RNS Number:6615E
Hollywood Media Services plc
28 September 2007
HOLLYWOOD MEDIA SERVICES PLC ("HOLLYWOOD" OR THE "COMPANY")
HALF-YEARLY UNAUDITED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2007
CHAIRMAN'S STATEMENT
I am pleased to report on our first set of half-yearly results which cover the
six months to 30 June 2007, a period prior to the Company's admission on AIM
which took place on 30 August 2007.
I would like to thank my board colleagues and in particular Martin Eberhardt,
the Chief Executive for all their work in achieving our listing with a fully
subscribed placing which raised #500,000 net of expenses. The board would also
like to thank all our advisors for their professionalism and support throughout
the process.
Our company has made a solid start in effecting its strategy of building a
national business focused on the provision of facilities and related services
to, principally, the film and TV location markets. The funds raised from the
placing are being used to grow the business by increasing the size of its fleet.
Already we have acquired three vehicles and a further three artists' trailers
are on order. On our admission to AIM, the company stated its intention to grow
by acquisition and the Board are now reviewing the potential acquisition
opportunities previously identified.
Unfortunately, the delay in achieving our listing on AIM resulted in the Company
having to decline some production opportunities until it acquired further units,
however, the Board believe the ongoing fleet expansion will give the Company the
additional capacity it requires to pursue future opportunities as they arise.
In conclusion, I am pleased to report that the strategy as set out in our
admission document is now being vigorously implemented and we look forward to
further progress in this regard over the months ahead.
James Holmes
Chairman
28 September 2007
UNAUDITED CONSOLIDATED INCOME STATEMENT
FO THE SIX MONTHS TO 30 JUNE 2007
Six month period ended Six month period ended Year ended
30 June 2007 30 June 2006 31 December 2006
Note Unaudited Unaudited Audited
# # #
Revenue 572,336 335,684 1,117,132
Cost of Sales (354,873) (285,076) (908,404)
Gross profit 217,463 50,608 208,728
Administrative expenses (195,695) (78,146) (146,149)
Operating profit/(loss) 21,768 (27,538) 62,579
Financial expenses (14,223) - (18,744)
Profit/(loss) before taxation 7,545 (27,538) 43,835
Taxation 2 1,403 (1,414) 20,928
Profit/(loss) after taxation 8,948 (28,954) 64,763
Earnings per share 3 #0.18 #(1,447.68) #3,238.15
Adjusted earnings per share 3 0.02p (0.06)p 0.13p
All amounts relate to continuing operations.
The Company has recognised no gains or losses other than the profit for the
period.
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007
Six month period Six month period ended Year ended
ended
30 June 2007 30 June 2006 31 December 2006
Note Unaudited Unaudited Audited
# # #
Non current assets
Property plant and equipment 472,226 129,842 441,133
Deferred tax asset 7,682 - 7,682
479,908 129,842 448,815
Current assets
Inventories 15,825 5,000 40,325
Trade and other receivables 389,444 304,094 290,970
Cash and cash equivalents - 36,854 4,011
405,269 345,948 335,306
Total assets 885,177 475,790 784,121
Current liabilities
Trade and other payables (506,059) (476,359) (432,341)
Borrowings (192,574) - (186,617)
Tax liabilities (3,128) (17,789) (3,128)
(701,761) (494,148) (622,086)
Net Current (liabilities) (296,492) (148,200) (286,780)
Non current liabilities
Borrowings (79,130) (30,001) (116,677)
Net assets 104,286 (48,359) 45,358
Capital and reserves
Share capital 50,000 20 20
Retained earnings 54,286 (48,379) 45,338
Equity attributable to equity
holders of the parent 5 104,286 (48,359) 45,358
CASH FLOW STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2007
Six month period Six month period ended Year ended
ended
30 June 2007 30 June 2006 31 December 2006
Note Unaudited Unaudited Audited
# # #
Net cash from operating activities 4 47,599 277,341 332,941
Cash flows from investing activities
Interest received - - 193
Proceeds on disposal of property plant
and equipment - - 6,000
Purchases of property, plant and
equipment (69,953) (116,887) (467,029)
Net cash used in investing activities (69,953) (116,887) (460,836)
Cash flow from financing activities
New finance lease liabilities - 60,000 260,200
Repayment of obligations under finance
leases (34,165) - (73,169)
New borrowings 2,575 (238,387) 116,216
Increase in share capital 49,980 - -
Net cash used in financing activities 18,390 (178,387) 303,247
Net (decrease)/increase in cash and (3,964) (17,933) 175,352
cash equivalents
Cash and cash equivalents
At beginning of period 3,964 146 (171,388)
Net(decrease)/increase in cash and
cash equivalents (3,964) (17,933) 175,352
At end of period - (17,787) 3,964
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2007
1. Accounting policies
Basis of Preparation
The next annual financial statements of Hollywood Media Services Plc (the "Group
") will be prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted for use in the EU applied in accordance with the
provisions of the Companies Act 1985.
Accordingly the half-yearly financial information in this report has been
prepared using accounting policies consistent with IFRS. IFRS is subject to
amendment and interpretation by the International Accounting Standards Board
(IASB) and the International Financial Reporting Interpretations Committee
(IFRIC) and there is an ongoing process of review and endorsement by the
European Commission. The financial information has been prepared on the basis
of IFRS that the Directors expect to be applicable as at 31 December 2007.
The half-yearly results for the six months to June 2007 and June 2006 have been
prepared under the historical cost convention, are unaudited and do
not constitute statutory accounts in accordance with Section 240 of the
Companies Act 1985. The principal accounting policies set out below have been
consistently applied to all periods presented.
Basis of consolidation
The consolidated financial statements include those of the holding company and
its subsidiaries made up to 31 December 2004. As the company's results are
included in the consolidated profit and loss account and disclosed in the
reconciliation of movements in shareholders' funds, a separate profit and loss
account is not presented, as permitted by s 230 (4) of the Companies Act 1985.
Entities not owned by the group over which the group has the ability to exercise
control are accounted for as subsidiaries. The results of subsidiary
undertakings acquired in the year are included in the consolidated profit and
loss account from the date of acquisition.
Depreciation
Fixed assets are stated at cost less accumulated depreciation and any recognised
impairment loss. Depreciation is charged so as to write off the cost of the
assets, over their estimated useful lives, using the straight line method on the
following bases:
Motor vehicles, trailers, plant and equipment 15% straight line
Fixtures and fittings 33% straight line
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer
substantially all of the risks and rewards of ownership to the lessee. All
other leases are classified as operating leases.
Assets held under finance leases are recognised as assets of the Company at
their fair value or, if lower, at the present value of the minimum lease
payments, each determined at inception of the lease. The corresponding
liability is included in the balance sheet as a finance lease obligation. Lease
payments are apportioned between finance charges and reduction of the lease
obligation so as to achieve a constant rate of interest on the remaining balance
of the liability. Finance charges are charged to the income statement.
Rentals payable under operating leases are charged to the income statement on a
straight line basis over the term of the relevant lease.
2. Taxation
No provision for corporation tax has been provided for, due to losses incurred
in previous periods.
3. Earnings per share
The earnings per share has been calculated by dividing the profit after taxation
of #8,948 (June 2006: loss of #28,954) by the weighted average number
of Ordinary #1 shares in issue of 50,000 (June 2006: 20). The adjusted number
of shares are calculated by reflecting the increase in share capital of 23 March
2007 when the number of issued ordinary shares of #1 each were increased to
50,000 and the share reorganisation of 17 July 2007 in which each ordinary share
of #1 was subdivided into 800 shares of #0.00125.
Six month period ended Six month period ended Year ended
30 June 2007 30 June 2006 31 December 2006
Unaudited Unaudited Audited
# # #
Result for the period 8,948 (28,954) 64,763
Number Number Number
Shares in issue at balance
sheet date 50,000 20 20
Shares in issue following
AIM admission 48,333,333 48,333,333 48,333,333
# # #
Earnings/(loss) per share 0.18 (1,447.68) 3,238.15
Adjusted earnings/(loss)
per share 0.0002 (0.0006) 0.0013
4. Note to the cash flow statement
Six month period Six month period ended Year ended
ended
30 June 2007 30 June 2006 31 December 2006
Unaudited Unaudited Audited
# # #
Profit/(loss) from operations 21,768 (27,538) 62,579
Adjustments for:
Depreciation of property, plant and
equipment 38,860 6,066 37,917
Loss on disposal of property plant and
equipment - - 1,000
Operating cash flow before movements
in working capital 60,628 (21,472) 101,496
Increase in inventories 24,500 (5,000) (40,325)
Increase in receivables (98,427) (74,972) (61,848)
(Decrease)/increase in payables 73,718 380,199 352,555
Cash generated by operations 60,419 278,755 351,878
Income taxes refunded/(paid) 1,403 (1,414) -
Interest paid (14,223) - (18,937)
Net cash flow from operating
activities 47,599 277,341 332,941
5. Statement of changes in equity
Six month period Six month period ended Year ended
ended
30 June 2007 30 June 2006 31 December 2006
Unaudited Unaudited Audited
# # #
Opening balance 45,358 (19,405) (19,405)
Profit/(loss) for the period/year 8,948 (28,954) 64,763
Issue of shares 49,980 - -
Closing balance 104,286 (48,359) 45,358
6. Post balance sheet events
(i) By a written resolution passed on 23 March 2007, the authorised
share capital of the Company was increased from #1,000 to #250,000 by the
creation of 249,000 new ordinary shares of #1 each ranking pari passu in all
respects with the then existing ordinary shares of #1 each in the capital of the
Company.
(ii) On 23 March 2007, the Company allotted and issued a further
49,980 of new ordinary shares of #1 each at #1 per share to Wood Hall Group
Limited.
(iii) On 27 March 2007 and 24 April 2007, the Company changed its name
from Hollywood Catering Services Limited to Hollywood Facilities & Catering
Limited and Hollywood Media Services Ltd (Registered Number 04657257),
respectively.
(iv) On 30 April 2007, the business and certain assets of the Company
were sold to Hollywood Catering Services Limited (Registered Number 06099648), a
company created as a wholly owned subsidiary of the Company, for #45,358. Such
consideration was left outstanding by way of an interest free loan from the
Company to Hollywood Catering Services Limited.
(v) On 16 July 2007, Wood Hall Group Limited transferred its entire
shareholding in the Company to Catering 4 Events plc.
(vi) By written resolutions passed on 17 July 2007:
(a) Each of the 250,000 authorised issued and unissued ordinary shares
of #1 of the Company was subdivided into 800 ordinary shares of 0.125p each in
the capital of the Company ("Ordinary Shares") ranking pari passu in all
respects, resulting in authorised shares of 200,000,000 of 0.125p each, of which
40,000,000 were in issue;
(b) 20,000,000 of the issued Ordinary Shares forming part of the
40,000,000 issued Ordinary Shares were converted into, and re-designated as,
20,000,000 non voting preference shares of 0.125p each ("Non Voting Preference
Share") having the rights and restrictions set out in the Articles of
Association adopted by the Company on 17 July 2007;
(c) 20,000,000 of the unissued Ordinary Shares forming part of the
authorised share capital of #250,000 were converted into, and re-designated as,
20,000,000 Non Voting Preference Shares.
(vii) The Company was re-registered as a public limited company on 30
July 2007.
(viii) On 30 August 2007, 28,333,333 new ordinary shares were issued at a
price of 3.0p per share and the entire issued ordinary share capital of the
Company was admitted on to AIM.
7. Transition to IFRS
The Group reported under UK GAAP in the previously published financial
statements for the year ended 31 December 2006. There are no adjustments
arising from the transition to IFRS, and therefore there is no impact on
reported income statement or balance sheet.
The Group was exempt from the requirement to prepare a cash flow statement under
UK GAAP on the basis it was a small company. There are no exemptions under
IFRS. There are no adjustments arising from the transition to IFRS and
therefore there is on impact on reported cash flows.
8. Ultimate controlling party
As at 30 June 2007, the Company's ultimate controlling party was Catering 4
Events Plc. Following the Company's admission on 30 August, there was no
ultimate controlling party.
9. Distribution of half-yearly report
This half-yearly report, together with the admission document, are available on
the Company's website, www.hmservicesplc.com.
Contact:-
Hollywood Tel: 07710 982 370
Martin Eberhardt, Chief Executive
City Financial Associates Limited Tel: 020 7492 4777
Ross Andrews, Nominated Adviser
This information is provided by RNS
The company news service from the London Stock Exchange
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