TIDMMIRA
RNS Number : 3524H
Mirada PLC
03 December 2020
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.
3 December 2020
Mirada plc
("Mirada", the "Company" or the "Group")
Interim results for the six months to 30 September 2020
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 2020.
Financial Highlights
-- Revenue from core activities* decreased $0.26m (4.5%) to
$5.47m (H1 2019: $5.73m) due to a temporary reduction in investment
in deployments by the largest customer at the beginning of
COVID-19.
-- Customer investment currently returning in Asia and Middle
East, with Europe and America expected to follow in 2021
-- Reduction in administrative expenses on core activities* of
$0.44m (8.5%) to $4.72m (H1 2019: $5.16m).
-- EBITDA** profit from core activities increased 137% to $0.57m (H1 2019: $0.24m).
-- Net Debt*** increased to $7.09m at 30 September 2020 (31
March 2020: $5.05m). Includes $1.81m of new 6 year Covid-19 bank
loans on favourable terms. Additionally, all the present credit
lines were renewed for three years.
-- Extension to the term of the EUR1.30 million revolving credit
facility with the Company's largest investor, to 30 November
2021.
* Core activities is all activities of the group excluding the
business of Mirada Connect that was disposed of in July 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
-- Commercial launch of Iris solution with ATNi owned Viya TV+, in the US Virgin Islands.
-- Commercial launch in Spain of Zapi, a new OTT based Pay TV
platform developed by Mirada for Plataforma Multimedia de
Operadores ("PMO").
-- New reseller agreements reinforce Mirada's market reach
-- Sales team now able to showcase Mirada's products remotely without the need to travel.
Post-period highlights
-- Commercial launch of Mirada's Android TV Operator Tier with
custom launcher for izzi Telecom. This results from a close
collaboration between izzi Telecom, Google and Mirada.
-- Commercial launch of Disney+ in Mexico using Mirada technology.
-- Recent acceleration in subscriber number growth due to appetite for the above services.
Commenting on the outlook for the Group, José Luis Vázquez, CEO
of Mirada, said:
"We have made considerable operational progress both during and
since the period under review. Commercial launches of Android TV
and Disney+ were major milestones, further future-proofing our
product and providing excellent reference cases. These will help
bolster our strong pipeline, which should be further improved by
new reseller agreements; the ability to now demonstrate our product
remotely; and investments made in our sales team.
Although investment in deployments from our customers
temporarily slowed in 2020 due to uncertainty around Covid-19, this
investment is now returning as the pandemic ultimately drove
increased media consumption. We are already seeing an improvement
in trading conditions and this is a trend we expect will continue
going forward."
Enquiries:
Mirada plc +44 (0) 208 187 1661
José Luis Vázquez, Chief investors@mirada.tv
Executive Officer
Gonzalo Babío, Finance Director
Newgate Communications +44 (0) 207 653 9850
Bob Huxford mirada@newgatecomms.com
Tom Carnegie
Allenby Capital Limited (AIM Nominated
Adviser & Broker)
Jeremy Porter / Liz Kirchner (Corporate
Finance)
Guy McDougall (Broking) +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 2020.
We live in incredible times; uncharted territory for all of us.
We have seen in half a year the transition to a completely new
reality, both on personal and professional levels, challenging the
way we do things. We jumped overnight into a completely new way of
operating while continuing to support customers and deploying new
services, all whilst working entirely remotely to ensure the safety
of all our stakeholders. This has not always been easy, and we are
extremely proud that we have been able to adapt without a glitch.
Our customers provide services deemed increasingly essential in the
stressful times in which we live, and we are proud we were able to
support them when they most needed it. For that, I want to express
my utmost gratitude to our employees and to our partners.
The natural reaction to a global pandemic is to slow down on
investment while waiting to see what will happen. This was typical
of our clients during the first months of the pandemic and the
initial confinement. Budgets for the year were reduced, and new
customers decided to postpone decisions for new investments. In our
case, even working in the media sector, we also suffered from a
temporary reduction in expenditure. We were able to adapt
accordingly, although it impacted our revenues. During these
months, our customers have seen a surge in the consumption of
broadband and media services, translating into exceptionally low
churn levels and higher subscription upgrade rates, resulting in
encouraging prospects for the coming year, and restoring their
investment appetite. We foresee this resulting in improved levels
of trading for Mirada, which we are already beginning to see.
Revenues from Software as a Service (SaaS) models offer a
recurrent income that provides healthy visibility over our future
turnover, which is important during uncertain times. Although
professional services still represent an important part of our
income, we have been able to sign long-term agreements such that we
have visibility over a growing proportion of revenue. Not only does
this benefit our shareholders but also our customers, with whom we
work closely during these long-term relationships, participating in
their market growth.
Operationally, we have not been quiet during the period. We were
able to perform two commercial roll-outs, completely remotely, in
the US Virgin Islands with Viya, and with Zapi in Spain. In
November, post period end, we have launched both the new powerful
Android TV service with izzi in Mexico, and integrated and deployed
the long-expected Disney+ service in the region. These were two
major milestones for both the customer and Mirada.
We have also signed several reseller agreements to extend our
sales reach and deployed a new commercial strategy to allow a wider
range of customers to enjoy our solution via the SaaS model. We can
also now remotely showcase our platform in a completely cloud-based
environment without the need to travel. We believe these
developments, along with the investment made into revamping our
sales structure, will pay off in the coming months.
Mirada is well positioned with a powerful product, using the
most sought-after technology in our sector, Android TV Operator
Tier. We deployed this for izzi TV in partnership with Google in
what in the near future might well become the most extensive and
relevant deployment of its kind in terms of the number of devices.
This is a fantastic reference and a case study we are confident we
will be able to leverage.
The Pay TV market has transitioned from the aggregation of
channels to the super-aggregator model of different services and
content providers. We are proud to have one of the most extensive
integrated frameworks, with more than 30 services, including
Netflix, Disney+, Fox, Blim and HBO, among others, now accessible
through our platform. The benefits of having all this content
available from a unified search and recommendation tool, added to
the bundle propositions from our customers, is completely reshaping
the market. We are proud to be part of this revolution, and our
Iris platform will certainly play an important role within it.
We are, as always, incredibly grateful to our shareholders,
partners, customers and employees. During these complex times it is
important to focus on the essence of the business. We have a
fantastic product, a committed and skilled team, and the references
we need to deploy on a global scale. We will continue working hard
to make it happen.
Customer rollouts
Our largest customer, izzi Telecom (part of the Televisa Group)
in Mexico, continued deploying our product over both Linux boxes
(our legacy platform, now) and companion devices, including phone
and web-based consumer electronics. At 30 September 2020, the
number of Linux-based set-top boxes deployed in the field with
Mirada technology surpassed 2.90 million, covering more than 2.21
million households. Our OTT platform was used by 1.2 million
households.
In October we officially announced the launch of the new Android
TV operator tier box with our Iris technology, although the
Customer was already testing the platform with real customers
during the summer. As at 30 September, there were more than 40,000
Android TV boxes already deployed in the field, and there has been
rapid growth during the first few weeks of the commercial
deployment, adding to a total of 3.4 million devices and 2.2
million households overall. We expect izzi to gradually replace the
existing legacy platform with the new Android TV technology. As per
our agreement, Mirada will receive a one-off fee for every new
set-top-box deployed and for every new household using our OTT
technology.
We now have two countries deployed under our ATN International
agreement: OneComm in Bermuda and Viya in the US Virgin Islands.
Both have now launched our latest product release, unifying the
range of services they provide. The penetration level is more than
90% in Bermuda and we expect to follow this success in the newly
deployed Viya premises. Digital TV Cable in Bolivia was hardest hit
due to COVID-19, and there was slow progress during the period. We
have been working with the Customer to finish the VOD and new
content provider integrations, and we are happy to say that they
recently reported that they are ready to restart promoting the
service across their subscriber base.
SkyTel in Mongolia continued to successfully deploy our OTT
service (SkyGo), which is expected to progress with new
developments early next year.
Zapi was our latest addition as a customer and they launched
commercially at the end of the reported period. The potential for
this customer is very significant. Although our projections are to
deploy 150,000 subscribers over the first two years, they have
reported they intend to reach 600,000 customers during this period,
which would be a material upside to our forecast. Our agreement is
structured as a one-off fee per new subscriber plus support,
maintenance and product upgrade fees.
Funding requirements
On 21 May 2020, the Company announced the extension of a EUR1.3m
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% of
Mirada's total voting rights . The term of the Facility has been
extended until 30 November 2021 ("Maturity Date"), although the
Company retains the option to repay any drawn amounts earlier.
Financial Overview
Revenue from core activities (being all activities of the group
excluding the business of Mirada Connect that was disposed of in
July 2019) was $5.47 million for the six months to 30 September
2020 (H1 2019: $5.73 million), a $0.26 million decrease on the same
period last year. Including Mirada Connect (divested in July 2019),
revenues decreased $0.46 million. Revenues in H1 2019 included
$1.05 million for the Android TV Operator Tier project for izzi
Telecom, which was almost finished by 31 March 2020. The commercial
launch happened in the current fiscal year, though the vast
majority of the revenues were recognised in the prior fiscal
year.
In H1 2020, our largest customer represented 67% of total
revenues (H1 2019: 73%). The Board expects that revenue from this
customer will remain at high levels, particularly following the
launch of the aforementioned new services. However, the percentage
of total turnover contributed by this client should reduce as
contributions from other present and future customers continue to
grow.
EBITDA from core activities increased $0.33 million to $0.57
million (H1 2019: $0.24 million). EBITDA in this context is defined
as earnings before interest, tax, depreciation, amortisation and
share-based payments.
Loans and borrowings increased by $ 2.41 million to $ 7.64
million (31 March 2020: $ 5.23 million). Of these facilities, $
1.79 million were long-term bank loans, $ 0.97 million were
long-term zero-coupon loans from Spanish Government entities, $1.30
million was the facility from Leasa, $1.75 million were long-term
credit lines, $ 0.73 million were short-term bank loans, $ 0.25
million were short-term zero-coupon loans from Spanish Government
entities, and $ 0.85 million were short-term invoice factoring
facilities. Cash and cash equivalents increased to $0.55 million at
the end of the period (31 March 2020: $0.19 million). Net Debt
increased to $7.09 million (31 March 2020: $5.05 million). The main
driver for the increase is $1.81m new Covid-19 six year loans
signed with Spanish banks, on favourable terms at 2.75% average
interest rate, with no security or collateral and 80% guaranteed by
the Spanish government.
Outlook
Mirada has been able to deliver the most important piece of
technology for Pay TV operators expanding their service offerings -
the aggregation of multiple sources of content and unifying the
search, recommendation and overall user experience in the vastly
fragmented media landscape previously available to subscribers.
Doing it at the same time as participating in one of the most
significant Android TV Operator Tier projects worldwide in
partnership with Google, represents a major feat that few
competitors can claim. We have large reference clients, a superior
product offering and integrations with many first-class content
providers, including Disney+ and Netflix. We believe we have the
right product, enough partnership agreements and proven deployments
to become an increasingly relevant player and participant in the
growth of the media market.
Jose Luis Vazquez
Chief Executive Officer
03 December 2020
Consolidated Income Statement total business
6 months 6 months ended
ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
$000 $000
Revenue 5,471 5,926
Cost of sales (186) (400)
---------------------------- --------------- --- --- ----------------
Gross profit 5,285 5,526
Depreciation (180) (80)
Amortisation (1,897) (1,783)
Other administrative
expenses (4,720) (5,269)
---------------------------- --------------- --- --- ----------------
Total administrative
expenses (6,797) (7,132)
Operating profit/ (loss) (1,512) (1,606)
---------------------------- --------------- --- --- ----------------
Gain on disposal of
subsidiary - 1,699
---------------------------- --------------- --- --- ----------------
Non operating profit/
(loss) - 1,699
Finance income 37 87
Finance expense (113) (82)
Profit/(loss) before
taxation (1,588) 98
Taxation 62 82
Profit/(Loss) for period (1,526) 180
---------------------------- --------------- --- --- ----------------
The above amounts are attributable to the equity holders of the
parent Company.
Income statement for Mirada Connect Ltd
6 months ended 6 months ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
$000 $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
Loss for period - 14
--------------------------------- ---------------- ----------------
The above amounts are attributable to the equity holders of the
parent Company.
Proforma Consolidated income statement for core activities
6 months 6 months ended
ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
$000 $000
Revenue 5,471 5,733
Cost of sales (186) (334)
------------------------ --------------- --- --- ---------------
Gross profit 5,285 5,399
Depreciation (180) (78)
Amortisation (1,897) (1,783)
Other administrative
expenses (4,720) (5,158)
------------------------ --------------- --- --- ---------------
Total administrative
expenses (6,797) (7,019)
Operating profit/
(loss) (1,512) (1,620)
------------------------ --------------- --- --- ---------------
Finance income 37 35
Finance expense (113) (82)
Profit/(loss) before
taxation (1,588) (1,667)
Taxation 62 82
Profit/(Loss) for
period (1,526) (1,586)
------------------------ --------------- --- --- ---------------
The above amounts are attributable to the equity holders of the
parent Company.
Consolidated statement of comprehensive income
6 months ended 6 months ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
$000 $000
(Loss)/profit for the period (1,526) 180
Other comprehensive loss:
Currency translation differences 691 (117)
----------------------------------- --------------- ---------------
Total other comprehensive
profit/(loss) 691 (117)
Total comprehensive (loss)/profit
for the year (835) 63
----------------------------------- --------------- ---------------
Consolidated statement of financial position
6 months ended Year ended
30 September 31 March
2020 2020
(Unaudited) (Audited)
$000 $000
Goodwill 5,433 5,098
Other Intangible assets 7,236 6,631
Right of use assets 371 482
Property, plant and equipment 252 228
Other Receivables 723 486
--------------------------------------- --------------- ------------
Non-current assets 14,015 12,925
--------------------------------------- --------------- ------------
Trade receivables 6,134 6,966
Cash and cash equivalents 552 185
---------------------------------------
Current assets 6,686 7,151
Total assets 20,701 20,076
--------------------------------------- --------------- ------------
Loans and borrowings (1,827) (2,820)
Related parties loans and interests (7) (7)
Trade and other payables (2,030) (2,019)
Contract liabilities (1,378) (1,785)
Lease liabilities (198) (229)
Current liabilities (5,440) (6,860)
--------------------------------------- --------------- ------------
Net current assets 1,247 291
--------------------------------------- --------------- ------------
Total assets less current liabilities 15,262 13,216
--------------------------------------- --------------- ------------
Related parties loans (1,290) (1,210)
Interest bearing loans and borrowings (4,515) (1,195)
Lease liabilities (179) (259)
Non-current liabilities (5,984) (2,664)
--------------------------------------- --------------- ------------
Total liabilities (11,424) (9,524)
--------------------------------------- --------------- ------------
Net assets 9,277 10,552
--------------------------------------- --------------- ------------
Issued share capital and reserves
attributable to equity holders
of the company
Share capital 12,015 12,015
Share premium - -
Other reserves 18,536 18,286
Accumulated loss (21,274) (19,749)
Equity 9,277 10,552
--------------------------------------- --------------- ------------
Consolidated statement of changes in equity
Share Share Foreign Merger Accumulated Total
capital premium exchange reserves losses
reserve
$000 $000 $000 $000 $000 $000
Balance at 1 April
2020 12,015 - 13,423 4,863 (19,749) 10,552
------------------------- --------- --------- ---------- ---------- ------------ --------
Profit for the period - - - - (1,526) (1,526)
Other comprehensive
income
Movement in foreign
exchange - - 251 - 251
Total comprehensive
loss for the period 12,015 - 13,674 4,863 (21,274) 9,277
------------------------- --------- --------- ---------- ---------- ------------ --------
Transactions with
owners
Share based payment - - - - - -
Balance at 30 September
2020 12,015 - 13,674 4,863 (21,274) 9,277
------------------------- --------- --------- ---------- ---------- ------------ --------
Share Share Foreign Merger Accumulated Total
capital premium exchange reserves losses
reserve
$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) 10,044
------------------------- --------- --------- ---------- ---------- ------------ --------
Transactions with
owners
Share based payment - - - - - -
Balance at 30 September
2019 12,015 15,995 10,418 4,863 (33,246) 10,044
------------------------- --------- --------- ---------- ---------- ------------ --------
Consolidated statement of cash flows
6 months ended 6 months ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
$000 $000
Cash flows from operating activities
Loss after tax (1,526) 180
Adjustments for:
Depreciation of property, plant
and equipment 180 80
Amortisation of intangible assets 1,897 1,667
Finance income (37) (35)
Finance expense 113 82
Taxation (62) (82)
Gain on disposal of Mirada Connect - (1,699)
------------------------------------------- --------------- ---------------
Operating cash flows before movements
in working capital 565 194
Decrease in trade and other receivables 595 37
Increase in trade and other payables (507) 862
Interest paid (7) -
Taxation paid (144) -
-------------------------------------------
Net cash generated from operating
activities 502 1,093
Cash flows from investing activities
Interest and similar income received 37 35
Cash proceeds from sale of Mirada
Connect - 2,605
Purchases of property, plant and
equipment (47) (59)
Purchases of other intangible assets (2,122) (2,285)
------------------------------------------- --------------- ---------------
Net cash used in investing activities (2,132) 296
Cash flows from financing activities
Interest and similar expenses paid (106) (78)
Payment of principal on lease liabilities (121) -
Loans received 3,555 219
Related parties loans received - 546
Repayment of loans (1,410) (1,386)
-------------------------------------------
Net cash from financing activities 1,918 (699)
Net increase in cash and cash equivalents 288 690
Cash and cash equivalents at the
beginning of the period 185 117
Exchange losses on cash and cash
equivalents 79 (336)
--------------- ---------------
Cash and cash equivalents at the
end of the year 552 471
------------------------------------------- --------------- ---------------
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 2020 Annual Report. The financial information for the 6
months ended 30 September 2020 and 30 September 2019 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 2020
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 2020 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 2020 and are those
which will form the basis of the 2021 financial statements.
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 03
December 2020.
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.
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 for core operations (all activities excluding Mirada
Connect):
6 months ended 6 months ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
$000 $000
Operating loss (1,512) (1,620)
Depreciation 180 78
Amortisation 1,897 1,783
Operating profit before interest,
taxation, depreciation and amortisation
(EBITDA) 565 241
=============== ===============
Reconciliation of operating loss to profit before interest,
taxation, depreciation, amortisation, and share-based payment
charge, for total business (including Mirada Connect):
6 months ended 6 months ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
$000 $000
Operating loss (1,512) 93
Depreciation 180 80
Amortisation 1,897 1,783
Operating profit before interest,
taxation, depreciation and amortisation
(EBITDA) 565 1,956
=============== ===============
4. (Loss)/profit per share
6 months ended 6 months ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
(Loss)/profit for period $(1,525,623) $180,448
Weighted average number
of shares 8,908,435 842,518,204
Basic (loss)/profit
per share $(0.171) $0.000
Diluted (loss)/profit
per share $(0.171) $0.000
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 6 months ended
30 September 30 September
2020 2019
(Unaudited) (Unaudited)
Adjusted EBITDA $564,793 $1,955,613
Weighted average number
of shares 8,908,435 842,518,204
Basic adjusted EBITDA
per share $0.063 $0.002
Diluted adjusted EBITDA
per share $0.063 $0.002
The General Meeting held on 10 September 2019 approved a 100 to
1 share consolidation. The total outstanding share options on 30
September 2020 was 41,483 (41,483 at 30 September 2019).
5. Revenue from contracts with customers
Disaggregation of revenue
6 months ended Development Transactions Licenses Managed Total
30 September 2020 services
$000 $000 $000 $000 $000
Mexico 1,946 - 1,031 695 3,672
Europe 574 - 442 44 1,060
Other Americas 261 - 410 - 671
Asia 43 - - 25 68
------------ ------------- --------- ---------- ------
2,824 - 1,883 764 5,471
Revenue recognised over
a period 2,581 - 1,373 748 4,702
Revenue recognised at
a point in time 243 - 510 16 769
------------ ------------- --------- ---------- ------
2,824 - 1,883 764 5,471
6 months ended Development Transactions Licenses Managed Total
30 September 2019 services
$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. Related party transactions
On 21 May 2020, Mirada Iberia, S.A.U., has agreed an extension
to the term of its EUR1.30 million credit facility granted by Leasa
Spain, S.L.U. The term of the Facility has been extended by 12
months and now expires on 30 November 2021, although the Company
retains the option to repay any drawn amounts earlier. The Board of
Mirada considered it prudent to extend the Maturity Date in order
to provide cashflow flexibility and bearing in mind the global
uncertainties presented by the COVID-19 pandemic.
7. 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.
8. Other
Copies of the 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/ .
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR KLLFBBLLEFBD
(END) Dow Jones Newswires
December 03, 2020 02:00 ET (07:00 GMT)
Mirada (LSE:MIRA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mirada (LSE:MIRA)
Historical Stock Chart
From Apr 2023 to Apr 2024
