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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Brave Bison Group Plc | LSE:BBSN | London | Ordinary Share | GB00BF8HJ774 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.025 | 0.99% | 2.55 | 2.50 | 2.60 | 2.55 | 2.525 | 2.525 | 1,478,444 | 11:58:08 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 31.65M | 2.08M | 0.0016 | 15.94 | 32.83M |
From Apr 2019 to Apr 2024
TIDMBBSN
RNS Number : 9986U
Brave Bison Group PLC
04 August 2020
This announcement contains inside information as defined in EU Regulation No. 596/2014 and with the publication of this announcement via a regulatory information service this information is now considered to be in the public domain.
4 August 2020
Brave Bison Group plc
("Brave Bison", "the Group" or "the Company")
Interim results for the six months ended 30 June 2020
Brave Bison Group plc (AIM: BBSN), the social video group, today announces its unaudited interim results for the six months ended 30 June 2020.
Highlights
-- Reduction in revenue to GBP5.5 million (H1 2019: GBP10.1 million) and loss before tax of GBP1.4 million (H1 2019: GBP1.2 million) as the Group contended with the challenges of the COVID-19 pandemic
-- Appropriate action has been taken swiftly, with annualised cost savings of GBP1.1 million implemented to date. One off restructuring costs of GBP0.6 million (H1 2019: GBP0.4 million) have been incurred.
-- Adjusted EBITDA(1) was a loss of GBP0.4 million (H1 2019: positive adjusted EBITDA of GBP0.2 million). There is an improved outlook on the back of a better than anticipated recovery from June 2020, and given the cost savings the Group is now forecasting to be breakeven on an EBITDA basis in the second half of the year
-- The Group is now led by a new management team and Board following the appointment of Oliver Green as Executive Chairman, Philippa Norridge as Chief Financial Officer and Matthew Law as Non-Executive Director
-- Cash balance as at 30 June 2020 of GBP2.1 million (30 June 2019: GBP3.7 million) and no borrowings
-- Acquisition and successful integration of certain assets of The Hook Group Limited ("The Hook"), one of the largest youth-focussed media groups with over 14 million followers across social media including almost 1 million followers on TikTok
-- Significant client wins during the period, including Panasonic, World Dodgeball Federation, IMV Box, Media Star Maker and Viral Press.
-- Successful revenue diversification across social platforms with content now distributed across Snapchat, TikTok, Facebook, Instagram and YouTube
Oliver Green, Executive Chairman, commented:
"The COVID-19 pandemic presented us with a number of commercial and operational challenges which we have dealt with swiftly and effectively. We have a new management team in place, and cost savings have been made to reduce losses. Improved trading in June and July has meant that we now anticipate the Group will breakeven in the second half of the year on an EBITDA basis.
In 2019 we were heavily dependent on Facebook advertising revenue, which cost us when our pages were de-monetised last year. Although most of our Facebook pages have since been remonetised, this year we have increased our diversification, with Snapchat and YouTube now responsible for a larger proportion of our advertising revenue.
Positively, the pandemic has forced a number of advertisers to expedite their shift in spend away from traditional channels, such as TV, and towards digital and social advertising, a trend we are well placed to capitalise on."
For further information please contact:
Hot Features
Premium
Brave Bison Group plc
Oliver Green, Executive Chairman via Rebecca Abigail
Ltd
Allenby Capital Limited - AIM Nominated
Adviser and Broker Tel: 020 3328 5656
Jeremy Porter / Asha Chotai (Corporate
Finance)
Amrit Nahal (Sales)
Rebecca Abigail Ltd (PR) Tel: +44 (0)7757
Abigail Carrigan, Account Manager 042 837
Email: abigail@rebeccaabigailpr.com
This announcement is available on the Group's website, www.bravebison.io .
About Brave Bison
Brave Bison is a social video group, specialising in cross-platform video content, connecting global audiences through social media. Its online communities reach over 135 million followers and the Brave Bison Studio provides expertise across strategy, research, data-driven insights, creative and production.
Brave Bison is one of the largest YouTube channel partners, with over 700 channels offering targeted inventory opportunities, alongside in-house specialists that deliver audience development and optimisation.
Its cultural connections and extensive networks have built the business long-standing client relationships with brands including P&G, Land Rover and Lego. With over 50 members of staff across London, Singapore, Japan and Korea, the 8-year-old business continues to stay at the forefront of this fast-moving digital age.
(1) Adjusted EBITDA is a non-IFRS measure that the Company uses to measure its performance and is defined as earnings before interest, taxation, depreciation and amortisation and after add back of costs related to restructuring and share based payments.
Operating Review
Our advertising business faced challenges in the period. The two factors that drive revenue are the volume and the value of advertising. The volume is reflected in the number of views (or page sessions) that our media properties receive from users that come to watch our content. The value is the price paid by advertisers to reach these users during each session, measured in CPM, or cost per thousand views.
Firstly, we experienced significant reductions in CPMs, primarily in April and May, as advertisers reduced spend in response to the COVID-19 pandemic. Secondly, we experienced lower revenues from Facebook as a result of the de-monetisation of our pages last year; most of these pages have now been remonetised but we are experiencing lower revenues than previously.
The value of advertising has improved in June and July, ahead of our expectations, and we are now benefitting from increased watch time as viewers are spending more time at home. Furthermore, our diversification strategy has proven successful and Snapchat revenues performed particularly well during the crisis, boosting our operating margins. We have a strong relationship with the social platforms, and they have supported us well during the period by introducing a number of new revenue-generating advertising products to capitalise on increased engagement from audiences.
Our creative services business was adversely impacted by the pandemic and we saw a number of projects and campaigns paused in the APAC region from the start of the year. Marketing budgets were reduced and the lockdowns made it difficult to deliver projects already committed. We acted swiftly to trim our cost base although our core talent remains in place and primed for new business. We are expecting a number of delayed projects to kick off in the second half of the year, and foresee a recovery in the APAC region, particularly with the build-up to the Olympic Games next year.
We acquired The Hook, a leading youth entertainment brand, in April of this year, which has bolstered our presence on key social platforms including Instagram and TikTok. Advertisers have shown a strong appetite for Millennial and Gen Z audiences, and so this acquisition has enabled us to expand our relationships with brands and key media agencies. As part of the integration, we have restructured our content team and established a new development team to focus on social-first original series which we will distribute across all social platforms, as well as our own websites. We will monetise these series through brand sponsorships and programmatic advertising served via the social platforms.
We have refreshed our Board over the past six months, appointing a new Executive Chairman, Chief Financial Officer and Non-Executive Director, and streamlined the senior management team.
Financial Review
Total revenue for the period was GBP5.5 million, a decrease of 45% compared to the equivalent period last year (H1 2019: GBP10.1 million). The majority of this decrease was due to the reduction in revenue from Facebook advertising to GBP1.7 million (H1 2019: GBP4.2 million) as a result of the change in their content policy and subsequent de-monetisation of our pages part way through 2019.
Revenues were also lower in our APAC-based creative services business, totalling GBP1.1m (H1 2019: GBP3.6m), as marketing budgets were reduced and the lockdowns made it difficult to deliver projects.
Conversely, Snapchat advertising revenues showed a strong increase, generating revenues of GBP0.5 million (H1 2019: GBPnil) from four commissioned shows.
Administrative expenses have reduced by 27% to GBP2.6 million (H1 2019: GBP3.6 million). A significant portion of this is due to a reduction in staff costs, and we have also negotiated favourable payment terms with a number of suppliers.
Headcount has decreased to 55 (30 June 2019: 70). Restructuring costs in H1 2020 of GBP0.6 million (H1 2019: GBP0.4 million) relate to changes made to the senior management, APAC and publishing teams.
The Group had GBP2.1 million of cash and cash equivalents at 30 June 2020 ( 30 June 2019: GBP3.7 million ) and no overdraft or other borrowings. Cash outflows from operations increased to GBP2.2 million in the period (H1 2019: GBP1.5 million outflow).
Outlook
Streamlining our management team has allowed us to make substantial cost savings, which, when coupled with increased trading levels in June and July, has improved the outlook for the Group.
We remain acquisitive and are pursuing opportunities to expand the Group, with a number of early stage discussions ongoing. The pandemic has left many businesses exposed and we note that private market valuations have begun to come down. Our strategy of combining advertising and creative services means we have a particular interest in acquiring profitable digital and social marketing businesses, as well as high-growth media assets and social communities.
We continue to adapt to an exciting as well as challenging environment and look forward to the years ahead with confidence. I'd like to take this opportunity, on behalf of the Board, to thank all our staff for their contribution and dedication to the Group's continued progress.
On behalf of the Board
Oliver Green
Executive Chairman
04 August 2020
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2020
(unaudited) (unaudited) (audited)
6 months 6 months Year to
to to 31
30 June 30 June December
Note 2020 2019 2019
GBP000's GBP000's GBP000's
Revenue 5,541 10,147 16,813
Cost of sales (3,693) (6,753) (11,632)
----------- ----------- ----------------
Gross profit 1,848 3,394 5,181
Administration expenses (2,600) (3,582) (6,565)
Restructuring costs (616) (407) (649)
Impairment charge 6 - (575) (757)
----------- ----------- ----------------
Operating loss (1,368) (1,170) (2,790)
Share of loss from equity accounted
investment - (18) (18)
Finance income 5 29 85
----------- ----------- ----------------
Finance costs (36) - (22)
----------- ----------- ----------------
Loss before tax (1,399) (1,159) (2,745)
Analysed as
EBITDA before restructuring costs (368) 247 (410)
Restructuring costs 4 (616) (407) (649)
Equity settled share based payments (9) (91) (165)
----------- ----------- ----------------
EBITDA (993) (251) (1,224)
Finance income 5 29 85
Finance costs (36) - (22)
Impairment charge 6 - (575) (757)
Depreciation 7 (261) (38) (178)
Amortisation (114) (324) (649)
----------- ----------- ----------------
Loss before tax (1,399) (1,159) (2,745)
-------------------------------------------- ---- ----------- ----------- ----------------
Income tax (charge)/credit (1) 19 35
----------- ----------- ----------------
Loss attributable to equity holders
of the parent (1,400) (1,140) (2,710)
=========== =========== ================
Statement of Comprehensive Income
Loss for the period/year (1,400) (1,140) (2,710)
Items that may be reclassified subsequently
to profit or loss
Exchange gain/(loss) on translation
of foreign subsidiaries 9 3 (1)
----------- ----------- ----------------
Total comprehensive loss for the
period/year attributable to owners
of the parent (1,391) (1,137) (2,711)
=========== =========== ================
Loss per share (basic and diluted)
Basic and diluted loss per ordinary
share (pence) 5 (0.23p) (0.19p) (0.45p)
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2020
(unaudited) (unaudited) (audited)
At At At 31
30 June 30 June December
Note 2020 2019 2019
GBP000's GBP000's GBP000's
Non-current assets
Intangible assets 6 878 1,295 826
Property, plant and equipment 648 25 909
Investment in associates - 38 -
----------- ----------- ---------
1,526 1,358 1,735
Current assets
Trade and other receivables 2,207 5,622 2,611
Cash and cash equivalents 2,071 3,671 4,249
----------- ----------- ---------
4,278 9,293 6,860
Current liabilities
Trade and other payables (3,597) (6,197) (4,758)
Lease Liabilities 9 (520) - (497)
----------- ----------- ---------
(4,117) (6,197) (5,255)
Non-current liabilities
Deferred tax (136) (162) (142)
Lease Liabilities 9 (137) - (403)
----------- ----------- ---------
(273) (162) (545)
Net assets 1,414 4,292 2,795
=========== =========== =========
Equity
Share capital 8 613 609 612
Share premium 78,762 78,762 78,762
Capital redemption reserve 6,660 6,660 6,660
Merger reserve (24,060) (24,060) (24,060)
Merger relief reserve 62,624 62,624 62,624
Retained deficit (122,443) (119,556) (121,052)
Translation reserve (742) (747) (751)
----------- ----------- ---------
Total equity 1,414 4,292 2,795
=========== =========== =========
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2020
(unaudited) (unaudited) (audited)
6 months 6 months Year to
to to 31
30 June 30 June December
2020 2019 2019
GBP000's GBP000's GBP000's
Operating activities
Loss before tax (1,399) (1,159) (2,745)
Adjustments:
Depreciation, amortisation and impairment 121 937 1,505
Finance income (5) (29) (43)
Finance costs - - -
Share based payment charges 9 91 165
Decrease/(increase) in trade and other
receivables 404 144 3,155
(Decrease)/increase in trade and other
payables (1,115) (1,469) (2,924)
Tax paid (6) (2) (7)
---------------- ----------- ---------
Cash outflow from operating activities (1,991) (1,487) (894)
Investing activities
Purchase of property, plant and equipment - (2) (9)
Purchase of intangible assets (166) (266) (266)
Interest received 5 29 43
---------------- ----------- ---------
Cash outflow from investing activities (161) (239) (232)
Cash flows from financing activities
Issue of share capital 1 33 36
Interest paid (36) - (22)
---------------- ----------- ---------
Cash inflow from financing activities (35) 33 14
Net change in cash and cash equivalents (2,187) (1,693) (1,112)
================ =========== =========
Movement in net cash
Cash and cash equivalents, beginning
of period 4,249 5,362 5,362
(Decrease)/increase in cash and cash
equivalents (2,187) (1,693) (1,112)
Movement in foreign exchange 9 3 (1)
Cash and cash equivalents, end of period 2,071 3,672 4,249
================ =========== =========
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2019
Capital Merger
Share Share redemption Merger relief Translation Retained Total
capital premium reserve reserve reserve reserve deficit equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
At 1 January 2019
(audited) 576 78,762 6,660 (24,060) 62,624 (750) (118,507) 5,305
Shares issued during the
period 33 - - - - - - 33
Equity settled share based
payments - - - - - - 91 91
--------- -------- ----------- --------- --------- ------------- --------- --------
Transactions with owners 33 - - - - - 91 124
--------- -------- ----------- --------- --------- ------------- --------- --------
Other Comprehensive Income
Loss and total
comprehensive income
for the period - - - - - 3 (1,140) (1,137)
--------- -------- ----------- --------- --------- ------------- --------- --------
At 30 June 2019
(unaudited) 609 78,762 6,660 (24,060) 62,624 (747) (119,556) 4,292
--------- -------- ----------- --------- --------- ------------- --------- --------
At 1 January 2019
(audited) 576 78,762 6,660 (24,060) 62,624 (750) (118,507) 5,305
Shares issued during the
year 36 - - - - - - 36
Equity settled share based
payments - - - - - - 165 165
--------- -------- ----------- --------- --------- ------------- --------- --------
Transactions with owners 36 - - - - - 165 201
--------- -------- ----------- --------- --------- ------------- --------- --------
Other Comprehensive Income
Loss and total
comprehensive income
for the period - - - - - (1) (2,710) (2,711)
--------- -------- ----------- --------- --------- ------------- --------- --------
At 31 December 2019
(audited) 612 78,762 6,660 (24,060) 62,624 (751) (121,052) 2,795
--------- -------- ----------- --------- --------- ------------- --------- --------
At 1 January 2020 (audited) 612 78,762 6,660 (24,060) 62,624 (751) (121,052) 2,795
Shares issued during the year 1 - - - - - - 1
Equity settled share based payments - - - - - - 9 9
--- ------ ----- -------- ------ ----- --------- -------
Transactions with owners 1 - - - - - 9 10
--- ------ ----- -------- ------ ----- --------- -------
Other Comprehensive Income
Loss and total comprehensive income
for the period - - - - - 9 (1,400) (1,391)
--- ------ ----- -------- ------ ----- --------- -------
At 30 June 2020 (unaudited) 613 78,762 6,660 (24,060) 62,624 (742) (122,443) 1,414
--- ------ ----- -------- ------ ----- --------- -------
BRAVE BISON GROUP PLC
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2019
1 General information
The information for the year ended 31 December 2019 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The interim financial statements have not been audited or reviewed by the Group's auditor.
2 Accounting policies
Basis of preparation
The annual financial statements of Brave Bison Group plc are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half yearly report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union.
The interim statement has been prepared on a going concern basis, which assumes that the Group will be able to meet its liabilities for the foreseeable future. The Group is dependent for its working capital requirements on cash generated from operations, cash holdings and from equity markets. The cash holdings of the Group at 30 June 2020 were GBP2.1 million.
The Directors have prepared detailed cash flow projections ("the Projections") which are based on their current expectations of trading prospects. The board forecasts that the Group will achieve positive cash inflows in 2021 and has sufficient cash on hand to reach that goal. Accordingly, the Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing these financial statements. The Directors are confident that the Group's forecasts are achievable, and are committed to taking any actions available to them to ensure that any shortfall in forecast revenues is mitigated by cost savings.
The Directors have looked at the potential impact of the COVID-19 pandemic, and have prepared scenario plans, including looking at recovery in Q4, and the impact of a potential second wave of the pandemic. They remain confident that the Group has sufficient cash resources for a period of at least one year even in the downside scenario. The Directors have already taken mitigating actions around reducing capital expenditure and negotiating with suppliers, and are confident that they have identified cost saving actions to mitigate any impact this may have in revenue. We also have business continuity plans in place around home working and content production. Accordingly the going concern basis of accounting has been adopted in preparing these interim financial statements.
Significant accounting policies
The accounting policies applied by the Group in this condensed set of consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2019 excepted as noted below.
Adoption of new and revised standards
The Group has adopted the new accounting pronouncements which have become effective this year, and are as follows:
Update to IFRS 16 "Leases"
The changes in Covid-19-Related Rent Concessions (Amendment to IFRS 16) amend IFRS 16 to
-- provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification;
-- require lessees that apply the exemption to account for COVID-19-related rent concessions as if they were not lease modifications;
-- require lessees that apply the exemption to disclose that fact; and
-- require lessees to apply the exemption retrospectively in accordance with IAS 8, but not require them to restate prior period figures.
Other pronouncements
Other accounting pronouncements which have become effective from 1 January 2020 and therefore have been adopted do not have a significant impact on the Group's financial results or position.
3 Segment reporting
Management identify only one operating segment in the business, being monetising online video content. This single operating segment is monitored and strategic decisions are made on the basis of this segment alone.
As a result, only the geographic reporting of revenue analysis has been included in this note.
Geographic reporting
The information is presented based on the customers' location.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
GBP000's GBP000's GBP000's
United Kingdom & Europe 4,061 6,698 12,135
Asia Pacific 696 3,108 3,835
Rest of the World 784 341 843
----------- ----------- ----------
Revenue 5,541 10,147 16,813
=========== =========== ==========
The group identifies two revenue streams, Advertising and Fee based services. The analysis of revenue and gross profit by each stream is detailed below.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
Revenue GBP000's GBP000's GBP000's
Advertising 4,565 6,550 12.396
Fee based services 976 3,597 4,417
Total revenue 5,541 10,147 16,813
=============== =========== ==========
3 Segment reporting - continued
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
Gross profit GBP000's GBP000's GBP000's
Advertising 1,160 1,656 2,831
Fee based services 688 1,738 2,350
Total gross profit 1,848 3,394 5,181
=============== =========== ==========
Timing of revenue recognition
The following table includes revenue from contracts disaggregated by the timing of recognition.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
GBP000's GBP000's GBP000's
Products and services transferred
at a point in time 5,439 9,901 16,079
Products and services transferred
over time 102 246 734
Total revenue 5,541 10,147 16,813
=========== =========== ==========
4 Restructuring
The GBP0.6 million restructuring costs in the period (H1 2019: GBP0.4 million) relates to changes made to the senior management team and the APAC and publishing teams, and includes salary in lieu of notice and termination payments.
5 Loss per share
Both the basic and diluted loss per share have been calculated using the loss after tax attributable to shareholders of Brave Bison Group plc as the numerator, i.e. no adjustments to losses were necessary in 2020 or 2019. The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
GBP000's GBP000's GBP000's
Loss for the year attributable to
ordinary shareholders (1,400) (1,140) (2,710)
Equity settled share based payments 9 91 165
Amortisation, depreciation and impairment 375 937 1,584
Adjusted (loss)/profit for the period
attributable to the equity shareholders (1,016) (112) 961
=========== =========== ===========
Brave Bison Group plc
Weighted average number of ordinary
shares 612,511,149 599,645,422 605,510,566
Dilution due to share options 46,267,556 44,130,436 41,488,760
----------- ----------- -----------
Total weighted average number of ordinary
shares 658,778,705 643,775,858 646,999,326
=========== =========== ===========
Basic and diluted loss per ordinary
share (pence) (0.23p) (0.19p) (0.45p)
=========== =========== ===========
Adjusted basic (loss)/profit per ordinary
share (pence) (0.17p) (0.02p) (0.16p)
=========== =========== ===========
Adjusted diluted (loss)/profit per
ordinary share (pence) (0.15p) (0.02p) (0.15p)
=========== =========== ===========
6 Intangible Assets
Online Channel Customer
Goodwill Content Technology Brands Relation-ships Total
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Cost
At 30 June 2019 35,075 1,868 5,213 273 19,332 61,761
Additions - - - - - -
-------- -------------- ---------- -------- --------------- --------
At 31 December
2019 35,075 1,868 5,213 273 19,332 61,761
-------- -------------- ---------- -------- --------------- --------
Additions - 166 - - - 166
-------- -------------- ---------- -------- --------------- --------
At 30 June 2020 35,075 2,034 5,213 273 19,498 61,927
-------- -------------- ---------- -------- --------------- --------
Amortisation and impairment
At 30 June 2019 35,075 1,508 5,213 273 18,397 60,466
Charge for the
period - 216 - - 109 325
Impairment charge - 144 - - - 144
At 31 December
2019 35,075 1,868 5,213 273 18,506 60,935
-------- -------------- ---------- -------- --------------- --------
Charge for the
period - 5 - - 109 114
Impairment charge - - - - - -
-------- -------------- ---------- -------- --------------- --------
At 30 June 2020 35,075 1,873 5,213 273 18,615 61,049
-------- -------------- ---------- -------- --------------- --------
Net Book Value
At 30 June 2019 - 360 - - 935 1,295
======== ============== ========== ======== =============== ========
At 31 December
2019 - - - - 826 826
======== ============== ========== ======== =============== ========
At 30 June 2020 - 161 - - 717 878
======== ============== ========== ======== =============== ========
During the period Brave Bison capitalised the purchase of certain assets of The Hook Group Limited, consisting of certain intellectual property rights, social media accounts, and the video content library. The cash consideration for this was GBP0.2 million. This has been treated as a purchase of assets and accounted for in accordance with IAS 38. The assets are being amortised over five years.
7 Property, plant and equipment
Fixtures
Right of Computer &
Use asset Equipment Fittings Total
GBP000's GBP000's GBP000's GBP000's
Cost
At 30 June 2019 - 902 213 1,115
Additions 1,018 - 7 1,025
At 31 December 2019 1,018 902 220 2,140
Additions - - - -
---------- ---------- --------- --------
At 30 June 2020 1,018 902 220 2,140
---------- ---------- --------- --------
Depreciation and
impairment
At 30 June 2019 - 888 203 1,091
Charge for the period 127 8 5 140
At 31 December 2019 127 896 208 1,231
Charge for the period 254 2 5 261
At 30 June 2020 381 898 213 1,492
Net Book Value
At 30 June 2019 - 14 10 24
========== ========== ========= ========
At 31 December 2019 891 6 12 909
========== ========== ========= ========
At 30 June 2020 637 4 7 648
========== ========== ========= ========
Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
GBP000's GBP000's GBP000's
Right-of-use-asset 637 - 891
----------- ----------- ----------
Total right-of-use asset 637 - 891
=========== =========== ==========
8 Share capital
Ordinary share capital At 30 June 2020
Number GBP000's
Ordinary shares of GBP0.001 612,821,228 613
Total ordinary share capital of the
Company 613
========
Rights attributable to ordinary shares
The holders of ordinary shares are entitled to receive notice of and attend and vote at any general meeting of the Company.
9 Leases
Lease liabilities are presented in the statement of financial position as follows:
(unaudited) (unaudited) (audited)
At At At 31
30 June 30 June December
2020 2019 2019
GBP000's GBP000's GBP000's
Current 520 - 497
Non-current 137 - 403
----------- ----------- ---------
657 - 900
=========== =========== =========
The group entered into a two year lease for an office on 1 October 2019. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability.
The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on the statement of financial position:
No. of right-of-use Range of remaining Average remaining No. of leases No. of leases
assets leased term lease term with extension with termination
options options
Office building 1 1.5 years 1.5 years - -
The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 30 June 2020 were as follows:
Within one One to two Total
year years
GBP000's GBP000's GBP000's
Lease payments 558 139 697
Finance charges (38) (2) (40)
---------- ---------- --------
Net present values 520 137 657
========== ========== ========
9 Leases - continued
The group has elected not to recognise a lease liability for short terms leases (leases with an expected term of 12 months or less). Payments made under such leases are expensed on a straight-line basis.
The expense relating to payments not included in the measurement of the lease liability is as follows:
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
GBP000's GBP000's GBP000's
Short-term leases 27 - 55
The Group received a Covid-19 related rent concession during the period of GBP69,750. It has applied the exemption granted by the Covid-19-Related Rent Concessions (Amendment to IFRS 16) and has therefore not assessed this as a lease modification but has included it within administration expenses.
At 30 June 2020 the Group had not committed to any leases which had not yet commenced excluding those recognised as a lease liability.
10 Financial Instruments
(unaudited) (unaudited) (audited)
Categories of financial instruments As at 30 As at 30 As at 31
June June December
2020 2019 2019
GBP000's GBP000's GBP000's
Financial assets
Loans and other receivables 2,207 5,622 2,611
Cash and bank balances 2,071 3,671 4,249
------------------ ----------- ---------
4,278 9,293 6,860
================== =========== =========
Financial liabilities
Trade and other payables at
amortised cost (3,597) (6,197) (4,758)
Lease liabilities (520) - (497)
------------------ ----------- ---------
(4,117) (6,197) (5,255)
================== =========== =========
Brave Bison categorises all financial assets and liabilities as level 1 for fair value purposes which means they are valued using quoted prices (unadjusted) in active markets for identical assets or liabilities.
11 Contingent liabilities
There were no contingent liabilities at 30 June 2020 (30 June 2019 and 31 December 2019: None).
12 Transactions with Directors and other related parties
Transactions with associates during the year were:
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2019 2019
GBP000's GBP000's GBP000's
Associates revenue share - 134 134
Salary recharge* 41 - -
------------ ----------- ----------
41 134 -
============ =========== ==========
(unaudited) (unaudited) (audited)
6 months 6 months
to to Year to 31
30 June December
30 June 2020 2019 2019
GBP000's GBP000's GBP000's
Amounts owed to associates - - -
------------ ----------- ----------
- - -
============ =========== ==========
*The salary recharge relates to an amount paid to Tangent Marketing Services during the period for the services of Philippa Norridge as Interim CFO.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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August 04, 2020 02:00 ET (06:00 GMT)
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