We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Contentfilm | LSE:CFL | London | Ordinary Share | GB0009715375 | 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% | 1.325 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMCFL
RNS Number : 6024E
Contentfilm PLC
23 December 2009
Date: 23 December 2009
On Behalf of: ContentFilm plc ('ContentFilm', 'the Company', 'the Group')
Embargoed until: 0700hrs
ContentFilm plc
Interim Results for the six months ended 30 September 2009
The Board of ContentFilm plc (AIM: CFL), a pre-eminent owner of media rights
supported by strong film, TV and digital sales divisions, today announces its
unaudited interim results for the six months ended 30 September 2009.
Financial Highlights
* Turnover of GBP6.5 million (2008: GBP8.0 million)
* Gross profit before operating expenses of GBP3.0 million (2008: GBP3.4 million)
* Normalised EBITDA¹ of GBP0.7 million (2008: GBP1.1 million)
* Normalised PBT¹ loss of GBP0.1 million (2008: profit of GBP0.6 million)
* Normalised basic EPS¹ of 0.0 pence (2008: 0.3 pence)
* Reported loss of GBP0.6 million (2008: loss of GBP2.4 million) due to lower
non-recurring items
* Lower turnover due to lower US DVD revenues related to Allumination
restructuring last year
* As previously announced stronger results expected in second half due to all
major TV series being delivered in the second half of the financial year
* Debt level and liquidity remain stable and Company expects debt level to fall in
second half of this financial year
Operational Highlights
* Fireworks International continues to grow but margins are lower this half year
due to lower library revenue. The division has strong visibility into the
second half as major television series are delivered, continued library sales
are expected and revenues commence from Collins Avenue joint venture
* ContentFilm International is having a better year and a stronger second half is
expected as new titles are delivered
* Digital division continues to expand and is delivering profits
* Allumination library, distributed by partly owned Phase 4 Films is delivering
profits
Commenting on the Group's performance, Alton Irby, Non-Executive Chairman of
ContentFilm, said:
"These results demonstrate stability in a particularly difficult economic
climate. The diversified nature of our distribution activities covering
television, film and digital product and our low risk model have led us to
achieve positive Normalised EBITDA¹, in a challenging market place. We expect a
better second half and solid full year results, which will help drive positive
cash flow and lower debt levels.
"We are focused on building revenue and profits in all three areas - film,
television, and digital. We see some uplift in the worldwide television market
although prices remain below pre-recession levels. We continue to pursue
opportunities to acquire library rights and we will continue to manage our
costs."
¹ - For details on definitions and calculations refer to the Financial Review
below
Enquiries:
+----------------------------------------------+----------------------------+
| John Schmidt/Geoff Webb | www.contentfilm.com |
+----------------------------------------------+----------------------------+
| ContentFilm PLC | Tel: 020 7851 6500 |
+----------------------------------------------+----------------------------+
+----------------------------------------------+----------------------------+
| Emma Kane/Anna Dunkin | |
+----------------------------------------------+----------------------------+
| Redleaf Communications Ltd | Tel: 020 7822 0200 |
+----------------------------------------------+----------------------------+
+----------------------------------------------+----------------------------+
| Jeremy Read | |
+----------------------------------------------+----------------------------+
| Throgmorton Street Capital | Tel: 020 7070 0973 |
+----------------------------------------------+----------------------------+
+----------------------------------------------+----------------------------+
| Philip Secrett/Colin Aaronson/David Hignell | |
+----------------------------------------------+----------------------------+
| Grant Thornton Corporate Finance | Tel: 020 7383 5100 |
+----------------------------------------------+----------------------------+
Chairman's Statement
Introduction
For the six months ended 30 September 2009, ContentFilm plc reports an operating
profit of GBP0.1 million (2008: loss of GBP1.5 million). The normalised profit
before interest, tax, depreciation, intangible amortisation, share option
expenses and exceptionals¹ was GBP0.7 million (2008: GBP1.1 million). The
normalised profit before tax¹ was a loss of GBP0.1 million (2008: profit of
GBP0.6 million). The loss before and after tax was GBP0.6 million (2008: GBP2.4
million) before any normalisation adjustments.
The lower normalised profitability in this half year is predominantly due to
lower television library sales this year compared to last year. Increases in our
television overhead - due to an expansion in our factual television operations -
have been mitigated by lower overheads in our film and corporate divisions.
These are solid results against the background of the worldwide economic
recession and challenging market conditions in the film and television sector.
The Company continues to build its library of film, television, and digital
entertainment rights. Many of these rights are wholly owned in perpetuity
driving good margins and significant cash flows through the Company. Coupled
with that library, the Company has developed and acquired strong sales and
distribution capabilities to further exploit the potential of our library. This
marriage of quality content ownership and strong distribution capabilities
within a managed risk environment has been the foundation behind the Company's
success.
¹ - For details on definitions and calculations refer to the Financial Review
below
Results
Turnover from operations for the six months to 30 September 2009 was GBP6.5
million (2008: GBP8.0 million). The normalised profit before and after tax was a
loss of GBP0.1 million (2008: profit of GBP0.6 million). This resulted in a
basic normalised profit per share of 0.0 pence (2008: 0.3 pence). The loss
before and after tax was GBP0.6 million (2008: loss of GBP2.4 million) before
any normalisation adjustments.
The trading results were influenced by the following factors:
* The Fireworks library has had a slower first half as broadcasters seek to
utilise their existing inventories rather than acquire new library product.
There are signs that library sales are improving and we expect a better second
half based upon contracts currently being negotiated;
* Our new fictional series, the third seasons of "The Border" and "Heartland"
together with new series "Republic of Doyle" will be delivered in our second
half;
* Our joint venture Collins Avenue has received its first network broadcast
commission for "Fly Girls" which will air in the U.S. on the CW network. Revenue
from "Fly Girls" will be recognised in the second half;
* We are very pleased with our digital division which is building an impressive
library of multi-platform product whilst also monetising our libraries in the
growing digital platforms;
* ContentFilm International is having a better year in a very difficult
environment for film. It is expected to make further progress in the second half
and is taking delivery of better quality films following its push into the US
market. The film division has lowered its overhead this year and is expected to
provide profits to the Company;
* The Allumination library is selling well through our distribution deal with
Phase 4 and we are also making ground through selling the international and
digital rights via ContentFilm International and Fireworks International;
* We do not consolidate the results of our US film distribution investment Phase 4
Films. Nevertheless we are pleased with our investment which we believe is
growing based on the results and positive cash flow of the company since its
inception.
Financial Review
These results on the Normalised EBITDA and Normalised PBT line reconcile as
follows:
+--------------------------------------+---------------+---------------+---------------+
| | GBPm | GBPm | GBPm |
+--------------------------------------+---------------+---------------+---------------+
| | 6 months | 6 months | 12 months |
+--------------------------------------+---------------+---------------+---------------+
| | Sep 2009 | Sep 2008 | Mar 2009 |
+--------------------------------------+---------------+---------------+---------------+
| | | | |
+--------------------------------------+---------------+---------------+---------------+
| Operating profit/(loss) | 0.1 | (1.5) | (14.5) |
+--------------------------------------+---------------+---------------+---------------+
| Add back: | | | |
+--------------------------------------+---------------+---------------+---------------+
| Intangible library amortization | 0.4 | 0.5 | 1.2 |
+--------------------------------------+---------------+---------------+---------------+
| Depreciation | 0.0 | 0.0 | 0.1 |
+--------------------------------------+---------------+---------------+---------------+
| Share based payments | 0.2 | 0.2 | 0.4 |
+--------------------------------------+---------------+---------------+---------------+
| Non recurring exceptional items | 0.0 | 1.9 | 15.5 |
+--------------------------------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- |
+--------------------------------------+---------------+---------------+---------------+
| Normalised EBITDA | 0.7 | 1.1 | 2.7 |
+--------------------------------------+---------------+---------------+---------------+
| Less: | | | |
+--------------------------------------+---------------+---------------+---------------+
| Net finance costs excluding finance | 0.8 | 0.5 | 1.2 |
| costs related to preference shares | | | |
+--------------------------------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- |
+--------------------------------------+---------------+---------------+---------------+
| Normalised PBT | (0.1) | 0.6 | 1.5 |
+--------------------------------------+---------------+---------------+---------------+
| | ======== | ======== | ======== |
+--------------------------------------+---------------+---------------+---------------+
+-----------------------------------------+---------------+---------------+---------------+
| | Sep | Sep | Mar |
+-----------------------------------------+---------------+---------------+---------------+
| | 2009 | 2008 | 2009 |
+-----------------------------------------+---------------+---------------+---------------+
| | | | |
+-----------------------------------------+---------------+---------------+---------------+
| Normalised PBT - GBPm | (0.1) | 0.6 | 1.5 |
+-----------------------------------------+---------------+---------------+---------------+
| | | | |
+-----------------------------------------+---------------+---------------+---------------+
| Divided by: weighted average number of | 174,698,383 | 174,151,877 | 174,578,570 |
| ordinary shares | | | |
+-----------------------------------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- |
+-----------------------------------------+---------------+---------------+---------------+
| Normalised EPS - pence | 0.0p | 0.3p | |
| | | | 0.8p |
+-----------------------------------------+---------------+---------------+---------------+
| | ======== | ======== | ======== |
+-----------------------------------------+---------------+---------------+---------------+
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | TV | TV | Film | Film | DVD | DVD | Corp | Corp | Total | Total |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | Sep | Sep | Sep | Sep | Sep | Sep | Sep | Sep | Sep | Sep |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | 09 | 08 | 09 | 08 | 09 | 08 | 09 | 08 | 09 | 08 |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | | | | | | | | | | |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Revenue | 5.0 | 4.8 | 0.6 | 0.9 | 0.9 | 2.3 | 0.0 | 0.0 | 6.5 | 8.0 |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | | | | | | | | | | |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Less: cost of | (2.8) | (2.0) | (0.1) | (0.5) | (0.7) | (2.1) | 0.0 | 0.0 | (3.5) | (4.6) |
| sales | | | | | | | | | | |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Gross margin | 2.2 | 2.8 | 0.5 | 0.4 | 0.2 | 0.2 | 0.0 | 0.0 | 3.0 | 3.4 |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Gross margin % | 44% | 58% | 83% | 44% | 22% | 9% | 0% | 0% | 44% | 43% |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | | | | | | | | | | |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Less: overhead | (1.4) | (1.0) | (0.4) | (0.5) | (0.1) | (0.0) | (0.9) | (1.5) | (2.9) | (3.0) |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Add: library | 0.2 | 0.4 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.4 | 0.5 |
| amortis'n | | | | | | | | | | |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Add: share | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.2 | 0.2 |
| option expense | | | | | | | | | | |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Normalised | 1.0 | 2.2 | 0.2 | (0.0) | 0.2 | 0.2 | (0.7) | (1.3) | 0.7 | 1.1 |
| EBITDA | | | | | | | | | | |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | ==== | ==== | ==== | ==== | ==== | ==== | ==== | ==== | ==== | ==== |
+-----------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
Trading Outlook
The Company has good visibility on a stronger second half, where we expect our
television division's revenues to increase substantially due to the delivery of
several television series, the recognition of revenues from Collins Avenue's
"Fly Girls", the recognition of several larger digital deals and improving
library sales. We also have good visibility in our film division which
management believe will have a stronger second half. Whilst we do not yet have
the results of Christmas and New Year trading for our Allumination library,
based on experience it should have a stronger second half.
Debt, Cash Flow and Liquidity
The Group has continued to invest in substantial new product acquisitions in its
television division. This includes the third seasons of "The Border" and
"Heartland" and the first season of "Republic of Doyle" together with several
new factual programmes including "Wild Weddings", "Special Ops", "Wildlife
Warriors" and "Secret Worlds".
The Company continues to hold its loan in US dollars as almost all of its
receivables are in US dollars or Euros. Foreign exchange translations on the
loan amount are accounted for in the Company's foreign exchange reserve and do
not affect the Profit and Loss of the Group as the loan sits in an entity that
has a functional currency of US dollars.
Against the difficult economic environment and the ongoing level of product
acquisition, it is pleasing that the Company's debt levels have remained
stable at around $35 million over the last six months. Due to the appreciation
in the $USD/GBPGBP exchange rate over the six month period, debt has fallen from
GBP24.6 million to GBP20.5 million. This exchange rate movement has increased
our sterling denominated interest charges versus last year in the same period.
Liquidity under our loan facility remains stable and is available to meet the
Company's ongoing working capital requirements. Notwithstanding this
availability, one of the Company's main aims is to lower the Company's level of
debt over the coming period and the Company expects that its US dollar debt will
fall during the current and next financial periods due to ongoing positive
trading cash flow and new ways of financing our product acquisitions.
Carried Forward Tax Losses
Despite the Company's accounting profits this period, the Company has not
recorded a tax charge due to its significant carried forward tax losses in both
the UK and the US. As at 31 March 2009, the Group's carried forward tax losses
are estimated at GBP48 million.
Divisional Outlook
ContentFilm International - International Film Sales
It is expected that ContentFilm International, our theatrical film sales
division, will have a stronger FY10 than last year. The division will take
delivery of several titles in the second half including Philip Ridley's
"Heartless" starring Jim Sturgis, James Strouse's "The Winning Season" starring
Sam Rockwell, Nadia Tass' "Matching Jack" starring James Nesbit, and Tom
DiCillo's "When You're Strange: A Film About the Doors".
We are pleased to report that our library film sales division is performing well
and we are acquiring exploitation rights to more new library titles.
Additionally we are also finding that our digital division is monetising the
film library across several new platforms, thus creating new revenue sources.
Other points of note are:
* The principal photography of Jonathan English's US$20m medieval action thriller
"Ironclad" starring James Purefoy and Paul Giamatti has been completed and is
set for delivery in Autumn 2010. We are particularly pleased to see the first
of our bigger, high profile commercial films come to fruition;
* Oren Moverman's "The Messenger" has been securing significant awards attention
for Woody Harrelson with a SAG Nomination for Best Supporting Actor, a National
Board of Review win for Best Supporting Actor and recently a Golden Globe
nomination in the same category, all of which will help to boost sales and
distribution performance;
* Robert Connolly's "The Balibo Conspiracy" secured Best Actor and Best Supporting
Awards at the Australian main awards, the AFI's, for Anthony LaPaglia and Oscar
Isaac respectively;
* We expect to announce two or three new film acquisitions in the first few months
of 2010.
Fireworks International - International Television Sales
The Fireworks library is continuing to sell steadily although its revenues were
somewhat lower than expectations in the first half. Nevertheless there are signs
that library sales are improving following the recent MIPCOM market. Partially
mitigating the lower revenues in the Fireworks library, sales of our third party
managed libraries have been robust, in particular the Harmony Gold library
continues to perform beyond our expectations.
Our drama series have been selling well and contracted sales for the series
being delivered in the upcoming half year have been very solid. The largest of
these series are the third seasons of "Heartland", "The Border" and the first
season of "Republic of Doyle", all of which have already sold well.
Fireworks' digital sales division continues to expand and has seen several
pleasing sales of the combined digital library together with sales of individual
titles to various digital platforms. Additionally we have been receiving
additional revenue streams from advertising sharing platforms, for example
on-line video service Hulu, which has seen exponential increases in revenues.
This area of activity continues to experience enhanced returns the Company
intends to expand its market leading presence in this sector.
Collins Avenue is developing well and has achieved a network commission in a
relatively short period of time which we regard as a significant achievement for
a start-up. The company has an impressive slate of other shows in advanced
development and discussions are ongoing on possible further broadcast
commissions.
Our factual non-fiction distribution business is developing slower than
anticipated but is expected to positively contribute to our earnings in the
second half of this year
Allumination and Phase 4
The Allumination library, distributed by Phase 4 Films (22.5% owned by the
Company), has been performing well. Whilst ongoing revenues will be lower this
year, the margins from the business have improved significantly.
Phase 4 continues to develop well and is making profits in a difficult market.
Board Retirement
Huw Davies has advised of his intention to resign from the Board effective 31
December 2009 as he wishes to retire. Huw has been a director since the mid
1990's and the Board thanks him for his many years of invaluable service and
wishes him well in his retirement.
Conclusion
The first half of our current financial year has been satisfactory in a
challenging economic climate. We expect a stronger second half based on our
current visibility and look forward to a solid full year result.
Alton Irby
Chairman
ContentFilm plc
Consolidated Interim Income Statement
For the six months ended 30 September 2009
+-----------------------------------+--------------+-------------+----------+
| | Six months | Six months | Year |
| | ended | ended 30 | ended 31 |
| | 30 September | September | March |
| | 2009 | 2008 | 2009 |
| | | | |
+-----------------------------------+--------------+-------------+----------+
| | GBP000 | GBP000 | GBP000 |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Revenue | 6,545 | 8,006 | 21,106 |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Cost of sales | (3,538) | (4,643) | (12,489) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Gross profit | 3,007 | 3,363 | 8,617 |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Operating expenses | (2,865) | (4,873) | (23,075) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Operating profit/(loss) | 142 | (1,510) | (14,458) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Analysed as: | | | |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Normalised EBITDA | 715 | 1,065 | 2,683 |
+-----------------------------------+--------------+-------------+----------+
| Intangible library amortization | (399) | (450) | (1,124) |
+-----------------------------------+--------------+-------------+----------+
| Depreciation | (37) | (22) | (141) |
+-----------------------------------+--------------+-------------+----------+
| Share-based payments | (114) | (173) | (345) |
+-----------------------------------+--------------+-------------+----------+
| Non-recurring exceptional items | (23) | (1,930) | (15,531) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| | 142 | (1,510) | (14,458) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Finance income | - | 14 | 64 |
+-----------------------------------+--------------+-------------+----------+
| Finance cost | (854) | (527) | (1,264) |
+-----------------------------------+--------------+-------------+----------+
| Finance cost - preference shares | (113) | (379) | (760) |
+-----------------------------------+--------------+-------------+----------+
| Gain/(Loss) on interest rate swap | 220 | - | (1,057) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Net finance cost | (747) | (892) | (3,017) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Loss before taxation | (605) | (2,402) | (17,475) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Income tax charge related to | - | - | (423) |
| deferred tax asset | | | |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Loss for the period | (605) | (2,402) | (17,898) |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| | | | |
+-----------------------------------+--------------+-------------+----------+
| Basic and diluted (loss)/earnings | (0.3p) | (1.4p) | (9.8p) |
| per share | | | |
| | | | |
+-----------------------------------+--------------+-------------+----------+
ContentFilm plc
Consolidated Interim Statement of Comprehensive Income
For the six months ended 30 September 2009
+----------------------------------------+------------+------------+----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+----------------------------------------+------------+------------+----------+
| | 30 | 30 | 31 March |
| | September | September | 2009 |
| | 2009 | 2008 | |
+----------------------------------------+------------+------------+----------+
| | GBP000 | GBP000 | GBP000 |
+----------------------------------------+------------+------------+----------+
| | | | |
+----------------------------------------+------------+------------+----------+
| Loss for the period | (605) | (2,402) | (17,898) |
+----------------------------------------+------------+------------+----------+
| Other comprehensive Income | (3,230) | 805 | 6,540 |
| Exchange difference on translating | 4,666 | (876) | (7,496) |
| foreign operations | | | |
| Foreign currency | | | |
+----------------------------------------+------------+------------+----------+
| | | | |
+----------------------------------------+------------+------------+----------+
| Total comprehensive income for the | 831 | (2,473) | (18,854) |
| period | | | |
+----------------------------------------+------------+------------+----------+
| | | | |
+----------------------------------------+------------+------------+----------+
| Attributable to: | | | |
+----------------------------------------+------------+------------+----------+
| Equity shareholders of ContentFilm plc | 831 | (2,473) | (18,854) |
+----------------------------------------+------------+------------+----------+
| | | | |
+----------------------------------------+------------+------------+----------+
| | | | |
+----------------------------------------+------------+------------+----------+
ContentFilm plc
Consolidated Interim Balance Sheet
At 30 September 2009
+---------------------------------------+------------+-----------+------------+
| | Six months | Six | Year |
| | ended | months | ended |
| | 30 | ended | 31 March |
| | September | 30 | 2009 |
| | 2009 | September | |
| | | 2008 | |
| | | | |
+---------------------------------------+------------+-----------+------------+
| | GBP000 | GBP000 | GBP000 |
+---------------------------------------+------------+-----------+------------+
| ASSETS | | | |
+---------------------------------------+------------+-----------+------------+
| Non current assets | | | |
+---------------------------------------+------------+-----------+------------+
| Property, plant and equipment | 88 | 342 | 123 |
+---------------------------------------+------------+-----------+------------+
| Goodwill | 10,776 | 15,919 | 10,776 |
+---------------------------------------+------------+-----------+------------+
| Intangible assets | 7,600 | 10,216 | 7,628 |
+---------------------------------------+------------+-----------+------------+
| Investments | 1,226 | 57 | 1,333 |
+---------------------------------------+------------+-----------+------------+
| Deferred tax | 3,477 | 3,900 | 3,477 |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| | 23,167 | 30,434 | 23,337 |
+---------------------------------------+------------+-----------+------------+
| Current assets | | | |
+---------------------------------------+------------+-----------+------------+
| Inventory | 198 | 842 | 152 |
+---------------------------------------+------------+-----------+------------+
| Trade and other receivables | 11,272 | 13,995 | 15,739 |
+---------------------------------------+------------+-----------+------------+
| Investments | - | 2 | - |
+---------------------------------------+------------+-----------+------------+
| Cash and cash equivalents | 435 | 187 | 731 |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| | 11,905 | 15,026 | 16,622 |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| Total Assets | 35,072 | 45,460 | 39,959 |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| LIABILITIES | | | |
+---------------------------------------+------------+-----------+------------+
| Current liabilities | | | |
+---------------------------------------+------------+-----------+------------+
| Trade and other payables | (9,620) | (9,952) | (12,080) |
+---------------------------------------+------------+-----------+------------+
| Short term borrowings | - | - | - |
+---------------------------------------+------------+-----------+------------+
| Preference shares classed as | (9,289) | - | (9,176) |
| financial liabilities | | | |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| | (18,909) | (9,952) | (21,256) |
+---------------------------------------+------------+-----------+------------+
| Non current liabilities | | | |
+---------------------------------------+------------+-----------+------------+
| Other non current liabilities | (837) | - | (1,057) |
+---------------------------------------+------------+-----------+------------+
| Long term borrowings | (20,471) | (16,594) | (23,736) |
+---------------------------------------+------------+-----------+------------+
| Preference shares classed as | - | (8,796) | - |
| financial liabilities | | | |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| | (21,308) | (25,390) | (24,793) |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| Total Liabilities | (40,217) | (35,342) | (46,049) |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| NET (LIABILITIES)/ASSETS | (5,145) | 10,118 | (6,090) |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| EQUITY | | | |
+---------------------------------------+------------+-----------+------------+
| Share capital | 4,282 | 4,282 | 4,282 |
+---------------------------------------+------------+-----------+------------+
| Share premium account | 37,438 | 37,438 | 37,438 |
+---------------------------------------+------------+-----------+------------+
| Equity element on convertible debt | 3,100 | 3,100 | 3,100 |
+---------------------------------------+------------+-----------+------------+
| Share option reserve | 1,139 | 852 | 1,025 |
+---------------------------------------+------------+-----------+------------+
| Merger reserve | 506 | 506 | 506 |
+---------------------------------------+------------+-----------+------------+
| Warrant reserve | 61 | 61 | 61 |
+---------------------------------------+------------+-----------+------------+
| Foreign currency reserve | (2,279) | (325) | (6,945) |
+---------------------------------------+------------+-----------+------------+
| Translation Reserve | 2,881 | 376 | 6,111 |
+---------------------------------------+------------+-----------+------------+
| Profit and loss account | (52,273) | (36,172) | (51,668) |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
| | (5,145) | 10,118 | (6,090) |
+---------------------------------------+------------+-----------+------------+
| | | | |
+---------------------------------------+------------+-----------+------------+
ContentFilm plc Consolidated Interim Statement of Changes in Equity
For the six months ended 30 September 2009
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | Share | Share | Equity | Shares | Merger | Foreign | Trans. | Retained | Total |
| | Capital | Premium | on | to be | and | currency | reserve | earnings | Equity |
| | | | Con. | issued | Warrant | reserve | | | |
| | | | Debt | | reserve | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Balance at | 4,276 | 37,407 | 3,100 | 680 | 567 | 551 | (429) | (33,770) | 12,382 |
| 31 March | | | | | | | | | |
| 2008 | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Changes in | | | | | | | | | |
| equity for | | | | | | | | | |
| period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Exchange | - | - | - | - | - | - | 805 | - | 805 |
| differences | | | | | | | | | |
| on | | | | | | | | | |
| translation | | | | | | | | | |
| of foreign | | | | | | | | | |
| operations | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Foreign | - | - | - | - | - | (876) | - | - | (876) |
| currency | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Profit for | - | - | - | - | - | - | - | (2,402) | (2,402) |
| the period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Total | - | - | - | - | - | (876) | 805 | (2,402) | (2,473) |
| comprehensive | | | | | | | | | |
| income for | | | | | | | | | |
| the period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Shares to | - | - | - | 172 | - | - | - | - | 172 |
| be issued | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Shares | 6 | 31 | - | - | - | - | - | - | 37 |
| issued | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Balance at | 4,282 | 37,438 | 3,100 | 852 | 567 | (325) | 376 | (36,172) | 10,118 |
| 30 | | | | | | | | | |
| September | | | | | | | | | |
| 2008 | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Changes in | | | | | | | | | |
| equity for | | | | | | | | | |
| period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Exchange | - | - | - | - | - | - | 5,735 | - | 5,735 |
| differences | | | | | | | | | |
| on | | | | | | | | | |
| translation | | | | | | | | | |
| of foreign | | | | | | | | | |
| operations | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Foreign | - | - | - | - | - | (6,620) | - | - | (6,620) |
| currency | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Profit for | - | - | - | - | - | - | - | (15,496) | (15,496) |
| the period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Total | - | - | - | - | - | (6,620) | 5,735 | (15,496) | (16,381) |
| comprehensive | | | | | | | | | |
| income for | | | | | | | | | |
| the period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Shares to | - | - | - | 173 | - | - | - | - | 173 |
| be issued | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Shares | - | - | - | - | - | - | - | - | - |
| issued | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Balance at | 4,282 | 37,438 | 3,100 | 1,025 | 567 | (6,945) | 6,111 | (51,668) | (6,090) |
| 31 March | | | | | | | | | |
| 2009 | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Changes in | | | | | | | | | |
| equity for | | | | | | | | | |
| period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Exchange | - | - | - | - | - | - | (3,230) | - | (3,230) |
| differences | | | | | | | | | |
| on | | | | | | | | | |
| translation | | | | | | | | | |
| of foreign | | | | | | | | | |
| operations | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Foreign | - | - | - | - | - | 4,666 | - | - | 4,666 |
| currency | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Profit for | - | - | - | - | - | - | - | (605) | (605) |
| the period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Total | - | - | - | - | - | 4,666 | (3,230) | (605) | 831 |
| comprehensive | | | | | | | | | |
| income for | | | | | | | | | |
| the period | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Shares to | - | - | - | 114 | - | - | - | - | 114 |
| be issued | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Shares | - | - | - | - | - | - | - | - | - |
| issued | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| Balance at | 4,282 | 37,438 | 3,100 | 1,139 | 567 | (2,279) | 2,881 | (52,273) | (5,145) |
| 30 | | | | | | | | | |
| September | | | | | | | | | |
| 2009 | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+--------+---------+----------+---------+----------+----------+
ContentFilm plc Consolidated Interim Cash Flow Statement
For the period ended 30 September 2009
+-----------------------------------+------------+------------+--------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 30 | 30 | 31 March |
| | September | September | 2009 |
| | 2009 | 2008 | |
+-----------------------------------+------------+------------+--------------+
| | | GBP000 | GBP000 |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Cash flows from operating | | | |
| activities: | | | |
+-----------------------------------+------------+------------+--------------+
| Profit for the period after tax | (605) | (2,402) | (17,898) |
+-----------------------------------+------------+------------+--------------+
| Adjustments for: | | | |
+-----------------------------------+------------+------------+--------------+
| Deferred tax asset | - | - | 423 |
+-----------------------------------+------------+------------+--------------+
| Depreciation | 37 | 22 | 141 |
+-----------------------------------+------------+------------+--------------+
| Amortisation of intangible film | 1,180 | 1,048 | 4,510 |
| and television rights | | | |
+-----------------------------------+------------+------------+--------------+
| Impairment of intangible film | - | - | 5,512 |
| and television rights | | | |
+-----------------------------------+------------+------------+--------------+
| Impairment of goodwill | - | - | 6,609 |
+-----------------------------------+------------+------------+--------------+
| Decrease/(Increase) in trade | 4,467 | 19 | (1,726) |
| receivables | | | |
+-----------------------------------+------------+------------+--------------+
| (Increase)/decrease in | (46) | (239) | 451 |
| inventory | | | |
+-----------------------------------+------------+------------+--------------+
| Decrease.Increase in trade | (2,762) | 268 | 948 |
| payables | | | |
+-----------------------------------+------------+------------+--------------+
| Equity settled share based | 114 | 173 | 345 |
| payments | | | |
+-----------------------------------+------------+------------+--------------+
| Exchange differences | 1,235 | (538) | (4,518) |
+-----------------------------------+------------+------------+--------------+
| Finance cost | (747) | 892 | 3,017 |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| | 2,873 | (757) | (2,186) |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Interest paid | (853) | (527) | (1,137) |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Net cash from operating | 2,020 | (1,284) | (3,323) |
| activities | | | |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Cash flows from investing | | | |
| activities: | | | |
+-----------------------------------+------------+------------+--------------+
| Purchase of intangible film and | (2,184) | (2,207) | (6,106) |
| television rights | | | |
+-----------------------------------+------------+------------+--------------+
| Purchase of property, plant and | (6) | (30) | (105) |
| equipment | | | |
+-----------------------------------+------------+------------+--------------+
| Purchase of joint venture | (92) | - | (206) |
| investment | | | |
+-----------------------------------+------------+------------+--------------+
| Interest received | - | - | 1 |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Net cash used in investing | (2,282) | (2,237) | (6,416) |
| activities | | | |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Cash flows from financing | | | |
| activities: | | | |
+-----------------------------------+------------+------------+--------------+
| Proceeds from borrowings | 7,631 | 10,238 | 24,082 |
+-----------------------------------+------------+------------+--------------+
| Repayment of borrowings | (7,665) | (6,889) | (13,971) |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Net cash from financing | (34) | 3,349 | 10,111 |
| activities | | | |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Net (decrease)/increase in cash | (296) | (172) | 372 |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Cash at beginning of period | 731 | 359 | 359 |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| Cash at end of period | 435 | 187 | 731 |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
| | | | |
+-----------------------------------+------------+------------+--------------+
Notes to the consolidated interim financial statements
1 General Information
The interim Financial Statements for the six months ended 30 September 2009 were
authorised for issue in accordance with a resolution to the Board of Directors
on 22 December 2009.
The company is a public limited company incorporated in the United Kingdom. The
address of its registered office is 19 Heddon Street, London W1B 4BG.
The Company is listed on the London Stock Exchange's Alternative Investment
Market.
These interim Financial Statements do not comprise statutory accounts within the
meaning of Section 435 of the Companies Act 2006. Statutory accounts for the
year ended 31 March 2009 were approved by the Board of Directors on 30 July 2009
which received an unqualified auditors' report and have been delivered to the
Registrar of Companies. The financial information contained in this report is
unaudited.
2 Basis of Preparation
These interim Financial Statements should be read in conjunction with the annual
Financial Statements for the year ended 31 March 2009, which have been prepared
in accordance with the International Financial Reporting Standards as adopted by
the European Union.
3 Accounting Policies
These consolidated financial statements (the interim financial statements) have
been prepared in accordance with the accounting policies adopted in the last
annual financial statements for the year to 31 March 2009 except for the
adoption of IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8
Operating Segments.
The adoption of IAS 1 (Revised 2007) does not effect the financial position or
profits of the Group, but it gives rise to additional disclosures. The
measurement and recognition of the Group's assets, liabilities, income and
expenses is unchanged, however some items that were recognised directly in
equity are now recognised in other comprehensive income. IAS 1 (Revised 2007)
affects the presentation of owner changes in equity and introduces a 'Statement
of comprehensive income'. In accordance with the new standard the entity does
not present a 'Statement of recognised income and expenses (SORIE)'. Further, a
'Statement of changes in equity' is presented.
The adoption of IFRS 8 has changed the segments that will be disclosed in the
year-end financial statements. In the previous annual and interim financial
statements, and in these interim financial statements, segments were identified
by reference to the dominant source and nature of the group's risks and returns.
Under IFRS 8 the accounting policy for identifying segments is now based on the
internal management reporting information that is regularly reviewed by the
chief operating decision maker.
4 Segmental analysis
The operations of the group are managed in four principle business divisions;
film, television, US film and DVD distribution and Corporate. These divisions
are the basis upon which the management reports its primary segment information.
+----------------------------+--------------+--------------+--------------+
| Revenues by Business | Six months | Six months | Twelve |
| Division | ended | ended | months ended |
+----------------------------+--------------+--------------+--------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+----------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Unaudited |
+----------------------------+--------------+--------------+--------------+
| | GBPm | GBPm | GBPm |
+----------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------+--------------+--------------+--------------+
| Television | 5.0 | 4.8 | 13.6 |
+----------------------------+--------------+--------------+--------------+
| Film | 0.6 | 0.9 | 1.8 |
+----------------------------+--------------+--------------+--------------+
| US film and DVD | 0.9 | 2.3 | 5.7 |
| distribution | | | |
+----------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------+--------------+--------------+--------------+
| | 6.5 | 8.0 | 21.1 |
+----------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------+--------------+--------------+--------------+
5 Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the average number of shares in
issue during the year.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
+----------------------------+--------------+--------------+---------------+
| | Six months | Six months | Twelve months |
| | ended | ended | ended |
+----------------------------+--------------+--------------+---------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+----------------------------+--------------+--------------+---------------+
| | Unaudited | Unaudited | Unaudited |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| (Loss)/profit for the | (605,000) | (2,402,000) | (17,898,000) |
| period (GBP) | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Add: Finance cost on | 113,000 | 379,000 | 760,000 |
| preference shares (GBP) | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| (Loss)/profit attributable | (492,000) | (2,023,000) | (17,138,000) |
| to ordinary shareholders | | | |
| (GBP) | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Weighted average number of | 174,698,383 | 174,151,877 | 174,578,570 |
| ordinary shares | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Add: | | | |
+----------------------------+--------------+--------------+---------------+
| Weighted average | 34,840,269 | 34,840,269 | 34,840,269 |
| preference shares | | | |
+----------------------------+--------------+--------------+---------------+
| Dilutive share options and | - | 5,074,860 | - |
| warrants | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Weighted average number of | 209,538,652 | 214,066,985 | 209,418,839 |
| fully diluted shares | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Basic (loss)/earnings per | (0.3p) | (1.4p) | (9.8p) |
| share (pence) | | | |
+----------------------------+--------------+--------------+---------------+
| Diluted (loss)/earnings | (0.3p) | (1.4p) | (9.8p) |
| per share (pence) | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
Adjusted earnings per share
+----------------------------+--------------+--------------+---------------+
| | Six months | Six months | Twleve months |
| | ended | ended | ended |
+----------------------------+--------------+--------------+---------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+----------------------------+--------------+--------------+---------------+
| | Unaudited | Unaudited | Unaudited |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| (Loss)/profit after tax | (605,000) | (2,402,000) | (17,898,000) |
| attributable to Equity | | | |
| share holders of the | | | |
| parent (GBP) | | | |
+----------------------------+--------------+--------------+---------------+
| Add back: | | | |
+----------------------------+--------------+--------------+---------------+
| Income tax charge related | - | - | 423,000 |
| to deferred tax asset | | | |
+----------------------------+--------------+--------------+---------------+
| Amortisation of | 399,000 | 451,000 | 1,124,000 |
| intangibles - library | | | |
| amortisation | | | |
+----------------------------+--------------+--------------+---------------+
| Share option expense | 114,000 | 173,000 | 345,000 |
+----------------------------+--------------+--------------+---------------+
| (Gain)/loss on interest | (220,000) | - | 1,057,000 |
| rate swap | | | |
+----------------------------+--------------+--------------+---------------+
| Finance cost on preference | 113,000 | 379,000 | 760,000 |
| shares | | | |
+----------------------------+--------------+--------------+---------------+
| Depreciation | 37,000 | 22,000 | 141,000 |
+----------------------------+--------------+--------------+---------------+
| Non-recurring exceptional | 23,000 | 1,930,000 | 15,531,000 |
| items | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Adjusted (loss)/profit | (139,000) | 553,000 | 1,483,000 |
| after tax | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Adjusted basic earnings | 0.0p | 0.3p | 0.8p |
| per share (pence) | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
| Adjusted fully diluted | 0.0p | 0.3p | 0.6p |
| earnings per share (pence) | | | |
+----------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------+--------------+--------------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TTBTTMMJTTBL
1 Year Contentfilm Chart |
1 Month Contentfilm Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
