TIDMMWH
RNS Number : 3783J
Millwall Holdings PLC
30 March 2010
Millwall Holdings Plc
Chairman's Statement
_______________________________________________________________________________
__________
As Chairman of Millwall Holdings Plc I am pleased to announce our interim
results for the six months to December 2009.
On the football side, we continue to make steady and encouraging progress and I
believe the playing squad has improved over the past 12 months. With the
football headlines dominated as much by finances as the matches these days it is
also pleasing to announce a small reduction in operating losses compared to the
same period last year.
The team are currently 3rd in League One having just beaten our local rivals
Charlton Athletic 4-0 at The Den and then second placed Leeds United 2-0 at
Elland Road. Having lost only one league game in 2010, we are currently on a
superb run of form which has put us in a strong position to challenge either for
automatic promotion or a Play-Off place once more.
The game against Charlton attracted our largest attendance for many years. As I
stated in our last report attendances are a vital factor and I added that we
must continue to try and increase our average. I am pleased to say that we have
achieved an increase in our average attendance so far this season by 18% to
10,044 in comparison to the same number of games last season. We now have five
or potentially with a Play-Off game six big matches remaining at home, which
gives us the opportunity to improve further.
Other challenges remain, and pleasingly we were able to announce that we
successfully defended the company and club after being charged by the Football
Association in relation to the Carling Cup game at West Ham United in August
last year. We were found not guilty by an independent commission of all charges
and should never have been charged. Many football clubs and the board of the
Football League were extremely supportive and I would like to thank all of them
for their help. Ultimately it has cost nearly GBP100,000 to defend the case and
having been found not guilty it is galling that we cannot, under current FA
rules, claim our costs back. This situation does not seem fair and we will be
looking into the regulations to see if this can be addressed.
As shareholders are aware the Company has been working to promote the
regeneration of the area surrounding the Den. The world of planning and
development are both complex and slow moving but we are determined and committed
to making this project work. I am pleased to report that the campaign in which
Millwall fans played a significant role, to ensure that the Surrey Quays station
is fully funded, has been a successful one and with the London Borough of
Lewisham playing the lead role this can only benefit the club and community.
At the same time there has been progress on the Local Development Planning
Framework which is recommending the redesignation of the area which will enable
a mixed use planning application to come forward. We also welcome its
recommendation that the Millwall Football Club should lie at the heart of any
regeneration. This document is now in its final phase of public consultation
having secured support from all the key stakeholders and we are confident it
will be finally adopted by the Council.
During this time we have been working closely with the Mayor in building
our partnership as this will be vital if we are to effectively work together in
any future redevelopment.
On financing and the capital structure of the Company the board continues to
consider all its options and will report back to shareholders in due course.
Finally, I would like to thank my fellow board members, the manager, players and
all the staff for their continued dedication and of course the fans who make
this football club such a very special place.
John G Berylson
Chairman
29 March 2010
Millwall Holdings Plc
Directors' Report
_______________________________________________________________________________
__________
Unaudited interim results for the 6 months ended 31 December 2009
Principal risks and uncertainties
In common with many football clubs outside the Premiership the main business
risk is the maintenance of a positive cash flow bearing in mind the uncertainty
of turnover and the high cost of maintaining a playing squad on which the
success of the Group's business is largely dependent. In order to achieve a
positive cash flow there is the constant requirement to raise new finance and
refinance existing facilities which, in turn, requires the continuing support of
existing providers of those facilities. As part of its normal activities, the
Football Club deals in the trading of player registrations and there is always a
risk of significant and lasting injuries to players that may impair player
values. Players of 24 years old or older are free to move between clubs once
their contract has come to an end and the Board monitors expiry dates carefully
with a view to renewing contracts or realising value.
Results from operations
Season ticket sales at 24 March stood at 5,319 (2008 H1 - 4,770) reflecting the
loyalty of our core supporter base and the attractiveness of our "early bird"
offerings for this season.
Revenue for the six months was GBP3.2 million (2008 H1 - GBP2.9 million). The
increase in revenue is a result of the Football Club's share of the Carling Cup
match against West Ham United and the run in the F.A.Cup. The loss from
operations for the period on ordinary activities was GBP1.9 million (2008 H1 -
GBP2.3 million) after taking account of GBP0.03 million profit (2008 H1 -
GBP0.07 million profit) on disposal of players' registrations.
Staff costs of GBP2.9 million (2008 H1 - GBP3.1 million) have decreased mainly
due to the fall in number of loan players used by the Football Club in the first
six months.
Administrative expenses were GBP2.3 million (2008 H1 - GBP2.2 million). This
increase is mainly atributable to an increase in the amortisation and
depreciation expense.
Share based payments
During 2008 H1 the Company recognised share based payment charges of GBP14,000
which reflected the amount charged for that period in respect of total
compensation of GBP183,000 being amortised over the two year vesting period.
This amount was included within staff costs. No share based payment charges were
recognised in the current period.
Profit on disposal of player registrations, GBP26,000 (2008 H1 - GBP69,000)
There has been very little activity in the transfer of young Centre of
Excellence or other players.
Millwall Holdings Plc
Directors' Report (Continued)
_______________________________________________________________________________
__________
Loss per share, 0.007p (2008 H1 - 0.007p)
The calculation of the basic and diluted loss per share is calculated based on
the loss after taxation and on the weighted average number of shares in issue of
37,501,097,134 ( 2008 H1 - 37,501,097,134).
Working capital:
Despite net current liabilities of GBP7.5 million (2008 H1 - GBP2.1 million) the
Board believes that the Group has the ability to manage its working capital on a
day to day basis and has the ability to further draw down against the loan note
facilities.
During the period a further GBP2.2 million (2008 H1 - GBP2.4 million) of loan
notes were drawn down. As at 31 December 2009 total undrawn loan note facilities
amounted to GBP2.9 million.
Key figures:
+--------------------------------+--------------+--------------+------------+
| | 6 Months | 6 Months | Year Ended |
| | Ended 31 | Ended 31 | 30 June |
| | December | December | 2009 |
| | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | (audited) |
| | (unaudited) | (unaudited | |
+--------------------------------+--------------+--------------+------------+
| Revenue | 3,246 | 2,903 | 6,460 |
| | | | |
+--------------------------------+--------------+--------------+------------+
| Staff costs | (2,902) | (3,068) | (6,260) |
| | | | |
+--------------------------------+--------------+--------------+------------+
| Other expenses | (2,274) | (2,173) | (4,711) |
| | | | |
+--------------------------------+--------------+--------------+------------+
| Other operating income - | 26 | 69 | 71 |
| profit on players' | | | |
| registrations | | | |
| | | | |
+--------------------------------+--------------+--------------+------------+
| Loss from operations | (1,904) | (2,269) | (4,440) |
| | | | |
+--------------------------------+--------------+--------------+------------+
| Loss before tax | (2,567) | (2,573) | (5,214) |
| | | | |
+--------------------------------+--------------+--------------+------------+
| Net (liabilities)/assets | (1,176) | 2,885 | 663 |
| | | | |
+--------------------------------+--------------+--------------+------------+
| (Decrease)/increase in cash | (18) | 61 | 187 |
| and cash equivalents | | | |
| | | | |
+--------------------------------+--------------+--------------+------------+
| Basic and diluted loss per | (0.007)p | (0.007)p | (0.014)p |
| share | | | |
+--------------------------------+--------------+--------------+------------+
| | ________ | ________ | ________ |
+--------------------------------+--------------+--------------+------------+
A Ambler
Director
29 March 2010
Millwall Holdings Plc
Consolidated statement of comprehensive income for the six months ended 31
December 2009
_______________________________________________________________________________
___________________
+-------------------------------+-------------+-------------+-----------+
| | | | |
| | 6 months | 6 months | Year |
| | ended | ended | ended |
| | 31 December | 31 December | 30 June |
| Note | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
| | | | |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------+-------------+-------------+-----------+
| Revenue 2 | 3,246 | 2,903 | 6,460 |
+-------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------+-------------+-------------+-----------+
| Other income - profit on | | | |
| disposal of players' | 26 | 69 | 71 |
| registrations | | | |
+-------------------------------+-------------+-------------+-----------+
| Staff costs | (2,902) | (3,068) | (6,260) |
+-------------------------------+-------------+-------------+-----------+
| Amortisation of players' | (127) | (93) | (287) |
| registrations | | | |
+-------------------------------+-------------+-------------+-----------+
| Depreciation of property | (146) | (128) | (258) |
| plant and equipment | | | |
+-------------------------------+-------------+-------------+-----------+
| Total depreciation and | (273) | (221) | (545) |
| amortisation expense | | | |
+-------------------------------+-------------+-------------+-----------+
| Other expenses | (2,001) | (1,952) | (4,166) |
+-------------------------------+-------------+-------------+-----------+
| | _______ | _______ | _______ |
| | | | |
+-------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------+-------------+-------------+-----------+
| Loss from operations | (1,904) | (2,269) | (4,440) |
+-------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------+-------------+-------------+-----------+
| Finance income | - | 2 | 10 |
+-------------------------------+-------------+-------------+-----------+
| Finance expense | (663) | (306) | (784) |
+-------------------------------+-------------+-------------+-----------+
| | | | |
| | _______ | _______ | _______ |
+-------------------------------+-------------+-------------+-----------+
| | | | |
| Loss before and after tax for | | | |
| the financial period and | (2,567) | (2,573) | (5,214) |
| total comprehensive income | | | |
+-------------------------------+-------------+-------------+-----------+
| | _______ | _______ | _______ |
+-------------------------------+-------------+-------------+-----------+
| Attributable to: | | | |
+-------------------------------+-------------+-------------+-----------+
| Equity shareholders | (2,567) | (2,573) | (5,214) |
+-------------------------------+-------------+-------------+-----------+
| | _______ | _______ | _______ |
+-------------------------------+-------------+-------------+-----------+
| Loss per share | | | |
+-------------------------------+-------------+-------------+-----------+
| Basic and diluted | | | (0.014)p |
| 3 | (0.007)p | (0.007)p | |
+-------------------------------+-------------+-------------+-----------+
| | _______ | _______ | _______ |
+-------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------+-------------+-------------+-----------+
Millwall Holdings Plc
Consolidated balance sheet at 31 December 2009
_______________________________________________________________________________
___________________
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| | 31 | 31 December | 30 June |
| | December | 2008 | 2009 |
| | 2009 | (unaudited) | (audited) |
| Note | (unaudited) | | |
| | | GBP'000 | GBP'000 |
| | GBP'000 | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Non-current assets | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Intangible assets | 265 | 454 | 392 |
+----------------------------------+------------------+-------------+-------------------------------+
| Property, plant and | 14,941 | 15,006 | 15,037 |
| equipment | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
| | ______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| | 15,206 | 15,460 | 15,429 |
+----------------------------------+------------------+-------------+-------------------------------+
| | | _______ | |
| | ______ | | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| Current assets | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Inventories | 113 | 124 | 61 |
+----------------------------------+------------------+-------------+-------------------------------+
| Trade and other receivables | 1,247 | 1,187 | 1,007 |
+----------------------------------+------------------+-------------+-------------------------------+
| Cash and cash equivalents | 373 | 265 | 391 |
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
| | ______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| | 1,733 | 1,576 | 1,459 |
+----------------------------------+------------------+-------------+-------------------------------+
| | | _______ | |
| | _______ | | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Total assets | 16,939 | 17,036 | 16,888 |
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Non-current liabilities | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Trade and other payables | (399) | - | (386) |
+----------------------------------+------------------+-------------+-------------------------------+
| Financial liabilities | (4,833) | (6,733) | (4,428) |
+----------------------------------+------------------+-------------+-------------------------------+
| Deferred income | (3,643) | (3,788) | (3,716) |
+----------------------------------+------------------+-------------+-------------------------------+
| | _______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| Total Non-current liabilities | (8,875) | (10,521) | (8,530) |
+----------------------------------+------------------+-------------+-------------------------------+
| | _______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| Current liabilities | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Trade and other payables | (2,356) | (2,615) | (2,019) |
+----------------------------------+------------------+-------------+-------------------------------+
| Financial liabilities | (6,034) | - | (4,636) |
+----------------------------------+------------------+-------------+-------------------------------+
| Deferred income | (850) | (1,015) | (1,040) |
+----------------------------------+------------------+-------------+-------------------------------+
| | _______ | | |
| | | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| Total Current liabilities | (9,240) | (3,630) | (7,695) |
+----------------------------------+------------------+-------------+-------------------------------+
| | | _______ | _______ |
| | _______ | | |
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Total liabilities | (18,115) | (14,151) | (16,225) |
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
| | ______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| Net (liabilities)/assets | (1,176) | 2,885 | 663 |
+----------------------------------+------------------+-------------+-------------------------------+
| | ______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| Equity | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Called up share capital | 6,083 | 6,083 | 6,083 |
| 4 | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Share premium | 15,120 | 15,120 | 15,120 |
| | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Equity proportion of | 181 | 181 | 181 |
| Convertible Loan Notes | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| Capital reserve | 21,474 | 21,474 | 21,474 |
| | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| PIK note reserve | 1,568 | 421 | 840 |
+----------------------------------+------------------+-------------+-------------------------------+
| Retained deficit | (45,602) | (40,394) | (43,035) |
| | | | |
+----------------------------------+------------------+-------------+-------------------------------+
| | | | |
| | _______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
| Total Equity attributable to the | (1,176) | | 663 |
| shareholders of the parent | | 2,885 | |
+----------------------------------+------------------+-------------+-------------------------------+
| | _______ | _______ | _______ |
+----------------------------------+------------------+-------------+-------------------------------+
The interim unaudited balance sheet was approved and authorised for issue by the
Board of Directors on 29 March 2010.
A Ambler
Director
Millwall Holdings Plc
Consolidated statement of changes in equity for the six months ended 31 December
2009
_______________________________________________________________________________
__________
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | Ordinary | | Share | Equity | Capital | PIK | Retained | Total |
| | Shares | | | component | reserve | note | deficit | |
| | of 0.01p |Deferred | premium | of | | reserve | | |
| | each | Shares | account | Convertible | | | | |
| | | of | | Loan Notes | | | | |
| | | 0.09p | | | | | | |
| | | each | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| At 1 July 2008 | 3,750 | | 15,120 | 181 | 21,474 | 333 | (37,835) | 5,356 |
| (audited) | | 2,333 | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| Total | - | | - | - | - | - | (2,573) | (2,573) |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| Share based | - | | - | - | - | - | 14 | 14 |
| compensation | | - | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| PIK notes | - | | - | - | - | 88 | - | 88 |
| issued | | | | | | | | |
| | | - | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| At 31 December | 3,750 | | 15,120 | 181 | 21,474 | 421 | (40,394) | 2,885 |
| 2008 | | 2,333 | | | | | | |
| (unaudited) | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| Total | - | | - | - | - | - | (2,641) | (2,641) |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| PIK notes | - | - | - | - | - | 419 | - | 419 |
| issued | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| At 30 June | 3,750 | | 15,120 | 181 | 21,474 | 840 | (43,035) | 663 |
| 2009 (audited) | | 2,333 | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| Total | - | - | - | - | - | - | (2,567) | (2,567) |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| PIK notes | - | - | - | - | - | 728 | - | 728 |
| issued | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| At 31 December | 3,750 | | 15,120 | 181 | 21,474 | 1,568 | (45,602) | (1,176) |
| 2009 | | 2,333 | | | | | | |
| (unaudited) | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
| | | | | | | | | |
+----------------+----------+----------+---------+-------------+---------+---------+----------+---------+
Millwall Holdings Plc
Consolidated cash flow statement for the six months ended 31 December 2009
_______________________________________________________________________________
__________
+------------------------------------+---------------------+-------------+-----------+
| | 6 months | 6 months | Year |
| | ended | ended | ended |
| | 31 | 31 | 30 June |
| | December | December | 2009 |
| | 2009 | 2008 | (audited) |
| | (unaudited) | (unaudited) | GBP'000 |
| | GBP'000 | GBP'000 | |
+------------------------------------+---------------------+-------------+-----------+
| Operating activities | | | |
+------------------------------------+---------------------+-------------+-----------+
| Loss for the period | (2,567) | (2,573) | (5,214) |
+------------------------------------+---------------------+-------------+-----------+
| Share based payments | - | 14 | 14 |
+------------------------------------+---------------------+-------------+-----------+
| Depreciation on property, | 146 | 128 | 258 |
| plant and equipment | | | |
+------------------------------------+---------------------+-------------+-----------+
| Amortisation of intangible | 127 | 93 | 287 |
| assets | | | |
+------------------------------------+---------------------+-------------+-----------+
| Amortisation of grants | (41) | (41) | (82) |
+------------------------------------+---------------------+-------------+-----------+
| Amortisation of prepaid | 51 | - | 103 |
| finance fees | | | |
+------------------------------------+---------------------+-------------+-----------+
| Profit on disposal of players' | (26) | (69) | (71) |
| registrations | | | |
+------------------------------------+---------------------+-------------+-----------+
| Finance income | - | (2) | (10) |
+------------------------------------+---------------------+-------------+-----------+
| Finance expense | 663 | 306 | 784 |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
| | _______ | _______ | _______ |
+------------------------------------+---------------------+-------------+-----------+
| Cash flow from operations before | | | |
| changes in working capital | (1,647) | (2,144) | (3,931) |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
+------------------------------------+---------------------+-------------+-----------+
| (Increase)/decrease in inventory | (52) | (58) | 5 |
+------------------------------------+---------------------+-------------+-----------+
| Increase in trade and other | (239) | (83) | (109) |
| receivables | | | |
+------------------------------------+---------------------+-------------+-----------+
| (Decrease)/increase in trade and | | | |
| other payables and deferred income | (300) | 136 | 217 |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
| | _______ | _______ | _______ |
+------------------------------------+---------------------+-------------+-----------+
| Cash generated from operations | (2,238) | (2,149) | (3,818) |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
+------------------------------------+---------------------+-------------+-----------+
| Investing activities | | | |
+------------------------------------+---------------------+-------------+-----------+
| Purchase of property, plant | (7) | (7) | (168) |
| and equipment | | | |
+------------------------------------+---------------------+-------------+-----------+
| Proceeds on disposal of | 25 | 69 | 277 |
| players' registrations | | | |
+------------------------------------+---------------------+-------------+-----------+
| Purchase of players' | (25) | (211) | (343) |
| registrations | | | |
+------------------------------------+---------------------+-------------+-----------+
| Interest received | - | 2 | 10 |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
| | _______ | _______ | _______ |
+------------------------------------+---------------------+-------------+-----------+
| Net cash generated by investing | (7) | (147) | (224) |
| activities | | | |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
+------------------------------------+---------------------+-------------+-----------+
| Financing activities | | | |
+------------------------------------+---------------------+-------------+-----------+
| Proceeds from issue of loan | 2,227 | 2,360 | 4,234 |
| notes | | | |
+------------------------------------+---------------------+-------------+-----------+
| Interest paid | - | (3) | (5) |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
| | _______ | _______ | _______ |
+------------------------------------+---------------------+-------------+-----------+
| Net cash generated by financing | 2,227 | 2,357 | 4,229 |
| activities | | | |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
+------------------------------------+---------------------+-------------+-----------+
| Net (decrease)/increase in cash | | | |
| and cash | (18) | 61 | 187 |
| equivalents | | | |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
+------------------------------------+---------------------+-------------+-----------+
| Cash and cash equivalents at start | 391 | 204 | 204 |
| of period | | | |
+------------------------------------+---------------------+-------------+-----------+
| | | | |
| | _______ | _______ | _______ |
+------------------------------------+---------------------+-------------+-----------+
| Cash and cash equivalents at end | 373 | 265 | 391 |
| of period | | | |
+------------------------------------+---------------------+-------------+-----------+
| | _______ | _______ | _______ |
+------------------------------------+---------------------+-------------+-----------+
Millwall Holdings Plc
Notes forming part of the interim financial statements for the 6 months ended 31
December 2009
_______________________________________________________________________________
__________
1 Accounting Policies
Principal accounting policies
Millwall Holdings Plc is a limited liability company incorporated and domiciled
in the United Kingdom. The principal accounting policies applied in the
preparation of these interim consolidated financial statements are set out
below. These policies have been consistently applied to all the periods
presented, unless otherwise stated.
Basis of preparation
These interim financial statements have been prepared using the recognition and
measurement principles of International Accounting Standards, International
Financial Reporting Standards and Interpretations adopted by the European Union
(collectively EU adopted IFRS's).
The accounting policies applied are consistent with those described in the
Annual Report and Financial Statements for the year ended 30 June 2009, except
as described below. These policies are expected to be applied to the Group's
full year financial statements for the year ending 30 June 2010.
IAS 1: "Presentation of Financial Statements (Revised)" includes the requirement
to present a Statement of Changes in Equity as a primary statement and
introduces the possibility of either a single Statement of Comprehensive Income
(combining the Income Statement and a Statement of Comprehensive Income) or to
retain the Income Statement with a supplementary Statement of Comprehensive
Income. The first option has been adopted by the Group in the preparation of the
interim financial statements. As this standard is concerned with presentation
only it does not have any impact on the results or net assets of the Group.
The financial information for the six months ended 31 December 2009 and the six
months ended 31 December 2008 is unaudited and does not constitute the statutory
accounts of the Group for those periods.
The financial information for the full year ended 30 June 2009 has however been
extracted from the statutory financial statements of Millwall Holdings Plc for
that financial year, prepared in accordance with the recognition and measurement
principles of EU adopted IFRS's. A copy of the statutory financial statements
for that year has been delivered to the Registrar of Companies. The auditor's
report on those financial statements was unqualified, did not draw attention to
any matters by way of emphasis, and did not contain a statement under section
498(2) or 498(3) of the Companies Act 2006.
The company has not applied IAS 34: "Interim Financial Reporting" in the
preparation of these interim financial statements.
Significant accounting judgements and estimates
The preparation of these financial statements requires management to make
estimates and assumptions that affect the application of accounting policies and
reported amounts of assets and liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results
of which form the basis of making the judgements about carrying values of assets
and liabilities that are not readily apparent from other sources.
Millwall Holdings Plc
Notes forming part of the interim financial statements for the 6 months ended 31
December 2009 (Continued)
1 Accounting policies (Continued)
Significant accounting judgements and estimates (Continued)
The critical accounting judgements made in applying the Group's accounting
policies are the same as
those disclosed in the statutory financial statements for the year ended 30 June
2009.
Going concern
The Directors continually monitor the financial position of the Group, taking
into account the latest cash flow forecasts and the ability of the Group to
generate cash and raise funds. The Directors have prepared the interim financial
statements on a going concern basis having had regard to the cash flow
projections for the period to 31 March 2011.
While there will always remain some inherent uncertainty the Directors remain
confident that they will be able to manage the Group's finances and operations
so as to achieve the forecasted cash flows and, as a result, that it is
appropriate to draw up these interim financial statements on a going concern
basis.
The interim financial statements do not include any adjustments that would
result if the going concern basis of preparation were to become no longer
appropriate.
Basis of consolidation
The consolidated Group interim financial statements incorporate the results of
Millwall Holdings Plc and its subsidiary undertakings, The Millwall Football and
Athletic Company (1985) Plc and Millwall Properties Limited, using the
acquisition accounting method.
2 Turnover analysis
An analysis of the revenue streams from the Group's professional football
operations is given below:
+--------------------------+-------------+-------------+-----------+
| | 6 months | 6 months | Year |
| | ended | ended | ended |
| | 31 December | 31 December | 30 June |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
+--------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------+-------------+-------------+-----------+
| Match day | 1,737 | 1,730 | 3,881 |
+--------------------------+-------------+-------------+-----------+
| Central League awards | 484 | 343 | 589 |
+--------------------------+-------------+-------------+-----------+
| Commercial | 1,025 | 830 | 1,990 |
+--------------------------+-------------+-------------+-----------+
| | | | |
| | _______ | _______ | _______ |
+--------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------+-------------+-------------+-----------+
| | 3,246 | 2,903 | 6,460 |
+--------------------------+-------------+-------------+-----------+
| | _______ | _______ | _______ |
+--------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------+-------------+-------------+-----------+
Millwall Holdings Plc
Notes forming part of the interim financial statements for the 6 months ended 31
December 2009 (Continued)
_______________________________________________________________________________
__________
3 Loss per share
Basic loss per share is calculated as follows (the effect of all
potential ordinary shares is anti-dilutive):
+-------------------------------+----------------+----------------+------------------+
| | | | |
| | 6 months | 6 months | Year |
| | ended | ended | ended |
| | 31 December | 31 December | 30 June |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
| | | | |
+-------------------------------+----------------+----------------+------------------+
| | | | |
+-------------------------------+----------------+----------------+------------------+
| Loss after | GBP2,567,000 | GBP2,573,000 | |
| taxation for the period | | | GBP5,214,000 |
+-------------------------------+----------------+----------------+------------------+
| | | | |
+-------------------------------+----------------+----------------+------------------+
| Weighted | 37,501,097,134 | 37,501,097,134 | 37,501,097,134 |
| average number of shares | | | |
+-------------------------------+----------------+----------------+------------------+
| | _______ | | |
| | | _______ | _______ |
+-------------------------------+----------------+----------------+------------------+
| | | | |
+-------------------------------+----------------+----------------+------------------+
| Basic and | 0.007p | 0.007p | |
| diluted loss per share | | | 0.014p |
+-------------------------------+----------------+----------------+------------------+
| | _______ | _______ | _______ |
+-------------------------------+----------------+----------------+------------------+
| | | | |
+-------------------------------+----------------+----------------+------------------+
There is no potential dilution on the loss per ordinary share in any of the
reported periods and therefore there is no difference between basic and diluted
earnings per share. As at 31 December 2009 the number of options which could
potentially dilute basic earnings per share in the future was Nil (2008 H1 -
1,166,666,666). These have not been included in the calculation of diluted
earnings per share because they are anti-dilutive for the periods presented. In
addition to share options, as at 31 December 2009, the Company had gross
convertible debt of GBP2,999,000 in issue (2008 H1 - GBP2,785,000), potentially
convertible to 9,996,666,666 (2008 H1 - 9,283,333,333) ordinary shares and PIK
notes issued of GBP1,568,000 (2008 H1 - GBP421,000) potentially convertible to
5,226,666,666 (2008 H1 - 1,403,333,333) ordinary shares, which could dilute
earnings per share in the future. There are also a further 3,068,328,600 (2008
H1 - 3,068,328,600) warrants outstanding which are exercisable, at any time, at
a price of .04p.
Millwall Holdings Plc
Notes forming part of the interim financial statements for the 6 months ended 31
December 2009 (Continued)
_______________________________________________________________________________
__________
4 Share capital
+------------------------------------+------------+-----------------------------+
| | Authorised | |
+------------------------------------+------------+-----------------------------+
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | 31 | 31 | 30 June | 31 | 31 | 30 |
| | December | December | 2009 | December | December | June |
| | 2009 | 2008 | | 2009 | 2008 | 2009 |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | Number | Number | Number | GBP000 | GBP000 | GBP000 |
| | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| Ordinary | 86,881,838,777 | 86,881,838,777 | 86,881,838,777 | 8,688 | 8,688 | 8,688 |
| shares of | | | | | | |
| 0.01p each | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| Deferred | 2,592,087,167 | 2,592,087,167 | 2,592,087,167 | 2,333 | 2,333 | 2,333 |
| shares of | | | | | | |
| 0.09p each | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | ________ | ________ | ______ | ________ | ________ | _______ |
+---------------+----------------+----------------+----------------+----------+----------+---------+
+-------------------------------+-------------------------+---------------------+
| | Allotted, called up and | |
| | fully paid | |
+-------------------------------+-------------------------+---------------------+
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | 31 | 31 | 30 June | 31 | 31 | 30 |
| | December | December | 2009 | December | December | June |
| | 2009 | 2008 | | 2009 | 2008 | 2009 |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | Number | Number | Number | GBP000 | GBP000 | GBP000 |
| | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| Ordinary | 37,501,097,134 | 37,501,097,134 | 37,501,097,134 | 3,750 | 3,750 | 3,750 |
| shares of | | | | | | |
| 0.01p each | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| Deferred | 2,592,087,167 | 2,592,087,167 | 2,592,087,167 | 2,333 | 2,333 | 2,333 |
| shares of | | | | | | |
| 0.09p each | | | | | | |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | _______ | _______ | _______ | _______ | _______ | _______ |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| Total | | | | 6,083 | 6,083 | 6,083 |
+---------------+----------------+----------------+----------------+----------+----------+---------+
| | | | | _______ | _______ | _______ |
+---------------+----------------+----------------+----------------+----------+----------+---------+
5 Interim Results
A copy of these interim results will be made available on the
Company's website www.millwallholdingsplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KKCDQABKDCNB
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