TIDMLUD
RNS Number : 3254K
Ludorum PLC
24 June 2014
24 June 2014
LUDORUM PLC PRELIMINARY RESULTS FOR THE YEAR ENDING 31 MARCH
2014
Ludorum plc, ("Ludorum" or the "Company"), the AIM-listed media
investment company, today announces its results for the year ended
31 March, 2014. The prior accounting period was for 15 months ended
31 March 2013.
Highlights for the year ended 31 March 2014 versus the 15 Months
Period ended March 2013
Turnover GBP4.91m (2013: GBP7.78m)
Broadcast income GBP1.33m (2013: GBP0.58m)
Consumer products revenues GBP3.58m (2013: GBP7.17m)
EBITDA GBP1.12m (2013: GBP0.88m)
Operating profit GBP0.33m (2013: GBP0.01m)
Administrative expenses GBP1.26m (2013: GBP2.49m)
Chuggington has now been licensed for broadcast to 175
countries
A new series of 26 episodes was completed during the year and
production commenced on a further ten episodes for delivery in
2015.
Strong performance in toy sales where new content has been
aired.
Rob Lawes, Chief Executive, said:
"This has been a year of transition for the Company. We have
adjusted our team and our overheads to deal with a changed market
environment, and this strategy is now creating a positive effect on
our profits and cash flow. We were pleased to be able to deliver a
25% increase in EBITDA to GBP1.12m despite a fall in consumer
products revenues. Moving forward, there are some exciting
developments taking place with our new Chuggington series starting
to air on a global basis alongside a very innovative toy range. We
feel that we are in a good position to continue making Chuggington
into the premier evergreen pre-school global train property."
Contacts
Ludorum plc 020 8246 4010
Rob Lawes
Investec Investment Banking (NOMAD) 020 7597 4000
Andrew Pinder
David Flin
CHIEF EXECUTIVE'S REVIEW
Overview
This has been a year of transition for the Company. Whilst we
have seen a year on year decline in revenues from our master toy
partner, driven by the withdrawal of one of the three train systems
in the market, we have seen some encouraging underlying sales
growth in the two remaining systems as a result of the enthusiastic
reception for the new programming content which started to air
towards the end of 2013.
This is the first new content we have delivered to broadcasters
since Spring 2011. This new season delivers even more adventure and
excitement and introduces many new locations and characters. The
first 26 episodes have already commenced broadcast in the UK, US
and Germany and are generating strong ratings. We are also in
production for a further ten episodes for 2015 delivery.
Recently, we have enjoyed some good successes at retail and our
new characters and sets have been performing well. This has led to
increased distribution in key markets where the new content has
been aired. We are also pleased with the continued innovation in
the toy lines which will be reflected in the new product launches
later on in this year and in 2015.
Chuggington
Chuggington is an action packed series of train adventures that
come to life in a vibrant modern world called Chuggington. Wilson
and his friends Brewster and Koko take on exciting challenges that
test their courage, speed and determination. Along the way, they
learn positive values and new skills empowering them to become the
best trainees they can be. To date we have created 118 x 10"
episodes and 46 x 4" shorter episodes. We are in production on a
further 10 x 10" episodes with delivery of these episodes scheduled
for early 2015.
The first Chuggington series was created by Ludorum in 2006 and
has continually and successfully been on air since 2008. We have
concluded broadcast agreements with all leading broadcasters in
their respective territories in 175 countries. The series has
established a highly successful ratings record in many markets
including the UK (BBC -Cbeebies), North America (The Disney
Channel), Germany (Super RTL), France (TF1), Japan (Fuji -TV),
Australia (ABC) and Canada (Treehouse).
Financial Review
In June 2012 we announced that our accounting reference date
would change to 31 March. We do not have a like for like audited
comparison for the 12 month period ending 31 March 2013 and all the
prior year numbers relate to the 15 month period ending 31 March
2013.
Ludorum generated revenues of GBP4.91m for the year ended 31
March 2014 (2013: GBP7.78m). This reduction is mainly the result of
lower reported consumer product revenues of GBP3.58m (GBP7.17m).
Consumer products revenues represented 73% of revenues (2013: 92%)
Broadcast revenues represented 27% of revenues at GBP1.33m (2013:
GBP0.58m).
Europe (including the UK) represented 48% (2013: 39%) of total
revenues at GBP2.35m The Americas represented 33% (2013: 34%) of
revenues at GBP1.64m and Asia/Australasia 19% (2013: 26%) of
revenues at GBP0.92m.
Total administrative expenses were GBP1.26m, a substantial
reduction over the prior period cost of GBP2.49m.
Operating profit for the year was GBP0.33m versus GBP0.01m for
the prior period. EBITDA for the year grew by 25% to GBP1.12m
versus GBP0.88m for the prior period. Both benefitted from the
reduction in administrative expenses referenced above.
Capital expenditure on Chuggington during the period was
GBP1.33m (2013: GBP1.11m).
As at 31 March 2014, the Company had cash and cash equivalents
of GBP0.33m (31 March 2013 GBP0.95m) and bank overdrafts of
GBP0.98m (31 March 2013: GBP0.97m). In June 2014, the Company
renewed its GBP0.75m overdraft facility with Coutts & Co for a
period of six months to 1 December 2014 at which time it will
reduce to GBP0.5m. During the period under review, Coutts & Co
temporarily increased the Company's overdraft facility from
GBP0.75m to GBP1m through January and February 2014 and then
GBP0.9m until 31 March 2014 when it reverted to GBP0.75m.
In March 2012, the Company issued GBP2.75m of loan notes. The
loan notes are held by client funds of Downing LLP and D C Thomson
& Co Limited. The loan notes are repayable in March 2017. If
the Company redeems the loan notes within the first two years the
redemption will be GBP1.25 per GBP1 of loan notes. If the loan
notes are redeemed after two years the loan notes are redeemable at
par. The coupon on all notes is the higher of 7.5% or 3% above
LIBOR for the first three years. After the three years the coupon
is 12.5%.
On the basis of enquiries made by the Directors and in the light
of current financial projections and facilities available, the
Directors have reasonable expectation that the Group has adequate
resources to continue operating for the foreseeable future.
Accordingly, we continue to adopt the going concern basis in
preparing the accounts. In making this assessment the directors
have considered scenarios which in light of the reduced overdraft
facility include a downturn in trading and the implication of
mitigating factors such as further cost reductions.
Outlook
We remain committed to building Chuggington into the premier
evergreen pre-school global train property. We are excited about
the introduction of our new series content alongside some great toy
product lines, and we feel there are excellent opportunities to
make this strategic aim a reality.as we build on our successes to
date.
Rob Lawes
Chief Executive
Ludorum plc
Audited consolidated statement of comprehensive income
For the year For the
Note ended 15 months
31 March ended
2014 31 March
GBP000 2013
GBP000
------------------------------------------------------------- ----------- --------------------- -------------------
Revenue 2 4,912 7,779
------------------------------------------------------------- ----------- --------------------- -------------------
Cost of sales (3,323) (5,276)
------------------------------------------------------------- ----------- --------------------- -------------------
Gross profit 1,589 2,503
------------------------------------------------------------- ----------- --------------------- -------------------
Administrative expenses (1,263) (2,493)
------------------------------------------------------------- ----------- --------------------- -------------------
Operating profit 326 10
------------------------------------------------------------- ----------- --------------------- -------------------
Finance costs - bank and loan interest (142) (162)
------------------------------------------------------------- ----------- --------------------- -------------------
Finance cost (142) (162)
------------------------------------------------------------- ----------- --------------------- -------------------
Profit / (loss) before income tax 184 (152)
------------------------------------------------------------- ----------- --------------------- -------------------
Income tax expense 3 (59) (133)
------------------------------------------------------------- ----------- --------------------- -------------------
Profit / (loss) for the year 125 (285)
------------------------------------------------------------- ----------- --------------------- -------------------
Other comprehensive income /(loss):
Foreign exchange differences which may be recycled
into the statement (19) 6
------------------------------------------------------------- ----------- --------------------- -------------------
Total comprehensive income / (loss) income for the
year 106 (279)
------------------------------------------------------------- ----------- --------------------- -------------------
Basic earnings / (loss) per share 4 1.27p (2.9)p
Diluted earnings / (loss) per share 4 1.23p (2.9)p
------------------------------------------------------------- ----------- --------------------- -------------------
Ludorum plc
Audited b alance sheets as at 31 March 2014
GROUP GROUP
Note 2014 2013
GBP000 GBP000
--------------------------------------------- ------- ----------------- -----------------
Assets
--------------------------------------------- ------- ----------------- -----------------
Non-current assets
--------------------------------------------- ------- ----------------- -----------------
Investments - -
--------------------------------------------- ------- ----------------- -----------------
Property, plant and equipment - 2
--------------------------------------------- ------- ----------------- -----------------
Intangible assets 5 4,493 3,956
--------------------------------------------- ------- ----------------- -----------------
4,493 3,958
--------------------------------------------- ------- ----------------- -----------------
Current assets
--------------------------------------------- ------- ----------------- -----------------
Trade and other receivables 1,791 1,728
--------------------------------------------- ------- ----------------- -----------------
Overseas tax receivable 34 20
--------------------------------------------- ------- ----------------- -----------------
Cash and cash equivalents 328 954
--------------------------------------------- ------- ----------------- -----------------
2,153 2,702
--------------------------------------------- ------- ----------------- -----------------
Liabilities
--------------------------------------------- ------- ----------------- -----------------
Current liabilities
--------------------------------------------- ------- ----------------- -----------------
Overseas tax payable (3,184) (3,363)
--------------------------------------------- ------- ----------------- -----------------
Trade and other liabilities (984) (966)
--------------------------------------------- ------- ----------------- -----------------
Borrowings 6 (4,168) (4,329)
--------------------------------------------- ------- ----------------- -----------------
(2,015) (1,627)
--------------------------------------------- ------- ----------------- -----------------
Net current liabilities
--------------------------------------------- ------- ----------------- -----------------
Non-current liabilities (2,750) (2,750)
--------------------------------------------- ------- ----------------- -----------------
Borrowings 6 (2,750) (2,750)
--------------------------------------------- ------- ----------------- -----------------
(272) (419)
--------------------------------------------- ------- ----------------- -----------------
Net liabilities
--------------------------------------------- ------- ----------------- -----------------
Shareholders' deficit
--------------------------------------------- ------- ----------------- -----------------
Ordinary shares 88 88
--------------------------------------------- ------- ----------------- -----------------
Deferred shares 50 50
--------------------------------------------- ------- ----------------- -----------------
Share premium 9,296 9,296
--------------------------------------------- ------- ----------------- -----------------
Share based payments reserve 2,359 2,318
--------------------------------------------- ------- ----------------- -----------------
Foreign currency translation (27) (8)
--------------------------------------------- ------- ----------------- -----------------
Accumulated losses (12,038) (12,163)
--------------------------------------------- ------- ----------------- -----------------
Equity attributable to owners of the parent (272) (419)
--------------------------------------------- ------- ----------------- -----------------
Ludorum plc
Audited group statement of changes in equity
Attributable to the owners of the
parent
---------------------- -------------------------------------------------------------------------------
Group
2014 Called Share Foreign
up Share Accumulated based currency Total
share Premium losses payments translation deficit
capital GBP000 GBP000 reserve GBP000 GBP000
GBP000 GBP000
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
At 1 April 2013 138 9,296 (12,163) 2,318 (8) (419)
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Profit for the
year - - 125 - - 125
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Other comprehensive
income: - - - - (19) (19)
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Total comprehensive
income / (loss)
for the year - - 125 - (19) 106
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Transactions
with owners:
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Credit relating
to share based
payments reserve - - - 41 - 41
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Total contributions
for distribution
to owners of
the Company
recognised directly
in equity - - - 41 - 41
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
At 31 March
2014 138 9,296 (12,038) 2,359 (27) (272)
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Called Share Foreign
2013 up Share Accumulated based currency Total
Share Premium losses payments translation deficit
capital GBP000 GBP000 reserve GBP000 GBP000
GBP000 GBP000
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
At 1 January
2012 138 9,296 (11,878) 2,212 (14) (246)
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Comprehensive
income:
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Loss for the
period - - (285) - - (285)
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Other comprehensive
income: - - - - 6 6
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Total comprehensive
(loss) / income
for the period - - (285) - 6 (279)
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Transactions
with owners:
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Credit relating
to share based
payments reserve - - - 106 - 106
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Total contributions
for distribution
to owners of
the Company
recognised directly
in equity - - - 106 - 106
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
At 31 March
2013 138 9,296 (12,163) 2,318 (8) (419)
---------------------- ---------- ---------- -------------- ----------- -------------- ----------
Ludorum plc
Audited cash flow statements for the year ended 31 March
2014
Notes GROUP GROUP
---------------------- -------------- --------------------- ------------------
For the year For the
ended 15months
31 March ended
2014 31 March
GBP000 2013
GBP000
---------------------- -------------- --------------------- ------------------
Cash flows
from operating
activities
---------------------- -------------- --------------------- ------------------
Cash generated
from operations 7 637 786
---------------------- -------------- --------------------- ------------------
Interest
paid (142) (162)
---------------------- -------------- --------------------- ------------------
Taxation
paid (73) (176)
---------------------- -------------- --------------------- ------------------
Net cash
generated
from operating
activities 422 448
---------------------- -------------- --------------------- ------------------
Cash flows
from investing
activities
---------------------- -------------- --------------------- ------------------
Investment - -
in subsidiaries
---------------------- -------------- --------------------- ------------------
Investment
in intangible
assets (1,066) (1,212)
---------------------- -------------- --------------------- ------------------
Net cash
used in investing
activities (1,066) (1,212)
---------------------- -------------- --------------------- ------------------
Cash flows
from financing
activities
---------------------- -------------- --------------------- ------------------
Issue of
new loan
stock 6 - 1,250
---------------------- -------------- --------------------- ------------------
Net cash
generated
from financing
activities - 1,250
---------------------- -------------- --------------------- ------------------
Net (decrease)
/ increase
in cash and
cash equivalents
and bank
overdrafts (644) 486
---------------------- -------------- --------------------- ------------------
Cash and
cash equivalents
and bank
overdrafts
at 1 April (12) (498)
---------------------- -------------- --------------------- ------------------
Cash and
cash equivalents
and bank
overdrafts
at 31 March (656) (12)
---------------------- -------------- --------------------- ------------------
Ludorum plc
Notes to the audited preliminary results for the year ended 31
March 2014
1. Basis of preparation
The financial information in this preliminary announcement has
been extracted from the audited financial statements of the Group
for the year ended 31 March 2014. The financial statements were
approved by the board of directors on 23 June 2014 and are prepared
in accordance with IFRS as adopted by the European Union and with
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS. The financial information for the 15 months
period ended 31 March 2013 has been extracted from the audited
financial statements of the Group for that period which have been
delivered to the Registrar of Companies. The auditors' report on
the accounts for 2014 and 2013 were unqualified and did not contain
a statement under section 237(2) or section 237(3) of the Companies
Act 1985.
During 2012, the Company changed its accounting reference date
from 31 December to 31 March and accordingly the previous financial
statements had been prepared for the 15 months period ended 31
March 2013. The accounting reference date was changed to bring it
into line with the accounting year end of our master toy partner,
Tomy.
The basis of preparation of the financial information in both
financial years presented is consistent with the accounting
policies set out in the Group's statutory accounts for the year
ended 31 March 2013. No additional standards or amendments to
existing standards have been adopted by the Group with effect from
1 April 2013.
On the basis of enquiries made by the directors and in the light
of current financial projections and facilities available, the
directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the financial information. In making this assessment
the directors have considered scenarios which in light of the
reduced overdraft facility include a downturn in trading and the
implication of mitigating factors such as further cost
reductions.
2. Segmental reporting
The Group currently has one operating segment, the development
and exploitation of its rights in Chuggington. Management
information used by the CODM is in a format similar to the
Consolidated statement of comprehensive income and Balance sheets.
The CODM is considered to be the Board of Directors.
Revenue by product line
For the year For the 15 months
ended ended
31 March 2014 31 March 2013
GBP000 GBP000
--------------------------- ----------------------- --------------------------
Broadcasting
rights 1,328 581
--------------------------- ----------------------- --------------------------
Consumer products 3,577 7,169
--------------------------- ----------------------- --------------------------
Other 7 29
--------------------------- ----------------------- --------------------------
4,912 7,779
--------------------------- ----------------------- --------------------------
Geographical analysis of revenue by location
For the year For the 15 months
ended ended
31 March 2014 31 March 2013
GBP000 GBP000
---------------------------- ----------------------- --------------------------
UK, Europe,
Middle East
& Africa 2,353 3,068
---------------------------- ----------------------- --------------------------
Asia & Australasia 917 2,032
---------------------------- ----------------------- --------------------------
Americas 1,642 2,679
---------------------------- ----------------------- --------------------------
4,912 7,779
---------------------------- ----------------------- --------------------------
All material assets are located in the UK.
3. Income tax expense
The tax assessed for the year differs from the UK Small
Company's tax rate in the UK. The difference is explained
below:
For the year For the 15
ended months
31 March 2014 ended
GBP000 31 March
2013
GBP000
--------------------------------- ----------------------- -------------------
Current tax
--------------------------------- ----------------------- -------------------
UK taxation - -
--------------------------------- ----------------------- -------------------
Overseas taxation
- withholding taxes 45 100
--------------------------------- ----------------------- -------------------
Overseas taxation
- US income taxes 14 33
--------------------------------- ----------------------- -------------------
Total overseas taxation 59 133
--------------------------------- ----------------------- -------------------
Total current tax
expense 59 133
--------------------------------- ----------------------- -------------------
Deferred taxation - -
--------------------------------- ----------------------- -------------------
Total income tax
expense 59 133
--------------------------------- ----------------------- -------------------
The tax assessed for the year differs from the UK Small
Company's tax rate in the UK. The difference is explained
below:
For the year For the 15
ended months
31 March 2014 ended
GBP000 31 March
2013
GBP000
----------------------------------- ----------------------- -------------------
Profit / (loss) before
taxation 184 (152)
----------------------------------- ----------------------- -------------------
Profit / (loss) before
taxation multiplied
by the weighted-average
rate of UK corporation
tax applicable to
small companies of
20% (2013: 20%) (37) 30
----------------------------------- ----------------------- -------------------
Effects of:
----------------------------------- ----------------------- -------------------
Overseas taxation (59) (133)
----------------------------------- ----------------------- -------------------
Expenses not deductible
for tax purposes (1) (2)
----------------------------------- ----------------------- -------------------
Losses brought forward 38 -
----------------------------------- ----------------------- -------------------
osses available to
carry forward and
other timing differences (28)
----------------------------------- ----------------------- -------------------
Total income tax
expense (59) (133)
----------------------------------- ----------------------- -------------------
4. Earnings / (loss) per share
Basic earnings / (loss) per share ("EPS") is calculated by
dividing the earnings / (loss) attributable to owners of the parent
by the weighted average number of ordinary shares in issue during
the year. Diluted EPS is calculated by adjusting the weighted
average number of shares in issue to assume conversion of all
dilutive potential ordinary shares.
Basic Earnings Weighted Weighted Per-share Per-share
and diluted / (loss) average average amount amount
EPS attributable number number
to owners of shares of shares
of the
parent
GBP000 (basic) (diluted) (pence) (pence)
(basic) (diluted)
--------------------- --------------------- ------------------ ------------------- ------------------ -------------------
2014 125 9,850,001 10,127,819 1.27p 1.23p
--------------------- --------------------- ------------------ ------------------- ------------------ -------------------
2013 (285) 9,850,001 9,971,001 (2.9)p (2.9)p
--------------------- --------------------- ------------------ ------------------- ------------------ -------------------
5. Intangible assets
Group Capitalised
costs
GBP000
---------------------------------- --------------------
Cost
---------------------------------- --------------------
At 1 January 2012 4,768
---------------------------------- --------------------
Additions 1,112
---------------------------------- --------------------
At 31 March 2013 5,880
---------------------------------- --------------------
Additions 1,329
---------------------------------- --------------------
At 31 March 2014 7,209
---------------------------------- --------------------
Accumulated amortisation
---------------------------------- --------------------
At 1 January 2012 1,064
---------------------------------- --------------------
Charge for the period 860
---------------------------------- --------------------
At 31 March 2013 1,924
---------------------------------- --------------------
Charge for the year 792
---------------------------------- --------------------
At 31 March 2014 2,716
---------------------------------- --------------------
Net book value
---------------------------------- --------------------
At 1 January 2012 3,704
---------------------------------- --------------------
At 31 March 2013 3,956
---------------------------------- --------------------
At 31 March 2014 4,493
---------------------------------- --------------------
6. Borrowings
The following borrowings are included in current and non-current
liabilities:
GROUP GROUP
2014 2013
GBP000 GBP000
--------------------------- ---------------- ----------------
Bank overdraft
(see Note 12) 984 966
--------------------------- ---------------- ----------------
Loans 2,750 2,750
--------------------------- ---------------- ----------------
3,734 3,716
--------------------------- ---------------- ----------------
Undrawn borrowing
facilities
--------------------------- ---------------- ----------------
Bank overdraft 49 293
--------------------------- ---------------- ----------------
The Group has an overdraft facility from Coutts & Co of
GBP750,000. The overdraft is secured by a first charge over the
Company's assets (including the Company's intellectual property).
Ludorum has the legal right to set off balances within the Group.
The net position within the group is GBP701,000.
In March 2012 the Company redeemed, at par, GBP1.5m of loan
notes ("old loan notes"), being all of the loan notes in issue.
These old loan notes were held by client funds of Downing LLP. At
the same time the Company issued GBP2.75m of new loan notes.
GBP1.5m of the new loan notes are also held by client funds of
Downing LLP. GBP1.25m of the new loan notes are held by D. C.
Thomson & Co Limited. The new loan notes are repayable in March
2017. If the Company redeems the new loan notes within two years of
issue the redemption will be GBP1.25 per GBP1 of loan notes. If the
new loan notes are redeemed after two years of issue the loan notes
are redeemable at par. The coupon on the new loan notes is the
higher of 7.5% or 3% above LIBOR for the next three years. After
three years the coupon is 12.5%. The new loan notes are secured by
a second charge over the Company's assets and a charge over the
assets of Ludorum Enterprises Limited, a wholly owned subsidiary of
the Company.
The old loan notes held by client funds of Downing LLP were
exchanged for new loan notes and therefore no cash payment was made
to Downing LLP on redemption of the old loan notes. Accordingly,
the cash flow effect of the redemption of the old loan notes and
issue of new loan notes in the period was an inflow of GBP1.25m
arising from the issue of new loan notes to D. C. Thomson & Co
Limited.
7. Cash flows from operating activities
GROUP GROUP
2014 2013
GBP000 GBP000
---------------------------- ---------------- ----------------
Profit / (loss)
for the year 125 (285)
---------------------------- ---------------- ----------------
Adjustments
for:
---------------------------- ---------------- ----------------
Interest paid 142 162
---------------------------- ---------------- ----------------
Tax paid 59 133
---------------------------- ---------------- ----------------
Depreciation
of property,
plant and
equipment 2 26
---------------------------- ---------------- ----------------
Loss on disposal
of property,
plant and
equipment - 8
---------------------------- ---------------- ----------------
Amortisation
of intangible
assets 792 860
---------------------------- ---------------- ----------------
Charge relating
to share based
payments 41 106
---------------------------- ---------------- ----------------
Change in
working capital
---------------------------- ---------------- ----------------
(Increase)
/ decrease
in trade and
other receivables (62) 650
---------------------------- ---------------- ----------------
(Decrease)
/ increase
in trade and
other payables (462) (874)
---------------------------- ---------------- ----------------
Cash generated
by operations 637 786
---------------------------- ---------------- ----------------
8. Reconciliation of net cash flow to movement in net debt
The following borrowings are included in current and non-current
liabilities:
GROUP GROUP
2014 2013
GBP000 GBP000
-------------------- ---------------- ----------------
Net debt at
beginning
of year (3,262) (1,998)
-------------------- ---------------- ----------------
Increase /
(decrease)
in cash and
cash equivalents (626) 453
-------------------- ---------------- ----------------
Decrease /
(increase)
in bank overdraft (18) 33
-------------------- ---------------- ----------------
Issue of loan
notes - (1,750)
-------------------- ---------------- ----------------
Increase in
net debt (644) (1,264)
-------------------- ---------------- ----------------
Net debt at
end of year (3,906) (3,262)
-------------------- ---------------- ----------------
9. Related parties
Included in trade and other liabilities at the end of the year
is GBP135,023 in respect of unpaid remuneration owed to Directors
of the Company and the employer's National Insurance payable on
this remuneration (2013: GBP135,023) and GBP109,358 in respect of
accrued pension costs owed to the Directors (2013: GBP85,358).
Richard Hall, a director if the Company is also a director of D.C.
Thomson Co Ltd, which holds GBP1.25m of loan notes issued by the
Company (see note 14), and of Parragon Books Limited. Parragon
Books Limited has a publishing licence with Ludorum Enterprises
Limited. Parragon Books Limited was owed GBP60,000 at the end of
the year (2013: GBP39,000).
10. Commitments
In 2007 the Company entered into an agreement with Tomy under
the terms of which the toy manufacturer agreed to fund 50% of the
production cost of the Company's animated series "Chuggington" in
return for which it has a global master toy licence and the right
to participate in the net profit of the property. The Company and
Tomy have now jointly funded the production of four series,
comprising 118 x 10 minute episodes and 46 x 4 minute episodes of
Chuggington. The Company and Tomy have also agreed to produce a
fifth series of 10 episodes which started during the year and is
expected to be delivered in 2015. The budget for the series is $3m.
Tomy has agreed to initially fund 100% of the costs of this series
and recover the Company's half share of the production costs from a
reduced toy royalty payment commencing January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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