TIDMPFO
RNS Number : 2653P
Prime Focus London PLC
30 September 2013
30 September 2013
Prime Focus London plc
(the "Company")
Final Results for the Year Ended 31 March 2013
CHAIRMAN'S STATEMENT
This has been a year of transformation for the Company. It has
moved decisively away from the legacy of its past and has
implemented a series of restructuring measures over the year. At
the same time, the management structure has been simplified,
underperforming businesses have been closed, overheads have been
further reduced and the activities of each of the two key trading
divisions of Television Post Production and Television VFX have
been refocused and invigorated.
The key focus going forward continues to be the return to
overall profitability and the generation of cash and shareholder
value.
I would like to thank our clients, investors, vendors and most
of all our people for their trust, faith and belief in our company,
and I assure you all of our commitment to ensuring that Prime Focus
London plc is strongly positioned for the future.
Ramakrishnan Sankaranarayanan
Chairman
BUSINESS REVIEW
This financial year was another challenging period for the
company.
As predicted in the previous year's accounts, trading remained
challenging in this financial year, and the company fought hard to
maintain market share.
However, the extensive restructuring which took place to
eliminate loss making activities, to reduce fixed costs and thereby
bring down the break even point, and in migrating fixed costs to
variable in order to be able to flex overheads in line with the
trading seasonality of the business have insulated the business
against the industry headwinds that have been well documented in
the trade press.
As a consequence the company generated an operating profit from
continuing operations before exceptional items of GBP0.478m
(previous year loss GBP1.541m).
Highlights for the year include:
Underlying Performance
-- Group revenues of GBP19.866m (2012: GBP31.230m)
-- Underlying operating profit from continuing operations before
exceptional items of GBP0.478m (2012: loss GBP1.541m)
-- Cash at GBP0.586m (2012: GBP1.228m)
-- Total liabilities have fallen by GBP14.244m to GBP21.430m (2012: GBP35.674m)
Statutory Performance
-- Profit before tax including discontinued operations of GBP0.072m (2012 Profit GBP0.984m)
-- Diluted loss per share 0.81p (2012: EPS 2.97p)
Business Overview
-- Closure of Meanwhile Limited in May 2012 and PF Broadcast and
Commercials Limited in February 2013.
-- Elimination of legacy balance sheet items.
-- Simplified management structure and reporting lines.
-- Further reduction in cost base across all units.
-- Content services - the archiving, restoration, duplication of
film material - has been re-aligned to come under the management of
the Broadcast Post Production business.
-- Nominated for an Emmy award for our TV VFX work.
-- Retention and building relationships with major clients in
Broadcast Post Production, Content Services and TV VFX.
Transformed, Energised and Stable
The Group has had a transformative year. It has been streamlined
into two core divisions of Broadcast Post Production and Television
VFX Services. Its core senior management has been reorganised to a
simpler, more effective structure with clear reporting lines in
order to deliver the focus and stability required to drive
profitability and shareholder value.
Revenue: Mar-13 Mar-12
---------------------------------------------------------------------- ------------------
Discontinued
Operations
Continuing (Commercial
Operations and Meanwhile) Total Total Variance
---------------------- ---------------------- ---------------------- ------------------
GBP GBP GBP GBP GBP
Broadcast 6,061,280 - 6,061,280 4,464,470 1,596,810
PFT / Content
Services 1,727,796 - 1,727,796 1,717,075 10,721
Independent
Film 6,413,112 - 6,413,112 8,041,125 (1,628,013)
Broadcast VFX 1,471,576 - 1,471,576 954,643 516,933
Continuing: 15,673,764 - 15,673,764 15,177,313 496,451
Commercials - 4,173,073 4,173,073 8,174,114 (4,001,041)
View d - - - 7,754,604 (7,754,604)
Meanwhile - 19,129 19,129 124,104 (104,975)
Discontinued: - 4,192,202 4,192,202 16,052,822 (11,860,620)
Total 15,673,764 4,192,203 19,865,966 31,230,135 (11,364,169)
---------------------- ---------------------- ---------------------- ------------------ -----------------
The company was heavily restructured during the year. Headcount
reduction linked to discontinued activities and general headcount
reduction has reduced staff numbers by about a third to 163 at July
2013 and has removed around GBP4m from the annualised run rate
overhead cost for salaries.
The company has coped well with the move to a new leaner
operating model and is now positioned to take advantage of new
opportunities for growth.
Going forward, there is a clear emphasis on the use of the most
sophisticated technology available to help to produce the best
quality of creative output, cash generation, growth and enhanced
overall performance.
Although market conditions remain challenging we believe that by
delivering solid organic development on a further reduced cost
base, the company can generate improved financial returns and take
advantage of wider opportunities in the future.
Broadcast Post Production
The aim of this division is to further exploit our skills at
post producing high quality programming in the documentary and
drama genres.
The retention and development of existing clients is a key
strategy. To enable us to achieve this we aim to retain and recruit
the highest calibre of employees by offering them the opportunity
to work on innovative projects and to expand their skills in key
niche sectors.
Seemingly unaffected by the restructure mentioned above, the
reputation of the Broadcast and Content Services teams has
continued to attract high profile work. The business was again
ranked in the top 10 facility houses in London by both creative and
capacity criteria.
The business has attracted some excellent new people, adding
grading, online and audio talent to our respected teams. This has
resulted in new clients being recruited as they follow their
favourite operators.
Following the success of our work on "Merlin" last year, the new
BBC One primetime Saturday drama "Atlantis" came straight to Prime
Focus Broadcast Limited and this adds another series to our
increasing drama slate for the Autumn period which includes
"Sherlock" (BBC One), "The Guilty" (ITV), and "Edge of Heaven"
(ITV).
As in previous years the company is a market leader in the UK
for programmes destined for broadcast in the US. Recent examples
include the highly acclaimed "The 80's: The Decade That Made Us",
"Paranormal Witness" and "Martin Luther King & the March on
Washington"; many of these programmes transmit on multiple
broadcasters around the world.
Our reputation for factual TV allows us to deliver hundreds of
programmes a year. Some examples include current affairs strand
"Dispatches"; arts programmes for Arena and the National Theatre;
returning series for "Island Parish", "Dara O'Briain's School of
Hard Sums" and "Great British Menu"; plus observational
documentaries like "Ultimate Airport" and "Midwives" to name a
few.
Our Content Services team have seen a surge in work as content
owners recognise the need to transfer their materials from legacy
formats to digital files. Work for the V&A, Imperial War
Museum, BFI, BBC, and the Associated Press has seen a need to grow
the capacity of the award-winning restoration and archive team. A
recent contract win, which is yet to be publicised, will provide us
with steady high profile work for at least three years from this
autumn.
Over the last year our new RAPTA service has been developed
further and is receiving industry wide acclaim. It is being used by
a variety of clients on set - helping transfer digital camera files
direct to post production in a secure and effective fashion. The
interest in this bespoke product has been immense and we are
looking to expand the outlets through which this can be provided
through contracted vendors. It highlights the ability of Prime
Focus Broadcast to take on and manage the most difficult workflows
that can arise, providing a key differentiator from our
competition.
Broadcast VFX
The Broadcast VFX business had a ground breaking 2012-13 working
on visual effects for channel driving shows across a variety of
genres.
Prime Focus Broadcast VFX was the lead VFX vendor on History
Channel's flagship primetime shows "Mankind", "The Story of Us" and
"World War II from Space" which received an Emmy nomination in the
Outstanding Graphic Design and Art Direction Category.
Additionally, the team worked on "Supersized Earth" for BBC One,
and provided over 100 minutes of CG comprising 600 shots delivered
for three primetime shows on two major networks. Also for the BBC
the company delivered 24 stereo VFX shots for the BBC's very first
long-form drama 3D stereoscopic production, "Mr Stink".
In addition, Prime Focus Broadcast VFX made strong headway into
live event VFX, creating 8 minutes of 16K-equivalent footage for
the permanent exhibit at the Perot Science and Natural History
Museum, Dallas, as well as 3D stereoscopic VFX for the "Doctor Who
Experience" at London's Olympia Two.
This has been a challenging journey since I took on the CEO role
in April 2012. The company now has a stronger balance sheet, and
the many talented individuals in each of the key businesses are
clearly focussed on delivering growth through the professionalism
of their endeavours and the application of their talent and
experience.
Bernard Kumeta
Chief Executive Officer
Consolidated Statement of Comprehensive Income for the year
ended 31 March 2013
1.1 Notes Continuing operations Discontinued 2013 2012
operations Total
GBP000 GBP000 GBP000 GBP000
---------------------- ------------- --------- ---------
Revenue 15,674 4,192 19,866 31,230
Cost of sales (2,569) (657) (3,226) (7,266)
---------------------- ------------- --------- ---------
Gross profit 13,105 3,535 16,640 23,964
Net operating charges (12,844) (5,099) (17,943) (25,751)
Other Income 217 - 217 246
---------------------- ------------- --------- ---------
Operating (loss) / profit before exceptional
items 478 (1,564) (1,086) (1,541)
Exceptional income - 6,113 6,113 573
Exceptional charges (1,506) (1,930) (3,436) (148)
---------------------- ------------- --------- ---------
Operating profit / (loss) (1,028) 2,619 1,591 (1,116)
Finance income 65 - 65 310
Finance costs (1,581) (3) (1,584) (1,210)
Income from fellow group undertakings - 3,000
---------------------- ------------- --------- ---------
Profit / (loss) before taxation (2,544) 2,616 72 984
Taxation 2 (337) -
(Loss) / profit for the year (265) 984
Total comprehensive income for the year (265) 984
--------- ---------
Earnings per share (pence)
Basic (0.81) 2.99
Diluted (0.81) 2.97
--------- ---------
Consolidated Statement of Financial Position at 31 March
2013
Notes 31 March 31 March
2013 2012
GBP000 GBP000
ASSETS
Non-current assets
Intangible assets 1,892 1,409
Property, plant and equipment 11,846 14,862
Investments 8 5
Total non-current assets 13,746 16,276
--------- ---------
Current assets
Inventories 24 41
Trade and other receivables 3 15,399 26,714
Cash and cash equivalents 586 1,228
Total current assets 16,009 27,983
--------- ---------
Total assets 29,755 44,259
--------- ---------
EQUITY
Capital and reserves attributable
to equity shareholders
Share capital 1,644 1,643
Share premium account 6,516 6,515
Capital redemption reserve 270 270
Fair value reserve (14) (17)
Retained earnings (91) 174
--------- ---------
Total equity 8,325 8,585
--------- ---------
LIABILITIES
Non-current liabilities
Borrowings 7 252 515
Deferred tax liability 4 196 90
Total non-current liabilities 448 605
--------- ---------
Current liabilities
Borrowings 15,682 15,125
Trade and other payables 5 5,069 19,944
Corporation tax 6 231 -
Total current liabilities 20,982 35,069
--------- ---------
Total liabilities 21,430 35,674
--------- ---------
Total equity and liabilities 29,755 44,259
--------- ---------
Consolidated Statement of cash flows for the year ended 31 March
2013
2013 2012
GBP000 GBP000
Cash Flows from operating activities
Profit before taxation 72 984
Finance income (65) (310)
Finance costs 1,584 1,210
Depreciation 2,069 2,128
Investments written off 1,505 -
Operating cash flows before movements
in working capital 5,165 4,012
Decrease / (Increase) in inventories 17 (3)
Decrease / (Increase) in receivables 11,315 (5,151)
(Decrease) / Increase in payables (14,875) 4,254
Cash generated from operations 1,622 3,112
Finance income 65 310
Finance cost (1,584) (1,210)
Net cash generated from operating
activities 103 2,212
--------- ---------
Cash flows from investing activities
Purchases of property, plant and
equipment (671) (11,644)
Purchases of intangible assets (1,634) --
Purchase of subsidiaries (net (354) -
of cash acquired)
Proceeds from sale of property,
plant and equipment 1,618 1,969
--------- ---------
Net cash (used in)/generated from
investing activities (1,041) (9,675)
--------- ---------
Cash flows from financing activities
Issue of shares 2 28
Net receipt / (repayment) in respect
of Parent borrowings 1,574 4,388
Repayment of Hire Purchase Obligations (890) (52)
(Repayment) / receipt of Bank
and other loans (390) 3,027
--------- ---------
Net cash generated from financing
activities 296 7,391
--------- ---------
(Decrease) in cash & cash equivalents (642) (72)
Cash and cash equivalents at the
beginning of the year 1,228 1,300
--------- ---------
Cash and cash equivalents at the
end of the year 586 1,228
--------- ---------
Consolidated statement of changes in equity
Capital
redemption Fair value Retained
Share premium reserve reserve earnings
Share capital (i) (ii) (iii) (v) Total Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- -------------- -------------- --------------- ---------------- ---------------- --------------
At 1 April 2012 1,643 6,515 270 (17) 174 8,585
Comprehensive
income:
Profit for the
year - - - - (265) (265)
Revaluation of
investments - - - 3 - 3
Transactions
with owners:
Share-based
payments 1 1 - - - 2
At 31 March 2013 1,644 6,516 270 (14) (91) 8,325
----------------- -------------- -------------- --------------- ---------------- ---------------- --------------
Share capital Capital Fair value Total Equity
Share premium redemption reserve Retained
(i) reserve (iii) earnings
(ii) (v)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------- --------------- ---------------- --------------- --------------- --------------- --------------
At 1 April 2011 1,638 6,512 270 (10) (810) 7,600
Comprehensive
income:
Profit for the
year - - - - 984 984
Revaluation of
investments - - - (7) - (7)
Transactions
with owners:
Share-based
payments 5 3 - - - 8
At 31 March
2012 1,643 6,515 270 (17) 174 8,585
---------------- --------------- ---------------- --------------- --------------- --------------- --------------
(i) Share premium - amount subscribed for share capital in
excess of nominal value, net of directly attributable issue
costs.
(ii) Capital redemption reserve - created as a result of a previous share buy-back.
(iii) Fair value reserve - represents cumulative gains or losses
on the fair value of available for sale investments recognized in
other comprehensive income.
(iv) Retained earnings - cumulative net gains and losses
recognized in the consolidated statement of comprehensive income
net of associated share based payment credits.
Notes to the Consolidated Accounts
1. General information and basis of preparation
Prime Focus London plc ("the Company") and its subsidiaries
(together "the Group") are technology based creative service
providers to the media and entertainment industry.
The Company is a public limited company which is listed on the
AIM Market of the London Stock Exchange and is incorporated and
domiciled in England (Registration number 01694613). The address of
its registered office and principal place of business is 64 Dean
Street, London W1D 4QQ.
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) and
International Financial Reporting Interpretation Committee (IFRIC)
interpretations as endorsed by the European Union, and those parts
of the Companies Act 2006 as applicable to companies reporting
under IFRS.
The financial information in this announcement does not
constitute the Company's statutory accounts for the years ended 31
March 2013 or 31 March 2012, but is derived from those accounts.
The statutory accounts for the year ended 31 March 2012 have been
delivered to the Registrar of Companies and those for the year
ended 31 March 2013 will be delivered following the Company's 2013
annual general meeting. The auditor has reported on those accounts;
their reports were unqualified, did not draw attention to any
matters by way of emphasis without qualifying their report and did
not contain any statements under s498(2) or (3) of Companies Act
2006.
2. Tax expense
2013 2012
GBP000 GBP000
-------- -------------------
Current tax
UK Corporation tax 231 -
Adjustments in respect of prior - -
years
231 -
Deferred tax (note 19) 106 -
Origination and reversal of timing
differences - (126)
Deferred tax assets relating to
trading losses - 126
-------- -------------------
Total tax on profit on ordinary 337 -
activities
-------- -------------------
The difference between the tax charge and the amount calculated
by applying the standard rate of UK corporation tax to the profit
before tax is shown below.
2013 2012
GBP000 GBP000
Group profit / (loss) on ordinary
activities before tax 72 984
Tax on Group profit / (loss) on
ordinary activities at the standard
UK corporation tax
------- -------
Rate of 24% (2012: 26%) 17 256
Effects of:
Expenses Not Deductible including
timing differences for capital
allowances 275 89
Marginal relief (1)
Unrecognised tax losses 2 -
Group relief (surrendered) / received (1) -
Utilisation of tax losses (89) (345)
Capital allowance is in excess 28 -
of depreciation
------- -------
Tax charge for the year 231 -
------- -------
3. Trade and other receivables
2013 2012
GBP000 GBP000
------- --------
Amounts falling due within one
year:
Trade receivables 3,240 5,659
Less: Provision for impairment
of trade receivables (360) (1,027)
------- --------
2,880 4,632
Other debtors 203 2,874
Agency debtors - 8,077
Amounts owed from fellow subsidiaries 10,577 8,573
------- --------
13,660 24,156
Prepayments and accrued income 1,739 2,558
------- --------
15,399 26,714
------- --------
The average credit period for trade receivables at the end of
the year is 53 days. (2012: 54 days). The carrying amounts of the
Group's trade and other receivables are denominated in
sterling.
Trade receivables that are less than 3 months past due are not
considered impaired. As of 31 March 2013, trade receivables of
GBP0.349m (2012: GBP2.520m) were past due and impaired. These
relate to a number of independent customers for whom there is no
recent history of default. The ageing analysis of all trade
receivables is as follows:
2013 2012
GBP000 GBP000
------- -------
Up to 3 months 2,891 3,139
3 to 6 months 5 1,073
Over 6 months 344 1,447
------- -------
3,240 5,659
------- -------
An analysis of the movement in the provision for impairment of
trade receivables is provided below:
2013 2012
GBP000 GBP000
------- -------
Balance at beginning of year 1,027 887
Impairment losses recognised 121 900
Amounts written off (788) (760)
Balance at end of year 360 1,027
------- -------
4. Deferred tax
The movement for the year in the Group's net deferred tax asset
provided at the UK company rate of corporation tax of 23% (2012:
26%) was as follows:
2013 2012
GBP000 GBP000
------- -------
Opening balance (90) (90)
Recognised in statement of comprehensive (106) -
income
------- -------
Closing balance (196) (90)
------- -------
The non-current asset/(provision)
comprises:
Accelerated capital allowances (879) (619)
Unutilised losses 683 529
------- -------
(196) (90)
------- -------
5. Trade and other payables
2013 2012
GBP000 GBP000
------- -------
Trade payables 2,460 4,617
Agency Creditors - 8,675
Other payables 709 1,879
------- -------
3,169 15,171
Accruals and deferred income 1,203 2,901
Social security and other taxes 697 1,872
------- -------
5,069 19,944
------- -------
6. Income tax liabilities
Amounts falling within one year: 2013 2012
GBP000 GBP000
------- -------
Corporation tax payable 231 -
------- -------
7. Borrowings
Due after more than one year 2013 2012
GBP000 GBP000
Bank / other loan - -
Hire purchase obligation 252 515
--------
252 515
-------- --------
Analysis of debt maturity: 2013 2012
GBP000 GBP000
------- -------
Repayable within one year
Bank loan 7,856 8,247
Hire purchase obligations 490 1,117
Loan from Parent Company 7,336 5,761
------- -------
15,682 15,125
------- -------
Repayable between one and two years
Bank / other loan - -
Hire purchase obligations 126 515
Repayable between two and five
years
Bank loan - -
Hire purchase obligations 126 -
252 515
------- -------
Bank loans are secured by a fixed and floating charge over the
assets of the Group.
The maximum facility available as per the Bibby Factors
Manchester Limited Invoice discounting loan is GBP1.5 million
(2012: GBP1.5 million). Interest is charged at 4% (2012: 2%) above
3 month LIBOR (subject to a minimum 3 month LIBOR rate of 1%).
8. Related party transactions
The following transactions with companies within the Group
headed by Prime Focus World NV ("PFW group"), a fellow subsidiary
company, occurred during the year:
Prime Focus North America Inc
- Prime Focus North America Inc, a company registered in USA,
and fellow subsidiary of the parent company paid a sum equivalent
of GBP24,646 (2012: GBP58,144) on behalf of the Group ("PFL PLC")
to third parties in respect of operational and capital
expenditure.
- Prime Focus North America Inc charged PFL PLC the equivalent
of GBP3,608 for travel expenses (2012: GBP45,892).
- PFL PLC charged Prime Focus North America Inc GBP58,932 (2012:
GBP220,762) for loan interest incurred by the company. Costs of
GBPnil (2012 GBP172,194) were incurred by PFL PLC in relation to
fixed assets. Additionally, costs in relation to travel and other
business expenses totalling GBP88,431 (2012: GBP202,053) were
incurred by PFL PLC.
- PFL PLC carried out post production work for Prime Focus North
America Inc. The total fee paid by Prime Focus North America Inc to
PFL PLC was GBP2,000 (2012: GBP978,736).
- At 31 March 2013 the balance due from Prime Focus North
America Inc was a sum of GBPnil (2012: GBP1,991,990).
Frantic Film VFX Inc
- PFL PLC paid a sum of GBPnil (2012: GBP68,553) to third
parties in respect of capital expenditure by
Frantic Film VFX Inc, a company registered in Canada, being a
fellow subsidiary of the parent company. Additionally, costs in
relation to travel and other business expenses totalling GBP955
(2012: GBP171,237) were incurred by PFL PLC. Frantic Film VFX Inc
incurred costs of GBPnil (2012: GBP58,617) on behalf of PFL
PLC.
- At 31 March 2013 the balance due to Frantic Films VFX Inc was
a sum of GBPnil (2012: GBP410,817).
Prime Focus World NV
- The balance outstanding at the end of the year receivable from
Prime Focus World NV was GBPnil (2012: GBP3,462).
Prime Focus International Services UK Limited
- Prime Focus International Services UK Ltd, a company
registered in UK, being a fellow subsidiary of the parent company
paid a sum equivalent to GBP9,347 (2012: GBP50,000) on behalf of
PFL PLC to third parties in respect of both operational and capital
expenditure.
- PFL PLC charged Prime Focus International Services UK Ltd for
Costs of GBPnil (2012: GBP5,658,013) incurred by PFL PLC in
relation to fixed asset expenditure. Additionally, costs in
relation to general business expenses totalling GBP2,421,713 (2012
GBP4,803,576) were incurred by PFL PLC. During the year Prime Focus
International Services UK Ltd paid GBP2,473,109 to PFL PLC for the
fixed asset expenditure and business expenses incurred by PFL
PLC.
- Prime Focus International Services UK Ltd carried out post
production work on PFL PLC clients. The total fee paid by PFL PLC
to Prime Focus International Services UK Ltd was GBPnil (2012:
GBP1,200,206).
- PFL PLC carried out post production work on Prime Focus
International Services UK Ltd clients. The total fee paid by Prime
Focus International Services UK Ltd to PFL PLC was GBP36,712 (2012:
GBP1,551,200).
- At 31 March 2013 the balance due to Prime Focus International
Services UK Ltd was a sum of GBP66,548 (2012: GBP42,517).
The following transactions with the other related parties
occurred during the year:
Prime Focus International Limited
- PFL PLC charged Prime Focus International Ltd, a company
registered in the UK, being a fellow subsidiary of the parent
company, a total of GBP1,800,000 (2012: GBPnil) in relation to
fixed asset expenditure. Additionally, costs in relation to travel
and other business expenses totalling GBP301,168 (2012 GBPnil) were
incurred by PFL PLC. During the year, Prime Focus International Ltd
paid GBP675,428 to PFL PLC for fixed asset expenditure and business
expenses.
- At 31 March 2013 the balance due from Prime Focus
International Limited was a sum of GBP6,193,562 (2012:
GBP4,767,822).
Prime Focus Motion Pictures Limited
- At 31 March 2013 the balance due from Prime Focus Motion
Pictures Limited, a company registered in India, being a fellow
subsidiary of the parent company was a sum of GBP9,055,000 (2012:
GBP9,055,000) towards sale of film rights.
Prime Focus Technologies Limited
- The balance outstanding at the end of the year receivable from
Prime Focus Technologies Ltd, a company registered in India, being
a fellow subsidiary of the parent company was GBP69,409 (2012:
GBP69,409).
Prime Focus Technologies UK Limited
- Costs in relation to travel and other business expenses
totalling to GBP102,353 (2012 GBPnil) were incurred by PFL PLC on
behalf of Prime Focus Technologies UK Ltd, a company registered in
UK, being a fellow subsidiary of the parent company.
- At 31 March 2013 the balance due from Prime Focus Technologies
UK Limited was GBP510,328 (2012: GBP407,975).
Aashni & Co Limited
- PFLPLC paid a sum of GBP471,240 (2012: GBPnil) to a third
party on behalf of Aashni & Co. Limited, a company registered
in UK, being a company owned by relative of former Director (Anshul
Doshi) of a subsidiary company. During the year Aashni & Co
Limited returned GBP285,581 to PFLPLC.
- The balance outstanding at the end of the year receivable from
Aashni & Co. Limitedwas GBP185,629 (2012: GBPnil). The balance
has been cleared post the year end.
Doshi Consultancy Limited
- PFL PLC paid a sum of GBP63,623 (2012: GBP84,156) to Doshi
Consultancy Limited, a company registered in UK, for providing
Consultancy Services to PFL PLC. The Consultancy agreement with
Doshi Consultancy Limited was terminated on 1 July, 2012.
- The balance outstanding at the end of the year payable to
Doshi Consultancy Limited was GBPnil (2012: GBPnil).
The following transactions with the Parent Company (Prime Focus
Limited India) occurred during the year:
- Parent Company charged PFL PLC for operational related
expenditure relating to PFL PLC's activities in the sum of
GBP127,772 (2012 : GBP246,113);
- PFL PLC paid a sum of GBP848 (2012: GBP48,357) to third party
on behalf of the Parent Company;
- Parent Company carried out post production work on PFL PLC
clients. The total fee charged by PFL PLC to the Parent Company was
GBP360,131 (2012: GBP2,658,206). During the year PFL PLC paid
GBP4,006,647 to the Parent Company against the post production work
done for PFL PLC clients.
- PFL PLC carried out post production work on the Parent Company
clients. The total fee charged by PFL PLC to the Parent Company was
GBP41,280 (2012: GBP154,886).
- The balance outstanding at the end of the year receivable from
the Parent Company was GBP360,473 (2012: payable GBP3,200,400)
- Parent Company has an underlying loan to PFL PLC of GBP13,488,982 (2012: GBP7,367,618).
- The Parent Company has indemnified against all foreign exchange gains and losses.
9. Availability of Report and Accounts
The full report and accounts of the Company for the year ended
31 March 2013 will be posted to shareholders later today and will
shortly be available to download from the Company's website
www.pflplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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