TIDMZIN
RNS Number : 9716I
Zinc Media Group PLC
22 April 2022
22 April 2022
Zinc Media Group plc
("Zinc", "Zinc Media", the "Company" or the "Group")
Results for the year ended 31 December 2021
and
Notice of Annual General Meeting
Zinc Media Group plc today announces its audited results for the
year ended 31 December 2021.
Headlines
The Group is pleased to report significant progress in 2021,
including the following highlights:
-- Revenues for the year to 31 December 2021 ("FY21") of
GBP17.5m (18 months ended 31 December 2020: GBP30.6m), with H2 2021
revenues increasing by 50% to GBP10.5m (H1 2021: GBP7.0m).
-- Adjusted EBITDA(1) loss for the year of GBP0.6m (18 months
ended 31 December 2020: GBP0.8m loss), with H2 2021 Adjusted
EBITDA[1] profit of GBP0.5m (H1 2021 : GBP1.1m loss).
-- The Group generated Free Cash Flow[2] of GBP0.5m in H2 2021.
-- The balance sheet has remained strong with cash of GBP5.6m at
the end of the year, and GBP4.2m as of 14 April 2022. There was a
net cash outflow of GBP1.2m during the year (18 months ended 31
December 2020: net inflow of GBP3.6m).
-- As of 14 April the Group has booked GBP13m of revenue which
is expected to deliver in 2022, an increase of GBP4m since
February.
-- The Group has a healthy pipeline of potential new business
for 2022 totalling GBP35m which could deliver in 2022, of which
GBP8m is at a highly advanced stage. Within the highly advanced
opportunities is a potential multi-million pound commission for a
global streamer for which the Group has already received GBP0.4m of
funding.
-- TV production gross margins increased by a further 7.6% to
37.2% in the 12 months to December 2021. This is 12.5% higher than
when the current management joined the Group in FY19 and equates to
a GBP2m improvement in profitability based on pre-Covid-19
revenues.
-- The Group delivered a number of significant programme
successes during the year, which included:
o a multi-million pound 52-episode returning series with Channel
5
o the Group's first major new series for the Discovery Group
o the Group's first Advertiser funded TV series
o the Group's first Advertiser funded podcast series
o the Group's first audio commission from Amazon Audible
o the Group's first funded development for one of the world's
biggest SVoD (subscription video on demand) platforms; and
o the launch of new TV label Supercollider which won new
business from Red Bull and Lego
-- The Group has continued to diversify its revenue base. Five
new businesses have been launched during 2020 and 2021 to propel
the Group into new content creation areas which collectively have
generated GBP5m, or 29%, of Group revenue in the year.
-- Zinc Communicate accounted for 17% of Group revenue in the
year, almost double the proportion in FY20.
-- The biggest TV division, in London and Manchester, made a
profit at the Adjusted EBITDA level for the first time since
2017.
Mark Browning, CEO of Zinc Media Group, said:
"We are very encouraged by the Group's performance this year
which positions it well for sustained growth and profitability in
the years ahead. Revenue is growing again, our margin performance
is outstanding, we are diversifying into new content markets, the
business was cash generative in H2 2021 and our pipeline shows the
largest amount of advanced business in the last three years. Our
balance sheet is strong, which will allow us to make further
investments for long term growth. Our teams throughout the UK have
worked exceptionally hard to achieve these results and we can look
forward to future years with confidence and ambition."
Copies of the annual report and accounts
The annual report and accounts is available on the company's
website at www.zincmedia.com and a hard copy will be posted to
those shareholders registered to receive one.
Notice of annual general meeting
Accompanying the accounts is notice of the Company's 2022 annual
general meeting (the "AGM"), which will take place at 10.00am on 26
May 2022 at Singer Capital Markets' offices at 1 Bartholomew Lane,
London, EC2N 2AX.
For those shareholders intending to attend the AGM please be
mindful of any UK Government Covid-19 guidance in place prior to
the meeting. If circumstances should change materially before the
date of the meeting, the Company may adapt the proposed
arrangements, working in accordance with UK Government guidelines
and mindful of public health concerns. If there are material
changes, the Company will provide updates as early as possible
before the date of the meeting through a Regulatory Information
Service and the Company's website at www.zincmedia.com/investors .
Shareholders are advised to check the Company's website regularly
for updates.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
For further information, please contact:
+44 (0) 20 7878
Zinc Media Group plc 2311
Mark Browning, CEO / Will Sawyer, CFO
www.zincmedia.com
Singer Capital Markets (Nominated Advisers +44 (0) 20 7496
and Broker) 3000
Mark Taylor / George Tzimas
+44 (0) 20 3934
IFC Advisory Ltd (Financial PR) 6630
Graham Herring / Zach Cohen
About Zinc Media Group
Zinc Media Group plc is a leading television and content
creation group.
The award-winning and critically acclaimed television labels
comprise Blakeway, Brook Lapping, Films of Record, Red Sauce,
Supercollider, Rex and Tern Television and produce programmes
across a wide range of factual genres for UK and international
channels.
Zinc Communicate specialises in developing cross-platform
content for brands, businesses and partners. For further
information on Zinc Media please visit www.zincmedia.com
CHAIRMAN'S STATEMENT
2021 was a tale of two halves. The first half saw the country in
lockdown between January and April, with the consequential negative
impact on TV production businesses heavily reliant on accessing
people to film. As a result, the Group's H1 performance reflects
these difficult trading conditions. However, in contrast to the
first lockdown period in 2020 the Group continued to invest in
business development and new hires in H1 2021, trusting that this
would deliver growth and profitability in H2 2021 and 2022. This
decision has been vindicated in the Group's H2 results which
delivered Adjusted EBITDA of GBP0.5m and Free Cash Flow of GBP0.5m,
demonstrating the excellent progress made under the new management
team.
Margin improvement has been a critical driver of success, with
TV production gross margins now up 12.5% from FY19 levels,
exemplifying the transformation plan executed during the Covid-19
pandemic over the last two years. Revenue diversification has
continued with the success of new businesses launched in the last
18 months, which collectively delivered GBP5m of revenue from new
markets and buyers. This includes the live action and events
production business Supercollider and the branded entertainment and
corporate video businesses in the new commercial content division
Zinc Communicate.
There were many notable breakthroughs in 2021 as the Group moved
into podcasting, brand funded entertainment, live action television
and video marketing. The Group also won its largest ever television
commission and secured new TV clients including Sky and Dave, and
in audio Amazon Audible. The Group starts 2022 in a strong position
with GBP13m booked for delivery in the year and a strong
pipeline.
The Board would like to thank the management team, the employees
and freelancers for their professional and dedicated work, as well
as our shareholders for their support in what has been a year of
progress amid difficult conditions.
CEO'S REPORT
Performance and strategy
In the second half of 2021 the Group delivered a healthy
Adjusted EBITDA profit of GBP0.5m (H1 2021: GBP1.1m loss) and was
cash generative. The continuing focus on improving gross margins
over the last 18 months was a significant driver of this strong
performance and demonstrates the profitability and cash generation
which the Group can achieve once revenues start to accelerate and
the Group scales further.
At the start of 2021, the Group updated its strategic plan
focusing on five strategic priorities:
-- Revenue growth and diversification;
-- Gross margin growth;
-- Cash generation and cash management;
-- Performance culture; and
-- Shareholder engagement
Strong progress has been made on each of these areas during the
year.
Revenue growth and diversification
Despite being heavily impacted by Covid-19 in 2021 the
television businesses, which are based in London, Manchester,
Glasgow, Aberdeen and Belfast, delivered revenues of GBP14.6m,
representing 83% of the Group's turnover. Returning series are the
bedrock of successful television businesses and the Group had 13
returning series in 2021 which accounted for GBP5.5m of television
turnover in 2021. The Group starts 2022 with 9 returning
series.
Zinc Communicate demonstrated good growth in 2021 and has the
potential to grow substantially in 2022 and beyond. This business
is the Group's commercial content production division and currently
operates in four areas: branded entertainment, corporate video,
digital publishing and audio and podcasting. Revenues from Zinc
Communicate were GBP2.9m in 2021, up 59% on 2020 on an annualised
basis. Three of these four business were launched in 2021 and all
have the potential for rapid acceleration in the years ahead. Gross
margins in Zinc Communicate are typically double those in
television.
Revenue diversification is progressing well across the Group.
Diversification within television saw the Group break into the UK
multi-channel networks for the first time in 2021, with new
business coming from Dave (part of UKTV), Sky Arts and Discovery.
Prior to the implementation of the transformation plan in 2020 this
was largely untapped by Zinc. The Group launched several new
businesses in 2021 which included Red Sauce and Supercollider
within the Television division, and branded entertainment,
corporate video and podcasting in Zinc Communicate. Collectively
these new businesses accounted for GBP5m of revenue in 2021,
accounting for 29% of the Group's turnover. These all represent new
markets for Zinc, and have the potential for accelerated growth in
2022 and beyond.
Gross margin growth
London & Manchester television production gross margins grew
strongly in the year, seeing an increase of 7.6% to 37.2% (FY20:
29.6%, FY19: 24.7%). Improvement has been driven by investments in
post-production technology, re-organisation of staff resource,
enhancing financial controls in production management and the
alignment of incentivisation schemes. Gross margin is now at the
higher end of industry norms, and the target remains 33%-35% on an
on-going basis.
Cash generation and cash management
Progress in cash management was also made during the year, with
the Group becoming cash generative in H2. Despite a net cash
outflow of GBP1.2m over the year (18 months ended 31 December 2020:
net inflow of GBP3.6m), the balance sheet has remained strong: cash
balances have remained buoyant throughout the year, ending 31
December 2021 at GBP5.6m (2020: GBP6.8m), providing the platform
for the Group to invest and enable growth in 2022 and beyond.
Performance culture
The performance culture continues to drive success within the
Group. All employees are set clear personal objectives and provided
with regular feedback on performance. All business winning roles
and business delivery roles are rewarded on delivery of agreed
gross margins, and members of the Senior Management Team ("SMT")
are incentivised on the EBITDA performance of their respective
divisions. A culture of high performance is supported by employee
initiatives which invest in personal development, training, and
learning and development. Zinc Care was launched in 2021 which
implemented wellbeing seminars and coaching events to provide
personal and professional development.
Shareholder engagement
The Group invested further in improving shareholder engagement
during the year. Alongside regular trading updates, the CEO and CFO
present to all shareholders and interested parties at least twice a
year using the Investor Meets Company platform. In addition, the
Group held a capital markets day in July 2021 and has recently held
another in February 2022. These are held at Zinc headquarters in
London, providing a chance for investors to meet the executive team
and Chairman along with members of the SMT, and they provide market
insights and showcase the creative work from around the Group. The
Group appointed Investor Focus Communications (IFC) as its investor
relations and financial PR advisor in December 2021. They will be
leading the Group's investor engagement strategy during the coming
year. Other shareholder conversations take place throughout the
year and news is regularly posted on the Group's website and on the
Group's social media feeds. Links to these can be found at
www.zincmedia.com .
Programme highlights
2021 was packed with programme and editorial highlights
including many 'firsts' for the Group.
In television, the PSBs (Public Service Broadcasters) - the BBC,
ITV, Channel 4 and Channel 5 - represent the largest market for
Zinc and the Group produces for all these channels.
Ian Wright: Home Truths for BBC One attracted very high levels
of press and discussion, and is another world-class piece of
reputational television. Blitz Spirit with Lucy Worsley, a
follow-up to the BAFTA Award winning Suffragettes with Lucy
Worsley, transmitted on BBC One in February 2021. The Hunt for
Gaddafi's Billions, a feature-length documentary for BBC, VPRO,
ZDF/Arte and other broadcasters transmitted on BBC FOUR and was
nominated in the category of best current affairs at the
International Emmy Awards. Norma Percy's series Trump Takes on the
World was a three-part series for the BBC, Arte France and other
international broadcasters which transmitted on BBC One to great
acclaim.
On ITV 9/11: Life Under Attack anchored ITV's coverage of the
20(th) anniversary of the Twin Towers attack and has been nominated
for an RTS award. The Group produced several series for Channel 4
including the returning series Emergency Helicopter Medics from
Tern TV for More4, and 50 Years of Mr Men with Matt Lucas for
Channel 4. Excellent progress was made with Channel 5 during 2021,
with Tern TV producing Thatcher vs The Miners and Red Sauce winning
the Group's largest ever series commission for Bargain Loving Brits
in the Sun.
Productions made outside London ("MoL") are important for the
PSBs and Zinc is well placed to address this need, with substantive
long term production centres in Manchester, Glasgow, Belfast and
Aberdeen. Zinc's proportion of MoL TV production revenues in 2021
was 71%, up from 58% in 2020, driven by the success of Red Sauce in
Manchester and Tern TV in Scotland and Northern Ireland.
The Group made good progress moving into new markets in the UK
multichannel networks. Zinc won its first major new series for the
Discovery Group: Spooked: Scotland, a 10-part series from Tern TV.
Red Sauce picked up a new 'blue light' series for Dave titled
Special Ops: Crime Squad UK which is a potential returning series,
and Zinc Communicate won the Group's first Advertiser Funded
Programme (AFP), a series broadcast on Sky Arts, funded by Adobe,
titled My Greatest Shot and produced by Tern TV in Scotland.
Additionally, the Group made significant progress in
diversifying into content for brands and agencies. The Group's
newest TV label Supercollider won its first production, Human
Pinball for Red Bull, a stunt action film with YouTube freerunning
star Pasha. This premium television production was released on
social media and Red Bull's own channels. Supercollider followed
this up by producing social media content for The Lego Group to
launch their Lego Stuntz range of toys.
Zinc Communicate launched into the potentially lucrative market
of podcasting, which builds organically from Zinc's heritage in
radio production. The audio and podcasting business won its first
commission for Amazon Audible, as well as its first commercial
podcasts.
Market and outlook
The content market is improving from the Covid-19 inflicted
decline. Prior to the pandemic, the television production market in
the UK was worth GBP4.7bn, with Factual television, Zinc's core
competence, accounting for GBP1bn [3] . The television
commissioning market can broadly be split in to four buyers: UK
PSBs including Nations and Regions, UK multi-channel networks (e.g.
UKTV, Sky), international channels and SVoD (Subscription Video on
Demand e.g. Netflix).
The PSBs remain the single largest buyers of original UK
production and Zinc consistently wins commissions from all the UK
PSBs. Given the size of this market there is a significant
opportunity for Zinc to grow its share, with even modest growth in
market share expected to translate into significant improvements in
profitability. As a result of the many new hires made during the
last 12 months the Group anticipates steady growth from the UK PSBs
in the years ahead, with a particular focus on winning new
commissions from the BBC, Channel 4 and Channel 5.
Zinc has broken into new TV markets in 2021. This includes the
growing market occupied by the UK multi-channel networks with new
clients including Dave and Sky. The international commissioning
market has been impacted by Covid-19 for longer than the UK. Prior
to Covid-19 Zinc was able to generate approximately 30% of its
television revenues from this market, and as the world comes out of
the pandemic the Group is optimistic it will see revenues from this
market recover.
The final market for original unscripted production is the SVoD
market. While the number of hours commissioned from UK indies
remains small by comparison with the UK PSBs this is a growing
market and Zinc is making good progress winning client funded
developments from potential new customers.
In addition to broadcast television production the Group's
commercial content production division Zinc Communicate is
successfully diversifying revenues into new content rich markets.
These include branded entertainment, audio and podcasting and
corporate video. The Group has successfully launched new businesses
in these markets and anticipates accelerated growth from these
businesses in 2022 and beyond.
As at 14 April the pipeline for the Group is over GBP35m of
potential new business which could deliver in 2022, of which GBP8m
is highly advanced with buyers. Strong pipeline conversion has been
a challenge during the pandemic with buyers hesitant to commit
significant spend while crews and partners have themselves been
impacted by Covid-19 delays. However, the Group has every
expectation of accelerating the conversion of this strong pipeline
as confidence returns to the market, and fully expects to see a
faster conversion of new business in the year ahead.
The size of the opportunity for the Group is significant. H2's
results provide evidence that the Group can generate healthy EBITDA
and cash as it scales. Growth will come from pursuing organic and
acquisitive opportunities. We believe the management, board,
shareholders and employees are aligned on this approach, and we are
optimistic that growth will accelerate in 2022 and beyond.
CFO'S REPORT
Income statement
During FY20, the Group's accounting reference date was changed
from 30 June to 31 December and as a result the prior period
figures for FY20 in this report relate to an eighteen-month
period.
Once the worst impacts of Covid-19 were behind us the Group saw
a significant upturn: revenues in the second half of the year
versus the first half increased by 50% to GBP10.5m, and the Group
generated Adjusted EBITDA [4] of GBP0.5m (H1 2021: GBP1.1m
loss).
Revenue from continuing operations for the year was GBP17.5m
(FY20 18 month period: GBP30.6m). Adjusted EBITDA from continuing
operations was a GBP0.6m loss in the year (FY20 18 month period:
GBP0.8m loss).
Five new businesses were launched in the last 18 months, which
collectively generated GBP5m, or 29%, of Group revenue in the year.
The new businesses within Zinc Communicate helped propel its
revenues to 17% of Group revenue in the year, almost double the
proportion in FY20. This is in line with the strategy to continue
to build the television businesses whilst diversifying revenue.
Tern TV continued to perform well in the year with revenues of
GBP6.7m. London & Manchester TV generated GBP7.9m of revenue
and made a profit at Adjusted EBITDA level for the first time since
2017. This is particularly encouraging given the investment made in
new roles during the year as this division felt the impact of the
pandemic more acutely than other parts of the business owing to its
dependence on more expensive and international programmes.
Total gross margin increased during the period from 30.1% to
38.5%. The increase in margin was driven primarily by London and
Manchester TV where production gross margins increased from 29.6%
to 37.2% due to the previous year's investment in post-production
equipment, changes in production management and improvements in
financial management.
Earnings per share
Basic and diluted loss per share from continuing operations in
the period was 15.80p (18 months ended 31 December 2020: loss per
share of 66.38p). These measures were calculated on the losses for
the period from continuing operations attributable to Zinc Media
Group shareholders of GBP2.5m (18 months ended 31 December 2020:
loss of GBP4.3m) divided by the weighted average number of shares
in issue during the period being 16,095,991 (18 months ended 31
December 2020: 6,507,620).
The Board does not recommend the payment of a final dividend (18
months ended 31 December 2020: GBPnil).
Statement of Financial Position
Assets
Cash at the end of December 2021 was GBP5.6m, having decreased
by GBP1.2m during the period as a result of a combination of
outflows from operating activities, capital expenditure, property
leases and the servicing of the long-term debt.
Equity and Liabilities
Equity has reduced from GBP6.0m to GBP3.7m principally driven by
the loss in the year.
Total liabilities have remained static. The Group had an
outstanding balance on long-term debt of GBP3.4m at the year end
(2020: GBP3.4m). The Directors believe the Group has strong
shareholder support, evidenced by shareholders investing GBP7.5m in
new equity in recent years and the long-term debt holders, who are
also major shareholders with 44% of the Group's shares, extending
the repayment date of the Group's long-term debt from December 2022
to December 2024.
Cash Flows
The Group is pleased to report that free cash flow of GBP0.5m
was generated from operations in the second half of the year (H1
2021: GBP1.1m outflow).
Across the full year the Group experienced a modest cash outflow
from operating activities of GBP0.2m (FY20 18 month period: GBP0.7m
outflow) due to an increase in working capital of GBP0.4m
offsetting a cash outflow of GBP0.6m.
Working capital has been closely managed, and together with much
reduced capital expenditure of GBP0.3m - following the previous
period's GBP1.0m capital expenditure, mostly comprising investment
in production equipment to drive increased gross margins in TV -
the cash position of the Group has remained buoyant and the Group
ended the year with GBP5.6m (2020: GBP6.8m).
Post Balance Sheet Events
Post year-end, the long-term debt holders agreed to extend the
term of the debt by two years, such that the repayment of the debt
is now due on 31 December 2024.
Key Performance Indicators (KPIs)
In monitoring the performance of the business, the executive
management team uses the following KPIs:
-- TV production gross margins
-- Revenue growth
-- Revenue diversification
-- Pipeline and order book growth
-- Adjusted EBITDA
-- Cash generation
-- Audience and market response to programming content (viewing ratings, industry awards etc.)
These KPIs have been reported within the CEO's Report and CFO's
Report.
Consolidated income statement for the year ended 31 December
2021
12 months ended 18 months ended
31 December 31 December
2021 2020
Notes GBP'000 GBP'000
------------------------------------- ------ ---------------- ----------------
Continuing operations
Revenue 4 17,491 30,552
Cost of sales 5 (10,759) (21,359)
------------------------------------- ------ ---------------- ----------------
Gross profit 6,732 9,193
Operating expenses 5 (9,097) (12,865)
Operating loss (2,365) (3,672)
------------------------------------- ------ ---------------- ----------------
Depreciation & amortisation 5 1,486 2,246
Share based payment charge 7 122 22
Loss on disposal of fixed assets 4 22
Exceptional items 8 141 589
Adjusted EBITDA (612) (793)
------ ----------------
Finance costs 9 (241) (460)
Finance income 9 - 2
------------------------------------- ------ ---------------- ----------------
Loss before tax (2,606) (4,130)
Taxation credit/(charge) 10 86 (157)
Loss for the period from continuing
operations (2,520) (4,287)
Loss from discontinued operations 11 - (624)
Loss for the period (2,520) (4,911)
------------------------------------- ------ ---------------- ----------------
Attributable to:
Equity holders (2,544) (4,944)
Non-controlling interest 24 33
Retained loss for the period (2,520) (4,911)
------------------------------------- ------ ---------------- ----------------
Earnings per share
From continuing operations:
Basic 12 (15.80)p (66.38)p
Diluted 12 (15.80)p (66.38)p
From discontinued operations:
Basic 12 (0.00)p (9.59)p
Diluted 12 (0.00)p (9.59)p
------------------------------------- ------ ---------------- ----------------
Adjusted EBITDA is defined as EBITDA before share based payment
charge, loss on disposal of fixed assets and exceptional items. The
loss for the period attributable to equity holders from continuing
operations is GBP2,544k (18 months ended 31 December 2020:
GBP4,320k) and the loss to equity holders from discontinued
operations is GBPnil (18 months ended 31 December 2020:
GBP624k).
The accompanying principal accounting policies and notes form
part of these consolidated financial statements.
Consolidated statement of comprehensive income for the year
ended 31 December 2021
12 months 18 months
ended ended
31 December 31 December
2021 2020
GBP'000 GBP'000
-------------------------------------------------- ------------ ------------
Loss for the year and total comprehensive income
for the period (2,520) (4,911)
Attributable to:
Equity holders (2,544) (4,944)
Non-controlling interest 24 33
(2,520) (4,911)
-------------------------------------------------- ------------ ------------
Consolidated statement of financial position as at 31 December
2021
2021 2020
Note GBP'000 GBP'000
--------------------------------------------- ----- -------- --------
Assets
Non-current
Goodwill and intangible assets 13 3,800 4,505
Property, plant and equipment 14 904 934
Right-of-use assets 19 1,159 1,277
5,863 6,716
--------------------------------------------- ----- -------- --------
Current assets
Inventories 15 226 184
Trade and other receivables 16 3,887 4,279
Cash and cash equivalents 17 5,608 6,805
9,721 11,268
--------------------------------------------- ----- -------- --------
Total assets 15,584 17,984
--------------------------------------------- ----- -------- --------
Equity
Called up share capital 24 20 20
Share premium account 24 4,785 4,654
Share based payment reserve 277 155
Merger reserve 24 27 27
Retained earnings 24 (1,386) 1,158
--------------------------------------------- ----- -------- --------
Total equity attributable to equity holders
of the parent 3,723 6,014
--------------------------------------------- ----- -------- --------
Non-controlling interests 24 12
--------------------------------------------- ----- -------- --------
Total equity 3,747 6,026
--------------------------------------------- ----- -------- --------
Liabilities
Non-current
Borrowings 20 - 3,426
Lease liabilities 19 735 1,066
Deferred tax 22 190 277
Provisions 23 250 75
1,175 4,844
--------------------------------------------- ----- -------- --------
Current
Trade and other payables 18 6,799 6,771
Current tax liabilities 4 6
Borrowings 20 3,428 -
Lease liabilities 19 431 337
10,662 7,114
-------- --------
Total equity and liabilities 15,584 17,984
--------------------------------------------- ----- -------- --------
The consolidated financial statements were authorised for issue
and approved by the Board on 21 April 2022 and are signed on its
behalf by Will Sawyer.
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes.
Company registration number: SC075133
Consolidated statement of cash flows for the year ended 31
December 2021
18 months
12 months ended ended
31 December 31 December
2021 2020
Note GBP'000 GBP'000
------------------------------------------------ ----- ---------------- ------------
Cash flows from operating activities
Loss for the year before tax from continuing
operations (2,606) (4,130)
Loss for the year before tax from discontinued
operations - (624)
------------------------------------------------ ----- ---------------- ------------
(2,606) (4,754)
Adjustments for:
Depreciation 5 782 1,278
Amortisation and impairment of intangibles 5 704 1,039
Finance costs 9 241 460
Finance income 9 - (2)
Share based payment charge 7 122 22
Loss on remeasurement of deferred contingent
consideration 8 - 41
Contingent consideration deemed remuneration 8 - 160
Consideration paid in shares 131 -
Loss on disposal of assets 4 22
(623) (1,734)
(Increase) / decrease in inventories (42) 52
(Increase) / decrease in trade and other
receivables 392 2,579
Increase / (decrease) in trade and other
payables 28 (1,565)
------------------------------------------------ ----- ---------------- ------------
Cash (used in) / generated in operations (245) (668)
Finance costs paid - (69)
Finance income - 2
Interest on lease - (89)
Tax paid - -
Net cash flows (used in) / generated in
operating activities (245) (824)
------------------------------------------------ ----- ---------------- ------------
Investing activities
Payment of contingent consideration on
acquisition of subsidiary - (750)
Purchase of property, plant and equipment 14 (273) (988)
Purchase of intangible assets - (108)
Net cash flows used in investing activities (273) (1,846)
------------------------------------------------ ----- ---------------- ------------
Financing activities
Issue of ordinary share capital (net of
issue costs) - 7,094
Principal elements of lease payments (432) (698)
Interest paid (241) (172)
Net cash flows generated from / (used
in) from financing activities (673) 6,224
------------------------------------------------ ----- ---------------- ------------
Net (decrease) / increase in cash and
cash equivalents (1,191) 3,554
Translation differences (6) 38
Cash and cash equivalents at beginning
of year/period 17 6,805 3,213
------------------------------------------------ ----- ---------------- ------------
Cash and cash equivalents at year/period
end 17 5,608 6,805
------------------------------------------------ ----- ---------------- ------------
Consolidated statement of changes in equity for the year ended
31 December 2021
Total equity
attributable
Share to equity
based holders
Share Share payment Merger Preference Retained of Non-controlling Total
capital premium reserve reserve shares earnings the parent interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2019 5,928 30,509 133 875 839 (35,625) 2,659 8 2,667
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Loss and total
comprehensive
income for the
period - - - - - (4,944) (4,944) 33 (4,911)
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Equity-settled
share-based
payments - - 22 - - - 22 - 22
Shares issued in
placing 13 7,487 - - - - 7,500 - 7,500
Consideration
paid in shares 1 489 - 65 - 60 615 - 615
Shares issued in
lieu of fees - 48 - - - - 48 - 48
Shares issued in
debt conversion 1 427 - - - - 428 - 428
Conversion of
preference
shares 8 923 - - (839) - 92 - 92
Expenses of
issue of shares - (406) - - - - (406) - (406)
Capital
reduction (5,931) (34,823) - (913) - 41,667 - - -
Dividends paid - - - - - - - (29) (29)
Total
transactions
with owners
of the Company (5,908) (25,855) 22 (848) (839) 36,783 3,355 4 3,359
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Balance at 31
December 2020 20 4,654 155 27 - 1,158 6,014 12 6,026
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Balance at 1
January 2021 20 4,654 155 27 - 1,158 6,014 12 6,026
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Loss and total
comprehensive
income for the
period - - - - - (2,544) (2,544) 24 (2,520)
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Equity-settled
share-based
payments - - 122 - - - 122 - 122
Consideration
paid in shares - 131 - - - - 131 - 131
Dividends paid - - - - - - - (12) (12)
Total
transactions
with owners
of the Company - 131 122 - - (2,544) (2,291) 12 (2,279)
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Balance at 31
December 2021 20 4,785 277 27 - (1,386) 3,723 24 3,747
----------------- -------- --------- -------- -------- ----------- --------- ------------- ---------------- --------
Notes to the preliminary financial information
1. GENERAL INFORMATION
Zinc Media Group plc and its subsidiaries (the Group) produce
high quality television and cross-platform content.
Zinc Media Group plc is the Group's ultimate parent and is a
public listed company incorporated in Scotland. The address of its
registered office is 4(th) Floor, Saltire Court, 20 Castle Terrace,
Edinburgh EH1 2EN. Its shares are traded on the AIM Market of the
London Stock Exchange plc (LSE:ZIN).
The financial statements are presented in Sterling (GBP),
rounded to the nearest thousand.
2. BASIS OF PREPARATION
This preliminary financial information does not constitute
statutory accounts within the meaning of S434 of the Companies Act
2006 for the financial year ended 31 December 2021 or the 18 month
period ending 31 December 2020.
The financial statements of the Group for the financial year
ended 31 December 2021 have been prepared in accordance with
UK-adopted-International Accounting Standards. The financial
statements have been prepared primarily under the historical cost
convention, with the exception of contingent consideration measured
at fair value. Areas where other bases are applied are identified
in the accounting policies below.
The Group's accounting policies have been applied consistently
throughout the Group to all the periods presented, unless otherwise
stated.
The preliminary financial information for the periods ended 31
December 2021 and 2020 has been extracted from the audited
statutory accounts for the year ended 31 December 2021 and prepared
on the same basis as the accounting policies adopted in those
accounts. The statutory accounts for the year ended 31 December
2021 have yet to be delivered to the Registrar of Companies and
have been prepared in accordance with UK-adopted-International
Accounting Standards.
Statutory accounts for the year ended 31 December 2021 will be
delivered to the Registrar of Companies and sent to Shareholders
shortly.
The audit report on the statutory financial statements for the
year ended 31 December 2021 is unqualified and does not include
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying the report and does not contain any
statement under Section 498(2) or (3) of the Companies Act
2006.
Statutory accounts for the year ended 31 December 2020 been
filed with the Registrar of Companies. The auditor's report on
those accounts was unqualified and did not include reference to any
matters to which the auditor drew attention by way of emphasis
without qualifying the report and did not contain a statement under
section 498(2) and (3) of the Companies Act 2006.
2.1) Going concern
The financial statements have been prepared on a going concern
basis, which assumes that the Group will be able to meet its
liabilities as they fall due for a period of at least 12 months
from the date of signing of the financial statements. The Group is
dependent for its working capital requirements on cash generated
from operations, cash holdings, long-term debt and from equity
markets.
The Directors believe the Group has sufficient cash resources.
As at 31 December 2021 the cash holdings of the Group were GBP5.6m
and net cash was GBP2.2m. The Group also has an overdraft facility
of GBP0.6m available.
The Directors believe the Group has strong shareholder support,
evidenced by shareholders investing GBP7.5m in new equity in recent
years and the long-term debt holders, who are also major
shareholders with 44% of the Group's shares, post year end having
agreed to extending the repayment date of the Group's long-term
debt from December 2022 to December 2024.
Management have prepared forecasts and scenarios under which
cashflows may vary and believe there are sufficient mitigating
actions that can be employed to enable the Group to operate within
its current level of financing for a period of at least 12 months
from the date of signing of the financial statements.
There are several factors which could materially affect the
Group's cashflows, including the impact of any further Covid-19
related restrictions, the underlying performance of the business
and uncertainty regarding the timing of receipts from customers.
The Directors have prepared scenario plans. The main variable is
the run rate of new business, particularly in relation to
commissions of television programmes. Whilst the sales pipeline is
healthy the timing of new sales is hard to predict and the
scenarios include revenues being 25% down on pre-Covid levels of
2019. The Directors have reviewed management's forecasts and
scenarios under which cashflows may vary and remain confident that
the Group will have sufficient cash resources for a period of at
least 12 months from issuing the financial statements in these
scenarios.
In light of the forecasts, the support provided by the loan
providers who are also significant shareholders, along with
mitigating measures available to be used if needed, the Directors
believe that the going concern basis upon which the financial
statements have been prepared is reasonable.
2.2) Basis of consolidation
The consolidated financial statements comprise the financial
statements of the Group and its subsidiaries as at 31 December
2021. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the
investee. Generally, there is a presumption that a majority of
voting rights results in control. To support this presumption and
when the Group has less than a majority of the voting or similar
rights of an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an
investee.
Consolidation of a subsidiary begins when the Group obtains
control over the subsidiary and ceases when the Group loses control
of the subsidiary. Assets, liabilities, income and expenses of a
subsidiary acquired or disposed of during the year are included in
the consolidated financial statements from the date the Group gains
control until the date the Group ceases to control the
subsidiary.
All intra-group assets and liabilities, equity, income, expenses
and cash flows relating to transactions between members of the
Group are eliminated in full on consolidation.
Non-controlling interests (NCI) represents the share of
non-wholly owned subsidiaries' net assets that are not directly
attributable to the shareholders of the Group.
2.3) Adoption of new and revised standards
New standards, interpretations and amendments effective from 1
January 2021
In the current period, the following standards and
interpretations have been adopted which were effective for
periods commencing on or after 1 January 2021:
- Amendment to IFRS 16 Leases Covid-19 - Related Rent
Concessions (effective 30 June 2020)
- Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16
Interest Rate Benchmark Reform
(effective 1 January 2021)
- Amendments to IFRS 4 Insurance Contracts - deferral of IFRS 9
(effective 1 January 2021)
The adoption of these amendments has not had a material impact
on the financial statements.
New standards and interpretations that have not been early
adopted
None of the new standards, amendments and interpretations, which
are effective for periods beginning after 1 January 2022 and which
have not been adopted early, are expected to have a significant
effect on the consolidated financial statements of the Group .
3) ACCOUNTING POLICIES
3.1) Revenue
The Group recognises revenue to depict the transfer of promised
goods or services to customers at an amount that reflects the
consideration to which the entity expects to be entitled in
exchange for those goods or services. Specifically, the Group
follow these steps:
1. Identify the contract with the customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in the contract
5. Recognise revenue when (or as) the entity satisfies a performance obligation
Revenue is measured at the fair value of the consideration
received or receivable and represents amounts receivable for
services provided in the normal course of business, net of
discounts and sales related taxes.
Revenue is recognised when the amount of revenue can be measured
reliably, it is probable that the economic benefits associated with
the transaction will flow to the entity, the costs incurred or to
be incurred can be measured reliably, and when the criteria for
each of the Group's different activities has been met.
Where productions are in progress at the year end and where the
revenue amounts invoiced exceed the value of work done the excess
is shown as contract liabilities; where the revenue recognised
exceed revenue invoiced the amounts are classified as contract
assets. The contract asset is transferred to receivables when the
entitlement to payment becomes unconditional. Where it is
anticipated that a production will make a loss, the anticipated
loss is provided for in full.
The accounting policies specific to the Group's key operating
revenue categories are outlined below:
TV - production revenue
Production revenue from contracts with broadcasters comprises
work carried out to produce and deliver television programmes and
broadcaster licence fees. These are combined performance
obligations because the production and licence are indistinct, and
the licence is not the primary or dominant component of the
combined performance obligation. The Group considers the combined
performance obligation to be satisfied over time as it does not
create an asset with an alternative use at contract inception and
the Group has an enforceable right to payment for performance
completed to date.
The Group recognises revenue over time by measuring the progress
towards complete satisfaction of the performance obligation, in
line with transferring control of goods or services promised to a
customer. The Group transfers control of the programme over time,
and costs are incurred in line with performance completed. The
percentage of completion is calculated as the ratio of the contract
costs incurred up until the end of the period to the total
estimated programme cost.
TV - distribution revenue
Distribution revenue comprises sums receivable from the
exploitation of programmes in which the company owns rights and is
received as advances and royalties.
Advances are fixed sums receivable at the beginning of
exploitation that are not dependent on the sales performance of the
programme. They are recognised when all the following criteria have
been met:
i) an agreement has been executed by both parties; and
ii) the programme has been delivered; and
iii) the licence period has begun.
Royalty revenue is dependent on the sales performance of the
programme and is recognised when royalty amounts are confirmed.
Zinc Communicate
The three types of revenue, which comprise distinct performance
obligations, are:
1. Publishing: advertising revenue is recognised on the date
publications are dispatched to customers which is when control
transfers.
2. Online: revenue is recognised at the point of delivery or
fulfilment for single/discrete services which is when control
transfers.
3. Content production: recognition of revenue is by reference to
stage of completion of the specific transaction assessed based on
the actual service provided as a proportion of the total services
to be provided, which is done on the same basis as TV production
revenue.
3.2) Government grants
Grants received as part of Government assistance to retain
employees during the Covid-19 pandemic have been recognised in the
Consolidated Statement of Comprehensive Income in the same period
that the related employee cost has been recognised.
3.3) Property, plant and equipment
Property, plant and equipment are stated at cost net of
depreciation and any provision for impairment.
Depreciation is calculated to write down the cost less estimated
residual value of all property, plant and equipment by equal annual
instalments over their expected useful lives. The rates generally
applicable are:
Leasehold premises over the term of the lease
Office equipment 10%-20% on cost
Computer equipment 20%-33% on cost
Motor vehicles 25% on cost
Useful economic lives are reviewed annually. Depreciation is
charged on all additions to, or disposals of, depreciating assets
in the year of purchase or disposal. Any impairment in values is
charged to the income statement.
3.4) Intangible assets
Business combinations are accounted for by applying the
acquisition method. Goodwill represents the difference between the
cost of the acquisition and the fair value of the net identifiable
assets acquired. Identifiable intangibles are those which can be
sold separately, or which arise from legal rights regardless of
whether those rights are separable.
Goodwill is stated at cost less any accumulated impairment
losses. Goodwill is allocated to cash-generating units and is not
amortised but tested annually for impairment.
Goodwill arising on acquisitions is attributable to operational
synergies and earnings potential expected to be realised over the
longer term.
The intangible assets other than goodwill are in respect of the
customer relationships, brand and distribution catalogue acquired
in respect of the acquisition of Reef Television and Tern
Television Productions and in each case, are amortised over the
expected life of the earnings associated with the asset
acquired.
Brands, Customer relationships, Distribution catalogue Over 7 years
Software Over 2 years
The distribution catalogue intangible asset arises on the
acquisition of Tern Television Productions. It is amortised over 5
years and as at 31 December 2021 the remaining useful life was 2.5
years.
Brands and customer relationships relate to the acquisition of
Reef Television and Tern Television Productions. They are amortised
over a period of 7 years and as at 31 December 2021 there were 0.5
more years of useful life remaining for Reef Television and 2.5
years remaining for Tern Television Productions.
The software relates to a finance system that was purchased in
2020 and is used across the group.
3.5) Leased assets
For any new contracts the Group considers whether a contract is,
or contains, a lease. A lease is defined as 'a contract, or part of
a contract, that conveys the right to use an asset (the underlying
asset) for a period of time in exchange for consideration'. To
apply this definition the Group assesses whether the contract meets
three key evaluations which are whether:
-- The contract contains an identified asset, which is either
explicitly identified in the contract or implicitly specified by
being identified at the time the asset is made available to the
Group; and
-- The Group has the right to obtain substantially all the
economic benefits from use of the identified asset throughout the
period of use, considering its rights within the defined scope of
the contract; and
-- The Group has the right to direct the use of the identified
asset throughout the period of use. The Group assess whether it has
the right to direct 'how and for what purpose' the asset is used
throughout the period of use.
At lease commencement date, the Group recognises a right-of-use
asset and a lease liability on the balance sheet. The right-of-use
asset is measured at cost, which is made up of the initial
measurement of the lease liability, any initial direct costs
incurred by the Group, an estimate of any costs to dismantle and
remove the asset at the end of the lease, and any lease payments
made in advance of the lease commencement date (net of any
incentives received).
The group depreciates the right-of-use assets on a straight-line
basis from the lease commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end of the lease
term. The Group also assesses the right-of-use asset for impairment
when such indicators exist.
At the commencement date, the Group measures the lease liability
at the present value of the lease payments unpaid at that date,
discounted using the interest rate implicit in the lease if that
rate is readily available or the Group's incremental borrowing
rate.
Lease payments included in the measurement of the lease
liability are made up of fixed payments, variable payments based on
an index or rate, amounts expected to be payable under a residual
value guarantee and payments arising from options reasonably
certain to be exercised.
Subsequent to initial measurement, the liability will be reduced
for payments made and increased for interest. It is remeasured to
reflect any reassessment or modification.
When the lease liability is remeasured, the corresponding
adjustment is reflected in the right-of-use asset, or income
statement if the right-of-use is already reduced to zero. The Group
has elected to account for short-term leases and leases of
low-value assets using the practical expedients. Instead of
recognising a right-of-use asset and lease liability, the payments
in relation to these are recognised as an expense in the income
statement on a straight-line basis over the lease term.
3.6) Inventories
Inventories in TV comprise of costs on productions that are
incomplete at the year-end less any amounts recognised as cost of
sales.
Inventories in Zinc Communicate comprise:
-- Cumulative costs incurred in relation to unpublished titles
or events, less provision for future losses, and are valued based
on direct costs plus attributable overheads based on a normal level
of activity. No element of profit is included in the valuation of
inventories.
-- Inventories comprise costs of unsold publishing stock and
costs on projects that are incomplete at the year-end less any
amounts recognised as cost of sales.
3.7) Impairment of assets
For the purposes of assessing impairment, non-financial assets
are grouped at the lowest levels for which there are separately
identifiable cash flows (cash-generating units). As a result, some
assets are tested individually for impairment and some are tested
at the cash-generating unit level.
Goodwill is allocated to those cash generating units that are
expected to benefit from the synergies of the related business
combination and represent the lowest level within the Group at
which management monitors the related cash flows. Goodwill and
other individual assets or cash-generating units are tested for
impairment annually or whenever events / changes in circumstances
indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the
assets or cash-generating unit's carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of fair
value, reflecting market conditions less costs to sell, and value
in use based on an internal discounted cash flow evaluation.
Impairment losses recognised for cash-generating units, to which
goodwill has been allocated, are credited initially to the carrying
amount of goodwill. Any remaining impairment loss is charged pro
rata to the other assets in the cash generating unit. Except for
goodwill, all assets are subsequently reassessed for indications
that an impairment loss previously recognised may no longer
exist.
3.8) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call
deposits with maturity of less than three months.
3.9) Current and deferred taxation
Current tax is the tax currently payable based on taxable profit
for the year.
Deferred income taxes are calculated using the liability method
on temporary differences. Deferred tax is generally provided on the
difference between the carrying amounts of assets and liabilities
and their tax bases.
Deferred tax is not recognised in respect of:
-- the initial recognition of goodwill that is not tax deductible; and
-- the initial recognition of an asset or liability unless the
related transaction is a business combination or affects tax or
accounting profit. In addition, tax losses available to be carried
forward as well as other income tax credits to the Group are
assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no
discounting. Deferred tax assets are recognised to the extent that
it is probable that the underlying deductible temporary differences
will be able to be offset against future taxable income. Current
and deferred tax assets and liabilities are calculated at tax rates
and laws that are expected to apply to their respective year of
realisation, provided they are enacted or substantively enacted at
the reporting date.
Changes in deferred tax assets or liabilities are recognised as
a component of tax expense in the income statement, except where
they relate to items that are charged or credited directly to
equity in which case the related deferred tax is also charged or
credited directly to equity.
3.10) Financial instruments
Recognition of financial instruments
Financial assets and liabilities are recognised on the Group's
Statement of Financial Position when the Group becomes a party to
the contractual provisions of the instrument.
Financial assets
Initial and subsequent measurement of financial assets
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and
other short-term deposits held by the company with maturities of
less than three months.
Trade and other receivables
Trade receivables are initially measured at fair value. Other
receivables are initially measured at fair value plus transaction
costs. Receivables are subsequently measured at amortised cost
using the effective interest rate method.
Impairment of trade receivables
For trade receivables, expected credit losses are measured by
applying an expected loss rate to the gross carrying amount. The
expected loss rate comprises the risk of a default occurring and
the expected cash flows on default based on the aging of the
receivable. The risk of a default occurring always takes into
consideration all possible default events over the expected life of
those receivables ("the lifetime expected credit losses").
Different provision rates and periods are used based on groupings
of historic credit loss experience by product type, customer type
and location.
Impairment losses and any subsequent reversals of impairment
losses are adjusted against the carrying amount of the receivable
and are recognised in profit or loss.
Financial liabilities and equity
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the company after deducting all
of its liabilities.
Initial and subsequent measurement of financial liabilities
Trade and other payables
Trade and other payables are initially measured at fair value,
net of direct transaction costs and subsequently measured at
amortised cost.
Loan notes
Loan notes are initially recognised at fair value, adjusted for
transaction costs, and subsequently measured at amortised cost
using the effective interest rate method.
Finance charges, including premiums payable on settlement and
direct issue costs, are accounted for on an effective interest
method and are added to the carrying amount of the instrument to
the extent that they are not settled in the year in which they
arise.
Contingent consideration
The acquisition-date fair value of any contingent consideration
is recognised as part of the consideration transferred by the Group
in exchange for the acquiree. Changes in the fair value of
contingent consideration that result from additional information
obtained during the measurement period (maximum one year from the
acquisition date) about facts and circumstances that existed at the
acquisition date are adjusted retrospectively against goodwill.
Other changes resulting from events after the acquisition date are
recognised in profit or loss.
Equity instruments
Equity instruments issued by the Company are recorded at fair
value on initial recognition net of transaction costs.
Derecognition of financial assets (including write-offs) and
financial liabilities
A financial asset (or part thereof) is derecognised when the
contractual rights to cash flows expire or are settled, or when the
contractual rights to receive the cash flows of the financial asset
and substantially all the risks and rewards of ownership are
transferred to another party.
When there is no reasonable expectation of recovering a
financial asset it is derecognised ('written off').
The gain or loss on derecognition of financial assets measured
at amortised cost is recognised in profit or loss.
A financial liability (or part thereof) is derecognised when the
obligation specified in the contract is discharged, cancelled or
expires.
Any difference between the carrying amount of a financial
liability (or part thereof) that is derecognised, and the
consideration paid is recognised in profit or loss.
3.11) Employee benefits
Equity settled share-based payments
Where employees are rewarded using equity settled share-based
payments, the fair values of employees' services are determined
indirectly by reference to the fair value of the instrument granted
to the employee. This fair value is appraised at the grant date and
excludes the impact of non-market vesting conditions.
All equity-settled share-based payments are ultimately
recognised as an expense in the income statement with a
corresponding credit to reserves.
If vesting periods apply, the expense is allocated over the
vesting period, based on the best available estimate of the number
of share options expected to vest. Estimates are revised
subsequently if there is any indication that the number of share
options expected to vest differs from previous estimates. Any
cumulative adjustment prior to vesting is recognised in the current
year. No adjustment is made to any expense recognised in prior
years if share options that have vested are not exercised.
Retirement benefits
Obligations for contributions to defined contribution pension
plans are recognised as an expense in the income statement when
they are due.
3.12) Provisions
Provisions are recognised when: the group has a present legal or
constructive obligation as result of past events; it is probable
that an outflow of resources will be required to settle the
obligation; and the amount has been reliably estimated.
Provisions are measured at the present value of the expenditures
expected to be required to settle the obligation using a pre-tax
rate that reflects current market assessments of the time value of
money and the risks specific to the obligation. Any increase in the
provision due to the passage of time is recognised as interest
expense.
3.13) Foreign currencies
Transactions in foreign currencies are recorded using the rate
of exchange ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies are translated
using the rate of exchange ruling at the balance sheet date and the
gains or losses on translation are included in the income
statement.
3.14) Significant judgements and estimates
The preparation of consolidated financial statements under IFRS
requires the Group to make estimates and assumptions that affect
the application of policies and reported amounts. Estimates and
judgements are continually evaluated and are based on historical
experience and other factors including expectations of future
events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates. The estimates and
assumptions which have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities are
discussed below.
Revenue recognition
The main judgements regarding revenue recognition relate to TV
production revenue. The Group considers the production and licence
elements to be a combined performance obligation to be satisfied
and recognised over time. This is explained in note 3.1.
Impairment of goodwill and intangible assets
The Group is required to test, at least annually, whether
goodwill has suffered any impairment. The recoverable amount is
determined based on value in use calculations. The use of this
method requires the estimation of future cash flows and the choice
of a suitable discount rate to calculate the present value of these
cash flows. Actual outcomes could vary. See note 13 for details of
how these judgements are made.
Deferred tax asset on losses
Judgements are made to determine deferred tax assets on losses.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against which
the unused tax losses and unused tax credits can be utilised.
Assessment of future taxable profit is performed at every reporting
date. See note 22 for details of the deferred tax asset recognised
at 31 December 2021.
3.15) Segmental reporting
In identifying its operating segments, management follows the
Group's service lines, which represent the main products and
services provided by the Group. The activities undertaken by the TV
segment include the production of television and radio content. The
Zinc Communicate unit includes publishing and content
production.
Each of these operating segments is managed separately as each
service line requires different resources as well as marketing
approaches. All inter-segment transfers are carried out at arm's
length prices.
The measurement policies the Group uses for segment reporting
under IFRS 8 are the same as those used in its financial
statements.
4) SEGMENTAL INFORMATION AND REVENUE
Segmental information
The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors who
categorise the Group's two service lines as two operating segments:
Television and Zinc Communicate. These operating segments are
monitored, and strategic decisions are made on the basis of
adjusted segment operating results.
Central and
Television Zinc Communicate plc Total
----------------- -------------------- ----------------------- -------------------- ---------- ----------
18 18
Year Months Year 18 Months Year Months Year 18 Months
ended ended ended ended ended ended ended ended
31 31 31 31 31 31 31
December December December 31 December December December December December
2021 2020 2021 2020 2021 2020 2021 2020
Continuing
Operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- --------- ------------ --------- --------- ---------- ----------
Revenue 14,565 27,790 2,926 2,759 - 3 17,491 30,552
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Adjusted EBITDA* 932 1,633 (241) (287) (1,303) (2,139) (612) (793)
Depreciation (582) (1,107) (48) (7) (151) (158) (782) (1,272)
Amortisation (650) (974) - - (54) - (704) (974)
Share based
payment
charge - - - - (122) (22) (122) (22)
Loss on disposal
of fixed assets (4) (22) - - - - (4) (22)
Exceptional
items (2) (176) (51) (19) (88) (394) (141) (589)
Operating (loss) (307) (646) (340) (313) (1,718) (2,713) (2,365) (3,672)
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Finance costs (12) (26) - - (229) (434) (241) (460)
Finance income - 2 - - - - - 2
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Loss before tax (319) (670) (340) (313) (1,947) (3,147) (2,606) (4,130)
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Taxation
credit/(charge) 4 - - - 82 (157) 86 (157)
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Loss for the
year (315) (670) (340) (313) (1,865) (3,304) (2,520) (4,287)
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Segment Assets 12,571 11,872 2,151 1,109 862 4,946 15,584 17,927
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Segment
Liabilities (15,294) (6,432) (1,207) (839) 4,664 (4,658) (11,837) (11,929)
----------------- --------- --------- --------- ------------ --------- --------- ---------- ----------
Other Segment
Items:
Expenditure on
intangible
assets - - - - - 108 - 108
Expenditure on
tangible assets 236 126 6 - 31 862 273 988
* Adjusted EBITDA is defined as earnings before interest, tax,
depreciation, amortisation, share based payment charges, loss on
disposal of fixed assets and exceptional items
Items included under 'Central and Plc' do not constitute an
operating segment and relate mainly to Group activities based in
the United Kingdom. Central and plc costs relate to Directors,
support functions and costs resulting from being listed.
The internal reporting of the Group's performance does not
require that costs and/or Statement of Financial Position
information is gathered based on the geographical streams
The Group's principal operations are in the United Kingdom. Its
revenue from external customers in the United Kingdom for the year
was GBP16.0m (18 months ended 31 December 2020: GBP23.3m), and the
total revenue from external customers in other countries was
GBP1.5m (2020: GBP7.2m). There were two customers that accounted
for more than 10% of Group revenue in the year: one customer
accounted for GBP3.8m or 22% of Group revenue and the other
customer accounted for GBP3.1m or 17% of Group revenue (2020: one
customer accounted for GBP8.8m revenue).
Non-current assets are all located in the Group's country of
domicile.
Revenue
Contract balances
The following table provides information about receivables,
contract assets and contract liabilities from contracts with
customers.
2021 2020
GBP'000 GBP'000
----------------------------------------------- -------- --------
Receivables, which are included in 'Trade and
other receivables' 2,060 2,160
Contract assets 1,502 1,755
Contract liabilities (1,068) (1,275)
------------------------------------------------ -------- --------
The contract assets primarily relate to the Group's rights to
consideration for work completed but not billed at the reporting
date on contracts with customers. The contract assets are
transferred to receivables when the rights become unconditional.
The contract liabilities primarily relate to the advance
consideration received from customers for TV production related
contracts, for which revenue is recognised on the percentage stage
of completion of the production.
Significant changes in the contract assets and the contract
liabilities balances during the year are as follows.
2021
Contract Contract
assets liabilities
GBP'000 GBP'000
------------------------------------------------------ --------- -------------
Opening balance 1 January 2021 1,755 (1,275)
Revenue recognised that was included in the contract
liability balance at the beginning of the period - 1,275
Increases due to cash received, excluding amounts
recognised as
revenue during the period - (1,068)
Transfers from contract assets recognised at the
beginning of the
period to receivables (1,755) -
Increases as a result of changes in the measure
of progress 1,502 -
------------------------------------------------------ --------- -------------
Closing balance 31 December 2021 1,502 (1,068)
------------------------------------------------------ --------- -------------
Transaction price allocated to the remaining performance
obligations
The Group has applied the practical expedient in paragraph 121
of IFRS 15 and chosen to not disclose information relating to
performance obligations for contracts that had an original expected
duration of one year or less, or where the right to consideration
from a customer is an amount that corresponds directly with the
value of the completed performance obligations.
5) EXPENSES BY NATURE
Costs from continuing operations consist of:
2021 2020
GBP'000 GBP'000
---------------------------------- -------- --------
Cost of sales
Production costs 7,660 15,541
Salary costs 1,803 4,828
Royalties and distribution costs 1,296 990
Total cost of sales 10,759 21,359
---------------------------------- -------- --------
Operating expenses
Salary costs 6,402 6,927
Leases on premises 6 -
Other administrative expenses 1,199 3,654
Foreign exchange loss 4 38
Depreciation 782 1,206
Amortisation 704 1,040
Total operating expenses 9,097 12,865
---------------------------------- -------- --------
Furlough income in the year totalled GBP71k (2020: GBP396k),
this is included in salary costs in both operating expenses and
cost of sales.
Included in other administrative expenses is the auditor, tax
and share option advisors' remuneration, including expenses for
audit and non-audit services, as follows:
2021 2020
GBP'000 GBP'000
-------------------------------------------------- -------- --------
Statutory audit services
Annual audit of the company and the consolidated
accounts 107 123
Other professional services
Tax advisory services 18 20
Payroll services - 4
Other services 14 4
Total 32 28
----------------------------- --- ---
6) STAFF COSTS
Staff costs from continuing operations, including directors,
consist of:
2021 2020
GBP'000 GBP'000
------------------------------- -------- --------
Wages & salaries 6,888 9,970
Social security & other costs 778 1,142
Pension costs 509 496
Share based payment charge 122 22
Consideration paid in shares 30 147
Total 8,327 11,777
------------------------------- -------- --------
The average number of employees (including directors) employed
by the Group for continuing operations during the year was:
2021 2020
------------------ ----- -----
Zinc Television 115 121
Zinc Communicate 45 39
Central and Plc 8 8
Total 168 168
------------------ ----- -----
The directors consider that the key management comprises the
directors of the company, and their emoluments are set out
below:
Directors' emoluments
2021 2020
--------------------------- ---------- --------- -------- --------- -------- -------- --------
Salaries Benefits
and fees in kind Bonus Shares Pension Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- --------- -------- --------- -------- -------- --------
Executive Directors
Mark Browning 270 - 162 - 27 459 688
Will Sawyer 150 - 81 - 15 246 328
Non-Executive Directors
Christopher Satterthwaite
(Chairman) 50 - - 30 - 80 108
Nicholas Taylor 18 - - - 12 30 41
Andrew Garard 30 - - - - 30 33
518 - 243 30 54 845 1,198
--------------------------- ---------- --------- -------- --------- -------- -------- --------
The Remuneration Committee has benchmarked the Executive
Directors' remuneration packages against the market during the
year.
Key management personnel compensation
2021 2020
GBP'000 GBP'000
-------------------------------------------------- -------- --------
Short term employee benefits (includes employers
NICs) 870 1,229
Post-employment benefits 54 76
Shares (includes employers NICs) 34 147
Share-based payments charge 101 118
-------------------------------------------------- -------- --------
Total 1,059 1,570
-------------------------------------------------- -------- --------
The amount for share based payments charge (see note 7) which
relates to the Directors was GBP101k (2020: GBP118k).
7) SHARE BASED PAYMENTS
The charge for share based payments arises from the following
schemes:
2021 2020
GBP'000 GBP'000
EMI share option scheme 74 (8)
Unapproved share option scheme 48 30
Total 122 22
-------------------------------- -------- --------
The share based payment charge for options granted since
February 2020 are calculated using a Stochastic model and options
previously granted have been valued using the Black Scholes
model.
Share options held by directors are disclosed in the Directors'
Report.
Share Option Schemes
Under the terms of the EMI and unapproved share option schemes,
the Board may offer options to purchase ordinary share options to
employees and other individuals. Share options granted under the
Group's schemes are normally exercisable for a ten-year period. The
vesting period is from the date of grant up to three years. Some of
the EMI share options and unapproved share options have market
criteria that mean they only vest if the share price is at a
minimum level at that point.
Details of the number of share options and the weighted average
exercise price (WAEP) outstanding during the year are as
follows:
Unapproved share option
scheme
------------------------------ -------- ------------------ --------- ---------
2021 2020
Number WAEP GBP Number WAEP GBP
------------------------------ -------- ------------------ --------- ---------
Outstanding at the beginning
of the year 173,201 2.527 28,000 3.800
Transferred from EMI scheme 2,000 3.750 171,201 0.001
Granted 711,345 0.001 - -
Lapsed during the year - - (26,000) 3.781
------------------------------ ---------
Outstanding at the end
of the year 886,546 0.014 173,201 2.527
------------------------------ -------- ------------------ --------- ---------
Exercisable at the end
of the year - - - -
------------------------------ -------- ------------------ --------- ---------
EMI Share option scheme
2021 2020
WAEP
Number WAEP GBP Number GBP
------------------------------- ---------- --------- ---------- ------
Outstanding at the beginning
of the year 566,144 0.784 259,233 2.350
Granted during the year 539,960 0.683 540,144 0.001
Lapsed during the year (7,000) 3.921 (233,233) 2.196
Transferred to unapproved
scheme (2,000) 3.750 - -
Outstanding at the end of
the year 1,097,104 0.390 566,144 0.784
------------------------------- ---------- --------- ---------- ------
Exercisable at the end of
the year - - - -
------------------------------- ---------- --------- ---------- ------
The options outstanding as at 31 December 2021 have the
following exercise prices and expire in the following financial
years:
Exercise
Expiry Price 2021 2020
GBP No. No.
--------------- ---------
December 2026 3.75 6,000 10,000
November 2027 4.15 5,000 12,000
April 2028 3.75 4,000 2,000
November 2028 2.00 6,000 4,000
February 2030 0.0013 711,345 711, 345
June 2031 0.0013 711,345 -
June 2031 0.6695 337,449 -
February 2030 0.7060 202,511 -
---------------- ------------- ---------- ---------
1,983,650 739,345
--------------- ------------- ---------- ---------
No options were exercised during the year (2020: Nil).
Options are forfeited at the discretion of the Board if the
employee leaves the Group before the options vest. The Share Option
Plan provides for the grant of both tax-approved Enterprise
Management Incentives (EMI) options and unapproved options. The
model used to calculate a share option charge involves using
several estimates and judgements to establish the appropriate
inputs, covering areas such as the use of an appropriate interest
rate and dividend rate, exercise restrictions and behavioural
considerations. A significant element of judgement is therefore
involved in the calculation of the charge.
Options issued in November 2021
The Group issued 202,511 share options to the Managing Director
of Zinc Television on the 8(th) of November 2021 under the
Company's EMI Share Option Plan.
The options are exercisable at 70.6 pence per share on or after
the third anniversary of their grant. Half the options will vest if
the share price is at least GBP1.0590 for a period of 30
consecutive dealing days ending on or after 7th of November 2024.
The remaining half of the Options will vest unconditionally on the
third anniversary of the grant date, being 7 November 2024.
The inputs into the option pricing model for the options granted
in June 2021 are as follows:
Scheme EMI
---------------------------------------------------- ------------
Weighted average share exercise price 70.60 pence
Weighted average expected volatility - tranche
1 57.82%
Weighted average expected volatility - tranche
2 68.37%
Average expected life (years) - tranche 1 4.12 years
Average expected life (years) - tranche 2 6.5 years
Weighted average risk-free interest rate - tranche
1 0.56%
Weighted average risk-free interest rate - tranche
2 0.60%
Expected dividend yield 0%
---------------------------------------------------- ------------
The expected volatility was calculated over a period of five
years immediately prior to the date of the grant. The risk-free
interest rate has been calculated using the gilt rates over a
period of five years from the date of grant.
Options issued in June 2021
The Group issued 474,230 share options to the Chief Executive
Officer, Mark Browning, and 237,115 to the Chief Financial Officer,
Will Sawyer and 337,449 to senior staff on the 10(th) of June 2021.
Mark Browning and Will Sawyer's awards have been made under an
Unapproved Share Option Scheme. The remaining awards issued have
been made under the Company's EMI Share Option Plan.
Mark Browning and Will Sawyer's unapproved option awards are
exercisable at 0.125 pence per share on or after the third
anniversary of their grant. Half of the options granted to each
director will vest if the share price is at least GBP0.60 for a
period of 30 consecutive dealing days ending on or after 9(th) of
June 2024, and the other half will vest if the share price is at
least GBP0.90 for a period of 30 consecutive dealing days ending on
or after 9th of June 2024.
The EMI Option awards awarded to other members of staff were
granted under the condition that half of the options granted will
vest if the share price is at least GBP1.00425 for a period of 30
consecutive dealing days ending on or after 9th of June 2024, and
the other half will vest non-conditionally on the third anniversary
of the grant date, being 9(th) June 2024.
The inputs into the option pricing model for the options granted
in June 2021 are as follows:
Scheme EMI Unapproved
----------------------------------------- ------------ ------------
Weighted average share exercise price 66.95 pence 0.125 pence
Weighted average expected volatility
- tranche 1 67.85% 67.85%
Weighted average expected volatility
- tranche 2 78.09% 78.09%
Average expected life (years) - tranche
1 4.06 years 3.75 years
Average expected life (years) - tranche
2 6.5 years 4.02 years
Weighted average risk-free interest
rate - tranche 1 0.33% 0.33%
Weighted average risk-free interest
rate - tranche 2 0.33% 0.50%
Expected dividend yield 0% 0.%
----------------------------------------- ------------ ------------
The expected volatility was calculated over a period of five
years immediately prior to the date of the grant. The risk-free
interest rate has been calculated using the gilt rates over a
period of five years from the date of grant.
8) EXCEPTIONAL ITEMS
Exceptional items are presented separately as, due to their
nature or for the infrequency of the events giving rise to them,
this allows shareholders to understand better the elements of
financial performance for the year, to facilitate comparison with
prior years and to assess better the trends of financial
performance.
2021 2020
GBP'000 GBP'000
-------------------------------------------------- -------- --------
Change in fair value of contingent consideration
in respect of Tern Television - (41)
Reorganisation and restructuring costs (81) (388)
Contingent consideration treated as remuneration - (160)
Other exceptional items (consultancy costs) (60) -
Total (141) (589)
-------------------------------------------------- -------- --------
Reorganisation and restructuring costs
Management made changes to operational roles across the Group to
improve efficiency and decision making. The non-recurring element
of the costs have been presented as exceptional to enable a more
refined evaluation of financial performance.
9) FINANCE COSTS
2021 2020
Finance Costs GBP'000 GBP'000
------------------------------------------- -------- --------
Interest payable on borrowings (176) (303)
Interest payable on lease liabilities (65) (88)
Interest on unwinding of present value of
contingent consideration - (69)
Finance Costs (241) (460)
------------------------------------------- -------- --------
Finance Income
Interest received - 2
------------------------------------------- -------- --------
Net finance costs (241) (458)
------------------------------------------- -------- --------
10) INCOME TAX EXPENSE
Taxation Charge
2021 2020
GBP'000 GBP'000
--------------------------------------------------- -------- --------
Current tax expense:
Current tax expense 4 8
Charge in respect of prior periods - -
4 8
--------------------------------------------------- -------- --------
Deferred tax
Deferred tax asset write-off - 265
Origination and reversal of temporary differences (126) (183)
Effect of change in UK corporation tax rate 42 46
Adjustments in respect of prior periods (6) 21
(90) 149
--------------------------------------------------- -------- --------
Total income tax charge / (credit) (86) 157
--------------------------------------------------- -------- --------
Reconciliation of taxation expense:
2021 2020
GBP'000 GBP'000
-------------------------------------------------- -------- --------
Loss before tax from continuing operations (2,606) (4,447)
Loss before tax from discontinued operations - (624)
-------------------------------------------------- -------- --------
Loss before tax (2,606) (5,071)
-------------------------------------------------- -------- --------
Taxation expense at UK corporation tax rate
of 19% (2020: 19%) (495) (964)
Other non-taxable income/non-deductible expenses 54 216
Tax losses not recognised 311 573
Group relief (claimed)/surrendered 4 -
Temporary timing differences - -
Effect of changes in UK corporation tax rates 42 46
Deferred tax asset write-off - 265
Charge in respect of prior periods (2) 21
Total income tax expense (86) 157
-------------------------------------------------- -------- --------
Factors that may affect future tax charges
The March 2021 budget announced that the rate of 19% will
continue to apply until the financial year beginning 1 April 2023,
at which point the rate will be changed to 25%. This will increase
the company's future tax charge accordingly and immaterially
increase the deferred tax liability.
11) DISCONTINUED OPERATIONS
The CSR business was closed in the 2020 period and the
associated close down costs are disclosed as exceptional items in
this period.
The CSR division had a negative impact on the Group's overall
profitability in the period ending 31 December 2020 from the loss
of the TFL sponsorship contract for The Children's Traffic Club and
following a strategic and market review of the highly specialised
niche market of CSR and STEM education the Group decided to
withdraw from this market in early 2020 and wind down all the
loss-making contracts in the CSR business.
18 months
Year ended ended
31 Dec 2021 31 Dec 2020
GBP'000 GBP'000
---------------------------------------------- -------------- -------------
Revenue - 628
Expenses - (1,061)
---------------------------------------------- -------------- -------------
Adjusted EBITDA* loss - (433)
Exceptional items - (119)
Amortisation and depreciation - (72)
Loss before tax from discontinued operations - (624)
---------------------------------------------- -------------- -------------
Income tax - -
---------------------------------------------- -------------- -------------
Loss after tax from discontinued operations - (624)
---------------------------------------------- -------------- -------------
* Adjusted EBITDA defined as EBITDA before share based payment
charge, loss on disposal of fixed assets and exceptional items
The cash flows relating to discontinued operations have all been
included within 'Net cash flows used in operating activities' as
amounts related to other activities are not material to the
financial statements.
12) EARNINGS PER SHARE
Basic loss per share (EPS) for the period is calculated by
dividing the loss for the year attributable to ordinary equity
holders of the parent by the weighted average number of ordinary
shares outstanding during the year.
When the Group makes a profit from continuing operations,
diluted EPS equals the profit attributable to the Company's
ordinary shareholders divided by the diluted weighted average
number of issued ordinary shares. When the Group makes a loss from
continuing operations, diluted EPS equals the loss attributable to
the Company's ordinary shareholders divided by the basic
(undiluted) weighted average number of issued ordinary shares. This
ensures that EPS on losses is shown in full and not diluted by
unexercised share options or awards.
2021 2020
Number of Shares Number of Shares
Weighted average number of shares
used in basic and diluted earnings
per share calculation 16,095,991 6,507,620
Potentially dilutive effect
of share options 1,117,890 416,485
GBP'000 GBP'000
------------------------------------------ ----------------- -----------------
Loss for the year from continuing
operations attributable to shareholders (2,544) (4,320)
Loss for the year from discontinued
operations attributable to shareholders - (624)
------------------------------------------ ----------------- -----------------
Continuing operations
Basic Loss per share (pence) (15.80)p (66.38)p
Diluted Loss per share (pence) (15.80)p (66.38)p
Discontinued operations
Basic Loss per share (pence) (0.00)p (9.59)p
Diluted Loss per share (pence) (0.00)p (9.59)p
13) INTANGIBLE ASSETS
Customer Distribution
Goodwill Brands Relationships Software Catalogue Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP000
Cost
At 30 June 2019 29,394 4,497 3,419 122 443 37,875
Additions - - - 108 - 108
------------------ --------- -------- -------------- --------- ------------- ---------
At 31 December
2020 29,394 4,497 3,419 230 443 37,983
Other changes* (20,441) (3,818) (116) - - (24,375)
------------------ --------- -------- -------------- --------- ------------- ---------
At 31 December
2021 8,953 679 3,303 230 443 13,608
------------------ --------- -------- -------------- --------- ------------- ---------
Amortisation
and impairment
At 30 June 2019 (26,339) (4,143) (1,748) (61) (148) (32,439)
Charge for the
period - (146) (696) (65) (133) (1,040)
------------------ --------- -------- -------------- --------- ------------- ---------
At 31 December
2020 (26,339) (4,289) (2,444) (126) (281) (33,479)
Charge for the
year - (97) (464) (54) (89) (704)
Other changes* 20,441 3,818 116 - - 24,375
At 31 December
2021 (5,898) (568) (2,792) (180) (370) (9,808)
------------------ --------- -------- -------------- --------- ------------- ---------
Net Book Value
At 31 December
2021 3,055 111 511 50 73 3,800
------------------ --------- -------- -------------- --------- ------------- ---------
At 31 December
2020 3,055 209 975 104 162 4,505
------------------ --------- -------- -------------- --------- ------------- ---------
* The goodwill, brands and customer relationship intangibles
have been de-recognised as they were previously fully amortised or
impaired.
The current year amortisation charge includes GBPnil (2020:
GBP61,000) from the Group's discontinued operations which is
disclosed in note 11.
Impairment Tests for Goodwill
Goodwill by cash generating unit is:
2021 2020
GBP'000 GBP'000
London & Manchester TV CGU 1,444 1,444
Tern TV CGU 1,611 1,611
Total 3,055 3,055
---------------------------- -------- --------
Goodwill is not amortised but tested annually for impairment
with the recoverable amount being determined from value in use
calculations. The key assumptions for the value in use calculations
are those regarding the discount rate, growth rates and forecasts
in new business.
The Group assessed whether the carrying value of goodwill was
supported by the discounted cash flow forecasts of each operating
segment based on financial forecasts approved by management, taking
into account both past performance and expectations for future
market developments. Management has used a perpetuity model (5-year
Group forecast and GDP growth rate in perpetuity). Management
estimates the discount rate using a pre-tax rate that reflects
current market assessments of the time value of money and the risks
specific to media businesses.
The 2022 business unit forecasts are based on the budget set for
the year. In TV expected revenue and net margin improvements have
been forecast in 2023 and in the following years a growth rate of 2
per cent has been used. Management believe the 2 per cent growth
rate does not exceed the growth rate of the industry and is a
cautious assumption, which may be significantly lower than the
growth rate management would expect to achieve.
In evaluating the recoverable amount, we employ the discounted
cash flow methodology, which is based on making assumptions and
judgements on forecasts, margins, discount rates and working
capital needs. These estimates will differ from actuals in the
future and could therefore lead to material changes to the
recoverable amounts. The key assumptions used for estimating cash
flow projections in the Group's impairment testing are those
relating to EBITDA growth, which take account of the businesses'
expectations for the projection period. These expectations consider
the macroeconomic environment, industry and market conditions, the
unit's historical performance and any other circumstances
particular to the unit, such as business strategy and client
mix.
The two cash generating units operate in a similar media
landscape and the pre-tax discount rate applied across to the
segments for period ended 31 December 2021 was 10 per cent (2020:
9.3 per cent). A sensitivity analysis of an increase in the
discount rate by 1.6 per cent is shown below.
London & Manchester TV and Tern TV CGUs
Changes in assumptions can have a significant effect on the
recoverable amount and therefore the value of the impairment
recognised.
Assumption Judgement Sensitivity
Discount As indicated above the rate An increase in the discount
Rate used is 10 per cent. rate to 11.6 per cent (2019
year rate) will result in no
impairment charge.
---------------------------------- ------------------------------
Growth Rate An average rate of 2 per If a zero per cent average
cent has been used for financial growth rate was applied for
year 2024 onwards. 2024 onwards there would be
no impairment in either CGU.
---------------------------------- ------------------------------
New Business London & Manchester TV's If there is a shortfall in
and Tern CGU revenue for revenue of 20%, there would
2022 is forecast to be in be no impairment charge.
line with pre-Covid 2019
revenue and from 2023 is
expected to slightly exceed
pre-Covid levels.
---------------------------------- ------------------------------
Sensitivity analysis using reasonable variations in the
assumptions shows no indication of impairment.
14) PROPERTY, PLANT AND EQUIPMENT
Office and
Short leasehold computer
land and buildings Motor vehicles equipment Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 30 June 2019 312 111 2,666 3,089
Additions 365 - 623 988
Disposals and retirements (13) (76) (32) (121)
Transfers - - (23) (23)
--------------------------- -------------------- --------------- ----------- --------
At 31 December 2020 664 35 3,234 3,933
Additions - - 273 273
Disposals and retirements (240) (22) (1,893) (2,155)
At 31 December 2021 424 13 1,614 2,051
--------------------------- -------------------- --------------- ----------- --------
Depreciation
At 30 June 2019 (291) (70) (2,359) (2,720)
Charge for the period (67) (19) (248) (334)
Disposals and retirements - 54 - 54
Transfers - - 1 1
--------------------------- -------------------- --------------- ----------- --------
At 31 December 2020 (358) (35) (2,606) (2,999)
Charge for the period (69) - (219) (288)
Disposals and retirements 240 22 1,878 2,140
At 31 December 2021 (187) (13) (947) (1,147)
--------------------------- -------------------- --------------- ----------- --------
Net Book Value
At 31 December 2021 237 - 667 904
--------------------------- -------------------- --------------- ----------- --------
At 31 December 2020 306 - 628 934
--------------------------- -------------------- --------------- ----------- --------
15) INVENTORIES
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
------------------------------------- -------- --------
Work in progress - Zinc Communicate 62 67
Work in progress - TV 164 117
Total Inventories 226 184
------------------------------------- -------- --------
16) TRADE AND OTHER RECEIVABLES
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
------------------------------- -------- --------
Current
Trade receivables 2,609 2,628
Less provision for impairment (549) (468)
------------------------------- -------- --------
Net trade receivables 2,060 2,160
Prepayments 325 364
Contract assets 1,502 1,755
------------------------------- -------- --------
Total 3,887 4,279
------------------------------- -------- --------
The carrying amount of trade and other receivables approximates
to their fair value. The creation and release of provision for
impaired receivables have been included in administration expenses
in the income statement.
The maximum exposure to credit risk at the reporting date is the
carrying value of each class of asset above. The Group does not
hold any collateral as security for trade receivables. The Group is
not subject to any significant concentrations of credit risk.
There is no expected credit loss in relation to contract assets
recognised because the measure of expected credit losses was not
material to the financial statements.
Impairment of financial assets
The group's credit risk management practices and how they relate
to the recognition and measurement of expected credit losses are
set out below.
Definition of default
The loss allowance on all financial assets is measured by
considering the probability of default.
Receivables are considered to be in default when the principal
or any interest is significantly more than the associated credit
terms past due, based on an assessment of past payment practices
and the likelihood of such overdue amounts being recovered.
Write-off policy
Receivables are written off by the group when there is no
reasonable expectation of recovery, such as when the counterparty
is known to be going bankrupt, or into liquidation or
administration.
Impairment of trade receivables and contract assets
The group calculates lifetime expected credit losses for trade
receivables using a portfolio approach. Receivables are grouped
based on the credit terms offered and the type of product sold. The
probability of default is determined at the year-end based on the
aging of the receivables, historical data about default rates on
the same basis. That data is adjusted if the group determines that
historical data is not reflective of expected future conditions due
to changes in the nature of its customers and how they are affected
by external factors such as economic and market conditions.
As noted below, a loss allowance of GBP549,000 (2020:
GBP320,000) has been recognised for trade receivables in the Zinc
Communicate division based on the expected credit loss percentages
for trade receivables that are aged more than 30 days to over a
year past due and reflecting future conditions. The loss allowance
relates to the Building Control Communications sub-divisions within
Zinc Communicate, which has been assessed separately to other Zinc
Communicate sub-divisions because it has a different debt
collection profile due to its focus selling low value / high volume
adverts for publications.
In relation to the Television division, the directors do not
believe there are any other forward-looking factors to consider in
calculating the loss allowance provision as at 31 December 2021. No
expected loss provision has been recognised as the directors expect
any loss to be immaterial.
No expected credit loss is expected for contract assets (18
month period ending 31 December 2020: GBPnill).
Television
Aging
0-30 30-60 60-90 90-120 120-150 150-365 Over Total
Trade receivables: days days days days days days 365 days 2021
----------------------- ------- ------ ------ ------- -------- -------- ---------- ------
Gross carrying
amount (GBP'000) 346 31 229 163 - - - 769
----------------------- ------- ------ ------ ------- -------- -------- ---------- ------
Loss allowance
provision (GBP'000) - - - - - - - -
The expected credit loss in this division is immaterial.
Zinc Communicate - Publishing "Building Control Communications"
division
Aging Over
0-30 30-60 60-90 90-120 120-150 150-365 365 Total
Trade receivables: days days days days days days days 2021
------------------------- ------- ------ ------ ------- -------- -------- -------- ------
Expected loss
rate (%) 21% 24% 27% 30% 34% 38% 86% 46%
Gross carrying
amount (GBP'000) 119 174 114 66 67 314 337 1,191
------------------------- ------- ------ ------ ------- -------- -------- -------- ------
Loss allowance
provision (GBP'000) 25 42 31 20 23 119 289 549
------------------------- ------- ------ ------ ------- -------- -------- -------- ------
Zinc Communicate - All other divisions
Aging Over
0-30 30-60 60-90 90-120 120-150 150-365 365 Total
Trade receivables: days days days days days days days 2021
------------------------- ------- ------ ------ ------- -------- -------- -------- ------
Gross carrying
amount (GBP'000) 507 85 46 9 0 2 2 651
------------------------- ------- ------ ------ ------- -------- -------- -------- ------
Loss allowance
provision (GBP'000) - - - - - - - -
------------------------- ------- ------ ------ ------- -------- -------- -------- ------
The expected credit loss in this division is immaterial.
17) CASH AND CASH EQUIVALENTS
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
--------------------------------- -------- --------
Total Cash and cash equivalents 5,608 6,805
--------------------------------- -------- --------
The Group's credit risk exposure in connection with the cash and
cash equivalents held with financial institutions is managed by
holding funds in a high credit worthy financial institution
(Moody's A1- stable).
18) TRADE AND OTHER PAYABLES
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
--------------------------------- -------- --------
Current
Trade payables 764 568
Other payables 133 58
Other taxes and social security 1,348 985
Accruals 3,486 3,885
Contract liabilities 1,068 1,275
Total 6,799 6,771
--------------------------------- -------- --------
The Directors consider that the carrying amount of trade and
other payables approximates to their fair value. The Group's
payables are unsecured.
19) LEASES UNDER IFRS 16
Right-of-use assets
Office and
Short leasehold computer
land and buildings equipment Total
GBP'000 GBP'000 GBP'000
Balance as at 1 July 2019 399 49 448
Additions 1,469 305 1,774
Depreciation (795) (150) (945)
-------------------------------- -------------------- ----------- --------
Balance as at 31 December 2020 1,073 204 1,277
Additions 373 - 373
Depreciation (407) (82) (489)
Balance as at 31 December 2021 1,039 122 1,161
-------------------------------- -------------------- ----------- --------
Lease liabilities are presented in the statement of financial
position as follows:
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
------------------------- -------- --------
Current 431 337
Non-current 735 1,066
Total lease liabilities 1,166 1,403
------------------------- -------- --------
20) BORROWINGS AND OTHER FINANCIAL LIABILITIES
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
-------------------------------------- -------- --------
Current
Lease liabilities 431 337
Debt facility - unsecured borrowings 2,450 -
Loan notes - unsecured borrowings 978 -
Sub total 3,859 337
-------------------------------------- -------- --------
Non-current
Debt facility - unsecured borrowings - 2,455
Loan notes - unsecured borrowings - 971
Lease liabilities 735 1,066
Sub total 735 4,492
-------------------------------------- -------- --------
Total 4,594 4,829
-------------------------------------- -------- --------
Maturity of Financial Liabilities
The maturity of borrowings (analysed by remaining contractual
maturity) is as follows:
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
------------------------------------------ -------- --------
Repayable within one year and on demand:
Lease liabilities 475 337
Trade and other payables 897 616
Accrued expenses 3,486 3,885
Debt facility - unsecured 2,531 -
Loan notes - unsecured 1,189 -
8,578 4,838
------------------------------------------ -------- --------
Repayable between one and two years:
Lease liabilities 413 475
Debt facility - unsecured - 2,646
Loan notes - unsecured - 1,124
413 4,245
--------------------------------------- ------ ------
Repayable between two and five years:
Lease liabilities 282 591
--------------------------------------- ------ ------
Total 9,273 9,674
--------------------------------------- ------ ------
Debt Facility
Loans totalling GBP2.45m (2020: GBP2.46m) are held by Herald
Investment Trust Plcand The John Booth Charitable Foundation
("JBCF"), all of whom are a related party through shareholding.
During the year the interest on the facility was based on monthly
LIBOR plus a margin of 4%. The debt facility is unsecured and at
year end was repayable in full on 31 December 2022. Post year end
Herald Investment Trust plcthe JBCF agreed to extend the repayment
date to 31 December 2024, and the interest is based on monthly
SONIA plus a margin of 4%, subject to a floor of RPI, from April
2022. There are no financial covenants in force in respect of this
debt facility.
Loan notes - unsecured
The unsecured loan notes of GBP0.98m (2020: GBP0.97m) relates to
short-term loan notes issued to Herald Investment Trust plc, a
related party through shareholding. Interest during the year was at
a fixed rate of 8%. At year end the interest was accrued and was
repayable along with the principal on 31 December 2022. Post year
end Herald agreed to extend the repayment date to 31 December 2024,
with the interest rate remaining unchanged. There are no financial
covenants in place in respect of this debt.
Finance leases
Net obligations under finance leases are secured on related
property, plant and equipment and are included within lease
liabilities.
Overdraft
The Group has an overdraft facility of GBP600k, which is secured
over the assets of subsidiary companies. During the year the Group
has not drawn upon the overdraft facility in place. The interest
rate on the overdraft is 5.3% per annum over the Bank of England
rate.
Change in liabilities arising from financing activities
31 Dec Non-cash 31 Dec
2020 Cash flows changes 2021
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- ----------- --------- --------
Borrowings - debt facility 2,455 (105) 100 2,450
Borrowings - loan notes 971 (71) 78 978
Lease liabilities 1,403 (497) 260 1,166
---------------------------------- -------- ----------- --------- --------
Total liabilities from financing
activities 4,829 (673) 438 4,594
---------------------------------- -------- ----------- --------- --------
21) FINANCIAL INSTRUMENTS
The Group's financial instruments comprise borrowings, cash and
liquid resources and various items, such as trade and other
receivables and trade and other payables that arise directly from
its operations. The main purpose of these financial instruments is
to raise finance for the Group's operations.
The principal financial risk faced by the Group is
liquidity/funding. The policies and strategies for managing this
risk is summarised as follows:
Risk Potential impact How it is managed
Liquidity The Group's debt servicing The Group's treasury function
requirements and investment is principally concerned
strategies, along with with internal funding requirements,
the diverse nature of debt servicing requirements
the Group's operations, and funding of new investment
means that liquidity management strategies.
is recognised as an important
area of focus. Internal funding and debt
servicing requirements are
Liquidity issues could monitored on a continuing
have a negative reputational basis through the Group's
impact, particularly with management reporting and
suppliers. forecasting. The Group also
maintains a continuing dialogue
with the Group's lenders
as part of its information
covenants. The requirements
are maintained through a
combination of retained
earnings, asset sales or
capital markets.
An overdraft of GBP0.6m
is in place to help fund
potential working capital
fluctuations.
New investment strategies
are to be funded through
existing working capital
or where possible capital
markets.
--------------------------------- -------------------------------------
Capital management policy and risk management
The Group manages its capital to ensure that entities in the
Group will be able to continue as a going concern while maximising
the return to shareholders through the optimisation of the debt and
equity balance. The capital structure of the Group consists of
debts, which include the borrowings disclosed in note 20, cash and
cash equivalents and equity attributable to the owners of the
parent, comprising issued capital, reserves and retained earnings
as disclosed in the Consolidated Statement of Changes in
Equity.
The Group's Board reviews the capital structure on an on-going
basis. As part of this review, the Board considers the cost of
capital and the risks associated with each class of capital. The
Group seeks a conservative gearing ratio (the proportion of net
debt to equity). The Board considers at each review the
appropriateness of the current ratio considering the above. The
Board is currently satisfied with the Group's gearing ratio.
The gearing ratio at the year-end is as follows:
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
------------------------------- -------- --------
Borrowings (debt facility and
loan notes) (3,428) (3,426)
Cash and cash equivalents 5,608 6,805
--------------------------------- -------- --------
Net Cash 2,180 3,379
Total equity 3,775 6,114
Net cash to equity ratio -58% -55%
--------------------------------- -------- --------
The Group's gearing ratio has remained relatively static due to
cash reducing proportionately in line with losses.
Financial instruments by category
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
-------------------------------------------------- ------- -------- --------
Categories of financial assets and liabilities
Financial assets - measured at amortised
cost
Trade and other receivables 3,566 3,904
Cash and cash equivalents 5,608 6,805
Financial liabilities - other financial
liabilities at amortised cost
Trade and other payables (4,383) (4,501)
Borrowings (3,428) (3,426)
Lease liabilities (1,166) (1,403)
The fair values of the Group's cash and short-term deposits and
those of other financial assets equate to their carrying amounts.
The Group's receivables and cash and cash equivalents are all
classified as financial assets and carried at amortised cost. The
amounts are presented net of provisions for doubtful receivables
and allowances for impairment are made where appropriate. Trade and
other payables and loan borrowings are all classified as financial
liabilities measured at amortised cost.
22) DEFERRED TAX
Deferred tax is calculated in full on temporary differences
under the liability method using a tax rate of 19% (2020:19%) for
UK differences. The movements in deferred tax assets and
liabilities during the year are shown below.
Losses carried
forward Intangible assets Total
GBP'000 GBP'000 GBP'000
------------------------------------ ---------------- ------------------ --------
At 31 December 2020 - (280) (280)
------------------------------------ ---------------- ------------------ --------
Recognised in the income statement - 90 90
At 31 December 2021 - (190) (190)
------------------------------------ ---------------- ------------------ --------
Deferred tax assets estimated at GBP4.8 million (2020: GBP4.5
million) in respect of losses carried forward have not been
recognised due to uncertainties as to when income will arise
against which such losses will be utilised.
23) PROVISIONS
31 Dec 31 Dec
2021 2020
GBP'000 GBP'000
------------ -------- --------
Provisions 250 75
------------ -------- --------
A dilapidations provision has been recognised in the period in
relation to the costs associated with restoring a rented property
back to its previous condition.
Movement in provisions
GBP'000
At 31 December 2020 75
------------------------------------- --------
Increase in provision in the year 175
At 31 December 2021 250
------------------------------------- --------
24) SHARE CAPITAL AND RESERVES
31 Dec 21 31 Dec 20
Ordinary shares with a nominal value of: 0.125p 0.125p
Authorised:
Number Unlimited Unlimited
Issued and fully paid:
Number 16,200,919 15,963,039
Nominal value (GBP'000) 20 20
Fully paid ordinary shares carry one vote per share and carry
the right to dividends.
The movements in share capital and reserves in the year are made
up as follows:
31 Dec 2021 31 Dec 2020
Number of Share Share Merger Number of Share Share Merger
Shares Capital Premium Reserve Shares Capital Premium Reserve
Ordinary
shares GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At start of
year 15,963,039 20 4,654 27 1,419,113,435 5,928 30,509 875
Share placing
and
subscription
for cash - - - - 10,555,555 13 7,487 -
Consideration
paid in
shares 237,880 0.3 131 - 42,385,832 1 489 65
Shares issued
in lieu of
fees - - - - 5,176,190 - 48 -
Expenses of
issue of
shares - - - - - - (406) -
Shares issued
in debt
conversion - - - - 651,054 1 427 -
Shares issued
in preference
share
conversion - - - - 24,675,435 8 923 -
Capital
Reduction - - - - - (5,931) (34,823) (913)
Share
consolidation - - - - (1,486,594,462) - - -
At end of year 16,200,919 20 4,785 27 15,963,039 20 4,654 27
--------------- ----------- ---------- ---------- --------- ---------------- ---------- ---------- ----------
Consideration paid in shares
On the 11 June 2021 the Group issued a total of 237,880 new
ordinary shares to Directors in lieu of payment of director fees,
of which 44,809 shares were issued at a price of 66.95p per share
and 193,071 shares at a price of 52.5p per share.
Nature and purpose of the individual reserves
Below is a description of the nature and purpose of the
individual reserves:
-- Share capital represents the nominal value of shares issued;
-- Share premium includes the amounts over the nominal value in
respect of share issues. In addition, costs in respect of share
issues are debited to this account;
-- Merger reserve is used where more than 90 per cent of the
shares in a subsidiary are acquired and the consideration includes
the issue of new shares by the Company, which attracting merger
relief under the Companies Act 1985 and, from 1 October 2009, the
Companies Act 2006;
-- Share based payment reserve arises on recognition of the
share-based payment charge in accordance with IFRS2 'Share Based
Payment Transactions';
-- Retained earnings include the realised gains and losses made
by the Group and the Company ; and
25) RELATED PARTY TRANSACTIONS
Herald Investment Trust plc and John Booth Charitable
Foundation
The Company is the borrower of unsecured debt and loan notes
with Herald Investment Trust plc and John Booth Charitable
Foundation requiring a bullet repayment on 31 December 2024. The
total amount outstanding at 31 December 2021 including accrued
interest is GBP3.43m (2020: GBP3.43m). Interest accrued on the debt
amounted to GBP0.04m (2020: GBP0.04m).
26) POST BALANCE SHEET EVENTS
Post year end the long-term debt holders agreed to extend the
term of the debt by two years, such that the repayment of the debt
is now due on 31 December 2024, and the interest rate on the debt
was amended as follows from April 2022: the debt facility interest
basis was amended from LIBOR to SONIA and the monthly interest rate
is subject to an RPI floor.
27) GUARANTEE IN RELATION TO SUBSIDIARY AUDIT EXEMPTION
On 19 April 2022, the Directors of the Company provided
guarantees in respect of its trading subsidiary companies in
accordance with section 479C of the Companies Act 2006. As a
result, the following subsidiary entities of the Company are exempt
from the requirements of the Companies Act 2006 relating to the
audit of accounts under section 479A of the Companies Act 2006:
Blakeway Productions Limited (02908076)
Zinc Television London Limited (formerly Brook Lapping
Productions Limited) (02800925)
Zinc Communicate CSR Limited (formerly Zinc Communicate Limited)
(06271341)
Films of Record Limited (01446899)
Reef Television Limited (03500852)
Zinc Television Regions Limited (formerly Ten Alps TV Limited)
(02888301)
Zinc Communicate Productions Limited (formerly Ten Alps
Communications Limited) (03136090)
Tern Television Productions Limited (SC109131)
Cautionary note regarding forward-looking statements
This press release may contain certain forward-looking
information. The words "expect", "anticipate", believe",
"estimate", "may", "will", "should", "intend", "forecast", "plan",
and similar expressions are used to identify forward looking
information.
The forward-looking statements contained in this press release
are based on management's beliefs, estimates and opinions on the
date the statements are made in light of management's experience,
current conditions and expected future development in the areas in
which the Company is currently active and other factors management
believes are appropriate in the circumstances. The Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless required by
applicable law.
Readers are cautioned not to place undue reliance on
forward-looking information. By their nature, forward-looking
statements are subject to numerous assumptions, risks and
uncertainties that contribute to the possibility that the predicted
outcome will not occur, including some of which are beyond the
Company's control. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future
events could vary or differ materially from those anticipated in
such statements.
Inside Information
The information contained within this announcement constitutes
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) no. 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR")
and is disclosed in accordance with the Company's obligations under
Article 17 of MAR. On the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
[1] Adjusted EBITDA defined as EBITDA before share based payment
charge, loss on disposal of fixed assets and exceptional items
[2] Free Cash Flow defined as operating cashflow less capex
[3] Source: Ofcom, PACT census, Oliver and Ohlbaum
[4] Adjusted EBITDA defined as EBITDA before share based payment
charge, loss on disposal of fixed assets and exceptional items
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
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END
FR UARBRUUUSUAR
(END) Dow Jones Newswires
April 22, 2022 02:00 ET (06:00 GMT)
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