Chorion PLC - Final Results
 
 
Consolidated Profit and Loss Account
for the year ended 31 December 2002
 
 
 
 2002 2001
  Notes £'000 £'000
 
Turnover 3 9,273 9,836
 
Cost of sales  (324) 11
 
Gross profit 8,949 9,847
 
Administrative expenses (8,267) (4,982)
 
 
Group operating profit
Continuing operations:
- Ongoing before amortisation 1,519 5,304
- Amortisation of intangibles 6 (837)  (439)
Group operating profit 682 4,865
 
Interest receivable and similar income 11  53
Interest payable and similar charges (260) (895)
Profit on ordinary activities before taxation 433 4,023
 
Tax on profit on ordinary activities 4 (592) (1,014)
(Loss)/profit on ordinary activities after (159) 3,009
taxation
 
Equity minority interests  11 (631) (757)
(Loss)/profit for the financial year (790) 2,252
 
Retained (loss)/profit for the financial year 10  (790) 2,252
 
(Loss)/earnings per share 5
Basic (0.15p) 0.44p
Diluted  (0.15p) 0.42p
Adjusted (before amortisation of intangibles) 0.01p 0.52p
 
 
 
Consolidated Balance Sheet
as at 31 December 2002
 
 
 
 2002 2001
 Notes £'000 £'000
 
Fixed assets
 
Intangible fixed assets 6 31,393 31,655
Tangible fixed assets 7 951 907
Film & TV and other related investments 8 15,850 14,984
 48,194 47,546
 
Current assets
 
Debtors due within one year  8,886 8,996
Cash at bank and in hand 584 685
  9,470 9,681
Creditors: amounts falling due within one year (4,423) (2,769)
 
Net current assets  5,047 6,912
 
Total assets less current liabilities 53,241 54,458
Creditors: amounts falling due after more than one year (5,500)  (42,683)
 
Total net assets 47,741 11,775
 
Capital and reserves:
 
Called up ordinary share capital 9 5,175  5,175
Merger reserve 10 31,795 (5,075)
Profit and loss account 10 2,935 3,742
Equity shareholders' funds 39,905 3,842
Preference share capital 9 50 50
Total shareholders' funds  39,955 3,892
Equity minority interests 11 7,786 7,883
  47,741 11,775
 
 
 
Company Balance Sheet
as at 31 December 2002
 
 
 
 
 2002
  Notes £'000
 
Fixed assets
Investments 5,175
 
 
Current assets
Debtors due within one year 50
 
 
Creditors: amounts falling due within one year -
 
 
Net current assets  50
 
 
Total assets less current liabilities 5,225
 
 
Creditors: amounts falling due after more than one year  -
 
 
Total net assets 5,225
 
 
 
Capital and reserves:
Equity shareholders' funds
Called up ordinary share capital  9 5,175
 
 
Non-equity shareholder's funds
Preference shares 9 50
 
 
Total shareholders' funds  5,225
 
 
 
Statement of Total Group Recognised Gains and Losses
for the year ended 31 December 2002
 
 
  2002 2001
 £'000 £'000
 
(Loss)/profit for the financial year (790) 2,252
Currency translation differences on foreign currency net investments (17) -
Total recognised gains and losses (807) 2,252
 
 
 
Reconciliation of Movements in Shareholders' Funds
for the year ended 31 December 2002
 
 
 
 2002 2001
  £'000 £'000
 
(Loss)/profit for the financial year (790) 2,252
 
Retained (loss)/profit for the financial year  (790) 2,252
Other net recognised (losses) relating to the year (17) -
Arising on de-merger 36,870 -
Net addition to shareholders' funds 36,063 2,252
 
At 1 January 3,892 1,640
 
At 31 December  39,955 3,892
 
 
 
 
 
 
Consolidated Group Cash Flow Statement
for the year ended 31 December 2002
 
 
 
 
  2002 2001
 Notes £'000 £'000
 
Net cash inflow from operating activities 12 3,354 3,552
 
Returns on investments and servicing of finance
 Dividends paid to minority shareholders (639) (713)
 Bank charges and interest paid (310)  (895)
 Interest received 11 53
 (938) (1,555)
 
Taxation  (1,246) (908)
 
Capital expenditure and financial investment
 Purchase of tangible fixed assets (326) (654)
 Proceeds from disposal of tangible fixed assets - 3
 Purchase of intangible assets (366) (7,016)
 Investment in films  (739) (5,314)
 Other Investments (964) -
  (2,395) (12,981)
 
Acquisitions and disposals
 
 Acquisition of intangible assets - (5,294)
 Net cash acquired with acquisitions  - 68
 Acquisition of minority shareholding in subsidiary (209) (361)
 
 
  (209) (5,587)
Net cash outflow before financing (1,434) (17,479)
 
Financing
 New bank loans 5,500  -
 Funding (to)/from Urbium Bars PLC (4,167) 17,667
 1,333 17,667
 
(Decrease)/increase in cash in the year 13 (101) 188