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Interim Results

14 Sep 2009 07:00

RNS Number : 9378Y
International Brand Licensing PLC
14 September 2009
 



For Immediate Release

14 September 2009

International Brand Licensing plc

("IBL" or "the Company" or "the Group")

Interim Results 

CHAIRMAN'S STATEMENT

I am pleased to report the Group's interim results for the 6 month period ended 30 June 2009. The Group's performance should be considered against the backdrop of a very depressed sporting goods industry, both in the UK and internationally. Several of the key global sports brands have reported record decreases in both top line sales and profitability, whilst the majority of sports retailers have seen their sales and margins eroded by the well documented economic crisis.

 

Highlights: -

During the period the Group reported a loss before taxation of £170,000 (2008: profit of £248,000). There were two main reasons for the reduction in earnings compared with last year:

The prior year interim results included an exceptional profit of £317,000, being the profit generated in June 2008 on the sale of the Admiral trademarks in Turkey;

Reduced royalty income due to the successful Admiral trademark sale in certain territories during the past two years, including both Japan and South Africa during the latter half of 2008.

Since the period end, the Group disposed of its Australian and New Zealand Admiral trademarks for a cash sum of £117,000. These are territories from which the Group had received no royalty payments in recent years.

The Group continues to negotiate with a number of its licensees in relation to the disposal of further trademarks. If successful, this will further strengthen the Group's cash resources and balance sheet in the coming months.

The Group continues to explore new territories where Admiral is not yet represented.

Reduced operating expenses following further cost reductions within the Group.

Although it is disappointing to report a loss for the period, the Board continues to exploit every opportunity in an effort to strengthen the Group's balance sheet. 

Adam ReynoldsChairman

For further information, please contact:

International Brand Licensing plc Tel: 020 7245 1100

Paul Foulger, Finance Director

www.iblplc.com

Zeus Capital Tel: 0161 831 1512

Ross Andrews

 

 

INTERNATIONAL BRAND LICENSING PLC

CONSOLIDATED INCOME STATEMENT

FOR THE 6 MONTHS ENDED 30 JUNE 2009

Unaudited

6 months ended 30 June 2009

Unaudited

6 months ended 30 June 2008

Audited

Year ended

31 December 2008

Notes

£'000

£'000

£'000

Group revenue

143

306

465

Operating expenses

(335)

(90)

(1,474)

Operating (loss) / profit

(192)

216

(1,009)

Operating (loss ) / profit analysed as:

Group revenue

143

306

465

Operating expenses

(305)

(377)

(947)

Operating loss before exceptional items

(162)

(71)

(482)

Exceptional profit on sale of intangible assets

-

317

834

Exceptional impairment of intangible assets

-

-

(1,300)

Share based payments

(30)

(30)

(61)

Operating (loss)/profit after exceptional items

(192)

216

(1,009)

Finance income

23

32

86

Finance costs

(1)

-

-

(Loss)/profit before taxation

(170)

248

(923)

Taxation

-

(36)

(146)

(Loss)/profit from continuing operations

(170)

212

(1,069)

(Loss)/profit from discontinued operations

-

(100)

(238)

(Loss)/profit for the period

(170)

112

(1,307)

(Loss)/earnings per share (basic)

5

(0.51)p

0.34p

(3.9)p

(Loss)/earnings per share (diluted)

5

(0.47)p

0.31p

(3.6)p

 

INTERNATIONAL BRAND LICENSING PLC

 

CONSOLIDATED BALANCE SHEETAS AT 30 JUNE 2009

Unaudited

as at 30

June 2009

Unaudited

as at 30

June 2008

Audited

as at 31 December 2008

Notes

£'000

£'000

£'000

Assets

Non-current assets

Property, plant and equipment

2

6

3

Intangibles

2

2,335

3,498

2,621

Deferred tax assets

62

50

62

Available-for-sale financial assets

271

70

21

Total non-current assets

2,670

3,624

2,707

Current Assets

Inventories

-

90

-

Trade and other receivables

285

619

530

Cash and cash equivalents

2,183

1,341

2,501

Total current assets

2,468

2,050

3,031

Total assets

5,138

5,674

5,738

Liabilities

Current Liabilities

Trade and other payables

(328)

(356)

(457)

Current tax liabilities

(202)

(98)

(211)

Total current liabilities

(530)

(454)

(668)

Net assets

4,608

5,220

5,070

Equity

Issued share capital

336

336

336

Share premium account

3,090

3,090

3,090

Other reserve

244

244

244

Foreign currency reserves

1,176

195

1,483

Retained Earnings

(238)

1,355

(83)

Total Shareholders' Equity

4,608

5,220

5,070

The financial statements were approved by the Board of Directors on 14 September 2009.

Paul FoulgerDirector

INTERNATIONAL BRAND LICENSING PLC

CONSOLIDATED CASH FLOW STATEMENT

FOR THE 6 MONTHS ENDED 30 JUNE 2009

Unaudited

 6 months ended 30 June 2009

Unaudited

 6 months ended 30 June 2008

Audited

 Year to 31

 December

2008

£'000

£'000

£'000

Operating activities

Operating (loss)/profit after exceptional items

(192)

216

(1,009)

Loss from discontinued operations

-

(100)

(238)

Depreciation

1

-

3

Exceptional impairment of intangible assets

-

-

1,300

Exceptional profit on sale of intangible asset

-

(317)

(834)

(Increase)/decrease in receivables

242

(92)

(3)

Increase/(decrease) in payables

(146)

(136)

(65)

(Increase)/decrease in inventories

-

20

110

Foreign currency translation

(25)

-

73

Share-based payment

30

30

61

Taxes paid

-

(66)

(45)

Net cash (used in) / generated by operating activities 

(90)

(445)

(647)

Investing Activities

Interest received

23

32

86

Net proceeds on sale of intangible asset

-

317

1,625

Purchase of listed investments

(250)

-

-

Net cash generated by investing activities

(227)

349

1,711

Financing Activities

Interest paid

(1)

-

-

Net cash used in financing activities

(1)

-

-

Net (decrease)/increase in cash and cash equivalents

(318)

(96)

1,064

Cash and cash equivalents at beginning of period

2,501

1,437

1,437

Cash and cash equivalents at end of period

2,183

1,341

2,501

 

INTERNATIONAL BRAND LICENSING PLC

 

STATEMENT OF CHANGES IN EQUITYFOR THE PERIOD ENDED 30 JUNE 2009

Share

Capital

Share

Premium

Other Reserve

Foreign Currency Reserve

Retained earnings

Total equity

£'000

£'000

£'000

£'000

£'000

£'000

At 1 January 2008

336

3,090

244

63

1,243

4,976

Profit for the period

-

-

-

-

112

112

Exchange difference

-

-

-

132

-

132

At 30 June 2008

336

3,090

244

195

1,355

5,220

Loss for the period

-

-

-

-

(1,419)

(1,419)

Fair value adjustment in respect of available-for-sale financial assets

-

-

-

-

(49)

(49)

Share based payment

-

-

-

-

30

30

Exchange Difference

-

-

-

1,288

-

1,288

At 1 January 2009 

336

3,090

244

1,483

(83)

5,070

Loss for the period

-

-

-

-

(170)

(170)

Share based payment

-

-

-

-

15

15

Exchange Difference

-

-

-

(307)

-

(307)

At 30 June 2009

336

3,090

244

1,176

(238)

4,608

INTERNATIONAL BRAND LICENSING PLC

NOTES FORMING PART OF THE INTERIM FINANCIAL STATEMENTS

1. General Information

International Brand Licensing plc is a public limited company incorporated in the United Kingdom (Registration Number 04347937). The address of the registered office is 14 Kinnerton Place SouthLondon SW1X 8EH. The principal activity of the Company is that of developing and exploiting a portfolio of sports and lifestyle brands, trademarks and logos.

The comparative figures included in this report for the six months ended 30 June 2008 are unaudited. The twelve months to 31 December 2008 are audited.

The financial information in this statement does not constitute statutory accounts under Section 434 of Companies Act 2006 and was not subject to a formal review by the auditors. The financial information in respect of the year ended 31 December 2008 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain any statement under Section 498 (2) or 3 of the Companies Act 2006.

The interim financial information has been prepared on a basis consistent with the accounting policies set out in the Group's statutory accounts for the year ended 31 December 2008. Fixed annual charges are apportioned to the interim period on the basis of time elapsed. Other expenses are accrued in accordance with the same principles used in the preparation of the annual accounts.

2.  Intangible assets

Intangible assets represent acquired trademarks and are recorded at historic cost. No amortisation is charged as they are regarded as having infinite lives. The annual results reflect the expenditure incurred in the support and development of these brands. In addition, the trademarks are supported by the existence of international licensee agreements, which establish obligations as to guaranteed minimum licence income and marketing arrangements with the view to maximising long-term growth. The directors believe that the licence agreements will be renewed at the end of their legal expiry dates and that the value of the trademarks will be maintained. The carrying values are reviewed annually and written down to the estimated recoverable amount as necessary.

3.  Share-based payment

The group operates share incentive and option schemes for directors and employees. For all share awards the fair value as at the date of grant is calculated using an option pricing model and the charge to the income statement is recognised as a staff cost over the vesting period.

 

4. Segmental reporting

The board considers that the Group has a single business segment which generates income by licensing its two brands. The revenue, expenditure and result reported in the income statement and the assets and liabilities reported in the balance sheet all relate to this single segment. An analysis of turnover by geographical destination is given below:

Unaudited

6 months

ended 30

June 2009

Unaudited

6 months

ended 30

June 2008

Audited

Year ended

31 December 2008

£000

£000

£000

United Kingdom

51

142

190

Europe and Scandinavia

25

26

30

North America

45

33

134

Asia

17

89

95

Rest of the World

5

16

16

143

306

465

 

INTERNATIONAL BRAND LICENSING PLCNOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)

5. Earnings per share

Earnings per share has been calculated using the weighted average number of shares in issue during the relevant financial period. The weighted number of equity shares in issue and the earnings, being the (loss)/profit after tax, are as follows:

Unaudited

6 months ended 30 June 2009

Unaudited

6 months ended 30 June 2008

Audited year ended 31 December 2008

Number

Number

Number

Weighted average number of shares (ordinary)

33,593,353

33,593,353

33,593,353

Weighted average number of shares (dilutive)

36,218,353

36,218,353

36,218,353

(Loss)/Profit for the period/year

£'000

(170)

£'000

112

£'000

(1,307)

(Loss)/earnings per 1p ordinary share (basic)

(0.51)p

0.34p

(3.9)p

(Loss)/earnings per 1p ordinary share (basic)

(0.47)p

0.31p

(3.6)p

6. Dividends

There were no dividends provided or paid during the six months. 

7. International Brand Licensing AG

The results of International Brand Licensing AG are consolidated in the Interim financial statements and are shown below:

International Brand Licensing AG - Income Statement

Unaudited

6 months ended 30 June 2009

Unaudited

6 months ended 30 June 2008

Audited

Year ended

 31 December 2008

£'000

£'000

£'000

Revenue

143

306

465

Operating expenses

(157)

(233)

(268)

Operating (loss)/profit before exceptional items

(14)

73

197

Exceptional profit on sale of intangible asset

-

317

266

Income tax expenses

-

(1)

(121)

(Loss)/profit for the period

(14)

389

342

 

INTERNATIONAL BRAND LICENSING PLCNOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)

International Brand Licensing AG - Balance Sheet

Unaudited

 as at 30

 June 2009

Unaudited

 as at 30

 June 2008

Audited

 as at 31 December 2008

£'000

£'000

£'000

Assets

Non-current assets

Property, plant and equipment

2

5

3

Intangibles

2,335

3,294

2,621

Total non-current assets

2,337

3,299

2,624

Current Assets

Trade and other receivables

248

475

467

Cash and cash equivalents

32

214

108

Total current assets

280

689

575

Total assets

2,617

3,988

3,199

Liabilities

Current Liabilities

Trade and other payables

(601)

(2,341)

(920)

Current tax liabilities

(171)

-

(192)

Total current liabilities

(772)

(2,341)

(1,112)

Net assets

1,845

1,647

2,087

Equity

Issued share capital

65

65

65

Retained Earnings

1,780

1,582

2,022

Total Shareholders' Equity

1,845

1,647

2,087

8 Company website

A copy of this announcement is available from the Company's website, being www.iblplc.com.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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