TIDMPGB
RNS Number : 8482F
Pilat Media Global PLC
30 May 2013
Press Release 30 May 2013
Pilat Media Global PLC
("Pilat Media", the "Group" or the "Company")
Results for the three months ended 31 March 2013
Pilat Media Global plc (AIM:PGB), the London-based supplier of
business management software to the media industry around the
world, today announces its results for the three months ended 31
March 2013 ("the Quarter" or "Q1").
Highlights:
-- Q1 revenues increased by 15.3% to GBP5.82 million (Q1 2012: GBP5.05
million)
-- Q1 gross profit rose by 22.3% to GBP2.80 million (Q1 2012: GBP2.29
million)
-- Q1 operating profit before amortisation of intangible assets of
GBP311,000 (Q1 2012: GBP212,000)
-- Q1 profit after tax increased to GBP30,000 (Q1 2012: GBP19,000)
-- Continued strong cash flow with net cash at Q1 2013 of GBP11.93
million, (Q4 2012: GBP10.73 million; Q1 2012: GBP7.10 million)
-- Two major contracts signed with new clients:
* Starz (US) - US$5 million
* Seven Network (Australia) - AU$7.5 million
Commenting on the Q1 results, Michael Rosenberg, Chairman of
Pilat Media Global plc, said:
"The robust performance seen in 2012 has continued into the
first quarter of 2013 with a 15% growth in revenues and strong cash
generation. The contract signing with strategic clients like Starz
and Seven is extremely encouraging. The Group is pursuing a number
of new opportunities and in some cases is already receiving payment
for initial works being carried out. The Board anticipates that
some of these will convert into longer term contracts."
- Ends -
For further information:
Pilat Media Global plc
Avi Engel, Chief Executive Officer Tel: +44 (0) 20 8782 0700
Martin Blair, Chief Financial Officer
aengel@pilatmedia.com www.pilatmedia.com
Shore Capital (Nominated Adviser)
Dru Danford / Patrick Castle Tel: +44 (0) 20 7408 4090
www.shorecap.co.uk
Media enquiries:
Abchurch
Henry Harrison-Topham / Jamie Hooper Tel: +44 (0) 20 7398 7719
jamie.hooper@abchurch-group.com www.abchurch-group.com
Chairman's and CEO's Statement
Pilat Media is pleased to announce its Q1 results for the three
months ended 31 March 2013.
Revenues in Q1 2013 increased by 15% compared with Q1 2012 as a
result of new projects from this and last year starting to make
their contribution, adding revenues to those generated by
continuing projects and recurring maintenance income. The Group
continues to make good progress and is reaching the final stages on
a number of new implementations. The Board is very pleased to
report that Prime Television in Australia went live in March
2013.
Cash has continued to grow strongly both from the completion of
milestones on implementation projects and from existing clients
where additional services and licences have been sold. The Board
expects cash to continue to increase throughout 2013.
The healthy pipeline of new opportunities reported in the 2012
is starting to bear fruits and two of these have recently converted
into contracts that together are expected to contribute nearly GBP9
million to the Company's revenues in 2013 and 2014. On 5 April 2013
Pilat Media announced the signing of a contract with Starz, a US
leading provider of premium pay TV content and services. A scoping
and analysis phase commenced in April and subject to its successful
completion Starz will be licensing and implementing the Group's
IBMS software to replace a number of legacy systems in the areas of
content and rights management, linear and on demand programming,
media preparation down to transmission scheduling across all their
channels and VOD services. Last week the Company also announced the
signing of a contract with the Seven Network ("Seven"), Australia's
largest free to air television network. Seven is licensing the full
suite of IBMS modules, and will be implementing the system across
its entire TV business operations as its main end-to-end business
management system covering content and rights management, channel
and on-demand programme scheduling, media trafficking and
advertising sales and billing.
In February 2013 the Company announced that it had acquired
SimpleStream Limited's 40% holding in OTTilus and that in addition
to the initial investment of GBP250,000, the Group had paid a
further GBP185,000 on its acceptance of the software. The Company
has continued to enhance the software and has already demonstrated
it at a number of trade shows where it has been well received.
Commercial availability is expected to be reached within a few
months.
Results
First quarter revenues in 2013 were 15% higher than the
equivalent period last year at GBP5,824,000 (Q1 2012:
GBP5,053,000). The quarter benefited from the increased demand from
the existing client base, continued progress on the current
implementations and paid for scoping and analysis studies
commissioned by a number of prospects.
Maintenance revenues increased by 15.9% to GBP1,563,000 (Q1
2012: GBP1,349,000) as more clients progressed from implementation
to maintenance mode during 2012 and in Q1 2013. Q1 2013 maintenance
also included an amount paid for back dated maintenance of
GBP50,000 which distorted the comparison. Licence revenues in Q1
2013 increased by 34.4% to GBP516,000 (Q1 2012: GBP384,000) as a
result of new IBMS-Rights and one license extension sold during the
quarter in addition to the proportion of licence fees recognised as
part of the progression of the large ongoing implementation
projects.
The Q1 2013 revenues for implementation services (customisation,
integration, training and consulting fees) grew by 12.8% to
GBP3,745,000 (Q1 2012: GBP3,320,000). These services were mostly
provided to existing clients and continue to show the high new
business potential that exists within the Company's installed
client base. Approximately 10% of the implementation services
revenue came from scoping and analysis studies paid for by new
prospects.
The quarter's gross margin increased to 48.2% (Q1 2012: 45.3%).
The gross profit in the first quarter was GBP2,804,000 (Q1 2012:
GBP2,293,000) and over the remaining nine months of 2013, as new
contracts are signed, the Board expects margins to increase and the
annual average to be in line with the 2012 average of approximately
52%.
The Company enlarged its R&D team and increased its
investment in product improvements and enhancements to meet the
demands of clients and prospects. The research and development
expenditure in the first quarter grew by 47.6%, to GBP1,213,000 (Q1
2012: GBP822,000).
Sales and marketing costs in Q1 2013 were also higher at
GBP354,000 (Q1 2012: GBP211,000) as the Company increased its sales
force and more of the sales opportunities were overseas, resulting
in higher travel costs.
General and administrative costs were only 3.4% higher than in
Q1 last year, at GBP1,010,000 (Q1 2012: GBP977,000) and the slight
increase was primarily caused by the weakening of sterling so that
overseas costs were higher in sterling terms.
The impact of sterling weakening has been offset by the exchange
gains of GBP84,000 in Q1 2013 compared to the currency loss of
GBP71,000 in the equivalent period last year. The foreign currency
loans that the Company put in place have had the desired impact of
significantly moderating the fluctuations caused by exchange rate
movements. Therefore there was a reduced requirement for large
forward contract hedges and consequently the fair value adjustments
and foreign exchange movements on derivative financial instruments
(Q1 2013 a loss of GBP5,000; Q1 2012 a gain of GBP67,000) were much
reduced from those of previous years.
The operating profit before amortisation was GBP311,000 (2012:
GBP212,000), only GBP99,000 higher as most of the increase in gross
profit was offset by the additional spend on sales and marketing
and research and development. There is a small profit of GBP45,000
after amortisation, which relates to the acquisition in 2006 of
Media Line and the capitalisation of the R&D investment in
technology upgrade back in 2008 (Q1 2012: loss GBP54,000). There is
only a small impact from the fair value, foreign exchange movements
and net finance income resulting in a small profit before tax in
Q1, quite typical if not better than first quarters of previous
years.
Statement of Financial Position
As noted earlier in this statement, in February 2013 the Group
acquired the remaining shares in OTTilus and during the quarter
took delivery of the OTT ("Over The Top") software. As a result it
has now capitalised into intangible assets the cost of purchasing
this software and the continuing software development costs. In
total GBP576,000 of OTT costs have been capitalised of which
GBP311,000 was included in prepayments at the end of 2012. There
was no capitalisation of software development costs in Q1 2012.
Overall receivables at the end of Q1 2012 were GBP9.55 million
having decreased from the 2012 year-end balance of GBP10.2 million.
This fall in trade receivables has been converted into additional
cash and so cash balances, net of the foreign exchange loans have
increased by 11% to GBP11.9 million from GBP10.7 million at the end
of 2012.
The increase in trade and other payables from GBP3.1 million at
the end of 2012 to GBP3.9 million at the end of Q1 2013 is a result
of increased deferred maintenance income.
Cash flow
The strong cash generation in Q1 2013 has caused the cash
balance to increase from GBP14.9 million at the end of 2012 to
GBP16.4 million at the end of the quarter, whilst the loan balance
has increased to GBP4.4 million from GBP4.2 million, due to foreign
currency movements.
Outlook
The strong demand from the existing client base, the new
implementation projects for Starz and Seven and the additional
conversions the Group hopes to achieve in the coming months, should
enable revenues to exceed last year's level. There will also be an
increase in costs as the Company works to enlarge delivery capacity
but operating profits should increase faster than revenues. In
parallel the investment in OTTilus will continue and the Board
expects that OTTilus will start making a contribution to revenues
in the latter stages of the current financial year. Cash will
continue to grow strongly and the Board is examining the best uses
for this cash surplus.
Michael Rosenberg Avi Engel
Chairman Chief Executive Officer
29 May 2013 29 May 2013
CONSOLIDATED INCOME STATEMENT
Note Unaudited Unaudited
3 months 3 months to Audited
to 31 March Year Ended
31 March 2012 31 December
2013 GBP000 2012
GBP000 GBP000
REVENUE 4 5,824 5,053 23,483
Cost of sales (3,020) (2,760) (11,176)
--------- ------------ ------------
GROSS PROFIT 2,804 2,293 12,307
Other operating expenses
Research and development (1,213) (822) (3,6820)
Selling and marketing (354) (211) (1,491)
General and administrative (1,010) (977) (4,083)
Exchange rate movement 84 (71) (204)
--------- ------------ ------------
(2,493) (2,081) (9,460)
--------- ------------ ------------
Operating profit before amortisation
intangible assets 311 212 2,847
Amortisation of intangible assets (266) (266) (1,065)
--------- ------------ ------------
PROFIT / (LOSS) FROM OPERATIONS 45 (54) 1,782
Fair value adjustment and foreign
exchange movement on financial instruments (5) 67 205
Finance income 16 24 94
Finance costs (15) (13) (99)
--------- ------------ ------------
PROFIT BEFORE TAX 41 24 1,982
Income tax expense (11) (5) (512)
--------- ------------ ------------
PROFIT FOR THE PERIOD ATTRIBUTABLE
TO OWNERS OF THE PARENT 30 19 1,470
========= ============ ============
EARNINGS PER SHARE
Basic 3 0.05p 0.03p 2.38p
========= ============ ============
Diluted 3 0.05p 0.03p 2.37p
========= ============ ============
Note: The profit/(loss) from operations for the period arises
from the Group's continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
3 months 3 months Year ended
to to 31 December
31 March 31 March
2013 2012 2012
GBP000 GBP000 GBP000
PROFIT FOR THE PERIOD 30 19 1,470
OTHER COMPREHENSIVE INCOME:
Tax effect on share options - - 5
Exchange translation differences on
foreign operations, net of tax 188 (51) (76)
---------- ---------- -------------
Other comprehensive income for the
period, net of tax 188 (51) (71)
---------- ---------- -------------
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD ATTRIBUTABLE
TO OWNERS OF THE PARENT 218 (32) 1,399
========== ========== =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Notes
Unaudited Unaudited Audited
ASSETS 31 31 31
March March December
NON-CURRENT ASSETS 2013 2012 2012
GBP000 GBP000 GBP000
Intangible assets 7 3,157 3,645 2,846
Property, plant and equipment 720 607 713
Deferred tax 60 55 54
----------- ----------- ----------
3,937 4,307 3,613
----------- ----------- ----------
CURRENT ASSETS
Trade receivables 4,142 3,760 5,448
Other receivables 5,406 7,302 4,748
Cash and cash equivalents 16,362 12,731 14,916
25,910 23,793 25,112
----------- ----------- ----------
TOTAL ASSETS 29,847 28,100 28,725
=========== =========== ==========
EQUITY
Called up share capital 9 3,118 3,007 3,118
Share premium account 9 9,630 9,222 9,630
Capital redemption reserve 50 50 50
Merger reserve (854) (854) (854)
Cumulative translation reserve 568 405 380
Retained earnings 8,728 7,234 8,698
EQUITY ATTRIBUTABLE TO OWNERS OF THE
PARENT 21,240 19,064 21,022
----------- ----------- ----------
LIABILITIES
NON-CURRENT LIABILITIES
Deferred taxation 243 304 257
243 304 257
----------- ----------- ----------
CURRENT LIABILITIES
Trade and other payables 3,899 3,032 3,124
Taxation - - 132
Derivative financial instruments 6 36 73 -
Fixed term loan 8 4,429 5,627 4,190
8,364 8,732 7,446
----------- ----------- ----------
TOTAL LIABILITIES 8,607 9,036 7,703
----------- ----------- ----------
TOTAL EQUITY AND LIABILITIES 29,847 28,100 28,725
=========== =========== ==========
Share Premium Capital Cumulative
Share Account Redemption Merger Translation Retained
Capital Reserve Reserve Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Attributable to
owners of the
parent:
As at 1 January
2013 3,118 9,630 50 (854) 380 8,698 21,022
Profit for the
period - - - - - 30 30
Other comprehensive
income:
Exchange translation
differences on
foreign operations - - - - 188 - 188
Total other
comprehensive
income, net of
taxes - - - - 188 30 218
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
Total comprehensive
income for the
period - - - - 188 30 218
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
As at 31 March
2013 3,118 9,630 50 (854) 568 8,728 21,240
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
Share Capital Share Premium Capital Merger Cumulative Retained Total
Account Redemption Reserve Translation Earnings
Reserve Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Attributable to
owners of the parent:
As at 1 January
2012 3,006 9,216 50 (854) 456 7,213 19,087
Profit for the
year - - - - - 1,470 1,470
Other comprehensive
income:
Current tax credit
in respect of share
based payments - - - - - 5 5
Exchange translation
differences on
foreign operations - - - - (111) - (111)
Deferred tax on
foreign exchange
differences on
translation - - - - 35 - 35
Total other
comprehensive
income, net of
tax - - - - (76) 5 (71)
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
Total comprehensive
income for the
year - - - - (76) 1,475 1,399
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
Proceeds from share
issue 112 414 - - - - 526
Share option charge
for the period - - - - - 10 10
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
Total transactions
with owners 112 414 - - - 10 536
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
As at 31
December 2012 3,118 9,630 50 (854) 380 8,698 21,022
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
Share Premium Capital Cumulative
Share Account Redemption Merger Translation Retained
Capital Reserve Reserve Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Attributable to
owners of the
parent:
As at 1 January
2012 3,006 9,216 50 (854) 456 7,213 19,087
Profit for the
period - - - - - 19 19
Other comprehensive
income:
Exchange translation
differences on
foreign operations - - - - (51) - (51)
Total other
comprehensive
income, net of
taxes - - - - (51) 19 (32)
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
Total comprehensive
income for the
period - - - - (51) 19 (32)
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
Transactions with
owners:-
Proceeds of issued
share capital 1 6 - - - - 7
Share option charge
for the period - - - - - 2 2
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
Total transactions
with owners 1 6 - - - 2 9
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
As at 31March
2012 3,007 9,222 50 (854) 405 7,234 19,064
------------------------- ---------- -------------- ------------ ---------- ------------- ----------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
Notes Unaudited Unaudited Audited
3 months 3 months Year ended
to to 31 December
31 March 31 March
2013 2012 2012
GBP000 GBP000 GBP000
Net cash from operating activities a 1,998 1,038 4,263
Income taxes paid (169) (555) (287)
Interest paid (15) (13) (99)
Interest received 16 24 94
Net cash generated from operating activities 1,830 494 3,971
Net cash used in investing activities b (648) (26) (334)
Net cash generated /(used) in financing
activities c - (124) (1,043)
Net change in cash and cash equivalents 1,182 344 2,594
Cash and cash equivalents at beginning
of period 14,916 12,412 12,412
Exchange profit / (loss) on cash and
cash equivalents 264 (25) (90)
Cash and cash equivalents at end of period 16,362 12,731 14,916
========= ========= ============
APPENDICES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Audited
Unaudited Unaudited Year ended
3 months to 3 months to 31
31 March 31 March December
2013 2012 2012
GBP000 GBP000 GBP000
Reconciliation of profit before tax to net cash from
a operating activities
------------------------------------------------------------
Profit before tax 41 24 1,982
Finance income (16) (24) (94)
Finance costs 255 13 99
Depreciation and amortisation 344 329 1,325
Share option expense 1 2 10
Loss / (gains) on derivative instruments 41 (28) (116)
Decrease in trade and other receivables 511 106 1,128
Increase/(decrease) in trade and other payables 821 616 (71)
-------------- -------------- ------------
Net cash from operating activities 1,998 1,038 4,263
============== ============== ============
Cash used in investing activities
b
-------------------------------------------------------------
Purchase of property, plant and equipment (72) (26) (334)
Purchase of intangible fixed asset - intellectual property (435) - -
Purchase of intangible fixed asset - internal development (141) - -
-------------- -------------- ------------
Net cash used in investing activities (648) (26) (334)
============== ============== ============
Cash generated from / (utilised in) financing activities
c
--------------------------------------------------------------
Proceeds from the issue of share capital - 8 526
Increase /(decrease) in long term loan - (132) (1,569)
--------- ------ --------
Net cash generated / (utilised in) from financing activities - (124) (1,043)
========= ====== ========
1. General Information
The Company is a limited liability company incorporated and
domiciled in the United Kingdom. The address of its registered
office is 19(th) Floor, Wembley Point, 1 Harrow Road, Wembley
Point, London HA9 6DE. Copies of this statement are available from
this address and from the Company's website www.pilatmedia.com.
The Company is quoted on the AIM Market of the London Stock
Exchange and is co-listed on the Tel Aviv Stock Exchange.
This preliminary announcement was approved for issue on 29 May
2013.
2. Basis of preparation
The interim announcement has been prepared under the historical
cost convention, except for the revaluation of derivative financial
instruments, on a going concern basis and in accordance with
International Accounting Standard ('IAS') 34 'Interim Financial
Reporting'.
The interim announcement has been prepared on the basis of the
same accounting policies as published in the audited financial
statements of the Group for the year ended 31 December 2012 and the
accounting policies to be adopted in the financial statements of
the Group for the year ending 31 December 2013. The annual
financial statements of the Group are prepared in accordance with
International Financial Reporting Standards and International
Financial Reporting Interpretations Committee ("IFRIC")
pronouncements as adopted by the European Union. Comparative
figures for the year ended 31 December 2012 have been extracted
from the statutory financial statements for that period which have
not yet been delivered to the Registrar of Companies. The auditor's
report on the statutory financial statements for the year ended 31
December 2012 was unqualified, did not include a reference to any
matters to which the auditor drew attention by way of emphasis and
did not contain a statement under section 498(2) or 498(3) of the
Companies Act 2006. The financial information in this preliminary
announcement does not constitute statutory accounts within the
meaning of section 435 of the Companies Act 2006.
This interim announcement has not been audited but has been
reviewed by the auditors in accordance with International Standard
on Review Engagements (UK and Ireland) 2410 'Review of Interim'-
Financial Information Performed by the Independent Auditor of the
Entity.
3. Earnings per share
Basic and diluted earnings per share are based on the profit for
the period attributable to owners of the parent and on the
following weighted average number of shares in issue.
Weighted average number of shares
in issue
3 months to 3 months to 3 months to
31 31 31
March March December
2013 2012 2012
Basic 62,363,506 60,160,965 61,674,695
Adjustments:
Diluted effect
of share options 399,944 866,622 373,836
Diluted 62,763,450 61,027,587 62,048,531
------------ ------------ ------------
4. Segmental Analysis
IFRS 8 requires the Group to disclose segmental information
based on financial data used by the Chief Operating Decision Maker
(CODM) who is responsible for making financial decisions. The CODM
is considered to be the Company's Senior Managers and Executive
Directors.
There are two material customers for the 3 month period where
the revenue is 10.8% and 10.1% of the total revenue respectively.
(Year ended 31 December 2012: 10.6% and 8.1%; 3 Months to 31 March
2012 10.2% and 10.1%)
The Directors consider there to be only one segment under IFRS 8
based on the information reviewed by the CODM.
The Group's revenue and profit before tax were all derived from
its principal activity. Sales and profit from operations were made
in the following geographical markets:
REVENUE
3 months 3 months Year ended
to to 31 December
31 March 31 March 2012
2013 % 2012 % GBP000 %
GBP000 GBP000
United Kingdom 885 15.2 387 7.7 1,970 8.4
USA 1,308 22.5 1,272 25.2 4,461 19.0
Canada 939 16.1 1,029 20.4 4,087 17.4
Australia 1,181 20.3 827 16.4 4,112 17.5
Other 1,511 25.9 1,538 30.3 8,853 37.7
5,824 5,053 23,483
--------- --------- ------------
NON-CURRENT ASSETS Intangible assets Property, Plant and equipment
3 Months to 3 Months to 12 Months 3 Months to 3 Months to 12 Months to
31 31 to 31 31 31 31
March March December March March December
2013 2012 2012 2013 2012 2012
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
United Kingdom 3,157 3,645 2,846 536 442 533
Israel - - - 121 118 115
Other - - - 63 47 65
3,157 3,645 2,846 720 607 713
----------- ----------- --------- ----------- ----------- ------------
The above geographical location has been provided based on the
destination of services provided.
5. Seasonality
Whilst revenue is not seasonal there has been an historic trend
of the second half of the year being stronger than the first half
of the year. For the year ended 31 December 2012, the second half
revenue represented 55% (2011: 53%) of the annual revenue.
6. Derivative Financial Instruments
As at 31 March 2013, the Group held forward foreign currency
contracts to sell Canadian Dollar, US Dollar, Euro and Australian
Dollars for sterling of GBP784,147, GBP1,535,909, GBP648,946 and
GBP408,752 (March 2012 Canadian Dollar GBP486,075, US Dollar
GBP2,035,109, Euro GBPNil, Australian Dollar - GBPNil and Israeli
New Shekel GBP3,003,154; December 2012: Israeli New Shekel -
GBP491,811) respectively to hedge expected settlements of foreign
currency receivable balances. The Canadian Dollar, US Dollar, Euro
and Australian Dollar contracts mature over the next nine months
with the final contract expiring in December 2013.
7. Intangibles
Trade Mark Customer Contracts Intellectual Property Development
GBP000 GBP000 GBP000 Costs Total
GBP000 GBP000
Cost
At 1 January 2011, at 31 December
2012 and at 1 January 2013 2 2,701 469 5,871 9,043
Additions during Q1 2013 -
development costs - - - 576 576
At 31 March 2013 2 2,701 469 6,447 9,619
=========== =================== ====================== ============ =========
Amortisation
1 January 2011 - 1,683 357 2,027 4,067
Amortisation for the year - 204 23 838 1,065
----------- ------------------- ---------------------- ------------ ---------
At 31 December 2011 - 1,887 380 2,865 5,132
Amortisation for the year - 204 22 839 1,065
----------- ------------------- ---------------------- ------------ ---------
At 31 December 2012 - 2,091 402 3,704 6,197
Amortisation for the period - 50 5 210 265
----------- ------------------- ---------------------- ------------ ---------
At 31 March 2013 - 2,141 407 3,914 6,462
=========== =================== ====================== ============ =========
Carrying Amount
At 31 March 2013 2 560 497 2,098 3,157
=========== =================== ====================== ============ =========
At 31 December 2012 2 610 67 2,167 2,846
=========== =================== ====================== ============ =========
At 31 December 2011 2 814 89 3,006 3,911
=========== =================== ====================== ============ =========
At 31 December 2010 2 1,018 112 3,844 4,976
=========== =================== ====================== ============ =========
8. Fixed term loan
31 March 31 March 31 December
2013 2012 2012
GBP000 GBP000 GBP000
CAD Fixed term loan 2,456 2,380 2,345
USD Fixed term loan 1,973 3,247 1,845
---------------- ---------------- ----------------------
Total 4,429 5,627 4,190
================ ================ ======================
The loans are charged interest at LIBOR plus 0.5%, secured by a charge over the Group's cash
balances of GBP7,357,097 (Q1 2012: GBP6,591,950, December 2012: GBP6,875,860) and repayable
on demand, with a maturity date of 31 December 2013.
9. Share Capital and Share Premium
SHARE CAPITAL SHARE PREMIUM SHARE CAPITAL SHARE PREMIUM
31 March 31 March 31 March 31 March
2013 2013 2012 2012
Number GBP000 GBP000 Number GBP000 GBP000
of shares of shares
Authorised:
Ordinary shares
of 5p each 100,000,000 5,000 100,000,000 5,000,000
============= ======= ============= ===========
Allotted, issued
and fully paid:
Ordinary shares
of 5p each
At 1 January 62,363,506 3,118 9,630 60,126,838 3,006 9,216
Conversion
of options - - -
Employee share
options at
23.5p grant
price - - - 32,668 1 6
------------- ------- -------------- ------------- ----------- --------------
At 31 March 62,363,506 3,118 9,630 60,159,506 3,007 9,222
============= ======= ============== ============= =========== ==============
SHARE CAPITAL SHARE PREMIUM
31 December 31 December
2012 2012
Number GBP000 GBP000
of shares
Authorised:
Ordinary shares
of 5p each 100,000,000 5,000
============= =======
Allotted, issued
and fully paid:
Ordinary shares
of 5p each
At 1 January
Conversion
of options 60,126,838 3,006 9,216
Employee share
options at
23.5p grant
price 2,236,668 112 414
At 31 December 62,363,506 3,118 9,630
============= ======= ==============
INDEPENDENT REVIEW REPORT TO MEMBERS OF PILAT MEDIA GLOBAL
PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the interim financial report for the
three months ended 31 March 2013 which comprises the Consolidated
Income Statement, Consolidated Statement of Comprehensive Income,
Consolidated Statement of Changes in Equity, Consolidated Statement
of Financial Position, Consolidated Statement of Cash Flows and the
related explanatory notes. We have read the other information
contained in the interim financial report and considered whether it
contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial
statements.
This report is made solely to the company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"'Review of Interim Financial Information performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our review work has been undertaken so that we might state
to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Directors' Responsibilities
The interim financial report, is the responsibility of, and has
been approved by the directors. The directors are responsible for
preparing and presenting the interim financial report in accordance
with the AIM Rules for Companies.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards and International Financial Reporting
Interpretations Committee ("IFRIC") pronouncements as adopted by
the European Union. The condensed set of financial statements
included in this interim financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting" as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the interim financial
report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim financial report for the three months ended 31 March
2013 is not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European
Union, and the AIM Rules for Companies.
Baker Tilly UK Audit LLP
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
29 May 2013
This information is provided by RNS
The company news service from the London Stock Exchange
END
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