TIDMBLL
RNS Number : 7274P
Bella Media PLC
30 March 2009
For Immediate Release
30 March 2009
Bella Media PLC
("Bella Media" or the "Company")
Unaudited Half Yearly Report for the six months ended
31 December 2008
Chairman's Statement
During the period under review, Bella Media continued to operate as an
investment company and the trading results for the period reflect this. The
Directors continued to maintain the Company at minimum practical cost, as
reflected in the very modest reduction in cash and net assets.
The Directors continue to seek acquisition and investment opportunities in the
energy and resources sectors and have reviewed a number of such opportunities in
recent months. We are now in discussions with a number of parties in relation to
possible acquisitions; we hope that one of these will be brought to fruition but
there is no guarantee that a transaction will be completed by 30 June 2009 which
is when the Company's shares will be delisted from AIM under Rule 15 of the AIM
Rules. We will, however, make an announcement as soon as practicable; the
transactions now under consideration would each constitute a reverse takeover
and require shareholder approval under the AIM Rules.
A copy of the Half Yearly Report is available on the Company's website
www.bellamediaplc.com.
Contacts:
Peter Redmond, Director, Bella Madia Plc 0771 866 0727
Roland Cornish, Beaumont Cornish Limited 020 7628 3396
Consolidated Income Statement for the six months ended 31 December 2008
+-----------------------------------+-------+-------------+-------------+------------+
| Continuing operations: | Notes | Six months | Six months | Year ended |
| | | ended | ended | 30 June |
| | | 31 | 31 | 2008 |
| | | December | December | (Audited) |
| | | 2008 | 2007 | GBP |
| | | (Unaudited) | (Unaudited) | |
| | | GBP | GBP | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Operating expenses | | (45,035) | (72,251) | (117,112) |
+-----------------------------------+-------+-------------+-------------+------------+
| Exceptional items | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| - costs of disposal of US | | - | - | (63,872) |
| subsidiary | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| - adjustment following | | - | - | 21,864 |
| compromise agreement | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
| | | | | _______ |
+-----------------------------------+-------+-------------+-------------+------------+
| | | (45,035) | (72,251) | (159,120) |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Other operating income | | 2,188 | - | 3,062 |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
| | | | | _______ |
+-----------------------------------+-------+-------------+-------------+------------+
| LOSS FROM OPERATIONS | | (42,847) | (72,251) | (156,058) |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Finance income | | 8,891 | 447 | 10,479 |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
| | | | | _______ |
+-----------------------------------+-------+-------------+-------------+------------+
| LOSS BEFORE TAXATION | | (33,956) | (71,804) | (145,579) |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Income Tax expense | | - | - | - |
+-----------------------------------+-------+-------------+-------------+------------+
| Profit on disposal of | 2 | - | 1,226 | 1,226 |
| discontinued US business | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
| | | | | _______ |
+-----------------------------------+-------+-------------+-------------+------------+
| LOSS FOR THE FINANCIAL PERIOD | | (33,956) | (70,578) | (144,353) |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
| | | | | _______ |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| LOSS PER SHARE | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Basic and diluted | 3 | (0.08p) | (0.31p) | (0.45p) |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
Group Balance Sheet for the six months ended 31 December 2008
+----------------------------------+--------+-------------+-------------+-------------+
| | Notes | 31 | 31 | 30 June |
| | | December | December | 2008 |
| | | 2008 | 2007 | (Audited) |
| | | (Unaudited) | (Unaudited) | GBP |
| | | GBP | GBP | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| CURRENT ASSETS | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Trade and other receivables | | 2,477 | 2,544 | |
| | | | | 14,498 |
+----------------------------------+--------+-------------+-------------+-------------+
| Cash and cash equivalents | | 434,918 | 556,060 | |
| | | | | 459,749 |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| TOTAL ASSETS | | 437,395 | 558,604 | |
| | | | | 474,247 |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| CURRENT LIABILITIES | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Trade and other payables | | 73,664 | 87,142 | 76,560 |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| TOTAL NET ASSETS | | 363,731 | 471,462 | 397,687 |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| EQUITY AND RESERVES | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Called up share capital | 4 | 3,482,699 | 3,482,699 | 3,482,699 |
+----------------------------------+--------+-------------+-------------+-------------+
| Share premium account | | 4,676,074 | 4,676,074 | 4,676,074 |
+----------------------------------+--------+-------------+-------------+-------------+
| Retained earnings | | (7,795,042) | (7,687,311) | (7,761,086) |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| TOTAL EQUITY | | 363,731 | 471,462 | 397,687 |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
Group Statement of Changes in Equity for the six months ended 31 December 2008
+---------------------------------------------+-----------+-----------+--------+--------+--------+--------+--------+--------+--------+
| | Share | Share | Retained | Foreign | Total |
| | capital | premium | earnings | exchange | GBP |
| | GBP | GBP | GBP | reserve | |
| | | | | GBP | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| BALANCE | 3,297,509 | 4,623,759 | (7,636,782) | (34,516) | 249,970 |
| AT 1 | | | | | |
| JULY | | | | | |
| 2007 | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| Issue | 185,190 | - | - | - | 185,190 |
| of | | | | | |
| share | | | | | |
| capital | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| Premium | - | 64,815 | - | - | 64,815 |
| on | | | | | |
| issue | | | | | |
| of | | | | | |
| share | | | | | |
| capital | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| Cost | - | (12,500) | - | - | (12,500) |
| of | | | | | |
| share | | | | | |
| issue | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| Net | - | - | (70,578) | - | (70,578) |
| loss | | | | | |
| for | | | | | |
| the | | | | | |
| period | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| Currency | - | - | 20,049 | 34,516 | 54,565 |
| translation | | | | | |
| adjustments | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| BALANCE | 3,482,699 | 4,676,074 | (7,687,311) | - | 471,462 |
| AT 31 | | | | | |
| DECEMBER | | | | | |
| 2007 | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| Net | - | - | (73,775) | - | (73,775) |
| loss | | | | | |
| for | | | | | |
| the | | | | | |
| period | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| BALANCE | 3,482,699 | 4,676,074 | (7,761,086) | - | 397,687 |
| AT 30 | | | | | |
| JUNE | | | | | |
| 2008 | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| Net | - | - | (33,956) | - | (33,956) |
| loss | | | | | |
| for | | | | | |
| the | | | | | |
| period | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| BALANCE | 3,482,699 | 4,676,074 | (7,795,042) | - | 363,731 |
| AT 31 | | | | | |
| DECEMBER | | | | | |
| 2008 | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+-----------------+-----------------+--------------------------+
| | | | | | |
+---------------------------------------------+-----------+-----------+--------+--------+--------+--------+--------+--------+--------+
Group Cash Flow Statement for the six months ended 31 December 2008
+--------------------------------------+-------------+-------------+-----------------+
| | Six months | Six months | Year ended |
| | ended | ended | 30 June |
| | 31 | 31 | 2008 |
| | December | December | (Audited) |
| | 2008 | 2007 | GBP |
| | (Unaudited) | (Unaudited) | |
| | GBP | GBP | |
+--------------------------------------+-------------+-------------+-----------------+
| CASH FLOW FROM OPERATIONS | | | |
+--------------------------------------+-------------+-------------+-----------------+
| Loss for the year | (42,847) | (70,578) | (154,832) |
+--------------------------------------+-------------+-------------+-----------------+
| Decrease/(increase) in receivables | 12,021 | 9,728 | (2,226) |
+--------------------------------------+-------------+-------------+-----------------+
| (Decrease)/increase in payables | (2,896) | 1,310 | (8,825) |
+--------------------------------------+-------------+-------------+-----------------+
| Profit on disposal of discontinued | - | (1,226) | (1,226) |
| US business | | | |
+--------------------------------------+-------------+-------------+-----------------+
| Interest received | 8,891 | 447 | 10,479 |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| Net cash flow from operating | (24,831) | (60,319) | (156,630) |
| activities | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| CASH FLOW FROM INVESTING ACTIVITIES | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| Sale of subsidiaries | - | 325,243 | 325,243 |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| Net cash flow from investing | - | 325,243 | 325,243 |
| activities | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| CASH FLOW FROM FINANCING ACTIVITIES | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| Proceeds of share issue | - | 237,505 | 237,505 |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| Net cash flow from financing | - | 237,505 | 237,505 |
| activities | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| (DECREASE)/INCREASE IN CASH AND | (24,831) | 502,429 | 406,118 |
| CASH EQUIVALENTS | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| CASH AND CASH EQUIVALENTS AT | 459,749 | 53,631 | 53,631 |
| BEGINNING OF PERIOD | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| CASH AND CASH EQUIVALENTS AT | 434,918 | 556,060 | 459,749 |
| END OF PERIOD | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
| | | | |
+--------------------------------------+-------------+-------------+-----------------+
Notes to the Half Yearly Report for the six months ended 31 December 2008
1BASIS OF PREPARATION
This Interim Report, comprising the Consolidated Income Statement, Group Balance
Sheet, Group Statement of Changes in Equity, Group Cash Flow Statement and
accompanying Notes, has been prepared in accordance with the recognition and
measurement criteria of IFRS save that the Group has elected not to adopt IAS34,
Interim reports. These IFRS interim financial statements do not include all the
information required for full IFRS annual financial statements.
The interim results do not constitute the statutory accounts within the meaning
of s435 of the Companies Act 2006. The financial information in this report for
the six months to 31 December 2008 and to 31 December 2007 has not been audited.
The comparative figures for the year ended 30 June 2008 are extracted from the
Group's audited financial statements for that period as filed with the Registrar
of Companies. It does not constitute the financial statements for that period.
Those accounts received an unqualified audit report, which did not contain any
statement under sections 498(2) or (3) of the Companies Act 2006 and did not
include a reference to any matters to which the auditor drew attention by way of
emphasis without qualifying the report.
The accounts for the interim period have been prepared in accordance with the
policies which the Group will adopt for its 2009 annual accounts.
2 DISPOSAL OF US SUBSIDIARY BUSINESS
The Company disposed of its 100% interest in the shares of Bella Media Inc, a US
subsidiary holding company on 31 December 2007.
3 LOSS PER SHARE
The calculation of the basic and diluted loss per ordinary share is based on the
loss after taxation of GBP33,956 (31 December 2007: GBP70,578; 30 June 2008:
GBP144,353) and on the weighted average number of ordinary shares in issue
during the period of 40,893,956, (31 December 2007 22,428,097; 30 June 2008:
31,611,470).
+------+-----------------------------------+-------------+-------------+------------+
| 4 | SHARE CAPITAL | 31 | 31 | 30 June |
| | | December | December | 2008 |
| | | 2008 | 2007 | (Audited) |
| | | (Unaudited) | (Unaudited) | GBP |
| | | GBP | GBP | |
+------+-----------------------------------+-------------+-------------+------------+
| | Authorised: | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | 193,000,000 ordinary shares of 1p | 1,930,000 | 1,930,000 | 1,930,000 |
| | each | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | 8,200 deferred shares of GBP450 | 3,690,000 | 3,690,000 | 3,690,000 |
| | each | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | 1,000,000,000 deferred shares of | 24,000,000 | 24,000,000 | 24,000,000 |
| | 2.4p each | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | | 29,620,000 | 29,620,000 | 29,620,000 |
+------+-----------------------------------+-------------+-------------+------------+
| | | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | Allotted, issued and fully paid: | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | 40,893,956 ordinary shares of 1p | 408,963 | 408,963 | 408,963 |
| | each | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | 4,475 deferred shares of GBP450 | 2,013,962 | 2,013,962 | 2,013,962 |
| | each | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | 44,157,222 deferred shares of | 1,059,774 | 1,059,774 | 1,059,774 |
| | 2.4p each | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | | | | |
+------+-----------------------------------+-------------+-------------+------------+
| | | 3,482,699 | 3,482,699 | 3,482,699 |
+------+-----------------------------------+-------------+-------------+------------+
| | | | | |
+------+-----------------------------------+-------------+-------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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