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Pilat Media Global (PGB)

  Print          Annual reports

Friday 28 February, 2014

Pilat Media Global

Final Results

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 £9.0 million (Q4 2012: £7.7 million)


·      Profit before tax £2.25 million (Q4 2012: £1.95 million)

Annual revenues increased by 18.1% to £27.7 million (2012: £23.5 million)

Strong positive cash flow with cash, net of loans, increasing by £4.5 million to £15.2 million (2012: £10.7 million)

Profit from operations (before amortisation of intangible assets) up 20% at £3.4 million (2012: £2.8 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

Martin Blair, Chief Financial Officer

Tel: +44 (0) 20 8782 0700

 

[email protected]

[email protected]

www.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 Stuart Taylor

Tel: +44 (0) 20 7398 7702

[email protected]

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 £27.7 million (2012: £23.48 million) and cash balances, net of loans, increased by £4.5 million to £15.2 million (2012: £10.7 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 £435,000.  This, together with the development costs that have been capitalised in intangible assets, make the total investment in the new product £995,000.  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 £9.0 million (Q4 2012: £7.7 million) and this resulted in an increase in annual revenues for 2013 by 18.1% to £27.7 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 £18.4 million, representing 66% of 2013 revenues (2012: £13.5 million, 57% of revenues).

 

Revenues for recurring support and maintenance services grew by 14% to £6.3 million from £5.5 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 £3.0 million (2012: £4.5 million) and represented only 11% of revenues (2012: £4.5 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 £4.5 million (2012: £3.7 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: £1.57 million; 2012: £1.49 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 £3.4 million representing 12.3% of revenues, compared with £2.8 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 £9.0 million at the end of 2013 compared £10.2 million at the end of 2012 and £11.3 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 £18.6 million from £14.9 million at 31 December 2012.  The net cash balances which includes the sterling value of the currency loans designed to minimise currency fluctuations is £15.2 million compared to £10.7 million at the end of 2012.  During the year the Group repaid £0.8 million of these currency loans and the balance of the loans at 31 December 2013 reduced to £3.4 million (2012: £4.2 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 £6.0 million of cash from operating activities (2012: £4.3 million), and achieved a significant increase in cash balances to £18.6 million (2012: £14.9 million) whilst reducing the currency loan balance.  The cash balance net of loans increased at the end of 2013 to £15.2 million (2012: £10.7 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

£105,430

£100,355

£103,330

 

(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

Chairman

28 February 2014

Avi Engel

Chief Executive Officer

28 February 2014

 



CONSOLIDATED INCOME STATEMENT


Note

Year ended

31 December

2013

£'000

Year ended

31 December

2012

£'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

31 December

2013

£'000

Year ended

31 December

2012

£'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

31 December

2013

£'000

Year ended

31 December

2012

£'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 Account

Capital Redemption

Reserve

Merger

Reserve

Cumulative

Translation

Reserve

Retained Earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'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 Account

Capital Redemption

Reserve

Merger

Reserve

Cumulative

Translation

Reserve

Retained Earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'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

31 December

2013

£'000

Year ended

31 December

2012

£'000

Year ended

31 December

2010

£'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

 













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 19th 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 &

fees

£'000

Benefits

in kind

£'000

Bonus

 

£'000

 

Total

£'000

Pension

contributions

£'000

 

Total

£'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 &

fees

£'000

Benefits

in kind

£'000

Bonus

 

Total

£'000

Pension

contributions

£'000

 

Total

£'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

December 2013

Year ended 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

£'000

2013

%

2012

£'000

2012

%








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



£'000

£'000

£'000

£'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

2013

£'000

31 December

2012

£'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 £1,223,758 (December 2012 to buy New Israeli Shekel £491,811 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

2013

£'000

31 December

2012

£'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 £7,306,406 (2012: £6,875,860) 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 of shares

£'000

£

Number of shares

£'000

£'000

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 19th 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
 
 
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