TIDMIFM
RNS Number : 1759W
Intandem Films PLC
23 December 2013
23 December 2013
INTANDEM FILMS PLC
("Intandem" or the "Company")
Final Results
Intandem Films Plc, the London based international film group,
is pleased to announce its audited Final Results for the year ended
30 June 2013.
Financial Highlights
-- Revenue for the period GBP285,839 (2012: GBP363,087)
-- Loss for the period increased to GBP1,304,229 (2012:
GBP1,129,945)
-- Loss per share of 0.89p (2012: loss per share of 0.85p)
Operational Highlights
-- The Company strengthened its Board
-- At the Berlin Film Festival in February 2013 Intandem signed
sales agreements with distributors for Believe (formerly known as
Theatre of Dreams) and The Laureate
-- The Company significantly cut its cost base
Post-period highlights
-- Since the year end the Company has successfully raised in
total GBP1,184,768
-- In October Intandem was appointed as exclusive sales agent on
three fully financed feature films produced by Jonathan Sothcott of
Richwater Films (Vendetta, Reign of the General and Assassin)
-- In November Intandem was appointed as exclusive sales agent
on Gagarin First in Space - a Russian language film about Soviet
cosmonaut Yuri Gagarin, who became the first man in space in April
1961
-- The Company was also appointed as exclusive sales agent for
the film, Top Dog, which becomes the fourth fully financed feature
film collaboration with producer Jonathan Sothcott of Richwater
Films
-- Successful American Film Market - third party sales achieved
are expected to result in due course in commissions of
approximately $266,000
Commenting on the results, CEO of Intandem, Robert Mitchell,
said:
"There are several exciting plans in the pipeline aimed at
boosting revenue generation. We have a film library in place and
are also focused on growing our digital marketing division, which
we expect to become revenue generating over the coming months.
"There is no doubting that Intandem has had a difficult time and
needed to rebuild during the period. The losses are clearly
disappointing, however, we have been working hard to turn things
around and I would like to thank the Board and shareholders for
their continued support. We look forward to building on today's
trading update."
Contacts:
Intandem Films plc
Robert Mitchell, Chief Executive Officer +44 (0)20 7851 3800
Peterhouse Corporate Finance
Jon Levinson / Lucy Williams
+44 (0)20 7469 0930
finnCap
Ed Frisby / Ben Thompson - Corporate Finance
Stephen Norcross - Corporate Broking +44 (0)20 7220 0500
Bishopsgate Communications
Nick Rome/Sam Allen
intandem@bishopsgatecommunications.com +44 (0)20 7562 3350
About Intandem Films
Intandem Films plc (www.intandemfilms.com) is a London based
international film company. It specialises in raising finance for
commercial feature films and selling them to distributors around
the world. Intandem closely manages the risk associated with the
film industry and does not invest in the production of films from
its own resources. Its highest profile film to date was How to Lose
Friends and Alienate People starring Simon Pegg, Jeff Bridges and
Megan Fox, for which Intandem raised the finance and sold the film
to distributors such as Paramount, Warners and MGM.
CHIEF EXECUTIVE OFFICER'S STATEMENT
The financial year to 30 June 2013 was a transitional period for
Intandem Films and I would like to thank shareholders for their
continued support and patience through this time.
Financials
Turnover for the period under review was GBP285,839 (2012:
GBP363,087) and the loss before tax was GBP1,304,229 (2012:
GBP1,129,945) with a loss per share of 0.89p (2012: loss per share
of 0.85p). The loss increased as a result of reduced revenues and
the Company's high cost base - which has been addressed and is
discussed in more detail below.
The Board
It was a busy period for the Company at a corporate level. We
significantly strengthened the Board, which now comprises me, Alan
Bowen - an experienced accountant in the media sector; Corinne
Lambert, previously a broker in the US and the UK; and Chris Sykes,
previously a partner at Clyde & Co. to complement Andrew Brown
and Billy Hurman, who have been directors of the Company since it
came to the market in April 2005.
Strategy
The focus since I took over as CEO on 26 February 2013 has
firmly been on growing our film slate - which now stands at 20 and
ensuring that the Company has a platform from which to grow.
As touched upon in our interims, due to high running costs, the
Company needed to raise funds. We have also significantly cut our
cost base and refined our focus - with international sales expected
to drive revenue via executive producer fees and commissions. A
proportion of the losses incurred during the period were created by
the cinema release of Grassroots (in November 2012) and the costs
relating to the development of the campaign for Jadoo However, as
discussed, the Company has since refocused its business strategy
and since the year end has raised in total GBP1,184,768. The
Company continues to operate with limited working capital for the
foreseeable future. The Company is dependent on making commercial
progress in the immediate term or will require further new
financing.
During the period a number of sales from the current slate were
signed with distributors from territories across the globe for
2013/14 release. At the Berlin Film Festival in February 2013 we
signed sales agreements with distributors for Believe (formerly
known as Theatre of Dreams) and The Laureate.
Since the year end we have been busy growing our slate and we
now have eight fully funded films in our portfolio. In October 2013
we announced that the Company had been appointed as exclusive sales
agent on three fully financed feature films - Vendetta (which was
released in November 2013), Assassin and Reign of the General, all
produced by Jonathan Sothcott of Richwater Films.
We announced further additions to the slate in November with
Gagarin First in Space and Top Dog, which we introduced at the
American Film Market ("AFM") at the beginning of November 2013
along with Vendetta. We had a successful AFM, achieving sales on
behalf of and to be recognised by third parties, of approximately
US$1.8 million. These sales are expected to result in commissions
(Intandem revenue) of approximately US$266,000 and gross profit of
approximately US$220,000 after AFM expenses, and are expected to be
included within the results for the second half of the current
financial year ended 30 June 2014. Please see our trading update
released separately this morning for further details about the AFM
and our growing slate of films.
Outlook
There are several exciting plans in the pipeline aimed at
boosting revenue generation. We have a film library in place to
exploit and are also focused on growing our digital marketing
division, which we expect to become even more integral over the
coming months.
There is no doubting that Intandem has had a difficult time and
needed to rebuild during the period. The losses are clearly
disappointing, however, we have been working hard to turn things
around and I would like to thank the Board and shareholders for
their continued support. We look forward to building on today's
trading update.
INTANDEM FILMS PLC
Consolidated and Company statement of financial position
as at 30 June 2013
Group Company
-------------------------- --------------------------
2013 2012 2013 2012
GBP GBP GBP GBP
------------------------------ ------------ ------------ ------------ ------------
Assets
Non-current assets
Property, plant and
equipment 16,291 10,058 - -
Investment in subsidiaries - - 223,152 223,152
Financial assets 100 100 - -
Intercompany loan - - - -
------------------------------ ------------ ------------ ------------ ------------
16,391 10,158 223,152 223,152
Current assets
Trade receivables 46,181 214,679 - -
Other receivables 94,211 351,232 474 20,408
Cash and cash equivalents 15,115 515,245 - -
155,507 1,081,156 474 20,408
------------------------------ ------------ ------------ ------------ ------------
Total assets 171,898 1,091,314 223,626 243,560
------------------------------ ------------ ------------ ------------ ------------
Equity and liabilities
Capital and reserves
Share capital 146,715 146,715 146,715 146,715
Share premium 3,898,139 3,898,139 3,898,139 3,898,139
Merger reserve 252,506 252,506 - -
Foreign exchange reserve (288,821) (324,721) - -
Retained earnings (4,893,295) (3,507,912) (4,144,884) (3,959,170)
(884,756) 464,727 (100,030) 85,684
Non-current liabilities
Deferred income - 6,731 - -
Intercompany loan - - 322,656 157,876
Convertible loan notes - - - -
- 6,731 322,656 157,876
Current liabilities
Trade and other payables 1,056,654 619,856 1,000 -
1,056,654 619,856 1,000 -
------------------------------ ------------ ------------ ------------ ------------
Total liabilities 1,056,654 626,587 323,656 157,876
------------------------------ ------------ ------------ ------------ ------------
Total equity and liabilities 171,898 1,091,314 223,626 243,560
------------------------------ ------------ ------------ ------------ ------------
The financial statements were approved by the Board of Directors
and signed on its behalf on 23 December 2013.
Robert Mitchell William Hurman
Director Director
INTANDEM FILMS PLC
Consolidated income statement
for the year ended 30 June 2013
Group
2013 2012
GBP
----------------------------------------- ------------ ------------
Revenue
Executive producer fees 165,000 -
Commissions and other income 40,688 90,371
Recoverable project costs 80,151 272,716
285,839 363,087
Cost of sales
Recoverable expenses (80,151) (272,716)
Amortisation of film asset - -
----------------------------------------- ------------ ------------
Gross profit 205,688 90,371
Overheads
Staff costs (283,150) (484,202)
Depreciation (13,010) (7,503)
Other external charges (1,207,537) (725,415)
(Loss) from operations (1,298,009) (1,126,749)
Finance costs (6,220) (3,217)
Interest income - 21
(Loss)/Profit before tax (1,304,229) (1,129,945)
Income tax expense - -
(Loss)/Profit for the year
from continuing operations (1,304,229) (1,129,945)
----------------------------------------- ------------ ------------
(Loss)/Profit per share
Basic (0.89) (0.85)
pence pence
Diluted (0.89) (0.85)
pence pence
All the amounts derive from
continuing operations.
Consolidated statement of comprehensive
income
2013 2012
GBP GBP
----------------------------------------- ------------ ------------
(Loss)/Profit for the year (1,304,229) (1,129,945)
Foreign currency translation
differences 35,900 34,451
----------------------------------------- ------------ ------------
Total comprehensive (loss)/income
for the year (1,268,329) (1,095,494)
----------------------------------------- ------------ ------------
INTANDEM FILMS PLC
Consolidated and Company statement of changes in equity
for the year ended 30 June 2013
Group Share Share Merger Foreign Retained Total
Capital Premium Reserve Exchange Earnings
Reserve
GBP GBP GBP GBP GBP GBP
------------------------------------- ------------ ------------ ----------- ---------- ------------ ------------
Balance as at 1 July 2011 117,075 2,440,414 252,506 (359,172) (2,545,029) (94,205)
Changes in equity for the
year to 30 June 2012
Issue of new shares 29,640 1,548,760 - - - 1,578,400
Issue costs - (91,035) - - - (91,035)
Exchange differences on translation
of foreign currency balances - - - 34,451 - 34,451
Credit on issue of share options - - - - 167,062 167,062
Loss for the year - - - - (1,129,945) (1,129,942)
Total recognised income and
expense for the year 29,640 1,457,725 - 34,451 (962,883) 558,933
Balance as at 30 June 2012 146,715 3,898,139 252,506 (324,721) (3,507,912) 464,727
Changes in equity for the
year to 30 June 2013
Issue of new shares - - - - - -
Issue costs - - - - - -
Exchange differences on translation
of foreign currency balances - - - 35,900 - 35,900
Credit on issue of share options - - - - (81,154) (81,154)
Loss for the year - - - - (1,304,229) (1,304,229)
Total recognised income and
expense for the year - - - 35,900 (1,385,383) (1,349,483)
Balance as at 30 June 2013 146,71515 3,898,139 252,506 (288,821) (4,893,295) 884,756
------------------------------------- ------------ ------------ ----------- ---------- ------------ ------------
Company Share Share Retained Total
Capital Premium Earnings
GBP GBP GBP GBP
----------------------------- --------- ---------- ------------ ------------
Balance as at 1 July 2011 117,075 2,440,414 (533,163) 2,024,326
Changes in equity for the
year to 30 June 2012
Issue of new shares 29,640 1,548,760 - 1,578,400
Issue costs - (91,035) - (91,035)
Loss for the year - - (3,426,007) (3,426,007)
Total recognised income and
expense for the year 29,640 1,457,725 (3,426,007) (1,938,642)
Balance as at 30 June 2012 146,715 3,898,139 (3,959,170) 85,684
Changes in equity for the
year to 30 June 2013
Issue of new shares - - - -
Issue costs - - - -
Loss for the year - - (185,714) (185,714)
Total recognised income and
expense for the year - - (185,714) (185,714)
Balance as at 30 June 2013 146,715 3,898,139 (4,144,884) (100,030)
----------------------------- --------- ---------- ------------ ------------
INTANDEM FILMS PLC
Consolidated and Company cash flow statement
for the year ended 30 June 2013
Group Company
------------------------------------ ------------------------ --------------------
2013 2012 2013 2012
GBP GBP GBP GBP
------------------------------------ ---------- ------------ ------ ------------
Cash flows from operating
activities
Cash (used in)/from operating
activities (641,667) (976,834) - (1,487,365)
Interest paid (6,220) (3,217) - -
------------------------------------ ---------- ------------ ------ ------------
(647,887) (980,051) - (1,487,365)
Cash flows from investing
activities
Purchases of property, plant
and equipment (19,243) (2,317) - -
Investment in associate company - - - -
Interest received - 21 - -
------------------------------------ ---------- ------------ ------ ------------
Net cash (used in)/from investing
activities (19,243) (2,296) - -
Cash flows from financing
activities
Net Proceeds from issue of
new ordinary shares - 1,487,365 - 1,487,365
Issue / Repayment of loans 167,000 - - -
Proceeds on issue of convertible - - - -
loan notes
------------------------------------ ---------- ------------ ------ ------------
Net cash from financing activities 167,000 1,487,365 - 1,487,365
Effects of exchange rate changes - - - -
on cash balances
Net increase/(decrease) in
cash and cash equivalents (500,130) 505,018 - -
Cash and cash equivalents
at beginning of year 515,245 10,227 - -
------------------------------------ ---------- ------------ ------ ------------
Cash and cash equivalents
at end of year 15,115 515,245 - -
------------------------------------ ---------- ------------ ------ ------------
Bank balances and cash 15,115 515,245 - -
------------------------------------ ---------- ------------ ------ ------------
Notes to the Accounts
Profit/(Loss) per share
2013 2012
GBP GBP
------------------------------------------ ------------ ------------
Profit/(Loss) for the purpose of basic
loss per share (1,304,229) (1,129,945)
Profit/(Loss) for the purpose of diluted
loss per share (1,304,229) (1,129,945)
------------------------------------------ ------------ ------------
Number of shares 2013 2012
No. No.
--------------------------------------------- ------------ ------------
Weighted average number of ordinary
shares:
- for the purposes of basic profit/(loss)
per share 146,715,000 132,003,534
- for the purposes of diluted profit/(loss)
per share 146,715,000 132,003,534
--------------------------------------------- ------------ ------------
Note to the cash flow statement
Group 2013 2012
GBP GBP
-------------------------------------- ------------ ------------
Profit/(Loss) for the year (1,304,229) (1,129,945)
Adjustments for:
- Finance expense/(income) 6,220 3,196
- Depreciation 13,010 7,503
- Amortisation of financial asset
held for resale
- Other operating income
- Foreign exchange movements 35,900 34,451
Changes in working capital:
- Charge for share options/warrants
issued during the year (81,154) 167,062
- (Increase)/decrease in trade and
other receivables 425,519 (31,535)
- Increase/(decrease) in trade and
other payables 263,067 (27,566)
-------------------------------------- ------------ ------------
Cash used in operations (641,667) (976,834)
-------------------------------------- ------------ ------------
Company 2013 2012
GBP GBP
-------------------------------------------- ---------- ------------
Loss for the year (185,714) (3,426,007)
Adjustments for:
- Finance expense/(income) - -
Changes in working capital:
- Increase in trade and other receivables 19,934 1,938,642
- Increase/(decrease) in trade and 165,780 -
other payables
Cash used in operations - (1,487,365)
-------------------------------------------- ---------- ------------
Publication of non-statutory accounts
The financial information set out in this preliminary
announcement does not constitute the Company's financial statements
for the year ended 30 June 2013 and the year ended 30 June
2012.
The financial statements for the year ended 30 June 2012 were
prepared in accordance with Adopted IFRS and have been delivered to
the Registrar of Companies. The financial statements for the year
ended 30 June 2013 will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.
The auditors' report for 2013 is unqualified but contains an
emphasis of matter paragraph in respect of the going concern basis
of preparation of the financial information. As described in the
annual report and accounts, after reviewing budgets and forecasts,
the directors have a reasonable expectation that the Group has
adequate resources to continue as an operational business for the
foreseeable future. The financial statements have therefore been
prepared on a going concern basis.
REPORT AND ACCOUNTS
The 2013 Annual Report and Accounts, together with the notice of
annual general meeting, will be posted to shareholders on or about
27 December 2013 and copies will be available on the same day from
the Company's website www.intandemfilms.com.
NOTICE OF ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held at the
offices of finnCap Limited, 60 New Broad Street, London, EC2M 1JJ
on 30 January 2014 at 12pm.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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