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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Utv Media | LSE:UTV | London | Ordinary Share | GB00B244WQ16 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 172.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7884I Ulster Television PLC 17 March 2003 17 March 2003 ULSTER TELEVISION plc ("UTV" or "the Company" or "the Group") Preliminary Results for the year ended 31 December 2002 Ulster Television plc, the multimedia group which broadcasts television and radio and provides internet services throughout the island of Ireland, announces its preliminary results for the year to 31 December 2002. Summary of Results:- * Group turnover increased by 10% to #47.3m (2001:#43.0m). * Television advertising revenue continued to outperform other ITV companies (an increase of 4.7% compared to a decrease of 1% for ITV). * Group operating profit before goodwill amortisation increased by 8% to #14.6m (2001: #13.6m) with all sectors of the business contributing. * Group profit before tax and goodwill amortisation increased by 3.7% to #13.9m (2001: #13.4m). * Television operating profit of #12.3m (2001: #12.4m) despite an increase in ITV network costs as a result of UTV's rise in advertising revenue compared to the ITV network. * Radio operating profit of #2.0m (2001: #1.4m). * Internet operating profit of #0.3m (2001: #0.2m loss). * Adjusted earnings per share up 3.5% to 19.01p (2001: 18.37p). * Net cash inflow from operating activities of #18.0m (2001: #12.7m). Net debt at 31 December 2002 of #27.4m (2001: #10.7m) with increase primarily due to #21.5m of acquisitions . * Recommended final dividend of 5.65p making a total for the year of 9.6p (2001: 9.2p) an increase of 4.3%. Other highlights :- * Acquisition of Treaty Radio (Limerick) and City Broadcasting (Dublin) combined with County Media (Cork) to create a major radio group in the Republic of Ireland. Key dates :- * 28 March 2003: record date for payment of dividends * 9 June 2003: payment of dividends Commenting on the results and prospects John McCann, Group Chief Executive of UTV, said "Despite another difficult year for the media industry, the UTV group continued to make excellent progress and increased its operating profits significantly in a challenging economic environment." For Further Information :- Ulster Television plc John McCann, Group Chief Executive 028 9026 2201 Jim Downey, Group Finance Director 028 9026 2176 Weber Shandwick Square Mile Chris Lynch/Becky Haywood 020 7067 0700 Chairman's Statement Introduction In another difficult year for the media industry, your company continued to make good progress. Our television advertising revenues again significantly outperformed those of ITV, recording a new record share for the third successive year. We acquired two radio stations in the key markets of Limerick and Dublin which, along with our radio station in Cork, give us a leading position in the Irish commercial radio marketplace. UTV Internet moved firmly into profit, establishing itself as a growing force in the provision of internet services throughout Ireland. Results and Dividend Group operating profit before goodwill increased by 8% to #14.6m (2001: #13.6m) and adjusted earnings per share improved to 19.0p (2001: 18.4p). In the context of the market conditions experienced in 2002, this is an excellent performance and your Board, therefore, is able to recommend a 4.6% increase in final dividend to 5.65p (2001: 5.40p). Together with the interim dividend already paid of 3.95p (2001: 3.80p), this amounts to a total dividend for the year of 9.60p (2001: 9.20p), representing a 4.3% increase over the previous year. The final dividend will be paid on 9 June 2003 to shareholders on the Register at the close of business on 28 March 2003. The Annual General Meeting will be held on 6 June 2003. Television For the third successive year, our television operations significantly outperformed the ITV network. Our advertising revenue increase of 4.7% year on year compared to an average decline in ITV advertising revenues of 1%, giving us a record 2.24% (2001: 2.12%) share of the market. The pattern of this increase was weighted towards the second half which recorded a 9% improvement in advertising revenues following a flat first half. Network programme costs, which were based upon another record share of advertising revenue in 2001, were up by #1.2m in the year but continuing cost control ensured that other television operating costs increased by only #0.3m. As a result, television operating profits for the year recorded only a modest reduction to #12.3m (2001: #12.4m). Radio The results of our radio station in Cork, County Media, have been consolidated for the full 12 month period, compared to the part year contribution in our 2001 accounts. Treaty Radio in Limerick has been consolidated from its date of acquisition, 24 June 2002. No account has been taken of the results of City Broadcasting in Dublin, which was acquired on 20 December 2002. County Media experienced a slow start to the year with growth in local advertising budgets being more than offset by cutbacks in national advertising budgets, producing a net 5% reduction in total advertising revenue in the first half. A return to growth of 2.3% in the seasonally stronger second half reduced the overall decline in the radio station's revenues for the year to just 1.5% enabling County Media to achieve an operating profit for the year to 31 December 2002 of #1.8m, (2001: #1.4m in 9 months to 31 December 2001). Treaty Radio contributed operating profits of #0.2m in the 6 months to 31 December 2002 on advertising revenues which were lower by 4% than in the comparable period in 2001. New Media Our new media business recorded an operating profit in the year of #0.3m (2001: loss of #0.2m). This was achieved through the development of a range of new products both in Northern Ireland and the Republic of Ireland including broadband and the first all-Ireland flat-rate internet service, UTVip. These new products drove a 44% increase in turnover in the year. Tight cost control and improved terms from our telecommunications providers led to an increase in cost of sales of only 21% and an increase in operating costs of only 7%. Our commitment to expansion of consumer choice across the island of Ireland, combined with the quality and reliability of our services and content led to UTV Internet winning the 'Digital Media Service Provider of the Year' award at the Digital Media Intelligence Awards in January 2003. Prospects I reported in our Interim Statement that, despite four successive months of growth in television advertising it was difficult to predict with any confidence an end to the recession which has gripped the global media industry over the past two years. That lack of confidence continues to permeate the global economy causing many advertisers to be reluctant to commit to increased marketing expenditure, not least because of the threat of war in Iraq, and making it impossible to accurately forecast advertising revenues. Nevertheless, there are indications, albeit fragile, that the total television market will enjoy some growth in 2003 and that that growth will eventually filter down into an ITV which has emerged from 2002 with a determination not just to halt a decline in its ratings performance but to re-invigorate its schedule. While ITV's improved audience figures have not yet been rewarded with sustained revenue growth your company's outperformance of ITV in each of the last three years has continued into the first quarter of 2003. With Easter falling in March last year, some loss of revenue from March into April this year was to be anticipated but, despite this, we expect to record a 2% increase in advertising revenue in the first quarter of 2003 compared to a 5% decline for ITV. In uncertain market conditions, our objective will be to continue to improve our share. In radio, the acquisition of City Broadcasting in Dublin combines a presence in the capital city with the market leading positions of our stations in Cork and Limerick. While the radio market in Ireland is not immune to the vagaries of the global economy, nevertheless our ability to access these key markets and to offer advertisers both local and national propositions is an inherent strength within our Irish radio strategy and provides a solid foundation for future growth. In the three months to 31 March 2003, our radio advertising revenues on a like for like basis are expected to be in line with last year. Our internet service has demonstrated its ability to identify opportunities for the development of products which expand consumer choice and leverage opportunities in the internet and telecommunications market across Ireland. Further growth in our range of products will continue to drive increases in both turnover and profitability. People In the current difficult market conditions, it is pleasing to be able to report further progress by your company. Outperformance of our peers and continued profit growth are only possible with the commitment and dedication of your Board, management and staff. On your behalf, I wish to thank them all for their continuing endeavours. John B McGuckian Chairman 17 March 2003 Operating and Financial Review Turnover With more than 95% of our turnover deriving from a depressed advertising marketplace, our key objective of continuing to grow our business throughout 2002 was always going to be challenging. The challenge was successfully met in television where the advantages of having relatively strong ratings and operating in three different marketplaces combined to generate a further outperformance of our ITV colleagues. The resulting improvement in our market share to 2.24% may appear modest in relation to the 2.12% achieved in 2001 but was equivalent to advertising revenue of #2.0m in 2002. This strong advertising revenue performance helped to lift total television turnover by 4% to #39.2m (2001: #37.7m). Radio turnover increased by 58% to #6.3m (2001: #4.0m) reflecting the full year contribution of County Media, which was acquired on 12 April 2001, and the half year contribution of Treaty Radio which was acquired on 24 June 2002. The Irish radio advertising revenue marketplace experienced similar conditions to that in television and, on a like for like basis, advertising revenues in our radio stations in Cork and Limerick were slightly down on the comparable periods. However, as with television, leadership in ratings and access to both local and national advertising markets mitigated against the impact of the downturn in the global marketplace. Turnover in our internet business grew strongly by 46% to #2.0m (2001: #1.4m). Much of this growth derived from the introduction of new products, particularly the launch of the first all-Ireland flat-rate internet service in September 2002. Costs With the continuing uncertainty in the advertising marketplace, we have remained focused on the tight control of costs. The major feature of our cost structure is the cost of network programming within our television business. We are supportive of ITV's determination to re-invigorate the network schedule and to commit additional resources to help achieve that objective. This does put some upward pressure on our cost base but the main factor in driving up our network programme costs is our increasing share of ITV's advertising revenue upon which our share of network costs is based. This latter share lags our actual share of ITV revenue for one year, so that the costs for 2002 derive from the share of 2001. Our advertising revenue outperformance in 2001 drove up our programme costs in 2002 by #1.2m and our further outperformance in 2002 will have a similar impact on our costs in 2003. With this exception, total cost increases across the Group remained well within notional inflation levels. Financial Results Group operating profit before goodwill increased by 8% to #14.6m (2001: #13.6m). Television operating profit was slightly down at #12.3m (2001: #12.4m), radio contributed operating profits of #2.0m (2001: #1.4m) and internet recorded operating profits of #0.3m (2001: loss of #0.2m). After deducting net interest payable of #0.6m (2001: #0.1m) and a small loss of #0.04m (2001: #nil) in respect of joint venture activities, group profit before tax and amortisation of goodwill was #13.9m (2001: #13.4m). Earnings per share before goodwill amortisation increased by 3.5% to 19.0p (2001: 18.4p). This was marginally lower than the increase of 3.7% in the adjusted pre tax profit and reflected the slightly higher effective tax rate (pre goodwill) of 28.3% (2002: 28.2%). The underlying strength of all our businesses is reflected in the 42% increase in the net cash inflow from operating activities to #18.0m (2001: #12.7m). During the year we spent #21.5m in acquiring Treaty Radio, City Broadcasting and a 50% stake in Bocom, the overall effect of which was to increase the net debt at year end to #27.4m (2001: #10.7m). This net debt position at 31 December 2002 represented 1.7 times EBITDA (2001: 0.7 times). Pensions Based upon a valuation at 30 June 1999, the company has not had to make pension contributions for the past three years and no charge has been made in the accounts for the year. A valuation at 30 June 2002 is currently in preparation and it is likely that the surplus in the fund will have been extinguished, given the scale of the fall of the stockmarket since the earlier valuation. In anticipation of this, we closed the pension scheme to all new entrants from 21 August 2002 and entered into consultation with staff representatives to reduce the benefits accruing to existing members under the scheme. Upon completion of this consultation process, and with the introduction of a defined contribution scheme for new entrants, the company will re-commence pension contributions in 2003. Television During the year, ITV made strenuous efforts to halt the decline in viewership, investing an additional #25m in network programmes in the second half of 2002, bringing the total for the year to #775m. This enhanced investment has been maintained into 2003 with the projected network budget for this year currently at #836m. There are encouraging signs that the renewed focus on programming is beginning to bear fruit with increased ITV audiences being recorded in the early weeks of 2003 across all regions. In the UTV region, viewers can access four terrestrial channels from the Republic of Ireland as well as the broad range of channels commonly available on satellite and cable systems, making the region the most competitive television marketplace in the UK. As a result, peak-time viewing in Northern Ireland to channels other than the five UK terrestrial channels was significantly higher at 22.2% than in the UK as a whole at 16.1%. Despite this, UTV continued to enjoy peak-time audience shares in 2002 which, at 34.5%, were considerably ahead of the ITV average peak-time share of 31.5%. Similarly, UTV's all- time share for the year at 26.5% was well ahead of the average ITV all-time share of 23.9%. UTV had a commanding lead over other channels in the region, with a peak-time share some 49% greater than BBC Northern Ireland and 4.4 times that of our nearest commercial competitor C4. Indeed, UTV's peak-time share was equal to that of all the other commercial television channels combined which included not only C4 and Five but also all the satellite channels and the four Republic of Ireland based channels. UTV is also receivable in over 70% of homes in the Republic of Ireland through a combination of off-air and cable distribution. In those multi-channel homes, UTV's peak-time share in 2002 at 14% was second only to RTE1, the main state broadcasting channel. Radio Our radio stations in Cork and Limerick enjoyed market leading positions throughout the year. The latest Joint National Listenership Research (JNLR) figures published in February of 2003 showed that for the year ended 31 December 2002, County Media achieved an impressive 57% reach (listened yesterday) and a 50% share of the total listenership in Cork, giving it a commanding lead over all other radio stations in the region. In Limerick, Treaty Radio also occupied the top radio position reaching 55% (listened yesterday) of listeners and attaining a 31% share of the total listenership. Since its launch into the competitive Dublin marketplace in June 2000, City Broadcasting, which we acquired on 20 December 2002, has built up a creditable position and with a reach and share of 12% and 8% respectively is now only a few percentage points behind the independent commercial radio leaders. We are preparing a comprehensive marketing plan to build further upon this solid foundation. Internet Our new media division developed and distributed creative, informative and up to the minute content on a variety of platforms to meet the growing demand for content outside of the traditional broadcast technologies of television and radio. Our flagship website, u.tv, delivered over 25 million pages of content throughout 2002 and attracted 67% more visitors than the previous year while our range of popular websites included support for our local television programmes. Support for our award winning news service came from our dedicated team of online journalists who added over 20,000 separate news, sport and entertainment stories relevant to our audience across the island of Ireland. Every day, u.tv and our radio station websites in Cork and Limerick delivered a mixture of live television and radio output, including local information and programme support, to communities in the immediate broadcast areas and to an expatriate Irish community throughout the world. John McCann Group Chief Executive 17 March 2003 Ulster Television plc Group Profit and Loss Account For the year ended 31 December 2002 2002 2001 (restated) Notes #'000 #'000 Turnover Group and share of joint venture's turnover 47,632 42,973 Less : share of joint venture's turnover (338) - Continuing operations Ongoing 46,422 42,973 Acquisition 872 - Group Turnover 2(a) 47,294 42,973 Operating costs (34,979) (30,972) Operating profit Continuing operations Operating profit before goodwill amortisation - Ongoing 14,373 13,561 - Acquisition 240 - ---------------- ---------------- Group operating profit before goodwill amortisation 14,613 13,561 ---------------- ---------------- Goodwill amortisation - Ongoing (2,036) (1,560) - Acquisition (262) - ---------------- ---------------- Goodwill amortisation (2,298) (1,560) ---------------- ---------------- Group Operating Profit 2(b) 12,315 12,001 Share of operating loss in joint ventures (42) - Amortisation of goodwill arising from acquisition of joint ventures (368) - ---------------- ---------------- Profit on ordinary activities before interest and taxation 11,905 12,001 Net interest payable (624) (117) ---------------- ---------------- Profit on ordinary activities before taxation 11,281 11,884 Taxation on profit on ordinary activities 3 (3,951) (3,789) ---------------- ---------------- Profit for the financial year 7,330 8,095 Ordinary dividends (5,060) (4,835) ---------------- ---------------- Transfer to reserves 2,270 3,260 ================ ================ Ulster Television plc Group Profit and Loss Account (continued) For the year ended 31 December 2002 2002 2001 (restated) Notes Earnings per share Diluted 4 13.64p 15.26p =========== ============= Basic (FRS 14) 4 13.94p 15.41p =========== ============= Adjusted 4 19.01p 18.37p =========== ============= Diluted Adjusted 4 18.51p 18.14p =========== ============= Dividend per share 9.60p 9.20p =========== ============= Group Statement of Total Recognised Gains and Losses For the year ended 31 December 2002 2002 2001 (restated) #'000 #'000 Profit for the financial year excluding loss of joint ventures 7,414 8,095 Share of joint venture's loss for the year (84) - ------------ --------------- Profit for the financial year attributable to members of the parent company 7,330 8,095 Exchange difference on retranslation of net assets of subsidiary undertakings 1,308 (59) Exchange difference on loans (475) - ------------ --------------- Recognised gains and losses for the year 8,163 8,036 =============== Prior year adjustment (as explained in note 1) (216) ------------ Total recognised gains and losses since last annual report 7,947 ============ Ulster Television plc Group Balance Sheet At 31 December 2002 2002 2001 (restated) Notes #'000 #'000 Fixed assets Intangible assets 47,943 27,016 Tangible assets 8,839 7,265 Investments - Investment in joint ventures Share of gross assets 668 - Share of gross liabilities (434) - -------------- --------------- 234 - Goodwill arising on acquisition 722 - -------------- --------------- 956 - Loan to joint venture 54 - 1,010 - - Other investments 1 1 -------------- --------------- 57,793 34,282 -------------- --------------- Current assets Stocks 2,986 2,670 Debtors 10,375 9,545 Short term cash deposits 4,720 7,471 Cash at bank and in hand 3,860 3,173 -------------- --------------- 21,941 22,859 Creditors: amounts falling due within one year Creditors (20,037) (12,959) Debentures 6 - (17,550) -------------- --------------- Net current assets/(liabilities) 1,904 (7,650) -------------- --------------- Total assets less current liabilities 59,697 26,632 Creditors: amounts falling due after more than one year Long term loans 7 (29,840) - Convertible loan notes 8 (3,362) (3,750) Amounts due for film rights (292) (249) Provision for liabilities and charges (341) (262) -------------- --------------- Net assets 25,862 22,371 ============== =============== Capital and reserves Called-up equity share capital 2,636 2,627 Share premium account 504 125 Profit and loss account 22,722 19,619 -------------- --------------- Equity shareholders' funds 9 25,862 22,371 ============== =============== Ulster Television plc Group Statement of Cash Flows For the year ended 31 December 2002 2002 2001 Notes #'000 #'000 Net cash inflow from operating activities 10 18,019 12,701 Returns on investments and servicing of finance (730) 119 Taxation paid (4,445) (7,288) Capital expenditure and financial investment (1,656) (859) Acquisitions (21,454) (4,512) Equity dividends paid (4,920) (4,677) -------------- --------------- Net cash outflow before use of liquid resources and financing (15,186) (4,516) Decrease in cash on deposit 3,091 7,265 Financing 12,742 (2,727) -------------- --------------- Increase in cash 647 22 ============== =============== Reconciliation of net cash flow to 2002 2001 movement in net debt #'000 #'000 Increase in cash in the year 647 22 Cash inflow from decrease in cash on deposit (3,091) (7,265) Cash inflow from increase in loans (31,440) - Repayment of loans and debentures 18,698 2,727 -------------- --------------- Change in net debt resulting from cashflows (15,186) (4,516) Debentures/loan notes issued on acquisitions - (18,031) Loans acquired on acquisition (715) (2,343) Conversion of loan notes 388 - Translation difference (1,234) 85 -------------- --------------- Movement in net debt in the year (16,747) (24,805) Net (debt)/funds at 1 January (10,678) 14,127 -------------- --------------- Net debt at 31 December (27,425) (10,678) ============== =============== Ulster Television plc Notes to the Accounts 31 December 2002 1. Basis of preparation The results for the years ended 31 December 2002 and 31 December 2001 are an abridged extract of the Group's full accounts on which the auditors have issued unqualified reports. The Group's full accounts for the year ended 31 December 2001 have been filed with the Registrar of Companies. In preparing the financial statements for the current year the group has adopted Financial Reporting Standard ("FRS") 19, Deferred Taxation. The adoption of FRS 19 has resulted in a change in accounting policy for deferred tax. Deferred tax is accounted for on a full provision basis. The change in accounting policy has resulted in a prior year adjustment for both the group and the company. The impact of FRS 19 is to restate Provisions for Liabilities and Charges for the year ended 31 December 2001 by #216,000 to #262,000. The effect of this is a decrease of #11,000 in the profit after tax for the year ended 31 December 2001 together with a decrease in the opening reserves at 1 January 2001 of #205,000. The financial information contained in this statement does not constitute full accounts within the meaning of Article 262 of the Companies (Northern Ireland) Order 1986. 2. Segmental analysis Turnover is generated principally from the UK and Ireland with all radio activity generated in the Republic of Ireland. Turnover and group operating profit on ordinary activities before tax are analysed as follows:- 2002 2001 Sales to Inter- Sales to Inter- third segmental Total third segmental Total parties sales sales parties sales sales (a) TURNOVER #'000 #'000 #'000 #'000 #'000 #'000 Area of activity Television 39,028 166 39,194 37,639 51 37,690 Radio 6,284 23 6,307 3,976 - 3,976 Internet 1,982 60 2,042 1,358 60 1,418 ------------------------------------------------------------------ Total 47,294 249 47,543 42,973 111 43,084 ================================================================== 2002 2001 Operating Operating profit before Group profit before Group amortisation Amortisation operating amortisation Amortisation operating (b) GROUP of goodwill of goodwill profit of goodwill of goodwill profit OPERATING PROFIT #'000 #'000 #'000 #'000 #'000 #'000 Area of activity Television 12,263 - 12,263 12,429 - 12,429 Radio 2,049 (1,865) 184 1,365 (1,127) 238 Internet 301 (433) (132) (233) (433) (666) ----------------------------------------------------------------------------- Total 14,613 (2,298) 12,315 13,561 (1,560) 12,001 ============================================================================= 3. Taxation on profit on ordinary activities 2002 2001 #'000 #'000 Current tax : UK corporation tax on profits for the year 3,686 3,777 Adjustments in respect of previous years (80) (187) ------------ --------------- 3,606 3,590 Foreign tax : ROI corporation tax on profits for the year 213 188 Adjustments in respect of previous years 25 - Share of joint venture's current tax 33 - ------------ --------------- 3,877 3,778 Deferred tax : Origination and reversal of timing differences 74 11 ------------ --------------- 3,951 3,789 ============ =============== 4.Earnings per share Basic earnings per share, in accordance with Financial Reporting Standard No.14 (FRS 14), is calculated on the weighted average number of shares in issue during the period being 52,588,774 (2001: 52,546,600) and is based on profit for the financial year after exceptional items and taxation of #7,330,000 (2001: #8,095,000). Diluted earnings per share is calculated on 54,707,077 shares (2001: 54,177,035 shares) reflecting the dilutive potential of the Convertible Loan Notes (1,588,261 shares (2001: 1,630,435)) and the Share Option Schemes (530,042 shares (2001: Nil)). The calculation is based on the profit for the financial year of #7,462,275 (2001: #8,266,500) reflecting an adjustment for net interest payable on the Convertible Loan Notes of #132,275 (2000: #171,500). An adjusted earnings per share has been calculated to exclude the impact of goodwill amortisation. 2002 2001 (restated) p p Diluted Earnings per Share 13.64 15.26 Adjustments: To reflect the dilutive potential of the convertible loan notes 0.14 0.15 To reflect the dilutive potential of the share option schemes 0.16 - ------------ ----------- Basic (FRS 14) Earnings per Share 13.94 15.41 Adjustments: Goodwill amortisation 5.07 2.96 ------------ ----------- Adjusted Earnings per Share 19.01 18.37 Adjustments: To reflect the dilutive potential of the convertible loan notes (0.19) (0.23) To reflect the dilutive potential of the share option schemes (0.31) - ------------ ----------- Diluted Adjusted Earnings per Share 18.51 18.14 ------------ ----------- 5.Investments On 24 June 2002 the Group acquired Treaty Radio Limited, a radio station based in Limerick in the Republic of Ireland, for a cash consideration of #15.6m. Treaty Radio Limited contributed #0.2m to the operating profit of the Group since the date of acquisition to 31 December 2002. On 20 December 2002 the Group acquired City Broadcasting Limited, a radio station based in Dublin in the Republic of Ireland, for a cash consideration of #15.6m. No amounts have been recognised in the profit and loss account for the period to 31 December 2002 due to the immaterial effect to the Group since the date of acquisition. 6.Debentures On 3 December 2002, following notice given by the Debenture Holders, all debentures were redeemed along with any outstanding accrued interest. 7. Loans 2002 2001 #'000 #'000 Amounts falling due: In one year or less or on demand 2,803 9 In more than one year but not more than two years 5,240 - In more than two years but not more than five years 24,600 - ------------- ------------- 32,643 9 Less included in creditors: amounts 2,803 9 falling due within one year ------------- ------------- 29,840 - ============= ============= 8.Convertible Loan Notes In 2000, Convertible loan notes amounting to #3.75m were issued as part consideration for the acquisition of UTV Internet Limited and bear interest at base rate plus 0.45%. The loan notes are convertible into Ordinary Shares of 5p each fully paid in the Company on a basis of one share for each #2.30 of nominal value of loan notes. On 25 September 2002 convertible loan notes amounting to #388,000 were converted into 168,695 Ordinary Shares of 5p each. 9. Reconciliation of shareholders' funds and movement on reserves Group 2002 2001 (Restated) #'000 #'000 Opening balance 22,371 19,375 Prior year adjustment (see below) - (205) ------------ ------------- Opening balance restated 22,371 19,170 Conversion of loan notes 388 - Profit for the year 7,330 8,095 Dividends (5,060) (4,835) Exchange difference on retranslation of net assets of subsidiary undertakings 1,308 (59) Exchange difference on loans (475) - ------------ ------------- Closing balance 25,862 22,371 ============ ============= The prior year adjustment relates to a change of accounting policy for the recognition of deferred taxation liabilities to full provision on a discounted basis on implementation of FRS 19, Deferred Taxation. 10. Reconciliation of operating profit to net cash flow from operating activities 2002 2001 #'000 #'000 Operating profit 12,315 12,001 Depreciation charges 1,498 1,477 Amortisation of goodwill 2,298 1,560 Profit on sale of tangible fixed assets (22) (14) Increase in stocks (316) (463) Decrease/(increase) in debtors 497 (977) Increase/(decrease) in creditors 1,701 (872) Increase/(decrease) in provisions 48 (11) -------------- -------------- 18,019 12,701 ============== ============== This summary has been approved by our Directors for release to the Press today 17 March 2003 and the full printed Annual Report and Accounts will be posted to Shareholders and Stock Exchanges on 7 May 2003. Copies will be available to the public at the Company's registered office Ormeau Road, Belfast BT7 1EB from that date. This information is provided by RNS The company news service from the London Stock Exchange END FR GUUBAWUPWGMC
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