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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| DQ Entertain. | LSE:DQE | London | Ordinary Share | IM00B28Y2V20 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.125 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMDQE
RNS Number : 0816F
DQ Entertainment PLC
09 November 2015
DQ Entertainment Plc. Condensed Consolidated Interim Financial Statements 30 September 2015. For immediate release 9 November 2015
DQ Entertainment plc
("DQE" or the "Company")
Results for the half year ended 30 September 2015
DQ Entertainment (DQE), a leading animation, gaming, live action entertainment production and distribution company, today announces its unaudited consolidated financial results for the half year ended 30 September 2015.
Financial highlights for the half year ended 30 September 2015:
o Revenue: INR 736 m (H1 2014: INR 733 m)
o Revenue from Production: INR 632 m (H1 2014: INR 500 m)
o Revenue from Distribution: INR 101 m (H1 2014: INR 233 m)
o EBIDTA: INR 321 m (H1 2014: 375 m)*
o Profit before tax: INR 78 m (H1 2014: INR 4 m)
o Profit after tax: INR 18 m (H 2014: INR 39 m)
*Excluding a notional foreign exchange gain for the year ended 30 September 2015 of INR 223 m (H1 2014: Foreign exchange loss of INR 73 m)
The improvement in the global market, particularly in North America, has had a positive impact on the the Company's operations, with the Company generating total revenue of INR 736 m in the half year ended 30 September 2015 (H1 2014: INR 733 m) which is in line with management expectations.
The financial performance of DQE benefited from changes in foreign exchange rates and a substantial increase in production and delivery efficiencies. For the half year ended 30 September 2015, there was a foreign exchange gain of Rs. 223 m (2014: foreign exchange loss of Rs. 73 m), due to the restatement of foreign currency balances as at 30 September 2015.
Our focus in the second quarter of the year was to improve operational efficiencies and expand human resources, to meet the demands of production in the coming months. The consolidation and expansion of artistic and technical skill sets and productivity improvements across all production processes has been initiated.
Our continuous efforts in respect of collecting receivables from customers are bringing in positive results, with remittances being received from almost all clients concerned. We are confident that these actions will enable us to report a significantly reduced debtor position by the end of the financial year.
Business Update
We are close to completing the second season of our proprietary production 'The New Adventures of Peter Pan'. The production of Season 1 of 'Miles from Tomorrow land' (Disney Junior USA) has recently been completed, with the production of Season 2 of this series commencing on a back-to-back basis, showing the confidence of our customer in our quality and delivery. The '5&IT' TV series is in production with Disney-Germany and Disney-France.
Our other productions such as 'The HIVE', Season 2 (a Disney Junior show), 'Popples' (Saban group, USA project), 'Sheriff Callie's Wild West' (Disney Junior, USA) and 'Seven and Me', a hybrid show combining high quality CGI with live action footage are also moving ahead on schedule.
We are also happy to report that our proprietary TV series 'The Jungle Book' has gone into a third season, in association with ZDF Enterprises and ZDF TV, Germany and Canal Plus, France.
During the quarter, our VFX division was also involved in the visual effects sequences within an epic feature film. Our VFX division completed the delivery of services for 'Rudrama Devi', by Gunasekhar and feature film 'Akhil', a Sresthth production containing significant amount of quality computer graphic work, which is slated for release soon. The acceptance and appreciation of our VFX work by the feature film industry has led to additional VFX orders. The division is currently engaged on certain high-end visual effects assignments for big banner feature films directed by leading directors from the Indian "Tollywood" industry.
The Company's digital platforms continue to perform satisfactorily, and we expect for third party properties to be hosted on 'Power Kids' and 'Tiny Toonz' in the near-term future.
For further information, please contact:
Hot Features
Premium
DQ Entertainment plc Tel: +91 40 235
Tapaas Chakravarti - Chairman 53726
and CEO
Rashida Adenwala - Director Finance
& Investor Relations
Allenby Capital Limited - AIM Tel: +44 (0)20
Nominated Adviser & Broker 3328 5656
Jeremy Porter / Alex Brearley
Buchanan
Mark Edwards/Robbie Ceiriog-Hughes Tel: +44 (0)20
7466 5000
- Ends -
Condensed Consolidated Income Statement
GROUP Note Six months Six months Year
ended ended ended
30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
---------------------------------------------------------------- ----- ------------- ----------------- -----------
Revenue C 736 733 1,828
Cost of sales (430) (428) (1,049)
------------- ----------------- -----------
Gross profit 306 305 779
------------- ----------------- -----------
Other operating income 7 3 129
Distribution expenses (20) (15) (27)
Administrative expenses (133) (78) (267)
Other operating expenses - - -
------------- ----------------- -----------
(146) (90) (165)
------------- ----------------- -----------
Operating result before financing costs and foreign exchange 160 215 614
------------- ----------------- -----------
Foreign exchange gain /(loss) 223 (73) (324)
Financial income 3 3 5
Financial expenses (313) (143) (421)
Net financing costs and foreign exchange gain/(loss) J (87) (213) (740)
------------- ----------------- -----------
Share of profit/(loss) of associate 5 2 (3)
Profit/(Loss) before tax 78 4 (129)
Income tax expense (60) 35 (73)
------------- ----------------- -----------
Profit/(Loss) after tax 18 39 (202)
============= ================= ===========
Attributable to:
Owners of the Company (20) 35 (138)
Non-controlling interests L 38 4 (64)
Basic and diluted earnings per share for profit attributable to K
the equity holders of the
company during the period (expressed as cents per share)
Basic earnings per share (0.36) 1 (2)
Diluted earnings per share (0.36) 1 (2)
Condensed Consolidated Statement of Comprehensive Income
Six months Six months Year
ended ended ended
GROUP Note 30 September 30 September 2014 31 March
2015 INR'Mn 2015
INR'Mn INR'Mn
------------------------------------------------- ------- ------------- ------------------ ---------
Profit/(Loss) after tax 18 39 (202)
Other comprehensive income
Foreign currency translation 598 (54) (365)
Total comprehensive income for the period / year 616 (15) (567)
(MORE TO FOLLOW) Dow Jones Newswires
November 09, 2015 10:13 ET (15:13 GMT)
============= ================== =========
Total comprehensive income attributable to:
Owners of the Company 471 (14) (453) Non-controlling interests L 145 (1) (114)
Condensed Consolidated Statement of Financial Position
GROUP Note As at As at As at
30 September 30 September 2014 31 March
2015 INR'Mn 2015
INR'Mn INR'Mn
-------------------------------------- ------ -------------- ------------------- ----------
ASSETS
Non-current assets
Property, plant and equipment 104 98 64
Goodwill 432 432 432
Intangible assets E 5,830 3,677 4,215
Intangible assets under construction F 810 1,954 999
Investment in associate 203 203 184
Prepaid leasehold rights 9 9 12
Deferred tax asset 254 218 257
Deposits 5 14 14
-------------- ------------------- ----------
Total non-current assets 7,647 6,605 6,117
-------------- ------------------- ----------
Current assets
Trade and other receivables 3,732 3,577 3,833
Cash and Bank balances D 267 22 825
Total current assets 3,999 3,599 4,658
-------------- ------------------- ----------
Total assets 11,646 10,204 10,835
============== =================== ==========
Condensed Consolidated Statement of Financial Position (Continued)
GROUP Note As at As at As at
30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
---------------------------------------------- ------- --------------- -------------- ----------
EQUITY AND LIABILITIES
EQUITY
Issued capital M 5 5 5
Share premium 2,816 2,816 2,816
Reverse acquisition reserve 55 55 55
Capital redemption reserve 1 1 1
Equity Component of Convertible Instruments 70 - 70
Foreign currency translation reserve 705 480 214
Retained earnings 1,399 1,676 1,419
--------------- -------------- ----------
Equity attributable to owners of the Company 5,051 5,033 4,580
--------------- -------------- ----------
Non-controlling interests L 1,245 1,225 1,100
Total equity 6,296 6,258 5,680
--------------- -------------- ----------
Non-current liabilities
Interest-bearing loans and borrowings G 2,419 871 2,589
Provisions 115 119 77
--------------- -------------- ----------
Total non-current liabilities 2,534 990 2,666
--------------- -------------- ----------
Current liabilities
Trade and other payables 834 1,178 929
Bank overdraft D 496 988 486
Interest-bearing loans and borrowings G 1,150 532 755
Provisions 336 258 319
--------------- -------------- ----------
Total current liabilities 2,816 2,956 2,489
--------------- -------------- ----------
Total liabilities 5,350 3,946 5,155
--------------- -------------- ----------
Total stockholders' equity and liabilities 11,646 10,204 10,835
=============== ============== ==========
These financial statements were approved by the Board of Directors and authorised for use on 9 November 2015.
Signed on behalf of the Board of Directors by:
Director Director
Condensed Consolidated Statement of Changes in Equity for the period ended 30 September 2015
Equity Equity Share Reverse Equity Foreign Capital Retained Attributable Non-controlling Total
GROUP shares Shares - premium acquisition component of currency Redemption earnings to owners of interests
-No of Amount reserve convertible translation Reserve the Company
Shares instruments reserve
INR'Mn INR'Mn INR'Mn
INR'Mn INR'Mn INR'Mn INR'Mn INR'Mn INR'Mn INR'Mn
------------------ ------------- --------- ---------- -------------- -------------- -------------- ------------- ----------- --------------- ---------------------- -------
Balance as at 1
April, 2014 56,263,047 5 2,816 55 52 529 1 1,557 5,015 1,214 6,229
Changes in equity
for the year
ended
31 March, 2015
Issue of shares - - - - - - - - - - -
Premium on issue - - - - - - - - - - -
of shares
Equity Component
of Convertible
Bond - - - 18 - - - 18 - 18
Other
comprehensive
income - - - - - (315) - - (315) (50) (365)
Income for the
year - - - - - - - (138) (138) (64) (202)
------------------ ------------- --------- ---------- -------------- -------------- -------------- ------------- ----------- --------------- ---------------------- -------
Balance as at
31 March, 2015 56,263,047 5 2,816 55 70 214 1 1,419 4,580 1,100 5,680
================== ============= ========= ========== ============== ============== ============== ============= =========== =============== ====================== =======
Changes in equity
for the six
months ended
30 September 2015
Security premium - - - - - - - - - - -
on discounting of
bond
Opening - - - - - - - - - - -
adjustments
Other
comprehensive
income - - - - - 491 - - 491 107 598
Income for the
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November 09, 2015 10:13 ET (15:13 GMT)
period - - - - - - - (20) (20) 38 18
------------------ ------------- --------- ---------- -------------- -------------- -------------- ------------- ----------- --------------- ---------------------- -------
Balance as at
30 September
2015 56,263,047 5 2,816 55 70 705 1 1,399 5,051 1,245 6,296
================== ============= ========= ========== ============== ============== ============== ============= =========== =============== ====================== =======
Condensed Consolidated Statement of Changes in Equity for the period ended 30 September 2015
(Continued)
Equity Equity Share Reverse Foreign Capital Retained Attributa
ble Non-controlling Total
shares Shares premium acquisition currency Redemption earnings to owne
rs interests
GROUP -No - reserve translation Reserve of the
of Shares Amount & equity reserve Compan
y
component
of
convertible
instruments
INR'Mn
INR'Mn INR'Mn INR'Mn INR'Mn
INR'Mn
INR'Mn INR'Mn INR'Mn
Balance as
at 1 April,
2013 42,566,047 4 2,616 55 224 1 1270 4,170
1073 5,243
Changes in
equity for
the year ended
31 March 2014
13,697,000 1 - - - - - 1
- 1
Issue of shares - - 200 - - - - 200
- 200
Premium on
issue of shares - - - - - - - -
- -
Equity Component
of Convertible
Bond
Other comprehensive
Income - - - - 305 - - 305
51 356
Income for
the year - - - - - - 327 327
102 429
---------------------- ------------ ------- -------- ------------ ------------ ----------- --------- ----------
--- ---------------- -------
Balance as
at 31 March,
2014 56,263,047 5 2,816 55 529 1 1,597 5,003
1,226 6,229
====================== ============ ======= ======== ============ ============ =========== ========= ==========
=== ================ =======
Changes in
equity for
the six months
ended - - - - - - - -
- -
30 September - - - - - - - -
- -
2014
Issue of shares
during the
period
Premium on
issue of shares
Opening adjustments - - - - - - 44 44
- 44
Other comprehensive
Income - - - - (49) - - (49)
(5) (54)
Income for
the period - - - - - - 35 35
4 39
---------------------- ------------ ------- -------- ------------ ------------ ----------- --------- ----------
--- ---------------- -------
Balance as
at 30 September2014 56,263,047 5 2,816 55 480 1 1,676 5,033
1,225 6,258
====================== ============ ======= ======== ============ ============ =========== ========= ==========
=== ================ =======
Condensed Consolidated Statement of Cash Flows for the period ended 30 September 2015
GROUP Note Six months Six months Year
ended ended ended
30 September 30 September 31
2015 2014 March
INR'Mn INR'Mn 2015
INR'Mn
------------------------------- ------ ----------------------- --------------------- ------------
Cash flows from operating
activities
Profit/(Loss) for the
period before tax 78 4 (129)
Adjustments for:
Depreciation and amortization 160 160 466
Opening adjustment (6)
Financial income J (3) 22 (5)
Financial expenses J 313 180 452
Provisions for employee
benefits (46) 4 57
Provision for bad and
doubtful debts (net) - 3 (4)
Provision for retakes H 11 (1) -
Loss/(gain)on foreign
exchange fluctuations (223) (25) (371)
Share of gain/(loss)
of associate (5) (2) 3
Gain /(loss) on sale
of property, plant
and equipment - - (46)
----------------------- --------------------- ------------
Operating cash flows
before changes in working
capital 285 339 423
----------------------- --------------------- ------------
Decrease /(increase)
in trade and other
receivables 71 (505) (778)
Employee benefits paid 38 (1) (39)
(Decrease)/increase
in trade and other
payables 233 370 19
----------------------- --------------------- ------------
627 203 (375)
Income taxes paid (35) 4 (17)
----------------------- --------------------- ------------
Net cash generated
from / (used in) operating
activities 592 207 (392)
======================= ===================== ============
Condensed Consolidated Statement of Cash Flows for the period ended 30 September, 2015 (Continued)
GROUP Note Six months Six months Year
ended ended ended
30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
------------------------------- ------ ------------------ -------------- -------------
Cash flows from investing
activities
Acquisition of property,
plant and equipment (64) (1) (84)
Acquisition and advances
paid for distribution
rights (824) (116) 152
Proceeds from sale
of property, plant
and equipment 1 -
Finance income 3 (22) 5
Net cash generated
from/(used in) investing
activities (885) (138) 73
------------------ -------------- -------------
Cash flows from financing
activities
Proceeds from borrowings
(MORE TO FOLLOW) Dow Jones Newswires
November 09, 2015 10:13 ET (15:13 GMT)
from term loans 183 49 372
Repayment of term loans (277) (90) (248)
Premium collected on
issue of shares - - 18
Proceed form Convertible
Bond - - 1,708
Interest paid (173) (186) (452)
Net cash generated
from /(used in) financing
activities (267) (227) 1,398
------------------ -------------- -------------
Net increase/(decrease)
in cash and cash equivalents (560) (158) 1,079
Cash and cash equivalents
at beginning of period 825 28 28
Bank overdraft at beginning
of period (486) (872) (872)
Gain / (loss) on foreign
exchange fluctuations (8) 36 104
------------------ -------------- -------------
Cash and cash equivalents
at the end of period
/ year D (229) (966) 339
================== ============== =============
Notes to Condensed Consolidated Financial Statements
NOTE A - BASIS OF PREPARATION
1. General information
DQ Entertainment Plc. (the "Company" or DQ Plc.) is a Company domiciled and incorporated in the Isle of Man on 19 April 2007 and was admitted to the Alternative Investment Market of London Stock Exchange on 18 December 2007.
The condensed consolidated financial statements for the six months period ended 30 September 2015, comprises the financial information of the Company, its subsidiary and associates (together referred to as the "Group').
As on 30 September 2015 the following companies formed part of the Group:
Company Immediate Parent Country % of Interest
of Incorporation
---------------------- ------------------ ------------------- --------------
Subsidiaries
-------------------------------------------------------------------------------
DQ Entertainment
(Mauritius) Limited DQ Entertainment
(DQM) Plc. Mauritius 100
---------------------- ------------------ ------------------- --------------
DQ Entertainment
(International)
Limited (DQ India)
was formerly known
as "Animation and DQ Entertainment
Multimedia Private (Mauritius)
Limited" Limited India 75
---------------------- ------------------ ------------------- --------------
DQ Entertainment DQ Entertainment
(Ireland) Limited (International)
(DQ Ireland) Limited Ireland 100
---------------------- ------------------ ------------------- --------------
DQ Entertainment Joint Venture
(International) Company by DQ
Films Limited (DQ India and DQ
Films) Plc. Ireland 30
---------------------- ------------------ ------------------- --------------
DQ Entertainment DQ Entertainment
Peter Pan 2 Limited Ireland Limited Ireland 100
---------------------- ------------------ ------------------- --------------
Associate
-------------------------------------------------------------------------------
Method Animation SAS France 20
------------------------------------------ ------------------- --------------
The Company's registered address is 33-27, Athol Street, Douglas, IM1 1LB, Isle of Man.
The Group is primarily engaged in the business of providing Traditional and Digital Animation for Television, Home Video and Feature Films. The Group also is engaged in exploitation of its Distribution Rights to broadcasters, television channels, home video distributors and others.
The functional currencies of the respective Group companies are:
DQ Plc. British Pound (GBP)
----------------- --------------------
DQ Mauritius US Dollar (USD)
----------------- --------------------
DQ India Indian Rupee (INR)
----------------- --------------------
DQ Ireland Euro (EURO)
----------------- --------------------
DQ Films Euro (EURO)
----------------- --------------------
DQ Peter Pan Euro (EURO)
2
----------------- --------------------
Method Animation Euro (EURO)
SAS
----------------- --------------------
NOTE B - STANDARDS AND INTERPRETATIONS NOT YET APPLIED
Standard or Interpretation's Details of change Effective for
reporting periods
starting on or
after
----------------------------- --------------------------- --------------------
IFRS2 Amendments resulting Annual periods
from Annual Improvement's beginning on
2010-2012 Cycle or after 1 July
(definition of 2014
'vesting condition)
----------------------------- --------------------------- --------------------
IFRS 3 Amendments resulting Annual periods
from Annual Improvement's beginning on
2010-2012 Cycle or after 1 July
(accounting for 2014
contingent Consideration)
----------------------------- --------------------------- --------------------
Amendments resulting Annual periods
from Annual Improvement's beginning on
2011-2013 Cycle or after 1 July
(scope exception 2014
for joint ventures)
----------------------------- --------------------------- --------------------
IFRS 5 Amendments resulting Annual periods
from September beginning on
2014 Annual Improvement's or after 1 January
to IFRSs 2016
----------------------------- --------------------------- --------------------
IFRS 7 Deferral of mandatory Annual periods
effective date beginning on
of IFRS 9 and or after 1 January
amendments to 2015
transition disclosures
----------------------------- --------------------------- --------------------
IFRS 7 Amendments resulting Annual periods
from September beginning on
2014 Annual Improvements or after 1 January
to IFRS's 2016
----------------------------- --------------------------- --------------------
IFRS 8 Amendments results Annual periods
from Annual Improvement's beginning on
2010-2012 Cycle or after 1 July
(aggregation 2014
of segments,
reconciliation
of segment assets)
----------------------------- --------------------------- --------------------
IFRS 9 Deferral of mandatory Annual periods
effective date beginning on
of IFRS 9 and or after 1 January
amendments to 2015
transition disclosures
----------------------------- --------------------------- --------------------
IFRS 9 Finalised version, Annual periods
incorporating beginning on
requirements or after 1 January
for classification 2018
and measurement,
impairment, general
hedge accounting
and derecognition
----------------------------- --------------------------- --------------------
IFRS 10 Amendments regarding Annual periods
the sale or contribution beginning on
of assets between or after 1 January
an investor and 2016
its associate
or joint venture
----------------------------- --------------------------- --------------------
IFRS 10 Amendments regarding Annual periods
the application beginning on
(MORE TO FOLLOW) Dow Jones Newswires
November 09, 2015 10:13 ET (15:13 GMT)
of the consolidation or after 1 January
exception 2016
----------------------------- --------------------------- --------------------
IFRS 11 Amendments regarding Annual periods
the accounting beginning on
for acquisitions or after 1 January
of an interest 2016
in joint operation
----------------------------- --------------------------- --------------------
IFRS 12 Amendments regarding Annual periods
the application beginning on
of the consolidation or after 1 January
exception 2016
----------------------------- --------------------------- --------------------
IFRS 13 Amendments resulting Annual periods
from Annual Improvements beginning on
2011-2013 Cycle or after 1 July
(scope of the 2014
portfolio exception
in paragraph
52)
----------------------------- --------------------------- --------------------
IFRS 15 Original issue Annual periods
and amendments beginning on
to defer the or after 1 January
effective date 2018
----------------------------- --------------------------- --------------------
IAS 1 Amendments resulting Annual periods
from the disclosure beginning on
initiative or after 1 January
2016
----------------------------- --------------------------- --------------------
IAS 19 Amendments resulting Annual periods
from September beginning on
2014 Annual Improvements or after 1 January
to IFRS's 2016
----------------------------- --------------------------- --------------------
Amendments to Annual periods
clarify the requirements beginning on
that relate to or after 1 July
how contributions 2014
from employees
or third parties
that are linked
to service should
be attributed
to periods of
service
----------------------------- --------------------------- --------------------
IAS 24 Amendments resulting Annual periods
from Annual Improvements beginning on
2010-2012 Cycle or after 1 July
(management entities) 2014
----------------------------- --------------------------- --------------------
IAS 28 Amendments regarding Annual periods
the application beginning on
of the consolidation or after 1 January
exception 2016
----------------------------- --------------------------- --------------------
IAS 34 Amendments resulting Annual periods
from September beginning on
2014 Annual Improvement's or after 1 January
to IFRSs 2016
----------------------------- --------------------------- --------------------
IAS 38 Amendments regarding Annual periods
the clarification beginning on
of acceptable or after 1 January
methods of depreciation 2016
and amortisation
----------------------------- --------------------------- --------------------
Based on the Company's current business model and accounting policies, management does not expect any material impact on the Company's consolidated financial statements when any of the above standards or interpretations becomes effective. There are no other IFRS or IFRIC interpretations that are effective subsequent to the company's financial year end that would have a material impact on the group.
The Company does not intend to apply any of these pronouncements early.
1. Significant accounting policies
The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the period ended 30 September, 2015, which have been prepared in accordance with International Financial Reporting Standards ('IFRS's)
In the opinion of management, all adjustments, which are of a normal recurring nature and necessary for a fair presentation, have been included. The Company has chosen to present the condensed consolidated financial position, condensed consolidated income statement, condensed consolidated comprehensive income statement, condensed consolidated statement of cash flows and condensed consolidated statement of changes in equity along with selected explanatory notes. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with IFRS have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information presented not misleading. These condensed consolidated financial statements have been prepared using the same accounting policies that were applied in the preparation of the Company's interim consolidated financial statements for the period ended 30 September, 2015.
The directors have had regard to the 12 month period from the date of approval of the interim financial statements and have reviewed the forecasted cash flows. The Company has sufficient resources to meet its on-going liabilities as they fall due.
NOTE C - SEGMENT REPORTING
Segment information is presented in respect of the Group's business and geographical segments. The primary format, business segments, is based on the Group's management and internal reporting structure.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly interest-bearing loans, borrowings and expenses, and corporate assets and expenses.
Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.
Business segments
The Company comprises the following main business segments:
Animation production:
The production services rendered to production houses and training rendered for acquiring skills for production services in relation to the production of animated television series and movies.
Distribution:
The revenue generated from the exploitation of the distribution rights of animated television series.
The following is an analysis of the Company's revenue and results by operating segment for the periods under review:
Segment Revenue Segment Result
------------------------------------------ ----------------------------------------
GROUP Six months Six Year Six months Six months Year
ended months ended ended ended ended
30 September ended 31 March 30 September 30 September 31
2015 30 September 2015 2015 2014 March
INR'Mn 2014 INR'Mn INR'Mn INR'Mn 2015
INR'Mn INR'Mn
---------------------- -------------- -------------- ---------- -------------- -------------- --------
Animation production 633 500 1,303 227 171 703
Distribution 103 233 525 (80) 107 137
Total 736 733 1,828 147 278 840
Unallocated
expenses (69) (274) (969)
--------
Profit before
tax 78 4 (129)
Income tax expense (60) 35 (73)
-------------- -------------- --------
Profit/Loss
(MORE TO FOLLOW) Dow Jones Newswires
November 09, 2015 10:13 ET (15:13 GMT)
for the period/year 18 39 (202)
-------------- -------------- --------
NOTE D - CASH AND CASH EQUIVALENTS
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
----------------------------- --------------- -------------- ---------------
Cash and bank balances 247 3 805
Call deposits 20 19 20
--------------- -------------- ---------------
Cash and bank balances 267 22 825
--------------- -------------- ---------------
Bank overdraft (496) (988) (486)
--------------- -------------- ---------------
Cash and cash equivalents
in the statement of cash
flows (229) (966) (339)
--------------- -------------- ---------------
NOTE E - INTANGIBLE ASSETS
GROUP 30 September 30 September 2014 31 March
2015 INR'Mn 2015
INR'Mn INR'Mn
------------------------------------------------ ------------- ------------------ ---------
Cost
Opening balance 5,581 4,616 4,616
Acquisitions/transfer from
assets under construction/recoupment 1,129 461 704
Disposals (68) (76) (133)
Translation adjustment 512 (145) 394
------------- ------------------ ---------
Closing balance 7,154 4,856 5,581
------------- ------------------ ---------
Amortisation
Opening balance 1,366 1,142 1,161
Amortisation due to change of laws - - (19)
Amortisation expense 148 128 262
Impairment losses recognised in profit or loss - - 118
Disposal (76) (76)
Translation adjustment (190) (15) (80)
------------- ------------------ ---------
1,324 1,179 1,366
------------- ------------------ ---------
Carrying amounts
------------- ------------------ ---------
At beginning of period/year 4,215 3,474 3,455
------------- ------------------ ---------
At end of period/year 5,830 3,677 4,215
------------- ------------------ ---------
NOTE F - INTANGBILE ASSETS UNDER CONSTRUCTION
Intangible assets under construction include amounts paid to the producers for acquisition of the distribution rights and amounts incurred on internally generated intellectual property rights pending for capitalisation. These advances are transferred to distribution rights on completion of the entire production activities and when the asset is ready for exploitation.
GROUP 30 September 2015 30 September 2014 31 March
INR'Mn INR'Mn 2015
INR'Mn
-------------------------------- ------------------ ------------------ ---------
Opening balance 999 2,210 2,210
Acquisitions 17 385 249
Transfers to intangible assets (270) (547) (327)
Translation adjustment 64 (94) (1133)
------------------ ------------------ ---------
Closing balance 810 1,954 999
------------------ ------------------ ---------
NOTE G - INTEREST BEARING LOANS AND BORROWINGS
Interest bearing loans and borrowings comprise the following:
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
---------------------------- ------------- ------------- ---------
Non-current liabilities:
Secured bank loans & Bond 2,419 871 2,589
Finance lease liabilities - - -
2,419 871 2,589
------------- ------------- ---------
Current liabilities:
Current portion of secured
bank loans 1,150 532 755
Finance lease liabilities - - -
1,150 532 755
------------- ------------- ---------
NOTE H - PROVISION FOR RETAKES
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
---------------------------- ------------- ------------- ---------
Opening balance 13 13 13
Provisions made during
the period/ year 11 - 14
Provisions used during
the period/ year - - -
Provisions reversed during
the period/ year (1) (14)
Closing balance 24 12 13
------------- ------------- ---------
Retakes include creative changes to the final product delivered to the customer, performed on the specific request of the customer at the Group's own cost. Requests for retakes will be accepted from customers by the Group for a maximum period of three months from the final delivery and hence the provision is not discounted.
NOTE I - PERSONNEL COSTS
Details of personnel expenses included in cost of sales, administrative and distribution expenses are as follows:
GROUP 30 September 2015 30 September 2014 31 March
INR'Mn INR'Mn 2015
INR'Mn
------------------------------------------------- ------------------ ------------------ ---------
Wages and salaries 246 292 551
Contributions to defined contribution plans 15 20 37
Increase in liability for defined benefit plans 11 7 38
Increase in liability for compensated absences 2 (1) 8
274 318 634
------------------ ------------------ ---------
Cost of sales 250 312 513
Administrative expenses 23 4 117
Distribution expenses 1 2 4
NOTE J - NET FINANCING COSTS
GROUP 30 September 2015 30 September 2014 31 March
INR'Mn INR'Mn 2015
INR'Mn
------------------------------------------------------------- ------------------ ------------------ ---------
Interest income 3 3 5
------------------ ------------------ ---------
Financial income 3 3 5
------------------ ------------------ ---------
Interest on short term borrowings and other financing costs (38) (40) (105)
Interest on term loans (275) (103) (316)
(MORE TO FOLLOW) Dow Jones Newswires
November 09, 2015 10:13 ET (15:13 GMT)
Financial expenses (313) (143) (421)
------------------ ------------------ ---------
Net financing costs (310) (140) (416)
------------------ ------------------ ---------
NOTE K - EARNINGS PER SHARE ("EPS")
Profit attributable to ordinary shareholders
GROUP 30 September 2015 30 September 2014 31 March
INR'Mn INR'Mn 2015
INR'Mn
------------------------------------------------------------------- ------------------ ------------------ ---------
Profit attributable to ordinary shareholders (20) 35 (138)
Weighted average number of ordinary shares outstanding during the
period(in thousand) 55,889 55,889 55889
Basic EPS (Cents) (0.36) 1 (2)
Diluted EPS (cents) (0.36) 1 (2)
The Group does not have any dilutive instruments for any of the periods ended 30 September 2015 or 30 September 2014 and for the year ended 31 March, 2015 and as such Diluted EPS equals Basic EPS.
NOTE L - NON - CONTROLLING INTERESTS
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
---------------------------- --------------- ------------- ---------
Balance at beginning
of period/year 1,100 1,226 1,214
Profit/(Loss) for the
period 38 4 (64)
Other comprehensive income
for the period/year 107 (5) (50)
Closing balance 1,245 1,225 1,100
--------------- ------------- ---------
NOTE M - EQUITY
a) Ordinary shares
DQ Plc. presently has only one class of ordinary shares. For all matters submitted to vote in the shareholders' meeting, every holder of ordinary shares, as reflected in the records of the Company on the date of the shareholders' meeting, has one vote in respect of each share held. All shares are equally eligible to receive dividends and the repayment of capital in the event of liquidation of the Company.
The Company has an authorized share capital of 60,000,000 equity shares of 0.1 pence each.
GROUP 30 September 30 September 31 March
2015 2014 2015
------------------ ------------- ------------- -----------
Number of shares
Opening balance 56,263,047 56,263,047 56,263,047
Closing balance 56,263,047 56,263,047 56,263,047
------------- ------------- -----------
Issue of ordinary shares
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
------------------- -------------- ----------------- ------------
Share capital
Opening balance 5 5 5
Closing balance 5 5 5
-------------- ----------------- ------------
NOTE M - EQUITY (Continued)
Share premium - The amount received by the company over and above the par value of shares issued is shown under this heading.
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
----------------- ------------- ------------- ---------------------
Share premium
Opening balance 2,816 2,816 2,816
Issued for cash - - -
------------- ------------- ---------------------
Closing balance 2,816 2,816 2,816
------------- ------------- ---------------------
The share premium reserve can be utilised by the Company for the declaration of bonus shares and for offsetting incremental costs directly attributable to the issues of new shares.
b) Reserves
Translation reserve - Assets, liabilities, income, expenses and cash flows are translated into Indian Rupees (presentation currency) from US Dollars (functional currency of DQ Mauritius), Euros (functional currency of DQ Ireland and DQ Films Ltd) and Great British Pounds (functional currency of DQ Plc.). The exchange difference arising out of the period-end translation is debited or credited to foreign currency translation reserve.
The movements in this reserve which are attributable to the controlling interests are set out below:
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
------------------------ -------------------- ------------------ ---------
Opening balance 214 529 529
Increase/(decrease)
during the period 491 (49) (315)
-------------------- ------------------ ---------
Closing balance 705 480 214
-------------------- ------------------ ---------
Exchange differences relating to the translation of the net assets of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. INR) are recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve.
Accumulated earnings - Accumulated earnings include all current and prior period results as disclosed in the income statement which are attributable to the controlling interests. The movements in the accumulated earnings are set out below:
GROUP 30 September 30 September 31 March
2015 2014 2015
INR'Mn INR'Mn INR'Mn
-------------------------- --------------- ------------- ---------
Opening balance 1,419 1,597 1,557
Opening P&L adjustment - 44
Profit for the period (20) 35 (138)
--------------- ------------- ---------
Closing balance 1,399 1,676 1,419
--------------- ------------- ---------
Other reserves - The Reverse acquisition reserve, equity component of convertible instruments and
capital redemption reserve are non-distributable in nature.
NOTE N - CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
GROUP 30 September 2015 30 September 2014 31 March
INR'Mn INR'Mn 2015
INR'Mn
------------------------------------------------------------------- ------------------ ------------------ ---------
Capital commitments:
Purchase of property, plant and equipment - - -
Purchase of distribution rights 362 386 361
Contingent liabilities:
Outstanding letters of credit for capital investments 1,280 1,063 1,039
Bonds executed in favour of Indian customs and excise authorities 1 3 3
Claims not acknowledged as debts 58 - 58.06
NOTE O - RELATED PARTIES
Identity of related parties
DQ Plc. has a related party relationship with its directors, executive officers, subsidiaries and associate.
DQ Plc. does not have any ultimate controlling entity.
Related parties and their relationships
a) Subsidiaries
DQ Entertainment (Mauritius) Limited (with effect from 27 November 2007)
DQ Entertainment (International) Limited (with effect from 18 February 2008)
DQ Entertainment (Ireland) Limited (with effect from 12 November 2008)
DQ Peter Pan 2 Limited (with effect from 1st April 2013)
b) Joint Venture
DQ Entertainment (International) Films Limited (with effect from 11 March 2013)
c) Associate
Method Animation SAS (with effect from 28 March 2008)
d) Key management personnel
Mr. Tapaas Chakravarti - Director
Mr. S. Sunder Srinivasa Raghavan - Director
Ms. Rashida Adenwala - Director
e) Relatives of Key Management Personnel and Directors with whom DQ India has transactions with during the period:
Mrs. Rashmi Chakravarti (wife of Mr. Tapaas Chakravarti)
Ms Nivedita Chakravarti (daughter of Mr.Tapaas Chakravarti)
(MORE TO FOLLOW) Dow Jones Newswires
November 09, 2015 10:13 ET (15:13 GMT)
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