RNS Number : 8910X
Tinopolis PLC
30 June 2008
TINOPOLIS PLC
("TINOPOLIS" or the "COMPANY")
INTERIM RESULTS FOR THE SIX MONTHS TO 31st MARCH 2008
Financial Highlights:
* Turnover �30.3m, down 4% (2007: �31.6m)
* Profit from Operating Activities �1.71m, up 125% (2007: �0.76m)
* Profit before tax of �1.88m, up 96% (2007: �0.96m)
* Basic Earnings Per Share 1.4p, up 100% (2007: 0.7p)
* Net cash outflow from operating activities �0.66m (2007: -�0.8m)
* Cash and cash equivalents at end of period is �9.3m (2007: �11.5m)
Commenting on the results, Ron Jones, Executive Chairman said:
"I am pleased to report that Tinopolis is continuing to show the steady and progressive improvement in its performance that has been
evident since our purchase of The Television Corporation two years ago. All parts of our business are doing well and Mentorn, our biggest
management challenge, continues to be on the improvement schedule we set out for it at acquisition.
Since the end of the period, a recommended offer has been made for the Company at a price of 45 pence per share. Shareholder and Court
approval for the scheme of arrangement was obtained on 16 June 2008 and the effective date of the scheme is expected to be 10 July 2008,
following which time Tinopolis will cease to trade on AIM.
For further information, please contact:
Tinopolis Plc. 01554 880880
Ron Jones, Executive Chairman
Arwel Rees, Managing Director
Mantra PR
Nick Bishop 020 7438 4910
Post Balance Sheet Events
Shareholders will be aware that on 9 May 2008 the Independent Director of Tinopolis and the board of Red Dragon Acquisitions Limited
("Bidco") announced that they had reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share
capital of Tinopolis by Bidco. Bidco is a newly incorporated company which has been formed, and is controlled, by investment partnerships
advised by Vitruvian Partners for the purposes of making the Acquisition.
The acquisition is to be implemented by a Scheme of Arrangement under Part 26 of the Companies Act 2006 entitling Scheme Shareholders to
receive 45 pence in cash for each Scheme Share. The Acquisition values the entire issued and to be issued share capital of Tinopolis at
approximately �44.7 million.
The Scheme has been approved by shareholders. The Acquisition remains subject to certain conditions which are set out in the Scheme
Document, including the sanction of the Scheme by the Court. It is anticipated that the hearing by the Court to sanction the Scheme will be
held on 7 July 2008 and that the hearing by the Court to confirm the Reduction of Capital comprised in the Scheme is expected to be held on
9 July 2008. The Effective Date of the Scheme and the date of the cancellation of Tinopolis Shares are expected to be 10 July 2008
Ron Jones Arwel Rees
Executive Chairman Managing Director
30th June 2008
TINOPOLIS PLC
CONSOLIDATED INCOME STATEMENT
SIX MONTHS ENDED 31 MARCH 2008
Unaudited six Unaudited six Year ended 30
months ended months ended 31 September 2007
Notes 31 March March 2007
2008
�000 �000 �000
Revenue 30,299 31,620 65,981
Cost of sales (21,719) (25,739) (52,608)
Gross profit 8,580 5,881 13,373
Administrative expenses (6,867) (5,123) (11,196)
Profit from operating 1,713 758 2,177
activities
Finance expenses (8) (7) (14)
Finance income 176 210 399
Profit before income tax 1,881 961 2,562
Income tax expense 2 (546) (279) (723)
Profit for the period 1,335 682 1,839
Attributable to:
Equity holders of the parent 1,299 641 1,728
company
Minority interest 36 41 111
Earnings per share - basic 3 1.4p 0.7p 1.8p
Earnings per share - diluted 3 1.3p 0.6p 1.7p
TINOPOLIS PLC
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2008
Unaudited as at 31 Unaudited as at 31 As at 30 September
March March 2007 2007
2008
�000 �000 �000
Assets
Property, plant and equipment 6,229 4,287 6,487
Intangible assets - goodwill 23,813 21,922 25,013
Intangible assets- learning 1,331 - 643
content
Total non-current assets 31,373 26,209 32,143
Current assets
Inventories 146 - 174
Trade and other receivables 16,072 9,688 13,505
Cash and cash equivalents 11,059 13,485 12,418
Total current assets 27,277 23,173 26,097
Total assets 58,650 49,382 58,240
Equity
Issued capital 1,989 1,989 1,989
Share premium 24,157 24,157 24,157
Reserves 607 607 607
Reserve for own shares (1,612) (1,862) (1,612)
Retained earnings 6,241 3,842 4,936
Total equity attributable to 31,382 28,733 30,077
equity holders of the parent
company
Minority interests 172 81 151
Total equity 31,554 28,814 30,228
Non-current liabilities
Loans and borrowings 94 17 129
Other payables - 617 505
Deferred tax liabilities 285 261 285
Total non-current liabilities 379 895 919
Current liabilities
Bank overdrafts 1,726 2,013 1,329
Loans and borrowings 80 29 75
Current income tax payable 1,276 1,066 2,390
Trade and other payables 23,635 16,565 23,299
Total current liabilities 26,717 19,673 27,093
Total liabilities 27,096 20,568 28,012
Total equity and liabilities 58,650 49,382 58,240
TINOPOLIS PLC
CONSOLIDATED CASH FLOW STATEMENT
SIX MONTHS ENDED 31 MARCH 2008
Unaudited six Unaudited six months Year ended 30
months ended ended 31 March 2007 September 2007
31 March
2008
�000 �000 �000
Profit for the period 1,335 682 1,839
Adjustments for:
Depreciation and amortisation 814 484 1,150
Net finance income (168) (203) (385)
Loss / (Gain) on sale of - 101 (2)
property, plant and equipment
Equity settled share-based 6 6 63
payments
Taxation 546 279 723
Operating cash flow before 2,533 1,349 3,388
changes in working capital and
provisions
Change in inventories 28 - 42
Change in accounts receivable (2,567) (742) (2,575)
Change in accounts payable (327) 507 4,277
(333) 1,114 5,132
Interest paid (8) (7) (14)
Income taxes paid (317) (310) (331)
Income taxes received - - 884
Net cash from operating (658) 797 5,671
activities
Net (cash paid) cash acquired - (53) (2,897)
with subsidiaries
Payments to acquire property, (1,244) (577) (3,390)
plant and equipment
Receipts from sales of - 24 51
property, plant and equipment
Interest received 176 210 399
Net cash from investing (1,068) (396) (5,837)
activities
Repayment of borrowings - (568) (568)
Payment of finance lease (44) (44) (67)
liabilities
Finance Lease additions 14 - 207
Own shares acquired - (1,862) (1,862)
Net cash used in financing (30) (2,474) (2,290)
activities
Net decrease in cash and (1,756) (2,073) (2,456)
cash equivalents
Cash and cash equivalents at 11,089 13,545 13,545
start of period
Cash and cash equivalents at 9,333 11,472 11,089
end of period
TINOPOLIS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 March 2008
Attributable to equity holders of the parent company
March 2008 Share capital Share premium Merger reserve Reserve for own Retained earnings Total
Minority interest Total equity
shares
�000 �000 �000 �000 �000 �000
�000 �000
Balance at 1 October 2007 1,989 24,157 607 (1,612) 4,936 30,077
151 30,228
Profit for the period - - - - 1,299 1,299
36 1,335
Dividends paid - - - - - -
(15) (15)
Equity-settled share-based - - - - 6 6
- 6
payments
Balance at 31 March 2008 1,989 24,157 607 (1,612) 6,241 31,382
172 31,554
Attributable to equity holders of the parent company
March 2007 Share capital Share premium Merger reserve Reserve for own Retained earnings Total
Minority interest Total equity
shares
�000 �000 �000 �000 �000 �000
�000 �000
Balance at 1 October 2006 1,989 24,147 607 - 3,195 29,938
60 29,998
Profit for the period - - - - 641 641
41 682
Dividends paid - - - - - -
(20) (20)
Equity-settled share-based - - - - 6 6
- 6
payments
Shares issued - 10 - - - 10
- 10
Own shares acquired - - - (1,862) - (1,862)
- (1,862)
Balance at 31 March 2007 1,989 24,157 607 (1,862) 3,842 28,733
81 28,814
Attributable to equity holders of the parent company
September 2007 Share capital Share premium Merger reserve Reserve for own Retained earnings Total
Minority interest Total equity
shares
�000 �000 �000 �000 �000 �000
�000 �000
Balance at 1 October 2006 1,989 24,147 607 - 3,195 29,938
60 29,998
Profit for the period - - - - 1,728 1,728
111 1,839
Dividends paid - - - - - -
(20) (20)
Equity-settled share-based - - - - 13 13
- 13
payments
Shares issued - 10 - - - 10
- 10
Own shares acquired - - - (1,862) - (1,862)
- (1,862)
Own shares issued on - - - 250 - 250
- 250
acquisition
Balance at 30 September 2007 1,989 24,157 607 (1,612) 4,936 30,077
151 30,228
Notes to the interim accounts
1 Accounting policies
Basis of preparation
The condensed consolidated interim financial statements for the six months ended 31 March 2008 have been prepared under applicable
International Financial Reporting Standards adopted by the European Union ("IFRS"), which include International Accounting Standards ("IAS")
and interpretations issued by the International Accounting Standards Board ("IASB") and its committees, which are expected to be endorsed by
the European Union.
The financial information included in this document is unaudited and does not comprise statutory accounts within the meaning of section
240 of the Companies Act 1985. The comparative figures for the financial year ended 30 September 2007 are extracted from the statutory
financial statements for that year which have been filed with the Registrar of Companies and on which the auditor gave an unqualified
report, without any statement under section 237(2) or (3) of the Companies Act 1985.
The principal accounting policies shown in the financial statements for the year ended September 2007 have been applied consistently in
dealing with items which are considered material in relation to the group's financial statements. The financial statements have been
prepared on the historical cost basis. These accounting policies have been applied consistently across the group for the purposes of these
consolidated financial statements.
2 Taxation charge
Taxation for the six months to 31 March 2008 is based on the effective rate of taxation which is estimated to apply for the year ending
30 September 2008.
Unaudited six Unaudited six months Year ended 30
months ended ended 31 March 2007 September 2007
31 March
2008
�000 �000 �000
UK taxation at standard rate 546 279 553
Deferred taxation - - 170
546 279 723
3 Earnings per share
Unaudited six Unaudited six months Year ended 30
months ended ended 31 March 2007 September 2007
31 March
2008
�000 �000 �000
Profit for the period 1,299 641 1,728
attributable to equity holders
Weighted average number of 95,465,888 97,699,336 96,467,884
shares - basic
Earnings per share - basic 1.4p 0.7p 1.8p
Weighted average number of 99,627,960 101,757,426 100,669,734
shares - diluted
Earnings per share - diluted 1.3p 0.6p 1.7p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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