syqic plc 
annual report 2014
leading the way 
in mobile tv
plc
syqic plc annual report 2014 about us
syqic is a fast‑growing provider of live tv and 
on‑demand video content across mobile and 
internet‑enabled consumer devices incorporated 
in jersey and headquartered in the uk the company 
provides a range of video services ranging from 
international broad content offerings delivered 
through telcos in southeast asia to niche over the top 
ott services available via most internet browsers
the content that syqic delivers 
through its different platforms 
covers movies drama music 
sports news lifestyle and 
general entertainment genres 
leveraging the strong 
relationships that the company 
has developed with telcos 
content providers payment 
providers and market leading 
technology partners syqic’s 
management has developed an 
exciting company providing in 
demand entertainment services 
to a wide customer base
introduction 
01 financial highlights 
01  operating highlights
strategic report
02  what we do
04  market opportunity 
08  chairman’s statement
10  group chief executive officer’s statement
governance
14  board of directors 
16  directors’ report
19  corporate governance statement
21  directors’ responsibilities statement
financial statements
22  independent auditor’s report
24  consolidated statement of comprehensive income
25  consolidated statement of financial position
27  consolidated statement of changes in equity 
28  consolidated statement of cash flows
29  notes to the financial statements
ibc  glossary
contents syqic plc 
annual report 2014 01
introduction strategic report governance financial statements
financial highlights
operating highlights
•	 revenue increased by 
127 to £107 million 
2013 £47 million
•	 substantial increase in profit 
before tax of 250 to 
£21 million 2013 £06 million 
before aim transaction costs of 
£05 million
•	 cash less overdrafts 
of £022 million 
2013 £105 million following 
investment in 2014 into 
premium content licensing 
and the comprehensive 
redesign work for the launch 
of new korean content 
streaming service 
•	 significant decrease in 
long‑term receivables 
balance to £08 million 
2013 £23 million as payment 
terms with indonesian 
customers improve
•	 raised £185 million before 
costs through a placing to 
certain institutional and 
other investors
•	 reduction in revenue 
dependence on main 
indonesian customer
•	 purchased the operating assets 
of the korean content streaming 
site maaduu later renamed as 
‘cool2vu’
•	 established the group’s core 
telco brand in myanmar 
after entering an agreement 
with blue ocean operations 
management ltd
•	 completed a successful 
migration to a global 
networking and hosting solution 
giving more capacity at a 
lower cost
•	 yoomob transaction numbers 
increased from 96 million in 
2013 to 215 million in 2014
post‑period end
•	 67 million yoomob 
subscriptions have been booked 
as at the end of april 2015 
with a revenue value of 
approximately £40 million 
unaudited
•	 strategic partnership with 
global streaming site viki 
secures additional content and 
advertising revenues for syqic
•	 cool2vu later made available 
to users in southeast asia 
europe south america 
central america india and 
the philippines through an 
expansion of the partnership 
with viki
•	 the directors remain 
comfortable on the level of 
the group’s cash balances 
which are currently in excess of 
£650000 when factoring the 
receipt of a further payment 
from the group’s key indonesian 
customer which is in transit and 
anticipated to be received in the 
coming few days
•	 a working capital facility of 
up to £3 million including a 
bank guarantee facility of up 
to £370000 entered into with 
a malaysian bank
•	 since launch the cool2vu 
service has been accessed by 
more than 120000 users in 
181 different countries with 
an average session duration 
of 38 minutes 02
syqic plc 
annual report 2014
what we do
syqic provides ott mobile tv solutions which 
empower our consumers by enabling end users 
to gain access to premium mobile video content 
on easy‑to‑navigate user interfaces
a year of continued development
april 2014
june 2014
july 2014
august 2014
hosting of group’s 
products migrated to 
amazon web services
acquisition of the assets of 
maaduu a korean content 
streaming service
launch of filipino ott service 
to communities in the uk 
malaysia and singapore
launch of yoomob plus 
an enhanced telco platform 
service in malaysia with maxis 
telecommunications 
launch of bangladesh ott 
service to communities in uk 
and malaysia syqic plc 
annual report 2014 03
introduction strategic report governance financial statements
september 2014
 december 2014
looking to the future
plc
agreement reached to 
launch mobile service in 
myanmar through blue ocean 
operations management ltd
integrated a mobile ott 
payment service in partnership 
with international payment 
provider fortumo
november 2014
re‑launch of maaduu 
in indonesia and 
singapore
october 2014
re‑launch of maaduu 
in malaysia
purchase of operating 
assets of maaduu a korean 
drama website 04
syqic plc 
annual report 2014
according to a 2014 report from 
business intelligence provider 
visiongain the global ott media 
delivery market is expected to reach 
140 billion in revenues by 2019
3
the growing investment in broadband 
infrastructure with improvements 
in speed and reliability has created 
new opportunities to serve video over 
internet protocol not only in more 
advanced developed countries but also 
critically in emerging markets both as 
an alternative and as a complement to 
established free‑to‑air video platforms
on‑the‑go video consumption has 
become particularly popular driven by 
greater wireless broadband penetration 
and the plethora of internet‑enabled 
devices available to consumers today 
laptops tablets smartphones and others
the report’s findings are that 
subscription video on‑demand services 
were available to 13 of households 
in emerging markets in 2014 with a 
user base of 194 million this number 
is expected to grow to 64 by the 
end of 2019 increasing the user base 
to 1027 million
4
 
the rise in online video consumption 
strongly suggests that the traditional 
tv business model predicated on 
captive viewing is not sustainable 
syqic is at the leading edge of advances 
in mobile technology and is superbly 
positioned to scale globally and 
maximise revenue streams especially 
in emerging markets where there is 
potential for enormous growth
5
the ott content market is growing fast and particularly strongly 
in emerging markets a 2015 pyramid research report expects paid 
ott revenue in emerging markets to expand from us19 billion 
in 2014 to us60 billion in 2019
1
 
1  pyramid research january 2015 ott video in 
emerging markets monetisation strategies and 
five‑year revenue opportunity
2 ericsson september 2014 tv and media 2014
3 visiongain november 2014 over the top ott 
media delivery services market 2014‑2019
4 pyramid research january 2015 ott video in 
emerging markets monetisation strategies and 
five‑year revenue opportunity
5  cisco vni forecasts highlights accessed from 
25 april 2015 from httpwwwciscocomweb
solutionsspvnivniforecasthighlightsindexhtml
6  cisco february 2015 cisco visual 
networking index
according to cisco data mobile video will generate 72 of 
mobile data traffic by 2019 figures in parentheses refer to 2014 
2019 traffic share
6
57 cagr 20142019
0
5
10
15
20
2014
exabytes per month
2015 2016 2017 2018 2019
25
mobile file sharing 1 2
mobile audio 8 7
mobile webdatavoip 36 19
mobile video 55 72
market opportunity
streaming is closing in on linear tv
75
use on‑demand video several 
times a week or more 
compared to 77 who watch 
scheduled broadcast tv several 
times a week or more
2 syqic plc 
annual report 2014 05
introduction strategic report governance financial statements
ott on the mobile increasing 
the increasing number of wireless 
devices that are accessing mobile 
networks worldwide is one of the 
primary contributors to global mobile 
traffic growth as is the fact that smart 
phone screen sizes are increasing 
gartner the global market research 
company states that worldwide 
sales of smartphones to end users 
had a record fourth quarter of 2014 
with an increase of 299 over the 
comparable period in 2013 to reach 
3675 million units
8
along with the proliferation of wired 
broadband the rapid roll out of 3g 
and 4g wireless services is leading 
to a growing demand by consumers 
for access to video content over the 
internet a recent industry report 
found that in some of syqic’s core 
markets in southeast asia more people 
own internet enabled phones than 
any other similar device for accessing 
the internet
9
globalwebindex research published 
at the beginning of 2015 examines 
usage of such devices across 32 surveyed 
markets and states that 75 of 
smartphone users are accessing mobile 
internet services on their smartphones
10
 
across emerging markets the dynamics 
of smartphone growth are different 
than in mature markets lacking a 
widespread fixed‑line infrastructure 
many emerging markets leapfrog 
mature markets and use mobile 
broadband technologies to deliver 
high‑speed internet access to the 
mass market 
all indications are that smartphone 
ownership and usage is set to 
grow substantially we believe 
“ott‑on‑the‑mobile” demand is 
expected to grow in line with the 
rise in mobile devices
7 gartner march 2015 press release gartner says 
smartphone sales surpassed one billion units in 2014 
8  gartner march 2015 press release gartner says 
smartphone sales surpassed one billion units in 2014 
9 ericsson november 2014 southeast asia and 
oceania ericsson mobility report appendix 
10 globalwebindex quarterly report q3 2014 
11 cisco february 2015 cisco visual networking index
global growth of smart mobile devices and connections 
percentages refer to device and connections share
11
9 cagr 20142019
0
6
2014
billions of devices
2015 2016 2017 2018 2019
14
nonsmart devices and connections
smart devices and connections
74
26
69
31
63
57
51
46
37
43
49
54
4
2
8
10
12
smartphone sales surpassed
1 billion
units in 2014
7 06
syqic plc 
annual report 2014
in a similar vein to how hollywood 
and bollywood content has become 
popular outside of their respective 
countries of origin korean content is 
experiencing increasing demand across 
the world hollywood bollywood and 
korean content all have a reputation 
for high quality production values 
and hence highly sought after tv 
programmes and movies according to 
korea’s creative content agency the 
total value of korea’s cultural exports 
doubled since 2008 to more than 
us5 billion in 2012 
prior to acquisition of maaduu now 
rebranded as cool2vu syqic had 
access to only a limited amount of 
korean content predominantly music 
and historic tv and movies but even 
this small amount of content accounted 
for as much as 35 of streaming across 
the company’s existing network 
syqic announced on 3 february 2015 
that it had signed a two year 
agreement with global video service 
provider viki to make its tv shows and 
movies available to syqic customers 
via its cool2vu platform this strategic 
partnership with viki secured additional 
content and advertising revenues for 
syqic and meant syqic could leverage 
viki’s operational assets in order to 
expand its own services more rapidly 
into multiple new territories without 
the need to obtain new content 
licenses in those territories this rapid 
roll‑out to new territories comes at a 
time when early mover advantage is 
highly important 
the rebranding of maaduu to cool2vu 
has given the service a new visual 
identity and the strategic partnership 
with viki will provide cool2vu 
customers with access to an enhanced 
library of high quality drama content 
in addition to the content they are able 
to access currently the partnership 
is a significant milestone for syqic 
reflecting its continued growth and 
progress and how highly it is viewed 
by other players within the market
“hallyu” otherwise known as the korean 
wave is a major cultural theme that has spread 
throughout asia and much of the world
say hello to hallyu syqic plc 
annual report 2014 07
introduction strategic report governance financial statements
korean artists need 
foreign markets
financial times k pop conquers us 
‘gangnam style’ september 2012
the directors anticipate that this will 
enable cool2vu to position itself as 
one of the premier go‑to sites for 
korean content globally in addition 
to new drama content the new 
service will soon include lifestyle 
magazine content including fashion 
and beauty food travel music videos 
and competitions targeted to tap into 
the growing consumption of other 
korean themed content
since launch syqic has expanded its 
agreement with viki from its home 
territories of malaysia indonesia 
and singapore to include europe 
south and central america india 
and the philippines 
content and accessibility 
consumption of video over the internet 
is growing strongly and it is critical 
that any player in the video streaming 
market has a strong catalogue and 
mobile delivery capability this means 
two things content that is high in 
demand and high quality technology 
that makes the content easily accessible 
over multiple devices
as interest in korean popular 
culture has become an increasingly 
globalised phenomenon demand for 
its high quality production values and 
programming has surged in many 
parts of the world especially in new 
and emerging markets to service this 
demand syqic undertook software 
development to allow the company 
to increase its addressable market by 
enabling access by users of android 
and ios internet enabled mobile tablet 
devices and personal computers syqic’s 
platforms are now fully compatible 
with all android and ios devices 
providing access to 80 of the global 
mobile market 08
syqic plc 
annual report 2014
chairman’s statement
2014 saw increased global on‑demand 
access to video streaming for mobile 
devices 2014 was a significant year 
for the company in terms of both 
operational and financial progress 
revenue generation from our core telco 
products increased while we continued 
to invest in the development of our 
exciting ott over‑the‑top platforms 
core business performance 
our core telco business performed well 
in 2014 with revenues increasing on 
the previous year by 127 importantly 
the revenue dependence on our 
primary indonesian master content 
provider “mcp” reduced from 62 
of revenues in 2013 to 52 in 2014 
the growth in group revenue was 
primarily attributable to increased user 
take‑up across the group’s telco service 
platforms we continue to believe 
the opportunity exists to enhance 
this offering further by the addition 
of more compelling content and the 
company plans to continue to acquire 
content that has a high value to its 
user base
korean content ott service
in august 2014 we announced the 
purchase of the operating assets 
of the korean drama streaming 
service maaduu from playtv asia 
2014 was a year of significant progress for 
syqic set against the trend of increased 
global on‑demand access to video streaming 
for mobile devices  syqic plc 
annual report 2014 09
introduction strategic report governance financial statements
for £103 million and £006 million of 
shares in syqic the initial consideration 
of approximately £570000 was paid in 
cash on completion the transaction was 
structured in order to protect syqic’s 
shareholders and it is now considered 
unlikely that any of the conditional 
deferred consideration will become 
payable the purchase was funded 
through a successful equity placing to 
raise £185 million before expenses 
korean content was already very 
popular on the company’s sites despite 
only representing a small proportion of 
syqic’s content portfolio the rationale 
behind the acquisition was therefore 
to have a much deeper offering of this 
proven content to drive consumption 
and further increase user numbers 
following the acquisition the company 
is already seeing revenue generation 
opportunities in the areas of advertising 
subscription and e‑commerce 
the company has since invested 
heavily in software development and 
successfully rebranded maaduu as 
cool2vu today the cool2vu platform 
can be accessed by both android and 
ios internet enabled devices in addition 
to pcs dramatically increasing the 
company’s addressable market
ott payment service increase 
in september 2014 we announced 
the activation of a mobile payment 
service for our ott offerings the new 
payment service will facilitate the 
monetisation of the company’s ott 
services across its global markets
the mobile phone payment service has 
been developed in partnership with 
international mobile payment provider 
fortumo fortumo currently has live 
mobile payment services operating in 
81 countries over six continents with 
a strong focus on emerging markets 
the partnership therefore facilitates 
syqic’s introduction of its ott services 
into new geographies
launch of mobile service 
in myanmar
in december 2014 the company entered 
into a licencing agreement with blue 
ocean operations management ltd 
a prominent telco content provider 
in myanmar under the agreement 
syqic will make certain of its audio and 
video content available in myanmar 
over the telenor and ooredoo 
mobile networks we look forward to 
updating shareholders on this exciting 
development at the appropriate time
trade receivables
as in previous years the company 
has generated a high proportion of 
its 2014 revenue from the indonesian 
market where syqic works with mcps 
to reach the end users of the three 
largest telcos in previous years syqic 
has worked mainly with one mcp in 
this market but the transaction volume 
coming through a second mcp has 
grown in 2014 to also represent a 
significant share of the company’s total 
revenue as a result of the increase in 
revenue earned from indonesia the 
combined amount receivable from 
the two mcps before adjustment for 
fair value increased from £40 million 
to £75 million during 2014 the 
payment terms involved in operating 
this business model are protracted and 
periodically during the year this has put 
pressure on the company’s operating 
cash flow in fact in previous years the 
company had to agree to separate 
payment plans with ptnp to recover 
amounts due from 2012 and 2013 
this has led the company’s auditor 
to include an emphasis of matter in 
relation to the trade receivables credit 
exposure in their audit statement 
nevertheless i can report that our 
primary mcp met all scheduled 
payments during 2014 to recover these 
prior year billings in addition they 
have honoured their commitment 
to pay 2014 billings more promptly 
taking into account the payment that 
is currently in transit syqic will have 
received payments relating to amounts 
billed up to and including july 2014 
further details of our indonesian 
operations are given in the group chief 
executive officer’s statement
outlook
i was delighted to be appointed 
non‑executive chairman of the board 
in late november at such an exciting 
stage in the company’s development 
the directors anticipate that the 
company’s investment into premium 
content licensing for the existing 
services together with the development 
of the cool2vu platform will provide 
it with a stronger value proposition 
going forward 
together with global scalability and 
encouraging trends for video streaming 
we have entered 2015 with increasing 
confidence and believe syqic is well 
placed to meet its goals and objectives 
for the coming year and capitalise on 
the global video streaming trends and 
consequently deliver significant value 
for shareholders 
on behalf of the board i would like 
to express my sincere appreciation to 
the management and staff for their 
hard work in the last year i would also 
like to thank our investors customers 
and partners for their continuing 
strong support
david cotterell
non‑executive chairman
22 june 2015 10
syqic plc 
annual report 2014
financial review
for the 12 months to 31 december 2014 
growth remained strong with 
revenue up by 127 to £107 million 
profit before tax increased 250 
to £21 million before 2013 aim 
transactions costs and the group 
had net current assets of £64 million 
at the year end the group’s 
cash less overdrafts position as of 
31 december 2014 was £022 million 
2013 £105 million the directors 
remain comfortable on the level 
of the group’s cash balances which 
are currently in excess of £650000 
when factoring the receipt of a 
further payment from the group’s key 
indonesian customer which is in transit 
and anticipated to be received in the 
coming few days
operational review
core telco business – yoomob 
the core business continues to perform 
strongly in indonesia and malaysia but 
we continue to look for new markets 
and new opportunities to drive the 
business forward yoomob transaction 
numbers increased from 96 million in 
2013 to 215 million in 2014 67 million 
subscriptions have been booked as at 
the end of april 2015 with a revenue 
value of approximately £40 million 
unaudited average transaction values 
the board is pleased to report the group’s 
results for the 2014 financial year in terms 
of financial progress operational progress 
industry position and the positive market 
backdrop that syqic now operates within
group chief executive officer’s statement syqic plc 
annual report 2014 11
introduction strategic report governance financial statements
have increased this year as a result of 
the withdrawal of individual channel 
subscriptions and replacement with 
higher value bundle offers
indonesia remains a key emerging 
market in southeast asia for syqic 
with 240 million inhabitants it’s the 
world’s fourth most populous country 
and the largest economy in the region 
indonesian consumers are young with 
60 under 30 years of age tech savvy 
and regularly use a mobile phone to 
access the internet
similar to other foreign providers 
in the indonesian mobile phone 
valued‑added services market syqic 
is unable to secure its own operating 
licence and therefore works with the 
three main telecoms companies via two 
mcps the companies through which 
syqic’s yoomob service is delivered to 
end users are the three largest mobile 
phone operators in indonesia these 
are indosat telkomsel and xl axiata 
all of which are themselves at least 
part owned by larger international 
telecoms groups
the mcps that syqic works with deal 
with a large number of different 
international providers supplying a 
range of services from ringtones to 
mobile phone games into the large 
indonesian market as well as acting as 
single points of contact for the supply 
of services the mcps also collect and 
distribute payments back to the service 
providers the scale and complexity of 
the value‑added service operations of 
the telcos mean that payments to the 
mcps themselves can take a number 
of months once the mcps have been 
paid they will normally pay the service 
providers within 30 days
in december 2014 we announced syqic 
will make certain audio and video 
content available in myanmar via 
its core brandyoomob to ooredoo 
and telenor subscribers ooredoo is a 
leading international communications 
company serving a customer base of 
929 million in markets throughout 
the middle east north africa and 
southeast asia telenor group is one of 
the world’s largest mobile companies 
with operations in scandinavia eastern 
europe and asia and has more than 
160 million mobile subscribers 
according to a recent fortune article 
httpfortunecom 20140918asia‑ myanmar‑burma ‑ telecommunications‑ market billions of dollars of foreign 
investment are being made in 
myanmar leading to predictions that 
it will become the world’s fastest 
ever deployment of mobile services 
currently just 123 of the 53 million 
population has access to a mobile 
phone ovum the global market 
research agency predicts that the 
number of new mobile subscribers in 
myanmar will grow at a compounded 
annual rate of nearly 30 to reach 
323 million people by the end of 2019
following the relaxation of the rules 
restricting foreign operators in the 
market we believe there is large and 
increasing demand within myanmar 
for foreign media content and 
we are confident that this market 
will respond positively to syqic’s 
compelling offering
strong results
revenue
£107m
net cash
£022m
earnings per share
814p 12
syqic plc 
annual report 2014
group chief executive officer’s statement continued
globetel
we were very pleased by the end 
of year to have reached agreement 
with telecoms provider uk globetel 
ltd “globe uk” to launch a 
uk based co‑branded version of 
our filipino yoonic ott service 
under this agreement globe uk’s 
customers will be able to watch 
syqic’s live and on‑demand channels 
from the philippines via payment 
from their existing globe account 
on a subscription‑based service 
the agreement lasts for an initial 
period of one year and is renewable 
by both parties
cool2vu formerly maaduu 
we announced in august 2014 the asset 
purchase from playtv asia in malaysia 
of maaduu an online video‑on‑demand 
service the company successfully 
re‑launched the service across malaysia 
in october 2014 and subsequently 
across indonesia and singapore in 
november 2014 more recently under 
its new branding cool2vu the service 
has expanded into europe south 
and central america india and 
the philippines
currently the majority of customers are 
from malaysia being drawn from the 
existing maaduu base but we are now 
seeing encouraging growth patterns in 
south america and europe the cool2vu 
service will shortly start generating 
advertising revenue and this is a 
revenue stream we expect to increase 
substantially as the service enters new 
markets and its user base continues to 
grow in addition to the advertising 
revenue generated by cool2vu our 
strategy is to cross sell the platform’s 
content to our core telco customers to 
generate additional revenue 
partnership syqic plc 
annual report 2014 13
introduction strategic report governance financial statements
industry consolidation
the company is clearly now entering 
an exciting period of its corporate 
development the successful purchase 
and launch of the cool2vu service 
platform was extremely timely 
given the backdrop of the recent 
consolidation across the industry 
which has seen the purchase of viki by 
rakuten for 200 million in september 
2013 and dramafever by softbank 
for an estimated 100 million in 
october 2014
both viki and dramafever are focused 
on supplying southeast asian content 
and we believe both deals indicate that 
targeting highly engaged audiences 
with niche content is a valuable 
strategy for the company syqic is 
already developing a strong working 
relationship with viki with each party 
focusing on clear strategic areas in 
order to jointly monetise the market 
opportunity effectively
marketing and social media 
having expanded the cool2vu service 
into new markets we need to move 
quickly to raise awareness of the service 
and ultimately build a customer base 
to that end we are progressing an 
aggressive social media proliferation 
strategy globally that is already bearing 
fruit we have looked at our online 
discoverability engaged with uk 
trade and investment in these new 
and emerging markets undertaken 
an external link building campaign 
and commissioned a forensic style 
audit of the cool2vucom website by 
an acknowledged industry leader 
with a view to enhancing our search 
engine optimisation 
in addition the company continues 
to collaborate with a specific range 
of news websites groups and 
associations and community leaders 
in various locations
research and development
research and development continues 
to lie at the core of our activities 
development is carried out on an 
ongoing basis in order to enhance the 
user experience and functionality across 
all our platforms and interfaces 
outlook
the company firmly believes that it 
has achieved a timely market entry as 
demand for the content that it supplies 
has never been more highly sought 
the revenue recorded in the second 
half of 2014 was higher than that of the 
first half and we expect this trend of 
revenue growth to continue
notwithstanding these growth trends 
the coming months will be significant 
for syqic as the cool2vu platform 
becomes established and we realise 
the full potential of the opportunity in 
myanmar 2015 promises to be exciting 
as we build on the achievements made 
in 2014
the company therefore looks to the 
year ahead with confidence
jamal hassim
group chief executive officer
22 june 2015 14
syqic plc 
annual report 2014
david cotterell
non‑executive chairman
jamal hassim
group chief executive officer  
and founder of the group
steve elliff
chief financial officer
board of directors
david cotterell has nearly 30 years’ 
experience in the information technology 
software and service sector he has held 
senior management roles with firms such 
as act financial systems and aim listed 
sqs group where he was also responsible 
for investor relations this wide ranging 
experience includes senior roles in 
international start‑ups organisations 
requiring change and mature businesses 
with established brands david has also 
successfully led and completed two trade 
sales of technology companies 
he holds other it related board level 
positions with aim listed rapidcloud 
international and crossrider he is also 
director of the european region for 
qualitest services
david is chairman of the group’s 
remuneration committee and a member 
of the audit committee
ac rc
after graduating from the university 
of wales in 1990 jamal hassim gained 
experience in taxation and corporate 
finance he then worked for ntv7 
malaysia a terrestrial broadcasting station 
before being appointed by the malaysian 
government to help with the operation 
of tv3 and also the restructuring of its 
rm800 million debt jamal later became 
the chief operating officer of sph 
mediaworks before founding channel 9 
a commercial tv station where he created 
a multi‑media platform to deliver content 
via television the internet and mobile 
devices jamal and investors successfully 
exited their investment in channel 9 via a 
trade sale in 2004 following the sale of 
channel 9 jamal founded syqic
steve elliff is a chartered accountant with 
over 20 years of financial experience in 
industry he started his career in 1990 at 
kpmg london where his tenure included 
an 18 month secondment to kpmg 
kuala lumpur malaysia steve’s other 
experience includes management roles at 
lex service dexion mercedes benz and 
epson uk in november 2013 steve joined 
syqic ahead of the aim listing steve has 
a degree in economics from the university 
college of wales aberystwyth and a 
certificate in business administration from 
warwick business school syqic plc 
annual report 2014 15
introduction strategic report governance financial statements
dato’ borhanuddin osman
non‑executive director
dicky tjokrosaputro
non‑executive director
chak kong soon
non‑executive director
ac
 
audit committee
rc 
 
remuneration committee
dato’ borhan brings more than twenty 
years of extensive experience in the 
advertising industry and fourteen 
years in broadcasting to the syqic 
board currently dato’ borhan is in 
his ninth term as commercial radio 
malaysia crm president which 
is unprecedented in the malaysian 
communications industry he has also 
served four terms as the chairman of 
the communications and multimedia 
content forum of malaysia “cmcf” 
in 2010 he was appointed chairman of 
the programme department of the asia 
pacific broadcasting union “abu”
dato’ borhan is a member of the group’s 
remuneration and audit committees
ac rc
dicky tjokrosaputro graduated from the 
university of southern california with 
a degree in business administration in 
1992 before commencing his career in 
the textile manufacturing business from 
1996 to 2008 he was the ceo of pt hanson 
international tbk indonesia a company 
involved in textile manufacturing he has 
been a director of pt power telecom 
indonesia a company involved in 
telecommunication services from 2004 
till the present day
dicky is a member of the group’s 
remuneration and audit committees
ac rc
chak kong soon started his career in the 
systems integration division of andersen 
consulting now known as accenture 
and is currently a managing partner of 
stream global pte ltd he is the president 
of the singapore computer society 
a professional body with 27000‑strong 
membership chak has founded and run 
several companies and currently serves as 
a board member on several technology 
companies in the southeast asia region
chak is chairman of the group’s audit 
committee and is a member of the 
remuneration committee
ac rc 16
syqic plc 
annual report 2014
directors’ report
the directors present their report and audited consolidated financial statements for the group for the year ended 
31 december 2014 
principal activities
the principal activity of the group continues to be the provision of live tv and on‑demand paid video content across 
internet‑enabled consumer electronics devices
the principal activity of the company during the period was that of a holding company 
business review and key performance indicators 
the group’s results are set out in the consolidated statement of comprehensive income on page 24 a detailed review of the 
business its results and future direction is included in the chief executive officer’s statement on pages 10 to 13
capital structure 
the company is primarily financed through equity provided by its shareholders
dividends 
the directors do not recommend the payment of a dividend
directors 
the directors who held office during the year were as follows
muhamed jamal bin muhamed hassim 
steve elliff  
william liu wei hai resigned 19 november 2014 
david cotterell  
dicky tjokrosaputro 
chak kong soon 
dato’ borhanuddin osman appointed 19 november 2014
at 31 december 2014 the directors had the following beneficial interests in the company’s shares
       number of  
       ordinary shares
muhamed jamal bin muhamed hassim       8838940
dicky tjokrosaputro       753755
david cotterell       115000
no share options have been awarded to directors of the company
there have been no changes in the directors’ shareholdings since the year end syqic plc 
annual report 2014 17
introduction strategic report governance financial statements
directors’ remuneration 
the remuneration paid to the directors during 2014 is shown below
         
     short‑term 2014 2013 
     benefits total total 
     £ £ £
muhamed jamal bin muhamed hassim     235000 235000 221370
steve elliff
1
     93300 93300 10750
william liu wei hai
2
     900 900 271
david cotterell
3
     6000 6000 1850
dicky tjokrosaputro
3
     3600 3600 271
chak kong soon
3
     3600 3600 271
     342400 342400 234783
1 director service contract commenced on 18 november 2013
2 director service contract commenced on 4 december 2013 and was terminated on 19 november 2014
3 director service contract commenced on 4 december 2013
directors’ interests 
the interests of directors in the shares and options of the company are given above
none of the directors had a material interest at any time during the year in any contract of significance with the group 
other than a service contract
third‑party indemnity provision for directors 
qualifying third‑party indemnity provision is in place for the benefit of all directors of the company
employees 
the group is committed to providing equal opportunities in employment all job applicants and employees receive equal 
treatment regardless of sex race colour age and nationality or ethnic origin
the group places considerable value on the involvement of its employees and keeps them informed on matters affecting 
them as employees and on the various factors affecting the performance of the group this is achieved through formal and 
informal meetings together with the provision of the annual report employees are consulted regularly on a wide range of 
matters affecting their current and future interests
syqic recognises that commercial success depends on the full commitment of all its employees and commits to respecting 
their human rights to provide them with a good working environment free from unnecessary risk and to maintain fair and 
competitive terms and conditions of employment at all times
political and charitable donations 
during the year no political or charitable donations were made
statement as to disclosure of information to the auditor
the directors who were in office on the date of approval of these financial statements have confirmed that as far as they 
are aware there is no relevant audit information of which the auditor is unaware each of the directors has confirmed that 
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant 
audit information and to establish that it has been communicated to the auditor 18
syqic plc 
annual report 2014
directors’ report continued
principal risks and uncertainties
in addition to the financial risks discussed in note 18 the directors consider that the principal risks and uncertainties facing 
the group and a summary of the key measures taken to mitigate those risks are as follows
•	 attracting and retaining talented staff – the company offers competitive salaries and outstanding personal development 
opportunities that are further enhanced by the ambitious growth plans the company has been successful in recruiting 
and retaining high calibre staff but the company recognises that it must maintain focus on this as competition intensifies 
within the mobile video sector
•	 reputational risk – the delivery of the company’s services are highly dependent on technical performance rather than 
human endeavour wherever possible syqic tries to work with market leading technology partners to ensure the highest 
levels of service performance and reliability and
•	 changes in consumer tastes – the demand for syqic’s products is totally dependent on the serving of content which is 
enduringly popular the company closely monitors the demand for the different types of content it delivers and uses this 
information to take decisions on future content acquisition
going concern
having made relevant and appropriate enquiries including consideration of the group’s current resources and working 
capital forecasts the directors have a reasonable expectation that at the time of approving the financial statements the 
company has adequate resources to continue in operational existence for at least the next twelve months in particular at 
31 december 2014 the group had £02 million of cash less overdrafts and good cash conversion prospects furthermore in 
june 2015 the company has accepted a new £3 million working capital facility from a malaysian bank which the directors 
believe strongly enhances the group’s working capital position in this regard the directors do recognise that the facility 
can only be operated on a one for three basis and its contribution to the group’s working capital position is closely linked 
to the timing of payment from its major customers the directors believe that payment terms from its major customers 
will continue to improve and accordingly the board continues to adopt the going concern basis in preparing the financial 
statements
auditor 
a resolution for the re‑appointment of crowe clark whitehill llp as auditor of the company is to be proposed at the 
forthcoming annual general meeting
this report was approved by the board and signed on its behalf
steve elliff
chief financial officer
22 june 2015  syqic plc 
annual report 2014 19
introduction strategic report governance financial statements
corporate governance statement
principles of corporate governance
the board of directors is accountable to the company’s 
shareholders for good corporate governance and the 
directors intend to respect the requirements of the uk 
corporate governance code as far as it is appropriate to the 
group’s size and stage of development set out below is a 
summary of how the group is set up to exercise its corporate 
governance obligations
board of directors
the board of syqic plc consists of two executive directors 
and four non‑executive directors
all directors have access to the advice and services of 
the company secretary and in the course of their duties 
if necessary are able to take independent professional advice 
at the company’s expense committees have access to such 
resources as are required to fulfil their duties
the board receives regular reports detailing the progress 
of the group the group’s financial position and projections 
as well as business development activities and operational 
issues together with any other material deemed necessary 
for the board to discharge its duties the chairman is 
primarily responsible for the effective operation and chairing 
of the board and for ensuring that it receives appropriate 
information to make informed judgements
the board has a formal schedule of matters reserved to it for 
decision but otherwise delegates specific responsibilities to 
committees as described below 
the board is responsible for the review and approval of 
key policies and decisions in respect of business strategy and 
operations board appointments budgets and forecasts 
items of substantial investment and acquisitions
under the articles of association all directors must offer 
themselves for re‑election at least once every three years 
to achieve this at least one third of the directors retires 
by rotation at every annual general meeting and is eligible 
for re‑appointment
board committees
the board has established an audit committee and a 
remuneration committee with written terms of delegated 
responsibilities for each
audit committee
the audit committee comprises three non‑executive 
directors the external auditor chief executive officer 
and chief financial officer may be invited to attend audit 
committee meetings and following each meeting the audit 
committee and external auditor have the opportunity to 
meet without the executive directors present 
the audit committee meets at least twice each year
the committee reviewed the half year and full year results 
as well as the annual report prior to their submission to the 
board and considered any matters raised by the external 
auditor all scheduled committee meetings were quorate 
and the conclusions from those meetings were presented 
to the board
in certain circumstances it is permitted by the board for the 
auditor to supply non‑audit services for example in the 
provision of tax advice the audit committee has approved 
and monitored the application of this policy in order to 
safeguard auditor objectivity and independence the overall 
fees paid to the auditor are not deemed significant enough 
to them so as potentially to impair their independence 
the auditor is awarded assignments on a competitive 
basis and the audit committee pre‑approves all permitted 
non‑audit expenditure incurred and during the year reviews 
the cost‑effectiveness independence and objectivity of the 
external auditor a formal statement of independence is 
received from the external auditor each year
remuneration committee
the remuneration committee comprises three non‑executive 
directors the remuneration committee meets at least twice 
each year the committee is responsible for considering the 
executive directors’ and senior management’s remuneration 
packages and makes its recommendations to the board
the chief executive officer may be invited to attend 
remuneration committee meetings other than when his 
own remuneration is discussed no director is involved in 
deciding his own remuneration
details of directors’ remuneration are disclosed in the 
directors’ report 20
syqic plc 
annual report 2014
corporate governance statement continued
internal control and risk management
the board acknowledges its responsibility for safeguarding 
the shareholders’ investments and the group’s assets 
in applying this principle the board recognises that it has 
overall responsibility for ensuring that the group maintains 
a system of internal control that provides it with reasonable 
assurance regarding effective and efficient operations 
internal financial control and compliance with laws and 
regulations the system of internal control is designed to 
manage rather than eliminate the risk of failure to achieve 
business objectives and can only provide reasonable and not 
absolute assurance against material misstatement or loss
through the audit committee the directors have reviewed 
the effectiveness of the internal controls since admission 
to aim in december 2013 management has invested 
significant time in further developing the group’s internal 
control environment 
the key features of the internal control system are 
described below
•	 control procedures and environment – the group has 
an organisational structure with clearly drawn lines of 
accountability and authority employees are required 
to follow well‑defined internal procedures and policies 
appropriate to the business and their position within the 
business and management promotes the highest levels of 
professionalism and ethical standards
•	 experienced management – the group employs executive 
directors and senior management with the appropriate 
knowledge and experience required to run an internet tv 
services group
•	 financial information – the group prepares detailed 
budgets and working capital forecasts annually these 
are based upon the strategy of the group and are 
approved by the board detailed management accounts 
and working capital re‑forecasts are reviewed at least 
quarterly for each board meeting with any variances 
from budget investigated thoroughly and a summary 
provided to the board annual reports preliminary 
statements and half‑year statements prepared by the 
group are reviewed by the audit committee prior to 
approval by the board and
•	 monitoring – the board monitors the activities of the 
group through the supply of reports from various areas of 
the business as contained in the board papers the board 
through the audit committee reviews the effectiveness 
of the systems of internal control
given the group’s relative small size the board does not 
consider it either necessary or practical at present to have 
its own internal audit function the board will continue to 
monitor the requirement to have an internal audit function
communication with shareholders
the board attaches great importance to communication 
with both institutional and private shareholders regular 
communication is maintained with all shareholders through 
company announcements the half‑year statements the 
preliminary statement and the annual report and financial 
statements
the directors seek to build on a mutual understanding 
of objectives between the company and its shareholders 
especially considering the long‑term nature of the business 
institutional shareholders are in contact with the directors 
through presentations and meetings to discuss issues and to 
give feedback regularly throughout the year with private 
shareholders this is not always practical 
the board therefore intends to use the company’s 
annual general meeting as the opportunity to meet private 
shareholders who are encouraged to attend at which the 
chief executive officer will give a presentation on the 
activities of the group 
following the presentation there will be an opportunity to 
ask questions of directors on a formal and informal basis and 
to discuss development of the business
the company operates a website at wwwsyqiccom 
the website contains details of the group and its activities 
regulatory announcements company announcements 
interim statements preliminary statements and annual 
reports the website is maintained in compliance with 
aim rule 26 syqic plc 
annual report 2014 21
introduction strategic report governance financial statements
directors’ responsibilities statement
the directors are responsible for preparing the directors’ 
report and the financial statements in accordance with 
applicable law and regulations
company law requires the directors to prepare group 
financial statements for each financial year
under company law the directors must not approve the 
financial statements unless they are satisfied that they give a 
true and fair view of the state of affairs of the group and of 
the profit or loss of the group for that period in preparing 
the group financial statements the directors are required to
•	 select suitable accounting policies and then apply them 
consistently
•	 make judgements and estimates that are reasonable and 
prudent
•	 state whether they have been prepared in accordance 
with applicable ifrs as adopted by the eu and
•	 prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the group 
will continue in business
the directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the group’s transactions and disclose with reasonable 
accuracy at any time the financial position of the group 
and enable them to ensure that the financial statements 
comply with the companies jersey law 1991 they are also 
responsible for safeguarding the assets of the group and 
hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities
the directors are responsible for the maintenance and 
integrity of the company’s website legislation in jersey 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions 22
syqic plc 
annual report 2014
we have audited the financial statements of syqic plc for the year ended 31 december 2014 which comprise the 
consolidated statement of comprehensive income consolidated statement of financial position consolidated statement 
of cash flows consolidated statement of changes in equity and their related notes
the financial reporting framework that has been applied in their preparation is applicable law and international financial 
reporting standards “ifrs” as adopted by the european union 
this report is made solely to the company’s members as a body in accordance with article 113a of the companies jersey 
law 1991 our audit work has been undertaken so that we might state to the company’s members those matters we are 
required to state to them in an auditor’s report and for no other purpose to the fullest extent permitted by law we do not 
accept or assume responsibility to anyone other than the company and the company’s members as a body for our audit 
work for this report or for the opinions we have formed
respective responsibilities of directors and auditor 
as explained more fully in the statement of directors’ responsibilities the directors are responsible for the preparation of 
the financial statements and for being satisfied that they give a true and fair view our responsibility is to audit and express 
an opinion on the financial statements in accordance with applicable law and international standards on auditing uk and 
ireland those standards require us to comply with the auditing practices board’s ethical standards for auditors
scope of the audit of the financial statements 
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give 
reasonable assurance that the financial statements are free from material misstatement whether caused by fraud or error 
this includes an assessment of whether the accounting policies are appropriate to the company’s circumstances and have 
been consistently applied and adequately disclosed the reasonableness of significant accounting estimates made by the 
directors and the overall presentation of the financial statements
in addition we read all the information in the chairman’s statement group chief executive officer’s statement directors’ 
report corporate governance statement and any other surrounding information to identify material inconsistencies 
with the audited financial statements and to identify any information that is apparently materially incorrect based on or 
materially inconsistent with the knowledge acquired by us in the course of performing the audit if we become aware of any 
apparent material misstatements or inconsistencies we consider the implications for our report
opinion
in our opinion 
•	 the financial statements give a true and fair view of the state of the group’s affairs as at 31 december 2014 and of the 
group’s profit for the year then ended
•	 the financial statements have been properly prepared in accordance with ifrs as adopted by the european union and 
•	 the financial statements have been prepared in accordance with the requirements of the companies jersey law 1991
 
independent auditor’s report to the members of syqic plc syqic plc 
annual report 2014 23
introduction strategic report governance financial statements
emphasis of matter – trade receivables credit exposure 
in forming our opinion on the financial statements which is not modified we have considered the adequacy of the 
disclosures in notes 11 and 18iii to the financial statements concerning the credit exposure to the group’s two largest 
customers whose debt is included at a fair value of £6968000 2013 £3628000 where a balance of £4154000 
2013 £190000 exceeds their normal payment terms in the previous year the group entered into a repayment plan with 
one of those customers in respect of both 2012 and 2013 sales which is due to be fully settled in 2016 and accordingly 
£1485000 2013 £1043000 is classified within current assets and £768000 2013 £2251000 within non‑ current assets 
the directors of the company are of the opinion that the debts are fully recoverable and thus no provision for impairment 
has been made within the financial statements as at 31 december 2014 2013 £nil the impact of a delay or non‑ repayment 
of these debts would damage the future cash flows of the group and its ability to continue as a going concern the financial 
statements have been prepared on the going concern basis which depends initially on the £3 million working capital facility 
as described in note 1 or the ability to raise future funds the financial statements do not include any adjustments that 
would result if the group was unable to recover these amounts in full or unable to continue as a going concern
the annual report will shortly be available to the shareholders and the public on the company’s website wwwsyqiccom 
in accordance with aim rule 20
matters on which we are required to report by exception
we have nothing to report to you in respect of the following matters where the companies jersey law 1991 requires 
us to report to you if in our opinion
•	 proper accounting records have not been kept by the parent company or 
•	 proper returns adequate for our audit have not been received from branches not visited by us or
•	 the parent company financial statements are not in agreement with the accounting records and returns or
•	 we have not received all the information and explanations we require for our audit
leo malkin senior statutory auditor
for and on behalf of crowe clark whitehill llp
statutory auditor 
st bride’s house 
10 salisbury square 
london ec4y 8eh
22 june 2015 24
syqic plc 
annual report 2014
      2014 2013  
     note £’000 £’000
continuing operations      
revenue       10672  4711
cost of sales      6022 1888
gross profit      4650 2823
other income      420 52
other operating expenses      985 788
administrative expenses      1978 1505
operating profit before aim transaction costs     2107 582
aim transaction costs      — 471
operating profit      2107 111
net finance costs     5 13 11
profit before taxation     6 2094 100
income tax expense     7 103 —
profit after taxation      1991 100
other comprehensive income
items that will or may be reclassified to profit or loss     
exchange differences arising on translation of foreign operations     32 312
total comprehensive income for the year     1959 212
profit attributable to      
equity holders of syqic plc      1991 100
total comprehensive income attributable to      
equity holders of syqic plc      1959 212
earnings per share attributable to equity holders of syqic plc      
earnings per share – basic pence     8 814 064
earnings per share – diluted pence     8 814 064
adjusted eps excluding aim transaction costs
adjusted eps excluding aim transaction costs – basic pence   8 814 363
adjusted eps excluding aim transaction costs – diluted pence    8  814 363
for the year ended 31 december 2014
consolidated statement of comprehensive income syqic plc 
annual report 2014 25
introduction strategic report governance financial statements
      2014 2013 
     note £’000 £’000
assets    
non‑curr ent assets    
property plant and equipment     9 100 128
intangible assets     10 1037 646
deferred tax assets     16 — 52
non‑current trade receivables     11 768 2251
      1905 3077
current assets    
trade receivables     11 6252 1477
other receivables deposits and prepayments    12 585 83
cash and bank balances     13 218 1078
      7055 2638
total assets      8960 5715
liabilities    
current liabilities    
trade payables      66 292
other payables and accruals     17 315 488
taxation      30 —
due to directors non‑trade     20 112 200
due to shareholders non‑trade     20 71 70
short‑term borrowings     13 — 29
finance lease obligations     19 19 23
      613 1102
non‑current liabilities    
finance lease obligations     19 79 97
      79 97
total liabilities      692 1199
net assets      8268 4516
as at 31 december 2014
consolidated statement of financial position 26
syqic plc 
annual report 2014
      2014 2013 
     note £’000 £’000
equity    
capital and reserves attributable to equity holders of syqic plc    
stated capital account     14 15859 14165
merger reserve     15 8654 8654
share option reserve      105 6
translation reserve     15 343 311
retained profitsaccumulated losses      1301 690
total equity      8268 4516
the notes on pages 29 to 52 are an integral part of these consolidated financial statements
the financial statements were approved by the board of directors authorised for issue on 22 june 2015 and are signed on its 
behalf by
muhamed jamal bin muhamed hassim  steve elliff
director       director
as at 31 december 2014
consolidated statement of financial position continued syqic plc 
annual report 2014 27
introduction strategic report governance financial statements
 attributable to equity holders of syqic plc
     retained 
  stated  translation profits share  
  capital merger reserve accumulated option   
  option  reserve deficit losses reserve total 
  £’000 £’000 £’000 £’000 £’000 £’000
balance as at 1 january 2013  — 2996 1 790 — 2207
issue of ordinary shares   — 1568 — — — 1568 
redemption of preference shares  — 1285 — — — 1285
group reconstruction  11933 11933 — — — —
issue of shares net of share issue costs  2232 — — — — 2232
share‑based payment charge  — — — — 6 6
transactions with owners  14165 11650 — — 6 2521
profit for the year   — — — 100 — 100
other comprehensive income  — — 312 — — 312
total comprehensive income  — — 312 100 — 212
balance as at 31 december 2013  14165 8654 311 690 6 4516
issue of shares net of share issue costs  1694 — — — — 1694
share‑based payment charge  — — — — 99 99
transactions with owners  1694 — — —  99 1793
profit for the year   — — — 1991 — 1991
other comprehensive income  — — 32 — — 32
total comprehensive income  — — 32 1991  1959
balance as at 31 december 2014  15859 8654 343 1301 105 8268
for the year ended 31 december 2014
consolidated statement of changes in equity 28
syqic plc 
annual report 2014
      2014 2013  
     note £’000 £’000
cash flows from operating activities      
profit before income tax      2094 100
adjustments      
  depreciation of property plant and equipment    9 40 77
 amortisation of intangible assets     10 189 59
 loss on disposal of property plant and equipment     —  1
 fair value loss on trade receivables     11 330 187
  unwinding of fair value loss on trade receivables     188 42
 investment written off      —  1
 share option charge      99 7
 fixed assets written off      — 9
 interest expense     5 13 11
operating cash flow before working capital changes     2577 410
increase in trade and other receivables      3935 1908
increasedecrease in trade and other payables     398 437
increasedecrease in amounts due to directors      88 92
increasedecrease in related company      — 1
increasedecrease in amounts due to shareholders      1 —
cash used in operations      1843 970
interest paid      13 11
income taxes paid      22 —
net cash used in operating activities      1878 981
cash flows from investing activities      
purchase of plant and equipment     9 10 85
sale of fixed assets      — 1
acquisition of intangibles     10 570 —
development of intangible assets     10 — 342
receipt of government grant      —  150
net cash used in investing activities      580 276
cash flows from financing activities      
proceeds from issue of share capital net of share issue costs   14 1694 2232
draw downrepayment of lease obligations     22 23
net cash generated from financing activities     1672 2255
net decreaseincrease in cash and bank balances     786 998
cash and bank balances at beginning of year     1049 54
effects of foreign currency exchange rate changes      45 3
cash and cash equivalents at end of year    13 218 1049
for the year ended 31 december 2014
consolidated statement of cash flows syqic plc 
annual report 2014 29
introduction strategic report governance financial statements
1 general information 
the company is a public company limited by shares and incorporated in jersey the company is domiciled in jersey with 
its registered office and principal place of business is at 13‑14 esplanade st helier jersey channel islands je1 1bd
the principal activity of the group is the provision of live tv and on‑demand paid video content across various types 
of internet‑enabled consumer electronics devices
basis of preparation 
the company was incorporated under the laws of jersey on 13 november 2013 and on 4 december 2013 acquired the entire 
share capital of syqic capital private limited as a result of this transaction the ultimate shareholders in syqic capital private 
limited received shares in the company in direct proportion to their original shareholdings in syqic capital private limited
in determining the appropriate accounting treatment for this transaction the directors considered ifrs 3 – business 
combinations revised 2008 however they concluded that this transaction fell outside the scope of ifrs 3 revised 2008 
since the transaction described above represents a combination of entities under common control 
in accordance with ias 8 – accounting policies changes in accounting estimates and errors in developing an appropriate 
accounting policy the directors have considered the pronouncements of other standard setting bodies and specifically 
looked to accounting principles generally accepted in the united kingdom “uk gaap” for guidance frs 6 – acquisitions 
and mergers which does not conflict with ifrs and reflects the economic substance of the transaction
under uk gaap the assets and liabilities of both entities are recorded at book value not fair value intangible assets and 
contingent liabilities are recognised only to the extent that they were recognised by the legal acquirer in accordance within 
applicable ifrs no goodwill is recognised any expenses of the combination are written off immediately to the income 
statement and comparative amounts if applicable are restated as if the combination had taken place at the beginning 
of the earliest accounting period presented
therefore although the group reconstruction did not become unconditional until 28 november 2013 these consolidated 
financial statements are presented as if the group structure has always been in place including the activity from 
incorporation of the group’s principal subsidiary both entities had the same management as well as majority shareholders
the consolidated financial statements are presented in pounds sterling which is the currency of the primary economic 
environment in which the company operates all values are rounded to the nearest thousand pounds except where 
otherwise indicated they have been prepared under the historical cost convention except for financial instruments that 
have been measured at fair value through profit and loss
the financial statements have been prepared in accordance with international financial reporting standards as adopted by 
the eu “ifrs” issued by the international accounting standards board “iasb” including related interpretations issued by 
the international financial reporting interpretations committee “ifric”
as permitted by section 105 of the jersey companies act separate financial statements of the company are not presented
certain comparatives have been restated to give a more consistent presentation against current year amounts
going concern
the directors have assessed the company’s ability to continue in operational existence for the foreseeable future in 
accordance with the frc going concern and liquidity risk guidance october 2009
the operations of the group are currently being financed from funds which the company has raised from private placings 
of its shares and loans from certain of its shareholders and directors the group is reliant on the continuing support from its 
existing shareholders and directors and the expected support of future shareholders and directors
 
notes to the financial statements 30
syqic plc 
annual report 2014
1 general information continued 
going concern continued
having made relevant and appropriate enquiries including consideration of the group’s current resources and working 
capital forecasts the directors have a reasonable expectation that at the time of approving the financial statements 
the company has adequate resources to continue in operational existence for at least the next twelve months the group 
held a cash less overdraft balance of £218000 at 31 december 2014 and has funding plans in place to meet the group’s 
planned activities having accepted a new £3 million working capital facility from a malaysian bank in june 2015 which the 
directors believe strongly enhances the group’s working capital position in this regard the directors do recognise that the 
facility can only be operated on a one for three basis and its contribution to the group’s working capital position is closely 
linked to the timing of payment from its major customers
the directors believe that payment terms from its major customers will continue to improve and accordingly the board 
continues to adopt the going concern basis in preparing the financial statements further information regarding trade 
receivables is disclosed in note 11
adoption of new and revised international financial reporting standards
none of the new and revised standards and interpretations that were adopted in the current year were considered to have 
had a material effect to the presentation or disclosures reported in these consolidated financial statements
standards amendments and interpretations to published standards not yet effective
the directors have considered those standards and interpretations which have not been applied in the consolidated financial 
statements but are relevant to the group’s operations that are in issue but not yet effective and do not consider that any 
will have a material impact on the future results of the group
2 basis of consolidation 
the consolidated financial statements include the financial statements of all subsidiaries the financial year ends of all 
entities in the group are coterminous
the financial statements of subsidiaries are included in the consolidated financial statements from the date on which 
control over the operating and financial decisions is obtained and cease to be consolidated from the date on which control 
is transferred out of the group control exists when the company has the power directly or indirectly to govern the 
financial and operating policies of an entity so as to obtain economic benefits from its activities
all intercompany balances and transactions including recognised gains arising from inter‑group transactions have been 
eliminated in full
unrealised losses are eliminated in the same manner as recognised gains except to the extent that they provide evidence 
of impairment
the principal activities of the subsidiaries are as follows
name place of incorporation principal activities
effective 
interest 
syqic capital pte ltd singapore development of software for interactive digital media 
and motion pictures video and television related 
activities
100
syqic capital sdn bhd malaysia provision of project implementation software 
development and related consultancy services
100
syqic uk limited uk provision of ott broadband tv services 100
syqic tech beijing co ltd china non‑trading 70
k‑lifestyle limited malaysia operation of korean entertainment website 100
 incorporated 26 december 2014
 
notes to the financial statements continued syqic plc 
annual report 2014 31
introduction strategic report governance financial statements
3 significant accounting policies 
a critical accounting estimates and assumptions
the preparation of financial information in conformity with ifrs requires the use of certain critical accounting estimates 
it also requires the directors of the company to exercise their judgement in the process of applying the accounting policies 
which are detailed below these judgements are continually evaluated by the directors and management and are based on 
historical experience and other factors including expectations of future events that are believed to be reasonable under the 
circumstances 
the key estimates and underlying assumptions concerning the future and other key sources of estimation uncertainty at the 
statement of financial position date that have a significant risk of causing a material adjustment to the carrying amounts 
of assets and liabilities within the next financial period are reviewed on an ongoing basis revisions to accounting estimates 
are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the 
revision and future periods if the revision affects both current and future periods
trade receivables
the valuation of trade receivables has been reached on the basis that the full value of customer balances will be recovered 
management believe that the extended payment terms experienced with some key customers is no reflection of their ability 
or intention to meet the payments and is caused by the time involved in reconciling the payments due to the company and 
the two stage payment process involved in dealing through a third party 
a provision has been taken to achieve a fair valuation of trade receivables in respect of the time value of money concept 
valuation of intangible assets
the determination of the fair value of assets and liabilities whether arising from separate purchases or from the acquisition 
as part of business combinations and development expenditure which is expected to generate future economic benefits 
are based to a considerable extent on management’s judgement
the fair value of these assets is determined by discounting estimated future net cash flows generated by the asset where 
no active market for the assets exists the use of different assumptions for the expectations of future cash flows and the 
discount rate would change the valuation of the intangible assets
allocation of the purchase price to each asset affects the results of the group as finite lived intangible assets are amortised 
over their estimated useful lives the useful life used to amortise intangible assets relates to the expected future performance 
of the assets acquired and management’s estimate of the period over which economic benefit will be derived from the asset
the estimated useful life principally reflects management’s view of the average economic life of each asset and is assessed 
by reference to historical data and future expectations any reduction in the estimated useful life would lead to an increase 
in the amortisation charge 
deferred consideration
in some instances the cost of acquiring a business or assets will not be known at the time of acquisition as it will depend in 
part on the achievement of certain performance criteria at a future date management exercises its judgement in estimating 
the future value of the anticipated deferred consideration
in particular on 18 august 2014 the company entered into a conditional asset purchase agreement to acquire maaduu 
an online video‑on‑demand service providing korean content across multiple devices which was owned by playtv asia sdn bhd 
“playtv asia” for a consideration of up to rm5500000 approximately £1030000 plus £60000 of shares in syqic plc 
the initial consideration of rm3100000 approximately £570000 was paid on completion 
two additional payments of rm1500000 approximately £275000 and rm 900000 approximately £165000 are payable 
together with the issue of £60000 of shares in the company on the achievement of certain short‑term performance 
criteria the directors have reviewed the financial performance of the service and have determined that neither of the 
additional payments nor the issue of shares are likely to fall due accordingly no provision has been made for this deferred 
consideration  32
syqic plc 
annual report 2014
3 significant accounting policies continued 
a critical accounting estimates and assumptions continued
impairment reviews
ifrs requires management to undertake an annual test for impairment of indefinite lived assets and for finite lived assets 
to test for impairment if events or changes in circumstances indicate that the carrying amount of an asset may not be 
recoverable
management assesses the impairment of intangible assets subject to amortisation whenever events or changes in 
circumstances indicate that the carrying value may not be recoverable factors considered important that could trigger 
an impairment review include the following
•	 significant underperformance relative to historical or projected future operating results
•	 significant changes in the manner of the use of the acquired assets or the strategy for the overall business and
•	 significant negative industry or economic trends
the complexity of the estimation process and issues related to the assumptions risks and uncertainties inherent in the 
application of the group’s accounting estimates in relation to finite lived intangible assets affect the amounts reported in the 
financial statements especially the estimates of the expected useful economic lives and the carrying values of those assets 
the group prepares and approves a detailed annual budget and a three year management plan for its operations which are 
used in the value in use calculations
if business conditions were different or if different assumptions were used in the application of this and other accounting 
estimates it is likely that materially different amounts could be reported in the group’s financial statements
management reviews loans and receivables for objective evidence of impairment at least quarterly significant financial 
difficulties of the debtor the probability that the debtor will enter bankruptcy and default or significant delay in payments 
are considered objective evidence that a receivable is impaired in determining this management makes a judgement 
as to whether there is observable data indicating that there has been a significant change in the payment ability of the 
debtor or whether there have been significant changes with adverse effect in the technological market economic or legal 
environment in which the debtor operates
where there is objective evidence of impairment management makes a judgement as to whether an impairment loss should 
be recorded as an expense in determining this management uses estimates based on historical loss experience for assets 
with similar credit risk characteristics the methodology and assumptions used for estimating both the amount and timing of 
future cash flows are reviewed regularly to reduce any differences between the estimated loss and actual loss experience
i impairment of financial assets
all financial assets other than those categorised at fair value through profit or loss are assessed at the end of each 
reporting period as to whether there is any objective evidence of impairment as a result of one or more events having an 
impact on the estimated future cash flows of the asset 
an impairment loss in respect of loans and receivables financial assets is recognised in profit or loss and is measured as the 
difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the 
financial asset’s original effective interest rate
in a subsequent period if the amount of the impairment loss decreases and the decrease can be related objectively to an 
event occurring after the impairment was recognised the previously recognised impairment loss is reversed through profit 
or loss to the extent that the carrying amount of the asset at the date the impairment is reversed does not exceed what the 
amortised cost would have been had the impairment not been recognised
 
notes to the financial statements continued syqic plc 
annual report 2014 33
introduction strategic report governance financial statements
ii impairment of non‑financial assets
the carrying values of intangible assets are reviewed at the end of each reporting period for impairment when there is an 
indication that the assets might be impaired impairment is measured by comparing the carrying values of the assets with 
their recoverable amounts the recoverable amount of the assets is the higher of the assets’ fair value less costs to sell and 
their value in use which is measured by reference to discounted future cash flow
an impairment loss is recognised in profit or loss immediately
in respect of assets other than goodwill and when there is a change in the estimates used to determine the recoverable 
amount a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss 
and is recognised to the extent of the carrying amount of the asset that would have been determined net of amortisation 
and depreciation had no impairment loss been recognised the reversal is recognised in profit or loss immediately
b currency translation 
i functional and presentation currency 
the individual financial information of each group entity is measured in the currency of the primary economic environment 
in which the entity operates its functional currency the consolidated financial statements of the group are presented in 
pounds sterling which is the presentation currency of syqic plc the “company” 
ii transactions and balances 
transactions in foreign currencies are converted into the respective functional currencies on initial recognition using 
the exchange rates approximating those ruling at the transaction dates monetary assets and liabilities at the end of the 
reporting period are translated at the rates ruling as of that date non‑monetary assets and liabilities are translated using 
exchange rates that existed when the values were determined all exchange differences are recognised in profit or loss
iii foreign operations 
assets and liabilities of foreign operations are translated to pounds sterling at the rates of exchange ruling at the end of the 
reporting period revenues and expenses of foreign operations are translated at exchange rates approximating those ruling 
at the dates of the transactions all exchange differences arising from translation are taken directly to other comprehensive 
income and accumulated in equity under the foreign exchange translation reserve on the disposal of a foreign operation 
the cumulative amount recognised in other comprehensive income relating to that particular foreign operation is reclassified 
from equity to profit or loss
fair value adjustments arising from the acquisition of foreign operations are treated as assets and liabilities of the foreign 
operations and are recorded in the functional currency of the foreign operations and translated at the closing rate at the 
end of the reporting period all exchange differences are recognised in other comprehensive income 34
syqic plc 
annual report 2014
3 significant accounting policies continued
c related parties 
a related party is defined as follows
i a person or a close member of that person’s family is related to the company or its subsidiaries if that person 
a has control or joint control over the subsidiaries
b has significant influence over the subsidiaries or
c is a member of the key management personnel of the company or its subsidiaries 
ii an entity is related to the company or its subsidiaries if any of the following conditions apply 
a the entity and the subsidiaries are members of the same group which means that each parent subsidiary and 
fellow subsidiary is related to the others
b one entity is an associate or joint venture of the other entity or an associate or joint venture of a member of a 
group of which the other entity is a member
c both entities are joint ventures of the same third party
d one entity is a joint venture of a third entity and the other entity is an associate of the third entity
e the entity is a post‑employment benefit plan for the benefit of employees of either the subsidiaries or an entity 
related to the subsidiaries
f the entity is controlled or jointly controlled by a person identified in i or
g a person identified in ia has significant influence over the entity or is a member of the key management 
personnel of the entity or of a parent of the entity
close members of the family of an individual are those family members who may be expected to influence or be influenced 
by that individual in their dealings with the entity
d property plant and equipment 
all items of property plant and equipment are initially recorded at cost the cost of an item of property plant and 
equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset 
to the location and condition necessary for it to be capable of operating in the manner intended the cost of an item of 
property plant and equipment including subsequent expenditure is recognised as an asset if and only if it is probable that 
future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably 
all repair and maintenance expenses are recognised in profit or loss when incurred
after initial recognition property plant and equipment is stated at cost less accumulated depreciation and any accumulated 
impairment loss
all items of property plant and equipment are depreciated using the straight‑line method to write off the cost of the assets 
over their estimated useful lives as follows
       useful lives
computers and software       10 years
motor vehicles       5 years
furniture and fittings       5 years
renovations       5 years
the estimated useful life and depreciation method are reviewed and adjusted as appropriate at each reporting date to 
ensure that the amount method and period of depreciation are consistent with the expected pattern of economic benefits 
from items of property plant and equipment fully depreciated assets are retained in the financial statements until they are 
no longer in use
 
notes to the financial statements continued syqic plc 
annual report 2014 35
introduction strategic report governance financial statements
an item of property plant and equipment is de‑recognised upon disposal or when no future economic benefits are 
expected from its use or disposal the gain or loss on retirement or disposal is determined as the difference between any 
sales proceeds and the carrying amounts of the asset and is recognised in profit or loss within other incomeexpenses
e intangible assets
all intangible assets except goodwill are stated at cost less accumulated amortisation and any accumulated 
impairment losses
acquisition related intangible assets
the user base and related software acquired as part of the acquisition of the maaduu service in august 2014 as described 
in note 10 are amortised over their estimated useful lives which are individually assessed by management the estimated 
useful life of each of these assets is three years
where such intangible assets are not yet available for use they are tested for impairment annually or more frequently 
if the events or changes in circumstances indicate that the carrying value may be impaired either individually or at the 
cash‑generating unit level such intangible assets are not amortised
gains or losses arising from de‑recognition of an intangible asset are measured as the difference between the net disposal 
proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is de‑recognised
research and development expenditure
research expenditure is recognised as an expense when it is incurred
development costs are recognised as an expense except that costs incurred on development projects are capitalised as 
long‑term assets to the extent that such expenditure is expected to generate future economic benefits development 
expenditure is capitalised if and only if the group can demonstrate all of the following
•	 its ability to measure reliably the expenditure attributable to the asset under development
•	 the product or process is technically and commercially feasible
•	 its future economic benefits are probable
•	 its ability to use or sell the developed asset and
•	 the availability of adequate technical financial and other resources to complete the asset under development
capitalised development expenditure is measured at cost less accumulated amortisation and impairment losses if any 
development expenditure initially recognised as an expense is not recognised as assets in subsequent periods
capitalised development expenditure is amortised on a straight‑line method over a period of five years and begins 
when development is complete and the asset is available for sale or use in the event that it is no longer probable 
that the expected future economic benefits will be recovered the development expenditure is written down to its 
recoverable amount
f financial instruments
financial instruments are recognised in the statements of financial position when the group has become a party to the 
contractual provisions of the instruments
financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement 
interest dividends gains and losses relating to a financial instrument classified as a liability are reported as an expense or 
income distributions to holders of financial instruments classified as equity are charged directly to equity
financial instruments are offset when the group has a legally enforceable right to offset and intends to settle either on 
a net basis or to realise the asset and settle the liability simultaneously
a financial instrument is recognised initially at its fair value plus in the case of a financial instrument not at fair value 
through profit or loss transaction costs that are directly attributable to the acquisition or issue of the financial instrument
financial instruments recognised in the statements of financial position are disclosed in the individual policy statement 
associated with each item 36
syqic plc 
annual report 2014
3 significant accounting policies continued
f financial instruments continued
financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or 
have been transferred and the group has transferred substantially all the risks and rewards of ownership on derecognition 
of a financial asset in its entirety the difference between the carrying amount and the sum of the consideration received and 
any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss 
i financial assets 
on initial recognition financial assets are classified as either financial assets at fair value through profit or loss 
held‑to‑maturity investments loans and receivables financial assets or available‑for‑sale financial assets as appropriate 
the group classifies all its financial assets as loans and receivables the classification depends on the purpose for which the 
financial assets were acquired management determines the classification of its financial assets at initial recognition 
loans and receivables financial assets
trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market 
are classified as loans and receivables financial assets loans and receivables financial assets are measured at amortised 
cost using the effective interest method less any impairment loss interest income is recognised by applying the effective 
interest rate except for short‑term receivables when the recognition of interest would be immaterial the group’s loans and 
receivables financial assets comprise trade and other receivables and cash and cash equivalents included in the consolidated 
statement of financial position
ii financial liabilities
financial liabilities are recognised when and only when the group becomes a party to the contractual provisions of the 
financial instrument 
all of the group’s financial liabilities are classified as financial liabilities measured at amortised cost
all financial liabilities are recognised initially at fair value plus directly attributable transaction costs and subsequently 
measured at amortised cost using the effective interest method other than those categorised as fair value through profit 
or loss
fair value through profit or loss category comprises financial liabilities that are either held for trading or are designated to 
eliminate or significantly reduce a measurement or recognition inconsistency that would otherwise arise derivatives are 
also classified as held for trading unless they are designated as hedges there were no financial liabilities classified under 
this category
a financial liability is de‑recognised when the obligation under the liability is discharged cancelled or expires when an 
existing financial liability is replaced by another from the same party on substantially different terms or the terms of an 
existing liability are substantially modified such an exchange or modification is treated as a de‑recognition of the original 
liability and the recognition of a new liability and the difference in the respective carrying amounts is recognised in the 
profit or loss 
iii equity instruments
ordinary shares are classified as equity incremental costs directly attributable to the issue of new shares or options are 
shown in equity as a deduction net of tax from proceeds dividends on ordinary shares are recognised as liabilities when 
approved for appropriation
 
notes to the financial statements continued syqic plc 
annual report 2014 37
introduction strategic report governance financial statements
g leases
the group holds certain computer equipment and motor vehicles under finance leases finance leases which transfer to the 
group substantially all the risks and rewards incidental to ownership of the leased item are capitalised at the inception of 
the lease at the fair value of the leased item or if lower at the present value of the minimum lease payments any initial 
direct costs are also added to the amount capitalised lease payments are apportioned between the finance charges and 
reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability finance 
charges are charged directly to profit or loss capitalised lease assets are depreciated over the shorter of the estimated useful 
life of the asset or the lease term if there is no reasonable certainty that the group will obtain ownership by the end of the 
lease term
the group also leases certain property under operating leases operating lease payments are recognised as an expense on 
a straight‑line basis over the lease term except where another systematic basis is more representative of the time pattern 
in which economic benefits from the leased asset are consumed
h share capital 
proceeds from issuance of ordinary shares are classified as stated capital in equity incremental costs directly attributable 
to the issuance of new ordinary shares are deducted against share capital
i revenue recognition 
revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the 
revenue can be reliably measured regardless of when the payment is made revenue is measured at the fair value of the 
consideration received or receivable excluding discounts rebates and sales taxes or duty the group assesses its revenue 
arrangements to determine if it is acting as principal or agent the group has concluded that it is acting as a principal in all 
of its revenue arrangements 
revenue from subscriptions and support services are recognised over the specific period of respective service agreements 
in making its judgement management considered the detailed criteria for the recognition of revenue set out in 
ias 18 – revenue the directors of the group are satisfied that the significant risks and rewards are transferred and that 
the recognition of revenue over the duration of a contract or agreement is appropriate
j income taxes 
income tax for each reporting period comprises current and deferred tax
current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured 
using the tax rates that have been enacted or substantively enacted at the end of the reporting period
deferred tax is provided in full using the liability method on temporary differences arising between the tax bases of assets 
and liabilities and their carrying amounts in the financial statements 
deferred tax liabilities are recognised for all taxable temporary differences other than those that arise from goodwill or 
excess of the group’s interest in the net fair value of the acquired company’s identifiable assets liabilities and contingent 
liabilities over the business combination costs or from the initial recognition of an asset or liability in a transaction which is 
not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit
deferred tax assets are recognised for all deductible temporary differences unused tax losses and unused tax credits to the 
extent that it is probable that future taxable profits will be available against which the deductible temporary differences 
unused tax losses and unused tax credits can be utilised the carrying amounts of deferred tax assets are reviewed at the end 
of each reporting period and reduced to the extent that it is no longer probable that sufficient future taxable profits will be 
available to allow all or part of the deferred tax assets to be utilised
deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is 
realised or the liability is settled based on the tax rates that have been enacted or substantively enacted at the end of the 
reporting period
deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against 
current tax liabilities and when the deferred income taxes relate to the same taxation authority 38
syqic plc 
annual report 2014
3 significant accounting policies continued
j income taxes continued
unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become 
probable that future taxable profit will allow deferred tax assets to be recovered
deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss deferred tax items are 
recognised in correlation to the underlying transactions either in other comprehensive income or directly in equity 
deferred tax arising from a business combination is included in the resulting goodwill or excess of the group’s interest 
in the net fair value of the acquired company’s identifiable assets liabilities and contingent liabilities over the business 
combination costs 
k government grants
the government grant is to promote research and development and operates on a reimbursement basis and following a 
submission effectively an expense claim which goes through an approval process the grant is disbursed and receipt is 
treated as reducing some development expenses initially capitalised as an intangible asset thus the grant is recognised in 
profit and loss over the life of the development cost asset by way of reduced amortisation charge
l share‑based payment arrangements
equity‑settled share‑based payments to employees and others providing similar services are measured at the fair value of 
the equity instruments at the grant date details regarding the determination of the fair value of equity‑settled share‑based 
transactions are set out in note 22 to the consolidated financial statements
the fair vale determined at the grant date of the equity‑settled share‑based payments is expensed on a straight‑line basis 
over the vesting period based on the group’s estimate of equity instruments that will eventually vest with a corresponding 
increase in equity at the end of each reporting period the group revises its estimate of the number of equity instruments 
expected to vest the impact of the revision of the original estimates if any is recognised in profit or loss such that the 
cumulative expense reflects the revised estimate with a corresponding adjustment to other reserves
4 segmental analysis 
ifrs 8 requires operating segments to be identified on the basis of internal reports about components of the group that are 
regularly reviewed by the chief operating decision maker which takes the form of the board of directors of the company as 
defined in ifrs 8 in order to allocate resources to the segment and to assess its performance 
based on management information there is only one operating segment revenues are reviewed based on the products and 
services provided
the directors of the company consider the principal activity of the group to be that of a provider of ott live tv and 
on‑demand paid video content across mobile internet‑enabled consumer electronics devices such as mobile phones and 
tablets and to consummate one reportable segment that of the provision of ott live tv and on‑demand paid video 
content services 
revenues derived from major customers which individually represent 10 or more of total revenue are as follows
      2014  2013  
      £’000 £’000
customer a      5565 2925
customer b      4644 900
customer c      301 629
other customers       162 257
      10672 4711
all revenues were generated by operations in southeast asia in each of the two years ended 31 december 2014
 
notes to the financial statements continued syqic plc 
annual report 2014 39
introduction strategic report governance financial statements
5 finance costs 
      2014 2013 
      £’000 £’000
lease obligations interest      8 9
other interest      5 2
      13 11
6 profit before income tax
this is determined after chargingcrediting the following
      2014 2013 
      £’000 £’000
depreciation of property plant and equipment note 9    40 77
amortisation of intangible assets note 10     189 59
audit fee      
– auditor of syqic plc      24 23
– fees payable to the company’s auditor and associates for other services   — 16
– fees payable to auditors of subsidiaries      21 14
fair value loss on trade receivables      330  187
unwinding of fair value loss on trade receivables     188 42
research and development expenses included in staff costs below    591 336
operating lease expenses      111 35
foreign exchange gains      55 —
foreign exchange losses      151 59
staff costs including directors      1321 933
the average number of employees including the directors during the year was as follows
      2014 2013
directors and commercial      3 4
technical      23 29
administration      9 9
      35 42
total remuneration of key management personnel being the directors of the company is set out below in aggregate for 
each of the relevant categories specified in ias 24 – related party disclosures
      2014 2013 
      £’000 £’000
short‑term employee benefits      342 235
further details relating to the remuneration of key management can be found in the directors’ report on page 17 40
syqic plc 
annual report 2014
7 income tax expense 
the major components of income tax expense for each year were
      2014 2013 
      £’000 £’000
current tax      
– current year      9 —
– under provision in prior years      43 —
deferred tax note 16    
– current year reversal of deferred tax assets     51 —
      103 —
a reconciliation of income tax expense applicable to the profit before taxation at the statutory tax rates to the income tax 
expense at the effective tax rate of the subsidiaries is as follows 
      2014 2013 
      £’000 £’000
profit before taxation      2094 100
tax at the company’s applicable tax rate of 0 2013 0    —  —
tax effect of       
– different tax rates in other countries      699 435
– expenses not deductible for tax purposes     24 17
– income not taxable      1011 443
– deferred tax assets not recognised      297 11
– under provision in prior years      43 —
– deferred tax assets written‑off      51 —
– loss relief      —  20
income tax expense      103 —
deferred tax assets were written off in a subsidiary company as the directors consider that it is no longer probable that 
sufficient future taxable profits will be available to allow all or part of the deferred tax assets to be utilised
there is no taxation arising from other comprehensive income
 
notes to the financial statements continued syqic plc 
annual report 2014 41
introduction strategic report governance financial statements
8 earnings per share 
basic earnings per share is calculated by dividing the profit attributable to equity holders by the weighted average number 
of ordinary shares in issue during the year
diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume 
conversion of all dilutive potential shares 
      2014 2013 
      £’000 £’000
profit after tax attributable to owners of the group     1991 100
weighted average number of shares      
basic      24450900 15744618
adjustment for share options      15311 —
diluted      24466211 15744618
earnings per share pence      
basic      814 064
diluted      814 064
profit for the year attributable to owners of the group    1991 100
adjustments for
aim transaction costs      — 471
profit for the year attributable to owners of the group before aim transaction costs  1991 571
adjusted earnings per share excluding aim transaction costs pence
basic      814 363
diluted      814 363 42
syqic plc 
annual report 2014
9 property plant and equipment 
   computers motor  furniture   
   and software vehicles and fittings renovations total 
   £’000 £’000 £’000 £’000 £’000
cost      
as at 1 january 2013   354 161 53  —  568
additions   17 46 12 10 85
disposals   11 —  1 — 12
foreign currency translation adjustments   32 14 4 — 50
as at 31 december 2013   328 193 60 10 591
additions   6 — 4 — 10
foreign currency translation adjustments   — — — — —
as at 31 december 2014   334 193 64 10 601
accumulated depreciation      
as at 1 january 2013   253 130 41 — 424
charge for the year   36 36 4 1 77
foreign currency translation adjustments   23 12 3 —  38
as at 31 december 2013   266 154 42 1 463
charge for the year   29 4 5 2 40
disposal   2 — — — 2
foreign currency translation adjustments   —  — — — —
as at 31 december 2014   293 158 47 3 501
net carrying amount      
as at 31 december 2014   41 35 17 7 100
as at 31 december 2013   62 39 18 9 128
assets held under finance leases 
the carrying amounts of computers and motor vehicles held under finance leases at 31 december 2014 were £7500 
2013 £31000 and £35000 2013 £40000 respectively
 
notes to the financial statements continued syqic plc 
annual report 2014 43
introduction strategic report governance financial statements
10 intangible assets
    development  user   
    costs base software  totals  
    £’000 £’000 £’000 £’000
cost        
as at 1 january 2013    532 — — 532
additions    192 — — 192
foreign currency translation adjustments    19 — — 19
as at 31 december 2013    705 — — 705
additions     — 529 41 570
foreign currency translation adjustments    9 1 — 10
as at 31 december 2014    714 530 41 1285
amortisation        
as at 1 january 2013    — — — —
charge for the year    59 — — 59
as at 31 december 2013    59 — — 59
charge for the year    141 45 3 189
as at 31 december 2014    200 45 3  248
net carrying amount      
as at 31 december 2014    514 485 38 1037
as at 31 december 2013    646 — — 646
the user base and related software costs were acquired in august 2014 when the company entered into a conditional asset 
purchase agreement to acquire maaduu an online video‑on‑demand service providing korean content across multiple 
devices which has now been rebranded as ‘cool2vu’
these assets were put into commercial use in october 2014 and are being amortised over three years on a straight‑line basis 
capitalised development costs are amortised over five years on a straight‑line basis 
amortisation charges are included in administrative expenses within the consolidated statement of comprehensive income 
as disclosed in note 6
impairment tests for intangibles
the recoverable amount of each intangible asset was determined based on value in‑use calculations in relation to syqic 
capital sdn bhd “scsb” the principal operating subsidiary cash flow projections used in these calculations were based 
on financial budgets with assumptions for revenues margins and growth rates and which were approved by management 
covering a three year period these assumptions were used for the analysis of the cash generating unit “cgu” of scsb 
within the business on a consistent basis each year management determined budgeted gross margins based on its 
expectations of market developments the weighted average growth rates used were consistent with the forecasts included 
in industry reports the discount rates used were pre‑tax and reflected specific risks relating to the relevant segments 44
syqic plc 
annual report 2014
11 trade receivables 
      2014 2013 
      £’000 £’000
trade receivables      7020 3728
less non‑current portion      768 2251
current portion      6252 1477
included in the trade receivables at 31 december 2014 is an amount equivalent to £4932000 31 december 2013 £3703000 owed by 
a foreign customer of which approximately £1335000 31 december 2013 £1622000 has been outstanding for more than a year
scsb agreed two payment plans in respect of both 2012 and 2013 sales with the foreign customer a master content provider 
‘’mcp’’ during the prior year under these plans a total of £1567000 is being paid in monthly instalments during 2015 
with six monthly payments totalling £768000 to be made the following year with the final payment to settle the debt in full 
in june 2016 as the debt was not due to be fully repaid until june 2016 amounts receivable under the payment plan agreed 
were discounted at the rate of 66 with such discount being unwound over the remaining course of the payment plan 
in addition amounts invoiced during 2014 have been discounted at a discount rate of 775 over the period they are to be 
expected to be settled to reflect the time value of money 
in assessing the recoverability of this debt the directors have given due consideration to all pertinent information relating 
to the ability of the mcp customer to settle the debt and expect this amount to be fully recoverable in particular billings in 
respect of 2012 and 2013 have been settled against payment plans agreed between the parties at the end of the respective 
years the 2012 payment plan comprised scheduled monthly payments from january 2013 to december 2015 while the 2013 
plan covered the period january 2014 to june 2016 both these plans have been adhered to in terms of payment dates and 
amounts accordingly no further impairment has been made in respect of this amount
other than the debt with the foreign customer described above the group’s credit terms range between 30 and 90 days
trade receivables and the aggregate amounts of discount applied in each year are as follows
      2014 2013 
      £’000 £’000
trade receivables gross      7468 4034
imputed interestunwind of discount at amortised cost    
at 1 january      306 161
discounting expense resulting from adjusting new receivables with the mcp to present value  330 187
unwind of discount under other income      188 42
at 31 december      448 306
trade receivables net of discount      7020 3728
ageing analysis 
the ageing analysis of trade receivables as at each of the two years ended 31 december 2014 is as follows
       2014 2013 
      £’000 £’000
not past due and not impaired      2866 3538
past due but not impaired      
– past due less than three months      1751 87
– past due three to six months      1459 103
– past due over six months      944 —
      4154 190
      7020 3728
 
notes to the financial statements continued syqic plc 
annual report 2014 45
introduction strategic report governance financial statements
12 other receivables deposits and prepayments 
      2014 2013 
      £’000 £’000
other receivables      11 44
deposits       8 10
prepayments      566 29
      585 83
13 cash and cash equivalents 
for the purpose of the statement of cash flows cash and cash equivalents comprise the following 
      2014 2013 
      £’000 £’000
cash and bank balances      218 1078
short‑term borrowings      — 29
      218 1049
14 stated capital account 
 2014 2013
  
      stated  stated  
    number capital number capital 
    of shares £’000 of shares £’000
on incorporation       2 —
at beginning of the year    23198845 14165 — —
issuance of shares    3700000 1850 23198843 14383
less share issue costs    — 156 — 218
at the end of the year    26898845 15859 23198845 14165
the company has no authorised share capital all ordinary shares have a nil par value
all issued share capital is fully paid up
on 26 august 2014 the company conditionally placed 3700000 ordinary shares of nil par value at 50p per share to raise 
£185 million of which £025 million was subject to an egm before expenses from existing and new shareholders a total of 
3200000 shares were placed and admitted to aim on 26 august 2014 on 8 september 2014 approval for the issue of the 
balance of shares over and above the board’s approval level was given and 500000 shares were placed and admitted to aim 
on 9 september 2014
15 reserves 
the merger reserve arose on the group reorganisation described in note 1 basis of preparation the reserve is 
non‑distributable
the share option reserve arises from the requirement to value share options in existence at the year end at fair value 
see note 22
the translation reserve represents cumulative foreign exchange differences arising from the translation of the financial 
statements of foreign subsidiaries and is not distributable by way of dividends 46
syqic plc 
annual report 2014
16 deferred tax 
      2014 2013 
      £’000 £’000
deferred tax assets  
at beginning of year      52  52 
recognised in the consolidated statement of comprehensive income note 7   51 —
foreign currency translation adjustments      1 —
at end of year      — 52
deferred tax assets are recognised to the extent that it is probable that the future taxable profits will allow the deferred tax 
assets to be recovered in the year ended 31 december 2014 the balance was considered to be irrecoverable and has been 
written off in full 
subject to the agreement of tax authorities the group has unutilised tax losses of approximately £44 million 2013 £23 million 
available for offset against future taxable profits and for which no deferred tax asset has been provided
17 other payables and accruals 
       2014  2013 
      £’000 £’000
other payables       167 372
accrued expenses      148 160
      315 532
18 financial instruments 
financial risk management objectives and policies
it is the group’s policy not to trade in derivative contracts
the main risks arising from the group’s financial instruments are foreign currency risk interest rate risk credit risk capital 
risk and liquidity risk the group does not have formal risk management policies and guidelines however the board of 
directors reviews and agrees policies for managing each of these risks as summarised below 
i market risk
a foreign exchange risk 
the group is exposed to foreign currency risk on transactions and balances that are denominated in currencies other than 
pounds sterling the functional currencies giving rise to this risk are primarily the malaysian ringgit singapore dollar and 
indonesian rupiah foreign currency risk is monitored closely on an ongoing basis to ensure that the net exposure is at an 
acceptable level 
 
notes to the financial statements continued syqic plc 
annual report 2014 47
introduction strategic report governance financial statements
the group maintains a natural hedge whenever possible by matching the cash inflows revenue stream and cash outflows 
used for purposes such as capital and operational expenditure in the respective currencies the carrying amounts of the 
group’s monetary assets and liabilities at the end of each reporting period were as follows
 singapore united states malaysian  indonesian pounds   
 dollar dollar ringgit rupiah sterling others total 
as at 31 december 2014 £’000 £’000 £’000 £’000 £’000 £’000 £’000
financial assets       
trade receivables —  —  5422 1594 —  4  7020
other receivables and deposits — — 8 —  7 —  15
cash and bank balances —  —  175 —  43 —  218
 — — 5605 1594 50 4 7253
financial liabilities       
trade payables 16 3 8 —  39 —  66
other payables and accruals 51 —  127 —  113 24 315
other financial liabilities 27  —  273 —  11 —  311
 94 3 408 —  163 24 692
foreign currency exposure 94 3 5197 1594 113 20 6561
 singapore united states malaysian  chinese pounds   
 dollar dollar ringgit renminbi sterling others total 
as at 31 december 2013 £’000 £’000 £’000 £’000 £’000 £’000 £’000
financial assets       
trade receivables — — 3316 — — 412 3728
other receivables and deposits 1 — 32 1 49 — 83
cash and bank balances — 1 4 — 1073 — 1078
 1 1 3352 1 1122 412 4889
financial liabilities       
trade payables — — 283 —  9 —  292
other payables and accruals 255  — 314 23 167 — 759
other financial liabilities — — 149 —  —  — 149
 255 — 746 23 176 — 1200
foreign currency exposure 254 1 2606 22 946 412 3689 48
syqic plc 
annual report 2014
18 financial instruments continued
financial risk management objectives and policies continued
i market risk continued
a foreign exchange risk continued
the following table details the sensitivity analysis to possible changes in the relative values of foreign currencies to which the 
group is exposed as at the end of each year with all other variables held constant
      31 december 31 december 
      2014 2013 
      increase increase 
      decrease decrease 
      £’000 £’000
effects on profit after taxationequity
singapore dollar
– strengthened by 10      9 25
– weakened by 10      9 25
malaysian ringgit
– strengthened by 10      520 261
– weakened by 10      520 261
indonesian rupiah
– strengthened by 10      159 — 
– weakened by 10      159 — 
others  
– strengthened by 10      2 39
– weakened by 10      2 39
b interest rate risk 
interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes 
in market interest rates 
interest rate risk sensitivity analysis 
as the group does not have significant third party borrowings a 100 basis points strengtheningweakening of the interest 
rate as at the end of each year would have immaterial impact on profit after taxation andor equity this assumes that all 
other variables remain constant
ii liquidity risk 
the group monitors liquidity risk and maintains a level of cash and bank balances deemed adequate by management to 
finance the group’s operations and to mitigate the effects of fluctuations in cash flows typically the group ensures that 
it has sufficient cash on demand to meet expected operational expenses including the servicing of financial obligations
 
notes to the financial statements continued syqic plc 
annual report 2014 49
introduction strategic report governance financial statements
the following tables detail the remaining contractual maturity for non‑derivative financial liabilities the tables have been 
drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the group can be 
required to pay
      on demand or within two 
      within one year to five years 
      £’000 £’000
as at 31 december 2014      
trade payables      66 — 
other payables and accruals      315 — 
other financial liabilities      248 79
      629 79
as at 31 december 2013      
trade payables      292 — 
other payables and accruals      532 — 
other financial liabilities      278 97
      1102 97
iii credit risk 
credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the 
group for trade receivables the group adopts the policy of dealing only with customers of appropriate credit history and 
obtaining sufficient security where appropriate to mitigate credit risk for other financial assets the group adopts the policy 
of dealing only with high credit quality counterparties in addition receivables are closely monitored on an ongoing basis 
management defines major credit risk as exposure to a concentration exceeding 10 of a total class of such asset
the group’s trade receivables at 31 december 2014 included two customers 2013 one customer that collectively 
represented 99 2013 87 of trade receivables
as the group does not hold any collateral the maximum exposure to credit risk for each class of financial instruments is the 
carrying amount of that class of financial instruments presented in the consolidated statement of financial position
the group’s trade receivables are non‑interest bearing and credit terms range between 30 and 90 days receivables are 
recognised at their original invoice amounts which represent their fair values on initial recognition
the credit risk for trade receivables based on the information provided to key management is as follows
       2014 2013 
      £’000 £’000
by geographical areas     
– indonesia      6968 3602
– philippines      4 3
– malaysia      48 123
      7020 3728
the carrying amounts of cash and bank balances trade and other receivables represent the group’s maximum exposure to 
credit risk in relation to financial assets no other financial assets carry a significant exposure to credit risk
cash and bank balances are placed with reputable local financial institutions therefore credit risk arises mainly from the 
inability of customers to make payments when due the amounts presented in the consolidated statement of financial 
position are net of fair value adjustments and allowances for impairment of receivables estimated by management based 
on prior experience and the current economic environment 50
syqic plc 
annual report 2014
18 financial instruments continued
financial risk management objectives and policies continued
iv capital risk management 
management defines capital as the total equity of the group the group’s objectives when managing capital are to 
safeguard the group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for 
other stakeholders and to maintain an optimal capital structure to reduce the cost of capital in order to maintain or adjust 
the capital structure the directors may adjust the amount of dividends paid to shareholders return capital to shareholders 
issue new shares or sell assets to reduce debt 
v financial instruments by category 
the carrying amounts of each category of financial instruments are as follows
      2014 2013 
      £’000 £’000
financial assets      
loans and receivables including cash and bank balances    7253 4860
financial liabilities      
financial liabilities at amortised cost      692 801
the carrying value of financial instruments approximates their fair value
19 finance lease obligations
       present 
     minimum lease interest value of 
     payments interest payments 
     £’000 £’000 £’000
at 31 december 2014        
more than one year and not later than five years    91 12 79
later than five years     —  —  —
     91 12 79
not later than one year     25 6 19
     116 18 98
at 31 december 2013       
more than one year and not later than five years    85 18 67
later than five years     32 2 30
     117 20 97
not later than one year     29 6 23
     146 26 120
interest was payable at effective interest rates ranging from 235 to 465 per annum during the year ended 
31 december 2014 2013 235 to 465
20 related party information 
transactions between syqic plc and its subsidiaries which are related companies of syqic plc have been eliminated on 
consolidation and are not disclosed in this note details of transactions between the group and other related companies 
are disclosed below balances relating to transactions with directors are shown in the consolidated statement of 
financial position
 
notes to the financial statements continued syqic plc 
annual report 2014 51
introduction strategic report governance financial statements
transactions with key management personnel
      2014 2013 
      £’000 £’000
amounts due to directors      112 200
the amounts owing to directors are unsecured interest free and are repayable on demand the amounts owing are to be 
settled in cash
directors’ guarantees
there is a personal guarantee and indemnity from muhamad jamal bin muhamad hassim the chief executive officer of the 
company and mohd radzi bin abdul hamid dated 6 december 2011 in support of a hire purchase agreement between 
orix credit malaysia sdn bhd and scsb for computer equipment
there is a personal guarantee from muhamad jamal bin muhamad hassim dated 25 december 2011 in support of a variation 
agreement between scsb and cimb bank berhad dated 25 december 2011 relating to the hire purchase of a motor vehicle
there is a personal guarantee from muhamad jamal bin muhamad hassim and lee ai lin a director of scsb dated 
5 july 2013 in support of a maybank islamic berhad islamic banking facility cash line of rm500000 taken out by scsb
amounts owing to shareholders
      2014 2013 
      £’000 £’000
stream global pte ltd      71 69
sierac corporate advisers sdn bhd      —  1
      71 70
  stream global is a shareholder of syqic plc and chak kong soon is a director
 sierac was a shareholder of scpl the previous parent of the group that was acquired by syqic plc it ceased to be a shareholder during the year ended 
31 december 2013 
the amounts owing to shareholders are unsecured interest‑free and repayable on demand
remuneration of directors and other transactions
the remuneration interests and related party transactions with the directors of the company considered to be the key 
management personnel of the entity are disclosed in the directors’ report
21 operating lease commitments 
the future aggregate minimum lease payments under non‑cancellable operating leases in respect of land and buildings 
contracted for at each reporting date but not recognised as liabilities are as follows
      2014 2013 
      £’000 £’000
operating leases which expire      
within one year      35 34
in the second to fifth years inclusive      78 113
      113 147
payments recognised as an expense under these operating leases were as follows
       2014  2013 
      £’000 £’000
land and buildings      84 35 52
syqic plc 
annual report 2014
22 share options 
during the year ended 31 december 2013 the company granted 500000 share options to employees with an exercise 
price of 527p each the weighted average fair value of the options granted was 4096p per share a charge of £99000 
2013 £6000 has been made to the statement of comprehensive income relating to these options
these fair values were calculated using the black scholes option pricing model the inputs in the model were as follows
stock price       62p
exercise price       527p
interest rate       273
volatility       50
time to maturity       10 years
the expected volatility was determined with reference to similar entities trading on aim 
details of share options outstanding at the year end are as follows
 31 december 2014 31 december 2013
  
     waep   waep  
    number pence number pence
outstanding as at 1 january    500000 527 — —
granted during the year    — — 500000 527 
forfeited during the year    100000 527 — —
options outstanding at 31 december    400000 527 500000 527
exercisable at 31 december    —  — — —
the weighted average remaining contractual life of the options outstanding at the statement of financial position date is 
89 years 
the share options were all granted on 4 december 2013 when the company was admitted to the aim market and vest 
in three annual instalments on the subsequent anniversaries of that date and on exercise will be settled by the issue of 
ordinary shares in the company
an option holder has no voting or dividend rights in the company before the exercise of a share option
 
notes to the financial statements continued glossary
aim alternative investment market
android an operating system developed by google inc which was designed 
primarily for mobile devices
ios an operating system developed by apple inc which was designed 
for mobile devices
ott ott stands for “over the top” and in the field of online media 
delivery refers to services provided over any open internet 
connection rather than via an internet service provider’s own 
dedicated managed network
telcos telecommunications operators andor intermediaries who work on 
behalf of telecommunications operators
yoomob syqic’s mobile video streaming service operated in partnership 
with various telcos
yoomob plus enhanced version of yoomob catering for newer generation 
of smartphones
yoonic syqic mobile video streaming service supplied direct to the 
customer over the internet
designed and produced by  
wwwlyonsbennettcom
this report is printed on magno satin the pulp used in this product is bleached 
using a totally chlorine free process tcf or elemental chlorine free process ecf 
and is produced in a mill that is certified to iso 14001 environmental management 
standards this paper is from responsible sources syqic plc
13‑14 esplanade
st helier
jersey je1 1bd
visit us online
wwwsyqiccom
syqic plc annual report 2014


Summary:
 syqic plc 
annual report 2014 01
introduction strategic report governance financial statements
financial highlights
operating highlights
•	 revenue increased by 
127 to £107 million 
2013 £47 million
•	 substantial increase in profit 
before tax of 250 to 
£21 million 2013 £06 million 
before aim transaction costs of 
£05 million
•	 cash less overdrafts 
of £022 million 
2013 £105 million following 
investment in 2014 into 
premium content licensing 
and the comprehensive 
redesign work for the launch 
of new korean content 
streaming service 
•	 significant decrease in 
long‑term receivables 
balance to £08 million 
2013 £23 million as payment 
terms with indonesian 
customers improve
•	 raised £185 million before 
costs through a placing to 
certain institutional and 
other investors
•	 reduction in revenue 
dependence on main 
indonesian customer
•	 purchased the operating assets 
of the korean content streaming 
site maaduu later renamed as 
‘cool2vu’
•	 established the group’s core 
telco brand in myanmar 
after entering an agreement 
with blue ocean operations 
management ltd
•	 completed a successful 
migration to a global 
networking and hosting solution 
giving more capacity at a 
lower cost
•	 yoomob transaction numbers 
increased from 96 million in 
2013 to 215 million in 2014
post‑period end
•	 67 million yoomob 
subscriptions have been booked 
as at the end of april 2015 
with a revenue value of 
approximately £40 million 
unaudited
•	 strategic partnership with 
global streaming site viki 
secures additional content and 
advertising revenues for syqic
•	 cool2vu later made available 
to users in southeast asia 
europe south america 
central america india and 
the philippines through an 
expansion of the partnership 
with viki
•	 the directors remain 
comfortable on the level of 
the group’s cash balances 
which are currently in excess of 
£650000 when factoring the 
receipt of a further payment 
from the group’s key indonesian 
customer which is in transit and 
anticipated to be received in the 
coming few days
•	 a working capital facility of 
up to £3 million including a 
bank guarantee facility of up 
to £370000 entered into with 
a malaysian bank
•	 since launch the cool2vu 
service has been accessed by 
more than 120000 users in 
181 different countries with 
an average session duration 
of 38 minutes