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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 |
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0 | 0 | N/A | 0 |
TIDMLUD
RNS Number : 4602E
Ludorum PLC
06 April 2011
7 April 2011
LUDORUM PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
Ludorum plc, the AIM-listed media investment company, today announces its results for the year ended 31 December 2010.
Highlights
Total revenues generated in the year of GBP3.89m (2009: GBP2.14m) an increase of 82%
Consumer products revenues generated in the year were GBP2.54m (2009: GBP0.75m) an increase of 241%
Gross profit generated in the year was GBP2.04m (2009: GBP1.15m) an increase of 78%
Operating loss for the year was GBP1.36m (2009: GBP1.69m) a decrease of 19%
Chuggington has now been licensed for broadcast to over 175 countries
Over 210 consumer products and home entertainment license agreements for Chuggington have been concluded throughout the world. Global agreement reached with Mega Brands Inc for Chuggington construction rights
Successful launch of three toy train systems with over 8 million Chuggington trains produced in 2010
Rob Lawes, Chief Executive Officer said:
"2010 has been a defining year for Chuggington with the very successful introduction of three unique toy train lines and the resulting growth in our consumer product revenues. This bodes well for the future and we believe that Chuggington will continue to deliver real growth and value for our shareholders"
Chief Executive's Review
Overview
Ludorum plc is an AIM-listed media investment company. The Group is focused on creating or acquiring and subsequently exploiting the rights for children's entertainment properties through both conventional media and new media channels.
The Group has continued to make substantial progress with the first of its in-house created properties, Chuggington, securing broadcast agreements in all major worldwide markets. Alongside the successful broadcast placement we have continued to conclude a significant number of licences across home entertainment, consumer products and publishing.
In Spring 2010, our master toy partner, RC2, launched their die-cast toy range at retail outlets in the UK and in several major international markets, followed by the launch of their interactive toy range and their wooden train-set range in the second half of the year. We have seen strong retailer interest and consumer demand resulting in the manufacture and shipping of more than 8 million train engines during 2010.
We are very encouraged by Chuggington's early success, and have confidence that our first property has created and will continue to create material value for our shareholders.
Chuggington
Chuggington is a computer generated 3D series of 104 x 10 minute episodes and 52 shorter mini-episodes, coupled with a fully immersive interactive website. 78 episodes and 39 mini-episodes are complete, and the others are currently in production. The series follows the adventures of Wilson, Brewster and Koko, all trainee engines and each with their own unique personality and learning style. The series is set in a world much like our own with cities, villages and diverse cultures and geography. Entertainment and enjoyment is at the heart of Chuggington, but embedded within each story are important educational and developmental messages centred on learning and social-emotional development. The series offers an extensive range of destinations to explore and adventures through which children and parents can benefit from the underlying value of positive life-learning lessons.
The company is engaged in consumer marketing projects around the world, both short and long term, designed to enhance and strengthen the Chuggington franchise with parents, children and educators.
Broadcast
We have concluded broadcast agreements with all leading broadcasters in their respective territories in over 175 countries. Broadcasts began in the UK in the fourth quarter of 2008, followed by numerous European and Asian markets in 2010. The series has established a highly successful ratings record in many markets including the UK (BBC - CBeebies), Germany (Super RTL), France (TF1), Japan (Fuji -TV), Australia (ABC) and Canada (Treehouse). In January 2010, Chuggington launched on the Disney Channel in North America and has been consistently aired at least six days a week. Following the success of that launch, Disney has now acquired a second series of Chuggington. The first series commenced broadcast in Spain and Benelux in the first quarter of 2011.
Consumer Products, Home Entertainment and Publishing
The Company has concluded a number of agreements with leading home entertainment partners in key territories. These include 2entertain (UK), Universal Pictures (Germany), TF1 Vision (France), Fuji Group (Japan), Roadshow (Australia), Anchor Bay (USA) and Daewon in Korea.
Learning Curve Brands, Inc, a division of RC2 and a leading global toy manufacturer based in the US, has been granted the master toy licence on a worldwide basis. Learning Curve has created a formidable toy range with over 80 individual items developed and manufactured across their die cast, interactive and wooden train systems. Learning Curve contributes to the animated production costs and participates in the net profits of the property. In the Spring of last year, Learning Curve launched the first phase of its die cast line in 18 countries including the UK, Germany, France and Australia; the interactive toy line commenced distribution in the second half of 2010 and performed strongly. An exclusive product launch of the die cast system was implemented with Toys R Us in the fourth quarter in 2010 in the US, which also performed strongly. 2011 has got off to a positive start as we continue to see broader retail distribution on a global basis. As at the end of 2010, Learning Curve had manufactured and shipped over 8 million individual toy train engines.
It was announced on 11(th) March 2011 that Tomy Company Ltd has entered into a definitive agreement to acquire our master toy licence partner, RC2 Corporation. As at this moment the initial period for the tender offer has not yet expired, but we are enthusiastic about the potential acquisition and believe that it will be a solidly positive development for Chuggington on a global basis.
In addition to the Learning Curve master toy licence, the Company has to-date entered into 210 consumer products agreements with leading organisations including Vtech, Hallmark, Crayola, Tomy and Ravensburger. In the UK, there are now a total of 39 licence agreements in place covering a broad range of product categories including clothing, bedding, games and puzzles, bicycles, celebration cakes and greetings cards.
Following the launch of Chuggington on the Disney Channel in the US, 24 American licences have been signed with leading companies in their respective categories. A worldwide agreement has also been concluded with Mega Brands Inc for exclusive rights in proprietary construction toys.
The Company concluded a profit-share publishing agreement with Parragon Books Limited, a leading UK and international publisher. First books were introduced in Spring 2009. To date our publisher has now sold over 2 million Chuggington books.
The Company has also signed a major publishing agreement with Scholastic in the US with a very successful first launch in September 2010 to the schools market. Wider retail distribution commenced in the first quarter of 2011.
The Company has appointed highly regarded agents in several international markets to represent certain categories of our business.
Production
The first series of 52 x 10 minute episodes was completed in January 2009. In February 2009 the Company entered into a new agreement with its production partner in Shanghai to produce a further 26 episodes (Series 2) which was completed in November 2010. The second series had been pre-sold to the BBC, Super RTL Germany, TFI France, ABC Australia and The Disney Channel in the US and several other markets. The Company has subsequently commissioned a further 26 episodes which will be fully delivered in Winter 2012.
In addition to the 10-minute episodes, the Company commissioned the production of 39 x 4 minute mini episodes of Chuggington titled Badge Quest which were all delivered by the end of 2010. These episodes focus on the underlying pro-social themes within the main series and offer broadcasters wider scheduling options as well as our DVD partners additional material and on-line content. A further 13 of these mini-episodes will be delivered by the end of 2012 providing a total of 52 x 4 minute shows to complement the title series and its worldwide visibility.
The Company is also developing three longer running "specials" which we plan to launch annually from 2013 onwards.
Financial Review
Ludorum generated revenues of GBP3.89m for the full year (2009: GBP2.14m), an 82% increase over the prior period. Consumer product revenues represented 65% of revenues increasing by GBP1.79m to GBP2.54m (2009: GBP0.75m), a 241% increase over the prior year. In the fourth quarter of 2010, RC2 exceeded their recoupment level and we recognised our first master toy revenues of GBP0.3m, representing 12% of consumer product revenues. This amount will grow significantly in 2011. Broadcast revenues, which are recognised on license period start dates, represented 32% of revenues, a reduction from the prior period of GBP0.13m to GBP1.23m (2009: GBP1.36m). The UK represented 25% of revenues, Europe 33%, Asia and Australasia 20% and the Americas 22%. All regions enjoyed strong revenue growth, lead by the Americas with a 395% increase over the prior year.
Gross profit increased from GBP1.15m to GBP2.04m, a 78% increase over the prior year. Gross margin percentage fell slightly from 54% in 2009 to 53% in 2010.
Total administrative costs, excluding costs attributed to the Incentive Option Plan, were GBP2.96m, (2009: GBP2.43m) an increase of GBP0.55m over the prior year. At the end of 2009 the Group opened a New York based marketing office to support and maximise the potential for Chuggington in North America, and the increase in other administrative expenses of 22% predominately relates to the full year 2010 cost of this office.
The operating loss for the full year, including costs attributed to the incentive option plan, was GBP1.36m, a reduction from the prior period of GBP0.33 (GBP1.69m in 2009).
Capital expenditure on Chuggington during the period was GBP1.483m (GBP0.747m in the prior period) an increase of GBP0.736m. This 99% increase in programming costs relates to a full year of production, versus a period of pre-production in 2009 when full production commenced on series 2 in the summer of 2009.
In March 2010, the Company also issued GBP1.5m of loan notes to Pennine AIM VCT PLC. In March 2010 the Company also repaid the outstanding balance on its fixed interest loan from Clydesdale Bank and, at that time, the Group also changed its bankers from Clydesdale Bank to Coutts & Co. In July 2010 the Company placed 470,000 shares at GBP3 per share, thereby raising GBP1.41m. As at the 31 December 2010, the Company had gross cash and cash equivalents of GBP0.7m (31 December 2009: GBP0.17m), fixed interest borrowings of GBP1.5m (31 December 2009: GBP1.13m) and bank overdraft of GBP0.44m (31 December 2009: GBP0.057m).
In March 2011, the Company renewed its overdraft facilities with Coutts & Co. The overdraft facility was increased from GBP0.5m to GBP0.75m.
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, we continue to adopt the going concern basis in preparing our accounts.
Outlook
We have continued to make excellent progress in 2010 and have been pleased with the very successful introduction of three unique toy train lines and the growth in our consumer products revenues. Despite a weak consumer environment, the first quarter of 2011 has started well and we anticipate that for the remainder of the year we will continue to see significant growth.
Ludorum plc
Consolidated statement of comprehensive income
For the year ended 31 December 2010
UNAUDITED AUDITED 2010 2009 Notes GBP000 GBP000 ------------------------------------ ------ ---------- -------- Continuing operations ------------------------------------ ------ ---------- -------- Revenue 2 3,892 2,142 ------------------------------------ ------ ---------- -------- Cost of sales (1,848) (988) ------------------------------------ ------ ---------- -------- Gross profit 2,044 1,154 ------------------------------------ ------ ---------- -------- Costs attributable to Share Schemes (439) (414) ------------------------------------ ------ ---------- -------- Other administrative expenses (2,964) (2,425) ------------------------------------ ------ ---------- -------- Total administrative expenses (3,403) (2,839) ------------------------------------ ------ ---------- -------- Operating loss (1,359) (1,685) ------------------------------------ ------ ---------- -------- Finance costs - bank interest (74) (21) ------------------------------------ ------ ---------- -------- Net finance (cost)/income (74) (21) ------------------------------------ ------ ---------- -------- Loss before taxation (1,433) (1,706) ------------------------------------ ------ ---------- -------- Taxation 3 (82) (6) ------------------------------------ ------ ---------- -------- Loss for the year (1,515) (1,712) ------------------------------------ ------ ---------- -------- Other comprehensive income / (loss) Foreign exchange differences - (3) ------------------------------------ ------ ---------- -------- Total comprehensive (loss) / income for the year (1,515) (1,715) ------------------------------------ ------ ---------- -------- Loss per share (basic and diluted) 4 (15.8p) (19.7p) ------------------------------------ ------ ---------- --------
Ludorum plc
Consolidated balance sheet for the year ended 31 December 2010
UNAUDITED AUDITED GROUP GROUP 2010 2009 Notes GBP000 GBP000 ------------------------------- ------ ---------- --------- Assets ------------------------------- ------ ---------- --------- Non-current assets ------------------------------- ------ ---------- --------- Property, plant and equipment 52 66 ------------------------------- ------ ---------- --------- Intangible assets 5 3,237 1,998 ------------------------------- ------ ---------- --------- 3,289 2,064 ------------------------------- ------ ---------- --------- Current assets ------------------------------- ------ ---------- --------- Trade and other receivables 2,199 2,121 ------------------------------- ------ ---------- --------- Cash and cash equivalents 700 169 ------------------------------- ------ ---------- --------- 2,899 2,290 ------------------------------- ------ ---------- --------- Liabilities ------------------------------- ------ ---------- --------- Current liabilities ------------------------------- ------ ---------- --------- Income tax payable (16) (9) ------------------------------- ------ ---------- --------- Trade and other liabilities (6,657) (5,026) ------------------------------- ------ ---------- --------- Bank loan and overdraft 6 (443) (1,183) ------------------------------- ------ ---------- --------- (7,116) (6,218) ------------------------------- ------ ---------- --------- Net current liabilities (4,217) (3,928) ------------------------------- ------ ---------- --------- Non-current liabilities ------------------------------- ------ ---------- --------- Borrowings 6 (1,500) - ------------------------------- ------ ---------- --------- Share ownership liability - (524) ------------------------------- ------ ---------- --------- (1,500) (524) ------------------------------- ------ ---------- --------- Net liabilities (2,428) (2,388) ------------------------------- ------ ---------- --------- Shareholders' equity ------------------------------- ------ ---------- --------- Ordinary shares 9 88 84 ------------------------------- ------ ---------- --------- Deferred shares 50 50 ------------------------------- ------ ---------- --------- Share premium 9 9,281 7,885 ------------------------------- ------ ---------- --------- Share based payments reserve 105 30 ------------------------------- ------ ---------- --------- Foreign currency translation 5 5 ------------------------------- ------ ---------- --------- Retained earnings (11,957) (10,442) ------------------------------- ------ ---------- --------- Total shareholders' deficit (2,428) (2,388) ------------------------------- ------ ---------- ---------
Ludorum plc
Consolidated statement of changes in equity
Attributable to owners of the parent
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED --------------- ---------- ---------- ------------ ---------- ------------ -------------- Share based Foreign Total Share Share Accumulated payments currency shareholders' capital Premium losses reserve translation deficit 2010 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------- ---------- ---------- ------------ ---------- ------------ -------------- At 1 January 2010 134 7,885 (10,442) 30 5 (2,388) --------------- ---------- ---------- ------------ ---------- ------------ -------------- Comprehensive income: --------------- ---------- ---------- ------------ ---------- ------------ -------------- Loss for the year - - (1,515) - - (1,515) --------------- ---------- ---------- ------------ ---------- ------------ -------------- Other comprehensive income: Foreign exchange differences - - - - - - --------------- ---------- ---------- ------------ ---------- ------------ -------------- Total comprehensive income - - (1,515) - - (1,515) --------------- ---------- ---------- ------------ ---------- ------------ -------------- Transactions with owners: --------------- ---------- ---------- ------------ ---------- ------------ -------------- Credit relating to Share based payments reserve - - 75 - 75 --------------- ---------- ---------- ------------ ---------- ------------ -------------- New shares issued 4 1,396 - - - 1,400 --------------- ---------- ---------- ------------ ---------- ------------ -------------- Total transactions with owners 4 1,396 - 75 - 1,475 --------------- ---------- ---------- ------------ ---------- ------------ -------------- At 31 December 2010 138 9,281 (11,957) 105 5 (2,428) --------------- ---------- ---------- ------------ ---------- ------------ -------------- AUDITED AUDITED AUDITED AUDITED AUDITED AUDITED --------------- ---------- ---------- ------------ ---------- ------------ -------------- Share based Foreign Total Share Share Accumulated payments currency shareholders' capital Premium losses reserve translation deficit 2009 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------- ---------- ---------- ------------ ---------- ------------ -------------- At 1 January 2009 131 7,435 (8,730) 1,085 8 (71) --------------- ---------- ---------- ------------ ---------- ------------ -------------- Comprehensive income: --------------- ---------- ---------- ------------ ---------- ------------ -------------- Loss for the year - - (1,712) - - (1,712) --------------- ---------- ---------- ------------ ---------- ------------ -------------- Other comprehensive income: Foreign exchange differences - - - - (3) (3) --------------- ---------- ---------- ------------ ---------- ------------ -------------- Total comprehensive income - - (1,712) - (3) (1,715) --------------- ---------- ---------- ------------ ---------- ------------ -------------- Transactions with owners: --------------- ---------- ---------- ------------ ---------- ------------ -------------- Credit relating to Share based payments reserve - - - 30 - 30 --------------- ---------- ---------- ------------ ---------- ------------ -------------- Transfer to share ownership liability - - - (1,085) - (1,085) --------------- ---------- ---------- ------------ ---------- ------------ -------------- New shares issued 3 450 - - - 453 --------------- ---------- ---------- ------------ ---------- ------------ -------------- Total transactions with owners 3 450 - (1,055) - (602) --------------- ---------- ---------- ------------ ---------- ------------ -------------- At 31 December 2009 134 7,885 (10,442) 30 5 (2,388) --------------- ---------- ---------- ------------ ---------- ------------ --------------
Ludorum plc
Consolidated cash flow statement for the year ended 31 December 2010
UNAUDITED AUDITED GROUP GROUP 2010 2009 Notes GBP000 GBP000 --------------------------------------- ------ ---------- -------- Cash flows from operating activities --------------------------------------- ------ ---------- -------- Cash generated from /(used) in operations 7 (445) (478) --------------------------------------- ------ ---------- -------- Interest received - - --------------------------------------- ------ ---------- -------- Interest paid (74) (21) --------------------------------------- ------ ---------- -------- Taxation paid (75) - --------------------------------------- ------ ---------- -------- Net cash used in operating activities (594) (499) --------------------------------------- ------ ---------- -------- Cash flows from investing activities --------------------------------------- ------ ---------- -------- Purchase of property, plant and equipment (23) (81) --------------------------------------- ------ ---------- -------- Investment in intangible assets (1,012) (747) --------------------------------------- ------ ---------- -------- Net cash used in investing activities (1,035) (828) --------------------------------------- ------ ---------- -------- Cash flows from financing activities --------------------------------------- ------ ---------- -------- Net proceeds from issuance of ordinary shares 1,400 453 --------------------------------------- ------ ---------- -------- Proceeds from loans 8 1,500 1,200 --------------------------------------- ------ ---------- -------- Repayment of bank loan 8 (1,127) (73) --------------------------------------- ------ ---------- -------- Net cash generated from financing activities 1,773 1,580 --------------------------------------- ------ ---------- -------- Net increase / (decrease) in cash and cash equivalents 144 253 --------------------------------------- ------ ---------- -------- Cash and cash equivalents (including bank overdraft) at 1 January 113 (140) --------------------------------------- ------ ---------- -------- Cash and cash equivalents (including bank overdraft) at 31 December 257 113 --------------------------------------- ------ ---------- --------
Ludorum plc
Notes to the preliminary results for the year ended 31 December 2009
1. Basis of preparation
The financial information in this preliminary announcement is unaudited and does not constitute the Group's statutory accounts within the meaning of section 434 of the Companies Act 2006. It has been extracted from the draft statutory accounts of the Group for that year which are still subject to audit and approval by the board of directors 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. Those financial statements will be approved by the board of directors and filed with the Registrar of Companies in due course. The financial information for the year ended 31 December 2009 has been extracted from the statutory accounts of the Group for that year, which have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006. The basis of preparation of the financial information in both years presented is consistent with the accounting policies set out in the Group's statutory accounts for the year ended 31 December 2009. No additional standards or amendments to existing standards have been adopted by the Group with effect from 1 January 2010.
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. 2. Segmental reporting
The Group currently has one operating segment, the development and exploitation of its rights in Chuggington. Further information about revenue derived from the Group's product lines is set out below.
Management information used by the CODM is in a format similar to the Consolidated Statement of Comprehensive Income and Consolidated Balance Sheet.
Revenue by product line
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 ------------------- ---------- -------- Television 1,227 1,359 ------------------- ---------- -------- Consumer products 2,538 745 ------------------- ---------- -------- Other 127 38 ------------------- ---------- -------- 3,892 2,142 ------------------- ---------- --------
Geographical analysis of revenue by location of customer
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 --------------------- ---------- -------- UK 955 454 --------------------- ---------- -------- Europe, Middle East & Africa 1,302 1,047 --------------------- ---------- -------- Asia 320 249 --------------------- ---------- -------- Australasia 474 222 --------------------- ---------- -------- Americas 841 170 --------------------- ---------- -------- 3,892 2,142 --------------------- ---------- --------
All material assets are located in the United Kingdom.
3 Taxation
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 ---------------------------- ----------- ---------- Current tax ---------------------------- ----------- ---------- UK taxation - - ---------------------------- ----------- ---------- Overseas taxation - withholding taxes 64 - ---------------------------- ----------- ---------- Overseas taxation - US income taxes 18 6 ---------------------------- ----------- ---------- Total overseas taxation 82 6 ---------------------------- ----------- ---------- Total current tax expenses 82 6 ---------------------------- ----------- ---------- Deferred taxation - - ---------------------------- ----------- ---------- Total income tax expense 82 6 ---------------------------- ----------- ----------
The tax assessed for the year differs from the UK Small Company tax rate in the UK. The difference is explained below:
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 --------------------------------------------- ---------- -------- Loss before taxation (1,433) (1,706) --------------------------------------------- ---------- -------- Loss before taxation multiplied by the weighted-average rate of UK corporation tax applicable to small companies of 21% (2009: 21%) (301) (358) --------------------------------------------- ---------- -------- Effects of: --------------------------------------------- ---------- -------- Overseas taxation 82 6 --------------------------------------------- ---------- -------- Expenses not deductible for tax purposes 3 5 --------------------------------------------- ---------- -------- Losses available to carry forward and other timing differences 298 353 --------------------------------------------- ---------- -------- 82 6 --------------------------------------------- ---------- --------
4. Loss per share
Basic earnings per share ("EPS") is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Because basic EPS results in a loss per share, the diluted EPS is calculated using the undilutive weighted average number of shares.
Loss attributable to ordinary Basic and diluted shareholders Weighted average Per-share amount EPS GBP000 number of shares (pence) ------------------- ------------------ ------------------ ----------------- 2010 UNAUDITED UNAUDITED UNAUDITED ------------------- ------------------ ------------------ ----------------- Loss per share (1,515) 9,596,146 (15.8)p ------------------- ------------------ ------------------ ----------------- 2009 AUDITED AUDITED AUDITED ------------------- ------------------ ------------------ ----------------- Loss per share (1,712) 8,706,001 (19.7)p ------------------- ------------------ ------------------ -----------------
5. Intangible assets
Group Capitalised costs 2010 Group GBP000 --------------------------------- ------------------- Cost --------------------------------- ------------------- At 1 January 2009 - audited 1,526 --------------------------------- ------------------- Additions 747 --------------------------------- ------------------- At 31 December 2009 - audited 2,273 --------------------------------- ------------------- Additions - unaudited 1,483 --------------------------------- ------------------- At 31 December 2010 - unaudited 3,756 --------------------------------- ------------------- Accumulated amortisation --------------------------------- ------------------- At 1 January 2009 - audited 49 --------------------------------- ------------------- Charge for the year 226 --------------------------------- ------------------- At 31 December 2009 - audited 275 --------------------------------- ------------------- Charge for the year - unaudited 244 --------------------------------- ------------------- At 31 December 2010 - unaudited 519 --------------------------------- ------------------- Net book value --------------------------------- ------------------- At 1 January 2009 - audited 1,477 --------------------------------- ------------------- At 31 December 2009 - audited 1,998 --------------------------------- ------------------- At 31 December 2010 - unaudited 3,237 --------------------------------- -------------------
6. Borrowings
The following borrowings are included in current and non-current liabilities:
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 ------------------------------ ---------- -------- Bank overdraft 443 56 ------------------------------ ---------- -------- Fixed interest loan 1,500 1,127 ------------------------------ ---------- -------- 1,943 1,183 ------------------------------ ---------- -------- Undrawn borrowing facilities ------------------------------ ---------- -------- Bank overdraft 57 244 ------------------------------ ---------- --------
7. Reconciliation of loss before taxation with operating cash flow
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 ---------------------------------------- ------------------ ---------------- Loss for the year (1,515) (1,712) ---------------------------------------- ------------------ ---------------- Adjustments for: ---------------------------------------- ------------------ ---------------- Interest paid 74 21 ---------------------------------------- ------------------ ---------------- Tax paid 75 - ---------------------------------------- ------------------ ---------------- Depreciation of property, plant and equipment 37 29 ---------------------------------------- ------------------ ---------------- Amortisation of intangible assets 244 226 ---------------------------------------- ------------------ ---------------- Charge relating to share based payments 439 518 ---------------------------------------- ------------------ ---------------- Decrease in provisions - (104) ---------------------------------------- ------------------ ---------------- Change in working capital ---------------------------------------- ------------------ ---------------- Increase in trade and other receivables (16) (1,401) ---------------------------------------- ------------------ ---------------- Increase in trade payables 217 1,939 ---------------------------------------- ------------------ ---------------- Cash used in operations (445) (478) ---------------------------------------- ------------------ ----------------
8. Reconciliation of net cash flow to movement in net debt
The following borrowings are included in current and non-current liabilities:
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 ----------------------------------------- ---------- -------- Net debt at beginning of year (1,183) (186) ----------------------------------------- ---------- -------- (Increase) / decrease in bank overdraft (387) 130 ----------------------------------------- ---------- -------- (Proceeds) / repayment of bank loan 1,127 (1,127) ----------------------------------------- ---------- -------- Issue of loan notes (1,500) - ----------------------------------------- ---------- -------- Movement in net debt (760) (997) ----------------------------------------- ---------- -------- Net debt at end of year (1,943) (1,183) ----------------------------------------- ---------- --------
9. Called up share capital and share premium account
UNAUDITED AUDITED 2010 2009 GBP000 GBP000 ------------------------ ---------- -------- Ordinary share capital 88 84 ------------------------ ---------- -------- Share premium 9,281 7,885 ------------------------ ---------- --------
In July 2010 the Company placed 470,000 ordinary shares with a par value of 1 pence each at a price of GBP3 per share. The increase in share premium is net of transaction expenses of GBP14,000.
10. Related parties
In 2009, Ludorum Inc, a Group company, rented an office from a company controlled by a director of the Company. The rent paid during the year was GBP4,000. The arrangement was discontinued in that year.
Included in trade and other liabilities at the end of the year is GBP82,392 in respect of unpaid remuneration owed to directors of the Company and the employer's National Insurance payable on this remuneration (2009: GBPnil) and GBP108,970 in respect of accrued pension costs owed to the directors (2009: GBP107,412).
11. Commitments
In 2007 the Company entered into an agreement with RC2 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 agreed budget for the production of the first series of 52 episodes was $6.3 million (GBP3.9 million). Production of the first 52 episodes was completed in early 2009. The Company and the toy manufacturer subsequently agreed to jointly fund, on the same terms as the first series, the production of a second series of 26 episodes. The budget for the second series was $3.5 million (GBP2.2 million). All the episodes in the second series were completed by the end of 2010. The Company and RC2 have agreed to jointly fund the production of a third series comprising 26 episodes of 10 minutes each and 13 interstitials of 4 minutes each. The budget is GBP3.9m. Production of this third series commenced in late 2010.
In 2009, the Company entered into an agreement with Motion Magic under the terms of which Motion Magic was to provide animation and editing services for the production of a second series of 26 episodes of Chuggington. The Company is committed to pay RMB 13.8 million (GBP1.32m). At 31 December 2010, GBP723,000 remained to be paid to Motion Magic.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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