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HEALTHCARE / FINANCIAL SERVICES / MEDIA PLANNING & BUYING / PROPERTY MARKETING / DIGITAL / ADVERTISING
STRENGTH / DIVERSITY / CONFIDENCE / VISION / CREATIVITY / VERSATILITY / SUCCESS / VARIETY / GROWTH / SCOPE
REPORT AND ACCOUNTS 2007
{
www.adventis.co.uk
ADVENTIS GROUP PLC
London
93-95 Wigmore Street
London W1U 1HH
020 7034 4740
Beaconsfield
Adventis House
Post Office Lane
Beaconsfield
HP9 1FN
01494 731600
ADVENTIS GROUP PLC REPORT AND ACCOUNTS 2007 2 Financial Highlights
5 Chairman’s Statement
6 Chief Executive Officer’s Statement
8 Board of Directors
10 Review
34 Directors’ Report
37 Statement of Directors’ Responsibilities
38 Independent Auditors’ Report
40 Consolidated Income Statement
41 Consolidated Balance Sheet
42 Company Balance Sheet
43 Consolidated Statement of Changes in Equity
44 Company Statement of Changes in Equity
45 Consolidated Cash Flow Statement
46 Company Cash Flow Statement
47 Notes to the Financial Statements
69 Officers and Professional Advisors
contents officers and
professional advisors
Directors Peter Mitchell
Charles Phillpot
Peter Linnell
Neil Crabb
Allan Collins
Secretary Peter Linnell
Registered office 93-95 Wigmore Street, London, W1U 1HH
Registered number 3542727
Principal bankers Barclays Bank plc
Wytham Court, 11 Westway, Oxford, OX2 0XP
Solicitors Charles Russell LLP
8-10 New Fetter Lane, London, EC4A 1RS
Auditors Mazars LLP
Tower Bridge House, St. Katharine’s Way, London, E1W 1DD
Nominated advisor Arbuthnot Securities Limited
Arbuthnot House, 20 Ropemaker Street, London, EC2Y 9AR
Registrar Neville Registrars Limited
18 Laurel Lane, Halesowen, West Midlands, B63 3DA “My mother said to me,‘If you
become a soldier, you'll be a general;
if you become a monk, you'll end 
up as the Pope.’
Instead, I became a painter,
and wound up as Picasso.”
–  PABLO PICASSO
aim high
ADVENTIS GROUP PLC
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 financial highlights
ADVENTIS GROUP PLC    FINANCIAL HIGHLIGHTS 2
Adventis Group plc is an AIM listed,
full service marketing and advertising
agency providing services to the
healthcare, financial and property
services industries. 
Through our eleven subsidiary companies and divisions the Group
provides a complete range of multi-media services including
corporate identity programmes, advertising campaigns, media
planning and buying, marketing literature, research and
planning, public relations, exhibitions, web and digital media.
The Group employs 150 staff in London and the South East 
and had a 2007 turnover in excess of £47m. 
We strive to make a tangible difference to our clients’ business
objectives by providing innovative creative solutions to their
marketing communication issues and ultimately adding value 
to our shareholders’ investments. ADVENTIS GROUP PLC    FINANCIAL HIGHLIGHTS 3
Profit before tax
£2.64 million (+47%)
(2006: £1.80million)
Earnings per share
4.33 pence (+15%)
(2006: 3.76pence)
Gross profit
£11.7million (+38%)
(2006: £8.5million)
Turnover
£47.1million (+33%)
(2006: £35.5million) “Success is simple.
Do what’s right,
the right way,
at the right time.”
–  ARNOLD H. GLASGOW
ADVENTIS GROUP PLC    CHAIRMAN’S STATEMENT 4 chairman’s statement
ADVENTIS GROUP PLC    CHAIRMAN’S STATEMENT 5 2007 proved to be another excellent year for Adventis with significant advances across 
key financial metrics – Turnover up 33%, profit before tax (“PBT”) up 47% and earnings 
per share (“EPS”) up 15%. This strong growth continues the Group’s record of improved
financial performance since its listing almost four years ago.
Particularly encouraging has been the profitable expansion
of our established businesses, built through acquisition
and organic growth between 2004 and 2006. This was
added to, very positively in 2007, by the acquisition of
Leapfrog Medical Communications Limited which has
greatly enhanced our total healthcare offering.
2007 saw increasing benefits across the Group with
the consolidation of leading parts of our business in
healthcare marketing, media planning and buying and
property marketing. This greater integration in our
main business sectors is delivering an improved service
to our clients and increasing financial benefits to the
Group. In 2007, this was supplemented by growth in
our financial services sector and our fast developing
digital marketing business, both of which promise
well for the future. Our financial PR business has also
continued to consolidate its position in the market.
A further very important development in this
consolidation process was the opening, in mid-2007,
of our new office in Beaconsfield, bringing together
our various healthcare businesses and re-branded as
Adventis Health.
The continuing strong progress made in 2007 affirms
our ongoing focus on growth in specific sectors of
marketing services where our expertise lies, while
seeking to reinforce our established business with
selective acquisitions. This will continue and our
strong balance sheet means Adventis is well placed 
to pursue such acquisition opportunities as they
present themselves.
In line with our progressive dividend policy, the Board 
is recommending a 5% increase in the final dividend
to 0.48p per share which will be put to the Annual
General Meeting for approval.
To have achieved the excellent results of 2007 would
not have been possible without the talented efforts
and commitment of almost 150 staff across the various 
Adventis companies. The Board offers its thanks and
appreciation to all of them.
2008 has started well, but the Board recognises the
more volatile and uncertain economic climate in which 
all businesses are operating. Nonetheless, we believe
Adventis’ operational strengths, financial stability and
high quality client service will enable it to continue to
progress strongly through this year and beyond.
On a personal note, I have been Chairman of Adventis
for approximately four years. I informed my Board
colleagues some time ago that I would be seeking to
retire as a director during the next year, to enable me
to pursue new interests. A process to appoint a new
Chairman is under way. A further announcement will
be made in due course.
Peter Mitchell
Chairman
Peter Mitchell
Chairman ADVENTIS GROUP PLC    CHIEF EXECUTIVE OFFICER’S STATEMENT 6
chief executive officer’s statement
The earnings per share for 2007, including acquisitions
was 4.33p, which compares with 3.76p for the previous
year, an increase of 15%.
Dividend
The Board is recommending an increased final dividend
of 0.48p per share, making a total for the year of 0.71p.
This is in line with our progressive dividend policy and
reflects our confidence in the business going forward,
especially our continued ability to translate revenue
growth into cash. Net cash as at 31 December 2007
was £3.74m, and the Group continues to be cash
generative and has a strong balance sheet.
Market Overview
The Group was reorganised into five business divisions 
in 2007 covering Health, Property, Financial, Media
and PR. With the addition of Adventis Digital, offering 
a full range of digital service to all Group clients, and
Adventis Integrated, offering direct marketing services, 
the Group now has seven divisions. This re-organisation 
has enabled us to exploit further synergies and economies 
leading to business growth and improved cost control.
Each of our business units enjoyed continued
profitability in 2007 and their management was
structured to exploit the considerable depth of skills
to the full. Retaining the services of key directors and
staff continues to be an issue in the marketing services
industry due to its highly labour intensive nature. 
Our policy of offering competitive packages with an
element of profit share has delivered a high quality 
and stable senior team. It is in this environment of
consolidation that I am pleased to report results that
reflect the hard work of all the team at Adventis.
Business Strategy
Our rapid growth has not been at the expense 
of either our cash position or operating margins. 
The Board intends to continue to pursue growth 
on a similar scale, but retain the same level of checks
and balances. We continue to assess other market
sectors with a view to acquiring operations that both
match our current performance and complement our
existing business offering. The drive for an increase 
in scale will be matched only by the focus on overall
business performance.
Acquisition
In February 2007, the Group announced the
acquisition of Leapfrog Medical Communications
Limited. This strategic purchase of one of the leading
medical education service providers was seen as 
a vital asset to our healthcare operation, as
pharmaceutical companies demand a fully 
integrated marketing offering.
It remains our intention to be extremely selective in
our M&A activity and the Board will only sanction
purchases that meet our strict internal criteria.
Operational Review
The following is a summary of activity by business
sector for the year ended 31 December 2007.
I am pleased to report a strong set of results for the year ended 31 December 2007, 
with record levels of billings and profits, both organically across all of our businesses and
through acquisitions. Group turnover of £47.1m was up 33% (2006: £35.5m); gross profit
of £11.7m was up 38% (2006: £8.5m), and pre-tax profit of £2.64m was up 47% (2006:
£1.80m). This represents the fourth successive year of significantly increased billings and
profits and the Group continues to benefit from healthy margins and strong cash flow. 
Charles Phillpot
Chief Executive Officer ADVENTIS GROUP PLC    CHIEF EXECUTIVE OFFICER’S STATEMENT 7 Healthcare Sector
The Group now has a substantial presence in the
Healthcare sector through its two creative agencies,
Affiniti and Roundhouse. Together with Leapfrog
Medical Communications, a medical education
specialist, the three business units have been combined
to create Adventis Health, a specialist MedComms
agency, offering innovative and dynamic business
solutions to the pharmaceutical industry. With an
impressive list of blue chip clients, Adventis Health 
is in a leading position to explore new generation
concepts, such as digital media and interactive
customer generated programmes.
Adventis Health now occupies new premises at
Adventis House in Beaconsfield, with a satellite 
office in Hertfordshire.
Financial Services Sector
Adventis NMG grew significantly in 2007. A series 
of large scale projects were concluded for clients, such
as Foresters Friendly Society, Just Retirement, Cardif
Pinnacle, Equity Insurance Group and Reita. The
outlook for further such projects from similar clients
is positive. The integration of digital projects increased
and the range of services was enhanced following key
senior appointments in digital and creative roles.
Property Marketing Sector
We continued to serve a number of clients during the
year across the residential property spectrum, such as
Savills, Galliard Homes, Devington Homes and Grove
Manor Homes. We were also instructed by leading
registered social landlords, including Places for
People, Home Group, Genesis Housing Group 
and London & Quadrant.
The year also presented several opportunities in the
commercial property market. New business wins
included The Winston Group, Oakhurst Properties,
Ahli United Bank, Sunlight Property Finance,
Greenhills, Mckay Securities, Scottish Widows 
Investment, Target Follow, The Blackstone Group,
Protego Real Estate Investments, Davis Coffer Lyons,
EPF Group and Sackville Properties.
Media Planning and Buying Sector
Our three media planning and buying companies,
Premium Media, Adgenda Media and Adventis
Coltman, represent a significant force in the property
and financial sector. Their combined billings account
for around the UK’s 30th largest buying point. They
have full NPA (Newspapers Publishing Association)
and TV recognitions, enjoying favourable commercial
terms with media owners. The specialist media
services that we offer work very much in tandem with
our creative businesses. Business volumes continue to
grow at good margins for this industry. Account wins
during 2007 included Brit Insurance, Partnership
Assurance, SPA ETF’s, China Travel Service, St James
Homes, Weston Homes, Shepherds Bush Housing
Group and St Modwen Plc.
Outlook
The turbulence of the global financial markets has
permeated the economy overall, but the first quarter
results for 2008 indicate that the Group as a whole 
is ahead of target and ahead of last year.
Visibility for the year ahead is generally good and
overall we anticipate our clients marketing expenditure
continuing at a similar or greater level to the prior
year. Cost controls remain paramount and we will
continue to be vigilant especially as economic
conditions tighten.
We continue to raise our profile in our chosen 
market sectors and consider suitable acquisition
opportunities. I am confident that our growth 
and operating efficiency will continue in 2008.
Charles Phillpot
Chief Executive Officer
“The secret of joy in work is
contained in one word – excellence.
T o know how to do something 
well is to enjoy it.”
– PEARL S. BUCK ADVENTIS GROUP PLC BOARD OF DIRECTORS 8
ADVENTIS GROUP PLC    BOARD OF DIRECTORS 8
board of directors
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3
5
“If you can, be first.
If you can’t be first, create a new
category in which you can be first.”
–  AL RIES & JACK TROUT ADVENTIS GROUP PLC    BOARD OF DIRECTORS 9
1. Peter Mitchell (72) ■▲●
Non-Executive Chairman and Chairman of the
remuneration and nominations committee
Peter is the former Deputy Chairman of Capital Radio 
Group plc and was, until April 2006, a director of
GCAP Media plc. He is a director of Vividas Group
plc. From 1983 to 1997 he held director level roles at
Guinness plc, initially as Group Brands Director and
later Group Strategic Affairs Director. He was
director and council member from 1995 to 2001 
of the Advertising Standards Authority. From 1994 
to 2003 he was President of the World Federation 
of Advertisers. His early career was at Procter &
Gamble, Mars Inc. and Johnson & Johnson.
2. Charles Phillpot (53) ■
Chief Executive Officer
Charles has been the Managing Director of Adventis
Group plc since 1998. He joined the marketing
department of Savills in 1988 rising to Marketing
Director. He began his career in marketing with 
J Walter Thompson and Ogilvy & Mather. Before
joining Savills he was a regional Marketing Director
for De Beers in the largest global market, in Japan
and Europe. He has extensive experience on the
strategic and commercial aspects of marketing in 
the UK and overseas, at both client and agency level.
3. Peter Linnell (49)
Finance Director and Company Secretary
Peter, a chartered accountant, has worked in marketing
communications for more than 20 years, of which the
majority of the time was spent at the Grey Global Group. 
His extensive managerial and M&A experience came
through various operational and Group roles
overseeing advertising, media, PR and other marketing
services companies, latterly as Chief Financial Officer
of Grey’s EMEA and UK operations. Peter was
Finance Director of Lowe & Partners before joining
the Adventis board as Finance Director in 2006.
4. Allan Collins (46) ■▲●
Non-Executive Director and Chairman 
of the audit committee
Allan was appointed as part-time Finance Director of
Adventis in 2000 and moved into his Non-Executive
role in 2006. He is a chartered accountant and is
Finance Director of Savills (L&P) Limited. He started
his career at PricewaterhouseCoopers working in the
Corporation Taxation Department and the Advisory
Division gaining experience of mergers and acquisitions.
5. Neil Crabb (40) ■▲●
Non-Executive Director
Neil is co-founder and Chief Investment Officer of
Sigma Capital Group plc, a specialist asset management
and advisory business quoted on AIM, providing
assistance to a number of early stage UK companies.
He has previously worked as an investment manager
and has several other directorships.
Key to membership of committees
■ Nominations Committee
▲ Audit Committee
● Remuneration Committee ADVENTIS GROUP PLC REVIEW
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review 
“Pleasure in the job      ADVENTIS GROUP PLC    REVIEW
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puts perfection in the work. ”
–  ARISTOTLE
review ADVENTIS GROUP PLC    REVIEW | ABOUT US
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review
about us
“The dictionary is the 
only place that success 
comes before work.
Hard work is the price 
we must pay for success.
I think you can accomplish
anything if you’re willing 
to pay the price.”
– VINCE LOMBARDI ADVENTIS GROUP PLC    REVIEW | ABOUT US
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Adventis Group plc is a multi-disciplinary communications agency. Our goal is to solve our clients’
marketing, communications and media issues by providing innovative creative solutions and services.
By becoming specialists in our chosen sectors, we add value
to our clients’ communications requirements through
greater understanding of their market, their customers 
and their business objectives, therefore delivering results
that bring tangible benefits to their Company.
The following pages show a broad range of the creative
solutions and services we have delivered for some of our
clients in 2007. digital
ADVENTIS GROUP PLC    REVIEW | DIGITAL
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review: digital
“The web is exciting for 
two reasons: One, it’s ubiquitous.
There will be web dial tone
everywhere. And anything that’s
ubiquitous gets interesting.”
– STEVE JOBS
Adventis: Digital is a full-service digital
communications agency. We deliver
innovative web and multimedia solutions 
to support our clients’ business objectives
across a range of industries. From web
development and AV production services
through to mobile and e-marketing, we
pride ourselves on delivering compelling
results across the entire digital channel. ADVENTIS GROUP PLC    REVIEW | DIGITAL
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review
digital
1-2 ABPI ON-TRAC training tool
The ABPI Code of Practice governs the UK-based
pharmaceutical industry's relations with
healthcare professionals and other stakeholders.
We were asked to produce an online and 
CD-based training tool to educate representatives
about the restrictions of the ABPI code and
how it affects them. The application contains
video clips and a multi-choice integrated quiz.
There’s an integrated reporting function to
enable supervisors to check the performance 
of users, the frequency of use and percentage 
of success and failure. The programme proved
very successful and is constantly updated via
the web to stay in line with current ABPI
regulations.
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3-4 Serono Fertility Game
An additional fun element to an existing
website, this game was created to add interest
and to educate users on the benefits of a healthy
diet and lifestyle to increase fertility. The user
catches as many ‘good’ things as possible whilst
trying to avoid the ‘bad’ things, which include
smoking and eating fatty foods.
5 Allergy Week
Developed for Allergy UK, this microsite 
was built to raise awareness of ‘Allergy Week’
and promote visitors to the main site. One 
of the unique features of the site was instant
messaging sessions where visitors could 
chat online with allergy specialists.
6 Wine Behind the Label
Following a successful series of books, a website
was commissioned to promote subscriptions 
to the online version of Wine Behind the Label.
The site encourages registered users to interact
via a bespoke blogging solution and stay 
up-to-date with current trends. It also provides
access to the entire book database which contains
information on vintage, quality, style, grape and
price for thousands of wines.
7 Bethany Children’s Trust
The charity works to improve the health,
wellbeing and education of children in the
poorest countries in Africa. The website was
commissioned to raise awareness, increase
subscriptions and donations as well as encouraging
more visitors. Users can see exactly where
donations are going and are able to follow 
the stories of children and families featured 
on the site.
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services
ADVENTIS GROUP PLC    REVIEW | FINANCIAL SERVICES
18 review: financial services
“I know the price of success:
dedication, hard work, and an
unremitting devotion to the things
you want to see happen.”
– FRANK LLOYD WRIGHT
ADVENTIS GROUP PLC    REVIEW | FINANCIAL SERVICES
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AdventisNMG and Adventis Financial PR
provide a full spectrum of marketing and
communications services to the financial
services sector. Using a broad range of
integrated skills, whether developing a new
brand proposition, launching new products
to market or announcing last year’s figures,
our ability to deliver specialist, insightful
and impactful solutions goes from strength
to strength. 1 Foresters Friendly Society
Foresters Friendly Society (FFS) has a
significant past in providing its members 
with a mix of meaningful financial products
and benevolence benefits. 
After pitch, AdventisNMG was appointed to
deliver a totally new brand proposition and
identity – one that would deliver a FFS fit for
the 21st Century and attractive to a new and
younger audience.
AdventisNMG has delivered a major internet
project – Phase 1 launched in Q2 2008 – an
enhanced Membership benefits package and
groundbreaking marketing communications
materials that could arguably be considered 
the most compliant, customer friendly and 
easy to understand in the sector.
A programme of off and online lead generation
activity is ongoing.
2-4 Just Retirement 
Just Retirement – the highly regarded
retirement solutions specialist – has appointed
AdventisNMG to work on a wide range of
projects, including a groundbreaking Equity
Release Online Toolkit aimed at the
intermediary market.
The toolkit is designed to help IFAs not currently
arranging Equity Release business to do so. 
For those already doing this type of business,
the toolkit offers practical information and
tools to help them arrange even more.
The toolkit also features eight high quality
Marketing Guides. In the first quarter since
launch, the toolkit has exceeded all 
registration targets.
5-8 Cardif Pinnacle – helpucover.co.uk
A significant insurance company – part of 
the BNP Paribas Group. A range of direct to
customer general protection products – in need
of a helping hand.
AdventisNMG has been appointed by Cardif
Pinnacle to deliver an internet portal proposition
to package and position their range of specialist
products direct to consumers.
The AdventisNMG solution involved a naming
exercise – helpucover.co.uk, a positioning –
‘Fills the gaps others insurance leaves behind’, 
a significant quote engine driven website and
marketing communications designed to engage.
A programme of off and online lead generation
activity is planned.
ADVENTIS GROUP PLC    REVIEW | FINANCIAL SERVICES
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financial services
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4 9 Reita
Not so much a classical Annual Report, 
more a ‘one year on’ success statement. 
Reita – the industry recognised Property
Investment Information Portal – was set four
exacting measures of success for 2007/8. This
report was created specifically to announce that
Reita had passed the tests with room to spare 
– helped along the way by AdventisNMG’s
continuing marketing expertise.
The bold approach of the ‘One year on 
– Continuing to build on our success’ brochure
has received excellent reviews from Reita
members and industry commentators alike.
Adventis Financial PR
Adventis Financial PR operates on a retained
basis for some 25 quoted and private companies,
providing ongoing consultancy services in
respect of their communications with the 
City and other financial audiences.
Their speciality is for smaller companies and
commercial organisations, helping them to
determine the message which is most relevant 
to their various audiences and to communicate
it most efficiently.
This encompasses all of the clients operations
from money raising to reporting results, M&A
activity and interaction with broader issues. 
The audiences will encompass a wide variety 
of stakeholders from employees, customers 
and investors to suppliers, legislators and
regulators, peer groups and competitors 
to the traditional media.
They liaise closely with the clients’ other
advisors to provide a 24/7 support.
ADVENTIS GROUP PLC    REVIEW | FINANCIAL SERVICES
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health
care review: healthcare
“Advertising isn’t a science.
It’s persuasion.
And persuasion is an art.”
– BILL BERNBACH
ADVENTIS GROUP PLC    REVIEW | HEALTHCARE
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Affiniti, Leapfrog and Roundhouse
Advertising provide bespoke and innovative
business marketing, design and advertising
services to the healthcare sector, offering an
incredibly broad ‘integrated’ offering to the
pharmaceutical industry. ADVENTIS GROUP PLC    REVIEW | HEALTHCARE
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review
healthcare
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1-3 Combigan
A new pan-European campaign has recently
been developed for one of Allergan’s glaucoma
medications. Against a brief to differentiate this
product within a crowded market, Affiniti
created the concept of “A different class” (which
is also pharmacologically true) and illustrated 
it with a series of highly distinctive characters.
Further characters are in development such that
there will be a menu of options for each market
to use.
4 Mabthera
For its second campaign since launch, the focus
has been to show how Mabthera’s unique
benefit of at least 6 months repeat treatment
interval allows patients to literally “get away”.
Starting with just about as far as one can travel
from the UK, the campaign will progress to
Japan and then America during 2008. The
Affiniti work to date has been voted internally
by Roche as their best campaign of the year.
5 Clipper
The launch of Clipper has heralded a new way
in managing a hard-to-control condition in
difficult circumstances. Current medication 
can have side-effects that only add to the
misery of this debilitating disease.
The imagery and copy reinforced positive
achievement, something that can be difficult 
to attain for sufferers. The line 'Success. It's
written all over her face' acknowledges some 
of the classic side – effects of steroids, namely
acne, weight gain and facial hair growth. Her
smile at graduating underlines personal
achievement and the success of the treatment.
6 Cerazette
This campaign highlights both confidence 
and suitable patient profiles in a ‘cosmetic,
consumer style’. The 2007 work on Cerazette
has successfully focussed on it's benefits in
breast-feeding mums. The campaign perfectly
complemented a well thought-out strategic
implementation and went on to be highly
commended in this year's PMEA awards 
where the client won Company of the year.
7 Bondronat
The “active skeleton” campaign which 
Affiniti created 4 years ago has now reached 
its 5th execution along with a new theme 
of Consistency of Care, representing its unique
offering of both effective intravenous and oral
formulations. The advertisement shown (which
was commended at the 2007 PM Society
Advertising Awards) is part of a campaign that
has helped Bondronat become brand leader in
its market some 12 months ahead of schedule. ADVENTIS GROUP PLC    REVIEW | HEALTHCARE
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8 Purevax
The imagery and copy needed to work across
all European markets, adapt easily to local
messages, yet maintain a strong cohesive brand
style. This Purevax ad won Best Consumer Ad
at the 2007 UK Veterinary Marketing
Association awards.
9 Curosurf
Roundhouse has worked on the Curosurf brand
for over 13 years. In that time the product has
moved between 3 companies. Each time
Roundhouse has retained the business and still
remains the champion of the brand. The current
campaign has won awards at all the major
pharmaceutical competitions.
10 Memory Clinic
In June 2007, LeapFrog ran the 10th Annual
Memory Clinic meeting on behalf of Eisai and
Pfizer. We recruited an excellent faculty which
were used to create a wide ranging, appealing
and interactive agenda.
We secured 228 attendees for the meeting. 
The post meeting evaluation forms revealed 
that 97% of responders rated the quality of
education as good or excellent and 98% rated
the meeting management as good or excellent.
11 International Conference
In 2007 our International Conference
Highlights programme was sponsored for
numerous international congresses from USA,
to Korea and Japan.
Filming key opinion leaders during breaks in
the programme we aim to disseminate and
contextualise the lectures given as well as
highlight which ideas could work in the UK.
The videos are produced and distributed within
a user friendly CD ROM. ADVENTIS GROUP PLC    REVIEW | MEDIA PLANNING AND BUYING
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media
planning
& buying review: media planning & buying
“For many marketers, media
advertising is a shotgun.
The new technologies provide rifles,
which can target prime prospects.”
– STANLEY E. COHEN
ADVENTIS GROUP PLC    REVIEW | MEDIA PLANNING AND BUYING
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Premium Media, Adgenda Media and
Adventis Coltman Media plan and buy 
media for a wide range of clients across 
all media types. Whether traditional media, 
such as press, radio and TV, or new media,
via the web, our ability to maximise awareness
against expenditure puts us at the top of 
our discipline. ADVENTIS GROUP PLC REVIEW | MEDIA PLANNING AND BUYING
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review 
media planning and buying
1 Alpine Homes
Premium Media was briefed to plan a year-long
campaign on behalf of Alpine Homes in association
with Savills. The campaign was devised both to
sell properties that ranged from top end chalets
to apartments with guaranteed rental yields,
and to build the Alpine Homes brand.
The campaign included full page and strip ads
across the national press, radio and on-line
advertising promoting open evenings that resulted
in successful sales and combined with an ongoing
programme, has helped elevate Alpine Homes
as the residential ski property specialist.
2 BNY Mellon
Early in 2007, Mellon Global Investments
merged with Bank of New York, creating 
a company with more than one trillion US
dollars under management. 
Mellon’s media agency, Adventis Coltman, were
quickly briefed to plan advertising activity for
the merged brand and the campaign broke with
full page insertions in the Financial Times and
other key newspapers.
3 Proton Cars (UK)
The media strategy devised by Adventis Coltman
in 2006 to use television as the linchpin for
Proton’s advertising, continued in 2007, using 
a new commercial for the Gen2 model. 
Online advertising was tested for Proton and
then used extensively throughout the year,
especially to advertise the younger Satria 
Neo model.
4 Barratt West London 
– Allingham Court
In November 2007 Adgenda Media were asked
to plan and buy an advertising campaign for the
development of twelve luxurious and exclusive
residences in Hampstead, North West London.
With prices starting at £3.95m the focus was to
target an affluent audience based outside of the
UK. To achieve this it was crucial to look into
strong areas of wealth and select media suitable
for reaching this niche market whilst maximising
response. We therefore planned and bought the
media campaign using exclusive magazine and
press titles in Russia, Asia and the Middle East.
This provided Barratt Homes with high quality
responses and subsequent sales during unstable
market conditions.
5 Queen Mary’s Place
St James Homes instructed Adgenda Media 
to plan a cost effective E-Marketing media
campaign for their development Queen Mary’s
Place in Roehampton. 
1 ADVENTIS GROUP PLC REVIEW | MEDIA PLANNING AND BUYING
29
Through a combination of consumer lifestyle and
family focus databases, Adgenda media was able
to reach an audience that does not traditionally
complete paper based surveys. With nearly 10
million individuals canvassed through a telephone
survey we were able to target via hundreds of
lifestyle and geo-demographic criteria. Having
identified the target audience we matched this
against the databases resulting in approx
20,000 email records with the right profile:
• Males / Females 
• Aged 21+ 
• Affluent people – Income of £50K+ 
• Postal Regions – London SW postcodes 
• Looking to move / purchase a new home 
• Who are looking for a property in London 
• Singles or couples AND/OR with 
one small child 
Following the 3 days following the email
broadcast, the email was opened by 25% of
recipients (against an industry average of 10%)
with over 450 recipients registering for more
information, delivering an extremely high ROI.
6 Commuter Advertising
In 2007 Premium Media ran successful
advertising campaigns on the London
Underground system. On behalf of the leading
property portal operator Property Finder, 
we ran a series of ads within tube carriages 
to promote their brand, whilst Grove Manor
Homes ran a series of ads on escalator panels 
at Angel Tube for rental properties within their
up-market developments close by.
With a captive audience of many thousand
commuters who use the Underground system
daily, such promotions are a cost-effective way
of promoting a brand or service on short or
long term campaigns.
24
5
6
3 ADVENTIS GROUP PLC    REVIEW | PROPERTY
30
property review: property
“If you think you can, you can.
And if you think you can't,
you're right.”
– HENRY FORD
ADVENTIS GROUP PLC    REVIEW | PROPERTY
31
GDO, PMC and Adventis Property PR offer
a complete marketing and communications
package for the property sector. 
Our ability to deliver on all aspects of the
marketing mix puts us in a unique position
when delivering creative solutions to our
clients’ requirements. ADVENTIS GROUP PLC    REVIEW | PROPERTY
32
review
property
1 45 Church Street
45 Church Street is a new headquarters office
development of 124,000sq ft in the heart of
Birmingham’s business district. The marketing
brochure reflected the iconic design and position
of the development, depicting the architectural
curvature of the building, further emphasised by
the use of a dye cut on the cover. The style and
quality of the development is enhanced by a clean
layout and typography, high quality CGIs and 
a metallic ink throughout. The brochure was
produced in both hard and soft back covers for
different market recipients and we also produced
the official website as part of the strategic 
pre-letting campaign.
2 VoguE1
All marketing collateral was designed to reflect
the fashionable, high quality specification and
location of the scheme. The concept behind
VOGUE1 was to rebrand the location (E1) into
a vibrant cultural fashion epicentre – “London’s
garment district”. A full photoshoot in a show
apartment using a fashion photographer,
professional models and stylists was
commissioned, creating lifestyle images which
mimicked a fashion shoot. The brochure was
used in conjunction with direct mail, e-shots
plus regional and national press advertising 
– also produced by Adventis.
3 Altitude 25
The production of the main marketing brochure
and separate floorplan brochure for the Howard
Holdings development Altitude25, marked the
culmination of a 18 month marketing strategy
that saw the production of ads, mailers, a
website and site signage. The release of the
brochures synchronised with the launch and
opening of the marketing suite (also produced
by Adventis) and were designed to reflect the
distinctive high specification finish of the
apartments and architectural style.
4-5 Finzels Reach
A major regeneration at the heart of Bristol,
Finzels Reach comprises residential, commercial
and retail elements. Adventis created a new
brand for this new area of Bristol and all
marketing materials, including a state-of-the-art
marketing suite, brochures for the residential,
commercial and retail schemes, signage,
advertising and an interactive website. 
6 2 London Gate
2 London Gate is a 266,500sq ft office building
being offered as the second phase of an ongoing
business park development in Hayes and
Harlington. Our client, Blackstone, was keen 
to secure a Pre-Let of the whole building,
therefore a striking brochure was produced
focusing on simple, immediate messages together
with bold use of colour and photography.
Quality and flexibility were paramount in
production, allowing for ease of updating 
and personalising for presentation purposes.
Adventis has also designed the website for
London Gate and is involved in ongoing
marketing material for the London Gate 
site as a whole.
7 Savills PR
We delivered another record year of media
coverage, significantly raising Savills profile 
in the UK and internationally. We generated
2
1
3 ADVENTIS GROUP PLC    REVIEW | PROPERTY
33
nearly 4,500 national press mentions in the year
including a remarkable number of covers in
newspaper property sections and magazines, 
as well as news and feature stories. We also
implemented on-line media monitoring and
evaluation of Savills coverage, confirming the
company as a leading provider of property
services nationally and overseas.
Additionally, we arranged and managed a
number of high profile events and awards
sponsored by Savills. Pictured (above) is Lord
Heseltine presenting the Georgian Group 2007
Architectural Awards last November. Our
ability to capture headlines and to achieve press
coverage remains a value marketing tool.
8 Adventis PR
Adventis PR saw considerable growth over the
course of 2007 with more accounts and the
recruitment of an extra staff member. Continuing
to serve long-standing accounts such as Galliard
Homes and Grove, the team moved into two
new areas – international property and the
promotion of Registered Social Landlords (RSLs).
New accounts included two of the country’s
leading RSLs, Genesis Housing Group and
Places for People. On the international side, we
achieved editorial coverage for a number of
clients on properties in countries as varied as
Morocco, Brazil and St. Lucia.
We also continued to place high quality
editorial in a wide range of publications, from
local papers to trade magazines and national
newspaper property sections.
One of the highlights of 2007 was the publicity
campaign for 7 Lothbury. The campaign
resulted in coverage in almost all key property
sections, helping the developer to achieve
excellent sales results and corporate exposure.
9 Sentra
The objective of the main brochure was to sell
part-buy/part-rent apartments to first home
owners on an off-plan basis, where no show 
flat would be available for viewings. It aimed to
demonstrate that Sentra was in the best central
location in Wembley possible, whilst also
promoting the regeneration plans for the area 
and the potential future increases in capital values.
It was released in conjunction with presentation
events held in nearby hotels, where banners and
displays were used to re-create the lively and
central feel of Sentra, as well as promoting a
lifestyle feel for the apartments. Direct mail,
digital and print media were used to drive
traffic to register and be invited to the events.
10 Winnersh Triangle
Adventis were appointed by Segro to design 
the website for Winnersh Triangle, a newly
masterplanned 2 million sq ft Thames Valley
business park and a flagship development for
the client. The website continues to play a key
role in the marketing campaign and as a result
of this, Adventis has been asked to spearhead
the entire marketing campaign going forward
for Winnersh Triangle.
9
10
7 8
4
5
6 ADVENTIS GROUP PLC    DIRECTORS’ REPORT
34
directors’ report
The Directors submit their report and the
audited financial statements of the Group
for the year ended 31 December 2007.
PRINCIPAL ACTIVITY AND REVIEW 
OF THE BUSINESS
The principal activity of the Group is the provision 
of advertising and marketing services. 2007 proved to
be another excellent year for Adventis with significant
advances across the Group. Key performance indicators
as assessed by the Directors are: turnover up 33% at
£47.1m (2006: £35.5m), profit before tax (“PBT”) up
47% at £2.6m (2006: £1.8m) and earnings per share
(“EPS”) up 15%. This strong growth continues the
Company’s record of improved financial performance
since its listing almost four years ago. A fuller review
of the business is included in the Chairman’s and
Chief Executive Officer’s statements. The principal
activity of the Company is that of holding Company.
RESULTS AND DIVIDENDS
The results of the Group are shown on page 40. 
Dividends of £285,000 were paid during the year
(2006: £218,000). The Directors are recommending
the payment of a final dividend for the year of 0.484
pence per share that will be paid on 27 June 2008 to
shareholders on the register on 6 June 2008, subject
to approval at the Company’s Annual General
Meeting on 29 May 2008.
FINANCIAL RISK MANAGEMENT
The Group’s operations expose it to a limited amount
of credit and liquidity risk. There is little financial
risk arising from the effects of changes in market
prices of commodities based on its current client
sectors, and no interest rate risk as it has no
significant borrowings.
The Group does not use derivative financial instruments
to manage interest rate costs, and as such, no hedge
accounting is applied. Given the size of the Group,
the Directors have not delegated the responsibility 
of monitoring financial risk management to a 
sub-committee of the board.
The Group’s finance department implements the
policies set by the Board of Directors. The department
has guidelines agreed by the Directors to manage
interest rate risk, credit risk and circumstances where
it would be appropriate to use financial instruments
to manage these.
PRICE RISK
The Group has little exposure to commodity price
risk as a result of its operations. The Group has no
exposure to equity securities price risk as it holds 
no listed or other equity investment, other than
subsidiary undertakings.
CREDIT RISK
The Group has implemented policies that require
appropriate credit checks on potential customers
before new accounts are accepted. The amount of
exposure to any individual client is subject to a limit,
which is re-assessed annually by management. Credit
insurance cover is also in place to cover selected
businesses and circumstances.
LIQUIDITY RISK
The Group actively maintains a treasury system that
maintains a net credit position and is designed to
ensure the Group has sufficient available funds for
operations and planned expansions.
DIRECTORS AND THEIR INTERESTS
The names of the Directors who held office
throughout the year are shown on page 8.
The following Directors held shares as at 1 January 2007
and 31 December 2007:
Number of At 31st December At 1 January
ordinary shares 2007 2007
Charles Phillpot 1,494,000 1,494,000
Neil Crabb 275,000 275,000 ADVENTIS GROUP PLC    DIRECTORS’ REPORT
35
Directors hold the following options to subscribe for ordinary shares:
Exercise price Date of grant Date of Expiry Number of Shares
Charles Phillpot 28.5p 1 July 2004 30 June 2014 263,158
Charles Phillpot 31.0p 1 July 2005 30 June 2015 80,645
Charles Phillpot 35.37p 2 November 2006 1 November 2016 100,000
Charles Phillpot 53.5p 11 June 2007 10 June 2017 83,738
Peter Mitchell 28.5p 1 July 2004 30 June 2014 140,350
Peter Linnell 36.0p 5 December 2006 4 December 2016 208,333
In addition Charles Phillpot was granted 350,000 shares
on 20 October 2006 as part of the Long Term Incentive
Plan (LTIP). On 2 May 2007 he was granted a further
93,750 shares and Peter Linnell was granted 105,469
shares. These grants will crystalise three years following
the grant dates depending on the financial performance
of the Company during the years 2006 to 2009.
GOING CONCERN
The Board, after making suitable enquiries, is satisfied
that the Group has adequate resources to continue 
in operational existence for the foreseeable future.
Accordingly, the Board continues to adopt the going
concern basis in preparing the financial statements.
POLITICAL AND CHARITABLE CONTRIBUTIONS
The amount paid by the Group to charitable bodies
was £700 (2006: £2,180). The Group made no 
political contributions during the year (2006: Nil).
CREDITOR PA YMENT POLICY
It is the Group’s policy that payments to suppliers 
are made in accordance with all relevant terms and
conditions. Creditor days as at 31 December 2007 
for the Group have been calculated at 36 days 
(2006: 35 days).
SUBSTANTIAL SHAREHOLDERS
The following had interests in 3% or more of the voting
capital of the Company as at 29 January 2008:
Holder No. of shares %
Savills (L&P) Ltd 14,379,200 34.54%
First Equity Nominees Ltd 3,401,702 8.17%
Chase Nominees Ltd 3,508,771 8.43%
Charles John Phillpot 1,494,000 3.59%
Morstan Nominees Ltd 
(50705) 1,382,000 3.32%
Appollo Nominees Ltd 
(002) Es: CRE 1,377,632 3.31%
Morstan Nominees Ltd 
(50701) 1,250,000 3.00%
CORPORATE GOVERNANCE
Although the Company is not obliged to comply 
with the revised Combined Code on Corporate
Governance issued in July 2003 (the “Code”), the
Board is committed to ensuring good standards of
corporate governance and has taken steps to comply
with the Code’s principles in so far as practicable for 
a Company of this size.
BOARD OF DIRECTORS
The Board meets regularly to determine the policy 
and business strategy of the Group and has adopted 
a schedule of those matters that are reserved as the
responsibility of the Board. The Chief Executive 
Officer leads the development of business strategies
within the Group’s operations. The Board consists 
of two executive Directors and three non-executive
Directors, including the non-executive Chairman. 
The Chairman was considered independent on
appointment although none of the non-executive
Directors can be considered independent for the
purposes of the Code. However, the Board considers
that there is an appropriate balance between the
executives and non-executives, and that no individual
or small Group dominates the Board’s decision taking.
The Board’s members have a wide range of expertise 
and experience and it is felt that concerns may be
addressed to any of the non-executive Directors.
Notice of the Group’s annual general meeting is sent to
shareholders with a copy of these financial statements.
BOARD COMMITTEES
The Board has delegated certain authorities to committees, 
each with formal terms of reference, which are available
on request to the Company’s registered office. The
members of the committees are detailed on page 8. ADVENTIS GROUP PLC    DIRECTORS’ REPORT
36
directors’ report
AUDIT COMMITTEE
The audit committee consists of the three non-executive
Directors and meets at least twice a year to consider
the scope of the annual audit and interim reviews, 
to assess the external auditors, to assess effectiveness
of the Group’s systems of internal control and to
review the requirement for internal audit (which the
committee believes is not justified given the current
size of the Group). The committee has access to the
Group’s external auditors. The Chief Executive Officer
and Finance Director may be invited to attend committee
meetings, but are not members.
REMUNERATION COMMITTEE
The remuneration committee consists of the three 
non-executive Directors and meets at least twice a year
to determine Company policy on senior executive
remuneration, to make detailed recommendations to 
the Board regarding the remuneration packages of the
executive Directors and consider the awards under the
Group’s option schemes. The Chief Executive Officer
is consulted on remuneration packages and policy, but
does not attend discussions regarding his own package.
The Board believes it is appropriate for the Chairman
to chair the committee. The remuneration and terms
and conditions of appointment of the non-executive
Directors are determined by the Board.
NOMINATION COMMITTEE
The nomination committee consists of the three 
non-executive Directors and the CEO, and meets 
at least once each year to evaluate individual Board
members’ effectiveness, to review the composition and
balance of the Board and to recommend candidates 
to the Board for vacancies, as required.
CONTROLLING PARTY
In the opinion of the Directors there is no one 
party with a controlling interest in the share capital 
of the Company.
INTERNAL CONTROL AND RISK MANAGEMENT
The Board has implemented a formal system of
controls which accords with the guidance given in the
Turnbull Report and acknowledges its responsibility
for reviewing the effectiveness of the systems in place 
to manage risk and provide reasonable, but not
absolute, assurance with regard to the safeguarding 
of Group assets against misstatement or loss. The key
elements of the system of internal control are:
• Clear definition of delegated authorities and
preparation of annual budgets for Board approval.
• Close involvement by operating management in 
the day-to-day business of the Group, facilitating
prompt identification of risks and action, both
financial and operational.
• Regular reporting of individual business performance
to the Board and the review of results against
planned performance.
• Regular assessment and review of risks and controls
and specific annual assessment by the audit committee
of the effectiveness of the systems in place. The audit
committee reports to the Board on its findings.
STATEMENT OF DISCLOSURE TO AUDITOR
So far as the Directors are aware, there is no relevant
audit information of which the Company’s auditors
are unaware, and they have taken all the steps that
they ought to have taken as Directors in order to make
themselves aware of any relevant audit information
and to establish that the Company’s auditors are
aware of that information.
AUDITORS
With effect from 16 April 2007, MRI Moores
Rowland LLP merged its business with that of
Mazars LLP, following which MRI Moores Rowland
LLP resigned as auditors. The Directors appointed
Mazars LLP to fill the casual vacancy caused by this
resignation and appointed Mazars LLP as auditors 
at the Annual General Meeting. In accordance with
section 385 of the Companies Act 1985, a resolution
to reappoint Mazars LLP will be put to the Annual
General Meeting.
By order of the Board
Peter Linnell
28 April 2008
Registered Office: 
93-95 Wigmore Street, 
London W1U 1HH ADVENTIS GROUP PLC    STATEMENT OF DIRECTORS’ RESPONSIBILITIES
37
statement of
directors’ responsibilities
Company law requires the Directors to prepare financial statements for each financial year,
which give a true and fair view of the state of affairs of the Company and the Group as 
at the end of the financial year and of the profit or loss of the Group for that period. 
In preparing those financial statements, the Directors are required to:
•
select suitable accounting policies and then 
apply them consistently;
•
make judgments and estimates that are reasonable
and prudent; 
•
state whether applicable accounting standards 
have been followed, subject to any material
departures disclosed and explained in the 
financial statements; and
•
prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Group will continue in business.
The Directors are responsible for keeping proper
accounting records which disclose with reasonable
accuracy at any time the financial position of the Group
and to enable them to ensure that the 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. ADVENTIS GROUP PLC    INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF ADVENTIS GROUP PLC
38
independent auditors’ report
to the shareholders of Adventis Group plc
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
As described in the statement of Directors’ responsibilities
the Company’s Directors are responsible for the
preparation of financial statements in accordance
with applicable law and International Financial
Reporting Standards as adopted for use by the
European Union.
Our responsibility is to audit the 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
financial statements give a true and fair view and
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 financial statements. We also
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
transactions with the Company is not disclosed.
We read other information contained in the financial
statements and consider whether it is consistent with
the audited financial statements. This other information
comprises only the Directors’ report, the Chairman’s
Statement and the Chief Executive Officer’s Statement.
We consider the implications for our report if we
become aware of any apparent misstatements or
material inconsistencies with the financial statements.
Our responsibilities do not extend to any other
information.
We have audited the Group and parent financial statements of Adventis Group plc for 
the year ended 31 December 2007, which comprise the consolidated income statement,
consolidated and Company balance sheets, consolidated and Company statement of
changes in equity, consolidated and Company cash flow statements and related notes.
These financial statements have been prepared under the historical cost convention 
and the accounting policies set out therein. ADVENTIS GROUP PLC    INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF ADVENTIS GROUP PLC
39 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 financial
statements. It also includes an assessment of the
significant estimates and judgments made by the
Directors in the preparation of the 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 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 financial statements.
OPINION
In our opinion
• the Group financial statements give a true and fair
view, in accordance with International Financial
Reporting Standards as adopted by the European
Union, of the state of the Group’s affairs as at 
31 December 2007 and of its profit and cash 
flows for the year then ended; 
• the parent Company financial statements give a 
true and fair view, in accordance with International
Financial Reporting Standards as adopted by the
European Union as applied in accordance with the
provisions of the Companies Act 1985, of the state
of the Company’s affairs as at 31 December 2007
and cash flows for the year then ended; 
• the information given in the Directors’ report is
consistent with the financial statements; and
• the financial statements have been properly
prepared in accordance with the Companies 
Act 1985.
MAZARS LLP
Chartered Accountants
Registered Auditors
Tower Bridge House
St. Katharine’s Way
London E1W 1DD
The maintenance and integrity of the Adventis Group plc website
(www.adventis.co.uk) is the responsibility of the Directors; the work
carried out by the auditors does not involve consideration of these
matters and, accordingly, the auditors accept no responsibility for
any changes that may have occurred to the financial statements since
they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in
other jurisdictions. ADVENTIS GROUP PLC    CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007
40
Consolidated income statement
for the year ended 31 December 2007
2007 2006
Notes £'000 £'000
Turnover
Continuing operations 44,788 27,973
Acquisitions 2,288 7,556
47,076 35,529
Operating profit 3
Continuing operations 2,116 1,221
Acquisitions 310 451
Profit on ordinary activities 2,426 1,672
Investment revenue 7 226 130
Finance costs 8 (15) (2)
Profit on ordinary activities before taxation 2,637 1,800
Taxation on profit on ordinary activities 9 (832) (467)
Profit for the financial year 1,805 1,333
Attributable to:
Equity holders of the parent 1,756 1,316
Minority interest 49 17
Profit for the financial year 1,805 1,333
Earnings per share ("EPS") 11
Basic earnings per share
Average number of shares in issue 40,580,636 35,007,794
EPS (pence) 4.33 3.76
Fully diluted earnings per share
Fully diluted average number of shares in issue 42,654,944 36,066,998
EPS (pence) 4.12 3.65
The Group's results derive entirely from continuing operations. ADVENTIS GROUP PLC    CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2007
41
Consolidated balance sheet
as at 31 December 2007
2007 2006
Notes £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 14 531 259
Goodwill and other intangible assets 12 11,126 8,273
Deferred tax asset 22 143 164
11,800 8,696
Current assets
Work in progress 104 293
Trade and other receivables 16 7,840 6,590
Cash and cash equivalents 17 3,740 2,464
11,684 9,347
Total assets 23,484 18,043
EQUITY
Capital and reserves
Share capital 18 104 96
Share premium account 6,168 4,789
Treasury stock (10) 0
Capital redemption reserve 200 200
Other reserves 20 20
Share based payments reserve 95 43
Retained earnings 4,506 3,036
11,083 8,184
Minority interest 68 18
Total equity 11,151 8,202
LIABILITIES
Non-current liabilities
Obligations under finance leases 
– due in more than one year 21 10 7
Provisions for other liabilities and charges 22 10 4
Deferred consideration 23 2,922 3,400
2,942 3,411
Current liabilities
Trade and other payables 24 6,423 4,371
Current income tax liabilities 945 572
Obligations under finance leases
– due in less than one year 21 4 5
Deferred consideration 23 2,019 1,482
9,391 6,430
Total liabilities 12,333 9,841
Total equity and liabilities 23,484 18,043
Approved by the board of Directors on 28 April 2008
Signed on behalf of the board of Directors:
Charles Phillpot Peter Linnell
Chief Executive Officer Finance Director ADVENTIS GROUP PLC    COMPANY BALANCE SHEET AS AT 31 DECEMBER 2007
42
Company balance sheet
as at 31 December 2007
2007 2006
Notes £'000 £'000
ASSETS
Non-current assets
Investments 15 13,034 9,885
Property, plant and equipment 14 409 168
13,443 10,053
Current assets
Trade and other receivables 16 521 532
Bank balances and cash 17 936 1,327
1,457 1,859
Total assets 14,900 11,912
EQUITY
Capital and reserves
Share capital 18 104 96
Share premium account 6,169 4,789
Capital redemption reserve 200 200
Treasury stock (10) 0
Other reserves 20 20
Share based payments reserve 95 43
Retained earnings 1,990 703
Total equity 8,568 5,851
LIABILITIES
Non-current liabilities
Obligations under finance leases 21 10 7
Provisions for other liabilities and charges 22 10 4
Deferred consideration 23 2,922 3,400
2,942 3,411
Current liabilities
Trade and other payables 24 1,367 1,163
Obligations under finance leases 21 4 5
Deferred consideration 23 2,019 1,482
3,390 2,650
Total liabilities 6,332 6,061
Total equity and liabilities 14,900 11,912
Approved by the board of Directors on 28 April 2008
Signed on behalf of the board of Directors:
Charles Phillpot Peter Linnell
Chief Executive Officer Finance Director ADVENTIS GROUP PLC    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007
43
Consolidated statement of changes 
in equity
for the year ended 31 December 2007
Share Share Capital Minority Treasury Share based Retained Total
capital premium reserves interests stock transactions earnings
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance
31 December 2005 81 2,862 220 47 – 23 1,892 5,125
Changes in equity for 2006
Profit for the year ––––– – 1,333 1,333
Dividends paid ––––– – (218) (218)
Minority interests – – – 17 – – (17) 0
Adjustment – – – (46) – – 46 0
Total recognised
earnings for the year – – – (29) – – 1,144 1,115
Issue of share capital 15 2,015––– – – 2,030
Cost of share issue – (88)––– – – (88)
Share based transactions ––––– 20 – 20
Balance
31 December 2006 96 4,789 220 18 – 43 3,036 8,202
Changes in equity for 2007
Profit for the year ––––– – 1,805 1,805
Dividends paid ––––– – (285) (285)
Minority interests – – – 50 – – (50) 0
Total recognised earnings
for the year – – – 50 – – 1,470 1,520
Issue of share capital 8 1,499––– – – 1,507
Cost of share issue (120)––– – – (120)
Share based transactions ––––– 52 – 52
Employee benefit 
trust holding –––– (10) – – (10)
Balance
31 December 2007 104 6,168 220 68 (10) 95 4,506 11,151 ADVENTIS GROUP PLC    COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007
44
Company statement of changes 
in equity
for the year ended 31 December 2007
Share Share Capital Treasury Share based Retained Total
capital premium reserves stock transactions earnings
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance
31 December 2005 81 2,862 220 0 23 290 3,476
Changes in equity for 2006
Result for the year –––– – (387) (387)
Dividends received –––– – 1,018 1,018
Dividends paid –––– – (218) (218)
Total recognised
earnings for the year –––– – 413 413
Issue of share capital 15 2,015 – – – – 2,030
Cost of share issue – (88) – – – – (88)
Share based transactions –––– 20 – 20
Balance
31 December 2006 96 4,789 220 – 43 703 5,851
Changes in equity for 2007
Result for the year –––– – (697) (697)
Dividends received –––– – 2,269 2,269
Dividends paid –––– – (285) (285)
Total recognised earnings
for the year –––– – 1,287 1,287
Issue of share capital 8 1,499 – – – – 1,507
Cost of share issue – (119) – – – – (119)
Share based transactions –––– 52 – 52
Employee benefit trust holding – – – (10) – – (10)
Balance
31 December 2007 104 6,169 220 (10) 95 1,990 8,568 ADVENTIS GROUP PLC    CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007
45
Consolidated cash flow statement
for the year ended 31 December 2007
2007 2006
£'000 £'000
Cash flows from operating activities
Profit from operations 2,426 1,672
Adjustments for:
Amortisation of investments 50 25
Share based transactions 53 20
Depreciation on fixtures and equipment 136 80
Operating cash flows before movement in working capital 2,665 1,797
Increase/(decrease) in work in progress 189 (65)
Increase in receivables (262) (993)
Increase in payables 1,183 133
Cash generated by operations 3,775 872
Corporation tax paid (701) (436)
Interest paid (19) (2)
Net cash from operating activities 3,055 434
Cash flows from investing activities
Interest received 226 130
Purchase of property, plant & equipment (475) (128)
Purchase of other investments 0 (125)
Acquisition of subsidiaries (1,561) (1,230)
Net cash used in investment activities (1,810) (1,353)
Cash flows from financing activities
Dividends paid (285) (218)
Repayments of obligations under finance leases 0 (3)
Proceeds of issuing share capital 316 1,019
Net cash from financing activities 31 798
Net increase/(decrease) in cash and cash equivalents 1,276 (121)
Cash and cash equivalents at the beginning of the year 2,464 2,585
Cash and cash equivalents at the end of the year 3,740 2,464 ADVENTIS GROUP PLC    COMPANY CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007
46
Company cash flow statement
for the year ended 31 December 2007
2007 2006
£'000 £'000
Cash flows from operating activities
Results from operations (855) (595)
Adjustments for:
Amortisation of investments 50 25
Share based transactions 53 20
Depreciation on fixtures and equipment 61 53
Operating cash flows before movement in working capital (691) (497)
Increase in receivables 1 392
Increase in payables (200) 931
Cash generated by operations (890) 826
Interest paid (19) 0
Net cash (used in)/from operating activities (909) 826
Cash flows from investing activities
Interest received 103 52
Purchase of property, plant & equipment (241) (78)
Dividends received from subsidiaries 2,186 1,018
Acquisition of subsidiaries (1,561) (2,836)
Net cash used in investment activities 487 (1,844)
Cash flows from financing activities
Dividends paid (285) (218)
Proceeds of issuing share capital 316 1,107
Cost of share issue 0 (88)
Net cash from financing activities 31 801
Net decrease in cash and cash equivalents (391) (217)
Cash and cash equivalents at the beginning of the year 1,327 1,544
Cash and cash equivalents at the end of the year 936 1,327 ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
47
Notes to the financial statements
for the year ended 31 December 2007
1. PRESENTATION OF FINANCIAL STATEMENTS
The consolidated financial statements are prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union.
In 2007, the Group has adopted IFRS 7 Financial Instruments: Disclosures which is effective for annual
reporting periods beginning on or after 1 January 2007, and the consequential amendments to IAS 1
Presentation of Financial Statements.
The impact of the adoption of IFRS 7 and the changes to IAS 1 has been to expand the disclosures provided
in these financial statements regarding the Group’s financial instruments and management of capital.
In 2007, the Group additionally adopted the following new/revised IFRSs and IFRICs which are relevant
to its operations:
IAS 19 (Amendment) Employee Benefits
IAS 21 (Amendment) The Effects of Changes in Foreign Exchange Rates
IAS 32 (Amendment) Financial Instruments: Disclosures and Presentation
IAS 39 (Amendment) Financial Instruments: Recognition and Measurement
IFRIC 8 Scope of IFRS 2
The adoption of the above IFRS or IFRIC did not result in any substantial changes to the Group’s
accounting policies.
The Group and the Company have not applied the following IFRS and IFRIC that are applicable 
to the Group and Company and that have been issued but are not yet effective:
IAS 23 Amendment to IAS 23 (Revised), Borrowing Costs, effective 
for financial years beginning on or after 1 January 2009
IFRS 8 Operating Segments, effective for financial periods beginning 
on or after 1 January 2009
IFRIC 10 Interim financial reporting and impairment
IFRIC 11 Group and Treasury share transactions, effective for financial 
periods beginning on or after 1 March 2007
The Directors expect that the adoption of the above pronouncements will have no material impact 
other than disclosure to the financial statements in the period of initial application.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
The 2007 financial statements are the Group’s third consolidated financial statements prepared under
International Financial Reporting and Accounting Standards, with a transition date of 1 January 2004.
The financial statements have also been prepared in accordance with International Financial Reporting 
and Accounting Standards (“IFRSs”) adopted for use by the European Union.
The financial statements have been prepared on the going concern basis and historical cost basis. 
The principal accounting policies adopted are set out overleaf. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
48
Notes to the financial statements
for the year ended 31 December 2007
2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Basis of consolidation
The consolidated financial statements incorporate
the financial statements of the Company 
and enterprises controlled by the Company 
(its subsidiaries) made up to 31 December each
year. Control is achieved where the Company
has the power to govern the financial and
operating policies of a subsidiary.
Minority interests in the net assets of consolidated
subsidiaries are identified separately from the
Group’s equity therein. Minority interests consist
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 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 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 up to the effective date 
of disposal, as appropriate.
All intra-Group transactions and balances are
eliminated on consolidation.
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 values, at the acquisition date, of assets
given, liabilities incurred or assumed, and equity
instruments issued by the Group, plus any costs
directly attributable to the acquisition. The
acquiree’s identifiable assets, liabilities and
contingent liabilities are recognised at their 
fair value at the acquisition date, except for 
non-current assets that are held for resale, 
which are recognised and measured at fair 
value less costs to sell.
Goodwill arising on acquisition is recognised as
an asset and initially measured at cost, being the
excess of cost over the Group’s interest in the net
fair value of the identifiable assets, liabilities and
contingent liabilities recognised.
If the Group’s interest in the net fair value of a
subsidiary’s or joint venture’s assets, liabilities
and contingent liabilities exceeds cost of the
business combination, the excess (“negative
goodwill”) is recognised in profit and loss
immediately.
The interest of minority shareholders in the
acquiree is initially measured at the minority’s
proportion of the net fair value of the assets,
liabilities and contingent liabilities recognised.
Revenue recognition
Turnover represents revenue receivable for goods
and services provided in the normal course of
business, net of discounts, VAT and other sales
related taxes.
Revenue from advertising contracts represents
fees receivable in the month that the advert
appears and is matched to the related expenditure.
Interest income is accrued on a time basis, by
reference to the principal outstanding and the
interest rate applicable.
Leasing
Leases are classified as finance leases whenever
the terms of the lease transfer substantially all
the risks and rewards of ownership to the lessee.
All other leases are classified as operating leases.
Assets held under finance leases are recognised
as assets of the Group at their fair value or, if
lower, at the present value of the minimum lease
payments, each determined at the inception of 
the lease. The corresponding liability to the
lessor is included in the balance sheet as finance
lease obligation. Lease payments are apportioned
between finance charges and reduction of the
lease obligation so as to achieve a constant rate
of interest on the remaining balance of the
liability. Finance charges are charged directly
against income, unless they are directly attributable
to qualifying assets, in which case they are
capitalised in accordance with the Group’s
general policy on borrowing costs.
Rentals payable under operating leases are
charged to income on a straight-line basis over
the term of the relevant lease.
Benefits received and receivable as an incentive
to enter into an operating lease are also spread
on a straight line basis over the lease term.
Borrowing costs
All borrowing costs are recognised in the 
income statement in the period in which they 
are incurred. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
49
Notes to the financial statements
for the year ended 31 December 2007
Segment report
A business segment is a Group of assets and
operations engaged in providing services that are
subject to risks and returns that are different from
those of other business segments. While the Group’s
operations service clients within the property,
healthcare and financial services sectors the
broad range of services provided are consistent
across marketing communications disciplines
and therefore do not give rise to significantly
different risks and returns. In addition these
services are largely provided within the UK. It
was therefore deemed inappropriate to provide
segmented performance analysis.
Taxation
The tax charge represents the sum of current and
deferred tax.
Current tax payable is based on taxable profits for
the year. Taxable profits differ from net profits
as reported in the income statement because it
excludes items that are taxable or deductible in
other years and items that are not taxable or
deductible. The Group’s liability for current tax
is calculated using tax rates that have been
enacted or substantively enacted at the balance
sheet date.
Deferred tax is the tax expected to be payable or
recoverable on differences between the carrying
amounts of assets and liabilities in the financial
statements and the corresponding tax bases used
in the computation of taxable profit, and is
accounted for using the liability method. Deferred
tax liabilities are recognised for all temporary
differences and deferred tax assets are recognised
to the extent that it is probable that taxable
profits will be available against which temporary
differences can be utilised.
The carrying amount of deferred tax assets is
reviewed at each balance sheet date and reduced
to the extent that it is no longer probable that
sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that
are expected to apply in the period when the
liability or the asset is realised.
Share based payments – employee services
The fair value of employee services received in
exchange for the grant of options or shares is
recognised as an expense. The total amount to
be expensed annually over the vesting period is
determined by reference to the fair value of the
options or shares determined at the grant date,
excluding the impact of any non-market vesting
conditions (for example, profitability and sales
growth targets). Non-market vesting conditions are
included in assumptions about the number of
options that are expected to become exercisable
and the number of shares that the employee will
ultimately receive. This estimate is revised at each
balance sheet date and the difference is charged or
credited to the income statement. Proceeds received
on exercise of options, net of any directly
attributable transaction costs, are credited to equity.
Share based payments – other goods or services
Goods or services (other than employee services)
received in exchange for share-based payment are
measured directly at their fair value and are
recognised as an expense. Proceeds received on
exercise of options, net of any directly attributable
transaction costs, are credited to equity.
Pension costs
The Group operates a staff stakeholder pension
plan. The Group also contributed to a number
of defined contribution individual pension plans.
Contributions in respect of defined contribution
pension plans are charged to the income
statement when they are payable.
Currencies
Transactions in currencies other than Sterling are
recorded at the rates of exchange prevailing on
the dates of the transactions.
Goodwill
Goodwill arising on consolidation represents the
excess of the cost of acquisition over the fair value
of the identifiable assets, liabilities and contingent
liabilities of a subsidiary, associate or jointly
controlled entity at the date of acquisition.
Goodwill is recognised as an asset and is tested
for impairment annually, or on such occasions
that events or changes in circumstances indicate
that its value might be impaired.
On disposal of a subsidiary, the attributable
amount of unamortised goodwill, which has not
been subject to impairment, is included in the
determination of the profit or loss on disposal.
Positive goodwill arising on acquisitions before
the date of the transition to International
Financial Reporting Standards has been retained
at the previous UK GAAP amount subject to
being tested for impairment at that date.
Negative goodwill arising on acquisitions before
the date of the transition has been credited to
retained earnings at the date of transition. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
50
Notes to the financial statements
for the year ended 31 December 2007
2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Impairment
At each balance sheet date, the Group reviews
the carrying amount of its tangible and
intangible assets to determine whether there 
is any indication that those assets have suffered
an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated
in order to determine the extent of the impairment
loss (if any). Where it is not possible to estimate
the recoverable amount of an individual asset,
the Group estimates the recoverable amount 
of the cash-generating unit to which the 
asset belongs.
If the recoverable amount of an asset is
estimated to be less than its carrying amount, 
the impairment loss is recognised as an expense,
unless the relevant asset is land or buildings at a
revalued amount, in which case the impairment
loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses,
the carrying amount of the asset is increased to
the revised estimate of its recoverable amount,
but so that the increased carrying amount does
not exceed the carrying amount that would have
been determined had no impairment loss been
recognised for the asset. A reversal of an
impairment loss is recognised as income
immediately, unless the relevant asset is carried
at a re-valued amount, in which case the reversal
of the impairment loss treated as a revaluation
increase. Impairment losses relating to goodwill
are not reversed.
Other intangible fixed assets
Intangible assets acquired as part of business
combinations are valued at fair value on
acquisition and amortised over their useful lives.
Amortisation charges are spread on a straight-line
basis over the period of the assets estimated
useful lives of ten years.
Property, fixtures and equipment
Property, fixtures and equipment are stated 
at cost less accumulated depreciation and any
impairment losses. Depreciation is charged so 
as to write-off the cost less residual value over
estimated useful lives, using the straight-line
method commencing in the month following 
the purchase, on the following basis:
Furniture and office equipment:
15% reducing balance
Computer equipment and software:
33% reducing balance
Leasehold improvements:
over the period of the lease
The useful lives and residual values of assets 
are reviewed annually. Assets held under finance
leases are depreciated over their expected useful
lives on the same basis as owned assets or, 
where shorter, over the term of the lease.
The gain or loss arising on the disposal of an
asset including disposal costs is recognised in 
the income statement.
Work in progress
Work in progress is stated at the lower of cost
and net realisable value. Cost comprises direct
materials and direct labour costs and attributable
overheads that have been incurred up to 
the balance sheet date. Net realisable value
represents the estimated revenue less all estimated
costs of completion and necessary selling costs.
Financial instruments
Financial assets and financial liabilities are
recognised in the Group’s and Company’s
balance sheets when the Group or Company 
has become a party to the contractual provisions
of the instrument.
Trade receivables
Trade receivables are stated at their nominal
value as reduced by appropriate provisions 
for estimated irrecoverable amounts. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
51
Notes to the financial statements
for the year ended 31 December 2007
Cash and cash equivalents
Cash and cash equivalents comprise cash on
hand and demand deposits, and other short-term
deposits and liquid investments that are readily
convertible to a known amount of cash and are
subject to an insignificant risk of changes in value.
Bank borrowings
Interest-bearing bank loans and overdrafts are
recorded at the proceeds received, net of direct
issue costs. Finance charges, including premiums
payable on settlement or redemption and direct
issue costs, are accounted for on an accruals
basis in the income statement using the effective
interest rate method.
Financial liabilities and equity
Financial liabilities and equity instruments are
classified according to the substance of the
contractual arrangements entered into. An equity
instrument is any contract that creates a residual
interest in the assets of the Group.
Trade payables
Trade payables are stated at their nominal value
less any discount or rebate received.
Provisions
Provisions are recognised when the Group has 
a present obligation as a result of a past event
from which it is likely that an outflow of
economic benefits will occur which can be
reasonably quantified.
Equity instruments
Equity instruments issued by the Company are
recorded at the proceeds received, net of direct
issue costs.
Critical accounting judgements and key sources
of estimation uncertainty
(a) Critical judgements in applying the Group’s
accounting policies:
In the process of applying the Group’s
accounting policies which are described
above, management has not had to make
significant judgement on the amounts
recognised in the financial statements.
(b) Key sources of estimation uncertainty –
Investments in subsidiaries and calculation
of goodwill:
The Company determines whether investments
in subsidiaries are impaired at least on an
annual basis and measures the recoverable
amount of the investments whenever there 
is an indication that the investments may be
impaired. This requires an estimation of the
value in use of the investments. Estimating
the value in use requires the Company to
make an estimate of the expected future cash
flow from the subsidiaries and also to choose
a suitable discount rate in order to calculate
the present value of those cash flows.
Goodwill is calculated based on estimated
consideration payable to the former
shareholders of the acquired subsidiaries.
This consideration includes a contingent
element which is based on future estimated
profits of the subsidiary involved.
Employee Benefit Trust
In accordance with SIC 12 “Consolidation –
special purpose entities”, the Company includes
the assets and liabilities of that trust within 
its consolidated balance sheet. In the event 
of the winding up of the Company, neither the
shareholders nor the creditors would be entitled
to the assets of the employee benefit trust.
Investment in own shares held in connection with
the Group’s employee share schemes are deducted
from the shareholders’ funds in accordance with
IAS 32 “Financial instruments: disclosure and
presentation” until such time as they vest
unconditionally to participating employees.
The fair value of employee services received in
exchange for the grant of shares is recognised 
as an expense. The total amount to be expensed
annually over the performance period is determined
by reference to the fair value of the shares
determined at the grant date. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
52
Notes to the financial statements
for the year ended 31 December 2007
3. PROFIT FROM OPERATIONS
2007 2006
£’000 £’000
Profit from operations has been arrived at after charging:
Share based transactions 53 20
Auditors’ remuneration – audit Group and parent 30 30
Auditors’ remuneration – non-audit – –
Auditors’ remuneration – subsidiary companies (estimate) 15 10
Depreciation of property, plant & equipment
– owned assets 136 79
– leased assets – 1
Staff costs 6,300 5,076
Property lease rentals 421 289
Hire of equipment 2 28
The Company bore the audit fee for all subsidiaries except Affiniti (UK) Limited, Roundhouse Advertising
Limited and Leapfrog Medical Communications Ltd.
4. INCOME STATEMENT
As permitted by Section 230 of the Companies Act 1985, the income statement of the Company 
is not presented as part of these accounts. The retained loss for the year of the Company was £697,000
(2006: loss – £387,000).
5. STAFF COSTS
The costs of employing staff were: 2007 2006
£’000 £’000
Wages and salaries 5,516 4,477
Social security costs 666 476
Other pension costs 118 123
6,300 5,076
No. No.
The average number of employees during the year was 140 102 ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
53
Notes to the financial statements
for the year ended 31 December 2007
6. DIRECTORS’ REMUNERATION
Remuneration paid to Directors during the year was as follows:
2007 2006
£’000 £’000
Salaries and bonuses 547 336
Pension costs 29 29
576 365
The remuneration of Directors and key executives is decided by the remuneration committee having regard
to comparable market statistics.
During the year the Company paid £20,000 (2006: £20,000) to Sigma Technology Management Limited
for the non-executive Director services provided by Neil Crabb.
As at 31 December 2007, one Director was accruing benefits under a money purchase scheme (2006: 1).
£28,968 was paid into the personal defined contribution pension plan for Charles Phillpot during the year
ended 31 December 2007. No pension payments were made on behalf of any other Director.
The emoluments (including pension contributions) of the highest paid Director were as follows:
2007 2006
£’000 £’000
Salary and bonus 288 219
Pension costs 29 29
317 248
7. INVESTMENT REVENUES
2007 2006
£’000 £’000
Interest on bank deposits 226 127
Other interest receivable – 3
226 130
8. FINANCE COSTS
2007 2006
£’000 £’000
Bank interest and charges 14 –
Interest on obligations under finance leases 1 2
15 2 ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
54
Notes to the financial statements
for the year ended 31 December 2007
9. TAX ON PROFIT ON ORDINARY ACTIVITIES
Analysis of charge in year 2007 2006
£’000 £’000
(a) Current tax:
UK corporation tax on profits of the year 819 544
Adjustments in respect of previous periods (8) (104)
Total current tax 811 440
Deferred tax:
Origination and reversal of timing differences 21 27
Total deferred tax 21 27
Tax on profits on ordinary activities 832 467
(b) Factors affecting tax charge for the year
The tax assessed for the year is lower than the 
standard rate of corporation tax in the UK 30%. 
The differences are explained below: 2007 2006
£’000 £’000
Profit on ordinary activities before tax 2,637 1,800
Profit on ordinary activities multiplied by standard rate
of corporation tax in the UK of 30% (2006: 30%) 791 540
Effects of:
Expenses not deductible for tax purposes 42 30
Capital allowances for year less than qualifying depreciation (1) (1)
Utilisation of tax losses (28) (35)
Other short term timing differences 16 8
Lower rate of tax (2) (7)
Capital gain more than profit on disposal 1 1
Adjustments to tax charge in respect of previous periods (8) (96)
Current tax for the year 811 440
10. DIVIDENDS
2007 2006
£’000 £’000
Amounts recognised as distributions to equity holders in the year:
Final dividend of 0.461p (2006: 0.436) per share 184 142
Interim dividend of 0.23p (2006: 0.22p) per share 95 76
First dividend to minority shareholders of Adventis NMG Ltd 7 –
286 218
Recommended final dividend of 0.484p (2006: 0.461p) per share 202 182
The recommended final dividend is subject to approval by shareholders at the annual general meeting 
and has not been included as a liability in these financial statements. The estimate of the recommended
dividend is based on the number of shares in issue as at 8 April 2008. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
55
Notes to the financial statements
for the year ended 31 December 2007
11. EARNINGS PER SHARE
The calculations of the basic and diluted earnings 
per share are based on the following data:
2007 2006
£’000 £’000
Profit for the purpose of basic earnings per share 1,756 1,316
Number of shares
Weighted average number of ordinary
shares in issue during the year 40,580,636 35,007,794
Effect of dilutive options 783,115 538,966
Effect of dilutive warrants – 171,179
Effect of dilutive long-term incentive plan 482,631 –
Effect of dilutive deferred consideration 808,562 349,059
Diluted weighted average number of ordinary
shares in issue during the year 42,654,944 36,066,998
The weighted average number of ordinary shares in issue during the year includes 349,445 ordinary
shares, which represent the deferred consideration due on the acquisition of Coltman Media Company
Limited at the average Adventis share price for 2007. The diluted weighted average number of ordinary
shares in issue during the year includes 327,025 ordinary shares, which represent the contingent deferred
consideration due on the acquisition of Roundhouse Advertising Limited, and 539,144 ordinary shares,
which represent the contingent deferred consideration due on the acquisition of Leapfrog Medical
Communications Limited, both at the average Adventis share price for 2007.
12. GOODWILL
2007 2006
£’000 £’000
Carrying amount
At 1 January 8,273 1,827
Additions 2,853 6,030
Reclassification of intangible assets – 416
At 31 December 11,126 8,273
The additions relate to the acquisition of Leapfrog Medical Communications Limited (£2,248,000) and
adjustments to goodwill arising from the re-valuation of the contingent consideration relating to other
acquisitions (£605,000). ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
56
Notes to the financial statements
for the year ended 31 December 2007
13. OTHER INTANGIBLE ASSETS
2007 2006
£’000 £’000
Cost
At 1 January – 461
Addition – –
Reclassification – (461)
At 31 December – –
Accumulated amortisation
At 1 January – 45
Amortisation charge – –
Reclassification – (45)
At 31 December – –
Carrying amount
At 31 December – – ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
57
Notes to the financial statements
for the year ended 31 December 2007
14. PROPERTY, FIXTURES AND EQUIPMENT
Group
2007 Leasehold Fixtures, fittings Total
improvements and equipment
£’000 £’000 £’000
Cost
At 1 January 2007 42 799 841
Additions 203 163 366
On acquisition of subsidiaries – 45 45
At 31 December 2007 245 1,007 1,252
Accumulated depreciation
At 1 January 2007 18 564 582
Charge for the year 26 111 137
On acquisition of subsidiaries – 2 2
At 31 December 2007 44 677 721
Carrying amount
At 31 December 2007 201 330 531
The carrying amount of the Group’s fixtures and equipment includes an amount of £11,000 (2006: £23,000)
in respect of assets held under finance leases.
Group
2006 Leasehold Fixtures, fittings Total
improvements and equipment
£’000 £’000 £’000
Cost
At 1 January 2006 26 566 592
Additions 15 113 128
On acquisition of subsidiaries 1 120 121
At 31 December 2006 42 799 841
Accumulated depreciation
At 1 January 2006 12 386 398
Charge for the year 5 75 80
On acquisition of subsidiaries 1 103 104
At 31 December 2006 18 564 582
Carrying amount
At 31 December 2006 24 235 259 ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
58
Notes to the financial statements
for the year ended 31 December 2007
14. PROPERTY, FIXTURES AND EQUIPMENT (continued)
Company
2007 Leasehold Fixtures, fittings Total
improvements and equipment
£’000 £’000 £’000
Cost
At 1 January 2007 21 449 470
Additions 195 108 303
At 31 December 2007 216 557 773
Accumulated depreciation
At 1 January 2007 14 288 302
Charge for the year 10 52 62
At 31 December 2007 24 340 364
Carrying amount
At 31 December 2007 192 217 409
The carrying amount of the Company’s fixtures and equipment includes an amount of £11,000 (2006: £17,000)
in respect of assets held under finance leases
Company
2006 Leasehold Fixtures, fittings Total
improvements and equipment
£’000 £’000 £’000
Cost
At 1 January 2006 21 371 392
Additions – 78 78
At 31 December 2006 21 449 470
Accumulated depreciation
At 1 January 2006 11 238 249
Charge for the year 3 50 53
At 31 December 2006 14 288 302
Carrying amount
At 31 December 2006 7 161 168 ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
59
Notes to the financial statements
for the year ended 31 December 2007
15. INVESTMENTS
2007 2006
£’000 £’000
Cost
At 1 January 9,885 2,553
Additions 3,149 7,332
At 31 December 13,034 9,885
The principal subsidiary undertakings of the Company and their principal activities are shown below. They
have share capitals wholly comprising of ordinary shares. All the companies are registered in England and
Wales, operate in the UK and are consolidated into the Group accounts.
Name Ordinary share capital Principal activity
Percentage owned
Gilbert Doyle Oakmont Limited 100% Advertising & marketing services
Premium Media Limited 100% Media planning & buying services
Property Marketing Company Limited 100% Advertising & marketing services
Adventis NMG Limited 51% Advertising & marketing services
Affiniti (UK) Limited 100% Advertising & marketing services
Adgenda Media Limited 79% Media planning & buying services
Adventis Coltman Limited 100% Media planning & buying services
Roundhouse Advertising Limited 100% Advertising & marketing services
Leapfrog Medical Communications Limited 100% Medical education & marketing services
On 5 February 2007, Adventis Group plc acquired 100% of the ordinary share capital of Leapfrog Medical
Communications Limited.
Adgenda Media Ltd was incorporated on 16 November 2004 and began to trade on 30 March 2005. Ms
P Osborne-Fardon became 100% shareholder of 3,330 ‘A’ shares of 1p each and the Adventis Group plc
became the 100% shareholder of 6,370 ‘B’ shares of 1p each. Attaching to the ‘A’ shares are put and call
options giving Ms Osborne-Fardon the right to require Adventis Group plc to buy her holding and giving
Adventis Group plc the right to acquire her holding, over a five year period. The ‘A’ shares do not entitle
Ms Osborne-Fardon to any of the earnings or distributions from Adgenda and so no minority interest is
attached to these shares. On 21 July 2007 Ms Osborne-Fardon exercised her initial put option and sold
1,332 shares to Adventis Group plc.
16.  TRADE AND OTHER RECEIVABLES
Group 2007 2006
£’000 £’000
Trade receivables 7,437 6,327
Other receivables 36 31
Prepayments and accrued income 367 232
7,840 6,590
Company 2007 2006
£’000 £’000
Amounts owed by subsidiary undertakings 375 420
Prepayments and accrued income 146 112
521 532
The average credit period taken on sales of services is 49 days (2006: 59 days). The Directors consider that
the carrying amount of trade and other receivables approximates to their fair value. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
60
Notes to the financial statements
for the year ended 31 December 2007
16. TRADE AND OTHER RECEIVABLES (continued)
As at 31 December 2007, the analysis of trade receivables that were past due but not impaired 
is as follows:
Neither past due Past due but not impaired
Total nor impaired < 60 days 60-150 days > 150 days
£ ‘000 £ ‘000 £ ‘000 £’ 000 £ ‘000
As at 31 December 2007 7,437 2,977 2,962 1,498 0
As at 31 December 2006 6,327 2,377 2,828 1,122 0
Credit risk
The Group’s credit risk is primarily attributable to its trade receivables. There have been no allowances for
doubtful receivables due to the Group’s prior experience. The credit risk on liquid funds is limited because
the counterparties are banks with high credit ratings assigned by international credit-rating agencies.
17. BANK BALANCES AND CASH
Bank balances and cash comprise cash held by the Group and Company and short-term bank deposits with
an original maturity of three months or less. The carrying value of these assets approximates their fair value.
18. SHARE CAPITAL
2007 2007 2006 2006
£’000 No. of shares £’000 No. of shares
Authorised
Ordinary shares of 0.25 pence each 150 60,000,000 150 60,000,000
Called up, allotted and fully paid:
Ordinary shares of 0.25 pence each 104 41,635,344 96 38,283,646
On 24 January and 21 July 2007 the Company issued 135,570 and 410,130 ordinary shares respectively
as part of the deferred consideration paid on the acquisition of Affiniti (UK) Limited.
On 5 February 2007, the Company issued 975,169 ordinary shares as part of the consideration paid for
Leapfrog Medical Communications Limited – refer to note 25.
On 15 May 2007 and 6 June 2007 the Company issued 125,000 and 191,980 ordinary shares respectively
as part of the deferred consideration paid on the acquisition of Coltman Media Company Limited (now
called Adventis Coltman Limited).
On 21 July 2007 the Company issued 266,310 ordinary shares as part of the deferred consideration paid
on the acquisition of Roundhouse Advertising Limited.
On 21 July 2007 following the exercise of put options relating to the shares of Adgenda Media Limited
the Company issued 126,485 ordinary shares as part of the consideration.
On 17 August 2007 the Company issued 700,000 ordinary shares in satisfaction of all outstanding
warrants originally issued on 1 July 2004 at an exercise price of 28.5p. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
61
Notes to the financial statements
for the year ended 31 December 2007
19. SHARE BASED PA YMENTS
During the year ended 31 December 2007, the Company had the following share options in issue:
Enterprise Management Incentive Scheme
2004 Options Number of options
Outstanding at 1 January 2007 1,607,018
Lapsed during the year –
Exercised during the year (396,492)
Outstanding at 31 December 2007 1,210,526
The options shown above were granted to officers, Directors and employees under the Enterprise Management
Incentive Scheme on 1 July 2004. The options may be exercised from 1 July 2007 and expire on the 10th
anniversary of the date of issue. The options have an exercise price of 28.5p.
Management has estimated the fair value of these options, once vested, to be 3p per option. The value of
these options was determined using a binomial option-pricing model with assumptions of the risk free rate
of 4.5%, dividend yield of 1.7%, stock value at time of granting of 28.5p and volatility of 12.3%. A charge
of £10,620 was recorded in the consolidated income statement for the year ended 31 December 2007.
2005 Options Number of options
Outstanding at 1 January 2007 332,177
Lapsed during the year (174,032)
Outstanding at 31 December 2007 158,145
The options shown above were granted to officers, Directors and employees under the Enterprise
Management Incentive Scheme on 1 July 2005. The options may be exercised from 1 July 2008 and expire
on the 10th anniversary of the date of issue. The options have an exercise price of 31.5p.
Management has estimated the fair value of these options, once vested, to be 3p per option. The value of
these options was determined using a binomial option-pricing model with assumptions of the risk free rate
of 4.5%, dividend yield of 1.7%, stock value at time of granting of 28.5p and volatility of 12.3%. A charge
of £1,189 was recorded in the consolidated income statement for the year ended 31 December 2007.
2006 Options Number of options
Outstanding at 1 January 2007 472,777
Lapsed during the year (65,000)
Outstanding at 31 December 2007 407,777
The options shown above were granted to officers, Directors and employees under the Enterprise Management
Incentive Scheme on 1 July 2006. The options may be exercised from 1 July 2009 and expire on the 10th
anniversary of the date of issue. The options have an exercise price of 40.37p.
Management has estimated the fair value of these options, once vested, to be 4p per option. The value of
these options was determined using a binomial option-pricing model with assumptions of the risk free rate
of 4.5%, dividend yield of 1.7%, stock value at time of granting of 28.5p and volatility of 12.3%. A charge
of £6,133 was recorded in the consolidated income statement for the year ended 31 December 2007. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
62
Notes to the financial statements
for the year ended 31 December 2007
19. SHARE BASED PA YMENTS (continued)
The Executive Share Option Scheme Number One
The Executive Share Option Scheme Number One is an unapproved scheme under which Directors are
eligible to participate.
2004 Options Number of options
Outstanding at 1 January 2007 and 31 December 2007 140,350
The Company granted 140,350 share options to a Director on 1 July 2004. The options may be exercised
from 1 July 2007 and expire on the 10th anniversary of the date of issue. The options have an exercise
price of 28.5p.
Management has estimated the fair value of these options, once vested, to be 3p per option. The value of
these options was determined using a binomial option pricing model with assumptions of the risk free rate
of 4.5%, dividend yield of 1.7%, stock value at time of granting of 28.5p and volatility of 12.3%. A charge 
of £nil was recorded in the consolidated income statement for the year ended 31 December 2007.
The Long Term Incentive Plan
The Long Term Incentive Plan is a scheme designed to incentivise Directors. The grants are for actual
shares with a three year vesting period and the crystalisation of the final award is dependent on the
financial performance of the Group during the vesting period.
Number of shares granted
Outstanding at 1 January 2007 350,000
Granted during the year: 2 May 2007 199,219
Outstanding at 31 December 2007 549,219
20. EMPLOYEE BENEFIT TRUST
On 18 October 2006 shareholders approved the establishment by the Company of the Adventis Group
Employee Benefit Trust (the “EBT”) as part of the Company’s employee incentive arrangements. 
In December 2006 the Company transferred £20,100 being the initial advance to Abacus Corporate
Trustee Limited, trustee of the EBT. In January 2007 the EBT acquired 25,180 ordinary Shares for 
£9,933. Following this acquisition the EBT is interested in 25,180 ordinary Shares representing 0.006% 
of the ordinary Shares in issue at 31 December 2007. The potential beneficiaries of the EBT include 
the executive Directors and employees of the Group and their respective families.
The EBT was established to accumulate shares to satisfy, wholly or in part obligations under share schemes
such as the LTIP. The Director’s Report includes details of specific LTIP grants made up to 31 December
2007 and these will vest depending on the Group results during the years 2006-2009. The Share Based
Payment charge in the Company’s Income Statement includes a net charge of £40,291 relating to the LTIP. 
In accordance with the requirements of SIC 12 “Consolidation – special purpose entities” and IAS 32, 
the assets and liabilities of the EBT have been included in the Company’s and Group’s accounts resulting 
in the inclusion of £9,933 treasury shares, £10,824 cash at bank and £657 retained earnings.  ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
63
Notes to the financial statements
for the year ended 31 December 2007
20. EMPLOYEE BENEFIT TRUST (continued)
For the year ended 31 December 2007, the following transactions were undertaken by the EBT.
2007 2006
£ £
Purchase of 25,180 (2006: nil) (9,993) –
Ordinary Shares in the Company
Sale of nil (2006: nil) – –
Ordinary Shares in the Company
Initial transfer to EBT – 20,100
Interest received 657 –
Cash remaining under control at year end 10,824 20,100
The market value of ordinary shares held in the EBT at 31 December 2007 was £11,331 (2006: £nil).
21. OBLIGATIONS UNDER FINANCE LEASES
Minimum lease Present value of
payments minimum lease
payments
2007 2006 2007 2006
Amounts payable under finance leases £’000 £’000 £’000 £’000
Within one year 4 5 6 5
In the second to fifth years inclusive 10 8 8 7
14 13 14 12
Less: Future finance charges – (1) – –
Present value of minimum lease payments 14 12 14 12
Less: Amount due for settlement within 12 months (4) (5)
Amounts over one year 10 7
The average lease term is 3 years. For the year ended 31 December 2007 the average effective borrowing
rate was 6.9% (2006: 6.9%). All leases are on a fixed repayment basis and no arrangements have been
entered into for contingent rental payments.
The fair value of the Group’s lease obligations approximates their carrying amount. ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
64
Notes to the financial statements
for the year ended 31 December 2007
22. DEFERRED TAXATION
Deferred tax assets 2007 2006
Group £’000 £’000
Tax losses 144 160
Other (1) 4
143 164
Asset at start of year 164 181
Deferred tax credit in the income statement for the year (21) (17)
Asset at end of year 143 164
The Company did not have a significant deferred tax asset.
Deferred tax liabilities
2007 2006
Group £’000 £’000
Accelerated capital allowances 10 4
Deferred tax charge in the income statement for year 14 10
Provision at start of year (4) (6)
Provision at end of year 10 4
2007 2006
Company £’000 £’000
Accelerated capital allowances 10 4
Deferred tax charge in the income statement for the year 14 8
Provision at start of year (4) (4)
Provision at end of year 10 4
23. DEFERRED CONSIDERATION
Group and Company
2007 2006
Amounts payable: £’000 £’000
Within one year 2,019 1,482
In the second to fifth years inclusive 2,922 3,400
4,941 4,882
The deferred consideration relates to the purchases of Affiniti (UK) Limited during 2005; Adventis Coltman
Limited and Roundhouse Advertising Limited during 2006, and Leapfrog Medical Communications Limited
on 5 February 2007. Further details of the 2007 acquisition are disclosed in note 26.
24. TRADE AND OTHER PA YABLES
Group
2007 2006
£’000 £’000
Trade payables 5,087 3,332
Other taxation and social security 660 439
Other payables 3 –
Accruals and deferred income 673 600
6,423 4,371 ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
65
Notes to the financial statements
for the year ended 31 December 2007
24. TRADE AND OTHER PA YABLES (continued)
Company
2007 2006
£’000 £’000
Trade payables 267 61
Other taxation and social security 5 39
Other payables 152 –
Accruals and deferred income 286 285
Due to subsidiary undertakings 657 778
1,367 1,163
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing
costs. The average credit period taken for trade payables is 36 days (2006: 35 days).
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
25. OPERATING LEASE COMMITMENTS
At the balance sheet date, the Group and Company had outstanding commitments for future minimum
lease payments under non-cancellable operating leases, which fall due as follows:
Group
Land and Other Land and Other
buildings 2007 buildings 2006
2007 2006
Total rentals payable on leases expiring: £’000 £’000 £’000 £’000
Within one year 177 4 57 21
Within two to five years 313 9 233 12
490 13 290 33
Company
Land and Other Land and Other
buildings 2007 buildings 2006
2007 2006
Total rentals payable on leases expiring: £’000 £’000 £’000 £’000
Within one year 177 4 53 6
Within two to five years 313 9 233 7
490 13 290 13 Notes to the financial statements
for the year ended 31 December 2007
26. ACQUISITION OF SUBSIDIARY: 
LEAPFROG MEDICAL COMMUNICATIONS LIMITED
On 5 February 2007, the Group acquired 100% of the ordinary issued share capital of Leapfrog Medical
Communications Limited. The acquisition was satisfied by way of issue of share capital, cash consideration
and deferred consideration based on future profits. The consideration is described below. This transaction
has been accounted for by the purchase method of accounting.
Book Fair value Fair
value adjustments value
£’000 £’000 £’000
Fixed assets 45 – 45
Trade and other receivables 577 – 577
Work in progress 137 – 137
Bank balances and cash 298 – 298
Trade and other payables (513) – (513)
Current tax liabilities (219) – (219)
325 – 325
Goodwill 2,248
2,573
Satisfied by: £’000
Cash 931
Ordinary shares issued 432
Deferred consideration 720
Contingent consideration 490
2,573
Ordinary
shares Cash Total
Deferred consideration £’000 £’000 £’000
April 2008 96 144 240
April 2009 96 144 240
April 2010 96 144 240
288 432 720
Ordinary
shares Cash Total
Contingent consideration £’000 £’000 £’000
April 2008 32 49 81
April 2009 64 96 160
April 2010 100 149 249
196 294 490
The contingent consideration is based on the achievement of post tax profit targets and may vary from 
the numbers shown dependent on the level of profit achieved in each financial year.
ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
66 Notes to the financial statements
for the year ended 31 December 2007
26. ACQUISITION OF SUBSIDIARY: 
LEAPFROG MEDICAL COMMUNICATIONS LIMITED (continued)
Net cash outflow arising on acquisition £’000
Cash consideration 931
Bank balances and cash (298)
633
The goodwill arising on the acquisition of Leapfrog Medical Communications Limited is attributable to the 
anticipated profitability of the Company and the anticipated future operating synergies from the
combination.
Leapfrog Medical Communications Limited contributed turnover of £2,288,000 and profit before tax of
£321,000 for the period between the date of acquisition and the balance sheet date.
27. RELATED PARTY TRANSACTIONS
a) Transactions between Group companies, which are related parties and have been eliminated on
consolidation and are not disclosed in this note. Transactions between the Company and its
subsidiaries are disclosed below.
b) Savills (L&P) Limited (a subsidiary of Savills plc) owns 34.54% of the issued ordinary shares of
Adventis Group plc.
During the year the Group provided advertising, marketing and media buying services to companies
within the Savills plc Group. These were charged on an arm’s length basis and totalled £7,612,000
(2006: £7,002,000).
Balances outstanding at the end of the year and were:
2007 2006
£’000 £’000
Debtors – Savills (L&P) Limited 1,032 1,102
28. FINANCIAL RISK MANAGEMENT
The Group’s operations expose it to a limited amount of credit and liquidity risk. There is little financial
risk arising from the effects of changes in market prices of commodities based on its current client sectors,
and no interest rate risk as it has no significant borrowings.
The Group does not use derivative financial instruments to manage interest rate costs, and as such, no hedge
accounting is applied. Given the size of the Group, the Directors have not delegated the responsibility of
monitoring financial risk management to a sub-committee of the board. 
The Group’s finance department implements the policies set by the Board of Directors. The department 
has guidelines agreed by the Directors to manage interest rate risk, credit risk and circumstances where 
it would be appropriate to use financial instruments to manage these.
Price Risk
The Group has little exposure to commodity price risk as a result of its operations. The Group has 
no exposure to equity securities price risk as it holds no listed or other equity investment, other than
subsidiary undertakings.
Credit Risk
The Group has implemented policies that require appropriate credit checks on potential customers before
new accounts are accepted. The amount of exposure to any individual client is subject to a limit, which is
reassessed annually by management. Credit insurance cover is also in place to cover selected businesses
and circumstances.
ADVENTIS GROUP PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
67 ADVENTIS GROUP PLC    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
68
Notes to the financial statements
for the year ended 31 December 2007
28 FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk
The Group actively maintains a treasury system that maintains a net credit position and is designed to
ensure the Group has sufficient available funds for operations and planned expansions.
Interest rate risk
The Group’s exposure to changes in interest rate risk relates primary to interest-earning financial assets
and interest-bearing financial liabilities. Interest rate risk is managed by the Group on an on-going basis
with the primarily objective of limiting the extent to which net interest expense could be affected by an
adverse movement in interest rates.
Foreign currency risk
The Group incurs foreign currency risk on sales and purchases that are denominated in currencies other
than Sterling. The principle currency giving rise to this risk is Euro. At present, the Group does not have
any formal policy for hedging against exchange exposure. The Group may, when necessary, enter into
foreign currency forward contracts to hedge against exposure from foreign currencies fluctuations. As at
31 December 2007, the Group is mainly exposed to foreign currency risk on the Euro trade debtors but
the amounts involved are wholly immaterial.
Capital risk management
The Group manages its capital to ensure the entities in the Group will be able to continue on a going
concern on a long term basis while ensuring the optimal return to shareholders and other stakeholders
through an effective debt and equity balance.
The capital structure of the Group consists of equity attributable to equity holders of the Company, 
less cash and bank balances.
The Management reviews the capital structure and makes adjustment to it in the light of changes 
in economic conditions.
Estimating the fair values
Finance lease liabilities
The fair value of finance lease liabilities is estimated as the present value of future cash flows, discounted
at market interest rates for homogeneous lease agreements. The estimated fair values reflect change in
interest rates.
Other financial assets and liabilities
The notional amounts of financial assets and liabilities with a maturity of less than one year (including
trade and other receivables, cash and cash equivalents and trade and other payables) are assumed to
approximate their fair values. 
The non-current financial assets and liabilities were not carried at fair values as the difference between the
carrying amounts and fair values were not significant in the context of the financial statements as a whole.
29. SUBSEQUENT EVENTS
On 18 January 2008 the Group paid £125,402 to the former shareholders of Affiniti (UK) Ltd as the final
part of their deferred consideration for the acquisition of that Company. Further earn-out consideration
payments are still due in 2008 and 2009 dependent on future results. 2 Financial Highlights
5 Chairman’s Statement
6 Chief Executive Officer’s Statement
8 Board of Directors
10 Review
34 Directors’ Report
37 Statement of Directors’ Responsibilities
38 Independent Auditors’ Report
40 Consolidated Income Statement
41 Consolidated Balance Sheet
42 Company Balance Sheet
43 Consolidated Statement of Changes in Equity
44 Company Statement of Changes in Equity
45 Consolidated Cash Flow Statement
46 Company Cash Flow Statement
47 Notes to the Financial Statements
69 Officers and Professional Advisors
contents officers and
professional advisors
Directors Peter Mitchell
Charles Phillpot
Peter Linnell
Neil Crabb
Allan Collins
Secretary Peter Linnell
Registered office 93-95 Wigmore Street, London, W1U 1HH
Registered number 3542727
Principal bankers Barclays Bank plc
Wytham Court, 11 Westway, Oxford, OX2 0XP
Solicitors Charles Russell LLP
8-10 New Fetter Lane, London, EC4A 1RS
Auditors Mazars LLP
Tower Bridge House, St. Katharine’s Way, London, E1W 1DD
Nominated advisor Arbuthnot Securities Limited
Arbuthnot House, 20 Ropemaker Street, London, EC2Y 9AR
Registrar Neville Registrars Limited
18 Laurel Lane, Halesowen, West Midlands, B63 3DA aim
high
HEALTHCARE / FINANCIAL SERVICES / MEDIA PLANNING & BUYING / PROPERTY MARKETING / DIGITAL / ADVERTISING
STRENGTH / DIVERSITY / CONFIDENCE / VISION / CREATIVITY / VERSATILITY / SUCCESS / VARIETY / GROWTH / SCOPE
REPORT AND ACCOUNTS 2007
{
www.adventis.co.uk
ADVENTIS GROUP PLC
London
93-95 Wigmore Street
London W1U 1HH
020 7034 4740
Beaconsfield
Adventis House
Post Office Lane
Beaconsfield
HP9 1FN
01494 731600
ADVENTIS GROUP PLC REPORT AND ACCOUNTS 2007