REG - Mirada PLC - Interim Results: Replacement & Clarification
The following announcement replaces the announcement released by Mirada plc at 07.00 today, 18 November 2019, under RNS number 6476T, which was released in error. The corrected announcement is set out in full below. For the avoidance of doubt, the correct announcement was also released in full under RNS number 6534T at 07.00 today and the announcement released under RNS number 6476T should be disregarded.
The corrections to RNS number 6476T are as follows: In the Consolidated statement of financial position table, the entry titled "Right of use" was renamed "Right of use asset" and the two entries titled "Finance leases" were renamed "Lease liabilities" The remaining corrections all relate to Note 5: Effect of IFRS 16 and the changes are as follows: In the table detailing the effects of adopting IFRS 16 for the periods ending 30 June 2019 the Foreign currency translations entry was removed. In the same table, the Finance Income entry, previously reported as $35,000 both before and after IFRS 16 adjustments, has been updated to $87,000 both before and after IFRS 16 adjustments. Below this table the sentence relating to the lease liability reading: "In addition, initially it was considered a liability of $ 0.49 million, with the following breakdown at the end of the period:" now reads: "In addition, initially it was considered a liability of $ 0.40 million, with the following breakdown at the end of the period:"
These amendments are reflected in the announcement below and all other details remain the same.
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
18 November 2019
Mirada plc
("Mirada", the "Company" or the "Group")
Interim results for the six months to 30 September 2019
Mirada plc (AIM: MIRA), a leading provider of integrated software and solutions for Digital TV operators and broadcasters, announces its unaudited interim results for the six months to 30 September 2019.
Financial Highlights
· Mirada Connect Ltd sold for £2.12m (equivalent to $2.72m) providing a one-off net gain of $1.7m
· Revenue increased 6% to $5.93m (H1 2018: $5.57m). Underlying revenue increased 11% (excludes $0.19m H1 2019 and $0.43m H1 2018 from Mirada Connect Ltd).
· EBITDA* profit of $1.96m (H1 2018: $0.0.08m loss). The improvement is primarily due to a $1.7m gain from disposal of Mirada Connect.
· Net Debt** decreased to $3.53m at 30 September 2019 (31 March 2019: $4.86m), mainly due to improved collections during the period.
· €1.3m debt facility provided by Leasa Spain, S.L.U. (the "Lender"), of which €0.5m (equivalent to $0.55m) drawn down at 30 September 2019.
* EBITDA is defined as earnings before interest, tax, depreciation, amortisation and share-based payments
** Net Debt is defined as Gross Debt minus Cash
Operational Highlights
· Contract win with Plataforma Multimedia de Operadores ("PMO") for the development of its new OTT-based TV platform.
· Over $3m in purchase orders for services and licences related to new Android TV deployments.
· Mirada's Iris platform integrated with Netflix and first rolled-out in Mexico, increasing licence installations.
· As of 30 September 2019, izzi Telecom had deployed 2.5m set-top boxes, bringing Mirada's technology into more than 1.3m households.
· Commercial rollout with ATN international (ATNi) Bermuda reached 90% of households by 30 September 2019. Second deployment under the ATNi contract expected in the next few months.
· As of 30 September 2019, Skytel in Mongolia had brought Mirada's technology into more than 75,000 households, at a rapid growth surpassing the Company's initial expectations.
Commenting on the outlook for the Group, José Luis Vázquez, CEO of Mirada, said:
"Our successful engagement with Android TV technology reflects how flexible our business is, being able to quickly implement new paradigm changes and provide the latest innovations to our growing customer base. This, along with other technological developments, is leading to increased market recognition of the quality of our product and increased adoption of our technology, which is being positively reflected in our financial performance.
"The subscriber base of Mirada's customers is growing strongly, while the Group continues to add new networks to its client base. We are currently participating in pitching processes for several prospects and are increasing our pipeline of opportunities with the aim of further growing our list of satisfied business partners and customers. Together, these positive developments provide considerable confidence going forward. We are pleased to report that we are trading in line with market expectations and we look forward to the remainder of our financial year with confidence."
Enquiries:
Mirada plc
José Luis Vázquez, Chief Executive Officer
Gonzalo Babío, Finance Director
+44 (0) 207 868 2104
investors@mirada.tv
Newgate Communications
Bob Huxford
Tom Carnegie
+44 (0) 207 653 9850
mirada@newgatecomms.com
Allenby Capital Limited (AIM Nominated Adviser & Broker)
Jeremy Porter / Liz Kirchner (Corporate Finance)
+44 (0) 203 328 5656
Chief Executive Officer's Statement
Overview
I am pleased to present the Group's interim financial results for the six months ended 30 September 2019.
The first half of this financial year has seen the increased adoption of our technology across existing and new customers, with strong growth in the rate of installations of our subscriber-based licences. Further, new customer wins like PMO and our ability to rapidly adapt our product portfolio in line with new market trends - including technical integrations with Netflix and Google for our Android TV based product - resulted in higher revenues and a general improvement in our financial position.
The divestment in July of the Mirada Connect Ltd cashless payment parking division to PayByPhone UK Limited for a consideration of £2.12 million was also beneficial for the Group, reinforcing Mirada's balance sheet and allowing senior management to fully focus on the core media business.
Mirada is now in a period of accelerated growth, showing a return on the investment made in our Iris product which has fulfilled the expectations of a demanding market. Our strategy to transition to a product-based model has been proven through the multiple contract wins we have secured since taking on our largest customer, Mexico based Televisa, in 2016. Since this time, we have managed to secure new contract wins on a regular basis, increasing our presence in the market and our capability to generate recurrent revenues, particularly after introducing a SaaS delivery model. We are now at a defining moment, where our flexibility and anticipation of new market trends will be crucial to continue gaining traction in this business.
We have been working with Google's Android TV technology having anticipated increased activity and adoption of this technology by the market. We have been able to implement a fully functional "Custom Launcher" over the Android TV Operator Tier technology (the most in-demand Android TV technology).
This has led to the receipt of substantial purchase orders valued in excess of $3 million. We are also happy to announce that we expect to deploy our Android TV solution with real subscribers at a large scale very soon.
As a result of this momentum, the Group sales pipeline remains very healthy. We are involved in several deal negotiations and the Board is confident in announcing new contract wins in the near future. We are, as always, very grateful to our shareholders, partners, customers and employees. It is because of their support that this Company continues to flourish, and we are confident of meeting the challenges and benefiting from the opportunities ahead of us.
Customer rollouts
Our largest customer, izzi Telecom (part of the Televisa Group) further increased its adoption of our technology during the period, with a high increase in both the installation rate of set-top boxes and number of households using Mirada products. At 30 September 2019, the number of set-top boxes surpassed the 2.5 million mark, with a net addition of 0.5 million during the six-month period, covering more than 1.3 million households and 4.2 million TV subscribers. We are pleased that izzi recognises the calibre of our technology and will continue replacing its legacy platform with our products.
ATNi's performance in Bermuda has been very satisfactory so far, with more than 90% of the customer's subscribers on the island now using our product. We expect further deployments in additional countries during the coming months, and our team is working hard on the next commercial launch.
Digital TV Cable Edmund S.R.L. ("Digital TV Cable"), based in Bolivia, experienced slight delays in its proposed roll-out due to issues relating to internal resourcing and agreements for the provision of certain services. We expect Digital TV Cable to resume commercial roll-out of our products during the next few weeks. Political uncertainties in the country did not affect our project, although we are happy these matters appear to be nearing a resolution.
The deployment of phase one at SkyTel in Mongolia, which covers our OTT project, is well ahead of expectations with more than 75,000 subscribers using our product by the end of the reported period. We received very good feedback from the customer, and we are expecting to extend the relationship with SkyTel in the near future.
New customer wins
On 4 September 2019, the Company announced a contract win with PMO for the development of its new OTT-based TV platform. PMO is a new Spanish OTT enabler whose main shareholder is Procono S.A.U., and with secondary shareholders Opencable, ACUTEL and AOTEC, all of which are long standing players in the Digital TV market in Spain.
Funding requirements
On 4 June 2019, the Company announced a €1.3m facility granted by a related party. The facility is being provided by Leasa Spain, S.L.U. ("Leasa" or the "Lender"). The Lender is incorporated in Spain and ultimately owned by Mr Ernesto Luis Tinajero Flores who has a total beneficial interest of 87.21 per cent. of Mirada's total voting rights. At 30 September 2019, there was a €0.5 million ($0.55 million) partial drawdown of this facility.
Financial Overview
Revenue was $5.93 million for the six months to 30 September 2019 (H1 2018: $5.57 million), a 6% increase on the same period last year. Underlying growth was 11% on exclusion of revenue from Mirada Connect Ltd (H1 2019: $0.19 million, H1 2018: $0.43 million). The main driver for the increase in revenue was additional professional services for izzi Telecom.
Over the half-year period, our business in the Americas accounted for 85% of total revenues (H1 2018: 87%). The Board expects that revenue from other regions will represent a higher proportion going forward, as new opportunities outside of the Americas bear fruit, and deployment in those regions come to maturity.
EBITDA was $1.96 million (H1 2018: $0.08 million loss). The improvement was mainly due to a $1.70 million gain on the sale of Mirada Connect Ltd. EBITDA in this context is defined as earnings before interest, tax, depreciation and amortisation. Operating profit was $0.09 million (H1 2018: loss of $1.97 million).
Loans and borrowings decreased by $0.97 million to $4.00 million (31 March 2019: $4.98 million). Of these facilities, $0.34 million were long-term bank loans, $1.08 million were long-term zero-coupon loans from Spanish Government entities, $0.55 million was the facility from Leasa (as detailed above), $0.34 million were short-term credit lines, $0.73 million were short-term bank loans, $0.23 million were short-term zero-coupon loans from Spanish Government entities, and $0.74 million were short-term invoice factoring facilities. Cash and cash equivalents increased to $0.47 million at the end of the period (31 March 2019: $0.12 million). Net Debt decreased 27% to $3.53 million (31 March 2019: $4.86 million).
The General Meeting held on 10 September 2019 approved a 100 to 1 share consolidation. The consolidation was proposed to improve the perception of the Company's shares by the investor community and in order to reduce the total number of shares in issue. One consequence of having a very large number of shares in issue, with a very low market share price, is share price volatility, whereby small share trades can result in large percentage movements in the share price. The Board also believes that the bid-offer spread on shares priced at low absolute levels can be disproportionate to the market share price, often to the detriment of shareholders.
Outlook
Our successful engagement with Android TV technology reflects how flexible our business is, being able to quickly implement new paradigm changes and provide the latest innovations to our growing customer base. This, along with other technological developments, is leading to increased market recognition of the quality of our product and increased adoption of our technology, which is being positively reflected in our financial performance.
The subscriber base of Mirada's customers is growing strongly, while the Group continues to add new networks to its client base. We are currently participating in pitching processes for several prospects and are increasing our pipeline of opportunities with the aim of further growing our list of satisfied business partners and customers. Together, these positive developments provide considerable confidence going forward.
Jose Luis Vazquez
Chief Executive Officer
18 November 2019
Consolidated income statement
6 months ended
30 September 2019
(Unaudited)6 months ended
30 September 2018
(Unaudited)
$000
$000
Revenue
5,926
5,574
Cost of sales
(400)
(365)
Gross profit
5,526
5,209
Depreciation
(80)
(47)
Amortisation
(1,783)
(1,808)
Share-based payment charge
-
(35)
Other administrative expenses
(5,269)
(5,293)
Total administrative expenses
(7,132)
(7,183)
Operating profit/ (loss)
(1,606)
(1,974)
Gain on disposal of Mirada Connect
1,699
-
Non operating profit/ (loss)
1,699
-
Finance income
87
59
Finance expense
(82)
(400)
Profit/(loss) before taxation
98
(2,315)
Taxation
82
(109)
Profit/(Loss) for period
180
(2,424)
The above amounts are attributable to the equity holders of the parent Company.
Consolidated statement of comprehensive income
6 months ended
30 September 2019
(Unaudited)6 months ended
30 September 2018
(Unaudited)
$000
$000
(Loss) for the period
180
(2,424)
Other comprehensive loss:
Currency translation differences
(117)
(80)
Total other comprehensive loss
(117)
(80)
Total comprehensive profit/(loss) for the year
63
(2,504)
Consolidated statement of financial position
6 months ended
30 September 2019
(Unaudited)Year ended
31 March 2019
(Audited)
$000
$000
Goodwill
5,059
5,924
Other Intangible assets
6,389
5,855
Right of use assets
396
-
Property, plant and equipment
190
222
Other Receivables
551
398
Non-current assets
12,585
12,399
Trade receivables
5,231
5,421
Cash and cash equivalents
471
117
Current assets
5,702
5,538
Total assets
18,287
17,937
Loans and borrowings
(2,045)
(3,257)
Trade and other payables
(2,032)
(1,958)
Contract liabilities
(1,807)
(1,019)
Lease liabilities
(208)
-
Current liabilities
(6,092)
(6,234)
Net current (liabilities)
(390)
(696)
Total assets less current liabilities
12,195
11,703
Related parties loans
(546)
-
Interest bearing loans and borrowings
(1,413)
(1,721)
Lease liabilities
(191)
-
Non-current liabilities
(2,150)
(1,721)
Total liabilities
(8,242)
(7,955)
Net assets
10,045
9,982
Issued share capital and reserves attributable to equity holders of the company
Share capital
12,015
12,015
Share premium
15,995
15,995
Other reserves
15,281
15,398
Accumulated loss
(33,246)
(33,426)
Equity
10,045
9,982
Consolidated statement of changes in equity
Share capital
Share premium
Foreign exchange reserve
Merger reserves
Accumulated losses
Total
$000
$000
$000
$000
$000
$000
Balance at 1 April 2019
12,015
15,995
10,535
4,863
(33,426)
9,982
Profit for the period
-
-
-
-
180
180
Other comprehensive income
Movement in foreign exchange
-
-
(117)
-
-
(117)
Total comprehensive loss for the period
12,015
15,995
10,418
4,863
(33,246)
10,045
Transactions with owners
Share based payment
-
-
-
-
-
-
Balance at 30 September 2019
12,015
15,995
10,418
4,863
(33,246)
10,045
Share capital
Share premium
Foreign exchange reserve
Merger reserves
Accumulated losses
Total
$000
$000
$000
$000
$000
$000
Balance at 1 April 2018
2,261
15,760
11,122
4,863
(30,786)
3,220
Prior Year Adjustment - IFRS 15 (Note 4)
-
-
-
-
380
380
Loss for the period
-
-
-
-
(2,424)
(2,424)
Other comprehensive income
Movement in foreign exchange
-
-
(80)
-
22
(58)
Total comprehensive loss for the period
2,261
15,760
11,042
4,863
(32,808)
1,118
Transactions with owners
Share based payment
-
-
-
-
35
35
Issue of shares
1,962
236
-
-
-
2,198
Balance at 30 September 2018
4,223
15,996
11,042
4,863
(32,773)
3,351
Consolidated statement of cash flows
6 months ended
30 September 2019
(Unaudited)6 months ended
30 September 2018
(Unaudited)
$000
$000
Cash flows from operating activities
Loss after tax
180
(2,424)
Adjustments for:
Depreciation of property, plant and equipment
80
47
Amortisation of intangible assets
1,667
1,808
Share-based payment charge
-
35
Finance income
(35)
(59)
Finance expense
82
400
Taxation
(82)
109
Gain on disposal of Mirada Connect
(1,699)
-
Operating cash flows before movements in working capital
194
(84)
Decrease in trade and other receivables
37
196
Increase in trade and other payables
862
213
Net cash generated from operating activities
1,093
325
Cash flows from investing activities
Interest and similar income received
35
-
Net of cash proceeds from divestment
2,605
-
Purchases of property, plant and equipment
(59)
(16)
Purchases of other intangible assets
(2,285)
(1,598)
Net cash used in investing activities
296
(1,614)
Cash flows from financing activities
Interest and similar expenses paid
(78)
(371)
Issue of share capital
-
2,198
Loans received
219
924
Related parties loans received
546
-
Repayment of loans
(1,386)
(3,855)
Receipt of cash in advance of the issue of equity
-
3,910
Net cash from financing activities
(699)
2,806
Net increase in cash and cash equivalents
690
1,517
Cash and cash equivalents at the beginning of the period
117
1,937
Exchange losses on cash and cash equivalents
(336)
999
Cash and cash equivalents at the end of the year
471
4,453
Cash and cash equivalents comprise cash at bank less bank overdrafts.
1. Basis of Preparation
These interim financial statements have been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 31 March 2019 Annual Report. The financial information for the 6 months ended 30 September 2019 and 30 September 2018 does not constitute statutory accounts within the meaning of Section 434 (3) of the Companies Act 2006 and both periods are unaudited. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.
The annual financial statements of Mirada plc are prepared in accordance with IFRS as adopted by the European Union. The comparative financial information for the year ended 31 March 2019 included within this report does not constitute the full statutory Annual Report and Financial Statements for that period. The statutory Annual Report and Financial Statements for the year to 31 March 2019 have been filed with the Registrar of Companies. The independent Auditors' Report on that Annual Report and Financial Statements was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498 (2) or 498 (3) of the Companies Act 2006.
The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 March 2019 and are those which will form the basis of the 2020 financial statements, other than IFRS 16 - leases, which came into force on 1 April 2019.
IFRS 16 replaces existing leases guidance, including IAS 17 - Leases. The Group has adopted the standard in full using the modified retrospective approach, whereby the right-of-use asset is recognised at the date of initial application (1 April 2019) and the lease liability is measured based on remaining payments. There is no effect on prior year figures and no need to re-state comparatives (refer to note 5 for further details)
After making enquiries, the directors have concluded that the Group has adequate resources to continue operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly consolidated financial statements.
The Board of Directors approved this interim report on 18 November 2019.
2. Use of judgements and estimates
In preparing these financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements, except for the new significant judgements related to the adoption of IFRS 16, which are described in Note 5.
3. Earnings before interest, taxation, depreciation, amortisation and share-based charge
Reconciliation of operating loss to profit before interest, taxation, depreciation, amortisation and share-based payment charge:
6 months ended
30 September 2019
(Unaudited)6 months ended
30 September 2018
(Unaudited)
$000
$000
Operating profit/ (loss)
93
(1,974)
Depreciation
(80)
(47)
Amortisation
(1,783)
(1,808)
Operating profit/(loss) before interest, taxation, depreciation and amortisation (EBITDA)
1,956
(119)
Share-based payment charge
-
(35)
Operating profit/(loss) before interest, taxation, depreciation, amortisation and share-based payment charge (Adjusted EBITDA)
1,956
(84)
As a result of the application of IFRS 16, the Group recognises depreciation and interest costs from the operating leases, instead of operating lease expenses. During the six months ended 30 September 2019, in relation to those leases, the Group recognised $0.11 million of depreciation charges and non-significant financial expense of additional interest costs from leases.
The Group used the modified retrospective approach when initially applying IFRS 16. Under this approach, comparative information is not restated.
4. Profit/(loss) per share
6 months ended 30 September 2019
6 months ended 30 September 2018
(Unaudited)
(Unaudited)
Profit for period
$180,448
$(2,423,755)
Weighted average number of shares
842,518,204
152,364,936
Basic loss per share
0.0002
$(0.016)
Diluted loss per share
$0.0002
$(0.016)
Adjusted loss per share
Adjusted earnings per share is calculated by reference to the loss from continuing activities before interest, taxation, amortisation and depreciation and share-based payment charge (see note 2).
6 months ended 30 September 2019
6 months ended 30 September 2018
(Unaudited)
(Unaudited)
Adjusted EBITDA
$1,955,613
$(83,784)
Weighted average number of shares
842,518,204
152,364,936
Basic adjusted EBITDA per share
$0.002
$(0.001)
Diluted adjusted EBITDA per share
$0.002
$(0.001)
The General Meeting held on 10 September 2019 approved a 100 to 1 share consolidation. The total outstanding share options on 9 September 2019 was 4,148,316 (4,697,166 at 30 September 2018). Therefore, as of 30 September 2019, the Company may issue up to 41,483 additional ordinary shares arising in connection with existing share options granted to staff, management and directors.
5. Effect of IFRS 16
IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments.
Previously, the Group recognised operating lease expense on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised.
For relevant transactions this has resulted in the group recognising right-of-use assets and lease liabilities in the statement of financial position, and finance costs and depreciation in the statement of comprehensive income.
The Group is applying the modified retrospective transition method under which comparative information has not been restated and has elected to use the following practical expedients permitted by the standard:
- on initial application, IFRS 16 will be only been applied to contracts that were previously classified as leases;
- lease contracts with a duration of less than 12 months, and/or leases for which the underlining asset is of low value, will continue to be expensed to the income statement on a straight-line basis over the lease term;
- the lease term has been determined with the use of hindsight where the contract contains options to extend the lease.
On adoption of IFRS 16, the Group recognised right-of-use assets and lease liabilities in relation to leases of office space. The right-of-use assets were recognised by reference to the measurement of the lease liability on that date. Lease liabilities were measured at the present value of the remaining lease payments, including estimates for items such as dilapidation cost obligations under the lease, discounted using the Group's incremental borrowing rate (being the rate at which a similar borrowing could be obtained from an independent creditor under comparable terms and conditions).The effects of adopting IFRS 16 for the periods ending 30 June 2019 are as follows:
(Unaudited)
As reported
IFRS 16 adjustments
Amounts without adoption of IFRS 16
$000
$000
$000
Revenue
5,926
-
5,926
Cost of sales
(400)
-
(400)
Gross profit
5,526
-
5,526
Depreciation
(80)
-
(80)
Amortisation
(1,783)
116
(1,667)
Share-based payment charge
-
-
-
Other administrative expenses
(5,269)
(119)
(5,389)
Total administrative expenses
(7,132)
(4)
(7,136)
Operating profit/ (loss)
(1,606)
(4)
(1,609)
Gain on disposal of subsidiary
1,699
-
1,699
Non operating profit/ (loss)
1,699
-
1,699
Finance income
87
-
87
Finance expense
(82)
7
(76)
Profit/(loss) before taxation
98
3
101
Taxation
82
-
82
Profit/(Loss) for period
180
4
184
In addition, initially it was considered a liability of $ 0.40 million, with the following breakdown at the end of the period:
Lease liability
$000
Current
(208)
Non current
(191)
At 30 Sep 2019
(399)
6. Revenue from contracts with customers
Disaggregation of revenue
6 months ended
30 September 2019Development
Transactions
Licenses
Managed services
Total
$000
$000
$000
$000
$000
Mexico
2,583
-
1,280
533
4,396
Europe
112
194
-
184
490
Other Americas
495
-
133
-
628
Asia
165
-
247
-
412
3,355
194
1,660
717
5,926
Revenue recognised over a period
3,355
194
1,660
577
5,786
Revenue recognised at a point in time
-
-
-
140
140
3,355
194
1,660
717
5,926
6 months ended
30 September 2018
$000
$000
$000
$000
$000
Mexico
2,403
-
1,443
468
4,314
Europe
211
483
-
42
736
Other Americas
524
-
-
-
524
Asia
-
-
-
-
-
3,138
483
1,443
510
5,574
Revenue recognised over a period
3,138
483
1,443
450
5,514
Revenue recognised at a point in time
-
-
-
60
60
3,138
483
1,443
510
5,574
7. Related party transactions
On 4 June 2019, the Company announced a €1.3m facility granted by related parties. The Facility is being provided by Leasa Spain, S.L.U. (the "Lender"). The Lender is incorporated in Spain and ultimately owned by Mr Ernesto Luis Tinajero Flores. At 30 September 2019, there is a $0.55 million partial drawdown of this facility.
8. Divestment of subsidiary
On 5 July 2019, the Company announced the sale of Mirada Connect Ltd. to PayByPhone UK Limited (part of Volkswagen Financial Services) for a consideration of £2.12 million. Connect was a wholly owned subsidiary of Mirada and provides cashless payment solutions to car park operators in the UK. As a result, the Company booked a one-off gain of $1.70 million as shown in the Consolidated Income Statement. As a consequence of the disposal, the results of Mirada Connect Ltd are included in the consolidation from 1 April 2019 to the date of disposal on 5 July 2019. The results of Mirada Connect for the period to the point of disposal are set out below:
6 months ended
30 September 2019
(Unaudited)
$000
Revenue
194
Cost of sales
(66)
Gross profit
128
Depreciation
(2)
Amortisation
-
Share-based payment charge
-
Other administrative expenses
(111)
Total administrative expenses
(113)
Operating loss
14
Finance income
-
Finance expense
-
Loss before taxation
14
Taxation
Loss for period
14
9. Cautionary statement
The Company has made forward-looking statements in this announcement, including statements about the market for and benefits of its products and services, financial results, the potential benefits of business relationships with third parties and business strategies. These statements about future events are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those that might be inferred from the forward-looking statements. The Company and its Directors can make no assurance that any forward-looking statements will prove correct.
10. Other
Copies of unaudited interim results have not been sent to shareholders. However, copies will shortly be available from the Company's website: https://www.mirada.tv/investors/financial-results/ and will also be available on request from the Company Secretary at the Company's registered office, 68 Lombard Street, London, EC3V 9LJ.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDIR KVLBFKFFEFBV
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