REG-Mirada PLC: Final Results <Origin Href="QuoteRef">MIRA.L</Origin> - Part 2
09/07/2015 07:00
- Part 2: For the preceding part double click ID:nPRr94A87a
31 March 31 March
2015 2014
£000 £000
Operating profit 285 4
Depreciation 21 43
Amortisation 1,187 924
Share-based payment charge 61 53
Foreign Exchange - -
Profit on disposal (11) -
Operating profit before interest, taxation, 1,543 1,024
depreciation, amortisation and share-based payment
charge (Adjusted EBITDA)
6. Taxation
The tax assessed on the loss on ordinary activities for the period differs from
the standard rate of tax of 21%. The differences are reconciled below:
Year ended Year ended
31 March 31 March
2015 2014
£000 £000
Loss before taxation (113) (386)
Loss on ordinary activities multiplied by 21% (24) (89)
(2014: 23%)
Effect of expenses not deductible for tax purposes 21 52
Losses carried forward 3 37
Witholding Taxes 159 -
Total current tax 159 -
Origination and reversal of temporary differences 31 (35)
Recognition of previously un recognised deferred (128) (392)
tax assets
Total deferred tax (97) (427)
Total tax expense 62 (427)
Deferred taxation
Deferred tax assets have been recognised in respect of tax losses for Mirada
Connect Limited, research and development investment for Fresh Interactive
Technologies S.A and other temporary differences giving rise to deferred tax
assets where the directors believe it is probable that these assets will be
recovered. The Directors believe that the deferred tax assets are recoverable
given the increasing profitability of Fresh Interactive Technologies S.A and
Mirada Connect Limited over recent years, combined with the forecasts for
future periods.
The movements in deferred tax assets and liabilities during the period are
shown below.
Group (Charged)/
Asset Asset credited to
31 March 31 March profit & loss
2015 2014 31 March
£000 £000 2015
£000
Tax credit for losses 52 52 -
Other tax credits 484 421 128
Other temporary 7 35 (31)
deductible differences
Tax asset 543 508 97
Reconciliation of deferred tax asset and liabilities:
Asset
£000
Balance at 1 April 2014 508
Tax Credit for Losses -
Other Tax Credit 128
Other Temporary Deductible differences (31)
Forex (62)
Balance at the end of year 543
Deferred taxation amounts not recognised are as follows:
Group Year ended Year ended
31 March 31 March
2015 2014
£000 £000
Depreciation in excess of capital allowance 429 1,587
Losses 9,515 9,830
Unrecognised Tax Credit 2,199 1,839
12,143 13,256
The gross value of tax losses carried forward at 31 March 2015 equals £57.8
million (2014: £57.6 million).
7. Earnings per share
Year ended Year ended
31 March 31 March
2015 2014
Total Total
Loss/(Profit) for year £(175,078) £41,000
Weighted average number of shares 104,315,229 65,233,761
Basic (loss)/earnings per share £(0.002) £0.001
Diluted (loss)/earnings per share £(0.002) £0.001
Adjusted (loss)/earnings per share
Adjusted loss per share is calculated by reference to the loss from continuing
activities before interest, taxation, share-based payment charges, depreciation
and amortisation (see note 6).
Year ended Year ended
31 March 31 March
2015 2014
Total Total
Adjusted profit after tax for year £1,543,178 £1,024,000
104,315,229 65,233,761
Weighted average number of shares
Basic adjusted earnings per share £0.015 £0.016
Diluted adjusted earnings per share £0.014 £0.014
The Company has 5,602,238 (2014: 5,602,555) potentially dilutive ordinary
shares arising from share options issued to staff. Share options have been
included in calculating the diluted earnings.
8. Share capital
A breakdown of the authorised and issued share capital in place as at 31 March
2015 is as follows:
31 March 31 March 31 March 31 March
2015 2015 2014 2014
Number £000 Number £000
Allotted, called up and fully paid
Ordinary shares of £0.01 each 114,057,695 1,141 86,057,695 861
Share issues
During the year the following share issues took place:
- On 5 August 2014 the Company completed a placing for cash raising gross
proceeds of £3,500,000 via the issue of 28,000,000 £0.01 ordinary shares at a
price of £0.125 each.
9. Notes supporting cash flow statement
Cash and cash equivalents comprise:
31 March 31 March
2015 2014
£000 £000
Cash available on demand 206 30
Overdrafts - (180)
206 (150)
Net cash increase/(decrease) in cash and cash equivalents 356 (244)
Cash and cash equivalents at beginning of year (150) 94
Cash and cash equivalents at end of year 206 (150)
Cash and cash equivalents
Cash and cash equivalents are held in the following currencies:
31 March 31 March
2015 2014
£000 £000
Sterling 9 4
Euro 197 26
Total 206 30
Cash and cash equivalents comprise cash held by the Group and short-term bank
deposits with an original maturity of three months or less. The carrying amount
of these assets approximates their fair value.
Significant non-cash transactions are as follows:
31 March 31 March
2015 2014
£000 £000
Financing activities:
Convertible loans converted into equity - 975
Accrued convertible loan interest paid by issue of equity - 33
Creditor balances paid by issue of equity - 68
Total - 1,076
10. Events after the reporting date
There are no material reportable post balance sheet.
11. Availability of report and accounts
Copies of the report and accounts for the year ended 31 March 2015 are being
posted to shareholders and will be available on the Company's website
www.mirada.tv.
END
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