SyQic plc 
ANNUAL REPORT 2013
LEADING THE WAY 
IN MOBILE TV...
plc Key Achievements Since IPO
•	 Successful admission to  
AIM on 4 December 2013, 
raising £3.2 million  
via Allenby Capital  
(of which £2.45 million was 
new equity capital) in an 
over‑subscribed fundraise 
•	 Launch of the Group’ s 
first international Yoonic 
OTT (“Over The T op”) 
service alongside a prepaid 
payment model and new 
distribution channels. These 
are significant milestones and 
are expected to be the key 
revenue drivers for the Group 
in the medium term
•	 Establishment of a launch 
programme for new Yoonic 
OTT services over the 
coming months
•	 Completion of significant 
technical enhancements 
of the existing Yoomob 
platform (telco oriented 
service) during the period 
and continued footprint 
growth in South East Asia
•	 Established shared database, 
content encoding and 
processing, storage and 
video delivery infrastructure 
(achieving economies of 
scale and efficiency) for both 
Yoonic and Yoomob
•	 Continued ongoing 
technology development, 
alongside research 
programmes with major 
tertiary institutions in the 
UK and Singapore
•	 Collaboration entered into 
with T ata and Amazon for 
video storage and distribution
•	 Substantial growth of 
video content library, and 
growing alliances with major 
broadcasters and content 
producers
Introduction 
1 About Us 
1  Financial Highlights
Strategic report
2  What We Do
4  SyQic – Building Blocks
Performance review
10  Chairman’s Statement
12  Group Chief Executive  
 Officer’s Statement
Contents
Governance
18  Board of Directors 
20  Directors’ Report
23  Corporate Governance Statement
25  Directors’ Responsibilities Statement
Financial statements
26  Independent Auditor’s Report to the Members of SyQic plc
28  Consolidated Statement of Comprehensive Income
29  Consolidated Statement of Financial Position
30  Consolidated Statement of Changes in Equity 
31  Consolidated Statement of Cash flows
32  Notes to the Financial Statements
ibc  Glossary Introduction
SyQic plc 
ANNUAL REPORT 2013 01
Financial Highlights
•	 Revenue increased by 
20% to £4.71 million  
(2012: £3.91 million) with 
revenues during the second 
half of 2013 almost double 
the revenues achieved in the 
same period in 2012
•	 Profit before tax 
of £0.10 million  
(2012: £0.63 million) after 
IPO expenses of £471,000
•	 Substantial increase in 
Group’ s net cash position  
to £1.05 million as at 
31 December 2013  
(2012: £0.05 million)
About Us
SyQic is a fast growing OTT provider of live TV 
and on‑demand paid video content across mobile 
internet‑enabled consumer electronics devices 
such as mobile phones and tablets through its 
“Yoonic” platform. 
The Group has access to over 40,000 hours of online 
video‑on‑demand content as well as over 200 live television  
feeds comprising English and International video content as  
well as content for a number of “home markets.” 
The content is delivered through SyQic’s platforms via a number 
of channels in the movies, drama, music, sports, news, lifestyle 
and general entertainment genres. 02
SyQic plc 
ANNUAL REPORT 2013
SyQic plc 
ANNUAL REPORT 2013 02
SyQic provides OTT Mobile TV solutions which 
empower our consumers by enabling end‑users to 
gain access to premium mobile video content on 
easy‑to‑navigate user interfaces.
Timeline
What We Do
Founded in 2004
Established low 
bandwidth video 
streaming service
Developed P2P 
technology for live 
streaming
2008 licensed B2B 
live streaming 
software 
Achieved record  
of 200,000 
concurrent users for 
live boxing event
2010 Directors focus 
on B2C market Strategic report
SyQic plc 
ANNUAL REPORT 2013 03
Our Yoonic service is available on internet enabled 
devices, either via the online web portal or deployable 
mobile operating systems.
2011 launched 
Yoomob, mobile 
video streaming 
platform, in Asia
Recorded over 
750,000 access fee 
transactions in  
six months
2014 launch of 
Yoomob Plus 
enhanced platform 
for telcos
2013 Launch of 
Yoonic a powerful 
new OTT streaming 
platform 
Yoonic allows HD 
streaming 
Yoonic platform 
scaled up for global 
presence using 
cloud technology Yoomob was proliferated through telcos in South East Asia 
and gave SyQic a strong footprint in Malaysia, Philippines 
and Indonesia. Using the management team’s experience 
and expertise, the Group established relationships with key 
content providers and service distributors. The vast array of 
content together with the low‑cost entry point and simple 
user experience, made SyQic’s telco products highly attractive 
in the South East Asia region. The Group’s in‑house R&D 
team was also very important in ensuring the SyQic offering 
remained at the cutting edge of technology. In particular 
its proprietary technology enabled video streaming to be 
delivered at bitrates as low as 80kbps enabling services 
to be provided on less advanced mobile devices and 
slower networks. 
The Yoomob platform allows end‑users to purchase access to 
individual video channels on a daily, weekly or monthly basis. 
Within six months of Yoomob’s inaugural deployment, SyQic 
had recorded circa 750,000 access fee transactions for its 
video service through its telco distribution arrangement with 
Maxis Telecommunications in Asia. SyQic has subsequently 
recorded further significant access fee revenue with a 
number of other Tier 1 telcos in the South East Asia region. 
By July 2013, SyQic had, in aggregate, served over one 
million end‑users across its Yoomob deployments. 
04
SyQic plc 
ANNUAL REPORT 2013
SyQic – Building Blocks
Mobile video streaming is a young and fast growing sector. 
SyQic’s first forays into this market were in 2011 when it 
launched a low bitrate mobile video streaming platform  
called Yoomob.  Page head
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TV
Desktop 
computer
Laptop
2013
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Smartphone
Tablet
Other screen
At home
Away from home
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2012
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Hours
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2012
Strategic report
05
SyQic plc 
ANNUAL REPORT 2013
SyQic continues to be the dominant 
regional mobile video service provider. 
Yoomob has provided an excellent 
platform for SyQic to become 
established as a video delivery company 
and SyQic has now completed the 
development of the Yoomob Plus 
platform, the evolution of the existing 
Yoomob product. 
At the same time management 
believed that even more dynamic 
growth opportunities lay in the Over 
The Top (OTT) delivery space and 
took a strategic decision to develop 
a powerful new platform that could 
be accessed through the internet and 
therefore serve a much larger potential 
customer base, separate from the telco 
product model. 
The resulting product, Yoonic, was 
commercially launched in April 2014 
in the UK, Malaysia and Singapore 
as a service particularly aimed at 
the Bangladeshi diaspora market 
and successive launches will follow 
throughout 2014 to target other 
large migrant groups and many more 
geographical territories around the 
world such as the Middle East and the 
United States.
Significant market potential
Better quality internet connections, 
the increased ownership of internet 
ready devices and the rapid roll out 
of 3G and 4G services is leading to 
a growing demand by consumers 
for access to video content over 
the internet. 
A recent industry report found that 
in some of SyQic’s core markets in 
South East Asia, more people own 
internet enabled phones than any other 
similar device for accessing the internet.
Targeting regions where the number 
of internet users is set to increase, in 
particular through the proliferation of 
internet enabled portable devices is 
paramount to the Group’s success. 
1
Source: Ericsson ConsumerLab TV & Media, 
Consumer Insight Summary Report August 2013.
Source: Ericsson ConsumerLab TV & Media study 2013.  
Base: US, UK, Germany, Sweden Spain, Taiwan, China, South Korea and Brazil, those who have and use the device.
Mobile devices make up an increasing  
share of TV and video viewing:  
 
72%
use mobile devices 
 
at least weekly for video viewing
1
Average hours spent watching video on device each week This coupled with the ever increasing global migrant 
working community will mean SyQic is well positioned to 
take advantage, by providing online migrant communities 
with the video content they desire.
According to Generator Research Limited revenues for OTT 
internet TV services in 2013 will be around $9.1 billion, a 
figure forecast to increase to $49.8 billion by 2017. By 2016, 
Generator Research Limited anticipate that the number of 
individuals who pay to access OTT internet TV programming 
will have increased to 352.4 million, a figure which is nearly 
50% of the worldwide total of pay‑TV subscriptions (cable, 
satellite and mobile TV combined). 
Generator Research Limited research states in contrast to 
broadcast television, which is viewed on a television set, OTT 
internet TV is accessible through four main delivery routes: 
•	 connected TVs. e.g. through the use of a set top box, 
smart TV or games console; 
•	 personal computers, at home, office or for example 
connecting a notebook to a TV set using an HDMI cable; 
•	 media tablets, such as Apple iPads; and 
•	 smartphones, such as iPhones and Android smartphones. 
SyQic currently serves the mobile phone, tablet and personal 
computer market. 
OTT on the mobile increasing
Evidence illustrating the increasing demand for viewing 
video content over mobile devices is illustrated by recent 
data on the BBC iPlayer – the BBC’s OTT internet TV product. 
The BBC iPlayer had around 200 million requests in March 
2013, representing 38% growth on the prior year. In the 
twelve month period to March 2013, requests from tablets as 
a percentage of all requests grew from 8% to 20% and from 
mobile devices from 9% to 17%. Additionally according 
to Ericsson the age profile of OTT/on demand TV viewers 
has changed dramatically in recent years and the older 
population is also taking part in this change.
06
SyQic plc 
ANNUAL REPORT 2013
OTT internet TV services
$9.1bn
2013
$49.8bn
2017
SyQic – Building Blocks continued In the Group’s core South East Asian 
market, a Nielsen study showed that 
internet capable mobile phones have 
a penetration rate of more than 60%, 
with many countries in the region 
having a penetration rate as high as 
85%, providing the potential for mobile 
online video streaming services (source: 
Nielsen: The Digital Media Habits 
and Attitudes of SE Asian Consumers, 
October 2011). 
Research undertaken by Vidiator also 
indicates that consumers are willing 
to pay for mobile video. In India, 
88% of people surveyed had paid for 
mobile video or would consider it in 
the future while 54% of those were 
already paying for mobile video. In 
Malaysia, the numbers are 75% and 
34% respectively. 
In addition, 92% of people surveyed 
in Malaysia and 86% in India would 
consider switching mobile phone 
network providers if they were offered 
an OTT, mobile TV or video‑on‑demand 
service (source: Vidiator, The mobile 
video opportunity in South East Asia, 
August 2012).
Strategic report
07
SyQic plc 
ANNUAL REPORT 2013
Source: Ericsson ConsumerLab TV & Media study 2013.  
Base: US, UK, Germany, Sweden, Spain, Taiwan, China, South Korea and Brazil.
2011
2013
77
16-19 20-24 25-34 35-44 45-54 55-59 60-64 65-69
%
75
77
75
69
71
53
60
42
48
34
40 40
41
0
10
20
30
40
50
60
70
80
% that stream on‑demand/time shift TV and video including YouTube more than weekly, by age group
By 2018, mobile video will 
 represent just over 
     69%  
of global mobile data traffic
2
2
Cisco Visual Networking Index Global Mobile Data 
Traffic Forecast for 2013 – 2018 08
SyQic plc 
ANNUAL REPORT 2013
Strength of content 
 
The Directors are of the view that it is content 
which is key in attracting additional users 
and therefore SyQic works extensively with 
content providers and aggregators to obtain 
suitable content.
The Group has distribution licenses 
to over 40,000 titles of online 
video‑on‑demand content and 
also over 200 live television feeds 
comprising English language based 
content and native language content 
for a number of “home markets” in 
Asia and their international migrant 
communities globally. 
The content is delivered through SyQic’s 
platform via a number of channels in 
the movies, drama, music, sports, news, 
lifestyle and general entertainment 
genres. The majority of the Group’s 
content providers supply content which 
is in line with the Group’s focus on the 
Asian market and the growing Asian, 
Middle Eastern, Eastern European 
global migrant and expatriate 
communities market.
Our partnerships with content 
providers ensures a healthy supply 
of new video content material 
to address the needs of multiple 
international migrant communities
SyQic plc 
ANNUAL REPORT 2013 08
SyQic – Building Blocks continued Strategic report
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SyQic plc 
ANNUAL REPORT 2013 09
SyQic plc 
ANNUAL REPORT 2013
Strategic report
Global shift to 
SMART devices 
54% of mobile connections  
globally will be SMART connections, 
increasing from 21% in 2013. 
Average global network speeds 
nearly doubling from 1.4Mbps  
in 2013 to 2.5Mbps by 2019, and 
15% of all connections will be 
connected to 4G.*
Accessibility 
 
Historically SyQic’s content has been delivered 
through its Yoomob platform. Yoomob utilises 
a proprietary encoding solution to stream video 
content to a broad range of mobile devices 
including to basic feature mobile phones.
The Yoomob product was developed 
utilising the Group’s proprietary 
compression knowhow which allowed 
streaming at bitrates as low as 80 kbps. 
As a result it is able to deliver video 
streaming on GPRS and EDGE networks 
and, more importantly, on basic feature 
phones with video capabilities. This 
enabled the Group to access a wider 
potential user base. Given that circa. 80% 
of the Asian region is still not 3G‑enabled 
despite mobile penetration being high, 
the Directors believe that this ability to 
stream content at low bitrates is key 
in driving fast take‑up of its product, 
particularly given its focus on mobile 
video delivery. However, the Directors 
recognise that the industry is developing 
at a rapid pace and that, in order to 
continue its growth, investment in R&D 
allowing ongoing product development, 
is fundamentally important. The latest 
results of the Group’s investment in 
R&D are its new generation Yoomob 
Plus platform for telco deployments and 
its new OTT mobile video streaming 
platform, Yoonic.
The Directors are of the view that the 
Yoomob Plus platform addresses a much 
larger variety of handsets including all the 
new generation smartphones. 
The new platform has High Definition 
video delivery capability and much 
smarter intelligence analytics that allow 
for data mining, opening up other 
revenue delivery possibilities. Yoomob 
Plus has a scalable core platform that 
allows for rapid deployment with new 
telcos, increasing speed to market. All the 
new telco sites will carry the Yoomob 
Plus platform whilst existing Yoomob 
service sites will be upgraded to Yoomob 
Plus in coming months. The Yoomob Plus 
revenue potential is much bigger that 
Yoomob as it instantly addresses a wider 
base of users and its enhanced content 
features will drive much higher consumer 
transaction numbers.
The Yoonic OTT platform represents a 
step change in terms of business model, 
system operations, user experience and 
functionality. It integrates and unifies 
the databases and processing core of 
all of the Group’s services providing 
easier deployment and management. 
The Directors also believe that Yoonic 
will provide the Group with much better 
data analysis capabilities since Yoonic 
incorporates an enhanced database 
gathering capability, enabling the Group 
to track user profiles more efficiently.
This provides SyQic with essential 
customer usage data from which it will 
be able to better tailor its products and 
services, in particular in relation to the 
development of a “smart search” product, 
through which it can then seek to refine 
the video content that it provides to its 
users in an OTT environment. 
A key feature of Yoonic is that it can 
be used on a wide variety of internet 
enabled devices including Android, 
Symbian and iOS devices and also via 
web browsers.
SyQic has also developed its own direct to 
consumer payment channel for the Yoonic 
service. The eliminates the need for a 
telco relationship for billing purposes and 
provides great potential for the faster 
and wider proliferation of SyQic’s services 
amongst global consumers.
The Directors believe that this greatly 
increases the user pool that the Group can 
access and is a significant enhancement 
from Yoomob which was only available to 
users of basic feature phones. 
The Directors also believe that Yoomob 
Plus and Yoonic offer an enhanced user 
experience through features such as 
HD content capability, catch‑up TV and 
video sharing features. Additionally, the 
platform will shortly include the capability 
to provide users with direct access to 
popular social networking platforms such 
as Facebook and Twitter.
*Cisco Visual Networking Index Global Mobile Data Traffic Forecast for 2013 – 2018. 10
SyQic plc 
ANNUAL REPORT 2013
SyQic plc 
ANNUAL REPORT 2013 10
Business review 
2013 was a transformational and very exciting year 
for SyQic, culminating in the successful admission to 
AIM on 4 December 2013. The Board was also pleased 
to announce the development of Yoonic, SyQic’s OTT 
mobile video streaming platform, as well as making 
considerable progress with partners in terms of content 
acquisition. The Yoomob telco oriented platform 
was significantly enhanced during the period, with 
additional functionality and new innovations to the 
services being successfully carried out.
During the period, the Board made a number of 
strategic changes to the Group’s routes to market. 
These were the result of considerable market research 
and obtaining customer feedback in order to refine the 
Group’s offering to make it as compelling as possible to 
potential customers and has led to the Group targeting 
communities individually. This has had an unexpected 
benefit for SyQic as it means that launches can occur 
internationally on a simultaneous basis, thereby 
reaching as broad an audience as possible.
2013 was a transformational and very 
exciting year for SyQic, culminating in 
the successful admission to AIM  
on 4 December 2013. 
Chairman’s Statement Continuing enhancement
SyQic plc 
ANNUAL REPORT 2013 11
In response to the feedback that was 
obtained from the initial phase of the 
launch of Yoonic to the Bangladeshi 
community, the Group is adapting 
its model and refining its routes to 
market. Take up of the service has been 
very encouraging and there has also 
been substantial interest from retailers 
in the UK, Europe, the Middle East, 
Malaysia and Singapore to offer the 
service to their Bangladesh and other 
migrant customers. 
IPO
SyQic was delighted to join AIM 
on 4 December 2013, having raised 
£3.2 million via Allenby Capital in an 
over‑subscribed fundraise, of which 
£2.45 million was raised as new equity 
for the Company. The proceeds of 
the Placing, along with existing cash 
resources, are being used to launch 
the Group’s services in the UK and 
continental Europe. These funds are 
also being utilised for the purposes 
of content acquisition, research and 
development, development of a new 
payment method, establishing local 
and regional distribution hubs and sales 
and marketing activities. 
The Board is pleased that these areas 
are being progressed since the IPO and 
will continue to be the focus of the 
Group’s efforts.
Prospects for 2014
The Group is at an important stage 
of its development, and 2014 will see 
the continuing enhancement of both 
the Yoomob and Yoonic platforms and 
growth of landings and geographical 
footprint where the service is made 
available. The Board is pleased that 
the market environment for SyQic’s 
services is very positive particularly as 
the consumption of data on mobile 
devices continues to grow, and the 
global migrant market that the Group 
is targeting is significant.
Appreciation
On behalf of the Board I would like 
to express my deep appreciation to 
the management and staff for their 
dedication and hard work in meeting 
the challenges for the past year and 
the successful IPO of the Company. 
I would also like to thank our investors, 
customers and partners for their 
strong support.
William Liu Wei Hai
Non‑Executive Chairman
18 June 2014
The Board is pleased that the 
market environment for SyQic’s 
services is very positive particularly 
as the consumption of data on 
mobile devices continues to grow.
Substantial interest from retailers in the UK, 
Europe, the Middle East, Malaysia and Singapore 
to offer the service to their Bangladesh and 
other migrant customers. 
Performance review 12
SyQic plc 
ANNUAL REPORT 2013
The Board is pleased to report the Group’s 
results on the back of an exciting year, 
which showed considerable growth 
in revenues to £4.71 million.
SyQic plc 
ANNUAL REPORT 2013 12
Results
The Board is pleased to report the Group’s results 
on the back of an exciting year, which showed 
considerable growth in revenues to £4.71 million, 
from £3.91 million in 2012, an increase of 20%. 
Particularly pleasing was the fact that the second 
half of 2013 was very strong with revenues 
during the second half of 2013 almost double the 
revenues achieved in the same period in 2012. 
Profit before tax was lower at £0.10 million (2012: 
£0.63 million), caused by an increase in investment 
in manpower as the roll out of Yoonic and 
Yoomob evolve, as well as AIM transaction costs of 
£0.47 million. The lower 2013 net profit can also be 
attributed to the expensing of platform‑enhancing 
development costs. This treatment will be 
continued in 2014 to provide greater transparency 
of the Group’s ongoing development costs. 
Earnings per share excluding AIM transaction costs 
were 3.63 pence (basic) (2012: 4.15 pence) and 
2.91 pence (diluted) (2012: 3.26 pence) and after 
AIM transaction costs totalled 0.64 pence (basic) 
and 0.51 pence (diluted). 
Group Chief Executive Officer’s Statement 13
SyQic plc 
ANNUAL REPORT 2013
Performance review
Strong results
Performance review
13
The Group’s net cash position is robust 
at £1.05 million as at 31 December 2013 
(2012: £0.05 million), with total assets 
of £5.72 million (2012: £3.23 million). 
Trade receivables increased to 
£3.7 million from £2.3 million in 2012. 
Of this amount £3.3 million is owed by 
one customer with which the Group 
has agreed a repayment plan for 2012 
and 2013 billings under which the 
full amount will be repaid in monthly 
instalments by June 2016. The payments 
to date have been on time and as 
scheduled. This lengthy payment was 
caused by regulatory developments in 
Indonesia. The 2014 billings with the 
customer will be paid more promptly.
The Board was pleased that the 
Group’s successful admission to AIM on 
4 December 2013 raised £3.2 million via 
Allenby Capital in an over‑subscribed 
fundraise, of which £2.45 million was 
raised as new equity for the Company. 
As announced at the time of the IPO, 
these funds are being used to complete 
the development of the Yoomob 
Plus service platform, to enhance the 
existing Yoomob platform and to 
roll out the Group’s Yoonic service 
internationally. 
Yoonic has already been successfully 
launched for the Bangladeshi 
communities in the UK and Malaysia 
with a complete Bangladeshi video 
content offering. Further Yoonic 
service launches for the Bangladesh 
communities in the Middle East, 
Australasia and the United States are 
on the road map. The Group will also 
be rolling out the Yoonic services for 
other migrant groups globally in the 
remainder of 2014 beginning with the 
Filipino service in June.
Yoonic launch 
On 20 December 2013 the Board 
was pleased to announce the UK 
pilot launch of Yoonic, the Group’s 
OTT platform to provide live TV and 
on‑demand paid video content to 
mobile devices. Yoonic has efficient 
mobile video streaming as its core 
offering and allows for close to high 
definition streaming, with the ability to 
stream as low as 80kbps, and to scale 
very quickly.
Following this successful pilot launch, 
the Group has responded to the 
feedback and adapted its offering as 
a result. Key to this is the Group’s shift 
from a general roll‑out plan to a phased 
one with each launch being specifically 
targeted and focused on a particular 
migrant community. 
This has the advantage that 
each community can be reached 
simultaneously across the multiple 
territories in which SyQic operates 
meaning that the Group can reach 
significant numbers of potential users 
of the service for minimal incremental 
marketing spend.
The shift in focus from targeting 
a range of nationalities in one 
location, to targeting a single migrant 
community at a time across a number 
of territories, has been a significant one 
that refocuses the Group’s marketing 
activities. Consequently the Group is 
developing individual sites for each 
targeted community, addressing 
their specific requirements (including 
language needs), and is launching these 
sites internationally, thereby reaching 
much larger potential audiences. 
This has meant some renegotiation 
with content providers to amend the 
terms under which the content can be 
distributed but this has been completed 
successfully and future agreements will 
be entered into on this basis.
SyQic plc 
ANNUAL REPORT 2013
£4.71m £1.05m 3.63p
Revenue Net cash Earnings per share 14
SyQic plc 
ANNUAL REPORT 2013
Since the period just ended, the other 
significant development in the roll 
out of Yoonic has been in the area of 
payment options. The addition of a PIN 
based scratchcard payment method 
was announced on 27 March 2014, and 
is a significant step forward in terms 
of ease of use of the platform. From 
the feedback obtained during the 
pilot launch of Yoonic, it has become 
apparent that it is considerably more 
attractive to have a pre‑payment 
option available, rather than expecting 
customers to submit their payment 
details online.
The Board believes that having this 
tangible relationship with consumers 
will have a beneficial effect on the 
initial take up of the service and help 
in the proliferation of the Yoonic 
brand, thereby enhancing the ongoing 
usage rates. These cards will have 
distinct designs to target the relevant 
community for each launch. The 
scratchcard model is a well established 
model amongst the demographic that 
the Group is targeting and the Board 
believes that this will be a compelling 
payment method for the service. 
The scratchcards are already on sale 
in the UK and Malaysia in various 
retail outlets in central hubs of the 
Bangladeshi community. In the UK 
the scratch cards are already available 
at more than twenty‑five retailers in 
London and Luton, and the Group 
is in the process of signing up more 
outlets in the Midlands, the North and 
Scotland. In Malaysia the Group has 
partnered with the largest distributor 
of prepaid scratchcards and this has 
resulted in them being available 
nationally. In Singapore the Group is 
in the midst of partnering Singapore 
Post and 7‑Eleven; both being major 
retailers, to make the scratch cards 
available nationwide.
The Group is currently putting in place 
a scratch card distribution network 
in the Middle East. These distribution 
points, with some additions, will also 
serve to distribute scratch cards for the 
other migrant groups as well. 
The Group has also initiated a peer to 
peer marketing methodology within 
each migrant group to enhance the 
viral effect to promote the Yoonic 
service within each Community. This 
method will be replicated for each 
migrant group. 
The viral activity is enhanced by the 
Group’s participation and presence at 
Community events, and partnerships 
formed with Community based media.
The Board is excited to progress this 
strategy in terms of the way that 
it will target its potential customer 
base and also to continue to develop 
the technology and payment options 
for consumers. The initial launch of 
Yoonic has been successful for the 
international Bangladesh community, 
and this will be followed by further 
launches. This is a significant 
development in the growth of the 
Group as the launch of the Yoonic 
OTT model is the commencement of 
a major new revenue contributor. It is 
anticipated that the OTT income will 
become the main revenue driver for 
the Group supported by the Yoomob 
telco oriented service which will 
become a relatively smaller revenue 
contributor over time. The take up for 
the Bangladesh service has been very 
positive and the Group anticipates 
that this will be the case for the other 
migrant segments as well.
Group Chief Executive Officer’s Statement continued Performance review
15
SyQic plc 
ANNUAL REPORT 2013
Yoomob and Yoomob Plus
The Group’s Yoomob platform streams 
video content to a broad range of 
mobile devices including to basic 
feature mobile phones. The telco 
business segment continues to be a 
core product for SyQic in the short to 
medium term and SyQic increased the 
number of telco companies that are a 
part of the Yoomob network during 
the period and are continuing to roll 
out new sites particularly in developing 
countries. In the medium to long term, 
the Board anticipates that Yoonic, which 
represents a step change in the Group’s 
operations, enhanced user experience 
and functionality, will overtake Yoomob 
but, in the meantime the telco business 
continues to grow steadily, providing 
a foundation for the phased rollouts 
of Yoonic.
In 2013 the Yoomob service was 
enhanced by the Group’s in‑house 
R&D division into Yoomob Plus and is 
now available on more handsets with 
a number of new features, such as the 
introduction of catch‑up TV. This allows 
users to view live content at a later date, 
at a resolution close to high definition.
The Group has recently launched new 
telco services including SmartFren in 
Indonesia and a second, more enhanced 
service with Maxis in Malaysia. Further 
launches are being prepared with XL 
in Indonesia, MPT in Myanmar and 
Banglalink in Bangladesh.
Partnerships
Content acquisition is one of SyQic’s 
key strengths, with over 40,000 titles of 
online video‑on‑demand content and 
over 200 live television feeds, across 
a range of genres including movies, 
drama, music, sports, news, lifestyle and 
general entertainment genres. In 2013 
SyQic developed these relationships 
significantly, signing agreements with 
major broadcasters and content providers 
for content in a number of new countries.
The Group’s relationships with telco 
operators continues to broaden, 
with new agreements signed during 
the period to extend the scope of 
Yoomob, particularly in territories 
such as the Philippines and Indonesia. 
Further developments are anticipated 
in advance of the next roll‑outs in 
Myanmar, Indonesia and Bangladesh.
Geographic markets
The Board believes that its strategy 
of targeting each community group 
on an individual basis and launching 
services to that group simultaneously 
internationally will be beneficial to the 
Group in terms of customer adoption of 
the offering.
Importantly the Group aims to establish 
regional distribution networks that 
can be used in successive migrant 
community launches. For example, 
the distribution network that is being 
established in the Middle East as part of 
the launch of the Bangladesh offering, 
can then be used to launch the Filipino, 
Nepalese, Turkish and Polish products, 
and then any others that the Group 
rolls‑out there.
The key geographic markets are broad, 
but with a targeted approach to 
marketing to one specific community 
at a time, the Board believes that 
SyQic will be in a strong position to 
increase subscription numbers. The 
Yoonic service is already available in 
the UK and Malaysia and launches in 
Singapore, Europe, Middle East and the 
United States in the coming months. 
Partnership
Content acquisition is one of SyQic’s key strengths, 
with over 40,000 titles of online video‑on‑demand 
content and over 200 live television feeds. 16
SyQic plc 
ANNUAL REPORT 2013
Marketing
The Group is striving to reach each 
community at the relevant touch 
point and is therefore targeting a very 
specific and targeted range of news 
websites, groups and associations, and 
community leaders in various locations. 
The Group has plans to develop affiliate 
programmes that will incentivise 
customers to introduce other people to 
the service. 
On a broader scale, management has 
recognised that there are particular 
locations that communities gravitate 
to, such as international money transfer 
facilities, and plans to establish a 
presence in such locations. 
As the roll‑out of Yoonic continues 
to progress, it is anticipated that 
the Marketing Team will be further 
strengthened. In particular it is essential 
that migrant marketing managers are 
hired to lead each migrant push so that 
there is greater understanding of the 
marketing nuances required to address 
the needs of each migrant group.
Research and development
Research and development is at the 
core of the Group’s activities and was a 
continued focus during the period. As 
the Group executes the phased launch 
of Yoonic, development of the platform 
continues as well as the ongoing 
development of Yoomob.
Investment into research and 
development has been in line with 
the management expectations for 
the year, with the Yoonic platform 
being successfully built in order to 
ensure that it is fully scaleable as the 
roll‑out continues into new territories. 
The Board believes that the foundations 
for growth are in place and the Group 
is now in a position to scale the 
business up.
Another focus of the research 
and development has been the 
strengthening of SyQic’s service security, 
content distribution, content database 
and systems to manage customer data. 
Data storage has been increased in 
order to prepare for the forthcoming 
launches as the volume of content 
stored will need to grow significantly.
SyQic ultimately intends for its 
platforms to become a hub for its users 
to interact and build communities. 
Research is being carried out on an 
ongoing basis in order to enhance 
the user experience and functionality, 
particularly in terms of new applications 
for both Android and iOS devices. 
Interactive features such as blogging, 
chatting, gaming and social networking 
are all being explored, with the aim 
of making the service as engaging as 
possible in order to ensure customer 
retention.
The Group is developing the technology 
to closely monitor user behaviour, 
which will enable analysis of how 
customers are utilising the service and 
consequently identify trends and up‑sell 
to existing users.
At the time of the IPO the Board 
stated that 40% of the proceeds 
of that fundraise would be used to 
fund research and development and 
anticipates that a number of new 
features will be announced over the 
coming months. It is anticipated that 
the Group’s expenditure on research 
and development will continue at a 
similar pace as the enhancement of the 
service continues.
Group Chief Executive Officer’s Statement continued SyQic plc 
ANNUAL REPORT 2013
Performance review
17
The Group is currently in advanced 
discussions with University College 
London, the University of Wales and 
the National University of Singapore 
to advance research collaboration 
in a number of key areas that will 
significantly advance the Group’s 
technology offering. Working 
with these academic institutions is 
anticipated to allow the Group to tap 
a wider knowledge pool and research 
base than the Group alone would be 
capable of.
The Group is also continuing its UK 
university internship programme which 
has yielded great talent for the Group’s 
Development Team.
Outlook
The coming months will be significant 
for the Group as it rolls out Yoonic 
across the key markets of the 
Bangladeshi, Filipino, Nepalese, Turkish 
and Polish communities. The ongoing 
development in infrastructure in the 
various countries that the Group is 
targeting is an additional driver of 
growth for the platform. SyQic will 
be looking at reaching out to other 
migrant groups in the latter part of 
the year including to the Hispanic 
community in the US. 
With the completion of the launch of 
the Bangladesh service, the Group’s 
marketing effort is now in full swing. 
The next launch will be for the Filipino 
community and further announcements 
will be made at the appropriate time.
The Group’s momentum from 2013 has 
been continued into 2014 and revenue 
for the first three months of 2014 was 
£2.0 million (unaudited) representing 
an improvement of over 600% on the 
same period in 2013. 
This period is marginally below the 
levels of revenue earned in the fourth 
quarter in 2013. However that period 
benefitted from an enhanced festive 
season peak period during December. 
As a consequence of the continuing 
strong billings in the first quarter of 
2014, trade receivables have increased 
further since the year end. The Board 
remain confident in the payment 
arrangements that are already in 
place. The Group’s largest customer, PT 
Nextnation Prisma has fully adhered to 
the payment plan entered into in 2013 
and the original £2.4 million receivable 
has now been reduced to £1.8 million as 
at 31 March 2014. 
A new payment plan has been agreed 
with PT Nextnation Prisma to settle 
the 2013 receivable by June 2016. 
The 2014 billings will be paid on a 
prompter basis.
The general industry wide 
developments continue to drive the 
progress of SyQic’s service, as “all 
you can eat” data plans become 
widespread, growing international 
migration and the consumer’s appetite 
to consume video on mobile devices 
continues to grow. 
Given this environment and the 
growing market that it is creating, the 
Board is pleased to look to the future 
with increased confidence.
Jamal Hassim
Group Chief Executive Officer
18 June 2014
The Group’s momentum from 2013 has been continued into 2014 and 
revenue for the first three months of 2014 was £2.0 million (unaudited) 
representing an improvement of over 600% on the same period in 2013.  18
SyQic plc 
ANNUAL REPORT 2013
William Liu Wei Hai
Non‑Executive Chairman
William Liu started his career in IT in 
1970 after graduating with a degree 
in Mechanical Engineering from the 
University of Manchester and an MSc 
from Imperial College. He is currently 
the Chairman and Managing Partner of 
Stream Global Pte Ltd, a Singaporean 
venture capital firm whose main 
objective is to invest in and partner 
with entrepreneurs and assist them 
in realising their potential. William is 
currently a board member of SISTIC.
com Pte Ltd, GreenDot Energy Pte Ltd, 
Payment Link Pte Ltd., and was previously 
a board member of the National Library 
Board, Singapore Computer Systems and 
the National Computer Board. He was 
also a past Chairman of the Singapore 
Federation of the Computer Industry (SFCI) 
from 1995 to 1998 and a Board member of 
the Singapore National Computer Board 
and a past Chairman of the Operational 
Research Society of Singapore. William 
was inducted into the Singapore 
Computer Society’s Hall of Fame in 2007.
William is a member of the Group’s 
remuneration and audit committees.
Jamal Hassim
Group Chief Executive Officer  
and founder of the Group
In 2000, Jamal was headhunted to become 
the Chief Operating Officer of SPH 
Mediaworks Ltd in Singapore and later led 
a project that involved the restructuring, 
reorganisation and successful sale of 
Metrovision, an indebted Malaysian 
terrestrial television station to the TV3 
Media Group.
Jamal’s broadcast career culminated in him 
becoming the Founder, Managing Director 
and owner of Channel 9, at that time 
Malaysia’s last independent terrestrial 
television station. He was also responsible 
for raising the necessary capital (RM70 
million) to launch and operate the 
station. Jamal created a multi‑media 
platform to deliver Channel 9’s content 
via the television, the internet and mobile 
devices. Jamal and investors successfully 
exited their investment in Channel 9 via a 
trade sale. Jamal had also invested in and 
operated Capital FM, a urban themed FM 
radio station based in Malaysia. He also 
successfully exited this investment via a 
trade sale. In 2004, following the sale of 
Channel 9, Jamal founded SyQic.
Steve Elliff
Chief Financial Officer
Steve Elliff is a Chartered Accountant 
with over 20 years of financial experience. 
He started his career in 1990 at KPMG 
London and his tenure included an 
18 month secondment to KPMG, Kuala 
Lumpur, Malaysia. In 1996, Steve joined 
Lex Service plc as Group Operations 
Auditor, where he was responsible for 
managing the completion accounting 
exercise as part of its sale to Pendragon 
Motor Group. In 1998, he joined 
Dexion Group and after five years 
joined Mercedes Benz Retail Group as 
Divisional Financial Controller where his 
responsibilities were, amongst others, 
management reporting for the three 
Mercedes Benz Retail Corporate Sales 
operations in London, Manchester and 
Birmingham. In 2009, Steve joined Epson 
UK Limited as Financial Controller and in 
November 2013 Steve joined SyQic just 
prior to the AIM listing. Steve has a degree 
in Economics from the University College 
of Wales, Aberystwyth and a Certificate 
in Business Administration from the 
University of Warwick.
Board of Directors Page head
19
SyQic plc 
ANNUAL REPORT 2013
Governance
19
SyQic plc 
ANNUAL REPORT 2013
David Vernon Cotterell
Non‑Executive Director
David Cotterell has nearly 30 years’ 
experience in the information technology 
software and service sector. He has held 
senior management roles with firms such 
as ACT Financial Systems, DST, Advent 
and AIM listed SQS Group plc where 
he was also responsible for investor 
relations. This wide ranging experience 
includes senior roles in international 
start‑ups, organisations requiring change 
and mature businesses with established 
brands. Mr Cotterell has led and 
successfully implemented two trade sales 
of technology companies. He holds other 
IT related board level positions including 
with AIM listed Incadea and RapidCloud 
International plc. He is also Director of 
Europe for Qualitest services.
David is Chairman of the Group’s 
remuneration committee and a member 
of the audit committee.
Dicky Tjokrosaputro
Non‑Executive Director
Dicky graduated from the University of 
Southern California with a degree in 
Business Administration in 1992 before 
commencing his career in the textile 
manufacturing business. From 1996 
to 2008 he was the CEO of PT. Hanson 
International Tbk (Indonesia) a company 
involved in textile manufacturing. He has 
also been a Director of PT Power Telecom 
(Indonesia), a company involved in 
telecommunication services since 2004.
Dicky is a member of the Group’s 
remuneration and audit committees.
Chak Kong Soon
Non‑Executive Director
Chak Kong Soon started his career in the 
systems integration division of Andersen 
Consulting (now known as Accenture), 
and is currently a Managing Partner of 
Stream Global Pte Ltd. He is the President 
of the Singapore Computer Society, a 
professional body with 27,000‑strong 
membership. Chak has founded and run 
several companies and currently serves as 
a board member on several technology 
companies in the South East Asia region.
Chak is Chairman of the Group’s audit 
committee and a member of the 
remuneration committee. 20
SyQic plc 
ANNUAL REPORT 2013
Directors’ Report
Financial statements
The Directors present their report and financial statements 
for the Group for the period ended 31 December 2013. 
On 4 December 2013 the Group underwent a re‑organisation 
by virtue of which the shareholders of the previous holding 
company, SyQic Capital Private Limited, in their entirety 
exchanged their shares for shares in SyQic plc, a newly 
formed company, which then became the ultimate parent 
company of the Group. As the accounting treatment for 
Group reorganisations is scoped out of IFRS 3, the Group 
has referred to current UK GAAP and specifically the merger 
accounting principles contained therein. The resulting 
treatment is that the consolidated financial statements of 
SyQic plc are presented as if SyQic plc had always been the 
holding company for the Group.
Principal activities
The Company was incorporated on 13 November 2013 
under the name of SyQic Limited. On 18 November 2013 the 
Company was re‑registered as a public limited company and 
its name was changed to SyQic plc.
The principal activity of the Company during the period was 
that of a holding company. 
Following the acquisition of SyQic Capital Pte Ltd, 
the principal activity of the Group is to provide live 
TV and on‑demand paid video content across mobile, 
internet‑enabled consumer electronics devices such as 
mobile phones and tablets.
Business review and key performance indicators
The Group’s results are set out in the consolidated Statement 
of Comprehensive Income on page 28. A detailed review of 
the business, its results and future direction is included in the 
Chief Executive Officer’s Statement on pages 12 to 17.
Capital structure
The Company is primarily financed through equity provided 
by its shareholders.
Dividends
The Directors do not recommend the payment of a dividend.
Directors
The Directors of the Company are as follows:
William Liu Wei Hai
Muhamed Jamal Bin Muhamed Hassim
Steve Elliff
David Cotterell
Dicky Tjokrosaputro
Chak Kong Soon 21
Governance
SyQic plc 
ANNUAL REPORT 2013
At 31 December 2013, the Directors had the following beneficial interests in the Company’s shares:
      Number of  
      ordinary shares
Muhamed Jamal bin Muhamed Hassim      8,838,940
Dicky Tjokrosaputro      753,755
David Cotterell      100,000
No share options have been awarded to Directors of the Company.
There have been no changes in the Directors’ shareholdings since the year end.
Directors’ remuneration
The remuneration paid to the Directors during 2013 is shown below
 
     Post 
   Short term employment 2013 2012 
   benefits benefits Total Total 
   £ £ £ £
Muhamed Jamal Bin Muhamed Hassim   221,370 — 221,370 175,200
Steve Elliff  (i) 10,750 — 10,750 —
William Liu Wei Hai  (ii) 271 — 271 —
David Cotterell  (ii) 1,850 — 1,850 —
Dicky Tjokrosaputro  (ii) 271 — 271 —
Chak Kong Soon  (ii) 271 — 271 —
   234,783 —  234,783 175,200
(i) Director Service Contract commenced on 18 November 2013.
(ii) Director Service Contract commenced on 4 December 2013.
Directors’ interests
The interests of Directors in the shares and options of the Company are given above.
None of the Directors had a material interest at any time during the year in any contract of significance with the Group 
other than a service contract.
Third‑party indemnity provision for Directors
Qualifying third‑party indemnity provision is in place for the benefit of all Directors of the Company.
Employees
The Group is committed to providing equal opportunities in employment. All job applicants and employees receive equal 
treatment regardless of sex, race, colour, age, and nationality or ethnic origin.
The Group places considerable value on the involvement of its employees and keeps them informed on matters affecting 
them as employees and on the various factors affecting the performance of the Group. This is achieved through formal and 
informal meetings, together with the provision of the Annual Report. Employees are consulted regularly on a wide range of 
matters affecting their current and future interests.
SyQic recognises that commercial success depends on the full commitment of all its employees and commits to respecting 
their human rights, to provide them with a good working environment, free from unnecessary risk, and to maintain fair and 
competitive terms and conditions of employment at all times. 22
SyQic plc 
ANNUAL REPORT 2013
Political and charitable donations
During the year no political or charitable donations 
were made.
Statement as to disclosure  
of information to the auditor
The Directors who were in office on the date of approval of 
these financial statements have confirmed that, as far as they 
are aware, there is no relevant audit information of which 
the auditor is unaware. Each of the Directors has confirmed 
that they have taken all the steps that they ought to have 
taken as Directors in order to make themselves aware of any 
relevant audit information and to establish that it has been 
communicated to the auditor.
Going concern
Having made relevant and appropriate enquiries, including 
consideration of the Group’s current resources and working 
capital forecasts, the Directors have a reasonable expectation 
that, at the time of approving the financial statements, 
the Company has adequate resources to continue in 
operational existence for at least the next twelve months. 
Accordingly, the Board continues to adopt the going concern 
basis in preparing the financial statements.
Auditors
A resolution for the re‑appointment of Crowe Clark Whitehill 
LLP as auditor of the Company is to be proposed at the 
forthcoming Annual General Meeting.
This report was approved by the Board and signed on 
its behalf.
Steve Elliff
Chief Financial Officer
18 June 2014 
Directors’ Report continued 23
Governance
SyQic plc 
ANNUAL REPORT 2013
Corporate Governance Statement
Principles of corporate governance
The Board of Directors is accountable to the Company’s 
shareholders for good corporate governance and the 
Directors intend to respect the requirements of the UK 
Corporate Governance Code as far as it is appropriate to the 
Group’s size and stage of development. Set out below is a 
summary of how the Group is set up to exercise its Corporate 
governance obligations.
Board of Directors
The Board of SyQic plc consists of two Executive Directors 
and four Non‑Executive Directors.
All Directors have access to the advice and services of 
the Company Secretary and in the course of their duties, 
if necessary, are able to take independent professional advice 
at the Company’s expense. Committees have access to such 
resources as are required to fulfil their duties.
The Board receives regular reports detailing the progress of 
the Group, the Group’s financial position and projections, 
as well as business development activities and operational 
issues, together with any other material deemed necessary 
for the Board to discharge its duties. The Chairman is 
primarily responsible for the effective operation and chairing 
of the Board and for ensuring that it receives appropriate 
information to make informed judgements.
The Board has a formal schedule of matters reserved to it for 
decision but otherwise delegates specific responsibilities to 
Committees, as described below. 
The Board is responsible for the review and approval of key 
policies and decisions in respect of business strategy and 
operations, Board appointments, budgets and forecasts, 
items of substantial investment and acquisitions.
Under the Articles of Association, all Directors must offer 
themselves for re‑election at least once every three years. 
To acheive this, at least one third of the Directors retires by 
rotation at every Annual General Meeting and is eligible for 
re‑appointment.
Board Committees
The Board has established an Audit Committee and a 
Remuneration Committee with written terms of delegated 
responsibilities for each.
Audit Committee
The Audit Committee comprises three Non‑Executive 
Directors. The external auditor, Chief Executive Officer 
and Chief Financial Officer may be invited to attend Audit 
Committee meetings and, following each meeting, the Audit 
Committee and external auditor have the opportunity to 
meet without the Executive Directors present. 
The Audit Committee meets at least twice each year.
The Committee reviewed the half year and full year results 
as well as the Annual report prior to their submission to the 
Board and considered any matters raised by the external 
auditor. All scheduled Committee meetings were quorate 
and the conclusions from those meetings were presented to 
the Board.
In certain circumstances it is permitted by the Board for the 
auditor to supply non‑audit services (for example, in the 
provision of tax advice). The Audit Committee has approved 
and monitored the application of this policy in order to 
safeguard auditor objectivity and independence. The overall 
fees paid to the auditor are not deemed significant enough 
to them so as potentially to impair their independence. 
The auditor is awarded assignments on a competitive 
basis and the Audit Committee pre‑approves all permitted 
non‑audit expenditure incurred and during the year reviews 
the cost‑effectiveness, independence and objectivity of the 
external auditor. A formal Statement of Independence is 
received from the external auditor each year.
Remuneration Committee
The Remuneration Committee comprises three Non‑Executive 
Directors. The Remuneration Committee meets at least twice 
each year. The Committee is responsible for considering the 
Executive Directors’ and senior management’s remuneration 
packages and makes its recommendations to the Board.
The Chief Executive Officer may be invited to attend 
Remuneration Committee meetings, other than when his 
own remuneration is discussed. No Director is involved in 
deciding his own remuneration.
Details of Directors’ remuneration are disclosed in the 
Directors’ Report. 24
SyQic plc 
ANNUAL REPORT 2013
Corporate Governance Statement continued
Internal control and risk management
The Board acknowledges its responsibility for safeguarding 
the shareholders’ investments and the Group’s assets. 
In applying this principle, the Board recognises that it has 
overall responsibility for ensuring that the Group maintains 
a system of internal control that provides it with reasonable 
assurance regarding effective and efficient operations, 
internal financial control and compliance with laws and 
regulations. The system of internal control is designed to 
manage rather than eliminate the risk of failure to achieve 
business objectives, and can only provide reasonable and not 
absolute assurance against material misstatement or loss.
Through the Audit Committee, the Directors have reviewed 
the effectiveness of the internal controls. Since admission to 
AIM in December 2013, management has invested significant 
time in further developing the Group’s internal control 
environment. 
The key features of the internal control system are 
described below:
•	 control procedures and environment – the Group has 
an organisational structure with clearly drawn lines of 
accountability and authority. Employees are required 
to follow well‑defined internal procedures and policies 
appropriate to the business and their position within the 
business and management promotes the highest levels of 
professionalism and ethical standards;
•	 identification and evaluation of risks – the Group employs 
Executive Directors and senior management with the 
appropriate knowledge and experience required for an 
internet TV services group. Identification and evaluation 
of risk is a continuous process running in parallel with the 
significant organic growth of the Group;
•	 financial information – the Group prepares detailed 
budgets and working capital forecasts annually. 
These are based upon the strategy of the Group and are 
approved by the Board. Detailed management accounts 
and working capital re‑forecasts are reviewed at least 
quarterly for each Board meeting, with any variances 
from budget investigated thoroughly and a summary 
provided to the Board. Annual Reports, Preliminary 
Statements and Half‑year Reports prepared by the Group 
are reviewed by the Audit Committee prior to approval by 
the Board; and
•	 monitoring – the Board monitors the activities of the 
Group through the supply of reports from various areas of 
the business as contained in the Board papers. The Board, 
through the Audit Committee, reviews the effectiveness 
of the systems of internal control.
Given the Group’s relative small size, the Board does not 
consider it either necessary or practical at present to have 
its own internal audit function. The Board will continue to 
monitor the requirement to have an internal audit function.
Communication with shareholders
The Board attaches great importance to communication with 
both institutional and private shareholders.
Regular communication is maintained with all shareholders 
through Company announcements, the Half‑Year Statement, 
the Preliminary Statement and the Annual Report and 
financial statements.
The Directors seek to build on a mutual understanding 
of objectives between the Company and its shareholders, 
especially considering the long‑term nature of the business. 
Institutional shareholders are in contact with the Directors 
through presentations and meetings to discuss issues and to 
give feedback regularly throughout the year. With private 
shareholders this is not always practical. 
The Board therefore intends to use the Company’s Annual 
General Meeting as the opportunity to meet private 
shareholders who are encouraged to attend, at which the 
Chief Executive Officer will give a presentation on the 
activities of the Group. 
Following the presentation there will be an opportunity to 
ask questions of Directors on a formal and informal basis and 
to discuss development of the business.
The Company operates a website at www.syqic.com. 
The website contains details of the Group and its activities; 
regulatory announcements, Company announcements, 
Interim statements, preliminary statements and Annual 
Reports. The website is maintained in compliance with AIM 
Rule 26. 25
Governance
SyQic plc 
ANNUAL REPORT 2013
Directors’ Responsibilities Statement
The Directors are responsible for preparing the Directors’ 
Report and the financial statements in accordance with 
applicable law and regulations.
Company law requires the Directors to prepare Group 
financial statements for each financial year.
Under company law the Directors must not approve the 
financial statements unless they are satisfied that they give a 
true and fair view of the state of affairs of the Group and of 
the profit or loss of the Group for that period. In preparing 
the Group financial statements, the Directors are required to:
•	 select suitable accounting policies and then apply them 
consistently;
•	 make judgements and estimates that are reasonable and 
prudent;
•	 state whether they have been prepared in accordance 
with applicable IFRS as adopted by the EU; and
•	 prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the Group 
will continue in business.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Group’s transactions and disclose with reasonable 
accuracy at any time the financial position of the Group 
and enable them to ensure that the financial statements 
comply with the Companies (Jersey) Law 1991. They are also 
responsible for safeguarding the assets of the Group and 
hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
The Directors are responsible for the maintenance and 
integrity of the Company’s website. Legislation in Jersey 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions. Page head
26
SyQic plc 
ANNUAL REPORT 2013
Independent Auditor’s Report to the Members of SyQic plc
We have audited the financial statements of SyQic plc 
for the year ended 31 December 2013, which comprise 
the Consolidated Statement of Comprehensive Income, 
Consolidated Statement of Financial Position, Consolidated 
Statement of Cash flows, Consolidated Statement of Changes 
in Equity and their related notes.
The financial reporting framework that has been applied 
in their preparation is applicable law and International 
Financial Reporting Standards (“IFRS”) as adopted by the 
European Union. 
This report is made solely to the Company’s members, as 
a body, in accordance with Article 113A of the Companies 
(Jersey) Law, 1991. Our audit work has been undertaken 
so that we might state to the Company’s members those 
matters we are required to state to them in an auditor’s 
report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility 
to anyone other than the Company and the Company’s 
members as a body, for our audit work, for this report,  
or for the opinions we have formed.
Respective responsibilities of Directors 
and auditor
As explained more fully in the Statement of Directors’ 
Responsibilities, the Directors are responsible for 
the preparation of the financial statements and for 
being satisfied that they give a true and fair view. Our 
responsibility is to audit and express an opinion on the 
financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those 
standards require us to comply with the Auditing Practices 
Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts 
and disclosures in the financial statements sufficient to give 
reasonable assurance that the financial statements are free 
from material misstatement, whether caused by fraud or 
error. This includes an assessment of: whether the accounting 
policies are appropriate to the Company’s circumstances and 
have been consistently applied and adequately disclosed; the 
reasonableness of significant accounting estimates made by 
the Directors; and the overall presentation of the financial 
statements.
In addition, we read all the information in the Chairman’s 
Statement, Group Chief Executive Officer’s Statement, 
Directors’ Report, Corporate Governance Statement and 
any other surround information to identify material 
inconsistencies with the audited financial statements and 
to identify any information that is apparently materially 
incorrect based on, or materially inconsistent with, the 
knowledge acquired by us in the course of performing 
the audit. If we become aware of any apparent material 
misstatements or inconsistencies we consider the implications 
for our report.
Opinion
In our opinion: 
•	 the financial statements give a true and fair view of the 
state of the Group’s affairs as at 31 December 2013 and of 
the Group’s profit for the year then ended;
•	 the financial statements have been properly prepared in 
accordance with IFRSs as adopted by the European Union; 
and 
•	 the financial statements have been prepared in 
accordance with the requirements of the Companies 
(Jersey) Law 1991. 27
Financial statements
SyQic plc 
ANNUAL REPORT 2013
Emphasis of matter  
– trade receivables credit exposure
In forming our opinion on the financial statements, 
which is not modified, we have considered the adequacy 
of the disclosures in note 11 and 18(iii) to the financial 
statements concerning the credit exposure to the Group’s 
largest customer whose debt is included at a fair value of 
£3,294,444 (2012: £2,033,000) in these financial statements. 
The Group has a repayment plan with the customer due 
to be fully settled in 2016 and, accordingly, £1,042,952 
(2012: £309,000) is classified within current assets and 
£2,251,492 (2012: £1,724,000) within non‑current assets. 
The Directors of the Company are of the opinion that the 
debt will be fully recovered and, thus, no provision for 
impairment has been made within the financial statements 
as at 31 December 2013 (2012: nil). The financial statements 
do not include any adjustments that would result if the 
Group was unable to recover these amounts in full.
Matters on which we are required  
to report by exception 
We have nothing to report to you in respect of the following 
matters where the Companies (Jersey) Law 1991 requires us 
to report to you if, in our opinion:
•	 proper accounting records have not been kept by the 
parent company, or 
•	 proper returns adequate for our audit have not been 
received from branches not visited by us; or
•	 the parent company financial statements are not in 
agreement with the accounting records and returns; or
•	 we have not received all the information and explanations 
we require for our audit.
Leo Malkin (Senior Statutory Auditor)
For and on behalf of 
Crowe Clark Whitehill LLP
Statutory Auditor 
St Bride’s House 
10 Salisbury Square 
London EC4Y 8EH
18 June 2014 28
SyQic plc 
ANNUAL REPORT 2013
Consolidated Statement of Comprehensive Income
      Proforma 
     Year ended Year ended 
     31 December 31 December 
     2013 2012  
    Note £’000 £’000
Continuing operations
Revenue      4,711 3,911
Cost of sales     (1,888) (1,669)
Gross profit     2,823 2,242
Other income     52 13
Other operating expenses     (788) (432)
Administrative expenses     (1,505) (1,188)
Operating profit before AIM transaction costs     582 635
AIM transaction costs     (471) —
Operating profit     111 635
Net finance income and (costs)    5 (11) (10)
Profit before taxation    6 100 625
Corporation tax expense    7 — —
Profit after taxation     100 625
Other comprehensive income:      
Currency translation differences arising from consolidation    (312) 13
Total comprehensive income for the year     (212) 638
Profit attributable to:
Equity holders of SyQic plc     100 625
Non‑controlling interest     — —
     100 625
Total comprehensive income attributable to:
Equity holders of SyQic plc     (212) 640
Non‑controlling interest     — (2)
     (212) 638
Earnings per share attributable to equity holders of SyQic plc
Earnings per share – basic (pence)    8 0.64 4.15
Earnings per share – diluted (pence)    8 0.51 3.26
Adjusted EPS excluding AIM transaction costs
Adjusted EPS excluding AIM transaction costs – basic (pence)   8 3.63 4.15
Adjusted EPS excluding AIM transaction costs – diluted (pence)   8 2.91 3.26
For the year ended 31 December 2013 SyQic plc 
ANNUAL REPORT 2013
      Proforma 
     2013 2012 
    Note £’000 £’000
Assets
Non‑current assets
Property, plant and equipment    9 128 144
Intangible assets    10 646 532
Deferred tax assets    16 52 52
Non‑current trade receivables    11 2,251 1,724
     3,077 2,452
Current assets
Trade receivables    11 1,477 615
Other receivables, deposits and prepayments    12 83 107
Cash and bank balances    13 1,078 54
     2,638 776
Total assets     5,715 3,228
Liabilities
Current liabilities
Trade payables     292 66
Other payables and accruals    17 532 412
Due to Directors (non‑trade)     200 127
Due to shareholders (non‑trade)     26 27
Short‑term borrowings    13 29 — 
Finance lease obligations    19 23 17
     1,102 649 
Non‑current liabilities
Finance lease obligations    19 97 80
Convertible redeemable bonds     — 292
     97 372 
Total liabilities     1,199 1,021 
Net assets     4,516 2,207 
Consolidated Statement of Financial Position 
Financial statements
29
As at 31 December 2013 Consolidated Statement of Financial Position continued 
30
SyQic plc 
ANNUAL REPORT 2013
   Attributable to equity holders of SyQic plc
 Stated  Translation  Share 
 capital Merger reserve/ Accumulated option 
 account reserve (deficit) losses reserve Total 
 £’000 £’000 £’000 £’000 £’000 £’000
Proforma balance as at 1 January 2012 — 2,377 (11) (1,415) — 951
Profit for the year — — — 625 — 625
Other comprehensive income — — 12 — —  12
Issuance of preference shares — 619 —  — — 619
Proforma balance as at 31 December 2012 — 2,996 1 (790) — 2,207
Balance as at 1 January 2013 — 2,996 1 (790) — 2,207
Issue of ordinary shares  — 1,568 — — — 1,568
Redemption of preference shares — (1,285) — — — (1,285)
Group reconstruction 11,933 (11,933) — — — —
Issue of shares, net of share issue costs 2,232 — — — — 2,232
Profit for the year — — — 100 — 100
Other comprehensive income — — (312) — — (312)
Share‑based payment reserve — — — — 6 6
Balance as at 31 December 2013 14,165 (8,654) (311) (690) 6 4,516
For the year ended 31 December 2013
      Proforma 
     2013 2012 
    Note £’000 £’000
Equity
Capital and reserves attributable to equity holders of SyQic plc
Stated capital account    14 14,165 — 
Merger reserve    15 (8,654) 2,996
Share option reserve     6 — 
Translation reserve     (311) 1
Accumulated losses     (690) (790)
Total equity      4,516 2,207
Consolidated Statement of Changes in Equity
As at 31 December 2013
The notes on pages 32 to 56 are an integral part of these consolidated financial statements.
The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2014 and are 
signed on its behalf by:
 
Muhamed Jamal Bin Muhamed Hassim   Steve Elliff 
Director       Director
The Company registration number is 07631710. Consolidated Statement of Cash Flows 
Financial statements
31
SyQic plc 
ANNUAL REPORT 2013
      Proforma 
     2013 2012  
    Note £’000 £’000
Cash flows from operating activities
Profit before income tax     100 625
Adjustments:
Depreciation of property, plant and equipment    9 77 83
Amortisation of intangible assets    10 59 47
Gain on disposal of property, plant and equipment    1 (3)
Fair value loss on trade receivables    11 145 177
Investment written off     1 — 
Share option reserve     7 — 
Fixed assets written off     9 — 
Interest expense    5 11 10
Operating cash flow before working capital changes    410 939
Increase in trade and other receivables     (1,908) (1,101)
Increase/(decrease) in trade and other payables     437 (316)
Increase/(decrease) in amounts due to Directors      92 62
Increase/(decrease) in related Company     (1) — 
Increase/(decrease) in amounts due to shareholders     — (37)
Cash used in operations     (970) (453)
Interest paid     (11) (10)
Income taxes paid     — (6)
Net cash used in operating activities     (981) (469)
Cash flows from investing activities
Purchase of plant and equipment    9 (84) (18)
Sale of fixed assets     1 —
Draw down/(repayment) of lease obligations     23 (10)
Development of intangible assets     (342) (290)
Receipt of government grant     150 —
Net cash used in investing activities     (252) (318)
Cash flows from financing activities      
Proceeds from issue of share capital, net of share issue costs    2,232 619
Advances from a related company     — 4
Net cash generated from financing activities     2,232 623
Net (decrease)/increase in cash and bank balances    999 (164)
Cash and bank balances at beginning of year     54 215
Effects of exchange rate changes in cash and bank balances    (4) 3
Cash and bank balances at end of year     1,049 54
For the year ended 31 December 2013 32
SyQic plc 
ANNUAL REPORT 2013
Notes to the Financial Statements
1. General information
The Company is a public company limited by shares and incorporated in Jersey. The Company is domiciled in Jersey and the 
registered office is 13‑14 Esplanade, St Helier, Jersey, Channel Island JE1 1BD.
The principal activity of the Company is a provider of live TV and on‑demand paid video content across various types of 
internet‑enabled consumer electronics devices.
Basis of preparation 
The Company was incorporated, under the laws of Jersey, on 13 November 2013 and on 4 December 2013 acquired the entire 
share capital of SyQic Capital Private Limited. As a result of this transaction, the ultimate shareholders in SyQic Capital Private 
Limited received shares in the Company in direct proportion to their original shareholdings in SyQic Capital Private Limited.
In determining the appropriate accounting treatment for this transaction, the Directors considered IFRS 3 – Business 
Combinations (Revised 2008). However, they concluded that this transaction fell outside the scope of IFRS 3 (revised 2008) 
since the transaction described above represents a combination of entities under common control. 
In accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, in developing an appropriate 
accounting policy, the Directors have considered the pronouncements of other standard setting bodies and specifically 
looked to accounting principles generally accepted in the United Kingdom (“UK GAAP”) for guidance (FRS 6 – Acquisitions 
and Mergers) which does not conflict with IFRS and reflects the economic substance of the transaction.
Under UK GAAP, the assets and liabilities of both entities are recorded at book value, not fair value. Intangible assets and 
contingent liabilities are recognised only to the extent that they were recognised by the legal acquirer in accordance within 
applicable IFRS, no goodwill is recognised, any expenses of the combination are written off immediately to the income 
statement and comparative amounts, if applicable, are restated as if the combination had taken place at the beginning of 
the earliest accounting period presented.
Therefore, although the Group reconstruction did not become unconditional until 28 November 2013, these consolidated 
financial statements are presented as if the Group structure has always been in place, including the activity from 
incorporation of the Group’s principal subsidiary. Both entities had the same management as well as majority shareholders.
The financial statements are presented in Sterling unless otherwise stated, which is the currency of the primary economic 
environment in which the holding company operates. All values are rounded to the nearest thousand pounds except where 
otherwise indicated. They have been prepared under the historical cost convention, except for financial instruments that 
have been measured at fair value through profit and loss.
The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be 
able to meet its liabilities as they fall due for the foreseeable future.
The financial information has been prepared in accordance with International Financial Reporting Standards as adopted by 
the EU (“IFRS”) issued by the International Accounting Standards Board (“IASB”), including related interpretations issued by 
the International Financial Reporting Interpretations Committee (“IFRIC”). 33
Financial statements
SyQic plc 
ANNUAL REPORT 2013
Standards, amendments and interpretations to published standards not yet effective
At the date of approval of these financial statements, the following standards and interpretations were in issue but not 
yet effective.
Issued and EU adopted
IFRS 1 Amendments – Government Loans 
IFRS 10 – Consolidated Financial Statements
IFRS 11 – Joint Arrangements
IFRS 12 – Disclosure of Interests in Other Entities
IFRS 13 – Fair Value Measurement
IAS 1 (amended) – Presentation of Items of Other Comprehensive Income
IAS 12 (amended) – Deferred Tax Recovery of Underlying Assets
IAS 19 (amended) – Employee Benefits
IAS 27 (revised) – Separate Financial Statements
IAS 28 (revised) – Investments in Associates and Joint Ventures
IFRS 7 and IAS 32 (amended) – Offsetting Financial Assets and Financial Liabilities
IFRIC 20 – Stripping Costs in the Production Phase of a Surface Mine
Issued but not yet EU adopted
IFRS 9 (amended) – Financial instruments
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
IFRIC 21 Levies
IAS 36 Amendments Recoverable Amount Disclosures for Non‑Financial Assets
Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39)
The Directors do not anticipate that the adoption of the standards and interpretations in future reporting periods will have a 
material impact on the Group’s results. 34
SyQic plc 
ANNUAL REPORT 2013
2. Basis of consolidation
The consolidated financial statements include the financial statements of all subsidiaries. The financial year ends of all 
entities in the Group are coterminous.
The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control 
over the operating and financial decisions is obtained and cease to be consolidated from the date on which control is 
transferred out of the Group. Control exists when the Company has the power, directly or indirectly, to govern the financial 
and operating policies of an entity so as to obtain economic benefits from its activities.
All intercompany balances and transactions, including recognised gains arising from inter‑group transactions, have been 
eliminated in full.
Unrealised losses are eliminated in the same manner as recognised gains except to the extent that they provide evidence 
of impairment.
The principal activities of the subsidiaries are as follows:
Name
Place of 
incorporation Principal activities Issued and paid up share capital
Effective 
interest %
SyQic Capital Pte Ltd Singapore Development of software for interactive 
digital media and motion pictures, video and 
television related activities
19,247,232
(S$13,314,100)
100
SyQic Capital Sdn Bhd Malaysia Provision of project implementation, software 
development and related consultancy services
4,869,587
(RM4,869,587)
100
SyQic UK Limited UK Provision of OTT Broadband TV services 1 (GBP1) 100
SyQic Tech (Beijing) Co Ltd China Non‑trading (RMB326,052) 70
3. Significant accounting policies
(a) Critical accounting estimates and assumptions
The preparation of financial information in conformity with IFRS requires the use of certain critical accounting estimates. 
It also requires the Directors of the Company to exercise their judgement in the process of applying the accounting policies 
which are detailed below. These judgements are continually evaluated by the Directors and management and are based on 
historical experience and other factors, including expectations of future events that are believed to be reasonable under the 
circumstances. 
The key estimates and underlying assumptions concerning the future and other key sources of estimation uncertainty at the 
statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts 
of assets and liabilities within the next financial period are reviewed on an ongoing basis. Revisions to accounting estimates 
are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the 
revision and future periods if the revision affects both current and future periods.
Impairment of loans and receivables
Management reviews loans and receivables for objective evidence of impairment at least quarterly. Significant financial 
difficulties of the debtor, the probability that the debtor will enter bankruptcy, and default or significant delay in payments 
are considered objective evidence that a receivable is impaired. In determining this, management makes a judgement 
as to whether there is observable data indicating that there has been a significant change in the payment ability of the 
debtor, or whether there have been significant changes with adverse effect in the technological, market, economic or legal 
environment in which the debtor operates in.
Notes to the Financial Statements continued 35
Financial statements
SyQic plc 
ANNUAL REPORT 2013
Where there is objective evidence of impairment, management makes a judgement as to whether an impairment loss should 
be recorded as an expense. In determining this, management uses estimates based on historical loss experience for assets 
with similar credit risk characteristics. The methodology and assumptions used for estimating both the amount and timing of 
future cash flows are reviewed regularly to reduce any differences between the estimated loss and actual loss experience.
Amortisation of intangible assets
Development costs are amortised over five years. Useful lives are based on management’s estimates of the period that the 
assets will generate revenue with such periods being periodically reviewed for continued appropriateness.
The Group assesses the impairment of intangible assets subject to amortisation whenever events or changes.
in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an 
impairment review include the following:
•	 significant underperformance relative to historical or projected future operating results;
•	 significant changes in the manner of the use of the acquired assets or the strategy for the overall business; and
•	 significant negative industry or economic trends.
The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the 
application of the Group’s accounting estimates in relation to intangible assets affect the amounts reported in the financial 
statements, especially the estimates of the expected useful economic lives and the carrying values of those assets. If business 
conditions were different, or if different assumptions were used in the application of this and other accounting estimates, 
it is likely that materially different amounts could be reported in the Group’s financial statements.
Impairment of non‑financial assets
An impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which 
is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on 
available data from binding sales transactions in an arm’s length transaction of similar assets or observable market prices less 
incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash 
flows are derived from internal budgets and do not include significant future investments that will enhance the asset’s 
performance of the cash generating unit being tested. The recoverable amount is most sensitive to the discount rate used 
for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation 
purposes. The carrying amounts of intangible assets are disclosed in Note 10 to the financial statements.
Recovery of development expenditure
Some costs incurred on development projects were previously capitalised as long‑term assets to the extent that such 
expenditure was expected to generate future economic benefits. In making its judgement, management considered the 
detailed criteria set out in IAS 38 – Intangible Assets. Management considers estimates of anticipated revenues from the asset 
and monitors the need for any impairment adjustments arising from changes to underlying assumptions if future market 
activity indicates this is appropriate.
Deferred tax
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be 
available against which the losses can be utilised. Significant management judgement is required to determine the amount 
of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with 
future tax planning strategies. In addition, management is required to estimate the amount of capital allowances and the 
deductibility of certain expenses to determine current and deferred tax liabilities at each tax jurisdiction.  36
SyQic plc 
ANNUAL REPORT 2013
3. Significant accounting policies continued
(b) Currency translation
(i) Functional and presentation currency
The individual financial information of each Group entity is measured in the currency of the primary economic environment 
in which the entity operates (its functional currency). The financial statements of the Subsidiaries are presented in Pounds 
Sterling, which is the presentation currency of SyQic plc (‘’the Company”). 
(ii) Transactions and balances
Transactions in foreign currencies are converted into the respective functional currencies on initial recognition, using 
the exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities at the end of the 
reporting period are translated at the rates ruling as of that date. Non‑monetary assets and liabilities are translated using 
exchange rates that existed when the values were determined. All exchange differences are recognised in profit or loss.
(iii) Foreign operations
Assets and liabilities of foreign operations are translated to Pounds Sterling at the rates of exchange ruling at the end of the 
reporting period. Revenues and expenses of foreign operations are translated at exchange rates approximating those ruling 
at the dates of the transactions. All exchange differences arising from translation are taken directly to other comprehensive 
income and accumulated in equity under the foreign exchange translation reserve. On the disposal of a foreign operation, 
the cumulative amount recognised in other comprehensive income relating to that particular foreign operation is reclassified 
from equity to profit or loss.
Goodwill and fair value adjustments arising from the acquisition of foreign operations are treated as assets and liabilities of 
the foreign operations and are recorded in the functional currency of the foreign operations and translated at the closing 
rate at the end of the reporting period.
(c) Related parties
A related party is defined as follows:
(a) A person or a close member of that person’s family is related to the Subsidiaries or the Company if that person:
(i) has control or joint control over the Subsidiaries;
(ii) has significant influence over the Subsidiaries; or
(iii) is a member of the key management personnel of the Subsidiaries or the Company. 
(b) An entity is related to the Subsidiaries or the Company if any of the following conditions applies:
(i) the entity and the Subsidiaries are members of the same Group (which means that each parent, subsidiary and fellow 
subsidiary is related to the others);
(ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group 
of which the other entity is a member);
(iii) both entities are joint ventures of the same third party;
(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;
(v) the entity is a post‑employment benefit plan for the benefit of employees of either the Subsidiaries or an entity 
related to the Subsidiaries;
(vi) the entity is controlled or jointly controlled by a person identified in (a); or
(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel 
of the entity (or of a parent of the entity).
Close members of the family of an individual are those family members who may be expected to influence, or be influenced 
by, that individual in their dealings with the entity.
Notes to the Financial Statements continued 37
Financial statements
SyQic plc 
ANNUAL REPORT 2013
(d) Property, plant and equipment
All items of property, plant and equipment are initially recorded at cost. The cost of an item of property, plant and 
equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset 
to the location and condition necessary for it to be capable of operating in the manner intended. The cost of an item of 
property, plant and equipment including subsequent expenditure is recognised as an asset if, and only if, it is probable that 
future economic benefits associated with the item will flow to the Subsidiaries and the cost of the item can be measured 
reliably. When significant parts of property, plant and equipment are required to be replaced in intervals, the Subsidiaries 
recognise such parts as individual assets with specific lives and depreciation, respectively. Likewise, when a major inspection 
is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the 
recognition criteria are satisfied. All other repair and maintenance expenses are recognised in profit or loss when incurred.
After initial recognition, property, plant and equipment is stated at cost less accumulated depreciation and any accumulated 
impairment loss.
All items of property, plant and equipment are depreciated using the straight‑line method to write‑off the cost of the assets 
over their estimated useful lives as follows:
      Useful lives 
Computers and software      10 years
Motor vehicles      5 years
Furniture and fittings      5 years
Renovations      5 years
The estimated useful life and depreciation method are reviewed, and adjusted as appropriate, at each reporting date to 
ensure that the amount, method and period of depreciation are consistent with the expected pattern of economic benefits 
from items of property, plant and equipment. Fully depreciated assets are retained in the financial statements until they are 
no longer in use.
An item of property, plant and equipment is de‑recognised upon disposal or when no future economic benefits are expected 
from its use or disposal. The gain or loss on retirement or disposal is determined as the difference between any sales 
proceeds and the carrying amounts of the asset and is recognised in profit or loss within other income/(expenses).
(e) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost, which includes the purchase price and other 
directly attributable cost of preparing the asset for its intended use. The cost of intangible assets acquired in a business 
combination is their fair values at the date of acquisition. Following initial recognition, intangible assets are carried at cost 
less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding 
capitalised development costs, are not capitalised and are recognised in profit or loss in the year in which the expenditure 
is incurred. 
Intangible assets with finite lives are amortised on a straight‑line basis over the estimated economic useful lives and assessed 
for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and 
the amortisation method are reviewed at least annually. Changes in the expected useful life or the expected pattern of 
consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or 
method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets 
with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. 38
SyQic plc 
ANNUAL REPORT 2013
3. Significant accounting policies continued
(e) Intangible assets continued
Intangible assets not yet available for use are tested for impairment annually or more frequently if the events or changes in 
circumstances indicate that the carrying value may be impaired either individually or at the cash‑generating unit level. Such 
intangible assets are not amortised.
Gains or losses arising from de‑recognition of an intangible asset are measured as the difference between the net disposal 
proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is de‑recognised.
Research and development costs
Research costs are expensed as incurred. Deferred development costs arising from development expenditures on an 
individual project are recognised as an intangible asset when the Subsidiaries can demonstrate the technical feasibility of 
completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or 
sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability 
to measure reliably the expenditures during the development. 
Following initial recognition of the deferred development costs as an intangible asset, it is carried at cost less accumulated 
amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is 
complete and the asset is available for use. Deferred development costs have an estimated useful life of five years and are 
amortised over the period of expected sales from the related project on a straight‑ line basis.
(f) Impairment of non‑financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such 
indication exists, or when an annual impairment assessment for an asset is required, the Group makes an estimate of the 
asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or cash‑generating unit’s fair value less costs to sell and its value in 
use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely dependent on 
those from other assets. Where the carrying amount of an asset or cash‑generating unit exceeds its recoverable amount, the 
asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future 
cash flows expected to be generated by the asset are discounted to their present value using a pre‑tax discount rate that 
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value 
less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an 
appropriate valuation model is used. These calculations are corroborated by available fair value indicators.
The Group bases these impairment calculations on detailed budgets and forecast calculations which are prepared separately 
for each of the Group’s cash‑generating units to which the individual assets are allocated. The budgets and forecasts 
calculations generally cover a period of five years. For longer periods, a long‑term growth rate is calculated and applied to 
project future cash flows after the fifth year.
Impairment losses are recognised in profit or loss in those expense categories consistent with the function of the impaired 
asset, except for assets that are previously re‑valued where the revaluation was taken to other comprehensive income. In this 
case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation. 
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment 
losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset’s or cash‑generating 
unit’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the 
estimates used to determine the recoverable amount of an asset since the last impairment loss was recognised. If that is 
the case, the carrying amount of the asset is increased to its recoverable amount. This increase cannot exceed the carrying 
amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such 
reversal is recognised in profit and loss unless the asset is measured at re‑valued amount, in which case the reversal is treated 
as a revaluation increase.
Notes to the Financial Statements continued 39
Financial statements
SyQic plc 
ANNUAL REPORT 2013
(g) Financial assets
(i) Initial recognition and measurement
Financial assets are recognised in the statement of financial position when, and only when, the Group becomes a party to 
the contractual provisions of the financial instrument. Financial assets are initially recognised at fair value plus, in the case of 
financial assets classified as held‑to‑maturity, directly attributable transaction costs.
The Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, loans 
and receivables, held‑to‑maturity investments, and available‑for‑sale financial assets. The classification depends on the nature 
of the assets and the purpose for which the assets were acquired. Management determines the classification of its financial 
assets at initial recognition and for held‑to‑maturity investments, re‑evaluates this designation at every reporting date. As at 
the end of each reporting period in these Consolidated Financial Statements, there were no financial assets classified under 
the category of fair value through profit or loss, held‑to‑maturity and available‑for‑sale financial assets.
(ii) Subsequent measurement
Loans and receivables
Loans and receivables are non‑derivative financial assets with fixed or determinable payments that are not quoted in an 
active market. They are presented as current assets, except for those expected to be realised later than twelve months after 
the reporting date which are classified as non‑current assets. Loans and receivables comprise cash and bank balances, trade 
and other receivables.
Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest rate 
method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are de‑recognised 
or impaired, and through the amortisation process.
(iii) De‑recognition
Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or 
have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On de‑recognition 
of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and 
any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss.
All regular way purchases and sales of financial assets are recognised or derecognised on the trade date, i.e. the date that 
the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets 
that require delivery of the assets within the period generally established by regulation or convention in the marketplace 
concerned.
(h) Impairment of financial assets
The Group assesses at each reporting date whether there is any objective evidence that a financial asset or group of financial 
assets is impaired.
(a) Financial assets carried at amortised cost
For financial assets carried at amortised cost, the Group first assesses whether objective evidence of impairment exists 
individually for financial assets that are individually significant, or collectively for financial assets that are not individually 
significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial 
asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and 
collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment 
loss is, or continues to be recognised are not included in a collective assessment of impairment. 40
SyQic plc 
ANNUAL REPORT 2013
3. Significant accounting policies continued
(h) Impairment of financial assets continued
(a) Financial assets carried at amortised cost continued
An impairment loss is recognised in profit or loss when there is objective evidence that the asset is impaired, and is measured 
as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at 
the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring 
any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an 
allowance account. The impairment loss is recognised in profit or loss.
When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount 
was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying 
value of the financial asset. 
To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Group 
considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or 
significant delay in payments.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an 
event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent 
that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is 
recognised in profit or loss.
(b) Financial assets carried at cost
If there is objective evidence (such as significant adverse changes in the business environment where the entity operates, 
probability of insolvency or significant financial difficulties of the entity) that an impairment loss on financial assets carried 
at cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and 
the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. 
Such impairment losses are not reversed in subsequent period.
(i) Financial liabilities
(a) Initial recognition and measurement
Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the 
financial instrument. The Group determines the classification of its financial liabilities at initial recognition. Financial 
liabilities are recognised initially at fair value, plus, in the case of financial liabilities not at fair value through profit or loss, 
directly attributable transaction costs. As at the end of each reporting period in these Consolidated Financial Statements, 
there were no financial liabilities classified under the category of financial liabilities at fair value through profit or loss.
(b) Subsequent measurement
Financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses 
are recognised in profit or loss when liabilities are derecognised, and through the amortisation process.
(c) De‑recognition
A financial liability is de‑recognised when the obligation under the liability is discharged, cancelled or expires. When an 
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an 
existing liability are substantially modified, such an exchange or modification is treated as a de‑recognition of the original 
liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit 
or loss.
Notes to the Financial Statements continued 41
Financial statements
SyQic plc 
ANNUAL REPORT 2013
(j) Borrowings
Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 
twelve months after the reporting date, in which case they are presented as non‑current liabilities.
(k) Leases
Finance leases, which transfer to the Group substantially all the risks and rewards incidental to ownership of the leased 
item, are capitalised at the inception of the lease at the fair value of the leased item or, if lower, at the present value of the 
minimum lease payments. Any initial direct costs are also added to the amount capitalised. Lease payments are apportioned 
between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining 
balance of the liability. Finance charges are charged directly to profit or loss. Capitalised lease assets are depreciated over 
the shorter of the estimated useful life of the asset or the lease term, if there is no reasonable certainty that the Group will 
obtain ownership by the end of the lease term.
Leases where the lessor effectively retains substantially all the risks and rewards of ownership of the leased item are classified 
as operating leases. Operating lease payments are recognised as an expense in profit or loss on a straight‑line basis over the 
lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the 
lease term on a straight‑line basis.
(l) Provisions
A provision is recognised when the Group has a present obligation, legal or constructive, as a result of a past event and it is 
probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable 
estimate can be made of the amount of the obligation. Provisions are reviewed at each reporting date and adjusted to 
reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle 
the obligation, the provision is reversed. Where the effect of the time value of money is material, provisions are discounted 
using a current pre‑tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the 
increase in the provision due to the passage of time is recognised as a finance cost.
(m) Share capital
Proceeds from issuance of ordinary shares are classified as share capital in equity. Incremental costs directly attributable to 
the issuance of new ordinary shares are deducted against share capital.
Preference shares are classified as equity in accordance with the substance of the contractual arrangements entered and 
allocated to the equity component, which is presented in shareholders’ equity, net of transaction costs.
(n) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the 
revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of the 
consideration received or receivable, excluding discounts, rebates and sales taxes or duty. The Group assesses its revenue 
arrangements to determine if it is acting as principal or agent. The Group has concluded that it is acting as a principal in all 
of its revenue arrangements. 
Revenue from subscriptions and support services are recognised over the specific period of respective service agreements. 
In making its judgement, management considered the detailed criteria for the recognition of revenue set out in IAS 18 
‘Revenue’. The Directors of the Group are satisfied that the significant risks and rewards are transferred and that the 
recognition of revenue over the duration of a contract or agreement is appropriate. 42
SyQic plc 
ANNUAL REPORT 2013
3. Significant accounting policies continued
(o) Interest income
Interest income is recognised as other income on an accruals basis based on the effective yield on the investment. 
(p) Employees’ benefits
(i) Retirement benefits
The Subsidiaries participate in national schemes as defined by the laws of the countries in which it has operations, 
summarised as follows:
Singapore
SyQic Capital makes contribution to the Central Provident Fund (“CPF”) Scheme in Singapore, a defined contribution 
pension scheme.
People’s Republic of China (“PRC”)
The subsidiary incorporated and operating in the PRC is required to make retirement plan contributions for its employees at 
rates stipulated by the PRC regulations and are managed by government agencies, which are responsible for administering 
these amounts for the subsidiary’s employees.
Malaysia
SCSB makes contributions to the Employee Provident Fund (“EPF”) Scheme in Malaysia, a defined contribution 
pension scheme.
Obligations for contributions to defined contribution retirement plans are recognised as an expense in the period in which 
the related service is performed.
(ii) Employee leave entitlement
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated 
liability as a result of services rendered by employees up to the reporting date.
(q) Income taxes
Income tax for each reporting period comprises current and deferred tax.
Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured 
using the tax rates that have been enacted or substantively enacted at the end of the reporting period.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets 
and liabilities and their carrying amounts in the financial statements. 
Deferred tax liabilities are recognised for all taxable temporary differences other than those that arise from goodwill or 
excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities 
over the business combination costs or from the initial recognition of an asset or liability in a transaction which is not a 
business combination and at the time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the 
extent that it is probable that future taxable profits will be available against which the deductible temporary differences, 
unused tax losses and unused tax credits can be utilised. The carrying amounts of deferred tax assets are reviewed at the end 
of each reporting period and reduced to the extent that it is no longer probable that sufficient future taxable profits will be 
available to allow all or part of the deferred tax assets to be utilised.
Notes to the Financial Statements continued 43
Financial statements
SyQic plc 
ANNUAL REPORT 2013
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is 
realised or the liability is settled, based on the tax rates that have been enacted or substantively enacted at the end of the 
reporting period.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against 
current tax liabilities and when the deferred income taxes relate to the same taxation authority.
Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become 
probable that future taxable profit will allow deferred tax assets to be recovered.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are 
recognised in correlation to the underlying transactions either in other comprehensive income or directly in equity. 
Deferred tax arising from a business combination is included in the resulting goodwill or excess of the acquirer’s interest in 
the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over the business combination costs. 
(r) Government grants
The government grant is to promote research and development and operates on a reimbursement basis and following a 
submission (effectively an expense claim) which goes through an approval process, the grant is disbursed and receipt is 
treated as reducing some development expenses initially capitalised as an intangible asset.
4. Segmental analysis
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are 
regularly reviewed by the chief operating decision maker (which takes the form of the Board of Directors of the Company) as 
defined in IFRS 8, in order to allocate resources to the segment and to assess its performance. 
Based on management information there is only one operating segment. Revenues are reviewed based on the products and 
services provided.
The Directors of the Company consider the principal activity of the Group to be that of a provider of OTT live TV and 
on‑demand paid video content across mobile, internet‑enabled consumer electronics devices such as mobile phones and 
tablets, and to consummate one reportable segment, that of the provision of OTT live TV and on‑demand paid video 
content services. 
Revenues derived from major customers, which individually represent 10% or more of total revenue are as follows:
      Proforma 
     2013  2012 
     £’000 £’000
Customer A     2,925 2,001
Customer B     900 —
Customer C     629 870
Customer D     153 1,016
Other customers      104 24
     4,711 3,911
All revenues were generated by operations in Asia in each of the two years ended 31 December 2013. 44
SyQic plc 
ANNUAL REPORT 2013
5. Finance income and (costs)
      Proforma 
     2013 2012 
     £’000 £’000
Lease obligations interest     9 10
Others – overdraft interest     2 —
     11 10
6. Profit before income tax
This is determined after charging/(crediting) the following:
      Proforma 
     2013 2012 
     £’000 £’000
Depreciation of property, plant and equipment (note 9)    77 83
Amortisation of intangible assets (note 10)     59 47
Audit fee:
– auditor of SyQic plc     23 7
– fees payable to the Company’s auditor and associates for other services   16 6
Fair value loss on trade receivables     145 177
Research and development expenses     336 44
Operating lease expenses     35 113
Staff costs     343 312
The average number of employees, including the Directors, during the year was as follows:
      Proforma 
     2013 2012
Directors and Commercial     4 3
Technical     29 39
Administration     9 8
     42 50
Total remuneration of key management personnel, being the Directors of the Company, is set out below in aggregate for 
each of the relevant categories specified in IAS 24, related party disclosures.
      Proforma 
     2013 2012 
     £’000 £’000
Short‑term employee benefits     235 175
     235 175
Further details relating to the remuneration of key management can be found in the Director’s report on page 21.
Notes to the Financial Statements continued 45
Financial statements
SyQic plc 
ANNUAL REPORT 2013
7. Income tax expense/(release)
The major components of income tax expense/(release) for each year were:
      Proforma 
     2013 2012 
     £’000 £’000
Current tax
– current year     — —
– (over)/under provision in prior years     — —
Deferred tax (note 16)
– current year     — —‑
– under provision in prior years      — —
     — —
A reconciliation of income tax expense/(release) applicable to the profit before taxation at the statutory tax rates to the 
income tax expense/(release) at the effective tax rate of the Subsidiaries is as follows: 
      Proforma 
     2013 2012 
     £’000 £’000
Profit before taxation     100 625
Tax at the applicable tax rate of 0% (2012: 17%)     — 106
Tax effect of:    
– different tax rates in other countries     435 101
– expenses not deductible for tax purposes     17 33
– income not taxable     (443) (339)
– deferred tax assets not recognised     11 99
– loss relief     (20) —
Income tax expense/(release)     — —
There is no taxation arising from other comprehensive income. 46
SyQic plc 
ANNUAL REPORT 2013
8. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders by the weighted average number of 
ordinary shares in issue during the period, adjusted to reflect the conversion of the ordinary shares from SyQic Capital Pte Ltd 
to SyQic plc on a 1 for 1 basis on 19 November 2013.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume 
conversion of all dilutive potential shares adjusted to reflect the conversion as mentioned above.
      Proforma 
     2013 2012  
     £’000 £’000
Profit after tax attributable to owners of the Group    100 625
Weighted average number of shares:
Basic     15,744,618 15,075,100
Diluted     19,597,077 19,196,547
Earnings per share (pence)
Basic     0.64 4.15
Diluted     0.51 3.26
Profit for the period attributable to owners of the Group (£)    100 625
Adjustments for 
AIM transaction costs     471 —
Profit for the period attributable to owners of the Group    571 625
Before AIM transaction costs (£)
Adjusted earnings per share excluding AIM transaction costs (pence) 
Basic     3.63 4.15
Diluted     2.91 3.26
Notes to the Financial Statements continued 47
Financial statements
SyQic plc 
ANNUAL REPORT 2013
9. Property, plant and equipment
  Computers Motor  Furniture 
  and software vehicles and fittings Renovations Total 
  £’000 £’000 £’000 £’000 £’000
Cost
As at 1 January 2012  344 161 46 — 551
Additions  11 — 7 — 18
Disposal  (1) — — — (1)
Foreign currency translation adjustments  — — — — —
As at 1 January 2013  354 161 53 — 568
Additions  17 46 12 10 85
Disposal  (11) — (1) — (12)
Foreign currency translation adjustments  (32) (14) (4) — (50)
As at 31 December 2013  328 193 60 10 591
Accumulated depreciation
As at 1 January 2012  207 98 36  —  341
Charge for the year  46 32 5 — 83
Written off  — —  — — — 
Foreign currency translation adjustments  — — — — —
As at 1 January 2013  253 130 41 — 424
Charge for the year  36 36 4 1 77
Disposal  — — — — —
Foreign currency translation adjustments  (23) (12) (3) — (38)
As at 31 December 2013  266 154 42 1 463
Net carrying amount
As at 31 December 2013  62 39 18 9  128
As at 31 December 2012  101 31 12 —  144
Assets held under finance leases
The carrying amount of computers and motor vehicles held under finance leases at 31 December 2013 were £31,466 
(2012: £39,323) and £39,866 (2012: £29,480) respectively. 48
SyQic plc 
ANNUAL REPORT 2013
10. Intangible assets
      Development 
      cost 
      £’000
Cost
As at 1 January 2012      287
Additions      291
Charge for the year      (47)
Foreign currency translation adjustments      1 
As at 1 January 2013      532
Additions      192
Charge for the year      (59)
Foreign currency translation adjustments      (19)
As at 31 December 2013      646
Amortisation expenses are included in administrative expenses within the Consolidated Statement of Comprehensive Income 
as disclosed in note 6.
Any development costs that are capitalised are then amortised over five years.
Impairment tests for development costs
The recoverable amount of a cash generating unit (“CGU”) was determined based on value‑in‑use calculations in relation 
to SyQic Capital Sdn Bhd (“SCSB”), the principal operating subsidiary. Cash flow projections used in these calculations 
were based on financial budgets with assumptions for revenues, margins and growth rates and which were approved 
by management covering a three‑year period. These assumptions were used for the analysis of the SCSB CGU within the 
business on a consistent basis each year. Management determined budgeted gross margins based on its expectations of 
market developments. The weighted average growth rates used were consistent with the forecasts included in industry 
reports. The discount rates used were pre‑tax and reflected specific risks relating to the relevant segments.
In the period ended 31 December 2013, the Company received a government grant of £150,241 (SGD 314,377) towards the 
cost of developing this intangible asset which has been set off against the expenditure in the disclosure above. 
11. Trade receivables
      Proforma 
     2013 2012 
     £’000 £’000
Trade receivables     3,728 2,339
Less: non‑current portion     (2,251) (1,724)
Current portion     1,477 615
Included in the trade receivables at 31 December 2013 is an amount of £3,294,444 (equivalent to RM17,904,592) owed by 
a foreign customer of which approximately £1,622,456 (equivalent to RM8,817,698) has been outstanding for more than 
a year.
SCSB has agreed a payment plan with the foreign customer. This payment plan agreement, dated 28 March 2014, provides 
for RM3,284,822 (equivalent to £604,407) to be paid in the first six months of 2014, followed by RM3,294,705 (equivalent to 
£606,226) in the second half of the year, i.e. a total of RM6,579,527 (equivalent to £1,210,633) by December 2014. In 2015, 
RM8,643,390 (equivalent to £1,590,384) of scheduled payments are due in monthly instalments. In 2016, six monthly 
payments totalling RM4,251,717 (equivalent to £782,316) are to be made, with a final payment to settle the debt in full in 
June 2016. As the debt is not due to be fully repaid until June 2016, the value of the amount receivable has been re‑valued 
by £289,000 (RM1,570,000) at a discount rate of 6.6% to reflect the time value of money.
Notes to the Financial Statements continued 49
Financial statements
SyQic plc 
ANNUAL REPORT 2013
In assessing the recoverability of this debt, the Directors have given due consideration to all pertinent information relating 
to the ability of the customer to settle the debt and expect this amount to be fully recoverable. Accordingly, no further 
impairment has been made in respect of this amount.
Other than the debt with the foreign customer described above, the Group’s credit terms range between 30 and 90 days.
12. Other receivables, deposits and prepayments
      Proforma 
     2013 2012 
     £’000 £’000
Other receivables     44 94
Deposits      10 11
Prepayments     29 2
     83 107
The amount due from a non‑controlling shareholder is unsecured, interest‑free and repayable on demand.
13. Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following: 
      Proforma 
     2013 2012 
     £’000 £’000
Cash and bank balances     1,078 54
Short‑term borrowings     (29) —
     1,049 54
14. Stated capital account
     2013
     Number Stated capital 
     of shares £’000
On incorporation    (i) 2 —
Issuance of shares: 
On 28 November 2013    (ii) 19,247,230 11,933
On 4 December 2013    (iii) 3,951,613 2,450
Less share issue costs     — (218)
At the end of the year     23,198,845 14,165
All issued share capital is fully paid up. All ordinary shares have a nil par value.
(i) On incorporation, two ordinary shares of £1.00 were subscribed by and issued to Muhamed Jamal Bin Muhamed Hassim  
and Dicky Tjokrosaputro respectively.
(ii) On 28 November the Company issued 19,247,230 nil par value ordinary shares to the shareholders of SyQic Capital Private 
Limited in consideration for the transfer of the entire issued share capital of SyQic Capital Private Limited to the Company.
(iii) On 4 December 2013 the Company issued 5,161,291 nil par value ordinary shares for 62 pence each. On the same day one  
of the original shareholders of SyQic Capital Private Limited sold 1,209,678 shares back to the Company at which point  
these shares were cancelled. 50
SyQic plc 
ANNUAL REPORT 2013
15. Merger reserve
The accounting treatment for Group reorganisations is scoped out of IFRS 3. Accordingly, as required under IAS 8 – 
Accounting Policies, Changes in Accounting Estimates and Errors the Group has referred to current UK GAAP to assist its 
judgement in identifying a suitable accounting policy. The introduction of the new holding company has been accounted 
for as a capital reorganisation using the merger accounting principles prescribed under current UK GAAP. Therefore 
the consolidated financial statements of SyQic plc is presented as if SyQic plc has always been the holding company for 
the Group.
The use of merger accounting principles has resulted in a balance on Group capital and reserves that have been classified as a 
merger reserve and included in the Group’s shareholders’ funds. The consolidated financial statements include the results of 
the Company and all its subsidiary undertakings made up to the same accounting date.
16. Deferred tax
      Proforma 
     2013 2012 
     £’000 £’000
Deferred tax assets:
At beginning of year     52 52
Recognised in the Consolidated Statement of Comprehensive Income (note 7)    — —
At end of year     52 52
The deferred tax balances relate to temporary differences arising between the tax bases of assets and liabilities and their 
carrying amounts in the financial statements. Deferred tax assets are recognised to the extent that it is probable that the 
future taxable profits will allow the deferred tax assets to be recovered. 
17. Other payables and accruals
       Proforma 
      2013  2012 
     £’000 £’000
Other payables      372 255
Accrued expenses     160 157
     532 412
Notes to the Financial Statements continued 51
Financial statements
SyQic plc 
ANNUAL REPORT 2013
18. Financial instruments
Financial risk management objectives and policies
It is the Group’s policy not to trade in derivative contracts.
The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk, credit risk, capital 
risk and liquidity risk. The Group does not have formal risk management policies and guidelines. However, the Board of 
Directors reviews and agrees policies for managing each of these risks as summarised below. 
(i) Market risk
(a) Foreign exchange risk
The Group is exposed to foreign currency risk on transactions and balances that are denominated in currencies other than 
the Great Britain Pound. The functional currencies giving rise to this risk are primarily the Malaysian Ringgit, Singapore 
Dollar, United States Dollar, and Chinese Renminbi. Foreign currency risk is monitored closely on an ongoing basis to ensure 
that the net exposure is at an acceptable level. 
The Group maintains a natural hedge whenever possible, by matching the cash inflows (revenue stream) and cash outflows 
used for purposes such as capital and operational expenditure in the respective currencies.
The carrying amounts of the Group’s monetary assets and liabilities at the end of each reporting period were as follows:
 
 Singapore United States Malaysian  Chinese Pounds 
 Dollar Dollar Ringgit Renminbi Sterling Others Total 
As at 31 December 2013 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Financial assets
Trade receivables — — 3,316 — — 412 3,728
Other receivables and deposits 1 — 32 1 49 — 83
Cash and bank balances — 1 4 — 1,073 — 1,078
 1 1 3,352 1 1,122 412 4,889
Financial liabilities
Trade payables — — 283 —  9 —  292
Other payables and accruals 255  — 314 23 167 — 759
Other financial liabilities — — 149 —  —  — 149
Convertible redeemable bonds — — —  —  — — —
 255 — 746 23 176 — 1,200
Net financial 
(liabilities)/assets (254) 1 2,606 (22) 946 412 3,689
Less: net financial (liabilities) 
/assets denominated in  
the respective entities  
functional currencies 254 — (2,606) — (946) — (3,298)
Foreign currency exposure — 1  — (22) — 412 391 52
SyQic plc 
ANNUAL REPORT 2013
18. Financial instruments continued
(i) Market risk continued
(a) Foreign exchange risk continued
 
 Singapore United States Malaysian  Chinese Pounds 
 Dollar Dollar Ringgit Renminbi Sterling Others Total 
As at 31 December 2012 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Financial assets
Trade receivables — 39 2,289 3 — 8 2,339
Other receivables and deposits 90 — 11 3 — 3 107
Cash and bank balances 33 1 4 15 — 1 54
 123 40 2,304 21 — 12 2,500
Financial liabilities
Trade payables — 1 49 —  16 —  66
Other payables and accruals 146  — 258 4 4 — 412
Other financial liabilities 97 — 133 22  —  — 252
Convertible redeemable bonds 292 — —  —  — — 292
 535 1 440 26 20 — 1,022
Net financial 
(liabilities)/assets 412 39 1,864 (5) (20) 12 1,478
Less: net financial  
(liabilities)/assets  
denominated in the  
respective entities  
functional currencies 412 — (1,864) — 20 — (1,432)
Foreign currency exposure — 39 —  (5) — 12 46
(b) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes 
in market interest rates. The Group does not have any interest bearing assets and hence is not exposed to interest rate risk.
(ii) Liquidity risk
The Group monitors liquidity risk and maintains a level of cash and bank balances deemed adequate by management to 
finance the Subsidiaries’ operations and to mitigate the effects of fluctuations in cash flows. Typically the Group ensures that 
it has sufficient cash on demand to meet expected operational expenses including the servicing of financial obligations.
The following tables detail the remaining contractual maturity for non‑derivative financial liabilities. The tables have been 
drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be 
required to pay.
Notes to the Financial Statements continued 53
Financial statements
SyQic plc 
ANNUAL REPORT 2013
     On demand or Within two 
     within one year to five years 
     £’000 £’000
As at 31 December 2013
Trade payables     292 — 
Other payables and accruals     509 — 
Other financial liabilities     226 120
Convertible redeemable bonds
     1,027 120
As at 31 December 2012
Trade payables     66 — 
Other payables and accruals     411 — 
Other financial liabilities     152 102
Convertible redeemable bonds     — 292
     629 394
(iii) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the 
Group. For trade receivables, the Group adopts the policy of dealing only with customers of appropriate credit history, and 
obtaining sufficient security where appropriate to mitigate credit risk. For other financial assets, the Group adopts the policy 
of dealing only with high credit quality counterparties. In addition, receivables are closely monitored on an ongoing basis. 
Management defines major credit risk as exposure to a concentration exceeding 10% of a total class of such asset.
The Group’s trade receivables at 31 December 2013 included one customer (2012: one customer) that collectively represented 
87% (2012: 87%) of trade receivables.
As the Group does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the 
carrying amount of that class of financial instruments presented in the Consolidated Statement of Financial Position.
The Group’s trade receivables are non‑interest bearing and credit terms range between 30 and 90 days. Receivables are 
recognised at their original invoice amounts which represent their fair values on initial recognition.
The credit risk for trade receivables based on the information provided to key management is as follows:
      Proforma 
      2013 2012 
     £’000 £’000
By geographical areas  
– Indonesia     3,602 2,211
– Philippines     3 47
– Malaysia     123 77
– China     — 3
     3,728 2,338 54
SyQic plc 
ANNUAL REPORT 2013
18. Financial instruments continued
(iii) Credit risk continued
The carrying amounts of cash and bank balances, trade and other receivables represent the Group’s maximum exposure to 
credit risk in relation to financial assets. No other financial assets carry a significant exposure to credit risk.
Cash and bank balances are placed with reputable local financial institutions. Therefore, credit risk arises mainly from the 
inability of customers to make payments when due. The amounts presented in the Consolidated Statement of Financial 
Position are net of fair value adjustments and allowances for impairment of receivables, estimated by management based 
on prior experience and the current economic environment.
Ageing analysis
The ageing analysis of trade receivables as at each of the two years ended 31 December 2013 is as follows:
      Proforma 
      2013 2012 
      £’000 £’000
Not past due and not impaired     3,538 2,253
Past due but not impaired
– Past due less than three months     87 5
– Past due three to six months     103 —
– Past due over six months     — 80
     190 85
     3,728 2,338
iv) Capital risk management
Management defines capital as the total equity of the Group. The Group’s objectives when managing capital are to 
safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for 
other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust 
the capital structure, the Directors may adjust the amount of dividends paid to shareholders, return capital to shareholders, 
issue new shares or sell assets to reduce debt. 
(v) Financial instruments by category
The carrying amounts of each category of financial instruments are as follows:
      Proforma 
      2013 2012 
     £’000 £’000
Financial assets
Loans and receivables (including cash and bank balances)    4,860 2,592
Financial liabilities
Financial liabilities at amortised cost     801 530
Notes to the Financial Statements continued 55
Financial statements
SyQic plc 
ANNUAL REPORT 2013
19. Finance lease obligations
      Present 
    Minimum lease  value of  
    payments Interest payments 
    £’000 £’000 £’000 
2013
More than one year and not later than five years    85 18 67
Later than five years    32 2 30
    117 20 97
Not later than one year    29 6 23
    146 26 120
2012
More than one year and not later than five years    99 (21) 78
Later than five years    2 — 2
    101 (21) 80
Not later than one year    25 (8) 17
    126 (29) 97
Interest was payable at effective interest rates ranging from 2.35% to 4.65% per annum during the year ended 
31 December 2013 (2012: 3.65% to 4.5%).
20. Related party information
Transactions between SyQic plc and its subsidiaries, which are related companies of SyQic plc have been eliminated 
on consolidation and are not disclosed in this note. Details of transactions between the Subsidiaries and other related 
companies are disclosed below. Balances relating to transactions with Directors are shown in the Consolidated Statement of 
Financial Position.
A personal guarantee and indemnity from Muhamad Jamal Bin Muhamad Hassim, the Chief Executive Officer of the 
Company, and Mohd Radzi Bin Abdul Hamid, dated 6 December 2011, in support of a hire purchase agreement between Orix 
Credit Malaysia Sdn Bhd and SCSB for computer equipment.
A personal guarantee from Muhamad Jamal Bin Muhamad Hassim dated 25 December 2011, in support of a variation 
agreement between the SCSB and CIMB Bank Berhad dated 25 December 2011 relating to the hire purchase of a Range 
Rover Sport.
A personal guarantee from Muhamad Jamal Bin Muhamad Hassim and Lee Ai Lin, a director of SCSB, dated 5 July 2013, in support 
of a Maybank Islamic Berhad Islamic Banking Facility Cash Line‑I of RM500,000.00 taken out by SCSB.
Amounts owing by SCSB to shareholders:
      Proforma 
     2013 2012 
     £’000 £’000
Stream Global Pte Ltd*     25 26
Sierac Corporate Advisers Sdn Bhd**     1 1
     26 27
* Stream Global is a shareholder of SyQic plc and Chak Kong Soon is a Director.
** Sierac was a shareholder of SCPL, the previous parent of the Group that was acquired by SyQic plc. It ceased to be a shareholder during the year  
 ended 31 December 2013.  56
SyQic plc 
ANNUAL REPORT 2013
21. Operating lease commitments
The future aggregate minimum lease payable under non‑cancellable operating leases contracted for each reporting date but 
not recognised as liabilities are as follows:
      Proforma 
     2013 2012 
     £’000 £’000
Operating leases which expire:      — 
Within one year     34 31
In the second to fifth years inclusive     113 124
Greater than five years     — 8
     147 163
22. Share options
The share options that were awarded during the year were given to reward and incentivise key employees who worked on 
preparing the Company for the Initial Public Offering.
During the year the Company granted 500,000 share options to employees with an exercise price of 52.7p each. 
The weighted fair value of the options granted was 40.96p per share. A charge of £6,592 has been charged to the Statement 
of Comprehensive Income for the year relating to these options.
These fair values were calculated using the Black Scholes option pricing model. The inputs in the model were as follows:
Stock price      62p
Exercise price      52.7p
Interest rate      2.73%
Volatility      50%
Time to maturity      10 years
The expected volatility was determined with reference to similar entities trading on AIM.
Details of share options outstanding at the year end are as follows:
    Number WAEP (pence) Number WAEP (pence) 
    31 December 31 December 31 December 31 December 
   2013 2013 2012 2012
Outstanding as at 1 January   — — — — 
Granted during the year   500,000 52.7  — —
Expired during the year   — — — —
Exercised during the year   — — — —
Options outstanding at 31 December   500,000 52.7 — —
Exercisable at 31 December   — — — —
The weighted average remaining contractual life of the options outstanding at the statement of financial position date is 
9.9 years.
Notes to the Financial Statements continued Glossary
AIM  Alternative Investment Market
EDGE   Enhanced Data rates for GSM Evolution, a digital mobile phone technology that allows improved data 
transmission rates as a backward-compatible extension of GSM
GPRS  General Packet Radio Service
OTT   OTT stands for “Over The Top” and in the field of online media delivery, refers to services provided 
over any open internet connection rather than via an internet service provider’s own dedicated, 
managed network
P2P  Peer-to-peer – a decentralised and distributed network architecture in which individual  
  nodes act as both suppliers and consumers of resource
Proprietory  Method of file compression developed by the user 
compression 
Telcos   Telecommunications operators and/or intermediaries who work on behalf of  
  telecommunications operators
Yoomob  SyQic’s mobile video streaming service operated in partnership with various telcos
Yoomob Plus Enhanced version of Yoomob, catering for newer generation of smartphones
Yoonic  SyQic mobile video streaming service supplied direct to the customer over the internet
Designed and produced by  
www.lyonsbennett.com  
 
This report is printed on Magno Satin. The pulp used in this 
product is bleached using a totally chlorine free process (TCF) 
or elemental chlorine free process (ECF) and is produced in a 
mill that is certified to ISO 14001 environmental management 
standards. This paper is from responsible sources. SyQic plc 
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