TIDMUMP
RNS Number : 4201B
UMP PLC
27 October 2009
UMP PLC
Interim Results
27 October 2009
UMP Plc ('UMP' or the "Company") is pleased to announce its interim results for
the period ended to 30 September 2009. The financial information set out in
these interim results is unaudited and does not constitute the Company and its
subsidiaries (the "Group") statutory financial statements.
KEY HIGHLIGHTS FOR THE PERIOD
Hindi movies released
* Agyaat released on 7 August 2009
* Kaminey released on 14 August 2009
* Ageey Se Right 6 released on 4 September 2009
* What's Your Raashee released on 25 September 2009
FINANCIAL HIGHLIGHTS
For the period ended 30 September 2009
* Total revenue of USD 9.92 million
* Operating Loss of USD 3.98 million
* Net Loss after tax of USD 3.72 million
* Basic and Diluted earnings per share USD (0.036)
UPCOMING RELEASES
The releases in third and fourth quarter of this financial year are as given
below:
+-------------------+------------------+---------------------------------------+
| Movie Name | Release/Expected | Star Cast |
| | Release Date | |
+-------------------+------------------+---------------------------------------+
| Wake Up Sid | 2 October 2009 | Ranbir Kapoor & Konkana SenSharma |
+-------------------+------------------+---------------------------------------+
| Main Aur | 16 October 2009 | Salman Khan, Kareena Kapoor and |
| Mrs Khanna | | Sohail Khan |
+-------------------+------------------+---------------------------------------+
| Kurbaan | 20 November | Saif Ali Khan, Kareena Kapoor and |
| | 2009 | Vivek Oberoi |
+-------------------+------------------+---------------------------------------+
| Chance Pe | January 2010 | Shahid Kapur and Genelia D'Souza |
| Dance | | |
+-------------------+------------------+---------------------------------------+
| Peter Gaya | February 2010 | Rajeev Khandelwal |
| Kaam Se | | |
+-------------------+------------------+---------------------------------------+
| Paan Singh Tomar | February 2010 | Irrfa Khann and Mahie Gill |
+-------------------+------------------+---------------------------------------+
| Phillum City | March 2010 | John Abraham and Others |
+-------------------+------------------+---------------------------------------+
All the Hindi releases mentioned above are targeted at the global market as UMP
PLC distributes its products in 32 different countries. UTV Software
Communications Limited ("UTV"), the ultimate parent company of UMP Plc, has
today released its quarterly results to the BSE and NSE in India. These are
available on their website www.utvnet.com.
Extracts of the interim statements of the Company appear below and a full
version is available on the Company's website www.utvmotionpictures.com.
The Company notes the following reclassification adjustments that were made as
part of the audit process for the year ended 31 March 2009. These presentational
changes are to the comparative financials information for the six months ended
30 September 2008 do not have an impact on the originally stated profit,
earnings per share or net asset figures.
* US$ 8.9 million of creditors that had originally been netted off against debtors
are now shown gross in the consolidated balance sheet.
* Exchange gains and losses of US$ 0.1 million previously included within
administration expenses are now shown separately.
* In the consolidated cash flow statement, the US$ 10.2 million loan received from
UTV Software Communications Limited, the Company's parent company, had
originally been included within cash from operating activities. This has now
been classified as a financing activity.
CONTACTS
UMP Plc +91 22 4098 1400
Siddharth Roy Kapur
Grant Thornton Corporate Finance (Nomad) +44 207 383 5100
Fiona Kindness/ Robert Beenstock
Jermyn Capital Partners Plc (Broker) +44 207 399 2020
Mehmet Ahmed/ Christopher Morris
CHAIRMAN'S STATEMENT
On account of the Indian Premiere League cricket tournament and the Twenty 20
World Cup the Company had planned its film releases to commence in the second
quarter of this financial year. Additionally, the ongoing dispute between the
United Producers and Distributors Forum and the national multiplex cinema chains
was resolved in June 2009, resulting in favorable revenue sharing terms for the
film producers and distributors. The first movie for the financial year ending
31 March 2010, Agyaat was released on 7th August, 2009. Three other movies
'Kaminey', 'Aagey Se Right' and 'What's your Raashee' were released during the
second quarter.
'Kaminey' emerged as a cult classic, opening to huge audiences worldwide and to
rapturous critical acclaim. It has been heralded as one of the break through
movies of the decade and the Directors believe that it has enhanced the brand
equity of UMP substantially as a studio that creates commercially and successful
and critically acclaimed cinema. In the next quarter, the Company has three
movies of different genres and scales scheduled to be released.
The Company's Marathi language production, Harishchandrachi Factory, a soul
stirring story about the making of India's first feature film, was chosen as
India's official entry to the Academy Awards, reaffirming the Company's unique
ability to pick stories and concepts that are capable of resonating with a
worldwide audience.
OFFER FOR UMP PLC
On 20 July 2009 the Company announced the recommended proposal (the "Proposal")
made by UTV to acquire the entire issued and to be issued share capital of UMP
not already owned by UTV through a Scheme of Arrangement ("Scheme").
Pursuant to the Proposal:
* the holders of UMP Shares not already owned by UTV (representing approx 23.18%
of the entire issued ordinary share capital of UMP) will, for every 3.75 UMP
Shares, receive 1 New UTV Share;
* all the assets and business of UMP will be transferred to UTV; and
* UMP will be dissolved (without winding up) (together the Scheme)
On 14 October 2009 the Scheme was approved by a majority number of the
Independent UMP Shareholders in the court convened meeting held on that date.
Full details of the offer are available on the Company's website
www.utvmotionpictures.com.
Rohinton Soli Screwvala
Chairman
UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2009
+-------------+--------+-------------+-------------+
| | | As at | As at |
| | | 30 Sep | 30 |
| | | 2009 | Sep 2008 |
+-------------+--------+-------------+-------------+
| ASSETS | | USD | USD |
+-------------+--------+-------------+-------------+
| Non-current | | | |
| assets | | | |
+-------------+--------+-------------+-------------+
| Intangible | | - | 1,376 |
| assets | | | |
+-------------+--------+-------------+-------------+
| Tangible | | 2,415 | 3,872 |
| assets | | | |
+-------------+--------+-------------+-------------+
| | | 2,415 | 5,248 |
+-------------+--------+-------------+-------------+
| | | | |
+-------------+--------+-------------+-------------+
| Current | | | |
| assets | | | |
+-------------+--------+-------------+-------------+
| Inventories | | 115,979,641 | 103,866,951 |
+-------------+--------+-------------+-------------+
| Trade | | 14,382,478 | 13,742,027 |
| and | | | |
| other | | | |
| receivables | | | |
+-------------+--------+-------------+-------------+
| Cash | | 713,984 | 195,601 |
| and | | | |
| cash | | | |
| equivalents | | | |
+-------------+--------+-------------+-------------+
| | | 131,076,103 | 117,804,579 |
+-------------+--------+-------------+-------------+
| | | | |
+-------------+--------+-------------+-------------+
| Total | | 131,078,518 | 117,809,827 |
| assets | | | |
+-------------+--------+-------------+-------------+
| LIABILITIES | | | |
+-------------+--------+-------------+-------------+
| Current | | | |
| liabilities | | | |
+-------------+--------+-------------+-------------+
| Loan | | 34,287,774 | 8,958,999 |
| from | | | |
| ultimate | | | |
| holding | | | |
| company | | | |
+-------------+--------+-------------+-------------+
| Trade | | 5,752,880 | 16,220,059 |
| and | | | |
| other | | | |
| payables | | | |
+-------------+--------+-------------+-------------+
| Bank | | 485 | 441 |
| Overdraft | | | |
+-------------+--------+-------------+-------------+
| Tax | | - | 100,250 |
| liabilities | | | |
+-------------+--------+-------------+-------------+
| | | 40,041,139 | 25,279,749 |
+-------------+--------+-------------+-------------+
| | | | |
+-------------+--------+-------------+-------------+
+--------------+--------+-------------+-------------+
| EQUITY | | | |
| | | | |
| | | | |
+--------------+--------+-------------+-------------+
| Share | | 5,206,897 | 5,206,897 |
| capital | | | |
+--------------+--------+-------------+-------------+
| Share | | 63,008,898 | 63,145,124 |
| premium | | | |
| account | | | |
+--------------+--------+-------------+-------------+
| Accumulated | | 22,752,090 | 24,106,045 |
| profits | | | |
+--------------+--------+-------------+-------------+
| Equity | | 90,967,885 | 92,458,066 |
| attributable | | | |
| to equity | | | |
| holders of | | | |
| the parent | | | |
+--------------+--------+-------------+-------------+
| Minority | | 69,494 | 72,012 |
| interest | | | |
+--------------+--------+-------------+-------------+
| Total | | 91,037,379 | 92,530,078 |
| equity | | | |
+--------------+--------+-------------+-------------+
| | | | |
+--------------+--------+-------------+-------------+
| TOTAL | | 131,078,518 | 117,809,827 |
| LIABILITIES | | | |
| AND EQUITY | | | |
+--------------+--------+-------------+-------------+
| The unaudited financial |
| statements were approved by the |
| board of directors and authorised |
| for issue on 26 October 2009 and |
| are signed on its behalf by: |
| .................................... |
| ...................................... |
+---------------------------------------------------+
| Siddharth Roy Kapur |
| Charles Peter Arthur Vanderpump |
| Director |
| Director |
+--------------+--------+-------------+-------------+
UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER
2009
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| | | Period | Period |
| | | ended | ended |
| | | 30 Sep | 30 Sep |
| | | 2009 | 2008 |
+----------------+--------+--------------+--------------+
| | | USD | USD |
+----------------+--------+--------------+--------------+
| Continuing | | | |
| Operations | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Revenue | | 9,921,835 | 27,695,616 |
+----------------+--------+--------------+--------------+
| Cost | | (11,705,703) | (19,787,415) |
| of | | | |
| sales | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Gross | | (1,783,868) | 7,908,201 |
| profit/ | | | |
| (loss) | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Administrative | | (582,849) | (485,155) |
| expenses | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Foreign | | (1,615,482) | 1,414,810 |
| exchange | | | |
| gains/(loss) | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Profit/(Loss) | | (3,982,199) | 8,837,856 |
| from | | | |
| operations | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Other | | 58,773 | 61,197 |
| income | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Profit/ | | (3,923,426) | 8,899,053 |
| (Loss) | | | |
| before | | | |
| tax | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Income | | 207,021 | (273,497) |
| tax | | | |
| (expense) | | | |
| / income | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Profit | | (3,716,405) | 8,625,556 |
| after | | | |
| tax | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Attributable | | | |
| to | | | |
+----------------+--------+--------------+--------------+
| Equity | | (3,707,819) | 8,603,503 |
| holders | | | |
| of | | | |
| parent | | | |
+----------------+--------+--------------+--------------+
| Minority | | (8,586) | 22,053 |
| interest | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| | | (3,716,405) | 8,625,556 |
+----------------+--------+--------------+--------------+
| Earnings | | | |
| per | | | |
| share | | | |
+----------------+--------+--------------+--------------+
| From | | (0.036) | 0.083 |
| continuing | | | |
| operations: | | | |
| Basic | | | |
+----------------+--------+--------------+--------------+
| | | | |
+----------------+--------+--------------+--------------+
| Diluted | | (0.036) | 0.083 |
+----------------+--------+--------------+--------------+
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30
SEPTEMBER 2009
+-----------------------------------------------+-----------+------------+-------------+-------------+---------+----------+---------+--------------+---------+
| | Attributable to equity holders of the company |Minority | Total |
| | |interest | equity |
+-----------------------------------------------+--------------------------------------------------------------+----------+----------------------------------+
| | Share | Share | Retained | Total | | |
| | Capital | Premium | Earnings | | | |
+-----------------------------------------------+-----------+------------+-------------+-------------+------------------------------+--------------+
| | | | | | | |
+-----------------------------------------------+-----------+------------+-------------+-------------+------------------------------+--------------+
| Opening Balance (as on 1 April 2009) | 5,206,897 | 63,008,898 | 26,459,909 | | 78,080 | 94,753,784 |
+-----------------------------------------------+-----------+------------+-------------+-------------+------------------------------+--------------+
| | | | | | | |
+-----------------------------------------------+-----------+------------+-------------+-------------+------------------------------+--------------+
| Net profit/(loss) for the period | - | - | (3,707,819) | (3,707,819) | (8,586) | (3,716,405) |
+-----------------------------------------------+-----------+------------+-------------+-------------+------------------------------+--------------+
| | | | | | | |
+-----------------------------------------------+-----------+------------+-------------+-------------+------------------------------+--------------+
| Balance at 30 September 2009 | 5,206,897 | 63,008,898 | | 90,967,885 | 69,494 | 91,037,379 |
+-----------------------------------------------+-----------+------------+-------------+-------------+---------+----------+---------+--------------+---------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER
2009
+---------------+--------+-----------+--------------+
| | | Period | Period |
+---------------+--------+-----------+--------------+
| | | from | from |
| | | 01 Apr | 01 Apr |
| | | 2009 | 2008 |
+---------------+--------+-----------+--------------+
| | | to 30 | to 30 |
| | | Sep | Sep |
| | | 2009 | 2008 |
+---------------+--------+-----------+--------------+
| | | USD | USD |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| NET CASH | | (875,023) | (23,086,855) |
| (USED | | | |
| IN) | | | |
| OPERATING | | | |
| ACTIVITIES | | | |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| INVESTING | | | |
| ACTIVITIES | | | |
+---------------+--------+-----------+--------------+
| Investment | | 103 | 61,197 |
| income | | | |
+---------------+--------+-----------+--------------+
| Purchases | | - | (3,295) |
| of | | | |
| tangible | | | |
| assets | | | |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| NET | | 103 | 57,902 |
| CASH | | | |
| FROM | | | |
| INVESTING | | | |
| ACTIVITIES | | | |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| FINANCING | | | |
| ACTIVITIES | | | |
+---------------+--------+-----------+--------------+
| Loan | | 1,227,200 | 8,753,061 |
| Received | | | |
+---------------+--------+-----------+--------------+
| NET | | 1,227,200 | 8,753,061 |
| CASH | | | |
| FROM | | | |
| FINANCING | | | |
| ACTIVITIES | | | |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| NET | | 352,280 | (14,275,893) |
| INCREASE | | | |
| IN | | | |
| CASH AND CASH | | | |
| EQUIVALENTS | | | |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| CASH | | 361,219 | 14,471,053 |
| AND | | | |
| CASH | | | |
| EQUIVALENTS | | | |
| AT | | | |
| BEGINNING | | | |
| OF PERIOD | | | |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| CASH | | 713,499 | 195,160 |
| AND | | | |
| CASH | | | |
| EQUIVALENTS | | | |
| AT END OF | | | |
| PERIOD | | | |
+---------------+--------+-----------+--------------+
| | | | |
+---------------+--------+-----------+--------------+
| CASH | | | |
| AND | | | |
| CASH | | | |
| EQUIVALENTS | | | |
| MADE UP OF: | | | |
+---------------+--------+-----------+--------------+
| Bank | | 713,984 | 195,601 |
| balances | | | |
| and cash | | | |
+---------------+--------+-----------+--------------+
| Fixed | | - | - |
| deposits | | | |
+---------------+--------+-----------+--------------+
| Bank | | (485) | (441) |
| overdraft | | | |
+---------------+--------+-----------+--------------+
| | | 713,499 | 195,160 |
+---------------+--------+-----------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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