TIDMIFC
RNS Number : 6132M
Indian Film Company Limited (The)
27 May 2010
27 May 2010
The Indian Film Company Limited
("IFC" or the "Company" or the "Group")
Final results for the year ended 31 March 2010
The Indian Film Company Limited (AIM:IFC), a specialist investment company
dedicated to the Indian film industry, is pleased to announce its full year
results for the year ended 31 March 2010:
Highlights
· Net Asset Value ("NAV") decreased to GBP63.56 million (2009: GBP64.53
million).
· Revenue fell to GBP19.88 million (2009: GBP40.90 million) due to the
effects of the global economic crisis on the Indian film industry.
· On 30 March 2010 the Group announced a reduction in the management fee
from 2% of the opening NAV as at 1 April 2009 to 1% of the opening NAV for the
year ended 31 March 2010.
· IFC was consolidated into the Network 18 Group during the financial year.
This is expected to allow the Group to leverage the Network 18 Group's industry
leading position and access to capital.
· Agreement reached between United Producers and Distributors Forum and the
key multiplex cinema chains in India, which is expected to result in increased
future revenues from the domestic box office.
· The Group released nine films during the year, including "Shortkut - The
Con is On", "Luck", "Life Partner", "Fruit 'N' Nut", "Striker", "Road, Movie"
and "Hum Tum Aur Ghost". These were a combination of acquisitions,
co-productions and productions.
· The Group's international co-production, "Road, Movie" directed by Dev
Benegal, which featured at numerous international film festivals including
Toronto and Tokyo, was successfully released in India in March 2010.
· The Group pioneered the first ever release of a Bollywood movie on
YouTube to target the Indian communities in overseas markets with high broadband
penetration.
· The "Road, Movie" website won the bronze award in the Interactive Digital
Awards section, under the Consumer Goods category at the Goafest Creative Abbys,
India's equivalent of Cannes.
· The Group's co-production "It's a Wonderful Afterlife" directed by
Gurinder Chadha of "Bend it Like Beckham" fame premiered in London on 13 April
2010 and was released on 23 April 2010 in the United Kingdom and on 7 May 2010
in India.
· Revenues from satellite rights sales improved over the last quarter of
the financial year ended 31 March 2010 as advertising spend increased.
Outlook
· Positive growth is expected in 2010, due to cost optimisation strategies
and the improved economic environment.
· Revenue from the sale of television syndication rights is expected to
increase, due to improved advertising conditions and improvements in the
performance of television channels.
· Based on the FICCI-KPMG Indian Media and Entertainment Industry Report
2010, the number of digital screens has expanded to over 3,000 and is expected
to increase significantly in the future, which should increase theatrical
revenues and also reduce piracy.
· New media and the fast growing mobile value added services offers further
revenue streams for the Group.
· The overall media and entertainment market in India is expected to grow
at a compound annual growth rate of 13% per annum through 2014 to reach INR 1.09
trillion (GBP16.16 billion).
Sandeep Bhargava, CEO of the Investment Adviser commented:
"After a difficult year for the Indian film market, we believe we are very well
placed to benefit from the recovery that has started to appear in India. We
remain 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."
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 (Broker)
Raj Bhatt/Mary Phelan
Tel: +44 207 486 9733
Pelham Bell Pottinger (Financial Pubic Relations)
Alex Walters/Francesca Tuckett
Tel: +44 207 337 1500
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Chairman's Statement |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| I am pleased to present the results of The Indian Film Company Limited (the "Company") and its Subsidiaries, The Indian Film Company (Cyprus) Limited and IFC Distribution Private Limited (collectively the "Group") for the financial year ended 31 March 2010. |
| |
| Financial update |
| It is well known throughout the world that the global economy witnessed the worst financial crisis since the Great Industrial Depression of the 1930s. The subprime crisis that emerged in the US housing mortgage market in 2007 snowballed into a global financial crisis, leading to a global economic recession and the financial landscape changed significantly after the collapse of Lehman Brothers in September 2008. Consequently, the world saw a huge contraction in demand and consumption. India too felt the external demand shocks with the Indian economy witnessing a moderation in growth in the second half of the financial year ended 31 March 2009, in comparison with the robust growth performance in the preceding five years. Domestic demand contracted and household spending reduced. However, towards the latter part of the calendar year 2009, the Indian economy showed signs of recovery with an increase in domestic demand and consumer spending. |
| |
| The Indian film industry did not remain unaffected by such macroeconomic factors. Domestic demand and spending remained under pressure, the box-office performance of several big budget films was generally poor, which was accentuated by a two month-long stand-off between producers and multiplex owners which was subsequently resolved in June 2009. All these factors contributed to calendar year 2009 being a difficult year for the industry as a whole. |
| The financial crisis also had a major impact on the marketing and advertising expenditure of companies. Most corporates cut their marketing and advertising budgets drastically. As a result, the producers and film studios experienced a significant decrease in the prices of satellite rights of their films. Music and home video markets also witnessed a huge contraction with an overall negative impact on the various streams of revenues available for monetisation of film rights. |
| |
| While exploitation of films and film rights became more difficult, the Indian film industry also saw a considerable reduction in the number of projects launched during the financial year ended 31 March 2010. Reduced capital flows and increased dependence on box office revenues resulted in a reduced number of projects going into production. |
| |
| The Indian film industry showed negative growth in the calendar year 2009 due to the many reasons stated above. The size of the Indian film industry was INR 89 billion (GBP1.31 billion) in calendar year 2009, down from INR 104 billion in calendar year 2008; a contraction of 14.42%(1). Consequently, the financial year ended 31 March 2010 saw poor box office performances for almost all of the Group's films released in this period. The inability of the content to strike a chord with the audience coupled with the two month-long stand-off between producers and multiplex owners resulting in shorter release windows and the drying up of other revenue streams, resulted in disappointing performances for the year ended 31 March 2010. |
| |
| The Group recorded a net loss for the year of GBP4.56 million (31 March 2009: net profit of GBP3.89 million), giving a loss per share of 8.29 pence (31 March 2009: earnings per share of 7.07 pence). The Group's net asset value ("NAV") as at 31 March 2010 was 115.56 pence per Ordinary Share; a decrease of 1.50% from the last audited NAV of 117.32 pence per Ordinary Share as at 31 March 2009. |
| |
| As at 31 March 2010, the Group held cash balances of GBP4.96 million (31 March 2009: GBP0.94 million), GBP7.31 million including the term deposit (31 March 2009: GBP3.29 million) and had exploitation rights and investments in films and films under production with an aggregate carrying value of GBP45.87 million (31 March 2009: GBP52.06 million). As at 31 March 2010, the Group has committed to invest GBP13.42 million towards film projects. The Group has not committed any further funds post 31 March 2010. These commitments will predominantly be funded through cash generated by the Group from the exploitation of film rights. The Group is also working with some of the financial institutions in India and abroad to raise debt to fund its future investments in film projects. |
| |
| Graph showing contribution of various streams of revenue |
| |
| Financial year ended 31 March Financial period ended 31 March |
| 2009: 2008: |
| 72% - Television syndication & 35% - Television syndication & |
| others others |
| 24% - Theatrical 54% - Theatrical |
| 3% - Music 7% - Music |
| 1% - Home video 4% - Home video |
| |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
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| |
| |
| |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Shyam Benegal |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Chairman |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| 26 May 2010 |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| (1) FICCI-KPMG Indian Media and Entertainment Industry Report 2010. |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Investment Manager's Report |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| The financial year ended 31 March 2010 was a difficult year for the Indian film industry. The year started with the multiplex-producer stand-off leaving the industry with significant losses. The swine flu scare also kept audiences away from movie theatres in early 2009. Most importantly, a lack of good sustainable content affected the success ratio and fortunes of the industry. |
| |
| Strategy |
| The Group uses a three-pronged strategy of building a strong content library using a combination of productions, co-productions and acquisitions. |
| |
| Over the last two years, the Group has witnessed a substantial increase in acquisition costs which has affected the economic and commercial viability of films. Talent costs for key actors and directors have also increased significantly. The poor performance of content in the financial year ended 31 March 2010 and the losses suffered by most of the films released during the year are forcing all players in the industry to relook at the current business model and consider implementing the Hollywood model, where key talent charge a minimum upfront fee but take a larger share in the film earnings post release. |
| |
| Liquidity pressures have made it difficult for producers and studios to raise debt or equity for funding new projects. This has resulted in a reduction of the number of projects going into production. |
| |
| The Group continues to have a strong focus on its productions and co-productions and also continues to evaluate film projects for acquisition, co-production and own productions. The films currently in pre-production and production phase are progressing as scheduled. The Group also has an increased focus on creating and maintaining a script bank which can be used to mount its own productions. The industry players and even the key talent have recognised that quality of the script is one of the key factors for the success of a film and hence increased focus is now being placed on the script. |
| |
| The Group continues its strategy to own commercially viable content. |
| Competition |
| The film industry has witnessed increased competition during the financial year ended 31 March 2010. Quality content was sparse and hence the bidding wars on these films were very aggressive and competitive. With industry veterans already in competition, the number of corporates and newly set up film funds has increased and become much more active in the industry. While on one hand the industry needs to optimise cost and make projects available at a price level that can make films profitable, the entry of new players has generally led to price inflation of quality content. |
| Industry update |
| The Indian media and entertainment market is expected to grow at a compound annual growth rate ("CAGR") of 13% from 2010-2014 to a size of INR 1.09 trillion (GBP16.16 billion) by 2014. The film industry is expected to grow to a size of INR 137 billion (GBP2.01 billion) at a CAGR of 9% in the same period(1). |
| |
| Industry size |
| 2006 2007 2008 2009 2010 2011 2012 2013 2014 |
| Filmed Entertainment 78 93 104 89 96 105 115 125 137 |
| Media and 443 516 579 587 652 742 835 956 1,091 |
| Entertainment |
| |
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| |
| |
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+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Raghav Bahl |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Film Investment Managers (Mauritius) Limited |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| 26 May 2010 |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| (1) FICCI-KPMG Indian Media and Entertainment Industry Report 2010. |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
+---------------------------------------------+-----+--------------+--------------+----------+
| Consolidated Statement of Comprehensive Income | |
+---------------------------------------------------------------------------------+----------+
| for the year ended 31 March 2010 | |
+---------------------------------------------------------------------------------+----------+
| | |
+---------------------------------------------------------------------------------+----------+
| | | 2010 | 2009 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | GBP'000 | GBP'000 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Income | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Revenue | | 19,878 | 40,896 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Cost of sales | | (21,965) | (34,454) | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Gross (loss)/profit | | (2,087) | 6,442 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Expenses and net foreign exchange | | | | |
| (losses)/gains | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Management fees | | (645) | (1,095) | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Other expenses | | (1,574) | (1,179) | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Net foreign exchange (losses)/gains | | (193) | 200 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Operating (loss)/profit before interest and | | (4,499) | 4,368 | |
| tax | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Finance costs | | (190) | (224) | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Finance income | | 128 | 445 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Operating (loss)/profit before tax | | (4,561) | 4,589 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Corporate income tax | | - | (700) | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Net (loss)/profit for the year | | (4,561) | 3,889 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Other comprehensive income: | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Exchange differences on translating foreign | | 3,593 | 5,867 | |
| operations | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Other comprehensive income for the year | | 3,593 | 5,867 | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| Total comprehensive (loss)/income for the | | (968) | 9,756 | |
| year | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | | | |
| | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| (Loss)/earnings per Ordinary Share: basic | | (8.29)p | 7.07p | |
| and diluted | | | | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | | ------------ | ------------ | |
+---------------------------------------------+-----+--------------+--------------+----------+
| | |
+---------------------------------------------------------------------------------+----------+
| All the items in the above statement are derived from continuing operations. |
+---------------------------------------------+-----+--------------+--------------+----------+
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| Consolidated Statement of Changes in Equity |
+-----------------------------------------------------------------------------------------------------+
| for the year ended 31 March 2010 |
+-----------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------+
| | | | 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 year | | | - | (4,561) | - | (4,561) |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| Other comprehensive | | | - | - | 3,593 | 3,593 |
| income | | | | | | |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| At 31 March 2010 | | | - | 54,070 | 9,490 | 63,560 |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| Consolidated Statement of Changes in Equity |
+-----------------------------------------------------------------------------------------------------+
| for the year ended 31 March 2009 |
+-----------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------+
| | | | 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 | | | - | - | 5,867 | 5,867 |
| income | | | | | | |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| At 31 March 2009 | | | - | 58,631 | 5,897 | 64,528 |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
| | | | ------------ | ------------ | ------------ | ------------ |
+-------------------------+----+---------+--------------+---------------+--------------+--------------+
+-----------------------------------------+------+--------------+--------------+
| Consolidated Statement of Financial Position |
+------------------------------------------------------------------------------+
| as at 31 March 2010 |
+------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------+
| | | 2010 | 2009 |
+-----------------------------------------+------+--------------+--------------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------+------+--------------+--------------+
| Non-current assets | | | |
+-----------------------------------------+------+--------------+--------------+
| Exploitation rights | | 30,009 | 25,294 |
+-----------------------------------------+------+--------------+--------------+
| Investments in films and films under | | 15,859 | 26,769 |
| production | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | 45,868 | 52,063 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Current assets | | | |
+-----------------------------------------+------+--------------+--------------+
| Trade and other receivables | | 16,008 | 15,746 |
+-----------------------------------------+------+--------------+--------------+
| Prepayments | | 20 | 84 |
+-----------------------------------------+------+--------------+--------------+
| Term deposit | | 2,350 | 2,350 |
+-----------------------------------------+------+--------------+--------------+
| Cash and cash equivalents | | 4,955 | 937 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | 23,333 | 19,117 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Total assets | | 69,201 | 71,180 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Current liabilities | | | |
+-----------------------------------------+------+--------------+--------------+
| Trade and other payables | | (3,643) | (5,095) |
+-----------------------------------------+------+--------------+--------------+
| Secured loan | | (1,998) | (1,557) |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Total liabilities | | (5,641) | (6,652) |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Net assets | | 63,560 | 64,528 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Capital and reserves | | | |
+-----------------------------------------+------+--------------+--------------+
| Called-up share capital (no par value) | | - | - |
+-----------------------------------------+------+--------------+--------------+
| Distributable reserve | | 54,070 | 58,631 |
+-----------------------------------------+------+--------------+--------------+
| Foreign exchange translation reserve | | 9,490 | 5,897 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Total equity Shareholders' funds | | 63,560 | 64,528 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net asset value per Ordinary Share: | | 115.56p | 117.32p |
| basic and diluted | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
+-----------------------------------------+------+--------------+--------------+
| Consolidated Statement of Cash Flows |
| for the year ended 31 March 2010 |
+------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------+
| | | 2010 | 2009 |
+-----------------------------------------+------+--------------+--------------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Operating activities | | | |
+-----------------------------------------+------+--------------+--------------+
| Net (loss)/profit for the year | | (4,561) | 3,889 |
+-----------------------------------------+------+--------------+--------------+
| Adjustments for: | | | |
+-----------------------------------------+------+--------------+--------------+
| Finance costs | | 190 | 224 |
+-----------------------------------------+------+--------------+--------------+
| Finance income | | (128) | (445) |
+-----------------------------------------+------+--------------+--------------+
| Corporate income tax expense | | - | 700 |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Net cash (outflow)/inflow from | | (4,499) | 4,368 |
| operating activities before non-cash | | | |
| items and working capital changes | | | |
+-----------------------------------------+------+--------------+--------------+
| Decrease/(increase) in trade and other | | 4,451 | (9,580) |
| receivables | | | |
+-----------------------------------------+------+--------------+--------------+
| Decrease in prepayments | | 64 | 78 |
+-----------------------------------------+------+--------------+--------------+
| (Decrease)/increase in trade and other | | (2,742) | 5,088 |
| payables | | | |
+-----------------------------------------+------+--------------+--------------+
| Amortisation of intangible assets | | 16,490 | 26,124 |
+-----------------------------------------+------+--------------+--------------+
| Intangible assets written-off | | 945 | - |
+-----------------------------------------+------+--------------+--------------+
| Provision for bad debts | | 20 | 43 |
+-----------------------------------------+------+--------------+--------------+
| Amortisation of print costs | | - | 265 |
+-----------------------------------------+------+--------------+--------------+
| Transfer of investment projects to | | - | 1,008 |
| costs of traded rights | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Net cash inflow from operating | | 14,729 | 27,394 |
| activities before tax | | | |
+-----------------------------------------+------+--------------+--------------+
| Corporate income tax paid | | (2,983) | (3,156) |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Net cash inflow from operating | | 11,746 | 24,238 |
| activities | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Investing activities | | | |
+-----------------------------------------+------+--------------+--------------+
| Payments for film projects and films | | (12,461) | (49,651) |
| under production | | | |
+-----------------------------------------+------+--------------+--------------+
| Refund of advances | | 881 | 551 |
+-----------------------------------------+------+--------------+--------------+
| Interest received | | 10 | 399 |
+-----------------------------------------+------+--------------+--------------+
| Purchase of office equipment | | (1) | - |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Net cash outflow from investing | | (11,571) | (48,701) |
| activities | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Financing activities | | | |
+-----------------------------------------+------+--------------+--------------+
| Proceeds from borrowings | | 647 | 448 |
+-----------------------------------------+------+--------------+--------------+
| Repayment of borrowings | | (206) | - |
+-----------------------------------------+------+--------------+--------------+
| Interest and bank charges paid | | (185) | (183) |
+-----------------------------------------+------+--------------+--------------+
| Payments for term deposit | | (5) | (82) |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Net cash inflow from financing | | 251 | 183 |
| activities | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Increase/(decrease) in cash and cash | | 426 | (24,280) |
| equivalents | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Cash and cash equivalents at beginning | | 937 | 19,349 |
| of year | | | |
+-----------------------------------------+------+--------------+--------------+
| Increase/(decrease) in cash and cash | | 426 | (24,280) |
| equivalents | | | |
+-----------------------------------------+------+--------------+--------------+
| Effect of exchange rates on cash and | | 3, 592 | 5,868 |
| cash equivalents | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
| Cash and cash equivalents at end of | | 4,955 | 937 |
| year | | | |
+-----------------------------------------+------+--------------+--------------+
| | | ------------ | ------------ |
+-----------------------------------------+------+--------------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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