RNS Number:5014I
BKN International AG
27 November 2007
Press Release
27 November 2007
BKN International AG
("BKN" or the "Company")
Financial Results
=================
BKN, a global animation production and distribution company that licenses and
markets its products in approximately 95 countries and dubs in about 30
languages, is pleased to present today the financial results for the year ended
30 September 2007. For the third straight year, the Company reports record net
income.
Highlights
* Total Sales increased 29% to Euro16.3 million (prior year: Euro12.6 million).
Total Gross Income increased 29.5% to Euro18.0 million (prior year: Euro13.9
million).
* Total Expenses increased 21% to Euro11.1 million (prior year: Euro9.2
million). Salaries and Other Expenses up 9%, amortisation up 53%.
* Earnings or Profit Before Tax increased 33% to Euro5.5 million (prior year:
Euro4.1 million). Margin remains strong at approximately 33%.
* Net Income increased 12% to Euro5.0 million (prior year: Euro4.5 million),
even after allowance for tax of Euro450 thousand versus a tax credit in 2006 of
Euro377 thousand.
* EPS increased 7% to Euro0.305 (prior year: Euro0.286), after dilution from
July 2007 capital increase.
* EBITDA increased 47% to Euro9.1 million (prior year: Euro6.2 million).
* Equity Fund raising of Euro9.02 million in July 2007 coupled with Debt Fund
raising during the year of Euro17.0 million.
* Programming rights asset value increased to Euro53.7 million from Euro36.6
million in 2006.
* Share price performance on XETRA electronic exchange for 1 year return,
as of 30 September 2007, was +18.48% versus the Prime Media Performance
Index of +16.97% or a 109 index to the comparable market. (Source: Close
Brothers Seydler AG, Frankfurt)
* The Company has made heavy investments in new television and film
properties (Euro19.2 million) including costs related to its new all digital
high definition animation studios in Barcelona and London. Several of the
properties will be delivered in 2008 - 2010, thereby positively impacting
earnings for the next several years. The Company has identified all new
product through 2010.
* Financial results reflect only 13 episodes of Zorro - Generation Z(R)
and 18 episodes of Dork Hunters from Outer Space(R). This is only 50% of the
episodes in production for those two important series with the balance of
the income phased into 2008.
Commenting on the results, Allen Bohbot, Chairman & Chief Executive Officer of
BKN, said: "We are delighted to report record net income for the third year in a
row. In fiscal 2007, we delivered record net earnings for the Group of Euro5.0
million (Euro0.305 EPS), and we feel that fiscal 2008 will reflect further
expansion on both turnover and earnings."
Mr. Bohbot explained: "The markets look healthy for children's animation in the
near term with hundreds of dedicated animated children's channels operating
throughout the world and especially with the expansion of digital high
definition, where BKN intends to become a market leader. The Company is
strategically well placed to take advantage with our London office handling
Continental Europe and Asia, our New York office handling North America and our
Barcelona office handling the important markets of Spain, France, Portugal,
Italy and Latin America.
We expect major revenue contributors in 2008 to come from Zorro - Generation Z
(R) and Dork Hunters from Outer Space(R) as we only delivered 50% of those
episodes in fiscal 2007. In addition, we expect to see revenues from the new
2008 projects which will begin delivery in the second half entitled Stone AgeTM
and Pocket Penguin Adventures(TM)
We are optimistic about the prospects for video steaming over the internet. In
this past fiscal year, the value of the internet for video streaming has truly
expanded. BKN has a philosophy of carefully choosing its partners in this new
space and has entered into deals only in the more mature U.S. market. Unlike
many of our local competitors, BKN holds the worldwide copyrights to the major
properties in its portfolio of animated properties in perpetuity and
accordingly, we are in a unique position to expand into this market when we feel
the timing is right to do so. For the first time in fiscal 2007, the Company
reported revenue from this segment of Euro468 thousand (3% of turnover)."
The Company reports a positive outlook for 2008 based on continued growth in key
segments of the business and good receipt of new product in the market place.
For a full version of the final results please go to our website www.bknkids.com
- Ends -
Enquiries:
BKN INTERNATIONAL AG
=====================
Allen Bohbot, Chief Executive Officer
Tel: +44 (0) 20 7269 8683
allen.bohbot@bknkids.com
Wayne Mowat, Chief Financial Officer
Tel: +44 (0) 20 7269 8687
wayne.mowat@bknkids.com
Sascha Ziemann, Finance Manager Germany
Tel: +49 (0) 221 5540 5190
sascha.ziemann@bknkids.com
Martina Michels, Investor Relations Manager
Tel: +49 (0) 221 5540 5191
martina.michels@bknkids.com
www.bknkids.com
NOMINATED ADVISER & UK BROKER:
==============================
Hanson Westhouse Limited
Louis Castro / Richard Baty / Ed Burbidge
Tel: +44 (0) 20 7601 6100
richard.baty@hansonwesthouse.com
ed.burbidge@hansonwesthouse.com
DESIGNATED SPONSOR IN GERMANY:
==============================
Close Brothers Seydler AG
Henriette Domhardt
Tel: +49 (0) 69 92054-137
henriette.domhardt@cbseydler.com
Notes to editors:
-----------------
About BKN:
BKN International AG is a global animation company engaged in the distribution
and marketing of animated children's television programmes and the marketing of
related consumer products (licensing and merchandising) in all forms. BKN has
worked on numerous successful animation projects.
The Company is currently listed on the General Standard of the Frankfurt Stock
Exchange and is quoted on the AIM Market of the London Stock Exchange plc
("AIM"), it operates all over the world. BKN has successfully negotiated
distribution deals in over 95 countries and territories in the children's
programming market.
The Company's Film Library includes:
- Legend of the Dragon
- Robin Hood
- Kong - The Animated Series
- Zorro: Generation Z
- Kong - King of Atlantis
- Roswell Conspiracies
- Kong II - Return to the Jungle
- Dork Hunters from Outer Space
- A Christmas Carol
- Jungle Book
_____________________ x o x ____________________
Consolidated Management Board Report
including Chairman and Chief Executive Statement
We are pleased to present the financial results of BKN International AG ("BKN"
or the "Company"), a global animation production and distribution company that
is listed on the Frankfurt Stock Exchange and quoted on AIM. We license our
product in approximately 95 countries and dub in about 30 languages. This
Consolidated Report of the Management Board will cover audited financial
statements under IAS accounting rules for the period ended 30 September 2007 and
compared to the similar period in fiscal 2006.
The Company had a very strong year during which we have launched new products
and increased our client base, expanded into North America and Europe especially
in our Home Entertainment segment, increased our profitability and significantly
strengthened our balance sheet.
A. Group Structure
* The Group consists of BKN International AG, the parent company in
Germany, with active operating trading subsidiaries in the United Kingdom
("BKN New Media Ltd." and "BKN Home Entertainment Ltd."), the United States
("BKN New Media Inc." and "BKN Home Entertainment Inc.") and Spain ("BKN New
Media S.L.").
* The Group creates, produces, distributes and markets animated properties
for television and DVD distribution, as well as licenses its characters for
licensing and merchandising and the internet.
* The Company reports in Euro and trades in Euro, UK Sterling, and US
Dollars.
* The Company is listed on the General Standard of the Frankfurt Stock
Exchange (March 2000) and quoted on AIM (December 2003).
B. Film Catalogue and New Properties
* We have successfully expanded the Company's film catalogue, at 30
September 2007, to 82 titles and 2,035 episodes compared to 76 titles and
1,909 episodes as published in our 2006 Annual Report. BKN owns the 6th
largest film library of global animation (based on last year's statistics).
* The Company commissioned the production and distribution of the property
entitled Zorro - Generation Z(R) (26 episodes) along with the film entitled
Zorro - Return to the Future(R) (62 minutes). At the end of the fiscal year,
the Company delivered 13 episodes and the film and will deliver the second
13 episodes in the first half of our fiscal 2008.
* The Company also commissioned the production and distribution of the
property entitled Dork Hunters from Outer Space(R) (36 episodes) along with
the film entitled Dork Hunters(R): The Movie (62 minutes). At the end of the
fiscal year, the Company delivered 18 episodes and will deliver the second
18 episodes plus the film in the first half of our fiscal 2008.
* The Legend of the Dragon (39 episodes) continues to contribute to
overall revenues. In fiscal 2007, we added Euro2.8 million bringing the total
to date to Euro11.9 million.
* The Kong franchise (40 episodes plus 2 films) continues to expand. In
fiscal 2007, we added Euro1.1 million bringing the total to date to Euro14.0
million.
* The film catalogue continues to deliver strong earnings on a steady pace
as the Company finds new markets for its products.
C. Financial Highlights
* Total Sales increased 29% to Euro16.3 million (prior year: Euro12.6 million).
Total Gross Income increased 29.5% to Euro18.0 million (prior year: Euro13.9
million).
* Total Expenses increased 21% to Euro11.1 million (prior year: Euro9.2
million). Salaries and Other Expenses up 9%, amortisation up 53%.
* Earnings or Profit Before Tax increased 33% to Euro5.5 million (prior year:
Euro4.1 million). Margin remains strong at approximately one-third.
* Net Income increased 12% to Euro5.0 million (prior year: Euro4.5 million),
even after allowance for tax of Euro450 thousand versus a tax credit in 2006 of
Euro377 thousand.
* EPS increased 7% to Euro0.305 (prior year: Euro0.286), after dilution from
July 2007 capital increase.
* EBITDA increased 47% to Euro9.1 million (prior year: Euro6.2 million).
* Programming rights asset value increased to Euro53.7 million from Euro36.6
million in 2006.
* Share price performance on XETRA electronic exchange for 1 year return,
as of 30 September 2007, was +18.48% versus the Prime Media Performance
Index of +16.97% or a 109 index to the comparable market. (Source: Close
Brothers Seydler AG, Frankfurt)
* Cash on hand totals Euro1.4 million versus Euro1.6 million last year. At 30
September 2007, the Company owned 246,143 of its own shares valued on that
day at Euro772,889.
* The Company has made heavy investments in new television and film
properties (Euro19.2 million), many of which will be delivered in 2008 - 2010,
thereby positively impacting earnings for the next several years. The
Company has identified all new product through 2010.
* Financial results reflect only 13 episodes of Zorro - Generation Z(R)
and 18 episodes of Dork Hunters from Outer Space(R). This is only 50% of the
episodes in production for those two important series with the balance of
the income phased into 2008.
* The Company employs at the year end 36 full-time employees and
consultants versus 36 at the end of 2006. The Company estimates that more
than 100 people work on the production of its shows at various locations and
for various vendors.
D. The New Animation Studio and the Digital Plan
* The market is dramatically changing from analogue or standard definition
to digital or high definition. The Company recognises that conversion from
analogue to digital television will require significant changes in how we
execute the production of our television programmes, especially as more TV
channels convert to High Definition (in the USA, the HD spectrum will expand
from 30 to over 100 channels in December 2007). Animation producers will be
required to migrate away from the traditional 2D animation process and
become proficient in new production systems consistent with the requirements
of the HD format.
* It is our intention to make this conversion in the immediate future and
to lead this production revolution with an eye towards becoming the premier
supplier of HD children's programming.
* Accordingly, beginning with fiscal 2008, BKN intends to expand and
produce entirely in Digital High Definition. We are organizing
state-of-the-art facilities in London and Barcelona to take advantage of the
wealth of talent in these locations. Both studios will be linked by high
speed internet lines allowing the artists to communicate freely and openly
so as to maximize quality and delivery time. Each location will have
state-of-the-art computers and servers as well as the new WACOM tablets for
artists.
* Opening day is 2 January 2008.
E. New Product
* The Company has identified two exciting new properties that will be
produced in HD, each budgeted at Euro5.2 million. The properties will be
delivered in part in fiscal 2008, but as well in fiscal 2009 and the first
half of fiscal 2010 as follows:
* Stone AgeTM, a modern day comedy set in prehistoric times, initially
consists of 52 episodes of 11 minutes each (Season I). Half of the episodes
will be delivered in fiscal 2008 and the second half in the first half of
fiscal 2009. Season II will consist of 26 episodes and will be delivered in
the first half of fiscal 2010.
* Pocket Penguin AdventuresTM, set in Penguin Park on Chilly Bird Island,
will initially consist of 52 episodes of 11 minutes each (Season I). Half of
the episodes will be delivered in fiscal 2008 and the second half in the
first half of fiscal 2009. Season II will consist of 26 episodes and will be
delivered in the first half of fiscal 2010.
* The Company has identified all of the new product required to take it
through the first half of 2010, all in Digital High Definition, just when
the market is starving for this technological new breakthrough.
* All of this new product will be produced in our new in-house hi-tech
facilities in London and Barcelona.
F. Business & Operating Environment
The children's market sector has experienced a number of changes in the last
five years. In 2002 and 2003, most content suppliers struggled as broadcasters
experienced reduced advertising income and therefore cut their acquisition
budgets. A modest rebound was experienced in 2004 and 2005 and it seems like the
current environment is more buoyant. While prices for animation have not
increased, and in most cases remain flat, there are a number of dedicated
24-hour animation channels in the world (by some estimates, as many as 700) that
require children's content, both from catalogues as well as new productions.
There have been a number of M&A transactions in the past few years in this space
and it is expected that the market will continue to consolidate. Some examples
include:
- Apax purchased Hit Entertainment in the U.K.
- Disney purchased Pixar in the U.S.
- 3i has purchased Chorion in the U.K.
- Liberty Media/Starz purchased IDT Entertainment in the U.S.
- Entertainment Rights in the U.K. purchased Classic Media in the U.S.
- Entertainment One in Canada purchased Contender Group in the U.K.
- The Orchard Group purchased Digital Media Group in the U.S.
- DeAgostini in Italy purchased Marathon in France
- EM.TV in Germany recently announced that it will sell all of its kids'
entertainment holdings
- Chorion acquired The Copyrights Group
- Warner Bros. Home Entertainment Group acquired TT Games, maker of Lego Star
Wars titles
G. Internet and New Media
In this past fiscal year, the value of the internet for video streaming has
truly expanded. BKN has a philosophy of carefully choosing its partners in this
new space and has entered into deals only in the more mature U.S. market. Unlike
many of our local competitors who own selected rights and therefore do not often
control the internet streaming rights, BKN does hold these rights in perpetuity
to all of its key titles.
For the first time in fiscal 2007, the Company reported revenue from this
segment of Euro468 thousand (3% of turnover). This is up to strictly from the U.S.
and we expect that this segment will grow over the next several years.
H. Financing
* In January 2007, the Company entered into a general five-year facility
with Commerzbank AG ("Commerzbank") in the amount of Euro5.0 million with a
fixed interest rate of 6.3%. At 30 September 2007, the Company had repaid
Euro500 thousand and has an open balance of Euro4.5 million repayable at a rate of
Euro250 thousand quarterly.
* In January 2007, the Company repaid Anacapa Funding 1 LLC ("Anacapa")
the full amount of the pending convertible note. The total repaid was Euro3.6
million which included Euro3.2 million in principal plus Euro100 thousand in
interest plus a Euro300 thousand for early repayment. As this note accrued
interest at over 10% annually, the Management Board felt that this was the
correct approach.
* In February 2007, the Company secured a seven-year long term loan from
H.E.A.T. Mezzanine S.A., initiated by HSBC Trinkaus & Burkhardt AG ("HSBC"),
in the amount of Euro12.0 million at an interest rate of 8.25%. At 30 September
2007, the full amount was still due.
* In March 2007, the Company repaid convertible bonds issued in September
2004 to SDS Capital Group SPC Ltd. ("SDS Capital"). The total repaid was
Euro2.9 million which was essentially all principal (interest was only Euro27
thousand).
* In July 2007, the Company issued 3,682,604 new shares to existing and
new shareholders at a price of Euro2.45 per share and total proceeds of
Euro9,022,380 before fees and expenses.
* In July 2007, the Company repaid Laurus Master Fund Ltd. ("Laurus") the
full amount of the pending convertible note. The total repaid was Euro5.2
million which included Euro5.1 million in principal plus Euro100 thousand in
interest.
* In September 2007, the Company entered into a new working capital
facility with Commerzbank in the amount of Euro1.0 million for an unlimited
term carrying a 6.5% interest rate. This facility is currently unused.
* In September 2007, the Company entered into an additional facility with
Commerzbank to fund potential acquisition activity. The facility is for Euro3.0
million with an interest rate of 5.5% and a term ending 30 December 2008.
This facility is currently unused.
In all, the Company paid Euro728 thousand in interests and early repayment fees in
fiscal 2007 to refinance all of the expensive convertible notes. This amount is
not expected to recur in fiscal 2008.
The only convertible note still on our balance sheet is the Euro1.0 million due to
Tail Wind Fund Ltd. ("Tail Wind") in March 2008 with an exercise price of Euro5.211
per share.
I. Stock Options and Warrants
* At 30 September 2007, the Company still has outstanding 45,455 warrants
to Tail Wind at an exercise price of Euro5.211 per share.
* At 30 September 2007, the Company still has outstanding 250,000 warrants
to Laurus at an exercise price of Euro3.776 per share.
* At 30 September 2007, the Management Board holds a combined 895,649
stock options at an average Euro3.82 strike price. There are 8,500 options
issued to employees at a Euro3.86 strike price.
As we expand further in 2008, it is likely that the stock option plan will be
made available to a greater amount of executives to ensure key staff retention
and to incentivise delivery of stronger Company performance.
J. The Management and Supervisory Boards, Key Talent
* The management team is well experienced and seasoned in the industry.
Allen Bohbot (CEO) and Wayne Mowat (CFO) make up the Management Board and
oversee the Company on a daily basis.
* Nicola Andrews is Managing Director for English and German-speaking
markets.
* Laura Tapias is Managing Director for Spanish, Portuguese, French and
Italian-speaking markets.
* Matthew Graham-Clare is Managing Director of all Home Entertainment
activities.
* Richard Ungar is Executive Producer on all titles.
* There are three seasoned non-executive Directors that comprise the
Supervisory Board including Karl Benetz as Chairman with Robert Paff and
Michael Jack Kugler.
K. Shareholders' Structure
As of 30 September 2007, the Company believes that its significant shareholders,
based on a share capital of 19.4 million shares, are as follows:
SHAREHOLDER HOLDING
------------------------ -----------------
Charleville Investments 19.4%
------------------------ -----------------
Gordon Group Investments 16.2%
------------------------ -----------------
Allianz Global Investors 8.9%
------------------------ -----------------
Jack Kugler (Director) 8.2%
------------------------ -----------------
Credit Agricole 7.0%
------------------------ -----------------
Allen Bohbot (Director) 6.5%
------------------------ -----------------
Dalton 6.2%
------------------------ -----------------
Carmignac 4.2%
------------------------ -----------------
Cominvest Asset Management 3.1%
------------------------ -----------------
DWS Investments GmbH 2.9%
------------------------ -----------------
L. Other Disclosures pursuant (S) 315 HGB (German Commercial Code)
* The remuneration policy allows for an annual fix payment to each member
of the Supervisory Board of the Company. The remuneration of the Management
Board mainly consists of a fix monthly payment as well as a
Company-performance related remuneration. In addition, the members of the
Management Board can participate at stock options plans on the basis of the
pertinent resolutions at the Annual General Meetings. The assignment and the
conditions are defined by the Supervisory Board.
* As per 30 September 2007, the subscribed capital is divided in
19,400,170 no-par value registered ordinary shares.
* In accordance with the Articles of Association, the Management Board is
appointed by the Supervisory Board; furthermore, the legal requirements of
(S) 84 AktG (German Securities Trading Act) are applicable. Any changes of
the Articles of Association are subject to the statutory provisions. In
accordance with the Articles of Association, changes pursuant (S) 179
Section 1 Sentence 2 AktG can be implemented by the Supervisory Board.
* In accordance with the Articles of Association, the Management Board is
authorised, with the consent of the Supervisory Board, to issue shares in
the limits of the authorised capital. In addition, according to the
resolution of the Annual General Meeting, the Management Board is authorised
to acquire own shares up to 10% of the share capital.
* Please compare the shareholders' structure (section M. Shareholders'
Structure) for direct or indirect holdings of more than 10% of the Company's
share capital.
No further compulsory disclosures are required.
M. Corporate Governance
* The Company is in good standing with the Frankfurt and London Stock
Exchanges and complies with all rules and regulations.
* The Company has met all of the recommendations of the German Corporate
Governance Code of Good Conduct, with regards to a company our size and
complexity, with the exception of incentive based compensation for the
Supervisory Board members who earn a flat annual compensation.
* The Management and Supervisory Boards met either in person or
telephonically on fifteen separate occasions during the fiscal year and in
addition, numerous telephone conversations took place between members of
both boards to ensure full and accurate communication. The Management Board
supplied the Supervisory Board with sufficient and comprehensive information
throughout the year. In addition, there is an audit committee of directors
to ensure proper transparency and control of the companies' activities. The
Boards cooperated closely for the benefit of the enterprise.
* The Company has no borrowing or lending relationship with any of its
Directors.
N. Business Risks
As with any business, there are variable risks such as:
* At this time, the Company does not hedge against currency fluctuation.
While we report in Euro and maintain accounts in Euro, Sterling and US
Dollars, a majority of our sales are in US Dollars and this is matched by a
majority of our costs. The Company engages vendors throughout the world for
its productions (Los Angeles, China, India, and Manila) and such contracts
are typically in US Dollars. The Company believes that it is properly
managing this currency fluctuation and has no need at this time to create
hedging instruments whose cost would outweigh the benefit. The 2007 exchange
position was immaterial (less than Euro10,000).
* Our major suppliers, as noted above, are in foreign locations as typical
of the animation industry. We believe that all are credible, well funded and
professional. The global nature of the industry allows the Company to source
the best producers in cost and quality regardless of territory. We have not
experienced any significant delays in production but this is always
possible.
* We are expanding at a rapid pace. We believe that our creative and
production staffs are well in control of all productions and budgets with
local control at all locations.
* The children's market has historically been cyclical. At various points
in the past two decades, the market has been over-supplied and at other
points, it has starved for intellectual content. While we believe that the
market is in a good place at this time, and will be for the near term, this
is likely to change but only over the longer term. Although delivery
platforms are expanding from solely TV and DVD towards the internet, BKN as
an IP owner is well positioned to transition accordingly.
* Prices for children's content have been mostly flat in the last few
years and it is not expected that the industry has any real pricing power.
This is mitigated by the expansion of new channels dedicated to the sector.
* There are a number of producers, primarily in France and Canada, that
have access to government subsidies and the broadcasters in those markets
favor local producers. The Company does not receive any subsidies from any
source although some of our partners may. It does not appear that other
jurisdictions will expand government involvement in the sector and this
seems in hand at this time. BKN's lack of dependence on governmental
subsidies means that we have full control of the quality of our products
which assures delivery of global rather than local content in all forms and
venues.
* We trade in multiple jurisdictions throughout the world and the
possibility of litigation to protect our assets and rights is increased by
the increased turnover. We always protect our properties with filings with
the US Copyright and Trademark Office and the European Union Trademark
Office, but there is always a chance that vendors and/or licensees cause us
to litigate to protect our assets.
O. Annual General Meeting
The next meeting is set for Thursday, 14 February 2008 in Cologne.
P. Outlook
The markets look healthy for children's animation in the near term with hundreds
of dedicated animated children's channels operating throughout the world. The
Company is strategically well placed to take advantage with our London office
handling Continental Europe and Asia, our New York office handling North America
and our Barcelona office handling the important markets of Spain, France,
Portugal, Italy and Latin America.
We expect major revenue contributors in 2008 to come from Zorro - Generation Z
(R) and Dork Hunters from Outer Space(R) as we only delivered 50% of those
episodes in fiscal 2007. In addition, we expect to see revenues from the new
2008 projects which will begin delivery in the second half entitled Stone AgeTM
and Pocket Penguin Adventures(TM)
We delivered record net earnings for the Group in fiscal 2007 of Euro5.0 million
(Euro0.305 EPS), and we feel that fiscal 2008 will reflect further expansion on
both turnover and earnings. The outlook for the Group is strong.
Cologne, November 2007
The Management Board
Allen J. Bohbot Wayne Mowat
Chairman & CEO Chief Financial Officer
---------------------
Consolidated Balance Sheets for Fiscal 2007
(in thousands of Euro)
ASSETS
30 Sep 2007 30 Sep 2006
A. Fixed and intangible assets
--------------------------------
1. Intangible assets 53,668 36,591
2. Fixed assets 108 127
------- --------
53,776 36,718
------- --------
B. Other long term assets
---------------------------
1. Other assets 213 223
2. Deferred taxes 2,500 2,209
3. Deferred financing costs 486 738
------- --------
3,199 3,170
------- --------
C. Current assets
-------------------
1. Stocks 12 0
2. Accounts receivable, trade 2,196 1,496
3. Other current assets 309 789
4. Own shares 773 0
5. Cash and cash equivalents 1,413 1,648
------- --------
4,703 3,933
------- --------
61,678 43,821
======= ========
LIABILITIES
A. Shareholders equity
------------------------
1. Common stock 19,400 15,718
2. Additional paid in capital 12,824 8,286
3. Reserve for own shares 773 0
4. Other comprehensive income (28) 136
5. Retained earnings 8,742 4,495
------- --------
41,711 28,635
------- --------
B. Long term liabilities
--------------------------
1. Bonds 1,050 12,604
2. Loans 16,500 0
3. Deferred tax liability 605 441
4. Deferred long term liabilities 7 14
------- --------
18,162 13,059
------- --------
C. Short term liabilities
---------------------------
1. Accrued expenses 1,189 961
2. Accounts payable, trade 581 1,166
3. Other liabilities 35 0
------- --------
1,805 2,127
------- --------
61,678 43,821
======= ========
---------------------
Consolidated Statements of Operations for Fiscal 2007
(in thousands of Euro - except shared data and number of employees)
30 Sep 2007 30 Sep 2006
------------ -------------
REVENUES
--------------------------
Television 7,623 5,740
Consumer brands 8,644 6,870
-------------------------- ------------ -------------
Total Sales 16,267 12,610
Other income 1,720 1,283
-------------------------- ------------ -------------
Total Gross Income 17,987 13,893
-------------------------- ------------ -------------
EXPENSES
--------------------------
Depreciation, amortization and goodwill 2,185 1,430
Producer fees and other direct operating costs 1,585 985
Salaries and employee benefits 3,071 2,993
Other expenses 4,246 3,742
-------------------------- ------------ -------------
Total Expenses 11,087 9,150
-------------------------- ------------ -------------
Interest expenses 1,430 625
-------------------------- ------------ -------------
Income / (Loss) Before Provision 5,470 4,118
for Income Tax
Provision for income taxes (prior year: 450 (377)
income) ------------ -------------
--------------------------
Net Income Current Year 5,020 4,495
-------------------------- ------------ -------------
EBITDA 9,085 6,173
Earnings per share 0.305 0.286
Fully diluted EPS 0.287 0.260
Basic average number of shares 16,464,176 15,717,566
Diluted average number of shares 17,663,780 19,875,809
-------------------------- ------------ -------------
Number of employees including directors at
the end of the year 36 36
The retained earnings statement is included as a separate paragraph in the Notes
to the Consolidated Statements.
---------------------
Consolidated Statements of Cash flows for Fiscal 2007
(in thousands of Euro)
30 Sep 2007 30 Sep 2006
---------- ----------
Euro000's Euro000's
Cash flow from operations
- Net income 5,020 4,495
- Depreciation and amortization 2,185 1,430
- Deferred taxes (127) (438)
--------- ---------
7,078 5,487
Changes in operating assets and liabilities
- Accounts receivable, trade (700) 552
- Stocks (12) 0
- Other current assets 480 483
- Other long term assets 10 (3)
- Deferred financing costs 252 (550)
- Accounts payable, trade (585) 905
- Accruals 228 58
- Others (136) (69)
--------- ---------
Net cash generated from operating activities 6,615 6,863
--------- ---------
Cash flow from investing activities
- Intangible assets / Programme rights (19,199) (14,370)
- Property, equipment and leasehold improvement (44) (107)
--------- ---------
Net cash used in investing activities (19,243) (14,477)
--------- ---------
Cash flow from financing activities
- Bank overdraft and other loans 16,500 0
- Convertible bond (11,554) 8,753
- Proceeds from issuance of share capital 8,220 125
- Purchase of own shares (773) 0
--------- ---------
Net cash provided by financing activities 12,393 8,878
--------- ---------
Net increase / (decrease) in cash and cash (235) 1,264
equivalents
Cash and cash equivalents at beginning of 1,648 384
period --------- ---------
Cash and cash equivalents at end of period 1,413 1,648
========= =========
---------------------
Consolidated Statements of Stockholder's Equity for Fiscal 2007
(in thousands of Euro)
------------ -------- -------- -------- -------- -------- --------
Common Additional Reserve for Retained/ Other Total
Stock Paid-In Treasury Earnings/ Compre- Stock-
Capital Stock (Accumula- hensive holders'
ted Deficit) Income/ Equity
(Loss)
------------ -------- -------- -------- -------- -------- --------
Balance at 30
September 2006 15,718 8,286 0 4,495 136 28,635
------------ ------- -------- -------- -------- -------- --------
Net profit for
the period
from 1 Oct. to
30 Sep. 2007 5,020 5,020
Shares
issuance July
2007 (net of
expenses) 3,682 4,538 8,220
Reserve for
own shares 773 (773) 0
Foreign
currency
translation
adjustment (164) (164)
------------ ------- -------- -------- -------- -------- --------
Balance at 30
September 2007 19,400 12,824 773 8,742 (28) 41,711
------------ ------- -------- -------- -------- -------- --------
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BXBDBUSDGGRL
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