TIDMMWH
RNS Number : 7402P
Millwall Holdings PLC
31 March 2009
Millwall Holdings Plc
"Millwall" or "the Company"
Interim Results
Chairman's Statement
As Chairman of Millwall Football Club I am pleased to announce our interim
results for the six months to December 2008. As an American chairman of an
English football club and company I continue to learn about this unique game and
business. The Board and I are truly encouraged by the progress made. A major
priority has been to establish investor stability, Board cohesion and executive
leadership. This progress has enabled us to run the business in a more focussed
and resourced manner which, I believe is now showing results.
Let me first turn my attention to the all-important matter of the team and
performance. The season 2008-9 is Kenny Jackett's first full season as our team
manager. Under Kenny's leadership we have continued to invest in both the
playing infrastructure and team in order that we could realistically aim to
achieve, at the very least, a play-off position. Having been involved in
relegation battles in recent years, the absolute priority was to improve the
performance and the quality of the team. The manager has been building a young
team alongside more experienced players. There has also been further investment
into the squad by way of loan players to supplement where necessary. I am
pleased to say that this investment has shown positive results and as at 26
March the team was 3rd in the League table.
Key areas
Across football there remains the challenge to build a sustainable business. At
Millwall there is a steady improvement in the revenue generated by the retail
and catering offers, but the overall attendance levels at home games has been
disappointing and the question, for all clubs, remains how the current climate
will affect ticket sales. However, there are plans in place to drive season
ticket sales and with a successful team we hope to see improvements in
attendance as we approach the end of the season, with the potential for
play-offs.
In anticipation of challenging times the Company recruited a Commercial Manager
to focus solely on developing the marketing and commercial capacity of the Club.
We are also investing in a new ticketing and customer relationship system, with
the aim for that to be up and running for the 2009-10 season. Non-matchday
events have performed well and the increased utilisation of the Den is vital in
this respect, a good example of which is hosting an international friendly
between Nigeria and Jamaica in February 2009. In the current economic climate
Millwall's conference and events business continues to grow as the public sector
conference requirements remain unchanged and private sector clients who
previously would have sought more expensive venues are now booking accommodation
here at Millwall on non-matchdays.
However, as Chairman I am under no illusion about the challenge to drive
revenues and improve efficiencies in this volatile business. Aligned to our
ambitions on the pitch we continue to invest in our community and youth
policies. Our continued links with the Millwall Community Trust have been
enhanced further by the Trust's organisation of on-pitch activities during half
time at our home games and our players and management participating in many
community events. It is vital that our football club plays a major part within
our community.
The Club restructured the youth development programme, reducing the cost of
operation but still focussed on identifying and nurturing talent capable of
playing for Millwall's first team. The performances of the reserve team and the
youth teams have been encouraging. We hope this restructure will save around
GBP250,000 in the current year.
On Regeneration, the requirement for investment in professional fees has reduced
substantially as the work on a masterplan is under discussion with the local
authority and partners. During this time I have been pleased by the support of
the Mayor of Lewisham and his senior officers, both for the regeneration plans
and the Football Club. The Club has a long history of partnership and a track
record of contributing positively to the economic and social well-being of the
borough. This will be even more vital during these challenging times. The
property downturn has not deflected us from this course. Indeed, maintaining
momentum and working towards planning is a key priority to ensure that the
company is well placed as the market returns.
The recent announcement of the plans for the Surrey Quays Station and the East
London line is a significant landmark in our work as the future regeneration of
the area is significantly enhanced by this new transport interchange. There are
still funding discussions but the green light to the extension and the provision
for the station is a major achievement.
As Chairman and with my Board we are committed to building and supporting a
winning team, increasing the commercial capacity of the business and working
towards the regeneration of the area, bringing benefits and value to our
shareholders, fans and local communities.
I would like to thank my colleague Board directors and all the staff at the
football club for their support, guidance and commitment.
John G Berylson
Chairman
30 March 2009
Millwall Holdings Plc
Directors' Report
_______________________________________________________________________________
__________
Unaudited interim results for the 6 months ended 31 December 2008.
Principal risks and uncertainties
In common with many football clubs outside the Premiership the main business
risk is the maintenance of a positive cash flow bearing in mind the uncertainty
of turnover and the high cost of maintaining a playing squad on which the
success of the Group's business is largely dependent. As part of its normal
activities, the Club deals in the trading of player registrations and there is
always a risk of significant and lasting injuries to players that may impair
player values. Players of 24 years old or older are free to move between clubs
once their contract has come to an end and the Board maintains a close eye on
expiry dates with a view to renewing contracts or realising value.
Results from operations
Season ticket sales at 24 March stood at 4,770 (2007 H1 - 5,066) reflecting the
loyalty of our core supporter base and the attractiveness of our "early bird"
offerings for this season.
Revenue for the six months was GBP2.9 million (2007 H1 - GBP 2.1 million). The
increase in revenue is a result of the change in year end to 30 June which has
meant the inclusion of more fixtures and the run up to Christmas in this half
year. The loss before taxation for the period on ordinary activities was GBP2.6
million (2007 H1 - GBP2.6 million) after taking account of GBP0.07 million
profit (2007 H1 - GBP0.7 million profit) on disposal of players' registrations.
The loss before tax, therefore, excluding player trading was GBP2.6 million
(2007 H1 - GBP3.3 million).
Staff costs GBP3,068,000 (2007 H1 - GBP2,799,000) have increased mainly due to
the bonuses payable as a result of the much improved performances on the field
and maintaining a high position in the League.
Administrative expenses GBP2,173,000 (2007 H1 - GBP2,301,000). This reduction is
mainly atributable to the reduction in costs of the Property Company due to
delays caused by changes in the overall planning regime and the election of a
new Mayor of London.
Share Based Payments
During the period the Company has recognised Share based payment charges of
GBP14,000 (2007 H1 - GBP79,000) which reflects the amount charged for the period
for total compensation of GBP183,000 being amortised over the two year vesting
period. This amount is included within staff costs.
Profit or loss on disposal of player registrations, GBP69,000 (2007 H1 -
GBP747,000)
There has been very little activity in the transfer of young Centre of
Excellence or other players.
Loss per share 0.007p (2007 H1 - 0.009p)
The calculation of the basic and diluted loss per share is calculated based on
the loss after taxation and on the weighted average number of shares in issue of
37,501,097,134 ( 2007 H1 - 27,759,465,057).
Working Capital:
Despite net current liabilities of GBP2,054,000 (2007 H1 - GBP1,449,000) the
Board believes that the Group has the ability to manage its working capital on a
day to day basis and has the ability to further draw down against the loan note
facilities.
During the period a further GBP2,360,000 (2007 H1 - GBP1,686,000) of loan notes
were drawn down. As at 31 December 2008 total undrawn loan note facilities
amounted to GBP2,888,000.
Key figures:
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| | 6 Months | 6 Months | 13 Months |
| | Ended | Ended | Ended |
| | 31 December | 30 November | 30 June |
| | 2008 | 2007 | 2008 |
| | GBP'000 | GBP'000 | GBP'000 |
| | (unaudited) | (unaudited) | |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| | | | |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Revenue | 2,903 | 2,076 | 5,367 |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Staff costs | (3,068) | (2,799) | (6,313) |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Administration expenses other | (2,173) | (2,301) | (5,637) |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Other operating income - profit on players' registrations | 69 | 747 | 913 |
| | | | |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Loss from operations | (2,269) | (2,277) | (5,670) |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Loss before tax | (2,573) | (2,523) | (6,115) |
| | | | |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Net assets | 2,885 | 5,864 | 5,356 |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Increase/(decrease) in cash and cash equivalents | 61 | (534) | (539) |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| Basic and diluted loss per share | (0.007)p | (0.009)p | (0.022)p |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
| | ________ | ________ | ________ |
+-------------------------------------------------------------+-----------------+-------------------+----------------+
A Ambler
Director
30 March 2009
Millwall Holdings Plc
Consolidated income statement for the six months ended 31 December 2008
_______________________________________________________________________________
__________
+------------------------------------+----------------+----------------+--------------+
| Note | 6 months ended | 6 months ended | 13 months to |
| | 31 December | 30 November | 30 June |
| | 2008 | 2007 | 2008 |
| | (unaudited) | (unaudited) | GBP'000 |
| | GBP'000 | GBP'000 | |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Revenue 1 | 2,903 | 2,076 | 5,367 |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Other income - profit on disposal | 69 | 747 | 913 |
| of players' registrations | | | |
+------------------------------------+----------------+----------------+--------------+
| Staff costs | (3,068) | (2,799) | (6,313) |
+------------------------------------+----------------+----------------+--------------+
| Amortisation of players' | (93) | (45) | (126) |
| registrations | | | |
+------------------------------------+----------------+----------------+--------------+
| Depreciation of property plant and | (128) | (151) | (309) |
| equipment | | | |
+------------------------------------+----------------+----------------+--------------+
| Total depreciation and | (221) | (196) | (435) |
| amortisation expense | | | |
+------------------------------------+----------------+----------------+--------------+
| Other expenses | (1,952) | (2,105) | (5,202) |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Loss from operations | (2,269) | (2,277) | (5,670) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Finance income | 2 | 22 | 31 |
+------------------------------------+----------------+----------------+--------------+
| Finance expense | (306) | (268) | (476) |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| Loss before and after tax and for | (2,573) | (2,523) | (6,115) |
| the financial period | | | |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| Attributable to: | | | |
+------------------------------------+----------------+----------------+--------------+
| Equity shareholders | (2,573) | (2,523) | (6,115) |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| Loss per share | | | |
+------------------------------------+----------------+----------------+--------------+
| Basic and diluted3 | (0.007)p | (0.009)p | (0.022)p |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
All amounts relate to continuing operations
The Notes form part of these interim financial statements.
Millwall Holdings Plc
Consolidated balance sheet at 31 December 2008
_______________________________________________________________________________
__________
+----------------------------------------+----------------------------------+----------------+--------------+
| Note | 31 December | 30 November | 30 June |
| | 2008 | 2007 | 2008 |
| | (unaudited) | (unaudited) | GBP'000 |
| | GBP'000 | GBP'000 | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Non-current assets | | | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Intangible assets | 454 | 146 | 291 |
+----------------------------------------+----------------------------------+----------------+--------------+
| Property, plant and equipment | 15,006 | 15,559 | 15,127 |
+----------------------------------------+----------------------------------+----------------+--------------+
| | ______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| | 15,460 | 15,705 | 15,418 |
+----------------------------------------+----------------------------------+----------------+--------------+
| | ______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Current assets | | | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Inventories | 124 | 166 | 66 |
+----------------------------------------+----------------------------------+----------------+--------------+
| Trade and other receivables | 1,187 | 1,522 | 1,104 |
+----------------------------------------+----------------------------------+----------------+--------------+
| Cash and cash equivalents | 265 | 215 | 204 |
+----------------------------------------+----------------------------------+----------------+--------------+
| | ______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| | 1,576 | 1,903 | 1,374 |
+----------------------------------------+----------------------------------+----------------+--------------+
| | ______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Total assets | 17,036 | 17,608 | 16,792 |
+----------------------------------------+----------------------------------+----------------+--------------+
| | | | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Non current liabilities | | | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Financial liabilities | (6,733) | (3,902) | (4,357) |
+----------------------------------------+----------------------------------+----------------+--------------+
| Deferred income | (3,788) | (4,490) | (3,770) |
+----------------------------------------+----------------------------------+----------------+--------------+
| | _______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Total Non current liabilities | (10,521) | (8,392) | (8,127) |
+----------------------------------------+----------------------------------+----------------+--------------+
| | _______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Current liabilities | | | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Trade and other payables | (2,615) | (2,164) | (2,239) |
+----------------------------------------+----------------------------------+----------------+--------------+
| Deferred income | (1,015) | (1,188) | (1,070) |
+----------------------------------------+----------------------------------+----------------+--------------+
| | _______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Total Current liabilities | (3,630) | (3,352) | (3,309) |
+----------------------------------------+----------------------------------+----------------+--------------+
| | _______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Total liabilities | (14,151) | (11,744) | (11,436) |
+----------------------------------------+----------------------------------+----------------+--------------+
| | _______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Net assets | 2,885 | 5,864 | 5,356 |
+----------------------------------------+----------------------------------+----------------+--------------+
| | _______ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Equity | | | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Called up share capital 4 | 6,083 | 5,140 | 6,083 |
+----------------------------------------+----------------------------------+----------------+--------------+
| Share premium | 15,120 | 13,234 | 15,120 |
+----------------------------------------+----------------------------------+----------------+--------------+
| Equity proportion of Convertible | 181 | 344 | 181 |
| Loan Notes | | | |
+----------------------------------------+----------------------------------+----------------+--------------+
| Capital reserve | 21,474 | 21,474 | 21,474 |
+----------------------------------------+----------------------------------+----------------+--------------+
| PIK note reserve | 421 | - | 333 |
+----------------------------------------+----------------------------------+----------------+--------------+
| Retained deficit | (40,394) | (34,328) | (37,835) |
+----------------------------------------+----------------------------------+----------------+--------------+
| | ________ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
| Total Equity | 2,885 | 5,864 | 5,356 |
+----------------------------------------+----------------------------------+----------------+--------------+
| | ________ | _______ | _______ |
+----------------------------------------+----------------------------------+----------------+--------------+
The interim unaudited balance sheet was approved and authorised for issue by the
Board of Directors on 30 March 2009.
A Ambler
Director
Millwall Holdings Plc
Consolidated statement of changes in equity for the six months ended 31
December2008
_______________________________________________________________________________
__________
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | Ordinary |Deferred | Share | Equity | Capital | PIK note | Profit | Total |
| | Shares | Shares | | component | reserves | reserve | and | |
| | of 0.01p |of 0.09p | premium | of | | | loss | |
| | each | each | account | Convertible | | | account | |
| | | | | Loan Notes | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| At 1 June 2007 | 2,507 | 2,333 | 12,634 | 219 | 21,474 | - | (31,884) | 7,283 |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Loss for the | - | | - | - | - | - | (2,523) | (2,523) |
| period | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Total recognised | - | - | - | - | - | - | (2,523) | (2,523) |
| income and expense | | | | | | | | |
| for the period | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Share based | - | - | - | - | - | - | 79 | 79 |
| Compensation | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Equity proportion | - | - | - | 125 | - | - | - | 125 |
| of Convertible | | | | | | | | |
| Loan Notes Issued | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Issue of ordinary | 300 | - | 600 | - | - | - | - | 1,475 |
| shares | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Net increase / | 300 | - | 600 | 125 | - | - | (2,860) | (1,425) |
| (decrease) | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| At 30 November | 2,807 | 2,333 | 13,234 | 344 | 21,474 | - | (34,328) | 5,864 |
| 2007 (unaudited) | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Loss for the | - | | - | - | - | - | (3,592) | (3,592) |
| period | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Total recognised | - | - | - | - | - | - | (3,592) | (3,592) |
| income and expense | | | | | | | | |
| for the period | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Issue of shares | 856 | - | 1,711 | - | - | - | - | 2,567 |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| PIK notes issued | - | - | - | - | - | 333 | - | 333 |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Share based | - | - | - | - | - | - | 85 | 85 |
| Compensation | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Equity proportion | - | - | - | 99 | - | - | - | 252 |
| of Convertible | | | | | | | | |
| Loan Notes Issued | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Conversion to | 87 | - | 175 | (262) | - | - | - | - |
| share capital of | | | | | | | | |
| equity proportion | | | | | | | | |
| of Convertible | | | | | | | | |
| Loan Notes | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Net increase / | 943 | - | 1,886 | (163) | - | 333 | (3,507) | (508) |
| (decrease) | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| At 30 June 2008 | 3,750 | 2,333 | 15,120 | 181 | 21,474 | 333 | (37,835) | 5,356 |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Loss for the | - | - | - | - | - | - | (2,573) | (2,573) |
| period | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Total recognised | - | - | - | - | - | - | (2,573) | (2,573) |
| income and expense | | | | | | | | |
| for the period | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Share based | - | - | - | - | - | - | 14 | 14 |
| Compensation | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| PIK notes issued | - | - | - | - | - | 88 | - | 88 |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| Net increase / | - | - | - | - | - | 88 | (2,559) | (2,471) |
| (decrease) | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| At 31 December | 3,750 | 2,333 | 15,120 | 181 | 21,474 | 421 | (40,394) | 2,885 |
| 2008 (unaudited) | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
| | | | | | | | | |
+--------------------+----------+----------+----------+-------------+----------+----------+----------+---------+
Millwall Holdings Plc
Consolidated cash flow statement for the six months ended 31 December 2008
_______________________________________________________________________________
__________
+------------------------------------------+--------------+--------------+--------------+
| Note | 6 months | 6 months | 13 months to |
| | ended | ended | 30 June |
| | 31 December | 30 November | 2008 |
| | 2008 | 2007 | GBP'000 |
| | (unaudited) | (unaudited) | |
| | GBP'000 | GBP'000 | |
+------------------------------------------+--------------+--------------+--------------+
| Operating activities | | | |
+------------------------------------------+--------------+--------------+--------------+
| Net loss before taxation | (2,573) | (2,523) | (6,115) |
+------------------------------------------+--------------+--------------+--------------+
| Share based payments | 14 | 79 | 497 |
+------------------------------------------+--------------+--------------+--------------+
| Depreciation on property plant and | 128 | 151 | 309 |
| equipment | | | |
+------------------------------------------+--------------+--------------+--------------+
| Amortisation of intangible assets | 93 | 45 | 126 |
+------------------------------------------+--------------+--------------+--------------+
| Amortisation of grants | (41) | (52) | (98) |
+------------------------------------------+--------------+--------------+--------------+
| Profit on disposal of players' | (69) | (747) | (913) |
| registrations | | | |
+------------------------------------------+--------------+--------------+--------------+
| Profit on disposal of property, plant | | - | (300) |
| and equipment | | | |
+------------------------------------------+--------------+--------------+--------------+
| Finance income | (2) | (22) | (31) |
+------------------------------------------+--------------+--------------+--------------+
| Finance expenses | 306 | 268 | 476 |
+------------------------------------------+--------------+--------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------------+--------------+--------------+--------------+
| Cash flow from operations before changes | (2,144) | (2,801) | (6,049) |
| in working capital | | | |
+------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------+--------------+--------------+--------------+
| Increase in inventory | (58) | (73) | 27 |
+------------------------------------------+--------------+--------------+--------------+
| Increase in trade and other receivables | (83) | (927) | (303) |
+------------------------------------------+--------------+--------------+--------------+
| Increase in trade and other payables and | 136 | 407 | (110) |
| accruals and deferred income | | | |
+------------------------------------------+--------------+--------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------------+--------------+--------------+--------------+
| Cash generated from operations | (2,149) | (3,394) | (6,435) |
+------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------+--------------+--------------+--------------+
| Investing activities | | | |
+------------------------------------------+--------------+--------------+--------------+
| Purchase of property, plant and | (7) | (20) | (36) |
| equipment | | | |
+------------------------------------------+--------------+--------------+--------------+
| Proceeds on disposal of | 69 | 392 | 695 |
| players' registrations | | | |
+------------------------------------------+--------------+--------------+--------------+
| Purchase of players' registrations | (211) | (50) | (381) |
+------------------------------------------+--------------+--------------+--------------+
| Interest received | 2 | 22 | 31 |
+------------------------------------------+--------------+--------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------------+--------------+--------------+--------------+
| Net cash generated by investing | (147) | 344 | 309 |
| activities | | | |
+------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------+--------------+--------------+--------------+
| Financing activities | | | |
+------------------------------------------+--------------+--------------+--------------+
| Proceeds from issue of new share | - | 900 | 900 |
| capital | | | |
+------------------------------------------+--------------+--------------+--------------+
| Costs of issue of new share capital | - | - | - |
+------------------------------------------+--------------+--------------+--------------+
| Proceeds from issue of convertible | - | 1,686 | 3,022 |
| loan notes | | | |
+------------------------------------------+--------------+--------------+--------------+
| Proceeds from issue of loan notes | 2,360 | - | 1,673 |
+------------------------------------------+--------------+--------------+--------------+
| Capital element of finance leases and | | | |
| hire | | | |
+------------------------------------------+--------------+--------------+--------------+
| purchase contracts repaid | - | (8) | - |
+------------------------------------------+--------------+--------------+--------------+
| Interest paid | (3) | (62) | (8) |
+------------------------------------------+--------------+--------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------------+--------------+--------------+--------------+
| Net cash generated by financing | 2,357 | 2,516 | 5,587 |
| activities | | | |
+------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------+--------------+--------------+--------------+
| Net (Decrease)/increase in cash and cash | 61 | (534) | (539) |
| equivalents | | | |
+------------------------------------------+--------------+--------------+--------------+
| | | | |
+------------------------------------------+--------------+--------------+--------------+
| Cash and cash equivalents at start of | 204 | 743 | 743 |
| period | | | |
+------------------------------------------+--------------+--------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------------+--------------+--------------+--------------+
| Cash and cash equivalents at end of | 265 | 209 | 204 |
| period | | | |
+------------------------------------------+--------------+--------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------------+--------------+--------------+--------------+
Millwall Holdings Plc
Notes forming part of the interim financial statements for the 6 months ended 31
December 2008
_______________________________________________________________________________
__________
1 Accounting Policies
Principal accounting policies
The Company is a limited liability company incorporated and domiciled in the
United Kingdom. The principal accounting policies applied in the preparation of
these interim consolidated financial statements are set out below. These
policies have been consistently applied to all the periods presented, unless
otherwise stated.
Basis of preparation
These interim financial statements have been prepared using the recognition and
measurement principles of International Financial Reporting Standards as adopted
by the European Union ('IFRS').
The accounting policies applied are consistent with those described in the
Annual Report and Financial Statements for the 13 month period ended 30 June
2008, and with the policies expected to be applied to the Group's full year
financial statements for the year ending 30 June 2009.
The financial information for the six months ended 31 December 2008 and the six
months ended 30 November 2007 are unreviewed and unaudited within the meaning of
section 240 of the Companies Act 1985, such accounts do not constitute full
statutory accounts of the Group.
The comparative figures for the 13 month financial period ended 30 June
2008 have been extracted from the statutory financial statements of Millwall
Holdings Plc for that financial period, prepared in accordance with the
recognition and measurement principles of International Financial Reporting
Standards as adopted by the European Union ('IFRS').
A copy of the statutory financial statements for that period has been delivered
to the Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain statements under section 237(2)
or (3) of the Companies Act 1985.
The company has not applied IAS 34: "Interim Financial Reporting" in the
preparation of these interim financial statements.
Significant accounting judgements and estimates
The preparation of these financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the reporting period. These judgements and
estimates are based on managements' best knowledge of the relevant facts and
circumstances, having regard to prior experience, but actual results may differ
from the amounts included in the financial statements.
Going concern
The Directors continually monitor the financial position of the Group, taking
into account the latest cash flow forecasts and the ability of the Group to
generate cash and raise funds. The Directors have prepared the interim financial
statements on a going concern basis having had regard to the cash flow
projections for the period to 31 March 2010.
While there will always remain some inherent uncertainty the Directors remain
confident that they will be able to manage the Group's finances and operations
so as to achieve the forecasted cash flows and, as a result, that it is
appropriate to draw up the financial statements on a going concern basis.
The financial statements do not include any adjustments that would result if the
going concern basis of preparation were to become no longer appropriate.
Basis of Consolidation
The consolidated Group financial statements incorporate the results of Millwall
Holdings Plc and its subsidiary undertakings, Millwall Football and Athletic
Company (1985) Plc and Millwall Property Limited using the acquisition
accounting method.
2 Segmental information
The Group has one main business segment, that of professional football
operations. As a result, no additional business segment information is required
to be provided. It operates in one geographical segment, the United Kingdom, and
accordingly no geographical segment is required to be provided.
Notwithstanding this, a voluntary analysis of the revenue streams is given below
to assist with an understanding of the business revenue streams comprising:
Match day
Central League Awards, and
Commercial
+-------------------------------+----------------+----------------+--------------+
| | 6 months ended | 6 months ended | 13 months to |
| | 31 December | 30 November | 30 June |
| | 2008 | 2007 | 2008 |
| | (unaudited) | (unaudited) | |
+-------------------------------+----------------+----------------+--------------+
| | | | |
+-------------------------------+----------------+----------------+--------------+
| Match Day | 1,730 | 933 | 3,016 |
+-------------------------------+----------------+----------------+--------------+
| Central League awards | 343 | 284 | 491 |
+-------------------------------+----------------+----------------+--------------+
| Commercial | 830 | 859 | 1,860 |
+-------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+-------------------------------+----------------+----------------+--------------+
| | | | |
+-------------------------------+----------------+----------------+--------------+
| Revenue | 2,903 | 2,076 | 5,367 |
+-------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+-------------------------------+----------------+----------------+--------------+
| | | | |
+-------------------------------+----------------+----------------+--------------+
3Loss per share
Basic loss per share is calculated as follows (the effect of all potential
ordinary shares is antidilutive):
+------------------------------------+----------------+----------------+----------------+
| | 6 months ended | 6 months ended | 13 months to |
| | 31 December | 30 November | 30 June |
| | 2008 | 2007 | 2008 |
| | (unaudited) | (unaudited) | |
| | | | |
+------------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------------+----------------+----------------+----------------+
| Loss after taxation for the | 2,573 | 2,523 | 6,115 |
| period | | | |
+------------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------------+----------------+----------------+----------------+
| Weighted average number of | 37,501,097,134 | 27,759,465,057 | 28,151,242,277 |
| shares | | | |
+------------------------------------+----------------+----------------+----------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------------+----------------+----------------+----------------+
| Basic and diluted loss per share | 0.007p | 0.009p | 0.022p |
+------------------------------------+----------------+----------------+----------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+----------------+
| | | | |
+------------------------------------+----------------+----------------+----------------+
There is no potential dilution on the loss per ordinary share (2007 H1 - No
potential dilution). There is no difference between basic and diluted earnings
per share in 2008 and 2007. As at 31 December 2008 the number of options which
could potentially dilute basic earnings per share in the future was
1,166,666,666 (2007 H1 - 1,166,666,666). These have not been included in the
calculation of diluted earnings per share because they are anti-dilutive for the
period presented. In addition to share options, as at 31 December 2008, the
Company had gross convertible debt of GBP2,785,000 in issue (2007 H1 -
GBP4,382,000), potentially convertible to 9,283,333,333 ordinary shares (2007 H1
- 14,606,666,666 ordinary shares), which could dilute earnings per share in the
future.
4 Share capital
+-------------+----------------+----------+-----+----------------+-------+-----+------------+---------+
| | Authorised | |
+-----------------------------------------+------------------------------+----------------------------+
| | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | 31 December | 30 | 30 June | 31 December | 30 | 30 June |
| | 2008 | November | 2008 | 2008 | November | 2008 |
| | | 2007 | | | 2007 | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | Number | Number | Number | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| Ordinary | 86,881,838,777 | 86,881,838,777 | 86,881,838,777 | 8,688 | 8,688 | 8,688 |
| shares of | | | | | | |
| 0.01p each | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| Deferred | 2,592,087,167 | 2,592,087,167 | 2,592,087,167 | 2,333 | 2,333 | 2,333 |
| shares of | | | | | | |
| 0.09p each | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | ________ | ________ | ______ | ________ | ________ | _______ |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | | |
+-----------------------------------------+------------------------------+----------------------------+
| | Allotted, called up | |
| | and fully paid | |
+-----------------------------------------+------------------------------+----------------------------+
| | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | 31 December | 30 | 30 June | 31 December | 30 | 30 June |
| | 2008 | November | 2008 | 2008 | November | 2008 |
| | | 2007 | | | 2007 | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | Number | Number | Number | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| Ordinary | 37,501,097,134 | 28,070,940,467 | 37,501,097,134 | 3,750 | 2,807 | 3,750 |
| shares of | | | | | | |
| 0.01p each | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| Deferred | 2,592,087,167 | 2,592,087,167 | 2,592,087,167 | 2,333 | 2,333 | 2,333 |
| shares of | | | | | | |
| 0.09p each | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | | | | | | |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| Total | | | | 6,083 | 5,140 | 6,083 |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | ________ | ________ | ________ | ________ | ________ | _______ |
+-------------+----------------+----------------+----------------+-------------+------------+---------+
| | | | | | | |
+-------------+----------------+----------+-----+----------------+-------+-----+------------+---------+
For further information please contact:
Millwall Holdings plc
Heather Rabbatts 020 7740 0519
Seymour Pierce
John Depasquale 020 7107 8010
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKKKBPBKDDNN
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