TIDMIFM
RNS Number : 5482D
Intandem Films PLC
31 March 2014
31 March 2014
INTANDEM FILMS PLC
("Intandem" or the "Company")
Half Yearly Results to 31 December 2013
Intandem Films plc (AIM: IFM), the London based international
film group, is pleased to announce its results for the six months
to 31 December 2013.
Chief Executive Officer's Statement
It is just over a year since I became CEO of Intandem Films Plc
and, despite there being a lot more work to do, the structure of
the Company has changed enormously, is now positioned to move
forwards and as a result I look forward to the future with
optimism.
In twelve months, our slate has improved significantly and
currently comprises five finished films, three in the filming
stage, seven in pre-production, two fully financed with shooting
dates to be confirmed and two successfully completed (Red Mansions
and Catweazle) third party SEIS (Seed Enterprise Investment Scheme)
projects.
Furthermore, there are an additional eight movies for which we
are helping raise finance and of these eight, two are almost fully
funded.
I am very pleased with the progress made in the twelve months I
have been CEO, but as I said earlier, there is still a lot of hard
work to be done.
FINANCIALS
Turnover for the period under review was GBP136,251 (2012:
GBP238,033) and the loss before tax was GBP294,793 (2012:
GBP651,496) with a loss per share of 0.09p (2012: loss per share of
0.44p). The loss has decreased mainly as a result of restructuring
of the Company and tighter control of costs which is in line with
the new strategy. The Company continues to operate at a net
liabilities and a net current liabilities position.
THE BOARD
I am very pleased that our three non-exec directors, Alan Bowen,
Corinne Lambert & Chris Sykes (legal adviser) were all
re-elected to the board at our AGM in January 2014. I would like to
thank Andrew Brown and Billy Hurman for their continued good work
with the Company.
On 29(th) January 2014, we announced our new staff share option
scheme, which I hope proved how much faith the Board has in the
Company's future success and illustrates that there will be no
rewards for staff until shareholders have seen a genuine return on
their investment.
THE FIRST SIX MONTHS OF THE FINANCIAL YEAR JULY 2013 - JUNE
2014
The revenues we were able to earn, especially towards the end of
the six months have meant that we have cut our losses significantly
to GBP294,793 for the period, compared to the first six months of
the last financial year.
We expect our slate of films will continue to improve in both
number and quality over the next eighteen months and we believe the
films we have on the current slate are of a number and quality that
Intandem Media Group will be able to show increases in monthly
revenue over time.
We also believe the creation of Bold Ink, our digital marketing
division, under the direction of Emilie Kodjo will play a major
part in our future turnover. We expect Emilie will work on the
majority of the films we are now representing as well as projects
from outside of the Company.
The name change of our film sales department, from Intandem
Films to Manifest Film Sales, was done after considerable
consultation with film financiers, film distributors and film
producers. Almost one hundred per cent of those consulted agreed
that early 2014 was the right time to rename the division. Everyone
understood a new name would perfectly illustrate the changes made
to our business.
OUTLOOK
I have huge ambitions for the Company and our staff moving
forward. We believe Intandem Media Group is now in a place where I
can confidently start to fully utilise my relationships with the
key names in filmmaking and promise very demanding and talented
filmmakers that Intandem is the right place for their movies.
While it was tempting to approach these people during the
rebuilding phase, I knew it would be better left until I could
prove that I wasn't going to them for help; that I would only
approach them when I felt we could add value to their films.
I would like to thank the Board and our shareholders for their
continued support.
Robert Mitchell
Chief Executive Officer
31 March 2014
Contacts:
Intandem Films plc
Robert Mitchell, Chief Executive Officer +44 (0)20 7851 3800
finnCap
Ed Frisby / Ben Thompson - Corporate
Finance
Stephen Norcross - Corporate Broking +44 (0)20 7220 0500
Peterhouse Corporate Finance
Jon Levinson/Lucy Williams
Bishopsgate Communications
Nick Rome/Sam Allen +44 (0)20 7469 0930
intandem@bishopsgatecommunications.com +44 (0)20 7107 1896
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
HALF YEAR ENDED 31 DECEMBER 2013
As at 31/12/13 As at 31/12/12 As at 30/06/13
Notes GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 13,991 22,865 16,291
Financial assets 100 100 100
14,091 22,965 16,391
Current Assets
Trade receivables 75,255 284,667 46,181
Other current assets 118,948 204,213 94,211
Cash and cash equivalents 7,381 8,656 15,115
201,584 497,536 155,507
Total assets 215,675 520,501 171,898
======= ======= =======
Equity and liabilities
Equity attributable to equity
holders of the parent
Share capital 383,669 146,715 146,715
Share premium 4,691,253 3,898,139 3,898,139
Merger reserve 252,506 252,506 252,506
Foreign exchange reserve (397,221) (324,721) (288,821)
Retained earnings (5,188,088) (4,123,915) (4,893,295)
(257,881) (151,276) (884,756)
Non-current liabilities
Deferred income - 6,731 -
- 6,731 -
Current liabilities
Trade and other payables 473,556 665,046 1,056,654
Total liabilities 473,556 671,777 1,056,654
======= ======= =======
Total equity and liabilities 215,675 520,501 171,898
======= ======= =======
CONSOLIDATED INCOME STATEMENT
HALF YEAR TO 31 DECEMBER 2013
6 months 6 months Year ended
ended ended
31/12/13 31/12/12 30/06/13
Notes GBP GBP GBP
Turnover
Executive producer fees - 166,548 165,000
Commissions & other income 83,694 14,181 40,688
Recoverable project costs 52,557 57,304 80,151
_______ _______ _______
136,251 238,033 285,839
Cost of Sales
Recoverable expenses (52,557) (57,304) (80,151)
Amortisation of film asset - - -
Gross profit 83,694 180,729 205,688
Overheads
Staff costs (189,537) (195,736) (283,150)
Depreciation (3,387) (6,253) (13,010)
Other external charges (169,182) (629,510) (1,207,537)
_______ _______ _______
Operating loss (278,412) (650,770) (1,298,009)
Finance costs (16,381) (726) (6,220)
Income from investments - - -
_______ _______ _______
Loss before tax (294,793) (651,496) (1,304,229)
Income tax expense - - -
_______ _______ _______
Profit/(Loss) for the year from
continuing operations (294,793) (651,496) (1,304,229)
======= ======= =======
Earnings per share
Basic (0.09 pence) (0.44 pence) (0.89 pence)
Diluted (0.09 pence) (0.44 pence) (0.89 pence)
CONSOLIDATED CASH FLOW STATEMENT
HALF YEAR TO 31 DECEMBER 2013
6 months 6 months Year
ended ended ended
31/12/13 31/12/12 30/06/13
Note GBP GBP GBP
Cash flows from operating activities
Cash from (used in) operating
activities (1,020,334) (486,803) (641,667)
Interest paid (16,381) (726) (6,220)
Net cash (used in) operating
activities (1,036,715) (487,529) (647,887)
Cash flows from investing activities
Purchases of property, plant
and equipment (1,087) (19,060) (19,243)
Purchase of film assets - - -
Investment in associated companies - - -
Interest received - - -
Net cash from (used in) investing
activities (1,087) (19,060) (19,243)
Cash flows from financing activities
Issue of new ordinary shares 1,184,768 - -
Net proceeds on financing of
film asset revenues (154,700) - -
Repayment of loan (167,000) - -
Issue of new loans
Proceeds on issue of convertible - - 167,000
loan notes - - -
Net cash from financing activities 863,068 - 167,000
Net increase/(decrease) in cash
and cash equivalents (174,734) (506,589) (500,130)
Cash and cash equivalents at
beginning of period 15,115 515,245 515,245
Foreign exchange difference - - -
on consolidation
Cash and cash equivalents at
end of period (159,619) 8,656 15,115
======= ======= =======
Bank balances and cash 7,381 8,656 15,115
======= ======= =======
NOTES TO THE ACCOUNTS
1. Accounting policies
The principal accounting policies are as set out in the June
2013 annual report.
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and with those
parts of the Companies Act, 2006 applicable to companies reporting
under IFRS. The financial reports have been prepared under the
historical cost convention.
The preparation of financial statements in conformity with
generally accepted accounting principles requires the use of
estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting
period. Although these estimates are based on management's best
knowledge of the amount, event or actions, actual results
ultimately may differ from those estimates.
2. Status of financial information
The interim results for the 6 months ended 31 December 2013 and
the 6 months ended 31 December 2012 are unaudited and do not
constitute statutory accounts within the meaning of section 428,
Companies Act 2006. The figures for the year ended 30 June 2013
have been extracted from the audited annual accounts.
3. Earnings per share
Earnings 6 months 6 months
ended ended Year ended
31/12/13 31/12/12 30/06/13
GBP GBP GBP
Earnings for the purpose of
basic earnings per share (net
loss for the year) (294,793) (651,496) (1,304,229)
Earnings for the purpose of
diluted earnings per share (294,793) (651,496) (1,304,229)
Number of shares 6 months 6 months
ended ended Year ended
31/12/13 31/12/12 30/06/13
Weighted average number of
ordinary shares for the purposes
of basic earnings per share 341,517,303 146,715,000 146,715,000
Weighted average number of
ordinary shares for the purposes
of diluted earnings per share 341,517,303 146,715,000 146,715,000
4. Share capital
6 months 6 months
ended ended Year ended
31/12/13 31/12/12 30/06/13
GBP GBP GBP
Authorised:
Ordinary shares of GBP0.001
each 600,000 200,000 200,000
Issued and fully paid: ======= ======= =======
Ordinary shares of GBP0.001
each 383,669 146,715 146,715
======= ======= =======
Reported at beginning of period 146,715 146,715 146,715
Reported at period end 383,669 146,715 146,715
5. Note to the cash flow statement
6 months 6 months
ended ended Year ended
31/12/13 31/12/12 30/06/13
GBP GBP GBP
Loss for the year (294,793) (651,496) (1,304,229)
Adjustment for:
- Finance credits 16,381 726 6,220
- Depreciation 3,387 6,253 13,010
- Amortisation - - -
- Movements in foreign exchange
reserve (108,400) 35,493 35,900
- Other operating income - - -
Changes in working capital:
- Charge for share options
issued during the year - - (81,154)
- Increase in trade and other
receivables (53,811) 77,031 425,519
- Increase in trade and other
payables (583,098) 45,190 263,067
Cash from (used in) operations (1,020,334) (486,803) (641,667)
6. Financial assets
6 months 6 months
ended ended Year ended
31/12/13 31/12/12 30/06/13
GBP GBP GBP
Available-for-sale financial
assets
Beginning of the period 100 100 100
Additions / (Disposals) - - -
Amortisation - - -
Movements due to foreign exchange - - -
End of year 100 100 100
======= ======= =======
Available-for-sale financial assets include the following:
6 months 6 months
ended ended Year ended
31/12/13 31/12/12 30/06/13
GBP GBP GBP
Unlisted securities:
Investment in Audley Films
Ltd 100 100 100
Investment in film library - - -
Investment in Radical Publishing - - -
100 100 100
Available-for-sale financial assets are denominated in the
following currencies:
6 months 6 months
ended ended Year ended
31/12/13 31/12/12 30/06/13
GBP GBP GBP
Pound 100 100 100
United States Dollar - - -
100 100 100
======= ======= =======
This information is provided by RNS
The company news service from the London Stock Exchange
END
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