Lint, Friday 29 March 2013
Overview of key figures 2012Profit & Loss
Operating income for the 2012 fiscal year amounted to € 42,5 million versus € 33,2 million in
2011 and € 44,5 million in 2010.
An important part of the turnover relates to the coverage of the Summer Games in London. Although the production of other events also contributed to the final results: the football competition in Saudi Arabia (January-May and September-December), WTCC European races (February-June), Cycling Tour of Turkey (April), European Football Championship in Poland and Ukraine (June-July), the Eurovision Song Contest in Baku (May) and the GCC Summit in Bahrain (December).
Other Operating income includes the sale of OB20 and OB37. A gain of € 1,5 million was
realised on this sale. No OB trucks were sold in 2011.
EBITDA has risen from € 6,0 million in 2011 to € 12,0 million in 2012. EBITDA represent 28% of the turnover, compared to 18% in 2011. The main reasons for the increase of the EBITDA are:
- An increase in turnover of 28%;
- Staffing costs remaining stable compared to 2011 (with a slight increase of 4%);
- Additional productions were covered by freelancers (with a 10% increase in costs);
- An increase of 14% of the general company costs due to the external rent of material and also consultancy fees in the search for potential investors.
The Board of Directors of Alfacam Group N.V. has made an analysis around the value of the real estate assets (land and buildings) of the group (owned by the entities Alfacam N.V. and Euro1080 N.V.). It was noted that the consolidated book value was no longer in line with the fair value of these assets and the Board has decided to take the necessary impairments on the respective assets which amount to € 9,8 million.
Depreciations and amortisations have gone up to € 26,0 for the year 2012. As a result EBIT is
€ -14,0 million versus € -8,0 million in 2011.
Due to the high level of debt the financial costs are very comparable to last year (€ 5,6 million). This includes the unpaid interest of € 1,0 million on the subordinated loans.
The net result is € -21,8 million for 2012 compared to € -13,9 million for 2011. A number of exceptional items are included in the 2012 results: an impairment on the buildings of € 9,8 million, a reversal of deferred tax assets of € 2,7 million, extra depreciation on the technical material of € 1,5 million and provisions for on-going legal conflicts for € 357k.
Balance sheet
On the balance sheet, all long-term debts related to repayments to the banks regarding the leases of OB-trucks and the building, were reclassified from long-term to short-term debts.
Alfacam Group also made impairments of € 9,8 million on its real estate assets. The shareholders' equity has become negative up to € -4,6 million.
These figures were established under the assumption of going concern. However, the continuity cannot be guaranteed today.
As communicated earlier, Alfacam Group NV and its Belgian affiliated legal entities have obtained judicial protection since 26 October 2012 as set out in the Continuity of Enterprises Act. The protection period has been extended until 5 May 2013 included. On 15 April 2013 the company has to submit a reorganization plan to the Court.
The negotiations with Hinduja Group in order to find a structural solution for the group are progressing in difficult circumstances. A final outcome is expected shortly. Negotiations are also held with other potential investors.
If the negotiations do not lead to a decision in the short term, the continuity of the company may be in danger.
As a result of the preparation of the final results it was noted that also for the subsidiaries Alfacam N.V. and Euro1080 N.V., an extraordinary general meeting will have to be organised in line with the application of article 633 of the Belgian Company Code. The extraordinary general meeting of Alfacam Group N.V. to decide on the continuity of this company as provided for in art. 633 BCC will take place on 12 April 2013.
Note of the auditor
The auditor confirms that his audit work is substantially completed.
The auditor, in accordance with the auditing standards of the Institute of Company Auditors, intends, unless the circumstances meanwhile modify, expressing a disclaimer of opinion given the state of the company is characterized by significant uncertainties, which may materially affect the financial figures mentioned in this press release. These uncertainties relate mainly to the business continuity (e.g. the ongoing negotiations with potential buyers, banks and other interested parties), and the content of certain balance sheet items (of which the value depends on the business continuity).
***
About Alfacam Group
Alfacam Group [EURONEXT Brussels: ALFA] groups de activities from Alfacam, EuroLinX and Euro1080 (EUROCAM MEDIA & FILM CENTER & HD1).
Alfacam primarily delivers services to TV stations and production houses. The company has the largest HD OB fleet in Europe. More information on www.alfacam.com .
Eurolinx is the sister company of Alfacam, offering wireless services to TV stations and production houses. More
information on www.alfacam.com/wireless .
Eurocam Media Center is a complex of 16 studio's dedicated to television, film and event productions and a
« business center ». More information on www.eurocammediacenter.be.
Contact
Sven Marinus, CEO - E sven.marinus@alfacam.com - T +32 3 460 39 30
Julien Tilkens, Communication Manager - E julien.tilkens@alfacam.com - T +32 3 460 39 30
PROFIT ANO LOSS ACCOUNT•
CONTINUING OPERATIONS
2012 2011 "000 € 000
Reverue 40.115 31.692
Ott'er operaurg income 2.427 1.470
Totalopll'allng l neome 42.542 33.162
Freelancers -5.473 -4.967
Personnel costs -8.387 -8.035
Depreclatlons -15.530 -13.102
Amortlsauons -10.492 -889
Ott'er operaurg expenses -16.637 -14.145
Totalopll'allng expenses ................: .: .!... -41.137
Opll'allng profit (loss) -13.977 -7.975
EBITDA 12.045 6.015
Flnanclallncome 20 54
Flnanelal expenses -5.606 -5.520
Profit(loss) from continuni g operations betoretaxes -19.563 -13.441
trcometax -2.850 -465
Net profit (loss)ftom continuing operations -22.413 ·13.907
DISCONTINUED OPERATIONS
Result ftom dlsc ontinued operations 536 83
NET PROFIT (LOS S) (consolidated company) -&!1Jr77 -13.824
Attributable to snarenolders or the gr01.p -21 .877 -13.824
PROFIT (LOSS) PER SHARE
Basic, for protit for the year atlribilable to ordinary equity nolders of tre parent
Basic,for protit n-om coninuing operations altribilable to ordinary equity nolders oltne parent
Dlluted,forprontlortt'e year attributable to ordinaryequityholders ofthe parent
Dlk..ted,forpronttrom cortirl.ing operations atbibilatle to ordinaryeqtit operadi)"IS attritùable to ordinarye tnolders of the parert
2012 2011
-2,54 -1,56
-2,54 -1,57
-2.54 -1,56
-2.54 -1,57
Consolidated statements of other comprehensive
2012 2011 "000 € 000
Net result -&!1Jr77 -13.824
Excnarge ditrererces on translation offoreign operations
Otner comprehensive i neome nEt oftax
Totalcomprlh nslve income
Total resual ttMbutable to snarenolders ortne Group
33
33
-&!1.844
-21 .844
-53
-63
-13.877
-13.877
* These figures were established under the assumption of continuity. However, the continuity cannot today be guaranteed.
ALFACAM • Fab,;ekstraat 38 -
CONSOLIDA TEC BALANCE SHEET *
ASSETS Goodwill lntangible assets
Property, plant & equipment Land and buildings Technical equipment
Other
Assets under construction lnvestment property
Other assets
Deferred tax assets
Non-current assets
Goods for resale Trade receivables Other receivables
Cash and cash equivalents
Current Assets
TOTAL ASSETS
LIABILITIES Share capitai Share premium Other reserves Retained earnings
Shareholder's equity
Subordinated loans
Financialleases
Long term financialloans Advances received Provisions
Other payables
Non-current liabilities
Cunreri portion subordinated loans
Currert portion of finandalleases
Currert portion oflong term finandalloans
Short term financialloans
Provisions Trade payables Advances received Other payables Current liabllities
TOTAL LIABILITIES
2012 2011
€ 000 € 000
258 258
133 219
52.683 75.266
13 059 23.986
38.802 49.509
822 1.638
o 133
385 1 077
231 264
o 2.656
53.690 79.740
72 310
4.114 11.729
2.154 1.564
2.273 791
8.613 14.394
62.303 94.134
22.126 22.126
2.276 2.276
3.240 3.207
-32.257 -10.380
-4.615 17.230
o o
410 172
o o
1.035 1.298 o o o o
1.445 1.470
8.802 7.758
15 012 25.511
7.353 8.193
22.292 16.964
685 914
7.895 7.092
171 1.854
3.263 7.14 7
65.473 75.434
62.303 94.134
* These figures were established under the assumption of continuity. However, the continuity cannot today be guaranteed.
ALFACAM • Fab,;ekstraat 38 -
CONSOLIDAT ED CASH-FLOW* | ||
2012 | 2011 | |
€ 000 | € 000 | |
CONTINUED OPERATIONS Net profit (loss) Adjusted for: Income taxes | -22.413 2.850 | -13.907 -23 |
Other operating income from investment grants Gains/Loss on disposal of non-current assets Depreciations of non-current assets and investment property | -325 -1.672 15.530 | -374 -433 13.102 |
Amortizations on trade receivables and goods for resale | 10.492 | 881 |
Financial result | 5.586 | 5.466 |
Other | 33 | 0 |
Cash flow from operating activities before changes in working capital | 10.081 | 4.712 |
Income tax paid (Increase) Decrease in long-term receivables | -194 33 | -3 2.634 |
(Increase) Decrease in goods for resale, excluding amortization | 89 | -97 |
(Increase) Decrease in trade receivables, excluding amortization (Increase) Decrease in other receivables, excluding government grants Increase (Decrease) in advances received, excluding government grants | 7.060 -590 -1.621 | -3.361 -194 199 |
Increase (Decrease) in trade payables | -374 | 23 |
Increase (Decrease) in other payables | -3.484 | 1.891 |
Changes in working capital | 919 | 1.096 |
Net cash flow from operating activities | 11.000 | 5.805 |
Disposal of non-current assets Acquisition of non-current assets Acquisition of non-current assets - transfers from goods from resale | 3.997 -3.233 | 2.124 -6.114 0 |
Received investments grants Net cash flow from investing activities | 764 | 0 -3.990 |
Mezzanine loans Net financial leases Proceeds from long-term borrowings and other loans Repayment of long-term borrowings and other loans Paid financial expenses Capital increase Net cash flow from financing activities | 0 -9.995 5.305 -1.083 -4.416 0 -10.189 | 800 -13.877 14.084 -1.562 -5.861 3.200 -3.216 |
Total net cash flow from continued activities | 1.575 | -1.402 |
DISCONTINUED OPERATIONS Net cash flow from operating activities | -93 | -411 |
Net cash flow from investing activities | 0 | 0 |
Net cash flow from financing activities Total net cash flow from discontinued activities | 0 -93 | 0 -411 |
Total net cash flow | 1.482 | -1.814 |
Cash and cash equivalents at 1 January | 791 | 2.605 |
Cash and cash equivalents at 31 December | 2.273 | 791 |
Net increase (decrease) in cash and cash equivalents | 1.482 | -1.814 |
distributed by |