TIDMPGB
RNS Number : 1604B
Pilat Media Global PLC
28 February 2014
Press Release 28 February 2014
Pilat Media Global PLC
("Pilat Media" or the "Group")
Final Results
Pilat Media Global plc (AIM:PGB), the London-based AIM-listed
supplier of business management software to the media industry
around the world, today announces its audited final results for the
year ended 31 December 2013.
Highlights:
-- Strong Q4:
* Revenues up 17% at GBP9.0 million (Q4 2012: GBP7.7
million)
* Profit before tax GBP2.25 million (Q4 2012: GBP1.95
million)
-- Annual revenues increased by 18.1% to GBP27.7 million
(2012: GBP23.5 million)
-- Strong positive cash flow with cash, net of loans, increasing
by GBP4.5 million to GBP15.2 million (2012: GBP10.7 million)
-- Profit from operations (before amortisation of intangible
assets) up 20% at GBP3.4 million (2012: GBP2.8 million)
-- Five new contracts signed in the year
-- On 12 February 2014, the Company posted a scheme document
to shareholders in connection with the recommended offer
at 95 pence per share for the Company
For further information:
Pilat Media Global plc
Avi Engel, Chief Executive Officer Tel: +44 (0) 20 8782
Martin Blair, Chief Financial Officer 0700
aengel@pilatmedia.com www.pilatmedia.com
mblair@pilatmedia.com
Shore Capital (Nomad)
Dru Danford / Patrick Castle Tel: +44 (0) 20 7408
4090
www.shorecap.co.uk
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Olivia Tel: +44 (0) 20 7398
Stuart Taylor 7702
henry.ht@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S STATEMENT 2013
Pilat Media is pleased to report its final results for the year
ended 31 December 2013. This has been another strong year of growth
with the Group achieving its highest annual revenue for the year as
a result of Q4 being the strongest quarter to date. Annual revenues
grew by 18.1% to GBP27.7 million (2012: GBP23.48 million) and cash
balances, net of loans, increased by GBP4.5 million to GBP15.2
million (2012: GBP10.7 million).
The growth in revenues results from new clients contracted
during the year as well as from the Group's existing client base,
where the demand for additional modules, license extensions,
software enhancements and additional services has increased. Over
83% of 2013 revenues came from existing clients, both those that
have been clients for a number of years as well as those that
signed in 2012 and were going through their implementations. It is
pleasing to see that such strength from the existing client base is
combined with five new contract conversions which were announced
during the year.
The five new contracts, two signed in the first half of the year
and three in the second half, are spread across the globe and cover
a diverse range of broadcasters, further demonstrating the
adaptability and versatility of the Group's IBMS software. The new
clients include (1) Seven Networks (Operations) Limited ("Seven
Television"), Australia's largest free to air television network
licensing the full suite of IBMS modules (2) Starz Entertainment
LLC ("Starz"), a leading provider of premium pay TV content and
services in America, licensing and implementing the IBMS software
for their content and rights management and linear and non-linear
on demand programming (3) 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,
(4) a new partner the Company has appointed in South America who
will be sublicensing and fronting the implementation of IBMS at
VTR, a major telecommunications company in Chile and (5) Digiturk,
a major provider of premium television service in Turkey, licensing
IBMS-Rights and IBMS-OnDemand.
To meet all of these new demands the Group has increased
recruitment of software engineers and has continued to invest
heavily in their training to ensure that they have sufficient
knowledge of the various modules of IBMS. This investment in new
people has had some detrimental impact on margins and profits but
despite this the Group has achieved its highest operating profit to
date and the Board believes that its current investments will bring
future benefits.
The Group has continued to invest in the OTTilus platform to
widen and complement its offering in the emerging Over The Top
("OTT") market and this still remains in a development phase.
During the year, the Group acquired the remaining 40% stake in
OTTilus Limited held by SimpleStream, the partner from whom Pilat
Media bought the base software for GBP435,000. This, together with
the development costs that have been capitalised in intangible
assets, make the total investment in the new product GBP995,000.
The platform is now being demonstrated to prospects and at trade
shows and stimulates interest; it is expected to reach commercial
availability and start to generate revenues later this year.
On 16 January 2014 the Boards of Sintec Media Ltd.
("SintecMedia"), Sintec Media Software Ltd., ("SMS") and Pilat
announced the terms of a recommended proposal under which
SintecMedia and its wholly owned subsidiary SMS will acquire for
cash the entire issued and to be issued share capital of Pilat not
already owned by SintecMedia (the "Acquisition"). It is intended
that the Acquisition will be effected by means of a scheme of
arrangement under Part 26 of the Companies Act 2006 (the "Scheme").
The Company posted a scheme document to shareholders on 12 February
2014 (the "Scheme Document") which contains further information on
the Scheme.
Revenues
The revenues in Q4 2013 were the highest quarterly revenues for
the Group to date at GBP9.0 million (Q4 2012: GBP7.7 million) and
this resulted in an increase in annual revenues for 2013 by 18.1%
to GBP27.7 million, again the highest level to date.
As a result of the new contracts and the additional work for
existing customers revenues resulting from professional services,
which cover project management, requirement analysis,
customisation, integration, data migration, training and general
customer support, grew by more than 36% and altogether amounted to
GBP18.4 million, representing 66% of 2013 revenues (2012: GBP13.5
million, 57% of revenues).
Revenues for recurring support and maintenance services grew by
14% to GBP6.3 million from GBP5.5 million in 2012. This increase
was a result of implementation clients that went live in the year
and existing clients that added new modules requiring additional
support.
License fees in 2013 fell back to the 2011 level of GBP3.0
million (2012: GBP4.5 million) and represented only 11% of revenues
(2012: GBP4.5 million, 19.2% of revenues). The license fee revenue
in 2012 was boosted by some clients converting the licenses from
term licenses to perpetual licenses.
In respect of the large and long-term implementation contracts,
revenue on license fees and professional services are recognised
progressively according to the project's stage of completion, as in
previous years. The contribution of such long term contracts
increased in 2013 to 33% of revenue (2012: 26%) thanks to the new
contracts signed in the year. However, as some of these new
contracts only started activity in the second half of the year
their contribution to the Group's revenues was reduced and is
expected to increase in 2014.
In 2013 the Group's largest three clients contributed 25.3% to
revenues, a similar level to that of 2012, where the top three
clients contributed 25.5% of the total 2012 revenues.
The North and South American clients contributed 40% of total
revenues in 2013 (2012: 40%), the European and African clients
contributed 33% (2012: 37%) and the Australasian clients
contributed 27% (2012: 23%).
Research and development
As the market for business management software becomes more
competitive and broadcasters demand more so Pilat Media has
continued to invest in improvements to the IBMS software to ensure
it remains relevant and attractive to existing and new clients. In
2013 the Board made a further increase in the resources allocated
to R&D by 22% to GBP4.5 million (2012: GBP3.7 million) due to
the continued investment in new modules and features and a higher
proportion of enhancements commissioned by clients that were of a
generic nature. R&D efforts focused on making IBMS better
equipped to support multi-platform TV and TV Everywhere/Anytime
initiatives by further enhancing the Advanced Rights Module (adding
customer-defined, multilevel rights management to support
multiplatform media environments), developing a version of IBMS
that can be deployed in a cloud infrastructure and the creation of
IBMSExpress which can be deployed in just a few weeks.
Profitability
As a number of new projects started in the year and in
anticipation of growth to continue, Pilat Media increased its
development resources ahead of the projects getting fully up to
speed. Consequently the gross profit decreased slightly to 51.5% of
revenues (2012: 52.4%). 2012 also benefitted from an exceptional
number of license fee renewals which boosted the level of gross
profit. There was also a 5% increase in the sales and marketing
spend year on year (2013: GBP1.57 million; 2012: GBP1.49 million)
due to marketing resources added to promote OTTilus. There was a
small 3% rise in general and administrative costs primarily due to
an increase in depreciation on leasehold assets in Israel ahead of
a move to a new office in January 2014.
Operating profit before amortisation of intangible assets in
2013 was GBP3.4 million representing 12.3% of revenues, compared
with GBP2.8 million or 12.1% in 2012. Finance income remained at a
similar level to last year whilst finance costs were lower due to
the lower interest charges on the foreign currency loans as
balances were repaid during the year.
The effective rate of tax in 2013 is 22.0% (2012: 25.8%),
approximately the standard rate of corporate tax rate in the
UK.
Statement of Financial Position
As in previous years, the Group continued to achieve a
significant reduction in trade and other receivables, to GBP9.0
million at the end of 2013 compared GBP10.2 million at the end of
2012 and GBP11.3 million at the end of 2011. The reduction this
year is primarily as a result of improved speed of payment by a
number of the Group's new clients whereas in previous years the
reduction was primarily due to implementation projects being
completed during the year and the final milestone payments invoiced
and received.
As a result of collections during the year, cash balances
increased to GBP18.6 million from GBP14.9 million at 31 December
2012. The net cash balances which includes the sterling value of
the currency loans designed to minimise currency fluctuations is
GBP15.2 million compared to GBP10.7 million at the end of 2012.
During the year the Group repaid GBP0.8 million of these currency
loans and the balance of the loans at 31 December 2013 reduced to
GBP3.4 million (2012: GBP4.2 million). The currency loans are
repayable on demand but are not due for repayment in full until 31
December 2014.
Cash flow
As noted above, the Group generated GBP6.0 million of cash from
operating activities (2012: GBP4.3 million), and achieved a
significant increase in cash balances to GBP18.6 million (2012:
GBP14.9 million) whilst reducing the currency loan balance. The
cash balance net of loans increased at the end of 2013 to GBP15.2
million (2012: GBP10.7 million) as a result of collections of
receivables and the profit generated in the year.
Key Performance Indicators ("KPIs")
The Board uses a number of financial and non-financial key
performance indicators that help in managing the business. None of
the KPIs can be judged in isolation of each other nor can they be
used without due interpretation of the reasons that have caused the
changes.
The main financial KPI's the Board uses are:
2013 2012 2011
% change in revenues 18.1% 4.2% 3.0%
% net profit from operations
(1) 12.3% 12.1% 10.7%
Revenue per employee GBP105,430 GBP100,355 GBP103,330
(1) Operating profit before amortisation of intangible assets as
a percentage of revenue.
The Board is pleased with the growth in revenues, the increase
in percentage net profit from operations and the improvement in
revenue per employee.
The non-financial KPI's used by the Board are:
2013 2012 2011
Number of new contracts signed 5 2 2
Number of new staff hired 41 47 42
Staff turnover 8% 14% 19%
The reduction in staff turnover is mainly as a result of
continued stabilising measures to improve retention in Pliat
Media's offshore development centre in Kiev. This has enabled the
Group to further rely on this lower cost development centre to
further reduce the average cost of its software engineers.
In addition to the number of new contracts signed, the Board
makes a qualitative judgment about the significance of the new
contracts as well as the number of existing contracts that are
renewed. In this respect, the five new contracts signed and the
progress made in developing both the IBMS:Express product and the
OTTilus platform are considered of high importance.
Outlook
Pilat Media is in a very healthy position. It has a strong
balance sheet with significant cash resources, a client base of
over sixty global and high quality companies with good visibility
to revenues for 2014 and beyond. The Group continues to work on a
small number of highly targeted opportunities where it believes
chances of conversion to be good. The Group has expanded its
product base with the addition of IBMS:Express and OTTilus which
widens the Group's potential target market.
In the Scheme Document, Pilat Media and SintecMedia gave the
following background to and reasons for the Scheme:
"SintecMedia and Pilat have been developing and marketing
business management software for broadcasters for many years. The
two companies provide end-to-end integrated and modular solutions,
targeting major broadcasters and media companies around the world.
The market in which SintecMedia and Pilat operate is rapidly
evolving, with new players and new technologies presenting new
opportunities but also difficult challenges. The Boards of
SintecMedia and Pilat believe that the merger of the SintecMedia
and Pilat groups of companies will realise a number of benefits for
clients and staff, resulting from the considerable additional scale
of the Enlarged Group."
Michael Rosenberg Avi Engel
Chairman Chief Executive Officer
28 February 2014 28 February 2014
CONSOLIDATED INCOME STATEMENT
Note Year ended Year ended
31 December 31 December
2013 2012
GBP'000 GBP'000
REVENUE 5 27,728 23,483
Cost of sales (13,437) (11,176)
------------ ------------
GROSS PROFIT 14,291 12,307
Other operating expenses
Research and development (4,481) (3,682)
Selling and marketing (1,567) (1,491)
General and administrative (4,220) (4,083)
Exchange rate movement (604) (204)
(10,872) (9,460)
------------ ------------
Operating profit before amortisation of
intangible assets 3,419 2,847
Amortisation of intangible assets (1,065) (1,065)
------------ ------------
PROFIT FROM OPERATIONS 2,354 1,782
Foreign exchange gain on financial instruments 131 205
Finance income 97 94
Finance costs (63) (99)
------------ ------------
PROFIT BEFORE TAX 2,519 1,982
Income tax expense (553) (512)
------------ ------------
PROFIT FOR THE YEAR ATTRIBUTABLE TO OWNERS
OF PILAT MEDIA GLOBAL PLC 1,966 1,470
============ ============
EARNINGS PER SHARE
Basic 4 3.14p 2.38p
============ ============
Diluted 4 3.08p 2.37p
============ ============
Note: The profit from operations for the period arises from the
Group's continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
31 December 31 December
2013 2012
GBP'000 GBP'000
PROFIT FOR THE YEAR 1,966 1,470
OTHER COMPREHENSIVE INCOME:
Items that may be reclassified subsequently
to profit or loss:
Current tax credit in respect of share
based payments - 5
Exchange translation differences on foreign
operations (8) (76)
Items that will not be reclassified to
profit or loss:
Deferred tax on foreign exchange differences 79 -
Other comprehensive expenses for the year,
net of tax 71 (71)
------------- -------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
ATTRIBUTABLE TO OWNERS OF PILAT MEDIA
GLOBAL PLC 2,037 1,399
============= =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Year ended Year ended
31 December 31 December
2013 2012
GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Intangible assets 2,777 2,846
Property, plant and equipment 635 713
Deferred taxation 260 54
3,672 3,613
------------ ------------
CURRENT ASSETS
Trade receivables 4,416 5,448
Other receivables 4,615 4,726
Derivative financial instruments 7 - 22
Cash and cash equivalents 18,611 14,916
------------ ------------
27,642 25,112
------------ ------------
TOTAL ASSETS 31,314 28,725
============ ============
EQUITY
Called up share capital 9 3,127 3,118
Share premium account 9 9,677 9,630
Capital redemption reserve 50 50
Merger reserve (854) (854)
Cumulative translation reserve 451 380
Retained earnings 10,701 8,698
------------ ------------
EQUITY ATTRIBUTABLE TO OWNERS OF PILAT MEDIA
GLOBAL PLC 23,152 21,022
------------ ------------
LIABILITIES
NON-CURRENT LIABILITIES
Deferred taxation 113 257
113 257
------------ ------------
CURRENT LIABILITIES
Trade and other payables 4,395 3,124
Taxation 280 132
Derivative financial instruments 7 4 -
Fixed term loan 8 3,370 4,190
8,049 7,446
------------ ------------
TOTAL LIABILITIES 8,162 7,703
TOTAL EQUITY AND LIABILITIES 31,314 28,725
============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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 Pilat
Media Global plc:
As at 1 January
2013 3,118 9,630 50 (854) 380 8,698 21,022
Profit for the
year - - - - - 1,966 1,966
Other comprehensive
income:
Exchange translation
differences on
foreign operations - - - - (8) - (8)
Deferred tax on
foreign exchange
differences on
translation - - - - 79 - 79
Total other
comprehensive
income - - - - 71 - 71
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
Total comprehensive
income for the
year - - - - 71 1,966 2,037
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
Proceeds from share
issue 9 47 - - - - 56
Share option charge
for the period - - - - - 37 37
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
Total transactions
with owners 9 47 - - - 37 93
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
As at 31
December 2013 3,127 9,677 50 (854) 451 10,701 23,152
----------------------- -------------- -------------- ------------ --------- ------------- ---------- ---------
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 Pilat
Media Global plc:
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 CASH FLOWS
Notes Year ended Year ended Year ended
31 December 31 December 31 December
2013 2012 2010
GBP'000 GBP'000 GBP'000
Net cash from operating activities a 5,981 4,263 3,056
Income taxes paid (403) (287) (293)
Interest paid (63) (99) (7)
Interest received 97 94 62
------------ ------------ ------------
Net cash generated from operating activities 5,612 3,971 2,818
Net cash used in investing activities b (1,285) (334) (168)
Net cash used in financing activities c (563) (1,043) 6,199
------------ ------------ ------------
Net change in cash and cash equivalents 3,764 2,594 8,849
Cash and cash equivalents at beginning of year 14,916 12,412 1,421
Exchange loss on cash and cash equivalents (69) (90) (118)
Cash and cash equivalents at end of year 18,611 14,916 10,152
============ ============ ============
APPENDICES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended Year ended
31 December 31 December
2013 2012
GBP'000 GBP'000
a Reconciliation of profit before tax to net cash from operating activities
Profit before tax 2,519 1,982
Finance income (97) (94)
Finance costs 63 99
Depreciation and amortisation 1,438 1,325
Share option expense 37 10
Losses / gains on derivative instruments 26 (116)
Decrease in trade and other receivables 1,115 1,128
Increase / (decrease) in trade and other payables 880 (71)
Net cash from operating activities 5,981 4,263
============= =============
b Net cash used in investing activities
Purchase of property, plant and equipment (290) (334)
Purchase of intangible fixed asset - intellectual property (435) -
Purchase of intangible fixed asset - internal development (560) -
Net cash used in investing activities (1,285) (334)
============= =============
c Net cash used in financing activities
Proceeds from the issue of share capital 56 526
Decrease in fixed term loan (619) (1,569)
Net cash used in financing activities (563) (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 announcement was approved for issue on 28 February
2014.
2. Basis of preparation
This Final Results Announcement for the year ended 31 December
2013 has been extracted from audited accounts which have not yet
been delivered to the Registrar of Companies. This Final Results
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 the
recognition and measurement principles of International Financial
Reporting Standards and IFRIC interpretations as adopted by the EU
("IFRS").
The directors have considered the working capital requirements
of the group for a period of one year from the date of this
announcement and believe that the going concern basis is
appropriate due to the current cash balance and future
prospects.
The Final Results Announcement does not constitute statutory
accounts for the year ended 31 December 2013 or 31 December 2012.
The financial information for the year ended 31 December 2012 is
derived from the statutory accounts for that year. The report of
the auditors on the statutory accounts for the year ended 31
December 2013 was unqualified and did not contain a statement under
Section 498 of the Companies Act 2006.
The accounting policies applied in this Final Results
Announcement are consistent with those of the annual Financial
Statements for the Group for the year ended 31 December 2012, as
described in those Financial Statements, with the exception of
standards, amendments and interpretations effective in 2013 and
other presentational changes.
3. Directors Emoluments
2013 Salary Benefits Bonus Pension
& in kind Total contributions Total
fees GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
Executive directors
Avi Engel 187 3 200 390 20 410
Martin Blair 142 1 40 183 9 192
Non-executive directors
Michael Rosenberg 33 - - 33 - 33
Samuel Sattath 16 - - 16 - 16
Or Elovitch 16 - - 16 - 16
Alexander Rabinovitch 16 - - 16 - 16
410 4 240 654 29 683
======== ======== ======== ========= ============== =========
2012 Salary Benefits Bonus Pension
& in kind Total contributions Total
fees GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
Executive directors
Avi Engel 173 - 65 238 14 252
Martin Blair 142 1 23 166 8 174
Non-executive directors
Michael Rosenberg 33 - - 33 - 33
Samuel Sattath 16 - - 16 - 16
Or Elovitch 16 - - 16 - 16
Alexander Rabinovitch 16 - - 16 - 16
396 1 88 485 22 507
======== ======== ===== ========= ============== =========
4. Earnings per share
Basic and diluted earnings per share are based on the profit for
the year attributable to Pilat Media Global plc and on the
following weighted average number of shares in issue.
Weighted average number of shares
in issue
Year ended 31 Year ended
December 2013 31
December 2012
Basic 62,523,616 61,674,695
Adjustments:
Diluted effect of share
options 1,230,773 373,836
Diluted 63,754,389 62,048,531
================= =================
5. 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.
The Directors consider there to be only one material 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 from operations were made in the
following geographical markets:
Revenue
2013 2013 2012 2012
GBP'000 % GBP'000 %
United Kingdom 3,126 11.3% 1,970 8.4%
United States of America 6.655 24.0% 4,461 19.0%
Canada 3,272 11.8% 4,087 17.4%
Australia 6,832 24.6% 4,112 17.5%
Other 7,843 28.3% 8,853 37.7%
---------
27,728 23,483
========== =========
NON-CURRENT ASSETS
Intangible Assets Property, plant and
equipment
2013 2012 2013 2012
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 2,777 2,846 448 533
Israel - - 131 115
Other - - 56 65
2,777 2,846 635 713
========= ========= ========== ==========
6. 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 2013, the second half
revenue represented 55% (2012: 55%) of the annual revenue.
7. Derivative Financial Instruments
31 December 31 December
2013 2012
GBP'000 GBP'000
Forward foreign exchange contract - classified as held for trading
- Israeli New Shekel (4) 22
Total (4) 22
=========== ===========
Disclosed as:
Current asset - 22
Current liabilities 4 -
Total 4 22
=========== ===========
Derivatives are classified as a current asset or liability based
on the expiry of the foreign exchange contract.
As at 31 December 2013, the Group held forward foreign currency
contracts to buy New Israeli Shekel for Sterling GBP1,223,758
(December 2012 to buy New Israeli Shekel GBP491,811 for Sterling)
respectively to hedge expected settlements of foreign currency
receivable balances. The New Israeli Shekel contracts mature over
the next four months with the final contract expiring in April
2014.
8. Fixed term loan
31 December 31 December
2013 2012
GBP'000 GBP'000
CAD Fixed term loan 2,156 2,345
USD Fixed term loan 1,214 1,845
Total 3,370 4,190
========================= ========================
The loans are charged interest at LIBOR plus 0.5%, secured by a charge over the Group's cash
balances of GBP7,306,406 (2012: GBP6,875,860) and repayable on demand, with a maturity date
of 31 December 2014.
9. Share Capital and Share Premium
SHARE CAPITAL SHARE PREMIUM SHARE CAPITAL SHARE PREMIUM
31 December 31 December
31 December 31 December
2013 2013 2012 2012
Number GBP'000 GBP Number GBP'000 GBP'000
of shares of shares
Authorised:
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
Conversion
of options
Employee share
options at
23.5p grant
price 100,000 5 19 2,236,668 112 414
Employee share
options at
45.5p grant
price 70,000 4 28
62,533,506 3,127 9,677 62,363,506 3,118 9,630
=========== ======= ============== =========== ======= ==============
10. Report and Accounts
The Annual Report and audited financial statements will be
posted to shareholders on or about 15th May 2014 and copies will be
available at the company's registered office at 19(th) Floor,
Wembley Point, 1 Harrow Road, Wembley HA9 6DE or at the company's
website (www.pilatmedia.com).
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBUARSWAUUUR
Pilat Media Global (LSE:PGB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Pilat Media Global (LSE:PGB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
