TIDMMWH
RNS Number : 5995C
Millwall Holdings PLC
17 November 2009
+-----------------------------------------------------------+-----------------------------------------------------------+
| For immediate release | 17 November 2009 |
| | |
+-----------------------------------------------------------+-----------------------------------------------------------+
Millwall Holdings PLC
Board Statement
Business Review
The 2008-9 season, under the first full season management of Kenny Jacket, was
the most successful for a number of years. The season culminated in the
Division 1 play-off final at Wembley where the team was unfortunate to lose to
Scunthorpe United in front of over 45,000 Millwall supporters.
A good start to the season was followed by an indifferent midterm spell caused
by injuries, but the commitment of the manager and players led to a strong end
of season performance. This was another year with a high level of injuries,
including a long term injury to the Club captain, Paul Robinson, causing the
extensive use once again of loan players. This, together with exceptional player
bonuses, led to a player wages bill over budget. There were a total of 35
players used during the season (2008: 41).
The team finished the 2008-9 league campaign with 82 points (2008: 51) and in
5th position (2008: 17th). Once again early season cup performances resulted in
first round exits in both the Johnston Paint Trophy and the Carling Cup
competitions. Millwall reached the 4th round of the FA Cup, this time losing an
away tie to the Premiership team, Hull City. The strong end of season
performances were highlighted by the victories over promotion rivals MK Dons,
Peterborough United and, in the play-offs, Leeds United.
The average home league attendance was 8,940 (2008: 8,668) with over 13,000
present for the play-off game with Leeds United which, once again, placed the
Club in the top five of the Divisional attendance league.
During the period further on-going working capital was raised from Chestnut Hill
Ventures LLP ("CHV"). This was provided in the form of a sterling term loan
note facility of up to GBP3,500,000. This loan note facility was approved by
the Board on 13th November 2008 and is non-convertible. Total loan drawdowns in
the year under this and other existing facilities totalled GBP4,234,000 (2008:
GBP4,695,000).
A review of the Group's property development and regeneration activities is
provided later in this report.
Results
The consolidated income statement is set out on page 4.
Revenue for the year showed a healthy increase of over 20% overall with gate and
associated match-day revenues increasing by 29% reflecting the more successful
season and the share of revenue from the Play-off Final at Wembley. The
additional revenues secured in non-matchday conferencing and events, and retail
sales, which were enhanced by the Wembley appearance, rose by 7%.
Total staff costs for the year of GBP6.3m showed a very small reduction on those
for the previous 13 month period. The player related costs were generally lower
than the previous period, although again this year extra costs arose in respect
of loan players required as cover for injured players. However, team and
management bonuses arising upon reaching the play-offs eradicated the
anticipated savings. The total wages to turnover ratio fell to 97% (2008: 118%),
although 2008 was for a thirteen month period having included June 2008, a month
with no football fixtures and therefore the lowest income generating month of
the calendar year.
Other expenses (excluding Depreciation and Amortisation) reduced to GBP4.2m
(2008: GBP5.2m). This reduction is primarily due to a significant reduction in
the expenses incurred in connection with the regeneration programme, down to
GBP0.2m (2008: GBP1.3m). Cost efficiencies have continued to be made in the
Football Club resulting in further savings in administration costs in this area
of the business.
Income from player sales was much less significant this year and amounted to
GBP71,000 (2008: GBP913,000)
Principal risks and uncertainties
In common with many football clubs outside the Premiership the main business
risk is the maintenance of a positive cash flow, bearing in mind the uncertainty
of turnover and the high cost of maintaining a playing squad on which the
success of the Group's business is largely dependent. In order to achieve a
positive cash flow there is the constant requirement to raise new finance and
refinance existing facilities which, in turn, requires the continuing support of
existing providers of those facilities. As part of its normal activities, the
Club deals in the trading of player registrations and there is always a risk of
significant and lasting injuries to players that may impair player values.
Players aged 24 years or older are free to move between clubs once their
contract has come to an end and the Board monitors expiry dates carefully with a
view to renewing contracts or realising value.
Prospects
Football
Performances at the start of the 2009-2010 season, despite injuries to a number
of key players, have placed the team close to a playoff position having achieved
important wins over promotion rivals and the team is unbeaten at home so far.
The directors believe that the squad is strong enough to make a challenge for
promotion once again this season. So far this season the average home attendance
for the first eight league games has been 9,240, slightly up on the position
last year. Corporate matchday sales and retail are matching last year and
meeting budgets.
The budgeted player wage costs for the current year shows a significant
reduction on the final costs for 2008-2009. There is now a core squad all of
whom are part of the Club's ambition for the season although, looking forward
there are 13 first squad players whose contracts expire at the end of June 2010.
The directors and manager will be taking steps to review future player needs
bearing in mind the continuing requirement to balance between protecting player
asset values and offering extended player contracts.
Other football related income
In May 2009, the Club appointed an experienced football Commercial Manager. An
early benefit was the successful introduction of an on-line ticketing system
which will enable the Club not only to provide a better ticketing service to
fans, but open the way to develop further sales opportunities, including on-line
retail marketing. With more concentrated marketing in place it is expected that
there will be an increase this year from sponsorship and other football related
income. Retail sales are expected to match last year, excluding the benefit of
Wembley related sales.
The Den
Revenues from the utilisation of the stadium on non-matchdays is expected to
show some growth this year with forward bookings for conferences and other
activities currently ahead of last year.
The Community
The Club continues to recognise the importance of the relationship with the
broader community and a key way of strengthening that link is the close
co-operation with the work that is undertaken with the Millwall Community
Scheme. Recently Andy Ambler has accepted the invitation to become a Trustee of
the Millwall Community Scheme to further help promote the work and activities of
both Football Club and Community Scheme across this region of London.
Communication
Communication lies at the heart of the activities, with the Fan on the Board
providing a crucial link between Board and supporters. Regular meetings and
forums take place with all levels of the Club's supporters and partners.
Finance
The Company is principally financed by CHV by way of loans. On 20 October 2009
it was announced that an existing unsecured loan facility with CHV had been
extended by GBP800,000. CHV have also undertaken to provide the Company with
sufficient financial support as and when required to meet the Group's financial
obligations as and when they fall due and for a period of not less than 12
months from 16 November 2009. At the AGM in December 2008 the Company failed to
secure a waiver of shareholders rights of pre-emption over new share issues for
cash. This was due to a significant shareholder voting against this
recommendation. If the waiver had been approved the Company could have raised
money by the issue of new shares for cash. As the waiver was not approved the
Company is severely constrained and can raise money only by way of debt. The
Company will again seek to secure a waiver of pre-emption rights at the
forthcoming AGM in order to allow it to issue shares for cash.
Regeneration
Work has continued on the regeneration of the stadium and surrounding environs.
The overall redesignation of the area is subject to final approval by the Mayor
of Lewisham in consultation with the Mayor of London and this consultation
process will commence shortly. The Local Development Framework which is the
planning document which sets out the London Borough of Lewisham's vision for the
Surrey Quays Triangle and which the Mayor of London will then review will be
published in the near future.
In parallel to this has been the work to support the new station at Surrey
Quays where there is a budget shortfall in the current provision. The Group has
participated significantly in the campaign and provided thousands of signatures
to support the case for Transport for London closing the final cost gap. The
issue is not the building of the line or the proposal for the new station but
just the fitting out costs. It is anticipated that the decision will be made
shortly. Clearly the case for the station and the regeneration plans are
mutually interlinked; with one reinforcing the other.
Ultimately the success of a masterplan and planning application is dependent on
two key aspects. First and foremost the three significant landowners/occupiers
(Millwall FC, the London Borough of Lewisham and an adjacent private
developer/land owner, Renewal) working together. There are ongoing negotiations
to develop a shared approach. As in any major scheme this is a difficult and
protracted process but the Group will work with the Borough to achieve an
agreement. However within this the requirements of the football club are a
priority and this is appreciated by the Council and will not be compromised with
a commercial developer. The second criteria for ultimate success of any scheme
will be the overall state of the development market and conditions continue to
be challenging. Whilst there are hints of recovery, confidence in major complex
mixed use schemes is still some way off.
The lower spend in the current year reflects these conditions but the vision to
achieve a major change to the Football Club and surrounding community remains
undimmed. The Chairman and Board are committed to working with the Council to
achieve this.
Millwall Holdings PLC
Consolidated Income Statement
For the year ended 30 June 2009
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+--------+-+-+-+
| | | | | | | | | | | | Thirteen | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | Year | | Months | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | Ended | | Ended | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | 30 | | 30 | |
| | | | | | | | | | June | | June | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | 2009 | | 2008 | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | Total | | Total | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | Notes | | | | | | | | GBP000 | | GBP000 | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Revenue | 1,2 | | | | | | | | 6,460 | | 5,367 | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Other income - profit | | | | | | | | | 71 | | 913 | |
| on disposal of player's | | | | | | | | | | | | |
| registrations | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Staff costs | 5 | | | | | | | | (6,260 | )| (6,313 | ) |
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Amortisation of | 9 | | | | | | | | (287 | )| (126 | ) |
| players' registrations | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Depreciation of | 10 | | | | | | | | (258 | )| (309 | ) |
| property, plant and | | | | | | | | | | | | |
| equipment | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Total depreciation and | | | | | | | | | (545 | )| (435 | ) |
| amortisation expense | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Other expenses | | | | | | | | | (4,166 | )| (5,202 | ) |
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | ______ | | ______ | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Loss from operations | 4 | | | | | | | | (4,440 | )| (5,670 | ) |
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Finance income | 3 | | | | | | | | 10 | | 31 | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Finance expense | 3 | | | | | | | | (784 | )| (476 | ) |
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | ______ | | ______ | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Loss before taxation | | | | | | | | | (5,214 | )| (6,115 | ) |
| | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Tax expense | 7 | | | | | | | | - | | - | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | ______ | | ______ | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Loss for the | | | | | | | | | | | | |
| year/period | | | | | | | | | | | | |
| attributable to: | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Equity holders of the | | | | | | | | | (5,214 | )| (6,115 | ) |
| parent | | | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| | | | | | | | | | ______ | | ______ | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+----------+---+
| Loss per share - basic | 8 | | | | | | | | (0.014 | ) |
| and diluted | | | | | | | | | | (0.022)p |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+--------------+
| | | | | | | | | | ______ | ______ |
| | | | | | | | | | | |
+-------------------------+-------+-+----------+-+-+--------------+----------+-+--------+-+--------+-+-+-+
Millwall Holdings PLC
Consolidated Statement of Changes in Equity
For the year ended 30 June 2009
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | Ordinary | | Deferred | Share | | Equity | | | | | | | | | |
| | Shares | | Shares | | | component | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | of | | of | premium | | of | | Capital | | PIK | | Retained | | | |
| | 0.01p | | 0.09p | | | Convertible | | | | note | | | | Total | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | each | | each | account | | Loan | | reserve | | reserve | | deficit | | Equity | |
| | | | | | | Notes | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | GBP000 | | GBP000 | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| 1 June 2007 | 2,507 | | 2,333 | 12,634 | | 219 | | 21,474 | | - | | (31,884 | )| 7,283 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| Share issues | 1,156 | | - | 2,311 | | - | | - | | - | | - | | 3,467 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| Equity proportion | - | | - | - | | 224 | | - | | - | | - | | 224 | |
| of Convertible Loan | | | | | | | | | | | | | | | |
| Notes Issued | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| Conversion to share | 87 | | - | 175 | | (262 | )| - | | - | | - | | - | |
| capital of equity | | | | | | | | | | | | | | | |
| proportion of | | | | | | | | | | | | | | | |
| Convertible Loan | | | | | | | | | | | | | | | |
| Notes | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| Share based | - | | - | - | | - | | - | | - | | 164 | | 164 | |
| payment | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| PIK notes issued | - | | - | - | | - | | - | | 333 | | - | | 333 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| Loss for the period | - | | - | - | | - | | - | | - | | (6,115 | )| (6,115 | ) |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | _____ | | ______ | _______ | | _____ | | _______ | | _____ | | ________ | | _______ | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| 30 June 2008 | 3,750 | | 2,333 | 15,120 | | 181 | | 21,474 | | 333 | | (37,835 | )| 5,356 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | _____ | | ______ | _______ | | _____ | | ______ | | _____ | | ________ | | ______ | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| 1 July 2008 | 3,750 | | 2,333 | 15,120 | | 181 | | 21,474 | | 333 | | (37,835 | )| 5,356 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| Share based | - | | - | - | | - | | - | | - | | 14 | | 14 | |
| payment | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| PIK notes issued | - | | - | - | | - | | - | | 507 | | - | | 507 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| Loss for the year | - | | - | - | | - | | - | | - | | (5,214 | )| (5,214 | ) |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | _____ | | ______ | _______ | | _____ | | _______ | | _____ | | ________ | | _______ | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| 30 June 2009 | 3,750 | | 2,333 | 15,120 | | 181 | | 21,474 | | 840 | | (43,035 | )| 663 | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | _____ | | ______ | _______ | | _____ | | ______ | | _____ | | ________ | | ______ | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
| | | | | | | | | | | | | | | | |
+---------------------+----------+-+----------+---------+-+-------------+-+---------+-+---------+-+----------+-+----------+-------+
Millwall Holdings PLC
Consolidated Balance Sheet
30 June 2009
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | 30 | | | 30 | |
| | | | | June | | | June | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | 2009 | | | 2008 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | Notes | | GBP000 | | | GBP000 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Non-current assets | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Intangible assets | | 9 | | 392 | | | 291 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Property, plant and | | 10 | | 15,037 | | | 15,127 | |
| equipment | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | 15,429 | | | 15,418 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Current assets | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Inventories | | 11 | | 61 | | | 66 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Trade and other | | 12 | | 1,007 | | | 1,104 | |
| receivables | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Cash and cash equivalents | | | | 391 | | | 204 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | 1,459 | | | 1,374 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Total assets | | | | 16,888 | | | 16,792 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Non-current liabilities | | | | | | | |
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| Trade and other payables | 13 | | (386 | )| | - | |
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| Financial liabilities | 14 | | (4,428 | )| | (4,357 | )|
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| Deferred income | 13 | | (3,716 | )| | (3,770 | )|
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| | | | _______ | | | _______ | |
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| Total Non-current liabilities | | | | (8,530 | )| | (8,127 | )|
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Current liabilities | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Trade and other payables | | 13 | | (2,019 | )| | (2,239 | )|
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Financial liabilities | | 14 | | (4,636 | )| | - | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Deferred income | | 13 | | (1,040 | )| | (1,070 | )|
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | _______ | | | _______ | |
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| Total Current liabilities | | | (7,695 | )| | (3,309 | )|
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| | | | _______ | | | _______ | |
+------------------------------------------------+-------+--+---------+--+-+---------+--+
| Total liabilities | | | | (16,225 | )| | (11,436 | )|
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Net assets | | | | 663 | | | 5,356 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Equity | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Called up share capital | |15,21 | | 6,083 | | | 6,083 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Share premium | | 21 | | 15,120 | | | 15,120 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Equity proportion of | | 21 | | 181 | | | 181 | |
| Convertible Loan Notes | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Capital reserve | | 21 | | 21,474 | | | 21,474 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| PIK note reserve | | 21 | | 840 | | | 333 | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Retained deficit | | 21 | | (43,035 | )| | (37,835 | )|
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| Total Equity attributable to the | | | | 663 | | | 5,356 | |
| shareholders of the parent | | | | | | | | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
| | | | | _______ | | | _______ | |
+------------------------------------+-----------+-------+--+---------+--+-+---------+--+
Millwall Holdings PLC
Consolidated Cash Flow Statement
For the year ended 30 June 2009
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | 30 June | | 30 June | |
| | 2009 | | 2008 | |
| | GBP'000 | | GBP'000 | |
| | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Cash flows from operating activities | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Loss before taxation | (5,214 | ) | (6,115 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Share based payments | 14 | | 497 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Depreciation on property, plant and equipment | 258 | | 309 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Amortisation of intangible assets | 287 | | 126 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Amortisation of grants | (103 | ) | (98 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Profit on disposal of players registrations | (71 | ) | (913 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Profit on disposal of property, plant and equipment | - | | (300 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Finance income | (10 | ) | (31 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Finance expense | 784 | | 476 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | ________ | | ______ | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Cash flows from operating activities before changes in working | (3,931 | ) | (6,049 | ) |
| capital | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Decrease in inventory | 5 | | 27 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Decrease/(increase in trade and other receivables | (109) | | (303 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| (Decrease) in trade and other payables and deferred income | 217 | | (110 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | ________ | | _______ | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Cash generated from operations | (3,818 | ) | (6,435 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Investing activities | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Purchase of property, plant and equipment | (168 | ) | (36 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Proceeds on disposal of players registrations | 277 | | 695 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Purchase of players registrations | (343 | ) | (381 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Interest received | 10 | | 31 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | ________ | | _______ | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Net cash generated by investing activities | (224 | ) | 309 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Financing activities | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Proceeds from issue of new share capital | - | | 900 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Proceeds from issue of Convertible Loan Notes | - | | 3,022 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Proceeds from issue of loan notes | 4,234 | | 1,673 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Interest paid | (5 | ) | (8 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | ________ | | _______ | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Net cash generated by financing activities | 4,229 | | 5,587 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Net increase/(decrease) in cash and cash equivalents | 187 | | (539 | ) |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Cash and cash equivalents at start of year/period | 204 | | 743 | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | _______ | | _______ | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| Cash and cash equivalents at end of year/period | 391 | | 204 | |
| | | | | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
| | ________ | | _______ | |
+-----------------------------------------------------------------+-------------+---+---------------+---+
During the year, GBPNil (2008: GBP2,829,050) of convertible loan notes issued
were converted into ordinary shares of the Company.
Millwall Holdings PLC
Notes
1. Basis of preparation
These financial statements have been prepared in accordance with International
Financial Reporting Standards, International Accounting Standards and
Interpretations (collectively IFRS) issued by the International Accounting
Standards Board (IASB) as adopted by the European Union ("adopted IFRSs") and in
accordance with those parts of the Companies Act 2006 that remain applicable to
groups reporting under IFRS.
The financial statements are presented in sterling, rounded to the nearest
thousand. They are prepared under the historical cost basis.
2. Loss per ordinary share
The calculation of loss per ordinary share is based on the loss for the period
of GBP5,214,000 (30 June 2008 loss: GBP6,115,000) and on 37,501,097,134 (30 June
2008: 28,151,242,277) ordinary shares, being the weighted average number of
ordinary shares in issue and ranking for dividend during the period. There is no
potential dilution on the loss per ordinary share in 2009 or 2008 and therefore
there is no difference between basic and diluted earnings per share. As at 30
June 2009 the number of options which could potentially dilute basic earnings
per share in the future was 1,166,666,666 (2008: 1,166,666,666). These have not
been included in the calculation of diluted earnings per share because they are
anti-dilutive for the periods presented. In addition to share options, as at 30
June 2009, the Company had gross convertible debt of GBP2,999,000 (2008:
GBP2,999,000) in issue, potentially convertible to 9,996,666,666 (2008:
9,996,666,666) ordinary shares and PIK notes issued of GBP839,000 (2008:
GBP333,000) potentially convertible to 2,796,666,666 (2008: 1,110,000,000)
ordinary shares, which could dilute earnings per share in the future. There are
a further 3,068,328,600 (2008: 3,068,328,600) warrants outstanding which are
exercisable at any time at a price of .04p
3. Change of Accounting Reference Date
During the prior period the Company's accounting reference date was changed from
31 May to 30 June. This brought the Group in line with most other Football
League Clubs and meant that the accounting reference date was in line with the
standard expiry date of players' contracts. As a consequence the Group's
comparative information in these financial statements is for the thirteen months
ended 30 June 2008. The comparative figures for the consolidated income
statement and consolidated cash flow statement are therefore not entirely
comparable.
4. The audited financial statements will be available to
shareholders on 17 November 2009.
5. The financial information set out in this announcement does
not constitute the Group's statutory accounts for the year ended 30 June 2009 or
the 13
months ended 30 June 2008 but is derived from the 2009 Annual
Report.
Statutory accounts for 2008 have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 30 June 2009 will be delivered to the
Registrar of companies following the company's annual general meeting.
The auditors have reported on those accounts; their reports were unqualified,
and did not include references to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and the report for
the period ended 30 June 2008 did not contain statements under section 237(2) or
(3), Companies Act 1985 and for the year ended 30 June 2009 under section 498(2)
or (3) Companies Act 2006.
6. The directors do not recommend the payment of a dividend.
7. Post Balance Sheet Events
Chestnut Hill Ventures LLC has increased the GBP3,500,000 loan note facility of
25 November 2008 by GBP800,000.
Contacts:
John Depasquale
Seymour Pierce Limited 020 7107 8000
Andy Ambler
Millwall Holdings PLC020 7740 0508
Tom Simmons
Millwall Holdings PLC020 7232 1222
This information is provided by RNS
The company news service from the London Stock Exchange
END
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