RNS Number:7055M
TV Commerce Holdings PLC
29 January 2008
Tuesday 29 January 2008
TV Commerce Holdings PLC
TV Commerce Holdings PLC ("TV Commerce" or the "Group"), the AIM-listed media
and entertainment company, today reports its Interim Results for the six months
ended 30 June 2007.
Highlights / recent activity
* Closure of TV Commerce Limited on 28 February 2007, results in
disclosure of results as discontinued business.
* Net assets of the Group at 30 June 2007 were �456,970.
* Sanction of the High Court received on 23 January 2008, enabling the
company to effect the capital reorganisation approved by shareholders at the AGM
held on 10 August 2007.
Commenting on the results TV Commerce Chief Executive Vince Stanzione said:
"The approval of the High Court to the capital reorganisation passed at the AGM
will enable the Board to return the surplus funds to shareholders and effect an
orderly wind down of the Company's affairs."
For further information, please contact:
TV Commerce
Vince Stanzione Tel: +44 (0) 1908 330 747
Seymour Pierce
John Depasquale Tel: +44 (0) 207 107 8000
Chairman's statement
For the six months ended 30 June 2007
The approval of the High Court on 23 January 2008, to the capital reorganisation
approved by Shareholders, has enabled the Board to release the interim financial
information for the period to 30 June 2007; itself representing only two months
trading, following the closure of the TV Commerce Limited operations in February
2007.
This approval will enable the Board to effect a reduction in the capital of the
Company, with surplus funds being returned to Shareholders in due course. This
represents the conclusion of what has been a difficult period for the Group.
At the time the Company's shares were first admitted to trading on AIM in
February 2005, the prospects for the Group's business model depended upon the
continuation of the regulatory regime covering the telecommunications and
broadcasting market then in force. It was disappointing, therefore, that changes
to that regime rendered this model unsustainable, at the time when the Group had
become profitable.
I have no doubt that Shareholder's interests have been preserved by the prompt
action of the Board to shut down the operations of TV Commerce Limited and the
steps taken to ensure that the remaining funds are returned as soon as possible.
I would like to thank my fellow directors for their support during this period.
Andy Mintern
Chairman
Consolidated Income Statement
For the six months ended 30 June 2007
Notes Six months Six months Year ended 31 Dec
to 30 June to 30 June 2006
2007 2006 �
� �
Unaudited Restated Restated
Revenue - - -
Cost of sales - - -
---------- ---------- -----------
Gross profit - - -
Administration expenses (117,616) (35,442) (183,634)
---------- ---------- -----------
Group loss from
operations (117,616) (35,442) (183,634)
Finance revenue 2,702 - -
---------- ---------- -----------
Loss before tax (114,914) (35,442) (183,634)
Taxes - - -
---------- ---------- -----------
Loss for the period from
continuing operations (114,914) (35,442) (183,634)
Profit for the period
from discontinued
operations 79,370 98,858 329,834
---------- ---------- -----------
Attributable to equity
holders of the Group (35,544) 63,416 146,200
========== ========== ===========
Earnings per share 2
Continuing and
discontinued operations (0.06)p 0.10p 0.23p
Basic profit/(loss) per
share (0.18)p (0.06)p (0.29)p
Consolidated Balance Sheet
As at 30 June 2007
Notes As at As at As at
30 June 30 June 31 Dec
2007 2006 2006
� � �
Unaudited Restated Restated
Non-current assets
Property, plant and equipment - 14,801 -
Current assets
Trade and other receivables 38,744 392,624 437,094
Cash and cash equivalents 484,866 81,706 261,310
---------- ---------- ---------
523,610 474,330 698,404
Current liabilities
Trade and other payables 66,640 79,401 205,890
---------- ---------- ---------
Net current assets 456,970 394,929 492,514
---------- ---------- ---------
Total assets less current 456,970 409,730 492,514
liabilities
Non-current liabilities
Long term borrowings - - -
---------- ---------- ---------
Net assets 456,970 409,730 492,514
========== ========== =========
Equity
Share capital and premium 1,265,862 1,265,862 1,265,862
Other reserves 66,351 66,351 66,351
Retained earnings (875,243) (922,483) (839,699)
---------- ---------- ---------
Total equity 456,970 409,730 492,514
========== ========== =========
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2007
Share Share Merger Retained Total
Capital Premium Reserve Earnings Equity
� � � � �
Balance at 1 January 2006 641,796 624,066 66,351 (985,899) 346,314
Profit for the period
attributable to equity
holders - - - 63,416 63,416
-------- -------- ------- -------- --------
Balance at 30 June 2006 641,796 624,066 66,351 (922,483) 409,730
-------- -------- ------- -------- --------
Balance at 1 January 2007 641,796 624,066 66,351 (839,699) 492,514
Loss for the period
attributable to equity
holders - - - (35,544) (35,544)
-------- -------- ------- -------- --------
Balance at 30 June 2007 641,796 624,066 66,351 (875,243) 456,970
-------- -------- ------- -------- --------
Consolidated Cash Flow Statement
For the six months ended 30 June 2007
Notes Six Six Year ended
months months
to 30 to 30 31 Dec
June June
2007 2006 2006
� � �
Unaudited Restated Restated
Cash flows from operating
activities
Cash generated / (outflow) from
operations 170,517 (95,234) 89,791
Interest paid - (2,867) -
Tax paid - - -
---------- ---------- ------------
Net cash generated / (outflow)
from operating activities 170,517 (98,101) 89,791
Cash flows from investing
activities
Purchase of property, plant and
equipment - - (10,734)
Disposal of property, plant and
equipment 48,936 - -
Interest received 4,103 - 2,446
---------- ---------- ------------
53,039 - (8,288)
Cash flows from financing
activities
Net cash (used in) / from financing - - -
activities
---------- ---------- ------------
Net increase / (decrease) in
cash and cash equivalents 223,556 (98,101) 81,503
Cash and cash equivalents at
beginning of year 261,310 179,807 179,807
---------- ---------- ------------
(Decrease )/ increase in net
cash in the period 4 484,866 81,706 261,310
---------- ---------- ------------
Notes to Interim Report
For the six months ended 30 June 2007
1. Basis of preparation
The unaudited financial information comprises the consolidated interim balance
sheets as at 30 June 2007 and 30 June 2006 and the related consolidated interim
statements of income, changes in equity and cash flows and related notes for the
six months then ended (the "financial information").
The financial information, including the comparative figures for the year ended
31 December 2006, do not constitute statutory financial statements for the
purposes of Section 240 of the Companies Act 1985. A copy of the statutory
financial statements for the year ended 31 December 2006, prepared under UK
Generally Accepted Accounting Principles ("UK GAAP"), has been delivered to the
Registrar of Companies and contained an unqualified auditor's report in
accordance with Section 235 of the Companies Act 1985.
TV Commerce Holdings Plc has adopted International Financial Reporting Standards
("IFRS") with effect from the 1 January 2007, in accordance with European Union
Regulations and AIM Rules. The first Annual Report prepared under IFRS will be
for the year ended 31 December 2007. IN compliance with IFRS1 'First Time
Adoption of International Financial Reporting Standards', the date of transition
to IFRS is 1 January 2006.
The interim financial information has been prepared in accordance with the
recognition and measurement of IFRS as endorsed by the European Union. The
Directors do not consider that there are any significant changes to the Group's
accounting policies (as set out in the 2006 Annual Report) other than those
resulting from the adoption of IFRS. The transition to IFRS has not altered the
profit, equity or cash flow position of the Group, as previously reported under
UK GAAP.
2. Earnings per share
The calculation of the basic and diluted earnings per shares is based on the
following data:
Earnings 30 June 07 30 June 06 31 Dec 06
� � �
Continuing and discontinued activities (35,544) 63,416 146,200
Continuing activities (114,914) (35,442) (183,634)
--------- --------- --------
Number of shares 30 June 07 30 June 06 31 Dec 06
Weighted average number of shares 64,179,632 64,179,632 64,179,632
--------- --------- --------
3. Copies of the Interim Statement
Pursuant to Rule 20 of the AIM rules, copies of the Interim Statement will be
available to Shareholders on the Company's web site at
www.thefinancialtrader.net/tvcommerce/ and on request from the Company Secretary
at the Companies registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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