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First Quarter Results

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RNS Number : 5508P
Entertainment One Ltd
11 October 2019
 

ENTERTAINMENT ONE LTD. ('eOne' or the 'Company' or the 'Group')

FIRST QUARTER RESULTS (UNAUDITED)

FOR THE THREE MONTHS ENDED 30 JUNE 2019

 

 

FIRST QUARTER RESULTS

 

 

PURPOSE FOR THE PREPARATION OF THIS INTERIM ANNOUNCEMENT

·      On 22 August 2019, the Group entered into an agreement with Hasbro Inc. under which Hasbro will acquire the Group in an all-cash transaction valued at £3.3 billion. Under the terms of the agreement, the Group's shareholders will receive £5.60 in cash for each common share of the Company. The completion of the transaction is subject to receipt of certain regulatory approvals, the approval by the Group's shareholders and other customary closing conditions. The Company's Annual General and Special Meeting of shareholders is to be held on Thursday, 17 October 2019.

·      This quarterly results report has been prepared in relation to the proposed acquisition of the Group by Hasbro Inc.  

·      The results presented in this report represent the Group's trading for the first quarter of the financial year and are not indicative of the Group's results for the full financial year. 

 

 

GROUP FINANCIAL SUMMARY

 

 

Reported

 

 

 

 

£m

2019

2018

Change

Revenue

173.1

185.7

(7%)

Underlying EBITDA1

13.4

17.3

(23%)

Underlying EBITDA %

7.7%

9.3%

(160bps)

Net cash used in operating activities

(18.6)

(13.3)

(40%)

Investment in acquired content and productions2

93.3

67.2

39%

 

 

 

 

Reported

Adjusted

£m

2019

2018

Change

2019

2018

Change

(Loss)/profit before tax3

(43.9)

(6.8)

(546%)

(0.1)

8.3

(101%)

Diluted (losses)/earnings per share (pence)3

(8.3)

(1.9)

(6.4)

(0.3)

0.8

(1.1)

 

1. Underlying EBITDA is operating profit or loss excluding amortisation of acquired intangibles; depreciation; amortisation of software; depreciation of right of use assets (only applicable for 2019); share-based payment charge; tax, finance costs and depreciation related to joint ventures; and operating one-off items. Underlying EBITDA is reconciled to operating loss on the condensed consolidated income statement.

2. Investment in acquired content and productions is the sum of "investment in productions, net of grants received" and "investment in acquired content rights", as shown in the condensed consolidated cash flow statement.

3. Adjusted profit before tax and adjusted diluted earnings per share are the reported measures excluding amortisation of acquired intangibles; share-based payment charge; tax, finance costs and depreciation related to joint ventures; operating one-off items; finance one-off items; and, in the case of adjusted diluted earnings per share, one-off tax items. Refer to Note 7 in the condensed consolidated financial statements for the adjusted diluted (loss)/earnings per share reconciliation.

4. The Group adopted IFRS 16 Leases from 1 April 2019 using the modified retrospective approach on transition. Accordingly, the comparative information for the period ended 30 June 2018 has not been restated. Refer to Note 2 in the condensed consolidated financial statements.

 

 

Reported

 

 

 

 

£m

30 June 2019

31 March 2019

Change

Net debt

(510.0)

(341.5)

(168.5)

Production financing

(77.8)

(140.1)

62.3

 

Group reported revenue was 7% lower than the prior period at £173.1 million (2018: £185.7 million), impacted by lower Film, Television & Music driven by lower broadcast and licensing revenues due to fewer scripted deliveries in the period, partly offset by higher music revenue through the acquisition of Audio Network and continuing organic growth. Family & Brands revenue was broadly stable compared to the prior period.

Group underlying EBITDA was £13.4 million (2018: £17.3 million), driven by an increase in Group costs of £3.0 million due to increased corporate projects and legal fees and Family & Brands being marginally lower driven by increase in infrastructure to support brand longevity and ongoing growth. An increase in underlying EBITDA of Music was offset by lower EBITDA in Film and TV.

Net cash used in operating activities amounted to £18.6 million in comparison to £13.3 million in the prior period, reflecting the planned increase in investment in productions and increase in investment in acquired content due to timing. This was partially offset by working capital inflows in the current period compared to outflows in the prior period.

At 30 June 2019, overall net debt of £510.0 million was £168.5 million higher than the prior year due to operating cash outflow (including investment in productions and acquired content rights) for the entities forming part of the Net Debt group, acquisition of Audio Network £52.0 million, premium paid of £12.2 million and interest payment of £10.9 million paid on the redemption of the £355 million bonds during the period.

At 30 June 2019, overall production financing of £77.8 million was £62.3 million lower than the prior year. The movements primarily reflect the timing of programming activities and are driven by working capital inflows of £64.2 million of the entities forming part of the Production Financing group.

Adjusted loss before tax for the period was £0.1 million (2018: profit of £8.3 million), largely due to a decrease in underlying EBITDA and higher interest costs driven by higher average debt levels in the period. Reported loss before tax for the period was £43.9 million (2018: £6.8 million), impacted by operating and financing one-off items of £28.1 million (2018: net one-off expense of £1.4 million) and higher amortisation of acquired intangibles following the acquisition of Audio Network during the period of £3.1 million. The increase in one-off items was driven by costs and fees associated with the Audio Network acquisition and the call premium and costs related to the issuance of £425 million Senior Secured Notes during the period.

Adjusted diluted losses per share were 0.3 pence (2018: earnings per share of 0.8 pence). On a reported basis, diluted losses per share were 8.3 pence (2018: 1.9 pence) reflecting the higher one-off charges.

Operating highlights:

Family & Brands

Revenue for the Division over the period is broadly stable compared to the prior period, despite a competitive preschool merchandise market. Across Family & Brands there are around 1,600 live licensing and merchandising contracts globally.

Peppa Pig maintained its momentum in core markets, with the brand's fifteenth anniversary providing the opportunity for a number of brand initiatives, including the Peppa Pig Festival of Fun film released in April/May (featuring 10 never-seen-before episodes); the 16-track Peppa Pig: My First Album music release (which recently surpassed 5 million streams globally); the Peppa Pig's Adventure live show tour which started in September in the US; and celebratory partnerships with children's charities including Save the Children, Tommy's and the Muddy Puddle Walk. The brand subsequently won Best Pre-school Licensed Property at the September 2019 UK Licensing Awards, underlining its enduring nature as an evergreen brand in the territory.

In China, there are currently 62 live Peppa Pig licensing and merchandising contracts, as eOne prepares for the migration from agency agreements with licensees to direct relationships with dedicated Family & Brands managers in the territory. We continue to roll out additional consumer products with master toy partner Alpha planning to launch 20 mass market shop keeping units (SKUs - of which 16 have already been launched) across its retail partners in the smaller Chinese tier 3 and 4 cities during calendar 2019, compared to the 16 SKUs it launched during calendar 2018. This will be supported by product launches in categories such as food and beverages (over 50 SKUs in the lacto, soya milk and juice drinks segment), clothing (43 SKUs planned for the current year), publishing (25 new storybook titles) and home furniture and kitchenware product rollouts. In July 2019, Peppa Pig won the Film/Television/Media Property of the Year in the animated category at the China Licensing Awards 2019. The business remains on track to deliver the 117 new episodes of Peppa Pig to air by 2023.

Merlin Entertainments now has three Peppa Pig World of Play centres in operation, located in Shanghai, Dallas and Auburn Hills, Michigan. Attendance continues to build and eOne won the Babytree Brilliant Awards 2019 Indoor Attraction for the Shanghai location. In addition, the two Peppa Pig Land formats which opened in March 2018 at Heide Park in Germany and Gardaland in Italy also achieved robust attendance numbers during the period (4 million visitors to date), expanding the brand experience of Peppa Pig across its audiences.

PJ Masks has been fully rolled out across the major global markets and remains a leading property in Canada and the US, where the brand was the second largest pre-school toy property year to-date to June 2019 according to NPD Group data. Strong additional broadcast slots beginning this September in key markets like the US, France, Italy, Spain, the UK and Germany will help to maximise brand awareness. Coupled with reduced hold-back periods, this should allow for a more rapid roll out on terrestrial broadcasters and related exposure in preparation for the important lead-up to the Holiday retail period this year. The 2020 toy range for North America received a very positive reaction from retailers at the recent LA Toy Previews.

Ricky Zoom made a very strong global broadcast premiere in China on the Youku SVOD platform in August 2019, achieving 100 million views in the first 12 days and reaching the position of number three ranked pre-school property on the platform (behind Peppa Pig and local brand Boonie Bears). Confirmed broadcast partners for the September 2019 launch in the remaining territories around the world include Nickelodeon (US), Gulli (France), Super RTL (Germany), RAI (Italy), Discovery Kids (Latin America) and Clan (Spain). These launches will be accompanied by the availability of the Welcome to Wheelford companion App and the consumer products launch of the brand is anticipated to be spring/summer 2020 with eOne's global toy partner Tomy.

Film, Television & Music

Revenues across the Division for the period were lower period-on-period. Strong growth in Music, supported by the recent Audio Network acquisition, was offset by a lower performance in Film and Television which was largely due to variances in the timing and mix of deliveries compared to the prior period.

The scripted television market remains vibrant. Following the new series commissions highlighted at the year-end, production has now started on Deputy (for Fox), Nurses (which was commissioned for season 2 by Global TV in Canada before season 1 has been aired) and Run (HBO). New drama series recently announced include Philly Reign (produced in partnership with Mary J Blige for USA Network), original horror series Red Rose for BBC1 and a pilot for Anna K, a modern retelling of Tolstoy's Anna Karenina set in New York City.

As well as announcing new scripted series, eOne has produced a number of series recommissions. The Rookie was re-ordered by co-production partner ABC and season two is now in production, with eOne selling the show across 160 territories globally; two hours of the new series was delivered in the period. Other returning shows in production include: Mary Kills People (season 4), Cardinal (season 4) and You Me Her (season 5).

In unscripted television, eOne shows now air five times a week across different North American networks: Murder in the Thirst (Sundays on BET), Love and Listings (Mondays on VH1), Ex on the Beach (Tuesdays on MTV), Strong Man (Wednesdays on History) and Growing Up Hip Hop Atlanta (Thursdays on WeTV). A new four-part documentary series, Ready for War, was commissioned by Showtime to examine the cause and effect of deporting US military veterans. The series was produced in partnership with David Ayer and Chris Long's Cedar Park, and executive produced by multi-platinum music artist Drake. The business further expanded its production footprint with the acquisitions of Daisybeck Studios in the UK (producer of unscripted shows including The Yorkshire Vet, Springtime on the Farm, Big Week at the Zoo and Made in Britain) and the US-based BLACKFIN (producer of Finding Escobar's Millions, I Am Homicide, Primal Instinct and Bad Henry for a number of major networks and platforms).

The transition across the Film operations is on track to be completed this financial year as eOne continues to focus on production activities. John Wick: Chapter 3 - Parabellum performed well in eOne territories, generating box office revenues of C$15 million in Canada and €2.5M in Spain. Additionally, Scary Stories to Tell in the Dark was released in August in the US to a strong box office performance. eOne co-financed the film with CBS, has distribution in its territories and handled international sales through Sierra/Affinity.

Looking ahead, Queen and Slim, the first feature from Makeready, has completed production and is scheduled for release this November by eOne in its direct territories including the UK and Canada and by Universal in the US and internationally. eOne also announced that it will be co-financing two films with Paramount Pictures - the film of the classic US children's character Clifford The Big Red Dog and post-apocalyptic thriller Monster Problems. eOne will be distributing the releases in Canada and the UK and Paramount will be distributing in the US and the rest of world. eOne is also preparing for the release of 1917, a World War I epic from output partner Amblin.

Music has experienced significant growth from the acquisition of Audio Network in April this year and continuing organic growth. The business continued its strategy of diversifying its portfolio beyond recorded product to include music publishing and artist management, live touring/exhibition and, most recently, Audio Network creating music for film and television. The recorded catalogue from artists such as The Lumineers, Dr. Dre, DJ Khaled and Snoop Dogg continues to contribute significant margin as the streaming universe continues to grow. Other eOne artists include James Fortune, who had the Number One Billboard Gospel Album for Dream Again, and JJ Hairston and Jonathan McReynolds both of whom had top five Gospel albums. The Game, Brandy and The Lumineers will release new albums in the autumn of 2019.

Management client Jax Jones has sustained his radio success with his latest hit single You Don't Know Me, which has achieved over 500 million streams globally since release. The Group's live business, Round Room, announced new events during the period: the Baby Shark Live tour and the Rock the Rink Tour (a national tour featuring the Canadian Olympic Figure Skating team) and The Nelson Mandela Exhibit, set to launch in Berlin in October 2019 following a successful run in London. In addition, it continues to experience success with the PJ Masks: Time to be a Hero live show with sell-out dates across the US.

Corporate

The annual independent library valuation has been completed and the value of the Group's library assets has increased to US$2.1 billion as at 31 March 2019 (2018: US$2.0 billion). The value of the library has been impacted by more volatile foreign exchange movements than in previous years (predominantly the devaluation of pounds sterling), but at constant currencies the 2019 valuation of the library would have increased by an additional US$0.1 billion. The library valuation does not include library assets acquired as part of the Audio Network transaction.

On 18 April 2019 eOne acquired UK-based Audio Network, one of the world's largest independent creators and publishers of original high quality music for use in film, television, advertising and digital media. The Group paid consideration of £178.8 million (which included £14.7 million of cash and cash equivalents on Audio Network's balance sheet), financed through:

·      A private placement for 28,900,000 new common shares raising net proceeds of £127.5 million

·      £52.0 million through a term loan maturing on 31 December 2020

·      The issuance of 2,112,428 Entertainment One Ltd. common shares

 

On 26 June 2019, the Group completed the issuance of £425.0 million in aggregate principal amount of 4.625% Senior Secured Notes (the 'Notes') due 2026. The proceeds of the offering were used to redeem the Company's £355.0 million in aggregate principal amount of 6.875% Senior Secured Notes due 2022 (the 'Existing Notes'), repay its outstanding term loan (£52.0 million, in relation to the acquisition of Audio Network) and pay fees and costs in connection with the transaction.

This transaction will reduce the Group's interest costs going forward as well as extend the overall duration of its debt facilities:

·      Reduction from 6.875% to 4.625% in the coupon on the Notes, substantially reducing the Company's average cost of debt and saving approximately £8 million of interest per annum on the Company's Existing Notes

·      Extension of the maturity of the Company's debt facilities to 2026

On 22 August 2019, the Group entered into an agreement with Hasbro Inc. under which Hasbro will acquire the Group in an all-cash transaction valued at £3.3 billion. Under the terms of the agreement, the Group's shareholders will receive £5.60 in cash for each common share of the Company. The completion of the transaction is subject to receipt of certain regulatory approvals, the approval by the Group's shareholders and other customary closing conditions. The Company's Annual General and Special Meeting of shareholders is to be held on Thursday, 17 October 2019.

Condensed Consolidated Income Statement

for the three months ended 30 June 2019

 

 

 

 

 

 

 

Period ended

Period ended

 

 

30 June 2019

30 June 2018

 

Note

£m

£m

Revenue

4

173.1

185.7

Cost of sales

 

(128.2)

(138.4)

Gross profit

 

44.9

47.3

Administrative expenses

 

(62.6)

(46.3)

Share of results of joint ventures

 

-

0.1

Operating (loss)/profit

 

(17.7)

1.1

Finance income

 

-

0.4

Finance costs

 

(26.2)

(8.3)

Loss before tax

 

(43.9)

(6.8)

Income tax credit/(charge)

 

3.4

(1.6)

Loss for the period

 

(40.5)

(8.4)

 

 

 

 

Attributable to:

 

 

 

Owners of the Company

 

(40.8)

(8.7)

Non-controlling interests

 

0.3

0.3

 

 

 

 

Operating (loss)/profit analysed as:

 

 

 

Underlying EBITDA

 

13.4

17.3

Amortisation of acquired intangibles

 

(12.6)

(9.8)

Depreciation and amortisation of software

 

(1.0)

(0.7)

Depreciation of right of use assets

 

(2.2)

-

Share-based payment charge

 

(3.1)

(3.9)

One-off items

5

(12.2)

(1.8)

Operating (loss)/profit

 

(17.7)

1.1

 

 

 

Losses per share (pence)

 

 

 

Basic

7

(8.3)

(1.9)

Diluted

7

(8.3)

(1.9)

 

Condensed Consolidated Statement of Comprehensive Income

for the three months ended 30 June 2019

 

 

 

 

 

 

 

 

Period ended

Period ended

 

 

30 June 2019

30 June 2018

 

 

£m

£m

Loss for the period

 

(40.5)

(8.4)

Items that may be reclassified subsequently to profit or loss:

 

 

 

Exchange differences on foreign operations

 

18.4

34.2

Hedging reserve movements

 

0.8

3.7

Tax related to components of other comprehensive income

 

(0.2)

(0.6)

Total other comprehensive income for the period

 

19.0

37.3

 

 

 

 

Total comprehensive (loss)/income for the period

 

(21.5)

28.9

 

 

 

 

Attributable to:

 

 

 

Owners of the Company

 

(21.9)

28.0

Non-controlling interests

 

0.4

0.9

 

Condensed Consolidated Balance Sheet

at 30 June 2019

 

 

 

30 June 2019

 

 31 March 2019

 

Note

£m

£m

ASSETS

 

 

 

Non-current assets

 

 

 

Goodwill

 

468.1

397.2

Other intangible assets

 

321.2

219.9

Interest in joint ventures

 

1.3

1.2

Investment in productions

 

286.6

259.8

Property, plant and equipment

 

19.8

12.9

Right of use assets

 

56.0

-

Trade and other receivables

 

48.6

46.9

Deferred tax assets

 

49.9

37.5

Total non-current assets

 

1,251.5

975.4

Current assets

 

 

 

Inventories

 

11.2

11.7

Investment in acquired content rights

 

288.9

254.0

Trade and other receivables

 

512.3

548.4

Cash and cash equivalents

 

127.1

107.4

Current tax assets

 

2.1

0.8

Financial instruments

11

6.2

4.1

Total current assets

 

947.8

926.4

Total assets

 

2,199.3

1,901.8

 

 

 

 

LIABILITIES

 

 

 

Non-current liabilities

 

 

 

Interest-bearing loans and borrowings

12

567.1

392.2

Production financing

13

73.3

110.2

Lease liabilities

 

46.8

-

Trade and other payables

 

17.0

15.6

Provisions

 

1.0

0.4

Deferred tax liabilities

 

52.7

32.5

Total non-current liabilities

 

757.9

550.9

Current liabilities

 

 

 

Interest-bearing loans and borrowings

12

0.5

0.9

Production financing

13

74.0

85.7

Lease liabilities

 

10.6

-

Trade and other payables

 

518.2

529.3

Provisions

 

3.2

4.2

Current tax liabilities

 

10.5

12.6

Financial instruments

11

0.2

3.5

Total current liabilities

 

617.2

636.2

Total liabilities

 

1,375.1

1,187.1

Net assets

 

824.2

714.7

 

 

 

 

EQUITY

 

 

 

Stated capital

14

752.4

610.6

Other reserves

 

(10.8)

(11.4)

Currency translation reserve

 

81.0

62.7

Retained earnings

 

(33.5)

15.3

Equity attributable to owners of the Company

 

789.1

677.2

Non-controlling interests

 

35.1

37.5

Total equity

 

824.2

714.7

Total liabilities and equity

 

2,199.3

1,901.8

 

 

These condensed consolidated financial statements were approved by the Board of Directors on 10 October 2019.

 

 

 

JOSEPH SPARACIO

DIRECTOR

 

 

Condensed Consolidated Cash Flow Statement

for the three months ended 30 June 2019

 

 

 

 

 

 

 

 

Period ended

Period ended

 

 

30 June 2019

30 June 2018

 

Note

£m

£m

Operating activities

 

 

 

Operating (loss)/profit

 

(17.7)

1.1

Adjustment for:

 

 

 

Depreciation of property, plant and equipment

 

0.8

0.4

Depreciation of right of use assets

 

2.2

-

Amortisation of software

 

0.2

0.3

Amortisation of acquired intangibles

 

12.6

9.8

Amortisation of investment in productions

 

38.9

40.2

Investment in productions, net of grants received

 

(43.7)

(37.5)

Amortisation of investment in acquired content rights

 

11.3

19.0

Investment in acquired content rights

 

(49.6)

(29.7)

Share of results of joint ventures

 

-

(0.1)

Share-based payment charge

 

3.1

3.9

Operating cash flows before changes in working capital and provisions

 

(41.9)

7.4

Decrease in inventories

 

0.9

1.3

Decrease in trade and other receivables

 

51.7

20.6

Decrease in trade and other payables

 

(18.7)

(32.7)

Decrease in provisions

 

(0.8)

(0.7)

Cash used from operations

 

(8.8)

(4.1)

Income tax paid

 

(9.8)

(9.2)

Net cash used from operating activities

 

(18.6)

(13.3)

Investing activities

 

 

 

Acquisition of subsidiaries and joint ventures, net of cash acquired

8

(154.2)

(0.8)

Purchase of financial instruments

11

(2.0)

(0.2)

Purchase of property, plant and equipment

 

(6.3)

(0.3)

Purchase of software

 

(1.0)

(0.2)

Net cash used in investing activities

 

(163.5)

(1.5)

Financing activities

 

 

 

Net proceeds on issue of shares

 

127.5

-

Drawdown of interest-bearing loans and borrowings

12

613.1

73.6

Repayment of interest-bearing loans and borrowings

12

(438.7)

(15.9)

Drawdown of production financing

13

30.0

20.4

Repayment of production financing

13

(84.0)

(57.9)

Transactions with equity holders

8

(4.7)

(9.7)

Interest paid

 

(13.9)

(1.0)

Lease payments

 

(2.3)

-

Dividends paid to shareholders and to non-controlling interests of subsidiaries

 

(3.1)

(2.9)

Fees paid in relation to the Group's bonds and one-off finance costs

 

(15.8)

-

Net cash from financing activities

 

208.1

6.6

Net increase/(decrease) in cash and cash equivalents

 

26.0

(8.2)

Cash and cash equivalents at beginning of the period

 

107.4

119.1

Effect of foreign exchange rate changes on cash held

 

(6.3)

3.4

Cash and cash equivalents at end of the period

 

127.1

114.3

Condensed Consolidated Statement of Changes in Equity

for the three months ended 30 June 2019

 

 

Stated capital (net of own shares)

Other reserves

Currency translation reserve

Retained earnings

Equity attributable to the owners of the Company

Non-controlling interests

Total equity

 

£m

£m

£m

£m

£m

£m

£m

At 1 April 2018

594.6

(23.6)

29.8

19.0

619.8

46.3

666.1

Adjustments on initial application of IFRS 9 (net of tax)

-

-

-

(2.2)

(2.2)

-

(2.2)

(Loss)/profit for the period

-

-

-

(8.7)

(8.7)

0.3

(8.4)

Other comprehensive income

-

3.1

33.6

-

36.7

0.6

37.3

Total comprehensive income/(loss) for the period

-

3.1

33.6

(8.7)

28.0

0.9

28.9

 

 

 

 

 

 

 

 

Credits in respect of share-based payments

-

-

-

3.6

3.6

-

3.6

Exercise of share options

2.1

-

-

(2.1)

-

-

-

Acquisition of subsidiaries

1.9

(3.1)

-

-

(1.2)

0.4

(0.8)

Transactions with equity holders

4.5

12.2

1.2

(1.4)

16.5

(8.0)

8.5

Dividends payable

-

-

-

(5.3)

(5.3)

(2.9)

(8.2)

Total transactions with equity holders

8.5

9.1

1.2

(5.2)

13.6

(10.5)

3.1

At 30 June 2018

603.1

(11.4)

64.6

2.9

659.2

36.7

695.9

 

 

 

 

 

 

 

 

At 1 April 2019

610.6

(11.4)

62.7

15.3

677.2

37.5

714.7

Loss for the period

-

-

-

(40.8)

(40.8)

0.3

(40.5)

Other comprehensive income

-

0.6

18.3

-

18.9

0.1

19.0

Total comprehensive income/(loss) for the period

-

0.6

18.3

(40.8)

(21.9)

0.4

(21.5)

 

 

 

 

 

 

 

 

Issue of common shares net of transaction costs

127.5

-

-

-

127.5

-

127.5

Credits in respect of share-based payments

-

-

-

3.0

3.0

-

3.0

Deferred tax movement arising on share options

-

-

-

0.4

0.4

-

0.4

Exercise of share options

4.3

-

-

(4.3)

-

-

-

Distribution of shares to beneficiaries of the Employee Benefit Trust

0.1

-

-

(0.1)

-

-

-

Acquisition of subsidiaries

9.9

-

-

-

9.9

-

9.9

Transactions with equity holders

-

-

-

(1.0)

(1.0)

0.3

(0.7)

Dividends payable

-

-

-

(6.0)

(6.0)

(3.1)

(9.1)

Total transactions with equity holders

141.8

-

-

(8.0)

133.8

(2.8)

131.0

At 30 June 2019

752.4

(10.8)

81.0

(33.5)

789.1

35.1

824.2

Notes to the Condensed Consolidated Financial Statements

for the three months ended 30 June 2019

1. NATURE OF OPERATIONS AND GENERAL INFORMATION

Entertainment One is a leading independent entertainment group focused on the acquisition, production and distribution of family, television, film and music content rights across all media throughout the world. Entertainment One Ltd. (the 'Company') is the Group's ultimate parent company and is incorporated and domiciled in Canada. The registered office of the Company is 134 Peter Street, Suite 700, Toronto, Ontario, M5V 2H2, Canada.

The Company's common shares are listed on the premium listing segment of the Official List of the Financial Conduct Authority.

 

2. BASIS OF PREPARATION

SIGNIFICANT ACCOUNTING POLICIES

These condensed consolidated financial statements included within the Interim Announcement, have been prepared in accordance with International Accounting Standards (IAS) 34 Interim Financial Reporting, as adopted by the European Union. These condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 March 2019 which were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS Interpretation Committee.

Other than new standards effective during the year as described below and income taxes which are accrued using the tax rate that is expected to be applicable for the full financial year, the policies are consistent with the principal accounting policies which were set out in the Group's consolidated financial statements for the year ended 31 March 2019.

These condensed consolidated financial statements for 30 June 2019 are unaudited but have been reviewed by the Group's auditor and their review opinion is included at the end of these statements. The condensed consolidated financial statements for 30 June 2018 were unaudited and not reviewed.

These condensed consolidated financial statements are presented in pounds sterling, which is also the functional currency of the parent company. All values are shown in millions, rounded to the nearest one hundred thousand pounds, except when otherwise stated.

These condensed consolidated financial statements were approved for issue by the directors on 10 October 2019.

GOING CONCERN

In addition to its senior secured notes (due 2026) the Group meets its day-to-day working capital requirements and funds its investment in production and investment in acquired content rights through its cash in hand and through a revolving credit facility which matures in December 2023 and is secured on certain assets held by the Group. Under the terms of this facility the Group is able to drawdown in the local currencies of its significant operating businesses. The facility and senior secured notes are subject to a series of covenants including interest cover charge and net debt against underlying EBITDA.

The Group has a track record of cash generation and is in full compliance with its bank facility and bond covenant requirements. At 30 June 2019, the Group had £57.6m of cash and cash equivalents (excluding cash held by production subsidiaries), £567.6m of gross debt and undrawn amounts under the revolving credit facility of £53.4m.

The Group is exposed to uncertainties arising from the economic climate and uncertainties in the markets in which it operates. Market conditions could lead to lower than anticipated demand for the Group's products and services and exchange rate volatility could also impact reported performance. The directors have considered the impact of these and other uncertainties and factored them into their financial forecasts and assessment of covenant headroom. The Group's forecasts and projections, taking account of reasonable possible changes in trading performance (and available mitigating actions), show that the Group will be able to operate within the expected limits of its existing financing and provide headroom against the covenants for the foreseeable future. For these reasons the directors continue to adopt the going concern basis of accounting in preparing these condensed consolidated financial statements.

USE OF ADDITIONAL PERFORMANCE MEASURES

The Group uses a number of non-IFRS financial measures that are not specifically defined under IFRS or any other generally accepted accounting principles, including underlying EBITDA, one-off items, adjusted profit before tax and adjusted diluted earnings per share. These non-IFRS financial measures are presented because they are among the measures used by management to measure operating performance and as a basis for strategic planning and forecasting, and the Group believes that these measures are frequently used by investors in analysing business performance. Refer to the Appendix to the Interim Announcement for definitions of these terms.

RESTATEMENTS

Sierra put option

On 27 June 2018, the Group acquired the remaining 49% in Sierra Pictures, LLC ('Sierra/Affinity'). As a result of the acquisition, the put and call options granted over the 49% shares were cancelled. The carrying value of the liability as at 27 June 2018 of £17.9 million was reversed with the corresponding adjustment to the Put option reserve of £12.2 million.

Part of this balance had previously been credited as a one-off finance income of £5.7 million in the condensed consolidated financial statements for the six months ended 30 September 2018 and in the consolidated financial statements for the year ended 31 March 2019. However, subsequent to the year-end, it was determined that the appropriate treatment would be to credit the full balance to retained earnings considering that this was a transaction with equity holders.  The Group has restated the prior year amounts disclosed in the consolidated financial statements for the year ended 31 March 2019 and condensed consolidated financial statements for the period ended 30 September 2018 as follows: the profit for the year/loss for the period decreased/increased by £5.7m with a corresponding reduction in the loss on transactions with equity holders in the Statement of Changes in Equity. There was no impact on the consolidated balance sheet at 31 March 2019 or 30 September 2018.

The Group concluded that the restatement was not fundamental to the Group's previously issued financial statements and therefore the accounts were not reissued.

Cash Flow Statement classification

Transactions with equity holders are classified as financing activities. These were previously classified by the Group as investing activities. The change is to appropriately reflect the nature of the transactions.

IMPACT OF NEW ACCOUNTING STANDARDS

Transition to IFRS 16 Leases

IFRS 16 Leases ('IFRS 16') supersedes IAS 17 Leases and sets out the principles for the recognition, measurement presentation and disclosure of leases.

The Group has applied IFRS 16 from 1 April 2019 using the modified retrospective approach on transition. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying IFRS 16 recognised at the date of application (1 April 2019). Accordingly, the comparative information presented for the condensed consolidated income statement for the period-ended 30 June 2018 and the condensed consolidated balance sheet as at 31 March 2019 have not been restated.

IFRS 16 results in both an asset ('right of use asset'), representing the right to use a leased item, and liability ('lease liability'), representing discounted future lease payments, being recognised on balance sheet. Lease costs are now recognised as depreciation and interest, rather than being included within operating costs.

On adoption of IFRS 16, the Group recognised lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of IAS 17 Leases. These liabilities are measured at the present value of the remaining lease payments, discounted using the interest rate implicit (where that rate can be readily determined) or using an incremental borrowing rate. The finance cost is charged to the income statement over the lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period.

At the transition date the Group has recognised right-of-use assets equal to the lease liability, adjusted for any prepaid or accrued lease payments and any incentives received.

The Group has elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Group relied on its assessment made applying the previous accounting guidance.

The Group has opted to use the recognition exemptions available under IFRS 16 for leases with a term less than 12 months and for leases relating to low-value assets. The Group will continue to expense the lease payments associated with these leases on a straight-line basis over the lease term.

On transition the Group recognised the following lease liabilities and right-of-use assets:

At 1 April 2019

£m

ASSETS

 

Right of use assets

55.3

 

 

LIABILITIES

 

Lease liabilities

55.3

 

The table below reconciles the Group's operating lease commitments as at 31 March 2019 to the lease liabilities recognised on transition on 1 April 2019.

 

£m

Operating lease commitments at 31 March 2019

66.6

Exclude low-value and short-term leases

(0.8)

Gross lease liabilities

65.8

Impact of discounting

(10.5)

Lease liabilities recognised on 1 April 2019

55.3

 

When measuring lease liabilities for leases that were previously classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at 1 April 2019. The weighted-average incremental borrowing rate applied is 4.69%.

During the three-months ended 30 June 2019, the Group has recognised £2.2m of depreciation charges and £0.7m of interest in relation to those leases now recognised on balance sheet. The operating lease expense for the 30 June 2018 was £1.5m.

Accounting Policy for Leases

The Group's leases primarily relate to various offices in Australia, China, Canada, the USA and the UK. Rental periods are typically for fixed periods of up to ten years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the fixed payments, less any lease incentives receivable.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

Right of use assets are measured at cost comprising the following: the amount of initial measurement of lease liability; any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs; and restoration costs.

ESTIMATES

The preparation of condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these condensed consolidated financial statements, the significant judgements made by management in applying the Group accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 31 March 2019.

 

3. SEGMENTAL ANALYSIS

SEASONALITY OF OPERATIONS

The Group's business is normally subject to seasonal variations based on the timing of film cinema releases, physical home entertainment and television and digital content releases. Release dates are determined by several factors, including timing of holiday periods, the US release date of films and television series and competition in the market. In addition, revenues for the Group's licensed consumer products are influenced by seasonal consumer purchasing behaviour. Accordingly, if a short-term negative impact on the Group's business occurs during a time of high seasonal demand, the effect could have a disproportionate effect on the Group's results for the period.

The Group's exposure to seasonality varies by Division. The results of the Family & Brands Division are affected by the timing of royalties earned on properties driven by timing of holiday periods. Within the Film, Television & Music Division, revenues from are driven by contracted delivery dates/release dates with primary broadcasters and can fluctuate significantly from period-to-period. Film release dates are not entirely in the control of the Group and are determined largely by the production and release schedules of each film's producer and the timing of holiday periods.

OPERATING SEGMENTS

The Group is organised for internal reporting and management purposes into:

- Family & Brands - the production, acquisition and exploitation, including licensing and merchandising, of family content rights across all media

- Film, Television & Music - the production, acquisition and exploitation and trading of television, film and music content rights across all media

The Group's operating segments are identified on the basis of internal reports that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The Chief Executive Officer has been identified as the chief operating decision maker.

Inter-segment sales are charged at prevailing market prices.

 

Segment information for the period ended 30 June 2019 is presented below:

 

 

 

 

 

Family & Brands

Film, Television & Music

Eliminations

Consolidated

 

£m

£m

£m

£m

Segment revenue

 

 

 

 

External revenue

29.4

143.7

-

173.1

Inter-segment revenue

1.1

0.1

(1.2)

-

30.5

143.8

(1.2)

173.1

Segment results

 

 

 

 

Segment underlying EBITDA

17.8

0.8

(0.2)

18.4

Group costs

 

 

 

(5.0)

Underlying EBITDA

 

 

 

13.4

Amortisation of acquired intangibles

 

 

 

(12.6)

Depreciation and amortisation of software

 

 

 

(1.0)

Depreciation of right of use assets

 

 

 

(2.2)

Share-based payment charge

 

 

 

(3.1)

One-off items

 

 

 

(12.2)

Operating loss

 

 

 

(17.7)

Finance income

 

 

 

-

Finance costs

 

 

 

(26.2)

Loss before tax

 

 

 

(43.9)

Income tax credit

 

 

 

3.4

 

 

 

(40.5)

 

 

 

 

 

Segment assets

 

 

 

 

Total segment assets

261.4

1,934.3

-

2,195.7

Unallocated corporate assets

 

 

 

3.6

 

 

 

2,199.3

 

 

Segment information for the period ended 30 June 2018 is presented below:

 

 

 

 

 

 

 

Family & Brands

Film, Television & Music

Eliminations

Consolidated

 

£m

£m

£m

£m

Segment revenue

 

 

 

 

External revenue

30.1

155.6

-

185.7

Inter-segment revenue

0.9

0.1

(1.0)

-

31.0

155.7

(1.0)

185.7

Segment results

 

 

 

 

Segment underlying EBITDA

18.6

0.7

-

19.3

Group costs

 

 

 

(2.0)

Underlying EBITDA

 

 

 

17.3

Amortisation of acquired intangibles

 

 

 

(9.8)

Depreciation and amortisation of software

 

 

 

(0.7)

Depreciation of right of use assets

 

 

 

-

Share-based payment charge

 

 

 

(3.9)

One-off items

 

 

 

(1.8)

Operating profit

 

 

 

1.1

Finance income

 

 

 

0.4

Finance costs

 

 

 

(8.3)

Loss before tax

 

 

 

(6.8)

Income tax charge

 

 

 

(1.6)

 

 

 

(8.4)

 

 

Segment assets for the year ended 31 March 2019 is presented below:

Segment assets

 

 

 

 

Total segment assets

257.5

1,643.6

-

1,901.1

Unallocated corporate assets

 

 

 

0.7

 

 

 

1,901.8

 

4. REVENUE

In the following table, revenue is disaggregated by major service lines. The table also includes a reconciliation of the disaggregated revenue with the Group's reportable segments. See Note 3.

DISAGGREGATION OF REVENUE

 

 

Family & Brands

Film, Television & Music

             Consolidated

 

2019

2018

2019

2018

2019

2018

 

£m

£m

£m

£m

£m

£m

Major revenue streams

 

 

 

 

 

 

Theatrical

-

-

13.5

9.0

13.5

9.0

Transactional

7.5

8.3

28.6

29.5

36.1

37.8

Broadcast and licensing

2.1

1.3

53.7

74.8

55.8

76.1

Licensing and merchandising

19.7

20.4

-

-

19.7

20.4

Production and other

0.1

0.1

47.9

42.3

48.0

42.4

 

29.4

30.1

143.7

155.6

173.1

185.7

 

 

 

 

 

 

 

Timing of revenue recognition

 

 

 

 

 

 

Products transferred at a point in time

9.7

9.7

114.8

136.2

124.5

145.9

Products transferred over time

19.7

20.4

28.9

19.4

48.6

39.8

 

29.4

30.1

143.7

155.6

173.1

185.7

 

 

5. ONE-OFF ITEMS

Items of income or expense that are considered by management for designation as one-off are as follows:

 

 

 

 

 

Three months ended

Three months ended

 

30 June 2019

30 June 2018

 

£m

£m

Restructuring costs

 

 

Strategy-related

5.6

1.5

Total restructuring costs

5.6

1.5

 

 

 

Other items

 

 

Acquisition costs

6.1

0.2

Other

0.5

0.1

Total other items

6.6

0.3

 

 

 

Total one-off costs

12.2

1.8

 

 

Restructuring costs

Restructuring charges for the three months ended 30 June 2019 include the following:

·      Severance charges of £3.0m associated with the integration of the Film and Television Divisions.

·      Severance charges and staff costs of £1.9m associated with the outsourcing arrangements implemented in certain of the Group's Film Distribution territories.

·      Severance charges of £0.7 relating to the closure of the Group's home entertainment business in Canada.  

Other items

·      Acquisition costs of £6.1m primarily relates to the acquisition of Audio Network Limited which was completed on 18 April 2019.

·      Other one-off costs of £0.5m relate to legal fees incurred on aborted projects.

Prior period Costs

In the prior period, one-off items consisted of £1.5m of costs associated with the integration of the Film and Television Divisions, £0.2m of acquisition costs in relation to Round Room and Whizz Kid and the remaining £0.1m related to legal fees on aborted projects.

 

6. ONE-OFF FINANCING ITEMS

Items of income or expense that are considered by management for designation as one-off financing items are as follows:

 

Three months ended

Three months ended

 

30 June 2019

30 June 2018

 

£m

£m

Bond call premium

12.2

-

Write-off of deferred finance charges

3.4

-

Reversal of financial liabilities in relation to balance sheet hedging programme

-

                  (0.4)

Put options over non-controlling interests

0.3

-

Total one-off financing costs/(income) 

15.9

                   (0.4)

 

Refinancing costs

On 26 June 2019 the Group issued £425.0m of Senior Secured Notes due 2026. The proceeds were used to redeem the £355.0m of Senior Secured Notes due 2022 and repay the £52.0m term loan due December 2020. The early redemption of the 2022 Notes resulted in the Group incurring a call premium of £12.2m which has been recorded as a one-off financing cost. Unamortised deferred finance costs (net of premium) relating to the 2022 Notes and the term loan amounting to £3.4m were written off as a one-off financing cost. See Note 12 for details.

Put options

A charge of £0.3m related to the unwinding of discounting on liabilities relating to put options issued over the non-controlling interest of subsidiary companies.

Prior period

One-off finance income consisted of a credit of £0.4m in respect of fair value gains on hedge contracts.

 

7. EARNINGS PER SHARE

 

 

 

Three months ended

Three months ended

 

 

30 June 2019

30 June 2018

 

 

Pence

Pence

Basic losses per share

 

(8.3)

(1.9)

Diluted losses per share

 

(8.3)

(1.9)

Adjusted diluted (losses)/earnings per share

 

(0.3)

0.8

 

The weighted average number of shares used in the earnings per share calculations are set out below:

 

 

 

Three months ended

Three months ended

 

 

30 June 2019

30 June 2018

 

 

Million

Million

Weighted average number of shares for basic losses per share

 

492.0

460.9

Effect of dilution for adjusted diluted losses/(earnings) per share:

 

 

 

Employee share awards

 

11.3

9.2

Weighted average number of shares for adjusted diluted (losses)/earnings per share

 

503.3

470.1

 

ADJUSTED DILUTED EARNINGS PER SHARE

The directors believe that the presentation of adjusted diluted earnings per share, being the fully diluted earnings per share adjusted for amortisation of acquired intangibles, share-based payment charge, tax, finance costs and depreciation related to joint ventures, operating one-off items, finance one-off items and one-off tax items, helps to explain the underlying performance of the Group. A reconciliation to the adjusted (loss)/profit for the period is set out below: 

 

 

 

Reported

Adjusted

 

2019

2018

2019

2018

 

£m

£m

£m

£m

Revenue

173.1

185.7

173.1

185.7

Underlying EBITDA

13.4

17.3

13.4

17.3

Amortisation of acquired intangibles

(12.6)

(9.8)

-

-

Depreciation and amortisation of software

(1.0)

(0.7)

(1.0)

(0.7)

Depreciation of right of use assets

(2.2)

-

(2.2)

-

Share-based payment charge

(3.1)

(3.9)

-

-

One-off items

(12.2)

(1.8)

-

-

Operating (loss)/profit

(17.7)

1.1

10.2

16.6

Net finance costs

(26.2)

(7.9)

(10.3)

(8.3)

(Loss)/profit before tax

(43.9)

(6.8)

(0.1)

8.3

Tax credit/(charge)

3.4

(1.6)

(0.3)

(3.4)

(40.5)

(8.4)

(0.4)

4.9

Attributable to:

 

 

 

 

Owners of the Company

(40.8)

(8.7)

(1.4)

3.7

Non-controlling interest

0.3

0.3

1.0

1.2

 

 

A reconciliation of the earnings used in the fully diluted earnings per share calculation to earnings used in the adjusted earnings per share calculation is set out below:

 

 

 

 

 

 

 

Period ended

30 June 2019

Period ended

30 June 2018

 

Note

£m

Pence per share

£m

Pence per share

Loss for the period attributable to the owners of the Company

 

(40.8)

(8.1)

(8.7)

(1.8)

Add back amortisation of acquired intangibles

 

12.6

2.5

9.8

2.1

Add back share-based payment charge

 

3.1

0.6

3.9

0.8

Add back one-off items

5

12.2

2.3

1.8

0.4

Add back one-off net finance costs/(income)

6

15.9

3.2

(0.4)

(0.1)

Deduct tax effect of above items and discrete tax items

 

(3.7)

(0.7)

(1.8)

(0.4)

Deduct non-controlling interests share of above items

 

(0.7)

(0.1)

(0.9)

(0.2)

Adjusted (losses)/earnings attributable to the owners of the Company

 

(1.4)

(0.3)

3.7

0.8

Adjusted earnings attributable to non-controlling interests

 

1.0

 

1.2

 

Adjusted (loss)/profit for the period

 

(0.4)

 

4.9

 

8. BUSINESS COMBINATIONS AND TRANSACTIONS WITH EQUITY HOLDERS 

ACQUISITIONS

On 18 April 2019, the Group acquired a 100% stake in Audio Network Limited, an independent creator and publisher of original high-quality music for use in film, television, advertising and digital media, with streamlined owned rights. Audio Network has been reported as part of the Film, Television & Music segment. Acquired intangibles of £110.6m were identified, which primarily represented the value of the music catalogue and customer relationships. The resultant goodwill represents the value placed on the opportunity to grow the music publishing business and expected cost synergies in the wider Film, Television & Music business. None of the goodwill is expected to be tax deductible for income tax purposes.

 

 

Provisional

 

 

Audio Network

 

 

£m

Acquired intangibles

 

110.6

Trade and other receivables

 

14.8

Cash and cash equivalents

 

14.7

Property, plant and equipment

 

2.7

Current tax asset

 

0.6

Trade and other payables

 

(6.3)

Lease liabilities

 

(2.2)

Deferred tax liabilities

 

(18.8)

Total net assets acquired

 

116.1

 

 

 

Group's proportionate interest of fair value of net assets acquired

 

100%

Group's share of fair value of net assets acquired

 

116.1

Goodwill

 

62.7

Net assets acquired

 

178.8

Satisfied by:

 

 

Cash

 

168.9

Shares in Entertainment One Ltd.

 

9.9

Total consideration transferred

 

178.8

 

 

 

The net cash outflow arising in the period from the acquisition was made up of:

 

 

Cash consideration settled during the year

 

168.9

Less: Cash and cash equivalents acquired

 

(14.7)

Total net cash outflow

 

154.2

 

 

 

Non-controlling interests proportionate interest of fair value of net assets

 

-

Total non-controlling interests

 

-

 

 

 

The net asset figures stated above are provisional and will be finalised within a 12 month period in accordance with IFRS 3. During the period ended 30 June 2019, Audio Network contributed £8.1m of revenue, £3.5m to underlying EBITDA and £3.3m of profit before tax to the Group's results.

The Mark Gordon Company

As part of the Group's acquisition of the remaining 49% in The Mark Gordon Company ('MGC') on 2 March 2018 the vendors were entitled to receive a pro-rata share of certain pre-acquisition contingent receipts where these could be recovered.

During the period, a payment of £4.7m was made to the vendors of MGC relating to the above, resulting in a £0.3m charge to retained earnings.

Acquisition of Whizz Kid

The Group acquired 70.1% stake in Whizz Kid Entertainment Limited ('Whizz Kid'), a UK based unscripted television production company, on 9 April 2018 for a total consideration of £6.9m settled by a cash payment of £5.0m and by issuing 637,952 shares in Entertainment One Ltd. amounting to £1.9m. Acquired intangibles of £0.7m were identified which represent the value of television show concepts and back end royalties following the end of a series production. The resultant goodwill of £6.0m represents the value placed on the opportunity to grow the content and formats produced by Whizz Kid. None of the goodwill is expected to be deductible for income tax purposes. Non-controlling interests of £0.4m represents the proportionate value of fair value of net assets on acquisition date.

As part of the transaction, the Group entered into a put and call option over the remaining shares of Whizz Kid it did not acquire. This option can be exercised in 2023 with the price determined as a multiple of the average performance of Whizz Kid in the preceding 5 years. At inception the Group estimated the present value of the options to be £3.1m which has been recorded as an adjustment to the Put option reserve, disclosed within Other reserves.

 

Transactions with equity holders - Sierra Pictures

On 27 June 2018, the Group acquired the remaining 49% in Sierra Pictures, LLC ('Sierra/Affinity') for a total consideration of £14.2m settled by a cash payment of £9.7m and by issuing 1,231,768 shares in Entertainment One Ltd. amounting to £4.5m.

The carrying value of the non-controlling interest in Sierra/Affinity on 27 June 2018 amounting to £8.6m was de-recognised and transaction costs of £0.1m was recorded as a charge to the Group's retained earnings. The Currency translation reserve relating to the previous non-controlling interest of £1.2m has been transferred to the Group. The difference of £6.7m has been recognised as a charge to the Group's retained earnings.

As a result of the acquisition, the put and call options granted over the 49% shares have been cancelled. The carrying value of the liability as at 27 June 2018 of £17.9m has been reversed with the corresponding adjustment to the Put option reserve of £12.2m. The difference of £5.7m has been credited to retained earnings.

 

9. RISKS AND UNCERTAINTIES

The Board considers risk assessment, identification of mitigating actions and internal control to be fundamental to achieving the Group's strategic objectives. The Corporate Governance section on pages 51 to 54 of the Annual Report and Accounts for the year ended 31 March 2019 describes the systems and processes through which the directors manage and mitigate risks. The Board recognises that the nature and scope of the risks can change and so reviews the risks faced by the Group, as well as the systems and processes to mitigate them on an ongoing basis. The Board considers the principal risks to achieving its objectives to be:

-           Strategy formulation and execution - Creating and executing the best strategy for the Group;

-           Recruitment and retention of employees - Finding the best people for the business to deliver its strategy;

-           Source and select the right content at the right price - Building a valuable content portfolio;

-           Protection of intellectual property rights - Protecting content and brands;

-           Regulatory compliance - Operating within the law and seeking to optimise efficiency;

-           Information security/data protection - Protecting eOne and stakeholders' data;

-           Business continuity planning - Maintaining operations in the event of an incident or crisis; and

-           Financial risk - Seeking and maintaining financing to support the delivery of the Group's strategic objectives.

The Group continues to assess and respond to the implications of Brexit and expects there to be no significant exposures. As part of its financial risk management, the Group monitors foreign currency movements. The movement in foreign currency exchange rates during the period has an impact on the reporting of the financial performance of the Group. In particular, the different functional currencies of the Group (US dollars, Canadian dollars, euros, pounds sterling and Australian dollars) result in consolidation translation gains and losses as the Group reports its financial results in pounds sterling. During the three months ended 30 June 2019 a gain of £18.4m (2018: gain of £34.2m) has been recorded in the Currency translation reserve, reflecting the impact of the stronger pound sterling on translation of the Group's non-sterling net assets. The Group looks to balance local currency borrowings with the net assets of individual operating units to help mitigate the impact of currency movements in relation to the Group's consolidated net assets.

The financial results of individual businesses within the Group are not significantly impacted by foreign currency movements other than in relation to the investment in acquired content rights which is generally transacted in US dollars and in relation to the merchandising and licensing contracts of the Family & Brands Division. The Group reduces its exposure to risk in relation to foreign currency movements in these circumstances through hedging instruments and internal currency offsets where available.

In the view of the Board there has been no material change in risk factors since 31 March 2019. Further details of these risks are provided on pages 51 to 54 of the Annual Report and Accounts for the year ended 31 March 2019, a copy of which is available on the Company's website at www.entertainmentone.com.

 

10.     RELATED PARTY TRANSACTIONS

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

Canadian Pension Plan Investment Board (CPPIB) held 86,697,069 common shares in the Company at 30 June 2019 (31 March 2019: 85,597,069), amounting to 17.59% (31 March 2019: 18.42%) of the issued capital of the Company. CPPIB is deemed to be a related party of Entertainment One Ltd. by virtue of this significant shareholding. The Group pays CPPIB an annual fee equivalent to the annual fee paid by the Group to its other non-executive directors in consideration for CPPIB allowing Scott Lawrence to allocate time to his role as a non-executive director of the Company. The fee payable to CPPIB in respect of Scott Lawrence's services for the period ended 30 June 2019 was C$22,500 (30 June 2018: C$22,500).

At 30 June 2019 the amounts outstanding payable to CPPIB are C$nil (31 March 2019: C$8,500).

The Group owns 50% shares in the joint venture eOne/Fox Home Ent Distribution Canada. During the three months ended 30 June 2019 the Group made purchases of £100,202from eOne/Fox Home Ent Distribution Canada. At 30 June 2019 the amounts outstanding payable to eOne/Fox Home Ent Distribution Canada from the Group are £60,788.

The Group owns a 50% share in the joint venture Suite Distribution Limited. During the three months ended 30 June 2019 the Group received income of £nil from Suite Distribution Limited. At 30 June 2019 the amounts receivable from Suite Distribution Limited are £155,000.

The Group owns a 50% share in the joint venture Creative England-Entertainment One Global Television Initiative Limited. During the three months ended 30 June 2019 the Group received income of £nil from Creative England-Entertainment One Global Television Initiative Limited. At 30 June 2019 the amounts receivable from Creative England-Entertainment One Global Television Initiative Limited were £330,654.

Except for the items noted above, the nature of related parties disclosed in the consolidated financial statements for the Group as at and for the year ended 31 March 2019 has not changed.

KEY MANAGEMENT PERSONNEL

Key management consists of the Group Chief Executive Officer and the Group Chief Financial Officer. The directors are of the opinion these persons had authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly.

The aggregate amounts of key management compensation are set out below:

 

 

Period ended

30 June 2019

Period ended

30 June 2018

 

£m

£m

Short-term employee benefits

0.4

0.4

Share-based payment benefits

0.6

0.9

Total

1.0

1.3

 

 

11.     FINANCIAL INSTRUMENTS

As at 30 June 2019, there was no significant difference between the book value and fair value (as determined by market value) of the Group's financial assets or liabilities other than the Group's £425.0m senior secured notes, which have a fair value of £438.4m. There were no transfers between levels in the period and there have been no changes to the basis of determining the fair value measurements and valuation inputs disclosed within the Group's consolidated financial statements for the year ended 31 March 2019.

At 30 June 2019, the Group had the following financial assets and liabilities: 

 

 

 

Period ended

30 June 2019

Year ended

31 March 2019

 

 

£m

£m

Assets measured at fair value

 

 

 

Derivative financial assets

Level 2

1.4

0.9

Non-listed equity instruments

Level 3

4.8

3.2

 

 

 

 

Liabilities measured at fair value

 

 

 

Derivative financial liabilities

Level 2

(0.2)

(3.5)

Total

 

6.0

0.6

 

 

 

The movements in non-listed equity instruments during the period ended 30 June 2019 were as follows:

 

 

Non-listed equity instruments

 

£m

Balance at 1 April 2018

0.8

Additions

2.3

Change in fair value recorded in:

 

profit and loss

 

other comprehensive income

-

Transfers

 

Amounts settled

-

Exchange differences recorded in profit and loss

0.1

Balance at 31 March 2019

3.2

Additions

2.0

Change in fair value recorded in:

 

profit and loss

 

other comprehensive income

-

Transfers

 

Amounts settled

-

Exchange differences recorded in profit and loss

  (0.4)

Balance at 30 June 2019

4.8

 

The key assumption in measuring the value of the non-listed equity instruments is the long term performance of the available-for-sale investments. There is no reasonable change in the performance of the investments that would give rise to a material change in the assets in these condensed consolidated financial statements.

VALUATION TECHNIQUES AND INPUTS

 

Valuation technique and key inputs

Significant unobservable input

Relationship of unobservable inputs to fair value

Level 1:

Senior secured notes (for fair value disclosure only)

Fair value measurements are derived from unadjusted quoted prices in active markets for identical assets or liabilities.

N/a

N/a

Level 2:

Derivative financial instruments

Discounted cash flow - future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties.

N/a

N/a

Level 3:

Non-listed equity instruments

Income approach - in this approach, the discounted cash flow method was used to capture the present value of the expected future economic benefits to be derived from the ownership of these investees.

Long-term performance of the available-for-sale investments, taking into account management's experience and knowledge of market conditions of the specific industries.

The greater the cash generation of the investment over time, the higher the fair value.

 

CONCENTRATION OF CREDIT RISK

The assessment of credit risk and the estimation of the expected credit losses was determined by evaluating at the reporting date for each financial asset a range of possible outcomes using reasonable and supportable information based on past events, current conditions and forecasts of future events and economic conditions. A loss allowance has been recorded for all financial assets with the carrying amount a reasonable approximation of fair value.

12. INTEREST-BEARING LOANS AND BORROWINGS

 

 

Period ended

30 June 2019

Year ended

31 March 2019

 

£m

£m

Bank borrowings

150.8

42.7

Senior secured notes

425.0

355.0

Bank overdrafts

-

0.3

Deferred finance charges

(9.2)

(5.9)

Other

1.0

1.0

Interest bearing loans and borrowings

567.6

393.1

Cash and cash equivalents (other than those held by production subsidiaries)

(57.6)

(51.6)

Net Debt

510.0

341.5

 

 

 

Shown in the consolidated balance sheet as:

 

 

  Non-current

567.1

392.2

  Current

0.5

0.9

 

The following are the movements in the Group's interest-bearing loans and borrowings during the year.

 

 

Term loan

Bank borrowings

Senior secured notes

Other loans including overdrafts

Total

 

£m

£m

£m

£m

£m

At 1 April 2018

-

23.8

355.0

2.5

381.3

Drawdowns

-

372.0

-

0.8

372.8

Repayments

-

(355.1)

-

(2.1)

(357.2)

Exchange differences

-

2.0

-

0.1

2.1

At 31 March 2019

-

42.7

355.0

1.3

399.0

Drawdowns

52.0

136.1

425.0

-

613.1

Repayments

(52.0)

(31.4)

(355.0)

(0.3)

(438.7)

Exchange differences

-

3.4

-

-

3.4

At 30 June 2019

-

150.8

425.0

1.0

576.8

 

 

Term loan

On 18 April 2019, the Group borrowed £52.0m through a term loan maturing on 31 December 2020 to part fund the acquisition of Audio Network Limited. The term loan was repaid on 26 June 2019 through the proceeds of the issuance of the £425.0m Senior Secured Notes due 2026. Unamortised deferred finance charges of £0.4m relating to the Term Loan were written off during the period.  

Bank borrowings

Bank borrowings include borrowings under the Group's super senior revolving credit facility ('RCF') which matures in December 2023. At 30 June 2019, the Group had available £53.4m of undrawn committed bank borrowings under the RCF.

Senior Secured Notes

On 25 June 2019 the Group completed the issuance of £425.0m in aggregate principal amount of 4.625% Senior Secured Notes (the 'Notes') due 2026. The Notes are subject to a number of financial covenants including interest cover charge and net debt against underlying EBITDA. The Notes are secured against the assets of various Group subsidiaries which make up the 'Restricted Group' and rank pari passu with the revolving credit facility.

The proceeds of the Notes were used to redeem the Group's £355.0m in aggregate principal amount of 6.875% Senior Secured Notes due 2022.

Deferred finance charges

The Group capitalised fees of £7.0m during the period associated with the issuance of the Senior Secured Notes. The unamortised deferred finance charges (net of premium) of £3.0m on the £355.0m of Notes were written off during the period.

13. PRODUCTION FINANCING

 

 

Period ended

30 June 2019

Year ended

31 March 2019

 

£m

£m

Production financing held by production subsidiaries

141.9

192.4

Other loans

5.4

3.5

Production financing

147.3

195.9

Cash and cash equivalents (held by production subsidiaries)

(69.5)

(55.8)

Production financing (net of cash)

77.8

140.1

 

 

 

Production financing shown in the consolidated balance sheet as:

 

 

Non-current

73.3

110.2

Current

74.0

85.7

 

The following are the movements in the Group's production financing and other loans during the year.

 

 

Production financing

Other loans

Total

£m

£m

£m

At 1 April 2018

171.9

4.9

176.8

Drawdowns

224.5

0.8

225.3

Repayments

(211.8)

(2.5)

(214.3)

Exchange differences

7.8

0.3

8.1

At 31 March 2019

192.4

3.5

195.9

Drawdowns

23.6

6.4

30.0

Repayments

(79.3)

(4.7)

(84.0)

Exchange differences

5.2

0.2

5.4

At 30 June 2019

141.9

5.4

147.3

 

 

14. STATED CAPITAL

Analysis of amounts recognised by the Group

 

 

Period ended 30 June 2019

Year ended 31 March 2019

 

Number of shares

Value

Number of shares

Value

 

'000

£m

'000

£m

Balance at 1 April

464,786

610.6

460,112

594.8

Shares issued on exercise of share options

1,062

4.4

2,805

9.5

Shares issued as part-consideration for acquisitions

2,112

9.9

638

1.9

Shares issued as part-consideration for acquisitions of non-controlling interests

-

-

1,232

4.5

Shares issued as part of equity raise

28,900

127.5

-

-

Balance

496,860

752.4

464,787

610.7

Own Shares

-

-

(87)

(0.1)

Net balance

496,860

752.4

464,700

610.6

 

During the period ended 30 June 2019, the Group issued the following stated capital:

-       1,061,058 common shares were issued to employees (or former employees) exercising share options. The total consideration received by the Company on the exercise of these options was £nil.

-       On 12 April 2019, 28,900,000 new common shares (equivalent to £127.5m net of transaction costs of £2.5m) were issued as part of an equity raise for the acquisition of Audio Network Limited (see Note 8).

-       On 18 April 2019, 2,112,428 new common shares (equivalent to £9.9m) were issued as part consideration for the acquisition of Audio Network Limited (see Note 8). 

During the year ended 31 March 2019, the Group issued the following stated capital:

-       2,805,181 common shares were issued to employees (or former employees) exercising share options. The total consideration received by the Company on the exercise of these options was £nil.

-       On 9 April 2018, 637,952 common shares (equivalent to £1.9 million) were issued as part consideration for the acquisition of Whizz Kid Entertainment Limited.

-       On 27 June 2018, 1,231,768 common shares (equivalent to £4.5 million) were issued as part consideration for the purchase of the remaining 49% share in Sierra Pictures, LLC

At 30 June 2019 the Company's stated capital comprised 496,859,706 common shares (March 2019: 464,786,220).

 

15.     DIVIDENDS

On 20 May 2019 the directors declared a final dividend in respect of the financial year ended 31 March 2019 of 1.5 pence (2018: 1.4 pence) per share, which has absorbed £6.0m of total equity (2018: £5.3m) and the liability is recorded within other payables. The dividend was paid on 6 September 2019. Withholding tax of £1.5m (2018: £1.3m) crystallised on payment and as such, has not been recorded in these condensed consolidated statements.

 

16.     POST-BALANCE SHEET EVENTS

On 22 August 2019, the Group entered into an agreement with Hasbro Inc. under which Hasbro will acquire the Group in an all-cash transaction valued at £3.3 billion. Under the terms of the agreement, the Group's shareholders will receive £5.60 in cash for each common share of the Company. The completion of the transaction is subject to receipt of certain regulatory approvals, the approval by the Group's shareholders and other customary closing conditions.

On 12 September 2019 the Group acquired US-based, notification content producer Blackfin Inc. for initial consideration of £4.1m rising to £16.2m depending upon performance related conditions.

On 11 July 2019 eOne entered into an agreement to acquire UK-based Daisybeck Studios, an independent television company producing quality factual, factual entertainment and event programming for an initial consideration of £2.1m rising to £15.0m depending upon performance related conditions.

The provisional acquisition accounting for Blackfin and Daisybeck Studios will be included in the Group's condensed consolidated financial statements for the six months ended 30 September 2019 and is not yet available due to the timing and size of the acquisitions.

Appendix to the Interim Announcement

for the three months ended 30 June 2019

 

RECONCILIATION OF ADDITIONAL PERFORMANCE MEASURES

The Group uses a number of non-IFRS financial measures that are not specifically defined under IFRS or any other generally accepted accounting principles, including underlying EBITDA, one-off items, adjusted profit before tax and adjusted diluted earnings per share. These non-IFRS financial measures (adjusted measures) are presented because they are among the measures used by management to measure operating performance and as a basis for strategic planning and forecasting, and the Group believes that these measures are frequently used by investors in analysing business performance. Adjusted measures in management's view, reflects the underlying performance of the business and provides a more meaningful comparison of how the business is managed and measured on a day-to-day basis and form the basis of the performance measures for remuneration. Adjusted measures exclude certain items because if included, these items could distort the understanding of our performance for the year and the comparability between years. The terms "underlying", "one-off items" and "adjusted" may not be comparable with similarly titled measures reported by other companies.

UNDERLYING EBITDA

The term underlying EBITDA refers to operating profit or loss excluding amortisation of acquired intangibles, depreciation, amortisation of software, share-based payment charge, tax, finance costs and depreciation related to joint ventures, and operating one-off items. A reconciliation is presented on the condensed consolidated income statement.

ADJUSTED PROFIT BEFORE TAX AND ADJUSTED EARNINGS

The terms adjusted profit before tax and adjusted diluted earnings per share refer to the reported measures excluding amortisation of acquired intangibles, share-based payment charge, tax, finance costs and depreciation related to joint ventures, operating one-off items, finance one-off items, and, in the case of adjusted diluted earnings per share, one-off tax items. Refer to Note 7 Earnings per share for a reconciliation of profit before tax and earnings per share to the adjusted measures.

LIBRARY VALUATION

Underpinning eOne's focus on growth through content ownership, the Group commissions an annual independent library valuation calculated using a discounted cash flow model (discounted using the Group's post-tax weighted average cost of capital) for all of eOne's family, television, music and film assets on a rateable basis with eOne's ownership of such assets. The valuation is completed for all committed assets at each year end and is completed in the first half of the following fiscal year.

As such the valuation as at 31 March 2019 was completed in September 2019 using the up to date cash flows that represent forecast of future amounts which will be received from the exploitation of the assets, net of payments made as royalties or non-controlling interests and an estimate of the overheads required to support such exploitation.

CURRENCY RELATED ADJUSTMENTS

The Group presents revenue and underlying EBITDA on a constant currency basis, which is calculated by retranslating the comparative figures using weighted average exchange rates for the current year.

 

 

A reconciliation of the revenue growth on a constant currency basis is shown below:

 

 

 

 

 

 

Three months ended

Three months ended

 

 

30 June 2019

30 June 2018

Change

 

£m

£m

%

Revenue (per IFRS consolidated income statement)

173.1

185.7

(6.8%)

Currency adjustment

N/A

4.8

N/A

Revenue (constant currency)

173.1

190.5

(9.1%)

 

 

A reconciliation of the underlying EBITDA growth on a constant currency basis is shown below:

 

 

 

 

 

 

Three months ended

Three months ended

 

 

30 June 2019

30 June 2018

Change

 

£m

£m

%

Underlying EBITDA (per IFRS consolidated income statement)

13.4

17.3

(22.5%)

Currency adjustment

N/A

(0.5)

N/A

Underlying EBITDA (constant currency)

13.4

16.8

(20.2%)

 

 

 

INDEPENDENT REVIEW REPORT TO ENTERTAINMENT ONE LTD.

REPORT ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Our conclusion

We have reviewed Entertainment One Ltd.'s condensed consolidated financial statements (the "interim financial statements") in the first quarter results of Entertainment One Ltd. for the three month period ended 30 June 2019. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

What we have reviewed

The interim financial statements comprise:

·      the condensed consolidated balance sheet as at 30 June 2019;

·      the condensed consolidated income statement and condensed consolidated statement of comprehensive income for the period then ended;

·      the condensed consolidated cash flow statement for the period then ended;

·      the condensed consolidated statement of changes in equity for the period then ended; and

·      the explanatory notes to the interim financial statements.

The interim financial statements included in the first quarter results have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

As disclosed in Note 2 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The first quarter results, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the first quarter results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Our responsibility is to express a conclusion on the interim financial statements in the first quarter results based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

What a review of interim financial statements involves

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the first quarter results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Other matter

The condensed consolidated financial statements for the three months ended 30 June 2018, forming the corresponding figures of the financial statements for the three month period ended 30 June 2019, are un-reviewed.

 

 

PricewaterhouseCoopers LLP

Chartered Accountants

London, United Kingdom

10 October 2019

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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