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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Metrodome Grp. | LSE:MRM | London | Ordinary Share | GB0002937141 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMMRM
RNS Number : 4979L
Metrodome Group PLC
05 September 2012
5 September 2012
Metrodome Group plc
("Metrodome" or "the Group")
Unaudited interim results for the six months ended 30 June 2012
Metrodome is pleased to announce its results for the six months ended 30 June 2012.
Highlights
-- Revenues from continuing operations of GBP4,322,000 up 3% (H1 2011: GBP4,187,000) -- Underlying EBITDA* of GBP139,000 (H1 2011: GBP101,000) in difficult trading conditions -- Profit from discontinued operations of GBP5,195,000 (H1 2011: loss of GBP839,000)
* Underlying EBITDA is defined as earnings from continuing operations before exceptional items, interest, taxation, depreciation, amortisation of software costs and amortisation of acquired intangible assets.
Mark Webster, CEO of Metrodome, commented:
"The first six months have shown the strength and resilience of the film business in difficult market conditions. Despite early setbacks we are committed to look for the right opportunities to grow our business both organically and by M&A."
For further information:
Mark Webster, Chairman & CEO, Metrodome Group plc 020 7535 7300 Dugald J. Carlean / Karri Vuori, Charles Stanley Securities 020 7149 6000 John West / Simon Compton, Tavistock Communications 020 7920 3150
Chairman's statement
I am pleased to report a profit for the first half of 2012 in line with the Board's expectations.
We announced the discontinuation of our TV distribution business when Target Entertainment Ltd ("Target") was placed into administration on 28 February 2012. Target had accumulated losses and needed significant funding to meet its current liabilities and acquire new programming in order to become profitable. In the consolidated Statement of Financial Position as at 31 December 2011 we were required under IFRS to impair the assets of Target, resulting in an exceptional charge of GBP6,937,000. Subsequently in the first half of 2012, the net liabilities of Target have been removed from the Group results, resulting in a profit from discontinued operations of GBP5,195,000 (note 4). This has returned the consolidated Statement of Financial Position to a net asset position.
Placing Target into administration was a difficult decision and the process involved a considerable amount of management time. Both of the continuing business segments were profitable in the first half, at underlying EBITDA level, resulting in an underlying EBITDA of GBP139,000 (H1 2011: GBP101,000). We can now focus all our attention on the stability and growth of the continuing businesses of UK film distribution and worldwide sales agency.
Business Environment
The British Video Association has reported that the video entertainment market for the six months to the end of June 2012 was down 6.8% year on year. Within that market however digital video spending was up 15.2% and seems to be accelerating as the second quarter was up nearly 20%. Although declining steadily, the physical DVD market still represents 83% of the video entertainment market year to date.
The emergence of the digital market is expected to continue as new entrants (e.g. Netflix) broaden the market and new hardware (YouView and Google TV) plus the continuing sales of smart TVs into the home, improves the connectivity between the TV and the internet.
Both Metrodome Distribution and Hollywood Classics are well positioned to exploit this growth in the digital market but will retain their presence in the DVD market which will remain a significant market for some years to come.
The squeeze on household incomes caused by tax increases and relatively high inflation combined with unemployment and constrained salary increases also impact the performance of the entertainment markets. However, the theatrical (cinema) market has again shown great resilience, with the Film Distributors Association reporting cinema admissions in the UK up 0.92% year on year.
Hollywood Classics operates in the worldwide market whereas Metrodome Distribution operates in the UK and Eire. Whilst it is difficult to get industry data for the worldwide market, evidence suggests the economic problems in the Eurozone and general global austerity programmes are suppressing market growth.
Financial results
Total revenues from continuing operations of GBP4,322,000 were 3% higher than the same period last year (H1 2011: GBP4,187,000). GBP679,000 of these revenues was due to the acquisition of Hollywood Classics which was acquired in August 2011. UK film distribution revenues fell by 13% compared to the same period last year which continues to highlight the competitive climate in the UK DVD market.
The Group's gross margin percentage improved from 30% to 40% due to the impact of Hollywood Classics, which, as a sales agency, is a higher margin business because only the sales agency commission is recognised as revenue. The UK film distribution margin of 31% is broadly in line with last year (30 June 2011: 30%, 31 December 2011: 31%).
Net cash at 30 June 2012 has slightly decreased since the year end to GBP631,000 (GBP710,000 as at 31 December 2011 and GBP3,000 as at 30 June 2011) as cash generated from continuing operations has been invested in acquiring new product.
Operating performance
Metrodome had five theatrical releases in the first half of the year. The highlights were In Darkness, nominated for an Oscar for best foreign language film in 2012, and A Royal Affair, the successful period drama starring Mads Mikkelsen and Alicia Vikander. These films were the highest grossing Polish and Danish language films ever released in the UK. A Royal Affair is one of the top foreign language films at the UK box office in 2012.
Key titles released on DVD in the first half were:
-- Crusaders -- Before the Fall -- Grave Encounters -- Innkeepers -- Resistance
A full breakdown of the Group's total revenue is as follows:
Hot Features
Premium
Six months Six months Variance
ended 30 June ended 30 June
2012 2011
GBP'000 GBP'000 %
Cinema Sales 348 98 255%
Television Sales 169 118 43%
Video on Demand 672 475 41%
Other ancillary
income 91 32 184%
DVD Rental 109 199 (45)%
DVD Sell Through 2,933 3,265 (10)%
Continuing 4,322 4,187 3%
Discontinued 507 2,659 (81)%
------------------ --------------- --------------- ---------
4,829 6,846 (29)%
================== =============== =============== =========
Review of Current Trading
The UK film distribution segment continues to develop bespoke release strategies on a film by film basis, to maximise revenues for all stakeholders across all UK rights, with an emphasis on higher quality films. The release schedules for the second half of 2012 reflect this strategy and are as follows:
Theatrical
-- Jackpot (August) - Scandinavian thriller based on a story by Jo Nesbo -- Room 237 (October) - documentary feature on The Shining
DVD Retail Titles:- major releases
-- In Darkness (July) - Oscar nominated -- Dungeons & Dragons 3 (September) -- Lovely Molly (October) -- Saints & Soldiers 2 (October) -- St George's Day (December)
Hollywood Classics is a worldwide sales agency selling primarily into Europe and Asia, specialising in selling rights of classic films owned by both major US studios and independent rights holders. The economic problems experienced within Europe specifically have impacted on our sales albeit this was mainly experienced within the last few weeks of the six month trading period. It has been somewhat difficult to achieve sales to the TV channels however DVD markets have been very resilient and performed satisfactorily.
We are not expecting the economic environment to improve particularly in the second half and are therefore concentrating on sales from our existing library as well as trying to acquire new library product where possible. We are also working on both local and international digital theatrical sales opportunities although it is not expected that these will be very significant in the second half of this year due to the lead times and release schedules.
Outlook
We see co-production and self-financing of low-budget film production as an ideal way to secure product for the UK home entertainment market and benefit from international sales. This is a low risk way of accessing premium content for domestic release at lower investment levels than the traditional route and diversifies risk through international sales. Our first self-financed project, "The Borderlands", is a found footage horror film currently in post-production and scheduled for release in early 2013. Our strategic plan includes two more films in production by the end of 2012 and up to four further films in 2013.
We continue to seek other suitable opportunities to strengthen our current operations and broaden our range of activities.
Mark Webster
Chairman
4 September 2012
Metrodome Group
plc
Condensed Consolidated Statement of Comprehensive
Income
For the six months ended
30 June 2012
Six Months Six Months
ended ended Year ended
31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Revenue 4,322 4,187 8,956
Cost of sales (2,601) (2,943) (5,797)
Gross profit 1,721 1,244 3,159
Operating
expenses (1,901) (1,209) (2,562)
Operating (loss)
/ profit (180) 35 597
Analysed as:
Underlying
EBITDA 139 101 656
Exceptional
items 5 - (36) 140
Depreciation and
amortisation
of software
costs (32) (30) (64)
Amortisation of
acquired
intangibles (287) - (135)
----------------- ------ ------------------------------------- ------------------------------------ ------------------------------------
(180) 35 597
----------------- ------ ------------------------------------- ------------------------------------ ------------------------------------
Investment
income - - 7
Finance costs (77) (67) (192)
(Loss) / profit before
income
tax credit (257) (32) 412
Income tax
credit 45 - -
(Loss) / profit
for
the period from
continuing
operations (212) (32) 412
Profit / (loss)
for
the period from
discontinued
operations 4 5,195 (839) (8,733)
----------------- ------ ------------------------------------- ------------------------------------ ------------------------------------
Profit / (loss)
for
the period 4,983 (871) (8,321)
----------------- ------ ------------------------------------- ------------------------------------ ------------------------------------
Attributable to
Equity holders
of the
parent 4,983 (861) (8,309)
Non-controlling
interest - (10) (12)
----------------- ------ ------------------------------------- ------------------------------------ ------------------------------------
4,983 (871) (8,321)
Other comprehensive
income
net of tax:
Exchange differences
arising
on translation 35 (1) (18)
------------------------- ------------------------------------- ------------------------------------ ------------------------------------
Total comprehensive
income
for the period 5,018 (872) (8,339)
------------------------- ------------------------------------- ------------------------------------ ------------------------------------
Attributable to
Equity holders
of the
parent 5,018 (862) (8,327)
Non-controlling
interest - (10) (12)
----------------- ------ ------------------------------------- ------------------------------------ ------------------------------------
5,018 (872) (8,339)
Basic and
diluted (loss)
/ earnings per
share
Continuing
operations 6 (0.1)p (0.1)p 0.2p
Discontinued
operations 6 1.9p (0.4)p (4.0)p
Total operations 6 1.8p (0.5)p (3.8)p
Metrodome Group plc
Condensed Consolidated Statement of Financial Position
As at 30 June 2012
31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Non current assets
Property, plant and
equipment 165 210 171
Intangible assets 32 12 16
Goodwill - 3,413 -
Film distribution
library 3,956 6,819 3,502
Producer relationships 1,901 - 2,189
Trade and other receivables 20 462 330
-------------------------------------- ------------- ------------- ------------
6,074 10,916 6,208
------------------------------------- ------------- ------------- ------------
Current assets
Inventories 85 53 85
Trade and other receivables 4,206 6,936 9,314
Cash and cash equivalents 631 3 710
4,922 6,992 10,109
------------------------------------- ------------- ------------- ------------
Total assets 10,996 17,908 16,317
-------------------------------------- ------------- ------------- ------------
Current liabilities
Trade and other payables (6,992) (13,750) (17,277)
Current income tax
liabilities (107) - (272)
Borrowings (1,493) (176) (2,061)
-------------------------------------- ------------- -------------
(8,592) (13,926) (19,610)
------------------------------------- ------------- ------------- ------------
Non current liabilities
Trade and other payables (56) (293) (171)
Deferred income tax
liabilities (297) - (342)
Borrowings (1,321) (2,312) (588)
(1,674) (2,605) (1,101)
------------------------------------- ------------- ------------- ------------
Total liabilities (10,266) (16,531) (20,711)
-------------------------------------- ------------- ------------- ------------
Net assets / (liabilities) 730 1,377 (4,394)
-------------------------------------- ------------- ------------- ------------
Equity
Share capital 2,806 1,847 2,806
Share premium account 3,653 2,890 3,653
Share option reserve 42 55 37
Equity reserve 160 270 160
Translation reserve 16 (2) (19)
Accumulated losses (5,947) (3,584) (10,930)
-------------------------------------- ------------- ------------- ------------
Capital and reserves
attributable to owners
of the parent 730 1,476 (4,293)
Non-controlling interest - (99) (101)
-------------------------------------- ------------- ------------- ------------
Total equity 730 1,377 (4,394)
-------------------------------------- ------------- ------------- ------------
Metrodome Group plc
Condensed Consolidated
Statement
of Changes in Equity
For the six months ended 30 Non-controlling Total
June 2012 Share capital Share premium Share option Equity Translation Accumulated equity
account reserve reserve reserve losses interest
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 January 2011 1,847 2,890 47 270 (1) (2,723) (89) 2,241
Loss for the six month
period - - - - - (861) (10) (871)
Exchange differences arising
on translation of overseas
operation - - - - (1) - - (1)
Total comprehensive income
for the period - - - - (1) (861) (10) (872)
----------------------------- ---------------------------------- ------------------------------------ ----------------------------------- ------------ ------------------- -------------- ---------------- ------------
Transactions with owners:
Share based payment charge - - 8 - - - - 8
Total transactions with
owners - - 8 - - - - 8
Balance at 30 June 2011 1,847 2,890 55 270 (2) (3,584) (99) 1,377
Loss for the six month
period - - - - - (7,448) (2) (7,450)
Exchange differences arising
on translation of overseas
operation - - - - (17) - (17)
----------------------------- ---------------------------------- ------------------------------------ ----------------------------------- ------------ ------------------- -------------- ---------------- ------------
Total comprehensive income
for the period - - - - (17) (7,448) (2) (7,467)
----------------------------- ---------------------------------- ------------------------------------ ----------------------------------- ------------ ------------------- -------------- ---------------- ------------
Metrodome Group
plc
Condensed
Consolidated
Statement
of Changes in
Equity
(continued)
For the six Non-controlling
months ended 30 Equity Translation Total
June 2012 Share capital Share premium Share option Accumulated equity
account reserve reserve Reserve losses Interest
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Transactions
with owners:
Net proceeds
from ordinary
shares issued
(net of issue
costs) 559 463 - - - - - 1,022
Loan notes
converted to
equity 400 300 - (110) 76 - 666
Share options
forfeited
during
the period - - (26) - - 26 - -
Share based
payment charge - - 8 - - - - 8
----------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------- ------------
Total
transactions
with owners 959 763 (18) (110) - 102 - 1,696
Balance at 31
December 2011 2,806 3,653 37 160 (19) (10,930) (101) (4,394)
Profit for the
six month
period - - - - - 4,983 - 4,983
Exchange
differences
arising
on translation
of overseas
operation - - - - 35 - - 35
----------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------- ------------
Total
comprehensive
income
for the period - - - - 35 4,983 - 5,018
Transactions
with owners:
Share based
payment charge - - 5 - - - - 5
Non-controlling
interest of
discontinued
operation - - - - - - 101 101
----------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------- ------------
Total
transactions
with owners - - 5 - - - 101 106
----------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------- ------------
Balance at 30
June 2012 2,806 3,653 42 160 16 (5,947) - 730
----------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------------------------- ---------------- ------------
Metrodome Group plc
Condensed Consolidated Statement of
Cash Flows
For the six months ended
30 June 2012
Six Months Six Months
ended ended Year ended
31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Net cash from operating
activities 8 2,470 2,449 4,809
Net cash used in investing
activities 9 (2,611) (3,036) (6,330)
Net cash generated
from / (used in) financing
activities 10 62 (174) 1,467
Net decrease in cash
and cash equivalents (79) (761) (54)
Cash and cash equivalents
at beginning of period 710 764 764
Cash and cash equivalents
at end of period 631 3 710
============================= ====== ============= ============= ============
Metrodome Group plc
Notes to the Condensed Consolidated Financial Statements
For the six months ended 30 June 2012
1. General information
Metrodome Group plc is a company incorporated and domiciled in the United Kingdom.
2. Accounting policies
Basis of Presentation
These unaudited condensed consolidated financial statements have been prepared under the historical cost convention on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards and IFRIC interpretations ("IFRS") as adopted by the EU.
These financial statements are presented in pounds sterling since that is the currency in which the majority of the Group's transactions are denominated.
The financial information in this interim report does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information contained in this interim report has been neither audited nor reviewed by the auditor. Statutory accounts for the year ended 31 December 2011 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter and did not contain a statement under section 498(2) and 498(3) of the Companies Act 2006.
The comparative figures for the year ended 31 December 2011 have been derived from the statutory accounts for that year.
Basis of new and revised standards
The annual financial statements of Metrodome Group plc are prepared in accordance with IFRS as adopted by the European Union. The same accounting policies are used for the six months ended 30 June 2012 as were used for the year ended 31 December 2011.
The assessment of new standards, amendments and interpretations issued but not effective, is that these are not anticipated to have a material impact on the annual financial statements for the year ended 31 December 2012.
3. Operating segments
The Group has two operating segments. The first operating segment, Metrodome Distribution, is based on its original business activity of UK film distribution. The second segment, Hollywood Classics, reflects Hollywood Classics Ltd, a 100% owned subsidiary acquired on 11 August 2011. The discontinued operations reflects Target Entertainment Limited (and its subsidiaries), a 100% owned subsidiary which was placed into administration on 28 February 2012.
Six months ended 30 June 2012
Metrodome Hollywood Corporate Discontinued
Distribution Classics Costs Sub-total Operations Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment revenue 3,643 679 - 4,322 507 4,829
------------------------------ --------------
Underlying EBITDA 111 18 10 139 (252) (113)
Exceptional items - - - - 5,466 5,466
Depreciation (1) (1) (23) (25) (2) (27)
Amortisation of software
costs - (4) (3) (7) - (7)
Amortisation of acquired
intangibles - (287) - (287) - (287)
------------------------------ -------------- ---------- ---------- ---------- ------------- --------
Segment profit / (loss) 110 (274) (16) (180) 5,212 5,032
Finance costs (15) - (62) (77) (17) (94)
------------------------------ -------------- ---------- ---------- ---------- ------------- --------
Profit /(loss) before income
tax expense 95 (274) (78) (257) 5,195 4,938
------------------------------ -------------- ---------- ---------- ---------- ------------- --------
Segment assets 6,372 2,391 2,233 10,996 - 10,996
Segment liabilities (5,435) (2,217) (2,614) (10,266) - (10,266)
Amortisation of film distribution
library 1,859 - - 1,859 - 1,859
------ ---------------------- ------ ------
Impairment of film distribution
library 256 - - 256 - 256
------ ---------------------- ------ ------
Six months ended 30 June 2011
Metrodome Hollywood Corporate Discontinued
Distribution Classics Costs Sub-total Operations Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment revenue 4,187 - - 4,187 2,659 6,846
------------------------------ --------------
Underlying EBITDA 119 - (18) 101 (500) (399)
Exceptional items - - (36) (36) - (36)
Depreciation (1) - (26) (27) (9) (36)
Amortisation of software
costs - - (3) (3) (7) (10)
Amortisation of acquired
intangibles - - - - (313) (313)
------------------------------ -------------- ---------- ---------- ---------- ------------- --------
Segment profit / (loss) 118 - (83) 35 (829) (794)
Finance costs (15) - (52) (67) (7) (74)
------------------------------ -------------- ---------- ---------- ---------- ------------- --------
Profit /(loss) before income
tax expense 103 - (135) (32) (836) (868)
------------------------------ -------------- ---------- ---------- ---------- ------------- --------
Segment assets 7,033 - 5,730 12,763 5,145 17,908
Segment liabilities (5,120) - (2,540) (7,660) (8,871) (16,531)
Amortisation of film distribution
library 1,881 - - 1,881 412 2,293
------ ------ ---- ------
Impairment of film distribution
library 382 - - 382 - 382
------ ------ ---- ------
30 June 2011 Corporate Costs have been presented on a consistent basis with the 31 December 2011 and 30 June 2012 segment notes.
Year ended 31 December 2011
Metrodome Hollywood Corporate Discontinued
Distribution Classics Costs Sub-total Operations Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment revenue 8,243 713 - 8,956 7,819 16,775
--------------------------- -------------------
Underlying EBITDA 434 185 37 656 (436) 220
Exceptional items - 504 (364) 140 (7,001) (6,861)
Depreciation (2) (2) (49) (53) (12) (65)
Amortisation of software
costs - (4) (7) (11) (9) (20)
Amortisation of acquired
intangibles - (135) - (135) (1,128) (1,263)
--------------------------- ------------------- --------------- ------------ ---------- ------------- ---------
Segment profit / (loss) 432 548 (383) 597 (8,586) (7,989)
Investment income 7 - - 7 - 7
Finance costs (71) - (121) (192) (75) (267)
--------------------------- ------------------- --------------- ------------ ---------- ------------- ---------
Profit /(loss) before
income
tax expense 368 548 (504) 412 (8,661) (8,249)
--------------------------- ------------------- --------------- ------------ ---------- ------------- ---------
Segment assets 5,969 2,827 2,527 11,323 4,994 16,317
Segment liabilities (4,813) (2,747) (2,720) (10,280) (13,254) (23,534)
Elimination of Target intercompany
balance 2,823
---------
(20,711)
---------
Amortisation of film distribution
library 3,431 - - 3,431 1,452 4,883
------ ------ ------ ------
Impairment of film distribution
library 578 - - 578 3,513 4,091
------ ------ ------ ------
4. Discontinued operations
Target Entertainment Ltd was placed into administration on 28 February 2012 because it had accumulated losses and needed significant funding to meet its current liabilities and acquisition of new programming in order to become profitable. Metrodome decided it was not in the best interests of the Group to provide this level of continued support for its loss-making subsidiary. It was a difficult but necessary decision in order to safeguard the future of the remaining profitable trading divisions of the Group. Metrodome was owed GBP2,823,000 when the joint administrators were appointed.
Six Months Six Months Year ended
ended ended 31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Revenue 507 2,659 7,819
Cost of sales (365) (2,079) (5,877)
Gross profit 142 580 1,942
Net operating expenses (396) (1,409) (3,527)
----------------------------------- ------------- ------------- -------------
Operating loss (254) (829) (1,585)
----------------------------------- ------------- ------------- -------------
Analysed as:
Underlying EBITDA (252) (500) (436)
Depreciation & amortisation
of software costs (2) (16) (21)
Amortisation of acquired
intangibles - (313) (1,128)
----------------------------------- ------------- ------------- -------------
(254) (829) (1,585)
----------------------------------- ------------- ------------- -------------
Finance costs (18) (7) (75)
----------------------------------- ------------- ------------- -------------
Loss before income tax
expense (272) (836) (1,660)
Income tax expense - (3) (72)
----------------------------------- ------------- ------------- -------------
Loss incurred by the discontinued
operation (272) (839) (1,732)
Gain / (loss) arising
on discontinued operation 5,466 - (7,001)
----------------------------------- ------------- ------------- -------------
Profit / (loss) for the
period 5,194 (839) (8,733)
Non-controlling interest 1 10 12
----------------------------------- ------------- ------------- -------------
Profit / (loss) attributable
to equity holders of the
parent 5,195 (829) (8,721)
The gain arising on discontinued operations of GBP5,466,000 relates to removal of net liabilities from Group results when Target was placed into administration on 28 February 2012. The loss arising on the discontinued operations of GBP7,001,000 in December 2011 consists of GBP6,937,000 impairment of assets and GBP64,000 staff re-organisation costs.
The net liabilities of Target Entertainment Ltd on 28 February 2012 were as follows:
GBP'000
TV distribution library 121
Trade and other receivables 4,161
Cash and cash equivalents 1,175
Trade and other payables (10,892)
Current income tax liabilities (132)
Non-controlling interest 101
-------------------------------- ---------
(5,466)
-------------------------------- ---------
5. Exceptional items
The Group has separately identified costs and revenue of an exceptional nature which are considered to be outside the normal course of business due to their one-off nature or size.
Six Months Six Months
ended ended Year ended
31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Gain on bargain purchase - - (504)
Legal & professional
fees - 36 325
Office move - - 39
-------------------------- -------------- ------------- ------------
- 36 (140)
----------------------------------------- ------------- ------------
6. Earnings / (loss) per share
The earnings / (loss) per share is based on the consolidated profit / (loss) after taxation and the weighted average number of shares in the period of 280,567,915 (30 June 2011: 184,717,915 and 31 December 2011: 220,661,665).
Basic and diluted earnings per share are the same at the period end because the exercise price was greater than the share price. Basic and diluted earnings per share in the prior periods are also the same because the effect on the loss for the period would be anti-dilutive.
7. Dividends
As in prior periods the directors are not recommending payment of a dividend.
8. Reconciliation of profit / (loss) from operations to net cash from operating activities
Six Months Six Months
ended ended Year ended
31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
(Loss)/profit before
income tax credit (257) (32) 412
Adjustments for:
Investment income - - (7)
Finance costs 77 67 192
Gain on bargain purchase - - (504)
Depreciation of property,
plant & equipment 25 27 53
Amortisation of intangible
assets 7 3 11
Amortisation of film
& TV distribution library 1,859 1,881 3,431
Impairment of film &
TV distribution library 256 382 578
Amortisation of producer
relationships 287 - 135
Share based payment expense 5 8 16
Loss on disposal of property,
plant & equipment - - 40
Increase in inventories - - (32)
(Increase)/decrease in
receivables (103) 1,390 1,752
Decrease in payables (292) (1,414) (2,007)
---------------------------------- ------------- ------------- ------------
Cash generated from continuing
operations 1,864 2,312 4,070
Cash generated from discontinued
operations 606 137 739
---------------------------------- ------------- ------------- ------------
Net cash from operating
activities 2,470 2,449 4,809
---------------------------------- ------------- ------------- ------------
9. Investing activities
Six Months Six Months
ended ended Year ended
31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Purchases of film distribution
library (2,569) (2,609) (4,186)
Purchases of property,
plant and equipment (19) (97) (125)
Purchases of intangible
assets (23) (2) (14)
Purchase of subsidiary
undertaking - - (1,620)
Net cash acquired with
subsidiary undertaking - - 1,357
-------------------------------- ------------- ------------- ------------
Net cash used in investing
activities in continuing
operations (2,611) (2,708) (4,588)
Net cash used in investing
activities in discontinued
operations - (328) (1,742)
-------------------------------- ------------- ------------- ------------
Net cash used in investing
activities (2,611) (3,036) (6,330)
-------------------------------- ------------- ------------- ------------
10. Financing activities
Six Months Six Months
ended ended Year ended
31 December
30 June 2012 30 June 2011 2011
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Proceeds from issue of
ordinary share capital - - 1,022
Proceeds from new borrowings 437 - 831
Repayments of bank loan (119) - (50)
Repayments of borrowings (100) (100) (200)
Investment income - - 7
Interest paid (77) (67) (221)
-------------------------------- ------------- ------------- ------------
Net cash generated from
/ (used in) financing
activities in continuing
operations 141 (167) 1,389
Net cash (used in) / generated
from financing activities
in discontinued operations (79) (7) 78
-------------------------------- ------------- ------------- ------------
Net cash generated from
/ (used in) financing
activities 62 (174) 1,467
-------------------------------- ------------- ------------- ------------
11. Events after the Reporting Date
On 23 July 2012 the maturity date of the convertible loan notes totalling GBP1,115,000 disclosed within current borrowings was extended to 31 August 2013.
12. Interim Announcement
These unaudited condensed consolidated financial statements were approved and authorised for issue by the Board on 4 September 2012.
Copies of the Interim Report will be posted to the Group's shareholders in due course and available to download from the Group's website www.metrodomegroup.com today and from the Group's main office at 2(nd) Floor, Garfield House, 86-88 Edgware Road, London W2 2EA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSRAIISIIF
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