TIDMFXI
RNS Number : 2890O
Fusionex International PLC
27 May 2015
For immediate release 27 May 2015
Fusionex International plc
("Fusionex" or "the Company" or "the Group")
Interim results for the six months ended 31 March 2015
GIANT Momentum Underpins Strong H1
Fusionex, an award-winning and market-leading international
provider of enterprise software specialising in Analytics and Big
Data solutions, is pleased to announce its interim results for the
six months ended 31 March 2015.
Financial Highlights:
Item (MYR million) 6 months 6 months Change
ended ended (%)
(unless stated 31 March 31 March
otherwise) 2015 2014
-------------------- ---------- ---------- -------
Revenue 31.6 25.0 26%
-------------------- ---------- ---------- -------
Gross Profit 24.9 19.0 31%
-------------------- ---------- ---------- -------
Adjusted EBITDA** 13.6 10.0 36%
-------------------- ---------- ---------- -------
* EBITDA (MYR million) is derived from PBT (2015: 14.29; 2014:
8.18), plus amortisation of intangible assets (2015: 1.65; 2014:
1.11), plus depreciation of property, plant and equipment (2015:
1.06; 2014: 0.44), plus interest expenses (2015: 0.03; 2014:
0.35).
** Adjusted EBITDA (MYR million) is derived from EBITDA (2015:
17.03; 2014: 10.05), minus the gain on disposal of fixed assets
(2015: 2.03; 2014: nil), minus unrealized foreign exchange gain
(2015: 1.43; 2014: 0.06)
Operational Highlights:
-- Strong sales momentum for GIANT - A total of 25 wins secured
to date including in new geographies and sectors
-- Significant new business pipeline underpinned by
o Investment in marketing activities
o Channel partnerships
-- Current trading remains strong with positive full year outlook
Ivan Teh, Chief Executive of Fusionex, commented:
"The first half of the 2015 financial year has seen continued
strong progress for Fusionex. Our Big Data Analytics product,
GIANT, has achieved significant and continued uptake from clients,
with a total of 25 customer wins secured for GIANT since its
launch, as we build our presence in this exciting growth area.
These wins have also seen us expand into new market sectors and new
countries, and we continue to target international expansion and
channel-driven sales to accelerate our growth."
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
RBC Capital Markets 020 7653 4000
Pierre Schreuder or Ema Jakasovic
Buchanan
Sophie McNulty, Gabriella Clinkard,
Steph Watson
www.buchanan.uk.com 020 7466 5000
Operational and Financial Review
During the six months ended 31 March 2015, Fusionex has
continued to build on the progress achieved last year and in
particular the ongoing momentum in sales of the Group's Big Data
Analytics software, GIANT.
Revenue for the period increased 26% to MYR 31.6 million (2014:
MYR 25.0 million), with adjusted EBITDA up 36% to MYR 13.6 million
(2014: MYR 10.0 million). This performance reflects the strong
levels of client confidence in the Company's business intelligence
and analytics offering, together with 25 wins for GIANT since its
launch, of which 12 were secured in the period under review,
demonstrating the increased penetration of GIANT across different
geographies and industry verticals.
As announced on 11 February, Fusionex declared an interim
dividend of approximately 2.10 pence per share, amounting to
GBP903,000 in total, to shareholders on the register as at 20
February 2015. The payment was made on 13 March 2015.
In view of the Group's strong first half performance, and
current high levels of demand for its product offering, the Board
remains confident that Fusionex is well placed for further
growth.
The Big Data market continues to drive the Group's new business
activities, with 25 new GIANT wins secured since launch, taking it
closer to management's target of 30 wins by the end of this
financial year. Encouragingly, these contracts have been secured
across a range of industries and geographies. In the first half,
87% of revenues came from Asia Pacific (FY 2014: 72%), 10% from
Europe (FY 2014: 22%) and 3% from North America (FY 2014: 6%).
Notable recent contract wins include:
-- Intel, the world's largest chip maker, which is using GIANT
for an Internet of Things (IoT) initiative, applying Big Data
analytics to its equipment and sensors in order to achieve
operational efficiencies and cost savings in its manufacturing
processes. Intel has integrated GIANT's Big Data analytics and the
IoT in manufacturing, with the initiative expected to save Intel
millions of dollars annually, in a significant validation of
GIANT's capabilities.
-- A multi-year contract for a Smart Government initiative
following a competitive tender, taking Fusionex into a new
geography in Asia. This exciting initiative will see the Group
supporting immigration and cross border control by analysing data
to find insights and patterns for better management, both of
tourism opportunities and security threats. Smart Government is an
area of significant growth potential for Big Data and this contract
will assist the Group in opening up other opportunities.
-- Brother Industries, a multi-national electronics and
electrical equipment company, was the 25(th) win for GIANT, signed
shortly following the period under review. Brother Industries will
leverage Fusionex GIANT to monitor its daily operations across
different geographies and time zones, enabling it to enhance
management decisions, customer experience and business
planning.
In addition, the increasing number of other customers using
GIANT, which includes AEON, one of the largest retailers in Japan,
and Yeo Hiap Seng, an Asian based fast moving consumer goods group,
confirms the Group's position as a leading Big Data provider and
strengthens its ability to attract additional GIANT customers.
The breadth and range of Fusionex's big data contracts
demonstrate the increasing industry-agnostic interest in utilising
technology to leverage and monetise the wealth of data available to
organisations. As enterprise data continues to increase - with
Gartner forecasting it will increase by 650% in the next five years
- and as the Internet of Things accelerates, demand for Big Data
Analytics ("BDA") is also gathering pace. In a recent Capgemini
Consulting survey, "Cracking the Data Conundrum: How Successful
Companies make Big Data Operational", 60% of the 226 respondents
questioned, across multiple regions and business types globally,
said they believe "that Big Data will disrupt their industry within
the next three years". Meanwhile Gartner is predicting that by
2020, there will be as many as 26 billion connected devices, versus
3.9 billion in 2014, and this will drive rapid growth of
accompanying BDA, with an anticipated CAGR of nearly 30% over the
next five years (according to the International Institute of
Analytics). The growth in data and the attendant need for real-time
insights presents a considerable challenge to all organisations and
Fusionex's GIANT offering represents an attractive solution, as
demonstrated by the contract wins to date.
Underpinning Fusionex's ability to access this demand is its
ongoing investment in product development, marketing and channels
to market. The Company continues to strengthen its team in order to
take advantage of the opportunities available, both in its core
Asia Pacific markets and newer geographies. The recent launch of
its own Big Data Academy, together with Fusionex's commitment to
the National Big Data Analytics Innovation Network in Malaysia,
will also ensure that it continues to lead the way in big data
innovation, and attract and retain the best talent to support the
Group's product development. In Singapore, Fusionex works closely
with the Infocomm Development Authority of Singapore (IDA) on Smart
City, Smart Nation initiatives.
Last year, the Group signed three channel partner agreements,
Revolution Analytics, EMC and AvNet, and is beginning to see good
traction via this route to market. Post-period end, in April 2015,
the Group was also delighted to announce its fourth channel
partnership with Mesiniaga Berhad ("Mesiniaga") (MYX: MSNIAGA), a
leading ICT solutions provider and systems integrator in Malaysia,
which will enable Fusionex to leverage Mesiniaga's extensive
distribution network with Mesiniaga being committed to promote and
resell GIANT.
The combination of the Group's own marketing activities and
these channel partners supports a substantial new business
pipeline, positioning the Group strongly to secure further
contracts in the second half and beyond.
It is also encouraging to see that Fusionex has maintained its
robust track record for renewing existing client contracts, with
retention rates in excess of 95%. Not only does this represent an
attractive and highly cash generative revenue stream for the
business but existing customers are also recognising the benefits
of its newer Big Data offering. The Company is successfully
leveraging this opportunity to cross sell and upgrade contracts
with its international blue-chip client list.
Growth Strategy
Fusionex is focused on building its presence in the BDA market,
via its GIANT offering, underpinned by its existing base of
blue-chip customers using its suite of Analytics products.
Growth will also continue to be driven by Fusionex marketing
activities and by encouraging cross-selling and up-selling across
the Group's existing customers. In addition, the successful channel
partnerships which the Group has built will further support new
business momentum, widening its reach in an effective and efficient
manner. In view of the benefits of its existing partnerships,
Fusionex will continue to seek additional channel partners in order
to widen the sales network and market reach further.
Current Trading and Outlook
The strong first half performance and new business pipeline
position the Group well for continued progress in the second half,
underpinned by its continuous success in retaining existing
clients. Demand for the Group's products remains high, driven by
the increasing need for organisations to capitalise on the huge
volumes of data available to them and Fusionex is well placed to
benefit from this growth trend. As global corporations become more
aware of the opportunities offered by Big Data, the Company is
seeing significant potential for growth particularly within the
Travel & Hospitality, Retail, Manufacturing and Smart
Government sectors, where the Group's recent wins will also support
its ability to address further opportunities.
Therefore the Board remains confident that Fusionex is on track
to deliver continued growth for the full year.
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the six months period ended 31 March 2015
1.10.2014 1.10.2013 1.10.2013
to to to
31.3.2015 31.3.2014 30.9.2014
Unaudited Unaudited Audited
Note RM RM RM
Revenue 31,622,390 25,015,489 57,105,535
Cost of sales (6,676,169) (6,027,217) (12,793,229)
Gross profit 24,946,221 18,988,272 44,312,306
Other income 3,635,879 140,282 1,577,537
28,582,100 19,128,554 45,889,843
Other expenses (14,258,646) (10,596,418) (22,728,101)
Finance costs (30,920) (347,268) (381,442)
Profit before taxation 14,292,534 8,184,868 22,780,300
Income tax expense 2 (1,670,832) (654,229) (3,320,432)
Profit after taxation 12,621,702 7,530,639 19,459,868
Other comprehensive
income 1,411,463 579,807 212,030
Total comprehensive
income for the
financial period 14,033,165 8,110,446 19,671,898
Profit after tax
attributable to:
Owners of the Group 12,621,702 7,530,639 19,459,868
Total comprehensive income
attributable to:
Owners of the Group 14,033,165 8,110,446 19,671,898
Earnings per share
attributable to
owners of the Group
Basic, sen 3 29.35 17.51 45.26
Diluted, sen 3 29.35 17.51 45.26
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the six months period ended 31 March 2015
31.3.2015 31.3.2014 30.9.2014
Unaudited Unaudited Audited
Note RM RM RM
ASSETS
NON-CURRENT ASSETS
Property, plant and
equipment 4 35,257,889 37,082,328 35,193,579
Goodwill on consolidation 5 549,572 549,572 549,572
Intangible assets 6 27,194,093 17,189,491 21,575,667
Deferred tax assets 719,643 - 441,954
63,721,197 54,821,391 57,760,772
CURRENT ASSETS
Trade receivables 11,931,098 9,225,587 7,547,911
Other receivables,
deposits
and prepayments 5,153,625 3,101,993 1,918,347
Amount owing by contract
customers 2,359,498 4,259,123 2,845,754
Tax recoverable 35,417 151,630 -
Cash and cash equivalents 60,025,139 49,491,421 64,021,296
79,504,777 66,229,754 76,333,308
ASSET HELD FOR SALE 7 - 3,490,063 3,133,832
----------------- ------------- ---------------
TOTAL ASSETS 143,225,974 124,541,208 137,227,912
EQUITY AND LIABILITIES
Share capital 71,457,058 71,457,058 71,457,058
Merger reserve 8 (17,668,186) (17,668,186) (17,668,186)
Foreign exchange
translation reserve 9 2,313,614 1,269,928 902,151
Retained profits 54,411,376 34,772,765 46,701,994
TOTAL EQUITY 110,513,862 89,831,565 101,393,017
NON-CURRENT LIABILITIES
Long-term borrowings 19,806,882 26,281,511 20,224,294
Deferred tax liabilities 4,710,287 1,115,026 3,421,090
24,517,169 27,396,537 23,645,384
CURRENT LIABILITIES
Payables and accruals 6,246,209 5,144,449 7,623,156
Amounts owing to
contract customers - - 128,625
Short-term borrowings 816,456 992,370 800,794
Provision for taxation 1,132,278 1,176,287 1,103,884
8,194,943 7,313,106 9,656,459
Liabilities directly
associated with assets
classified as held
for sale 7 - - 2,533,052
TOTAL LIABILITIES 32,712,112 34,709,643 35,834,895
TOTAL EQUITY AND
LIABILITIES 143,225,974 124,541,208 137,227,912
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months period ended 31 March 2015
<- - - - - - - - Non distributable
- - - - - - - -> Distributable
Share Merger Foreign Retained Total
capital reserve exchange profits equity
translation
reserve
Note RM RM RM RM RM
Balance at
1 October
2013 (Unaudited) 71,457,058 (17,668,186) 690,121 32,037,486 86,516,479
Profit after
taxation - - - 7,530,639 7,530,639
Other comprehensive
income, net
of tax
- foreign
currency
translation
differences
for
foreign operations - - 579,807 - 579,807
Total comprehensive
income for
the
financial
period - - 579,807 7,530,639 8,110,446
Dividend 10 - - - (4,795,360) (4,795,360)
Balance at 31
March 2014
(Unaudited) 71,457,058 (17,668,186) 1,269,928 34,772,765 89,831,565
------------ --------------- ------------- ------------- -------------
Balance at
1 April
2014 (Unaudited) 71,457,058 (17,668,186) 1,269,928 34,772,765 89,831,565
Profit after
taxation
(unaudited) - - - 11,929,229 11,929,229
Other comprehensive
income, net
of tax (unaudited)
- foreign
currency
translation
differences
for
foreign operations - - (367,777) - (367,777)
Total comprehensive
income for
the
financial
period - - (367,777) 11,929,229 11,561,452
Balance at 30
September 2014
(Audited) 71,457,058 (17,668,186) 902,151 46,701,994 101,393,017
------------ --------------- ------------- ------------- -------------
<- - - - - - - - Non distributable
- - - - - - - -> Distributable
Share Merger Foreign Retained Total
capital reserve exchange profits equity
translation
reserve
Note RM RM RM RM RM
Balance at
1 October
2014 (Unaudited) 71,457,058 (17,668,186) 902,151 46,701,994 101,393,017
Profit after
taxation - - - 12,621,702 12,621,702
Other comprehensive
income, net
of tax
* foreign currency
translation
differences
for
foreign operations - - 1,411,463 - 1,411,463
Total comprehensive
income for
the
financial
period - - 1,411,463 12,621,702 14,033,165
Dividend 10 - - - (4,912,320) (4,912,320)
Balance at 31
March 2015 71,457,058 (17,668,186) 2,313,614 54,411,376 110,513,862
----------- --------------- ------------- ------------ ------------
(Unaudited)
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months period ended 31 March 2015
1.10.2014 1.10.2013 1.10.2013
to 31.3.2015 to 31.3.2014 to 30.9.2014
Unaudited Unaudited Audited
RM RM RM
Cash flow from operating
activities
Profit before taxation 14,292,534 8,184,868 22,780,300
Adjustments for:-
Amortisation of intangible
assets 1,649,336 1,108,878 2,647,681
Depreciation of property,
plant and equipment 1,057,048 435,049 1,371,434
Interest expenses 30,920 347,268 381,442
Unrealised gain on foreign
exchange (1,430,794) (56,881) -
Interest income (138,944) (109,621) (142,905)
Property, plant and equipment
written off - - 83,646
Gain on disposal of fixed
assets (2,030,737) - (1,364,961)
--------------------- ----------------- ------------------
Operating profit before
working capital changes 13,429,363 9,909,561 25,756,637
Increase in trade and
other receivables
deposits and prepayments (7,327,101) (4,876,405) (2,015,083)
(Decrease)/Increase in
payables (1,448,661) (376,933) 2,101,774
Decrease/(Increase) in
amount owing by contract
customers 551,978 (1,516,729) 25,265
--------------------- ----------------- ------------------
Cash flow generated from
operations 5,205,579 3,139,494 25,868,593
Interest paid (30,920) (347,268) (381,442)
Interest received 138,944 109,621 142,905
Income tax paid (686,907) (393,531) (1,115,472)
--------------------- ----------------- ------------------
Net cash flow generated
from operating activities 4,626,696 2,508,316 24,514,584
--------------------- ----------------- ------------------
Cash flow used in investing
activities
Purchase of plant and
equipment (1,097,297) (5,572,670) (7,886,920)
--------------------- ----------------- ------------------
Proceeds from disposal
of property, plant and
equipment 5,421,617 - 4,904,160
Development costs on intangible
assets (7,063,987) (5,141,518) (11,148,891)
--------------------- ----------------- ------------------
Net cash flow used in
investing activities (2,739,667) (10,714,188) (14,131,651)
--------------------- ----------------- ------------------
Cash flow used in financing
activities
--------------------- ----------------- ------------------
Dividend paid (4,912,320) (4,795,360) (4,795,360)
Repayment of term loans (2,890,181) (420,636) (4,066,005)
Repayment of hire purchase
payables, net (44,621) (50,730) (121,102)
--------------------- ----------------- ------------------
Net cash flow used in
financing activities (7,847,122) (5,266,726) (8,982,467)
--------------------- ----------------- ------------------
Net (decrease)/increase
in cash and cash equivalents (5,960,093) (13,472,598) 1,400,466
Cash and cash equivalents
at beginning of the
financial period/year 64,021,296 62,391,526 62,391,526
Effects of foreign exchange
rate changes, net 1,963,936 572,493 229,304
--------------------- ----------------- ------------------
Cash and cash equivalents
at end of the
financial period/year 60,025,139 49,491,421 64,021,296
--------------------- ----------------- ------------------
1. Basis of preparation
The condensed consolidated interim financial statements
("Interim Financial Statements") have been prepared in accordance
with International Financial Reporting Standards ("IFRS") as
adopted by the European Union ("EU") issued by the International
Accounting Standards Board ("IASB"), including related
interpretations issued by the International Financial Reporting
Interpretations Committee ("IFRIC").
The Interim Financial Statements are unaudited and have been
prepared in accordance with AIM Rules for Companies and IAS 34
'Interim Financial Reporting' as adopted by the EU and should be
read in conjunction with the annual financial statements for the
year ended 30 September 2014, which have been prepared in
accordance with IFRS adopted by the European Union.
The individual financial information of each entity is measured
and presented in the currency of the primary economic environment
in which the entity operates (its functional currency). The Interim
Financial Statements of the Group are presented in Ringgit Malaysia
(RM), which is the presentation currency for the Interim Financial
Statements. The functional currency of each of the individual
entity is the local currency of each individual entity.
Going concern
As at 31 March 2015, the Group had net assets of RM110,513,862
(31 March 2014: RM89,831,565; 30 September 2014: RM101,393,017) as
set out in the Interim Financial Statements above. Following the
admission of the ordinary shares to trading on AIM, Fusionex
International Plc has considerable financial resources. As a
consequence, the Directors believe that Fusionex International Plc
and the Group are well placed to manage its business risks
successfully and the Directors have reasonable expectations that
the Group have sufficient working capital available for its present
requirements that is for the next 12 months from the date of this
report. Accordingly, they continue to adopt the going concern basis
in preparing the historical financial information.
2. Income tax expense
Tax expense is recognised based on management's best estimate of
the weighted average annual tax rate expected for the full
financial year applied to the pre-tax income of the interim period.
The Group's consolidated effective tax rate in respect of
continuing operations for the six months ended 31.3.2015 was lower
than the Malaysian statutory tax rate of 25% (six months ended
30.3.2014: 25%) caused mainly by the following factors:-
i) effects of lower tax rates in certain tax jurisdictions; and
ii) effects of certain income not subject to tax.
3. Earnings per share
The calculation for earnings per share, based on the weighted
average number of shares, is shown in the table below:
1.10.2014 1.10.2013 1.10.2013
to to to
31.3.2015 31.3.2014 30.9.2014
Unaudited Unaudited Audited
Net profit for the financial
period after taxation attributable
to owners of the Group (RM) 12,621,702 7,530,639 19,459,868
Weighted average number
of ordinary shares for basic
earnings per share ('000) 43,000 43,000 43,000
Weighted average number
of ordinary shares for diluted
earnings per share ('000) 43,000 43,000 43,000
----------- ----------- -----------
Earnings per share (sen),
basic and diluted 29.35 17.51 45.26
----------- ----------- -----------
4. Property, plant and equipment
Acquisitions
During the six months ended 31.3.2015, the Group acquired
additional assets amounting to approximately RM1,097,000
(31.3.2014: RM5,573,000; 30.9.2014: RM7,887,000).
5. Goodwill on consolidation
31.3.2015 31.3.2014 30.9.2014
Unaudited Unaudited Audited
RM RM RM
At cost:
At 1 October 2014/2013 558,887 558,887 558,887
Less: Impairment losses (9,315) (9,315) (9,315)
As the end of the period/year 549,572 549,572 549,572
During the financial period, the Group assessed the recoverable
amount of the goodwill and determined that no additional impairment
is required.
6. Intangible assets
Development expenditure
31.3.2015 31.3.2014 30.9.2014
Unaudited Unaudited Audited
RM RM RM
At cost:
At 1 October 2014/2013 26,237,745 15,110,585 15,110,585
Addition during the
financial period/year 7,063,987 5,141,518 11,148,891
Translation differences 254,783 99,884 (21,731)
33,556,515 20,351,987 26,237,745
Accumulated amortisation:
------------ ------------ ------------
At 1 October 2014/2013 (4,662,078) (2,017,929) (2,017,929)
Addition for the financial
period/year (1,649,336) (1,108,878) (2,647,681)
Translation differences (51,008) (35,689) 3,532
(6,362,422) (3,162,496) (4,662,078)
Balance at the end
of the period/year 27,194,093 17,189,491 21,575,667
The intangible assets relate to staff costs.
7. Asset held for sale/ Liability directly associated with
assets classified as held for sale
On 23 December 2013, the Group entered into a sale and purchase
agreement for the disposal of an office premise. The asset,
reported in the year ended 30 September 2014 as an "asset held for
sale" for an amount of RM3,133,832 with a directly related
liability of RM2,533,052, was disposed of during the current
reporting period and resulted in a gain of RM2,030,737.
8. Merger reserve
The merger reserve arose from the difference between the
carrying value of the investment and nominal value of the shares of
subsidiaries upon consolidation under the merger accounting
principles.
9. Foreign exchange translation reserve
The foreign exchange translation reserves arose from the
translation of the financial statements of foreign subsidiaries and
are not distributable by way of dividends.
10. Dividends
1.10.2014 1.10.2013 1.10.2013
to to to
31.3.2015 31.3.2014 30.9.2014
Unaudited Unaudited Audited
RM RM RM
Interim dividend
for
31.3.2015: 11.42
sen (31.3.2014/
30.9.2014: 11.15
sen) per ordinary
share 4,912,320 4,795,360 4,795,360
11. Related party disclosures
Details of related party transactions in respect of the year
ended 30 September 2014 are contained in Note 27 to the
consolidated financial statements of the Group's 2014 annual
report. The Group continued to enter into transactions in the
normal course of business with its associates and other related
parties during the period. There were no material transactions with
related parties in the first half of 2015 or changes to
transactions with related parties disclosed in the 2014
consolidated financial statements that had a material effect on the
financial position or the performance of the Group.
12. Capital commitment
Authorised capital expenditure contracted but not provided for
in the Interim Financial Statements is analysed as follows:-
31.3.2015 31.3.2014 30.9.2014
Unaudited Unaudited Audited
RM RM RM
Furniture and fittings - 697,538 -
and renovation
13. Cautionary statement
The 2014 group annual report and accounts describes the
principal risks and uncertainties that could impact the group's
performance. These remain unchanged since the annual report was
published and accordingly are valid for these interim financial
statements. The group operates a structured risk management
process, which identifies and evaluates risks and uncertainties and
reviews mitigation activity.
14. Seasonality of operations
The business of the Group was not affected by any significant
seasonal or cyclical factors for the period under review.
15. 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.
Operating segments are prepared ina 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. Formanagement purposes, the Group
is organised into business units based on geographical
locations.
Geographical location
Asia Europe America Elimination^ Total
At 31 March RM RM RM RM RM
2015
(Unaudited)
Revenue 32,111,145 3,022,733 895,329 (4,406,817) 31,622,390
Result
Segment result
before
financing result
and tax 14,115,013 755,401 299,791 - 15,170,205
Unallocated
expenses(#) (846,751)
Finance costs (30,920)
Income tax (1,670,832)
Profit after
taxation 12,621,702
Assets and liabilities
Segmental assets* 199,331,450 78,467,746 - 277,799,196
Non-allocated
assets 549,572
Consolidation
adjustments (135,122,794)
Total assets 143,225,974
Segmental liabilities** 108,061,235 16,215,853 - 124,277,088
Non-allocated
liabilities 43,557,818
Consolidation
adjustments (135,122,794)
Total liabilities 32,712,112
Other segmental
reporting
Capital expenditure:
- tangible assets 1,097,297 - - - 1,097,297
- intangible
assets 7,063,987 - - - 7,063,987
Depreciation 1,057,048 - - - 1,057,048
Other non-cash
expenses
Unrealised foreign
exchange gain (1,430,794) - - - (1,430,794)
-------------- ----------- ---------- ------------- --------------
Amortisation
of intangible
assets 1,649,336 - - - 1,649,336
-------------- ----------- ---------- ------------- --------------
Non-current
assets other
than
deferred tax
assets 63,001,554 - - 63,001,554
^ Mainly related to Asia Pacific intercompany sales
* Segment assets comprise total current assets and non-current
assets less unallocated assets
** Segment liabilities comprise total current liabilities and
non-current liabilities less unallocated liabilities
# Unallocated expenses mainly related to directors' fees and
head office expenses.
Asia Europe America Elimination^ Total
RM RM RM RM RM
At 31 March
2014
(Unaudited)
Revenue 22,903,114 5,348,904 2,374,035 (5,610,564) 25,015,489
Result
Segment result
before
financing result
and tax 5,982,266 2,506,637 783,831 - 9,272,734
Unallocated
expenses(#) (740,598)
Finance costs (347,268)
Income tax (654,229)
Profit after
taxation 7,530,639
Assets and liabilities
Segmental assets* 160,561,055 73,757,277 - 234,318,332
Non-allocated
assets 549,572
Consolidation
adjustments (110,326,696)
Total assets 124,541,208
Segmental liabilities** 86,232,792 11,518,977 - 97,751,769
Non-allocated
liabilities 47,284,570
Consolidation
adjustments (110,326,696)
Total liabilities 34,709,643
Other segmental
reporting
Capital expenditure:
- tangible assets 5,572,670 - - - 5,572,670
- intangible
assets 5,141,518 - - - 5,141,518
Depreciation 435,049 - - - 435,049
Other non-cash
expenses
Unrealised foreign
exchange gain (56,881) - - - (56,881)
------------ ------------ ---------- ------------ --------------
Amortisation
of intangible
assets 1,108,878 - - - 1,108,878
Non-current
assets other
than
deferred tax
assets 54,821,391 - - 54,821,391
^ Mainly related to Asia Pacific intercompany sales
* Segment assets comprise total current assets and non-current
assets less unallocated assets
** Segment liabilities comprise total current liabilities and
non-current liabilities less unallocated liabilities
# Unallocated expenses mainly related to directors' fees and
head office expenses.
Asia Europe America Elimination^ Total
RM RM RM RM RM
At 30 September
2014
(Audited)
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 9,229,830 1,621,534 (6,717,313) 25,173,735
Unallocated
expenses(#) (2,011,993)
Finance costs (381,442)
Income tax (3,320,432)
Profit after
taxation 19,459,868
Assets and liabilities
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
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
Other segmental
reporting
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
Amortisation
of intangible
assets 2,647,681 - - - 2,647,681
Non-current
assets other
than
deferred tax
assets 57,318,818 - - 54,821,391
^ Mainly related to Asia Pacific intercompany sales
* Segment assets comprise total current assets and non-current
assets less unallocated assets
** Segment liabilities comprise total current liabilities and
non-current liabilities less unallocated liabilities
# Unallocated expenses mainly related to directors' fees and
head office expenses.
Product Services Total
RM RM RM
At 31 March
2015
Revenue 27,116,808 4,505,582 31,622,390
At 31 March
2014
Revenue 21,026,980 3,988,509 25,015,489
At 30 September
2014
Revenue 47,882,316 9,223,219 57,105,535
Major customers
The following are major customers of the Group:
Revenue Segment
31.3.2015 31.3.2014 30.9.2014
RM RM RM
Customer A - - 6,950,000 Asia Pacific
Customer B - 2,972,000 - Asia Pacific
Customer C - 2,600,000 - Europe
------------ ------------ ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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