TIDMFXI
RNS Number : 8383Z
Fusionex International PLC
01 June 2016
For immediate release 1 June 2016
This a replacement announcement for RNS announcement no.8112Z.
The revenue figure in the highlights section now reads RM43.53
million, rather than RM3.53 million. There are no other changes to
this release.
Fusionex International plc
("Fusionex" or "the Company" or "the Group")
Interim results for the six months ended 31 March 2016
Strong revenue growth in H1; launch of new GIANT product set for
H2
Fusionex, an award-winning and market-leading international
provider of software specialising in Analytics, Big Data and the
Internet of Things, is pleased to announce its interim results for
the six months ended 31 March 2016.
Highlights:
-- Continued strong uptake of GIANT driving revenue growth, up
38% to RM 43.53 million (H1 2015: RM31.62 million)
o 32 new GIANT customers secured taking total to 68 (H1 2015: 9
GIANT wins, 21 in total)
-- Gross profit increased 35% to RM33.74 million (H1 2015: RM24.95 million)
-- EBITDA* of RM7.22 million (H1 2015: RM16.89 million)
o Reflects circa RM10 million of planned investment in H1
o Investment has resulted in a reduction in profit margins as
expected
-- Cash and cash equivalents of RM124.91 million, up from RM57.73 million FY 2015
o Includes the funds raised in October 2015 amounting to
GBP13.98 million (RM91.85 million)
o Includes negative foreign exchange effect of RM14.07
million
o Cash collection improved significantly as anticipated - debtor
days for the period ended 31 March 2016 stood at 84 days (FY 2015:
135)
-- GIANT 2016 on track for launch in H2 - designed to target
growing demand for Big Data Analytics, with scalable product set
suitable for SME through to enterprise customers
-- Well placed to take advantage of exciting opportunities to accelerate revenue growth
* EBITDA (MYR million) is derived from PBT (2016: 2.51; 2015:
14.29), plus amortisation of intangible assets (2016: 3.64; 2015:
1.65), plus depreciation of property, plant and equipment (2016:
1.24; 2015: 1.06), plus interest expenses (2016: 0.00; 2015: 0.03),
minus interest income (2016: 0.17; 2015: 0.14).
Ivan Teh, Chief Executive of Fusionex, commented:
"The first half saw Fusionex make good progress with both our
existing and new growth initiatives. I'm delighted that by the end
of H1 2016 GIANT had secured an impressive 68 wins in total since
its launch, underpinning continued revenue growth in a period of
significant investment.
What's even more exciting to me is the impending launch of GIANT
2016. This will open up new addressable markets for us,
substantially expanding the potential reach for our market-leading
products, and represents a key milestone in our strategy to
accelerate growth considerably over the next few years."
For further details:
Fusionex
Ivan Teh, Chief Executive Officer Through Buchanan
Yuen Choong Lai, Chief Financial Officer
Darren Hopkins, Director of Investor
Relations & Corporate Development
Panmure Gordon
Fred Walsh, Alina Vaskina (Investment
Banking)
Erik Anderson, Charles Leigh-Pemberton
(Corporate Broking) 020 7886 2500
RBC Capital Markets 020 7653 4000
Pierre Schreuder or Ema Jakasovic
Buchanan
Sophie McNulty, Steph Watson, Patrick
Hanrahan
www.buchanan.uk.com 020 7466 5000
Operational and Financial Review
Momentum in GIANT contract wins has supported the Group's
continued progress despite this being a period of significant
investment, as Fusionex prepares to launch its new Big Data
Analytics product in the second half.
The first half has been focused on cementing and expanding the
Big Data Analytics platform established since the launch of
Fusionex's Big Data Analytics software GIANT in December 2013. The
Group has secured 32 new GIANT contracts in the first half,
bringing the total number of GIANT wins to 68 since launch and 36
at FY 2015. These contracts have come both via direct sales and its
channel partnerships and the continued demand underpins the Group's
revenue growth of 38% to RM43.53 million, with gross profit
increasing 35% to RM33.74 million (H1 2015: RM24.95 million). This
means that to date, the Group has successfully built a GIANT client
base that includes significant multi-national and regional brands,
which are using GIANT to understand and utilise the vast amounts of
data available to them.
In order to build on the platform in place and, in view of the
increasing scale of Big Data Analytics, the Group has also been
developing its new version of GIANT for launch in 2016. In addition
to providing excellent cross- and up-selling opportunities within
the Group's existing Business Intelligence customer base, this new
version, GIANT 2016, will considerably expand the addressable
markets for Fusionex, offering Big Data insights with functionality
tailored appropriately whatever the size of business. This will
open up significant additional opportunities in sectors where
Fusionex already has a strong presence at an enterprise level, such
as retail and consumer, manufacturing, financial services and
travel and hospitality. During the first half, the Group has
invested circa RM10 million towards the marketing and promotion of
GIANT.
The Group has also strengthened its balance sheet, with cash and
cash equivalents of RM124.91 million, significantly up from RM57.73
million as at 30 September 2015. Cash balances include GBP13.98
million (RM91.85 million) following the fundraising completed in
October 2015 to support the new product launch as well as
reflecting a reduction of RM14.07 million due to a negative foreign
exchange translation. The strong cash position also reflects the
significant improvement in cash collection, which, as anticipated,
has seen debtor days for the period ended 31 March 2016 improve to
84, down from the previous position of 135 during the year ended 30
September 2015 and trade receivables similarly reduce from RM28.52
million to RM19.91 million.
As announced on 16 March, the Group's financial strength has
once again supported the payment of a dividend of approximately
2.15 pence per share, amounting to GBP1,016,950 in total, to
shareholders on the register as at 29 March 2016. The payment was
made on 19 April 2016.
Growth Strategy
As indicated above, Fusionex is now targeting two key markets
for its Big Data products with the introduction of GIANT 2016,
small and medium sized businesses ("SME") as well as large
enterprise customers. In targeting SME, GIANT 2016 will open up a
significant new addressable market and growth opportunity for the
Group, providing SME with the ability to benefit for the first time
from Fusionex's Big Data capabilities tailored to their
requirements. In the first half, the Group has developed GIANT 2016
in readiness for its imminent launch and with significant interest
in Big Data products from SME, management is focused on leveraging
this demand to accelerate Fusionex's growth.
In Fusionex's established enterprise-level market, it was
pleasing to see another strategic alliance formed in the first
half, in March, with Cloudera, the global provider of the fastest
and most secure Big Data Hadoop platform. The alliance will see
Cloudera and Fusionex offer Big Data bundled offerings. These types
of partnership will continue to represent an important route to
market for Fusionex going forward for GIANT as they provide the
Group with significantly enhanced reach on a cost-effective
basis.
In addition to leveraging new and existing channel partnerships,
Fusionex is also employing targeted digital marketing campaigns to
support GIANT 2016 and enhanced use of industry events and
conferences to drive enterprise sales. The marketing strategy has
been carefully designed in order to provide the Group with an
effective and flexible approach. This means that management can
monitor returns on investment and adjust marketing initiatives
accordingly, with this discretionary approach ensuring that
Fusionex can control its costs carefully and appropriately.
Management expects to make further investments in the second half,
to support GIANT 2016's launch and subsequent sales pipeline.
The combination of the Group's marketing activities and channel
partners supports a substantial new business pipeline, positioning
the Group strongly to secure further contracts in the second half
and beyond.
Market Backdrop
Fusionex's success in Big Data Analytics is supported by the
ever-expanding scope and scale of data available to organisations.
Fusionex is already working with a number of blue-chip
multi-national organisations in order to help them benefit from
such data, whether to achieve cost savings due to reduced downtime
in the case of Intel or improved operational efficiencies and
revenues such as with Starwood, Lotus, China Light & Power and
Jones Lang La Salle. Thanks to these trends, spending on Big Data
Analytics is expected to increase to over $187 billion by 2019 from
$122 billion in 2015, according to the International Data
Corporation ("IDC").
Furthermore, whilst large enterprises currently are the primary
drivers of demand for Big Data Analytics, SME have considerable and
growing potential. In response to the pent-up demand which the
Group has experienced first-hand over the past several years,
Fusionex, as outlined above, is seeking to address this sizeable
market with the launch of GIANT 2016, which will also provide SME
with an attractive combination of Big Data Analytics and IoT
capabilities. In targeting these business segments with a more
flexible, simple and attractive offering, the Group will open up
significant additional growth opportunities, complementing its more
established presence amongst enterprise customers.
Current Trading and Outlook
The first half saw the Group make good progress with both its
existing and new growth initiatives and management expects to see
this momentum continue in the second half.
Fusionex's enterprise customer product GIANT remains well placed
to secure further new contracts, underpinned by the high demand for
effective Big Data Analytics from global organisations across a
wide range of sectors.
Moreover, the impending launch of GIANT 2016 looks set to open
up a sizeable new market for the Group, providing all potential
customers with a suitable Big Data Analytics proposition. Whilst
this opportunity is still in its early stages, management believes
that Fusionex's reputation and expertise, combined with highly
targeted marketing initiatives, will position it to take advantage
of this growing market.
It is the intention of the Company to capitalise on the current
opportunities for growth arising both from its established
enterprise-level markets and the new SME market being opened up
with the launch of GIANT 2016. As a result the Board remains
confident that Fusionex is on track for continued strong
growth.
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the six months period ended 31 March 2016
1.10.2015 1.10.2014 1.10.2014
to to to
31.3.2016 31.3.2015 30.9.2015
Unaudited Unaudited Audited
Note RM RM RM
Revenue 43,532,054 31,622,390 77,044,316
Cost of sales (9,796,658) (6,676,169) (18,191,260)
Gross profit 33,735,396 24,946,221 58,853,056
Other income 1,265,103 3,635,879 4,893,271
35,000,499 28,582,100 63,746,327
Other expenses (32,483,130) (14,258,646) (35,333,864)
Finance costs (3,863) (30,920) (41,372)
Profit before taxation 2,513,506 14,292,534 28,371,091
Income tax expense 2 (459,271) (1,670,832) (3,423,964)
Profit after taxation 2,054,235 12,621,702 24,947,127
Other comprehensive
(expense)/income (15,485,002) 1,411,463 7,292,670
Total comprehensive
(expense)/
income for the
financial period/year (13,430,767) 14,033,165 32,239,797
Profit after tax
attributable to:
Owners of the Group 2,054,235 12,621,702 24,947,127
Total comprehensive (expense)/income
attributable to:
Owners of the Group (13,430,767) 14,033,165 32,239,797
Earnings per share
attributable to
owners of the Group
Basic, sen 3 4.38 29.35 58.02
Diluted, sen 3 4.38 29.35 58.02
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the six month period ended 31 March 2016
31.3.2016 31.3.2015 30.9.2015
Unaudited Unaudited Audited
Note RM RM RM
ASSETS
NON-CURRENT ASSETS
Property, plant and
equipment 4 38,629,911 35,257,889 38,031,429
Goodwill on consolidation 5 549,572 549,572 549,572
Intangible assets 6 39,831,012 27,194,093 34,192,186
Deferred tax assets 708,225 719,643 831,440
79,718,720 63,721,197 73,604,627
CURRENT ASSETS
Trade receivables 19,911,795 11,931,098 28,522,560
Deposits, prepayments
and
other receivables 9,800,650 5,153,625 4,950,692
Amount owing by contract
customers 866,537 2,359,498 2,706,372
Tax recoverable 572,946 35,417 232,244
Cash and cash equivalents 124,907,806 60,025,139 57,727,636
156,059,734 79,504,777 94,139,504
TOTAL ASSETS 235,778,454 143,225,974 167,744,131
EQUITY AND LIABILITIES
Share capital 7 159,494,595 71,457,058 71,457,058
Merger reserve 8 (17,668,186) (17,668,186) (17,668,186)
Foreign exchange
translation reserve 9 (7,290,181) 2,313,614 8,194,821
Retained profits 62,799,770 54,411,376 66,688,490
TOTAL EQUITY 197,335,998 110,513,862 128,672,183
NON-CURRENT LIABILITIES
Long-term borrowings 19,024,982 19,806,882 19,445,684
Deferred tax liabilities 6,218,400 4,710,287 6,218,400
25,243,382 24,517,169 25,664,084
CURRENT LIABILITIES
Payables and accruals 11,982,259 6,246,209 12,017,157
Short-term borrowings 838,197 816,456 819,454
Provision for taxation 378,618 1,132,278 571,253
13,199,074 8,194,943 13,407,864
TOTAL LIABILITIES 38,442,456 32,712,112 39,071,948
TOTAL EQUITY AND
LIABILITIES 235,778,454 143,225,974 167,744,131
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months period ended 31 March 2016
<- - - - - - - - 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
(Unaudited) 71,457,058 (17,668,186) 2,313,614 54,411,376 110,513,862
------------ --------------- ------------- ------------- -------------
Balance at
1 April
2015 (Unaudited) 71,457,058 (17,668,186) 2,313,614 54,411,376 110,513,862
Profit after
taxation
(unaudited) - - - 12,277,114 12,277,114
Other comprehensive
income, net
of tax (unaudited)
- foreign
currency
translation
differences
for
foreign operations - - 5,881,207 - 5,881,207
Total comprehensive
income for
the
financial
period - - 5,881,207 12,277,114 18,158,321
Balance at 30
September 2015
(Audited) 71,457,058 (17,668,186) 8,194,821 66,688,490 128,672,183
------------ --------------- ------------- ------------- -------------
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months period ended 31 March 2016
<- - - - - - - - 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
2015 (Unaudited) 71,457,058 (17,668,186) 8,194,821 66,688,490 128,672,183
Issuance of
shares, net
of issue costs 88,037,537 - - - 88,037,537
Profit after
taxation - - - 2,054,235 2,054,235
Other comprehensive
expense,
net of tax
* foreign currency
translation
differences
for
foreign operations - - (15,485,002) - (15,485,002)
Total comprehensive
expense for
the
financial
period - - (15,485,002) 2,054,235 (13,430,767)
Dividend 10 - - - (5,942,955) (5,942,955)
Balance at 31
March 2016 159,494,595 (17,668,186) (7,290,181) 62,799,770 197,335,998
------------ --------------- ------------- ------------ -------------
(Unaudited)
FUSIONEX INTERNATIONAL PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six month period ended 31 March 2016
1.10.2015 1.10.2014 1.10.2014
to 31.3.2016 to 31.3.2015 to 30.9.2015
Unaudited Unaudited Audited
RM RM RM
Cash flow from operating
activities
Profit before taxation 2,513,506 14,292,534 28,371,091
Adjustments for:-
Amortisation of intangible
assets 3,643,901 1,649,336 4,574,604
Depreciation of property,
plant and equipment 1,235,990 1,057,048 2,245,115
Interest expenses 3,863 30,920 41,372
Unrealised gain on foreign
exchange (1,021,635) (1,430,794) -
Interest income (174,509) (138,944) (268,283)
Property, plant and equipment
written off 5,269 - 3,307
Gain on disposal of fixed
assets (6,270) (2,030,737) (2,036,717)
------------------ ----------------- ------------------
Operating profit before
working capital changes 6,200,115 13,429,363 32,930,489
Decrease/(Increase) in
trade receivables, deposits,
prepayments and other
receivables 3,760,807 (7,327,101) (24,264,042)
(Decrease)/Increase in
payables (5,977,853) (1,448,661) 4,394,001
Decrease in amount owing
by contract customers 1,839,835 551,978 10,757
------------------ ----------------- ------------------
Cash flow generated from
operations 5,822,904 5,205,579 13,071,205
Interest paid (3,863) (30,920) (41,372)
Interest received 174,509 138,944 268,283
Income tax paid (925,264) (686,907) (1,651,465)
------------------ ----------------- ------------------
Net cash flow generated
from operating activities 5,068,286 4,626,696 11,646,651
------------------ ----------------- ------------------
Cash flow used in investing
activities
Purchase of property,
plant and equipment (1,918,651) (1,097,297) (5,032,700)
------------------ ----------------- ------------------
Proceeds from disposal
of property, plant and
equipment 62,687 5,421,617 5,427,597
Development costs on intangible
assets (9,594,917) (7,063,987) (16,499,763)
------------------ ----------------- ------------------
Net cash flow used in
investing activities (11,450,881) (2,739,667) (16,104,866)
------------------ ----------------- ------------------
Cash flow from/(used in)
financing activities
------------------ ----------------- ------------------
Proceeds from issuance 88,037,537 - -
of share capital
Dividend paid - (4,912,320) (4,960,631)
Repayment of term loans (361,199) (2,890,181) (78,792)
Repayment of hire purchase
payables, net (40,759) (44,621) (3,214,210)
------------------ ----------------- ------------------
Net cash flow from/(used
in) financing activities 87,635,579 (7,847,122) (8,253,633)
------------------ ----------------- ------------------
Net increase/(decrease)
in cash and cash equivalents 81,252,984 (5,960,093) (12,711,848)
Cash and cash equivalents
at beginning of the
financial period/year 57,727,636 64,021,296 64,021,296
Effects of foreign exchange
rate changes, net (14,072,814) 1,963,936 6,418,188
------------------ ----------------- ------------------
Cash and cash equivalents
at end of the
financial period/year 124,907,806 60,025,139 57,727,636
------------------ ----------------- ------------------
FUSIONEX INTERNATIONAL PLC
Notes to the Condensed Consolidated Interim Financial
Statements
For the six months period ended 31 March 2016
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 2015, 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 2016, the Group had net assets of RM197,335,998
(31 March 2015: RM110,513,862; 30 September 2015: RM128,672,183) 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 31.3.2016 was lower
than the Malaysian statutory tax rate of 24% (six months ended
30.3.2015: 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:
1.10.2015 1.10.2014 1.10.2014
to to to
31.3.2016 31.3.2015 30.9.2015
Unaudited Unaudited Audited
Net profit for the financial
period after taxation attributable
to owners of the Group (RM) 2,054,235 12,621,702 24,947,127
Weighted average number
of ordinary shares for basic
earnings per share ('000) 46,854 43,000 43,000
Weighted average number
of ordinary shares for diluted
earnings per share ('000) 46,854 43,000 43,000
----------- ------------ -----------
Earnings per share (sen),
basic and diluted 4.38 29.35 58.02
----------- ------------ -----------
4. Property, plant and equipment
Acquisitions
During the six months ended 31.3.2016, the Group acquired
additional assets amounting to approximately RM1,919,000
(31.3.2015: RM1,097,000; 30.9.2015: RM5,033,000).
5. Goodwill on consolidation
31.3.2016 31.3.2015 30.9.2015
Unaudited Unaudited Audited
RM RM RM
At cost:
At 1 October 2015/2014 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
31.3.2016 31.3.2015 30.9.2015
Unaudited Unaudited Audited
RM RM RM
At cost:
At 1 October 2015/2014 43,667,152 26,237,745 26,237,745
Addition during the
financial period/year 9,594,917 7,063,987 16,499,763
Translation differences (438,685) 254,783 929,644
52,823,384 33,556,515 43,667,152
Accumulated amortisation:
------------- ------------ ------------
At 1 October 2015/2014 (9,474,966) (4,662,078) (4,662,078)
Addition for the financial
period/year (3,643,901) (1,649,336) (4,574,604)
Translation differences 126,495 (51,008) (238,284)
(12,992,372) (6,362,422) (9,474,966)
Balance at the end
of the period/year 39,831,012 27,194,093 34,192,186
The intangible assets mainly relate to staff costs.
7. Share Capital
On 15 October 2015, the Company increased its issued ordinary
shares from 43,000,000 to 47,300,000 by the placing of 4,300,000
new ordinary shares at 325 pence per share to raise a total of
GBP13.975 million. The new ordinary shares represent approximately
10% of the existing share capital of the Company.
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
On 16 March 2016, the directors announced a final dividend for
2015 of 2.15 pence per ordinary share amounting to GBP1,016,950
(approximately RM5.9 million). The dividend was subsequently paid
on 19 April 2015.
On 13 March 2015, a dividend of 2.10 pence per ordinary share
amounting to GBP903,000 (approximately RM4.9 million) was paid by
the Company.
11. Related party disclosures
Details of related party transactions in respect of the year
ended 30 September 2015 are contained in Note 27 to the
consolidated financial statements of the Group's 2015 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 2016 or changes to
transactions with related parties disclosed in the 2015
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:-
31.3.2016 31.3.2015 30.9.2015
Unaudited Unaudited Audited
RM RM RM
Leasehold improvement 1,465,492 - 419,268
13. Cautionary statement
The 2015 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.
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 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 Americas
Pacific Europe Elimination^ Total
At 31 March RM RM RM RM RM
2016
(Unaudited)
Revenue 47,975,380 2,978,893 1,122,912 (8,545,131) 43,532,054
Result
Segment result
before
financing result
and tax 2,746,077 510,005 530,208 - 3,786,290
Unallocated
expenses(#) (1,268,921)
Finance costs (3,863)
Income tax (459,271)
Profit after
taxation 2,054,235
Assets and liabilities
Segmental assets* 258,975,095 162,954,620 - - 421,929,715
Non-allocated
assets 549,572
Consolidation
adjustments (186,700,833)
Total assets 235,778,454
----------------
Segmental liabilities** 135,227,817 23,376,617 - - 158,604,434
Non-allocated
liabilities 66,538,855
Consolidation
adjustments (186,700,833)
Total liabilities 38,442,456
Other segmental
reporting
Capital expenditure:
- tangible assets 1,918,651 - - - 1,918,651
- intangible
assets 9,594,917 - - - 9,594,917
Depreciation 1,235,990 - - - 1,235,990
Other non-cash
expenses
Unrealised foreign
exchange gain (1,021,635) - - - (1,021,635)
Non-current
assets other
than
deferred tax
assets 79,010,495 - - 79,010,495
^ 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 Americas
Pacific Europe 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 Americas
Pacific Europe Elimination^ Total
RM RM RM RM RM
At 30 September
2015
(Audited)
Revenue 77,006,862 14,827,489 5,620,290 (20,410,325) 77,044,316
Result
Segment result
before
financing
result and
tax 27,117,058 7,483,057 2,116,230 (8,303,882) 28,412,463
Finance costs (41,372)
Income tax (3,423,964)
Profit after
taxation 24,947,127
Assets and
liabilities
Segmental assets* 222,754,037 105,932,380 - - 328,686,417
Non-allocated
assets 437,360
Consolidation
adjustments (161,379,646)
Total assets 167,744,131
Segmental liabilities** 124,103,894 21,255,905 - - 145,359,799
Non-allocated
liabilities 55,091,795
Consolidation
adjustments (161,379,646)
Total liabilities 39,071,948
Other segmental
reporting
Capital expenditure:
- tangible assets 5,032,700 - - - 5,032,700
- intangible
assets 16,499,763 - - - 16,499,763
Depreciation 2,245,115 - - - 2,245,115
Other non-cash
expenses
Amortisation
of intangible
assets 4,574,604 - - - 4,574,604
Non-current
assets other
than
deferred tax
assets 72,773,187 - - - 72,773,187
^ 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
Product Services Total
RM RM RM
At 31 March
2016
Revenue 39,389,611 4,142,443 43,532,054
At 31 March
2015
Revenue 27,116,808 4,505,582 31,622,390
At 30 September
2015
Revenue 68,025,654 9,018,662 77,044,316
Revenue of approximately RM5,451,000 (2015 H1: nil) is derived
from a customer in Asia Pacific.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKDDNABKKFAK
(END) Dow Jones Newswires
June 01, 2016 02:58 ET (06:58 GMT)
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