TIDMMIRA
RNS Number : 6384X
Mirada PLC
09 December 2010
9 December 2010
mirada plc
(AIM: MIRA)
("mirada" or "the Company")
Preliminary Results for the year ended 31 March 2010
Restoration of Trading
mirada plc, the AIM-quoted leading audiovisual content interaction specialist,
announces its preliminary results for the year ended 31 March 2010.
The Company is also pleased to announce that the suspension of trading of its
Ordinary Shares on the AIM market, which commenced on 1 October 2010, has been
lifted with effect from 7.30am on 9 December 2010, following the publication and
posting of its annual report.
In addition, mirada plc announces the change of address for its registered
office to Bentima House, 168-172 Old Street, London, EC1V 9BP.
Financial Highlights
· Revenue: GBP5.7m (2009: GBP8.5m)
· Gross profit: GBP3.7m (2009: GBP4.8m)
· Gross profit margins increased to 65% (2009: 57%)
· Administrative expensesreduced to GBP4.3m from GBP5.9m
Operational Highlights
· Signed significant worldwide distribution agreement with Ericsson to
deliver a key interactive navigational interface for its customers throughout is
IPTV platform
· Board strengthened with the addition of five new experienced
Non-Executive Directors with a diverse skill set reflecting the Company's
international and industry growth
· International sales steadily increasing; now accounts for 40% of sales
· Cost cutting measures in place and increased efficiency
· Raised EUR0.85 million via bank facilities post year end, in a time when
banks are reluctant to lend
Commenting on the results, José-Luis Vázquez, Chief Executive Officer of mirada
plc, said:
"I would like to take this opportunity to thank the shareholders for their
patience. The delay in the release of this results announcement has been down to
a number of factors, including a delay in the audit process. However, these
factors have now been dealt with and I am pleased to be able to provide you with
this update.
"The Group has made firm progress over the past 12 months and into the new
financial year. We have signed a number of international deals and have begun to
diversify the business overseas in order to mitigate any potential risk. The
Management has reacted quickly to the economic situation and we have cut costs
and increased efficiency, something that we plan to continue into 2011. The
additional bank facilities secured at attractive interest rates post year end
has strengthened our working capital position.
"The time and effort we have put into developing our IPTV suite of products and
services is increasingly proving to be well placed and we are extremely
encouraged by the global partnership deal signed with Ericsson in September.
This agreement has the potential to make a positive impact on the Group's
financial position during the current financial year and, as the relationship
develops, we believe that this agreement will generate further significant
revenues in the future.
"We have a number of potential new agreements in the pipeline and we have been
steadily building our international relationships. We believe that the Group is
now financially stable and ready to grow and we are looking forward to updating
the market on any future developments in due course."
--END --
Enquiries:
+---------------------------------------------+----------------------+
| mirada plc | +44 (0) 207 608 4370 |
| José Luis Vázquez, CEO | |
+---------------------------------------------+----------------------+
| | |
| Bishopsgate Communications | +44 (0) 207 562 3350 |
| Gemma O'Hara /Siobhra Murphy | |
| mirada@bishopsgatecommunications.com | |
| | |
+---------------------------------------------+----------------------+
| Seymour Pierce Limited (Nomad and Joint | +44 (0) 207 107 8000 |
| Broker) | |
| Mark Percy (Corporate Finance) | |
| David Banks (Corporate Broking) | |
+---------------------------------------------+----------------------+
| | |
| Rivington Street Corporate Finance (Joint | +44 (0) 207 562 3351 |
| Broker) | |
| Jon Levinson | |
| | |
+---------------------------------------------+----------------------+
About mirada
mirada creates and manages services which enable consumers to interact with and
purchase digital content on television, mobile, online and bespoke devices.
mirada's products and solutions are used worldwide to deliver interactive TV,
VOD, multi-player gaming, digital marketing and payment services. Its products
and services have been deployed by some of the biggest names in digital media
and broadcasting including Disney International TV, Sky, ITV and MTV Networks.
Headquartered in London, mirada has commercial offices across Europe and Latin
America and operates technical centres in the UK and Spain. For more
information, visit www.mirada.tv.
Chief Executive Officer's report
Overview
I am pleased to report on our second full year of activity following the Group
restructure from the merger with Fresh Interactive Technologies S.A. ("Fresh
IT") in February 2008. After completing the transaction and bedding in the
business, the Board has focused on the Group's core areas of expertise and
profitable business lines, as well as empowering the international deployment of
the Group's products and services. The difficult economic environment has led to
a slower than expected execution of these expansion plans, however the Board is
pleased with the progress made in the past 12 months and this challenging
environment only makes the successes achieved more rewarding.
We have continued to rationalise the operating cost structure of the Group and
have invested in strengthening our sales and technical team. By increasing our
international activities in what we consider to be key growth markets, as well
as significantly reducing our overheads, we are delivering a more efficient
process and remain focused on our goal of achieving profitability.
We are grateful for the support of our employees, shareholders and partners and
we believe that this transformational period will lead to a solid base from
which we can build and grow the business.
Trading review
The second year after the Group restructuring has been dedicated to completing
the turnaround, which was initiated during the previous year, and has resulted
in a much more efficient structure. mirada has concentrated its activities on
its core business areas, closing activities where margins were low or even
negative. At the same time, this year has seen the consolidation of our
international expansion strategy, focused on increasing value through the
development of our business in growth areas, such as Latin America.
During the period there has been a complete reconfiguration of our Board of
Directors. We welcomed Mr. Richard Alden, Mr. Francis Coles, Mr. Javier
Casanueva, Mr. Javier Herrero and Mr. Carlos Vizcayno to the Board as
Non-Executive Directors. These new additions provide the Board with
international, commercial and financial insight that has proven to be very
useful in stabilising the business and looking at growth opportunities as we
build our international footing.
We are pleased to report that the integration objectives, as stated at the time
of the merger with Fresh IT, are now complete. Management has however continued
to strive for further improvement in efficiency, making additional cost savings
in the current period. Annual overheads for continuing activities decreased by
27 per cent from GBP5.9 million in the year ended 31 March 2009 to GBP4.3
million in the year ended 31 March 2010, and the gross profit margin increased
from 57 per cent to 65 per cent in the same period.
During the period under review, the Group has announced a number of important
international agreements within Latin America, Western Europe and the Middle
East, and we will continue to seek additional opportunities to expand our
international offering.
In September 2009 we signed our first international deal for our Gaming
division. mirada is licensing its Virtual Dealer Roulette ("VDR") product for
distribution in Eastern Europe, and expects to replicate this deal across other
international regions. Furthermore, during the period, the Group signed
agreements with a number of international telecommunication partners and we look
forward to exploring more of these opportunities in the current financial year.
Additionally, in September 2010, post period end, we announced a global
partnership deal with Ericsson, a leading telecom vendor, to deploy mirada's
technology to Ericsson's IPTV customers. The agreement is royalty based and has
the potential to change the shape of the Group going forward. The announcement
was well received by both Ericsson's and mirada's customers at the IBC trade
show in Amsterdam held during September 2010.
Financial overview
During the period, revenues were GBP5.74 million, down from GBP8.46 million in
the pervious year. The Group has however reduced its loss before interest, tax,
depreciation, amortisation and share-based payment charges from GBP0.67 million
in the year ended 31 March 2009 to GBP0.49 million in the period under review,
despite the difficult economic environment.
Loss before interest, tax, depreciation, amortisation and share-based payment
charges is a key performance indicator ("KPI") used by management and removes
the impact of one off and non-cash items (see note 5). Other KPIs used by
management are as follows:
- Gross profit margin: The Group is continuing to focus on its product-based
strategy; this has led to an increase in the gross profit margin from 57 per
cent in the year ended 31 March 2009 to 65 per cent in the period under review.
- Administration expenses: It is the aim of management to make the Group's cost
structure as efficient as possible without impacting on the quality of the
services provided. During the year to March 2010 administrative expenses from
continuing operations were reduced from GBP5.9 million in 2009 to GBP4.3
million.
- Overseas activities: In previous periods the Group has been over reliant on
revenues earned from the highly competitive UK market. Management is now focused
on diversifying the business by extending the Group's activities
internationally. In the current year the percentage of revenues earned from
overseas activities increased from 26 per cent in 2009 to 40 per cent in the
period under review.
The retained loss for the year equalled GBP7.5 million (year ended 31 March
2009: GBP2.3 million), however this does include a goodwill impairment charge of
GBP5.2 million and losses from discontinued activities of GBP1.1 million. The
goodwill impairment has largely arisen from the Group's decision to exit from
the Business to Consumer gaming market and the cessation of the studios and
playout operations. The results of the studios and playout operations are
included in discontinued activities in the consolidated income statement.
Post the year end the Group has obtained additional bank financing totalling
EUR0.85 million (GBP0.73 million), of these facilities EUR0.1 million (GBP0.09
million) is due to be repaid within one year. The interest rate payable on all
of these facilities is under 6% per annum. Additionally, post year end, the
Group has secured a development loan for EUR0.5 million (GBP0.43 million). This
loan is repayable in six equal half yearly instalments from 30 June 2014 to 31
December 2016 and has an initial annual interest charge of Euribor plus 0.75%.
Operational Review:
Areas of business
mirada is an audiovisual interaction technology company. We trade in
complementary areas, and have assets and interests across five operational
divisions:
Digital TV operators:
We have more than 10 years of experience in technologies from Interactive TV to
advanced navigational services. We have a solid network of partners and we are
internationally recognised for our skill base. Our core software for digital TV
includes, amongst others, Electronic Programming Guides ("EPG"), Video on Demand
("VOD") and Personal Video Recorders ("PVR"). We are increasingly evolving
towards a multi-screen approach via TV, internet and mobile technologies.
Broadcasters and content producers:
We base our offering on a set of products and services that complement
traditional broadcasting with a synchronised layer to create digital TV, mobile
and internet interactivity. Our core product is xplayer and our synchronisation
technology is widely deployed across the major broadcasters in the UK.
Gaming brands:
We provide video-rich audiovisual gaming and gambling content and technology for
television, mobile and the internet. Content includes our highly successful
Roulette and Bingo products which deliver multi-platform content and technology,
using our synchronised multi-platform interaction capabilities.
Interactive marketing:
Our customers are agencies, brand owners and media buyers, who utilise our
interactive advertising tools over mobile, internet and digital TV environments.
In a market where references are key, we are pleased to say that our services
have been deployed by leading brands across the world, including Condé Nast and
Pepsi.
mirada connect:
mirada connect provides transactional technology to parking platforms and
services. We work with major partners, such as NCP, APCOA and Meteor, to provide
mobile cashless parking, permits management and Penalty Charge Notice payment
services.
Digital TV business
We are pleased to announce that our Digital TV unit has seen an increase in
activity during the recent months and we expect to continue its international
expansion during 2011. We have signed partnership agreements, such as the
Ericsson agreement mentioned above.
We have also announced deals to provide EPG, VOD and PVR technologies over
different middlewares and conditional accesses. This, we believe, reinforces our
neutrality and flexibility, which is widely welcomed by our partners and many
final customers in this area. The period has seen the Group make important
investments in the development of its set-top-box ("STB") technologies. This has
consolidated our technical capabilities and prepared the technical grounds that
are now leading to new customer contracts and international distribution
agreements.
Additionally, the Group has secured significant agreements with partners
including Sky Italia and Sogecable (in Spain) to develop a continued flow of
services which should to lead to an increase in the gross profits in the current
year.
Broadcast business
The broadcast industry has been adversely affected by the global recession
which, in turn, led to a decrease in the revenues generated from our studio and
playout activities. In order to mitigate this risk and reduce losses, the Board
decided to cease these operations.
In respect of our other broadcast activities, this year has seen the
popularisation of the usage of green button services across several channels in
the UK, principally as reminders and PVR triggers related to promoted content.
Our xplayer technology has been key in many of these deployments and we expect
it to increase its presence amongst the most popular broadcasters, not only in
the UK but internationally.
With the recent appointment of Mr. Paul Hastings as the Group's new Sales
Manager in the UK, our presence in the media market has been strengthened. Paul
has a demonstrable track record and vast experience in the interactive media
world. Paul will be concentrating on strengthening and developing new formats in
the Interactive Digital market in the UK, a fast growth area within the
industry.
Gaming business
As stated in previous reports, the Group has been gradually exiting the Business
to Consumer market, enabling it to avoid competing with its potential Business
to Business customers in the interactive gaming market - this process is now
complete. The Group's focus is now to utilise its growing presence in the
Digital TV and Broadcast markets to allow us to distribute our gaming technology
to customers in these markets.
Our first major overseas deal with an Eastern European group was announced in
September 2009. The team has increased its expertise in overseas gaming
activities for third parties, and this has been reinforced with a new Head of
Gaming, Mr. Simon Grieve.
Over the last 12 months we have seen progress in the expected change to the
gambling legislation across Western Europe, with key markets such as France and
Italy establishing the legal framework to govern remote gaming; and other
markets such as Spain expected to follow shortly. These are significant
developments towards a clear set of regulations for gambling activities in the
international market place and we believe that mirada is clearly positioned to
offer its expertise in these markets, as well as in Latin America, both directly
and through partnership agreements.
Interactive marketing
The Interactive Marketing unit has consolidated its relationships in both the UK
and the Italian markets. In the UK we have reinforced our activity with Britvic,
which has expanded the number of its brands that use our mobile technologies.
The Group also won business with Virgilio and Condé Nast in Italy, and through
continuing our relationship with these customers into the present financial
year, we are expecting new campaigns in twelve countries across Europe and the
Far East.
We have progressed, developing technically demanding advertising formats to
support the largest Pepsi mobile promotion, the 'Max it for a Million' campaign,
in support of its sponsorship of the World Twenty20 Cricket World Cup.
During the year the division has increased the range of services it provides to
its customers, including web campaigns and downloadable mobile applications,
thus delivering significantly increased revenues in comparison to the previous
financial year.
Outlook
The Group has made firm progress over the past 12 months and into the new
financial year. We have signed a number of international deals and have begun to
diversify the business overseas in order to mitigate any potential risk. The
Management has reacted quickly to the economic situation and we have cut costs
and increased efficiency, something that we plan to continue into 2011. The
additional bank facilities secured at attractive interest rates post year end
has strengthened our working capital position.
The time and effort we have put into developing our IPTV suite of products and
services is increasingly proving to be well placed and we are extremely
encouraged by the global partnership deal signed with Ericsson in September.
This agreement has the potential to make a positive impact on the Group's
financial position during the current financial year and, as the relationship
develops, we believe that this agreement will generate further significant
revenues in the future.
We have a number of potential new agreements in the pipeline and we have been
steadily building our international relationships. We believe that the Group is
now financially stable and ready to grow and we are looking forward to updating
the market on any future developments in due course.
José-Luis Vázquez
Chief Executive Officer
+--------------------------------------+------+----------+------------+
| Consolidated Income Statement | | | |
| Year ended 31 March 2010 | | | |
| | | | |
+--------------------------------------+------+----------+------------+
| | Note | Year | Year ended |
| | | ended | 31 March |
| | | 31 March | 2009 |
| | | 2010 | GBP000 |
| | | GBP000 | |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Revenue | | 5,740 | 8,460 |
+--------------------------------------+------+----------+------------+
| Cost of sales | | (2,028) | (3,657) |
+--------------------------------------+------+----------+------------+
| Gross profit | | 3,712 | 4,803 |
+--------------------------------------+------+----------+------------+
| Net gaming income | | 102 | 462 |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Depreciation | | (254) | (349) |
+--------------------------------------+------+----------+------------+
| Amortisation of deferred development | | (455) | (251) |
| costs | | | |
+--------------------------------------+------+----------+------------+
| Impairment of goodwill | | (5,157) | - |
+--------------------------------------+------+----------+------------+
| Restructuring costs | | - | (117) |
+--------------------------------------+------+----------+------------+
| Share based payment charge | | (95) | (165) |
+--------------------------------------+------+----------+------------+
| Other administrative expenses | | (4,306) | (5,939) |
+--------------------------------------+------+----------+------------+
| Total administrative expenses | | (10,267) | (6,821) |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Operating loss | | (6,453) | (1,556) |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Finance income | | 172 | 117 |
+--------------------------------------+------+----------+------------+
| Finance expense | | (74) | (825) |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Loss before taxation | | (6,355) | (2,264) |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Taxation | | - | - |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Loss for the year from continuing | | (6,355) | (2,264) |
| operations | | | |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Discontinued operations | | | |
+--------------------------------------+------+----------+------------+
| (Loss)/profit for year from | 6 | (1,112) | 9 |
| discontinued operations | | | |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Loss for year | | (7,467) | (2,255) |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| Loss per share | Year ended | Year ended |
| | 31 March 2010 | 31 March |
| | GBP | 2009 |
| | | GBP |
+--------------------------------------+-----------------+------------+
| Loss per share for the year from | 7 | | |
| continuing operations | | 0.38 | 0.11 |
| - basic & diluted | | | |
+--------------------------------------+------+----------+------------+
| | | | |
+--------------------------------------+------+----------+------------+
| The above amounts are attributable | | | |
| to the equity holders of the parent | | | |
+--------------------------------------+------+----------+------------+
+----------------------------------------------------+----------+----------+
| Consolidated statement of comprehensive income and | | |
| expense | | |
| | | |
+----------------------------------------------------+----------+----------+
| | Year | Year |
| | ended | ended |
| | 31 March | 31 |
| | 2010 | March |
| | GBP000 | 2009 |
| | | GBP000 |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Currency translation differences | (310) | 941 |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Other comprehensive (expense)/income | (310) | 941 |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Loss for the period | (7,467) | (2,255) |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Total comprehensive expense for the year | (7,777) | (1,314) |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Attributable to equity holders of the parent | (7,777) | (1,314) |
+----------------------------------------------------+----------+----------+
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| Consolidated | | | | | | | | |
| statement of | | | | | | | | |
| changes in | | | | | | | | |
| equity | | | | | | | | |
| | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| | Share | | | | Other | Share | Profit | |
| | capital | | Share | Foreign | reserves | premium | and | |
| | GBP000 | Shares | option | | GBP000 | account | loss | |
| | | to be | | exchange | | GBP000 | account | Total |
| | | issued | reserve | | | | GBP000 | GBP000 |
| | | GBP000 | | reserve | | | | |
| | | | GBP000 | GBP000 | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| At 1 | 34,923 | 281 | 2,014 | 1,201 | 2,472 | - | (22,271) | 18,620 |
| April | | | | | | | | |
| 2009 | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| Loss | - | - | - | - | - | - | (7,467) | (7,467) |
| for | | | | | | | | |
| the | | | | | | | | |
| financial | | | | | | | | |
| period | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| Share | - | - | 95 | - | - | - | - | 95 |
| based | | | | | | | | |
| payment | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| Movement | - | - | - | (310) | - | - | - | (310) |
| in | | | | | | | | |
| foreign | | | | | | | | |
| exchange | | | | | | | | |
| reserve | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| Write | - | (281) | - | - | - | - | 281 | - |
| back | | | | | | | | |
| of | | | | | | | | |
| shares | | | | | | | | |
| to be | | | | | | | | |
| issued | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
| At 31 | 34,923 | - | 2,109 | 891 | 2,472 | - | (29,457) | 10,938 |
| March | | | | | | | | |
| 2010 | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+---------+----------+---------+
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| | Share | | | | Other | Share | Profit | |
| | capital | | Share | Foreign | reserves | premium | and | |
| | GBP000 | Shares | option | | GBP000 | account | loss | |
| | | to be | | exchange | | GBP000 | account | Total |
| | | issued | reserve | | | | GBP000 | GBP000 |
| | | GBP000 | | reserve | | | | |
| | | | GBP000 | GBP000 | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| At 1 | 34,923 | 281 | 1,849 | 260 | 2,927 | 79,731 | (100,202) | 19,769 |
| April | | | | | | | | |
| 2008 | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| Loss | - | - | - | - | - | - | (2,255) | (2,255) |
| for | | | | | | | | |
| the | | | | | | | | |
| financial | | | | | | | | |
| period | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| Share | - | - | 165 | - | - | - | - | 165 |
| based | | | | | | | | |
| payment | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| Movement | - | - | - | 941 | - | - | - | 941 |
| in | | | | | | | | |
| foreign | | | | | | | | |
| exchange | | | | | | | | |
| reserve | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| Cancellation | | | | | | | | |
| of share | - | - | - | - | - | (79,731) | 79,731 | - |
| premium | | | | | | | | |
| account | | | | | | | | |
| against | | | | | | | | |
| profit and | | | | | | | | |
| loss account | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| Cancellation | | | | | | | | |
| of capital | - | - | - | - | (455) | - | 455 | - |
| redemption | | | | | | | | |
| reserve | | | | | | | | |
| against | | | | | | | | |
| profit and | | | | | | | | |
| loss account | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
| At 31 | 34,923 | 281 | 2,014 | 1,201 | 2,472 | - | (22,271) | 18,620 |
| March | | | | | | | | |
| 2009 | | | | | | | | |
+--------------+---------+--------+---------+----------+----------+----------+-----------+---------+
+-----------------------------+--------+----+------+-----------+-----------+
| Consolidated statement of | | | | | |
| financial position | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | Note | 31 March | 31 March |
| | | | | 2010 | 2009 |
| | | | | GBP000 | GBP000 |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Property, plant and | | | | 228 | 990 |
| equipment | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Goodwill | | | 8 | 12,417 | 17,574 |
+-----------------------------+--------+----+------+-----------+-----------+
| Intangible assets | | | 8 | 1,313 | 1,096 |
+-----------------------------+--------+----+------+-----------+-----------+
| Non-current assets | | | | 13,958 | 19,660 |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Trade & other receivables | | | | 2,095 | 2,833 |
+-----------------------------+--------+----+------+-----------+-----------+
| Cash and cash equivalents | | | | 103 | 1,508 |
+-----------------------------+--------+----+------+-----------+-----------+
| Current assets | | | | 2,198 | 4,341 |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Total assets | | | | 16,156 | 24,001 |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Loans and borrowings | | | | (536) | (371) |
+-----------------------------+--------+----+------+-----------+-----------+
| Trade and other payables | | | | (2,760) | (4,089) |
+-----------------------------+--------+----+------+-----------+-----------+
| Current liabilities | | | | (3,296) | (4,460) |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Net current liabilities | | | | (1,098) | (119) |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Total assets less current | | | | 12,860 | 19,541 |
| liabilities | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Interest bearing loans and | | 9 | (960) | (39) |
| borrowings | | | | |
+--------------------------------------+----+------+-----------+-----------+
| Embedded conversion option | | | 9 | (339) | - |
| derivative | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Other non-current payables | | | 9 | (623) | (882) |
+-----------------------------+--------+----+------+-----------+-----------+
| Non-current liabilities | | | | (1,922) | (921) |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Total liabilities | | | | (5,218) | (5,381) |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Net assets | | | | 10,938 | 18,620 |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| | | | | | |
+-----------------------------+--------+----+------+-----------+-----------+
| Equity attributable to equity | | | | |
| holders of the company | | | | |
+--------------------------------------+----+------+-----------+-----------+
| Share capital | | | 10 | 34,923 | 34,923 |
+-----------------------------+--------+----+------+-----------+-----------+
| Shares to be issued | | | | - | 281 |
+-----------------------------+--------+----+------+-----------+-----------+
| Reserves | | | | 5,472 | 5,687 |
+-----------------------------+--------+----+------+-----------+-----------+
| Retained earnings | | | | (29,457) | (22,271) |
+-----------------------------+--------+----+------+-----------+-----------+
| Equity | | | | 10,938 | 18,620 |
+-----------------------------+--------+----+------+-----------+-----------+
These financial statements were approved and authorised for issue on 8 December
2010.
Signed on behalf of the Board of Directors
José-Luis Vázquez
Chief Executive Officer
+----------------+--------+---------+---------+
| Consolidated | | | |
| statement of | | | |
| cashflows | | | |
+----------------+--------+---------+---------+
| | | Year | Year |
| | | ended | ended |
+----------------+--------+---------+---------+
| | | 31 | 31 |
| | | March | March |
| | | 2010 | 2009 |
+----------------+--------+---------+---------+
| | Note | GBP000 | GBP000 |
+----------------+--------+---------+---------+
| Cash | | | |
| flows | | | |
| from | | | |
| operating | | | |
| activities | | | |
+----------------+--------+---------+---------+
| Loss | | (7,467) | (2,255) |
| for | | | |
| the | | | |
| period | | | |
+----------------+--------+---------+---------+
| Adjustments | | | |
| for: | | | |
+----------------+--------+---------+---------+
| Depreciation | | 254 | 349 |
| of property, | | | |
| plant and | | | |
| equipment | | | |
+----------------+--------+---------+---------+
| Impairment | | 556 | - |
| of | | | |
| property, | | | |
| plant and | | | |
| equipment | | | |
+----------------+--------+---------+---------+
| Amortisation | | 455 | 251 |
| of | | | |
| intangible | | | |
| assets | | | |
+----------------+--------+---------+---------+
| Impairment | | 5,157 | - |
| of | | | |
| goodwill | | | |
+----------------+--------+---------+---------+
| Share-based | | 95 | 165 |
| payment | | | |
| charges | | | |
+----------------+--------+---------+---------+
| Finance | | (172) | (117) |
| income | | | |
+----------------+--------+---------+---------+
| Finance | | 74 | 72 |
| expense | | | |
+----------------+--------+---------+---------+
| Operating | | (1,048) | (1,535) |
| cash | | | |
| flows | | | |
| before | | | |
| movements | | | |
| in | | | |
| working | | | |
| capital | | | |
+----------------+--------+---------+---------+
| | | | |
+----------------+--------+---------+---------+
| Decrease | | 669 | 369 |
| in trade | | | |
| and | | | |
| other | | | |
| receivables | | | |
+----------------+--------+---------+---------+
| Decrease | | (1,693) | (3,782) |
| in trade | | | |
| and | | | |
| other | | | |
| payables | | | |
+----------------+--------+---------+---------+
| Cash | | (2,072) | (4,948) |
| used | | | |
| in | | | |
| operations | | | |
+----------------+--------+---------+---------+
| | | | |
+----------------+--------+---------+---------+
| Interest | | (74) | (72) |
| and | | | |
| similar | | | |
| expenses | | | |
| paid | | | |
+----------------+--------+---------+---------+
| Net | | (2,146) | (5,020) |
| cash | | | |
| used | | | |
| in | | | |
| operating | | | |
| activities | | | |
+----------------+--------+---------+---------+
| | | | |
+----------------+--------+---------+---------+
| Cash | | | |
| flows | | | |
| from | | | |
| investing | | | |
| activities | | | |
+----------------+--------+---------+---------+
| Interest | | 172 | 117 |
| and | | | |
| similar | | | |
| income | | | |
| received | | | |
+----------------+--------+---------+---------+
| Purchases | | (56) | (435) |
| of | | | |
| property, | | | |
| plant and | | | |
| equipment | | | |
+----------------+--------+---------+---------+
| Purchases | | (720) | (720) |
| of other | | | |
| intangible | | | |
| assets | | | |
+----------------+--------+---------+---------+
| Net | | (604) | (1,038) |
| cash | | | |
| used | | | |
| in | | | |
| investing | | | |
| activities | | | |
+----------------+--------+---------+---------+
| | | | |
+----------------+--------+---------+---------+
| Cash | | | |
| flows | | | |
| from | | | |
| financing | | | |
| activities | | | |
+----------------+--------+---------+---------+
| Issue | | 1,220 | - |
| of | | | |
| convertible | | | |
| loans | | | |
+----------------+--------+---------+---------+
| Bank | | 60 | - |
| loans | | | |
| acquired | | | |
+----------------+--------+---------+---------+
| Repayment | | - | (300) |
| of loans | | | |
+----------------+--------+---------+---------+
| Repayment | | (57) | (212) |
| of | | | |
| capital | | | |
| element | | | |
| of | | | |
| finance | | | |
| leases | | | |
+----------------+--------+---------+---------+
| Net | | 1,223 | (512) |
| cash | | | |
| from/(used | | | |
| in) | | | |
| financing | | | |
| activities | | | |
+----------------+--------+---------+---------+
| | | | |
+----------------+--------+---------+---------+
| Net | | (1,527) | (6,570) |
| decrease | | | |
| in cash | | | |
| and cash | | | |
| equivalents | | | |
+----------------+--------+---------+---------+
| | | | |
+----------------+--------+---------+---------+
| Cash | | 1,137 | 6,920 |
| and | | | |
| cash | | | |
| equivalents | | | |
| at the | | | |
| beginning | | | |
| of the | | | |
| period | | | |
+----------------+--------+---------+---------+
| Exchange | | (43) | 787 |
| (losses)/gains | | | |
| on cash and | | | |
| cash | | | |
| equivalents | | | |
+----------------+--------+---------+---------+
| Cash | | (433) | 1,137 |
| and | | | |
| cash | | | |
| equivalents | | | |
| at the end | | | |
| of the | | | |
| period | | | |
+----------------+--------+---------+---------+
Cash and cash equivalents comprise cash at bank less bank overdrafts.
Notes to the consolidated financial statements
1. General information
mirada plc is a company incorporated in the United Kingdom under the Companies
Act 2006. The address of the registered office is Bentima House, 168-172 Old
Street, London, EC1V 9BP.
The financial information set out in these preliminary results does not
constitute the company's statutory accounts for 2010 or 2009. Statutory accounts
for the years ended 31 March 2010 and 31 March 2009 have been reported on by the
Independent Auditors. The Independent Auditors' Report on the Annual Report and
Financial Statements for 2009 was unqualified, did not draw attention to any
matters by way of emphasis, and did not contain a statement under 237(2) or
237(3) of the Companies Act 1985. The Independent Auditors' Report on the Annual
Report and Financial Statements for 2010 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.
Statutory accounts for the year ended 31 March 2009 have been filed with the
Registrar of Companies. The statutory accounts for the year ended 31 March 2010
will be delivered to the Registrar in due course.
The financial information 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
principal accounting policies 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 years ended 31 March 2010.
Copies of this announcement are available at the registered offices of the
Company for a period of 14 days from the date hereof.
2. Significant accounting policies
Basis of accounting
The principal accounting policies adopted in the preparation of this preliminary
announcement are set out below.
While the financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRSs), this announcement does not
itself contain sufficient information to comply with IFRSs.
During the year ended 31 March 2010 the Group recorded a loss before interest,
taxation, depreciation, impairment of goodwill, amortisation, share-based
payment charges and discontinued operations of GBP0.49 million and a loss after
taxation of GBP7.47 million. At 31 March 2010 the Group had total net assets of
GBP10.94 million and net current liabilities of GBP1.10 million, and during the
year ended 31 March 2010 had an operating cash outflow before movements in
working capital of GBP1.05 million.
In assessing the going concern of the Group, the directors have prepared
forecast information for the period ending twelve months from their approval of
these financial statements. As part of producing these forecasts the directors
have considered the recent contract wins and the likely cash inflows to be
derived from the Group's forecasted trading activities. Given the nature of the
Group's activities, there is a degree of uncertainty surrounding the timing and
amount of such cash inflows. The directors have also considered the impact of
the cessation in July 2010 of the loss making studio business and the associated
cost savings. On the basis of these forecasts and the underlying assumptions,
the directors believe that the Group will have sufficient funding, through its
overdraft facilities and loans, to continue in operational existence for at
least twelve months from the date of approval of these financial statements. On
this basis, the directors consider that it is appropriate to prepare the
financial statements on a going concern basis.
The principal accounting policies adopted are set out below.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up to
31 March 2010. Control is achieved where the Company has the power to govern the
financial and operating policies of an investee entity so as to obtain benefits
from its activities.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by
the Group.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
Business combinations
The acquisition of subsidiaries or trade and assets, is accounted for using the
purchase method. The cost of the acquisition is measured at the aggregate of the
fair values, at the date of exchange, of assets given, liabilities incurred or
assumed, and equity instruments issued or to be issued, by the Group in exchange
for control of the acquiree, plus any costs directly attributable to the
business combination. The acquiree's identifiable assets, liabilities and
contingent liabilities that meet the conditions for recognition under IFRS 3 are
recognised at their fair value at the acquisition date.
Goodwill arising on acquisition is recognised as an asset and initially measured
at cost and is accounted for according to the policy below.
Goodwill
Goodwill represents the excess of the cost of acquisition over the Group's
interest in the fair value of the identifiable assets, intangible fixed assets
and liabilities of a subsidiary, or acquired sole trade business at the date of
acquisition. Goodwill is initially recognised as an asset at cost and is
subsequently measured at cost less any accumulated impairment losses. Goodwill
which is recognised as an asset is reviewed for impairment at least annually.
Any impairment is recognised immediately in the Group income statement and is
not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the
Group's cash-generating units expected to benefit from the synergies of the
combination. Cash-generating units to which goodwill has been allocated are
tested for impairment annually, or more frequently when there is an indication
that the unit may be impaired. If the recoverable amount of the cash-generating
unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit.
On disposal of a subsidiary the attributable amount of goodwill is included in
the determination of the profit or loss on disposal.
Intangible assets
Intangible assets with a finite useful life represent items which have been
separately identified under IFRS 3 arising in business combinations, or meet the
recognition criteria of IAS 38, "Intangible Assets". Intangible assets acquired
as part of a business combination are initially recognised at their fair value
and subsequently amortised on a straight line basis over their useful economic
lives. Intangible assets that meet the recognition criteria of IAS 38,
"Intangible Assets" are carried at cost less amortisation and any impairment
losses. Intangible assets comprise of completed technology and acquired
software.
Amortisation
Amortisation of intangible assets acquired in a business combination is
calculated over the following periods on a straight line basis:
- Completed technology - over a useful life of 4 years
Amortisation of other intangible assets (computer software) is calculated using
the straight-line method to allocate the cost of the asset over its estimated
useful life, which equates to 25% to 50% per annum.
Internally-generated intangible assets - research and development expenditure
Expenditure on research activities is recognised as an expense in the period in
which it is incurred.
Any internally-generated intangible asset arising from the Group's development
projects are recognised only if all of the following conditions are met:
- The technical feasibility of completing the intangible asset so that it will
be available for use or sale.
- The intention to complete the intangible asset and use or sell it.
- The ability to use or sell the intangible asset.
- How the intangible asset will generate probable future economic benefits.
Among other things, the Group can demonstrate the existence of a market for the
output of the intangible asset or the intangible asset itself or, if it is to be
used internally, the usefulness of the intangible asset.
- The availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset.
- Its ability to measure reliably the expenditure attributable to the intangible
asset during its development.
Internally-generated intangible assets are amortised on a straight-line basis
over their useful lives of three to four years. If a development project has
been abandoned then any unamortised balance is immediately written off to the
income statement. Where no internally-generated intangible asset can be
recognised, development expenditure is recognised as an expense in the period in
which it is incurred.
Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its
tangible and intangible assets to determine whether there is any indication that
those assets have suffered an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to
be less than its carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised in the income statement as an expense immediately, unless the
relevant asset is carried at a revalued amount, in which case the impairment
loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset
(cash-generating unit) is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognised
for the asset (cash-generating unit) in prior periods. A reversal of an
impairment loss is recognised as income immediately, unless the relevant asset
is carried at a revalued amount, in which case the reversal of the impairment
loss is treated as a revaluation increase.
Financial instruments
Convertible debt
The terms of the Group's convertible debt may result in conversion to a variable
number of shares. The proceeds of the convertible debt are initially allocated
into liability (debt) and derivative components at fair value. Subsequently, the
debt component is accounted for as a financial liability measured at amortised
cost. The derivative component is also included within liabilities, but is
measured at fair value at each reporting date, with changes in the fair value of
the derivative component being recognised in the consolidated income statement.
3. Critical accounting judgements and key sources of estimation uncertainty
Critical judgements in applying the Group's accounting policies
In the application of the Group's accounting policies, which are described in
note 2, the directors are required to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based
on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Key sources of estimation uncertainty
The following are the critical judgements that the directors have made in the
process of applying the Group's accounting policies that has the most
significant effect on the amounts recognised in the financial statements.
Impairment of goodwill and intangibles
Determining whether goodwill is impaired requires an estimation of the value in
use of the cash-generating units to which goodwill has been allocated. The value
in use calculation requires the Group to estimate the future cash flows expected
to arise from the cash-generating units and the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to
the cash-generating unit. This includes the directors' best estimate on the
likelihood of current deals in negotiation not yet concluded. Actual events may
vary materially from management expectation.
Useful economic life of intangibles
Intangible assets are amortised over their useful lives. Useful lives are based
on management's estimates of the period that the assets will generate revenue,
which are periodically reviewed for continued appropriateness.
Capitalised development costs
The amortisation period of capitalised development costs is determined by
reference to the expected flow of revenues from the product based on historical
experience. Furthermore, the Group reviews at the end of each financial year the
capitalised development costs for each product for any loss of value compared to
net book value at that time, based on expected future contribution less the
total expected costs.
Share-based payment
The Group issues equity-settled share-based payments to certain employees
(including directors). These payments are measured at fair value at the date of
grant by use of the Black-Scholes pricing model. This fair value cost of
equity-settled awards is recognised on a straight-line basis over the vesting
period, based on the Group's estimate of shares that will eventually vest and
adjusted for the effect of any non market-based vesting conditions. The expected
life used in the model has been adjusted, based on management's best estimate,
for the effects of non-transferability, exercise restrictions, and behavioural
considerations. A corresponding credit is recorded in equity in the share option
reserve.
4. Segmental reporting
Reportable segments
For management purposes the Group is currently organised into four operating
divisions based upon the varying products and services provided by the Group -
Gaming, Digital TV, Broadcast & Content and Mobile (which includes Interactive
Marketing and Mirada Connect). The products and services provided by each of
these divisions are described in the CEO Statement on page 3. The segment headed
other relates to corporate overheads, assets and liabilities.
Segmental results for the year ended 31 March 2010 are as follows:
+----------------------+---------+---------+-----------+---------+---------+---------+
| | Gaming | Digital | Broadcast | Mobile | Other | Group |
| | | TV | & content | | | |
+----------------------+---------+---------+-----------+---------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+---------+---------+-----------+---------+---------+---------+
| | | | | | | |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Revenue | 1,820 | 1,857 | 1,580 | 483 | - | 5,740 |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Gross profit | 778 | 1,857 | 750 | 327 | - | 3,712 |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Net gaming income | 102 | - | - | - | - | 102 |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Profit/(loss) before | 497 | 381 | 441 | (13) | (1,798) | (492) |
| interest, tax, | | | | | | |
| depreciation & | | | | | | |
| share-based payment | | | | | | |
| charges | | | | | | |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Impairment of | (4,105) | - | (1,052) | - | - | (5,157) |
| goodwill | | | | | | |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Depreciation | - | (57) | - | - | (197) | (254) |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Amortisation | - | (420) | - | - | (35) | (455) |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Share based payment | - | - | - | - | (95) | (95) |
| charges | | | | | | |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Finance income | - | 169 | - | - | 3 | 172 |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Finance expense | - | - | - | - | (74) | (74) |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Discontinued | - | - | - | - | (1,112) | (1,112) |
| operations | | | | | | |
+----------------------+---------+---------+-----------+---------+---------+---------+
| Segmental | (3,608) | 73 | (611) | (13) | (3,308) | (7,467) |
| profit/(loss) | | | | | | |
+----------------------+---------+---------+-----------+---------+---------+---------+
The segmental results for the year ended 31 March 2009 are as follows:
+---------------------+---------+---------+-----------+---------+---------+---------+
| | Gaming | Digital | Broadcast | Mobile | Other | Group |
| | | TV | & content | | | |
+---------------------+---------+---------+-----------+---------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+---------+---------+-----------+---------+---------+---------+
| | | | | | | |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Revenue | 2,829 | 2,216 | 3,031 | 384 | - | 8,460 |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Gross profit | 1,379 | 2,216 | 957 | 251 | - | 4,803 |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Net gaming income | 462 | - | - | - | - | 462 |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Profit/(loss) | 1,189 | 889 | (20) | (106) | (2,626) | (674) |
| before interest, | | | | | | |
| tax, depreciation & | | | | | | |
| share-based payment | | | | | | |
| charges | | | | | | |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Impairment of | - | - | - | - | - | - |
| goodwill | | | | | | |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Depreciation | - | (53) | - | - | (296) | (349) |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Amortisation | - | (239) | - | - | (12) | (251) |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Share based payment | - | - | - | - | (165) | (165) |
| charge | | | | | | |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Restructuring costs | - | - | - | - | (117) | (117) |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Finance income | - | - | - | - | 117 | 117 |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Finance expense | - | - | - | - | (825) | (825) |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Discontinued | - | - | - | - | 9 | 9 |
| operations | | | | | | |
+---------------------+---------+---------+-----------+---------+---------+---------+
| Segmental | 1,189 | 597 | (20) | (106) | (3,915) | (2,255) |
| profit/(loss) | | | | | | |
+---------------------+---------+---------+-----------+---------+---------+---------+
There is no significant inter-segment revenue included in the segments which is
required to be eliminated.
The Group has two major customers (a major customer being one that generates
revenues amounting to 10% or more of total revenue) that account for GBP1.43
million (2009: GBP2.30 million) and GBP0.93 million (2009: GBP1.61 million) of
the total Group revenues respectively.
The segment assets and liabilities at 31 March 2010 are as follows:
+-----------------+---------+---------+-----------+---------+---------+----------+
| | Gaming | Digital | Broadcast | Mobile | Other | Group |
| | | TV | & content | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| Additions to | - | 709 | - | - | 67 | 776 |
| non-current | | | | | | |
| assets | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| Total assets | 2,793 | 6,266 | 4,670 | 1,638 | 789 | 16,156 |
+-----------------+---------+---------+-----------+---------+---------+----------+
| Total | 89 | 740 | 837 | 69 | 3,483 | 5,218 |
| liabilities | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
Capital expenditure comprises additions to property, plant and equipment and
intangible assets.
The segment assets and liabilities at 31 March 2009 are as follows:
+-----------------+---------+---------+-----------+---------+---------+----------+
| | Gaming | Digital | Broadcast | Mobile | | Group |
| | | TV | & content | | Other | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| Additions to | - | 687 | - | - | 541 | 1,228 |
| non-current | | | | | | |
| assets | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
| Total assets | 7,113 | 6,647 | 5,874 | 1,590 | 2,777 | 24,001 |
+-----------------+---------+---------+-----------+---------+---------+----------+
| Total | 577 | 1,273 | 929 | 20 | 2,582 | 5,381 |
| liabilities | | | | | | |
+-----------------+---------+---------+-----------+---------+---------+----------+
Segment assets and liabilities are reconciled to the Group's assets and
liabilities as follows:
+----------------------------------+----------+-------------+----------+-------------+
| | Assets | Liabilities | Assets | Liabilities |
| | 31 | 31 March | 31 | 31 March |
| | March | 2010 | March | 2009 |
| | 2010 | | 2009 | |
+----------------------------------+----------+-------------+----------+-------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | |
+----------------------------------+----------+-------------+----------+-------------+
| | | | | |
+----------------------------------+----------+-------------+----------+-------------+
| Segment assets and liabilities | 15,367 | 1,735 | 21,224 | 2,799 |
+----------------------------------+----------+-------------+----------+-------------+
| | | | | |
+----------------------------------+----------+-------------+----------+-------------+
| Other: | | | | |
+----------------------------------+----------+-------------+----------+-------------+
| Intangible assets | 94 | - | 99 | - |
+----------------------------------+----------+-------------+----------+-------------+
| Property, plant & equipment | 117 | - | 838 | - |
+----------------------------------+----------+-------------+----------+-------------+
| Other financial assets & | 578 | 3,483 | 1,840 | 2,582 |
| liabilities | | | | |
+----------------------------------+----------+-------------+----------+-------------+
| | | | | |
+----------------------------------+----------+-------------+----------+-------------+
| Total other | 789 | 3,483 | 2,777 | 2,582 |
+----------------------------------+----------+-------------+----------+-------------+
| | | | | |
+----------------------------------+----------+-------------+----------+-------------+
| Total Group assets and | 16,156 | 5,218 | 24,001 | 5,381 |
| 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 | Non-current |
| | | revenue by | assets by |
| | | location of | location of |
| | | customer | assets |
+------------------+-----------------+-------------------+-------------------+
| | | | 31 | 31 | 31 | 31 |
| | | | March | March | March | March |
| | | | 2010 | 2009 | 2010 | 2009 |
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------+--------+--------+---------+---------+---------+---------+
| UK | | | 3,423 | 6,244 | 8,563 | 14,442 |
+------------------+--------+--------+---------+---------+---------+---------+
| Spain | | | 1,187 | 1,984 | 5,395 | 5,218 |
+------------------+--------+--------+---------+---------+---------+---------+
| Continental | | | 633 | 9 | - | - |
| Europe | | | | | | |
+------------------+--------+--------+---------+---------+---------+---------+
| Middle East | | | 77 | 223 | - | - |
+------------------+--------+--------+---------+---------+---------+---------+
| Americas | | | 420 | - | - | - |
+------------------+--------+--------+---------+---------+---------+---------+
| | | | | | | |
+------------------+--------+--------+---------+---------+---------+---------+
| | | | 5,740 | 8,460 | 13,958 | 19,660 |
+------------------+--------+--------+---------+---------+---------+---------+
| | | | | | | |
+------------------+--------+--------+---------+---------+---------+---------+
5. Operating loss
Reconciliation of operating loss for continuing operations to loss before
interest, taxation, depreciation, amortisation, restructuring and share-based
payment charges:
+--------------------------------------------+------------+------------+
| | Year ended | Year ended |
| | 31 March | 31 March |
| | 2010 | 2009 |
| | GBP000 | GBP000 |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| Operating loss | (6,453) | (1,556) |
+--------------------------------------------+------------+------------+
| Depreciation | 254 | 349 |
+--------------------------------------------+------------+------------+
| Amortisation of deferred development costs | 455 | 251 |
+--------------------------------------------+------------+------------+
| Impairment of goodwill | 5,157 | - |
+--------------------------------------------+------------+------------+
| Restructuring costs | - | 117 |
+--------------------------------------------+------------+------------+
| Share based payment charge | 95 | 165 |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| Loss before interest, taxation, | (492) | (674) |
| depreciation, amortisation, restructuring, | | |
| and share-based payment charges | | |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
Adjusted loss before interest, taxation, depreciation, amortisation,
restructuring and share-based payment charges has been presented to provide
additional information to the reader.
6. Discontinued operations
In July 2010 the Group discontinued its studios and playout activities. The
comparatives for these activities are included within the consolidated income
statement in the line item "(loss)/profit for the year from discontinued
operations".
The post-tax result of discontinued operations was determined as follows:
+--------------------------------------------+------------+------------+
| | Year ended | Year ended |
| | 31 March | 31 March |
| | 2010 | 2009 |
| | GBP000 | GBP000 |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| Revenue | 262 | 2,005 |
+--------------------------------------------+------------+------------+
| Gross profit | 262 | 1,170 |
+--------------------------------------------+------------+------------+
| Administrative expenses | (1,374) | (1,161) |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| (Loss)/profit for financial year | (1,112) | 9 |
+--------------------------------------------+------------+------------+
| | | |
| | | |
| | | |
+--------------------------------------------+------------+------------+
7. Loss per share
+--------------------------------------------+--------------+--------------+
| | Year ended | Year ended |
| | 31 March | 31 March |
| | 2010 | 2009 |
+--------------------------------------------+--------------+--------------+
| | Total | Total |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| Loss for period | GBP7,467,000 | GBP2,255,000 |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| Weighted average number of shares | 19,805,485 | 19,805,485 |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| Basic & diluted loss per share | GBP0.38 | GBP0.11 |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| Loss for period from continuing operations | GBP6,355,000 | GBP2,264,000 |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| Weighted average number of shares | 19,805,485 | 19,805,485 |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| Basic & diluted loss per share | GBP0.32 | GBP0.11 |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
| | | |
+--------------------------------------------+--------------+--------------+
The Company has 315,167 (2009: 370,900) potentially dilutive ordinary shares,
being share options issued to staff and share warrants. These have not been
included in calculating the diluted earnings per share as the effect is
anti-dilutive.
The deferred shares are not included in the earnings per share or diluted
earnings per share. These shares have no voting rights and are non-convertible
and therefore do not form part of the ordinary share capital used for the loss
per share calculation.
Basic and diluted loss per share from discontinued operations was GBP0.06 (2009:
GBPnil).
8. Intangible assets
+---------------------------+-------------+------------+------------+--+----------+
| | Deferred | | Total | | Goodwill |
| | development | Completed | Intangible | | GBP000 |
| | costs | Technology | assets | | |
| | GBP000 | GBP000 | GBP000 | | |
+---------------------------+-------------+------------+------------+--+----------+
| Cost | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 1 April 2009 | 5,201 | 665 | 5,866 | | 45,528 |
+---------------------------+-------------+------------+------------+--+----------+
| Additions | 720 | - | 720 | | - |
+---------------------------+-------------+------------+------------+--+----------+
| Foreign exchange | (29) | (32) | (61) | | - |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2010 | 5,892 | 633 | 6,525 | | 45,528 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| Accumulated amortisation | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 1 April 2009 | 4,592 | 178 | 4,770 | | 27,954 |
+---------------------------+-------------+------------+------------+--+----------+
| Provided during the year | 297 | 158 | 455 | | 5,157 |
+---------------------------+-------------+------------+------------+--+----------+
| Foreign exchange | (4) | (9) | (13) | | - |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2010 | 4,885 | 327 | 5,212 | | 33,111 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| Net book value | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2010 | 1,007 | 306 | 1,313 | | 12,417 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2009 | 609 | 487 | 1,096 | | 17,574 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
+---------------------------+-------------+------------+------------+--+----------+
| | Deferred | Completed | Total | | Goodwill |
| | development | Technology | Intangible | | GBP000 |
| | costs | GBP000 | assets | | |
| | GBP000 | | GBP000 | | |
+---------------------------+-------------+------------+------------+--+----------+
| Cost | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 1 April 2008 | 4,481 | 567 | 5,048 | | 45,528 |
+---------------------------+-------------+------------+------------+--+----------+
| Additions | 720 | - | 720 | | - |
+---------------------------+-------------+------------+------------+--+----------+
| Foreign exchange | - | 98 | 98 | | - |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2009 | 5,201 | 665 | 5,866 | | 45,528 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| Accumulated amortisation | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 1 April 2008 | 4,481 | 10 | 4,491 | | 27,954 |
+---------------------------+-------------+------------+------------+--+----------+
| Provided during the year | 101 | 150 | 251 | | - |
+---------------------------+-------------+------------+------------+--+----------+
| Foreign exchange | 10 | 18 | 28 | | - |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2009 | 4,592 | 178 | 4,770 | | 27,954 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| Net book value | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2009 | 609 | 487 | 1,096 | | 17,574 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
| At 31 March 2008 | - | 557 | 557 | | 17,574 |
+---------------------------+-------------+------------+------------+--+----------+
| | | | | | |
+---------------------------+-------------+------------+------------+--+----------+
Following the adoption of IFRS 8, the Group has revised its operating segments.
As such, the information in this note has been restated accordingly. Before
recognition of impairment losses, the carrying amount of goodwill had been
allocated to each Cash Generating Unit ("CGU") as follows:
+------------------------------------------------+----------+----------+
| | 31 March | 31 March |
| | 2010 | 2009 |
| | GBP000 | GBP000 |
+------------------------------------------------+----------+----------+
| | | |
+------------------------------------------------+----------+----------+
| Digital TV | 4,068 | 4,068 |
+------------------------------------------------+----------+----------+
| Broadcast and Content | 5,152 | 5,152 |
+------------------------------------------------+----------+----------+
| Gaming | 6,821 | 6,821 |
+------------------------------------------------+----------+----------+
| Interactive Marketing | 977 | 977 |
+------------------------------------------------+----------+----------+
| Connect | 556 | 556 |
+------------------------------------------------+----------+----------+
| | | |
+------------------------------------------------+----------+----------+
| | 17,574 | 17,574 |
+------------------------------------------------+----------+----------+
| | | |
+------------------------------------------------+----------+----------+
The Digital TV and Broadcast and Content units make up the Group's Media
business segment. The Interactive Marketing and Connect units make up the
Group's Mobile business segment.
The Group tests goodwill annually for impairment, or more frequently if there
are indications that goodwill might be impaired.
The recoverable amounts of the CGUs are determined from value in use
calculations. The key assumptions for the value in use calculations are those
regarding the discount rates, growth rates and expected changes to selling
prices and direct costs during the period. Management estimates discount rates
using pre-tax rates that reflect current market assessments of the time value of
money and the risks specific to the CGUs. The growth rates are based on industry
growth forecasts. Changes in selling prices and direct costs are based on past
practices and expectations of future changes in the market.
The Group prepares cash flow forecasts derived from the most recent financial
budgets approved by management for the next five years and extrapolates cash
flows for the following years based on an estimated growth rate of 5%. This rate
does not exceed the average long-term growth rate for the relevant markets. The
rate used to discount the forecast pre-tax cash flows for all CGUs is 16% (2009:
20%).
Following the impairment review of the carrying value of goodwill, the following
impairments were considered appropriate:
+----------------------+---------+-----------+---------+-------------+---------+---------+
| | Digital | Broadcast | Gaming | Interactive | Connect | Total |
| | TV | & Content | | Marketing | | |
| | | GBP000 | GBP000 | GBP000 | GBP000 | |
| | GBP000 | | | | | |
+----------------------+---------+-----------+---------+-------------+---------+---------+
| | | | | | | |
+----------------------+---------+-----------+---------+-------------+---------+---------+
| Carrying value at 1 | 4,068 | 5,152 | 6,821 | 977 | 556 | 17,574 |
| April 09 | | | | | | |
+----------------------+---------+-----------+---------+-------------+---------+---------+
| Impairment | - | (1,052) | (4,105) | - | - | (5,157) |
+----------------------+---------+-----------+---------+-------------+---------+---------+
| | | | | | | |
+----------------------+---------+-----------+---------+-------------+---------+---------+
| Carrying value at 31 | 4,068 | 4,100 | 2,716 | 977 | 556 | 12,417 |
| March 10 | | | | | | |
+----------------------+---------+-----------+---------+-------------+---------+---------+
| | | | | | | |
+----------------------+---------+-----------+---------+-------------+---------+---------+
The impairment loss of GBP1,052,000 for the Broadcast and Content unit relates
to the Group's decision to cease its studios and playout operations.
The impairment loss of GBP4,105,000 for the Gaming unit is mainly due to the
Group's decision to stop its B2C operations and the high level of competition in
the B2B gaming market.
9. Non-current liabilities
+-----------------------------------------------------+---------+---------+
| | 31 | 31 |
| | March | March |
| | 2010 | 2009 |
| | GBP000 | GBP000 |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| Interest bearing loans and borrowings: | | |
+-----------------------------------------------------+---------+---------+
| Convertible loan | 883 | - |
+-----------------------------------------------------+---------+---------+
| Bank loan | 60 | - |
+-----------------------------------------------------+---------+---------+
| Finance lease creditor | 17 | 39 |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| | 960 | 39 |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| Embedded conversion option derivative | 339 | - |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| Other non-current payables: | | |
+-----------------------------------------------------+---------+---------+
| Other taxation and social security taxes | 283 | 299 |
+-----------------------------------------------------+---------+---------+
| Other payables | 340 | 583 |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| | 623 | 882 |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
| Total non-current payables | 1,922 | 921 |
+-----------------------------------------------------+---------+---------+
| | | |
+-----------------------------------------------------+---------+---------+
Convertible loan
On 21 March 2010 the Company entered into a convertible loan agreement for
GBP1,500,000, of which GBP1,220,000 has been drawn down. A summary of the terms
of the convertible loan is as follows:
- The convertible loan is repayable on 18 March 2015;
- Annual interest rate of 10 per cent;
- Convertible into ordinary shares in the Company from the third anniversary of
the date of issue at a conversion price of the lower of GBP1.10 or a 20%
discount to the mid-market share price at the time of conversion;
- The Company is able under certain circumstances to repay the convertible loan
at par on the third anniversary;
- If the mid-market price is below GBP1.10 the Company has the option to cancel
the lenders' conversion rights by repaying the convertible loan plus a 20%
premium; and
- Under the terms of the convertible loan the Company has given a fixed and
floating charge over the assets of the Group.
The GBP1,220,000 proceeds of the convertible loan have been allocated into
liability (debt) and derivative components at fair value. The debt component is
accounted for as a financial liability measured at amortised cost. The
derivative component is also included within liabilities, but is measured at
fair value at each reporting date, with changes in the fair value of the
derivative component being recognised in the consolidated income statement.
At the date of issue the debt component of the convertible loan was valued at
GBP881,000, management calculated this value by reference to the net present
value of the cash flows arising from the convertible loan. These cash flows were
discounted at a rate of 20%. The derivative component of the convertible debt of
GBP339,000 was calculated by deducting the debt component of GBP881,000 from the
proceeds of GBP1,220,000. Due to the negligible time period between the issue of
the convertible loan and the year end no change in the fair value of the
derivative component is deemed to have taken place so no gains or losses have
been recognised in the consolidated income statement.
10. Share capital
A breakdown of the authorised and issued share capital in place as at 31 March
2010 is as follows:
+--------------------------------+------------------+-----------+------------------+-----------+
| | 31 | 31 | 31 | 31 |
| | March | March | March | March |
| | 2010 | 2010 | 2009 | 2009 |
| | Number | GBP000 | Number | GBP000 |
+--------------------------------+------------------+-----------+------------------+-----------+
| Authorised | | | | |
+--------------------------------+------------------+-----------+------------------+-----------+
| Ordinary shares of GBP1 each | 25,789,822 | 25,790 | 25,789,822 | 25,790 |
+--------------------------------+------------------+-----------+------------------+-----------+
| A Deferred shares of 0.1p each | 8,210,178,477 | 8,210 | 8,210,178,477 | 8,210 |
+--------------------------------+------------------+-----------+------------------+-----------+
| Deferred shares of 1p each | 900,000,000 | 9,000 | 900,000,000 | 9,000 |
+--------------------------------+------------------+-----------+------------------+-----------+
| | | | | |
+--------------------------------+------------------+-----------+------------------+-----------+
| | 9,135,968,299 | 43,000 | 9,135,968,299 | 43,000 |
+--------------------------------+------------------+-----------+------------------+-----------+
| | | | | |
+--------------------------------+------------------+-----------+------------------+-----------+
| Allotted, called up and fully | | | | |
| paid | | | | |
+--------------------------------+------------------+-----------+------------------+-----------+
| Ordinary shares of GBP1 each | 19,805,485 | 19,805 | 19,805,485 | 19,805 |
+--------------------------------+------------------+-----------+------------------+-----------+
| A Deferred shares of 0.1p each | 8,210,178,477 | 8,210 | 8,210,178,477 | 8,210 |
+--------------------------------+------------------+-----------+------------------+-----------+
| Deferred shares of 1p each | 690,822,639 | 6,908 | 690,822,639 | 6,908 |
+--------------------------------+------------------+-----------+------------------+-----------+
| | | | | |
+--------------------------------+------------------+-----------+------------------+-----------+
| | 8,920,806,601 | 34,923 | 8,920,806,601 | 34,923 |
+--------------------------------+------------------+-----------+------------------+-----------+
| | | | | |
+--------------------------------+------------------+-----------+------------------+-----------+
11. Related parties
In March 2010 Naropa Cartera S.L.U., which owns 19.3% of the issued share
capital, and Baring Iberia II Inversión en Capital F.C.R., which owns 17.7% of
the issued share capital, subscribed for convertible loans totalling GBP480,000
and GBP215,000 respectively. Interest is charged on these convertible loans at
10% per annum.
12. Events after the balance sheet date
On 16 August 2010 two of the group's subsidiaries were placed into voluntary
liquidation, Digital Interactive Studio Centre Limited and The Gaming Channel
Limited.
Post the year end the Group obtained additional bank financing totalling EUR0.85
million (GBP0.73 million), of these facilities EUR0.1 million (GBP0.09 million) is
due to be repaid within one year. The interest rate payable on all of these
facilities is under 6% per annum. Additionally, post year end, the Group has
secured a development loan for EUR0.5 million (GBP0.43 million). This loan is
repayable in six equal half yearly instalments from 30 June 2014 to 31 December
2016 and has an initial annual interest charge of Euribor plus 0.75%.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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