TIDMPTV
RNS Number : 1836I
PeerTV PLC
28 June 2013
28(th) June 2013
PeerTV PLC
("PeerTV" or "the Company")
Results for the year ended 31 December 2012
PeerTV (AIM:PTV), a provider of technology solutions for the OTT
(TV over the internet) market and PCB (printed circuit board)
production solutions announces its audited results for the year
ended 31 December 2012.
Key Developments
-- Total revenue of $1.96 million (2011: $5.07 million)
-- Operating Loss excluding Exceptional Items $2.5 million (2011 $5.3 million).
-- Total Comprehensive Loss of $5.1 million (2011 loss: $11.6
million). This includes $1.4 million of financing costs and a $1.9
million non-cash write down of the value of goodwill acquired in
the purchase of Digitek Holdings Ltd.
-- Operating expenses reduced from $4 million in 2011 to $2 million in 2012.
-- Total equity fundraising of approximately $3 million during the year
-- Restructuring and refinancing of the Digitek business through
the issue of secured loan notes and reaching settlement with
bankers.
-- Recruitment of new customers and strong measures to reduce
costs, including concentrating the two businesses on the same site
under the same Chief Executive Officer.
-- Rebuilding relationship with major customers.
-- Focus on the development of the Android based Set Top Box and
the receipt of first order from PeerTV Ltd's major customer, which
has been delivered satisfactorily in 2013.
Post Year-end Events
In April 2013 the company announced the resignation of Leon
Nahon as Chairman. In May 2013 Eitan Yanuv was appointed in his
place.
During the first six months of 2013 an additional $960,000 was
raised by Digitek SMT Assemblies Ltd under the secured loan note
facility.
In May 2013 the company issued a Private Placement Memorandum
under which it has received commitment for gross investment of
GBP750,000.
The Annual report and the auditor's report include the following
statements
Auditors Report: Emphasis of matter - going concern
In forming our opinion, which is not modified, we have
considered the adequacy of the disclosures made within note 1e of
the accounting policies concerning the group's and the parent
company's ability to continue as a going concern. The group
incurred a net loss of $5,170,000 during the year ended 31 December
2012 and had net liabilities of $4,615,000 as at that date. This,
along with the other matters explained within note 1e of the
accounting policies, indicate the existence of a material
uncertainty which may cast a significant doubt about the group and
company's ability to continue as a going concern. The financial
statements do not include the adjustments that would result if the
group and company were unable to continue as a going concern.
Annual Report: Going concern
During the year the group incurred a loss of
$5,170,000 and had net liabilities of $4,615,000
as at the year end. The directors are in the
process of raising additional funds to provide
working capital.
The directors are encouraged by a strong inflow
of orders and Letters of Intent which are expected
to convert into firm orders for both the PeerTV
and Digitek businesses later in 2013 and in 2014.
They are confident that in due course the acquisition
of Digitek Holdings Ltd will produce significant
operational benefits for the Group.
During 2012 Digitek SMT Assemblies Ltd was created
to serve as a marketing and financing company.
Secured Loan Notes issued by that company has
enabled the company to reduce its liability to
its principal bank and to provide working capital.
The group has also been successful in soliciting
new customers.
The directors believe that due to the aforementioned
developments, including the private placement
that is currently in progress that the company
is a going concern. However, the future of the
Group is dependent on it achieving its trading
projections and on the directors being successful
in their bid to secure finance.
Subject to the above, the directors consider
that it is appropriate to prepare the financial
statements on the going concern basis. If additional
financing by whatever means is not secured in
the next twelve months, then it is unlikely that
the group be able to continue in its present
form.
The financial statements do not include any adjustments
that would be necessary should this basis not
appropriate.
The full audited accounts are available from the Company's
website: www.peertvplc.com and will be posted to shareholders in
the next few days.
Further enquiries:
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman +972 974 07315
Libertas Capital Corporate Finance Limited
Thilo Hoffmann /Sandy Jamieson +44 (0) 20 7569 9650
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2012
I joined the Group as Chairman in May 2013. We are aiming to
realize the potential of the business and bring about a period of
period of stability to the Board and the management of the
Group.
Peer TV
During 2012 and early 2013 our main achievement in Peer TV was
to stabilise our principal product, our Android set top box, and to
regain the confidence of our major traditional customer. We hope to
build on this foundation during the second half of 2013. We believe
the markets for our products are still in their infancy and we hope
to achieve substantial gains during the coming year.
Following the resignation of Moshe Bartov in October 2012, Avi
Vermus stepped in as CEO and has succeeded in moving the business
forward both internally and with our customers.
We have a leaner team and we are now located in the premises of
Digitek which makes for a more efficient management structure and
lower operating costs.
We attended two major events in London and Amsterdam during 2012
and generated a number of interesting quality leads which we are
seeking to convert into business. We have appointed a new head of
sales and are currently recruiting additional members to the
R&D team to enable us to support an increasing number of
customers.
Digitek
The recovery of the Digitek business has taken longer to achieve
than originally expected. Avi Vermus assumed the management of
Digitek in January 2012 and has done an excellent job strengthening
the customer base. Having obtained the necessary standards
approvals, he is positioning the company in the military and
medical equipment high growth segments which offer the possibility
of mass production orders.
During 2012 we financed the company with an investor based
revolving loan note facility, which we consider a suitable
financing tool until such time as we regain bank credit
facilities.
The board is fully aware of the financial challenges being faced
by the Group and is continually taking steps to ensure that
adequate finance is available to support the recovery of both
businesses.
Thanks go to our chief executive, directors and members of
staff, together with our advisors for their hard work and support
during the year. We look forward to improved results in 2013 and
2014 building on the progress that has already been made in both
businesses.
E.Yanuv
Chairman
PEERTV PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2012
2012 2011
Note $'000 $'000
REVENUE 1,2 1,959 5,065
Cost of sales (2,418) (6,365)
-------------- --------------
GROSS (LOSS)/PROFIT (459) (1,300)
Research and development (397) (1,356)
Sales and marketing (152) (150)
General and administrative 4 (1,400) (1,790)
Other expenditure (98) (716)
Exceptional items - impairment
of intangibles 5 (1,913) (4,013)
---------------- --------------
OPERATING LOSS 3 (4,419) (9,325)
Finance costs 6 (1,401) (2,726)
Other expense (32) -
---------------- ----------------
LOSS BEFORE TAXATION (5,852) (12,051)
Taxation 7 - (215)
Minority interest 682 638
---------------- ----------------
TOTAL COMPREHENSIVE LOSS
FOR THE YEAR (5,170) (11,628)
======= ======
LOSS PER SHARE
BASIC 8 ($0.10) ($0.53)
====== ======
DILUTED 8 ($0.08) ($0.33)
====== ======
All recognised gains and losses are included in the consolidated
income statement.
PEERTV PLC COMPANY NUMBER: 7068350
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2012
2012 2011
Note $'000 $'000
ASSETS
Non-current assets
Intangible assets 10 3,114 4,955
Property, plant and equipment 11 1,465 1,771
-------------- --------------
4,579 6,726
-------------- -------------
Current assets
Inventories 13 487 389
Trade and other receivables 14 495 1,688
Cash and cash equivalents 15 81 261
-------------- --------------
1,063 2,338
-------------- --------------
Total assets 5,642 9,064
-------------- -------------
LIABILITIES
Non-current liabilities
Other payables 85 52
2014 loan notes 22 1,492 1,315
Other loans and loan notes 22 1,008 1,050
-------------- --------------
2,585 2,417
-------------- -------------
Current liabilities
Bank overdraft 13 81
Trade and other payables 19 3,875 4,615
Bank and other borrowings 20 3,575 2,401
Provisions 21 209 170
-------------- --------------
7,672 7,267
-------------- --------------
Total liabilities 10,257 9,684
-------------- --------------
Net liabilities (4,615) (620)
======= ========
Called up share capital 16 411 296
Share premium account 21,935 20,283
Share options, warrants
and deferred shares 1,567 1,363
Other reserves - on consolidation under
predecessor accounting (1,817) (1,817)
Minority interest (1,531) (849)
Foreign exchange reserve 140 254
Other reserves - equity
component of preference
shares 18 490 490
Retained earnings (25,810) (20,640)
-------------- -------------
Total equity (4,615) (620)
======= ========
The financial statements were approved and authorised for issue
by the Board of Directors on 28 June 2013 and were signed below on
its behalf by:
E Yanuv
Director
This information is provided by RNS
The company news service from the London Stock Exchange
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