REG - STV Group PLC - STV Group plc Full Year Results for 2021
09/03/2022 07:00
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RNS Number : 1085E STV Group PLC 09 March 2022
Press Release 0700 hours, 9 March 2022
STV Group plc Full Year Results to 31 December 2021
Record financial performance and continued growth momentum
Highlights
· Highest revenue (+35% on 2020) and adj. operating profit (+39% on
2020) on record
· Strong growth on 2019 pre-Covid results (revenue +17%; adj. operating
profit +12%)
· Diversification plan building momentum, with 36% of adj. operating
profit now from Digital and Studios
· On track to hit 3-year growth targets in 2023; investment guidance
remains unchanged
· Strong audience performance, with best all-time viewing share since
2008
· High margin digital business continues to accelerate, with streams
+63%
· Highest ever full year total advertising revenues, +24% on 2020 and
+11% on 2019
· STV Studios revenue trebled to almost £27m, with future profit
trajectory supported by new creative partnerships confirmed today
· Strong start to 2022, with Q1 total advertising forecast to be up
around 20% and new large-scale Studios commissions secured
· Good progress on social purpose strategy, including successful launch
of STV Zero
· Board proposes final dividend of 7.3p, bringing full year to 11p
(+22% on 2020)
Financial Summary 2021 2020 2019 vs 2020 vs 2019
Revenue £144.5m £107.1m £123.8m +35% +17%
Adjusted operating profit* £25.2m £18.2m £22.6m +39% +12%
Adjusted operating margin* 17.5% 17.0% 18.2% +50bps -70bps
Adjusted PBT** £23.6m £16.6m £20.9m +42% +13%
Profit before tax £20.1m £6.7m £18.4m +202% +10%
Adjusted basic EPS*** 45.6p 34.5p 38.7p +32% +18%
Statutory basic EPS 42.7p 18.2p 41.7p +135% +2%
Cash generated by operations £34.8m £22.4m £25.6m +55% +36%
Net cash/(debt)(+) £0.3m £(17.5)m £(37.5)m +£17.8m +£37.8m
Dividend per share (full year) 11.0p 9.0p 6.3p +22% +75%
* Before exceptional items and inclusive of High-End Television tax credits
(note 19)
** Before exceptional items, IAS19 interest and inclusive of High-End Television
tax credits (note 19)
*** Before exceptional items and IAS19 interest, and assuming weighted average
number of shares consistent with 2021 (note 19)
(+) Excluding lease liabilities
( )
Financial highlights
· Total revenue of £144.5m, +35% on 2020 and +17% on 2019, reflecting
continued momentum in Studios and a resurgent advertising market
· Adjusted operating profit of £25.2m, +39% on 2020 and +12% on 2019
· STV-controlled advertising continued to deliver strong growth, with
video on demand (VOD) advertising on the STV Player +38% (+54% on 2019) and
regional advertising +22% (+16% on 2019)
· Studios revenue trebled year on year, to almost £27m (2020: £8.7m;
2019: £13.7m)
· Adjusted operating margin, up 50 basis points on 2020 at 17.5%,
reflects benefits of economic recovery and close management of costs. The
decrease of 70 basis points on 2019 reflects the investment in Digital in line
with our growth investment plan
· Continued strong cash generation improves balance sheet position
providing additional headroom to accelerate investment in growth, with Group
in net cash position for first time
Another year of strong audience performance
· STV's all-time viewing share at 19.6% (2020: 19.2%), the highest
since 2008:
o STV still the most watched peaktime channel in Scotland, with a share of
22.2%
o Highest viewing share gain of any commercial channel in the UK, +2%,
despite tough lockdown comparators of 2020
o 98% of all commercial audiences over 500k viewers in Scotland on STV in
2021
o STV News at Six Scotland's number 1 news programme for the 3(rd) year in a
row, with an average audience of 468k viewers
· Total online streams on STV Player up 63%, still the fastest growing
UK broadcaster VOD service:
o Online viewing up 42%
o Monthly active users up 54%
o Registered users up 16% to 4.3m
o STV Player now highest rated streaming app across the major app stores
Continued growth momentum
· Scottish advertising: The STV Growth Fund attracted a further 85 new
advertisers to television in 2021, taking the total to over 320 since launch,
with the fund boosted to £30m for 2022 to support Scotland's economic
recovery
· Digital: STV Player growth continues to build:
o Content offer scaling up, with 1000 hours of new and acquired drama added
in 2021
o 31 new content deals delivered 173 new titles and 49 new Player-only drama
boxsets
o Player-only content streams up 93% in 2021 and now represent 42% of all
VOD streams (compared to 6% in 2019)
o Player outside Scotland now over 20% of VOD streams and users
o New Sony deal announced last month, bringing 7 new international dramas to
STV Player including the UK premiere of The Commons starring Joanne Froggatt
· Studios: STV Studios delivered its most successful year yet:
o 16 new commissions, 12 returnable series and now 7 returning series
o First major streaming commission secured, Zodiac Island, for Discovery+
o 9(th) creative label added through a minority investment in entertainment
and quiz specialist Mighty Productions, founded by the creator and exec
producer of Tipping Point and the exec producer of The Weakest Link, Hugh
Rycroft and Lynn Sutcliffe
o Exclusive partnership with drama producer TOD Productions extended for a
further 3 years
· Targets: On track to hit STV's 3-year growth targets in 2023 to:
o Double digital viewing, users and revenue (to £20m)
o Quadruple Studios revenue (to £40m)
o Achieve at least 50% of operating profit from outside traditional
broadcasting
Positive outlook
· Strongest ever content line-up in 2022 on TV and online
o Over 150 hours of new network drama, +40% on 2021
o In total over 1000 hours of drama boxsets on STV Player in 2022
· Content cost guidance unchanged
o Previously announced 3-year £30m investment plan will fund Digital &
Studios growth
o National programming costs linked to advertising revenues under long-term
agreement
· Advertising off to a very strong start in 2022:
o Q1 total advertising revenue (TAR) expected to be around +20%, with
January +21%, February +26% and March +10-15%
o April TAR expected to be up +10-15% with comparators getting tougher from
Q2
· Studios maintaining positive momentum into 2022:
o 11 new commissions already
o Good visibility of 2022 revenue with over £15m already secured
Dividend
· The Board proposes a final dividend of 7.3p per share for 2021,
giving a full year dividend of 11p per share, +22% on 2020
· There are a number of factors that the Board takes into consideration
when setting the level of dividend proposed, in particular the pay-out ratio
of free cash flow post pensions and any known or potential future capital
commitments in support of our growth investment programme. The Board is also
mindful of the economic uncertainty caused by the pandemic and the ongoing
political situation
· The Board remains committed to a balanced approach to capital
allocation across investing for growth, fulfilling our pension obligations,
and paying a sustainable, progressive dividend to shareholders
Simon Pitts, Chief Executive Officer, said:
"2021 was an exceptional year of growth for STV which saw us deliver the
highest revenue, operating profit and lowest net debt on record. We continue
to support our people, partners and communities as we emerge from the pandemic
with momentum and confidence.
We are taking full advantage of the growth in video viewing, with STV
recording its highest viewing share since 2008 and our streaming service STV
Player growing streams by 63%, thanks to huge audiences for new dramas and
Euro 2020. This viewing success propelled us to our highest ever advertising
revenues, +24% on 2020 and 11% ahead of 2019, with growth continuing into
2022.
Our strategy of creating a more diversified media business through a
relentless focus on digital streaming and production growth is delivering,
with these new areas now making up 36% of our total profit. We added 1000
hours of drama boxsets to STV Player and grew active users by 54%, with over a
fifth of VOD streams now coming from outside Scotland. STV Studios enjoyed its
best-ever creative and financial performance in 2021, winning 16 new programme
commissions across the genres, with plenty more to come as we aim to become
the UK's leading nations and regions producer.
Our social purpose agenda is now embedded right across the business, with the
STV Children's Appeal distributing £4.4m to families and young people living
in poverty in 2021, and our new Expert Voices campaign offering media training
to over 400 people from under-represented groups in Scotland, with more than
40 already appearing on air. I was also proud of the leading role we played
at COP26, as we continue to promote climate action through our sustainability
strategy, STV Zero.
2022 has started well with a strong advertising performance in the first
quarter, and we also have particularly good revenue visibility in Studios.
2022 will be our biggest year yet in terms of content, with over 150 hours of
new, original drama, 40% more than 2020, including the Ipcress File and Our
House starring Martin Compston, followed by extensive coverage of the FIFA
World Cup in Qatar later this year."
With an improved financial position, the Board has proposed a final dividend
of 7.3p per share, giving a full year dividend of 11p, +22% on 2020.
These are clearly very unsettling times with the war in Ukraine, and any
business implications obviously pale into insignificance against the
humanitarian cost. STV has no exposure to trading with Russia and that will
remain the case."
There will be a presentation for analysts today, 9 March 2022, at 12.30 pm,
via Zoom. Should you wish to attend the presentation, please contact Angela
Wilson, angela.wilson@stv.tv (mailto:angela.wilson@stv.tv) or telephone: 0141
300 3000.
Enquiries:
STV Group plc: Kirstin Stevenson, Head of Communications
Tel: 07803 970 106
Camarco: Geoffrey Pelham-Lane, Partner
Tel: 07733 124 226
Ben Woodford, Partner
Tel: 07790 653 341
Financial and operating review
Group overview
Total revenue for the year increased by 35% to £144.5m (2020: £107.1m) as a
result of a record performance in advertising revenue and significant growth
in the Studios division. Total advertising revenue was £112.6m (2020:
£90.9m), an increase of 24% on 2020 and up 11% on 2019, which was a record
year pre-pandemic. The increase was largely a result of the continued growth
in the Digital division coupled with a strong recovery of the linear TV
advertising market. On a like-for-like basis, excluding STV ELM Ltd which
was sold in August 2021, Group revenue was up 39% on the prior year and up 21%
on 2019.
Adjusted operating profit increased by 39% to £25.2m (2020: £18.2m),
equivalent to an operating margin of 17.5% (2020: 17%). On a statutory basis,
operating profit increased by 22% to £21.6m (2020: £17.7m).
Adjusted profit before tax was £23.6m (2020: £16.6m), after charging finance
costs of £1.5m (2020: £1.5m). These comprised interest on the Group's
borrowings of £1.2m (2020: £1.2m) with the balance being non-cash costs in
relation to the Group's lease liabilities. These adjusted results are before
finance costs in relation to the Group's defined benefit pension schemes
(2021: £0.8m; 2020: £1.2m) and include High-End Television (HETV) tax
credits receivable (2021: £1.9m; 2020: nil). Statutory profit before tax
for the year was £20.1m, an increase of £13.4m on 2020 of £6.7m.
A total tax charge of £0.7m has been recognised in the year (2020: credit of
£1.0m), representing an effective tax rate of 3.5% (2020: -14.9%). This is
lower than the UK standard rate of corporation tax, principally due to £1.9m
of HETV tax credits receivable from HMRC regarding current year qualifying
productions, and the rate at which deferred tax assets have been measured
following the Government's announcement to increase the standard rate of
corporation tax to 25% from April 2023. Statutory profit after tax for the
year was £19.4m (2020: £7.7m).
Adjusted EPS (excluding IAS19 net interest) at 45.6p was 32% up on the prior
year, driven by the increased profit generation of the Group. On a statutory
basis, EPS at 42.7p was up 135% due to the increased profit generated and
lower level of net exceptional items in the current year.
The Group closed the year with net cash of £0.3m (2020: net debt of £17.5m),
a first for the business. This positive position was driven by strong cash
conversion of the higher operating profit, supplemented by proceeds from the
sale of non-core investments. Operating cash conversion was 161% for the
year (2020: 128%).
In March 2021, the Group refinanced its bank facilities, agreeing a new £60m
revolving credit facility, with £20m accordion, for a minimum tenor of 3
years with two one-year extension options. The first extension option was
agreed in February 2022 on commercial terms in line with the existing
facility. The covenant package is in line with the Group's previous
facility; leverage (net debt : EBITDA) and interest cover. At the end of the
year, the Group's leverage was nil (2020: 0.7 times) due to the marginal net
cash position and interest cover was 49.4 times (2020: 28.3 times), both
metrics comfortably within the covenant limits of 3 times (maximum) and 4
times (minimum) respectively.
Pensions
Agreement of the triennial valuations for the Group's defined benefit schemes
was reached in October, based on a combined scheme funding deficit of £116m
and a recovery plan running to October 2030. The Schedule of Contributions
remains at the same level as the previous settlement with the contingent cash
mechanism also in place.
The IAS 19 accounting deficit across the schemes was £79.4m (2020:
£70.3m). The increase in the liability is primarily driven by an update to
the mortality assumptions used, as well as reflecting the latest membership
data following completion of the triennial valuation. These increases were
partially offset by the gain derived from the higher discount rate and the
benefit of contributions paid by the Group.
Dividend policy
Following the return to dividend payments at the 2021 half year, the Board
recommends a final dividend of 7.3 pence per share, resulting in a total
dividend of 11.0 pence per share for the year, an increase of 22% on 2020.
Broadcast
An outstanding performance was delivered by the Broadcast division in 2021
with STV's position in Scotland remaining unrivalled, significantly ahead of
any other commercial channel and reaching 80% of adults per month, making the
platform a unique and compelling proposition for advertising partners.
Viewing figures for STV soared during the pandemic and this strong performance
was largely sustained in 2021. STV's share of commercial channels at 28.5%,
was the highest it has been since 2008 and year-on-year growth of 1 share
point was higher than any channel in Scotland or across the UK. STV remained
the best watched peak-time channel in Scotland. Daytime, peak and all-time
share reached a 12-year high, and 2021 saw the strongest all-time share
performance versus the ITV Network ever (19.6% v 17.7%).
This viewing success was driven by a strong schedule of drama, entertainment,
factual and sports output, including Six Nations Rugby and Euro 2020, the
latter capturing the attention of a nation of football fans. The
much-anticipated England v Scotland match saw STV's highest ever peak audience
at 1.94m, becoming our most watched programme of the last decade and best
watched football match ever.
Scottish news sits at the heart of our public service broadcaster offering and
the team continued its exceptional run from 2020 into 2021. For the third
year in a row, STV News at Six was the best-watched news programme in
Scotland, with the overall service watched by more than 54% of the Scottish
population each month. 2021 saw us successfully complete a
multimillion-pound project to upgrade all six broadcast centres to High
Definition.
2.2m people access our news across our digital platforms every month, and 2021
saw us sign licensing deals with Facebook and Google for STV News content to
feature on Facebook News and Google Showcase, creating new revenue streams and
visibility on these important services.
The speed and scale of the advertising recovery in 2021 far exceeded our
expectations and underlines the enduring power and relevance of high-quality
television advertising, as we delivered our highest advertising revenues in
STV's history.
We continue to work closely with the Scottish business community, ensuring
that advertising is affordable and accessible via our innovative STV Growth
Fund. Since launch in 2018, the Growth Fund has allocated c.£16.5m to over
320 businesses who have accessed TV advertising for the first time, with 85 of
these businesses joining in 2021. Forming part of the overall fund, the £1m
Green Fund for sustainable businesses, and a gifted-membership initiative as
part of our £1m Inclusion Fund for businesses promoting diversity, were both
launched in 2021. We also launched STV Self Service, enabling our
advertisers to design and book their own campaigns online, providing ease of
access to our leading marketing platform for SMEs.
Overall, the Broadcast division generated an operating profit of £21.8m
(2020: £15.5m), an increase of 41% on the prior year and up almost 10% on
2019.
Digital
Viewing on STV Player in terms of total streams was up 63% in 2021 at 114.6m
(2020: 70.5m). The total amount of time spent on STV Player also increased, by
42% to 50.8m hours (2020: 35.7m hours). In 2018 we delivered 35.0m streams
compared with 114.6m in 2021, representing a more than trebling across this
three-year period.
STV Player is now available on all major platforms including Sky, Freeview,
Virgin Media, Freesat, Apple TV, Fire TV and Sky Glass. Strong digital
audience growth and commercial innovation around advertising opportunities
meant VOD advertising on STV Player was up 38% year on year, with advertising
impressions up 43%. 4.3m adults are now registered users on STV Player, with
monthly active users growing by 54%.
Through our expansion into the rest of the UK, 22% of VOD streams are now
coming from outside of Scotland (2020: 2%), presenting a significant
opportunity for future growth.
A strong offering of sport, soaps and drama drove viewing with network drama
the key driver of traffic. The second series of The Bay was among our best
watched titles in 2021, attracting 2.9m views, alongside Marcella (1.8m),
Finding Alice (1.4m) and Unforgotten (1.2m).
We continue to accelerate our content acquisition strategy, developing strong
relationships with distributors, and with a growing focus on scripted content.
We worked with 27 partners in 2021, agreed 31 new content deals and added a
plethora of drama, true crime, factual and entertainment programmes to our
service, complementing the network material. These agreements added an
additional 1,859 hours of Player-only content (including 867 hours of
scripted), representing 173 new titles to our ever-expanding catalogue.
12 out of the top 20 programmes on STV Player were non-network, Player-only
content, highlighting the growing success of our strategy. These include the
US version of The Bridge, The Firm, Rogue and Gracepoint, alongside archive
favourites Taggart and Take the High Road. In total, 42% of VOD streams came
from Player-only content in 2021 (2020: 32%).
In June we became the first broadcaster VOD service to launch a VIP rewards
scheme to build better connections with our viewers and further drive
streams. STV Player VIP brings members a range of benefits, as well as a
reduced advertising load, and we will constantly be refining and improving
this offer.
Overall, operating profit generated by the Digital division increased by 21%
year on year to £7.9m (2020: £6.5m).
STV Studios
2021 has been a record year for STV Studios. Despite the ongoing impact of
Covid restrictions, 16 programme commissions were won, for eight TV networks,
and the business delivered its best-ever financial performance, with full year
revenue of £26.6m (2020: £8.7m). The division returned an adjusted
operating profit of £1.3m, including the HETV tax credit receivable, compared
to a £0.3m loss in 2020.
Commissioning highlights include new entertainment format Bridge of Lies (25
episodes, BBC One) which airs next week; a recommission for a further three
series of The Yorkshire Auction House for Discovery-owned, Really; a
re-commission of ratings winner Celebrity Catchphrase (13 episodes, ITV);
innovative, genre bending series, Murder Island (6 episodes, Channel 4); and a
further three series of Antiques Road Trip and its celebrity sister series
(BBC). Finally, STV Drama spent much of 2021 in production with high-end
six-part returnable drama for Channel 4, Screw. Broadcast in early 2022 to
widespread critical acclaim, Screw was Channel 4's best launch to a drama
series since It's A Sin.
Our growing suite of labels has also achieved commissioning success.
Highlights include a significant win in March 2021 for Belfast-based Two
Cities Television for an original returnable peak-time police drama, Blue
Lights (6 episodes, BBC One), is currently in production. Primal Media's
ground-breaking series Landmark (8 episodes, Sky Arts) launched in September
2021 and Primal are in advanced funded development with other major channels,
including a new reality show in the UK as well as a dating format for a US
broadcaster. Entertainment label Barefaced TV has recently been commissioned
by Discovery+ for a large-scale, high-stakes, young-skewing format Zodiac
Island (working title) to be delivered in Autumn 2022. We are excited about
future prospects with the talented team at high-end drama producer, Tod
Productions, who have a strong, advanced development slate.
In September 2021, we acquired a 25% stake in unscripted producer, Hello Mary,
and the team has already run 8-part series Trapped Underground for Discovery
as well as two soon-to-be-announced new series. Excitingly, today we have
announced the addition of quiz format specialists, Mighty Productions, to our
family of labels. Mighty have already won 4 series commissions, including new
C4 quiz 1 & 6 Zeros, which airs from next week.
We delivered a strong year of catalogue tape sales across our full catalogue
of programmes and format relicensing with sales of £3.4m (2020: £3.7m). A
distributor neutral position drives our successful strategy of working with
multiple parties to match the most appropriate sales agent to our content,
securing the best deals with businesses such as Britbox, Acorn TV, Discovery
and PBS (US).
Social purpose
STV's social purpose priorities remain integral to our growth strategy, and we
made significant progress in 2021, including:
· Sustainability strategy STV Zero launched, with a concerted programme
of climate action successfully delivered on and off screen in 2021, including
at COP26 in Glasgow
· Diverse contributors to STV News doubled from 4% to 8% as a result of
STV's diversity & inclusion strategy, with over 400 people from diverse
backgrounds given media training to become expert contributors
· £4.4m distributed by the STV Children's Appeal to families and young
people in poverty in Scotland
Consolidated income statement
Year ended 31 December 2021
2021 2020
Before Exceptional Before Exceptional
exceptional items Results exceptional items Results
items (note 6) for year items (note 6) for year
Note £m £m £m £m £m £m
Revenue 5 144.5 - 144.5 107.1 - 107.1
Net operating expenses (121.2) (1.7) (122.9) (88.9) (0.5) (89.4)
Operating profit 23.3 (1.7) 21.6 18.2 (0.5) 17.7
Finance costs
- borrowings (1.2) - (1.2) (1.2) - (1.2)
- defined benefit pension schemes (0.8) - (0.8) (1.2) - (1.2)
- lease interest (0.3) - (0.3) (0.3) - (0.3)
Provision for impairment losses - ELM debtor
- 0.3 0.3 - (8.2) (8.2)
Total finance costs (2.3) 0.3 (2.0) (2.7) (8.2) (10.9)
Share of loss of an associate (0.1) - (0.1) (0.1) - (0.1)
Gain on sale of non-current asset - 0.6 0.6 - - -
Profit before tax 20.9 (0.8) 20.1 15.4 (8.7) 6.7
Tax (charge)/credit 7 (1.0) 0.3 (0.7) (0.6) 1.6 1.0
Profit for the year 19.9 (0.5) 19.4 14.8 (7.1) 7.7
Attributable to:
Owners of the parent 19.9 (0.5) 19.4 14.7 (7.1) 7.6
Non-controlling interests - - - 0.1 - 0.1
19.9 (0.5) 19.4 14.8 (7.1) 7.7
Earnings per share
Basic 8 43.8p 42.7p 35.2p 18.2p
Diluted 8 42.1p 41.0p 33.8p 17.5p
A reconciliation of the statutory results to the adjusted results is included
at note 19. The above consolidated income statement should be read in
conjunction with the accompanying notes.
Consolidated statement of comprehensive income
Year ended 31 December 2021
2021 2020
£m £m
Profit for the year 19.4 7.7
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit pension schemes (17.2) (15.3)
Deferred tax credit 8.5 3.2
Revaluation (loss)/gain on listed investment to market value (2.3) 5.9
Other comprehensive expense - net of tax (11.0) (6.2)
Total comprehensive income for the year 8.4 1.5
Attributable to:
Owners of the parent 8.4 1.4
Non-controlling interests - 0.1
8.4 1.5
The above consolidated statement of comprehensive income should be read in
conjunction with the accompanying notes.
Consolidated balance sheet
At 31 December 2021
2021 2020
Note £m £m
Non-current assets
Intangible assets 10 1.6 2.3
Property, plant and equipment 11 9.8 9.9
Right-of-use assets 12 19.9 10.4
Investments 13 1.9 6.7
Deferred tax asset 14 26.5 19.9
Trade and other receivables 0.4 0.9
60.1 50.1
Current assets
Inventories 17.7 15.4
Trade and other receivables 30.1 25.6
Cash and cash equivalents 14.7 5.2
62.5 46.2
Total assets 122.6 96.3
Equity
Ordinary shares 16 23.3 23.3
Share premium 115.1 115.1
Capital redemption reserve 0.2 0.2
Merger reserve 173.4 173.4
Other reserve 1.4 1.0
Accumulated losses (339.2) (342.8)
Shareholders' equity (25.8) (29.8)
Non-controlling interests (0.1) (0.1)
Total equity (25.9) (29.9)
Non-current liabilities
Borrowings 15 14.4 22.7
Lease liabilities 19.7 9.1
Retirement benefit obligations 18 79.4 70.3
113.5 102.1
Current liabilities
Trade and other payables 33.8 22.4
Lease liabilities 1.2 1.7
35.0 24.1
Total liabilities 148.5 126.2
Total equity and liabilities 122.6 96.3
The above consolidated balance sheet should be read in conjunction with the
accompanying notes.
Consolidated statement of changes in equity
Year ended 31 December 2021
Capital redemption reserve Attributable to owners of the parent
Share capital Share premium Merger reserve Accumulated losses Non-controlling interest
Other reserve Total equity
£m £m £m £m £m £m £m £m £m
At 1 January 2021 23.3 115.1 0.2 173.4 1.0 (342.8) (29.8) (0.1) (29.9)
Profit for the year - - - - - 19.4 19.4 - 19.4
Other comprehensive expense - - - - - (11.0) (11.0) - (11.0)
Total comprehensive income for the year
- - - - - 8.4 8.4 - 8.4
Net share based compensation - - - - 0.4 (0.4) - - -
Dividends paid (note 9) - - - - - (4.4) (4.4) - (4.4)
At 31 December 2021 23.3 115.1 0.2 173.4 1.4 (339.2) (25.8) (0.1) (25.9)
At 1 January 2020 19.6 102.0 0.2 173.4 0.9 (343.2) (47.1) (0.2) (47.3)
Profit for the year - - - - - 7.6 7.6 0.1 7.7
Other comprehensive expense - - - - - (6.2) (6.2) - (6.2)
Total comprehensive income for the year
- - - - - 1.4 1.4 0.1 1.5
Issue of ordinary shares 3.5 12.0 - - - - 15.5 - 15.5
Share based compensation - - - - 0.2 - 0.2 - 0.2
Shares acquired by EBT - - - - (0.1) 0.3 0.2 - 0.2
Dividends paid in shares 0.2 1.1 - - - (1.3) - - -
At 31 December 2020 23.3 115.1 0.2 173.4 1.0 (342.8) (29.8) (0.1) (29.9)
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes.
Consolidated statement of cash flows
Year ended 31 December 2021
2021 2020
Note £m £m
Operating activities
Cash generated by operations 17 34.8 22.4
Interest and fees paid in relation to banking facilities (1.4) (1.9)
Corporation tax paid (1.2) (0.4)
Pension deficit funding - recovery plan payment (9.3) (9.1)
Contingent cash payment to pension schemes (0.3) (1.4)
Net cash generated by operating activities 22.6 9.6
Investing activities
Proceeds from sale of investments 4.7 -
Proceeds from disposal of subsidiary 0.6 -
Purchase of investment in associate (0.6) (1.1)
Loan notes provided to associate (0.4) -
Production finance provided to associate (0.6) -
Purchase of intangible assets (0.4) (0.7)
Purchase of property, plant and equipment (2.5) (1.4)
Net cash generated by/(used in) investing activities 0.8 (3.2)
Financing activities
Payment of obligations under leases (1.5) (1.9)
Issue of ordinary shares - 15.5
Borrowings drawn 3.1 19.0
Borrowings repaid (11.1) (40.0)
Dividends paid (4.4) -
Net cash used in financing activities (13.9) (7.4)
Net increase/(decrease) in cash and cash equivalents 9.5 (1.0)
Cash and cash equivalents at beginning of year 5.2 6.2
Cash and cash equivalents at end of year 14.7 5.2
Notes to the preliminary announcement
Year ended 31 December 2021
1. General information
STV Group plc ("the Company") and its subsidiaries (together "the Group") is
listed on the London Stock Exchange and incorporated and domiciled in the
UK. The address of the registered office is Pacific Quay, Glasgow, G51 1PQ.
The principal activities of the Group are the production and broadcasting of
television programmes, provision of internet services and the sale of
advertising airtime and space in these media. Up to its sale on 20 August
2021, the Group also operated a non-core external lottery management company.
2. Basis of preparation
The financial information set out in the audited preliminary announcement does
not constitute the Group's statutory financial statements for the year ended
31 December 2021 within the meaning of Section 434 of the Companies Act 2006
and has been extracted from the full audited financial statements for the year
ended 31 December 2021.
Statutory financial statements for the year ended 31 December 2020, which
received an unqualified audit report, have been delivered to the Registrar of
Companies. The reports of the auditors on the financial statements for the
year ended 31 December 2020 and for the year ended 31 December 2021 were
unqualified and did not contain a statement under either section 498(2) or
section 498(3) of the Companies Act 2006. The financial statements for the
year ended 31 December 2021 will be delivered to the Registrar of Companies
and made available to all shareholders in due course.
Going concern
At 31 December 2021, the Group was in a small cash position with a gross cash
balance of £14.7m. The Group is in a net current asset position and generates
cash from operations that enables the Group to meet its liabilities as they
fall due, and other obligations.
In March 2021, the Group refinanced its bank facilities, agreeing a new £60m
revolving credit facility, with £20m accordion, for a minimum tenor of 3
years (two one-year extension options are available, with the first being
exercised in February 2022). The covenant package is in line with the Group's
previous facility, namely net debt to EBITDA (leverage) must be less than 3
times, and interest cover must be greater than 4 times. At 31 December 2021,
the Group's leverage was nil (2020: 0.7 times) and interest cover was 49.4
times (2020: 28.3 times), both comfortably within covenant limits.
As part of the going concern review, the Group considers forecasts of the
advertising market, from which the Group generates the majority of its cash
inflows, as well as its prospects in the programme production market, to
determine the impact on liquidity. The Group's forecasts and projections,
taking account of reasonably possible changes in trading performance, show
that the Group will be able to operate within the level of its current
available funding and financial covenants.
The directors performed a full review of principal risks and uncertainties
during the year and as part of its process to review and approve the
three-year plan covering the period to 31 December 2024. A severe but
plausible downside scenario was identified that reflected crystallisation of a
number of risks, including a downturn in advertising markets and a hiatus in
programme production activity. Under this downside scenario, the Group
generated sufficient cash to enable it to continue in operation, pay its
obligations as they fall due and remain within its covenant levels.
After completion of these activities and making enquiries of management, the
Directors have a reasonable expectation that the Group has adequate resources
to continue in operation for at least 12 months from the date of this report.
Accordingly, the Group continues to adopt the going concern basis in
preparing its consolidated financial statements.
3. Accounting policies
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2020. There were no
changes to accounting standards in the year that had any material impact on
the financial statements.
4. Financial risk management and financial instruments
The Group's activities expose it to a variety of financial risks: currency
risk, credit risk, liquidity risk and cash flow interest rate risk.
The carrying value of non-derivative financial assets and liabilities,
comprising cash and cash equivalents, trade and other receivables, trade and
other payables and borrowings is considered to materially equate to their
fair value.
5. Business segments
Information reported to the Group's Chief Executive for the purposes of
resource allocation and assessment of segment performance is by product. The
Group's operating segments are Broadcast, Digital and Studios. The trade of
STV ELM is included within 'Other' up to the date of disposal in August 2021.
Broadcast Digital Studios Other Total
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m £m £m £m £m
Sales 108.8 94.8 17.8 13.7 27.0 9.1 1.0 3.5 154.6 121.1
Inter-segment sales (9.7) (13.6) - - (0.4) (0.4) - - (10.1) (14.0)
Segment revenue 99.1 81.2 17.8 13.7 26.6 8.7 1.0 3.5 144.5 107.1
Segment result
Adjusted operating profit
21.8 15.5 7.9 6.5 1.3 (0.3) - - 31.0 21.7
Unallocated corporate expenses (5.8) (3.5)
Adjusted operating profit 25.2 18.2
Exceptional items (note 6) (0.8) (8.7)
HETV tax credits (1.9) -
Finance costs (2.3) (2.7)
Share of loss of an associate (0.1) (0.1)
Profit before tax 20.1 6.7
Tax (charge)/credit (0.7) 1.0
Profit for the year 19.4 7.7
Adjusted operating profit above is the statutory operating profit before
exceptional items and includes high-end television (HETV) tax credits
receivable. The HETV tax credits relate solely to the Studios operating
segment; £1.9m was receivable in the current year (2020: nil) resulting in a
statutory operating loss of £0.6m in Studios (2020: loss of £0.3m). There
were no adjusting items disclosed within Broadcast or Digital operating
profit.
There has been no significant change in total assets from the amount disclosed
in the last annual financial statements.
6. Exceptional items
In order to provide the users of the consolidated financial statements with a
transparent view of significant and/or non-recurring items and their impact on
the underlying trading of the Group, the Group presents items recognised in
profit or loss for each year analysed between:
I. Profit before exceptional items; and
II. The effect of exceptional items
The table below analyses the exceptional items in the current financial year
and their impact on key financial statement lines in the consolidated income
statement.
2021 2021 2021 2020 2020 2020
Before exceptional items Exceptional Results for the year Before exceptional items Exceptional items Results for the year
£m items £m £m £m £m
£m
Operating profit (i) 23.3 (1.7) 21.6 18.2 (0.5) 17.7
Finance costs (ii) (2.3) 0.3 (2.0) (2.7) (8.2) (10.9)
Share of loss of an associate (0.1) - (0.1) (0.1) - (0.1)
Gain on sale of non-current asset (iii) - 0.6 0.6 - - -
Profit before tax 20.9 (0.8) 20.1 15.4 (8.7) 6.7
Tax (charge)/credit (iv) (1.0) 0.3 (0.7) (0.6) 1.6 1.0
Profit for the year 19.9 (0.5) 19.4 14.8 (7.1) 7.7
Earnings per share
Basic 43.8p 42.7p 35.2p 18.2p
Diluted 42.1p 41.0p 33.8p 17.5p
(i) Operating profit
The exceptional item of £1.7m (2020: nil) relates to the repayment of
furlough monies received in the prior year. During 2020, and principally
over the second quarter, the Group applied for grants under the Government's
Coronavirus Job Retention Scheme ('CJRS') totalling £1.6m (£0.1m was also
received in Q1 2021). These monies were received at a time when the business
was operating under the tightest of lockdown restrictions, with total
advertising revenue down 38% year on year, no programme production activity
possible, and visibility over key markets very limited. The amounts received
under the CJRS were allocated against payroll within operating costs in 2020.
Over the second half of 2020 and into 2021, the Group's trading improved
significantly, despite further lockdown measures in Q1 2021, demonstrating the
resilience of its Broadcast business and the successful execution of strategy
in Digital in particular. In March 2021, the Board announced its intention to
resume payment of a cash dividend to shareholders. Although there was no
obligation on the Group to repay furlough grants, the Board decided that CJRS
monies received would be repaid in full prior to re-commencing payment of a
cash dividend. As the repayment of furlough grants does not relate to the
current period of trading, nor was it required under any law or regulation,
the Group has presented the cost as exceptional so as not to distort the
underlying trading results of the business.
In 2020, the £0.5m exceptional charge related to the accrual of costs
expected to be incurred in relation to the disposal of STV ELM Ltd.
(ii) Finance costs
An exceptional credit of £0.3m has been recognised relating to amounts
recovered from the Scottish Children's Lottery (SCL) in excess of the expected
credit loss provided for in the prior year.
In 2020, an exceptional cost of £8.8m was recognised, being full provision of
amounts due from the SCL as at 31 December 2020. Partially offsetting this
amount was an exceptional credit of £0.6m, being the VAT recoverable on
amounts written off.
(iii) Gain on sale of non-current asset
An exceptional gain of £0.6m has been recognised in 2021, being net proceeds
received on disposal of STV ELM Ltd.
(iv) Tax (charge)/credit
Tax adjustments are the tax effects of the exceptional items recognised in
both years.
7. Tax
2021 2020
£m £m
The charge/(credit) for taxation is as follows:
Charge for the year before exceptional items 1.0 0.6
Tax effect on exceptional items (0.3) (1.6)
Charge/(credit) for the year 0.7 (1.0)
The Government announced in the Budget on 3 March 2021 that the main rate of
corporation tax for the financial year beginning 1 April 2023 will increase to
25% from the current rate of 19% previously legislated. The 25% rate was
substantively enacted on 24 May 2021 when the Budget Provisional Collection of
Taxes Act resolution was passed. The Finance Act 2020 included this amendment
and set the main rate at 25% for the financial year beginning 1 April 2023.
Therefore, the Group has remeasured the deferred tax balances to be carried at
the 25% rate.
8. Earnings per share
The calculation of earnings per share is based on earnings after tax and the
weighted average number of ordinary shares in issue during the year, excluding
ordinary shares purchased by the Company and held for use by the STV Employee
Benefit Trust.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The Group has one type of dilutive potential ordinary shares namely
share options granted to employees.
The adjusted earnings per share figures that have also been calculated are
based on earnings before adjusting items that are significant in nature and/or
quantum and not expected to recur every year and are therefore considered to
be distortive. The adjusting items recognised in the current and prior years
are operating and non-operating exceptional items and the IAS 19 net financing
cost, as well as the related tax effect. Adjusted earnings per share has
been presented to provide shareholders with an additional measure of the
Group's year on year performance.
Earnings per share 2021 2020
Pence Pence
Basic earnings per ordinary share 42.7p 18.2p
Diluted earnings per ordinary share 41.0p 17.5p
Basic earnings per ordinary share (before exceptional items) 43.8p 35.2p
Diluted earnings per ordinary share (before exceptional items) 42.1p 33.8p
Adjusted basic earnings per share 45.6p 37.5p
Adjusted diluted earnings per share 43.8p 36.1p
The following reflects the earnings and share data used in the calculation of
earnings per share:
Earnings £m £m
Profit for the year attributable to equity shareholders 19.4 7.6
Exceptional items (net of tax) 0.5 7.1
Profit for the year (before exceptional items) 19.9 14.7
Excluding IAS 19 financing cost 0.8 1.0
Adjusted profit 20.7 15.7
Number of shares Million Million
Weighted average number of ordinary shares in issue 45.5 41.7
Dilution due to share options 1.8 1.7
Total weighted average number of ordinary shares in issue 47.3 43.4
9. Dividends
2021 2020 2021 2020
per share per share £m £m
Dividends on equity ordinary shares
Paid final dividend 6.0p - 2.7 -
Paid interim dividend 3.7p 3.0p 1.7 1.3
Dividends paid 9.7p 3.0p 4.4 1.3
A final dividend of 7.3p per share (2020: 6.0p per share) has been proposed
and is subject to approval by the Board of Directors. It is payable on 27 May
2022 to shareholders who are on the register at 15 April 2022. The ex-dividend
date is 14 April 2022. This final dividend, amounting to £3.3m has not been
recognised as a liability in these financial statements.
10. Intangible assets
Web development
£m
Cost
At 1 January 2021 5.7
Additions 0.4
At 31 December 2021 6.1
Accumulated amortisation and impairment
At 1 January 2021 3.4
Amortisation 1.1
At 31 December 2021 4.5
Net book value at 31 December 2021 1.6
Net book value at 31 December 2020 2.3
11. Property, plant and equipment
Plant, technical
equipment
Leasehold and other Assets under construction
buildings £m £m Total
£m £m
Cost
At 1 January 2021 0.4 30.8 1.3 32.5
Additions - - 2.5 2.5
Transfers - 3.0 (3.0) -
At 31 December 2021 0.4 33.8 0.8 35.0
Accumulated depreciation and impairment
At 1 January 2021 0.1 22.5 - 22.6
Charge for year 0.1 2.5 - 2.6
At 31 December 2021 0.2 25.0 - 25.2
Net book value at 31 December 2021 0.2 8.8 0.8 9.8
Net book value at 31 December 2020 0.3 8.3 1.3 9.9
12. Right of use assets
Property Vehicles Total
£m £m £m
Cost
At 1 January 2021 13.9 0.3 14.2
Additions 11.0 0.1 11.1
Derecognition of right-of-use assets - (0.1) (0.1)
At 31 December 2021 24.9 0.3 25.2
Accumulated depreciation
At 1 January 2021 3.6 0.2 3.8
Disposal - (0.1) (0.1)
Depreciation charge for the year 1.5 0.1 1.6
At 31 December 2021 5.1 0.2 5.3
Net book value at 31 December 2021 19.8 0.1 19.9
Net book value at 31 December 2020 10.3 0.1 10.4
The addition in the current year relates to the lease extension of the Group
Head office building at Pacific Quay, Glasgow.
13. Investments
2021 2020
£m £m
Listed 0.3 5.6
Associates 1.5 1.0
Other 0.1 0.1
1.9 6.7
Listed investments comprise of shares held in Mirriad Advertising plc and are
measured at fair value through the Consolidated Statement of Comprehensive
Income.
On 18 September 2019, the Group (along with all other shareholders) sold its
investment in deltaDNA Ltd to Unity Software Inc for a net consideration of
£2.5m. The net consideration comprised an element payable in cash (62.5%) and
the balance in shares in Unity (37.5%). Consideration of £0.5m (£0.2m in
shares and £0.3m in cash) was deferred for 2 years. The Group disposed of its
full investment in Unity Software Inc during the year for net consideration of
£4.4m and received £0.3m in cash that was previously held in escrow.
The movement in investments in associates during 2021 relates to acquisition
of a 25% shareholding in the unscripted production company, Hello Mary, for
consideration of £0.6m in September 2021. The investment was initially
recognised at cost and has subsequently been updated to reflect the Group's
share of post-acquisition losses (less than £0.1m) in accordance with the
equity method of accounting. The Group acquired a 25% stake in Two Cities
Television in 2020 for consideration of £1.1m with subsequent recognition of
the Group's accumulated share of the loss of £0.2m. No dividends have been
received from either company.
14. Deferred tax asset
At 31 December 2021, total deferred tax assets of £26.5m were recognised on
the balance sheet (31 December 2020: £19.9m). Of this, £19.8m relates to
the deficit on the Group's defined benefit pension schemes (31 December 2020:
£13.3m) and the balance of £6.7m relates to tax losses, accelerated capital
allowances and short-term timing differences (31 December 2020: £6.6m).
15. Borrowings
In March 2021, the Group refinanced its bank facilities, agreeing a new £60m
revolving credit facility, with £20m accordion, for a minimum tenor of 3
years. Two one-year extension options are available. The first extension
option was agreed in February 2022 on commercial terms in line with the
existing facility. The covenant package is in line with the Group's previous
facility, namely net debt to EBITDA must be less than 3 times, and interest
cover must be greater than 4 times.
16. Share capital
Number of shares (thousands) Ordinary shares Share
£m premium Total
£m £m
At 1 January 2021 and 31 December 2021 46,723 23.3 115.1 138.4
The total authorised number of ordinary shares is 63 million shares (2020: 63
million shares) with a par value of £0.50 per share (2020: £0.50 per share).
All issued shares are fully paid.
17. Notes to the consolidated statement of cash flows
2021 2020
£m £m
Operating profit 21.6 17.7
Adjustments for:
Depreciation and amortisation 5.3 5.1
Share based payments 0.5 0.5
Increase in inventories (2.3) (2.2)
(Increase)/decrease in trade and other receivables (excluding STV ELM Ltd) (2.3) 1.1
Increase/(decrease) in trade and other payables (excluding STV ELM Ltd) 11.2 1.1
Net decrease/(increase) in STV ELM Ltd working capital 0.8 (0.9)
Cash generated by operations 34.8 22.4
Net debt reconciliation
Net (debt)/cash including lease liabilities
Cash and cash equivalents Net (debt)/cash
Long-term borrowings Lease liabilities
£m £m £m £m £m
At 1 January 2021 (22.7) 5.2 (17.5) (10.8) (28.3)
Cash flows 8.8 9.5 18.3 1.5 19.8
Non-cash flows (i) (0.5) - (0.5) (11.6) (12.1)
At 30 December 2021 (14.4) 14.7 0.3 (20.9) (20.6)
(i) Non-cash changes for long-term borrowings relate to the capitalisation
and amortisation of
borrowing costs, and for lease liabilities the acquisition of right-of-use
assets.
18. Retirement benefit schemes
The Group operates two defined benefit pension schemes. The schemes are
trustee administered and the schemes' assets are held independently from those
of the Group. Pension costs are assessed in accordance with the advice of an
independent professionally qualified actuary.
The schemes are the Scottish and Grampian Television Retirement Benefit Scheme
and the Caledonian Publishing Pension Scheme. Both are closed schemes and
accounted for under the projected unit method.
Contribution rates to the scheme are determined by a qualified independent
actuary on the basis of a triennial valuation using the projected unit method.
The most recent triennial valuation was carried out as at 31 December 2020.
This valuation resulted in a deficit of £116m on a pre-tax basis at 30
September 2021 compared to £127.0m on a pre-tax basis at the previous
settlement date of 28 February 2019. The next triennial valuation will take
place as at 31 December 2023.
Deficit recovery plans, which end on 31 October 2030, have been agreed with
aggregate monthly payments unchanged from the previous recovery plans. The
2021 deficit recovery payments will total £9.3m, with annual payments then
increasing at the rate of 2% per annum over the term of the recovery plans, in
line with the previous agreement. A contingent cash mechanism remains in
place. As previously, contingent funding payments equivalent to 20% of any
outperformance above a benchmark of available cash will be paid to the
schemes.
The recovery plans are designed to enable the schemes to reach a fully funded
position, using prudent assumptions about the future, by 2030.
The fair value of the assets and the present value of the liabilities in the
Group's defined benefit pension schemes at each balance sheet date was:
Assumptions used to estimate the scheme obligations
The significant actuarial assumptions used for accounting purposes reflect
prevailing market conditions in the UK and are as follows:
2021 2020
% %
Rate of increase in salaries nil nil
Rate of increase of pensions in payment 3.55 3.00
Discount rate 1.90 1.25
Rate of price inflation (RPI) 3.55 3.00
Assumptions regarding future mortality experience are set based on advice,
published statistics and experience in each scheme and are reflected in the
table below (average life expectations of a pensioner retiring at age 65).
2021 2020
Retiring at balance sheet date:
Male 21.0 19.6
Female 23.2 21.9
Retiring in 25 years
Male 22.3 21.5
Female 24.6 23.5
The fair value of the assets in the schemes and the present value of the
liabilities in the schemes at each balance sheet date was:
At 31 December 2021 At 31 December 2020
Quoted Unquoted Total Quoted Unquoted Total
£m £m £m £m £m £m
Investment funds 9.1 156.6 165.7 8.7 213.7 222.4
Debt instruments 201.9 26.5 228.4 133.1 36.6 169.7
Cash and cash equivalents 21.7 5.0 26.7 24.4 (1.3) 23.1
Derivatives - (0.4) (0.4) - 1.4 1.4
Annuity policies - 19.6 19.6 - 20.6 20.6
Fair value of schemes' assets
232.7 207.3 440.0 166.2 271.0 437.2
Present value of defined benefit obligations
(519.4)( (507.5)
Deficit in the schemes (79.4) (70.3)
A related, offsetting deferred tax asset for the Group of £19.8m (2020:
£13.3m) is included within non-current assets. Therefore, the pension scheme
deficit net of deferred tax for the Group was £59.6m at 31 December 2021
(2020: £57.0m).
19. Reconciliation of statutory results to adjusted results
In reporting financial information, the Group presents alternative performance
measures (APMs) which are not defined or specified under the requirements of
IFRS. The Group believes that these APMs, which are not considered to be a
substitute for or superior to IFRS measures, provide stakeholders with
additional helpful information on the performance of the business.
The Group makes certain adjustments to the statutory profit measures to
exclude the effects of exceptional items and adjust for other material amounts
that it believes are distortive to the underlying trading performance of the
Group. By presenting these alternative performance measures, the Group
believes it is providing additional insight into the performance of the
business that may be useful to stakeholders.
Below sets out a reconciliation of the statutory results to the adjusted
results:
2021 2020
Basic earnings per share Basic earnings per share
Operating profit Profit before tax Operating profit Profit before tax
Pence Pence
£m £m
£m £m
Statutory result 21.6 20.1 42.7p 17.7 6.7 18.2p
Exceptional items
(note 6) 1.7 0.8 1.1p 0.5 8.7 17.0p
Result for the year before exceptional items 23.3 20.9 43.8p 18.2 15.4 35.2p
IAS 19 net finance costs - 0.8 1.8p - 1.2 2.3p
High-End Television tax credit
1.9 1.9 - - - -
Adjusted result 25.2 23.6 45.6p 18.2 16.6 37.5p
IAS 19 related items, principally the net interest expense included in the
income statement, are excluded from non-statutory measures as they are
non-cash items that relate to historical defined benefit pension schemes.
The Group meets the eligibility criteria to claim HETV tax relief through the
production of certain dramas created in its Studios division. This incentive
was introduced in the UK to support the creative industries and is a critical
factor when assessing the viability of investment decisions in the production
of high-end drama programmes. These production tax credits are reported within
the total tax charge in the Consolidated Income Statement in accordance with
IAS 12. However, STV considers the HETV tax credits to be a contribution to
production costs and therefore more aligned to working capital in nature.
Therefore, the adjusted results for the Group reflect these credits as a
contribution to operating cost and not a tax item.
20. Post balance sheet events
On 9 March 2022, the Group announced it had acquired a 25% stake in quiz show
producer, Mighty Productions, and extended its existing co-development and
co-production agreement with Tod Productions for a further 3 years.
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