Independent Media Support Group PLC
25 September 2007
FOR IMMEDIATE RELEASE
25 SEPTEMBER 2007
INDEPENDENT MEDIA SUPPORT GROUP PLC
('IMS' or the 'Company')
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2007
GROUP HIGHLIGHTS
IMS today announces its interim results for the 6 months to 30 June 2007.
Financial Results
Turnover £2,794,000 2006: £3,014,000
Pre Tax Profit £86,000 2006: £292,000
Operational Highlights
Subtitling volumes up, mitigating against reduced prices;
Number of television channels mandated to provide media access services to be
reduced in 2008;
Continued strong performance in Welsh-English translation.
Chairman Sylvia Sheridan said:
'It is encouraging that IMS has returned a modest profit in the first half of
the year. IMS has continued to demonstrate that it can service the increasing
demands of major UK and international broadcasters for high volumes of media
access and localisation services.'
Contacts:
IMS Tel: 020 7440 5400
Sylvia Sheridan, Executive Chairman
Mark Robinson, Managing Director
Beaumont Cornish Limited Tel: 020 7628 3396
Michael Cornish
INDEPENDENT MEDIA SUPPORT GROUP PLC
CHAIRMAN'S STATEMENT
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2007
SUMMARY OF RESULTS
Six Months to Six Months to Year to 31
30 June 2007 30 June 2006 December 2006
£'000 £'000 £'000
Turnover 2,794 3,014 5,403
Profit/(loss) before Tax 86 292 (1,267)
Profit/(loss) after Tax 67 212 (1,258)
Earnings per Share (pence)
Basic 0.26 0.81 (4.82)
Diluted 0.25 0.79 (4.72)
FINANCE AND CASH FLOW
As I highlighted in the 2006 Annual Report, the Group's trading in first half of
2007 has been encouraging. Turnover has increased by 7% over the second half of
2006 and, after a loss of £419,000 in the same period (excluding goodwill
impairment), there has been a return to modest profitability.
The losses in the second half of 2006 also impacted on the Group's cash flow.
However, I am pleased to note that this first half return to profitability has
similarly improved the Group's cash position.
The adoption of IFRS for the first time has resulted in one major variation from
the previous GAAP requirements in that goodwill is no longer written off on a
straight-line basis but is subject to impairment review. Having written down the
Group's goodwill at the end of 2006, the Board is of the opinion that no further
impairment is required at this stage. Under UK GAAP the amortisation charge
would have been £119,000 for the first six months.
OPERATING REPORT AND CURRENT TRADING
With new contract terms coming into effect with a major customer in the second
half of 2006, profitability was always going to be dependent on higher volumes
of subtitling, which, within media access services, is the major income stream
for the Group, offsetting the reduction in prices. The volume of subtitles
produced by IMS in the first six months of the year increased by 75% over the
same period in 2006 and, at least in the medium term, it is envisaged that
growth will continue under Ofcom mandated targets. However, shareholders should
be aware that the total number of channels required to provide television access
services in 2008 has shrunk under Ofcom's dual criteria of audience share and
affordability and this trend, if continued, may have some impact on the Group's
results in future years.
At the time of the 2006 Annual Report, I also highlighted IMS's work for another
major international broadcaster in handling localisation for its channel
launches across Europe and I am delighted that this work continues.
I am also pleased to note that the Group's subsidiary, Trosol, a market leader
in Welsh-English translation with a strong customer base consisting primarily of
government agencies, continues to perform well.
SYLVIA SHERIDAN O.B.E.
Chairman
25 September 2007
INDEPENDENT MEDIA SUPPORT GROUP PLC
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months to Six months to Year to 31
30 June 2007 30 June 2006 December 2006
Note £'000 £'000 £'000
Revenue 2,794 3,014 5,403
Cost of sales (1,747) (1,590) (3,336)
------------- ------------- -------------
GROSS PROFIT 1,047 1,424 2,067
Administrative expenses (961) (1,122) (3,319)
------------- ------------- -------------
OPERATING PROFIT/(LOSS) 86 302 (1,252)
Finance income 9 13 24
Finance costs (9) (23) (39)
------------- ------------- -------------
PROFIT/(LOSS) BEFORE TAX 86 292 (1,267)
Tax (charge)/credit (19) (80) 9
------------- ------------- -------------
PROFIT/(LOSS) ATTRIBUTABLE
TO EQUITY HOLDERS OF THE
PARENT COMPANY FOR THE
PERIOD 67 212 (1,258)
============= ============= =============
EARNINGS/(LOSS) PER SHARE
BASIC 3 0.26p 0.81p (4.82)p
============= ============= =============
DILUTED 3 0.25p 0.79p (4.72)p
============= ============= =============
All of the activities of the group are classed as continuing.
INDEPENDENT MEDIA SUPPORT GROUP PLC
CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS AT 30 JUNE 2007
At 30 June At 30 June At 31
2007 2006 December 2006
£'000 £'000 £'000
----------------------------------- ---------- ---------- ----------
ASSETS
Non-current assets
Property, plant and equipment 407 525 449
Goodwill 3,000 4,258 3,000
------------- ------------- ------------
3,407 4,783 3,449
------------- ------------- ------------
Current assets
Trade and other receivables 1,386 1,546 1,525
Cash and cash equivalents 389 825 275
------------- ------------- ------------
1,775 2,371 1,800
------------- ------------- ------------
Total assets 5,182 7,154 5,249
============= ============= =============
EQUITY
Capital and reserves attributable to
equity holders of the parent company
Called up share capital 652 652 652
Share premium account 4,741 4,741 4,741
Other reserve 60 87 66
Retained earnings (1,272) 131 (1,339)
------------- ------------- ------------
Total equity 4,181 5,611 4,120
------------- ------------- ------------
LIABILITIES
Non-current liabilities
Long-term borrowings - 250 -
Deferred tax liabilities 3 16 4
------------- ------------- ------------
3 266 4
------------- ------------- ------------
Current liabilities
Trade and other payables 717 886 863
Current portion of long-term
borrowings 250 250 250
Current tax liabilities 31 141 12
------------- ------------- ------------
998 1,277 1,125
------------- ------------- ------------
Total liabilities 1,001 1,543 1,129
------------- ------------- ------------
Total equity and liabilities 5,182 7,154 5,249
============= ============= =============
INDEPENDENT MEDIA SUPPORT GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Share Capital Share Premium Other reserve Retained Earnings Total
£'000 £'000 £'000 £'000 £'000
-------------- -------------- -------------- --------------- ---------------
Balance at 1
January 2006 652 4,741 109 (81) 5,421
Profit for the
period - - - 212 93
Employee share
option credit - - (22) - (22)
-------------- -------------- -------------- --------------- ---------------
Balance at 30
June 2006 652 4,741 87 131 5,611
Loss for the
period - - - (1,470) (1,470)
Employee share
option credit - - (21) - (21)
-------------- -------------- -------------- --------------- ---------------
Balance at 31
December 2006 652 4,741 66 (1,339) 4,120
Profit for the
period - - - 67 67
Employee share
option credit - - (6) - (6)
-------------- -------------- -------------- --------------- ---------------
Balance at 30
June 2007 652 4,741 60 (1,272) 4,181
============== ============== ============== =============== ===============
INDEPENDENT MEDIA SUPPORT GROUP PLC
CONSOLIDATED INTERIM CASH FLOW STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six months to Six months to Year to 31
30 June 2007 30 June 2006 December 2006
£'000 £'000 £'000
--------------------------- ---------- ---------- ----------
Cash flows from operating
activities
Profit/(loss) for the
period 67 212 (1,258)
Adjustments for:
Tax charge/(credit) 19 80 (9)
Finance income (9) (13) (24)
Finance cost 9 23 39
Depreciation and
amortisation 74 91 1,435
Provisions (166) (165)
Share option credit (6) (22) (43)
Decrease/(increase) in
trade and other
receivables 139 (66) (45)
(Decrease)/increase in
trade and other payables (163) 17 (6)
-------------- -------------- ---------------
Cash generated from/(used
in) operations 130 156 (76)
Tax paid - - (53)
-------------- -------------- ---------------
Net cash from/(used in)
operating activities 130 156 (129)
-------------- -------------- ---------------
Cash flows from investing
activities
Purchases of property,
plant and equipment (33) (41) (51)
Interest received 9 13 24
-------------- -------------- ---------------
Net cash used in investing
activities (24) (28) (27)
-------------- -------------- ---------------
Cash flows from financing
activities
Interest paid (9) (23) (39)
Capital element of finance
leases paid (13) - -
Capital element of finance
leases received 30 - -
Long-term loans repaid - - (250)
-------------- -------------- ---------------
Net cash from/(used in)
financing activities 8 (23) (289)
-------------- -------------- ---------------
Net increase/(decrease) in
cash and bank overdrafts 114 105 (445)
Cash and bank overdrafts
at beginning of period 275 720 720
-------------- -------------- ---------------
Cash and cash equivalents 389 825 275
============== ============== ===============
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
The Group's consolidated financial statements for the year ending 31
December 2007 will be the first results to be prepared on the basis of
all International Accounting Standards, International Financial Reporting
Standards and International Financial Reporting Interpretations Committee
interpretations issued by the International Accounting Standards Board
adopted for use in the EU (called 'IFRS' in this document).
These interim results for the six months ended 30 June 2007 have been
prepared using the historical cost and fair value conventions on the
basis of the accounting policies set out below, which the Company expects
to apply to its financial statements for year ending 31 December 2007
which are to be prepared in accordance with IFRS.
Independent Media Support Group Plc's consolidated financial statements
were prepared in accordance with UK Generally Accepted Accounting
Principles (UK GAAP) until 31 December 2006. UK GAAP differs in some
areas from IFRS. In preparing the interim results, management has amended
certain accounting methods applied in the UK GAAP financial statements to
comply with IFRS. The comparative figures in respect of 2006 were
restated to reflect these adjustments.
Reconciliations and descriptions of the effect of the transition from UK
GAAP to IFRS on the Group's equity and its net income and cash flows are
provided in Note 5.
These interim results have been prepared under the historical cost
convention. Areas where other bases are applied are identified in the
accounting policies below.
The financial information set out in this interim report does not
constitute statutory accounts as defined in Section 240 of the Companies
Act 1985. The Group's statutory financial statements for the year ended
31 December 2006, prepared under UK GAAP, have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under Sections
237(2) and (3) of the Companies Act 1985.
The results for the six months ended 30 June 2007 were approved by the
Board on 25 September 2007.
(b) Basis of consolidation
The interim results have been prepared using the purchase method and
incorporate the results of Independent Media Support Group Plc and
entities controlled by Independent Media Support Group Plc (its
subsidiaries). Control is achieved where Independent Media Support Group
Plc has the power to govern the financial and operating policies of an
entity so as to obtain benefits from its activities. The results of
subsidiaries sold or acquired are included in the income statement up to
or from the date control passes. Intra-group sales, profits and balances
are eliminated fully on consolidation.
(c) Goodwill
Goodwill representing the excess of the cost of acquisition over the fair
value of the group's share of the identifiable net assets acquired, is
capitalised and reviewed annually for impairment or whenever there is an
indication that it may be impaired. Goodwill is carried at cost less
accumulated impairment losses. Negative goodwill is recognised
immediately after acquisition in the income statement. Goodwill written
off to reserves prior to date of transition to IFRS remains in reserves.
There is no restatement of goodwill that was amortised prior to
transition to IFRS. Goodwill previously written off to reserves is not
written back to income on subsequent disposal.
(d) Segment reporting
A business segment is a group of assets and operations engaged in
providing products or services that are subject to risks and returns that
are different from those of other business segments.
(e) Revenue recognition
Revenue comprises the fair value of the sale of goods and services
delivered by the Group to third parties, net of value-added tax, rebates
and discounts.
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(f) Property, plant and equipment
Tangible fixed assets are stated at historical cost less accumulated
depreciation.
Depreciation is provided to write off the cost of all fixed assets, less
estimated residual values, evenly over their expected useful lives.
Depreciation is calculated at the following annual rates:
Leasehold property and improvements Over the life of the lease
Computer equipment 25% straight line
Other equipment 10 - 15% straight line
Furniture and fixtures 10 - 15% straight line
(g) Foreign currencies
Transactions in foreign currencies are translated into sterling at the
exchange rate ruling at the date of the transaction. Monetary assets and
liabilities in foreign currencies are translated at the exchange rates
ruling at the balance sheet date. All exchange differences are dealt with
through the income statement.
(h) Borrowings
Interest-bearing bank loans and overdrafts are initially recorded as the
proceeds received, net of direct issue costs. Direct issue costs are
amortised over the period of the loans and overdrafts to which they
relate.
(i) Taxation
Taxation expense represents the sum of the current tax payable and
deferred tax.
Current tax expense is recognised in these interim results based on
management's best estimates of the tax rate expected for the full
financial year.
Deferred tax is provided in full, using the balance sheet liability
method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the balance sheet. The
deferred tax is not accounted for if it arises from initial recognition
of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction affects neither
accounting nor taxable income or cost. Deferred tax is determined using
tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related
deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that
future taxable profit will be available against which the temporary
differences can be utilised.
(j) Operating leases
Rentals applicable to operating leases where substantially all of the
benefits and risks of ownership remain with the lessor are charged to the
income statement on a straight-line basis over the term of the lease.
(k) Pensions
The Group, via its subsidiaries, operates defined contribution personal
pension schemes for staff. The assets of the schemes are held separately
from those of the Group in independently administered funds. The pension
charge represents contributions payable by the Group during the year.
(l) Employee share options
The Group issues equity settled share-based payments to certain
employees. A fair value for the equity settled share awards is measured
at the date of grant. The fair value is measured using the Binomial model
of valuation, which is considered to be the most appropriate valuation
technique. The valuation takes into account factors such as
non-transferability, exercise restrictions and behavioural
considerations. An expense is recognised to spread the fair value of each
award over the vesting period on a straight-line basis, based on an
estimate of the share awards that will actually vest. The estimate of
vesting is reviewed annually, with any impact on the cumulative charge
being recognised immediately.
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
2. BUSINESS SEGMENT ANALYSIS
The segmental revenue for the six months ended 30 June 2007 is:
Six months Six months Year to 31
to to December
30 June 2007 30 June 2006 2006
£'000 £'000 £'000
Media access services 2,388 2,632 4,648
Document translation and 406 382 755
interpreting
---------- ---------- ----------
Total 2,794 3,014 5,403
========== ========== ==========
The company's financial reporting system is not configured to enable it
to report the result by business segment.
3. EARNINGS/(LOSS) PER SHARE
The calculation of the (loss)/earnings per share is based on the following (loss)/
profit and number of shares:
Six months to Six months to Year to 31 December
30 June 2007 30 June 2006 2006
Earnings/(loss) for the
period (£'000) 67 212 (1,258)
======= ======= =======
Weighted average number
of shares (000s) 26,087 26,087 26,087
Dilutive potential
ordinary shares:
Share options (000s) 302 732 544
------- ------- -------
Diluted weighted average
number of shares (000s) 26,389 26,819 26,631
======= ======= =======
Six months to Six months to Year to 31
30 June 2007 30 June 2006 December 2006
Basic Diluted Basic Diluted Basic Diluted
Earnings/(loss) per share 0.26p 0.25p 0.81p 0.79p (4.82)p (4.72)p
====== ====== ====== ====== ====== ======
4. TRANSITION TO IFRS
The Group's financial statements for the year ending 31 December 2007 will be
the first annual financial statements that comply with IFRS. These interim
results have been prepared as described in Note 1. The Group has applied IFRS
1 in preparing these interim results.
Independent Media Support Group plc's transition date is 1 January 2006. The
Group prepared its opening IFRS balance sheet at that date. The reporting
date of these interim results is 30 June 2007. The Group's IFRS adoption date
is 1 January 2007.
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
5. EXPLANATION OF THE EFFECT OF THE TRANSITION TO IFRS
The following explains the material adjustments on the transition to IFRS
5(a) Adjustment to goodwill
Goodwill is not amortised under IFRS but is measured at cost less
impairment losses. Under UK GAAP, goodwill was amortised on a
straight-line basis over the time that the Group was estimated to benefit
from it. The change does not affect equity at 1 January 2006 because, as
permitted by IFRS 1, goodwill arising on acquisitions before 1 January
2006 (date of transition to IFRS) has been frozen at the UK GAAP amounts
subject to being tested for impairment at that date, the results of which
assessment indicated no such impairment.
Within the Group's financial statements for the year ended 31 December
2006, goodwill was judged by the directors to be impaired as at 31
December 2006 and, under UK GAAP, a charge was made in addition to the
normal annual amortisation. The directors consider that the value of the
Group's goodwill under IFRS is identical to that under UK GAAP as at that
date.
Six months Six months At 31
to to 31 December
30 June 2006 December 2006 2006
£'000 £'000 £'000
Amortisation of goodwill 119 118 237
Impairment of goodwill - (237) (237)
---------- ---------- ----------
Increase/(decrease) in the value
of goodwill 119 (119) -
========== ========== ==========
5(b) Adjustments to administrative Six months Six months Year ended
expenses to to 31 31
30 June December December
2006 2006 2006
£'000 £'000 £'000
Amortisation of goodwill 119 118 237
Impairment of goodwill - (237) (237)
---------- ---------- ----------
Decrease/(increase) in
administrative expenses 119 (119) -
========== ========== ==========
5(c) Adjustments to Retained Earnings
At 1 At 30 At 31
January June 2006 December
2006 2006
£'000 £'000 £'000
Amortisation of goodwill 119 118 237
Impairment of goodwill - (237) (237)
---------- ---------- ----------
Increase/(decrease) in retained
earnings 119 (119) -
========== ========== ==========
5(d) Cash flows
The transition to IFRS has no impact on the Group's reported net cash
flows other than presentational matters and accordingly no reconciliation
statement is presented.
5 (e) Share-based payments
In the Group's financial statements for the year ended 31 December 2006,
FRS 20 Share-based payments was adopted for the first time. The
comparative figures for the six months to 30 June 2006 as included herein
have been restated to include the effect of such adoption, which is
identical to the effect of adopting IFRS 2.
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
6(a). RECONCILIATION OF EQUITY AT 1 JANUARY 2006
Note UK GAAP Adjustments IFRS
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and
equipment 575 - 575
Goodwill 5(a) 4,258 - 4,258
------------- ------------- -------------
4,833 - 4,833
------------- ------------- -------------
Current assets
Trade and other 1,480 - 1,480
receivables
Cash and cash equivalents 732 - 732
------------- ------------- -------------
2,212 - 2,212
------------- ------------- -------------
Total assets 7,045 - 7,045
============= ============= =============
EQUITY
Capital and reserves
attributable to equity
holders of the parent
company
Called up share capital 652 - 652
Share premium account 4,741 - 4,741
Other reserve 5(e) 109 - 109
Retained earnings 5(c) (81) - (81)
------------- ------------- ------------
Total equity 5,421 - 5,421
------------- ------------- ------------
LIABILITIES
Non-current liabilities
Long term borrowings 250 - 250
Deferred tax liabilities 17 - 17
------------- ------------- ------------
267 - 267
------------- ------------- ------------
Current liabilities
Trade and other payables 870 - 870
Short-term borrowings 12 - 12
Current portion of
long-term borrowings 250 - 250
Current tax liabilities 60 - 60
Provisions 165 - 165
------------- ------------- ------------
1,357 - 1,357
------------- ------------- ------------
Total liabilities 1,624 - 1,624
------------- ------------- ------------
Total equity and
liabilities 7,045 7,045
============= ============= =============
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
6(b). RECONCILIATION OF NET INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2006
Note UK GAAP Adjustments IFRS
£'000 £'000 £'000
Revenue 3,014 - 3,014
Cost of sales (1,590) - (1,590)
------------- ------------- -------------
GROSS PROFIT 1,424 - 1,424
Administrative expenses 5(b),(e) (1,241) 119 (1,122)
------------- ------------- -------------
OPERATING PROFIT 183 119 302
Finance income 13 - 13
Finance costs (23) - (23)
------------- ------------- -------------
PROFIT BEFORE TAX 173 119 292
Tax charge (80) - (80)
------------- ------------- -------------
PROFIT ATTRIBUTABLE TO
EQUITY HOLDERS OF THE
PARENT COMPANY FOR THE
PERIOD 93 119 212
============= ============= =============
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
6(c). RECONCILIATION OF EQUITY AT 30 JUNE 2006
Note UK GAAP Adjustments IFRS
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and
equipment 525 - 525
Goodwill 5(a) 4,139 119 4,258
------------- ------------- -------------
4,664 119 4,783
------------- ------------- -------------
Trade and other 1,546 - 1,546
receivables
Cash and cash equivalents 825 - 825
------------- ------------- -------------
2,371 - 2,371
------------- ------------- -------------
Total assets 7,035 119 7,154
============= ============= =============
EQUITY
Capital and reserves
attributable to equity
holders of the parent
company
Called up share capital 652 - 652
Share premium account 4,741 - 4,741
Other reserve 5(e) 87 - 87
Retained earnings 5(c) 12 119 131
------------- ------------- -------------
Total equity 5,492 119 5,611
------------- ------------- -------------
LIABILITIES
Non-current liabilities
Long term borrowings 250 - 250
Deferred tax liabilities 16 - 16
------------- ------------- -------------
266 - 266
------------- ------------- -------------
Current liabilities
Trade and other payables 886 - 886
Current portion of
long-term borrowings 250 - 250
Current tax liabilities 141 - 141
------------- ------------- -------------
1,277 - 1,277
------------- ------------- -------------
Total liabilities 1,543 - 1,543
------------- ------------- -------------
Total equity and
liabilities 7,035 119 7,154
============= ============= =============
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
6(d). RECONCILIATION OF NET INCOME FOR THE YEAR ENDED 31 DECEMBER 2006
Note UK GAAP Adjustments IFRS
£'000 £'000 £'000
Revenue 5,403 - 5,403
Cost of sales (3,336) - (3,336)
------------- ------------- -------------
GROSS PROFIT 2,067 - 2,067
Administrative expenses 5(b) (3,319) - (3,319)
------------- ------------- -------------
OPERATING LOSS (1,252) - (1,252)
Finance income 24 - 24
Finance cost (39) - (39)
------------- ------------- -------------
LOSS BEFORE TAX (1,267) - (1,267)
Tax charge 9 - 9
------------- ------------- -------------
LOSS ATTRIBUTABLE TO
EQUITY
HOLDERS OF THE PARENT
COMPANY FOR THE PERIOD (1,258) - (1,258)
============= ============= =============
INDEPENDENT MEDIA SUPPORT GROUP PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
6(e). RECONCILIATION OF EQUITY AT 31 DECEMBER 2006
Note UK GAAP Adjustments IFRS
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and 449 - 449
equipment
Goodwill 5(a) 3,000 - 3,000
------------- ------------- -------------
3,449 - 3,449
------------- ------------- -------------
Current assets
Trade and other 1,525 - 1,525
receivables
Cash and cash equivalents 275 - 275
------------ ------------- ------------
1,800 - 1,800
------------ ------------- ------------
Total assets 5,249 - 5,249
============= ============= =============
EQUITY
Capital and reserves
attributable to equity
holders of the parent
company
Called up share capital 652 - 652
Share premium account 4,741 - 4,741
Other reserve 5(e) 66 - 66
Retained earnings 5(c) (1,339) - (1,339)
---------- ------------- ------------
Total equity 4,120 - 4,120
------------ ------------- ------------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 4 - 4
---------- ------------- ------------
4 - 4
------------ ------------- ------------
Current liabilities
Trade and other payables 863 - 863
Current portion of
long-term 250 - 250
borrowings
Current tax liabilities 12 - 12
------------ ------------- ------------
1,125 - 1,125
------------ ------------- ------------
Total liabilities 1,129 - 1,129
------------ ------------- ------------
Total equity and
liabilities 5,249 - 5,249
============= ============= =============
7. NOTIFICATION OF RESULTS
Copies of these interim results will be available for download from the Group's
website at www.ims-media.com or, by request, from the registered office at 10
Carlisle Street, London W1D 3BR.
This information is provided by RNS
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