SPORT MEDIA GROUP PLC MF Honyvem
C
Fundamental Credit Rating:
Via A.Canova, 23 20145 Milano ITALY www.mfhonyvem.it modeFinance Building A AREA Science Park, Padriciano 99 34149 Trieste ITALY www.modefinance.com
Company name Identification number Country ZIP code and city Address Phone Web site Email Legal form NACE 2 Sector Listed Credit limit
SPORT MEDIA GROUP PLC United Kingdom M60 4BT - MANCHESTER 19, Great Ancoats Street +44 20 8507 6920 www.sportmediagroup.co.uk info@sportmediagroup.co.uk Public company, AIM 6190 - Other telecommunications activities Listed Not eligible for credit on the base of the available informations
Turnover (the)
Creditworthiness scale
Rating Probability of default Confidence Level
modeFinance
Solvency ratios
MF Honyvem
AAA
BLUE A
AA
BLUE A
A
BLUE A
BBB
BLUE B
BB
BLUE B
B
BLUE C
CCC
RED D
CC
RED E
C
RED F
D
RED F Not available
31/12/2009
31/07/2008
31/07/2007
34,779
37,291
16,839
C 62.00% 100%
B 7.10% 100%
AA 0.30% 100%
Leverage ratio
-67.33
0.79
0.53
Total asset/Total liabilties
0.99
2.26
2.90
Current ratio
0.23
0.51
2.54
Quick ratio
0.22
0.51
2.52
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-139.25
-40.44
72.82
Return on equity ROE (%)
-8,940.90
-73.19
75.75
Asset turnover
1.57
0.66
1.56
Interest paid weight
-0.06
-0.02
0.00
Gross Profit/Operating revenue
0.17
0.45
0.62
-16.83
-58.32
2.6E03
Interest Coverage ratios EBIT interest coverage ratio
Report Real Time Estero Document created on 12/5/2011 9:56:32 AM UTC
Document created on 12/5/2011 9:56:32 AM UTC
Report Real Time Estero
SPORT MEDIA GROUP PLC
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
-67.33 0.99
0.35 3.80
1.22 1.78
1.66 1.31
-2.47 0.78
0.23 0.22
2.67 2.55
1.33 1.24
1.15 1.04
0.62 0.56
-139.25 -8,940.90 1.57 -0.06 0.17
13.23 14.91 1.20 0.00 0.46
5.57 6.34 1.08 0.10 0.33
-3.58 -23.11 1.09 -0.02 0.28
-17.39 -89.80 1.20 -0.08 0.28
-16.83
269.50
7.15
-3.48
-7.07
1 26 44 -17 C
8 52 19 47 1,648 A
7 53 28 35 2,343 BBB
11 49 29 37 1,043 B
9 38 41 -2 283 CC
Solvency ratios Leverage ratio Total asset/Total liabilties
Liquidity ratios Current ratio Quick ratio
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover Interest paid weight Gross Profit/Operating revenue
Interest Coverage ratios EBIT interest coverage ratio
Cash Conversion Cycle (days) Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 6190 with financial data of year 2009.
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SPORT MEDIA GROUP PLC
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Sector Analysis - Graphs
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SPORT MEDIA GROUP PLC
Balance Sheet BALANCE SHEET (th e) Accounting practice Exchange rate GBP - EUR Total assets Fixed assets Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds Total liabilities Non current liabilities Long term debt Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab.
31/12/2009 IFRS 1.12418 22,222 18,052 15,860 183 2,009 4,170 100 2,522 1,548 301 -335 278 -613 22,557 4,405 0 4,405 18,152 0 4,239 13,913 22,222
31/07/2008 IFRS 1.26866 56,208 46,759 45,847 363 549 9,449 129 7,939 1,380 677 31,370 307 31,063 24,838 6,447 0 6,447 18,390 0 3,621 14,770 56,208
31/07/2007 IFRS 1.48194 10,818 1,735 1,544 187 4 9,083 52 6,209 2,822 2,525 7,090 142 6,947 3,729 147 0 147 3,582 0 1,507 2,075 10,818
NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt
31/12/2009 0 0 301 -301
31/07/2008 0 0 677 -677
31/07/2007 0 0 2,525 -2,525
Working capital Net Current Assets
31/12/2009 -1,618 -13,983
31/07/2008 4,448 -8,941
31/07/2007 4,754 5,501
Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
31/12/2009 1 26 44 -17
31/07/2008 1 78 35 44
31/07/2007 1 135 33 103
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SPORT MEDIA GROUP PLC
Income Statement INCOME STATEMENT (th e) Accounting practice Exchange rate GBP - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover Total operating costs Costs growth (%) Service costs Material costs Costs of employees EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation P/L for period
31/12/2009 IFRS 1.12418 34,779 -6.7 0
31/07/2008 IFRS 1.26866 37,291 121.5 0
31/07/2007 IFRS 1.48194 16,839 0
34,779 65,766 20 8,167 -3,967 27,020 -30,987 -1,799 43 1,841 1,841 -32,786 15 -32,771 -2,819 -29,952
37,291 60,151 271 5,738 4,972 27,832 -22,860 -261 131 392 392 -23,121 -82 -23,204 -242 -22,961
16,839 9,123 984 8,123 406 7,716 159 162 3 3 7,875 -64 7,811 2,441 5,371
Costs of Good Sold Gross Profit Other Operating Expenses
31/12/2009 28,809 5,969 36,956
31/07/2008 20,419 16,872 39,732
31/07/2007 6,463 10,377 2,660
Cash flow Added value
31/12/2009 -2,932 9,896
31/07/2008 4,870 11,243
31/07/2007 5,777 4,323
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SPORT MEDIA GROUP PLC
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Evolutions and trends
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SPORT MEDIA GROUP PLC
Qualitative information
Full overview
Interactive World Public Limited Company, with its head office located in London, United Kingdom, is an AIM(Alternative Investment Market) quoted company which sells digital media content through mobile telephones via the internet to mobile customers of major United Kingdom mobile network operators and users of leading United Kingdom internet key search engines. The company intends to continue to build relationships with major mobile telephone network operators. Interactive World was incorporated in 1999 and was formerly known as Interactive World Limited. The company is the United Kingdom’s leading commercial gateway between mobile phone users and content owners. The company does not create its own content but has a number of relationships with content providers, including a five year exclusive relationship with Sport Newspapers Limited. Its model is attractive to content providers as it enables them to sell their content through mobile telephones. Through commercial arrangements, Interactive World Public Limited Company has created portals to deliver content to more than 4,000 different types of mobile phone devices in the United Kingdom. The company’s purpose built ’Mob Wizard’ delivers industry - beating search and content, analytics and profiling and portal and content products for its clients and partners. Interactive World is a member of Mobile Data Association (MDA), the non - profit global association for vendors and users of mobile data and their advisors.
History
Formerly known as Interactive World Limited.
Primary business line
An AIM(Alternative Investment Market) quoted company which sells digital media content through mobile telephones via the internet to mobile customers of major United Kingdom mobile network operators and users of leading United Kingdom internet key search engines.
Secondary business line
Not available.
Main activity
Retail.
Secondary activity
Not available.
Main products and services
Not available.
Size estimate
The United Kingdom’s leading commercial gateway between mobile phone users and content owners.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Mobile Data Association (MDA).
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SPORT MEDIA GROUP PLC
Main brand names
Not available.
Main domestic country
United Kingdom.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
Auditor/Advisor/Bank EDWARDS CHARTERED ACCOUNTANTS HORWARTH CLARK WHITEHILL LLP NATIONAL WESTMINSTER BANK PLC FINERS STEPHENS INNOCENT DANIEL STEWART & COMPANY PLC CAPITA REGISTRARS
type Auditor Auditor Banker Law Firm Brand Name Advisor Registrar
Board Not available.
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SPORT MEDIA GROUP PLC
Sharehoders (the first twenty shareholders ordered by Direct %) HBOS PLC Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 8.42 15.14
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
22,866 1,004,662 07/2008
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
113,505 963,264 102,957 12/2009
DALTON STRATEGIC PARTNERSHIP LLP via its funds Rating: BBB Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 13.54 Information date
8 25 06/2010
INSIGHT INVESTMENT MANAGEMENT (GLOBAL) LIMITED Rating: A Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 12.34 Information date
540 85 263 07/2008
BANK OF NEW YORK MELLON CORPORATION via its funds Rating: Country ISO code US Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 11.38 Information date
13,848 247,259 48,000 02/2010
SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LIMITED Rating: Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % 10.87 Number of Employees Total % Information date
294 236 04/2010
AXA via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
FR 14.65
LLOYDS BANKING GROUP PLC via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 8.43
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
39,069 1,552,308 104,230 02/2010
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SPORT MEDIA GROUP PLC
CLERICAL MEDICAL MANAGED FUNDS LIMITED Rating: Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % 6.18 Number of Employees Total % Information date
16,610 04/2010
CREDIT SUISSE SECURITIES (EUROPE) LTD Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 4.86 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
3,081 290,717 4,978 03/2008
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
321 160 4 03/2008
GB 3.48 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
379 5,252 705 04/2007
GB 3.33 -
Rating: BBB Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
22 68 76 05/2009
GARTMORE INVESTMENT LIMITED Rating: A Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 4.31
MF GLOBAL UK LIMITED Rating: Country ISO code NACE Rev. 2, Core code Direct % Total % SPREADEX LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
ROYAL LONDON MUTUAL INSURANCE SOCIETY LTD via Rating: Country ISO code GB NACE Rev. 2, Core code Direct % Total % 3.30
its funds Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
1,780 49,749 2,768 05/2009
BRITISH COAL STAFF SUPERANNUATION SCHEME Rating: Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % 3.10 Number of Employees Total % Information date
04/2008
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SPORT MEDIA GROUP PLC
MINEWORKER’S PENSION SCHEME PLC Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
3.10 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
04/2008
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
39,069 1,552,308 104,230 08/2010
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
04/2007
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
07/2008
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
25 50 133 09/2010
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
0 33 11/2008
LLOYDS BANKING GROUP PLC Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 1.90 -
JOHNSON ROB Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
1.19 -
BAILEY DAVID Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
?0.84 -
HARGREAVE HALE LIMITED via its funds Rating: BB Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 0.40
BLUEHONE AIM VCT2 PLC Rating: B Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 0.20 -
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SPORT MEDIA GROUP PLC
Subsidiaries (the first twenty subsidiaries ordered by Direct %) FLIP MEDIA LIMITED Rating: C Country ISO code NACE Rev. 2, Core code Direct % Total %
GB WO WO
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2 0 11 06/2010
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
51 15 132 03/2011
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2 0 3 04/2011
SPORT NEWSPAPERS LIMITED Rating: BB Country ISO code NACE Rev. 2, Core code Direct % Total %
GB WO WO
STRICTLY BROADBAND LIMITED Rating: CC Country ISO code NACE Rev. 2, Core code Direct % Total %
GB WO WO
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SPORT MEDIA GROUP PLC
Document created on 12/5/2011 9:56:32 AM UTC
MORE rating guide General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company s strength and weakness thanks to sophisticated data mining tools and taking into account the analysts knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company as: profitability, liquidity, solvency, interest coverage and efficiency.
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SPORT MEDIA GROUP PLC
Rating scale modeFinance rating description Rating class
Rating Macro class
AAA AA A
Healthy
BBB BB
Balanced
B CCC
Vulnerable
CC C D
Risky
Description
MF Honyvem rating description Rating class
Description
Extremely strong Very strong Good
BLUE A
Maximum solvency
Adequate Sufficient
BLUE B
Average solvency
Weak High danger
BLUE C RED D
Solvency below average Weak solvency
Pathological Extremely pathological Non return
RED E
High Risk
RED F
Totally negative
Fundamental Credit Rating Ratios Solvency ratios Leverage ratio Assets to debt Financial ratios Fixed Assets coverage ratio Liquidity ratios Current ratio Quick ratio
Measures the level of total liabilities of the company in comparison with equity. Indicates company s solvency. The company shows a level of deficit when the value of this ratio is under one unit. Only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital. The current ratio measures whether a company has sufficient short-term assets to cover its short-term liabilities. The quick ratio compares current liabilities only to those assets that can be readily turned into cash.
Profitability and economic ratios Return on Investement(ROI) It measures the profitability of company investments without regard to the way the Return on Equity(ROE) Asset turnover Profit margin Interest coverage ratio Interest Paid coverage
investment is financed. It measures the profitability of the equity. It indicates the investments turnover with regard to sales. The level assumed from the ratio depends on the sector in which the company operates. It indicates the profitability of the sales. Indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
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SPORT MEDIA GROUP PLC
Credit Limit Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit: • Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector;; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings). The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention at the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default and Confidence Level In addition to the MORE rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level: P Available Inf ormation Conf idence = P T otal Inf ormation The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
Contacts Company Where web
modeFinance AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY www.modefinance.com
MF Honyvem 20145 Milano, Via A.Canova 23 - ITALY www.mfhonyvem.it
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