,152 2,098
32,494 11,229
The trade receivables includes factored and discounted receivables of £1,954,000 (2006: £2,568,000). 
All amounts are short-term. The carrying value of trade receivables is considered a reasonable approximation of fair value.
More analysis on the trade receivables is in note 19.
40 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  15 Trade and other payables
2007 2006
£000 £000
Current
Trade payables 1,983 1,171
Other tax and social security 3,195 1,598
Other payables 12,135 3,692
Accruals 7,460 2,927
24,773 9,388
All amounts detailed above are payable within one year. The fair values of trade and other payables are not materially different from those
disclosed above. 
16 Financial liabilities – borrowings
2007 2006
£000 £000
Current
Bank overdrafts 2,516 –
Amounts related to invoice financing 1,954 2,568
Current portion of bank loans 1,757 990
6,227 3,558
Non-current
Bank loans 1,594 1,038
Other creditors 456 163
2,050 1,201
Total financial liabilities 8,277 4,759
The bank loans are secured by a first fixed charge over all book and other debts given by the Company and its subsidiaries. Interest is payable at
1.7% above HSBC plc base rate on £1,000,000 (2006: £1,000,000) and interest is payable at 1.0% above HSBC plc base rate on the next
£1,100,000 (2006: 1.64% above HSBC plc base rate on next – £550,000). 
Included within loans repayable within one year is £1,225,000 (2006: £725,000) that relates to the drawdown against a revolving credit loan facility.
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 41 17 Deferred tax 
(a) Deferred tax assets
2007 2006
£000 £000
1 January 334 170
Charge to income for accelerated tax on depreciation (3) (6)
Credit to income 447 147
Charge to income for change in deferred tax rates (20) –
(Charge)/credit to equity –23
Deferred tax acquired during the year (in new acquisition) 182 –
31 December 940 334
Deferred tax assets analysis 2007 2006
£000 £000
Accelerated tax on depreciation 285 107
Tax losses 655 227
940 334
(b) Deferred tax liability
2007 2006
£000 £000
1 January (124) (5)
Charge to income for accelerated tax on depreciation (3) (3)
Charge to income (82) (117)
Charge to income for change in deferred tax rates 7–
(Charge)/credit to equity (7) –
Deferred tax acquired during the year (in new acquisition) (700) –
31 December (909) (125)
Deferred tax liability analysis 2007 2006
£000 £000
Accelerated tax on depreciation (9) (6)
Recognised on intangible assets (644) –
Other (256) (119)
(909) (125)
42 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  18 Share capital
(a) Share capital 2007 2006
Number Number
of shares £000 of shares £000
Authorised
Ordinary shares of 5p each 60,000,000 3,000 60,000,000 3,000
Allotted and fully paid
Ordinary shares of 5p each 33,368,649 1,668 23,868,526 1,193
During the year ended 31 December 2007, the Group issued a total of 9,500,123 ordinary shares for a premium of £11,438,000.
During the year ended 31 December 2006, the Group issued a total of 1,611,707 ordinary shares for a premium of £1,363,000.
(b) Share based payments
The Company operates the Executive Equity Participation Plan (EEPP) for directors. The EEPP is a discretionary scheme under which Board level
directors are invited to place a number of investment shares in the EEPP . The participants can either purchase the shares independently or lodge
shares already held. Subject to earnings per share and total shareholder return performance targets being met, the participants may then be
awarded a number of nil cost matching shares. The award is capable of being made after a three year investment period and within ten years of
the date of grant. 
In August 2007 an award over matching shares was made under the EEPP .
The award was valued using the Monte Carlo simulation model. The fair value of the award to matching shares and the assumptions used in the
calculations are as follows:
2007 2006
Fair value per award (in pence) 93.7 –
Weighted average share price at grant (in pence) 132.5 –
Weighted average exercise price Nil –
Expected volatility (per cent) 35.6 –
Risk free rate (per cent) 5.2 –
Expected dividend yield (per cent) 0.6 –
Expected volatility was determined by calculating the historical volatility of the Company’s share price over the period 1 January 2006 to 1 August
2007. The expected life used has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions
and behavioural considerations. The Group recognises total expenses of £102,500 (2006: nil) related to equity-settled share based payment
transactions during the year.
The number of shares subject to an award for matching shares, the period in which they were granted and the period in which they may be
exercised are given in the following table: 
No. of awards
No. of awards outstanding Exercise 
outstanding Granted Exercised Lapsed31 December price per Exercise
Year of grant 1 January 2007 in year in year in year 2007 share period
’000 ’000 ’000 ’000 ’000
01/01/2006 to
2007 – 116 – – 116 Nil 31/12/2008
The Directors had the following interests in the Executive Equity Participation Plan (EEPP):
Number of 
Director investment shares
A V Martin 13,461
M W R Hunt 60,615
N C Hall-Palmer 42,307
The options over the matching shares are exercisable on 1 January 2009 and the expiry date for the exercise of the awards is 21 August 2017.
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 43 19 Financial instruments
The principal financial assets of the Group are bank balances and cash, trade and other receivables. The main purpose of these financial
instruments is to raise finance for the Group’s operations. Its principal financial liabilities are trade and other creditors that arise directly from its
operations and amounts owed to invoice discounters and bank loans.
Credit risk analysis
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
2007 2006
Classes of financial assets – carrying amounts £000 £000
Available-for-sale financial assets 425 210
Cash and cash equivalents 4,110 3,342
Trade and other receivables 32,494 11,229
The credit risk on liquid funds is limited because the third parties are banks with high credit ratings assigned by international credit-rating agencies.
The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances 
for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, 
is evidence of a likely reduction in the recoverability of the cash flows. The Group has no significant concentration of risk, with exposure 
spread over a large number of third parties and customers.
Debtors ageing and impairment losses
The age of trade receivables net of impaired debts as on reporting date is as follows:
2007 2006
£000 £000
0 – 30 days 19,548 5,554
31 – 60 days 3,642 1,234
61 – 90 days 1,409 423
Over 90 days 958 163
Total trade receivables (note 14) 25,557 7,374
Average debtors day during the year were 51 days (2006: 55 days).
All of Empresaria’s trade receivables have been reviewed for indicators of impairment. Certain trade receivables were found to be impaired and a
provision of £145,000 (2006: £128,000) has been recorded accordingly. 
Included in the Group’s trade receivable balance are debtors with a carrying amount of £2,367,000 (2006: £586,000) which are past due at the
reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts are still
considered recoverable. The Group does not hold any collateral over these balances.
The movement in the allowance for impairment in respect of trade receivable during the year was as follows:
2007 2006
£000 £000
Balance as 1 January 128 111
Impairment loss recognised 734 18
Impairment loss utilised (717) (1)
Balance at 31 December 145 128
£530,000 of the impairment related to debt extended by one of Empresaria’s UK subsidiaries to a company that subsequently went into liquidation
during 2007.
Liquidity risk analysis
The Group’s funding strategy is to ensure a mix of financing methods offering flexibility and cost effectiveness to match the requirements of the
Group. The Group monitors its liquidity risk on an ongoing basis by undertaking cash flow forecasting procedures. In order to ensure continuity 
of funding, the Group seeks to arrange funding ahead of business requirements and maintain sufficient un-drawn committed borrowing facilities.
44 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  As at 31 December 2007, Empresaria’s liabilities have contractual maturities which are summarised below:
Current Non-current
Effective Within 6 to 12 1 to 5 Later
interest 6 months months years than 5 years
rate 2007 2006 2007 2006 2007 2006 2007 2006
% £000 £000 £000 £000 £000 £000 £000 £000
Long-term bank loans 6.9 318 120 221 120 1,594 1,038 – –
Other long-term creditors 6.4–––– 456 163––
Trade payables 24,773 9,388––––––
Other short-term financial 
liabilities 7.5 1,954 2,568 3,734 750––––
Derivatives 6 – 307–––––
Totals 27,051 12,076 4,262 870 2,050 1,201 – –
The above contractual maturities reflect the gross cash flows, which may differ to the carrying values of the liabilities at the balance sheet date.
All bank loans are on a floating interest rate.
At the year end the Group had £3,336,000 (2006: 1,750,000) of un-drawn bank overdraft facility.
There was no loan repayment default during the year (2006: nil). At the year end past due loans were nil (2006: nil).
Gearing ratio
The gearing ratio at the year end is as follows:
2007 2006
£000 £000
Gross debts 8,277 4,759
Less: cash and cash equivalents 4,110 3,342
Net debts 4,167 1,417
Equity attributable to company shareholders 26,042 10,733
Net debt to equity ratio 0.16 0.13
Market risk analysis
Empresaria is exposed to market risk through its use of financial instruments and specifically to currency risk, interest rate risk and certain other
price risks.
Foreign currency risk
Most of Empresaria’s plc transactions are carried out in UK pounds. Most of the subsidiary companies transactions are carried out in local
currency of respective countries. Exposures to currency exchange rates arsing from the overseas sales and purchases are minimal.
To mitigate the Group’s exposure to foreign currency risk, non UK pound cash flows are monitored and forward exchange contracts are entered
into in accordance with risk management policies. Generally, Empresaria’s risk management procedures distinguish short-term foreign currency
cash flows (due within 6 months) from longer-term cash flows. Where the amounts to be paid and received in a specific currency are expected to
largely offset one another, no further hedging activity is undertaken. Forward exchange contracts are mainly entered into for significant long-term
foreign currency exposures that are not expected to be offset by other currency transactions.
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 45 19 Financial instruments (continued)
The carrying amounts of the Group’s significant foreign currency denominated monetary assets and monetary liabilities at the reporting date are 
as follows:
Liabilities Assets
2007 2006 2007 2006
£000 £000 £000 £000
Euro 15,031 232 16,292 373
Japanese Yen 1,222 1,152 1,814 1,493
The following table details the forward foreign currency contracts outstanding as at the year end (2006: nil).
Average
exchange Foreign Contract Fair
rate currency value value
’000 £000 £000
To sale Euro 1.42 a8,162 5,741 6,048
To sale Japanese Yen 228 JPY90,000 383 389
6,124 6,437
Fair value movement in forward contracts are charged/(credited) to income statement.
Both the forward contracts were taken to cover intercompany loan in Empresaria with its subsidiary. 
Sensitivity analysis
A 10 percent strengthening of GBP against the following currencies would have (decreased)/increased equity and income statement by the
amounts shown below. The analysis assumes that all other variables, in particular interest rates, remains constant. 
Against Euro 2007 2006
£000 £000
Net result for the year (143) –
Equity (1,469) –
Against Japanese Yen 2007 2006
£000 £000
Net result for the year (49) (84)
Equity (66) (81)
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the analysis above is
considered to be representative of Empresaria’s exposure to currency risk. 
Interest rate risk
The Group has interest bearing assets and liabilities. Interest bearing assets and liabilities include cash balances and overdrafts, all of which have
interest rates applied which are commensurate with the scale of the Group’s operations. 
The Group manages its interest rate risk through a combination of cash pooling, shareholder funding and borrowing. Management monitors
movements in interest rates to determine the most advantageous debt profile for the Group. At 31 December 2007, Empresaria is exposed to
changes in market interest rates through its bank borrowings, which are subject to variable interest rates. For further information see note 16. 
As in the previous year, all other financial assets and liabilities have fixed rates.
A change of 100 basis points in interest rates would have increased/(decreased) equity and income statement by the amounts shown below. 
The analysis assumes that all other variables, in particular foreign currency rates, remains constant. 
Interest rate 2007 2006
£000 £000
Net result for the year (146) (105)
Equity (146) (105)
Fair value
The carrying value of all financial instruments equate to fair value.
46 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  20 Consolidated statement of changes in equity
Fair value Attributable
movements to company
Share Share Merger Translation in financial Retained share Minority Total
capital premium reserve reserve assets earnings holders interest equity
Group £000 £000 £000 £000 £000 £000 £000 £000 £000
Balance at 
1 January 2006 1,113 3,822 1,539 – – 1,447 7,921 767 8,688
Issue of share capital 
(note 18) 80 1,363–––– 1,443 – 1,443
Profit for the year – –––– 1,558 1,558 508 2,066
Dividend payment – –––– (106) (106) – (106)
Fair value movement 
to equity – – – – (78) 23 (55) – (55)
Currency translation 
differences – – –(28) – –(28) –(28)
Minorities acquired 
during the year – –––––– (141) (141)
Minority share of nets 
assets on acquisition 
and shares subscribed for – –––––– 19 19
Dividend paid to minority – –––––– (333) (333)
Balance at 
31 December 2006 1,193 5,185 1,539 (28) (78) 2,922 10,733 820 11,553
Issue of share capital 
(note 18) 475 11,438–––– 11,913 – 11,913
Profit for the year – –––– 2,549 2,549 1,560 4,109
Dividend payment – –––– (166) (166) – (166)
Fair value movement 
to equity – – – – 26 (3) 22 – 22
Currency translation 
differences – – –990 – –990(137)853
Minorities acquired 
during the year – –––––– (257) (257)
Minority share of nets 
assets on acquisition 
and shares subscribed for – –––––– 1,494 1,494
Dividend paid to minority – –––––– (472) (472)
Balance at 
31 December 2007 1,668 16,623 1,539 962 (52) 5,302 26,042 3,008 29,050
The merger reserve relates to premiums arising on shares issued subject to the provisions of section 131 “Merger relief” of the Companies Act 1985.
Equity
Equity comprises the following:
• “Share capital” represents the nominal value of equity shares.
• “Share premium” represents the excess over nominal value of the fair value of consideration received for equity shares, net of 
expenses of the share issue.
• “Merger reserve” The merger reserve relates to premiums arising on shares issued subject to the provisions of section 131 
“Merger relief” of the Companies Act 1985.
• “Retained earnings” represents accumulated profits from incorporation.
• “Translation reserve” represents the exchange differences arising from the translation of the financial statements of foreign subsidiaries. 
• “Fair value reserve” represents the accumulated changes to financial assets and liabilities since inception.
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 47 21 Financial commitments
Operating leases
Motor vehicles Land and buildings
2007 2006 2007 2006
£000 £000 £000 £000
Total minimum operating lease payments due:
Within one year 469 – 1,298 744
One to five years 422 – 2,642 2,216
After five years 1 – 428 532
892 – 4,368 3,492
22 Dividends
During 2007, Empresaria Group plc paid dividends of £166,000 to its equity shareholders (2006: £106,000). This represents a payment of
0.50 pence per share (2006: 0.45 pence). 
The proposed final dividend for year ended 2007 is 0.55 pence per ordinary share (2006: 0.50 pence). The proposed dividend is subject to
approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. If approved, the
dividends will be paid on 18 August 2008 to members registered on 18 July 2008.
23 Earnings per share
Basic and diluted earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the year. 
Based on current trading conditions, the Directors are of the opinion that there would be no dilution to the earnings per share figure resulting
from subsidiary minority shareholders trading up. 
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
2007 2006
Profit after tax attributable to equity shareholders of the parent (£000) 2,549 1,558
Weighted average number of shares 30,192,276 23,102,238
Basic and diluted earnings per share (pence) 8.4 6.7
Adjusted earnings per share 2007 2006
£000 £000
Profit before tax 5,991 2,894
Income tax expense (1,881) (828)
Add back:
Intangible amortisation 107 –
Recognition of pre-acquisition deferred tax asset against goodwill under IFRS – 100
Impairment (net of negative goodwill) 37 –
Recognition of deferred tax liability on amortisation on purchased goodwill under IFRS 60 65
IFRS transition cost 36 –
Minority interests (1,575) (562)
Adjusted profit after tax and minority interests 2,775 1,669
Adjusted earnings per share (pence) 9.2 7.2
48 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  24 Notes to cash flow
a) Cash flows from operating activities
2007 2006
£000 £000
Profit for the year 4,109 2,066
Adjustments for:
Depreciation 685 337
Negative goodwill (712) –
Goodwill impairment 679 –
Intangible amortisation 107 –
Taxation expense recognised in income statement 1,881 828
Share of losses in associates 118 203
Net finance cost 630 408
(Increase) in trade receivables (5,101) (726)
(Decrease)/increase in trade payables (4) 2,253
Cash generated from operations 2,392 5,369
Income taxes paid (1,383) (739)
Net cash from operating activities 1,009 4,630
b) Components of cash and cash equivalents
2007 2006
£000 £000
Cash with bank 4,110 3,342
4,110 3,342
25 Contingent liabilities
Contingent consideration
Various contingent consideration payments have been deemed probable at 31 December 2007 totalling £823,000 (2006: nil). As such,
management has booked a liability for these liabilities. 
The fair value of contingent consideration is accrued once it is probable that all the conditions for payment will be met. Details of the contingent
consideration on current year acquisition are set out in note 5.
Guarantees
Cross guarantees exist in respect of bank loans and overdrafts between all of the Group companies. 
Guarantees and contingencies exist in the ordinary course of business.
Headway penalty
As part of the acquisition of Headway, Empresaria Holding Deutschland GmbH (a subsidiary of the Company) signed a put and call option
agreement in order to buy the residual shareholdings at a future date. Per the terms of this agreement, if certain call options are not exercised
then a penalty will be due from the Empresaria Holding Deutschland GmbH to the other shareholders. The discounted value of the penalty is
Euros 3.3 million. 
As at 31 December 2007, management assess that it is possible, but not probable, that a penalty may be payable under the terms of the put 
and call agreement. Therefore, no liability has been recognised for this amount.
26 Profit of parent company
As permitted by Section 230 of the Companies Act 1985, retained earnings of the parent company are not presented as part of these financial
statements. The parent company’s profit for the financial year was £326,000 (2006: £1,712,000). 
27 Related party transactions
There were no material related party transactions during the year (2006: nil).
Intra-group management charges and net interest charges to subsidiaries, which have been eliminated on consolidation, amounted to £1,738,000
(2006: £1,283,000) and £606,022 (2006: £285,000), respectively.
Intra-group management charges to Associates amounted to £18,000 (2006: £16,000). Details on loans to associates are given in note 14 
“Trade and other receivables”.
Details of Director’s interests in the Executive Equity Participation Plan (EEPP) are given in note 18(b).
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 49 28 Events after the balance sheet date
Since the year end Empresaria acquired a controlling interest in Forward Prospects Limited, Spa Elite Limited and Travel World Selection Limited
for a total maximum consideration of £100,000. All businesses are based in the UK.
29 Explanation of transition to IFRS
As stated in the Basis of Preparation, these are the Group’s first annual consolidated financial statements which have been prepared in
accordance with IFRS.
An explanation of how the transition from UK GAAP to IFRS has affected the Group’s financial position, financial performance and cash flows is 
set out below.
IFRS 1 permits companies adopting IFRS for the first time to take certain exemptions from the full requirements of IFRS in the transition period.
These financial statements have been prepared on the basis of taking the following exemptions:
• business combinations prior to 1 January 2006, the Group’s date of transition to IFRS, have not been restated to comply with IFRS 3
“Business Combinations”. Goodwill arising from these business combinations of £7,981,000 has therefore not been restated; 
• cumulative translation differences on foreign operations are deemed to be nil at 1 January 2006. Any gains and losses recognised in
the consolidated income statement on subsequent disposal of foreign operations will exclude translation differences arising prior to the
transition date; and
• the entity has elected not to apply IAS 21 “The Effects of Changes in Foreign Exchange Rates” retrospectively to goodwill and fair value
adjustments arising on business combinations before the Group’s date of transition to IFRS. Such goodwill and fair value adjustments
are not treated as foreign currency assets and so are not retranslated at each reporting date.
Reconciliation of equity at 1 January 2006
UK GAAP a b c d e IFRS
£000 £000 £000 £000 £000 £000 £000
Non-current assets
Property, plant and equipment 535 – – – – – 535
Goodwill 7,981 – – – – – 7,981
Other intangible assets – – – – – – –
Investments in associates 39 – – – – – 39
Other financial assets – – – – – – –
Deferred tax assets – – – 169 – – 169
Current assets
Trade and other receivables 10,169 – – (164) – – 10,005
Cash and cash equivalents 2,405 – – – – – 2,405
Current liabilities
Trade and other payables (6,754) – – – – – (6,754)
Short-term borrowings (3,302) – – – – – (3,302)
Current portion of long-term borrowings (225) – – – – – (225)
Current tax payable (711) – – – – – (711)
Non-current liabilities
Long-term borrowings (1,326) – – – – – (1,326)
Deferred tax liabilities – – – (5) – – (5)
Other non-current liabilities (123) – – – – – (123)
Net assets 8,688 – – – – – 8,688
Equity
Share capital 1,113 – – – – – 1,113
Share premium account 3,822 – – – – – 3,822
Merger reserve 1,539 – – – – – 1,539
Retained earnings 1,447 – – – – – 1,447
Translation reserve – – – – – – –
Fair value movements in financial instruments – – – – – – –
Minority interest 767 – – – – – 767
Total equity 8,688 – – – – – 8,688
50 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  Reconciliation of equity at 31 December 2006
UK GAAP a b c d e IFRS
£000 £000 £000 £000 £000 £000 £000
Non-current assets
Property, plant and equipment 790 – – – – – 790
Goodwill 9,684 762 (100) – – – 10,346
Other intangible assets – – – – – – –
Investments in associates 660 – – – – (78) 582
Other financial assets – – – – – – –
Deferred tax assets – – – 311 – 23 334
Current assets
Trade and other receivables 11,480 – – (251) – – 11,229
Cash and cash equivalents 3,342 – – – – – 3,342
Current liabilities
Trade and other payables (9,388) – – – – – (9,388)
Short-term borrowings (2,569) – – – – – (2,569)
Current portion of long-term borrowings (989) – – – – – (989)
Current tax payable (798) – – – – – (798)
Non-current liabilities
Long-term borrowings (1,038) – – – – – (1,038)
Deferred tax liabilities – – – (60) (65) – (125)
Other non-current liabilities (163) – – – – – (163)
Net assets 11,011 762 (100) – (65) (55) 11,553
Equity
Share capital 1,193 – – – – – 1,193
Share premium account 5,185 – – – – – 5,185
Merger reserve 1,539 – – – – – 1,539
Retained earnings 2,313 696 (60) – (50) 23 2,922
Translation reserve (28) – – – – – (28)
Fair value movements in financial instruments – – – – – (78) (78)
Minority interest 809 66 (40) – (15) – 820
Total equity 11,011 762 (100) – (65) (55) 11,553
Empresaria Group plc Report and Accounts 2007 
Notes to the Consolidated Financial Statements 51 29 Explanation of transition to IFRS (continued)
Reconciliation of profit for the year ended 31 December 2006
UK GAAP a b c d e IFRS
£000 £000 £000 £000 £000 £000 £000
Revenue 75,459 – – – – – 75,459
Cost of sales (53,619) – – – – – (53,619)
Gross profit 21,840 – – – – – 21,840
Administrative costs (19,097) 762 – – – – (18,335)
Operating profit 2,743 762 – – – – 3,505
Finance income – – – – – – –
Finance costs (408) – – – – – (408)
Movements in fair value of financial instruments – – – – – – –
Net finance cost (408) – – – – – (408)
Share of loss of associates (203) – – – – – (203)
Profit before tax 2,132 762 – – – – 2,894
Income tax expense (663) – (100) – (65) – (828)
Profit for the period 1,469 762 (100) – (65) – 2,066
Attributable to:
Equity holders of the parent 972 696 (60) – (50) – 1,558
Minority interest 497 66 (40) – (15) – 508
1,469 762 (100) – (65) – 2,066
Notes to the reconciliations
a. Non-amortisation of goodwill.
b. Reduction in goodwill for subsequently recognised deferred tax assets. 
c. Grossing up of deferred tax – £nil profit/(loss) impact.
d. Impact on deferred tax of non-amortisation of purchased goodwill.
e. Initial and/or fair market valuation of financial instruments.
52 Notes to the Consolidated Financial Statements
Empresaria Group plc Report and Accounts 2007  Empresaria Group plc Report and Accounts 2007 
Independent Auditors’ Report on the Parent Company Financial Statements 53
We have audited the parent company financial statements of Empresaria Group plc for the year ended 31 December 2007 which comprise the
company balance sheet and the related notes 1 to 12. These parent company financial statements have been prepared under the accounting
policies set out therein.
We have reported separately on the Group financial statements of Empresaria Group plc for the year ended 31 December 2007.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work has
been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The Directors’ responsibilities for preparing the Annual Report, and the parent company financial statements in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’
Responsibilities.
Our responsibility is to audit the parent company financial statements in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the parent company
financial statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the
Directors’ Report is consistent with the parent company financial statements. The information given in the Directors’ Report includes that specific
information presented in the Chairman’s Statement, the Chief Executive’s Review of the business and the Financial Review that is cross referred
from the Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and
explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and other transactions is not disclosed.
We read the other information contained in the Annual Report as described in the contents section and consider whether it is consistent with the
audited parent company financial statements. We consider the implications for our report if we become aware of any apparent misstatements or
material inconsistencies with the parent company financial statements. Our responsibilities do not extend to any further information outside the
Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company financial statements. It also
includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the parent company financial
statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the parent company financial statements are free from material misstatement, whether caused
by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the parent
company financial statements.
Opinion
In our opinion:
• the parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting
Practice, of the state of the Company’s affairs as at 31 December 2007 and its profit for the year then ended;
• the parent company financial statements have been properly prepared in accordance with the Companies Act 1985; and
• the information given in the Directors’ Report is consistent with the parent company financial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Crawley, United Kingdom
17 April 2008
Independent Auditors’ Report to the Members
of Empresaria Group plc 54 Parent Company Financial Statements
Empresaria Group plc Report and Accounts 2007 
2007 2006
Note £000 £000
Fixed assets
Tangible assets 55411
Investments 6 20,781 11,872
20,835 11,883
Current assets
Debtors (including amounts falling due after more than one year of
£5,734,000 (2006: £285,000) 7 15,201 5,252
Creditors: amounts falling due within one year 9 (12,242) (5,960)
Net current assets/(liabilities) 2,959 (708)
Total assets less current liabilities 23,794 11,175
Creditors: amounts falling due after more than one year 10 (1,593) (1,043)
Net assets 22,201 10,132
Capital and reserve
Called up share capital 12 1,668 1,193
Share premium account 16,618 5,185
Other reserves 1,539 1,539
Profit and loss account 2,376 2,215
Shareholders’ funds 11 22,201 10,132
These financial statements were approved by the Board of Directors and authorised for issue on 17 April 2008.
Signed on behalf of the Board of Directors
M W R Hunt N C Hall-Palmer
Director Director
Parent Company Balance Sheet Empresaria Group plc Report and Accounts 2007 
Notes to the Parent Company Financial Statements 55
1 Basis of preparation
The financial statements are for the twelve months ended 31 December 2007. They have been prepared in accordance with applicable United
Kingdom accounting standards. The financial statements have been prepared under the historical cost convention.
These financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.
The accounting policies have been applied consistently throughout the Company for the purposes of preparation of these financial statements.
2 Summary of significant accounting policies
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates ruling at the year end. Exchange rate differences are dealt with
through the profit and loss account.
Tangible fixed assets
Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The rates of depreciation are as follows:
Fixtures, fittings and equipment: between one and two years.
Investments
Investments held as fixed assets are stated at cost less provision for any impairment in value.
Fixed asset investments
The Company’s investments in shares in Group companies are stated at cost less provisions for impairment. Any impairment is charged to the
income statement as it arises.
Taxation
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.
Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay
less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the
inclusion of items of income and expenditure in taxation computations in period different from those in which they are included in the financial
statements.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and
liabilities are not discounted.
Leases
Assets obtained under finance leases and hire purchase contracts are capitalised at their fair value on acquisition and depreciated over their
estimated useful lives. The finance charges are allocated over the period of the lease in proportion to the capital element outstanding.
Operating lease rentals are charged to income in equal annual amounts over the lease term.
Pension costs
Pension costs are charged to the income statement and solely relate to a defined contribution scheme. The assets of the scheme are held
separately from those of the Company. Contributions to the scheme are charged to the income statement as they become due for payment.
Share-based compensation
The Company has applied the requirements of FRS 20 – Share-based Payments. In accordance with the transitional provisions, FRS 20 has been
applied to all grants of equity instruments after 7 November 2002 that were unvested as of 1 January 2005.
The Company issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value
(excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled
share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually
vest and adjusted for the effect of non-market-based vesting conditions.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Notes to the Parent Company Financial Statements Report and Accounts 2007 
56 Notes to the Parent Company Financial Statements
Empresaria Group plc
3 Audit fees
Included in other operating expenses is remuneration to the auditors for audit and non-audit services as follows:
The analysis of auditors’ remuneration is as follows:
2007 2006
£000 £000
Auditors’ remuneration:
– Fee payable to the company’s auditors for the audit of the company’s annual accounts 69 32
Total audit fees 69 32
– Tax services –40
– Other services: due diligence 107 –
Total non-audit fees 107 40
Total auditors remuneration 176 72
Amounts paid to the company’s auditor in respect of services to the Group, other than the audit of the Company’s financial statements, have not
been disclosed as this information has been disclosed in the consolidated financial statements of the Company.
4 Directors and employees
The average number of persons employed by the Company (including Directors) during the year, analysed by category, was as follows:
2007 2006
£000 £000
Staff costs
Wages and salaries 960 688
Social security costs 106 90
Pension costs 36 27
1,102 805
2007 2006
No. No.
Average monthly number of persons employed (including directors)
Sales and distribution 14 13
2007 2006
£000 £000
Directors’ remuneration, who are considered the only key employees
Emoluments for qualifying services (including bonus £60,000 (2006: £41,000)) 529 404
Company pension contributions to money purchase scheme 27 27
556 431
The number of directors accruing benefits under money purchase pension scheme arrangements was two (2006: two).
2007 2006
£000 £000
Highest paid director
Remuneration (including bonus £33,000 (2006: £23,000)) 247 197
Pension contributions 16 16
263 213 Empresaria Group plc Report and Accounts 2007 
Notes to the Parent Company Financial Statements 57
5 Property, plant and equipment
The following table shows the significant additions and disposals of property, plant and equipment. Fixtures,
fittings and
equipment
£000
Cost
At 1 January 2007 167
Additions 59
At 31 December 2007 226
Accumulated Depreciation
At 1 January 2007 156
Charge for the financial year 16
At 31 December 2007 172
Net book value
At 31 December 2007 54
At 31 December 2006 11
6 Investments held as fixed assets
Shares in
Shares in subsidiary
associate undertakings Total
£000 £000 £000
Cost
At 1 January 2007 575 11,654 12,229
Additions 406 8,932 9,338
At 31 December 2007 981 20,586 21,567
Impairment
At 1 January 2007 – 357 357
Impairment charge – 429 429
At 31 December 2007 – 786 786
Net Book Value
At 31 December 2007 981 19,800 20,781
At 31 December 2006 575 11,297 11,872
The additions in shares in subsidiary undertakings during the year include further investment and acquisition of minority interests in existing
subsidiary undertakings. 58 Notes to the Parent Company Financial Statements
Empresaria Group plc Report and Accounts 2007 
6 Investments held as fixed assets (continued)
Investments comprise the following principal subsidiary companies:
Country of
Company Class of share held % incorporation
Financial Service Sector
Mansion House Executive Limited “A & B” Ordinary 100 UK
LMA Recruitment Limited “A & B” Ordinary 75 UK
Lime Street Recruitment Limited “A & B” Ordinary 74 UK
Supply Chain Sector
The Logistics Network Limited “A & B” Ordinary 100 UK
More Driving Limited “A” Ordinary 67 UK
MVP (Search & Selection) Limited “A & B” Ordinary 100 UK
Construction and Property Services Sector
Titan UK Limited “A & B” Ordinary 61 UK
FastTrack Management Services (London) Limited “A” Ordinary 72 UK
TeamSales Limited Ordinary 100 UK
Reflex HR Limited “A” Ordinary 84 UK
Public Services Sector
Healthcare First Limited “A & B” Ordinary 100 UK
Cura Group Limited “A & B” Ordinary 57 UK
HEC Resources Limited Ordinary 100 UK
Other Brands Sector
Greycoat Placements Limited “A, B & C” Ordinary 82 UK
Bar 2 Limited “A & B” Ordinary 71 UK
2nd City Resourcing Limited “A” Ordinary 63 UK
McCall Limited “A & B” Ordinary 58 UK
The Recruitment Business Limited “A” Ordinary 95 UK
EUResource Limited “A” Ordinary 51 UK
Resolve Interim Solutions Limited “A” Ordinary 51 UK Empresaria Group plc Report and Accounts 2007 
Notes to the Parent Company Financial Statements 59
6 Investments held as fixed assets (continued)
Country of
Company Class of share held % incorporation
Europe
Headway Holding GmbH Ordinary 60 Geremany
EAR Holding BV ‘EAR’, Ordinary 60 Netherlands
GiT Consult Czech s.r.o. “A” Ordinary 60 Czech Republic
GiT Consult Slovakia s.r.o. “A” Ordinary 60 Slovakia
ITC PRACA Sp. Z.o.o “A” Ordinary 51 Poland
ITC APT Sp. Z.o.o. “A” Ordinary 51 Poland
ITC CS Sp. Z.o.o. “A” Ordinary 51 Poland
Rest of the World
Skillhouse Staffing Solutions K.K. Ordinary 75 Japan
Monroe Consulting Group Pte Ltd Ordinary 51 Singapore
Monroe Recruitment Consulting Group Co Limited “A” Ordinary 100 Thailand
PT. Monroe Consulting Group Ordinary 55 Indonesia
PT. Advanced Career Indonesia Ordinary 55 Indonesia
PT Learning Resources Indonesia Ordinary 51 Indonesia
Monroe Consulting Philippines Inc Ordinary 60 Philippines
Agensi Pekerjaan Monroe Consulting Group SDN. BHD Ordinary 60 Malaysia
Monroe Consulting Group Pty Limited Series A preference 93 Australia
The Recruitment Business Pty Ltd Ordinary 95 Australia
Marketing y Promociones Limitada ‘Alternattiva’ Common 56 Chile
*All the UK companies are directly held by Empresaria Group plc
Investments comprise the following associate companies:
Country of
Company Class of share held % incorporation
Interactive Manpower Solutions Private Ltd Ordinary 32 India
Myriadd KK Ordinary 48 Japan
FINES K.K. Ordinary 27 Japan
Aston HR Consulting (Shanghai) Ltd Ordinary 25 China
Gerard Stewart Inc Ordinary 40 USA
The nature of each investment is the provision of staffing service and each entity operates in its country of incorporation.
7 Debtors
Company
2007 2006
£000 £000
Amounts owed by Group undertakings (including amounts falling due after more than one year of
£5,734,000 (2006: £285,000) 12,438 4,021
Other debtors 1,528 980
Prepayments and accrued income 1,235 251
15,201 5,252
8 Cash at bank and in hand
None of the company’s cash at bank and in hand is restricted. 60 Notes to the Parent Company Financial Statements
Empresaria Group plc Report and Accounts 2007 
9 Creditors: amounts falling due within one year
2007 2006
£000 £000
Bank overdraft and loans due within one year 9,781 4,889
Trade creditors 319 144
Amounts owed to subsidiary undertakings 709 718
Other taxes and social security 30 29
Other creditors 828 55
Accruals and deferred income 575 125
12,242 5,960
10 Creditors: amounts falling due after more than one year
2007 2006
£000 £000
Bank loans 1,593 1,039
Other creditors –4
1,593 1,043
The bank loans are secured by a first fixed charge over all book and other debts given by the company and its subsidiaries. Interest is payable at
1.7% above HSBC plc base rate on £1,000,000 (2006: £1,000,000) and interest is payable at 1.0% above HSBC plc base rate on the next
£1,100,000 (2006: 1.64% above HSBC plc base rate on next – £550,000).
2007 2006
£000 £000
Bank loan
Repayable within one year 1,757 990
Repayable between one and two years 525 1,039
Repayable between two and five years 1,068 –
3,350 2,029
Included within loans repayable within one year is £1,225,000 (2006: £725,000) that relates to the drawdown against a revolving credit loan facility.
11 Reconciliation of movements in shareholders’ funds
2007 2006
£000 £000
Profit for the financial year 327 1,712
Dividend paid (166) (106)
Net proceeds from issue of shares 11,908 1,443
Net addition to shareholders’ funds 12,069 3,049
Opening shareholders’ funds 10,132 7,083
Closing shareholders’ fund 22,201 10,132 Empresaria Group plc Report and Accounts 2007 
Notes to the Parent Company Financial Statements 61
12 Called up share capital
Share capital
2007 2006
Number Number
of shares £000 of shares £000
Authorised
Ordinary shares of 5p each 60,000,000 3,000 60,000,000 3,000
Allotted and fully paid
Ordinary shares of 5p each 33,368,649 1,668 23,868,526 1,193
The Company has one class of ordinary share which carries no rights to fixed income. All ordinary shares are entitled to receive dividends as
declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the
Company’s residual assets.
During the year ended 31 December 2007, the Company issued a total of 9,500,123 ordinary shares for a premium of £11,438,000.
During the year ended 31 December 2006, the Company issued a total of 1,611,707 ordinary shares for a premium of £1,363,000. 62 Additional Information
Empresaria Group plc Report and Accounts 2007 
Reconciliation of statutory financial information to adjusted information included within the financial highlights
2007 2006 2005 2004 2003
£000 £000 £000 £000 £000
Operating profit 6,738 3,505 1,914 1,067 817
Add back:
Goodwill/intangible amortisation 107 – 618 345 273
Impairment (net of negative goodwill) 37––––
IFRS transition cost 36––––
Exceptional legal and professional costs – – – 101 45
Exceptional reorganisation costs – – – 67 99
Exceptional bad debt write off – – – 135 –
Adjusted operating profit 6,918 3,505 2,532 1,715 1,234
Share of loss in associated company (118) (203) (44) – –
Interest payable and similar charges (net) (630) (408) (263) (325) (134)
Add back:
Exceptional loss on deemed subsidiary disposal –––– 13
Adjusted profit before tax 6,170 2,894 2,225 1,390 1,113
Taxation (1,881) (828) (770) (427) (319)
Recognition of pre-acquisition deferred tax asset against 
goodwill under IFRS – 100–––
Recognition of deferred tax on amortisation on purchased 
goodwill under IFRS 60 65–––
Minority interests* (1,574) (562) (275) (288) (217)
Adjusted profit after tax and minority interests 2,775 1,669 1,180 675 577
Adjusted earnings per share (pence) 9.2 7.2 5.7 4.2 3.9
*Adjusted as necessary for minority interest impact from goodwill amortisation and exceptional item adjustments.
Information for financial year 2007 and 2006 is presented under IFRS. Information for financial year 2005, 2004 and 2003 is presented 
under UK GAAP.
Additional Information Empresaria Group plc Report and Accounts 2007 
63 64 Officers and Professional Advisors
Empresaria Group plc Report and Accounts 2007 
Officers and Professional Advisors
Directors
M W R Hunt
N C Hall-Palmer
A V Martin
T J D Sheffield
P A Freer
Secretary
N C Hall-Palmer
Registered office
1 Peveril Court
6-8 London Road
Crawley RH10 8JE
Company registration number
3743194
Bankers
HSBC plc
West & Wales Corporate Banking
3 Rivergate
Temple Quay
Bristol BS1 6ER
Advisers
Kaupthing Singer & Friedlander
Capital Markets Ltd
One Hanover Street
London W1S 1AX
Independent auditors
Deloitte & Touche LLP
Chartered Accountants
Crawley  Empresaria Group plc
1 Peveril Court 
6-8 London Road
Crawley 
West Sussex RH10 8JE
Tel: +44 (0) 1293 649 900
Fax: +44 (0) 1293 649 925
Email: info@empresaria.com
Web: www.empresaria.com