RNS Number : 9702K
Bella Media PLC
31 December 2008
FOR IMMEDIATE RELEASE
31 December 2008
BELLA MEDIA Plc
(the "Company" or "Bella Media")
Unaudited Results for the year ended 30 June 2008
CHAIRMANS STATEMENT
Business Review
The year to 30 June 2008 saw the conversion of the Company from an IMAX development company to an investment company focussing on
acquisition and investment opportunities in the energy and resources sector, following the disposal of the IMAX development activities
(carried out through the Company's majority-owned subsidiary, Bella Media Inc) to management on 27 December 2007.
The background and reasons for this were explained fully in the disposal circular at the time and were amplified in my Chairman's
Statement accompanying the interim results for the half year to 31 December 2007. I do not propose therefore to repeat those explanations.
Future Developments
Since then the Board has reviewed a number of potential opportunities, none of which have as yet come to fruition. We continue to review
such opportunities and are hopeful of bringing one such to fruition and of proposing it to shareholders for approval.
Since this has not proved possible within twelve months of the disposal of the Company's business, it has been necessary for the
Company's shares to be suspended from trading on AIM.
Financial Review
Commenting on the Company's results, the balance sheet at 30 June 2008 reflects the disposal of the Company's operating business and the
fund-raising which took place at the same time. Intangible assets and property, plant and equipment as shown in the previous year's balance
sheet were disposed of with the operating business, while construction loans and other non-current liabilities, together with the greater
part of trade creditors also went with the operating business. Trade creditors at the year end largely comprise professional creditors and
also, it should be noted, accrued directors' emoluments, as the Directors have agreed to defer their remuneration until a substantive
transaction is completed.
The Company's cash position and net assets showed a material improvement over the position as at 30 June 2007, net assets rising from
�250,569 to �397,687.
Turning to the Consolidated Income Statement, administrative expenses reflect a period of virtually six months during which the IMAX
development activities remained part of the Group and six months as a pure investment company; expenses in the second half of the year were
therefore materially lower than those in the first half. Exceptional items comprised �63,872 of costs associated with the disposal of Bella
Media Inc and a reduction in costs of �21,864 resulting from a compromise agreement with certain parent company creditors during the period.
The operating loss for the year showed a substantial reduction when compared to the previous year, and the loss per share has been virtually
halved.
The Directors continue to maintain the Company on a very modest cost base and, as stated earlier, hope to be able to progress a
substantive transaction to completion as soon as possible.
Peter Redmond
Chairman
31 December 2008
CONSOLIDATED INCOME STATEMENT
For the year to 30 June 2008
Notes 2008 2007
� �
Turnover - -
Cost of sales - -
GROSS PROFIT - -
Administrative expenses (117,112) (76,114)
Exceptional items (42,008) (139,058)
Other operating income 3,062 -
LOSS FROM OPERATIONS (156,058) (215,172)
Finance income 10,479 16,491
Finance expense - -
LOSS BEFORE TAXATION (145,579) (198,681)
Income tax expense - -
Profit on disposal of 1,226 -
discontinued US business
RETAINED LOSS ON ORDINARY (144,353) (198,681)
ACTIVITIES AFTER TAXATION
LOSS PER ORDINARY SHARE 1 (0.45p) (0.89p)
Basic and diluted
All of the Group's activities except noted above are derived from continuing operations during the year.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 JUNE 2008
2008 2007
� �
Loss for the financial year (144,353) (198,681)
Currency translation differences on foreign currency - (34,516)
net investments
Total recognised gains and losses relating to the (144,353) (233,197)
year
CONSOLIDATED BALANCE SHEET
As at 30 June 2008
Group Company
Notes 2008 2007 2008 2007
� � � �
NON CURRENT ASSETS
Intangible assets - 598,181 - 5
Property, plant and equipment - 387,595 - -
Investments 9 - - - 324,012
- 985,776 - 324,017
CURRENT ASSETS
Trade and other receivables 10 14,498 14,217 14,498 12,272
Cash at bank and in hand 459,749 53,631 459,749 43,086
474,247 67,848 474,247 55,358
TOTAL ASSETS 474,247 1,053,624 474,247 379,375
CURRENT LIABILITIES
Trade and other payables 11 76,561 412,707 69,683 74,842
NON CURRENT LIABILITIES
Construction loan and other 12 390,348 - -
payables -
TOTAL LIABILITIES 76,561 803,055 69,683 74,842
TOTAL NET ASSETS 397,686 250,569 404,564 304,533
EQUITY
Called up share capital 13 3,482,699 3,297,509 3,482,699 3,297,509
Share premium account 14 4,676,074 4,623,759 4,676,074 4,623,759
Foreign exchange reserve - (34,516) - -
Profit and loss account 14 (7,761,086) (7,636,782) (7,754,209) (7,616,735)
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
397,687 249,970 404,564 304,533
Equity interests of minorities - 599 - -
TOTAL EQUITY 397,687 250,569 404,564 304,533
Approved and authorised for issue by the board on 31 December 2008
P Redmond Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 30 June 2008
GROUP Share Share Retained Currency Total
Capital Premium Earnings Translation
Reserve
� � � �
�
BALANCE AT 30 JUNE 2006 3,260,009 4,623,759 (7,438,101) - 445,667
Issue of share capital 37,500 - - - 37,500
Net loss for the year - - (198,681) - (198,681)
Currency translation - - (34,516) (34,516)
adjustments
BALANCE AT 30 JUNE 2007 3,297,509 4,623,759 (7,636,782) (34,516) 249,970
Issue of share capital 185,190 - - - 185,190
Premium on issue of share - 64,815 - - 64,815
capital
Cost of share issue - (12,500) - - (12,500)
Net loss for the year - - (144,353) - (144,353)
Currency translation - - 20,049 34,516 54,565
adjustments
BALANCE AT 30 JUNE 2008 3,482,699 4,676,074 7,761,086 - 397,687
COMPANY Share Share Retained Total
Capital Premium Earnings
� � �
�
BALANCE AT 30 JUNE 2006 3,260,009 4,623,759 (7,391,221) 492,547
Issue of share capital 37,500 - - 37,500
Net loss for the year - - (225,514) (225,514)
BALANCE AT 30 JUNE 2007 3,297,509 4,623,759 (7,616,735) 304,533
Issue of share capital 185,190 - - 185,190
Premium on issue of share - 64,815 - 64,815
capital
Cost of share issue - (12,500) - (12,500)
Net loss for the year - - (137,474) (137,474)
BALANCE AT 30 JUNE 2008 3,482,699 4,676,074 (7,754,209) 404,564
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 June 2008
Group Company
Notes 2008 2007 2008 2007
� � � �
CASH FLOW FROM OPERATIONS
Loss for the year (154,832) (215,172) (147,908) (241,396)
(Increase)/ decrease in (2,226) 123,510 (7,476) 261
receivables
Increase /(decrease) in (8,825) (45,764) 91 (10,161)
payables
Provision for impairment of - - - 172,760
investments
Profit on disposal of (1,226) - (1,226)
investments
Loss on cancellation of - 139,058 - -
contract
Foreign exchange difference on
overseas subsidiary - (35,999) - -
Interest received 10,479 16,491 10,434 15,882
Net cash outflow from
operating activities (156,630) (17,876) (146,085) (63,154)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property, plant - (105,555) - -
and equipment
Acquisitions and disposals of 325,243 - 325,243 (64,246)
investments
Net cash inflow/ (outflow)
from investing activities 325,243 (105,555) 325,243 (64,246)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds of share issue 250,005 - 250,005 -
Issue costs (12,500) - (12,500) -
Capital element of finance - (174,850) - -
lease payment
Increase in short tem - 141,107 - -
borrowings
Net cash inflow/ (outflow) -
from financing activities 237,505 (33,743) 237,505
Effects of foreign exchange on
cash and cash equivalents - 892 - -
INCREASE/ (DECREASE) IN CASH
AND CASH EQUIVALENTS IN THE
YEAR
15 406,118 (156,282) 416,663 (126,900)
CASH AND CASH EQUIVALENTS AT 1
JULY 53,631 209,913 43,086 169,986
CASH AND CASH EQUIVALENTS AT
30 JUNE 15 459,749 53,631 459,749 43,086
NOTES
Basis of preparation
These consolidated financial statements present the financial record for the year ended 30 June 2008 of Bella Media plc and its
subsidiary undertakings.
The consolidated financial statements of Bella Media plc have been prepared in accordance with the EU adopted International Financial
Reporting Standards ("IFRS") and International Financial Reporting Interpretation Committee ("IFRIC") interpretations and in line with those
provisions of the Companies Acts 1985 and 2006 as applicable to companies reporting under IFRS.
The Group's consolidated financial statements were prepared in accordance with United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice) until 30 June 2007. The date of transition to IFRS was 1 July 2006. The comparative figures in
respect of 2007 have been restated to reflect changes in accounting policies as a result of adoption of IFRS. The disclosures required by
IFRS 1 concerning the transition from UK GAAP to IFRS are given in the reconciliation schedules, presented and explained in note 16.
The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention.
* Loss PER ORDINARY SHARE
The calculations of loss per ordinary share are based on the weighted average number of ordinary shares in issue during the period of
40,893,956, following the capital reorganisation approved by shareholders at the Company's Extraordinary General Meeting held on 28 December
2007
Basic Basic Diluted Diluted
2008 2007 2008 2007
� � � �
Loss for the financial year (144,353) (198,681) (144,353) (198,681)
2008 2007
No. of No. of
Shares Shares
Weighted average number of 31,611,470 22,105,099
shares ( basic and diluted)
2. EQUITY Group and Company
2008 2007
� �
Authorised:
193,000,000 Ordinary shares of 1p 1,930,000 4,100,000
each (2007: 2,050,000,000 Ordinary
shares of 0.1p each)
8,250 deferred shares of �450 each 3,690,000 -
1,000,000,000 deferred shares of 2.4p 24,000,000 24,000,000
each
29,620,000 28,100,000
Allotted, called up and fully paid:
40,893,956 Ordinary shares of 1p each 408,963 2,237,735
(2007: 2,237,735,970 Ordinary shares
of 0.1p each)
4,475 deferred shares of �450 each 2,013,962 -
44,157,222 deferred shares of 2.4p 1,059,774 1,059,774
each
3,482,699 3,297,509
At an Extraordinary General Meeting held on 28 December 2007, shareholders approved a capital reorganisation whereby the 2,237,735,970
ordinary 0.1p shares in issue prior to the reorganisation were consolidated and subdivided into 22,377,360 ordinary shares of 1p each and
4,475 deferred shares of �450 each. A further 18,518,956 ordinary shares were then issued pursuant to the placing.
On 31 December 2007 18,518,956 new Ordinary lp shares in the Company were issued at a price of 1.35p per share realising �237,506 net of
expenses.
Non-equity share rights
Deferred shareholders are not entitled to receive notice or vote at any general or extraordinary meeting. They are only entitled to
receive a dividend on deferred shares after the ordinary shareholders have received a dividend in each financial year of �1 million for each
ordinary share held. On winding up they are only entitled to receive a return or distribution for a deferred share after the holders of the
ordinary shares have received a return or distribution of �1 million for each ordinary share held.
The holders of the ordinary shares may pass a resolution without notice to the holders of the deferred shares authorising the
cancellation of the deferred shares without payment of compensations to such holders.
3 ANALYSIS OF NET FUNDS At 1 Exchange movement Other Cash At 30
July � changes flows June
2007 � � 2008
� �
Cash at bank and in hand 53,631 - - (50,382) 3,249
Short term deposit - - - 456,500 456,500
Debt due within one year - - - - -
Debt due after one year (141,107) - 141,107 - -
Obligations under finance (149,544) - 149,544 - -
leases
Total (237,020) - 290,651 406,118 459,749
PUBLICATION OF NON STATUTORY ACCOUNTS
The financial information set out in this announcement does not constitute statutory accounts as defined in section 240 of the Companies
Act 1985. The figures for the year ended 30 June 2008 have been extracted from the annual accounts in respect of which the auditors have not
yet signed their audit
report. The audited statutory accounts for the year ended 30 June 2008 will be delivered to the Registrar of Companies in due course.
The figures for the year ended 30 June 2007 have been extracted from the audited statutory accounts for that year which have been filed with
the Registrar of Companies and received an unqualified auditors' report which did not contain a statement under section 237 (2) or (3)
Companies Act 1985.
The audited annual accounts will be posted to shareholders and will be available, free of charge, for a period of at least one month
from 7th Floor, Aldermary House, 15 Queen Street, London EC4N 1TX and from the Company's website, www.bellamedia.com.
Enquiries:
Peter Redmond Director, Bella Media Plc 0207 332 2200
Roland Cornish Beaumont Cornish Limited 0207 628 3396
www.bellamediaplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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