TIDMCLTV
RNS Number : 3136T
Cellcast plc
27 September 2010
27 September 2010
Cellcast plc
(the "Company")
Interim Results for the six months ended 30 June 2010
Highlights
· Revenue for the six months ended 30 June 2010 up 5% to GBP9.1m (H1
2009: GBP8.6m)
· First half loss before tax of GBP434,000 (H1 2009: GBP239,000); loss
per share of 0.6p (H1 2009: 0.3p)
· Investment in new distribution capacity starting to deliver promised
revenue growth
· Company was profitable and cash generative during the second quarter
· Operating costs reduced by 11% to GBP845,000 (H1 2009: GBP950,000)
· 37.5% holding in Cellcast Asia Holdings continues to appreciate in
value
· Reduction of net debt and dispensing of GBP450,000 debt factoring
facility
· Confidence returns to the sector with introduction of Ofcom's new
regulatory regime after three-year consultation
· Continuing year-on-year revenue growth and operational profitability
are forecast, based on tightly controlled operating costs, strong Q2 performance
and increased distribution capacity
Julian Paul, Chairman of Cellcast plc, commented:
"The Board is pleased with management's decision to allocate capital to secure
broadcast bandwidth in 2009. While these investments resulted in short-term
losses we are now seeing the benefits of this additional long-term distribution
in our operating results. Management's belief in the business and calculated
risk in increasing our TV distribution footprint should serve the Company and
our shareholders well in the future."
For further information:
+------------------------------------+------------------------+
| Cellcast plc | |
+------------------------------------+------------------------+
| Andrew Wilson, CEO | Tel: +44 (0) 203 376 |
| | 9420 |
+------------------------------------+------------------------+
| andrew@cellcast.tv | www.cellcast.tv |
+------------------------------------+------------------------+
+------------------------------------+------------------------+
| Allenby Capital Limited | |
+------------------------------------+------------------------+
| Nick Naylor/James Reeve | Tel: +44 (0) 20 3328 |
| | 5656 |
+------------------------------------+------------------------+
| | |
+------------------------------------+------------------------+
CHAIRMAN'S STATEMENT
Half year results
Revenue for the six months ended 30 June 2010 was GBP9.1 million, an increase of
nearly 5% on the same period last year. Revenue was generated wholly in the UK
from interactive television applications. The increase was largely due to the
monetization of new television distribution capacity in which we made a
considerable investment in both 2009 and 2010. This capacity began to generate
revenues in the first quarter resulting in our UK operations being both
profitable and cash generative during the second quarter.
Despite the increase in revenue, gross profit for the six months to 30 June 2010
was GBP402,000 compared to GBP652,000 in the same period last year. This
reflected the continued expense of new bandwidth development costs in the first
quarter and the fact that Q1 2009 contained a number of exceptional gains.
Operating costs for the period were GBP845,000, representing an 11% decline
versus last year as we continued to benefit from cost cutting in 2009. Overheads
now run at between GBP70,000 and GBP75,000 per month.
Overall, the Company's UK operations incurred an operating loss of GBP443,000
for the period after depreciation and amortisation costs of GBP320,000. This
compares to an operating loss of GBP298,000 in the comparative period for 2009.
After taking into account the Company's share of the profits of its Indian
associate company, Cellcast Asia Holdings Limited ("CAH"), as well as interest
charges and exchange rate translation costs, the loss for the period was
GBP500,000 (six months ending 30 June 2009: GBP267,000 loss). This represents a
loss per share of 0.6p (six months ending 30 June 2009: 0.3p loss).
Cellcast Asia Holdings ("CAH")
The Company continues to own 37.5% of CAH, which performed reasonably well in
the first quarter of 2010, but as anticipated by the Board, audience levels were
reduced in the second quarter as a result of competition from television
coverage of the Indian cricket league. CAH maintained its strategy of investment
in the development of new formats and shows. The Company's share of the profits
of CAH for the six months to 30 June 2010 was GBP77,000 (six months ending 30
June 2009: loss of GBP15,000). The carrying value of the Company's investment in
CAH at 30 June 2010 was GBP835,000, which the directors consider to be a fair
value. The Company's investment in CAH continues to be cash neutral - we have no
funding obligations to CAH and we receive neither dividends nor management or
any other fees from this investment.
Funding
A combination of the strong cash flow arising from the successful implementation
of our new distribution capacity and the negotiation of improved credit terms
from certain television bandwidth and telephony providers has enabled the
Company to dispense with its GBP450,000 factoring facility. The Company's
remaining borrowings at 30 June 2010 were a GBP100,000 bank overdraft on a
GBP150,000 overdraft facility and the GBP200,000 Headstart loan of which a
GBP65,000 repayment was made in July with the balance due to be repaid before
the end of the year. Having reviewed the forward cash flows for the remainder of
the year, the directors are confident that the Company has sufficient financial
resources and that the preparation of the interim accounts on a going concern
basis is appropriate.
Personnel
In light of the Company's UK centric focus, Bertrand Folliet, whose
responsibilities were largely concerned with the Company's international
business, has temporarily reduced his time commitment to the Company and has
with effect from today relinquished his title as Chief Operating Officer. He
remains a main board director and continues to represent the Company's interest
in CAH by serving as a non-executive director of that Company.
Outlook
The publication in June by Ofcom of its PTV3 Consultation which came into effect
on 1st September 2010 has set out a viable regulatory regime for the Group's
activities. It removed the very significant uncertainties that have hung over
the business for the duration of the 3 year consultation. This has allowed us to
better plan and invest for the future.
With the full implementation of additional distribution capacity, the Company
anticipates continued year-on-year growth in revenue and a continuation of
operating profitability in the UK. July and August continued the positive trend
of the preceding three months, generating a positive return and cash flows. CAH
also continued to trade profitably in July and August.
The Directors view the future with confidence.
Julian Paul
Chairman
27 September 2010
UNAUDITED CONDENSED CONSOLIDATED STATEMENT of comprehensive income
+----------------------------+-------------------+---------------------+--------------+
| For the period ended 30 | | | |
| June 2010 | | | |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
+----------------------------+-------------------+---------------------+--------------+
| | 6 months | 6 months | Year ended |
| | ended | ended | |
+----------------------------+-------------------+---------------------+--------------+
| | 30/06/10 | 30/06/09 | 31/12/09 |
+----------------------------+-------------------+---------------------+--------------+
| | GBP | GBP | GBP |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
+----------------------------+-------------------+---------------------+--------------+
| Revenue | 9,051,819 | 8,629,008 | 16,810,064 |
+----------------------------+-------------------+---------------------+--------------+
| Cost of sales | (8,649,479) | (7,976,933) | (17,121,563) |
+----------------------------+-------------------+---------------------+--------------+
| Gross profit/(loss) | 402,340 | 652,075 | (311,499) |
+----------------------------+-------------------+---------------------+--------------+
| Operating costs and | | | |
| expenses: | | | |
+----------------------------+-------------------+---------------------+--------------+
| General and | (519,748) | (564,062) | (1,196,883) |
| administrative | | | |
+----------------------------+-------------------+---------------------+--------------+
| Share option expense | (5,934) | (18,973) | (17,297) |
+----------------------------+-------------------+---------------------+--------------+
| Amortisation and | (319,498) | (367,396) | (704,672) |
| depreciation | | | |
+----------------------------+-------------------+---------------------+--------------+
| Total operating costs and | (845,180) | (950,431) | (1,918,852) |
| expenses | | | |
+----------------------------+-------------------+---------------------+--------------+
| Operating loss | (442,840) | (298,356) | (2,230,351) |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
+----------------------------+-------------------+---------------------+--------------+
| Interest receivable & | 5 | 17 | 22 |
| similar income | | | |
+----------------------------+-------------------+---------------------+--------------+
| Interest payable & similar | (67,654) | (69,629) | (101,923) |
| charges | | | |
+----------------------------+-------------------+---------------------+--------------+
| Share of profit / (loss) | 76,973 | (15,157) | 451,068 |
| in associates | | | |
+----------------------------+-------------------+---------------------+--------------+
| Loss before tax | (433,516) | (383,125) | (1,881,184) |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
| Current Taxation | | | |
+----------------------------+-------------------+---------------------+--------------+
| R & D tax credit | - | 144,413 | 270,747 |
+----------------------------+-------------------+---------------------+--------------+
| Total taxation | - | 144,413 | 270,747 |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
+----------------------------+-------------------+---------------------+--------------+
| Loss for the period | (433,516) | (238,712) | (1,610,437) |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
+----------------------------+-------------------+---------------------+--------------+
| Other comprehensive income | | | |
+----------------------------+-------------------+---------------------+--------------+
| Exchange difference on | (66,547) | (28,566) | (14,057) |
| translating foreign | | | |
| operations | | | |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
+----------------------------+-------------------+---------------------+--------------+
| Total comprehensive income | (500,063) | (267,278) | (1,624,494) |
| attributable to the owners | | | |
| of the parent | | | |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
| Loss per share | | | |
+----------------------------+-------------------+---------------------+--------------+
| Basic and diluted (note 3) | (0.6)p | (0.3)p | (2.1)p |
+----------------------------+-------------------+---------------------+--------------+
| | | | |
+----------------------------+-------------------+---------------------+--------------+
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+-----------------------------------+--+-----------------+------------------+-------------+
| As at 30 June 2010 | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | 30/06/10 | 30/06/09 | 31/12/09 |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | GBP | GBP | GBP |
+-----------------------------------+--+-----------------+------------------+-------------+
| Assets | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Non-current assets | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Intangible assets | | 1,917,946 | 2,323,357 | 2,128,419 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Property, plant and equipment | | 113,053 | 242,685 | 179,813 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Investments in associates | | 835,326 | 211,072 | 691,806 |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | 2,866,325 | 2,777,114 | 3,000,038 |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Current assets | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Trade and other receivables | | 2,761,126 | 2,680,489 | 2,365,352 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Cash and cash equivalents | | 1,672 | 7,189 | 199,556 |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | 2,762,798 | 2,687,678 | 2,564,908 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Total assets | | 5,629,123 | 5,464,792 | 5,564,946 |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Capital and reserves | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Called up share capital | | 2,270,398 | 2,265,398 | 2,265,398 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Share premium account | | 5,507,376 | 5,498,626 | 5,498,626 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Merger reserve | | 1,300,395 | 1,300,395 | 1,300,395 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Cumulative translation reserve | | 88,565 | 7,509 | 22,018 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Warrant reserve | | 34,318 | - | 41,190 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Retained earnings | | (8,822,036) | (7,027,925) | (8,401,326) |
+-----------------------------------+--+-----------------+------------------+-------------+
| Equity attributable to owners of | | 379,016 | 2,044,003 | 726,301 |
| the parent | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Liabilities | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Current liabilities | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
| Trade and other payables | | 4,957,052 | 3,353,492 | 4,683,435 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Borrowings | | 293,055 | 67,297 | 155,210 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Total liabilities | | 5,250,107 | 3,420,789 | 4,838,645 |
+-----------------------------------+--+-----------------+------------------+-------------+
| Total equity and liabilities | | 5,629,123 | 5,464,792 | 5,564,946 |
+-----------------------------------+--+-----------------+------------------+-------------+
| | | | | |
+-----------------------------------+--+-----------------+------------------+-------------+
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| As at 30 June 2010 | Share | Share | Merger | Cumulative | Warrant | Retained | Shareholders |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | Capital | Premium | Reserve | Translation | Reserve | Earnings | Funds |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | | | | Reserve | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Balance at 1 | 2,265,398 | 5,498,626 | 1,300,395 | 22,018 | 41,190 | (8,401,326) | 726,301 |
| January 2010 | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Loss for the | - | - | - | - | - | (433,516) | (433,516) |
| period | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Exchange | - | - | - | 66,547 | - | - | 66,547 |
| difference on | | | | | | | |
| translating | | | | | | | |
| foreign operations | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Total | - | - | - | 66,547 | | (433,516) | (366,969) |
| comprehensive | | | | | | | |
| income | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Transactions with | | | | | | | |
| owners | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| - Proceeds of | 5,000 | 8,750 | - | - | (6,872) | 6,872 | 13,750 |
| shares issued on | | | | | | | |
| exercise of | | | | | | | |
| warrants | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| - Equity settled | - | - | - | - | - | 5,934 | 5,934 |
| share-based | | | | | | | |
| payment charge | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Total transactions | 5,000 | 8,750 | - | - | (6,872) | 12,806 | 19,684 |
| with owners | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Balance at 30 June | 2,270,398 | 5,507,376 | 1,300,395 | 88,565 | 34,318 | (8,822,036) | 379,016 |
| 2010 | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
The above equity and reserves are attributable to the equity holders of the
parent Company
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| As at 31 December | Share | Share | Merger | Cumulative | Warrant | Retained | Shareholders |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| 2009 | Capital | Premium | Reserve | Translation | Reserve | Earnings | Funds |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | | | | Reserve | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Balance at 1 | 2,265,398 | 5,498,626 | 1,300,395 | 36,075 | - | (6,808,186) | 2,292,308 |
| January 2009 | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Loss for the year | - | - | - | - | - | (1,610,437) | (1,610,437) |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Exchange | - | - | - | (14,057) | - | - | (14,057) |
| difference on | | | | | | | |
| translating | | | | | | | |
| foreign operations | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Total | - | - | - | (14,057) | - | (1,610,437) | (1,624,494) |
| comprehensive | | | | | | | |
| income | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Transactions with | - | - | - | - | 41,190 | - | 41,190 |
| owners | | | | | | | |
| - Warrant issue | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| - Equity settled | - | - | - | - | - | 17,297 | 17,297 |
| share- based | | | | | | | |
| payment charge | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Total transactions | - | - | - | - | 41,190 | 17,297 | 58,487 |
| with owners | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Balance at 31 | 2,265,398 | 5,498,626 | 1,300,395 | 22,018 | 41,190 | (8,401,326) | 726,301 |
| December 2009 | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
The above amounts are attributable to the equity holders of the parent Company
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| As at 30 June 2009 | Share | Share | Merger | Cumulative | Warrant | Retained | Shareholders |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | Capital | Premium | Reserve | Translation | Reserve | Earnings | Funds |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | | | | Reserve | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Balance at 1 | 2,265,398 | 5,498,626 | 1,300,395 | 36,075 | - | (6,808,186) | 2,292,308 |
| January 2009 | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Loss for the | | | | | | (238,712) | (238,712) |
| period | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Exchange | - | - | - | (28,566) | - | - | (28,566) |
| difference on | | | | | | | |
| translating | | | | | | | |
| foreign operations | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Total | - | - | - | (28,566) | - | (238,712) | (267,278) |
| comprehensive | | | | | | | |
| income | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Transactions with | - | - | - | - | - | 18,973 | 18,973 |
| owners | | | | | | | |
| - Equity settled | | | | | | | |
| share- based | | | | | | | |
| payment charge | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Total transactions | - | - | - | - | - | 18,973 | 18,973 |
| with owners | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
| Balance at 30 June | 2,265,398 | 5,498,626 | 1,300,395 | 7,509 | - | (7,027,925) | 2,044,003 |
| 2009 | | | | | | | |
+--------------------+-----------+-----------+-----------+-------------+---------+-------------+--------------+
The above amounts are attributable to the equity holders of the parent Company
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 30 June 2010
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| | | 6 months | 6 months | Year ended |
| | | ended | ended | |
+----------------------------+---+------------+------------+------------+
| | | 30/06/10 | 30/06/09 | 31/12/09 |
+----------------------------+---+------------+------------+------------+
| Net (decrease) / increase | | GBP | GBP | GBP |
| in cash and cash | | | | |
| equivalents | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Net cash (outflow) / |a | (239,564) | 326,884 | 392,665 |
| inflow from operations | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Income taxes | | - | 144,413 | 270,747 |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Interest received | | 5 | 17 | 22 |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Net cash (outflow) / | | (239,559) | 471,314 | 663,434 |
| inflow from operating | | | | |
| activities | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Net cash outflow from |b | (42,265) | (145,774) | (225,240) |
| investing activities | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Net cash used in financing |c | (14,855) | (249,629) | (169,916) |
| activities | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Net (decrease) / increase | | (296,679) | 75,911 | 268,278 |
| in cash and cash | | | | |
| equivalents | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Cash and cash equivalents | | 199,556 | (68,722) | (68,722) |
| at beginning of period | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Cash and cash equivalents | | (97,123) | 7,189 | 199,556 |
| net of overdraft at end of | | | | |
| period | | | | |
+----------------------------+---+------------+------------+------------+
+----------------------------+---+------------+------------+------------+
| Cash and cash equivalent | | 1,672 | 7,189 | 199,556 |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Overdraft included within | | (98,795) | - | - |
| borrowing | | | | |
+----------------------------+---+------------+------------+------------+
| | | | | |
+----------------------------+---+------------+------------+------------+
| Cash and cash equivalents | | (97,123) | 7,189 | 199,556 |
| net of overdraft at end of | | | | |
| period | | | | |
+----------------------------+---+------------+------------+------------+
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the period ended 30 June 2010
+--+----------------------------+------------+------------+-------------+
| | | 6 months | 6 months | Year ended |
| | | ended | ended | |
+--+----------------------------+------------+------------+-------------+
| | | 30/06/10 | 30/06/09 | 31/12/09 |
+--+----------------------------+------------+------------+-------------+
| | | GBP | GBP | GBP |
+--+----------------------------+------------+------------+-------------+
| a| Reconciliation of net loss | | | |
| | to net cash (outflow) / | | | |
| | inflow from operating | | | |
| | activities | | | |
+--+----------------------------+------------+------------+-------------+
| | | | | |
+--+----------------------------+------------+------------+-------------+
| | Loss before tax | (433,516) | (383,125) | (1,881,184) |
+--+----------------------------+------------+------------+-------------+
| | Interest receivable & | (5) | (17) | (22) |
| | similar income | | | |
+--+----------------------------+------------+------------+-------------+
| | Interest payable & similar | 67,654 | 69,629 | 101,923 |
| | charges | | | |
+--+----------------------------+------------+------------+-------------+
| | Share of operating (gains) | (76,973) | 15,157 | (451,068) |
| | / losses in associates | | | |
+--+----------------------------+------------+------------+-------------+
| | Amortisation and | 319,498 | 367,396 | 704,672 |
| | depreciation | | | |
+--+----------------------------+------------+------------+-------------+
| | Share option expense | 5,934 | 18,973 | 17,297 |
+--+----------------------------+------------+------------+-------------+
| | (Increase)/decrease in | (395,774) | 318,850 | 633,987 |
| | trade and other | | | |
| | receivables | | | |
+--+----------------------------+------------+------------+-------------+
| | Increase/(decrease) in | 273,618 | (79,979) | 1,267,060 |
| | trade and other payables | | | |
+--+----------------------------+------------+------------+-------------+
| | Net cash (outflow) / | (239,564) | 326,884 | 392,665 |
| | inflow from operations | | | |
+--+----------------------------+------------+------------+-------------+
| | | | | |
+--+----------------------------+------------+------------+-------------+
| | | | | |
+--+----------------------------+------------+------------+-------------+
| b| Cash flow from investing | | | |
| | activities | | | |
+--+----------------------------+------------+------------+-------------+
| | | | | |
+--+----------------------------+------------+------------+-------------+
| | Purchase of property, | (17,445) | - | (9,287) |
| | plant and equipment | | | |
+--+----------------------------+------------+------------+-------------+
| | Purchase of intangible | (24,820) | (145,774) | (215,953) |
| | assets | | | |
+--+----------------------------+------------+------------+-------------+
| | Net cash outflow from | (42,265) | (145,774) | (225,240) |
| | investing activities | | | |
+--+----------------------------+------------+------------+-------------+
| | | | | |
+--+----------------------------+------------+------------+-------------+
| | | | | |
+--+----------------------------+------------+------------+-------------+
| c| Cash flow from financing | | | |
| | activities | | | |
+--+----------------------------+------------+------------+-------------+
| | | | | |
+--+----------------------------+------------+------------+-------------+
| | Capital element of finance | - | - | (17,096) |
| | leases | | | |
+--+----------------------------+------------+------------+-------------+
| | Interest paid | (28,605) | (69,629) | (95,523) |
+--+----------------------------+------------+------------+-------------+
| | Repayment of loan | - | (180,000) | (247,297) |
+--+----------------------------+------------+------------+-------------+
| | Proceeds from the issue of | - | - | 200,000 |
| | term loan note | | | |
+--+----------------------------+------------+------------+-------------+
| | Proceeds from the issue of | 13,750 | - | - |
| | share capital | | | |
+--+----------------------------+------------+------------+-------------+
| | Less issue costs | - | - | (10,000) |
+--+----------------------------+------------+------------+-------------+
| | Net cash used in financing | (14,855) | (249,629) | (169,916) |
| | activities | | | |
+--+----------------------------+------------+------------+-------------+
NOTES TO THE UNAUDITED INTERIM ACCOUNTS STATEMENT
1. General Information
Cellcast plc is a limited liability Company incorporated and domiciled in the
United Kingdom. Its business address is 150 Great Portland Street, London, W1W
6QD. The address of its registered office is The Registry, 34 Beckenham Road,
Beckenham, Kent, BR3 4TU. Copies of this statement are available from this
address and from the Company's website www.cellcast.tv.
The Company is quoted on the AIM Market of the London Stock Exchange.
This condensed consolidated interim financial information was approved for issue
on 27 September 2010.
2. Basis of preparation
These unaudited interim financial statements are for the six months ended 30
June 2010. They have been prepared in accordance with recognition and
measurement principles of International Financial Reporting Standards (IFRS) as
endorsed by the European Union and implemented in the UK. The financial
information in this interim announcement does not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
The interim financial statements do not include all of the information required
for full annual financial statements and accordingly, whilst the interim
statements have been prepared in accordance with the recognition and measurement
principles of IFRS, they cannot be construed as being in full compliance with
IFRS.
The comparative financial information for the year ended 31 December 2009 does
not constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006. The statutory accounts of the Group for the year ended 31
December 2009 have been reported on by the Company's auditor and have been
delivered to the Registrar of Companies. The report of the auditor was
unqualified. The auditor's report did not contain statements under Section
498(2) or (3) of the Companies Act 2006.
The IFRS's that will be effective in the financial statements for the year to 31
December 2010 are still subject to change and to the issue of additional
interpretation(s) and therefore cannot be determined with certainty.
Accordingly, the accounting policies for that annual period that are relevant to
this interim financial information will be determined only when the IFRS
financial statements are prepared at 31 December 2010.
Except as described above, the current and comparative periods to June have been
prepared using accounting policies and practices consistent with those adopted
in the annual financial statements for the year ended 31 December 2009 and are
also consistent with those which will be adopted in the 31 December 2010
financial statements.
There were no other Standards and Interpretations which were in issue but not
effective at the date of authorisation of these condensed interim financial
statements that the directors anticipate will have a material impact on the
financial statements of the Group.
3. Loss per share
Basic and diluted loss per share is based on the loss after tax and on the
following weighted average number of shares in issue.
+-----------------------------------+------------+------------+-------------+
| | 30/06/2010 | 30/06/2009 | 31/12/2009 |
+-----------------------------------+------------+------------+-------------+
| | GBP | GBP | GBP |
+-----------------------------------+------------+------------+-------------+
| | | | |
+-----------------------------------+------------+------------+-------------+
| Reported loss for the financial | (433,516) | (238,712) | (1,610,437) |
| period | | | |
+-----------------------------------+------------+------------+-------------+
| | | | |
+-----------------------------------+------------+------------+-------------+
| Weighted average number of | 75,691,002 | 75,513,224 | 75,513,224 |
| ordinary shares | | | |
+-----------------------------------+------------+------------+-------------+
| | | | |
+-----------------------------------+------------+------------+-------------+
| Weighted average number of | 75,691,002 | 75,513,224 | 75,513,224 |
| ordinary shares including | | | |
| dilutive effect of outstanding | | | |
| share options and warrants | | | |
+-----------------------------------+------------+------------+-------------+
| | | | |
+-----------------------------------+------------+------------+-------------+
| Basic and diluted loss per share | (0.6)p | (0.3)p | (2.1)p |
+-----------------------------------+------------+------------+-------------+
Due to the loss incurred in the periods there is no dilution effect from the
issued share options and warrants.
4. Segmental Reporting
The group operates a single business, that of television and broadcasting and
one geographical segment, that of the UK.
5. Share Capital and exercise of warrants
On 27 April 2010 Headstart Funds ("Headstart") exercised 500,000 warrants over
new ordinary shares of 1p each at an exercise price of 2.75 pence per share and
500,000 new ordinary shares of 1p each were issued.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIMFTMBATBIM
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