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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ludorum | LSE:LUD | London | Ordinary Share | GB00B0ZH1L34 | ORD1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLUD
RNS Number : 3254K
Ludorum PLC
24 June 2014
24 June 2014
LUDORUM PLC PRELIMINARY RESULTS FOR THE YEAR ENDING 31 MARCH 2014
Ludorum plc, ("Ludorum" or the "Company"), the AIM-listed media investment company, today announces its results for the year ended 31 March, 2014. The prior accounting period was for 15 months ended 31 March 2013.
Highlights for the year ended 31 March 2014 versus the 15 Months Period ended March 2013
Turnover GBP4.91m (2013: GBP7.78m)
Broadcast income GBP1.33m (2013: GBP0.58m)
Consumer products revenues GBP3.58m (2013: GBP7.17m)
EBITDA GBP1.12m (2013: GBP0.88m)
Operating profit GBP0.33m (2013: GBP0.01m)
Administrative expenses GBP1.26m (2013: GBP2.49m)
Chuggington has now been licensed for broadcast to 175 countries
A new series of 26 episodes was completed during the year and production commenced on a further ten episodes for delivery in 2015.
Strong performance in toy sales where new content has been aired.
Rob Lawes, Chief Executive, said:
"This has been a year of transition for the Company. We have adjusted our team and our overheads to deal with a changed market environment, and this strategy is now creating a positive effect on our profits and cash flow. We were pleased to be able to deliver a 25% increase in EBITDA to GBP1.12m despite a fall in consumer products revenues. Moving forward, there are some exciting developments taking place with our new Chuggington series starting to air on a global basis alongside a very innovative toy range. We feel that we are in a good position to continue making Chuggington into the premier evergreen pre-school global train property."
Contacts
Ludorum plc 020 8246 4010
Rob Lawes
Investec Investment Banking (NOMAD) 020 7597 4000
Andrew Pinder
David Flin
CHIEF EXECUTIVE'S REVIEW
Overview
This has been a year of transition for the Company. Whilst we have seen a year on year decline in revenues from our master toy partner, driven by the withdrawal of one of the three train systems in the market, we have seen some encouraging underlying sales growth in the two remaining systems as a result of the enthusiastic reception for the new programming content which started to air towards the end of 2013.
This is the first new content we have delivered to broadcasters since Spring 2011. This new season delivers even more adventure and excitement and introduces many new locations and characters. The first 26 episodes have already commenced broadcast in the UK, US and Germany and are generating strong ratings. We are also in production for a further ten episodes for 2015 delivery.
Recently, we have enjoyed some good successes at retail and our new characters and sets have been performing well. This has led to increased distribution in key markets where the new content has been aired. We are also pleased with the continued innovation in the toy lines which will be reflected in the new product launches later on in this year and in 2015.
Chuggington
Chuggington is an action packed series of train adventures that come to life in a vibrant modern world called Chuggington. Wilson and his friends Brewster and Koko take on exciting challenges that test their courage, speed and determination. Along the way, they learn positive values and new skills empowering them to become the best trainees they can be. To date we have created 118 x 10" episodes and 46 x 4" shorter episodes. We are in production on a further 10 x 10" episodes with delivery of these episodes scheduled for early 2015.
The first Chuggington series was created by Ludorum in 2006 and has continually and successfully been on air since 2008. We have concluded broadcast agreements with all leading broadcasters in their respective territories in 175 countries. The series has established a highly successful ratings record in many markets including the UK (BBC -Cbeebies), North America (The Disney Channel), Germany (Super RTL), France (TF1), Japan (Fuji -TV), Australia (ABC) and Canada (Treehouse).
Financial Review
In June 2012 we announced that our accounting reference date would change to 31 March. We do not have a like for like audited comparison for the 12 month period ending 31 March 2013 and all the prior year numbers relate to the 15 month period ending 31 March 2013.
Ludorum generated revenues of GBP4.91m for the year ended 31 March 2014 (2013: GBP7.78m). This reduction is mainly the result of lower reported consumer product revenues of GBP3.58m (GBP7.17m). Consumer products revenues represented 73% of revenues (2013: 92%) Broadcast revenues represented 27% of revenues at GBP1.33m (2013: GBP0.58m).
Europe (including the UK) represented 48% (2013: 39%) of total revenues at GBP2.35m The Americas represented 33% (2013: 34%) of revenues at GBP1.64m and Asia/Australasia 19% (2013: 26%) of revenues at GBP0.92m.
Total administrative expenses were GBP1.26m, a substantial reduction over the prior period cost of GBP2.49m.
Operating profit for the year was GBP0.33m versus GBP0.01m for the prior period. EBITDA for the year grew by 25% to GBP1.12m versus GBP0.88m for the prior period. Both benefitted from the reduction in administrative expenses referenced above.
Capital expenditure on Chuggington during the period was GBP1.33m (2013: GBP1.11m).
As at 31 March 2014, the Company had cash and cash equivalents of GBP0.33m (31 March 2013 GBP0.95m) and bank overdrafts of GBP0.98m (31 March 2013: GBP0.97m). In June 2014, the Company renewed its GBP0.75m overdraft facility with Coutts & Co for a period of six months to 1 December 2014 at which time it will reduce to GBP0.5m. During the period under review, Coutts & Co temporarily increased the Company's overdraft facility from GBP0.75m to GBP1m through January and February 2014 and then GBP0.9m until 31 March 2014 when it reverted to GBP0.75m.
In March 2012, the Company issued GBP2.75m of loan notes. The loan notes are held by client funds of Downing LLP and D C Thomson & Co Limited. The loan notes are repayable in March 2017. If the Company redeems the loan notes within the first two years the redemption will be GBP1.25 per GBP1 of loan notes. If the loan notes are redeemed after two years the loan notes are redeemable at par. The coupon on all notes is the higher of 7.5% or 3% above LIBOR for the first three years. After the three years the coupon is 12.5%.
On the basis of enquiries made by the Directors and in the light of current financial projections and facilities available, the Directors have reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing the accounts. In making this assessment the directors have considered scenarios which in light of the reduced overdraft facility include a downturn in trading and the implication of mitigating factors such as further cost reductions.
Outlook
We remain committed to building Chuggington into the premier evergreen pre-school global train property. We are excited about the introduction of our new series content alongside some great toy product lines, and we feel there are excellent opportunities to make this strategic aim a reality.as we build on our successes to date.
Rob Lawes
Chief Executive
Ludorum plc
Audited consolidated statement of comprehensive income
For the year For the Note ended 15 months 31 March ended 2014 31 March GBP000 2013 GBP000 ------------------------------------------------------------- ----------- --------------------- ------------------- Revenue 2 4,912 7,779 ------------------------------------------------------------- ----------- --------------------- ------------------- Cost of sales (3,323) (5,276) ------------------------------------------------------------- ----------- --------------------- ------------------- Gross profit 1,589 2,503 ------------------------------------------------------------- ----------- --------------------- ------------------- Administrative expenses (1,263) (2,493) ------------------------------------------------------------- ----------- --------------------- ------------------- Operating profit 326 10 ------------------------------------------------------------- ----------- --------------------- ------------------- Finance costs - bank and loan interest (142) (162) ------------------------------------------------------------- ----------- --------------------- ------------------- Finance cost (142) (162) ------------------------------------------------------------- ----------- --------------------- ------------------- Profit / (loss) before income tax 184 (152) ------------------------------------------------------------- ----------- --------------------- ------------------- Income tax expense 3 (59) (133) ------------------------------------------------------------- ----------- --------------------- ------------------- Profit / (loss) for the year 125 (285) ------------------------------------------------------------- ----------- --------------------- ------------------- Other comprehensive income /(loss): Foreign exchange differences which may be recycled into the statement (19) 6 ------------------------------------------------------------- ----------- --------------------- ------------------- Total comprehensive income / (loss) income for the year 106 (279) ------------------------------------------------------------- ----------- --------------------- ------------------- Basic earnings / (loss) per share 4 1.27p (2.9)p Diluted earnings / (loss) per share 4 1.23p (2.9)p ------------------------------------------------------------- ----------- --------------------- -------------------
Ludorum plc
Audited b alance sheets as at 31 March 2014
GROUP GROUP Note 2014 2013 GBP000 GBP000 --------------------------------------------- ------- ----------------- ----------------- Assets --------------------------------------------- ------- ----------------- ----------------- Non-current assets --------------------------------------------- ------- ----------------- ----------------- Investments - - --------------------------------------------- ------- ----------------- ----------------- Property, plant and equipment - 2 --------------------------------------------- ------- ----------------- ----------------- Intangible assets 5 4,493 3,956 --------------------------------------------- ------- ----------------- ----------------- 4,493 3,958 --------------------------------------------- ------- ----------------- ----------------- Current assets --------------------------------------------- ------- ----------------- ----------------- Trade and other receivables 1,791 1,728 --------------------------------------------- ------- ----------------- ----------------- Overseas tax receivable 34 20 --------------------------------------------- ------- ----------------- ----------------- Cash and cash equivalents 328 954 --------------------------------------------- ------- ----------------- ----------------- 2,153 2,702 --------------------------------------------- ------- ----------------- ----------------- Liabilities --------------------------------------------- ------- ----------------- ----------------- Current liabilities --------------------------------------------- ------- ----------------- ----------------- Overseas tax payable (3,184) (3,363) --------------------------------------------- ------- ----------------- ----------------- Trade and other liabilities (984) (966) --------------------------------------------- ------- ----------------- ----------------- Borrowings 6 (4,168) (4,329) --------------------------------------------- ------- ----------------- ----------------- (2,015) (1,627) --------------------------------------------- ------- ----------------- ----------------- Net current liabilities --------------------------------------------- ------- ----------------- ----------------- Non-current liabilities (2,750) (2,750) --------------------------------------------- ------- ----------------- ----------------- Borrowings 6 (2,750) (2,750) --------------------------------------------- ------- ----------------- ----------------- (272) (419) --------------------------------------------- ------- ----------------- ----------------- Net liabilities --------------------------------------------- ------- ----------------- ----------------- Shareholders' deficit --------------------------------------------- ------- ----------------- ----------------- Ordinary shares 88 88 --------------------------------------------- ------- ----------------- ----------------- Deferred shares 50 50 --------------------------------------------- ------- ----------------- ----------------- Share premium 9,296 9,296 --------------------------------------------- ------- ----------------- ----------------- Share based payments reserve 2,359 2,318 --------------------------------------------- ------- ----------------- ----------------- Foreign currency translation (27) (8) --------------------------------------------- ------- ----------------- ----------------- Accumulated losses (12,038) (12,163) --------------------------------------------- ------- ----------------- ----------------- Equity attributable to owners of the parent (272) (419) --------------------------------------------- ------- ----------------- -----------------
Ludorum plc
Audited group statement of changes in equity
Attributable to the owners of the parent ---------------------- ------------------------------------------------------------------------------- Group 2014 Called Share Foreign up Share Accumulated based currency Total share Premium losses payments translation deficit capital GBP000 GBP000 reserve GBP000 GBP000 GBP000 GBP000 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- At 1 April 2013 138 9,296 (12,163) 2,318 (8) (419) ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Profit for the year - - 125 - - 125 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Other comprehensive income: - - - - (19) (19) ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Total comprehensive income / (loss) for the year - - 125 - (19) 106 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Transactions with owners: ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Credit relating to share based payments reserve - - - 41 - 41 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Total contributions for distribution to owners of the Company recognised directly in equity - - - 41 - 41 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- At 31 March 2014 138 9,296 (12,038) 2,359 (27) (272) ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Called Share Foreign 2013 up Share Accumulated based currency Total Share Premium losses payments translation deficit capital GBP000 GBP000 reserve GBP000 GBP000 GBP000 GBP000 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- At 1 January 2012 138 9,296 (11,878) 2,212 (14) (246) ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Comprehensive income: ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Loss for the period - - (285) - - (285) ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Other comprehensive income: - - - - 6 6 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Total comprehensive (loss) / income for the period - - (285) - 6 (279) ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Transactions with owners: ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Credit relating to share based payments reserve - - - 106 - 106 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- Total contributions for distribution to owners of the Company recognised directly in equity - - - 106 - 106 ---------------------- ---------- ---------- -------------- ----------- -------------- ---------- At 31 March 2013 138 9,296 (12,163) 2,318 (8) (419) ---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Ludorum plc
Audited cash flow statements for the year ended 31 March 2014
Notes GROUP GROUP ---------------------- -------------- --------------------- ------------------ For the year For the ended 15months 31 March ended 2014 31 March GBP000 2013 GBP000 ---------------------- -------------- --------------------- ------------------ Cash flows from operating activities ---------------------- -------------- --------------------- ------------------ Cash generated from operations 7 637 786 ---------------------- -------------- --------------------- ------------------ Interest paid (142) (162) ---------------------- -------------- --------------------- ------------------ Taxation paid (73) (176) ---------------------- -------------- --------------------- ------------------ Net cash generated from operating activities 422 448 ---------------------- -------------- --------------------- ------------------ Cash flows from investing activities ---------------------- -------------- --------------------- ------------------ Investment - - in subsidiaries ---------------------- -------------- --------------------- ------------------ Investment in intangible assets (1,066) (1,212) ---------------------- -------------- --------------------- ------------------ Net cash used in investing activities (1,066) (1,212) ---------------------- -------------- --------------------- ------------------ Cash flows from financing activities ---------------------- -------------- --------------------- ------------------ Issue of new loan stock 6 - 1,250 ---------------------- -------------- --------------------- ------------------ Net cash generated from financing activities - 1,250 ---------------------- -------------- --------------------- ------------------ Net (decrease) / increase in cash and cash equivalents and bank overdrafts (644) 486 ---------------------- -------------- --------------------- ------------------ Cash and cash equivalents and bank overdrafts at 1 April (12) (498) ---------------------- -------------- --------------------- ------------------ Cash and cash equivalents and bank overdrafts at 31 March (656) (12) ---------------------- -------------- --------------------- ------------------
Ludorum plc
Notes to the audited preliminary results for the year ended 31 March 2014
1. Basis of preparation
The financial information in this preliminary announcement has been extracted from the audited financial statements of the Group for the year ended 31 March 2014. The financial statements were approved by the board of directors on 23 June 2014 and are prepared in accordance with IFRS as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial information for the 15 months period ended 31 March 2013 has been extracted from the audited financial statements of the Group for that period which have been delivered to the Registrar of Companies. The auditors' report on the accounts for 2014 and 2013 were unqualified and did not contain a statement under section 237(2) or section 237(3) of the Companies Act 1985.
During 2012, the Company changed its accounting reference date from 31 December to 31 March and accordingly the previous financial statements had been prepared for the 15 months period ended 31 March 2013. The accounting reference date was changed to bring it into line with the accounting year end of our master toy partner, Tomy.
The basis of preparation of the financial information in both financial years presented is consistent with the accounting policies set out in the Group's statutory accounts for the year ended 31 March 2013. No additional standards or amendments to existing standards have been adopted by the Group with effect from 1 April 2013.
On the basis of enquiries made by the directors and in the light of current financial projections and facilities available, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial information. In making this assessment the directors have considered scenarios which in light of the reduced overdraft facility include a downturn in trading and the implication of mitigating factors such as further cost reductions.
2. Segmental reporting
The Group currently has one operating segment, the development and exploitation of its rights in Chuggington. Management information used by the CODM is in a format similar to the Consolidated statement of comprehensive income and Balance sheets. The CODM is considered to be the Board of Directors.
Revenue by product line
For the year For the 15 months ended ended 31 March 2014 31 March 2013 GBP000 GBP000 --------------------------- ----------------------- -------------------------- Broadcasting rights 1,328 581 --------------------------- ----------------------- -------------------------- Consumer products 3,577 7,169 --------------------------- ----------------------- -------------------------- Other 7 29 --------------------------- ----------------------- -------------------------- 4,912 7,779 --------------------------- ----------------------- --------------------------
Geographical analysis of revenue by location
For the year For the 15 months ended ended 31 March 2014 31 March 2013 GBP000 GBP000 ---------------------------- ----------------------- -------------------------- UK, Europe, Middle East & Africa 2,353 3,068 ---------------------------- ----------------------- -------------------------- Asia & Australasia 917 2,032 ---------------------------- ----------------------- -------------------------- Americas 1,642 2,679 ---------------------------- ----------------------- -------------------------- 4,912 7,779 ---------------------------- ----------------------- --------------------------
All material assets are located in the UK.
3. Income tax expense
The tax assessed for the year differs from the UK Small Company's tax rate in the UK. The difference is explained below:
For the year For the 15 ended months 31 March 2014 ended GBP000 31 March 2013 GBP000 --------------------------------- ----------------------- ------------------- Current tax --------------------------------- ----------------------- ------------------- UK taxation - - --------------------------------- ----------------------- ------------------- Overseas taxation - withholding taxes 45 100 --------------------------------- ----------------------- ------------------- Overseas taxation - US income taxes 14 33 --------------------------------- ----------------------- ------------------- Total overseas taxation 59 133 --------------------------------- ----------------------- ------------------- Total current tax expense 59 133 --------------------------------- ----------------------- ------------------- Deferred taxation - - --------------------------------- ----------------------- ------------------- Total income tax expense 59 133 --------------------------------- ----------------------- -------------------
The tax assessed for the year differs from the UK Small Company's tax rate in the UK. The difference is explained below:
For the year For the 15 ended months 31 March 2014 ended GBP000 31 March 2013 GBP000 ----------------------------------- ----------------------- ------------------- Profit / (loss) before taxation 184 (152) ----------------------------------- ----------------------- ------------------- Profit / (loss) before taxation multiplied by the weighted-average rate of UK corporation tax applicable to small companies of 20% (2013: 20%) (37) 30 ----------------------------------- ----------------------- ------------------- Effects of: ----------------------------------- ----------------------- ------------------- Overseas taxation (59) (133) ----------------------------------- ----------------------- ------------------- Expenses not deductible for tax purposes (1) (2) ----------------------------------- ----------------------- ------------------- Losses brought forward 38 - ----------------------------------- ----------------------- ------------------- osses available to carry forward and other timing differences (28) ----------------------------------- ----------------------- ------------------- Total income tax expense (59) (133) ----------------------------------- ----------------------- ------------------- 4. Earnings / (loss) per share
Basic earnings / (loss) per share ("EPS") is calculated by dividing the earnings / (loss) attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year. Diluted EPS is calculated by adjusting the weighted average number of shares in issue to assume conversion of all dilutive potential ordinary shares.
Basic Earnings Weighted Weighted Per-share Per-share and diluted / (loss) average average amount amount EPS attributable number number to owners of shares of shares of the parent GBP000 (basic) (diluted) (pence) (pence) (basic) (diluted) --------------------- --------------------- ------------------ ------------------- ------------------ ------------------- 2014 125 9,850,001 10,127,819 1.27p 1.23p --------------------- --------------------- ------------------ ------------------- ------------------ ------------------- 2013 (285) 9,850,001 9,971,001 (2.9)p (2.9)p --------------------- --------------------- ------------------ ------------------- ------------------ ------------------- 5. Intangible assets Group Capitalised costs GBP000 ---------------------------------- -------------------- Cost ---------------------------------- -------------------- At 1 January 2012 4,768 ---------------------------------- -------------------- Additions 1,112 ---------------------------------- -------------------- At 31 March 2013 5,880 ---------------------------------- -------------------- Additions 1,329 ---------------------------------- -------------------- At 31 March 2014 7,209 ---------------------------------- -------------------- Accumulated amortisation ---------------------------------- -------------------- At 1 January 2012 1,064 ---------------------------------- -------------------- Charge for the period 860 ---------------------------------- -------------------- At 31 March 2013 1,924 ---------------------------------- -------------------- Charge for the year 792 ---------------------------------- -------------------- At 31 March 2014 2,716 ---------------------------------- -------------------- Net book value ---------------------------------- -------------------- At 1 January 2012 3,704 ---------------------------------- -------------------- At 31 March 2013 3,956 ---------------------------------- -------------------- At 31 March 2014 4,493 ---------------------------------- -------------------- 6. Borrowings
The following borrowings are included in current and non-current liabilities:
GROUP GROUP 2014 2013 GBP000 GBP000 --------------------------- ---------------- ---------------- Bank overdraft (see Note 12) 984 966 --------------------------- ---------------- ---------------- Loans 2,750 2,750 --------------------------- ---------------- ---------------- 3,734 3,716 --------------------------- ---------------- ---------------- Undrawn borrowing facilities --------------------------- ---------------- ---------------- Bank overdraft 49 293 --------------------------- ---------------- ----------------
The Group has an overdraft facility from Coutts & Co of GBP750,000. The overdraft is secured by a first charge over the Company's assets (including the Company's intellectual property). Ludorum has the legal right to set off balances within the Group. The net position within the group is GBP701,000.
In March 2012 the Company redeemed, at par, GBP1.5m of loan notes ("old loan notes"), being all of the loan notes in issue. These old loan notes were held by client funds of Downing LLP. At the same time the Company issued GBP2.75m of new loan notes. GBP1.5m of the new loan notes are also held by client funds of Downing LLP. GBP1.25m of the new loan notes are held by D. C. Thomson & Co Limited. The new loan notes are repayable in March 2017. If the Company redeems the new loan notes within two years of issue the redemption will be GBP1.25 per GBP1 of loan notes. If the new loan notes are redeemed after two years of issue the loan notes are redeemable at par. The coupon on the new loan notes is the higher of 7.5% or 3% above LIBOR for the next three years. After three years the coupon is 12.5%. The new loan notes are secured by a second charge over the Company's assets and a charge over the assets of Ludorum Enterprises Limited, a wholly owned subsidiary of the Company.
The old loan notes held by client funds of Downing LLP were exchanged for new loan notes and therefore no cash payment was made to Downing LLP on redemption of the old loan notes. Accordingly, the cash flow effect of the redemption of the old loan notes and issue of new loan notes in the period was an inflow of GBP1.25m arising from the issue of new loan notes to D. C. Thomson & Co Limited.
7. Cash flows from operating activities GROUP GROUP 2014 2013 GBP000 GBP000 ---------------------------- ---------------- ---------------- Profit / (loss) for the year 125 (285) ---------------------------- ---------------- ---------------- Adjustments for: ---------------------------- ---------------- ---------------- Interest paid 142 162 ---------------------------- ---------------- ---------------- Tax paid 59 133 ---------------------------- ---------------- ---------------- Depreciation of property, plant and equipment 2 26 ---------------------------- ---------------- ---------------- Loss on disposal of property, plant and equipment - 8 ---------------------------- ---------------- ---------------- Amortisation of intangible assets 792 860 ---------------------------- ---------------- ---------------- Charge relating to share based payments 41 106 ---------------------------- ---------------- ---------------- Change in working capital ---------------------------- ---------------- ---------------- (Increase) / decrease in trade and other receivables (62) 650 ---------------------------- ---------------- ---------------- (Decrease) / increase in trade and other payables (462) (874) ---------------------------- ---------------- ---------------- Cash generated by operations 637 786 ---------------------------- ---------------- ---------------- 8. Reconciliation of net cash flow to movement in net debt
The following borrowings are included in current and non-current liabilities:
GROUP GROUP 2014 2013 GBP000 GBP000 -------------------- ---------------- ---------------- Net debt at beginning of year (3,262) (1,998) -------------------- ---------------- ---------------- Increase / (decrease) in cash and cash equivalents (626) 453 -------------------- ---------------- ---------------- Decrease / (increase) in bank overdraft (18) 33 -------------------- ---------------- ---------------- Issue of loan notes - (1,750) -------------------- ---------------- ---------------- Increase in net debt (644) (1,264) -------------------- ---------------- ---------------- Net debt at end of year (3,906) (3,262) -------------------- ---------------- ---------------- 9. Related parties
Included in trade and other liabilities at the end of the year is GBP135,023 in respect of unpaid remuneration owed to Directors of the Company and the employer's National Insurance payable on this remuneration (2013: GBP135,023) and GBP109,358 in respect of accrued pension costs owed to the Directors (2013: GBP85,358). Richard Hall, a director if the Company is also a director of D.C. Thomson Co Ltd, which holds GBP1.25m of loan notes issued by the Company (see note 14), and of Parragon Books Limited. Parragon Books Limited has a publishing licence with Ludorum Enterprises Limited. Parragon Books Limited was owed GBP60,000 at the end of the year (2013: GBP39,000).
10. Commitments
In 2007 the Company entered into an agreement with Tomy under the terms of which the toy manufacturer agreed to fund 50% of the production cost of the Company's animated series "Chuggington" in return for which it has a global master toy licence and the right to participate in the net profit of the property. The Company and Tomy have now jointly funded the production of four series, comprising 118 x 10 minute episodes and 46 x 4 minute episodes of Chuggington. The Company and Tomy have also agreed to produce a fifth series of 10 episodes which started during the year and is expected to be delivered in 2015. The budget for the series is $3m. Tomy has agreed to initially fund 100% of the costs of this series and recover the Company's half share of the production costs from a reduced toy royalty payment commencing January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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