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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Utv Media | LSE:UTV | London | Ordinary Share | GB00B244WQ16 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 172.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
Ulster Television plc
Interim Statement
For the 6 months to 30 June 2003
Financial Highlights
* Group turnover up 13.9% at £25.7million
* Group operating profit maintained at £7.0million before goodwill
amortisation
* Dividend increased by 3.8% to 4.10p
* Radio operating profit up 32% at £1.04million
* New Media operating profit increased substantially to £0.53million
Operational Highlights
* Television advertising revenue up 1% compared with 5% decrease for ITV
* Record share of ITV advertising market at 2.37% up from 2.25%
* UTV's peaktime share of viewing was 34.5% versus BBC N.I. at 22.6%
* Radio like-for-like advertising revenues up 4.3%
* New media revenues increased substantially, rising by more than 70% to £
1.6million
Commenting on the results, John B McGuckian, Chairman, UTV said:
"We are pleased to report another good set of financial results despite what
has been a challenging environment. UTV has continued to outperform the ITV
network, reporting improved advertising revenues and a record share of the ITV
advertising market. Our other businesses have also performed well and our
strategy of diversification into radio and new media has further strengthened
our position as one of the most successful media groups in Ireland.
"ITV advertising is witnessing some improvement in September, and October is
also looking stronger. This improvement is encouraging and engenders cautious
optimism for the second half when we would expect to again outperform ITV."
A presentation to analysts will be held at 9:30am today. To register for the
presentation please contact Rachel Jones at Tulchan Communications on 020 7353
4200.
For further information:
Tulchan Communications
David Trenchard/Andrew Honnor
0207 353 4200
UTV
Orla McKibbin
028 9026 2188
Chairman's Statement
Introduction
The six months under review witnessed the continuation of the two recurring
themes which have characterised your company's reporting over the last three
years - outperformance of peer groups in difficult market conditions and
continued development of new profit streams. We achieved another record share
of ITV advertising revenue, we successfully integrated our new Dublin station,
Lite FM with our other key radio assets to create an effective national selling
proposition, and we significantly improved internet operating profits.
Results
Profit on ordinary activities before interest and amortisation of goodwill was
maintained at £7.0M (2002 : £7.0m) despite a decrease in television operating
profit to £5.5m (2002 : £6.0m). Radio operating profit was £1.0m (2002 : £0.8m)
while new media operating profit more than doubled to £0.5m (2002 : £0.2m).
With net interest payable of £0.7m (2002 : £0.2m), the group profit before tax
and amortisation of goodwill was £6.3m (2002 : £6.7m).
Interim Dividend
Your Board has declared an interim dividend of 4.10p (2002 : 3.95p) which
represents a 3.8% increase over last year. The dividend will be paid on 21
October 2003 to all shareholders on the Register at the close of business on 26
September 2003.
Television
Our television operations again significantly outperformed the ITV network. Net
advertising revenue was up by 1% compared to a 5% decrease for ITV as a whole,
giving us a record share of 2.37% (2002 : 2.25%). Our outperformance, however,
continued to impact upon costs, with payments for network programmes up by £
0.5m in the period. Contributions to our pension scheme recommenced in the half
year under review, resulting in a charge for the period of £0.4m (2002 : £NIL).
Excluding these two significant cost increases, all other television operating
costs decreased in total by £0.1m.
Radio
The results of both Live 95FM in Limerick, acquired on 24 June 2002, and Lite
FM in Dublin, acquired on 20 December 2002, are consolidated in these accounts.
Lite FM incurred a small loss in the period while Live 95FM helped lift total
radio operating profit before goodwill amortisation in the six months to 30
June 2003 to £1.0m (2002: £0.8m). Radio advertising revenues on a like-for-like
basis were up by 4% in the period. The selling of national airtime for Lite FM
in Dublin has now been fully integrated into the operations of Broadcast Media
Sales Ltd., our wholly owned sales house, which also sells national airtime for
our stations in Cork and Limerick and for an independently owned station in
Galway.
New Media
Internet revenues increased substantially, rising by more than 70% in the
period to £1.6m (2002: £0.9m). Our internet customer base continued to grow
strongly, particularly in the Republic of Ireland where we were first to the
market with a new range of flat rate products. With overhead costs relatively
stable, margins increased from 17% to 24%, delivering a significant improvement
in profitability.
Bocom Ltd., the plasma screen-based content and advertising platform, in which
we hold a 54% stake, delivered a small profit.
Prospects
ITV advertising revenue experienced difficult market conditions throughout July
and August but some improvement is evident in September. In the quarter to 30
September 2003, ITV advertising revenue is expected to be down by about 6% and
we would anticipate that our television advertising revenue for the quarter
would decrease by 1%, giving a further increase in our market share. October is
also looking stronger for ITV with the Rugby World Cup providing some further
stimulus. This improvement is encouraging and engenders cautious optimism for
the second half when we would expect to again outperform ITV.
We are experiencing good revenue growth in radio advertising revenues which are
expected to be up by 12% in the quarter to 30 September 2003. The radio market
is very short-term but we would anticipate continuing growth for the rest of
the year.
Our launch of new flat-rate and broadband products in the Republic of Ireland
which was supported by an extensive marketing campaign, has drawn a strong
consumer response. These new products will stimulate further revenue growth but
the costs associated with their introduction will trim margins in the second
half compared to the six month period to 30 June 2003. Nevertheless, UTV
Internet is expected to show good profit growth for the year as a whole.
John B McGuckian
Chairman
15 September 2003
Group Profit and Loss Account
For the six months ended 30 June 2003
Unaudited Audited
Six months Year ended
ended
31 December
30 June
Notes 2003 2002 2002
£'000 £'000 £'000
Turnover
Group and share of joint 25,842 22,679 47,632
ventures' turnover
Less share of joint ventures' (168) (143) (338)
turnover
______ ______ ______
Group turnover - continuing 2 25,674 22,536 47,294
operations
====== ====== ======
Operating profit before goodwill 7,038 6,935 14,613
amortisation
Amortisation of goodwill 3 (1,727) (1,021) (2,298)
______ ______ ______
Group operating profit - 2 5,311 5,914 12,315
continuing operations
Share of operating (loss)/profit (100) 45 (42)
in joint ventures
Amortisation of goodwill arising 3 (270) (91) (368)
from investment in joint venture
______ ______ ______
Profit on ordinary activities 4,941 5,868 11,905
before interest and taxation
Net interest payable 4 (672) (166) (624)
______ ______ ______
Profit on ordinary activities 4,269 5,702 11,281
before taxation
Taxation on profit on ordinary 5 (1,693) (2,023) (3,951)
activities
______ ______ ______
Profit on ordinary activities 2,576 3,679 7,330
after taxation
Minority interest (62) - -
______ ______ ______
Profit for the period 2,514 3,679 7,330
attributable to the group
Ordinary dividends (2,193) (2,076) (5,060)
______ ______ ______
Transfer to reserves 321 1,603 2,270
====== ====== ======
Earnings per share 6
Diluted 4.76p 6.92p 13.64p
Basic (FRS 14) 4.77p 7.00p 13.94p
Adjusted 8.55p 9.12p 19.01p
Diluted adjusted 8.42p 8.97p 18.51p
====== ====== ======
Dividend per share 4.10p 3.95p 9.60p
====== ====== ======
Group Statement of Total Recognised Gains and Losses
£'000 £'000 £'000
Profit for the financial year 2,619 3,668 7,414
excluding joint ventures
Share of joint ventures' (loss)/ (105) 11 (84)
profit for the period
______ ______ ______
Profit for the period 2,514 3,679 7,330
attributable to the group
Exchange difference on 3,478 1,780 1,308
retranslation of net assets of
subsidiary undertakings
(excluding borrowings)
Exchange difference on (2,144) (1,047) (475)
retranslation of borrowings
______ ______ ______
Total recognised gains and losses 3,848 4,412 8,163
for the period
====== ====== ======
Group Balance Sheet
At 30 June 2003
Notes Unaudited Unaudited Audited
30 June 30 June 31 December
2003 2002 2002
£'000 £'000 £'000
Fixed Assets
Intangible assets - goodwill 3 49,249 37,890 47,943
Tangible assets 9,123 8,248 8,839
Investment in joint ventures 419 1,427 1,010
Other investments 1 1 1
______ ______ ______
58,792 47,566 57,793
______ ______ ______
Current assets
Stocks 2,688 2,624 2,986
Debtors 10,927 9,614 10,375
Short-term cash deposits 5,179 7,156 4,720
Cash at bank and in hand 723 1,141 3,860
______ ______ ______
19,517 20,535 21,941
______ ______ ______
Creditors - due within one year
Creditors (12,756) (12,590) (17,234)
Debentures - (15,375) -
Loans 8 (6,255) (2,088) (2,803)
______ ______ ______
(19,011) (30,053) (20,037)
______ ______ ______
Net current assets/(liabilities) 506 (9,518) 1,904
______ ______ ______
Total assets less current 59,298 38,048 59,697
liabilities
Creditors - due after one year
Convertible loan notes 7 (3,362) (3,750) (3,362)
Amounts due for film rights (159) (268) (292)
Loans 8 (27,838) (9,035) (29,840)
Provision for liabilities and (332) (288) (341)
charges
______ ______ ______
27,607 24,707 25,862
Minority interest (8) - -
______ ______ ______
Net assets 27,599 24,707 25,862
====== ====== ======
Shareholders' funds
Called-up equity share capital 2,638 2,627 2,636
Share premium account 584 125 504
Revenue reserves 24,377 21,955 22,722
______ ______ ______
Equity shareholders' funds 9 27,599 24,707 25,862
====== ====== ======
Group Statement of Cash Flows
For the six months ended 30 June 2003
Unaudited Audited
Six months Year ended
ended
31 December
30 June
Notes 2003 2002 2002
£'000 £'000 £'000
Net cash inflow from operating 10 5,854 7,304 18,019
activities
Returns on investments and (258) (197) (730)
servicing of finance
Taxation paid (2,496) (1,917) (4,445)
Capital expenditure and financial (1,042) (619) (1,656)
investment
Acquisitions (1,206) (11,577) (21,454)
Equity dividends paid (2,978) (2,838) (4,920)
______ ______ ______
Cash outflow before use of liquid (2,126) (9,844) (15,186)
resources and financing
Decrease in cash on deposit 471 627 3,091
Financing (763) 7,150 12,742
______ ______ ______
(Decrease)/increase in cash in (2,418) (2,067) 647
the period
====== ====== ======
Reconciliation of net cash flow
to movement in net debt
£'000 £'000 £'000
(Decrease)/increase in cash in (2,418) (2,067) 647
the period
Cash inflow from decrease in cash (471) (627) (3,091)
on deposit
Cash inflow from increase in - (10,372) (31,440)
loans
Cash outflow from repayment of 763 3,222 18,698
loans and debentures
______ ______ ______
Change in net debt arising from (2,126) (9,844) (15,186)
cash flows
Net debt acquired on acquisition (111) (794) (715)
Financial liability waived by 144 - -
third party
Conversion of loan notes - - 388
Translation difference (2,035) (687) (1,234)
______ ______ ______
Movement in net debt in the (4,128) (11,325) (16,747)
period
Opening net debt (27,425) (10,678) (10,678)
______ ______ ______
Closing net debt (31,553) (22,003) (27,425)
====== ====== ======
Notes to the Unaudited Financial Information
At 30 June 2003
1. Basis of preparation
The interim financial information have been prepared on the basis of the
accounting policies set out in the Company's 2002 statutory accounts.
Although the interim results are unaudited, the auditors have carried out a
review of this Interim Statement. The results for the year ended 31 December
2002 are an abridged extract of the Company's full accounts which have been
filed with the registrar of Companies and on which the auditors have issued an
unqualified report. The financial information contained in this Statement does
not constitute full accounts within the meaning of Article 262 of the Companies
(Northern Ireland) Order 1986.
2. Segmental analysis
The group operates in three principal areas of activity - commercial
television, radio and new media. Turnover is generated principally from the UK
and Ireland with all radio activity generated in the Republic of Ireland.
During the period the Company acquired further shares in Bocom International
Limited, a data broadcasting company which is resident in the Republic of
Ireland, such that 54.3% of the equity of Bocom International Limited is now
held within the group. This acquistion was effected through a holding company
Revandy Limited which is owned 100% by the Company.
The results of Bocom International Limited are now consolidated with those of
UTV Internet Limited under the heading of "New Media".
Turnover, group operating profit on ordinary activities before tax and net
assets are analysed as follows:
(a) Turnover Total Inter-segmental Sales to
Sales Third
Sales Parties
£'000
£'000 £'000
Six months ended 30 June 2003
Television 19,511 (121) 19,390
Radio 4,723 (30) 4,693
New Media 1,621 (30) 1,591
______ ______ ______
Total 25,855 (181) 25,674
====== ====== ======
Six months ended 30 June 2002
Television 19,114 (55) 19,059
Radio 2,563 - 2,563
New Media 944 (30) 914
______ ______ ______
Total 22,621 (85) 22,536
====== ====== ======
Year ended 31 December 2002
Television 39,194 (166) 39,028
Radio 6,307 (23) 6,284
New Media 2,042 (60) 1,982
______ ______ ______
Total 47,543 (249) 47,294
====== ====== ======
Unaudited Audited
Six months Year ended
ended
31 December
30 June
(b) Group Operating Profit 2003 2002 2003
£'000 £'000 £'000
Group operating profit before
amortisation of goodwill
Television 5,466 5,994 12,263
Radio 1,041 791 2,049
New Media 531 150 301
______ ______ ______
Total 7,038 6,935 14,613
====== ====== ======
Amortisation of goodwill
Television - - -
Radio (1,421) (805) (1,865)
New Media (306) (216) (433)
______ ______ ______
Total (1,727) (1,021) (2,298)
====== ====== ======
Group operating profit
Television 5,466 5,994 12,263
Radio (380) (14) 184
New Media 225 (66) (132)
______ ______ ______
Total 5,311 5,914 12,315
====== ====== ======
(c) Net Assets 30 June 30 June 31 December
As at 2003 2002 2003
£'000 £'000 £'000
Television 9,868 10,730 8,598
Radio 3,123 1,216 2,472
New Media 90 236 155
______ ______ ______
13,081 12,182 11,225
Unallocated Net Assets 14,518 12,525 14,637
______ ______ ______
Total 27,599 24,707 25,862
====== ====== ======
Unallocated net assets comprise cash, short term cash deposits, investments,
loans, loan notes, debentures, taxation, acquisition accruals, goodwill,
minority interest and proposed dividends.
3. Goodwill
Goodwill is being amortised as follows:-
* goodwill arising from the purchase of County Media Limited, Treaty Radio
Limited and City Broadcasting Limited is being amortised over estimated
useful lives of 20 years.
* goodwill arising from the purchase of UTV Internet Limited is being
amortised over an estimated useful life of 10 years.
* goodwill arising from the purchase of Bocom International Limited is being
amortised over an estimated useful life of 2 years.
4. Net interest payable
Unaudited Audited
Six months Year ended
ended
31 December
30 June
2003 2002 2002
£'000 £'000 £'000
Interest payable - group (740) (309) (875)
- share of joint (3) (4) (9)
ventures
Interest receivable 71 147 260
______ ______ ______
(672) (166) (624)
====== ====== ======
5. Taxation
Unaudited Audited
Six months Year ended
ended
31 December
30 June
2003 2002 2002
£'000 £'000 £'000
Current tax
UK Corporation tax 1,483 1,824 3,686
Corporation tax overprovided in - - (80)
previous years
______ ______ ______
1,483 1,824 3,606
ROI Corporation tax 204 113 213
Adjustment in respect of - 25 25
previous years
Share of joint ventures' current 2 30 33
tax
______ ______ ______
1,689 1,992 3,877
Deferred tax
Origination and reversal of 4 31 74
timing differences
______ ______ ______
1,693 2,023 3,951
====== ====== ======
6. Earnings per share
Basic earnings per share, in accordance with Financial Reporting Standard No14
(FRS 14), is calculated on the weighted average number of shares in issue
during the period being 52,736,067 (June 2002 : 52,546,600) and is based on the
profit for the financial period after taxation of £2,514,000 (June 2002: £
3,679,000).
Diluted earnings per share is calculated on 54,482,806 shares (June 2002 :
54,177,035 shares) reflecting the dilutive potential of the convertible loan
notes of 1,461,739 shares (June 2002: 1,630,435 shares) and the share option
schemes of 285,000 shares (June 2002: Nil). The calculation is based on profit
for the period of £2,592,000 (June 2002 : £3,749,000) reflecting an adjustment
for net interest payable on convertible loan notes of £78,000 (June 2002 : £
70,000).
An adjusted earnings per share has been calculated to exclude the impact of
goodwill amortisation. The adjusted earnings per share is based on operating
profits and is intended to provide a comparable measure of historical
performance.
Unaudited Audited
Six months Year ended
ended
31 December
30 June
2003 2002 2002
p p p
Diluted earnings per share 4.76 6.92 13.64
Adjustments:
To reflect the dilutive (0.01) 0.08 0.14
potential of the convertible
loan lotes
To reflect the dilutive 0.02 - 0.16
potential of the share option
schemes
______ ______ ______
Basic (FRS 14) earnings per 4.77 7.00 13.94
share
Adjustments:
Goodwill amortisation 3.78 2.12 5.07
Taxation relating to the above - - -
item
______ ______ ______
Adjusted earnings per share 8.55 9.12 19.01
Adjustments:
To reflect the dilutive (0.08) (0.15) (0.19)
potential of the convertible
loan notes
To reflect the dilutive (0.05) - (0.31)
potential of the share option
schemes
______ ______ ______
Diluted adjusted earnings per 8.42 8.97 18.51
share
====== ====== ======
7. Convertible loan notes
In the year 2000, convertible loan notes were issued as part consideration for
the acquisition of UTV Internet Limited. These loan notes bear interest at
Northern Bank base rate plus 0.45% up until 28 February 2003 and thereafter at
Northern Bank base rate plus 0.25%. The loan notes are convertible into
ordinary shares of 5p each fully paid in the Company on the basis of one
ordinary share for each £2.30 of nominal value of loan notes.
8. Loans
The Company has two multi option loan facilities totalling Euro49m, both of
which are drawn down in full. These facilities each bear interest at Euribor
plus 0.8%.
9. Reconciliation of movements in shareholders' funds
Unaudited Audited
Six months Year ended
ended
31 December
30 June
2003 2002 2002
£'000 £'000 £'000
Opening balance 25,862 22,371 22,371
Exercise of share options 82 - -
Conversion of loan notes - - 388
Profit for the period 2,514 3,679 7,330
Dividends (2,193) (2,076) (5,060)
Exchange difference on 3,478 1,780 1,308
retranslation of net assets of
subsidiary undertaking
Exchange difference on loans (2,144) (1,047) (475)
______ ______ ______
Closing Balance 27,599 24,707 25,862
====== ====== ======
10. Reconciliation of operating profit to net cash flow from operating
activities
Unaudited Audited
Six months Year ended
ended
31 December
30 June
2003 2002 2002
£'000 £'000 £'000
Group operating profit 5,311 5,914 12,315
Depreciation charges 819 729 1,498
Amortisation of goodwill 1,727 1,021 2,298
Profit on sale of tangible fixed (13) (4) (22)
assets
Decrease/(increase) in stocks 298 46 (316)
(Increase)/decrease in debtors (180) 466 497
(Decrease)/increase in creditors (2,095) (863) 1,701
(Decrease)/increase in (13) (5) 48
provisions
______ ______ ______
Net cash inflow from operating 5,854 7,304 18,019
activities
====== ====== ======
END
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