TIDMPTV
RNS Number : 9278O
PeerTV PLC
25 September 2013
25 September 2013
PeerTV PLC
("PeerTV" or "the Company")
Interim Results and Issue of Equity
PeerTV (AIM:PTV), a provider of technology solutions for the OTT
(TV over the internet) market, and PCB (printed circuit board)
production solutions, today announces its unaudited results for the
six months ending 30 June 2013.
Key Developments
-- Consolidated turnover of $1,274,000 and total comprehensive loss of $1,099,000.
-- Operating loss for the period reduced by 63% ($475,000
compared to $1,275,000 the same period in 2012 and $4,419,000 for
the year ended 31 December 2012).
Both businesses have made steady progress towards recovery.
Conversion of prospects into orders taking time.
-- Main achievement in PTV was the delivery of the first order
for Android Set Top Box to PTV's major traditional customer.
Significant additional orders expected later in 2013 and
beyond.
-- PeerTV marketing team has generated a stream of potentially
significant sales opportunities. Peer TV R&D department
allocating its limited resources to progressing the conversion of
these leads into sales.
-- Digitek made important progress in establishing relationships
with several customers, including many well known Israeli brands,
with potential for mass production and high volume business.
-- Achieving approvals for the military and medical sectors
opening doors to several important customers.
Post Period Highlights
-- Digitek sales in third quarter of 2013 have increased
significantly compared to the first two quarters of 2013.
-- Continuation of placing of 35,714,285 0.5p Ordinary shares at
3.50 pence per share and a similar number of five year warrants
exercisable at 4 pence per share, generating a total of
GBP1,250,000 gross proceeds. The Company has effected closings in
respect of GBP1,007,400 to date of which GBP550,500 was received
prior to 30 June 2013. The balance is expected to complete during
the final quarter of 2013.
-- Digitek SMT Assemblies Ltd raised a further GBP110,000 in
secured loan notes and has made repayments to loan noteholders
totaling GBP41,000.
Further to the announcement of 3 September 2013, the company
announces the issue of 3,539,996 new ordinary shares.
These new ordinary shares were issued pursuant to a further
closing of the placing announced on 16 June 2013 and also mentioned
above. The shares and attached warrants were placed with private
investors. This brings the gross amount received by the company
under the placing to GBP1,007,400.
Application has been be made for the 3,539,996 shares, which
rank pari passu with the existing ordinary shares in issue, to be
admitted to trading on AIM and admission to trading is expected on
or after 5 October 2013.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman
+972 9 7407315
Libertas Capital Corporate Finance Ltd
Thilo Hoffmann/Sandy Jamieson +44 (0) 203 697 9499
APPENDIX
CHAIRMAN'S STATEMENT
Our interim results for the six months ended 30 June 2013 show
consolidated turnover of $1,274,000 and total comprehensive losses
of $1,101,000.
The operating loss for the period was $477,000 compared to
$1,275,000 in the same period in 2012.
Both our businesses have been making progress and are steadily
converting prospects into orders.
Peer TV
During the first six months of 2013 Peer TV supplied the first
order for our Android set top box to our major traditional
customer. The product was launched by the customer on a commercial
basis in August 2013 and we are expecting follow up orders after
our customers' market testing.
Following its extensive activities, including attendance at
trade exhibitions and a European road show in July 2013, the PeerTV
marketing team has generated a stream of potentially significant
sales opportunities. We have a meaningful sales pipeline of over
200,000 units from about twenty separate companies and we hope to
convert a proportion of these into sales. Each of these leads
requires support from our R&D team and requires careful
resource allocation and we expect fairly lengthy sales cycles.
Digitek
During the first six months of 2013 Digitek made important
progress in establishing relationships with several new customers,
including many important Israeli companies.
Success in obtaining the top level quality approvals for the
military and medical sectors has opened the door to several major
customers.
The results of these efforts have been seen in the third quarter
of 2013 in which sales have increased significantly.
The Digitek business continues to be financed by an investor
based revolving loan note facility. The finance costs associated
with the facility are high and we hope to be in a position to
revert to bank credit facilities by mid 2014.
E Yanuv
Chairman and Director
CONDENSED GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Six months Six months Year to
to to
30 June 30 June 31 December
2013 2012 2012
Note $'000 $'000 $'000
TURNOVER 3 1,274 1,238 1,959
Cost of sales (1,496) (1,200) (2,418)
--------------- --------------- ----------------
GROSS (LOSS) /PROFIT (222) 38 (459)
Research and development - (397) (397)
Sales and marketing (42) (74) (152)
General and administrative (377) (715) (1,400)
Other expenditure 164 (127) (98)
Exceptional item -
impairment of intangibles - - (1,913)
--------------- --------------- ----------------
OPERATING LOSS (477) (1,275) (4,419)
Finance costs (935) (665) (1,401)
Other expense (157) - (32)
--------------- --------------- ----------------
LOSS BEFORE TAXATION (1,569) (1,940) (5,852)
Minority interest 468 326 682
--------------- --------------- ----------------
TOTAL COMPREHENSIVE
LOSS (1,101) (1,614) (5,170)
======== ======= ========
Loss per share
4 $(0.02) $(0.03) $(0.10)
Basic ======== ======== ========
Diluted $(0.01) $(0.03) $(0.08)
======== ======= ========
CONDENSED GROUP BALANCE SHEET
FOR THE SIX MONTHS ENDED 30 JUNE 2013
As at As at As at
30 June 30 June 31 December
2013 2012 2012
$'000 $'000 $'000
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets 3,265 4,808 3,114
Property, plant and equipment 1,374 1,614 1,465
------------- ------------- ------------
4,639 6,422 4,579
Current assets
Inventories 357 265 487
Trade and other receivables 426 553 495
Cash and cash equivalents 118 146 81
------------- ------------- ------------
901 964 1,063
------------- ------------- ------------
Total assets 5,540 7,386 5,642
====== ====== ======
LIABILITIES
Non-current liabilities
Other payables 104 81 85
2014 loan notes 1,653 1,489 1,492
Other loans and loan notes 527 1,014 1,008
------------- ------------- ------------
2,284 2,584 2,585
Current liabilities
Bank overdraft 626 1,117 13
Trade and other payables 3,550 3,735 3,875
Bank and other borrowing 4,330 1,664 3,575
Provisions 192 5 209
------------- ------------- ------------
8,698 6,521 7,672
------------- ------------- ------------
Total liabilities 10,982 9,105 10,257
------------- ------------- ------------
Net liabilities (5,442) (1,719) (4,615)
======= ======= ======
EQUITY
Called up share capital 533 324 411
Share premium account 22,173 20,778 21,935
Share options, warrants
and deferred shares 2,101 1,363 1,567
Minority interest (1,999) (1,175) (1,531)
Foreign exchange rate
reserves (12) 480 140
Other reserves - on consolidation
under predecessor accounting (1,817) (1,817) (1,817)
Other reserves - equity
component of preference
shares 490 490 490
Other reserves- equity - 92 -
component of loan notes
Retained earnings (26,911) (22,254) (25,810)
------------- ------------- ------------
Total equity (5,442) (1,719) (4,615)
======= ======= ======
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Six months Six months Year to
to to 31
30 June 30 June December
2013 2012 2012
$'000 $'000 $'000
Unaudited Unaudited Audited
Cash flows from operating
activities
Loss before taxation (1,569) (1,940) (5,852)
Adjustments for:
Net finance expense 935 665 1,401
Foreign exchange loss - 6 42
Depreciation and amortisation 91 368 569
Movement in trade and other
receivables 69 1,135 1,172
Movement in inventories 132 124 (98)
Movement in trade and other
payables 323 (1,318) (1,726)
Impairment of intangible - - 1,913
------------ ------------ --------------
Net cash outflow from operating
activities (19) (960) (2,579)
Cash flow from investing
activities
Purchase of fixed assets - (40) (4)
Intangible assets additions (151) (70) (289)
Withdrawal/(investment) in
restricted bank deposit - (2) 18
------------ ------------ --------------
Net cash outflow from investing
activities (151) (112) (275)
Cash flows from financing
activities
Proceeds from borrowings 74 81 1,632
Repayment of borrowings (1,393) (1,875) (856)
Proceeds from loan notes 797 887 -
Issue of shares 116 826 1,975
------------ ------------ --------------
Cash (outflow) / inflow from
financing activities (406) (81) 2,751
Net cash outflow from all
activities (576) (1,153) (103)
Cash and cash equivalents
at beginning of period 68 162 162
------------ ------------ --------------
Cash and cash equivalents
at end of period (508) (991) 59
====== ====== ======
Cash and cash equivalents
are made up as follows:
Cash at bank and hand 118 126 72
Bank overdraft (626) (1,117) (13)
------------ ------------ --------------
(508) (991) 59
====== ====== ======
NOTES TO THE REPORT AND CONDENSED GROUP FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
1. BASIS OF PREPARATION
The condensed group financial statements have been prepared
using accounting policies consistent with International Financial
Reporting Standards (IFRS) as endorsed for use by Companies listed
on an EU regulated market and in accordance with IAS34 - "Interim
Financial Reporting". The same accounting policies, presentation
and methods of computation have been followed in the preparation of
these results as were applied in the Group's latest annual audited
financial statements. It is not expected that there will be any
changes or additions to these in the 2013 annual financial
statements.
This statement does not comprise statutory accounts as defined
in Section 434 of the Companies Act 2006 and the results for the
six months ended 30 June 2013 and for the six months ended 30 June
2012 are unaudited.
The financial information for the year ended 31 December 2012 is
an extract from the latest group accounts. Statutory financial
statements for the year ended 31 December 2012, prepared in
accordance with IFRS, on which the auditors gave an unmodified
opinion but did include reference to matters to which the auditors
drew attention by way of emphasis without modifying their
report.
The condensed group financial statements are presented in US
Dollars and all values are rounded to the nearest thousand dollars
($'000) except when otherwise indicated.
During the six month period ended 30 June 2013 the group
incurred a loss of $1,101,000 and had net liabilities of $5,442,000
as at that date.
During the period both businesses made progress including the
conversion of prospects to orders. In particular PeerTV supplied
the first order of its Android set top box to its traditional
customer and expects further orders following the successful launch
of the product. Investment capital is being used to provide the
technical support required to convert other sales leads to
orders.
Similarly, Digitek made important progress in establishing
relationships with several new customers, including many important
Israeli companies, assisted by obtaining the top level quality
approvals for the military and medical sectors. These factors are
reflected in increasing order book and sales.
The directors believe that due to the aforementioned
restructuring and funds raised through private placing which
commenced in June 2013 and issue of loan notes in Digitek SMT
Assemblies since the period end the group is a going concern.
However, the future of the group is dependent on the directors
being successful in their bid to secure finance and the group
achieving its trading projections.
2. RAISING OF CAPITAL
In June 2013 the company approved and reported the issue of
15,728,556 0.5p Ordinary shares at GBP0.035 each and 15,728,556
five year warrants exercisable at GBP0.04 per share.
3. BUSINESS SEGMENT ANALYSIS
Class of business
The turnover, loss on ordinary activities before taxation and
net liabilities of the group are attributable to two
classes of business.
PeerTV Ltd is engaged in developing and providing hardware and
software to enable the delivery of live broadcasts and video on
demand over the internet to the television. The company develops,
manufactures and supplies end-to-end technology systems for a new
breed of TV operator that seeks to deliver rich, personalized and
highly cost-effective internet TV services.
Through its wholly owned subsidiaries SM Digitek (1993) Ltd and
Digitek SMT Assemblies Ltd, Digitek Holdings Ltd's principal
activities are the assembly of electronic products and components
and the associated sourcing and logistics for companies principally
engaged in the hi-tech and telecommunications industries in Israel.
It uses electronic and computerized equipment, which operates
robotically and is geared to the accurate assembly of the
electronic components on the circuit board in the least possible
time.
Geographical areas Turnover by location of
customer
Six months Six months Year to
to to
30 June 30 June 31 December
2013 2012 2012
% % %
Unaudited Unaudited Audited
Europe 51 10 19
Israel 49 86 81
Other - 4 -
----------- ----------- ----------
100 100 100
===== ===== =====
4. LOSS PER SHARE
Basic loss per share is calculated by reference to the loss on
ordinary activities after taxation of $1,101,000 (30 June 2012-
loss of $1,614,000 and 31 December 2012 - loss of $5,170,000) and
on the weighted average of
60,008,815 (30 June 2012 - 45,844,122 and 31 December 2012 -
50,229,193) shares in issue. The calculation of diluted earnings
per share is based on the loss on ordinary activities after
taxation and the diluted weighted average of 74,984,088 (30 June
2012 - 47,377,947 and 31 December 2012 - 62,220,398) shares
calculated as follows:
Number of shares
30 June 30 June 31 December
2013 2012 2012
Number Number Number
Basic weighted average
number of shares 60,008,815 45,844,122 50,229,193
Dilutive potential ordinary
shares: Share options 14,975,273 1,533,825 11,991,205
------------------- ----------------------- --------------------------
Diluted weighted average
number of shares 74,984,088 47,377,947 62,220,398
========== =========== ============
5. POST BALANCE SHEET EVENTS
Since 30 June 2013 a total of GBP456,900, representing
13,054,286 0.5p Ordinary shares and warrants, has been
received.
Since 30 June 2013 Digitek SMT Assemblies Ltd raised a further
GBP110,000 in secured loan notes and has made repayments to loan
note holders totaling GBP41,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAXNSAADDEFF
Peertv (LSE:PTV)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Peertv (LSE:PTV)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
