TIDMIFC
RNS Number : 7219D
Indian Film Company Limited (The)
08 December 2009
8 December 2009
Press Release
The Indian Film Company Limited
("IFC" or the "Company" or the "Group")
Unaudited half-yearly results for the six months ended 30 September 2009
The Indian Film Company Limited (AIM:IFC), a specialist investment company
dedicated to the Indian film industry, is pleased to announce its unaudited
half-yearly results for the six months ended 30 September 2009:
Key Points
* IFC consolidated into the Network 18 Group to leverage upon its industry leading
position and access to capital
* As announced on 9 June 2009, after two months of negotiations, an agreement on
new revenue sharing terms was reached between United Producers and Distributors
Forum and the key national multiplex cinema chains in India. The Directors
expect this to help increase revenues from the domestic box office
* "Road Movie" selected for screening at the Toronto and Tokyo International Film
Festivals
* Revenues for the six months ended 30 September 2009 were down to GBP9.63m (2008:
GBP15.43m) due to the two month long negotiations between United Producers and
Distributors Forum and the key national multiplex cinema chains, which delayed
film releases, pressure on advertising spend due to the challenging economic
environment and weak performances from the movies released in the reporting
period
Outlook
* Strong slate of six films scheduled for release in the second half of the
financial year, two of which were released by the Group in October 2009. "London
Dreams" was released in the overseas territories and "Fruit 'N' Nut" was
released at the domestic box office
* The Group's productions and co-production projects are progressing as scheduled
* Margins from films released in the first six months of the financial year are
set to improve in the second half of the financial year as one-off costs such as
marketing, printing and publicity already accounted for in the six months ended
30 September 2009
Sandeep Bhargava, CEO of the Investment Adviser commented:
"Although adverse global economic conditions continue to prevail, putting
pressure on the revenues and margins of our films, we have a strong slate of
films in place and believe the recent signs of an upturn in the global economy
should improve the performance of the Group in the second half of the financial
year."
For further information, please contact:
Enquiries:
The Indian Film Company Limited
Sandeep Bhargava Tel: +91 226 629 1723
Grant Thornton Corporate Finance (Nominated Adviser)
Fiona Kindness Tel: +44 207 383 5100
Elara Capital (Joint Broker)
Raj Bhatt/Mary Phelan Tel: +44 207 486 9733
Oriel Securities (Joint Broker)
Natalie Fortescue/Daniel Conti Tel: +44 207 710 7600
Pelham Public Relations
Alex Walters/Francesca Tuckett Tel: +44 207 337 1500
+------------------------------------------------------------------------------------+
| Chairman's Statement |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| I am pleased to present the half-yearly results of The Indian Film Company Limited |
| (the "Company") and its Subsidiaries (collectively the "Group") for the six month |
| period ended 30 September 2009. |
| Financial update |
| As detailed in the 31 March 2009 annual report, the Group was pleased to have |
| reached an agreement on the revenue sharing terms between the United Producers and |
| Distributors Forum and the key multiplex cinema chains in India, which, over the |
| long-term, the Directors believe will benefit the Group with increased revenues |
| from the domestic box office. However, the two month long negotiations with the |
| multiplex owners resulted in a delay in the planned release of films. This |
| industry-wide delay resulted in the release of all films being concentrated into a |
| shorter, highly competitive, period for release. As a result, the Group's share of |
| revenues from theatrical revenue has been lower than would normally be expected |
| over the first six months of the Group's financial year. |
| The challenging economic environment has also continued to put pressure on |
| broadcasters' advertising income globally, reducing the broadcasters' funds |
| available for purchasing film content. This has further impacted the Group's |
| operations and reduced revenues from the sale of satellite rights during the six |
| months ended 30 September 2009. |
| The Directors believe that these factors contributed to the Group achieving lower |
| revenues of GBP9.63 million for the six months ended 30 September 2009, compared |
| to GBP15.43 million for the six months ended 30 September 2008. Net loss for the |
| period was GBP3.12 million (30 September 2008: net profit of GBP1.41 million). |
| Furthermore, as a result of the takeover offer (see details below), the Group |
| incurred one-off expenses amounting to approximately GBP0.16 million, which |
| further impacted the results for the period. |
| It is expected that the Group's margins from the films released during the six |
| months ended 30 September 2009 will improve during the second half of the |
| financial year since the majority of one-off costs such as marketing, printing and |
| publicity costs have already been accounted for in the first half of the financial |
| year. Furthermore, revenues from the exploitation of television syndication rights |
| of these films (these also include revenues from sales to satellite channels) will |
| be accounted for during the second half of the financial year. Additionally, due |
| to the seasonality of the Group's revenues, it is anticipated that the Group will |
| receive a greater proportion of its revenue in the second half of the financial |
| year, than in the first half of the financial year. |
| The Group's unaudited net asset value ("NAV") as at 30 September 2009 was 105.44 |
| pence per Ordinary Share; a decrease of 10.13% from the audited NAV of 117.32 |
| pence per Ordinary Share as at 31 March 2009. |
| Operational update |
| Whilst it is the Group's intention to invest in two to four cornerstone film |
| projects each year, the Directors felt that the terms of the film projects |
| evaluated this year have not been commercially viable and therefore, the Group has |
| not added any cornerstone film projects to its film slate to date this year. |
| * |
| The Group released three films during the period: "Shortkut - The Con is On", |
| "Luck" and "Life Partner".* |
| "Shortkut - The Con is On" was the first release in the current financial year. |
| The film is initially likely to make a loss, but is expected to break even over |
| the term of its licence, although at this stage there can be no certainty that |
| this will be the case.* |
| "Luck" was the second release for the Group this financial year and it performed |
| below expectations at the box office, despite having a strong star cast. Based on |
| the level of revenues generated to date, "Luck" is expected to be a loss-making |
| project for the Group.* |
| The third film released in the six month period ended 30 September 2009 was "Life |
| Partner". This film opened to good reviews and, based on revenues generated to |
| date, the investment in this film is expected to generate positive returns over |
| the term of its licence.* |
| The Group's international production, "Road Movie" directed by Dev Benegal, |
| premiered at the Toronto International Film Festival ("TIFF") in September 2009 to |
| very promising reviews by film critics. The film was screened as a special |
| presentation at TIFF. The film also gained entry into the competition section of |
| the Tokyo International Film Festival.* |
| The Group's production and co-production projects are progressing as scheduled. |
| Network 18 Holdings Limited ("Network 18") takeover offer |
| During the six month period ended 30 September 2009, the Company received a |
| mandatory cash offer (the "Offer") from Network 18, a subsidiary of Network 18 |
| Media & Investments Limited, of which Raghav Bahl, a non-executive Director of the |
| Company, is a director and substantial shareholder. The Offer was at 40 pence per |
| share for the entire issued share capital of the Company not already owned by the |
| Network 18 Parties (together, Network 18 Holdings Limited, Network 18 Media & |
| Investments Limited and its subsidiaries, BK Media Mauritius Private Limited and |
| Raghav Bahl and his immediate family). As at the date of announcement of the |
| offer on 30 July 2009, the Network 18 Parties held, in aggregate, 19,813,500 |
| shares in the Company, equating to 36.02% of the Company's issued share capital. |
| The Offer closed on 7 September 2009 and the Network 18 Parties' holding in the |
| Company stood at 44,209,742 shares, being 80.38% of the Company's issued share |
| capital. As announced on 16 September 2009, the Board confirmed that it expected |
| no change to the current strategy of the Group and that the Company would continue |
| to be traded on the AIM market of the London Stock Exchange. |
| The Offer has resulted in the Group being consolidated as a Network 18 Group |
| company, which is expected to allow the Group the full benefits of directly and |
| openly leveraging the strengths of the Network 18 Group, such as its branding, its |
| association with some of the world's high profile and widely respected media |
| brands, such as, CNN, CNBC, Viacom and Forbes and the Network 18 Group's track |
| record in the media sector in India. As a result of the Group's association with |
| the Network 18 Group, the Directors anticipate that the Group will be in a |
| stronger position to compete better with the other big names of the industry. |
| It is anticipated that this will lead to greater traction with all film industry |
| participants such as producers, directors, artists, distributors and exhibitors |
| and will allow a more direct association with the branding that the Network 18 |
| Group enjoys in the media industry. It is also expected to result in better access |
| to capital on the strength of the Network 18 Group's track record with the |
| financial community. |
| Board of Directors |
| On 31 July 2009 and 13 August 2009, it was announced that Mr Atul Setia and Mr |
| Deepak Gupta, respectively, resigned from the Board. The Board would like to thank |
| Mr Setia and Mr Gupta for their contributions throughout their time with the |
| Company. |
| Outlook |
| The Group expects to release a total of six films in the second half of the |
| financial year. These releases are primarily the Group's production and |
| co-production projects. In October 2009, the Group released its maiden production, |
| "Fruit 'N' Nut", and "London Dreams", for which the Group had overseas theatrical |
| rights. Whilst "Fruit 'N' Nut" received a lukewarm response at the domestic box |
| office, "London Dreams" was received more favourably by audiences in overseas |
| markets than at the domestic box office, which can be attributed largely to better |
| marketing and distribution of the film in the overseas territories. |
| The Group continues to be committed to creating, acquiring and distributing |
| quality content and the Directors firmly believe that, by increasing the Group's |
| focus on multiple revenue streams, better shareholder returns can be delivered. |
| On behalf of the Board, I would like to thank the entire team at The Indian Film |
| Company Limited, the Investment Manager, the Investment Adviser, Studio 18, our |
| stakeholders and our audiences. |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| Shyam Benegal |
+------------------------------------------------------------------------------------+
| Chairman |
+------------------------------------------------------------------------------------+
| 7 December 2009 |
+------------------------------------------------------------------------------------+
+------------------------------------------------------------------------------------+
| Investment Manager's Report & Interim Management Report |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| The first six months of the financial year ending 31 March 2010 was a difficult |
| period for the Group due to the two month long negotiation with the key multiplex |
| cinema chains in India and the resultant delayed releases of films at the domestic |
| box office, as mentioned in the Chairman's Statement. All film releases were |
| concentrated over a four month period rather than over the first six months of the |
| financial year ending 31 March 2010. This shortened the run time of the films, |
| thereby having an adverse effect on the Group's revenues from the domestic box |
| office. |
| The global economic recession continued and lower advertising spends on satellite |
| channels put a lot of pressure on broadcasters. This limited broadcasters' ability |
| to buy filmed content, which resulted in lower revenues from the sale of satellite |
| rights of films. |
| Following these events, the Group was not able to report a profit for the six |
| month period ended 30 September 2009. The Group achieved total revenue of GBP9.63 |
| million and a net loss of GBP3.12 million for the period. |
| Strategy |
| We continue to follow a three-way strategy of building content by productions, |
| co-productions and acquisitions. |
| 2009 has been a tough period for the Indian film industry as a whole, as Bollywood |
| films have struggled this year to date and we have not seen the number and level |
| of success of blockbuster hits as was experienced in 2008. Difficult capital |
| market conditions and increased pressure on revenues has had an adverse impact on |
| the number of film projects being mounted. The Indian film industry is also facing |
| the impact of the recessionary environment continuing across many countries in the |
| world. |
| The pricing of projects available for acquisition have still not seen the desired |
| correction. As a result, most projects available for the acquisition of worldwide |
| rights are commercially unviable. In a recessionary environment, commercial |
| viability of any project is paramount. The Group has evaluated numerous projects |
| but has not made any acquisitions as they have not been commercially viable. |
| Whilst the Group continues to evaluate film projects for acquisition, it continues |
| to have a strong focus on its productions and co-productions. The films currently |
| in production are progressing as per schedule and pre-production work has been |
| initiated on multiple projects. |
| The Group continues its strategy to own good and commercially viable content. |
| Films released in the period |
| "Shortkut - The Con is On"* |
| Starring: Akshaye Khanna, Arshad Warsi, Sanjay Dutt, Amrita Rao* |
| Directed by: Neeraj Vora* |
| Music: Shankar Ehsaan Loy* |
| Genre: Comedy* |
| Produced by: Anil Kapoor Film Company* |
| Released: 10 July 2009 |
| "Luck" * |
| Starring: Imran Khan, Sanjay Dutt, Shruti Hasan, Danny Denzongpa, Mithun |
| Chakraborty * |
| Directed by: Soham Shah* |
| Music: Salim Sulaiman * |
| Genre: Action thriller* |
| Produced by: Shree Ashtivinayak* |
| Released: 24 July 2009 |
| "Life Partner"* |
| Starring: Govinda, Fardeen Khan, Tusshar Kapoor, Genelia D'Souza, Prachi Desai* |
| Directed by: Rumi Jaffery* |
| Music: Pritam* |
| Genre: Romantic comedy* |
| Produced by: Burmawala Brothers* |
| Released: 14 August 2009 |
| Films under production |
| Our productions and co-productions are currently in various stages of production |
| and are on schedule. |
| "It's a Wonderful Afterlife" |
| Director: Gurinder Chadha |
| Cast: Sendhil Ramamurthy, Mark Addy, Sally Hawkins, Shabana Azmi |
| Genre: Comedy horror |
| "King Kaun" |
| Director: Tigmanshu Dhulia |
| Cast: Govinda, Vidya Malvade, Rimi Sen, Celina Jaitley |
| Genre: Comedy |
| Co-produced with: Reel Life Entertainment (I) Pvt. Ltd. |
| "Loot" |
| Director: Rajneesh Thakur |
| Cast: Suniel Shetty, Govinda and others |
| Genre: Action comedy |
| "Panch Pandav" |
| Director: Ravi Chopra |
| Cast: N/A |
| Genre: Animation |
| Co-produced with: B R Films |
| "Ishq Unplugged" |
| Director: Swapna Joshi |
| Cast: Himesh Reshamiya, Purbi Joshi, Sonal Sehgal, Rajesh Khattar |
| Genre: Romantic drama |
| Our slate of releases in the second half of the financial year 2010 is: |
| "Fruit 'N' Nut" |
| Released: 23 October 2009 |
| Director: Kunal Vijaykar |
| Cast: Cyrus Broacha, Boman Irani, Diya Mirza |
| Genre: Comedy |
| "London Dreams" - overseas theatrical release |
| Released: 30 October 2009 |
| Director: Vipul Shah |
| Cast: Salman Khan, Ajay Devgan, Asin |
| Genre: Drama |
| "Striker" |
| Proposed release date: 29 January 2010 |
| Director: Chandan Arora |
| Cast: Siddharth, Vidya Malvade |
| Genre: Sports drama |
| Co-produced with: Make Films Pvt. Ltd. |
| "Road Movie" |
| Proposed release date: 26 February 2010 |
| Director: Dev Benegal |
| Cast: Abhay Deol, Satish Kaushik, Tannishtha Chatterjee |
| Genre: Crossover |
| "Banda Yeh Bindaas Hai" |
| Proposed release date: February / March 2010 |
| Director: Ravi Chopra |
| Cast: Govinda, Lara Dutta |
| Genre: Comedy |
| "Kaun Bola" |
| Proposed release date: 26 March 2010 |
| Director: Kabir Kaushik |
| Cast: Arshad Warsi, Diya Mirza, Boman Irani |
| Genre: Comedy |
| Co-produced with: Shooting Star Films Pvt. Ltd. |
| The release dates of these films have been scheduled for the latter part of the |
| financial year to avoid conflicts with rival productions. |
| Risks and uncertainties |
| The Group's latest annual report for the year ended 31 March 2009, which is |
| available on the Group's website, www.theindianfilmcompany.com, contains the most |
| significant long-term risks relating to the Group's operations that were in force |
| at the date of that report. We do not consider that these risks have changed |
| during the six months ended 30 September 2009 and we do not anticipate these risks |
| changing over the second half of the financial year. However, any changes to these |
| risks could have a material impact on the Group's performance over the remaining |
| six months of the financial year and could materially affect actual results |
| compared with expected and historical results. |
| The industry-wide approach is very cautious due, in part, to the prevalent cash |
| crunch. Banks and institutions are being very cautious in lending. It is expected |
| that the two month long negotiations with multiplexes at the beginning of the year |
| will continue to impact the release of films throughout the remainder of the |
| current financial year as film releases will be concentrated over a ten month |
| period rather than twelve months. |
| Outlook |
| Whilst the Group has a slate of films lined up for release in the second half of |
| the current financial year, it believes that adverse global economic conditions |
| will continue to prevail for the rest of the financial year and will continue to |
| put pressure on the revenues and margins of these films. Nonetheless, it is |
| expected that the recent signs of an upturn in the global economy will have a |
| positive impact on the Group's financial performance. |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| Raghav Bahl |
+------------------------------------------------------------------------------------+
| Film Investment Managers (Mauritius) Limited |
+------------------------------------------------------------------------------------+
| 7 December 2009 |
+------------------------------------------------------------------------------------+
+--------------------------------------+------+--------------+--------------+---------+----+
| Condensed Consolidated Statement of Comprehensive Income |
+-------------------------------------------------------------------------------------+
| for the six month period ended 30 September 2009 (unaudited) |
+-------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------+
| | | Six months | Six months | Year |
| | | ended 30 | ended 30 | ended |
| | | September | September | 31 |
| | | 2009 | 2008 | March |
| | | | | 2009 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | (unaudited) | (unaudited) | (audited) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+------+--------------+--------------+--------------+
| Income | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Revenue | | 9,633 | 15,426 | 40,896 |
+--------------------------------------+------+--------------+--------------+--------------+
| Cost of sales | | (11,281) | (13,087) | (34,454) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Gross (loss)/profit | | (1,648) | 2,339 | 6,442 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Expenses and net foreign exchange | | | | |
| gains/(losses) | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Management fees | | (645) | (548) | (1,095) |
+--------------------------------------+------+--------------+--------------+--------------+
| Other expenses | | (817) | (400) | (1,179) |
+--------------------------------------+------+--------------+--------------+--------------+
| Net foreign exchange gains/(losses) | | 27 | (43) | 200 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Operating (loss)/profit before | | (3,083) | 1,348 | 4,368 |
| interest and tax | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Finance income | | 62 | 344 | 445 |
+--------------------------------------+------+--------------+--------------+--------------+
| Finance costs | | (102) | (66) | (224) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Operating (loss)/profit before tax | | (3,123) | 1,626 | 4,589 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Corporate income tax expense | | - | (212) | (700) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Net (loss)/profit for the | | (3,123) | 1,414 | 3,889 |
| period/year | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Other comprehensive (loss)/income: | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Exchange differences on translating | | (3,414) | (1,505) | 5,867 |
| foreign operations | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Other comprehensive (loss)/income | | (3,414) | (1,505) | 5,867 |
| for the period/year | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Total comprehensive (loss)/income | | (6,537) | (91) | 9,756 |
| for the period/year | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Earnings per Ordinary Share: basic | | (5.68)p | 2.57p | 7.07p |
| and fully diluted | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| |
+--------------------------------------+------+--------------+--------------+---------+----+
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Condensed Consolidated Statement of Changes in Equity |
+----------------------------------------------------------------------------------------------------------+
| for the six month period ended 30 September 2009 (unaudited) |
+----------------------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------------------+
| | | | Share | Distributable | Foreign | Total |
| | | | capital | reserve | exchange | |
| | | | | | translation | |
| | | | | | reserve | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | | | | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| At 1 April 2009 | | | - | 58,631 | 5,897 | 64,528 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Net loss for the period | | | - | (3,123) | - | (3,123) |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Other comprehensive loss | | | - | - | (3,414) | (3,414) |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| At 30 September 2009 | | | - | 55,508 | 2,483 | 57,991 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Condensed Consolidated Statement of Changes in Equity |
+----------------------------------------------------------------------------------------------------------+
| for the six month period ended 30 September 2008 (unaudited) |
+----------------------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------------------+
| | | | Share | Distributable | Foreign | Total |
| | | | capital | reserve | exchange | |
| | | | | | translation | |
| | | | | | reserve | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | | | | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| At 1 April 2008 | | | - | 54,742 | 30 | 54,772 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Net profit for the period | | | - | 1,414 | - | 1,414 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Other comprehensive loss | | | - | - | (1,505) | (1,505) |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| At 30 September 2008 | | | - | 56,156 | (1,475) | 54,681 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | | | | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Condensed Consolidated Statement of Changes in Equity |
+----------------------------------------------------------------------------------------------------------+
| for the year ended 31 March 2009 (audited) |
+----------------------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------------------+
| | | | Share | Distributable | Foreign | Total |
| | | | capital | reserve | exchange | |
| | | | | | translation | |
| | | | | | reserve | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | | | | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| At 1 April 2008 | | | - | 54,742 | 30 | 54,772 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Net profit for the year | | | - | 3,889 | - | 3,889 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| Other comprehensive income | | | - | - | 5,867 | 5,867 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| At 31 March 2009 | | | - | 58,631 | 5,897 | 64,528 |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| | | | | | | |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
| |
+-----------------------------+----+----------+--------------+---------------+--------------+--------------+
+--------------------------------------+------+--------------+--------------+--------------+
| Condensed Consolidated Statement of Financial Position |
+------------------------------------------------------------------------------------------+
| as at 30 September 2009 (unaudited) |
+------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------+
| | | 30 September | 30 September | 31 March |
| | | 2009 | 2008 | 2009 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | (unaudited) | (unaudited) | (audited) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+------+--------------+--------------+--------------+
| Non-current assets | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Exploitation rights | | 30,235 | 15,851 | 25,294 |
+--------------------------------------+------+--------------+--------------+--------------+
| Investments in films and films under | | 18,050 | 25,396 | 26,769 |
| production | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Term deposit | | 2,350 | 2,326 | 2,350 |
+--------------------------------------+------+--------------+--------------+--------------+
| Office equipment | | 1 | - | - |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | 50,636 | 43,573 | 54,413 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Current assets | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Trade and other receivables | | 12,035 | 9,182 | 15,746 |
+--------------------------------------+------+--------------+--------------+--------------+
| Prepayments | | 26 | 26 | 84 |
+--------------------------------------+------+--------------+--------------+--------------+
| Cash and cash equivalents | | 2,161 | 6,527 | 937 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | 14,222 | 15,735 | 16,767 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Total assets | | 64,858 | 59,308 | 71,180 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Current liabilities | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Trade and other payables | | (4,916) | (3,392) | (5,095) |
+--------------------------------------+------+--------------+--------------+--------------+
| Secured loan | | (1,951) | (1,235) | (1,557) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Total liabilities | | (6,867) | (4,627) | (6,652) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Net assets | | 57,991 | 54,681 | 64,528 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Capital and reserves | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Called-up share capital (no par | | - | - | - |
| value) | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Distributable reserve | | 55,508 | 56,156 | 58,631 |
+--------------------------------------+------+--------------+--------------+--------------+
| Foreign exchange translation reserve | | 2,483 | (1,475) | 5,897 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Total equity Shareholders' funds | | 57,991 | 54,681 | 64,528 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Net asset value per Ordinary Share: | | 105.44p | 99.42p | 117.32p |
| basic and fully diluted | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| |
+--------------------------------------+------+--------------+--------------+--------------+
+--------------------------------------+------+--------------+--------------+--------------+
| Condensed Consolidated Statement of Cash Flows |
| for the six month period to 30 September 2009 (unaudited) |
+------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------+
| | | Six months | Six months | Year ended |
| | | ended 30 | ended 30 | 31 March |
| | | September | September | 2009 |
| | | 2009 | 2008 | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | (unaudited) | (unaudited) | (audited) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Operating activities | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Net (loss)/profit for the | | (3,123) | 1,414 | 3,889 |
| period/year | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Adjustments for: | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Finance income | | (62) | (344) | (445) |
+--------------------------------------+------+--------------+--------------+--------------+
| Finance costs | | 102 | 66 | 224 |
+--------------------------------------+------+--------------+--------------+--------------+
| Corporate income tax | | - | 212 | 700 |
| expense | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Net cash (outflow)/inflow from | | (3,083) | 1,348 | 4,368 |
| operating activities before non-cash | | | | |
| items and working capital changes | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Decrease/(increase) in trade and | | 5,426 | (4,706) | (9,580) |
| other receivables | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Decrease in prepayments | | 57 | 137 | 78 |
+--------------------------------------+------+--------------+--------------+--------------+
| (Decrease)/increase in trade and | | (1,470) | 2,623 | 5,088 |
| other payables | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Amortisation of intangible assets | | 8,089 | 8,623 | 26,124 |
+--------------------------------------+------+--------------+--------------+--------------+
| Intangible assets written-off | | 186 | - | - |
+--------------------------------------+------+--------------+--------------+--------------+
| Provision for bad debts | | 21 | - | 43 |
+--------------------------------------+------+--------------+--------------+--------------+
| Amortisation of print costs | | - | 39 | 265 |
+--------------------------------------+------+--------------+--------------+--------------+
| Transfer of investment projects to | | - | 2,545 | 1,008 |
| costs of traded rights | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Net cash inflow from operating | | 9,226 | 10,609 | 27,394 |
| activities before tax | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Corporate income tax paid | | (1,165) | (1,174) | (3,156) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Net cash inflow from operating | | 8,061 | 9,435 | 24,238 |
| activities | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Investing activities | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Payments for film projects and films | | (4,499) | (21,111) | (49,651) |
| under production | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Refund of advances | | 780 | - | 551 |
+--------------------------------------+------+--------------+--------------+--------------+
| Interest received | | 4 | 354 | 399 |
+--------------------------------------+------+--------------+--------------+--------------+
| Purchase of office equipment | | (1) | - | - |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Net cash outflow from investing | | (3,716) | (20,757) | (48,701) |
| activities | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Financing activities | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Proceeds from borrowings | | 395 | 126 | 448 |
+--------------------------------------+------+--------------+--------------+--------------+
| Interest and bank charges paid | | (99) | (66) | (183) |
+--------------------------------------+------+--------------+--------------+--------------+
| Payments for term deposit | | (3) | (56) | (82) |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Net cash inflow from financing | | 293 | 4 | 183 |
| activities | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Increase/(decrease) in cash and cash | | 4,638 | (11,318) | (24,280) |
| equivalents | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Cash and cash equivalents at | | 937 | 19,349 | 19,349 |
| beginning of period/year | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Increase/(decrease) in cash and cash | | 4,638 | (11,318) | (24,280) |
| equivalents | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| Effect of exchange rates on cash and | | (3,414) | (1,504) | 5,868 |
| cash equivalents | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| Cash and cash equivalents at end of | | 2,161 | 6,527 | 937 |
| period/year | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+--------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+--------------------------------------+------+--------------+--------------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UUGCCPUPBGQM
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