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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eidos | LSE:EID | London | Ordinary Share | GB0007641797 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:5663J
Eidos PLC
10 March 2005
Interim Results for the
Six Month Period ended 31 December 2004
and Strategic Review update
Eidos plc ("Eidos"), one of the world's leading publishers and developers of
entertainment software, today announces its interim results for the six month
period ended 31 December 2004.
Interim Results: Highlights
* Turnover significantly lower due to limited H1 release schedule
* Consequential operating loss before goodwill of #26.5 million*
(operating loss including goodwill #29.2 million)
* ShellShock: Nam '67 (new IP) achieved c. 900,000 unit sales
* Significant investment in R&D and next generation platforms
* Continued focus on management of cost base
* Additional short term working capital facility of up to #23 million
agreed with RBS
* Strategic decision to reschedule certain titles originally planned for
H2 release to FY06 including key franchise titles Hitman and Tomb Raider
* Revised release schedule expected to result in a significant negative
impact on the results for current financial year
* Proposal received on 2 March 2005 of a possible cash offer at a price of
53 pence per share, subject to one principal condition. However there can be
no assurance that this condition will be satisfied and no certainty that an
offer will be made nor as to the terms on which any offer might be made.
This disclosure has not been made with the consent of the other party
Interim Results: Summary 6 months 6 months
to 31 Dec. 2004 to 31 Dec. 2003
# Million Unaudited Unaudited
Turnover 31.5 78.7
Gross Margin 50.6% 62.2%
(Loss)/profit after tax (29.0) 6.2
Operating (loss)/profit before goodwill* (26.5) 7.1
Cash and cash equivalents 11.8 58.1
Operating cash (outflow)/inflow (25.2) 4.2
(Loss)/earnings per share (20.7)p 4.5p
(Loss)/earnings per share before goodwill (18.8)p 4.6p
Commenting on the results, John van Kuffeler, Chairman of Eidos, said:
"As these results show, the first half has been a very difficult period for
Eidos. Although we had expected to report an operating loss in the first half
given the release schedule, this has been exacerbated by the deferral of the PC
version of Championship Manager 5 as anticipated, and the disappointing
performance of some of the other titles released. On the positive side, we have
been pleased with the performance of ShellShock: Nam '67 and with the good
reviews received for Project: Snowblind which forms part of a strong residual
release line up for the remainder of FY2005 including Championship Manager 5,
LEGO Star Wars: The Video Game, Imperial Glory and Commandos Strike Force.
The management team has devoted considerable time and effort to the strategic
review and today we announce that we received a proposal on 2 March 2005 in
relation to a possible cash offer at a price of 53 pence per share subject to
one principal condition. However there can be no assurance that this condition
will be satisfied and no certainty that an offer will be made nor as to the
terms on which any offer might be made. This disclosure has not been made with
the consent of the other party concerned. Given the financial position and
standalone prospects for the Company, it is the Board's current intention to
recommend this offer to shareholders if it is made.
In the absence of a successful conclusion to the strategic review, the outlook
for Eidos as an independent company remains challenging and the strategic
decision to defer the release of certain titles to FY06 will have a significant
impact on the expected results for the current financial year as a whole."
* Operating loss (before goodwill) of #26.5 million (2003: #7.1 million profit)
is derived from a total operating loss from continuing operations of
#29,187,000 (2003: #6,930,000 profit), adjusted for amortisation of goodwill
of #2,658,000 (2003: #126,000).
Enquiries:
Brunswick UK 020 7404 5959
Jonathan Glass
Wendel Verbeek
Brunswick NY 001 212 333 3810
Nina Devlin
Eidos plc is listed on the London Stock Exchange (ticker: EID.L) and on the
NASDAQ National Market (symbol: EIDSY). Further information on the Company can
be found at www.eidos.com
Eidos and the Eidos logo are trademarks of Eidos plc. All other names and/or
brands and/or product names referred to in this release are registered
trademarks or trademarks pending registration belonging to Group companies. All
rights reserved.
Statements made in this release with respect to the Group's plans, strategies
and beliefs and other statements that are not historical facts are
forward-looking statements (as that term is defined in the United States Private
Securities Legislation Reform Act 1995) that involve risks and uncertainties
because they relate to events and depend on circumstances that may occur in the
future. There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied by these
forward-looking statements, including without limitation: general economic
conditions in the Group's markets, particularly levels of consumer spending;
exchange rates, particularly between the pound sterling and the U.S. dollar, in
which the Group makes significant sales; the Group's ability to continue to win
acceptance of its products, which are offered in highly competitive markets
characterised by continuous new product introductions, rapid developments in
technology, subjective and changing consumer preferences (particularly in the
entertainment business) and other risks described in periodic reports and
filings with the Security and Exchange Commission. The Company undertakes no
obligation to update any forward-looking statements contained in this release,
whether as a result of new information, future events or otherwise.
Interim Report for the Six Month Period ended 31 December 2004
Consistent with the Board's guidance of 7 January 2005, Eidos is reporting
substantial losses for the first half of the financial year 2005 reflecting the
light release schedule, the disappointing performance of certain titles and the
continued high level of investment in game development during the period.
Turnover for the first half was #31.5 million (2003: #78.7 million) and the
operating loss before goodwill was #26.5 million (2003: #7.1 million profit)*.
The operating loss including goodwill was #29.2 million (2003: #6.9 million
profit).
Operating Performance
During the six month period ended 31 December 2004, the Company released four
new titles (10 sku's), namely ShellShock: Nam '67, Backyard Wresting 2: There
Goes The Neighborhood, Crash 'N' Burn and Get On Da Mic (2003: 10 new titles, 18
new sku's).
The commercial rationale behind management's decision to postpone the launch of
its new franchise title, ShellShock: Nam '67, from June to September 2004 (which
was made for the game to benefit from the expected improvement in market
conditions) proved to be well founded. ShellShock has enjoyed a successful
launch with shipments to date of approximately 900,000 units and strong sell
through. As a result of this success, a sequel is already in development.
Sales of Get On Da Mic, Backyard Wrestling 2 and Crash 'N' Burn, which are not
part of the Company's long term strategic focus, were below expected levels.
However, the Company continued to enjoy a strong performance from back catalogue
sales during the period.
As previously announced, the PC release of Championship Manager 5 was deferred
from October 2004 in order to allow for further development and refinement of
this key franchise. The PC game will now launch on 18 March with the PS2 and
Xbox versions following later in the Spring. An online version of Championship
Manager, our first extension of the franchise into the online arena, was
successfully launched on 21 February. Management believes that expanding the
Championship Manager franchise onto these new platforms will take the brand to a
wider audience and unlock an additional consumer base.
Project: Snowblind, an exciting new franchise, was released in North America on
23 February and released in Europe on 4 March. This is Eidos' second multiplayer
online console game and is one of the Company's most highly reviewed games
released during the past three years. Management is confident in the game's
quality and expects it to perform well.
* Operating loss (before goodwill) of #26.5 million (2003: #7.1 million profit)
is derived from a total operating loss from continuing operations of
#29,187,000 (2003: #6,930,000 profit), adjusted for amortisation of goodwill
of #2,658,000 (2003: #126,000).
Intellectual Property (IP) and Technology
The need to continually improve the development process, coupled with the
ongoing investment required to effect the transition of our technology to next
generation hardware systems, caused research and development costs in the first
half to increase by 14% compared to the same period last year. The Group's
transition to the next generation of console platforms is being led by a
partnership of our Crystal Dynamics studio in the US and our IO Interactive
studio in Europe.
Smart Bomb, developed by Core Design in the UK, will be the Company's first game
for Sony's new PlayStation Portable ("PSP") hardware and is scheduled to release
in parallel with Sony's US PSP launch, due shortly. Management is optimistic
about the prospects for the PSP market and is already looking to bring a number
of our key franchises onto this new platform, including the next iteration of
Lara Croft Tomb Raider.
In the US we recently consolidated our North American internal development
capabilities from two studios into one with the closure of our much smaller Ion
Storm studio in Austin. This will result in the scaling up of Crystal Dynamics
in San Francisco over the coming months from a two team to a three team studio.
The recent positive reviews of Project: Snowblind illustrate the technological
advancements and capabilities now established at that studio.
With ShellShock: Nam '67 and Project: Snowblind, Eidos expects to have created
and successfully launched two new IP franchises over the course of financial
year 2005 - a further demonstration of the underlying creative talent which
exists in our business. We also continue to leverage value from our owned IP as
illustrated by the film rights signed recently in the US based on our game,
Whiplash.
Financial Review
Turnover in the six month period to 31 December 2004 was #31.5 million. This was
significantly lower than the #78.7 million reported in the same period last
year, largely due to fewer products and sku's released during the period.
Gross margin for the six month period to 31 December 2004 decreased to 50.6%
from 62.2% for the same period last year. This was due to the higher proportion
of back catalogue sales in the current period as well as a lower proportion of
PC based games released this year.
Total operating expenses were #47.2 million (2003: #44.2 million). Excluding
goodwill, this figure was #44.5 million (2003: #44.1 million) . Sales and
marketing costs in the period were #9.6 million (2003: #13.1 million), the
decrease reflecting the lower level of new product releases. Research and
development spend, representing the Group's investment in its product
development pipeline, was #22.9 million (2003: #20.1 million). This has
increased due to the current period including, for the first time, the full
running costs of IO Interactive, the Denmark based development studio which was
acquired in April 2004, and reflects the continuing investment in our technology
capabilities in anticipation of the next generation of Sony and Microsoft
hardware systems.
General and administrative costs for the period were #12.0 million (2003: #10.9
million). The increase in costs includes #1.8 million of expenditure in
connection with the strategic review undertaken by the Board, as well as
transaction losses on foreign exchange of #0.1m (2003: #0.3 million). Management
remains committed to maintaining a tight control over the Group's overhead cost
base.
The goodwill amortisation charge of #2.7 million (2003: #0.1 million) related to
the 2004 acquisition of IO Interactive.
The Group's share of profits arising from the distribution activities of its
Spanish joint venture partners, Proein and Pyro, was #2.1 million during the
period (2003: #2.1 million). The profits from these two joint venture companies
have historically been significantly biased towards the first half of the
financial year.
The loss per share was 20.7p (2003: 4.5p profit) and, excluding goodwill, was
18.8p (2003: 4.6p profit).
Financing and Cash Flow
The Group had net cash funds of #11.8 million at 31 December 2004 (2003: #58.1
million). The cash outflow from operating activities for the period was #25.2
million (2003: #4.2 million inflow). The reduction in net cash funds reflects
the significant investment in the ongoing product development pipeline and new
technologies as well as the acquisition of IO Interactive in April 2004, for
which the total cash consideration was #21.6 million, including acquisition
costs. In the six month period ended 31 December 2004, the Company invested
#15.6 million in titles planned for release during calendar year 2005, compared
to #9.7 million for the same period last year in respect of titles planned for
release during calendar year 2004.
As previously indicated, the currently anticipated title release schedule has
given rise to a significant working capital requirement for the Company this
year. The Company has received credit approval from RBS for a short term working
capital facility of up to #23 million until 30 June 2005 for the purposes of the
funding requirements of the Company until that date. If an offer for the Company
has not been announced in accordance with Rule 2.5 of the Takeover Code or
alternative funding has not been put in place by 25 March 2005, or if any such
offer lapses, RBS has the right to require the Company to undertake an orderly
disposal of assets, and/or intellectual property, of an amount equal to the
facility plus associated fees. In that event, and if such disposal is not agreed
by 22 April 2005, the adequacy of the Company's working capital facilities
cannot be assured. The facility will be subject to documentation, including
normal banking covenants in relation to working capital. In the event that the
Company remains independent, the Board recognises that significant additional
long-term funding may be required to finance its future research and
development, particularly given the imminent transition to new hardware
platforms and the Company's ongoing dependence on the performance of its key
titles to generate cash.
Taxation
The Group recorded a tax charge of #0.3 million for the period. This comprises
a charge of #0.8 million in respect of the Group's share of profits from its
Spanish joint venture partners, Proein and Pyro, a credit of #0.3
million relating to the release of certain prior year provisions and the
reduction of #0.2 million in the deferred tax liability.
Dividends
No interim dividend has been paid or declared during the period (2003: #nil).
Strategic Review Update
In June 2004, the Board announced that it was to undertake a strategic review of
the Company and its business. During the course of the strategic review the
Board concluded that the competitive outlook for Eidos as an independent entity
was challenging due to the Company's lack of scale, its dependence on the
performance of relatively few key titles, the ongoing high level of development
expenditure required and the unpredictable performance of key title releases.
The Board continues to believe that the prospects of the Company operating
independently are highly uncertain and that a sale of the business remains in
the best interests of shareholders. The Board today confirms that it received a
proposal on 2 March 2005 in relation to a possible cash offer at a price of 53
pence per share subject to one principal condition. However there can be no
assurance that this condition will be satisfied and no certainty that an offer
will be made nor as to the terms on which any offer might be made. This
disclosure has not been made with the consent of the other party concerned. The
Company has undertaken an extensive process of discussions over the last eight
months involving, in certain cases, considerable due diligence access with other
potential purchasers. Whilst none of these other discussions has resulted in a
firm offer being received to date, it remains possible that an alternative offer
or offers may be forthcoming in due course. However, there can be no certainty
in that regard and, given the financial position and standalone prospects for
the Company, it is the Board's current intention to recommend the possible cash
offer of 53 pence per share if made.
Outlook
The Board considers that it is in the best interests of the Company to ensure
that sufficient development time is devoted to its key titles and, in order to
maximise their sales performance, that they are released when the Board
considers it commercially advantageous to do so.
The Board has undertaken a review of the planned release schedule and as a
result has decided to defer a number of planned releases from Q4 FY05 to the
following financial year. In addition to allowing for adequate development time,
this decision has been based on three principal considerations: the need to work
within the constraints of the new working capital facility agreed with RBS; the
distraction to management, the business and the game development teams caused by
the strategic review process; and the desire to optimise the timing of release
of certain key franchises.
Consequently, the Board has decided to move the scheduled next iteration release
of Lara Croft Tomb Raider (name to be shortly announced) and Hitman: Blood
Money, together with 25 to Life and Just Cause (both new IP), out of the last
quarter of this financial year and into the financial year to June 2006. This
will enable further development work to be undertaken on these titles (including
additional versions of Lara Croft Tomb Raider for the next generation PSP and
Xbox 2 platforms) and allow the Company to take advantage of more favourable
release windows. The potential benefit of this approach is supported by the
benefits derived from the rescheduled release of ShellShock: Nam'67 as referred
to earlier.
The residual second half release line-up, in addition to Project: Snowblind and
Championship Manager 5, will therefore now comprise: LEGO Star Wars: The Video
Game which is on track for Q3 release as well as Imperial Glory and Commandos
Strike Force which are scheduled for Q4 release.
The financial results of the current financial year as a whole will be dependent
on the performance of the five titles now scheduled for release during the
second half. The changes to the release schedule detailed above (in particular
Tomb Raider and Hitman), will shift significant revenue and operating profit
into the financial year ending 30 June 2006 and have a significant negative
impact on the Company's expected results for the second half and the current
financial year as a whole.
EIDOS plc
Unaudited Consolidated Profit and Loss Account
6 months to 6 months to
Notes 31 December 31 December
2004 2003
#'000 #'000
Turnover: group and share
of joint venture 43,961 91,450
Less: share of joint
venture's turnover (12,498) (12,703)
_______________ _______________
Group turnover - continuing
operations 2 31,463 78,747
Cost of sales (15,548) (29,744)
_______________ _______________
Gross profit 15,915 49,003
Sales and marketing (9,613) (13,081)
Research and development (22,879) (20,068)
Administrative expenses
Amortisation of goodwill (2,658) (126)
Other (12,035) (10,926)
_______________ _______________
Total administrative
expenses (14,693) (11,052)
_______________ _______________
Operating expenses (47,185) (44,201)
_______________ _______________
Group operating
(loss)/profit (31,270) 4,802
Share of operating profit
of joint ventures 2,083 2,128
_______________ _______________
Total operating
(loss)/profit from
continuing operations 2 (29,187) 6,930
--------------------------- ----- ------------ ------------
Profit on disposal of
investment before goodwill -- 488
Less: related goodwill
(previously written off to
reserves) -- (488)
--------------------------- ----- ------------ ------------
Profit on disposal of investment after -- --
goodwill
Interest receivable and
similar income 621 1,020
Interest payable and
similar charges (171) (124)
_______________ _______________
(Loss)/profit on ordinary
activities before taxation (28,737) 7,826
Tax charge on (loss)/profit
on ordinary activities 3 (254) (1,577)
_______________ _______________
(Loss)/profit for the
period (28,991) 6,249
=============== ===============
(Loss)/earnings per share
(basic) 4 (20.7)p 4.5p
=============== ===============
(Loss)/earnings per share
before goodwill 4 (18.8)p 4.6p
=============== ===============
(Loss)/earnings per share
(diluted) 4 (20.7)p 4.4p
=============== ===============
EIDOS plc
Unaudited Consolidated Balance Sheet
As at As at
Notes 31 December 31 December
2004 2003
#'000 #'000
Fixed assets
Intangible assets
Tangible assets 22,599 115
Investments 6,038 4,786
Joint ventures
- Share of gross assets 9,510 6,400
- Share of gross liabilities (4,654) (2,306)
_______________ _______________
4,856 4,094
______________________ ______________________
Total fixed assets 33,493 8,995
_______________ _______________
Current assets
Stocks 3,126 3,476
Debtors
- due within one year 5 12,771 35,693
- due after one year 5 38 45
Cash at bank and in hand 11,790 58,057
_______________ _______________
Total current assets 27,725 97,271
Creditors:
Amounts falling due 6 (14,349) (27,036)
within one year
_______________ _______________
Net current assets 13,376 70,235
_______________ _______________
Total assets less current
liabilities 46,869 79,230
Creditors:
Amounts falling due
after more than one year 6 (316) --
Provisions for 7 (3,511) --
liabilities and charges
_______________ _______________
Net assets 43,042 79,230
=============== ===============
Capital and reserves
Called up share capital 8 2,840 2,806
Share premium account 8 78,594 138,386
Other reserves 8 690 690
Merger reserve 8 1,980 --
Profit and loss account 8 (38,498) (59,891)
Reserve for own shares 8 (2,564) (2,761)
_______________ _______________
Equity shareholders'
funds 8 43,042 79,230
=============== ===============
EIDOS plc
Unaudited Consolidated Cash Flow Statement
6 months to 6 months to
Notes 31 December 31 December
2004 2003
#'000 #'000
Net cash (outflow)/inflow
from operating activities 9 (25,232) 4,211
_______________ _______________
Dividends from joint ventures and
associates -- 30
_______________ _______________
Returns on investments and servicing of finance
Interest received 553 812
Bank interest and finance charges paid (121) (81)
Interest element of finance lease rentals (15) (5)
_______________ _______________
417 726
_______________ _______________
Taxation
U.K. tax repaid/(paid) 900 (1)
Overseas tax paid (550) (1,652)
_______________ _______________
350 (1,653)
_______________ _______________
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,503) (1,296)
Sale of tangible fixed assets -- 2
_______________ _______________
(1,503) (1,294)
_______________ _______________
Acquisitions and disposals
Sale of associate -- 488
_______________ _______________
Net cash (outflow)/inflow before management
of liquid resources and financing (25,968) 2,508
Management of liquid resources
Decrease/(increase) in short-term
deposits 10 7,765 (2,057)
_______________ _______________
Financing
Issue of ordinary share capital -- 61
Capital element of finance lease payments (185) (42)
Purchase of own shares -- (2,485)
_______________ _______________
(185) (2,466)
_______________ _______________
Decrease in net
cash in the period 10 (18,388) (2,015)
=============== ===============
EIDOS plc
Notes to the Accounts
1. Accounting policies
The interim financial statements have been prepared on the basis of the
accounting policies set out on pages 23 and 24 of the Eidos plc Report and
Accounts for the year ended 30 June 2004, which have been applied consistently
throughout the period. The Eidos plc Report and Acounts for the year ended 30
June 2004, on which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
Uncertainty arising from funding of working capital
The Company has received credit approval from RBS for a short term working
capital facility of up to #23 million until 30 June 2005, for the purposes of
the funding requirements of the Company until that date. If an offer for the
Company has not been announced in accordance with Rule 2.5 of the Takeover Code
or alternative funding has not been put in place by 25 March 2005, or if any
such offer lapses, RBS has the right to require the Company to undertake an
orderly disposal of assets, and/or intellectual property, of an amount equal to
the facility plus associated fees. In that event and if such disposal is not
agreed by 22 April 2005, the adequacy of the Company's working capital facility
cannot be assured. The facility will be subject to documentation, including
normal banking covenants in relation to working capital.
The Board has reviewed its working capital forecasts and has concluded that the
arrangements put in place should meet the short term working capital needs of
the Group. Whilst there remains uncertainty over the longer term working capital
funding arrangements for the Group, the Board believes that the agreed facility
will allow the opportunity to secure the longer term financial position of the
Group.
The Board has therefore concluded it is appropriate to confirm the going concern
basis of preparation for the financial information.
The interim financial information below does not constitute statutory accounts
(as defined in Section 240 of The Companies Act 1985) and is unaudited. However,
the information has been reviewed by the auditors.
The Interim Report for the six months to 31 December 2004 was approved by the
Board of Directors on 10 March 2005.
2. Segmental analysis
Segmental analysis by class of business
Turnover, profit and net assets are derived from or belong to the entertainment
software business.
Segmental analysis by geographical area
By destination By origin
6 months to 6 months to 6 months to 6 months to
31 December 31 December 31 December 31 December
2004 2003 2004 2003
#'000 #'000 #'000 #'000
Turnover - continuing activities
United Kingdom 4,164 16,731 6,368 23,714
France 4,542 11,353 5,217 13,590
Germany 2,205 7,958 2,378 8,806
Rest of Europe 2,639 11,130 -- --
United States
of America 14,946 25,636 16,113 29,426
Rest of World 2,967 5,939 1,387 3,211
_______________ _______________ _______________ _______________
31,463 78,747 31,463 78,747
=============== =============== =============== ===============
6 months to 6 months to
31 December 31 December
2004 2003
#'000 #'000
(Loss)/profit on ordinary activities before
interest and taxation
United Kingdom (25,176) 1,662
France (91) 1,519
Germany (1,324) (102)
Rest of Europe 1,515 1,904
United States of America (3,853) 1,838
Rest of World (258) 109
_______________ _______________
(29,187) 6,930
=============== ===============
As at As at
31 December 31 December
2004 2003
Net assets/(liabilities) #'000 #'000
United Kingdom 59,444 95,500
France 1,368 4,554
Germany 423 (1,400)
Spain (joint ventures) 4,557 4,094
United States
of America (27,206) (23,446)
Rest of World 4,456 (72)
_______________ _______________
43,042 79,230
=============== ===============
3. Taxation
6 months to 6 months to
31 December 31 December
2004 2003
#'000 #'000
Current tax
UK Taxation
UK corporation tax at 30% on
(losses)/profits for the period 807 1,166
Less double tax relief (807) (150)
_______________ _______________
-- 1,016
Adjustment in respect of prior periods (320) (148)
_______________ _______________
Total current UK tax (320) 868
Foreign taxation
Current tax on income for the period 812 692
_______________ _______________
Total current tax 492 1,560
Of which Group taxation (320) 1,184
Joint venture taxation 812 376
_______________ _______________
492 1,560
_______________ _______________
Deferred taxation
Group (101) 50
Joint venture (137) (33)
_______________ _______________
Tax charge on (loss)/profit on
ordinary activities for the period 254 1,577
=============== ===============
4. Earnings per share
The calculations of earnings per share are based 6 months to 6 months to
on the following information:
31 December 31 December
Weighted average number of shares: 2004 2003
Number of Number of
shares shares
For basic earnings per share 140,169,471 139,745,533
Dilutive effect of share options 198,392 1,039,333
_______________ _______________
_______________ _______________
For diluted earnings per share 140,367,863 140,784,866
=============== ===============
Basic Basic Diluted Diluted
6 months to 6 months to 6 months to 6 months to
31 December 31 December 31 December 31 December
2004 2003 2004 2003
#'000 #'000 #'000 #'000
(Loss)/profit
for the financial
period (28,991) 6,249 (28,991) 6,249
Goodwill
amortisation 2,658 126 2,658 126
_______________ _______________ _______________ _______________
(Loss)/profit
for the financial
period before (26,333) 6,375 (26,333) 6,375
goodwill
=============== =============== =============== ===============
Pence per Pence per Pence per Pence per
share share share share
(Loss)/earnings
per share (20.7) 4.5 (20.7) 4.4
Goodwill per share 1.9 0.1 1.9 0.1
_______________ _______________ _______________ _______________
(Loss)/earning
per share before (18.8) 4.6 (18.8) 4.5
goodwill
=============== =============== =========== ===============
5. Debtors
31 December 2004 31 December 2003
Due Due Due Due
within after within after
one year one year one year one year
#'000 #'000 #'000 #'000
Trade debtors 6,479 -- 26,518 --
Other debtors 3,471 38 5,719 45
Prepayments 2,821 -- 3,456 --
_______________ _______________ _______________ _______________
12,771 38 35,693 45
=============== =============== =============== ===============
6. Creditors
31 December 31 December
2004 2003
Due Due Due Due
within after within after
one year one year one year one year
#'000 #'000 #'000 #'000
Borrowings Obligations
under finance leases 350 254 -- --
_________ _________ ________ _________
350 254 -- --
======== ======== ======== ========
Other creditors
Bank loans and
overdrafts -- -- 39 --
Trade creditors 4,549 -- 7,526 --
Royalty creditors 846 -- 2,684 --
Accruals and
deferred income 6,152 -- 7,012 --
Corporation tax
payable 1,800 -- 6,310 --
Other creditors 652 62 3,465 --
_________ _________ ________ _________
13,999 62 27,036 --
_________ _________ ________ _________
14,349 316 27,036 --
======== ======== ======== ========
7. Provisions for liabilities and charges
Deferred Deferred Total
Consideration tax
#'000 #'000 #'000
At 1 July 2004 2,068 1,463 3,531
Foreign exchange difference on
deferred tax liability -- 81 81
Release of deferred tax liability -- (101) (101)
__________ __________ __________
At 31 December 2004 2,068 1,443 3,511
======== ======== ========
8. Movement in shareholders' funds
Ordinary Own shares Share Profit
shares Premium Other Merger and loss Total
Number of Amount Amount account reserves reserve Account
shares #'000 #'000 #'000 #'000 #'000 #'000 #'000
Balance as at
1 July 2004 142,002,471 2,840 (2,564) 78,594 690 1,980 (9,604) 71,936
Loss for the
period -- -- -- -- -- -- (28,991) (28,991)
Translation
adjustment -- -- -- -- -- -- 201 201
Write back of
cost of employee
share options,net -- -- -- -- -- -- (104) (104)
_____________ _________ _____________ ___________ _________ _________ _________ _______
Balance as at
31 December
2004 142,002,471 2,840 (2,564) 78,594 690 1,980 (38,498) 43,042
=========== ======== =========== ========== ======== ======== ======== ======
9. Reconciliation of operating profit to net cash inflow/(outflow) from
operating activities
6 months to 6 months to
31 December 31 December
2004 2003
#'000 #'000
Group operating
(loss)/profit (31,270) 4,802
Loss on disposal of
fixed assets -- 81
Depreciation of tangible
fixed assets 1,655 985
Amortisation of goodwill 2,658 126
(Write back)/charge
for employee share options (104) 64
Decrease/(increase) in
working capital 1,829 (1,847)
Net cash (outflow)/inflow from
operating activities (25,232) 4,211
10. Analysis of net funds
At Exchange and At
1 July non-cash 31 December
2004 Cash flow movements 2004
#'000 #'000 #'000 #'000
Cash at bank and in hand 24,839 (18,388) 290 6,741
Short-term deposits and
liquid resources 12,565 (7,765) 249 5,049
37,404 (26,153) 539 11,790
Finance leases (756) 185 (33) (604)
Net funds 36,648 (25,968) 506 11,186
EIDOS plc
Unaudited Consolidated Statements of Operations reconciled to U.S. GAAP
Six months
ended
December 31
Reconciliation to U.S. GAAP 2004 2003
#000 #000
Net (loss)/income after tax (reported under U.K.
GAAP) (28,991) 6,249
Amortisation of goodwill 2,658 126
Revenue recognition 243 976
Prepaid advertising -- (109)
Profit on disposal of investment -- 488
Vacation pay provision 186 --
Deferred taxation 20 --
----------- -----------
Net (loss)/income in accordance with U.S. GAAP (25,884) 7,730
----------- -----------
(Loss)/earnings per share in accordance with U.S.
GAAP (basic and diluted) (18.5)p 5.5p
----------- -----------
Unaudited Consolidated Balance Sheets Reconciled to U.S. GAAP
Reconciliation to U.S. GAAP December 31, December 31,
2004 2003
#000 #000
Equity Shareholders' funds (prepared
under U.K. GAAP) 43,042 79,230
-------------- --------------
Amortisation of goodwill
Joint ventures goodwill amortisation 471 471
Other goodwill amortisation 4,490 390
Exchange differences on goodwill 49 45
Goodwill differences arising on the
acquisition of IO Interactive A/S (1,532) --
Deferred consideration 2,068 --
Deferred tax liability 250 --
Revenue recognition (243) (729)
Prepaid advertising -- (109)
Vacation pay provision (643) --
-------------- --------------
4,910 68
-------------- --------------
Shareholders' funds in accordance with
U.S. GAAP 47,952 79,298
-------------- --------------
-------------- --------------
--------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IIFFDVIIILIE
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