EDL.L Regulatory News (EDL)

29 Jan 2008 07:00

TV Commerce Holdings PLC29 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 indisclosure 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 thecompany to effect the capital reorganisation approved by shareholders at the AGMheld 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 AGMwill enable the Board to return the surplus funds to shareholders and effect anorderly wind down of the Company's affairs." For further information, please contact: TV CommerceVince Stanzione Tel: +44 (0) 1908 330 747 Seymour PierceJohn 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 reorganisationapproved by Shareholders, has enabled the Board to release the interim financialinformation for the period to 30 June 2007; itself representing only two monthstrading, following the closure of the TV Commerce Limited operations in February2007. This approval will enable the Board to effect a reduction in the capital of theCompany, with surplus funds being returned to Shareholders in due course. Thisrepresents 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 inFebruary 2005, the prospects for the Group's business model depended upon thecontinuation of the regulatory regime covering the telecommunications andbroadcasting market then in force. It was disappointing, therefore, that changesto that regime rendered this model unsustainable, at the time when the Group hadbecome profitable. I have no doubt that Shareholder's interests have been preserved by the promptaction of the Board to shut down the operations of TV Commerce Limited and thesteps 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 MinternChairman Consolidated Income StatementFor 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 fromoperations (117,616) (35,442) (183,634) Finance revenue 2,702 - - ---------- ---------- -----------Loss before tax (114,914) (35,442) (183,634) Taxes - - - ---------- ---------- ----------- Loss for the period fromcontinuing operations (114,914) (35,442) (183,634) Profit for the periodfrom discontinuedoperations 79,370 98,858 329,834 ---------- ---------- ----------- Attributable to equityholders of the Group (35,544) 63,416 146,200 ========== ========== =========== Earnings per share 2Continuing anddiscontinued operations (0.06)p 0.10p 0.23pBasic profit/(loss) pershare (0.18)p (0.06)p (0.29)p Consolidated Balance SheetAs 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 assetsProperty, plant and equipment - 14,801 -Current assetsTrade and other receivables 38,744 392,624 437,094Cash and cash equivalents 484,866 81,706 261,310 ---------- ---------- --------- 523,610 474,330 698,404Current liabilitiesTrade and other payables 66,640 79,401 205,890 ---------- ---------- ---------Net current assets 456,970 394,929 492,514 ---------- ---------- ---------Total assets less current 456,970 409,730 492,514liabilities Non-current liabilitiesLong term borrowings - - - ---------- ---------- ---------Net assets 456,970 409,730 492,514 ========== ========== ========= EquityShare capital and premium 1,265,862 1,265,862 1,265,862Other reserves 66,351 66,351 66,351Retained earnings (875,243) (922,483) (839,699) ---------- ---------- ---------Total equity 456,970 409,730 492,514 ========== ========== ========= Consolidated Statement of Changes in EquityFor 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) 346,314Profit for the periodattributable to equityholders - - - 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) 492,514Loss for the periodattributable to equityholders - - - (35,544) (35,544) -------- -------- ------- -------- --------Balance at 30 June 2007 641,796 624,066 66,351 (875,243) 456,970 -------- -------- ------- -------- -------- Consolidated Cash Flow StatementFor 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 operatingactivitiesCash generated / (outflow) fromoperations 170,517 (95,234) 89,791Interest paid - (2,867) -Tax paid - - - ---------- ---------- ------------Net cash generated / (outflow)from operating activities 170,517 (98,101) 89,791 Cash flows from investingactivitiesPurchase of property, plant andequipment - - (10,734)Disposal of property, plant andequipment 48,936 - -Interest received 4,103 - 2,446 ---------- ---------- ------------ 53,039 - (8,288) Cash flows from financingactivitiesNet cash (used in) / from financing - - -activities ---------- ---------- ------------Net increase / (decrease) incash and cash equivalents 223,556 (98,101) 81,503 Cash and cash equivalents atbeginning of year 261,310 179,807 179,807 ---------- ---------- ------------(Decrease )/ increase in netcash in the period 4 484,866 81,706 261,310 ---------- ---------- ------------ Notes to Interim ReportFor the six months ended 30 June 2007 1. Basis of preparation The unaudited financial information comprises the consolidated interim balancesheets as at 30 June 2007 and 30 June 2006 and the related consolidated interimstatements of income, changes in equity and cash flows and related notes for thesix months then ended (the "financial information"). The financial information, including the comparative figures for the year ended31 December 2006, do not constitute statutory financial statements for thepurposes of Section 240 of the Companies Act 1985. A copy of the statutoryfinancial statements for the year ended 31 December 2006, prepared under UKGenerally Accepted Accounting Principles ("UK GAAP"), has been delivered to theRegistrar of Companies and contained an unqualified auditor's report inaccordance 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 UnionRegulations and AIM Rules. The first Annual Report prepared under IFRS will befor the year ended 31 December 2007. IN compliance with IFRS1 'First TimeAdoption of International Financial Reporting Standards', the date of transitionto IFRS is 1 January 2006. The interim financial information has been prepared in accordance with therecognition and measurement of IFRS as endorsed by the European Union. TheDirectors do not consider that there are any significant changes to the Group'saccounting policies (as set out in the 2006 Annual Report) other than thoseresulting from the adoption of IFRS. The transition to IFRS has not altered theprofit, equity or cash flow position of the Group, as previously reported underUK GAAP. 2. Earnings per share The calculation of the basic and diluted earnings per shares is based on thefollowing data: Earnings 30 June 07 30 June 06 31 Dec 06 £ £ £ Continuing and discontinued activities (35,544) 63,416 146,200Continuing 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 beavailable to Shareholders on the Company's web site atwww.thefinancialtrader.net/tvcommerce/ and on request from the Company Secretaryat the Companies registered office. This information is provided by RNS The company news service from the London Stock Exchange