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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ocean Outdoor Limited | LSE:OOUT | London | Ordinary Share | VGG6702A1084 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.20 | 10.10 | 10.30 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2020 to Feb 2025
TIDMOOUT
RNS Number : 6278L
Ocean Outdoor Limited
14 September 2021
14 September 2021
Ocean Outdoor Limited
("Ocean" or the "Company" or the "Group")
Half Year 2021 Results
Strong Q2 performance - recovery well underway
Ocean Outdoor Limited (LSE: OOUT), a leading operator of premium Digital Out-of-Home ("DOOH") advertising in the United Kingdom, the Netherlands, the Nordics and Germany, is pleased to announce its half year results for the six months ended 30 June 2021.
Financial highlights:
-- H1 Billings increased 9.1% to GBP48.4m (H1 2020: GBP44.3m) in a period still impacted by lockdowns
-- H1 Revenue increased 11.2% to GBP40.6m (H1 2020: GBP36.5m) -- Q2 revenue increased 196% to GBP25.9m (Q2 2020: GBP8.8m), a significant upturn from Q1
-- Q1 Revenue at 52% of Q1 2019 improving in Q2 to 78% of Q2 2019 - trajectory anticipated to continue in Q3
-- Adjusted EBITDA (including IFRS16) increased 12.0% to GBP15.3m (H1 2020: GBP13.7m) -- Adjusted EBITDA (excluding IFRS16) decreased 7.1% to (GBP4.7m) (H1 2020: (GBP4.4m)) -- Cash of GBP29.8m (H1 2020: GBP35.6m), reflecting a strong balance sheet -- Extended term of debt facility by 12 months and improved covenants -- Ocean's UK staff returned from furlough to support the increased levels of demand
Summary of key initiatives:
UK
-- Appointed outdoor media partner for Edinburgh's prestigious St James Quarter GBP1 billion regeneration project
-- Successful launch of 3-D product DeepScreen(TM)
-- Exclusive UK digital content deal with BT Sport to broadcast UEFA Champions League match clips across 7 UK cities
-- Announced a sealed bid auction ahead of COP26 later this year for brands wanting to appear on Ocean's large format DOOH screens across Edinburgh and Glasgow
Netherlands
-- Secured new retail and key roadside contracts
-- Westfield Mall of the Netherlands officially launched in April with performance exceeding expectations in early months
-- Launched the Netherlands' First Digital Creative Competition
Nordics
-- Extended relationship with DEAS with contract covering 39 event areas across 18 malls in Denmark to launch experiential service
-- Oslo Central bus station launched with 28 new digital screens
-- 131 new digital screens installed across a total of 41 malls in Norway, creating strong marketing position
Post period end highlights and current trading:
-- Appointed strategic media partner for Westfield Fisketorvet, Copenhagen
-- Appointed exclusive outdoor media partner for the Canary Wharf Group, with long-term contract value of GBP30 million
-- DeepScreen(TM) being rolled out across Ocean's large format full motion portfolio in all territories to excellent reception
-- Delivered 'fan zone' experiential campaign and Tokyo 2020 highlights at Westfield London in partnership with Team GB
-- Positive business confidence in UK driving advertising spend resurgence - momentum continues in UK bookings
Commenting on the H1 results, Tim Bleakley, CEO of Ocean Outdoor, said:
"The recovery is underway with a strong Q2 underpinning the increased levels of client activity. The strong sequential demand has tracked the vaccine rollout and phased lifting of restrictions, as well as the renewed confidence from high-spending advertising categories. The major global brands are returning at pace to digital out of home, underlining the increasing importance they are placing on the channel. At the same time, we have attracted new advertisers, driven by changing consumer behaviour and our high-profile initiatives and innovations over the last 12 months such as Deepscreen (TM) , our 3D screen development.
"Ocean is emerging from the pandemic a stronger business due to a combination of investment for growth and the focus and dedication of our people. We continue to win contracts in the most sought-after and audience-robust environments, delivering the ultimate advertising impact and experience. Digital out of home will be a structural long-term winner post the pandemic. Whilst the obvious risks remain, Ocean is well positioned to capture the benefits of the recovery and expects to continue the strong momentum."
"H1 has certainly been a tale of two halves; Q1 lockdowns made way for the UK DOOH industry recording its biggest quarter of growth in history for Q2. We believe we are at the beginning of a resurgence of activity in our sector validated by independent industry data, and are therefore confident in the period ahead."
There will be a conference call for analysts and investors which will begin at 13:00hrs BST / 08.00hrs ET today. A copy of the presentation can be accessed via the Reports & Documents section of the Ocean Outdoor investor relations website: https://investors.oceanoutdoor.com .
Details for the conference call are as follows:
UK-Wide
+44 (0) 33 0551 0200
UK Toll Free
0808 109 0700
USA Toll Free
1 866 966 5335
Password: OCEAN OUTDOOR
For further information please contact:
Ocean Outdoor 020 7292 6161
Tim Bleakley, CEO
Susann Jerry, Head of Communications
Yellow Jersey PR 07747 788 221
Charles Goodwin, Annabel Atkins
oceanoutdoor@yellowjerseypr.com
Chief Executive's Review
Overview
The Group commenced 2021 in a much stronger position, both operationally and financially, due to the actions taken throughout 2020. We worked closely with landlords, reduced overheads, signed new banking facilities and improved efficiencies, whilst importantly continuing to invest in our network and readying ourselves for the recovery.
The first half of 2021 has certainly marked a turning point in the recovery for both Ocean and DOOH. Whilst lockdowns and restrictions remained at the start of the year, the ramping up of vaccination programmes led to a material improvement in demand for DOOH and a notable improvement in bookings for Ocean in April. The issuing of government roadmaps on the easing of lockdowns also helped to provide more certainty and gave brands greater confidence to commit to their campaign plans, with bookings growing consistently since the end of April.
In the UK, the reopening of non-essential retail marked a major milestone, with people returning to the environments where Ocean's network is interconnected, particularly the areas of premium retail and urban roadside. Westfield saw 1.2 million shoppers visit its London malls on their first weekend open in early May, whilst footfall across city centres has continued to rise with people returning to offices and enjoying leisure and hospitality once again. Whilst the Netherlands and Nordics have been running eight to ten weeks behind the UK in terms of removing all restrictions, a similar positive pattern is also unfolding, with retail fully reopened and roadside traffic approaching pre-pandemic levels.
Innovation has also continued at pace. Marking 10 years of our 'Art of Outdoor' proposition and the creation of inspirational new brand experiences, we have launched one of our most exciting products to date - DeepScreen(TM), which delivers the illusion of 3-D depth on our screens. DeepScreen(TM) is being rolled out across our large format, full motion portfolio in all territories, and its impact and awareness from the early brand campaigns has led to an exciting response from all stakeholders. DeepScreen(TM) is not only an innovative platform for clients, but offers accretive revenue for the Group, so we are encouraged by the reaction to date.
The Ocean Creative Competition is now an annual feature across the UK, the Netherlands and Nordics, which has been core to Ocean's marketing and positioning as a creative and technological leader in our medium. It was therefore a pleasure to work with Anomaly, who in June 2021 was awarded Silver in the outdoor category at the prestigious Cannes Lions International Festival of Creativity for its campaign for Ancestry(R). The creative was originally one of the winners of our 2020 competition. Custom creative continues to sit at the heart of our business.
Financial performance
Revenue rose by 11.2% to GBP40.6m during the first half of 2021. Due to ongoing significant lockdown restrictions continuing over the period, Q1 2021 experienced a similar performance to that of Q2 2020 with revenue of GBP14.7m. In Q2, while lockdowns and restrictions were lifted, revenue increased 196% to GBP25.9m (Q2 2020: GBP8.8m). Adjusted EBITDA (excluding IFRS16) fell by 7.1% to (GBP4.7m), primarily due to returning rents (driven by Covid rent savings) as well as lower margin in Sweden, which has some exposure to the transit environment. Management is applying new pricing and inventory packaging initiatives to the business in Sweden, which is expected to improve performance in H2 2021. Excluding the Nordics region, Group revenue increased by 18.0% and Adjusted EBITDA (excluding IFRS16) increased by 32.1% on H1 2020, a very positive indicator for those coming out of restrictions.
The Group's direct operating expenses (excluding IFRS16) increased by 18.5% as anticipated, given temporary Covid relief had reduced rents in Q2 2020. This increase was also driven by the Group investing in new locations as part of our medium to long term growth strategy.
Selling, general and administrative expenses (excluding IFRS16) were down 13.1% on H1 2020, which was driven by government support for costs associated with employment, as well the permanent cost saving measures taken during late 2020. During Q2 2021, the Group began to gear up for the recovery, bringing our people back across all our countries.
The unwinding of the Group's working capital is being managed responsibly with a continued focus on maximising our relationships with landlords and suppliers regarding our deferred payment plans. To this end, GBP7.5m of cash has been generated from working capital timings, net of unwinding deferred payment plans.
An additional GBP7.5 million of the Group's debt facility was drawn during the period to accommodate future payments of deferred rent. A total of GBP12.5m has been drawn to date, leaving GBP22.5m of the facility unutilised. The tenure of the facility has been extended and improved covenants have also been agreed.
Ocean UK
- Appointed outdoor media partner for the prestigious St James Quarter GBP1 billion regeneration project
- First exclusive digital content deal with BT Sport - Successful launch of new DeepScreen(TM) product - Launched sealed bid auction for COP26 screens
There has been further positive momentum in terms of new contracts and partnerships since the start of 2021, which only adds to our optimism of being able to capitalise on the recovery. In early February, Ocean signed its first exclusive digital content deal with BT Sport, broadcasting next day match clips from UEFA's Champions League last 16 fixtures through to the Final in May 16. The coverage was played across screens in seven major UK cities, including London, Manchester, Birmingham and Edinburgh.
With Glasgow hosting the much-anticipated COP26 this November, Ocean commenced its sealed bid auction for the brands that want to be on the frontline of the climate emergency. Ocean created three networked opportunities in Scotland, providing cover across its premium large format assets in Glasgow and Edinburgh via 45 screens located on the key arterials and in city centre locations where COP26 will unfold, to allow brands to deliver impactful campaigns. As a result, forward bookings for this period are strong.
Activity in Scotland continued in the period with Ocean being appointed outdoor media partner for the prestigious St James Quarter GBP1 billion regeneration project in Edinburgh, a 1.7 million square foot urban location and global tourist destination which has recently opened. The 10-year DOOH advertising contract, with a lifetime value of GBP25 million, represents Ocean's first contract with global asset management company Nuveen, which part owns and developed the St James Quarter.
The period has also seen some incredible campaigns and live moments delivered through our network. The live streaming from Mars to the Piccadilly Lights was a technical and creative milestone as we watched NASA's Perseverance rover land on the red planet. As noted above, Ocean has also had an exciting response to the launch of DeepScreen (TM) and the recent activations on the Piccadilly Lights. Incredible illusions by Vodafone, IWC Schaffhausen, the British & Irish Lions, Deliveroo and PokerStars have been used as centrepieces for integrated campaigns. The product is available across eight prime digital screens in seven UK cities.
Gearing up to the Tokyo 2020 Olympics, our summer of sporting moments commenced with Ocean's ongoing partnership with The All England Lawn Tennis Club, showing Wimbledon tennis highlights on screens at Westfield London. Ocean also struck an agreement with ITV to run football match highlights of the Euro 2020 championships knockout stages on the Piccadilly Lights.
Ocean Netherlands
- Westfield Mall of the Netherlands officially launched in April - Won new roadside contracts and extended existing agreements
Tighter restrictions have been retained for longer in the Netherlands, with the country running between eight to ten weeks behind the UK. During Q2 2021, the Dutch hospitality and restaurant industry reopened and economic activity is building with nearly 80% of the population currently vaccinated, whilst travel restrictions to and from the country have also recently eased.
At the start of April, Westfield Mall of the Netherlands officially launched and in its early months has already exceeded expectations in terms of audience figures and media revenue. Extending its shopping mall footprint, the Dutch business also added two contracts for two new large digital screens in Haarlem and Hilversum. It has also renewed key roadside contracts and won a new contract in Almere, which will see two new digital screens.
As part of its data and research strategy, Ocean Netherlands signed a strategic partnership with the data insights provider, Precisely, delivering a new solution incorporating mobile trace data to measure reach and determine the profile of audiences. Launching in October, the solution will significantly increase insights for advertisers in segmented reach per screen and will also provide near real time audience data.
In June, Ocean Netherlands staged its first edition of the Digital Creative Competition, mirroring the event which has run for the past 10 years in the UK. The competition had both a live and augmented reality event held in Amsterdam's museum district, with a record number of entries for an inaugural competition from Dutch clients, brands and agencies - a phenomenal number for its first competition and a reflection of the importance of DOOH in the territory.
Ocean Nordics and Germany
- New shopping mall contracts won across Sweden - Media contract for Helsingborg Central Station, Sweden - Danske contract covering 39 event areas across 18 malls in Denmark - Installation of 133 new digital screens across 41 shopping malls in Norway
Whilst Sweden has remained open throughout the pandemic period, across the rest of the Nordic region, most restrictions were lifted by late spring and recoveries are now underway.
Operationally, the Nordics' senior management has continued to bring the countries closer together and enhance the network proposition and ultimately drive greater revenues. To enable this to happen, all the Nordic territories are now operating on the same systems, allowing us to sell campaigns that can be run across the entire region.
In Sweden, we have expanded our retail footprint with three related media contract wins, which included an agreement with Point Properties for nine malls that collectively attract 7 million visitors each year, a contract with Skandia Fastigheter to install a 300 square metres banner at its Mörby Centrum mall, which is situated north of Stockholm, and a contract with Centrumkanalen for screens in 23 supermarkets, which complements Ocean's existing mall and grocery channels in Sweden. Ocean has also won the media contract for Helsingborg Central Station, one of the largest stations in southern Sweden, which also connects bus and ferry routes. A large screen has already been installed at the station entrance, whilst the internal screens are being upgraded.
In Denmark, Ocean has extended its association with shopping centre owner DEAS, with the award of a contract covering 39 event areas across 18 malls, for exclusive experiential rights. This follows an agreement in 2020 for the installation of 381 new screens across Danske's portfolio of malls.
Over the past 12 months, a significant project has been underway in Norway to upgrade the inventory across 41 shopping malls, which includes Ocean's contract with Alti covering 23 malls won in 2020. Previously only 5% of this portfolio was digital, but the installation of 133 screens has seen this rise to 24%. Norway has also gone live with its Oslo Central bus station contract with the launch of 28 state of the art digital screens.
There has been further progress in Finland with media contracts won for two malls in Helsinki and Lund. The Group has also developed a multi country sales strategy to maximise its market position with Unibail-Rodamco-Westfield and the inclusion of the 15 shopping malls Ocean operates across Germany.
Collectively, whilst the Nordics has been a more difficult geography for the Group during the period due to Covid, these contracts and the investment made gives us confidence that we are well-placed to benefit as restrictions fall away and economies recover.
H2 2021 current trading and outlook
The positive momentum has continued into the second half of the year with strong sales and campaign activity across the network, which is aligned with the further improvement in the overall economic outlook.
As announced today, Unibail-Rodamco-Westfield has appointed Ocean as its strategic media partner for Westfield Fisketorvet, Copenhagen's premium shopping, dining and leisure destination. The agreement is a seven-year contract with a lifetime value of GBP7 million. The agreement sees Ocean develop a network of 25 digital screens and a new, large double-sided screen. The deal also makes Ocean the number one operator of DOOH in shopping centres in Denmark, providing cover in 31 malls.
In the UK, Ocean has been appointed as the exclusive outdoor media partner for Canary Wharf Group, a long-term DOOH advertising contract with a lifetime value of GBP30 million. Regarded as one of Europe's most prestigious DOOH locations, Canary Wharf offers an exceptional media opportunity, di stributed across 16.5million square feet of prime retail, office, residential and leisure space . The new contract brings improved terms and better economics.
Moreover, our partnership with Team GB and the streaming of Tokyo 2020 Olympics highlights across our UK portfolio was a great success. The centrepiece was an official Team GB fan zone, located at Westfield London, which also accommodated two Team GB worldwide and official partners and two global Olympics partners that included Toyota, Bridgestone, Birds Eye and SEGA. Covering 1,633 square metres, this was the biggest experiential build to date by Ocean Labs.
In terms of the outlook, consumer confidence is high, with UK retail sales volumes surpassing pre-pandemic levels and 4% higher in July 2021 compared to July 2019. Road traffic has also continued to increase, playing into the hands of our roadside network in premium locations. UK traffic levels were recently at 90% compared to August 2019, whilst in the Nordics, roadside traffic levels are ranging from 86% to 93% of pre-pandemic levels and in the Netherlands levels have reached 83%.
Whilst we remain conscious of Covid related risks, business and consumer confidence continues to improve, with major advertisers returning fast and a greater emphasis being placed on digital out of home. The strength of our proposition has never been better in terms of the speed and capability of our network and the prime audience locations where our screens reside. Our ability to deliver memorable high impact campaigns to mass audiences as they start to spend more time out of home and brands look to tap into these moments of human elation has never been more valuable. As such, we are in pole position for the recovery.
Tim Bleakley
Chief Executive Officer
Analysis using financial key performance indicators
Directors and managers assess performance using performance indicators at a Group level. The Group's key performance indicators (KPI) are Billings, Revenue and Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation excluding one off items (Adjusted EBITDA). This is generated from the companies within the Group.
Principal Risk and Uncertainties
The main risks and uncertainties identified by the Group remain consistent with those identified in the Financial report for the year ended 31 December 2021.
Going Concern
The Directors have, at the time of approving the condensed consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of the condensed consolidated financial statements.
The Director's assessment has considered the Group's current financial position, reviewed its budgets and forecasts, ascertained the principal risks and uncertainties (including the impact of COVID-19) and looked at loan facilities available to the Group.
Whilst acknowledging there is some uncertainty regarding the future impacts of COVID-19, the economic outlook is continuously improving, and the Directors are satisfied the Group remains well placed to manage its business risks successfully. Accordingly, the condensed consolidated financial statements continue to be prepared on a going concern basis.
Forward Looking Statement
This report contains certain forward-looking statements. These statements are subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated. The terms 'expect', 'should be', 'will be' and similar expressions (or their negative) identify forward looking statements. Factors which may cause future outcomes to differ from those foreseen in forward looking statements include, but are not limited to: general economic conditions and business conditions in Ocean's market; the actions of competitors; legislative, fiscal & regulatory developments and the impact of technological change.
Past performance should not be taken as an indication of guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. These forward-looking statements speak only as of the date of this report and are based on numerous assumptions regarding Ocean's present and future business strategies and the environment in which Ocean will operate in the future. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Group's expectations or any change in events, conditions or circumstances on which any such statement is based after the date of this announcement or to update or keep current any other information contained in this interim report.
Nothing in this report should be construed as a profit forecast. All persons, wherever located, should consult any additional disclosures that Ocean may make in any regulatory announcements or documents which it publishes. This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire of dispose of any Ocean shares, in the UK, or in the US, or under the US Securities Act 1933 or in any other jurisdiction.
Condensed Interim Financial Statements
The information presented has not been subjected to audit, review or other assurance procedures by an auditor.
Board of Directors
The Directors of Ocean Outdoor Limited as at 14 September 2021 are:
Andrew Barron
Tim Bleakley
Aryeh Bourkoff
Sangeeta Desai
Thomas Ebeling
Stephen Joseph
Robert Marcus
Thomas Smith
Martin Söderström
Responsibility Statement
We confirm that to the best of our knowledge:
a) The Condensed Interim Financial Statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union, and give a true and fair view of the assets, liabilities, financial position and loss of the Group; and
b) This report includes a fair review of the following information as required by:
I. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year, and their impact on the Condensed set of Consolidated Financial statements and a description of the principal risks and uncertainties for the remaining six months of the year; and
II. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group in that period: and any changes in the related party transactions described in the last annual report that could have a material effect on the financial position or performance of the Group in the current period.
By order of the Board
Tim Bleakley
Chief Executive Officer
Ocean Outdoor Limited
Unaudited condensed statement of profit or loss and other comprehensive income
for the 6 months ended 30 June 2021
Hot Features
Premium
Note H1 2021 H1 2020
GBP'000 GBP'000
Revenue 3 40,554 36,471
Cost of sales (34,548) (29,842)
_______ _______
Gross profit 6,006 6,629
Administrative and other expenses (25,858) (30,011)
_______ _______
Loss from operations (19,852) (23,382)
Finance expense 4 (4,776) (6,077)
Finance income 10 7
Share of post-tax loss of equity
accounted associates (133) (17)
_______ _______
Loss before tax (24,751) (29,469)
Tax credit / (expense) 2,585 (1,422)
_______ _______
Net loss (22,166) (30,891)
_______ _______
Other comprehensive income
Items which will or may be reclassified
to profit or loss:
Exchange gain on translation of
foreign operations 973 597
_______ _______
Total comprehensive loss (21,193) (30,294)
_______ _______
Loss for the period attributable
to:
Shareholders of the parent (22,166) (30,891)
_______ _______
Total comprehensive loss attributable
to:
Shareholders of the parent (21,193) (30,294)
_______ _______
Earnings per share
Basic earnings per share (pence) 15 (0.41) (0.58)
_______ _______
Diluted earnings per share (pence) 15 (0.41) (0.58)
_______ _______
Ocean Outdoor Limited
Unaudited condensed statement of financial position
As at 30 June 2021
Company number: 1935255 Note 30/06/2021 31/12/2020
Assets GBP'000 GBP'000
Non-current assets
Property, plant and equipment
* Site assets, equipment and motor vehicles 6 41,154 42,860
* Right of use asset 6 170,004 182,471
Intangible assets 7 190,200 202,261
Investment in associate 5,070 5,203
_______ _______
406,428 432,795
_______ _______
Current assets
Trade and other receivables 9 37,895 39,289
Cash and cash equivalents 29,768 30,030
_______ _______
67,663 69,319
_______ _______
Total assets 474,091 502,114
_______ _______
Current liabilities
Trade and other payables 10 58,387 63,983
Lease liability 11 44,657 36,954
Tax payable 2,994 4,259
_______ _______
106,038 105,196
_______ _______
Non-current liabilities
Bank loan 12,442 4,949
Other payables 10 1,109 1,280
Lease liability 11 148,332 161,012
Deferred tax liability 12 31,060 33,677
_______ _______
Total liabilities 298,981 306,114
_______ _______
NET ASSETS 175,110 196,000
_______ _______
Equity
Founder Preferred Share Capital 14 3,257 3,909
Treasury shares 14 (2,417) (2,417)
Share Premium 14 377,853 376,898
Foreign exchange reserve 16 1,914 941
Retained deficit 16 (205,497) (183,331)
_______ _______
TOTAL EQUITY 175,110 196,000
_______ _______
Ocean Outdoor Limited
Unaudited condensed statement of changes in equity
As at 30 June 2021
Ordinary Ordinary Founder Foreign
Share Treasury Share Preferred exchange Retained Total
capital shares premium Share Capital reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 01 January 2021 - (2,417) 376,898 3,909 941 (183,331) 196,000
Conversion of Founder
preferred
to ordinary shares - - 652 (652) - - -
Share issue - - 303 - - - 303
Comprehensive income for the
period
Loss for the period - - - - - (22,166) (22,166)
Exchange differences on
translating
foreign operations - - - - 973 - 973
______ ______ ______ ______ ______ ______ ______
Balance at 30 June 2021 - (2,417) 377,853 3,257 1,914 (205,497) 175,110
______ ______ ______ ______ ______ ______ ______
Balance at 01 January 2020 - (2,417) 376,246 4,561 (530) (3,826) 374,034
Conversion of Founder
preferred
to ordinary shares - - 652 (652) - - -
Comprehensive income for the
period
Loss for the period - - - - - (30,891) (30,891)
Other comprehensive income - - - - 597 - 597
______ ______ ______ ______ ______ ______ ______
Balance at 30 June 2020 - (2,417) 376,898 3,909 67 (34,717) 343,740
______ ______ ______ ______ ______ ______ ______
Ocean Outdoor Limited
Unaudited condensed statement of cash flows
for the 6 months ended 30 June 2021
Note
H1 2021 H1 2020
GBP'000 GBP'000
Cash flows from operating activities
Loss for the period (22,166) (30,891)
Adjustments for:
Depreciation of property, plant and
equipment 6 4,817 4,990
Depreciation on right of use asset 6 16,412 15,835
Amortisation of intangible fixed assets 7 12,384 12,384
Profit on disposal of tangible fixed (33) -
assets
Profit on termination of IFRS16 leases (7) -
Finance income (10) (7)
Finance expense 4,776 6,077
Share of loss of associated companies 133 -
Rent concessions (1,896) -
_______ _______
14,410 8,388
Decrease / (increase) in trade and
other receivables 1,394 22,522
(Decrease) / increase in trade and
other payables 1,034 (8,667)
Decrease in deferred tax provision (2,617) 308
_______ _______
Cash generated from operations 14,221 22,551
Other taxation and social security
paid (1,265) (4,810)
_______ _______
Net cash flows from operating activities 12,956 17,741
_______ _______
Investing activities
Acquisition of subsidiaries, net of
cash acquired - (479)
Contingent consideration settlement (5,690) (401)
Purchases of site assets, equipment
and motor vehicles 6 (3,738) (3,777)
Proceeds from sale of tangible fixed 33 -
assets
Interest received 10 7
_______ _______
Net cash used in investing activities (9,385) (4,650)
_______ _______
Financing activities
Proceeds from borrowings 7,500 5,000
Interest paid on lease liabilities (4,563) (5,213)
Interest paid (213) (57)
Principal paid on lease liabilities (6,860) (4,098)
Share issuance 303 -
_______ _______
Net cash used in financing activities (3,833) (4,368)
_______ _______
Net increase / (decrease) in cash
and cash equivalents (262) 8,723
Cash and cash equivalents at beginning
of year 30,030 26,917
_______ _______
Cash and cash equivalents at end of
year 29,768 35,640
_______ _______
Ocean Outdoor Limited
Notes to the interim condensed consolidated financial statements
1 Reporting entity
Ocean Outdoor Limited (the "Company") is registered in the British Virgin Islands and quoted on the London Stock Exchange. The registered office is Kingston Chambers, PO Box 173, Road Town, British Virgin Islands. These unaudited condensed consolidated interim financial statements ("interim financial statements") as at and for the six months ended 30 June 2021 comprise the Company and its subsidiaries (together referred to as the "Group"). The principal activity of the Group in the period under review was that of the development and sale of Out Of Home (OOH) media.
These interim financial statements were authorised for issue by the board of directors on 14 September 2021.
2 Basis of preparation and changes to the Group's accounting policies 2.1 Basis of preparation
These interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting"
The interim financial statements do not include all of the information required for a complete set of IFRS financial statements and should be read in conjunction with the Group's last annual financial statements as at and for the period ended 31 December 2020 ("last annual financial statements") and any public announcements made by Ocean Outdoor Limited during the interim reporting period.
Amounts are rounded to the nearest thousand, unless otherwise stated.
2.2 Accounting policies
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2020.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective that has materially impacted these interim financial statements.
2.3 Critical accounting judgements and key sources of estimation uncertainty
When preparing the interim financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management.
The judgements, estimates and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 December 2020.
2.4 Going concern
The Directors have, at the time of approving the condensed consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of the condensed consolidated financial statements.
The Director's assessment has considered the Group's current financial position, reviewed its budgets and forecasts, ascertained the principal risks and uncertainties (including the impact of COVID-19) and looked at loan facilities available to the Group.
Whilst acknowledging there is some uncertainty regarding the future impacts of COVID-19, the economic outlook is continuously improving, and the Directors are satisfied the Group remains well placed to manage its business risks successfully. Accordingly, the condensed consolidated financial statements continue to be prepared on a going concern basis.
3 Revenue and segmental information
The Board considers the group to operate in three distinct markets: The United Kingdom, The Netherlands and The Nordics. Accordingly, the group has been treated as three operational segments for H1 21 and the results of the group presented in the condensed consolidated financial statements are disaggregated accordingly. This judgement is consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the board of directors. Each operational segment provides DOOH services to their local market.
The table below splits the segments based on statutory reporting metrics:
H1 2021 H1 2020
GBP'000 GBP'000
Provision of advertising space - United
Kingdom 18,451 15,199
Provision of advertising space - Netherlands 8,260 7,432
Provision of advertising space - Nordics 13,843 13,840
_______ _______
40,554 36,471
_______ _______
UK Group Netherlands Nordics Total
H1 2021 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 18,451 8,260 13,843 40,554
Interest 2,683 1,183 910 4,776
Depreciation and
amortisation 22,545 5,016 6,052 33,613
Loss for the period 18,040 1,198 2,928 22,166
Total assets 325,445 67,508 81,138 474,091
Total liabilities 182,662 59,593 56,726 298,981
_______ _______ _______ _______
UK Group Netherlands Nordics Total
H1 2020 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 15,199 7,432 13,840 36,471
Interest 3,908 1,219 950 6,077
Depreciation and amortisation 22,215 4,706 6,309 33,230
Loss for the period 26,874 1,846 2,171 30,891
Total assets 518,369 65,543 75,209 659,121
Total liabilities 212,654 59,716 47,888 320,258
_______ _______ _______ _______
4 Finance expense
H1 2021 H1 2020
GBP'000 GBP'000
Interest payable under IFRS16 leases 4,563 5,213
Interest payable on unwinding discounted
balances - 807
Other interest payable 213 57
_______ _______
Total finance expense 4,776 6,077
_______ _______
5 Seasonality
In accordance with IAS 34, management has concluded that the Group is not a 'highly seasonal' business. Group revenues and operating profits are however not generated evenly throughout the year, especially in light of the impact COVID-19 has had on the Group. Advertisers allocate their marketing spend based on the ability to maximise the impact on their target consumers, which is derived on events and specific dates at their discretion. As such, there is an element of seasonality within the industry, but this is not consistent year on year. Consequently, the half year results as of 30 June 2021 are not necessarily representative of the expected 2021 full year results. This explanation is provided to allow for a better understanding of the results.
6 Property, plant and equipment
Site Motor
assets Equipment vehicles Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost or valuation
At 1 January 2021 60,481 2,019 161 62,661
Additions 3,725 11 2 3,738
Disposals (50) - (61) (111)
Foreign exchange difference (916) (36) (5) (957)
_______ _______ _______ _______
At 30 June 2021 63,240 1,994 97 65,331
_______ _______ _______ _______
Site Motor
assets Equipment vehicles Total
GBP'000 GBP'000 GBP'000 GBP'000
Accumulated depreciation
and impairment
At 1 January 2021 19,121 596 84 19,801
Charge in the period 4,597 207 13 4,817
Disposals (50) - (61) (111)
Foreign exchange difference (320) (10) - (330)
_______ _______ _______ _______
At 30 June 2021 23,348 793 36 24,177
_______ _______ _______ _______
Site Motor
assets Equipment vehicles Total
GBP'000 GBP'000 GBP'000 GBP'000
Net Book Value
At 30 June 2021 39,892 1,201 61 41,154
_______ _______ _______ _______
At 31 December 2020 41,360 1,423 77 42,860
_______ _______ _______ _______
Right of
use asset
GBP'000
Cost
At 1 January 2021 280,417
Additions 6,353
Effect of modification to lease term 2,216
Disposals (287)
FX variance (5,650)
_______
At 30 June 2021 283,049
_______
Accumulated depreciation
At 1 January 2021 97,946
Charge in the period 16,412
Disposals (205)
FX variance (1,108)
_______
At 30 June 2021 113,045
_______
Net Book Value
At 30 June 2021 170,004
_______
At 31 December 2020 182,471
_______
7 Intangible assets
Acquired
rights
over advertising
Brand sites Goodwill Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost or valuation
1 January 2021 6,725 210,452 173,292 390,469
FX variance - 177 146 323
_______ _______ _______ _______
At 30 June 2021 6,725 210,629 173,438 390,792
_______ _______ _______ _______
Acquired
rights
over advertising
Brand sites Goodwill Total
GBP'000 GBP'000 GBP'000 GBP'000
Accumulated amortisation
and impairment
At 1 January 2021 1,846 52,912 133,450 188,208
Charge in the period 336 12,048 - 12,384
_______ _______ _______ _______
At 30 June 2021 2,182 64,960 133,450 200,592
_______ _______ _______ _______
Acquired
rights
over advertising
Brand sites Goodwill Total
GBP'000 GBP'000 GBP'000 GBP'000
Net Book Value
At 30 June 2021 4,543 145,669 39,988 190,200
_______ _______ _______ _______
At 31 December 2020 4,879 157,540 39,842 202,261
_______ _______ _______ _______
8 Subsidiaries, investments and business combinations
The principal subsidiaries and associates of the Group which have been included in these condensed consolidated financial statements, are as follows:
Name Country of Nature of business Ownership Ownership
incorporation 30/06/2021 31/12/2020
and principal
place of business
Subsidiary companies
Ocean Jersey Topco Limited Jersey Holding co. 100% 100%
SCP Acquisition Bidco Limited
(1) England & Wales Holding co. 100% 100%
Ocean Bidco Limited (1) England & Wales Holding co. 100% 100%
Ocean Outdoor UK Limited England &
(1) Wales OOH Media Owner 100% 100%
Signature Outdoor Limited England &
(1) Wales OOH Media Owner 100% 100%
Mediaco Outdoor Limited England &
(1) Wales OOH Media Owner 100% 100%
Forrest Outdoor Media Limited
(1) Scotland OOH Media Owner 100% 100%
Ocean Brands Limited (1) Scotland Dormant subsidiary 68% 68%
Ngage Media B.V (1) Netherlands OOH Media Owner 100% 100%
Ocean Outdoor Nederland
B.V (1) Netherlands OOH Media Owner 100% 100%
DKTD Media B.V (1) Netherlands OOH Media Owner 100% 100%
Ocean Outdoor Nordics AB
(1) Sweden Holding co. 100% 100%
Ocean Outdoor Sweden AB
(1) Sweden Holding co. 100% 100%
Global Agencies Stockholm
AB (1) Sweden OOH Media Owner 100% 100%
Ocean Outdoor Denmark A/S
(1) Denmark OOH Media Owner 100% 100%
Ocean Outdoor Finland Oy
(1) Finland OOH Media Owner 100% 100%
Gudfar & Son AB (1) Sweden OOH Media Owner 100% 100%
Ocean Outdoor Germany GmbH
(1) Germany OOH Media Owner 100% 100%
AdCityMedia AB (1) Sweden OOH Media Owner 99.41% 97.46%
GM-Gruppen Moving Message
AB (1) Sweden OOH Media Owner 99.41% 97.46%
Ocean Outdoor Norway A/S
(1) Norway OOH Media Owner 99.41% 97.46%
All in Media Sverige AB
(1) Sweden OOH Media Owner 99.41% 97.46%
ACM AB (1) Sweden OOH Media Owner 99.41% 97.46%
Associate companies
Visual Art Sweden AB Sweden Holding co. 49.99% 49.99%
Visual Art International
Holding AB Sweden OOH Media Owner 49.99% 49.99%
Visual Art Germany GmbH Germany OOH Media Owner 49.99% 47.49%
Visual Art USA Inc. USA OOH Media Owner 49.99% 49.99%
Visual Art Norway AS Norway OOH Media Owner 49.99% 49.99%
(1) The shares held in these entities are held indirectly.
9 Trade and other receivables
2021 2020
GBP'000 GBP'000
Trade receivables 32,931 33,298
Prepayments 4,964 5,991
________ ________
37,895 39,289
________ ________
10 Trade and other payables
2021 2020
GBP'000 GBP'000
Due within one year:
Trade payables 21,496 23,978
Other payables 1,596 11,824
Accrued consideration 148 148
Contingent consideration 386 -
Deferred income 3,593 2,100
Accruals 31,168 25,933
_______ _______
58,387 63,983
_______ _______
Due after more than one year:
Other payables 1,109 875
Contingent consideration - 405
_______ _______
1,109 1,280
_______ _______
11 Lease liability
Lease Liability
GBP'000
As at 1 January 2021 197,966
Additions
* Lease additions 6,353
* Lease modifications 2,216
Disposals (89)
Finance expense 4,563
Concessions (1,896)
Foreign exchange difference (4,701)
Payments (11,423)
________
As at 30 June 2021 192,989
________
Current liability 44,657
Non-current liability 148,332
________
192,989
________
12 Deferred tax
Charge
/ (credit)
to profit
Asset Liability or loss
GBP'000 GBP'000 GBP'000
At 1 January 2021 - 33,677 -
Reversal of temporary timing differences
on business combinations - (2,617) (2,617)
Reversal of temporary timing differences - - -
on fixed asset and other differences
_______ _______ _______
At 30 June 2021 - 31,060 (2,617)
_______ _______ _______
13 Notes to the cashflow
The cashflow statement format is consistent with that presented at 31 December 2020. During period the significant non-cash transactions that affected the cashflow were as follows:
H1 2021 H1 2020
GBP'000 GBP'000
Interest payable on contingent consideration - 807
Exchange rate variances 1,110 6,226
IFRS16 right of use asset additions and modifications 8,569 36,455
IFRS16 right of use liability recognised 8,569 36,455
IFRS16 interest payable 4,563 5,213
_______ _______
14 Share capital
The movement in shares of the Company in the period are as follows:
Founder Preferred Shares, no par 2021 2021 2020 2020
value
Number GBP'000 Number GBP'000
Balance at beginning of period 525,000 3,909 612,500 4,561
Ordinary share conversion (87,500) (652) (87,500) (652)
_______ ________ _______ ________
Balance at end of period 437,500 3,257 525,000 3,909
_______ ________ _______ ________
Ordinary Shares, no par value 2021 2021 2020 2020
Number GBP'000 Number GBP'000
Balance at beginning of period 54,095,844 376,898 54,008,344 376,246
Founder Preferred Share conversion 87,500 652 87,500 652
Issued during the period 56,109 303 - -
_______ ________ _______ ________
Balance at end of period 54,239,453 377,853 54,095,844 376,898
_______ ________ _______ ________
On 6 January 2021, a tranche of 87,500 Founder Preferred Shares were re-designated as Ordinary Shares on a one for one basis.
On 3 June 2021, 56,109 Ordinary Shares were issued to non-executive Directors and advisors of the company in exchange for services to the Group, in accordance with their service agreements.
Included in the above Ordinary Share numbers are Treasury Shares bought back by the company and held in treasury as follows:
Treasury Shares 2021 2021 2020 2020
Number GBP'000 Number GBP'000
Balance at beginning and end of period 396,730 2,417 396,730 2,417
_______ ________ _______ ________
15 Earnings per share
H1 2021 H1 2020
GBP'000 GBP'000
Numerator
Earnings used in basic and diluted EPS (22,166) (30,891)
_______ _______
Denominator '000 '000
Weighted average number of shares used in basic EPS 53,793 53,251
_______ _______
Weighted average number of shares used in diluted EPS 53,793 53,251
_______ _______
Basic EPS (pence) (0.41)p (0.58)p
_______ _______
Diluted EPS (pence) (0.41)p (0.58)p
_______ _______
16 Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Treasury share reserve Amount paid by the company to purchase
its own shares.
Share premium Amount subscribed for share capital in
excess of nominal value.
Retained earnings All other net gains and losses and transactions
with owners (e.g. dividends) not recognised
elsewhere.
Foreign exchange reserve Foreign exchange gains and losses on translation
of subsidiary undertakings into the presentational
currency of the Group.
17 Related party transactions
During the period the Company issued the following Shares to directors of the Company:
2021 Founder
Ordinary Preferred
Shares Shares
Number Number
Andrew Barron 18,375 (18,375)
Aryeh B. Bourkoff 49,875 (49,875)
_______ _______
68,250 (68,250)
_______ _______
2020 Founder
Ordinary Preferred
Shares Shares
Number Number
Andrew Barron 18,375 (18,375)
Aryeh B. Bourkoff 49,875 (49,875)
_______ _______
68,250 (68,250)
_______ _______
The basis and nature of other transactions between the Group and the Directors of the company did not change significantly. The fees paid to Directors were GBP444,000 (H1 2020: GBP302,000) for the half year ended 30 June 2021.
18 Events after the reporting date
Subsequent to the period end a management long term incentive plan (MIP), details of which were announced to the market on 21 May 2021, was issued. Under the scheme executive Directors and senior management of the Group will receive remuneration based on share price and EBITDA targets.
Appendix
The following pages present unaudited financial information for entities owned by the Group as at 30 June 2021. This allows analysis and assessment of the underlying performance by operating segment.
H1 2021 and H1 2020 financials are provided for comparison. The financials are presented including IFRS16 accounting standard which came in to effect 1 January 2019. Also presented are the H1 2021 and H1 2020 financials under the previous accounting standard.
There is also a reconciliation of profit / loss from operations to Adjusted EBITDA.
In previous financial reporting the group referred to proforma numbers in order to removed acquisition dates from the financials in order to allow ease of comparison. The need to proforma the numbers is no longer required.
Ocean Group 26
Reconciliation of Ocean Group Adjusted EBITDA including
IFRS16 to Ocean Group Adjusted EBITDA excluding IFRS16 27
Ocean Outdoor Limited and UK operating subsidiaries 28
Ocean Netherlands 29
Ocean Nordics 30
Ocean Outdoor Limited and subsidiaries
The results below present all Group subsidiaries including IFRS16 and excluding IFRS16.
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Billings 48,383 44,348 48,383 44,348
_______ _______ _______ _______
Revenue 40,554 36,471 40,554 36,471
Cost of sales (34,548) (29,842) (37,757) (31,857)
_______ _______ _______ _______
Gross profit 6,006 6,629 2,797 4,614
Administrative and other expenses (25,858) (30,011) (26,314) (30,291)
_______ _______ _______ _______
Loss from operations (19,852) (23,382) (23,517) (25,677)
Loss from fixed asset investments (133) (17) (133) (17)
Finance expense (4,776) (6,077) (214) (863)
Finance income 10 7 10 7
_______ _______ _______ _______
Loss before tax (24,751) (29,469) (23,854) (26,550)
Tax credit / (expense) 2,585 (1,422) 2,585 (1,422)
_______ _______ _______ _______
Net loss (22,166) (30,891) (21,269) (27,972)
_______ _______ _______ _______
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Loss from operations (19,852) (23,382) (23,517) (25,677)
Depreciation 21,229 20,825 4,817 5,003
Amortisation 12,384 12,405 12,384 12,405
Profit on disposal of tangible
fixed assets (33) - (33) -
Profit on termination of IFRS16
leases (7) - - -
Deal fees - 3,236 - 3,236
Debt facility fees - 465 - 465
Currency movements 789 (9) 789 (9)
Non-recurring and restructuring
costs 536 - 536 -
Other one-off costs 297 163 297 163
_______ _______ _______ _______
Adjusted EBITDA 15,343 13,703 (4,727) (4,414)
_______ _______ ______ ______
Ocean Outdoor Limited and subsidiaries
The table below reconciles the Group Adjusted EBITDA including IFRS16 to the Adjusted EBITDA excluding IFRS16.
H1 2021 H1 2020
GBP'000 GBP'000
Adjusted EBITDA including IFRS16 15,343 13,703
Deduct site rents (20,087) (18,126)
Profit on termination of IFRS16 leases 7 -
Foreign exchange variance 10 9
_______ _______
Adjusted EBITDA excluding IFRS16 (4,727) (4,414)
_______ _______
Ocean Outdoor Limited and UK operating subsidiaries
The results below present Ocean Outdoor Limited and UK subsidiaries including IFRS16 and excluding IFRS16.
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Billings 25,423 22,276 25,423 22,276
_______ _______ _______ _______
Revenue 18,451 15,199 18,451 15,199
Cost of sales (18,072) (15,851) (19,658) (16,400)
_______ _______ _______ _______
Gross profit / (loss) 379 (652) (1,207) (1,201)
Administrative and other expenses (18,206) (20,891) (18,508) (21,171)
_______ _______ _______ _______
Loss from operations (17,827) (21,543) (19,715) (22,372)
Loss from fixed asset investments (133) (17) (133) (17)
Finance expense (2,683) (3,908) (197) (810)
Finance income 7 - 7 -
_______ _______ _______ _______
Loss before tax (20,636) (25,468) (20,038) (23,199)
Tax credit / (expense) 2,596 (1,405) 2,596 (1,405)
_______ _______ _______ _______
Net loss (18,040) (26,873) (17,442) (24,604)
_______ _______ _______ ______
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Loss from operations (17,827) (21,543) (19,715) (22,372)
Depreciation 10,161 9,831 3,111 3,202
Amortisation 12,384 12,384 12,384 12,384
Profit on disposal of tangible fixed
assets (33) - (33) -
Profit on termination of IFRS16
leases (7) - - -
Deal fees - 3,236 - 3,236
Debt facility fees - 465 - 465
Currency movements 789 (9) 789 (9)
Non-recurring and restructuring
costs 536 - 536 -
Other one-off costs 297 163 297 163
______ ______ ______ ______
Adjusted EBITDA 6,300 4,527 (2,631) (2,931)
______ ______ ______ ______
Ocean Netherlands
The results below present Ocean Netherlands including IFRS16 and excluding IFRS16.
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Billings 8,760 7,670 8,760 7,670
_______ _______ _______ _______
Revenue 8,260 7,432 8,260 7,432
Cost of sales (6,520) (5,714) (7,272) (6,852)
_______ _______ _______ _______
Gross profit 1,740 1,718 988 580
Administrative and other expenses (1,755) (2,351) (1,850) (2,351)
_______ _______ _______ _______
Loss from operations (15) (633) (862) (1,771)
Finance expense (1,183) (1,219) - (19)
Finance income - 6 - 6
_______ _______ _______ _______
Loss before tax (1,198) (1,846) (862) (1,784)
Tax expense - - - -
_______ _______ _______ _______
Net loss (1,198) (1,846) (862) (1,784)
_______ _______ _______ ______
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Loss from operations (15) (633) (862) (1,771)
Depreciation 5,016 4,685 1,202 1,309
Amortisation - 21 - 21
Other one-off costs - - - -
______ ______ ______ ______
Adjusted EBITDA 5,001 4,073 340 (441)
______ ______ ______ ______
Ocean Nordics
The results below present Ocean Nordics including IFRS16 and excluding IFRS16.
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Billings 14,200 14,402 14,200 14,402
_______ _______ _______ _______
Revenue 13,843 13,840 13,843 13,840
Cost of sales (9,956) (8,277) (10,827) (8,605)
_______ _______ _______ _______
Gross profit 3,887 5,563 3,016 5,235
Administrative and other expenses (5,897) (6,769) (5,956) (6,769)
_______ _______ _______ _______
Loss from operations (2,010) (1,206) (2,940) (1,534)
Finance expense (910) (950) (17) (34)
Finance income 3 1 3 1
_______ _______ _______ _______
Loss before tax (2,917) (2,155) (2,954) (1,567)
Tax expense (11) (17) (11) (17)
_______ _______ _______ _______
Net loss (2,928) (2,172) (2,965) (1,584)
_______ _______ _______ ______
Excl. Excl.
IFRS16 IFRS16 IFRS16 IFRS16
H1 2021 H1 2020 H1 2021 H1 2020
GBP'000 GBP'000 GBP'000 GBP'000
Loss from operations (2,010) (1,206) (2,940) (1,534)
Depreciation 6,052 6,309 504 492
______ ______ ______ ______
Adjusted EBITDA 4,042 5,103 (2,436) (1,042)
______ ______ ______ ______
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