TIDMSPSM
RNS Number : 6170Y
Sports Stars Media plc
26 February 2013
26 February 2013
Sports Stars Media plc
("SSM" or "the Group")
Final Results
SSM, the AIM-quoted sports personality animation business, is
pleased to announce its maiden results for the period ending 31
December 2012.
Highlights
-- SSM has continued to develop its first animation series
"Mourinho and the Special Ones" ('MSO'), a children's series
starring a character based on the world renowned Real Madrid
manager José Mourinho.
-- Production of the first series of MSO is on track for completion by the end of this month.
-- Focus group research has been successfully completed
-- Mr Bruno Van Speybroeck appointed as an External Adviser on MSO
-- SSM announced a 3-year broadcasting contract for Gombby's
Green Island animation series ('Gombby') with the public
broadcaster of Bosnia and Herzegovina bringing the total number of
geographical territories in which Gombby is broadcast to 25.
Post-period highlights
-- The Group raised EUR875,000 through an issue of new ordinary
shares to fund the Ronaldo Project, a worldwide, crowd-sourced
football tournament for adult amateur players which is endorsed by
Cristiano Ronaldo.
-- SSM launched two mobile applications ('apps') for Apple's iOS
devices from the Gombby's Green Island animation series.
CEO of Sports Stars Media, Ruben Dias, commented:
"I am delighted to announce SSM's maiden results. The Group has
worked hard and succeeded in reaching all internal targets and
performance milestones. Thanks to this effort, we are now
approaching a significant crux in the history of the group, with
the Ronaldo Project and MSO to be released this year complimented
by the continued growth of Gombby."
For further information, please contact:
Sports Stars Media plc +1604 902 2214
Ruben Dias, CEO +351 932 436 501
www.sportsstarsmedia.com
Nominated Adviser, Cairn Financial Advisers LLP +44 207 148
7900
James Caithie/Avi Robinson
Broker, Dowgate Capital Stockbrokers Limited +44 129 351
7744
Neil Badger
Financial PR, Bishopsgate Communications
Nick Rome/Sam Allen/Matthew Low +44 20 7562 3350
sportsstars@bishopsgatecommunications.com
CHIEF EXECUTIVE OFFICER'S STATEMENT
Overview
This has been a transformational period for the Group having
listed on AIM in February 2012 when we successfully raised
GBP1.6million before expenses, and as such I am pleased to announce
our maiden final year results for the period ended 31 December
2012.
Strategic Update
It was announced on 20(th) July 2012 that SSM had evolved its
strategy of producing and commercialising children's CGI animated
television series to include an enhanced business model aimed at
opening up a broad range of new revenue streams. This decision was
made to take advantage of emerging trends of media consumption with
the focus on real and virtual world applications and I am pleased
to say our progress is in line with internal expectations.
Financial overview
As expected given the early stage of development of its
business, the Group made a loss before tax of EUR386,799 for the
period. This amount corresponds mostly to overheads and EUR134,696
of IPO costs (approximately EUR264,000 of additional IPO costs have
been deducted from share premium)..
MSO production costs incurred so far amount to approximately
EUR558,000 and have been capitalised as an intangible asset. These
costs consist mainly of payroll, hardware and software licenses
depreciation, production facilities and outsourced production
services and support. Amortisation of this asset will be initiated
once the commercialisation of the series, trading card game and
associated products commences.
Cash in the bank at the period end was EUR1,396,205. This amount
includes EUR850,000 received in anticipation of the Ronaldo Project
placing, announced on 2 January 2013 and explained below. Since the
shares corresponding to this equity had not been issued as at the
end of 2012, a liability of the same amount was recorded on the
Company's balance sheet.
Mourinho and the Special Ones ("MSO")
Television series
Since the last set of interim results the Group has continued to
work on the first 26 episode series of MSO and it will be finished
on schedule and budget by the end of February 2013. A trailer of
the show will be available on the Group's website in due
course.
Social networking and gaming
In order to maximise the potential of our intellectual property
and to reduce the reliance on broadcasters, the Group has invested
in its own distribution channel through the Internet, to be
launched in the second quarter of 2013. It has also further
enhanced the brand through the integration of a series of new
features such as social networking and gaming. Initial focus group
trials of the augmented reality card trading game, which help teach
children football skills that they will have seen on the MSO TV
series, have been well received.
Appointment
The Group appointed Mr Bruno Van Speybroeck as an External
Adviser on the MSO project on 16 November 2012 with the
responsibility of overseeing the development and implementation of
the MSO card trading game.
Gombby's Green Island ("Gombby")
Television series
During the period we announced that Gombby would be broadcast
with a public broadcaster in Bosnia and Herzegovina at the
beginning of 2013 and I am delighted to say that the total number
of geographical territories in which Gombby is broadcast to 25.
The contract with Radio Televizija Bosne Hercegovine follows on
from the contract with Al Jazeera Children's Channel which sees the
programmes broadcast in 22 Arabic-speaking territories.
The Group has exclusive worldwide distribution rights for the
Gombby series, we continue to seek out new geographic
opportunities, and highlight the fact we also have a call option to
purchase the intellectual property of the Gombby brand until 31
December 2014.
Post period highlights
The Ronaldo Project
On 2 January 2013, we announced that the Group had raised
EUR875,000 through an issue of new ordinary shares and entered into
an agreement with Cristiano Ronaldo, one of football's most popular
and valuable players, to promote a new business concept for a
worldwide, crowd-scourced football tournament for adult amateur
players. Research and development of the Ronaldo Project continues
with a view to the tournament kicking off in the last quarter of
2013.
The Ronaldo Project will establish a worldwide amateur football
league based on the notion of "Fair Play" and will be endorsed and
promoted by the Real Madrid and Portugal international
footballer.
Gombby's Green Island ("Gombby")
The Company recently announced that it had launched two mobile
applications ("apps") for Apple's iOS devices to further enhance
the Gombby's Green Island animation series.
Gombby Channel
This app enables viewing of Gombby episodes either by streaming
from the web or by downloading to devices for offline viewing. The
app, which is free, offers three full complementary episodes with
the option of purchasing additional 5 or 10 episode packs for
EUR1.79 and EUR2.79 respectively.
Gombby Stickers
This app, which enables users to create their own scenes and
build new stories using Gombby characters and objects, is also free
to download with additional characters and objects available at a
premium of EUR0.89 for a 5 scene pack.
Outlook
We are continuing our strategy ofgrowing the business through
investment in quality content and new media initiatives. 2013
brings exciting opportunities and challenges as SSM enters new
markets and territories worldwide.
We anticipate that the Group will benefit from its investment in
time, infrastructure and personnel in the coming year as the
projects that have been in the research and development stage are
launched in the public domain.
I would like to take this opportunity to thank the Board, staff
and stakeholders for their continued support during the period. As
your Chief Executive Officer, I feel positive and excited about the
12 months ahead.
Ruben Dias
Chief Executive Officer
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 31 DECEMBER 2012
2012
Group Company
Notes EUR EUR
ASSETS
Non-current assets
Property, plant and equipment 111,424 -
Intangible assets 558,432 -
Investments - 10,589
Long-term loans to subsidiaries - 1,400,000
----------------- ----------------
669,856 1,410,589
---------------- ----------------
Current assets
Trade and other receivables 244,712 98,123
Cash and cash equivalents 1,396,205 882,251
---------------- ----------------
Total current assets 1,640,917 980,374
---------------- ----------------
TOTAL ASSETS 2,310,773 2,390,963
======== ========
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital 132,116 132,116
Share premium reserve 1,562,172 1,562,172
Retained loss (422,395) (211,493)
---------------- ----------------
TOTAL EQUITY 1,271,893 1,482,795
---------------- ----------------
Current liabilities
Trade and other payables 1,038,880 908,168
---------------- ----------------
TOTAL EQUITY AND LIABILITIES 2,310,773 2,390,963
======== ========
The financial statements were approved by the board of directors
and authorised for issue on 22 February 2013
and are signed on its behalf by:
Ruben Dias
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2012
Period ended
31 December
2012
Notes EUR
Revenue 25,966
Cost of sales (34,759)
----------------
Gross loss (8,793)
Distribution expenses (45,858)
Administrative expenses (175,155)
Other expenses (42,395)
Proportion of AIM costs charged to income
statement (134,696)
----------------
Operating loss (406,897)
Financial income 21,232
Financial expenses (1,134)
----------------
Loss before tax (386,799)
Tax charge for the period (554)
----------------
Loss for the period attributable to equity
holders of the
company (387,353)
========
Other comprehensive expenses
Currency translation on foreign currency
net investments (34,680)
----------------
Total comprehensive loss attributable to
equity holders of the company (422,033)
========
Loss per share
Basic and diluted 2 (0.00)
========
STATEMENTS OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2012
Share
Share Premium Retained Total
Capital Account Loss Equity
EUR EUR EUR EUR
CONSOLIDATED
Balance at 25 August 2011 - - - -
Loss for the period - - (422,033) (422,033)
Translation of period end
balances - - (362) (362)
-------------- -------------- ---------------- -----------------
Total comprehensive loss
for 2012 - - (422,395) (422,395)
-------------- -------------- ---------------- -----------------
Share capital issued (net
of costs) 132,116 1,562,172 - 1,694,288
-------------- -------------- --------------- -----------------
Balance at 31 December
2012 132,116 1,562,172 (422,395) 1,271,893
======= ======= ======== ========
COMPANY
Balance at 25 August 2011 - - - -
Loss for the period - - (211,493) (211,493)
-------------- -------------- ---------------- -----------------
Total comprehensive loss
for 2012 - - (211,493) (211,493)
-------------- -------------- ---------------- -----------------
Share capital issued (net
of costs) 132,116 1,562,172 - 1,694,288
-------------- -------------- ---------------- -----------------
Balance at 31 December
2012 132,116 1,562,172 (211,493) 1,482,795
======= ======= ======== ========
CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2012
2012
Group Company
EUR EUR
Operating activities
Loss before taxation (386,799) (173,131)
Adjustments for:
Finance income (21,232) -
Finance costs 1,134 -
Depreciation 42,352
---------------- ----------------
Loss from operations before changes
in working capital (364,545) (173,131)
Increase in receivables (244,712) (98,123)
Increase in payables 173,290 42,941
---------------- ----------------
Cash generated from operations (435,967) (228,313)
Tax payable (554) -
---------------- ----------------
Cash flow from operating activities (436,521) (228,313)
---------------- ----------------
Cash flow from investing activities
Purchase of subsidiary undertakings - (10,589)
Purchase of intangible assets (558,432) -
Purchase of tangible assets (153,776) -
Loans granted to subsidiary undertakings - (1,400,000)
---------------- ----------------
Net cash flow from investing activities (712,208) (1,410,589)
---------------- ----------------
Cash flow from financing activities
Interest receivable 21,232 -
Interest payable (1,134) -
Proceeds from issue of share capital 2,897,060 2,897,060
Share issue costs (337,544) (337,545)
---------------- ----------------
Net cash inflow from financing activities 2,579,614 2,559,515
---------------- ----------------
Net cash inflow for the period 1,403,885 920,613
---------------- ----------------
Foreign exchange differences on translation (34,680) (38,362)
Cash and cash equivalents at start - -
of period
---------------- ----------------
Cash and cash equivalents at the end
of the period 1,396,205 882,251
======== ========
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
The financial information set out above does not constitute the
Company's statutory accounts for the period ended 31 December 2012
within the meaning of Section 434 of the Companies Act 2006, but is
derived from those accounts. Statutory accounts for 2012 will be
delivered to the Registrar of Companies following the Company's
Annual General Meeting.
This financial information has been prepared in accordance with
International Financial Reporting Standards ("IFRSs") and
International Financial Reporting Interpretations Committee (IFRIC)
interpretations as adopted by the European Union and with those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS.
2. Loss per Share 2012
EUR
The calculation of the basic and diluted earnings
per share is based on the following data:
Earnings
Earnings for the purposes of basic earnings per
share (net loss for the period
attributable to equity holders of the parent) (422,033)
Number of shares
Weighted average number of ordinary shares for
the purposes of basic earnings per share 131,126,760
=======
The denominator for the purpose of calculating the basic
earnings per share has been adjusted to reflect all capital
raisings. Due to the loss incurred in the period, there is no
dilutive effect resulting from the issue of share options and
shares to be issued.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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