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
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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