TIDMIFM
RNS Number : 0471B
Intandem Films PLC
28 March 2013
INTANDEM FILMS PLC ("Intandem" or the "Company")
Half Yearly Results to 31 December 2012
Intandem Films plc ("Intandem" or the "Company"), the London
based international film group, is pleased to announce its results
for the six months to 31 December 2012.
Chief Executive Officer's Statement
The last six months have undoubtedly been a turbulent time at
Intandem. However, I am delighted to be in the position to set out
the revised strategy and the exciting slate of films we are already
working on. The product line-up coupled with the fact that Intandem
is now in the hands of experienced, financially driven business
people, suggests a bright future.
Financials
Turnover for the period under review was GBP238,033 (2011:
GBP158,525) and the loss before tax was GBP651,496 (2011:
GBP369,942) with a loss per share of 0.44p (2011: loss per share of
0.29p). The loss increased mainly as a result of several expected
projects not materialising through the turbulent period, which has
resulted in the restructuring of the Company and the development of
the new strategy.
The Board
Andrew Brown and Billy Hurman continue as executive directors
along with myself as the new CEO on the Intandem Board. Andrew and
Billy will continue their work at the coal face with a huge degree
of increased responsibility and freedom to deliver. In the past,
the impact that Billy and Andrew could make was hindered by a
structure which curtailed their ability to exploit the knowledge
and strong relationships they have built up over the last twenty
years. We are already reaping the benefit of our new working
practises.
New Strategy
Intandem will remain first and foremost an International Sales
Company, creating revenue from Executive Producer fees and
commissions via the exploitation of international rights. With our
existing team reinvigorated we believe our potential to acquire
quality product is significantly improved.
The new strategy for UK Distribution entails the Company raising
funds, separately to the plc, to cover distribution costs of films
we identify as having significant Box Office potential from the
slate being worked on by International Sales. The Company will be
able to make decisions on certain films further down the production
chain and hence with a superior knowledge of the production
credentials - i.e. cast, footage, etc.
This allows Intandem to have a flexible approach to the UK
Distribution arena, which is high cost/high return. The existing UK
Distribution team within Intandem will work on the Film Sales area,
which allows us to maintain all our contacts with our Exhibition
Partners to ensure that when we decide to release a film, the
outlets are there.
New Revenue Streams
Aside from the UK Film Distribution revenue potential, we are
also pursuing additional outlets for revenue creation.
The major film studios have seen a downturn on returns for their
mid-budget film productions and have mooted their interest in
having a third party sales company for some International rights
which presents opportunities for Intandem to exploit.
We are also in a position to re-sell the rights to some of our
Library titles, and we are currently refreshing and, in essence,
re-launching these films for worldwide digital/VOD
exploitation.
Films on Board
The exciting slate of films we have recently acquired includes
'Catweazle', a contemporary re-make of the much loved 1970's TV
series, 'The Laureate' a classic period piece which proved popular
with our customers at the recent Berlin film festival, 'Starbright'
a big budget Sci-Fi Love story and 'Piper' which is re-telling the
classic Pied Piper of Hamelin story.
Summary
There is no disguising the less than impressive recent financial
performance of Intandem. The Board has taken action to halt the
slide and reduce overheads in order to manage our limited working
capital. With our reduced cash balance it is clear we need to raise
funds in the next three months if Intandem is to remain a viable
business. The continued support from our shareholders, since the
change of CEO, has been very encouraging. We have a motivated and
talented team, a clear business model, and we are putting into
place people and practises that we believe will ensure the growth
of the Company.
Robert Mitchell
Chief Executive Officer
28 March 2013
Contacts:
Intandem Films plc
Robert Mitchell, Chief Executive Officer +44 (0)20 7851 3800
finnCap
Ed Frisby / Ben Thompson - Corporate
Finance
Stephen Norcross - Corporate Broking +44 (0)20 7220 0500
Bishopsgate Communications
Nick Rome/Sam Allen/Matt Low
intandem@bishopsgatecommunications.com +44 (0)20 7562 3350
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
HALF YEAR ENDED 31 DECEMBER 2012
As at 31/12/12 As at 31/12/11 As at 30/6/12
Notes GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 22,865 12,184 10,058
Financial assets 100 100 100
22,965 12,284 10,158
Current Assets
Trade receivables 284,667 204,740 214,679
Other current assets 204,213 344,244 351,232
Cash and cash equivalents 8,656 185,583 515,245
497,536 734,567 1,081,156
Total assets 520,501 746,851 1,091,314
Equity and liabilities
Equity attributable to equity
holders of the parent
Share capital 146,715 126,715 146,715
Share premium 3,898,139 3,009,174 3,898,139
Merger reserve 252,506 252,506 252,506
Foreign exchange reserve (324,721) (310,369) (324,721)
Retained earnings (4,123,915) (2,914,970) (3,507,912)
(151,276) 163,056 464,727
Non-current liabilities
Deferred income 6,731 11,644 6,731
6,731 11,644 6,731
Current liabilities
Trade and other payables 665,046 572,151 619,856
Total liabilities 671,777 583,795 626,587
Total equity and liabilities 520,501 746,851 1,091,314
CONSOLIDATED INCOME STATEMENT
HALF YEAR TO 31 DECEMBER 2012
6 months 6 months Year ended
ended ended
31/12/12 31/12/11 30/06/12
Notes GBP GBP GBP
Turnover
Executive producer fees 166,548 - -
Commissions & other income 14,181 98,748 90,371
Recoverable project costs 57304 59,777 272,716
_______ _______ _______
238,033 158,525 363,087
Cost of Sales
Recoverable expenses (57,304) (59,777) (272,716)
Amortisation of film asset - - -
Gross profit 180,729 98,748 90,371
Overheads
Staff costs (195,736) (160,908) (484,202)
Depreciation (6,253) (3,462) (7,503)
Other external charges (629,510) (304,330) (725,415)
_______ _______ _______
Operating loss (650,770) (369,952) (1,126,749)
Finance costs (726) - (3,217)
Income from investments - 10 21
_______ _______ _______
Loss before tax (651,496) (369,942) (1,129,945)
Income tax expense - - -
_______ _______ _______
Profit/(Loss) for the year from
continuing operations (651,496) (369,942) (1,129,945)
Earnings per share
Basic (0.44 pence) (0.29 pence) (0.85 pence)
Diluted (0.44 pence) (0.29 pence) (0.85 pence)
CONSOLIDATED CASH FLOW STATEMENT
HALF YEAR TO 31 DECEMBER 2012
6 months 6 months Year
ended ended ended
31/12/12 31/12/11 30/06/12
Note GBP GBP GBP
Cash flows from operating activities
Cash from (used in) operating
activities (486,803) (402,653) (976,834)
Interest paid (726) - (3,217)
Net cash (used in) operating
activities (487,803) (402,653) (980,051)
Cash flows from investing activities
Purchases of property, plant
and equipment (19,060) (401) (2,317)
Purchase of film assets - - -
Investment in associated companies - - -
Interest received - 10 21
Net cash from (used in) investing
activities (19,060) (391) (2,296)
Cash flows from financing activities
Issue of new ordinary shares - 578,400 1,487,365
Net proceeds on financing of - - -
film asset revenues
Repayment of loan - - -
Issue of new loans - - -
Net cash from financing activities - 578,400 1,487,365
Net increase in cash and cash
equivalents (506,589) (175,356) 505,018
Cash and cash equivalents at
beginning of period 515,245 10,227 10,227
Foreign exchange difference - - -
on consolidation
Cash and cash equivalents at
end of period 8,656 185,583 515,245
Bank balances and cash 8,656 185,583 515,245
NOTES TO THE ACCOUNTS
1. Accounting policies
The principal accounting policies are as set out in the June
2012 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 2012 and
the 6 months ended 31 December 2011 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 2012
have been extracted from the audited annual accounts.
3. Earnings per share
Earnings 6 months 6 months
ended ended Year ended
31/12/12 31/12/11 30/06/12
GBP GBP GBP
Earnings for the purpose of
basic earnings per share (net
loss for the year) (651,496) (369,942) (1,129,945)
Earnings for the purpose of
diluted earnings per share (651,496) (369,942) (1,129,945)
Number of shares 6 months 6 months
ended ended Year ended
31/12/12 31/12/11 30/06/12
Weighted average number of
ordinary shares for the purposes
of basic earnings per share 146,715,000 126,715,000 132,003,534
Weighted average number of
ordinary shares for the purposes
of diluted earnings per share 146,715,000 126,715,000 132,003,534
4. Share capital
6 months 6 months
ended ended Year ended
31/12/12 31/12/11 30/06/12
GBP GBP GBP
Authorised:
Ordinary shares of GBP0.001
each 200,000 200,000 200,000
Issued and fully paid:
Ordinary shares of GBP0.001
each 146,715 126,715 146,715
Reported at beginning of period 146,715 117,075 117,075
Reported at period end 146,715 126,715 146,715
5. Note to the cash flow statement
6 months 6 months
ended ended Year ended
31/12/12 31/12/11 30/06/12
GBP GBP GBP
Loss for the year (651,496) (369,942) (1,129,945)
Adjustment for:
- Finance credits 726 (10) 3,196
- Depreciation 6,253 3,462 7,503
- Amortisation - - -
- Movements in foreign exchange
reserve 35,493 48,803 34,451
- Other operating income - - -
Changes in working capital:
- Charge for share options
issued during the year - - 167,062
- Increase in trade and other
receivables 77,031 (14,608) (31,535)
- Increase in trade and other
payables 45,190 (70,358) (27,566)
Cash from (used in) operations (486,803) (402,653) (976,834)
6. Financial assets
6 months 6 months
ended ended Year ended
31/12/12 31/12/11 30/06/12
GBP GBP 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 6 months
ended ended Year ended
31/12/12 31/12/11 30/06/12
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 6 months
ended ended Year ended
31/12/12 31/12/11 30/06/12
GBP GBP GBP
Pound 100 100 100
United States Dollar - - -
100 100 100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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