We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mirada Plc | LSE:MIRA | London | Ordinary Share | GB00BK77QQ18 | ORD 100P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.55 | 0.10 | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMIRA 9 July 2015 mirada plc (AIM: MIRA) ("mirada", "the Company" or "the Group") Final Results for the Year Ended 31 March 2015 mirada plc, the AIM quoted leading audiovisual content interaction specialist, announces its final results for the year ended 31 March 2015. Financial Highlights * Revenue increased 24% to GBP5.66 million (2014: GBP4.57 million) * Revenues earned from licences remained in line with last year to GBP1.73 million (2014: GBP1.74 million) * Gross profit increased 23% to GBP5.42 million (2014: GBP4.39 million) * Gross profit margin remained stable at 96% * Adjusted EBITDA* increased 50% to GBP1.54 million (2014: GBP1.02 million) * Pre-tax loss reduced to GBP0.11 million (2014: loss of GBP0.39 million) *Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation and share-based payment charges Operational Highlights * Commercialisation of first Tier One project for Televisa Group with Cablevisión Monterrey deployment commencing in February 2015 * Oversubscribed placing to raise GBP3.5 million at a price of 12.5p, providing funds to strengthen the Group's position within the Over The Top ("OTT") market and Latin America * Inaugural OTT contract win * Successful launch of Telefónica's Movistar Go product * Appointments of José Gozalbo (Chief Technology Officer) as Executive Director, Matthew Earl as Non-Executive Director, and Gonzalo Babío as Chief Financial Officer (non Board appointment) José Luis Vázquez, CEO of mirada, commented: "We have now entered a new stage in which major players are showing increased interest in our capabilities. Having proven our ability to win and deliver Tier One contracts, the Board is encouraged by the prospects that might develop from the continuing discussions with other potential Tier 1 and Tier 2 customers." Enquiries: mirada plc +44 (0) 207 549 5678 José Luis Vázquez, Chief Executive Officer Walbrook PR +44 (0) 207 933 8780 Nick Rome/Sam Allen mirada@walbrookpr.com Arden Partners plc (Nomad and Joint Broker) +44 (0) 207 614 5900 Steve Douglas (Corporate Finance) James Felix (Corporate Finance) Kam Bansil (Corporate Broking) Overview I am pleased to report the Group's financial results for the year ended 31 March 2015. This has been a critical period for the Company during which we have secured and deployed our first Tier One contract. mirada has proven capable of winning and delivering milestone deals competing with the largest players in the Digital TV market. As such, it has established and strengthened its network of relationships and successfully delivered its products in a challenging environment, whilst creating a strong pipeline of potential large-scale contracts. The Company won its most important contract to date in May 2014 with Televisa Group for its flagship product, iris, a unique TV-everywhere ecosystem featuring the advanced inspire user-experience, which it launched for the first time on Cablevisión Monterrey's cable network in February this year. Even with a delay in commercial deployment beyond mirada's control, the Group achieved a healthy growth in revenues of nearly 24% to GBP5.66 million (2014: GBP4.57 million). Most of this growth resulted from professional services related to increased functionality and customisation of the Televisa Group deployments, while licence fees remained in line with last year at GBP1.73 million. The growth resulted in an improvement in adjusted EBITDA (defined as earnings before interest, tax, depreciation, amortisation and share based payment charges) of GBP 1.54 million (2014: GBP1.02 million), increasing more than 50% from the previous year. The Group was also able to raise operating profit for the year to GBP0.29 million (2014: GBP0.004 million). Losses Before Tax were reduced to -GBP0.11 million (2014: -GBP0.39 million), with a Net Loss of -GBP0.18 million (2014: GBP0.04 million profit) after taxes. In addition to the Televisa iris contract, the Group also secured its first significant OTT contract, also with Televisa. In addition, we deployed our iris technology with the Telefónica Group in Peru. These milestones demonstrate the competitiveness of mirada for next generation Digital TV products. The team continues to be able to achieve its goal of being at the forefront of OTT technologies, positioning us well to secure larger deals and these milestones have translated into continuing discussions with other Tier One customers. We have a strongly supportive shareholder base, as demonstrated by the oversubscribed placing of GBP3.5 million (before expenses) in July 2014, which allowed the Group to secure the OTT deals and substantially strengthen our balance sheet. We remain grateful for their support. Trading review First Tier One customer The primary focus of the Group over the year was to secure the deployment of our inaugural Tier One contract, which was awarded to us by Televisa in May 2014. The first such commercial deployment commenced in February 2015 for Televisa's regional network, Cablevisión Monterrey. The first months of the deployment have gone well, with technical and commercial performance surpassing expectations. As announced in December and January, issues beyond mirada's control have delayed commercial deployment in the other Televisa networks to the end of the current financial year. Following the acquisition of Cablecom and Telecable during the period under review, Televisa now owns five cable networks, all of which the Company expects to adopt the iris/inspire software. During the period, there have been significant improvements to the software, and mirada has faced the additional challenge of integrating its product in a complex multi-network environment in the middle of a consolidation process. Substantial progress has been made and the Company is ready to launch the products across the rest of the cable networks as required by the customer. Performance of Installed Base The period under review generated licence fees from the following main sources: GVT in Brazil, and Cablecom, Axtel and the Televisa Group in Mexico. During the year Telefónica acquired GVT, and has stated that it intends to merge GVT's activities with Telefónica Brazil. This merger generated around 190,000 new subscribers during the period, comprised of additional hybrid (IPTV) and satellite (DTH) operations, with GVT subscribers accounting for around 940,000 in total. However, GVT has reached relative maturity and, with its impending consolidation process, mirada is conservative about its growth and direction with respect to user-experience software. Axtel in Mexico continues to grow, reaching nearly 100,000 subscribers for the Navi solution, a user-friendly tool for finding and purchasing programming on IPTV, at the end of the period. The Company continues invoicing new licence batches and earning managed service through our long established relationship with Ericsson Mexico. In August 2014, the Televisa Group completed its acquisition of Cablecom. As the operational merger concludes, management expects that subscribers from the cable network will adopt the iris/inspire solution. In the meantime, mirada continues to offer managed services to Cablecom for their already deployed iris /origin solution. With respect to the commercial deployment of the iris/inspire solution, mirada was able to invoice one-off back-office licence fees and the first batch of subscriber-based licence fees at the end of the period as expected. Digital TV and Broadcast unit financial performance The Group has continued to concentrate on Digital TV & Broadcast business, which accounted for 92.5% of total turnover (2014: 90.7%) and 95.4% of gross margin (2014: 94%). Owing to the consolidation of the business and the successful transition of the Digital TV model, growing with our customers' success based on a subscriber-based licence fees agreements, revenues from the unit reached GBP5.23 million (2014: GBP4.15 million), representing 26% growth year-on-year. Licence fees remained flat, mainly due to the delays in the Tier One commercial launch, while most of the growth came from professional services, with sales of GBP3.50 million (2014: GBP2.41 million), some of which derived from the Televisa contract. Segmental EBITDA also increased to GBP2.09 million (2014: GBP1.87 million). The major source of revenues - mainly US dollar denominated - continued to be Latin America, which accounted for 72% of sales (2014: 69%), while the Company strengthened its pipeline elsewhere in the world. Turnover from the UK and Spain increased to GBP1.55 million (2014: GBP1.22 million), amounting to 27% of total turnover, in line with last year's percentage. Mobile unit financial performance Revenues from the mobile unit remained stable at GBP0.43 million (2014: GBP0.42 million). The business, comprising mainly cashless parking, is active in the UK. Appointments During the year we were pleased to welcome Matthew Earl to the role of Non-Executive Director and José Gozalbo (CTO) to the role of Executive Director. Gonzalo Babío, an experienced professional formerly working for Electronic Arts and Disney, also joined as our new CFO (non board position) at the end of the financial year. Financial overview Revenue grew to GBP5.66 million (2014: GBP4.57 million), mainly from Digital TV & Broadcast activities. Gross profit margin remained stable at 96% and adjusted EBITDA for the year increased 50.7% to GBP1.54 million (as disclosed in note 6) compared to GBP1.02 million in the prior year. Amortisation charges increased to GBP1.19 million from GBP0.92 million as a result of increased investment in iris, especially in the inspire user-experience and the OTT features. Based on the Group's improved performance and future projections, a deferred tax asset of GBP 0.04 million was recognised during the year. Adjusted EBITDA is a key performance indicator ("KPI") used by management as it removes the impact of one-off and non-cash transactions. Other KPIs used by management include the following: - Gross profit margin: the Group's focus on Digital TV & Broadcast business, in which cost of sales are minimal, delivered a gross profit margin of 96%, in line with last year. - Overseas activities (i.e. excluding UK and Spain): total revenues from Latin America increased to GBP4.06 million (2014: GBP3.14 million), representing 72% of our turnover, up from 69% last year. Overseas activities remained at 73% of total Group turnover, the same percentage as last year. - Subscriber-based licence fee revenue included within the Digital TV & Broadcast segment: revenues from licence fees command higher margins and are key to our return on investment and overall profitability. Total licence fees for the year equalled GBP1.73 million, in line with GBP1.74 million in the prior period. The Group posted a loss before tax for the year of GBP0.11 million compared to a loss of GBP0.39 million in the prior period. The Televisa contract-related professional services led to increased revenues, EBITDA and operational profit, although management expect subscriber-based licence fees to drive overall profitability of the contract, once the commercial launch takes place across the rest of the Customer's cable networks. Total borrowings remained at a similar level to last year totalling GBP2.81 million (2014: GBP2.64 million). Long term interest bearing loans and borrowings reduced 30% to GBP1.35million (2014: GBP1.91 million) and short term borrowings increased from GBP0.73 million to GBP1.47 million due to working capital needs related to delays on the Televisa commercial deployment, including factoring facilities at GBP0.44 million. Trade receivables were exceptionally high at the end of the period at GBP2.19 million (2014: GBP0.79 million) due to invoicing in March of licence fees related to the commercial launch of the contract. In July 2014, the Company completed the equity funding of GBP3.5 million (before expenses), which enabled successful OTT product development and improved the Net Asset position. During the year to March 2015, it was concluded that Mirada should have raised a provision for dilapidations on a long-term lease. As a result the consolidated balance sheets as at 31 March 2013 and 31 March 2014 have been restated to reflect the liability of a GBP500k lease provision. The restatement does not affect the Income Statement or the Statement of Cashflows. Operational Review Areas of business mirada is an audiovisual interaction technology company providing both interactive products and software development services. We trade in complementary areas around the media business, with some smaller stand-alone activities in certain other markets: Digital TV & Broadcast: We have more than 15 years' experience in technologies from interactive TV to advanced navigational services and synchronisation technologies and have a solid network of partners and we are internationally recognised for our skill base. Our products comprise user interfaces for content navigation and consumption over Digital TV receivers (TV and set-top boxes), personal computers and companion devices (tablets and smartphones). Our major products are our navigational software propositions: iris (with our origin and inspire user interfaces), navi (in partnership with Ericsson) and xplayer for Broadcasters. Other areas: mirada has experience and business activities in other areas, principally broadcast and cashless payment solutions for the car parking market via mirada connect. mirada connect will remain independent from the rest of the business. Although non-core, it makes a positive contribution to Group EBITDA. Current Trading and Outlook This year has seen the consolidation of the Company as a significant contender in the Digital TV world, winning contracts generally only awarded to much larger players. The contract awarded in May 2014 and the later deployment at the first cable network, Cablevisión Monterrey, further confirmed mirada's capability to deliver complex projects on a multi-network Tier One scale. The Group suffered from third-party related delays that postponed the receipt of further subscriber-based licence fees in the year under review, although Professional Services at normal market rates increased Revenues more than 25% on a year-to-year basis. Subscriber-based licence fees will further improve the profitability from contracts already won, as our return on investment benefits from the growth of our Customers' installed subscriber bases. This has been the first commercial launch for our iris-inspire user experience, and we are glad to confirm that the deployment of the solution went smoothly, without noticeable technical problems, and the commercial rollout at Monterrey is progressing ahead of expectations. The Company continues integrating the solution with additional features at two additional cable networks in the customer, including the new OTT solution, with an expectation to start the commercial roll-out in those areas during the coming months. While the final date for the delivery will rely on the progress of the customer's technical team, I am very satisfied with the performance of our engineers, who continue to enhance the solution, thereby generating increased revenues from professional services. The Company secured the funds and other resources to accelerate the availability its OTT full product proposition, securing a large contract with one of the largest players in the market. This reference, for both the DVB technologies and OTT propositions, has delivered new leads and translated into continuing discussions with other Tier One customers.. I would like to thank all our stakeholders, who have demonstrated their belief in our capabilities and have contributed so much to the transformation of our business .We look forward with great optimism. José-Luis Vázquez Chief Executive Officer 8 July 2015 Consolidated income statement Year ended 31 March 2015 Note Year ended Year ended 31 March 2015 31 March 2014 GBP000 GBP000 Revenue 4 5,657 4,572 Cost of sales (234) (182) Gross profit 5,423 4,390 Depreciation (21) (43) Amortisation (1,187) (924) Share-based payment charge (61) (53) Other administrative expenses (3,869) (3,366) Total administrative expenses (5,138) (4,386) Operating profit 5 285 4 Finance income 38 32 Finance expense (436) (422) Loss before taxation (113) (386) Taxation 6 (62) 427 Profit/(loss) for year (175) 41 (Loss)/Earnings per share Year ended Year ended 31 March 31 March 2015 2014 p p (Loss)/Earnings per share for the year 7 - basic & diluted (0.2) 0.1 Consolidated statement of comprehensive income Year ended 31 March 2015 Year ended Year ended 31 March 2015 31 March 2014 GBP000 GBP000 Loss/(Profit) for the period (175) 41 Other comprehensive loss: Currency translation differences (225) (26) Total other comprehensive loss (225) (26) Total comprehensive (loss)/income for (400) 15 the year Consolidated statements of changes in equity Year ended 31 March 2015 Share Merger Retained premium Share Foreign reserves earnings Share account option exchange GBP000 GBP000 capital GBP000 reserve reserve Total GBP000 GBP000 GBP000 GBP000 Restated Balance at 1 April 861 5,776 - 483 2,472 (3,529) 6,063 2014 Loss for the financial year - - - - - (175) (175) Movement in foreign - - - (225) - - (225) exchange reserve Share based payment - - - - - 61 61 Issue of shares 280 3,220 - - - - 3,500 Share issue costs - (248) - - - - (248) Balance at 31 March 2015 1,141 8,748 - 258 2,472 (3,643) 8,976 Note Share Merger Retained premium Share Foreign reserves earnings Share account option exchange GBP000 GBP000 capital GBP000 reserve reserve Total GBP000 GBP000 GBP000 GBP000 Balance at 1 April 2013, 519 3,059 140 509 2,472 (3,234) 3,465 as previously reported Prior year restatement 3 - - - - - (500) (500) Restated Balance 1 April 519 3,059 140 509 2,472 (3,734) 2,965 2013 Profit for the financial - - - - - 41 41 year Movement in foreign - - - (26) - - (26) exchange reserve Share based payment - - - - - 53 53 Transfer between reserves - - (140) - - 140 - Conversion of convertible loans 98 877 - - - (29) 946 into shares Issue of shares 244 1,894 - - - - 2,138 Share issue costs - (54) - - - - (54) Restated Balance at 1 April 861 5,776 - 483 2,472 (3,529) 6,063 2014 Consolidated statement of financial position As at 31 March 2015 Note 31 March 31 March 31 March 2015 2014 2013 GBP000 GBP000 GBP000 As restated As restated Property, plant and 41 37 61 equipment Goodwill 6,946 6,946 6,946 Other Intangible assets 2,843 2,444 1,719 Deferred Tax Assets 543 5088 508 - Non-current assets 10,373 9,935 8,726 Trade & other receivables 3,565 1,781 1,292 Cash and cash equivalents 9 206 30 94 Current assets 3,771 1,811 1,386 Total assets 14,144 11,746 10,112 Loans and borrowings (1,467) (728) (697) Trade and other payables (1,790) (2,339) (2,725) Provisions 3 (500) (576) (141) Current liabilities (3,757) (3,643) (3,563) Net current assets / 14 (1,832) (2,177) (liabilities) Total assets less current 10,386 8,103 6,549 liabilities Interest bearing loans and (1,345) (1,911) (2,767) borrowings Embedded conversion option - - (65) derivative Other non-current (66) (129) (181) liabilities Provisions 3 - - (571) Non-current liabilities (1,411) (2,040) (3,584) Total liabilities (5,168) (5,683) (7,147) Net assets 8,976 6,063 2,965 Issued share capital and reserves attributable to equity holders of the company Share capital 8 1,141 861 519 Share premium 8,748 5,776 3,059 Other reserves 2,730 2,955 3,121 Retained earnings (3,643) (3,529) (3,734) Equity 8,976 6,063 2,965 Consolidated statement of cash flows Year ended 31 March 2015 Year ended Year ended 31 March 2015 31 March 2014 Note GBP000 GBP000 Cash flows from operating activities Profit/(loss) after tax (175) 41 Adjustments for: Depreciation of property, plant and equipment 21 43 Amortisation of intangible assets 1,187 924 Share-based payment charge 61 53 Profit on disposal of fixed assets (11) - Finance income (38) (32) Finance expense 436 422 Taxation 62 (427) Operating cash flows before movements in working 1,543 1,024 capital (Increase)/decrease in trade and other (2,144) (501) receivables (Decrease)/increase in trade and other payables (444) (484) (Decrease)/increase in (76) (136) provisions Net cash (used in)/generated from operating (1,121) (97) activities Cash flows from investing activities Interest and similar income received 8 16 Cash payments for financial investments assets (132) - Receipts for financial investment assets 23 - Proceeds from disposal of property, plant and 11 - equipment Purchases of property, plant and equipment (29) (20) Purchases of other intangible assets (1,795) (1,661) Net cash used in investing activities (1,914) (1,665) Cash flows from financing activities Net payment to settle derivative (121) - Interest and similar expenses paid (420) (335) Issue of share capital 3,500 2,036 Costs of share issue (248) (54) Loans received 1,254 289 Repayment of loans (570) (409) Repayment of capital element of finance - (10) leases Net cash from financing activities 3,395 1,517 Net (decrease)/increase in cash and cash 360 (245) equivalents Cash and cash equivalents at the beginning of the 24 (150) 94 year Exchange (losses)/gains on cash and cash (4) 1 equivalents Cash and cash equivalents at the end of the year 24 206 (150) Cash and cash equivalents comprise cash at bank less bank overdrafts. mirada plc Notes to consolidated financial statements Year ended 31 March 2015 1. General information mirada plc is a company incorporated in the United Kingdom. The address of the registered office is 69 Old Street, London, EC1V 9HX. The nature of the Group's operations and its principal activities are the provision and support of products and services in the Digital TV and Broadcast markets. 2. Basis of preparation The financial information set out in this document does not constitute the Company's statutory accounts for year to 31 March 2014 and 2015. Statutory accounts for the years ended 31 March 2014 and 31 March 2015 have been reported on by the Independent Auditors. The Independent Auditor's Reports on the Annual Report and Financial Statements for each of 2014 and 2015 were unmodified and did not contain statements under sections 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for the year ended 31 March 2014 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 March 2015 will be delivered to the Registrar in due course, and will be available from the Company's registered office at 69 Old Street, London, EC1V 9HX and from the Company's website www.mirada.tv/corporate. The financial information set out in these preliminary results has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The accounting policies adopted in these preliminary results have been consistently applied to all the years presented and are consistent with the policies used in the preparation of the statutory accounts for the period ended 31 March 2015. The principal accounting policies adopted are unchanged from those used in the preparation of the statutory accounts for the period ended 31 March 2014. New standards, amendments and interpretations to existing standards, which have been adopted by the Group have not been listed, since they have no material impact on the financial statements 3. Significant accounting policies Going concern policy The directors have prepared a cash flow forecast covering a period extending beyond 12 months from the date of these financial statements. The forecast contains certain assumptions about the performance of the business. These assumptions are the directors' best estimate of the future development of the business, including consideration of cash reserves required to support working capital and its new growth initiatives. Based on this cash flow forecasts, directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. Prior year restatement As disclosed in the overview section, during the year to March 2015, Mirada received a dilapidation claim. It was concluded that Mirada should have raised a dilapidation provision for the Wapping offices totalling GBP500k. As a result the consolidated balance sheet as at 31 March 2014 has been restated to reflect the post balance sheet liability of the lease provision. This restatement was also required for the balance sheet as at 31 March 2013. The restatement does not affect the Income Statement or the Statement of Cashflows. 4. Segmental reporting Reportable segments The chief operating decision maker for the Group is ultimately the board of directors. For financial and operational management the board considers the Group to be organised into two operating divisions based upon the varying products and services provided by the Group - Digital TV & Broadcast and Mobile. The products and services provided by each of these divisions are described in the Strategic Report on page 6. The segment headed other relates to corporate overheads, assets and liabilities. Segmental results for the year ended 31 March 2015 are as follows: Digital TV Mobile Other Group & Broadcast GBP'000 GBP'000 GBP'000 GBP'000 Revenue - external 5,232 425 - 5,657 Gross profit 5,175 248 - 5,423 Profit/(loss) before 2,086 91 (634) 1,543 interest, tax, depreciation, amortisation & share based payments Depreciation (17) (1) (3) (21) Amortisation (1,162) (25) - (1,187) Profit on sale - - 11 11 Share-based payment - - (61) (61) charge Finance income - - 38 38 Finance expense - - (436) (436) Taxation (62) - - (62) Segmental profit/(loss) 845 65 (1,085) (175) The segmental results for the year ended 31 March 2014, presented on the revised basis, are as follows: Digital TV & Mobile Other Group Broadcast GBP'000 GBP'000 GBP'000 GBP'000 Revenue - external 4,149 423 - 4,572 Gross profit 4,120 270 - 4,390 Profit/(loss) before 1,871 53 (900) 1,024 interest, tax, depreciation, amortisation & share based payments Depreciation (23) - (20) (43) Amortisation (864) (26) (34) (924) Share-based payment charge - - (53) (53) Finance income - - 32 32 Finance expense - - (422) (422) Taxation 375 52 - 427 Segmental profit/(loss) 1,359 79 (1,397) 41 There is no material inter-segment revenue included in the segments which is required to be eliminated. The Group has two major customers in the Digital TV and Broadcast segment (a major customer being one that generates revenues amounting to 10% or more of total revenue) that account for GBP2.16 million (2014: GBP0.83 million) and GBP0.84 million (2014: GBP Nil) of the total Group revenues respectively. The segment assets and liabilities at 31 March 2015 are as follows: Digital TV Mobile Other Group - Broadcast GBP'000 GBP'000 GBP'000 GBP'000 Additions to non-current 1,887 - 1 1,888 assets Total assets 13,210 714 220 14,144 ,00( Total liabilities (4,029) (134) (1,005) (5,168) Capital expenditure comprises additions to property, plant and equipment and intangible assets. The segment assets and liabilities at 31 March 2014, presented on a revised basis, are as follows: Digital TV Mobile Other Group - Broadcast GBP'000 GBP'000 GBP'000 GBP'000 Additions to non-current 2,132 54 3 2,189 assets Total assets 10,947 732 67 11,746 ,00( Total liabilities (4,280) (57) (1,346) (5,683) Segment assets and liabilities are reconciled to the Group's assets and liabilities as follows: Assets Liabilities Assets Liabilities 31 March 31 March 31 March 31 March 2015 2015 2014 2014 GBP'000 GBP'000 GBP'000 GBP'000 Digital TV - Broadcast & Mobile 13,924 4,163 11,679 4,337 Other: Intangible assets - - - - Property, plant & equipment 2 - 2 - Other financial assets & 218 1,005 65 1,346 liabilities Total other 220 1,005 67 1,346 Total Group assets and 14,144 5,168 11,746 5,683 liabilities Assets allocated to a segment consist primarily of operating assets such as property, plant and equipment, intangible assets, goodwill and receivables. Liabilities allocated to a segment comprise primarily trade payables and other operating liabilities. Geographical disclosures External revenue by Total assets by location of customer location of assets 31 March 31 March 31 March 31 March 2015 2014 2015 2014 GBP000 GBP000 GBP000 GBP000 UK 593 563 3,323 3,041 Spain 953 650 10,820 6,894 Rest of Continental Europe 52 218 - - Latin America 4,059 3,141 - - 5,657 4,572 14,143 9,935 Revenues by Product 31 March 31 March 31 March 31 March 2015 2015 2014 2014 Digital TV Mobile Digital TV & Mobile & Broadcast Broadcast GBP000 GBP000 GBP000 GBP000 Development 2,949 - 1,914 - Self Billing - 410 - 310 Licenses 1,730 20 1,739 15 Managed Services 552 (4) 496 98 5,231 426 4,149 423 5. Operating profit The operating profit is stated after charging the following: Year ended Year ended 31 March 31 March 2015 2014 GBP000 GBP000 Depreciation of owned assets 21 43 Amortisation of intangible assets 1,187 924 Operating lease charges 250 233 Research and development costs - - Operating Foreign Exchange (gains)/losses (141) 33 Reconciliation of operating profit for continuing operations to adjusted earnings before interest, taxation, depreciation and amortisation: Year ended Year ended 31 March 31 March 2015 2014 GBP000 GBP000 Operating profit 285 4 Depreciation 21 43 Amortisation 1,187 924 Share-based payment charge 61 53 Foreign Exchange - - Profit on disposal (11) - Operating profit before interest, taxation, 1,543 1,024 depreciation, amortisation and share-based payment charge (Adjusted EBITDA) 6. Taxation The tax assessed on the loss on ordinary activities for the period differs from the standard rate of tax of 21%. The differences are reconciled below: Year ended Year ended 31 March 31 March 2015 2014 GBP000 GBP000 Loss before taxation (113) (386) Loss on ordinary activities multiplied by 21% (24) (89) (2014: 23%) Effect of expenses not deductible for tax purposes 21 52 Losses carried forward 3 37 Witholding Taxes 159 - Total current tax 159 - Origination and reversal of temporary differences 31 (35) Recognition of previously un recognised deferred (128) (392) tax assets Total deferred tax (97) (427) Total tax expense 62 (427) Deferred taxation Deferred tax assets have been recognised in respect of tax losses for Mirada Connect Limited, research and development investment for Fresh Interactive Technologies S.A and other temporary differences giving rise to deferred tax assets where the directors believe it is probable that these assets will be recovered. The Directors believe that the deferred tax assets are recoverable given the increasing profitability of Fresh Interactive Technologies S.A and Mirada Connect Limited over recent years, combined with the forecasts for future periods. The movements in deferred tax assets and liabilities during the period are shown below. Group (Charged)/ Asset Asset credited to 31 March 31 March profit & loss 2015 2014 31 March GBP000 GBP000 2015 GBP000 Tax credit for losses 52 52 - Other tax credits 484 421 128 Other temporary 7 35 (31) deductible differences Tax asset 543 508 97 Reconciliation of deferred tax asset and liabilities: Asset GBP000 Balance at 1 April 2014 508 Tax Credit for Losses - Other Tax Credit 128 Other Temporary Deductible differences (31) Forex (62) Balance at the end of year 543 Deferred taxation amounts not recognised are as follows: Group Year ended Year ended 31 March 31 March 2015 2014 GBP000 GBP000 Depreciation in excess of capital allowance 429 1,587 Losses 9,515 9,830 Unrecognised Tax Credit 2,199 1,839 12,143 13,256 The gross value of tax losses carried forward at 31 March 2015 equals GBP57.8 million (2014: GBP57.6 million). 7. Earnings per share Year ended Year ended 31 March 31 March 2015 2014 Total Total Loss/(Profit) for year GBP(175,078) GBP41,000 Weighted average number of shares 104,315,229 65,233,761 Basic (loss)/earnings per share GBP(0.002) GBP0.001 Diluted (loss)/earnings per share GBP(0.002) GBP0.001 Adjusted (loss)/earnings per share Adjusted loss per share is calculated by reference to the loss from continuing activities before interest, taxation, share-based payment charges, depreciation and amortisation (see note 6). Year ended Year ended 31 March 31 March 2015 2014 Total Total Adjusted profit after tax for year GBP1,543,178 GBP1,024,000 104,315,229 65,233,761 Weighted average number of shares Basic adjusted earnings per share GBP0.015 GBP0.016 Diluted adjusted earnings per share GBP0.014 GBP0.014 The Company has 5,602,238 (2014: 5,602,555) potentially dilutive ordinary shares arising from share options issued to staff. Share options have been included in calculating the diluted earnings. 8. Share capital A breakdown of the authorised and issued share capital in place as at 31 March 2015 is as follows: 31 March 31 March 31 March 31 March 2015 2015 2014 2014 Number GBP000 Number GBP000 Allotted, called up and fully paid Ordinary shares of GBP0.01 each 114,057,695 1,141 86,057,695 861 Share issues During the year the following share issues took place: - On 5 August 2014 the Company completed a placing for cash raising gross proceeds of GBP3,500,000 via the issue of 28,000,000 GBP0.01 ordinary shares at a price of GBP0.125 each. 9. Notes supporting cash flow statement Cash and cash equivalents comprise: 31 March 31 March 2015 2014 GBP000 GBP000 Cash available on demand 206 30 Overdrafts - (180) 206 (150) Net cash increase/(decrease) in cash and cash equivalents 356 (244) Cash and cash equivalents at beginning of year (150) 94 Cash and cash equivalents at end of year 206 (150) Cash and cash equivalents Cash and cash equivalents are held in the following currencies: 31 March 31 March 2015 2014 GBP000 GBP000 Sterling 9 4 Euro 197 26 Total 206 30 Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. Significant non-cash transactions are as follows: 31 March 31 March 2015 2014 GBP000 GBP000 Financing activities: Convertible loans converted into equity - 975 Accrued convertible loan interest paid by issue of equity - 33 Creditor balances paid by issue of equity - 68 Total - 1,076 10. Events after the reporting date There are no material reportable post balance sheet. 11. Availability of report and accounts Copies of the report and accounts for the year ended 31 March 2015 are being posted to shareholders and will be available on the Company's website www.mirada.tv. END
1 Year Mirada Chart |
1 Month Mirada Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions