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Mirada Plc LSE:MIRA London Ordinary Share GB00BK77QQ18 ORD 100P
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Mirada PLC Interim Results: Replacement & Clarification

18/11/2019 10:03am

UK Regulatory (RNS & others)


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TIDMMIRA

RNS Number : 7346T

Mirada PLC

18 November 2019

The following announcement replaces the announcement released by Mirada plc at 07.00 today, 18 November 2019, under RNS number 6476T, which was released in error. The corrected announcement is set out in full below. For the avoidance of doubt, the correct announcement was also released in full under RNS number 6534T at 07.00 today and the announcement released under RNS number 6476T should be disregarded.

The corrections to RNS number 6476T are as follows: In the Consolidated statement of financial position table, the entry titled "Right of use" was renamed "Right of use asset" and the two entries titled "Finance leases" were renamed "Lease liabilities" The remaining corrections all relate to Note 5: Effect of IFRS 16 and the changes are as follows: In the table detailing the effects of adopting IFRS 16 for the periods ending 30 June 2019 the Foreign currency translations entry was removed. In the same table, the Finance Income entry, previously reported as $35,000 both before and after IFRS 16 adjustments, has been updated to $87,000 both before and after IFRS 16 adjustments. Below this table the sentence relating to the lease liability reading: "In addition, initially it was considered a liability of $ 0.49 million, with the following breakdown at the end of the period:" now reads: "In addition, initially it was considered a liability of $ 0.40 million, with the following breakdown at the end of the period:"

These amendments are reflected in the announcement below and all other details remain the same.

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

18 November 2019

Mirada plc

("Mirada", the "Company" or the "Group")

Interim results for the six months to 30 September 2019

Mirada plc (AIM: MIRA), a leading provider of integrated software and solutions for Digital TV operators and broadcasters, announces its unaudited interim results for the six months to 30 September 2019.

Financial Highlights

-- Mirada Connect Ltd sold for GBP2.12m (equivalent to $2.72m) providing a one-off net gain of $1.7m

-- Revenue increased 6% to $5.93m (H1 2018: $5.57m). Underlying revenue increased 11% (excludes $0.19m H1 2019 and $0.43m H1 2018 from Mirada Connect Ltd).

-- EBITDA* profit of $1.96m (H1 2018: $0.0.08m loss). The improvement is primarily due to a $1.7m gain from disposal of Mirada Connect.

-- Net Debt** decreased to $3.53m at 30 September 2019 (31 March 2019: $4.86m), mainly due to improved collections during the period.

-- EUR1.3m debt facility provided by Leasa Spain, S.L.U. (the "Lender"), of which EUR0.5m (equivalent to $0.55m) drawn down at 30 September 2019.

* EBITDA is defined as earnings before interest, tax, depreciation, amortisation and share-based payments

** Net Debt is defined as Gross Debt minus Cash

Operational Highlights

-- Contract win with Plataforma Multimedia de Operadores ("PMO") for the development of its new OTT-based TV platform.

   --    Over $3m in purchase orders for services and licences related to new Android TV deployments. 

-- Mirada's Iris platform integrated with Netflix and first rolled-out in Mexico, increasing licence installations.

-- As of 30 September 2019, izzi Telecom had deployed 2.5m set-top boxes, bringing Mirada's technology into more than 1.3m households.

-- Commercial rollout with ATN international (ATNi) Bermuda reached 90% of households by 30 September 2019. Second deployment under the ATNi contract expected in the next few months.

-- As of 30 September 2019, Skytel in Mongolia had brought Mirada's technology into more than 75,000 households, at a rapid growth surpassing the Company's initial expectations.

Commenting on the outlook for the Group, José Luis Vázquez, CEO of Mirada, said:

"Our successful engagement with Android TV technology reflects how flexible our business is, being able to quickly implement new paradigm changes and provide the latest innovations to our growing customer base. This, along with other technological developments, is leading to increased market recognition of the quality of our product and increased adoption of our technology, which is being positively reflected in our financial performance.

"The subscriber base of Mirada's customers is growing strongly, while the Group continues to add new networks to its client base. We are currently participating in pitching processes for several prospects and are increasing our pipeline of opportunities with the aim of further growing our list of satisfied business partners and customers. Together, these positive developments provide considerable confidence going forward. We are pleased to report that we are trading in line with market expectations and we look forward to the remainder of our financial year with confidence."

Enquiries:

 
 Mirada plc                                      +44 (0) 207 868 2104 
  José Luis Vázquez, Chief              investors@mirada.tv 
  Executive Officer 
  Gonzalo Babío, Finance Director 
 Newgate Communications                          +44 (0) 207 653 9850 
  Bob Huxford                                 mirada@newgatecomms.com 
  Tom Carnegie 
 Allenby Capital Limited (AIM Nominated 
  Adviser & Broker) 
  Jeremy Porter / Liz Kirchner (Corporate 
  Finance)                                       +44 (0) 203 328 5656 
 

Chief Executive Officer's Statement

Overview

I am pleased to present the Group's interim financial results for the six months ended 30 September 2019.

The first half of this financial year has seen the increased adoption of our technology across existing and new customers, with strong growth in the rate of installations of our subscriber-based licences. Further, new customer wins like PMO and our ability to rapidly adapt our product portfolio in line with new market trends - including technical integrations with Netflix and Google for our Android TV based product - resulted in higher revenues and a general improvement in our financial position.

The divestment in July of the Mirada Connect Ltd cashless payment parking division to PayByPhone UK Limited for a consideration of GBP2.12 million was also beneficial for the Group, reinforcing Mirada's balance sheet and allowing senior management to fully focus on the core media business.

Mirada is now in a period of accelerated growth, showing a return on the investment made in our Iris product which has fulfilled the expectations of a demanding market. Our strategy to transition to a product-based model has been proven through the multiple contract wins we have secured since taking on our largest customer, Mexico based Televisa, in 2016. Since this time, we have managed to secure new contract wins on a regular basis, increasing our presence in the market and our capability to generate recurrent revenues, particularly after introducing a SaaS delivery model. We are now at a defining moment, where our flexibility and anticipation of new market trends will be crucial to continue gaining traction in this business.

We have been working with Google's Android TV technology having anticipated increased activity and adoption of this technology by the market. We have been able to implement a fully functional "Custom Launcher" over the Android TV Operator Tier technology (the most in-demand Android TV technology).

This has led to the receipt of substantial purchase orders valued in excess of $3 million. We are also happy to announce that we expect to deploy our Android TV solution with real subscribers at a large scale very soon.

As a result of this momentum, the Group sales pipeline remains very healthy. We are involved in several deal negotiations and the Board is confident in announcing new contract wins in the near future. We are, as always, very grateful to our shareholders, partners, customers and employees. It is because of their support that this Company continues to flourish, and we are confident of meeting the challenges and benefiting from the opportunities ahead of us.

Customer rollouts

Our largest customer, izzi Telecom (part of the Televisa Group) further increased its adoption of our technology during the period, with a high increase in both the installation rate of set-top boxes and number of households using Mirada products. At 30 September 2019, the number of set-top boxes surpassed the 2.5 million mark, with a net addition of 0.5 million during the six-month period, covering more than 1.3 million households and 4.2 million TV subscribers. We are pleased that izzi recognises the calibre of our technology and will continue replacing its legacy platform with our products.

ATNi's performance in Bermuda has been very satisfactory so far, with more than 90% of the customer's subscribers on the island now using our product. We expect further deployments in additional countries during the coming months, and our team is working hard on the next commercial launch.

Digital TV Cable Edmund S.R.L. ("Digital TV Cable"), based in Bolivia, experienced slight delays in its proposed roll-out due to issues relating to internal resourcing and agreements for the provision of certain services. We expect Digital TV Cable to resume commercial roll-out of our products during the next few weeks. Political uncertainties in the country did not affect our project, although we are happy these matters appear to be nearing a resolution.

The deployment of phase one at SkyTel in Mongolia, which covers our OTT project, is well ahead of expectations with more than 75,000 subscribers using our product by the end of the reported period. We received very good feedback from the customer, and we are expecting to extend the relationship with SkyTel in the near future.

New customer wins

On 4 September 2019, the Company announced a contract win with PMO for the development of its new OTT-based TV platform. PMO is a new Spanish OTT enabler whose main shareholder is Procono S.A.U., and with secondary shareholders Opencable, ACUTEL and AOTEC, all of which are long standing players in the Digital TV market in Spain.

Funding requirements

On 4 June 2019, the Company announced a EUR1.3m facility granted by a related party. The facility is being provided by Leasa Spain, S.L.U. ("Leasa" or the "Lender"). The Lender is incorporated in Spain and ultimately owned by Mr Ernesto Luis Tinajero Flores who has a total beneficial interest of 87.21 per cent. of Mirada's total voting rights. At 30 September 2019, there was a EUR0.5 million ($0.55 million) partial drawdown of this facility.

Financial Overview

Revenue was $5.93 million for the six months to 30 September 2019 (H1 2018: $5.57 million), a 6% increase on the same period last year. Underlying growth was 11% on exclusion of revenue from Mirada Connect Ltd (H1 2019: $0.19 million, H1 2018: $0.43 million). The main driver for the increase in revenue was additional professional services for izzi Telecom.

Over the half-year period, our business in the Americas accounted for 85% of total revenues (H1 2018: 87%). The Board expects that revenue from other regions will represent a higher proportion going forward, as new opportunities outside of the Americas bear fruit, and deployment in those regions come to maturity.

EBITDA was $1.96 million (H1 2018: $0.08 million loss). The improvement was mainly due to a $1.70 million gain on the sale of Mirada Connect Ltd. EBITDA in this context is defined as earnings before interest, tax, depreciation and amortisation. Operating profit was $0.09 million (H1 2018: loss of $1.97 million).

Loans and borrowings decreased by $0.97 million to $4.00 million (31 March 2019: $4.98 million). Of these facilities, $0.34 million were long-term bank loans, $1.08 million were long-term zero-coupon loans from Spanish Government entities, $0.55 million was the facility from Leasa (as detailed above), $0.34 million were short-term credit lines, $0.73 million were short-term bank loans, $0.23 million were short-term zero-coupon loans from Spanish Government entities, and $0.74 million were short-term invoice factoring facilities. Cash and cash equivalents increased to $0.47 million at the end of the period (31 March 2019: $0.12 million). Net Debt decreased 27% to $3.53 million (31 March 2019: $4.86 million).

The General Meeting held on 10 September 2019 approved a 100 to 1 share consolidation. The consolidation was proposed to improve the perception of the Company's shares by the investor community and in order to reduce the total number of shares in issue. One consequence of having a very large number of shares in issue, with a very low market share price, is share price volatility, whereby small share trades can result in large percentage movements in the share price. The Board also believes that the bid-offer spread on shares priced at low absolute levels can be disproportionate to the market share price, often to the detriment of shareholders.

Outlook

Our successful engagement with Android TV technology reflects how flexible our business is, being able to quickly implement new paradigm changes and provide the latest innovations to our growing customer base. This, along with other technological developments, is leading to increased market recognition of the quality of our product and increased adoption of our technology, which is being positively reflected in our financial performance.

The subscriber base of Mirada's customers is growing strongly, while the Group continues to add new networks to its client base. We are currently participating in pitching processes for several prospects and are increasing our pipeline of opportunities with the aim of further growing our list of satisfied business partners and customers. Together, these positive developments provide considerable confidence going forward.

Jose Luis Vazquez

Chief Executive Officer

18 November 2019

Consolidated income statement

 
                                        6 months         6 months 
                                           ended            ended 
                                    30 September     30 September 
                                            2019             2018 
                                     (Unaudited)      (Unaudited) 
                                            $000             $000 
 
   Revenue                                 5,926            5,574 
   Cost of sales                           (400)            (365) 
-------------------------------  ---------------  --------------- 
   Gross profit                            5,526            5,209 
 
   Depreciation                             (80)             (47) 
   Amortisation                          (1,783)          (1,808) 
   Share-based payment 
    charge                                     -             (35) 
   Other administrative 
    expenses                             (5,269)          (5,293) 
-------------------------------  ---------------  --------------- 
   Total administrative 
    expenses                             (7,132)          (7,183) 
 
   Operating profit/ 
    (loss)                               (1,606)          (1,974) 
-------------------------------  ---------------  --------------- 
 
   Gain on disposal                        1,699                - 
    of Mirada Connect 
-------------------------  ----  ---------------  --------------- 
   Non operating profit/                   1,699                - 
    (loss) 
 
   Finance income                             87               59 
   Finance expense                          (82)            (400) 
   Profit/(loss) before 
    taxation                                  98          (2,315) 
 
   Taxation                                   82            (109) 
   Profit/(Loss) for 
    period                                   180          (2,424) 
-------------------------------  ---------------  --------------- 
 
 

The above amounts are attributable to the equity holders of the parent Company.

Consolidated statement of comprehensive income

 
                                            6 months   6 months ended 
                                               ended 
                                        30 September     30 September 
                                                2019             2018 
                                         (Unaudited)      (Unaudited) 
                                                $000             $000 
 
 (Loss) for the period                           180          (2,424) 
 
 Other comprehensive loss: 
 Currency translation differences              (117)             (80) 
-----------------------------------  ---------------  --------------- 
 Total other comprehensive 
  loss                                         (117)             (80) 
 
 Total comprehensive profit/(loss) 
  for the year                                    63          (2,504) 
-----------------------------------  ---------------  --------------- 
 

Consolidated statement of financial position

 
                                          6 months ended    Year ended 
                                            30 September      31 March 
                                                    2019          2019 
                                             (Unaudited)     (Audited) 
                                                    $000          $000 
 
 Goodwill                                          5,059         5,924 
 Other Intangible assets                           6,389         5,855 
 Right of use assets                                 396             - 
 Property, plant and equipment                       190           222 
 Other Receivables                                   551           398 
---------------------------------------  ---------------  ------------ 
 Non-current assets                               12,585        12,399 
---------------------------------------  ---------------  ------------ 
 
 Trade receivables                                 5,231         5,421 
 Cash and cash equivalents                           471           117 
---------------------------------------  ---------------  ------------ 
 Current assets                                    5,702         5,538 
 
 Total assets                                     18,287        17,937 
---------------------------------------  ---------------  ------------ 
 
 Loans and borrowings                            (2,045)       (3,257) 
 Trade and other payables                        (2,032)       (1,958) 
 Contract liabilities                            (1,807)       (1,019) 
 Lease liabilities                                 (208)             - 
 Current liabilities                             (6,092)       (6,234) 
---------------------------------------  ---------------  ------------ 
 
 Net current (liabilities)                         (390)         (696) 
---------------------------------------  ---------------  ------------ 
 
 Total assets less current liabilities            12,195        11,703 
---------------------------------------  ---------------  ------------ 
 
 Related parties loans                             (546)             - 
 Interest bearing loans and 
  borrowings                                     (1,413)       (1,721) 
 Lease liabilities                                 (191)             - 
---------------------------------------  ---------------  ------------ 
 Non-current liabilities                         (2,150)       (1,721) 
---------------------------------------  ---------------  ------------ 
 
 Total liabilities                               (8,242)       (7,955) 
---------------------------------------  ---------------  ------------ 
 
 Net assets                                       10,045         9,982 
---------------------------------------  ---------------  ------------ 
 
 
 Issued share capital and reserves 
  attributable to equity holders 
  of the company 
 Share capital                                    12,015        12,015 
 Share premium                                    15,995        15,995 
 Other reserves                                   15,281        15,398 
 Accumulated loss                               (33,246)      (33,426) 
 Equity                                           10,045         9,982 
---------------------------------------  ---------------  ------------ 
 

Consolidated statement of changes in equity

 
                                    Share      Share     Foreign      Merger   Accumulated     Total 
                                  capital    premium    exchange    reserves      losses 
                                                         reserve 
                                     $000       $000        $000        $000      $000          $000 
 
 Balance at 1 April 2019           12,015     15,995      10,535       4,863      (33,426)     9,982 
------------------------------  ---------  ---------  ----------  ----------  ------------  -------- 
 Profit for the period                  -          -           -           -           180       180 
 Other comprehensive income 
 Movement in foreign exchange           -          -       (117)           -             -     (117) 
 Total comprehensive loss 
  for the period                   12,015     15,995      10,418       4,863      (33,246)    10,045 
------------------------------  ---------  ---------  ----------  ----------  ------------  -------- 
 Transactions with owners 
 Share based payment                    -          -           -           -             -         - 
 Balance at 30 September 
  2019                             12,015     15,995      10,418       4,863      (33,246)    10,045 
------------------------------  ---------  ---------  ----------  ----------  ------------  -------- 
 
 
 
                                    Share      Share     Foreign      Merger   Accumulated     Total 
                                  capital    premium    exchange    reserves      losses 
                                                         reserve 
                                     $000       $000        $000        $000      $000          $000 
 
 Balance at 1 April 2018            2,261     15,760      11,122       4,863      (30,786)     3,220 
------------------------------  ---------  ---------  ----------  ----------  ------------  -------- 
 Prior Year Adjustment - 
  IFRS 15 (Note 4)                      -          -           -           -           380       380 
 Loss for the period                    -          -           -           -       (2,424)   (2,424) 
 Other comprehensive income 
 Movement in foreign exchange           -          -        (80)           -            22      (58) 
 Total comprehensive loss 
  for the period                    2,261     15,760      11,042       4,863      (32,808)     1,118 
------------------------------  ---------  ---------  ----------  ----------  ------------  -------- 
 Transactions with owners 
 Share based payment                    -          -           -           -            35        35 
 Issue of shares                    1,962        236           -           -             -     2,198 
 Balance at 30 September 
  2018                              4,223     15,996      11,042       4,863      (32,773)     3,351 
------------------------------  ---------  ---------  ----------  ----------  ------------  -------- 
 
 

Consolidated statement of cash flows

 
                                              6 months ended   6 months ended 
                                                30 September     30 September 
                                                        2019             2018 
                                                 (Unaudited)      (Unaudited) 
                                                        $000             $000 
 Cash flows from operating activities 
 Loss after tax                                          180          (2,424) 
 Adjustments for: 
 Depreciation of property, plant 
  and equipment                                           80               47 
 Amortisation of intangible assets                     1,667            1,808 
 Share-based payment charge                                -               35 
 Finance income                                         (35)             (59) 
 Finance expense                                          82              400 
 Taxation                                               (82)              109 
 Gain on disposal of Mirada Connect                  (1,699)                - 
-------------------------------------------  ---------------  --------------- 
 Operating cash flows before movements 
  in working capital                                     194             (84) 
 
 Decrease in trade and other receivables                  37              196 
 Increase in trade and other payables                    862              213 
------------------------------------------- 
 Net cash generated from operating 
  activities                                           1,093              325 
 
 Cash flows from investing activities 
 Interest and similar income received                     35                - 
 Net of cash proceeds from divestment                  2,605                - 
 Purchases of property, plant and 
  equipment                                             (59)             (16) 
 Purchases of other intangible assets                (2,285)          (1,598) 
-------------------------------------------  ---------------  --------------- 
 Net cash used in investing activities                   296          (1,614) 
 
 Cash flows from financing activities 
 Interest and similar expenses paid                     (78)            (371) 
 Issue of share capital                                    -            2,198 
 Loans received                                          219              924 
 Related parties loans received                          546                - 
 Repayment of loans                                  (1,386)          (3,855) 
 Receipt of cash in advance of the 
  issue of equity                                          -            3,910 
                                                              --------------- 
 Net cash from financing activities                    (699)            2,806 
 
 Net increase in cash and cash equivalents               690            1,517 
 
 Cash and cash equivalents at the 
  beginning of the period                                117            1,937 
 Exchange losses on cash and cash 
  equivalents                                          (336)              999 
                                             --------------- 
 Cash and cash equivalents at the 
  end of the year                                        471            4,453 
-------------------------------------------  ---------------  --------------- 
 
 

Cash and cash equivalents comprise cash at bank less bank overdrafts.

1. Basis of Preparation

These interim financial statements have been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 31 March 2019 Annual Report. The financial information for the 6 months ended 30 September 2019 and 30 September 2018 does not constitute statutory accounts within the meaning of Section 434 (3) of the Companies Act 2006 and both periods are unaudited. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

The annual financial statements of Mirada plc are prepared in accordance with IFRS as adopted by the European Union. The comparative financial information for the year ended 31 March 2019 included within this report does not constitute the full statutory Annual Report and Financial Statements for that period. The statutory Annual Report and Financial Statements for the year to 31 March 2019 have been filed with the Registrar of Companies. The independent Auditors' Report on that Annual Report and Financial Statements was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498 (2) or 498 (3) of the Companies Act 2006.

The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 March 2019 and are those which will form the basis of the 2020 financial statements, other than IFRS 16 - leases, which came into force on 1 April 2019.

IFRS 16 replaces existing leases guidance, including IAS 17 - Leases. The Group has adopted the standard in full using the modified retrospective approach, whereby the right-of-use asset is recognised at the date of initial application (1 April 2019) and the lease liability is measured based on remaining payments. There is no effect on prior year figures and no need to re-state comparatives (refer to note 5 for further details)

After making enquiries, the directors have concluded that the Group has adequate resources to continue operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly consolidated financial statements.

The Board of Directors approved this interim report on 18 November 2019.

2. Use of judgements and estimates

In preparing these financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements, except for the new significant judgements related to the adoption of IFRS 16, which are described in Note 5.

3. Earnings before interest, taxation, depreciation, amortisation and share-based charge

Reconciliation of operating loss to profit before interest, taxation, depreciation, amortisation and share-based payment charge:

 
                                          6 months ended   6 months ended 
                                            30 September     30 September 
                                                    2019             2018 
                                             (Unaudited)      (Unaudited) 
                                                    $000             $000 
 
 Operating profit/ (loss)                             93          (1,974) 
 Depreciation                                       (80)             (47) 
 Amortisation                                    (1,783)          (1,808) 
 
 Operating profit/(loss) before 
  interest, taxation, depreciation 
  and amortisation (EBITDA)                        1,956            (119) 
 Share-based payment charge                            -             (35) 
 
 
 Operating profit/(loss) before 
  interest, taxation, depreciation, 
  amortisation and share-based payment 
  charge (Adjusted EBITDA)                         1,956             (84) 
                                         ===============  =============== 
 

As a result of the application of IFRS 16, the Group recognises depreciation and interest costs from the operating leases, instead of operating lease expenses. During the six months ended 30 September 2019, in relation to those leases, the Group recognised $0.11 million of depreciation charges and non-significant financial expense of additional interest costs from leases.

The Group used the modified retrospective approach when initially applying IFRS 16. Under this approach, comparative information is not restated.

4. Profit/(loss) per share

 
                             6 months ended   6 months ended 
                               30 September     30 September 
                                       2019             2018 
                                (Unaudited)      (Unaudited) 
 
 Profit for period                 $180,448     $(2,423,755) 
 Weighted average number 
  of shares                     842,518,204      152,364,936 
 
 Basic loss per share                0.0002         $(0.016) 
 
 Diluted loss per share             $0.0002         $(0.016) 
 
 
 

Adjusted loss per share

Adjusted earnings per share is calculated by reference to the loss from continuing activities before interest, taxation, amortisation and depreciation and share-based payment charge (see note 2).

 
                              6 months ended   6 months ended 
                                30 September     30 September 
                                        2019             2018 
                                 (Unaudited)      (Unaudited) 
 
 Adjusted EBITDA                  $1,955,613        $(83,784) 
 Weighted average number 
 of shares                       842,518,204      152,364,936 
 
 Basic adjusted EBITDA 
  per share                           $0.002         $(0.001) 
 
 Diluted adjusted EBITDA 
 per share                            $0.002         $(0.001) 
 
 
 
 

The General Meeting held on 10 September 2019 approved a 100 to 1 share consolidation. The total outstanding share options on 9 September 2019 was 4,148,316 (4,697,166 at 30 September 2018). Therefore, as of 30 September 2019, the Company may issue up to 41,483 additional ordinary shares arising in connection with existing share options granted to staff, management and directors.

5. Effect of IFRS 16

IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments.

Previously, the Group recognised operating lease expense on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised.

For relevant transactions this has resulted in the group recognising right-of-use assets and lease liabilities in the statement of financial position, and finance costs and depreciation in the statement of comprehensive income.

The Group is applying the modified retrospective transition method under which comparative information has not been restated and has elected to use the following practical expedients permitted by the standard:

- on initial application, IFRS 16 will be only been applied to contracts that were previously classified as leases;

- lease contracts with a duration of less than 12 months, and/or leases for which the underlining asset is of low value, will continue to be expensed to the income statement on a straight-line basis over the lease term;

- the lease term has been determined with the use of hindsight where the contract contains options to extend the lease.

On adoption of IFRS 16, the Group recognised right-of-use assets and lease liabilities in relation to leases of office space. The right-of-use assets were recognised by reference to the measurement of the lease liability on that date. Lease liabilities were measured at the present value of the remaining lease payments, including estimates for items such as dilapidation cost obligations under the lease, discounted using the Group's incremental borrowing rate (being the rate at which a similar borrowing could be obtained from an independent creditor under comparable terms and conditions).The effects of adopting IFRS 16 for the periods ending 30 June 2019 are as follows:

 
 (Unaudited)                 As reported        IFRS 16     Amounts 
                                            adjustments     without 
                                                           adoption 
                                                            of IFRS 
                                                                 16 
                                    $000           $000        $000 
 
   Revenue                         5,926              -       5,926 
   Cost of sales                   (400)              -       (400) 
--------------------------  ------------  -------------  ---------- 
   Gross profit                    5,526              -       5,526 
 
   Depreciation                     (80)              -        (80) 
   Amortisation                  (1,783)            116     (1,667) 
   Share-based payment                 -              -           - 
    charge 
   Other administrative 
    expenses                     (5,269)          (119)     (5,389) 
--------------------------  ------------  -------------  ---------- 
   Total administrative 
    expenses                     (7,132)            (4)     (7,136) 
 
   Operating profit/ 
    (loss)                       (1,606)            (4)     (1,609) 
--------------------------  ------------  -------------  ---------- 
 
   Gain on disposal 
    of subsidiary                  1,699              -       1,699 
--------------------------  ------------  -------------  ---------- 
   Non operating profit/ 
    (loss)                         1,699              -       1,699 
 
   Finance income                     87              -          87 
   Finance expense                  (82)              7        (76) 
   Profit/(loss) before 
    taxation                          98              3         101 
 
   Taxation                           82              -          82 
   Profit/(Loss) for 
    period                           180              4         184 
--------------------------  ------------  -------------  ---------- 
 
 

In addition, initially it was considered a liability of $ 0.40 million, with the following breakdown at the end of the period:

 
                   Lease liability 
                              $000 
 
 Current                     (208) 
 Non current                 (191) 
 
 At 30 Sep 2019              (399) 
                  ================ 
 
 

6. Revenue from contracts with customers

 
   Disaggregation of revenue 
 
 
   6 months ended               Development   Transactions   Licenses               Managed   Total 
    30 September 2019                                                              services 
                                       $000           $000       $000                  $000    $000 
   Mexico                             2,583              -      1,280                   533   4,396 
   Europe                               112            194          -                   184     490 
   Other Americas                       495              -        133                     -     628 
   Asia                                 165              -        247                     -     412 
                               ------------  -------------  ---------        --------------  ------ 
                                      3,355            194      1,660                   717   5,926 
 
   Revenue recognised over 
    a period                          3,355            194      1,660                   577   5,786 
   Revenue recognised at 
    a point in time                       -              -          -                   140     140 
                               ------------  -------------  ---------        --------------  ------ 
                                      3,355            194      1,660                   717   5,926 
 
   6 months ended 
    30 September 2018 
                                       $000           $000       $000                  $000    $000 
   Mexico                             2,403              -      1,443                   468   4,314 
   Europe                               211            483          -                    42     736 
   Other Americas                       524              -          -                     -     524 
   Asia                                   -              -          -                     -       - 
                                      3,138            483      1,443                   510   5,574 
 
   Revenue recognised over 
    a period                          3,138            483      1,443                   450   5,514 
   Revenue recognised at 
    a point in time                       -              -          -                    60      60 
                               ------------  -------------  ---------        --------------  ------ 
                                      3,138            483      1,443                   510   5,574 
 
 

7. Related party transactions

On 4 June 2019, the Company announced a EUR1.3m facility granted by related parties. The Facility is being provided by Leasa Spain, S.L.U. (the "Lender"). The Lender is incorporated in Spain and ultimately owned by Mr Ernesto Luis Tinajero Flores. At 30 September 2019, there is a $0.55 million partial drawdown of this facility.

8. Divestment of subsidiary

On 5 July 2019, the Company announced the sale of Mirada Connect Ltd. to PayByPhone UK Limited (part of Volkswagen Financial Services) for a consideration of GBP2.12 million. Connect was a wholly owned subsidiary of Mirada and provides cashless payment solutions to car park operators in the UK. As a result, the Company booked a one-off gain of $1.70 million as shown in the Consolidated Income Statement. As a consequence of the disposal, the results of Mirada Connect Ltd are included in the consolidation from 1 April 2019 to the date of disposal on 5 July 2019. The results of Mirada Connect for the period to the point of disposal are set out below:

 
                                       6 months ended 
                                         30 September 
                                                 2019 
                                          (Unaudited) 
                                                 $000 
 
   Revenue                                        194 
   Cost of sales                                 (66) 
------------------------------------  --------------- 
   Gross profit                                   128 
 
   Depreciation                                   (2) 
   Amortisation                                     - 
   Share-based payment charge                       - 
   Other administrative expenses                (111) 
------------------------------------  --------------- 
   Total administrative expenses                (113) 
 
   Operating loss                                  14 
 
   Finance income                                   - 
   Finance expense                                  - 
 
   Loss before taxation                            14 
 
   Taxation 
 
   Loss for period                                 14 
------------------------------------  --------------- 
 

9. Cautionary statement

The Company has made forward-looking statements in this announcement, including statements about the market for and benefits of its products and services, financial results, the potential benefits of business relationships with third parties and business strategies. These statements about future events are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those that might be inferred from the forward-looking statements. The Company and its Directors can make no assurance that any forward-looking statements will prove correct.

10. Other

Copies of unaudited interim results have not been sent to shareholders. However, copies will shortly be available from the Company's website: https://www.mirada.tv/investors/financial-results/ and will also be available on request from the Company Secretary at the Company's registered office, 68 Lombard Street, London, EC3V 9LJ.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR KVLBFKFFEFBV

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November 18, 2019 05:03 ET (10:03 GMT)

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