TIDMETO
RNS Number : 5508P
Entertainment One Ltd
11 October 2019
ENTERTAINMENT ONE LTD. ('eOne' or the 'Company' or the
'Group')
FIRST QUARTER RESULTS (UNAUDITED)
FOR THE THREE MONTHSED 30 JUNE 2019
FIRST QUARTER RESULTS
PURPOSE FOR THE PREPARATION OF THIS INTERIM ANNOUNCEMENT
-- On 22 August 2019, the Group entered into an agreement with
Hasbro Inc. under which Hasbro will acquire the Group in an
all-cash transaction valued at GBP3.3 billion. Under the terms of
the agreement, the Group's shareholders will receive GBP5.60 in
cash for each common share of the Company. The completion of the
transaction is subject to receipt of certain regulatory approvals,
the approval by the Group's shareholders and other customary
closing conditions. The Company's Annual General and Special
Meeting of shareholders is to be held on Thursday, 17 October
2019.
-- This quarterly results report has been prepared in relation
to the proposed acquisition of the Group by Hasbro Inc.
-- The results presented in this report represent the Group's
trading for the first quarter of the financial year and are not
indicative of the Group's results for the full financial year.
GROUP FINANCIAL SUMMARY
Reported
===========================
GBPm 2019 2018 Change
Revenue 173.1 185.7 (7%)
Underlying EBITDA(1) 13.4 17.3 (23%)
Underlying EBITDA % 7.7% 9.3% (160bps)
Net cash used in operating activities (18.6) (13.3) (40%)
Investment in acquired content and
productions(2) 93.3 67.2 39%
======================================= ======= ======= =========
Reported Adjusted
======================== ======================
GBPm 2019 2018 Change 2019 2018 Change
================================================ =======
(Loss)/profit before tax(3) (43.9) (6.8) (546%) (0.1) 8.3 (101%)
Diluted (losses)/earnings per share (pence)(3) (8.3) (1.9) (6.4) (0.3) 0.8 (1.1)
================================================ ======= ====== ======= ====== ===== =======
1. Underlying EBITDA is operating profit or loss excluding
amortisation of acquired intangibles; depreciation; amortisation of
software; depreciation of right of use assets (only applicable for
2019); share-based payment charge; tax, finance costs and
depreciation related to joint ventures; and operating one-off
items. Underlying EBITDA is reconciled to operating loss on the
condensed consolidated income statement.
2. Investment in acquired content and productions is the sum of
"investment in productions, net of grants received" and "investment
in acquired content rights", as shown in the condensed consolidated
cash flow statement.
3. Adjusted profit before tax and adjusted diluted earnings per
share are the reported measures excluding amortisation of acquired
intangibles; share-based payment charge; tax, finance costs and
depreciation related to joint ventures; operating one-off items;
finance one-off items; and, in the case of adjusted diluted
earnings per share, one-off tax items. Refer to Note 7 in the
condensed consolidated financial statements for the adjusted
diluted (loss)/earnings per share reconciliation.
4. The Group adopted IFRS 16 Leases from 1 April 2019 using the
modified retrospective approach on transition. Accordingly, the
comparative information for the period ended 30 June 2018 has not
been restated. Refer to Note 2 in the condensed consolidated
financial statements.
Reported
=============================
30 June 31 March
GBPm 2019 2019 Change
Net debt (510.0) (341.5) (168.5)
Production financing (77.8) (140.1) 62.3
====================== ======== ========= ========
Group reported revenue was 7% lower than the prior period at
GBP173.1 million (2018: GBP185.7 million), impacted by lower Film,
Television & Music driven by lower broadcast and licensing
revenues due to fewer scripted deliveries in the period, partly
offset by higher music revenue through the acquisition of Audio
Network and continuing organic growth. Family & Brands revenue
was broadly stable compared to the prior period.
Group underlying EBITDA was GBP13.4 million (2018: GBP17.3
million), driven by an increase in Group costs of GBP3.0 million
due to increased corporate projects and legal fees and Family &
Brands being marginally lower driven by increase in infrastructure
to support brand longevity and ongoing growth. An increase in
underlying EBITDA of Music was offset by lower EBITDA in Film and
TV.
Net cash used in operating activities amounted to GBP18.6
million in comparison to GBP13.3 million in the prior period,
reflecting the planned increase in investment in productions and
increase in investment in acquired content due to timing. This was
partially offset by working capital inflows in the current period
compared to outflows in the prior period.
At 30 June 2019, overall net debt of GBP510.0 million was
GBP168.5 million higher than the prior year due to operating cash
outflow (including investment in productions and acquired content
rights) for the entities forming part of the Net Debt group,
acquisition of Audio Network GBP52.0 million, premium paid of
GBP12.2 million and interest payment of GBP10.9 million paid on the
redemption of the GBP355 million bonds during the period.
At 30 June 2019, overall production financing of GBP77.8 million
was GBP62.3 million lower than the prior year. The movements
primarily reflect the timing of programming activities and are
driven by working capital inflows of GBP64.2 million of the
entities forming part of the Production Financing group.
Adjusted loss before tax for the period was GBP0.1 million
(2018: profit of GBP8.3 million), largely due to a decrease in
underlying EBITDA and higher interest costs driven by higher
average debt levels in the period. Reported loss before tax for the
period was GBP43.9 million (2018: GBP6.8 million), impacted by
operating and financing one-off items of GBP28.1 million (2018: net
one-off expense of GBP1.4 million) and higher amortisation of
acquired intangibles following the acquisition of Audio Network
during the period of GBP3.1 million. The increase in one-off items
was driven by costs and fees associated with the Audio Network
acquisition and the call premium and costs related to the issuance
of GBP425 million Senior Secured Notes during the period.
Adjusted diluted losses per share were 0.3 pence (2018: earnings
per share of 0.8 pence). On a reported basis, diluted losses per
share were 8.3 pence (2018: 1.9 pence) reflecting the higher
one-off charges.
Operating highlights:
Family & Brands
Revenue for the Division over the period is broadly stable
compared to the prior period, despite a competitive preschool
merchandise market. Across Family & Brands there are around
1,600 live licensing and merchandising contracts globally.
Peppa Pig maintained its momentum in core markets, with the
brand's fifteenth anniversary providing the opportunity for a
number of brand initiatives, including the Peppa Pig Festival of
Fun film released in April/May (featuring 10 never-seen-before
episodes); the 16-track Peppa Pig: My First Album music release
(which recently surpassed 5 million streams globally); the Peppa
Pig's Adventure live show tour which started in September in the
US; and celebratory partnerships with children's charities
including Save the Children, Tommy's and the Muddy Puddle Walk. The
brand subsequently won Best Pre-school Licensed Property at the
September 2019 UK Licensing Awards, underlining its enduring nature
as an evergreen brand in the territory.
In China, there are currently 62 live Peppa Pig licensing and
merchandising contracts, as eOne prepares for the migration from
agency agreements with licensees to direct relationships with
dedicated Family & Brands managers in the territory. We
continue to roll out additional consumer products with master toy
partner Alpha planning to launch 20 mass market shop keeping units
(SKUs - of which 16 have already been launched) across its retail
partners in the smaller Chinese tier 3 and 4 cities during calendar
2019, compared to the 16 SKUs it launched during calendar 2018.
This will be supported by product launches in categories such as
food and beverages (over 50 SKUs in the lacto, soya milk and juice
drinks segment), clothing (43 SKUs planned for the current year),
publishing (25 new storybook titles) and home furniture and
kitchenware product rollouts. In July 2019, Peppa Pig won the
Film/Television/Media Property of the Year in the animated category
at the China Licensing Awards 2019. The business remains on track
to deliver the 117 new episodes of Peppa Pig to air by 2023.
Merlin Entertainments now has three Peppa Pig World of Play
centres in operation, located in Shanghai, Dallas and Auburn Hills,
Michigan. Attendance continues to build and eOne won the Babytree
Brilliant Awards 2019 Indoor Attraction for the Shanghai location.
In addition, the two Peppa Pig Land formats which opened in March
2018 at Heide Park in Germany and Gardaland in Italy also achieved
robust attendance numbers during the period (4 million visitors to
date), expanding the brand experience of Peppa Pig across its
audiences.
PJ Masks has been fully rolled out across the major global
markets and remains a leading property in Canada and the US, where
the brand was the second largest pre-school toy property year
to-date to June 2019 according to NPD Group data. Strong additional
broadcast slots beginning this September in key markets like the
US, France, Italy, Spain, the UK and Germany will help to maximise
brand awareness. Coupled with reduced hold-back periods, this
should allow for a more rapid roll out on terrestrial broadcasters
and related exposure in preparation for the important lead-up to
the Holiday retail period this year. The 2020 toy range for North
America received a very positive reaction from retailers at the
recent LA Toy Previews.
Ricky Zoom made a very strong global broadcast premiere in China
on the Youku SVOD platform in August 2019, achieving 100 million
views in the first 12 days and reaching the position of number
three ranked pre-school property on the platform (behind Peppa Pig
and local brand Boonie Bears). Confirmed broadcast partners for the
September 2019 launch in the remaining territories around the world
include Nickelodeon (US), Gulli (France), Super RTL (Germany), RAI
(Italy), Discovery Kids (Latin America) and Clan (Spain). These
launches will be accompanied by the availability of the Welcome to
Wheelford companion App and the consumer products launch of the
brand is anticipated to be spring/summer 2020 with eOne's global
toy partner Tomy.
Film, Television & Music
Revenues across the Division for the period were lower
period-on-period. Strong growth in Music, supported by the recent
Audio Network acquisition, was offset by a lower performance in
Film and Television which was largely due to variances in the
timing and mix of deliveries compared to the prior period.
The scripted television market remains vibrant. Following the
new series commissions highlighted at the year-end, production has
now started on Deputy (for Fox), Nurses (which was commissioned for
season 2 by Global TV in Canada before season 1 has been aired) and
Run (HBO). New drama series recently announced include Philly Reign
(produced in partnership with Mary J Blige for USA Network),
original horror series Red Rose for BBC1 and a pilot for Anna K, a
modern retelling of Tolstoy's Anna Karenina set in New York
City.
As well as announcing new scripted series, eOne has produced a
number of series recommissions. The Rookie was re-ordered by
co-production partner ABC and season two is now in production, with
eOne selling the show across 160 territories globally; two hours of
the new series was delivered in the period. Other returning shows
in production include: Mary Kills People (season 4), Cardinal
(season 4) and You Me Her (season 5).
In unscripted television, eOne shows now air five times a week
across different North American networks: Murder in the Thirst
(Sundays on BET), Love and Listings (Mondays on VH1), Ex on the
Beach (Tuesdays on MTV), Strong Man (Wednesdays on History) and
Growing Up Hip Hop Atlanta (Thursdays on WeTV). A new four-part
documentary series, Ready for War, was commissioned by Showtime to
examine the cause and effect of deporting US military veterans. The
series was produced in partnership with David Ayer and Chris Long's
Cedar Park, and executive produced by multi-platinum music artist
Drake. The business further expanded its production footprint with
the acquisitions of Daisybeck Studios in the UK (producer of
unscripted shows including The Yorkshire Vet, Springtime on the
Farm, Big Week at the Zoo and Made in Britain) and the US-based
BLACKFIN (producer of Finding Escobar's Millions, I Am Homicide,
Primal Instinct and Bad Henry for a number of major networks and
platforms).
The transition across the Film operations is on track to be
completed this financial year as eOne continues to focus on
production activities. John Wick: Chapter 3 - Parabellum performed
well in eOne territories, generating box office revenues of C$15
million in Canada and EUR2.5M in Spain. Additionally, Scary Stories
to Tell in the Dark was released in August in the US to a strong
box office performance. eOne co-financed the film with CBS, has
distribution in its territories and handled international sales
through Sierra/Affinity.
Looking ahead, Queen and Slim, the first feature from Makeready,
has completed production and is scheduled for release this November
by eOne in its direct territories including the UK and Canada and
by Universal in the US and internationally. eOne also announced
that it will be co-financing two films with Paramount Pictures -
the film of the classic US children's character Clifford The Big
Red Dog and post-apocalyptic thriller Monster Problems. eOne will
be distributing the releases in Canada and the UK and Paramount
will be distributing in the US and the rest of world. eOne is also
preparing for the release of 1917, a World War I epic from output
partner Amblin.
Music has experienced significant growth from the acquisition of
Audio Network in April this year and continuing organic growth. The
business continued its strategy of diversifying its portfolio
beyond recorded product to include music publishing and artist
management, live touring/exhibition and, most recently, Audio
Network creating music for film and television. The recorded
catalogue from artists such as The Lumineers, Dr. Dre, DJ Khaled
and Snoop Dogg continues to contribute significant margin as the
streaming universe continues to grow. Other eOne artists include
James Fortune, who had the Number One Billboard Gospel Album for
Dream Again, and JJ Hairston and Jonathan McReynolds both of whom
had top five Gospel albums. The Game, Brandy and The Lumineers will
release new albums in the autumn of 2019.
Management client Jax Jones has sustained his radio success with
his latest hit single You Don't Know Me, which has achieved over
500 million streams globally since release. The Group's live
business, Round Room, announced new events during the period: the
Baby Shark Live tour and the Rock the Rink Tour (a national tour
featuring the Canadian Olympic Figure Skating team) and The Nelson
Mandela Exhibit, set to launch in Berlin in October 2019 following
a successful run in London. In addition, it continues to experience
success with the PJ Masks: Time to be a Hero live show with
sell-out dates across the US.
Corporate
The annual independent library valuation has been completed and
the value of the Group's library assets has increased to US$2.1
billion as at 31 March 2019 (2018: US$2.0 billion). The value of
the library has been impacted by more volatile foreign exchange
movements than in previous years (predominantly the devaluation of
pounds sterling), but at constant currencies the 2019 valuation of
the library would have increased by an additional US$0.1 billion.
The library valuation does not include library assets acquired as
part of the Audio Network transaction.
On 18 April 2019 eOne acquired UK-based Audio Network, one of
the world's largest independent creators and publishers of original
high quality music for use in film, television, advertising and
digital media. The Group paid consideration of GBP178.8 million
(which included GBP14.7 million of cash and cash equivalents on
Audio Network's balance sheet), financed through:
-- A private placement for 28,900,000 new common shares raising
net proceeds of GBP127.5 million
-- GBP52.0 million through a term loan maturing on 31 December 2020
-- The issuance of 2,112,428 Entertainment One Ltd. common shares
On 26 June 2019, the Group completed the issuance of GBP425.0
million in aggregate principal amount of 4.625% Senior Secured
Notes (the 'Notes') due 2026. The proceeds of the offering were
used to redeem the Company's GBP355.0 million in aggregate
principal amount of 6.875% Senior Secured Notes due 2022 (the
'Existing Notes'), repay its outstanding term loan (GBP52.0
million, in relation to the acquisition of Audio Network) and pay
fees and costs in connection with the transaction.
This transaction will reduce the Group's interest costs going
forward as well as extend the overall duration of its debt
facilities:
-- Reduction from 6.875% to 4.625% in the coupon on the Notes,
substantially reducing the Company's average cost of debt and
saving approximately GBP8 million of interest per annum on the
Company's Existing Notes
-- Extension of the maturity of the Company's debt facilities to 2026
On 22 August 2019, the Group entered into an agreement with
Hasbro Inc. under which Hasbro will acquire the Group in an
all-cash transaction valued at GBP3.3 billion. Under the terms of
the agreement, the Group's shareholders will receive GBP5.60 in
cash for each common share of the Company. The completion of the
transaction is subject to receipt of certain regulatory approvals,
the approval by the Group's shareholders and other customary
closing conditions. The Company's Annual General and Special
Meeting of shareholders is to be held on Thursday, 17 October
2019.
Condensed Consolidated Income Statement
for the three months ended 30 June 2019
Period ended Period ended
30 June 30 June
2019 2018
Note GBPm GBPm
=============================================== ===== ============= =============
Revenue 4 173.1 185.7
Cost of sales (128.2) (138.4)
=============================================== ===== ============= =============
Gross profit 44.9 47.3
Administrative expenses (62.6) (46.3)
Share of results of joint ventures - 0.1
Operating (loss)/profit (17.7) 1.1
Finance income - 0.4
Finance costs (26.2) (8.3)
=============================================== ===== ============= =============
Loss before tax (43.9) (6.8)
Income tax credit/(charge) 3.4 (1.6)
Loss for the period (40.5) (8.4)
=============================================== ===== ============= =============
Attributable to:
Owners of the Company (40.8) (8.7)
Non-controlling interests 0.3 0.3
=============================================== ===== ============= =============
Operating (loss)/profit analysed as:
Underlying EBITDA 13.4 17.3
Amortisation of acquired intangibles (12.6) (9.8)
Depreciation and amortisation of software (1.0) (0.7)
Depreciation of right of use assets (2.2) -
Share-based payment charge (3.1) (3.9)
One-off items 5 (12.2) (1.8)
=============================================== ===== ============= =============
Operating (loss)/profit (17.7) 1.1
=============================================== ===== ============= =============
Losses per share (pence)
Basic 7 (8.3) (1.9)
Diluted 7 (8.3) (1.9)
========================== ====== ======
Condensed Consolidated Statement of Comprehensive Income
for the three months ended 30 June 2019
Period ended Period ended
30 June 30 June
2019 2018
GBPm GBPm
=================================================== ============= =============
Loss for the period (40.5) (8.4)
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on foreign operations 18.4 34.2
Hedging reserve movements 0.8 3.7
Tax related to components of other comprehensive
income (0.2) (0.6)
Total other comprehensive income for the
period 19.0 37.3
==================================================== ============= =============
Total comprehensive (loss)/income for the
period (21.5) 28.9
==================================================== ============= =============
Attributable to:
Owners of the Company (21.9) 28.0
Non-controlling interests 0.4 0.9
==================================================== ============= =============
Condensed Consolidated Balance Sheet
at 30 June 2019
30 June 31 March
2019 2019
Note GBPm GBPm
============================================== ===== ======== ===========
ASSETS
Non-current assets
Goodwill 468.1 397.2
Other intangible assets 321.2 219.9
Interest in joint ventures 1.3 1.2
Investment in productions 286.6 259.8
Property, plant and equipment 19.8 12.9
Right of use assets 56.0 -
Trade and other receivables 48.6 46.9
Deferred tax assets 49.9 37.5
Total non-current assets 1,251.5 975.4
============================================== ===== ======== ===========
Current assets
Inventories 11.2 11.7
Investment in acquired content rights 288.9 254.0
Trade and other receivables 512.3 548.4
Cash and cash equivalents 127.1 107.4
Current tax assets 2.1 0.8
Financial instruments 11 6.2 4.1
Total current assets 947.8 926.4
Total assets 2,199.3 1,901.8
============================================== ===== ======== ===========
LIABILITIES
Non-current liabilities
Interest-bearing loans and borrowings 12 567.1 392.2
Production financing 13 73.3 110.2
Lease liabilities 46.8 -
Trade and other payables 17.0 15.6
Provisions 1.0 0.4
Deferred tax liabilities 52.7 32.5
Total non-current liabilities 757.9 550.9
============================================== ===== ======== ===========
Current liabilities
Interest-bearing loans and borrowings 12 0.5 0.9
Production financing 13 74.0 85.7
Lease liabilities 10.6 -
Trade and other payables 518.2 529.3
Provisions 3.2 4.2
Current tax liabilities 10.5 12.6
Financial instruments 11 0.2 3.5
Total current liabilities 617.2 636.2
============================================== ===== ======== ===========
Total liabilities 1,375.1 1,187.1
============================================== ===== ======== ===========
Net assets 824.2 714.7
============================================== ===== ======== ===========
EQUITY
Stated capital 14 752.4 610.6
Other reserves (10.8) (11.4)
Currency translation reserve 81.0 62.7
Retained earnings (33.5) 15.3
============================================== ===== ======== ===========
Equity attributable to owners of the Company 789.1 677.2
Non-controlling interests 35.1 37.5
============================================== ===== ======== ===========
Total equity 824.2 714.7
Total liabilities and equity 2,199.3 1,901.8
============================================== ===== ======== ===========
These condensed consolidated financial statements were approved
by the Board of Directors on 10 October 2019.
JOSEPH SPARACIO
DIRECTOR
Condensed Consolidated Cash Flow Statement
for the three months ended 30 June 2019
Period ended Period ended
30 June 30 June
2019 2018
Note GBPm GBPm
======================================================= ===== ============= =============
Operating activities
Operating (loss)/profit (17.7) 1.1
Adjustment for:
Depreciation of property, plant and equipment 0.8 0.4
Depreciation of right of use assets 2.2 -
Amortisation of software 0.2 0.3
Amortisation of acquired intangibles 12.6 9.8
Amortisation of investment in productions 38.9 40.2
Investment in productions, net of grants
received (43.7) (37.5)
Amortisation of investment in acquired content
rights 11.3 19.0
Investment in acquired content rights (49.6) (29.7)
Share of results of joint ventures - (0.1)
Share-based payment charge 3.1 3.9
======================================================= ===== ============= =============
Operating cash flows before changes in working
capital and provisions (41.9) 7.4
Decrease in inventories 0.9 1.3
Decrease in trade and other receivables 51.7 20.6
Decrease in trade and other payables (18.7) (32.7)
Decrease in provisions (0.8) (0.7)
======================================================= ===== ============= =============
Cash used from operations (8.8) (4.1)
Income tax paid (9.8) (9.2)
======================================================= ===== ============= =============
Net cash used from operating activities (18.6) (13.3)
======================================================= ===== ============= =============
Investing activities
Acquisition of subsidiaries and joint ventures,
net of cash acquired 8 (154.2) (0.8)
Purchase of financial instruments 11 (2.0) (0.2)
Purchase of property, plant and equipment (6.3) (0.3)
Purchase of software (1.0) (0.2)
======================================================= ===== ============= =============
Net cash used in investing activities (163.5) (1.5)
======================================================= ===== ============= =============
Financing activities
Net proceeds on issue of shares 127.5 -
Drawdown of interest-bearing loans and borrowings 12 613.1 73.6
Repayment of interest-bearing loans and borrowings 12 (438.7) (15.9)
Drawdown of production financing 13 30.0 20.4
Repayment of production financing 13 (84.0) (57.9)
Transactions with equity holders 8 (4.7) (9.7)
Interest paid (13.9) (1.0)
Lease payments (2.3) -
Dividends paid to shareholders and to non-controlling
interests of subsidiaries (3.1) (2.9)
Fees paid in relation to the Group's bonds
and one-off finance costs (15.8) -
======================================================= =====
Net cash from financing activities 208.1 6.6
======================================================= ===== ============= =============
Net increase/(decrease) in cash and cash
equivalents 26.0 (8.2)
Cash and cash equivalents at beginning of
the period 107.4 119.1
Effect of foreign exchange rate changes on
cash held (6.3) 3.4
Cash and cash equivalents at end of the period 127.1 114.3
======================================================= ===== ============= =============
Condensed Consolidated Statement of Changes in Equity
for the three months ended 30 June 2019
Stated Other Currency Retained Equity Non-controlling Total equity
capital reserves translation earnings attributable interests
(net of reserve to the
own shares) owners
of the
Company
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
=============== ============ ============ ============= ========== ================
At 1 April
2018 594.6 (23.6) 29.8 19.0 619.8 46.3 666.1
Adjustments on
initial
application
of IFRS 9
(net
of tax) - - - (2.2) (2.2) - (2.2)
(Loss)/profit
for the
period - - - (8.7) (8.7) 0.3 (8.4)
Other
comprehensive
income - 3.1 33.6 - 36.7 0.6 37.3
Total
comprehensive
income/(loss)
for the
period - 3.1 33.6 (8.7) 28.0 0.9 28.9
=============== ============ ============ ============= ========== ================
Credits in
respect of
share-based
payments - - - 3.6 3.6 - 3.6
Exercise of
share options 2.1 - - (2.1) - - -
Acquisition of
subsidiaries 1.9 (3.1) - - (1.2) 0.4 (0.8)
Transactions
with equity
holders 4.5 12.2 1.2 (1.4) 16.5 (8.0) 8.5
Dividends
payable - - - (5.3) (5.3) (2.9) (8.2)
Total
transactions
with
equity
holders 8.5 9.1 1.2 (5.2) 13.6 (10.5) 3.1
=============== ============ ============ ============= ========== ================
At 30 June
2018 603.1 (11.4) 64.6 2.9 659.2 36.7 695.9
=============== ============ ============ ============= ========== ================
At 1 April
2019 610.6 (11.4) 62.7 15.3 677.2 37.5 714.7
=============== ============ ============ ============= ========== ================
Loss for the
period - - - (40.8) (40.8) 0.3 (40.5)
Other
comprehensive
income - 0.6 18.3 - 18.9 0.1 19.0
Total
comprehensive
income/(loss)
for the
period - 0.6 18.3 (40.8) (21.9) 0.4 (21.5)
=============== ============ ============ ============= ========== ================
Issue of
common shares
net of
transaction
costs 127.5 - - - 127.5 - 127.5
Credits in
respect of
share-based
payments - - - 3.0 3.0 - 3.0
Deferred tax
movement
arising
on share
options - - - 0.4 0.4 - 0.4
Exercise of
share options 4.3 - - (4.3) - - -
Distribution
of shares
to
beneficiaries
of the
Employee
Benefit Trust 0.1 - - (0.1) - - -
Acquisition of
subsidiaries 9.9 - - - 9.9 - 9.9
Transactions
with equity
holders - - - (1.0) (1.0) 0.3 (0.7)
Dividends
payable - - - (6.0) (6.0) (3.1) (9.1)
=============== ============ ============ ============= ========== ================
Total
transactions
with
equity
holders 141.8 - - (8.0) 133.8 (2.8) 131.0
=============== ============ ============ ============= ========== ================
At 30 June
2019 752.4 (10.8) 81.0 (33.5) 789.1 35.1 824.2
=============== ============ ============ ============= ========== ================
Notes to the Condensed Consolidated Financial Statements
for the three months ended 30 June 2019
1. NATURE OF OPERATIONS AND GENERAL INFORMATION
Entertainment One is a leading independent entertainment group
focused on the acquisition, production and distribution of family,
television, film and music content rights across all media
throughout the world. Entertainment One Ltd. (the 'Company') is the
Group's ultimate parent company and is incorporated and domiciled
in Canada. The registered office of the Company is 134 Peter
Street, Suite 700, Toronto, Ontario, M5V 2H2, Canada.
The Company's common shares are listed on the premium listing
segment of the Official List of the Financial Conduct
Authority.
2. BASIS OF PREPARATION
SIGNIFICANT ACCOUNTING POLICIES
These condensed consolidated financial statements included
within the Interim Announcement, have been prepared in accordance
with International Accounting Standards (IAS) 34 Interim Financial
Reporting, as adopted by the European Union. These condensed
consolidated financial statements do not include all the
information and disclosures required in the annual financial
statements and should be read in conjunction with the Group's
consolidated financial statements for the year ended 31 March 2019
which were prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union and
IFRS Interpretation Committee.
Other than new standards effective during the year as described
below and income taxes which are accrued using the tax rate that is
expected to be applicable for the full financial year, the policies
are consistent with the principal accounting policies which were
set out in the Group's consolidated financial statements for the
year ended 31 March 2019.
These condensed consolidated financial statements for 30 June
2019 are unaudited but have been reviewed by the Group's auditor
and their review opinion is included at the end of these
statements. The condensed consolidated financial statements for 30
June 2018 were unaudited and not reviewed.
These condensed consolidated financial statements are presented
in pounds sterling, which is also the functional currency of the
parent company. All values are shown in millions, rounded to the
nearest one hundred thousand pounds, except when otherwise
stated.
These condensed consolidated financial statements were approved
for issue by the directors on 10 October 2019.
GOING CONCERN
In addition to its senior secured notes (due 2026) the Group
meets its day-to-day working capital requirements and funds its
investment in production and investment in acquired content rights
through its cash in hand and through a revolving credit facility
which matures in December 2023 and is secured on certain assets
held by the Group. Under the terms of this facility the Group is
able to drawdown in the local currencies of its significant
operating businesses. The facility and senior secured notes are
subject to a series of covenants including interest cover charge
and net debt against underlying EBITDA.
The Group has a track record of cash generation and is in full
compliance with its bank facility and bond covenant requirements.
At 30 June 2019, the Group had GBP57.6m of cash and cash
equivalents (excluding cash held by production subsidiaries),
GBP567.6m of gross debt and undrawn amounts under the revolving
credit facility of GBP53.4m.
The Group is exposed to uncertainties arising from the economic
climate and uncertainties in the markets in which it operates.
Market conditions could lead to lower than anticipated demand for
the Group's products and services and exchange rate volatility
could also impact reported performance. The directors have
considered the impact of these and other uncertainties and factored
them into their financial forecasts and assessment of covenant
headroom. The Group's forecasts and projections, taking account of
reasonable possible changes in trading performance (and available
mitigating actions), show that the Group will be able to operate
within the expected limits of its existing financing and provide
headroom against the covenants for the foreseeable future. For
these reasons the directors continue to adopt the going concern
basis of accounting in preparing these condensed consolidated
financial statements.
USE OF ADDITIONAL PERFORMANCE MEASURES
The Group uses a number of non-IFRS financial measures that are
not specifically defined under IFRS or any other generally accepted
accounting principles, including underlying EBITDA, one-off items,
adjusted profit before tax and adjusted diluted earnings per share.
These non-IFRS financial measures are presented because they are
among the measures used by management to measure operating
performance and as a basis for strategic planning and forecasting,
and the Group believes that these measures are frequently used by
investors in analysing business performance. Refer to the Appendix
to the Interim Announcement for definitions of these terms.
RESTATEMENTS
Sierra put option
On 27 June 2018, the Group acquired the remaining 49% in Sierra
Pictures, LLC ('Sierra/Affinity'). As a result of the acquisition,
the put and call options granted over the 49% shares were
cancelled. The carrying value of the liability as at 27 June 2018
of GBP17.9 million was reversed with the corresponding adjustment
to the Put option reserve of GBP12.2 million.
Part of this balance had previously been credited as a one-off
finance income of GBP5.7 million in the condensed consolidated
financial statements for the six months ended 30 September 2018 and
in the consolidated financial statements for the year ended 31
March 2019. However, subsequent to the year-end, it was determined
that the appropriate treatment would be to credit the full balance
to retained earnings considering that this was a transaction with
equity holders. The Group has restated the prior year amounts
disclosed in the consolidated financial statements for the year
ended 31 March 2019 and condensed consolidated financial statements
for the period ended 30 September 2018 as follows: the profit for
the year/loss for the period decreased/increased by GBP5.7m with a
corresponding reduction in the loss on transactions with equity
holders in the Statement of Changes in Equity. There was no impact
on the consolidated balance sheet at 31 March 2019 or 30 September
2018.
The Group concluded that the restatement was not fundamental to
the Group's previously issued financial statements and therefore
the accounts were not reissued.
Cash Flow Statement classification
Transactions with equity holders are classified as financing
activities. These were previously classified by the Group as
investing activities. The change is to appropriately reflect the
nature of the transactions.
IMPACT OF NEW ACCOUNTING STANDARDS
Transition to IFRS 16 Leases
IFRS 16 Leases ('IFRS 16') supersedes IAS 17 Leases and sets out
the principles for the recognition, measurement presentation and
disclosure of leases.
The Group has applied IFRS 16 from 1 April 2019 using the
modified retrospective approach on transition. Under this method,
the standard is applied retrospectively with the cumulative effect
of initially applying IFRS 16 recognised at the date of application
(1 April 2019). Accordingly, the comparative information presented
for the condensed consolidated income statement for the
period-ended 30 June 2018 and the condensed consolidated balance
sheet as at 31 March 2019 have not been restated.
IFRS 16 results in both an asset ('right of use asset'),
representing the right to use a leased item, and liability ('lease
liability'), representing discounted future lease payments, being
recognised on balance sheet. Lease costs are now recognised as
depreciation and interest, rather than being included within
operating costs.
On adoption of IFRS 16, the Group recognised lease liabilities
in relation to leases which had previously been classified as
'operating leases' under the principles of IAS 17 Leases. These
liabilities are measured at the present value of the remaining
lease payments, discounted using the interest rate implicit (where
that rate can be readily determined) or using an incremental
borrowing rate. The finance cost is charged to the income statement
over the lease period so as to produce a constant rate of interest
on the remaining balance of the liability for each period.
At the transition date the Group has recognised right-of-use
assets equal to the lease liability, adjusted for any prepaid or
accrued lease payments and any incentives received.
The Group has elected not to reassess whether a contract is, or
contains a lease at the date of initial application. Instead, for
contracts entered into before the transition date, the Group relied
on its assessment made applying the previous accounting
guidance.
The Group has opted to use the recognition exemptions available
under IFRS 16 for leases with a term less than 12 months and for
leases relating to low-value assets. The Group will continue to
expense the lease payments associated with these leases on a
straight-line basis over the lease term.
On transition the Group recognised the following lease
liabilities and right-of-use assets:
At 1 April 2019 GBPm
===================== =====
ASSETS
Right of use assets 55.3
LIABILITIES
Lease liabilities 55.3
===================== =====
The table below reconciles the Group's operating lease
commitments as at 31 March 2019 to the lease liabilities recognised
on transition on 1 April 2019.
GBPm
============================================== =======
Operating lease commitments at 31 March 2019 66.6
Exclude low-value and short-term leases (0.8)
Gross lease liabilities 65.8
============================================== =======
Impact of discounting (10.5)
Lease liabilities recognised on 1 April 2019 55.3
============================================== =======
When measuring lease liabilities for leases that were previously
classified as operating leases, the Group discounted lease payments
using its incremental borrowing rate at 1 April 2019. The
weighted-average incremental borrowing rate applied is 4.69%.
During the three-months ended 30 June 2019, the Group has
recognised GBP2.2m of depreciation charges and GBP0.7m of interest
in relation to those leases now recognised on balance sheet. The
operating lease expense for the 30 June 2018 was GBP1.5m.
Accounting Policy for Leases
The Group's leases primarily relate to various offices in
Australia, China, Canada, the USA and the UK. Rental periods are
typically for fixed periods of up to ten years. Lease terms are
negotiated on an individual basis and contain a wide range of
different terms and conditions.
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities include the
net present value of the fixed payments, less any lease incentives
receivable.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be determined, the
lessee's incremental borrowing rate is used, being the rate that
the lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment
with similar terms and conditions.
Right of use assets are measured at cost comprising the
following: the amount of initial measurement of lease liability;
any lease payments made at or before the commencement date less any
lease incentives received; any initial direct costs; and
restoration costs.
ESTIMATES
The preparation of condensed consolidated financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amount of assets and liabilities, income and expenses. Actual
results may differ from these estimates. In preparing these
condensed consolidated financial statements, the significant
judgements made by management in applying the Group accounting
policies and the key sources of estimation uncertainty were the
same as those applied to the consolidated financial statements as
at and for the year ended 31 March 2019.
3. SEGMENTAL ANALYSIS
SEASONALITY OF OPERATIONS
The Group's business is normally subject to seasonal variations
based on the timing of film cinema releases, physical home
entertainment and television and digital content releases. Release
dates are determined by several factors, including timing of
holiday periods, the US release date of films and television series
and competition in the market. In addition, revenues for the
Group's licensed consumer products are influenced by seasonal
consumer purchasing behaviour. Accordingly, if a short-term
negative impact on the Group's business occurs during a time of
high seasonal demand, the effect could have a disproportionate
effect on the Group's results for the period.
The Group's exposure to seasonality varies by Division. The
results of the Family & Brands Division are affected by the
timing of royalties earned on properties driven by timing of
holiday periods. Within the Film, Television & Music Division,
revenues from are driven by contracted delivery dates/release dates
with primary broadcasters and can fluctuate significantly from
period-to-period. Film release dates are not entirely in the
control of the Group and are determined largely by the production
and release schedules of each film's producer and the timing of
holiday periods.
OPERATING SEGMENTS
The Group is organised for internal reporting and management
purposes into:
- Family & Brands - the production, acquisition and
exploitation, including licensing and merchandising, of family
content rights across all media
- Film, Television & Music - the production, acquisition and
exploitation and trading of television, film and music content
rights across all media
The Group's operating segments are identified on the basis of
internal reports that are regularly reviewed by the chief operating
decision maker in order to allocate resources to the segment and to
assess its performance. The Chief Executive Officer has been
identified as the chief operating decision maker.
Inter-segment sales are charged at prevailing market prices.
Segment information for the period ended 30 June 2019 is
presented below:
Family & Film, Television
Brands & Music Eliminations Consolidated
GBPm GBPm GBPm GBPm
Segment revenue
External revenue 29.4 143.7 - 173.1
Inter-segment revenue 1.1 0.1 (1.2) -
Total segment revenue 30.5 143.8 (1.2) 173.1
====================================== ========= ================= ============= =============
Segment results
Segment underlying EBITDA 17.8 0.8 (0.2) 18.4
Group costs (5.0)
====================================== ========= ================= ============= =============
Underlying EBITDA 13.4
Amortisation of acquired intangibles (12.6)
Depreciation and amortisation
of software (1.0)
Depreciation of right of use
assets (2.2)
Share-based payment charge (3.1)
One-off items (12.2)
====================================== ========= ================= ============= =============
Operating loss (17.7)
Finance income -
Finance costs (26.2)
====================================== ========= ================= ============= =============
Loss before tax (43.9)
Income tax credit 3.4
Loss for the period (40.5)
====================================== ========= ================= ============= =============
Segment assets
Total segment assets 261.4 1,934.3 - 2,195.7
Unallocated corporate assets 3.6
Total assets 2,199.3
====================================== ========= ================= ============= =============
Segment information for the period ended 30 June 2018 is
presented below:
Family & Film, Television
Brands & Music Eliminations Consolidated
GBPm GBPm GBPm GBPm
====================================== ========= ================= ============= =============
Segment revenue
External revenue 30.1 155.6 - 185.7
Inter-segment revenue 0.9 0.1 (1.0) -
Total segment revenue 31.0 155.7 (1.0) 185.7
====================================== ========= ================= ============= =============
Segment results
Segment underlying EBITDA 18.6 0.7 - 19.3
Group costs (2.0)
====================================== ========= ================= ============= =============
Underlying EBITDA 17.3
Amortisation of acquired intangibles (9.8)
Depreciation and amortisation
of software (0.7)
Depreciation of right of use
assets -
Share-based payment charge (3.9)
One-off items (1.8)
====================================== ========= ================= ============= =============
Operating profit 1.1
Finance income 0.4
Finance costs (8.3)
====================================== ========= ================= ============= =============
Loss before tax (6.8)
Income tax charge (1.6)
Loss for the period (8.4)
====================================== ========= ================= ============= =============
Segment assets for the year ended 31 March 2019 is presented
below:
Segment assets
Total segment assets 257.5 1,643.6 - 1,901.1
Unallocated corporate assets 0.7
Total assets 1,901.8
============================== ====== ======== ========
4. REVENUE
In the following table, revenue is disaggregated by major
service lines. The table also includes a reconciliation of the
disaggregated revenue with the Group's reportable segments. See
Note 3.
DISAGGREGATION OF REVENUE
Film, Television
Family & Brands & Music Consolidated
2019 2018 2019 2018 2019 2018
GBPm GBPm GBPm GBPm GBPm GBPm
=============================== ======== ======== ========= ======== ============= ============
Major revenue streams
Theatrical - - 13.5 9.0 13.5 9.0
Transactional 7.5 8.3 28.6 29.5 36.1 37.8
Broadcast and licensing 2.1 1.3 53.7 74.8 55.8 76.1
Licensing and merchandising 19.7 20.4 - - 19.7 20.4
Production and other 0.1 0.1 47.9 42.3 48.0 42.4
===============================
29.4 30.1 143.7 155.6 173.1 185.7
=============================== ======== ======== ========= ======== ============= ============
Timing of revenue recognition
Products transferred
at a point in time 9.7 9.7 114.8 136.2 124.5 145.9
Products transferred
over time 19.7 20.4 28.9 19.4 48.6 39.8
===============================
29.4 30.1 143.7 155.6 173.1 185.7
=============================== ======== ======== ========= ======== ============= ============
5. ONE-OFF ITEMS
Items of income or expense that are considered by management for
designation as one-off are as follows:
Three months Three months
ended ended
30 June 30 June
2019 2018
GBPm GBPm
=========================== ============= =============
Restructuring costs
Strategy-related 5.6 1.5
Total restructuring costs 5.6 1.5
=========================== ============= =============
Other items
Acquisition costs 6.1 0.2
Other 0.5 0.1
Total other items 6.6 0.3
=========================== ============= =============
Total one-off costs 12.2 1.8
=========================== ============= =============
Restructuring costs
Restructuring charges for the three months ended 30 June 2019
include the following:
-- Severance charges of GBP3.0m associated with the integration
of the Film and Television Divisions.
-- Severance charges and staff costs of GBP1.9m associated with
the outsourcing arrangements implemented in certain of the Group's
Film Distribution territories.
-- Severance charges of GBP0.7 relating to the closure of the
Group's home entertainment business in Canada.
Other items
-- Acquisition costs of GBP6.1m primarily relates to the
acquisition of Audio Network Limited which was completed on 18
April 2019.
-- Other one-off costs of GBP0.5m relate to legal fees incurred on aborted projects.
Prior period Costs
In the prior period, one-off items consisted of GBP1.5m of costs
associated with the integration of the Film and Television
Divisions, GBP0.2m of acquisition costs in relation to Round Room
and Whizz Kid and the remaining GBP0.1m related to legal fees on
aborted projects.
6. ONE-OFF FINANCING ITEMS
Items of income or expense that are considered by management for
designation as one-off financing items are as follows:
Three months Three months
ended ended
30 June 30 June
2019 2018
GBPm GBPm
=============================================== ============= ========================
Bond call premium 12.2 -
Write-off of deferred finance charges 3.4 -
Reversal of financial liabilities in relation
to balance sheet hedging programme - (0.4)
Put options over non-controlling interests 0.3 -
Total one-off financing costs/(income) 15.9 (0.4)
=============================================== ============= ========================
Refinancing costs
On 26 June 2019 the Group issued GBP425.0m of Senior Secured
Notes due 2026. The proceeds were used to redeem the GBP355.0m of
Senior Secured Notes due 2022 and repay the GBP52.0m term loan due
December 2020. The early redemption of the 2022 Notes resulted in
the Group incurring a call premium of GBP12.2m which has been
recorded as a one-off financing cost. Unamortised deferred finance
costs (net of premium) relating to the 2022 Notes and the term loan
amounting to GBP3.4m were written off as a one-off financing cost.
See Note 12 for details.
Put options
A charge of GBP0.3m related to the unwinding of discounting on
liabilities relating to put options issued over the non-controlling
interest of subsidiary companies.
Prior period
One-off finance income consisted of a credit of GBP0.4m in
respect of fair value gains on hedge contracts.
7. EARNINGS PER SHARE
Three months Three months
ended ended
30 June 30 June
2019 2018
Pence Pence
============================================== ============= =============
Basic losses per share (8.3) (1.9)
Diluted losses per share (8.3) (1.9)
Adjusted diluted (losses)/earnings per share (0.3) 0.8
=============================================== ============= =============
The weighted average number of shares used in the earnings per
share calculations are set out below:
Three months Three months
ended ended
30 June 30 June
2019 2018
Million Million
=========================================================== ============= =============
Weighted average number of shares for basic
losses per share 492.0 460.9
Effect of dilution for adjusted diluted losses/(earnings)
per share:
Employee share awards 11.3 9.2
Weighted average number of shares for adjusted
diluted (losses)/earnings per share 503.3 470.1
============================================================ ============= =============
ADJUSTED DILUTED EARNINGS PER SHARE
The directors believe that the presentation of adjusted diluted
earnings per share, being the fully diluted earnings per share
adjusted for amortisation of acquired intangibles, share-based
payment charge, tax, finance costs and depreciation related to
joint ventures, operating one-off items, finance one-off items and
one-off tax items, helps to explain the underlying performance of
the Group. A reconciliation to the adjusted (loss)/profit for the
period is set out below:
Reported Adjusted
=============== ===============
2019 2018 2019 2018
GBPm GBPm GBPm GBPm
Revenue 173.1 185.7 173.1 185.7
Underlying EBITDA 13.4 17.3 13.4 17.3
======================================= ======= ====== ======= ======
Amortisation of acquired intangibles (12.6) (9.8) - -
Depreciation and amortisation
of software (1.0) (0.7) (1.0) (0.7)
Depreciation of right of use
assets (2.2) - (2.2) -
Share-based payment charge (3.1) (3.9) - -
One-off items (12.2) (1.8) - -
======================================= ======= ====== ======= ======
Operating (loss)/profit (17.7) 1.1 10.2 16.6
Net finance costs (26.2) (7.9) (10.3) (8.3)
======================================= ======= ====== ======= ======
(Loss)/profit before tax (43.9) (6.8) (0.1) 8.3
Tax credit/(charge) 3.4 (1.6) (0.3) (3.4)
(Loss)/profit for the period (40.5) (8.4) (0.4) 4.9
======================================= ======= ====== ======= ======
Attributable to:
Owners of the Company (40.8) (8.7) (1.4) 3.7
Non-controlling interest 0.3 0.3 1.0 1.2
======================================= ======= ====== ======= ======
A reconciliation of the earnings used in the fully diluted
earnings per share calculation to earnings used in the adjusted
earnings per share calculation is set out below:
Period ended Period ended
30 June 2019 30 June 2018
Pence per Pence per
Note GBPm share GBPm share
================================== ===== ======= ========== ====== ==========
Loss for the period attributable
to the owners of the Company (40.8) (8.1) (8.7) (1.8)
Add back amortisation
of acquired intangibles 12.6 2.5 9.8 2.1
Add back share-based payment
charge 3.1 0.6 3.9 0.8
Add back one-off items 5 12.2 2.3 1.8 0.4
Add back one-off net finance
costs/(income) 6 15.9 3.2 (0.4) (0.1)
Deduct tax effect of above
items and discrete tax
items (3.7) (0.7) (1.8) (0.4)
Deduct non-controlling
interests share of above
items (0.7) (0.1) (0.9) (0.2)
Adjusted (losses)/earnings
attributable to the owners
of the Company (1.4) (0.3) 3.7 0.8
================================== ===== ======= ========== ====== ==========
Adjusted earnings attributable
to non-controlling interests 1.0 1.2
Adjusted (loss)/profit
for the period (0.4) 4.9
================================== ===== ======= ======
8. BUSINESS COMBINATIONS AND TRANSACTIONS WITH EQUITY
HOLDERS
ACQUISITIONS
On 18 April 2019, the Group acquired a 100% stake in Audio
Network Limited, an independent creator and publisher of original
high-quality music for use in film, television, advertising and
digital media, with streamlined owned rights. Audio Network has
been reported as part of the Film, Television & Music segment.
Acquired intangibles of GBP110.6m were identified, which primarily
represented the value of the music catalogue and customer
relationships. The resultant goodwill represents the value placed
on the opportunity to grow the music publishing business and
expected cost synergies in the wider Film, Television & Music
business. None of the goodwill is expected to be tax deductible for
income tax purposes.
Provisional
Audio Network
GBPm
==================================================== ==============
Acquired intangibles 110.6
Trade and other receivables 14.8
Cash and cash equivalents 14.7
Property, plant and equipment 2.7
Current tax asset 0.6
Trade and other payables (6.3)
Lease liabilities (2.2)
Deferred tax liabilities (18.8)
Total net assets acquired 116.1
===================================================== ==============
Group's proportionate interest of fair value
of net assets acquired 100%
Group's share of fair value of net assets acquired 116.1
Goodwill 62.7
Net assets acquired 178.8
===================================================== ==============
Satisfied by:
Cash 168.9
Shares in Entertainment One Ltd. 9.9
Total consideration transferred 178.8
===================================================== ==============
The net cash outflow arising in the period from
the acquisition was made up of:
Cash consideration settled during the year 168.9
Less: Cash and cash equivalents acquired (14.7)
Total net cash outflow 154.2
===================================================== ==============
Non-controlling interests proportionate interest
of fair value of net assets -
Total non-controlling interests -
===================================================== ==============
The net asset figures stated above are provisional and will be
finalised within a 12 month period in accordance with IFRS 3.
During the period ended 30 June 2019, Audio Network contributed
GBP8.1m of revenue, GBP3.5m to underlying EBITDA and GBP3.3m of
profit before tax to the Group's results.
TRANSACTIONS WITH EQUITY HOLDERS
The Mark Gordon Company
As part of the Group's acquisition of the remaining 49% in The
Mark Gordon Company ('MGC') on 2 March 2018 the vendors were
entitled to receive a pro-rata share of certain pre-acquisition
contingent receipts where these could be recovered.
During the period, a payment of GBP4.7m was made to the vendors
of MGC relating to the above, resulting in a GBP0.3m charge to
retained earnings.
PRIOR PERIODS
Acquisition of Whizz Kid
The Group acquired 70.1% stake in Whizz Kid Entertainment
Limited ('Whizz Kid'), a UK based unscripted television production
company, on 9 April 2018 for a total consideration of GBP6.9m
settled by a cash payment of GBP5.0m and by issuing 637,952 shares
in Entertainment One Ltd. amounting to GBP1.9m. Acquired
intangibles of GBP0.7m were identified which represent the value of
television show concepts and back end royalties following the end
of a series production. The resultant goodwill of GBP6.0m
represents the value placed on the opportunity to grow the content
and formats produced by Whizz Kid. None of the goodwill is expected
to be deductible for income tax purposes. Non-controlling interests
of GBP0.4m represents the proportionate value of fair value of net
assets on acquisition date.
As part of the transaction, the Group entered into a put and
call option over the remaining shares of Whizz Kid it did not
acquire. This option can be exercised in 2023 with the price
determined as a multiple of the average performance of Whizz Kid in
the preceding 5 years. At inception the Group estimated the present
value of the options to be GBP3.1m which has been recorded as an
adjustment to the Put option reserve, disclosed within Other
reserves.
Transactions with equity holders - Sierra Pictures
On 27 June 2018, the Group acquired the remaining 49% in Sierra
Pictures, LLC ('Sierra/Affinity') for a total consideration of
GBP14.2m settled by a cash payment of GBP9.7m and by issuing
1,231,768 shares in Entertainment One Ltd. amounting to
GBP4.5m.
The carrying value of the non-controlling interest in
Sierra/Affinity on 27 June 2018 amounting to GBP8.6m was
de-recognised and transaction costs of GBP0.1m was recorded as a
charge to the Group's retained earnings. The Currency translation
reserve relating to the previous non-controlling interest of
GBP1.2m has been transferred to the Group. The difference of
GBP6.7m has been recognised as a charge to the Group's retained
earnings.
As a result of the acquisition, the put and call options granted
over the 49% shares have been cancelled. The carrying value of the
liability as at 27 June 2018 of GBP17.9m has been reversed with the
corresponding adjustment to the Put option reserve of GBP12.2m. The
difference of GBP5.7m has been credited to retained earnings.
9. RISKS AND UNCERTAINTIES
The Board considers risk assessment, identification of
mitigating actions and internal control to be fundamental to
achieving the Group's strategic objectives. The Corporate
Governance section on pages 51 to 54 of the Annual Report and
Accounts for the year ended 31 March 2019 describes the systems and
processes through which the directors manage and mitigate risks.
The Board recognises that the nature and scope of the risks can
change and so reviews the risks faced by the Group, as well as the
systems and processes to mitigate them on an ongoing basis. The
Board considers the principal risks to achieving its objectives to
be:
- Strategy formulation and execution - Creating and executing
the best strategy for the Group;
- Recruitment and retention of employees - Finding the best
people for the business to deliver its strategy;
- Source and select the right content at the right price -
Building a valuable content portfolio;
- Protection of intellectual property rights - Protecting content and brands;
- Regulatory compliance - Operating within the law and seeking to optimise efficiency;
- Information security/data protection - Protecting eOne and stakeholders' data;
- Business continuity planning - Maintaining operations in the
event of an incident or crisis; and
- Financial risk - Seeking and maintaining financing to support
the delivery of the Group's strategic objectives.
The Group continues to assess and respond to the implications of
Brexit and expects there to be no significant exposures. As part of
its financial risk management, the Group monitors foreign currency
movements. The movement in foreign currency exchange rates during
the period has an impact on the reporting of the financial
performance of the Group. In particular, the different functional
currencies of the Group (US dollars, Canadian dollars, euros,
pounds sterling and Australian dollars) result in consolidation
translation gains and losses as the Group reports its financial
results in pounds sterling. During the three months ended 30 June
2019 a gain of GBP18.4m (2018: gain of GBP34.2m) has been recorded
in the Currency translation reserve, reflecting the impact of the
stronger pound sterling on translation of the Group's non-sterling
net assets. The Group looks to balance local currency borrowings
with the net assets of individual operating units to help mitigate
the impact of currency movements in relation to the Group's
consolidated net assets.
The financial results of individual businesses within the Group
are not significantly impacted by foreign currency movements other
than in relation to the investment in acquired content rights which
is generally transacted in US dollars and in relation to the
merchandising and licensing contracts of the Family & Brands
Division. The Group reduces its exposure to risk in relation to
foreign currency movements in these circumstances through hedging
instruments and internal currency offsets where available.
In the view of the Board there has been no material change in
risk factors since 31 March 2019. Further details of these risks
are provided on pages 51 to 54 of the Annual Report and Accounts
for the year ended 31 March 2019, a copy of which is available on
the Company's website at www.entertainmentone.com.
10. RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this note.
TRANSACTIONS WITH SIGNIFICANT SHAREHOLDERS
Canadian Pension Plan Investment Board (CPPIB) held 86,697,069
common shares in the Company at 30 June 2019 (31 March 2019:
85,597,069), amounting to 17.59% (31 March 2019: 18.42%) of the
issued capital of the Company. CPPIB is deemed to be a related
party of Entertainment One Ltd. by virtue of this significant
shareholding. The Group pays CPPIB an annual fee equivalent to the
annual fee paid by the Group to its other non-executive directors
in consideration for CPPIB allowing Scott Lawrence to allocate time
to his role as a non-executive director of the Company. The fee
payable to CPPIB in respect of Scott Lawrence's services for the
period ended 30 June 2019 was C$22,500 (30 June 2018:
C$22,500).
At 30 June 2019 the amounts outstanding payable to CPPIB are
C$nil (31 March 2019: C$8,500).
TRANSACTIONS WITH JOINT VENTURES
The Group owns 50% shares in the joint venture eOne/Fox Home Ent
Distribution Canada. During the three months ended 30 June 2019 the
Group made purchases of GBP100,202from eOne/Fox Home Ent
Distribution Canada. At 30 June 2019 the amounts outstanding
payable to eOne/Fox Home Ent Distribution Canada from the Group are
GBP60,788.
The Group owns a 50% share in the joint venture Suite
Distribution Limited. During the three months ended 30 June 2019
the Group received income of GBPnil from Suite Distribution
Limited. At 30 June 2019 the amounts receivable from Suite
Distribution Limited are GBP155,000.
The Group owns a 50% share in the joint venture Creative
England-Entertainment One Global Television Initiative Limited.
During the three months ended 30 June 2019 the Group received
income of GBPnil from Creative England-Entertainment One Global
Television Initiative Limited. At 30 June 2019 the amounts
receivable from Creative England-Entertainment One Global
Television Initiative Limited were GBP330,654.
Except for the items noted above, the nature of related parties
disclosed in the consolidated financial statements for the Group as
at and for the year ended 31 March 2019 has not changed.
KEY MANAGEMENT PERSONNEL
Key management consists of the Group Chief Executive Officer and
the Group Chief Financial Officer. The directors are of the opinion
these persons had authority and responsibility for planning,
directing and controlling the activities of the Group, directly or
indirectly.
The aggregate amounts of key management compensation are set out
below:
Period ended Period ended
30 June 30 June
2019 2018
GBPm GBPm
============================== ============= =============
Short-term employee benefits 0.4 0.4
Share-based payment benefits 0.6 0.9
============= =============
Total 1.0 1.3
============================== ============= =============
11. FINANCIAL INSTRUMENTS
As at 30 June 2019, there was no significant difference between
the book value and fair value (as determined by market value) of
the Group's financial assets or liabilities other than the Group's
GBP425.0m senior secured notes, which have a fair value of
GBP438.4m. There were no transfers between levels in the period and
there have been no changes to the basis of determining the fair
value measurements and valuation inputs disclosed within the
Group's consolidated financial statements for the year ended 31
March 2019.
At 30 June 2019, the Group had the following financial assets
and liabilities:
Period ended Year ended
30 June 31 March
2019 2019
GBPm GBPm
==================================== ========= ============= ===========
Assets measured at fair value
Derivative financial assets Level 2 1.4 0.9
Non-listed equity instruments Level 3 4.8 3.2
Liabilities measured at fair value
Derivative financial liabilities Level 2 (0.2) (3.5)
Total 6.0 0.6
=============================================== ============= ===========
The movements in non-listed equity instruments during the period
ended 30 June 2019 were as follows:
Non-listed
equity instruments
GBPm
================================================== ====================
Balance at 1 April 2018 0.8
Additions 2.3
Change in fair value recorded in:
profit and loss
other comprehensive income -
Transfers
Amounts settled -
Exchange differences recorded in profit and loss 0.1
Balance at 31 March 2019 3.2
Additions 2.0
Change in fair value recorded in:
profit and loss
other comprehensive income -
Transfers
Amounts settled -
Exchange differences recorded in profit and loss (0.4)
Balance at 30 June 2019 4.8
================================================== ====================
The key assumption in measuring the value of the non-listed
equity instruments is the long term performance of the
available-for-sale investments. There is no reasonable change in
the performance of the investments that would give rise to a
material change in the assets in these condensed consolidated
financial statements.
VALUATION TECHNIQUES AND INPUTS
Valuation technique and key Significant unobservable Relationship of
inputs input unobservable inputs to fair
value
============================ ============================ ============================ ============================
Level 1: Fair value measurements are N/a N/a
Senior secured notes (for derived from unadjusted
fair value disclosure only) quoted prices in active
markets for identical
assets or liabilities.
---------------------------- ---------------------------- ---------------------------- ----------------------------
Level 2: Discounted cash flow - N/a N/a
Derivative financial future cash flows are
instruments estimated based on forward
exchange rates (from
observable forward exchange
rates at the end of the
reporting period) and
contract forward
rates, discounted at a rate
that reflects the credit
risk of various
counterparties.
---------------------------- ---------------------------- ---------------------------- ----------------------------
Level 3: Income approach - in this Long-term performance of The greater the cash
Non-listed equity approach, the discounted the available-for-sale generation of the
instruments cash flow method was used investments, taking into investment over time, the
to capture the account management's higher the fair value.
present value of the experience and knowledge of
expected future economic market conditions of the
benefits to be derived from specific industries.
the ownership of
these investees.
============================ ============================ ============================ ============================
CONCENTRATION OF CREDIT RISK
The assessment of credit risk and the estimation of the expected
credit losses was determined by evaluating at the reporting date
for each financial asset a range of possible outcomes using
reasonable and supportable information based on past events,
current conditions and forecasts of future events and economic
conditions. A loss allowance has been recorded for all financial
assets with the carrying amount a reasonable approximation of fair
value.
12. INTEREST-BEARING LOANS AND BORROWINGS
Period ended Year ended
30 June 31 March
2019 2019
GBPm GBPm
================================================== ============= ===========
Bank borrowings 150.8 42.7
Senior secured notes 425.0 355.0
Bank overdrafts - 0.3
Deferred finance charges (9.2) (5.9)
Other 1.0 1.0
Interest bearing loans and borrowings 567.6 393.1
================================================== ============= ===========
Cash and cash equivalents (other than those held
by production subsidiaries) (57.6) (51.6)
Net Debt 510.0 341.5
================================================== ============= ===========
Shown in the consolidated balance sheet as:
Non-current 567.1 392.2
Current 0.5 0.9
================================================== ============= ===========
The following are the movements in the Group's interest-bearing
loans and borrowings during the year.
Term loan Bank borrowings Senior Other Total
secured loans
notes including
overdrafts
GBPm GBPm GBPm GBPm GBPm
======================
At 1 April 2018 - 23.8 355.0 2.5 381.3
Drawdowns - 372.0 - 0.8 372.8
Repayments - (355.1) - (2.1) (357.2)
Exchange differences - 2.0 - 0.1 2.1
At 31 March 2019 - 42.7 355.0 1.3 399.0
====================== ========== ================ ========= ============ ========
Drawdowns 52.0 136.1 425.0 - 613.1
Repayments (52.0) (31.4) (355.0) (0.3) (438.7)
Exchange differences - 3.4 - - 3.4
At 30 June 2019 - 150.8 425.0 1.0 576.8
====================== ========== ================ ========= ============ ========
Term loan
On 18 April 2019, the Group borrowed GBP52.0m through a term
loan maturing on 31 December 2020 to part fund the acquisition of
Audio Network Limited. The term loan was repaid on 26 June 2019
through the proceeds of the issuance of the GBP425.0m Senior
Secured Notes due 2026. Unamortised deferred finance charges of
GBP0.4m relating to the Term Loan were written off during the
period.
Bank borrowings
Bank borrowings include borrowings under the Group's super
senior revolving credit facility ('RCF') which matures in December
2023. At 30 June 2019, the Group had available GBP53.4m of undrawn
committed bank borrowings under the RCF.
Senior Secured Notes
On 25 June 2019 the Group completed the issuance of GBP425.0m in
aggregate principal amount of 4.625% Senior Secured Notes (the
'Notes') due 2026. The Notes are subject to a number of financial
covenants including interest cover charge and net debt against
underlying EBITDA. The Notes are secured against the assets of
various Group subsidiaries which make up the 'Restricted Group' and
rank pari passu with the revolving credit facility.
The proceeds of the Notes were used to redeem the Group's
GBP355.0m in aggregate principal amount of 6.875% Senior Secured
Notes due 2022.
Deferred finance charges
The Group capitalised fees of GBP7.0m during the period
associated with the issuance of the Senior Secured Notes. The
unamortised deferred finance charges (net of premium) of GBP3.0m on
the GBP355.0m of Notes were written off during the period.
13. PRODUCTION FINANCING
Period ended Year ended
30 June 31 March
2019 2019
GBPm GBPm
====================================================== ============= ===========
Production financing held by production subsidiaries 141.9 192.4
Other loans 5.4 3.5
Production financing 147.3 195.9
====================================================== ============= ===========
Cash and cash equivalents (held by production
subsidiaries) (69.5) (55.8)
Production financing (net of cash) 77.8 140.1
====================================================== ============= ===========
Production financing shown in the consolidated
balance sheet as:
Non-current 73.3 110.2
Current 74.0 85.7
====================================================== ============= ===========
The following are the movements in the Group's production
financing and other loans during the year.
Production Other loans Total
financing
======================
GBPm GBPm GBPm
======================
At 1 April 2018 171.9 4.9 176.8
Drawdowns 224.5 0.8 225.3
Repayments (211.8) (2.5) (214.3)
Exchange differences 7.8 0.3 8.1
At 31 March 2019 192.4 3.5 195.9
====================== =========== ============ ========
Drawdowns 23.6 6.4 30.0
Repayments (79.3) (4.7) (84.0)
Exchange differences 5.2 0.2 5.4
At 30 June 2019 141.9 5.4 147.3
====================== =========== ============ ========
14. STATED CAPITAL
Analysis of amounts recognised by the Group
Period ended 30 June Year ended 31 March
2019 2019
======================= ======================
Number of Value Number of Value
shares shares
'000 GBPm '000 GBPm
====================================== ============== ======= ============= =======
Balance at 1 April 464,786 610.6 460,112 594.8
Shares issued on exercise of
share options 1,062 4.4 2,805 9.5
Shares issued as part-consideration
for acquisitions 2,112 9.9 638 1.9
Shares issued as part-consideration
for acquisitions of non-controlling
interests - - 1,232 4.5
Shares issued as part of equity
raise 28,900 127.5 - -
Balance 496,860 752.4 464,787 610.7
====================================== ============== ======= ============= =======
Own Shares - - (87) (0.1)
Net balance 496,860 752.4 464,700 610.6
====================================== ============== ======= ============= =======
During the period ended 30 June 2019, the Group issued the
following stated capital:
- 1,061,058 common shares were issued to employees (or former
employees) exercising share options. The total consideration
received by the Company on the exercise of these options was
GBPnil.
- On 12 April 2019, 28,900,000 new common shares (equivalent to
GBP127.5m net of transaction costs of GBP2.5m) were issued as part
of an equity raise for the acquisition of Audio Network Limited
(see Note 8).
- On 18 April 2019, 2,112,428 new common shares (equivalent to
GBP9.9m) were issued as part consideration for the acquisition of
Audio Network Limited (see Note 8).
During the year ended 31 March 2019, the Group issued the
following stated capital:
- 2,805,181 common shares were issued to employees (or former
employees) exercising share options. The total consideration
received by the Company on the exercise of these options was
GBPnil.
- On 9 April 2018, 637,952 common shares (equivalent to GBP1.9
million) were issued as part consideration for the acquisition of
Whizz Kid Entertainment Limited.
- On 27 June 2018, 1,231,768 common shares (equivalent to GBP4.5 million) were issued as part consideration for the purchase of the remaining 49% share in Sierra Pictures, LLC
At 30 June 2019 the Company's stated capital comprised
496,859,706 common shares (March 2019: 464,786,220).
15. DIVIDS
On 20 May 2019 the directors declared a final dividend in
respect of the financial year ended 31 March 2019 of 1.5 pence
(2018: 1.4 pence) per share, which has absorbed GBP6.0m of total
equity (2018: GBP5.3m) and the liability is recorded within other
payables. The dividend was paid on 6 September 2019. Withholding
tax of GBP1.5m (2018: GBP1.3m) crystallised on payment and as such,
has not been recorded in these condensed consolidated
statements.
16. POST-BALANCE SHEET EVENTS
On 22 August 2019, the Group entered into an agreement with
Hasbro Inc. under which Hasbro will acquire the Group in an
all-cash transaction valued at GBP3.3 billion. Under the terms of
the agreement, the Group's shareholders will receive GBP5.60 in
cash for each common share of the Company. The completion of the
transaction is subject to receipt of certain regulatory approvals,
the approval by the Group's shareholders and other customary
closing conditions.
On 12 September 2019 the Group acquired US-based, notification
content producer Blackfin Inc. for initial consideration of GBP4.1m
rising to GBP16.2m depending upon performance related
conditions.
On 11 July 2019 eOne entered into an agreement to acquire
UK-based Daisybeck Studios, an independent television company
producing quality factual, factual entertainment and event
programming for an initial consideration of GBP2.1m rising to
GBP15.0m depending upon performance related conditions.
The provisional acquisition accounting for Blackfin and
Daisybeck Studios will be included in the Group's condensed
consolidated financial statements for the six months ended 30
September 2019 and is not yet available due to the timing and size
of the acquisitions.
Appendix to the Interim Announcement
for the three months ended 30 June 2019
RECONCILIATION OF ADDITIONAL PERFORMANCE MEASURES
The Group uses a number of non-IFRS financial measures that are
not specifically defined under IFRS or any other generally accepted
accounting principles, including underlying EBITDA, one-off items,
adjusted profit before tax and adjusted diluted earnings per share.
These non-IFRS financial measures (adjusted measures) are presented
because they are among the measures used by management to measure
operating performance and as a basis for strategic planning and
forecasting, and the Group believes that these measures are
frequently used by investors in analysing business performance.
Adjusted measures in management's view, reflects the underlying
performance of the business and provides a more meaningful
comparison of how the business is managed and measured on a
day-to-day basis and form the basis of the performance measures for
remuneration. Adjusted measures exclude certain items because if
included, these items could distort the understanding of our
performance for the year and the comparability between years. The
terms "underlying", "one-off items" and "adjusted" may not be
comparable with similarly titled measures reported by other
companies.
UNDERLYING EBITDA
The term underlying EBITDA refers to operating profit or loss
excluding amortisation of acquired intangibles, depreciation,
amortisation of software, share-based payment charge, tax, finance
costs and depreciation related to joint ventures, and operating
one-off items. A reconciliation is presented on the condensed
consolidated income statement.
ADJUSTED PROFIT BEFORE TAX AND ADJUSTED EARNINGS
The terms adjusted profit before tax and adjusted diluted
earnings per share refer to the reported measures excluding
amortisation of acquired intangibles, share-based payment charge,
tax, finance costs and depreciation related to joint ventures,
operating one-off items, finance one-off items, and, in the case of
adjusted diluted earnings per share, one-off tax items. Refer to
Note 7 Earnings per share for a reconciliation of profit before tax
and earnings per share to the adjusted measures.
LIBRARY VALUATION
Underpinning eOne's focus on growth through content ownership,
the Group commissions an annual independent library valuation
calculated using a discounted cash flow model (discounted using the
Group's post-tax weighted average cost of capital) for all of
eOne's family, television, music and film assets on a rateable
basis with eOne's ownership of such assets. The valuation is
completed for all committed assets at each year end and is
completed in the first half of the following fiscal year.
As such the valuation as at 31 March 2019 was completed in
September 2019 using the up to date cash flows that represent
forecast of future amounts which will be received from the
exploitation of the assets, net of payments made as royalties or
non-controlling interests and an estimate of the overheads required
to support such exploitation.
CURRENCY RELATED ADJUSTMENTS
The Group presents revenue and underlying EBITDA on a constant
currency basis, which is calculated by retranslating the
comparative figures using weighted average exchange rates for the
current year.
A reconciliation of the revenue growth on a constant currency
basis is shown below:
Three months Three months
ended ended
30 June 30 June Change
2019 2018
GBPm GBPm %
======================================= ============= ============= =======
Revenue (per IFRS consolidated income
statement) 173.1 185.7 (6.8%)
Currency adjustment N/A 4.8 N/A
Revenue (constant currency) 173.1 190.5 (9.1%)
======================================= ============= ============= =======
A reconciliation of the underlying EBITDA growth on a constant
currency basis is shown below:
Three months Three months
ended ended
30 June 30 June Change
2019 2018
GBPm GBPm %
========================================== ============= ============= ========
Underlying EBITDA (per IFRS consolidated
income statement) 13.4 17.3 (22.5%)
Currency adjustment N/A (0.5) N/A
Underlying EBITDA (constant currency) 13.4 16.8 (20.2%)
========================================== ============= ============= ========
INDEPENT REVIEW REPORT TO ENTERTAINMENT ONE LTD.
REPORT ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Our conclusion
We have reviewed Entertainment One Ltd.'s condensed consolidated
financial statements (the "interim financial statements") in the
first quarter results of Entertainment One Ltd. for the three month
period ended 30 June 2019. Based on our review, nothing has come to
our attention that causes us to believe that the interim financial
statements are not prepared, in all material respects, in
accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
What we have reviewed
The interim financial statements comprise:
-- the condensed consolidated balance sheet as at 30 June 2019;
-- the condensed consolidated income statement and condensed
consolidated statement of comprehensive income for the period then
ended;
-- the condensed consolidated cash flow statement for the period then ended;
-- the condensed consolidated statement of changes in equity for the period then ended; and
-- the explanatory notes to the interim financial statements.
The interim financial statements included in the first quarter
results have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
As disclosed in Note 2 to the interim financial statements, the
financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Group is
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the directors
The first quarter results, including the interim financial
statements, is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the first
quarter results in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Our responsibility is to express a conclusion on the interim
financial statements in the first quarter results based on our
review. This report, including the conclusion, has been prepared
for and only for the Company for the purpose of complying with the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the first
quarter results and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
Other matter
The condensed consolidated financial statements for the three
months ended 30 June 2018, forming the corresponding figures of the
financial statements for the three month period ended 30 June 2019,
are un-reviewed.
PricewaterhouseCoopers LLP
Chartered Accountants
London, United Kingdom
10 October 2019
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
QRFGGGBGUUPBGBU
(END) Dow Jones Newswires
October 11, 2019 02:00 ET (06:00 GMT)
Entertainment One (LSE:ETO)
過去 株価チャート
から 1 2025 まで 2 2025
Entertainment One (LSE:ETO)
過去 株価チャート
から 2 2024 まで 2 2025
