TIDMIFM
30 March 2012
INTANDEM FILMS PLC
("Intandem" or the "Company")
Interim Results to 31 December 2011
Intandem Films Plc, the London based international film group, is pleased to
announce its Interim Results for the six months ending 31 December 2011.
Financial Highlights
* Loss before tax was GBP369,942 (2010: loss before tax of GBP194,126)
This was a result of investing in new revenue streams while some executive
producer fees were delayed to the second half of the financial year
* Loss per share was 0.29p (2010: loss per share 0.18p)
* Net assets of GBP746,851 and debt free
Film Activity Highlights
* K-11, hailed as "the next One Flew Over the Cuckoo's Nest" by Total Film
magazine, was filmed in Hollywood. It was directed by Jules Stewart and the
film will screen to international buyers at the Cannes Film Festival in May
2012
* Ecstasy, based on the novel by Irvine Welsh, was completed in Canada and is
set to be launched in cinemas in the UK in April 2012
* Comes a Bright Day is a UK thriller which will also screen at the Cannes
Film Festival in May 2012 and is set to be released theatrically in the UK
in July 2012 with Home Entertainment being handled by Sony Pictures Home
Entertainment
* Intandem has 31 finished films under management
* Currently working on the financing and casting of over twenty films with
total estimated budgets in excess of GBP125million
Fundraising post 31 December 2011
In March 2012, the Company raised gross proceeds of GBP1 million through a
placing of 20,000,000 new ordinary shares of 0.1p each at 5p per share. The net
proceeds of the placing will be used primarily to launch Intandem Film
Distribution ("IFD"), expanding the Company's business into UK film
distribution. The Company is also expanding its operations in Los Angeles.
Commenting on the interims, CEO of Intandem, Gary Smith, said:
"The last six months have seen considerable progress towards Intandem's
objective of becoming a leading independent film company. I am delighted that
we have established Intandem Film Distribution Ltd, a 100% owned subsidiary,
which we plan to build into a leading UK film distribution business, and that
we have increased our presence in Los Angeles.
"I believe that the conditions in the film industry are such that there will be
exceptional growth in revenues over the next five years as a result of the
digital revolution which is opening up new platforms of distribution such as
video on demand, whilst reducing the costs of marketing and distribution."
-END-
Contacts
Intandem Films plc Tel: 020 7851 3800
Gary Smith, Chief Executive
Nominated Adviser
Northland Capital Partners Limited Tel: 020 7796 8800
Luke Cairns / Rod Venables
Broker
Xcap Securities Tel: 0207 101 7070
Jon Belliss / Halimah Hussain
Broker
Rivington Street Corporate Finance
Jon Levinson Tel: 020 7562 3384
Financial PR
Bishopsgate Communications Tel: 020 7652 3350
Deepali Schneider / Lynne Goulding
intandem@bishopsgatecommunications.com
CHAIRMAN'S STATEMENT
The last six months have seen considerable progress towards Intandem's
objective of becoming a leading independent film company. I am delighted that
we have established Intandem Film Distribution Ltd, a 100% owned subsidiary,
which we plan to build into a leading UK film distribution business, and that
we have increased our presence in Los Angeles.
We now have the infrastructure to scale up our business in accordance with our
strategy of generating income from the creation and marketing of films from
script stage through to international sales and release of the films in cinemas
and other platforms. I believe that the conditions in the film industry are
such that there will be exceptional growth in revenues over the next five years
as a result of the digital revolution which is opening up new platforms of
distribution such as video on demand, whilst reducing the costs of marketing
and distribution.
Results
Turnover for the period under review was down to GBP158,525 (2010: GBP245,456) and
the loss before tax was GBP369,942 (2010: loss before tax of GBP194,122) with a
loss per share of 0.29p (2010: loss per share of 0.18p). -which was in line
with the Company's expectations. The loss increased mainly as a result of the
delay in executive producer fees to the second half of the financial year.
Additionally, the Company invested in growing its presence in Los Angeles and
appointed Robert Mitchell as a consultant during the period with a view
generating increasing long-term revenue streams.
Films
Intandem's main business is the international sales of films. There were three
new films in post production at 31 December 2011, all of which are expected to
be completed by 30 June 2012. Intandem will earn sales commission on all sales
generated in the second half of the financial year and this takes the number of
completed films represented 31.
K-11, which has been hailed as "the next One Flew Over the Cuckoo's Nest" by
Total Film magazine, was filmed in Hollywood. It was directed by Jules Stewart
and the film will screen to international buyers at the Cannes Film Festival in
May 2012. Ecstasy, based on the novel by Irvine Welsh, was completed in Canada
and is set to be launched in cinemas in the UK in April 2012. Comes a Bright
Day is a UK thriller which will also screen at the Cannes Film Festival in May
2012.
Our main focus now is to convert the large slate of new film projects over
which Intandem has the worldwide sales rights into completed films. We are
currently working on the financing and casting of over twenty films with total
estimated budgets in excess of GBP125million on which we will be entitled to
significant fees and sales commission. I am confident that given the quality
and experience of the film producers with whom we are working, we can expect
that the financing of at least four new films will be completed in the next six
months. Intandem typically earns executive producer fees on the commencement of
production, and sales commission upon the delivery of the film.
I am pleased to announce that the first of these films will be Devlin, a
$4million thriller about the Irish political activist, Bernadette Devlin. The
film will be directed by Aisling Walsh and will star Sally Hawkins (Happy Go
Lucky, Made in Dagenham). The film is expected to commence production in August
2012.
Intandem expects to announce further additions to its film portfolio shortly.
UK Film Distribution
Intandem has established Intandem Film Distributors Ltd ("IFD") which intend to
build into a major UK film distribution company and I am delighted that we have
secured the services of Robert Mitchell who has been appointed as IFD's CEO. He
is one of the leading distributors of his generation having previously been
Managing Director of Buena Vista UK, the film distribution division of Walt
Disney.
He was responsible for the release of eight of the top forty five films ever
released in the UK and we are looking forward to strong growth from IFD over
the next five years as our slate of major films complete production. As well as
releasing most of Intandem's films, IFD will also represent selected third
party films for distribution in the UK.
Robert is now an executive director of Intandem Films plc, having previously
been appointed a non-executive director in November 2011.
Production/Los Angeles
Intandem established a presence in Los Angeles in April 2011. Producers in Los
Angeles are an important source of new film projects for Intandem and the
Company has appointed Sepideh Haftgoli as Senior VP Production and Business
Affairs. Sepideh will work with me in closing the finance on the current slate
and will oversee Intandem's new films in Los Angeles. Sepideh has a law degree
from Southwestern University in California and has worked for ten years in the
film industry in Los Angeles, including two years at the leading talent agency,
Creative Artists Agency.
As part of our strategy, Intandem intends to add more value to film producers
by providing advice on cast, script, music rights and completion bonds for
which we expect to charge higher fees.
Film Funding
Intandem has a commitment to identifying new sources of financing to accelerate
the rate at which film projects are converted from scripts into completed
films. We therefore intend to take advantage of the recent enhancement of the
rules governing the Enterprise Investment Scheme ("EIS") by launching a
selection of fundraising initiatives for specific film projects. We are
currently working with major Los Angeles producers with a successful track
record with a view to raising funds for their productions under the EIS.
In addition, I am delighted to announce that the Company has today signed an
agreement with Capitoline Global Finance ("CGF") for CGF to source closing
financing for a series of Intandem's films. We are now negotiating the final
details and expect to start closing the financing of several films over the
next three months. Intandem has previously successfully worked with CGF on
closing the financing of over $10million for a slate of five films.
The Intandem Screenplay Competition
The Board's strategy in becoming a leading independent film company includes
enhancing the Intandem branding across all sectors of the business. In order to
establish closer links with the creative community, Intandem will be launching
a worldwide screenplay competition in April in association with Writers Avenue
Films. Writers will pay a minimum of GBP50 per entry and the intention is to help
to develop the careers of talented screenplay writers and to sign their work to
Intandem at an early stage. We expect between 5000 and 7500 entries for the
competition.
Through Intandem's presence in Los Angeles, we have secured a winning prize of
guaranteed representation for the writer at Zero Gravity, a Los Angeles based
management and film production company. The competition will be promoted by
Romley Davies, a leading international film PR company which was responsible
for the worldwide PR of the Harry Potter films. Other details will be announced
on the formal launch of the competition.
Current trading
I am delighted with the recent developments at Intandem. We have an excellent
platform on which to build the Company and the quality and commercial potential
of films we are currently developing is exceptional for an independent company.
It is now a question of completing the financing on the new films which we
expect to generate significant fees and sales commission for Intandem and
provide a slate of quality films to be exploited in the UK by IFD.
As always, I want to thank all the Company's employees for their commitment to
Intandem.
Investors can follow Intandem's progress at www.intandemfilms.com
Gary Smith
Chairman
30 March 2012
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
HALF YEAR ENDED 31 DECEMBER 2011
As at As at As at
31/12/11 31/12/10 30/6/11
Notes GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 12,184 18,048 15,245
Financial assets 6 100 100 100
12,284 18,148 15,345
Current Assets
Trade receivables 204,740 133,516 209,726
Other current assets 344,244 247,212 342,650
Cash and cash equivalents 185,583 57,813 10,227
734,567 438,541 544,603
Total assets 746,851 456,689 559,948
Equity and liabilities
Equity attributable to equity
holders of the parent
Share capital 4 126,715 105,675 117,075
Share premium 3,009,174 1,767,814 2,440,414
Merger reserve 252,506 252,506 252,506
Foreign exchange reserve (310,369) (399,491) (359,172)
Retained earnings (2,914,970) (2,365,242) (2,542,028)
163,056 (638,738) (94,205)
Non-current liabilities
Deferred income 11,644 16,557 11,644
11,644 16,557 11,644
Current liabilities
Trade and other payables 572,151 1,078,870 642,509
Total liabilities 583,795 1,095,427 654,153
Total equity and liabilities 746,851 456,689 559,948
CONSOLIDATED INCOME STATEMENT
HALF YEAR TO 31 DECEMBER 2011
6 months 6 months Year
ended ended ended
31/12/11 31/12/10 30/06/11
Notes GBP GBP GBP
Turnover
Executive producer fees 27,000 23,970 25,833
Commissions 65,284 104,137 255,036
Recoverable project costs 59,777 99,133 180,769
Other income 6,464 18,216 7,844
_______ _______ _______
158,525 245,456 469,482
Recoverable expenses (59,777) (99,133) (180,769)
Other external charges (304,330) (176,338) (394,404)
Staff costs (160,908) (160,396) (323,723)
Depreciation (3,462) (3,715) (7,525)
Amortisation of film assets - - -
_______ _______ _______
Operating loss (369,952) (194,126) (436,939)
Other operating income -
Profit on sale of investment -
Finance costs - - (27,539)
Income from investments 10 4 5
_______ _______ _______
Loss before tax (369,942) (194,122) (464,473)
Income tax expense - - -
_______ _______ _______
Profit/(Loss) for the year from (369,942) (194,122) (464,473)
continuing operations
Earnings per share
Basic 3 (0.29 pence) (0.18 pence) (0.42 pence)
Diluted 3 (0.29 pence) (0.18 pence) (0.42 pence)
CONSOLIDATED CASH FLOW STATEMENT
HALF YEAR TO 31 DECEMBER 2011
Note 6 months 6 months Year
ended ended ended
31/12/11 31/12/10 30/06/11
GBP GBP GBP
Cash flows from operating
activities
Cash from (used in) operating 5 (402,653) (17,143) (720,184)
activities
Interest paid - - (27,539)
Net cash (used in) operating (402,653) (17,143) (747,723)
activities
Cash flows from investing
activities
Purchases of property, plant and (401) (3,316) (4,323)
equipment
Purchase of film assets - - -
Investment in associated - - -
companies
Interest received 10 4 5
Net cash from (used in) investing (391) (3,312) (4,318)
activities
Cash flows from financing
activities
Issue of new ordinary shares 578,400 - 684,000
Net proceeds on financing of film - - -
asset revenues
Repayment of loan -
Issue of new loans - - -
Proceeds on issue of convertible - - -
loan notes
Net cash from financing 578,400 - 684,000
activities
Net increase in cash and cash (175,356) (20,455) (68,041)
equivalents
Cash and cash equivalents at 10,227 78,268 78,268
beginning of period
Foreign exchange difference on co - -
nsolidation
Cash and cash equivalents at end 185,583 57,813 10,227
of period
Bank balances and cash 185,583 57,813 10,227
NOTES TO THE ACCOUNTS
1. Accounting policies
The principal accounting policies are as set out in the June 2011 annual
report.
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) and with those parts of the Companies
Act,2006 applicable to companies reporting under IFRS. The financial reports
have been prepared under the historical cost convention.
The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Although these estimates are based on management's best
knowledge of the amount, event or actions, actual results ultimately may differ
from those estimates.
2. Status of financial information
The interim results for the 6 months ended 31 December 2011 and the 6 months
ended 31 December 2010 are unaudited and do not constitute statutory accounts
within the meaning of section 428, Companies Act 2006. The figures for the year
ended 30 June 2011 have been extracted from the audited annual accounts.
3. Earnings per share
Earnings 6 months 6 months Year
ended ended ended
31/12/11 31/12/10 30/06/11
GBP GBP GBP
Earnings for the purpose of basic (369,942) (194,122) (464,473)
earnings per share (net loss for
the year)
Earnings for the purpose of diluted (369,942) (194,122) (464,473)
earnings per share
Number of shares 6 months 6 months Year ended
ended ended 30/06/11
31/12/11 31/12/10
Weighted average number of ordinary 126,715,000 105,675,000 111,047,055
shares for the purposes of basic
earnings per share
Weighted average number of ordinary 126,715,000 105,675,000 111,047,055
shares for the purposes of diluted
earnings per share
4. Share capital
6 months ended 6 months ended Year
31/12/11 31/12/10 ended
GBP GBP 30/06/11
GBP
Authorised:
Ordinary shares of GBP0.001 each 200,000 200,000 200,000
Issued and fully paid:
Ordinary shares of GBP0.001 each 126,715 105,675 117,075
Reported at beginning of period 117,075 105,675 105,675
Reported at period end 126,715 105,675 117,075
5. Note to the cash flow statement
6 months ended 6 months ended Year ended
31/12/11 31/12/10 30/06/11
GBP GBP GBP
Loss for the year (369,942) (194,122) (464,473)
Adjustment for:
- Finance credits (10) (4) 27,534
- Depreciation 3,462 3,715 7,525
- Amortisation - - -
- Movements in foreign exchange 48,803 - 40,320
reserve
- Other operating income - - -
Changes in working capital:
- Charge for share options - - 90,564
issued during the year
- Increase in trade and other (14,608) 25,837 (127,811)
receivables
- Increase in trade and other (70,358) 147,431 (293,843)
payables
Cash from (used in) operations (402,653) (17,143) (720,184)
6. Financial assets
6 months ended 6 months ended Year
31/12/11 31/12/10 ended
GBP GBP 30/06/11
GBP
Available-for-sale financial
assets
Beginning of the period 100 100 100
Additions / (Disposals) - - -
Amortisation - - -
Movements due to foreign - - -
exchange
End of year 100 100 100
Available-for-sale financial assets include the following:
6 months ended 6 months ended Year ended
31/12/11 31/12/10 30/06/11
GBP GBP GBP
Unlisted securities:
Investment in Audley Films Ltd 100 100 100
Investment in film library - - -
Investment in Radical Publishing - - -
100 100 100
Available-for-sale financial assets are denominated in the following
currencies:
6 months ended 6 months ended Year ended
31/12/11 31/12/10 30/06/11
GBP GBP GBP
Pound 100 100 100
United States Dollar - - -
100 100 100
END
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