TIDMINFO
INFOSCREEN NETWORKS PLC
FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2011
CHAIRMAN'S STATEMENT
On behalf of the Board of Directors of Infoscreen Networks PLC ("INP" or the
"Company"), I have pleasure in presenting the Annual Report and Audited
Financial Statements of the INP group of companies ("Group") and the Company
for the year ended 30 June 2011 ("FY2011").
Overview
The Financial Year ending 30 June 2011 represents the Company's sixth full year
of operations. INP's sole operating subsidiary, YTL Info Screen Sdn. Bhd. ("YTL
Info Screen") in Malaysia, achieved a small growth in revenues in Malaysian
Ringgit ("RM") terms, and higher finance income on the Group's fixed deposits.
Financial Performance
Group revenue increased by 14% to GBP886,479 (FY2010: GBP774,249) in the year,
resulting in profit before income tax increasing by 158% to GBP86,072 (FY2010: GBP
33,319). Profit attributable to shareholders also significantly increased from
GBP1,235 to GBP67,533, resulting in a 50 fold increase in EPS to 0.0225p (FY2010:
0.0004p).
The Group's cash balance at the end of the year rose to GBP5.06 million (FY2010:
GBP4.37 million), while shareholder's funds grew to GBP5.23 million in FY2011
(FY2010: GBP5.15 million).
YTL Info Screen continues to be the main contributor to the Group's revenues.
In RM terms, YTL Info Screen posted a 12% higher pre-tax profit of RM0.735
million (FY2010: RM0.654 million), on the back of a 4% increase in revenue and
a 1% point increase in the gross profit margin. Pre-tax profits growth was also
aided by an 85% increase in the finance income on its RM deposits, helped by
interest rate rises in Malaysia during the period (average fixed deposit rates
rose from 2.03% to 2.99%), but was offset to some degree by rising operating
expenses, including higher wage inflation.
Outlook and Strategy
The global economic outlook looks very uncertain, with all the world's major
economies experiencing challenges in maintaining growth as they grapple with
exceptionally high levels of indebtedness. The weak policy responses from
politicians and policy makers in the United States and Europe have increased
the likelihood of a double-dip recession in these key economies, resulting in a
general flight to risk aversion. Against this difficult backdrop, the present
financial year will again be challenging, and any major slowdown in global
economic growth will certainly have an adverse impact on the Malaysian economy,
and consequently on the Group's advertising revenues.
With net cash of GBP5.06 million at the year end, INP should be well positioned
to weather any economic headwinds over the coming year, and even exploit any
opportunities that emerge as a result. The Group will also need to replant one
or two of its digital narrowcasting networks in the near future, and any
weakness in the economy may enable it to pursue any replanting programme more
cost effectively.
As ever, the Group will also continue try to use the cash on its statement of
financial position and its AIM quotation to look for expansion opportunities
synergistic to its core knowledge competencies, where it can add value, and
which allow it to enhance, integrate and add economies of scale to the Group's
existing digital media technology and content development activities.
Appreciation
I would like to thank the Board of Directors, the senior management team and
staff for their contribution during these challenging times and for their
ongoing dedication, resourcefulness and commitment to the ideals of the Group.
Our achievements over the years are a direct result of the concerted efforts of
the entire team. I would also like to take this opportunity to thank our
customers, business partners, professional advisers and our shareholders for
their continuing support.
A S Chhina
Chairman and Chief Executive Officer
4 October 2011
Contacts:-
Infoscreen Networks plc 00 603 23302700
Amarjit Chhina, Chief Executive Officer
Cairn Financial Advisers LLP, Nominated 00 44 207 148 7900
Adviser
James Caithie
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2011
Year ended Year ended
30 June 2011 30 June 2010
Note GBP GBP
Continuing operations
Revenue 886,479 774,249
Cost of sales (417,808) (369,616)
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Gross profit 468,671 404,633
Administrative expenses (450,986) (408,196)
------- -------
Operating profit/(loss) 17,685 (3,563)
Finance income and other income 68,387 36,882
------- -------
Profit before income tax 86,072 33,319
Income tax expense (18,539) (32,084)
------- -------
Profit for the year 67,533 1,235
_______ _______
Other comprehensive income:
Currency translation differences 19,635 362,080
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Other comprehensive income for 19,635 362,080
the year, net of tax
------- -------
Total comprehensive income for 87,168 363,315
the year
------- -------
Profit for the year attributable 67,533 1,235
to owners
of the parent
------- -------
Total comprehensive income for 87,168 363,315
the year
attributable to owners of the
parent
------- -------
Earnings per share (basic & 1 0.02251p 0.00041p
diluted)
------- -------
CONSOLIDATED AND COMPANY STATEMENTS OF FINANCIAL POSITION
AS AT 30 JUNE 2011
Group Company
2011 2010 2011 2010
GBP GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 67,400 40,040 - -
Intangible assets 10,418 1,628 - -
Investment in a subsidiary - - 57,181 57,181
Deferred income tax assets - 6,672 - -
------- ------- ------- -------
77,818 48,340 57,181 57,181
------- ------- ------- -------
Current assets
Trade and other receivables 212,918 873,720 8,656 7,578
Current income tax assets 72,509 55,972 - -
Cash and cash equivalents 5,064,291 4,370,857 2,928,662 2,976,842
------- ------- ------- -------
5,349,718 5,300,549 2,937,318 2,984,420
------- ------- ------- -------
Total assets 5,427,536 5,348,889 2,994,499 3,041,601
------- ------- ------- -------
EQUITY AND LIABILITIES
Equity attributable to owners of
the parent
Share capital 3,000,000 3,000,000 3,000,000 3,000,000
Other reserves 483,577 463,942 - -
Retained earnings 1,748,929 1,681,396 (117,177) (72,766)
------- ------- ------- -------
Total equity 5,232,506 5,145,338 2,882,823 2,927,234
------- ------- ------- -------
LIABILITIES
Non-current liabilities
Deferred income tax liabilities 8,905 - - -
------- ------- ------- -------
8,905 - - -
------- ------- ------- -------
Current liabilities
Trade and other payables 186,125 203,551 111,676 114,367
------- ------- ------- -------
Total liabilities 195,030 203,551 111,676 114,367
------- ------- ------- -------
Total equity and liabilities 5,427,536 5,348,889 2,994,499 3,041,601
------- ------- ------- -------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2011
Attributable to owners of the parent
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 year - - - 1,235 1,235
Other comprehensive
income
Currency translation - - 362,080 - 362,080
differences
Total comprehensive - - 362,080 1,235 363,315
income for the year
Balance as at 30 June 3,000,000 1,484 462,458 1,681,396 5,145,338
2010
Balance as at 1 July 3,000,000 1,484 462,458 1,681,396 5,145,338
2010
Comprehensive income
Profit for the year - - - 67,533 67,533
Other comprehensive
income
Currency translation - - 19,635 - 19,635
differences
Total comprehensive - - 19,635 67,533 87,168
income for the year
Balance as at 30 June 3,000,000 1,484 482,093 1,748,929 5,232,506
2011
Notes:
Share capital
The amount subscribed for shares at nominal value.
Capital reserve
The capital reserve comprises the equity portion of ordinary shares issued.
Translation reserve
The effect of changes in exchange rates arising from translating the financial
statements of subsidiary undertakings into the Company's reporting currency.
Retained earnings
Cumulative realised profits less losses and distributions attributable to
owners of the parent.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2011
Non- Distributable
distributable
Share Retained Total
Earnings/
Capital (Accumulated Equity
Losses)
GBP GBP
GBP
Balance as at 1 July 2009 3,000,000 16,060 3,016,060
Comprehensive loss
Loss for the year - (88,826) (88,826)
Total comprehensive loss for the - (88,826) (88,826)
year
Balance as at 30 June 2010 3,000,000 (72,766) 2,927,234
Balance as at 1 July 2010 3,000,000 (72,766) 2,927,234
Comprehensive loss
Loss for the year - (44,411) (44,411)
Total comprehensive loss for the - (44,411) (44,411)
year
Balance as at 30 June 2011 3,000,000 (117,177) 2,882,823
Notes:
Share capital
The amount subscribed for shares at nominal value.
Retained earnings
Cumulative realised profits less losses and distributions attributable to
owners of the parent.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2011
Year ended Year ended
30 June 2011 30 June 2010
GBP GBP GBP GBP
Cash flows from operating activities
Cash generated from operations 696,548 264,315
Income tax paid (18,957) (280,209)
Finance income received 66,434 36,117
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Net cash from operating activities 744,025 20,223
Cash flows from investing activities
Purchase of property, plant and (50,525) (26,614)
equipment
Purchase of intangible assets (11,770) (83)
Proceeds from disposal of property, - 566
plant and equipment
------- -------
Net cash used in investing activities (62,295) (26,131)
------- -------
Net increase/(decrease) in cash and 681,730 (5,908)
cash equivalents
Cash and cash equivalents at the 4,370,857 4,159,400
beginning of the year
Exchange gains on cash and cash 11,704 217,365
equivalents
------- -------
Cash and cash equivalents at the end 5,064,291 4,370,857
of the year
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Notes to the Financial Statements:-
1. Earnings per share
Basic earnings per ordinary share are calculated by dividing the profit for the
year attributable to owners of the parent by the weighted average number of
ordinary shares in issue during the year. The weighted average number of
ordinary shares in issue was 300,000,000 (2010: 300,000,000) and the profit for
the year was GBP67,533 (2010: GBP1,235).
The basic and diluted earnings per ordinary shares are the same as the Group
does not have any convertible securities.
2. Report and Accounts
Copies of the Report and Accounts for the year ended 30 June 2011 are being
sent to shareholders in due course and its provision will be announced. Further
copies will be available on the Company's website www.infoscreennetworks.com
and at its registered office at: Staple Court, 11 Staple Inn Buildings, London
WC1V 7QH.
END
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