TIDMSPSM
RNS Number : 6925O
Sports Stars Media plc
24 September 2013
24 September 2013
Sports Stars Media plc
("SSM" or the "Group")
Interim Results for the period ended 30 June 2013
Sports Stars Media plc, the AIM-quoted sports personality
animation business, is pleased to announceitsresults for the six
months ended 30 June2013.
Highlights
-- SSM completed on schedule and expanded the "Mourinho and
Special Ones" property, including the animation series, the Trading
Card Game ("TCG") and the Special Ones apps.
-- The Group raised EUR875,000 through an issue of new ordinary
shares to develop "The Game by Ronaldo" and is on target for
launching on 29 October 2013.
-- The "Mourinho and Special Ones" series was successfully
premiered on SIC on the 30 August 2013 and the TCG is being
distributed by VASP and FNAC assuring retail presence in more than
2,000 points of sale.
-- The company's team is currently focused on negotiating and
assuring successful launches of the "Mourinho and Special Ones"
product line in further territories.
Ruben Dias, CEO of SSM, commented:
"In the past 18 months the group was able to develop a solid and
comprehensive "Mourinho and Special Ones" product line that was
successfully launched in the first territory. We now have an
immense revenue opportunity for worldwide expansion."
For further information, please contact:
Sports Stars Media plc
Ruben Dias (Chief Executive Officer) Tel: +1604 902 2214
Sanlam Securities UK Limited (Nominated Adviser and Broker)
Lindsay Mair / Katie Shelton Tel: +44 (0) 207 628 2200
Newgate Threadneedle (Financial PR)
Josh Royston / Heather Armstrong Tel: +44 (0) 207 653 9850
CHIEF EXECUTIVE OFFICER'S STATEMENT
Overview
Sports Stars Media Plc has now been listed on AIM for eighteen
months and the Group's strategic plan continues to expand by
exploring new opportunities in the sports entertainment sector.
As a Board, we aim for excellence in product design and product
development and to be innovative in our funding: the Company was
the first Portuguese business to be listed on AIM; we believe that,
as well as enabling us to raise funds to develop our business, our
listing has given the Company valuable exposure and credibility in
its dealings with the international sportsmen who are now linked
with the business.
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. The announced "The Game by Ronaldo" is on
target for launching on 29 October 2013, according to plan.
The Company has also established a new technical and creative
center in Dubai through our subsidiary, Sports Stars Media FZ,
attracting a talented and motivated team responsible for the
development of the "The Game by Ronaldo" ("TGbR") and in support of
our full product range.
The Mourinho and Special Ones ("MSO") product line was completed
on time and on budget and the full product range has been launched
as of this date. The product line was expanded and the announced
strategic business model provides less dependability from
broadcasters and related revenue streams.
Financial overview
As expected given the early stage of development of its
business, the Group made a loss before tax of EUR228,491 for the
period. This amount corresponds mostly to overheads.
Production costs incurred so far amount to approximately
EUR1,007,965, split between the operation in Portugal and Dubai,
and have been capitalized as an intangible asset.
These costs consist mainly of payroll, hardware and software
licences depreciation, production facilities and outsourced
production services and support, for both projects, MSO and TGbR.
Amortisation of MSO assets will be initiated in September, at the
launch in Portugal of the commercialisation of the trading card
game and associated products, and broadcasting of the series.
Cash in the bank at the period end was EUR573,289.
Mourinho and the Special Ones ("MSO")
Television series
The first 26 episode series of MSO was finished in two versions,
English and Portuguese, on budget and on schedule. The trailer for
Mourinho and the Special Ones has been screened in part on the CBBC
Match of The Day Kickabout programme and reached 130,000 views on
YouTube in the first 5 days.
Launch
We have launched MSO in Portugal after the successful media deal
agreement signed with the Portuguese TV channel SIC, announced on
28 May 2013 and securing two distribution partners for the Mourinho
and Special Ones - Trading Card Game ("TCG"). These agreements are
with the multi-national distributor FNAC group and the Portuguese
based media distributor VASP. As this launch was effective on 30
August, the interim mid-term financial reports (to 30 June) do not
reflect any revenues from this project.
The TCG, enhanced by the augmented reality experience, has been
very well received by the media. Two MSO news clips were broadcast
on the Portuguese TV evening news featuring the property uniqueness
and product diversity. The reports showcased the series, TCG,
Special Ones tablet and mobile app, the theme song and the
innovative augmented reality football skills. The Board is very
satisfied with the considerable brand exposure during the first
days of the launch.
The TCG advertising campaign is being aired by SIC. The
agreement provides a substantial campaign of the 20 second TV spot
that will represent 750 GRPs (gross rating points) that will be
shown during the next six months. The product is currently present
in more than 2,000 points of sale throughout the country,
representing a retail value, excluding VAT, of EUR500,000.
Next priorities and business opportunity
We have identified a list of territories that are our priority
markets, based on: the number of individuals in our target audience
(boys 6-12), football interest and Jose Mourinho's profile in the
territory. These are: UK, USA, France, Italy, Germany, Brazil,
Mexico, Japan, Turkey, MEA, Sweden, Norway, South Korea, Argentina
and Colombia, representing approximately 78 million individuals.
Our objective is to enter three of these territories in the next 12
months.
The Game by Ronaldo
The Game is the first truly global crowd-sourced football
championship, an entirely new concept that mixes real world
football with an intelligent pairing algorithm for matches and a
continuous league system for teams. Directly aimed at football
players of all ranks who are ready to experience a truly
revolutionary competition, the platform allows everyone to
challenge and play against teams all over the world.
While The Game is a true championship where only the most
skilled can rise to the top, it can also be a fantastic journey for
those just willing to play for fun while experimenting with novel
layers of engagement. It will be launched on 29 October 2013 and
will be available through the Web and the two major mobile
platforms: iOS and Android.
We have started the pre-marketing campaign with a series of
engagement messages in social media platforms. At this date, even
before launching, The Game has more than 50,000 Facebook fans
(https://www.facebook.com/TheGameByRonaldo) and 12,000 Twitter
followers (https://twitter.com/GAMEbyRonaldo).
A series of diverse marketing actions are planned before the
launch date. This will increase the brand awareness and facilitate
participant enrolment.
Outlook
The next key milestone for us is to start generating revenues
from our products and the management team is working hard to
achieve this. We expect the next 18 months to be an exciting time
for the business and the potential for worldwide sales success is
supported by the personal following of our main sports
personalities.
Our entry costs for different countries are low compared with
traditional industry levels; however, we believe that the ongoing
support of our existing and new shareholders together with our
initial anticipated sales will enable expansion resulting in our
products delivering significant revenues, earned globally.
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
months ahead.
Ruben Dias
Chief Executive Officer
UNAUDITED CONSOLIDATED INCOME STATEMENT
Period from 1 January 2013 to 30 June 2013
Period Period
Notes to 30.06.13 to 30.06.12
EUR EUR
REVENUE 2,112 21,050
Cost of sales (21,703) (16,840)
_________ _________
GROSS (LOSS) / PROFIT (19,591) 4,210
Administrative expenses (212,365) (113,947)
Admission expenses - (134,105)
_________ _________
OPERATING LOSS (231,956) (243,842)
Finance revenue 8,042 10,361
Finance costs (4,577) (607)
_________ _________
LOSS BEFORE INCOME TAX (228,491) (234,088)
Income tax expense - -
_________ _________
LOSS FOR THE PERIOD FROM CONTINUING
OPERATIONS (228,491) (234,088)
_________ _________
LOSS ATTRIBUTABLE TO OWNERS OF
THE PARENT (228,491) (234,088)
_________ _________
Loss per share from continuing
operations attributable to the
equity holders of the company
during the period 2 EUR ( 0.001) EUR ( 0.001)
_________ _________
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period from 1 January 2013 to 30 June 2013
Period Period
Notes to 30.06.13 to 30.06.12
Comprehensive income
Loss for the period (228,491) (234,088)
_______ _______
Other comprehensive income
Currency translation differences 106,830 (70,116)
_______ _______
Total comprehensive income for
the period attributable to owners
of the parent (121,661) (304,204)
________ ________
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2013
Notes At 30.06.13 At 31.12.12
EUR EUR
ASSETS
Non-current assets
Intangible fixed assets 3 1,007,965 558,432
Tangible fixed assets 121,251 111,424
_______ _______
1,129,216 669,856
Current assets
Trade and other receivables 364,144 244,712
Cash and cash equivalents 573,289 1,396,205
_______ _______
937,433 1,640,917
________ ________
TOTAL ASSETS 2,066,649 2,310,773
________ ________
EQUITY AND LIABILITIES
Equity attributable to owners
of the parent
Ordinary shares 4 151,287 132,116
Share premium account 2,281,034 1,562,172
Accumulated losses (577,257) (422,395)
________ ________
Total equity 1,855,064 1,271,893
_______ _______
Liabilities
Current liabilities
Trade and other payables 136,794 1,038,880
Taxes 5,020 -
Other creditors 52,667 -
Accruals and deferrals 17,104 -
________ ________
Total liabilities 211,585 1,038,880
________ ________
TOTAL EQUITY AND LIABILITIES 2,066,649 2,310,773
________ ________
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period from 1 January 2013 to 30 June 2013
Accumulated Accumulated
losses losses
30.06.13 30.06.12
EUR EUR
At beginning of period (422,395) (10,888)
Loss for the period from continuing
operations (228,491) (234,088)
Other comprehensive income 106,830 (70,116)
Translation of period end balances (33,201) (2,057)
________ ________
At end of period (577,257) (317,149)
________ ________
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
Period from 1 January 2013 to 30 June 2013
Period Period
to 30.06.13 to 30.06.12
EUR EUR
Cash flow from operating activities
Cash used by operations (1,178,683) (438,025)
Cash flows from investing activities
Purchases of property, plant and
equipment (35,390) (135,132)
Purchase of intangibles (423,970) (150,809)
________ ________
Net cash used in investing activities (459,360) (285,941)
________ ________
Cash flows from financing activities
Proceeds from issue of ordinary
shares 812,168 2,063,406
Share issue costs paid on account - (340,736)
Interest received 8,042 10,361
Interest paid (4,577) (607)
________ ________
Net cash generated from financing
activities 815,633 1,732,424
________ ________
Net increase in cash & cash equivalents
Exchange losses on cash and cash (822,410) 1,008,458
equivalents
(506) (72,170)
Cash & cash equivalents brought
forward 1,396,205 -
________ ________
Cash & cash equivalents at end
of the period 573,289 936,288
________ ________
NOTES TO THE INTERIM RESULTS
1. Basis of Preparation
These interim consolidated financial statements are for the
period from 1 January 2013 to 30 June 2013. They do not constitute
statutory accounts within the meaning of Section 434 of the
Companies Act 2006.
These consolidated interim financial statements have been
prepared in accordance with the same accounting policies applied by
the company in its financial statements as at and for the year
ended 31 December 2012. These accounting policies are based on the
recognition and measurement principles of IFRS as adopted by the
European Union. The accounting policies have been applied
consistently throughout the Group for the purposes of preparation
of these interim financial statements and are expected to be
followed throughout the period to 31 December 2013.
2. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of Ordinary Shares in issue during the period.
Group EUR
Loss attributable to equity holders of the Company (121,661)
________
Weighted average number of Ordinary Shares in issue (thousands) 428,546,884
________
3. Intangible assets
Production costs
EUR
Cost
As at 1 January 2013 558,432
Additions 449,533
________
At 30 June 2013 1,007,965
Amortisation
As at 1 January 2013 -
Charge for the period -
________
At 30 June 2013 -
Net Book Value
At 30 June 2013 1,007,965
=======
Intangible fixed assets are initially recognised at cost, which
includes payroll, hardware and software licenses depreciation,
production facilities and outsourced production services and
support. Amortisation will be charged once the commercialisation of
the series, trading card game and associated products
commences.
4. Share capital
Number of Nominal
shares value
EUR
Issued and fully paid 431,313,342 151,287
Ordinary shares of 0.03 pence each =========== =======
On 8 January 2013, 71,137,500 new ordinary shares were issued at
a subscription price of 1p each.
Share options and warrants
At 30 June 2013, the following options and warrants were in
issue:
Exercise Price (pence) Expiry date Options in issue
13 February
Options 1p 2015 36,000,000
16 February
Options 1p 2015 5,250,000
13 February
Warrants 1p 2017 243,670,090
-------------------
284,920,090
=========
5. Availability of Interim Report
The interim report will be available on the Company's website
www.sportsstarsmedia.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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