TIDMMIRA
RNS Number : 3613P
Mirada PLC
30 September 2011
30.09.11
mirada plc
(AIM: MIRA)
("mirada" or "the Company")
Final Results for the year ended 31 March 2011
mirada plc, the AIM-quoted leading audiovisual content
interaction specialist, announces its final results for the year
ended 31 March 2011.
Financial Highlights
-- Revenue: GBP5.1m (2010: GBP5.7m)
-- Gross profit: GBP4.0m (2010: GBP3.7m)
-- Adjusted loss per share: GBP0.05p (2010: GBP0.02)
Operational Highlights
-- In January announced two contract wins worth in excess of
$1.3m in revenue over the next two years
-- International revenues increased 40% in the year
-- Raised GBP300,000 via a placing and issued further GBP200,000
of loan notes
Post Period Highlights
-- Won a contract with a leading satellite operator in Europe
worth circa $800,000 over a period of nine months
-- Partnership with Ericsson progressing well, significant
royalty based revenues expected in the future
Commenting on the results announcement, CEO of mirada, Jose-Luis
Vazquez, said:
"After a transitional period covering our first two years of
restructuring, mirada has expanded as an international group with a
significant increase of activities outside of our original markets,
the UK and Spain.
We believe that the Group now has the products in place to allow
it to grow at a good pace, and we will continue updating the market
as we consolidate the increasing number of opportunities ahead of
us."
-END-
Enquiries:
mirada plc
Jose Luis Vazquez, CEO +44 (0) 207 608 4370
Seymour Pierce Limited
Mark Percy (Corporate Finance)
David Banks (Corporate Broking) +44 (0) 207 107 8000
Rivington Street Corporate Finance (Joint Broker) +44 (0) 207
562 3351
Jon Levinson
Bishopsgate Communications
Deepali Schneider/Natalie Quinn
mirada@bishopsgatecommunications.com +44 (0) 207 562 3350
Chief Executive Officer's Statement
Overview
I am pleased to report on our third full year of activity as
mirada plc. After a transitional period covering our first two
years of restructuring, mirada has expanded as an international
group with a significant increase of activities outside of our
original markets, the UK and Spain. This has been possible through
the implementation of our product-focused strategy and to the
development of our international partnerships with leading players
like Ericsson.
The Group has concentrated its activity on the core business,
improving its margins and maximising the usage of our main areas of
expertise. The growth of our Digital TV business, the main area of
our product-focused strategy, not only during the previous
financial year but also during the first months of the present
fiscal year, demonstrates that we are following the right path.
The partnership agreement with Ericsson in which mirada's
innovative Electronic Program Guide, Navi, is included in
Ericsson's IPTV product catalogue, the development of our
multiscreen product (iris), and the international expansion of our
Broadcast synchronisation tool (xplayer) are now leading our sales
activities, gaining new customers in the United States, Italy,
Mexico, Chile and Brazil.
I want to thank again our employees, customers, shareholders and
partners for their continued support in the evolution of our
business.
Trading review
This year the Group's focus has been to concentrate on
developing the core areas of the business which we believe have the
greatest potential for growth, its Digital TV and Broadcast
activities. We made a significant investment in improving our
products to accommodate the needs of the market, and position the
company on the cutting edge of our market sector. Towards the end
of the year we started to commercialise our Digital TV products on
a royalty-based model which will in the future lead to higher
recurring revenues than our previous professional services based
business. We have also made considerable effort to extend the reach
of xplayer to markets beyond the UK where xplayer is the market
leader.
Although overall revenues decreased during this period of
focusing on the Digital TV and Broadcast businesses, gross margins
increased to GBP4.0 million (77%) from GBP3.7 million (65%) in the
prior year. I would like to stress how important our product-based
strategy is to the future growth of the company. Management
considers it essential to continue investing in this strategy as
the improvement in the potential margins and recurrent nature of
the royalty based revenues will generate an important increase in
the value of the Group for our stakeholders.
The Group is also focusing on increasing its international
activities (everything outside of the UK and Spain, the original
markets) the revenues from these activities increased by 40% to
GBP1.6 million compared to GBP1.1 million in the prior year. During
the period under review the Company announced two strategically
important contract wins, one in Mexico with the cable operator
Cablecom who will be the first customer to use our iris technology
in Latin America, which we believe will be the first of many
agreements for this product in the region; and secondly a remote
recording (iPhone based) tool for a large South American
telecommunication operator. Both agreements are perfectly
replicable, using our core IPR, the majority of these revenues will
be recognised in the current year.
Additionally, in April and May, post period end, we announced
two more deals, one with an important European satellite digital TV
platform which is worth more than EUR0.8 million, and the other
being our first significant sale of the Navi product through our
IPTV partnership with Ericsson. We can now announce that this
customer is GVT, a major telecommunications operator in Brazil, who
launched its Digital TV service this month. Revenues earned through
the Ericsson partnership include set-up fees and future royalty
revenues based upon the number of subscribers using the Ericsson
IPTV platform. Management expects that with the current deals in
place, provided Ericsson's customers achieve their commercial
expectations, it will represent revenues in excess of EUR4.0
million for mirada during the first four years of commercial
activity. In addition to the Latin American expansion, the company
started its activity in the United States, and we expect to
announce our first relevant deals during the present period.
On 10 December 2010 we announced that Richard Alden, previously
a Non-Executive Director of the Company, was appointed as
Non-Executive Chairman. From 2000 to 2009 Richard was the Chief
Executive Officer of Grupo Corporativo ONO S.A. ("ONO"), the
largest alternative telecoms (broadband/telephone/digital TV)
operator in Spain. He is a prominent industry figure with a proven
track record and a number of international contacts that will be
invaluable as the Group progresses with its international
expansion.
Financial overview
During the period revenues were GBP5.1 million, down from GBP5.7
million in the previous year, however gross profit increased from
GBP3.7 million to GBP4.0 million. Loss from continuing activities
before interest, tax, depreciation and amortisation was GBP1.0
million compared to GBP0.5 million in the previous year. This
result was partly due to substantial resources being allocated to
both improving existing products and the development of new
products for the Digital TV business. Assistance with the funding
of this valuable development was received by way of a Spanish
Government backed development loan of EUR0.5 million which is
repayable in six equal instalments from June 2014 to December
2016.
Loss from continuing activities before interest, tax,
depreciation and amortisation is a key performance indicator
("KPI") used by management and removes the impact of one-off and
non-cash transactions (see note 4). Other KPIs used by management
are as follows:
- Gross profit margin: The Group's continued move towards a
product based strategy and its focus on the higher margin core
activities has led to an increase in the gross profit margin from
65% in the year ended 31 March 2010 to 77% in the year under
review.
- Overseas activities: Management believe that one of the major
drivers for growth for the Group will come from its ability to
increase its activities outside of mirada's traditional markets,
being the UK and Spain. During the year revenues generated from
these international customers increased by 40% to GBP1.6 million
and and amounted to 31% of the Group's total revenues compared to
20% in the prior year.
Retained loss for the year equalled GBP7.1 million (GBP7.5
million), however this was after deducting a charge for the
impairment of goodwill of GBP4.9 million (see note 13 for further
details) and the loss from discontinued operations of GBP0.14
million (2010: GBP1.11 million).
During the year, despite the current economic climate the Group
received additional bank financing of GBP1.0 million, it was able
to do this by demonstrating a robust business plan with a strong
pipeline of revenues and the ability to earn recurrent future
revenues based upon its new licencing model. During the year the
Group also raised a further GBP0.3 million by way of a placing,
participants in this placing included directors who invested
GBP0.05 million, and issued further convertible loan notes
totalling GBP0.2 million. In addition mirada has also entered into
negotiations to secure additional bank facilities to provide for
the general working capital requirements of the group and to
support its continued product investment. mirada is also pursuing
other fund raising options, including development grants, should
sufficient bank facilities not be raised (see note 2).
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 independent activities in certain other
markets:
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 products comprise user interfaces for content
navigation and consumption over Digital TV receivers (TV and
set-top boxes), Personal Computers (PCs) and Companion devices
(tablets and smartphones). Our major products are Navi, integrated
over the Ericsson IAP IPTV platform, and iris, our multiscreen
proposition mainly addressed to the cable television markets.
Broadcasters:
Our focus is the distribution and support of our xplayer
product, a successful synchronisation tool for Channels that allows
them to link the live programming to interactive services, from EPG
information to PVR reminders or second screen (PC, companion
devices) applications.
Other areas:
mirada has experience and business activities in other areas:
B2B Gaming, activities for which have reduced significantly post
year end, Interactive Marketing and mirada connect which provides
cashless payment solutions for the car parking market. Management
believe, however, that the main areas of growth for the business
will be in the Digital TV and Broadcast activities.
Outlook
The Group experienced its first successes in its extension into
the product-based strategy during the period which has continued
into the current year with contracted revenues in the Digital TV
business already substantially higher than the previous year. Our
international expansion is continuing, reducing the reliance on our
traditional UK and Spanish markets. We have important distribution
contracts for our core business, with an increasing portfolio of
opportunities, and projects up and running that are generating a
solid ground for our financial sustainability.
The management continued its policy of cost control and is
committed to optimise further the efficiency of our activities. In
addition to that, we have secured additional funding from bank
facilities and investment from Directors and management which goes
some way to prove the confidence that the team have in the future
of the Company.
Our global agreement with Ericsson in the IPTV market is
evolving very positively, with a first important reference in the
Brazilian market and many more joint opportunities across the
world. We foresee that the revenues generated from this line will
exceed our initial expectations as we increase the number of
customers using our Navi technology.
We believe that the Group now has the products in place to allow
it to grow at a good pace, and we will continue updating the market
as we consolidate the increasing number of opportunities ahead of
us.
Jose-Luis Vazquez Chief Executive Officer 30 September 2011
Consolidated income statement
Year ended 31 March 2011
Year ended
31 March Year ended
2011 31 March 2010
Note GBP000 GBP000
Revenue 5,116 5,740
Cost of sales (1,163) (2,028)
-------------------------------------------- ---- ---------- --------------
Gross profit 3,953 3,712
Net gaming income 15 102
Depreciation (118) (254)
Amortisation of deferred development
costs (617) (455)
Impairment of goodwill (4,911) (5,157)
Share based payment charge - (95)
Other administrative expenses (4,975) (4,306)
-------------------------------------------- ---- ---------- --------------
Total administrative expenses (10,621) (10,267)
Operating loss 4 (6,653) (6,453)
Finance income 97 172
Finance expense (410) (74)
Loss before taxation (6,966) (6,355)
Taxation - -
Loss for the year from continuing
operations (6,966) (6,355)
Discontinued operations
Loss for year from discontinued operations (135) (1,112)
Loss for year (7,101) (7,467)
-------------------------------------------- ---- ---------- --------------
Loss per share GBP GBP
Loss per share for the year - basic
& diluted 5 0.35 0.38
Adjusted loss per share - basic &
diluted 5 0.05 0.02
The above amounts are attributable to the equity holders of the
parent.
Consolidated statement of comprehensive income
Year ended 31 March 2011
Year ended Year ended
31 March 2011 31 March 2010
GBP000 GBP000
Loss for the period (7,101) (7,467)
Currency translation differences (48) (310)
Total comprehensive expense for
the year (7,149) (7,777)
---------------------------------- -------------- --------------
Attributable to equity holders
of the parent (7,149) (7,777)
---------------------------------- -------------- --------------
Consolidated statement of changes in equity
Year ended 31 March 2011
Share Share Foreign
Share premium option exchange Merger Retained
capital account reserve reserve reserves earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April
2010 34,923 - 2,109 891 2,472 (29,457) 10,938
Loss for the
financial
period - - - - - (7,101) (7,101)
Movement in
foreign
exchange
reserve - - - (48) - - (48)
Cancellation
of share
capital
against
profit and
loss
account (34,725) - - - - 34,725 -
Issue of
shares 15 285 - - - - 300
Share issue
costs - (12) - - - - (12)
------------- -------- ------- ------- -------- -------- -------- -------
At 31 March
2011 213 273 2,109 843 2,472 (1,833) 4,077
------------- -------- ------- ------- -------- -------- -------- -------
Share Shares Share Foreign
Share premium to be option exchange Merger Retained
capital account issued reserve reserve reserves earning Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April
2009 34,923 - 281 2,014 1,201 2,472 (22,271) 18,620
Loss for
the
financial
period - - - - - - (7,467) (7,467)
Share
based
payment - - - 95 - - - 95
Movement
in
foreign
exchange
reserve - - - - (310) - - (310)
Write back
of shares
to be
issued - - (281) - - - 281 -
At 31
March
2010 34,923 - - 2,109 891 2,472 (29,457) 10,938
---------- ------- ------- ------ ------- -------- -------- -------- -------
Consolidated statement of financial position
31 March 2011
31 March 31 March
2011 2010
Note GBP000 GBP000
Property, plant and equipment 180 228
Goodwill 7,506 12,417
Intangible assets 1,236 1,313
Non-current assets 8,922 13,958
Trade & other receivables 1,531 2,095
Cash and cash equivalents 68 103
---------------------------------------- ---- --------- --------
Current assets 1,599 2,198
Total assets 10,521 16,156
---------------------------------------- ---- --------- --------
Loans and borrowings (619) (536)
Trade and other payables (2,773) (2,760)
Current liabilities (3,392) (3,296)
Net current liabilities (1,793) (1,098)
---------------------------------------- ---- --------- --------
Total assets less current
liabilities 7,129 12,860
---------------------------------------- ---- --------- --------
Interest bearing loans and borrowings (2,408) (960)
Embedded conversion option
derivative (292) (339)
Provisions (352) (623)
Non-current liabilities (3,052) (1,922)
Total liabilities (6,444) (5,218)
---------------------------------------- ---- --------- --------
Net assets 4,077 10,938
---------------------------------------- ---- --------- --------
Equity attributable to equity holders
of the company
Share capital 6 213 34,923
Share premium 273 -
Other reserves 5,424 5,472
Retained earnings (1,833) (29,457)
---------------------------------------- ---- --------- --------
Equity 4,077 10,938
---------------------------------------- ---- --------- --------
Consolidated statement of cash flows
Year ended 31 March 2011
Year ended Year ended
31 March
31 March 2011 2010
Note GBP000 GBP000
Cash flows from operating activities
Loss for the period (7,101) (7,467)
Adjustments for:
Depreciation of property, plant and
equipment 118 254
Impairment of property, plant and
equipment - 556
Amortisation of intangible assets 617 455
Impairment of goodwill 4,911 5,157
Profit on disposal of subsidiaries (444) -
Share-based payment charges - 95
Finance income (97) (172)
Finance expense 410 74
Operating cash flows before movements in
working capital (1,586) (1,048)
Decrease in trade and other receivables 265 669
Increase/(decrease) in trade and other
payables 293 (1,693)
------------------------------------------ ----- -------------- -----------
Cash used in operations (1,028) (2,072)
Interest and similar expenses paid (142) (74)
Net cash used in operating activities (1,170) (2,146)
Cash flows from investing activities
Interest and similar income received 2 172
Cash held in disposed subsidiaries (1) -
Purchases of property, plant and
equipment (61) (56)
Purchases of other intangible assets (601) (720)
------------------------------------------ ----- -------------- -----------
Net cash used in investing activities (661) (604)
Cash flows from financing activities
Issue of convertible loans 200 1,220
Issue of share capital 300 -
Costs of share issue (12) -
Loans received 1,466 60
Repayment of loans (36) -
Repayment of capital element of finance
leases (23) (57)
------------------------------------------ ----- -------------- -----------
Net cash from financing activities 1,895 1,223
Net increase/(decrease) in cash and cash
equivalents 64 (1,527)
Cash and cash equivalents at the
beginning of the period 7 (433) 1,137
Exchange gains/(losses) on cash and cash
equivalents 3 (43)
------------------------------------------ ----- -------------- -----------
Cash and cash equivalents at the end of
the period 7 (366) (433)
------------------------------------------ ----- -------------- -----------
Cash and cash equivalents comprise cash at bank less bank
overdrafts.
Notes to 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 this document does not
constitute the company's statutory accounts for 2010 or 2011.
Statutory accounts for the years ended 31 March 2010 and 31 March
2011 have been reported on by the Independent Auditors. The
Independent Auditors' Reports on the Report and Financial
Statements for each of 2010 and 2011 were unqualified and did not
contain a statement under 498(2) or 498(3) of the Companies Act
2006. The Independent Auditors' Reports on the Report and Financial
Statements for 2011 drew attention to an emphasis of matter due to
the uncertainty over going concern.
The statutory accounts for the year ended 31 March 2010 have
been filed with the Registrar of Companies. The statutory accounts
for the year ended 31 March 2011 will be delivered to the Registrar
in due course.
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 2011. The principal accounting
policies adopted are unchanged from those used in the preparation
of the statutory accounts for the period ended 31 March 2010. 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.
2. Significant accounting policies
Going concern
During the year ended 31 March 2011 the Group recorded a loss
before interest, taxation, depreciation, impairment of goodwill,
amortisation and discontinued operations of GBP1.01 million and a
loss after taxation of GBP7.10 million. At 31 March 2011 the Group
had total net assets of GBP4.08 million and net current liabilities
of GBP1.79 million, and during the year ended 31 March 2011 had an
operating cash outflow before movements in working capital of
GBP1.59 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 both the
recent and expected 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. In addition
Mirada plc has also entered into negotiations to secure additional
bank facilities to provide for the general working capital
requirements of the group and to support its continued product
investment, it is also pursuing other fund raising options should
sufficient bank facilities not be raised. Although the negotiations
are at an advanced stage and the Directors are confident that
sufficient funds will be raised, no binding agreements are in place
at the date of approval of these financial statements On the basis
of these forecasts and the underlying assumptions together with the
anticipated additional financing, the directors believe that the
Group will have sufficient funding to continue in operational
existence for at least twelve months from the date of approval of
these financial statements.
The directors have concluded that a material uncertainty exists
that may cast significant doubt on the Group's ability to continue
to trade as a going concern and, therefore, that it may be unable
to realise its assets and discharge its liabilities in the normal
course of business. However, given the current opportunities
available to secure additional financing for the Group, the
directors continue to adopt the going concern basis of
accounting.
3. 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 2011 are as
follows:
Digital Broadcast
Gaming TV & content Mobile Other Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 888 2,410 1,334 484 - 5,116
Gross profit 537 2,384 692 340 - 3,953
Net gaming
income 15 - - - - 15
Profit/(loss)
before
interest,
tax,
depreciation
&
amortisation 279 526 418 32 (2,261) (1,007)
Impairment of
goodwill (2,716) - (2,195) - - (4,911)
Depreciation - (55) - - (63) (118)
Amortisation - (590) - - (27) (617)
Finance income - - - - 97 97
Finance
expense - - - - (410) (410)
Discontinued
operations - - (135) - - (135)
Segmental
profit/(loss) (2,437) (120) (1,912) 32 (2,664) (7,101)
The segmental results for the year ended 31 March 2010 are as
follows:
Digital Broadcast
Gaming TV & content Mobile Other Group
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
interest,
tax,
depreciation
& share-based
payment
charges 497 381 441 (13) (1,798) (492)
Impairment of
goodwill (4,105) - (1,052) - - (5,157)
Depreciation - (57) - - (197) (254)
Amortisation - (420) - - (35) (455)
Share based
payment
charges - - - - (95) (95)
Finance income - 169 - - 3 172
Finance
expense - - - - (74) (74)
Discontinued
operations - - (1,112) - - (1,112)
Segmental
profit/(loss) (3,608) 73 (1,723) (13) (2,196) (7,467)
There is no significant inter-segment revenue included in the
segments which is required to be eliminated.
The Group has three major customers (a major customer being one
that generates revenues amounting to 10% or more of total revenue)
that account for GBP0.81 million (2010: GBP1.43 million), GBP0.72
million (2010: GBP0.93 million) and GBP0.56 million (2010: GBP0.13
million) of the total Group revenues respectively.
The segment assets and liabilities at 31 March 2011 are as
follows:
Digital Broadcast
Gaming TV & content Mobile Other Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Additions to
non-current
assets - 634 - 9 51 694
Total assets - 6,396 2,140 1,610 375 10,521
Total
liabilities 2 1,360 505 63 4,514 6,444
Capital expenditure comprises additions to property, plant and
equipment and intangible assets.
The segment assets and liabilities at 31 March 2010 are as
follows:
Digital Broadcast
Gaming TV & content Mobile Other Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Additions to
non-current
assets - 709 - - 67 776
Total assets 2,793 6,266 4,670 1,638 789 16,156
Total
liabilities 89 740 837 69 3,483 5,218
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
2011 2011 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000
Segment assets and
liabilities 10,146 1,930 15,367 1,735
Other:
Intangible assets 12 - 94 -
Property, plant &
equipment 79 - 117 -
Other financial assets
& liabilities 284 4,514 578 3,483
Total other 375 4,514 789 3,483
Total Group assets and
liabilities 10,521 6,444 16,156 5,218
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 Non-current assets
by location of by
customer location of assets
31 March 31 March 31 March 31 March
2011 2010 2011 2010
UK 2,610 3,423 3,569 8,563
Spain 925 1,187 5,353 5,395
Continental Europe 1,189 633 - -
Middle East 45 77 - -
Americas 347 420 - -
5,116 5,740 8,922 13,958
4. Operating loss
The operating loss is stated after charging/(crediting) the
following:
Year ended Year ended
31 March 31 March
2011 2010
GBP000 GBP000
Depreciation of owned assets 95 231
Depreciation of assets held under finance
lease 23 23
Amortisation of intangible assets 617 455
Impairment of goodwill 4,911 5,157
Share based payment charge - 95
Operating lease charges 259 352
Foreign exchange loss/(gain) 42 (235)
Research and development costs 252 217
Analysis of auditors' remuneration is as follows:
Year ended Year ended
31 March 31 March
2011 2010
GBP000 GBP000
Fees payable to the Company's auditors
for the audit of the Company's financial
statements 15 15
Fees payable to the Company's auditors
and its associates for other services:
- The audit of the Company's subsidiaries
pursuant to legislation 42 65
- Tax services - 25
Total fees 57 105
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
2011 2010
GBP000 GBP000
Operating loss (6,653) (6,453)
Depreciation 118 254
Amortisation of deferred development costs 617 455
Impairment of goodwill 4,911 5,157
Share based payment charge - 95
Loss before interest, taxation,
depreciation, amortisation and share-based
payment charges (1,007) (492)
Adjusted loss before interest, taxation, depreciation,
amortisation and share-based payment charges has been presented to
provide additional information to the reader.
5. Loss per share
Year ended Year ended
31 March 31 March
2011 2010
Total Total
Loss for period GBP7,101,000 GBP7,467,000
Weighted average number of shares 20,010,964 19,805,485
Basic & diluted loss per share GBP0.35 GBP0.38
Loss for period from continuing
operations GBP6,966,000 GBP6,355,000
Weighted average number of shares 20,010,964 19,805,485
Basic & diluted loss per share GBP0.35 GBP0.32
Adjusted loss per share
Adjusted loss per share is calculated by reference to the loss
from continuing activities before interest, taxation, impairment of
goodwill, depreciation and amortisation (see note 4).
Year ended Year ended
31 March 31 March
2011 2010
Total Total
Adjusted loss for period GBP1,007,000 GBP492,000
Basic & diluted loss per share GBP0.05 GBP0.02
The Company has 302,540 (2010: 315,167) potentially dilutive
ordinary shares arising from share options issued to staff. The
Company also has potentially dilutive ordinary shares arising from
the convertible loan. 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 GBP0.007 (2010: GBP0.06).
6. Share capital
At the General Meeting and Extraordinary General Meeting of
mirada plc held on 12 January 2011 authority was received for the
Company to undertake a capital reorganisation and capital
cancellation.
Capital reorganisaton
The capital reorganisation had the effect of reducing the
nominal value of the ordinary shares from GBP1.00 to 1 pence per
ordinary share. In order to maintain the same number of fully
participating ordinary shares after the capital reorganisation as
there were before such reorganisation, each ordinary share was
subdivided into one new ordinary share and ninety-nine B Deferred
Shares.
Immediately before the capital cancellation there were
19,805,485 GBP1.00 ordinary shares in issue. Immediately after the
capital cancellation there were 19,805,485 GBP0.01 ordinary shares
and 1,960,743,015 GBP0.01 B Deferred shares.
Capital cancellation
The capital cancellation comprised the cancellation against the
Company's profit and loss account of the existing 8,210,178,477
0.1p A Deferred Shares, 690,822,639 GBP0.01 Deferred Shares and the
new 1,960,743,015 GBP0.01 B Deferred Shares created by the capital
reorganisation. This capital reorganisation was completed on 2
March 2011, as confirmed by an Order of the High Courts of
Justice.
A breakdown of the authorised and issued share capital in place
as at 31 March 2011 is as follows:
31 March 31 March 31 March 31 March
2011 2011 2010 2010
Number GBP000 Number GBP000
Authorised
Ordinary shares of
GBP0.01 (2010:
GBP1) each - - 25,789,822 25,790
A Deferred shares of
0.1p each - - 8,210,178,477 8,210
Deferred shares of
1p each - - 900,000,000 9,000
- - 9,135,968,299 43,000
Allotted, called up
and fully paid
Ordinary shares of
GBP0.01 (2010:
GBP1) each 21,305,485 213 19,805,485 19,805
A Deferred shares of
0.1p each - - 8,210,178,477 8,210
Deferred shares of
1p each - - 690,822,639 6,908
21,305,485 213 8,920,806,601 34,923
In the Company's General Meeting held on 12 January 2011 a
resolution was passed to amend the Articles to remove the statement
of authorised share capital of the Company and any related
references thereto within the Articles. The Companies Act 2006
abolishes the requirement for a company to have an authorised share
capital and these amendments reflected this.
On 9 February 2011 the Company raised GBP300,000 via the issue
of 1,500,000 GBP0.01 ordinary shares at a price of GBP0.20 each.
Participants included in this issue included Richard Alden, the
Non-Executive Chairman, and Francis Coles, a non-executive
director, who both subscribed for 125,000 ordinary shares.
Below is a reconciliation of the movements in the ordinary share
capital and share premium balances during the year ended 31 March
2011:
B Deferred Shares Ordinary Shares
Nominal Nominal Share
Number of value Number value premium
shares GBP000 of shares GBP000 GBP000
Balance at 1
April 2010 - - 19,805,485 19,805 -
Balance at date
of capital
reorganisation 1,960,743,015 19,607 19,805,485 198 -
9 February 2011
share issue - - 1,500,000 15 285
Costs of share
issue - - - - (12)
2 March 2011
capital
cancellation (1,960,743,015) (19,607) - - -
Balance at 31
March 2011 - - 21,305,485 213 273
7. Notes supporting cash flow statement
Cash and cash equivalents comprise:
31 March 31 March
2011 2010
GBP000 GBP000
Cash available on demand 68 103
Overdrafts (434) (536)
(366) (433)
Net cash increase/(decrease) in cash and cash
equivalents 67 (1,570)
Cash and cash equivalents at beginning of year (433) 1,137
Cash and cash equivalents at end of year (366) (433)
There were no significant non-cash transactions in the year.
Cash and cash equivalents
Cash and cash equivalents are held in the following
currencies:
31 March 31 March
2011 2010
GBP000 GBP000
Sterling 55 94
Euro 13 9
Total 68 103
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.
8. Related parties
On 9 February 2011 the Company raised GBP300,000 via the issue
of 1,500,000 GBP0.01 ordinary shares at a price of GBP0.20 each.
Participants included in this issue included Richard Alden, the
Non-Executive Chairman, and Francis Coles, a non-executive
director, who both subscribed for 125,000 ordinary shares.
In March 2010 Naropa Cartera S.L.U., which owns 17.9% of the
issued share capital of the Company, and Baring Iberia II Inversion
en Capita F.C.R., which owns 16.4% of the issued share capital of
the Company, subscribed for convertible loans of GBP480,000 and
GBP215,000 respectively. During the current year interest was
accrued but unpaid at a rate of 10% per annum.
9. Events after the balance sheet date
Post the year end the Group obtained additional bank financing
totalling EUR0.91 million (GBP0.80 million), of these facilities
EUR0.20 million (GBP0.18 million) is due to be repaid within one
year. The interest rate payable on all of these facilities is under
6%.
10. Availability of Report and accounts
The Company's report and accounts for the year ended 31 March
2011 will be available on www.mirada.tv today and will be posted to
shareholders today. Copies of the report and accounts for the year
ended 31 March 2011 are available from the Company's registered
address.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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