EFTA01201480.pdf

Phaidon - Original Plan anticipated financing of E2M in the financial year (Bringing Phaidon to the maximum of current credit facility) - Shift in forecasted Intl( (Co-Editions) has resulted in a reduction of trade receipts of E0.8M for the current financial year - Financing of E3M now required for 2015 C000 July 2014 October 2014 FY Cash Row FY Cash Flow Operating Profit (1,299) (1.263) Add-Back Depreciation 403 389 Decrease/(Increase) in Stocks 274 (278) Decrease/(Increase) in Debtors (1,364) (2,175) (Decrease)/Increase in Creditors (389) (408) Others (2) (19) Net Cash flow from Operating activities (2,377) (3,755) Purchase of Fixed Assets (680) (654) Interest (200) (1) Net Cash Flow before Financing 3,257 (4,409) Financing 2,000 2,982 Net Movement In Cash (1,257) (1,427) • Additional £0.2M in reprints and £0.3M in development costs •• Trade Debtors Receipts 21,305 20,494 (Primarily £0.5M Shift in Intl (Co-Editions) receipts) Opening Bank Balance 1,403 1,403 Closing Bank Balance 146 (24) Opening Finance Position 2,529 2,529 Closing Finance Position 4,529 5,511 EFTA01201480 - Current anticipated trade receipts has also impacted the quarterly financing needs Overdraft Facility £000 July Forecast October Forecast CH 02 03 44 0.1 02 Ca 44 Balance C/F 2,529 4,529 5,779 3,779 2,529 4,078 7,412 5,912 Movement 2,000 1,250 (2,003) 750 1,549 3,334 (1,500) (400) Balance B/F 4,529 5,779 3,779 4.529 4,078 7,412 5,912 5,512 Recommendations - Convert current loan position to Long Term Debt. (Balance as at 10/21/2014 - E4.8M) - Create annual credit line for E3M. Anticipated balance at June 2015 E1M which will be cleared down the following quarter. 2015 Cash Flow Major Categories By Quarter £000 July Forecast October Forecast 01 Q3 04 H1 H2 41 Ca Ca 44 HI H2 Cash Inflow Trade Debtors Receipts 4,122 4,550 8,379 4,254 8,672 12,633 3,858 2,567 9,228 4,841 6,424 14,070 Overdraft/Credit Facility 2,000 1,250 (2.CCO) 750 3,250 (1,250) 1,549 3,334 (1,503) (400) 4,2.83 (1,900) 6,122 5,800 6,379 5,004 11,922 11,383 5,407 5,900 7,728 4,441 11,307 12,170 Cash Outflow - Creditors Creditor Payments (6,807) (5,737) (5,809) (4,673) (12,544) (10,482) (6,053) (5,911) (6,500) (5,005) (11,964) (11,506) Royalties (307) (305) (401) (324) (612) (724) (371) (285) (591) (174) (656) (764) interest (50) (SO) (50) (SO) (100) (100) 0 0 0 (1) 0 (1) (7,164) (6,092) (6,260) (5,047) (13,256) (11,306) (6,424) (6,196) (7,091) (5,180) (12,620) (12,271) Net Cash Flow (1,043) (292) 119 (42) (1,335) 77 (1,017) (296) 637 (739) (1,313) (102) EFTA01201481