Group

Each company in the currency it keeps its books in. Nothing is added across them.

As at 31 Aug 2026. These are balances and are not added across the period.

The monthly summary, FY 2026-27 to date against Apr 2025 to Aug 2025. The comparative sits beside each figure rather than beneath it, so a reader compares along a row and not down a column. Earnings are the sum of 5 months and open a trace listing every one of them; the balances beneath are read once, as at 31 Aug 2026. Each company is stated in the currency it keeps its books in, and no two are added together — there is no translation view, and no column combines them for the same reason. Every figure here opens its own workings down to the vouchers behind it.

A table rather than a drawing: six companies in three currencies share no axis, and the figures a CFO reads first are read as figures. Nothing here is translated; the combined figures are on the strip above.

Six of six companies answered for FY 2026-27 to date, in three currencies; five months added for the earnings, the two balances stated as at 31 Aug 2026.

Read for each company: revenue, gross profit, EBITDA and profit before tax, and at the month end cash and net working capital. Each opens the month it was read from.

Ranked by standing first — what is already true before what is still ahead — then by the finding’s figure as a share of that company’s revenue for the period, largest first. A shortfall or a breach outranks any share.

Never by amount: these figures are in more than one currency and do not order against one another. A share of the company’s own revenue does.

Tested: the period for a loss before tax; the thirteen week forecast for a week when cash on its own runs out; every covenant against the limit it was last tested at.

And for this business: statement receipts that could not be matched to a recording; events committed to more than the client contracted to pay; related-party charges against the mark-up policy sets for them.

A production is tested for none of its own: the budget by department is held per production and cannot be read without first reading the productions, so it is not tested here. It is on the production screen.

Six rows at most, in two columns, adverse first: what needs acting on before what needs watching, and a clear row only where a test ran and found nothing. The rest is under Data quality at the foot of the screen, so the face never grows past what a reader can act on in a glance.

Interest cover below covenant · Arkan Distribution · 22.5% beyond the headroom the lender last measured. Interest cover with Wio Bank, last tested against a limit of at least 2.50, on 30 Jun 2026. It does not meet the limit. Open the covenants

The period is a loss · Sixteen Frames Music · 38.0% of revenue for FY 2026-27 to date. Profit before tax for FY 2026-27 to date, on revenue of 1,31,04,632. Open the statements

The period is a loss · Sixteen Frames Live · 32.2% of revenue for FY 2026-27 to date. Profit before tax for FY 2026-27 to date, on revenue of 17,62,50,000. Open the statements

Statement receipts unmatched · Sixteen Frames Music · 5.9% of everything the statements reported. The largest of 36 statement lines, out of 6499, that could not be matched to a recording and are held unallocated. From Instagram and Facebook, no recording identifier on the statement line. Open the unmatched pool

Cost of sales takes 89% of revenue; overhead takes most of what is left

AED million, FY 2026-27 to date, the group combined.

The monthly summary, FY 2026-27 to date. Combined and translated into AED at the rates on the strip above, which is where the basis and the companies in it are stated. Every step opens the same workings its tile opens.

A bridge rather than four tiles: the strip states the subtotals, and the steps between them are where the arithmetic is. Each step is the combined line the strip is drawn from, so a bar and a tile that share a name are one figure with one set of workings.

Nine steps over six of six companies, FY 2026-27 to date: revenue, cost of sales, gross profit, overhead, EBITDA, depreciation, finance cost and profit before tax, with the add-back drawn where there is one.

Amortisation added back, 13,207,417 AED: a company carrying its amortisation inside cost of sales — Sixteen Frames Films, its amortisation of film cost — has it added back on the way to EBITDA, as the monthly summary adds it back. Without the step, gross profit less overhead is not EBITDA.

Tested: revenue less cost of sales is gross profit; gross profit less overhead, plus any add-back, is EBITDA; EBITDA less depreciation and finance cost is profit before tax — each within one unit, on every reading.

4 of 6 companies are earning less than they were 12 months ago, Sixteen Frames Music by 100 per cent

Twelve months to Aug 2026. Each row carries its own scale and its own unit.

Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: its month figure is an absence, not a nought, and its line keeps the months it reported.

The monthly summary, the twelve months to Aug 2026. Revenue at each month end.

One sparkline a company, each on its own scale: the companies keep their books in different currencies and share no axis, and the shape of a year is what a reader wants from twelve months of revenue. The figure at the right of each row is the month the table above states.

These rows are in different currencies, so their heights are not comparable. Their shapes are, which is what a small multiple is for.

Six rows over twelve months to Aug 2026; no companies without two months to draw.

Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: its month figure is an absence, not a nought, and its line keeps the months it reported.

The reading counts the companies whose last month is below their first, and names the steepest fall among those on a monthly cadence.

Arkan Technologies carries the strongest net margin and Sixteen Frames Live the weakest

Net margin filled, gross margin open, as at 31 Aug 2026. Profit before tax as a share of revenue, against gross profit as a share of it; the distance between the two is what overhead and depreciation take. Ordered, so the outliers announce themselves.

Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a margin on no revenue is not a margin.

The ratio definitions, Aug 2026. A margin is comparable across currencies where an amount is not, which is why this chart exists and a revenue chart across these companies does not. Across is the word doing the work: the compositions below draw revenue, and each of them is drawn inside one currency, where an amount is an amount and a share of it is ordinary arithmetic. What has no total is the five of them together, and it still has none — there is no ring across the group and no rate is applied anywhere on this screen.

The pair on one axis, net filled and gross open: the distance between them is what overhead and depreciation take, and two panels could not show the gap where two axes could not be compared. A margin compares across currencies where an amount does not, which is what makes it a group reading.

Five companies ranked by net margin as at 31 Aug 2026; five with a gross margin beside it.

Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a margin on no revenue is not a margin.

Sixteen Frames Films holds 71% of the group's INR revenue

FY 2026-27 to date, as a share of the group's INR revenue.

Revenue for FY 2026-27 to date, as a share of what these 3 companies earned between them. These companies keep their books in one currency, so their revenue adds and a share of the sum means something. The group as a whole does not: three currencies, no translation on this screen, and no ring that could honestly be drawn across them.

The monthly summary, FY 2026-27 to date. 64,54,10,163 INR.

The monthly summary, FY 2026-27 to date. Each company's own books, in INR, with no rate applied to any of them — a share within one currency needs none, and a ring that needed one would be a ring drawn across two.

A ring within one currency needs no rate, and a ring across two would be a ring drawn at one. The two rings are the register’s two most-held currencies, and this one is INR.

Three companies with revenue in INR for FY 2026-27 to date, 64,54,10,163 INR between them; no named and not drawn.

Blushell Marine holds 50% of the group's AED revenue

FY 2026-27 to date, as a share of the group's AED revenue.

Revenue for FY 2026-27 to date, as a share of what these 2 companies earned between them. These companies keep their books in one currency, so their revenue adds and a share of the sum means something. The group as a whole does not: three currencies, no translation on this screen, and no ring that could honestly be drawn across them.

The monthly summary, FY 2026-27 to date. 83,702,000 AED.

The monthly summary, FY 2026-27 to date. Each company's own books, in AED, with no rate applied to any of them — a share within one currency needs none, and a ring that needed one would be a ring drawn across two.

A ring within one currency needs no rate, and a ring across two would be a ring drawn at one. The two rings are the register’s two most-held currencies, and this one is AED.

Two companies with revenue in AED for FY 2026-27 to date, 83,702,000 AED between them; no named and not drawn.

FY 2026-27 to date, as a share of Arkan Distribution's revenue.

Revenue for FY 2026-27 to date, as a share of what Arkan Distribution earned. Every account of type income carrying that market, netted debit against credit, over the months of the period. Not the sales lines by market and model, which are a narrower read on the Dealership screen: those exclude income carrying no model and cannot represent a credit note, so their total is not this company’s revenue. A bubble’s area is its revenue rather than its width, so a market earning twice another is drawn twice the area and not twice across.

Income by market, FY 2026-27 to date. 107,510,945 USD.

Income by market of Arkan Distribution, FY 2026-27 to date, read from Zoho Books. The markets add to the revenue stated for this company above, exactly, and the screen checks it before drawing — where they disagree the map is withheld and says by how much. Stated in the company’s own books; no rate is applied, and a market’s own settlement currency is not read here.

The map is not drawn short of a market: a reader counts the bubbles, so a drawing missing one is read as the whole channel. The amounts are on the Dealership screen either way.

Five markets read for Arkan Distribution, FY 2026-27 to date.

Tested: the markets add to the revenue the strip states, every market is on the register and can be placed, and the read reached the end of the register.

Blushell Marine waits 154 days for its cash; every other company under 42

Days, as at 31 Aug 2026. Receivable and stock days above the line, payable days beneath it. Days compare across currencies where an amount does not, which is why these companies stand beside one another here and no chart on this screen sets their revenue side by side.

The heavy rule across each bar is the cycle.

The heavy rule across each bar is the cash conversion cycle as the ratio definitions states it, and not the three segments added up here.

Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a day count on a month with no revenue is arithmetic, not a fact.

The ratio definitions, Aug 2026. Every figure is computed where the ledger is. A cycle is stated by the view and never added up on this screen, so a disagreement between the rule and the segments under it is visible rather than averaged away.

Three legs and a rule: receivable and stock days above the line, payable days beneath it, and the cycle drawn across each bar as the ratio definitions state it rather than as the three added up here, so a disagreement between the rule and the segments shows on the drawing. Days compare across currencies where an amount does not.

Five companies as at 31 Aug 2026: Arkan Distribution 42 days; Arkan Technologies 40 days; Sixteen Frames Films -140 days; Sixteen Frames Live -13 days; Blushell Marine 154 days.

Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a day count on a month with no revenue is arithmetic, not a fact.

Arkan Distribution’s interest cover sits below its covenant; the other four hold

Committed facilities, as tested 30 Jun 2026. The rule is the limit.

Each covenant against the limit its own facility agreement sets, as last tested on 30 Jun 2026. Committed facilities only: an uncommitted line is not liquidity but a hope, so headroom measured against one is not headroom. Every row is on its own scale — a leverage multiple and an interest cover are not the same measure and do not share an axis.

The facility agreements, 30 Jun 2026. The figure, the limit and the comparison between them are the agreement’s own, as the lender last tested it. Nothing here re-measures a covenant against the ledger: the two would disagree, and the one that matters is the one the lender used. The thresholds themselves are assumed — the facility agreements are not held.

A bullet a covenant, each on its own scale: a leverage multiple and an interest cover are different measures and do not share an axis. Committed facilities only, because headroom against a line a lender may decline is not headroom. The limit is the dashed rule, and a bar that crosses it is drawn in the signal ink.

Five covenants across four facilities, tested 30 Jun 2026; one breached.

Every covenant on a committed facility carries a figure and a limit.

Tested: each covenant’s figure against its limit on the side its operator names — a floor is breached from below, a ceiling from above.

The one arrangement with a policy meets it; the two legs disagree on one of them

Mark-up on cost. Policy open, charged filled, gap in points. 1 not drawn.

Mark-up on cost, as the transfer pricing note sets it against what was charged. The policy is drawn open and the charge filled; the rule between them is what the charge falls short of, and it carries the signal ink only where it does. music and publishing rights sold to the label, warehouse and logistics recharge carry neither a policy nor a charge, so they are listed without a mark: an arrangement with no mark-up has nothing to put on a mark-up axis, and is an arrangement all the same. working capital loan (last charged Nov 2025) was not charged in FY 2026-27 to date, so it is not drawn from another month. Over a period of several months a row is the arrangement over those months: the charges added, the mark-up charged weighted by each month’s charge, and both legs agreeing only where they agree in every month.

The related-party arrangements. Both legs of every arrangement, as each side recorded it. Policy and achieved mark-up are held separately so the distance between them is visible: a group that records only what it charged cannot see that it has departed from its own policy, and it is the departure a tax authority asks about. The policy itself is the group’s own note and not an agreement anybody outside it has seen.

Policy open, charged filled, one row an arrangement over the period: the distance between the two marks is the departure from the group’s own transfer pricing policy, which is the question a tax authority asks, and the one place on this screen the signal ink marks a variance. An arrangement with neither figure is a row with no mark.

Three arrangements charged in FY 2026-27 to date: no below policy, one at policy, two with no policy held; one not charged in the period.

music and publishing rights sold to the label, warehouse and logistics recharge carry neither a policy nor a charge, so they are listed without a mark: an arrangement with no mark-up has nothing to put on a mark-up axis, and is an arrangement all the same. working capital loan (last charged Nov 2025) was not charged in FY 2026-27 to date, so it is not drawn from another month. Over a period of several months a row is the arrangement over those months: the charges added, the mark-up charged weighted by each month’s charge, and both legs agreeing only where they agree in every month.

Cash on its own goes below nought in week 8

USD m, from 31 Aug 2026.

Closing cash at the end of each week, in USD m, from 31 Aug 2026. Thirteen weeks, which is the horizon the forecast is built to. The undrawn committed facility is the figure in the foot, as the forecast states it; no band is drawn above the bars.

The tightest of six: nought in week 8. Chosen by cover and never by amount. First the weeks until cash on its own goes below nought, so a shortfall outranks any amount of headroom; then the low point as a share of that company's own opening cash; then the register's order, so the answer is the same every time. These companies keep their books in three currencies and nothing on this screen translates them, so a closing balance in one does not order against a balance in another. A number of weeks is a count and a low point over its own opening is a ratio; both mean the same thing whichever books they came out of.

No line: every close is within one per cent of a straight line.

No line is drawn. Every one of the 13 closes lies within one per cent of the straight line from the first to the last — the largest departure is 0.8% of the line's range — so the drawing would be a ruler: the forecast's receipts and payments move in step, and the net is the same each week to a ripple the drawing cannot show. The three figures in the sentence are the whole of what the line would have said, and each opens its workings.

The bars are the 13 weekly closes against nought, in the signal ink where the cash is below it; the opening and the closing figures stand on the ends and each opens its week.

The cash runway of Arkan Distribution, read from Zoho Books. The closing balance is the view’s own running total — opening cash plus every week to this one — and nothing on this screen accumulates it a second time. The headroom above the line is committed facility only, and the view states that sum too.

Bars against nought rather than a line: the finding is the week the cash goes under, and a bar below the line says it where a line crossing it has to be read. The committed headroom is the figure in the foot rather than a band above the bars, so the bars keep their own scale.

No line is drawn. Every one of the 13 closes lies within one per cent of the straight line from the first to the last — the largest departure is 0.8% of the line's range — so the drawing would be a ruler: the forecast's receipts and payments move in step, and the net is the same each week to a ripple the drawing cannot show. The three figures in the sentence are the whole of what the line would have said, and each opens its workings.

13 weeks from 31 Aug 2026, in USD m; committed facility undrawn 26,000,000 USD. Tested: the first week cash on its own goes below nought, and the low point as a share of the opening balance.

The forecast is a constant weekly net of (0.47)m from 3.3m; cash reaches nought in week 8.