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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Conexion | LSE:CXM | London | Ordinary Share | GB0031352775 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCXM
RNS Number : 4314N
Conexion Media Group PLC
06 September 2013
CONEXION MEDIA GROUP PLC
Chairman's Statement
This document is available on the company's website www.conexion-media.com
Revenue of GBP984k was 5% lower than the first half of 2012. However an increased margin, due to the mix of business resulted in Gross Profit of GBP623k, a 16% increase on the corresponding period in 2012. Operating costs of GBP702k were 3% down, and the movement in exchange rates on intercompany balances resulted in a gain on exchange. Operating loss before amortisation and depreciation was GBP8k (Jan-June 2012 GBP207k). After taking into account amortisation, depreciation and finance costs, Loss for the period was GBP341k, compared with GBP486k in the period Jan to June 2012. Because of the collection society distribution dates, we normally receive more income in the second half of the year.
We continue to sign new clients for collection of both music and ancillary rights, as well as developing production deals. This year we have signed 18 new clients to date as well as a new production/distribution deal. In Los Angeles, we have entered into new partnership agreements which will increase our opportunities to license our music. We have also reorganised our sales team, and now have a stronger presence in the areas of music supervision and clearance.
The key performance indicators used by the board and executive team to monitor performance against budgets and forecasts as well as to measure progress against our strategic objectives are revenue, gross profit, operating costs, and operating profit before amortisation and depreciation.
Guy Fletcher
6th September 2013
For further information please contact:
Conexion Media
Justin Sherry, CEO
justin@conexion-media.com 020 8987 4150
FinnCap
Corporate Finance
Matthew Robinson/Ben Thompson 020 7220 0500
Corporate Broking
Stephen Norcross 020 7220 0500
CONEXION MEDIA GROUP PLC
Consolidated Income Statement
For the six months ended 30th June 2013
Jan-June Jan-June Year 2013 2012 to December 2012 unaudited unaudited audited GBP GBP GBP Revenue 984,077 1,035,809 2,615,350 Direct costs (361,572) (499,367) (1,202,286) Gross Profit 622,505 536,442 1,413,064 Operating costs (702,008) (726,125) (1,443,593) Exchange differences 71,289 (17,512) (62,532) Operating loss before amortisation and depreciation (8,214) (207,195) (93,061) Amortisation and depreciation (254,375) (237,698) (473,807) Operating loss (262,589) (444,893) (566,868) Finance income 185 85 212 Finance costs (78,133) (42,872) (94,277) Amounts written off investments - 1,279 1,281 Loss before taxation (340,537) (486,401) (659,652) Taxation - - - Loss for the period (340,537) (486,401) (659,652) Attributable to: Non-controlling interests (27,163) (9,779) (23,485) Owners of the parent company (313,374) (476,622) (636,167) Earnings/(loss) per share - continuing operations Basic earnings per share (pence) (0.40) (0.61) (0.81) Diluted earnings per share (pence) (0.40) (0.61) (0.81)
Consolidated Statement of Comprehensive Income
For the six months ended 30(th) June 2013
Jan-June Jan-June Year to 2013 2012 December 2012 unaudited unaudited audited GBP GBP GBP (Loss) for financial year (340,537) (486,401) (659,652) Currency translation differences (88,208) 14,848 58,295 Total Comprehensive Income (428,745) (471,553) (601,357) Attributable to: Non-controlling interests (27,163) (9,779) (23,485) Owners of the parent company (401,582) (461,774) (577,872) Total Comprehensive Income (428,745) (471,553) (601,357)
CONEXION MEDIA GROUP PLC
Consolidated Statement of Financial Position
As at 30th June 2013
As at As at As at 30(th) 30(th) 31(st) June June December 2013 2012 2012 unaudited unaudited audited GBP GBP GBP Non-current assets Intangible assets Goodwill 1,276,044 1,276,044 1,276,044 Other 2,663,931 3,124,619 2,863,907 Property, plant and equipment 6,369 4,528 5,478 Trade and other receivables 7,779 23,681 22,738 3,954,123 4,428,872 4,168,167 Current assets Trade and other receivables 1,151,473 1,194,812 1,090,014 Cash and short term deposits 65,434 147,728 341,104 1,216,907 1,342,540 1,431,118 Current liabilities Trade and other payables (5,877,485) (5,904,626) (5,887,745) Amounts due to related parties (975,000) (975,000) (975,000) Bank overdraft and loans (128,329) (138,047) (119,922) (6,980,814) (7,017,673) (6,982,667) Net current liabilities (5,763,907) (5,675,133) (5,551,549) Total assets less current liabilities (1,809,784) (1,246,261) (1,383,382) Non-current liabilities Amounts due to related parties - - - Net assets (1,809,784) (1,246,261) (1,383,382) Equity Called up share capital 783,926 783,926 783,926 Share premium account 8,356,254 8,356,254 8,356,254 Shares to be issued 513,394 518,366 511,051 Translation reserves (465,203) (420,442) (376,995) Retained earnings (11,215,890) (10,742,970) (10,902,516) Equity share owners' funds (2,027,519) (1,504,866) (1,628,280) Non-controlling interest 217,735 258,605 244,898 Total equity (1,809,784) (1,246,261) (1,383,382)
CONEXION MEDIA GROUP PLC
Consolidated Statement of Cash Flows
For the six months ended 30th June 2013
Jan-June Jan-June Year to 2013 2012 December 2012 unaudited unaudited audited Note GBP GBP GBP Operating cash flow 1 (133,920) (85,952) 154,747 Net finance costs (77,948) (42,787) (94,065) Net cash inflow from operating activities (211,868) (128,739) 60,682 Investing activities Purchase of property, plant and equipment (2,399) - (2,641) Net cash flow from investing activities (2,399) - (2,641) Financing activities Increase/(decrease) in bank loan and overdraft 8,407 (9,519) (27,644) Repayment of loans - - - Net cash (outflow)/inflow from financing 8,407 (9,519) (27,644) Foreign exchange differences (69,810) 7,427 32,148 (Decrease)/Increase in cash and cash equivalents (275,670) (130,831) 62,545 Cash and cash equivalents at start of period 341,104 278,559 278,559 Cash and cash equivalents at end of period 65,434 147,728 341,104
CONEXION MEDIA GROUP PLC
Notes to the Consolidated Cash Flow Statement
For the six months ended 30th June 2013
1. Reconciliation of profit before Jan-June Jan-June Year to finance costs income and taxation 2013 2012 December to operating cash flow 2012 GBP GBP GBP Loss before finance costs and taxation (262,589) (444,893) (566,868) Amounts written off investments - - - Depreciation 1,542 2,936 4,605 Amortisation of intangible assets 252,833 234,762 469,202 Loss on disposal of intangible - - - assets (Increase)/decrease in trade and other receivables - non-current 14,959 17 960 (Increase)/decrease in trade and other receivables - current (61,459) (127,347) (22,549) Increase/(decrease) in trade and other payables (10,260) 219,061 202,180 Share options charge 2,343 12,000 4,685 Exchange difference (71,289) 17,512 65,532 Operating cash flow (133,920) (85,952) 154,747 Jan-June Jan-June Year to 2. Reconciliation of net cash flow 2013 2012 December to movement in net debt 2012 GBP GBP GBP Increase/(decrease) in cash in the period (275,670) (130,831) 62,545 Cash inflow from increase in debt (8,407) 9,519 27,644 Movement in net debt in the period (284,077) (121,312) 90,189 Net debt at 1(st) Ja nuary 2013 (753,818) (844,007) (844,007) Net debt at 30th June 2013 (1,037,895) (965,319) (753,818) 3. Analysis of changes in net debt At 1(st) Cash flow At 30(th) January June 2013 2013 GBP GBP GBP Cash at bank and in hand 341,104 (275,670) 65,434 Bank loan and overdrafts (119,922) (8,407) (128,329) Loans (975,000) - (975,000) Total (753,818) (284,077) (1,037,895) At 1(st) Cash flow At 30(th) January June 2012 2012 GBP GBP GBP Cash at bank and in hand 278,559 (130,831) 147,728 Bank loan and overdrafts (147,566) 9,519 (138,047) Loans (975,000) - (975,000) Total (844,007) (121,312) (965,319)
CONEXION MEDIA GROUP PLC
1. Accounting Policies
Basis of preparation
The Financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union. These statements do not constitute a set of statutory financial statements within the meaning of the Companies Act 2006.
The financial statements have been prepared on the historical cost basis and in accordance with the accounting policies set out in the audited statutory financial statements for the year ended 31 December 2012.
Going concern
The Directors consider that it is appropriate to prepare the financial statements on a going concern basis because:
1. The Directors have prepared cash flow forecasts to 30(th) September 2014 and believe that the Group will be able to meet its working capital requirements as they fall due for a period at least up to this date. Income has been forecast on the basis of prior year income adjusted for trading developments. Costs have been forecast on the basis of the current operating costs.
2. Music Publishing companies have regular sources of income, as collection societies distribute revenues on the same dates each year. There are monthly and quarterly distributions. In addition, the Group has overseas partners known as sub-publishers, from whom the Group receives royalties quarterly and semi-annually depending on the contract. Music publishing companies only make royalty payments after the royalties have been received and processed. The Group accounts for royalty income on an accruals basis, and therefore provides for the related royalty payable. The total royalties payable includes a significant amount relating to the royalty payable by the group on the royalty income which has not been received at the balance sheet date, and the royalty due will therefore not be payable until some time after the balance sheet date.
3. The loan from Polymer Holdings Limited, a shareholder of the Group, of GBP975,000 is repayable on written demand of the Lender, being a period of not less than 90 business days. The directors have received written assurance from Polymer Holdings Limited that it is not Polymer's intention to call in the loan before any new refinancing arrangements are in place. Whilst an unconditional deferral of the loan to at least 30(th) September 2014 has not been received, the directors do not believe that Polymer will call in the loan before that date unless suitable alternative financial arrangements are in place.
Accounting Estimates and Judgements
The Group makes estimates and judgements concerning the future and the resulting estimates may, by definition, vary from the actual results. The Directors considered the critical accounting estimates and judgements used in the financial statements and concluded that the main areas of judgement are:
-- Revenue recognition policies in respect of contracts which straddle the period end; -- Contingent deferred payments in respect of acquisitions; -- Recognition and quantification of share based payments; and -- Valuation of intangible assets.
These estimates are based on historical experience and various other assumptions that management and the Board of Directors believe are reasonable under the circumstance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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