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
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