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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 : 2422P
Conexion Media Group PLC
30 September 2011
CONEXION MEDIA GROUP PLC
Interim Results for the six months ended 30th June 2011
Chairman's Statement
This document will shortly be available on the company's website (www.conexion-media.com)
In line with our expectations, we have seen a challenging first half of 2011 as our traditional music publishing revenues are showing a downward trend when compared with the same period of 2010, at GBP1.07m. Gross profit is 18% down over the same period at GBP524k. It is fair to point out that we signed many new deals last year that will not generate revenues until the second half of 2011. In terms of our performance it is noted that many of our new sources of revenue are distributed toward the end of each year and we expect an improved position for the full year.
Secondary rights are a major emerging sector and opportunity for Conexion, and we are focused on exploiting this area alongside our traditional music administration business.
Whilst cash operating costs were down over the period, our total operating costs were 5% up on the first half of 2010 at GBP799k. Operating costs in the first half of 2010 were reduced by GBP159k, as a result of an adjustment for negative goodwill arising on the acquisition of the assets of Kid Gloves Music Group. In addition the first half of 2011 included a non-cash charge of GBP54k on translation of trading balances with our overseas subsidiaries, as a result of movements in exchange rates.
Our operating loss before amortisation and depreciation is GBP275k (June 2010-GBP125k) and our total loss for the period is GBP577k (June 2010-402k).
The board is pleased and satisfied that management's long term strategy to expand the secondary rights administration activity alongside its music publishing business appears to be bearing fruit. Secondary rights management is a growth area and new contracts signed already this year have included MRG Entertainment, Janson Media and Epitome Pictures. However, the nature of these rights is that the revenue takes longer to materialise due to the more intensive administration process.
Guy Fletcher
30th September 2011
For further information please contact:
Conexion Media
Justin Sherry, CEO,justin@conexion-media.com 0208 987 4150
FinnCap
Corporate Finance
Matthew Robinson/Rose Herbert 0207 600 1658
Corporate Broking
Stephen Norcross 020 7600 1658
Consolidated Income Statement
For the six months ended 30th June 2011
Year to Jan-June December Jan-June 2011 2010 2010 unaudited unaudited audited GBP GBP GBP Revenue 1,065,640 1,437,598 3,090,182 Direct costs (542,078) (801,614) (1,523,005) Gross Profit 523,562 635,984 1,567,177 Operating costs (799,050) (761,259) (1,604,036) Operating loss before amortisation and depreciation (275,488) (125,275) (36,859) Amortisation and depreciation (268,236) (240,955) (497,073) Operating loss (543,724) (366,230) (533,932) Finance income 42 118 176 Finance costs (33,766) (35,691) (76,503) Loss before taxation (577,448) (401,803) (610,259) Taxation - - - Loss for the period (577,448) (401,803) (610,259) Attributable to: Non-controlling interests (23,719) 4,102 (26,133) Owners of the parent company (553,729) (405,905) (584,126) Earnings/(loss) per share - continuing operations Basic earnings per share (pence) (0.71) (0.55) (0.75) Diluted earnings per share (pence) (0.71) (0.55) (0.75)
Consolidated Statement of Comprehensive Income
For the six months ended 30th June 2011
Year to Jan-June Jan-June December 2011 2010 2010 unaudited unaudited audited GBP GBP GBP (Loss) for financial year (577,448) (401,803) (610,259) Currency translation differences 49,198 (128,806) (95,675) Total Comprehensive Income (528,250) (530,609) (705,934) Attributable to: Non-controlling interests (23,719) 4,102 (26,133) Owners of the parent company (504,531) (534,711) (679,801) Total Comprehensive Income (528,250) (530,609) (705,934)
Consolidated Statement of Financial Position
As at 30th June 2011
As at As at As at 30(th) June 30(th) June 31(st) December 2011 2010 2010 unaudited unaudited (restated) audited GBP GBP GBP Non-current assets Intangible assets Goodwill 1,370,520 1,370,520 1,370,520 Other 3,582,644 4,134,617 3,879,350 Property, plant and equipment 7,660 47,295 14,249 Trade and other receivables 23,645 23,983 23,701 4,984,469 5,576,415 5,287,820 Current assets Trade and other receivables 1,208,923 1,569,086 1,218,061 Cash and short term deposits 76,893 205,357 464,871 1,285,816 1,774,443 1,682,932 Current liabilities Trade and other payables (5,846,915) (6,021,766) (5,958,302) Amounts due to related parties (975,000) (1,100,875) (1,028,875) Bank overdraft and loans (142,778) (180,200) (161,734) Current tax liabilities - - - (6,964,693) (7,302,841) (7,148,911) Net current liabilities (5,678,877) (5,528,398) (5,465,979) Total assets less current liabilities (694,408) 48,017 (178,159) Non-current liabilities Amounts due to related parties - - - Net assets (694,408) 48,017 (178,159) Equity Called up share capital 783,926 783,926 783,926 Share premium account 8,356,254 8,356,254 8,356,254 Other reserves 2,654 2,654 2,654 Shares to be issued 507,392 681,609 495,392 Retained earnings (10,626,339) (10,112,083) (10,121,807) Equity share owners' funds (976,113) (287,640) (483,581) Non-controlling interest 281,705 335,657 305,422 Total equity (694,408) 48,017 (178,159)
Consolidated Statement of Cash Flows
For the six months ended 30th June 2011
Year to Jan-June Jan-June December 2011 2010 2010 unaudited Unaudited (restated) audited Note GBP GBP GBP Operating cash flow 1 (312,144) (206,986) 158,746 Net finance costs (33,724) (35,573) (76,327) Net cash inflow from operating activities (345,868) (242,559) 82,419 Investing activities Purchase of subsidiary undertakings - (150,603) (150,603) Purchase of property, plant and equipment (1,781) (6,630) (3,216) Purchase of intangible assets - (12,839) (16,139) Net cash flow from investing activities (1,781) (170,072) (169,958) Financing activities Increase/(decrease) in bank loan and overdraft (18,956) 180,200 161,734 Repayment of loans (53,875) (72,000) (144,000) Net cash (outflow)/inflow from financing (72,831) 108,200 17,734 Foreign exchange differences 32,502 (41,408) (16,520) (Decrease)/Increase in cash and cash equivalents (387,978) (345,839) (86,325) Cash and cash equivalents at start of period 464,871 551,196 551,196 Cash and cash equivalents at end of period 76,893 205,357 464,871
Notes to the Consolidated Cash Flow Statement
For the six months ended 30th June 2011
Reconciliation of profit before Jan-June Year to finance costs income and taxation Jan-June 2010 December 1. to operating cash flow 2011 (restated) 2010 GBP GBP GBP Loss before finance costs and taxation (543,724) (366,230) (533,932) Goodwill write back - (159,152) (159,152) Depreciation 8,370 34,952 63,221 Amortisation of intangible assets 259,866 206,003 433,852 (Increase)/decrease in trade and other receivables - non-current 56 5,167 5,449 (Increase)/decrease in trade and other receivables - current 9,138 (110,354) 240,671 Increase/(decrease) in trade and other payables (111,387) 191,249 127,786 Share options charge 12,000 70,000 19,149 Exchange difference 53,537 (78,621) (38,298) Operating cash flow (312,144) (206,986) 158,746 Jan-June Year to Reconciliation of net cash flow Jan-June 2010 December 2. to movement in net debt 2011 (restated) 2010 GBP GBP GBP Increase/(decrease) in cash in the period (387,978) (345,839) (86,325) Cash inflow from increase in debt 72,831 (108,200) (17,734) Movement in net debt in the period (315,147) (454,039) (104,059) Net debt at 1(st) January 2011 (725,738) (621,679) (621,679) Net debt at 30th June 2011 (1,040,885) (1,075,718) (725,738) 3. Analysis of changes in net debt At 1(st) At 30(th) January June 2011 Cash flow 2011 GBP GBP GBP Cash at bank and in hand 464,871 (387,978) 76,893 Bank loan and overdrafts (161,734) 18,956 (142,778) Loans (1,028,875) 53,875 (975,000) Total (725,738) (315,147) (1,040,885) At 30(th) At 1(st) January June 2010 Cash flow 2010 GBP GBP GBP Cash at bank and in hand 551,196 (345,839) 205,357 Bank loan and overdrafts - (180,200) (180,200) Loans (1,172,875) 72,000 (1,100,875) Total (621,679) (454,039) (1,075,718)
NOTES
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 2010.
Going concern
The Directors have prepared cash flow forecasts to 30(th) September 2012 and believe that the Group will be able to meet its working capital requirements. 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 incur a cost of sales after the royalties have been received. 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 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.
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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