RNS Number:4215J
FTV Group PLC
31 March 2003
FTV Group plc - Interim results for the six months ended 31 December 2002
Chairman's statement
As mentioned in the last annual report, Forecourt Television Limited was put into liquidation with effect from 17
October 2002. Since the turn of the year the Company has completed the process of settling contingent liabilities,
turning FTV Group plc into a cash shell.
Financial results
Turnover for the six month period amounted to #30,000 (2001:#72,000), all from discontinued operations. The loss for
the period was #339,000 (2001: #1,974,000). No capital expenditure was incurred in the period (2001: #597,000). The
Company had cash at the end of the period of #549,000 (2001: #3.88 million) and at 25 March 2003 of #503,000. No
dividend is payable.
The Board
Jason Willoughby resigned from the Board on 28 February 2003. The Board now consists of myself, Alastair Gunning
(non-executive) and Martin Johnston.
Prospects
The Board is examining various options, together with its advisors, for the future of the Company and expects to be
in a position to make an announcement soon. The main criteria guiding the decision process are to maximise
shareholder value from the cash retained by the Company and from its listing, and to avoid any short-term need to
raise funds from shareholders.
Tony Vickers
Chairman
31 March 2003
Consolidated profit and loss account
6 months to 31 December Year ended
Notes 2002 2001 30 June 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover - discontinued operations 30 72 329
Cost of sales (166) (931) (1,958)
Exceptional provision - - (2,633)
Gross loss (136) (859) (4,262)
Administrative expenses (733) (1,209) (2,331)
Exceptional administrative expenses - - (413)
Operating loss - continuing operations (75) (90)
Operating loss - discontinued operations (794) (1,978)
Operating loss (869) (2,068) (7,006)
Exceptional item - gain on closure of 2 508 - -
discontinued operations
Loss on ordinary activities before interest (361) (2,068) (7,006)
Interest receivable 29 124 187
Interest payable (6) (30) (52)
Loss on ordinary activities before taxation (339) (1,974) (6,871)
Tax on loss on ordinary activities 3 - - -
Loss on ordinary activities after taxation, being (339) (1,974) (6,871)
the loss for the period
Loss per share - basic and diluted (pence) 4 (0.62) (3.59) (12.48)
There were no acquisitions in the period.
There were no recognised gains or losses in the period other than those reflected in the profit & loss account.
Consolidated balance sheet
31 December 30 June
Notes 2002 2001 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Goodwill - 237 -
Tangible assets 5 - 2,757 -
- 2,994 -
Current assets
Debtors 12 380 229
Cash at bank and in hand 549 3,877 1,920
561 4,257 2,149
Creditors: amounts falling due within one year (47) (1,341) (1,297)
Net current assets 513 2,916 852
Total assets less current liabilities 513 5,910 852
Creditors: amounts falling due after more than one year - (161) -
Net assets 513 5,749 852
Capital and reserves
Called up share capital 6 2,753 2,753 2,753
Share premium 7 9,118 9,118 9,118
Reserves 7 (11,358) (6,122) (11,019)
Equity shareholders' funds 513 5,749 852
Consolidated cash flow statement
Year ended
6 months to 31 December 30 June
2002 2001 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Notes
Reconciliation of operating result to net cash
flow from operating activities
Operating loss (869) (2,068) (7,006)
Depreciation - 260 2,922
Goodwill amortisation - 39 276
Exceptional gain on closure of discontinued 2 508 - -
operations
(Increase) / decrease in debtors 215 (125) 29
Decrease in creditors (925) (129) (183)
Loss on disposal of fixed assets - 31 146
Net cash outflow from operating activities (1,071) (1,992) (3,816)
Cash flow statement
Net cash outflow from operating activities (1,071) (1,992) (3,816)
Returns on investments and servicing of finance
Interest received 31 127 187
Interest element paid on finance leases (12) (32) (52)
Net cash inflow 19 95 135
Capital expenditure and financial investment
Purchase of tangible fixed assets - (597) (617)
Net cash outflow - (597) (617)
Cash outflow before management of liquid
resources & financing 8 (1,052) (2,494) (4,298)
Management of liquid resources
Cash drawn from deposit 1,390 2,661 4,639
Net cash inflow 1,390 2,661 4,639
Financing
Capital element of finance leases (319) (161) (314)
Net cash outflow (319) (161) (314)
Increase in cash in the period 9 19 6 27
Notes to the interim report
1. Basis of preparation
The interim report has been prepared on the basis of the accounting policies set out in the Company's June 2002
statutory accounts.
The interim report is unaudited and does not constitute statutory accounts. Comparatives to the year ended June 2002
are provided. These figures are derived from the statutory accounts of FTV Group plc for the same period. The
statutory accounts of FTV Group plc were audited and the auditor's opinion on those accounts was unqualified. Copies
have been filed with the Registrar of Companies.
The statements relating to the six months ended 31 December 2001 have been restated with regard to continuing and
discontinued operations on the same basis as those for the period under review.
This interim report was approved by the board on 31 March 2003. A copy of this report will shortly be sent to
shareholders and further copies are available from the Company's registered office, 22 Grosvenor Square, London W1K
6LF.
2. Exceptional item
The Company's operating subsidiary, Forecourt Television Limited, entered into creditors' voluntary liquidation on 17
October 2002. At that time certain assets remained uncollected and certain liabilities were not settled resulting in
a net gain to the Company of #508,000.
It is assumed in these accounts that no dividend will be receivable by the Company at the conclusion of the
liquidation.
3. Tax on loss on ordinary activities
Due to the losses incurred, no provision has been made for taxation or deferred taxation.
4. Loss per ordinary share
The calculations of loss per share are based on the following losses and numbers of shares:
6 months ended 6 months ended Year ended
31 December 2002 31 December 2001 30 June 2002
Loss per share Loss per share Loss per share
#'000 p #'000 p #'000 p
Loss
Loss after taxation (339) (0.62) (1,974) (3.59) (6,871) (12.48)
Dilutive effect of - - - - - -
options
(339) (0.62) (1,974) (3.59) (6,871) (12.48)
Shares No. No. No.
Weighted average number of shares
Basic 55,056,390 55,056,390 55,056,390
There is no potential dilution of loss per share.
5. Tangible fixed assets
Site Other
equipment fixed
& stock assets Total
#'000 #'000 #'000
Cost
At 1 July 2002 4,842 175 5,017
Disposals (4,842) (175) (5,017)
At 31 December 2002 0 0 0
Depreciation
At 1 July 2002 4,842 175 5,017
Disposals (4,842) (175) (5,017)
At 31 December 2002 0 0 0
Net book value
At 31 December 2002 0 0 0
At 30 June 2002 0 0 0
6. Share capital
31 December 2002 31 December 2001 30 June 2002
Number #'000 Number #'000 Number #'000
Authorised
Ordinary shares of 5p each 80,000,000 4,000 80,000,000 4,000 80,000,000 4,000
Issued
Ordinary shares of 5p each 55,056,390 2,753 55,056,390 2,753 55,056,390 2,753
7. Reserves
Group Group
share profit &
premium loss
account account
#'000 #'000
At 1 July 2002 9,118 (11,019)
Loss for the period - (339)
At 31 December 2002 9,118 (11,358)
8. Analysis and reconciliation of net funds
1 July Cash flow 31 December
2002 2002
#'000 #'000 #'000
Net cash
Cash at bank and in hand (23) 19 (4)
Liquid resources
Deposits 1,943 (1,390) 553
Debt
Finance leases (319) 319 0
Net funds 1,601 (1,052) 549
9. Reconciliation of net cash flow to movements in net funds
Year ended
6 months to 31 December 30 June
2002 2001 2002
#'000 #'000 #'000
Increase in cash in the period 19 6 27
Cash inflow from increase in debt and lease financing 319 161 314
Cash outflow from decrease in liquid resources (1,390) (2,661) (4,639)
Movement in net funds in period (1,052) (2,494) (4,298)
Net funds at 1 July 1,601 5,899 5,899
Net funds at 31 December/30 June 549 3,405 1,601
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