statements
Annual report 
and financial 
stateme
201 3 Front cover: Jose Reyes — Shortstop, Toronto Blue Jays
Annual Report and financial statements 
year ended 31 December 2013
©TLA Worldwide Plc  |  www.tlaww-plc.com Annual report 
and financial 
statements
201 3  Contents
Financial highlights 4–7
Operational highlights 8–11
Strategic reports 12–23
Chairman’s statement 12–13
Chief executive’s review 15–16
Chief financial officer’s review 18–22
Board of directors 26–27
Directors’ report 28–30
Directors’ remuneration report 32–35
Corporate governance report 36–38
Directors’ responsibilities statement 40
Report of the independent auditor 41–42
Consolidated financial statements 43–47
Principal accounting policies 48–53
Notes to the consolidated financial statements 56–70
Report of the independent auditor 73
Company financial statements 74
Notes to the parent company financial statements 75–77
Shareholder information 79 Reported revenue 
increased by 23%  
to $18.6 million
(2012: $15.1 million)
Financial highlights
2012 (4.19¢)
2013 (5.34¢)
2012 ($15.1 million)
2013 ($18.6 million)
Headline EPS
3
 growth 
of 27% to 5.34 cents
(2012: 4.19 cents)
Reported revenue increased by 23% to $18.6 million (2012: $15.1 
million) reflecting continued organic growth (5% for the year) and the 
first full year contribution from Peter E Greenberg & Assoc. (“PEG”)
4 TLA Worldwide PLC    Contracted revenues 
increased by 45%  
to $58 million
(2012: $40 million)
2012 ($40 million)
2013 ($58 million)
Total long term contracted revenues increased by 45% to $58 million 
(2012: $40 million) providing excellent forward revenue visibility
Edwin Jackson
Starting pitcher, Chicago Cubs
5 Annual Report 2013 Headline EBITDA
1
 
increased by 11% to 
$7.3 million (2012: $6.6 million)
Cash balances at year end 
amounted to $4.4 million  
(2012: $4.1 million) 
Headline profit before tax
2
 
increased by 14% to $6.8 million 
(2012: $6.0 million)
2013 ($7.3 million)
2012 ($6.6 million)
6 TLA Worldwide PLC    1. Operating profit adjusted to add back depreciation, amortisation of acquired intangible 
assets and any acquisition related charges, share-based payment charges and exceptional 
items excluding the unrecognised revenue of $2.24 million and the EBIT of $1.4 million
2. Headline EBITDA after bank interest and depreciation
3. Headline profit per share is defined as adjusted profit for the period divided by the 
weighted average number of ordinary shares in issue during the period. Headline profit for 
the period is defined as loss for the period adjusted to add back amortisation of acquired 
intangible assets and any other acquisition related charges, share based payment charges, 
fair value movement on financial derivatives and exceptional items.
Final dividend raised by 17% to 0.7 pence 
(2012: 0.6 pence)
Angel Pagan
Outfielder, San Francisco Giants
7 Annual Report 2013 Operational highlights
Achieved number one position in 
professional baseball by total player roster.
2013
$13.1 m
2012
$10.1 m
2012
2013
The Group’s total client base 
rose by 16% to 440.
Baseball representation reported 
revenues rose by 30% to $13.1 million.
8 TLA Worldwide PLC    Reggie Bush
Running back, Detroit Lions Patrick Reed
Professional Golfer, 
3 PGA tour wins,  
age 23 Sports marketing reported revenue 
increased by 10% to $5.5 million, driven 
by good client growth in golf, American 
football, broadcast and coaching.
Launched a media and TV rights 
consultancy, with the NHL as the first client.
12 PGA TOUR players on roster with  
four PGA TOUR wins in early 2014.
Launched an events business, with 
proprietary IP, which will deliver an annuity 
income from events created, from 2014 
onwards with a strong pipeline.
2012
$5 m
2013
$5.5 m
11 Annual Report 2013 We are pleased to report on good 
operational and financial performance 
for 2013.
The results reflect a growing momentum across the Group, driven by organic growth as well 
as the acquisition of PEG, the New York City based baseball practice, in late 2012. Overall 
trading conditions in North American baseball and sports marketing, the mainstay of the 
Group’s business, continue to be positive. 
These factors enabled the Group to consolidate on its strong position in the baseball 
sector where it climbed to number 1 rank in total clients, increasing the total client roster of 
professional baseball players to 249, up from 173 in the previous year.
The total overall client base of TLA increased by 16% to 440 compared with 2012 and 
the Group’s activities cover a variety of major international sports including baseball, golf, 
basketball, American football and Olympic athletes.
The Group’s reported results do not include an item of revenue within our baseball 
division, invoiced in December 2013, as the amounts have not yet been recovered from the 
client. In March 2014 the Group commenced proceedings to recover fees of $1.6 million it 
believes are due. Given the uncertainty around the eventual timing and outcome of that 
process, no revenue has been included in the 2013 results. Inclusion of these amounts in 
the year end 31 December 2013, assuming a full recovery, would have resulted in Headline 
EBITDA of $8.7 million and revenue of $20.2 million.
Total long-term contracted revenues rose 45% to $58 million (2012: $41 million) providing 
excellent forward revenue visibility. Both the US baseball market and the wider sports 
marketing industry globally have continued to enjoy excellent long-term fundamentals. 
This provided a positive backdrop for the Group last year and supports the Group’s future 
prospects. 
Market opportunity and strategy
According to industry estimates, the overall US sports market is worth approximately $48 
billion per annum, with the key segments of sponsorship and media rights worth over $9 
billion and $12 billion per annum respectively. These segments are forecast to grow faster 
than the overall US sports market at 6.3% and 7.8% per annum against growth of 4.7% for 
the overall market. 
Strategic report 
Chairman’s statement
BART CAMPBELL
Chairman,
29 April 2014
Baseball sector
Number 1 rank in  
total clients
Total overall client base 
of TLA increased by 16% 
to 440 
2012
2013
12 TLA Worldwide PLC      $4.5 billion in 2010 
to 
  $8.3 billion in 2013 
Baseball, which currently accounts for 70% of our revenue, is a huge industry and 
highly profitable at MLB club level. It has historically proven to be recession resistant, is 
well regulated with a defined salary and career structure for its players, and has also grown 
steadily. Total MLB revenues have increased from approximately $4.5 billion in 2010 to $8.3 
billion in 2013, reflecting rising gate receipts and national, international and local media 
rights fees. 
To put the size of the baseball market into context, the aggregate MLB revenues 
amounted to more than $30 billion over the past four years compared with $13.5 billion for 
the Premier League and $8 billion for the four year Olympic cycle to London 2012. In addition, 
the agreement over a new media broadcasting rights deal from 2014 will significantly 
increase the revenue to MLB and MLB players over the next eight years. 
TLA’s strategy remains to expand our activities in a range of major sports in North 
America and other key regions where the core sports at the heart of our business have 
value. While our focus will be on organic growth, the Group will also look for acquisition 
opportunities that allow us to consolidate and widen our position within our target markets. 
People
In order to support the Group’s expansion, we continue to invest in staff, including several 
senior level hires within the operating businesses such as a head of media consulting. We also 
appointed Don Malter as our new Chief Financial Officer on 17 September 2013. 
Outlook
Following significant investment in people and resources, TLA has established a solid 
foundation to implement the Group’s growth strategy and take advantage of excellent sports 
market fundamentals. We will continue to seek selective talent and business acquisitions  
to enhance our service offering and geographic reach, to ensure we service our growing  
client base. 
Excellent progress has also been made in broadening the revenue base through the launch 
of new proprietary sports events, which will make a small contribution from this year and are 
expected to grow over the long term.
We got into our stride in 2013, resulting in strong revenue growth, achieving the leading 
position in baseball representation and a rapidly expanding client list and sports marketing 
business. The Group’s first quarter revenues are up on the same period last year and the trading 
momentum remains encouraging across all activities. The outlook for 2014 is positive given the 
new long-term media and broadcasting rights in baseball and our developing events business. 
The business of sports is currently benefitting from excellent long-term fundamentals. With 
good trading momentum and the US baseball industry set to reap higher media rights revenues 
from this year, we look to deliver solid growth for the year, underpinned by excellent forward 
revenue visibility. As a result, the Board looks to the future with confidence. This has enabled 
the Group to continue our progressive dividend policy, with a 17% increase in the dividend per 
share in 2014.
Total long-term 
contracted revenues rose 
45% to $58 million
The Board looks to the 
future with confidence 
with a 17% increase in the 
dividend per share in 2014
2012
2013
Total mlb revenues
13 Annual Report 2013 Jerry Kill
Head football coach, 
University of Minnesota The Group’s two divisions made good 
progress in 2013 with both increasing 
their revenues and operating profits 
compared with 2012.
The move from our multiple offices in New York City into a single location at Times Square in 
June 2013 has completed the integration of the business. 
Baseball representation
The baseball representation business, which derives revenues through long term 
relationships with many established and young players, had a solid year. Revenues increased 
by 30% to $13.1 million in 2013 (2012: $10.1 million), reflecting like for like organic growth of 
2% and the first full year contribution from PEG. Based in New York City, PEG is particularly 
strong in representing Spanish-speaking players of Latin American origin. 
A total of $150 million worth of contracts were signed on behalf of clients during the 2013 
off-season (2012: $210 million). This was lower than 2012 due to fewer contracts requiring 
negotiation for 2013. 76 new baseball players were added to the client list in 2013 bringing 
the total baseball client list to 249 (2012: 173)
The roster of potential new stars also continued to grow with 190 Minor League Baseball 
clients (2012: 117) of which 19 (2012: 18) were called up to major league teams thereby 
starting their initial three year service period. This will enable us to negotiate future 
contracts on their behalf at higher market related salaries on which TLA will start to earn 
fees in the coming years. 
Looking ahead, a new eight-year TV rights contract for MLB commences with the 2014 
baseball season, which will substantially increase MLB revenue. The agreement, worth $12.4 
billion over eight years to MLB, represents an increase of more than 100% in annual rights 
fees to MLB compared with previous years. As a result, many player contracts have been 
structured to match this revenue profile, with lower salaries in 2013 and then increases in 
future years. This will clearly benefit our clients and therefore the Group in 2014 
and beyond.
As set out in the Group’s half-year results, the Draft (the mechanism for appropriating 
young players to teams) did not produce the revenues that we expected. This was caused by 
Strategic report 
Chief executive’s review
MICHAEL PRINCIPE
Group Chief Executive,
29 April 2014
A total of $150 million 
worth of contracts 
8-year mlb tv rights contract
The agreement, worth 
$12.4 billion over eight 
years to MLB, represents 
an increase of more than 
100% in annual rights 
fees to MLB compared 
with previous years
15 Annual Report 2013 injuries to players who consequently deferred being drafted. We expect these players will 
return to the Draft with TLA in the future.
Sports marketing 
The Sports Marketing division continued to grow with revenues increasing 10% to $5.5 million 
(2012: $5.0 million). We now have 12 PGA clients (2012:13), including some of Golf’s hottest 
young talents evidenced by two Tour wins and 25 top 10 PGA TOUR finishes in 2013, with a 
further three wins in 2014. 
PGA TOUR revenues rose in 2012 to a record high of $1.1 billion, highlighted by a nine-year 
television deal, which commenced in 2011 and averages $800 million per annum. These 
markets are key drivers for the growth of TLA’s Sports Marketing Division as they underpin 
marketing spend and increase our ability to secure sponsorship opportunities for our clients.
Talent marketing continued to perform well in commercially promoting its clients, 
securing sponsorship deals for clients with such companies as GEICO, Under Armour, Adidas 
and Web.com, as well as advising Izod and Samsung with their golf brand activation at the 
Masters and the US Open. We also secured our first National Basketball Association client, 
Trey Burke. 
Coaching and broadcasting continues to grow. We now have the leading NCAA basketball 
coaching business, increasing our client base by 15% and increasing our representation of 
coaches with teams in the 2013 NCAA Champions Tournament by 38%. In broadcasting we 
have grown our representation by 17.6% to 40 clients (2012: 34), who include Jay Onrait and 
Dan O’Toole, the new hosts of Fox Sports 1.
We have added new service offerings to the Sports Marketing business by internally 
developing our ability to advise rights holders and teams on their media value rights. We 
expect to see both the events and the media rights consulting businesses contribute further 
during 2014 and provide growth to TLA in the future.
At the end of 2013 we opened an office in Melbourne to pursue the strong sports 
marketing and event opportunities that exist in the Australasian market. The opportunity in 
this market is borne out by the fact that the first MLB games of the 2014 season were played 
in Sydney in late March 2014, with other opportunities of a similar nature, currently live and 
moving to contract.
New revenue streams
We created and delivered our first event around the MLB All-Star baseball game, which took 
place in July 2013, and followed this up with a similar event around NFL’s Super Bowl in 
January 2014. We also created a larger two-day event called “Baseball City”, which took place 
in Phoenix in March 2014 and was timed to align with fans that attended baseball spring 
training. The event was successful and made a small profit.
Since the year-end, we have been appointed by the National Hockey League (NHL), to 
promote and sell its digital content in the Australian market.
Baseball revenues in  
2013 increased by 30%  
to $13.1 million
Reflecting like for like organic growth of 2% and the first  
full year contribution from PEG. Based in New York City.
New office in 
Melbourne
To pursue the strong sports marketing 
and event opportunities that exist in  
the Australasian market.
PGA Tour revenues rose to 
a record high of $1.1 billion
We expect to see both 
the events and the 
media rights consulting 
businesses contribute 
further during 2014 and 
provide growth to TLA in 
the future
16 TLA Worldwide PLC    Troy Aikman 
NFL broadcasting  This review covers the year ended 31 December 2013. For this period the Group reported a 
statutory profit before tax of $0.1 million (2012: loss of $0.1 million). The performance at 
the operating level, before interest, tax, depreciation, amortisation and exceptional charges 
showed an Headline EBITDA of $7.3 million (2012: $6.6 million).
Headline results
 w Cash balances as at 31 December 2013 of $4.4 million (2012: $4.1 million) and net debt of 
$5.8 million (2012: $3.9m).
 w The Group’s reported results do not include an item of revenue within our baseball 
division, invoiced in December 2013, as the amounts have not yet been recovered from 
the client. In March 2014 the Group commenced proceedings to recover fees of $1.6 
million it believes are due, triggered by services provided to a client in the year ended 31 
December 2013 and prior years. In April 2014 the case was assigned for arbitration which 
is the normal route for fee recovery in the industry. Given the uncertainty around the 
eventual timing and outcome of that process, no revenue has been included in the 2013 
results, although costs of the action to date have been expensed as incurred. The finally 
determined income will therefore be reflected as and when the cash is received. Inclusion 
of these amounts in the year end 31 December 2013, assuming a full recovery through the 
arbitration process or otherwise, would have resulted in Headline EBITDA of $8.7 million 
and revenue of $20.2 million.
2013 ($000) 2012 ($000) % change
Revenue 18,605 15,082 23
Headline EBITDA 7,269 6,566 11
Operating profit 1,434 1,204 19
Headline EBITDA margin 39.1% 43.5% (10)
Headline Earnings Per Share (cents)
1
 5.34 4.19 27
Strategic report
Chief finanical 
officer’s review
DONALD MALTER
Chief Financial Officer,
29 April 2014
Headline EPS growth of 
27% to 5.34 cents
Statutory operating profit 
of $1.4 million
(2012: $1.2 million) and 
statutory profit before  
tax $0.05 million (2012: loss 
$0.08 million) respectively
2012
2013
1. Headline profit per share is defined as adjusted profit for the period divided by the weighted average number of ordinary shares 
in issue during the period. Headline profit for the period is defined as loss for the period adjusted to add back amortisation of 
acquired intangible assets and any other acquisition related charges, share based payment charges, fair value movement on 
financial derivatives and exceptional items. A further description is provided in note 3 to the accounts.
18 TLA Worldwide PLC    Cash balances as at 
31 December 2013 
of $4.4 million
Reported Results
On a statutory basis the operating profit was $1.43 million (2012: profit of $1.20 million) and 
the profit before tax was $0.05 million (2012: loss $0.08 million). 
2013 ($000) 2012 ($000)
Revenue 18,605 15,082
Operating profit from operations 1,434 1,204
Statutory profit/(loss) before tax 50 (79)
Statutory profit/(loss) Per Share (cents) 0.77 (1.19)
YEAR ENDED  
31 DECEMBER 2013
Baseball representation 
($000)
Sports marketing 
($000)
Unallocated 
($000)
Total 
($000)
Revenues 13,081 5,524 – 18,605
Cost of sales – (633) – (633)
Gross profit 13,081 4,891 – 17,972
Operating expenses excluding 
depreciation, amortisation and 
exceptional items 
(6,739) (2,359) (1,605) (10,703)
Operating profit before depreciation, 
amortisation and exceptional items.
6,342 2,532 (1,605) 7,269
Amortisation of intangibles arising on 
acquisition
(3,759) (1,261) – (5,020)
Deprecation (11) (4) (18) (33)
Exceptional items and acquisition 
related costs
– – (782) (782)
Operating profit/ (loss) 2,572 1,267 (2,405) 1,434
Finance costs (1,384)
Profit before tax 50
Tax 923
Profit for the period 973
TLA segments its operations into baseball representation and sports marketing as follows:
19 Annual Report 2013 YEAR ENDED  
31 DECEMBER 2012
Baseball representation 
($000)
Sports marketing 
($000)
Unallocated 
($000)
Total 
($000)
Revenues 10,065 5,017 – 15,082
Cost of sales (354) (231) – (585)
Gross profit 9,711 4,786 – 14,497
Operating expenses excluding depreciation, 
amortisation and exceptional items 
(4,246) (2,262) (1,423) (7,931)
Operating profit before depreciation, 
amortisation and exceptional items.
5,465 2,524 (1,423) 6,566
Amortisation of intangibles arising on acquisition (3,081) (1,323) – (4,404)
Deprecation (5) (1) (2) (8)
Exceptional items and acquisition related costs – – (950) (950)
Operating profit/ (loss) 2,379 1,200 (2,375) 1,204
Finance costs (1,283)
Loss before tax (79)
Tax (1,117)
Loss for the period (1,196)
Headline Divisional Performance
BASEBALL REPRESENTATION
2013 ($000) 2012 ($000) % Change
Revenue 13,081 10,065 30
Headline EBITDA 6,342 5,465 16
Headline EBITDA Margin 48.5% 54.3% (11)
Operating Profit 2,572 2,379 8
SPORTS MARKETING
2013 ($000) 2012 ($000) % Change
Revenue 5,524 5,017 10
Headline EBITDA 2,532 2,524 5
Headline EBITDA Margin 45.8% 50.3% (9)
Operating Profit 1,267 1,200 6
Trading for the year ended 31 December 2013 saw $13.1 million of revenue, a headline EBITDA 
of $6.3 million and a statutory operating profit of $2.6 million after accounting for the 
amortisation of acquired intangibles. The 2013 period includes a full year contribution from 
PEG, compared to 60 days in 2012 which produced a $0.5 million loss.
Trading for the year ended 31 December 2013 showed revenue of $5.5 million, Headline 
EBITDA of $2.5 million and operating profit of $1.3 million. The reduction in EBITDA margin 
reflects investment in additional people to establish the events and media businesses within 
the division. 
20 TLA Worldwide PLC    Cash flow and Banking Arrangements
Cash generated from operating activities for the year ended 31 December 2013 was  
$3.3 million (December 2012: $2.4 million). Cash as at 31 December 2013 was $4.4 million  
(2012: $4.1 million) and net debt was $6.0 million (2011: $3.9m). 
The Group has an outstanding term loan of $7.0 million and a revolver facility of $7.0 
million of which $3.4 million was drawn as at 31 December 2013. This was a new $15 million 
banking facility arranged in January 2013 with SunTrust Bank for a term of five years to 
January 2018. We have reduced the interest margin by 1%, the full benefit of which will not 
be seen until our hedge against future interest rate increases unwinds. 
Cash earn-outs payments due for 2014 total $2.99 million. $1.03 million has so far been 
paid. The balance will be paid the first half of 2014.
Dividends
The board proposes a final dividend of 0.7 pence per share (2012: 0.6 pence) payable on 11 July 
2014 to shareholders on the register at 30 May 2014. The ex-dividend date is 28 May 2014.
Principal Risks and Uncertainties
The management of the Group and the execution of the Group’s strategies are subject to a 
number of risks. The key business risk affecting the Group are shown below:
r i s k m a n ag e m e n t The significant risks that the Group faces have been considered and policies have been 
implemented to best deal with each risk. The four most significant risks are considered to 
be liquidity, finance cost risk, customer relationship risk and management risk. The Group 
is significantly based in the US and reports in US dollars and so direct exposure to exchange 
risk is considered to be minimal.
l i q u i d i t y r i s k The year-end net debt was $6.0 million (2012: $3.9 million) which consisted of $7.0 million 
of interest bearing loans and a $3.4 million revolver (2012: $8.0 million of interest bearing 
loans). Both of these facilities do not mature until January 2018. The Group revolving facility 
is for a total of $7.0 million and the Group had cash of $4.4 million as at the year-end. The 
Group’s cash and net debt position is continually monitored.
The board proposes a 
final dividend of 0.7 
pence per share, a 17% 
increase from 2012
2013
(0.7p)
2012
 (0.6p)
Randy Edsall 
Head Football Coach, 
University of Maryland
21 Annual Report 2013 f i n a n c e r i s k c o st The Group pays finance costs on its bank facilities. These facilities finance costs are a variable 
cost linked to LIBOR plus a margin. Interest rates are managed through an interest rate swap. 
The average finance cost on the facilities for the Group in 2013 was 4.5% (2012: 5.5%)
c u sto m e r r e l at i o n s h i p s r i s k The Group has commercial relationships with 440 clients. Attrition rates are low and 
relationships are strong. In the case of baseball contracts, any revenues negotiated by the 
Group survive the termination of relationship with a client. No client accounts for more than 
6% of revenue (2012: 8%).
m a n ag e m e n t It’s likely that changes to members of the senior management team would impact on the 
Group’s ability to perform to the expectations within its strategy. The Board ensures that the 
management team is appropriately rewarded for its efforts and that succession planning is 
considered. In the case of vendor management they are incentivised through the ability to 
achieve future earn out payments.
Fred Hoiberg 
Head men's basketball coach, 
Iowa State University
KPI
Year ended  
31 December 2013
Year ended 
31 December 2012
Headline EBITDA $7.3 million $6.6 million
Headline EBITDA Margin 39% 44%
Profit/(loss) before tax $0.05 million $(0.08) million
Contracted revenue (approximately) $58 million $41 million
Number of net new client wins 67 52
Debtor collection days 49 days 56 days
Key Performance Indicators (KPIs)
The Group manages its operational performance using a number of KPIs. The most 
important of these are:
22 TLA Worldwide PLC    Ryan Tannehill 
Quarterback, Miami Dolphins
23 Annual Report 2013 Jim Furyk 
Professional golfer, 
16 PGA Tour wins Governance Board of directors
Bart Campbell 
Non Executive Chairman (43)
From 2009 until May 2013, Bart has been the Group COO 
of Chime Communications plc (“Chime”) sports division, 
called CSM Sport & Entertainment which has 670+ staff, 
in 15 offices across 13 countries and is the fourth largest 
sports marketing agency globally. He was a member of 
the executive board of Chime. Prior to that he was Chief 
Executive of the sports marketing and management 
business Essentially Group plc (“Essentially”) which is part 
of Chime today, starting this role in 2006.
During his tenure as CEO of Essentially, Bart grew 
the business from 20 to 120 professionals with offices in 
London, Australia, South Africa, New Zealand, India and 
Japan. He is a former practicing sports and commercial 
lawyer, with a BA and LLB from Otago University in his 
native New Zealand. Bart was admitted to the bar in 1994 
before going on to complete a Masters in Commercial Law 
(Hons) from Auckland University in 1999. He successfully 
completed the Advanced Management Program at 
Harvard Business School in 2010.
Donald Malter 
Chief Financial Officer (48) 
(appointed 17 September 2013)
Donald was previously CFO (North America) for BMG 
Chrysalis since 2010, a joint venture between private 
equity firm, KKR and European media conglomerate, 
Bertelsmann. Prior to this he was CFO (North America) 
for Dimensional Music Publishing, LLC, a private equity 
backed music publishing house for 5 years. Don is an 
experienced financial veteran having worked in the media 
and entertainment industry for over 20 years.
Michael Principe 
Chief Executive (43)
As the Chief Executive of TLA, Mike brings nearly 15 years 
of experience in sports and entertainment industry to 
his position. Most recently, Mike served as the managing 
director of Blue Entertainment Sports Television (“BEST”), 
an industry leader in sports marketing, management and 
production, which was recently acquired by Lagardère 
Unlimited, where he also served as the Chief Operating 
Officer for its parent company, Blue Equity LLC.
 Prior to joining BEST, he held various executive 
positions with SFX Sports Group Inc. (“SFX”), including 
serving as a member of its Executive Committee and that 
of Executive Vice President and as General Counsel. As 
one of the most accomplished executives and dealmakers 
in sports, Mike has participated in over 35 transactions 
with an aggregate value in excess of $600 million. He is 
a member of the New York Bar and the Sports Lawyers 
Association. He has been named to the Sports Business 
Journal’s prestigious “Forty Under 40” list.
Greg Genske 
Executive Director (42)
Greg became CEO of Legacy in 2004. He has served as 
lead negotiator for the contracts signed by Legacy clients 
dating back to 2004. Greg has advised amateur athletes 
in the MLB and NFL drafts, including the first pick overall 
in the 2004 and 2008 MLB drafts. He has been named 
in the Sports Business Journal’s prestigious “Forty 
Under 40” list. Prior to entering the sports industry, he 
practised with two leading national law firms as a trial 
attorney. Greg holds a bachelor’s degree from Pepperdine 
University and J.D. from Boalt Hall School of Law at 
University of California at Berkeley.
26 TLA Worldwide PLC    Keith Sadler 
Senior Independent  
Non-Executive Director (55)
Keith is Chief Financial Officer of Dods (Group) PLC, a 
political communications business. He was formerly 
COO and Group Finance Director of WEARE 2020 plc. 
Prior to this he was Chief Executive and Group Finance 
Director of SPG Media Group plc, a marketing services 
business, Group Finance Director of The Wireless Group 
and two quoted regional newspaper publishers, News 
Communication and Media plc and Bristol United Press 
plc. Before this he was Treasurer of Mirror Group 
Newspapers plc. Keith is a chartered accountant and 
holds an honours degree in economics from the University 
of Kent.
Andrew Wilson 
Non-Executive Director (54)
Andrew is a Non-Executive Director of Dods Group PLC, 
Impellam Group plc, GHP AB, Jaywing plc, SUSD Asset 
Management (Holdings) PLC, Shellproof Limited and 
Shellshock Limited. He is also a Non-Executive Director 
of a number of private companies, including Artefact 
Partners Limited and Pluto Capital Limited.
Andrew Pearson 
Non-Executive Director (55)
Andrew is a chartered accountant and as a Senior 
Partner for 16 years, he formed and led KPMG’s 
Transaction Services business in the Midlands, building 
a multi-disciplined team of over 40 senior professionals 
supporting corporate, private equity and bank clients 
on every type of M&A transaction. Andrew currently is 
a Senior Partner in WayPoint Change LLP specialising 
in hands-on business turnaround and M&A projects for 
banks and private equity funds.
27 Annual Report 2013 Directors’ report
The Directors present their report together  
with financial statements for the year ended 
period 31 December 2013.
Principal activity
The principal activity of the Group is an integrated sports 
management and marketing agency concentrating its 
on-field practice on the US baseball market.
Results and dividends
The Group profit before taxation for the year to 31 
December 2013 was $0.05 million (2012: loss of $0.08 
million). The Directors are proposing that the Company 
pay a dividend of 0.7 pence per share. This will be payable 
on 11 July to shareholders on the register at 30 May.  
The ex-dividend date will be 28 May.
Future developments
The future development of the Group is set out in the 
Chairman’s statement on pages 12 and 13 and the Chief 
executive review on pages 15 and 16.
Political and charitable 
donations
No political or charitable donations were made during 
the period (2012: $nil).
Directors’ interests
The present membership of the Board, together with 
biographies on each, is set out on pages 26–27. All of these 
Directors served throughout the period, except for Donald 
Malter who joined the board on 17 September 2013. 
Directors’ interests in shares in the Company are set in 
The Directors’ remuneration report on pages 32 to 35.
Directors’ third party 
indemnity provisions
The Group maintains appropriate insurance to cover 
Directors’ and officers’ liability. The Group provides an 
indemnity in respect of all the Group’s Directors. Neither 
the insurance nor the indemnity provides cover where the 
Director has acted fraudulently or dishonestly.
Employees
The Group is an Equal Opportunities Employer and no job 
applicant or employee receives less favourable treatment 
on the grounds of age, sex, marital status, sexual 
orientation, race, colour, religion or belief.
It is the policy of the Group that individuals with 
disabilities, whether registered or not should receive full 
DWIGHT MIGHTY
Company Secretary   
29 April 2014
By order of the Board
28 TLA Worldwide PLC    and fair consideration for all job vacancies for which they 
are suitable applicants. Employees who become disabled 
during their working life will be retained in employment 
whenever possible and will be given help with any 
rehabilitation and retraining.
Health and safety
The Group is committed to maintaining a safe and healthy 
working environment for all staff. To that end it provides 
appropriate training and supervision.
Supplier payment policy 
It is the Group’s policy and practice to settle its suppliers 
accounts on due dates according to agreed terms of 
credit. The creditor days across the Group for the year 
were 27 days (2012: 23 days). The Group has $1.5 million 
of trade payables as at 31 December 2013 (2012: $0.9 
million).
Share capital structure
Details of the Company’s share capital are set out in note 
19 of the financial statements.
The Company has one class of ordinary shares which 
carry no right to fixed income. Each share carries the 
right to one vote at general meetings of the Company. 
There are no restrictions on the transfer of ordinary 
shares in the capital of the Company other than the 
customary restrictions contained in the Company’s 
Articles of Association and certain restrictions, which may 
be required from time to time by law, for example, insider 
trading laws. In accordance with the Model code which 
forms part of the Listing Rules of the Financial Services 
Authority certain Directors and employees are required to 
seek approval of the Company to deal in its shares.
The Company is not aware of any agreements between 
shareholders that may result in restrictions on the 
transfer of securities and/or voting rights. The Company’s 
Articles of Association contain limited restrictions on the 
exercise of voting rights.
With regard to the appointment and replacement 
of directors, the Company is governed by its Articles of 
Association, the Companies Act and related legislation. 
The Articles themselves may be amended by special 
resolution at a general annual meeting of shareholders. 
The powers of directors are described in the Main Board 
Terms of Reference, copies of which are available on 
request. 
Financial instruments
Details of the financial risk management objectives and 
policies of the Group, including hedging policies, are given 
in note 26 to the consolidated financial statements.
Substantial shareholdings
At the date of this report the Company has been notified, 
in accordance with the Disclosure and Transparency 
Rules, of the following voting rights as a shareholder 
of the Company which had disclosable interests of 3% 
or more of the nominal value of TLA Worldwide plc’s 
ordinary shares of 2p each.
SHAREHOLDER Shares Equity %
ISIS Equity Partners 17,880,952 17.86%
Strand Associates Limited 13,896,739 13.88%
Octopus Investments 10,000,000 9.99%
Nigel Wray 9,500,000 9.49%
Amati Global Investments 6,056,000 6.05%
Andrew Witlieb 3,905,079 3.90%
Jordan Bazant 3,905,080 3.90%
During the period between 31 December 2013 and 29 April 2014 the Company did not receive any notifications under 
chapter 5 of the Disclosure and Transparency Rules. 
29 Annual Report 2013 Going concern
The Directors have reviewed forecasts for the years 
ending 31 December 2014 and 31 December 2015. For this 
reason they continue to adopt the giving concern basis in 
preparing the financial statements. See page 38 for more 
detail. 
Corporate and social 
responsibility
The Board recognises the growing awareness of social, 
environmental and ethical matters and it endeavours to 
take account of the interest of the Group’s stakeholders 
when operating the business.
Annual General Meeting
Your attention is drawn to the Notice of Meeting 
enclosed with this Annual Report, which set outs out the 
resolutions to be proposed at the forthcoming Annual 
General Meeting.
Auditor
Each of the directors at the date of the approval of this 
Annual Report confirms that:
 w So far as the director is aware, there is no relevant 
audit information of which the Company’s auditor is 
unaware; and
 w The director has taken all the steps that he ought to 
have taken as a director to make himself aware of any 
relevant audit information and to establish that the 
Company’s auditor is aware of that information.
This conformation is given and should be interpreted on 
accordance with the provision of s418 of the Companies 
Act 2006.
The auditor, Deloitte LLP has indicated its willingness 
to remain in office. A resolution that they be re-appointed 
will be proposed at the Annual General Meeting.
30 TLA Worldwide PLC    Starling Marte 
Outfielder, Pittsburgh Pirates Directors’  
remuneration report 
As an AIM-listed company, the Company is  
not required to comply with Schedule 8 of  
the Companies Act. 
However, in accordance with AIM notice 36 has provided, 
on page 28, the necessary disclosure of the directors’ 
remuneration earned in respect of the financial year by 
each director of the Company acting in such a capacity 
during the financial year. The directors also feel it is 
appropriate to provide the following information to 
shareholders. 
The Remuneration Committee
The Remuneration Committee is comprised of:
 w Andrew Wilson (chairman)
 w Keith Sadler
 w Bart Campbell
The Code recommends that a remuneration committee 
should be comprised of entirely independent non-
executive directors. Andrew Wilson, who is affiliated 
to a major shareholder, and Bart Campbell, due to his 
shareholding in the Company and his influence in its 
formation, are not independent under the Code. The 
Board does consider them to act independently as regards 
remuneration issues.
The committee met twice during the period.  
The company secretary is the secretary to the committee. 
The committee seeks input from the chief executive 
officer and the company secretary. 
The committee makes reference to external evidence 
of pay and employment conditions in other companies 
and is free to seek advice from external advisers.
Remuneration policy
The Group’s policy on remuneration for the current 
period and, so far as is practicable for subsequent 
years, is set out below. However, the Remuneration 
Committee believes that it should retain the flexibility 
to adjust the remuneration policy in accordance with 
the changing needs of the business. Any changes in the 
policy in subsequent years will be detailed in future 
reports on remuneration. The Group must ensure that 
its remuneration arrangement attract and retain people 
of the right calibre in order to ensure corporate success 
and to enhance shareholder value. Its overall approach is 
to attract, develop, motivate and retain talented people 
at all levels, by paying competitive salaries and benefits 
to all staff and encouraging its staff to hold shares in the 
group. Pay levels are set to take account of contribution 
and individual performance, wage levels elsewhere in the 
Group and with reference to relevant market information. 
The Group seeks to reward its employees fairly and give 
them the opportunity to increase their earnings by linking 
pay to achieving business and individual targets.
The Board believes that share ownership is an 
effective way of strengthening employees’ involvement 
in the development of the business and bringing together 
their interest and those of shareholders and as such 
By order of the Board
ANDREW WILSON
Chairman, Remuneration Committee
29 April 2014
32 TLA Worldwide PLC    anticipates granting a share option scheme to key 
employees in the future. 
Executive directors are rewarded on the basis of 
individual responsibility, competence and contribution 
and salary increases also take into account pay awards 
elsewhere in the Group as well as external market 
benchmarking.
During the period to 31 December 2012 there were 
three executive directors:
 w Michael Principe (CEO)
 w Greg Genske (Executive Director)
 w Gareth Jones (CFO), appointed to the board on  
29 November 2012
Messrs Principe, Genske and Jones participate in the 
Company’s healthcare. 
Performance-related elements form a substantial part 
of the total remuneration packages and are designed 
to align directors’ interest with those of shareholders. 
In line with best practice and to bring the directors’ 
and shareholders’ interest further into line, Executive 
Directors and the management team are encouraged to 
maintain a holding of Ordinary Shares in the Group.
Non-executive directors’ fees
The Board determines fees for non-executive directors 
annually, taking advice as appropriate and reflecting the 
time commitment and responsibilities on the role. Non-
executive directors’ fees currently comprise a basic fee of 
£30,000 per annum. The chairman receives a fee of £35,000 
per annum. In addition, non-executive directors are paid 
£5,000 per annum for each committee that they sit on.
Non-executive directors do not participate in any 
pension schemes or LTIP, except for Mr Campbell. The 
Group reimburses the reasonable expenses they incur in 
carrying out their directors’ duties.
Remuneration components: 
executive directors
A significant proportion of each executive director’s 
remuneration is performance related. The main 
components of the remuneration package for executive 
directors are:
 w Basic salary
 w Annual bonuses
 w LTIP
Basic salary 
Basic salary is set by the remuneration committee 
by taking into account the responsibility, individual 
performance and experience of the executive director, 
as well as market practice for executives in a similar 
position. Basic salary is reviewed (but not necessarily 
increased) annually by the remuneration committee.
Bonuses
The executive directors are eligible to participate in 
annual bonuses. The range of award is based on salary. 
For each of the executive directors, the percentage is  
as follows:
 w Michael Principe: up to 100%
 w Greg Genkse: no bonus
 w Donald Malter: 16.7%
The performance requirements for the ability to earn 
a bonus are set by the committee annually and are 
quantitative related.
33 Annual Report 2013 Audited director remuneration 
The total amount of remuneration for the directors of the Company for the year ended  
31 December 2013 is shown below:
Date of Contract Period
Company with 
whom contracted
Michael Principe 8 December 2011 5 years The Legacy Agency
Greg Genske 8 December 2011 5 years The Legacy Agency
Donald Malter 13 September 2013 Notice period of up to 2 months The Legacy Agency
Directors’ service agreement and letters of appointment
Contract for services are negotiated on an individual basis as part of the overall remuneration  
package. Details are set out below.
In the event of termination of a contract, each director is entitled to compensation equal to 
his or her basic salary and bonus for their notice period.
EXECUTIVE DIRECTORS
2013 fees and salary 
($000)
2013 benefit in kind 
($000) 2013 Total 2012 Total
Michael Principe 400 21 421 302
Greg Genske 300 20 320 338
Donald Malter * 52 – 52 –
Gareth Jones ** 100 6 106 9
852 47 899 649
NON-EXECUTIVE DIRECTORS
Bart Campbell 70 – 70 72
Keith Sadler 63 – 63 64
Andrew Wilson 63 – 63 51
Andrew Pearson 47 – 47 24
Peter Moore† – – – 13
Aggregate emoluments 1,095 47 1,142 873
* Appointed 17 September 2013
** Resigned 1 October 2013
† Resigned 14 March 2012
The emoluments of the directors are shown below:
2013 ($000) 2012 ($000)
Aggregate emoluments 1,095 874
Share incentive
The committee believes that the award of shares aligns 
the interest of participants and the shareholders. An LTIP 
for Messrs. Campbell, Mighty and Principe was put into 
place on 19 December 2013, reflecting the terms set out  
in the Company’s admission document.
As part of this scheme, the following directors have  
been awarded:
 w Michael Principe: 10,136,050 awards
 w Dwight Mighty: 2,878,851 awards
 w Bart Campbell: 2,878,851 awards
Details of the scheme are given in note 27. 
34 TLA Worldwide PLC    Non-executive directors have letters of appointment, details of which are as follows:
Directors’ interests in shares
The interests of the Directors in the share capital of the Company at 31 December 2013 were as follows:
Date of Contract Period
Company with 
whom contracted
Bart Campbell 16 September 2011 12 months TLA Worldwide plc
Keith Sadler 16 August 2011 6 months TLA Worldwide plc
Andrew Wilson 14 March 2012 6 months TLA Worldwide plc
Andrew Pearson 1 June 2012 6 months TLA Worldwide plc
Number of shares Equity %
Bart Campbell* 1,355,556 1.35
Michael Principe 2,040,377 2.04
Andrew Wilson** 125,000 0.12
Greg Genske*** 8,281,897 –
* Mr Campbell's sgares are held through International Sports PTE Limited
** Mr Wilson's shares are held through Charles Stanley
*** Mr Genske has an interest 8,281,897 ordinary shares by virtue of him being a vendor of LS Legacy Group Sports 
LLC. These ordinary shares represent deferred consideration which will be issued on 6 June 2014.
Pensions
The Group’s US businesses operate a 401K pension 
(defined contribution) scheme.
Non-Executive directorships
The Company allows its Executive Directors to take a 
limited number of outside directorships. Individuals 
retain the payments received from such services since 
these appointments are not expected to impinge on their 
principal employment. No Executive Director currently 
has an outside directorship.
Other related party instructions
No Director of the Company has, or had, a disclosable 
interest in any contracts of significant subsisting during 
or at the end of the period. Disclosable transactions by 
the Group under IAS24, Related Party Disclosures, are 
set out in note 24. There have been no other disclosable 
transactions by the Company and its subsidiaries with 
Directors of Group companies and with substantial 
shareholders.
35 Annual Report 2013 Although not required to comply with the UK corporate 
governance code (“the Code”) issued by the Financial 
Services Authority in June 2010 the Group is committed 
to high standards of corporate governance. Whilst the 
Group has not voluntarily adopted the Code, it applies a 
level of corporate governance appropriate for a Company 
of its size. This statement describes how the principles of 
corporate governance are applied.
THE BOARD
The Board of TLA Worldwide plc is comprised of the 
Chairman, the Chief Executive Officer, the Chief Financial 
Officer, an Executive Director and three Non-Executive 
Directors. Short biographical details of each Director 
are set out on page 26. The Board is responsible to 
the shareholders for the proper management of the 
Group and meets at least five times a year to set the 
overall direction and strategy of the Group. All strategic 
operational and investment decisions are subject to  
Board approval.
The role of the Chief Executive and Chairman 
are separate and there is a clear division of their 
responsibilities. All directors are subject to re-election 
every three years. The Company has additionally 
supplemented this with the good practice of one third of 
the total number of Directors standing for re-election at 
each Annual General Meeting (“AGM”). Therefore, Andrew 
Wilson and Michael Principe will retire at the upcoming 
AGM and, being eligible for re-election, offer themselves 
for re-election. Donald Malter offers himself for election.
Board Committees
REMUNERATION COMMITTEE
The composition of the Remuneration Committee is 
disclosed on page 29 and comprises solely Non-Executive 
Directors. The Remuneration Committee, on behalf of 
the Board, as an when necessary to review and approve 
as appropriate the contract terms, remuneration and 
other benefits of the Executive Directors and senior 
management and major remuneration plans for the Group 
as a whole.
The Remuneration Committee approves setting of 
objectives of the Executive Directors and authorises their 
annual bonus payments for achievement of objectives.
The Remuneration Committee approves remuneration 
packages sufficient to attract and motivate Executive 
Directors required to run the Group successfully, but does 
not pay more than is necessary for this service.
All the decisions of the Remuneration Committee on 
remuneration matters in the period ending 31 December 
2013 were reported to and endorsed by the Board. 
Further details of the Group’s policies on remuneration 
and service contracts and are given in the Directors’ 
remuneration report on pages 32 to 35.
AUDIT COMMITTEE
The Audit Committee comprises solely Non-Executive 
Directors. By invitation, the meeting of the Audit 
Committee may be attended by other Directors and the 
external auditor. The Committee meets not less than twice 
annually. The Audit Committee oversees the monitoring 
of the adequacy and effectiveness of the Group’s internal 
controls, accounting policies and financial reporting and 
provides a forum for reporting by the Group’s external 
auditor. Its duties include keeping under review the 
scope and results of the audit and its effectiveness, 
consideration of management’s responses to any major 
audit recommendations and the independence and 
objectivity of the external auditors. This will include 
taking into consideration relevant UK professional and 
regulatory requirements and to develop and implement 
policy on the engagement of the external auditor to 
supply non-audit services, taking into account relevant 
ethical guidance.
Corporate 
governance report
DWIGHT MIGHTY
Company Secretary   
29 April 2014
By order of the Board
36 TLA Worldwide PLC    NOMINATIONS COMMITTEE
The Nominations Committee comprises the Chairman 
and the Non-Executive Directors. It is responsible for 
monitoring the composition and balance of the Board and 
making recommendations to the Board on potential new 
Board appointments.
COMPANY SECRETARY
The Company Secretary is responsible for advising the 
Board through the Chairman on all governance issues.  
All Directors have access to the advice and services of  
the Company Secretary.
ATTENDANCE AT BOARD AND 
COMMITTEE MEETINGS Board Audit Remuneration
Total meetings held 13 2 2
Bart Campbell [A R] 11 2 2
Michael Principe 13 – –
Gareth Jones (resigned 1 October 2013) 8 – –
Don Malter (appointed 17 September 2013 
maximum possible meetings: 3)
3 – –
Greg Genske 12 – –
Keith Sadler [A R] 13 2 2
Andrew Wilson [A R] 12 2 2
Andrew Pearson 13 – –
A – Audit Committee member
R – Remuneration Committee member
Barry Melrose
Comentator & hockey analyst, 
ESPN & NHL Network
37 Annual Report 2013 Relationship with shareholders
The Board recognises the importance of effective 
communications with the Company’s shareholders to 
ensure that its strategy and performance is understood 
and that it remains accountable to shareholders. The 
Company communicates to investors through Interim 
Statements, audited Annual Reports, press releases 
and the Company’s website (www.tlaww-plc.com). 
Shareholders are welcome to the Company’s AGM (notice 
of which is provided with this report) where they will 
have the opportunity to meet the board. The Company 
obtains feedback through its brokers on the views of 
institutional investors on a non-attributed and attributed 
basis and any concerns of major shareholders would be 
communicated to the Board.
Internal control
The Board acknowledges its responsibility for establishing 
and maintaining the Group’s internal control and will 
continue to ensure that management keeps these 
processes under regular review and improves them  
where appropriate.
Management structure
There is clearly defined organisational structure 
throughout the Group with established lines of reporting 
and delegation of authority based on job responsibilities 
and experience.
Financial reporting
Monthly management accounts provide relevant, reliable, 
up-to-date financial and non-financial information to 
management and the Board. Annual plans, forecast and 
performance targets allow management to monitor the 
key business and financial activities and the progress 
towards achieving objectives. The Board approves the 
annual budget.
Monitoring of controls
It is intended that the Audit Committee receives reports 
from the auditor and assures itself that the internal 
control environment of the Group is operating effectively. 
There are formal policies and procedures in place to 
ensure the integrity and accuracy of the accounting 
records and to safeguard the Group’s assets. Significant 
capital projects and acquisitions and disposals require 
Board approval.
Going concern
The Directors have reviewed forecasts for the year,  
ending 31 December 2014 and 31 December 2015.  
The Directors consider the forecasts to be prudent and 
have assessed the impact on the Group’s cash flow, 
facilities and headroom within its banking covenants. 
Further, the Directors have assessed the future funding 
requirements of the Group, including the payment of 
future earn-outs, and compared the level of borrowing 
facilities. Based on this work, the Directors are satisfied 
that despite any unavoidable economic uncertainty, the 
Group has adequate resources to continue in operational 
existence for the foreseeable future. For this reason they 
continue to adopt the giving concern basis in preparing 
the financial statements.
CORPORATE SOCIAL RESPONSIBILITY
The Board recognises the growing awareness of social, 
environmental and ethical matters and it endeavors to 
take into account the interests of the Group’s stakeholders 
including investors, employees, suppliers and business 
partners when operating the business.
EMPLOYMENT
At a subsidiary level each individual Company has 
established polices which addresses key corporate 
objectives in the management of employee relations, 
communications and employee involvement, training and 
personal development and equal opportunity. The Board 
recognizes its legal responsibility to ensure the wellbeing, 
safety and welfare of its employees and to maintain a safe 
and healthily working environment for them and for its 
visitors. Health and Safety is on the agenda for regular 
scheduled plc Board and Operational Board meetings.
38 TLA Worldwide PLC    Mike Brey 
Head men's basketball coach, 
University of Notre Dame Directors’ 
responsibilities 
statement
The directors are responsible for preparing the Annual 
Report and the financial statements in accordance with 
applicable law and regulations.
Company law requires the directors to prepare financial 
statements for each financial year . Under that law the 
directors are required to prepare the group financial 
statements in accordance with International Financial 
Reporting Standards (IFRSs) as adopted by the European 
Union and Article 4 of the IAS Regulation and have elected 
to prepare the parent company financial statements in 
accordance with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting Standards 
and applicable law). Under company law the directors must 
not approve the accounts unless they are satisfied that they 
give a true and fair view of the state of affairs of the company 
and of the profit or loss of the company for that period. 
In preparing the parent company financial statements, 
the directors are required to:
 w select suitable accounting policies and then apply 
them consistently;
 w make judgments and accounting estimates that are 
reasonable and prudent;
 w state whether applicable UK Accounting Standards 
have been followed, subject to any material 
departures disclosed and explained in the financial 
statements; and
 w prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
company will continue in business.
In preparing the group financial statements, 
International Accounting Standard 1 requires that directors:
 w properly select and apply accounting policies;
 w present information, including accounting policies, in 
a manner that provides relevant, reliable, comparable 
and understandable information; 
 w provide additional disclosures when compliance with 
the specific requirements in IFRSs are insufficient to 
enable users to understand the impact of particular 
transactions, other events and conditions on the entity’s 
financial position and financial performance; and
 w make an assessment of the company’s ability to 
continue as a going concern.
The directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the company’s transactions and disclose with reasonable 
accuracy at any time the financial position of the company 
and enable them to ensure that the financial statements 
comply with the Companies Act 2006. They are also 
responsible for safeguarding the assets of the company 
and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
Responsibility statement 
We confirm that to the best of our knowledge:
 w the financial statements, prepared in accordance with 
the relevant financial reporting framework, give a true 
and fair view of the assets, liabilities, financial position 
and profit or loss of the company and the undertakings 
included in the consolidation taken as a whole;
 w the strategic report includes a fair review of the 
development and performance of the business and 
the position of the company and the undertakings 
included in the consolidation taken as a whole, 
together with a description of the principal risks and 
uncertainties that they face; and
 w the annual report and financial statements, taken as 
a whole, are fair, balanced and understandable and 
provide the information necessary for shareholders 
to assess the company’s performance, business model 
and strategy.
MICHAEL PRINCIPE
Chief Executive Officer 
29 April 2014
By order of the Board
40 TLA Worldwide PLC    Independent auditor’s 
report to the members 
of TLA Worldwide PLC
We have audited the group financial statements of TLA 
Worldwide plc for the year ended 31 December 2013 
which comprise the Group Income Statement, the Group 
Statement of Comprehensive Income, the Group Balance 
Sheet, the Group Statement of Changes in Equity, the 
Group Statement of Cash Flows and the related notes 
1 to 27. The financial reporting framework that has 
been applied in their preparation is applicable law and 
International Financial Reporting Standards (IFRSs) as 
adopted by the European Union.
This report is made solely to the Company’s members, 
as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. 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 Directors’ Responsibilities 
Statement, the directors are responsible for the 
preparation of the group 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 
group 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 group’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 financial and non-financial 
information in the annual report to identify material 
inconsistencies with the audited financial statements. 
If we become aware of any apparent material 
misstatements or inconsistencies we consider the 
implications for our report.
Opinion on financial statements
In our opinion the group financial statements:
 w give a true and fair view of the state of the Group’s 
affairs as at 31 December 2013 and of its profit for the 
year then ended;
 w have been properly prepared in accordance with IFRSs 
as adopted by the European Union; and
 w have been prepared in accordance with the 
requirements of the Companies Act 2006.
IAN SMITH
Senior statutory auditor for and on behalf of Deloitte LLP
Chartered Accountants and Statutory Auditor
Gatwick, 29 April 2014
41 Annual Report 2013 Opinion on other matter 
prescribed by the Companies 
Act 2006
In our opinion the information given in the Directors’ 
Report for the financial year for which the group financial 
statements are prepared is consistent with the group 
financial statements.
Matters on which we are 
required to report by exception
We have nothing to report in respect of the following 
matters where the Companies Act 2006 requires us to 
report to you if, in our opinion:
 w certain disclosures of directors’ remuneration 
specified by law are not made; or
 w we have not received all the information and 
explanations we require for our audit.
Other matter
We have reported separately on the parent Company 
financial statements of TLA Worldwide plc for the year 
ended 31 December 2013. 
42 TLA Worldwide PLC    Group income statement
For the year ended 31 December 2013
Note
Year ended 31 December 
2013 ($000)
Year ended 31 December 
2012 ($000)
Revenue 1 18,605 15,082
Cost of sales (633) (585)
Gross profit 17,972 14,497
Administrative expenses (16,538) (13,293)
Operating profit from operations 1,434 1,204
Headline EBITDA 7,269 6,566
Amortisation of intangibles (5,020) (4,404)
Depreciation (33) (8)
Exceptional and acquisition related costs 4 (782) (950)
Operating profit from operations 1,434 1,204
Finance costs 2 (1,384) (1,283)
Profit/(loss) before taxation 4 50 (79)
Taxation 8 923 (1,117)
Profit/(loss) for the period from continuing operations 
attributable to the equity holders in the Company
973 (1,196)
Profit/(loss) per share from continuing operations:
Basic (cents) 3 0.77 (1.19)
Diluted (cents) 3 0.77 (1.19)
43 Annual Report 2013 Group statement of 
comprehensive income
For the year ended 31 December 2013
Year ended 31 December  
2013 ($000)
Year ended 31 December  
2012 ($000)
Profit/(loss) after taxation 973 (1,196)
Dividend paid (821) –
Exchange differences on translation of overseas operations 350 (88)
Total comprehensive income 502 (1,284)
44 TLA Worldwide PLC    Group balance sheet
For the year ended 31 December 2013
The financial statements of TLA Worldwide PLC, registered Company number 7741649  
were approved by the Board of Directors’ and authorised for issue on 29 April 2014.  
They are signed on its behalf by: Michael Principe (Chief Executive), 29 April 2014.
Note
Year ended 31 December 
2013 ($000)
Year ended 31 December 
2012 ($000)
NON-CURRENT ASSETS
Intangible assets – goodwill 10 29,022 29,022
Other intangible assets 11 17,388 22,407
Property, plant and equipment 12 184 37
Deferred tax asset 9 2,805 1,055
49,399 52,521
CURRENT ASSETS
Trade and other receivables 13 7,823 3,698
Cash and cash equivalents 4,429 4,124
12,252 7,822
Total assets 61,651 60,343
CURRENT LIABILITIES
Trade and other payables 14 (3,875) (1,870)
Borrowings 15 (4,352) (1,907)
Deferred consideration 17 (2,663) (4,005)
(10,890) (7,782)
Net current assets 1,362 40
NON-CURRENT LIABILITIES
Borrowings 15 (5,896) (5,799)
Deferred consideration 17 (9,702) (12,103)
Derivative financial instruments 16 (63) (129)
Other payables (8) (10)
(15,669) (18,041)
Total liabilities (26,559) (25,823)
Net assets 35,092 34,520
EQUITY
Share capital 19 2,747 2,741
Share premium 20 23,461 23,396
Shares to be issued 20 12,177 12,177
Foreign currency reserve 20 436 86
Retained loss 20 (3,729) (3,880)
Total equity 35,092 34,520
45 Annual Report 2013 Group statement of 
changes in equity
For the year ended 31 December 2013
Share 
capital 
($000)
Share 
premium 
($000)
Shares to  
be issued 
($000)
Foreign 
currency 
reserve  
($000) 
Retained 
earnings 
($000)
Total 
($000)
Balance at 31 January 2012 1,985 16,262 10,866 174 (2,684) 26,603
Total comprehensive income for period – – – (88) (1,196) (1,284)
Equity issued during the period 756 7,332 – – – 8,088
Equity costs charged during the period – (198) – – – (198)
Deferred consideration to be settled in equity – – 1,311 – – 1,311
Balance at 31 December 2012 2,741 23,396 12,177 86 (3,880) 34,520
Total comprehensive income for period – – – 350 151 501
Equity issued during the period 6 65 – – – 71
Balance at 31 December 2013 2,747 23,461 12,177 436 (3,729) 35,092
46 TLA Worldwide PLC    Group Statement 
of Cash Flows
For the year ended 31 December 2013
Note
Year ended 31 December 
2013 ($000)
Year ended 31 December 
2012 ($000)
Net cash from operating activities 22 3,332 2,421
INVESTING ACTIVITIES
Purchases of property, plant and equipment 12 (181) (41)
Deferred consideration paid 17 (4,005) (303)
Acquisition of subsidiary undertakings – (2,410)
Net cash used in investing activities (4,186) (2,754)
FINANCING ACTIVITIES
Interest paid 2 (410) (492)
Repayment of borrowings 15 (1,000) (2,000)
Fees paid on issue of new bank loans (81) –
Increase in borrowings 15 3,400 –
Dividend (821) –
Issue of shares for cash consideration (net of issue costs) 20 71 3,834
Net cash from financing activities 1,159 1,342
Net increase in cash and cash equivalents 305 1,009
Cash and cash equivalents at beginning of period 4,124 3,115
Cash and cash equivalents at end of period 4,429 4,124
47 Annual Report 2013 Principal  
accounting policies
General information 
TLA Worldwide PLC (the “Company”) is incorporated in the 
United Kingdom under the Companies Act. The Company 
and its subsidiaries (together the “Group”) principal 
activities are set out as part of the business review on 
pages 18 to 22. These financial statements are presented 
in US Dollars because that is the currency of the primary 
economic environment in which the Group operates. 
ADOPTION OF NEW AND REVISED 
STANDARDS
The following IFRIC interpretations and amendments to 
existing standards and new standards have been adopted 
in the current year but have not impacted the reporting 
results of the financial position:
IAS 12 Income taxes (amended) – deferred tax: 
recovery of underlying assets
IFRS 7 Financial instruments: Disclosures: Transfers of 
Financial Assets 
At the date of authorization of these financial 
statements, the following standards and interpretations 
which have not been applied in these financial statements 
were in issue but not yet effective (and in some cases had 
not yet been adopted by the EU):
IFRS 1 (Amended) Severe Hyperinflation and Removal 
of Fixed Dates for First Time Adopters
IFRS 7 (Amended) Financial instruments: Disclosures: 
enhancing disclosures about offsetting financial 
assets and financial liabilities and disclosures 
about the initial application of 
IFRS 9 Financial Instruments
IFRS 10 C onsolidated 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 19 (revised) Employee Benefits 
IAS 27 (revised) Separate Financial Statements
IAS 28 (revised) Investments in Associates and Joint 
Ventures
IFRIC 20 Stripping Costs in the Production Phase of a 
Surface Mine
The directors anticipate that the adoption of these 
standards and interpretations in future periods will have 
no material impact on the financial statements of the 
Group. The accounting policies set out below have, unless 
otherwise stated, been applied consistently to all periods 
presented in these consolidated financial statements.
Judgements made by the Directors in the application 
of these accounting policies that have a significant effect 
on the consolidated financial statements together with 
estimates with significant risk of material adjustment in 
the next year are discussed in note 25.
Going concern
The Directors have reviewed the forecasts for the year 
ending 31 December 2014 and 31 December 2015. The 
Directors consider the forecasts to be prudent and have 
assessed the impact on the Group’s cash flow, facilities 
and headroom within its banking covenants. Further, the 
Directors have assessed the future funding requirements 
of the Group, including the scheduled payments of 
deferred consideration for acquisitions, and compared the 
level of the borrowing facilities. 
Based on this work, the Directors are satisfied that 
Group has adequate resources to continue in operational 
existence for the foreseeable future despite current 
economic uncertainty. For this reason they continue to 
adopt the going concern basis in preparing the financial 
statements.
48 TLA Worldwide PLC    Basis of accounting 
The financial statements have been prepared in 
accordance with International Financial Reporting 
Standards (IFRS). The financial statements have also 
been prepared in accordance with IFRSs adopted by 
the European Union and therefore the Group financial 
statements comply with Article 4 of the EU IAS regulation. 
The financial statements have been prepared on the 
historical cost basis except for the revaluation of financial 
instruments. Historical cost is generally based on the  
fair value of the consideration given in exchange for  
the assets. The principal accounting policies are set  
out below:
Basis of consolidation
The consolidated financial statements incorporate 
the financial statements of the Company and entities 
controlled by the Company (its subsidiaries) made up 
to 31 December each year. Control is achieved where 
the Company has the power to govern the financial and 
operating policies of an investee entity so as to obtain 
benefits from its activities.
On acquisition, the assets and liabilities and 
contingent liabilities of a subsidiary are measured at their 
fair values at the date of acquisition. Any excess of the 
cost of acquisition over the fair values of the identifiable 
net assets acquired is recognised as goodwill. Any 
deficiency of the cost of acquisition below the fair values 
of the identifiable net assets acquired (i.e. discount on 
acquisition) is credited to the income statement in the 
period of acquisition. 
The results of subsidiaries acquired or disposed 
of during the year are included in the consolidated 
income statement from the effective date of acquisition 
or up to the effective date of disposal, as appropriate. 
Where necessary, adjustments are made to the financial 
statements of subsidiaries to bring the accounting policies 
used into line with those used by the group. All intra-
group transactions, balances, income and expenses are 
eliminated on consolidation.
Business combinations
Acquisitions of subsidiaries and businesses are accounted 
for using the acquisition method. The consideration for 
each acquisition is measured at the aggregate of the fair 
values (at the date of exchange) of assets given, liabilities 
incurred or assumed, and equity instruments issued 
by the Group in exchange for control of the acquiree. 
Acquisition-related costs are recognised in profit or loss 
as incurred.
Where applicable, the consideration for the acquisition 
includes any asset or liability resulting from a contingent 
consideration arrangement, measured at its acquisition-
date fair value. Subsequent changes in such fair values 
are adjusted against the cost of acquisition where 
they qualify as measurement period adjustments (see 
below). All other subsequent changes in the fair value of 
contingent consideration classified as an asset or liability 
are accounted for in accordance with relevant IFRSs. 
Changes in the fair value of contingent consideration 
classified as equity are not recognised.
Where a business combination is achieved in stages, 
the Group’s previously-held interests in the acquired 
entity are remeasured to fair value at the acquisition date 
(i.e. the date the Group attains control) and the resulting 
gain or loss, if any, is recognised in profit or loss. Amounts 
arising from interests in the acquiree prior to the 
acquisition date that have previously been recognised in 
other comprehensive income are reclassified to profit or 
loss, where such treatment would be appropriate if that 
interest were disposed of.
The acquiree’s identifiable assets, liabilities and 
contingent liabilities that meet the conditions for 
recognition under IFRS 3(2008) are recognised at their 
fair value at the acquisition date, except that:
 w deferred tax assets or liabilities and liabilities or 
assets related to employee benefit arrangements 
are recognised and measured in accordance with 
IAS 12 Income Taxes and IAS 19 Employee Benefits 
respectively;
 w liabilities or equity instruments related to the 
replacement by the Group of an acquiree’s share-
based payment awards are measured in accordance 
with IFRS 2 Share-based Payment; and
 w assets (or disposal groups) that are classified as 
held for sale in accordance with IFRS 5 Non-current 
Assets Held for Sale and Discontinued Operations are 
measured in accordance with that Standard.
If the initial accounting for a business combination is 
incomplete by the end of the reporting period in which 
the combination occurs, the Group reports provisional 
amounts for the items for which the accounting is 
incomplete. Those provisional amounts are adjusted 
during the measurement period (see below), or additional 
assets or liabilities are recognised, to reflect new 
information obtained about facts and circumstances that 
existed as of the acquisition date that, if known, would 
have affected the amounts recognised as of that date.
The measurement period is the period from the date 
of acquisition to the date the Group obtains complete 
information about facts and circumstances that existed 
as of the acquisition date, and is subject to a maximum of 
one year.
Revenue
Revenue is measured as the fair value of the consideration 
received or receivable and comprises amounts billed to 
clients in respect of fees earned and commission-based 
income, together with fees earned from the provision of 
support services to other agents and is stated exclusive 
of any relevant sales taxes. Revenue is recognised in line 
with the provision of relevant services under the terms 
of the contract, provided that it is probable that the 
economic benefits will flow to the Group and the amount 
49 Annual Report 2013 of revenue can be measured reliably.
All revenue is earned from talent representation, and 
can be split into three revenue streams:
1) Representation revenue
Representation revenue is generated from a commission 
paid as a percentage of a player’s base salary. Base 
salaries are fees payable by baseball clubs to their 
players. These fees are contractual obligations made 
by the club to pay the player for a specific number of 
seasons. Revenue is recognised at the point the player 
becomes contractually obliged to pay commission to the 
Group.
2) Signing bonuses
Signing bonuses are amounts payable by the clubs to 
the player for signing a contract. The Group earns a 
commission based on a percentage of the signing bonus. 
Commission revenue is recognised when the player 
receives the signing bonus from the relevant baseball 
club, at which point the player becomes contractually 
obliged to pay commission to the Group.
3) Endorsement revenue
Endorsement revenue is generated from commission 
calculated as a percentage of fees earned by clients for 
guest appearances, wearing of certain attire or other 
sponsorship deals. Revenue is recognised based on the 
terms of the individual contracts, in the period that the 
associated fees are earned by the player
Cost of sales
Cost of sales includes commission-based staff costs, 
including salaries, bonuses and social security costs, and 
expenses reimbursed to commission-based agents.
Property, plant and equipment
The fixtures and fittings are stated at cost. Depreciation is 
computed on the straight-line method using an estimated 
useful life ranging from three to fifteen years. Repairs and 
maintenance are charged to expense in the year incurred, 
major improvements and new assets are capitalized and 
depreciated using an estimated useful life ranging from 
three to five years. The estimated useful lives are as 
follows:
 w Fixtures and fittings – 3 to 5 years  
It is assumed that all assets will be used until the end of 
their useful life.
Intangible assets and goodwill
Goodwill arising in a business combination is recognised 
as an asset at the date that control is acquired (the 
acquisition date). Goodwill is measured as the excess of 
the sum of the consideration transferred, the amount of 
any non-controlling interest in the acquiree and the fair 
value of the acquirer’s previously held equity interest 
(if any) in the entity over the net of the acquisition-date 
amounts of the identifiable assets acquired and the 
liabilities assumed.
If, after reassessment, the Group’s interest in the fair 
value of the acquiree’s identifiable net assets exceeds the 
sum of the consideration transferred, the amount of any 
non-controlling interest in the acquiree and the fair value 
of the acquirer’s previously held equity interest in the 
acquiree (if any), the excess is recognised immediately in 
profit or loss as a bargain purchase gain.
Goodwill is not amortised but is reviewed for 
impairment at least annually. For the purpose of 
impairment testing, goodwill is allocated to each of the 
Group’s cash-generating units expected to benefit from 
the synergies of the combination. Cash-generating units 
to which goodwill has been allocated are tested for 
impairment annually, or more frequently when there 
is an indication that the unit may be impaired. If the 
recoverable amount of the cash-generating unit is less 
than the carrying amount of the unit, the impairment loss 
is allocated first to reduce the carrying amount of any 
goodwill allocated to the unit and then to the other assets 
of the unit pro-rata on the basis of the carrying amount of 
each asset in the unit. An impairment loss recognised for 
goodwill is not reversed in a subsequent period.
On disposal of a subsidiary, the attributable amount of 
goodwill is included in the determination of the profit or 
loss on disposal.
Intangible assets arising from a business combination 
whose fair values can be reliably measure are separated 
from goodwill and amortised based on the future 
cashflows attributable to the individual assets.
Intangible assets with an indefinite useful life and 
goodwill are systematically tested for impairment at 
each balance sheet date. Other intangibles assets are 
amortised from the date they are available for use. The 
estimated useful lives are as follows:
 w Client contracts – over life of the contract
 w Customer relationships – 6–8 years
Impairment
For goodwill that has an indefinite useful life the 
recoverable amount is estimated annually. For other 
assets the recoverable amount is only estimated when 
there is an indication that impairment may have occurred. 
The recoverable amount is the higher of fair value less 
costs to sell and value in use.
Impairment losses recognized in respect of cash-
generating units are allocated first to reduce the carrying 
amount of any goodwill allocated to the cash-generating 
unit and then to reduce the carrying amount of other 
assets in the unit on a pro rata basis. A cash generating 
unit is the smallest identifiable group of assets that 
generates cash inflows that are largely independent of the 
cash flow from other assets or group of assets. Details of 
which are set out in note 10. 
50 TLA Worldwide PLC    Taxation
The tax expense represents the sum of the tax currently 
payable and deferred tax.
The tax currently payable is based on taxable profit 
for the year. Taxable profit differs from net profit as 
reported in the income statement because it excludes 
items of income or expense that are taxable or deductible 
in other years and it further excludes items that are never 
taxable or deductible. The Group’s liability for current tax 
is calculated using tax rates that have been enacted or 
substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or 
recoverable on differences between the carrying amounts 
of assets and liabilities in the financial statements and 
the corresponding tax bases used in the computation of 
taxable profit, and is accounted for using the balance 
sheet liability method. Deferred tax liabilities are 
generally recognised for all taxable temporary differences 
and deferred tax assets are recognised to the extent that 
it is probable that taxable profits will be available against 
which deductible temporary differences can be utilised. 
Such assets and liabilities are not recognised if the 
temporary difference arises from the initial recognition 
of goodwill or from the initial recognition (other than in a 
business combination) of other assets and liabilities in a 
transaction that affects neither the taxable profit nor the 
accounting profit.
Deferred tax liabilities are recognised for taxable 
temporary differences arising on investments in 
subsidiaries and associates, and interests in joint 
ventures, except where the Group is able to control the 
reversal of the temporary difference and it is probable 
that the temporary difference will not reverse in the 
foreseeable future.
The carrying amount of deferred tax assets is 
reviewed at each balance sheet date and reduced to the 
extent that it is no longer probable that sufficient taxable 
profits will be available to allow all or part of the asset to 
be recovered.
Deferred tax is calculated at the tax rates that are 
expected to apply in the period when the liability is 
settled or the asset is realised. Deferred tax is charged or 
credited in the income statement, except when it relates 
to items charged or credited directly to equity, in which 
case the deferred tax is also dealt with in equity.
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 they relate 
to income taxes levied by the same taxation authority 
and the Group intends to settle its current tax assets and 
liabilities on a net basis.
Foreign currencies
The individual financial statements of each group 
company are presented in the currency of the primary 
economic environment in which it operates (its functional 
currency). For the purpose of the consolidated financial 
statements, the results and financial position of each 
group company are expressed in US Dollars which is 
the presentation currency for the consolidated financial 
statements.
In preparing the financial statements of the individual 
companies, transactions in currencies other than the 
entity’s functional currency (foreign currencies) are 
recognised at the rates of exchange prevailing on the 
dates of the transactions. At each balance sheet date, 
monetary assets and liabilities that are denominated in 
foreign currencies are retranslated at the rates prevailing 
at that date. Non-monetary items carried at fair value 
that are denominated in foreign currencies are translated 
at the rates prevailing at the date when the fair value was 
determined. 
Non-monetary items that are measured in terms of 
historical cost in a foreign currency are not retranslated. 
Exchange differences are recognised in profit or loss in 
the period in which they arise except for:
 w exchange differences on foreign currency borrowings 
relating to assets under construction for future 
productive use, which are included in the cost of those 
assets when they are regarded as an adjustment to 
interest costs on those foreign currency borrowings;
 w exchange differences on monetary items receivable 
from or payable to a foreign operation for which 
settlement is neither planned nor likely to occur 
(therefore forming part of the net investment in the 
foreign operation), which are recognised initially in 
other comprehensive income and reclassified from 
equity to profit or loss on disposal or partial disposal 
of the net investment.
For the purpose of presenting consolidated financial 
statements, the assets and liabilities of the group’s 
foreign operations are translated at exchange rates 
prevailing on the balance sheet date. Income and expense 
items are translated at the average exchange rates for 
the period, unless exchange rates fluctuate significantly 
during that period, in which case the exchange rates at 
the date of transactions are used. Exchange differences 
arising, if any, are recognised in other comprehensive 
income and accumulated in equity (attributed to non-
controlling interests as appropriate). 
Translation differences on non-monetary financial 
assets and liabilities are reported as part of the fair value 
gain or loss. Translation differences on non- monetary 
financial assets, such as investments in equity securities 
classified as available for sale, are included in the fair 
value reserve in equity.
Goodwill and fair value adjustments arising on the 
acquisition of a foreign entity are treated as assets and 
liabilities of the foreign entity and translated at the 
closing rate.
51 Annual Report 2013 Bank borrowings
Interest bearing bank loans and overdrafts are recorded 
at an amount and the amount of the proceeds received 
net of direct issue costs. Finance charges, including 
premiums payable on settlement or redemption and 
direct issue costs, are accounted for on an accrual basis 
in the Consolidated income statement using the effective 
interest rate method and are added to the carrying 
amount of the instrument to the extent that they are not 
settled in the period in which they arose. 
Finance costs
Finance costs of financial liabilities are recognised in the 
income statement over the term of such instruments at a 
constant rate of the carrying amount.
Operating leases
Leases where substantially all of the risks and rewards of 
ownership are not transferred to the Group are treated 
as operating leases. Rentals under operating leases are 
charged to the income statement on a straight line basis 
over the period of the lease.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and 
demand deposits and other short term highly liquid 
investments that are readily convertible to a known 
amount of cash and are subject to an insignificant risk of 
changes in value.
Financial instruments
Financial assets and financial liabilities are recognised 
in the Group’s balance sheet when the Group becomes a 
party to the contractual provisions of the instrument.
FINANCIAL ASSETS
All financial assets are recognised and derecognised on 
a trade date where the purchase or sale of a financial 
asset is under a contract whose terms require delivery of 
the financial asset within the timeframe established by 
the market concerned, and are initially measured at fair 
value, plus transaction costs, except for those financial 
assets classified as at fair value through profit or loss, 
which are initially measured at fair value. 
Financial assets are classified into the following 
specified categories: financial assets ‘at fair value through 
profit or loss’ (FVTPL), ‘held-to-maturity’ investments, 
‘available-for-sale’ (AFS) financial assets and ‘loans and 
receivables’. The classification depends on the nature and 
purpose of the financial assets and is determined at the 
time of initial recognition.
LOANS AND RECEIVABLES
Trade receivables, loans, and other receivables that have 
fixed or determinable payments that are not quoted in 
an active market are classified as ‘loans and receivables’. 
Loans and receivables are measured at amortised cost 
using the effective interest method, less any impairment. 
Interest income is recognised by applying the effective 
interest rate, except for short-term receivables when the 
recognition of interest would be immaterial.
IMPAIRMENT OF FINANCIAL ASSETS
Financial assets, other than those at FVTPL, are assessed 
for indicators of impairment at each balance sheet date. 
Financial assets are impaired where there is objective 
evidence that, as a result of one or more events that 
occurred after the initial recognition of the financial 
asset, the estimated future cash flows of the investment 
have been affected. 
For listed and unlisted equity investments classified 
as AFS, a significant or prolonged decline in the fair value 
of the security below its cost is considered to be objective 
evidence of impairment. 
For all other financial assets, including redeemable 
notes classified as AFS and finance lease receivables, 
objective evidence of impairment could include:
 w significant financial difficulty of the issuer or 
counterparty; or
 w default or delinquency in interest or principal 
payments; or
 w it becoming probable that the borrower will enter 
bankruptcy or financial re-organisation.
For certain categories of financial asset, such as trade 
receivables, assets that are assessed not to be impaired 
individually are, in addition, assessed for impairment on 
a collective basis. Objective evidence of impairment for 
a portfolio of receivables could include the Group’s past 
experience of collecting payments, an increase in the 
number of delayed payments in the portfolio past the 
average credit period of 60 days, as well as observable 
changes in national or local economic conditions that 
correlate with default on receivables.
For financial assets carried at amortised cost, the 
amount of the impairment is the differences 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.
The carrying amount of the financial asset is 
reduced by the impairment loss directly for all financial 
assets with the exception of trade receivables, where 
the carrying amount is reduced through the use of an 
allowance account. When a trade receivable is considered 
uncollectible, it is written off against the allowance 
account. Subsequent recoveries of amounts previously 
written off are credited against the allowance account. 
Changes in the carrying amount of the allowance account 
are recognised in profit or loss.
FINANCIAL LIABILITIES AND EQUITY
Debt and equity instruments are classified as either 
financial liabilities or as equity in accordance with the 
substance of the contractual arrangement. 
52 TLA Worldwide PLC    EQUITY INSTRUMENTS
An equity instrument is any contract that evidences a 
residual interest in the assets of an entity after deducting 
all of its liabilities. Equity instruments issued by the Group 
are recognised at the proceeds received, net of direct 
issue costs.
FINANCIAL LIABILITIES 
Financial liabilities are classified as either financial 
liabilities ‘at FVTPL’ or ‘other financial liabilities’.
FINANCIAL LIABILITIES AT FVTPL 
Financial liabilities are classified as at FVTPL when 
the financial liability is either held for trading or it is 
designated as at FVTPL. 
A financial liability is classified as held for trading if:
 w it has been incurred principally for the purpose of 
repurchasing it in the near term; or
 w on initial recognition it is part of a portfolio of 
identified financial instruments that the Group 
manages together and has a recent actual pattern of 
short-term profit-taking; or 
 w it is a derivative that is not designated and effective as 
a hedging instrument. 
A financial liability other than a financial liability held 
for trading may be designated as at FVTPL upon initial 
recognition if:
 w such designation eliminates or significantly reduces a 
measurement or recognition inconsistency that would 
otherwise arise; or 
 w the financial liability forms part of a group of financial 
assets or financial liabilities or both, which is managed 
and its performance is evaluated on a fair value basis, 
in accordance with the Group’s documented risk 
management or investment strategy, and information 
about the grouping is provided internally on that 
basis; or
 w it forms part of a contract containing one or 
more embedded derivatives, and IAS 39 Financial 
Instruments: Recognition and Measurement permits 
the entire combined contract (asset or liability) to be 
designated as at FVTPL.
Financial liabilities at FVTPL are stated at fair value, 
with any gains or losses arising on remeasurement 
recognised in profit or loss. The net gain or loss 
recognised in profit or loss incorporates any interest paid 
on the financial liability and is included in the ‘other gains 
and losses’ line item in the income statement. Fair value is 
determined in the manner described in note 26. 
OTHER FINANCIAL LIABILITIES 
Other financial liabilities, including borrowings, are 
initially measured at fair value, net of transaction costs. 
Other financial liabilities are subsequently measured 
at amortised cost using the effective interest method, with 
interest expense recognised on an effective yield basis. 
The effective interest method is a method of 
calculating the amortised cost of a financial liability 
and of allocating interest expense over the relevant 
period. The effective interest rate is the rate that exactly 
discounts estimated future cash payments through 
the expected life of the financial liability, or, where 
appropriate, a shorter period, to the net carrying amount 
on initial recognition.
DERECOGNITION OF FINANCIAL LIABILITIES
The Group derecognises financial liabilities when, and 
only when, the Group’s obligations are discharged, 
cancelled or they expire.
DERIVATIVE FINANCIAL INSTRUMENTS
The Group enters into a interest rate swaps to manage its 
exposure to interest rate, The Group holds. Further details 
of derivative financial instruments are disclosed in note 17.
Derivatives are initially recognised at fair value 
at the date a derivative contract is entered into and 
are subsequently remeasured to their fair value at 
each balance sheet date. The resulting gain or loss is 
recognised in profit or loss immediately.
A derivative with a positive fair value is recognised as 
a financial asset whereas a derivative with a negative fair 
value is recognised as a financial liability. A derivative is 
presented as a non-current asset or a non-current liability 
if the remaining maturity of the instrument is more than 
12 months and it is not expected to be realised or settled 
within 12 months. Other derivatives are presented as 
current assets or current liabilities.
Trade receivables
Trade receivables do not carry any interest and are 
stated at their nominal value as reduced by appropriate 
allowances for estimated irrecoverable amounts.
Investments
Investments are recognised and derecognised on a 
trade date where a purchase or sale of an investment 
is under contract whose terms require the delivery of 
the investment within the timeframe established by the 
market concerned, and are initially measured at cost, 
including transaction costs. Investments are classified 
either as available for sale, and are measured at 
subsequent reporting dates at fair value, or at amortised 
cost, where no fair value is readily determinable.
Gains and losses on available for sale financial assets 
arising from changes in fair value are recognized directly 
in equity, until the security is disposed of or is determined 
to be impaired, at which time the cumulative gain or loss 
previously recognised in equity is included in the net 
profit or loss for the period.
Trade payables
Trade payables are not interest-bearing and are stated at 
their nominal value.
53 Annual Report 2013  Notes Notes to the consolidated 
financial statements
1. Segmental analysis
The Group reports its business activities in two areas: 
Baseball Representation and Sports Marketing. 
Unallocated represents the Group’s costs as a public 
company, along with intragroup transactions, and 
exceptional items (see note 4). The Group derives its 
revenues in the United States of America.
Baseball Representation – primarily assists the on 
field activities of baseball players, including all aspects  
of a player’s contract negotiation.
Sports Marketing – primarily assists the off-field 
actives of athletes; it represents broadcasters and 
coaches in respect of their contract negotiations; 
manages and produces events, primarily in sports; 
 and media consultancy.
All of the Group’s revenue arises through the 
rendering of services. In the year ended 31 December 
2013, there were no clients who generated in excess of  
10 percent of total revenue (2012: none).
56 TLA Worldwide PLC    The accounting policies of the reportable segments are 
the same as the Group’s accounting policies described the 
principal accounting policies. Segment profit represents 
the profit earned by each segment, central administration 
costs including directors’ salaries, exceptional, acquisition 
and finance costs, and income tax expense. This is the 
measure reported to the Group’s Chief Executive for 
the purpose of resource allocation and assessment of 
segment performance.
YEAR ENDED 31 DECEMBER 2013 
Baseball  
representation 
($000)
Sports 
marketing 
($000)
Unallocated 
($000)
Total 
($000)
Revenues 13,081 5,524 – 18,605
Cost of sales – (633) – (633)
Gross profit 13,081 4,891 – 17,972
Operating expenses excluding depreciation, amortization 
and exceptional items 
(6,739) (2,359) (1,605) (10,703)
Operating profit before depreciation, amortization and 
exceptional items.
6,342 2,532 (1,605) 7,269
Amortisation of intangibles arising on acquisition (3,759) (1,261) – (5,020)
Depreciation (11) (4) (18) (33)
Exceptional items and acquisition related costs – – (782) (782)
Operating profit/(loss) 2,572 1,267 (2,405) 1,434
Finance costs (1,384)
Profit before tax 50
Tax 923
Profit for the period 973
Assets 45,335 14,777 1,539 61,651
Liabilities (222) (1,390) (24,947) (26,559)
Capital Employed 45,113 13,387 (23,408) 35,092
YEAR ENDED 31 DECEMBER 2012 
Baseball  
representation 
($000)
Sports 
marketing 
($000)
Unallocated 
($000)
Total 
($000)
Revenues 10,065 5,017 - 15,082
Cost of sales (354) (231) - (585)
Gross profit 9,711 4,786 - 14,497
Operating expenses excluding depreciation, amortisation 
and exceptional items 
(4,246) (2,262) (1,423) (7,931)
Operating profit before depreciation, amortization and 
exceptional items 
5,465 2,524 (1,423) 6,566
Amortisation of intangibles arising on acquisition (3,081) (1,323) - (4,404)
Depreciation (5) (1) (2) (8)
Exceptional and acquisition related costs (See note 4) - - (950) (950)
Operating profit/(loss) 2,379 1,200 (2,375) 1,204
Finance costs (1,283)
Loss before tax (79)
Tax (1,117)
Loss for the period (1,196)
Assets 44,373 14,463 1,507 60,343
Liabilities (564) (1,157) (24,102) (25,823)
Capital Employed 43,809 13,306 (22,595) 34,520
57 Annual Report 2013 2. Finance costs
3. Earnings/(loss) per share
Year ended 
31 December 2013 
($000)
Year ended 
31 December 2012 
($000)
Interest on bank overdrafts and other loans (410) (493)
Total interest expense (410) (493)
Fair value gain/(loss) on interest rate swaps 66 (51)
Amortisation of borrowing costs over the term of the loan (87) (173)
Amortisation of discount on deferred consideration (953) (566)
Total finance costs (1,384) (1,283)
2013 ($000) 2012 ($000)
Profit/(loss) for the purposes of basic earnings per share being 
net gain/ (loss) attributable to owners of the Company
973 (1,196)
NUMBER OF SHARES
Weighted average number of shares in issue 87,599,178 65,469,620
Weighted average Deferred consideration shares to be issued 38,028,044 34,905,521
Weighted average number of shares for the purposes of basic 
and diluted earnings per share
125,627,220 100,375,141
Year ended 
31 December 2013 (¢)
Year ended 
31 December 2012 (¢)
Basic and diluted loss per share 0.77 (1.19)
Year ended 
31 December 2013 (¢)
Year ended 
31 December 2012 (¢)
Basic headline earnings per share 5.34 4.19
Diluted headline earnings per share 5.34 4.19
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
Profit/(loss) attributable to shareholders 973 (1,196)
Adjusted for exceptional and acquisition related costs (see note 4) 782 950
Amortisation of acquired intangible assets 5,020 4,404
Fair value (gain)/ loss on interest rate swap (see note 16) (66) 51
Headline profit attributable to owners of the Company 6,709 4,209
The calculation of loss per share per share is based on the following data:
Headline earnings per share (see below)
Adjustment to the earnings is defined as profit or loss 
for the period adjusted to add back amortisation of 
acquired intangible assets and any other acquisition 
related charges, share based payment charges, fair value 
movement on financial derivatives and exceptional items.
The Headline profit attributable to owners of the 
Company used in calculating the basic and diluted 
adjusted earnings per share is reconciled below:
58 TLA Worldwide PLC    4. Profit/(loss) before taxation
The following are included in profit/(loss) before tax:
5. Auditor’s remuneration
The analysis of the auditor’s remuneration is as follows:
6. Transaction with key management personnel
Key management of the Group is considered to be the Board of Directors and the operational Board.
Further information in respect of Directors is given in the Directors’ Remuneration table on page 34.
The exceptional and acquisition related costs/(gains) relate to:
Year ended 
31 December 2013 
($000)
Year ended 
31 December 2012 
($000)
Fees payable to the Company’s auditor and their associates for 
the audit of the Company’s annual accounts
129 135
Total audit and related assurance fees 129 135
Interim review 12 –
Other taxation advisory services – 69
Corporate finance services – –
Total non-audit fees 12 69
Total Fees 141 204
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
Depreciation of property, plant and equipment 33 8
Amortisation of other intangible assets 5,020 4,404
Exceptional and acquisition related costs (see below) 782 950
Staff costs (see note 7) 6,640 4,366
Auditor’s remuneration (see note 5) 141 204
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
SHORT TERM BENEFITS
Salaries including bonuses 1,095 608
Social security costs 23 14
Healthcare and other costs 47 41
Total Remuneration 1,165 663
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
Acquisition related costs – 614
Integration costs 1,169 406
Loyalty bonus arising on acquisition 250 250
Fair value movement on valuation of deferred consideration (note 17) (637) (320)
Total exceptional and acquisition related costs 782 950
59 Annual Report 2013 7. Staff costs
The average monthly number of employees (including executive directors) was:
8. Tax
Their aggregate remuneration comprised:
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdiction.
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
Administration/Support 20 28
Agents 27 19
Executive Directors 4 4
Total 51 51
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
Wages and salaries 5,250 3,622
Social security costs 221 161
Other costs 1,169 583
Total 6,640 4,366
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
UK TAXES
Current year – –
US TAXES
Current year (892) (1,420)
Adjustments in respect of prior year 65 221
(827) (1,199)
Deferred tax – current year 990 82
Deferred tax – adjustments in respect of prior year 760 –
1,750 82
Total tax credit/(charge) 923 (1,117)
60 TLA Worldwide PLC    9. Deferred tax
The following are the major deferred tax liabilities and assets recognised by the group and 
movements thereon during the current reporting period.
10. Goodwill
The charge for the year can be reconciled to the loss per the income statement as follows:
2013 ($000) 2012 ($000)
Deferred tax asset 10,060 10,008
Deferred tax liability (7,255) (8,953)
Total 2,805 1,055
COST AND NET BOOK VALUE ($000)
At 1 January 2012 24,229
Acquisition of subsidiaries 4,793
At 31 December 2012 and 31 December 2013 29,022
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
Profit/(loss) before tax on continuing operations 50 (79)
Tax credit at the US corporation tax rate of 40%  
(31 December 2012: 40%)
(20) 32
EFFECTS OF:
Tax losses utilised in the year 141 497
Expenses not deductible for tax purposes (125) (1,358)
Other timing differences - (477)
Adjustments to tax charge for prior period 826 221
Effect of different tax rates of entities operating in  
other jurisdictions
101 (32)
Tax credit/(charge) for the year 923 (1,117)
Intangible 
assets 
($000)
Goodwill 
($000)
Tax losses 
($000)
Other timing 
differences  
($000) 
Total 
($000)
At 31 December 2011 (9,066) 9,181 487 371 973
Arising on acquisition (1,660) 1,660 – – –
Credit /(charge) to income 1,773 (1,296) (395) – 82
At 31 December 2012 (8,953) 9,545 92 371 1,055
Credit /(charge) to income 1,698 (214) (92) 358 1,750
At 31 December 2013 (7,255) 9,331 – 729 2,805
61 Annual Report 2013 Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are 
expected to benefit from that business combination. The carrying amount of goodwill had been allocated as follows:
The Group tests goodwill annually for impairment, or 
more frequently if there are indications that goodwill 
might be impaired.
The recoverable amounts of all three CGUs are 
determined from value in use calculations. The key 
assumptions for the value in use calculations are those 
regarding the discount rates, growth rates and expected 
changes to contractual revenue and direct costs during 
the period. 
Management estimates discount rates using pre-tax 
rates that reflect current market assessments of the time 
value of money and the risks specific to the CGUs.
The unit cash flows were discounted using a pre-tax 
discount rate of 11.5% (2011: 11.5%) which the Directors 
believe adequately reflects current market assessment 
in respect of both the time value of money and the risk 
specific to each CGU. This discount factor was considered 
to be appropriate for all the units, given their geography 
and market sector. 
The Group has conducted a sensitivity analysis on the 
impairment test of each CGUs carrying value. A decline of 
15% to cash flows, or an increase in the discount rate to 
17% would result in the carrying value of goodwill being 
reduced to its recoverable amount.
The Group prepares cash flow forecasts derived 
from the most recent financial budgets approved by 
management for the next five years and extrapolates cash 
flows for the following five years based on an estimated 
growth rate of 0% (2012: 0%). This rate does not exceed 
the average long-term growth rate for the relevant 
markets.
As a consequence the Directors do not consider any 
need for impairment to Goodwill as at 31 December 2013.
11. Other Intangible Assets
Year ended  
31 December 2013 
($000)
Year ended  
31 December 2012 
($000)
Legacy 18,109 18,109
PEG 4,793 4,793
Baseball representation 22,902 22,902
Agency 6,120 6,120
Sports marketing 6,120 6,120
Total – TLA Worldwide 29,022 29,022
Client contracts 
($000)
Customer relationships 
($000)
Total 
($000)
COST
At 1 January 2012 7,499 15,455 22,954
Acquisition of subsidiaries 1,666 2,485 4,151
At 31 December 2012 & 31 December 2013 9,165 17,940 27,105
ACCUMULATED AMORTISATION
At 1 January 2012 (189) (104) (293)
Charge for the year (2,920) (1,484) (4,404)
At 31 December 2012 (3,109) (1,588) (4,697)
Charge for the year (1,854) (3,166) (5,020)
At 31 December 2013 (4,963) (4,754) (9,717)
CARRYING AMOUNT
At 31 December 2013 4,203 13,185 17,388
At 31 December 2012 6,056 16,351 22,407
62 TLA Worldwide PLC    TRADE RECEIVABLES
Amounts receivable from trade customers are non-
interest bearing and are generally on 30–60 day terms.
Trade receivables disclosed above include amounts 
(see below for aged analysis) which are past due at the 
reporting date but against which the Group has not 
recognised an allowance for doubtful receivables  
because there has not been a significant change in  
credit quality and the amounts are still considered 
recoverable. The average age of these receivables is  
50 days (2012: 56 days). 
Client contracts 
($000)
Customer relationships 
($000)
COST
At 1 January 2012 4 4
Additions 41 41
At 31 December 2012 45 45
Additions 181 181
At 31 December 2013 226 226
ACCUMULATED AMORTISATION
At 1 January 2012 – –
Charge for year (8) (8)
At 31 December 2012 (8) (8)
Charge for year (34) (34)
At 31 December 2013 (42) (42)
CARRYING AMOUNT
At 31 December 2012 37 37
At 31 December 2013 184 184
12. Property Plant and Equipment
13. Trade and other receivables
2013 ($000) 2012 ($000)
Trade receivables 5,222 2,586
Other debtors 1,526 632
Current tax asset 360 360
Prepayments 715 120
Total 7,823 3,698
AGEING OF PAST DUE BUT  
NOT IMPAIRED RECEIVABLES 2013 ($000) 2012 ($000)
0–30 days 3,317 1,576
30–60 days 598 345
60–90 days 106 74
90–120 days 1,201 591
Total 5,222 2,586
63 Annual Report 2013 In determining the recoverability of a trade receivable the 
Group considers any change in the credit quality of the 
trade receivable from the date credit was initially granted 
up to the reporting date. The concentration of credit 
risk is limited due to the customer base being large and 
unrelated.
The Directors have considered the material receivables 
that are past due dates with senior management directly 
responsible for those relationships. On the basis of these 
discussions and the credit control procedures in place the 
directors consider that these receivables are recoverable. 
The directors consider that the carrying amount of trade 
and other receivables is approximately equal to their  
fair value.
14. Trade and other payables
Amounts payable to providers of services and accruals 
principally comprise amounts outstanding for trade 
purchases and ongoing costs. The average credit period 
taken for trade purchases is 27 days (2012: 23 days). 
For most suppliers no interest is charged on the trade 
payables for the first 30 days from the date of the 
invoice. Thereafter, interest is charged on the outstanding 
balances at various interest rates. The Group has financial 
risk management policies in place to ensure that all 
payables are paid within the pre-agreed credit terms.
The directors consider that the carrying amount of 
trade payables approximates to their fair value.
15. Borrowings
All borrowings are denominated in US dollars. The other 
principal features of the Company’s borrowings are as 
follows:
 w interest is charged at 2.25% above US LIBOR;
 w the facilities is secured against trade receivables and 
contracted revenue;
 w the loan repayments are made quarterly plus a final 
bullet repayment over the life of the loan; and
 w the facilities are renewable in January 2018.
16. Derivative financial instruments
On 16 December 2011 the Group entered into an interest 
rate swap of 5.22% for the period 8 December 2011 to 2 
December 2016 for $10 million of its borrowings.
The swap is designated a hedge of the interest rate 
expenses relating to the Group loans. The contract was 
marked to market on 31 December 2013 and had a fair 
value liability of $63,000 (31 December 2012: $129,000). 
In accordance with IAS 39 the profit has been recognised 
as an credit in the period.
2013 ($000) 2012 ($000)
Amounts payable to providers of services 1,479 933
Accruals and other amounts payable 1,569 798
Current taxes payable 827 139
Total 3,875 1,870
2013 ($000) 2012 ($000)
SECURED BORROWING AT AMORTISED COST
Bank loans 7,000 8,000
Revolving credit facilities 3,400 –
Debt costs amortised over the life of the facility  (152) (294)
Total 10,248 7,706
TOTAL BORROWINGS
Amount due for settlement within 12 months 4,352 1,907
Amount due for settlement after 12 months 5,896 5,799
Total 10,248 7,706
2013 ($000) 2012 ($000)
Interest Rate Swap 63 129
64 TLA Worldwide PLC    The interest rate swap’s contractual maturity is summarised below:
17. Deferred consideration
Under the terms of the acquisition agreements in relation to Agency, Legacy, and PEG the Company has obligations to 
the vendors of those businesses as set out below:
In addition to the liabilities detailed above an additional 
$12,177,000 (2012: $12,177,000) consideration payable in 
shares. $3,898,063 is due for issue on 17 April 2014 and 
$6,967,937 is due for issue on 8 June 2014. The balance  
of $1,311,300 will be issued on the request of the vendors 
of PEG. These shares are not contingent on any future 
event and are therefore considered an equity item  
(see note 20). 
The cash deferred consideration requires the 
conversion into cash of the EBIT underlying the earn-out 
payment prior to its payment date. To the extent this  
this has not achieved the earn-out is reduced by the  
cash shortfall. 
The Group has estimated the fair value of this liability 
based on the anticipated future EBIT of each underlying 
business. This value has then been discounted back to 
present value using the Group’s borrowing rate of 5.22%. 
The Group has the option to settle 30% of the 
$5,021,000 payable to PEG in shares in TLA (NY) Inc. In 
accordance with the terms of the exchange Agreement, 
these shares can be exchanged for Ordinary Shares in the 
capital of TLA Worldwide plc at any time at the option of 
the vendors. These payments are made annually for the 
next five years. 
2013 ($000) 2012 ($000)
Payable in less than one year 2,989 4,005
Payable in one to two years 3,552 7,617
Payable in two to five years 7,334 6,695
Payable in more than five years – –
Impact of discounting on provisions payable in cash 
at the borrowing rate of 5.22%
(1,510) (2,209)
Total deferred consideration payable 12,365 16,108
2013 ($000) 2012 ($000)
Within 6 months 21 224
In 6 to 12 months 23 192
1 to 5 years 107 481
($000)
At 1 January 2012 15,094
Additional deferred consideration in the year 5,021
Settlement of deferred consideration (4,572)
Unwinding of discount 566
At 31 December 2012 16,108
Additional deferred consideration in the year –
Settlement of deferred consideration (4,059)
Movement in fair value (637)
Unwinding of discount 953
At 31 December 2013 12,365
65 Annual Report 2013 18. Operating Leases
The Group’s future minimum operating lease payments are as follows:
The above represents a number of office premises. During the year $0.8 million (2012: $0.4 million) was recognised as 
an expense in the income statement. 
19. Share capital
The issued share capital of the Company and the changes during the year can be summarised as follows:
The Group settled fees in respect of International Sports 
Pty Limited supplying a director’s services. On 28 May 
2013 98,259 were issued at a price of 22.90p and on 4 
November 2013 78,040 where issued at a price of 28.83p. 
These shares held a total nominal value of £3,527 ($5,456) 
with a premium of $64,384.
The Company has one class of ordinary shares, which 
carry no right to fixed income.
20. Equity
The Share Premium arises from capital raised through the 
issue of ordinary shares to the extent that the nominal 
value is exceeded by the proceeds of the issue.
Shares to be issued reflect deferred consideration 
payable in respect to acquisitions made in the period. 
This issue is not contingent on any future event and is 
therefore considered an equity item (see note 17). 
2013 ($000) 2012 ($000)
Within one year 929 675
In the second to fifth years inclusive 2,510 1,239
After five years 184 –
Total 3,623 1,914
Nominal value (£) Nominal value ($) Number
Balance at 1 January 2012 1,277,220 1,984,928 63,800,990
Issued on 11 November 2012 at 23p per share 220,573 350,710 11,028,634
Issued on 28 December 2012 at 20p per share 251,865 405,503 12,593,253
Balance at 31 December 2012 1,749,658 2,741,141 87,422,877
Issued on 28 May 2013 at 22.90p per share 1,965 2,971 98,259
Issued on 4 November 2013 at 28.83p per share 1,561 2,485 78,040
Balance at 31 December 2013 1,753,184 2,746,597 87,599,176
Share 
capital 
($000)
Share 
premium 
($000)
Shares to  
be issued 
($000)
Foreign 
currency 
reserve  
($000) 
Retained 
earnings 
($000)
Total 
($000)
Balance at 31 January 2012 1,985 16,262 10,866 174 (2,684) 26,603
Total comprehensive income for period – – – (88) (1,196) (1,284)
Equity issued during the period 756 7,332 – – – 8,088
Equity costs charged during the period – (198) – – – (198)
Deferred consideration to be settled in equity – – 1,311 – – 1,311
Balance at 31 December 2012 2,741 23,396 12,177 86 (3,880) 34,520
Total comprehensive income for period – – – 350 151 501
Equity issued during the period 6 65 – – – 71
Balance at 31 December 2013 2,747 23,461 12,177 436 (3,729) 34,216
66 TLA Worldwide PLC    21. Group companies
The principal companies (all of which are wholly owned 
either directly or indirectly by TLA Worldwide PLC unless 
otherwise stated) in the Group are:
 w TLA Acquisitions Limited, registered in England and 
Wales, acts as an intermediate holding company;
 w TLA Acquisitions number two Limited, registered in 
England and Wales, acts as an intermediate holding 
company;
 w The Legacy Agency Inc., incorporated under the laws 
of Delaware, United States of America, undertakes 
the business of Athlete Representation and Sports 
Marketing;
 w TLA Americas Inc., incorporated under the laws of 
Delaware, United States of America, undertakes 
the business of Athlete Representation and Sports 
Marketing; and
 w The Legacy Agency (NY) Inc (“TLA NY”). incorporated 
under the laws of Delaware, United States of America, 
undertakes the business of Athlete Representation 
and Sports Marketing. The Company, indirectly owns, 
70% of TLA NY, The balance is held by the vendors of 
PEG who can exchange their holding into shares in the 
Company as set out in note 17. The shares carry no 
right to dividends and the Company has the right to 
call them in certain circumstances for it shares.
22. Notes of Cash flow Statement
Cash and cash equivalents comprise cash and short-
term bank deposits with an original maturity of three 
months or less. The carrying amount of these assets is 
approximately equal to their fair value.
Cash and cash equivalents comprise cash and short-
term bank deposits with an original maturity of three 
months or less. The carrying amount of these assets is 
approximately equal to their fair value.
23. Capital commitments
The Group had no commitments to purchase property, plant and equipment (2012: none).
24. Related Parties
Greg Genske is deemed to be a related party as a 
beneficiary of the agreement relating to the acquisition 
of LS Legacy Sports LLC (“LS Legacy”). As at 31 December 
2013 he owed $84,000 by the company (2012: the Group 
owed Mr Genske $3,674). This was fully repaid on 20 
March 2014.
LS Legacy paid the Group $335,000 for services during 
2013 (2012: nil). These related to assisting in the collector 
of outstanding receivables.
Jordan Bazant is deemed to be a related party as a 
beneficiary of the agreement relating to the acquisition 
of Goal Marketing, LLC, Goal Marketing II, LLC and The 
Agency Sports Management, LLC. As at 31 December  
2013 a loan of $100,000 from the Group was outstanding 
(31 December 2012: $100,000). The loan is repayable from 
Jordan Bazant’s future earn-out consideration. This loan 
was repaid on 10 March 2014.
Year ended 
31 December 2013 
($000)
Year ended 
31 December 2012 
($000)
Operating profit for the period 1,434 1,204
ADJUSTMENTS FOR
Amortisation of intangible assets 5,020 4,404
Depreciation of tangible assets 33 8
Operating cash flows before movements in working capital 6,487 5,616
(Increase)/ decrease in receivables (4,125) 268
Increase/ (decrease) in payables 1,317 (2,177)
Cash generated by operations 3,679 3,707
Income taxes paid (707) (1,197)
Foreign exchange gains/(losses) 350 (89)
Net cash from operating activities 3,322 2,421
CASH AND CASH EQUIVALENTS
Cash and bank balances 4,429 4,124
67 Annual Report 2013 25. Critical accounting 
judgements and key sources of 
estimation uncertainty
The preparation of financial information in conformity 
with IFRS requires the Group to make certain judgements, 
estimates and assumptions about the carrying amounts 
of assets and liabilities that are not readily apparent 
from other sources. These estimates and associated 
assumptions are based on historical experience and 
other factors that are considered to be relevant. Actual 
results may differ from these estimates under different 
assumptions or conditions.
The estimates and underlying assumptions 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. 
The Directors consider that the most significant area of 
accounting estimate relates to trade receivables, where 
clients have not settled in accordance with standard 
terms and conditions, and, the Directors have evaluated 
each balance receivable and made provisions for doubtful 
debts where appropriate, in accordance with experience 
of the normal basis on which such balances are settled.
CRITICAL JUDGEMENTS IN APPLYING THE 
GROUP’S ACCOUNTING POLICIES
The following are the critical judgements, apart from 
those involving estimations (which are dealt with 
separately below), that the directors have made in the 
process of applying the Group’s accounting policies and 
that have the most significant effect on the amounts 
recognised in financial statements.
Impairment of goodwill
The carrying amount of goodwill is $29.0 million. 
The directors are confident that the carrying amount 
of goodwill is fairly stated, and have carried out an 
impairment review (note 10).
Other intangible assets
The valuation of client relationships and client contracts 
is based on key assumptions, which the Directors have 
assessed, and are satisfied that the carrying value of 
these assets is fairly stated (see note 11). An impairment 
review has been carried out.
Fair value on acquisition
On acquisition management are required by IFRS3 to 
assess the fair value of assets and liabilities acquired. 
These assets and liabilities are often held at historical 
cost, which in some instances does not equal fair value.
The Directors have assessed the fair value of assets 
and liabilities in respect of the acquisition of the trade 
and certain assets.
Deferred consideration
The Directors have provided an estimate of the amount 
payable in respect of deferred contingent consideration. 
The valuation of this liability is based on future earnings 
of each acquired business. Management apply judgement 
in estimating the anticipated future cash flows and 
subsequent amounts payable. See note 18.
Recognition of revenue
Revenue is measured as the fair value of the consideration 
received or receivable and comprises amounts billed to 
clients in respect of fees earned and commission-based 
income and is stated exclusive of any relevant sales taxes. 
Revenue is recognised on an accruals basis in line with 
the provision of relevant services under the terms of the 
contract, provided that it is probable that the economic 
benefits will flow to the Group and the amount of revenue 
can be measured reliably.
Trade receivables 
The Group’s customers include athletes, talent and large 
corporations. Whilst dependant on it most high profile 
clients the board believe that it has structures in place 
to mitigate the risk of non-payment. In addition the 
regulatory framework around Major League Baseball in 
particular underpins this confidence. Historically there 
have been few instances of non-payment with late payers 
settling outstanding balances in an acceptable time 
frame. The enlarged group has over 440 clients which 
spread the risk going forward. It is a focus of the Board to 
closely monitor receivables as part of its KPIs.
26. Financial risk management 
objectives
CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities 
in the Group will be able to continue as going concerns 
while maximising the return to shareholders through the 
optimisation of the debt and equity balance. The Group’s 
overall strategy remains unchanged from 2012.
The capital structure of the Group consists of net 
debt, which includes the borrowings disclosed in note 16 
after deducting cash and cash equivalents, and equity 
attributable to equity holders of the parent, comprising 
issued capital, reserves and retained earnings as disclosed 
in note 21. The Group is not subject to any externally 
imposed capital requirements. Debt is defined as 
long- and short-term borrowings (excluding derivatives) 
as detailed in note 16. Equity includes all capital and 
reserves of the Group that are managed as capital.
SIGNIFICANT ACCOUNTING POLICIES
Details of the significant accounting policies and methods 
adopted (including the criteria for recognition, the basis 
of measurement and the bases for recognition of income 
and expenses) for each class of financial asset, financial 
liability and equity instrument are disclosed within the 
principal accounting policies section of this report.
68 TLA Worldwide PLC    CATEGORIES OF FINANCIAL INSTRUMENTS
Financial liabilities and assets included in the balance sheet are as follows:
All of the Group’s financial assets and liabilities, excluding 
derivative financial instruments, are held at amortised 
cost. The directors are of the opinion that there is no 
material difference between the book value and the fair 
value of any of these assets or liabilities.
FINANCIAL RISK MANAGEMENT OBJECTIVES
The Group’s international operations expose it to a 
number of risks that include the effect of changes in 
foreign currency exchange rates, credit, and interest 
rates. As the majority of income and expenditure is in 
USD the main exchange risk is translational in effect to 
the earnings and dividends granted, when related to the 
share price in GBP. The Group holds external credit, which 
is discussed below.
Interest rate risk
The Group finances its activities through a mixture of 
retained cash, operating cash flow, bank debt and equity 
finance. The Group monitors its exposure to interest 
rate risk in association with the bank debt and when 
investing its cash resources and has taken the decision 
to fix its rates at 5.22% for a period of five years on 16 
December 2012. Given this interest rate swap, interest 
rate fluctuations are not currently seen as sensitivity.
Credit risk
The Group’s customers include athletes, talent and large 
corporations. Whilst dependant on it most high profile 
clients the board believe that it has structures in place 
to mitigate the risk of non-payment. In addition the 
regulatory framework around Major League Baseball in 
particular underpins this confidence. Historically there 
have been few instances of non-payment with late payers 
settling outstanding balances in an acceptable time 
frame. 
The enlarged group has over 440 clients which spread 
the risk going forward. It is a focus of the Board to closely 
monitor receivables as part of its KPIs.
Liquidity risk
The Group has continued to maintain positive cash 
resources well above working capital requirements, 
providing a strong balance sheet visible to the Group’s 
customer base, but also ensuring sufficient available 
funds for operations, potential expansion or the potential 
financing of small acquisitions.
The following tables detail the Group’s remaining 
contractual maturity for its non-derivative financial 
liabilities with agreed repayment periods. 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.
2013 ($000) 2012 ($000)
FINANCIAL ASSETS
Cash and bank balances 4,429 4,124
Trade receivables 5,222 2,586
Other debtors 1,526 632
Prepayments 715 120
Current tax asset 360 360
Total 12,252 7,822
FINANCIAL LIABILITIES
Borrowings 10,248 7,706
Deferred consideration 12,365 16,108
Derivative financial instruments 63 129
Trade payables 1,479 933
Accruals and other amounts payable 1,569 798
Current tax payable 827 139
Total 26,551 25,813
69 Annual Report 2013 Less than 
1 month 1–3 months
3 months 
to 1 year 1–5 years
Impact of 
discounting Total
31 December 2013
Borrowings – 250 750 9,400 (152) 10,248
Deferred consideration – 1,030 1,959 10,890 (1,514) 12,365
Trade payables 1,479 – – – – 1,479
Accruals 1,479 – – 150 – 1,569
2,898 1,280 2,709 20,440 (1,666) 25,661
31 December 2012
Borrowings – 500 1,407 5,799 – 7,706
Deferred consideration – – 4,005 14,312 (2,209) 16,108
Trade payables 879 – – – – 879
Accruals 782 – – – – 782
1,661 500 5,412 20,111 (2,209) 25,475
Currency risk
The business principally trades in US dollars and whilst 
currency risk does exist, the impact is minimal. 
27. Share based payments 
EQUITY-SETTLED SHARE OPTION SCHEME
In December 2013 the Company entered into a Long Term 
Incentive Scheme (“LTIP”) for certain employees of the 
Group. The LTIP is split into three tranches, exercisable 
when the share price reaches £0.40, £0.50 and £0.60 for a 
three month period respectively. 
The vesting period is five years from the Company’s 
IPO date of 8 December 2011. If the awards remain 
unexercised after this period the options expire. Options 
are forfeited if the employee leaves the Group before the 
options vest. 
Details of the share options outstanding during the 
year are as follows.
The options outstanding at 31 December 2013 had a 
weighted average exercise price of £0.46 and a weighted 
average remaining contractual life of 3 year. All options 
were granted on 19 December 2013. The aggregate of 
the estimated fair values of the options granted on those 
dates is $0.4 million. The inputs into the Black-Scholes 
model are as follows:
Expected volatility was determined by calculating the 
historical volatility of the group’s share price over the 
previous 3 years. The expected life used in the model has 
been adjusted, based on management’s best estimate, for 
the effects of non-transferability, exercise restrictions, 
and behavioural considerations.
The group recognised total expenses of $nil (2012: 
$Nil) related to equity-settled share-based payment 
transactions.
No. of share options
Outstanding at 1 January 2013 –
Granted during the period 15,893,752
Forfeited during the period –
Exercised during the period –
Expired during the period –
Outstanding at 31 December 2013 15,893,752
Exercisable at the end of the period –
Weighted average exercise price £0.46
Expected volatility 30.0%
Expected life 3 years
Risk-free rate 4.3%
Expected dividend yields 2.7%
70 TLA Worldwide PLC    71 Annual Report 2013 Independent auditor’s 
report to the members 
of TLA Worldwide PLC
We have audited the Parent Company financial statements 
of TLA Worldwide plc for the year ended 31 December 
2013, which comprise Parent Company Balance Sheet 
and the related notes 1 to 10. The financial reporting 
framework that has been applied in their preparation is 
applicable law and United Kingdom Accounting Standards 
(United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, 
as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. 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 Directors’ Responsibilities 
Statement, the directors are responsible for the 
preparation of the Parent Company 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 Parent Company 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 Parent 
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 financial and 
non-financial information in the annual report to identify 
material inconsistencies with the audited financial 
statements. If we become aware of any apparent material 
misstatements or inconsistencies we consider the 
implications for our report.
Opinion on financial statements
In our opinion the Parent Company financial statements:
 w give a true and fair view of the state of the company’s 
affairs as at 31 December 2013;
 w have been properly prepared in accordance with 
United Kingdom Generally Accepted Accounting 
Practice; and
 w have been prepared in accordance with the 
requirements of the Companies Act 2006.
IAN SMITH
Senior statutory auditor for and on behalf of Deloitte LLP
Chartered Accountants and Statutory Auditor
Gatwick, 29 April 2014 72 TLA Worldwide PLC    Opinion on other matter 
prescribed by the Companies 
Act 2006
In our opinion the information given in the Directors’ 
Report for the financial year for which the financial 
statements are prepared is consistent with the Parent 
Company financial statements.
Matters on which we are 
required to report by exception
We have nothing to report in respect of the following 
matters where the Companies Act 2006 requires us to 
report to you if, in our opinion:
 w adequate accounting records have not been kept by 
the Parent Company, or returns adequate for our audit 
have not been received from branches not visited by 
us; or
 w the Parent Company financial statements are not in 
agreement with the accounting records and returns; or
 w certain disclosures of directors’ remuneration 
specified by law are not made; or
 w we have not received all the information and 
explanations we require for our audit.
Other matter
We have reported separately on the group financial 
statements of TLA Worldwide plc for the year ended  
31 December 2013.
73 Annual Report 2013 Company balance sheet
For the year ended 31 December 2013
Note
Year ended 31 December 
2013 ($000)
Year ended 31 December 
2012 ($000)
FIXED ASSETS
Investments 2 16,553 16,553
Loan to subsidiary undertakings 22,946 20,932
39,499 37,485
CURRENT ASSETS
Debtors: Amounts falling due within one year 3 165 110
Cash at bank and in hand 840 223
1,005 333
Creditors: Amounts falling due within one year 4 (180) (260)
Net current assets 825 73
Total assets less current liabilities 40,324 37,558
Net assets 40,324 37,558
CAPITAL AND RESERVES
Called-up Share Capital 5 2,747 2,741
Share Premium account 6 23,461 23,396
Shares to be issued 6 12,177 12,177
Profit and loss account 6 317 (1,739)
Foreign currency reserve 1,622 983
Shareholders’ funds 40,324 37,558
These financial statements of TLA Worldwide plc, registration number 7741649, were 
approved by the Board of Directors and authorised for issue on 29 April 2014. They are 
signed on its behalf by: Michael Principe (Chief Executive), 29 April 2014.
74 TLA Worldwide PLC    Notes to the parent 
company financial 
statements
1. Accounting policies 
BASIS OF PREPARATION
These financial statements have been prepared in 
accordance with applicable United Kingdom accounting 
standards and have been prepared under the historical 
costs conventions and compliance with UK Generally 
Accepted Accounting Standards.
As permitted by Section 408 of the Companies Act 
2006, the Company has elected not to present its own 
profit and loss account for the year. The Company’s profit 
and loss account was approved by the Board on 29 April 
2014. The Company reported a loss for the year ended 31 
December 2013 of $2.8 million. The principal accounting 
policies of the Company are set out below. 
INVESTMENTS
Fixed asset investments are shown at cost, less provision 
for impairment.
CLASSIFICATION OF FINANCIAL 
INSTRUMENTS ISSUED BY THE COMPANY
Financial instruments issued by the Company are treated 
as equity (i.e. forming part of shareholders’ funds) only to 
the extent that they meet the following two conditions:
 w They include no contractual obligations upon the 
Company to deliver cash or other financial assets or 
exchange financial assets or financial liabilities with 
another party under conditions that are potentially 
unfavourable to the Company; and
 w Where the instrument will or may be settled in the 
Company’s equity instruments, it is either a non-
derivative that includes no obligation to deliver a variable 
number of the Company’s own equity instruments or is a 
derivative that will be settled by the Company exchanging 
a fixed amount of cash or other financial assets for a 
fixed number of its own equity instruments.
To the extent that this definition is not met, the 
proceeds of issue are classified as financial liability. 
Where the instruments for call up share capital and share 
premium account excludes amounts in relation to those 
shares.
Finance payments associated with financial liabilities 
are dealt with as part with as part of finance expenses. 
Finance payments associated with financial instruments 
that are classified in equity are dividends and are 
recorded directly in equity.
TAXATION
Tax on the profit or loss for the year comprises current 
and deferred tax. Tax is recognised in the profit and 
loss account except to the extent that it relates to items 
recognised directly in equity in which case it is recognised 
in equity.
Current tax is the expected on all tax payable on the 
taxable income for the year, using tax rates enacted or 
subsequently enacted at the balance sheet date, and any 
adjustment to tax payable in respect of the previous year.
Deferred tax is recognised on all timing difference 
where the transactions or events that give the Company 
an obligation to pay more tax in the future, or a right to 
pay less in the future, have occurred by the balance sheet 
date. Deferred tax assets are recognised when it is more 
likely than not that they will be recovered. Deferred tax 
is measured using rates of tax that have been enacted or 
subsequently enacted by the balance sheet date.
FOREIGN CURRENCY
Transactions in foreign currencies are recorded at the rate 
of exchange at the date of the transaction or, if hedged, at 
the forward contract rate. Monetary assets and liabilities 
denominated in foreign currencies at the balance sheet 
date are reported at the rates of exchange prevailing at 
that date or, if appropriate, at the forward contract rate.
75 Annual Report 2013 2. Fixed assets investments
At 31 December 2013 the Company held either directly or indirectly, 20% or more of the 
allotted share capital of the following companies.
The Company, indirectly owns, 70% of TLA NY. The balance is held by the vendors of PEG who can exchange their 
holding into shares in the Company as set out in note 17 of the consolidated financial statements. The shares carry no 
right to dividends and the Company has the right to call them in certain circumstances for it shares.
3. Debtors
4. Creditors
COST & CARRYING VALUE ($000)
At 1 January 2012 15,977
Additions 576
At 31 December 2012 & 31 December 2013 16,553
Class of share By parent By Group Nature of Business
TLA Acquisitions Limited Ordinary 100% 100% Intermediate holding company
The Legacy Agency Inc. Ordinary 100% 100%
Undertakes the business of 
Athlete Management and sports 
marketing
TLA Acquisitions (number two) Limited Ordinary 100% 100% Intermediate holding company
TLA Americas Inc. Ordinary 100% 100% Intermediate holding company
The Legacy Agency (NY) Inc. Ordinary 70% 70%
Undertakes the business of 
Athlete Management 
AMOUNTS FALLING DUE WITHIN ONE YEAR 2013 ($000) 2012 ($000)
Other debtors 165 80
Prepayments – 30
165 110
AMOUNTS FALLING DUE WITHIN ONE YEAR 2013 ($000) 2012 ($000)
Trade creditors 30 109
Accruals and deferred income 150 151
180 260
76 TLA Worldwide PLC    5. Called up share capital
The issued share capital of the Company and the changes during the year can be summarised as follows:
The Share Premium arises from capital raised through the 
issue of ordinary shares to the extent that the nominal 
value is exceeded by the proceeds of the issue.
7. Related parties
The Company is exempt from the requirement to FRS 8 
to disclose transactions with other 100% members of the 
TLA Worldwide plc group of companies.
Transactions with other related parties are disclosed 
in note 25 to the consolidated financial statements.
8. Financial risk management 
objectives and policies
Details of the Group policies are set out in note 27 to the 
consolidated financial statements
9. Auditor’s remuneration
Details of remuneration paid to the auditors by the 
Group are shown in note 5 of the consolidated financial 
statements. 
10. Directors and employees
The average monthly number of employees was:
2013 (number) 2012 (number)
Management 1 1
Their aggregate remuneration comprised:
2013 ($000) 2012 ($000)
Wages & salaries 164 166
Social security costs 23 21
187 187
All directors of the Group are remunerated by TLA INC. 
See note 6 of the Group accounts for amounts paid to key 
personnel.
6. Reserves and reconciliation of shareholders’ funds
Nominal value (£) Nominal value ($) Number
Balance at 1 January 2012 1,277,220 1,984,928 63,800,990
Issued on 11 November 2012 at 23p per share 220,573 350,710 11,028,634
Issued on 28 December 2012 at 20p per share 251,865 405,503 12,593,253
Balance at 31 December 2012 1,749,658 2,741,141 87,422,877
Issued on 28 May 2013 at 22.90p per share 1,965 2,971 98,259
Issued on 4 November 2013 at 28.83p per share 1,561 2,485 78,040
Balance at 31 December 2013 1,753,184 2,746,597 87,599,176
Share 
capital 
($000)
Share 
premium 
($000)
Shares to  
be issued 
($000)
Foreign 
currency 
reserve  
($000) 
Retained 
earnings 
($000)
Total 
($000)
Balance at 31 January 2012 1,985 16,262 10,866 – (1,716) 27,397
Total comprehensive income for period – – – 983 (23) 960
Equity issued during the period 756 7,332 – – – 8,088
Equity costs charged during the period – (198) – – – (198)
Deferred consideration to be settled in equity – – 1,311 – – 1,311
Balance at 31 December 2012 2,741 23,396 12,177 983 (1,739) 37,558
Total comprehensive income for period – – – 639 2,877 3,516
Equity issued during the period 6 65 – – – 71
Dividend paid – – – – (821) (821)
Balance at 31 December 2013 2,747 23,461 12,177 1,622 317 40,324
77 Annual Report 2013 Lolo Jones 
Olympic track & field  
and bobsled athlete
78 TLA Worldwide PLC    Shareholder 
information
Annual General Meeting: 13th June 2014
Website: tlaww-plc.com
Advisers
AUDITOR
Deloitte LLP
Gatwick
NOMINATED ADVISOR AND BROKER
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London, EC4M 7LT 
REGISTRARS
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands, B63 3DA
LAWYERS – UK
DAC Beachcroft
100 Fetter Lane  
London, EC4A 1BN
LAWYERS – US
Herrick, Feinstein LLP
2 Park Avenue  
New York, New York 10016
REGISTERED OFFICE
Ground Floor, 21 Dartmouth Street
London, SW1H 9BP
Registered number: 7741649
Country of incorporation: England
BANKER – UK
HSBC BANK PLC
West End Corporate Banking Centre
2nd Floor, 70 Pall Mall, London SW1Y 5E
BANKERS – US
Sun Trust Banks Inc.
303 Peachtree Street, 32nd Floor
Atlanta, GA 30308
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79 Annual Report 2013   TLAWW-PLC.COM