Financial Results First Semester 2014
Paris, France -
August 29th 2014
IFRS standards (in euro millions) H1 2014 H1 2013 2013
Total Revenues 18,4 15,3 36,7
Cost of Goods Sold and associated services -3,4 -2,0 -4,8
Gross margin 15,0 13,3 31,9
Gross margin rate 81% 87% 87%
Payroll costs -10,0 -8,5 -16,9
Other operating income/costs -6,7 -5,7 -11,1
Depreciation and Amortization -1,1 -1,0 -2,1
Operating result before non-recurring items -2,9 -1,8 1,8
Operating result (incl. non recurring items) -2,9 -1,8 1,8
Financial result -0,2 0,0 -0,1
Income tax -0,1 -0,2 -0,4
Net result (attributable to the Group) -3,2 -2,0 1,3
Dalet's Board of Directors has met on August 29th and approved the consolidated financial statements for the first semester of 2014. These financial statements have been reviewed by the Auditors.
DALET has announced consolidated revenues for the six months period ended June 30, 2014 of 18.4 million, compared to 15.3 million revenues for the same period last year (+20%). Excluding 1.0 million second quarter revenues from its subsidiary AmberFin acquired in early April, Dalet revenues for the semester were up 13%.
Gross Margin (defined as revenues minus cost of goods and third-party services resold) for the semester was 15.0 million, up 12% from 13.3 million for the same period in 2013. An unfavorable mix of sales during the period impacted the gross margin rate which is 81% compared to 87% in the first semester of 2013. The lower margin, combined with an 18% increase in operating expenses, resulted in an operating loss for the semester of 2.9 million, compared to an operating loss of 1.8 million for the first semester of 2013.
AmberFins impact on the consolidated operating result was rather limited, thanks to ongoing restructuring efforts. The operating loss related to AmberFin in the second quarter of 2014 (i.e. post-acquisition) amounted to 0.2 million, compared to a loss of 0.7 million for the first quarter (pre acquisition), for similar revenue amounts in each of these two consecutive quarters.
Net loss (attributable to Group) for the semester was 3.2 million vs. 2.0 million for the same period in 2013.
Cash (excluding restricted cash) on June 30, 2014 stood at 6.2 million, compared to 7.4 million on December 31, 2013. Debt on June 30, 2014 stood at 5.6 million, up from 2 million on December 31, 2013, following the 3.4 million loan taken to finance AmberFin's acquisition.
Dalets order backlog expected to be invoiced in H2 2014 stands at 21 million.
The consolidated financial statements for the first semester of 2014 and explanation notes are available on the company's website (http://www.dalet.com), Investors section.
About Dalet Digital Media Systems Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News, Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RFI, Russia Today, RT Malaysia, VOA, WDR), commercial networks and operators (Antena 3, Canal+, FOX, eTV, Mediaset, Time Warner Cable, Warner Bros., Sirius XM Radio) and government organizations (Canadian House of Commons, The European Commission, Parliament of South Australia).
Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA.
Number of outstanding shares: 3.593.680
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Financial Results First Semester 2014 
