TIDMINFO
INFOSCREEN NETWORKS PLC (the "Group" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
Chairman's Statement
Results for the Period
I am pleased to present the results for the six-month period to 31 December
2009 which incorporate the results of its wholly-owned Malaysian subsidiary,
YTL Info Screen Sdn. Bhd. ("YTL Info Screen").
Revenue for the period increased marginally by 2.0% to GBP380,383 compared to GBP
372,847 recorded in the corresponding period ended 31 December 2008. However,
Group profit before taxation reduced by 63.3% to GBP36,225 (2008: GBP98,625). The
decrease was mainly due to lower interest income earned during the period as a
result of the current low interest rate on fixed deposits. The Group's cash and
bank deposits at the end of the period grew by 8.6% to GBP4.44 million (2008: GBP
4.09 million). Net assets grew by 16.1% to GBP4.92 million (2008: GBP4.24 million).
YTL Info Screen continues to dominate the content and digital media sector in
Malaysia, both as a digital media network owner and operator and as a developer
of digital media solutions, and remained the Group's key operating contributor
during the period.
With net cash of GBP4.44 million at the end of the financial period, the Group is
well positioned to exploit any opportunities that may arise in present market
conditions. The Group will continue to actively pursue investment opportunities
synergistic to its core knowledge competencies in key overseas markets, as well
as potential opportunities to extend its presence in Malaysia through YTL Info
Screen, which continues to actively explore avenues for network expansion.
Contact:
Infoscreen Networks plc 00 603 23302700
Amarjit Chhina, Chief Executive Officer
Astaire Securities Plc 020 7448 4400
Luke Cairns
Condensed Consolidated Statement of Comprehensive Income
For the 6 months to 31 December 2009
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June 2009
Note GBP GBP GBP
Continuing operations
Revenue 380,383 372,847 1,803,404
Cost of sales (186,391) (162,340) (324,672)
Gross profit 193,992 210,507 1,478,732
Administrative expenses (174,067) (186,539) (466,216)
Operating profit 19,925 23,968 1,012,516
Finance income and other 16,300 74,657 88,988
income
Profit before taxation 36,225 98,625 1,101,504
Income tax expense 2 (18,553) (26,697) (285,164)
Profit for the period 17,672 71,928 816,340
Other comprehensive
income, net of tax
Foreign currency 120,752 268,148 66,372
translation differences
for foreign operations
Total comprehensive income 138,424 340,076 882,712
for the period
Total comprehensive income 138,424 340,076 882,712
Attributable to:
Equity holders of the
Company
Earnings per share (basic 3 0.01 0.02 0.27
and diluted) (pence)
Condensed Consolidated Statement of Financial Position
As at 31 December 2009
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June 2009
Note GBP GBP GBP
ASSETS
Non-current assets
Intangible assets 1,661 57,102 1,816
Property, plant and 36,789 32,023 22,631
equipment
Deferred tax assets 3,077 - 2,889
Total non-current assets 41,527 89,125 27,336
Current assets
Trade and other 794,241 427,134 1,032,588
receivables
Cash and cash 4 4,439,236 4,087,744 4,159,400
equivalents
Total current assets 5,233,477 4,514,878 5,191,988
Total assets 5,275,004 4,604,003 5,219,324
EQUITY AND LIABILITIES
Capital and reserves
attributable to equity
holders of the Company
Ordinary shares 3,000,000 3,000,000 3,000,000
Capital reserve 1,484 1,484 1,484
Translation reserve 221,130 302,154 100,378
Retained earnings 1,697,833 935,749 1,680,161
Total equity 4,920,447 4,239,387 4,782,023
Non-current liabilities
Deferred tax liability - 7,298 -
Current liabilities
Trade and other payables 354,557 357,318 437,301
Total liabilities 354,557 364,616 437,301
Total equity and 5,275,004 4,604,003 5,219,324
liabilities
Condensed Consolidated Statement of Changes in Equity
For the 6 months to 31 December 2009
<=============Attributable to Equity Holders===========
=>
<============ <=
Non-Distributable=========== Distributable
=> =>
Share Capital Translation Retained Total
Reserve Reserve Earnings
Capital
GBP GBP GBP GBP GBP
Balance as at 3,000,000 1,484 34,006 863,821 3,899,311
1 July
2008
Total - - 268,148 71,928 340,076
comprehensive
income for the
period
Balance as at 3,000,000 1,484 302,154 935,749 4,239,387
31 December
2008
Balance as at 3,000,000 1,484 100,378 1,680,161 4,782,023
1 July
2009
Total - - 120,752 17,672 138,424
comprehensive
income for the
period
Balance as at 3,000,000 1,484 221,130 1,697,883 4,920,447
31 December
2009
Condensed Consolidated Statement of Cash Flows
For the 6 months to 31 December 2009
Unaudited Unaudited Audited
6 months to 6 months to Year Ended
31 Dec 2009 31 Dec 2008 30 June 2009
Note GBP GBP GBP
Cash generated from/(used in) 5 295,314 (95,490) 386,358
operations
Income tax paid (89,669) (25,774) (280,092)
Interest received 15,112 74,657 87,941
Net cash from/ (used in) 220,757 (46,607) 194,207
operating activities
Cash flows from investing
activities
Payment to acquire property, (18,883) (6,065) (10,343)
plant and equipment
Payment to acquire intangible - (1,428) (2,040)
assets
Proceeds from disposal of 535 - 665
property,
plant and equipment
Net cash used in investing (18,348) (7,493) (11,718)
activities
Net increase/(decrease) in 202,409 (54,100) 182,489
cash and cash equivalents
Cash and cash equivalents at 4,159,400 3,897,122 3,897,122
the beginning of the period /
year
Effects of foreign exchange 77,427 244,722 79,789
rate changes
Cash and cash equivalents 4,439,236 4,087,744 4,159,400
carried forward
Notes to Unaudited Consolidated Financial Statements
For the 6 months to 31 December 2009
1 Basis of preparation
These interim financial statements are for the six months ended 31 December
2009. They do not include all of the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 30 June 2009.
The financial information for the year ended 30 June 2009 set out in these
interim financial statements does not constitute statutory accounts as defined
by Section 434 of the Companies Act 2006. The Group's statutory financial
statements for the year ended 30 June 2009 have been filed with the Registrar
of Companies. The auditors' report on those financial statements was
unqualified and did not contain statements under Section 498(2) or Section 498
(3) of the Companies Act 2006.
These interim financial statements are based on the recognition and measurement
principles of applicable International Financial Reporting Standards (IFRS) in
issue as adopted by the European Union and have been prepared under the
historical cost convention.
The accounting policies adopted are consistent with those utilised in the
financial statements for the year ended 30 June 2009 and have been applied
consistently throughout the group for the purposes of preparation of these
interim financial statements, except for the adoption of the following
standards as of 1 January 2009:
* IAS 1 Revised Presentation of Financial Statements
* IFRS 8 Operating Segments
The above adoption only impacts presentation and disclosure aspects; there is
no financial impact on the Group.
2 Income Tax Expense
The Group's provision for taxation for the financial period ended 31 December
2009 reflected a higher effective tax rate compared to the statutory tax rate.
This was largely due to losses incurred by the Company that cannot be utilised
for group relief.
3 Earnings per share
Basic earnings per ordinary share has been calculated using the weighted
average number of shares in issue during the financial period. The weighted
average number of shares in issue was 300,000,000 and the profit after tax was
GBP17,672.
4 Segmental information
The group only operates in one business sector, namely digital narrowcasting
and development of digital media content and delivery solutions.
5 Cash and cash equivalents
Cash and cash equivalents consist of: -
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June
2009
GBP GBP GBP
Net cash:
Cash at bank 15,711 9,933 12,236
Liquid resources:
Short-term bank deposits 4,423,525 4,077,811 4,147,164
Cash and cash equivalents 4,439,236 4,087,744 4,159,400
6 Cash generated from / (used in) operations
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June
2009
GBP GBP GBP
Operating profit 19,925 23,968 1,012,516
Amortisation of intangible 265 9,457 19,020
assets
Bad debts written off 375 - 17,190
Depreciation of property, 6,049 8,977 16,574
plant and equipment
Provision for impairment loss - - 46,225
on intangible assets
Property, plant and equipment - - 2
written off
Gain on disposal of property, - - 513
plant and equipment
Decrease / (increase) in 296,764 (61,710) (745,042)
receivables
(Decrease) / increase in (29,877) (76,182) 33,825
payables within one year
Reversal of provision for - - (17,190)
doubtful debts
Unrealised foreign exchange 1,813 - 2,725
loss
Cash generated from / (used 295,314 (95,490) 386,358
in) operations
7 Availability of accounts
Copies of the interim report will be posted on the Company's website
www.infoscreennetworks.com and will be available to the public from the Company
Secretary at the Company's registered office, Staple Court, 11 Staple Inn
Buildings, London WC1V 7QH.
8 Audit
The financial information contained in the accounts does not constitute full
accounts within the meaning of the Companies Act 2006. The results for the half
year to 31 December 2009 are unaudited.
END
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