TIDMFXI
RNS Number : 1188E
Fusionex International PLC
05 February 2015
For Immediate Release 5 February 2015
Fusionex International plc
("Fusionex" or "the Company" or "the Group")
Preliminary results for the year ended 30 September 2014
Fusionex, an award-winning and market leading international
software provider specialising in Business Intelligence, Analytics
and Big Data, is pleased to announce its full year results for the
year ended 30 September 2014.
Financial Highlights:
-- Strong results ahead of market expectations
-- YoY Revenue growth of circa +30% (RM57.1 million)
-- YoY Gross Profit growth of circa +30% (RM44.3 million)
-- Record EBITDA* and Net Profit** at RM25.8 million and RM19.5 million respectively
-- Operating cash flow at RM24.5 million, representing a YoY growth of more than 23%
-- The Board intends to recommend a dividend for the financial year 2015
*EBITDA of RM25.8 million is derived from PBT (RM22.8million) +
amortisation of intangible assets (RM2.6 million) + depreciation of
property, plant and equipment (RM1.4 million) + interest expenses
(RM0.4million) - gain on disposal of fixed assets (RM1.4
million)
**Net Profit of RM19.5 million includes the gain from the
disposal of an office unit amounting to RM1.3 million.
Operational Highlights:
-- Successful launch of GIANT, the Company's Big Data Analytics
software solution, in Q1 of FY2014, with 12 new customer accounts
secured, ahead of the initial target of 10 for FY2014.
-- Continued investment in R&D, including enriched
functionality for GIANT, underpinning sales momentum
-- 3 new strategic partnerships signed with leading Big Data
providers, Revolution Analytics, EMC and AvNet, ahead of FY14
target
-- Client renewal rate in excess of 95% with continued demand for the Company's offerings
-- Growth strategy and geographic expansion through partner
networks driving solid results, particularly in the Asia Pacific
region
-- MOU signed with the Malaysian Multimedia Development
Corporation in an effort to set up a Fusionex Big Data Centre of
Excellence, with its primary objective to generate high-impact Big
Data Analytics projects
-- Increased focus on initiatives combining Big Data and the
Internet of Things ("IoT"), with the aim to be an early mover in
the worldwide Big Data Analytics and IoT market.
Ivan Teh, Chief Executive of Fusionex commented:
"We are delighted to announce yet another year of robust growth,
coupled with a set of financial results that is ahead of market
expectations. This marks a new record for the Company. Not only
have we demonstrated excellent levels of growth but we have also
proven for the second year since our IPO that we are growing the
business in a consistent and sustainable manner. Our Big Data
Analytics product, GIANT, is gaining significant traction with
current and new clients as well as being recognised internationally
for its industry leading technology.
We are very excited about the accelerating momentum that we are
seeing in GIANT's market. To that end, we look towards capitalising
on the increasing market opportunities and growing our market
share."
For further details:
Fusionex
Ivan Teh, Chief Executive Officer Through Buchanan
Yuen Choong Lai, Chief Financial Officer
Panmure Gordon
Fred Walsh, Alina Vaskina, Ben Roberts
(Investment Banking)
Tom Nicholson, Charles Leigh-Pemberton
(Corporate Broking) 020 7886 2500
Buchanan
Sophie McNulty, Gabriella Clinkard
www.buchanan.uk.com 020 7466 5000
Operational Review
Introduction
It is pleasing to report that Fusionex has achieved another year
of robust growth, underpinned by the early success of GIANT,
Fusionex's Big Data Analytics product, which was launched in Q1 of
FY2014. The Group has a clear growth strategy focused on ongoing
product development in a specialised Big Data Analytics field,
building its channels to market via additional strategic
partnerships and targeting geographic expansion. During the year
under review, the Group has made good progress on all these fronts
and is well placed to deliver continuing growth in the new
financial year and beyond.
Revenue during the period was RM57.1 million, while the Group's
Gross Profit increased to RM44.3 million. EBITDA grew to RM25.8
million, exceeding market expectations, and profit after tax rose
to RM19.5 million, which includes the disposal of an office unit
bringing about a one-off gain of RM1.3 million. As a result, the
Company ended the year with strong and increased cash balances of
RM64.0 million.
The Board intends to recommend a dividend for the year ending 30
September 2015.
Operational Review
Fusionex has continued to see exciting momentum during the year
under review, as it focuses on addressing the significant
opportunities in Big Data. Following the launch of GIANT in Q1, the
product has achieved early traction, with 12 new customer accounts
secured ahead of the target of 10. Cross-selling the new Big Data
offerings continues to represent an important organic growth
opportunity, underpinned by the Group's strong relationships with
existing clients.
A key focus for the 2014 financial year was to broaden the
Group's channels to market by establishing new strategic
partnerships with leading technology providers. Having set a target
of securing one to two new partners in the year, it was pleasing to
sign three new partners, Revolution Analytics (since then acquired
by Microsoft), EMC and AvNet, in addition to the existing
relationships with Cloudera and Hortonworks. These partnerships,
all with blue chip service providers, have already started to
deliver results, opening up a sizeable number of new business
leads. The acquisition by Microsoft of Revolution Analytics is
viewed as a positive move given the strong and strategic
partnerships that Fusionex has with both companies, thus opening
the doors to an increased pipeline after the two parties integrate
their product, methodologies and business models.
The new channel partners will also support the Group's
geographic expansion. Fusionex has already established a strong
brand awareness in Asia Pacific and maintained its status as a
leading technology provider in the region during the year.
Fusionex products have gained strong traction in a number of
sectors, including travel and leisure, retail, media, utilities and
financial services. The Group has added new customers across most
of these sectors during the year. As the global economy continues
to recover, these sectors will underpin ongoing growth,
particularly in the travel, hospitality and retail sectors.
In the 2014 financial year, Fusionex has invested further in
research and development, infrastructure and marketing. Ensuring
the product offering remains at the forefront of Big Data
technology is a key aspect of the Group's growth strategy. Further
upgrades to GIANT such as enriched content and enhanced usability
were launched following the year end and have been well received in
the industry. Fusionex continues to win industry recognition for
its "best in class" offering, receiving a number of awards during
2014, including a prestigious Microsoft Partner of the Year award
for a third consecutive year and also receiving the Microsoft Best
Business Analytics Award. This latter award recognised the success
of Fusionex expansion into Hong Kong, where the office (which
opened in 2013) is acting as a gateway into the Greater China
market, a new territory for the Company and is already servicing
new clients.
The Group has invested in additional marketing to support its
expansion plans and new products. The sales team will be focused on
customer generation in both existing markets as well as developing
new client opportunities in new markets and will further help
support the Group as it moves into new geographies and scales up
sales channels for its offerings.
Market Overview
The market opportunity for Big Data solutions remains
significant and is growing strongly. Gartner predicts that
enterprise data is set to increase by 650% in the next five years
and in its recent survey on Big Data technologies, 73% of
respondents said that they were investing or planning to invest in
Big Data products. Gartner also anticipates that Business
Intelligence and Analytics will remain a top focus for CIOs through
to 2017.
Fusionex solutions offer a compelling proposition, as they are
designed to address the top business priorities identified by
Gartner: increasing enterprise growth, delivering operational
results, reducing enterprise costs and attracting and retaining new
customers. As a result, Fusionex continued to outperform the market
in the year ended 30 September 2014, achieving circa 30% growth in
the year.
Growth Strategy
The Group growth strategy is focused on the areas which
management believes offer the most exciting potential for Fusionex,
including significant investment in product development and new
product launches, expanding into new and existing geographies,
targeting cross-selling and up-selling opportunities, and
continuing to build channels to market, both direct and
indirect.
During the 2014 financial year, progress in all of these areas
has continued apace and will position Fusionex for further success
in the new financial year. The Group is already seeing the benefits
of its recently established channel partners and will seek to
leverage these to accelerate the existing pipeline of new
opportunities.
As outlined above, the market opportunity remains significant
and the Board is focused on delivering the growth strategy to
position Fusionex as a global leader in Big Data technology.
Current Trading and Outlook
The operational and financial progress achieved during FY 2014
positions the Group for future growth. The launch of GIANT and
ongoing product development underpins the significant pipeline of
new opportunities and active discussions are ongoing with both new
and existing customers. The compelling proposition is supported by
increasingly strong channels to market, both through the in-house
sales team and the strategic partnerships in place with leading
technology providers.
As a result, the Board remains confident that Fusionex will
deliver further value for shareholders in the current financial
year and the years ahead.
Financial Review
The Group has once again achieved strong, double digit growth in
revenue and profits for the financial year ended 30 September 2014,
ahead of market expectations.
Revenue
Group revenue increased from 2013's figure of RM44.4 million to
RM57.1 million, of which 84% of the Group's total revenue arose
from sale of products.
The Asia Pacific region was once again the main contributor to
the Group's revenue and its contribution amounted to 74% of the
total revenue.
Gross Profit
Gross profit of the Group increased from RM34.3 million in 2013
to RM44.3 million. Over the year, the Group has continued to invest
in research and development to enhance its existing and new
products for release into the market. For the financial year of
2014, the Group capitalised RM11.1 million in the period.
Investment in human resources has also been a high priority.
EBITDA and profitability
EBITDA for the period was RM25.8 million (2013 : RM22.5
million). Depreciation expenses for the year increased due to
higher costs incurred by the purchase of computer equipment and
amortisation expenses increased for commercialisation of the
product enhancements. The Group's profit before tax increased to
RM22.8 million.
Net profit (profit after tax) for the year has increased to a
record RM19.5 million. This was achieved despite ongoing and
significantly increased investment in the business for FY2014.
Taxation
The Group operates in certain geographies in which the income
generated has been exempted from taxation or subject to tax
allowances. The effective tax rate for the Group was 14.6% (2013:
7.3%).
Table - Key Performance Indicators
(RM'million) 30 September 2014 30 September 2013
--------------------------- ------------------ ------------------
Revenue 57.1 44.4
--------------------------- ------------------ ------------------
By: Type
--------------------------- ------------------ ------------------
Products 47.9 36.9
--------------------------- ------------------ ------------------
Services 9.2 7.5
--------------------------- ------------------ ------------------
By: Region
--------------------------- ------------------ ------------------
Asia Pacific 50.8 40.4
--------------------------- ------------------ ------------------
UK & Europe 12.3 10.7
--------------------------- ------------------ ------------------
USA 3.7 3.7
--------------------------- ------------------ ------------------
Consolidation elimination (9.7) (10.4)
--------------------------- ------------------ ------------------
Gross Profit 44.3 34.3
--------------------------- ------------------ ------------------
EBITDA 25.8 22.1
--------------------------- ------------------ ------------------
Profit before tax 22.8 20.5
--------------------------- ------------------ ------------------
Profit after tax 19.5 19.0
--------------------------- ------------------ ------------------
EPS (RM) 0.45 0.45
--------------------------- ------------------ ------------------
Cash flow
The Group generates strong cash flows from its operations with
the second half traditionally being the stronger half in terms of
cash receipts. The momentum achieved this year helped cash
generated from operations for the year improve to RM64.0 million
for the financial year of 30 September 2014 (2013: RM62.4
million).
The principal movements in the net cash were as follows:-
(RM'million) 30 September 2014 30 September 2013
------------------------------ ------------------ ------------------
Cash flows from operating
activities 24.5 19.8
------------------------------ ------------------ ------------------
Acquisition of property,
plant and, equipment
& software (7.9) (28.6)
------------------------------ ------------------ ------------------
Development costs incurred
on intangible assets (11.1) (6.64)
------------------------------ ------------------ ------------------
Drawdown of term loan,net - 21.4
------------------------------ ------------------ ------------------
Net proceeds raised
from IPO - 52.8
------------------------------ ------------------ ------------------
Dividend paid (4.8) (6.0)
------------------------------ ------------------ ------------------
Change in net cash
and cash equivalent
in the financial year 1.4 51.8
------------------------------ ------------------ ------------------
Cash and cash equivalent
at the beginning of
the financial year 62.4 10.3
------------------------------ ------------------ ------------------
Effects of foreign
exchange rate changes,
net 0.2 0.3
------------------------------ ------------------ ------------------
Cash and cash equivalent
at the end of the financial
year 64.0 62.4
------------------------------ ------------------ ------------------
Borrowings and Bank Facilities
Total borrowings of the Group have reduced to RM21 million
(2013: RM27 million). The net decrease was contributed principally
from the repayment of the mortgage loan of the divested office unit
amounting to RM3.2 million and repayment of the term loan
facilities for the acquisition of the Group's new head office.
Equity
The equity of the Group was strong for the year and the equity
balance stands at RM101.4 million (2013: RM86.5 million). Earnings
per share (EPS) of the Group has been maintained at RM0.45 (2013:
RM0.45).
Consolidated Statement of Financial Position
as at 30 September 2014
2014 2013
Note RM RM
============================================ ==== ============ ============
Assets
Non--current assets
Property, plant and equipment 2 35,193,579 35,434,770
Goodwill on consolidation 3 549,572 549,572
Intangible assets 4 21,575,667 13,092,656
Deferred tax assets 441,954 -
57,760,772 49,076,998
============================================ ==== ============ ============
Current assets
Trade receivables 7,547,911 6,626,987
Other receivables, deposits and prepayments 1,918,347 824,188
Amounts owing by contract customers 2,845,754 2,742,394
Tax recoverable - 93,343
Fixed deposits with licensed banks 8,405,830 25,203,613
Cash and bank balances 55,615,466 37,187,913
-------------------------------------------- ---- ------------ ------------
76,333,308 72,678,438
-------------------------------------------- ---- ------------ ------------
Asset classified as held for sale 5 3,133,832 -
Total assets 137,227,912 121,755,436
-------------------------------------------- ---- ------------ ------------
Equity and liabilities
Stated capital 6 71,457,058 71,457,058
Merger reserve (17,668,186) (17,668,186)
Foreign exchange translation reserve 902,151 690,121
Retained profits 46,701,994 32,037,486
-------------------------------------------- ---- ------------ ------------
Total equity attributable to owners 101,393,017 86,516,479
-------------------------------------------- ---- ------------ ------------
Non--current liabilities
Long term borrowings 20,224,294 26,776,464
Deferred tax liabilities 3,421,090 1,117,157
-------------------------------------------- ---- ------------ ------------
23,645,384 27,893,621
-------------------------------------------- ---- ------------ ------------
Current liabilities
Other payables and accruals 7,623,156 5,521,382
Amount owing to contract customers 128,625 -
Short term borrowings 800,794 968,783
Provision for taxation 1,103,884 855,171
-------------------------------------------- ---- ------------ ------------
9,656,459 7,345,336
-------------------------------------------- ---- ------------ ------------
Liabilities directly associated with asset
classified as held for sale 5 2,533,052 -
Total liabilities 35,834,895 35,238,957
-------------------------------------------- ---- ------------ ------------
Total equity and liabilities 137,227,912 121,755,436
-------------------------------------------- ---- ------------ ------------
Consolidated Statement of Comprehensive Income
for the year ended 30 September 2014
2014 2013
Note RM RM
------------------------------------------------- ---- ------------ ------------
Revenue 57,105,535 44,423,206
Cost of sales (12,793,229) (10,090,185)
------------------------------------------------- ---- ------------ ------------
Gross profit 44,312,306 34,333,021
Other income 1,577,537 2,183,063
------------------------------------------------- ---- ------------ ------------
45,889,843 36,516,084
Administrative and other operating expenses (22,728,101) (15,676,003)
Finance costs (381,442) (340,115)
------------------------------------------------- ---- ------------ ------------
Profit before taxation 22,780,300 20,499,966
Income tax expense 7 (3,320,432) (1,488,168)
------------------------------------------------- ---- ------------ ------------
Profit after taxation 19,459,868 19,011,798
Other comprehensive income (currency translation
differences) 212,030 307,031
------------------------------------------------- ---- ------------ ------------
Total comprehensive income for the financial
year 19,671,898 19,318,829
------------------------------------------------- ---- ------------ ------------
Profit after tax attributable to:
Owners of the Group 19,459,868 19,011,798
19,459,868 19,011,798
------------------------------------------------- ---- ------------ ------------
Total comprehensive income attributable to:
Owners of the Group 19,671,898 19,318,829
19,671,898 19,318,829
------------------------------------------------- ---- ------------ ------------
Earnings per share attributable to owners of
the Group
Basic, sen 8 45.26 45.30
Diluted, sen 8 45.26 45.30
------------------------------------------------- ---- ------------ ------------
Consolidated Statement of Changes in Equity
as at 30 September 2014
Non-distributable Distributable
====================================== =======================================
Foreign Attributable
exchange to owners
Stated Merger translation Retained of
capital reserve reserve profits the Group Total equity
Note RM RM RM RM RM RM
============================= ==== ========== ============ ============ =========== ============ ============
Balance at 30 September
2012 - 1,000,000 383,090 17,285,096 18,668,186 18,668,186
========== ============ ============ =========== ============ ============
Profit after taxation - - - 19,011,798 19,011,798 19,011,798
Other comprehensive income,
net of tax
- Foreign currency
translation
differences for foreign
operations - - 307,031 - 307,031 307,031
========== ============ ============ =========== ============ ============
Total comprehensive income
for the financial year - - 307,031 19,011,798 19,318,829 19,318,829
Dividend 9 - - - (4,259,408) (4,259,408) (4,259,408)
Issuance of shares, net
of issue costs 71,457,058 (18,668,186) - - 52,788,872 52,788,872
============================= ==== ========== ============ ============ =========== ============ ============
Balance at 30 September
2013 71,457,058 (17,668,186) 690,121 32,037,486 86,516,479 86,516,479
============================= ==== ========== ============ ============ =========== ============ ============
Non-distributable Distributable
-------------------------------------- ----------- ------------- ---------
Foreign Attributable
exchange to owners
Stated Merger translation Retained of
capital reserve reserve profits the Group Total equity
Note RM RM RM RM RM RM
===================== ==== ========== ============ ============ =========== ============= =============
Balance at 1 October
2013 71,457,058 (17,668,186) 690,121 32,037,486 86,516,479 86,516,479
========== ============ ============ =========== ============= =============
Profit after taxation - - - 19,459,868 19,459,868 19,459,868
Other comprehensive
expenses, net of tax
- Foreign currency
translation
differences for
foreign
operations - - 212,030 - 212,030 212,030
========== ============ ============ =========== ============= =============
Total comprehensive
income for the
financial
year - - 212,030 19,459,868 19,671,898 19,671,898
Dividend 9 - - - (4,795,360) (4,795,360) (4,795,360)
Balance at 30
September
2014 71,457,058 (17,668,186) 902,151 46,701,994 101,393,017 101,393,017
===================== ==== ========== ============ ============ =========== ============= =============
Consolidated Statement of Cash Flows
as at 30 September 2014
2014 2013
Note RM RM
---------------------------------------------------- ----- ------------ ------------
Cash flows from operating activities
Profit before taxation 22,780,300 20,499,966
Adjustments for:
- amortisation of intangible assets 2,647,681 1,152,029
- depreciation of property, plant and equipment 1,371,434 485,744
- interest expenses 381,442 340,115
- interest income (142,905) (343,021)
- property, plant and equipment written off 83,646 -
- gain on disposal of fixed assets (1,364,961) -
----------------------------------------------------------- ------------ ------------
Operating profit before working capital changes 25,756,637 22,134,833
Increase in trade and other receivables (2,015,083) (2,572,043)
Increase in other payables and accruals 2,101,774 2,247,579
Decrease/(increase) in amount owing from contract
customers 25,265 (351,369)
----------------------------------------------------------- ------------ ------------
Cash flows from operating activities 25,868,593 21,459,000
Interest paid (381,442) (340,115)
Interest received 142,905 343,021
Income tax paid (1,115,472) (1,642,512)
----------------------------------------------------------- ------------ ------------
Net cash generated from operating activities 24,514,584 19,819,394
----------------------------------------------------------- ------------ ------------
Cash flows from investing activities
Purchase of property, plant and equipment (7,886,920) (28,559,175)
Proceeds from disposal of property, plant and
equipment 4,904,160 -
Development costs on intangible assets (11,148,891) (6,625,462)
----------------------------------------------------------- ------------ ------------
Net cash used in investing activities (14,131,651) (35,184,637)
----------------------------------------------------------- ------------ ------------
Cash flow from financing activities
Repayment to related parties - (1,224,486)
Dividends paid (4,795,360) (5,959,408)
Drawdown of term loans - 21,440,000
(Repayment)/drawdown of hire purchase payables,
net (121,102) 326,018
Repayment of term loans (4,066,005) (181,258)
Proceeds from issuance of share capital, net
of issue cost - 52,788,872
----------------------------------------------------------- ------------ ------------
Net cash (used in)/generated from financing
activities (8,982,467) 67,189,738
=========================================================== ============ ============
Net increase in cash and cash equivalents 1,400,466 51,824,495
Cash and cash equivalents at beginning of the financial
year 62,391,526 10,313,386
Effects of foreign exchange rate changes, net 229,304 253,645
=========================================================== ============ ============
Cash and cash equivalents at end of the financial
year 64,021,296 62,391,526
=========================================================== ============ ============
Notes to the Financial Information
for the year ended 30 September 2014
1. Basis of preparation
The financial information set out in this preliminary
announcement is abridged and does not constitute the Company's
statutory financial statements for the year ended 30 September
2014. The financial information has been extracted from the
financial statements for the year ended 30 September 2014, which
were approved by the Board on 5 February 2015 and on which the
auditors have reported without qualification. The 2014 Annual
Report will be distributed to shareholders and made available on
the Company's website at http://www.fusionex-international.com. It
will also be filed with the Companies Registered Office.
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS)
issued by the International Accounting Standards Board (IASB) as
adopted by the European Union (EU), including related
interpretations issued by the International Financial Reporting
Interpretations Committee (IFRIC).
The accounting policies adopted by the Group are consistent with
those of the previous financial year except in the current
financial year, the Group has adopted all the new and revised
standards and Interpretations of IFRS that are effective for annual
periods beginning on or after 1 October 2013. The adoption of these
standards and interpretations did not have any effect on the
financial performance or position of the Group and the Company.
The directors propose a single payment of an interim dividend
and do not propose a final dividend in respect of the year ended 30
September 2014 (2013: nil).
The Board of Directors approved this announcement on 5 February
2015.
2. Property, plant and equipment
During the year ended 30 September 2014, the Group acquired
assets amounting to RM7,886,920 (2013: RM28,559,175).
3. Goodwill on consolidation
2014 2013
RM RM
------------------------ ------- -------
At cost 558,887 558,887
Less: impairment losses (9,315) (9,315)
------------------------- ------- -------
Carrying value 549,572 549,572
------------------------- ------- -------
During the financial year, the Group assessed the recoverable
amount of the goodwill and determined that no additional impairment
is required. This assessment of goodwill was done by comparing the
gross profit to the value of goodwill for the entity whose
acquisition gave rise to the goodwill.
4. Intangible assets
2014 2013
RM RM
--------------------------------- ----------- -----------
Development expenditure
At cost:
At 1 October - brought forward 15,110,585 8,421,582
Additions 11,148,891 6,625,462
Translation differences (21,731) 63,541
--------------------------------- ----------- -----------
26,237,745 15,110,585
--------------------------------- ----------- -----------
Accumulated amortisation
At 1 October - brought forward (2,017,929) (855,745)
Amortisation charge (2,647,681) (1,152,029)
Translation differences 3,532 (10,155)
--------------------------------- ----------- -----------
(4,662,078) (2,017,929)
--------------------------------- ----------- -----------
At 30 September - net book value 21,575,667 13,092,656
--------------------------------- ----------- -----------
The intangible assets mainly consist of staff costs.
5. Asset classified as held for sale
At 30 September 2014, asset classified as held for sale included
property of RM3,133,832. The liabilities associated with asset held
for sale are RM2,533,052. This related principally to the Group's
office premise in L19-03-08, PHX-HM Shah Tower, No. 16A, Persiaran
Barat, 46050 Petaling Jaya, Selangor Darul Ehsan, and the sale is
expected to complete by end of February 2015. No impairment loss
was recognised on reclassification of the office building as held
for sale nor as at 30 September 2014 as the Directors expect that
the fair value less costs to sell is higher than the carrying
amount.
6. Stated capital
Issued, called up and fully paid
No. of shares RM
---------------------------------------- ------------- ----------
As at 1 October 2013/ 30 September 2014 43,000,000 71,457,058
----------------------------------------- ------------- ----------
The Company has an unlimited authorised share capital of
Ordinary Shares of no par value.
7. Income tax expense
2014 2013
RM RM
--------------------------------------------------- --------- ---------
Current tax expense
- for the financial year 1,689,691 1,279,483
- (over)/under-provision in the previous financial
year (230,314) 255,099
---------------------------------------------------- --------- ---------
1,459,377 1,534,582
Deferred tax assets:
--------- ---------
- for the financial year (441,954) -
- translation difference (924) -
--------- ---------
(442,878) -
Deferred tax liabilities:
- for the financial year 2,303,933 (46,414)
---------------------------------------------------- --------- ---------
3,320,432 1,488,168
--------------------------------------------------- --------- ---------
Tax expense is recognised based on an annual tax rate for the
full financial year applied to the pre-tax income of the year.
8. Earnings per share
The calculation for earnings per share, based on the weighted
average number of shares, is shown in the table below:
Year ended 30 September
-------------------------
2014 2013
RM RM
------------------------------------------- ------------ -----------
Profit after tax attributable to owners of
the Group 19,459,868 19,011,798
Weighted average number of shares:
Basic 43,000,000 41,940,639
Diluted 43,000,000 41,940,639
Earnings per share:
Basic 45.26 45.30
Diluted 45.26 45.30
-------------------------------------------- ------------ -----------
9. Dividends
2014 2013
RM RM
-------------------------------------------- --------- ---------
Interim dividend for 30.9.2014: RM0.112 per
ordinary share 4,795,360 -
Interim dividend for 30.9.2013: RM0.099 per
ordinary share - 4,259,408
--------------------------------------------- --------- ---------
4,795,360 4,259,408
-------------------------------------------- --------- ---------
10. Capital commitment
Authorised capital expenditure contracted but not provided for
in the consolidated financial statements is analysed as
follows:
2014 2013
RM RM
---------------------- ---- ---------
Leasehold improvement - 1,127,438
----------------------- ---- ---------
11. Segment 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, as
defined in IFRS 8, in order to allocate resources to the segment
and to assess its performance.
All other segments primarily comprise income and expenses
relating to the Group's administrative functions. Interest income
and interest expense are not allocated to segments, as this type of
activity is driven by the central treasury function which manages
the cash position of the Group. Accordingly, this information is
not separately reported to the Board for each reportable
segment.
Operating segments are prepared in a manner consistent with the
internal reporting provided to the Executive Directors as its chief
operating decision maker in order to allocate resources to segments
and to assess their performance. For management purposes, the Group
is organised into business units based on geographical
locations.
Geographical location
Asia Pacific Europe Americas Elimination(^) Total
RM RM RM RM RM
-------------------------------- ------------ ---------- --------- -------------- -------------
At 30 September 2014
Revenue 50,817,898 12,294,765 3,684,662 (9,691,790) 57,105,535
================================ ============ ========== ========= ============== =============
Result
Segment result before financing
result and tax 21,039,684 7,217,837 1,621,534 (6,717,313) 23,161,742
-------------------------------- ------------ ---------- --------- -------------- -------------
Finance costs (381,442)
Income tax (3,320,432)
-------------------------------- ------------ ---------- --------- -------------- -------------
Profit for the year 19,459,868
-------------------------------- ------------ ---------- --------- -------------- -------------
Assets
Segmental assets(#) 182,349,513 78,717,464 - - 261,066,977
-------------------------------- ------------ ---------- --------- -------------- -------------
Non--allocated assets 549,572
Consolidation adjustments (124,388,637)
-------------------------------- ------------ ---------- --------- -------------- -------------
Total assets 137,227,912
-------------------------------- ------------ ---------- --------- -------------- -------------
Liabilities
Segmental liabilities* 105,624,472 11,037,046 - - 116,661,518
-------------------------------- ------------ ---------- --------- -------------- -------------
Non-allocated liabilities 43,562,014
Consolidation adjustments (124,388,637)
-------------------------------- ------------ ---------- --------- -------------- -------------
Total liabilities 35,834,895
-------------------------------- ------------ ---------- --------- -------------- -------------
# Segment assets comprise total current and non--current assets
less unallocated assets.
* Segment liabilities comprise total current liabilities and
non--current liabilities less unallocated liabilities.
^ Mainly related to Asia Pacific intercompany sales.
Other segmental reporting
Asia Pacific Europe Americas Total
RM RM RM RM
---------------------------------- ------------ ------ -------- ----------
At 30 September 2014
Capital expenditure:
- tangible assets 7,886,920 - - 7,886,920
- intangible assets 11,148,891 - - 11,148,891
Depreciation 1,371,434 - - 1,371,434
---------------------------------- ------------ ------ -------- ----------
Other non--cash expenses
Unrealised foreign exchange gain (123,372) - - (123,372)
Amortisation of intangible assets 2,647,681 - - 2,647,681
---------------------------------- ------------ ------ -------- ----------
2,524,309 - - 2,524,309
---------------------------------- ------------ ------ -------- ----------
Geographical location
Asia Pacific Europe Americas Elimination(^) Total
RM RM RM RM RM
-------------------------------- ------------ ---------- --------- -------------- ------------
At 30 September 2013
Revenue 40,381,223 10,751,802 3,711,241 (10,421,060) 44,423,206
-------------------------------- ------------ ---------- --------- -------------- ------------
Result
Segment result before financing
result and tax 17,138,052 6,362,788 1,575,075 (4,235,834) 20,840,081
-------------------------------- ------------ ---------- --------- -------------- ------------
Finance costs (340,115)
Income tax (1,488,168)
-------------------------------- ------------ ---------- --------- -------------- ------------
Profit for the year 19,011,798
-------------------------------- ------------ ---------- --------- -------------- ------------
Assets
Segmental assets(#) 119,608,436 69,340,899 - - 188,949,335
-------------------------------- ------------ ---------- --------- -------------- ------------
Non--allocated assets 549,573
Consolidation adjustments (67,743,472)
-------------------------------- ------------ ---------- --------- -------------- ------------
Total assets 121,755,436
-------------------------------- ------------ ---------- --------- -------------- ------------
Liabilities
Segmental liabilities* 48,014,421 11,833,611 - - 59,848,032
-------------------------------- ------------ ---------- --------- -------------- ------------
Non--allocated liabilities 43,134,397
Consolidation adjustments (67,743,472)
-------------------------------- ------------ ---------- --------- -------------- ------------
Total liabilities 35,238,957
-------------------------------- ------------ ---------- --------- -------------- ------------
# Segment assets comprise total current and non--current assets
less unallocated assets.
* Segment liabilities comprise total current liabilities and
non--current liabilities less unallocated liabilities.
^ Mainly related to Asia Pacific intercompany sales.
Other segmental reporting
Asia Pacific Europe Americas Total
RM RM RM RM
---------------------------------- ------------ ------ -------- -----------
At 30 September 2013
Capital expenditure:
- tangible assets 28,559,175 - - 28,559,175
- intangible assets 6,625,462 - - 6,625,462
Depreciation 485,744 - - 485,744
---------------------------------- ------------ ------ -------- -----------
Other non--cash expenses
Unrealised foreign exchange gain (1,007,853) - - (1,007,853)
Amortisation of intangible assets 1,152,029 - - 1,152,029
---------------------------------- ------------ ------ -------- -----------
144,176 - - 144,176
---------------------------------- ------------ ------ -------- -----------
Business segments
Products Services Total
RM RM RM
--------------------- ---------- --------- ----------
At 30 September 2014
Revenue 47,882,316 9,223,219 57,105,535
--------------------- ---------- --------- ----------
At 30 September 2013
Revenue 36,939,240 7,483,966 44,423,206
--------------------- ---------- --------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GLGDDXDGBGUU
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