TIDMDQE
RNS Number : 3329P
DQ Entertainment PLC
18 August 2014
For immediate release 18 August 2014
DQ Entertainment plc
("DQE" or the "Group")
Indian subsidiary financial results for the quarter ended 30
June 2014
DQ Entertainment International Limited ("DQE India" or the
"Company"), a leading animation, gaming, live action entertainment
production and distribution company which is 75 per cent owned by
DQE, today announces its consolidated un-audited financial results
for the quarter ended June 30, 2014.
I. Financial Highlights for the quarter ended June 2014:
o Revenue: INR 206 mn (Q1 2013: INR 304 mn)
o From Production : INR 99 mn (Q1 2013: INR 276 mn)
o From Distribution : INR 107 mn (Q1 2013: INR 28 mn)
o EBITDA: INR 5 mn (Q1 2013: INR 206 mn)
o Profit (Loss) before tax: INR (142 mn) (Q1 2013: INR 68
mn)
o Profit (Loss) after tax: INR (121 mn) (Q1 2013: INR 66 mn)
o Adjusted Profit (Loss) after Tax* : INR (117mn) (Q1 2013: INR
(118mn)
* the adjusted loss after tax is after deduction of foreign
exchange loss for the quarter of INR 4mn. ( Q1 2013: Foreign
exchange gain of INR 184 mn)
As previously reported, due to the seasonality of our business
the first and third quarter are generally lower than the second and
fourth quarter.
The marked reduction in production revenue in this quarter is
due to a significant and unexpected delay in the commissioning of
new projects by clients. We have commissioned new productions in
July and early August. The market generally remains buoyant,
however, the slowdown in the production in Q1 will impact our
revenue expectations for the year, but with a good performance from
licensing and distribution, we would expect to remain on track to
meet management's profit expectations for the year to 31 March
2015.
The distribution revenue of INR 28.52m in the previous
corresponding quarter has increased by more than 3.5 times to INR
107 m in the current quarter under review. The Company has now
commenced the production of the second season of the Peter Pan TV
series and a third season of the Jungle Book TV series is in
development .In addition the productions of Lassie and Robin Hood
are ongoing.
The Company is progressing well in its discussions for financing
the development and production of its properties and it is hopeful
of concluding these soon, but working capital remains under
pressure in the meantime as collections of receivables continue to
be slow.
2. Operating Highlights:
Drawing on our plans for the year and the current trends in the
global animation industry, the Company is moving ahead in some new
areas of business as well as seeing growth in our current business
divisions.
Our VFX teams have forayed into providing services for locally
produced Live Action feature films and are now gearing up to take
on VFX works at an international level. The industry is witnessing
an increase in demand for Visual Effects (VFX) content for animated
feature films, Live Action thrillers and action films and sci-fi
films from Hollywood, Europe and Japan. This will enable DQE to
take advantage of its core strengths and capitalize on the demand
for CGI/VFX production in USA and Europe.
Our licensing and distribution teams have been successful in
closing deals for our IPs in various territories such as Latin
America, South East Asia, USA and parts of Europe. Also our team is
successfully working on the exploitation of our properties on
digital media such as VOD and SVOD.
New associations with leading networks and licensees globally
are paving the way to monetize our IPs and co-produced content. New
deals across our portfolio of properties in recent months are with
best-in-class partners such as France Television, Nickelodeon,
Disney Channel, De Agostini, Sky Italia, 22D Music, Discovery Kids,
Rai TV, Italy etc. The promotional deal for The Jungle Book with
Burger King Worldwide has been immensely successful and is being
extended for another season to many other territories worldwide. In
Europe, The Jungle Book has been licensed by Buffalo Grill, a chain
of steakhouses based in France with over 328 outlets in Europe.
Completed projects:
-- Manav - 65' 2D Feature with Disney India.
-- Shabiyate - 15x13' CGI TV series with Fanar productions (UAE)
-- NFL Season 3 20 x 22' CGI / 2D TV Series with Rollman
Entertainment, USA for Nick Toons (USA)
-- The Jungle Book Season 2 - 52 x 11' 3D TV series being
coproduced with ZDF TV (Germany), TF1 TV (France), Moonscoop
(France), ZDF-E (Germany)
-- Iseodo - TV series - Rollman Entertainment USA
-- Lanfeust - 26 x 22' TV Series - Alphanim, France
-- Peter Pan TV Movie - 70"
On- going projects:
-- Peter Pan Season 2 - 26 x 22' CGI TV series with ZDF Germany,
De Agostini Italy and Method Animation and France TV.
-- Robin Hood, Mischief in Sherwood - 52 x 11' - CGI TV series
with Method Animation and TF1 France, ZDF Germany, ATV Turkey, DeA
Kids Italy.
-- Lassie & Friends - 52 x 11' 2D HD TV series with
Dreamworks Classic Media USA, Super Prod & TF1 France, ZDF
Germany.
-- Little Prince - 3 -26 x 22' CGI TV series with Method Animation and France TV & RAI.
-- Miles from tomorrow land - 22 X 22' CGI from Disney
-- Motion books - ebooks.
New projects signed/in development:
-- Popples - 52 x 11' CGI TV series with Saban Entertainment and ZAG toons.
-- Escape Hockey - 52 x 11' CGI TV series IMIRA(Spain)
-- 5 Children & It - 52 x 11' CGI TV Series - Disney / Method
-- Yonaguni - 52 x 11' TV series to be produced by with Seaworld & Rollman Entertainment
-- Leo and the Pisa Gang - 52 x 11' CGI TV series with MPP(Germany)
The Total contract value for the service/co-production projects
signed and in discussion is US $63 Mn to be executed over the next
18 months.
Licensing and Distribution:
Our licensing and distribution efforts have proven increasingly
successful on a global scale and are helping to create long term
and sustained value for DQE.
BROADCAST & HOME VIDEO DEALS SIGNED B/W APRIL - JUNE 2014
--------------------------------------------------------------------------------------------
SERIAL BROADCASTER PROPERTY TERRITORIES
------------- ------------------ ------------------------------ -------------------------
1 SKY ITALIA ROBINHOOD ITALY
------------- ------------------ ------------------------------ -------------------------
2 PHASE 4 PETER PAN SEASON 1 USA & CANADA
------------- ------------------ ------------------------------ -------------------------
3 ONE VISION PETER PAN SEASON 1 INDONESIA
------------- ------------------ ------------------------------ -------------------------
4 TELEQUEBEC PETER PAN SEASON 2 CANADA
------------- ------------------ ------------------------------ -------------------------
5 ZDFE PETER PAN SEASON 2 GERMAN SPEAKING EUROPE
------------- ------------------ ------------------------------ -------------------------
6 DE AGOSTINI PETER PAN SEASON 2 ITALY
------------- ------------------ ------------------------------ -------------------------
7 DISNEY THE LANFEUST QUEST MIDDLEAST & TURKEY
------------- ------------------ ------------------------------ -------------------------
MERCHANDISING DEALS SIGNED B/W APRIL - JUNE 2014
--------------------------------------------------------------------------------------------
SERIAL LICENSEE PROPERTY TERRITORIES CATEGORIES
------- ------------ ------------- --------------------- -------------------------------
1 DWI LTD THE JUNGLE SOUTH KOREA KIDS STUDY TABLE
BOOK
------- ------------ ------------- --------------------- -------------------------------
VIACOM THE JUNGLE INDIA ALL CATEGORIES
18 BOOK
------- ------------ ------------- --------------------- -------------------------------
2 Vergani PETER PAN Italy, San Marino, Chocolate Easter Eggs
Srl Vatican City
------- ------------ ------------- --------------------- -------------------------------
3 GDG Group PETER PAN Italy, San Marino, plaid cover, underwear
Srl Vatican City tri-pack, pyjamas, hat,
scarves, gloves, umbrella,
raincoat, caloche, T-shirt,
sweatshirt, jogging suit,
legging, melamine articles,
------- ------------ ------------- --------------------- -------------------------------
4 Buffalo PETER PAN France, Switzerland, QSR promotion
Grill Luxembourg
------- ------------ ------------- --------------------- -------------------------------
The Total contract value for the licensing and distribution
deals signed is USD 10 mn for the financial year 2014-15.
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