TIDMPGB
RNS Number : 6796M
Pilat Media Global PLC
29 August 2013
Press Release 29 August 2013
Pilat Media Global PLC
("Pilat Media", the "Group" or the "Company")
Results for the six months ended 30 June 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 six months ended 30 June
2013 ("H1") and the three months ended 30 June 2013 ("the Quarter"
or "Q2").
Summary:
-- Revenues:
-- Q2 revenues up 21.4% to GBP6.57 million (Q2 2012: GBP5.41
million)
-- H1 revenues up 18.5% GBP12.39 million (H1 2012: GBP10.46 million)
-- Operating profit before amortisation of intangible assets:
-- Q2 - GBP0.36 million (Q2 2012: GBP0.37 million)
-- H1 - GBP0.69 million (H1 2012: GBP0.58 million)
-- Profit for the period:
-- Q2 - GBP149,000 (Q2 2012: GBP25,000)
-- H1 - GBP179,000 (H1 2012: GBP44,000)
-- Continued strong cash flow:
o GBP428,000 generated from operations during Q2
o Net cash at the end of Q2 2013: GBP12.2 million (Q1
2013: GBP11.9 million)
-- Five new contracts signed this year worth approximately
GBP11 million in license and initial implementation fees
over this and next year
Commenting on the results, Michael Rosenberg, Chairman of Pilat
Media Global plc, said:
"The strong growth the Company experienced in the first quarter
has continued and with the signing of the new contracts recently
announced and the major contracts at Starz and Seven the Board
expects growth to continue. The signing of these new contracts is
important not only for their revenue contribution but also because
they are in emerging markets for Pilat Media. In Latin America the
Company has built on its success in winning its first major client,
GloboSat in Brazil three years ago. The contract in Turkey again
demonstrates the widening of Pilat Media's marketing footprint into
new growing territories. Cash generation continues to be strong and
the Board continuously reviews the best way to utilise its robust
balance sheet."
- Ends -
For further information:
Pilat Media Global plc
Avi Engel, Chief Executive Officer Tel: +44 (0) 20 8782 0700
Martin Blair, Chief Financial Officer
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
henry.ht@abchurch-group.com www.abchurch-group.com
Chairman and CEO's Statement
Pilat Media Global plc is pleased to announce its results for
the six months and three months ended 30 June 2013.
Revenues in Q2 and in H1 grew by 21.4% and 18.5% respectively
compared with the equivalent periods last year. This revenue growth
has primarily come from increased demand from clients under
contracts signed in previous years. Only one of the new contracts
signed this year with Australia's Seven West Media ("Seven"),
contributed significantly to revenues in Q2. This major contract
with Seven is one of five new contracts the Company has signed over
the last few months.
In April 2013, the Company signed a contract with America's
Starz Entertainment, Inc. ("Starz") who licensed and is now
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 and
transmission scheduling across all their channels and Video on
Demand ("VOD") services. The Company has now completed the scoping
and analysis phase and the implementation plan and budget have now
been approved and the project commenced.
In August 2013, Pilat Media announced the signing of three new
contracts. The first is with a leading premium television network
in Latin America licensing the full suite of IBMS modules for
gradual implementation and long-term maintenance for an eight year
period. The second is through a local partner who will be
sublicensing and fronting the implementation of IBMS at a major
telecommunications company in South America to support advertising
sales and traffic as part of their IPTV service. The third contract
is with a major provider of a premium television service in Turkey,
for the licensing of IBMS On-Demand and IBMS-Rights.
The five new contracts are expected to contribute approximately
GBP11 million of license and initial implementation fees this and
next year.
The work on the new contracts and increased demand from existing
clients has required the Company to increase delivery capacity with
a consequential increase in operational costs. However, despite the
increased costs, the Board expects operating profits to increase
over last year's level.
Results
Q2 revenues of GBP6.57 million (Q2 2012: GBP5.41 million) were
21.4% higher than the equivalent quarter in 2012. These increased
revenues reflected increased activity across the Group's entire
existing client base and the start of revenues from the contract
Seven. Maintenance revenues continued the trend from Q1 and
increased by 15.6% to GBP1.57 million (Q2 2012: GBP1.35 million) as
more clients progressed from implementation to maintenance mode
during 2012 and the first few months of 2013. Licence revenues in
Q2 2013 increased to GBP0.77 million (Q2 2012: GBP0.70 million) as
a result of the proportion of licence fees recognised as part of
the progression of the large ongoing implementation projects and
some up-selling of additional product licences.
The pattern of increased revenues for professional services
(customisation, integration, training and consulting fees) that the
Company saw in Q1 continued in Q2 where revenues grew by 25.9% to
GBP4.24 million (Q2 2012: GBP3.37 million). Only 13% of these
services revenues came from the new contract with Seven and from
analysis studies paid for by new prospects. Most of the increase in
services revenues therefore reflects the expanded use of the
Company's products by the various clients and demonstrate the new
business potential that exists within the Company's install
base.
Gross profit in Q2 was GBP3.45 million (Q2 2012: GBP2.67
million), which represents a margin of 52.5% compared to 49.3% in
the equivalent period last year and 48.2% in Q1 of 2013. This
improvement is a result of a better revenue mix achieved by the
completion of less profitable projects and the impact of the
license component of the new contract with Seven.
As noted in the Q1 Chairman's Statement, the Company has
enlarged its Research and Development ("R&D") team and in Q2
maintained its investment in product improvements and enhancements
at a similar level of R&D expenditure as in the first quarter,
at GBP1.2 million (Q2 2012: GBP0.8 million).
Sales and marketing costs are always higher in the second
quarter due to attendance at the NAB trade show in Las Vegas and a
number of other smaller trade shows were also attended. As a result
in Q2 2013, sales and marketing costs increased to GBP0.47 million
(Q2 2011: GBP0.42 million).
General and administrative costs for the quarter at GBP1.09
million (Q2: 2012 GBP1.09 million) and the half year at GBP2.1
million (H1: 2012 GBP2.06 million) are broadly in-line with the
costs for the equivalent periods last year.
The weakening of the Australian dollar in the quarter was the
primary reason for the exchange loss in the quarter. As to the
other currencies the Company trades in, the loans that the Company
put in place (in US and Canadian Dollars) have had the desired
impact of significantly moderating the fluctuations caused by
exchange rate movements in these currencies. 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 (Q2 2013: GBP80,000;
Q2 2012: GBP28,000) were much reduced from those of previous
years.
Though revenues in the quarter were higher these were offset by
the higher research and development costs and the exchange loss so
that the Q2 2013 operating profit (after amortisation of intangible
assets) was at a similar level to the equivalent quarter last year
at GBP0.09 million (Q2 2012: GBP0.1 million). However, as a result
of the fair value gain on forward contracts of GBP 80,000 noted
above and the interest income, there is a higher profit before tax
of GBP189,000 compared to GBP145,000 in Q2 2012.
With the tax charge at a similar level to the full year charge,
the profit after tax for the six months to 30 June 2013 is GBP0.18
million (H1 2012: GBP0.04 million) and for the quarter is GBP0.15
million (Q2 2012: GBP0.03 million).
Statement of Financial Position
The Group has continued its development of the new OTT product
under the OTTilus brand and GBP0.09 million of software development
costs has been capitalised into intangible assets in the quarter.
The cumulative investment in OTTilus so far has been GBP0.75
million and it is currently consuming cash in the order of
GBP40,000 a month. The Board expects sales to start by the end of
this year and revenue generation to follow next year. Intangible
assets continued to decrease in Q2 2013 by GBP174,000 net of the
new capitalisation (Q2 2012: GBP532,000) due to amortisation of
older assets exceeding the newly capitalised investment.
Trade and other payables remains at a similar level to that of
Q1 2013 at GBP3.9 million, an increase from the GBP3.1 million at
the end of 2012 as a result of increased deferred maintenance
revenue.
Cash flow
Cash generation continues to remain strong with cash balances
increasing to GBP16.56 million at the end of Q2 from GBP14.9
million at the end of 2012. The foreign currency loan balance has
increased to GBP4.3 million from GBP4.2 million meaning net cash
has increased to GBP12.2 million from GBP10.7 million at the end of
2012.
Outlook
The recent signing of three new contracts in the new emerging
regions of South America and Turkey, together with the major
contracts with Seven in Australia and Starz in the USA signed
earlier in the year, have increased the Board's confidence that
revenues and profits should exceed last year's levels (although
there is always a risk of delivery delays that might result in
slower than planned revenue recognition). The Board anticipates
cash levels to increase accordingly (net of capital expenditure).
Most of the GBP11 million first two year value of the new contracts
will contribute to 2014's revenues. In addition the Company is
working to convert additional prospects from the sales pipeline
into contracts for next year and beyond.
In parallel the Board is examining the best uses for the
Company's healthy cash reserves including looking for suitable
opportunities to invest these reserves and take advantage of the
good momentum the Company is experiencing.
Michael Rosenberg Avi Engel
Chairman Chief Executive Officer
28 August 2013 28 August 2013
CONSOLIDATED INCOME STATEMENT
Note Unaudited Unaudited Unaudited Unaudited
6 months 6 months 3 months 3 months Audited
to to to to Year Ended
30 June 30 June 30 June 30 June 31 December
2013 2012 2013 2012 2012
GBP000 GBP000 GBP000 GBP000 GBP000
REVENUE 12,394 10,463 6,570 5,410 23,483
Cost of sales (6,138) (5,506) (3,118) (2,745) (11,176)
--------- --------- --------- --------- ------------
GROSS PROFIT 6,256 4,958 3,452 2,665 12,307
Other operating expenses
Research and development (2,415) (1,601) (1,202) (779) (3,682)
Selling and marketing (821) (627) (467) (417) (1,491)
General and administrative (2,098) (2,064) (1,088) (1,087) (4,083)
Exchange rate movement (254) (81) (338) (10) (204)
(5,588) (4,373) (3,095) (2,293) (9,460)
--------- --------- --------- --------- ------------
Operating profit before amortisation
of intangible assets 668 584 357 372 2,847
Amortisation of intangible assets (532) (532) (266) (266) (1,065)
--------- --------- --------- --------- ------------
PROFIT FROM OPERATIONS 136 52 91 106 1,782
Fair value adjustment and foreign
exchange movement on financial
instruments 75 94 80 28 205
Finance income 49 70 33 46 94
Finance costs (30) (48) (15) (34) (99)
--------- --------- --------- --------- ------------
PROFIT BEFORE TAX 230 169 189 145 1,982
Income tax (expense)/credit (51) (125) (40) (120) (512)
--------- --------- --------- --------- ------------
PROFIT FOR THE PERIOD ATTRIBUTABLE
TO OWNERS OF PILAT MEDIA GLOBAL
PLC 179 44 149 25 1,470
========= ========= ========= ========= ============
EARNINGS PER SHARE
Basic 3 0.29p 0.07p 0.24p 0.04p 2.38p
========= ========= ========= ========= ============
Diluted 0.28p 0.07p 0.23p 0.04p 2.37p
Note: The profit from operations for the period arises from the
Group's continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months 3 months 3 months Year ended
to 30 June to 30 June to 30 June to 30 June 31 December
2013 2012 2013 2012 2012
GBP000 GBP000 GBP000 GBP000 GBP000
PROFIT FOR THE PERIOD 179 44 149 25 1,470
OTHER COMPREHENSIVE INCOME:
Tax effect on share options - - - - 5
Exchange translation differences
on foreign operations 146 (118) (42) (67) (76)
------------ ------------ ------------ ------------ -------------
Other comprehensive income
for the period, net of tax 146 (118) (42) (67) (71)
------------ ------------ ------------ ------------ -------------
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD ATTRIBUTABLE
TO OWNERS OF THE PARENT 325 (74) 107 (42) 1,399
============ ============ ============ ============ =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Notes Unaudited Unaudited Audited
30 30 31
ASSETS June June December
2013 2012 2012
NON-CURRENT ASSETS GBP000 GBP000 GBP000
Intangible assets 7 2,983 3,379 2,846
Property, plant and equipment 692 618 713
Deferred tax 60 54 54
--------- --------- ---------
3,735 4,051 3,613
--------- --------- ---------
CURRENT ASSETS
Trade receivables 5,132 6,461 5,448
Other receivables 4,442 5,729 4,748
Cash and cash equivalents 16,561 12,047 14,916
26,135 24,476 25,112
--------- --------- ---------
TOTAL ASSETS 29,870 28,527 28,725
========= ========= =========
EQUITY
Called up share capital 9 3,121 3,118 3,118
Share premium account 9 9,641 9,628 9,630
Capital redemption reserve 50 50 50
Merger reserve (854) (854) (854)
Cumulative translation reserve 526 338 380
Retained earnings 8,878 7,261 8,698
EQUITY ATTRIBUTABLE TO OWNERS OF THE
PARENT 21,362 19,541 21,022
--------- --------- ---------
LIABILITIES
NON-CURRENT LIABILITIES
Deferred taxation 228 290 257
228 290 257
--------- --------- ---------
CURRENT LIABILITIES
Trade and other payables 3,933 2,973 3,124
Taxation - - 132
Fixed term loan 8 4,347 5,723 4,190
8,280 8,696 7,446
--------- --------- ---------
TOTAL LIABILITIES 8,508 8,986 7,703
--------- --------- ---------
TOTAL EQUITY AND LIABILITIES 29,870 28,527 28,725
========= ========= =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Cumulative
Share Capital Premium Redemption Merger Translation Retained
Account 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 - - - - - 179 179
Other comprehensive
income:
Exchange translation
differences on foreign
operations - - - - 146 - 146
Total other
comprehensive
income, net of taxes - - - - 146 - 146
------------------------ ---------------- --------- ------------ ---------- ------------- ----------- ---------
Total comprehensive
income for the period - - - - 146 179 325
------------------------ ---------------- --------- ------------ ---------- ------------- ----------- ---------
Transactions with
owners:-
Proceeds from share
issue 3 11 - - - - 14
Share option charge
for the period - - - - - 1 1
------------------------ ---------------- --------- ------------ ---------- ------------- ----------- ---------
As at 30 June 2013 3,121 9,641 50 (854) 526 8,878 21,362
------------------------ ---------------- --------- ------------ ---------- ------------- ----------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Cumulative
Share Premium Redemption Merger Translation Retained
Capital Account Reserve Reserve Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Attributable to owners
of Pilat Media Global plc:
As at 1 April 2013 3,118 9,630 50 (854) 568 8,728 21,240
Profit for the period - - - - - 149 149
Other comprehensive income:
Exchange translation
differences
on foreign operations - - - - (42) - (42)
Total other comprehensive
income, net of taxes - - - - (42) - (42)
------------------------------ ---------- --------- ------------ ---------- ------------- ----------- ---------
Total comprehensive income
for the period - - - - (42) 149 107
------------------------------ ---------- --------- ------------ ---------- ------------- ----------- ---------
Transactions with owners:-
Proceeds of issued share
capital 3 11 - - 14
Share option charge for
the period 1 1
------------------------------ ---------- --------- ------------ ---------- ------------- ----------- ---------
As at 30 June 2013 3,121 9,641 50 (854) 526 8,878 21,362
------------------------------ ---------- --------- ------------ ---------- ------------- ----------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Capital Merger Cumulative Retained Total
Capital Premium Redemption Reserve Translation Earnings
Account 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
--------------------------- --------- --------- ------------ --------- ------------- ---------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Cumulative
Share Premium Redemption Merger Translation Retained
Capital Account 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 - - - - - 44 44
Other comprehensive
income:
Exchange translation
differences on
foreign operations - - - - (118) - (118)
Total other comprehensive
income, net of
taxes - - - - (118) - (118)
--------------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
Total comprehensive
income for the
period - - - - (118) 44 (74)
--------------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
Transactions with
owners:-
Proceeds of issued
share capital 112 412 - - - - 524
Share option charge
for the period - - - - - 4 4
--------------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
Total transactions
with owners 112 412 - - - 4 528
--------------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
As at 30 June
2012 3,118 9,628 50 (854) 338 7,261 19,541
--------------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Cumulative
Share Premium Redemption Merger Translation Retained
Capital Account Reserve Reserve Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Attributable
to owners of
Pilat Media
Global plc:
As at 1 April
2012 3,007 9,222 50 (854) 405 7,234 19,064
Profit for
the period - - - - - 25 25
Other comprehensive
income:
Exchange translation
differences
on foreign
operations - - - - (67) - (67)
Total other
comprehensive
income, net
of taxes - - - - (67) - (67)
---------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
Total comprehensive
income for
the period - - - - (67) 25 (42)
---------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
Transactions
with owners:-
Proceeds of
issued share - - - - - - -
capital
---------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
Share option
charge for
the period 111 406 - - - - 517
---------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
Total transactions
with owners - - - - - 2 2
---------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
As at 30 June
2012 3,118 9,628 50 (854) 338 7,261 19,541
---------------------- ---------- --------- ------------ ---------- ------------- ----------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
Notes Unaudited Unaudited Unaudited Unaudited Audited
6 months to 6 months 3 months 3 months Year ended
30 June to to to 31 December
30 June 30 June 30 June
2013 2012 2013 2012 2012
GBP000 GBP000 GBP000 GBP000 GBP000
Net cash from operating
activities a 2,426 (248) 428 (1,286) 4,263
Income taxes (paid)/received (248) (452) (79) 103 (287)
Interest paid (30) (48) (15) (34) (99)
Interest received 49 70 33 44 94
------------ --------- --------- --------- ------------
Net cash generated
from / (used in)
operating activities 2,197 (678) 367 (1,173) 3,971
Net cash used in
investing activities b (786) (102) (138) (75) (334)
Net cash generated
from/(used) in financing
activities c 14 488 14 612 (1,043)
------------ --------- --------- --------- ------------
Net change in cash
and cash equivalents 1,425 (292) 243 (636) 2,594
Cash and cash equivalents
at beginning of
period 14,916 12,412 16,362 12,731 12,412
Exchange gain /
(loss) on cash and
cash equivalents 220 (73) (44) (48) (90)
------------ --------- --------- --------- ------------
Cash and cash equivalents
at end of period 16,561 12,047 16,561 12,047 14,916
============ ========= ========= ========= ============
APPENDICES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Unaudited Unaudited Audited
6 months to 6 months 3 months 3 months Year ended
30 June 30 June 30 June 30 June 31 December
2013 2012 2013 2012 2012
GBP000 GBP000 GBP000 GBP000 GBP000
Reconciliation of profit before tax to net
a cash from operating activities
Profit before tax 230 169 189 145 1,982
Finance income (49) (70) (33) (46) (94)
Finance costs 188 48 (67) 34 99
Depreciation and amortisation 692 652 348 323 1,325
Share option expense 2 4 1 2 10
Gains on derivative instruments (12) (40) (53) (12) (116)
Decrease /(increase) in trade and other
receivables 513 (1,268) 2 (1,373) 1,128
Increase/(decrease) in trade and other payables 862 257 41 (359) (71)
------------- ---------- ---------- ---------- -------------
Net cash from operating activities 2,426 (248) 428 (1,286) 4,263
============= ========== ========== ========== =============
b Cash used in investing activities
Purchase of property, plant and equipment (118) (102) (46) (75) (334)
Purchase of intangible fixed asset - - - - -
intellectual property (435)
Purchase of intangible fixed asset - internal
development (233) - (92) - -
============= ========== ========== ========== =============
Net cash used in investing activities (786) (102) (138) (75) (334)
============= ========== ========== ========== =============
c Cash generated from/(used in) financing
activities
Proceeds from the issue of share capital 14 524 14 516 526
Increase/ (decrease) in long term loan - (36) - 96 (1,569)
============= ========== ========== ========== =============
Net cash generated from / (utilised in) financing
activities 14 488 14 612 (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 interim announcement was approved for issue on 28 August
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 ended 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.
Statutory financial statements for the year ended 31 December
2012 have been delivered to the Registrar of Companies. The
auditor's report made 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 434 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 /
(loss) for the period attributable to the owner's of Pilat Media
Global plc and on the following weighted average number of shares
in issue.
Weighted average number of shares in issue
6 months 6 months 3 months 3 months 31
to to to to December
30 June 30 June 30 June 30 June 2012
2013 2012 2013 2012
Basic 62,408,036 60,980,544 62,392,737 60,159,506 61,674,695
Adjustments:
Diluted effect
of share options 746,960 362,408 1,045,000 1,662,989 373,836
Diluted 63,154,996 61,342,952 63,437,737 61,822,495 62,048,531
----------- ----------- ----------- ----------- -----------
4. Segmental Analysis
IFRS 8 - Operating Segments 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.
In the 6 month period there were no material customers whose
revenues exceeded 10% of the total revenue. (Year ended 31 December
2012: 10.6% and 8.1%; 6 months to 30 June 2011: 13.9% and
12.3%)
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/(loss) before tax were all
derived from its principal activity. Sales and profit from
operations were made in the following geographical markets:
REVENUE
6 Months 6 Months 3 Months 3 Months 12 Months to
to 30 to 30 to 30 to 30 31
June June June June December
2013 2012 2013 2012 2012
GBP000 % GBP000 % GBP000 % GBP000 % GBP000 %
United Kingdom 1,298 10.5 800 7.7 413 6.3 413 7.6 1,970 8.4
USA 2,261 18.2 2,521 24.1 953 14.5 1,249 23.1 4,461 19.0
Canada 1,740 14.0 2,038 19.5 801 12.2 1,008 18.7 4,087 17.4
Australia 3,431 27.7 1,528 14.6 2,250 34.2 701 13.0 4,112 17.5
Other 3,664 29.6 3,576 34.1 2,153 32.8 2,038 37.6 8,853 37.7
12,394 10,463 6,570 5,410 23,483
======== ========= ======== ========== ============
The above geographical location has been provided based on the
destination of services provided.
NON-CURRENT ASSETS Intangible assets Property, plant and equipment
30 June 30 June 31 December 30 June 30 June 31 December
2013 2012 2012 2013 2012 2012
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
United Kingdom 2,983 3,379 2,846 508 435 533
Israel - - - 121 118 115
Other - - - 63 65 65
2,983 3,379 2,846 692 618 713
======== ======== =========== ========== ========== =============
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 30 June 2013, the Group held forward foreign currency
contracts to sell Canadian Dollar, US Dollar, Euro and Australian
Dollars for sterling of GBP367,641, GBP793,047, GBP346,178 and
GBP203,707 (June 2012 Canadian Dollar GBP156,466, US Dollar
GBP1,286,604, Euro GBPNil, Australian Dollar - GBPNil and
respectively to hedge expected settlements of foreign currency
receivable balances. The Canadian Dollar, US Dollar, Euro and
Australian Dollar contracts mature over the next six months with
the final contract expiring in December 2013. In addition the Group
held forward contracts to buy Israeli New Shekel for sterling of
GBP1,619,769; (June 2012 GBP1,956,363; December 2012: Israeli New
Shekel - GBP491,811) to cover operating costs in Israel.
7. Intangible Assets
Trade Customer Intellectual Development
Mark Contracts Property Costs Total
GBP000 GBP000 GBP000 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 - - 435 141 576
Additions during Q2 2013 - development costs 93 93
At 30 June 2013 2 2,701 904 6,105 9,712
======== =========== ============= ============ =========
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 - 101 11 420 532
-------- ----------- ------------- ------------ ---------
At 30 June 2013 - 2,192 413 4,124 6,729
======== =========== ============= ============ =========
Carrying Amount
At 30 June 2013 2 509 56 2,416 2,983
======== =========== ============= ============ =========
At 31 December 2012 2 610 67 2,167 2,846
======== =========== ============= ============ =========
At 31 December 2011 2 814 89 3,006 3,911
======== =========== ============= ============ =========
8. Fixed term loan
30 June 30 June 31 December 2012
2013 2012 GBP000
GBP000 GBP000
CAD Fixed term loan 2,375 2,378 2,345
USD Fixed term loan 1,972 3,345 1,845
------------- ------------- -----------------------------
Total 4,347 5,723 4,190
============= ============= =============================
The loans are charged interest at LIBOR plus 0.5%, secured by a charge over the Company's
cash balances of GBP7,469,741 (31 December 2012: GBP6,875,860; 30 June 2012: GBP6,591,950)
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
30 June 30 June 30 June 30 June
2013 2013 2012 2012
Number GBP000 GBP000 Number GBP000 GBP000
of shares of shares
Ordinary shares
of 5p each 100,000,000 5,000 100,000,000 5,000
============= ======= ============= =======
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
Employee share
options at 23.5p
grant price 60,000 3 11 2,226,668 112 412
------------- ------- -------------- ------------- ------- --------------
At 30 June 62,423,506 3,121 9,641 62,353,506 3,118 9,628
============= ======= ============== ============= ======= ==============
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 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 30 June 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 of the London Stock Exchange.
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 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 and six months ended
30 June 2013 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 "Interim
Financial Reporting" as adopted by the European Union, and the AIM
Rules of the London Stock Exchange.
Baker Tilly UK Audit LLP
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
28 August 2013
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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