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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Local Radio | LSE:TLR | London | Ordinary Share | GB00B0108C60 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.05 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 8040X Local Radio Company PLC (The) 30 June 2008 30 June 2008 THE LOCAL RADIO COMPANY PLC (the "Local Radio Company" or the "Company) Interim results for the six months to 31st March 2008 ("the Period") Highlights * Launch of Jazz FM in a licencing agreement with Guardian Media Group * Significant restructuring of and reduction in central overhead costs following disposal of seven loss-making stations * Like for like revenue from continuing operations up by 7% to £8 million (H1 07 £7.4million)* * Gross profit from continuing operations up 6% to £5.9 million (H1 07 £5.5 million)* * Continued growth in audience and hours across the Local Radio Company's stations * First Radio Sales increased commission revenues by 12% to £2.25 million * Revenues from newly established web business have grown substantially * Portsmouth FC have stated their intention to exercise their option to increase their stake in local JV for £950,000 in September 08 *figures relate to same continuing business in 08 and 07 Richard Wheatly, Executive Chairman of The Local Radio Company Plc, said: "I am delighted to announce that we have signed a licencing agreement with Guardian Media Group to broadcast Jazz FM on DAB, and through the internet and digital television. This represents a major opportunity for us to develop a new business in a market segment which is not currently being served by any UK radio broadcaster at low risk and with minimal cash investment. We are currently working with GMG and expect to begin broadcasting in late autumn." "Despite the difficult advertising environment in the radio industry our underlying business again continues to outperform the market across key operational measures. We have taken a number of major steps to improve operating performance, including the disposal of non-performing stations and continue to review all of our options in a consolidating market place to optimise our portfolio of stations. However, although our new online business continues to perform well the prospects for the advertising market as a whole remain uncertain in the current economic climate." Enquiries Richard Wheatly/Alistair Mackenzie Tel: +44 (0) 1494 688205 The Local Radio Company Plc www.thelocalradiocompany.com John Craven/Michael Burt Tel: +44 (0) 20 7426 9000 Landsbanki Securities (UK) Limited Michael Oke/Andy Mills Tel: +44 (0) 20 7321 0000 Aura Financial www.aura-financial.com Chairman's Statement Despite the difficult advertising environment in the radio industry our underlying business again continues to outperform the market across key operational measures. We have taken a number of major steps to improve operating performance, including the disposal of non-performing stations and continue to review all of our options in a consolidating market place to optimise our portfolio of stations. However, although our new online business continues to perform well the prospects for the advertising market as a whole remain uncertain in the current economic climate. Acquisition of Jazz FM franchise I am delighted to announce that we have signed a three year licencing agreement with Guardian Media Group ("GMG") to broadcast Jazz FM on DAB, the internet and digital television. This represents a major opportunity for us to develop a new business in a market segment which is not currently being served by any UK radio broadcaster at very low risk. We are currently working with GMG and expect to begin broadcasting in late autumn. Our previous success in developing and building the Jazz FM brand and our ability to use existing Local Radio Company infrastructure to rapidly create a new radio station without significant additional costs means we are confident that Jazz FM will provide a significant source of new revenues and future profits and represents a unique value creation opportunity for our shareholders. Under the agreement GMG will assign to The Local Radio Company the rights to provide a Jazz FM service on the London, North West and West Midlands digital multiplexes as well as the rights to manage the Jazzfm.com website and exploit the Jazz FM brand into a wide range of Jazz related products and services. In addition, we will be extending digital coverage of Jazz FM nationally through carriage on Sky TV. At its discontinuation, The Jazz, a national DAB service had a total weekly audience of 407,000, listening for over 2 million hours (source: Rajar 2008) whilst Jazz FM had a total weekly audience of 1,024,000 with over 5 million listening hours when it was sold by the current Local Radio Company management in 2002 (source: Rajar Q2 2002). Market outperformance Total radio advertising revenue for the Local Radio Company was characterised by further instability during the period. Overall improvements in the last few months of 2007 were followed by revenue declines in the first three months of 2008 as the widespread economic uncertainty filtered down to the radio industry. Nevertheless, we have still managed to grow our revenues by 7% from continuing operations on a like for like basis despite these difficult market conditions. In the quarter to June 2008 the market has deteriorated further and revenues for the period are likely to decline by 6% from continuing operations, a performance which we expect to be ahead of the market. Financial performance In the six months to March turnover was £8m from continuing activities following the sale of seven loss making stations (Dune FM, Vale FM, Ivel FM, Brunel FM, Bath FM, 3TR and Pennine FM). This is 7% ahead of revenues for the same twenty one stations last year. Due to accounting rules, the profit and loss account for the Period includes both continuing and discontinued activities as the disposals took place after the end of the period. Therefore, the operating loss of £573,000 includes central overheads for both continuing and discontinued operations and investments in web activities. We have produced below pro forma numbers showing revenue, cost of sales and gross profit on a continuing and discontinued basis for the Company as this provides a more accurate picture of the underlying performance of the Company's businesses. 6 months to 31 March 08 6 months to 31 March 07 12 months to 30 September 07 Continuing Discontinued Continuing Discontinued Continuing Discontinued £'000 £'000 £'000 £'000 £'000 £'000 Revenue 7960 1213 7414 1309 15530 2536 Cost of Sales (2082) (368) (1885) (354) (3900) (581) Gross Profit 5878 845 5529 955 11630 1955 This is the first time the group has prepared its financial statements in accordance with IFRS Previous statements were prepared in accordance with UK GAAP. This impacts both the way that discontinued activities are shown, depressing group turnover, the treatment of goodwill, under which there was a £7.95m charge in the first six months of last year and brings in charges for share based payments and untaken holidays. There is a reconciliation of prior results at Note 5. Audience growth Congratulations in this difficult market go to our programmers who, at a time of record and growing BBC audience share, continue to grow our total audiences. In the latest survey results we recorded 920,000 listeners per week listening for 7.611 million hours (Rajar Q1 08) compared to 907,000 listeners per week listening for 7.582 million hours (Rajar Q1 07), By contrast, total local commercial listening has fallen by 4% over this same period. I am also pleased to report that our station, Silk FM, won the Sony Gold Award for small station of the year, the second year running that one of our stations has won this prestigious accolade. Operational developments Our Joint Venture with Portsmouth Football Club ("PFC"), involving our stations in Portsmouth, Chichester and the Isle of Wight continues to make good progress. The project has gained added impetus from the Club's outstanding achievement in winning the FA Cup Final in May and it is PFC's stated intention to exercise their option to a further 24% shareholding in the Joint Venture for £950,000 in September 2008, taking their total shareholding to 50% following their acquisition of a 26% stake for £1 million in September 2007. As part of our continuing review of our portfolio of stations the Board today announces the disposal of six unprofitable stations; Bath FM, Brunel FM, 3TR, Ivel FM, Vale FM and Pennine FM for nominal amounts. This follows the disposal of Dune FM for a nominal sum, as announced on 6 June 2008. The seven stations which have been sold recorded a loss of £443,000 before central costs during the period. Their disposal enables us to significantly reduce central costs which will place the Company in a stronger position to take advantage of opportunities that arise. We will continue to review our portfolio of stations as appropriate. Local Radio online offering The Group's new combined radio and web based sell continues to grow in popularity with national and local advertisers. As a result, we have invested further in this new revenue stream during the period, incurring overheads of over £150,000 and are investing £120,000 in capital expenditure. We saw web revenues grow significantly from October to March and this has continued in May and June. We expect online revenues to have reached 5% of turnover by the end of the calendar year. First Radio Sales First Radio Sales, the airtime sales company representing 134 stations across the UK, in which the Group has a 50% share, performed strongly in the first six months of the year. Commission revenues increased by 12% to £2.25 million representing its best ever six monthly revenues. Its revenues have fallen in the quarter to June but its year to date position is still well ahead of last year. Richard Wheatly Executive Chairman Consolidated unaudited interim income statement for the period to 31 March 2008 Unaudited Unaudited 6 months to 6 months to 12 months to 31 March 2008 31-Mar-07 30-Sep-07 Note £'000 £'000 £'000 GROUP REVENUE 7,960 8,703 18,046 Cost of sales (2,082) (2,238) (4,480) ________ ________ ________ GROSS PROFIT 5,878 6,465 13,566 Administrative expenses (6,653) (16,080) (23,813) Profit on sale of subsidiary - - 795 undertaking Share of operating profit in 233 161 300 Joint Venture Share of operating loss in (31) (55) (97) associates ________ ________ ________ LOSS ON OPERATIONS (573) (9,509) (9,249) Interest receivable 46 28 62 Interest payable (1) (8) (9) LOSS ON CONTINUING ACTIVITIES (528) (9,489) (9,196) BEFORE TAXATION Tax on loss 2 - - - ________ ________ ________ LOSS FOR THE PERIOD ON (528) (9,489) (9,196) CONTINUING ACTIVITIES Profit/(Loss) from (443) 7 7 discontinued activities ________ ________ ________ LOSS FOR THE PERIOD (971) (9,482) (9,189) Attributable to: Equity holders (931) (9,463) (9,150) Minority interest (40) (19) (39) ________ ________ ________ Loss per share in pence 3 Basic and diluted (1.29)p (14.19)p (13.19)p Consolidated statement of changes in equity for six months ended 31st March 2008 Share Share Other Retained Total Minority Total Capital Premium Reserves Earnings Interest Equity £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 Sept 2007 2,880 47,676 450 (34,152) 16,854 13 16,867 Changes in accounting policy (339) (339) (339) _____ ______ _____ _______ ______ ______ ______ Restated balance 2,880 47,676 450 (34,491) 16,515 13 16,528 Changes in equity for period Loss for the period (931) (931) (931) Minority interest (40) (40) Write off of Share Premium (47,637) 47,637 account Provision share based payments 39 39 39 Share Premium write off costs (39) (39) (39) _____ ______ _____ ______ ______ ______ ______ Balance at 31 March 2008 2,880 nil 489 12,215 15,584 (27) 15,557 Consolidated unaudited interim balance sheet as at 31 March 2008 Note UnauditedAt 31 March 2008 Unaudited At 31 March 2007 At 30 September 2007 £*000 £*000 £*000 £*000 £*000 £*000 NON-CURRENT ASSETS Intangible assets 10,457 10,562 10,457 Property, plant and equipment 1,548 1,629 1,713 Investment in joint venture 2,451 2,579 2,568 Investments in Associates 47 120 78 Total Investments 2,498 2,699 2,646 ______ ______ _______ TOTAL NON-CURRENT ASSETS 14,503 14,890 14,816 CURRENT ASSETS Trade and other receivables 2,758 3,370 3,151 Cash and cash equivalents 2,032 ______ 1,835 _____ 2,468 _____ TOTAL CURRENT ASSETS 4,790 5,205 5,619 ______ ______ ______ TOTAL ASSETS 19,293 20,095 20,435 LIABILITIES NON-CURRENT LIABILITIES Bank Loans - 19 - ______ ______ ______ TOTAL NON CURRENT LIABILITIES - 19 - CURRENT LIABILITIES Trade and other payables 1,758 2,127 2,476 Short-term provisions 1,978 1,803 1,431 ______ _______ ______ TOTAL CURRENT LIABILITIES 3,736 3,930 3,907 ______ ______ ______ TOTAL LIABILITIES 3,736 3,949 3,907 ______ ______ ______ TOTAL NET ASSETS 15,557 16,146 16,528 Capital and reserves attributable to equity holders of the company Share Capital 2,880 2,880 2,880 Share Premium Account 7 47,676 47,676 Other Reserves 7 489 389 450 Retained Earnings 7 12,215 (34,804) (34,491) 15,584 16,141 16,515 Minority Interest (27) 5 13 ______ ______ ______ TOTAL EQUITY 15,557 16,146 16,528 Consolidated unaudited interim cash flow statement for the period ended 31 March 2008 Unaudited Unaudited Year to Note 6 months to 6 months to 30 September 31 March 2008 31 March 2007 2007 £'000 £'000 £'000 LOSS BEFORE TAXATION (971) (9,482) (9,189) Loss on Sale of Subsidiary - - (795) Interest Received (46) (28) (62) Interest Paid 1 8 9 Share of Joint Venture Profit (233) (161) (300) Share of Associates losses 31 55 97 Provision of share based 39 37 98 payments Depreciation of property, 289 280 555 plant and equipment Amortisation of intangible - 8,524 8,524 assets (increase)/decrease in debtors 393 (116) 77 increase/(decrease) in (172) 149 105 creditors _____ _____ _____ NET CASH USED IN OPERATING (669) (734) (881) ACTIVITIES INVESTING ACTIVITIES Dividends Received 350 - 150 Capital Redistribution - 250 250 Interest and other investment 46 28 62 income received Purchase of Fixed Assets (123) (92) (474) Purchase of Fixed Assets - (57) (57) investments Sale of shares in subsidiary - - 1,000 undertakings Disposal of subsidiary - 60 60 undertaking _____ _____ _____ NET CASH FROM INVESTING 273 189 991 ACTIVITIES FINANCING ACTIVITIES Interest Paid (1) (8) (9) Share premium write off costs (39) - - Issue of ordinary share - 3,002 3,002 capital Issue costs - (195) (195) _____ ______ ______ NET CASH FROM / (USED IN) (40) 2,799 2,798 FINANCING ACTIVITIES _____ _____ _____ NET INCREASE / (DECREASE) IN (436) 2,254 2,908 CASH CASH AT BEGINNING OF PERIOD 8 2,468 (440) (440) CASH AT END OF PERIOD 2,032 1,814 2,468 Notes to the unaudited financial statements 1 Basis of preparation This is the first time the group has prepared its financial information in accordance with IFRSs, having previously prepared its financial information in accordance with UK GAAP accounting standards. Details of how the transition from UK accounting standards to EU adopted IFRS has affected the Group's reported financial position, financial performance and cash flows are given in notes 5 to 6 The results for the Group for the six months ended 31 March 2008 and the comparative results for the six months ended 31 March 2007 are unaudited. The financial information contained herein does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The comparatives for the year ended 30 September 2007 are not the Company's full statutory accounts for that period. A copy of the statutory accounts for that period has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under section 237 (2) - (3) of the Companies Act 1985. Changes in accounting policies - First-time adoption In preparing this financial information, the group has elected to apply the following transitional arrangements permitted by IFRS 1 'First-time Adoption of International Financial Reporting Standards'. Transition date is 1st October 2006. * Business combinations effected before 1 October 2006 have not been restated. The Group has made estimates under IFRSs at the date of transition, which are consistent with those estimates made for the same date under UK GAAP unless there is objective evidence that those estimates were in error, i.e. the group has not reflected any new information in its opening IFRS balance sheet but reflected that new information in its income statement for subsequent periods. Basis of consolidation The consolidated financial information incorporates the results of The Local Radio Company PLC and all of its subsidiary undertakings as at 30 September 2007 using the acquisition method of accounting. The results of subsidiary undertakings are included from the date of acquisition. Financial Instruments Risk Management The group is exposed through its operations to the following financial risks: * Credit risk * Fair value or cash flow interest rate risk * Other market price risk * Liquidity risk In common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. Notes to the unaudited financial statements (continued) Principal financial instruments The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: * trade receivables * cash at bank * bank overdrafts * investments in unquoted equity securities * trade and other payables Joint ventures An entity is treated as a joint venture where the Group holds a long term interest and shares control under a contractual agreement. In the consolidated financial statements, interests in joint ventures are accounted for using the gross equity method of accounting. Property, plant and equipment Depreciation is calculated so as to write off the cost less estimated residual values of property, plant and equipments, except for freehold land, on a straight-line basis over the expected useful lives of the assets concerned and are reviewed annually for any impairment in value. The principal annual rates used for this purpose are: Freehold buildings - 2% Transmitter equipment - 12.5% Studio equipment - 20% Computer equipment - 33% - 50% Leasehold improvements - Over the period of the lease Office equipment - 20% Motor vehicles - 25% Acquired licences The costs of acquired licences are amortised over the expected licence period, and are reviewed annually for any impairment in value. Investments in Associates An entity is treated as an associate where the Group has a long term interest and significant, but not controlling influence, generally accompanying a shareholding of between 20% and 50%. In the consolidated financial statements, interests in associates are accounted for using the gross equity method of accounting. The group's share of its associates' post acquisition results is recognised in the income statement and the cumulative movements are adjusted against the carrying amount of the investment. Impairment of assets The Group assesses at each reporting date whether there is indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is required, the Group makes an estimate of an asset's recoverable amount. An asset's recoverable amount is the higher of an asset's fair value less costs to sell or cash-generating unit's value in use and its carrying amount. Where the carrying amount exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These evaluations are corroborated by valuation multiples, quoted share prices if available or other fair value indicators. Revenue Revenue represents the total invoiced value, excluding value added tax and trade discounts, of services rendered during the period, and is recognised as related advertising is aired. Revenue relates entirely to the principal activities of the Group. Notes to the unaudited financial statements (continued) Segmental analysis Segmental analysis is not considered necessary as all revenue and operations are UK based and there are no significant segments of trade. Leases Assets held under finance leases and hire purchase contracts are capitalised at their fair value on the inception of the leases and depreciated over their estimated useful lives. The finance charges are allocated over the period of the lease in proportion to the capital amount outstanding. Rentals under operating leases are charged to the income statement in equal amounts over the periods of the leases. Deferred taxation Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the balance sheet differs from its tax base, except for differences arising on: * the initial recognition of goodwill; * the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and * investments in subsidiaries and jointly controlled entities where the group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: * the same taxable group company; or * different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Share based payments The fair value of options granted to employees, measured on the grant date, are expensed over the vesting period on a straight-line basis. Market vesting conditions are factored into the fair value of the options granted. A charge is made irrespective of whether market vesting conditions, if any, are satisfied and the cumulative expense is not adjusted for failure to meet these conditions. Where the terms and conditions of options are modified before they vest any increase in the fair value of the options is expensed over the remaining vesting period. Share options are valued using the Black-Scholes model. Pensions Some subsidiary companies participate in a defined contribution pension scheme. Contributions charged to income statement represent the contributions payable by the Group during the period 2 Tax on loss from operations No tax has been accounted for in the period as there are sufficient losses and capital allowances brought forward to reduce the charge to nil, on the basis that the tax charge for the half year is estimated on the basis of the anticipated tax rates applying for the full year. Notes to the unaudited financial statements (continued) 3 Loss per share March 2008 March 2007 September 2007 Total Total Total Loss for the year (£000) (931) (9,463) (9,150) Weighted average number of (Basic) 72,001,588 66,705,984 69,361,040 shares Basic loss per share (1.29)p (14.19)p (13.19)p Basic and diluted loss per share are the same, as the effect of all potential ordinary shares is not dilutive. 4 Goodwill Impairment of goodwill Goodwill represents the excess of the cost of a business combination over the interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair values of assets given, liabilities assumed and equity instruments issued, plus any direct costs of acquisition. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated income statement. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated income statement on the acquisition date. Notes to the unaudited financial statements (continued) 5 Reconciliation of net income 6 months ended 31 March 2007 Year ended 30 September 2007 UK GAAP Effect of transition IFRS UK GAAP Effect of transition IFRS to IFRS to IFRS Restated Note £'000 £'000 £'000 £'000 £'000 £'000 GROUP REVENUE 8,703 - 18,046 - 8,703 18,046 Cost of sales (2,238) - (4,480) - (2,238) (4,480) ________ ________ ________ ________ ________ ________ GROSS PROFIT 6,465 6,465 13,566 13,566 Administrative (16,010) (70) (139) (23,813) expenses (16,080) (23,674) Profit on sale of - - - 795 - 795 subsidiary undertaking Share of operating 161 - 161 300 - 300 profit in Joint Venture Share of operating (55) (55) (97) (97) loss in associates ________ ________ ________ ________ ________ ________ LOSS ON OPERATIONS (9,384) (125) (9,509) (9,013) (236) (9,249) Interest receivable 28 - - 28 62 62 Interest payable (8) - - (9) (8) (9) LOSS ON CONTINUING (9,364) (125) (236) ACTIVITIES (9,489) (8,960) (9,196) BEFORE TAXATION Tax on loss - - - - - - ________ ________ ________ ________ ________ ________ LOSS FOR THE PERIOD (9,364) (125) (9,489) (8,960) (236) (9,196) ON CONTINUING ACTIVITIES Profit/(Loss) from 7 - 7 7 - 7 discontinued activities ________ ________ ________ ________ ________ ________ LOSS FOR THE PERIOD (9,482) (125) (9,482) (8,953) (236) (9,189) Attributable to: Equity holders (9,338) (125) (9,463) (8,914) (236) (9,150) Minority interest (19) - (19) (39) - (39) ________ ________ ________ ________ ________ ________ Loss per share in pence Basic and diluted 3 (14.00)p (14.19)p (12.85)p (13.19)p Note: The £70,000 represents an accrual for holiday pay. Contractual holiday pay entitlement accrued by employees but (as at March 31st 2007) remained untaken. (September 30th equivalent was £139,000). Notes to the unaudited financial statements (continued) 6 Reconciliation of equity At March 2007 At September 2007 UKGAAP Effect of transition IFRS UKGAAP Effect of transition IFRS to IFRS to IFRS restated NON-CURRENT ASSETS Intangible assets 10,562 10,562 10,457 - 10,457 - Property, plant and equipment 1,629 - 1,629 1,713 - 1,713 Investment in joint venture 2,579 2,579 2,568 2,568 Investment in associates 278 (158) 120 278 (200) 278 TOTAL NON-CURRENT ASSETS 15,048 (158) 14,890 15,016 (200) 14,816 CURRENT ASSETS Trade and other receivables 3,370 - 3,370 3,151 - 3,151 Cash and cash equivalents 1,835 - 1,835 2,468 - 2,468 _______ _______ _______ _______ _______ _______ TOTAL CURRENT ASSETS 5,205 - 5,205 5,619 - 5,619 TOTAL ASSETS 20,253 (158) 20,095 20,635 (200) 20,435 LIABILITIES NON-CURRENT LIABILITIES Bank Loans 19 - 19 - - - TOTAL NON CURRENT LIABILITIES 19 19 - - - - CURRENT LIABILITIES Trade and other payables 2,127 - 2,127 2,476 - 2,476 Short-term provisions 1,733 70 1,803 1,292 139 1,431 TOTAL CURRENT LIABILITIES 3,860 70 3,930 3,768 139 3,907 TOTAL LIABILITIES 3,879 70 3,949 3,768 139 3,907 TOTAL NET ASSETS 16,374 (228) 16,146 16,867 (339) 16,528 Capital and reserves attributable to equity Holders of the company Share capital 2,880 - 2,880 2,880 - 2,880 Share premium account 47,676 - 47,676 47,676 - 47,676 Other reserves 389 - 389 450 - 450 Retained Earnings (34,576) (228) (34,804) (34,152) (339) (34,491) 16,369 (228) 16,141 16,854 (339) 16,515 Minority interest 5 * 5 13 * 13 TOTAL EQUITY 16,374 (228) 16,146 16,867 (339) 16,528 Notes to the unaudited financial statements (continued) Cash flow statement There are no material differences between the cash flow statement presented under IFRS and the cash flow statement presented under previous GAAP. 7 Statement of movements on reserves Group Share premium Other reserves Profit and loss account £*000 £*000 £*000 Balance at 30 September 2007 47,676 450 (34,491) Write off of share premium (47,637) - 47,637 account Provision For share based 39 - payments - Share Premium account write (39) - off costs - Loss for the period - - (931) _______ _______ _______ Balance at 31 March 2008 - 489 12,215 _______ _______ _______ Share Premium Account As a result of an EGM (dated 2nd October 2007) Resolution 3 sought, with the approval of the shareholders, to seek the consent of the Court to cancel the share premium account of The Local Radio Company Plc. Duly, by Order of the High Court of Justice, Chancery Division (24th October 2007), pursuant to s138 of the 1985 Companies Act, authorisation was given under Special Resolution to cancel the share premium account of the Local Radio Company Plc. 8 Analysis of net funds At 1 October 2007 Cash flow Additions At31 March2008 £*000 £*000 £*000 £*000 Cash at bank and in hand 2,479 (447) - 2,032 Debt due after one year - - - - Debt due within one year (11) 11 - - ______ ______ ______ ______ 2,468 (436) * 2,032 _______ _______ _______ _______ Notes to the unaudited financial statements (continued) 9. Prior year restatement The Local Radio Company Plc revisited its impairment testing for the period to 31st March 2007 in preparing its September 2007 annual financial statements and the directors came to the conclusion that further impairment was required to the value of £7,975,000. The effect of the restatement on those financial statements is summarized below: Effect on 2007 £'000 Increase in administration expenses 7,975 increase in loss for period 7,975 Decrease in Intangible Assets 7,975 Decrease in Net Assets 7,975 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLERAIAFIT
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