This is one exciting stock

Unlike most other film/video production companies, CCN are not exposed to films that flop, that was my main concern.

Basically they have two divisions, The Film Consortium and the Works.

The Film Consortium (TFC) have investors that put up cash for investment in films and TFC advise investors what films they should invest in and find investment for films. This is 'green lighting' or giving the films the go ahead. TFC make money doing this. It isn't TFC whose money goes into the films so if a film tanks it isn't their worry, they only lose a bit of cred I guess and give an investor or two the hump.

The Works (TW) sell the licenses to areas for Films, DVD, VHS and TV for the investor/fim makers. This will be a up front guaranteed fee that they sell to the licensee - the licensee then sells the film thoughout his given area. Each film license is sold with say a license fee of 'at least' 100K for example, depending on how well the film sells then further fees are paid. These are called overages and can boost how much CCN get big time. I think this is why CCN are excited about My Summer of Love, as it looks like there will be lots of overages on this film, and there are overages on other films coming in.

The third revenue stream is The Works selling licenses for third party films they have had nothing to do with organising the funding of - sales agents basically and the more well known The Works gets, the more of these they expect to come in.

For the year gone they have organised 1.2m of funding towards 15 films. That doesn't mean each film is only 80K to make, it means they have organised part of the funding for a number of films but the films may have other backers. The year ahead will see 7m of funding organised through Surefire which is going toward that 40m of films in production they mention in the results. They expect to have these canned by Christmas in order to get the tax breaks before April 1 (100% tax allowance in the first year on films below 15m budget).

Lottery funding has finished as far as being one of 3 main lottery recipients for funding goes but they can apply on a per film basis to get lottery funding. In it's place is Surefire. Surefire is a dedicated business for finding film investors and they are pumping in lots of money (that 7m for starters this year) so the investment to go into films should be much greater. Two directors that have been running Surefire have become non execs on the CCN board.

They also have a new major shareholder Fandango, who bought the 29.9% stake held by former Civilian founder Richard Thompson. These are Italian film makers and are set to put 3 films the way of CCN each year.

The FD was saying that they have only really started to get this business focussed as they have only just disposed of the last remains of the old CCN business which was a canned meat business so it's in its infancy in a way.

There is no reason I can see why this business should trade on a PE as low as 8. They have got rid of two thirds of the staff and boosted gross margins massively from 40 odd per cent to 92%. They don't get hit when a film flops, the worst that happens is films get delayed and so earning might slip back, but they don't disappear with big chunks of investment down a black hole.

Growth here could be huge, the 2.2p forecast for this year could well be smashed big time. This is a completely transformed business that is just getting up and running. Fandango have 29.9%, the two directors from Surefire have 4% and they are all set to synergise with each other over the coming years.

I can't begin to think what the growth could be like here but at a guess it is going to be massive. Overages create much, much higher earnings. If TFC organise great films for investment and then find the licensees and the films sell (as seems to be happening) then they are going to do fantastically imo.

These don't have the risk associated with the likes of Winchester Entertainments and so the PE should be much higher imo.

2.2p eps looks like being beaten easily imo. I'm sure these will re-rate to a PE of 12-15 and will do at least 2.5p eps this year which could mean 37p a share by the financial year end. They also will have 2m in cash come year end so one third the market cap is cash - that has to be worth another few pence on the share price.

If they beat 2.5p eps this year and do 3p as I suspect then come the financial year end they will be on an historic PE of 12, probably a forward PE of 8 (if the share price is 37p) and 2m in the bank with an absolute ton of films in production for their clients. If that were the case I reckon that would see the share price at 50p+ in 12 months time.

They seem very confident about the next twelve months and films in production are growing rapidly and in value size.

There's one last sweet spot - there is always the chance they hit on a Harry Potter the more films they get involved with. If they do then earning go ballistic.

They have 6.5m losses on the P&L account so no tax to pay on earnings for some time. They are also able to extract decent grants from the Lottery Fund on a one off basis and get grants from the British Film Council too.

Worth a look imo.

CR

Results looking good. SP responding.

Does look good results !


Civilian Content PLC
30 March 2005



CIVILIAN CONTENT PLC

PRELIMINARY RESULTS

FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2004



30 MARCH 2005


Civilian Content plc ('Civilian') whose principal activities are the management
of development, financing and production of feature films and the international
sale of film rights, announces today its preliminary results for the twelve
months ended 31 December 2004.



Highlights:



Financials

o 2004 Group retained profit of 0.77 million (2003: loss of 1.18
million)
o 2004 EBITDA grew to 0.95 million (2003: loss of 0.40 million)
o Cash reserves of 2.33 million (2003: 0.37 million)
o Gross margin increased to 65% (2003: 48.0%)



Film Finance & Production - The Film Consortium (TFC)

o TFC has enjoyed its most profitable and productive year to date
o Over 50m of production activity during the year
o My Summer of Love success with 2004 BAFTA for Best British Film
o Final Lottery Franchise funds invested in two films in first half
o SureFire Joint Venture achieved successful fund raising, advising on
25 million of feature film production finance
o Six films currently in post production to be sold in 2005 by group
subsidiary, The Works



Film Sales - The Works

o In 2005 The Works will have available for sale the largest volume of
feature film rights it has ever assembled
o In my Country and My Summer of Love sold to Sony and Universal
divisions respectively for release in 2005
o Sales rights secured for Tickets (which premiered at Berlin) and
Tristram Shandy (pre-sold to Newmarket, a leading US distributor)
o Significant levels of catalogue income expected to continue
o 2005 trading results expected to be significantly second half weighted





Crispin Barker, non-executive Chairman of Civilian Content said:



'Civilian Content plc has enjoyed the most successful year in its history, and
has assembled a significant slate of film rights for sale in 2005.



The process of restructuring the business, which began in 2002, is now
substantially complete.



Having rationalised its core activities, Civilian is now actively seeking the
acquisition of complimentary businesses'.







For further information, please contact:

Civilian Content 020 7612 0030
Chris Auty / Norman Humphrey

Citigate Dewe Rogerson 020 7638 9571
Seb Hoyle


CHAIRMAN'S STATEMENT

OVERVIEW

Civilian Content plc ('Civilian') has enjoyed the most successful year in its
history, whether measured by retained profit, production income, film volume, or
budget size.



Civilian made a retained profit for the year ending 31 December 2004 of
771,000, which is a substantial improvement on the result for 2003 when the
Group recorded a loss of 1,183,000. The full year EBITDA on continuing
operations in 2004 was a profit of 948,000, compared with a loss of 405,000 in
2003. Turnover increased for continuing operations, to 3,872,000 from
2,330,000, and the gross margin, which has been steadily improving since the
acquisition of The Works, rose to 65% from 49%.



At the beginning of the year an Italian film company, Fandango SRL, acquired a
major shareholding in the Group from a former Civilian director, and in so doing
triggered the repayment of loan notes with a value of 759,000. This
transaction, combined with strong net cashflow arising from operating
activities, has significantly improved the Group's liquidity. At 31 December
2004, Civilian had cash reserves of 2,330,000.



The production services subsidiary, The Film Consortium, has enjoyed its most
profitable and productive year. It invested the balance of its Lottery
Franchise funds into two films during the first six months and then, after a
successful fund-raising by our joint venture partner, SureFire, it advised on
the investment of over 25 million of feature film production. These films are
in the later stages of post production and will be sold by our subsidiary, The
Works, in 2005. The Film Consortium also supervised the investment of 1
million of SureFire development funds during 2004, and this process will
continue.



In 2005, The Works will have available for sale the largest volume of feature
film rights it has ever assembled. The production cost of these rights exceeds
50 million, and the Board is hopeful this volume of quality product will yield
a positive result for the Group in 2005. The timing of delivery of this
product to The Works, and the incidence of this year's major film festivals,
will lead to a trading result significantly weighted towards the second half of
the year.



The ongoing quality and expanding quantity of Civilian's library of film rights
has lead to significant levels of catalogue income being received during 2004.
This is a trend we expect to continue.



Civilian's management is working hard to generate new managed funds for future
investment in feature films. In this regard, we consider pronouncements made
by the Chancellor in his recent budget about continuing tax incentives for
British Films a positive development.



The process of restructuring the business which began in 2002 is now
substantially complete. Having rationalised its core activities, Civilian is
now actively seeking the acquisition of complimentary businesses.



Your Board has decided to propose a change of company name to CIVILIAN Plc and
will seek shareholder approval for this change at the next AGM.





FINANCIAL REVIEW

During the 12 months ended 31 December 2004, Civilian made a retained profit
after exceptional items and taxation of 771,000. This compares favourably
with a retained loss of 1,183,000 for the 12 months ended 31 December 2003.
Administration, selling and distribution expenses fell by 65,000 to 1,802,000
during the year, which represents a 3% fall from 1,867,000 in 2003. The
head-count also fell, averaging 18 during 2004 compared with 23 during 2003.



As at 31 December 2004, the group had 2,524,000 cash at bank, although 194,000
was held on trust for third parties leaving available net cash of 2,330,000.
This compares with available net cash at 31 December 2003 of 375,000.





DIVIDEND

The Directors do not recommend the payment of a dividend in respect of 2004
(2003:nil)





BOARD CHANGES

There were a number of Board changes during 2004: -



Domenico Procacci joined the Board as a non Executive Director on 5th February
2004 and James Atherton joined the Board as a non Executive Director on 10th May
2004.



Michael Henry joined the Board as a non Executive Director on 10th May 2004, but
resigned on 26 October to concentrate on his growing legal practice. Aline
Perry resigned from the Board on 24th May 2004.



Our Staff have worked tirelessly in 2004 and the Board of Civilian thank them
all sincerely for their efforts and help in making 2004 such a successful year.





ANNUAL GENERAL MEETING

The Annual General Meeting will be held at 10 a.m. on Friday 6th May 2005 at the
offices of KBC Peel Hunt Limited, 111 Old Broad Street, London EC2 1PH





Crispin Barker

30 March 2005




MANAGING DIRECTOR'S REPORT







OVERVIEW

2004 saw a significant upswing in the company's activities, and a successful
transition after the expiry of the Film Consortium's Lottery contract. The
creation of the Surefire joint venture was followed by a successful fundraising
in the summer, which significantly enhanced the Film Consortium's production
output and the capture of international rights for sale by The Works. The
improvement is reflected in a material increase in turnover at a time of falling
costs and head-count. The group's cash position has shown a significant and
corresponding improvement.



The successful introduction of Fandango SRL as a major trade shareholder, and
the conclusion and deployment of the Surefire fundraising have both greatly
improved the company's reach and position within the international film
business.



Strategically, the management is happy to present a significantly positive
outcome for 2004, despite continuing turbulent market conditions.





PRODUCTION ACTIVITY

2004 represents the single most successful year of the company's activity by
film volume and budget output. Over 50 million of production activity was in
process during the period, which further establishes Civilian's leading position
as a UK-based but internationally focused, production house.



Half a dozen new films went into production during the period, including: Tara
Road starring Olivia Williams and Andi MacDowell; Guy X starring Jason Biggs and
Natasha McElhone; Best Man starring Stuart Townsend, Seth Green and Amy Smart;
The Proposition starring Guy Pearce, Emily Watson and Ray Winstone; River Queen,
starring Samantha Morton and Kiefer Sutherland. These titles are currently being
completed and have now entered their sales cycle. Additionally in the same
period, the company completed John Boorman's In My Country starring Juliette
Binoche and Samuel L Jackson, and My Summer Of Love, which went on to win the
BAFTA for Best British Film of 2004. At the same time, the company is managing
the development of some 20 feature film scripts, several of which should proceed
into production in 2005.





SALES ACTIVITY

Civilian's wholly owned sales agency The Works enjoyed an excellent year. Both
In My Country and My Summer Of Love were successfully sold to divisions of US
film studios (Sony, and Universal respectively), for release by them in 2005.
As in previous periods, The Works has successfully secured representation for a
number of high profile, third party films, including Ae Fond Kiss, which
premiered at the Berlin Film Festival, Changing Destiny (Venice Film Festival),
The Consequences Of Love (Cannes Film Festival) and Primo Amore (Berlin Film
Festival). Towards the end of the period, The Works also secured sales rights
to Tickets (which premiered at the Berlin Film Festival), and Tristram Shandy
(which has been pre-sold to Newmarket, a leading US distributor with whom we
enjoyed previous success on the US release of Whale Rider). The evergreen title
Bugs!, a large screen format film aimed at the children's market, continues to
enjoy a successful and extended worldwide release having achieved a cinema gross
to date of over $22 million.





CURRENT OUTLOOK AND FUTURE PROSPECTS

The company is currently focusing its attention in two areas: The further
development of new project financing structures (in regard to which the
Chancellor's recent budget statement has been broadly positive), and corporate
opportunities in the wider media environment, including UK distribution. The
company's healthy cash position, enhanced reputation within the trade, and
strong creative relationships with third party film financiers and producers
give the management grounds for being cautiously optimistic in the coming year.





Chris Auty

30 March 2005

Civilian Content cautiously optimistic on current FY
LONDON (AFX) - Civilian Content PLC said it is cautiously optimistic on the
year ahead, when it expects to continue to receive 'significant' catalogue
income and has its highest ever number of film rights to sell.

The company, which develops, finances and produces feature films and sells
international film rights, also said it was seeking the acquisition of a
'complementary business.'

In its financial year ended Dec 31, 2004, Civilian Content said made a pretax
profit of 771,000 stg, compared to a loss of 1.2 mln stg a year earlier, with
its sales rising by 66 pct to 3.9 mln stg.

tc


I wonder who the acquisition will be.....looks like exciting times.

"My summer of love" DVD starts to sell in the UK in June, thats yet another little bit of good news to all what we have already, to add to revenue and profits in 6 months time.

Oooooh lala........ 1M "X" trade @ 14.75

Somethings happening ;-)

X = interesting things, normally big rises to follow.

DYOR

We have a buyer it seems,

16:17:35 14-Apr-2005 13.50 50,000 6,750.00 Ordinary Trade
16:17:35 13-Apr-2005 13.50 50,000 6,750.00 Ordinary Trade

Another 50K today at 16:17 and 35 seconds ?

Civilian Content PLC
14 April 2005
SCHEDULE 11
NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS
1. Name of company
Civilian Content Plc

2. Name of director
Crispin Barker

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

In respect of the above in (2)

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

C.Barker 10,620,005
Daspin 1,020,880

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)

No

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

Acquisition by C.J. Barker for own investment

-

7. Number of shares / amount of stock acquired
50,000
8. Percentage of issued class
0.12%


Thats the 13th April 50K buy, we should find out who is the 14th April buy later today.

And there is more, IMO this is going to high 20p level, even over 30p once the news is out.


Civilian Content PLC
03 May 2005
SCHEDULE 11

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company
...CIVILIAN CONTENT PLC

2. Name of director
...CRISPIN BARKER

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest
...IN RESPECT OF CRISPIN BARKER

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)
CRISPIN BARKER 10,970,000 DAVID ASPIN 1,020,885

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)
...NO

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary
...ACQUISITION BY CRISPIN BARKER FOR HIS OWN INVESTMENT

7. Number of shares / amount of stock acquired
...350,000

8. Percentage of issued class
...0.816%

9. Number of shares/amount of stock disposed
...N/A

10. Percentage of issued class
...N/A

11. Class of security
...ORDINARY SHARES OF 10P EACH

12. Price per share
...100,000@10.5P + 150,000@11.0P + 50,000@11.5P + 50,000@12.0P

13. Date of transaction
...FRIDAY 29 APRIL 2005

14. Date company informed
...TUESDAY 3 MAY 2005

15. Total holding following this notification
... 11,990,885

16. Total percentage holding of issued class following this notification
... 27.951%

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant
...N/A

18. Period during which or date on which exercisable
...N/A

19. Total amount paid (if any) for grant of the option
...N/A

20. Description of shares or debentures involved: class, number
...N/A

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise
...N/A

22. Total number of shares or debentures over which options held following this
notification
...N/A

23. Any additional information
...N/A

24. Name of contact and telephone number for queries
...NORMAN HUMPHREY 020 7312 0030

25. Name and signature of authorised company official responsible for making
this notification
...NORMAN HUMPHREY, COMPANY SECRETARY

Date of Notification
...3 MAY 2005

Quite exciting,all this buying before the AGM on Thursday 5 May.The name will be changed to Civilian.Is there anything else to be announced or is this simply speculative buying against the chart which indicates a lowering sp.
One director owning 27% of the shares points to something in the air IMO.

Very quiet on here but it seems bottomed and waiting for that good news from the film festivals and acquisiton which means it might suddenly jump up from this bottom.

What acquisition did CCN make?

sidtrix there has not been one yet but they have said one is maybe coming;

From the last results

Crispin Barker, non-executive Chairman of Civilian Content said:
"Civilian Content plc has enjoyed the most successful year in its history, and
has assembled a significant slate of film rights for sale in 2005.The process of restructuring the business, which began in 2002, is now substantially complete. Having rationalised its core activities, Civilian is now actively seeking the acquisition of complimentary businesses".

2004 Group retained profit of 0.77 million (2003: loss of 1.18 million)
2004 EBITDA grew to 0.95 million (2003: loss of 0.40 million)
Cash reserves of 2.33 million (2003: 0.37 million)
Gross margin increased to 65% (2003: 48.0%)

The write up in IC yesterday says fair value presently.

CCN said earlier the second half is going to be strong so that looks good.

Very good news today from Civilian which should wake things up.

PpP: Congrats on the gain at CCN. I wasn't aboard but it's good to see your research bring in rewards.
sd.

squidd I am expecting much more from CCN when they report their second half as the first half should be nothing special, not bad, but nothing wonderful too, but second half news flow and results should be excellent.

From uk-analyst.com

Film production, finance, and international sales group Civilian Content saw its shares march 2.25p higher to 11.25p after it announced the launch of a new film distribution company, The Works UK Distribution. The company said that its new venture, which will be staffed by a team of 5, intends to distribute 8 to 10 films in its first year of operation. The company said that the move into UK distribution had handed it the opportunity to expand in production, an area where there are significant constraints on volume.

Civilian Content PLC
25 July 2005

CIVILIAN CONTENT PLC PURCHASES STAKE IN MOTIVE TV PLC

25 July 2005

Civilian Content Plc ('Civilian'), the film production, finance, UK distribution and international sales group announces today that it has acquired a 5.92% stake in Motive Television plc ('Motive'). Motive is the AIM-listed television investment vehicle headed by ex-Chrysalis industry veteran, Mick Pilsworth. The company was established in May 2005 to acquire television production and licensing businesses in the UK, following recent favourable regulatory changes in the television market.

Motive's first acquisition was a TV Production business owned by Setanta, the
successful Irish sports driven broadcaster. Civilian's decision to invest
follows meetings with the Motive management in the period prior to launch.

Chris Auty, CEO of Civilian, commented today,
'This is a strategic investment for the company as we look to further diversify
our interests. Recent changes to the regulatory framework governing terms of
trade in the TV sector are clearly favourable to the production sector,
particularly in drama and series. We believe Mick Pilsworth and his team have
the experience to build Motive by acquisition in a sector which is undergoing
consolidation'

Notes to Editors:
1. Civilian Content plc bought on 22nd July 2005 2,651,000 shares at 3.5p
in Motive TV plc from Crispin Barker, non-executive chairman of Civilian. This
is a total consideration of 92,785 plus stamp duty. These shares represent the
entirety of Mr. Barker's stake in Motive TV.
As part of the purchase agreement, Civilian has a put option on the shares at
3.5p back to Mr. Barker during November and December 2005. As part of this
agreement, Civilian would retain 65% of any gain in the shares above 3.5p.
2. Civilian Content plc is a film production, finance, UK distribution and
international sales group consisting of three wholly-owned subsidiary companies:
The Works International (film rights sale, managed by Joy Wong), The Film
Consortium film production, managed by Neil Peplow), and The Works UK
Distribution Ltd (managed by Mick Southworth). All three units are located in
Civilian's offices and all three units report to group MD, Chris Auty and group
FD, Norman Humphrey.
3. Motive Television plc was formed to acquire businesses in the
independent television production sector. The management of Motive Television
plc is a team of proven and experienced industry executives that intends to use
its experience of mergers and acquisitions in the television sector to identify
profitable businesses with growth potential.

Motive Television PLC floated on the Alternative Investment Market (AIM) in May
2005. It will be an acquirer of target companies in the independent television
production sector. The Directors expect to raise additional finance either
through raising debt and/or through the issue of further equity to complete any
acquisitions the Company may identify.
Motive's first acquisition was Setanta TV, a Dublin-based sports, documentary
and factual TV production company which has been renamed Motive Television Ltd.

Good for CCN or good for Crispin Barker?

Good for CB as he's got the company to finance a punt for a few months. It looks like he could be going the same way as Content where they have no regard for shareholders. This is going nowhere now until the Distribution business takes off or we hear of new films on the horizon.

Altoid - I'm afraid "new" films won't do it. They have to be "good" films!

This is a business based on keeping its staff in employment in a very uncertain world (from which I make my living). Look at the mess ContentFilm (CFL) got into last year from which it is also trying to reinvent itself.

CNN is a fun punt if you are a cineast and want a reason to watch the business, but as an investment it has no more place in a serious portfolio than picking race horses out of the newspaper (probably less - at least there is a probability that they are even in the race!).

sd

I took it as read that they wouldn't do new films unless they were good. But you're right. It's interesting looking at the 3 quoted film companies, CFL,CCN and IFM. None of them is heavily capitalised but if one of them could break out, get some critical mass, then I believe there could be an increase in investor interest.