TIDMCOO
RNS Number : 3132T
Coolabi PLC
27 September 2010
Coolabi plc
('Coolabi' or 'the Company')
Interim results for the six months ended 30 June 2010
TV revenues expected to deliver strong growth in H2
Coolabi plc (AIM: COO), the media company focused on the ownership and
creative management of high quality intellectual property assets, announces
unaudited interim results for the six months ended 30 June 2010.
The Company remains confident that it is on course to deliver EBITDA growth for
the year in line with market expectations and, in line with historic guidance
provided by the Company, the current financial year will have a strong second
half weighting. This is largely due to the recognition of contracted TV
production revenues, which in 2009 were more evenly spread throughout the year.
No TV production revenue was recognised in the first six months of the current
financial year.
Financial Highlights
· Revenue of GBP0.96m (H1 09: GBP1.37m) - Principally from Licensing &
Merchandising activity.
· EBITDA of GBP0.02m (H1 09: GBP0.30m).
· Net Debt of GBP0.73m (30 June 2009: GBP1.07m).
Operational Highlights
· Poppy Cat - TV production underway. Pre-sales to seven broadcasters.
Delivery expected in H2 with Licensing and Merchandising programme to commence
in Q4.
· Scarlett & Crimson- UK cosmetics and accessories deals with Boots and
Superdrug, new cosmetics partner in the US and extension of the brand through
clothing and perfume deals in the UK.
· Purple Ronnie- 20% year-on-year increase in book sales for Valentine's
Day 2010 with four titles in the top ten of the Sunday Times Best Seller list.
Purple Ronnie iPhone app also launched in US.
· Bagpuss, Clangers & Ivor the Engine - Launched on iTunes, immediately
becoming three of the top five kids shows available for download.
· Management strengthened by appointment of Zoë Scurfield, ex-Disney, as
Head of Development & Production and Anna Hewitt, ex-BBC, as Head of Licensing.
Chairman of Coolabi, William Harris, said:
"We firmly believe that the exciting assets we have in our portfolio will
deliver attractive organic growth to the group. We also expect to pursue growth
through acquisition, with this remaining a core motivation for the group for the
foreseeable future. As a result of the timing of this year's television
production activity we expect the second half of the year to be considerably
stronger than the first. We remain confident in the trading outlook for the
Company and are on course to meet expectations for the full year."
Enquiries:
+------------------------+---------------------------------------------+
| Coolabi plc | Tel: 020 7004 0980 |
+------------------------+---------------------------------------------+
| Jeremy Banks, Chief | |
| Executive | |
+------------------------+---------------------------------------------+
| Tim Ricketts, Finance | |
| Director | |
+------------------------+---------------------------------------------+
| | |
+------------------------+---------------------------------------------+
| Evolution Securities | Tel: 020 7071 4300 |
+------------------------+---------------------------------------------+
| Bobbie Hilliam / Chris | |
| Clarke | |
+------------------------+---------------------------------------------+
| | |
+------------------------+---------------------------------------------+
| Walbrook PR Ltd | Tel: 020 7933 8780 |
+------------------------+---------------------------------------------+
| Paul McManus | Mob: 07980 541 893 or |
| | paul.mcmanus@walbrookpr.com |
+------------------------+---------------------------------------------+
Chairman's Statement
I am pleased to present the Company's unaudited interim results for the six
months to 30 June 2010 and to report on progress since the time of our
preliminary results announcement in March this year.
The first half of 2010 has seen a period of intense activity across our
portfolio, delivering good progress from both our established and our
high-growth brands as well as our operating divisions. It is worth noting that
the positive EBITDA has been delivered despite prevailing market conditions,
once again demonstrating the quality of our brands and the hard work and
dedication of our team. In addition, central costs within the business remain
tightly controlled.
As expected, and as a result of the timing of this year's television production
activity (with delivery commencing in the fourth quarter of the year), this is
lower than the comparative six month period in 2009. We have previously
indicated that we expected the second half of the year to be considerably
stronger than the first and we are on course to meet expectations for the full
year.
Strategy
Our strategy is to build a diversified portfolio of cash-generative intellectual
property ("IP") assets, through the development of our own properties and the
acquisition of others, that have international appeal across a broad range of
media platforms. Our current portfolio of IP assets is diversified in terms of
both genre and medium of exploitation. There is also a good mix of established
properties, those in their infancy and others in development.
Our focus, therefore, is to enhance the underlying value of each property whilst
at the same time delivering improved revenues from them.
Operational Review
Highlights from the development of our portfolio in the first half can be
summarised as follows:
(i) Poppy Cat
As announced in July, production is now well underway to bring the much-loved
children's literary character Poppy Cat to television screens internationally.
Commissioned by and due to air on Nick Jr (UK) in 2011, the 52 episode series is
being co-produced by our television production arm, Coolabi Productions, and our
animation partner King Rollo Films. International pre-sales of the series have
also been confirmed with Nick Jr Australia, RTE Ireland, YLE Finland, TV2
Norway, and TVO, SCN and Knowledge Network in Canada and Cake Entertainment has
been appointed as our distribution partner for the series. With Coolabi's
production, broadcast and distribution partners now contracted, a substantial
proportion of the production budget has been covered by third parties.
Early episodes are now being shared with existing and potential key partners and
the response to them thus far has been extremely positive. With delivery of the
series commencing in the fourth quarter of 2010, licensing and merchandising
activity is now starting to ramp up.
Coolabi does not recognise film and television income of this sort until
delivery occurs, hence the second half skew in our financial statements this
financial year.
(ii) Scarlett & Crimson
Scarlett & Crimson, our jointly owned tween/teen girl property is having an
exciting year.
In the UK, the new everyday cosmetics and accessories ranges launched in the
spring in Superdrug in over 450 and 250 stores respectively and sales to date
have been good. Importantly, the PR secured as a result of this activity has
been impressive, with coverage in Cosmopolitan, Glamour and The Times Magazine,
amongst many others.
Our first Scarlett & Crimson cosmetics range, in association with Ruby & Millie,
went into over 300 Boots stores in the UK in Autumn 2009, positioned as a first
teen cosmetics line and aimed at the Christmas gift market. The first range was
a strong success and, as announced in July, Boots has reordered for 2010 with an
all new expanded product range of nine items, from six previously, with the
number of stores increased by 20% from 2009. The new product will be in-store
from the end of this month.
This progress is providing added momentum to the expansion of the licensing
programme in the UK and we have been pleased to announce a number of other
strong licensees, including Poetic Gem (clothing) and Myridium (perfume). We
have additionally agreed an extension of the existing UK agreement with beauty
industry luminaries Ruby Hammer and Millie Kendall to cover all product
development of Scarlett & Crimson beauty products undertaken globally.
Importantly, the successful roll-out of the property has not been limited to the
UK. In the US, new product development is underway with Japonesque, our
recently appointed cosmetics partner in that territory, with product lines ready
for presentation to retail from the end of this month.
I look forward to announcing a number of new initiatives for Scarlett & Crimson
in accordance with our Key Performance Indicators during the second half of the
year.
(iii) Purple Ronnie
Income from our wholly owned property Purple Ronnie through greetings cards (via
Hallmark) and publishing (via Macmillan) continues to be an important source of
cashflow for the group. In the period, Purple Ronnie was once again a star
performer. Macmillan reported a 20% year-on-year increase in sales for
Valentine's Day 2010 with four titles making it into the top ten of the Sunday
Times Best Seller list. In greetings cards, Hallmark launched its enhanced
online Print-on-Demand service and we were pleased to see Purple Ronnie feature
strongly in its promotion.
As set out previously, related licensing and merchandising initiatives are a
focus in 2010 and into 2011 and in that regard we are delighted that Debenhams
will be stocking Purple Ronnie product in the run-up to Christmas this year.
(iv) Bagpuss, Clangers & Ivor The Engine
Created by Oliver Postgate and Peter Firmin, Coolabi is the international
licensing agent for these enduring British children's classics and distributor
of the existing TV series. As a part of our ongoing development of these
licences we have recently refreshed all of the materials available for
exploitation by our licensing partners. Three generations of the creators'
families were involved in the process, under the Creative Direction of Peter
Firmin. In addition, Daniel Postgate, Oliver Postgate's son and a successful
children's author and illustrator in his own right, has illustrated a series of
new Bagpuss images.
(v) Development
Following the arrival of Zoë Scurfield as Head of Development & Production,
there has been significant early progress and we now have a number of early
stage projects in development.
Financial Review of the Period
The results for the six months to 30 June 2010 were affected by the different
timing of TV production deliveries compared with the same period last year. In
2009, the results reflected the delivery of The Large Family Series II to
broadcasters in the first half whereas deliveries this year are scheduled for
the second half.
Accordingly the Revenue for the half year amounted to GBP961,670 which was
GBP410,745 lower than in 2009 (GBP1,372,415) and the Gross profit of GBP674,704
was GBP257,046 lower than in the comparative period (GBP931,750).
The Earnings before interest, tax, depreciation, amortisation, share-based
payments and exceptional items ("EBITDA") was GBP279,231 lower than the previous
year at GBP16,447 (2009: GBP295,678) with Operating expenses being materially
unchanged. The Loss before income tax for the period was GBP374,030 (2009 loss:
GBP153,531).
Net debt (the net of Cash and cash equivalents, Current portion of long term
borrowings and Long term borrowings) at 30 June 2010 was GBP730,899, a reduction
of GBP340,377 from GBP1,071,276 as at 30 June 2009.
Key Performance Indicators for Year Ending 31 December 2010
At the start of this year, we set ourselves five key objectives for the year
ending 31 December 2010 which focus on the continuing development of our
portfolio of IP assets. These are:
· Put Poppy Cat into production
· Contract a Poppy Cat master toy partner
· Sign up at least two more major retailers for Scarlett & Crimson in the UK
in addition to Boots
· Sign two additional categories for licensing Scarlett & Crimson in the US
· Put at least 2 TV series into development for delivery from 2011
As can be seen both from the announcements we have made to date and from my
report as set out above, we have made good progress toward achieving our KPIs
for the year and I look forward to reporting more fully in this regard at the
year end.
Prospects
We firmly believe that the exciting assets we have in our portfolio will deliver
attractive organic growth to the group. We also expect to pursue growth through
acquisition, with this remaining a core motivation for the group for the
foreseeable future. As a result of the timing of this year's television
production activity we expect the second half of the year to be considerably
stronger than the first. We remain confident in the trading outlook for the
Company and are on course to meet expectations for the full year.
Consolidated Interim Statement of Comprehensive Income
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| | | 6 | | 6 | | 18 |
| | | months | | months | | months |
| | | to | | to | | to |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| | | 30 June | | 30 June | | 31 Dec |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| | | 2010 | | 2009 | | 2009 |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| | | unaudited | | unaudited | | audited |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| Gross income | 961,670 | | 2,058,899 | | 6,689,557 |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| Revenue | | 961,670 | | 1,372,415 | | 3,357,326 |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| Cost of sales | (286,966) | | (440,665) | | (1,319,874) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Gross profit | 674,704 | | 931,750 | | 2,037,452 |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Operating expenses | (658,257) | | (636,072) | | (1,834,996) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Earnings before interest, tax, | 16,447 | | 295,678 | | 202,456 |
| depreciation, amortisation, | | | | | |
| share-based payment costs and | | | | | |
| exceptional items | | | | | |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Depreciation | (9,176) | | (9,698) | | (24,386) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Share-based payment costs | - | | (19,128) | | (69,150) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Exceptional items | - | | - | | (364,141) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Amortisation of intangible | (348,989) | | (389,440) | | (1,002,377) |
| assets | | | | | |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Total administrative costs | (1,016,422) | | (1,054,338) | | (3,295,050) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Operating loss | (341,718) | | (122,588) | | (1,257,598) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Interest charged | (32,405) | | (30,732) | | (125,707) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Interest received | 93 | | (211) | | 1,125 |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Loss before income tax | (374,030) | | (153,531) | | (1,382,180) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Income tax credit | 87,236 | | 97,003 | | 261,346 |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Loss after tax | (286,794) | | (56,528) | | (1,120,834) |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Other comprehensive income | - | | - | | - |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Total comprehensive loss for | (286,794) | | (56,528) | | (1,120,834) |
| the period | | | | | |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| Profit attributable to minority | 46,094 | | 16,806 | | 16,186 |
| interests | | | | | |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Loss attributable to parent's | (332,888) | | (73,334) | | (1,137,020) |
| equity holders | | | | | |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
| Basic loss per share total and | (0.7) | | (0.2) | | (3.5) |
| continuing | | | | | |
+------------------------------------+-------------+----------+-------------+----------+-------------+
| Diluted loss per share total | (0.7) | | (0.2) | | (3.5) |
| and continuing | | | | | |
+---------+--------------------------+-------------+----------+-------------+----------+-------------+
Consolidated Interim Statement of Financial Position
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| | | as at | | as at | | as at |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| | | 30 June | | 30 June | | 31 Dec |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| | | 2010 | | 2009 | | 2009 |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| | | unaudited | | unaudited | | audited |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| ASSETS | | | | | | |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Non-current assets | | | | | |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Property, plant and equipment | 36,823 | | 52,846 | | 43,404 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Goodwill | | 1,300,425 | | 1,145,423 | | 1,300,425 |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Other intangible assets | 5,087,043 | | 5,381,601 | | 5,231,458 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| | | 6,424,291 | | 6,579,870 | | 6,575,287 |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Current assets | | | | | |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Inventories | 998,651 | | 501,412 | | 243,126 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Trade and other receivables | 925,206 | | 890,988 | | 935,593 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Cash and cash equivalents | 524,622 | | 115,485 | | 620,735 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| | | 2,448,479 | | 1,507,885 | | 1,799,454 |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Total assets | 8,872,770 | | 8,087,755 | | 8,374,741 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| LIABILITIES | | | | | |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Current liabilities | | | | | |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Trade and other payables | (1,044,592) | | (995,203) | | (751,287) |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Production financing borrowings | (695,000) | | - | | - |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Current portion of long term | (325,220) | | (274,395) | | (309,260) |
| borrowings | | | | | |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| | | (2,064,812) | | (1,269,598) | | (1,060,547) |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Non-current liabilities | | | | | |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Deferred consideration | (34,000) | | (51,000) | | (51,000) |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Deferred tax liabilities | (1,233,230) | | (1,407,704) | | (1,320,468) |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Long term borrowings | (930,301) | | (912,366) | | (1,045,505) |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| | | (2,197,531) | | (2,371,070) | | (2,416,973) |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Total liabilities | (4,262,343) | | (3,640,668) | | (3,477,520) |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Net Assets | 4,610,427 | | 4,447,087 | | 4,897,221 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| EQUITY | | | | | | |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
| Attributable to the equity | | | | | |
| holders of the Company | | | | | |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Share capital | 5,142,708 | | 4,998,958 | | 5,142,708 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Share premium account | 5,519,046 | | 4,572,281 | | 5,519,046 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Profit and loss account | (6,071,908) | | (5,148,259) | | (5,739,020) |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Total shareholders equity | 4,589,846 | | 4,422,980 | | 4,922,734 |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Minority interest in equity | 20,581 | | 24,107 | | (25,513) |
+---------------------------------------+-------------+----------+-------------+----------+-------------+
| Total equity | 4,610,427 | | 4,447,087 | | 4,897,221 |
+----------+----------------------------+-------------+----------+-------------+----------+-------------+
Consolidated Statement of Changes in Equity
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | Share | | Share | | Minority | | Profit | | Total |
| | | capital | | premium | | Interest | | & loss | | Equity |
| | | | | account | | | | account | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | GBP | | GBP | | GBP | | GBP | | GBP |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| Balance at 1 July | 4,905,208 | | 3,969,411 | | - | | (4,671,150) | | 4,203,469 |
| 2008 | | | | | | | | | |
+----------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| Transactions with | | | | | | | | | |
| owners | | | | | | | | | |
+----------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Issue of share | 93,750 | | 602,870 | | - | | - | | 696,620 |
| | capital | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Share-based | - | | - | | - | | 56,952 | | 56,952 |
| | payment costs | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Minority interest | - | | - | | 7,301 | | - | | 7,301 |
| | acquired | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | 93,750 | | 602,870 | | 7,301 | | 56,952 | | 760,873 |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Loss and total | - | | - | | 16,806 | | (534,061) | | (517,255) |
| | comprehensive loss | | | | | | | | | |
| | for the period | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| Balance at 30 June | 4,998,958 | | 4,572,281 | | 24,107 | | (5,148,259) | | 4,447,087 |
| 2009 | | | | | | | | | |
+----------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| Transactions with | | | | | | | | | |
| owners | | | | | | | | | |
+----------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Issue of share | 143,750 | | 946,765 | | - | | - | | 1,090,515 |
| | capital | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Share-based | - | | - | | - | | 12,198 | | 12,198 |
| | payment costs | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Minority interest | - | | - | | (49,000) | | - | | (49,000) |
| | acquired | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | 143,750 | | 946,765 | | (49,000) | | 12,198 | | 1,053,713 |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Loss and total | - | | - | | (620) | | (602,959) | | (603,579) |
| | comprehensive loss | | | | | | | | | |
| | for the period | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| Balance at 31 | 5,142,708 | | 5,519,046 | | (25,513) | | (5,739,020) | | 4,897,221 |
| December 2009 | | | | | | | | | |
+----------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| Transactions with | | | | | | | | | |
| owners | | | | | | | | | |
+----------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | Loss and total | - | | - | | 46,094 | | (332,888) | | (286,794) |
| | comprehensive loss | | | | | | | | | |
| | for the period | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| | | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
| Balance at 30 June | 5,142,708 | | 5,519,046 | | 20,581 | | (6,071,908) | | 4,610,427 |
| 2010 | | | | | | | | | |
+-+--------------------+------------+----------+------------+----------+----------+----------+-------------+----------+------------+
Consolidated Interim Statement of Cash Flows
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | | 6 | | 6 | | 18 |
| | | months | | months | | months |
| | | to | | to | | to |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | | 30 June | | 30 June | | 31 Dec |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | | 2010 | | 2009 | | 2009 |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | | unaudited | | unaudited | | audited |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | | GBP | | GBP | | GBP |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Loss before taxation | (374,030) | | (153,531) | | (1,382,180) |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Adjustments for: | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| | Depreciation | 9,176 | | 9,698 | | 24,386 |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | Amortisation of intangible | 348,989 | | 389,440 | | 1,002,377 |
| | assets | | | | | |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | Share-based payment costs | - | | 19,128 | | 69,150 |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | Interest expense | 32,312 | | 30,943 | | 124,582 |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | Increase in inventories | (50,247) | | (189,934) | | (71,385) |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | Decrease/(Increase) in | 10,388 | | (364,224) | | (516,791) |
| | trade and other | | | | | |
| | receivables | | | | | |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| | Increase/(Decrease) in | 260,896 | | 28,333 | | (10,487) |
| | trade payables | | | | | |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| Cash generated/(absorbed) by | 237,484 | | (230,147) | | (760,348) |
| operations | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Interest paid | (18,707) | | 31,281 | | (46,536) |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Income taxes paid | - | | (3,325) | | (6,609) |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Net cash generated/(absorbed) by | 218,777 | | (202,191) | | (813,493) |
| operating activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Acquisition of subsidiaries, net | (17,000) | | (200,080) | | (1,600,452) |
| of cash acquired | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Purchase of property, plant and | (2,595) | | (65,518) | | (6,169) |
| equipment | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Purchase of other intangible | (38,542) | | - | | (221,236) |
| assets | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Television production | (871,309) | | - | | (324,862) |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Interest received | 93 | | (211) | | 1,125 |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Net cash absorbed by investing | (929,353) | | (265,809) | | (2,151,594) |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| Cash flows from financing | | | | | |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Proceeds from issue of share | - | | - | | 1,900,000 |
| capital | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Share issue costs | - | | - | | (112,865) |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Preference shares redeemed | - | | (20,000) | | (20,000) |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Bank facility utilisation | 614,463 | | 286,761 | | 1,354,765 |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Net cash generated by financing | 614,463 | | 266,761 | | 3,121,900 |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
| Net (decrease)/increase in cash | (96,113) | | (201,239) | | 156,813 |
| and cash equivalents | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Cash and cash equivalents at | 620,735 | | 316,724 | | 463,922 |
| beginning of period | | | | | |
+----------------------------------+-----------+----------+-----------+----------+-------------+
| Cash and cash equivalents at end | 524,622 | | 115,485 | | 620,735 |
| of period | | | | | |
+-----+----------------------------+-----------+----------+-----------+----------+-------------+
Notes to the Consolidated Interim Financial Statements
1. General information
Coolabi plc is the Group's ultimate parent company. It is incorporated and
domiciled in England and its registered address is 1st Floor Watergate House,
13-15 York Buildings, London WC2N 6JU. Its shares are listed on AIM, a market of
the London Stock Exchange plc.
The interim results for the six months ended 30 June 2010 are unaudited and do
not constitute statutory accounts within the meaning of the Companies Act 2006.
The financial information in respect of the period ended 31 December 2009 has
been extracted from the company's statutory accounts for that financial year
which have been delivered to the Registrar of Companies. The auditors have
reported on the statutory accounts for that financial year. That report was
unqualified and did not contain a statement under section 498(2) or (3) of the
Companies Act 2006.
Coolabi plc's consolidated interim financial statements are presented in Pounds
Sterling (GBP), which is also the functional currency of the parent company.
These consolidated interim financial statements have been approved for issue by
the Board of Directors on 23 September 2010. A complete list of the directors of
the company can be found on the company's website www.coolabi.com.
2. Accounting policies and basis of preparation
These condensed consolidated interim financial statements have been prepared in
accordance with International Accounting Standard (IAS) 34. They do not include
all of the information required for full annual financial statements, and should
be read in conjunction with the consolidated financial statements of the Group
for the period ended 31 December 2009.
The condensed consolidated interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual financial
statement for the year ended 31 December 2009, except for the adoption of the
following standards as at 1 January 2010:
- IFRS 3 Business combinations (revised 2008)
- IAS 27 Consolidated and Separate Financial Statements (revised 2008)
- Improvements to IFRS's 2009
The adoption of these Standards and Interpretations has had no material impact
on the condensed consolidated interim financial statements.
The accounting policies have been applied consistently throughout the Group for
the purposes of preparation of these condensed consolidated interim financial
statements.
3. Seasonal fluctuations
The licensing & merchandising market overall is subject to certain seasonal
fluctuations with a weighting to the second half of the calendar year. The film
& television market has no particular seasonal trend.
4. Segmental analysis
The Group's internal reporting is by business segment for revenue and cost of
sales. No other costs are allocated to segments, as the operating structure of
the Group means it is not possible to allocate them on any other than an
arbitrary basis. The Group's performance by its primary (and sole) segmental
split is as follows:
+--------------------+---------------+-------------+-------------+-------------+
| | 6 months to 30 June 2010 |
+--------------------+---------------------------------------------------------+
| | unaudited |
+--------------------+---------------------------------------------------------+
| | GBP | GBP | GBP | GBP |
+--------------------+---------------+-------------+-------------+-------------+
| | Licensing | Film & | Unallocated | Group |
| | & | Television | | |
| | Merchandising | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Gross income | 920,235 | 41,435 | - | 961,670 |
+--------------------+---------------+-------------+-------------+-------------+
| Revenue | 920,235 | 41,435 | - | 961,670 |
+--------------------+---------------+-------------+-------------+-------------+
| Cost of sales | (281,108) | (5,858) | - | (286,966) |
+--------------------+---------------+-------------+-------------+-------------+
| Gross profit | 639,127 | 35,577 | - | 674,704 |
+--------------------+---------------+-------------+-------------+-------------+
| | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Non current assets | 5,443,178 | 973,816 | 7,297 | 6,424,291 |
+--------------------+---------------+-------------+-------------+-------------+
| Current assets | 587,797 | 1,864,158 | (3,476) | 2,448,479 |
+--------------------+---------------+-------------+-------------+-------------+
| Current | (323,245) | (1,151,834) | (589,733) | (2,064,812) |
| liabilities | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Non current | (1,207,017) | (60,215) | (930,299) | (2,197,531) |
| liabilities | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Net assets | 4,500,713 | 1,625,925 | (1,516,211) | 4,610,427 |
+--------------------+---------------+-------------+-------------+-------------+
| | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| | 6 months to 30 June 2009 |
+--------------------+---------------------------------------------------------+
| | unaudited |
+--------------------+---------------------------------------------------------+
| | GBP | GBP | GBP | GBP |
+--------------------+---------------+-------------+-------------+-------------+
| | Licensing | Film & | Unallocated | Group |
| | & | Television | | |
| | Merchandising | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Gross income | 863,282 | 1,195,617 | - | 2,058,899 |
+--------------------+---------------+-------------+-------------+-------------+
| Revenue | 863,282 | 509,133 | - | 1,372,415 |
+--------------------+---------------+-------------+-------------+-------------+
| Cost of sales | (256,489) | (184,176) | - | (440,665) |
+--------------------+---------------+-------------+-------------+-------------+
| Gross profit | 606,793 | 324,957 | - | 931,750 |
+--------------------+---------------+-------------+-------------+-------------+
| | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Non current assets | 6,044,406 | 519,119 | 16,345 | 6,579,870 |
+--------------------+---------------+-------------+-------------+-------------+
| Current assets | 714,207 | 535,285 | 258,393 | 1,507,885 |
+--------------------+---------------+-------------+-------------+-------------+
| Current | (384,262) | (219,779) | (665,557) | (1,269,598) |
| liabilities | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Non current | (1,389,885) | (68,819) | (912,366) | (2,371,070) |
| liabilities | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Net assets | 4,984,466 | 765,806 | (1,303,185) | 4,447,087 |
+--------------------+---------------+-------------+-------------+-------------+
| | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| | 18 months to 31 Dec 2009 |
+--------------------+---------------------------------------------------------+
| | audited |
+--------------------+---------------------------------------------------------+
| | GBP | GBP | GBP | GBP |
+--------------------+---------------+-------------+-------------+-------------+
| | Licensing | Film & | Unallocated | Group |
| | & | Television | | |
| | Merchandising | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Gross income | 1,916,621 | 4,772,936 | - | 6,689,557 |
+--------------------+---------------+-------------+-------------+-------------+
| Revenue | 1,916,621 | 1,440,705 | - | 3,357,326 |
+--------------------+---------------+-------------+-------------+-------------+
| Cost of sales | (555,713) | (764,161) | - | (1,319,874) |
+--------------------+---------------+-------------+-------------+-------------+
| Gross profit | 1,360,908 | 676,544 | - | 2,037,452 |
+--------------------+---------------+-------------+-------------+-------------+
| | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Non current assets | 5,738,265 | 825,883 | 11,139 | 6,575,287 |
+--------------------+---------------+-------------+-------------+-------------+
| Current assets | 610,858 | 596,554 | 592,042 | 1,799,454 |
+--------------------+---------------+-------------+-------------+-------------+
| Current | (414,537) | (143,670) | (502,340) | (1,060,547) |
| liabilities | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Non current | (1,306,951) | (64,517) | (1,045,505) | (2,416,973) |
| liabilities | | | | |
+--------------------+---------------+-------------+-------------+-------------+
| Net assets | 4,627,635 | 1,214,250 | (944,664) | 4,897,221 |
+--------------------+---------------+-------------+-------------+-------------+
Due to the size and nature of the Group the directors do not consider there to
be a meaningful alternative segmental split.
5. Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the year. The calculation of diluted earnings per share
is based on the basic earnings per share, adjusted to allow for the issue of
shares and the post tax effect of dividends and/or interest, on the assumed
conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
+----------------------------+------------+----------+-------------+----------+-------------+
| | 6 | | 6 | | 18 |
| | months | | months | | months |
| | to | | to | | to |
+----------------------------+------------+----------+-------------+----------+-------------+
| | 30 June | | 30 June | | 31 Dec |
+----------------------------+------------+----------+-------------+----------+-------------+
| | 2010 | | 2009 | | 2009 |
+----------------------------+------------+----------+-------------+----------+-------------+
| Loss for the year | (332,888) | | (73,334) | | (1,137,020) |
| attributable to the | | | | | |
| parent's equity holders, | | | | | |
| basic and diluted | | | | | |
+----------------------------+------------+----------+-------------+----------+-------------+
| | | | | | |
+----------------------------+------------+----------+-------------+----------+-------------+
| Weighted average number of | 48,276,043 | | 33,901,043 | | 32,842,034 |
| ordinary shares in issue | | | | | |
| during the period | | | | | |
+----------------------------+------------+----------+-------------+----------+-------------+
| Basic EPS (pence) | (0.7p) | | (0.2p) | | (3.5p) |
+----------------------------+------------+----------+-------------+----------+-------------+
| | | | | | |
+----------------------------+------------+----------+-------------+----------+-------------+
| Weighted average number of | 162,509 | | - | | - |
| shares under option during | | | | | |
| the period | | | | | |
+----------------------------+------------+----------+-------------+----------+-------------+
| | | | | | |
+----------------------------+------------+----------+-------------+----------+-------------+
| Weighted average number of | 48,438,552 | | 33,901,043 | | 32,842,034 |
| ordinary shares in issue | | | | | |
| or under option during the | | | | | |
| period | | | | | |
+----------------------------+------------+----------+-------------+----------+-------------+
| Fully diluted EPS (pence) | (0.7p) | | (0.2p) | | (3.5p) |
+----------------------------+------------+----------+-------------+----------+-------------+
6. Bank facilities
As at 30 June 2010 the Group was utilising a bank facility of GBP1.3m with
Coutts & Co. The total facility package of GBP2m is secured by way of a
debenture and cross guarantee across Coolabi plc and its subsidiaries and is
repayable in instalments out to 2014.
The Production finance borrowings represent the additional facility secured
through Coutts & Co to cashflow the production of the Poppy Cat television
series, in advance of the receipt of contracted payments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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