Half Year Report 2011 - Fortuna Entertainment Group EU
Half Year Report 2011 - Fortuna Entertainment Group EU
Half Year Report 2011 - Fortuna Entertainment Group EU
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FORTUNA ENTERTAINMENT GROUP N.V.<br />
Notes to the interim condensed consolidated financial statements as at 30 June <strong>2011</strong><br />
11. CASH AND CASH EQUIVALENTS<br />
For the purpose of the interim consolidated statement of cash flows, cash and cash equivalents are comprised<br />
of the following:<br />
30 June <strong>2011</strong><br />
(unaudited)<br />
€ 000<br />
31 December 2010<br />
(audited)<br />
€ 000<br />
Cash at bank 11,320 23,140<br />
Cash in hand and in transit 2,192 2,195<br />
Cash and cash equivalents 13,512 25,335<br />
Cash and Indebtedness<br />
The total amount of bank debt as of 30 June <strong>2011</strong> was <strong>EU</strong>R 28.2 million, 3.1 % less in comparison with<br />
the 31 December 2010. Cash and cash equivalents as of 30 June <strong>2011</strong> amounted to <strong>EU</strong>R 13.5 million,<br />
46.7% less than as of 31 December 2010 and were impacted by the dividend payment in June <strong>2011</strong>.<br />
The total balance of those two items resulted in a Company net debt position of <strong>EU</strong>R 14.7 million as of<br />
30 June <strong>2011</strong>, 287.5% higher than as of 31 December 2010.<br />
12. DIVIDENDS PAID AND PROPOSED<br />
The Annual General Meeting (AGM) of shareholders of <strong>Fortuna</strong> <strong>Entertainment</strong> <strong>Group</strong> N.V. held on 25<br />
May <strong>2011</strong> in Amsterdam approved the Management Board’s proposal to pay-out a gross dividend of<br />
€ 0.30 in cash per share for the financial year 2010.<br />
Actual payment of dividend occurred on 24 June <strong>2011</strong>. The dividend pay-out for 2010 represented<br />
approximately 90% of the net profit from continuing operations (consolidated accounts) and was in accordance<br />
with the communicated dividend policy - the dividend payout ratio is 70 - 100% of the net profit<br />
from continuing operations (consolidated accounts).<br />
Declared and paid during the year: <strong>2011</strong><br />
€ 000<br />
2010<br />
€ 000<br />
Dividend for 2009 paid in 2010 - -<br />
Dividend for 2010 paid in <strong>2011</strong> 15,600 -<br />
Total 15,600 -<br />
13. OTHER NON-CURRENT LIABILITIES<br />
During the six months ended 30 June <strong>2011</strong>, the long-term liability arising from acquisition of a subsidiary<br />
(FORTUNA software s.r.o. acquired in March 2010) was paid according the agreed payment schedule<br />
and the remaining part of the liability is classified as short-term.<br />
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