TIDMINFO
INFOSCREEN NETWORKS PLC (the "Group" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
Chairman's Statement
Results for the Period
I am pleased to present the results for the six-month period to 31 December
2010 which incorporate the results of its wholly-owned Malaysian subsidiary,
YTL Info Screen Sdn. Bhd. ("YTL Info Screen").
Revenue for the period increased by 21.2% to GBP461,103 compared to GBP380,383
recorded in the corresponding period ended 31 December 2009. As a result, the
Group's profit before income tax increased by 206.9% to GBP111,188 (2009: GBP
36,225). The Group's cash and bank deposits at the end of the period grew by
15.6% to GBP5.13 million (2009: GBP4.44 million), and Net assets grew by 7.5% to GBP
5.29 million (2009: GBP4.92 million).
YTL Info Screen is undergoing a period of transition. It is appraising its
media portfolio and its marketing processes with the objective of implementing
product changes designed to enhance the digital media offerings it will be able
to extend to its clients in the future. It is also looking at greenfield
network expansion opportunities in new environments which can leverage off
Malaysia's new WiMAX 4th generation high speed wireless broadband
infrastructure. This will not only allow its digital narrow cast media
solutions to be rolled out and operated in a much wider geographic area, but
also allow content to be scheduled and managed remotely and cost effectively,
opening up a much larger market. To this end, the Company is presently
embarking on some interesting pilot projects to stress test new technologies
and applications, and obtain proof of concept on new potential business models
in order to grow and diversify revenues.
The Group's strong net cash position of GBP5.13 million at the end of the
financial period positions it well to exploit new technologies and any other
opportunities that may arise.
Contact:
Infoscreen Networks plc 00 603 23302700
Amarjit Chhina, Chief Executive Officer
Cairn Financial Advisers LLP 020 7148 7900
James Caithie
INFOSCREEN NETWORKS PLC
Condensed Consolidated Statement of Comprehensive Income
For the 6 months to 31 December 2010
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2010 31 Dec 2009 30 June 20
10
Note GBP GBP GBP
Continuing operations
Revenue 461,103 380,383 774,249
Cost of sales (211,925) (186,391) (369,616)
Gross profit 249,178 193,992 404,633
Administrative expenses (167,093) (174,067) (408,196)
Operating profit/(loss) 82,085 19,925 (3,563)
Finance income 29,103 16,300 36,882
Profit before income tax 111,188 36,225 33,319
Income tax expense 2 (29,023) (18,553) (32,084)
Profit for the period/year 82,165 17,672 1,235
Other comprehensive income:
Currency translation 62,216 120,752 362,080
differences
Other comprehensive income 62,216 120,752 362,080
for the period/year, net of
tax
Total comprehensive income 144,381 138,424 363,315
for the period/year
Profit for the period/year 82,165 17,672 1,235
attributable to owners of the
parent
Total comprehensive income 144,381 138,424 363,315
for the period/year
attributable to owners of the
parent
Earnings per share (basic and 3 0.02739p 0.00589p 0.00041p
diluted)
INFOSCREEN NETWORKS PLC
Condensed Consolidated Statements of Financial
Position
As at 31 December 2010
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2010 31 Dec 2009 30 June
2010
Note GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 50,447 36,789 40,040
Intangible asset 1,347 1,661 1,628
Deferred income tax assets 6,847 3,077 6,672
58,641 41,527 48,340
Current assets
Trade and other receivables 274,871 794,241 873,720
Current income tax assets 57,955 - 55,972
Cash and cash equivalents 5 5,133,354 4,439,236 4,370,857
5,466,180 5,233,477 5,300,549
Total assets 5,524,821 5,275,004 5,348,889
EQUITY AND LIABILITIES
Equity attributable to owners
of the parent
Share capital 3,000,000 3,000,000 3,000,000
Capital reserve 1,484 1,484 1,484
Translation reserve 524,674 221,130 462,458
Retained earnings 1,763,561 1,697,833 1,681,396
Total equity 5,289,719 4,920,447 5,145,338
LIABILITIES
Current liabilities
Trade and other payables 235,102 239,024 203,551
Current income tax - 115,533 -
liabilities
Total liabilities 235,102 354,557 203,551
Total equity and liabilities 5,524,821 5,275,004 5,348,889
INFOSCREEN NETWORKS PLC
Condensed Consolidated Statement of Changes in Equity
For the 6 months to 31 December 2010
Attributable to owners of the parent
Non- Distributable
distributable
Share Capital Translation Retained Total
Reserve Reserve Earnings
Capital Equity
GBP GBP GBP
GBP GBP
Balance as at 1 July 3,000,000 1,484 100,378 1,680,161 4,782,023
2009
Comprehensive income
Profit for the period - - - 17,672 17,672
Other comprehensive
income
Currency translation - - 120,752 - 120,752
differences
Total comprehensive - - 120,752 17,672 138,424
income for the period
Balance as at 31 3,000,000 1,484 221,130 1,697,833 4,920,447
December 2009
Balance as at 1 July 20 3,000,000 1,484 462,458 1,681,396 5,145,338
10
Comprehensive income
Profit for the period - - - 82,165 82,165
Other comprehensive
income
Currency translation - - 62,216 - 62,216
differences
Total comprehensive - - 62,216 82,165 144,381
income for the period
Balance as at 31 3,000,000 1,484 524,674 1,763,561 5,289,719
December 2010
INFOSCREEN NETWORKS PLC
Condensed Consolidated Statement of Cash Flows
For the 6 months to 31 December 2010
Unaudited Unaudited Audited
6 months to 6 months to Year Ended
31 Dec 2010 31 Dec 2009 30 June 20
10
Note GBP GBP GBP
Cash flows from operating
activities
Cash generated from operations 6 725,294 295,314 264,315
Income tax paid (29,527) (89,669) (280,209)
Interest received 28,379 15,112 36,117
Net cash generated from 724,146 220,757 20,223
operating activities
Cash flows from investing
activities
Purchases of property, plant (17,030) (18,883) (26,614)
and equipment
Purchases of intangible assets - - (83)
Proceeds from disposal of - 535 566
property,
plant and equipment
Net cash used in investing (17,030) (18,348) (26,131)
activities
Net increase/(decrease) in 707,116 202,409 (5,908)
cash and cash equivalents
Cash and cash equivalents at 4,370,857 4,159,400 4,159,400
the beginning of the period /
year
Exchange gains on cash and 55,381 77,427 217,365
cash equivalents
Cash and cash equivalents 5,133,354 4,439,236 4,370,857
carried forward
INFOSCREEN NETWORKS PLC
Notes to Unaudited Consolidated Financial Statements
For the 6 months to 31 December 2010
* Basis of preparation
The consolidated interim financial statements for the six months ended 31
December 2010 have been prepared in accordance with applicable accounting
standards and under the historical cost convention except for certain financial
instruments that are carried at fair value.
The financial information for the year ended 30 June 2010 set out in this
interim report does not constitute statutory accounts as defined in Section 434
of the Companies Act 2006. The Group's statutory financial statements for the
year ended 30 June 2010 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain statements under Section 498 (2) and 498 (3) of the Companies Act 2006.
The consolidated interim financial information should be read in conjunction
with the annual financial statements for the year ended 30 June 2010, which
have been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union.
* Income tax expense
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
Domestic current year tax
- Over-provision in prior year (4,373) - -
Foreign current year tax
Foreign corporation tax
- Current tax on profit for 33,396 18,553 36,413
the period / year (2011: 25%;
2010:25%)
- Over-provision in prior year - - (1,377)
29,023 18,553 35,036
Deferred income tax
- Origination and reversal of - - (2,246)
temporary differences
- Over-provision in prior year - - (706)
Income tax expense 29,023 18,553 32,084
* 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
GBP82,165.
* Segmental information
The Group only operates in one business sector, namely digital narrowcasting
and development of digital media content and delivery solutions.
* Cash and cash equivalents
Cash and cash equivalents consist of: -
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
Net cash:
Cash at bank and in hand 32,020 15,711 24,988
Liquid resources:
Deposits with banks and 5,101,334 4,423,525 4,345,869
financial institutions
Cash and cash equivalents 5,133,354 4,439,236 4,370,857
* Cash generated from operations
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2010 31 Dec 2009 30 June 2010
GBP GBP GBP
Profit before income tax 111,188 36,225 33,319
Adjustments for:
Amortisation of intangible 315 265 578
assets
Bad debts written off - 375 416
Depreciation of property, 7,911 6,049 14,124
plant and equipment
Decrease in receivables 606,265 296,764 333,585
Increase / (decrease) in 28,336 (29,877) (76,964)
payables
Finance income (29,103) (16,300) (36,882)
Unrealised foreign exchange 382 1,813 (3,861)
loss / (gain)
Cash generated from operations 725,294 295,314 264,315
* 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.
* 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 2010 are unaudited.
END
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