RNS Number : 8361I
BKN International AG
25 November 2008
Press Release 25 November
2008
BKN International AG
("BKN" or the "Company")
BKN International AG- full year 2008 financial results:
Total sales +15%, EBIT +19% (excluding one time charge), EBITDA +30%, Cash and liquid securities up 92%, Film asset value up 26%
BKN, a global animation production and distribution company that licenses and markets its products in approximately 95 countries and dubs in
about 30 languages, is pleased to present today the financial results for the year ended 30 September 2008.
Financial Highlights
� Total Sales increased 15% to EUR18.7 million (prior year: EUR16.3 million). Total Gross Income increased 11% to EUR20.0 million
(prior year: EUR18.0 million).
� Operating expenses decreased 8% to EUR8.1 million (prior year: EUR8.8 million) and amortisation increased 161% to EUR5.8
million (prior year: EUR2.2 million). Total expenses increased 26% to EUR14.0 million (prior year: EUR11.1 million) principally due to a
one-time EUR2.2 million provision for a potential litigation matter that dates back to the 2002 restructuring (see Notes for more details).
Excluding this one-time charge, total expenses increased 6% to EUR11.8 million (prior year: EUR11.1 million).
� Earnings or Profit Before Interest and Tax (EBIT), excluding the one-time charge, increased 19% to EUR8.2 million (prior year:
EUR6.9 million). Including the one-time charge, EBIT decreased 13% to EUR6.0 million. Margin, excluding the one-time charge, is consistent
at 44% (prior year: 42%).
� Net Income, excluding the one-time charge, increased 18% to EUR5.9 million before a theoretical tax charge of EUR0.3 million
(prior year: EUR5.0 million). However, due to principally higher interest expense (+13%) and the one-time charge, net income fell 20% to
EUR4.0 million.
� EPS, excluding the one-time charge, increased 1% to EUR0.308(prior year: EUR0.305). However, after the charge, EPS fell 32%
to EUR0.208due to capital increase dilutions in July 2007 and 2008.
� EBITDA increased 30% to EUR11.9 million (prior year: EUR9.1 million) and Net cash generated by operating activities increased
56% to EUR10.9 million from EUR7.0 million in 2007.
� Programming rights asset value increased 26% to EUR68.3 million from EUR54.2 million in 2007 and the Company has made steady
investments in new television and film properties of EUR19.9 million versus EUR19.7 million last year.
� Cash on hand increased 150% to EUR3.5 million versus EUR1.4 million last year. At 30 September 2008, the Company owned 318,582
of its own shares valued on that day at EUR669,022 giving it cash and liquid securities of EUR4.2 million or an increase of 92% over 2007
(EUR2.2 million).
� The Company employs at the year end 36 full-time employees which is the same as the prior year, but the Company has also added 46
freelancers primarily in its production studios. In total, 82 professionals work for the Company.
Commenting on the results, Allen Bohbot, Chairman & Chief Executive Officer of BKN said: "The environment is challenging and we are
seeing consolidation of larger competitors. Smaller competitors are not able to compete as well and this bodes well for us with our strong
balance sheet. We expect to gain market share over the next 18-24 months and to potentially take advantage of opportunities."
Wayne Mowat, Group CFO added: "We achieved a 15% growth in Sales and without the one time charge, we had a 19% gain on EBIT due to good
management of our costs. Our operating cash flow or EBITDA rose 30% and our cash generated from operations grew 56%. Setting aside the one
time reserve for potential litigation that dates back to 2002 restructuring, our performance met expectations and our cash on hand grew by
150%.
Mr. Bohbot added: "We expect major revenue contributors in 2008 to come from both season I and II of Zorro - Generation Z� and Dork
Hunters from Outer Space�. The early ratings on both projects are very encouraging. In addition, we expect to see revenues from the new
projects such as Stone Age* and Pocket Penguin Adventures*.
We are optimistic about the prospects for video steaming over the internet. In this past fiscal year, the value of the internet for
video streaming has truly expanded and now represents 8% of turnover versus 3% last year. Unlike many of our local competitors, BKN holds
the worldwide copyrights to the major properties in its portfolio of animated properties in perpetuity and accordingly, we are in a unique
position to expand into this market when we feel the timing is right to do so."
Albeit a challenging market environment, the Company reports a positive outlook for 2009 based on continued growth in key segments of
the business and good receipt of new product in the market place.
For a full version of the final results please go to our website www.bknkids.com
- Ends -
Enquiries
BKN INTERNATIONAL AG
Allen Bohbot, Chief Executive Officer
Tel: +44 (0) 20 7269 8683
allen.bohbot@bknkids.com
Wayne Mowat, Chief Financial Officer
Tel: +44 (0) 20 7269 8687
wayne.mowat@bknkids.com
Laura Tapias, Managing Director of BKN New Media S.L.
Tel.: +34 93 368 18 00
laura.tapias@bknkids.com
Nicola Andrews, Managing Director of BKN New Media Ltd.
Tel.: +44 (0) 20 7269 8677
nicola.andrews@bknkids.com
Matthew Graham-Clare, Managing Director of BKN Home Entertainment Ltd.
Tel. +44 (0) 20 7269 8678
matthew-graham.clare@bknkids.com
Sascha Ziemann, Finance Manager Germany
Tel: +49 (0) 221 12 60 82 0
sascha.ziemann@bknkids.com
www.bknkids.com
NOMINATED ADVISER & UK BROKER:
Hanson Westhouse Ltd.
Richard Baty / Harry Barraclough
Tel: +44 (0) 20 7601 6100
richard.baty@hansonwesthouse.com
harry.barraclough@hansonwesthouse.com
DESIGNATED SPONSOR IN GERMANY:
Close Brothers Seydler AG
Henriette Domhardt
Tel: +49 (0) 69 92054-137
henriette.domhardt@cbseydler.com
Notes to editors:
About BKN:
BKN International AG is a global animation company engaged in the distribution and marketing of animated children's television
programmes and the marketing of related consumer products (licensing and merchandising) in all forms. BKN has worked on numerous successful
animation projects.
The Company is currently listed on the General Standard of the Frankfurt Stock Exchange and is quoted on the AIM Market of the London
Stock Exchange plc ("AIM"), it operates all over the world. BKN has successfully negotiated distribution deals in over 95 countries and
territories in the children's programming market.
The Company*s Film Library includes:
- Legend of the Dragon
- Robin Hood
- Kong - The Animated Series
- Zorro: Generation Z
- Roswell Conspiracies
- Dork Hunters from Outer Space
- A Christmas Carol
- Jungle Book
- Stone Age
- Pocket Penguin Adventures
- Pocket Dragon Adventures
Consolidated Management Board Report including Chairman and Chief Executive Statement
We are pleased to present the financial results of BKN International AG ("BKN" or the "Company"), a global animation production and
distribution company that is listed on the Frankfurt Stock Exchange and quoted on the AIM Market of the London Stock Exchange ("AIM"). We
license our product in approximately 95 countries and dub in about 30 languages. This Consolidated Report of the Management Board will cover
audited financial statements under IAS accounting rules for the period ended 30 September 2008 and compared to the similar period in fiscal
2007.
The Company had a good year during which we have launched new products and increased our client base and strengthened our balance
sheet.
A. Group Structure
� The Group consists of BKN International AG, the parent company in Germany, with active operating trading subsidiaries in the
United Kingdom (*BKN New Media Ltd.*), the United States (*BKN Home Entertainment Inc.*) and Spain (*BKN New Media S.L.*).
� The Group creates, produces, distributes and markets animated properties for television and DVD distribution, as well as
licenses its characters for licensing and merchandising and the internet.
� The Company reports in Euro and trades in Euro, UK Sterling and US Dollars.
� The Company is listed on the General Standard of the Frankfurt Stock Exchange (March 2000) and quoted on the AIM (December
2003).
B. Film Catalogue and New Properties
� We have successfully expanded the Company's film catalogue, at 30 September 2008, to 92 titles and 2,098 episodes compared to 82
titles and 2,035 episodes as published in our 2007 Annual Report. BKN owns the 6th largest film library of global animation (based on
industry sources).
� The Company delivered the property entitled Zorro * Generation Z� (26 episodes) along with two films entitled Zorro * Return
to the Future� (62 minutes) and Zorro and Scarlet Whip Revealed!�(80 minutes). The Company is planning on delivering the second season of
this property (26 additional episodes), half in fiscal 2009 and half in fiscal 2010. The new production will be in all digital, all high
definition animation with 2D and 3D effects. To date, we have achieved sales for this property of EUR6.4 million in its first full year.
� The Company delivered the property entitled Dork Hunters from Outer Space� (36 episodes) along with the film entitled Dork
Hunters and The Pirates of Tortuga Island� (63 minutes). To date, we have achieved sales for this property of EUR7.2 million in its first
full year.
� The Legend of the Dragon (39 episodes) property continues to contribute to overall revenues. In fiscal 2008, we added EUR2.4
million bringing the total to date to EUR14.3 million.
� The Kong franchise (40 episodes plus 2 films) continues to expand. In fiscal 2008, we added EUR1.0 million bringing the total
to date to EUR15.0 million.
� The film catalogue continues to deliver strong earnings on a steady pace as the Company finds new markets for its
products.
C. Financial Highlights
� Total Sales increased 15% to EUR18.7 million (prior year: EUR16.3 million). Total Gross Income increased 11% to EUR20.0
million (prior year: EUR18.0 million).
� Operating expenses decreased 8% to EUR8.1 million (prior year: EUR8.8 million) and amortisation increased 161% to EUR5.8
million (prior year: EUR2.2 million). Total expenses increased 26% to EUR14.0 million (prior year: EUR11.1 million) principally due to a
one-time EUR2.2 million provision for a potential litigation matter that dates back to the 2002 restructuring (see Notes for more details).
Excluding this one-time charge, total expenses increased 6% to EUR11.8 million (prior year: EUR11.1 million).
� Earnings or Profit Before Interest and Tax (EBIT), excluding the one-time charge, increased 19% to EUR8.2 million (prior year:
EUR6.9 million). Including the one-time charge, EBIT decreased 13% to EUR6.0 million. Margin, excluding the one-time charge, is consistent
at 44% (prior year: 42%).
� Net Income, excluding the one-time charge, increased 18% to EUR5.9 million assuming a theoretical tax charge of EUR0.3 million
(prior year: EUR5.0 million). However, due to principally higher interest expense (+13%) and the one-time charge, net income fell 20% to
EUR4.0 million.
� EPS, excluding the one-time charge, increased 1% to EUR0.308(prior year: EUR0.305). However, after the charge, EPS fell 32%
to EUR0.208due to capital increase dilutions in July 2007 and 2008.
� EBITDA increased 30% to EUR11.9 million (prior year: EUR9.1 million) and Net cash generated by operating activities increased
56% to EUR10.9 million from EUR7.0 million in 2007.
� Programming rights asset value increased 26% to EUR68.3 million from EUR54.2 million in 2007 and the Company has made steady
investments in new television and film properties of EUR19.9 million versus EUR19.7 million last year.
� Cash on hand increased 150% to EUR3.5 million versus EUR1.4 million last year. At 30 September 2008, the Company owned 318,582
of its own shares valued on that day at EUR669,022 giving it cash and liquid securities of EUR4.2 million or an increase of 92% over 2007
(EUR2.2 million).
� The Company employs at the year end 36 full-time employees which is the same as the prior year, but the Company has also added
46 freelancers primarily in its production studios. In total, 82 professionals work for the Company.
D. Additional Financial Data
FY2005 FY2006 FY2007 FY2008
Total Sales 11,098 12,610 16,267 18,731
Growth 52% 14% 29% 15%
EBIT 3,196 4,743 6,900 6,017
EBIT Margin 29% 38% 42% 32%
EBIT (before one-time charge) 3,196 4,743 6,300 8,207
EBIT Margin 29% 38% 42% 44%
EBITDA 5,875 6,173 9,138 11,863
EBITDA Margin 53% 49% 56% 63%
Film Value 23,602 36,563 54,133 68,304
Growth 47% 55% 48% 26%
Shareholders Equity 24,076 28,635 40,938 45,958
Growth 48% 19% 43% 12%
Investment in New Programs 10,206 14,341 19,739 19,835
Growth 30% 41% 38% 0%
Cash Position 384 1,648 1,413 3,541
Growth (83%) 329% (14.3%) 151%
Cash & Liquid Securities 384 1,648 2,191 4,210
Growth (83%) 329% 33% 92%
E. The New Animation Studio and the Digital Plan
� The market is dramatically changing from analog or standard definition to digital or high definition. The Company has
recognized that conversion requirement and has made significant changes in how we execute the production of our television programmes,
especially as more TV channels convert to High Definition. Animation producers will be required to migrate away from the traditional 2D
animation process and become proficient in new production systems consistent with the requirements of the HD format.
� We have successfully accomplished this conversion and are a market leader and one of the premier supplier of HD children*s
programming.
F. New Product
� The Company has identified several exciting new properties that will be produced in HD, each budgeted at EUR5.2 million.
� Stone Age*, a modern day comedy set in prehistoric times, initially consists of 52 episodes of 11 minutes each (Season I). 32
episodes were delivered in fiscal 2008 and 20 additional episodes will be delivered in the first half of fiscal 2009.
� Pocket Penguin Adventures*, set in Penguin Park on Chilly Bird Island, initially consists of 52 episodes of 11 minutes each
(Season I). Half of the episodes will be delivered in fiscal 2009 and the second half in the first half of fiscal 2010.
� The first season of Zorro: Generation Z�(26 episodes) was produced in traditional animation and standard definition. The
second season (26 episodes) will be produced in computer animation and high definition with a mixture of 2D and 3D elements.
� The Company has identified all of the new product required to take it through the first half of 2010, all in digital high
definition, just when the market is starving for this technological new breakthrough.
� All of these new products will be produced in our new in-house hi-tech facilities in London and Barcelona.
G. Internet and New Media
� In this past fiscal year, the value of the internet for video streaming has truly expanded. BKN has a philosophy of carefully
choosing its partners in this new space and has entered into deals only in the more mature US market. Unlike many of our local competitors
who own selected rights and therefore do not often control the internet streaming rights, BKN does hold these rights in perpetuity to all of
its key titles.
� In fiscal 2008, the Company reported revenues of EUR1.6 million or 9% of sales compared to EUR468 thousand or 3% of sales in
2007, which was the first year we reported any revenue from this segment.
H. Financing
� In 2008, the Company entered into a general five-year facility with Commerzbank AG (*Commerzbank*) in the amount of EUR16.0
million with a fixed interest rate of 6.6%. The Company pledged several film assets to support this loan facility including Stone Age*,
Legend of the Dragon and Dork Hunters from Outer Space�. Of this total EUR16.0 million, EUR7.5 million is due to be paid in full at the end
of five years, EUR7.5 million will be repaid in equal instalments throughout the five years and EUR1.0 million is an overdraft facility with
no specific repayment timetable.
� In July 2008, the Company issued 730,120 new shares to new shareholders at a price of EUR2.10 per share and total proceeds of
EUR1,533,252 before fees and expenses.
� In April 2008, the Company repaid the convertible note of EUR990 thousand due to Tail Wind Fund Ltd. (*Tail Wind*). The
Company no longer has any convertible bonds in issue to any party but still retains EUR60 thousand in cash bonds with warrants attached
totalling 295,455 shares at EUR4.01 per share exercise price.
I. Stock Options and Warrants
� At 30 September 2008, the Company still has outstanding 45,455 warrants to Tail Wind at an exercise price of EUR5.211 per
share.
� At 30 September 2008, the Company still has outstanding 250,000 warrants to Laurus Master Fund Ltd. (*Laurus*) at an exercise
price of EUR3.776 per share.
� At 30 September 2008, the Management Board holds a combined 1,522,269 stock options at an average EUR3.41 strike price.
As we expand further in 2009, it is likely that the stock option plan will be made available to a greater amount of executives to ensure key
staff retention and to incentivise delivery of stronger Company performance.
J. The Management and Supervisory Boards, Key Talent
� The management team is well experienced and seasoned in the industry. Allen Bohbot (CEO) and Wayne Mowat (CFO) make up the
Management Board and oversee the Company on a daily basis.
� Nicola Andrews is Managing Director for English and German-speaking markets.
� Laura Tapias is Managing Director for Spanish, Portuguese, French and Italian-speaking markets.
� Matthew Graham-Clare is Managing Director of all Home Entertainment activities.
� Richard Ungar is Executive Producer on all titles.
� There are three seasoned non-executive Directors that comprise the Supervisory Board including Karl Benetz as Chairman with
Robert Paff and Michael Jack Kugler.
K. Shareholders' Structure
As of 30 September 2008, the Company believes that its significant shareholders, based on a share capital of 20.1 million shares, are as
follows:
Shareholder Holding
Charleville Investments 18.7%
Gordon Group Investments 15.7%
SAREK Holdings 15.6%
Allianz Global Investors 8.6%
Jack Kugler (Director) 7.9%
Newedge Group 6.8%
Allen Bohbot (Director) 6.6%
Cominvest Asset Management 2.9%
L. Other Disclosures pursuant � 315 HGB (German Commercial Code)
� The remuneration policy allows for an annual fix payment to each member of the Supervisory Board of the Company. The
remuneration of the Management Board mainly consists of a fix monthly payment as well as a Company-performance related remuneration. In
addition, the members of the Management Board can participate at stock options plans on the basis of the pertinent resolutions at the Annual
General Meetings. The assignment and the conditions are defined by the Supervisory Board.
� As per 30 September 2008, the subscribed capital is divided in 20,130,290 no-par value registered ordinary shares including
318,582 owned shares.
� In accordance with the Articles of Association, the Management Board is appointed by the Supervisory Board; furthermore, the
legal requirements of � 84 AktG (German Securities Trading Act) are applicable. Any changes of the Articles of Association are subject to
the statutory provisions. In accordance with the Articles of Association, changes pursuant � 179 Section 1 Sentence 2 AktG can be
implemented by the Supervisory Board.
� In accordance with the Articles of Association, the Management Board is authorised, with the consent of the Supervisory Board,
to issue shares in the limits of the authorised capital. In addition, according to the resolution of the Annual General Meeting, the
Management Board is authorised to acquire own shares up to 10% of the share capital.
� Please compare the shareholders* structure (section L. Shareholders* Structure) for direct or indirect holdings as per
notifications received by the Company.
No further compulsory disclosures are required.
M. Corporate Governance
� The Company is in good standing with the Frankfurt and London Stock Exchanges and complies with all rules and regulations.
� The Company has met all material aspects of the German Corporate Governance Code of Good Conduct, with regards to a company
our size and complexity. Reference is made to Corporate Governance Disclosure Reporting.
� The Management and Supervisory Boards met either in person or telephonically on 13 separate occasions during the fiscal year.
In addition, numerous telephone conversations took place between members of both boards to ensure full and accurate communication. The
Management Board supplied the Supervisory Board with sufficient and comprehensive information throughout the year. There is also an audit
committee of directors to ensure proper transparency and control of the companies* activities. The Boards cooperated closely for the
benefit of the enterprise.
� The Company has no borrowing or lending relationship with any of its Directors.
N. Programme Assets (film rights).
� These are capitalised at purchase cost.
� The amortisation of these assets in previous years has been done using a method based on discounting methods to establish the
expected cash surpluses for the next three years on the basis of anticipated potential sales revenue for the programme assets. Where the sum
achievable was less than the corresponding book value, additional depreciation of the asset is carried out (impairment test).
� This year, however, the Company has decided to change its policy to ensure both greater visibility of its policies in this
area and also to ensure a more objective and less fluctuating approach is taken in this area.
� The Company from now will write down its film assets under a 12 year straight line method but in addition will adopt an
impairment test against individual films in cases where future income streams are not expected to cover the net book value as determined by
the 12 year straight line method. This double policy ensures the Company*s film assets are valued in an appropriately prudent manner.
� For this financial year 2008, the straight line amortisation charge is EUR4.5 million and an additional charge of EUR1.1
million has been taken based on impairment testing.
O. Business Risks
As with any business, there are variable risks such as:
� At this time, the Company does not hedge against currency fluctuations. In fiscal 2007, we had a loss on sales from currency
movement of EUR552,000 offset by a production and overhead cost savings of EUR919,000 leading to an overall gain of EUR367,000. In fiscal
2008, in a similar fashion, our sales loss was EUR325,000 and our production and overhead cost gain was EUR735,000 leading to an overall
gain of EUR410,000.
� Our major suppliers, as noted above, are in foreign locations as typical of the animation industry. We believe that all are
credible, well funded and professional. The global nature of the industry allows the Company to source the best producers in cost and
quality regardless of territory. We have not experienced any significant delays in production but this is always possible.
� We are expanding at a rapid pace. We believe that our creative and production staffs are well in control of all productions
and budgets with local control at all locations.
� We have been engaged in a single litigation matter with a US company since 2003 due to our 2002 restructuring. We have lost
certain elements of the claim in the US and now those matters have moved to Germany where it is before a District Court in Cologne who will
decide as to jurisdiction and enforceability. While the Management Board continues to believe, in part based on opinions from counsel in
both the US and Germany and in part on the basis that the Company is right in this matter, that it has a fair chance to prevail in this
matter, we have decided after six years to take a reserve for this potential issue in the amount of EUR2.2 million.
� The children*s market has historically been cyclical. At various points in the past two decades, the market has been
over-supplied and at other points, it has starved for intellectual content. While we believe that the market is in a good place at this
time, and will be for the near term, this is likely to change but only over the longer term. Although delivery platforms are expanding from
solely TV and DVD towards the internet, BKN as an IP owner is well positioned to transition accordingly.
� Prices for children*s content have been mostly flat in the last few years and it is not expected that the industry has any real
pricing power. This is mitigated by the expansion of new channels dedicated to the sector.
� There are a number of producers, primarily in France and Canada, that have access to government subsidies and the broadcasters
in those markets favor local producers. To date, the Company has not received any subsidies from any source although some of our partners
may. It does not appear that other jurisdictions will expand government involvement in the sector and this seems in hand at this time. BKN*s
lack of dependence on governmental subsidies means that we have full control of the quality of our products which assures delivery of global
rather than local content in all forms and venues.
� We trade in multiple jurisdictions throughout the world and the possibility of litigation to protect our assets and rights is
increased by the increased turnover. We always protect our properties with filings with the US Copyright and Trademark Office and the
European Union Trademark Office, but there is always a chance that vendors and/or licensees cause us to litigate to protect our assets.
P. Subsequent Events
There are no material matters to mention between the balance sheet date and the reporting date which would have impact on the financial
position or income situation of the Company.
Q. Outlook
The markets for children*s animation throughout the world are challenged, much like the traditional economy. There is empirical evidence,
however, that parents will continue to make acquisition of products for their children a priority in difficult times versus investing in
products for themselves. In addition, there is a consolidation in our industry whereby main competitors like DIC Entertainment in the US,
Decode in Canada, EM Entertainment in Germany, Alphanim in France and others have been sold in the past year. We expect that many smaller
competitors, especially the local versus global companies, will need to be sold or liquidated in the upcoming business cycle. The
Management Board sees opportunity for good acquisitions in strategic locations and is open to pursuing such endeavors to strengthen our
assets and grow our market share.
In 2009 and 2010, we expect revenue contributions from a number of announced products such as Dork Hunters from Outer Space�, Zorro:
Generation Z� seasons I and II, Stone Age* and Pocket Penguin Adventures*. We are already developing a number of other projects that will
come in late 2010 and give us visibility even later. Our earnings are good and our margins on operating income are steady at approximately
42%. We begin fiscal 2009 with EUR4.2 million in cash and liquid securities and are well positioned to take advantage of business
opportunities.
We expect to keep growing at a 10% rate for the foreseeable future and to maintain our margins. We will look to acquire competitors at
great value and expand in our position as a premier supplier of high definition animation. We recognize the difficult markets and the
uncertainty that prevails, but we believe that the outlook for the Company is good.
Cologne, November 2008
The Management Board
Allen J. Bohbot
Chairman & CEO
Wayne Mowat
Chief Financial Officer
Consolidated Balance Sheet for Fiscal 2008
(in thousands of EUR)
30 Sept. 2008 30 Sept. 2007 Notes
ASSETS
A. Fixed and intangible assets II,VII.A,App.
1
1. Intangible Assets
i. Programme 45,353 42,323
assets and other
ii. Work in 22,969 11,831 VII.A,App.1
progress
2. Fixed assets 341 108 II,Appendix 1
68,663 54,262
B. Other long term assets
1. Other assets 199 213 VII.B.1
2. Deferred taxes 2,086 2,500 II,VII.B.2
2,285 2,713
C. Current assets
1. Stocks 11 12 VII.C.1
2. Accounts receivable, 4,658 2,196 II,VII.C.2
trade
3. Other current assets 258 309 VII.C.3
4. Cash and cash 3,541 1,413 II,VII.C.4
equivalents
8,468 3,930
79,416 60,905
LIABILITIES
A. Shareholders equity VII.D
1. Common stock 19,811 19,154
2. Additional paid in 13,037 12,297
capital
3. Other comprehensive (235) (28)
income
4. Retained earnings 13,345 9,515
45,958 40,938
B. Long term liabilities
1. Bank loans 25,750 15,500 II,VII.E.1
2. Deferred tax 424 605 II,VII.E.2
liability
3. Deferred long term 0 7
liabilities
26,174 16,112
C. Short term liabilities
1. Bonds 60 1,050 VII.F.1
2. Loans and finance 2,250 1,000 II,VII.E.1
liabilities
3. Accrued expenses 3,460 629 II,VII.F.2
4. Tax liabilities 676 560 VII.F.3
5. Accounts payable, 838 581 II,VII.F.4
trade
6. Other liabilities 0 35
7,284 3,855
79,416 60,905
Consolidated Statements of Operations for Fiscal 2008
(in thousands of EUR - except share data and number of employees)
30 Sept. 2008 30 Sept. 2007 Notes
Revenues
Television 10,248 7,623 II, VI, VIII.1
Consumer brands 8,483 8,644 VI, VIII.1
Total Sales 18,731 16,267
Other income 1,271 1,720 VIII.2
Total Gross Income 20,002 17,987
Expenses
Depreciation, amortisation and goodwill 5,846 2,238 II, VIII.6
Direct operating costs and other expenses 2,263 1,585 VIII.3
Salaries and employee benefits 2,845 3,071 VIII.4
Other operating expenses 3,031 4,193 VIII.7
Total Expenses 13,985 11,087
Income Before Provision for Interest 6,017 6,900
& Income Taxes
1,616 1,430 VIII.8
Interest expense
Income Before Provision 4,401 5,470
for Income Taxes
Provision for income taxes 399 450 VIII.9
Net Income Current Year 4,002 5,020
9,138
EBITDA 11,863
Earnings per share 0.208 0.305 X
Fully diluted EPS 0.190 0.287 X
Basic average number of shares 19,233,198 16,464,176
Diluted average number of shares 21,059,422 17,663,780
Number of employees including directors at the end 36 36 VIII.5
of the year
The retained earnings statement is included as a separate paragraph in the Notes to the Consolidated VII. D
Statements.
Consolidated Statements of Cash Flows for Fiscal 2008
(in thousands of EUR)
30 Sept. 2008 30 Sept. 2007
Cash flow from operations
- Net income 4,002 5,020
- Depreciation in value of long term property
Intangible assets 5,720 2,175
Plant and Equipment 126 63
- Income from disposal of fixed and financial assets 0 (355)
- Other non-cash (income)/expenses
Deferred taxes 233 (127)
10,081 6,776
Changes in operating assets and liabilities
- Accounts receivable, trade (2,462) (700)
- Stocks 1 (12)
- Other short term assets 51 480
- Other long term assets 14 10
- Accounts payable, trade 257 (585)
- Accruals 2,831 (317)
- Tax liabilities 116 545
- Others (42) 767
Net cash generated from operating activities 10,847 6,964
Cash flow from investing activities
- Intangible assets / Programme rights (19,839) (19,739)
- Property, equipment and leasehold improvement (398) (44)
- Foreign exchange difference (10) 0
- Cash from disposals of financial assets 0 355
Net cash used in investing activities (20,247) (19,428)
Cash flow from financing activities
- Bank overdraft and other loans 11,500 16,500
- Convertible bond (990) (11,554)
- Proceeds from issuance of share capital 1,342 8,220
- Foreign exchange difference (207) (164)
- Purchase of own shares (117) (773)
Net cash provided by financing activities 11,528 12,229
Net increase / (decrease) in cash and cash equivalents 2,128 (235)
Cash and cash equivalents at beginning of period 1,413 1,648
Cash and cash equivalents at end of period 3,541 1,413
Consolidated Statements of Stockholders* Equity for Fiscal 2008
(in thousands of EUR)
CommonStock Reserve For Own RetainedEarnings OtherCompre-
AdditionalPaid- Shares hensiveIncome/(Loss)
TotalStock-holders*
InCapital
Equity
Balance at 30 September 2006 15,718 8,286 0 4,495 136
28,635
Net profit for the period from 5,020
5,020
1 Oct. to 30 Sept. 2007
Shares issuance July 2007 (net 3,682 4,538
8,220
of expenses)
Reserve for own shares 773 (773)
0
Foreign currencytranslation (164)
(164)
adjustment
Balance at 30 September 2007 19,400 12,824 773 8,742 (28)
41,711
Reclassification concerning
own shares
Less own shares (246) (527) (773) 773
(773)
Balance at 30 September 19,154 12,297 0 9,515 (28)
40,938
2007(after reclassification)
Net profit for the period from 4,002
4,002
1 Oct. to 30 Sept. 2008
Shares issuance July 2008 (net 730 612
1,342
of expenses)
Currency difference (207)
(207)
Capital loss own shares (73) 128 (172)
(117)
Balance at 30 September 2008 19,811 13,037 0 13,345 (235)
45,958
This information is provided by RNS
The company news service from the London Stock Exchange
END
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