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Millwall Holdings PLC
27 February 2007


Millwall Holdings plc

Unaudited Interim Results

For the Six Months Ended 30 November 2006

Chairman's Statement

Financial Results

Turnover for the period was 2.4 million (Six months ended 30 November 2005:
2.8 million). The six month period resulted in a loss before tax of 2.9
million (Six month period ended 30 November 2005: loss 2.4 million). Excluding
player trading the loss was 3.2 million (Six month period ended 30 November
2005: loss 2.4 million).

Review

I accepted the position of Executive Chairman on 27 October 2006, fully aware of
the various challenges facing the Club following the departure of Peter de
Savary.

Following relegation from the Championship, the Board supported the registration
of some 18 incoming players, who formed the nucleus of Nigel Spackman's playing
squad for the new campaign. Sadly, hugely disappointing results led to the
departure of Nigel Spackman, who has subsequently been replaced as first team
Manager by Willie Donachie.

Season Ticket sales standing at 4,858 ( 2005: 5,399) were resilient in the light
of our relegation, reflecting the loyalty of our core supporter base, and we
thank them for their continuing support. We are optimistic that attractive
'early bird' offerings for next season, coupled with renewed confidence in the
on-field performance of the team, will be reflected in improved Season ticket
sales for the forthcoming season.

At the beginning of the season, the Club began a high visibility marketing
initiative across London using posters at train and bus locations to promote our
'Real Talent, Real Passion, Real Football' campaign. We will continue to explore
all available avenues to market Millwall FC to our existing fan base and beyond.

Outlook

Gradually the team's performances have improved and at the time of writing the
team was just below mid-table in League One. Recent home attendances have topped
9,500 and our average for the season so far is the fifth best in the division.
In addition to this the team's form during January and mid February has put
Millwall comfortably in the top 6 of 'The Times' short term 'Form Table'.

A swift return to the Championship remains the ambition of the Board and all
associated with the Club, with membership of the Premiership the ultimate goal.

Regeneration Scheme

In the fundraising document sent to Shareholders on 20 March 2006, the Directors
stated that it was their belief that there were opportunities to develop both
the Club's ground and property in the immediate area. A high calibre team has
since been appointed to develop the regeneration vision. This team includes
Stock Woolstencroft a leading architectural firm responsible for a number of
major developments across the country, CBRE land assembly advisers, currently
involved with masterminding the 2012 site assembly and Hepher Dixon - planners,
the firm which led the planning on behalf of the new Arsenal Stadium in North
London.

A series of master-planning exercises has been undertaken which have been
discussed with the key planning authorities, including the local boroughs, the
Greater London Authority and London Development Agency.

There is significant support and excitement for the scheme. The next crucial
stage will be developing the detailed planning application alongside achieving a
change of designation in land use.

The Board is in advanced stages of negotiations regarding significant additional
funding for the Company and the Club which is vital to ensure continued trading
and to progress the regeneration proposals. Further details will be announced in
due course.

I would like to thank management, players, staff and everyone associated with
the Club for their hard work and shareholders and fans alike for their continued
support, which is greatly appreciated.

Heather Rabbatts

Executive Chairman

Date 27 February 2007

CONSOLIDATED PROFIT AND LOSS ACCOUNT

Operations Player Unaudited Unaudited Audited
excluding amortisation six six year
player and trading months months ended
amortisation 30 November ended 30 ended 30 31 May
and trading 2006 November November 2006
30 November 2006 2006 2005

Notes 000 000 000 000 000

Turnover 2,403 - 2,403 2,830 6,246
-------- -------- -------- -------- ------
Staff costs (3,064) - (3,064) (3,115) (6,504)
Amortisation
of players'
registrations - (37) (37) (134) (244)
Depreciation (199) - (199) (180) (366)
Profit on
disposal of
players'
registrations - 296 296 8 545
Other
administrative
expenses (2,169) - (2,169) (1,663) (3,700)
-------- -------- -------- -------- ------
(5,432) 259 (5,173) (5,084) (10,269)
Operating Loss (3,029) 259 (2,770) (2,254) (4,023)
Interest
receivable 13 2 3
Interest
payable and
similar
charges (103) (107) (277)
-------- -------- ------
Loss on
ordinary
activities
before
taxation (2,860) (2,359) (4,297)
Taxation 3 - - -
-------- -------- ------
Loss for the
financial
period (2,860) (2,359) (4,297)
-------- -------- ------

Loss per share
- basic and
diluted 4 (0.013)p (0.039)p (0.057)p
-------- -------- ------

There are no recognised gains or losses in the period, other than the loss for
that period.
Notes

1 The figures are for the period 1 June 2006 to 30 November 2006.

2 This interim report has been prepared, other than detailed in this note, on
the basis of the accounting policies set out in the Group's 2006 statutory
accounts.
In preparing these financial statements, the company has adopted for the
first time, FRS20,'Share Based Payments'. There has been no effect on the
prior periods' figures from adopting this financial reporting standard.

3 No taxation is payable in respect of any period due to the incidence of
losses available.

4 The basic and diluted loss per share is calculated based on the loss after
taxation and on the weighted average number of shares in issue and ranking
for dividend in the period.
Unaudited Unaudited Audited
30 November 30 November 31 May
2006 2005 2006

Weighted average number of 21,417,251,942 6,092,087,167 7,540,109,611
shares in issue

5 The Directors do not recommend the payment of an interim dividend (2005:
nil).

6 These interim figures are un-audited and do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. A copy
of the Group's statutory accounts for the year ended 31 May 2006, has been
filed with the Registrar of Companies. The auditors' report on those
accounts included an emphasis of matter paragraph with regards to the going
concern basis of preparation of the financial statements. However, their
opinion was not qualified in this respect.

7 Copies of this report are available to the public at the Company's
registered office and on our website at www.millwallfc.co.uk.



CONSOLIDATED BALANCE SHEET

Unaudited Unaudited Audited
30 November 30 November 31 May
2006 2005 2006
Notes 000 000 000

Fixed assets
Intangible assets 1 44 159 66
Tangible assets 15,851 16,069 15,942
--------- --------- ---------

15,895 16,228 16,008
--------- --------- ---------

Current assets
Stocks 233 189 92
Debtors - due within one year 917 2,413 1694
Cash at bank and in hand 23 29 777
--------- --------- ---------

1,173 2,631 2,563
Creditors: Amounts falling due
within one year (3,792) (8,158) (3,651)
--------- --------- ---------
Net Current Liabilities (2,619) (5,527) (1,088)
--------- --------- ---------
Total Assets Less Current 13,276 10,701 14,920
Liabilities
Creditors: Amounts falling due after
more than one year (4,667) (3,052) (4,885)
--------- --------- ---------
Net assets 8,609 7,649 10,035
--------- --------- ---------

Capital and reserves
Called up share capital 2 4,540 2,942 4,171
Share premium account 12,153 7,992 11,087
Capital reserve 21,474 21,474 21,474
Profit and loss account (29,558) (24,759) (26,697)
--------- --------- ---------

Equity shareholders' funds 8,609 7,649 10,035
--------- --------- ---------

Notes

1 Intangible assets are the net book value of players' registrations,
comprising transfer fees payable and signing on fees. These costs are
capitalised and then amortised over the periods of the players' contract.

2 Called up share capital Unaudited Unaudited Audited
30 November 30 November 31 May
2006 2005 2006
Number Number Number
Authorised
Ordinary shares of 0.01p 86,881,838,777 86,881,838,777 86,881,838,777
each
Deferred shares of 0.09p 2,592,087,167 2,592,087,167 2,592,087,167
each ----------- ----------- -----------
89,473,925,944 89,473,925,944 89,473,925,944
=========== =========== ===========
Allotted, called up and
fully paid
Ordinary shares of 0.01p 22,070,940,467 6,092,087,167 18,383,440,467
each
Deferred shares of 0.09p 2,592,087,167 2,592,087,167 2,592,087,167
each ------------ ------------ ------------
24,663,027,634 8,684,174,334 20,975,527,634
============ ============ ============

000 000 000

Authorised
Ordinary shares of 0.01p 8,688 8,688 8,688
each
Deferred shares of 0.09p 2,333 2,333 2,333
each ------------- ------------- -------------
11,021 11,021 11,021
============= ============= =============
Allotted, called up and
fully paid
Ordinary shares of 0.01p 2,207 609 1,838
each
Deferred shares of 0.09p 2,333 2,333 2,333
each ------------- ------------- -------------
4,540 2,942 4,171
============= ============= ============


CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months Six months Year
Ended Ended Ended
30 November 30 November 31 May
2006 2005 2006
Notes 000 000 000

Net cash outflow from operating
activities 1 (1,867) (1,586) (4,326)

Returns on investments and servicing
of finance
Interest received 13 2 3
Interest paid (101) (105) (257)
Interest element of finance lease
rental payments (2) (2) (20)
--------- --------- --------
Net cash outflow from returns on
investments and servicing of finance (91) (105) (274)
--------- --------- --------

Capital expenditure and financial
investment
Purchase of tangible fixed assets (108) (6) (55)
Purchase of players' registrations (42) - (135)
Proceeds on disposal of players'
registrations 261 268 825
--------- --------- --------

Net cash inflow from investing
activities 111 262 635
--------- --------- --------

Net cash outflow before financing (1,846) (1,429) (3,965)
--------- --------- --------

Financing
Proceeds of share issue 1475 - 4,917
Associated costs of share issue (40) - (592)
Proceeds of sale and leaseback of
training ground - - 1,850
Capital element of hire and lease
purchase loans (2) (4) (66)
--------- --------- --------

Net cash inflow/(outflow) from
financing 1,433 (4) 6,109
--------- --------- --------

(Decrease)/increase in cash 2 (413) (1,433) 2,144
--------- --------- --------

Notes
1 Reconciliation of operating loss to net cash outflow from operating
activities

30 November 30 November 31 May
2006 2005 2006
000 000 000

Operating loss (2,770) (2,254) (4,023)
Depreciation 199 180 366
Amortisation of grants (52) (52) (104)
Amortisation of players' registrations 37 134 244
Profit on disposal of players'
registrations (296) (8) (545)
(Increase)/decrease in stocks (141) (77) 20
Decrease in debtors 839 594 1,425
Increase/(decrease) in creditors and
deferred income 317 (103) (1,709)
--------- --------- --------

Net cash outflow from operating
activities (1,867) (1,586) (4,326)
========= ========= ========

31 May Cash 30 November
2006 Flow 2006
000 000 000

Cash in hand and at bank 777 (754) 23
Overdrafts (1,046) 341 (705)
--------- --------- --------
(269) (413) (682)
Finance leases (1,826) 2 (1,824)
--------- --------- --------
(2,095) (411) (2,506)
========= ========= ========

2 Reconciliation of net cash flow to movement in net debt

30 November 30 November 31 May
2006 2005 2006
000 000 000
(Decrease)/increase in net cash in the
period (413) (1,433) 2,144
Cash flow from lease financing 2 4 (1,784)
Non cash changes - (16) (26)
--------- --------- --------
Movement in net debt in the period (411) (1,445) 334
Net debt at beginning of period (2,095) (2,429) (2,429)
--------- --------- --------
Net debt at end of period (2,506) (3,874) (2,095)
========= ========= ========

Ends
 

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Last modified: 19-11-09